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EY European Mid-Market Barometer 2015

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A survey of 6,000 medium-sized companies on the economic outlook and business conditions in Europe

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EY European Mid-Market Barometer 2015

  1. 1. Page 1 European Mid-Market Barometer January 2015 A survey of 6,000 medium-sized companies on the economic outlook and business conditions in Europe
  2. 2. Page 2 As the world’s economy recovers, the middle market is leading the resurgence in revenue and employment growth. Understanding sentiment among Europe’s mid- size companies gives a valuable insight into current market conditions and provides a unique perspective for policymakers to consider. So, what does the survey of 6,000 companies tell us? The mood is positive in many parts of the continent. The vast majority of firms are confident about the immediate future and plan to maintain or increase investment in their businesses. Encouragingly, middle-market companies in countries that were hit hard by the financial crisis in 2008 are now rebounding strongly, especially in places where painful economic reforms were enacted, such as Spain, Ireland and the UK. However, the picture is not entirely rosy. Prospects for Greek companies are still hampered by their country’s continued problems. And the survey reveals a high degree of concern for the future among middle market firms in Germany, other German-speaking countries and … Belgium. Foreword European Mid-Market Barometer 2015 Stefan Olivier EY Belgium Partner Welcome to EY’s first European Mid-Market Barometer. Philippe Pire EY Belgium Partner
  3. 3. Page 3 Meanwhile, the majority of company leaders who were surveyed would prefer governments to promote growth through investment rather than reduce spending to consolidate their budgets. Again, most German- speaking countries and our country voice a different view on this matter. One of the most encouraging signs for Europe is the strong investment picture. If the middle-market is investing in the future, it bodes well for sustained growth and employment. One potential obstacle is a lack of skilled labor, which can hamper companies just when they are ready to grow. Therefore, middle-market firms would like governments across the region to focus on education, training and immigration reform. While calling for more public investment, middle-market firms want to see taxes reduced and less regulation. Keeping abreast of middle-market sentiment, and supporting these organizations as they seek growth in this crucial recovery phase, is really important to us at EY. We have a unique legacy of working with some of the world’s fastest-growing companies as they navigate complex market conditions. We will continue to track shifts in mid-market opinion over time, as the economic and policy environments evolve, and share these insights with you. For more information on this survey, please contact us. For insights on how we work with middle-market companies to accelerate growth, please visit www.ey.com/driversofgrowth. Foreword (continued) European Mid-Market Barometer 2015
  4. 4. Page 4 Survey design European Mid-Market Barometer 2015 • This is representative survey of 6,000 medium-sized businesses in 21 European countries on the economic outlook and business conditions. 250 medium-sized companies in Belgium have been interviewed. • The sample comprised companies with annual turnovers between €10m and €500m. • The telephone survey was conducted by an independent market research institute (Valid Research, Germany) in November and December 2014. • This is the first Europe-wide EY Mid-Market Barometer. Similar surveys have been published for Germany since 2003 and for Austria and Switzerland since 2008. Your contacts: Stefan Olivier Partner Tel: +32 11 247 533 stefan.olivier@be.ey.com Philippe Pire Partner Tel: +32 (0)4 273 7600 philippe.pire@be.ey.com
  5. 5. Page 5 Sample details European Mid-Market Barometer 2015 Country Number of interviews Germany 650 France 600 United Kingdom 500 Spain 350 Italy 330 Netherlands 300 Turkey 300 Austria 250 Belgium 250 Norway 250 Poland 250 Sweden 250 Switzerland 250 Russia 200 Czech Republic 200 Denmark 200 Finland 200 Ireland 200 Portugal 200 Greece 170 Luxembourg 100 Total 6,000 Sectoral distribution Turnover distribution Industry and manufacturing 42% Service 29% Retail 17% Construction and energy 12% < €30m 40% €30m to €100m 36% > €100m 24% Respondents C-suite executives and business owners
  6. 6. Page 6 Key findings European Mid-Market Barometer 2015 Business climate Economic expectations Investment and employment Risks Policy recommendations The large majority of medium-sized companies in Europe view their current state of business as positive. The outlook for the coming months is also seen as quite positive: turnover is expected to increase by an average of 1.7%. Business conditions are currently best in Turkey, Ireland and the UK and, by far, worst in Greece. Near-term economic expectations on the domestic economies are cautiously optimistic: in 14 out of 21 countries, the domestic economy is expected to improve, whereas an economic downturn is anticipated in only 6 countries. In line with the positive economic predictions, medium-sized companies in Europe plan to increase their investments. In the labor market, too, positive trends are expected: employment looks set to rise in all 21 countries, with Ireland and the UK being the front-runners. In Greece, however, employment is likely to increase only modestly. According to Europe’s medium-sized companies, the biggest risk to their own development is high prices for raw materials, followed by the weak domestic economy and a poor economic trend abroad. Geopolitical tensions also present a significant threat, with more than one in five companies affected by the Ukraine crisis. The majority of medium-sized companies in Europe seek growth promotion by means of increasing public investment. In only 4 out of 21 countries (Switzerland, Luxembourg, Germany and Austria), budget consolidation/debt reduction are seen as the key priorities.
  7. 7. Page 7 Business climate in the mid-market European Mid-Market Barometer 2015
  8. 8. Page 8 How would you assess your current state of business? 9 23 39 48 46 53 49 51 41 53 54 56 44 50 64 75 48 63 54 62 66 15 41 37 36 39 33 38 37 48 37 36 34 49 43 29 18 47 33 43 35 31 25 28 14 14 13 8 10 7 6 9 6 8 5 5 6 4 4 3 2 2 1 51 8 10 2 2 6 3 5 5 1 4 2 2 2 1 3 1 1 1 1 2 Greece Poland Italy Germany Austria Spain Russia France Finland Czech Republic Portugal Switzerland Norway Sweden Luxembourg Turkey Belgium Netherlands Denmark United Kingdom Ireland Good Quite good Fairly bad Bad Country overview: current state of business rated best in Ireland and UK, Belgium in the top 5 European Mid-Market Barometer 2015 Figures in %
  9. 9. Page 9 1 2 5 8 3 5 3 1 2 1 7 2 7 4 6 9 10 5 10 9 13 22 28 28 27 32 31 35 37 39 41 35 41 39 43 46 46 47 53 53 55 54 57 62 55 41 56 54 57 59 55 53 45 54 47 51 42 41 41 41 36 35 29 18 8 11 18 9 9 5 2 4 4 13 3 6 2 6 4 2 1 1 1 3 2 0 1 6 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 1 Poland Czech Republic Germany Greece Switzerland Austria Finland Belgium Luxembourg Norway Russia Sweden Italy Netherlands France Spain Portugal Denmark United Kingdom Ireland Turkey Improve significantly Improve slightly Remain the same Deteriorate slightly Deteriorate significantly Entrepreneurs in Turkey, Ireland and the UK are the most optimistic, 38% of Belgian respondents are rather sceptical European Mid-Market Barometer 2015 How will your company's performance develop over the next six months? Figures in %
  10. 10. Page 10 1.0 1.2 1.4 1.4 1.4 1.5 1.5 1.5 1.6 1.6 1.6 1.6 1.7 1.8 1.8 2.0 2.0 2.1 2.1 2.4 2.4 Greece Switzerland Czech Republic Luxembourg Belgium Germany Finland Sweden Austria France Netherlands Russia Denmark Italy Poland Norway Spain Ireland United Kingdom Portugal Turkey Revenue forecast: country overview European Mid-Market Barometer 2015 How do you expect your company's turnover to develop in 2015 compared with 2014? Change in %
  11. 11. Page 11 How would you describe your company's current status? 13 19 20 20 25 26 27 28 30 34 35 37 37 37 37 37 40 40 44 49 58 58 72 69 76 69 69 70 65 64 56 57 55 57 57 59 60 52 54 54 43 40 22 9 10 4 5 4 3 6 6 9 7 7 5 6 3 3 8 5 2 7 2 7 0 1 0 1 1 0 1 0 1 1 1 1 0 1 0 0 1 0 1 0 Greece Russia Italy Poland Sweden Czech Republic Netherlands Turkey Norway Germany France Spain Portugal Finland Belgium Ireland Austria Switzerland United Kingdom Luxembourg Denmark Very stable Fairly stable Somewhat critical Very critical Highest concentration of companies in critical condition in Greece: Danish companies particularly stable European Mid-Market Barometer 2015 Figures in %
  12. 12. Page 12 -21 19 37 40 43 43 44 45 45 48 49 49 50 50 51 55 56 58 63 63 65 Greece Poland Italy Germany Russia Austria Finland Czech Republic Switzerland France Norway Belgium Luxembourg Sweden Spain Portugal Netherlands Denmark United Kingdom Ireland Turkey Current business climate best in Turkey, Ireland and UK; worst in Greece European Mid-Market Barometer 2015 Figures in points on a scale of -100 to +100; * change in points compared with business climate in July 2014 (where available)   -5* +2* -5* 
  13. 13. Page 13 Economic climate and policy European Mid-Market Barometer 2015
  14. 14. Page 14 1 1 1 1 0 0 3 0 0 2 1 1 4 9 0 2 0 1 3 3 4 13 14 17 18 19 20 21 24 24 25 26 27 24 30 39 38 44 46 45 46 64 39 52 56 48 62 59 61 62 67 60 54 52 35 37 59 57 45 50 43 47 29 29 32 25 30 19 21 13 10 8 12 16 18 32 20 2 2 11 3 7 3 2 18 1 1 3 0 0 2 3 1 1 3 2 5 4 0 1 0 0 2 1 1 Greece Austria Norway Germany Sweden Finland Italy Switzerland Belgium Luxembourg France Poland Russia Turkey Denmark Portugal Czech Republic Netherlands Spain United Kingdom Ireland Improve significantly Improve slightly Remain the same Deteriorate slightly Deteriorate significantly Optimism on domestic economy greatest among Irish companies, only 24% of Belgian respondents expect an improvement of the economic climate European Mid-Market Barometer 2015 How do you think the general economic climate will develop in your country in the next six months? Figures in %
  15. 15. Page 15 0 0 0 0 1 1 1 0 0 1 7 0 1 2 2 0 1 0 3 2 3 10 14 15 15 17 19 19 21 21 21 17 24 28 30 35 38 39 41 39 40 56 44 48 47 47 41 65 55 63 72 66 51 68 51 57 53 59 55 55 43 51 38 35 32 35 34 37 14 23 15 6 12 21 8 19 10 9 3 4 4 14 6 3 11 6 3 4 4 1 2 1 1 0 4 0 1 1 1 0 1 0 1 1 0 Greece Russia Austria Switzerland Germany Luxembourg Poland Norway Sweden Finland Turkey Belgium Czech Republic France Italy Denmark Portugal Netherlands Spain United Kingdom Ireland Improve significantly Improve slightly Remain the same Deteriorate slightly Deteriorate significantly Greek companies most pessimistic on the European economy European Mid-Market Barometer 2015 How do you think the general economic climate will develop in Europe in the next six months? Figures in %
  16. 16. Page 16 1 1 1 0 2 4 1 1 1 0 1 0 2 0 0 3 1 2 3 2 3 12 14 15 17 17 17 20 20 23 26 27 30 30 35 35 34 37 37 40 42 55 50 58 52 69 45 53 48 55 62 66 49 61 58 59 60 56 58 55 50 46 39 29 24 28 13 32 23 29 24 12 8 23 9 8 6 4 6 4 6 6 9 3 8 3 4 1 4 3 2 0 2 0 0 0 2 0 1 1 0 0 1 1 0 Greece Russia Switzerland Norway Germany Turkey Austria Poland Luxembourg Belgium Czech Republic Finland France Denmark Sweden Italy Portugal Netherlands United Kingdom Spain Ireland Irish entrepreneurs especially optimistic on world economy; Belgian respondents more or less neutral European Mid-Market Barometer 2015 How do you think the general economic climate will develop worldwide in the next six months? Figures in %
  17. 17. Page 17 2 1 2 5 0 2 3 4 2 2 2 6 8 8 6 5 12 6 9 15 12 11 13 12 9 15 15 14 14 17 18 18 15 13 14 20 26 19 27 24 19 28 Ireland Switzerland Netherlands Denmark Norway Sweden Luxembourg France Portugal Belgium United Kingdom Italy Spain Austria Germany Czech Republic Poland Finland Russia Greece Turkey Yes, major effects Yes, minor effects Turkish companies particularly affected by Ukraine crisis European Mid-Market Barometer 2015 Is your business feeling any negative effects from the current tensions between Russia and the EU and US? Figures in % 40 34 33 33 31 31 26 22 21 21 20 20 19 18 17 17 15 14 14 14 13
  18. 18. Page 18 Figures in % 39 41 44 49 52 58 59 60 62 65 67 68 70 71 72 74 75 78 79 80 81 61 59 56 51 48 42 41 40 38 35 33 32 30 29 28 26 25 22 21 20 19 Switzerland Luxembourg Germany Austria Czech Republic Belgium United Kingdom Turkey France Sweden Finland Portugal Spain Italy Poland Denmark Russia Netherlands Norway Greece Ireland Growth promotion by increasing state investment Budget consolidation and debt reduction Call for growth promotion strongest among Irish, Greek, Norwegian and Dutch companies European Mid-Market Barometer 2015 Which of the following policy approaches should European governments pursue in the next few months?
  19. 19. Page 19 Figures in % 2 2 2 2 1 4 4 2 1 0 3 3 3 2 5 3 6 4 5 5 20 4 13 15 16 18 17 18 21 22 24 23 24 25 26 31 33 31 34 36 36 35 32 51 47 51 56 50 53 57 64 60 56 57 46 53 60 59 48 55 51 51 33 25 27 35 22 21 19 20 19 9 14 15 14 24 15 4 5 14 6 8 8 10 37 7 1 9 4 10 5 1 4 2 3 2 2 4 0 0 1 1 0 0 2 Greece Austria Sweden Italy Poland Spain Portugal Finland Czech Republic Belgium Luxembourg Germany France Russia Denmark United Kingdom Switzerland Norway Netherlands Ireland Turkey Very positive Quite positive Average Quite negative Very negative Local economic policy: satisfaction highest among Turkish entrepreneurs European Mid-Market Barometer 2015 How would you assess your home country’s economic policy?
  20. 20. Page 20 1 1 1 0 2 4 0 1 2 2 4 3 0 3 2 3 4 2 15 4 4 2 8 15 17 15 14 19 21 20 21 19 21 25 23 25 30 29 35 24 36 38 20 44 71 49 49 42 62 54 59 49 53 54 58 48 55 61 64 57 41 51 49 22 38 12 29 24 26 16 22 18 21 20 19 14 24 13 5 3 5 19 8 8 55 9 1 5 10 14 3 2 1 7 4 3 3 2 5 1 0 1 1 1 1 Greece Austria Sweden Poland Italy Spain Czech Republic Germany Finland Russia Portugal Switzerland Belgium France Luxembourg United Kingdom Denmark Norway Turkey Netherlands Ireland Very positive Quite positive Average Quite negative Very negative Domestic policies on the mid-market: Irish, Dutch and Turkish entrepreneurs most satisfied European Mid-Market Barometer 2015 How would you assess current policies affecting medium-sized businesses in your home country? Figures in %
  21. 21. Page 21 Investment and employment European Mid-Market Barometer 2015
  22. 22. Page 22 19 23 21 17 19 25 23 27 25 28 29 26 29 30 27 32 33 35 33 38 50 71 65 69 77 74 64 68 63 67 64 62 70 64 64 70 61 61 58 64 60 43 10 12 10 6 7 11 9 10 8 8 9 4 7 6 3 7 6 7 3 2 7 Greece Switzerland Russia Belgium Sweden Austria Finland Germany Luxembourg Norway Italy Netherlands France United Kingdom Denmark Czech Republic Spain Poland Ireland Portugal Turkey To increase To keep to the same level To reduceFigures in % Strongest increase in investment planned by Turkish companies European Mid-Market Barometer 2015 Over the next six months, what plans do you have for your company's total investment (e.g., in equipment, machines or construction)? 43 36 30 28 27 25 24 24 22 22 20 20 17 17 14 14 12 11 11 11 9 Balance of “increase” and “reduce”
  23. 23. Page 23 1 3 3 2 4 2 2 2 1 3 3 1 0 2 3 2 3 7 4 3 2 15 22 19 20 21 19 18 18 23 20 23 21 24 22 24 24 23 28 29 35 38 71 58 65 65 60 68 71 71 64 68 62 73 70 71 66 69 70 53 63 59 58 11 13 11 12 13 10 9 7 11 8 11 5 5 4 6 4 4 10 3 2 2 2 3 2 1 2 1 0 2 1 1 1 0 1 1 1 1 0 2 1 1 0 Greece Germany Italy Norway Poland Switzerland Finland Russia Czech Republic Spain Austria Sweden Belgium Netherlands France Luxembourg Portugal Turkey Denmark United Kingdom Ireland Increase strongly (by more than 3%) Increase slightly (by up to 3%) Remain the same Decrease slightly (by up to 3%) Decrease strongly (by more than 3%) Highest increase in workforce planned by Irish and British companies European Mid-Market Barometer 2015 Over the next six months, what expectations do you have about the number of employees in your company? Figures in % 38 35 29 23 22 21 20 19 18 17 14 14 12 11 11 10 10 9 9 9 3 Balance of “increase” and “decrease”
  24. 24. Page 24 1 1 3 0 4 2 2 6 4 8 6 12 4 17 25 10 6 15 16 37 23 16 16 14 18 17 22 23 22 25 22 28 24 33 36 30 46 50 49 51 31 57 Belgium Denmark Spain Ireland Norway Netherlands Finland Sweden Portugal Italy France Luxembourg United Kingdom Turkey Russia Switzerland Poland Austria Germany Greece Czech Republic Very difficult Fairly difficult Shortage of skilled labor most severe in Czech Republic, Greece and Germany European Mid-Market Barometer 2015 How easy or difficult is it for your company to recruit suitably skilled and qualified employees? Figures in % 80 68 67 64 56 56 55 53 37 36 34 30 29 28 25 24 21 18 17 17 17
  25. 25. Page 25 1 1 0 1 1 1 3 3 6 7 7 15 5 5 9 16 15 14 18 10 16 3 4 9 9 10 12 16 22 20 19 23 17 28 30 34 30 32 37 37 45 43 Norway Denmark Belgium Finland Netherlands Ireland Sweden United Kingdom Luxembourg Italy France Spain Portugal Czech Republic Russia Turkey Poland Germany Greece Switzerland Austria Yes, significant losses (greater than 5 %) Yes, slight losses (up to 5 %) Figures in % Loss of turnover most frequently cited by Austrian, Swiss and Greek companies European Mid-Market Barometer 2015 Does a lack of suitable skilled personnel cause a loss of turnover or unrealized turnover potential for your company? 59 55 55 51 47 46 43 35 33 32 30 26 26 25 19 13 11 10 9 5 4
  26. 26. Page 26 Strategy, risks and regulatory environment European Mid-Market Barometer 2015
  27. 27. Page 27 Figures in % 33 33 33 35 36 37 38 39 40 41 43 47 47 50 51 52 53 54 57 59 62 52 55 62 59 52 55 41 54 57 47 50 49 50 46 43 39 43 39 31 39 33 15 12 5 6 12 8 21 7 3 12 7 4 3 4 6 9 4 7 12 2 5 Italy Russia Switzerland Austria Finland France Greece Germany Portugal Spain Czech Republic Belgium Netherlands Sweden Norway Poland United Kingdom Luxembourg Turkey Denmark Ireland Growth Stability Surviving Irish, Danish and Turkish companies most bullish on growth European Mid-Market Barometer 2015 What will your company focus on in the next few months?
  28. 28. Page 28 Figures in % 9 15 15 15 16 17 16 21 21 21 21 25 28 28 2 4 5 6 6 5 7 6 7 7 8 7 9 10 Unresolved company succession Knowledge theft (industry spies and theft of IP) High unemployment in home country Difficult access to financial resources IT security (e.g., hacker attacks) Deflation Geopolitical tensions and wars Inflation Currency fluctuations Shortage of skilled professionals High energy prices Weak economic trend abroad Weak economic trend domestically High raw material prices Significant risk Major risk European mid-market fears high raw material prices and weak economic trend domestically European Mid-Market Barometer 2015 What are the biggest risks to your company's development? Europe 37 38 29 32 28 28 23 27 22 21 22 19 20 11
  29. 29. Page 29 Risks: country overview European Mid-Market Barometer 2015 What are the biggest risks to your company's development? Country Greatest risk % Second-largest risk % Third-largest risk % Austria Weak economic trend abroad 59 Weak economic trend domestically 59 High raw material prices 40 Belgium Weak economic trend domestically 49 Weak economic trend abroad 38 High raw material prices 32 Czech Republic Shortage of skilled professionals 51 Currency fluctuations 48 High raw material prices 42 Denmark Weak economic trend abroad 31 High raw material prices 29 Weak economic trend domestically 26 Finland High raw material prices 19 Currency fluctuations 18 Weak economic trend abroad 17 France Weak economic trend domestically 46 High raw material prices 39 Weak economic trend abroad 35 Germany Shortage of skilled professionals 52 High raw material prices 43 Weak economic trend domestically 38 Greece Difficult access to financial resources 69 High raw material prices 66 High unemployment in home country 64 Ireland Weak economic trend domestically 79 Weak economic trend abroad 53 High raw material prices 34 Italy High raw material prices 27 High unemployment in home country 26 Deflation 24 Luxembourg Weak economic trend domestically 38 Weak economic trend abroad 33 High raw material prices 27 Netherlands Weak economic trend domestically 48 Weak economic trend abroad 43 High raw material prices 31 Norway Weak economic trend domestically 29 High raw material prices 29 Weak economic trend abroad 27 Poland High raw material prices 56 Geopolitical tensions and wars 44 High energy prices 43 Portugal Weak economic trend domestically 36 High raw material prices 34 Inflation 33 Russia Inflation 58 High raw material prices 51 Currency fluctuations 49 Spain High raw material prices 54 High energy prices 54 Inflation 44 Sweden Weak economic trend domestically 51 Weak economic trend abroad 37 High raw material prices 30 Switzerland Shortage of skilled professionals 37 Weak economic trend abroad 28 Currency fluctuations 28 Turkey Geopolitical tensions and wars 64 Currency fluctuations 62 High raw material prices 62 United Kingdom Weak economic trend domestically 42 Weak economic trend abroad 35 High raw material prices 27
  30. 30. Page 30 Regulatory environment: country overview Belgium: focus needed on tax reductions European Mid-Market Barometer 2015 What measures would significantly strengthen the mid-market segment in your home country? Land Priority 1 % Priority 2 % Priority 3 % Austria Reduction of incidental wage costs 87 Tax reductions 80 Reduction of bureaucracy 70 Belgium Tax reductions 82 Increased public investment 34 Tax benefits for R&D 25 Czech Republic Reduction of bureaucracy 58 Tax reductions 40 Reduction of incidental wage costs 33 Denmark Tax reductions 60 Increased public investment 29 Tax benefits for R&D 23 Finland Tax reductions 56 Increased public investment 39 Reduction of bureaucracy 36 France Tax reductions 73 Increased public investment 38 Reduction of bureaucracy 32 Germany Tax reductions 66 Reduction of incidental wage costs 63 Reduction of bureaucracy 62 Greece Reduction of bureaucracy 89 Tax reductions 86 Reduction of incidental wage costs 73 Ireland Tax reductions 78 Tax benefits for R&D 43 Increased public investment 38 Italy Tax reductions 65 Increased public investment 31 Reduction of bureaucracy 30 Luxembourg Tax reductions 58 Increased public investment 38 Reduction of bureaucracy 31 Netherlands Tax reductions 63 Increased public investment 49 Tax benefits for R&D 32 Norway Tax reductions 82 Reduction of bureaucracy 54 Increased public investment 42 Poland Tax reductions 75 Reduction of incidental wage costs 69 Reduction of bureaucracy 68 Portugal Tax reductions 84 Increased public investment 44 Reduction of bureaucracy 37 Russia Tax reductions 78 Increased public investment 35 Reduction of bureaucracy 34 Spain Tax reductions 59 Increased public investment 51 Reduction of bureaucracy 49 Sweden Tax reductions 62 Increased public investment 39 Protection (overseas competitors) 22 Switzerland Tax reductions 61 Reduction of bureaucracy 40 Reduction of incidental wage costs 37 Turkey Tax reductions 81 Increased public investment 58 Tax benefits for R&D 57 United Kingdom Tax reductions 69 Tax benefits for R&D 42 Increased public investment 31
  31. 31. Page 31 Increasing public investment: country overview European Mid-Market Barometer 2015 Would increasing public investment significantly strengthen the mid-market segment in your home country? 25 29 29 31 31 34 35 38 38 38 39 39 42 42 43 44 47 49 51 58 68 Czech Republic Switzerland Denmark United Kingdom Italy Belgium Russia Luxembourg Ireland France Sweden Finland Norway Germany Poland Portugal Austria Netherlands Spain Turkey Greece Figures in %
  32. 32. Page 32 Financing European Mid-Market Barometer 2015
  33. 33. Page 33 1 1 2 2 4 3 4 0 5 10 2 6 1 3 4 2 15 8 6 31 38 10 14 14 20 19 21 20 26 21 17 31 27 34 32 32 36 29 39 43 38 32 Denmark Norway Czech Republic Netherlands Austria Switzerland Poland Finland Germany Turkey United Kingdom Italy Belgium Sweden Luxembourg Ireland Spain France Portugal Russia Greece Very difficult Fairly difficult Credit supply: country overview European Mid-Market Barometer 2015 How would you assess your company's current access to financing through outside capital and bank loans? Figures in % 70 69 49 47 44 38 36 35 35 33 33 27 26 26 24 24 23 22 16 15 11 24 21 16 14 13 12 11 11 11 11 11 10 10 9 8 8 6 5 3 2 2 19 9 9 8 11 12 8 8 9 10 20 7 9 10 3 11 7 3 5 2 5 Spain Greece Russia Austria Italy Germany United Kingdom Finland France Portugal Turkey Switzerland Luxembourg Poland Netherlands Czech Republic Ireland Belgium Sweden Denmark Norway Become more difficult Become easier How has your company's access to financing through outside capital and bank loans developed in the past 12 months?
  34. 34. Page 34 Internationalization European Mid-Market Barometer 2015
  35. 35. Page 35 Dutch companies most strongly internationalized … European Mid-Market Barometer 2015 Does your company engage in any form of activities abroad (production, distribution, joint venture, etc.)? Figures in % Dutch medium-sized companies are the most internationalized medium-sized companies in Europe: 7 in 10 engage in activities abroad, and almost 2 in 3 engage in activities abroad but within Europe. A very high degree of internationalization is also being displayed by Swedish, Spanish, French, Danish and Finnish medium-sized companies. In only 5 out of the sample of 21 European countries, less than half of all domestic medium- sized companies engage in activities abroad. 58 42 43 43 44 48 52 54 55 56 57 57 60 60 62 62 64 64 64 65 65 70 Europe Norway Switzerland Russia Poland Greece Luxembourg United Kingdom Austria Czech Republic Ireland Portugal Belgium Turkey Italy Germany Finland Denmark France Spain Sweden Netherlands
  36. 36. Page 36 … while most Russian companies have no links with Western or Eastern European countries European Mid-Market Barometer 2015 Does your company engage in any form of activities in Western Europe or Eastern Europe (production, distribution, joint venture, etc.)? Western Europe Eastern Europe Figures in % 46 19 34 36 36 37 38 42 42 43 45 46 48 49 50 50 51 52 56 58 58 64 Western Europe Russia Switzerland Poland Greece Norway United Kingdom Austria Portugal Turkey Czech Republic Italy Luxembourg Germany Ireland Spain Finland France Belgium Denmark Sweden Netherlands 41 17 23 25 31 33 36 36 36 38 38 38 38 40 41 49 50 50 53 55 57 57 Europe Russia Poland Switzerland Norway Czech Republic Austria Portugal Luxembourg Greece Turkey United Kingdom Spain Ireland Germany France Finland Italy Belgium Denmark Sweden Netherlands
  37. 37. Page 37 Dutch companies with a strong presence in North America and Asia European Mid-Market Barometer 2015 Does your company engage in any form of activities in North America or Asia (production, distribution, joint venture, etc.)? North America Asia Figures in % 25 6 6 10 13 15 18 19 20 20 22 23 25 26 29 30 30 32 33 33 33 40 Europe Russia Poland Greece Czech Republic Portugal Norway Switzerland Turkey Luxembourg Austria Ireland United Kingdom Finland Germany Spain Italy Sweden Denmark Belgium France Netherlands 27 10 11 13 15 18 19 21 21 21 22 24 24 28 30 33 33 34 35 35 35 42 Europe Greece Poland Czech Republic Portugal Switzerland Russia Austria Norway Ireland Luxembourg Spain Turkey United Kingdom Finland Italy Germany France Belgium Denmark Sweden Netherlands
  38. 38. Page 38 EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2015 EYGM Limited. All Rights Reserved. EYG no. AU2877 ED None This material has been prepared for general information purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. www.ey.com/be

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