Due to the COVID-19 crisis, almost all Swiss CFOs expect a sharp economic downturn with recession in Switzerland as well as in the USA, the UK and the Eurozone. Swiss companies are responding to the crisis mainly through cost saving and revenue generating measures. They are better equipped for the crisis than companies in other countries.

1. Deloitte CFO-Survey
First half-year 2020 | Summary of the Swiss survey
Successfully facing the crisis

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1. Economic expectations collapse
Net balance of CFOs rating Switzerland’s economic prospects over the next 12 months as positive/negative
43%
8%
-53%
-100%
-80%
-60%
-40%
-20%
0%
20%
40%
60%
80%
100%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Positiv Negativ Net
Net before* COVID-19 measures: -35%
Net after* COVID-19 measures: -93%
NegativPositiv
*Before and after refer to 13th March, when the Federal Council introduced restrictive measures in Switzerland.

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Net balance of CFOs, who expect the following numbers to increase/decrease over the next 12 months
2. Business prospects at an all-time low
-100%
-80%
-60%
-40%
-20%
0%
1900 1900 1900 1900 1900
Net total H1 2020 Net before* government measures
Net after* government measures Change to H2 2019 in percentage points (pp)
*Before and after refer to 13th March, when the Federal Council introduced restrictive measures in Switzerland.
-30 pp -43 pp -13 pp -31 pp
Revenues Operating margins
Discretionary
spending
Number of
employees Investment
-50 pp

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3. Business risks from the perspective of Swiss CFOs
What do you see as the largest internal and/or external risks to your company over the next 12 months? (Up
to three responses). The triangles show the direction of change from the H2 2019 Survey; the figure inside
each triangle shows the change in each risk’s ranking.
1. COVID-19
2. Weak demand
5. Geopolitical risks
3. Internal problems
10. Cost/lack of capital
7. Competitive pressure
4. Price/cost/margin pressure
2
6
4
2
4
9
2
5
0
5. Currency risks
7. Regulation
7. Supply chain/raw material prices/availability
New

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6%
9%
31%
36%
42%
42%
55%
Reduce capital investments
No action taken at the moment
Working capital reduction
Programme to turn-around underperforming
business areas
Revenue growth initiative
(In)direct spend reduction
Firm-wide general cost cutting program
5. Successfully facing the crisis
What actions is your company taking to mitigate a potential economic growth slowdown, if any?
(Please select all that apply)

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6. Contacts and authors
Acknowledgement
We would like to thank all the participating CFOs for their support in
completing the Survey.
The Deloitte CFO Survey is supported by the CFO Forum Schweiz , the
independet assiciation of Chief Financial Officers in Switzerland.
Contacts
Reto Savoia
CEO
Deloitte Switzerland
+41 58 279 60 00
rsavoia@deloitte.ch
Authors
Dr. Michael Grampp
Chief Economist & Head of Research
+41 58 279 68 17
mgrampp@deloitte.ch
Follow me on Twitter
@michaelgrampp
Dennis Brandes
Economist & Research
Manager
+41 58 279 65 37
dbrandes@deloitte.ch
Participating in our Survey and accessing previous surveys
If you would like to take part in our Survey or would like to receive further copies
of this report, please contact us at cfosurvey@deloitte.ch
You can find all the survey results since Q3 2009 on our website at
www.deloitte.com/ch/cfosurvey
Alessandro Miolo
Managing Partner Audit & Assurance
and CFO Programme Leader
+41 58 279 72 27
amiolo@deloitte.ch
Special thanks to Damian Rohr and his valuable contributions to this
report.

7. This publication has been written in general terms and we recommend that you obtain professional advice before acting or refraining from action
on any of the contents of this publication. Deloitte AG accepts no liability for any loss occasioned to any person acting or refraining from action as
a result of any material in this publication.
Deloitte AG is an affiliate of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee
(“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to
clients. Please see www.deloitte.com/ch/about to learn more about our global network of member firms.
Deloitte AG is an audit firm recognised and supervised by the Federal Audit Oversight Authority (FAOA) and the Swiss Financial Market
Supervisory Authority (FINMA).
© 2020 Deloitte AG. All rights reserved.
About the Deloitte CFO Survey
The 38th CFO survey in Switzerland was conducted under exceptional circumstances. The survey was run online from 2 to 30 March. The survey period is thus divided into the period before and after the federal
council's far-reaching measures of 13 March. These measures included school closures and wider restrictions on meetings and travel, with corresponding effects on economic activity. The answers from the two
periods are sometimes very different.
Despite the exceptional circumstances 90 CFOs participated, including CFOs from all larger sectors and from stock market listed as well as not listed companies. We would like to thank all participants for taking part.
In order to publish the results as soon as possible, we did not include the European results this time. These are available after publication on 9 April on this internet page: www.deloitte.com/europeancfosurvey
A note on the methodology
Some of the charts in the Survey show results as an index value (net balance). This is calculated by subtracting the percentage of respondents giving a negative response from the percentage giving a positive
response; responses that are neither negative nor positive are deemed to be neutral.
Because of rounding, percentages may not add up to 100. To improve readability, only questions related to the current financial and economic situation have been included in the published Survey. If you would like
to receive information about unreported questions, please contact us.
Where to find the complete set of results
This is a summary of the results. You can find all results on our internet page: www.deloitte.com/ch/cfosurvey