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Table of Contents 1a. Are you more or less optimistic about the economy of the country where you are based compared to last quarter? 1 1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic. 2 2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter? 3 2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic. 4 3. What are the top three external concerns facing your corporation? (rank #1, #2, #3) 5 3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance) 6 3. What are the top three external concerns facing your corporation? - Other specified 7 4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3) 8 4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance) 9 4. What are the top three internal, company-specific concerns your corporation faces? - Other specified 10 5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable] 11 5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for: [Unweighted - Sorted] 12 5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [All Companies - Winsorized - Revenue Weighted - Sorted] 13 5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [All Companies - Winsorized - Employee Weighted - Sorted] 14 5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Public Companies - Winsorized - Revenue Weighted] 15 6. Relative to 2008, does your company plan to adjust its target compensation mix for 2010? 16 6b. How do you plan to change each of the following components as a proportion of total compensation? 17 6b. How do you plan to change each of the following components as a proportion of total compensation - Other specified 18 7a. When do you anticipate domestic employment at your firm to return to year-end 2007 levels? 19 7a. Estimate of the number of months before domestic employment at your firm returns to year-end 2007 levels? (excludes "possibly never" & "already exceeding") 20 7b. If demand for your product was to increase in 2010, would your company increase workforce in response? 21 8. How would you rate your employees' morale level? 22 9. Has your company taken any of the following actions in the past 20 months? 23 9. Has your company taken any of the following actions in the past 20 months? Will you restore these areas to pre-recession levels during 2010? 24 10. Has your company taken any actions in the past 20 months that you feel could reduce your company's long-term growth prospects? 25 10b. Our growth prospects are reduced because … (check all that apply) 26 11a. How much does your firm hold in cash and marketable securities? 27 11a. How much does your firm hold in cash and marketable securities BY Credit Rating 28 11b. Why do you have less cash today? (Rank #1, #2, #3) 29 11b. Why do you have less cash today? (Higher number = greater weighted importance) 30 11b. Why do you have less cash today BY Credit Rating (Higher number = greater weighted importance) 31 11b. Why do you have less cash today? (Rank #1, #2, #3) - Other specified 33 11b. Why are you maintaining more cash today? (Rank #1, #2, #3) 34 11b. Why are you maintaining more cash today? (Higher number = greater weighted importance) 35 11b. Why are you maintaining more cash today BY Credit Rating (Higher number = greater weighted importance) 36 11b. Why are you maintaining more cash today? (Rank #1, #2, #3) - Other specified 38 12a. Does your company have a bank line of credit? 39 12a. Does your company have a bank line of credit BY Credit Rating 40 12b. To what extent has your firm drawn on its lines of credit? 41 12b. To what extent has your firm drawn on its lines of credit BY Credit Rating [Only firms that have a bank line of credit] 42 12c. Why are you relying less heavily on your credit line? (check all that apply) 43 12c. Why are you relying less heavily on your credit line BY Credit Rating [Only firms that have a bank line of credit] 44 12c. Why are you relying less heavily on your credit line? - Other specified 45 12c. Why are you relying more heavily on your credit line? (check all that apply) 46 12c. Why are you relying more heavily on your credit line BY Credit Rating [Only firms that have a bank line of credit] 47 12c. Why are you relying less heavily on your credit line? - Other specified 48 13a. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis) 13a. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis) BY Credit Rating 13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis)? If less willing... (check all that apply) 13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis)? If less willing... BY Credit Rating 13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis)? If less willing – Other specified 14. Does your company have profitable investment opportunities that would lead to long-term growth but for which access to funding is restricted? 14. Does your company have profitable investment opportunities that would lead to long-term growth but for which access to funding is restricted? BY Credit Rating Industry Industry (Other specified) Sales Revenue Weighted Sales Revenue (Millions) Number of Employees Weighted Number of Employees Headquarters Headquarters Asia (Other Specified) If your company headquarters is another country, please indicate which country. Ownership Foreign Sales What is your company's credit rating? What is your company's credit rating? What is your company's credit rating? 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 66 67 68 69 70 1 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 1a. Are you more or less optimistic about the economy of the country where you are based compared to last quarter? 3=More optimistic 2=No change 1=Less optimistic Total Mean = 2.6 SD = 0.7 Missing Cases = 0 Response Percent = 100.0 % Number 247 41 46 334 Percent 74.0 % 12.3 % 13.8 % 100.0 % 95% CI ± 4.7 % ± 3.5 % ± 3.7 % 2 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic. Minimum = 4 Maximum = 100 Mean = 67.4 Median = 70 Standard Deviation (Unbiased) = 16.6 95 Percent Confidence Interval Around The Mean = 65.4 - 69.4 4 Groups 1 = 60 2 = 70 3 = 80 Valid Cases = 272 Missing Cases = 62 Response Percent = 81.4% 3 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter? 3=More optimistic 2=No change 1=Less optimistic Total Mean = 2.5 SD = 0.8 Missing Cases = 1 Response Percent = 99.7 % Number 241 33 59 333 Percent 72.4 % 9.9 % 17.7 % 100.0 % 95% CI ± 4.8 % ± 3.2 % ± 4.1 % 4 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic. Minimum = 4 Maximum = 100 Mean = 68.9 Median = 70 Standard Deviation (Unbiased) = 18.3 95 Percent Confidence Interval Around The Mean = 66.7 - 71.0 4 Groups 1 = 60 2 = 70 3 = 80 Valid Cases = 275 Missing Cases = 59 Response Percent = 82.3% 5 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 3. What are the top three external concerns facing your corporation? (rank #1, #2, #3) (N=334) Consumer demand Mean & SD 1.7 0.8 1st 74 22.2% 2nd 41 12.3% 3rd 31 9.3% Total 146 43.7% Other: 1.8 1.0 9 2.7% 2 0.6% 6 1.8% 17 5.1% Price pressure 1.9 0.8 68 20.4% 61 18.3% 49 14.7% 178 53.3% Domestic competition 1.9 0.8 54 16.2% 39 11.7% 41 12.3% 134 40.1% Credit markets/interest rates 2.0 0.8 20 6.0% 21 6.3% 19 5.7% 60 18.0% Foreign competition 2.0 0.8 19 5.7% 24 7.2% 20 6.0% 63 18.9% Stability of local and central government 2.1 0.9 12 3.6% 8 2.4% 14 4.2% 34 10.2% Cost of fuel 2.1 0.8 14 4.2% 22 6.6% 18 5.4% 54 16.2% Housing market fallout 2.1 0.7 4 1.2% 9 2.7% 6 1.8% 19 5.7% Environmental regulation 2.1 0.9 4 1.2% 4 1.2% 6 1.8% 14 4.2% The financial/banking system 2.2 0.8 9 2.7% 10 3.0% 15 4.5% 34 10.2% Volatility of foreign currencies 2.2 0.8 18 5.4% 24 7.2% 32 9.6% 74 22.2% Cost of non-fuel commodities 2.2 0.8 5 1.5% 9 2.7% 10 3.0% 24 7.2% Government policy 2.2 0.8 16 4.8% 31 9.3% 34 10.2% 81 24.3% Financial regulation 2.3 0.6 2 0.6% 13 3.9% 8 2.4% 23 6.9% Trade policies and trade agreements 2.3 0.8 4 1.2% 6 1.8% 9 2.7% 19 5.7% 6 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance) Mean SD Total Price pressure 1.13 1.21 332 Consumer demand 1.01 1.26 332 Domestic competition 0.85 1.16 332 Government policy 0.43 0.85 332 Volatility of foreign currencies 0.40 0.84 332 Foreign competition 0.38 0.85 332 Credit markets/interest rates 0.36 0.85 332 Cost of fuel 0.31 0.78 332 Stability of local and central government 0.20 0.65 332 The financial/banking system 0.19 0.61 332 Cost of non-fuel commodities 0.13 0.51 332 Financial regulation 0.12 0.47 332 Housing market fallout 0.11 0.47 332 Other: 0.11 0.52 332 Trade policies and trade agreements 0.10 0.45 332 Environmental regulation 0.08 0.41 332 7 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 3. What are the top three external concerns facing your corporation? - Other specified china/india factor Credit Defaults by retail customers exposure to Middle East, high risk countries External economic factors health care policy High attrition Inertia Lack of political will to reform sector Land Regulation Law Legal Assurance Mob handling New in the market. Awareness political issue Politics & Corruption Reading habits of consumers regulatory arbitrage Slow down of export Tight employment market Willingness of consumer to invest in capital assets 8 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3) (N=334) Attracting and retaining qualified employees Mean & SD 1.7 0.8 1st 76 22.8% 2nd 49 14.7% 3rd 27 8.1% Total 152 45.5% Other: 1.8 1.0 10 3.0% 1 0.3% 6 1.8% 17 5.1% Margin maintenance 1.8 0.8 81 24.3% 52 15.6% 42 12.6% 175 52.4% Ability to forecast results 1.9 0.8 54 16.2% 40 12.0% 42 12.6% 136 40.7% Counterparty risk 2.0 0.9 10 3.0% 6 1.8% 9 2.7% 25 7.5% Balance sheet weakness 2.1 0.9 20 6.0% 14 4.2% 25 7.5% 59 17.7% Working capital management 2.2 0.8 27 8.1% 39 11.7% 47 14.1% 113 33.8% Supply chain risk 2.2 0.7 11 3.3% 29 8.7% 22 6.6% 62 18.6% Maintaining morale/productivity 2.2 0.7 23 6.9% 51 15.3% 44 13.2% 118 35.3% Managing IT systems 2.2 0.9 13 3.9% 12 3.6% 22 6.6% 47 14.1% Protection of intellectual property 2.2 0.6 2 0.6% 14 4.2% 7 2.1% 23 6.9% Illness (flu) 2.2 0.7 1 0.3% 5 1.5% 3 0.9% 9 2.7% Data security 2.4 0.8 2 0.6% 3 0.9% 6 1.8% 11 3.3% Cost of health care 2.5 0.5 0 0.0% 3 0.9% 3 0.9% 6 1.8% Pension obligations 2.8 0.4 0 0.0% 1 0.3% 5 1.5% 6 1.8% 9 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance) Mean SD Total Margin maintenance 1.18 1.26 330 Attracting and retaining qualified employees 1.07 1.27 330 Ability to forecast results 0.86 1.16 330 Maintaining morale/productivity 0.65 0.98 330 Working capital management 0.62 0.98 330 Supply chain risk 0.34 0.78 330 Balance sheet weakness 0.34 0.82 330 Managing IT systems 0.26 0.71 330 Counterparty risk 0.15 0.59 330 Protection of intellectual property 0.12 0.48 330 Other: 0.12 0.54 330 Data security 0.05 0.33 330 Illness (flu) 0.05 0.31 330 Cost of health care 0.03 0.21 330 Pension obligations 0.02 0.16 330 10 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 4. What are the top three internal, company-specific concerns your corporation faces? - Other specified Ability to develop products Ability to execute availability of Raw materials capacity utilization Change of leadership decision making Finding customers generating responsive lists Growing the business High attrition Management style managing expansion Price Undercutting Product development qa/qc regulations 11 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable] Mean SD 95% CI Capital spending 20.38 48.30 13.49 - 27.26 Earnings 17.23 41.51 Technology spending 16.10 Cash on the balance sheet Productivity (output per hour worked) Median Minimum Maximum Total 5 -80 300 189 11.38 - 23.09 10 -80 300 193 55.65 6.35 - 25.86 5 -30 450 125 11.69 39.06 5.75 - 17.63 5 -90 200 166 11.02 30.91 5.69 - 16.36 5 -30 300 129 Dividends 9.88 34.73 -1.97 - 21.73 0 -50 100 33 Number of domestic full-time employees 9.49 34.00 4.38 - 14.61 5 -40 335 170 Research and development spending 8.61 29.95 2.53 - 14.70 3 -25 200 93 Marketing/advertising spending 7.93 23.50 4.17 - 11.69 4.50 -50 200 150 Wages/Salaries 7.78 13.22 6.02 - 9.54 5 -20 124 217 Number of off-shore/outsourced employees 7.24 19.82 2.66 - 11.81 0 -50 100 72 Health care costs 5.93 10.26 3.80 - 8.06 3 -35 45 89 Number of domestic temporary employees 5.51 15.55 2.33 - 8.69 2.50 -50 77 92 Prices of your products 2.86 12.84 0.95 - 4.77 3 -65 80 173 Share repurchases 0.56 7.15 -1.53 - 2.64 0 -20 40 45 12 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for: [Unweighted - Sorted] (N=334) Mean & SD Wages/Salaries 0.8 0.5 Positive 1 190 87.6% Zero 0 12 5.5% Negative -1 15 6.9% Total 217 100.0% Technology spending 0.7 0.7 96 76.2% 17 13.5% 13 10.3% 126 100.0% Productivity (output per hour worked) 0.6 0.7 100 77.5% 12 9.3% 17 13.2% 129 100.0% Health care costs 0.6 0.6 59 66.3% 26 29.2% 4 4.5% 89 100.0% Capital spending 0.6 0.7 146 77.2% 13 6.9% 30 15.9% 189 100.0% Earnings 0.6 0.8 148 76.7% 11 5.7% 34 17.6% 193 100.0% Cash on the balance sheet 0.5 0.8 121 72.5% 11 6.6% 35 21.0% 167 100.0% Number of domestic full-time employees 0.5 0.8 119 69.6% 21 12.3% 31 18.1% 171 100.0% Research and development spending 0.5 0.7 58 62.4% 24 25.8% 11 11.8% 93 100.0% Marketing/advertising spending 0.5 0.8 103 68.2% 20 13.2% 28 18.5% 151 100.0% Number of domestic temporary employees 0.4 0.7 51 54.8% 28 30.1% 14 15.1% 93 100.0% Prices of your products 0.4 0.9 113 65.3% 13 7.5% 47 27.2% 173 100.0% Number of off-shore/outsourced employees 0.4 0.6 33 45.2% 34 46.6% 6 8.2% 73 100.0% Dividends 0.3 0.7 15 45.5% 13 39.4% 5 15.2% 33 100.0% Share repurchases 0.0 0.4 2 4.4% 39 86.7% 4 8.9% 45 100.0% 13 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [All Companies - Winsorized - Revenue Weighted - Sorted] Mean SD 95% CI Median Minimum Earnings 21.15 29.07 20.26 - 22.03 12 -64.10 98.59 Dividends 17.98 34.99 15.90 - 20.05 2 -50 77.95 Capital spending 15.98 33.37 14.95 - 17.02 5 -74.30 115 Technology spending 8.00 15.60 7.41 - 8.58 5 -30 125.20 Cash on the balance sheet 7.96 25.09 7.06 - 8.86 10 -64.90 88.25 Marketing/advertising spending 6.35 15.80 5.84 - 6.87 4 -38.10 53.99 Research and development spending 5.65 8.59 5.30 - 5.99 5 -25 67.31 Prices of your products 2.61 9.16 2.32 - 2.90 2 -22.30 28.03 -0.26 2.56 -0.42 - -0.10 0 -13.50 14.57 Share repurchases Maximum 14 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [All Companies - Winsorized - Employee Weighted - Sorted] Mean SD 95% CI Median Minimum Maximum Number of off-shore/outsourced employees 7.49 12.00 7.01 - 7.97 5 -31.60 46.09 Wages/Salaries 6.38 8.30 6.16 - 6.61 5 -18.10 33.69 Productivity (output per hour worked) 6.28 9.09 5.97 - 6.59 5 -30 71.60 Health care costs 5.51 5.75 5.29 - 5.74 5 -8 26.04 Number of domestic full-time employees 4.90 18.05 4.35 - 5.44 3 -40 76.13 Number of domestic temporary employees 1.88 11.39 1.46 - 2.30 0 -25 35.99 15 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Public Companies - Winsorized - Revenue Weighted] Mean SD 95% CI Median Earnings 24.33 31.89 22.97 - 25.70 12 -60 98.59 Dividends 17.75 35.40 15.60 - 19.90 2 -50 77.95 0.21 30.76 -1.58 - 2.00 5 -64.90 88.25 -0.02 0.21 -0.04 - 0.00 0 -2 0 Cash on the balance sheet Share repurchases Minimum Maximum 16 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 6. Relative to 2008, does your company plan to adjust its target compensation mix for 2010? Yes No Total Missing Cases = 79 Response Percent = 76.3 % Number 156 99 255 Percent 61.2 % 38.8 % 100.0 % 95% CI ± 5.4 % ± 4.9 % 17 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 6b. How do you plan to change each of the following components as a proportion of total compensation? (N=156) Mean & SD Salary 0.5 0.7 Increase +1 97 63.0% No Change 0 40 26.0% Decrease -1 17 11.0% Total 154 100.0% Bonus 0.2 0.8 63 43.8% 50 34.7% 31 21.5% 144 100.0% Equity-based 0.2 0.7 24 30.0% 44 55.0% 12 15.0% 80 100.0% Other: 0.1 0.8 4 30.8% 6 46.2% 3 23.1% 13 100.0% 18 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 6b. How do you plan to change each of the following components as a proportion of total compensation - Other specified ±£ëU fee based Other Admi exp Others Benefits Salary cut if situation worsen Staff Expenses Variable Pay variable perks 19 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 7a. When do you anticipate domestic employment at your firm to return to year-end 2007 levels? In six months In 1 year In 2 years In 3 years In 4 years In 5+ years Possibly never Already at or exceeding 2007 levels Total Missing Cases = 12 Response Percent = 96.4 % Number 32 49 80 32 4 5 23 97 322 Percent 9.9 % 15.2 % 24.8 % 9.9 % 1.2 % 1.6 % 7.1 % 30.1 % 100.0 % Cumulative 9.9 % 25.2 % 50.0 % 59.9 % 61.2 % 62.7 % 69.9 % 100.0 % 100.0 % 20 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 7a. Estimate of the number of months before domestic employment at your firm returns to year-end 2007 levels? (excludes "possibly never" & "already exceeding") Months Mean = 21.50 Standard Deviation (Unbiased) = 12.13 95 Percent Confidence Interval Around The Mean = 19.83 - 23.18 99 Percent Confidence Interval Around The Mean = 19.31 - 23.70 Quartiles 1 = 12 2 = 24 3 = 24 Valid Cases = 202 Missing Cases = 0 Response Percent = 100.0% 21 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 7b. If demand for your product was to increase in 2010, would your company increase workforce in response? Yes No Total Missing Cases = 37 Response Percent = 88.9 % Number 212 85 297 Percent 71.4 % 28.6 % 100.0 % 95% CI ± 5.2 % ± 4.7 % 22 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 8. How would you rate your employees' morale level? (N=334) Mean & SD Now 3.0 1.0 Poor 1 24 7.3% Year-end 2007 (before crisis) 3.5 0.9 6 1.8% Fair 2 84 25.7% 42 12.8% Satisfactory 3 116 35.5% 89 27.2% Good 4 83 25.4% Excellent 5 20 6.1% Total 327 100.0% 149 45.6% 41 12.5% 327 100.0% 23 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 9. Has your company taken any of the following actions in the past 20 months? Reduced workforce Eliminated or reduced overtime Outsourced employees Reduced wages No actions taken Reduced work hours Reduced company contribution to other employee benefits Furloughed employees Reduced company contribution to employee health benefits Eliminated or reduced 401(k) match Total Number of Cases =334 Number of Responses =838 Average Number Of Responses Per Case = 2.5 Number Of Cases With At Least One Response =334 Response Percent = 100.0 % Number 161 141 116 95 85 69 62 42 41 26 838 Percent 48.2 % 42.2 % 34.7 % 28.4 % 25.4 % 20.7 % 18.6 % 12.6 % 12.3 % 7.8 % 95% CI ± 5.4 % ± 5.3 % ± 5.1 % ± 4.9 % ± 4.7 % ± 4.4 % ± 4.2 % ± 3.6 % ± 3.5 % ± 2.9 % 24 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 9. Has your company taken any of the following actions in the past 20 months? Will you restore these areas to pre-recession levels during 2010? (N=334) Reduced workforce No action taken 173 51.8% Net: Took action 161 48.2% Took action will not restore 89 26.6% Took action will restore 72 21.6% Eliminated or reduced overtime 193 57.8% 141 42.2% 71 21.3% 70 21.0% Outsourced employees 218 65.3% 116 34.7% 58 17.4% 58 17.4% Reduced wages 239 71.6% 95 28.4% 38 11.4% 57 17.1% Reduced work hours 265 79.3% 69 20.7% 28 8.4% 41 12.3% Reduced company contribution to other employee benefits 272 81.4% 62 18.6% 22 6.6% 40 12.0% Furloughed employees 292 87.4% 42 12.6% 26 7.8% 16 4.8% Reduced company contribution to employee health benefits 293 87.7% 41 12.3% 11 3.3% 30 9.0% Eliminated or reduced 401(k) match 308 92.2% 26 7.8% 11 3.3% 15 4.5% 25 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 10. Has your company taken any actions in the past 20 months that you feel could reduce your company's long-term growth prospects? No Yes Total Missing Cases = 46 Response Percent = 86.2 % Number 178 110 288 Percent 61.8 % 38.2 % 100.0 % 95% CI ± 5.4 % ± 5.1 % 26 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 10b. Our growth prospects are reduced because … (check all that apply) We reduced spending on training and professional development We reduced marketing and advertising spending We delayed or turned down attractive investment opportunities We implemented deep cuts in workforce We cut R&D spending Other Total Number of Cases =110 Number of Responses =230 Average Number Of Responses Per Case = 2.1 Number Of Cases With At Least One Response =109 Response Percent = 99.1 % Number 57 55 51 40 22 5 230 Percent 51.8 % 50.0 % 46.4 % 36.4 % 20.0 % 4.5 % 95% CI ± 9.5 % ± 9.5 % ± 9.5 % ± 9.1 % ± 7.6 % ± 4.0 % 27 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11a. How much does your firm hold in cash and marketable securities? Mean SD Median Total % Today 24.39 27.52 15 231 % One year ago 25.31 27.51 15 222 28 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11a. How much does your firm hold in cash and marketable securities BY Credit Rating N=334 Total AAA/AA A Number Percent Credit Rating A BBB/BB B C B or Less D 334 100.0% 67 34.9% 65 33.9% 46 24.0% 14 7.3% N Mean SD 231 24.4 27.5 44 31.6 32.3 cd 51 23.8 25.3 32 18.3 17.3 a 12 12.5 8.7 a N Mean SD 222 25.3 27.5 43 26.9 28.3 50 23.2 24.6 31 21.0 20.5 12 16.9 10.3 % Today % One year ago Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 29 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11b. Why do you have less cash today? (Rank #1, #2, #3) (N=76) Other: Mean & SD 1.5 0.8 1st 2nd 3rd 8 10.5% 1 1.3% 2 2.6% Total 11 14.5% Lack of cash profits 1.6 0.8 26 34.2% 8 10.5% 9 11.8% 43 56.6% Invested cash in a new product or business 1.8 0.7 10 13.2% 10 13.2% 4 5.3% 24 31.6% Spent cash for acquisition(s) 1.9 0.8 6 7.9% 6 7.9% 4 5.3% 16 21.1% Unable to borrow, so cash level depleted 2.0 0.8 3 3.9% 4 5.3% 3 3.9% 10 13.2% Spent cash for day to day operations 2.1 0.7 8 10.5% 15 19.7% 10 13.2% 33 43.4% Mismatching of cash inflows and outflows 2.2 0.8 7 9.2% 9 11.8% 13 17.1% 29 38.2% Have less need for a liquidity cushion versus one year ago 2.2 0.9 4 5.3% 2 2.6% 7 9.2% 13 17.1% Spent cash on employee costs 2.3 0.5 0 0.0% 11 14.5% 4 5.3% 15 19.7% 30 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11b. Why do you have less cash today? (Higher number = greater weighted importance) Mean SD Total Lack of cash profits 1.43 1.34 72 Spent cash for day to day operations 0.89 1.09 72 Invested cash in a new product or business 0.75 1.15 72 Mismatching of cash inflows and outflows 0.72 1.02 72 Spent cash for acquisition(s) 0.47 0.96 72 Other: 0.39 0.97 72 Spent cash on employee costs 0.36 0.74 72 Have less need for a liquidity cushion versus one year ago 0.32 0.78 72 Unable to borrow, so cash level depleted 0.28 0.75 72 31 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11b. Why do you have less cash today BY Credit Rating (Higher number = greater weighted importance) N=72 Total AAA/AA A Number Percent Credit Rating A BBB/BB B C B or Less D 72 100.0% 10 13.9% 14 19.4% 10 13.9% 8 11.1% 72 1.4 1.3 10 0.9 1.3 14 1.6 1.4 10 1.5 1.1 8 1.4 1.3 72 0.3 0.8 10 0.0 0.0 14 0.1 0.5 10 0.4 1.0 8 0.8 1.2 72 0.9 1.1 10 0.5 1.1 c 14 0.7 0.8 c 10 1.7 1.3 abd 8 0.5 0.9 c 72 0.5 1.0 10 0.3 0.9 14 0.6 1.0 10 0.5 0.8 8 0.9 1.4 72 0.8 1.1 10 1.4 1.3 c 14 0.9 1.3 10 0.3 0.9 a 8 0.5 1.1 72 0.4 0.7 10 0.6 1.0 14 0.3 0.7 10 0.2 0.6 8 0.4 0.7 10 0.6 1.0 14 0.4 1.1 10 0.3 0.7 8 0.1 0.4 Lack of cash profits N Mean SD Unable to borrow, so cash level depleted N Mean SD Spent cash for day to day operations N Mean SD Spent cash for acquisition(s) N Mean SD Invested cash in a new product or business N Mean SD Spent cash on employee costs N Mean SD Have less need for a liquidity cushion versus one year ago N Mean SD 72 0.3 0.8 Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 32 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11b. Why do you have less cash today BY Credit Rating (Higher number = greater weighted importance) N=72 Total AAA/AA A Credit Rating A BBB/BB B C B or Less D Mismatching of cash inflows and outflows N Mean SD 72 0.7 1.0 10 0.3 0.9 14 0.9 1.0 10 1.0 1.2 8 1.1 1.1 N Mean SD 72 0.4 1.0 10 0.7 1.3 14 0.2 0.8 10 0.0 0.0 8 0.4 1.1 Other: Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 33 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11b. Why do you have less cash today? (Rank #1, #2, #3) - Other specified cash management enhance yield Collection issues delayed payments by Clients Dividends payment Higher dividend & lower drawal of line of credit Infrastructure Development Loan to HQ Long Term Assets Low Productivity lower revenue relocation premises utilised for financing clients 34 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11b. Why are you maintaining more cash today? (Rank #1, #2, #3) (N=70) Saving up for potential acquisition(s) Mean & SD 1.6 0.7 1st 2nd 3rd 14 20.0% 9 12.9% 4 5.7% Total 27 38.6% Have concerns about overall economic environment; accumulating cash just to be safe 1.7 0.7 13 18.6% 10 14.3% 4 5.7% 27 38.6% Saving up for potential capital expenditures 1.7 0.7 14 20.0% 16 22.9% 5 7.1% 35 50.0% Do not have good options for putting the cash to use 2.0 0.9 10 14.3% 5 7.1% 10 14.3% 25 35.7% Other: 2.0 1.2 2 2.9% 0 0.0% 2 2.9% 4 5.7% We may face constraints in accessing outside finance in near-term 2.0 0.8 6 8.6% 7 10.0% 7 10.0% 20 28.6% Need to show investors and banks a healthy balance sheet 2.1 0.9 6 8.6% 5 7.1% 8 11.4% 19 27.1% Continuing to reduce cash outlay across the board 2.5 0.7 2 2.9% 6 8.6% 12 17.1% 20 28.6% 35 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11b. Why are you maintaining more cash today? (Higher number = greater weighted importance) Mean SD Total Saving up for potential capital expenditures 1.18 1.24 67 Saving up for potential acquisition(s) 0.96 1.26 67 Have concerns about overall economic environment; accumulating cash just to be safe 0.94 1.24 67 Do not have good options for putting the cash to use 0.75 1.12 67 We may face constraints in accessing outside finance in near-term 0.58 1.00 67 Need to show investors and banks a healthy balance sheet 0.54 0.97 67 Continuing to reduce cash outlay across the board 0.45 0.78 67 Other: 0.12 0.54 67 36 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11b. Why are you maintaining more cash today BY Credit Rating (Higher number = greater weighted importance) N=67 Total AAA/AA A Number Percent Credit Rating A BBB/BB B C B or Less D 67 100.0% 16 23.9% 18 26.9% 12 17.9% 2 3.0% 67 1.0 1.3 16 1.6 1.3 c 18 0.9 1.3 12 0.4 1.0 a 2 0.0 0.0 16 1.4 1.3 18 0.8 1.1 12 1.4 1.4 2 1.0 1.4 16 0.5 1.0 18 0.9 1.1 12 0.8 1.2 2 0.5 0.7 16 0.6 1.0 18 0.8 1.3 12 0.8 1.1 2 0.5 0.7 18 1.2 1.4 12 1.2 1.3 2 3.0 0.0 16 0.6 1.2 18 0.2 0.5 12 0.5 1.0 2 1.0 1.4 16 0.4 0.9 18 0.3 0.8 12 0.7 0.7 2 0.0 0.0 Saving up for potential acquisition(s) N Mean SD Saving up for potential capital expenditures N Mean SD 67 1.2 1.2 Need to show investors and banks a healthy balance sheet N Mean SD 67 0.5 1.0 Do not have good options for putting the cash to use N Mean SD 67 0.7 1.1 Have concerns about overall economic environment; accumulating cash just to be safe N Mean SD 67 0.9 1.2 16 0.4 0.9 We may face constraints in accessing outside finance in near-term N Mean SD 67 0.6 1.0 Continuing to reduce cash outlay across the board N Mean SD 67 0.4 0.8 Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 37 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11b. Why are you maintaining more cash today BY Credit Rating (Higher number = greater weighted importance) N=67 Total AAA/AA A Credit Rating A BBB/BB B C B or Less D Other: N Mean SD 67 0.1 0.5 16 0.0 0.0 18 0.2 0.7 Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 12 0.3 0.9 2 0.0 0.0 38 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 11b. Why are you maintaining more cash today? (Rank #1, #2, #3) - Other specified awaiting dividend declaration change in regulations Repay Loan Outstanding restrictions on repatriation 39 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 12a. Does your company have a bank line of credit? Yes No Total Missing Cases = 33 Response Percent = 90.1 % Number 192 109 301 Percent 63.8 % 36.2 % 100.0 % 95% CI ± 5.3 % ± 5.1 % 40 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 12a. Does your company have a bank line of credit BY Credit Rating N=334 Total AAA/AA A Credit Rating A BBB/BB B C B or Less D Total 192 100.0% 67 34.9% 65 33.9% 46 24.0% 14 7.3% Yes 192 63.8% 44 73.3% 43 74.1% 34 75.6% 8 66.7% No 109 36.2% 16 26.7% 15 25.9% 11 24.4% 4 33.3% Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 41 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 12b. To what extent has your firm drawn on its lines of credit? Mean SD 95% CI Median Minimum Maximum Total Today (% of total line of credit) 46.86 34.82 41.69 - 52.04 50 0 100 174 One Year Ago (% of total line of credit) 45.69 34.89 40.47 - 50.90 50 0 120 172 42 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 12b. To what extent has your firm drawn on its lines of credit BY Credit Rating [Only firms that have a bank line of credit] N=192 Total AAA/AA A Number Percent Credit Rating A BBB/BB B C B or Less D 192 100.0% 44 34.1% 43 33.3% 34 26.4% 8 6.2% 174 46.9 34.8 40 36.4 31.7 Cd 41 44.9 33.1 30 57.7 32.6 A 8 67.9 30.9 a 172 45.7 34.9 38 40.8 33.8 d 41 45.8 35.9 31 52.6 33.3 8 71.9 27.5 a Today (% of total line of credit) N Mean SD One Year Ago (% of total line of credit) N Mean SD Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 43 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 12c. Why are you relying less heavily on your credit line? (check all that apply) Less need for shoring up liquidity Fewer investment opportunities, so we're borrowing less Demand is lower for our product Have established other sources of outside funding To preserve credibility with bankers and investors Other Total Number of Cases =55 Number of Responses =96 Average Number Of Responses Per Case = 1.7 Number Of Cases With At Least One Response =53 Response Percent = 96.4 % Number 24 18 12 17 16 9 96 Percent 43.6 % 32.7 % 21.8 % 30.9 % 29.1 % 16.4 % 95% CI ± 13.6 % ± 12.8 % ± 11.3 % ± 12.6 % ± 12.4 % ± 10.1 % 44 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 12c. Why are you relying less heavily on your credit line BY Credit Rating [Only firms that have a bank line of credit] N=55 Total AAA/AA A Total Credit Rating A BBB/BB B C B or Less D 55 100.0% 14 25.5% 18 32.7% 6 10.9% 6 10.9% Less need for shoring up liquidity 24 43.6% 9 64.3% 8 44.4% 3 50.0% 1 16.7% Fewer investment opportunities, so we're borrowing less 18 32.7% 6 42.9% 5 27.8% 2 33.3% 1 16.7% Have established other sources of outside funding 17 30.9% 4 28.6% 7 38.9% 2 33.3% 2 33.3% To preserve credibility with bankers and investors 16 29.1% 3 21.4% 6 33.3% 3 50.0% 2 33.3% Demand is lower for our product 12 21.8% 2 14.3% 8 44.4% 0 0.0% 1 16.7% Other 9 16.4% 3 21.4% 3 16.7% 0 0.0% 2 33.3% Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 45 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 12c. Why are you relying less heavily on your credit line? - Other specified difficulty to avail new limit Increased funding from equity more self finance Raised new capital Reduce Leverage To reduce interest expenses to reduce interest cost to strengthen balance sheet Utilisation of Internal accruals 46 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 12c. Why are you relying more heavily on your credit line? (check all that apply) To shore up liquidity (e.g., replenish cash) Fewer sources of outside funding Borrow now in case access to external funds becomes more difficult in future To fund investment opportunities Demand for our product has increased Other Total Number of Cases =53 Number of Responses =88 Average Number Of Responses Per Case = 1.7 Number Of Cases With At Least One Response =51 Response Percent = 96.2 % Number 30 19 Percent 56.6 % 35.8 % 95% CI ± 13.8 % ± 13.4 % 13 12 12 2 88 24.5 % 22.6 % 22.6 % 3.8 % ± 12.0 % ± 11.7 % ± 11.7 % ± 5.3 % 47 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 12c. Why are you relying more heavily on your credit line BY Credit Rating [Only firms that have a bank line of credit] N=53 Total AAA/AA A Total Credit Rating A BBB/BB B C B or Less D 53 100.0% 9 17.0% 10 18.9% 13 24.5% 2 3.8% To shore up liquidity (e. g., replenish cash) 30 56.6% 5 55.6% 5 50.0% 10 76.9% 1 50.0% Fewer sources of outside funding 19 35.8% 2 22.2% 4 40.0% 6 46.2% 1 50.0% Borrow now in case access to external funds becomes more difficult in future 13 24.5% 2 22.2% 2 20.0% 2 15.4% 0 0.0% Demand for our product has increased 12 22.6% 5 55.6% b 1 10.0% a 2 15.4% 0 0.0% To fund investment opportunities 12 22.6% 4 44.4% 3 30.0% 3 23.1% 1 50.0% 2 3.8% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Other Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 48 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 12c. Why are you relying less heavily on your credit line? - Other specified settlement of trade 49 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 13a. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis) 1=More willing 0=No change -1=Less willing Total Mean = 0.2 SD = 0.7 Missing Cases = 39 Response Percent = 87.9 % Number 105 126 53 284 Percent 37.0 % 44.4 % 18.7 % 100.0 % 95% CI ± 5.1 % ± 5.4 % ± 4.1 % 50 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 13a. Are banks more willing to make loans to your firm today compared to Summer 2008 (pre-crisis) BY Credit Rating N=323 Total AAA/AA A Total Credit Rating A BBB/BB B C B or Less D 190 100.0% 65 34.2% 65 34.2% 46 24.2% 14 7.4% 1=More willing 105 37.0% 31 55.4% bD 21 35.6% a 15 36.6% 1 9.1% A 0=No change 126 44.4% 20 35.7% 28 47.5% 17 41.5% 6 54.5% -1=Less willing 53 18.7% 5 8.9% d 10 16.9% 9 22.0% 4 36.4% a 0.2 0.7 0.5 0.7 bcD 0.2 0.7 ad 0.1 0.8 a -0.3 0.6 Ab Mean SD Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 51 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (precrisis)? If less willing... (check all that apply) Banks are using much more conservative lending standards The covenants are too restrictive Bank views my company as too risky The rate the bank wants to charge is too high The bank will not fully fund our project The process takes too long now Banks seem to care less about servicing my company Other Total Number of Cases =53 Number of Responses =126 Average Number Of Responses Per Case = 2.4 Number Of Cases With At Least One Response =52 Response Percent = 98.1 % Number 39 18 16 15 13 13 11 1 126 Percent 73.6 % 34.0 % 30.2 % 28.3 % 24.5 % 24.5 % 20.8 % 1.9 % 95% CI ± 12.3 % ± 13.2 % ± 12.8 % ± 12.6 % ± 12.0 % ± 12.0 % ± 11.3 % ± 3.8 % 52 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (precrisis)? If less willing... BY Credit Rating N=53 Total AAA/AA A Total Credit Rating A BBB/BB B C B or Less D 53 100.0% 5 9.4% 10 18.9% 9 17.0% 4 7.5% Banks are using much more conservative lending standards 39 73.6% 2 40.0% 8 80.0% 7 77.8% 4 100.0% The covenants are too restrictive 18 34.0% 2 40.0% 1 10.0% 4 44.4% 2 50.0% Bank views my company as too risky 16 30.2% 1 20.0% 3 30.0% 2 22.2% 2 50.0% The rate the bank wants to charge is too high 15 28.3% 1 20.0% 4 40.0% 1 11.1% 2 50.0% The process takes too long now 13 24.5% 2 40.0% 2 20.0% 3 33.3% 0 0.0% The bank will not fully fund our project 13 24.5% 2 40.0% 2 20.0% 0 0.0% d 2 50.0% c Banks seem to care less about servicing my company 11 20.8% 1 20.0% 4 40.0% 3 33.3% 0 0.0% 1 1.9% 0 0.0% 0 0.0% 0 0.0% 0 0.0% Other Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 53 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 13b. Are banks more willing to make loans to your firm today compared to Summer 2008 (precrisis)? If less willing - Other specified Increase in lending rates 54 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 14. Does your company have profitable investment opportunities that would lead to long-term growth but for which access to funding is restricted? No Yes Total Missing Cases = 85 Response Percent = 73.9 % Number 131 110 241 Percent 54.4 % 45.6 % 100.0 % 95% CI ± 5.4 % ± 5.2 % 55 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 14. Does your company have profitable investment opportunities that would lead to long-term growth but for which access to funding is restricted? BY Credit Rating N=326 Total AAA/AA A Total Credit Rating A BBB/BB B C B or Less D 191 100.0% 67 35.1% 64 33.5% 46 24.1% 14 7.3% No 131 54.4% 35 71.4% 27 57.4% 17 54.8% 7 63.6% Yes 110 45.6% 14 28.6% 20 42.6% 14 45.2% 4 36.4% Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 56 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 Industry Manufacturing Service/Consulting Retail/Wholesale Other Tech [Software/Biotech] Banking/Finance/Insurance Transportation/Energy Healthcare/Pharmaceutical Mining/Construction Communications/Media Total Missing Cases = 18 Response Percent = 94.6 % Number 95 54 33 27 23 22 20 18 12 12 316 Percent 30.1 % 17.1 % 10.4 % 8.5 % 7.3 % 7.0 % 6.3 % 5.7 % 3.8 % 3.8 % 100.0 % 95% CI ± 4.9 % ± 4.0 % ± 3.2 % ± 2.9 % ± 2.7 % ± 2.7 % ± 2.6 % ± 2.4 % ± 2.0 % ± 2.0 % 57 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 Industry (Other specified) Agricultural Agriculture agriculture Agro Business Airlines Auditing & advisory firm Digital (internet) Economic & development planning service education/research Entertainment Export & Import Financial services FMCG Hotel hotel investment investment/property development Multi Industrial Oil professional services Property Development property developer Renewable Energy Retail/wholesale & manufacturing Semiconductors Supply chain Whse & Logistics Travel 58 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 Sales Revenue Less than $25 million $25-$99 million $100-$499 million $500-$999 million $1-$4.9 billion $5-$9.9 billion More than $10 billion Total Missing Cases = 9 Response Percent = 97.3 % Number 125 76 68 14 21 3 18 325 Percent 38.5 % 23.4 % 20.9 % 4.3 % 6.5 % 0.9 % 5.5 % 100.0 % 95% CI ± 5.2 % ± 4.5 % ± 4.3 % ± 2.2 % ± 2.6 % ± 1.0 % ± 2.4 % 59 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 Weighted Sales Revenue (Millions) Minimum = 25 Maximum = 11000 Mean = 991.50 Median = 62 Variance (Unbiased) = 6884622.78 Standard Deviation (Unbiased) = 2623.86 Standard Error Of The Mean = 145.55 95 Percent Confidence Interval Around The Mean = 706.23 - 1276.77 99 Percent Confidence Interval Around The Mean = 616.72 - 1366.28 Skewness = 3.23 Kolmogorov-Smirnov Statistic For Normality = 7.80 Quartiles 1 = 25 2 = 62 3 = 300 Valid Cases = 325 Missing Cases = 9 Response Percent = 97.3% 60 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 Number of Employees Fewer than 100 100-499 500-999 1,000-2,499 2,500-4,999 5,000-9,999 Over 10,000 Total Missing Cases = 57 Response Percent = 82.9 % Number 102 65 29 26 14 12 29 277 Percent 36.8 % 23.5 % 10.5 % 9.4 % 5.1 % 4.3 % 10.5 % 100.0 % 95% CI ± 5.0 % ± 4.3 % ± 3.0 % ± 2.9 % ± 2.2 % ± 2.0 % ± 3.0 % 61 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 Weighted Number of Employees Minimum = 100 Maximum = 12000 Mean = 2120.76 Median = 300 Variance (Unbiased) = 14147982.39 Standard Deviation (Unbiased) = 3761.38 Standard Error Of The Mean = 226.00 95 Percent Confidence Interval Around The Mean = 1677.80 - 2563.72 99 Percent Confidence Interval Around The Mean = 1538.81 - 2702.71 Skewness = 1.95 Kolmogorov-Smirnov Statistic For Normality = 5.84 Quartiles 1 = 100 2 = 300 3 = 1750 Valid Cases = 277 Missing Cases = 57 Response Percent = 82.9% 62 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 Headquarters India Malaysia Singapore Philippines Thailand Other (please specify) Indonesia Taiwan Japan Korea Laos Vietnam Cambodia Myanmar Hong Kong Sri Lanka People's Republic of China Pakistan Europe U.S. Total Missing Cases = 8 Response Percent = 97.6 % Number 127 58 46 38 12 12 9 8 7 5 1 1 1 1 0 0 0 0 0 0 326 Percent 39.0 % 17.8 % 14.1 % 11.7 % 3.7 % 3.7 % 2.8 % 2.5 % 2.1 % 1.5 % 0.3 % 0.3 % 0.3 % 0.3 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 100.0 % 95% CI ± 5.2 % ± 4.1 % ± 3.7 % ± 3.4 % ± 2.0 % ± 2.0 % ± 1.7 % ± 1.7 % ± 1.5 % ± 1.3 % ± 0.6 % ± 0.6 % ± 0.6 % ± 0.6 % ± 0.0 % ± 0.0 % ± 0.0 % ± 0.0 % ± 0.0 % ± 0.0 % 63 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 Headquarters Asia (Other Specified) Australia Australia Australia Australia Australia australia China china Jakarta malaysia New Delhi Penang Philippines UAE UAE uganda UK 64 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 If your company headquarters is another country, please indicate which country. Australia Austria Austria Bangkok canada Denmark Denmark France France france Garmany Geneva Germa Germany Germany Germany Germany Germany HK HK Holland HYDERABAD INDIA INDIA India india Indonesia Japan Japan Japan Japan Japan Japan Japan japan japan Malaysia Malaysia MYR Nederlands Netherland New Zealand NO NO Singapore Singapore Singapore Sweden swiss Switzerland Switzerland Taiwan Taiwan Thailand Tokyo U.S.A. UK UK 65 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 If your company headquarters is another country, please indicate which country. United States United States US US US US US US USA USA USA USA USA USA USA usa 66 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 Ownership Private Public Government Nonprofit Total Missing Cases = 20 Response Percent = 94.0 % Number 221 84 7 2 314 Percent 70.4 % 26.8 % 2.2 % 0.6 % 100.0 % 95% CI ± 5.1 % ± 4.7 % ± 1.5 % ± 0.8 % 67 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 Foreign Sales 0% 1-24% 25-50% More than 50% Total Missing Cases = 17 Response Percent = 94.9 % Number 90 111 32 84 317 Percent 28.4 % 35.0 % 10.1 % 26.5 % 100.0 % 95% CI ± 4.8 % ± 5.1 % ± 3.2 % ± 4.7 % 68 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 What is your company's credit rating? AAA AA+ AA AAA+ A ABBB+ BBB BBBBB+ BB BBB+ B BCCC CC D Total Missing Cases = 0 Response Percent = 100.0 % Number 14 25 24 4 40 18 7 21 6 2 9 6 2 7 3 3 0 0 1 192 Percent 7.3 % 13.0 % 12.5 % 2.1 % 20.8 % 9.4 % 3.6 % 10.9 % 3.1 % 1.0 % 4.7 % 3.1 % 1.0 % 3.6 % 1.6 % 1.6 % 0.0 % 0.0 % 0.5 % 100.0 % Cumulative 7.3 % 20.3 % 32.8 % 34.9 % 55.7 % 65.1 % 68.8 % 79.7 % 82.8 % 83.9 % 88.5 % 91.7 % 92.7 % 96.4 % 97.9 % 99.5 % 99.5 % 99.5 % 100.0 % 100.0 % 69 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 What is your company's credit rating? N=192 Total Credit Rating Actual Estimate A B Total 192 100.0% 108 56.3% 84 43.8% AAA 14 7.3% 9 8.3% 5 6.0% AA+ 25 13.0% 16 14.8% 9 10.7% AA 24 12.5% 12 11.1% 12 14.3% AA- 4 2.1% 4 3.7% 0 0.0% A+ 40 20.8% 25 23.1% 15 17.9% A 18 9.4% 8 7.4% 10 11.9% A- 7 3.6% 3 2.8% 4 4.8% BBB+ 21 10.9% 13 12.0% 8 9.5% BBB 6 3.1% 3 2.8% 3 3.6% BBB- 2 1.0% 1 0.9% 1 1.2% BB+ 9 4.7% 3 2.8% 6 7.1% BB 6 3.1% 4 3.7% 2 2.4% BB- 2 1.0% 2 1.9% 0 0.0% B+ 7 3.6% 3 2.8% 4 4.8% B 3 1.6% 0 0.0% b 3 3.6% a Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01 70 Duke CFO magazine Global Business Outlook survey - Asia - Fourth Quarter, 2009 What is your company's credit rating? N=192 Total Credit Rating Actual Estimate A B B- 3 1.6% 1 0.9% 2 2.4% CCC 0 0.0% 0 0.0% 0 0.0% CC 0 0.0% 0 0.0% 0 0.0% D 1 0.5% 1 0.9% 0 0.0% Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01