2. 3
CSC IN TOUCH WITH CURRENT TRENDS
Within the framework of its I.D.E.A.S. programme (Inspiration, Debate, Executive
Annual Surveys), CSC carries out a number of “barometers” every year to analyse
the trends and outlook for key roles within the boardroom (human resources, finance,
IT, procurement, etc.) at the European level. Each of these studies, carried out in
cooperation with independent market research institutes (IFOP and TNS Sofres),
involves the participation of hundreds of managers from the largest businesses and
publicadministrationsinEurope.Theresultsofthesestudiesarepresentedathighlevel
events, organised in various European cities (Paris, Madrid, Barcelona, Milan, Brussels,
Lisbon, etc.), and are also published by partners in the media sector (Les Échos, La
Tribune, Challenges, L’Expansion, Liaisons Sociales, Il Sole 24 ORE, and others) and
in academia (universities and leading institutes for higher education).
4. 7
Procedure and methodology
ThisfourtheditionoftheCFOBarometerwasproducedinconjunction
with the leading market research institute TNS Sofres, based on a
survey carried out among a sample of finance leaders from European
companies with over 1,000 employees. They were questioned about
market position, concerns, results, the role of the finance department
and information systems.
Interview method
The survey was carried out by TNS Sofres using the CATI method
(Computer Assisted Telephone Interview) between December 2010
and January 2011.
Target and sampling
Private and semi-public companies
• With a minimum of 1,000 employees
• Located in France, Germany, the United Kingdom, Italy, Spain,
Belgium and Portugal.
80 managers were questioned (no detailed criteria were applied
regardingactivitysectororcompanysize).Thesemanagersrepresent
the following target positions:
• Chief financial officer / finance director / finance manager.
The sample was adjusted in order to ensure that it was an accurate
representationofEuropeancompaniesfromwithinthetargetactivity
sectors with at least 1,000 employees.
CFO BAROMETER
A EUROPEAN STUDY
A TIME OF OPPORTUNITIES?
5. 42
"CFOs HAVE A LARGE RANGE OF
PRIORITIES. CERTAINLY, THEY MUST
BE ABLE TO MAINTAIN A CONSTANT
FOCUS ON THE GROWTH DRIVERS
OF THE BUSINESS."
6. 43
TESTIMONIALS
FABIO TOMASSINI
Chief Financial Officer
Nuovo Trasporto Viaggiatori
NTV IS THE LEADING ITALIAN PRIVATE OPERATOR ON THE ITALIAN HIGH-SPEED RAIL NETWORK. IT IS ALSO THE
FIRST PLAYER TO OPERATE IN A SECTOR OPEN TO COMPETITION. NTV IS A COMPANY BORN OUT OF THE DRIVE TO
INNOVATE, IN WHICH STRATEGIC PLANNING IS CONSIDERED TO BE A FUNDAMENTAL COMPANY ASSET.
WHAT CAN THE CFO DO NOWADAYS TO ENSURE BOTH
BUSINESS CONTINUITY AND GROWTH?
A great deal of uncertainty surrounds the traditional markets, which
are characterised by increased competition and the evolution of
major macroeconomic factors, in turn increasingly influenced by new
internationalpoliticalbalancesandthesteadyriseofemergingmarkets.
Inthiscontext,CFOshavetojugglenumerouspriorities.Certainly,they
must be able to maintain a constant focus on the growth drivers that
enablethebusinesstogenerateprofitandthusensureitsexistence inthe
marketplace.Atthesametime,theCFOmustparticipateinformulating
corporate strategy, by helping identify business opportunities. Lastly,
the CFO must safeguard the long-term continuity of the business by
monitoringtheconditionsinwhichitoperates,andmakingsureneither
internal nor external factors change those conditions in a manner
that threatens the company’s existence. The current crisis has had a
significant impact on the number of players in the market, and has
rewardedtheleadingcompaniesabletoensuretheircontinuity.These
businesses have also been able to capitalise on the opportunities for
growth linked to market consolidation. Another significant effect of
thecrisiswastoheightenawarenessoftheneedtocloselymonitorthe
evolution of risk factors. This implies being able to develop alternative
scenarios that enable the rapid implementation of measures required
to safeguard the company’s resources.
WHAT ABOUT NTV?
Nuovo Trasporto Viaggiatori (NTV) is the leading private Italian
high-speed rail network. It has several distinctive features, as it is the
first player to operate in a sector that is open to competition, in which
the liberalisation process is still underway, and it is there thanks to the
strongcommitmentofitsshareholdersandbankswhohaveprovided
significantamountsofcapitalandcredit.Inthiscontext,thepriorityof
the finance department was to define an efficient financial planning
processtoensuretheavailabilityoftheresourcesneededtodevelopthe
business,andtoputinplaceamanagementcontrolmodelthatwould
enable quick corrective action to be taken.The choice of focusing on
planningactivitiesimpliestwomajorelements:awidespreadawareness
withinthecompanyofthekeyoperationaldriversofthebusiness,and
the support of top management to ensure the implementation of a
structured and objective financial planning process.
WHAT CAN THE CFO DO TO PROTECT HIS BUSINESS
FROM POSSIBLE FUTURE CRISES?
Financialresourcesareincreasinglyconsideredtobearealproduction
factor and the corresponding suppliers demand – in addition to an
adequate compensation for the risk associated with the project or
company–acertainstabilityandcontinuityofthebusiness.Toensure
business continuity and proper remuneration for risk, it is crucial
for the company to focus on pursuing long-term objectives while
maintaining sufficient flexibility to enable it to seize opportunities
for growth and to withstand volatility and turbulence in the short to
medium term. The CFO can help top management define a method
to measure value creation in order to reconcile two requirements:
firstly, to guarantee the implementation of the right strategic plan in
order to achieve long-term goals; and secondly, to be able to react
to unexpected events.
HOW ARE YOU REACTING TO THE NEW ECONOMIC
SITUATION, CHARACTERISED BY THE STAGNATION OF
WESTERN MARKETS AND STRONG EMERGING MARKET
GROWTH?
NTV is currently operating in a national market and, given the specific
natureofitsbusiness,itssupplymarketsarenotlocatedintheemerging
markets such as those collectively called the BRIC countries. I believe
thatthestagnationofEuropeanmarketscanonlybeovercomethrough
structural measures at the EU level.
