The survey conducted in April-May shows 67% of CFOs expect a drop in company revenues, a major switch from the 78% who expected revenue growth when questioned at the end of 2019.
The main strategies considered by CFOs for the next 12 months are cost cutting (58%), followed at a great distance by ensuring cash flow (16%) and organic growth (13%).
Just 9% of respondents estimate revenue growth in investments the next 12 months, compared with 39% at the end of 2019. At the same time, 44% of CFOs expect a drop in staff numbers.
“Uncertainty is traditionally mentioned as a main risk factor by respondents to the Deloitte CFO Survey but in the current context no less than seven in ten CFOs feel this pressure intensely. Companies in technology, media and telecommunications are the only ones citing a regular level of uncertainty. This context leads to an almost unanimous (96%) risk aversion,” said Zeno Caprariu, Partner Audit at Deloitte Romania.
Three quarters of respondents (75%) are pessimistic about the near future, as many expect their company’s financial evolution will be severely affected by the economic crisis triggered by the pandemic.
Regarding government measures to support the local economy, 58% of CFOs said measures were less efficient than measures adopted in other European countries.
The main measures taken by companies in the context of the pandemic were to implement work from home (87%) and renegotiate current contracts (73%). As a result, companies in Romania sought to improve their IT systems to allow remote work (over 35%) and 28% focused on the digital transformation of sales.