Deloitte study: CFOs in Romania are more optimistic but still unwilling to take risks

Chief financial officers in Romania are more optimistic than six months ago about the evolution of their companies' main financial indicators, according to the latest edition of Deloitte's CFO Survey Romania.

The survey results are based on opinions expressed by over 100 CFOs in the country.

Half of the respondents show optimism, but cost reductions continue to be the next 12 months' priority for 37% of them, although down from 58% at the beginning of the pandemic.

Their second priority is organic business growth (up from 13% to 18%), followed by digitization (11%), as work from home and internal process automation have become crucial in most of the fields.

Asked when they expect their companies to return to a pre-crisis level of revenue generation, 34% of respondents said they are already at or above pre-crisis level, 43% said that the full recovery would come in 2021, while 20% estimate this would occur in 2022 or later.

More than half of the companies (56%) expect to report higher revenues in 2021 compared to 2020 and thus regain from last year's lost ground.

However, 84% of respondents say they are unwilling to take risks, as half of them feel a high degree of uncertainty, especially in fields such as tourism, hospitality, and financial services.

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