ey european mid-market barometer 2015

European Mid-Market Barometer January 2015A survey of 6,000 medium-sized companies on the economic outlook and business conditions in Europe

As the world’s economy recovers, the middle market is leading the resurgence in revenue and employment growth.

Understanding sentiment among Europe’s mid-size companies gives a valuable insight into current market conditions and provides a unique perspective for policymakers to consider.

So, what does the survey of 6,000 companies tell us?

The mood is positive in many parts of the continent. The vast majority of firms are confident about the immediate future and plan to maintain or increase investment in their businesses.

Encouragingly, middle-market companies in countries that were hit hard by the financial crisis in 2008 are now rebounding strongly, especially in places where painful economic reforms were enacted, such as Spain, Ireland and the UK.

However, the picture is not entirely rosy.

Prospects for Greek companies are still hampered by their country’s continued problems. And the survey reveals a high degree of concern for the future among middle market firms in Germany, other German-speaking countries and … Belgium.

Foreword

European Mid-Market Barometer 2015

Stefan Olivier

EY Belgium Partner

Welcome to EY’s first European Mid-Market Barometer.

Philippe Pire

EY Belgium Partner

Meanwhile, the majority of company leaders who were surveyed would prefer governments to promote growth through investment rather than reduce spending to consolidate their budgets. Again, most German-speaking countries and our country voice a different view on this matter.

One of the most encouraging signs for Europe is the strong investment picture. If the middle-market is investing in the future, it bodes well for sustained growth and employment. One potential obstacle is a lack of skilled labor, which can hamper companies just when they are ready to grow. Therefore, middle-market firms would like governments across the region to focus on education, training and immigration reform.

While calling for more public investment, middle-

market firms want to see taxes reduced and less regulation.Keeping abreast of middle-market sentiment, and supporting these organizations as they seek growth in this crucial recovery phase, is really important to us at EY. We have a unique legacy of working with some of the world’s fastest-growing companies as they navigate complex market conditions. We will continue to track shifts in mid-market opinion over time, as the economic and policy environments evolve, and share these insights with you.

For more information on this survey, please contact us. For insights on how we work with middle-market companies to accelerate growth, please visit www.ey.com/driversofgrowth.

Foreword (continued)


http://www.ey.com/driversofgrowth

Survey design


• This is representative survey of 6,000 medium-sized businesses in 21 European countries on the economic outlook and business conditions. 250 medium-sized companies in Belgium have been interviewed.

• The sample comprised companies with annual turnovers between €10m and €500m.

• The telephone survey was conducted by an independent market research institute (Valid Research, Germany) in November and December 2014.

• This is the first Europe-wide EY Mid-Market Barometer. Similar surveys have been published for Germany since 2003 and for Austria and Switzerland since 2008.

Your contacts:

Stefan Olivier

Partner

Tel: +32 11 247 [email protected]

Philippe PirePartner

Tel: +32 (0)4 273 7600

[email protected]


Sample details

Country Number of interviews

Germany 650

France 600

United Kingdom 500

Spain 350

Italy 330

Netherlands 300

Turkey 300

Austria 250

Belgium 250

Norway 250

Poland 250

Sweden 250

Switzerland 250

Russia 200

Czech Republic 200

Denmark 200

Finland 200

Ireland 200

Portugal 200

Greece 170

Luxembourg 100

Total 6,000

Sectoral distribution

Turnover distribution

Industry and manufacturing 42%

Service 29%

Retail 17%

Construction and energy 12%

< €30m 40%

€30m to €100m 36%

> €100m 24%

Respondents

C-suite executives and business owners


Key findings

Businessclimate

Economic expectations

Investment and employment

Risks

Policy recommendations

The large majority of medium-sized companies in Europe view their current state of business as positive. The outlook for the coming months is also seen as quite positive: turnover is expected to increase by an average of 1.7%. Business conditions are currently best in Turkey, Ireland and the UK and, by far, worst in Greece.Near-term economic expectations on the domestic economies are cautiously optimistic:in 14 out of 21 countries, the domestic economy is expected to improve, whereas an economic downturn is anticipated in only 6 countries.

In line with the positive economic predictions, medium-sized companies in Europe plan to increase their investments. In the labor market, too, positive trends are expected: employment looks set to rise in all 21 countries, with Ireland and the UK being the front-runners. In Greece, however, employment is likely to increase only modestly.According to Europe’s medium-sized companies, the biggest risk to their own development is high prices for raw materials, followed by the weak domestic economy and a poor economic trend abroad. Geopolitical tensions also present a significant threat, with more than one in five companies affected by the Ukraine crisis.

The majority of medium-sized companies in Europe seek growth promotion by means of increasing public investment. In only 4 out of 21 countries (Switzerland, Luxembourg, Germany and Austria), budget consolidation/debt reduction are seen as the key priorities.


Business climate in the mid-market


How would you assess your current state of business?

GreecePoland

ItalyGermany

AustriaSpain

RussiaFranceFinland

Czech RepublicPortugal

SwitzerlandNorwaySweden

LuxembourgTurkey

BelgiumNetherlands

DenmarkUnited Kingdom

Ireland

9

23

39

48

46

53

49

51

41

53

54

56

44

50

64

75

48

63

54

62

66

15

41

37

36

39

33

38

37

48

37

36

34

49

43

29

18

47

33

43

35

31

25

28

14

14

13

8

10

7

6

9

6

8

5

5

6

4

4

3

2

2

1

51

8

10

2

2

6

3

5

5

1

4

2

2

2

1

3

1

1

1

1

2

Good Quite good Fairly bad Bad

Country overview: current state of business rated best in Ireland and UK, Belgium in the top 5

Figures in %


PolandCzech Republic

GermanyGreece

SwitzerlandAustriaFinland

BelgiumLuxembourg

NorwayRussia

SwedenItaly

NetherlandsFrance

SpainPortugal


IrelandTurkey

1

2

5

8

3

5

3

1

2

1

7

2

7

4

6

9

10

5

10

9

13

22

28

28

27

32

31

35

37

39

41

35

41

39

43

46

46

47

53

53

55

54

57

62

55

41

56

54

57

59

55

53

45

54

47

51

42

41

41

41

36

35

29

18

8

11

18

9

9

5

2

4

4

13

3

6

2

6

4

2

1

1

1

3

2

0

1

6

0

1

0

1

0

1

1

0

1

0

0

0

0

0

0

0

1

Improve significantly Improve slightly Remain the same Deteriorate slightly Deteriorate significantly

Entrepreneurs in Turkey, Ireland and the UKare the most optimistic, 38% of Belgian respondents are rather sceptical

How will your company's performance develop over the next six months?

Figures in %


GreeceSwitzerland

Czech RepublicLuxembourg

BelgiumGermany

FinlandSwedenAustriaFrance

NetherlandsRussia

DenmarkItaly

PolandNorway

SpainIreland

United KingdomPortugal

Turkey

1.0

1.2

1.4

1.4

1.4

1.5

1.5

1.5

1.6

1.6

1.6

1.6

1.7

1.8

1.8

2.0

2.0

2.1

2.1

2.4

2.4

Revenue forecast: country overview

How do you expect your company's turnover to develop in 2015 compared with 2014?

Change in %


How would you describe your company's current status?

GreeceRussia

ItalyPoland

SwedenCzech Republic

NetherlandsTurkey

NorwayGermany

FranceSpain

PortugalFinland

BelgiumIrelandAustria

SwitzerlandUnited Kingdom

LuxembourgDenmark

13

19

20

20

25

26

27

28

30

34

35

37

37

37

37

37

40

40

44

49

58

58

72

69

76

69

69

70

65

64

56

57

55

57

57

59

60

52

54

54

43

40

22

9

10

4

5

4

3

6

6

9

7

7

5

6

3

3

8

5

2

7

2

7

0

1

0

1

1

0

1

0

1

1

1

1

0

1

0

0

1

0

1

0

Very stable Fairly stable Somewhat critical Very critical

Highest concentration of companies in critical condition in Greece: Danish companies particularly stable

Figures in %


GreecePoland

ItalyGermany

RussiaAustriaFinland

Czech RepublicSwitzerland

FranceNorwayBelgium

LuxembourgSweden

SpainPortugal

NetherlandsDenmark

United KingdomIrelandTurkey

-21

19

37

40

43

43

44

45

45

48

49

49

50

50

51

55

56

58

63

63

65

Current business climate best in Turkey,Ireland and UK; worst in Greece

Figures in points on a scale of -100 to +100; * change in points compared with business climate in July 2014 (where available)

-5*

+2*

-5*


Economic climate and policy


GreeceAustriaNorway

GermanySwedenFinland

ItalySwitzerland

BelgiumLuxembourg

FrancePolandRussiaTurkey

DenmarkPortugal

Czech RepublicNetherlands

SpainUnited Kingdom

Ireland

1

1

1

1

0

0

3

0

0

2

1

1

4

9

0

2

0

1

3

3

4

13

14

17

18

19

20

21

24

24

25

26

27

24

30

39

38

44

46

45

46

64

39

52

56

48

62

59

61

62

67

60

54

52

35

37

59

57

45

50

43

47

29

29

32

25

30

19

21

13

10

8

12

16

18

32

20

2

2

11

3

7

3

2

18

1

1

3

0

0

2

3

1

1

3

2

5

4

0

1

0

0

2

1

1


Optimism on domestic economy greatest among Irish companies, only 24% of Belgian respondents expect an improvement of the economic climate

How do you think the general economic climate will develop in your country in the next six months?

Figures in %


GreeceRussiaAustria

SwitzerlandGermany

LuxembourgPoland

NorwaySwedenFinlandTurkey

BelgiumCzech Republic

FranceItaly

DenmarkPortugal

NetherlandsSpain

United KingdomIreland

0

0

0

0

1

1

1

0

0

1

7

0

1

2

2

0

1

0

3

2

3

10

14

15

15

17

19

19

21

21

21

17

24

28

30

35

38

39

41

39

40

56

44

48

47

47

41

65

55

63

72

66

51

68

51

57

53

59

55

55

43

51

38

35

32

35

34

37

14

23

15

6

12

21

8

19

10

9

3

4

4

14

6

3

11

6

3

4

4

1

2

1

1

0

4

0

1

1

1

0

1

0

1

1

0


Greek companies most pessimistic onthe European economy

How do you think the general economic climate will develop in Europe in the next six months?

Figures in %


GreeceRussia

SwitzerlandNorway

GermanyTurkeyAustriaPoland

LuxembourgBelgium

Czech RepublicFinlandFrance

DenmarkSweden

ItalyPortugal

NetherlandsUnited Kingdom

SpainIreland

1

1

1

0

2

4

1

1

1

0

1

0

2

0

0

3

1

2

3

2

3

12

14

15

17

17

17

20

20

23

26

27

30

30

35

35

34

37

37

40

42

55

50

58

52

69

45

53

48

55

62

66

49

61

58

59

60

56

58

55

50

46

39

29

24

28

13

32

23

29

24

12

8

23

9

8

6

4

6

4

6

6

9

3

8

3

4

1

4

3

2

0

2

0

0

0

2

0

1

1

0

0

1

1

0

Irish entrepreneurs especially optimisticon world economy; Belgian respondents more or less neutral

How do you think the general economic climate will develop worldwide in the next six months?

Figures in %


IrelandSwitzerlandNetherlands

DenmarkNorwaySweden

LuxembourgFrance

PortugalBelgium

United KingdomItaly

SpainAustria

GermanyCzech Republic

PolandFinlandRussia

GreeceTurkey

2

1

2

5

0

2

3

4

2

2

2

6

8

8

6

5

12

6

9

15

12

11

13

12

9

15

15

14

14

17

18

18

15

13

14

20

26

19

27

24

19

28

Yes, major effects Yes, minor effects

Turkish companies particularly affectedby Ukraine crisis

Is your business feeling any negative effects from the current tensions between Russia and the EU and US?

Figures in %

40

34

33

33

31

31

26

22

21

21

20

20

19

18

17

17

15

14

14

14

13


Figures in %

SwitzerlandLuxembourg

GermanyAustria

Czech RepublicBelgium

United KingdomTurkeyFrance

SwedenFinland

PortugalSpainItaly

PolandDenmark

RussiaNetherlands

NorwayGreeceIreland

39

41

44

49

52

58

59

60

62

65

67

68

70

71

72

74

75

78

79

80

81

61

59

56

51

48

42

41

40

38

35

33

32

30

29

28

26

25

22

21

20

19

Growth promotion by increasing state investment Budget consolidation and debt reduction

Call for growth promotion strongest among Irish, Greek, Norwegian and Dutch companies

Which of the following policy approaches should European governments pursue in the next few months?


Figures in %

GreeceAustria

SwedenItaly

PolandSpain

PortugalFinland

Czech RepublicBelgium

LuxembourgGermany

FranceRussia


SwitzerlandNorway

NetherlandsIrelandTurkey

2

2

2

2

1

4

4

2

1

0

3

3

3

2

5

3

6

4

5

5

20

4

13

15

16

18

17

18

21

22

24

23

24

25

26

31

33

31

34

36

36

35

32

51

47

51

56

50

53

57

64

60

56

57

46

53

60

59

48

55

51

51

33

25

27

35

22

21

19

20

19

9

14

15

14

24

15

4

5

14

6

8

8

10

37

7

1

9

4

10

5

1

4

2

3

2

2

4

0

0

1

1

0

0

2

Very positive Quite positive Average Quite negative Very negative

Local economic policy: satisfaction highest among Turkish entrepreneurs

How would you assess your home country’s economic policy?


GreeceAustria

SwedenPoland

ItalySpain

Czech RepublicGermany

FinlandRussia

PortugalSwitzerland

BelgiumFrance

LuxembourgUnited Kingdom

DenmarkNorwayTurkey

NetherlandsIreland

1

1

1

0

2

4

0

1

2

2

4

3

0

3

2

3

4

2

15

4

4

2

8

15

17

15

14

19

21

20

21

19

21

25

23

25

30

29

35

24

36

38

20

44

71

49

49

42

62

54

59

49

53

54

58

48

55

61

64

57

41

51

49

22

38

12

29

24

26

16

22

18

21

20

19

14

24

13

5

3

5

19

8

8

55

9

1

5

10

14

3

2

1

7

4

3

3

2

5

1

0

1

1

1

1

Very positive Quite positive Average Quite negative Very negative

Domestic policies on the mid-market: Irish, Dutch and Turkish entrepreneurs most satisfied

How would you assess current policies affecting medium-sized businesses in your home country?

Figures in %


Investment and employment


GreeceSwitzerland

RussiaBelgiumSwedenAustriaFinland

GermanyLuxembourg

NorwayItaly

NetherlandsFrance

United KingdomDenmark

Czech RepublicSpain

PolandIreland

PortugalTurkey

19

23

21

17

19

25

23

27

25

28

29

26

29

30

27

32

33

35

33

38

50

71

65

69

77

74

64

68

63

67

64

62

70

64

64

70

61

61

58

64

60

43

10

12

10

6

7

11

9

10

8

8

9

4

7

6

3

7

6

7

3

2

7

To increase To keep to the same level To reduceFigures in %

Strongest increase in investment planned byTurkish companies

Over the next six months, what plans do you have for your company'stotal investment (e.g., in equipment, machines or construction)?

43

36

30

28

27

25

24

24

22

22

20

20

17

17

14

14

12

11

11

11

9

Balance of “increase” and “reduce”


GreeceGermany

ItalyNorwayPoland

SwitzerlandFinlandRussia

Czech RepublicSpain

AustriaSwedenBelgium

NetherlandsFrance

LuxembourgPortugal

TurkeyDenmark

United KingdomIreland

1

3

3

2

4

2

2

2

1

3

3

1

0

2

3

2

3

7

4

3

2

15

22

19

20

21

19

18

18

23

20

23

21

24

22

24

24

23

28

29

35

38

71

58

65

65

60

68

71

71

64

68

62

73

70

71

66

69

70

53

63

59

58

11

13

11

12

13

10

9

7

11

8

11

5

5

4

6

4

4

10

3

2

2

2

3

2

1

2

1

0

2

1

1

1

0

1

1

1

1

0

2

1

1

0

Increase strongly (by more than 3%) Increase slightly (by up to 3%) Remain the sameDecrease slightly (by up to 3%) Decrease strongly (by more than 3%)

Highest increase in workforce planned byIrish and British companies

Over the next six months, what expectations do you have about thenumber of employees in your company?

Figures in %

38

35

29

23

22

21

20

19

18

17

14

14

12

11

11

10

10

9

9

9

3

Balance of “increase” and “decrease”


BelgiumDenmark

SpainIrelandNorway

NetherlandsFinland

SwedenPortugal

ItalyFrance


TurkeyRussia

SwitzerlandPolandAustria

GermanyGreece

Czech Republic

1

1

3

0

4

2

2

6

4

8

6

12

4

17

25

10

6

15

16

37

23

16

16

14

18

17

22

23

22

25

22

28

24

33

36

30

46

50

49

51

31

57

Very difficult Fairly difficult

Shortage of skilled labor most severe inCzech Republic, Greece and Germany

How easy or difficult is it for your company to recruit suitably skilled and qualified employees?

Figures in %

80

68

67

64

56

56

55

53

37

36

34

30

29

28

25

24

21

18

17

17

17


NorwayDenmarkBelgiumFinland

NetherlandsIreland

SwedenUnited Kingdom

LuxembourgItaly

FranceSpain

PortugalCzech Republic

RussiaTurkeyPoland

GermanyGreece

SwitzerlandAustria

1

1

0

1

1

1

3

3

6

7

7

15

5

5

9

16

15

14

18

10

16

3

4

9

9

10

12

16

22

20

19

23

17

28

30

34

30

32

37

37

45

43

Yes, significant losses (greater than 5 %) Yes, slight losses (up to 5 %)Figures in %

Loss of turnover most frequently cited by Austrian, Swiss and Greek companies

Does a lack of suitable skilled personnel cause a loss of turnover or unrealized turnover potential for your company?

59

55

55

51

47

46

43

35

33

32

30

26

26

25

19

13

11

10

9

5

4


Strategy, risks and regulatory environment


Figures in %

ItalyRussia

SwitzerlandAustriaFinlandFranceGreece

GermanyPortugal

SpainCzech Republic

BelgiumNetherlands

SwedenNorwayPoland

United KingdomLuxembourg

TurkeyDenmark

Ireland

33

33

33

35

36

37

38

39

40

41

43

47

47

50

51

52

53

54

57

59

62

52

55

62

59

52

55

41

54

57

47

50

49

50

46

43

39

43

39

31

39

33

15

12

5

6

12

8

21

7

3

12

7

4

3

4

6

9

4

7

12

2

5

Growth Stability Surviving

Irish, Danish and Turkish companiesmost bullish on growth

What will your company focus on in the next few months?


Figures in %

Unresolved company succession

Knowledge theft (industry spies and theft of IP)

High unemployment in home country

Difficult access to financial resources

IT security (e.g., hacker attacks)

Deflation

Geopolitical tensions and wars

Inflation

Currency fluctuations

Shortage of skilled professionals

High energy prices

Weak economic trend abroad

Weak economic trend domestically

High raw material prices

9

15

15

15

16

17

16

21

21

21

21

25

28

28

2

4

5

6

6

5

7

6

7

7

8

7

9

10

Significant risk Major risk

European mid-market fears high raw material prices and weak economic trend domestically

What are the biggest risks to your company's development?

Europe

37

38

29

32

28

28

23

27

22

21

22

19

20

11


Risks: country overview

What are the biggest risks to your company's development?

Country Greatest risk % Second-largest risk % Third-largest risk %

Austria Weak economic trend abroad 59Weak economic trend domestically 59 High raw material prices 40

BelgiumWeak economic trend domestically 49 Weak economic trend abroad 38 High raw material prices 32

Czech Republic Shortage of skilled professionals 51 Currency fluctuations 48 High raw material prices 42

Denmark Weak economic trend abroad 31 High raw material prices 29Weak economic trend domestically 26

Finland High raw material prices 19 Currency fluctuations 18 Weak economic trend abroad 17

FranceWeak economic trend domestically 46 High raw material prices 39 Weak economic trend abroad 35

GermanyShortage of skilled professionals

52 High raw material prices 43Weak economic trend domestically 38

GreeceDifficult access to financial resources 69 High raw material prices 66

High unemployment in home country 64

IrelandWeak economic trend domestically 79 Weak economic trend abroad 53 High raw material prices 34

Italy High raw material prices 27High unemployment in home country 26 Deflation 24

LuxembourgWeak economic trend domestically 38 Weak economic trend abroad 33 High raw material prices 27

NetherlandsWeak economic trend domestically 48 Weak economic trend abroad 43 High raw material prices 31

NorwayWeak economic trend domestically 29 High raw material prices 29 Weak economic trend abroad 27

Poland High raw material prices 56 Geopolitical tensions and wars 44 High energy prices 43

PortugalWeak economic trend domestically 36 High raw material prices 34 Inflation 33

Russia Inflation 58 High raw material prices 51 Currency fluctuations 49

Spain High raw material prices 54 High energy prices 54 Inflation 44

SwedenWeak economic trend domestically 51 Weak economic trend abroad 37 High raw material prices 30

SwitzerlandShortage of skilled professionals

37 Weak economic trend abroad 28 Currency fluctuations 28

TurkeyGeopolitical tensions and wars

64 Currency fluctuations 62 High raw material prices 62

United KingdomWeak economic trend domestically 42 Weak economic trend abroad 35 High raw material prices 27


Regulatory environment: country overviewBelgium: focus needed on tax reductions

What measures would significantly strengthen the mid-market segment in your home country?

Land Priority 1 % Priority 2 % Priority 3 %

AustriaReduction of incidental wage costs 87 Tax reductions 80 Reduction of bureaucracy 70

Belgium Tax reductions 82 Increased public investment 34 Tax benefits for R&D 25

Czech Republic Reduction of bureaucracy 58 Tax reductions 40Reduction of incidental wage costs 33

Denmark Tax reductions 60 Increased public investment 29 Tax benefits for R&D 23

Finland Tax reductions 56 Increased public investment 39 Reduction of bureaucracy 36

France Tax reductions 73 Increased public investment 38 Reduction of bureaucracy 32

Germany Tax reductions 66Reduction of incidental wage costs 63 Reduction of bureaucracy 62

Greece Reduction of bureaucracy 89 Tax reductions 86Reduction of incidental wage costs 73

Ireland Tax reductions 78 Tax benefits for R&D 43 Increased public investment 38

Italy Tax reductions 65 Increased public investment 31 Reduction of bureaucracy 30

Luxembourg Tax reductions 58 Increased public investment 38 Reduction of bureaucracy 31

Netherlands Tax reductions 63 Increased public investment 49 Tax benefits for R&D 32

Norway Tax reductions 82 Reduction of bureaucracy 54 Increased public investment 42

Poland Tax reductions 75Reduction of incidental wage costs 69 Reduction of bureaucracy 68

Portugal Tax reductions 84 Increased public investment 44 Reduction of bureaucracy 37

Russia Tax reductions 78 Increased public investment 35 Reduction of bureaucracy 34

Spain Tax reductions 59 Increased public investment 51 Reduction of bureaucracy 49

Sweden Tax reductions 62 Increased public investment 39Protection (overseas competitors) 22

Switzerland Tax reductions 61 Reduction of bureaucracy 40Reduction of incidental wage costs 37

Turkey Tax reductions 81 Increased public investment 58 Tax benefits for R&D 57

United Kingdom Tax reductions 69 Tax benefits for R&D 42 Increased public investment 31


Increasing public investment: country overview

Would increasing public investment significantly strengthen the mid-market segment in your home country?

Czech RepublicSwitzerland


ItalyBelgium

RussiaLuxembourg

IrelandFrance

SwedenFinlandNorway

GermanyPoland

PortugalAustria

NetherlandsSpain

TurkeyGreece

25

29

29

31

31

34

35

38

38

38

39

39

42

42

43

44

47

49

51

58

68

Figures in %


Financing


DenmarkNorway

Czech RepublicNetherlands

AustriaSwitzerland

PolandFinland

GermanyTurkey

United KingdomItaly

BelgiumSweden

LuxembourgIreland

SpainFrance

PortugalRussia

Greece

1

1

2

2

4

3

4

0

5

10

2

6

1

3

4

2

15

8

6

31

38

10

14

14

20

19

21

20

26

21

17

31

27

34

32

32

36

29

39

43

38

32

Very difficult Fairly difficult

Credit supply: country overview

How would you assess your company's current access to financing through outside capital and bank loans?

Figures in %

70

69

49

47

44

38

36

35

35

33

33

27

26

26

24

24

23

22

16

15

11 SpainGreeceRussiaAustria

ItalyGermany

United KingdomFinlandFrance

PortugalTurkey

SwitzerlandLuxembourg

PolandNetherlands

Czech RepublicIreland

BelgiumSweden

DenmarkNorway

24

21

16

14

13

12

11

11

11

11

11

10

10

9

8

8

6

5

3

2

2

19

9

9

8

11

12

8

8

9

10

20

7

9

10

3

11

7

3

5

2

5

Become more difficult Become easier

How has your company's access to financing through outside capital and bank loans developed in the past 12 months?


Internationalization


Dutch companies most strongly internationalized …

Does your company engage in any form of activities abroad (production, distribution, joint venture, etc.)?

Figures in %

Dutch medium-sized companies are the most internationalized medium-sized companies in Europe: 7 in 10 engage in activities abroad, and almost 2 in 3 engage in activities abroad but within Europe.

A very high degree of internationalization is also being displayed by Swedish, Spanish, French, Danish and Finnish medium-sized companies.

In only 5 out of the sample of 21 European countries, less than half of all domestic medium-sized companies engage in activities abroad.

EuropeNorway

SwitzerlandRussiaPolandGreece


AustriaCzech Republic

IrelandPortugalBelgium

TurkeyItaly

GermanyFinland

DenmarkFranceSpain

SwedenNetherlands

58

42

43

43

44

48

52

54

55

56

57

57

60

60

62

62

64

64

64

65

65

70


… while most Russian companies have no links with Western or Eastern European countries

Does your company engage in any form of activities in Western Europe or Eastern Europe (production, distribution, joint venture, etc.)?

Western Europe Eastern Europe

Figures in %

Western Europe

Switzerland

Greece

United Kingdom

Portugal

Czech Republic

Luxembourg

Ireland

Finland

Belgium

Sweden

4619

3436363738

4242434546484950505152

565858

64

Europe

Poland

Norway

Austria

Luxembourg

Turkey

Spain

Germany

Finland

Belgium

Sweden

4117

2325

3133

363636383838384041

495050

53555757


Dutch companies with a strong presence in North America and Asia

Does your company engage in any form of activities in North America or Asia (production, distribution, joint venture, etc.)?

North America Asia

Figures in %

Europe

Poland

Czech Republic

Norway

Turkey

Austria

United Kingdom

Germany

Italy

Denmark

France

2566

101315

1819202022232526

29303032333333

40

Europe

Poland

Portugal

Russia

Norway

Luxembourg

Turkey

Finland

Germany

Belgium

Sweden

2710111315

1819212121222424

2830

333334353535

42

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ey european mid-market barometer 2015

Economy & Finance

middlemarket companies

middle market firms

middlemarket firms

middlemarket sentiment

midmarket opinion

current market conditions

complex market conditions

growing companies