RESTRUCTURING STUDY. International Sovereign debt crisis Effects on financing and the real economy

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1 RESTRUCTURING STUDY International 2012 Sovereign debt crisis Effects on financing and the real economy Düsseldorf, September 2012

2 2 Contents Page A. Goal and methodology 4 B. Summary in brief 7 C. Key results 11 D. Contacts 34 Roland Berger Strategy Consultants

3 3 Our study Preliminary notes > In June and July 2012, Roland Berger Strategy Consultants conducted its study of restructuring trends for the eighth time since 2001 > Across the world, board members and managing directors of some 5,000 companies from different industries were surveyed, with a 12% response rate > The aim of the study was to learn how, in view of the current sovereign debt crisis, managers are preparing their companies for such possible scenarios as a renewed economic downturn or the exit of individual countries from the euro > The key study results are grouped into four regions and presented here: North Western Europe (NWE) South Western Europe () Central & Eastern Europe (CEE) Special feature:

4 A. Goal and methodology

5 5 A. GOAL AND METHODOLOGY The study is widely applicable thanks to the large number and good balance of industries represented Study participants by industry [share in %] Participating companies came from more than 13 different industries Media Tourism Pharmaceuticals & 2 3 healthcare 3 Chemicals 4 Logistics Construction 6 7 Other 6 Financial services Engineered products SMEs 40% The results are widely applicable due to the broad spread of industries The financial services, engineering and trading/retail industries are best represented, accounting for 10% or more 40% of companies surveyed consider themselves to be SMEs and 34% are listed companies Automotive and suppliers Consumer goods, electronics, textiles Energy, utilities 14 Trading/retail Listed companies 34%

6 6 A. GOAL AND METHODOLOGY The high validity of the survey results is due to the fact that companies of almost all size categories in many regions of the world were included in the study In all of the regions the survey encompassed companies of all sizes small to medium-sized companies dominate in NWE and (sales of EUR bn) Size of surveyed companies based on sales [%] EUR bn NWE CEE Most of the companies surveyed in CEE are small or very large (sales of > EUR 5.0 bn) < Companies of all sizes took part in the survey in, with very large companies being the most numerous >

7 B. Summary in brief

8 8 B. SUMMARY IN BRIEF European companies expect to encounter stagnation and the threat of recession in 2012 The European sovereign debt crisis has not yet reached its peak, either Management summary (1/3) 1 A stagnating economy is expected in Europe in 2012 along with growth of 0.6% in 2013 much more positive forecast in NWE (0.7%) than in (-1.8%), which has been hard hit by the sovereign debt crisis. Still, 57% see their company as well to very well equipped for a possible slowdown of the global economy or renewed liquidity crisis, compared with competitors 2 62% of companies surveyed in Europe believe there is a threat of recession in their country, which they think may happen in Q ( believes it already went into recession in Q1). Companies in are fully expecting a recession (100%) declining demand among private households is seen as the main risk factor for a potential recession 3 The focus of growth for European companies lies on Western Europe in 2012 (43%) 54% of the European companies and 71% of the ese companies surveyed see a high to very high risk that a lack of qualified staff could hinder the growth of their own company 4 61% of companies surveyed in Europe and as many as 65% of the ese companies see a highly negative impact of the European sovereign debt crisis on the economy in their own country 84% believe that the peak of the crisis is still to come (late 2012/early 2013)

9 9 B. SUMMARY IN BRIEF The most important restructuring actions in 2012, besides cutting costs and boosting efficiency, are growth and sales initiatives Management commitment is the main success factor Management summary (2/3) 5 A collapse of the eurozone is feared especially by survey participants from and, with 57% and 53%, respectively, citing this concern (European average: 29%). Whereas 54% think a possible Greek exit from the eurozone makes sense, 61% also consider this likely. Around one third of companies in Europe and have already taken or planned steps to prepare 6 Across Europe, the most important restructuring actions in 2012 are cost-cutting or efficiencyboosting programs (74%). While the countries of are focusing on costs in view of the crisis, NWE and CEE are also putting more effort into growth actions in parallel 7 Stronger risk management is seen as relevant by 55% of companies though, compared with growth and cost issues, Europe continues to underestimate its importance, unlike, and ought to attach greater significance to this aspect commodity price risks and currency risks are viewed as equally important for the first time this year, being cited by 60% of respondents each 8 Management commitment (93%) remains the main success factor and is seen as even more important this year rapid implementation (75%) of actions is now considered much more important than it was in previous years and even ranks top in

10 10 B. SUMMARY IN BRIEF More than 70% of European companies see the risk of a renewed credit crunch or liquidity crisis as high Internal sources of financing and restructuring actions are what companies focus on Management summary (3/3) In spite of the sovereign debt crisis, 8% of those surveyed in NWE and rate their liquidity situation as critical or very critical however, the liquidity situation is very difficult in as a result of the crisis (25-41% said it was critical or very critical). The risk of a renewed credit crunch or even a liquidity crisis is seen as high by 71% of European companies Particularly as a consequence of the deterioration in the business environment (esp. due to the European sovereign debt crisis and the new capital adequacy guidelines in the wake of Basel III) and the lack of ability to fulfill covenants, around 49% and 29% of companies, respectively, anticipate a negative impact on their financing in 2012 They mostly fear the non-approval of new or existing credit lines (28% each) As last year, internal financing power is therefore the key source of financing for almost all European companies (87%). However, this potential is underrated in, where companies are focusing more on bank loans (72%) in the sovereign debt crisis this makes the implementation of restructuring actions (especially with respect to working capital) of crucial importance 12 Traditional bank financing continues to be the most important source of debt financing Only 7% view SME bonds as relevant (9% in NWE), whereas 16% would consider a traditional bond

11 C. Key results

12 12 Major fall in GDP growth in Europe in late 2011/early 2012 However, the ifo Business Climate Index is again moving in a positive direction in H following a decline in 2011 Current economic climate GDP growth in Europe [%] 1) Q4 /10 Q1/11 Q4/11 Q1/12 Late 2010 and early 2011 still saw sound growth of 1.9% and 2.5% quarter on quarter At the end of 2011 there was already a major reduction in growth, down to 0.7% quarter on quarter and GDP even fell by -0.1% in the 1st quarter of 2012 For 2012 as a whole, the European participants in this year's study also anticipate GDP growth of just 0.1% ifo Business Climate Index 100 [2005 = 100] % The mood throughout the global economy is now lifting following the sharp fall in H recovery began in Q in spite of the sovereign debt crisis % The ifo Business Climate Index measures the current business situation and the expectations for the next 6 months It serves as an early indicator of the business trend and shows industry's expectations for the future Source: EIU; ifo; Roland Berger

13 Europe expects the economy to stagnate overall in 2012 and grow 0.6% in 2013, with sentiment for 2012 being more positive in NWE (0.7%) than in (-1.8%) and CEE (-0.2%) 's growth to be 1.3% in 2012 On average, the European regions in the survey anticipate economic growth (GDP) of just 0.1% in 2012 and 0.6% in 2013 NWE is moderately optimistic, expecting 0.8% growth CEE expects economic development of -0.2% a slight decrease The outlook for the future is much more pessimistic in, on the other hand Southern European countries expect GDP to be down -1.8% in 2012 and still down -0.6% in 2013 By comparison, ese expectations are much more optimistic, at 1.3% economic growth in 2012 the 0.9% growth expected in 2013 is on a par with NWE Growth expectations in the various regions in 2012 and 2013 [%, GDP] 1) 0.1% European average NWE CEE 0.6% European average NWE CEE 1) Weighted average growth per region

14 14 62% of the companies surveyed in Europe can see the threat of a recession in their country They think it will happen in Q ( considers itself to be in recession since Q1) 62% of the companies in Europe perceive the threat of recession in their country all of the companies surveyed in see a recession as unavoidable In NWE just half of companies believe there is a risk of recession, 77% think this in CEE and 92% in Threat and time of a recession [%] Do you think your country is facing the threat of recession? NWE CEE Europe 49% 92% 77% 62% 100% Those companies in that consider a recession to be likely believe they are already in recession and have been since Q for those in CEE it is beginning right now and in NWE it is not expected until the end of 2012 Most respondents across Europe anticipate a recession for Q expects it to happen in late 2012 Response "Yes" If so, when might this start to happen? Avg. across Europe 1) : Q Q1 15 Q Q3 Q Avg. by region 1) : CEE NWE 1) Weighted average for Europe or the region

15 15 European and ese companies see the main risk in declining demand among private households Europe expects a profitability collapse due to stagnating or declining prices The current situation is expected to worsen in an economic downturn particularly in terms of declining demand among private households (64% on average across Europe) and in terms of a profitability collapse due to stagnating or declining prices (60% on average across Europe) Areas where the current situation will worsen due to an economic downturn [avg. of responses] 1) Declining demand among private households Profitability collapse due to stagnating or declining prices NWE CEE Euro. avg Declining intra-european exports (71%) is seen as the main risk in NWE companies in fear rising unemployment (87%) and more restrictive lending (87%) the most ese companies have noticed a major deterioration of the situation in terms of declining demand among private households (82%) and in the fact that surplus capacity arises in the market (production) (71%) Rising unemployment Declining intra-european exports More restrictive lending (credit crunch) Surplus capacity arises in the market (production) Growing capital tie-up due to lower inventory turnover Declining extra-european exports ) Multiple responses possible; % of "very strong" and "strong"

16 BACKUP 16 The focus of corporate growth for European companies in 2012 is on Western Europe (43%), followed by Central/Eastern Europe (43%) and Asia (37%) plans growth in Asia and Central/Eastern Europe The European companies in the survey plan to grow mainly in Western Europe (43%) as many as 58% of companies in NWE plan growth in Western Europe, as against just 20% of those located in South Western Europe Companies from plan to grow more in Asia (48%) and Central/ South America (46%) in 2012 Half of the companies from CEE plan growth in their own region in 2012 the focus for lies on Asia (69%) and Central/Eastern Europe (47%) Planned growth by region in 2012 [% of responses] 1) North America (24%) NWE 29% CEE 7% 18% 35% NWE 29% CEE 8% Western Europe (43%) NWE 58% 20% CEE 19% 46% 41% 12% Central/South America (26%) Central/Eastern Europe (42%) NWE 40% 33% CEE 50% Middle East (19%) NWE 21% CEE 10% 32% 47% 41% NWE 46% CEE 14% Asia (37%) 48% 69% 1) Multiple responses possible Country (x%) = weighted average European response

17 BACKUP 17 Lack of qualified staff is the greatest obstacle to future growth for 54% of the European companies surveyed, followed by lack of willingness to take risks (43%) 54% of companies see a continued high to very high risk that a lack of qualified staff could hamper growth Compared with last year, lack of qualified staff and lack of management/shareholder willingness to take risks are rated as less relevant all other threats are seen as more important In particular, the insufficient financing options constitute a greater hindrance to growth compared with 2011 (+5 percentage points) Possible threats or obstacles to future growth [% of responses] 1) European average 2) 59 54% 43% 42% 37% 12% Lack of qualified staff Lack of management/ shareholder willingness to take risks Inadequate financing options Increased protectionism/ trade restrictions (e.g. import duties) Excessive management/share holder willingness to take risks NWE CEE 1) Multiple responses possible; % of "very high risk" and "high risk" responses 2) Weighted average European response

18 18 57% of European companies consider themselves (much) better equipped than their competitors for an economic slowdown or a new crisis in 2012 In 2011, 58% of companies surveyed stated that the economic crisis of 2008/09 had even been a great help to them in increasing their competitiveness long term on the back of restructuring In the event of an economic slowdown or an emerging liquidity/ currency crisis, 57% of the companies think they are currently well or very well positioned last year around 64% of those surveyed stated that their companies were currently very competitive On the other hand, 10% of the companies in Europe think they are poorly or very poorly prepared for an economic slowdown and in, 24% of the companies surveyed believe they are not prepared for a new crisis Company competitiveness [% of responses] 1) How well is your company equipped for a possible economic slowdown or renewed liquidity/currency crisis compared with competitors? Very well 62 NWE CEE European avg. 2) Very poorly ) % of "very well" and "well" or "poorly" and "very poorly" responses 2) Weighted average European response

19 19 The sovereign debt crisis is expected to impact companies much less than the economy as a whole 84% believe that it has yet to reach its peak (late 2012/early 2013) Impact and peak of the sovereign debt crisis [% of responses] How much did the discussion about the European sovereign debt crisis impact the economy in your country or your company? 1) When do you think the peak of the European sovereign debt crisis was reached or when do you think it will be reached? Avg. across Europe 1) : Q4 2012/Q Avg. by region 2) : NWE CEE Europe Your country 4 Q Your company 5 Q1 8 Q CEE NWE Q3 Q4 Q1 84% Q Q3 Q4 > 2013 IMPACT of the crisis 61% of those surveyed in Europe see a strong negative impact of the sovereign debt crisis on the economy in their own country the impact on their own company is lower (34%) companies, in particular, rate the negative impact on the economy in their own country as very high or high more than 50% also see the negative impact on their own company as very strong or strong PEAK of the crisis Most companies across Europe think the sovereign debt crisis will peak in late 2012 or early 2013 does not expect it to peak until mid ) % of "very strong" and "strong" responses 2) Weighted average for Europe or the region

20 20 29% of European companies think the euro will collapse (: 57%; : 53%) 54% think a possible Greek exit makes sense and 61% deem it likely Assessment of the survival of the euro [% of responses] Do you fear a collapse of the euro? NWE CEE Europe Yes No Not sure How do you feel about a possible Greek exit from the euro? Makes sense Likely As a consequence: collapse of the eurozone NWE CEE Europe While 46% of those surveyed in Europe are certain that there will be no collapse of the euro, 25% are not sure however, the majority in believe it will indeed collapse ( is also pessimistic, with 53% of companies holding this view) On average across Europe, 54% consider a (voluntary) Greek exit from the eurozone to make sense (especially CEE, where 69% hold this view) 61% also think it likely, at least in the medium to long term (especially, where the figure is 76%) Less than one third of the companies deem a collapse of the eurozone to be a likely consequence of a Greek exit

21 Yes 21 35% of the companies in Europe have already taken or planned steps for the collapse of the eurozone Their focus was primarily on establishing contractual safeguards with respect to customers/suppliers (26%) Arrangements for a possible collapse of the euro [% of responses] Have you taken/planned steps to prepare for the possible collapse of the eurozone? On average across Europe, 35% of companies surveyed have already taken or planned steps to prepare the level of preparedness in CEE is thus below average, at 26% of companies Areas in which steps were taken or planned 1) NWE CEE Europa NWE CEE Europe Where steps have been taken, these have predominantly involved establishing contractual safeguards with respect to customers/suppliers (26%) and generally reducing own business activity in affected countries (24%) Establishing contractual safeguards with respect to customers/suppliers Generally reducing own business activity or presence in potentially affected countries Unlike the majority of European countries, is placing greater focus on examining favorable acquisition opportunities (38%) Examining/scaling back cooperation with companies that operate in potentially affected countries Examining favorable acquisition opportunities 1) Multiple responses possible

22 BACKUP 22 Financial services (83% on average) were hardest hit by the sovereign debt crisis, followed by the construction trade (68%) and the automotive and supplier industry (52%) Industries affected by the sovereign debt crisis to date [avg. of responses] 1) How strongly do you think the sovereign debt crisis has affected the various industries in Germany? Clear vote: 83% of those surveyed think the negative impact of the sovereign debt crisis is "strong" to "very strong" on the financial services sector 83% % Financial services Construction 45% 44% 40% Consumer goods, electronics, textiles Trading/retail % Automotive and suppliers Engineered products The construction trade (68%) and the automotive and supplier industry (52%) were also strongly affected Companies in view the financial services sector (95%), construction (95%) and automotive (suppliers) (82%) as particularly badly affected by the sovereign debt crisis respondents in NWE think it mainly affected the financial services sector (89%) As far as is concerned, the automotive and supplier industry (76%) has been hardest hit by the sovereign debt crisis to date NWE CEE 1) "strong" and "very strong" responses

23 23 The focus in South Western Europe lies on costs North Western Europe and Central/Eastern Europe have a dual focus on growth and sales Focus of actions in 2012 [% of responses] 1) In which areas do you intend to take action in 2012? A Cost-cutting or efficiencyboosting program NWE CEE Euro. avg North Western Europe's focus: Promoting growth (73%) while also cutting costs and boosting efficiency(71%) South Western Europe's focus: Mainly costs (cost cutting 90% and cost flexibility 85%) growth actions rank behind stronger liquidity and risk management B C D Growth/sales initiatives Cost flexibility program (cutting fixed costs) Stronger liquidity management 's focus: Strategy/business model are more important; esp. cost-cutting actions (76%) Except in (65%), only around half of the companies are planning to enter into any general discussions concerning their strategy/business model F G Stronger risk management Strategy/adjusting the business model The issue of risk management continues to be underestimated compared with growth and cost issues 1) Multiple responses possible

24 24 Minimizing commodity price risks is less important to companies in South Western Europe than to those in Europe's North West is very conscious of commodity risks Relevance of/minimizing commodity risks [% of responses] 1) COMMODITY PRICE RISKS: Relevance European average Actions: IMPORTANCE Passing the commodity price risks on to the customer Hedging R&D or substitutes (commodities) Actions: FEASIBILITY % 51% 53% The relevance of commodity price risks is much higher in (82%) than in Europe (60%) Passing the risks on to the customer is the most important measure (68% in Europe) however, only 36% consider this to be feasible The feasibility of actions to minimize risks is seen as much lower in South Western Europe (e.g. 22% hedging) than in North Western Europe (e.g. 44%) High Medium Low Passing the commodity price risks on to the customer Hedging R&D or substitutes (commodities) % 38% 38% 1) Multiple responses possible x% Weighted average European response NWE CEE

25 25 Companies in NWE and CEE focus the most on actions to minimize currency risks Hedging is fairly easy to do in North Western Europe (67%) due to the availability of suitable instruments Relevance of/minimizing currency risks [% of responses] 1) CURRENCY RISKS: Relevance European average Actions: IMPORTANCE Passing the currency risks on to the customer Hedging "Natural hedging": More purchasing in own currency % 55% 56% There is a noticeably higher awareness of currency risks in (76%) than in Europe (60%) In Europe, hedging against currency risk is seen as much more feasible (59%) than using hedging to minimize commodity price risks (38%) Actions: FEASIBILITY High Medium Low Passing the currency risks on to the customer Hedging "Natural hedging": More purchasing in own currency % 59% 49% 1) Multiple responses possible x% Weighted average European response NWE CEE

26 BACKUP 26 Management commitment remains the main success factor Rapid implementation is becoming much more important than in past years and even tops the list of factors in Management commitment (93% Europe; 94% ) remains the most significant factor in restructuring change will only be successful if change is truly lived by the management themselves Rapid implementation (74% Europe; 100% ) is gaining rapidly in importance in a volatile market environment Communication of goals/ progress (75% Europe; 88% ) is of greater importance in Eastern and Asian cultures Intensive project monitoring (Europe 72%; 65%) is relevant in CEE in particular Main success factors for implementation [% of responses] 1) What do you think were/are the key success factors within the measures? European average 2) 93% 75% 75% 72% 62% 22% A comprehensive concept (62% Europe; 65% ) is less important than in past years Management commitment Rapid implementation Communication of goals/progress Intensive project monitoring Comprehensive concept Use of a CRO NWE CEE 1) Multiple responses possible 2) Weighted average European "very important" and "important" responses

27 27 Differing views of the liquidity situation While over the last three years just 8% in NWE/ see their liquidity situation as critical or very critical, the figure in South Western Europe is 25-40% Differing views of companies' own liquidity situation: Estimate of the liquidity situation [% of responses] Further improvement in North Western Europe in spite of the sovereign debt crisis this year's 5% represents an improvement over last year's 7-8% (Western Europe) % The sovereign debt crisis is having an extremely negative effect on the liquidity situation of companies in South Western Europe: Over the last three years 25-40% of those surveyed rated it as critical or very critical % % NWE CEE Very critical Critical x% Weighted average "very critical" and "critical" responses

28 28 The fear of a credit crunch is particularly high in South Western Europe The sovereign debt crisis is seen as a bigger cause than the outcome of the bank stress tests/new capital adequacy guidelines In South Western Europe the vast majority of the companies agree that either the continued sovereign debt crisis (89%) or the outcome of the bank stress tests/new capital adequacy guidelines (70%) will lead to a renewed credit crunch or liquidity squeeze Outside of Europe, about half of the ese companies still expect a credit crunch or liquidity crisis to happen Risk of a renewed credit crunch or liquidity crisis [% of responses] Due to European sovereign debt crisis NWE CEE Due to bank stress tests/ new capital adequacy guidelines NWE CEE Europe Europe High Medium Low

29 29 Around 30% of European companies expect to have new credit line applications turned down and existing lines reduced in 2012 (especially in, where the figure is 62%, and, at 24%) Around 30% of the companies in Europe fear a deterioration in financing conditions in 2012 in the form of new or existing credit lines not being approved Especially companies in see a danger of new credit lines not being approved (67%) NWE (23%) and CEE (32%) anticipate a deterioration in financing conditions caused by a lack of shareholder funds Financing 2012: Negative developments [% of responses] 1) NWE CEE Euro. avg. 22 A Non-approval of new credit lines 48 28% 12% 31 Reduction of existing credit B 20 lines 62 28% 24% 29 C Lack of shareholder funds 12% Limit reductions in trade credit insurance % Lack of interest on the part of F external investors (e.g. hedge funds) % 6% D 12% Lack of demand for issuing a G bond % 18% 26 H Illiquidity of the mezzanine market 11% 7% 26% 1) Multiple responses possible; % of "very important" and "important" responses

30 30 Half of the European companies believe the negative development of financing conditions to have been caused by a deterioration in the business environment (: 29%) Around half of the companies surveyed in Europe put the deterioration in their financing conditions down to a general deterioration of the business environment in NWE 48% of companies, in 57% and in CEE 47% 29% of respondents in Europe consider a lack of ability to fulfill financial covenants as the reason behind the negative development (especially in NEW, where 33% of companies believe this to be relevant) Financing 2012: Causes of negative development [% of responses] 1) Deteriorated business A environment 47 49% 29% Breach or lack of ability to fulfill financial covenants NWE CEE NWE B 20 29% 18% 33 Difficulties in satisfying stricter C reporting/information obligations % 18% 22 D Lack of ability to provide required collateral 18% 12% CEE 23 Euro. avg. Lack of ability to satisfy F repayments 17 11% 5 12% 25 No possibility of additional availability fees G 10% 12% 1) Multiple responses possible; % of "very important" and "important" responses 7 H Lack of ability to service interest charges 3 9% 12% 20 11

31 31 87% of the companies in Europe (82% in ) consider internal financing power the most important form of financing The great importance of bank loans in is surprising given the debt crisis Compared with external financing sources, almost all companies (87%) attributed the greatest importance to internal financing power this year, too (last year: 81%) Importance of different forms of financing [% of responses] 1) NWE CEE Euro. avg. Traditional bank loans (51%) are still the dominant form of debt financing, as last year (56%) capital increases through existing (41%) or new investors (29%) are less relevant, though they have grown in importance since last year (when the figures were 31% and 19%, respectively) By comparison, issuing bonds on the capital market (24%) and especially mezzanine financing (11%) remain barely relevant at all Internal financing power Bank loans Capital increase through existing investors Capital increase through new investors Bonds Mezzanine ) Multiple responses possible; % of "very important" and "important" responses

32 32 Working capital actions like improved debt collection (64%, 53%) and inventory optimization (62%, 82%) are the most important internal financing forms in Europe, Liquidity potential from working capital underrated in Among the internal forms of financing, working capital actions continue to come out top companies will mostly implement these through improved debt collection (64%), sustainable reduction of inventory assets (62%) and optimization of payment terms (accounts payable/receivable) focuses on inventory optimization (82%) The sale of non-operating assets is fourth, with 31% of responses Asset-based financing forms such as fixed asset leasing and sale & lease back programs are seen as less important, with 21% and 20%, respectively Importance of internal financing forms [% of responses] 1) Improved debt collection Inventory optimization Payment terms optimization (accts. payable/receivable) Sale of non-operating assets Use of factoring or ABS Fixed asset leasing NWE CEE Euro. avg Sale & lease back ) Multiple responses possible; % of "very important" and "important" responses Working capital actions

33 33 Traditional bank financing is still the most important form of debt financing 41% in plan on expanding their existing credit lines Planned changes in debt financing will be realized in 2012 primarily by extending existing credit lines (49%) or by applying for new credit lines (37%) followed by expanding existing lines (33%) Planned changes in debt financing in 2012 [% of responses] 1) NWE CEE A Extending existing credit lines Euro. avg Before resorting to capital market instruments or taking on external investors, companies foresee refinancing through shareholder loans (27%) B C Applying for new credit lines Expanding existing credit lines Only 16% of the European companies would consider issuing a traditional bond on the capital market, and just 7% would consider issuing an SME bond (e.g. in the "bond M" segment) D F Taking on a shareholder loan Taking on an external investor G Issuing a traditional bond on the capital market H Issuing an SME bond ) Multiple responses possible; % of "very important" and "important" responses Traditional bank financing

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