Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about the your country's economy on a scale from 0-100, with 0 being the least optimistic and
100 being the most optimistic.	2
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3. How much risk to your company’s financial performance do you expect the following factors to pose over the next 12 months?	5
3. How much risk to your company’s financial performance do you expect the following factors to pose over the next 12
months? - Other specified	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
(e.g., +3%, -2%, etc.) [Leave blank if not applicable]	8
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Revenue Weighted - Sorted]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Employee Weighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue Weighted]	12
5. What are the most important qualities your board of directors is looking for in its next director? (pick three)	13
6a. Does your firm have specific goals or guidelines for the mix of men/women/minorities on the board?	15
6a. What is the target composition of your board for:	16
6a. What is the current composition of your board for:	17
6a. For companies that have composition goals or guidelines, what is the actual composition compared to the target composition?	18
6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)	19
6b. What challenges has your company faced in adding women to the board of directors? - Other specified	20
6c. To your understanding, what are the primary reasons that your firm selected its most recent woman (or women) to sit on the board?	21
6c. To your understanding, what are the primary reasons that your firm would like to appoint a woman to the board?	22
7a. To the best of your knowledge, approximately what percentage of your company's employees are “Millennials” (under
the age of 35)? (Mean is estimated from category midpoints)	23
7b. What are the primary advantages of employing Millennials under age 35?	24
7b. What are the primary advantages of employing Millennials under age 35? - Other specified	25
7c. What are the primary challenges related to employing Millennials (under age 35)?	26
7c. What are the primary challenges related to employing Millennials (under age 35)? - Other specified	27
7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?	28
7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)? - Other specified	29
Return on assets (ROA=operating earnings/assets)	30
Manufacturing capacity utilized	31
Manufacturing capacity utilized (Revenue Weighted)	32
Industry	33
Industry (Other specified)	34
Sales Revenue	35
Weighted Sales Revenue (Millions)	36
Number of Employees	37
Weighted Number of Employees	38
Where are you personally located?	39
If your company headquarters is in another country, please indicate which country.	41
Ownership	42
Foreign Sales	43
In what region of the world are most of your foreign sales?	44
What is your company's credit rating? 	45
Your job title (e.g., CFO, Asst. Treasurer, etc):	48

 1 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

1. Are you more or less optimistic about your country's economy compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	12	22.2 %	± 11.5 %
	0=No change	9	16.7 %	± 10.3 %
	-1=Less optimistic	33	61.1 %	± 13.4 %
	Total	54	100.0 %

	Mean = -0.4
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

1b. Rate your optimism about the your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 10

	Maximum = 85

	Mean = 52.7

	Median = 50

	Standard Deviation (Unbiased Estimate) = 17.0

	95 Percent Confidence Interval Around The Mean = 47.8 - 57.6

4 Groups

	 1 = 40
	 2 = 50
	 3 = 60

Valid Cases =47
Missing Cases =7
Response Percent = 87.0%

3 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	26	48.1 %	± 13.8 %
	0=No change	15	27.8 %	± 12.4 %
	-1=Less optimistic	13	24.1 %	± 11.8 %
	Total	54	100.0 %

	Mean = 0.2
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 10

	Maximum = 100

	Mean = 69.7

	Median = 77.5

	Standard Deviation (Unbiased Estimate) = 18.9

	95 Percent Confidence Interval Around The Mean = 64.2 - 75.2

4 Groups

	 1 = 50
	 2 = 75
	 3 = 80

Valid Cases =46
Missing Cases =8
Response Percent = 85.2%

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

3. How much risk to your company’s financial performance do you expect the following factors to pose over the next 12 months? 

(N=54)

		Little or no risk	Moderate risk	Significant risk
		to financial	to financial	to financial
	Mean & SD	performance	performance	performance
	  	1	2	3	
	3.00	0	0	1
Other:	0.00	0.00%	0.00%	1.85%

	2.30	5	27	21
Economic uncertainty	0.64	9.26%	50.00%	38.89%

	2.28	7	25	22
Government policies	0.68	12.96%	46.30%	40.74%

	2.26	13	13	27
Currency risk	0.84	24.07%	24.07%	50.00%

	2.26	6	28	20
Rising wages and salaries	0.65	11.11%	51.85%	37.04%

	2.22	13	16	25
Reliability and cost of electricity	0.82	24.07%	29.63%	46.30%

Difficulty attracting/retaining qualified	2.13	12	22	19
employees	0.76	22.22%	40.74%	35.19%

	2.13	9	29	16
Regulatory requirements	0.67	16.67%	53.70%	29.63%

	2.13	14	19	21
Rising input or commodity costs	0.80	25.93%	35.19%	38.89%

Imbalance between transformation and	2.06	11	28	14
service delivery imperatives	0.69	20.37%	51.85%	25.93%

	2.00	14	25	14
Volatility of political situation	0.73	25.93%	46.30%	25.93%

	1.98	17	21	16
Employee morale	0.79	31.48%	38.89%	29.63%

	1.96	17	22	15
Employee productivity	0.78	31.48%	40.74%	27.78%

	1.96	15	25	13
Unrest in the general population	0.73	27.78%	46.30%	24.07%

	1.94	17	23	14
Violent crime	0.76	31.48%	42.59%	25.93%

	1.93	15	28	11
Inflation	0.70	27.78%	51.85%	20.37%

	1.85	19	23	11
Cost of borrowing	0.74	35.19%	42.59%	20.37%

	1.83	22	18	13
Weak demand for your products/services	0.80	40.74%	33.33%	24.07%

6 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

3. How much risk to your company’s financial performance do you expect the following factors to pose over the next 12 months? 

		Little or no risk	Moderate risk	Significant risk
		to financial	to financial	to financial
	Mean & SD	performance	performance	performance
	  	1	2	3	
	1.79	20	23	9
Corruption and white collar crime	0.72	37.04%	42.59%	16.67%

	1.75	23	20	10
Access to capital	0.76	42.59%	37.04%	18.52%

	1.72	17	34	2
Cost of benefits	0.53	31.48%	62.96%	3.70%

	1.68	26	18	9
Geopolitical / Health Crises	0.75	48.15%	33.33%	16.67%

	1.65	23	23	5
Property rights	0.66	42.59%	42.59%	9.26%

	1.57	27	22	4
Data security	0.64	50.00%	40.74%	7.41%

	1.55	29	19	5
Corporate tax code (domestic)	0.67	53.70%	35.19%	9.26%

	1.45	30	13	4
Deflation	0.65	55.56%	24.07%	7.41%

Government policies encouraging cross-	1.82	17	26	8
border business operations	0.68	31.48%	48.15%	14.81%

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

3. How much risk to your company’s financial performance do you expect the following factors to pose over the next 12 months? - Other specified

Retail/Wholesale	skill levels	
Service/Consulting	SA Credit Ratings	

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	29.11	59.44	10.69 - 47.53	15	-25	300	40

Capital spending	22.48	73.77	-0.39 - 45.34	7	-60	400	44

Dividends	20.38	36.79	0.38 - 40.39	5	-6	100	13

Revenue	19.02	60.34	1.95 - 36.09	10	-99	400	40

Technology spending	13.50	37.57	-0.42 - 27.42	5.50	-10	200	26

Wages/Salaries	12.09	33.34	2.45 - 21.72	8	-98	200	32

Cash on the balance sheet	10.95	39.77	-0.80 - 22.70	7.50	-60	200	40

Health care costs	7.65	5.59	5.51 - 9.80	10	0	20	32

Marketing/advertising spending	7.38	8.55	4.41 - 10.34	5	-5	30	24

Prices of your products	6.20	5.09	4.66 - 7.74	6	-10	25	42

Number of domestic full-time employees	6.05	30.05	-3.26 - 15.36	2	-99	100	35

Research and development spending	5.96	7.20	3.08 - 8.84	5	-5	20	24

Productivity (output per hour worked)	4.91	9.55	1.75 - 8.08	5	-10	50	48

Number of offshore outsourced employees	4.79	14.93	-1.18 - 10.76	0	-25	50	18

Share repurchases	1.11	3.56	-0.53 - 2.76	0	0	15	28

Number of domestic temporary employees	0.92	23.08	-7.07 - 8.92	0	-75	50	46

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]

(N=54)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.9	44	1	1
Wages/Salaries	0.3	95.7%	2.2%	2.2%

	0.8	37	3	2
Prices of your products	0.5	88.1%	7.1%	4.8%

	0.8	42	2	4
Revenue	0.6	87.5%	4.2%	8.3%

	0.8	35	2	4
Earnings	0.6	85.4%	4.9%	9.8%

	0.7	20	6	1
Health care costs	0.5	74.1%	22.2%	3.7%

	0.6	22	9	2
Marketing/advertising spending	0.6	66.7%	27.3%	6.1%

	0.6	18	8	2
Technology spending	0.6	64.3%	28.6%	7.1%

	0.5	30	3	8
Capital spending	0.8	73.2%	7.3%	19.5%

	0.5	22	9	4
Productivity (output per hour worked)	0.7	62.9%	25.7%	11.4%

	0.5	15	7	3
Research and development spending	0.7	60.0%	28.0%	12.0%

	0.5	7	5	1
Dividends	0.7	53.8%	38.5%	7.7%

	0.4	29	5	10
Cash on the balance sheet	0.8	65.9%	11.4%	22.7%

	0.3	22	6	12
Number of domestic full-time employees	0.9	55.0%	15.0%	30.0%

Number of domestic temporary	0.2	14	11	8
employees	0.8	42.4%	33.3%	24.2%

Number of offshore outsourced	0.2	6	16	2
employees	0.6	25.0%	66.7%	8.3%

	0.1	3	15	2
Share repurchases	0.5	15.0%	75.0%	10.0%

10 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Dividends	16.00	31.70	11.60 - 20.40	5	-6	92.50

Earnings	12.34	20.97	9.72 - 14.95	10	-25	147.60

Technology spending	7.50	7.43	6.52 - 8.47	5	-10	20

Revenue	7.49	12.73	5.99 - 8.98	10	-99	50

Prices of your products	5.06	5.41	4.40 - 5.71	6	-3.77	16.18

Research and development spending	3.14	5.36	2.34 - 3.95	4	-5	20

Marketing/advertising spending	2.79	5.90	2.01 - 3.56	0	-5	20

Capital spending	2.78	36.05	-1.60 - 7.16	0	-60	167.10

Share repurchases	2.48	5.33	1.67 - 3.29	0	0	15

Cash on the balance sheet	-1.51	22.40	-4.15 - 1.13	0	-50	88.90

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum

Wages/Salaries	7.24	6.57	6.49 - 8.00	7	-53.30	40

Health care costs	6.02	5.01	5.37 - 6.66	7	0	20

Number of domestic full-time employees	5.07	15.36	3.27 - 6.87	2	-52.80	64.94

Number of offshore outsourced employees	2.79	9.76	1.46 - 4.11	0	-24.50	34.05

Productivity (output per hour worked)	2.00	5.04	1.36 - 2.64	2	-5	23.63

Number of domestic temporary employees	-3.45	16.61	-5.46 - -1.45	0	-58.40	50

12 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Dividends	18.51	33.41	13.52 - 23.51	6	-6	92.50

Earnings	9.06	12.23	7.08 - 11.04	10	-25	20

Share repurchases	5.23	6.86	3.70 - 6.77	2	0	15

Revenue	4.24	10.42	2.57 - 5.91	6	-30	13

Cash on the balance sheet	-5.02	27.79	-9.50 - -0.54	0	-50	88.90

13 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

5. What are the most important qualities your board of directors is looking for in its next director? (pick three)

	 	Number	Percent	95% CI
	Experience in our industry	34	63.0 %	± 13.3 %
	Outside-the-box thinker	28	51.9 %	± 13.8 %
	Specific skills (e.g., engineering, accounting)	24	44.4 %	± 13.7 %
	Diversity (gender, race, etc.)	21	38.9 %	± 13.4 %
	People skills (e.g., consensus builder)	17	31.5 %	± 12.8 %
	Experience running a large organization	12	22.2 %	± 11.5 %
	Specific professional degree	7	13.0 %	± 9.3 %
	C-level experience as a manager at a top company	5	9.3 %	± 8.0 %
	Other	0	0.0 %	± 0.0 %
	Don't know	2	3.7 %	± 5.2 %
	Total	150

	Number of Cases = 54
	Number of Responses = 150
	Average Number Of Responses Per Case = 2.8
	Number Of Cases With At Least One Response = 54
	Response Percent = 100.0 %

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

5. What are the most important qualities your board of directors is looking for in its next director? - Other specified

--- No Response ---

15 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

6a. Does your firm have specific goals or guidelines for the mix of men/women/minorities on the board?

	 	Number	Percent	95% CI
	Yes	16	29.6 %	± 12.6 %
	No	36	66.7 %	± 13.0 %
	Don't know	2	3.7 %	± 5.2 %
	Total	54	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

6a. What is the target composition of your board for: 

	Mean	SD	Median	Total

Men, minimum %	69.8	27.0	65	6

Women, minimum %	37.8	13.0	40	9

Minorities, minimum %	37.3	20.0	38.5	10

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

6a. What is the current composition of your board for: 

	Mean	SD	Median	Total

Men %	84.8	23.7	92.5	40

Women %	16.1	15.4	12.5	26

Minorities %	28.3	25.9	25	26

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

6a. For companies that have composition goals or guidelines, what is the actual composition compared to the target composition?

	Mean	SD	Median	Total

Men - Actual % / Target%	1.5	0.3	1.5	3

Women - Actual % / Target %	0.6	0.4	0.7	6

Minorities - Actual % / Target %	0.8	0.3	0.7	7

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)

	 	Number	Percent	95% CI
	NET: Too few women with certain experiences/skills	25	46.3 %	± 13.8 %
	No particular challenges or obstacles	19	35.2 %	± 13.2 %
	Too few women with desired industry experience	18	33.3 %	± 13.0 %
	Too few women with desired skill set	14	25.9 %	± 12.1 %
	Too few women with desired board experience	6	11.1 %	± 8.7 %
	We need to wait until some current board members retire	6	11.1 %	± 8.7 %
	Too few women with connections to our current board/executives	5	9.3 %	± 8.0 %
	Geographical constraints [too few qualified women located in our
	   geographic area]	3	5.6 %	± 6.3 %
	Too few women with desired C-suite experience	2	3.7 %	± 5.2 %
	Women have declined our invitation to sit on the board	1	1.9 %	± 3.7 %
	Other challenges	4	7.4 %	± 7.2 %
	Don't know	5	9.3 %	± 8.0 %
	Total	108

	Number of Cases = 54
	Number of Responses = 108
	Average Number Of Responses Per Case = 2.0
	Number Of Cases With At Least One Response = 50
	Response Percent = 92.6 %

20 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

6b. What challenges has your company faced in adding women to the board of directors? - Other specified

Healthcare/Pharmaceutical	Elected by members	
Manufacturing	did have female director but she left	
Manufacturing	Foreign owned and foreign board members	
Manufacturing	Japanese holding Company	
Retail/Wholesale	Family Bussiness	

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

6c. To your understanding, what are the primary reasons that your firm selected its most recent woman (or women) to sit on the board?

Healthcare/Pharmaceutical	Diversity and representation of country demographics, whilst having relevant	
	skills/competencies	
Manufacturing	Family of owner	
Manufacturing	From the community where our manufacturing plant is based	
Manufacturing	Knowledge of being on a BoD. Representing Minority Shareholder who is black	
	(although she is a white lady)	
Other	Diversity and Government pressure	
Other	Shareholding structure.	
Service/Consulting	Experience and corporate requirments	
Service/Consulting	Skill set of the incumbent plus excellent people skills	
Tech [Software/Biotech]	Specific skill set	
Transportation/Energy	Racial Representation and specific skills	
Unspecified Industry	Ability to do the job. Industry Experience	
Unspecified Industry	Diversity, Experience as a director on other boards	
Unspecified Industry	Gender diversity	
Unspecified Industry	Skill and experience	

22 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

6c. To your understanding, what are the primary reasons that your firm would like to appoint a woman to the board? 

Banking/Finance/Insurance	bring diversity and balance	
Construction	1) Diversity requirements 2) Pre-requisite for certain government contracts	
Construction	Regulatory requirement and improvement of transformation	
Mining	Required in terms of country BEE standards	

23 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

7a. To the best of your knowledge, approximately what percentage of your company's employees are “Millennials” (under the age of 35)? (Mean is estimated from category midpoints)

	 	Number	Percent	Cumulative
	Less than 10%	2	3.8 %	3.8 %
	10-20%	9	17.0 %	20.8 %
	20-30%	15	28.3 %	49.1 %
	30-40%	11	20.8 %	69.8 %
	40-50%	6	11.3 %	81.1 %
	More than 50%	10	18.9 %	100.0 %
	Total	53	100.0 %	100.0 %

	Mean = 36.3
	SD = 21.2

	Missing Cases = 1
	Response Percent = 98.1 %

24 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

7b. What are the primary advantages of employing Millennials under age 35?

	 	Number	Percent	95% CI
	Technologically savvy	31	57.4 %	± 13.6 %
	More energetic	25	46.3 %	± 13.8 %
	NET: Cost savings	24	44.4 %	± 13.7 %
	Cost savings in terms of salary	23	42.6 %	± 13.6 %
	More creative and innovative employees than older workers	20	37.0 %	± 13.3 %
	More efficient workers	7	13.0 %	± 9.3 %
	Cost savings in terms of health care costs	5	9.3 %	± 8.0 %
	Cost savings in terms of company retirement obligations	2	3.7 %	± 5.2 %
	Reverse mentoring [young employees teaching older employees]	2	3.7 %	± 5.2 %
	Other	2	3.7 %	± 5.2 %
	Millennials offer no particular advantages in our firm	7	13.0 %	± 9.3 %
	Total	148

	Number of Cases = 54
	Number of Responses = 148
	Average Number Of Responses Per Case = 2.7
	Number Of Cases With At Least One Response = 52
	Response Percent = 96.3 %

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

7b. What are the primary advantages of employing Millennials under age 35? - Other specified

Service/Consulting	Scarce skills in more experienced workers	
Construction	Succession planning	

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

7c. What are the primary challenges related to employing Millennials (under age 35)?

	 	Number	Percent	95% CI
	Less loyal to company	34	63.0 %	± 13.3 %
	Require more intense management	24	44.4 %	± 13.7 %
	Attitude of entitlement	24	44.4 %	± 13.7 %
	More interested in their own professional development than in
	   the company	19	35.2 %	± 13.2 %
	Me-first  attitude	9	16.7 %	± 10.3 %
	Demand  change in culture of company	7	13.0 %	± 9.3 %
	Demand change in operations of company	5	9.3 %	± 8.0 %
	Less efficient workers	3	5.6 %	± 6.3 %
	Open company up to more online risk	2	3.7 %	± 5.2 %
	Other:	3	5.6 %	± 6.3 %
	Millennials offer no particular challenges in our firm	4	7.4 %	± 7.2 %
	Total	134

	Number of Cases = 54
	Number of Responses = 134
	Average Number Of Responses Per Case = 2.5
	Number Of Cases With At Least One Response = 54
	Response Percent = 100.0 %

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

7c. What are the primary challenges related to employing Millennials (under age 35)? - Other specified

Manufacturing	lack experience	
Construction	No skills or experience	
Other	Want to improve themselves	

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Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?

	 	Number	Percent	95% CI
	Implemented new training modules	13	24.1 %	± 11.8 %
	Implemented new mentoring programs	11	20.4 %	± 11.1 %
	Redefined work hours to be more flexible	9	16.7 %	± 10.3 %
	Implemented a social responsibility policy for company	6	11.1 %	± 8.7 %
	Redefined company culture	6	11.1 %	± 8.7 %
	Added more  fringe benefits  such as on-site fitness centers	3	5.6 %	± 6.3 %
	Did away with required work hours	2	3.7 %	± 5.2 %
	Allow employees to work from home	2	3.7 %	± 5.2 %
	Reduced hours worked per week	0	0.0 %	± 0.0 %
	Other:	1	1.9 %	± 3.7 %
	We have not made special efforts to attract Millennials	31	57.4 %	± 13.6 %
	Total	84

	Number of Cases = 54
	Number of Responses = 84
	Average Number Of Responses Per Case = 1.6
	Number Of Cases With At Least One Response = 52
	Response Percent = 96.3 %

29 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)? - Other specified

Construction	First need to reduce the older employees	

30 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2013	17.55	21.03	11.47 - 23.63	11.15	-0.20	100	46

% Expected ROA in 2014	18.93	23.98	11.85 - 26.02	10	0	100	44

31 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2014	68.18	16.62	58.36 - 78.01	60	50	100	11

% of capacity utilization planned for the remainder of
2014	72.27	16.64	62.44 - 82.11	70	50	100	11

32 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2014	84.09	10.68	77.78 - 90.40	85	50	100	11

% of capacity utilization planned for the remainder of
2014	85.91	7.35	81.56 - 90.26	85	50	100	11

33 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Industry

	 	Number	Percent	95% CI
	Manufacturing	13	26.0 %	± 11.8 %
	Service/Consulting	6	12.0 %	± 8.7 %
	Retail/Wholesale	5	10.0 %	± 8.0 %
	Banking/Finance/Insurance	5	10.0 %	± 8.0 %
	Mining	3	6.0 %	± 6.3 %
	Communications/Media	3	6.0 %	± 6.3 %
	Construction	3	6.0 %	± 6.3 %
	Transportation/Energy	2	4.0 %	± 5.2 %
	Tech [Software/Biotech]	1	2.0 %	± 3.7 %
	Healthcare/Pharmaceutical	1	2.0 %	± 3.7 %
	Other	8	16.0 %	± 9.8 %
	Total	50	100.0 %

	Missing Cases = 4
	Response Percent = 92.6 %

34 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Industry (Other specified)

Agriculture	
agricultural	
Chemical	
Chemical - Digital ink manuafcture	
Energy -Electricity	
ICT	
Marine services	
Real Estate	

35 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	18	34.0 %	± 13.0 %
	$25-$99 million	15	28.3 %	± 12.4 %
	$100-$499 million	8	15.1 %	± 9.8 %
	$500-$999 million	0	0.0 %	± 0.0 %
	$1-$4.9 billion	9	17.0 %	± 10.3 %
	$5-$9.9 billion	2	3.8 %	± 5.2 %
	More than $10 billion	1	1.9 %	± 3.7 %
	Total	53	100.0 %

	Missing Cases = 1
	Response Percent = 98.1 %

36 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1071.32

	Median = 62

	Variance (Unbiased Estimate) = 4893448.41

	Standard Deviation (Unbiased Estimate) = 2212.11

	Standard Error Of The Mean  = 303.86

	95 Percent Confidence Interval Around The Mean = 475.76 - 1666.88

	99 Percent Confidence Interval Around The Mean = 288.89 - 1853.75

	Skewness = 2.75

	Kolmogorov-Smirnov Statistic For Normality = 3.04

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =53
Missing Cases =1
Response Percent = 98.1%

37 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	10	19.6 %	± 10.7 %
	100-499	20	39.2 %	± 13.3 %
	500-999	3	5.9 %	± 6.3 %
	1,000-2,499	6	11.8 %	± 8.7 %
	2,500-4,999	5	9.8 %	± 8.0 %
	5,000-9,999	1	2.0 %	± 3.7 %
	Over 10,000	6	11.8 %	± 8.7 %
	Total	51	100.0 %

	Missing Cases = 3
	Response Percent = 94.4 %

38 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2313.73

	Median = 300

	Variance (Unbiased Estimate) = 14790107.84

	Standard Deviation (Unbiased Estimate) = 3845.79

	Standard Error Of The Mean  = 538.52

	95 Percent Confidence Interval Around The Mean = 1258.23 - 3369.22

	99 Percent Confidence Interval Around The Mean = 927.04 - 3700.41

	Skewness = 1.89

	Kolmogorov-Smirnov Statistic For Normality = 2.35

Quartiles

	 1 = 300
	 2 = 300
	 3 = 1750

Valid Cases =51
Missing Cases =3
Response Percent = 94.4%

39 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Where are you personally located?

	 	Number	Percent	95% CI
	South Africa	43	84.3 %	± 11.1 %
	Nigeria	5	9.8 %	± 8.0 %
	East Africa	1	2.0 %	± 3.7 %
	West Africa	1	2.0 %	± 3.7 %
	Rest of Africa	1	2.0 %	± 3.7 %
	MENA (North Africa and Middle East)	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Latin America	0	0.0 %	± 0.0 %
	US/Canada	0	0.0 %	± 0.0 %
	Other (please specify)	0	0.0 %	± 0.0 %
	Total	51	100.0 %

	Missing Cases = 3
	Response Percent = 94.4 %

40 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Headquarters Africa (Other Specified)

--- No Response ---

41 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

If your company headquarters is in another country, please indicate which country.

Brazil	
Germany	
Germany	
No	
South Africa	
UK	
USA	

42 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Ownership

	 	Number	Percent	95% CI
	Private	32	62.7 %	± 13.6 %
	Public	17	33.3 %	± 12.8 %
	Government	1	2.0 %	± 3.7 %
	Nonprofit	1	2.0 %	± 3.7 %
	Total	51	100.0 %

	Missing Cases = 3
	Response Percent = 94.4 %

43 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Foreign Sales

	 	Number	Percent	95% CI
	0%	15	28.8 %	± 12.4 %
	1-24%	20	38.5 %	± 13.3 %
	25-50%	8	15.4 %	± 9.8 %
	More than 50%	9	17.3 %	± 10.3 %
	Total	52	100.0 %

	Missing Cases = 2
	Response Percent = 96.3 %

44 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

In what region of the world are most of your foreign sales?

	 	Number	Percent	95% CI
	Africa	13	41.9 %	± 16.3 %
	Europe	11	35.5 %	± 15.6 %
	Asia/Pacific Basin	6	19.4 %	± 12.6 %
	US/Canada	1	3.2 %	± 5.5 %
	Latin America	0	0.0 %	± 0.0 %
	Total	31	100.0 %

	Missing Cases = 6
	Response Percent = 83.8 %

45 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	2	6.7 %	6.7 %
	AA+	3	10.0 %	16.7 %
	AA	5	16.7 %	33.3 %
	AA-	0	0.0 %	33.3 %
	A+	3	10.0 %	43.3 %
	A	2	6.7 %	50.0 %
	A-	1	3.3 %	53.3 %
	BBB+	2	6.7 %	60.0 %
	BBB	0	0.0 %	60.0 %
	BBB-	1	3.3 %	63.3 %
	BB+	2	6.7 %	70.0 %
	BB	4	13.3 %	83.3 %
	BB-	0	0.0 %	83.3 %
	B+	1	3.3 %	86.7 %
	B	1	3.3 %	90.0 %
	B-	1	3.3 %	93.3 %
	CCC	2	6.7 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	30	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

46 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

What is your company's credit rating? 

N=30		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		30		6	24	
		100.0%		20.0%	80.0%	
						
AAA		2		0	2	
		6.7%		0.0%	8.3%	
						
AA+		3		1	2	
		10.0%		16.7%	8.3%	
						
AA		5		2	3	
		16.7%		33.3%	12.5%	
						
AA-		0		0	0	
		0.0%		0.0%	0.0%	
						
A+		3		1	2	
		10.0%		16.7%	8.3%	
						
A		2		0	2	
		6.7%		0.0%	8.3%	
						
A-		1		0	1	
		3.3%		0.0%	4.2%	
						
BBB+		2		0	2	
		6.7%		0.0%	8.3%	
						
BBB		0		0	0	
		0.0%		0.0%	0.0%	
						
BBB-		1		0	1	
		3.3%		0.0%	4.2%	
						
BB+		2		1	1	
		6.7%		16.7%	4.2%	
						
BB		4		1	3	
		13.3%		16.7%	12.5%	
						
BB-		0		0	0	
		0.0%		0.0%	0.0%	
						
B+		1		0	1	
		3.3%		0.0%	4.2%	
						
B		1		0	1	
		3.3%		0.0%	4.2%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

47 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

What is your company's credit rating? 

N=30		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		1		0	1	
		3.3%		0.0%	4.2%	
						
CCC		2		0	2	
		6.7%		0.0%	8.3%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

48 

Duke CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2014

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	CFO	19	38.0 %
	CEO	5	10.0 %
	Financial Director	3	6.0 %
	Group Financial Director	1	2.0 %
	Commercial Director	1	2.0 %
	CAE	1	2.0 %
	Financial services director	1	2.0 %
	Group Finance Manager	1	2.0 %
	Owner	1	2.0 %
	Group Financial Manager	1	2.0 %
	Senior anager	1	2.0 %
	Group FM	1	2.0 %
	COO	1	2.0 %
	Manager: Finance & Accounting	1	2.0 %
	Divisional FM	1	2.0 %
	Financial director	1	2.0 %
	Finance	1	2.0 %
	FD	1	2.0 %
	Managing Director	1	2.0 %
	Head of Finance	1	2.0 %
	Executive Finance	1	2.0 %
	Commercial director	1	2.0 %
	Assistant director	1	2.0 %
	Financial Controller	1	2.0 %
	commercial director	1	2.0 %
	Consultant	1	2.0 %
	Total	50	100.0 %

	Missing Cases = 4
	Response Percent = 92.6 %