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
3a. During the past quarter, which items have been the most pressing concerns for your company's top management
team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top management
team? - Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the
next year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Winsorized]	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
Q5.  What issues and policies most need to be addressed to improve the business climate in your country?	13
Other public concerns about business trust:	14
Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet
sharply higher demand?	15
Other public concerns about business trust:	16
Q7.  In response to recent trade proposals put forth by the US government, should your government/company …	17
Q7.  In response to recent trade proposals put forth by the US government, should your government/company …  (DK
Excluded - Shows average scores)	18
Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government
leadership. To what degree, if any, has a lack of public trust in business and government affected…	19
Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government
leadership. To what degree, if any, has a lack of public trust in business and government affected… (DK Excluded - Shows
average scores)	20
Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?	21
Other public concerns about business trust:	22
Q10.  On a scale of 1 to 10, where do you think African companies are in implementing the UN Sustainable Development
Goals?	23
Q11. What are the barriers or challenges your organization faces in terms of implementing the UN Sustainable
Development Goals?	24
Q12.  Does your organization have effective monitoring and measuring systems to track progress in achieving the UN
Sustainable Development Goals?	26

Return on assets (ROA=operating earnings/assets)  (Winsorized)	27
Manufacturing capacity utilized  (Winsorized)	28
Industry	29
Sales Revenue	31
Statistics - Sales Revenue (Millions)	32
Number of Employees	33
Statistics - Number of Employees	34
Where are you personally located?	35
If your company headquarters is in another country, please indicate which country.	37
Ownership	38
Foreign Sales	39
In what region of the world are most of your foreign sales?	40
What is your company's credit rating? 	41
Your job title (e.g., CFO, Asst. Treasurer, etc):	44
Other job title:	45

 1 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

	 	Number	Percent	95% CI
	1=More optimistic	24	45.3 %	± 13.9 %
	0=No change	8	15.1 %	± 10.0 %
	-1=Less optimistic	21	39.6 %	± 13.6 %
	Total	53	100.0 %

	Mean = 0.1
	SD = 0.9

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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 = 80

	Mean = 48.3

	Median = 50

	Standard Deviation (Unbiased Estimate) = 15.9

	95 Percent Confidence Interval Around The Mean = 43.6 - 53.1

4 Groups

	 1 = 40
	 2 = 50
	 3 = 60

Valid Cases = 43
Missing Cases = 10
Response Percent =  81.1%

3 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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	27	51.9 %	± 13.9 %
	0=No change	14	26.9 %	± 12.3 %
	-1=Less optimistic	11	21.2 %	± 11.3 %
	Total	52	100.0 %

	Mean = 0.3
	SD = 0.8

	Missing Cases = 1
	Response Percent = 98.1 %

4 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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 = 30

	Maximum = 100

	Mean = 64.7

	Median = 67

	Standard Deviation (Unbiased Estimate) = 14.9

	95 Percent Confidence Interval Around The Mean = 60.0 - 69.3

4 Groups

	 1 = 60
	 2 = 67
	 3 = 75

Valid Cases = 40
Missing Cases = 13
Response Percent =  75.5%

5 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

	 	Number	Percent	95% CI
	Economic uncertainty	29	55.8 %	± 14.0 %
	Government policies	26	50.0 %	± 14.1 %
	Currency risk	20	38.5 %	± 13.7 %
	Access to capital	13	25.0 %	± 12.2 %
	Inflation	13	25.0 %	± 12.2 %
	Weak demand for your products/services	11	21.2 %	± 11.5 %
	Volatility of political situation	11	21.2 %	± 11.5 %
	Difficulty attracting / retaining qualified employees	9	17.3 %	± 10.6 %
	Regulatory requirements	8	15.4 %	± 10.2 %
	Employee morale	7	13.5 %	± 9.6 %
	Commodity prices	7	13.5 %	± 9.6 %
	Corruption and white collar crime	7	13.5 %	± 9.6 %
	Unrest in the general population	5	9.6 %	± 8.3 %
	Cost of borrowing	4	7.7 %	± 7.5 %
	Rising wages and salaries	3	5.8 %	± 6.6 %
	Employee productivity	3	5.8 %	± 6.6 %
	Data security	3	5.8 %	± 6.6 %
	Banking Sector weaknesses	3	5.8 %	± 6.6 %
	Government policies encouraging cross-border business
	   operations	3	5.8 %	± 6.6 %
	Imbalance between transformation and service delivery
	   imperatives	3	5.8 %	± 6.6 %
	Reliability and cost of electricity	2	3.8 %	± 5.4 %
	Corporate tax code	2	3.8 %	± 5.4 %
	Property rights	2	3.8 %	± 5.4 %
	Cost of benefits	2	3.8 %	± 5.4 %
	Deflation	1	1.9 %	± 3.9 %
	Violent crime	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Geopolitical / health crises	0	0.0 %	± 0.0 %
	Total	197

	Number of Cases = 52
	Number of Responses = 197
	Average Number Of Responses Per Case = 3.8
	Number Of Cases With At Least One Response = 52
	Response Percent = 100.0 %

6 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team? - Other specified

Other	Unfriendly position of the	
	regulator	
Pub Admin	political absence of	
	government	
Retail/Wholesale	Foreign Exchange	

7 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Agr, Forestry, Fishing	employee dishonesty and hostilities of host communities	
Agr, Forestry, Fishing	None	
Bank/Fin/Insur/Real Est	.	
Bank/Fin/Insur/Real Est	Data security	
Bank/Fin/Insur/Real Est	MONETARY POLICY CHALLENGES AND MANAGING EXCHANGE RATE	
	VOLATILITY	
Bank/Fin/Insur/Real Est	Policy inconsistency of government	
Bank/Fin/Insur/Real Est	Regulation changes	
Bank/Fin/Insur/Real Est	Regulations	
Bank/Fin/Insur/Real Est	The risk of closure	
Communication/Media	Employee morale;Regulatory requirements;Reliability and cost of	
	relectricity;mbalance between trans	
Communication/Media	International competition	
Energy	Emphasis on local company as preference	
Healthcare/Pharmac	Exchange rate	
Healthcare/Pharmac	the involement of none professionals bureucratic bottle necks in the	
	pharmaceutical business.	
Mining/Construction	A continual strengthening of Rand to US$ will reduce SA exports and	
	increase unemployment .	
Mining/Construction	Gaining back lost market share due to internal problems with the	
	implementation of a new ERP system	
Other	Gross incompetence in local authorities and misappropriation of public	
	funds for infrastructure spen	
Pub Admin	total lack of control by government	
Retail/Wholesale	challenges with meeting our tax obligations and improving employee	
	productivity.	
Retail/Wholesale	Higher cost of Materials1	
Retail/Wholesale	Integrity of business partners	
Retail/Wholesale	Lack of USD in West Africa!	
Retail/Wholesale	STIFF AND UNHEALTHY COMPETITION IN THE INDUSTRY	
Services, Consulting	unsettling changes to government and even more looting of the treasury	
Services, Consulting	We believe economy will remain fairly as is.	
Tech [Soft/Hard/Bio]	Continuing changes to BEE codes with resulting increase in costs to do	
	business in SA	
Tech [Soft/Hard/Bio]	Increased competition from competitors and our project	
	implementation pipeline	
Tech [Soft/Hard/Bio]	Longer term effects of Brexit and Donald Trump presidency are a bit of	
	an unknown at this stage.	
Unspecified Industry	Competitiveness	
Unspecified Industry	Non	
Unspecified Industry	Political instability, possible new finance minister, increased taxes	
Unspecified Industry	Presidential issues J Zuma vs finance minister P Gordan	
Unspecified Industry	Transformation	

8 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Revenue	16.1	20.9	9.6 - 22.5	10	-33.4	70.6	40

Earnings	14.2	27.8	4.9 - 23.4	7.8	-50	91.5	35

Capital spending	10.1	33.4	-1.0 - 21.1	5	-70	120	35

Wages/Salaries	7.8	6.5	5.7 - 9.8	6.5	0	35.4	38

Prices of your products	7.7	7.8	5.2 - 10.2	6	-3	31.6	37

Health care costs	4.8	4.5	3.2 - 6.5	5	-3.1	12.8	27

Technology spending	3.9	5.0	2.0 - 5.8	2.5	-5	15	27

Marketing/advertising spending	2.4	6.8	0.1 - 4.7	1	-17.2	20.7	33

Number of domestic full-time employees	2.2	15.9	-3.2 - 7.5	2	-35.3	42.9	34

Research and development spending	0.3	4.2	-1.4 - 2.0	0	-10.3	10.3	24

9 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

(N=53)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	35	3	0	38
Wages/Salaries	0.3	92.1%	7.9%	0.0%	100.0%

	0.8	35	2	3	40
Revenue	0.6	87.5%	5.0%	7.5%	100.0%

	0.8	29	7	1	37
Prices of your products	0.5	78.4%	18.9%	2.7%	100.0%

	0.7	20	6	1	27
Health care costs	0.5	74.1%	22.2%	3.7%	100.0%

	0.7	27	4	4	35
Earnings	0.7	77.1%	11.4%	11.4%	100.0%

	0.6	16	10	1	27
Technology spending	0.6	59.3%	37.0%	3.7%	100.0%

	0.5	25	3	7	35
Capital spending	0.8	71.4%	8.6%	20.0%	100.0%

	0.4	18	10	5	33
Marketing/advertising spending	0.7	54.5%	30.3%	15.2%	100.0%

	0.3	21	1	12	34
Number of domestic full-time employees	1.0	61.8%	2.9%	35.3%	100.0%

	0.1	5	17	2	24
Research and development spending	0.5	20.8%	70.8%	8.3%	100.0%

10 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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	Total

Capital spending	21.0	56.8	0.1 - 41.9	5	-70	120	28

Revenue	11.9	25.4	3.2 - 20.7	9.9	-33.4	70.6	33

Earnings	9.1	32.7	-1.5 - 19.6	5	-50	91.5	37

Technology spending	5.5	5.0	3.3 - 7.6	5	-5	15	21

Prices of your products	4.5	4.6	2.7 - 6.3	4.4	-3	31.6	26

Research and development spending	2.6	3.9	0.9 - 4.4	3.5	-10.3	10.3	19

Marketing/advertising spending	-0.4	8.1	-3.6 - 2.7	0	-17.2	20.7	25

11 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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	Total

Wages/Salaries	7.0	5.1	5.4 - 8.6	6	0	35.4	37

Health care costs	4.9	3.4	3.5 - 6.4	5.5	-3.1	12.8	22

Number of domestic full-time employees	-3.8	10.0	-7.3 - -0.3	-4.7	-35.3	42.9	32

12 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

Revenue	19.5	23.8	9.3 - 29.7	10.2	-2	70.6

Earnings	5.1	9.8	1.0 - 9.2	4.4	-5	91.5

13 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q5.  What issues and policies most need to be addressed to improve the business climate in your country?

	 	Number	Percent	95% CI
	Reduce corruption	35	66.0 %	± 13.2 %
	Improve infrastructure	28	52.8 %	± 13.9 %
	Reduce political instability	26	49.1 %	± 13.9 %
	Reduce business regulations	16	30.2 %	± 12.8 %
	Improve the price inflation/deflation situation	15	28.3 %	± 12.6 %
	Improve public education and training	14	26.4 %	± 12.3 %
	Reduce crime	13	24.5 %	± 12.0 %
	Improve the judiciary / legal system	12	22.6 %	± 11.7 %
	Reduce entitlements	9	17.0 %	± 10.5 %
	Improve the banking system	6	11.3 %	± 8.8 %
	Corporate tax reform	5	9.4 %	± 8.1 %
	Improve conditions for cross-border trade	5	9.4 %	± 8.1 %
	Other	3	5.7 %	± 6.4 %
	Total	187

	Number of Cases = 53
	Number of Responses = 187
	Average Number Of Responses Per Case = 3.5
	Number Of Cases With At Least One Response = 52
	Response Percent = 98.1 %

14 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Other public concerns about business trust:

IN	What issues and policies most need to be addressed to improve the
business climate in your country?  OTHER	
		
Bank/Fin/Insur/Real Est	Improve land tenural policies	
		
Healthcare/Pharmac	Better forex policy	
		
Services, Consulting	increased value of services	

15 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?

(N=53)

	No	Yes	Total	
	12	31	43
Machinery Capacity	27.9%	72.1%	100.0%

	13	35	48
Inventories	27.1%	72.9%	100.0%

	7	36	43
Access to raw materials / suppliers	16.3%	83.7%	100.0%

	15	35	50
Human capital	30.0%	70.0%	100.0%

	1	3	4
Other	25.0%	75.0%	100.0%

16 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Other public concerns about business trust:

IN	Specify other	
		
Bank/Fin/Insur/Real Est	funding	
		
Healthcare/Pharmac	forex	
		
Retail/Wholesale	FOREIGN EXCHANGE	

17 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …

(N=53)

	Retaliate			Cooperate		
	against the	Resist but do	Remain	with the US		
	US proposal	not retaliate	neutral	proposal	Don't Know	Total	
Your
Govern-	3	9	19	9	10	50
ment	6.0%	18.0%	38.0%	18.0%	20.0%	100.0%

Your	2	4	23	10	9	48
Company	4.2%	8.3%	47.9%	20.8%	18.8%	100.0%

18 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …  (DK Excluded - Shows average scores)

(N=53)

		Retaliate			Cooperate	
		against the	Resist but do	Remain	with the US	
	Mean	US proposal	not retaliate	neutral	proposal	Total
	  	1	2	3	4	  	
Your
Govern-	2.8	3	9	19	9	40
ment		7.5%	22.5%	47.5%	22.5%	100.0%

Your	3.1	2	4	23	10	39
Company		5.1%	10.3%	59.0%	25.6%	100.0%

19 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

(N=53)

	Not at all	Very little	Moderately	A great deal	N/A	Total	
	5	14	13	18	2	52
Your company:	9.6%	26.9%	25.0%	34.6%	3.8%	100.0%

Your business	0	8	15	27	1	51
environment:	0.0%	15.7%	29.4%	52.9%	2.0%	100.0%

20 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… (DK Excluded - Shows average scores)

(N=53)

	Mean	Not at all	Very little	Moderately	A great deal	Total
	  	0	1	2	3	  	
	1.9	5	14	13	18	50
Your company:		10.0%	28.0%	26.0%	36.0%	100.0%

Your business	2.4	0	8	15	27	50
environment:		0.0%	16.0%	30.0%	54.0%	100.0%

21 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

(N=53)

		Strongly				Strongly	
	Mean	Disagree	Disagree	Neutral	Agree	Agree	Total
	  	-2	-1	0	1	2	  	
	1.0	0	0	1	0	1	2
Other		0.0%	0.0%	50.0%	0.0%	50.0%	100.0%

We have
emphasized
increased
transparency in our
business dealings	0.9	1	2	10	23	14	50
and reporting		2.0%	4.0%	20.0%	46.0%	28.0%	100.0%

Public perceptions
and trust
considerations
affect my company's	0.8	0	6	10	23	12	51
business decisions		0.0%	11.8%	19.6%	45.1%	23.5%	100.0%

We have
strengthened our
governance policies	0.7	2	4	12	21	12	51
and procedures		3.9%	7.8%	23.5%	41.2%	23.5%	100.0%

We use marketing
and public
relations to
counteract the lack	0.3	4	5	19	18	5	51
of public trust		7.8%	9.8%	37.3%	35.3%	9.8%	100.0%

We have made
organizational
changes in
response to the	0.2	2	12	18	12	7	51
lack of public trust		3.9%	23.5%	35.3%	23.5%	13.7%	100.0%

Our CEO has chosen
to speak out on
controversial issues
in an effort to	0.0	4	8	23	14	2	51
regain public trust		7.8%	15.7%	45.1%	27.5%	3.9%	100.0%

Our revenues are
lower because of a	0.0	2	18	16	9	6	51
lack of public trust		3.9%	35.3%	31.4%	17.6%	11.8%	100.0%

22 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Other public concerns about business trust:

IN	Global_BizTrust_8_Other	
		
Healthcare/Pharmac	openess and direct interactions with d people	

23 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q10.  On a scale of 1 to 10, where do you think African companies are in implementing the UN Sustainable Development Goals?

	 	Number	Percent	95% CI
	0=No Progress	0	0.0 %	± 0.0 %
	1	4	7.7 %	± 7.4 %
	2	10	19.2 %	± 10.9 %
	3	14	26.9 %	± 12.3 %
	4	13	25.0 %	± 12.0 %
	5=Halfway	7	13.5 %	± 9.4 %
	6	2	3.8 %	± 5.3 %
	7	1	1.9 %	± 3.8 %
	8	1	1.9 %	± 3.8 %
	9	0	0.0 %	± 0.0 %
	10=Complete	0	0.0 %	± 0.0 %
	Total	52	100.0 %

	Mean = 3.5

	Missing Cases = 1
	Response Percent = 98.1 %

24 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q11. What are the barriers or challenges your organization faces in terms of implementing the UN Sustainable Development Goals?

IN	What are the barriers or challenges your organization faces in terms of
implementing the UN Sustainable Development Goals?	
		
Agr, Forestry, Fishing	Definite interest and focus	
		
Agr, Forestry, Fishing	N/a	
		
Agr, Forestry, Fishing	None involvement from our Government	
		
Bank/Fin/Insur/Real Est	ADEQUATE SUPPORT FROM THE IMF, WORLD BANK AND THE OTHER	
	INTERNATIONAL FINANCIAL INSTITUTIONS.	
		
Bank/Fin/Insur/Real Est	Government policies	
		
Bank/Fin/Insur/Real Est	government policies	
		
Bank/Fin/Insur/Real Est	Lack of awareness and direct interpretation of the SDGs to the business	
	environment	
		
Bank/Fin/Insur/Real Est	Other priorities	
		
Bank/Fin/Insur/Real Est	Poor Government	
		
Bank/Fin/Insur/Real Est	their focus is basically the achievement of their own goal without a	
	bearing to UN sustainable goals	
		
Communication/Media	Bad leadership	
		
Communication/Media	Cost of compliance	
		
Communication/Media	The operating environment and governance structures	
		
Healthcare/Pharmac	governmental policies, bureucratic bottle necks and a total lack of will.	
		
Healthcare/Pharmac	N/A	
		
Mining/Construction	None specifically	
		
Mining/Construction	Not applicable	
		
Other	Adequate funding and projects meeting those goals	
		
Other	Money.	
		
Pub Admin	Lack of political will	
		
Pub Admin	Resources	
		
Retail/Wholesale	Access	
		
Retail/Wholesale	Government Policies	
		
Retail/Wholesale	lACK OF STRONG COMMITMENT ON THE PART OF GOVERNMENT	

25 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q11. What are the barriers or challenges your organization faces in terms of implementing the UN Sustainable Development Goals?

IN	What are the barriers or challenges your organization faces in terms of
implementing the UN Sustainable Development Goals?	
		
Retail/Wholesale	Regulations and government policies	
		
Retail/Wholesale	we are not fully informed about the UN sustainable development goals	
	and how these affect our business.	
		
Services, Consulting	as a consulting company we are not directly affected	
		
Services, Consulting	corruption in the system and government support in terms of enabling	
	policies to companies	
		
Services, Consulting	None; but we are a professional services firm with very limited	
	environmental footprint	
		
Services, Consulting	Not aware of it.	
		
Tech [Soft/Hard/Bio]	Lack of buy in	
		
Tech [Soft/Hard/Bio]	n/a	
		
Unspecified Industry	Competition	
		
Unspecified Industry	Cost of procurement	
		
Unspecified Industry	Don't Know	
		
Unspecified Industry	Lack of direction from authorities	
		
Unspecified Industry	Resources	
		
Unspecified Industry	Unstable political situation, Too strong unions, corrupt government	

26 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q12.  Does your organization have effective monitoring and measuring systems to track progress in achieving the UN Sustainable Development Goals?

	 	Number	Percent	95% CI
	No	27	51.9 %	± 13.9 %
	Yes	12	23.1 %	± 11.7 %
	Don't Know	13	25.0 %	± 12.0 %
	Total	52	100.0 %

	Missing Cases = 1
	Response Percent = 98.1 %

27 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Return on assets (ROA=operating earnings/assets)  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2016	11.3	11.4	7.9 - 14.6	9	-5	43	44

% Expected ROA in 2017	14.8	14.1	10.4 - 19.2	10	0	52.1	40

28 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Manufacturing capacity utilized  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2017	76.3	17.0	59.6 - 92.9	90	55	90	4

% of capacity utilization planned for the second
half of 2017	78.8	8.5	70.4 - 87.1	80	70	90	4

29 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Industry

	 	Number	Percent	95% CI
	Banking/Finance/Insurance/Real Estate	9	17.3 %	± 10.5 %
	Retail/Wholesale	8	15.4 %	± 10.0 %
	Mining/Construction	7	13.5 %	± 9.4 %
	Agriculture, Forestry, & Fishing	5	9.6 %	± 8.1 %
	Services, Consulting	5	9.6 %	± 8.1 %
	Manufacturing	4	7.7 %	± 7.4 %
	Technology [Software/Hardware/Biotech]	3	5.8 %	± 6.4 %
	Communication/Media	3	5.8 %	± 6.4 %
	Public Administration	2	3.8 %	± 5.3 %
	Healthcare/Pharmaceutical	2	3.8 %	± 5.3 %
	Energy	1	1.9 %	± 3.8 %
	Transportation & Public Utilities	0	0.0 %	± 0.0 %
	Other Industry	3	5.8 %	± 6.4 %
	Total	52	100.0 %

	Missing Cases = 1
	Response Percent = 98.1 %

30 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Industry (Other specified)

--- No Response ---

31 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	21	42.0 %	± 13.6 %
	$25-99 million	8	16.0 %	± 10.0 %
	$100-499 million	5	10.0 %	± 8.2 %
	$500-999 million	4	8.0 %	± 7.4 %
	$1-4.9 billion	7	14.0 %	± 9.4 %
	$5-9.9 billion	2	4.0 %	± 5.3 %
	More than $10 billion	3	6.0 %	± 6.5 %
	Total	50	100.0 %

	Missing Cases = 3
	Response Percent = 94.3 %

32 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Statistics - Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1490.4

	Median = 62

	Variance (Unbiased Estimate) = 8779107.9

	Standard Deviation (Unbiased Estimate) = 2963.0

	Standard Error Of The Mean  = 419.0

	95 Percent Confidence Interval Around The Mean = 669.1 - 2311.7

	99 Percent Confidence Interval Around The Mean = 411.4 - 2569.4

	Skewness = 2.3

	Kolmogorov-Smirnov Statistic For Normality = 2.6

Quartiles

	 1 = 25
	 2 = 62
	 3 = 1875

Valid Cases = 50
Missing Cases = 3
Response Percent =  94.3%

33 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	14	28.6 %	± 12.3 %
	100-499	15	30.6 %	± 12.6 %
	500-999	2	4.1 %	± 5.3 %
	1,000-2,499	4	8.2 %	± 7.4 %
	2,500-4,999	5	10.2 %	± 8.2 %
	5,000-9,999	5	10.2 %	± 8.2 %
	Over 10,000	4	8.2 %	± 7.4 %
	Total	49	100.0 %

	Missing Cases = 4
	Response Percent = 92.5 %

34 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Statistics - Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2421.4

	Median = 300

	Variance (Unbiased Estimate) = 13648437.5

	Standard Deviation (Unbiased Estimate) = 3694.4

	Standard Error Of The Mean  = 527.8

	95 Percent Confidence Interval Around The Mean = 1387.0 - 3455.9

	99 Percent Confidence Interval Around The Mean = 1062.4 - 3780.4

	Skewness = 1.6

	Kolmogorov-Smirnov Statistic For Normality = 2.2

Quartiles

	 1 = 100
	 2 = 300
	 3 = 3750

Valid Cases = 49
Missing Cases = 4
Response Percent =  92.5%

35 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Where are you personally located?

	 	Number	Percent	95% CI
	South Africa	24	47.1 %	± 13.9 %
	Nigeria	23	45.1 %	± 13.8 %
	East Africa	2	3.9 %	± 5.3 %
	West Africa, not Nigeria	1	2.0 %	± 3.8 %
	Rest of Africa	1	2.0 %	± 3.8 %
	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 = 2
	Response Percent = 96.2 %

36 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Headquarters Africa (Other Specified)

--- No Response ---

37 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

Belgium	
	
DUBAI	
	
Lebanon	
	
South Africa	
	
South Africa	
	
UK	
	
USA	
	
Zambia	

38 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Ownership

	 	Number	Percent	95% CI
	Private	33	63.5 %	± 13.5 %
	Public	17	32.7 %	± 13.0 %
	Government	2	3.8 %	± 5.3 %
	Nonprofit	0	0.0 %	± 0.0 %
	Total	52	100.0 %

	Missing Cases = 1
	Response Percent = 98.1 %

39 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Foreign Sales

	 	Number	Percent	95% CI
	0%	19	39.6 %	± 13.4 %
	1-24%	18	37.5 %	± 13.2 %
	25-50%	3	6.3 %	± 6.5 %
	More than 50%	8	16.7 %	± 10.0 %
	Total	48	100.0 %

	Missing Cases = 5
	Response Percent = 90.6 %

40 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

	 	Number	Percent	95% CI
	Africa	14	60.9 %	± 19.6 %
	Asia/Pacific Basin	5	21.7 %	± 14.8 %
	Europe	3	13.0 %	± 12.0 %
	Latin America	1	4.3 %	± 7.2 %
	US/Canada	0	0.0 %	± 0.0 %
	Total	23	100.0 %

	Missing Cases = 6
	Response Percent = 79.3 %

41 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	1	3.2 %	3.2 %
	AA+	3	9.7 %	12.9 %
	AA	3	9.7 %	22.6 %
	AA-	1	3.2 %	25.8 %
	A+	1	3.2 %	29.0 %
	A	8	25.8 %	54.8 %
	A-	1	3.2 %	58.1 %
	BBB+	1	3.2 %	61.3 %
	BBB	2	6.5 %	67.7 %
	BBB-	3	9.7 %	77.4 %
	BB+	3	9.7 %	87.1 %
	BB	0	0.0 %	87.1 %
	BB-	1	3.2 %	90.3 %
	B+	3	9.7 %	100.0 %
	B	0	0.0 %	100.0 %
	B-	0	0.0 %	100.0 %
	CCC	0	0.0 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	31	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

42 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

What is your company's credit rating? 

N=31		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		31		16	15	
		100.0%		51.6%	48.4%	
						
AAA		1		1	0	
		3.2%		6.3%	0.0%	
						
AA+		3		2	1	
		9.7%		12.5%	6.7%	
						
AA		3		1	2	
		9.7%		6.3%	13.3%	
						
AA-		1		0	1	
		3.2%		0.0%	6.7%	
						
A+		1		0	1	
		3.2%		0.0%	6.7%	
						
A		8		3	5	
		25.8%		18.8%	33.3%	
						
A-		1		1	0	
		3.2%		6.3%	0.0%	
						
BBB+		1		1	0	
		3.2%		6.3%	0.0%	
						
BBB		2		1	1	
		6.5%		6.3%	6.7%	
						
BBB-		3		2	1	
		9.7%		12.5%	6.7%	
						
BB+		3		2	1	
		9.7%		12.5%	6.7%	
						
BB		0		0	0	
		0.0%		0.0%	0.0%	
						
BB-		1		0	1	
		3.2%		0.0%	6.7%	
						
B+		3		2	1	
		9.7%		12.5%	6.7%	
						
B		0		0	0	
		0.0%		0.0%	0.0%	

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

43 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

What is your company's credit rating? 

N=31		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		0		0	0	
		0.0%		0.0%	0.0%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
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

44 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

	 	Number	Percent
	Other	19	36.5 %
	CFO	17	32.7 %
	VP of Finance	7	13.5 %
	CEO	6	11.5 %
	Controller	2	3.8 %
	Treasurer	1	1.9 %
	Total	52	100.0 %

	Missing Cases = 1
	Response Percent = 98.1 %

45 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Other job title:

Financial Consultant	
SUPERVISOR	
Head of Department	
HEAD BRANCH SERVICES	
Relationship Manager	
Regional Logistics Operation Officer	
Sales Leader	
Head of Project Finance	
ASSISTANT DIRECTOR	
Financial Manager	
Sales Representative	
Executive Director / Head of HR Nigeria	
Quality Advisor	
COMMERCIAL HEAD	
managing partner	
Group manager Finance	
COO