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 is the hurdle rate that your company uses to evaluate investment projects?	13
Q6a. Does your company pursue all NPV>0 projects?	14
Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you
would otherwise pursue?	15
Why doesn't your firm hire more managers to reduce the shortage?	16
What managerial hard skills are most scarce?	18
What managerial intangible skills are most scarce?	19
What tasks and responsibilities cannot be delegated to new managers?	20
Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because
of a shortage of management time or expertise? ALL Respondents	21
Q6c.  Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because
of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management
time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?	22
Q6d.  Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would
otherwise pursue?	23
Why doesn't your firm hire more labor to reduce the shortage?	24
Why doesn't your firm hire more labor to reduce the shortage?  - OTHER	25
Which skills are most scarce among potential hires?	26
Q6e.  Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because
of a shortage of non-management labor?  ALL	27
Q6e.  Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because
of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor
prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?	28
Q7.  Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?	29
Q8a.  Does your company have difficulty attracting and retaining qualified technology employees?	30
Q8b.  Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL
RESPONDENTS	31
Q8b.  Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows
just responses if company has difficulty attracting and retaining qualified technology employees	32
Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? - OTHERS	33

j. Weighted Average Cost of Capital	34
k. Workforce	35
Return on assets (ROA=operating earnings/assets)  (Winsorized)	36
Manufacturing capacity utilized  (Winsorized)	37
Industry	38
Sales Revenue	40
Statistics - Sales Revenue (Millions)	41
Number of Employees	42
Statistics - Number of Employees	43
Where are you personally located?	44
Headquarters Africa (Other Specified)	45
If your company headquarters is in another country, please indicate which country.	46
Ownership	47
Foreign Sales	48
In what region of the world are most of your foreign sales?	49
What is your company's credit rating? 	50
Your job title (e.g., CFO, Asst. Treasurer, etc):	53
Other job title:	54

 1 

Duke CFO magazine Global Business Outlook survey - Africa - Third 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	10	35.7 %	± 18.5 %
	0=No change	6	21.4 %	± 15.7 %
	-1=Less optimistic	12	42.9 %	± 19.1 %
	Total	28	100.0 %

	Mean = -0.07
	SD = 0.90

	Missing Cases = 1
	Response Percent = 96.6 %

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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 = 20

	Maximum = 80

	Mean = 51.54

	Median = 50

	Standard Deviation (Unbiased Estimate) = 19.17

	95 Percent Confidence Interval Around The Mean = 44.17 - 58.91

4 Groups

	 1 = 37.50
	 2 = 50
	 3 = 72.50

Valid Cases = 26
Missing Cases = 3
Response Percent =  89.7%

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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	19	70.4 %	± 18.5 %
	0=No change	2	7.4 %	± 9.9 %
	-1=Less optimistic	6	22.2 %	± 15.8 %
	Total	27	100.0 %

	Mean = 0.48
	SD = 0.85

	Missing Cases = 2
	Response Percent = 93.1 %

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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 = 95

	Mean = 64.12

	Median = 65

	Standard Deviation (Unbiased Estimate) = 16.86

	95 Percent Confidence Interval Around The Mean = 57.51 - 70.73

4 Groups

	 1 = 51.25
	 2 = 65
	 3 = 78.75

Valid Cases = 25
Missing Cases = 4
Response Percent =  86.2%

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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	15	51.7 %	± 19.4 %
	Government policies	11	37.9 %	± 18.8 %
	Volatility of political situation	10	34.5 %	± 18.4 %
	Corruption and white collar crime	10	34.5 %	± 18.4 %
	Weak demand for your products/services	8	27.6 %	± 17.3 %
	Employee productivity	7	24.1 %	± 16.6 %
	Access to capital	7	24.1 %	± 16.6 %
	Commodity prices	7	24.1 %	± 16.6 %
	Currency risk	6	20.7 %	± 15.7 %
	Difficulty attracting / retaining qualified employees	5	17.2 %	± 14.6 %
	Reliability and cost of electricity	4	13.8 %	± 13.4 %
	Inflation	4	13.8 %	± 13.4 %
	Regulatory requirements	3	10.3 %	± 11.8 %
	Cost of borrowing	3	10.3 %	± 11.8 %
	Banking Sector weaknesses	2	6.9 %	± 9.8 %
	Employee morale	2	6.9 %	± 9.8 %
	Rising wages and salaries	1	3.4 %	± 7.1 %
	Corporate tax code	1	3.4 %	± 7.1 %
	Other	1	3.4 %	± 7.1 %
	Imbalance between transformation and service delivery
	   imperatives	1	3.4 %	± 7.1 %
	Unrest in the general population	1	3.4 %	± 7.1 %
	Violent crime	1	3.4 %	± 7.1 %
	Government policies encouraging cross-border business
	   operations	1	3.4 %	± 7.1 %
	Deflation	0	0.0 %	± 0.0 %
	Cost of benefits	0	0.0 %	± 0.0 %
	Geopolitical / health crises	0	0.0 %	± 0.0 %
	Data security	0	0.0 %	± 0.0 %
	Property rights	0	0.0 %	± 0.0 %
	Total	111

	Number of Cases = 29
	Number of Responses = 111
	Average Number Of Responses Per Case = 3.8
	Number Of Cases With At Least One Response = 29
	Response Percent = 100.0 %

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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	Delay in release of capital	
	budget by government	
Services, Consulting	board crisis	

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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	Rejection of exportation of agricultural commodities	
Bank/Fin/Insur/Real Est	Government Policies.	
Bank/Fin/Insur/Real Est	Volatility of political situation & Economic uncertainty	
Energy	Agitations of the various regions in the country presently	
Energy	Inflation and changes in government policies	
Mining/Construction	Competition.	
Mining/Construction	Currency risks as an exporter- irrational Rand strength due to $	
	weakness	
Other	CURRENCY RISK	
Other	Disruption in the business segment	
Other	NA	
Other	Political infighting	
Pub Admin	Low value of the Naira against other currencies	
Pub Admin	Unavailability of reliable data/information	
Pub Admin	Upcoming elections	
Retail/Wholesale	What changes occur within the political leadership of South Africa	
Services, Consulting	Regulatory requirements	
Tech [Soft/Hard/Bio]	Continued downturn in Retail industry (most of our clients are retailers)	
Tech [Soft/Hard/Bio]	reliability and cost of electricity	
Unspecified Industry	none	
Unspecified Industry	weaking economy	

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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

Earnings	17.21	19.46	9.26 - 25.17	13.50	-24.90	59.76	23

Revenue	15.84	18.67	8.21 - 23.47	13.50	-20	62.91	23

Capital spending	11.60	20.32	1.94 - 21.26	4	-15	59.16	17

Wages/Salaries	11.08	9.69	6.94 - 15.23	10	-5	33.12	21

Technology spending	10.69	11.60	5.17 - 16.20	6	0	40.67	17

Marketing/advertising spending	7.77	13.81	1.39 - 14.15	5	-10	41.93	18

Number of domestic full-time employees	7.67	9.49	3.28 - 12.05	5	-5	25.50	18

Research and development spending	4.51	8.09	0.55 - 8.47	5	-10	27.19	16

Prices of your products	4.36	6.74	1.33 - 7.39	5	-10	24.86	19

Health care costs	4.06	6.21	1.01 - 7.10	0	-5	14.42	16

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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=29)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.86	19	1	1	21
Wages/Salaries	0.48	90.48%	4.76%	4.76%	100.00%

	0.83	21	0	2	23
Revenue	0.58	91.30%	0.00%	8.70%	100.00%

	0.82	14	3	0	17
Technology spending	0.39	82.35%	17.65%	0.00%	100.00%

	0.74	20	0	3	23
Earnings	0.69	86.96%	0.00%	13.04%	100.00%

	0.63	13	5	1	19
Prices of your products	0.60	68.42%	26.32%	5.26%	100.00%

	0.56	10	5	1	16
Research and development spending	0.63	62.50%	31.25%	6.25%	100.00%

	0.56	12	4	2	18
Number of domestic full-time employees	0.70	66.67%	22.22%	11.11%	100.00%

	0.50	11	5	2	18
Marketing/advertising spending	0.71	61.11%	27.78%	11.11%	100.00%

	0.41	10	4	3	17
Capital spending	0.80	58.82%	23.53%	17.65%	100.00%

	0.31	7	7	2	16
Health care costs	0.70	43.75%	43.75%	12.50%	100.00%

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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

Earnings	14.88	13.89	9.16 - 20.59	12	-24.90	59.76	23

Technology spending	14.41	8.25	10.84 - 17.98	16.42	0	40.67	20

Revenue	14.03	13.83	8.39 - 19.68	10.39	-20	62.91	23

Marketing/advertising spending	5.70	9.29	1.72 - 9.68	6.86	-10	41.93	21

Prices of your products	4.22	4.34	2.38 - 6.07	5	-10	24.86	21

Capital spending	3.08	17.38	-4.44 - 10.61	5	-15	59.16	20

Research and development spending	3.04	5.39	0.68 - 5.40	3.32	-10	27.19	20

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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	4.85	6.79	1.31 - 8.40	5	-5	33.12	14

Health care costs	3.48	5.79	0.39 - 6.58	0	-5	12	13

Number of domestic full-time employees	-0.13	5.95	-3.30 - 3.04	0	-5	25.50	14

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Duke CFO magazine Global Business Outlook survey - Africa - Third 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	11.90	8.73	7.60 - 16.21	10	2	37

Earnings	11.79	7.32	8.18 - 15.39	11.92	-2	31

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

Q5.  What is the hurdle rate that your company uses to evaluate investment projects?

What is the hurdle rate that your company uses to evaluate investment projects?

	Minimum = 5

	Maximum = 33

	Mean = 15.81

	Median = 15

	Standard Deviation (Unbiased Estimate) = 7.40

	95 Percent Confidence Interval Around The Mean = 12.91 - 18.71

Quartiles

	 1 = 12
	 2 = 15
	 3 = 20

Valid Cases = 25
Missing Cases = 4
Response Percent =  86.2%

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

 Q6a. Does your company pursue all NPV>0 projects?

	 	Number	Percent	95% CI
	Yes	5	18.5 %	± 14.7 %
	No	16	59.3 %	± 19.3 %
	Don't Know	6	22.2 %	± 15.8 %
	Total	27	100.0 %

	Missing Cases = 2
	Response Percent = 93.1 %

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

Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

	 	Number	Percent	95% CI
	Yes	7	25.0 %	± 16.6 %
	No	13	46.4 %	± 19.3 %
	Don't Know	8	28.6 %	± 17.4 %
	Total	28	100.0 %

	Missing Cases = 1
	Response Percent = 96.6 %

16 

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

Why doesn't your firm hire more managers to reduce the shortage?

	 	Number	Percent	95% CI
	It is difficult to hire potential managers that possess the
	   intangible skills that we need	4	57.1 %	± 49.5 %
	Financial constraints	4	57.1 %	± 49.5 %
	It is difficult to hire potential managers that possess the
	   specific hard skills that we need	3	42.9 %	± 49.5 %
	It's difficult to quickly get new managers up to speed and
	   fully productive	3	42.9 %	± 49.5 %
	Hiring more managers would reduce organizational focus	3	42.9 %	± 49.5 %
	Our top management team does not have enough
	   bandwidth to oversee an expanded organization and
	   expanded managerial workforce	2	28.6 %	± 45.2 %
	It's difficult to find new managers who mesh with our
	   work culture	2	28.6 %	± 45.2 %
	Even if more managers were hired, some tasks and
	   responsibilities could not delegated to new managerial
	   hires	1	14.3 %	± 35.0 %
	Other	0	0.0 %	± 0.1 %
	Total	22

	Number of Cases = 7
	Number of Responses = 22
	Average Number Of Responses Per Case = 3.1
	Number Of Cases With At Least One Response = 7
	Response Percent = 100.0 %

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

17 

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

Why doesn't your firm hire more managers to reduce the shortage? - OTHERS

--- No Response ---

Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

18 

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

What managerial hard skills are most scarce?

IN	What managerial hard skills are most scarce?	
		
Other	Coroprate governance and risk	
		
Other	Financial acumen	
		
Pub Admin	Team work	

Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

19 

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

What managerial intangible skills are most scarce?

IN	What managerial intangible skills are most scarce?	
		
Bank/Fin/Insur/Real Est	Leadership	
		
Other	'Agile' skills	
		
Other	Customer relationship	
		
Pub Admin	Planning skills	

Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

20 

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

What tasks and responsibilities cannot be delegated to new managers?

IN	What tasks and responsibilities cannot be delegated to new managers?	
		
Bank/Fin/Insur/Real Est	Strategy	

Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

21 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL Respondents

	 	Number	Percent	95% CI
	Yes	14	50.0 %	± 19.4 %
	No	11	39.3 %	± 18.8 %
	Don't Know	3	10.7 %	± 11.8 %
	Total	28	100.0 %

	Missing Cases = 1
	Response Percent = 96.6 %

 

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

 Q6c.  Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?

	 	Number	Percent	95% CI
	Yes	6	100.0 %	± 36.8 %
	No	0	0.0 %	± 0.1 %
	Don't Know	0	0.0 %	± 0.1 %
	Total	6	100.0 %

	Missing Cases = 1
	Response Percent = 85.7 %

 

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

 Q6d.  Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

	 	Number	Percent	95% CI
	Yes	5	17.2 %	± 14.6 %
	No	20	69.0 %	± 17.9 %
	Don't Know	4	13.8 %	± 13.4 %
	Total	29	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

24 

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

Why doesn't your firm hire more labor to reduce the shortage?

	 	Number	Percent	95% CI
	It is difficult to find potential hires that possess
	   intangibles such as always being reliable and working a
	   full day	3	60.0 %	± 68.1 %
	It is difficult to find potential hires that possess the
	   specific skills we need	2	40.0 %	± 68.1 %
	Training new workers is too expensive or time-consuming	2	40.0 %	± 68.1 %
	Benefits are too expensive	1	20.0 %	± 55.6 %
	We don't know how long we'll need the expanded
	   workforce, and it's costly to cut back later	1	20.0 %	± 55.6 %
	It's difficult to quickly get new employees up to speed
	   and fully productive	1	20.0 %	± 55.6 %
	Current workers don't want to expand their hours	1	20.0 %	± 55.6 %
	Other	1	20.0 %	± 55.6 %
	Potential employees are hesitant to leave their current
	   jobs (and give up benefits/tenure in their current
	   organization)	0	0.0 %	± 0.1 %
	Potential employees don't know about our job
	   opportunities	0	0.0 %	± 0.1 %
	Applicants don't pass background and related checks	0	0.0 %	± 0.1 %
	Potential employees don't want to relocate (move homes)
	   to work here	0	0.0 %	± 0.1 %
	Potential employees are hesitant to work here because
	   they are worried about job security	0	0.0 %	± 0.1 %
	Total	12

	Number of Cases = 5
	Number of Responses = 12
	Average Number Of Responses Per Case = 2.4
	Number Of Cases With At Least One Response = 5
	Response Percent = 100.0 %

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

25 

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

Why doesn't your firm hire more labor to reduce the shortage?  - OTHER

IN	Why doesn't your firm hire more labor to reduce the shortage?  - OTHER	
		
Other	Working capital constraints	

Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

26 

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

Which skills are most scarce among potential hires?

IN	Which skills are most scarce among potential hires?	
		
Pub Admin	Basic	
		
Pub Admin	Team spirit	

Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

27 

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

 Q6e.  Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL

	 	Number	Percent	95% CI
	Yes	9	32.1 %	± 18.0 %
	No	15	53.6 %	± 19.4 %
	Don't Know	4	14.3 %	± 13.4 %
	Total	28	100.0 %

	Missing Cases = 1
	Response Percent = 96.6 %

 

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

 Q6e.  Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

	 	Number	Percent	95% CI
	Yes	5	100.0 %	± 0.1 %
	No	0	0.0 %	± 0.1 %
	Don't Know	0	0.0 %	± 0.1 %
	Total	5	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

 

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

 Q7.  Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?

	 	Number	Percent	95% CI
	We have more back-logged projects	4	14.3 %	± 13.4 %
	The number of back-logged projects is about the same	9	32.1 %	± 18.0 %
	We have fewer back-logged projects	8	28.6 %	± 17.4 %
	Don't Know	7	25.0 %	± 16.6 %
	Total	28	100.0 %

	Missing Cases = 1
	Response Percent = 96.6 %

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

 Q8a.  Does your company have difficulty attracting and retaining qualified technology employees?

	 	Number	Percent	95% CI
	Yes, causing substantial adverse impacts to the
	   organization	4	14.3 %	± 13.4 %
	Yes, causing moderate adverse impacts to the
	   organization	7	25.0 %	± 16.6 %
	Yes, but causing little or no adverse impacts to the
	   organization	6	21.4 %	± 15.7 %
	No, we have no difficulties	11	39.3 %	± 18.8 %
	Total	28	100.0 %

	Missing Cases = 1
	Response Percent = 96.6 %

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

Q8b.  Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

	 	Number	Percent	95% CI
	Innovation/product development support	11	37.9 %	± 18.8 %
	IT core functions effectiveness	10	34.5 %	± 18.5 %
	Operations support	9	31.0 %	± 18.0 %
	Customer service levels	9	31.0 %	± 18.0 %
	Analysis of big data	8	27.6 %	± 17.4 %
	Strategic decision support	8	27.6 %	± 17.4 %
	Sales and marketing support	7	24.1 %	± 16.6 %
	Competitive intelligence	6	20.7 %	± 15.7 %
	Finance function effectiveness	3	10.3 %	± 11.8 %
	Other	1	3.4 %	± 7.1 %
	Total	72

	Number of Cases = 29
	Number of Responses = 72
	Average Number Of Responses Per Case = 2.5
	Number Of Cases With At Least One Response = 28
	Response Percent = 96.6 %

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

Q8b.  Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

	 	Number	Percent	95% CI
	IT core functions effectiveness	9	50.0 %	± 25.7 %
	Customer service levels	9	50.0 %	± 25.7 %
	Operations support	8	44.4 %	± 25.6 %
	Innovation/product development support	7	38.9 %	± 25.1 %
	Analysis of big data	7	38.9 %	± 25.1 %
	Strategic decision support	4	22.2 %	± 21.4 %
	Sales and marketing support	4	22.2 %	± 21.4 %
	Finance function effectiveness	3	16.7 %	± 19.2 %
	Competitive intelligence	2	11.1 %	± 16.2 %
	Other	0	0.0 %	± 0.0 %
	Total	53

	Number of Cases = 18
	Number of Responses = 53
	Average Number Of Responses Per Case = 2.9
	Number Of Cases With At Least One Response = 17
	Response Percent = 94.4 %

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

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? - OTHERS

IN	Which areas/aspects of your organization are currently adversely
impacted by a technology talent shortage? - OTHERS	
		
Agr, Forestry, Fishing	Software development	

34 

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

j. Weighted Average Cost of Capital

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

What is your company's overall weighted
average cost of capital (WACC) for 2017?	14.88	9.61	10.77 - 18.99	13.75	3	50	21

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

k. Workforce

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

What percentage of your workforce has a
college degree?	50.43	32.70	38.32 - 62.54	60	1	100	28

What percentage of your workforce is
unionized?	19.86	30.12	8.70 - 31.01	0	0	100	28

How many years has the average employee
worked at your firm?	7.30	4.90	5.45 - 9.14	7	1	20	27

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

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2016	11.88	9.12	8.07 - 15.69	13.50	-5.30	29.60	22

% Expected ROA in 2017	15.72	14.71	9.57 - 21.87	13.70	-3	46.40	22

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

Manufacturing capacity utilized  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2017	73.33	7.64	64.69 - 81.98	77.50	65	80	3

% of capacity utilization planned for the
second half of 2017	73.33	15.28	56.05 - 90.62	80	60	90	3

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

Industry

	 	Number	Percent	95% CI
	Banking/Finance/Insurance/Real Estate	5	17.2 %	± 14.6 %
	Technology [Software/Hardware/Biotech]	3	10.3 %	± 11.8 %
	Services, Consulting	3	10.3 %	± 11.8 %
	Energy	3	10.3 %	± 11.8 %
	Public Administration	3	10.3 %	± 11.8 %
	Manufacturing	3	10.3 %	± 11.8 %
	Mining/Construction	2	6.9 %	± 9.8 %
	Retail/Wholesale	1	3.4 %	± 7.1 %
	Agriculture, Forestry, & Fishing	1	3.4 %	± 7.1 %
	Communication/Media	0	0.0 %	± 0.0 %
	Transportation & Public Utilities	0	0.0 %	± 0.0 %
	Healthcare/Pharmaceutical	0	0.0 %	± 0.0 %
	Other Industry	5	17.2 %	± 14.6 %
	Total	29	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

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

Industry (Other specified)

--- No Response ---

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	18	75.0 %	± 19.0 %
	$25-99 million	1	4.2 %	± 7.2 %
	$100-499 million	1	4.2 %	± 7.2 %
	$500-999 million	2	8.3 %	± 9.9 %
	$1-4.9 billion	2	8.3 %	± 9.9 %
	$5-9.9 billion	0	0.0 %	± 0.0 %
	More than $10 billion	0	0.0 %	± 0.0 %
	Total	24	100.0 %

	Missing Cases = 5
	Response Percent = 82.8 %

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

Statistics - Sales Revenue (Millions)

	Minimum = 25

	Maximum = 3000

	Mean = 346.33

	Median = 25

	Variance (Unbiased Estimate) = 710929.19

	Standard Deviation (Unbiased Estimate) = 843.17

	Standard Error Of The Mean  = 172.11

	95 Percent Confidence Interval Around The Mean = 9.00 - 683.67

	99 Percent Confidence Interval Around The Mean = -96.85 - 789.52

	Skewness = 2.73

	Kolmogorov-Smirnov Statistic For Normality = 2.16

Quartiles

	 1 = 25
	 2 = 25
	 3 = 62

Valid Cases = 24
Missing Cases = 5
Response Percent =  82.8%

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	10	41.7 %	± 18.6 %
	100-499	6	25.0 %	± 15.9 %
	500-999	1	4.2 %	± 7.2 %
	1,000-2,499	1	4.2 %	± 7.2 %
	2,500-4,999	1	4.2 %	± 7.2 %
	5,000-9,999	4	16.7 %	± 13.5 %
	Over 10,000	1	4.2 %	± 7.2 %
	Total	24	100.0 %

	Missing Cases = 5
	Response Percent = 82.8 %

43 

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

Statistics - Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2127.08

	Median = 300

	Variance (Unbiased Estimate) = 12119125.91

	Standard Deviation (Unbiased Estimate) = 3481.25

	Standard Error Of The Mean  = 710.61

	95 Percent Confidence Interval Around The Mean = 734.29 - 3519.87

	99 Percent Confidence Interval Around The Mean = 297.27 - 3956.90

	Skewness = 1.54

	Kolmogorov-Smirnov Statistic For Normality = 1.88

Quartiles

	 1 = 100
	 2 = 300
	 3 = 3750

Valid Cases = 24
Missing Cases = 5
Response Percent =  82.8%

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

Where are you personally located?

	 	Number	Percent	95% CI
	Nigeria	15	51.7 %	± 19.4 %
	South Africa	10	34.5 %	± 18.4 %
	West Africa, not Nigeria	2	6.9 %	± 9.8 %
	East Africa	1	3.4 %	± 7.1 %
	Other (please specify)	1	3.4 %	± 7.1 %
	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 %
	Rest of Africa	0	0.0 %	± 0.0 %
	Total	29	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

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

Headquarters Africa (Other Specified)

Angola	

46 

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

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

Amsterdam	
	
France	
	
South Africa	
	
Sweden	
	
Washington	

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

Ownership

	 	Number	Percent	95% CI
	Private	19	67.9 %	± 18.5 %
	Public	7	25.0 %	± 16.6 %
	Government	2	7.1 %	± 9.8 %
	Nonprofit	0	0.0 %	± 0.0 %
	Total	28	100.0 %

	Missing Cases = 1
	Response Percent = 96.6 %

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	7	26.9 %	± 16.7 %
	1-24%	14	53.8 %	± 19.5 %
	25-50%	1	3.8 %	± 7.1 %
	More than 50%	4	15.4 %	± 13.4 %
	Total	26	100.0 %

	Missing Cases = 3
	Response Percent = 89.7 %

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

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

	 	Number	Percent	95% CI
	Africa	6	40.0 %	± 23.5 %
	Europe	6	40.0 %	± 23.5 %
	Asia/Pacific Basin	2	13.3 %	± 15.5 %
	US/Canada	1	6.7 %	± 11.3 %
	Latin America	0	0.0 %	± 0.0 %
	Total	15	100.0 %

	Missing Cases = 4
	Response Percent = 78.9 %

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	2	12.5 %	12.5 %
	AA+	2	12.5 %	25.0 %
	AA	2	12.5 %	37.5 %
	AA-	0	0.0 %	37.5 %
	A+	1	6.3 %	43.8 %
	A	0	0.0 %	43.8 %
	A-	1	6.3 %	50.0 %
	BBB+	4	25.0 %	75.0 %
	BBB	0	0.0 %	75.0 %
	BBB-	0	0.0 %	75.0 %
	BB+	0	0.0 %	75.0 %
	BB	0	0.0 %	75.0 %
	BB-	1	6.3 %	81.3 %
	B+	1	6.3 %	87.5 %
	B	1	6.3 %	93.8 %
	B-	0	0.0 %	93.8 %
	CCC	0	0.0 %	93.8 %
	CC	1	6.3 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	16	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

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

What is your company's credit rating? 

N=16		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		16		4	12	
		100.0%		25.0%	75.0%	
						
AAA		2		1	1	
		12.5%		25.0%	8.3%	
						
AA+		2		1	1	
		12.5%		25.0%	8.3%	
						
AA		2		1	1	
		12.5%		25.0%	8.3%	
						
AA-		0		0	0	
		0.0%		0.0%	0.0%	
						
A+		1		0	1	
		6.3%		0.0%	8.3%	
						
A		0		0	0	
		0.0%		0.0%	0.0%	
						
A-		1		0	1	
		6.3%		0.0%	8.3%	
						
BBB+		4		1	3	
		25.0%		25.0%	25.0%	
						
BBB		0		0	0	
		0.0%		0.0%	0.0%	
						
BBB-		0		0	0	
		0.0%		0.0%	0.0%	
						
BB+		0		0	0	
		0.0%		0.0%	0.0%	
						
BB		0		0	0	
		0.0%		0.0%	0.0%	
						
BB-		1		0	1	
		6.3%		0.0%	8.3%	
						
B+		1		0	1	
		6.3%		0.0%	8.3%	
						
B		1		0	1	
		6.3%		0.0%	8.3%	

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

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

What is your company's credit rating? 

N=16		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		1		0	1	
		6.3%		0.0%	8.3%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

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

53 

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

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

	 	Number	Percent
	Other	11	37.9 %
	CFO	8	27.6 %
	VP of Finance	5	17.2 %
	CEO	4	13.8 %
	Controller	1	3.4 %
	Treasurer	0	0.0 %
	Total	29	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

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

Other job title:

Regional Sales Capability Development Manager	
MD / Founder	
Management / logistics	
Divisional Head	
Head of BU	
Head, Sales & Distribution	
Head Human Resources	
COO	
PRINCIPAL PARTNER