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]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	11
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]	12
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]	13
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]	14
5a. What do you think is the probability that your country's economy will be in recession at the end of 2016?	15
5b. What are the key risks that might lead to recession in your country at year-end 2016?	16
5b. What are the key risks that might lead to recession in your country at year-end 2016? Other specified	17
6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce hiring plans'?	18
6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce capital spending plans'?	19
6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to
'reduce borrowing plans'?	20
Return on assets (ROA=operating earnings/assets)	21
Manufacturing capacity utilized	22
Manufacturing capacity utilized (Revenue Weighted)	23
Industry	24
Sales Revenue	26
Weighted Sales Revenue (Millions)	27
Number of Employees	28
Weighted Number of Employees	29
Where are you personally located?	30
If your company headquarters is in another country, please indicate which country.	32
Ownership	33
Foreign Sales	34
In what region of the world are most of your foreign sales?	35
What is your company's credit rating? 	36
Your job title (e.g., CFO, Asst. Treasurer, etc):	39

 1 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

	 	Number	Percent	95% CI
	1=More optimistic	41	28.7 %	± 7.4 %
	0=No change	11	7.7 %	± 4.4 %
	-1=Less optimistic	91	63.6 %	± 8.0 %
	Total	143	100.0 %

	Mean = -0.35
	SD = 0.90

	Missing Cases = 2
	Response Percent = 98.6 %

2 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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 = 0

	Maximum = 90

	Mean = 45.7

	Median = 45

	Standard Deviation (Unbiased Estimate) = 19.2

	95 Percent Confidence Interval Around The Mean = 42.4 - 49.0

4 Groups

	 1 = 30
	 2 = 45
	 3 = 60

Valid Cases =130
Missing Cases =14
Response Percent = 90.3%

3 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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	65	45.1 %	± 8.2 %
	0=No change	19	13.2 %	± 5.6 %
	-1=Less optimistic	60	41.7 %	± 8.1 %
	Total	144	100.0 %

	Mean = 0.03
	SD = 0.93

	Missing Cases = 1
	Response Percent = 99.3 %

4 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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 = 2

	Maximum = 90

	Mean = 58.7

	Median = 60

	Standard Deviation (Unbiased Estimate) = 19.1

	95 Percent Confidence Interval Around The Mean = 55.4 - 61.9

4 Groups

	 1 = 50
	 2 = 60
	 3 = 75

Valid Cases =131
Missing Cases =14
Response Percent = 90.3%

5 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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	70	60.3 %	± 9.0 %
	Currency risk	56	48.3 %	± 9.2 %
	Government policies	51	44.0 %	± 9.2 %
	Weak demand for your products/services	31	26.7 %	± 8.2 %
	Access to capital	26	22.4 %	± 7.7 %
	Volatility of political situation	26	22.4 %	± 7.7 %
	Regulatory requirements	22	19.0 %	± 7.2 %
	Inflation	22	19.0 %	± 7.2 %
	Cost of borrowing	19	16.4 %	± 6.8 %
	Difficulty attracting / retaining qualified employees	17	14.7 %	± 6.5 %
	Rising input or commodity costs	14	12.1 %	± 6.0 %
	Reliability and cost of electricity	13	11.2 %	± 5.8 %
	Employee productivity	13	11.2 %	± 5.8 %
	Corruption and white collar crime	11	9.5 %	± 5.4 %
	Unrest in the general population	10	8.6 %	± 5.2 %
	Rising wages and salaries	8	6.9 %	± 4.7 %
	Corporate tax code	7	6.0 %	± 4.4 %
	Cost of benefits	6	5.2 %	± 4.1 %
	Government policies encouraging cross-border business
	   operations	6	5.2 %	± 4.1 %
	Employee morale	5	4.3 %	± 3.8 %
	Data security	3	2.6 %	± 2.9 %
	Imbalance between transformation and service delivery
	   imperatives	3	2.6 %	± 2.9 %
	Violent crime	3	2.6 %	± 2.9 %
	Geopolitical / health crises	2	1.7 %	± 2.4 %
	Deflation	2	1.7 %	± 2.4 %
	Property rights	0	0.0 %	± 0.0 %
	Other	1	0.9 %	± 1.7 %
	Total	447

	Number of Cases = 116
	Number of Responses = 447
	Average Number Of Responses Per Case = 3.9
	Number Of Cases With At Least One Response = 116
	Response Percent = 100.0 %

6 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

Agr, Forestry, Fishing	Government mainly that is failing to realise priorities of the economy and making	
	needed segments of the economy to work in silos	
Bank/Fin/Insur/Real Est	GDP growth negatively impacting all sectors	
Bank/Fin/Insur/Real Est	Information technology	
Bank/Fin/Insur/Real Est	Lack of sophistication of entrepreneurs. Banking sector	
Communication/Media	Confidentiality required	
Mining/Construction	foreign exchange scarcity	
Other	Commodity prices	
Other	cost of running head office	
Retail/Wholesale	Drought. Customers inability to pay on time. Maybe overdue customers. Cash	
	flow pressures.	
Retail/Wholesale	low patronage, by customers.	

7 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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	Difficulty in gov budget implementation due to huge deficit in funding.	
Agr, Forestry, Fishing	If the current economic trends continue, the company may sack up to 50% of staff	
Agr, Forestry, Fishing	Impact of El Nino drought on agricultural industry.	
Agr, Forestry, Fishing	Reduction in clientele capability  spending causing low sales and less profit.	
Agr, Forestry, Fishing	Unknown acts of God, like unknown diseases that may hinder production and	
	productivity	
Bank/Fin/Insur/Real Est	Apart from political risk, major concern is the cost of fund available for business.	
Bank/Fin/Insur/Real Est	Currency devaluation.	
Bank/Fin/Insur/Real Est	Currency Risk, Erratic power supply	
Bank/Fin/Insur/Real Est	Currency risk	
Bank/Fin/Insur/Real Est	devaluatation, increase in unemployment, drop in oil price	
Bank/Fin/Insur/Real Est	Government seems t have no clear sense of direction	
Bank/Fin/Insur/Real Est	increased credit impairment and non-performing loans	
Bank/Fin/Insur/Real Est	Increasing strain of clients and impact on impairments	
Bank/Fin/Insur/Real Est	None	
Bank/Fin/Insur/Real Est	Reccession	
Bank/Fin/Insur/Real Est	Reliability and cost of electricity	
Bank/Fin/Insur/Real Est	Reliability and cost of electricity	
Bank/Fin/Insur/Real Est	Slowing world economy and the risk of South African Recession is more likely.	
	Instability in Africa	
Bank/Fin/Insur/Real Est	The regulator are getting tougher in application of fines	
Bank/Fin/Insur/Real Est	Uncertainty in economy and dwindling government revenue	
Bank/Fin/Insur/Real Est	Weak economy	
Bank/Fin/Insur/Real Est	Write-downs and provisioning from oil-related bad loans	
Communication/Media	Political Change	
Communication/Media	Regulatory	
Energy	cash flow challenges	
Energy	Global Recession	
Energy	Stringent procurement requirements for small businesses making it difficult for	
	small businesses.	
Energy	Unrealistic pricing of LNG	
Healthcare/Pharmac	1.Continuous increase of dollar to Naira in the open market. 2. Less cash flow in	
	circulation.	
Healthcare/Pharmac	Inflation and foreign exchange scarcity	
Healthcare/Pharmac	Instability of the local currency to major world currencies like the dollar, euro and	
	pound.	
Healthcare/Pharmac	Porous Borders giving room to influx of sub-standard products.	
Mining/Construction	Competitive Business environment	
Mining/Construction	Demise of local industry players and reliance on foreign suppliers and the impact	
	on local infrastur	
Mining/Construction	Drop in the value of the Naira.	
Mining/Construction	Global demand and growth	
Mining/Construction	Low or no economic growth	
Mining/Construction	New govt policy,future consumer disposable income,Quality compliance,increase	
	personnel overheads,co	
Mining/Construction	Overall costs of doing business	
Mining/Construction	Political and Economic uncertainty in South Africa	
Mining/Construction	Political turbulence spilling into labour unrest to disrupt production & logistics-	
	imports & export	
Mining/Construction	Political uncertainty in SA	
Mining/Construction	Poor quality products preferred to good quality products due to dwindling	
	consumer purchase power.	
Mining/Construction	Staff turnover especially at management/executive level	
Mining/Construction	Weak Naira against the dollar in Forex Market	
Mining/Construction	Weak naira against Dollar: Sourcing of forex is a big challenge	
Other	access to capital is extremeley difficult for SMMES	

8 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

Other	Ensuring that our investments yield a combination of high growth and free cash	
	flow	
Other	Growth in revenue	
Other	Lower revenue for the country due to fall in price of crude oil. Inability to	
	diversify the economy.	
Other	Nothing significantly new, concerns or challenges will likely remain as indicated in	
	3a.	
Other	Quality of staff and retaining of staff	
Other	Resistance to change from status quo of corruption and impunity to a new era of	
	responsibility.	
Other	The unstable exchange rate had adversely affected the dynamics of our operation.	
Other	Weathering the low crude oil prices	
Pub Admin	Banks related charges	
Pub Admin	Lack of government physical economic plan.lack of government blue print &	
	intimidation of opposition	
Retail/Wholesale	Access to funding and cost of borrowing	
Retail/Wholesale	Currency instability	
Retail/Wholesale	Drop in Sales	
Retail/Wholesale	Falling value of our currency.	
Retail/Wholesale	Increase in electricity tariff. Low patronages particularly for our automobile	
	businesses.	
Retail/Wholesale	Possible difficulties with access to capital should South Africa's credit rating be	
	downgraded	
Retail/Wholesale	Problem of power supply	
Retail/Wholesale	Risk of interest rate hikes, depreciation of the rand, fuel increases, draught	
	continuing.	
Retail/Wholesale	security treats	
Retail/Wholesale	STRIKES	
Services, Consulting	Access to capital, currency flunctuation	
Services, Consulting	Apathy	
Services, Consulting	Currency devaluation and antecedent inflation	
Services, Consulting	Currency risk - the cost of procuring foreign currency is up by about 70%.	
	Intermittent electricity.	
Services, Consulting	Dollar exchange rate	
Services, Consulting	Falling oil prices which has adversely affected the Nigerian economy	
Services, Consulting	High cost of running business	
Services, Consulting	inflation,reliability and cost of electricity	
Services, Consulting	Infrastructure	
Services, Consulting	Non	
Services, Consulting	None	
Services, Consulting	political unrest	
Services, Consulting	Poor collective responsibility	
Services, Consulting	Staff Turnover	
Services, Consulting	Terrorism, leading to less confidence and patronage from foreign investors	
Services, Consulting	The irregular government policies that are affecting private sector businesses in	
	Nigeria	
Tech [Soft/Hard/Bio]	Data Security, Volatility of Political Situation	
Tech [Soft/Hard/Bio]	Economic uncertainty	
Tech [Soft/Hard/Bio]	Lack of hard-currency in key markets	
Tech [Soft/Hard/Bio]	Migration to Cloud computing	
Tech [Soft/Hard/Bio]	N/A	
Tech [Soft/Hard/Bio]	Shrinking economy relative and significant   increased cost of living	
Tech [Soft/Hard/Bio]	Slow Start to Economic activities due to having a new Government in place.	
Transp, Public Util	Insecurity of life and assets	
Transp, Public Util	Poor project management skills, escalation of capital project estimates, declining	
	volumes	

9 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

Unspecified Industry	Community unrest due to expectations with regards enterprise development.	
Unspecified Industry	Compliance with BBBEE legislation	
Unspecified Industry	Depressed commodity prices globally	
Unspecified Industry	Difficulty in predicting markets.	
Unspecified Industry	Downgrade to Junk status	
Unspecified Industry	Lack of investment in new mines and new manufacturing projects has caused	
	significant harm	

10 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

Cash on the balance sheet	9.53	16.16	5.53 - 13.52	10	-23.50	41.93	69

Earnings	7.89	22.71	2.82 - 12.96	5	-37.40	54.22	63

Revenue	7.31	19.30	3.25 - 11.36	7	-35.40	50.01	19

Productivity (output per hour worked)	6.21	9.95	3.60 - 8.81	5	-16.90	32.54	77

Health care costs	5.91	8.37	3.59 - 8.23	5	-10	37.34	50

Technology spending	5.86	10.64	3.02 - 8.69	3.50	-20.60	31.23	65

Wages/Salaries	5.40	13.12	2.61 - 8.18	6	-32.80	46.75	72

Prices of your products	5.19	11.51	2.45 - 7.92	5	-22.50	34.69	50

Marketing/advertising spending	3.10	9.91	0.69 - 5.51	3	-21.70	26.14	45

Research and development spending	2.93	8.38	0.53 - 5.33	0	-22.30	26.98	68

Number of domestic temporary employees	1.56	11.82	-1.72 - 4.83	0	-32.10	35.83	56

Share repurchases	1.22	3.53	-0.01 - 2.44	0	0	16.98	47

Capital spending	1.16	18.98	-3.31 - 5.64	3	-39.40	39.80	87

Dividends	0.76	8.79	-3.19 - 4.71	0	-31.50	10	32

Number of domestic full-time employees	0.47	12.11	-2.33 - 3.26	0	-31.70	32.99	54

Number of offshore outsourced employees	-1.28	6.46	-3.17 - 0.61	0	-21.30	8	85

11 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

(N=145)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.66	40	13	3
Productivity (output per hour worked)	0.58	71.4%	23.2%	5.4%

	0.64	33	16	1
Health care costs	0.53	66.0%	32.0%	2.0%

	0.64	63	13	9
Wages/Salaries	0.67	74.1%	15.3%	10.6%

	0.63	38	12	4
Technology spending	0.62	70.4%	22.2%	7.4%

	0.54	65	4	18
Revenue	0.82	74.7%	4.6%	20.7%

	0.52	45	6	12
Cash on the balance sheet	0.80	71.4%	9.5%	19.0%

	0.51	47	9	12
Prices of your products	0.78	69.1%	13.2%	17.6%

	0.46	42	11	12
Marketing/advertising spending	0.79	64.6%	16.9%	18.5%

	0.38	50	6	21
Earnings	0.89	64.9%	7.8%	27.3%

	0.34	19	25	3
Research and development spending	0.60	40.4%	53.2%	6.4%

	0.32	39	13	17
Capital spending	0.85	56.5%	18.8%	24.6%

	0.32	9	7	3
Dividends	0.75	47.4%	36.8%	15.8%

Number of domestic temporary	0.30	23	19	8
employees	0.74	46.0%	38.0%	16.0%

	0.19	6	26	0
Share repurchases	0.40	18.8%	81.3%	0.0%

	0.13	33	15	24
Number of domestic full-time employees	0.89	45.8%	20.8%	33.3%

Number of offshore outsourced	0.09	11	27	7
employees	0.63	24.4%	60.0%	15.6%

12 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

Revenue	8.56	15.77	5.50 - 11.61	7.50	-35.40	50.01	80

Cash on the balance sheet	8.14	13.48	5.02 - 11.26	8	-23.50	41.93	68

Earnings	7.31	20.06	3.00 - 11.61	5	-37.40	54.22	102

Technology spending	6.54	12.94	3.39 - 9.69	5	-20.60	31.23	74

Prices of your products	4.47	11.32	1.99 - 6.95	5	-22.50	34.69	67

Research and development spending	3.95	6.49	2.41 - 5.49	2.50	-22.30	26.98	83

Dividends	3.76	5.32	2.03 - 5.49	2	-31.50	10	72

Capital spending	1.73	19.14	-2.64 - 6.09	3	-39.40	39.80	36

Marketing/advertising spending	1.05	7.26	-0.69 - 2.79	3	-21.70	26.14	41

Share repurchases	0.82	2.37	0.10 - 1.55	0	0	16.98	65

13 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

Health care costs	5.42	6.58	3.80 - 7.03	6	-10	37.34	70

Wages/Salaries	4.15	10.27	2.02 - 6.29	6	-32.80	46.75	83

Productivity (output per hour worked)	4.06	7.21	2.36 - 5.75	2	-16.90	32.54	61

Number of offshore outsourced employees	-0.73	5.12	-2.09 - 0.63	0	-21.30	8	54

Number of domestic temporary employees	-1.05	12.31	-4.13 - 2.03	0	-32.10	35.83	89

Number of domestic full-time employees	-1.34	9.80	-3.45 - 0.76	0	-31.70	32.99	64

14 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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	8.93	9.51	6.12 - 11.74	7.50	-35.40	50.01

Earnings	6.24	12.02	2.56 - 9.92	8	-37.40	50

Cash on the balance sheet	4.63	12.44	0.67 - 8.59	3	-23.50	41.93

Dividends	3.92	5.38	2.13 - 5.71	2	-31.50	10

Share repurchases	0.66	2.70	-0.42 - 1.73	0	0	16.98

15 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

5a. What do you think is the probability that your country's economy will be in recession at the end of 2016?

	 	Number	Percent	Cumulative
	0	5	3.6 %	3.6 %
	1-10	18	12.9 %	16.5 %
	11-20	11	7.9 %	24.5 %
	21-30	12	8.6 %	33.1 %
	31-40	12	8.6 %	41.7 %
	41-50	26	18.7 %	60.4 %
	51-60	14	10.1 %	70.5 %
	61-70	10	7.2 %	77.7 %
	71-80	15	10.8 %	88.5 %
	81-90	10	7.2 %	95.7 %
	91-99	1	0.7 %	96.4 %
	100	5	3.6 %	100.0 %
	Total	139	100.0 %	100.0 %

	Mean = 44.1
	SD = 27.9

	Missing Cases = 6
	Response Percent = 95.9 %

16 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

	 	Number	Percent	95% CI
	Currency valuation	99	68.3 %	± 7.7 %
	Corruption	92	63.4 %	± 7.9 %
	Budget Deficit	85	58.6 %	± 8.1 %
	Price of oil	81	55.9 %	± 8.2 %
	Political risk	77	53.1 %	± 8.2 %
	High inflation	76	52.4 %	± 8.2 %
	Interest rates	49	33.8 %	± 7.8 %
	Terrorism	44	30.3 %	± 7.6 %
	Infrastructure	40	27.6 %	± 7.4 %
	Workforce disruptions	36	24.8 %	± 7.1 %
	Slowdown in China	35	24.1 %	± 7.1 %
	Stock market decline	30	20.7 %	± 6.7 %
	New regulations	27	18.6 %	± 6.4 %
	Slowdown in emerging economies other than China	24	16.6 %	± 6.1 %
	Price of non-oil commodities	18	12.4 %	± 5.4 %
	Slowdown in Europe	13	9.0 %	± 4.7 %
	Health crises	7	4.8 %	± 3.5 %
	Low Inflation	1	0.7 %	± 1.4 %
	Other	4	2.8 %	± 2.7 %
	Total	838

	Number of Cases = 145
	Number of Responses = 838
	Average Number Of Responses Per Case = 5.8
	Number Of Cases With At Least One Response = 144
	Response Percent = 99.3 %

17 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016? Other specified

Agr, Forestry, Fishing	Weak Institutions	
Mining/Construction	Labour action	
Retail/Wholesale	Draught continues	
Services, Consulting	electricity	

18 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 'reduce hiring plans'?

	 	Number	Percent	Cumulative
	0.25	5	6.4 %	6.4 %
	0.5	4	5.1 %	11.5 %
	0.75	3	3.8 %	15.4 %
	1.0	10	12.8 %	28.2 %
	1.5	7	9.0 %	37.2 %
	2.0	13	16.7 %	53.8 %
	2.5	7	9.0 %	62.8 %
	3.0	12	15.4 %	78.2 %
	3.5	3	3.8 %	82.1 %
	4.0	14	17.9 %	100.0 %
	Total	78	100.0 %	100.0 %

	Mean = 2.21
	SD = 1.22

	Missing Cases = 67
	Response Percent = 53.8 %

19 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 'reduce capital spending plans'?

	 	Number	Percent	Cumulative
	0.25	6	7.1 %	7.1 %
	0.5	2	2.4 %	9.4 %
	0.75	8	9.4 %	18.8 %
	1.0	14	16.5 %	35.3 %
	1.5	9	10.6 %	45.9 %
	2.0	15	17.6 %	63.5 %
	2.5	6	7.1 %	70.6 %
	3.0	11	12.9 %	83.5 %
	3.5	5	5.9 %	89.4 %
	4.0	9	10.6 %	100.0 %
	Total	85	100.0 %	100.0 %

	Mean = 1.97
	SD = 1.15

	Missing Cases = 60
	Response Percent = 58.6 %

20 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

6. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 'reduce borrowing plans'?

	 	Number	Percent	Cumulative
	0.25	7	8.1 %	8.1 %
	0.5	6	7.0 %	15.1 %
	0.75	3	3.5 %	18.6 %
	1.0	11	12.8 %	31.4 %
	1.5	4	4.7 %	36.0 %
	2.0	13	15.1 %	51.2 %
	2.5	9	10.5 %	61.6 %
	3.0	7	8.1 %	69.8 %
	3.5	6	7.0 %	76.7 %
	4.0	20	23.3 %	100.0 %
	Total	86	100.0 %	100.0 %

	Mean = 2.26
	SD = 1.32

	Missing Cases = 59
	Response Percent = 59.3 %

21 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2015	14.22	18.64	10.73 - 17.70	8	-12	100	110

% Expected ROA in 2016	16.96	21.52	12.92 - 21.00	8	-12	100	109

22 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	66.20	14.10	59.07 - 73.33	70	30	85	15

% of capacity utilization planned for the first half of
2016	75.27	9.99	70.21 - 80.32	75	60	90	15

23 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	69.33	10.68	64.05 - 74.62	70	40.83	85	16

% of capacity utilization planned for the first half of
2016	76.66	9.56	71.93 - 81.39	75	60	90	16

24 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Industry

	 	Number	Percent	95% CI
	Banking/Finance/Insurance/Real Estate	27	18.6 %	± 6.4 %
	Services, Consulting	19	13.1 %	± 5.6 %
	Retail/Wholesale	17	11.7 %	± 5.3 %
	Manufacturing	17	11.7 %	± 5.3 %
	Mining/Construction	10	6.9 %	± 4.2 %
	Agriculture, Forestry, & Fishing	8	5.5 %	± 3.8 %
	Technology [Software/Hardware/Biotech]	7	4.8 %	± 3.5 %
	Energy	6	4.1 %	± 3.3 %
	Communication/Media	6	4.1 %	± 3.3 %
	Healthcare/Pharmaceutical	6	4.1 %	± 3.3 %
	Public Administration	5	3.4 %	± 3.0 %
	Transportation & Public Utilities	4	2.8 %	± 2.7 %
	Other Industry	13	9.0 %	± 4.7 %
	Total	145	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

25 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Industry (Other specified)

--- No Response ---

26 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	58	42.3 %	± 8.1 %
	$25-$99 million	22	16.1 %	± 5.9 %
	$100-$499 million	32	23.4 %	± 6.8 %
	$500-$999 million	9	6.6 %	± 4.0 %
	$1-$4.9 billion	7	5.1 %	± 3.5 %
	$5-$9.9 billion	4	2.9 %	± 2.7 %
	More than $10 billion	5	3.6 %	± 3.0 %
	Total	137	100.0 %

	Missing Cases = 8
	Response Percent = 94.5 %

27 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 913.61

	Median = 62

	Variance (Unbiased Estimate) = 5784652.62

	Standard Deviation (Unbiased Estimate) = 2405.13

	Standard Error Of The Mean  = 205.48

	95 Percent Confidence Interval Around The Mean = 510.86 - 1316.35

	99 Percent Confidence Interval Around The Mean = 384.48 - 1442.73

	Skewness = 3.33

	Kolmogorov-Smirnov Statistic For Normality = 21.47

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =137
Missing Cases =8
Response Percent = 94.5%

28 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	43	33.1 %	± 7.5 %
	100-499	36	27.7 %	± 7.1 %
	500-999	10	7.7 %	± 4.2 %
	1,000-2,499	15	11.5 %	± 5.0 %
	2,500-4,999	11	8.5 %	± 4.4 %
	5,000-9,999	10	7.7 %	± 4.2 %
	Over 10,000	5	3.8 %	± 3.0 %
	Total	130	100.0 %

	Missing Cases = 15
	Response Percent = 89.7 %

29 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 1731.54

	Median = 300

	Variance (Unbiased Estimate) = 8547679.79

	Standard Deviation (Unbiased Estimate) = 2923.64

	Standard Error Of The Mean  = 256.42

	95 Percent Confidence Interval Around The Mean = 1228.95 - 2234.12

	99 Percent Confidence Interval Around The Mean = 1071.26 - 2391.82

	Skewness = 2.22

	Kolmogorov-Smirnov Statistic For Normality = 17.74

Quartiles

	 1 = 100
	 2 = 300
	 3 = 1750

Valid Cases =130
Missing Cases =15
Response Percent = 89.7%

30 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Where are you personally located?

	 	Number	Percent	95% CI
	Nigeria	78	53.8 %	± 8.2 %
	South Africa	54	37.2 %	± 8.0 %
	West Africa	10	6.9 %	± 4.2 %
	Other (please specify)	2	1.4 %	± 1.9 %
	East Africa	1	0.7 %	± 1.4 %
	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	145	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

31 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Headquarters Africa (Other Specified)

--- No Response ---

32 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

Dakar	
Germany	
Isreal	
Lebanon	
N/A	
Netherlands	
South Africa	
South Africa	
south africa	
Sweden	
Sweden	
Turkey	
UAE	
UK	
UK	
United Arab Emirates	
United Kingdom	
USA	
USA	
USA	

33 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Ownership

	 	Number	Percent	95% CI
	Private	103	74.1 %	± 7.5 %
	Public	28	20.1 %	± 6.5 %
	Government	5	3.6 %	± 3.0 %
	Nonprofit	3	2.2 %	± 2.3 %
	Total	139	100.0 %

	Missing Cases = 6
	Response Percent = 95.9 %

34 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

Foreign Sales

	 	Number	Percent	95% CI
	0%	56	43.1 %	± 8.0 %
	1-24%	51	39.2 %	± 7.9 %
	25-50%	8	6.2 %	± 3.8 %
	More than 50%	15	11.5 %	± 5.0 %
	Total	130	100.0 %

	Missing Cases = 15
	Response Percent = 89.7 %

35 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

	 	Number	Percent	95% CI
	Africa	38	57.6 %	± 11.7 %
	Europe	14	21.2 %	± 9.2 %
	Asia/Pacific Basin	6	9.1 %	± 6.4 %
	US/Canada	6	9.1 %	± 6.4 %
	Latin America	2	3.0 %	± 3.8 %
	Total	66	100.0 %

	Missing Cases = 8
	Response Percent = 89.2 %

36 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	6	7.3 %	7.3 %
	AA+	14	17.1 %	24.4 %
	AA	6	7.3 %	31.7 %
	AA-	5	6.1 %	37.8 %
	A+	8	9.8 %	47.6 %
	A	11	13.4 %	61.0 %
	A-	3	3.7 %	64.6 %
	BBB+	3	3.7 %	68.3 %
	BBB	4	4.9 %	73.2 %
	BBB-	3	3.7 %	76.8 %
	BB+	3	3.7 %	80.5 %
	BB	3	3.7 %	84.1 %
	BB-	2	2.4 %	86.6 %
	B+	4	4.9 %	91.5 %
	B	4	4.9 %	96.3 %
	B-	3	3.7 %	100.0 %
	CCC	0	0.0 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	82	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

37 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

What is your company's credit rating? 

N=82		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		82		38	44	
		100.0%		46.3%	53.7%	
						
AAA		6		3	3	
		7.3%		7.9%	6.8%	
						
AA+		14		8	6	
		17.1%		21.1%	13.6%	
						
AA		6		4	2	
		7.3%		10.5%	4.5%	
						
AA-		5		4	1	
		6.1%		10.5%	2.3%	
						
A+		8		3	5	
		9.8%		7.9%	11.4%	
						
A		11		4	7	
		13.4%		10.5%	15.9%	
						
A-		3		0	3	
		3.7%		0.0%	6.8%	
						
BBB+		3		2	1	
		3.7%		5.3%	2.3%	
						
BBB		4		1	3	
		4.9%		2.6%	6.8%	
						
BBB-		3		2	1	
		3.7%		5.3%	2.3%	
						
BB+		3		1	2	
		3.7%		2.6%	4.5%	
						
BB		3		1	2	
		3.7%		2.6%	4.5%	
						
BB-		2		1	1	
		2.4%		2.6%	2.3%	
						
B+		4		3	1	
		4.9%		7.9%	2.3%	
						
B		4		0	4	
		4.9%		0.0%	9.1%	

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

38 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

What is your company's credit rating? 

N=82		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		3		1	2	
		3.7%		2.6%	4.5%	
						
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

39 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

	 	Number	Percent
	CFO	36	26.1 %
	CEO	8	5.8 %
	Director	4	2.9 %
	MD	4	2.9 %
	Treasurer	3	2.2 %
	Manager	3	2.2 %
	Business Development Manager	3	2.2 %
	Financial Controller	2	1.4 %
	COO	2	1.4 %
	Accountant	2	1.4 %
	Business Manager	2	1.4 %
	Head of Finance	2	1.4 %
	GM	2	1.4 %
	Financial Director	2	1.4 %
	manager	1	0.7 %
	Group Head Branch Operations.	1	0.7 %
	Customer support partner	1	0.7 %
	Field Support Specialist	1	0.7 %
	Change manager	1	0.7 %
	Prefer not to mention	1	0.7 %
	Human Resources  Generalist	1	0.7 %
	Snr Client Service Manager	1	0.7 %
	Logistics Manager	1	0.7 %
	Head, Credit and Risk Management	1	0.7 %
	Accounts Manager	1	0.7 %
	chief financial officer	1	0.7 %
	Regional HR Manager	1	0.7 %
	Business Analyst	1	0.7 %
	Managing Consultant/Chief Executive Officer	1	0.7 %
	Senior Program Manager	1	0.7 %
	Snr. Manager, Finance	1	0.7 %
	managing director	1	0.7 %
	MD/CEO	1	0.7 %
	Agric Finance	1	0.7 %
	Business Development Lead	1	0.7 %
	Chief Instructor	1	0.7 %
	Principal Analyst	1	0.7 %
	CHAIRMAN/C.E.O.	1	0.7 %
	Special Advisor, Sales	1	0.7 %
	UNDERWRITING MANAGER	1	0.7 %
	Tax auditor	1	0.7 %
	Head ICT Governance	1	0.7 %
	Managing Director	1	0.7 %
	principal consultant	1	0.7 %
	Regional Manager	1	0.7 %
	Group Financial Manager	1	0.7 %
	Senior FM	1	0.7 %
	Head: Finance	1	0.7 %
	Executive	1	0.7 %
	board member	1	0.7 %
	Finance Manager	1	0.7 %
	GM: Finance	1	0.7 %
	Group Financial Exec	1	0.7 %
	Senior Finance Manager	1	0.7 %
	Shared Services Financial Manager	1	0.7 %
	valuation specialist	1	0.7 %
	asst treasurer	1	0.7 %

40 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2016

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

	 	Number	Percent
	Managing Consultant	1	0.7 %
	Senior Project Accountant	1	0.7 %
	Projects Director	1	0.7 %
	Sales Manager	1	0.7 %
	Head of Operation	1	0.7 %
	Project Manager	1	0.7 %
	Principal	1	0.7 %
	Chief Consultant	1	0.7 %
	Md	1	0.7 %
	Head of Chancery	1	0.7 %
	controls	1	0.7 %
	Retail Manager	1	0.7 %
	Senior Accountant	1	0.7 %
	Manpower Development Manager	1	0.7 %
	Human Resources Manager	1	0.7 %
	ADMINISRATION	1	0.7 %
	ED	1	0.7 %
	System Administrator	1	0.7 %
	Trade Marketing Consultant	1	0.7 %
	FM	1	0.7 %
	Total	138	100.0 %

	Missing Cases = 7
	Response Percent = 95.2 %