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. Write any emerging risks or new challenges that developed in the last six months:	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
(e.g., +3%, -2%, etc.) [Leave blank if not applicable]	8
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Revenue Weighted - Sorted]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Employee Weighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue Weighted]	12
5a. During 2015, does your company plan to:	13
5a. What proportion of your acquisition spending will be cross-border (outside your country)?	14
5a. Where will your cross-border acquisitions occur?	15
5b. During 2015, does your company plan to:	16
6a. To date, what effect have changes in interest rates had on your business?	17
6a. Has the effect of interest rates on your business been..	18
6a. To date, what effect have changes in oil prices had on your business?	19
6a. Has the effect of oil prices on your business been..	20
6a. To date, what effect have changes in currency values had on your business?	21
6a. Has the effect of currency values on your business been..	22
6b. How have interest rates affected capital spending plans for the next 12 months?	23
6b. How have low oil prices affected capital spending plans for the next 12 months?	24
6b. How has the dollar appreciation affected capital spending plans for the next 12 months?	25
6b. How have interest rates affected hiring plans for the next 12 months?	26
6b. How have low oil prices affected hiring plans for the next 12 months?	27
6b. How has the dollar appreciation affected hiring plans for the next 12 months?	28
6c. By year-end 2015, what do you expect long term interest rates will change by:	29
6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):	30
6c. By year-end 2015, relative to US dollar, our currency will change by:	31
Return on assets (ROA=operating earnings/assets)	32
Manufacturing capacity utilized	33
Manufacturing capacity utilized (Revenue Weighted)	34
Industry	35
Industry (Other specified)	36
Sales Revenue	37
Weighted Sales Revenue (Millions)	38
Number of Employees	39
Weighted Number of Employees	40
Where are you personally located?	41
If your company headquarters is in another country, please indicate which country.	43
Ownership	44
Foreign Sales	45
In what region of the world are most of your foreign sales?	46
What is your company's credit rating? 	47
Your job title (e.g., CFO, Asst. Treasurer, etc):	50
Your Gender	51
Your Age	52

 1 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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

	 	Number	Percent	95% CI
	1=More optimistic	5	10.6 %	± 9.0 %
	0=No change	9	19.1 %	± 11.5 %
	-1=Less optimistic	33	70.2 %	± 13.6 %
	Total	47	100.0 %

	Mean = -0.60
	SD = 0.68

	Missing Cases = 1
	Response Percent = 97.9 %

2 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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 = 100

	Mean = 48.0

	Median = 45

	Standard Deviation (Unbiased Estimate) = 18.7

	95 Percent Confidence Interval Around The Mean = 42.2 - 53.7

4 Groups

	 1 = 36.3
	 2 = 45
	 3 = 60

Valid Cases =41
Missing Cases =7
Response Percent = 85.4%

3 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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	20	41.7 %	± 14.5 %
	0=No change	15	31.3 %	± 13.6 %
	-1=Less optimistic	13	27.1 %	± 13.1 %
	Total	48	100.0 %

	Mean = 0.15
	SD = 0.82

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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 = 20

	Maximum = 100

	Mean = 68.3

	Median = 70

	Standard Deviation (Unbiased Estimate) = 15.3

	95 Percent Confidence Interval Around The Mean = 63.6 - 73.0

4 Groups

	 1 = 60
	 2 = 70
	 3 = 80

Valid Cases =41
Missing Cases =7
Response Percent = 85.4%

5 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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	22	50.0 %	± 15.4 %
	Reliability and cost of electricity	18	40.9 %	± 15.1 %
	Regulatory requirements	15	34.1 %	± 14.6 %
	Currency risk	14	31.8 %	± 14.3 %
	Difficulty attracting / retaining qualified employees	11	25.0 %	± 13.3 %
	Government policies	10	22.7 %	± 12.9 %
	Volatility of political situation	9	20.5 %	± 12.4 %
	Rising wages and salaries	9	20.5 %	± 12.4 %
	Access to capital	9	20.5 %	± 12.4 %
	Employee productivity	9	20.5 %	± 12.4 %
	Rising input or commodity costs	6	13.6 %	± 10.6 %
	Employee morale	5	11.4 %	± 9.8 %
	Cost of borrowing	5	11.4 %	± 9.8 %
	Corruption and white collar crime	4	9.1 %	± 8.9 %
	Violent crime	4	9.1 %	± 8.9 %
	Corporate tax code [domestic]	3	6.8 %	± 7.8 %
	Imbalance between transformation and service delivery
	   imperatives	3	6.8 %	± 7.8 %
	Weak demand for your products/services	3	6.8 %	± 7.8 %
	Geopolitical / health crises	2	4.5 %	± 6.4 %
	Unrest in the general population	2	4.5 %	± 6.4 %
	Government policies encouraging cross-border business
	   operations	1	2.3 %	± 4.6 %
	Cost of benefits	0	0.0 %	± 0.0 %
	Property rights	0	0.0 %	± 0.0 %
	Inflation	0	0.0 %	± 0.0 %
	Data security	0	0.0 %	± 0.0 %
	Deflation	0	0.0 %	± 0.0 %
	Other	1	2.3 %	± 4.6 %
	Total	165

	Number of Cases = 44
	Number of Responses = 165
	Average Number Of Responses Per Case = 3.8
	Number Of Cases With At Least One Response = 44
	Response Percent = 100.0 %

6 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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

Banking/Finance/Insurance	Price war developing in the market	

7 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

3b. Write any emerging risks or new challenges that developed in the last six months:

Banking/Finance/Insurance	Electricity shortage	
Banking/Finance/Insurance	Increased focus on delivery on strategic plans and budget for the forthcoming year	
Banking/Finance/Insurance	Nothing new in last 6 months	
Construction	Power crisis	
Healthcare/Pharmaceutical	Eskom Load Shedding crisis	
Healthcare/Pharmaceutical	implementation challenges around new legislation, no new power to drive country	
	productivity.	
Manufacturing	all covered above plus cheap Indian and China imports	
Manufacturing	Availability of raw materials	
Manufacturing	Competitor behaviour	
Manufacturing	Government revenues have fallen as a consequence of global oil prices changes	
Manufacturing	Impact of load shedding on our manufacturing plant, manufacturing output and	
	negative impact on econ	
Manufacturing	Oil, Currency	
Manufacturing	Strength of $ against Euro and 3rd world currencies	
Manufacturing	The country election process crises	
Manufacturing	Unpredictable/inconsistent politics which should be employment/growth	
	focussed but inward/negative	
Mining	drop in commodity prices	
Other	Electricity supply	
Other	flight of capital	
Other	Staff capacity vs. business growth	
Retail/Wholesale	Corruption and trust on the goverment and electrisity outages	
Service/Consulting	large currency dipsaritie	
Service/Consulting	Major risks to property rights with new laws, probable downgrading of country's	
	investment status	
Service/Consulting	Obtaining and Retaining talent and skill	
Service/Consulting	Outlook on GDP growth	
Service/Consulting	slow in growth of gdp. changes in government policies	
Transportation/Energy	Volatility in diesel prices. Depressed commodity prices causing resource owners	
	to reconsider projec	

8 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Dividends	33.33	57.74	-32.00 - 98.67	0	0	100	29

Earnings	22.13	57.71	1.48 - 42.79	11.50	-29	300	28

Technology spending	17.78	25.85	5.83 - 29.72	10	0	100	3

Capital spending	17.48	32.22	5.76 - 29.21	10	-50	100	30

Revenue	12.32	19.71	6.05 - 18.58	10	-20	100	18

Wages/Salaries	9.16	7.77	6.76 - 11.57	8	-20	30	22

Health care costs	8.31	4.38	6.28 - 10.33	8	0	18	29

Marketing/advertising spending	8.20	8.71	4.56 - 11.85	10	-20	25	16

Research and development spending	6.60	10.62	1.22 - 11.98	5	0	42	11

Prices of your products	5.09	4.53	3.44 - 6.73	5	-8	15	29

Number of domestic full-time employees	5.07	24.73	-3.93 - 14.07	5	-80	70	20

Productivity (output per hour worked)	4.50	6.21	1.78 - 7.22	2.50	-5	20	15

Share repurchases	2.00	6.00	-1.55 - 5.55	0	0	20	38

Cash on the balance sheet	1.11	21.23	-6.76 - 8.97	0	-50	30	11

Number of offshore outsourced employees	0.64	1.50	-0.25 - 1.52	0	0	5	18

Number of domestic temporary employees	-2.81	23.53	-14.34 - 8.72	0	-50	50	40

9 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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

(N=48)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.95	39	0	1
Wages/Salaries	0.32	97.5%	0.0%	2.5%

	0.89	16	2	0
Health care costs	0.32	88.9%	11.1%	0.0%

	0.82	19	2	1
Marketing/advertising spending	0.50	86.4%	9.1%	4.5%

	0.76	23	5	1
Prices of your products	0.51	79.3%	17.2%	3.4%

	0.69	23	3	3
Capital spending	0.66	79.3%	10.3%	10.3%

	0.68	31	2	5
Revenue	0.70	81.6%	5.3%	13.2%

	0.67	12	6	0
Technology spending	0.49	66.7%	33.3%	0.0%

	0.60	23	2	5
Earnings	0.77	76.7%	6.7%	16.7%

	0.60	9	6	0
Research and development spending	0.51	60.0%	40.0%	0.0%

	0.50	11	8	1
Productivity (output per hour worked)	0.61	55.0%	40.0%	5.0%

	0.45	19	4	6
Number of domestic full-time employees	0.83	65.5%	13.8%	20.7%

	0.33	1	2	0
Dividends	0.58	33.3%	66.7%	0.0%

Number of offshore outsourced	0.27	3	8	0
employees	0.47	27.3%	72.7%	0.0%

	0.18	2	9	0
Share repurchases	0.40	18.2%	81.8%	0.0%

Number of domestic temporary	0.13	6	6	4
employees	0.81	37.5%	37.5%	25.0%

	0.07	13	4	11
Cash on the balance sheet	0.94	46.4%	14.3%	39.3%

10 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Dividends	18.75	39.66	5.01 - 32.49	0	0	100

Technology spending	15.42	20.04	11.51 - 19.33	10	0	68.45

Earnings	11.98	31.28	6.28 - 17.67	11	-29	135.30

Capital spending	9.36	33.60	3.32 - 15.40	5	-45.70	80.63

Marketing/advertising spending	8.95	10.57	6.90 - 11.00	7.50	-8.87	25

Revenue	7.29	11.30	5.45 - 9.13	8	-20	50.95

Research and development spending	5.92	7.23	4.39 - 7.45	5	0	27.42

Prices of your products	3.87	3.05	3.33 - 4.40	5	-3.79	13.96

Share repurchases	0.50	1.74	0.09 - 0.90	0	0	13.76

Cash on the balance sheet	-2.71	17.93	-5.85 - 0.44	0	-40.50	30

11 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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

Health care costs	9.50	4.05	8.77 - 10.24	8	0	16.90

Wages/Salaries	9.36	6.44	8.45 - 10.26	7	-6.06	24.38

Number of domestic full-time employees	8.65	21.46	5.07 - 12.23	0	-43.40	53.53

Productivity (output per hour worked)	4.61	6.25	3.56 - 5.66	0	-5	16.67

Number of offshore outsourced employees	0.09	0.46	-0.02 - 0.20	0	0	3.58

Number of domestic temporary employees	-7.48	22.30	-12.01 - -2.94	0	-48.90	43.31

12 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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

Earnings	28.78	33.38	18.56 - 39.00	15	5	100

Dividends	18.75	39.66	5.01 - 32.49	0	0	100

Revenue	2.39	11.51	-0.86 - 5.65	5	-15	50.95

Share repurchases	0.00	0.00	0.00 - 0.00	0	0	0

Cash on the balance sheet	-4.74	8.96	-7.55 - -1.93	-5	-20	10

13 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

5a. During 2015, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	4	9.1 %	± 8.1 %
	Acquire part of another company or companies?	5	11.4 %	± 9.0 %
	Both	5	11.4 %	± 9.0 %
	Neither	30	68.2 %	± 14.3 %
	Total	44	100.0 %

	Missing Cases = 4
	Response Percent = 91.7 %

14 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

5a. What proportion of your acquisition spending will be cross-border (outside your country)?

	 	Number	Percent	95% CI
	0% [None]	9	64.3 %	± 28.8 %
	10%	1	7.1 %	± 15.5 %
	20%	1	7.1 %	± 15.5 %
	30%	1	7.1 %	± 15.5 %
	40%	0	0.0 %	± 0.0 %
	50%	0	0.0 %	± 0.0 %
	60%	0	0.0 %	± 0.0 %
	70%	0	0.0 %	± 0.0 %
	80%	0	0.0 %	± 0.0 %
	90%	0	0.0 %	± 0.0 %
	100% [All]	2	14.3 %	± 21.0 %
	Total	14	100.0 %

	Mean = 18.57
	SD = 35.70

	Missing Cases = 0
	Response Percent = 100.0 %

15 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

5a. Where will your cross-border acquisitions occur?

	 	Number	Percent	95% CI
	Africa	5	83.3 %	± 42.9 %
	Europe	1	16.7 %	± 42.9 %
	US/Canada	1	16.7 %	± 42.9 %
	Asia/Pacific Basin	0	0.0 %	± 0.1 %
	Latin America	0	0.0 %	± 0.1 %
	Total	7

	Number of Cases = 6
	Number of Responses = 7
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response = 6
	Response Percent = 100.0 %

16 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

5b. During 2015, does your company plan to:

	 	Number	Percent	95% CI
	Sell your company	1	2.6 %	± 4.2 %
	Sell part of your company	5	13.2 %	± 9.0 %
	Neither	32	84.2 %	± 13.9 %
	Total	38	100.0 %

	Missing Cases = 10
	Response Percent = 79.2 %

17 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6a. To date, what effect have changes in interest rates had on your business?

	 	Number	Percent	95% CI
	Direct	19	39.6 %	± 14.4 %
	Indirect	7	14.6 %	± 10.4 %
	Both	5	10.4 %	± 9.0 %
	No effect	17	35.4 %	± 14.0 %
	Total	48	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

18 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6a. Has the effect of interest rates on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	1	3.1 %	± 4.3 %
	+1=Positive	9	28.1 %	± 11.6 %
	0=No impact	5	15.6 %	± 9.1 %
	-1=Negative	17	53.1 %	± 14.2 %
	-2=Very negative	0	0.0 %	± 0.0 %
	Total	32	100.0 %

	Mean = -0.19
	SD = 0.97

	Missing Cases = 16
	Response Percent = 66.7 %

19 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6a. To date, what effect have changes in oil prices had on your business?

	 	Number	Percent	95% CI
	Direct	16	33.3 %	± 13.8 %
	Indirect	18	37.5 %	± 14.2 %
	Both	3	6.3 %	± 7.1 %
	No effect	11	22.9 %	± 12.3 %
	Total	48	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

20 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6a. Has the effect of oil prices on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	3	8.3 %	± 7.2 %
	+1=Positive	22	61.1 %	± 14.8 %
	0=No impact	2	5.6 %	± 5.9 %
	-1=Negative	8	22.2 %	± 11.1 %
	-2=Very negative	1	2.8 %	± 4.2 %
	Total	36	100.0 %

	Mean = 0.50
	SD = 1.03

	Missing Cases = 12
	Response Percent = 75.0 %

21 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6a. To date, what effect have changes in currency values had on your business?

	 	Number	Percent	95% CI
	Direct	24	50.0 %	± 14.7 %
	Indirect	12	25.0 %	± 12.7 %
	Both	6	12.5 %	± 9.7 %
	No effect	6	12.5 %	± 9.7 %
	Total	48	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

22 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6a. Has the effect of currency values on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	2	4.9 %	± 5.9 %
	+1=Positive	12	29.3 %	± 12.8 %
	0=No impact	6	14.6 %	± 9.8 %
	-1=Negative	15	36.6 %	± 13.7 %
	-2=Very negative	6	14.6 %	± 9.8 %
	Total	41	100.0 %

	Mean = -0.27
	SD = 1.18

	Missing Cases = 7
	Response Percent = 85.4 %

23 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6b. How have interest rates affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	0	0.0 %	± 0.0 %
	+1=Up medium	4	9.1 %	± 8.7 %
	0=No change	37	84.1 %	± 11.6 %
	-1=Down medium	3	6.8 %	± 7.6 %
	-2=Down large	0	0.0 %	± 0.0 %
	Total	44	100.0 %

	Mean = 0.02
	SD = 0.40

	Missing Cases = 1
	Response Percent = 97.8 %

24 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6b. How have low oil prices affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	1	2.3 %	± 4.5 %
	+1=Up medium	5	11.6 %	± 9.6 %
	0=No change	33	76.7 %	± 13.5 %
	-1=Down medium	3	7.0 %	± 7.6 %
	-2=Down large	1	2.3 %	± 4.5 %
	Total	43	100.0 %

	Mean = 0.05
	SD = 0.62

	Missing Cases = 2
	Response Percent = 95.6 %

25 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6b. How has the dollar appreciation affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	1	2.3 %	± 4.5 %
	+1=Up medium	6	13.6 %	± 10.3 %
	0=No change	29	65.9 %	± 14.6 %
	-1=Down medium	4	9.1 %	± 8.7 %
	-2=Down large	4	9.1 %	± 8.7 %
	Total	44	100.0 %

	Mean = -0.09
	SD = 0.83

	Missing Cases = 1
	Response Percent = 97.8 %

26 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6b. How have interest rates affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	0	0.0 %	± 0.0 %
	+1=Up medium	2	4.8 %	± 6.2 %
	0=No change	36	85.7 %	± 12.4 %
	-1=Down medium	4	9.5 %	± 8.5 %
	-2=Down large	0	0.0 %	± 0.0 %
	Total	42	100.0 %

	Mean = -0.05
	SD = 0.38

	Missing Cases = 4
	Response Percent = 91.3 %

27 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6b. How have low oil prices affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	0	0.0 %	± 0.0 %
	+1=Up medium	3	7.3 %	± 7.4 %
	0=No change	36	87.8 %	± 12.4 %
	-1=Down medium	1	2.4 %	± 4.4 %
	-2=Down large	1	2.4 %	± 4.4 %
	Total	41	100.0 %

	Mean = 0.00
	SD = 0.45

	Missing Cases = 5
	Response Percent = 89.1 %

28 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6b. How has the dollar appreciation affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	0	0.0 %	± 0.0 %
	+1=Up medium	2	4.8 %	± 6.2 %
	0=No change	34	81.0 %	± 13.2 %
	-1=Down medium	5	11.9 %	± 9.4 %
	-2=Down large	1	2.4 %	± 4.4 %
	Total	42	100.0 %

	Mean = -0.12
	SD = 0.50

	Missing Cases = 4
	Response Percent = 91.3 %

29 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6c. By year-end 2015, what do you expect long term interest rates will change by:

	 	Number	Percent	95% CI
	-300 bps	0	0.0 %	± 0.0 %
	-250 bps	0	0.0 %	± 0.0 %
	-200 bps	0	0.0 %	± 0.0 %
	-150 bps	1	2.2 %	± 4.2 %
	-100 bps	1	2.2 %	± 4.2 %
	-50 bps	1	2.2 %	± 4.2 %
	no chg	5	11.1 %	± 9.0 %
	+50 bps	22	48.9 %	± 14.7 %
	+100 bps	12	26.7 %	± 12.7 %
	+150 bps	1	2.2 %	± 4.2 %
	+200 bps	1	2.2 %	± 4.2 %
	+250 bps	0	0.0 %	± 0.0 %
	+300 bps	1	2.2 %	± 4.2 %
	Total	45	100.0 %

	Mean = 58.89
	SD = 68.50

	Missing Cases = 3
	Response Percent = 93.8 %

30 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

	 	Number	Percent	95% CI
	$25	0	0.0 %	± 0.0 %
	$30	0	0.0 %	± 0.0 %
	$35	0	0.0 %	± 0.0 %
	$40	1	2.2 %	± 4.2 %
	$45	0	0.0 %	± 0.0 %
	$50  (current spot)	0	0.0 %	± 0.0 %
	$55	2	4.4 %	± 5.9 %
	$60	5	11.1 %	± 9.0 %
	$65	8	17.8 %	± 11.0 %
	$70	9	20.0 %	± 11.5 %
	$75	6	13.3 %	± 9.7 %
	$80	8	17.8 %	± 11.0 %
	$85	3	6.7 %	± 7.1 %
	$90	0	0.0 %	± 0.0 %
	$95	2	4.4 %	± 5.9 %
	$100	1	2.2 %	± 4.2 %
	Total	45	100.0 %

	Mean = 71.89
	SD = 11.35

	Missing Cases = 3
	Response Percent = 93.8 %

31 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

6c. By year-end 2015, relative to US dollar, our currency will change by:

	 	Number	Percent	95% CI
	-50%	0	0.0 %	± 0.0 %
	-45%	0	0.0 %	± 0.0 %
	-40%	0	0.0 %	± 0.0 %
	-35%	0	0.0 %	± 0.0 %
	-30%	0	0.0 %	± 0.0 %
	-25%	1	2.2 %	± 4.2 %
	-20%	6	13.0 %	± 9.7 %
	-15%	7	15.2 %	± 10.4 %
	-10%	12	26.1 %	± 12.7 %
	-5%	10	21.7 %	± 11.9 %
	no change	2	4.3 %	± 5.9 %
	+5%	4	8.7 %	± 8.1 %
	+10%	3	6.5 %	± 7.1 %
	+15%	0	0.0 %	± 0.0 %
	+20%	1	2.2 %	± 4.2 %
	+25%	0	0.0 %	± 0.0 %
	+30%	0	0.0 %	± 0.0 %
	+35%	0	0.0 %	± 0.0 %
	+40%	0	0.0 %	± 0.0 %
	+45%	0	0.0 %	± 0.0 %
	+50%	0	0.0 %	± 0.0 %
	Total	46	100.0 %

	Mean = -7.61
	SD = 9.65

	Missing Cases = 2
	Response Percent = 95.8 %

32 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2014	20.97	24.99	13.03 - 28.92	15.50	-25	100	38

% Expected ROA in 2015	21.56	24.57	13.65 - 29.48	18	-10	100	37

33 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2014	75.22	16.82	64.23 - 86.21	70	50	95	9

% of capacity utilization planned for the first half of
2015	75.00	16.20	64.41 - 85.59	75	50	95	9

34 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2014	86.33	12.54	78.14 - 94.53	70	50	95	9

% of capacity utilization planned for the first half of
2015	82.22	13.02	73.72 - 90.73	75	50	95	9

35 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Industry

	 	Number	Percent	95% CI
	Manufacturing	10	20.8 %	± 11.9 %
	Service/Consulting	7	14.6 %	± 10.4 %
	Banking/Finance/Insurance	6	12.5 %	± 9.7 %
	Construction	5	10.4 %	± 9.0 %
	Retail/Wholesale	4	8.3 %	± 8.1 %
	Healthcare/Pharmaceutical	3	6.3 %	± 7.1 %
	Transportation/Energy	3	6.3 %	± 7.1 %
	Mining	2	4.2 %	± 5.9 %
	Communications/Media	1	2.1 %	± 4.2 %
	Tech [Software/Biotech]	0	0.0 %	± 0.0 %
	Other	7	14.6 %	± 10.4 %
	Total	48	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

36 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Industry (Other specified)

Agricultural commodity trading	
Agriculture	
Investment Holding	
marketing	
non profit	
Property and Development	
whole sale engineering	

37 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	21	44.7 %	± 14.6 %
	$25-$99 million	9	19.1 %	± 11.5 %
	$100-$499 million	9	19.1 %	± 11.5 %
	$500-$999 million	5	10.6 %	± 9.0 %
	$1-$4.9 billion	2	4.3 %	± 5.9 %
	$5-$9.9 billion	0	0.0 %	± 0.0 %
	More than $10 billion	1	2.1 %	± 4.2 %
	Total	47	100.0 %

	Missing Cases = 1
	Response Percent = 97.9 %

38 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 521.98

	Median = 62

	Variance (Unbiased Estimate) = 2823141.67

	Standard Deviation (Unbiased Estimate) = 1680.22

	Standard Error Of The Mean  = 245.09

	95 Percent Confidence Interval Around The Mean = 41.61 - 1002.35

	99 Percent Confidence Interval Around The Mean = -109.12 - 1153.07

	Skewness = 5.45

	Kolmogorov-Smirnov Statistic For Normality = 2.67

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =47
Missing Cases =1
Response Percent = 97.9%

39 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	15	34.1 %	± 13.6 %
	100-499	14	31.8 %	± 13.4 %
	500-999	4	9.1 %	± 8.1 %
	1,000-2,499	3	6.8 %	± 7.1 %
	2,500-4,999	6	13.6 %	± 9.7 %
	5,000-9,999	2	4.5 %	± 5.9 %
	Over 10,000	0	0.0 %	± 0.0 %
	Total	44	100.0 %

	Missing Cases = 4
	Response Percent = 91.7 %

40 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Weighted Number of Employees

	Minimum = 100

	Maximum = 7500

	Mean = 1169.32

	Median = 300

	Variance (Unbiased Estimate) = 3478164.64

	Standard Deviation (Unbiased Estimate) = 1864.98

	Standard Error Of The Mean  = 281.16

	95 Percent Confidence Interval Around The Mean = 618.25 - 1720.39

	99 Percent Confidence Interval Around The Mean = 445.34 - 1893.30

	Skewness = 2.12

	Kolmogorov-Smirnov Statistic For Normality = 2.30

Quartiles

	 1 = 100
	 2 = 300
	 3 = 750

Valid Cases =44
Missing Cases =4
Response Percent = 91.7%

41 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Where are you personally located?

	 	Number	Percent	95% CI
	South Africa	43	89.6 %	± 9.0 %
	Nigeria	2	4.2 %	± 5.9 %
	Rest of Africa	2	4.2 %	± 5.9 %
	Europe	1	2.1 %	± 4.2 %
	MENA (North Africa and Middle East)	0	0.0 %	± 0.0 %
	West Africa	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	East Africa	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	48	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

42 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Headquarters Africa (Other Specified)

--- No Response ---

43 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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

Germany	
Sweden	
UK	

44 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Ownership

	 	Number	Percent	95% CI
	Private	36	75.0 %	± 12.7 %
	Public	10	20.8 %	± 11.9 %
	Government	1	2.1 %	± 4.2 %
	Nonprofit	1	2.1 %	± 4.2 %
	Total	48	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

45 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Foreign Sales

	 	Number	Percent	95% CI
	0%	14	29.2 %	± 13.4 %
	1-24%	22	45.8 %	± 14.6 %
	25-50%	3	6.3 %	± 7.1 %
	More than 50%	9	18.8 %	± 11.5 %
	Total	48	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

46 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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

	 	Number	Percent	95% CI
	Africa	17	63.0 %	± 17.9 %
	Europe	8	29.6 %	± 15.2 %
	Asia/Pacific Basin	1	3.7 %	± 6.1 %
	US/Canada	1	3.7 %	± 6.1 %
	Latin America	0	0.0 %	± 0.0 %
	Total	27	100.0 %

	Missing Cases = 7
	Response Percent = 79.4 %

47 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	1	4.0 %	4.0 %
	AA+	0	0.0 %	4.0 %
	AA	2	8.0 %	12.0 %
	AA-	1	4.0 %	16.0 %
	A+	4	16.0 %	32.0 %
	A	4	16.0 %	48.0 %
	A-	0	0.0 %	48.0 %
	BBB+	3	12.0 %	60.0 %
	BBB	1	4.0 %	64.0 %
	BBB-	2	8.0 %	72.0 %
	BB+	3	12.0 %	84.0 %
	BB	0	0.0 %	84.0 %
	BB-	1	4.0 %	88.0 %
	B+	1	4.0 %	92.0 %
	B	1	4.0 %	96.0 %
	B-	1	4.0 %	100.0 %
	CCC	0	0.0 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	25	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

48 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

What is your company's credit rating? 

N=25		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		25		8	17	
		100.0%		32.0%	68.0%	
						
AAA		1		0	1	
		4.0%		0.0%	5.9%	
						
AA+		0		0	0	
		0.0%		0.0%	0.0%	
						
AA		2		0	2	
		8.0%		0.0%	11.8%	
						
AA-		1		0	1	
		4.0%		0.0%	5.9%	
						
A+		4		1	3	
		16.0%		12.5%	17.6%	
						
A		4		1	3	
		16.0%		12.5%	17.6%	
						
A-		0		0	0	
		0.0%		0.0%	0.0%	
						
BBB+		3		2	1	
		12.0%		25.0%	5.9%	
						
BBB		1		1	0	
		4.0%		12.5%	0.0%	
						
BBB-		2		1	1	
		8.0%		12.5%	5.9%	
						
BB+		3		1	2	
		12.0%		12.5%	11.8%	
						
BB		0		0	0	
		0.0%		0.0%	0.0%	
						
BB-		1		0	1	
		4.0%		0.0%	5.9%	
						
B+		1		1	0	
		4.0%		12.5%	0.0%	
						
B		1		0	1	
		4.0%		0.0%	5.9%	

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

49 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

What is your company's credit rating? 

N=25		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		1		0	1	
		4.0%		0.0%	5.9%	
						
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

50 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

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

	 	Number	Percent
	CFO	21	44.7 %
	Financial Director	5	10.6 %
	CEO	4	8.5 %
	Partner	2	4.3 %
	Financial Controller	2	4.3 %
	Finance Manager	2	4.3 %
	Financial Manager	2	4.3 %
	FM	1	2.1 %
	CFO Nedbank Wealth	1	2.1 %
	Company secretary/Fin Manager	1	2.1 %
	Finance director	1	2.1 %
	Finance Director	1	2.1 %
	Controller	1	2.1 %
	Managing Director	1	2.1 %
	Commercial director	1	2.1 %
	Divisional FD	1	2.1 %
	Total	47	100.0 %

	Missing Cases = 1
	Response Percent = 97.9 %

51 

Duke CFO magazine Global Business Outlook survey - Africa - First Quarter, 2015

Your Gender

	 	Number	Percent	95% CI
	Male	0	0.0 %
	Female	0	0.0 %
	Total		0.0 %

	Missing Cases = 48
	Response Percent = 0.0 %

No Valid Cases