Latest Articles

“Sometimes you feel unloved in the accounting profession. You cover the backside of the CEO and no one says thank you. It’s nice to be acknowledged,” said Osman Arbee, CFO of Imperial Holdings, when accepting the Strategy Execution Award, presented to him by Colin Brown of Supergroup – ironically his biggest competitor (pictured).

Out of the 320 teams representing 1,278 aspirants from 53 universities in 25 countries across five continents, the Project Board of the CFO Case Study Competition has announced the top 12 teams. Valentine Nti (pictured), the CFO Case Study Competition project executive director, said:

“We help CFOs make better decisions that create a better future for their companies,” says Simon Jackson, a director of enterprise performance management system provider Futuresense, a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

The latest economic update from the International Monetary Fund (IMF) has revealed that South Africa is now the third biggest economy in Africa, with Nigeria taking first place and Egypt second. According to the IMF, the weak rand, which worked against South Africa in the conversion to dollars in the IMF report, is the reason for the country’s drop to third place.

“Transformation won’t happen by osmosis or natural selection because at its core and at its foundation, it is a people thing. It comes down to behaviour and is a decision that people make,” says Seithati Bolipombo, CFO of Chancellor House Holdings (CHH), a privately held investment holding company founded in 2003. Seithati is extremely passionate about the subject of transformation and opines that while we’ve made good strides, there is still plenty of room for improvement. She also thinks we need to be prouder of our African heritage: “We need to elevate the pride of the African identity. The more globalised and Westernised we become, the more anything that was founded or established in Africa seems to have less of a reputation than the equivalent founded outside the continent. In business and in civil society, the African identity has to be prioritised and celebrated.” How did you get into finance? “This wasn’t always the plan! When I was in high school I actually wanted to work with young people. I had a chat to one of my teachers, who was like a mentor to me at the time. She said to me, ‘The world needs more people with strong values in critical pillars of society than it does within social services. You need people with the right heart and mind to be making those decisions in terms of where resources go’. She encouraged me to look into finance.” What do you most enjoy about the industry? “You get to shape the economy. Your area of financial excellence contributes to a bigger economic landscape, which really determines the growth of the country and therefore how it benefits its people.” In your opinion, what are the most important elements or considerations when devising a business strategy? "Every business exists for its customers or its clients. That’s first and foremost the thing you’ve got to preoccupy yourself with; being obsessed about understanding the people for whom you exist as a business, their needs, their demographics, and what keeps them awake at night. Then you have to consider what solution you are providing and how you meet their needs. My philosophy is that business concepts don’t fail due to a lack of either resources or the right people or staff. I believe that business concepts fail due to an inability to bring value to the table of exchange. I believe that people are willing to spend money as long as the solution that is being provided is a valid and valuable one. That’s the biggest element of business strategy for me.” What role do you think the CFO plays in the strategic vision of a company? “As CFO you may be the ’bean counter’ but you should also able to add value to strategy and decision-making based on numbers, so that business decisions are not made on gut feel or emotion. The strategy has to be based on strong strategic and financial fundamentals.” “In formulating strategy, management undertakes a critical assessment of the industry the business is in, as well as its competitors. It is crucial that this assessment is also based on financial evidence too. If it comes down to a choice of two paths the company could take, it’s a question of what do the numbers say. I’m particular about the numbers because I feel they’re objective to a certain extent – as long as we’re not cooking them.”

Do you want to keep up to date with the latest developments in finance, but you are short of time? Don’t worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience.

According to its audited results for the year ending 31 March 2016, Tongaat Hulett Ltd saw a rise of 3.2% in revenue, to R16,676 billion (compared to R16,155 billion for the previous year), with operating profit down 13.5% to R1,808 billion (compared to R2,089 billion the previous year.) Furthermore, headline earnings are down 17.1% to R783 million, and headline earnings per share are down 17.9% to 678,1 cents. The company said in its SENS announcement:

The prevalence of cyber threats is forcing companies to make tough decisions and quickly, otherwise they stand to lose direct control of data security, says Nathan Desfontaines, a Cyber Security Manager at KPMG South Africa. From coherent mobile information security policies to comprehensive cyber security strategies, the list of what is required from businesses to adequately protect ever-increasing volumes of data is growing. This is because the number of threats, including mobile malware and hacking, is also increasing. Mobile attacks, custom-designed malware and the threat of wearable technology, such as smartwatches, are examples of what businesses need to be aware of these days. Why do organisations need to treat cyber security as a key IT element rather than ‘another’ business risk? Businesses need to move away from believing that cyber security is a point-in-time exercise – a fad that is “hyped up”, or that the threats of cyber-attacks will go away. Once businesses can do this, then we can start to embrace the benefits technology has enabled within the business while dealing effectively with the very real threat of cyber-crime. When it comes to protecting businesses’ information from potential cyber-attacks, businesses need to understand what their “Crown Jewels” are. By knowing what the business has and what it is worth – both to the business and to outsiders – only then will the business gain a better understanding of what information needs to be protected. Trying to achieve 100% security across all facets of the IT estate is a challenge and is bound to dilute the focus on where it really should be – the critical information assets of the business. What are the toughest security challenges for businesses today? A constant challenge that businesses face is having an effective threat intelligence capability assessment, plan and response in place. Most companies would not know if they were being attacked and in most cases, for those who do, they are unable to detect and effectively respond to a breach. The reality is that technology in isolation is not going to ensure a business’s readiness to respond to a breach. Businesses need to have a balanced model of full business IT security including skilled people, embedded practical processes and, a “fit-for-purpose” technology that enhances the ability to detect and respond to a possible breach. What is considered a comprehensive cybersecurity strategy? A comprehensive cybersecurity strategy should start with a detailed classification of the business’s data – as you can’t protect what you don’t know you have. This classification should be followed by an all-inclusive threat intelligence capability assessment so that an effective post-breach response plan can be developed – and continuously updated, as necessary – as without these, the business is essentially “flying blind in an invisible war”. What could be the consequences to not defending your company from threat intelligence processes? Aside from a possible legislative or regulatory financial impact on a business as a result of a cyber-attack, businesses are becoming increasingly concerned around both the financial and reputational impact to their operations and their environment.

Anglo American has appointed Bruce Cleaver (pictured) as CEO of De Beers Group, with effect from 1 July. Cleaver replaces Philippe Mellier, who will be stepping down after a five-year tenure. Mark Cutifani, CEO of Anglo American and chairperson of De Beers, said in a statement:

Moody’s Investors Service announced yesterday in a report that it has revised its outlook for the South African banking system from stable to negative. It believes that the creditworthiness of these institutions will take strain over the next year to 18 months.

Following the great success of this year’s CFO Awards, held on 12 May at Summer Place, where Woolworths’ Reeza Isaacs walked away with the coveted CFO of the Year Award, we are calling for nominations for the CFO Awards 2017.

With personal computers and the internet mere precursors to the real digital revolution, CFOs need to change gears and get ready for radically different roles, says Xero executive Gary Turner. Few firms are riding the waves of digital change so confidently as Xero, the accounting software cloud-solution for small- and medium-sized enterprises. After swooping the UK market, Gary has now set his sights on South Africa.

CFO South Africa Newsletter | Thursday 26 May Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles Shoprite to invest $572 million in Angola Shoprite International, Africa’s largest food retailer, intends to invest $572 million in Angola, opening up new supermarkets and business units. It will also upgrade its existing chain of Angolan stores. This according to a recent statement published in the government gazette. Nigeria suspends talks on MTN fine According to reports, Nigeria has indefinitely suspended talks with the MTN Group regarding the $3.9 billion fine the telecoms company received in October last year, while the country’s House of Representatives undertakes an investigation into the size and delivery of the penalty. http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> AAT graduates easily turn theory into practice “Our local government and public sector qualifications are based on competency frameworks of municipalities and the National Treasury. They are designed to fit the purpose exactly,” says Nadine Kater, GM of the South African chapter of the Association of Accounting Technicians (AAT), a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. Read more exclusive articles on CFO.co.za - Nomanini records massive growth in transactions as platform scales - Understand how the economic puzzle fits together, says Allianz CFO ... - Finance flash: the TOP-10 articles of week 20 - Prof Wiseman Nkuhlu joins panel of judges for 2017 CFO Awards - INOVO's Thinus Janse van Rensburg: Four ways customers should drive... Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 June 21 Johannesburg | Are you an Inspiration? July 27 Johannesburg | Are you a Stakeholder Manager? Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [email protected] To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

Hedge fund manager Nautilus, a subsidiary of the JSE, has received approval from the Financial Services Board (FSB) to offer a set of hedge fund products to the public. Nautilus is one of only a few managers to have received approval to date, in terms of the revised legislations published last year. Alexia Kobusch (pictured), MD of Nautilus, said:

“To god be the glory. I don’t even have a speech, this is so unexpected,” said Dumisani Dlamini, CFO of the National Arts Council (NAC) of South Africa, and winner of two awards at the recent CFO Awards 2016, Young CFO of the Year (for finance leaders aged 40 or below) and Public Sector CFO of the Year. “This is to say to every black child, girl or boy, you can make it! This goes to all CFOS in government who are under political pressure or who are in a difficult environment – this is for you!"

Payments platform provider Nomanini has achieved a 1,500-percent growth in transactions as the company successfully scaled its mobile point-of-sale (PoS) platform for informal markets.

“Our local government and public sector qualifications are based on competency frameworks of municipalities and the National Treasury. They are designed to fit the purpose exactly,” says Nadine Kater, GM of the South African chapter of the Association of Accounting Technicians (AAT), a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

According to reports, Nigeria has indefinitely suspended talks with the MTN Group regarding the $3.9 billion fine the telecoms company received in October last year, while the country’s House of Representatives undertakes an investigation into the size and delivery of the penalty.

Do you want to keep up to date with the latest developments in finance, but you are short of time? Don’t worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience.

Prof Wiseman Nkuhlu (pictured), South Africa’s first black chartered accountant, current chancellor of the University of Pretoria and an often-cited inspiration for members of the CFO community, has accepted CFO South Africa’s invitation to join the panel of judges for the 2017 CFO Awards.

CFOs have traditionally not had to engage with IT. The CIO or other IT execs would simply recommend that the company adopt certain technologies without explaining how those technologies benefit the company. Buzzwords about technology and business processes can be impressive or baffling, depending on the level of communication between departments. It has become increasingly apparent that CFOs can benefit from engaging with IT, and that this engagement has a direct impact on profitability.

Lesetja Kganyago (pictured), South African Reserve Bank (Sarb) governor, has announced that there will be no change in the interest rate. Thus, the repo rate will remains at 7%, while the cost of borrowing will stay at 10.5%. A statement of the Monetary Policy Committee (MPC), issued by Kganyago, said that although headline CIP inflation has moderated since February, the respite is expected to be temporary, as petrol and food price pressures continue to intensify. The statement said:

Shoprite International, Africa’s largest food retailer, intends to invest $572 million in Angola, opening up new supermarkets and business units. It will also upgrade its existing chain of Angolan stores. This according to a recent statement published in the government gazette.

CFO South Africa Newsletter | Friday 20 May Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles CFO Awards 2016: glitz, glam & winners at Oscars of SA's financ... Woolworths Group FD Reeza Isaacs was named CFO of the Year 2016 during a spectacular CFO Awards Conference and Gala Dinner at the Summer Place in Hyde Park, Johannesburg. Our senior editor Toni Muir jotted down quotes throughout the evening and we have used the best ones to recap the amazing event, dubbed the Oscars of South Africa's finance profession by many CFOs. CFOs must be ready for change – keynote Deon Viljoen, Acting CEO of... Deon Viljoen, Acting CEO of Alexander Forbes, won the CFO of the Year Award at the CFO Awards 2015. This year, Deon presented a keynote speech, which he began by thanking the CFO team and the CFO community of South Africa. After congratulating this year’s nominees and winners, Deon spoke about change: “No matter what industry you are in, you will be faced with these challenges. The trick is to be aware of it and get out of the trenches every now and then to look, because the world is changing around you.” http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> Finance flash: the TOP-10 articles of week 19 Do you want to keep up to date with the latest developments in finance, but you are short of time? Don’t worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience. Read more exclusive articles on CFO.co.za - DA proposes big changes to finance minister’s budget - IFRS 15 and its impact explained - by KPMG's Pierre Conradie - Oracle: Closer alignment between CFO and CIO crucial to finance tra... - Finance Indaba 2016: SAIBA builds a community of committed professi... - Famous Brands buys 51% stake in Salsa Mexican Grill Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 June 21 Johannesburg | Are you an Inspiration? July 27 Johannesburg | Are you a Stakeholder Manager? Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [email protected] To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

In a statement released this week, the Democratic Alliance (DA) said that it will next week propose a R9.52 billion adjustment to South African finance minister Pravin Gordhan's 2016/17 budget. The DA noted in its statement that it will propose 399 amendments to fund six proposals, aimed at improving the lives of South Africans. According to the political party, the proposals are aimed at “creating jobs, fighting crime, supporting poor students, fighting corruption, providing relief to poor households and of course, providing drought relief”. Among the amendments and proposal are the allocation of an additional R1.2 billion to fund several new employment opportunities in the Expanded Public Works Programme (some 180 000 oppportunities, and a “hiring freeze” in certain departments, which the DA alleged will amount to a saving of R538.84 million. Other suggested amendments include discretionary cuts to VIP Protection and the much-talked-about presidential jet.

“We are at the beginning of a huge shift; a digital transformation washing across ever country as the power of computers and network computing takes hold,” said Gary Turner MD EMEA of Xero. Turner was speaking during the Johannesburg leg of the company’s South African roadshow. The MD added that, with 350-plus eager finance professionals in the audience before him, the South African market was one of the most exciting for the company to move into. It is little secret that South Africa is a nation of small businesses. In fact, there are more small businesses in the country than there are big. According to recently undertaken research, the contribution of small businesses to GDP in South Africa is 52%. Interestingly, as many as 40% of these small businesses don’t use accounting software. “South African businesses don’t help themselves. 23% don’t sell online; 58% work 10 plus hours a day; 40% don’t use any technology,” said Turner. Xero hope to change this, and rewire the small business economy, he added.

In May 2014, the accounting standards setting authorities released a new standard on revenue recognition effective for periods beginning on or after 1 January 2018: IFRS 15 Revenue from Contracts with Customers (IFRS 15). IFRS 15 brings together in one standard the core principles for revenue recognition across all sectors. Pierre Conradie, Director at KPMG Advisory Services, explains the impact of IFRS 15, especially as far as the property sector is concerned. While publishing a new standard on revenue recognition is a major achievement, for many companies, the real work is just beginning. The new requirements will affect companies in different ways and those engaged in major projects in South Africa – such as telecoms, public utilities, engineering, construction and real estate industries – could see significant changes to the timing of revenue. Although earlier concerns that revenue may be delayed until practical completion of a contract or that a single contract may be broken down into many small accounting units have been largely addressed, the devil is nevertheless in the detail.

“Setting a target, being clear about it and measuring it is key to success,” says Reeza Isaacs, group finance director of retailer Woolworths Holdings, and winner of this year’s CFO of the Year Award. The Award was presented at the spectacular CFO Awards 2016 ceremony, held on 12 May at Summer Place, and attended by over 250 elegantly dressed and excited guests.

According to a recent Oracle study, 73% of finance leaders agree that closer CIO/CFO alignment has become more important to achieving finance transformation goals.

"We see ourselves the gateway to the accounting profession," says Nicolaas van Wyk, CEO of the Southern African Institute for Business Accountants (SAIBA), a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

Famous Brands, South Africa's largest fast-food restaurant chain and which runs Steers, Debonairs and Wimpy, has announced that it will take a 51% stake in the recently launched local firm, Salsa Mexican Grill. Although the financial details of the deal have not yet been disclosed the company said the decision comes as part of its drive to extend its presence in the casual dining sector. Darren Hele (pictured), Famous Brands chief executive, said in a statement that the company had identified a gap in the market for casual and “fast” Mexican food, and that the acquisition fitted in with Famous Brands’ strategy in terms of its bouquet of brands. Hele said:

Rob Davies (pictured), Trade and Industry Minister, speaking at a recent Cape Town launch of the latest Industrial policy action plan (Ipap), said there is a pressing need for South Africa to break away from a commodity-dependent economy, and that economic growth should not be based on unsustainable models. Davies further noted that there should be a move to a more diversified base in which employment creation and export-intensity, among other things, define South Africa’s growth trajectory. Davies said:

In the majority of organisations, planning, budgeting and forecasting (PBF) processes are flawed. KMPG’s Charl du Toit suggests that a fully integrated planning process is essential to deliver full benefit and value from the planning process – and help your organisation achieve its goals.

Rand Merchant Bank (RMB) and Standard Bank will compete for top honours in the 2016 African Banker Awards, the most prestigious event in Africa’s banking sector, held under the patronage of the African Development Bank.

Petrus Jurgens Myburgh (pictured) has been appointed executive director and group CFO of Mediclinic International, effective 1 August.

Deon Viljoen, Acting CEO of Alexander Forbes, won the CFO of the Year Award at the CFO Awards 2015. This year, Deon presented a keynote speech, which he began by thanking the CFO team and the CFO community of South Africa. After congratulating this year’s nominees and winners, Deon spoke about change: “No matter what industry you are in, you will be faced with these challenges. The trick is to be aware of it and get out of the trenches every now and then to look, because the world is changing around you.”

Woolworths Group FD Reeza Isaacs was named CFO of the Year 2016 during a spectacular CFO Awards Conference and Gala Dinner at the Summer Place in Hyde Park, Johannesburg. Our senior editor Toni Muir jotted down quotes throughout the evening and we have used the best ones to recap the amazing event, dubbed the Oscars of South Africa's finance profession by many CFOs.

“It’s not what you see it’s how you interpret what you are seeing,” American-born baseball player and coach turned business performance coach, Brian Farley, told the assembled audience at a master class session held on 12 May at Summer Place, ahead of the hugely successful annual CFO Awards dinner.

"The CFO and his or her team should be a respected centre of excellence that is trusted for intellectual honesty, sound processes and transparency," said Prof Lumkile Wiseman Nkuhlu, Chancellor of the University of Pretoria, during a keynote speech at the CFO Awards on 12 May 2016 at Summer Place in Johannesburg. South Africa's first-ever black chartered accountant called on the attending CFOs to show courage "in times of persistent market volatility and rapid technological change".

Reeza Isaacs, group finance director of retailer Woolworths Holdings, has been named South Africa’s CFO of the Year at the 2016 CFO Awards. The award was announced on Thursday 12 May 2016 at the end of an inspirational conference and gala event at Summer Place in Hyde Park, Johannesburg. Dumisani Dlamini (National Arts Council) was named Young CFO of the Year and Public CFO of the Year, while Osman Arbee (Imperial) and Walter Leonhardt (ABI) also took home two awards each.

CFO South Africa Newsletter | Thursday 12 May Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles Mastering change and integrity in the public sector - Umar Banda. C... Working in the public sector "isn't everybody's cup of tea", says Umar Banda, Acting CFO of the City of Tshwane Metropolitan Municipality, because the environment – which can be quite politically driven at times – is sometimes difficult to navigate. CFO Awards 2016: Why being acknowledged is tough The most difficult thing about being acknowledged is that you open yourself to scrutiny, writes CFO South Africa MD Graham Fehrsen, three days before the annual highlight on the CFO's calendar - the CFO Awards." http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> New CFO for Wescoal: Bothwell Mazarura South African coal mining company, Wescoal, has appointed Bothwell Mazarura (pictured) as Group FD and CFO, effective 1 July. Izak van der Walt, the company's Acting CFO, will take on the role of GM Finance for Operations as of 1 July, providing support to the group and board financial roles. Read more exclusive articles on CFO.co.za - Finance Indaba 2016: ACCA graduates mean business - Nedbank's income rises - SABMiller and Coca-Cola create Africa's largest soft drinks bottler - ArcelorMittal benefits from better steel prices - New CFO, Clarinda Simpson, appointed at Sentech CFO Awards 2016 - 12 May Sandton Tonight we host the prestigious 2016 CFO Awards The annual CFO Awards recognizes CFOs of listed companies, large corporations, parastatals and government institutions and awards them for outstanding performance and leadership. Over 250 top CFOs and business partners will attend the event and enjoy roundtable discussions, networking, entertainment and a VIP dinner. It will be an afternoon of exceptional round table conversations with nominees and excellent networking opportunities in the first part of our event. During the evening, our guests will enjoy great food and drinks during the CFO dinner and CFO Awards show.?? Entertainment by Swing City Modern Day Swing Music, inspired by the likes of the Rat Pack, Michael Buble en Robbie Williams. Swing City was borne of the love of swing music from three of South Africa’s most loved artists Nathan Ro, Graeme Watkins and Loyiso Bale. Our guests will be inspired by thought provoking speakers Professor Wiseman Nkuhlu, professor Mervyn King and Vusi Thembekwayo will be among the most eminent of guests at this year’s CFO Awards. Also we have leading experts Keith Coats and Brian Farley, international leadership experts, Trevor Hoole, CEO KPMG Southern Africa, Clement Chinaka, CEO Corporate Segment Old Mutual and Victor Sekese, CEO SizweNtsalubaGobodo joining us, together with some of the very best CFOs and CEOs sharing their insights and experience. For more information have a look at CFOAwards.co.za. Become a member and buy your ticket here. Partners CFO Awards 2016 Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 21 Johannesburg | Are you an Inspirator? July 27 Johannesburg | Are you a Stakeholder Manager? Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [email protected] To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

Ivan Dittrich (pictured), former Datatec CFO, will be returning to this post as of end May. Dittrich left the JSE-listed IT group in 2012 for the CFO job at telecoms giant, Vodacom. Jens Montanana, Datatec CEO, said in a statement: “I am delighted to welcome Ivan back as our CFO. He has a very strong track record with us and has benefited from his recent experience outside the group.” Dittrich worked in a number of roles across Datatec, including CFO, from March 2008 to May 2012, at which time he left to take up the Vodacom CFO post. Dittrich spent three years at the telecoms company, resigning in mid-2015. Returning to this role at Datatec Dittrich replaces outgoing CFO Jurgens Myburgh, who will be moving into a CFO post at Mediclinic International from August.

The judges have submitted their votes, the scores have been tallied and the auditors from SizweNtsalubaGobodo have sealed the envelopes. Tonight will be revealed who will follow in the footsteps of now-retired Standard Bank FD Simon Ridley and Alexander Forbes acting CEO Deon Viljoen (pictured together below) - and will be crowned CFO of the Year 2016.

President Jacob Zuma, speaking at a recent press briefing at the Union Buildings, said government will reduce policy uncertainty to boost economic growth. The President said:

"There is an undeniable need to introduce young people to entrepreneurship at an early stage and further ensure that they are equipped with the right skills from an education front," says Patience Semenya, head of the South African chapter of the Association of Chartered Certified Accountants (ACCA), a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

According to Nedbank Group, its first-quarter net interest income has expanded at least 10%; boosted, the entity says, by the country’s highest interest rates in six years. According to Mike Brown, Nedbank CEO, performance was in line with management’s expectations for the first three months of the year.

Working in the public sector "isn't everybody's cup of tea", says Umar Banda, Acting CFO of the City of Tshwane Metropolitan Municipality, because the environment – which can be quite politically driven at times – is sometimes difficult to navigate.

South African coal mining company, Wescoal, has appointed Bothwell Mazarura (pictured) as Group FD and CFO, effective 1 July. Izak van der Walt, the company's Acting CFO, will take on the role of GM Finance for Operations as of 1 July, providing support to the group and board financial roles. Mazarura previously held various senior financial roles at South African platinum miner, Lonmin, including Head of Group Finance, Head of Treasury and Acting CFO. Prior to working for Lonmin, Mazarura worked for Deloitte in South Africa and in the UK. JSE-listed Wescoal is active in coal mining, processing and trading through two primary divisions: Mining and Trading. The company's Mining Division accounts for 92% of its operational EBITDA.

The most difficult thing about being acknowledged is that you open yourself to scrutiny, writes CFO South Africa MD Graham Fehrsen, three days before the annual highlight on the CFO's calendar - the CFO Awards.

SABMiller and Coca-Cola have agreed concessions over a bottling deal that will see their African soft drink operations merge, in so doing creating the continent's largest soft drinks bottler, Coca-Cola Beverages Africa.

Steel company ArcelorMittal South Africa has said it expects its overall liquidity to "normalise at acceptable levels". This following a price increase in the first quarter of this year. The company said in a statement:

It is time for tuxedos. It is time for cocktail dresses. It is time to celebrate South Africa's finance leaders during the 3rd annual CFO Awards at the marvelous Summer Place in Hyde Park, Johannesburg. On Thursday 12 May 2016 CFO South Africa will host a spectacular gala dinner, preceded by a high-level conference for the country's best finance directors and chief financial officers. At the end of the evening one of 25 nominees will be crowned CFO of the Year.

Of the 1,278 aspirants comprising 320 teams and representing 53 universities and 25 countries across five continents, as much as 80% of entrants in the CFO Case Study Competition met the 30 April deadline for Round 1 submissions.

CFO South Africa Newsletter | Thursday 5 May Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles Funke Ighodaro, Tiger Brands CFO, steps down Funke Ighodaro (pictured) has resigned as CFO and executive director of Tiger Brands, South Africa's largest food producer. According to a statement, the CFO is leaving in order to pursue other interests. Starbucks to invest R130 million in SA across 150 stores Starbucks, the world’s largest coffee-shop chain, plans to invest R130 million in South Africa over the next two years as the company begins its countrywide expansion. The American coffee chain intends to open as many as 150 stores in South Africa." http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> From Alexandra to the boardroom: MMI CFO Mary Vilakazi After being made partner at PwC as a 27-year-old in 2005, Mary Vilakazi was “under enormous pressure not to fail”. Since then Mary has morphed from hardworking auditor to group CFO at MMI Holdings, the umbrella for insurers Momentum and Metropolitan - with a period as a dynamic consultant in between. “I think my success is proof that you cannot underestimate the power of being given opportunities,” she says. Read more exclusive articles on CFO.co.za - Standard Bank CEOs Sim Tshabalala and Ben Kruger get 43% pay increase - Internal audit can give you competitive advantage, says IIA SA's Cl... - Sibanye Gold's operating profit increases by 240 percent - MTN ex-CEO Sifiso Dabengwa received R23.7 million payout - Pick n Pay to expand into Nigeria CFO Awards 2016 - Reserve your table now - 12 May Sandton Join the CFO Awards and meet 250 of South Africa's leading CFOs. The annual CFO Awards recognizes CFOs of listed companies, large corporations, parastatals and government institutions and awards them for outstanding performance and leadership. Over 250 top CFOs and business partners will attend the event and enjoy roundtable discussions, networking, entertainment and a VIP dinner. Don't miss out on an afternoon of exceptional round table conversations with nominees and excellent networking opportunities in the first part of our event. In the evening join us for great food and drinks during the CFO dinner and CFO Awards show.?? Be entertained by Swing City Modern Day Swing Music, inspired by the likes of the Rat Pack, Michael Buble en Robbie Williams. Swing City was borne of the love of swing music from three of South Africa’s most loved artists Nathan Ro, Graeme Watkins and Loyiso Bale. Get inspired by thought provoking speakers Professor Wiseman Nkuhlu, professor Mervyn King and Vusi Thembekwayo will be among the most eminent of guests at this year’s CFO Awards. Also we have leading experts Keith Coates and Brian Farley, international leadership experts, Trevor Hoole, CEO KPMG Southern Africa, Clement Chinaka, CEO Corporate Segment Old Mutual and Victor Sekese, CEO SizweNtsalubaGobodo joining us, together with some of the very best CFOs and CEOs sharing their insights and experience. For more information have a look at CFOAwards.co.za. Become a member and buy your ticket here. Partners CFO Awards 2016 Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 21 Johannesburg | Are you an Inspirator? July 27 Johannesburg | Are you a Stakeholder Manager? Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [email protected] To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

"We make Excel the front end to your ERP (Oracle, SAP or PeopleSoft) and give you all the power of Excel plus more with our custom-built functions," says Shirley Riddick, MD of Excel4apps in the Middle East, Africa and Asia-Pacific. Excel4apps is a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg.

Starbucks, the world’s largest coffee-shop chain, plans to invest R130 million in South Africa over the next two years as the company begins its countrywide expansion. The American coffee chain intends to open as many as 150 stores in South Africa. Starbucks, brought in under licence by South Africa’s JSE-listed Taste Holdings, which has subsidiaries including Scooters Pizza, Domino's Pizza and NWJ, among others, opened its first store on 21 April in Rosebank, Johannesburg, and its second on 28 April in the brand new Mall of Africa, also in Johannesburg. Howard Schultz, Starbucks CEO, said the market looks like it is going to be larger than they initially thought. Schultz said:

Mary Vilakazi believes her success is proof that you cannot underestimate the power of being given opportunities.

According to the company's recently published annual report, the combined compensation of Sim Tshabalala (pictured left) and Ben Kruger (pictured right), Standard Bank Group’s joint CEOs rose 43% after full-year profit climbed by a third.

Organisations that have embraced internal audit, employ competent internal auditors and give internal audit the freedom to execute its duty in accordance with the international standards find that it’s not the unwelcome watchdog for which it's sometimes mistaken. In fact, internal audit can confer a competitive advantage, suggests Dr Claudelle von Eck, CEO of the Institute of Internal Auditors South Africa (IIA SA).

According to South African gold miner Sibanye Gold, the company expects a rise in half-year profits thanks to an increase in the rand price for bullion.

According to MTN's recently published annual report, Sifiso Dabengwa (pictured), MTN Group former CEO, was paid some R23.7 million for loss of office after he resigned following the $5.2 billion fine levied on the telecoms company by Nigerian regulators.

Through a partnership with a local conglomerate, South African supermarket chain Pick n Pay, which recently reported a 26% increase in annual earnings, intends to expand into Nigeria during the course of next year. Richard Brasher, Pick n Pay CEO, said at a recent media briefing:

Advertorial

CFO South Africa Newsletter | Thursday 28 April Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles MTN Group sees stunted growth MTN Group's subscriber numbers fell during the first quarter of this year, the company's customer base decreasing by some 1.4% (to around 229 million) across 22 countries. This as disconnections ordered by the government in Nigeria – MTN's biggest market – curbed the growth of Africa’s largest wireless operator. KPMG named All-Star Company on IAOP's 2016 World's Best Outsourcing... KPMG International has received all-star ratings for its shared services and outsourcing advisory capabilities on the International Association of Outsourcing Professional’s (IAOP) 2016 World’s Best Outsourcing Advisors list." http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> Reputation is everything, says Black Rhino CFO Paul Inbona "As an executive, your greatest asset is your reputation. I think that a lot of people in finance in particular would do very well to focus on that issue and ensure that they are able to make the tough decision when it comes to being asked to do things that are not in their view of the world, or which they deem unacceptable," says Paul Inbona, CFO of Black Rhino, part of the Black Stone Group, which focuses on development projects in the power generation and oil & gas infrastructure industries. Paul, an avid bridge player, believes that while it is crucial to have a CFO network, it is as important to have a network within your own industry. "I find people aren't immersed enough in their own business. To understand the story behind the numbers you have to understand the market, the industry and the players. For me that is as important as the technical aspect of the CFO role." Read more exclusive articles on CFO.co.za - Finance Indaba 2016: Charterquest CFO Case Study Competition draws ... - Vodacom ordered to compensate inventor of the 'Please Call Me' - Zim-born actuary Marjorie Ngwenya to head UK actuaries body iFoA - New Thomson Reuters website for Africa launched - Eskom borrows R2.5 billion from Brics bank CFO Awards 2016 - Reserve your table now - 12 May Sandton Join the CFO Awards and meet 250 of South Africa's leading CFOs. The annual CFO Awards recognizes CFOs of listed companies, large corporations, parastatals and government institutions and awards them for outstanding performance and leadership. Over 250 top CFOs and business partners will attend the event and enjoy roundtable discussions, networking, entertainment and a VIP dinner. Don't miss out on an afternoon of exceptional round table conversations with nominees and excellent networking opportunities in the first part of our event. In the evening join us for great food and drinks during the CFO dinner and CFO Awards show.?? Be entertained by Swing City Modern Day Swing Music, inspired by the likes of the Rat Pack, Michael Buble en Robbie Williams. Swing City was borne of the love of swing music from three of South Africa’s most loved artists Nathan Ro, Graeme Watkins and Loyiso Bale. Get inspired by thought provoking speakers Professor Wiseman Nkuhlu, professor Mervyn King and Vusi Thembekwayo will be among the most eminent of guests at this year’s CFO Awards. Also we have leading experts Keith Coates and Brian Farley, international leadership experts, Trevor Hoole, CEO KPMG Southern Africa, Clement Chinaka, CEO Corporate Segment Old Mutual and Victor Sekese, CEO SizweNtsalubaGobodo joining us, together with some of the very best CFOs and CEOs sharing their insights and experience. For more information have a look at CFOAwards.co.za. Become a member and buy your ticket here. Partners CFO Awards 2016 Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 21 Johannesburg | Are you an Inspirator? July 27 Johannesburg | Are you a Stakeholder Manager? Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [email protected] To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

The Constitutional Court has ordered Vodacom to discuss compensation for Nkosana Makate (pictured), the alleged inventor of the 'Please Call Me'. Makate opines that the Please Call Me service, which has been in existence since 2000, has generated as much as R70 billion for Vodacom over the years.

KPMG International has received all-star ratings for its shared services and outsourcing advisory capabilities on the International Association of Outsourcing Professional’s (IAOP) 2016 World’s Best Outsourcing Advisors list. Trevor Hoole (pictured), CEO of KPMG in Southern Africa, said of the achievement:

“Employers are seeking financial education that produces cutting edge and real world integrated technical, business and leadership acumen,” says Valentine Nti from CharterQuest, a silver partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. CharterQuest will host the global finals of the first ever CFO Case Study Competition at the Finance Indaba.

MTN Group's subscriber numbers fell during the first quarter of this year, the company's customer base decreasing by some 1.4% (to around 229 million) across 22 countries. This as disconnections ordered by the government in Nigeria – MTN's biggest market – curbed the growth of Africa’s largest wireless operator.

"As an executive, your greatest asset is your reputation. I think that a lot of people in finance in particular would do very well to focus on that issue and ensure that they are able to make the tough decision when it comes to being asked to do things that are not in their view of the world, or which they deem unacceptable," says Paul Inbona, CFO of Black Rhino, part of the Black Stone Group, which focuses on development projects in the power generation and oil & gas infrastructure industries. Paul, an avid bridge player, believes that while it is crucial to have a CFO network, it is as important to have a network within your own industry. "I find people aren't immersed enough in their own business. To understand the story behind the numbers you have to understand the market, the industry and the players. For me that is as important as the technical aspect of the CFO role." How did you come to pursue a career in the finance industry? "I'm actually an engineer by background. I studied at one of the top French academic institutions and was thinking about what I wanted to do at the end of that school and it was either to go be an engineer in production or be in a lab, and neither of those appealed to me. Then I came across the auditing profession and what interested me there was that through the lens of the auditor you got to look at the whole business and touch on all the business processes from recruitment to procurement, investments, assets capitalisation and depreciation, sales and marketing even. Every aspect of the business ends up being reflected in your books. And that's how I got involved and interested in the financial world at large. I started with the auditing profession and moved into management consulting and private equity business after I did my MBA. I then moved on to CFO and operational CFO roles." You've been with Black Rhino Group since May 2015. What have you achieved during this time? "I took on a position where there was virtually no one in charge of finance, so I had to start from scratch getting the books up to the standard that I strive to achieve and strengthening the team, bringing in additional people with the critical skills needed to get the finance function into place. I hired a tax manager and an HR manager. We've also been implementing a new ERP system. I'm happy with the progress so far. It's going well, not as fast as I would've liked, but we are moving in the right direction. In addition, I spend a fair amount of time supporting the transactions in terms of tax and accounting advice where required and I am involved with the General Counsel in the overall structuring of the Group." You've worked in various countries – DRC, Canada, Australia, France, South Africa and Switzerland. How does the working culture differ between these places, and how do you adapt each time? "To adapt to different cultures you've got to be open and agile, as well as willing to understand where you're moving into before trying to impose on other people how you think they should do things. You've also got to learn the local language, the way people interact, the way they communicate, and the nuances of that country's business culture." "The finance function is fairly common across countries, what is different is the level of education and the level of sophistication among the people. In Australia there is a very skilled, computer literate, professional workforce. It is really impressive. In the DRC it was quite the opposite. The education is poor, though people are very willing to learn. So you've got to adapt yourself to the level of the audience, and learn how things are done in those places, because it can be quite different to what you're used to in your environment of origin." Where do you go for advice about doing business in Africa? "We rely a lot on local and international legal and accounting firms. Local firms give you the local insight, which is very important, to ensure you understand the local context and you get advice that is relevant and you may even pick up upcoming changes in legislation that a big international firm may not be aware of, but international firms give you experience of structuring transactions with the correct jurisdictions and understanding and navigating the landscape of transfer pricing issues that the local firms may not be fully aware of, as well as international tax and legal issues. You've also got to develop a network of contacts in those countries. When I was in the DRC I became a member of the Chamber of Mines. It's important to be able to lobby at the right level of government and institutions that you deal with." How important is it for CFOs to meet peers? "We are in the position where we are more and more subject to compliance and regulation and very often a CFO in another industry may have some specificities at the margin. So somewhere, someone will have faced the problem you are faced with. Meeting peers accelerates the learning curve. Using your network to leverage your relationships ensures you are able to deal with the issue at hand quicker than if you don't use your network. So it's extremely important."

Marjorie Ngwenya (pictured), currently Chief Risk Officer for Old Mutual’s African business unit, has been appointment president-elect of the UK’s Institute and Faculty of Actuaries (iFoA).

Massive outflows of foreign capital from our borders. Slow economic growth and tough global trading conditions. Difficult regulations and red tape. Upscaling private companies in SA is a massive task. But if we’re serious about growing our base of job-creating private companies, something needs to be done. As a nation desperate for job creation, we need to delve deep in order to understand the critical constraints for unlocking growth. These are the thoughts of Louw Barnardt, co-founder and MD of Outsourced CFO, a financial management boutique of CAs which assists private company clients in gaining access to innovative funding solutions. The SAICA SME report states that, “According to SMEs, the main reasons for business failure are overwhelmingly cash-flow related”. A business of any size and in whichever industry needs financial stability to operate sustainably. Aiming to expand is an even more complex objective that requires SMEs to raise growth finance. Taking this into consideration, how can SMEs be expected to operate sustainably as well as grow, if accessing finance proves to be one of their greatest obstacles? The SAICA SME report concluded that SMEs start with too little capital, collect debtors late, are subject to bad debts, and have overheads that are too high. Government expects that 90 percent of new jobs will come from SMEs. Therefore, big businesses and the public sector need to realise that SMEs will be crucial for growth of the fiscus as well as the private sectors turnover. This then concludes that SME growth is not only to the benefit of the SME, but in the best interest of big business and the public sector.

Thomson Reuters, a world leader in providing industry insight and intelligence for businesses and professionals, has launched a brand new website for Africa.

The New Development Bank (NDB), recently established by the five Brics countries (Brazil, Russia, India, China and South Africa), is set to loan Eskom some $180 million – at current exchange rates about R2.57 billion.

Following his recent appointment as non-executive director of Allan Gray, former finance minister Nhlanhla Nene (pictured) has now also been appointed a resident advisor to Thebe Investment Corporation.

Audit firm SizweNtsalubaGobo (SNG) has not been approached by anyone from the Gupta family or from the cabinet of president Jacob Zuma, says Victor Sekese, CEO of the firm that was announced this week as the new auditor of Oakbay Resources and Energy Limited, owned by the controversial Gupta-family. Sekese says SNG has consulted with Oakbay’s former auditor KPMG “and established that there are no professional and ethical reasons not to accept the client”.

“I have always had a passion for technology,” says Frank Rizzo, who is in charge of the technology sector and of data & analytics at KPMG across Africa. Frank is a popular speaker at CFO South Africa events, combining ultra-current insights with an easy presentation style. In an exclusive interview with CFO South Africa, Frank speaks about his love for technology, the way CFOs should use data, and his plans to increasingly work with incubators and startups. Frank also lists five technology trends CFOs cannot afford to ignore.

David Austin (pictured) has been appointed to the Eqstra board of directors as chief financial officer, effective 1 May 2016. Austin will be taking over from current CFO and CEO Jannie Serfontein, who will focus solely on his role as CEO going forward.

CFO South Africa Newsletter | Thursday 22 April Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles Nhlanhla Nene appointed as partner at Allan Grey “Nhlanhla Nene (pictured), former South African finance minister, has been appointed a non-executive director at investment management firm, Allan Gray. The CFO is key to business agility, says Alexander Visser, CFO of P... “Although he originally intended to pursue a career as a banker, a realisation that he wanted to be involved in a more tangible business convinced Alexander Visser, the new CFO of Philips Procurement, to instead focus on finance. "I chose Philips because of the strong role finance had in decision making. I felt I could make a strong impact from the get-go." http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> The CFO Study Competition earns global stature "Entries for The CFO Case Study Competition have officially closed, with an overwhelming final tally of 1,278 aspirant registrations comprising 320 competing teams representing 53 universities and institutes from 25 different countries across five continents. The participants are all competing for the right to be crowned with the coveted 'CharterQuest Future CFO & Business Leaders 2016’ Award plus scooping the R100,000 cash prize. Read more exclusive articles on CFO.co.za - SA Reserve Bank to raise rates twice more this year - EOH buys Aptronics for R194 million - Finance Indaba 2016: Future-focused HR is Clarkhouse Human Capital'... - Building successful and compliant teams for Africa, by Citibank's E... - KPMG invests further into the Africa Regulatory Centre of Excellence CFO Awards 2016 - Reserve your table now - 12 May Sandton Join the CFO Awards and meet 250 of South Africa's leading CFOs. The annual CFO Awards recognizes CFOs of listed companies, large corporations, parastatals and government institutions and awards them for outstanding performance and leadership. Over 250 top CFOs and business partners will attend the event and enjoy roundtable discussions, networking, entertainment and a VIP dinner. Don't miss out on an afternoon of exceptional round table conversations with nominees and excellent networking opportunities in the first part of our event. In the evening join us for great food and drinks during the CFO dinner and CFO Awards show.?? Be entertained by Swing City Modern Day Swing Music, inspired by the likes of the Rat Pack, Michael Buble en Robbie Williams. Swing City was borne of the love of swing music from three of South Africa’s most loved artists Nathan Ro, Graeme Watkins and Loyiso Bale. Get inspired by thought provoking speakers Professor Wiseman Nkuhlu, professor Mervyn King and Vusi Thembekwayo will be among the most eminent of guests at this year’s CFO Awards. Also we have leading experts Keith Coates and Brian Farley, international leadership experts, Trevor Hoole, CEO KPMG Southern Africa, Clement Chinaka, CEO Corporate Segment Old Mutual and Victor Sekese, CEO SizweNtsalubaGobodo joining us, together with some of the very best CFOs and CEOs sharing their insights and experience. For more information have a look at CFOAwards.co.za. Become a member and buy your ticket here. Partners CFO Awards 2016 Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 21 Johannesburg | Are you an Inspirator? July 27 Johannesburg | Are you a Stakeholder Manager? Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [email protected] To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

According to a recent Reuters poll, South Africa’s Reserve Bank (SARB) will raise interest rates twice more during 2016, despite the state of the country's economy, as inflation remains stubbornly above the Bank’s comfort level. These results were obtained via a Reuters survey of over 30 economists, who seem convinced that the Reserve Bank's interest rate hiking cycle is not over. Economists now expect the repo rate to end the year at 7.5% – a quarter of a percent higher than was expected in March, when the Bank raised rates by 25 basis points to 7.0%. In addition, the polled economists opined that inflation is only expected back on target in two years' time. Rates have been hiked 200 basis points in the last two years. Inflation is expected to accelerate and average 6.7% this year, much more than last year’s 4.6%. The poll found that it will ease to 6.3% in 2017 and 5.7% in 2018.

Nhlanhla Nene (pictured), former South African finance minister, has been appointed a non-executive director at investment management firm, Allan Gray.

Although he originally intended to pursue a career as a banker, a realisation that he wanted to be involved in a more tangible business convinced Alexander Visser, the new CFO of Philips Procurement, to instead focus on finance. "I chose Philips because of the strong role finance had in decision making. I felt I could make a strong impact from the get-go."

EOH, a South African IT services business, has acquired 100% of Aptronics, a networking and infrastructure business, for a total of R194 million payable over two years, with 50% in cash and 50% in EOH shares. Rob Godlonton (pictured), CEO of EOH ICT Solutions, said in a statement:

I remember reading somewhere that in order to be successful in business in Africa you need deep pockets, patience, resilience and nerves of steel. Having worked in this space I cannot agree more.

Leyard Europe, a global technology leader in the design, production, distribution and service of LED displays, has appointed Jasco as its regional Systems Integrator (SI) for Southern Africa.

KPMG has announced further investment into their Africa Regulatory Centre of Excellence (RCOE), an entity that offers an integrated multidisciplinary team approach to regulatory change. Alison Beck (pictured), leader of the Financial Services RCOE in South Africa, said:

Entries for The CFO Case Study Competition have officially closed, with an overwhelming final tally of 1,278 aspirant registrations comprising 320 competing teams representing 53 universities and institutes from 25 different countries across five continents. The participants are all competing for the right to be crowned with the coveted 'CharterQuest Future CFO & Business Leaders 2016’ Award plus scooping the R100,000 cash prize.

Leaders of the future need to be able to continuously adapt to different people and situations, says Heidi Volschenk, Director: Learning & Development at KPMG. In this exclusive interview with CFO South Africa, Heidi chats about her career, the secret to time management and three crucial lessons for CFOs and other executives who want to be great leaders.

South Africa-focused platinum producer Lonmin has announced that its CFO, Simon Scott (pictured), will be stepping down from the board following Lonmin's interim results in May. Scott said in a statement:

CFO South Africa Newsletter | Thursday 14 April Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles Prof Nkuhlu: CFOs need courage and competence “CFOs need to be role models,” says Professor Lumkile Wiseman Nkuhlu, South Africa’s first black chartered accountant, current chancellor of the University of Pretoria and an often-cited inspiration for members of our CFO community. CFO South Africa had the pleasure of an exclusive interview with the 72-year-old finance elder, who will be the guest of honour during the 2016 CFO Awards on 12 May. Finance Indaba 2016: Transparent aims to help firms recover funds “We will be talking about how businesses can recover working capital, not only from eliminating double- and over-payments, but also from improving efficiencies and using our payment analysis reports,” says Carolina van der Ark from Transparent, a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. In the coming weeks and months, we will be chatting to all the Indaba partners, asking them why they are joining the event and what their most important message for finance professionals is. http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> Can the CFO be a true business partner, and is there really such as... "The biggest challenge for public sector CFOs is supporting the mandate. Some mandates are unfunded or contradictory,” said one of the participants at last night’s round table for public sector CFOs, held at the Menlyn Boutique Hotel. The evening’s discussion centered on effective communication and reporting to stay in control, and posed the questions of whether or not the public sector CFO can be a true business partner, and whether it is possible to ever really have control of the business. See pictures from the event here. Read more exclusive articles on CFO.co.za - Learning from the best: new DigiCore CFO Nicholas Bofilatos - Junk status: SA will know its fate in June - Insights from Deloitte's Ghana CFO Report - CEO Mark Barnes: Post Office to return to profit in 2018 - The four taxes that helped Sars collect R1 trillion - Adcock Ingram sells Indian unit for R336 million CFO Awards 2016 - Reserve your table now - 12 May Sandton Join the CFO Awards and meet 250 of South Africa's leading CFOs. The annual CFO Awards recognizes CFOs of listed companies, large corporations, parastatals and government institutions and awards them for outstanding performance and leadership. Over 250 top CFOs and business partners will attend the event and enjoy roundtable discussions, networking, entertainment and a VIP dinner. Don't miss out on an afternoon of exceptional round table conversations with nominees and excellent networking opportunities in the first part of our event. In the evening join us for great food and drinks during the CFO dinner and CFO Awards show.?? Be entertained by Swing City Modern Day Swing Music, inspired by the likes of the Rat Pack, Michael Buble en Robbie Williams. Swing City was borne of the love of swing music from three of South Africa’s most loved artists Nathan Ro, Graeme Watkins and Loyiso Bale. Get inspired by thought provoking speakers Professor Wiseman Nkuhlu, professor Mervyn King and Vusi Thembekwayo will be among the most eminent of guests at this year’s CFO Awards. Also we have leading experts Keith Coates and Brian Farley, international leadership experts, Trevor Hoole, CEO KPMG Southern Africa, Clement Chinaka, CEO Corporate Segment Old Mutual and Victor Sekese, CEO SizweNtsalubaGobodo joining us, together with some of the very best CFOs and CEOs sharing their insights and experience. For more information have a look at CFOAwards.co.za. Become a member and buy your ticket here. Partners CFO Awards 2016 Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 21 Johannesburg | Are you an Inspirator? July 27 Johannesburg | Are you a Stakeholder Manager? Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [email protected] To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

Official word from ratings agencies will be out in June as to whether or not South Africa has survived an almost certain downgrade to junk status. Both Standard & Poor's (S&P) and Moody's Investor Service (Moody's) visited SA in March to assess the situation, and both will issue a final verdict in June.

“We will be talking about how businesses can recover working capital, not only from eliminating double- and over-payments, but also from improving efficiencies and using our payment analysis reports,” says Carolina van der Ark from Transparent, a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. In the coming weeks and months, we will be chatting to all the Indaba partners, asking them why they are joining the event and what their most important message for finance professionals is.

The recently released Deloitte CFO Survey for West Africa delivered various insights gleaned from CFOs operating in Nigeria and Ghana. The report revealed many interesting things, for example, that CFOs in West African countries are more positive about their growth prospects than their Southern African counterparts. It also revealed that they are, however, less optimistic than their East African counterparts. What exactly did West African CFOs have to say?

The 33-year-old Nicholas Bofilatos is one of South Africa's youngest CFOs, having recently succeeded Cobus Grove as DigiCore CFO, after vehicle and fleet tracking firm was bought by the American digital solutions behemoth Novatel Wireless in October 2015. We spoke to Nicholas about learning from his predecessor and from other peers during our CFO events, about his promotion and about combining his hectic work with a family life - including young twins.

The South African Post Office (SAPO) should return to profit in 2018, says its CEO, Mark Barnes, who was appointed in 2015. SAPO is expected to record a loss of over R1 billion in the 2015/16 financial year. In the previous financial year it lost R1.5 billion.

“CFOs need to be role models,” says Professor Lumkile Wiseman Nkuhlu, South Africa’s first black chartered accountant, current chancellor of the University of Pretoria and an often-cited inspiration for members of our CFO community. CFO South Africa had the pleasure of an exclusive interview with the 72-year-old finance elder, who will be the guest of honour during the 2016 CFO Awards on 12 May.

For the first time ever, the South African Revenue Service (Sars) collected more than a R1 trillion in taxes – growth of 8.5 % in total revenue from 2014/15. So just how did the revenue service achieve this?

According to SARS, South Africa’s trade balance narrowed to a R1.07 billion deficit in February, from a revised R17.96 billion shortfall in January.

South African pharmaceutical company Adcock Ingram has sold its Indian unit, Cosme Farma Laboratories, for a sum of R336 million ($22 million). The sale comes after the Bangalore-based business suffered two write downs over the past three years. Adcock Ingram said in a statement:

“The biggest challenge for public sector CFOs is supporting the mandate. Some mandates are unfunded or contradictory,” said one of the participants at last night’s round table for public sector CFOs, held at the Menlyn Boutique Hotel. The evening’s discussion centered on effective communication and reporting to stay in control, and posed the questions of whether or not the public sector CFO can be a true business partner, and whether it is possible to ever really have control of the business. See pictures from the event here.

South Africa has issued its first stock exchange operating licence - albeit conditional - in more than a century, to the ZAR X Stock Exchange, scheduled to begin operating in September this year, and begin trading in October. Etienne Nel (pictured), ZAR X CEO, said in a statement:

CFO South Africa Newsletter | Thursday 7 April Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles How Oceana bought Daybrook Fisheries - CFO Imraan Soomra reveals “The acquisition of Daybrook has put us years ahead,” says Imraan Soomra, CFO of Oceana. The Cape Town-based fishing company was already Africa's biggest, but burst onto the global stage with the spectacular acquisition of Daybrook Fisheries in the US last year. We spoke to Imraan about the finance transformation and culture change that laid the platform, the adrenaline of the deal and his future ambitions. Preparation is key to successful M&A “Walking away is the hardest thing to do when your deal’s very attractive. But if you have a walk-away point that makes it very easy. And you have to have that,” said Imraan Soomra, Group FD, Oceana Group. “It’s about the preparedness. If you always know in the back of your mind why you’re doing this, it becomes easier to be objective about a walk-away decision.” Imraan was speaking as a member of the panel at last night’s CFO South Africa event, Preparing your business for M&A activity, the first in a two-part series. He was joined by Deon Fredricks, CFO, Telkom; Nick Matthews, Partner, Head of M&A, KPMG South Africa; and Andrew Balnaves, Executive VP, Corporate and Investments, Standard Bank. http://static.financieel-management.nl/img_simple.php?src=img/pictu..." /> Finance Indaba 2016: Sage One explores how firms can use the cloud "The future is mobile and we are giving our customers the power to control their businesses from the palm of their hand," says Steven Cohen from Sage One, a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. In the coming weeks and months, we will be chatting to all the Indaba partners, asking them why they are joining the event and what their most important message for finance professionals is. Read more exclusive articles on CFO.co.za - 3 trends in the legal industry CFOs cannot ignore – by Yvonne Wakef... - Retirement for celebrated Remgro CFO Leon Crouse, founding CFO of V... - Old Mutual Wealth CEO says it could be a FTSE 100 firm - S&P affirms MTN rating as Nigerian fine still looms - Meet CFO Awards 2016 nominee Charl Keyter, CFO of Sibanye Gold - Commissioner Tom Moyane says Sars collected R1 trillion in tax - IMF cuts Nigeria's growth forecast CFO Awards 2016 - Reserve your table now - 12 May Sandton Join the CFO Awards and meet 250 of South Africa's leading CFOs. The annual CFO Awards recognizes CFOs of listed companies, large corporations, parastatals and government institutions and awards them for outstanding performance and leadership. Over 250 top CFOs and business partners will attend the event and enjoy roundtable discussions, networking, entertainment and a VIP dinner. Don't miss out on an afternoon of exceptional round table conversations with nominees and excellent networking opportunities in the first part of our event. In the evening join us for great food and drinks during the CFO dinner and CFO Awards show.?? Be entertained by Swing City Modern Day Swing Music, inspired by the likes of the Rat Pack, Michael Buble en Robbie Williams. Swing City was borne of the love of swing music from three of South Africa’s most loved artists Nathan Ro, Graeme Watkins and Loyiso Bale. Get inspired by thought provoking speakers Professor Wiseman Nkuhlu, professor Mervyn King and Vusi Thembekwayo will be among the most eminent of guests at this year’s CFO Awards. Also we have leading experts Keith Coates and Brian Farley, international leadership experts, Trevor Hoole, CEO KPMG Southern Africa, Clement Chinaka, CEO Corporate Segment Old Mutual and Victor Sekese, CEO SizweNtsalubaGobodo joining us, together with some of the very best CFOs and CEOs sharing their insights and experience. For more information have a look at CFOAwards.co.za. Become a member and buy your ticket here. Partners CFO Awards 2016 Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 22 Johannesburg | The CFO as business partner July 21 Johannesburg | M&A Series part 2 Public sector events in 2016 May 12 Johannesburg | CFO Awards 2016 June 21 Johannesburg | Are you an Inspirator? July 27 Johannesburg | Are you a Stakeholder Manager? Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [email protected] To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

According to Richard Rushton (pictured), Distell CEO, to offset slow growth in its home market South Africa, the company intends to double sales and profit over the next four years by way of cross-border acquisitions. The South African liquor producer, which makes various ciders and brandies, as well as the popular Amarula Cream, earns 75% of its annual R12 billion revenue and R1.2 billion headline earnings in South Africa; a country whose economy is forecast to grow by just 1% this year. Rushton, speaking to Reuters, said:

"The future is mobile and we are giving our customers the power to control their businesses from the palm of their hand," says Steven Cohen from Sage One, a gold partner at the Finance Indaba Africa 2016 on 13 and 14 October 2016 at the Sandton Convention Centre in Johannesburg. In the coming weeks and months, we will be chatting to all the Indaba partners, asking them why they are joining the event and what their most important message for finance professionals is.

Stanbic Bank, Standard Bank's Zimbabwe-based unit, has reported profit after tax of some US$23.9 million – a 15% increase – for the year to end-December 2015.

“The acquisition of Daybrook has put us years ahead,” says Imraan Soomra, CFO of Oceana. The Cape Town-based fishing company was already Africa's biggest, but burst onto the global stage with the spectacular acquisition of Daybrook Fisheries in the US last year. We spoke to Imraan about the finance transformation and culture change that laid the platform, the adrenaline of the deal and his future ambitions.

According to Tom Moyane (pictured), South African Revenue Service (Sars) Commissioner, for the first time in South Africa’s history Sars has collected R1 trillion in tax payments.

The legal profession has remained essentially the same for the last few centuries. One could be forgiven for thinking that, other than the introduction of fax and then email for communication purposes, the profession has shown little aptitude for adapting to changing times.

Ratings agency Standard & Poor’s (S&P) has affirmed MTN’s credit rating, adding that its decision to hold back on dividends was positive.

The International Monetary Fund (IMF) has cut its growth forecast for Nigeria as the oil-exporting country faces considerable challenges from low crude prices.

According to Paul Feeney (pictured), Old Mutual Wealth CEO since 2012, the company could end up a FTSE 100 company once it separates from Old Mutual.

Oceana CFO Imraan Soomra played a huge role in the acquisition of Daybrook Fisheries in New Orleans, growing the market cap of the Cape Town-based fishing firm with about 50%. DigiCore CFO Cobus Grove was instrumental in saving the vehicle-tracking company from demise and selling it to the US firm Novatel Wireless. Deon Fredericks rose through the ranks at Telkom, to eventually take over the CFO job in the most difficult of times and guiding the acquisition of Business Connexion through tricky turns. All the while, these three finance bosses also still had a normal business to run...

One of South Africa's most impressive CFOs, Remgro's finance boss Leon Crouse, is retiring today, on 31 March 2016. As founder member of the management team of Vodacom he was instrumental in the launch of the mobile communications giant, where he was in charge of the purse until he joined the Stellenbosch-based investment holding company Remgro in 2008.

CFO South Africa Newsletter | Thursday 31 March Dear CFO South Africa Member, Read Exclusive CFO South Africa Articles Finance vs. internal auditors: time to stop the bloody war “Here come the auditors” is a rally cry that is often heard in organisations. Being in Internal Audit for twenty-five years I have found that there has always been a distinct sense of rivalry and antagonism between the finance department and Internal Audit. Very much like the Blues and the Reds where we - the internal auditors - are seen to be on different teams, fighting each other. With the winner being the one who can either hold out or the one who can attack and get the results. Quietly confident about deals in 2016, says KPMG's M&A guru Joh... KPMG’s M&A guru John Geel says he is “quietly confident” that 2016 is going to be a good year for mergers and acquisitions in South Africa. In an exclusive interview with CFO South Africa he reveals that he expects the number of deals to be “at least equal to last year, if not more”. Bonitas and Liberty discuss merger wo of South Africa’s largest medical schemes‚ Bonitas Medical Fund and Liberty Medical Scheme (LMS)‚ have announced they are in discussions to merge. Andrew Edwards (pictured)‚ executive principal officer for LMS, said: "While negotiations are at an advanced stage‚ member consultation is imperative and various regulatory processes still need to be satisfied for the transaction to be concluded.” Read more exclusive articles on CFO.co.za - Financial services sector to spend R122bn on BEE - Fort Hare SA’s top achiever in accounting board exams - CFO Case Study Competition sees record number of entries - Japanese investment bank Nomura opens SA office - No shortage of buyers for Barclays Africa - Meet CFO Awards 2016 nominee Johan Geel, Group Financial Director o... Join the next CFO Event "M&A series - Working on the Business when you're in the Business" Wednesday 6 April 16.00 - 20.00 - Johannesburg We invite you to join us for the CFO South Africa event M&A Series Part 1 - Working ON the Business when you're IN the Business In 2015, domestic and inter- Sub-Saharan African M&A reached $8.3bn, up 39% year-on-year, the highest first nine months total since 2010. This activity is a reminder of the opportunities for growth but how can you take advantage of this climate? Preparation. It isn’t only a willingness to look into opportunities for acquiring a competitive advantage but also doing all you can to position the business for success should an acquirer knock on your door. In this first of a two part series we hear from Imraan Soomra (Group FD, Oceana Group), Deon Fredricks (CFO, Telkom) and Cobus Grove (CFO, Digicore), CFOs who have been immersed in M&A activity in the last two years, about the challenge of working on your business while remaining fully immersed in the business. Is there a clear distinction? How do you prioritize and what drives success? We also get insights from deal makers and advisors on what CFOs should focus on, to be in the driving seat when M&A opportunities present themselves.In 2016 your competitive advantage in Africa will be defined by whether you have clear and simple strategies for people and knowledge. Local know-how and insights are key and our CFO panel members have learned many fundamental lessons on their way to building successful businesses in Africa. Join this CFO event and register here now. Sponsors CFO South Africa Event: Continuous Professional Development Points Did you know all events of CFO South Africa are eligible for SAICA CPD points? By attending CFO South Africa's events and training courses you will stay compliant. Out now. CFO Magazine issue 1 - 2016 The 3rd CFO Magazine CFO South Africa is out now. With 84 pages packed full of need-to-know information delivered in sharp, insightful articles. Read the latest insights from Reeza Isaacs, CFO Woolworths, Vusi Thembekwayo, Mary Vilakazi, CFO MMI Holdings and Lindani Dhlamini, CEO SekelaXabiso and more. As our online member we would like to give you the opportunity to read the CFO Magazine South Africa online and free of charge HERE. (please make sure that you are logged in with your CFO.co.za account). Would you like to also share your story in the next issue? Please contact Shay van Huyssteen at [email protected] or at +27 11 083 7515. Visit Finance Indaba Africa Visit the Finance Indaba 13 & 14 October at the Sandton Convention Centre and boost your profits by 100%. Finance Indaba Africa is the biggest annual expo and conference for finance professionals. It brings together peers technology suppliers, platforms, banks, tools, specialists, CFOs and thought leaders. Over 5,000 visitors tap into a wealth of resources, knowhow and inspiration. Gain unparalleled insights. Cut costs dramatically, send sales & productivity through the roof and boost your company's profits by 100 percent. RSVP now here. Become a partner Are you enabling businesses to cut costs, boost sales, productivity and company profits? Don't miss out the chance to connect with new prospects, to brand your company and to become more successful. Share your ideas at the Finance Indaba and help the country grow. Please contact Graham Fehrsen at [email protected] or at +27 11 083 7515. Diamond Partners http://static.financieel-management.nl/img/pictures/110412.jpg" width="500" /> CFO Awards 2016 - Reserve your table now Buy a table for the CFO Awards and meet 250 of South Africa's leading CFOs. Demonstrate thought leadership, extend your network and develop business. You are seated with CFOs and finance directors from the top companies of South Africa. You are also more than welcome to join the CFO Conference preceding the CFO Awards dinner with your colleagues. Join us Thursday 12 May 2016 at the beautiful Summer Place. Don't wait too long, first come, first served. Become a partner or attend with your finance team and buy a table. Get inspired by thought provoking speakers Professor Wiseman Nkuhlu, professor Mervyn King and Vusi Thembekwayo will be among the most eminent of guests at this year’s CFO Awards. Also we have leading experts Keith Coates and Brian Farley, international leadership experts, Trevor Hoole, CEO KPMG Southern Africa, Clement Chinaka, CEO Corporate Segment Old Mutual and Victor Sekese, CEO SizweNtsalubaGobodo joining us, together with some of the very best CFOs and CEOs sharing their insights and experience. here. For more information have a look at CFOAwards.co.za. Partners CFO Awards 2016 Join the ultimate peer to peer advisory network Various CFOs and finance directors from Eskom, Nedbank, Transnet, Alexander Forbes, Standard Chartered Bank, Hollard, Absa, Servest, Business Connexion and Super Group are members of CFO South Africa. Your peers understand best the issues you face and the challenges that impact your business. Together you will share your experiences at CFO South Africa’s events and help you advance in your career, company and knowledge. Get introduced to experienced colleagues that are happy to share their knowledge with you. Peer-to-peer consulting is by far the best and most cost effective way to help you solve problems. Are you interested? Please see our membership page for more information here. Upcoming CFO South Africa Events Join the CFO Events with inspiring hosts and experts who will share their insights and experiences with you. Register now for these events and boost your company, network, career and knowledge. Private sector events in 2016 Apr 6 Johannesburg | M&A Series Part 1 May 12 Johannesburg | CFO Awards 2016 June 22 Johannesburg | The CFO as business partner Public sector events in 2016 Apr 7 Johannesburg | Are you a true business partner? May 12 Johannesburg | CFO Awards 2016 June 21 Johannesburg | Are you an Inspirator? Register now for one of the upcoming CFO South Africa Events. Please note that all our CFO South Africa events are for senior financial executives. CFO South Africa offers Platinum memberships to CFOs and finance directors. For more information please have a look here and contact Shay van Huyssteen at [email protected]. Stay connected with CFO South Africa Follow CFO South Africa on Twitter, LinkedIn and Facebook Stay up to date on what is happening in the world of finance by following us on Twitter @CFOSouthAfrica, LinkedIn and Facebook. Next to that you can keep track of newly published interviews with CFOs and CEOs. Feel free to contact us Any suggestions or comments are welcome. Kind Regards, Graham Fehrsen Managing Director CFO South Africa | [email protected] To control which emails you receive from CFO South Africa, please change your email preferences at cfo.co.za by selecting under settings "I do not want to receive emails from CFO South Africa | Finance Professionals South Africa"

Capitec Bank, which offers consumer banking services and provides loans not backed by assets to low-income earners, recently announced that profit in the year through February increased by 26%.

"The traditional PE model is stale and battling with an ever increasing amount of regulations and complexity," says Greg Voigt, chief investment officer at special purpose acquisition company M-FiTEC that listed on the JSE’s AltX board at the end of last year. We spoke to him about the advantages of a SPAC over other financing forms, the opportunities for FinTech in South Africa and his ambitions with M-FiTEC.

Nomura, a Japanese investment bank, has announced that it will be setting up a permanent branch in Cape Town, South Africa, with the new offices scheduled to open on 4 April. Nomura has also appointed Jan Newman and Ben Lowther, previously of Newman Lowther & Associates, to lead the South African team.

The financial services sector has committed to spending some R122 billion over a period of five years on various forms of black economic empowerment (BEE). The 2012 financial sector codes committed banks to R80 billion in empowerment financing over the five years to 2017, and long-term insurers to R42 billion.