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Cyprus Annual Review 2018 www.pwc.com.cy Cyprus Annual Review 2018 September 2018 Key Performance Indicators Financial performance Awards & €80m net revenues compared to €77,8m in FY17 Accreditations €27,2m total contribution to government revenues including corporation tax, special contribution for defence, PAYE, VAT and social insurance contributions Investors in People (IIP) Champion Our Clients 9,06 Likelihood to recommend PwC to peers and colleagues Investors in People (IIP) Gold 8,83 Overall satisfaction average Out of a possible score of 10 Figures based on an online Client Experience Survey carried out in November 2017. ACCA Approved Platinum Employer Our People Almost 1000 People, including 394 qualified accountants and 222 promotions 852 university graduates ICAEW Partner in Learning 13 Pancyprian awards in More than 190 the Association of Chartered new recruits Certified Accountants (ACCA) professional examinations 69 newly qualified 2 worldwide awards in the accountants Gender Equality in the Working Institute of Chartered Accountants Environment in England and Wales (ICAEW) professional examinations 24 international secondments in other PwC firms around the 71% People world, out of which Engagement Index score 10 short-term and 14 long-term Corporate responsibility CEO message 02 Our Services Pro-bono Entrepreneurship − Head of Assurance 06 − Head of Advisory 07 €80.000 €140.000 − Head of Tax & Legal 09 worth of pro-bono and were invested in our discounted services donated entrepreneurship Clients and markets to community organisations initiatives and charitable institutions − Industries 15 − International Markets 24 People 29 Volunteering Donations Firm 41 42 people €60.000 Corporate from our organisation donated to non-profit 48 volunteered spending organisations to support Responsibility 574 hours for various charitable institutions activities Financials 58 Contents Annual Review 2018 1 CEO message It gives me great pleasure to present to you our Annual Review for the financial year which ended on 30 June 2018 finding PwC Cyprus once again leading the professional services sector to growth. According to BrandFinance, we are the top professional services brand and being a leading professional organisation means that we strive to lead by example in everything we do. 2 PwC Cyprus Our strategy has our purpose at its core - to experience we can provide. We approach examinations and 13 Pancyprian awards build trust and solve important problems. the market through our industries, in the Association of Chartered Certified This guides our actions and our engagement geographic market segments and by Accountants (ACCA) professional with our clients, our people and the empowering relationship partners to bring examinations. We are proud of these community. Our values underpin our the whole PwC to clients. results and we vow to continue investing culture. Whilst transforming to be fit and in the development of our people, to give relevant for the future it’s important to be To support the needs of our clients and the them flexibility and an exciting work guided by our purpose and grounded by our market we are underway on an exciting environment. values. transformation journey reimagining the way we work, bringing together the Our clients and our people are the two We have for the second time quantified and expertise of our people, our business forces driving us forward. I would like to monetised our overall impact on the Cyprus insights and new digital tools. thank our clients for their continuous and economy, the society and the environment. growing trust and support. As we embark on Our total impact for FY18 is €166.8 million Investing in the G-Suite has transformed the new financial year we pledge to remain whereas in FY15 it was €162.8 million, a the way we collaborate. The launching of committed in creating the value they’re positive increase of €4 million. new services like Cyber, Digital, Funds and looking for. Our leadership position is the Wealth Management are key to our effort to result of a tremendous collective effort We aim to realize our vision to continue be ahead of the curve in proactively meeting by our people. I would like to extend my to be the leading firm by working on the needs of the market. gratitude to all my partners and colleagues four priorities: People, Digital, Clients for their hard work, commitment, energy and Services. We put the expertise and We believe that our people are at their and passion. Their devotion to excellence, quality of our people alongside cutting best when they can be themselves and make PwC a great organisation. edge cloud-based digital technology to feel supported to achieve their goals and service clients and penetrate new markets aspirations. We continue to invest in their whilst expanding our services offering to development with career development proactively meet the needs of the market. centres, leadership workshops and executive coaching. We have launched a The trust of our clients is crucial for new digital platform that provides exciting everything we do. We are very pleased that learning opportunities, and we brought in the annual Client Experience Survey, all our people processes on one cloud- out of a possible maximum score of 10, based system, Workday, creating a level of they gave us a score of 9,06 concerning the transparency in our daily work that had likelihood of recommending us and an 8,83 never existed before. Evgenios C Evgeniou score concerning their overall satisfaction. CEO We understand that we have to be proactive During FY18 our trainees achieved 2 and remain relevant to their needs, telling worldwide awards in the Institute of September 2018 things as they are, delivering top quality Chartered Accountants in England services. We aim at the best possible client and Wales (ICAEW) professional Annual Review 2018 3 Who we are Values Clients People Our Purpose Leading Digital firm Services Our Values We act with integrity We make a difference We care We work together We reimagine the possible 4 PwC Cyprus Our services Annual Review 2018 5 Assurance A year of transformation to deal with increased challenges FY18 was another difficult year for our Assurance practise due to increased regulation, mandatory firm rotations (MFR), international tax structuring developments, sanctions and uncertain economic conditions in our major international markets. A number of major international clients needed to restructure and streamline their groups reducing the number of Cypriot companies requiring audits. Our local market continues to be extremely competitive and we have to be at our best to be able to grow our revenues while maintaining the high quality PwC standards. Following last year’s big win of the Bank of Cyprus audit from the year ending 2019 onwards, we have also had some new important wins (such as the audits of the Central Bank of Cyprus and of Celestyal Cruises). We have also succeeded to retain most of our PIE clients which have completed their re-tendering process, as required by MFR regulations. This demonstrates the trust that our clients have in our teams and it is due to the quality of our services and to our people living the PwC values and demonstrating the behaviours which create long lasting business relationships with them. To return to profitable growth it requires us to act differently and focus on developing further other Assurance services and accelerate our transformation initiatives to respond Liakos M Theodorou to the challenges and disruption, with more digitalisation and a smart way of delivering our services. We have so far completed the client segmentation exercise aiming to cater Head of Assurance for different clients needs depending on their size, complexity and industry expertise necessary. We continued our ACA and ACCA training schemes with enhanced training aiming to accelerate the utilisation of our graduates in our teams. We also had a successful launch of our “Flying Start” program where top University of Cyprus students join our audit teams to work together during the audit busy season after receiving the necessary training. We have also set up an Assurance Competence Team with specialists which will be assisting our teams with certain tasks for which they have received specific training. We have of course enhanced the use of our Assurance technology tools and invested in Robotic Process Automation (RPA) which will further increase our efficiencies. We are committed to continue to deliver value adding Assurance services to our clients utilising our smart people, smart approach and smart technology! 6 PwC Cyprus Advisory Our Advisory service line offers multi-skilled solutions to business problems. We deliver value to our local and international clients, public and private companies by bringing together a diverse team of experts who work together to meet increasingly complex client needs, across a wide range of industries. Deals Business Consulting Our Deals team provides advisory services Our Business Consulting team provides on: services on: • Mergers and acquisitions • Strategy and Operational Effectiveness • Valuations • Technology Consulting • Feasibility studies • People and Organisation • Business restructuring and turnaround • Family Business Advisory • Crisis management • Immigration and Mobility • Due Diligence • Customer Advisory • Capital markets advisory services Constantinos C Constantinou • Other financial advisory services Our key focus at Business Consulting is to provide Business Transformation Head of Advisory During FY18, we have continued providing services addressing client issues across support to all large banking institutions of various areas such as Strategy, Technology, the island on a wide variety of issues. We Organisation, Operations, Customer, are constantly monitoring developments in People and Culture. During FY18, we have the banking industry and together with our worked on several Business Transformation international network specialists we offer projects addressing multiple of the above added value to our clients. areas, while at the same time we developed and delivered individual service offerings Regarding transaction support, we have in the above areas.
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