Cypriot CEOs are pessimistic according to the first local survey by PwC

PRESS RELEASE
21 February 2012

According to the 15th Annual Global CEO Survey by PwC, Cypriot CEOs are pessimistic about their companies’ prospects for revenue growth over the next 12 month. Only 6% of the respondents stated “very confident” in contrast to the global and Eurozone percentages that reached 40% and 22% respectively.

Cypriot CEOs are even more reserved as regards to their growth prospects for the next 3 years with 45% of the responds stating that they are “not confident at all”.

In the context of the annual global survey, PwC Cyprus carried out for the first time a separate study for Cyprus which includes the views of 31 Cypriot CEOs. Additionally Mr Pavlos Photiades, Managing Director of Photos Photiades Group contributed significantly to the survey findings, by participating in an in-depth interview providing his views on all the issues examined by the survey.

The results of the survey were presented during an event organised by PwC on Tuesday, 21 February 2012 attended by a number of high calibre individuals from the political and business community. The event included a presentation of the survey results and a panel discussion with Messrs Stavros Zenios, Professor, Department of Public and Business Administration, University of Cyprus, Constantinos Loizides, Chairman & Managing Director, Bank of Piraeus (Cyprus) Ltd, and Pavlos Photiades, Managing Director, Photos Photiades Group.

Mr Evgenios C Evgeniou, CEO of PwC Cyprus said “We are in the fourth year of the global economic crisis and it seems that uncertainty is prevailing globally. Achieving goals, stimulating growth and offering added value in times of volatility and economic uncertainty are the main challenges faced by the business leaders in Cyprus and globally. We are close to the developments and the local businesses, by combining a global network of knowledge and experience adjusted to local needs. In this way we are focusing on entrepreneurship in Cyprus as the engine for economic growth”.

Mr Pavlos Photiades, Managing Director of Photos Photiades Group stated that “The business community in Cyprus has managed to support and lead the country to recovery through all critical moments in history. That is why this initiative by PwC, to scientifically investigate the opinions estimations and suggestions of the business community, is not only praiseworthy but also of high importance during these difficult conditions. The survey identifies high levels of scepticism and pessimism which prevail the business leadership of the country, something that should concern everyone. Growth opportunities are always present as long as these are supported and initiated by strategies and policies that create opportunities. These conditions do not exist today at the expected level. I am pleased to have contributed in this very useful initiative by PwC which is of global and local interest.”

As an effect of the economic crisis, businesses are forced to proceed with changes in their strategies. 52% of the CEOs stated that they anticipate changes in their strategy over the next 12 months while 13% stated that these changes will be fundamental.

Within the next 12 months CEOs expect changes in a number of areas within their business such as in the focus placed on corporate reputation and rebuilding trust, in risk management approach, in capital investment decisions, technology investments, organisational structure etc.

The results of the 15th Annual Global CEO Survey as well as extracts of the interview of Mr Pavlos Photiades are available on the PwC website.

Notes:

Survey Methodology:

For PwC's 15th Annual Global CEO Survey, 1,258 interviews were conducted in 60 countries in the last quarter of 2011. 291 interviews were conducted in Western Europe, 440 in Asia Pacific, 150 in Latin America, 236 in North America, 88 in Central and Eastern Europe, and 53 in the Middle East & Africa.

The full survey report with supporting graphics can be downloaded at www.pwc.com/ceosurvey.

PwC's 15th Global CEO Survey was launched at a press conference in Davos on the eve of the World Economic Forum's Annual Meeting. To download broadcast-quality clips from the press conference and other supporting footage, visit http://press.pwc.com. To watch the full webcast of the press conference, visit http://www.pwc.com/davoswebcast.

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