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Cyprus Annual Review 2022

September 2022

CEO Message 2022

FY22 proved to be a defining year for PwC Cyprus. In a year still enduring the effects of COVID-19 through the Omicron variant, we had to face a truly unprecedented crisis affecting our international business as a consequence of the invasion of Ukraine. In full alignment with the direction of our Global PwC Network, we exited all work for Russian entities and individuals subject to any sanctions passed anywhere in the world i.e. not only those imposed by the EU. This led to a significant loss of recurring revenues from this market and the need to rapidly update our strategy for the new economic conditions.

Annual Review 2022

Key Performance Indicators

Financial Performance

€83m Net Revenues

€31m total contribution to government revenues including income tax, special contribution for defence, PAYE, VAT, GHS and social insurance contributions.

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Corporate Responsibility

  • €230.000 worth of pro-bono and discounted services donated to community organisations and charitable institutions
  • €100,000 were invested in our entrepreneurship initiatives
  • €53,500 donated to non-profit organisations to support charitable causes
  • 1800 hours of volunteering

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Our People

  • More than 1000 People, including 394 Qualified accountants and 954 University graduates
  • 1 Worldwide award in the Institute of Chartered Accountants in England and Wales (ICAEW) professional examinations
  • 8 Pancyprian awards in the Associate of Chartered Certified Accountants (ACCA) professional examinations
  • 11 New Directors and 229 Promotions to all other grades as of 1 October 2021
  • 5 New Directors and 195 Promotions and role enhancements to all other grades as of 1 July 2022
  • 239 New recruits including 145 New University Graduates
  • 59 Newly qualifed accountants
  • 12 Outbound international assignments in other PwC firms around the world
  • 6 Inbound international assignments from other PwC firms around the world
  • 29 Nationalities
  • 82% People Engagement Index

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Our Clients

8,98 Likelihood to recommend PwC to peers and colleagues

8,82 Overall satisfaction average

Out of a maximum score of 10 Figures based on an online Client Experience Survey carried out in June 2022

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annual review 2021

The New Equation

In a world that is constantly evolving, our aim at PwC Cyprusis to find the right solutions to complex problems, creating value for our clients, stakeholders and society. We embrace the future with a focus on quality and by building strong relationships based on trust. In times of great challenge, trust is more important than ever.

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Environmental, Social and Governance

The world is undergoing very significant and in some cases dramatic transitions in areas like the climate, demographics and others. PwC’s purpose - to build trust in society and solve important problems guides us when it comes to our contribution in the society and our planet. Our purpose sits at the heart of our strategy; integrating the principles of ESG into our work is key to helping organizations improve their impact on the environment and for the society, to become more resilient, agile and sustainable.

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Corporate Responsibility

Corporate responsibility has always been at the heart of every aspect of PwC Cyprus’ operation and action as it is fully aligned with our purpose: to build trust in society and solve important problems. Despite the unprecedented conditions brought about by the Covid-19 pandemic, the organisation continued to apply a comprehensive Corporate Responsibility programme, with the ultimate aim of supporting local community, protecting the environment as well as boosting entrepreneurship and Cypriot businesses.

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Experience Center

Over the first year of running the PwC Experience Center we identified the fast changing market conditions that businesses and organisations have to respond to, as well as the real need of developing new strategies and creating sustainable solutions through the design of user experiences for business growth and brand enhancement. We introduced the Growth through Experience approach, through which we understand what a good experience looks like, identify where we can help improve those experiences to create an impact.

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annual review 2021

I am filled with unlimited passion and belief in the potential of PwC Cyprus. We will continue our exciting growth journey towards a sustainable and future-fit model, inspired by our Global Strategy "The New Equation".

Philippos Soseilos
CEO & Chairman, PwC Cyprus

Contact us

Konstantina Logotheti

Director - Marketing & Communications, PwC Cyprus

Tel: +357-22555108

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