Cyprus Annual Review 2023

September 2023

CEO Message 2023

FY23 proved to be a defining year for PwC Cyprus. It was a year in which we were called upon to address a significant contraction in our revenue base arising from complying fully with the Global PwC sanctions policy, as well as from implementing locally, additional, non-sanctions related risk and reputation client retention reviews.

The overall contraction of our revenue base to date, from clients we stopped servicing due to the implementation of the aforementioned policies, was more than 20% of our revenues compared to the levels of FY22. In the face of such a severe commercial impact, PwC Cyprus took the decision to implement an ambitious growth strategy coupled with a business transformation plan with the aim of bouncing back by tapping into new sources of revenue and utilising operational efficiencies.

Cyprus Annual Review 2023

Key Performance Indicators

Financial Performance

€87m Net Revenues

€30m total contribution to government revenues including income tax, special contribution for defence, PAYE, VAT, GHS and social insurance contributions.

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PwC Foundation Initiatives

  • €436,300 towards our Entrepreneurship,Education & Culture and Offering our Hearts & Minds initiatives
  • 1542 hours of volunteering

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Our Clients

  • *9,26 Likelihood to recommend PwCto peers and colleagues
  • *9,05 Overall satisfaction average
  • 78% Net promoter score

*Out of a maximum score of 10

Figures based on an online Client Experience Survey carried out in June 2023.

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Our People

  • More than 1100 People, including 400 Qualified accountants and 1010 University graduates
  • 10 Pancyprian awards in the Associate of Chartered Certified Accountants (ACCA) professional examinations
  • 1 New Directors and 100 Promotions to all other grades as of 1 January 2023
  • 3 New Directors and 170 Promotions and role enhancements to all other grades as of 1 July 2022
  • 230 New recruits including 112 New University Graduates
  • 48 Newly qualified accountants
  • 19 Outbound international assignments in other PwC firms around the world
  • 12 Inbound international assignments from other PwC firms around the world
  • 29 Nationalities
  • 82% People Engagement Index

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Clients & Markets

No matter the industry, sector or region, clients have told us that they are facing an increasing number of interconnected financial and non-financial challenges. Often things that they’ve never faced before. The degree of disruption felt over the past 12 months created an urgent need for agility, foresight and change, and clients have turned to us to help them respond to these fundamental market challenges and opportunities. At a pivotal moment for business, we’ve focused on these issues from a new angle - bringing together the best people and technology to help our clients build trust and deliver sustained outcomes, with an approach that is human-led and tech-powered.

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Our focus this year has been on implementing further actions around the 5 pillars of our revamped People Value Proposition (PVP) that represents a Deal between the organisation and our people:

• Evolving, Learning Edge Flexibility
• Valuing and Caring for our People
• Future - focused growth and development
• Innovative, purpose-led work
• Inclusive Leadership and Teamwork

This year, we have made an unprecedented level of investment in our people, from enhancing flexibility through the introduction of a 4-day week during July and August 2022, to upskilling opportunities and, importantly, our biggest investment in pay in 10 years. We’ve continued to take a people-led approach against a backdrop of ongoing change and disruption.

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cyprus annual review 2023

PwC Foundation

Giving and volunteering are the ideals and values ​​needed to solve the critical problems facing humanity today. 2022/2023 was a decisive year for PwC Cyprus, since the actions of the organisation that were part of the axis of Corporate Responsibility, were further bolstered and incorporated in a specific context.

We launched the PwC Foundation, a non-profit organisation through which we aim to strengthen the local community and improve the quality of people's lives by providing diverse support in the following three pillars:

• Education & Culture
• Youth entrepreneurship
• Offering our hearts & minds

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Experience Center

The second year of our operations has been an extraordinary journey as the PwC Experience Center and Experience Consulting team established a unique service offering encompassing the present and future of business, experiences, and technology integration. Expanding across various sectors with unwavering determination, we faced the challenges of an evolving technology landscape. Witnessing the boundless creativity of our clients, we unlocked new dimensions of their businesses, reimagining the limitless possibilities that lie ahead.

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I am very proud of the speed and determination by which we collectively implemented our strategy and by how we rose to the challenges, turning our biggest crisis into our biggest opportunity.

Philippos Soseilos, CEO & Chairman of PwC Cyprus

Contact us

Konstantina Logotheti

Head of Marketing and Communications, PwC Cyprus

Tel: +357-22555108

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