Our advisory line of service generated net fee revenues of 151 million CHF (gross: 192 million CHF). Compared to the previous year, this is a slight decrease due to a partial loss of advisory mandates in major enterprises that were obliged to change their auditors. However, our investments in business consultancy are paying off.
In the reporting year, the demand for conventional business advisory combined with digital overall solutions increased. As in the technological environment, there is a clear shift from conventional structures to a mix of on-site, near and offshore solutions in our line of business as well, which is mainly due to the EU’s economic substance requirements. In such projects, quality of collaboration and compliance with standards is of high importance to us.
Compared to the strong results of the previous year, the revenues in the financial sector decreased. This is mainly due to the compulsory change of the auditing firm after ten or maximum twenty years, leading to a rotation of mandates. Since new clients may not be audited and receive consulting at the same time, we are continuously working on our insurance advisory competence. It is our goal to keep the advisory mandate when there is a rotation in auditing.
Particularly noteworthy are the revenues from our activities in international transaction projects and integration. Our forensic services have once again been successful. Synergies with PwC Europe allow us to serve major companies even more comprehensively.
Since conventional advisory and integrated digital solutions are merging more and more, our focus for the coming business year is on integrated campaigns. Future of finance is one of our most important items on the agenda. Additionally, we are also putting an emphasis on front-office transformation in order to meet the rising demand for support when it comes to the optimisation of product portfolios, pricing and sales processes.
Furthermore, we want to promote our one-deal approach and therefore assist our clients in deal projects – from strategy, to transaction mandating to integration.
Digitisation, together with digital initiatives and the use of data and predictive analytics, will remain the focus of attention in the coming business year.
“PwC has been a strong partner, supporting us in our extraordinary growth over the past few years. During our highly complex and demanding transformation projects, we were always able to rely on the knowledge of the PwC experts and their holistic consulting approach.
During the reporting year, we enlarged our cooperation with Smiling Gecko. This non-profit association supports families in need in Cambodia and gives disadvantaged people an opportunity to become self-sufficient and self-determined not only in social, but also in environmental matters. PwC Switzerland donates its outdated work material and IT equipment – such as computer monitors – to Smiling Gecko. From there, the equipment goes to schools as well as public and private offices of non-profit organisations. In the reporting year, about 600 monitors and other work material have been given a new and lease of life.
For me, entrepreneurial responsibility means committing ourselves to sustainability. For this reason, I personally support initiatives that guarantee a sustainable use of resources or offer immediate help to people in need. Our cooperation with Smiling Gecko affords me the opportunity to take on this responsibility.
CEO, PwC Switzerland
Tel: +41 58 792 44 72