Press Releases 2010

The following press releases highlight our newsworthy activities.
 

M&A activities to focus more on consolidation and restructuring than on mergers and acquisitions in the coming year
The recent economic recession has forced multinationals to cut costs in order to offset disappointing revenues. This has led to a new trend in Mergers & Acquisitions (M&A): corporate simplification. PwC expects an increasing number of business reorganisations that lead to greater integration and simplification, and hence cost savings in the coming years.

Family business owners optimistic about growth, but many aren’t making adequate provisions for the future, says PwC
Family firms around the world are confident about their future prospects, but many aren’t doing enough to prepare themselves for the years ahead. Nearly half still don’t have a succession plan and of those that do, only 50% have decided who will take over the top job.

A week less of work to comply with tax requirements for the finance department staff last year
Compared to last year, the case study company in the Czech Republic needed 53 fewer hours to comply with tax requirements. This means more than six working days, which could be used by finance department staff to perform activities that bring additional value for their company. According to the recent issue of PwC, the World Bank and IFC report Paying Taxes, they need 557 hours (almost 70 working days) to comply with tax requirements, which puts the Czech Republic to 167th place from the 183 surveyed countries from all over the world. In comparison to the previous year when the Czech Republic was at 171st place, we have moved up the list by four places.

Some signs of recovery on Europe’s IPO markets, but outlook still uncertain
European stock exchanges, led by London, showed some signs of recovery in Initial Public Offering (IPO) activity during the third quarter of this year, but concerns over economic growth and pricing issues continued to restrict the number of larger deals, according to the latest IPO Watch Europe, the PwC survey tracking the volume and value of IPOs around Europe.

PwC is to expand in the Czech market in coming years
Tax and regulatory changes, as well as the efforts of the state and firms to be more efficient and find ways to be better than the competition. These are challenges that will, according to PwC specialists, characterise the crisis-experienced economy in the next few years. PwC expects that demand from clients for its services will grow in the Czech Republic, which will bring a 50% increase in revenues in 5 years.

PwC Introduces New Branding Initiative
PwC has refreshed its branding in order to strengthen, and modernise how it represents its worldwide network to its clients, its people and the communities in which it operates.

Peter Chrenko appointed Leader of PwC Tax Controversy and Tax Policy & Administration practices
Peter Chrenko has been appointed leading partner of the PwC Tax Controversy and Tax Policy & Administration practices. Peter worked as the Deputy Minister of Finance responsible for Taxation and Customs for the past three years.

Bribery and corruption – a perennial problem in the Engineering and Construction sector
Economic crime is real and is happening within the Engineering and Construction sector (E&C), with significant consequence for those involved. Losses, fines and reputational damage can be significant. These are the key findings of PwC 4th biennial Engineering and Construction sector findings report, which accompanies the main Economic Crime in a Downturn: Global Economic Crime Survey.

PwC Audit appointed two new partners, automotive and gas industry experts
Václav Prýmek and Jiří Zouhar have been appointed as new partners in PwC Audit (PwC). Václav Prýmek is responsible for the provision of audit services and strategic accounting consultancy services to clients doing business in the areas of the gas industry and technology. Jiří Zouhar, as a leader of PwC Automotive expert group in the Czech Republic, is responsible for automotive industry clients. The appointment of both these experts demonstrates the potential seen by PwC in these industries.

PwC helps the environment
More than 50 employees from all of three PwC Czech Republic offices spent a work day at the beginning of summer joining PwC Green Day volunteering events. The events were organised simultaneously in locations near Brno, Ostrava and Prague.

Interviews with new partner
We are pleased to introduce our new partners for ČR

David Borkovec appointed Partner of the PwC Tax and Legal Services department
David Borkovec has been appointed Partner of the PwC Tax and Legal Services department. In his new role he will be responsible mainly for advising Czech companies and their owners in the areas of international tax planning and transfer pricing.

Tomáš Bašta is a new Lead Partner of Energy & Utilities at PwC Czech Republic
Energy & Utilities sector activities of PwC Czech Republic will be led by partner Tomáš Bašta. He will also be taking care of clients in the telecommunication and information technology sector. In this new position he will make use of a 17years long career that he has had at PwC benefiting the network industries clients in the Czech Republic and abroad.

A survey of PwC: More than half of CEOs expect revenue growth in one year
The revenues of Czech companies are expected to grow in the following 12 months. Over half of the CEOs of domestic companies approached by the consulting firm PwC using a survey are quite sure about this growth. The leaders of Czech companies see better exploitation of existing markets and the potential of current customers as the main opportunities for growth. Furthermore, the CEOs perceive the protracted global recession to be their biggest threat.

Student team supported by PwC wins another chance to represent the Czech Republic in GMC world finals
Student team supported by PwC Czech Republic (PwC) took the win in the national finals of the Global Management Challenge competition (GMC) on 17 March 2010. Five students from the University of Economics, Prague (Vysoká škola ekonomická v Praze) and the University of Finance and Administration (Vysoká škola finanční a správní) repeated their success from last year and defended the title of Czech Champions for the PwC team.

Jiří Moser, Advisor at the head of PwC Czech Republic
Jiří Moser (43) is the first Czech native to head PwC Czech Republic. His appointment as a managing partner confirms PwC’s long-term aim to provide the highest quality services not only for international corporations but also for the local Czech companies. From 2006 to the present time, Jiří has executed the duties of Leading Partner of Advisory Services; he will keep this position in the future as well.

Manufacturing Expert Miroslav Klose joined PwC Advisory Team
Miroslav Klose, an expert on running manufacturing concerns, joined PwC Czech Republic advisory team as a new Senior Manager. He will focus on further development of consulting services for the production sector. He will capitalise on his long-standing experience from power and engineering companies, where he execute the duties of CEO or board member.

Petr Draxler joined PwC Human Resource Management Team as new Senior Manager
The current challenging economic environment has increased the effectiveness requirements of human resource management. PwC has reflected the increasing market demand for effective Human Resources Management services and has reinforced its Human Resource Management team (HRM). Petr Draxler (39) has been appointed as a Senior Manager in HRM at PwC. Petr will work closely with Branislav Hunčík, an HRM Director, to further develop PwC’ service offerings in HRM.

Milan Severin joined PwC Financial Services Advisory team
PwC Czech Republic Financial Services Advisory team was strengthened by the addition of Milan Severin, Senior Manager. Milan is returning to Prague after almost six years working in London’s PwC UK office.

PwC Keeps Hollywood’s Best Kept Secrets for 76 Years and Counting
PwC LLP (PwC) this year celebrates its 76th year counting the Oscars® ballots on behalf of the Academy of Motion Picture Arts and Sciences ("The Academy"). Brad Oltmanns and Rick Rosas will continue the tradition leading the balloting process and will be the only two people in the world to know the identity of the Oscar® winners before the 82nd Annual Academy Awards® live telecast on Sunday, March 7, 2010 on ABC at 5 p.m. PT (8 p.m. ET).

Expansion Seen for Global Outsourcing Market
Outsourcing providers around the world predict that demand for their services is expanding rapidly, and they are adding staff and investing in new services to meet expected demand, according to a new survey from Duke University's Offshoring Research Network and PwC.

Prague holds European ranking as Europe’s real estate industry faces “long, slow haul” to recovery
Prague ranked 13th for new acquisitions in this year’s Emerging Trends in Real Estate® Europe survey. According to the report, recently published by the Urban Land Institute (ULI) and PwC, the easing of credit and stabilising property values will see Europe’s real estate industry improving in 2010, but it still faces a ‘long, slow haul’ to recovery.

Business looks to governments to take lead in pushing through shift in behaviour towards climate change
Business is looking to governments for leadership in establishing the behavioural change necessary to halt global warming. And it is a mixture of penalties and rewards that is most likely to encourage business to reduce its impact on the environment. These are just two of the findings drawn from the most comprehensive survey of its kind yet conducted, the PwC Appetite for Change.

Capital availability is the most slippery banana skin for the Czech bankers
Raising funds to increase their capital levels, insolvency of their clients and an overwhelming supply of regulations from Brussels and Basel are the greatest risks facing Czech bankers, according to the latest „Banking Banana Skins“ survey conducted by the Centre for the Study of Financial Innovation (CSFI) together with PwC. Petr Kříž, PwC Audit Partner and banking expert, comments on the top ten most serious risks for the Czech banking sector.

Political interference ‘now the greatest risk facing the global banking industry’
The greatest risk now facing the banking industry is not financial but political, according to the latest ‘Banking Banana Skins’ survey conducted by the CSFI in association with PwC. The annual poll of banking risk puts “political interference” at the top of a list of the 30 most serious risks to banks during this period of financial crisis. The poll is based on responses from 450 senior figures from the financial world in 49 countries.

CEOs' Confidence Rebounds in Recession's Wake, Quick Recovery in Emerging Economies; Developed Nations Cautious
With their worst fears of prolonged recession behind them, CEOs' confidence for future growth has bounced back from the gloomy prospects of a year ago, according to PwC 13th Annual Global CEO Survey.

Depressed European IPO markets show an upturn in last quarter, laying foundations for recovery in first half of 2010
Europe’s IPO markets recorded a distinct upturn in activity in the fourth quarter (October to December) of 2009, with both value and volume rising markedly over the previous nine months when stock exchanges continued to suffer from the worldwide loss of confidence in the capital markets and the recession. However, pricing proved difficult in what remains a buyers market, according to the latest IPO Watch Europe, the PwC survey tracking the volume and value of IPOs around Europe.