2007 Press Releases

Independent Directors Association and PricewaterhouseCoopers announced nominees and winners of the national award “Director of the Year 2007”

Wednesday, January 16, 2008

The Director of the Year 2007 National Awards Ceremony was held on 12 December

Portrait of an Independent Director in a Russian Company: Expectations, Reality, Guidelines

Wednesday, January 16, 2008

In the course of the news conference the participants discussed issues related to the significance and role of an independent director on the Board of Directors and current aspects of building and evaluating the efficiency of corporate governance systems in Russian companies. The results of the Portrait of an Independent Director research, conducted by IDA, were presented.

Results of Financial Sector Compensation Survey

Thursday, December 27, 2007

PricewaterhouseCoopers presents the results of the Ninth Annual Financial Sector Compensation Survey that show the main trends in the compensation market for the period from 1 June 2006 to 1 June 2007

EUR1.00 Million for Future Management Elite

Tuesday, December 25, 2007

St Petersburg University’s Higher School of Management and PricewaterhouseCoopers have entered into a cooperation contract today to raise targeted finance. The targets under the contract are two individual professor positions at St Petersburg University’s Higher School of Management for accounting, finance and international business. EUR1.00 million worth of support will be provided within the next five years.

PwC 2006 Wireless Industry Survey

Wednesday, December 19, 2007

To help companies better understand the current and emerging trends within the wireless industry, PricewaterhouseCoopers today publishes the findings of its “PricewaterhouseCoopers 2006 Wireless Industry Survey, EMEA and Asia-Pacific.”

PricewaterhouseCoopers opens office in Kazan, capital of Tatarstan

Wednesday, December 12, 2007

On 12 December 2007 PricewaterhouseCoopers (PwC) officially opened its office in Kazan, capital of Tatarstan. PricewaterhouseCoopers is the first of the Big Four international accounting firms to open an office in the republic.

Accounting – Today and Tomorrow

Monday, December 10, 2007

Independent Russian Research Company Romir, at the initiative of a consortium, whose members are ZAO PricewaterhouesCoopers Audit, Agriconsulting (Italy), OOO FBK (Russia) and ACCA (UK), conducted second survey within the limits of implementation of the Tacis project ‘Implementation of the Accounting Reform in Russia’, funded by European Commission.

$650,000,000 down the New Year’s drain

Wednesday, November 14, 2007

The idea of reallocating the corporate gifts budget to charities is gaining more and more popularity among Russian and international companies. In October alone, more than twenty companies decided to join in. This year, more than $1,200,000 has already been redirected to charitable purposes, helping improve the lives of hundreds of people in need.

Direct Cost of Economic Crime in Russia Has More than Quadrupled in Two Years

Wednesday, October 17, 2007

The biennial survey of 5,400 global companies (including 125 leading companies in the Russian Federation) revealed that of the 43% that experienced economic crime in the last two years.

PricewaterhouseCoopers 2007 Revenues Rise 10.5% to US$25.2 Billion

Tuesday, October 2, 2007

PricewaterhouseCoopers today reports that worldwide gross revenues of its network of firms increased 10.5 per cent at constant exchange rates, to a record US$25.2 billion for the fiscal year ended 30 June 2007.

PricewaterhouseCoopers becomes official sponsor of CSKA Moscow hockey team

Wednesday, September 5, 2007

On the eve of the 2007-2008 Russian Hockey Super League season, PricewaterhouseCoopers has announced that it has signed a sponsorship contract with hockey club CSKA Moscow. PricewaterhouseCoopers is the Official Sponsor of this Russian sporting icon for the 2007-2008 season.

E7 Banking Markets to Overtake G7 by 2050

Wednesday, July 4, 2007

The banking sector will grow significantly faster than GDP in the ‘E7’ emerging economies of China, India, Brazil, Russia, Indonesia, Mexico and Turkey, according to new projections by PricewaterhouseCoopers.

Russian Entertainment & Media Industry worth $27.9 bn by 2011

Friday, June 29, 2007

Russia’s entertainment & media industry (E&M) had the highest growth rate in Europe in 2006, according to PricewaterhouseCoopers Global Entertainment and Media Outlook: 2007–2011. The industry grew by 7.1%, with the cumulative annual growth rate in 2007–2011 forecast at 6.9%.

Global Metals M&A Value Doubles as Consolidation Continues

Wednesday, June 27, 2007

Deal activity in the global metals industry is soaring to new highs according to ‘Forging Ahead’, the third annual report on global metals mergers and acquisitions by PricewaterhouseCoopers. The collective value of deals which took place in 2006 was $77.4 billion, more than double the $34.9 billion of the previous year.

Wealth Management Sector Set for Record Growth Levels

Wednesday, June 27, 2007

Wealth managers and private banks are anticipating unprecedented growth over the next three years, according to the latest findings from PricewaterhouseCoopers 2007 Global Private Banking/Wealth Management Survey.

Withdrawal of Yukos Audit Reports

Monday, June 25, 2007

As a result of recent information that has come to the attention of ZAO PricewaterhouseCoopers Audit (PwC) in relation to OAO NK Yukos (Yukos), PwC has written to the management board of Yukos informing them that the PwC audit reports on Yukos for the periods ended 31 December, 1996 – 2004 inclusive should no longer be relied upon or associated with Yukos’s financial statements.

Mining Sector Profits Up 64%

Thursday, June 21, 2007

A report by PricewaterhouseCoopers shows that 2006 was another spectacular year for the global mining industry with net profits rising by 64%. They are now 15 times higher than their 2002 level while return on equity reached 33% compared to 26% in 2005.

Global Pharma Market Predicted to More Than Double in Value to $1.3 Trillion by 2020

Monday, June 18, 2007

The global pharmaceutical market will more than double in value to $1.3 trillion by 2020, according to a new PricewaterhouseCoopers report on the future of the pharmaceutical industry — entitled Pharma 2020: The Vision — Which Path Will You Take? The increase is driven by soaring worldwide demand for medicines and preventative treatments as the population grows, ages, becomes more obese and more prosperous.

Power Utility Companies Press the Clean Fuel and Efficiency Accelerator

Monday, June 18, 2007

A huge shift in thinking and action around energy efficiency and cleaner fuels is taking place in the power utilities sector, according to the ninth annual PricewaterhouseCoopers report ‘Energy and Efficiency: Utilities Global Survey 2007’. The annual survey goes to the heart of boardroom thinking of 114 power companies in 44 countries and this year reveals a complete shift in the extent to which energy efficiency, renewables and nuclear power are at the top of company agendas.

PricewaterhouseCoopers' Ulysses Programme is Honoured with Global Citizenship Awards

Monday, June 18, 2007

PricewaterhouseCoopers' Ulysses Programme has been named a recipient of a Corporate Citizenship Award by Global HR News, a media and conference company based in California. A global leadership development program was started in 2001 and has sent 80 partners from 32 territories on 26 projects in 20 different developing countries.

Management quality, long-tail liabilities and investment performance ranked among TOP-3 risks in the Russian Insurance sector

Tuesday, June 5, 2007

According to Insurance Banana Skins 2007 — joint PricewaterhouseCoopers’ and CSFI`s (The Centre for the Study of Financial Innovation) survey, examining major risks insurance sectors faces — there is a strong difference in perceptions of risks in Russia and abroad.

PricewaterhouseCoopers To Open Office in the Capital of Tatarstan

Saturday, May 19, 2007

19 May 2007, Kazan, at the International Investment Forum “Russian Regions — Growth Strategies”, Peter Gerendasi, the General Director of PricewaterhouseCoopers Russia, announced his company’s decision to open an office in the capital of Tatarstan in 2007. PricewaterhouseCoopers will become the first of the major international audit and consulting firms to open an office in Tatarstan. The company believes that this office will serve as a “gateway” for international investment in the republic.

Deal Volume in European Financial Services Up 77%

Thursday, April 26, 2007

M&A deal values in Europe’s financial services sector increased by 77% over the previous year to reach €137 billion, reports ‘Financial Services M&A: Going for growth in Europe’, the annual analysis of financial services M&A activity in Europe from PricewaterhouseCoopers LLP. Domestic transactions in 2006 also tripled in value over 2005 levels to reach approximately €76 billion.

PricewaterhouseCoopers' official statement regarding “Sakhalin-2” audit

Monday, April 16, 2007

PricewaterhouseCoopers (PwC) has been the external auditor for Sakhalin Energy Investment Company Ltd. (SEIC) which is responsible for the Sakhalin II project, for over 10 years, and continues to enjoy a professional relationship with SEIC. As for an annual review of overall spending which is required by the Production Sharing Agreement (PSA), PwC had performed this work through 2005 under a contract with SEIC. For 2006 onwards this audit to be performed by a local firm. This decision did not relate to any issues associated with quality of services.

Record Cash Flows and Mix of Players Fuel Oil and Gas Deal Activity

Monday, April 16, 2007

Record cash flows have pushed deal activity in the oil and gas industry to levels rivalling the mega merger highs of 1998. ‘O&G Deals’ the first annual analysis by PricewaterhouseCoopers of M&A activity in the oil and gas sector, reports that average deal value in the sector rose 18% in 2006 pushing the aggregate M&A total to US$291bn, up US$41bn some 16% on the previous year.

London Still the Market of Choice for European IPOs in 2006, With 297 IPOs Raising €29.7 bn

Monday, April 9, 2007

London continued to dominate among European IPO markets in 2006, taking a 45% share in terms of both offering value and number, according to the latest IPO report from PricewaterhouseCoopers. The report IPO Watch Europe: review of the year 2006 tracks the volume and value of IPOs on Europe’s main stock exchanges throughout the year, and concludes that it was another record year for European listings. European markets raised more money than the US markets for the second year running and remained ahead of the rapidly expanding Greater China capital markets, which saw a 172% increase in total offering value.

PricewaterhouseCoopers will be the largest tenant in the White Square Office Center

Wednesday, April 4, 2007

PricewaterhouseCoopers Russia has secured the pre-lease for the White Square Office Center. It is considered to be one of the largest corporate leases signed in Moscow. The White Square Office Center is to be located at the end of Tverskaya Street, between Lesnaya and Butirsky Val, adjacent to Belorusskaya Metro Station (on the Circle and Zamoskvoretskaya Lines). The complex is being jointly developed by AIG/Lincoln and Coalco.

PricewaterhouseCoopers has once again been named the top audit and consulting company in Russia

Wednesday, March 28, 2007

For seven years PricewaterhouseCoopers has taken part in the rating carried out by Expert RA of the largest audit and consulting companies in Russia — and for seven years it has remained the undisputed leader. Although we are a private company, we maintain a policy of transparency. We believe it is important not only to advise clients on matters of business transparency, but also to demonstrate transparency ourselves.

Russian M&A market showed outstanding performance with 1,210 transactions totalling USD 111 bln during 2006

Tuesday, March 27, 2007

In line with continental Europe and the UK which last year achieved their strongest Mergers & Acquisitions performance in recent history, transaction activity in Central & Eastern Europe was also extremely buoyant. In total 2,527 publicly-disclosed private transactions were completed in the CEE countries last year. Overall, deal volume in terms of number of transactions rose by 37% last year while the total value of these transactions rose by 79% and reached a record-breaking $163bn compared with $91bn in 2005 — reported PricewaterhouseCoopers in its latest M&A report.

Information for Press

Tuesday, March 20, 2007

We regret this decision by the court, we believe the claim has no legal merits and is based on a fundamental misunderstanding of the role and functions of the auditor. We will appeal this decision in the second instance court.

Risk Management in Financial Sector Still Needs Further Improvement

Monday, March 19, 2007

Risk management has received considerable industry focus in the wake of regulatory reforms such as Basel II for the banking sector, Solvency II for insurers and UCITS 3 for asset managers. But according to a survey of more than 400 financial services executives, there are widespread concerns that it is still not delivering the value that it should. Once regulatory attention shifts elsewhere, the impetus to embed risk management properly and maintain it as a core business discipline could all too easily fade.

Russian executives want to attract foreign investments, but so far don't see the benefits of globalisation

Thursday, March 15, 2007

According to a survey of chief executives of Russian major companies by PricewaterhouseCoopers as part of the 10th Annual Global CEO Survey, Russia’s business community shares common views with top managers around the world on the main problems and prospects for developing their businesses.

PricewaterhouseCoopers' Official Statement

Monday, March 12, 2007

ZAO PricewaterhouseCoopers Audit (PwC) said that its operations were unaffected after representatives of the Russian Ministry of Internal Affairs and Prosecutor General’s Office seized documents from the firm’s Moscow office on Friday. PwC continues to work in the best interests of its clients which include some of the most successful and important businesses in Russia.

Men dominate in Russian business

Tuesday, March 6, 2007

Just before International Women’s Day, PricewaterhouseCoopers presented its survey, prepared jointly with the Moscow Centre for Gender Studies, ‘Career Development Opportunities for Women in Business’. The survey revealed that the share of women executives is still very small, and companies do not make any special efforts to achieve a gender balance.

State and business share ideas on preserving Russia’s cultural heritage

Wednesday, February 28, 2007

A conference on Public Private Partnership Mechanisms in Culture was held on 26 February 2007. This was the first event of its kind to gather all parties interested in developing public-private partnerships as a key mechanism for preserving heritage sites.

PricewaterhouseCoopers Entrusted with Entertainment Industry’s Best Kept Secret for 73 Years Running

Monday, February 19, 2007

Brad Oltmanns and Rick Rosas Lead Academy Awards Balloting Process for 2nd Consecutive Year. Continuing its distinguished 73-year association with the Academy Awards, PricewaterhouseCoopers today announced that Brad Oltmanns and Rick Rosas will lead the balloting process for the 79th Annual Academy Awards. For the second consecutive year, Oltmanns and Rosas are the only two people in the world who will know the identity of the winners before the live telecast on ABC at 5 p.m. PST (8 p.m. EST) on Sunday, February 25, 2007.

Buy or Be Bought: the Message Is Clear for Technology Companies

Thursday, February 15, 2007

Global mergers and acquisitions (M&A) levels in the technology sector broke through the €100bn barrier in 2006 for the first time since the height of the 2000 M&A boom, driven by resurgent corporate acquisition activity and renewed private equity interest in the sector, according to new analysis by PricewaterhouseCoopers LLP.

PricewaterhouseCoopers Russia has won a Superbrand Award for 2006

Monday, February 12, 2007

On 1 February 2007 Novinsky Passage in Moscow hosted an awards ceremony for companies selected as the superbrands of the Russian market in 2006. The award – established by Superbrands International and now presented in 50 countries – pays tribute to exceptional brands in each market. A council of experts from Superbrands International and consumers across the country cast their votes for top brands shortlisted on the basis of their market indicators.

Moscow is No.1 “buy” city for retail property

Wednesday, February 7, 2007

Paris leads this year’s list of top real estate investment markets in Europe, according to a report to be launched at the Urban Land Institute (ULI) European Conference in Paris, on Tuesday. Emerging Trends in Real Estate^® Europe 2007, published by the ULI and PricewaterhouseCoopers, interviewed almost 400 of the industry’s leading authorities to identify Europe’s top cities for real estate investment.

Global CEO's Business Confidence Reaches Record Levels

Wednesday, January 24, 2007

CEOs’ confidence about prospects for revenue growth has reached a record level: Nearly twice as many CEOs now feel very confident about revenue growth over the next 12 months compared to five years ago, according to PricewaterhouseCoopers’ 10th annual Global CEO Survey released today at the World Economic Forum meeting in Davos, Switzerland.

Official Position of PricewaterhouseCoopers Regarding the Claims of Tax Inspectorate 5

Wednesday, January 17, 2007

We believe that the tax inspection claim is without merit and is based on a fundamental misunderstanding of the roles and responsibilities of auditors as defined by Russian law.

PricewaterhouseCoopers Survey Shows 2006 a Record Year for the Russian Automotive Market

Wednesday, January 17, 2007

Several market segments at once showed dramatic rates of increase. Sales of foreign models, for instance, increased by 280,000 units in 2006, which represents a 100% increase on sales in 2005. Sales of new imported cars in Russia stood at 720,000 units, a 76% increase as compared to 2005.