Ernst & Young posts above-average growth in the 2011/2012 fiscal year with fee income of CHF 533 million
Zurich (ots)
As of 30 June 2012, the audit and advisory firm Ernst & Young Switzerland had increased its fee income by 4.4 percent to CHF 532.9 million. To ensure that it remains on course for growth, Ernst & Young continues to invest in new jobs and in education and training for its employees. Ernst & Young welcomes global efforts to develop sustainability reporting and for the first time is publishing its own annual report with a focus on sustainability.
ZURICH, 22 NOVEMBER 2012 - Ernst & Young Switzerland closed the 2011/12 fiscal year on 30 June 2012 with fee income of CHF 532.9 million (+4.4 percent), stepping the growth process into high gear. «The fact that we were able to create such growth in spite of the continuing difficult market environment is a real testament to our success. It shows that our investments in service capacities have paid off, and that we are well placed - as regards both strategy and organization - to build on our already strong market position,» says Bruno Chiomento, Chief Executive Officer of Ernst & Young Switzerland.
Stable Audit and Assurance Services Fee income of CHF 269.4 million (+0.6 percent) was earned in Audit and Assurance Services. «Thanks to its market share of 35 percent, Ernst & Young continues to occupy first place as auditor of SMI companies. We are also firmly established in the market for midsize companies. Our numerous initiatives in the SME sector play their part here, such as our trailblazing Entrepreneur Of The Year® program. We succeeded in adding some very important engagements in the reporting year, and also held on to our leading position in the field of IPOs. The basis for this success is our sharp focus on quality and our consistent client orientation,» says Thomas Stenz, Chairman of the Board of Directors of Ernst & Young Switzerland.
Expanded Advisory Services Fee income of CHF 153.5 million (-1.0 percent) was earned in Tax and Legal Services. The Tax service line asserted its position in an increasingly competitive environment, while Legal Advisory saw extremely dynamic development, above all in the internationally oriented and highly integrated Financial Services Organization (FSO) unit. Philip Robinson, the new Tax and Legal Services Leader in Switzerland, says: «In Switzerland we have about 500 employees to assist our clients in these areas. Clients also benefit from our global network of over 29,000 people. Many clients are paying closer attention to cross-border tax issues. Human Capital is also gaining in importance as the process of globalization continues. We are placing a targeted focus on these areas going forward.»
In Advisory Services and Transaction Advisory Services, fee income saw a spectacular increase of 25.5 percent, passing the one hundred million mark to reach CHF 109.9 million. The Financial Services Organization (FSO) with its tailored service offerings played a major part in this strong growth. «One of the key reasons for this development is the increase in regulatory requirements, especially in the cross-border banking business, not to mention the new statutory regulations for insurance companies. Thanks to our highly specialized advisors, we are able to offer sustainable solutions to our clients,» notes Stephan Kuhn, FSO Leader Switzerland and Tax Leader for the EMEIA Area (Europe, Middle East, India, Africa).
The transaction business once again proved a major driver of growth for Advisory Services in the reporting year. «New opportunities are emerging in the market, and we are ideally positioned from a strategic and organizational perspective to take advantage of these opportunities to consolidate our position,» says Bruno Chiomento.
Sharing knowledge ¬ - sustainable action Targeted knowledge transfer to clients and employees is the first step to achieving sustainability: «The valuable experience we have gained from reviewing financial processes and accounting practices coupled with our extensive knowledge of corporate consulting and tax advisory make a vital contribution to supporting a free-market economy. We want to document this commitment by publishing our first audited annual report with a focus on sustainability. Innovation, expertise and efficiency are the building blocks of our business success. This needs to be complemented by a management culture driven by core values and with high ethical and qualitative standards. We measure the sustainability of the services we provide against these benchmarks each and every day,» says Bruno Chiomento.
Ernst & Young's commitment to society is also demonstrated by its newly created corporate volunteering program. «As part of this program, our employees devote their time to charitable projects or share their knowledge by teaching economics in schools. Over 150 volunteers have taken part since the initiative was launched. In addition to helping others, the employees also gain valuable insights into different areas of life,» comments Bruno Chiomento.
The annual report with a focus on sustainability for the fiscal year from 1 July 2011 to 30 June 2012, as well as the video animation "300-second report" is available at www.ey.com/CH/en/About-us/Corporate-Responsibility.
Contact:
Simone Isermann
Ernst & Young
Head of Media Relations Switzerland
Phone: +41 (0) 58 286 35 97
simone.isermann@ch.ey.com