Annual Report 2023/24
Human-led and tech-powered
Message from the CEO
PwC Switzerland’s results for the financial year ending 30 June 2024 reflect notable achievements in a challenging market. Gross revenues of CHF 1,143 million represent growth of over 3% across all Lines of Service and industry groupings. Both our Advisory and Assurance Lines of Service achieved gross growth of 5% and 3% respectively. Despite a challenging market, our Tax and Legal divisions experienced only a slight decline of under 1%. The net revenue of our Swiss-based workforce in all Lines of Service grew 6% to CHF 905 million overall.
This strong all-round performance was only possible thanks to collaborative efforts. I would like to express my sincere appreciation to our clients and stakeholders for the part they have played and their continued trust and support. I’d also like to extend my heartfelt gratitude to all our 3,809 employees, whose dedication and hard work have been vital our success, enabling us to deliver exceptional service to our clients.
At PwC Switzerland we’re human-led and tech-powered. We understand the importance of embracing cutting-edge technology while recognising the value brought by our people and their expertise. It’s this unique combination that enables us to provide intelligent and sustainable solutions for individuals, companies and society as a whole.
Therefore, my commitment as new CEO is clear: We will continue to invest in our people, technology and innovation to keep us at the forefront of the industry and provide the solutions that add the best possible value for our clients and stakeholders.
Sincerely
Gustav Baldinger, CEO PwC Switzerland
Revenues
Solid growth
PwC Switzerland was able to increase its gross fee revenue by 3% to CHF 1,143 million.
Gross fee revenues by Line of Service
in CHF million
Net revenue by Line of Service*
in CHF million
* Net revenue includes service delivery center (SDC) hours. However, the large volume of alternative delivery model (ADM) hours in Advisory is not included in net revenue (only in gross revenue).
Gross fee revenues by industry group
in CHF million
People
3,809 people in 15 locations
We maintain our commitment to offer specific local knowledge and broad experience and expertise, facilitated by our 15 offices spread across Switzerland and the Principality of Liechtenstein. Additionally, our diverse workforce comprises individuals from 91 different nationalities. As technology transforms every aspect of our lives, we’re focusing on upskilling our people for the digital world of tomorrow so that they can develop and serve the constantly evolving needs of our clients.
To tap into a much bigger talent pool to provide our services to clients in Switzerland, we’re rapidly growing our foreign-based workforce. These people are predominantly based at our service delivery centres (SDCs) in India, Portugal, the Philippines and Central and Eastern Europe. This is a strategic move to cover specific client needs and overcome the skills shortage in Switzerland.
For more details of how we support diversity and inclusion, visit our Inclusion and Diversity website.
/ 17%
%
%
Without interns and hourly workers
Awards
Purpose
Creating trust in society and solving important problems
It is our believe that business must play an important role in driving and enabling sustainability and help solve the world’s major problems. That’s why we’re determined to actively contribute to the transition to a low-carbon economy as well as assuming our responsibility when it comes to supporting wider society, including social and micro-enterprises. We make every effort to continuously develop our business model, processes and habits to enhance sustainability. To ensure our employees can bring about positive change with us, we invest in their upskilling and awareness and provide them with opportunities to support communities and charitable organisations.
Commitment to the environment
PwC has made a worldwide science-based commitment to achieving net zero greenhouse gas (GHG) emissions with 2030 goals. Our near-term targets have been validated by the Science Based Targets initiative and include commitments to reduce our scope 1 and 2 and business travel emissions by 50% in absolute terms by 2030 (from a 2019 base). This builds on our previous obligations to cover 100% of our power consumption using renewable electricity sources, a goal that we have been meeting since the 2021 financial year. We calculate, manage and monitor our carbon footprint every year.
To mitigate our impacts today, we are offsetting our emissions through high-quality carbon credits, transitioning to 100% carbon removals by 2030. For this reason, we have signed a contract with the Swiss technology company Climeworks to remove thousands of tonnes of CO2 from the atmosphere by 2030 on our behalf. We also engage with key suppliers and support our clients in their efforts to decarbonise and transition to a net zero future.
GHG (greenhouse gas) emissions in tCO2e*
| Emissions | FY19 (baseline) |
FY20 | FY21 | FY22 | FY23 | FY24 |
| Direct emissions** | 358 | 316 | 238 | 233 | 261 | 251 |
| Indirect emissions (market based)*** | 1,312 | 322 | 293 | 290 | 285 | 259 |
| Other indirect emissions**** | 12,336 | 8,449 | 957 | 3,305 | 4,587 | 4,927 |
| Total (market based) | 14,006 | 9,087 | 1,488 | 3,828 | 5,133 | 5,437 |
| Indirect emissions (location based)*** | 496 | 434 | 520 | 510 | 386 | 362 |
* Emissions figures for FY19-FY23 may vary from previous external reporting owing to data revision and data improvements.
** Direct GHG emissions according to GHG protocol Scope 1: owned or controlled by the firm, for example emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.
*** GHG emissions according to GHG protocol Scope 2: purchased heat and electricity.
**** GHG emissions according to GHG protocol Scope 3: air travel, commuting, overnight stays, road, train and taxi. We are currently exploring further relevant Scope 3 emissions categories.
Commitment to society
Our corporate responsibility programmes and partnerships are an opportunity for us to give back to society. By offering pro bono or discounted audit and consulting services for organisations and running corporate volunteering initiatives, we share PwC’s greatest assets - the skills, knowledge and experience of our employees - and help create communities where people and businesses can thrive. We support these activities with donations, including disaster response contributions.
Number of beneficiaries* reached
* The number of individuals reached, either directly or indirectly, through PwC community investment activity related to education/building skills.
Number of participants in community activities
Total volunteering hours* (general and skilled)
* Includes: Volunteering, pro bono and discounted engagements.
Cash and 'in kind'* donations (in CHF)
* Non-cash contributions like equipment, property, usage of facilities and meeting space, and other.
Upskilling
We’ve successfully taken a leap forward towards our own digital transformation, with a strong focus on GenAI. We continue to focus on forward-looking sustainable investments in technology and equip our people with the skills they need to thrive in the modern business landscape. Digital upskilling to leverage the full potential of GenAI for the benefit of our people and our clients is a strategic priority.
in FY2024
in FY2024
Organisation
Since our last annual report there have been significant changes in the leadership of PwC Switzerland. On 1 July 2024, Gustav Baldinger took over as CEO from Andreas Staubli, who left the firm after more than 30 years. On the same date Dominik Hotz took over from Gustav Baldinger as Leader Advisory. Andrin Bernet took over as Leader Assurance from Alex Astolfi, who continues to act as a client partner for PwC. Claudia Benz took over from Daniel Ketterer as Quality and Regulatory Leader.
Management Board 2023/24 PwC Group Switzerland
At the end of the financial year 2023/24, the Management Board of PwC Group Switzerland comprised:
Andreas Staubli
CEO
Alex Astolfi
Leader Assurance
Dieter Wirth
Leader Tax & Legal Services
Gustav Baldinger
Leader Advisory
Julie Fitzgerald
Leader Growth & Markets
Norbert Kühnis
Leader Family Business & SMEs
Board of Directors 2023/24 PricewaterhouseCoopers AG
At the end of the financial year 2023/24, the Board of Directors of PricewaterhouseCoopers AG comprised:
Sebastian di Paola
Chairman
Andreas Staubli
Delegate
Alex Astolfi
Member
Sandra Böhm
Member
Daniel Ketterer
Member
Operating Board 2023/24 PricewaterhouseCoopers AG
At the end of the financial year 2023/24, the Operating Board of PricewaterhouseCoopers AG comprised:
Andreas Staubli
CEO
Alex Astolfi
Leader Assurance
Dieter Wirth
Leader Tax & Legal Services
Gustav Baldinger
Leader Advisory
Julie Fitzgerald
Leader Growth & Markets
Sandra Böhm
COO/CFO
Daniel Ketterer
Leader Quality & Regulatory Affairs
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Stéphanie Tobler Mucznik