KPMG result on a par with previous year 

While Tax was able to boost its contribution to KPMG’s total revenues even further, the CHF 125.2 million (-1.9 percent) generated was not quite enough for it to follow in the vein of last year’s record result. A solid result was once again delivered by International Executive Services which provides tax advisory services to international executives. Corporate Tax and Financial Services Tax in Zurich also posted extremely good results as did the regional Tax branches in Central and Eastern Switzerland. The sites in Berne and French-speaking Switzerland produced substantial results with fiduciary services such as Payroll Services; Legal also had a successful year. In the coming year, Switzerland as a tax location will continue to be impacted by persistent national debt in the eurozone as well as ongoing tax negotiations with the EU and the USA. This will result in some turbulence.

Advisory posted revenues of CHF 70.7 million (-9.9 percent). This function has modified its service portfolio to better suit the current market environment, however, and has now posted slight growth of +2.0 percent on the basis of adjusted figures. The change takes account of the impact of the strategic realignment undertaken mainly in the area of Consulting over the past few fiscal years. However the three services groups, Management Consulting, Risk Consulting and Transactions & Restructuring, are well positioned on the market, excellently staffed and have very promising project pipelines which will have a correspondingly positive impact in the next fiscal year.

KPMG systematically addressed a variety of changes during the year under review. “As in the past, the last year once again saw us addressing regulatory and financial issues and developments in a very targeted manner,” explained Roger Neininger, CEO of KPMG Switzerland. “Together with leading research institutes like the ETH Risk Center and the University of St. Gallen (HSG) we tried to sketch out the market environment and client’s needs of tomorrow. Based on these, we developed thought leadership publications such as our private banking study and derived new business areas and services. In close cooperation with clients we successfully refined key business issues through other topical publications and client events such as the regional, broadly-based ‘Are you ready for 2013’ series of events. We will continue to build on these activities during the next fiscal year. The new year will also see us embracing our important function as a top-notch training facility for future auditors and advisors – that means we will be making a pivotal contribution toward the long-term performance of Switzerland as a place to do business.”

¹Gross revenues include out-of-pocket expenses and services of subcontractors and other KPMG member firms charged through KPMG Switzerland.

² Net revenues refer to services rendered by KPMG Switzerland.

³ Certain activities were moved from Advisory to Tax during the past fiscal year and figures from the previous year have been adjusted accordingly.