Shared growth
In 2014 we registered a significant increase in payments to the Government, in economic value distributed through salaries and employee benefits, and in contributions to our communities.
Financial results G4-9 l 17 | EC1 | EC4 | EC7
The various resources (or Capitals) available to our business are converted synergistically into a range of value outputs which we share with our stakeholders.
The quality of the services we deliver strengthens our reputation, client loyalty and client acquisition. This increases our hours worked, which in turn generates financial returns for our partners, salaries and benefits for our professionals, tax revenue for governments, sales revenue for our suppliers, social investments, investments in our Organisation's infrastructure and in the continuing development of our knowledge, methodologies and solutions towards more sustainable business models, which in turn are converted into benefits for our clients, cascading the effects of our services on their value chains.
Following this virtuous cycle, we want to remain a successful organisation, but we want our success to be increasingly meaningful and valuable for our stakeholders. This way, profit will always be something rightfully earned as a result of the value we create for society, and not an end in itself.
In 2014, despite the unfavourable economic environment, we continued to pursue our medium and long-term strategy, investing in professional training and development and in more efficient technologies and tools. This ensured that our Human and Intellectual capitals remained in a state of readiness for a quick and efficient response to economic recovery. We also seized the opportunities offered by healthier market segments and remained alert to new business opportunities.
These strategies enabled us to retain our leading position in a number of segments and achieve 12% growth compared with the previous financial year. As a result, we approached – but were unable to fully achieve – our targets for the period, which prevented us from paying profit-sharing to our employees.
In 2015, we will continue to work diligently to ensure that our management and investments, combined with our efficiency initiatives, enable us to achieve our business targets. Our growth projections are 14% for the Audit practice, 18% for Tax and 30% for Advisory.
Our statement of added value also shows a significant increase in payments to the Government, in economic value distributed through salaries and employee benefits, and in contributions to our communities.
| 2014 | 2013 | 2012 | |
|---|---|---|---|
| Direct economic value created | 898,559,330 | 799,436,864 | 805,111,888 |
| Revenue | 898,559,330 | 799,436,864 | 805,111,888 |
| Economic value distributed | 701,794,065 | 650,729,691 | 627,281,780 |
| Operating costs | 148,951,352 | 149,266,106 | 137,498,458 |
| Employee salaries and benefits | 382,254,266 | 366,690,234 | 350,811,678 |
| Payments to the Government | 166,771,920 | 132,469,321 | 136,183,828 |
| Community investments | 3,037,371 | 2,304,029 | 2,787,817 |
| Voluntary contributions (including pro bono) to social, environmental and cultural projects G4-EC7 | 2,367,371 | 2,020,957 | 2,387,453 |
| Contributions to social, environmental and cultural projects under tax incentive laws G4-EC4 | 670,000 | 283,072 | 400,364 |
| Cumulative economic value | 196,765,265 | 148,707,173 | 177,830,108 |