Czech CEO Survey 2016 - PwC...skills. In 2016, the year-on-year increase in new vaccancies will not...

Czech CEO Survey2016

Key findings

www.pwc.cz/ceoagenda

People andbusiness indigital world

Table of contents

The highest confidence rate…………………………………............................ 482 % of CEOs believe that their revenues will grow this year

Czech crown………..……………………….…………..…………………….….…..……...653 % of CEOs are for accepting the euro

We save but we want to grow….…………..……..………………..….……………… 865 % of companies plan cost-savings this year

Where to seek employees?.…………………………...…………………………… 1050 % of companies will increase its number of employees

Technologies and corporate culture………………………………………..… 1266 % of companies enable their employees to work from home and supportthem with relevant technologies

The state tightened up.........……………………………………………..…….……. 1471 % of CEOs think that regulation and state requirements for companiesare more intense

How do CEOs keeping up………………………...……………………….....……… 1689 % of CEOs do something actively to not burn out

How to approach a new generation of employees………..………..….1847 % of companies are changing or will change approach to the generationY and Z

Competitiveness of the Czech republic…………………………….……….. 2091 % of CEOs think that simpler and more understandable tax systemwould help Czech competitiveness

Expansion abroad……………….………………..…….……………...................... 2225 % of CEOs see the biggest growth opportunities to be outside the Czechrepublic

The Czech CEO survey 2016 showed an extraordinary rate of optimism byCzech business leaders as compared to their world CEO colleagues whoare far more pessimistic.

Czech CEOs are also less worried than their colleagues around the globeabout external geopolitical impacts.

The key topic of the CEOs agenda remains the issue of how to get suitableemployees to join their companies and how to keep them. It is the latestdigital, mobile and cloud technologies that are related to that topic butthey also influence the internal corporate culture of companies.

On the one hand, corporate cultures would have to adapt to the newgeneration´s habits of using these technologies. On the other hand, thenew generation has a different approach to the work and life in adynamically changing world.

We believe that our survey will help you to orient better towards thesechanges.

Country Managing PartnerPwC Czech Republic

[email protected]

+420 251 152 048

Introduction

Czech CEO Survey 2016

4

The highestconfidence rate

Not confident at allNot very confident

Somewhat confidentVery confident

2 %4 %

55 %

39 %

60 %

70 %

58 %

59 %

76 %

81 % 82 %81 %

63 %

61 %

91 %95 % 92 % 94 %

2010 2011 2012 2013 2014 2015 2016

12 months 3 years

How confident are you about your company’srevenue growth prospects over the next 12months/3 years?

12 months 3 years

5 %

13 %

47 %

35 %

Czech economy ranked among the topEuropean states in 2015 with the GDPgrowth of more than 4 %. Even though thegrowth was influenced by receiving moneyfrom EU funds, companies trust in theeconomy is evident. This is proven by theincreasing number of investments, wageincreas or very low unemployment rate.

Growth expectations of CEOs in 2016 arethe highest in the seven-year history of oursurvey. Medium-term outlook on therevenue growth is also improving. 94 % ofrespondents are confident about theirgrowth to a certain degree.

Speaking about the growth, the question ofextending companies´ productioncapacities is also important. However,companies do not plan to use externalfinancial resources. It is well-known that alot of companies have ready moneyavailable but it is important to mention thatsignificant investment projects could not befinanced only from the companies´ ownmoney.

The results of the survey come with aquestion if the expected growth is based onplans, real contract flows view or if it is onlyabout improving consumer´s mood andpositive macroeconomic perspective.

Compared to the world leaders, Czech CEOsare not very worried about the developmentof the global economy, technologicalchanges or changes in consumerpreferences.

The majority of CEOs believe thattheir revenues will grow over thenext few years.

“Companies learned to work withbalance, they manage to create theirown resources and reserves.“

Petr Smutný, Partner in Corporate finances andrestructuring department, PwC CZ

Key findings

5

Other choices were selected as follow: Change in the company culture 5 %; New commoncompany and/or strategic alliances 2 %; Other 6 %; We do not see the opportunities forgrowth 2 %.

Companies will finance planned growth from their own resources

How do you expect to finance this growth?

Which of the following strategic opportunities offers the greatest growth potential for yourbusiness over the next 12 months?

7 %

10 %

15 %

21 %

31 %

M&A

New geographic markets

Growth in existing foreignmarkets

New product development

Growth in the existingdomestic market

Internally generated cash flow

Bank lending

Public funds

90 %

30 %

9 %

The main opportunity this year would be the developments incurrent Czech market; the number of innovators is increasing


6

The survey showed that companies stilldepend too much on intervention by theCzech National Bank regarding thecurrency provision. Intervention by thenational bank started in November 2013and in its latest statement from thebeginning of 2016 they indicated that theywould prolong a weak exchange rate of theCzech crown against euro which iscurrently 27 CZK/EURO.

Whether the exchange rate affects expenseitems or revenues, it turned out thatcompanies, having the rate guaranteed,often forget that the intervention would notlast for a long time and secure it onlyagainst euro. But many importantmaterials are imported from dollarterritories and big investments areexported to non-euro regions.

Once the intervention ends, everybodywould have to deal with the access to themonetary provision. Position analysisabout currencies and appropriate monetaryprovision needs to be prepared ahead attime, so everybody should discuss it asearly as possible.

The topic of euro acceptance can be seenthe same way. Apart from the politicalaspects of this step, companies would notavoid the monetary risk even after possibleeuro acceptance. They would have to dealwith the euro course changes related totheir contracts in dollars and othercurrencies.

Due to the large export dependency of theCzech Republic, one would expect moreeuro supporters. But from the perspectiveof the whole Czech population, only onethird of the population is for euroacceptance, compared to 70 % who areopposed according to Eurobarometer.

Czech crown

How concerned are you about the exchangerate in the next 12 months?

25 % 57 % 18 %

High concern Some concern No concern

Has your company changed its approach toexchange rate risk based on Czech currencyexchange rate development in past years?

Yes, we started to hedge

Yes, we quit hedging

Yes, we strengthen our analytical capacitites

Yes, we have included exchange risk incontracts with our suppliers/customers

No, we have still the same approach toexchange rate risk, current hedging is enoughfor us

No and we do not hedge

Fluctuation in the exchange rate –are we worried?

13 % 3 %

9 %

16 %

50 %

19 %

Key findings

7

Have you changed your mind on the adoption of the euro based on Czech currency exchange ratedevelopment in past years?

9 %

13 %

40 %

32 %

6 %

Yes, now, I am for adoption.

Yes, now, I am against adoption.

No, I am still for adoption.

No, I am still against adoption.

I do not care.

The past changes in the CZK exchange rate force one-fifth of CEOs tochange their opinion about euro acceptance but majority of them arestill for acceptance.

53 %

For adoption

38 %

Against adoption

“Companies should not forget thatpossible euro acceptance does not coverall their exchange rate risks. Manymaterials are imported from dollarterritories and also big investments areexported to non-euro regions.”

Olga Cilečková, Treasure risk manager, PwC ČR


8

CEOs have ambitious plans. However,they have not forgotten about theirexperiences with the crisis so they keeptheir expenses under control. It appearsthat pressure to reduce expenses not onlyduring the crisis will be employed bycompanies a permanent tool.

It is important to carry out cost savingmeasures on the context of a company´sstrategy. If the company does not have aclear strategy, any restructuring actioncould be risky.

The survey also reveals the companies´intensive work on raising their revenues.It seems that consolidation of marketsproceeding broadly.

In 2016, transaction activity as well as thenumber of a new businesses and strategicalliances in the Czech Republic shouldincrease. Conversely, CEOs haveannounced a decline in a cross-bordermergers and acquisitions. This can berelated to increasing geopolitical risks andeconomic insecurity in Europe.

1 %

3 %

6 %

7 %

8 %

11 %

12 %

26 %

72 %

Divest majority interest ina business or we exit a

significant market

End an existing strategicalliance or joint venture

Cross-border M&A

Enter into a new strategicalliance or joint venture

Domestic M&A

Outsource a businessprocess or function

“Insource” a previouslyoutsourced businessprocess or function

Enter a new significantmarket

Implement a cost-reduction initiative

We save but we wantto grow

What restructuring activities were CEOsinitiating in 2015?Firstly, they were saving but they enterednew markets as well.

“Investors´ interests lie in traditionalindustry sectors like engineering orenergetics but also in IT or media.Acquisitions are made by localinvestors but there are a wide range offoreign players, too. The interest ofChinese investors to invest to Czechcompanies and Central and EasternEurope is increasing. “

Miroslav Bratrych, managing Partner in Consulting,PwC ČR

Key findings

9

0 %

1 %

3 %

7 %

13 %

13 %

13 %

29 %

65 %

End an existing strategic alliance or jointventure

Divest majority interest in a business or weexit a significant market

Cross-border M&A

“Insource” a previously outsourced businessprocess or function

Domestic M&A

Outsource a business process or function

Enter into a new strategic alliance or jointventure

Enter a new significant market

Implement a cost-reduction initiative

What restructuring activities are CEOs planning to do in 2016?

They will save but they plan mergers and acquisitions, too.

9



10

According to CEOs the key topic in 2015was the availability of employees withrequired knowledge, experiences andskills. In 2016, the year-on-year increasein new vaccancies will not be thatsignificant but the reservoir of vacantlabour force will also decrease.

Therefore, it is not surprising that thelack of labour force remains the biggestbusiness menace for 2016 according toCEOs. Compared to the past year, it isnot only a question of the candidates´qualities but the lack of human resourcesin general which can be critical for lots ofbusiness plans and the Czech economyas well.

CEOs realized that looking for newhuman capital is only one part of theproblem. The other part is keeping thecurrent ones which does not seem to bea big problem for the majority ofbusiness leaders – only 14 % of themindicated it was a big menace. Therefore,a third of them does not see it as aproblem at all.

According to the PwC PayWell research,companies should raise the wage/salaryfor 2,5 % average. Low inflation alsoensures real growth. The raise could bemore significant for exposed positions orkey employees.

However, financial motivation is not theonly or a major way to get and keep anemployee. Companies are looking fortheir future employees at schools andnurture of their image as a „goodemployer“.

We will not haveemployees…

How concerned are you about the followingpotential business threats for your company inthe next 12 months?

Availability of key skills

Lack of employee engagement

Change in the headcount in 2015

How has headcount in your company changed?

14 % 53 % 33 %

30 % 17 % 53 %

0

Potential threats – how much are CEOsworried about them?

40 % 8 %52 %

20 % 30 % 50 %

0

Change in the headcount in 2016


Key findings

11

3 %

15 %

15 %

17 %

28 %

37 %

48 %

50 %

Moving production abroad

Not at all, we do not see any problem

Outsourcing

Using foreign employees (recruitment abroad,migrants, etc.)

Collaboration with schools and universities, eventuallyfounding our own educational institutions

Agency workers

Investments into programs enhancing our value as anemployer in the eyes of potential employees

Collaboration with schools and universities, eventuallyfounding our own educational institutions

How do you intend to address the shortage of staff related to the declining demographic curve?

Generation Y (born 1986-1995) is entering the labour market followed by generation Z (internetgeneration). Do you feel that you have to work with these employees differently than you wereused to in the past?

The entrance of a new generation to the labour market

Yes, hence we have changed the way we work inour firm

Yes, but currently we are at the stage ofconsidering which approach to choose for theseemployees and new trends

Yes, but our corporate culture is open andflexible enough so that we do not need tointroduce any significant changes

No, we hire employees that fit our currentteams

No, this question does not concern us at all

33 %

15 %14 %

10 %

27 %

Lack of employees - what to do?


12

Modern digital, mobile and cloudtechnologies fundamentally changethe way companies are run.

CEOs did not agree on the question ofthe future replacing of human capitalwith machines, whereas permissionfor certain employees to workanywhere they want becomesstandard.

Regarding the replacement of humancapital by machines, already half ofCEOs expect it and a quarter of themintend to do it due to the lack of labourforce on the market.

It is hard to say if greater pressure onexpenses or the development ofmodern technologies are forcing CEOsto give preference to quick andeffective communication viateleconferences and other moderntools as opposed to travel.

Modern ways of communicating andworking from home need to becontroled with regards to datasecurity. Despite the fact that, in themajority of companies, the question ofcyber security is important for the topmanagement, only a tenth ofrespondents see it as a big threat.

CEOs are not worried that much aboutthe speed of technological change.This can be why they do not agree onthe idea that digital technologieschange their views on sustainability.Still half of the respondents considertechnologies to be tools that could notaffect the core of the companies´sustainable business.

Technologies andcorporate culture

How concerned are you about the inability toprotect intellectual property and customer data inthe next 12 months?

12 % 36 % 52 %


10 % 43 % 47 %

How concerned are you about the speed oftechnological change in the next 12 months?

The speed of technological change

How much are the CEOs worried?

The security of client data andintellectual property protection

How much do the CEOs worry?

“In 1920, machines were engaged in theautomatization of car production, whereasin 2016, they can drive a car, diagnose apatient or approve contracts. “

Petr Chadima, expert in technological consulting, PwC CZ


Key findings

13

Which of these statements best describe your approach towardstechnology?

We allow our employees, thenature of whose work allows themto work anywhere, to work from aplace of their choice and supportthem by implementing the latestmobile technologies.

Even if employees can dotheir work anywhere, weprefer them to be in ouroffice as it is important for usto exercise control over theirwork.

66 % 34 %

In our industry, I see space forgreater automation, and,therefore, I expect that in thecoming years we will replacesome portion of our humanworkforce with machines ortechnologies.

In the industry where mycompany operates, I do notexpect people to be replacedby machines, since I considerthe human factor hereirreplaceable.

50 % 50 %

If possible, I use teleconferencingand other moderncommunication tools instead oftraveling.

If possible, I always preferpersonal meetings instead ofteleconferences or similarcommunication tools.

59 % 41 %

The issue of cyber security isconsidered to be so importantthat the top management of ourcompany deals with it directly.

The issue of cyber security isconsidered to be so technicalthat our IT department dealswith it.

61 % 39 %

With the use and development ofnew technologies, I changed myview on sustainability.

The question ofsustainability is so secularthat I hold my opinionfundamentally even with thedevelopment of newtechnologies.

50 %50 %

Digital world from the respective of CEOs

13


14

Companies and enterprisers areconciliated to paying taxes but theycomplain about selected legislative toolscreated to address non-payers andfraudsters but that significatly affecthonest ones as well.

The strictness and tax officerssophistication are increasing. Officersare not afraid to go into morecomplicated spheres to analyse them inmore detail and also dispute themcompetently.

This affects not only companies but alsotheir perception of an externalworld/environment. And the fact howmany information does the state collectabout them.

Controlling report is the major topic inthe tax administration. CEOs consider itto be a big issue, regarding to a greatuncertainty connected with this reportthat was often discussed in media.

It is a significant lump sumadministrative burden, however, oncethe process is established andautomatized, it would not be such aworkload for companies.

In 2015, CEOs had to deal with newduties for their statutory deputies. Morethan a fifth of respondents completedtheir legal knowledges.

The state tightenedup

How concerned are you about questionable orunpredictable legislation in the next 12 months?

43 % 47 % 10 %

39 % 38 % 23 %

Restrictive regulation

How concerned are you about excessiveregulation in the next 12 months?

24 % 51 % 25 %

Increase in tax and payment burden

How concerned are you about the increasing taxburden in the next 12 months?

Significant threats for business

The low-grade legislature

“The survey showed up that CEOs arecircumspected in their positions ofstatutory deputies. They took necessarymeasures to complet their knowledge oflaw about these risks, often byconsulting with their external lawyers.More than a quarter of companies hadto re-expose their processes.“

Bořivoj Líbal, the managing Partner of PwC Legal CZ




Key findings

15

The government is now taking fierce steps to collect tax revenuesfrom companies. Have you noticed this?

More intensive overall (e.g. we are more controlled/the government ismore forceful in tax collection or in enforcing the rules about whatinformation we have to report about ourselves).

Less intensive overall (e.g. we are less controlled/the government isless forceful in tax collection or in enforcing the rules about whatinformation we have to report about ourselves).

The same overall.

71 % 1 % 28 %

28 % 43 % 29 %

Companies´ tax collection provision

During the past 3 to 5 years, the regulation of the business environment is…

Yes, as a citizen, I appreciate that the government keeps an eye on themoney that belongs them.

Yes, as a company leader, I am concerned about the administrativeburden.

No, I do not feel that companies are under more pressure fromtax authorities.

The regulation of a business environment


16

To gain and keep employees is becomingmore complicated. In case of key labourforce or leaders, it is a strategic topic thatshould be discussed by the managementof every company. CEOs are fully awareof it and they emphasise mainly amotivating environment and corporateculture.

Questions of ethics and corporateresponsibility are also of significantimportance. In a rapidly changingmilieu, programs for employeedevelopment and their adaptability tothe new conditions, requirements ortechnologies are very important. Morethan a half of the companies have suchprograms focused on training futureleaders.

What do leaders do after getting to thetop? 97 % of them realize that, if theywant to stay motivative and successful,they have to do something. 89 % reallydo something – they occupy themselveswith activities which help them gainenergy, for example, spending a timewith their family, doing some sport orpersonal hobby. They developthemselves systematically in new fieldsand they are training their successors.

Only less than a tenth of respondents arepreparing themselves for a “secondcareer” when they will not be businessleaders.

How do CEOs keepup

What aspects of your talent strategy are you focusingon the most to make the greatest impact onattracting, retaining and engaging the people youneed to remain relevant and competitive?

How to attract the key labour force to thecompany and motivate them?

Workplace culture and behaviours 63 %

Our reputation as an ethical and sociallyresponsible employers (CSR)

57 %

Our focus on skills and adaptability in ourpeople

56 %

Our focus on our pipeline of leaders fortomorrow

54 %

Effective performance management 47 %

Pay incentives and benefits we provide toour workforce

40 %

Health and well-being of our workforce(including flexible working and work/lifebalance)

39 %

Our focus on productivity throughautomation and technology

31 %

The locations of our operations 29 %

Our focus on diversity and inclusion 14 %

Effective global mobilityprogrammes

6 %

Our use of predictive workforceanalytics

3 %

“Companies deal quite intensively withthe question of keeping employees andgaining new ones from diverse agegroups, with different values, prioritiesand expectations. However, theyshould try to solve the problem of theco-existence of more generations ordifferent specific groups of employeesin one workplace and a way to managethem effectively.”

Andrea Linhartová Palánová, HR expert in PwC CZ

Key findings

17

What do you personally do to be a successful and motivated leader and prevent burnout?

What does the CEO do to not burn out?

Educating a successor who will take over my position in the future 24 %

Dedicating a certain amount of time to socially beneficial activities (nonprofitsector, community, municipal policy, etc.)

19 %

Consulting with an expert (coach, psychologist, etc.) 12 %

I have already designed my „second career“ 7 %

Sharing experience and expertise (coaching, mentoring, lecturing, etc.) 46 %

Set aside a set amount of time dedicated to my personal life (family, hobbies,sports, etc.)

64 %

Personal development 46 %

I believe that does not concern me 3 %

I have not been doing anything particular yet, but I feel that I should 8 %

Other activities 2 %


18

How to approach thegeneration Y and Zlabour force?More than a third of companies do notneed to change or they assume that theentrance of a new generation with aspecific approach to their life and work tothe labour market does not concern them.But in fact, generations Y and Z play animportant role for companyopportunities. These people are used toworking naturally with the internet, socialmedia and modern technologies everyday. If they get a chance, they can help acompany to focus its investments intoinnovations or they can help with aninnovative way of approaching customers.

Communication with customers ischanging and will change in the future.Employees from generations Y and Z canhelp companies to move towards thefuture it these areas. The speed of thedevelopment of e-commerce in the CzechRepublic is enormous and it is crucial toconstantly react to the brand new ways ofusing social media and technologies.

Even though companies intensively dealwith the question of keeping and gainingemployees from diverse age groups, withdifferent values, priorities andexpectations, they should try to solve theproblem of co-existence of moregenerations or different specific groups ofemployees in one workplace and how tomanage them effectively.

In the future, working teams will be moreheterogenous than we are used to. Wehave to be prepared for when in fiveyears´time different generations withdifferent capabilities, experiences,customs, technological knowledges, lifeattitude and motivation will co-operate ona one project or in one workplace.

Besides, more of them will not be full timeemployees but freelance contractors orsuppliers. We should consider it to be anopportunity.

Generation Y (born 1986-1995) is entering the labourmarket followed by generation Z (internetgeneration). Do you feel that you have to work withthese employees differently than you were used to inthe past?

We change for generations Y and Z…

Yes, but ourcorporateculture isopen andflexibleenough sothat we donot need tointroduceanysignificantchanges

Yes, hence we havechanged the way we workin our firm

Yes, but currently weare at the stage ofconsidering whichapproach to choose forthese employees andnew trends

14 %

33 %

15 %

Key findings

19

Generation Y (born 1986-1995) is entering the labour market followed by generation Z (internetgeneration). Do you feel that you have to work with these employees differently than you wereused to in the past?

…or the new generations will adapt to us?

No, we hireemployees that fit ourcurrent teams.

No, this question does notconcern us at all.

10 %

27 %

“Generations Y and Z are important forcompanies´ opportunities due to theirhabit of using the internet, social mediaand modern technologies in theireveryday life. If they get a chance, theycan help companies to focus theirinvestments into innovations or they canhelp with an innovative way ofapproaching customers.”

Andrea Linhartová Palánová, HR expert in PwC CZ


20

CEOs clearly stated clearly that theyexpect a less complicated life from thegovernment due to administrative andtax burden. This comprise innovationopportunities which leaders of the Czechcompanies see in a public administration– functional processes and controllingmechanism.

At the same time, CEOs expect the stateto ensure the necessary infrastructureand quality labour force. Despite the lackof people in general, for CEOs quality ismore important than the quantity.

If the Czech economy wants to increaseits competitiveness in the internationalrealm, it is necessary to not only attractnew investors from fields with high valueadded for the country but to haveavailable labour force that will be able toperform this action and stack up againstthe other EU countries with similarproblems.

The accessibility of a qualified labourforce is one of the important criterionson which big industrial players arechoosing countries in which to placetheir strategical investments.

Another key field is support of technicaleducation. The unemployment rate isone of the lowest in Europe and,according to the Ministry of Industry andTrade, there is a need for 100 thousandmore people in the technical fields.

The current graduate shortage in thesefields is one of the big risks for thetraditionally industrially oriented Czecheconomy. It also places limits on Czechcompanies as they try to win contracts.

Competitiveness of theCzech Republic

Which THREE of these outcomes do you think shouldbe government priorities to enhance the quality of thebusiness environment in the Czech Republic?

A clearly understood, stableand effective tax system 91 %

A skilled, educated andadaptable workforce90 %

Adequate physical and digitalinfrastructure 66 %

Workforce diversity andinclusiveness

19 %

Reduced environmentalimpacts

16 %

High levels of employment 6 %

Safeguards around usage ofpersonal data

6 %

Greater income equality 2 %

According to thee CEOs, what prioritiesshould the government have?

Key findings

21

In which fields of public administration do you see the main opportunities for innovation?

Involving citizens in the decision-making process (for example, at themunicipal level)

Financial management in publicadministration

Ability to use gatheredinformation effectively (“smart

government”)

37 %Motivation and evaluationof employees in publicadministration

39 %

Computerisation of services

37 %

Tools to simplify communicationwith the public administration

37 %

Project management

User friendliness, clarity of what anoffice does and is responsible for

32 %

25 %

9 %

7 %

6 %

Other

Setting up processes in publicauthorities

40 %Setting up control mechanisms in publicadministration (incl. anti-corruptionmeasures)

54 %

The biggest areas in need of innovations in the public sector: monitoring,processes and people´s motivation.


22

Foreign expansion

Czech companies see a many growingopportunities for this year on thedomestic market. And it is not a surprisethat this market is considered to be themost important regarding their business.In second place is Slovakia which isrelated to the common history and thecultural and language contiguity.

The third, Poland, reflects thegeographical nearness of this market,cultural similarities on a certain leveland, primarily, its size. Also thestandards of the Polish market are aboutthe same level as the Czech market andprecisely lower than the West markets.So, Czech companies do not have tomodify their products that much.

Poland´s significance is increasing in theregion and therefore it attracts more andmore Czech companies. Despite thegeographical and cultural nearness, theyshould not underestimate preparation.Besides certain legal and tax differences,they should prepare for business andcultural particularities of this country.For example, Polish companies whocompete with each other can uniteagainst a foreign competitor.

A quarter of Czech companies see foreignmarkets as the biggest growthopportunities for this year

Growth inexisting foreign

markets

15 %

Newgeographic

markets

10 %

“In response to the progress of the domestic market, lots ofbuilding companies are starting to move their capacitiesabroad. However, not every company catch as on in foreigncountries. Foreign markets are usually very protectionist and,in addition, Czech companies can face a lot of troubles due to alack of awareness of the local environment that can lead to adecrease in profitability.”

Tomáš Bašta, Partner in Audit services, PwC CZ

Key findings

Which three CEE countries do you find most strategic for yourfirm/organization?

23

Slovakia 42 %Poland 18 %Czech Republic 16 %Russia 16 %Ukraine 3 %

Poland 32 %Hungary 20 %Slovakia 15 %Czech Republic 10 %Ukraine 7 %

Czech Republic 65 %Poland 13 %Russia 7 %Slovakia 6 %Romania 3 %

2

3

Key markets for Czech companies

© 2016 PricewaterhouseCoopers Česká republika, s.r.o. All rights reserved. “PwC” is the brand under which member firms of PricewaterhouseCoopers International Limited (PwCIL) operateand provide services. Together, these firms form the PwC network. Each firm in the network is aseparate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL doesnot provide any services to clients. PwCIL is not responsible or liable for the acts or omissions ofany of its member firms nor can it control the exercise of their professional judgment or bindthem in any way.

About the Czech CEO Survey

This is the seventh time we have addressed the leaders of the mostimportant companies operating in the Czech market. The CzechCEO Survey, to which we received responses from 110 Czech businessleaders, follows the Global CEO Survey that PwC has executed for 19years. Its results are traditionally published at the World economicforum in Davos in Switzerland.

Contacts

www.pwc.cz/ceoagenda

Jiří Moser

Country Managing Partner

PwC Czech Republic

[email protected]

+420 251 152 048

Pavel Heřmanský

Manager of the Czech CEO Survey

PwC Czech Republic

[email protected]

+420 251 151 827

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