EY 25 years in the CIS

Press release

During its 25 years in the CIS, EY has grown from an audit and tax firm to a full range distinctive advisory services organization

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Moscow, 7 April 2014. A significantly increasing number of companies operating in Russia and the CIS are choosing EY's advisory expertise in operational and production efficiency, including cost reduction and profitability enhancement, IT enabled business analytics, project finance and infrastructure, lead advisory and business modelling, proactive tax, HR and legal strategies.

During 25 years in CIS markets, EY has achieved outstanding results. EY served as auditor for the first Russian IPO on NYSE in 1996 and supported the most IPO transactions of CIS companies since 1996, for which a total of US$ 33billion of capital was raised (42% of all CIS based transactions). In 2012 and 2013 EY was named the Best Auditor at the III and IV Russia IPO Awards, by volume and number of deals. While EY is known as the top audit firm, more recently it was also named the Best Tax Firm in Russia 2013 in the sixth annual World Finance Legal Awards, the Best international consulting company in the Russia 2013 award at the V Russian Private Equity Congress, and the Accountancy Firm of the Year 2013 in the Financial Times & Mergermarket European M&A Awards.

Joe Watt, Chairman of the Management Committee and Managing Partner, CIS: "Throughout our history in Russia and the CIS, we have helped companies incorporate best in class international practices into their businesses. With the opening of our Moscow office in 1989, we were the first firm to establish operations in the Commonwealth of Independent States and now EY is the largest consultancy and audit firm in the CIS with 20 offices in nine CIS countries staffed by 4,800 specialists. We have also grown the largest local partnership group in the CIS with approximately 200 equity partners; of whom more than 90% are local citizens.

We are very proud of our assurance business; we audit 30% of CIS companies in the 2013 Global Forbes 2000 list, and we audit 5 out of the 10 largest Russian state owned companies. We have seen dramatic growth in demand for our advisory service offerings because they are very relevant in the current economic environment. Our clients are confident in spending money on services provided by EY because we have a clear value proposition; we maximize returns for clients from every ruble spent with EY. Our consultancy and advisory businesses have grown such that today they represent more than half of EY’s business in the CIS.

We are also rising to the challenges of the current environment. Being in Russia and in the CIS for 25 years has taught us many times that economic growth can aggressively stop and start in these markets. EY is absolutely set in its commitment here; these geographies, people and assets are globally very significant, and while it can take a strong hand and a strong heart to maintain course, those who have the courage to continue executing well thought improvement and investment plans during the toughest of times will ultimately be those who are most successful in these markets.”

Alexander Ivlev, Managing Partner for Russia: "Today the demand for advisory services is growing by leaps and bounds. The market is changing, and we're changing with it because we understand that our clients' interests always have to be our top priority. In order to satisfy this growing market demand, we continue to invest in providing the best training to our employees and to deepen their industry specialization. We use the most advanced methods of organizing our work and provide the best career development for our people; one which maximizes their internal and external market value. Our annual survey shows that 88% of employees highly valued their work experience and opportunities for professional and personal development at EY."

Richard Lewis, Tax & Law partner and one of the EY's founders in Russia who is still working in Moscow, says: "EY opened its Moscow office in March 1989, when demand had formed for international experience and best business practices. It was a time that posed the most ambitious tasks – tasks that grew more complex and more interesting with each passing year – and we managed to accomplish them all. Our success created a foundation for the dynamic development of our practice throughout the region."

“We are committed to serving not only our clients, but also the communities in which we operate,” says Joe Watt. “We encourage our people to be active through the charities which EY and our people have sponsored for many years such as those which benefit very worthwhile causes such as disadvantaged children, disabled persons, art and music, young artists and musicians. In the business community we chair organizations such as the Foreign Investment Advisory Councils (FIAC) in Russia, Kazakhstan, Ukraine and Belarus, which for many years have been a bridge and advisor to both governments and the largest of foreign companies with the objective of improving local market conditions to facilitate investment. Through these and other initiatives we encourage all of our people to participate and contribute in professional and personal ways, and that is how we are building a better working world.”

About EY
EY is a global leader in advisory, tax, transaction and assurance services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

We work with companies operating in the CIS to help them achieve their business goals. 4,800 professionals work at 20 offices located in Moscow, St. Petersburg, Novosibirsk, Ekaterinburg, Kazan, Krasnodar, Togliatti, Vladivostok, Yuzhno-Sakhalinsk, Almaty, Astana, Atyrau, Bishkek, Baku, Kyiv, Donetsk, Tashkent, Tbilisi, Yerevan and Minsk.

EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information, please visit www.ey.com.