“Our performance is built upon the impact we make by taking care of each other, serving with integrity, fostering inclusion, and collaborating to build long-lasting value. This is the real measure of our success as a Firm.
As an active contributor to the society we live in, we are convinced that the profound transformation the world needs will only become a reality if we are led by a purpose that unites us all.”
CEO and Managing Partner
All of our business functions have contributed to this growth, demonstrating that the investments made over the years – to offer our people with a unique talent experience, strengthen our diverse teams, further embrace the opportunities offered by digital transformation and our dedication to fostering innovation – are effectively laying, year after year, the groundworks for our continued success.
Looking beyond our annual performance, Deloitte Luxembourg commits to investing in mid- and long-term action to ensure our growth is sustained, consistent, and durable, with a unique capacity for resilience.
This is how we will continue our path toward being a purpose-driven organization that actively contributes to building better futures for our people, clients and communities.
This year again, the strength of our unique multidisciplinary model has enabled our Firm to secure a 7% growth, representing gross revenues of EUR 405 million.
More than ever, our ambition is to be a partner of choice for our clients and an active contributor to the Luxembourg marketplace and society as a whole. This is how we will collectively address the challenges of our times and leave a more sustainable future for the next generation.
This year, our Advisory & Consulting practice has again experienced strong growth in demand for our services and solutions. After the pandemic, new challenges to the global environment are marked by the return of war on the European continent, rising inflation and material increase in energy costs and their related impacts on the financial markets. Our clients feels an urge to accelerate their transformation toward a more circular, resilient and decarbonated economy.
Supporting our clients in embracing sustainability and transforming their operating model to embed ESG, in leveraging technology and digitalization opportunities, with the increasing regulatory pressure, and with the absolute “must” that sustainability today represents for all stakeholders – all these have been key drivers for us. This is true for both traditional players and new players who opt to make Luxembourg their hub to establish and expand their activities. These players are attracted by economic stability and financial expertise in a central European location well-equipped with diverse and highly skilled talent.
Some key levers that drove this year’s performance: the strong development of the non-FSI sector, digitalization, Financial advisory services, ESG services and disclosure solutions, and Risk & Regulatory services. In parallel, our Center of Excellence (CoE), especially in digital banking and core banking, continue to represent strong opportunities in Luxembourg – but also across Europe and Middle East region.
All of these elements play a part in our broader holistic and integrated A-I-O approach – Advice, Implement, Operate – that enables us to accompany our clients on a long-term journey and to understand the complexity, evolution and variety of their needs.
Overall, our distinctive capacity to offer a wide breadth of services organized in well-balanced fashion means that our Advisory & Consulting practice is particularly resilient to address potential turbulence and seize many future opportunities.
“I am particularly proud of our performance this year and of how our talented teams have continued to strengthen our comprehensive and diversified service offering to efficiently accompany our clients as they transform, plan for the future and become more resilient and sustainable.”
Advisory & Consulting Leader
What sustainability means for our Advisory & Consulting practice?
Hear from Patrick Laurent, Partner, Advisory & Consulting Leader
The world is changing rapidly amid uncertainty and complexity, and audit and assurance services play a central role in building trust for capital markets, policy makers, regulators and the general public to make informed decisions and look to the future with confidence. Our Deloitte culture of quality, integrity, and transparency is embedded in at every level and is how we match the evolving expectations of these stakeholders.
To stay ahead of change, contribute to a sound financial system and protect the public interest, we have advanced our transformation this year by investing in talent upskilling, reinforcing our diverse and inclusive teams and further leveraging leading-edge technology and data to continuously raise quality standards and keep pace with emerging economic, business and regulatory conditions.
In parallel, reflecting the imperative to transform and build more sustainable economies, our Audit & Assurance practice has resolutely strengthened its continued collaboration with all participants in the financial reporting ecosystem – working together especially to develop and implement common standards to measure, disclose, and ultimately assure ESG information.
We are convinced, that relevant and reliable financial and, increasingly, nonfinancial information is critical to both the capital markets and broader society to enable transformation and positively impact the communities we live in.
“In turbulent times, our Audit & Assurance practice commitment to building trust is more important than ever. Every day, our professionals strive to serve our clients with integrity and transparency, relentlessly raising the level of quality in the services they deliver. We take pride in contributing to the long-term stability, resilience and durability of the Luxembourg financial ecosystem and will continue to do our utmost to go beyond the expected to set the standard of excellence for the profession.”
Audit & Assurance Leader
What sustainability means for our Audit & Assurance practice?
Hear from Christiane Chadoeuf, Partner, Audit & Assurance Leader
In FY22, our Tax practice continued to support our clients navigating the rapidly evolving and complex tax landscape, while supporting them in maintaining the highest standards of compliance and accompanying them in enabling the increasing transparency required from all economic players and beyond.
This support took many forms. From raising awareness on specific laws and regulations, to driving enhanced governance, understanding controversy to delivering tailor-made training that enables them to efficiently address key concerns affecting their activities. Through our advising, we help taxpayers understand tax implications related to their situation and enable them make informed choices. We also strived to collaborate with tax authorities, both at the local and European level to share meaningful insights and experience, as well as to better understand and address concerns and objectives from a wide range of stakeholders.
In recent years, we’ve observed of momentum for increased digitalization of investor reporting , requiring specific expertise at the crossroads of tax knowledge, innovation and transformation. As a major alternative fund hub and also a fast-growing Green finance hub, Luxembourg has seen an increased demand in such services, and our teams rose to meet their needs.
Last but not least, the increasing possibility to work remotely for many workers in Luxembourg has raised new tax issues for many economic players that wish to offer flexibility to their workforce. We accompany these clients in designing flexible models that take into account the applicable laws and regulations to cross-border workers in particular.
The agility and sound expertise of our Tax practice was recognized this year as we received the Transfer Pricing Team and VAT Team of the year award from the International Tax Review (ITR).
“Thanks to our multidisciplinary teams and our diversified expertise, we are uniquely positioned to support our clients toward increased transparency and successful digital transformation and in addressing the increasing complexity of local, European and international laws and regulations they are subject to. Our clients know they can rely on our knowledge and expertise and helping them thrive remains core to the impact that we endeavor to make every day.”
What sustainability means for our Tax practice?
Hear from Bernard David, Partner, Tax Leader
What does sustainability mean for us at Deloitte?
Hear from Francesca Messini, Partner, Sustainability Leader