FINANCIAL REPORT 2022
2022 FIA FINANCIAL REPORT 1
TABLE OF CONTENTS 02 MESSAGE FROM THE FIA PRESIDENT 04 2022 HIGHLIGHTS 05 Organisation 06 Sport 07 Mobility 08 COMBINED FINANCIAL STATEMENTS 09 Management Report 10 Auditor's Report Statements 12 Financial Including Notes
2 2022 FIA FINANCIAL REPORT
MESSAGE FROM THE FIA PRESIDENT
A YEAR OF DELIVERY
2022 FIA FINANCIAL REPORT 3
Dear Friends, In December 2021, my team was chosen by you to lead the FIA into a new era, based on our Manifesto goals of creating a more transparent, collaborative and diverse Federation. I believe we are delivering on that. From day one we were open about the challenges we faced – including ones that threatened the FIA itself – and we overcame them, significantly reducing our operating deficit, and we are on track to balance the books. We appointed our first CEO to restructure the FIA. We empowered the regions, putting Clubs at the heart of our decision making. We worked to make our sport more accessible, affordable and diverse to reach our goal of doubling participation. We delivered record CPD sales, launched our Mobility Strategy and our ambitious regional growth plans. 2022 was a year of intense activity and I would like to thank the staff and the Senior Leadership Team for their efforts. Our objective to create a truly global, financially sustainable, and Member-led FIA is well underway. I am looking forward to delivering even more. Yours sincerely,
Mohammed Ben Sulayem FIA President
4 2022 FIA FINANCIAL REPORT
2022 HIGHLIGHTS
MAIN ACHIEVEMENTS OF THE YEAR
2022 FIA FINANCIAL REPORT 5
ORGANISATION
DELIVERED: Improved regional empowerment through extensive consultation, leadership participation and increased funding New transparent recruitment process with Clubs involved in selection Rigorous external review of our governance Improved financial transparency Major operating deficit reduction New President’s Awards recognising the achievements of our Clubs in Equality, Diversity and Inclusion, Climate Action, and Road Safety New Annual Innovation Medal First FIA Chief Executive Officer First Equality, Diversity and Inclusion leader Increased Sport and Mobility collaboration A knowledge-led federation featuring expanded FIA University programmes, tailor-made education and ground‑breaking research New FIA e-library and digital archive Ambitious plans for future partnerships
6 2022 FIA FINANCIAL REPORT
SPORT
DELIVERED: Initiation of bespoke regional growth plans Regional empowerment through new FIA Immersion programme, Sport Club Assessment Survey and digital seminars New regular Vice-Presidents’ coordination meetings with the leadership team New FIA Sport Clubs Development Strategy First FIA Motor Sport Engineering Scholarship Increased lobbying capacity for sport and cooperation with the European Union Simplified application process for sport grants Motorsport in a Box concept Fast track development of the High Performance Programme for Race Directors Action Plan to improve regional talent among the Race Directors and Stewards cohort Continued growth in FIA environmental accreditation for Clubs 2026 FIA Formula 1 Power Unit Regulations with 100% sustainable fuels and more manufacturer involvement Three FIA World Championships powered by sustainable energies Increased female representation at Vice‑President level
2022 FIA FINANCIAL REPORT 7
MOBILITY
DELIVERED: New Member-focused FIA Mobility Strategy Regional Growth Plans that empower Mobility Regions Pilot phase of the FIA-led One Road global loyalty programme 69% growth in sales of documents and Carnets de Passages en Douane (CPD) First FIA and UNECE high level workshop on CPDs involving all stakeholders 145% increase in visitors to internationaldrivingpermit.org compared to 2019 Enhanced promotion of Members’ initiatives on FIA website First FIA Road Safety Index Increased Members’ advocacy capacity with the Delft Road Safety Courses First Drone and Vertical Mobility Academy with the Mobility Academy of the Touring Club Suisse FIA Sustainable Mobility Programme expansion to support Club-led initiatives Humanitarian assistance to Ukraine with FIA Foundation, Region I and Member support Worldwide consultation and transparency to improve Members’ trust Increased integrated support and capacity building for regional network
8 2022 FIA FINANCIAL REPORT
COMBINED FINANCIAL STATEMENTS
A STRONG RECOVERY
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
2022 FIA FINANCIAL REPORT 9
MANAGEMENT REPORT
2023 FIA Extraordinary General Assemblies meeting, Cordoba, Spain, 23 June 2023
Executive Summary The year 2022 was marked by a significant reduction of the FIA’s operating and net loss, driven by a strong increase of operating revenues. The operating loss 2022 of €–7.7m was reduced by €+16.3m versus prior year’s €–24.0m, and the net loss 2022 of €–15.2m was reduced by €+16.1m versus prior year’s €–31.3m. The FIA’s balance sheet continued to be strong, endowed with a 46% equity ratio and absent any financial debt.
Balance Sheet The balance sheet total amounted to € 202.6m, in line with prior year. Cash and cash equivalents represented € 149.9m, equal to 74.0% of the total, and were mainly invested in securities such as equities, fixed income investment grade and real estate, in line with the FIA’s strategic asset allocation. Other current assets totalled € 37.0m and were mainly composed of receivables and prepaid expenses, which increased with higher activity versus prior year. Non‑current assets of € 15.7m were mainly composed of the offices in Geneva and the land and building of the Valleiry Centre of Excellence located in France, close to Geneva. Short-term liabilities of € 99.4m increased by €+19.7m due to higher activity versus prior year. Provisions amounted to € 10.0m and showed a €–6.4m decrease. Equity amounted to € 93.2m, resulting in a healthy equity ratio of 46.0% but reducing by €-13.2m versus prior year.
Profit and Loss Statement Operating income grew by €+29.6m or +27.1% to € 139.1m, with registration, entry and regulatory fees
contributing €+16.9m to the increase. With increased activity, operating expenses increased by €–13.3m. Travel costs increased by €–6.3m due to greater travel volume and inflationary pressures. Personnel cost rose by €–3.2m due to job creations associated with the higher activity level. Expenditure on external agencies, consultants and subcontracting, on the other hand, was cut by €+1.8m. As a consequence, the FIA’s operating result 2022 stayed negative at €–7.7m but improved by €+16.3m compared to prior year. The financial result was negative at €-0.5m and decreased by €–2.5m versus prior year due to unfavourable exchange rate conditions. The exceptional result was negative at €–6.8m, mainly due to restructuring cost of €–7.6m including severance payments, notice periods, legal fees and outplacement costs. It improved versus prior year, which had been impacted by exceptional provision for the settlement of historic litigation in the United States. As a result, the FIA’s net loss amounted to €–15.2m, a €+16.1m improvement versus prior year.
Cash Flow Statement Operating cash flow 2022 amounted to €–5.4m, in line with prior year. Cash flow from investing activities was negative at €–3.1m, following Fwonk shares divestments of €+10.7m in 2021, which were not repeated in 2022. After exchange rate variances of €+0.9m, the net cash changed thus by €–7.6m in 2022.
Outlook The FIA Management directs strong efforts to ensuring that the FIA’s operating result be balanced in the near future and that the FIA’s strong financial position be maintained.
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
10 2022 FIA FINANCIAL REPORT
AUDITOR'S REPORT Mazars SA Chemin de Blandonnet 2 CH-1214 Vernier-Genève Tel: +41 22 708 10 80 www.mazars.ch
Report of the statutory auditor to the General Assembly of FEDERATION INTERNATIONALE DE L’AUTOMOBILE, Geneva
Report on the Audit of the combined Financial Statements Opinion We have audited the combined financial statements of FEDERATION INTERNATIONALE DE L’AUTOMOBILE (the association), which comprise the balance sheet as at 31 December 2022, income statement and the statement of cash flows for the year then ended, and notes to the combined financial statements, including a summary of significant accounting policies. In our opinion, the accompanying combined financial statements comply with Swiss law and the association’s articles of incorporation. Basis for Opinion We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the “Auditor's Responsibilities for the Audit of the combined Financial Statements” section of our report. We are independent of the association in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information The Senate is responsible for the other information. The other information comprises the information included in the annual report but does not include the combined financial statements and our auditor’s report thereon. Our opinion on the combined financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the combined financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the combined financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
2022 FIA FINANCIAL REPORT 11
Senate’ Responsibilities for the Combined Financial Statements The Senate is responsible for the preparation of the combined financial statements in accordance with the provisions of Swiss law and the association's articles of incorporation, and for such internal control as the Senate determines is necessary to enable the preparation of combined financial statements that are free from material misstatement, whether due to fraud or error. In preparing the combined financial statements, the Senate is responsible for assessing the association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Senate either intends to liquidate the association or to cease operations, or has no realistic alternative but to do so. Auditor's Responsibilities for the Audit of the Combined Financial Statements Our objectives are to obtain reasonable assurance about whether the combined financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these combined financial statements. A further description of our responsibilities for the audit of the combined financial statements is located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report. Report on Other Legal and Regulatory Requirements We recommend that the combined financial statements submitted to you be approved.
MAZARS Ltd
Michael Ackermann Licensed audit expert (Auditor in charge)
Jean-Christophe Bodez Licensed audit expert
Geneva, April 24, 2023 Attachments ▪ Combined financial statements (balance sheet, income statement, cash flow statement and notes)
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
12 2022 FIA FINANCIAL REPORT
FINANCIAL STATEMENTS INCLUDING NOTES COMBINED BALANCE SHEET In EUR
2022
2021
Cash at bank and in hand
15’834’331
23’406’858
Investment securities
134’106’813
133’579’224
149’941’144
156’986’082
13’936’971
7’239’742
Recoverable taxes
723’630
990’538
Other receivables
4’758’144
1’938’598
RECEIVABLES
19’418’746
10’168’879
17’567’029
19’527’052
PREPAID EXPENSES AND ACCRUED INCOME
17’567’029
19’527’052
CURRENT ASSETS
186’926’920
186’682’013
Land
3’028’182
3’028’182
Buildings
4’093’117
4’547’159
Fixtures and fittings
2’917’346
3’828’392
ASSETS
CASH AND CASH EQUIVALENT Receivables
Prepaid expenses and accrued income
Vehicles and equipment
827
Computers and office equipment
545’084
533’752
Office furniture
413’623
528’605
1’357’207
850’499
12’354’560
13’317’416
Software
1’592’947
1’089’183
INTANGIBLE ASSETS
1’592’947
1’089’183
Assets in progress
923’407
628’906
ASSET IN PROGRESS
923’407
628’906
Financial Assets
792’259
795’756
FINANCIAL ASSETS
792’259
795’756
NON-CURRENT ASSETS
15’663’172
15’831’261
TOTAL ASSETS
202’590’090
202’513’275
Machinery and equipment FIXED ASSETS
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
2022 FIA FINANCIAL REPORT 13
2022
2021
Trade payables
15’291’358
4’903’409
Tax liabilities
1’735’829
2’409’926
Social liabilities
144’239
1’429’408
Other debts
13’010’067
12’853’924
LIABILITIES
30’181’493
21’596’667
69’237’927
58’081’330
ACCRUED EXPENSES AND DEFERRED INCOME
69’237’927
58’081’330
SHORT-TERM LIABILITIES
99’419’420
79’677’997
9’533’548
15’848’758
458’103
584’493
CONTINGENCIES AND LOSS PROVISIONS
9’991’651
16’433’252
LONG-TERM LIABILITIES
9’991’651
16’433’252
109’411’070
96’111’248
Other reserves
80’108’047
88’727’087
Retained earnings
28’235’045
48’870’982
Result of the year
-15’209’907
-31’291’876
45’833
95’833
EQUITY
93’179’019
106’402’026
TOTAL LIABILITIES AND EQUITY
202’590’091
202’513’275
LIABILITIES AND EQUITY
Accrued expenses and deferred income
Provisions for contingencies and losses Provisions for retirement
TOTAL LIABILITIES
Capital grant
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
14 2022 FIA FINANCIAL REPORT
COMBINED PROFIT AND LOSS STATEMENT In EUR
OPERATING RESULT
2022
2021
Sales of documents, CPD and various products
1’144’779
676’144
SALES OF DOCUMENTS, CPD AND VARIOUS PRODUCTS
1’144’779
676’144
Clubs' subscriptions
3’762’822
2’553’812
CLUBS' SUBSCRIPTIONS
3’762’822
2’553’812
Calendar fees
15’917’045
13’360’755
Entry fees
36’482’363
28’561’988
52’399’408
41’922’743
Income from grants received from the FIA Foundation
7’233’905
5’307’474
Homologations
6’087’347
5’309’303
REGISTRATION AND ENTRY FEES
Various income OTHER INCOME Income from sporting regulatory fees INCOME FROM SPORTING REGULATORY FEES Income from partnership and sponsoring contracts Other income from contracts INCOME FROM CONTRACTS
18’715’659
10’821’438
32’036’910
21’438’215
33’740’201
27’302’308
33’740’201
27’302’308
11’012’077
8’788’134
3’445’668
3’669’264
14’457’745
12’457’399
Reversal of provisions
1’530’700
3’097’871
REVERSAL OF PROVISIONS
1’530’700
3’097’871
OPERATING INCOME
139’072’565
109’448’492
Miscellaneous supplies and equipment
2’607’716
2’838’459
MISCELLANEOUS SUPPLIES AND EQUIPMENT
2’607’716
2’838’459
Rent, leases, maintenance and repairs
5’899’783
5’582’827
Subcontracting
17’569’897
16’751’029
Agencies expenses and specialists' fees
8’564’939
10’633’056
Consultancy fees
9’819’237
10’472’241
Retrocessions to sport championships
8’958’326
6’237’735
Grants to Members (Sport and Mobility)
7’383’095
8’060’680
Travel expenses
19’402’032
13’143’264
Freight, travel expenses, missions, receptions and events
6’454’518
5’500’802
445’376
554’666
Postal and telecommunications expenses Bank services and customs duties
785’570
795’330
Miscellaneous external expenses
6’111’874
5’566’451
TOTAL EXTERNAL EXPENSES
91’394’646
83’298’081
849’671
555’753
Fiscal taxes and dues FISCAL TAXES AND DUES Salaries Social security and fiscal contributions
849’671
555’753
35’646’668
32’976’166
8’912’538
8’342’592
PERSONNEL EXPENSES
44’559’205
41’318’758
Depreciation and amortisation
3’760’926
3’420’729
DEPRECIATION AND AMORTISATION
3’760’926
3’420’729
Allocation to provisions
3’638’859
2’050’212
ALLOCATION TO PROVISIONS OPERATING EXPENSES OPERATING RESULT
3’638’859
2’050’212
146’811’023
133’481’994
-7’738’458
-24’033’502
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
2022 FIA FINANCIAL REPORT 15
2022
2021
Income from security investments
5’005’044
2’738’844
Foreign exchange gains
3’050’935
1’400’878
217’886
852’560
8’273’865
4’992’282
44’197
28’350
NET RESULT
Reversal of financial provisions FINANCIAL INCOME Interest expenses and other financial expenses Net charges on disposal of securities
3’313’876
11’126
Foreign exchange losses
5’222’749
2’755’843
Allocation to financial provisions
191’705
202’320
FINANCIAL EXPENSES
8’772’526
2’997’638
FINANCIAL RESULT
-498’661
1’994’644
Other non-operating income from contracts
0
3’825’231
OTHER NON-OPERATING INCOME FROM CONTRACTS
0
3’825’231
12’854’401
54’500
12’189
27’328
Non-operating management income and reversal of exceptional provisions Prior period income Income from sales of assets
0
17’307’875
EXCEPTIONAL INCOME
12’866’590
17’389’703
19’640’073
5’416’758
26
4’529
12’445
11’883’722
0
12’993’419
Non-operating management expenses Exceptional expenses from previous years Net book value of assets disposed of Allocation to exceptional provisions EXCEPTIONAL EXPENSES
19’652’545
30’298’427
INCOME BEFORE TAXES
-15’023’073
-31’122’352
186’834
169’525
Income tax INCOME TAX NET RESULT
186’834
169’525
-15’209’907
-31’291’876
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
16 2022 FIA FINANCIAL REPORT
COMBINED CASH FLOW STATEMENT In EUR
2022
2021
-15’209’905
-31’291’876
0
0
Depreciation, amortisation and impairment losses on non-current assets
3’773’359
3’262’100
Changes on provisions
-7’273’694
10’992’371
Changes on receivables
-5’901’863
181’111
Changes on other receivables
-974’056
-47’932
Changes on prepaid expenses and accrued income
2’410’179
-7’251’213
Changes on short term payables
10’072’346
-3’141’617
Changes on other payable
-2’414’321
4’252’347
Changes on accrued expenses and deferred income
10’182’211
17’910’188
-50’000
-50’000
-5’385’744
-5’184’522
Other non-operating income from contracts
0
0
NET CASH FLOWS FROM OTHER NON-OPERATING INCOMES
0
0
-1’724’487
-640’607
-28’921
10’688’724
-1’343’769
240’409
-3’097’177
10’288’527
910’394
0
NET CASH CHANGE
-7’572’527
55’104’005
Cash as of 1 January
23’406’858
18’302’854
Cash as of 31 December
15’834’331
23’406’858
NET CASH VARIANCE
-7’572’527
5’104’005
Result of the year Other non-operating income from contracts
Gain on sale of non-current assets NET CASH FLOW FROM OPERATING ACTIVITIES
Investments in fixed assets Investments / disinvestments in intangible assets Net Investment in financial asset NET CASH FLOW FROM INVESTING ACTIVITIES Exchange rate variance on bank accounts with foreign currencies
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
2022 FIA FINANCIAL REPORT 17
NOTES TO THE COMBINED ACCOUNTS 1. Methodology used for the establishment of the combined accounts The combined accounts are made up of a balance sheet, a profit and loss account, a cash flow statement in Euro “EUR” or “€”, and the notes. The combined balance sheet and the profit and loss statement are built on the basis of the balance sheet and the profit and loss statements of FIA France and FIA Switzerland, after conversion in EUR using the 2022 average EUR/CHF exchange rate of 1.0048 and after elimination of the inter organisation transactions. Since this year, the annual accounts have been set up in accordance with the provisions on commercial accounting in the Swiss Code of Obligations (Art. 957 to 963b), which have been in force since 1 January 2013. The general accounting policies have been applied in accordance with the principle of prudence, in line with the basic assumptions of going concern, consistency of accounting methods from one year to the next, and independence of financial years, in accordance with the general rules for the preparation and presentation of annual accounts. The valuation and presentation methods have not been changed compared to the previous year. Change of chart of accounts: The accounts were prepared this year in accordance with the provisions of the Swiss Code of Obligations and resulted in the reclassification of certain accounts as detailed below: ASSET Description
ANC 2018-06
Code of Obligations
Invoice to be issued
Other receivable
Regulatory asset
Credit note to be issued
Receivable
Regulatory asset
Prepaid expenses
Prepaid expenses
Regulatory asset
Foreign exchange asset
Foreign exchange asset
Other receivable
Description
ANC 2018-06
Code of Obligations
Deferred Income
Deferred Income
Regulatory liabilities
Invoice not yet received
Payable
Regulatory liabilities
Provision for paid leave
Other debts
Regulatory liabilities
Personnel other expenses
Other debts
Regulatory liabilities
Bonus Provision
Other debts
Regulatory liabilities
Other charges on paid leave
Other debts
Regulatory liabilities
Other social cost
Other debts
Regulatory liabilities
Exchange rate difference liabilities
Exchange rate difference liabilities
Other debts
LIABILITY
The expense and revenue accounts related to the regions have been reallocated by nature. The accounting principles used to prepare these financial statements are described below.
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
18 2022 FIA FINANCIAL REPORT
2. Evaluation principles applied in the combined accounts The combined financial statements are prepared in accordance with the historic cost convention. 2.1. Highlights of the financial year Exceptional charge for restructuring An amount of exceptional charge has been booked in 2022 for € 7,588,702. It includes severance payments, notice periods, legal fees and outplacement costs. It is composed of exceptional charges of € 4,179,674 which have occurred in 2022 plus an amount of € 3,409,028 provision for restructuring, which will be paid for in 2023. Provision for damages Exceptional expenses are impacted by a dispute resolved in 2022 for damages of € 4,880,554 and legal and expert fees of € 7,107,686, provisioned in 2021 and used in 2022. Contestation over a Formula E partnership An amount of € 938,835 relating to income from a billing call issued by Formula E Holdings, recognised and paid in 2021, has been disputed by Formula E Holdings. The amount has therefore been fully provided for in 2022. 2.2. Receivables and provisions for loss on receivables The receivables resulting from the activity of the association are entered on the balance sheet at their nominal value, less adjustment for correction of specific values. A provision for depreciation is entered into the accounts as follows, when the due payment date has been exceeded: •
Between 6 and 9 months, 25% of the receivable is impaired.
•
Between 9 and 12 months, 50% of the receivable is impaired.
•
More than 12 months, 100% of the receivable is impaired.
Particular situations involving a risk of non-recoverability can also be taken into account. 2.3. Fixed and intangible assets The fixed and intangible assets are recorded into the balance sheet at their acquisition cost, less a deduction for depreciation and amortisation. The depreciations and amortisations take into account the period in which the assets are used and are calculated in a linear fashion. In order to calculate the amount of depreciation or amortisation, the following periods of use and depreciation methods are applied:
Items
Period of use
Mode
Software
3 years
33% linear
Construction
25 years
4% linear
Fixtures and fittings
10 years
10% linear
Vehicles and equipment
5 years
20% linear
Office and IT material
3 to 5 years
20-33% linear
Furniture
10 years
10% linear
Machinery & equipment
5 years
20% linear
2.4 Other financial assets and investment securities The gross value is made up of the purchase price excluding associated costs. The liquid marketable securities are subject to impairment whenever their closing quoted market price is lower than their cost price.
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
2022 FIA FINANCIAL REPORT 19
2.5. Revenue recognition The revenue is calculated on the basis of the goods delivered and the services provided as at the date of the balance sheet. It is entered into the accounts when the amount of the income can be determined reliably and when the probability that the FIA will obtain economic advantages from it is sufficiently high. 2.6. Operating and exceptional results The elements of the ordinary business activities, even if exceptional due to their frequency or amount, are included in the operating result. Only those elements that do not correspond to the ordinary business activities of the FIA have been entered as an exceptional result. 2.7. Principles of expenditure The expenditures shall be recognised in the financial year in which the service was performed, irrespective of the date of payment. A physical delimitation is carried out in order to link the loads to the income. This requires that all charges used to realise specified income be simultaneously included in the income statement in accordance with the recorded income. 2.8. Principles of provisions The provisions for liabilities and expenses may be recognised to cover, in particular, the risks identified in respect of certain issues. They are constituted in the event of a probable commitment based on a past event, the amount and/or maturity of which are uncertain, on the basis of the best estimate of their probable costs incurred as of 31 December 2022. 2.9. Principles for the conversion of foreign currencies Transactions in foreign currencies are converted at the exchange rate prevailing at the time they were made. Monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate prevailing at the balance sheet date. Exchange differences arising from these transactions are registered in the income statement. As part of the combination of the accounts of FIA France + FIA Switzerland, the conversion of the financial statements of FIA Switzerland was carried out with a single conversion rate of EUR/CHF of 1.0048. 2.10. Result of Regions I & II The FIA's accounts include the results of Regions I and II which have been recorded in the Regions' reserves account shown as other liabilities in the FIA's balance sheet. REGION
OPERATING RESULT
FINANCIAL RESULT
NET RESULT
Region I
-50’685
191’704
141’019
Region II
-32’151
0
-32’151
3. Significant post-closing events A company called The Global Motorsport Development Company SA was created on 15 March 2023. It is 100% owned by FIA Switzerland and will therefore be consolidated in the accounts of FIA Switzerland from 2023.
Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.
20 2022 FIA FINANCIAL REPORT
FIA Paris
FIA Geneva
FIA Valleiry
8 place de la Concorde 75008 Paris France Tel.: +33 1 4312 44 55 Fax: +33 1 4312 44 66
Chemin de Blandonnet 2, 1214 Vernier/GE Switzerland Tel.: +41 22 544 44 00 Fax: +41 22 544 44 50
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