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ACCOUNTS
COMPTES
RECHNUNG
01.01.2018 – 31.12.2018
INTERNATIONAL SKI FEDERATION
Place of business: Oberhofen, Switzerland
Legal form: Association
FIS, OBERHOFEN (SUI), FEBRUARY 2019
Table of contents
Page
Balance sheet 1
Income and expenditure 2 - 6
Cash flow analysis 7
Comments 8 – 19
Financial reporting 20
BALANCE BILAN BILANZ
AS PER AU PER 31.12.2018
CHF CHF TCHF
ASSETS ACTIFS AKTIVEN Note 31.12.2018 31.12.2017 + / -
Liquid assets Liquidités Liquidität 1 9'494'153 5'551'751 3'942
Debtors Débiteurs Forderungen 3 13'357'109 2'254'543 11'103
Accruals Actifs transitoires Aktive Abgrenzungen 4 18'130'830 3'899'371 14'231
Current assets Actifs circulants Umlaufvermögen 40'982'092 11'705'665 29'276
Securities Titres Wertschriften 5 107'138'930 106'879'163 260
Participations Participations Beteiligungen 6 156'001 156'001 0
Fixed assets Immob. corporelles Sachanlagen 7 32'924 75'433 -43
Long term assets Actifs immobilisés Anlagevermögen 107'327'855 107'110'597 217
TOTAL 148'309'947 118'816'262 29'494
CHF CHF TCHF
LIABILITIES & EQUITY PASSIFS PASSIVEN 31.12.2018 31.12.2017 + / -
Creditors Créanciers Verbindlichkeiten 8 11'769'335 4'073'613 7'696
Current accounts NSA Comptes courants ANS Kontokorrente NSV 9 9'536'783 11'177'449 -1'641
Accruals Passifs transitoires Passive Abgrenzungen 10 52'835'886 5'642'877 47'193
Short-term provisions Provisions à court terme Kurzfr. Rückstellungen 11 89'000 69'000 20
Short-term liabilities Dettes à court terme Kurzfr. Verbindlichkeiten 74'231'005 20'962'939 53'268
Leasing liabilities Dettes de leasing Leasing Verbindlichkeiten 36'322 75'339 -39
Long-term provisions Provisions à long terme Langfr. Rückstellungen 15'356'005 15'150'000 206
Long-term liabilities Dettes à long terme Langfr. Verbindlichkeiten 12 15'392'327 15'225'339 167
Liabilities Fonds étrangers Fremdkapital 89'623'331 36'188'278 53'435
Capital 01.01. Capital 01.01. Kapital 01.01. 50'000'000 50'000'000 0
Profit reserves Réserves de bénéfices Gewinnreserven 7'130'681 9'883'360 -2'753
Balance result Résultat du bilan Bilanzergebnis -7'039'263 13'247'321 -20'287
Balance carried forward Résultat reporté Bilanzvortrag 0 0 0
Net equity Fonds propres Eigenkapital 13a 50'091'418 73'130'681 -23'039
Funds Developing Progr. Funds Developing Progr. Fonds Developing Progr. 3'772'633 4'612'339 -840
Funds WSC Prize Money Funds WSC Prize Money Fonds WSC Prize Money 4'775'372 4'846'372 -71
Funds Masters Funds Masters Fonds Masters 47'193 38'593 9
Funds equity Capital des fonds Fondskapital 13b 8'595'198 9'497'303 -902
TOTAL 148'309'947 118'816'262 29'494
Page 1
INCOME AND COMPTE DE ERFOLGS- 01.01.2018 - 31.12.2018
EXPENDITURE RESULTATS RECHNUNG
INCOME RECETTES ERTRAG Note 2018 2018-2019 2016-2017
actual Budget act/bu actual
1.-4. Q. 2018 4/8
OWG JOH OWS 14 6'626'463 10'000'000 -3'373'537 10'496'070
WSC CMS SWM 15 1'083'252 1'069'750 13'502 6'807'063
World Cups Coupes du monde Weltcups 16 3'888'556 2'756'513 1'132'044 3'176'288
Partnerships Patronages Partnerschaften 17 676'235 641'251 34'984 1'041'363
Rights Droits Rechte 12'274'506 14'467'514 -2'193'008 21'520'785
Membership Membres Mitglieder 86'400 87'500 -1'100 88'650
Calendar Calendrier Kalender 996'800 850'000 146'800 918'202
Registrations Inscriptions Einschreibungen 1'069'001 944'000 125'001 1'092'803
Homologations Homologations Homologationen 66'750 50'000 16'750 70'875
NSA Fees Cotisations ANS NSV Gebühren 18 2'218'951 1'931'500 287'451 2'170'529
Other income Recettes div. Ertrag div. 117'904 37'500 80'404 98'471
Sales / Others Ventes / Divers Verkäufe / Divers 19 117'904 37'500 80'404 98'471
TOTAL TOTAL TOTAL 14'611'361 16'436'514 -1'825'153 23'789'785
Page 2
HUMAN EXPENDITURE DEPENSE PERSONNEL PERSONALAUFWAND Note 2018 2018-2019 2016-2017
actual Budget act/bu actual
1.-4. Q. 2018 4/8
Salaries Salaires Besoldungen -1'980'471 -2'100'000 119'529 -1'941'825
External fees Honoraires externes Drittleistungen 0 -25'000 25'000 -16'553
Expenses Frais et débours Spesen -294'175 -360'000 65'825 -290'602
Administration staff Personnel admin. Admin.personal 20 -2'274'646 -2'485'000 210'354 -2'248'980
MH Foundation Personnel FMH MH Stiftung 20 -2'159'983 -2'260'000 100'017 -2'146'132
Salaries Salaires Besoldungen -2'143'122 -1'950'000 -193'122 -1'927'019
External fees Honoraires externes Drittleistungen -688'247 -700'000 11'753 -694'323
Expenses Frais et débours Spesen -1'252'874 -1'332'500 79'626 -1'240'671
Technical staff Personnel technique Techn. Personal 20 -4'084'243 -3'982'500 -101'743 -3'862'013
Social costs Charges sociales Sozialleistungen -850'429 -875'000 24'571 -804'984
Other expenses Dépenses div. Aufwand div. -14'722 -30'000 15'278 -26'923
Other staff expend. Dépenses pers. div. Personalaufw. div. 20 -865'151 -905'000 39'849 -831'906
Congresses Congrès Kongresse 21 -599'031 -865'000 265'969 -359'725
Council Conseil Vorstand 21 -165'208 -167'500 2'292 -152'514
Committees Comités Komitees 21 -189'075 -209'499 20'424 -197'588
Doping control Contrôle de dopage Dopingkontrolle -814'618 -1'100'000 285'382 -898'283
Equipment control Contrôle d'équipm. Materialkontrolle -322'941 -295'000 -27'941 -270'748
Snow control Contrôle d'enneigem. Schneekontrolle -6'787 -10'000 3'213 -8'408
Homologations Homologations Homologationen -20'581 -30'000 9'419 -20'478
TD / Jury DT / Jury TD / Jury -44'983 0 -44'983 -19'250
Competition control Contrôle de compét. Wettkampfkontrolle 22 -1'209'910 -1'435'000 225'090 -1'217'166
Press services Services de presse Pressedienst -260'277 -269'000 8'723 -250'368
TA / Assistant services CT / Services d'assist. TB / Assistenzdienste -390'192 -436'500 46'308 -406'283
Course construction Construction pistes Pistenkonstruktion -172'780 -187'750 14'971 -161'121
Competition services Services de compét. Wettkampfdienste 23 -823'248 -893'250 70'002 -817'771
TOTAL TOTAL TOTAL -12'370'494 -13'202'749 832'255 -11'833'796
INTERMED. RESULT RES. INTERMED. ZWISCHENERGEBNIS 2'240'867 3'233'765 -992'898 11'955'989
Page 3
BUSINESS EXPEND. FRAIS GENERAUX SACHAUFWAND Note 2018 2018-2019 2016-2017
actual Budget act/bu actual
1.-4. Q. 2018 4/8
Rent Loyer Miete -420'000 -420'000 0 -420'000
Extra expenses Dépenses suppl. Nebenkosten -34'326 -35'000 674 -31'337
Office Bureau Büro 24 -454'326 -455'000 674 -451'337
Equipment Equipements Mobilien -7'785 -20'000 12'215 -13'733
Depreciation Amotrissement Abschreibungen -73'681 -100'000 26'319 -74'768
Vehicles Véhicules Fahrzeuge -33'614 -30'000 -3'614 -33'609
Equipment Equipements Einrichtungen 24 -115'080 -150'000 34'920 -122'110
Equipment, liability Equip.,responsab. Mobiliar & Haftpflicht -590'146 -570'500 -19'646 -572'904
Charges, duties Redevances, droits Abgaben, Gebühren -72'387 -100'000 27'613 -135'204
Insurances Assurances Versicherungen 24 -662'533 -670'500 7'967 -708'108
Office suppl., shipm. Mat. bureau, exp. Büromaterial, Versand -66'411 -90'000 23'589 -74'754
Communication Communication Kommunikation -14'675 -20'000 5'325 -12'605
External fees Honoraires externes Drittleistungen -272'025 -375'000 102'975 -345'607
Other admin. expend. Administration div. Administration div. -44'994 -75'000 30'006 -20'285
Dept loss Pertes sur débiteurs Debitorenverlust 0 0 0 0
Administration Administration Administration 24 -398'105 -560'000 161'895 -453'251
Computing Ordinateurs, logiciel Computing -219'907 -250'000 30'093 -235'214
Internet fees Frais d'internet Internetgebühren -39'533 -75'000 35'467 -50'982
EDP Informatique EDV 24 -259'440 -325'000 65'560 -286'196
FIS Publications Publications FIS FIS Publikationen -65'706 -75'000 9'294 -68'657
FIS Info Services, SMS Info Services FIS, SMS FIS Info Services, SMS -56'929 -52'500 -4'429 -45'307
FIS Websites Websites FIS FIS Websiten -700'348 -600'000 -100'348 -297'164
Publications Publications Publikationen 25 -822'983 -727'500 -95'483 -411'128
Honours, medals Distinctions Auszeichnungen -113'586 -125'000 11'414 -108'182
Promotion material Articles de promotion Promotionsartikel -212'704 -175'000 -37'704 -191'572
Public relations Relations publiques Public relations -130'274 -160'000 29'726 -133'947
Marketing Marketing Marketing -565'156 -596'250 31'094 -454'610
Event Services Sérvices d'événement Event Service -13'202 -25'000 11'798 -14'956
Special Projects Projets spécials Spezielle Projekte -460'187 -302'080 -158'107 -381'664
Public Relations Public relations Public Relations 26 -1'495'109 -1'383'330 -111'779 -1'284'931
Research Recherche Forschung -79'586 -175'000 95'414 -124'025
Safety Securité Sicherheit 0 -20'000 20'000 0
Research and Safety Recherche et Securité Forschung und Sicherheit 27 -79'586 -195'000 115'414 -124'025
TOTAL BUSINESS EXP. TOTAL FRAIS GENERAUX TOTAL SACHAUFWAND -4'287'160 -4'466'330 179'170 -3'841'086
NSA ANS NSV -5'019'918 -5'000'000 -19'918 -5'015'094
TOTAL NSA SUPPORT TOTAL ALLOCATION ANS TOTAL NSV UNTERST. 28 -5'019'918 -5'000'000 -19'918 -5'015'094
OPERATING RESULT RES. D'EXPLOIT. BETRIEBSERGEBNIS -7'066'211 -6'232'566 -833'646 3'099'809
Page 4
FINANCES FINANCES FINANZEN Note 2018 2018-2019 2016-2017
actual Budget act/bu actual
1.-4. Q. 2018 4/8
Liquid assets Liquidités Flüssige Mittel 158 25'000 -24'842 17'214
Short-term deposits Avoirs à court terme Geldanlagen 105'835 25'000 80'835 19'027
Securities Titres Wertschriften 3'636'141 4'250'000 -613'859 4'336'261
Other income Recettes divers Ertrag divers 734 0 734 69
Income from investment Participation Beteiligungsertrag 612'000 255'000 357'000 721'650
Income Recettes Ertrag 29 4'354'868 4'555'000 -200'132 5'094'221
Liquid assets Liquidités Flüssige Mittel -33'035 -50'000 16'965 -1'279
Short-term deposits Avoirs à court terme Geldanlagen 0 0 0 0
Securities Titres Wertschriften -542'155 -1'500'000 957'845 -1'400'664
Fees, Charges Frais Gebühren, Spesen -703'099 -1'005'000 301'901 -783'967
Expenditure Dépenses Aufwand 29 -1'278'289 -2'555'000 1'276'711 -2'185'910
Currency diff. Différ.monnaie Währungsdifferenzen -1'165'067 -1'250'000 84'933 451'358
Value adjustment Rectification de valeur Wertberichtigungen -1'805'315 -750'000 -1'055'315 756'510
Valuation Evaluation Bewertungen 30 -2'970'382 -2'000'000 -970'382 1'207'868
Result Résultat Ergebnis 106'198 0 106'198 4'116'179
ORDINARY RESULT RESULTAT ORDIN. ORDENTL. ERGEBNIS -6'960'014 -6'232'566 -727'448 7'215'987
EXTRAORDINARY EXTRAORDINAIRE AUSSERORDENTLICH Note 2'018 2018-2019 2016-2017
actual Budget act/bu actual
1.-4. Q. 2018 4/8
Income Recettes Ertrag 31 210'457 0 210'457 307'138
Expenditure Dépenses Aufwand 32 -289'706 -325'000 35'294 -899'465
Result Résultat Ergebnis -79'249 -325'000 245'751 -592'327
OVERALL RESULT RESULTAT GLOBAL GESAMTERGEBNIS -7'039'263 -6'557'566 -481'697 6'623'660
OVERVIEW SOMMAIRE ÜBERSICHT 2'018 2018-2019 2016-2017
actual Budget act/bu actual
1.-4. Q. 2018 4/8
INCOME RECETTES ERTRAG 14'611'361 16'436'514 -1'825'153 23'789'785
HUMAN EXPENDITURE DEP. ERSONNEL PERSONALAUFWAND -12'370'494 -13'202'749 832'255 -11'833'796
BUSINESS EXPEND. FRAIS GENERAUX SACHAUFWAND -4'287'160 -4'466'330 179'170 -3'841'086
NSA SUPPORT ALLOCATION ANS NSV UNTERSTÜTZUNG -5'019'918 -5'000'000 -19'918 -5'015'094
OPERATING RESULT RES. D'EXPLOIT BETRIEBSERGEBNIS -7'066'211 -6'232'566 -833'646 3'099'809
FINANCES FINANCES FINANZEN 106'198 0 106'198 4'116'179
ORDINARY RESULT RESULTAT ORDIN. ORDENTL. ERGEBNIS -6'960'014 -6'232'566 -727'448 7'215'987
EXTRAORDINARY EXTRAORDINAIRE AUSSERORDENTLICH -79'249 -325'000 245'751 -592'327
OVERALL RESULT RESULTAT GLOBAL GESAMTERGEBNIS -7'039'263 -6'557'566 -481'697 6'623'660
Page 5
FUNDS FONDS FONDS Note 2'018 2018-2019 2016-2017
actual Budget act/bu actual
1.-4. Q. 2018 4/8
FUNDS DEVELOPMENT PROGRAMME
WSC Candidacy Fees CSM Tarif des Candidates SWM Kandidatengebühren 0 50'000 -50'000 718'750
Projects Projets Projekte -868'414 -1'050'000 181'586 -817'263
Development Programme Development Programme Development Programme 33 -868'414 -1'000'000 131'586 -98'513
Contributions Dotations Zuwendungen 160'406 0 160'406 104'937
Olympic Solidarity Projects Projets Olympic Solidarité Olympic Solidarity Projekte -1'870 0 -1'870 -747
Activities Activités Aktivitäten -129'840 -115'000 -14'840 -125'949
Activities DP DP Activités Aktivitäten DP 34 28'696 -115'000 143'696 -21'758
Allocation Fund DP Allocation Fond DP Zuweisung Fond DP 839'718 1'115'000 -275'282 120'271
Funds result Résultat du fonds Fondsergebnis 0 0 0 0
FUNDS WSC PRIZE MONEY
Contributions Dotations Zuwendungen 0 0 0 0
Projects Projets Projekte -71'000 -80'000 9'000 -35'500
Allocation Fund WSC PM Allocation Fond CMS AdP Zuweisung Fond SWM PG 71'000 80'000 -9'000 35'500
Funds result Résultat du fonds Fondsergebnis 35 0 0 0 0
FUNDS MASTERS
Income Recettes Einnahmen 15'091 0 15'091 11'325
Expenditures Depenses Ausgaben -6'491 0 -6'491 -7'626
Allocation Fund MASTERS Allocation Fond MASTERS Zuweisung Fond MASTERS -8'601 0 -8'601 -3'699
Funds result Résultat du fonds Fondsergebnis 36 0 0 0 0
FUNDS RESULT RESULTAT DU FONDS FONDSERGEBNIS 0 0 0 0
Page 6
Cash flow analysis 2018
Net income -7'039'263
Depreciation on fixed assets 73'681
Change doubtful debts 0
Change long-term provision 206'005
Change value adjustment on securities 1'678'495
Cash Flow -5'081'082
(./. In-) + Decrease customer's requirements -11'174'304
(./. In-) + Decrease other debtors 71'738
(./. In-) + Decrease deferred expenses -14'231'459
(+ In-) ./. Decrease liabilities from delivery and performance 6'760'233
(+ In-) ./. Decrease leasing liabilities -744'194
(+ In-) ./. Decrease deferred income 47'213'009
Cash Flow from operating activities 27'895'023
./. Investment (+ Disinvestment) in fixed assets -31'172
(./. In-) + Decrease Securities -1'938'262
Cash Flow from investment activities -1'969'434
Free Cash Flow 20'844'507
(+ In-) ./. Decrease Funds -902'105
./. Distribution of profit -16'000'000
Cash Flow from financing activities -16'902'105
Change liquid assets 3'942'402
Stock liquid assets per 1. Januar 5'551'751
Stock liquid assets per 31. Dezember 9'494'153
7
page 8
COMMENTS TO THE ACCOUNTS PER 31ST DECEMBER 2018 (01.01.2018 – 31.12.2018) Information on the principles applied in the financial statements
The present financial statement has been prepared in accordance with the provisions of the Swiss Act, in particular the article on commercial bookkeeping and accounting of the Swiss Code of Obligations (article 957 to 962).
The registered office of the company is in Oberhofen, Switzerland, its legal form is an Association.
The FIS staff positions are divided between employees and contract partners, neither of which exceeds the number of 50 persons. The average number of full-time employee positions in 2018 is equivalent to 35.8, the number of contract partners, not all of whom are working for FIS the whole year, is less than 50.
General Remarks - Summary
Since the start of the 2018-2019 financial period the budget has been distributed as accurately as possible over the annual quarters based on current information from contracts and previous accounting records. Nevertheless, seasonal shifts in the receipt of income and expenditure may affect the deviation between the budget and the actual figures.
BALANCE SHEET All amounts in CHF 1 Liquid Assets
31.12.2018 31.12.2017 31.12.2016 in CHF 4'087'139 2'200'928 3'470'000 in EUR 4'776'274 2'735'539 786'618 in USD 630'741 615'285 293'862 9'494'153 5'551'751 4'550'480
The liquid assets held on the current accounts (TCHF 708, TEUR 3’134 and TUSD 601) will be used for future payment obligations. The liquid assets on the mandate accounts at UBS and Credit Suisse (TCHF 3’188, TEUR 1’534, TUSD 30) comply with the provisions of the FIS Investment Strategy. 2 Time Deposits
There are no time deposits per 31.12.2018. 3 Debtors
31.12.2018 31.12.2017 31.12.2016 Audi AG 1'225'104 Infront & Sports Media AG 9'710'232 Longines 1'033'920 TdS OC Val di Fiemme 134'000 TdS OC Val Mustair 66'000 TdS OC Toblach 132'000 Tax administration 991'627 Various debtors 64'226 TOTAL 13'357'109 2'254'543 21'084'073
- Provision for dubious debts 0 0 0 13'357'109 2'254'543 21'084'073
Most of the outstanding payments per 30.12.2018 have been paid within the correct payment terms, usually 30 days. There are no expected payment defaults.
page 9
4 Prepaid expenses
31.12.2018 31.12.2017 31.12.2016 WSC 2017 0 0 17'195'143 OWG / SFWC 2018 0 455'222 378'997 WSC 2019 14'731'571 1'273'399 1'220'000 SFWC 2020 283'568 0 0 WSC 2021 1'104'400 1'104'400 1'104'400 Accrued interest (UBS/CS) 73'867 86'112 89'303 Other prepaid expenses 1'937'424 980'238 2'404'916 18'130'830 3'899'371 22'392'759
The 1st, 2
nd and 3
rd payments to Seefeld and Are (WSC 2019), as well as the 1
st payment to Cortina
and Oberstdorf (WSC 2021) have been paid according to the Hosting Contracts and accrued for booking in the actual period of the respective Championships. The 4
th payment to Seefeld and Are is
already deferred but will be paid on receipt of the funds from rights holders Infront Sports in January 2019. The other prepaid expenses mainly refer to the final credit note of MHF for overpaid rental and services as well as the 1
st instalment invoice to Audi, which was not invoiced yet due to the unsigned
agreement. 5 Securities, Securities Depreciation
31.12.2018 31.12.2017 31.12.2016 Securities book value 116'963'346 115'025'084 123'251'503 Value adjustment actual -4.71% -5'509'842 -3.33% -3'831'347 -4.63% -5'704'173 Value adjustment retained -3.69% -4'314'574 -3.75% -4'314'574 -2.21% -2'728'419 Book value after value adjustment 107'138'930 106'879'163 114'818'911 Hidden reserves 12.13% 12'917'140 17.48% 18'685'439 12.71% 14'590'085 Market value 119'421'117 125'564'602 129'408'996
Income (for example IOC payments for OWG) can be included in the mandate to avoid negative interest on bank accounts. To fulfil the daily payment obligations this invested money can be taken out of the mandate when required. The overview of the Financial Assets is enclosed (FIS Financial Reporting). There you can find the detailed structure of the different categories as well as the actual/plan-comparison with the FIS Investment Strategy. 6 Participations
31.12.2018 31.12.2017 31.12.2016 FIS Travel Services AG, CH-Oberhofen 55'000 55'000 55'000 FIS Academy AG, CH-Oberhofen 50'000 50'000 50'000 FIS Marketing AG,CH- Freienbach 51'000 51'000 51'000 Wichterheer Sportcenter AG, CH-Oberhofen 1 1 1 156'001 156'001 156'001
FIS holds 55% of the capital shares and voting rights of FIS Travel Services AG, 50% of FIS Academy AG and 51% of FIS Marketing AG. An insignificant holding (CHF 5’000) in the local institution “Wichterheer Sportcenter Oberhofen” has been depreciated. 7 Fixed assets
31.12.2018 31.12.2017 31.12.2016 Office facilities 315'009 317'471 315'692 Computing 98'399 116'519 115'227 Technical facilities in lease 7'059 46'077 85'094 Depreciation -387'544 -404'633 -384'276 32'923 75'433 131'737
page 10
Short-term liabilities
8 Creditors
31.12.2018 31.12.2017 31.12.2016 Amag 722'342 Are 2019 AL WSC OC 5'029'238 FIS Marketing AG 734'563 FIS Travel Services AG 39'938 Global Sports Service GmbH 51'450 Innichen FS WC OC 56'711 Joska Kristall GmbH 29'474 PWC GmbH 197'972 Seefeld 2019 NO WSC OC 1'479'188 SES Nations 46'125 ST Sportservice GmbH 662'563 Swiss Timing 116'316 Swiss-Ski 37'622 TdS OC Val di Fiemme 464'000 VAT / Withholding taxes 1'672'656 Social Security Insurances 26'201 Various creditors 402'976 TOTAL 11'769'335 4'073'613 5'812'888
The above-listed creditors were outstanding per 31.12.2018 hence the requirement to list them under this item, but all invoices have been settled within the correct payment terms, usually 30 days. 9 Current accounts NSA
31.12.2018 31.12.2017 31.12.2016 Balance current accounts NSA 9'536'783 11'177'449 9’977’496
The NSA current accounts show the assets of the National Ski Associations’ accounts held at FIS. The Financial Support and Special Distribution for 2018 have been credited in September 2018 according to the decision taken at the FIS Congress 2018 in Costa Navarino (GRE). The funds remain on the NSA accounts held at FIS until they are transferred (on official request) to the bank accounts of the NSA or to the accounts of their creditors on provision of the appropriate paperwork. FIS offers assistance to the NSAs to carry out payments relating to their activities using the funds from their National Ski Association account at FIS, such as for equipment and services including training camp costs, by debiting the NSA account directly. This service is very much appreciated and demanded regularly especially for the NSAs where it is complicated and expensive to transfer funds to and from their own country. 10 a Deferred income
31.12.2018 31.12.2017 31.12.2016 OWG 2014 0 0 10'463'721 OWG/WSFC 2018 21'036'833 939'203 459'442 WSC 2019 20'643'366 1'226'200 1'226'200 SFWC 2020 525'279 0 0 WSC 2021 1'096'300 1'096'300 1'096'300 YOG 2022 9'000 0 0 Various 0 0 39'267'455 43'310'778 3'261'703 52'513'118
The 1st and 2
nd payments from IOC (USD 7 million and USD 22.56 million) for the Olympic Winter
Games 2018 in PyeongChang have been received in January and June 2018. The total payment (following the third and final payment expected at the end of March/early April 2019) will be booked as deferred income and quarterly booked income statement related until the end of 2021.
page 11
The income for each edition of the WSC is booked as deferred income whilst the instalments for the LOC are booked as prepaid expenses (see item 4), since the LOC receives payment instalments in accordance with the Hosting Contract immediately after such funds are sent to FIS. In the year of the respective WSC the deferred income as well as the prepaid expenses will be booked income statement related. 10 b Accrued expenses
31.12.2018 31.12.2017 31.12.2016 Special Distribution to NSAs 8'220'656 720'760 8'220'061 Various accrued expenses 1'304'452 1'660'414 1'950'034 9'525'108 2'381'174 10'170'095
The item Special Distribution shows the accumulated differences between the approved and the paid out Special Distribution to the NSA accounts from previous years. The various accruals mainly refer to income from Longines, that will be distributed to the NSAs of the respective World Cup competitions in 2019. 11 Short-term provisions
31.12.2018 31.12.2017 31.12.2016 Short-term provisions 89'000 69'000 54'000
The short-term provisions relate to holiday credits. Long-term liabilities
12 Liabilities
31.12.2018 31.12.2017 31.12.2016 Leasing liabilities 36'322 75'339 114'357 Liability provision as budgeted 15'356'005 15'150'000 14'250'000 15'392'327 15'225'339 14'364'357
FIS leases three printers from Graphax (Konica-Minolta) since October 2015 in connection with the sponsoring agreement that was in place at the time and unfortunately not renewed. The leasing for the large printer will last for 4 years (until 2019) and 5 years (until 2020) for two smaller printers. 13a Equity
31.12.2018 31.12.2017 31.12.2016 Capital 50'000'000 50'000'000 50'000'000 Reserves 7'130'681 9'883'360 9'883'360 Balance result -7'420'928 13'247'321 1'136'221 49'709'753 73'130'681 61'019'581
The result of the previous period 2016-2017 was booked per 30th June 2018 according to the decision
taken at the Congress 2018 in Costa Navarino (GRE):
CHF FIS Marc Hodler Foundation 1'000'000 Reserves -2'752'679 NSA Special Distribution 15'000'000 13'247'321
From the reserves CHF 3 million has been withdrawn to use for the Special Distribution. The balance (CHF 247’321), remaining after the profit allocation to MHF and Special Distribution, has again been credited to the reserves.
page 12
13b Funds
31.12.2018 31.12.2017 31.12.2016 Fund Development Programme 3'772'633 4'612'339 4'253'695 Fund WSC Prize Money 4'775'372 4'846'372 5'941'672 Fund Masters 47'193 38'593 33'248 8'595'198 9'497'304 10'228'615
page 13
INCOME AND EXPENDITURE INCOME 14 Rights - OWG The first and the second on-account payments (USD 7 million and USD 22.56 million) from IOC for the Olympic Winter Games 2018 in PyeongChang have been received in January and June 2018. The balance with the third and final payment is expected at the end of March/early April 2019. The final total amount has not yet been communicated by the IOC to FIS as they have not completed the accounting with the PyeongChang 2018 Organising Committee. The difference to the budget can be explained by the fact that the entire payment from the IOC relating to the PyeongChang 2018 Olympic Winter Games is included in the budget with all three instalments, but the last installment has not yet been paid.
Actual % in relation to total income
Budget % of budgeted total income
6’626’463
45.35% 10’000’000 60.843%
15 Rights - WSC The Ski Flying World Championships 2018 in Oberstdorf (GER) were held successfully in January 2018. The income and expenditure is now booked income statement-related.
1‘083‘252
7.41% 1‘069‘750 6.51%
16 Rights and Operational Costs- World Cup The income under Rights World Cup refers to the last quarter of the season 2017-2018 (1
st January –
31st March 2018) and three quarters of the season 2018-2019 (1
st April – 31
st December 2018):
Discipline Income Handling Net Human
expenditure
Competition control & services Net
AL 14'565'413 -9'521'912 5'043'501 -1'651'031 -527'406 2'865'064
CC 2'144'733 -2'054'273 90'460 -453'871 -179'491 -542'902
JP 4'877'305 -3'977'749 899'556 -531'665 -282'976 84'914
NC 738'676 -1'218'684 -480'008 -359'040 -121'691 -960'740
SB 9'000 -1'307'840 -1'298'840 -481'230 -294'468 -2'074'539
FS 1'073'203 -1'439'315 -366'112 -542'248 -155'398 -1'063'758
Total 23'408'329 -19'519'773 3'888'556 -4'019'086 -1'561'430 -1'691'960
The handling- and operational expenses listed above refer to servicing the sponsorship as defined in the respective agreements (i.e. handling, video screens, media analysis, PR material, data/scoring and timing with respective sponsoring services, sponsor ski cross LOC participation). Due to the fact that there is no sponsorship for timing and data for the Nordic (Cross-Country, Ski Jumping and Nordic Combined), Freestyle and Snowboard disciplines, these World Cups show a negative outcome due to the operational expenditure.
In addition the operational and staffing costs for the FIS competition management (column 4) and competition control and services (column 5) are included for information, in order to have a better overview of the operational expenditure per discipline.
3‘888‘556
36.61% 2‘756‘513 16.77%
17 Rights – Partnerships The income under Partnerships refers to agreements with Halti (clothing), Garaventa-Doppelmayr (Product partner), Sufag (artificial snow installations), Zaugg AG (Half-pipe cutter), Kässbohrer (off-road vehicles), Prinoth (snow groomers), Audi (FIS cars) and Viessmann (Nordic Race Directors).
676’235
4.63% 641’251 3.90%
page 14
18 NSA Fees The end-of-season invoices for registration and calendar fees for the season 2017-2018 as well as the on-account invoices for the season 2018-2019 have been issued in May and September 2018.
Actual % in relation to total income
Budget % of budgeted total income
2’218’951
15.19% 1’931’500 11.75
19 Other income The main income booked under this item refers to the sale of accreditations, provisions for early payments to social insurances and consulting services. At the request of the auditors, an invoice was issued to MHF for services (CHF 60’000) rendered for the first time in 2018.
117’904
0.81% 37’500 0.23%
TOTAL INCOME The total income of CHF 14.61 million corresponds to 89% of the first half of the 2018-2019 budget and to 61% of half of the previous 2016-2017 period.
14’229’969
100% 16’436’514 100%
EXPENDITURE 20 Human Expenditure – administration and technical staff, MHF The expenditure on salaries of the administration and technical staff as well as the human expenditure of the MHF are in line with the budget.
9‘384‘022 64.25% 9‘632‘500 58.60%
21 Congresses, Council, Committees Expenses for the FIS Congress 2018 are fully booked. The items Council and Committees are presently under budget.
953’315 6.52% 1’241’999 7.56%
22 Competition control This item contains the costs for doping, equipment and snow control, homologations. In addition it includes the fees for Freestyle Skiing and Snowboard judges and technical delegates as defined in the ICR. These charges are paid by the LOC as a lump sum through the FIS administration who then handles the reimbursements to the officials. The costs for doping control are under budget, due to the fact that the budget is calculated prudently and the second “B” analysis of the doping control samples is not carried out automatically anymore.
1’209’910 8.28% 1’435’000 8.73%
23 Competition services Under Competition services the costs of media coordinator services, technical advisors and course construction technical experts are booked.
823’248 5.639% 893’250 5.43%
TOTAL HUMAN EXPENDITURE The total human expenditure of CHF 12.37 million corresponds to 94% of half of the 2018-2019 budget and to 105% of half of the previous 2016-2017 period.
page 15
24 Business expenditure This item shows the costs for the operating business expenditure, such as rental, equipment, IT and administration costs. In 2018, the audit for 2017 and the intermediate audit for 2018 have been carried out amounting to CHF 19’705.
Actual % in relation to total income
Budget % of budgeted total income
1’889’483
12.93% 1’835’500 11.17%
25 Publications These expenses mainly include costs for the FIS Media and Information SMS Services, the costs of the FIS Website provider, as well for the FIS App. The actual and the budgeted costs for the FIS Website will align during the period.
822’983 5.63% 727’500 4.43%
26 Public relations The costs for the project “Behind the Scenes” videos shown on the FIS digital platforms are booked under Promotion.
The item Special Projects includes to the “Bring Children to the Snow”campaign, of which the main expenses relate to the purchase of advertising material, bibs and ski equipment provided to event organisers.
1’495’109 10.23% 1’383’330 8.42%
27 Research and Safety The research and safety costs refer to an invoice for updating the jumping hill building standards, as well as to the payments for the projects within the FIS Injury Surveillance System (ISS) to the Oslo Sports Trauma Research Center and the University of Salzburg.
79‘586 0.54% 195’000 1.19%
TOTAL BUSINESS EXPENDITURE The total business expenditure of CHF 4.29 million corresponds to 96% of half of the 2018-2019 budget and to 112% of half of the previous 2016-2017 period.
4’287’160 30.13% 4’466’330 27.17%
28 NSA Support The Financial Support 2018 has been credited to the NSA accounts in September 2018 according to the decision taken at the Congress 2018 in Costa Navarino (GRE).
5’019’918 34.36% 5’000’000 30.42%
OPERATING RESULT The operating result amounts to CHF -7.07 million in relation to the comparable period of the budget 2018-2019 of CHF -6.23 million and compared to the previous period operating result of CHF 3.10 million
page 16
FINANCES 29 Finances – Income and expenditure These positions comprise realised income and expenditure of the financial assets. That includes profit or loss from currencies and quotes of handled financial assets, such as bonds as well as debtors and creditors. The securities performed lower than budgeted, in line with global financial markets, with a -4.475% gross loss. 30 Finances – Valuation These items refer to the unrealised differences of the currency and quotes valuation. The valuation of the currency and quote differences of the securities and liquid assets shows an unrealised loss of CHF 1’932’135. ORDINARY RESULT The ordinary result of CHF -6.96 million is composed of CHF -7.07 million operating result and CHF 0.11 million finances result.
EXTRAORDINARY
31 Extraordinary income The extraordinary income mainly contains the claimed reimbursements from foreign VAT paid in previous years, which has been booked under this item. 32 Extraordinary expenditure The extraordinary expenditure mainly relates to the provision for liability purposes as budgeted (CHF 250’000 per year). OVERALL RESULT The overall result per 31.12.2018 amounts to -7.42 million compared to budgeted -6.56 million The decrease (CHF 0.86 million) is due to the following items as explained in the above comments and listed below. As explained in the general remarks, the new system of budgeting as accurately as possible per quarter may take some time to adapt and to reflect the actual situation, instead of the previous method of dividing the two-years figures by eight equal amounts for each of the six-monthly intermediary accounts.
Income under budget - 1'825'153
Human expend. under budget + 832'255
Business expend. under budget + 179'170
NSA Support over budget - 19'918
Operating result under budget -833'646
Finances over budget + 106'198
Ordinary result under budget -727'448
Extraordinary under budget + 245'751
Overall result under budget -481'697
page 17
FUNDS
33 FIS Development Programme The project costs include the expenditure for the entire programme of activities including training camps, seminars and the approved financial support to the FDP members. Details relating to the budget and expenditure are provided to the Finance Commission and Council in the biannual meeting documentation for approval. 34 FIS Solidarity Activities According to the decisions of the FIS Finance Commission and FIS Council the following projects have been supported within the FIS Solidarity programme and were paid out during this period. Additional projects were approved but have not yet been completed, hence they will be paid out when this is the case and their official FIS Development Programme Solidarity activity report and accounts have been submitted and reviewed:
ARG 46th Campeonato International Patagonico 10'000
ARM Organisation of technical course for AL coaches 9'955
BIH Development programme for better coaches in BIH 6'000
CHI CIP Childrens Event Patagonico 20'000
DEN National trainer education + long term athlete development 30'000
GER Ski Jumping Childrens international Grand Prix 15'000
IND AL Coaches Training in Europe 5'000
ISL Training Camp of Youth 5'000
KAZ Technical Seminar for Coaches 3'500
MGL YOG 2022 Preparation for coaches 4'385
NOR Statoil International Junior Camp 4'000
SLO Slopestyle & Bigair SB performance Camp 5'000
SRB SB Youth & Children Training Camp 5'000
SVK Alpine speed youth camp 2'000
Total 124'840
The Funds result of CHF 839’718 leads to a decrease of the Funds equity. 35 WSC Prize Money 50% of the total prize money paid out at the Ski Flying WSC 2018 has been transferred to the LOC Oberstdorf in January 2018.
The Funds result of CHF 71’000 leads to a decrease of the Funds equity. 36 Funds Master Payments from Organisers for registration fees have been received and booked into the Fund. Expenses related to the Masters Fund are also booked under this item.
page 18
MANAGEMENT REPORT
The FIS Bulletin 2018 gives a detailed overview of all activities of FIS during the year. Following topics are covered: - Inside FIS (page 6 – 43) - Season Overview (page 44 – 88) - Major Events (page 90 – 112) - Committee updates (page 114 – 131) - Perspectives (page 132 – 147) - Development (page 148 – 157) - Facts & Figures (page 158 – 171) Number of full-time position on an annual average The full-time positions through the year 2018 were stable. On average during 2018 there were 35.8 full-time positions (33.7 full-time positions in 2017). Risk Analysis The risk analysis has been worked out during the year 2016 and approved by the Council in November 2016. The risk analysis was monitored and approved by the Finance Commission in May 2018.
page 19
USAGE OF PROFIT RESERVES Voluntary profit reserves at the beginning of the period The profit of CHF 13’247’321 from the 2016-2017 accounts has been allocated per 30
th June 2018
according to the decision taken at the FIS Congress 2018 in Costa Navarino (GRE) as follows: Profit 2016 1’136’221 Profit 2017 12’111’100
Voluntary profit reserves at the end of the period 13’247’321 Reduction of reserves 3’000’000 Distribution to the NSA’s -15’000’000 Allocation MHF -1’000’000 Allocation to the gain reserves -247’321
Carried forward 0.00
Categorie Strategic Asset Allocation SAA Financial Assets Chart - Categories
Tactical range CHF EUR USD Total Actual diff. in
Median min. max. 1.0000 1.1270 0.9858 CHF CHF %-pts.
Cash + Money Market 1 5.0% 0.0% - 65.0% 4'087'139 4'776'274 630'741 9'494'153 7.4% 2.4%
Bonds CHF 2 31.0% 25.0% - 80.0% 44'690'897 44'690'897 34.7% 3.7%
Bonds FC 3 24.0% 11.0% - 80.0% 12'519'094 13'186'177 25'705'271 19.9% -4.1%
Share Funds CHF 4 13.0% 10.0% - 40.0% 30'785'224 30'785'224 23.9% 10.9%
Share Funds FC 5 12.0% 10.0% - 40.0% 2'517'027 6'446'152 8'963'179 7.0% -5.0%
Property Funds CHF 6 10.0% 0.0% - 15.0% 9'276'546 9'276'546 7.2% -2.8%
Total Categories 88'839'806 19'812'395 20'263'070 128'915'270 100.0% 5.0%
Currency Strategic Asset Allocation SAA Financial Assets Chart - Currencies
Median Tactical range CHF EUR USD Total Actual diff. in
CHF 60.0% 40.00% - 80.00% 88'839'806 88'839'806 68.9% 8.9%
EUR 20.0% 10.00% - 40.00% 19'812'395 19'812'395 15.4% -4.6%
USD 20.0% 10.00% - 30.00% 20'263'070 20'263'070 15.7% -4.3%
Total Currencies 100.0% 88'839'806 19'812'395 20'263'070 128'915'270 100.0%
Chart - Developpment of the Foreign Currencies
Chart - Actual to SAA (per Categorie/Currency)
FIS Financial reporting - Financial Assets - 31.12.2018
CHF
EUR
USD
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
1 2 3 4 5 6 CHF EUR USD
Min Max Actual
Cash + Money Market
Bonds CHF
Bonds FC
Share Funds CHF Share
Funds FC
Property Funds
0.8
1.0
1.2
1.4
1.6
1.8
2.0
2.2
99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
FIS 4Q2018 - FA.xlsm / FIS Reporting 25.02.2019 / SG
