The International Ski Federation (FIS) has reported a better-than-budgeted profit of CHF18.7 million (£15.5 million/$19.6 million/€17.2 million) for 2019.
The better-than-expected performance was explained by favourable exchange rates, financial income and various savings on personnel and other business expenses.
The result – which was achieved on income of CHF35.4 million (£29.4 million/$37.2 million/€32.6 million) – follows a loss of just over CHF7 million (£5.8 million/$7.35 million/€6.4 million) in 2018.
The governing body’s Council has proposed that the bulk of the CHF11.6 million (£9.6 million/$12.2 million/€10.7 million) surplus for the two years – CHF11 million (£9.1 million/$11.55 million/€10.1 million) of it – be allocated to National Ski Associations as a “special distribution for the promotion of skiing”.
This would be paid in 2020 and 2021.
The new accounts were made public as FIS President Gian-Franco Kasper released a mid-summer message reflecting on the impact of COVID-19 and sport’s role in helping to establish a “new normal.”
He said skiing was “fortunate” in that it had “a few months” before major decisions needed to be made regarding the primary competition calendar.
The FIS “goal” was, he said, to “carry out our ‘Plan-A’ calendar with as few changes as the pandemic, and Mother Nature, will allow.”
The operating profit for 2019 amounted to CHF14.35 million (£11.9 million/$15.1 million/€13.2 million).
Notes to the accounts reveal that FIS received $44.3 million (£34.55 million//€38.1 million) for skiing’s contribution to the 2018 Winter Olympics in Pyeongchang.
This is more than any Summer International Sports Federation received from the International Olympic Committee for its sport’s contribution to Rio 2016.
A quarter of the total paid to FIS – so approximately $11 million (£8.58 million/€9.46 million) – is to be included in revenue each year between 2018 and 2021.