The Fédération Internationale de l’Car (FIA), the worldwide governing physique for motor sport and the federation for mobility organisations worldwide, has at this time introduced a pivotal turnaround within the monetary well being of the Fédération, underneath the management of FIA President Mohammed Ben Sulayem.
On the finish of the fiscal yr 2024, the Fédération is happy to report that’s has achieved a strong working results of € 4.7m, and an working earnings of € 182.0m. This takes it from a substantial monetary lack of €-24.0m in 2021, earlier than President Mohammed Ben Sulayem was elected.
According to the President Mohammed Ben Sulayem’s manifesto pledge, and underneath the FIA’s new management since 2021, the organisation has undergone a complete strategic transformation course of, designed to radically enhance inside methods and processes. It has strengthened its groups, optimised its working practices and shifted to a extra environment friendly and financially sustainable mannequin. Right now’s outcome, which will likely be printed in full within the FIA’s 2024 Exercise Report in June, displays this constructive transition.
The working results of € 4.7m marks a robust enchancment from 2023, with working earnings development of €+26.7m respectively +17% year-on-year. The FIA is absent of any monetary debt on the 2024 fiscal yr finish, and it reviews a wholesome fairness ratio of 45%.
The present management workforce has labored rigorously since 2021 to ameliorate its inside methods, controls and processes. It has strongly enhanced procurement management and automation, carried out inside quarterly reporting, and established a monetary steering mannequin which allows efficient resolution making inside senior administration. This mannequin has enabled elevated price range management and has allowed the FIA to overview its pricing and reallocate sources to greatest pursue its strategic priorities throughout motor sport and mobility.
Along with these necessary measures, the FIA has launched a second Common Meeting mid-year, to make sure that prior yr audited monetary accounts may be established inside the acceptable timeframe for launch. For the second yr working, the FIA will publish a full Exercise Report in Might 2025, forward of the Common Meeting in June. This yr, the Exercise Report has been enhanced by a brand new P&L presentation format which reinforces readability and transparency.
The strengthened monetary well being of the FIA brings the organisation out of a five-year lengthy interval of considerable working loss, enabling it to offer a world-class service to its 245 Member Golf equipment all over the world, in addition to reinvest into the seven World Championships underneath its governance. The FIA, which is a not-for-profit organisation, is well-placed to proceed pushing ahead its core aims corresponding to strengthening grassroots participation in motor sport and driving the sustainability agenda throughout the board.
Mohammed Ben Sulayem, President on the FIA, stated: “Upon my election as President of the FIA, I dedicated to making sure a worthwhile operation. Right now I’m extremely proud to indicate that we’ve achieved this mission, delivering the strongest set of monetary ends in eight years. Enhancing the governance, transparency and monetary well being of the FIA was central to my manifesto pledge, and I’ll proceed to work with all of our inside and exterior stakeholders to drive constructive change inside the FIA, to ship higher outcomes for our Member Golf equipment, our individuals and for all.”
ENDS
For media enquiries please contact:
Jonathan Refoy, FIA Chief Communications Officer: jrefoy@fia.com
Sophia Martin-Pavlou, FIA Company Communications Director: smartin-pavlou@fia.com
Geri Sherwin, FIA Head of Presidential Communications: gsherwin@fia.com
The Fédération Internationale de l’Car (FIA) is the governing physique for world motor sport and the federation for mobility organisations globally. It’s a non-profit organisation dedicated to driving innovation and championing security, sustainability and equality throughout motor sport and mobility.
Based in 1904, with workplaces in Paris, London and Geneva, the FIA brings collectively 245 Member Organisations throughout 5 continents, representing hundreds of thousands of highway customers, motor sport professionals and volunteers. It develops and enforces laws for motor sport, together with seven FIA World Championships, to make sure worldwide competitions are secure and truthful for all.
