FIA Delivers Financial Turnaround, Marking New Era of Growth and Stability
PARIS--(BUSINESS WIRE)--The Fédération Internationale de l'Automobile (FIA), the global governing body for motor sport and the federation for mobility organisations worldwide, has today announced a pivotal turnaround in the financial health of the Fédération, under the leadership of FIA President Mohammed Ben Sulayem.
At the end of the fiscal year 2024, the Fédération is pleased to report that is has achieved a robust operating result of € 4.7m, and an operating income of € 182.0m. This takes it from a considerable financial loss of €-24.0m in 2021, before President Mohammed Ben Sulayem was elected.
In line with the President Mohammed Ben Sulayem's manifesto pledge, and under the FIA's new leadership since 2021, the organisation has undergone a comprehensive strategic transformation process, designed to radically improve internal systems and processes. It has strengthened its teams, optimised its working practices and shifted to a more efficient and financially sustainable model. Today's result, which will be published in full in the FIA's 2024 Activity Report in June, reflects this positive transition.
The operating result of € 4.7m marks a strong improvement from 2023, with operating income growth of €+26.7m respectively +17% year-on-year. The FIA is absent of any financial debt at the 2024 fiscal year end, and it reports a healthy equity ratio of 45%.
The current leadership team has worked rigorously since 2021 to ameliorate its internal systems, controls and processes. It has strongly enhanced procurement control and automation, implemented internal quarterly reporting, and established a financial steering model which enables effective decision making within senior management. This model has enabled increased budget control and has allowed the FIA to review its pricing and reallocate resources to best pursue its strategic priorities across motor sport and mobility.
In addition to these important measures, the FIA has introduced a second General Assembly mid-year, to ensure that prior year audited financial accounts can be established within the appropriate timeframe for release. For the second year running, the FIA will publish a full Activity Report in May 2025, ahead of the General Assembly in June. This year, the Activity Report has been enhanced by a new P&L presentation format which enhances clarity and transparency.
The strengthened financial health of the FIA brings the organisation out of a five-year long period of substantial operating loss, enabling it to provide a world-class service to its 245 Member Clubs around the world, as well as reinvest into the seven World Championships under its governance. The FIA, which is a not-for-profit organisation, is well-placed to continue pushing forward its core objectives such as strengthening grassroots participation in motor sport and driving the sustainability agenda across the board.
Mohammed Ben Sulayem, President at the FIA, said: 'Upon my election as President of the FIA, I committed to ensuring a profitable operation. Today I am incredibly proud to show that we have achieved this mission, delivering the strongest set of financial results in eight years. Improving the governance, transparency and financial health of the FIA was central to my manifesto pledge, and I will continue to work with all of our internal and external stakeholders to drive positive change within the FIA, to deliver better outcomes for our Member Clubs, our people and for all.'
The Fédération Internationale de l'Automobile (FIA) is the governing body for world motor sport and the federation for mobility organisations globally. It is a non-profit organisation committed to driving innovation and championing safety, sustainability and equality across motor sport and mobility.
Founded in 1904, with offices in Paris, London and Geneva, the FIA brings together 245 Member Organisations across five continents, representing millions of road users, motor sport professionals and volunteers. It develops and enforces regulations for motor sport, including seven FIA World Championships, to ensure worldwide competitions are safe and fair for all.
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