The International Equestrian Federation made a surplus of CHF2.2 million in 2019, according to its newly-published financial statement ©FEI

Last year’s financial statements for the International Equestrian Federation (FEI) have been published, showing that the Lausanne-based body made a small net surplus of CHF2.2 million (£1.8 million/$2.3 million/€2.05 million) after financial results.

Total revenues stood at CHF54.4 million (£45.2 million/$57.1 million/€50.6 million), while expenses reached CHF55.3 million (£45.9 million/$58.1 million/€51.4 million).

Commercial revenue -– at CHF30 million (£25 million/$31.5 million/€28 million) - contributed more than half the total, mainly coming from sponsorship, which generated CHF27 million (£22.4 million/$28.4 million/€25.1 million).

While broadcast revenue brought in CHF3 million (£2.5 million/$3.15 million/€2.8 million), broadcast expense reached CHF4.8 million (£4 million/$5 million/€4.5 million).

With COVID-19 causing huge disruption to sport, the FEI’s balance-sheet looks reassuringly well-stocked, with assets including CHF47.9 million (£40 million/$50.3 million/€44.5 million) of marketable securities and CHF16.6 million (£13.8 million/$17.4 million/€15.4 million) in cash.

The body’s headquarters building in central Lausanne, donated by FEI Honorary President Princess Haya Bint Al Hussein, is on the books, moreover, at a mere CHF1, when it is clearly worth far, far more.

The FEI headquarters in Lausanne, donated by former Honorary President Honorary President Princess Haya Bint Al Hussein, is listed in the accounts as a nominal CHF1 but is clearly worth far more ©FEI
The FEI headquarters in Lausanne, donated by former Honorary President Honorary President Princess Haya Bint Al Hussein, is listed in the accounts as a nominal CHF1 but is clearly worth far more ©FEI

A message in the annual report from FEI President Ingmar De Vos acknowledged that the "community is suffering", while describing the coronavirus pandemic as "the biggest challenge we have ever been confronted with as a sport and as an industry".

A virtual Board meeting last month included presentation of a revised budget for 2020.

This predicts a loss of CHF8.2 million (£6.8 million/$8.6 million/€7.6 million), with an estimated revenue reduction, for what was originally set to be an Olympic year, of a massive CHF26.6 million (£22.1 million/$28 million/€24.7 million) largely offset by a reduction in costs of CHF20.75 million (£17.2 million/$21.8 million/€19.3 million).

Though the expected loss was described as "important", it is not deemed to "threaten the “short/medium-term existence of the FEI".

To read the full financial report click here.