FIA Financial Report 2022

FINANCIAL REPORT 2022

2022 FIA FINANCIAL REPORT 1

TABLE OF CONTENTS 02 MESSAGE FROM THE FIA PRESIDENT 04 2022 HIGHLIGHTS 05 Organisation 06 Sport 07 Mobility 08 COMBINED FINANCIAL STATEMENTS 09 Management Report 10 Auditor's Report Statements 12 Financial Including Notes

2 2022 FIA FINANCIAL REPORT

MESSAGE FROM THE FIA PRESIDENT

A YEAR OF DELIVERY

2022 FIA FINANCIAL REPORT 3

Dear Friends, In December 2021, my team was chosen by you to lead the FIA into a new era, based on our Manifesto goals of creating a more transparent, collaborative and diverse Federation.

I believe we are delivering on that.

From day one we were open about the challenges we faced – including ones that threatened the FIA itself – and we overcame them, significantly reducing our operating deficit, and we are on track to balance the books.

We appointed our first CEO to restructure the FIA. We empowered the regions, putting Clubs at the heart of our decision making.

We worked to make our sport more accessible, affordable and diverse to reach our goal of doubling participation.

We delivered record CPD sales, launched our Mobility Strategy and our ambitious regional growth plans.

2022 was a year of intense activity and I would like to thank the staff and the Senior Leadership Team for their efforts.

Our objective to create a truly global, financially sustainable, and Member-led FIA is well underway.

I am looking forward to delivering even more.

Yours sincerely,

Mohammed Ben Sulayem FIA President

4 2022 FIA FINANCIAL REPORT

2022 HIGHLIGHTS

MAIN ACHIEVEMENTS OF THE YEAR

2022 FIA FINANCIAL REPORT 5

ORGANISATION

DELIVERED: Improved regional empowerment through extensive consultation, leadership participation and increased funding New transparent recruitment process with Clubs involved in selection Rigorous external review of our governance Improved financial transparency Major operating deficit reduction New President’s Awards recognising the achievements of our Clubs in Equality, Diversity and Inclusion, Climate Action, and Road Safety New Annual Innovation Medal First FIA Chief Executive Officer First Equality, Diversity and Inclusion leader Increased Sport and Mobility collaboration A knowledge-led federation featuring expanded FIA University programmes, tailor-made education and ground‑breaking research New FIA e-library and digital archive Ambitious plans for future partnerships

6 2022 FIA FINANCIAL REPORT

SPORT

DELIVERED: Initiation of bespoke regional growth plans Regional empowerment through new FIA Immersion programme, Sport Club Assessment Survey and digital seminars New regular Vice-Presidents’ coordination meetings with the leadership team New FIA Sport Clubs Development Strategy First FIA Motor Sport Engineering Scholarship Increased lobbying capacity for sport and cooperation with the European Union Simplified application process for sport grants Motorsport in a Box concept Fast track development of the High Performance Programme for Race Directors Action Plan to improve regional talent among the Race Directors and Stewards cohort Continued growth in FIA environmental accreditation for Clubs 2026 FIA Formula 1 Power Unit Regulations with 100% sustainable fuels and more manufacturer involvement Three FIA World Championships powered by sustainable energies Increased female representation at Vice‑President level

2022 FIA FINANCIAL REPORT 7

MOBILITY

DELIVERED: New Member-focused FIA Mobility Strategy Regional Growth Plans that empower Mobility Regions Pilot phase of the FIA-led One Road global loyalty programme 69% growth in sales of documents and Carnets de Passages en Douane (CPD) First FIA and UNECE high level workshop on CPDs involving all stakeholders 145% increase in visitors to internationaldrivingpermit.org compared to 2019 Enhanced promotion of Members’ initiatives on FIA website First FIA Road Safety Index Increased Members’ advocacy capacity with the Delft Road Safety Courses First Drone and Vertical Mobility Academy with the Mobility Academy of the Touring Club Suisse FIA Sustainable Mobility Programme expansion to support Club-led initiatives Humanitarian assistance to Ukraine with FIA Foundation, Region I and Member support Worldwide consultation and transparency to improve Members’ trust Increased integrated support and capacity building for regional network

8 2022 FIA FINANCIAL REPORT

COMBINED FINANCIAL STATEMENTS

A STRONG RECOVERY

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

2022 FIA FINANCIAL REPORT 9

MANAGEMENT REPORT

2023 FIA Extraordinary General Assemblies meeting, Cordoba, Spain, 23 June 2023

Executive Summary The year 2022 was marked by a significant reduction of the FIA’s operating and net loss, driven by a strong increase of operating revenues. The operating loss 2022 of €–7.7m was reduced by €+16.3m versus prior year’s €–24.0m, and the net loss 2022 of €–15.2m was reduced by €+16.1m versus prior year’s €–31.3m. The FIA’s balance sheet continued to be strong, endowed with a 46% equity ratio and absent any financial debt.

Balance Sheet The balance sheet total amounted to € 202.6m, in line with prior year. Cash and cash equivalents represented € 149.9m, equal to 74.0% of the total, and were mainly invested in securities such as equities, fixed income investment grade and real estate, in line with the FIA’s strategic asset allocation. Other current assets totalled € 37.0m and were mainly composed of receivables and prepaid expenses, which increased with higher activity versus prior year.

Non‑current assets of € 15.7m were mainly composed of the offices in Geneva and the land and building of the Valleiry Centre of Excellence located in France, close to Geneva.

Short-term liabilities of € 99.4m increased by €+19.7m due to higher activity versus prior year. Provisions amounted to € 10.0m and showed a €–6.4m decrease. Equity amounted to € 93.2m, resulting in a healthy equity ratio of 46.0% but reducing by €-13.2m versus prior year.

Profit and Loss Statement Operating income grew by €+29.6m or +27.1% to € 139.1m, with registration, entry and regulatory fees

contributing €+16.9m to the increase. With increased activity, operating expenses increased by €–13.3m. Travel costs increased by €–6.3m due to greater travel volume and inflationary pressures. Personnel cost rose by €–3.2m due to job creations associated with the higher activity level. Expenditure on external agencies, consultants and subcontracting, on the other hand, was cut by €+1.8m.

As a consequence, the FIA’s operating result 2022 stayed negative at €–7.7m but improved by €+16.3m compared to prior year. The financial result was negative at €-0.5m and decreased by €–2.5m versus prior year due to unfavourable exchange rate conditions. The exceptional result was negative at €–6.8m, mainly due to restructuring cost of €–7.6m including severance payments, notice periods, legal fees and outplacement costs. It improved versus prior year, which had been impacted by exceptional provision for the settlement of historic litigation in the United States. As a result, the FIA’s net loss amounted to €–15.2m, a €+16.1m improvement versus prior year.

Cash Flow Statement Operating cash flow 2022 amounted to €–5.4m, in line with prior year. Cash flow from investing activities was negative at €–3.1m, following Fwonk shares divestments of €+10.7m in 2021, which were not repeated in 2022.

After exchange rate variances of €+0.9m, the net cash changed thus by €–7.6m in 2022.

Outlook The FIA Management directs strong efforts to ensuring that the FIA’s operating result be balanced in the near future and that the FIA’s strong financial position be maintained.

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

10 2022 FIA FINANCIAL REPORT

AUDITOR'S REPORT Mazars SA Chemin de Blandonnet 2 CH-1214 Vernier-Genève Tel: +41 22 708 10 80 www.mazars.ch

Report of the statutory auditor to the General Assembly of FEDERATION INTERNATIONALE DE L’AUTOMOBILE, Geneva

Report on the Audit of the combined Financial Statements Opinion We have audited the combined financial statements of FEDERATION INTERNATIONALE DE L’AUTOMOBILE (the association), which comprise the balance sheet as at 31 December 2022, income statement and the statement of cash flows for the year then ended, and notes to the combined financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying combined financial statements comply with Swiss law and the association’s articles of incorporation.

Basis for Opinion We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the “Auditor's Responsibilities for the Audit of the combined Financial Statements” section of our report. We are independent of the association in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Other Information The Senate is responsible for the other information. The other information comprises the information included in the annual report but does not include the combined financial statements and our auditor’s report thereon.

Our opinion on the combined financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the combined financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the combined financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

2022 FIA FINANCIAL REPORT 11

Senate’ Responsibilities for the Combined Financial Statements The Senate is responsible for the preparation of the combined financial statements in accordance with the provisions of Swiss law and the association's articles of incorporation, and for such internal control as the Senate determines is necessary to enable the preparation of combined financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the combined financial statements, the Senate is responsible for assessing the association’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Senate either intends to liquidate the association or to cease operations, or has no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Combined Financial Statements Our objectives are to obtain reasonable assurance about whether the combined financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these combined financial statements.

A further description of our responsibilities for the audit of the combined financial statements is located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report.

Report on Other Legal and Regulatory Requirements We recommend that the combined financial statements submitted to you be approved.

MAZARS Ltd

Michael Ackermann Licensed audit expert (Auditor in charge)

Jean-Christophe Bodez Licensed audit expert

Geneva, April 24, 2023 Attachments ▪ Combined financial statements (balance sheet, income statement, cash flow statement and notes)

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

12 2022 FIA FINANCIAL REPORT

FINANCIAL STATEMENTS INCLUDING NOTES COMBINED BALANCE SHEET In EUR

2022

2021

Cash at bank and in hand

15’834’331

23’406’858

Investment securities

134’106’813

133’579’224

149’941’144

156’986’082

13’936’971

7’239’742

Recoverable taxes

723’630

990’538

Other receivables

4’758’144

1’938’598

RECEIVABLES

19’418’746

10’168’879

17’567’029

19’527’052

PREPAID EXPENSES AND ACCRUED INCOME

17’567’029

19’527’052

CURRENT ASSETS

186’926’920

186’682’013

Land

3’028’182

3’028’182

Buildings

4’093’117

4’547’159

Fixtures and fittings

2’917’346

3’828’392

ASSETS

CASH AND CASH EQUIVALENT Receivables

Prepaid expenses and accrued income

Vehicles and equipment

827

Computers and office equipment

545’084

533’752

Office furniture

413’623

528’605

1’357’207

850’499

12’354’560

13’317’416

Software

1’592’947

1’089’183

INTANGIBLE ASSETS

1’592’947

1’089’183

Assets in progress

923’407

628’906

ASSET IN PROGRESS

923’407

628’906

Financial Assets

792’259

795’756

FINANCIAL ASSETS

792’259

795’756

NON-CURRENT ASSETS

15’663’172

15’831’261

TOTAL ASSETS

202’590’090

202’513’275

Machinery and equipment FIXED ASSETS

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

2022 FIA FINANCIAL REPORT 13

2022

2021

Trade payables

15’291’358

4’903’409

Tax liabilities

1’735’829

2’409’926

Social liabilities

144’239

1’429’408

Other debts

13’010’067

12’853’924

LIABILITIES

30’181’493

21’596’667

69’237’927

58’081’330

ACCRUED EXPENSES AND DEFERRED INCOME

69’237’927

58’081’330

SHORT-TERM LIABILITIES

99’419’420

79’677’997

9’533’548

15’848’758

458’103

584’493

CONTINGENCIES AND LOSS PROVISIONS

9’991’651

16’433’252

LONG-TERM LIABILITIES

9’991’651

16’433’252

109’411’070

96’111’248

Other reserves

80’108’047

88’727’087

Retained earnings

28’235’045

48’870’982

Result of the year

-15’209’907

-31’291’876

45’833

95’833

EQUITY

93’179’019

106’402’026

TOTAL LIABILITIES AND EQUITY

202’590’091

202’513’275

LIABILITIES AND EQUITY

Accrued expenses and deferred income

Provisions for contingencies and losses Provisions for retirement

TOTAL LIABILITIES

Capital grant

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

14 2022 FIA FINANCIAL REPORT

COMBINED PROFIT AND LOSS STATEMENT In EUR

OPERATING RESULT

2022

2021

Sales of documents, CPD and various products

1’144’779

676’144

SALES OF DOCUMENTS, CPD AND VARIOUS PRODUCTS

1’144’779

676’144

Clubs' subscriptions

3’762’822

2’553’812

CLUBS' SUBSCRIPTIONS

3’762’822

2’553’812

Calendar fees

15’917’045

13’360’755

Entry fees

36’482’363

28’561’988

52’399’408

41’922’743

Income from grants received from the FIA Foundation

7’233’905

5’307’474

Homologations

6’087’347

5’309’303

REGISTRATION AND ENTRY FEES

Various income OTHER INCOME Income from sporting regulatory fees INCOME FROM SPORTING REGULATORY FEES Income from partnership and sponsoring contracts Other income from contracts INCOME FROM CONTRACTS

18’715’659

10’821’438

32’036’910

21’438’215

33’740’201

27’302’308

33’740’201

27’302’308

11’012’077

8’788’134

3’445’668

3’669’264

14’457’745

12’457’399

Reversal of provisions

1’530’700

3’097’871

REVERSAL OF PROVISIONS

1’530’700

3’097’871

OPERATING INCOME

139’072’565

109’448’492

Miscellaneous supplies and equipment

2’607’716

2’838’459

MISCELLANEOUS SUPPLIES AND EQUIPMENT

2’607’716

2’838’459

Rent, leases, maintenance and repairs

5’899’783

5’582’827

Subcontracting

17’569’897

16’751’029

Agencies expenses and specialists' fees

8’564’939

10’633’056

Consultancy fees

9’819’237

10’472’241

Retrocessions to sport championships

8’958’326

6’237’735

Grants to Members (Sport and Mobility)

7’383’095

8’060’680

Travel expenses

19’402’032

13’143’264

Freight, travel expenses, missions, receptions and events

6’454’518

5’500’802

445’376

554’666

Postal and telecommunications expenses Bank services and customs duties

785’570

795’330

Miscellaneous external expenses

6’111’874

5’566’451

TOTAL EXTERNAL EXPENSES

91’394’646

83’298’081

849’671

555’753

Fiscal taxes and dues FISCAL TAXES AND DUES Salaries Social security and fiscal contributions

849’671

555’753

35’646’668

32’976’166

8’912’538

8’342’592

PERSONNEL EXPENSES

44’559’205

41’318’758

Depreciation and amortisation

3’760’926

3’420’729

DEPRECIATION AND AMORTISATION

3’760’926

3’420’729

Allocation to provisions

3’638’859

2’050’212

ALLOCATION TO PROVISIONS OPERATING EXPENSES OPERATING RESULT

3’638’859

2’050’212

146’811’023

133’481’994

-7’738’458

-24’033’502

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

2022 FIA FINANCIAL REPORT 15

2022

2021

Income from security investments

5’005’044

2’738’844

Foreign exchange gains

3’050’935

1’400’878

217’886

852’560

8’273’865

4’992’282

44’197

28’350

NET RESULT

Reversal of financial provisions FINANCIAL INCOME Interest expenses and other financial expenses Net charges on disposal of securities

3’313’876

11’126

Foreign exchange losses

5’222’749

2’755’843

Allocation to financial provisions

191’705

202’320

FINANCIAL EXPENSES

8’772’526

2’997’638

FINANCIAL RESULT

-498’661

1’994’644

Other non-operating income from contracts

0

3’825’231

OTHER NON-OPERATING INCOME FROM CONTRACTS

0

3’825’231

12’854’401

54’500

12’189

27’328

Non-operating management income and reversal of exceptional provisions Prior period income Income from sales of assets

0

17’307’875

EXCEPTIONAL INCOME

12’866’590

17’389’703

19’640’073

5’416’758

26

4’529

12’445

11’883’722

0

12’993’419

Non-operating management expenses Exceptional expenses from previous years Net book value of assets disposed of Allocation to exceptional provisions EXCEPTIONAL EXPENSES

19’652’545

30’298’427

INCOME BEFORE TAXES

-15’023’073

-31’122’352

186’834

169’525

Income tax INCOME TAX NET RESULT

186’834

169’525

-15’209’907

-31’291’876

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

16 2022 FIA FINANCIAL REPORT

COMBINED CASH FLOW STATEMENT In EUR

2022

2021

-15’209’905

-31’291’876

0

0

Depreciation, amortisation and impairment losses on non-current assets

3’773’359

3’262’100

Changes on provisions

-7’273’694

10’992’371

Changes on receivables

-5’901’863

181’111

Changes on other receivables

-974’056

-47’932

Changes on prepaid expenses and accrued income

2’410’179

-7’251’213

Changes on short term payables

10’072’346

-3’141’617

Changes on other payable

-2’414’321

4’252’347

Changes on accrued expenses and deferred income

10’182’211

17’910’188

-50’000

-50’000

-5’385’744

-5’184’522

Other non-operating income from contracts

0

0

NET CASH FLOWS FROM OTHER NON-OPERATING INCOMES

0

0

-1’724’487

-640’607

-28’921

10’688’724

-1’343’769

240’409

-3’097’177

10’288’527

910’394

0

NET CASH CHANGE

-7’572’527

55’104’005

Cash as of 1 January

23’406’858

18’302’854

Cash as of 31 December

15’834’331

23’406’858

NET CASH VARIANCE

-7’572’527

5’104’005

Result of the year Other non-operating income from contracts

Gain on sale of non-current assets NET CASH FLOW FROM OPERATING ACTIVITIES

Investments in fixed assets Investments / disinvestments in intangible assets Net Investment in financial asset NET CASH FLOW FROM INVESTING ACTIVITIES Exchange rate variance on bank accounts with foreign currencies

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

2022 FIA FINANCIAL REPORT 17

NOTES TO THE COMBINED ACCOUNTS 1. Methodology used for the establishment of the combined accounts The combined accounts are made up of a balance sheet, a profit and loss account, a cash flow statement in Euro “EUR” or “€”, and the notes.

The combined balance sheet and the profit and loss statement are built on the basis of the balance sheet and the profit and loss statements of FIA France and FIA Switzerland, after conversion in EUR using the 2022 average EUR/CHF exchange rate of 1.0048 and after elimination of the inter organisation transactions.

Since this year, the annual accounts have been set up in accordance with the provisions on commercial accounting in the Swiss Code of Obligations (Art. 957 to 963b), which have been in force since 1 January 2013.

The general accounting policies have been applied in accordance with the principle of prudence, in line with the basic assumptions of going concern, consistency of accounting methods from one year to the next, and independence of financial years, in accordance with the general rules for the preparation and presentation of annual accounts. The valuation and presentation methods have not been changed compared to the previous year.

Change of chart of accounts: The accounts were prepared this year in accordance with the provisions of the Swiss Code of Obligations and resulted in the reclassification of certain accounts as detailed below: ASSET Description

ANC 2018-06

Code of Obligations

Invoice to be issued

Other receivable

Regulatory asset

Credit note to be issued

Receivable

Regulatory asset

Prepaid expenses

Prepaid expenses

Regulatory asset

Foreign exchange asset

Foreign exchange asset

Other receivable

Description

ANC 2018-06

Code of Obligations

Deferred Income

Deferred Income

Regulatory liabilities

Invoice not yet received

Payable

Regulatory liabilities

Provision for paid leave

Other debts

Regulatory liabilities

Personnel other expenses

Other debts

Regulatory liabilities

Bonus Provision

Other debts

Regulatory liabilities

Other charges on paid leave

Other debts

Regulatory liabilities

Other social cost

Other debts

Regulatory liabilities

Exchange rate difference liabilities

Exchange rate difference liabilities

Other debts

LIABILITY

The expense and revenue accounts related to the regions have been reallocated by nature.

The accounting principles used to prepare these financial statements are described below.

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

18 2022 FIA FINANCIAL REPORT

2. Evaluation principles applied in the combined accounts The combined financial statements are prepared in accordance with the historic cost convention.

2.1. Highlights of the financial year Exceptional charge for restructuring An amount of exceptional charge has been booked in 2022 for € 7,588,702. It includes severance payments, notice periods, legal fees and outplacement costs. It is composed of exceptional charges of € 4,179,674 which have occurred in 2022 plus an amount of € 3,409,028 provision for restructuring, which will be paid for in 2023.

Provision for damages Exceptional expenses are impacted by a dispute resolved in 2022 for damages of € 4,880,554 and legal and expert fees of € 7,107,686, provisioned in 2021 and used in 2022.

Contestation over a Formula E partnership An amount of € 938,835 relating to income from a billing call issued by Formula E Holdings, recognised and paid in 2021, has been disputed by Formula E Holdings. The amount has therefore been fully provided for in 2022.

2.2. Receivables and provisions for loss on receivables The receivables resulting from the activity of the association are entered on the balance sheet at their nominal value, less adjustment for correction of specific values. A provision for depreciation is entered into the accounts as follows, when the due payment date has been exceeded: •

Between 6 and 9 months, 25% of the receivable is impaired.

•

Between 9 and 12 months, 50% of the receivable is impaired.

•

More than 12 months, 100% of the receivable is impaired.

Particular situations involving a risk of non-recoverability can also be taken into account.

2.3. Fixed and intangible assets The fixed and intangible assets are recorded into the balance sheet at their acquisition cost, less a deduction for depreciation and amortisation. The depreciations and amortisations take into account the period in which the assets are used and are calculated in a linear fashion.

In order to calculate the amount of depreciation or amortisation, the following periods of use and depreciation methods are applied:

Items

Period of use

Mode

Software

3 years

33% linear

Construction

25 years

4% linear

Fixtures and fittings

10 years

10% linear

Vehicles and equipment

5 years

20% linear

Office and IT material

3 to 5 years

20-33% linear

Furniture

10 years

10% linear

Machinery & equipment

5 years

20% linear

2.4 Other financial assets and investment securities The gross value is made up of the purchase price excluding associated costs.

The liquid marketable securities are subject to impairment whenever their closing quoted market price is lower than their cost price.

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

2022 FIA FINANCIAL REPORT 19

2.5. Revenue recognition The revenue is calculated on the basis of the goods delivered and the services provided as at the date of the balance sheet. It is entered into the accounts when the amount of the income can be determined reliably and when the probability that the FIA will obtain economic advantages from it is sufficiently high.

2.6. Operating and exceptional results The elements of the ordinary business activities, even if exceptional due to their frequency or amount, are included in the operating result. Only those elements that do not correspond to the ordinary business activities of the FIA have been entered as an exceptional result.

2.7. Principles of expenditure The expenditures shall be recognised in the financial year in which the service was performed, irrespective of the date of payment. A physical delimitation is carried out in order to link the loads to the income. This requires that all charges used to realise specified income be simultaneously included in the income statement in accordance with the recorded income.

2.8. Principles of provisions The provisions for liabilities and expenses may be recognised to cover, in particular, the risks identified in respect of certain issues. They are constituted in the event of a probable commitment based on a past event, the amount and/or maturity of which are uncertain, on the basis of the best estimate of their probable costs incurred as of 31 December 2022.

2.9. Principles for the conversion of foreign currencies Transactions in foreign currencies are converted at the exchange rate prevailing at the time they were made. Monetary assets and liabilities denominated in foreign currencies are converted at the exchange rate prevailing at the balance sheet date.

Exchange differences arising from these transactions are registered in the income statement.

As part of the combination of the accounts of FIA France + FIA Switzerland, the conversion of the financial statements of FIA Switzerland was carried out with a single conversion rate of EUR/CHF of 1.0048.

2.10. Result of Regions I & II The FIA's accounts include the results of Regions I and II which have been recorded in the Regions' reserves account shown as other liabilities in the FIA's balance sheet.

REGION

OPERATING RESULT

FINANCIAL RESULT

NET RESULT

Region I

-50’685

191’704

141’019

Region II

-32’151

0

-32’151

3. Significant post-closing events A company called The Global Motorsport Development Company SA was created on 15 March 2023. It is 100% owned by FIA Switzerland and will therefore be consolidated in the accounts of FIA Switzerland from 2023.

Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

20 2022 FIA FINANCIAL REPORT

FIA Paris

FIA Geneva

FIA Valleiry

8 place de la Concorde 75008 Paris France Tel.: +33 1 4312 44 55 Fax: +33 1 4312 44 66

Chemin de Blandonnet 2, 1214 Vernier/GE Switzerland Tel.: +41 22 544 44 00 Fax: +41 22 544 44 50

140 rue de l’Acquit 74520 Valleiry France Tel.: +33 4 50 83 49 52

Photo credits and copyright notice: Cover: (left picture) Varavin88/Shutterstock, (right picture) DPPI – p.2: All rights reserved – p.3: Harold Cunningham/The Image Gate – p.4 : Antonin Vincent/DPPI – p.5: All rights reserved – p.6: Florent Gooden/DPPI – p.7: milatas/Shutterstock, p.8: Funny Solution Studio/Shutterstock – p.9: DPPI Published in December 2023 - After the 2023 FIA Extraordinary General Assemblies meeting held on 23 June 2023 in Cordoba, Spain.

Design and production by the FIA Communications Department © 2023 – Fédération Internationale de l’Automobile – All rights reserved – Except to the extent permitted under applicable copyright laws, no part of the information found in this publication may be reproduced in any form or by any means, or stored in a data base or retrieval system, without the prior written permission of the FIA.