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The Foundation's financial statements towards the 2026 Games. The words of the CEO, Vincenzo Novari, at the end of yesterday's Board of Directors.
Thursday 7 April 2022 4 minutes reading time
The Board of Directors of the Milano-Cortina 2026 Foundation unanimously approved the Financial Statements for the year ended December 31, 2021, which show a loss of 21,217,315 euros, more than halved compared to the forecasts of the Plan approved in November 2020.
The deficit, "much lower than expected and in any case inherent in the financial dynamics of the life cycle of events such as the Olympics and Paralympics, is the result of a careful cost containment policy that has not prevented the carrying out of activities planned and the maintenance of the program for the approach to the 2026 Winter Games ".
Also from a financial point of view, the situation at the end of 2021 is better than expected with a Net Financial Debt of € 16.2 million and available liquidity capable of covering the cash needs of the near future. “With the delivery of the Olympic and Paralympic flags in Milan Cortina 2026 - declares the President of the Organizing Committee, Giovanni Malagò - we are moving from the strategic to the planning phase. The approval of the financial statements with a better result than forecasts is excellent news. The Milan-Cortina 2026 bid, despite being a low cost bid that will use more than 90% of existing or temporary plants, requires rapid interventions, in the infrastructural field, to make up for the time lost due to the pandemic ".
"Thanks to the commitment and dedication of the people who work in the Foundation - underlined the CEO of the Foundation, Vincenzo Novari, on the sidelines of the Board of Directors - we were able to keep the commitments undertaken in the process of approaching the Games while reducing the estimated costs in the budget. This is an excellent result that propels us forward with growing confidence and optimism.
We will produce a flawless edition of the Games without any public financial contribution. Thanks to a careful management of resources, the cost curve in the second year of activity is in line with expectations ".
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