Page 16 - Annual report 2019

STATEMENT BY

THE TREASURER

Treasurer, Ulf BENGTSSON

With the approval of the ambitious FEANI Strategic Plan
2018-2023 at the General Assembly 2017, we agreed to start
a fundamental business and organizational transformation
as indicated on the previous pages. For this to succeed – and
the indications after one year of start-up and implementation
seemed to indicate this was indeed the case – the FEANI
Executive Board agreed to release the expected budgeted
profit of EUR 35k for 2018 and to aim for a zero-result at
year-end. This turned out to be a good decision to keep
momentum and exposure in the setting up of the Engineers
Europe Advisory Group (EEAG). In order to better meets its
mission and to better interconnect with other stakeholders,
FEANI continued in 2018 with opening doors to other stake-
holder groups with the help of Hill+Knowlton as international
strategy and communication consultants, This, in combi-
nation with the design and the protection of a new brand
and examining the possibilities for EU-project funding, were
activities which needed to happen in parallel, in order to take
the EEAG further than merely its set-up and the start of an
informal consortium. Once we had the official inauguration
behind us and the stage was set, we pursued our efforts in
2019 with the development of a concrete work program to
Situation 2018 maintain credibility and enhance cooperation. The implemen-
2017 was a year in which FEANI was able to take a signif- tation of the FEANI Strategic Plan was and is progressing
icant turn in the corporate finances with a consolidated faster than expected. Through our investments we have
profit of EUR 85.296,- at year-end. Our corporate treasury built an external European network, in addition to our
had improved from EUR 366k in 2016 to EUR 454k in 2017, internal FEANI network of 32 member countries. Maintaining
a positive tendency which continued in 2018. This together both networks is a huge task, but our perseverance lead to a
with the fact that the funds spent on project related services first initial success.
to the National Members doubled from 2017 to 2018 but
still allowed for a positive consolidated result of EUR From the financial point of view another important structural
4.458,- in 2018, was a rewarding observation and provided change took place in 2018 with the successful revision of
hope for the future in which further ambitious plans would our corporate VAT-status. FEANI is now tax exempt for 58%
come to fruition. At the same time total turnover in 2018 instead of the previous 16%. This resulted in almost EUR 11k
remained with EUR 568.005,- almost identical as in 2017 of VAT-recovery in 2018 from the previous years and will
(EUR 569.870,-), imply a systematic cost reduction of approximately EUR 14k
p.a. for the following years.