ESTRO Annual Report 2018

Treasurer’s report for 2018

being audited and the final results will be presented for approval at the general assembly during our annual meeting ESTRO 38 in Milan. Considering the unexpected revenue of ESTRO 37 and the adapted format of the congress “ESTRO meets Asia”, the 2018 budget was revised during the last summer. The concept of reviewing the budget mid-term after the annual meeting turns out to be good practice and I would suggest to continue this practice in the future. Revenues and expenses at the end of 2018 are estimated at €8,298,000 and -€8,084,000 respectively, with a total net result (including the financial and extraordinary results) estimated at €93,000. The total revenue for ESTRO 37 is above €5 million (appr. 61% of the total turnover) while ESTRO meets Asia shows a good €451,000 for the first edition. The revenue generated by the memberships represents €646,000 in 2018; with respectively €358,000 from the individual membership, €178,000 from the corporate membership and €110,000 from the institutional membership.The annual meeting and in particular the technical exhibition represents a stable and major contribution to the Society’s income. The latter provides stability, but it also could be of concern as the Society depends too much on one major source of income. It might be useful to invest in some diversification for the future. The defensive profile for the management of the ESTRO reserves proved again to be beneficial in safeguarding our capital (exceeding €2,090,000) from the market’s fluctuations with an overall return of investment of 7,6% (since 2014). Please feel free to contact me anytime with questions or concerns regarding ESTRO’s financial situation. With this I would like to thank you all for your trust and your confidence, and of course I look forward to meeting you all at our annual meeting in Milan.

Dear friends and colleagues, as I was appointed treasurer of the society in 2013, regretfully, my 6 years’ term comes to an end this year. It has been a privilege to serve the society in this way and in fact on a personal note I learned a lot. To quote the Flemish singer songwriterWannes Van de Velde: “Ne zanger is een groep” (a singer is a group), I could not have done this without the help of many people and in particular I would like to thank Arnaud Ponsart and Alessandro Cortese for the guidance and support into this exiting world of finances. I remember that when I was elected, some people said: “he’s a physicist, so the perfect profile for a treasurer.” Believe me, finances and physics don’t have much in common. As you all know, the society’s finances have known some turbulent years with consolidated results of approximately -1,000,000 euro in 2009, to a comfortable + 100,000 euro in 2018 and over 2,000,000 euro in reserve. When I started my term in 2013 the total turnover was 6,500,000 euro, for 2019 we will breach a turnover exceeding 10,000,000 euro, reflecting the healthy condition of the society. Of course, this means that as a society we face new challenges and opportunities and I’m looking forward in particular to the investment in real-estate that we initiated last year. Each year it has beenmy goal to aim for a small positive buffer in the budget to cover for unforeseen events, yet maintaining the Society’s philosophy in that revenue should be re-invested creating benefits and services for our members and stakeholders. The approach seemed to work well, and also 2017 fits the profile. So, let’s return to the report. The 2017 audited figures show a total net profit of €93,000. The total revenue generated by the Society activities exceeded €8.309 million euro (mainly driven by the events and courses registrations), which was balanced nicely with the total of expenditures representing an amount of €8.086 million euro. The financial charges and the extraordinary costs reached €130,000.

Warm regards,

Dirk Verellen ESTRO Treasurer

At the time of writing, the figures for 2018 are

111

Financial report