ESTRO Annual Report 2020

7

Looking back at the consolidated results (for 2020 we estimate this to be at €-242k, comparable to the situation 2015-2016), ESTRO finds itself in the opposite trend compared to the 2009-2014 period: back then, the Society’s cumulative balance was much more fragile, but it could count on a solid cash availability, which was enough to drive the Society through that phase. In the aftermath of the COVID-19 crisis, we find ourselves in the reverse scenario, having a manageable cumulative balance but with a substantially lower cash flow. From a cumulative balance perspective, the Society will recover in 2021. However, we should keep in mind that cumulative balance and cashflow pressure are two separate and independent tiers. So far, the goal of the Society has been to reach a breakeven with a slightly positive result, aiming to reinvest revenue in Society’s activities. However, this business model leaves us exposed and vulnerable to unexpected events such as the COVID-19 crisis. Considering the events of this year, the recommendations for the near future are to prioritise the increase of reserves over immediately reinvesting back in the Society to face calamities such as 2020.

Financial Report

Consolidated Result 2008 - 2020

400000

2019

200000

2018

2008

2017

0

2016

-200000

2020

-400000

2015

2014

-600000

2013

-800000

2012

2010

-1000000

2011

2009

57