IIW 2018 Annual Report

2018 TREASURER’S REPORT

Dr Luca Costa (Italy) Treasurer

In 2018, the IIW closed the financial year with a very small positive amount, as a consequence of balancing of revenues and costs. From a revenue perspective, it is important to un- derline that figures were above the budgeted va- lues thanks to the results realised from the IIW journal Welding in the World . This is confirming the effectiveness of the activities performed by the IIW community, as the continuous growth of the Im- pact Factor of the journal demonstrates. Expenditures were controlled to be slightly over the budgeted value, despite the exceptional ex-

pense for the support needed to develop the new IIW Marketing Strategy. 2018 was also the year when the IIW History Book project was final- ly concluded with the creation of the dedicated website. With an operating result of € 36,901 the result af- ter taxes was only € 280 as unfortunately the bad debts inventory had to reflect both the termination of the membership of Brazil and the difficulties undergone by some other Member Societies.

2017 K

2018 K

ASSETS Website investments in progress

21

17

Current Assets Cash Other securities Trade receivables Tax receivables Deferred charges

251

224

68 31

51 30

3

1

375

323

Fixed Assets Other tangible assets

0

2

TOTAL ASSETS

375

325

LIABILITIES AND EQUITY Creditors Advances and trade deposits

3

6

Trade creditors

51 10

7 2

Tax and social liabilities

Deferred revenues Other debts Cash shortage

64

14

NO CURENT LIABILITIES Bad debts recorded Equity Capital Accumulated surplus Result of the current year

0

0

328 -16 311 375

311

0

311 325

TOTAL LIABILITIES AND EQUITY

6 IIW ANNUAL REPORT 2018