Shaping the Future: IOC Interim Report 2009-2010 · Shaping the Future 03 ... strive to combat irregular betting and match ﬁxing. ... shared the dreams fulﬁlled and the dreams

Message from the IOC President 01

Shaping the Future 03

The Role and Structure of the IOC 04

Ensure the Regular Celebration of the Olympic Games 06

Educate Youth through Sport 12

Promote Olympism in Society 18

Lead and Support the Olympic Movement 26

Maximise Performance: IOC Administration 34

An Enduring Symbol 38

IOC Session Decisions and Membership 40

Worldwide Olympic Partners 47

Report of the Auditors and Combined 48Financial Statements, 2009–2010

SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010

IOC INTERIM REPORT 2009–2010

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SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010 MESSAGE FROM

THE IOC PRESIDENT

I am pleased to present this Interim Report, which highlights the International Olympic Committee’s activities and progress during 2009 and 2010.

During this period we have worked towards fulfilling the missions of the IOC in accordance with the Olympic Charter including:

• Ensuring the regular celebration of the Olympic Games.

• Educating youth through sport.

• Promoting Olympism in society.

• Leading and supporting the Olympic Movement.

We also have demonstrated financial strength and stability. For that I extend sincere thanks to the IOC members and stakeholders—particularly to the National Olympic Committees, International Federations, Games Organising Committees, athletes, Worldwide Olympic Partners, rights-holding broadcast partners, and our competent and enthusiastic staff.

In 2009 we organised an Olympic Congress which was an opportunity for the Olympic Movement to take stock—to consider where it has been and where it is going. The result was 66 recommendations which are helping to strengthen and improve the Olympic Movement for generations to come.

The 2010 Olympic Winter Games in Vancouver were unforgettable. The festive atmosphere in the stadiums and on the streets set the tone for a global celebration of sport. The inaugural Youth Olympic Games in Singapore the same year were magnificent, delivering extraordinary Olympic moments and showing us that a new generation of athletes is ready to share and embrace the Olympic Values.

Looking ahead, I know we have a need to shape our future.

We have never been busier—overseeing nine editions of the Olympic Games and Youth Olympic Games and following up on the 66 recommendations to implement from the Olympic Congress.

We will continue to be staunch allies for athletes as they are the heart of the Olympic Movement. So, too, are the youth of the world, from whom the athletes of the future are drawn.

It is for them that we aim to deliver the highest-calibre Olympic Games and Youth Olympic Games. It is for them that we will continue to lead the fight against doping and strive to combat irregular betting and match fixing. And it is for them that we will continue to place sport at the service of humankind.

In doing all this, we will also honour the legacy of Juan Antonio Samaranch. His impact on the Olympic Movement will last far beyond his time on Earth. May his devotion to our cause inspire us all.

Jacques Rogge

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THERE IS NO TIME LIKE THE PRESENT TO SHAPE THE FUTURE.

SHAPING THE FUTURESHAPING THE FUTURE














SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010 THE ROLE AND STRUCTURE

OF THE IOC

The International Olympic Committee (IOC) acts as a catalyst for collaboration amongst all members of the Olympic family—from the National Olympic Committees (NOCs), the International Federations (IFs), the athletes and the Organising Committees for the Olympic Games, to the Worldwide Olympic Partners, broadcast partners and recognised organisations.

The IOC leads the effort to place sport at the service of humankind—a philosophy of life called Olympism that was conceived by Pierre de Coubertin, the IOC’s founder.

The IOC Members are volunteers who represent the IOC and Olympic Movement in their country and meet once each year at the IOC Session. The IOC President and Executive Board—15 IOC members elected by the Session—have general responsibility for the administration and management of the IOC’s affairs. In addition, the President may establish specialised IOC Commissions to study certain subjects and recommend actions to the Executive Board. In 2010 there were 26 commissions. The IOC is further supported in its work by the IOC administration, led by its Director General.

Together these individuals and groups comprise a collaborative team focused on the singular goal of the Olympic Movement: to blend sport, culture and education to help build a better and more peaceful world.

In accordance with this goal—and as specified in the Olympic Charter—the IOC oversees a wide range of programmes and projects organised primarily around four streams of activity:

• Ensure the regular celebration of the Olympic Games.

• Educate youth through sport.

• Promote Olympism in society.

• Lead and support the Olympic Movement.

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THE IOC LEADS THE EFFORT TO PLACE SPORT AT THE SERVICE OF HUMANKIND.

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SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010 ENSURE THE REGULAR CELEBRATION

OF THE OLYMPIC GAMES

The Olympic Games are the centrepiece of the Olympic Movement. They are a spectacular celebration of sporting excellence that showcase the world’s best athletes.

But they are also something more. The Games help bring Olympic values to life. The Olympic Games provide the global stage upon which men and women from different countries, cultures, religions and ethnic groups remind us of our common humanity as they share experiences and compete in an atmosphere of goodwill and fair play.

At the Vancouver 2010 Olympic Winter Games, billions shared the dreams fulfilled and the dreams cut short. They grieved the tragic loss of Nodar Kumaritashvili at the same time as they bore witness to the legacy of courage he left behind.

It is for the athletes that the IOC has a mission to:

• Maintain the quality of the Olympic Games.

• Further enhance the experience of the Olympic Games.

• Ensure the relevance of the Olympic Games.

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THE OLYMPIC GAMES ARE A SPECTACULAR CELEBRATION OF SPORTING EXCELLENCE.

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The Vancouver 2010 Olympic Winter Games delivered 17 unforgettable days of sport at the highest level. A record 82 National Olympic Committees (NOCs) participated, with six NOCs competing for the first time. More than 40 per cent of the 2,566 competing athletes were women.

In sporting achievements, fans around the world will long remember such gripping moments as Canada’s dramatic overtime victory against the USA in men’s ice hockey, snowboard king Shaun White nailing his trademark Double McTwist 1260, Lindsey Vonn scoring the women’s downhill win, Didier Defago’s thrilling victory in the men’s downhill, and Kim Yu-Na’s mesmerising show of elegance and athleticism to earn a world record score in women’s figure skating.

MAINTAIN THE QUALITY OF THE OLYMPIC GAMES

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In terms of legacy, the 2010 Winter Games were more than just “green”. Vancouver’s organising committee encompassed a legacy with social and economic opportunities as well as environmental benefits. The committee created a new sustainability governance model for large sports event organisations, new reporting frameworks and a sustainable toolkit for major sports events. It also demonstrated how a venue programme can be designed for legacy use and built to minimise environmental impact; how partnerships with aboriginal people can make a Games stronger; how socially and economically disadvantaged groups can participate in and benefit from the Games.

Almost 1,000 recommendations resulted from the overall Vancouver 2010 Games evaluation process, many of which were discussed during the IOC debriefing organised in Sochi.

VANCOUVER 2010 BY THE NUMBERS

17 days of Olympic Games events

2,566 athletes, including more than 40 per cent women

7 sports

Record participation by 82 National Olympic Committees (NOCs), including 6 for the first time

26 nations receiving medals, including 2 countries winning their first Olympic Winter Games gold medals (Slovakia and Belarus)

18,500 volunteers

10,000 media representatives

Television audience of 1.6 billion viewers

Coverage available on 235 TV stations and 100 websites around the world

31,902 television broadcast hours, almost double the amount in Turin 2006

99 per cent of Canadians receiving Games coverage

More than 6,000 hours of coverage available on mobile phones for the first time

Over 50,000 hours of coverage available across all media platforms

More than 265 million video views on Internet and mobile platforms

More than 1.5 million Olympic fans in one month on the IOC Facebook page

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The experience of the Olympic Games—for athletes as well as for fans and spectators at home and abroad—is closely linked to their quality, and in this endeavour, the IOC and Games organisers also scored well. Post-Games surveys showed that some 95 per cent of athletes and officials said their expectations were met or exceeded, and a similar number of spectators felt the same.

Broadcast hours reached unprecedented levels of quantity and quality, advancing the IOC’s mandate—set forth in the Olympic Charter—to ensure the widest possible audience for the Olympic Games.

With record television audiences around the world, Vancouver was broadcast in over 220 territories with total broadcast coverage exceeding 31,000 hours globally—almost double that in Turin in 2006.

The Vancouver Games were digital Winter Games, with online broadcast coverage on more than 100 websites. Online and mobile phone coverage accounted for around half of the overall broadcast output from Vancouver. For the first time the Winter Games also were broadcast in high definition and 5.1 surround sound, offering first-class picture quality and an excellent viewer experience.

In addition, this was the first Games broadcast by the Olympic Broadcasting Services (OBS), now fully integrated into the IOC. OBS, created by the IOC in 2001, achieved significant advancements, such as a 24-hour Olympic News Channel to widen the reach of the Games and a mobile phone feed to enhance digital media services.

A further enhancement of the Olympic Games occurred with the IOC’s first-ever use of Facebook, Twitter, Flickr and YouTube to engage younger Olympic fans around the globe, who are increasingly difficult to reach through traditional media.

The IOC launched its Facebook page one month before the start of the Games, enabling fans to stay up to date with activities and events whilst sharing their stories about Vancouver 2010. By the time the Games ended, the page had attracted more than 1.5 million fans and generated nearly 200 million impressions.

Social media allows the IOC to go where the fans are and lets them have their say. Editorial content tailored to what fans want and like moves Olympism closer to its audience, whilst geotargeting reaches specific communities in their own language with materials that interest specific groups. When the IOC launched, later in the year, a Chinese version of Twitter called Weibo—complete with Chinese material written in Mandarin—the site gained close to 1.3 million followers.

FURTHER ENHANCE THE EXPERIENCE OF THE OLYMPIC GAMES

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To maintain the relevance and appeal of the Olympic Games, the IOC manages all aspects of the Games from a unified perspective called the 360° Games management approach. “360”, as it is known, was launched in 2007 to address the long-term strategic vision relating to each Games edition. Rather than only “doing things right”, the IOC also focuses on “doing the right things” because 360 takes a holistic approach to better understand the big picture and involve more stakeholders in assessing the mid- to long-term risks and opportunities surrounding the staging of the Games.

In the past two years 360 has focused on a wider Games environment—the local culture, the role played by third parties in the success of the Games and the youth context. What do young people consume? How and why? Its work has been aided by six communities functioning as think tanks that cover all dimensions of successful Games: Olympic product and experience; client services; image, context and reputation; venues and infrastructure; finance and commercial; and Games operations. Initially staffed by internal resources, the communities have been expanded to include external stakeholders as well.

Research also plays a big role in ensuring Games relevance. Results are used to support decisions, drive communication strategy, foster knowledge transfer between organising committees and support the sales process with rights-holding broadcasters and Worldwide Olympic Partners.

The most recent research conducted after Vancouver 2010 shows that a positive shift in opinion towards the Olympic Games is particularly strong amongst young people. They find the Olympic Games relevant to their generation (60 per cent), a good role model for children (75 per cent) and an encouragement to participate in sport (77 per cent).

Another route to staying relevant is to refresh the sports on the Olympic programme during regular reviews. The IOC considers a number of factors when determining a sport’s suitability for the Olympic Games, including youth appeal, universality, gender equity, popularity, good governance, respect for athletes, respect for Olympic values and general value added to the Olympic Programme.

In 2009, the IOC Session voted to include golf and rugby sevens to the programme for the 2016 Summer Games in Rio de Janeiro, out of seven sports seeking to enter the programme. Both are very popular and have global appeal.

In 2009, women’s boxing was approved for the programme of the 2012 Summer Olympic Games in London as well as new events in cycling, canoe sprints, modern pentathlon and tennis. The changes reflect the IOC’s desire to continually refresh the Olympic programme and its commitment to increase participation by women.

Ski cross, a sport that appeals to a younger audience, was provisionally included at the Vancouver Games and will be maintained on the Winter Games programme, the IOC Executive Board decided in October 2010.

In addition, the city of Rio de Janeiro was elected as the host city of the Games of the XXXI Olympiad in 2016 at the 121st IOC Session in 2009, bringing the Olympic Games for the first time to the continent of South America.

ENSURE THE RELEVANCE OF THE OLYMPIC GAMES

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SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010 EDUCATE YOUTH

THROUGH SPORT

Sport educates youth because it teaches the Olympic values of excellence, friendship and respect. As young people strive for excellence on the fields of play, demonstrate respect for their fellow players and celebrate friendship, they learn valuable life lessons: that you don’t have to be a winner to be a champion, that flags don’t matter but people do.

The Olympic Movement has thrived for more than a century because Olympic values don’t change. The world does change, however, and the IOC strives to stay strong and relevant. That’s why the IOC:

• Organises the Youth Olympic Games.

• Uses sport as an educational tool.

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SPORT TEACHES THE OLYMPIC VALUES OF EXCELLENCE, FRIENDSHIP AND RESPECT.

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The inaugural Youth Olympic Games (YOG) in Singapore in 2010 allowed the world’s top young athletes to come together for an inspiring and thrilling event that combined high-level sports competitions with an attractive and modern culture and education programme.

Nearly 3,600 athletes aged 15 to 18 participated in the 12-day competition which included all 26 sports of the Summer Olympic Games, with a smaller number of disciplines and events.

The format was innovative and featured events for teams of mixed genders and mixed nationalities. New disciplines were also introduced that appeal to a younger audience—3-on-3 basketball, head-to-head sprints in canoe and kayak, and combined discipline cycling—as well as new technology, such as the modern pentathlon laser gun.

By the end of the Youth Olympic Games the best athletes of the world had thrilled audiences with performances of the highest level, underlining the quality of the sporting competition, while almost half of the 205 participating NOCs had enjoyed medal success, including a first Olympic gold medal for Vietnam and a first Olympic medal for Jordan.

In addition to participating in high-level competition, young athletes took part in an ambitious Culture and Education Programme (CEP) which featured interactive booths, exhibitions and workshops set up in the heart of the Youth Olympic Village. Five themes—Olympism, social responsibility, skills development, expression and well being & healthy lifestyle—encompassed more than 50 activities that gave young athletes an easily accessible way to better understand significant global issues affecting them. Three UN agencies also helped to implement activities, along with the International Federation of Red Cross and Red Crescent Societies, the World Anti-Doping Agency, the International Olympic Academy and the International Fairplay Committee.

Three YOG Ambassadors—Usain Bolt, Yelena Isinbaeva and Michael Phelps—appeared in videos and online to inspire young competitors, answer their questions and raise the profile of the event. They were relayed, in Singapore, by 47 Athlete Role Models covering 26 sports that took part in the educational activities with the young participants at Games-time.

THE YOUTH OLYMPIC GAMES

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Eighty per cent of the athletes said they learned something from the CEP and a full 90 per cent said they liked it. Eighty per cent of the athletes also felt that the level of competition was similar to a continental or world championship; 90 per cent of the international sports federations rated the competition format excellent or good.

The Youth Olympic Games are about inspiring youngsters to be the best they can be but also to enjoy sport for sport’s sake and continue enjoying it long after dreams of medals have faded. As IOC President Jacques Rogge—who spearheaded the launch of the Youth Olympic Games—told the athletes, their participation would help them “learn the difference between winning and being a champion. To win, you merely have to cross the finish line first. To be a champion, you have to inspire admiration for your character as well as for your physical talent.”

What IOC President Rogge called “truly inspirational Games” in his Closing Ceremony speech were delivered in less than three years, thanks to close collaboration amongst the Singapore 2010 Organising Committee, NOCs, International Federations and a dedicated team at the IOC.

The first edition of the Winter Youth Olympic Games will kick off in Innsbruck, Austria, in January 2012. Athletes will compete in all seven Olympic winter sports, again with a smaller number of disciplines and events. The second summer edition will take place in Nanjing, China, in 2014. The candidature process for the second Winter edition in 2016 is currently under way with Lillehammer, Norway, as a Candidate City.

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YOUTH OLYMPIC GAMES BY THE NUMBERS

12 days of sports competitions

3,522 athletes ages 15 to 18; 52 per cent men and 48 per cent women—record participation by women in an Olympic event

26 sports

Universal participation by 204 NOCs + 1 independent team

5 per cent mixed-gender and/or mixed-NOC team events

Athletes from 93 NOCs won medals, including a first Olympic medal for Vietnam (gold), Nauru and Jordan (silver). A total of 9 NOCs won their first-ever Olympic medal.

Bronze medallist show jumper Dalma Rushdi Malhas—the first Saudi Arabian woman competing in an Olympic event—potentially opened the door for other Saudi female athletes.

3 YOG ambassadors—Usain Bolt, Yelena Isinbaeva and Michael Phelps—inspired young competitors and raised the profile of the event.

29 Young Ambassadors between the ages of 18 and 28 encouraged their delegations to take full advantage of cultural and educational activities and take the Olympic values back to their communities. They represented all five continents and some 60 per cent were women.

47 Athlete Role Models from the International Federations and the IOC Athletes’ Commission offered advice and tips to athletes through several Chats with Champions held before and during the Youth Olympic Games.

29 Young Reporters received specialised media training and actively provided content to the international media.

1 coach’s oath that will be incorporated for the first time into future Olympic Games, starting with London 2012

1 medal design competition, entries from more than 34 countries, top 10 favourites decided online by popular vote, 1 winner selected by an IOC jury

10.7 million video downloads from a dedicated website and YouTube’s Youth Olympic Games Channel. At one point the channel was the third most-watched YouTube channel worldwide.

1 million views across Facebook and Twitter

TV coverage in 160 territories

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The IOC continues its aim to use sport as an education tool. Key elements of these efforts include the Olympic Museum and the Olympic Values Education Programme (OVEP).

The Olympic Museum in Lausanne conserves and protects the Olympic legacy with permanent and temporary exhibits, cultural events and educational programmes. The museum hosts close to 200,000 visitors annually, including 50,000 under age 16. The 3 million visitors mark since its opening in 1993 was reached in February of 2009. The wider network of Olympic Museums—numbering 88 around the world, with at least another dozen in the pipeline—attracts up to two million visitors per year worldwide.

Under a new initiative called Museum 2020, the Museum will temporarily close at the end of 2011 for a major renovation of infrastructure, layout and design and reopen in 2013. Meanwhile, much of the museum’s collection will be viewable online, and exhibits will be set up in a temporary location nearby.

The Olympic Values Education Programme (OVEP)—a key element of the IOC’s global youth strategy—is an ambitious initiative to teach Olympic values. Launched in 2005, the IOC project was built on two pillars: a teaching manual and an interactive database. With the pilot phase of the programme having covered about 50 countries and regions and more than 300 instructors trained, OVEP continues to expand. In addition to collaborating with NOCs, the programme has attracted interest from broader groups, such as International Sports Federations and UNESCO’s Associated Schools Project Network (ASPnet). In fact, UNESCO has been working to integrate OVEP into its network of associated schools, covering more than 9,000 schools in 180 countries.

The 7th World Conference on Sport, Education and Culture attracted over 600 people to Durban in 2010 and closed with an exciting youth caucus and a set of recommendations which show the way forward. Organised under the motto “Giving a voice to youth”, young people who had participated in the Youth Olympic Games in Singapore as athletes, young reporters or ambassadors were invited to take the floor and share ideas and experiences.

SPORT AS AN EDUCATIONAL TOOL

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SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010 PROMOTE OLYMPISM

IN SOCIETY

Olympism is a philosophy of life that places sport at the service of humankind. Sport unites nationalities, politics, religions and cultures. An undisputed tool to advance peace, education and development, sport reaches out to those living in poverty, disease, disaster or conflict, delivering a message of hope for a better tomorrow.

With these goals in mind the IOC works to:

• Share the Olympic spirit.

• Foster human development.

• Empower women and girls.

• Further the cause of peace.

• Protect the environment.

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SPORT DELIVERS A MESSAGE OF HOPE AND A BETTER TOMORROW.

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Sometimes overlooked in the glare of gold medals is the less glamorous but equally vital work undertaken at the grassroots level. It is here that the Olympic spirit draws its first breath.

On or around June 23 every year about 150 National Olympic Committees (NOCs) from all five continents celebrate the day, back in 1894, when Pierre de Coubertin revived the Olympic Games and created the IOC during a meeting in Paris. Since 2009 Olympic Day has been broadened to encompass a variety of sports—as well as educational and cultural elements—under the concept of “Move, Learn and Discover”. As the only worldwide event of the Olympic Movement, Olympic Day showcases traditional Olympic values of excellence, friendship and respect whilst encouraging everyone, regardless of age or ability, to participate in sport.

Both in 2009 and 2010 Olympic Day was celebrated by more than four million people on the five continents. Three-quarters of them were under age 24.

In a similar vein, Sport for All promotes the development of inclusive sport and physical education policies—from grassroots to Olympic level—to counter the deepening crisis of physical inactivity around the globe. Olympic Solidarity supports a growing number of Sport for All activities sponsored by the NOCs, as well as the 2010 and 2012 IOC Sport for All Congresses. The 13th World Sport for All Congress, held in June 2010 in Jyväskylä, Finland, brought together nearly 600 delegates from 92 countries to discuss customised programmes, strategies and policies to promote Sport for All amongst different age groups.

SHARE THE OLYMPIC SPIRIT

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Whilst sport is an agent for social change—especially for community development in areas with few economic resources or educational opportunities—much of the IOC’s work in this area is done in collaboration with various agencies of the United Nations. The IOC and UN strengthened ties in 2010, with the IOC attending for the first time the UN General Assembly meeting as Permanent Observer. The decision by the UN to grant the IOC UN Permanent Observer status in October 2009 was a tribute to the longstanding partnership between the two organisations and to the IOC’s contribution to the achievement of the UN Millennium Development Goals (MDGs) through sport, a set of eight initiatives that the UN has targeted to achieve by 2015. Whilst the promotion of education, gender equality, environmental sustainability and HIV/AIDS prevention, amongst other issues, have long been featured on the IOC agenda, the MDGs place the Olympic Movement’s own human development objectives in a broader perspective.

By using sport as a tool for change, the IOC and its partners have implemented various activities across the globe in fields such as humanitarian assistance, peace-building, education, gender equality, the environment and the fight against HIV/AIDS.

FOSTER HUMAN DEVELOPMENT

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At the grassroots level, the IOC initiated the Olympic Sports for Hope programme to provide athletes, young people and communities in developing countries with better opportunities to practise sport and be educated in the values of Olympism. Long a dream of IOC President Rogge, the Olympic Youth Development Centre in Lusaka, Zambia was officially opened in May 2010, welcoming more than 600 young people to state-of-the-art facilities. The six International Sports Federations of athletics, basketball, boxing, weightlifting, handball and hockey helped develop the centre, offering technical expertise and financial assistance.

This multi-million-dollar pilot project now hosts around 1,000 athletes per month. The goal is to develop sport in Zambia and the sub-Saharan region and also offer a wide range of education programmes, health services and community activities to improve the quality of everyday life.

As another example, the IOC teamed up in 2010 with the Office of the UN High Commissioner for Refugees (UNHCR) to launch an ambitious three-year sport and education programme for some 8,500 young people living in the Osire refugee settlement in Namibia. The programme is designed to involve young people in sports activities in order to alleviate some of the major problems affecting them, namely teenage pregnancy, sexually transmitted infections such as HIV, and drug abuse.

And in Isla Fuerte, Colombia in 2009, the IOC along with its partners funded the building of an indoor hall for sports and cultural activities, as well as the upgrading of outdoor sports facilities for football, basketball and softball. The three International Sports Federations contributed to the project by providing sports equipment for the hundreds of young people on the island.

Other common activities include the ‘Together we can stop HIV and AIDS’ campaign conducted during the Olympic Winter Games in Vancouver as well as strong involvement of UN agencies in the Culture and Education Programme put in place during the first Youth Olympic Games in Singapore last summer that reached out to some 3,600 young athletes and their entourage.

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The IOC continues to make women’s participation in sporting activities and administration one of its major concerns. On the playing field, participation by women continues to grow. In 2009, women’s boxing was added to the Olympic programme for London 2012, the track cycling programme was modified and mixed doubles in tennis were introduced—making all summer Olympic sports now open to both men and women. In 2010 more than 40 per cent of the athletes taking part in Vancouver were women, a new record for women’s participation in the Olympic Winter Games. The inaugural Youth Olympic Games also saw record participation by women.

Although gender equality still remains elusive in top administrative roles, more women are being elected to decision-making positions within National Olympic Committees. NOCs also are hosting seminars to teach leadership skills to women. The 4th Continental Seminar on Women and Sport was organised by the IOC in 2009 in collaboration with the Oceania Olympic Committee and NOC of Guam. The same formula was adopted in organising the 2010 African version of the seminar in Luanda, Angola in collaboration with the Association of National Olympic Committees of Africa and the NOC of Angola. Both seminars were supported by Olympic Solidarity. The forum in Guam brought together 30 delegates from the 17 NOCs of Oceania. In Luanda, more than 65 delegates represented the continent’s 53 NOCs. Young delegates took part for the first time in the two forums to begin strengthening their knowledge and management competencies.

The recipients of the IOC “Woman and Sport” trophies were recognised for their outstanding contributions to the development of women’s participation in sport and sports administration.

In 2009 five continental trophies were awarded. 2010 also featured a world trophy which went to Dutch Olympic medallist and sports administrator Erica Terpstra for her service to sport and to actively promoting a tolerant and equal environment in sports associations.

EMPOWER WOMEN AND GIRLS

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Sport has no authority to make or enforce peace. But the IOC can—and does—work with partners to extend the reach and resources of sport.

At the 1st International Forum on Sport for Peace and Development held in May 2009 in Lausanne, delegates asked the IOC and the UN Office on Sport for Development and Peace to establish a working party to generate best international practice between the Olympic family and all organisations active in the field of sport, development and peace.

As part of a visit to the Middle East in October 2010, President Rogge met with the NOCs of Palestine and Israel to address a number of sports-related issues.

Since those initial meetings, representatives of the Palestinian and Israeli NOCs have met in Lausanne and discussed further the free movement of Palestinian athletes, coaches, officials and sports material, as well as foreign visiting athletes. In addition, a modus vivendi was reached between the two NOCs. It was agreed that both NOCs will assess the difficulties faced by Palestinian athletes and work together on concrete proposals and a mechanism that would help improve the situation before referring to their respective public authorities.

The Olympic Truce was once again adopted by the UN General Assembly in the lead-up to the Olympic Games in Vancouver, calling for nations to observe peace during Games-time and to contribute through sport to the search for diplomatic solutions to the world’s conflicts. Athletes and Games officials were invited to show their support in Vancouver by signing the Olympic Truce Wall erected in the Olympic Village. After the Games, pieces of the wall were auctioned off with proceeds going to Haiti earthquake relief.

FURTHER THE CAUSE OF PEACE

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The IOC continues to feel a strong social responsibility to actively promote a healthy environment and to continue to face environmental challenges.

Olympic Solidarity’s Sport and Environment programme encourages NOCs to include environmental considerations in their policies and activities and helps them undertake specific actions that use sport as a tool for sustainable development. These initiatives may be national seminars, targeted awareness campaigns, specific sports events or clean-up campaigns aimed at sports venues and infrastructures.

In partnership with the United Nations Environment Programme (UNEP) and VANOC, the 8th World Conference on Sport and the Environment held in 2009 brought together representatives from the world of sport, industry, sponsors, the United Nations system and NGOs and resulted in a declaration calling to act to promote sustainable development through sport. The conference also showcased five organisations that received the first IOC Sport and the Environment Awards for their efforts in that field.

PROTECT THE ENVIRONMENT

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SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010 LEAD AND SUPPORT

THE OLYMPIC MOVEMENT

As the leader of the Olympic Movement and the catalyst for collaboration amongst its members, the IOC has the ultimate responsibility to:

• Generate and distribute funds.

• Lead Olympism into the future.

• Keep athletes at the centre of the Olympic Movement.

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THE IOC IS THE CATALYST FOR COLLABORATION AMONGST ALL MEMBERS OF THE OLYMPIC MOVEMENT.

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Just as the athletes are an essential part of the Games, so too are the broadcast and sponsorship partners that provide the primary sources of Olympic revenue and help support the staging of the Games themselves.

Olympic broadcast partnerships have been the single greatest source of revenue for the Olympic Movement for more than three decades. They give the Olympic Movement a secure financial base and help ensure the future viability of the Olympic Games. The Vancouver 2010 Games secured US$1.2 billion in broadcast revenue, a 55 per cent increase over the 2006 Games in Turin.

In recent years the IOC has had notable broadcast rights deals not only in developed markets but also in up-and-coming developing markets. These deals included negotiating broadcast rights directly with individual broadcasters in certain cases to realise the appropriate value of those rights.

In addition, the concept of broadcasting the Olympic Games itself has evolved. For Vancouver 2010, it comprised a multi-screen multi-platform experience, including not only on traditional free-to-air TV channels but also delivery of Olympic content over cable, satellite, Internet or other digital and mobile platforms. New broadcast platforms and markets allow the IOC to continue expanding the financial base of the Olympic Movement while also ensuring that the Games receive the widest possible global audience.

Worldwide Olympic Partners are the other significant source of support, joining together to form The Olympic Partners (TOP) Programme. Each Olympic partner’s products, technology and expertise are vital to the success of the Games. Partners also help promote the Games around the world through their marketing campaigns and sponsorship activations. Worldwide Olympic Partners typically spend up to three times the value of their initial sponsorship commitment on promoting their association with the Games. In return, the Games provide partners with an opportunity to connect with the public and build customer relationships, motivate employees, enhance corporate reputations and leave a lasting legacy in the communities where they do business.

Olympic Revenue Sources:

Broadcasting (47%)

TOP Programme (16%)

OCOG Domestic Sponsorship (29%)

Ticketing (5%)

Licensing (3%)

Olympic Revenue Distribution:

NOCs/IFs/OCOGs (>90%)

IOC (<10%)

GENERATE AND DISTRIBUTE FUNDS

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Now in its 25th year, TOP continues to be successful. The Vancouver Winter Games showcased nine Worldwide Olympic Partners: Coca-Cola, Acer, Atos Origin, General Electric, McDonald’s, Omega, Panasonic, Samsung and Visa.

In 2010 two more companies became official Worldwide Olympic Partners through 2020: Dow and Procter & Gamble. Taken together, the two deals demonstrate the continuing vigour of the Olympic Movement’s flagship global marketing programme.

The IOC has eight partners through 2016 and five partners through 2020, including Omega and Visa, which extended their partnerships in 2009. Omega will continue as the official timekeeper of the Olympic Games, a position it has held for 29 Olympic Games. Visa, one of the founding members of the TOP programme, will continue as the exclusive payment services sponsor for the Olympic Games. In 2009, Atos Origin extended its partnership through 2016, and will continue as the worldwide information technology partner.

By the time the Olympic cauldron is extinguished in London at the end of the Games in 2012, the TOP programme will have generated over a staggering US$3.5 billion in cash and value-in-kind products and services for the Olympic Movement since its inception in 1985. The majority of this revenue has been channelled to Games organisers and to the 205 National Olympic Committees around the world, enabling them to develop their Olympic teams and send athletes to the Olympic Games.

The IOC keeps less than 10 per cent of all revenue collected to cover operational and administrative costs associated with governing the Olympic Movement. The rest is shared with member organisations of the Olympic Movement under the direction and approval of the IOC Finance Commission. The main recipients include:

• The Organising Committees for the Olympic Games (OCOGs)—The IOC contribution, financed through Olympic broadcast revenue and TOP programme contributions, supports the staging of the Summer and Winter editions of the Games. Organising committees raise additional revenue through domestic marketing activities.

• National Olympic Committees (NOCs)—The IOC distributes TOP programme revenue to each of the 205 NOCs around the world to train and develop their Olympic hopefuls, athletes and teams. The IOC also supports NOCs through Olympic Solidarity, an autonomous Commission responsible for managing and distributing the NOCs’ share of broadcast revenues.

• International Federations (IFs)—The IOC provides broadcast revenue to the 33 International Sports Federations. These funds, which are used to support the development of sport worldwide, are distributed after the completion of the Games in which the federation is active.

• Recognised organisations and Federations—The IOC contributes Olympic revenue to the programmes of recognised organisations, including the World Anti-Doping Agency, the Court of Arbitration for Sport, Fairplay International and the International Olympic Academy.

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The principal organisation responsible for coordinating assistance to the NOCs is Olympic Solidarity, an autonomous body reporting to the IOC Olympic Solidarity Commission. Its development and assistance budget in the current quadrennium is funded from the NOCs’ share of broadcast rights for the Olympic Games in Beijing and Vancouver and interest from future investments.

Despite the global economic crisis that began in 2008, the 2009–2012 quadrennial budget rose by 27 per cent over the previous period—to US$311 million—thanks to higher television broadcast revenues and prudent, efficient financial management by the Olympic Solidarity Commission. The quadrennial budget supports World Programmes (US$134 million), Continental Programmes (US$122 million), Olympic Games subsidies (US$42 million) and forums, and administration and communication (US$13 million).

Key differences from previous budgets include:

• A 35 per cent higher budget for Continental Programmes. This is in keeping with Olympic Solidarity’s policy of decentralisation towards the Continental Associations so they can address specific needs and priorities of NOCs on each continent whilst complementing but not duplicating World Programmes, which continue to be centrally managed at the Olympic Solidarity international office in Lausanne.

• An increase in athlete support to US$61 million in the World Programmes budget. For the first time in Olympic history, scholarships for Winter Games were provided (Vancouver 2010) as well as support to prepare athletes for the Youth Olympic Games in Singapore and Innsbruck. The 19 World Programmes cover the four areas of sports development considered essential for NOCs to accomplish the mission entrusted to them by the Olympic Charter: athletes, coaches, NOC management and promotion of Olympic values.

• Higher direct financial assistance to the NOCs than in the previous plan.

OLYMPIC SOLIDARITY: SPORT DEVELOPMENT AT THE NOC LEVEL

Breakdown of 2009–2012 budget:

World Programmes

Continental Programmes

Olympic Games subsidies

Administration

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In accordance with its role as leader of the Olympic Movement, the IOC strives to ensure that the Movement retains its relevance in today’s evolving global society. For that reason the IOC convened the XIII Olympic Congress in Copenhagen in 2009. It was a truly global affair, with members of the IOC, NOCs, International Federations and Olympic organising committees, as well as athletes, coaches, sponsors and journalists attending.

Entitled “The Olympic Movement in Society”, the Congress was the first in 15 years and the first of the new millennium. Five broad discussion themes covered an ambitious agenda: the athletes, the Olympic Games, the structure of the Olympic Movement, Olympism and youth, and the digital revolution.

A nine-member editorial committee drafted a final document containing 66 recommendations. Working groups and commissions have been appointed to analyse and address all recommendations.

In the area of autonomy, the IOC aims to preserve the Olympic Movement’s integrity by assuring that its members remain free of governmental constraints and is vigilant in overseeing NOC relationships. Whilst the NOCs may cooperate with governmental and non-governmental bodies, they must preserve their autonomy and resist all pressures of any kind—including political, legal, religious or economic—that may prevent them from complying with the Olympic Charter.

To further that goal, the IOC’s NOC Relations department in 2010 organised 15 seminars around the world—funded by Olympic Solidarity—in which all 205 National Olympic Committees addressed ways that good governance can preserve NOC autonomy. Ultimately they agreed on minimum common principles of ethical behaviour and good governance for all NOCs regardless of their cultures, politics, economies or religions—reflecting both the respect and the diversity of the Olympic Movement.

The IOC has a moral and ethical obligation to protect the integrity of sport by combating cheating in all forms including the one linked to irregular and illegal betting. The IOC began tackling the problem in 2006, when the Code of Ethics was amended to forbid all participants in the Olympic Games from betting on Olympic events. In 2009 the Code of Ethics was again amended to forbid match-fixing. Also in 2009 the IOC established an independent agency, called International Sports Monitoring (ISM), to monitor betting activities at future Olympic Games. The betting activities on the Vancouver 2010 Olympic Games were monitored and no form of any suspicious activity was detected.

Betting monitoring services also have been made available to International Federations for their events. In October 2009 the Olympic Congress called for close collaboration amongst governments to “put an end to illegal and irregular betting and match-fixing.” In June 2010 the first seminar organised by the IOC on sports betting resulted in a set of recommendations calling for closer collaboration with governments and police investigation agencies.

LEAD OLYMPISM INTO THE FUTURE

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Because athletes are the heart of the Olympic Movement, the IOC aims to protect their health, assist them with career choices and help them with their entourage.

In the arena of athletes’ health, the fight against doping remains the absolute priority. Over the last eight years, the number of out-of-competition tests and those at the Games has doubled. A total of 2,157 drug tests were administered in Vancouver, compared to 1,219 in Turin. The vast majority of athletes were tested before and during the Winter Games in Vancouver. Despite the higher number of tests, there were fewer positive cases. Some 1,300 urine and blood tests were performed in Singapore for the Youth Olympic Games.

The IOC Medical and Scientific Department also has sought consensus on a number of critical health issues since 2009. Subjects include periodic health examinations, concussion, age determination and injury risk in high-level young athletes, sexual harassment and abuse, fasting in sport, disorders of sexual development, and the use of platelet-rich plasma to repair injuries.

In addition, the IOC contracted with four medical centres in 2009 to engage in a four-year programme to research sports injury and disease prevention in high-risk Olympic and “trend” sports. The four centres, located in Australia, Canada, Norway and South Africa, will conduct long-term research on risk factors and injury mechanisms, the consequences of sports injuries and prevention schemes.

Also, a study was conducted by the IOC Sports Department in 2010 with all International Sports Federations on health, safety and security of athletes.

KEEP ATHLETES AT THE CENTRE OF THE OLYMPIC MOVEMENT

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The Athlete Career Programme, developed by the IOC Athletes’ Commission, helps Olympic athletes make the transition from elite sport to normal life after they retire. Initially providing employment assistance, the programme was expanded in 2009 to focus also on education and life skills, delivered by the IOC through a website featuring videos, tips, case studies and testimonials. The 5th IOC Athlete Career Programme Forum held in October 2010 resolved to further improve programme implementation.

Since its launch in 2005, the programme has nearly doubled in size—from 15 to 27 National Olympic Committees—and has supported nearly 7,000 athletes. The programme also was spotlighted at the Singapore Youth Olympic Games to provide guidance to young athletes.

Athlete entourages are becoming more complicated in sport because individual athletes often must surround themselves with a significant number of specialists, such as trainers, coaches, agents, technicians, psychologists and physiotherapists. The relationships are complex and the role of each person is not always clear.

In response to this issue, a new Entourage Commission was formed based on a recommendation by the Olympic Congress. The first meeting in December 2010 outlined initial objectives:

• Develop a code of conduct—applying to every person in the entourage—that could be adopted by all sports federations and NOCs.

• Codify the roles and responsibilities of the entourage, including parents, coaches, physicians, sport structures and governments. Both these documents would be made available on the Internet for easy access.

• Drive information down to the grassroots level by creating courses through Olympic Solidarity that would assist NOCs and federations to proactively manage entourages.

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34

MAXIMISE PERFORMANCE: IOC ADMINISTRATION

The IOC administration supports decisions made by the IOC leadership.

In order to best serve the IOC and be the best catalyst for collaboration between Olympic stakeholders, the administration is committed to a process of continuous improvement.

Leveraging the outcomes of this process, the IOC administration was able to:

• Launch more complex cross-departmental programmes.

• Increase the efficiency of the organisation.















THE IOC ADMINISTRATION CONTINUES TO INCREASE THE EFFICIENCY OF THE ORGANISATION.

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The IOC administration has consolidated activities, extended collaboration amongst departments and expanded core competencies—all to ensure the successful delivery of bigger and ever-more-complex interdepartmental projects.

• Core IOC activities—Lead the success of the Vancouver 2010 Olympic Winter Games and the inaugural Summer Youth Olympic Games in 2010.

The IOC, along with the Singapore Organising Committee, had just two and a half years from the announcement of Singapore as host city to the Opening Ceremony of the Youth Olympic Games. A dedicated team enabled the project to be developed rapidly and services across the IOC administration were adapted and adjusted to meet the new demands.

• IOC assets—Optimise the IOC brand and patrimonial assets

In 2010 the Executive Board approved administration recommendations to more consistently manage the Olympic symbol—the Olympic rings and how they are displayed on all IOC products and in their various associations. Clear guidelines for their use have been developed and are being implemented. This initiative complements a long-term programme begun in 2009 to strengthen intellectual property and expand protection of permanent trademarks—like those for the Olympic rings and even the word “Olympic”.

The organisation’s ambitious Patrimonial Asset Management (PAM) programme to digitise, classify, catalogue and easily access all IOC assets including photos, videos and documents progressed in 2009 and 2010. By the end of 2010, 100 per cent of the audio, film and standard photo collections had been digitised, along with nearly all the video and high-quality photos. Systems are being optimised and working methods adapted to speed up the classification and cataloguing projects.

• Digital media—Launch new Internet-based assets and new social media platforms.

The overhaul of the IOC’s external website (www.olympic.org) was the most high-profile project of 2009 for 3Net, a programme that integrates all Internet-based assets—the external website (to reach the general public), the intranet (to interact with IOC employees) and the extranet (for interaction with IOC constituents and stakeholders). The successful website relaunch—attracting 400,000 unique visitors in a single day—was completed in time for the election of the 2016 Host City, when Rio de Janeiro was announced during the IOC Session in Copenhagen. The new website is more oriented towards the general public and features a microsite for the Youth Olympic Games. The extranets for the National Olympic Committees and commercial partners have been revamped and new extranets have been further developed for Rule 51 advertising compliance, for Olympic Results and Information Services (ORIS) and for knowledge management.

In addition, social media activities were launched successfully, resulting in the IOC having a day-to-day relationship with seven to eight million people through Facebook, Twitter and YouTube.

LAUNCH MORE COMPLEX CROSS-DEPARTMENTAL PROGRAMMES

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To drive efficiencies and higher levels of operational effectiveness, the IOC administration increased the scope of services provided whilst maintaining the same headcount.

A shared-services approach, in which support processes across a number of areas were centralised, encouraged more collaboration amongst affected departments, including human resources, finance, logistics, information management, legal affairs and technology.

Across all departments the administration continued to focus on developing project management skills, complemented by appropriate training, to improve employees’ ability to deliver complex interdepartmental projects.

Leveraging the outcome of the Olympic Congress and building on a staff engagement survey conducted in 2010, a programme entitled “Shape” was put in place to review the scope of services delivered by the IOC administration and to ensure that its operations can adapt to a newly evolving scope of demands all whilst insuring efficiency and effectiveness.

INCREASE THE EFFICIENCY OF THE ORGANISATION

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SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010 AN ENDURING

SYMBOL

The Olympic symbol, widely known throughout the world as the Olympic rings, is the visual ambassador of Olympism for billions of people. Designed in 1913 by Pierre de Coubertin, the founder of the modern Olympic Games, the Olympic symbol has timeless, universal significance.

The five interlacing rings on a white background have grown to become one of the most recognised brands in the world. They represent the coming together of the five continents and the meeting of athletes from around the world at the Olympic Games.

The Olympic rings anchor a complete architecture supporting the Olympic brand. The three Olympic values of excellence, friendship and respect are paired with the five working principles of Olympism: universality, solidarity, collaboration, autonomy and social responsibility.

The principles and values, in turn, support a unique mission: to ensure the regular celebration of the Olympic Games, to educate youth through sport and to promote Olympism in society.

Together the mission, values and working principles showcase a vision that resonates deep within the Olympic Movement: contribute to building a better world through sport.

As the leader of the Olympic Movement, the IOC invites all who share our vision to pursue it with us. The Olympic Movement belongs to everyone.

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Contribute to building a better world through sport

Olympism is a philosophy of life, which places sport at the service of humankind.

Encourage Effort

Striving for Excellence

Vision

Olympism

Mission

Values

WorkingPrinciples Universality Solidarity Collaboration Autonomy

SocialResponsibility

Develop Harmony

Celebrating Friendship

Preserve Human Dignity

Demonstrating Respect

• Ensure the regular celebration of the Olympic Games

• Educate youth through sport

• Promote Olympism in society

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SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010 IOC SESSION DECISIONS

AND MEMBERSHIP

2009—121st IOC Session, CopenhagenMajor Decisions:

• Jacques Rogge was re-elected as IOC President for a term of four years.

• Rio de Janeiro, Brazil, was elected as host city for the Games of the XXXI Olympiad in 2016.

• The sports of Golf and Rugby sevens were voted for inclusion in the Olympic Programme for 2016.

• Mario Pescante and Ser Miang Ng were elected as Vice-Presidents of the IOC Executive Board.

• Craig Reedie and John D. Coates were elected as members of the IOC Executive Board.

• Richard Peterkin, Crown Prince Frederik of Denmark, Habu Gumel, Habib Macki, Lydia Nsekera and Göran Petersson were elected as IOC members.

2010—122nd IOC Session, VancouverMajor Decisions:

• Nanjing, People’s Republic of China, was elected to host the 2nd Summer Youth Olympic Games in 2014.

• Thomas Bach was re-elected as a Vice-President of the IOC Executive Board and Sam Ramsamy was re-elected as an Executive Board member.

• HRH Prince Feisal Al Hussein, Barry Maister, Pat McQuaid, Marisol Casado, Dagmawit Girmay Berhane and Yang Yang were elected as IOC members.

• Angela Ruggiero and Adam Pengilly, elected by their peers to the IOC Athletes’ Commission during the Games in Vancouver, were voted as IOC members.

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41















IOC MEMBERSLIST OF IOC MEMBERS BY PROTOCOL ORDER AT 31 DECEMBER 2010

First name, Last name Country Year of election Games participation 1. Mr João HAVELANGE BRA 1963 1936/52 2. Mr Vitaly SMIRNOV RUS 1971 3. Mr Peter TALLBERG FIN 1976 1960/64/68/72/80 4. Mr Richard Kevan GOSPER, AO AUS 1977 1956/60** 5. Mr Richard W. POUND, Q.C. CAN 1978 1960 6. Mr Franco CARRARO ITA 1982 7. Mr Phillip Walter COLES, A.M. AUS 1982 1960/64/68 8. Mr Iván DIBÓS PER 1982 9. Mr Chiharu IGAYA JPN 1982 1952/56/60** 10. HE Pál SCHMITT HUN 1983 1968/72/76** 11. HSH the Princess Nora of LIECHTENSTEIN LIE 1984 12. Mr Francisco J. ELIZALDE PHI 1985 13. HSH the Sovereign Prince ALBERT II MON 1985 1988/92/94/98/2002 14. Mr Lambis V. NIKOLAOU GRE 1986 15. Ms Anita L. DEFRANTZ USA 1986 1976** 16. HRH the Princess ROYAL GBR 1988 1976 17. Mr Ching-Kuo WU TPE 1988 18. Mr Willi KALTSCHMITT LUJÁN GUA 1988 19. Major General Francis W. NYANGWESO UGA 1988 1960 20. Mr Shun-ichiro OKANO JPN 1990 1968** 21. Mr Richard L. CARRIÓN* PUR 1990 22. Mr Nat INDRAPANA THA 1990 23. Mr Denis OSWALD* SUI 1991 1968/72/76** 24. Count Jacques ROGGE* BEL 1991 1968/72/76 25. Mr Mario VÁZQUEZ RAÑA* MEX 1991 26. Mr Thomas BACH* GER 1991 1976** 27. Sheikh Ahmad Al-Fahad AL-SABAH KUW 1992 28. Mr James L. EASTON USA 1994 29. Sir Craig REEDIE, CBE * GBR 1994 30. Mr Mario PESCANTE* ITA 1994 31. Mr Gerhard HEIBERG* NOR 1994 32. Professor Arne LJUNGQVIST SWE 1994 1952 33. Mr Austin L. SEALY BAR 1994 34. Dr Robin E. MITCHELL FIJ 1994 35. Mr Alpha Ibrahim DIALLO GUI 1994 36. Mr Alex GILADY ISR 1994 37. Mr Shamil TARPISCHEV RUS 1994 38. Mr Valeriy BORZOV UKR 1994 1972/76** 39. Mr René FASEL* SUI 1995 40. Mr Jean-Claude KILLY FRA 1995 1964/1968** 41. Mr Sam RAMSAMY* RSA 1995 42. Mr Reynaldo GONZÁLEZ LÓPEZ CUB 1995

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First name, Last name Country Year of election Games participation43. Mr Olegario VÁZQUEZ RAÑA MEX 1995 1964/68/72/76 44. Mr Antun VRDOLJAK CRO 1995 45. Mr Patrick Joseph HICKEY IRL 1995 46. Mr Toni KHOURY LIB 1995 47. Syed Shahid ALI PAK 1996 48. Mr Ung CHANG PRK 1996 49. Ms Gunilla LINDBERG SWE 1996 50. Mr Julio César MAGLIONE URU 1996 51. Mr Kun Hee LEE KOR 1996 52. Mr Ottavio CINQUANTA ITA 1996 53. Mr Guy DRUT FRA 1996 1972/76** 54. Ms Irena SZEWINSKA POL 1998 1964/68/72/76/80** 55. HRH the Grand Duke of LUXEMBOURG LUX 1998 56. General Mounir SABET EGY 1998 57. Mrs Nawal El MOUTAWAKEL* MAR 1998 1984** 58. Mr Melitón SÁNCHEZ RIVAS PAN 1998 59. Mr Leo WALLNER AUT 1998 60. HRH the Prince of ORANGE NED 1998 61. Mr Ser Miang NG* SIN 1998 62. Mr Samih MOUDALLAL SYR 1998 63. Mr Joseph S. BLATTER SUI 1999 64. Mr Lamine DIACK SEN 1999 65. Mr Gian-Franco KASPER SUI 2000 66. Mr Kipchoge KEINO KEN 2000 1964/68/72** 67. Mr Carlos Arthur NUZMAN BRA 2000 1964 68. Intendant General Lassana PALENFO CIV 2000 69. Mr Zaiqing YU* CHN 2000 70. Mr Timothy Tsun-Ting FOK HKG 2001 71. Raja Randhir SINGH IND 2001 1964/68/72/76/80/84 72. Mr John Dowling COATES, AC* AUS 2001 73. Mr Issa HAYATOU CMR 2001 74. Mr Juan Antonio SAMARANCH Jr ESP 2001 75. HRH Prince Nawaf Faisal Fahd ABDULAZIZ KSA 2002 76. Mr Patrick S. CHAMUNDA ZAM 2002 77. HRH Prince Tamim Bin Hamad AL-THANI QAT 2002 78. Sir Philip CRAVEN, MBE GBR 2003 79. Mr Frank FREDERICKS* NAM 2004 1992/96/2004** 80. Mr Jan ZELEZNY CZE 2004 1988/92/96/2000/04** 81. Mr Hicham EL GUERROUJ MAR 2004 1996/2000/04** 82. Dr Rania ELWANI EGY 2004 1992/96/2000 83. Mr Francesco RICCI BITTI ITA 2006 84. HRH Prince Tunku IMRAN MAS 2006

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First name, Last name Country Year of election Games participation 85. Ms Nicole HOEVERTSZ ARU 2006 1984 86. Ms Beatrice ALLEN GAM 2006 87. Ms Rebecca SCOTT CAN 2006 1998/2002/06** 88. Mr Saku KOIVU FIN 2006 1994/98/2006** 89. Mr Andrés BOTERO PHILLIPSBOURNE COL 2007 90. Mr Patrick BAUMANN SUI 2007 91. HRH Princess Haya AL HUSSEIN UAE 2007 92. Mrs Rita SUBOWO INA 2007 93. Mr Sergey BUBKA UKR 2008 1988/92/96/2000** 94. Dr Ugur ERDENER TUR 2008 95. Mr Dae Sung MOON KOR 2008 2004** 96. Mr Alexander POPOV RUS 2008 1992/96/2000/04** 97. Ms Claudia BOKEL GER 2008 1996/2000/04** 98. Ms Yumilka RUIZ LUACES CUB 2008 1996/2000/04** 99. Mr Richard PETERKIN LCA 2009 100. HRH Crown Prince Frederik of DENMARK DEN 2009 101. Mr Habu GUMEL NGR 2009 102. Mr Habib MACKI OMA 2009 103. Ms Lydia NSEKERA BDI 2009 104. Mr Göran PETERSSON SWE 2009 105. HRH Prince Feisal AL HUSSEIN JOR 2010 106. Mr Barry MAISTER NZL 2010 1968/72/76** 107. Mr Pat MCQUAID IRL 2010 108. Ms Marisol CASADO ESP 2010 109. Ms Dagmawit Girmay BERHANE ETH 2010 110. Ms Yang YANG CHN 2010 1998/2002/06** 111. Ms Angela RUGGIERO USA 2010 1998/2002/06/10** 112. Mr Adam PENGILLY GBR 2010 2006/10

* Executive Board member ** Olympic medallist

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IOC HONORARY MEMBERS AT 31 DECEMBER 2010

First name, Last name Country Year of election Games participationHRH the Grand Duke Jean of LUXEMBOURG LUX 1946HM King CONSTANTINE GRE 1963 1960**Mr Gunnar ERICSSON SWE 1965Mr James WORRALL CAN 1967 1936Mr Maurice HERZOG FRA 1970Mr Henry HSU TPE 1970Mr Berthold BEITZ GER 1972Mr Pedro RAMÍREZ VÁZQUEZ MEX 1972Mr Ashwini KUMAR IND 1973Mr Niels HOLST-SØRENSEN DEN 1977 1948Mr Shagdarjav MAGVAN MGL 1977Tan Sri Hamzah ABU SAMAH MAS 1978Mr Günther HEINZE GER 1981Mr Vladimir CERNUSAK SVK 1981Ms Flor ISAVA-FONSECA VEN 1981Mr Zhenliang HE CHN 1981Dame Mary Alison GLEN-HAIG, DBE GBR 1982 1948/52/56/60Mr Roque Napoleón MUÑOZ PEÑA DOM 1983Major General Henry Edmund Olufemi ADEFOPE NGR 1985Mr Fidel MENDOZA CARRASQUILLA COL 1988Sir Tennant Edward (Tay) WILSON, KNZM, OBE NZL 1988Mr Borislav STANKOVIC SRB 1988Mr Fernando F. Lima BELLO POR 1989Mr Walther TRÖGER GER 1989Mr Mustapha LARFAOUI ALG 1995HRH the Infanta Doña Pilar de BORBÓN ESP 1996Mr Hein VERBRUGGEN NED 1996Ms Manuela DI CENTA ITA 1999 1984/88/92/94/98**Mr Tamas AJAN HUN 2000

** Olympic medallist

IOC HONOUR MEMBERAT 31 DECEMBER 2010

First name, Last name Country Year of election Games participation Mr Henry KISSINGER USA 2000

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President Year of election to the Executive BoardCount Jacques ROGGE (BEL) 2001

Vice-PresidentsMr Zaiqing YU (CHN) 2008Mr Mario PESCANTE (ITA) 2009Mr Ser Miang NG (SIN) 2009Mr Thomas BACH (GER) 2010

MembersMr Gerhard HEIBERG (NOR) 2007Mr Denis OSWALD (SUI) 2008Mr René FASEL (SUI) 2008Mr Mario VÁZQUEZ RAÑA (MEX) 2008Mr Frank FREDERICKS (NAM) 2008Mrs Nawal EL MOUTAWAKEL (MAR) 2008Mr Richard L. CARRIÓN (PUR) 2008Sir Craig REEDIE, CBE (GBR) 2009Mr John D. COATES, AC (AUS) 2009Mr Sam RAMSAMY (RSA) 2010

IOC EXECUTIVE BOARD AT 31 DECEMBER 2010

46

President Year of election to the Executive BoardCount Jacques ROGGE (BEL) 2001

Vice-PresidentsMr Zaiqing YU (CHN) 2008Mr Mario PESCANTE (ITA) 2009Mr Ser Miang NG (SIN) 2009Mr Thomas BACH (GER) 2010

MembersMr Gerhard HEIBERG (NOR) 2007Mr Denis OSWALD (SUI) 2008Mr René FASEL (SUI) 2008Mr Mario VÁZQUEZ RAÑA (MEX) 2008Mr Frank FREDERICKS (NAM) 2008Mrs Nawal EL MOUTAWAKEL (MAR) 2008Mr Richard L. CARRIÓN (PUR) 2008Sir Craig REEDIE, CBE (GBR) 2009Mr John D. COATES, AC (AUS) 2009Mr Sam RAMSAMY (RSA) 2010

IOC EXECUTIVE BOARD AT 31 DECEMBER 2010














SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010 WORLDWIDE OLYMPIC PARTNERS

TOP VII (2009–2012)

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SHAPING THE FUTUREIOC INTERIM REPORT 2009–2010 REPORT OF THE AUDITORS

AND COMBINED FINANCIAL STATEMENTS, 2009–2010

48













Report of the auditors 53

Combined statements of financial position at 31 December 2010 and 2009 54

Combined statements of activities for the years ended 31 December 2010 and 2009 55

Combined statements of cash flows for the years ended 31 December 2010 and 2009 56

Combined statements of comprehensive income and changes in fund balances for the years ended 31 December 2010 and 2009 57

Notes to the combined financial statements at and for the years ended 31 December 2010 and 2009 58



An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of accounting estimates made, as well as evaluating the overall presentation of the combined financial statements. Webelieve that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the combined financial statements for the year ended 31 December 2010 give a true and fair view of the financial position, the results of operations and the cashflows in accordance with the International Financial Reporting Standards (IFRS), comply with Swiss law and the articles of incorporation.

Report on other legal requirementsWe confirm that we meet the legal requirements onlicensing according to the Auditor Oversight Act (AOA) and independence (article 69b paragraph 3 CC in connection with article 728 CO) and that there are no circumstancesincompatible with our independence.

In accordance with article 69b paragraph 3 CC in connectionwith article 728a paragraph 1 item 3 CO and Swiss AuditingStandard 890, we confirm that an internal control systemexists which has been designed for the preparation of combined financial statements according to the instructions of the Executive Board.

We recommend that the combined financial statementssubmitted to you be approved.

PricewaterhouseCoopers SA

Michael Foley Pierre-Alain Dévaud Audit expert Audit expert Auditor in charge

Lausanne, 6 April 2011

Report of the statutory auditor on the combinedfinancial statementsAs statutory auditor, we have audited the accompanying combined financial statements of International Olympic Committee, which comprise the statement of financial position, statement of activities, statement of cash flows, statement of comprehensive income and changes in fund balances and notes, set out on pages 54 to 87 for the year ended 31 December 2010.

Executive Board’s Responsibility The Executive Board is responsible for the preparation and fair presentation of the combined financial statements in accordance with the International Financial Reporting Standards (IFRS), the requirements of Swiss law and the articles of incorporation. This responsibility includes designing, implementing and maintaining an internal control system relevant to the preparation and fair presentation of combined financial statements that are free from material misstatement, whether due to fraud or error. The Executive Board is further responsible for selecting and applying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

Auditor’s Responsibility Our responsibility is to express an opinion on these combined financial statements based on our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing Standards as well as the International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the combined financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the combined financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers the internal control system relevant to the entity’s preparation and fair presentation of the combined financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internalcontrol system.

REPORT OF THE AUDITORS

Mi h l F l

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COMBINED STATEMENTS OF FINANCIAL POSITIONAT 31 DECEMBER 2010 AND 2009 (IN THOUSANDS OF US DOLLARS)

Notes 2010 2009

ASSETS

UNRESTRICTED Current assets Cash and cash equivalents 4 343 556 108 294 Financial assets at fair value through profit or loss 5 332 267 294 151 Receivables and other current assets 6 47 022 394 763 Olympic Games related deferred expenditure 10 – 114 932 722 845 912 140

Non-current assets Financial assets 5 635 524 275 406 Tangible fixed assets 7 162 481 162 930 Intangible assets 3 508 1 844 Olympic Games related deferred expenditure 10 59 149 34 494 860 662 474 674

RESTRICTED Restricted assets 8 721 530 1 116 443

Total assets 2 305 037 2 503 257

LIABILITIES AND FUND BALANCES

Current liabilities Accounts payable and accrued expenses 9 92 975 79 899 Olympic Games related advances 10 – 738 033 Olympic Games related deferred income 10 – 97 856 Earmarked funds 11 25 850 25 115 118 825 940 903

Non-current liabilities Olympic Games related advances 10 721 530 377 215 Olympic Games related deferred income 10 43 679 28 571 Other deferred income and long-term debt 716 690 Earmarked funds 11 42 243 29 401 808 168 435 877

Fund balances Undesignated 1 066 806 953 376 Designated 275 236 143 598 Cumulative translation adjustment 36 002 29 503 1 378 044 1 126 477

Total liabilities and fund balances 2 305 037 2 503 257

The notes included on pages 58 to 87 are an integral part of the financial statements.

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COMBINED STATEMENTS OF ACTIVITIES FOR THE YEARS ENDED 31 DECEMBER 2010 AND 2009 (IN THOUSANDS OF US DOLLARS)

Notes 2010 2009 Undesignated Designated Total

REVENUES Television broadcasting rights 13 1 280 956 – 1 280 956 – TOP programme marketing rights 14 247 869 – 247 869 125 498 Other rights 15 80 091 – 80 091 7 584 Other revenues 16 13 009 – 13 009 11 081 1 621 925 – 1 621 925 144 163

EXPENDITURE Central operating and administrative costs 17 123 567 4 082 127 649 114 132

Olympic Games related expenditure, subsidies and special projects Olympic Games related expenditure 18 225 444 – 225 444 – Youth Olympic Games related expenditure 19 39 984 – 39 984 – Grants and subsidies 3 526 – 3 526 3 137 Funds earmarked for allocation 11 39 000 – 39 000 – Olympic Solidarity programme 20 – 56 913 56 913 56 918 Special projects 10 656 – 10 656 3 083 318 610 56 913 375 523 63 138

Distribution of rights to OCOG, USOC and IF Television broadcasting 13 872 492 (192 633) 679 859 – TOP programme marketing 14 228 545 – 228 545 98 199 1 101 037 (192 633) 908 404 98 199

Excess of revenues (expenditure) before financial items 78 711 131 638 210 349 (131 306)Financial income, net 21 34 719 – 34 719 101 046

Excess of revenues (expenditure) 113 430 131 638 245 068 (30 260)


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COMBINED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2010 AND 2009 (IN THOUSANDS OF US DOLLARS)

2010 2009 Operating activities Excess of revenues (expenditure) 245 068 (30 260)

Adjustments for: • Excess of television broadcasting rights revenues over distribution (601 097) – • Allocation to earmarked funds 39 000 – • Recognition of Olympic Games related deferred income and expenditure, net 17 076 – • Financial income, net (34 719) (101 046) • Depreciation and amortisation 30 228 10 462 • Foreign exchange differences (4 862) 4 744 (309 306) (116 100)

Changes in: • Olympic Games related deferred income and expenditure, net (9 547) 5 098 • Receivables and other current assets 28 991 3 851 • Accounts payable and accrued expenses 13 101 (61 049) 32 545 (52 100)

TV Rights receipts and allocations • Receipt of Olympic Games related advances 834 963 747 880 • Disbursement of Olympic Games related advances (319 026) (42 615) • Increase in OCOG receivable and prepayment (101 227) (198 886) • Use of earmarked funds (25 423) (39 003) • (Increase)/decrease in Television Broadcasting rights instalments held in trust 350 570 (291 624) 739 857 175 752

Interest received 47 743 44 664 Interest paid (1 020) (1 051) 46 723 43 613 Net cash generated by operating activities 509 819 51 165

Investing activities Purchase of fixed assets (24 932) (29 026) Purchase of financial assets at fair value through profit or loss (998 079) (765 040) Proceeds from sales of financial assets at fair value through profit or loss 748 467 550 248 Net cash used in investing activities (274 544) (243 818) Increase/(decrease) in cash and cash equivalents 235 275 (192 653)

Movement in cash and cash equivalents At start of year 108 294 301 994 Increase/(decrease) 235 275 (192 653) Effects of exchange rate changes (13) (1 047) At end of year 343 556 108 294


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COMBINED STATEMENTS OF COMPREHENSIVE INCOME AND CHANGES IN FUND BALANCES FOR THE YEARS ENDED 31 DECEMBER 2010 AND 2009 (IN THOUSANDS OF US DOLLARS)

Cumulative Undesignated Designated translation funds funds adjustments Total

Balance at 1 January 2009 925 755 201 479 27 757 1 154 991 Excess of revenues / (expenditure) recognised in statement of activities 27 621 (57 881) – (30 260)

Translation adjustment – – 1 746 1 746

Total comprehensive income / (loss) for the year (28 514)

Balance at 31 December 2009 953 376 143 598 29 503 1 126 477 Excess of revenues / (expenditure) recognised in statement of activities 113 430 131 638 – 245 068

Translation adjustment – – 6 499 6 499

Total comprehensive income / (loss) for the year 251 567

Balance at 31 December 2010 1 066 806 275 236 36 002 1 378 044


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The International Olympic Committee (IOC), domiciled in Lausanne, Switzerland, is an international non-governmental not-for-profit organisation in the form of an association with the status of a legal person. Its registered office is located at Château de Vidy. The mission of the IOC is to lead the Olympic Movement in accordance with the Olympic Charter. The Olympic Movement encompasses organisations, athletes and other persons who agree to be guided by the Olympic Charter, including, in addition to the IOC, the International Sports Federations (IFs), the National Olympic Committees (NOCs) including the United States of America Olympic Committee (USOC) and the Organising Committees of the Olympic Games (OCOGs).

The Olympic Movement’s revenues are largely generated from royalties on licensing television broadcasting rights for Olympic Games, as well as revenues from the commercial exploitation of the Olympic symbol and Olympic emblems.

In addition to the activities of the IOC, these combined financial statements include the activities of the following organisations and programmes:

• The Olympic Museum (OM), a foundation governed by the provisions of the Swiss Civil Code. It has been entrusted by the IOC with the task of depicting the history and development of the Olympic Movement and to associate the movement with art and culture for specialists and the public at large worldwide.

• The Olympic Foundation (OF), a foundation governed by the provisions of the Swiss Civil Code. It has been entrusted by the IOC to give support to the activities of the Olympic Movement notably in the areas of culture, education and sports.

• Olympic Solidarity (OS), a programme developed jointly by the IOC and the National Olympic Committees (NOCs). Its purpose is to assist the officially recognised NOCs, especially those most in need, to fulfil their mission and in making known the ideals of the Olympic Movement.

• IOC Television and Marketing Services SA (IOCTMS), a company fully owned by the OF which manages the IOC’s worldwide sponsorship programme, all its other marketing activities and activities related to broadcasting rights and new media.

• The Olympic Partner (TOP) Programme, the IOC’s worldwide sponsorship programme which is managed by IOCTMS.

• Olympic Broadcasting Services SA (OBS SA), a company that supplies all services relating to the establishment and management of the Host Broadcasting function of the Olympic Games, and in which the OF holds a 99% shareholding.

• Olympic Broadcasting Services SL (OBS SL), a company that provides services to OBS SA, fully owned subsidiary of OBS SA.

• Olympic Broadcasting Services Vancouver LTD (OBSV), a company that provides services to OBS SA, for the purpose of the 2010 Olympic Winter Games, fully owned subsidiary of OBS SA.

• Olympic Broadcasting Services London LTD (OBSL), a company that provides services to OBS SA, for the purpose of the 2012 Olympic Games, fully owned subsidiary of OBS SA.

The activities of the OM, the OF, OS, IOCTMS, TOP, OBS SA, OBS SL, OBSV and OBSL have been combined with those of the IOC (together, the IOC or the Group) on the basis of the fact that the latter has a majority shareholding or control of the Boards of each organisation and programme.

A 33.3% investment in La Maison du Sport International SA, Lausanne, held by the OF, is accounted for under the equity method of accounting.

1. ACTIVITY

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A) Basis of presentation The combined financial statements are prepared in accordance with and comply with International Financial Reporting Standards (IFRS). The significant accounting policies are described below and have been consistently applied to the years presented, unless otherwise stated. The financial statements are prepared under the historical cost convention except for financial assets at fair value through profit or loss and derivative financial instruments which are shown at fair value. Transactions and balances among the combined organisations and programmes have been eliminated.

The preparation of financial statements in conformity with IFRS requires the use of accounting estimates and also requires the exercise of judgment in the application of the accounting policies. In particular, significant assumptions are used in the calculation of the defined benefit obligations (note 12).

These combined financial statements have been approved by the Executive Board of the IOC on 5 April 2011.

The amounts shown in these combined financial statements are presented in US dollars, in view of the international nature of the IOC’s operations and due to the majority of its revenues being earned in that currency.

As a result of a change in the underlying transactions of a subsidiary, the Group has changed the functional currency designation of this subsidiary from CHF to USD. The change is effective prospectively as from 1 January 2010.

The television broadcasting revenues are received in USD, EUR, JPY and AUD. The related distributions are paid in USD and EUR.

Restricted assets represent the equivalent of advances received on television rights royalties. Such funds are held in financial assets at fair value through profit or loss or in trust.

Amendments to published standards coming into effect in 2010 New standards, amendments or interpretations becoming effective in 2010 are not relevant for the IOC. The IOC has not early adopted any other standards, amendments or interpretations.

Standards, amendments and interpretations not yet effective and which have not been early adopted The Group’s assessment of the impact of these new standards and interpretations is set out below.

IFRS 9, “Financial instruments”, issued in November 2009. This standard is the first step in the process to replace IAS 39, “Financial instruments: recognition and measurement”. IFRS 9 introduces new requirements for classifying and measuring financial assets. The standard is not applicable until 1 January 2013 but is available for early adoption.

The Group has yet to assess IFRS 9’s full impact. However, initial indications are that it should not affect the Group’s accounting for its financial assets.

IAS 24 (revised), “Related party disclosures”, issued in November 2009. It supersedes IAS 24, “Related party disclosures”, issued in 2003. IAS 24 (revised) is mandatory for periods beginning of or after 1 January 2011. Earlier application, in whole or in part, is permitted.

The revised standard clarifies and simplifies the definition of a related party and removes the requirement for government-related entities to disclose details of all transactions with the government and other government-related entities. The Group will apply the revised standard from 1 January 2011. When the revised standard is applied, the Group and the parent will need to disclose any transactions between its subsidiaries and its associates. The Group is currently putting systems in place to capture the necessary information. It is, therefore, not possible at this stage to disclose the impact, if any, of the revised standard on the related party disclosures.

Certain standards, amendments and interpretations to existing standards have been published and are mandatory to the IOC’s accounting periods beginning on or after 1 January 2011 or later periods, but the IOC has not early adopted them. The IOC currently believes that none of them will have an impact on its combined financial statements.

2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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B) Foreign currencies a) Group companies

Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”).

The statements of activities of the Group’s entities that have a functional currency different from the presentation currency have been translated in US dollars at average exchange rates for the year and the statements of financial position at the year-end exchange rates ruling at 31 December. Exchange differences arising from such translation have been taken to the statement of changes in fund balances.

The main exchange rates used are as follows:

b) Transactions and balances

Foreign currency income and expenditure are accounted at the exchange rates prevailing at the date of the transactions. Gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of activities. Non-monetary items carried at historical cost denominated in a foreign currency are reported using the historical exchange rate at the date of the transaction.

C) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

D) Financial assets The Group classifies its financial assets in the following categories: financial assets at fair value through profit or loss, and loans and receivables. The classification depends on the purpose for which the financial assets were acquired.

Management determines the classification of its financial assets at initial recognition and re-evaluates this designation at every reporting date.

a) Financial assets at fair value through profit or loss

A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by management. Derivatives are also categorised as such. Assets in this category are classified as current assets if they are expected to be realised within 12 months of the balance sheet date.

b) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets.

Regular purchases and sales of investments are recognised on settlement date. Financial assets at fair value through profit or loss are initially recognised at fair value and transaction

2010 2009 2010 2009USD against Year end rates Average rates

1 Swiss Franc CHF 1.0693 0.9660 0.9633 0.9235 1 Euro EUR 1.3374 1.4332 1.3196 1.3916 1 Canadian Dollar CAD 1.0013 0.9498 0.9651 0.8811

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costs are expensed in the statement of activities. They are subsequently carried at fair value. Investments are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the IOC has transferred substantially all risks and rewards of ownership. Loans and receivables are carried at amortised cost using the effective interest method.

Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category, including interest and dividend income, are presented in the statement of activities within financial income, net, in the period in which they arise.

E) Deferred income and expenditure Income and expenditure relating to Olympic Games and Youth Olympic Games (the “Games”) not yet held are deferred and recognised in the statement of activities upon successful completion of the Games. These include costs incurred on certain projects which provide benefits to a number of Games. Income and expenditure relating to the TOP programme are deferred for items relating to future TOP four-year-programmes. In addition, certain amounts relating to value in kind contributions received and payable to OCOGs under the TOP programme are deferred and recognised in the year of the Games.

F) Tangible fixed assets Buildings and building installations, leasehold improvements, furniture and equipment and information technology systems are stated at cost less accumulated depreciation. Broadcasting equipment is depreciated according to its effective use during the Olympic Winter Games and during the Games of the Olympiad once every two years.

Depreciation of other assets is calculated on a straight line basis over the estimated useful life of the assets as follows:

Buildings 50 years Building installations 25 years Leasehold improvements, furniture and equipment 4 to 10 years Information technology systems 4 to 5 years Collections 25 years

Land is stated at cost and is not depreciated.

New building installations and major renewals, in particular broadcasting equipment, are capitalised; maintenance, repairs and minor renewals are charged to the statement of activities as incurred. The depreciation charge on broadcasting equipment is included in the Olympic Games related expenditure.

G) Intangible assets Brand protection costs, which consist mainly of fees and other related costs that the Group incurs to maintain and reinforce the IOC’s brands, are shown at historical cost. Brand protection costs have a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate brand protection costs over 6 to 10 years.

H) Pension obligations The Group sponsors pension plans for employees of the IOC, OM, OF and IOCTMS. These plans are cash-balance plans treated as defined benefit plan for financial reporting purposes. The plan assets are separated and managed independently from the Group’s assets. The pension plans’ obligations and the service cost are calculated annually by an independent actuary. The method used is the projected unit credit method. The Group’s policy for recognition of actuarial gains and losses is to recognise the amount exceeding 10% of the higher of the present value of obligations and the assets over the average future working life of the active members. Furthermore, the Group pays contributions to savings plans for OBS SL.

I) Designated funds Funds designated for the financing of the annual programme of Olympic Solidarity and 2010 Vancouver television broadcasting rights that the IOC has reserved for future distribution are reported as designated funds in the combined financial statements. The balance of these funds at December 31, 2010 consists of unutilised budget allocations for the 2009–2012 quadrennial programme and television broadcasting rights allocated but not yet paid.

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J) Revenue recognition a) Television broadcasting rights

Royalties from the licensing of television rights to broadcast Olympic Games and Youth Olympic Games are recognised on the successful completion of the respective Olympic Games. Instalments received by the IOC prior to this date are deferred as they may be repayable, in whole or in part, to the television networks at any time up to the completion of the Games upon the occurrence, for any reason, of one or several conditions specified in the agreements. Interests earned on the instalments received are of the benefit of the IOC and are recorded as interest income currently.

The proceeds from television rights royalties are allocated between the IOC, OCOGs, IFs, NOCs and OS by decision of the IOC Executive Board upon the successful completion of the Olympic Games.

b) TOP rights

Revenues from TOP rights are partly received in cash, in which case they are recorded in the period the instalments become due, and partly received in the form of goods or services (Value in Kind). Value in Kind is recognised for the USOC, the NOCs and the IOC on a linear basis during the period of the contract and in the year of the Games of the Olympiad or Olympic Winter Games for the OCOGs. Value in Kind revenues are recorded based on their underlying fair value. Fair value is considered to be the estimated market price obtainable between knowledgeable, willing parties in an arm’s length transaction.

The TOP rights proceeds, net of related management fees, are allocated between the IOC, OCOGs and NOCs based on a standard formula agreed by the parties. Such distribution is recorded in line with the aforementioned policy with respect to the recognition of TOP rights.

c) Other rights

Other rights include revenues from the commercial exploitation of the Olympic symbol and Olympic emblems. The revenues represent the Group’s share of the OCOGs marketing programmes, as well as income from other sponsorship, suppliership and licensing agreements. Revenues which are related to Olympic Games are deferred until the year the Olympic Games are held; other revenues are recorded in the period the instalments become due. Part of these revenues is received in the form of goods or services (Value in Kind).

K) Financial income Interest income is recognised on an effective yield basis, and dividend income is recognised when the right to receive payment is established.

L) Income taxes The IOC, the OF and the OM are exempt from paying income taxes. Income taxes due by IOCTMS, OBS SA, OBS SL and OBSV as at 31 December, 2010 and 2009 are included in accounts payable and amount to USD 0.820 million in 2010 and USD 0.388 million in 2009.

M) Accounting for derivative financial instruments and hedging activities Derivative financial instruments are recognised in the statement of financial position at fair value. All fair value changes are recognised immediately in the statement of activities.

Certain financial instrument transactions provide effective economic hedges under the Group’s risk management policies; however, they do not qualify for hedge accounting under the specific rules in IAS 39. As a consequence, the hedging instrument and the hedged item are reported independently as if there were no hedging relationship.

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A) Financial risk factors The Group’s activities expose it to a variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. Its overall risk management programme seeks to minimise potential adverse effects on the activities of the Group. The Group uses derivative financial instruments such as foreign currency options, interest rate swaps, swaptions and forward contracts to cover certain exposures.

Risk management is carried out by the treasury section under limits determined by the Finance Management Committee and the policies approved by the Executive Board.

a) Foreign exchange risk

The Group is exposed to foreign exchange risks mainly because most of its revenues are generated in various currencies including USD, EUR and JPY whereas its central operating and administrative costs are essentially Swiss franc based. Foreign currency option and forward contracts are used to reduce the related exposure.

At 31 December 2010, if the EUR had weakened/strengthened by 10% against the USD with all other variables held constant, excess of revenues (expenditure) for the year would have deteriorated/improved by USD 27.2 millions (2009: USD 18.9 millions).

At 31 December 2010, if the CHF had weakened/strengthened by 10% against the USD with all other variables held constant, excess of revenues (expenditure) for the year would have deteriorated/improved by USD 2.7 millions (2009: USD 5.5 millions).

At 31 December 2010, if the JPY had weakened/strengthened by 10% against the USD with all other variables held constant, excess of revenues (expenditure) for the year would have deteriorated/improved by USD 1.0 million (2009: USD 2.0 millions).

b) Interest rate risk

The Group is exposed to interest rate risk through the impact of rate changes on interest bearing assets. These exposures are managed partly through the use of derivative financial instruments such as interest rate swaps and swaptions.

At 31 December 2010, if the interest rates had increased/decreased by 1%, with all other variables held constant, excess of revenues (expenditure) for the year would have improved/deteriorated by USD 15.2 millions (2009 USD 15.1 millions) lower/higher, mainly as a result of change in fair value of bond instruments included in financial assets at fair value through profit or loss.

c) Credit risk

A substantial part of the Group’s revenues are generated from the licensing of television broadcasting rights and other rights. The Group believes that all amounts due under such rights are fully collectible. The Group has policies which limit the amount of credit and investment exposures. Cash is placed with, derivative instruments are entered into, and custodian agreements in place with Swiss banks. Investment securities represent notes issued by major corporations and government entities as well as investment fund units issued by major banks.

d) Market risk

The Group is exposed to market risk because of its financial assets at fair value through profit or loss other than money market instruments. These exposures are managed by the Group using the financial risk management policies described below.

At 31 December 2010, if the equity indexes had increased/decreased by 10%, with all other variables held constant, excess of revenues (expenditure) for the year would have improved/deteriorated by USD 12.1 millions (2009 USD 7.2 millions), mainly as a result of change in fair value of equity based instruments included in financial assets at fair value through profit or loss.

3. FINANCIAL RISK MANAGEMENT

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e) Liquidity risk

The treasury department monitors and manages cash at the Group level and prepares rolling forecasts of the Group’s liquidity position on an ongoing basis. Such forecasting takes into consideration the contractual terms of cash in- and outflows under broadcasting rights and TOP Programme agreements, the IOC’s funding of contractual obligations towards other organisations of the Olympic movement and operating expenses of the Group’s organisations and programmes.

Surplus cash held by the Group is invested in the Olympic Foundation portfolio (note 3B).

The table below analyses the Group’s non-derivative financial liabilities and net settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flow.

At 31 December 2010 Less than 1 Between 1 Between 2 Over 5 USD 000 year and 2 years and 5 years years

Accounts payable and accrued expenses 92 975 – – – Olympic Games related advances – 712 682 2 468 6 380 Olympic Games related deferred income – 23 815 19 864 – Earmarked funds 25 850 42 243 – –

Balance at 31 December 118 825 778 740 22 332 6 380

At 31 December 2009 Less than 1 Between 1 Between 2 Over 5 USD 000 year and 2 years and 5 years years

Accounts payable and accrued expenses 79 899 – – – Olympic Games related advances 738 033 – 370 530 6 685 Olympic Games related deferred income 97 856 – 28 571 – Earmarked funds 25 115 25 125 4 276 –

Balance at 31 December 940 903 25 125 403 377 6 685

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B) Financial risk management policy a) Overview and Objectives

The IOC receives funds which are distributed among the various members of the Olympic Movement. The Executive Board adopts policies and procedures to govern the management of these funds as well as the level of market and credit risk that can be assumed, and the reports to be submitted.

Policies described below are to be followed in the management of the funds directly under the control of the IOC. These funds are kept in five separate portfolios herein denominated as the International Olympic Committee portfolio, the Olympic Foundation portfolio, the Olympic Solidarity portfolio, the TOP programme portfolio, and the OBS portfolio.

The International Olympic Committee portfolio holds funds of a restricted nature derived from the sale of television broadcasting rights. It also keeps the short-term treasury position of the IOC and the accounts from which the operating expenses and other cash outflows of the IOC are disbursed.

The Olympic Foundation portfolio is the primary reserve fund of the IOC. Its purpose is to cover the operating expenses of the IOC over an Olympiad in which no Games were held.

The Olympic Solidarity portfolio holds the funds which are to be distributed by the OS.

The TOP programme portfolio and the OBS portfolio serve to manage the liquidity of the respective entities.

The Finance Commission is responsible for recommending policies for approval by the Executive Board. These portfolios are managed by the Treasurer, and overseen by the Treasury and Financial Investments Management Committee (TFIMC) as well as the Finance Commission.

The objective of this policy statement is to outline for each portfolio, (a) the type of investment instruments permitted with limits by type of instrument, (b) the maximum market risk limits to be assumed by the portfolios, by duration and value-at-risk measures, (c) the limits on debt investments by credit rating, and (d) the reporting requirements.

b) Responsibilities

The Executive Board approves the investment strategy for the International Olympic Committee, Olympic Foundation, TOP Programme and OBS portfolios on the recommendation of the Finance Commission, and thereafter exercises overall supervision of its implementation. The execution of approved investment strategies is the responsibility of the TFIMC. The investment strategy of the Olympic Solidarity portfolio is subject to the prior approval of the Olympic Solidarity Commission. The Treasurer is responsible for implementing approved strategies and ensuring compliance with policy limits.

c) International Olympic Committee Portfolio

The IOC portfolio includes funds of a restricted nature derived primarily from broadcasting rights contracts which may have to be reimbursed in foreign currency under certain circumstances, within an uncertain period of time. The remainder of the portfolio is used to finance operating expenses, made usually in CHF, and other cash outflows.

The short-term nature and uncertainty of the claims on the IOC portfolio suggest that it should have a modest risk profile where a principal attribute is capital preservation.

The portion of the portfolio financed by restricted funds should be invested in the same currency in which the IOC received the funds. The duration of these investments will correspond to the dates of the Opening Ceremony of the Olympic Games covered by the respective broadcasting rights payments. The remainder of the portfolio should include enough USD, GBP, EUR, AUD, CAD and CHF-denominated assets to cover six months of operating expenses. Any remaining funds can be invested in USD and EUR-denominated assets, with the proportion of assets in USD remaining between 40–60% of the total remaining funds.

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Types of investments permitted include:

• Money market funds, bank deposits, notes and bonds issued by supranational entities, corporates, states and provinces.

• Foreign-exchange spot forwards.

• Structured products with 100% capital guarantee.

• Foreign-exchange options.

For fixed-income securities, the following limits shall apply:

• Ratings: supranational entities, corporates, states and provinces bonds shall have a rating of “A” (up to 30%); and “AA and above” (at least 70%).

• The duration of the fixed-income portfolio that is not restricted shall not exceed 4 years, and the 90-day value-at-risk must remain below 9% of the market value.

• Total exposure to any one corporate issuer should not exceed 6% of the market value of the total bond portfolio.

• Structured notes (primarily callable) maximum 20% of the market value of the bond portfolio.

• Interest rate derivatives-swaps (IRS), Forward Rate Agreement (FRA) and swaptions (for hedging purposes).

d) Olympic Foundation Portfolio

The Olympic Foundation will ensure that it has sufficient investments coming to maturity or realisable with a minimum of loss during the period 2009–2012 so as to cover the IOC operating cash requirements in the eventuality of a cancellation of the 2010 or 2012 Olympic Games.

Types of investments permitted include:

• Money market funds, bank deposits, notes and bonds issued by supranational entities, corporates, states and provinces.

• Common equities as well as exchange-traded funds (ETFs).

• Mutual funds or hedge funds which invest in securities described above.

• Private equity funds and emerging market debt and equity funds.

• Fund of Funds.

• Real Estate.

• Commodities.

• Structured products with 100% capital guarantee.

• Spot foreign-exchange forwards and options.

For fixed-income securities, the following limits shall apply:

• Ratings: supranational entities, corporates, states and provinces bonds shall have a rating of “B” (up to 5% of the market value of the bond portfolio), single “A” (up to 30%); and “AA and above” (at least 70%); unrated obligations are not permitted.

• The duration of the fixed-income portfolio shall not exceed 10 years, and the 90-day value-at-risk must remain below 9% of the market value.

• Total exposure to any one corporate issuer should not exceed 6% of the market value of the total bond portfolio.

For common equities, the following limits will apply:

• Positions in any single equity must be limited to 6% of the market value of the equity portfolio. Positions in a single Equity fund and Fund of funds must be limited to 12% of the equity portfolio.

• Emerging market equities cannot exceed 20% of the market value of the equity portfolio.

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The proportion of the portfolio invested in equities (including hedge funds and funds of funds) cannot exceed 30% of the total market value of the portfolio.

For commodities investments, the following limits will apply:

• Investments must be limited to 10% of the market value of the total portfolio.

For real estate investments, the following limits will apply:

• Direct investments in real estate as well as real estate funds must be limited to 10% of the market value of the total portfolio.

Currency allocation: Olympic Foundation investments can be made in every convertible currency. Nevertheless, the following ranges should be maintained and respected:

• 35–45% of the total of investments in USD

• 35–45% of the total of investments in EUR

• 10–20% of the total of investments in CHF

• 0–10% other currencies

Custodian banks: The Olympic Foundation assets should be held in several banks for diversification purposes. None of them should have more than 70% of the global portfolio.

e) Olympic Solidarity Portfolio

Types of investments permitted include US dollar-denominated money market instruments, notes and bonds issued by supranational entities as well as G-10 countries, including their governments and corporations, whereby the following limits apply:

• Ratings: corporate obligations shall have a rating of “A” or above; the applicable limit for single “A” is 20% of the market value of the portfolio.

• The duration of the fixed-income portfolio shall not exceed five years, and the 90-day value-at-risk must remain below 6% of the market value at inception of the funding allocation.

• Total exposure to any one corporate issuer should not exceed 6% of the market value of the total portfolio at inception of the funding allocation.

f) TOP Programme and OBS Portfolios:

These two portfolios mainly consist of money market investments and bonds and focus on managing liquidity.

g) Benchmarks

Each category of investment within the IOC portfolios has a benchmark index identified. These will be used to compare the actual total return of the portfolios of the IOC, the OF, TOP and OBS with a corresponding passive index.

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h) Reporting

Reports on the investment portfolios must be presented to the Finance Commission on a semi-annual basis and quarterly to the Finance Management Committee. In addition, a dashboard report is issued every month and sent to management. This report assesses the full compliance of investments with risk policies. Any deviation is underlined and the follow-up and the final decision are taken by management.

The monthly dashboard is distributed to the Treasury and Financial Investments Management Committee which is composed of the following members: President, Chairman of the Finance Commission, General Director, Chief Financial Officer and the Treasurer.

As at 31 December 2010 and 2009, the dashboard did not reveal any significant discrepancy with the risk management policies.

i) Policy Exceptions

Policy exceptions may be approved in the event that unusual market conditions require immediate action, and it is not feasible to convene the Finance Commission. In the case of any proposed actions that could result in exceeding a policy limit, approval must be obtained from at least two members of the Finance Management Committee, one of whom must be either the President or the Chairman of the Finance Commission, before proceeding. After the Treasury and Financial Investments Management Committee meeting, the transaction(s) must be presented for ratification.

C) Fair value estimation Effective 1 January 2009, the Group adopted the amendment to IFRS 7, financial instruments – disclosures, that requires disclosure of fair value measurements by level of the following hierarchy:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);

• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2);

• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).

Substantially all assets at fair value through profit or loss held by the Group are valued using quoted prices (unadjusted) in active markets (level 1).

The fair value of publicly traded derivatives and financial assets at fair value through profit or loss is based on quoted market prices at the statement of financial position date. The fair value of interest rate swaps and swaptions is calculated at the present value of the estimated future cash flows. The fair value of forward foreign exchange options and forward contracts is determined using forward exchange market rates at the statement of financial position date.

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2010 2009 USD 000 USD 000

Cash at bank and in hand 26 750 72 126

Bank deposits • in USD 220 988 16 039 • in EUR 62 442 9 859 • in CHF – 1 541 • in CAD 9 324 – • in GBP 11 239 4 960 • in AUD – 3 769 • in JPY 12 813 –

Total cash and cash equivalents 343 556 108 294

The majority of bank deposits are made through Swiss banks. The table below summarises the weighted average interest rates at 31 December.

Currencies 2010 2009

USD 0.43% 0.27% EUR 0.73% 0.35% CHF – 0.27% CAD 0.88% – GBP 0.74% 0.39% AUD – 3.48% JPY 0.39% –

4. CASH AND CASH EQUIVALENTS

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A) Movements in financial assets at fair value through profit or loss

2010 2009 USD 000 USD 000

For the year ended 31 December Opening net book amount 1 141 763 883 191 Additions 998 079 765 040 Disposals (751 964) (545 540) Exchange differences (5 842) 25 103 Increase / (decrease) in market value 11 000 13 969

Closing net book amount 1 393 036 1 141 763

As at 31 December Current 332 267 294 151 Non current (note 5C) 380 456 122 956 Restricted (note 8) 680 313 724 656

Total of financial assets at fair value through profit or loss 1 393 036 1 141 763

5. FINANCIAL ASSETS

Financial assets at fair value through profit or loss mainly consist of fixed and floating rate bonds and investment fund units, including equity funds, which are carried at market value. Market value is calculated by reference to Stock

Exchange quoted selling prices and published investment fund unit prices at the close of business on the statement of financial position date.

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B) Financial assets at fair value through profit or loss by portfolio and classes, including restricted financial assets disclosed in note 8

2010 2009 USD 000 USD 000

a) International Olympic Committee Money market funds 153 763 – Bonds 567 503 549 580 Other – 916 721 266 550 496

b) Olympic Foundation Money market funds 30 746 51 747 Bonds 301 525 262 892 Equity 43 872 26 518 Hedge funds 76 149 44 153 Real estate 15 155 10 389 Commodities 16 121 7 058 Other (266) – 483 302 402 757

c) Olympic Solidarity Money market funds 52 077 86 531 Bonds 101 552 66 135 153 629 152 666

d) TOP Programme Money market funds – 22 963 Bonds 31 580 9 922 Equity 1 574 1 500 Commodities 1 685 1 459 34 839 35 844

Total portfolios 1 393 036 1 141 763 Total by classes Money market funds 236 586 161 241 Bonds 1 002 160 888 529 Equity 45 446 28 018 Hedge funds 76 149 44 153 Real estate 15 155 10 389 Commodities 17 806 8 517 Other (266) 916

1 393 036 1 141 763

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C) Long-term financial assets

2010 2009 USD 000 USD 000

Receivable from Organising Committees of Olympic Games: London 205 608 130 207 Sochi 6 098 – Rio 22 715 –

Financial assets at fair value through profit or loss (note 5A) 380 456 122 956 Loan to the Maison du Sport International 8 077 4 872 Other financial assets 12 570 17 371

Total financial assets 635 524 275 406

The receivable from London OCOG is guaranteed by the UK Government which has an S&P rating of AAA.

The IOC has provided the financing for the construction of an additional building of the Maison du Sport International, for an amount up to CHF 7 millions.

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D) Financial instruments by category

Financial assets at fair value through Loans and profit or loss receivables Total USD 000 USD 000 USD 000

Assets as per balance sheet at 31 December 2010 Unrestricted Current assets Cash and cash equivalents – 343 556 343 556 Financial assets at fair value through profit or loss 332 267 – 332 267 Receivables and other current assets – 47 022 47 022 Non-current assets Financial assets 380 456 255 068 635 524

Restricted Restricted assets 680 313 41 217 721 530

Total 1 393 036 686 863 2 079 899

Assets as per balance sheet at December 31, 2009 Unrestricted Current assets Cash and cash equivalents – 108 294 108 294 Financial assets at fair value through profit or loss 294 151 – 294 151 Receivables and other current assets – 394 763 394 763 Non-current assets Financial assets 122 956 152 450 275 406

Restricted Restricted assets 724 656 391 787 1 116 443

Total 1 141 763 1 047 293 2 189 056

Except where mentioned in the relevant notes, the carrying amount of each class of financial assets disclosed in the table above approximate the fair value.

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2010 2009 USD 000 USD 000

Receivable from Organising Committees of Olympic Games: London 75 4 128 Sochi 1 601 735 Rio 200 – Vancouver – 308 558 Rights income receivable 1 751 814 Recoverable withholding taxes and VAT 5 853 6 628 Other receivables 2 016 18 028 Accrued interest receivable 15 541 24 342 Prepaid expenses and advances 10 477 24 248 Prepaid pension costs (note 12) 7 736 5 245 Olympic souvenirs and awards 1 772 2 037

Total receivables and other current assets 47 022 394 763 As of 31 December 2010 and 2009, no receivables were past due.

6. RECEIVABLES AND OTHER CURRENT ASSETS

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7. TANGIBLE FIXED ASSETS

Land, Leasehold buildings and improvements, Information building furniture and technology Broadcasting installations equipment systems equipment Collections Total USD 000 USD 000 USD 000 USD 000 USD 000 USD 000

Year ended December 31, 2009 Opening net book amount 84 772 12 291 13 052 5 760 27 541 143 416 Exchange differences 1 834 233 26 700 – 2 793 Additions / Disposals, net 581 5 228 8 812 11 298 937 26 856 Depreciation charge (2 014) (2 979) (4 003) – (1 139) (10 135)

Closing net book amount 85 173 14 773 17 887 17 758 27 339 162 930

At December 31, 2009 Cost 112 552 41 308 51 762 39 625 28 478 273 725 Exchange differences 1 834 233 26 700 – 2 793 Accumulated depreciation (29 213) (26 768) (33 901) (22 567) (1 139) (113 588)

Net book amount 85 173 14 773 17 887 17 758 27 339 162 930

Year ended December 31, 2010 Opening net book amount 85 173 14 773 17 887 17 758 27 339 162 930 Exchange differences 6 157 426 (70) (1) – 6 512 Additions / Disposals, net 242 4 359 6 630 9 902 1 362 22 495 Depreciation charge (2 072) (3 286) (5 451) (17 453) (1 194) (29 456)

Closing net book amount 89 500 16 272 18 996 10 206 27 507 162 481

At December 31, 2010 Cost 115 358 46 466 49 323 50 956 29 840 291 943 Exchange differences 6 157 426 (70) (1) – 6 512 Accumulated depreciation (32 015) (30 620) (30 257) (40 749) (2 333) (135 974)

Net book amount 89 500 16 272 18 996 10 206 27 507 162 481

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8. RESTRICTED FINANCIAL ASSETS

9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES

2010 2009 USD 000 USD 000

At 31 December Restricted financial assets at fair value through profit or loss (note 5A) 680 313 724 656 Television broadcasting rights instalments held in trust 41 217 391 787

Total restricted assets 721 530 1 116 443 At 31 December Current – – Non-current 721 530 1 116 443

Total restricted assets 721 530 1 116 443

2010 2009 USD 000 USD 000

Payable to Organising Committees of Olympic Games: London 6 555 – Vancouver – 5 214 Rights income to be redistributed 12 755 10 914 Other payables 41 340 41 934 Accrued expenses 32 325 21 837

Total accounts payable and accrued expenses 92 975 79 899 All accounts payable are due within 1 month.

At 31 December 2010 and 2009, the weighted average interest rates on television broadcasting rights instalments held in trust were 2.29% and 2.73%, respectively.

At 31 December 2010 and 2009, TV broadcasting rights instalments held in trust are concentrated on a single counterpart rated AA+ by S&P.

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Total Less Advances on TV rights by currency advances TV rights on allocated Advances, Deferred Deferred USD EUR JPY AUD TV rights to USOC net income expenditure USD 000 USD 000 USD 000 USD 000 USD 000 USD 000 USD 000 USD 000 USD 000

2010 Olympic Winter Games 31.12.09 496 103 222 062 56 598 15 545 790 308 (52 275) 738 033 97 856 (114 932) 31.12.10 – – – – – – – – –

2012 Games of Olympiad 31.12.09 129 042 187 838 45 837 12 718 375 435 (7 529) 367 906 18 437 (22 272) 31.12.10 216 041 343 840 131 335 28 995 720 211 (7 529) 712 682 23 815 (41 680)

2014 Olympic Winter Games 31.12.09 300 2 324 – – 2 624 – 2 624 10 134 (9 335) 31.12.10 300 2 168 – – 2 468 – 2 468 19 864 (13 034)

2016 Games of Olympiad 31.12.09 2 115 4 570 – – 6 685 – 6 685 – (2 754) 31.12.10 2 115 4 265 – – 6 380 – 6 380 – (4 021)

2018 Olympic Winter Games 31.12.09 – – – – – – – – (133) 31.12.10 – – – – – – – – (414)

Total 31.12.09 627 560 416 794 102 435 28 263 1 175 052 (59 804) 1 115 248 126 427 (149 426) 31.12.10 218 456 350 273 131 335 28 995 729 059 (7 529) 721 530 43 679 (59 149)

Current portion 31.12.09 496 103 222 062 56 598 15 545 790 308 (52 275) 738 033 97 856 (114 932) 31.12.10 – – – – – – – – –

Non-current portion 31.12.09 131 457 194 732 45 837 12 718 384 744 (7 529) 377 215 28 571 (34 494) 31.12.10 218 456 350 273 131 335 28 995 729 059 (7 529) 721 530 43 679 (59 149)

10. OLYMPIC GAMES RELATED ADVANCES, DEFERRED INCOME AND EXPENDITURE

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11. EARMARKED FUNDS

12. STAFF COSTS

2010 2009 USD 000 USD 000

Year ended 31 December Balance at 1 January 54 516 88 217 Funds earmarked for allocation to organisations of the Olympic Movement 39 000 – Reallocation of provision to earmarked funds – 5 302 Allocation to and funds expensed on behalf of the World Anti-Doping Agency (12 966) (12 751) Allocation to the International Council of Arbitration of Sports (4 808) (5 081) IOC / IFs solidarity programme (2 035) (2 140) Olympic Congress Copenhagen – (10 760) Financial assistance to other organisations of the Olympic Movement (5 614) (8 271)

Balance at 31 December 68 093 54 516

At 31 December Current 25 850 25 115 Non-current 42 243 29 401

Balance at 31 December 68 093 54 516

2010 2009 USD 000 USD 000

Salaries 55 117 50 277 Social security costs 6 609 5 706 Pension costs—defined contribution plan 57 442 Pension costs—defined benefit plan 3 565 2 954

Total staff costs (note 17) 65 348 59 379

This account represents provisions based on tripartite obligation of financial assistance to organisations of the Olympic Movement. Transactions recorded during 2010 and 2009 are as follows:

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Defined benefit pension plan The IOC’s pension scheme covers substantially all employees. The scheme was valued by independent actuaries using the projected unit credit method as at 31 December 2010.

The amounts recognised in the statement of activities are as follows:

2010 2009 USD 000 USD 000

Current service cost 7 330 6 044 Interest cost on projected benefit obligations 1 706 1 515 Expected return on plan assets (2 390) (1 852) Net amortisation 10 72 Employee contribution (3 091) (2 825)

Total net periodic pension cost, included in staff costs, as above 3 565 2 954

The actual return on plan assets was a gain of USD 1.0 million in 2010 and USD 5.4 million in 2009.

The following tables set forth the status of the pension plan and the amounts recognised in the statement of financial position at 31 December 2010 and 2009:

2010 2009 USD 000 USD 000

Projected benefit obligations 70 917 53 472 Fair value of plan assets (69 344) (53 252) 1 573 220

Unrecognised net losses (8 432) (5 465) Prepaid pension costs recognised in the statement of financial position (note 6) (6 859) (5 245)

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Movement in retirement benefit obligation (prepaid pension costs) recognised in the statement of financial position: 2010 2009 USD 000 USD 000

Year ended 31 December At beginning of year (5 245) (3 140) Total expense as above 3 565 2 954 Contribution paid (5 326) (4 870) Exchange difference (755) (189)

Balance at 31 December (7 761) (5 245)

The assumptions used for the calculations are the following: 2010 2009

Discount rate used in determining present values 3.20% 3.20% Annual rate of increase in future compensation levels 1.75% 1.75% Expected rate of future increases in pension benefits 0.50% 0.50% Expected long-term rate of return on plan assets 4.50% 4.50%

The weighted average asset allocation at 31 December 2010 is: Share of Expected plan assets return rate

Cash 1% 1.00% Equity securities 51% 6.50% Debt securities 25% 3.50% Real estate 8% 4.25% Others 15% 4.00%

The expected future cash flows to be paid are: 2010 USD 000

2011 4 259 2012 4 262 2013 4 306 2014 4 259 2015 4 271 2016–2020 20 521

Expected contributions to post-employment benefits plans for the year ending 31 December 2011 are USD 6.2 millions.

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The movement in the defined benefit obligation is:

2010 2009 USD 000 USD 000

Present value of obligation at 1 January 53 472 43 840 Service costs 7 330 6 044 Interest costs 1 706 1 515 Benefits paid (20) (3 286) Experience loss (gain) 1 550 3 580 Impact of exchange rate changes 6 879 1 779

Present value of obligation at 31 December 70 917 53 472

The movement in the fair value of plan assets is:

2010 2009 USD 000 USD 000

Plan assets at fair value at 1 January 53 252 41 686 Employees contribution 3 090 2 824 Employer contribution 5 326 4 870 Benefits paid (20) (3 286) Expected return on plan assets 2 390 1 852 Experience gain (loss) (1 418) 3 508 Impact of exchange rate changes 6 725 1 798

Plan assets at fair value at 31 December 69 345 53 252

Selected pension data at 31 December of the last five years is as follows:

2010 2009 2008 2007 2006 USD 000 USD 000 USD 000 USD 000 USD 000

Present value of obligation 70 917 53 472 43 840 40 378 39 351 Plan assets at fair value (69 345) (53 252) (41 686) (40 286) (33 150) Deficit (surplus) 1 572 220 2 154 92 6 201

Experience adjustments on plan liabilities (1 550) (3 580) 4 117 6 559 (253) Experience adjustments on plan assets (1 418) 3 508 (8 588) (1 818) (1 552)

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2010 2009 USD 000 USD 000

Olympic Games rights revenues by continent America 926 225 – Europe 232 635 – Africa 1 400 – Asia 90 006 – Oceania 29 199 –

1 279 465 –

Youth Olympic Games broadcasting rights revenues 1 491 –

Total revenues from television broadcasting rights 1 280 956 –

Use and distribution of revenues: Insurance premium for Games cancellation 2 648 – Organising Committee of the XXI Olympic Winter Games 414 417 – USOC 104 550 – Special Marketing remuneration to IFs 65 818 – IFs 92 426 – Use and distribution of television broadcasting rights to OCOG, USOC and IFs 679 859 – Broadcasting rights reserved in designated funds: Allocation to OS 92 426 – Broadcasting rights reserved for future distribution 100 207 –

192 633 –

Total use and distribution of television broadcasting rights 872 492 –

14. TOP PROGRAMME MARKETING RIGHTS REVENUES AND DISTRIBUTION 2010 2009 USD 000 USD 000

Total revenues from the TOP marketing programme 247 869 125 498

Use and distribution of revenues:

Organising Committees of the Games of the Olympiad and of the Olympic Winter Games 156 489 29 336 USOC 28 438 32 503 NOCs 35 471 33 333 Other programme costs 8 147 3 027

Total use and distribution of programme TOP revenues 228 545 98 199

13. TELEVISION BROADCASTING RIGHTS REVENUES AND DISTRIBUTION

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2010 2009 USD 000 USD 000

Royalties: OCOG marketing programme 59 584 – Suppliers 1 583 1 938 Licensing 17 454 2 229 Other 1 470 3 417

Total other rights 80 091 7 584

16. OTHER REVENUES

2010 2009 USD 000 USD 000

Unilateral and Paralympic broadcasting revenues 46 596 – Unilateral and Paralympic broadcasting costs (42 331) – Other revenues 8 744 11 081

Total other revenues, net 13 009 11 081

17. CENTRAL OPERATING AND ADMINISTRATIVE COSTS

2010 2009 USD 000 USD 000

Salaries and social charges (note 12) 65 348 59 379 Press, publications and public relations 2 347 3 094 External services 15 012 14 056 Session, commission and mission expenses 10 859 9 994 Transport, travel and residence expenses 5 975 5 218 Maintenance, supplies and other expenses 14 223 12 601 Taxes 820 388 Depreciation and amortisation 13 065 9 402

Total central operating and administrative costs 127 649 114 132

15. OTHER RIGHTS

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18. OLYMPIC GAMES RELATED EXPENDITURE

2010 2009 USD 000 USD 000

Expenditure in relation with the XXI Olympic Winter Games Multilateral broadcasting costs 149 246 – Candidacy, Evaluation Commission and Coordination Commission costs 2 865 – Technology: ORIS project and systems homologation and testing 14 284 – IOC operations 10 829 – Subsidies to NOCs including grants for travel, equipment and athletes 18 820 – IF judges and referees and other IF costs 10 324 – Contribution to anti-doping program 152 – Marketing Program 2 055 – Insurance premium for Games cancellation 8 386 – Other costs 8 483 –

Total expenditures in relation with the XXI Olympic Winter Games 225 444 –

Multilateral broadcasting costs include equipment, production and telecommunication costs incurred by the Group to broadcast the live television and radio signals to the Olympic Winter Games:

2010 2009 USD 000 USD 000

Multilateral broadcasting costs: Broadcast equipment and construction 52 715 – Depreciation of broadcasting equipment 9 517 – Salaries and social charges 37 900 Games operations workforce 14 639 – Logistics 20 390 – Production 2 204 – Telecommunications 4 521 – Administrative and other expenses 7 360 –

Total broadcasting costs 149 246 –

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2010 2009 USD 000 USD 000

Expenditure in relation with the Youth Olympic Games Broadcasting costs 7 971 – Candidacy, Evaluation Commission and Coordination Commission costs 2 967 – Technology: ORIS project and systems homologation and testing 850 – IOC operations 5 697 – Travel and accommodation costs of athletes and officials 16 494 – IF judges and referees and other IF costs 4 915 – Other costs 1 090 –

Total expenditures in relation with the Youth Olympic Games 39 984 –

19. YOUTH OLYMPIC GAMES RELATED EXPENDITURE

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20. OLYMPIC SOLIDARITY PROGRAMME

2010 2009 USD 000 USD 000

Previous years’ programme (4 348) (2 619)

Current year programme

Continental Programmes 31 132 29 845

World Programme managed centrally by Olympic Solidarity Team Support Grants 2 456 1 678 Olympic Scholarships for athletes 607 6 232 Continental and Regional Games—Athletes’ Preparation 3 188 2 195 Youth Olympic Games—Athletes’ Preparation 4 824 2 498 Technical Courses for Coaches 2 858 2 419 Olympic Scholarships for Coaches 1 874 1 702 Development of National Sports Structure 1 279 1 005 NOC Administration Development 6 633 6 529 National Training Courses for Sports Administrators 880 806 International Executive Training Courses in Sports Management 571 590 Promotion of Olympic Values—Special Projects – 28 Sports Medicine 627 644 Sports and the Environment 337 408 Women & Sport 421 259 International Olympic Academy 362 443 Sport for All 600 343 Culture & Education 831 563 NOC Legacy 542 518

28 890 28 860

NOC Exchange and Regional Forums 936 832 Chef de Mission Youth Olympic Games 303 – 1 239 832

Total current year programme 61 261 59 537

Total current and prior years’ programme costs 56 913 56 918

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21. FINANCIAL INCOME, NET

2010 2009 USD 000 USD 000

Interest income 38 939 53 572 Interest expense (1 020) (1 051) Fair value gains (losses) on financial assets at fair value through profit or loss, net 10 141 14 215 Gains (losses) on sale of financial assets at fair value through profit or loss, net (2 638) 4 463 Net foreign exchange gains (losses), net (10 703) 29 847

Total financial income, net 34 719 101 046

Transactions and balances with other organisations of the Olympic Movement are disclosed elsewhere in these financial statements. The members, the President and the Executive Board of the IOC are not remunerated by the IOC. However, the IOC covers all expenses related to the execution of their functions, in particular travel, hotel, meal expenses and a daily allowance for out-of-pocket expenses, as well as a fixed amount for their personal administrative expenses.

These costs are included in session, commission and mission expenses in the statement of activities. In addition, the IOC covers the cost of the President’s residence expenses (room rent, living expenses, residence taxes, insurance) which amounted to USD 0.597 million in 2010 and USD 0.594 million in 2009 as well as the same costs for the Life Honorary

President which amounted to USD 0.129 million in 2010 and USD 0.280 million in 2009 and which are included in the statement of activities under transport, travel and residence expenses.

The executive management of the IOC are considered to be the President, the Director General, the President’s Chief of Cabinet and the Executive Director of the Olympic Games. As mentioned previously, the President is not remunerated. The salaries and short-term benefits of the other three members of the executive management amounted to USD 1.793 millions in 2010 and USD 1.869 millions in 2009. Their post employment benefits amounted to USD 0.273 million for 2010 and USD 0.284 million in 2009.

Funds balances include designated funds which are set aside for the financing of the Olympic Solidarity Programme and television broadcasting rights reserved for future distribution. Undesignated funds are kept for the purpose of financing the Olympic Foundation portfolio and the Group working capital.

22. RELATED PARTY TRANSACTIONS

23. STRATEGY MANAGING OWN FUNDS

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International Olympic Committee, Château de Vidy, Lausanne, Switzerland Tel +41 (0)21 621 6111 Fax +41 (0)21 621 6216 www.olympic.org

©This book may not be reproduced, even in part, in any form, without the written permission of the IOC. All reproduction, translation and adaptation rights are reserved for all countries.

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