Young Presidents' Organization - YPO Gold EuroChapter

The Chapter's May program was in Sweden with a focus on recycling, circularity, sustainability, and climate effects. The first presentation was at Sweden's largest waste management facility just outside of Stockholm and given by Lars Linden, the CEO of the facility. With his masters in physics, bachelors in economics and an MBA, Lars was able to present the realities of what they have found to be realizable as well as what challenges remain. Sweden is quite far ahead of the US in addressing these matters. His company has constructed a gargantuan recycling facility which attempts to recover all elements of value from both residential and industrial waste. The facility is not merely a garbage dump but rather a state of the art recycling and recovery business. Next was Anders Kihl who is head of strategy, research, and development. Anders described the company's efforts to process mining refuse to both render it safer for disposal as well as to recover some valuable elements from mine waste. The next day's speakers dealt with Sweden's exposed position between NATO and Russia. Mikael Odenberg, a member of the Swedish parliament for 16 years depicted clearly the "unfortunate" necessity of Sweden's desired NATO membership, after having tried to steer a course of neutrality between East and West. Russia's aggression is what necessitated it with Russian submarines routinely making deliberate incursions in the Swedish archipelago and even into Stockholm harbor. The NATO membership, which had been stalled by Turkey and Poland is finally being realized. The next speaker was Diamant Salihu, a journalist at the Swedish Public Service Television. He discussed how previously very homogenous and enviably peaceful Sweden had become subject to severe gang violence from immigrant groups. Assimilation which had never an issue but has become a very serious one, diminishing safety and life quality in most of the major Swedish cities. A very spirited discussion ensued with members from Chicago, San Francisco, London, and Paris sharing their cities' problems and attempted solutions. Finally, there was exposure to Swedish culture and arts by way of a presentation and discussion with M.A.P. Music, a group which spawned some of the members of ABBA. Other time was spent seeing Old Stockholm and one of the King's palaces, a tour led by the sister of the King who is a member of the Chapter. Finally, the group moved on to Gotland for a day and a half to experience another side of Sweden. Please note that nearly all of the Swedish program revenue was collected prior to Covid and retained as deposits. The actual net event revenue for fiscal 2023 was -3,947 representing refunds for members' cancellations. Actual total event revenue was $142,725 while expenses totaled $123,806 for a net revenue of $18,919.

Attendance deposits were collected in 2023 for the two 2024 events. These totaled $141,222 for the forthcoming US event and $188,769 for the 2024 UK event. Expenses incurred to date for the two events were $79,237 for the US event and $3,171 for the UK event. As the accrual accounting method is utilized, the net amount of deposits in excess of expenses is offset by a deferred program expense. Events are budgeted at a breakeven until all revenue and expense is collected or incurred.

The year's second event was held in Italy with fewer attendees than normal since it had been organized quite late in the calendar. The Global Investment Forum was very interesting as three focus areas were presented and discussed. First, crypto currency was discussed at a time when the valuations were quite low (having since recovered and more). As usual, some ascribed value to the tokens while others thought them worthless. Next was a presentation on European real estate which like in the US, was in a state of flux. And, finally, the ballooning sovereign debts were considered, being a looming issue in nearly every one of the 13 countries represented in the meeting, ranging from Romania to Panama. Confusion reigned. The primary focus of the main program was what Italy does well. That meant food, drink, and other luxury items. The highlight of the first day was a presentation by a member of the Ferragamo family, describing the business and family challenges encountered in three generations. It included a visit to their headquarters manufacturing facility and then to one of their flagship stores. While the price of luxury goods seems elevated, the business often struggles to be profitable like a lot of others. Being in Florence, visits were organized to the Duomo terraces and museum, Santa Maria del Fiore Cathedral, Medici, and Uffizi Gallery. All were attended by tourism professionals who shared their stories of struggling through Covid and the subsequent slow return of tourists. Next, the group moved on to Bologna to focus on the design and production of very high end luxury products including visits to and presentations by the Ferrari and Pagani automobile factories, Parmesan cheese manufacturing co-ops, and Balsamic vinegar production shops. Lastly was a visit to the home of Luciano Pavarotti and presentations by the staff. All noted that Italy is indeed different from most other economies with the focus on luxury items. Including prior year's fee deposits, cancellations, and expenses, total Italy event revenue was $176,958 while expenses were $198,326 for a negative net revenue of -$21,368.