2023 CONSOLIDATED

FINANCIAL
STATEMENT

HOLY SEE
Secretariat for the Economy
 INTRODUCTION AND CONTEXT – I
HOLY SEE FINANCIAL STATEMENTS (Total Entities)
2023 2022
M€ - PROFIT & LOSS Variance Executive Summary*
Actual Actual
Operating income 1.152,1 1.124,0 28,1 1ü Positive evolution in operating income as a consequence of a more efficient
Operating expenses 1.235,6 1.202,2 33,4 management, is not enough to compensate the increase of expenses mainly due to the
1 Operating result (83,5) (78,2) (5,3) impact of inflation. In this context, the Holy See increased its structural operating
deficit by more than €5 million to €83.5 million.
2 Extraordinary Result 2,9 114,7 (111,8)
2ü 2022 P&L showed more than 114M€ of extraordinary income, enough to compensate
the operating deficit. This extraordinary income is not present in 2023.
Financial income 46,2 29,4 16,8
Financial expenses 16,8 13,4 3,4 3ü A good behavior of financial markets such as that of 2023 can mitigate the structural
Financial Result 29,4 16,0 13,4 deficit, but it’s not enough to balance the P&L.
Surplus/(Deficit) (51,2) 52,5 (103,7) ü Balance sheet do not show big changes and mostly based on asset an liabilities
3 4
adjustments and changes in valuation.
Result from Valuation at fair value 17,7 (46,7) 64,4
Actuarial Net Result (34,4) (26,9) (7,5)
Net Surplus/(Deficit) (67,9) (21,1) (46,8)
Key Dynamics*

ü Efforts in expenses reduction are not enough due to inflation and personnel mandatory
4 M€ - BALANCE SHEET 31/12/2023 31/12/2022 Variance
costs increase.
Assets 6.259,3 6.289,6 (30,3) ü Real State income grow by 8% as a consequence of both increase of rents and higher
Current Assets 1.683,6 1.925,5 (241,9) occupancy rate (APSA and DpE).
Non - Current Assets 4.575,7 4.364,1 211,6 ü Commercial income increase by 14% driven by Fabbrica di San Pietro activities.
Liabilities and Net Equity 6.259,3 6.289,6 (30,3)
Current Liabilities 758,8 824,5 (65,7)
Non - Current Liabilities 1.309,5 1.017,6 291,9
Net Equity 4.191,0 4.447,5 (256,5) *Comments of the P&L are related to the highlighted part of it, as the last two lighter lines are
Surplus/(Deficit) (67,9) (21,1) (46,8) just accounting adjustments representing the change in value of some assets and liabilities
 INTRODUCTION AND CONTEXT – II
PROFIT & LOSS - (excl. Hospitals)
2023 2022
M€ - PROFIT & LOSS Variance Executive Summary*
Actual Actual
ü Why should we analyze the P&L excluding the hospitals? The two
Operating income 437,9 421,4 16,5 hospitals of the Holy See represent 67% of the revenues and have a
Operating expenses 484,4 473,8 10,6 very different economic reality from the rest of the Holy See. Their
consolidation may mask the reality of the dicasteries and related
Operating result (46,5) (52,4) 5,9 entities.
ü However, Holy See Consolidated Financial statements excluding
Extraordinary Result 2,9 78,8 (75,9) hospitals show many similarities with the total consolidated P&L:
ü The Holy See exc. hospitals also shows a high structural
operating deficit of €46,5 million (11% of it’s operating
Financial income 45,8 29,0 16,8
income), but contrary to the total consolidation, it shows a
Financial expenses 11,0 10,9 0,1 decrease of almost €6 million compared to 2022 operating
deficit.
Financial Result 34,8 18,1 16,7
ü The extraordinary result of 2022 was able to change that
deficit into a final surplus. As expected, 2023 P&L show a
Surplus/(Deficit) (8,8) 44,5 (53,3)
return to normal extraordinary income.
ü A positive financial environment such as 2023 brings the
Result from Valuation at fair value 4,4 (30,5) 34,9
result closer to balance (deficit of € 8.8M)
Actuarial Net Result (34,5) (28,4) (6,1)

Net Surplus/(Deficit) (38,9) (14,4) (24,5)

*Comments of the P&L are related to the highlighted part of it, as the last
two lighter lines are just accounting adjustments representing the change in
value of some assets and liabilities
 2023 CONSOLIDATED FINANCIAL STATEMENT
SOURCE OF REVENUES (includes only ordinary and realized financial income)

M€ - INCOME 2023 Actual 2022 Actual Variance

Financial Income
10%
Related Entities Self Generated Revenues 205,3 183,3 22,0
Contributions
3% Real Estate Management 101,7 93,8 7,9

Commercial 73,4 62,2 11,2

Services 30,2 27,3 2,9

Self Generated
Revenues External Donations 217,6 223,1 (5,5)
42%
Dedicated Donation 194,8 200,3 (5,5)

Dioceses Donation 22,8 22,8 -

Related entities contributions 15,0 15,0 -

Governatorate SCV 15,0 15,0 -

External
Donations Total operating income 437,9 421,4 16,5
45%
Financial income 45,8 29,0 16,8

TOTAL 483,7 450,4 33,3

ü The Holy See has four funding sources:

ü Self generated revenues (in which real estate represent around 50%) increase of 22M€ (+12%) due to more efficient management of resources and commercial recovery
ü External donations continue their constant decline
ü Related entity contributions have not recovered to pre-pandemic levels
ü Financial Income improves by 16.8m, but it’s highly dependent on the financial market behavior.
 2023 CONSOLIDATED FINANCIAL STATEMENT
EXPENSES DETAIL (includes only ordinary and realized expenses)

2023 2022
M€ - EXPENSES Variance Financial
Actual Actual
Depreciation and expenses
other loss of value 2%
Personnel costs 167,5 158,0 9,5
3%
Commercial 18,1 15,3 2,8
Utilities 19,5 20,8 (1,3) Personnel costs
Maintenance 13,2 11,0 2,2 Donations and 34%
contributions
Consultant service 13,7 13,2 0,5
granted
Nunciatures 23,1 23,2 (0,1) 26%
Taxes 23,4 21,6 1,8
IT expenses 4,6 4,6 -
Printing 5,2 3,9 1,3
Travels and events 7,8 6,4 1,4 Administrative and
general costs
Others 45,8 44,1 1,7
35%
Total administrative and general costs 174,4 164,1 10,3

Donations and contributions granted 126,1 137,7 (11,6)

Depreciation and other loss of value 16,4 14,0 2,4 ü Personnel and administrative and general costs grow by a 6% mainly driven by
Total operating expenses 484,4 473,8 10,6 inflation, but also by activity recovery.

Financial expenses 11,0 10,9 0,1

ü Donation granted decreased as a consequence of donation decline
TOTAL EXPENSES 495,4 484,7 10,7
 2023 CONSOLIDATED FINANCIAL STATEMENT
EXPENSES DETAIL – APOSTOLIC MISSION AND PAPAL FUNDS BY CONCEPT

Human Education,
Academic Development Science &
Apostolic Mission and Papal Funds by Concept M€
Institutions Life and
2% Culture Family
3%
1% 1%
Support Local Churches in difficulty and Specific Contexts of Evangelizations 144,1

Historic Patrimony Cult and Evangelization 48,4

5%
Organization Communication of Message 44,8
Ecclesial Life Support Local
5% Churches in Charity Service 32,0
difficulty and
Specific Contexts Apostolic Nunciatures 37,0
Charity Service of Evangelizations
9% 39% Organization Ecclesial Life 20,3
Historic Patrimony 17,4
Academic Institutions 10,2
Apostolic Human Development 6,8
Nunciatures
10% Education, Science & Culture 4,2
Life and Family 5,2
Communication of Cult and
Message
TOTAL 370,5
Evangelization
12% 13%

ü THE MAJORITY (83%) OF THE RESOURCES DEDICATED TO THE APOSTOLIC MISSION, ARE DESTINED TO THE TO SUPPORT LOCAL CHURCHES IN DIFFICULTY AND IN SPECIFIC
CONTEXTS OF EVANGELIZATION (39%); SUSTAIN CULT AND EVANGELIZATION (13%); COMMUNICATE THE MESSAGE OF THE HOLY SEE (12%); ITS PRESENCE IN THE WORLD
(10%); AND CHARITY (9%).
“We must be aware that today we are faced
with strategic decisions to be taken with
great responsibility, because we are called
upon to guarantee the future of the Mission”

Papa Francesco,
Letter of the Holy Father Francisco to the College of Cardinals
Holy See Press Office Bulletin, 20 September 2024