"There you can see the tangible results of these reforms. The most obvious one is the announcement by POCOG that the Pyeongchang 2018 Organizing Committee has produced a multimillion-dollar surplus - even after not having fully benefited from the reforms of Olympic Agenda 2020.

"POCOG President Lee was clear that this was possible only because of the reforms of Olympic Agenda 2020, and because of the close cooperation with the IOC. There, you can see Olympic Agenda at work.

"This is what will lead us in the right direction for the future organization of the Games. We have proved that we have turned the page with regard to the organization of the Games," said Bach.