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UCI's 2012 report reveals relatively healthy finances

By:
Feargal Mc Kay
Published:
October 10, 2013, 1:17 BST,
Updated:
October 10, 2013, 2:17 BST
Edition:
First Edition Cycling News, Thursday, October 10, 2013
UCI President Brian Cookson presents Rui Costa with his medal

UCI President Brian Cookson presents Rui Costa with his medal

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Net profit of CHF 9.2 million for last year

Having been circulated to member federations and discussed at Congress, the UCI's annual report for 2012 was quietly slipped into the public domain this week, via a seldom visited page on the UCI's website. What they reveal is a governing body with relatively healthy finances.

With revenue of CHF 41 million (circa €34 million) the UCI made a net profit of CHF 9.2 million (circa €7.6 million) for the year to 31 December 2012. This compares with profits of CHF 235 thousand in 2011, CHF 114 thousand in 2010 and losses of CHF 1.2 million in 2009 and CHF 4 million in 2008. Revenue in 2012 climbed from CHF 26.8 million in 2011 (CHF 25.5 million in 2010, CHF 26.8 million in 2009 and 30.7 million in 2008).

The main cause for the increase in revenue is the UCI's share of the London 2012 Olympics' marketing and TV revenue, with the UCI receiving CHF 21.5 million, CHF 12.4 million of which is deferred over the over the next four years, giving a net gain for 2012 of CHF 9.1 million. This compares with CHF 16 million received following the Beijing Games in 2008 (CHF 13 million of which was deferred).

World Championship revenues also increased, with the road Worlds generating CHF 10.3 million in 2012 (compared to CHF 6.8 million in 2011). Anti-doping fines for the year amounted to CHF 1.3 million, compared to CHF 380 thousand in 2011 (CHF 465 thousand in 2010 and CHF 779 thousand in 2009).

Payroll costs of CHF 6.9 million are one the UCI's main expenses (CHF 6.7 million in 2011). Following a restructuring of the organisation over the last few years these are down from nearly CHF 9 million in 2009 and 2008. The accounts give no guidance on senior personnel salaries, particularly the amount paid to former UCI President Pat McQuaid.

The accounts reveal that UCI subsidiary Global Cycling Promotion (GCP) – organiser of the Tour of Beijing and the aborted Tour of Hangzhou – needed an additional grant of CHF 600,000 in 2012, this time from the UCI itself. This follows grants from the ProTour Reserve Fund in 2009, 2010 and 2011 totalling more than CHF 996 thousand and the UCI's investment in GCP's share capital of another CHF 200 thousand, bringing the total spent on GCP so far to nearly CHF 1.8 million. GCP itself showed a net loss for the year to December 2012 of CHF 59 thousand, following CHF 10 thousand losses in 2011. GCP's payroll costs for the year rose from CHF 221 thousand in 2011 to CHF 247 thousand in 2012.

Disbursements form the ProTour Reserve fund in 2012 included CHF 200 thousand for the Volta Catalunya.

Among other costs incurred by the UCI in 2012 was CHF 959 thousand for the Olympic Games and Youth Olympics, up from CHF 47 thousand in 2011.

The accounts also show "fees" for the year of CHF 3 million, which financial director Alain Siegrist notes are "mainly due to the effect of the measures and actions decided on and taken by the UCI and its Management Committee following the Armstrong case and the criticisms levelled at the federation." These include provisions for the cancelled independent commission, the Deloitte's stakeholders' consultation and a governance study. No guidance is offered on what the new investigations into cycling's recent doping history are likely to cost in the future.

The UCI's balance sheet reveals the organisation had total assets net of liabilities of CHF 17 million at the year end (circa €14 million), up from CHF 8 million in 2011 (CHF 7.8 million in 2010, CHF 7.6 million in 2009 and CHF 8.2 million in 2008).

 

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