One-off items hit UCI bottom line in 2015, annual report reveals

The decision to axe the Tour of Beijing, the impact of income from fines in 2014 and a strong shift in the value of the Swiss Franc against other leading currencies all hit the UCI’s bottom line in 2015, the governing body’s latest accounts reveal.

The organisation’s annual net loss increased tenfold during 2015 to reach CHF1.22 million, up from CHF121,000 the previous year.

Excluding the impact of those non-recurring items, however, and at constant rates of exchange, it says it would have made a profit of CHF1.45 million in 2015 compared to a CHF500,000 loss the previous year.

The result was also hit by increased net costs in combating doping.

UCI president Brian Cookson decided to discontinue UCI WorldTour race the Tour of Beijing after succeeding Pat McQuaid in 2013, saying the governing body should not be acting as a race promoter.

Income fell 4 per cent during the year to CHF35 million, although on a like-for-like basis it rose 6 per cent.

The UCI’s chief financial officer, Jeremy Conrad-Pickles, said that the start of 2015 had seen a “20 per cent reduction in many of the UCI’s revenue streams as a result of the sudden strengthening of the Swiss franc.”

He added that 2016 should be a “successful” year financially, due to the effect of the Rio Olympic and Paralympic Games.