The International Gymnastics Federation has made its financial report publicly available ©Getty Images

The International Gymnastics Federation (FIG) has become the latest Olympic sports body to make its annual financial report publicly available.

The slender, six-page document appears broadly to corroborate information contained in minutes of a past FIG Council meeting reported on by insidethegames last year.

But detail is sparse, with much left to interpretation; a request to talk through the document with a finance specialist was turned down by FIG.

The profit and loss statement for 2018 shows a net profit of CHF939,000 (£746,500/$970,000/€875,000), CHF172,000 (£136,750/$177,500/€160,000) or some 15 per cent below budget.

The operating profit was broadly as expected at CHF723,000 (£575,000/$747,000/€674,000).

Financial expenses of nearly CHF3 million (£2.38 million/$3.1 million/€2.8 million) might have resulted in a loss, but unspecified exceptional income of CHF3.39 million (£2.7 million/$3.5 million/€3.16 million) more than offset them, producing the positive net result.

Event income was ahead of budget at CHF15.37 million (£12.22 million/$15.88 million/€14.32 million), though event expenditure was too; admin costs were significantly below budget at CHF4.43 million (£3.52 million/$4.58 million/€4.13 million).

A balance sheet for end-December 2018, signed by secretary general Nicolas Buompane and finance director Jürgen Kolb, puts total assets at CHF52 million (£41.3 million/$53.7 million/€48.5 million), including securities of a bit less than CHF30 million (£23.8 million/$31 million/€28 million) and property of 19.4 million (£15.4 million/$20 million/€18 million).

Liabilities include reserves of just under CHF23 million (£18.3 million/$23.7 million/€21.4 million).

The profit and loss statement for 2018 shows a net profit of CHF939,000 ©Getty Images
The profit and loss statement for 2018 shows a net profit of CHF939,000 ©Getty Images

insidethegames had inferred from the earlier minutes that FIG expected to generate about CHF60 million (£47.7 million/$62 million/€56 million) of income in total over the 2017-2020 Olympic quadrennium.

A quadrennial plan for this period now more or less confirms this: income from major events and non-core activities is estimated at CHF60.05 million (£47.7 million/$62 million/€55.97 million).

This includes neither financial income/expenses nor rental income, with the latter expected to weigh in at just under CHF2 million (£1.59 million/$2 million/€1.86 million), or just under CHF1.5 million (£1.19 million/$1.5 million/€1.4 million) net of rental expenditure.

The overall net result for the four-year period is estimated to be a small profit of CHF254,000 (£202,000/$271,000/€237,000).

The earlier minutes had also quantified the sponsorship revenue received from VTB Group, Russia's second-largest bank, over the period of a decade at $1 million (£769,000/€902,000) a year, or $10 million (£7.69 million/€9 million) in all.

There is no way of assessing overall sponsorship revenue from the financial report that has now been published.

Pressure has been ratcheting up on international sports federations (IFs) in recent years to publish their accounts in the name of improved transparency, but there are still a number of hold-outs.