The International Cycling Union (UCI) has warned that the global pandemic is likely to impact on its business for "the whole of the next Olympic cycle", as it posted a net deficit of CHF3.5 million (£2.9 million/$3.75 million/€3.2 million) for 2019.
With the governing body’s activities "significantly curtailed" since early March, it said that its 2020 revenues would be "significantly reduced", most notably due to postponement of the Tokyo 2020 Olympics, which were due to be getting properly under way this weekend.
As custodian of a group B sport, the UCI would have been expecting to receive somewhere around $25 million (£19.25 million/€21.25 million) for cycling’s contribution to the Games, with the bulk of the money arriving this September.
Now, even in the best of circumstances, payment will be delayed by a year, while the amount may very possibly be reduced.
Even so, the body believes that the "strength" of its balance sheet, coupled with cost-cutting measures that have been taken, will "allow the organisation to weather the current storm and continue its activities through the next Olympic cycle to 2024".
It is one of the 15 Summer Olympic International Federations (IFs) to have received a loan from the International Olympic Committee (IOC) under a $100 million (£77 million/€85 million) package of financial support outlined last week by IOC President Thomas Bach.
The UCI reported 2019 revenue of CHF40.7 million (£33.8 million/$43.5 million/€37.4 million), a fraction higher than the previous year.
Competition revenue reached CHF28.3 million (£23.5 million/$30.3 million/€26 million).
Road racing was much the biggest contributor, at CHF12.8 million (£10.6 million/$13.7 million/€11.8 million), with an operating margin of CHF7.5 million (£6.2 million/$8 million/€6.9 million).
Direct costs stood at CHF29.2 million (£24.2 million/$31.2 million/€26.9 million).
With operating expenses - mainly personnel - totalling CHF18.4 million (£15.3 million/$19.7 million/€16.9 million), the operating deficit came to CHF6.9 million (£5.7 million/$7.4 million/€6.3 million), just under CHF one million (£850,000/$1.1 million/€930,000) higher than in 2018.
UCI President David Lappartient’s remuneration was put at CHF257,000 (£213,300/$275,000/€236,400), the same as the previous year.
Allowances, social charges and pension costs took this to CHF424,000 (£352,000/$453,700/€390,000).
The body explained that with Lappartient residing in France, it was subject to the French social security regime in respect of his emoluments.
The UCI also provides him with a car.
The balance sheet showed total assets at end-2019 of CHF87.8 million (£72.9 million/$93.9 million/€80.8 million), of which almost CHF30 million (£25 million/$32 million/€27.5 million) were investments or financial assets and a further more than CHF26 million (£21.6 million/$27.8 million/€23.9 million) tangible fixed assets.
As well as the new IOC loan, there is a modest amount of borrowing from the cantons of Vaud and Valais, taken on to help finance construction of the UCI World Cycling Centre.
At end December 2019, this amounted to approximately CHF2.1 million (£1.75 million/$2.25 million/€1.9 million).
The loans are interest-free and repayable in equal instalments over 27 years.
The Cycling Anti-Doping Foundation's 2019 budget was put at close to CHF8 million (£6.6 million/$8.6 million/€7.4 million).
From the start of next year, its work is being entrusted to the International Testing Agency with no budget impact for the UCI.