New Zealand Cricket (NZC) has released its 118th Annual Report today, reporting a deficit of $1.87m which was offset against reserves, leaving a closing balance sheet equity position of $7.97m.
Chief Operating Officer, Craig Presland, said: "Without an ICC event in 2011-12 we knew this was going to be difficult year financially.
"The volatile US dollar continued to test us with the rate fluctuating between $0.75c at $0.86c throughout the year.
"The forecast was for a budgeted deficit of $7.30m but we actually showed a significant improvement over budget by +$5.43m.
"A ground breaking eight-year sponsorship and media rights agreement with Pitch International, along with a two-year domestic rights agreement with SKY TV, were the major reasons for a better than expected financial result.
"Our current 2012/13 financial year includes the recently concluded ICC World Twenty20, ICC Champions Trophy along with an inbound England tour and we are expecting to return a small surplus."
NZC Chief Executive, David White, said: "The year saw our organisation achieve a number of significant successes.
"We signed-off on a new four-year Strategic Plan which outlines cricket’s priorities in safeguarding the long-term success of the game, from grassroots through to the BLACKCAPS and White Ferns.
"The annual player census confirmed that cricket is continuing to grow with participation reaching a new high of 111,829 people playing cricket across all levels.
"We were delighted to extend agreements with existing top-tier partners HRV, Ford and Specsavers while Nestle concluded its sponsorship of the development programme after a mutually beneficial 10 year partnership.
"The performance of our flagship teams, the BLACKCAPS, continues to be an area of focus and we are determined to improve their rankings in all formats of the game.
"We have a stable support staff in place after a number of changes in the past 12 months and under their guidance I’m sure we’ll see better results."
PDF version: NZC 118th Annual Report (3.96MB)