The Switzerland-based body posted a net loss last year of CHF9.1 million (£8.2 million/$10.4 million/€9.5 million), CHF5.1 million (£4.6 million/$5.8 million/€5.3 million) of which - more than half - was attributed to financial losses.

Similar financial losses were also reflected in annual results published recently by both World Aquatics and the International Tennis Federation.

Last year saw a return of higher inflation to most developed market economies for the first time in decades, with the result that interest rates also rose, impacting bond markets.

The UCI's revenues for what President David Lappartient described as an "almost normal year of racing" after two years of COVID-related disruption, amounted to CHF42.8 million (£38.3 million/$49 million/€44.6 million).

Hosting fees made the biggest contribution, at just over CHF13 million (£11.6 million/$14.9 million/€13.5 million), followed by commercial rights, registration fees and media rights and distribution.

So-called "direct" costs reached CHF28 million (£25.1 million/$32.1 million/€29.1 million), with operating expenses, mainly personnel costs, weighing in at CHF18.8 million (£16.8 million/$21.5 million/€19.6 million).

Notwithstanding the loss, the organisation’s balance-sheet remained strong, with total assets of CHF96.5 million (£86.5 million/$110.5 million/€100.5 million).

Lappartient - recently elected to be French National Olympic and Sports Committee (CNOSF) President for a critical period leading up to next year’s Olympic and Paralympic Games in Paris - secured an enviable 25 per cent hike in remuneration to CHF346,000 (£310,000/$396,000/€360,000).

Once other allowances, social charges and pension costs are factored in, however, the total cost of retaining his services actually fell from CHF605,000 (£542,000/$693,000/€630,000) in 2021 to CHF543,000 (£486,500/$622,000/€565,000).

A note stipulated that it had been decided to pay Lappartient a "one-off bonus" for "his achievements during the 2017-2021 mandate and his management of the pandemic".

On a separate subject, the accounts also underlined what a thoroughly European institution the UCI still is: of 123 employees at the year-end, 105 were said to be of European nationality and just 18 from elsewhere.

The body said it remained "in a good position to face the end of the current Olympic cycle".