New Zealand Cricket made a net operating surplus of $3,480,869 last summer, a drop of $2,062,184 on the previous season.

And by the time $3,456,386 worth of grants and distributions was made to its Associations, the net surplus for the year was $24,483, down from $1,636,708 the previous year.

Gate receipts were 20% higher than the summer of 1998/99 and pre-sales for international matches were at record levels.

The cost of international teams was up to $8,392,789, an increase of $1,757,713. Administration and marketing costs were down $521,777 to $5,331,991 while coaching and development costs increased by $410,706 from $1,440,002.

Assets held by New Zealand Cricket (NZC) increased by nearly $25,000 to $3,890,149.

Cash flows from sponsorships, grants and other activities increased to $21,130,535, from $18,529,529, while the net cash inflow from operating activities was up by $590,980 to $1,953,799.

The confirmation of future revenues from World Cups, Knockout tournament, television coverage rights and other matters allowed NZC to budget with certainty. It has taken out hedging cover on offshore exposure worth $19,549,932, which was up from similar cover last year of $5,514,943.

The cover was from the period of June 14 2000 to March 17 2003.

The New Zealand worth of unhedged currency risk at the balance date was $648,777.

The total equity of NZC was $3,890,149, which includes funding received to complete the Hadlee-Watt pavilions at the High Performance Centre, which has been recognised as a Capital Reserve.

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