Financial Report of the Malta Football Association 2012/13

antoine-portelli-agm2013Outgoing MFA treasurer Antoine Portelli presented the Audited Accounts and Balance Sheet of the Association – the Financial Report for the year ending 31st May 2013.

The total income of the MFA for the year under review was €7.547 million which represented an increase over 2012 of over €1.7 million. The association reported an operating profit before interest and extraordinary items of €2.324 million which represented an increase of €1.32 million over 2012.

Photo: Copyright © domenic aquilina

Mr Portelli gave detail of the investment made in clubs’ infrastructure during this administration which amounted to over €12.4 million (excluding government grants) an increase of over 9M euro over the previous administration. The expenditure for the year amounted to €5.2 million, an increase of €668K over the previous year.

The outgoing treasurer also gave details of the €2 million investment made in the MFA’s own infrastructure, which included amongst others a complete refurbishment of the National Stadium VIP area, MFA Technical Centre, Referees Headquarters, IT and electronic turnstiles.

Mr Portelli compared the three-year financial performance during the tenure of the current administration with the period 2008 to 2010. Antoine Portelli explained that the current administration achieved increases of €3.62 million in revenue and €1.5million increase in profits. Portelli highlighted the fact that under the presidency of Norman Darmanin Demajo, the MFA invested in clubs’ infrastructure over four times the amount that it had invested during the period 2008/2010.

He went on to encouraged clubs to benefit of the Cash Collateral Scheme, warning clubs that the MFA coffers are not bottomless. Portelli told clubs that they had to strive to stand on their feet but told them not to be afraid to invest as the association was there to help them.

“The MFA invested heavily in your infrastructure. Treasure your assests, maintain them and use them in the right manner, putting aside money when possible. Do not allow a situation where you challenge at honours at a heavy cost,” said Portelli.

Antoine Portelli concluded by thanking all those present in particular the President and CEO and explained why he decided not to seek re election. “It is solely work related and although football administration is my passion I think that it is not fair on all taking up a post where one is not sure that he can devote his 100%, I will still be helping the MFA and Clubs however I am taking a step back for the time being.”

The financial report was approved unanimously.

Income and Expenditure Account

Income €7,547,466
Expenditure €5,223,418

Surplus of income over expenditure before other income, finance and other charges €2,324,048
Surplus of income over expenditure after finance charges €2,505,100

Other charges
Net investment in Member Clubs’ infrastructural facilities €1,241,341
Surplus of income over expenditure €1,263,759
Adverse balance brought forward -€2,086,947
Adverse balance carried forward -€823,188

Balance Sheet

Non-current Assets €13,230,547
Current Assets €2,350,372

Total Assets €15,580,919

Equity and Liabilities
Equity -€823,188
Non-current Liabilities €14,229,296
Current Liabilities €2,174,811

Total Equity and Liabilities €15,580,919

Detailed Income and Expenditure

Income €4,234,571
(including administration fee €30K; FIFA Financial Assistance €503K; UEFA HatTrick Annual Solidarity €1,330K; UEFA HatTrick Investment Programme €1,000K; UEFA Referee Convention €100K; UEFA Grassroots €478K; UEFA Other Income €489k; Sponsorships €83K; Club fines and damages €21K; Other disciplinary fines €42K; Advertising €10K; Other income €84K)
Expenditure €1,714,661
(including Salaries €526K, MFA officials allowances €86K; Allowance to executive and council members €30K; Presentations and protocol gifts €18K; Travelling and accomodation €22K; Professional fees €18; Course expenses €18K; Match inspectors €19K; Match expenses €14K; Ground rental assistance €142K; Referees Fees €300K; Referees Convention expenses €161K; Advertising and promotion €45K; Awards, ceremonies and refreshments 66K)

Surplus of income over expenditure before depreciation €2,519,910
Surplus of income over expenditure €2,292,565

Sports Facilities
Income €551,503
(including Hire of facilities €15K; Bar concessions €77K; Advertising €15K; Broadcasting rights €11K; Car Park income €7K; Complex income €391K; Course fees €34K)

Expenditure €859,294
(including wages and personnel expenses €345K; Facilities maintanance €358K; Cleaning expenses €36K; Rent €16K; Course expenses €20K; Utility Costs €69)

Excess of expenditure over income before depreciation €307,791
Excess of expenditure over income €976,979

National Team, Youth and Grassroots Development
Income €2,761,392
(including international matches €2,616K and players’ sponsorships €145K)
Expenditure €1,752,930
(including bonuses and appearance money €110K; travelling and accomodation of national teams €623K; kits and training equipment €31K; Futsal national team expenses €23K; technical staff €16K; insurance and medical €80K; match expenses €34K).

Surplus of income over expenditure €1,009,462