Details about the financial report during MFA AGM 2012

Saturday, July 21, 2012, 12:50

by Catherine Micallef and Caroline Attard.

MFA Tresurer Antoine Portelli

MFA Tresurer Antoine Portelli

Antoine Portelli Treasurer of the Malta Football Association presented the financial results for the year ending 31st May 2001, which showed an increase in revenue of €1.43Mln , an increase in operating costs of €787,000, and an increase in operating profit of €1.186Mln over 2011. He gave details of the salient variances on the figures , and explained that the increase in certain expenditure was the result of the projects which the MFA has introduced, particularly in the technical centre, referees and IT department. The Treasurer then explained in detail that the €4.42 Mln reported as “Excess of Expenditure over Income”, Mr Portelli stated that this is in reality results from the investment made by the Association in the Clubs this year which cannot be capitalised as occurs in normal business for the simple reason that the ownership of the land upon which the investment is made is that of the Clubs and not MFA. He stated that “In our case a choice to invest meant transferring our net worth to the Clubs, with an effect on our Balance Sheet. We are really proud of that, after all that was our promise and mission”. The Treasurer revealed that the current administration invested nearly €10Mln in Clubs’ infrastructure in two years. He added that to this one has to add another €1.2Mln of other direct and indirect income received during the last financial year. The Treasurer explained that although the hefty investment which resulted in increase in bank borrowings, he is certain that MFA’s finances are still strong, and to proof this Mr Portelli also presented forecast results until 2016 and concluded that “This forecast was also reviewed and agreed upon by our auditor and I’m sure that we do have the ability to service our loans and repay these on due dates.”The Treasurer stated that the current administration always stated that the MFA is not a profit making organisation not only on paper but also in reality. “We always stated that its useless having millions in the bank, whilst our clubs are struggling to survive.”

Mr Portelli concluded by reminding the Clubs to ensure that they balance their books and to give due regard to Financial Fair Play.





3 Comments

  1. P Sant says:

    Ma tantx hemm biex ikunu kburin. Ghall-ewwel darba f’hafna snin, l-MFA qieghda net liiability position, jigifieri id-djun huma ikbar mill-assi. U dan meta tqis li l-assi li ghandha huwa bini li ma jistax jinbiegh. Il-loans izda iridu jithallsu… imma hemm pjan kif se jithallsu??? Din qisu hadd mhu jaghti kasha. Basta nghidu ghall-klabbs u l-MFA qed taghmel aghar. Ghandha ricetta ghall-falliment. 

    L-MFA qed tonfoq iktar minn 1.3 miljun f’pagi meta l-klabbs anqas jaffordjaw amministratur! Basta klabbs, klabbs, klabbs… Il-pagi qeghdin maqsumin hekk:

    Administration – 476K
    MFA officials allowance (dawn x’inhuma hadd ma jaf?!) - 88K 
    Sports facilities – 287K
    Technical staff – 532K

    Termination of contract  of service 112,000 euros… kemm ahna galantomi bil-flus tal-assocazzjoni.

    Hemm xi job tajjeb mal-MFA, ha napplika nigri?!

    [Reply]

    Markus Reply:

    Nahseb ma qrajtx it-times tal-lum ghax dak huwa l-investiment li ghamlet MFA ghand il-klabbs. Ghaddiet in-net worth fuqhom ghax l-art fejn saru l-pitches mhux taghha. Nahseb qed thawwad ghax ma tafx il-fatti. Li ma kienitx l-MFA ghadna fuq ir-ramel. 

    [Reply]

    veritas Reply:

    Mid dehra jew ma tafx taqra bl ingliz jew inkella ghandek xi agenda mohbija. Mela l MFA mhux talli mhux qed taghti kaz id dejn imma tant qed tahdem b serjeta, li it tezorier ipprezenta ukoll “forecast” sas sena 2016. Din l forecast giet ukoll murija lil awdituri indipendenti u dawn ta lahhar ikkummentaw illi L MFA m ghandiex “going concern problems” jigifieri L mFA ghanda u se jkolla l mezzi biex thallas id djun taghha meta u kif dovuti. It tezorier spjega dan kollu waqt id diskors tieghu, jigifieri il kummenti tieghek bir rispett kollu huma skorretti.
    Rigward l pagi ta l ufficjali tinsiex hemm 5 ufficjali inkluz il president u dik is somma tinkludi ukoll it taxxa u l bolla, nahseb division taf taghmel   u tinduna li ghal responsabilita li ghandhom ma jithallsux xi affarjiet ta barra min hawn. Fuq il pagi l ohra hija ovvja li jekk jizdiedu l progetti specjalment fit technical centre hija ovvja li ghandek bzonn aktar nies
    Rigward it tmiem tal kuntratt mal buzu u ma john Buttigieg………..hemm bzonn infakkrek li dan il kuntratt ghamlu Dr Mifsud u ghal hames snin?  Min fid dinja jaghmel kuntratt lil coach (anzi coaches ) tan nazzjonal ghal dan it tul ta zmien ? bilfors l MFA kella thallas ghax hekk tghid il ligi u mhux ghax galantoma. 
    Fl ahharnett xtaqt infakkrek li ir rapport kif gie ipprezentat gie approvat unanimament u fl ahhar nett dak li jghodd, issa jekk int trid ikollok l opportunita biex tistaqsi sir delegat u jkollok id dritt kollu  biex tattendi u tistaqsi

    [Reply]

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