AN INCREASED INVESTMENT IN CLUB FACILITIES OF €9.4 MILLION OVER THREE YEARS

Antoine Portelli presented the financial report for the year ending 31st May 2013. The total income of the MFA for the year under review was eur 7.54mln which represented an increase over 2012 of over 1.7mln. Mfa reported an Operating profit before interest and extraordinary items of eur 2.3 mln which represented an increase of eur 1.32 mln over 2012.  Mr Portelli gave detail of the investment made in clubs' infrastructure during this administration which amounted to over 12.4 MLn  euro (excluding government grants) an increase of over 9M euro over the previous  administration. The expenditure for the year amounted to EUR 5.2mln ,an increase of EUR 668k over the preceding year.The outgoing treasurer also gave details of the eur 2mln  investment made in the MFA s own infrastructure , which included amongst others a complete refurbishment in the national stadium VIP area, technical centre, referees headquarters, IT and electronic turnstiles . Mr Portelli compared the 3 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 EUR 3.62 MLN in revenue and EUR 1.5MLN increase in profits.  Antoine Portelli highlighted the fact that under the presidency of Norman Darmanin Demajo the MFA invested in clubs' infrastructure over four times that invested during the period 2008/2010.  Mr 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.