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Irish association earns 50 percent increase in operating surplus
R. of Ireland - 26 July, 2006
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The Football Association of Ireland (FAI) reported a surplus of EUR 4,200,309 for the year ended 31 December 2005.
That amount is an increase of EUR 1,368,522 – 50 percent – on the EUR 2,831,787 achieved in 2004. The increased operating surplus was achieved by growing turnover and also by improved management of the association's cost base.
Turnover for 2005 was EUR 23,736,329, up from EUR 20,507,620 in 2004, an increase of EUR 3,228,709, or 16 percent. This came through continued increased commercial income.
The cost of sales increased by EUR 1,624,478, or 12 percent, to EUR 14,836,496, which reflected the further continued implementation of the Technical Development Plan.
Administration expenses increased by EUR 300,000, or 7 percent, to EUR 4,770,323 from EUR 4,456,472 in 2004 after taking the benefit of recovering EUR 300,000 loan to Centime Limited that previously was written off. Interest payable and other income have improved as a result of the benefits of improved cash flow.
A major financial success in 2005 was the focus on cash generation, which resulted in the Association increasing its financial assets (EUR 9,424,365) and bank and cash balances (EUR 1,601,558) to EUR 11,025,923, up EUR 5,012,602 on the EUR 6,013,321 at the previous year's end.
The FAI attributed this operating improvement not just to the operating surplus but by close management of and improvements in the association's working capital. The association's net assets now stand at EUR 9,176,523, an increase of EUR 1,975,193 in the year, reflecting the benefit of the retained surplus.
Directors' remuneration decreased 19 percent, or EUR 82,708, from EUR 425,722 to EUR 343,017. Staff wages and salaries, and other employment related costs, increased by 14 percent at EUR 579,796 to EUR 4,706,107 from EUR 4,126,311 in 2004.
Nine percent of turnover – EUR 2.08 million – was provided through the Irish Sports Council in 2005, of which EUR 80,000 was specifically in relation to women in the sport participation programme.
That amount is an increase of EUR 1,368,522 – 50 percent – on the EUR 2,831,787 achieved in 2004. The increased operating surplus was achieved by growing turnover and also by improved management of the association's cost base.
Turnover for 2005 was EUR 23,736,329, up from EUR 20,507,620 in 2004, an increase of EUR 3,228,709, or 16 percent. This came through continued increased commercial income.
The cost of sales increased by EUR 1,624,478, or 12 percent, to EUR 14,836,496, which reflected the further continued implementation of the Technical Development Plan.
Administration expenses increased by EUR 300,000, or 7 percent, to EUR 4,770,323 from EUR 4,456,472 in 2004 after taking the benefit of recovering EUR 300,000 loan to Centime Limited that previously was written off. Interest payable and other income have improved as a result of the benefits of improved cash flow.
A major financial success in 2005 was the focus on cash generation, which resulted in the Association increasing its financial assets (EUR 9,424,365) and bank and cash balances (EUR 1,601,558) to EUR 11,025,923, up EUR 5,012,602 on the EUR 6,013,321 at the previous year's end.
The FAI attributed this operating improvement not just to the operating surplus but by close management of and improvements in the association's working capital. The association's net assets now stand at EUR 9,176,523, an increase of EUR 1,975,193 in the year, reflecting the benefit of the retained surplus.
Directors' remuneration decreased 19 percent, or EUR 82,708, from EUR 425,722 to EUR 343,017. Staff wages and salaries, and other employment related costs, increased by 14 percent at EUR 579,796 to EUR 4,706,107 from EUR 4,126,311 in 2004.
Nine percent of turnover – EUR 2.08 million – was provided through the Irish Sports Council in 2005, of which EUR 80,000 was specifically in relation to women in the sport participation programme.
Source: euFootball.BIZ © Copyright 2006 -
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