FAI Finances thread

 INCOME AND EXPENDITURE Overall our turnover was €49.0m (2016: €50.4m). The revenue in 2017 decreased in comparable terms due to the receipt of a significant 4-yearly grant in 2016. Annual operating income year-onyear remained stable with Match, Commercial, Technical and other income solidifying the long-term future of the Association. The Irish Sports Council/Sport Ireland continued to provide strong support to the Association by allocating €2.7m in grants (2016: €2.7m) to the FAI’s football programmes. The Association continued to have strong sponsorship income which was €8.3m in 2017 (2016: €8.2m). These partnerships include strong companies like Aviva, 3Mobile, Toplion (New Balance), Diageo, Ford, Airtricity, Continental Tyres, Spar, BOI, Irish Daily Mail, Celtic Pure, Trackchamp Bwin, DID Electrical, Ladbrokes, Tetrarch, EA Sports, Panini, O’Driscoll O’Neill, Bartoni, Kepak, Ipro Sport, Fota Island Resort and Castleknock Hotel. The Association continued to work at reducing costs and implemented a number of cost saving measures in 2017. Cost control will continue to be a key priority for the Association together with a strong focus on revenue generation to ensure the Association is positioned to meet its financial commitments and invest in the future of the game. 2017 was our seventh full year in the Aviva stadium where the amortisation costs for 2017 were €1.4m (2016: €1.4m). In addition to amortisation, bank and other charges relating principally to borrowings to support the construction of the stadium amounted to €2.0m (2016: €4.7m). Following the successful refinance of bank loans with Bank of Ireland during 2016, the Association benefited from a lower interest rate on a lower principal. Our development and operating grants were €2.4m (2016: €2.3m) which shows our commitment to providing funding at all levels of the game. The underlying retained surplus was €2.8m after taking all income, expenditure, investment income, interest costs, amortisation, grants into account.

FINANCIAL REVIEW 2017 OVERVIEW BALANCE SHEET As at 31 December 2017, the Association had net assets of €22.4m, an increase of €2.8m from 2016. The Association has assets of €93.4m and net borrowings of €39.6m. Once these borrowings are repaid, the Association will realise the full benefit of owning its own stadium, which will allow for significant funding to be invested in to the game in Ireland.

FUNDING AND FUTURE CHALLENGES The Association recognises the current economic climate throughout the country and the common challenges faced by all businesses in Ireland. The Association remains committed to securing long term revenue streams including the UEFA TV contract which came in to effect in 2014 and currently extends to 2022, UEFA Hattrick Programme funding and commercial contracts. These revenues, allied to future income from the resale of Stadium naming rights and premium seats, our strong day-to-day revenues, provides a strong foundation for the Association. We continue to challenge our costs to ensure we meet our financial obligations while focussing on growing revenue and generating funds to strengthen our game for future generations.