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SBD Global/July 28, 2014/Finance

South African FA Expecting A Profit From Past Year After Losing 46M Rand In '12-13

The South African FA expects to make a "complete financial turnaround and even report a profit when the final numbers are tallied by auditors for the year ended June 30," according to Mninawa Ntloko of BD LIVE. SAFA reported a loss of 46M rand in the '12-13 financial year, but SAFA CEO Dennis Mumble said that it had projected a "move back into the black after implementing a series of measures that reduced costs drastically." The senior men's and other national teams were "asked not to book luxury accommodation during their travels around the world, as part of the cost-reduction exercise." Players and officials were "also told to fly economy class regardless of the length of the flights." Mumble: "We managed to save between R30 million and R35 million from those cost-saving measures alone." Mumble said the "bulk of the deficit was caused by assets acquired" from FIFA after the 2010 World Cup, and not from "cash losses." SAFA had to "impair some of those assets, incurring large debt associated with the depreciation, and which reflected negatively on the balance sheet." A "high monthly insurance bill was paid for buses that stood idle outside Safa House and depreciated after the World Cup" (BD LIVE, 7/24).
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