JUVENTUS(63.77% of share capital)

 

 

 

 

 

 

The results for the first half of the financial year 2013/2014 of Juventus Football Club S.p.A. are as follows:

  Half I Half I  
€ million 2014/2015 2013/2014 Change
Revenues 156.2 155.2 1.0
Operating costs 119.4 114.1 5.3
Operating income 2.4 11.9 (9.5)
Profit (loss) for the period (6.7) 4.8 (11.5)
Interim data cannot be construed as representing the basis for a full-year projection. For a correct interpretation of the six-month data it should be noted that Juventus’ financial year does not coincide with the calendar year but covers the period July 1 – June 30, which corresponds to the football season. Economic performance is characterized by the highly seasonal nature typical of the sector, determined mainly by participation in football competitions in Europe, particularly the UEFA Champions League, the calendar of sports events and the two phases of the football players’ Transfer Campaign. The financial position and cash flows of Juventus are also affected by the seasonal nature of the income components; in addition, some revenues items are collected in a period different from the recognition period.
  At  
€ million 12/31/2014
6/30/2014
Change
Shareholders' equity 35.5 42.6 (7.1)
Net financial debt 224.0 206.0 18.0

The first half of the financial year 2014/2015 recorded a loss of €6.7 million, with a negative change of €11.5 million compared to the profit of €4.8 million reported in the corresponding period of the prior year. This change is principally due to lower income from the management of players’ registration rights of €6.7 million, higher expenses from the management of players’ rights of €2.3 million, increased players’ wages and technical staff costs of €5.4 million and higher amortization of players’ rights of €4.5 million, partially offset by other net positive changes of €7.4 million. These changes mainly include television and radio rights and media revenues (+€4.8 million), other revenues (+€2.4 million), provision charges net of releases of provisions (-€0.6 million), income taxes (-€1.4 million), net financial expenses (-€0.6 million) and lower costs for external services (+€2.6 million).

Revenues in the first half of 2014/2015 stand at €156.2 million, with an increase of 0.6% compared to €155.2 million in the first half of the 2013/2014.

Operating costs in the first half of 2014/2015 total €119.4 million, with an increase of 4.6% compared to €114.1 million in the same period of the prior year.

Shareholders’ equity at December 31, 2014 amounts to €35.5 million, down from €42.6 million at June 30, 2014 due mainly to the effect of the loss for the six months (-€6.7 million).

Net financial debt at December 31, 2014 amounts to €224 million (€206 million at June 30, 2014). The increase in net financial debt of €18 million is driven by Transfer Campaign payments, (net -€18.8 million), investments in other fixed assets (-€1.2 million), advances made to various suppliers in relation to the Continassa Project (-€0.7 million) and cash flows used in financing activities (-€4 million), partially offset by cash flows from operating activities (+€6.7 million).

Significant events in the first half of the 2014/2015 financial year

Football season

The First Team started its 2014/2015 pre-season training in mid-July at the Juventus Training Centre in Vinovo (Turin), continuing, in August, as part of the Tournée in Australia, Indonesia and Singapore.

On July 11, 2014, the FICG officers, after reviewing the documentation filed by Juventus and materials sent by the Lega Nazionale Professionisti Serie A, issued the National License for the football season underway.

In December 2014, the First Team qualified for the round of sixteen of the UEFA Champions League 2014/2015, ranking second place in its round.

2014/2015 Transfer Campaign – first phase

Purchases and disposals of players’ registration rights

The transactions finalized in the first phase of the 2014/2015 Transfer Campaign, held from July 1 to September 2, 2014, led to a total increase in invested capital of €43.2 million resulting from acquisitions and increases of €53.2 million and disposals of €10 million (net book value of disposed rights).

The net capital gains generated by the disposals totaled €4.7 million. The total net financial commitment of €34.9 million is spread over three years and includes auxiliary expenses and financial income and expenses implicit in deferred receipts and payments.

Receivables due from Finanziaria Gilardi S.p.A. and Campi di Vinovo S.p.A. 

In September and December 2014 instalments were duly collected for €10.7 million as provided in the repayment plan granted to the counterparties in the April 2014 Framework Agreement.

The remaining receivable, guaranteed by a leading bank, amounts to €1.6 million and is due on July 31, 2016.

Significant events subsequent to December 31, 2014

Football season

In March 2015, the First Team qualified for the quarter-finals of the UEFA Champions League 2014/2015 which will be played in April.

In April 2015, the First Team qualified for the finals of the Italian Cup which will be played in June.

2014/2015 Transfer Campaign – second phase

Purchases and disposals of players’ registration rights

The transactions finalized in the second phase of the Transfer Campaign 2014/2015, held from January 5 to February 2, 2015, led to an increase in invested capital of €7.3 million. Disposals will generate net capital gains of €7.1 million in the second half of the financial year.

The total net financial commitment (including auxiliary expenses and financial income and expenses implicit in deferred receipts and payments) is a positive €1.4 million, distributed as follows: -€0.3 million in the second half of the 2014/2015 financial year, +€0.3 million in the 2015/2016 financial year, +€0.3 million in the 2016/2017 financial year and +€1.1 million in the 2017/2018 financial year.

Renewal of players’ contracts

In January 2015 the contract of the player Stephan Lichtsteiner was renewed until June 30, 2017. This extension will result in lower amortization in the second half of the 2014/2015 financial year of about €1.7 million.

Termination of players’ contracts

During the second phase of the 2014/2015 Transfer Campaign the contracts with Sebastian Giovinco and Marco Motta, expiring on June 30, 2015, were terminated by mutual consent. These transactions resulted in the writeoff of the remaining carrying amounts at December 31, 2014 of approximately €2.2 million.

Mutu/Chelsea FC proceeding

On October 1, 2014 the hearing in the Mutu/Chelsea FC case was held at the Tribunal Arbitral du Sport (TAS).

On January 21, 2015, the TAS notified the parties of the arbitration award in its decision which completely rejected the claims made by Chelsea FC and ordered it to pay court costs. This decision has no effect on Juventus’ financial statements, as it was fully aware of its position and had not set aside any provision for the pending litigation.

 

Commercial Register No.64236277 Legal notes | Credits