JUVENTUS(63.77% of share capital)

 

 

 

 

 

The results for the third quarter of the financial year 2014/2015 (corresponding to the period January 1 to March 31, 2015) of Juventus Football Club S.p.A. are as follows:

   QIII  
€ million 2014/2015 2013/2014 Change
Revenues 80.9 74.0 6.9
Operating costs 62.3 57.5 4.8
Operating income 4.5 2.0 2.5
Profit (loss) for the period 0.9 (1.9) 2.8
Interim data cannot be construed as representing the basis for a full-year projection. For a correct interpretation of the figures for the nine months 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 revenue items are collected in a period different from the recognition period.
€ million 3/31/2015
6/30/2014
Change
Shareholders' equity 36.5 42.6 (6.1)
Net financial debt 207.1 206.0 1.1

Profit in the third quarter of financial year 2014/2015 is €0.9 million; the increase of €2.8 million compared to the loss for the corresponding period of the prior year (-€1.9 million) is due mainly to higher recurring revenues (€6.9 million) and non-recurring revenues (€1.8 million) and lower net financial expenses (€0.3 million), partially offset by increased players’ wages and technical staff costs (€2.2 million) and non-sports and technical staff costs (€0.9 million), higher costs of external services (€1.2 million), amortization and writedowns of players’ registration rights (€0.7 million) and other expenses (€0.5 million) 

At March 31, 2015, net financial debt amounts to €207.1 million and increased by €1.1 million compared to the negative balance of €206 million at June 30, 2014. Such increase is due to payments made in connection with the Transfer Campaign (net -€23.7 million), investments in other fixed assets (-€1.8 million), advances paid to various suppliers in relation to the Continassa Project (-€1 million) and cash flows used in financing activities (-€6.2 million), partially offset by cash flows from operating activities (+€31.6 million).

 

Significant events in the first quarter of 2015 and subsequent events

Football season                                                          

In April 2015 the First Team qualified for the semi-finals of the UEFA Champions League and the finals for the Italian Cup.

On May 2, 2015 the First Team won, for the fourth consecutive year and four days ahead of the football season’s end, the Serie A Championship  2014/2015 (33rd championship in its history) and moved into the Group Stage of the UEFA Champions League 2015/2016. 

UEFA Licenses

On May 8, 2015 the FIGC First Level Commission for UEFA licenses examined the documentation filed and checked its conformity with the criteria and parameters established by regulations and issued the UEFA license to Juventus for the 2015/2016 football season. 

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 €7.8 million arising from acquisitions of €14.1 million and sales of €6.3 million. The sales generated net gains of €7.1 million.

The total net financial commitment (including auxiliary expenses and financial income and expenses implicit in deferred receipts and payments) is a positive €1.5 million, distributed as follows: -€0.2 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 of approximately €2.2 million.

Direct management of licensing and merchandising activities

On March 31, 2015 Juventus informed adidas, as permitted by the agreements reached on October 23, 2013, of its decision to manage directly the licensing and merchandising activities starting from July 1, 2015.

Juventus has consequently begun all the necessary internal projects at an organizational and operational level including that of implementing a new information system able to also control these new activities.

Mutu/Chelsea FC proceedings

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. The proceedings are definitely closed.

Commercial Register No.64236277 Legal notes | Credits