(63.77% of share capital)




The following figures for the first quarter 2015/2016 (corresponding to the period July 1 to September 30, 2015) of Juventus Football Club S.p.A. are taken from its Interim Report at September 30, 2015.

  Q I
€ million 2015/2016 2014/2015 Change
Revenues 105.0 53.3 51.7
Operating costs
(76.5) (62.3) (14.2)
Operating income (loss)
20.7 (24.5) 45.2
Profit (loss) for the period
16.8 (28.6) 45.4
€ million 09/30/2015 06/30/2015   Change
Shareholders' equity 61.5 44.6 (a) 16.9
Net financial debt (195.7) (188.9)   (6.8)
(a) The figure refers to the financial statements for the year ended June 30, 2015. It does not coincide with the figure relating to the accounting data for the period January 1 – June 30, 2015 prepared by Juventus Football Club for the first half consolidation in EXOR, owing to transactions that occurred subsequent to the approval of EXOR’s Half-year Financial Report. The effect of such transactions, for EXOR, is presented in the third quarter of 2015. The interim data cannot be construed as representing the basis for a full-year projection. For a correct interpretation of the data it should be noted that the financial year of Juventus 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 European competitions, particularly the UEFA Champions League, the calendar of football events and the two phases of the players’ Transfer Campaign. The financial position and cash flows of the company are also affected by the seasonal nature of the income components; in addition, some revenue items are collected in a different period than the period to which they refer.

The first quarter of the financial year 2015/2016 closed with a profit of €16.8 million which shows a positive change of €45.4 million compared to a loss of €28.6 million in the corresponding period of the prior year. This performance is due to higher income on player transactions of €28.7 million and the overall increase in recurring revenues of €23 million, in addition to non-recurring net revenues of €10.6 million. Such increases were partially offset by higher technical staff costs of €9.7 million, higher costs for external services of €2.5 million, higher amortization of players’ registration rights of €2.8 million as well as other net negative changes of €1.9 million. The latter mainly include increased costs for the purchase of merchandising goods (€0.8 million), for non-sports and technical staff (€0.9 million) and, for player transactions (€0.5 million) and lower net financial expenses (€0.5 million).

Significant events in the first quarter of 2015 and subsequent events

Football season

The First Team began its 2015-2016 pre-season training in mid-July at the Juventus Training Center in Vinovo (Turin).
On July 10, 2015, 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.
On August 8, 2015 the First Team won the seventh Italian Super Cup in its history.

2015/2016 Transfer Campaign – first phase

Purchases and disposals of players’ registration rights

The transactions finalized in the first phase of the 2015/2016 Transfer Campaign, held from July 1 to August 31, 2015, led to a total increase in invested capital of €114.7 million resulting from acquisitions and increases of €134.9 million and disposals of €20.2 million (carrying amount of disposed rights). The net gains generated by the disposals amount to €33.8 million.
The total net financial commitment, including auxiliary expenses and financial income and expenses implicit in deferred receipts and payments, is €88 million, spread over four years. New guarantees were issued for payments for a total of €75.8 million.

Renewal of players’ contracts

During the early months of the 2015/2016 financial year the contracts for the players Leonardo Bonucci, Claudio Marchisio and Daniele Rugani were renewed to June 30, 2020.
The extension of these contracts results in lower amortization of approximately €1.3 million during the financial year 2015/2016.

Resolution of players’ contract

In the month of July 2015 the contract of Andrea Pirlo expiring on June 30, 2016 was terminated by mutual consent, without any economic or financial effects.

Direct management of licensing, merchandising and soccer school activities

Reopening their doors on July 1, 2015, following Juventus’ decision to directly manage licensing and merchandising activities, are the Torino City Center store at Via Garibaldi in Turin and the Stadium Megastore at Centro Commerciale Area 12 adjacent to the Juventus Stadium, completely renovated in collaboration with the new sponsor Adidas.
The activities, existing contracts and employees of Juventus Merchandising (a company in the Nike group) were transferred to Juventus under the sale of the relative business on June 30, 2015. The internal structure which is responsible for licensing, retail and soccer school activities is composed of 35 resources.

2015/2016 Season ticket campaign

The season ticket campaign for the year 2015/2016 football season closed with the subscription of all 28,000 available season passes for net proceeds of €21.6 million (€20.8 million in the previous season), including Premium Seats and additional services.

Continassa Project: start-up of the J Village real estate fund

During the month of July Accademia SGR S.p.A., the asset management company controlled by Banca del Sempione S.A., started up operation of the “J Village” Real Estate Fund for the redevelopment and upgrading of most of the Continassa Area adjacent to the Juventus Stadium, promoted by Juventus.
Specifically, Accademia SGR has obtained investment commitments from various subscribers for a total of €53.8 million and finalized a loan agreement in the first part of August with the lending institutions of the J Village Fund, UBI Banca S.c.p.A. and Unicredit S.p.A., for a maximum of €64.5 million.
Following these events the act of June 30, 2015 became effective whereby Juventus transferred the title on the long-term lease to the J Village Fund for an area of approximately 148,700 square meters and the relative building permits for 34,830 square meters of Gross Floor Area (GFA) for a total equivalent of €24.1 million, determined based on an estimate report drawn up by an independent expert as per Ministerial Decree 30 of March 5, 2015.
For this transfer, which generates net income of approximately €10.3 million in the 2015/2016 financial year, Juventus received shares of the J Village Fund for the value of €24.1 million.
The City of Turin has already issued the building permits for the infrastructure works, the International School, the Hotel, the new Training and Media Center of Juventus’ First Team, which were requested by Juventus in the past months.
Construction of Juventus’ new registered office, which today is thought can be built on the old Cascina Continassa lot, and a building which will house commercial and innovative entertainment activities (Concept Store) will complete the project.
Accademia SGR has entrusted Pessina Costruzioni S.p.A. with the construction of the new registered office, the Hotel, the International School, the Concept Store and the infrastructure works; Costruzioni Generali Gilardi S.p.A. has been awarded the contract related to the new Training and Media Center.
The job schedule calls for all the works to be delivered by the beginning of summer 2017.
Juventus has maintained the ownership of the long-term lease on a residual area of approximately 27,300 square meters and building permits on 3,170 square meters of GFA.
In addition, Juventus started the works for a project to secure the Cascina Continassa complex, as authorized by the Commission of Artistic and Landscape Heritage of the City and Province of Turin.
The works will ensure any reusable buildings in the complex are made structurally sound, allowing for the removal of the huge quantities of rubble and rubbish as well as any unstable structures. All of this will be done in conditions of absolute safety for the operators. Cascina Continassa, an area dating back to the beginning of the 18th century has deteriorated rapidly over the past decades and is now in a poor state of preservation.

Resolutions by the ordinary shareholders’ meeting of October 24, 2015

The ordinary shareholders’ meeting of Juventus Football Club S.p.A approved the financial statements at June 30, 2015 which closed with a net income of €2.3 million entirely allocated to reserves. Dividends were not therefore distributed.
The shareholders’ meeting established the number of members of the Board of Directors at 12 for the financial years 2015/2016, 2016/2017 and 2017/2018, and appointed the following directors: Andrea Agnelli, Maurizio Arrivabene, Giulia Bongiorno, Paolo Garimberti, Assia Grazioli-Venier, Caitlin Hughes, Daniela Marilungo, Giuseppe Marotta, Aldo Mazzia, Pavel Nedved, Francesco Roncaglio and Enrico Vellano. The directors Giulia Bongiorno, Paolo Garimberti, Assia Grazioli-Venier, Caitlin Hughes and Daniela Marilungo have declared that they possess the requisites of independence.

The Board of Statutory Auditors was also appointed and is composed of Paolo Piccatti (Chaiman), Silvia Lirici and Roberto Longo. The alternate auditors appointed were Nicoletta Paracchini and Roberto Petrignani.
Finally, the shareholders’ meeting approved the Remuneration Report pursuant to art. 123-ter of Legislative Decree 58/98.
At the end of the shareholders’ meeting, Juventus held a meeting of the Board of Directors which confirmed Andrea Agnelli as Chairman, and Giuseppe Marotta and Aldo Mazzia as Chief Executive Officers and, finally, appointed Pavel Nedved Vice Chairman and confirmed Paolo Garimberti as Chairman of J Museum.
After having verified the existence of the requisite of independence of the directors Giulia Bongiorno, Paolo Garimberti, Assia Grazioli-Venier, Caitlin Hughes and Daniela Marilungo, the board appointed the following Committees:

  • Appointments and Remuneration Committee composed by Paolo Garimberti (Chairman), Assia Grazioli-Venier and Caitlin Hughes; 
  • Control and Risk Committee composed by Daniela Marilungo (Chairman), Paolo Garimberti and Assia Grazioli- Venier.

The Supervisory Board was also appointed pursuant to Legislative Decree 231/2001, composed by Alessandra Borelli, Guglielmo Giordanengo and Patrizia Polliotto.

Summons in lawsuit filed by Giuseppe Gazzoni Frascara

On October 13, 2015 Juventus was summoned to appear in a lawsuit for damages totaling approximately €34.6 million filed by Mr Giuseppe Gazzoni Frascara.
The hearing is scheduled for March 29, 2016 in the Rome Court.
To date Mr Frascara has not provided any evidence to support Juventus’ liability and the above claim for damages.

Commercial Register No.64236277 Legal notes | Credits