Juventus



(63.77% of share capital)

 

 

The following figures refer to the accounting data for the period January 1 – June 30, 2017 drawn up by Juventus F.C. for the purposes of the preparation of the half-year condensed consolidated financial statements of EXOR Group at June 30, 2017.

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Interim data cannot be construed as representing the basis for a full-year projection.
For a correct interpretation of the figures 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. The accounting data under examination thus represents the second half of operations for the financial year 2016/2017.
Profit performance is characterized by the highly seasonal nature typical of the sector, determined mainly by 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 arecollected in a period different from the period to which they refer.

In preparing the accounting data, Juventus Football Club included, whenever significant, the valuations of the negative effects deriving from transactions relating to the 2017/2018 Transfer Campaign-first phase, carried out or in the process of being carried up to the date of July 31, 2017.

However, it cannot be excluded that as this campaign continues, additional transactions will be entered into and their effects, if negative and significant, may require Juventus Football Club to record further impairment and/or accruals, in accordance with generally accepted accounting principles, for the purposes of the preparation of the annual financial statements at June 30, 2017.

The result for the period (January 1 – June 30, 2017) is a loss of €26.6 million (substantially unchanged from the same period of 2016, amounting to €26.7 million). This trend is mainly the result of an increase in revenues of €66.4 million, in operating costs following increased wages and technical staff costs (€37.6 million), other staff costs (€2.8 million), expenses on players’ registration rights (€7.5 million), costs for external services (€10.1 million), purchases of products held for sale (€2.2 million), amortization (€7.8 million) and accruals (€0.5 million), in addition to other net positive changes of €2 million.

Significant events in the first half of 2017 and subsequent events

On April 26, 2017, Juventus sold to Santa Clara Medical S.r.l., the 50% stake of J Medical S.r.l. for € 3.4 million and realized a net gain of €1 million. After this operation J Medical is again jointly controlled by Juventus and Santa Clara, respectively to 50% for each.

On May 8, 2017 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 2017/2018 football season.

On May 29, 2017 Juventus signed with Allianz S.p.A. and Lagardère Sports Germany GMBH (the company which  holds the naming rights), the Agreement relating to the Naming Rights of the Stadium, now called Allianz Stadium. This agreement is effective from 1 July 2017 to June 30, 2023.

On July 17, 2017, Juventus transferred its legal residence to Via Druento 175, Turin located within the new property complex of the J Village Real Estate Fund.

2017 Outlook

In the second half of the year the first phase of the 2017/2018 Transfer Campaign will be concluded and the season will open with, in particular, the Group Stage of the UEFA Champions League; the outcome of this stage could significantly influence the economic performance of Juventus for the financial year 2017/2018  which at present is expected to close with a loss.

As in preceding years, management will continue to be focused on consolidating the company’s medium to long-term financial and economic equilibrium.In preparing the accounting data, Juventus Football Club included, whenever significant, the valuations of the negative effects deriving from transactions relating to the 2017/2018 Transfer Campaign-first phase, carried out or in the process of being carried up to the date of July 31, 2017.

 

 

Commercial Register No.64236277 Legal notes | Credits