(63.77% of share capital)




The following data and comments are taken from the interim report of Juventus Football Club S.p.A. at March 31, 2014 for the third quarter of 2013/2014 (corresponding to the period January 1, to March 31, 2014).

€ million 2013/2014 2012/2013 Change
Revenues 74.0 74.1 0.1
Operating costs 57.5 54.8 2.7
Operating income 2.0 5.8 (3.8)
Profit (loss) for the period (1.9) 2.6 (4.5)
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 participation in competitions in Europe, particularly the UEFA Champions League, the calendar of sports 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.
€ million 3.31.2014 6.30.2013 Change
Shareholders' equity 51.6 48.6 3.0
Net financial debt (198.9) (160.3) (38.6)

The third quarter of the financial year 2013/2014 closed with a loss of €1.9 million, posting a negative change of €4.5 million compared to the profit reported in the corresponding period of the prior year (€2.6 million). The negative change is essentially due to the increase in players’ wages and technical staff costs (-€4.8 million), lower television and radio rights and media revenues (-€4.1 million), higher provisions and other impairments
(-€0.8 million), higher net financial expenses (-€0.5 million) and higher income taxes (-€0.2 million). These negative changes were partially offset by higher income from the management of net players’ registration rights (+€3.4 million), lower other expenses (+€1.9 million) and higher revenues from matches (+€1.3 million).

Net financial debt at March 31, 2014 amounts to €198.9 million and shows an increase of €38.6 million compared to the balance of €160.3 million at June 30, 2013. This increase is principally attributable to the disbursements for the Transfer Campaigns (-€43.3 million), advances paid to the City of Turin and to various suppliers on the Continassa Project (-€5.4 million), investments in other fixed assets (-€5 million), flows from investment activities
(-€5.6 million) and other net changes (-€0.4 million), partially compensated by cash flows from operating activities (+€21.1 million).

Significant events in the few months of 2014

Football season

On May 4 for the third straight time the First Team won the Serie A Italian Championship 2013/2014 (32nd title win in its history) and gained direct access to the Group Stage of the UEFA Champions League 2014/2015.

As for the other competitions, the First Team was eliminated in the semifinals from the UEFA Europa League and in the quarterfinals of the Italian Cup.

Transfer Campaign 2013/2014 – second phase

Acquisitions and disposals

The transactions finalized in the second phase of the Transfer Campaign 2013/2014 led to an overall net increase in invested capital of €7.6 million as a result of acquisitions for €8.1 million and disposals for €0.5 million (net carrying amount of rights sold).

The disposals generated net capital gains of €6.8 million.

The total net financial receipts (including capitalized auxiliary expenses as well as financial income and expenses implicit on deferred receipts and payments) amount to €0.2 million.


Effective March 1, 2014, the contract of the football player Kwadwo Asamoah was extended to June 30, 2018. As a result of the extension amortization charges will be €0.8 million lower for the year 2013/2104.

The Continassa Area Project

At the beginning of January 2014 Juventus granted Beni Stabili Gestioni S.p.A. – Società di Gestione del Risparmio (“BSG”) the exclusive assignment to set up a real estate investment fund for the purpose of developing the Continassa Project (“Fund”).

BSG, with assistance and cooperation from Juventus, is working to obtain the financial resources needed by the Fund to complete the Continassa Project, both using equity from third party investors and through financial borrowing.

Furthermore, Juventus and BSG are working together to complete the administrative process to select the designers and construction companies, as well as the managers of the businesses that will be located in the area.

Over a time frame of four years, the Continassa Project provides for the urban development and revitalization of an area of around 180,000 square meters, adjacent to the Juventus Stadium, on which Juventus has acquired a
99-year renewable long-term lease, which will be transferred and/or sold to the Fund.

Using a total Gross Floor Area of 38,000 square meters, the new Training and Media Center for the First Team will be developed, as well as the new registered office of Juventus, a hotel, services dedicated to people and businesses, and private residences.

Project for the development of the Juventus Training Center at Vinovo

As part of the project for the reorganization of the Juventus Training Center at Vinovo, which began two years ago with the realization of Juventus College and which will continue with the move of the First Team to the new training center that will be built in the Continassa area, in April 2014 Juventus reached a preliminary agreement with Campi di Vinovo S.p.A. for the purchase of some land adjacent to the sports center which, in perspective, will be entirely dedicated to the “youth sector”.

The land in question, with an area of about 22,900 square meters and a Gross Floor Area destined for tertiary purposes of 11,830 square meters, will give the company new areas in the future for a possible expansion of the center and/or related activities

The consideration on the acquisition of the land (which will be delivered completely urbanized and inclusive of the relative development rights) was set at €10.8 million. This investment does not require cash disbursements since the payments due to Campi di Vinovo will have the same due date as the collection of receivables still due by Juventus from Campi di Vinovo.

Moreover, Juventus is in the process of purchasing from the City of Vinovo for €100 thousand the development rights needed for the maintenance of the pressostatic structure of one of the training fields or to convert it into a permanent structure. 

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

In reference to the receivables due from Finanziaria Gilardi S.p.A. and Campi di Vinovo S.p.A., totaling €6.9 million and €10.3 million, respectively, and due December 31, 2013, Finanziaria Gilardi S.p.A. proposed further deferral of the payment to Juventus given the serious crisis which has affected all economic and financial sectors, as well as the delayed completion of the development of the "Mondo Juve – Parco Commerciale” compared to the timetable.

In February 2014 Juventus, based on the above arguments and against payment by Finanziaria Gilardi S.p.A. of €2 million on December 31, 2013, granted the counterparties deferral of payment of the total remaining amount due of €14.4 million according to the following due dates: €2 million by September 30, 2014, €4 million by December 31, 2015 and €8.4 million by July 31, 2016. Interest will be earned on the installments at market rates starting from January 1, 2014.

In April, after a preliminary agreement was reached for the purchase of the land described in the preceding paragraph, this timing was changed as follows: €2,1 million by April 30, 2104 (already collected), €2 million by September 30, 2014, €8.7 million by December 31, 2014 and €1.6 million by July 31, 2106. For Juventus, the collections of the first three instalments coincide with the disbursements for the acquisition of the land; the collection of the remaining receivable of €1.6 million is covered by a guarantee from a leading bank.

Commercial Register No.64236277 Note legali | Credits