(63.77% of share capital)





The following figures refer to the accounting data for the period January 1 – June 30, 2014 drawn up by Juventus F.C. for purposes of the preparation of the half-year condensed consolidated financial statements of the EXOR Group at June 30, 2014.

  Half ended  
€ million 6/30/2014 6/30/2013 Change
Revenues 160.1 134.4 25.7
Operating costs (132.2) (124.9) (7.3)
Operating income (2.6) (22.5) 19.9
Loss for the period (11.1) (28.6) 17.5
€ million 6/30/2014 12/31/2013 Change
Shareholders' equity 43.0 53.5 (10.5)
Net financial debt 206.0 188.0 18.0
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. The accounting data under examination thus represents the second half of operations for the year 2013/2014. Economic 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 are collected in a different period than 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 Transfer Campaign transactions, carried out or in the process of being carried up to the date of July 31, 2014.

However, it cannot be excluded that in continuing the players’ Transfer Campaign significant events may arise that require Juventus Football Club to record further writedowns and/or accruals, in accordance with generally accepted accounting principles, for purposes of the preparation of the financial statements at June 30, 2014, which are expected to be approved on September 23, 2014.

The loss for the period (January 1 – June 30, 2014) is €11.1 million, recording a positive change of €17.5 million compared to the loss of €28.6 million reported for the same period of the prior year. This change is due, for the most part, to an increase in revenues of €25.7 million, offset in part by increased operating costs from higher players’ wages and technical staff costs (€7.3 million), as well as other net negative changes of €0.9 million. The latter mainly include income taxes (€1.5 million) and higher net financial expenses (€0.8 million), reduced in part by lower amortization of players’ registration rights (€1.2 million).

Shareholders’ equity at June 30, 2014 is €43 million and shows a decrease compared to the balance of €53.5 million at December 31, 2013 mainly due to the effect of the loss recorded for the period (-€11.1 million).

Net financial debt at June 30, 2014 amounts to €206 million, posting an increase of €18 million over the net financial debt balance of €188 million at December 31, 2013.

Significant events in the first half of 2014 and subsequent events

Football season

On May 4, 2014 the First Team won the Serie A Italian Championship 2013/2014 for the third year in a row (32nd title win in the team’s history) and gained direct access to the Group Stage of the next UEFA Champions League 2014/2015. As for other competitions, the First Team was eliminated from the semifinals of the UEFA Europa League, and the quarterfinals of the Italian Cup.

UEFA licenses

On May 12, 2014, the UEFA first instance licensing committee at FIGC, once the documentation submitted was examined and compliance with the criteria and parameters required by regulations was verified, issued Juventus a UEFA license for the 2014/2015 football season.

Transfer Campaign  – second phase January 2014

The transactions finalized in the second phase of the 2013/2014 led to a net increase in invested capital of €7.6 million as a result of acquisitions of €8.1 million and disposals of €0.5 million (net book value of disposed rights).

The net capital gains generated by the disposals total €6.8 million.

Continassa 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.

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 contributed and/or sold to the Fund.

Using a total gross buildable 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.

The administrative procedures for the Continassa Project were concluded with the approval of the Agreed Executive Plan (PEC) by the City of Turin on July 22, 2014 and the signing of the relative agreement on August 4, 2014.

Development project for the Juventus Training Center at Vinovo

As part of the reorganization project for the Juventus Training Center at Vinovo, which began two years ago with the construction of Juventus College and 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. to purchase some land adjacent to the sports center which is planned to be entirely dedicated to the youth sector.

The land in question, with an area of about 22,900 square meters and a gross buildable area destined for tertiary purposes of 11,830 square meters, will give the company new areas in the future to use for expansion of the center and/or connected activities.

The price for the purchase of the land (which will be delivered completely urbanized and inclusive of the relative building permits) has been set at €10.8 million. This investment does not require any cash outlays since the payments due to Campi di Vinovo will have the same due date as the collection of receivables still owed to Juventus by Campi di Vinovo.

Moreover, the building permits needed for maintaining the air dome of one of the training fields or converting it into a permanent structure has been purchased from the City of Vinovo for €100 thousand.

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 the total remaining receivables 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.

In April, following a preliminary agreement for purchase of the land described in the preceding paragraph, the due dates were changed as follows: €2.1 million by April 30, 2014 (already collected), €2 million by September 30, 2014, €8.7 million by December 31, 2014 and €1.6 million by July 31, 2016. For Juventus, the collections of the first three instalments coincide with the outlays for the acquisition of the land; the collection of the remaining receivable of €1.6 million is secured by a guarantee from a leading bank.

First Team Coach

On July 15, 2014, the company and coach Antonio Conte mutually agreed to terminate their relationship and since July 17, 2014 the First Team is coached by Massimiliano Allegri.

Renewal of Jeep sponsorship contract

On June 30, 2014 with the signing of a modifying addendum that became effective on July 31, 2014, Juventus and Fiat extended the sponsorship agreement of the Juventus football jersey until June 30, 2021. The previous agreement was signed in April 2012 and covered the next three football seasons.

Fiat Group Automobiles will continue to be the sole jersey sponsor of Juventus in all competitions for annual consideration of €17 million starting from the 2015/2016 football season, in addition to the supply of Fiat Group vehicles for promotional purposes and variable bonuses determined based on sporting results achieved by Juventus in national and international competitions. Precisely because of the exceptional nature of the results already achieved, Fiat Group Automobiles recognized an extraordinary bonus in the 2013/2014 football season amounting to €6 million.


Commercial Register No.64236277 Note legali | Credits