(63.77% of share capital)




The following figures of Juventus Football Club S.p.A. for the first quarter 2014/2015 (corresponding to the period July 1 to September 30, 2014) are taken from its Interim Report at September 30, 2014.

   Q I  
€ million 2014/2015 2013/2014 Change
Revenues 53.3 55.6 (2.3)
Operating costs (62.3) (55.9) (6.4)
Operating income (24.5) (14.9) (9.6)
Loss for the period (28.6) (18.4) (10.2)
€ million 9/30/2014 6/30/2014   Change
Shareholders' equity 14.1 42.6 (a) (28.5)
Net financial debt 216.9 206.0   10.9
(a) Figure refers to the financial statements for the year ended June 30, 2014. It does not coincide with the figure relating to the accounting data for the period January 1 – June 30, 2014 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 2014. 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 2014/2015 ended with a loss of €28.6 million, a negative change of €10.2 million compared to the loss of €18.4 million for the same period of the period year. Such performance is due to lower income from the management of players’ registration rights of €7 million, only partially compensated by an increase in other revenues of €4.7 million, in addition to increases in operating costs of €6.4 million and other net negative changes of €1.5 million. The latter include higher amortization of players’ registration (€0.8 million), net financial expenses (€0.4 million), income taxes (€ 0.2 million) and other amortization and depreciation charges (€0.1 million).

Shareholders’ equity at September 30, 2014 is €14.1 million, a decrease from €42.6 million at June 30, 2014 mainly on account of the reported loss for the period of €28.6 million.

At September 30, 2014 net financial debt amounts to €216.9 million, or €10.9 million more than the negative balance of €206 million at June 30, 2014. The increase is due to net payments made in connection with the Transfer Campaigns (-€5 million), advances paid to suppliers on the Continassa Project (-€0.4  million), investments in other fixed assets (-€0.7 million) and cash flows used for financing activities (-€7  million), partially compensated by higher cash flows provided by operating activities (€2.2 million).

Significant events in the first quarter of 2014 and subsequent events

Football season

The First Team started their 2014-2015 pre-season training in mid-July at the Juventus Training Centre in Vinovo (Turin), continuing, in August, as part of the Tournée in Australia, Indonesia and Singapore.
On July 11, 2014, 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.

2014/2015 Transfer Campaign – first phase

The transactions finalized in the first phase of the 2014/2015 Transfer Campaign, held from July 1 to September 2, 2014, led to a total increase in invested capital of €37 million resulting from acquisitions of €47.1 million and disposals of €10.1 million (net book value of disposed rights).
The net capital gains generated by the disposals totaled €4.7 million.
The total net financial commitment, distributed over three years, including auxiliary expenses and financial income and expenses implicit in deferred receipts and payments, came to € 35.4 million.
New guarantees were issued for payments for a total of €4.7 million.

First Team Manager

Starting from July 17, 2014 the new First Team Manager is now Massimiliano Allegri, replacing Antonio Conte, whose contract was terminated by mutual agreement on July 15, 2014.

2014/2015 Season Ticket Campaign

The Season Ticket Campaign for the 2014/2015 football season closed with the sale of all the 28,000 available season passes, for net revenues of €20.8 million (€20.2 million the previous season), including Premium Seats and additional services.

Pending litigation

On October 30, 2014 Nike European Operations Netherlands B.V. (Nike) served notice to Juventus of the filing of a notice of arbitration with the intent to initiate recourse to arbitration for alleged violations of the November 16, 2001 sponsorship contract. At this time no concrete proof has been provided to support Nikes’ claim. Juventus will enter an appearance to assert its rights.

Resolutions passed by the ordinary shareholders’ meeting held on October 24, 2014

The shareholders’ meeting held on October 24, 2014 approved the financial statements for the year ended June 30, 2014 which reported a loss of €6.7 million that was covered by utilizing the share premium reserve. As a consequence, no dividends were declared.
The shareholders’ meeting approved the Compensation Report in accordance with art. 123-ter of Legislative Decree 58/98.


Commercial Register No.64236277 Note legali | Credits