(63.77% of share capital)




The following figures refer to the accounting data for the period January 1 – June 30, 2015 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, 2015.

  Half ended  
€ million 6/30/2015
Revenues 192.0 160.1 31.9
Operating costs (144.4) (132.2) (12.2)
Operating income (loss) 18.6 (2.6) 21.2
Profit (loss) for the period 10.2 (11.1) 21.3
€ million 6/30/2015
Shareholders' equity 45.8 35.5 10.3
Net financial debt (188.9) (224.0) 35.1
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 2014/2015. Profit performance is characterized by the highly seasonal nature typical of the sector, determined mainly by the calendar of sports events and the two phases of the football players’ Transfer Campaign. The financial position and cash flows of Juventus are also affected by the seasonal nature of the income components; in addition, certain revenue items are collected in a period different from the recognition period.

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, 2015.
However, it cannot be excluded that as the players’ Transfer Campaign continues, additional transactions will be entered into and their effects, if negative and significant, may 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, 2015, which are expected to be approved on September 11, 2015.

Profit for the period (January 1, – June 30, 2015) is €10.2 million, an increase of €21.3 million compared to the loss of €11.1 million in the corresponding period of the prior year. This change is due mainly to the increase in revenues of €31.9 million, partially offset by higher operating costs following increased wages and technical staff costs (€7 million) and non-sports and technical staff costs (€1.9 million), in addition to other net negative changes of €1.7 million. The latter include primarily higher other expenses (€1.5 million), amortization (€1.1 million), expenses from players’ registration rights (€1 million), costs for external services (€0.9 million) and income taxes (€0.7 million), partially offset by higher non-recurring revenues (€1.8 million), release of provisions (€1 million) and lower net financial expenses (€0.9 million).

Significant events in the first half of 2015 and subsequent events

Football season

On May 2, 2015 the First Team won, for the fourth consecutive year and four days ahead of the football season’s end, the Serie A Championship 2014/2015 (33rd championship in its history) and moved into the Group Stage of the UEFA Champions League 2015/2016.
On May 20, 2015 the First Team secured the tenth Italian Cup win of its history.
After having passing the Group Stage and eliminated, in order, Borussia Dortmund, Bayern München and Real Madrid, on June 6, 2015 the First Team played the UEFA Champions League finals in Berlin losing 1 to 3 against Barcelona.

UEFA Licenses

On May 8, 2015 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 2015/2016 football season.

Transfer Campaign (January and June phases)

Purchases and disposals of players’ registration rights

The transactions finalized in the second phase of the Transfer Campaign 2014/2015 overall led to an increase in invested capital of €9 million arising from acquisitions of €21.4 million and sales of €12.4 million (net carrying amount of the rights sold).
The sales generated net gains of €15 million, mainly in reference to Domenico Berardi (€6.6 million), Luca Castiglia (€1.3 million) and Manolo Gabbiadini (€1.2 million).

Renewal of players’ contracts

In January 2015 the contract of the player Stephan Lichtsteiner was renewed to June 30, 2017.

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

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 project of most of the Continassa Area, adjacent to the Juventus Stadium, promoted by Juventus Football Club S.p.A.
Accademia SGR has handled collection of investment commitments of various subscribers for a total of €53.8 million and finalized the binding agreement 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 notary deed became effective whereby Juventus transferred 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 consideration €24.1 million, based on an estimate report drawn up by an independent expert as per Ministerial Decree No. 30 of March 5, 2015. For this transfer, which in the next year will generate net income of approximately €10 million, Juventus received shares of the J Village Fund for €24.1 million.
The City of Turin has already issued the building permits for the infrastructure works, the Hotel and 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, the International School and a building which will house commercial and innovative entertainment activities (Concept) will complete the project.
The job schedule calls for all of the works to be delivered by the beginning of summer 2017. Set-up of the construction site will start this August.
Juventus has maintained the long-term lease on a residual area of approximately 27,300 square meters and building permits on 3,170 square meters of GFA.

Direct management of licensing and merchandising activities

On March 31, 2015 Juventus informed adidas, as permitted by the agreements reached on October 23, 2013, of its decision to manage directly the licensing and merchandising activities starting from July 1, 2015.
Juventus has consequently begun all the necessary internal projects at an organizational and operational level including that of implementing a new information system able to also control these new activities.
July 1, 2015 marked the reopening of the completely renovated Torino City Center store at Via Garibaldi in Turin and the Stadium Megastore at Centro Commerciale Area 12 adjacent to the Juventus Stadium, in collaboration with the new sponsor adidas.

Mutu/Chelsea FC proceedings

On October 1, 2014 the hearing in the Mutu/Chelsea FC case was held at the Tribunal Arbitral du Sport (TAS).
On January 21, 2015, the TAS notified the parties of the arbitration award in its decision which completely rejected the claims made by Chelsea FC and ordered it to pay court costs. This decision has no effect on Juventus’ financial statements, as it was fully aware of its position and had not set aside any provision for the pending litigation. The proceedings are definitely closed.

Transfer Campaign 2015/2016

As part of the Transfer Campaign in progress agreements were concluded in July 2015 with Palermo for the acquisition of Paulo Dybala, with Atlético de Madrid for the acquisition of Mario Mandžukić, with Sassuolo for the acquisition of Simone Zaza, with West Ham for the definitive sale of Angelo Ogbonna and with Bayern München for the definitive sale of Arturo Vidal.
In addition the co-ownership deal was terminated for the player Domenico Berardi and the option was exercised and Roberto Pereyra was purchased outright.
Lastly agreements were reached with Boca Juniors for the definitive transfer of the registration rights of the player Carlos Alberto Tévez, for the temporary acquisition, until June 30, 2017, of the registration rights of the player Guido Nahuel Vadala, and acquisition of the option rights for the definitive acquisition, effective from the 2017/2018 sports season, of the registration rights of the players Rodrigo Betancur Colman, Franco Sebástian Cristaldo, and Adrián Andrés Cubas.

Commercial Register No.64236277 Note legali | Credits