(63.77% of share capital)





The results for the first half of the financial year 2015/2016 (corresponding to the period July 1 – December 31, 2015) of Juventus Football Club S.p.A. are as follows:

  Half IHalf I  
€ million 2015/20162014/2015 Change
Revenues 204.5156.2 48.3
Operating costs 140.4119.4 21.0
Operating income 38.12.4 35.7
Profit (loss) for the period 30.3(6.7) 37.0
€ million 12.31.2015 12.31.2015 Change
Shareholders' equity 75.0 44.6 (7.1)
Net financial debt (197.3) (188.9) (8.4)
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 half of the 2015/2016 financial year closes with a profit of €30.3 million, posting a positive change of €37 million compared to the loss of €6.7 million recorded in the same period of 2014.

This change mainly arises from an increase in revenues from players’ registration rights of €30.2 million, and a general increase in recurring revenues of €18.1 million (€6.8 million of which comes from the sale of products and licenses), in addition to net non-recurring revenues of €10.6 million. These positive changes were partially offset by the increase in players’ wages and technical staff costs of €13.7 million, the increase in costs for external services of €3.6 million, higher amortization of players' registration rights of €2.7 million, the purchase of products intended for sale of €2.1 million, as well as net positive changes of €0.2 million. The latter mainly include lower provisions (+€0.7 million) and lower net financial expenses (+€1 million) partially offset by higher costs for other personnel
(-€1.5 million).

Revenues for the first half of the 2015/2016 financial year, totaling €204.5 million, show an increase of 30.9% compared to €156.2 million in the first half of 2014/2015 financial year.

Operating costs in the first half of the 2015/2016 financial year amount to €140.4 million. This is an increase of 17.6% compared to €119.4 million in the corresponding period of the prior financial year.

Shareholders’ equity at December 31, 2015 is €75 million, up from €44.6 million at June 30, 2015 due primarily to the profit reported in the first half (+€30.3 million).

Net financial debt at December 31, 2015 totals €197.3 million (€188.9 million at June 30, 2015). The increase of €8.4 million is attributable to outlays for the Transfer Campaigns (-€22.1 million, net), investments in other fixed assets (-€8.1 million), investments in equity investments (-€0.2 million) and flows used for financial assets
(-€2.6 million), partially offset by cash flows from operating activities (+€21.9 million) and the first repayment on the advances paid in prior years on the Continassa Project (+€ 2.7 million). 

In order to improve the composition of its sources of funding and in accordance with industry regulations, as from September 2015 Juventus has begun a program to convert a significant portion of its short-term debt into
medium-long-term loans. An amount of €105 million has already been converted under the program at December 31, 2015.


Significant events in the first half of the 2015/2016 financial year

Football season

On July 10, 2015 FIGC officers, after reviewing the documentation filed by Juventus and materials sent by the Lega Nazionale Professionisti Serie A, issued the National License for the current football season.

On August 8, 2015 the First Team won the seventh Italian Super Cup in its history.

In December the First Team qualified for the round of sixteen of the UEFA Champions League 2015/2016, placing second in its round, as well as the quarter finals of the Italian Cup.


2015/2016 Transfer Campaign – first phase

Purchases and disposals of players' registration rights

The transactions finalized in the first phase of the 2015/2016 Transfer Campaign, held from July 1 to August 31, 2015, led to a total increase in invested capital of €118.5 million resulting from acquisitions and increases of €138.7 million and disposals of €20.2 million (carrying amount of disposed rights).

The net capital gains generated by the disposals amount to €33.8 million.

The total net financial commitment of €88.1 million is spread over four years, and includes auxiliary expenses as well as financial income and expenses implicit in deferred receipts and payments. To secure the deferred payments, guarantees were issued for a total of €75.8 million.


Renewal of players’ contracts

During the first months of the 2015/2016 financial year the contracts for players’ registration rights were renewed for the following players: Leonardo Bonucci, Gianluigi Buffon, Claudio Marchisio, Alvaro Morata, Simone Padoin, Roberto Maximiliano Pereyra and Daniele Rugani.


Player’s contract resolution

In July the contract with Andrea Pirlo expiring June 30, 2016 was terminated by mutual consent; there are no economic or financial effects.


2015/2016 season ticket campaign

The season ticket campaign for the 2015/2016 football season closed with the subscription of all 28,000 available season passes, for net proceeds of €21.6 million (€20.8 million in the previous season), including premium seats and additional services.


Direct management of licensing, merchandising and soccer school

On July 1, 2015 following Juventus' decision to directly manage licensing and merchandising activities, the stores on Via Garibaldi in Turin and the Megastore at the Area 12 Shopping Center, next to the Juventus Stadium, were reopened, following a complete renovation in cooperation with the new sponsor adidas.

On June 30, 2015 the operations, existing contracts and personnel of Juventus Merchandising (a company in the Nike Group) were transferred to Juventus, in conjunction with the acquisition of the relative business unit. The internal structure charged with licensing, retail and soccer school activities includes, to date, 36 resources.


Continassa project: start-up of the J Village Real Estate Fund

During the month of July, 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.

Specifically, Accademia SGR obtained investment commitments from various subscribers for a total of €53.8 million and finalized a loan agreement in the first part of August 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 act of June 30, 2015 became effective whereby Juventus transferred the title on 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 equivalent of €24.1 million, determined based on an estimate report drawn up by an independent expert as per Ministerial Decree 30 of March 5, 2015. For this transfer, which generates net income of approximately €10.3 million in the 2015/2016 financial year, Juventus received shares of the J Village Fund for the value of €24.1 million.

The City of Turin has already issued the building permits for the infrastructure works, the International School, the Hotel, the new Training and Media Center of Juventus' First Team and the new Juventus headquarters, which will be located on the lot of the old Cascina Continassa.

Completing the project is a building that will be built for commercial and innovative hospitality activities (Concept Store), for which the building permit is in the process of being issued). 

Accademia SGR has hired Pessina Costruzioni S.p.A. for the construction of the new headquarters, the Hotel, the International School, the Concept Store and the infrastructure works; Costruzioni Generali Gilardi S.p.A. has been awarded the contract for the new Training and Media Center.

The job schedule calls for all the works to be delivered by the beginning of summer 2017.

Juventus retained ownership of the surface rights to a remaining area of about 15,662 square meters on which building permits for 3,170 square meters of GFA insist.


J Medical

In the first half of the 2015/2016 financial year work began on the renovation of the premises of the Eastern section of the Juventus Stadium, approximately 3,500 square meters, that will house the activities of J Medical, an outpatient care, diagnostic, rehabilitation and sports medicine clinic. Work was completed in February with an investment of €4.9 million; the center was inaugurated on March 23, 2016. J Medical S.r.l. is a joint venture of Juventus and Santa Clara S.r.l.


J Museum extension

During the first half ended December 31, 2015 the extension work on the J Museum was completed with the construction of two new exhibition areas for permanent exhibitions of mementos and memorabilia of champions of other sports, Juventus fans and the First Team (170 square meters), which opened to the public on October 4, 2015 and December 16, 2015 respectively.


Resolutions by the ordinary shareholders’ meeting of October 23, 2015

The ordinary shareholders’ meeting of Juventus Football Club S.p.A approved the financial statements at June 30, 2015 which closed with a net income of €2.3 million that was entirely allocated to reserves. As a result, no dividends were declared.

The shareholders’ meeting established the number of members of the board of directors at twelve for the financial years 2015/2016, 2016/2017 and 2017/2018, and appointed the following directors: Andrea Agnelli, Maurizio Arrivabene, Giulia Bongiorno, Paolo Garimberti, Assia Grazioli Venier, Caitlin Mary Hughes, Daniela Marilungo, Giuseppe Marotta, Aldo Mazzia, Pavel Nedved, Francesco Roncaglio and Enrico Vellano.

The board of statutory auditors was also appointed and is composed of Paolo Piccatti (Chairman), Silvia Lirici and Roberto Longo. The deputy auditors appointed were Nicoletta Paracchini and Roberto Petrignani.

Finally, the shareholders’ meeting approved the Remuneration Report pursuant to art. 123-ter of Legislative Decree 58/98.

At the end of the shareholders’ meeting, Juventus held a meeting of the board of directors which confirmed Andrea Agnelli as Chairman, and Giuseppe Marotta and Aldo Mazzia as Chief Executive Officers and, finally, appointed Pavel Nedved Vice President and confirmed Paolo Garimberti President of J Museum.

After having verified the satisfaction of the requisite of independence of the directors Giulia Bongiorno, Paolo Garimberti, Assia Grazioli Venier, Caitlin Mary Hughes and Daniela Marilungo, the board appointed the following Committees:

  • Remuneration and Appointments Committee composed by Paolo Garimberti (Chairman), Assia Grazioli Venier and Caitlin Mary Hughes;
  • Control and Risk Committee composed by Daniela Marilungo (Chairman), Paolo Garimberti and Assia Grazioli Venier.


The members of the Supervisory Board pursuant to Legislative Decree 231/2001 were also appointed and are Alessandra Borelli, Guglielmo Giordanengo and Patrizia Polliotto.


Events subsequent to December 31, 2015

Football season

In March 2016 the First Team qualified for the finals of the Italian Cup and was eliminated in round of sixteen of the UEFA Champions League.


2015/2016 Transfer Campaign – second phase

Purchases and disposals of players’ registration rights

The purchases finalized in the second phase of the 2015/2016 Transfer Campaign, held from January 4 to February 1, 2016, led to an increase in invested capital of €6.4 million, in addition to the capitalization of €1.4 million of bonuses accrued in favor of the previous clubs of some players purchased in past transfer campaigns.

The total net financial commitment (including auxiliary expenses as well as financial income and expenses implicit in deferred receipts and payments is a negative €6.8 million, distributed as follows: -€1.2 million in the second half of the 2015/2016 financial year, -€2.8 million in the 2016/2017 financial year, and -€2.8 million in the 2017/2018 financial year. 

Commercial Register No.64236277 Note legali | Credits