(63.77% of share capital)




The following figures refer to the accounting data for the period January 1 – June 30, 2016 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, 2016.



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 2015/2016.
Profit 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 period different from 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 transactions referring to the Transfer Campaign 2016/2017 – first phase, carried out or in the process of being carried up to the date of July 31, 2016.

However, it cannot be excluded that as this campaign continues, additional transactions will be entered into and their effects, if negative and significant, may require Juventus Football Club to record further impairment and/or accruals, in accordance with generally accepted accounting principles, for purposes of the preparation of the annual financial statements at June 30, 2016.

Profit (loss) for the period (January 1 – June 30, 2016)is a loss of €26.7 million, which shows a negative increase of €36.9 million from a profit of €10.2 million in the same period of 2015. The change is mainly the result of a decrease in revenues of €9 million (in the first half of 2015 Juventus had played in the UEFA Champions League finals), the increase in operating costs following increased wages and technical staff costs (€5.9 million), expenses on players’ registration rights (€3.2 million), amortization (€8 million) and accruals (€2.3 million), in addition to other net negative changes of €8.5 million. The latter mainly include higher costs for other personnel (€2.4 million), higher costs for external services (€2.1 million), higher purchases of products intended for sale (€2.3 million), lower non-recurring revenues (€1.8 million) and the writedown of investments in joint ventures (€0.6 million), partially compensated by lower income taxes (€1 million).

Shareholders’ equity at June 30, 2016 is €52.7 million, a decrease from the balance of €75 million at December 31, 2015 due to the loss for the period (€26.7 million), partially offset by the positive change in the fair value reserve (€4.4 million).

Significant events in the first half of 2016 and subsequent events

Football season

On April 25, 2016, with three games remaining in the season, the Juventus First Team won the Serie A 2015/2016 Championship, the fifth in a row and the 34th Scudetto title in its history, and gained a place in the UEFA 2016/2017 Champions League group stage.

UEFA Licenses

On May 9, 2016 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 2016/2017 football season.

Transfer Campaign 2015/2016 – second phase

Purchases and disposals of players’ registration rights 

The transactions finalized in the second phase of the Transfer Campaign 2015/2016 and the pre-emption right exercised for the purchase of players led overall to an increase in invested capital of €16.3 million besides the capitalization of bonuses of €5.8 million accrued in favor of clubs from which certain players were acquired in previous Transfer Campaigns.

Renewal of players’ contracts

During the fourth quarter of the financial year 2015/2016 the contracts for the players’ registration rights of Andrea Barzagli and Gianluigi Buffon were renewed, both until June 30, 2018.

Exercise of pre-emption rights

On April 29, 2016 the pre-emption right for the definitive acquisition of the player Mario Lemina from Olympique de Marseille SASP was exercised for consideration of €9.5 million payable in four instalments: €3.5 million to be paid by May 20, 2016, €1.5 million by November 30, 2016, €1.5 million by February 28, 2017 and €3 million by July 30, 2017.

The acquisition price could increase by another €1 million if certain sports objectives are reached during the contract.

J Medical start of activities 

J Medical was inaugurated on March 23, 2016. The outpatient care, diagnostic, rehabilitation and sports medicine clinic is located in the East Stand of the Juventus Stadium. Juventus’ investment to restructure the premises of about 3500 square meters was approximately €4.9 million.

J Medical S.r.l. is a joint venture between Juventus and Santa Clara S.r.l.

Optimization of sources of financing – new Istituto per il Credito Sportivo loan

As part of the program for the optimization of sources of financing, in the early months of 2016 Juventus F.C. entered into further agreements to secure medium-term credit lines to replace revocable credit lines for a total of €25 million. Therefore at the date of July 31, 2016 credit lines amount to €415.3 million, of which €270.3 million is revocable, €137 million is medium/long-term and € 8 million is a short term.

In addition, on April 11, 2016 Juventus took out a loan of €10 million with Istituto per il Credito Sportivo for the further development of the Juventus Stadium area. After the mortgages obtained in 2009 for the construction of the Stadium, Istituto per il Credito Sportivo has in fact extended a new 10-year mortgage to Juventus to cover the expenditures incurred for the restructuring of the premises located in the East Stand of the stadium and the recent work to expand the Juventus Museum. The mortgages also proportionally cover the investment made earlier by Juventus for the acquisition of the areas where the new Juventus Training & Media Center and the new corporate seat will be built, currently under construction by the J Village real estate fund.

Transfer Campaign 2016/2017 – first phase

The most important transactions in the first phase of the Transfer Campaign 2016/2017, which was concluded before July 31, 2016, relate to the agreements reached with the A.S. Roma Club for the purchase of the player Miralem Pjanic; the Cagliari Calcio club for the definitive sale of the player Simone Padoin; the Real Madrid Club for the definitive sale of the player Alvaro Morata; the German Bayern München AG Club for the temporary acquisition of the player Medhi Benatia; the Croatian GNK Dinamo Zagreb Club for the purchase of the player Marko Pjaca; in addition to the acquisition of the player Gonzalo Higuain.

Subsequent to July 31, 2016 Juventus finalized the agreements with the English Manchester United Football Club Limited for the definitive sale of the player Paul Labile Pogba and with Cagliari Calcio S.p.A. for the definitive sale of the player Mauricio Isla.

Commercial Register No.64236277 Note legali | Credits