(63.77% of share capital)



The results for the first half of the financial year 2017/2018 of Juventus Football Club S.p.A. are as follows:

  I Half  
€ million 2017/2018 2016/2017 Change
Revenues 290.6 315.1 (24.5)
Operating costs 178.7 182.2 (3.5)
Operating income 51.0 85.0 (34.0)
Profit for the period 43.3 72.0 (28.7)
€ million 12/31/2017 12/31/2016 Change
Shareholders' equity 137.1 125.4 11.7
Net financial debt 279.7 174.1 105.6

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 1 July-30 June, which corresponds to the football season. The accounting data under examination thus represents the first half of operations for the financial year 2017/2018.

The economic trend is characterized by a strong seasonal nature, typical of the sector, basically determined by participation in European competitions, in particular the UEFA Champions’ League, by the calendar of sports events and by the two phases of the football player 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.

The first half of the 2017/2018 financial year closed with a profit of €43.3 million, posting a negative change of €28.7 million compared to the profit of € 72 million registered in the same period of the prior year.

This change was mainly due to lower revenues from players' registration rights, totaling €45 million, higher costs for external services and other expenses for €12.4 million and for players' wages and technical staff costs for €7.7 million, as well as amortization on players' registration rights for €13.5 million. These increases were partly offset by decreases in expenses from players' registration rights for €26.5 million and higher revenues from core operations for €20.7 million. Other changes involved lower provisions for €1.9 million, purchases of products held for sale for €1.9 million, lower current and deferred taxes for €4.4 million, as well as other net negative changes for €1.7 million.

Significant events in the first half of 2017 and subsequent events

In July 2017 Juventus transferred its offices to the new headquarters of Via Druento 175 in Turin and took possession of the Juventus Training & Media Center which will be home to the First Team training starting from next season, once the tests on the playing field and facilities are completed.

These sites, along with the international school, which began operation in September 2017, are part of the larger upgrading and enhancement project for the Continassa Area, adjacent to the Allianz Stadium, handled by the J Village fund. The work to complete the last project lots (Hotel and Concept Store) are scheduled to be completed by the fund by the end of summer 2018.

2018 Outlook

The 2017/2018 financial year of Juventus, currently forecast to end in a loss, will be as usual strongly influenced by the performance of sports results and in particular the UEFA Champions League.




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