(63.77% of share capital)


The following information refers to the accounting data for the period 1 January – 30 June 2019 drawn up by Juventus F.C. for the purposes of the preparation of the half-year condensed consolidated financial statements of EXOR Group at 30 June 2019.

  I Half ended  
€ million 06/30/2019 06/30/2018 Change
Revenues 291 214 77
Operating costs (232) (205) (27)
Operating income (32) (52) (20)
Profit for the period (47) (62) 15
€ million 06/30/2018 12/30/2018 Change
Shareholders' equity 32 80 (48)
Net financial debt (464) 384 (80)

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 1 July– 30 June, which corresponds to the football season. The accounting data under examination thus represents the second half of operations for the financial year 2018/2019.
Interim data are prepared only for EXOR consolidated reporting purpose and cannot be construed as representing the basis for a Juventus full-year projection. 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 relating to the 2018/2019 Transfer Campaign-first phase, completed or in progress at the date of 31 July 2019.
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 the purposes of the preparation of the annual financial statements at 30 June 2019.

The result for the period (1 January – 30 June 2019) is a loss of €47 million, with a positive change of €15 million compared with the loss for the same period of 2018, amounting to €62 million). This trend is mainly the result of an increase in revenues of €77 million and lower taxes (€3 million), partially offset by an increase in operating costs (€27 million), amortization (€17 million), net provisions (€14 million) and other net negative changes of €2 million.

2019 Outlook

In the second half of 2019 the first phase of the 2018/2019 Transfer Campaign will be concluded and the season will open in particular with the Group Stage of the UEFA Champions League; the outcome of which could significantly influence the economic performance for the financial year 2019/2020, which at present is expected to close with a loss.

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