(63.77% of share capital)

The results for the first half of 2019/2020 of Juventus Football Club S.p.A. are as follows:

 I Half 
€ million2019/20202018/2019Change
Operating costs(261)(227)(34)
Operating income (loss)(38)17(55)
(Loss)/profit for the period(50)7(57)
€ million12/31/201906/30/2019Change
Shareholders' equity27631245
Net financial debt327464(137)
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 first half of operations for the financial year 2019/2020. 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 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 loss for the period, strongly affected by the league calendar (2 home Serie A matches less than in the first half of 2018/2019), mainly derived from lower revenues for €8 million, higher players’ wages and technical staff costs for €30 million, higher players’ registration rights expenses for €10 million, higher amortization and write-downs on players’ registration rights for €11 million, higher other amortization for €3 million and higher net financial expenses for €3 million. These changes were partially offset by lower purchases for products held for sale for €4 million, lower costs for external services for €3 million and reduced provisions for €1 million. 

Shareholders’ equity at 31 December 2019 amounted to €276 million, with an increase of €245 million compared to the closing at 30 June 2019 (€31 million), due to accounting recognition of the portion of the share capital increase (€295 million) net of related costs, and to the loss for period (€50 million). 

2020 Outlook

The 2019/2020 financial year of Juventus Football Club, forecasted to result in a loss, will be as usual strongly influenced by sports results, in particular in the UEFA Champions League.

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