(63.77% of share capital)

The following information refers to the accounting data for the period 1 January – 30 June 2020 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 2020.

  I Half ended  
€ million 06/30/2020 06/30/2019 Change
Revenues 248 291 (43)
Operating costs (153) (232) (79)
Operating loss (9) (32) (23)
Loss for the period (19) (47) (28)
€ million 06/30/2020 06/30/2019 Change
Shareholders' equity 260 276 (16)
Net financial debt 385 327 (58)

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 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 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.


Since January 2020 the national and international scene has been dominated by the spread of the Covid-19 virus and the restrictive containment measures taken by the administrative, health and sports authorities of the various countries. These measures led, in particular, to the suspension of the 2019/2020 football competitions in which Juventus was competing. At the national level, the Series A Championship was suspended by the FIGC on 10 March 2020, in compliance with the provisions of the Decree of the President of the Council of Ministers dated 9 March 2020, at which point the First Team was in first place in the classification after 26 days and was awaiting the return match in the Coppa Italia semi-finals. The national competitions restarted on 12 June 2020 with the return match in the Coppa Italia semi-finals and, on 22 June 2020, with the twenty-seventh match in the Series A Championship.

Internationally, in February the First Team played the away game in the round of 16 of the UEFA Champions League against Olympique Lyonnais and played the home game on 7 August. The competition ended with a single match knock-out phase for 8 teams in Lisbon from 12 August to 23 August.

It should also be noted that the restrictive measures adopted by the various authorities, in addition to preventing access of the public to the museum and shops for several weeks (the latter remained closed until 17 May 2020) with a consequent fall in merchandising revenues, also made it impossible for the public to attend matches with a consequent fall in match revenues and the reimbursement pro-quota of 2019/2020 season tickets as well as of tickets for matches already sold. Further Juventus is exposed to risks deriving from demands for reductions in 2019/2020 fees for broadcasting rights and sponsorships and from difficulties in concluding new commercial contracts, with negative effects on the financial position and results of Juventus. It is considered that the amounts provided in the year for risks and the risk provisions carried are adequate and reflect correctly the possible negative impact of such demands.

In these circumstances, to mitigate in part the economic and financial impact of the suspension of sports activities, Juventus made an agreement with the players and coach of the First Team which provided for the reduction of their 2019/2020 season remuneration by an amount equal to the monthly pay for March, April, May and June 2020. The economic and financial effect of this agreement amounts to a positive €90 million for the financial year 2019/2020. Juventus, the players and technical staff involved will in good faith seek to negotiate an integration of the future remuneration based on how the 2019/2020 season’s sports competitions are resumed and completed.

The 2019/2020 Series A Championship restarted on 22 June 2020 with all programmed matches being played and was concluded on 3 August with a victory for the First Team.

Following the postponement of national and international competitions due to the Covid-19 health emergency, the first phase of the 2020/2021 season Transfer Campaign will be held in the period from 1 September 2020 to 5 October 2020; in its development transactions may be carried out whose effects, if negative and significant, could lead to the need to make further write-downs and/or provisions in application of the accounting standards of reference for the purposes of the preparation of the Juventus annual financial statements at 30 June 2020.

The loss for the period (1 January to 30 June 2020) amounts to€19 million, an improvement of €28 million compared to the loss of €47 million in the corresponding period of the preceding year. This performance is substantially due to lower player and technical staff remuneration costs for+€72 million, to other minor operating cost reductions for +€6 million and to a lower taxation charge for the period for +€5 million, partially offset by lower revenues for -€43 million, a higher charge for amortization of players’ registration rights for -€10 million, higher other depreciation and amortization for -€3 million mainly due to first application of IFRS 16 and other net positive changes for +€1 million.

2020/2021 Outlook

The 2020/2021 football season will start later in the year than is usual, as a result of the prolongation of the 2019/2020 season. At present, the first match of the Series A Championship is planned for September.

Nevertheless, with the global health crisis in continuous evolution the competitions calendar could undergo changes and there is still uncertainty about the possibility of admitting spectators to the stadiums when matches are being played.

Further, the effects of the pandemic could extend to the economic sectors in which Juventus’ partners operate, with possible negative repercussions on relations with such partners. At the level of final consumer demand too, the impact of the pandemic on the national and global economy could be negative for the Juventus’ consumer businesses. Finally, with regard to the market for players’ registration rights, it is likely that there will be reductions in both the number of transactions and in the related transaction values although, due to the particular nature of the sector, estimation of the effect is very difficult.

Accordingly, these uncertainties, together with the customary uncertainty of sports results, make it extremely difficult to formulate a forecast of the Juventus’ economic and financial performance. At present, the financial year is expected to close with a loss.

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