(63.77% of share capital)

The results for the first half of 2020/2021 of Juventus Football Club S.p.A. are as follows:

 I Half 
€ million2020/20212019/2020Change
Operating costs(263)(261)(2)
Operating income (loss)(105)(38)(67)
(Loss)/profit for the period(114)(50)(64)
€ million12/31/2020 (a)06/30/2020Change
Shareholders' equity125240(115)
Net financial debt358385(27)
(a) On 3 July 2020, Juventus acquired from Lindbergh Hotels S.r.l. its equity interest in B&W Nest S.r.l. (the company that manages the J Hotel); as a result of said acquisition, Juventus holds the entire share capital of B&W Nest S.r.l. Hence, effective from that date, Juventus is required to prepare consolidated financial statements. The main effect of the consolidation is reflected in the net financial debt, which increased by €17 million, of which €15 million attributable to the application of the IFRS 16 accounting standard on rental and lease contracts for the hotel's operating activities. 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 2020/2021. Interim data are prepared only for Exor consolidated reporting purpose and cannot be construed as representing the basis for a Juventus full-year projection. Result 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 national and international scenario of the first half of the 2020/2021 financial year continues to be characterized by the impacts from the COVID-19 pandemic and the resulting restrictive measures for containment imposed by administrative, health and sports Authorities.

With the exception of the match on 20 September 2020 (Juventus vs Sampdoria), played at home with an audience limited to a maximum of one thousand invited spectators, these restrictive measures have not allowed, and currently do not allow, matches to be held with the public in attendance (effectively cancelling ticket sales). Moreover, the pandemic containment measures implemented with the Italian Prime Ministerial Decree (DPCM) of 3 November 2020 (as subsequently confirmed) entailed, in different phases, the closure to the public of the J Museum and stores, having a negative impact on visitor and merchandising revenues.

It should also be noted that the COVID-19 health emergency resulted in the postponement, to July and August 2020, of some matches of national and international competitions for the 2019/2020 season, thereby causing the respective revenues from television rights to be recognized in the current year.

During the first half of the 2020/2021 financial year, the protraction of the COVID-19 pandemic generated a significant negative impact on revenues (mainly from ticket sales and product sales), which can be quantified in about €50 million; conversely, the impact on costs was not significant, since some savings related to the lack of matches were partly offset by costs related to the pandemic (mainly health safeguards and protective devices).

The first half of the 2020/2021 financial year closed with a loss of €114 million, compared to a loss of €50 million in the first half of the previous financial year.

In detail, the higher loss in the first half of the year is essentially attributable to lower revenues of €64 million, related to lower revenues from players' registration rights (€55 million) and the effects directly attributable to the pandemic on tickets sales and sales of products, licenses and similar (total €39 million); these negative effects were partly offset by higher revenues from radio and television rights (€27 million, related to the higher number of championship matches played in the half year in question). In terms of revenues, note the positive trend - given the difficult context - of revenues from sponsorships and advertising (slightly higher than the previous year), as well as the increase in revenues from e-commerce (up by 60%), which partially offset the inevitable decline in revenues from physical retail stores.

Operating costs, amortization/depreciation and net provisions were flat on the whole, showing moderate changes in certain items (registered personnel and non-registered personnel costs – which were fully paid on time - as well as expenses for players' registration rights and health protection were up; external services and other minor costs decreased).

2021 Outlook

Given the COVID-19 health emergency, the economic, financial and sporting reference context is characterized by a high degree of uncertainty, which makes it very complex to formulate reliable forecasts regarding possible short to medium-term developments.

Juventus will continue to monitor constantly the evolution of the emergency situation connected with the spread of the COVID-19 pandemic, in consideration of both the changing reference regulatory framework and the complex global economic context, in order to assess further measures to safeguard its revenue sources and assets, as well as maintain high standards for protecting the health and well-being of its registered personnel and employees.

At present, the 2020/2021 financial year - which, unlike the previous financial year, is influenced by the pandemic effects for the entire period - is expected to result in a loss, also due to the significant impact deriving from the closure of the stadium to the public and from other containment measures imposed by the Authorities, which penalize ticket sales and product sales.

In evaluating the business outlook, uncertainties persist that are typical of football activities, deriving in particular from the First Team’s performance in competitions in which it plays, additional transfers of players' registration rights that may take place during the year, the revenues evolution deriving from commercial activities, and the trend in the cost for registered personnel, also taking into account the variable component of the agreed remuneration.

Despite the difficult general economic and financial context, the directors have determined that there are no significant uncertainties with reference to the use of the going concern assumption. In developing this conclusion, the Directors have been taken into consideration both the capitalization (at 31 December 2020 the shareholders' equity amounted to €125.5 million) and the company's ability to meet its financial commitments through the liquidity obtained from medium-term loans and/or using available bank credit facilities. In addition, without prejudice to the continuation of business activities - despite a context influenced by reduced liquidity in the system as a result of the protracted crisis - Juventus could dispose of players' registration rights. The 2020/2021 financial year of Juventus b, 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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