(63.77% of share capital)

The following information refers to the accounting data for the period 1 January – 30 June 20201 drawn up by Juventus F.C. for the purposes of the preparation of the Half-year Condensed Consolidated Financial Statements of Exor at 30 June 2021. 

  I Half
€ million 06/30/2021 06/30/2020 Change
Revenues 222
Operating costs (186)
Operating result (73)
Loss for the period (77)

€ million 06/30/2021 06/30/2020 Change
Shareholders' equity 49
Net financial debt 387
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 2021/2022. 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 period 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. 

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 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.

During the period, 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 loss of the period 1 January - 30 June 2021 amounts to €77 million, compared to a loss of €19 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 €26 million, related to lower revenues from players' registration rights (€70 million) and the effects directly attributable to the pandemic on tickets sales and sales of products, licenses and similar (total €12 million); these negative effects were partly offset by higher revenues from radio and television rights (€42 million, related to the higher number of championship matches played in the half year in question).

Given the difficult context, the positive trend 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 by the inevitable decline in revenues from physical retail stores.

The increase in operating costs of €33 million is mainly attributable to higher costs for registered personnel, mainly due to the absence of the benefits of contractual reductions agreed in the same period of the previous year.

Outlook and the going concern assumption

With the continuation of the COVID-19 health emergency the economic, financial and sporting context for Juventus remains highly uncertain, making it difficult to formulate reliable estimates in the short to medium term. The positive effects from the vaccination campaigns, which are currently in progress both in Italy and globally, now make it possible to assume that during the financial year 2020/2021 there will be a gradual reduction of the various restrictive measures imposed by the authorities and a substantial return to normality of the general economic context by the second half of 2022.

Juventus continues to monitor developments in the pandemic and in the related government measures so that it can adapt the conduct of the business promptly to the changing circumstances. This is necessary to introduce appropriate measures to safeguard its sources of revenue and its assets and at the same time maintain its high standards to protect the health and wellbeing of its technical staff and employees.

At present, for the financial year 2021/2022, which is still seriously affected by the direct and indirect effects of the pandemic, a significant loss is expected. On the assumption that there will be a substantial return to normality of the general economic context by the second half of 2022, and thanks to the actions taken in the last financial year to rationalize costs and recover revenues which have efficacy in the medium term, Juventus’ operating result and cash flow are expected to improve from the year 2022/2023.

In assessing the outlook the uncertainties typical of the football business remain, deriving from, in particular, the performance of the First Team in the competitions in which it participates.

Regarding the applicability of the going concern assumption, the directors have concluded that there are no significant uncertainties, considering that Juventus has the means to continue its operational activities in the twelve-month period subsequent to the financial statements reference date. In arriving at this conclusion, they considered the key economic and financial indicators in the revised Development Plan 2019-2024 approved by the Board of Directors. In particular, in the first year of the Plan (which represents the budget for 2021/2022) a projected negative cash flow and a loss for the year are adequately covered by ample funding from the undrawn credit available at 30 June 2021 (amounting to €336 million) and by the positive impact on the net equity and net indebtedness of Juventus of the capital increase of up to €400 million which will be proposed for approval at the Extraordinary Meeting of Shareholders convened for 29 October 2021.

In this context, it should be noted that on 27 August 2021 EXOR N.V., that has undertaken to subscribe for its quota the capital increase (about 63.8%), paid in as an advance on future capital increase a total of €75 million to strengthen Juventus’ capital and financial structure pending completion of the capital increase. This payment is an advance of the amounts which will be payable by EXOR N.V. for its quota of the capital increase and is attributable exclusively to EXOR N.V.

Also in connection with the strengthening of its capital and financial structure, in July 2021 Juventus signed a Pre-Underwriting Agreement with a pool of leading banks, under which the banks are committed, subject to conditions in line wit market practice for similar transactions, to enter into an agreement guaranteeing subscription and payment for any shares of the new issue which have not been subscribed at the conclusion of the auction of unexercised rights.

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