(63.77% of share capital)






The following comments are taken from the interim report of Juventus Football Club S.p.A. at March 31, 2012 for the third quarter of 2011/2012 (corresponding to the period January 1, to March 31, 2012):

€ million 2011/2012 2010/2011 Change
Revenues 65.9 52.4 13.5
Operating loss (3.3) (3.1) (0.2)
Loss for the period (4.9) (3.9) (1.0)
€ million 31/03/2012 30/06/2011 Change
Shareholders' equity 73.5 (5.0) 78.5
Net financial position (96.0) (121.2) 25.2

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 July 1 – June 30, which corresponds to the football season.

Economic performance is characterized by the highly seasonal nature typical of the sector, determined mainly by the calendar of sports events and the players’ Transfer Campaign. Therefore, the quarterly data presented should not be construed as representing the basis for a full-year projection.

The loss in the third quarter of2011/2012 is €4.9 million and higher by €1 million compared to the loss in the corresponding period of the prior year (-€3.9 million) due basically to higher revenues from games (+€5.9 million) and higher income from players’ management (+€6.9 million) partially offset by higher costs of players and technical staff (-€6.6 million), higher amortization of players’ rights (-€4.7 million), higher amortization of other assets (-€1.1 million) and finally, higher financial expenses (-€1.1 million).

Shareholders’ equity at March 31, 2012 is a positive €73.5 million. The increase over the negative balance of €5 million at June 30, 2011 is due to the full subscription of the capital increase (+€118.6 million, net of related costs) and other net changes.

Net financial position at March 31, 2012 is a negative €96 million with an improvement of €25.2 million compared to the negative balance of €121.2 million at June 30, 2011. The increase of €25.2 million is attributable to the proceeds from the capital increase (+€118.6 million, net of the relative costs), net disbursements referring to the Transfer Campaign (-€53.4 million), the remaining investments in the Juventus Stadium and other fixed assets (-€24.2 million) and other net changes (-€15.8 million).

Significant events

Transfer campaign – second phase
The transactions finalized in the second phase of the Transfer Campaign 2011/2012, held from January 3, to January 31, 2012, led to an overall increase in invested capital of €12.6 million resulting from acquisitions for €12.8 million and disposals for €0.2 million (net carrying amount of the disposed rights).
The net gains generated by the disposals in the second phase of the Transfer Campaign total €9.2 million. In addition, temporary acquisitions and disposals resulted in net expenses of €2 million.
The net total financial commitment, (including capitalized accessory expenses as well as financial income and expenses implicit on deferred receipts and payments), comes to €5.3 million, distributed as follows: +€4.7 million in the current financial year, +€1 million in the 2012/13 financial year, -€0.1 million in the 2013/14 financial year and -€0.3 in the 2014/15 financial year.

Share capital increase results
On January 30, 2012 the option offering was completed, with the entire subscription of the new ordinary shares of Juventus Football Club S.p.A. related to the share issue of €119,964,543.21 approved by the extraordinary shareholders' meeting of October 18, 2011.
In the period between December 19, 2011 and January 18, 2012, 176,124,107 rights were exercised and thus a total of 704,496,428 new shares were subscribed, equal to 87.4% of the total shares offered (806,213,328), for an equivalent amount of €104,829,068.49.
The remaining 25,429,225 rights not exercised were completely sold on the stock market between January 23, and January 27, 2012, in accordance with article 2441, paragraph 3 of the Italian Civil Code. On January 30, 2012, 24,520,798 rights were exercised to subscribe 98,083,192 new shares, at a per share price of €0.1488, of which €0.1388 for share premium, for an equivalent amount of €14,594,778.97 (of which 34,306,760 new shares were subscribed by EXOR S.p.A. for an equivalent amount of €5,104,845.89).
The remaining 3,633,708 new shares, corresponding to 908,427 unexercised rights, were subscribed by EXOR S.p.A. based on commitments already undertaken, for an equivalent amount of €540,695.75.
The new share capital of Juventus Football Club therefore amounts to €8,182,133.28 and is made up of 1,007,766,660 no par value ordinary shares.

New sponsorship
On April 6, 2012, Juventus Football Club signed a Memorandum of Understanding with Fiat S.p.A. for a jersey sponsorship contract for the next three seasons.
As from July 1, 2012, the Fiat Group will become the sole Juventus jersey sponsor for all competitions, against a fixed total payment of €35 million, as well as the supply of group vehicles. In the 2012/2013 football season, the Jeep logo will be on the jerseys.
Under the agreement, the Fiat Group will also have rights to use the Juventus image, including the use of its own brands on the technical clothing of all club teams and numerous other partnership possibilities in different segments.

Football season
The First Team won the 2011/2012 Serie A Championship (its 30th league title) and gained direct access to the Group Stage of the 2012/2013 UEFA Champions League.




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