(63.77% of share capital)





The following refer to the accounting data for the period January – June 30, 2012 drawn up by Juventus F.C. for purposes of the preparation of the half-year condensed consolidated financial statements of the EXOR Group at June 30, 2012.

€ million 30/06/2012 30/06/2011 Change
Revenues 128.3 83.2 45.1
Operating loss (2.4) (40.5) 38.1
Loss for the period (7.0) (42.0) 35.0
 Balances at 
€ million 30/06/2012 31/12/2011 Change
Shareholders' equity 71.6 31.8 39.8
Net financial position (127.7) (125.1) (2.6)

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. The accounting data under review thus represents the second half of the financial year 2011/2012.

Economic performance is characterized by the highly seasonal nature typical of the sector, determined mainly by the calendar of sports events and the two phases of the players’ Transfer Campaign. In particular:

  • the calendar of sports events to which the main revenue items are related and recognized in the income statement, has an impact on the trend of the results for the six months and their comparison with the data for the corresponding six-month periods of previous years. This is because the main cost items not referable to single sports events (such as players’ wages and amortization relative to registration rights) are instead recorded in the income statement on a straight-line basis. It should specifically be noted that the revenues from television rights and media income from the Serie A Championships and the Italian Cup (the marketing of which is managed centrally by the National Professional League Serie A) are allocated to the income statement by dividing the total, provided by the League, in equal parts based on the number and date of the home games;
  • the player Transfer Campaign, which takes place in July and August (first phase) and January (second phase) may have significant economic and financial effects at the start and during the season.

The Company’s economic and financial performance for the six months is also affected by the seasonal nature of economic components; furthermore, some revenue items show different financial patterns, such as receipts, compared to the pertinent economic period.

The loss for the period (January 1 – June 30, 2012) decreased €7 million to €35 million compared to the loss of €42 million for the corresponding period of the prior year due principally to higher revenues from games and season tickets (+€11.8 million), higher revenues from sponsorships (+€6.4 million), higher revenues from television rights and media income (+€9.9 million), lower expenses from players’ management (+€10.8 million), lower writedowns of players’ registration rights (+€1.3 million) and the impairment reversal on the Juventus Library (+€14.5 million). Such positive changes were partially offset by higher costs of FIGC registered players and personnel (-€9.9 million), lower release of provisions (-€1.3 million), higher amortization of players’ rights (-€6.3 million), higher depreciation and amortization charges (-€1.3 million) and lower financial expenses (-€1.8 million).

Shareholders’ equity at June 30, 2012 is €71.6 million. The increase over the balance of €31.8 million at December 31, 2011 is due to the effect of the completion of the capital increase, which ended on January 30, 2012 (+€46.6 million, net of transaction costs), the loss for the period (-€7 million) and other net changes (+€0.2 million).

Net financial position at June 30, 2012 is a negative €127.7 million, with a negative change of €2.6 million compared to the balance of €125.1 million at December 31, 2011.

In preparing the Half-year Financial Report, the Transfer Campaign transactions carried out or being carried out up to the date of August 29, 2012 were measured and included whenever the negative effects were significant. However, it cannot be excluded that in the final phase of the players’ Transfer Campaign significant events may arise which require further writedowns and/or accruals to be made by Juventus Football Club, in accordance with the reference accounting policies, for purposes of the annual financial statements at June 30, 2012, which are expected to be approved on September 14, 2012.

Commercial Register No.64236277 Note legali | Credits