(63.77% of share capital)

The results for the first half of the financial year 2012/2013 of Juventus Football Club S.p.A. are as follows:

  Half I Half I  
€ million 2012/2013 2011/2012 Change
Revenues 149,4 85,4 64,0
Operating costs 101,9 91,3 10,6
Operating income (loss) 17,3 (31,8) 49,1
Net income (loss) for the period 11,3 (34,6) 45,9
Interim data cannot be construed as representing the basis for a full-year projection. For a correct interpretation of the six-month data it should be noted that Juventus’ financial year 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 participation in football competitions in Europe, particularly the UEFA Champions League, the calendar of sports events and the two phases of the football players’ Transfer Campaign. The financial position and cash flows of the company are also affected by the seasonal nature of the economic components; in addition, some revenues items are collected in a period different from the recognition period.
€ milioni 12/31/2012 06/30/2012 Change
Shareholders' equity 75,7 64,6 11,1
Net financial debt 149,6 127,7 21,9

Continuing the trend of solid improvement in the economic performance, the first half of 2012/2013 financial year ended with a net income of €11.3 million, posting a positive change of €45.9 million against the loss of €34.6 million registered in the same period a year earlier

The positive change is the result of the €64 million increase in revenues (+74.9% compared with the same period of the previous year), of which €2.8 million was due to television income related to the UEFA Champions League, a small increase in operating costs of €10.6 million (+11.6% compared with the first half of 2011/2012 financial year), as well as other net negative changes of €7.5 million. These include higher amortization of players' registration rights (€1.1 million), higher net provisions (€3.6 million), higher net financial expenses (€1.4 million) and finally, lower amortization of other fixed assets (€0.4 million).

Revenues for the first half of 2012/2013, totaling €149.4 million, show a 74.9% increase compared with the figure of €85.4 million in the first half of 2011/2012.

Operating costs in the first half of the 2012/2013 financial year amounted to €101.9 million, increasing by 11.6% compared with €91.3 million for the same period of the previous financial year.

Shareholders’ equity at December 31, 2012 amounted to €75.7 million, registering an increase compared with the balance of €64.6 million at June 30, 2012, mainly due to the profit of the period.

Net financial debt at December 31, 2012 totaled €149.6 million (€127.7 million at June 30, 2012). The increase in net financial debt of €21.9 million was caused by changes in investments (-€43.7 million), operations (+€24.8 million), and other net changes (-€3 million).

Significant events in the first half of 2012/2013

Football season

On August 11, 2012, the First Team won the fifth Italian Super Cup in its history.

In December 2012, the First Team qualified for the round of sixteen of the UEFA Champions League 2012/2013, ranking in first place in its round.

2012/2013 Transfer Campaign – first phase

Transactions concluded in the first phase of the 2012/2013 Transfer Campaign, conducted from July 1 to August 31, 2012 (and until September 6 on some foreign markets), increased total invested capital by €47.4 million, as a result of acquisitions totaling €63 million and disposals totaling €15.6 million (net book value of rights disposed).

Transactions generated net gains equal to €4.9 million. In addition, temporary acquisitions and disposals added a net €0.8 million in gains to the income statement.

The net total financial commitment, distributed over three years, came to €43.1 million and includes capitalized auxiliary expenses and financial income and expenses implicit in deferred receipts and payments.

2012/2013 Season Ticket Campaign

The Season Ticket Campaign for the 2012/2013 season officially closed with the subscription of all the 27,400 season passes available, for net revenues of €19.8 million, including Premium Seats and additional services.

Sales compared with the 2011/2012 football season recorded an increase of 11.7% in the number of season tickets and an increase of 30.3% in net revenues.

New Jeep Sponsorship

Following a three year agreement signed on July 23, 2012, the Fiat Group became 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 current football season, the Jeep logo is on the jerseys.

The Continassa Project

On July 24, 2012, Juventus and the City of Turin signed an agreement, updating the preliminary agreement made on June 11, 2010.

On December 22, 2012, the City of Turin Council approved Partial Variation no. 277 to the General Master Plan (G.M.P.) in force and the redevelopment proposal for the Continassa Area, adjacent to the Juventus Stadium, and currently seriously run-down and abandoned.

As a result, Juventus will acquire a renewable long-term lease from the City of Turin, for a period of 99 years, on a portion of the Continassa Area, equal to 180,000 square meters ("Juventus Area"), and the related Gross Floor Area (GFA) totaling 33,000 square meters, to house the new Training and Media Centre for the First Team, tourism and hotel establishments, entertainment activities, private residences as well as businesses, restaurants and support services.

The price, as identified in the report by the expert assigned by the City of Turin, has been set at €11.7 million, which assigns a value of about €355 per square meter of GFA (totaling 33,000 square meters) and €65 per square meter for the long-term lease (totaling 180,000 square meters). Juventus has already paid the City of Turin advances of €7.5 million; the remaining €4.2 million will be paid by December 31, 2013.

A GFA of 5,000 square meters, already acquired by Juventus, will also be transferred to the Juventus Area, for the construction of premises to house Juventus' headquarters.

Resolutions of the ordinary shareholders’ meeting held on October 26, 2012

The shareholders' meeting on October 26, 2012 approved the financial statements at June 30, 2012, which reported a loss of €48.7 million that was covered through the use of the share premium reserve. As a result, no dividends were deliberated.

The shareholders' meeting also decided that the board of directors would consist of 10 members for the years 2012/2013, 2013/2014 and 2014/2015, appointing the directors Andrea Agnelli, Maurizio Arrivabene (independent director), Giulia Bongiorno (independent director), Paolo Garimberti (independent director), Assia Grazioli Venier (independent director), Giuseppe Marotta, Aldo Mazzia, Pavel Nedved, Enrico Vellano and Camillo Venesio (independent director).

The board of statutory auditors composed by Paolo Piccatti (Chairman), Silvia Lirici and Roberto Longo (auditors) was also appointed. Nicoletta Paracchini and Roberto Petrignani were appointed as deputy auditors.

The shareholders' meeting assigned the engagement, upon recommendation by the board of statutory auditors, for the audit of the financial statements for the financial years 2012/2013-2020/2021 to Reconta Ernst & Young S.p.A.

Lastly, the shareholders' meeting approved the remuneration report pursuant to Article 123-ter of Legislative Decree 58/98.

Resolutions of the board of directors' meeting held on October 26, 2012

The board of directors meeting held at the end of the Shareholders' Meeting confirmed the appointment of Andrea Agnelli as Chairman and Giuseppe Marotta and Aldo Mazzia as Chief Executive Officers. Special tasks were also assigned to Pavel Nedved, in the sports and commercial sector, and to Paolo Garimberti for the Juventus Museum.

The board appointed the executive committee delegating it some of its powers. The members of the committee are Andrea Agnelli (Chairman), and after the satisfaction of the requirements of independence of the directors Maurizio Arrivabene, Giulia Bongiorno, Paolo Garimberti, Assia Grazioli Venier and Camillo Venesio, the board also appointed the following Committees:

  • Remuneration and Appointments Committee composed by Paolo Garimberti (Chairman), Camillo Venesio and Maurizio Arrivabene; 
  • Control and Risk Committee composed by Camillo Venesio (Chairman), Maurizio Arrivabene and Assia Grazioli Venier.

The Supervisory Body was also appointed, pursuant to Legislative Decree 231/2001, composed of Alessandra Borelli, Paolo Claretta Assandri and Guglielmo Giordanengo.

Significant events subsequent to December 31, 2012

Transfer Campaign – second phase

The transactions finalized in the second phase of the 2012/2013 Transfer Campaign will lead to a total increase in invested capital of €3.8 million. Disposals will generate net gains equal to €3.3 million.

The net total financial commitment (including capitalized auxiliary expenses as well as financial income and expenses implicit on deferred receipts and payments) will come to €0.9 million, distributed as follows: €0.4 million in the second half of the 2012/2013 financial year and €0.5 million in the 2013/2014 financial year.

The transactions finalized in the first and second phases of the 2012/2013 Transfer Campaign will lead to a total increase in invested capital of €51.2 million resulting from acquisitions for €66.9 million and disposals for €15.7 million (net book value of disposed rights).

The net gains generated by the disposals total €8.2 million. In addition, temporary acquisitions and disposals added a net €0.8 million in gains to the income statement.

The net total financial commitment (including capitalized auxiliary expenses as well as financial income and expenses implicit on deferred receipts and payments) comes to €44 million, distributed as follows: €26.8 million in the 2012/2013 financial year, €8.8 million in the 2013/2014 financial year, and €8.4 million in the 2014/2015 financial year.

Commercial Register No.64236277 Note legali | Credits