interim management statements at 31 032013 - juventus.com · corso galileo ferraris 32, 10128 turin...

i n t e r i mmanagementstatements at3 1 0 3 2 0 1 3

JUVENTUS Football Club S.p.A.

Registered office

Corso Galileo Ferraris 32, 10128 Turin

Contact Center 899.999.897

Fax +39 011 51 19 214

Share capital fully paid

E 8,182,133.28

Registered in the companies register

Under no. 00470470014 - REA no. 394963

Borsa Italiana S.p.A. share code: JUVEISIN code: IT0000336518Bloomberg ticker: JUVE IMReuters ticker: JUVE.MI

This document is available on the Internet at www.juventus.com

3 i n t e r i m management statements at 3 1 0 3 2 0 1 3

Contents

Board of Directors, Board of Statutory Auditors

and Independent Auditors 5

Significant events 7

Business outlook 9

Statement of financial position at 31 March 2013 10

Income Statement and Statement of comprehensive income

for the period 1° July 2012 - 31 March 2013 12

Income Statement and Statement of comprehensive income

for the third quarter 2012/2013 13

Notes 14


Board of Directors, Board of Statutory Auditors and Independent Auditors

Board of Directors

Chairman Andrea Agnelli

Chief Executive Officerand General Manager for the Sports Area Giuseppe Marotta

Chief Executive Officere Chief Financial Officer Aldo Mazzia

Non independent Directors Pavel Nedved Enrico Vellano

Independent Directors Maurizio Arrivabene Giulia Bongiorno Paolo Garimberti Assia Grazioli Venier Camillo Venesio

Remuneration and Appointments Committee

Paolo Garimberti (Chairman), Maurizio Arrivabene and Camillo Venesio

Control and Risk Committee Camillo Venesio (Chairman), Maurizio Arrivabene and Assia Grazioli Venier

Executive Committee

Andrea Agnelli (Chairman), Giuseppe Marotta, Aldo Mazzia, Enrico Vellanoand Camillo Venesio

Board of Statutory Auditors

Chairman Paolo Piccatti

Auditors Silvia Lirici Roberto Longo

Deputy Auditors Nicoletta Paracchini Roberto Petrignani

Independent Auditors

Reconta Ernst & Young S.p.A.

Expiry of mandates

The mandates of the Board of Directors and the Board of Statutory Auditors will expire with the Shareholders’ Meeting called to approve the Financial Statements as of 30 June 2015.The mandate for the Independent Auditors will expire with the Shareholders’ Meeting called to approve the Financial Statements as of 30 June 2021.


Significant events

FooTBAll SEASoN

On 5 May the First Team won the Serie A Championship 2012/2013 three matches to spare (31st league title) and

obtained direct access to the Group Stage of the next UEFA Champions League 2013/2014.

As regards other competitions, the First Team reached the semifinals of the Italian Cup in January, and the quarter-

finals of the UEFA Champions League.

In April, the Primavera Team won the Italian Cup in its category.

TRANSFER CAmpAIgN 2012/2013 - SECoND phASE

Acquisitions and disposals

The transactions finalised in the second phase of the 2012/2013 Transfer Campaign, conducted from

3 to 31 January 2013, led net invested capital to rise by a total of € 3.8 million, as a result of acquisitions

totalling € 3.9 million and disposals totalling € 0.1 million (net book value of the rights disposed).

The net gains generated by the disposals total € 3.3 million.

The net total financial commitment (including capitalised auxiliary expenses as well as financial income and

expenses implicit on deferred receipts and payments) comes to € 1.8 million, distributed as follows: € 1.3

million in the 2012/2013 financial year and € 0.5 million in the 2013/2014 financial year.

The main transactions and overall effects of the 2012/2013 Transfer Campaign are illustrated in note no. 1,

to which reference is made for further details.

Renewal of players’ contracts

Taking effect as of 1 February 2013, the player’s contract of the footballer Gianluigi Buffon was renewed

until 30 June 2015. This extension will lead to lower amortisations for € 1.4 million in the 2012/2013

financial year.

8 Juventus Football Club

ShAREholDINg STRUCTURE AND ShARE TREND

Based on the latest information available, the share capital of Juventus Football Club S.p.A. is held 63.8% by

the parent Exor S.p.A., 2.2% by Lindsell Train Ltd. and the remaining 34% is a free float on the Stock Exchange.

The graph below shows the Juventus Football Club S.p.A. share price trend and average daily trading in the past

twelve months.

16.0

14.0

12.0

10.0

8.0

6.0

4.0

2.0

0.0

0.3

0.2

0.1

0.0

€€/m

Equity turnoverOfficial price

4/5 24/5 13/6 3/7 23/7 10/8 31/8 20/9 10/10 30/10 19/11 7/12 3/1 23/1 12/2 4/3 15/4 6/522/3


Business OutlookThe forecast for the 2012/2013 financial year is for a loss, although with a significant improvement over the

previous year due to the fact that the negative economic effects (amortisation and salaries) resulting from the

renewal process for the First Team bench and the achievement of excellent sports results have been offset by

revenues to the Company from the participation in the UEFA Champions League and further moderate increase

in revenues from the stadium and television and radio rights.


Statement of financial position

The Interim Management Statement at 31 March 2013 is not subject to auditing.

Non-current assets

Players’ registration rights, net

Other intangible assets

Intangible assets in progress

Land and buildings

Other tangible assets

Tangible assets in progress

Non-current financial assets

Deferred tax assets

Receivables due from football clubs for transfer campaigns

Other non current assets

Total non-current assets

Current assets

Trade receivables

Non financial receivables from related parties

Receivables due from football clubs for transfer campaigns

Other current assets

Cash and cash equivalents

Total current assets

Advances to suppliers

Non-current advances to suppliers

Current advances to suppliers

Total advances to suppliers

Total assets

16,126,268

78,755

-

(1,476,529)

(3,738,836)

(242,443)

-

(54,428)

9,917,503

(16,771,389)

3,838,901

4,328,550

458,266

12,820,045

16,133,129

4,486,323

38,226,313

(106,943)

9,531,003

9,424,060

51,489,274

118,094,687

30,258,034

10,000

127,023,632

37,841,039

569,821

4,100,000

4,232,742

11,663,758

19,948,093

353,741,806

25,469,586

409,955

29,170,545

4,012,633

653,650

59,716,369

12,690,566

1,631,606

14,322,172

427,780,347

134,220,955

30,336,789

10,000

125,547,103

34,102,203

327,378

4,100,000

4,178,314

21,581,261

3,176,704

357,580,707

29,798,136

868,221

41,990,590

20,145,762

5,139,973

97,942,682

12,583,623

11,162,609

23,746,232

479,269,621

1

5

2

3

2

4

5

6

Amounts in Euro Change30/06/201231/03/2013Note


Statement of financial position


Shareholders’ Equity

Share capital

Share premium reserve

Cash flow hedge reserve

Net result

Shareholders’ equity

Non-current liabilities

Provisions for employee benefits

Loans and other financial payables

Non current financial liabilities

Payables due to football clubs for transfer campaigns

Deferred tax liabilities

Other non-current liabilities

Total non-current liabilities

Current liabilities

Provisions for risks and charges

Loans and other financial payables

Current financial liabilities

Trade payables

Non financial payables due to related parties

Payables due to football clubs for transfer campaigns

Other current liabilities

Total current liabilities

Advances from customers

Non-current advances from customers

Current advances from customers

Total advances from customers

Total liabilities

-

(48,708,978)

15,786

62,493,742

13,800,550

-

(3,712,891)

(15,786)

23,716

(118,924)

(574,230)

(4,398,115)

(4,219,051)

41,358,112

2,721

(3,324,752)

(441,319)

9,390,100

(772,115)

41,993,696

(3,761,532)

3,854,675

93,143

51,489,274

8,182,133

105,840,013

(759,013)

(48,654,550)

64,608,583

2,043,989

66,041,639

759,013

29,281,315

5,437,911

1,014,592

104,578,459

5,753,265

65,650,478

12,500

16,938,746

913,946

63,624,814

40,989,152

193,882,901

44,662,005

20,048,399

64,710,404

427,780,347

8,182,133

57,131,035

(743,227)

13,839,192

78,409,133

2,043,989

62,328,748

743,227

29,305,031

5,318,987

440,362

100,180,344

1,534,214

107,008,590

15,221

13,613,994

472,627

73,014,914

40,217,037

235,876,597

40,900,473

23,903,074

64,803,547

479,269,621

7

5

5

8

9

10

5

5

8

9

11

Amounts in Euro Change30/06/201231/03/2013Note


Income statement for the period 1 July 2012 - 31 March 2013


30/06/2012

30/06/2012

Statement of comprehensive income 1 July 2012 - 31 March 2013

Ticket sales

Television and radio rights and media revenues

Revenues from sponsorship and advertising

Revenues from players’ registration rights

Other revenues

Totale ricavi

Purchase of materials, supplies and other consumables

External services

Players’ wages and technical staff costs

Other personnel

Expenses from players’ registration rights

Other expenses

Total operating costs

Amortisation and write-downs of players’ reg. rights

Amortisation of other tangible and intangible assets

Provisions and other write-downs/reverses and releases

operating income

Financial income

Financial expenses

Income/(loss) before taxes

Current taxes

Deferred taxes

Income/(loss) for the period

Basic income/(loss) per share for the period

loss for the period (A)

Other income (loss) recorded in cash flow hedge reserve

Tax effect related to other income (loss)

Total other income (loss), net of the fiscal effect (B)

Comprehensive loss (A+B)

6,719,044

64,885,235

1,337,308

(6,109,670)

5,478,713

72,310,630

(169,122)

(3,787,590)

(1,345,985)

(1,001,495)

(808,673)

(3,034,277)

(10,147,142)

595,802

(1,493,335)

(3,125,971)

58,139,984

723,562

(2,455,346)

56,408,200

(2,116,888)

(923,336)

53,367,976

0.11

53,367,976

657,338

-

657,338

54,025,314

23,866,281

66,489,473

35,880,820

16,849,686

8,150,144

151,236,404

(2,170,401)

(28,770,590)

(99,735,869)

(7,625,844)

(3,886,163)

(4,403,907)

(146,592,774)

(36,711,052)

(4,788,584)

1,827,947

(35,028,059)

1,046,886

(4,466,821)

(38,447,994)

(2,123,050)

1,042,260

(39,528,784)

(0.10)

31,824,261

90,581,926

53,452,409

18,433,501

19,494,134

213,786,231

(2,588,125)

(41,162,241)

(137,131,802)

(12,959,489)

(6,297,027)

(6,179,816)

(206,318,500)

(52,304,836)

(6,794,484)

10,443,216

(41,188,373)

1,380,876

(6,111,132)

(45,918,629)

(3,788,628)

1,052,707

(48,654,550)

(0.09)

(39,528,784)

(641,552)

-

(641,552)

(40,170,336)

(48,654,550)

(720,658)

-

(720,658)

(49,375,208)

30,585,325

131,374,708

37,218,128

10,740,016

13,628,857

223,547,034

(2,339,523)

(32,558,180)

(101,081,854)

(8,627,339)

(4,694,836)

(7,438,184)

(156,739,916)

(36,115,250)

(6,281,919)

(1,298,024)

23,111,925

1,770,448

(6,922,167)

17,960,206

(4,239,938)

118,924

13,839,192

0.01

13,839,192

15,786

-

15,786

13,854,978

Amounts in Euro

Amounts in Euro

Change

Change

31/03/2012

31/03/2012

31/03/2013

31/03/2013

12

13

14

15

Note


Income Statement for the third quarter of 2012/2013

Statement of comprehensive for the third quarter of 2012/2013


Ticket sales




Other revenues

Total revenues

Purchase of materials, supplies and other consumables

External services

Players’ wages and technical staff costs

Other personnel


Other expenses

Total operating costs

Amortisation and write-downs of players’ registration rights

Other amortisation, provisions and release of provisions

Provisions and other write-downs/reverses and releases

operating income

Financial income

Financial expenses

Income/(loss) before taxes

Current taxes

Deferred taxes

Income/(loss) for the period

Basic income/(loss) per share for the period

Income/(loss) for the period (A)

Other income (loss) recorded in cash flow hedge reserve

Fiscal effect related to other income (loss)

Total other income (loss), net of the fiscal effect (B)

Comprehensive income/(loss) (A+B)

1,095,221

10,066,596

781,073

(5,725,085)

2,049,782

8,267,587

46,867

(1,077,037)

2,597,164

(329,298)

867,181

(1,562,162)

542,715

1,695,808

(1,927,761)

504,502

9,082,851

271,548

(636,917)

8,717,482

(946,099)

(307,779)

7,463,604

0.01

7,463,604

184,694

-

184,694

7,648,298

9,849,768

30,762,961

11,948,312

9,831,322

3,469,415

65,861,778

(693,831)

(9,744,630)

(38,037,823)

(2,678,094)

(2,406,109)

(1,779,366)

(55,339,853)

(13,593,614)

(312,076)

120,948

(3,262,817)

300,982

(1,578,291)

(4,540,126)

(707,683)

347,420

(4,900,389)

(0.01)

(4,900,389)

(67,414)

-

(67,414)

(4,967,803)

10,944,989

40,829,557

12,729,385

4,106,237

5,519,197

74,129,365

(646,964)

(10,821,667)

(35,440,659)

(3,007,392)

(1,538,928)

(3,341,528)

(54,797,138)

(11,897,806)

(2,239,837)

625,450

5,820,034

572,530

(2,215,208)

4,177,356

(1,653,782)

39,641

2,563,215

0.003

2,563,215

117,280

-

117,280

2,680,495

16

17

18

Amounts in Euro

Amounts in Euro

Change

Change

III Quarter2011/2012




Note


Notes

ACCoUNTINg pRINCIplES

The Interim Management Statements at 31 March 2013, concerning the third quarter of the 2012/2013

financial year, have been drawn up pursuant to Article 154-ter, paragraph 5, of Legislative Decree 58 of 24

February 1998, as amended by Legislative Decree 195 of 6 November 2007.

The accounting principles and policies used in drafting these management statements are the same as those

used in preparing the Annual Report at 30 June 2012, in compliance with IFRS.

Drafting the interim management statements requires the use of estimates and assumptions that have an

effect on assets and liabilities and on information regarding potential assets and liabilities at the reporting

date. The final results may differ from these estimates. The estimates and assumptions are reviewed

periodically and the effects of every variation are reflected immediately in the income statement.

These measurement processes, in particular more complex ones such as the determination of impairment in

the value of assets, are generally made in full only when preparing the annual financial statements, when

all the information that might be needed is available, except in cases where there are impairment indicators

that demand an immediate evaluation of possible impairment losses.

The Interim Management Statements at 31 March 2013 have not been audited.

SEASoNAl NATURE oF opERATIoNS

The economic trend of the Company is characterised by a strong seasonal nature, typical of the sector, basically

determined by participation in European championships, in particular the UEFA Champions League, by the calendar

of sports events and by the two phases of the football player Transfer Campaign. Specifically:

• the calendar of sports events to which main revenue items are related and recognised in the income statement,

has an impact on the trend of quarterly results and their comparison with figures for the same periods of

previous years. This is because the main cost items not referable to single sports events (such as players’ wages

and amortisation relative to registration rights) are recorded in the income statement on a straight-line basis.

Specifically, note that the revenues for broadcasting rights to the Series A championship and the Italian Cup

(whose marketing is handled centrally by the Lega Nazionale Professionisti Serie A) are reported in 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 revenues from UEFA Champions League, not linked to performance or to winning specific

rounds, are reported in the income statement by dividing the total, provided by UEFA, in equal parts based on

the number and date of the games played;

• the player Transfer Campaign, which takes place in July and August (first phase) and January (second phase) may

have significant economic and financial effects in the first and third quarter of the financial year.

The Company’s financial performance is also affected on a quarterly level by the seasonal nature of economic

components; Furthermore, a number of revenue items show non-uniform financial patterns (receipts) with

respect to the pertinent economic period.


NoTES oN ThE STATEmENT oF FINANCIAl poSITIoN AT 31 mARCh 2013

1. plAyERS’ REgISTRATIoN RIghTS

The changes in the item are shown below:

Book value

Accumulated amortisation

Initial write-down

Balance at 30/06/2012

Investments

Disinvestments (gross)

Use of accumulated amortisation

Use of reserve for write-downs

Disinvestments (net)

Amortisation

Reclassifications

Balance at 31/03/2013

Book value

Accumulated amortisation

Find final write-downs

Saldi al 31/03/2013

260,444

(137,026)

(5,323)

118,095

67,938

(34,722)

15,299

3,726

(15,697)

(36,115)

-

134,221

293,542

(157,724)

(1,597)

134,221

492

(168)

-

324

1,212

(49)

27

-

(22)

(243)

(6)

1,265

1,623

(358)

-

1,265

1,057

-

-

1,057

-

(736)

-

-

(736)

-

169

490

490

-

-

490

7,587

(2,087)

-

5,500

31,424

(2,393)

479

-

(1,914)

(4,823)

(3,477)

26,710

32,261

(5,551)

-

26,710

251,308

(134,771)

(5,323)

111,214

35,302

(31,544)

14,793

3,726

(13,025)

(31,049)

3,314

105,756

259,168

(151,815)

(1,597)

105,756

Amounts in thousand of Euro

TotalRegistered young

players

player-sharing agreement

player-sharing agreement

payable

professionals


Below is an illustration of the main transactions related to players’ registration rights during the two phases of the Transfer Campaign 2012/2013, and other changes during the period:

Definitive acquisitions

Anelka Nicolas SebastienCaceres Silva Josè MartinCavion MicheleFerreira Lucimar LucioLeali NicolaMasi AlbertoPogba Paul LabileTroisi James

Player-sharing acquisitions (50%)

Anacoura JoyceAsamoah Kwadwo Boakye YiadomBuchel MarcelGabbiadini ManoloGallinetta AlbertoIsla Isla Mauricio AnibalSpinazzola Leonardo

Termination of player-sharing agreements in favour of Juventus

Beltrame StefanoGiaccherini EmanueleGiovinco Sebastian

Other investments/increases**

Total investments

5 months4525444

55555554

433

2008,0001,034

7743,8971,9311,635

489

7168,5683,9191,4695,254

9949,348

400

7324,129

10,471

3,978

67,938

-8,0001,000

-3,8002,100

--

7509,0004,0001,5005,5001,0009,400

400

7504,250

11,000

Shangai Shenhua FC *Sevilla Futbol ClubVicenza Calcio *-Brescia CalcioPro Vercelli--

Parma FCUdinese CalcioGenoa CFCAC Siena *Atalanta BCParma FC *Udinese CalcioAC Siena

Novara CalcioAC CesenaParma FC


Player

years of contract

IFRS value of rights (including

expenses)

priceCounterparty clubs

* Transactions concluded in the second phase of the Transfer Campaign 2012/2013** Includes the capitalisation of any bonuses linked to sports scores paid to the football clubs for players acquired during the previous Transfer Campaigns


The net total financial commitment (including income and expenses for temporary acquisitions and disposals,

capitalised auxiliary expenses and bonuses, as well as financial income and expenses implicit on deferred

receipts and payments) comes to € 45,551 thousand, distributed as follows:

2. CURRENT AND NoN-CURRENT RECEIVABlES DUE FRom FooTBAll ClUBS FoR TRANSFER CAmpAIgNS

These are the current and non-current receivables, due within five financial years, from football clubs for the

disposal of players’ registration rights and are almost entirely covered by a direct guarantee or through the Lega

Nazionale Professionisti Serie A.

This item totals € 63,572 thousand, showing an increase of € 22,738 thousand compared to € 40,834 thousand

at 30 June 2012.

Definitive acquisitions

Corticchia NicolòD’Elia SalvatoreElia EljeroKrasic MilosPazienza Michele

Player-sharing disposals (50%)

Boniperti FilippoChibsah Yussif RamanDe Silvestro ElioLibertazzi AlbertoPasquato CristianSchiavone AndreaTroisi James

Termination of players’ contract agreements

Ekdal AlbinSliti Taider Saphir

Termination of players’ rights

Ekdal Albin

Other disinvestments

Total disinvestments (net)

560317

--

93

946671764428

1,3971,4491,666

411323

(677)

(136)

8,212

590393

5,3676,697

293

966716764428

1,4281,4491,911

1,1422,238

-

16

3076

5,2296,347

200

2045

--

31-

244

7311,915

677

152

15,697

--

138350

-

-------

--

-

-

488

600400

5,5007,000

300

1,000750800450

1,5001,5002,000

1,2002,350

-

(a)

(b)

Vicenza Calcio *Vicenza Calcio *Werder BremenFenerbahce FutbolBologna FC

Parma FC *Parma FCPro VercelliNovara CalcioUdinese CalcioAC Siena *Atalanta BC

Cagliari CalcioBologna FC


Player

Capital gains (capital losses)

price present value

Net book value

Solidarity subsidy

priceCounterparty clubs

* Transactions concluded in the second phase of the Transfer Campaign 2012/2013(a) The disposal transaction, which took place on 10 July 2012, resulted in a write-down of € 2,152 thousand (recognised at 30 June 2012) to adjust the remaining book value of the asset to the disposal price of € 5,500 thousand (payable over two financial years). (b) The disposal transaction, which took place on 4 August 2012, resulted in a write-down of € 1,574 thousand (recognised at 30 June 2012) to adjust the remaining book value of the asset to the disposal price of € 7,000 thousand (payable over two financial years).

LNP and others

Foreign FC

Agents

Total

(10,855)

2,500

(25)

(8,380)

(17,451)

(7,286)

(3,573)

(28,310)

(43,471)

2,964

(5,044)

(45,551)

Amounts in thousand of Euro 2014/20152012/2013Total

(15,165)

7,750

(1,446)

(8,861)

2013/2014

Expiration


3. oThER NoN-CURRENT ASSETS

Details are as follows:

Receivables due from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A., totalling € 17,224 thousand gross of

adjustments for underlying financial income, maturing on 31 December 2013, were reclassified under the item

“Other current assets” (see also note 4).

The discounted receivable due from Istituto per il Credito Sportivo (I.C.S.) refers to an interest rate subsidy granted

by the same Institute, in accordance with current laws, related to a loan for the construction of the new stadium.

Prepaid expenses mainly refer to insurance premiums (€ 443 thousand) and to pre-lease interest on the Training

Centre lease (€ 184 thousand).

4. oThER CURRENT ASSETS


Receivables due from Campi di Vinovo S.p.A. for the sale of the branch of business of “Mondo Juve - commercial park”

Receivables due from Finanziaria Gilardi S.p.A. for sale of the Campi di Vinovo S.p.A. shareholding

Adjustment for financial income underlying the receivables due from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A.

Receivables due from I.C.S. for interest rate subsidy (non-current portion)

Adjustment for financial income underlying the receivable due from I.C.S.

Prepaid expenses

Miscellaneous

other non current assets

10,352

6,872

(699)

3,018

(616)

880

141

19,948

-

-

-

2,867

(537)

769

78

3,177

Amounts in thousand of Euro 30/06/201231/03/2013

Receivables due from Campi di Vinovo S.p.A. for the sale of the branch of business of “Mondo Juve - commercial park”

Receivables due from Finanziaria Gilardi S.p.A. for sale of the Campi di Vinovo S.p.A. shareholding.

Adjustment for financial income underlying the receivables due from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A.

Receivables due from Lega Nazionale Professionisti Serie A

Prepaid expenses

Receivables due from I.C.S. for interest rate subsidy (current portion)

Adjustment for financial income underlying the receivable due from I.C.S.

Receivables due from insurance companies

Tax receivables

Miscellaneous

other current assets

-

-

-

2,296

989

302

(114)

238

73

229

4,013

10,352

6,872

(350)

246

2,094

302

(107)

231

97

409

20,146

Amounts in thousand of Euro 30/06/201231/03/2013


Other current assets increased by € 16,133 thousand (€ 4,013 thousand at 30 June 2012) mainly due to the

reclassification of receivables due from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A., maturing on 31

December 2013. These receivables refer to the sale of the Campi di Vinovo S.p.A. shareholding and the branch

of business consisting of the commercial park to be constructed on Campi di Vinovo S.p.A. land to Costruzioni

Generali Gilardi S.p.A. Although secured by a pledge on the Campi di Vinovo S.p.A. shareholding, the usual areas

of uncertainty exist as to the collectability of the receivables, connected with the timeframe within which the

project will be completed.

Receivables of the championships account held with the Lega Nazionale Professionisti Serie A decreased by

€ 2,050 thousand, mainly due to the collection of the portion of revenues from the sale of tickets for the Italian

Cup Final held in Rome on 20 May 2012.

Prepaid expenses mainly refer to insurance premiums (€ 363 thousand), expenses for the temporary acquisition of

some players (€ 457 thousand), service agreements (€ 629 thousand), charges on guarantees (€ 216 thousand)

and pre-lease interest on the Training Centre lease (€ 82 thousand).

5. NET FINANCIAl DEBT

At 31 March 2013, net financial debt amounted to € 160,855 thousand, registering an increase of € 33,145

thousand compared to a balance of € 127,710 thousand at 30 June 2012. This increase is mainly due to the

cash used for investing activities (€ -68,470 thousand), partially offset by cash generated from operations

(€ +40,279 thousand) and by other minor variations (€ -4,954 thousand). The breakdown of current and non-

current financial debt is shown below.

Financial assets*

Cash and cash equivalents

Total financial assets

Financial payables

- due to leasing companies

- due to the Istituto per il Credito Sportivo

- due to banks

- due to factoring companies

Other financial liabilities

Total financial liabilities

Net financial debt

4,100

654

4,754

(16,152)

(56,105)

(54,401)

(5,034)

(772)

(132,464)

(127,710)

4,100

5,140

9,240

(14,584)

(54,610)

(64,485)

(35,658)

(758)

(170,095)

(160,855)

4,100

-

4,100

(14,005)

(52,037)

-

-

(759)

(66,801)

(62,701)

4,100

-

4,100

(12,393)

(49,935)

-

-

(743)

(63,071)

(58,971)

-

654

654

(2,147)

(4,068)

(54,401)

(5,034)

(13)

(65,663)

(65,009)

-

5,140

5,140

(2,191)

(4,675)

(64,485)

(35,658)

(15)

(107,024)

(101,884)

Amounts in thousand of EuroTotalTotal Non-

currentNon-

current

30/06/201231/03/2013

Current Current

* This item is included as it refers to cash deposits in a current account pledged as collateral on the Istituto per il Credito Sportivo loan, recorded with financial payables.


At 31 March 2013, this item did not include any payable or receivable positions with respect to related parties,

except for the balances of current accounts held at Banca del Piemonte S.p.A. (€ -3,722 thousand).

At 31 March 2013, the Company had revocable lines of credit totalling € 269,000 thousand, drawn down by

a total of € 173,840 thousand (€ 73,697 thousand for guarantees issued in favour of third parties, € 64,485

thousand for overdrafts, and € 35,658 for advances on factoring).

6. ADVANCES To SUpplIERS

These total € 23,746 thousand, of which € 12,584 non current (of which € 12,013 thousand beyond five

financial years) and mainly refer to the payment of consideration in advance for the acquisition of the long-term

lease of the Juventus Stadium area (€ 12,726 thousand) recognised as an operating lease (including auxiliary

expenses) as well as for the preliminary agreement relating to acquisition of the long-term lease and relative

auxiliary expenses of the Continassa area (€ 8,842 thousand).

7. ShAREholDERS’ EQUITy

Shareholders’ equity at 31 March 2013 was equal to € 78,409 thousand, registering an increase compared to the

balance of € 64,609 thousand at 30 June 2012 due to the increased profit for the period (€ +13,839 thousand),

net of changes in the cash flow hedge reserve (€ + 16 thousand) and other minor variations (€ -55 thousand).

8. CURRENT AND NoN-CURRENT pAyABlES DUE To FooTBAll ClUBS FoR TRANSFER CAmpAIgNS

These are current and non-current payables to football clubs for the acquisition of players’ registration rights.

This item totals € 102,320 thousand, showing an increase of € 9,414 thousand compared to € 92,906 thousand

at 30 June 2012.

9. oThER NoN-CURRENT AND CURRENT lIABIlITIES


Payables due for remuneration to employees and others

Tax payables for withholding tax and other taxes

Prepaid income and accrued expenses

Payables due for auxiliary expenses and Transfer Campaign

Payables due to social security agencies

Adjustment for implicit financial expenses

Other payables

other non-current and current liabilities

20,973

12,911

585

2,635

991

(24)

3,933

42,004

16,027

11,129

4,967

4,471

687

(51)

3,427

40,657

-

606

-

400

-

(14)

23

1,015

-

-

-

425

-

(12)

27

440

20,973

12,305

585

2,235

991

(10)

3,910

40,989

16,027

11,129

4,967

4,046

687

(39)

3,400

40,217

(a)

Amounts in thousand of EuroTotalTotal Non-current

shareNon-current

share

30/06/201231/03/2013

Current share

Current share

(a) Of which € 1,208 thousand arising from the transaction with the Regional Tax Authorities of 14 December 2010


Prepaid income and accrued expenses, amounting to € 4,967 thousand, mainly regarded trade revenues

pertaining to future periods (€ 3,879 thousand) and prepaid income deriving from the temporary disposal of

some footballers (€ 642 thousand).

10. CURRENT pRoVISIoNS FoR RISkS AND ChARgES

That item, equal to € 1,534 thousand (€ 5,753 thousand at 30 June 2012), mainly includes provisions for costs

to be incurred for FIGC registered personnel not included in the technical project, but still on the payroll for the

2012/2013 football season.

Uses of the Provision for other risks and charges, equal to € 4,719 thousand, were for payments to other

employees and to FIGC registered personnel which are not part of the technical project.

The allocation to the provision for other risks and charges of € 500 thousand refers to the estimate of charges

that shall be incurred if the option right for the acquisition of registration rights of players is not exercised.

11. ADVANCES FRom CUSTomERS

Advances from customers total € 64,804 thousand, of which € 40,900 thousand non-current (including

€ 14,305 thousand beyond five financial years). These are amounts already received for the performance of

services to render in the future related to:

•naming and other revenues of the new stadium from agreements with Sportfive Italia S.r.l. and Sportfive GmbH

& Co. KG for € 35,039 thousand;

•use of television images (Juventus Library) for € 9,959 thousand;

• season passes for home matches and additional services for € 7,460 thousand (of which € 3,552 thousand for

the 2012/2013 season and € 3,908 thousand for the 2013/2014 season);

• television rights disposed of in centralised form for the fourth quarter of the 2012/2013 financial year for

€ 6,899 thousand;

• revenues related to the “Accendi una Stella” commercial initiative for € 1,499 thousand;

• sponsorships and other minor items for € 3,948 thousand.

NoTES oN ThE INComE STATEmENT FoR ThE pERIoD 1 JUly 2012 - 31 mARCh 2013

Continuing the trend of solid improvement in the economic performance, the first nine months of the 2012/2013

financial year ended with profit of € 13,839 thousand, posting a positive change of € 53,368 thousand against

the loss of € 39,529 thousand registered in the same period a year earlier. This positive change is the result of the

€ 72,311 thousand increase in revenues, of which € 51,878 thousand was due to television income related to

the UEFA Champions League, a small increase in operating costs of € 10,147 thousand, as well as net negative

changes of € 8,796 thousand. These include higher amortisation of fixed assets (€ 1,493 thousand), higher net

provisions (€ 3,126 thousand), higher net financial expenses (€ 1,731 thousand ), lower amortisation of players’

registration rights (€ 596 thousand) and finally, higher taxes (€ 3,041 thousand).


12. REVENUES

Revenues for the first nine months of the year totalled r 223,547 thousand, up 47.8% compared to r 151,236

thousand for the same period last year. The main items and/or changes are illustrated below.

Ticket sales

This item amounts to r 30,585 thousand, registering an increase of r 6,719 thousand compared to r 23,866

thousand in the same period of last year, due to higher revenues from ticket sales for UEFA Champions League

home matches (r +5,120 thousand), higher revenues from season passes (r +2,704 thousand), revenues

from the Italian Super Cup (r +1,485 thousand) and higher revenues from additional match services (r +526

thousand); these increases were partially offset by lower fees for friendly matches (r -1,456 thousand), the

absence of revenues which had originated from the Juventus Stadium opening ceremony (r -1,230 thousand),

lower revenues from ticket sales for Championship home matches (r -347 thousand) and lower revenues from

Italian Cup matches (r -83 thousand).

The following table compares the number of matches played in the various official competitions in the period

from 1 July 2012 to -31 March 2013 and in the same period of the previous year:



Revenues from sales of media rights in the period increased by r 13,008 thousand compared to the same period

of the previous financial year, mainly due to the higher number of championship home matches played in the

period and higher income from exploitation of the Juventus Library.

Revenues from UEFA competitions (r +51,878 thousand) refer to participation in the 2012/2013 UEFA Champions

League.


These amount to r 37,218 thousand, against r 35,881 thousand for the same period of the previous year.

Championship

UEFA matches

Italian Supercups

Italian Cup

Total

29

-

-

4

33

30

8

1

4

43

15

-

-

1

16

15

4

1

1

21

14

-

-

3

17

15

4

-

3

22

number of matches TotalTotal AwayAway

01/07/2012 - 31/03/2013 01/07/2011 - 31/03/2012

homehome

Revenues from media rights

Revenues from UEFA competitions


13,008

51,878

64,886

66,489

-

66,489

79,497

51,878

131,375

Amounts in thousand of EuroChange01/07/2011

31/03/201201/07/2012 31/03/2013


These increased by r 1,337 thousand, as a result of higher revenues from sponsorships (r +4,311 thousand),

higher advertising revenues (r +492 thousand), partially offset by lower revenues from royalties (r -2,936

thousand) and players’ image rights (r -530 thousand).


Revenues from players’ registration rights amount to r 10,740 thousand, compared to r 16,850 thousand for

the same period of the previous year and mainly refer to capital gains from the disposal of players’ registration

rights (r 9,040 thousand) and revenues from temporary disposals of players (r 1,358 thousand).

The main temporary disposals completed during the 2012/2013 Transfer Campaign are reported below:

Other revenues

These total r 13,629 thousand (r 8,150 thousand at 31 March 2012) and mainly relate to income from the

Juventus Museum and the “Membership” and “Stadium Tour” commercial initiatives, income from non-sporting

activities carried out at the Juventus Stadium, as well as the contributions from Federazione Italiana Giuoco Calcio

and UEFA for National side appearances of Juventus players.

13. opERATINg CoSTS

Operating costs in the first nine months of the 2012/2013 financial year amounted to r 156.740 thousand,

increasing by 6.9% compared to r 146,593 thousand for the same period of the previous financial year. The

main items and/or changes are illustrated below.

External services

Expenses for external services amounted to r 32,558 thousand (r 28,771 thousand in the same period of the

previous year), and increased mainly due to higher costs for transport and trips for Italian Super Cup and UEFA

Champions League matches. Expenses for maintenance, cleaning, security and reception and plant management

increased over the same period of the 2011/2012 financial year, as the Juventus Stadium became fully operational.

These effects were partially offset by the lower costs for installations which at 31 March 2012 included, among

others, costs related to the opening of the Juventus Stadium.

FIGC registered personnel

Costs for FIGC registered personnel amount to r 101,082 thousand (r 99,736 thousand for the same period

of the previous year), representing an increase of r 1,346 thousand mainly due to higher payments relative to

new contracts entered into with players during the 2012/2013 Transfer Campaign (r +4,918 thousand), higher

(a)

Melo De Carvalho Felipe

Martinez Jorge Andreas

Ziegler Reto

6,500

-

-

1,750

-

250

88

-

-

Galatasaray

Cluj S.A.

Fenerbahce Futbol


Player

Exercise price in the event of the exercise

of option rights

Annual revenues for the

current season

Solidarity subsidy

Counterparty clubs

(a) Under the agreement, Juventus will receive a bonus for match appearances by the player in official matches.


remuneration paid to players transferred temporarily (r +3,010 thousand), and higher variable bonuses paid to

players (r +225 thousand), effects which were partially offset by lower fees and leaving incentives paid to players

permanently disposed of (r -7,480 thousand).


Expenses from players’ registration rights amount to r 4,695 thousand (r 3,886 thousand for the same period

of the previous year) and mainly refer to auxiliary expenses incurred for the purchase of players’ registration rights

(r 2,898 thousand), losses on disposal of players (r 827 thousand), as well as costs arising from the temporary

acquisition of players (r 763 thousand).

The main temporary acquisitions completed during the 2012/2013 Transfer Campaign are reported below:

Other expenses

These amount to r 7,438 thousand, against r 4,404 thousand for the same period of the previous year.

These increased by r 3,034 thousand, mainly due to the costs incurred for settlement with players’ agents and

penalties on commercial contracts (r 1,366 thousand), higher extraordinary expenses (r 722 thousand), higher

agency costs (r 446 thousand) and higher local taxes (r 331 thousand).

14. DEpRECIATIoN/AmoRTISATIoN oF oThER TANgIBlE AND INTANgIBlE ASSETS

This item amounts to r 6,282 thousand, against r 4,789 thousand at 31 March 2012.

This mainly refers to depreciation of the Vinovo Training Centre, the Juventus Stadium, Juventus Museum

and tangible assets, and amortisation of intangible assets.

15. pRoVISIoNS AND oThER wRITE-DowNS/REVERSES AND RElEASES

This item amounts to r 1,298 thousand, against a positive balance of r 1,828 thousand at 31 March 2012.

This item includes the allocation to the provision for other risks of r 1,204 thousand in relation to the

estimate of charges that shall be incurred if the option rights for the acquisition of registration rights of

players is not exercised, as well as to provisions for bad debts. The previous period included the release of

the portion of the provision for other risks (r 1,959 thousand) related to payments not made to the player

Carvalho de Oliveira Amauri following their disposal in January 2012.

(a) If the option right is not exercised, Juventus will be required to pay a penalty of € 500 thousand.

Acquisizioni

Bendtner Nicklas

Bonatini Lohner Maia Leonardo

Cevallos Enriquez Jose Francisco

Kabashi Elvis

6,000

900

1,500

700

-

400

220

150

Arsenal FC

Cruzeiro E.C.

Club Liga Deportiva de Quito

Empoli FC Spa


Player

Exercise price in the event of the exercise

of option rights

Annual cost for the current

season

Counterparty clubs

(a)


NoTES oN ThE INComE STATEmENT FoR ThE ThIRD QUARTER oF 2012/2013

Profit for the third quarter 2012/2013 amounted to r 2,563 thousand, increasing by r 7,464 thousand

compared to the loss registered for the same period of the previous financial year (r -4,900 thousand). The

positive change is substantially due to greater television and radio rights and media revenues (r +10,067

thousand), lower players’ wages and technical staff costs (r +2.597 thousand) and lower amortisation of

players’ registration rights (r +1,696 thousand). These positive changes were partially offset by lower net

revenues from players’ registration rights (r -4,858 thousand) and higher amortisation of other fixed assets

(r -1,928 thousand).

16. REVENUES

Revenues for the third quarter of the 2012/2013 financial year amounted to r 74,129 thousand, increasing by

12.6% on r 65,862 thousand for the third quarter of the previous financial year. The main items and/or changes

are illustrated below.

Ticket sales

These amount to r 10,945 thousand, an increase of r 1,095 thousand, compared to the r 9,850 thousand

for the same period of the previous financial year, due to higher revenues from ticket sales for UEFA

Champions League home matches (r +1,557 thousand), higher revenues from season passes (r +593

thousand) and higher income from additional match services (r +295 thousand). These were partially

offset by lower revenues from ticket sales for Championship home games (r -798 thousand), lower fees for

friendly matches (r -521 thousand) and lower revenues from Italian Cup matches (r -31 thousand).

The following table compares the number of matches played in the various official competitions during the

third quarter 2012/2013 and in the same period of the previous year:


These amount to r 40,830 thousand (r 30,763 thousand for the same period of the previous year.) The positive

change of r 10,067 thousand derives primarily from participation in the UEFA Champions League 2012/2013.


Revenues from players’ registration rights amount to r 4,106 thousand, compared to r 9,831 thousand for the

same period of the previous year. The breakdown of this item, including the gains realised, is shown in note 1.

Championship

UEFA matches

Italian Cup

Total

13

-

3

16

12

2

3

17

7

-

1

8

6

1

1

8

6

-

2

8

6

1

2

9

number of matches TotalTotal AwayAway

III Quarter 2012/2013 III Quarter 2011/2012

homehome


Other revenues

These total r 5,519 thousand (r 3,469 thousand at 31 March 2012) and mainly relate to income from the

Juventus Museum and the “Membership” and “Stadium Tour” commercial initiatives, as well as income

from non-sporting activities carried out at the Juventus Stadium.

17. opERATINg CoSTS

Operating costs in the third quarter of the 2012/2013 financial year amounted to r 54,797 thousand,

generally unchanged year-on-year compared to r 55,340 thousand for the same period of the previous

financial year. The main items and/or changes are illustrated below.

FIGC registered personnel

Players’ wages and technical staff costs amount to r 35,441 thousand; the decrease compared to r 38,038

thousand in the same period of the previous year is mainly due to lower fees for leaving incentives paid to

players permanently disposed of (r -4,572 thousand) as well as to lower variable bonuses paid to players

(r -1,309 thousand). These were partially offset by higher fixed remuneration for the period (r +3,263 thousand).

Other expenses

These increased by r 1,562 thousand, mainly due to the charges incurred for settlements with players’

agents and penalties on commercial contracts (r 1,366 thousand).

18. AmoRTISATIoN AND wRITE-DowNS oF plAyERS’ REgISTRATIoN RIghTS

In the quarter in question, amortisation totalled r 11,898 thousand, down compared to r 13,594 thousand

in the third quarter of the 2011/2012 financial year, mainly due to the transactions finalised during the

2012/2013 Transfer Campaign.

19. AppRoVAl oF ThE INTERIm mANAgEmENT STATEmENTS AT 31 mARCh 2013 AND AUThoRISATIoN FoR pUBlICATIoN

At the meeting of 9 May 2013, the Board of Directors approved the Interim Management Statements at 31

March 2013, authorising the publication on the same date.

Turin, 9 May 2013

On behalf of the Board of Directors The Chairman

Andrea Agnelli


DEClARATIoN pURSUANT To pARAgRAph 2 oF ARTIClE 154 BIS oF ThE CoNSolIDATED lAw oN

FINANCE (TUF)

Pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, I, Marco Re, the Juventus

Football Club S.p.A. Financial Reporting Officer, declare that the accounting information contained in these

Interim Management Statements at 31 March 2013 is consistent with the accounting records.

Turin, 9 May 2013

Financial Reporting Officer of Juventus Football Club S.p.A.

Marco Re

Information for shareholders, investors and the press:

Relations with Institutional Investors and Financial Analyststelephone +39 011 65 63 403

fax +39 011 56 31 [email protected]

Press Officetelephone +39 011 65 63 448

fax +39 011 44 07 [email protected]

Juventus Football Club S.p.A.C.so Galileo Ferraris, 32 - 10128 Turin

www.juventus.com

This document contains a true translation in English of the report in Italian “Resoconto intermedio di gestione al 31 marzo 2013”.

However, for information about Juventus Football Club S.p.A. reference should be made exclusively to the original report in Italian

The Italian version shall prevail upon the English version.

Graphic design and art directionBeatrice Coda Negozio

PhotographyLaPresse

Printed byG. Canale & C. S.p.A.

juventus.com

interim management statements at 31 032013 - juventus.com · corso galileo ferraris 32, 10128 turin...

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