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
5 i n t e r i m management statements at 3 1 0 3 2 0 1 3
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.
7 i n t e r i m management statements at 3 1 0 3 2 0 1 3
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
9 i n t e r i m management statements at 3 1 0 3 2 0 1 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.
10 Juventus Football Club
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
11 i n t e r i m management statements at 3 1 0 3 2 0 1 3
Statement of financial position
The Interim Management Statement at 31 March 2013 is not subject to auditing.
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
12 Juventus Football Club
Income statement for the period 1 July 2012 - 31 March 2013
The Interim Management Statement at 31 March 2013 is not subject to auditing.
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
13 i n t e r i m management statements at 3 1 0 3 2 0 1 3
Income Statement for the third quarter of 2012/2013
Statement of comprehensive for the third quarter of 2012/2013
The Interim Management Statement at 31 March 2013 is not subject to auditing.
Ticket sales
Television and radio rights and media revenues
Revenues from sponsorship and advertising
Revenues from players’ registration rights
Other revenues
Total revenues
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’ 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
III Quarter2011/2012
III Quarter2012/2013
III Quarter2012/2013
Note
14 Juventus Football Club
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.
15 i n t e r i m management statements at 3 1 0 3 2 0 1 3
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
16 Juventus Football Club
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
Amounts in thousand of Euro
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
17 i n t e r i m management statements at 3 1 0 3 2 0 1 3
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
Amounts in thousand of Euro
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
18 Juventus Football Club
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
Details are as follows:
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
19 i n t e r i m management statements at 3 1 0 3 2 0 1 3
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.
20 Juventus Football Club
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
Details are as follows:
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
21 i n t e r i m management statements at 3 1 0 3 2 0 1 3
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).
22 Juventus Football Club
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:
Television and radio rights and media revenues
Details are as follows:
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.
Revenues from sponsorship and advertising
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
Television and radio rights and media revenues
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
23 i n t e r i m management statements at 3 1 0 3 2 0 1 3
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
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
Amounts in thousand of Euro
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.
24 Juventus Football Club
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
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
Amounts in thousand of Euro
Player
Exercise price in the event of the exercise
of option rights
Annual cost for the current
season
Counterparty clubs
(a)
25 i n t e r i m management statements at 3 1 0 3 2 0 1 3
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:
Television and radio rights and media revenues
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
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
26 Juventus Football Club
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
27 i n t e r i m management statements at 3 1 0 3 2 0 1 3
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
Top Related