interim management statements

Transcription

I N T E R I M
MANAGEMENT
S TAT E M E N T S
31 03 16
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
€ 8,182,133.28
REGISTERED IN THE COMPANIES REGISTER
Under no. 00470470014 - REA no. 394963
Borsa Italiana S.p.A. share code: JUVE
ISIN code: IT0000336518
Bloomberg ticker: JUVE IM
Reuters ticker: JUVE.MI
This document is available
on the Internet at www.juventus.com
INTERIM MANAGEMENT STATEMENTS - 31 03 16
02
CONTENTS
Board of Directors, Board of Statutory Auditors and Independent Auditors
5
Significant events
6
Business outlook
9
Statement of financial position at 31 March 2016
10
Income Statement and Statement of comprehensive income for the period 1 July 2015 - 31 March 2016 12
Income Statement and statement of comprehensive income for the third quarter of the 2015/2016 financial year 13
Notes14
The Board of Directors of Juventus Football Club S.p.A has examined and approved the Interim Management Statements in order
to ensure, on a voluntary basis, continuity and regularity of information to the market, while waiting clarification on the regulatory
framework defined by Legislative Decree no. 25 of 15 February 2016.
Juventus reserves the right to assess the financial communication policy it deems to adopt, once the regulatory framework has been
consolidated.
03
04
BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS
AND INDIPENDENT AUDITORS
BOARD OF DIRECTORS
CHAIRMAN
Andrea Agnelli
VICE CHAIRMAN Pavel Nedved
CHIEF EXECUTIVE OFFICER
AND GENERAL MANAGER FOR THE SPORTS AREA
Giuseppe Marotta
CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER
Aldo Mazzia
NON INDEPENDENT DIRECTORS
Maurizio Arrivabene
Francesco Roncaglio
Enrico Vellano
INDEPENDENT DIRECTORS
Giulia Bongiorno
Paolo Garimberti
Assia Grazioli Venier
Caitlin Mary Hughes
Daniela Marilungo
REMUNERATION AND APPOINTMENTS COMMITTEE
Paolo Garimberti (Chairman), Assia Grazioli Venier and Caitlin Mary Hughes
CONTROL AND RISK COMMITTEE
Daniela Marilungo (Chairman), Paolo Garimberti and Assia Grazioli Venier
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 terms
The terms 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 2018.
The assignment for the Independent Auditors will expire with the Shareholders’ Meeting called to approve the Financial
Statements as of 30 June 2021.
05
SIGNIFICANT EVENTS
FOOTBALL SEASON
In March 2016, the First Team qualified for the Italian Cup final and was eliminated in the round of sixteen UEFA Champions League.
The Primavera Team, for the ninth time, won the prestigious Viareggio Carnival Cup international tournament.
On 25 April 2016, the First Team won the Serie A Championship 2015/2016 for the fifth year in a row with three matches left to play
(34th league title in the team's history) and obtained direct access to the Group Stage of the next UEFA Champions League 2016/2017.
UEFA LICENSES
On 9 May 2016 the UEFA first instance licensing committee at FIGC, once examined the submitted documentation and verified its
compliance to the criteria and parameters required by the regulations, issued Juventus a UEFA license for the 2016/2017 football
season.
TRANSFER CAMPAIGN 2015/2016 - SECOND PHASE
PURCHASES AND DISPOSALS OF PLAYERS' REGISTRATION RIGHTS
The transactions finalised in the second phase of the 2015/2016 Transfer Campaign, held from 4 January 2016 to 1 February 2016,
have led to a total increase of invested capital of € 6.4 million, plus the capitalisation of € 3.8 million related to bonuses accrued in
favour of previous clubs of some players purchased during past transfer campaigns. The net total financial commitment (including
auxiliary expenses as well as financial income and expenses implicit on deferred receipts and payments) was negative by € 7.8 million,
distributed as follows: € 2.3 million in the second half of the 2015/2016 financial year, € 2.7 million in the 2016/2017 financial year,
and € 2.8 million in the 2017/2018 financial year.
RENEWAL OF PLAYERS’ CONTRACTS
During the fourth quarter of the 2015/2016 financial year, players' registration rights contracts of Andrea Barzagli and Gianluigi Buffon
were renewed, both until 30 June 2018.
EXERCISE OF PRE-EMPTION RIGHTS
On 29 April 2016, the pre-emption right for the definitive acquisition of the player Mario Lemina from Olympique de Marseille SASP was
exercised for a fee of € 9.5 million payable in four instalments: € 3.5 million to be paid by 20 May 2016, € 1,5 million by 30 November
2016, € 1.5 million by 28 February 2017 and € 3 million by 30 July 2017. The acquisition price could increase by another € 1 million if
certain sports objectives are reached during the contract.
START OF J MEDICAL ACTIVITY
On 23 March 2016, J Medical, a multi-surgery, diagnostic, physiotherapy and sports medicine centre, situated in the Eastern section of
the Juventus Stadium, was inaugurated. The investment made by Juventus for the refurbishment of the premises, approximately 3500
square metres, amounted to approximately € 4.9 million.
Please note that J Medical S.r.l. is a joint venture of Juventus and Santa Clara S.r.l.
FUNDING SOURCE OPTIMISATION – NEW LOAN WITH THE ISTITUTO PER
IL CREDITO SPORTIVO
Within the scope of the funding source optimisation program, in the first few months of 2016, further agreements were signed to
obtain medium-term lines of credit to replace the revocable lines of credit amounting to € 25 million. Therefore, lines of credit currently
total € 415.3 million, of which € 270.3 million revocable and € 145 million medium-long term.
06
Moreover, on 11 April 2016 Juventus took out a loan of € 10 million with the Istituto per il Credito Sportivo for further development
of the Juventus Stadium area.
Following the loans signed in 2009 for the construction of the stadium, the Istituto per il Credito Sportivo has in fact granted a new
ten-year loan to cover the investments made for renovation of the premises situated in the Eastern section of the stadium and the
recent expansion works of the Juventus Museum.
The loan also covers the portion of the investment made in the past by Juventus to acquire the areas where the new Juventus Training
& Media Center and the new corporate headquarters will be situated, currently under construction by the J Village real estate fund.
07
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.,
5,0% by Lindsell Train Ltd. and the remaining 31.2% 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.
€/m
€
5.0
Equity turnover
Official price
4.5
0.4
4.0
0.3
3.5
3.0
0.2
2.5
2.0
1.5
0.1
1.0
0.5
0.0
7/5/15
08
16/6/15
24/7/15
2/9/15
12/10/15
19/11/15
4/1/16
11/2/16
22/3/16
0.0
3/5/16
BUSINESS OUTLOOK
During the Transfer Campaign of the 2015/2016 financial year, the Company earmarked significant resources to ensure an adequate
technical and generational turnover of the First Team's bench and keep talented players on staff.
Consequently, the year is now expected to close with a loss, being influenced by cost increases regarding sports operations, also as a
result of the sports results achieved.
09
STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2016
Amounts in euro
Note
31/03/2016
30/06/2015
Change
1
193,891,896
32,309,579
83,300
136,166,388
26,456,522
283,039
192,365
16,386,617
4,683,398
27,660,840
6,356,813
444,470,757
114,235,445
31,118,063
1,169,157
134,056,117
25,433,871
1,747,418
4,100,000
5,269,231
31,649,348
4,244,740
353,023,390
79,656,451
1,191,516
(1,085,857)
2,110,271
1,022,651
(1,464,379)
192,365
12,286,617
(585,833)
(3,988,508)
2,112,073
91,447,367
1,297,881
43,357,570
2,582,156
38,755,662
9,941,512
12,185,075
42,605,394
150,725,250
1,326,539
31,564,078
492,399
48,104,690
5,207,389
3,126,754
89,821,849
(28,658)
11,793,492
2,089,757
(9,349,028)
4,734,123
12,185,075
39,478,640
60,903,401
13,233,852
2,380,895
15,614,747
610,810,754
13,349,271
6,012,598
19,361,869
12,061,231
12,061,231
474,268,339
(115,419)
(3,631,703)
(3,747,122)
(12,061,231)
(12,061,231)
136,542,415
Non-current assets
Players’ registration rights, net
Other intangible assets
Intangible assets in progress
Land and buildings
Other tangible assets
Tangible assets in progress
Shareholdings
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
Inventory
Trade receivables
Trade and other receivables from related parties
Receivables due from football clubs for transfer campaigns
Other current assets
Current financial assets
Cash and cash equivalents
Total current assets
Advances paid
Non-current advances
Current advances
Advances paid, total
Assets held for sale
Total assets held for sale
Total assets
The Interim Management Statements at 31 March 2016 have not been audited.
10
2
3
4
5
3
4
2
6
7
8
STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2016
Amounts in euro
Shareholders' Equity
Share capital
Share premium reserve
Legal reserve
Reserve pursuant to art. 26 of the By-laws
Cash flow hedge reserve
Financial asset fair value reserve
Profit (losses) carried forward
Profit for period
Shareholders’ equity
Non-current liabilities Provisions for employee benefits
Loans and other financial payables
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
Trade and other payables to related parties
Payables due to football clubs for transfer campaigns
Other current liabilities
Total current liabilities
Advances received
Non-current advances
Current advances
Advances received, total
Total liabilities
Note
31/03/2016
30/06/2015
Change
9
8,182,133
34,328,245
114,913
229,826
(56,473)
371,692
1,953,524
36,057,443
81,181,303
8,182,133
34,382,673
(217,625)
2,298,263
44,645,444
(54,428)
114,913
229,826
161,152
371,692
1,953,524
33,759,180
36,535,859
150,384,485
63,188,884
6,131,758
4,587,737
224,292,864
156,480
46,399,770
26,056,257
5,896,535
2,757,815
81,266,857
(156,480)
103,984,715
37,132,627
235,223
1,829,922
143,026,007
354,049
80,190,359
66,115
15,216,385
505,938
83,067,447
55,780,183
235,180,476
354,125
149,501,032
228,043
20,129,717
2,468,435
67,583,202
57,232,964
297,497,518
(76)
(69,310,673)
(161,928)
(4,913,332)
(1,962,497)
15,484,245
(1,452,781)
(62,317,042)
31,686,091
38,470,020
70,156,111
610,810,754
35,543,005
15,315,515
50,858,520
474,268,339
(3,856,914)
23,154,505
19,297,591
136,542,415
6
10
11
6
6
10
11
12
11
INCOME STATEMENT FOR THE PERIOD 1 JULY 2015 – 31 MARCH 2016
2014/2015
51,368,524
194,710,818
53,755,276
23,527,518
24,831,749
348,193,885
(3,103,221)
(45,888,195)
(178,839,411)
(19,590,646)
(7,090,063)
(9,343,474)
(263,855,010)
(57,874,089)
(8,476,726)
(434,553)
1,750,000
19,303,507
2,365,061
(10,860,663)
10,807,905
(7,992,976)
(516,666)
2,298,263
0,002
Amounts in euro
Note
Period closed on
31/03/2016
31/03/2015*
Change
33,012,143
Ticket sales
34,273,805
1,261,662
Television and radio rights and media revenues
155,266,558 133,616,961 21,649,597
39,069,241 12,277,775
Revenues from sponsorship and advertising
51,347,016
Revenues from sales of products and licences
9,686,506
9,686,506
14,710,322 25,531,207
Revenues from players’ registration rights
40,241,529
16,664,208 (2,960,673)
Other revenues
13,703,535
Total revenues
13 304,518,949 237,072,875 67,446,074
(2,377,876)
Purchase of materials, supplies and other consumables
(2,972,296)
(594,420)
- (3,147,447)
Purchases of products for sale
(3,147,447)
External services
(35,709,471) (32,126,896) (3,582,575)
Players’ wages and technical staff costs
(142,013,682) (123,595,065) (18,418,617)
Other personnel
(13,685,290) (11,895,363) (1,789,927)
(5,792,361) (1,699,577)
Expenses from players’ registration rights
(7,491,938)
(6,287,276)
Other expenses
(6,018,224)
269,052
(182,074,837)
Total operating costs
(211,038,348)
(28,963,511)
14
Amortisation and write-downs of players’ registration rights 15 (49,079,601) (42,287,716) (6,791,885)
(6,352,392)
Depreciation/amortisation of other tangible and intangible assets
(6,841,437)
(489,045)
(1,195,347)
Provisions, write-downs and release of funds
(59,627)
1,135,720
1,750,000
Other non-recurring revenues and costs
10,638,769
8,888,769
16
6,912,583 41,226,122
Operating income
48,138,705
1,901,596
Financial income
1,865,581
(36,015)
(8,678,703)
Financial expenses
(7,704,406)
974,297
Group’s share of results of associates and joint venture
(61,635)
(61,635)
135,476 42,102,769
Income (loss) before taxes
42,238,245
(5,065,520)
Current taxes
(5,414,173)
(348,653)
(859,920)
Deferred taxes
(766,629)
93,291
(5,789,964) 41,847,407
Profit (loss) for the period
36,057,443
(0,006)
Basic and diluted profit (loss) per share for the period
0,036
0,042
STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD 1 JULY 2015 – 31 MARCH 2016
2014/2015
Amounts in euro
2,298,263
Profit (loss) for the period (A)
Period closed on
31/03/2016
31/03/2015
Change
36,057,443
(5,789,964)
41,847,407
Other Profit (Loss) recorded in cash flow hedge reserve
161,152
173,137
(11,985)
-
Other Profit (Loss) recorded in financial asset fair value reserve
371,692
-
371,692
-
Tax effect related to total other Profit (Loss) that will subsequently
be reclassified in the income statement
-
-
-
532,844
173,137
359,707
234,582
234,582
Total Other Profit (Loss) that will subsequently be reclassified
in the income statement net of the tax effect (B1)
(441,331)
Other Profit (Loss) entered in the actuarial profits (losses) reserve
-
(441,331)
441,331
Tax effect related to total other Profit (Loss) that will not subsequently
-
-
-
(441,331)
Total Other Profit (Loss) that will not subsequently
be reclassified in the income statement net of the tax
effect (B2)
-
(441,331)
441,331
(206,749)
Total Other Profit/(Loss), net of the tax effect (B)= (B1)+(B2)
532,844
(268,194)
801,038
2,091,514
Comprehensive loss for the period (A+B)
36,590,287
(6,058,158)
42,648,445
-
* In order to allow comparability of data, the royalties on media exploitation rights, amounting to € 230,463, have been reclassified from the item “Revenues from
sponsorship and advertising” to the item “Television and radio rights and media revenues”.
12
INCOME STATEMENT FOR THE THIRD QUARTER OF 2015/2016
Note
Amounts in euro
Ticket sales
Revenues from sponsorship and advertising
Revenues from sales of products and licences
Other revenues
Total revenues
Purchase of materials, supplies and other consumables
Purchases of products for sale
External services
Players’ wages and technical staff costs
Other personnel
Other expenses
Total operating costs
Amortisation and write-downs of players’ registration rights
Depreciation/amortisation of other tangible and intangible assets
Provisions, write-downs and release of funds
Other non-recurring revenues and costs
Operating income
Financial income
Financial expenses
Group’s share of results of associates and joint ventures
Income/(loss) before taxes
Current taxes
Deferred taxes
Profit (loss) for the period
Basic and diluted profit (loss) per share for the period
17
18
III Quarter
2015/2016
III Quarter
2014/2015*
Change
14,217,930
58,834,275
17,128,406
2,899,562
3,088,722
3,824,791
99,993,686
(1,422,107)
(1,072,243)
(12,009,386)
(47,141,086)
(4,593,460)
(2,211,026)
(2,183,362)
(70,632,670)
(17,034,850)
(2,334,008)
9,992,158
519,260
(2,460,774)
43,770
8,094,414
(2,038,212)
(255,543)
5,800,659
0,006
13,592,737
42,006,809
12,940,272
7,726,428
4,613,472
80,879,718
(814,721)
(12,029,674)
(42,414,137)
(4,328,209)
(1,126,068)
(1,928,713)
(62,641,522)
(12,928,463)
(2,135,397)
(433,071)
1,750,000
4,491,265
418,564
(2,263,225)
2,646,604
(1,688,507)
(28,617)
929,480
0,001
625,193
16,827,466
4,188,134
2,899,562
(4,637,706)
(788,681)
19,113,968
(607,386)
(1,072,243)
20,288
(4,726,949)
(265,251)
(1,084,958)
(254,649)
(7,991,148)
(4,106,387)
(198,611)
433,071
(1,750,000)
5,500,893
100,696
(197,549)
43,770
5,447,810
(349,705)
(226,926)
4,871,179
0,005
STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRD QUARTER OF 2015/2016
Amounts in euro
III Quarter
2015/2016
III Quarter
2014/2015
Profit (loss) for the period (A)
5,800,659
929,480
4,871,179
53,609
173,137
(119,528)
371,692
-
371,692
-
-
-
425,301
173,137
252,164
Other Profit (Loss) entered in the actuarial gains (losses) reserve
-
(441,331)
441,331
Tax effect related to total other Profit (Loss) that will not subsequently
-
-
441,331
Other Profit (Loss) recorded in cash flow hedge reserve
Other gains (losses) recognised financial asset fair value reserve
Tax effect related to total other Profit (Loss) that will subsequently be reclassified
in the income statement
Total Other Profit (Loss) that will subsequently be reclassified in the income
statement net of the tax effect (B1)
Total Other Profit (Loss) that will not subsequently
be reclassified in the income statement net of the tax
effect (B2)
Total Other Profit/(Loss), net of the tax effect (B)= (B1)+(B2)
Comprehensive loss for the period (A+B)
Change
-
(441,331)
425,301
(268,194)
693,495
6,225,960
661,286
5,564,674
* In order to allow comparability of data, the royalties on media exploitation rights, amounting to € 100,445, have been reclassified from the item “Revenues from
sponsorship and advertising” to the item “Television and radio rights and media revenues”.
13
NOTES
ACCOUNTING PRINCIPLES
The Board of Directors of Juventus Football Club S.p.A has examined and approved the Interim Management Statements in order
to ensure, on a voluntary basis, continuity and regularity of information to the market, while waiting clarification on the regulatory
framework defined by Legislative Decree no. 25 of 15 February 2016.
Juventus reserves the right to assess the financial disclosure policy it deems to adopt, once the regulatory framework has been
consolidated.
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 2015, 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.
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 may have significant economic and financial effects in July and August (first phase) and in January
(second phase).
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.
14
NOTES ON THE STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2016
1. PLAYERS’ REGISTRATION RIGHTS, NET
The changes in the item are shown below:
Professionals
Registered young
players
Total
308,836
3,220
312,056
(194,497)
(1,204)
(195,701)
(1,864)
(256)
(2,120)
Balance at 30/06/2015
112,475
1,760
114,235
Investments
146,453
2,551
149,004
Disinvestments (gross)
(65,472)
(867)
(66,339)
43,468
482
43,950
1,864
257
2,121
Disinvestments (net)
(20,140)
(128)
(20,268)
Amortisation
(48,367)
(712)
(49,079)
138
(138)
-
190,559
3,333
193,892
Book value
390,038
4,683
394,721
Accumulated amortisation
(199,479)
(1,351)
(200,830)
190,559
3,333
193,892
Amounts in thousands of euro
Book value
Accumulated amortisation
Allowance for doubtful accounts
Use of accumulated amortisation
Use of allowance for doubtful accounts
Reclassifications
15
Below is an illustration of the main transactions related to players' registration rights during the Transfer Campaign 2015/2016, and other
changes during the period:
Player
Definitive acquisitions
Cerri Alberto
De Carvalho Viana Lima Anderson Hernanes
Dybala Paulo Exequiel
Khedira Sami
Lobo Silva Alex Sandro
Mandragora Rolando *
Mandzukic Mario
Murara Neto Norberto
Pereyra Roberto Maximiliano
Tello Munoz Andes Felipe
Zappa Claudio
Zaza Simone
Other investments/increases (f)
Total investments
(a)
(b)
(c)
(d)
(e)
(f)
*
Counterparty clubs
Price
- (a)
FC Internazionale
US città di Palermo
- (a)
Futebol Clube do Porto
Genoa CFC
Club Atletico Madrid
- (a)
Udinese Calcio
Evingado Futbol Club
US Sassuolo
US Sassuolo
IFRS value of rights
(including expenses
and bonuses)
Years of
contract
1,994
11,648 (b)
33,702 (c)
1,300
26,275
6,409 (d)
21,602 (e)
1,940
14,215
1,585
1,500
17,554
9,280
149,004
11,000
32,000
26,000
6,000
19,000
14,000
1,400
1,500
18,000
5
3
5
4
5
5
4
4
4
4
5
5
Player at termination of contract.
The acquisition price could increase by a maximum of € 2 million if certain sports goals are reached by 30 June 2018, of which € 0.5 million already accrued.
The acquisition price could increase by € 8 million if certain conditions occur during the contract.
The acquisition price could increase by a maximum of € 3.75 million if certain conditions occur during the contract.
The acquisition price could increase by another € 2 million (maximum) if certain sports goals are reached during the contract, of which € 0.5 million already accrued.
Includes the capitalisation of any bonuses linked to sports scores paid to the football clubs for footballers acquired during the previous Transfer Campaigns.
Transaction concluded in the second phase of the 2015/2016 Transfer Campaign.
Player
Definitive disposals
Ogbonna Obinze Angelo
Llorente Torres Fernando
Sorensen Frederik
Tevez Carlos
Vidal Pardo Arturo Erasmo
Other disinvestments
Total disinvestments (net)
Counterparty clubs
West Ham United
FC Koln
Club Atletico Boca Juniors
FC Bayern Munchen
Price
11,000
1,600
6,500
37,000
Price
present
value
Net
book
value
Solidarity
subsidy
Capital
gains
(losses)
10,655 8,698
533 1,424
- (a)
68
1,600
627
905
6,232 6,117 (b)
115
36,217 4,349
883 30,985
940
477
4
459
55,644 20,268
1,603 33,773
(a) The contract termination, which occurred on 26 August 2015, resulted in the write-down of the entire remaining book value of the rights (€ 1,519 thousand) in the
2014/2015 financial year.
(b) The disposal transaction, which took place on 13 July 2015 for a price of € 6,500 thousand led to the need to adjust the remaining book value of the rights to the
disposal price, with a consequent write-down of € 345 thousand recognised in the 2014/2015 financial year.
16
Player
Temporary disposals
Cerri Alberto
Coman Kingsley
De Ceglie Paolo
Tello Munoz Andres Felipe
Isla Isla Mauricio Anibal
Others
Temporary acquisitions
Cuadrado Bello Juan Guillermo
Lemina Mario
Vadala Guido Nahuel
Others
Counterparty clubs
Income/
(expense)
Cagliari Calcio
FC Bayern Munchen
Olympique Marseille
Cagliari Calcio
Olympique Marseille
Chelsea Footblall Club
Olympique Marseille
Exercise price in the
event of the exercise
of option rights
1,000
7,000 (a)
1,000
500
5,000
21,000
10,000 (b)
7,000
(1,500)
(3,351) (a)
(492)
9,500 (c)
9,428
(a) Two-year temporary operation.
(b) A "buy back" right is also included.
(c) The pre-emption right cost amounts to € 0.5 million. This right was exercised on 29 April 2016 (for details please refer to "Significant Events”).
Player
Acquisition pre-emption rights
Bentancur Colman Rodrigo
Cristaldo Franco Sebastián
Cubas Adrián Andrés
Counterparty clubs
Pre-emption
right cost
Year end
Exercise price in the
event of the exercise
of option rights
1,000
1,000
1,000
20/04/17
20/04/17
20/04/17
9,428
8,171
6,914
The net total financial effect, including capitalised auxiliary expenses and financial income and expenses implicit in deferred receipts
and payments, amounts to € 95,846 thousand, distributed as follows:
Expiration
Total
2015/2016
2016/2017
2017/2018
2018/2019
(86,762)
(25,302)
(27,460)
(26,000)
(8,000)
8,100
17,116
(8,683)
(333)
-
Agents
(17,184)
(10,059)
(5,325)
(1,300)
(500)
Total
(95,846)
(18,245)
(41,468)
(27,633)
(8,500)
Amounts in millions of euro
LNP and others
Foreign FC
2. CURRENT AND NON-CURRENT FINANCIAL ASSETS
Financial assets increased by a total of € 24,472 thousand due to the subscription of the shares in the "J Village" real estate fund,
following the assignment of a major portion of the long-term lease of the Continassa Area to the fund and the relative building permits.
The transaction involved the subscription of J class shares of the fund, not available for sale for the entire duration of the fund (and as
such classified as non-current financial assets), for a total of € 12,100 thousand and class A shares for € 12,000 thousand, classified
as available for sale current financial assets.
The value at 31 March 2016 corresponds to the fair value of the shares adjusted on the basis of the statement of the "J Village" fund
at 31 December 2015. The positive change in the fair value (€ +372 thousand) was recognised as an increase in the financial assets
fair value reserve.
Juventus, despite holding only 41% of the shares subscribed at 31 March 2016, does not have a significant influence on the "J Village"
fund. The asset management company, in fact, in accordance with the regulations and considering the resolution quorum of the fund's
Shareholders' meeting, has the broadest independence in managing and directing its policies and strategies.
17
3. CURRENT AND NON-CURRENT RECEIVABLES DUE FROM FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS
These are receivables due from football clubs from the disposal of players; they are due within the next five financial years and are
almost all covered by a direct guarantee or through Lega Nazionale Professionisti Serie A.
These total € 66,417 thousand and show a decrease of € 13,337 thousand compared to the balance of € 79,754 thousand at 30 June
2015 due to receivables generated by the 2015/2016 Transfer Campaign and proceeds received during the period.
4. OTHER CURRENT AND NON-CURRENT ASSETS
Details are as follows:
31/03/2016
30/06/2015
Current Non-current
share
share
Total
Current Non-current
share
share
Total
Receivables due from Santa Clara S.r.l. for the sale of 50%
of the investment in J Medical S.r.l.
2,050
-
2,050
1,750
-
1,750
Receivables due from Finanziaria Gilardi S.p.A. for sale
of the Campi di Vinovo S.p.A. shareholding.
1,579
-
1,579
-
1,579
1,579
-
-
-
315
-
315
Receivables due from I.C.S. for interest rate subsidy
302
1,962
2,264
302
2,113
2,415
Adjustment for financial income underlying the receivable due from I.C.S.
(81)
(268)
(349)
(88)
(326)
(414)
5,161
4,262
9,423
1,675
425
2,100
175
-
175
130
-
130
-
-
-
372
-
372
Tax receivables
187
292
479
97
340
437
Miscellaneous
569
109
678
654654
114
768
6,357 16,299
5,207
4,245
9,452
Receivables due from Piemonte Merchandising S.r.l. (formerly
Juventus Merchandising S.r.l.) for acquisition of business unit
Prepaid expenses
Receivables due from insurance companies
Receivables due from Lega Nazionale Professionisti Serie A
Other current and non-current assets
9,942
Prepaid expenses mainly refer to expenses for the temporary acquisition of some players for € 2,768 thousand (of which € 422 thousand
non-current), acquisition of pre-emption rights for € 3,372 thousand (of which € 2,872 thousand non-current), insurance premiums for € 940
thousand (of which € 264 thousand non-current), costs for sports equipment for € 329 thousand, charges on loans granted and guarantees
for € 977 thousand (of which € 582 thousand non-current), and pre-lease interest on the Training Centre lease for € 20 thousand.
5. TRADE RECEIVABLES
This item totals € 43,358 thousand and increased by € 11.794 thousand (€ 31,564 thousand at 30 June 2015). The increase in trade
receivables is mainly the result of recognition of the portion of “market pool” related to the UEFA Champions League competition which will
be collected in June 2016.
To optimise financial management, expand the level of loans and keep borrowing costs down, the Company sells part of its contracts and
future trade receivables to factoring companies.
6. NET FINANCIAL DEBT
Net financial debt at 31 March 2016 totalled € 183,936 thousand (€ 188,902 thousand at 30 June 2015). The decrease of € 4,966 thousand
was the result of positive cash flow from operations (€ +47,274 thousand) and from the first refund obtained against advances paid in prior
years for the Continassa Project (€ +2,719 thousand). These positive changes were partially offset by Transfer Campaigns outlays (€ -30,739
thousand net), investments in other fixed assets (€ -9,515 thousand), investments in shareholdings (€ -254 thousand), advances paid to
various suppliers in relation to the Continassa Project (€ -117 thousand) and flows from financial assets (€ -4,402 thousand). Since September
2015, in order to optimise the composition of the sources of financing and in accordance with industry regulations, the Company has defined
and initiated a programme to convert a significant portion of its short-term financial debt into forms of medium-/long-term financing. At 31
March 2016, this programme has already been implemented for € 145,000 thousand.
18
The breakdown between current and non-current net financial debt at the end of the two periods is shown below.
31/03/2016
30/06/2015
Current
Noncurrent
Total
Current
Noncurrent
Total
-
4,100
4,100
-
4,100
4,100
Cash and cash equivalents
42,605
-
42,605
3,127
-
3,127
Total financial assets
42,605
4,100
46,705
3,127
4,100
7,227
-
-
-
(38,000)
-
(38,000)
- due to the Istituto per il Credito Sportivo
(5,184) (36,326)
(41,510)
(4,633) (38,719)
(43,352)
- due to leasing companies
(8,414)
Financial assets*
Financial payables
- due to parent EXOR S.P.A.
- due to banks
- due to factoring companies
Other financial liabilities
-
(8,414)
(2,723)
(7,681)
(10,404)
(5,941) (34,059)
(40,000)
(13,601)
-
(13,601)
(60,651) (80,000) (140,651)
(90,544)
-
(90,544)
(66)
(228)
-
(228)
(66)
-
Total financial liabilities
(80,256) (150,385) (230,641)
(149,729) (46,400) (196,129)
Net financial debt
(37,651) (146,285) (183,936)
(146,602) (42,300) (188,902)
* 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, recognised in financial payables.
At 31 March 2016, net financial debt did not include any payable or receivable positions with respect to related parties.
In addition to loans and other medium-long term lines of credit amounting to € 145,000 thousand, the Company had revocable lines
of credit totalling € 270,250 thousand, drawn down by a total of € 137,140 thousand (€ 76,862 thousand for guarantees issued in
favour of third parties and € 60,278 thousand for advances on contracts and trade receivables).
7. ADVANCES PAID
Advances received total € 15,615 thousand, of which € 13,234 thousand non-current (including € 12,618 thousand beyond five
financial years).
31/03/2016
Current Non-current
share
share
Acquisition of the long-term lease of the Juventus Stadium
and relative auxiliary expenses
143
Acquisition of the long-term lease of the Continassa Area
and relative auxiliary expenses (Juventus portion)
11
The Continassa Project
30/06/2015
Total
Current Non-current
share
share
Total
12,156 12,299
143
12,263 12,406
1,078
1,089
11
1,086
1,097
1,096
-
1,096
4,517
-
4,517
Other minor items
1,131
-
1,131
1,342
-
1,342
Advances paid
2,381 13,234 15,615
6,013 13,349 19,362
Advances paid for the acquisition of the long-term lease and relative auxiliary expenses of the Continassa Area refer to the portion
of Juventus (15,662 square metres) and the relative building permits (3,170 square metres of GFA) not assigned to the J Village real
estate fund. The advances paid for the "Continassa Project" were fully reimbursed by the fund management company in April 2016.
8. ASSETS HELD FOR SALE
The € 12,061 thousand decrease compared to the balance at 30 June 2015 resulted from the assignment of the ownership of a major
portion of the long-term lease of the Continassa Area to the "J Village" Real Estate Fund of approximately 148,700 square metres and
the relative building permits for 34,830 square metres of GFA.
19
9. SHAREHOLDERS' EQUITY
At 31 March 2016, the fully paid-up Share Capital of Juventus amounted to € 8,182,133.28 and was made up of 1,007,766,660 no
par value ordinary shares.
Shareholders' equity at 31 March 2016 was equal to € 81,181 thousand, registering an increase compared to the balance of € 44,645
thousand at 30 June 2015 due to the increased profit for the period (€ +36,057 thousand) and changes in the cash flow hedge reserve
(€ +161 thousand) and of the financial assets fair value reserve (€ +372 thousand), net of other minor variations (€ -54 thousand).
10. CURRENT AND NON-CURRENT PAYABLES DUE TO FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS
These concern current and non-current payables due to football clubs for the acquisition of players, all due within the next 5 years.
These total € 146,256 thousand and show an increase of € 52,617 thousand compared to the balance of € 93,639 thousand at 30 June 2015
as a result of the new payables arising from the 2015/2016 Transfer Campaign and payments made during the period.
11. OTHER CURRENT AND NON-CURRENT LIABILITIES
31/03/2016
Current Non-current
share
share
30/06/2015
Total
Current Non-current
share
share
Total
Payables due for remuneration to employees and others
20,466
- 20,466 (a)
30,894
- 30,894
Tax payables for withholding tax and other taxes
10,754
- 10,754
12,753
- 12,753
Payables due for auxiliary expenses and Transfer Campaign
10,593
4,300 14,893
5,770
3,000
8,770
(390)
(37)
(300)
(337)
500 10,704
(121)
Adjustment for implicit financial expenses
Prepaid income and accrued expenses
Other payables
Other non-current and current liabilities
2,094
-
2,094
778
-
778
1,045
-
1,045
3,106
57
3,163
4,714
58
4,772
4,588 60,368
57,233
10,204
Payables due to social security agencies
(269)
55,780
2,758 59,991
(a) Including remuneration for variable bonuses matured mainly by FIGC registered personnel.
Prepaid income mainly relates to income from the temporary disposal of players of € 4,216 thousand (of which € 499 thousand non-current)
and revenues from commercial contracts of € 5,744 thousand.
12. ADVANCES RECEIVED
Advances received total € 70,156 thousand, of which € 31,686 thousand non-current (including € 17,098 thousand beyond five financial years).
31/03/2016
Naming and other revenues of the Juventus Stadium
from agreements with Sportfive Italia S.r.l. and Lagardère
Sports Germany GmbH (formerly Sportfive GmbH)
Total
Current Non-current
share
share
Total
3,500
21,037 24,537
3,500
Television rights disposed of in centralised form
16,407
- 16,407
2,005
-
2,005
Season tickets and matches
11,897
- 11,897
7,936
-
7,936
24,500 28,000
Income from the Juventus Library
106
9,359
9,465
116
9,582
9,698
Income from the "Accendi una Stella" initiative
180
780
960
180
915
1,095
Income from the "Membership" initiative
Revenues from commercial contracts
Other minor items
Advances received
20
Current Non-current
share
share
30/06/2015
717
16
733
398
2
400
5,430
-
5,430
500
-
500
233
494
727
681
544
1,225
38,470 31,686 70,156
15,316 35,543 50,859
NOTES ON THE INCOME STATEMENT FOR THE PERIOD 1 JULY 2015 - 31 MARCH
2016
The first nine months of the 2015/2016 financial year closed with a profit of € 36,057 thousand, posting a positive change of € 41,847
thousand compared to the loss of € 5,790 thousand registered in the same period a year earlier.
This variation mainly derived from an increase in revenues from players’ registration rights of € 25,531 thousand, and a general
increase in recurring revenues (€ 41,915 thousand), € 9,687 thousand of which comes from the sale of products and licenses, in
addition to net non-recurring revenues of € 8,889 thousand. These positive changes were partially offset by the increase in players’
wages and technical staff costs for € 18,419 thousand, higher amortisation on players' registration rights for € 6,792 thousand, the
increase in costs for external services for € 3,583 thousand, the purchase of products for sale for € 3,147 thousand, as well as other net
negative changes for € 2,547 thousand. These mainly include higher player management charges (€ -1,700 thousand) and higher costs
for other personnel (€ -1,790 thousand), partially offset by lower provisions (€ +1,136 thousand) and lower net financial expenses
(€ +1,010 thousand).
13. REVENUES
Revenues for the first nine months of the 2015/2016 financial year totalled € 304,519 thousand, increasing by 28.4% compared to
€ 237,073 thousand for the same period of the previous year. The main items and/or changes are illustrated below.
TICKET SALES
These amount to € 34,274 thousand, against € 33,012 thousand for the same period of the previous year.
01/07/2015
31/03/2016
01/07/2014
31/03/2015
Change
12,946
11,599
1,347
Revenues from ticket sales for Championship home matches
7,304
6,477
827
Revenues from ticket sales for UEFA Champions League home matches
6,154
5,848
306
Revenues from additional match services
3,543
3,085
458
Fees for friendly matches
1,468
3,825
(2,357)
Revenues from Italian Super Cup
1,350
1,086
264
Revenues from ticket sales for Italian Cup matches
1,342
1,063
279
167
29
138
34,274
33,012
1,262
Revenues from season tickets
Other revenues from ticket sales
Ticket sales
The following table compares the number of matches played in the various official competitions during the nine months of 2015/2016
financial year and in the same period of the previous year:
01/07/2015-31/03/2016
01/07/2014-31/03/2015
Home
Away
Total
Home
Away
Total
Championship
14
16
30
14
14
28
UEFA matches
4
4
8
4
4
8
Italian Super Cup
-
1
1
-
1
1
Italian Cup
2
2
4
2
1
3
20
23
43
20
20
40
number of matches
Total
21
TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES
01/07/2015
31/03/2016
01/07/2014
31/03/2015
Revenues from media rights
85,109
77,070
8,039
Revenues from UEFA competitions
70,158
56,547
13,611
155,267
133,617
21,650
Change
Revenues from media rights increased by € 7,585 thousand compared to those in the same period of the previous year mainly due to the effect
of higher revenues from allocation of the Championship media rights for the 2015/2016 season.
REVENUES FROM SALES OF PRODUCTS AND LICENCES
These amounted to € 9,687 thousand (item not present in the same period of the previous year) and relate to revenues from the direct
management of the sale and licensing of official products, and the organization of the Soccer School activities.
REVENUES FROM PLAYERS’ REGISTRATION RIGHTS
Revenues from players’ registration rights amount to € 40,242 thousand, posting an increase of € 25,532 thousand compared to € 14,710
thousand registered for the same period of the previous year. Details are as follows:
Gains on disposal of players’ registration rights
Revenues from the temporary disposal of players’ registration rights
Gains on disposal of registered young players' registration rights
Gains on termination of sharing agreements
Other revenues
01/07/2015
31/03/2016
01/07/2014
31/03/2015
Change
33,916
7,159
26,757
5,292
1,710
3,582
100
2,591
(2,491)
-
2,694
(2,694)
934
556
378
40,242
14,710
25,532
The breakdown of this item, including the gains realised, is shown in note 1.
Revenues from the temporary disposal of players' registration rights mainly refer to:
- Coman Kingsley (Bayern Munchen) € 3,513 thousand;
- Cerri Alberto (Cagliari Calcio S.p.A.) € 711 thousand;
- Tello Munoz Andres Felipe (Cagliari Calcio S.p.A.) € 708 thousand.
14. OPERATING COSTS
Operating costs in the first nine months of the 2015/2016 financial year amounted to € 211,038 thousand, increasing by 15.9%
compared to € 182,075 thousand for the same period of the previous financial year. The main items and/or changes are illustrated
below.
PURCHASES OF PRODUCTS FOR SALE
These amounted to € 3,147 thousand (item not present in the first nine months of the previous year) and relate to the cost of products
held for sale in stores directly managed by the Company.
PLAYERS’ WAGES AND TECHNICAL STAFF COSTS
Players’ wages and technical staff costs amounted to € 142,014 thousand (€ 123,595 thousand in the same period of the previous
financial year) posting an increase of € 18,419 thousand mainly due to higher fixed remuneration (€ +17,001 thousand), payments
for leaving incentives to permanently transferred players (€ +1,781 thousand) and fees paid to temporarily transferred players (€ +987
thousand). These effects were partly offset by lower variable remuneration (€ -1,009 thousand).
22
EXPENSES FROM PLAYERS’ REGISTRATION RIGHTS
01/07/2015
31/03/2016
01/07/2014
31/03/2015
Change
Auxiliary non-capitalised expenses for players’ registration rights
4,501
3,553
948
Expenses for the temporary purchase of players’ registration rights
2,619
2,121
498
Losses on disposal of players’ registration rights
115
-
115
Losses on disposal of registered young players-sharing agreements
128
58
70
Other expenses
129
60
69
7,492
5,792
1,700
The breakdown of this item, including the losses realised, is shown in note 1.
15. AMORTISATION AND WRITE-DOWNS OF PLAYERS’ REGISTRATION RIGHTS
The amortisation and write-downs of players' registration rights for the first nine months of 2015/2016 amount to € 49,080 thousand,
up by € 6,792 thousand compared to the same period last year due to the effect of investments made during the 2015/2016 Transfer
Campaign.
16. OTHER NON-RECURRING REVENUES AND COSTS
Other non-recurring revenues and costs amounted to € 10,639 thousand (item not present at 31 March 2015) and mainly refer to
net revenues from the assignment of the ownership of a major portion of the long-term lease to the "J Village" Real Estate Fund of
approximately 148,700 square metres and the relative building permits for 34,830 square metres of GFA (€ 10,339 thousand).
NOTES ON THE INCOME STATEMENT FOR THE THIRD QUARTER OF
2015/2016
The profit registered in the third quarter of the 2015/2016 financial year amounts to € 5.801 thousand. The positive change of € 4,871
thousand compared to the profit of the corresponding previous period (€ 929 thousand) substantially derived from increased recurring
revenues (€ 19,114 thousand). This increase was partially offset by higher players’ wages and technical staff costs (€ 4,727 thousand),
higher amortisation and write-downs of players’ registration rights (€ 4,106 thousand), higher players' registration rights charges
(€ 1,085 thousand), purchases of products intended for sale (€ 1,072 thousand) and lower non-recurring revenues (€ 1,750 thousand).
17. REVENUES
Revenues for the third quarter of the 2015/2016 financial year amounted to € 99,994 thousand, increasing by 23.6% on € 80,880
thousand for the third quarter of the previous financial year. The main items and/or changes are illustrated below.
TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES
These amount to € 58,834 thousand (€ 42,007 thousand for the third quarter of the previous year). The positive change of € 16,827
thousand mainly originates from recognition of revenues from the 2015/2016 UEFA Champions League competition.
The following table compares the number of matches played in the various official competitions during the third quarter 2015/2016 and
in the same period of the previous year:
III Quarter 2015/2016
III Quarter 2014/2015
Home
Away
Total
Home
Away
Total
Championship
6
7
13
7
5
12
UEFA matches
1
1
2
1
1
2
Italian Cup
1
2
3
2
1
3
Total
8
10
18
10
7
17
number of matches
23
18. OPERATING COSTS
Operating costs for the third quarter of the 2015/2016 financial year amounted to € 70,633 thousand, increasing by 12.8% on
€ 62,642 thousand for the third quarter of the 2014/2015 financial year. The main items and/or changes are illustrated below.
PLAYERS’ WAGES AND TECHNICAL STAFF COSTS
Players’ wages and technical staff costs amount to € 47,141 thousand; the increase of € 4,727 thousand compared to the same
period of previous year (€ 42,414 thousand) is primarily due to higher fixed (€ +5,071 thousand) and variable (€ +445 thousand)
remuneration. These increases were partially offset by lower leaving incentives paid to permanently transferred players (€ +1,272
thousand).
19. APPROVAL OF THE INTERIM MANAGEMENT STATEMENTS AT 31 MARCH 2016 AND AUTHORISATION FOR
PUBLICATION
At the meeting of 12 May 2016, the Board of Directors approved the Interim Management Statements at 31 March 2016, authorising
the publication on the same date.
Turin, 12 May 2016
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 Article 154 bis (2) of the Consolidated Law on Finance, the manager responsible for preparing the company's financial
report, Marco Re, declares that the accounting information contained in these Interim Management Statements at 31 March 2016
corresponds to the document results, books and accountings records.
Turin, 12 May 2016
24
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 ANALYSTS
telephone +39 011 65 63 403
fax +39 011 56 31 177
[email protected]
PRESS OFFICE
telephone +39 011 65 63 448
fax +39 011 44 07 461
[email protected]
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 2016”.
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 DIRECTION
Independent Ideas
PHOTOGRAPHY
LaPresse
PRINTED BY
G. Canale & C. S.p.A.
I N T E R I M
MANAGEMENT
S TAT E M E N T S
31 03 16

interim management statements

Transcription

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