interim management statements

Transcription

I N T E R I M
MANAGEMENT
S TAT E M E N T S
30 09 15
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 - 30 09 15
02
CONTENTS
Board of Directors, Board of Statutory Auditors and Independent Auditors
5
Significant events in the first quarter of the 2015/2016 financial year
6
Significant events after 30 September 2015
9
Business outlook
9
Statement of financial position at 30 September 2015
10
Income Statement and Statement of comprehensive income for the first quarter 2015/2016
13
Notes to the financial statements
14
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 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 IN THE FIRST QUARTER OF THE
2015/2016 FINANCIAL YEAR
FOOTBALL SEASON
In mid-July, the First Team started the 2015/2016 pre-season training at the Juventus Training Center in Vinovo (TO).
On 10 July 2015, the FIGC officers, after reviewing the documentation filed by Juventus and materials sent by the Lega Nazionale
Professionisti Serie A, issued the National License for the football season under way.
On 8 August 2015, the First Team won the seventh Italian Super Cup in its history.
2015/2016 TRANSFER CAMPAIGN – FIRST PHASE
PURCHASES AND DISPOSALS OF PLAYERS' REGISTRATION RIGHTS
The transactions finalised in the first phase of the 2015/2016 Transfer Campaign, held from 1 July to 31 August 2015, led to a total
increase in invested capital of € 114.7 million resulting from acquisitions and increases of € 134.9 million and disposals of € 20.2
million (net book value of disposed rights).
The net capital gains generated by the disposals came to € 33.8 million.
The total net financial commitment of € 88 million is spread over four years, and includes auxiliary expenses as well as financial income
and expenses implicit in deferred receipts and payments. To secure the deferred payments, guarantees were issued for a total of
€ 75.8 million.
For additional information see note no. 1.
RENEWAL OF PLAYERS’ CONTRACTS
During the first months of the 2015/2016 financial year players' registration rights contracts with the following footballers were
renewed:
- Leonardo Bonucci (up to 30 June 2020);
- Claudio Marchisio (up to 30 June 2020);
- Daniele Rugani (up to 30 June 2020).
This resulted in lower amortisation for the 2015/2016 financial year by approximately € 1.3 million.
PLAYER'S CONTRACT RESOLUTION
In the month of July 2015, the contract of Andrea Pirlo expiring on 30 June 2016 was terminated by mutual consent, without economic
and financial effects.
2015/2016 SEASON TICKET CAMPAIGN
The Season Ticket Campaign for the 2015/2016 football season closed with the subscription of all the 28,000 available season passes,
for net revenues of € 21.6 million (€ 20.8 million in the previous season), including Premium Seats and additional services.
DIRECT MANAGEMENT OF LICENSING, MERCHANDISING AND SOCCER
SCHOOL
On 1 July 2015, following Juventus' decision to directly manage the licensing and merchandising activities, the shops in Via Garibaldi
in Turin and the Megastore at the Area 12 shopping centre, next to the Juventus Stadium, were reopened, following a complete
renovation in cooperation with the new sponsor adidas.
06
On 30 June 2015, operations, existing contracts and personnel of Juventus Merchandising (a company belonging to the Nike Group)
were transferred to Juventus, in conjunction with the sale of the relative business unit. The internal structure entrusted with licensing,
retail and soccer school activities includes 35 resources.
CONTINASSA PROJECT: START-UP OF THE J VILLAGE REAL ESTATE FUND
During the month of July Accademia SGR S.p.A., the asset management company controlled by Banca del Sempione S.A., started up
operation of the “J Village” Real Estate Fund for the redevelopment and upgrading project of most of the Continassa Area adjacent to
the Juventus Stadium, promoted by Juventus.
Specifically, Accademia SGR has handled collection of investment commitments of various subscribers for a total of € 53.8 million and
finalised a loan agreement in the first part of August with the lending institutions of the J Village Fund, UBI Banca S.c.p.A. and Unicredit
S.p.A., for a maximum of € 64.5 million.
Following these events the act of 30 June 2015 became effective whereby Juventus transferred the title on the long-term lease to the
J Village Fund for an area of approximately 148,700 square metres and the relative building permits for 34,830 square metres of Gross
Floor Area (GFA) for a total equivalent value of € 24.1 million, determined based on an estimate report drawn up by an independent
expert as per Ministerial Decree no. 30 of 5/3/2015. For this transfer, which generates net income of approximately € 10.3 million in
the 2015/2016 financial year, Juventus received shares of the J Village Fund for the value of € 24.1 million.
The City of Turin has already issued the building permits for the infrastructure works, the International School, the Hotel, the new
Training and Media Center of Juventus' First Team, which were requested in the past months.
Construction of Juventus' new registered office – currently expected to be settled in the lot of the ancient Cascina Continassa – and a
building which will house commercial and innovative entertainment activities (Concept Store) will complete the project.
Accademia SGR has entrusted Pessina Costruzioni S.p.A. with the construction of the new registered office, the Hotel, the International
School, the Concept Store and the infrastructure works; Costruzioni Generali Gilardi S.p.A. has been awarded the contract related to
the new Training and Media Center.
The job schedule calls for all of the works to be delivered by the beginning of summer 2017.
Juventus has maintained the ownership of the long-term lease on a residual area of approximately 27,300 square meters and building
permits on 3,170 square meters of GFA.
In addition, Juventus started the works for a project to secure the Cascina Continassa complex, as authorised by the Commission for
Artistic and Landscape Heritage of the Municipality and Province of Turin.
The activity will make it possible to achieve static security of recoverable parts, remove the large quantity of rubble and waste as well as
the dangerous parts, in indispensable safety conditions for the operators. The Cascina Continassa, which dates back to the beginning
of the 18th century, had deteriorated rapidly over the past decades and is now in a terrible state of preservation.
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
12.0
€
0.4
Equity turnover
Official price
10.0
0.3
8.0
0.2
6.0
4.0
0.1
2.0
0.0
4/11/14
08
20/1/15
31/3/15
12/6/15
21/8/15
0.0
30/10/15
SIGNIFICANT EVENTS AFTER 30 SEPTEMBER 2015
ORDINARY SHAREHOLDERS' MEETING OF 23 OCTOBER 2015
Juventus Football Club S.p.A. Ordinary Shareholders' Meeting approved the Financial Statements at 30 June 2015, which reported a
net profit of € 2.3 million that was entirely allocated to reserves. As a result, no dividends were deliberated.
The Shareholders' Meeting also decided that the Board of Directors would consist of 12 members for the years 2015/2016, 2016/2017
and 2017/2018, appointing the directors Andrea Agnelli, Maurizio Arrivabene, Giulia Bongiorno, Paolo Garimberti, Assia GrazioliVenier, Caitlin Hughes, Daniela Marilungo, Giuseppe Marotta, Aldo Mazzia, Pavel Nedved, Francesco Roncaglio and Enrico Vellano.
The Directors Giulia Bongiorno, Paolo Garimberti, Assia Grazioli-Venier, Caitlin Hughes and Daniela Marilungo stated they meet the
independence requirements.
The Board of Statutory Auditors comprising Paolo Piccatti (Chairman), Silvia Lirici and Roberto Longo was also appointed. Nicoletta
Paracchini and Roberto Petrignani were appointed as Deputy Auditors.
Lastly, the Shareholders' Meeting approved the Remuneration Report pursuant to Article 123-ter of Legislative Decree 58/98.
The Board of Directors held at the end of the Shareholders' Meeting confirmed the appointment of Andrea Agnelli as Chairman and
Giuseppe Marotta and Aldo Mazzia as Chief Executive Officers. It also appointed Pavel Nedved as Vice President and confirmed Paolo
Garimberti's role as president of the Juventus Museum.
After having verified the satisfaction of the requirements of independence by the directors Giulia Bongiorno, Paolo Garimberti, Assia
Grazioli-Venier, Caitlin Hughes and Daniela Marilungo, the Board also appointed the following Committees:
- Remuneration and Appointments Committee consisting of Paolo Garimberti (Chairman), Assia Grazioli Venier and Caitlin Hughes;
- Control and Risk Committee consisting of Daniela Marilungo (Chairman), Paolo Garimberti and Assia Grazioli Venier.
Lastly the Supervisory Body pursuant to Legislative Decree 231/2001 was appointed consisting of Alessandra Borelli, Guglielmo
Giordanengo and Patrizia Polliotto.
WRIT OF SUMMONS OF MR GIUSEPPE GAZZONI FRASCARA
On 13 October 2015 a writ of summons was served for a request for compensation by Mr Giuseppe Gazzoni Frascara for a total
amount of approximately € 34.6 million. The hearing has been set before the Court of Rome on 29 March 2016.
To date the plaintiff has not provided any evidence that would justify the responsibility of Juventus, and this request for compensation.
BUSINESS OUTLOOK
During the first phase of 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.
As a consequence, the operating result, currently expected to be a loss, will be influenced by increases in costs relating to sports
management and the changes, also with respect to future revenues, that will derive from the sporting results actually achieved in Italy
and Europe.
The Company's goal is to consolidate the substantial equilibrium of operating profit achieved in the previous year.
09
STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2015
Amounts in euro
Non-current assets
Players’ registration rights, net
Other intangible assets
Intangible assets in progress
Land and buildings
Other tangible assets
Tangible assets in progress
Investments in other companies
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
Non-financial 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
Note
30/09/2015
30/06/2015
Change
1
212,777,429
32,194,208
30,000
134,578,618
25,235,360
3,348,686
9,000
16,200,000
5,073,953
46,852,504
8,414,977
484,714,735
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
98,541,984
1,076,145
(1,139,157)
522,501
(198,511)
1,601,268
9,000
12,100,000
(195,278)
15,203,156
4,170,237
131,691,345
2,029,000
60,581,334
1,355,894
23,022,542
12,401,438
12,000,000
18,687,386
130,077,594
1,326,539
31,564,078
492,399
48,104,690
5,207,389
3,126,754
89,821,849
702,461
29,017,256
863,495
(25,082,148)
7,194,049
12,000,000
15,560,632
40,255,745
13,310,788
1,525,268
14,836,056
629,628,385
13,349,271
6,012,598
19,361,869
12,061,231
12,061,231
474,268,339
(38,483)
(4,487,330)
(4,525,813)
(12,061,231)
(12,061,231)
155,360,046
2
3
4
5
3
4
2
6
7
8
The Interim Management Statements at 30 September 2015 have not been audited.
10
STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2015
Amounts in euro
Shareholders' Equity
Share capital
Share premium reserve
Cash flow hedge reserve
Profit/(loss) for the previous year
Profit/(loss) for the 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
Non-financial payables due 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
30/09/2015
30/06/2015
Change
9
8,182,133
34,364,530
(163,439)
2,298,263
16,804,684
61,486,171
8,182,133
34,382,673
(217,625)
2,298,263
44,645,444
(18,143)
54,186
2,298,263
14,506,421
16,840,727
38,718,642
96,701,111
5,974,943
7,517,101
148,911,797
156,480
46,399,770
26,056,257
5,896,535
2,757,815
81,266,857
(156,480)
(7,681,128)
70,644,854
78,408
4,759,286
67,644,940
353,669
179,654,330
172,236
24,012,788
1,135,014
55,050,715
78,786,852
339,165,604
354,125
149,501,032
228,043
20,129,717
2,468,435
67,583,202
57,232,964
297,497,518
(456)
30,153,298
(55,807)
3,883,071
(1,333,421)
(12,532,487)
21,553,888
41,668,086
34,350,815
45,713,998
80,064,813
629,628,385
35,543,005
15,315,515
50,858,520
474,268,339
(1,192,190)
30,398,483
29,206,293
155,360,046
6
10
11
6
6
10
11
12
11
12
INCOME STATEMENT FOR THE FIRST QUARTER OF THE 2015/2016
2014/2015
Financial year
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
Note
Amounts in euro
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
Depreciation/amortisation of other tangible and intangible assets
Provisions and other write-downs/reverses and releases
Other non-recurring revenues and costs
Operating income
Financial income
Financial expenses
Income/(loss) before taxes
Current taxes
Deferred taxes
Profit/(Loss) for the period
Basic and diluted profit/(loss) per share for the period
13
14
15
16
I Quarter
2015/2016
8,242,376
36,987,286
17,424,100
34,876,332
7,429,048
104,959,142
(1,577,898)
(11,382,787)
(53,523,877)
(4,162,972)
(4,447,615)
(1,442,312)
(76,537,461)
(16,088,952)
(2,266,452)
10,638,769
20,705,046
698,463
(2,655,302)
18,748,207
(1,687,980)
(255,543)
16,804,684
0,017
I Quarter
2014/2015
Change
7,121,239
1,121,137
20,874,628 16,112,658
13,067,296
4,356,804
6,214,223 28,662,109
5,993,135
1,435,913
53,270,521 51,688,621
(789,731)
(788,167)
(8,914,599) (2,468,188)
(43,823,944) (9,699,933)
(3,231,602)
(931,370)
(3,914,510)
(533,105)
(1,659,524)
217,212
(62,333,910) (14,203,551)
(13,303,400) (2,785,552)
(2,098,342)
(168,110)
- 10,638,769
(24,465,131) 45,170,177
817,270
(118,807)
(3,240,338)
585,036
(26,888,199) 45,636,406
(1,688,507)
527
(28,616)
(226,927)
(28,605,322) 45,410,006
(0,03)
0,045
STATEMENT OF COMPREHENSIVE INCOME FOR THE FIRST QUARTER OF 2015/2016
2014/2015
Financial year
2,298,263
234,582
-
I Quarter
2015/2016
Amounts in euro
Profot/(Loss) for the period (A)
Other Profit (Loss) recorded in cash flow hedge reserve
Tax effect related to total other Profit (Loss) that will subsequently
be reclassified in the income statement
I Quarter
2014/2015
Change
16,804,684
(28,605,322)
45,410,006
54,186
48,574
5,612
-
-
-
234,582
Total Other Profit (Loss) that will subsequently be reclassified
in the income statement net of the tax effect (B1)
54,186
48,574
5,612
(441,331)
Other Profit (Loss) entered in the actuarial gains (losses) reserve
-
-
-
Tax effect related to total other Profit (Loss) that will not subsequently
be reclassified in the income statement
-
-
-
(441,331)
Total Other Profit (Loss) that will not subsequently
be reclassified in the income statement net
of the tax effect (B2)
(206,749)
Total Other Profit/(Loss), net of the tax effect (B)= (B1)+(B2)
2,091,514
Total Profit/(Loss) (A+B)
-
-
-
54,186
48,574
5,612
16,858,870
(28,556,748)
45,415,618
13
NOTES TO THE FINANCIAL STATEMENTS
ACCOUNTING PRINCIPLES
The Interim Management Statements at 30 September 2015, concerning the first quarter of the 2015/2016 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 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 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 football player Transfer
Campaigns. 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 30 SEPTEMBER 2015
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
132,388
2,466
134,854
Disinvestments (gross)
(65,473)
(747)
(66,220)
43,468
409
43,877
1,864
Amounts in thousands of euro
Book value
Accumulated amortisation
Allowance for doubtful accounts
Use of accumulated amortisation
256
2,120
Disinvestments (net)
(20,141)
(82)
(20,223)
Amortisation
(15,842)
(247)
(16,089)
208,880
3,897
212,777
Book value
375,751
4,939
380,690
(166,871)
(1,042)
(167,913)
-
-
-
208,880
3,897
212,777
Use of allowance for doubtful accounts
Accumulated amortisation
Allowance for doubtful accounts
In the course of the first phase of the 2015/2016 Transfer Campaign, the following main operations regarding players’ registration rights were
completed:
Player
Definitive acquisitions
Cerri Alberto
De Carvalho Viana Lima Anderson Hernanes
Dybala Paulo Exequiel
Khedira Sami
Lobo Silva Alex Sandro
Mandzukic Mario
Murara Neto Norberto
Pereyra Roberto Maximiliano
Tello Munoz Andes Felipe
Zappa Claudio
Zaza Simone
Other investments/increases
Total investments
(a)
(b)
(c)
(d)
Counterparty clubs
- (a)
FC Internazionale
US città di Palermo
- (a)
Futebol Clube do Porto
Club Atletico Madrid
- (a)
Udinese Calcio
Evingado Futbol Club
US Sassuolo
US Sassuolo
Price
IFRS value of rights
(including expenses
and bonuses)
11,000
32,000
26,000
19,000
14,000
1,400
1,500
18,000
Years of
contract
1,994
11,148 (b)
33,302 (c)
1,300
26,275
21,346 (d)
1,940
13,741
1,585
1,500
17,450
3,273
134,854
5
3
5
4
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.
The acquisition price could increase by € 8 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.
15
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 Net book
present
value
value
Solidarity
subsidy
Capital
gains
(losses)
533 1,424
10,655 8,698
(a)
627
68
905
1,600
115
6,232 6,117 (b)
882 30,986
36,217 4,349
939
432
507
55,643 20,223
1,598 33,822
(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.
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)
(357)
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 and the exercise period ends on 30 April 2016.
Player
Acquisition pre-emption rights
Bentancur Colman Rodrigo
Cristaldo Franco Sebastián
Cubas Adrián Andrés
16
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 total net financial commitment, including auxiliary expenses as well as financial income and expenses implicit in deferred receipts
and payments, came to € 88,020 million, broken down as follows:
Total
Amounts in millions of euro
LNP and others
(80,727)
2015/2016
2016/2017
2017/2018
2018/2019
(24,167) (25,060)
(23,500)
(8,000)
8,101
17,117
(8,683)
(333)
-
Agents
(15,394)
(8,869)
(5,025)
(1,000)
(500)
Total
(88,020)
(15,919) (38,768)
(24,833)
(8,500)
Foreign FC
2. CURRENT AND NON-CURRENT FINANCIAL ASSETS
Financial assets increased by a total of € 24,100 thousand as a result of the assignment of a portion of long-term lease of the
Continassa Area and relative auxiliary expenses to the "J Village" Real Estate Fund. The transaction involved the subscription of J class
shares of the fund (not available for sale for the duration of the fund) for a total of € 12,100 thousand and class A shares for € 12,000
thousand. For additional information see "Significant events in the first quarter of the 2015/2016 financial year".
Non-current financial assets also included € 4,100 thousand and refer to the balance of the bank account opened at Unicredit S.p.A.
pledged as a guarantee on the loan granted by Istituto per il Credito Sportivo.
3. 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.
These total € 69,875 thousand and show a decrease of € 9,879 thousand compared to the balance of € 79,754 thousand at 30 June 2015
due to proceeds received during the period and receivables generated during the first phase of the 2015/2016 Transfer Campaign.
4. OTHER CURRENT AND NON-CURRENT ASSETS
Details are as follows:
30/09/2015
30/06/2015
Current Non-current
share
share
Total
-
1,579
1,579
-
1,579
1,579
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 Piemonte Merchandising S.r.l. (formerly
Juventus Merchandising S.r.l.) for acquisition of business unit
146
-
146
315
-
315
Receivables due from I.C.S. for interest rate subsidy
302
2,113
2,415
302
2,113
2,415
Adjustment for financial income underlying the receivable due from I.C.S.
(85)
(307)
(392)
(88)
(326)
(414)
4,583 10,996
Receivables due from Finanziaria Gilardi S.p.A. for sale
of the Campi di Vinovo S.p.A. shareholding
Current Non-current
share
share
Total
1,675
425
2,100
251
-
251
130
-
130
-
-
-
372
-
372
Tax receivables
2,991
340
3,331
97
340
437
Miscellaneous
333
107
440
654
114
768
8,415 20,816
5,207
4,245
9,452
Prepaid expenses
Receivables due from insurance companies
Receivables due from Lega Nazionale Professionisti Serie A
Other current and non-current assets
6,413
12,401
Prepaid expenses mainly refer to expenses for temporary acquisitions of players (€ 4,564 thousand), acquisition of pre-emption rights
(€ 3,372 thousand), insurance premiums (€ 930 thousand), costs for sports equipment (€ 824 thousand) and commissions on guarantees
(€ 188 thousand).
The tax asset item primarily refers to receivables from Tax Authority for the September settlement of VAT (€ 2,894 thousand).
17
5. TRADE RECEIVABLES
These total € 60,581 thousand and increased by € 29,017 thousand (€ 31,564 thousand at 30 June 2015) mainly due to receivables
due from UEFA for participation in the 2015/2016 UEFA Champions League and from the technical sponsor (€ 26,155 thousand).
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
At 30 September 2015, net financial debt amounted to € 195,758 thousand, registering an increase of € 6,856 thousand compared
to a balance of € 188,902 thousand at 30 June 2015. This increase was driven by Transfer Campaign outlays (€ -13,380 thousand,
net), investments in other fixed assets (€ -4,129 thousand), cash flow from financing activities (€ -1,824 thousand), partially offset by
positive cash flow from operations (€ +12,477 thousand).
The breakdown between current and non-current net financial debt at the end of the two periods is shown below.
30/09/2015
Amounts in millions of euro
Financial assets*
Current Non-current
-
4,100
30/06/2015
Total
4,100
Current Non-current
-
4,100
Total
4,100
Cash and cash equivalents
18,687
-
18,687
3,127
-
3,127
Total financial assets
18,687
4,100
22,787
3,127
4,100
7,227
- due to leasing companies
(9,746)
-
(9,746)
(2,723)
(7,681)
(10,404)
- due to the Istituto per il Credito Sportivo
(5,108) (38,719)
(43,827)
(4,633) (38,719)
(43,352)
Financial payables
- due to parent EXOR S.P.A.
-
-
-
(38,000)
-
(38,000)
- due to factoring companies
(86,747)
-
(86,747)
(90,544)
-
(90,544)
- due to banks
(78,053)
-
(78,053)
(13,601)
-
(13,601)
(172)
-
(172)
(228)
-
(228)
Other financial liabilities
Total financial liabilities
(179,826) (38,719) (218,545)
(149,729) (46,400) (196,129)
Net financial debt
(161,139) (34,619) (195,758)
(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.
The net financial debt at 30 September 2015 did not include any payable and/or receivable position with related parties, with the
exception of the negative current account balance held at Banca del Piemonte S.p.A. (€ -3,096 thousand).
In terms of the effects of the seasonal nature and proceeds advanced compared to when accrued, as of 30 September 2015 contractual
payments had already been collected with future economic accrual for a total of € 80,065 thousand, reported in the item "Received
advances" (see note 12).
At 30 September 2015, the Company had revocable lines of credit totalling € 354,250 thousand, drawn down by a total of € 254,554
thousand (€ 89,754 thousand for guarantees issued in favour of third parties, € 61,545 thousand for overdrafts, € 16,508 thousand
for loans and € 86,747 thousand for advances on contracts and trade receivables).
7. ADVANCES PAID
Advances paid totalled € 14,836 thousand, of which € 13,311 thousand non-current (of which € 12,695 thousand beyond the
fifth consecutive year) and mainly refer to the consideration paid for the acquisition of the long-term lease of the Juventus Stadium
(€ 12,370 thousand) and for the acquisition of the long-term lease and relative auxiliary expenses of the Continassa Area, only limited
to the portion (3,170 square meters of gross floor area) remained in the Company after signing the assignment to the "J Village" real
estate fund on 30 June 2015 (€ 1,095 thousand), accounted for as operating leases (for more details, see section Significant events of
the first quarter of 2015/2016).
18
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 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.
9. SHAREHOLDERS' EQUITY
Shareholders' equity at 30 September 2015 was equal to € 61,486 thousand, registering an increase compared to the balance of
€ 44,645 thousand at 30 June 2015 due to the increased profit for the period (€ +16,805 thousand) and changes in the cash flow
hedge reserve (€ +54 thousand) net of other minor variations (€ -18 thousand).
10. 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.
These total € 151,752 thousand and show an increase of € 58,112 thousand compared to the balance of € 93,639 thousand at 30 June
2015 as a result of payables arising from the first phase of the 2015/2016 Transfer Campaign, net of payments made during the period.
11. OTHER CURRENT AND NON-CURRENT LIABILITIES
30/09/2015
Current Non-current
share
share
30/06/2015
Total
Current Non-current
share
share
Total
Payables due for remuneration to employees and others
28,088
- 28,088
30,894
- 30,894
Tax payables for withholding tax and other taxes
15,446
- 15,446
12,753
- 12,753
Payables due for auxiliary expenses and Transfer Campaign
14,651
6,250 20,901
5,770
3,000
8,770
Prepaid income and accrued expenses
16,725
1,507 18,232
2,094
-
2,094
Payables due to social security agencies
Adjustment for implicit financial expenses
Other payables
Other non-current and current liabilities
751
-
751
1,045
-
1,045
(241)
(295)
(536)
(37)
(300)
(337)
55
3,422
4,714
58
4,772
7,517 86,304
57,233
3,367
78,787
2,758 59,991
Prepaid income and accrued expenses, amounting to € 18,232 thousand, mainly refer to trade revenues pertaining to future periods
(€ 9,162 thousand) and prepaid income deriving from the temporary disposal of some footballers (€ 8,657 thousand).
12. ADVANCES RECEIVED
Received advances total € 80,065 thousand, of which € 34,351 thousand non-current (including € 19,126 thousand beyond five financial
years). These are amounts already received for the performance of services to render in the future related to:
30/09/2015
Naming and other revenues of the Juventus Stadium from
agreements with Sportfive Italia S.r.l. and Sportfive GmbH & Co. KG
Current Non-current
share
share
30/06/2015
Total
Current Non-current
share
share
3,500
23,195 26,695
3,500
Season passes
16,211
- 16,211
7,936
Television rights disposed of in centralised form accruing
in the 2015/2016 financial year
25,166
Totale
24,500 28,000
-
7,936
- 25,166
2,005
-
2,005
Income from the "Membership" initiative
210
347
557
398
2
400
Income from the "Accendi una Stella" initiative
180
870
1,050
180
915
1,095
Income from the Juventus Library
106
9,413
9,519
116
9,582
9,698
Other minor items
341
526
867
1,181
544
1,725
Advances received
45,714 34,351 80,065
15,316 35,543 50,859
19
NOTES ON THE INCOME STATEMENT FOR THE PERIOD 1 JULY 2015 30 SEPTEMBER 2015
The first quarter of the 2015/2016 financial year closed with a profit of € 16,805 thousand, posting a positive change of € 45,410
million compared to the loss of € 28,605 thousand registered in the same period a year earlier. This performance mainly derived from an
increase in revenues from players’ registration rights of € 28,662 thousand and by a general increase in recurring revenues (€ 23,027
thousand) in addition to net non-recurring revenues (€ 10,639 thousand). These positive changes were partially offset by the increase
in players’ wages and technical staff costs for € 9,700 thousand, the increase in costs for external services for € 2,468 thousand,
higher amortisation on players' registration rights for € 2,786 thousand as well as net negative changes for € 1,964 thousand. The net
negative changes mainly included higher costs for the purchase of products (€ -788 thousand), other personnel (€ -931 thousand),
expenses from players’ registration rights (€ -533 thousand) and net financial expenses (€ +466 thousand).
13. REVENUES
Revenues for the first three months of the 2015/2016 financial year totalled € 104,959 thousand, up € 51,689 thousand compared to
€ 53,270 thousand for the same period last year. The main items and/or changes are illustrated below.
TICKET SALES
These totalled € 8,242 thousand, showing an increase of € 1,121 thousand compared to the figure of € 7,121 thousand for the same
period of the previous year due to revenues from the Italian Super Cup final (€ +1,350 thousand)1, season tickets (€ +900 thousand),
ticket sales for UEFA Champions League home matches (€ +595 thousand), ticket sales for Championship home matches including
secondary ticketing (€ +388 thousand), ticket sales for friendly home matches (€ +101 thousand) and additional match services
(€ +254 thousand). These increases were partly offset by lower fees for friendly matches (€ -2,467 thousand).
The following table compares the number of matches played in the various official competitions in the period from 1 July 2015 to 30
September 2015 and in the same period of the previous year:
I quarter 2015/2016
I quarter 2014/2015
Home
Away
Total
Home
Away
Total
Championship
3
3
6
2
3
5
UEFA matches
1
1
2
1
-
1
number of matches
Italian Super Cup
-
1
1
-
-
-
Total
4
5
9
3
3
6
TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES
I quarter
2015/2016
I quarter
2014/2015
Change
Revenues from media rights
16,220
12,379
3,841
Revenues from UEFA competitions
20,767
8,495
12,272
Television and radio rights and media revenues
36,987
20,874
16,113
Revenues from media rights for the period increased by € 3,841 thousand compared to those from the same period last year mainly due to a
higher number of matches played during the period.
Revenues from UEFA competitions increased by € 12,272 thousand due to a higher total value of revenues from competition, as well as a
higher number of matches played in the period.
1
20
The 2014/2015 Italian Super Cup was played in December 2014.
REVENUES FROM PLAYERS’ REGISTRATION RIGHTS
Revenues from players’ registration rights amount to € 34,876 thousand, posting an increase of € 28,662 thousand compared to € 6,214
thousand registered for the same period of the previous year. Details are as follows:
I quarter
2015/2016
I quarter
2014/2015
Change
33,920
4,342
29,578
Revenues from the temporary disposal of players’ registration rights
853
363
490
Capital gains on player-sharing agreements
100
500
(400)
Gains on termination of sharing agreements
-
482
(482)
Other revenues
3
527
(524)
34,876
6,214
28,662
Gains on disposal of players’ registration rights
Revenues from players’ registration rights
For more details on gains from disposals of players' registration rights see Note 1.
Revenues in the first quarter from the temporary disposal of players' registration rights mainly refer to:
- Coman Kingsley (FC Bayern Munchen AG) € 523 thousand;
- Cerri Alberto (Cagliari Calcio S.p.A.) € 130 thousand;
- Tello Munoz Andres Felipe (Cagliari Calcio S.p.A.) € 122 thousand.
OTHER REVENUES
These total € 7,429 thousand (€ 5,993 thousand at 30 September 2014) and mainly relate to income from the Juventus Museum and
the “Membership” and “Stadium Tour” commercial initiatives, as well as income from non-sporting events carried out at the Juventus
Stadium. Starting from the current season, this item also includes revenues from the direct management of the sale and licensing of
official products (€ 3,034 thousand).
14. OPERATING COSTS
Operating costs in the first quarter of the 2015/2016 financial year amounted to € 76,537 thousand, increasing by € 14,204 thousand
compared to € 62,334 thousand for the same period of the previous financial year. The main items and/or changes are illustrated below.
PLAYERS’ WAGES AND TECHNICAL STAFF COSTS
Players’ wages and technical staff costs amounted to € 53,524 thousand (€ 43,824 thousand in the same period of the previous
financial year) and showed an increase of € 9,700 thousand mainly due to higher payments for leaving incentives to permanently
transferred players (€ +3,054 thousand), higher fees paid to temporarily transferred players (€ +810 thousand) and higher fixed
remuneration paid to players on staff (€ +6,938 thousand); These increases were partly offset by lower variable remuneration (€ -697
thousand) and lower fees paid to other registered players (€ -595 thousand).
EXPENSES FROM PLAYERS’ REGISTRATION RIGHTS
Expenses from players' registration rights amounted to € 4,448 thousand (€ 3,915 thousand for the same period of the previous
year), and mainly include auxiliary expenses for players' registration rights (€ 3,550 thousand), expenses from temporary acquisitions
of players accruing pro rata during the quarter (€ 643 thousand), losses on disposals of professional players' registration rights (€ 115
thousand) and registered young players' registration rights (€ 82 thousand).
Expenses for the temporary purchase of players' registration rights mainly refer to:
- Vadala Guido Nahuel (Club Atletico Boca Juniors) € 385 thousand;
- Cuadrado Bello Juan Guillermo (Chelsea Footblall Club) € 178 thousand.
21
15. AMORTISATION AND WRITE-DOWNS OF PLAYERS’ REGISTRATION RIGHTS
The amortisation and write-downs of players' registration rights for the first quarter of 2015/2016 amount to € 16,089 thousand, up
by € 2,786 thousand compared to the same period of the previous 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 30 September 2014) and mainly refer to
revenues from the assignment of the ownership of a portion of 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 (€ 10,339 thousand).
17. APPROVAL OF THE INTERIM MANAGEMENT STATEMENTS AT 30 SEPTEMBER 2015 AND AUTHORISATION FOR
PUBLICATION
At the meeting of 9 November 2015, the Board of Directors approved the Interim Management Statements at 30 September 2015,
authorising the publication on the same date.
Turin, 9 November 2015
22
On behalf of the Board of Directors
The Chairman
Andrea Agnelli
DECLARATION PURSUANT TO PARAGRAPH 2 OF ARTICLE 154 BIS OF THE CONSOLIDATED LAW ON FINANCE (TUF)
Pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, I, Marco Re, the Juventus Football Club S.p.A. Financial
Reporting Officer, declare that the accounting information contained in these Interim Management Statements at 30 September 2015
is consistent with the accounting records.
Turin, 9 November 2015
Financial Reporting Officer
of Juventus Football Club S.p.A.
Marco Re
23
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 30 settembre 2015”.
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
30 09 15

interim management statements

Transcription

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