half-yearly financial report

Transcription

HALF-YEARLY
FINANCIAL
R E P O R T
31 12 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
HALF-YEARLY FINANCIAL REPORT - 31 12 15
01
02
CONTENTS
INTERIM MANAGEMENT REPORT
Board of Directors, Board of Statutory Auditors and Independent Auditors
5
Significant events in the first half of the 2015/2016 financial year
6
Review of the results for the first half of the 2015/2016 financial year
10
Significant events after 31 December 2015
13
Business outlook and main risks and uncertainties for the second half of the2015/2016 financial year15
CONDENSED HALF YEAR FINANCIAL STATEMENTS AT 31 DECEMBER 2015
16
Statement of financial position
16
Income statement for the first half of the 2015/2016 financial year
19
Statement of comprehensive income for the first half of the 2015/2016 financial year
19
Statement of changes in Shareholders' Equity
20
Statement of cash flows
21
Notes to the financial statements
22
ATTESTATION PURSUANT TO ART. 154-BIS, PAR. 5, OF LEG. DECREE NO. 58/98
58
INDEPENDENT AUDITORS' REPORT
59
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 IN THE FIRST HALF OF THE 2015/2016
FINANCIAL YEAR
FOOTBALL SEASON
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.
In December, the First Team qualified for the round of sixteen of the UEFA Champions League 2015/2016 ranking in second place in
their round, as well as the quarter finals of the Italian Cup.
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 € 118.5 million resulting from acquisitions and increases of € 138.7 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 € 88.1 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. 10.
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);
Gianluigi Buffon (up to 30 June 2017);
Claudio Marchisio (up to 30 June 2020);
Alvaro Morata (up to 30 June 2020);
Simone Padoin (up to 30 June 2017);
Roberto Maximiliano Pereyra (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 € 1.7 million.
PLAYER’S CONTRACT RESOLUTION
In the month of July, 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.
06
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 on 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.
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 acquisition of the relative business unit. The internal structure entrusted with
licensing, retail and soccer school activities includes, to date, 36 people.
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 has generated 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 and the new Juventus' registered office, which will be located on the plot of the old
Cascina Continassa.
The project is completed by the construction of a building which will house commercial and innovative entertainment activities
(Concept Store), the building permit for which is being issued.
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 retained the ownership of the surface rights of a remaining area of about 15,662 square metres on which building permits
equal to 3,170 square metres of SLP insist.
J MEDICAL
In the first half of 2015/2016, works began on the renovation of the premises of the Eastern section of the Juventus Stadium,
approximately 3,500 square metres, to host the activities of J Medical, an outpatient care, diagnostic, physiotherapy and sports
medicine clinic. Works were completed in February with an investment of € 4.9 million; the centre is due to open to the public by
March, once the installation and authorisation process are complete. Please note that J Medical S.r.l. is a joint venture of Juventus and
Santa Clara S.r.l.
J MUSEUM EXTENSION
During the second half of the year, the extension works at the J Museum were concluded with the construction of two new exhibition
areas used for the permanent exhibition of relics and memorabilia from other sports champion, Juventus fans, and for the First Team
(170 square metres), opened to the public on 4 October 2015 and 16 December 2015 respectively.
07
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 Mary Hughes, Daniela Marilungo, Giuseppe Marotta, Aldo Mazzia, Pavel Nedved, Francesco Roncaglio and Enrico
Vellano.
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 Mary 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 Mary 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.
DAMAGE CLAIMS BY THE CIVIL CLAIMANTS FOLLOWING THE SUPREME
COURT OF CASSATION RULING IN “CALCIOPOLI”
The Italian Supreme Court, in its ruling of 24 March 2015, held that the former General Manager of Juventus Luciano Moggi and
the former Chief Executive Officer Antonio Giraudo reached the end of statute of limitations, referring any damage claims by the civil
claimants against Luciano Moggi to the attention of the relevant local Italian Courts of Appeal.
Following the above-mentioned ruling of the Italian Supreme Court, on 13 October 2015 a writ of summons was served for a request
for compensation by Mr Giuseppe Gazzoni Frascara to also condemn Juventus, among the defendants, jointly and severally, to pay
compensation damages, pecuniary and otherwise, for a total amount of about € 34.6 million. The hearing has been set before the
Court of Rome on 29 March 2016.
Similarly, on 2 December 2015 a writ of summons was served before the Court of Appeal of Naples by Victoria 2000 S.r.l., owner
of 100% of the share capital of Bologna Football Club 1909 S.p.A.. That company also sued Juventus before the Court of Appeal
of Naples in order to condemn Juventus, among the defendants, jointly and severally, to pay compensation damages, pecuniary and
otherwise, suffered by Victoria 2000 S.r.l. for a total amount of about € 49 million. The hearing has been set before the Court of Appeal
of Naples on 21 March 2016.
To date, the above mentioned parties have not provided any evidence that would justify the responsibility of Juventus and the
consequent requests for compensation. As a result, negative effects on or potential risks for the Company cannot be estimated at the
moment.
08
SHAREHOLDING STRUCTURE AND SHARE PERFORMANCE
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
16/2/15
26/3/15
8/5/15
17/6/15
27/7/15
3/9/15
13/10/15
20/11/15
5/1/16
0.0
12/2/16
09
REVIEW OF THE RESULTS FOR THE FIRST HALF
OF THE 2015/2016 FINANCIAL YEAR
ECONOMIC AND FINANCIAL HIGHLIGHTS
I half-year
2015/2016
I half-year
2014/2015
Change
Revenues
204.5
156.2
48.3
Operating costs
140.4
119.4
21.0
Players' registration rights amortisations
32.0
29.4
2.6
Operating income
38.1
2.4
35.7
Profit (loss) for the period
30.3
(6.7)
37.0
31/12/2015
30/06/2015
Change
Players' registration rights
200.7
114.2
86.5
Land, buildings and other tangible assets
164.0
161.2
2.8
75.0
44.6
30.4
197.3
188.9
8.4
Amounts in million of euro
Shareholders' Equity
Net financial debt
For a correct interpretation of the half year figures, it should be noted that the financial year of Juventus does not coincide with the
calendar year, but runs from 1 July to 30 June, which corresponds to the football season.
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 two phases of the football player
Transfer Campaign.
For more details see Note 7.
The first half of the 2015/2016 financial year closed with a profit of € 30.3 million, posting a positive change of € 37 million compared
to the loss of € 6.7 million registered in the same period a year earlier.
This variation mainly derived from an increase in revenues from players’ registration rights of € 30.2 million, and a general increase
in recurring revenues (€ 18.1 million), € 6.8 million of which comes from the sale of products and licenses, in addition to net nonrecurring revenues of € 10.6 million. These positive changes were partially offset by the increase in players’ wages and technical staff
costs for € 13.7 million, the increase in costs for external services for € 3.6 million, higher amortisation on players' registration rights
for € 2.7 million, the purchase of products for sale for €€2.1 million, as well as net positive changes for € 0.2 million. These mainly
include lower provisions (€ +0.7 million) and lower net financial expenses (€ +1 million) partially offset by higher costs for other
personnel (€ -1.5 million).
Revenues for the first half the 2015/2016 financial year, totalling € 204.5 million, increased by 30.9% compared to the figure of
€ 156.2 million in the first half of 2014/2015. Details are as follows:
I half-year
2015/2016
I half-year
2014/2015
Change
Television and radio rights and media revenues
95.6
91.5
4.1
Revenues from players’ registration rights
37.2
7.0
30.2
Revenues from sponsorship and advertising
35.0
26.3
8.7
Ticket sales
20.0
19.4
0.6
Revenues from sales of products and licences
6.8
-
6.8
Other revenues
9.9
12.0
(2.1)
204.5
156.2
48.3
Total
10
Operating Costs in the first half of the 2015/2016 financial year amounted to € 140.4 million, increasing by 17.6% compared to
€ 119.4 million for the same period of the previous financial year. Details are as follows:
I half-year
2015/2016
I half-year
2014/2015
Change
Players’ wages and technical staff costs
94.9
81.2
13.7
External services
23.7
20.1
3.6
Other personnel
9.1
7.6
1.5
Expenses from players’ registration rights
5.3
4.7
0.6
Purchases of products for sale
2.1
-
2.1
Purchase of materials, supplies and other consumables
1.5
1.5
-
Other expenses
3.8
4.3
(0.5)
140.4
119.4
21.0
Total
Amortisation and write-downs of players' registration rights total € 32 million; the increase compared to the figure of € 29.4 million
for the first half of the 2014/2015 financial year is mainly due to higher amortisation resulting from net investments made during the
first phase of the 2015/2016 Transfer Campaign.
Players' registration rights total € 200.7 million. The increase of € 86.5 million compared to the balance of € 114.2 million of 30 June
2015 results from net investments (€ +118.5 million) made during the first phase of the Transfer Campaign and amortisation (€ -32
million).
As of 31 December 2015 Shareholders’ equity totalled € 75 million, an increase compared to the balance of € 44.6 million at 30 June
2015 due to the profit for the half year (€ +30.3 million) and changes in the cash flow hedge reserve (€ +0.1 million).
Net financial debt at 31 December 2015 totalled € 197.3 million (€ 188.9 million at 30 June 2015). The increase of € 8.4 million
is due to payments in Transfer Campaign (€ -22.1 million, net), investments in other fixed assets (€ -8.1 million), investments in
shareholdings (€ -0.2 million) and the flows from financing activities (€ -2.6 million), partially offset by positive cash flow from
operations (€ +21.9 million) and the first repayment received following advances paid in previous years for the Continassa Project
(€ +2.7 million).
The breakdown between current and non-current net financial debt at the end of the two periods is shown below.
31/12/2015
30/06/2015
Current
Noncurrent
Total
Current
Noncurrent
Total
-
4.1
4.1
-
4.1
4.1
Cash and cash equivalents
23.2
-
23.2
3.1
-
3.1
Total financial assets
23.2
4.1
27.3
3.1
4.1
7.2
-
-
-
(38.0)
-
(38.0)
- due to the Istituto per il Credito Sportivo
(4.7)
(36.3)
(41.0)
(4.7)
(38.7)
(43.4)
- due to leasing companies
(9.1)
-
(9.1)
(2.7)
(7.7)
(10.4)
- due to banks
(6.3)
(23.5)
(29.8)
(13.6)
-
(13.6)
(64.3)
(80.3)
(144.6)
(90.5)
-
(90.5)
(0.1)
-
(0.1)
(0.2)
-
(0.2)
Total financial liabilities
(84.5)
(140.1)
(224.6)
(149.7)
(46.4)
(196.1)
Net financial debt
(61.3)
(136.0)
(197.3)
(146.6)
(42.3)
(188.9)
Financial assets*
Financial payables
- due to parent EXOR S.P.A.
- due to factoring companies
Other financial liabilities
* 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.
11
Since September 2015, in order to optimise the composition of the sources of financing and in accordance with sector 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 December 2015, this programme has already been implemented for € 105 million.
As regards the impact of the seasonal nature of receipts, received in advance of their accrual, at 31 December 2015 contractual
amounts relating to future financial years have already been received totalling € 67.5 thousand, and recognised under the item
"Advances received” (see note 32).
For further details see the Statement of Cash Flows and Notes.
12
SIGNIFICANT EVENTS AFTER 31 DECEMBER 2015
FOOTBALL SEASON
In January 2016, the First Team qualified for the semi-finals of the Italian Cup.
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 € 1.4 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 € 6.8 million, distributed as follows: € -1.2 million in the second half of the 2015/2016 financial year,
€ -2.8 million in the 2015/2016 financial year, and € -2.8 million in the 2016/2017 financial year.
The details of the main transactions finalised in January and February 2016 are provided below:
Amounts in thousands of euro
Player
Counterparty clubs
Price
IFRS value of
rights (including
expenses)
Years of
contract
6,000
6,389
5
Definitive acquisitions
Mandragora Rolando (a)
Genoa CFC
Other investments/increases (b)
Total investments
1,421
7,810
(a) The acquisition price could increase by a maximum of € 3.75 million if certain conditions occur during the contract.
(b)Includes the capitalisation of bonuses, linked to certain conditions occurring, paid to the football clubs for footballers acquired during the previous Transfer
Campaigns.
OPTIMISATION OF FINANCING SOURCES
As part of the previously described programme for the optimization of sources of financing (see section "Review of the results for the
first half of the 2015/2016 financial year"), in the first two months of 2016 additional medium-long term financing agreements were
signed in lieu of revocable lines of credit for € 25 million. Therefore, to date the lines of credit amount to € 415.3 million, of which
€ 270.3 million revocable.
13
14
BUSINESS OUTLOOK AND MAIN RISKS
AND UNCERTAINTIES FOR THE SECOND HALF
OF THE 2015/2016 FINANCIAL YEAR
During the Transfer Campaigns 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.
The main risks and uncertainties to which the Company is exposed in the second half of the year are similar to those indicated in the
Annual Financial Report at 30 June 2015.
15
STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 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
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
Other current assets
Current financial assets
Total current assets
Advances paid
Non-current advances
Current advances
Advances paid, total
Assets held for sale
Total assets held for sale
Total assets
16
Note
31/12/2015
30/06/2015
Change
10
11
200,717,276
32,184,182
134,558,526
25,240,745
4,219,784
148,595
16,200,000
4,878,676
33,877,074
6,492,364
458,517,222
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
86,481,831
1,066,119
(1,169,157)
502,409
(193,126)
2,472,366
148,595
12,100,000
(390,555)
2,227,726
2,247,624
105,493,832
20
58
18
19
16
21
1,901,048
31,908,848
2,919,469
31,339,336
11,352,059
12,000,000
23,203,492
114,624,252
1,326,539
31,564,078
492,399
48,104,690
5,207,389
3,126,754
89,821,849
574,509
344,770
2,427,070
(16,765,354)
6,144,670
12,000,000
20,076,738
24,802,403
22
23
13,272,304
2,676,404
15,948,708
589,090,182
13,349,271
6,012,598
19,361,869
12,061,231
12,061,231
474,268,339
(76,967)
(3,336,194)
(3,413,161)
(12,061,231)
(12,061,231)
114,821,843
12
13
14
15
16
17
18
19
STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER 2015
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
Profit (losses) carried forward
Profit 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
Trade and other payables to related parties
Other current liabilities
Total current liabilities
Advances received
Non-current advances
Current advances
Advances received, total
Total liabilities
Note
31/12/2015
30/06/2015
Change
24
8,182,133
34,346,387
114,913
229,826
(110,082)
1,953,524
30,256,784
74,973,485
8,182,133
34,382,673
(217,625)
2,298,263
44,645,444
(36,286)
114,913
229,826
107,543
1,953,524
27,958,521
30,328,041
140,106,657
72,423,976
6,053,351
5,283,071
223,867,055
156,480
46,399,770
26,056,257
5,896,535
2,757,815
81,266,857
(156,480)
93,706,887
46,367,719
156,816
2,525,256
142,600,198
353,669
84,435,545
120,062
16,324,453
603,395
70,417,705
50,498,598
222,753,427
354,125
149,501,032
228,043
20,129,717
2,468,435
67,583,202
57,232,964
297,497,518
(456)
(65,065,487)
(107,981)
(3,805,264)
(1,865,040)
2,834,503
(6,734,366)
(74,744,091)
33,520,569
33,975,646
67,496,215
589,090,182
35,543,005
15,315,515
50,858,520
474,268,339
(2,022,436)
18,660,131
16,637,695
114,821,843
25
26
27
28
29
25
30
31
58
26
28
32
17
18
INCOME STATEMENT FOR THE FIRST HALF OF THE 2015/2016 FINANCIAL YEAR
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
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
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 provision
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
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
52
53
I half-year
2015/2016
I half-year
2014/2015
Change
636,469
19,419,406
20,055,875
4,168,225
91,480,134
95,648,359
8,743,547
26,258,987
35,002,534
6,786,944
6,786,944
6,983,894 30,168,913
37,152,807
12,050,736 (2,171,992)
9,878,744
204,525,263 156,193,157 48,332,106
12,966
(1,563,155)
(1,550,189)
- (2,075,204)
(2,075,204)
(23,700,085) (20,097,222) (3,602,863)
(94,872,596) (81,180,928) (13,691,668)
(7,567,154) (1,524,676)
(9,091,830)
(614,619)
(4,666,293)
(5,280,912)
523,701
(4,358,563)
(3,834,862)
(140,405,678) (119,433,315) (20,972,363)
(32,044,751) (29,359,253) (2,685,498)
(290,434)
(4,216,995)
(4,507,429)
702,649
(762,276)
(59,627)
- 10,638,769
10,638,769
2,421,318 35,725,229
38,146,547
(136,711)
1,483,032
1,346,321
1,171,846
(6,415,478)
(5,243,632)
(105,405)
(105,405)
(2,511,128) 36,654,959
34,143,831
1,052
(3,377,013)
(3,375,961)
320,217
(831,303)
(511,086)
(6,719,444) 36,976,228
30,256,784
0.037
(0.007)
0.030
STATEMENT OF COMPREHENSIVE INCOME FOR THE FIRST HALF OF THE 2015/2016 FINANCIAL YEAR
2014/2015
Financial year
2,298,263
234,582
-
I half-year
2015/2016
Amounts in euro
Profit (Loss) for the period (A)
Other income (loss) recorded in cash flow hedge reserve
Tax effect related to total other Income (Loss) that will subsequently
be reclassified in the income statement
I half-year
2014/2015
Change
30,256,784
(6,719,444)
36,976,228
107,543
117,970
(10,427)
-
-
-
107,543
117,970
(10,427)
234,582
Total Other Income (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 gains (losses) reserve
-
(441,331)
441,331
Tax effect related to total other Income (Loss) that will not subsequently
be reclassified in the income statement
-
-
-
(441,331)
Total Other Income (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 Income/(Loss), net of the tax effect (B)= (B1)+(B2)
2,091,514
Comprehensive Loss for the period (A+B)
-
107,543
(323,361)
430,904
30,364,327
(7,042,805)
37,407,132
19
STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Amounts in euro
Balance at 30/06/2014
Share
capital
Share
premium
reserve
Legal
reserve
Cash flow
hedge
reserve
8,182,133 41,129,673
-
-
- (452,207)
Actuarial
gains (losses)
reserves
Profit Shareholders'
(loss) for
Equity
the period
441,331 (6,674,430) 42,626,500
Coverage of loss for
2013/2014 financial year
-
(6,674,430)
-
-
-
-
-
6,674,430
-
Deferred taxes claimed
on 2011 new capital
issue costs
-
(36,285)
-
-
-
-
-
-
(36,285)
-
-
-
-
-
117,970
(441,331)
8,182,133 34,418,958
-
-
- (334,237)
- (6,719,444) 35,547,410
Total income (loss)
for the period
(6,719,444) (7,042,805)
on 2011 new capital
issue costs
-
(36,285)
-
-
-
-
-
-
(36,285)
Total income (loss)
for the period
-
-
-
-
-
116,612
-
9,017,707
9,134,319
8,182,133 34,382,673
-
-
- (217,625)
-
2,298,263 44,645,444
- 114,913
229,826
1,953,524
-
-
(2,298,263)
-
-
(36,286)
Allocation of profits for
2014/2015 financial year
-
on 2011 new capital
issue costs
-
(36,286)
-
-
-
-
-
Total income (loss)
for the period
-
-
-
-
-
107,543
-
8,182,133 34,346,387 114,913
For further details see Note 24.
20
Reserve
Retained
pursuant to
earnings
art. 26 of (losses) carried
the By-laws
forward
229,826 1,953,524 (110,082)
30,256,784 30,364,327
- 30,256,784 74,973,485
STATEMENT OF CASH FLOWS
2014/2015
Financial year
10,807,905
Note
Amounts in euro
Income/(loss) before taxes
I half-year
2015/2016
I half-year
2014/2015
34,143,831
(2,511,128)
36,552,180
735,157
(34,015,593)
(12,440)
213,237
64
(10,638,769)
105,405
(1,346,321)
5,243,632
33,576,248
(176,374)
1,540,335
(5,324,260)
(12,440)
57,848
(1,483,032)
6,415,478
(11,848,815)
(22,857,622)
7,926,298
5,550,292
(4,383,899)
(4,128,739)
(735,157)
(3,953,482)
Non-cash items:
66,350,816
(434,088)
1,801,662
(20,638,891)
(24,677)
379,540
(1,750,000)
(2,365,062)
10,860,663
(1,481,485)
9,281,057
- amortisation, depreciation and write-down
- release of provisions
- employee benefit liability and other provisions
- gains on disposal of players’ registration rights
- gains on disposal of other fixed assets
- losses on disposal of players’ registration rights
- losses on disposal of other fixed assets
- other non-recurring revenues and costs
- group’s share of results of associates and joint ventures
- financial income
- financial expenses
46 e 47
37
44
50
51
Change in trade receivables and other non-financial activities
Change in trade payables and other non-financial liabilities
(8,352,792)
Income taxes paid
(8,507,753)
Utilisation in employee benefit liability and other provisions
55,926,895
Net cash from (used in) operating activities
(74,622,171)
Investments in players’ registration rights
(13,458,953)
Increase (decrease) of payables related to players’ registration rights
21,938,810
6,693,124
10 (138,764,807)
46,807,817
(53,195,534)
(34,271,860)
Disposals of players’ registration rights
54,040,582
15,263,307
20,200,175
(Increase) decrease of receivables related to players’ registration rights
15,767,154
53,450,709
(4,661,907)
Investments in other fixed assets
(8,084,978)
(1,153,602)
(1,327,235)
Advances paid for the Continassa Project
-
(657,987)
42,153,210
-
Repayment of advances for the Continassa Project
2,719,493
-
-
Investments in shareholdings
(254,000)
-
71
-
1,444
35,408
(31,680,029)
Disposals of other fixed assets
Interest income
Net cash from (used in) investing activities
50
7,884
19,445
(27,760,784)
(20,545,522)
10,000,000
Taking out of new medium-long term loans
25,000,000
-
(4,436,524)
Repayment of medium-long term loans
(2,291,445)
(2,194,219)
(1,741,313)
Repayment of short-term loans
(8,258,687)
-
(2,583,207)
Repayment of finance leases
(1,324,470)
(1,280,771)
(950,054)
(1,047,280)
(2,046,474)
Interest on medium-long term loans
(53,655)
Interest on short-term loans
(90,825)
-
(243,305)
Interest on financial leases
(101,016)
(128,455)
(1,437,040)
(2,854,660)
(4,567,931)
(437,545)
Other interest expenses
Other movements related to financing activities
(6,109,954)
Net cash from (used in) financing activities
18,136,911
Net cash from (used in) the year
(160,703)
(246,547)
10,385,760
(7,751,932)
4,563,786
(21,604,330)
Changes in cash and bank overdrafts:
(148,896,277)
Balances at the beginning of the year
(130,759,366) (148,896,277)
(130,759,366)
Balances at year end
(126,195,580) (170,500,607)
18,136,911
Changes in cash and bank overdrafts
4,563,786
(21,604,330)
23,203,492
4,814,657
Composition of cash and cash equivalents:
3,126,754
(133,886,120)
Bank overdrafts
(130,759,366)
Cash and cash equivalents at year end
21 e 25 (149,399,072) (175,315,264)
21 e 25 (126,195,580) (170,500,607)
21
NOTES TO THE FINANCIAL STATEMENTS
1. GENERAL INFORMATION ON THE COMPANY
Juventus Football Club S.p.A. (hereafter Juventus) is a legal entity organised according to the law of the Italian Republic.
The Company’s headquarters are in Corso Galileo Ferraris no. 32, Turin, Italy.
Juventus is a professional football club which, thanks to its more than century-long history, has become one of the most representative
and popular teams at a national and international level. The Company’s core business is participation in national and international
competitions and the organisation of matches. Its main sources of income come from the economic exploitation of sports events, the
Juventus brand and the first team image, the most significant of these include licensing of television and media rights, sponsorship and
selling of advertising space.
Juventus is controlled by EXOR S.p.A., an Italian company listed on the Italian Stock Exchange, which holds 63.8% of the share capital.
EXOR S.p.A. is one of the main European investment firms and is controlled by Giovanni Agnelli e C. S.a.p.a.z.
Juventus shares are listed on the electronic equity market of Borsa Italiana.
The financial year does not coincide with the calendar year but runs from 1 July to 30 June, which corresponds to the football season.
2. STANDARDS USED FOR PREPARING THE CONDENSED HALF YEAR FINANCIAL STATEMENTS AND MEASUREMENT POLICIES
These condensed half year financial statements have been prepared in compliance with the international financial reporting standards
(IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. IFRS are understood to
include international accounting standards (IAS) still in force, as well as all the interpretative documents issued by the International
Financial Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations Committee (SIC).
To prepare these condensed half year financial statements, in accordance with IAS 34 - Interim Financial Reporting, the same accounting
standards have been applied as those used to prepare the financial statements at 30 June 2015. Please see these financial statements
for applicable standards, with the exception of the contents of note 8 "Adoption of new accounting standards, amendments and
interpretations issued by IASB".
In addition the CONSOB provisions contained in the resolutions 15519 and 15520 and notification 6064293 of 28 July 2006, applying
article 9, paragraph 3, of Italian Legislative Decree no. 38 of 28 February 2005 have been applied to prepare these condensed half year
financial statements at 31 December 2015. Lastly, CONSOB recommendation no. DEM/RM 10081191 of 1 October 2010 has been
applied concerning the information to disclose in financial reports of football clubs listed on the stock markets.
Juventus does not possess controlling equity investments in other companies and therefore does not prepare consolidated reports.
3. USE OF ESTIMATES
The preparation of condensed half year financial statements and the Notes based on application of the IFRS requires that Directors use
estimates and assumptions that have an effect on assets and liabilities and on the disclosure of potential assets and liabilities at the
reporting date. The estimates and assumptions used are based on experience and other factors considered material. 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 or shareholders' equity for the reporting period when the estimate was made.
The most significant items impacted by these uncertainty situations are Revenues for television rights, Players' registration rights,
Deferred taxes, Provisions for risks and charges and the intangible asset of indefinite life called "Juventus Library”.
Some measurement processes, in particular more complex ones such as the determination of impairment or reverses 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.
Income taxes are recognised based on the best estimate of the average weighted rate expected for the entire year.
22
4. CONDENSED HALF YEAR FINANCIAL STATEMENT TABLES
The tables of the income statement, statement of comprehensive income, statement of changes in shareholders' equity and statement
of changes in cash flows are the same as those used for the annual financial statements at 30 June 2015.
Figures for previous periods have been reclassified, where necessary, so as to facilitate the comparability of data.
The Euro is the Company’s operating and presentation currency; the figures in the condensed half year financial statements are
reported in Euro.
5. CONTENTS OF THE NOTES
These Notes exclusively disclose the impact of events and transactions considered significant for understanding the changes in the
Company's financial position and economic trend during the first half of the current financial year; thus they only refer to significant
updates compared to the information already provided in the notes to the last financial statements for the year closed 30 June 2015.
Unless otherwise indicated the figures in the Notes are shown in thousands of Euro.
6. TRANSACTIONS WITH RELATED PARTIES, ATYPICAL AND/OR UNUSUAL TRANSACTIONS AND NON-RECURRING
SIGNIFICANT EVENTS AND TRANSACTIONS
Balances originating from transactions with related parties are shown separately in the condensed half year financial statement tables
if they are significant and they are commented on in note 58.
In addition to what has been reported under "Other non-recurring revenues and costs" (note 49),during the first half of the 2015/2016
financial year, no atypical or unusual dealings were conducted, requiring disclosure pursuant to Consob Notification No. 6064293 of
28 July 2006, nor did significant non-recurring events and transactions occur.
7. SEASONAL NATURE OF TRANSACTIONS
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.
8. ADOPTION OF NEW ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS ISSUED BY IASB
As a result of the investments in shareholdings, the Company adopted in advance the amendments to IAS 27 allowing entities to use
the equity method to account for investments in subsidiaries, joint ventures and associates in their separate financial statements. These
amendments must be applied retrospectively. This retrospective application will have no impact on the Company's financial statements.
The applicable accounting standard is summarised below.
An associate is an entity over which the Company has significant influence. Significant influence is the power to participate in the
financial and operating policy decisions of an entity, but without having control or joint control over those policies.
A joint venture is a joint arrangement whereby the parties having joint control of the arrangement have rights to the net assets of the
23
joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require the unanimous consent of the parties sharing control.
Considerations used to determine significant influence or joint control are similar to those required to determine control of subsidiaries.
The Company’s equity investments in associates and joint ventures are accounted for using the equity method.
Under the equity method, an equity investment in an associate or a joint venture is initially recognised at cost. The carrying amount
of the equity investment is increased or decreased to recognise the investor’s share of the investee’s profit or loss realised after the
acquisition date. The goodwill related to the associate or joint venture is included in the carrying amount of the investment and is not
tested separately for impairment.
The Income Statement reflects the Company’s share of profit or loss of the associate or joint venture. All changes in other items of the
Statement of Comprehensive Income relating to such investees have been presented in the Company’s Statement of Comprehensive
Income. In addition, when an associate or a joint venture recognises a change directly in equity, the Company recognises its share
of that change, where applicable, in its Statement of Changes in Shareholders' Equity. Unrealised gains and losses on transactions
between the Company and associates or joint ventures are eliminated in proportion to the interest held in the associates or joint
ventures.
The aggregate share of the net result of associates and joint ventures attributable to the Company is recognised in the Income
Statement after operating income, and represents the income or loss after taxes and net of the amounts attributable to the other
shareholders of the associate or joint venture.
The financial statements of associates and joint ventures are prepared at the same reporting date as the Company’s Financial
Statements, or, in case of different reporting dates, a specific closure date is set. Where necessary, such financial statements are
adjusted to bring them into line with the Company’s accounting standards.
Once the equity method has been applied, the Company assesses whether it is necessary to recognize impairment losses on the
investments in the associates or joint ventures. At each reporting date, the Company assesses whether there is objective evidence that
the investments in the associates or joint ventures have become impaired. In such cases, the Company calculates the amount of the
loss as the difference between the recoverable amount of the associate or joint venture and the carrying amount of the investment in
its financial statements, and then accounts for that difference in the Income Statement under the item "share of results of associates
and joint ventures".
When significant influence over an associate or joint control of a joint venture is lost, the Company measures and recognises the
residual investment at fair value. The difference between the carrying amount of the investment at the date significant influence or
joint control is lost and the fair value of the residual investment and the consideration received is recognised in the Income Statement.
ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS APPLICABLE AT 1 JULY 2015
The accounting policies adopted in the preparation of the condensed half year financial statements are consistent with those used in
preparing the financial statements at 30 June 2015, except for the adoption of the new standards, amendments and interpretations
effective from 1 July 2015.
The nature and the effects of these changes are illustrated below. Although these new standards and amendments are applicable
for the first time in the financial year 2015/2016, they have no significant impact on the Company's condensed half year financial
statements. The nature and the impact of each new standard/amendment is illustrated below.
AMENDMENTS TO IAS 19 DEFINED BENEFIT PLANS: EMPLOYEE CONTRIBUTIONS
IAS 19 requires an entity to consider contributions from employees or third parties when accounting for defined benefit plans. Where
the contributions are linked to service, they should be attributed to periods of service as a negative benefit. These amendments clarify
that, if the amount of the contributions is independent of the number of years of service, an entity is allowed to recognize such
contributions as a reduction in the service cost in the period in which the service is rendered, instead of allocating the contributions to
the periods of service. These amendments are effective for financial years starting from 1 February 2015 or after. These amendments
are not relevant to the Company, since there are no plans providing for contributions from employees or third parties.
24
IFRS ANNUAL IMPROVEMENTS - 2010-2012 CYCLE
These amendments are effective for financial years starting from 1 February 2015 and the Company applied them for the first time
in these Condensed Half Year Financial Statements. These relate to a series of amendments to the IFRS, in response to eight issues
addressed during the 2010-2012 cycle. They largely relate to clarifications, therefore their adoption had no significant impact on these
financial statements.
ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT YET APPLICABLE AND NOT ADOPTED IN ADVANCE BY
JUVENTUS
IFRS Annual Improvements - 2011-2013 Cycle: These improvements relate to a series of amendments to the IFRS, in response to the
issues addressed during the 2011-2013 cycle. They largely relate to clarifications.
In May 2014 the IASB issued several amendments to “IFRS 11 – Joint Arrangements: Recognition of acquisition of an interest in a joint
operation” to provide clarifications on the accounting recognition of acquisitions of interest in joint arrangements. The amendments
are retrospectively applicable for years starting as of 1 January 2016.
IFRS Annual Improvements - 2012-2014 Cycle (effective as of 1 January 2016): a series of amendments to the IFRS, in response to four
issues addressed during the 2012/2014 cycle. They largely relate to clarifications.
In May 2014, the IASB issued “IFRS 15 - Revenue from contracts with customers”, which requires that revenues be recognised to
represent the transfer of goods or services to customers at an amount which reflects the expected consideration in exchange for
said products or services; the new revenue recognition model defines a five-step process, and requires significant use of estimates
and judgements; this new standard also applies to certain repurchase agreements and requires additional disclosures on the nature,
amount, timing and uncertainty of the revenues and the cash flows arising from a contract with a customer. The amendments are
retrospectively applicable for years starting as of 1 January 2017.
In July 2014 the IASB issued “IFRS 9 – Financial instruments”; The set of amendments made to the new standard includes the
introduction of a logical model for classifying and measuring financial instruments, a single framework for the impairment of financial
assets based on expected losses and a renewed approach to hedge accounting. The amendments are retrospectively applicable for
years starting as of 1 January 2018.
In September 2014, the IASB issued minor amendments to "IFRS 10 - Consolidated Financial Statements" and "IAS 28 - Investments
in associates and joint ventures (2011)" regarding an inconsistency recognized between the requirements of IFRS 10 and those of IAS
28 (2011), on the sale or transfer of assets between an investor and its associate or joint venture. If the object of the transaction is
a strategic asset then the profit or loss is recognized in full, whereas, if the object of the transaction is not a strategic asset, then the
profit or loss is recognized in part. These changes will prospectively come into force as of 1 January 2016.
In December 2014, the IASB issued amendments to "IAS 1 - Presentation of Financial Statements" to improve the presentation and
disclosure of financial reports. The amendments clarify that the concept of materiality shall apply to the entire statements, and that
any immaterial information must be included if it limits the usefulness of the financial information. The amendments also clarify that
companies should ask for the opinion of an expert to determine where and in what order information should be presented in the
financial statements. The changes will be effective as of or after 1 January 2016.
In May 2014, the IASB issued an amendment to “IAS 16 – Property, plant and equipment” and to “IAS 38 - Intangible assets”, clarifying
that the use of methods based on revenues to calculate the depreciation of an asset is not appropriate; these methods may be accepted
in specific, limited circumstances. The amendments are retrospectively applicable for years starting as of or after 1 January 2016.
The Company will adopt these new principles, amendments and interpretations, based on the date of application provided for, and,
following the approval by the European Union, it will assess any potential impacts.
9. SEGMENT REPORTING
It should be noted that pursuant to CONSOB notification no. 98084143 of 27 October 1998, the Company's main business segment
is participation in national and international football competitions; as a consequence, the economic and financial components of
the financial statements can be attributed essentially to this type of activity. Furthermore, the Company’s predominant business is
conducted in Italy.
25
10. PLAYERS’ REGISTRATION RIGHTS, NET
Details are as follows:
Historical
Accumulated
cost at amortisation and
31/12/15 depreciation at
31/12/15
First Team
Remaining
book value at
31/12/15
286,988
129,923
157,065
Other professional players
92,754
52,696
40,058
Registered young players
4,840
1,246
3,594
384,582
183,865
200,717
Players’ registration rights, net
Details of players in the First Team are given below:
Player name
Asamoah Kwadwo
Audero Mulyadi Emil
Barzagli Andrea
Bonucci Leonardo
Buffon Gianluigi
Caceres Silva Jose Martin
Chiellini Giorgio
De Carvalho Hernanes
Dybala Paulo Exequiel
Evra Patrice Latyr
Khedira Sami
Lichtsteiner Stephan
Lobo Silva Alex Sandro
Mandzukic Mario
Marchisio Claudio
Moedim Rubens Fernando
Morata Martin Alvaro Borja
Murara Neto Norberto
Padoin Simone
Pereyra Roberto Maximiliano
Pogba Paul
Rugani Daniele
Sturaro Stefano
Vitale Mattia
Zaza Simone
First Team
26
Historical
Accumulated
Remaining
cost at amortisation and book value at
31/12/2015
31/12/2015
17,136
10
711
15,233
52,884
8,000
7,730
11,648
33,302
2,451
1,300
9,932
26,275
21,602
175
20,734
1,941
5,079
14,215
8,165
3,905
7,102
8
17,450
286,988
9,425
8
687
11,723
52,884
7,000
7,292
1,941
3,330
1,838
162
8,691
2,627
2,700
164
5,806
243
4,227
1,422
2,672
1,199
2,131
6
1,745
129,923
7,711
2
24
3,510
1,000
438
9,707
29,972
613
1,138
1,241
23,648
18,902
11
14,928
1,698
852
12,793
5,493
2,706
4,971
2
15,705
157,065
Contract
term
End of
contract
5 years
4 years
2 years
5 years
2 years
4 years
4 years
3 years
5 years
2 years
4 years
3 years
5 years
4 years
5 years
1 year
5 years
4 years
2 years
5 years
5 years
5 years
5 years
4 years
5 years
30/06/18
30/06/19
30/06/16
30/06/20
30/06/17
30/06/16
30/06/18
30/06/18
30/06/20
30/06/16
30/06/19
30/06/17
30/06/20
30/06/19
30/06/20
30/06/16
30/06/20
30/06/19
30/06/17
30/06/20
30/06/19
30/06/20
30/06/19
30/06/19
30/06/20
Details of the item Other professional players are given below:
Player name
Anacoura Joyce Francesco*
Appelt Pires Gabriel*
Barlocco Luca*
Belfasti Nazzareno*
Beltrame Stefano*
Bernardes Saraiva Filipe Alberto*
Bnou Marzouk Younes*
Bouy Ouasim*
Branescu Constantin Laurentiu*
Brignoli Alberto*
Buchel Marcel*
Bunino Cristian*
Cais Davide*
Cavion Michele*
Cerri Alberto*
Coman Kingsley Junior*
Curti Nicolò*
De Ceglie Paolo*
Djalo Taritolay*
Donis Anastasios*
Fiorillo Vincenzo*
Gallinetta Alberto*
Garcia Tena Pol*
Gerbaudo Matteo*
Hidalgo Garcia Nicolas*
Isla Isla Mauricio Anibal*
Josipovic Zoran*
Kabashi Elvis*
Lanini Eric*
Leali Nicola*
Liviero Matteo*
Luperini Gregorio*
Magnusson Hordur Bjorgvin*
Margiotta Francesco*
Marin Vladut Nicolae*
Marrone Luca*
Martinez Jorge Andres*
Massaro Davide*
Mattiello Federico*
Nocchi Timothy*
Padovan Stefano*
Pasquato Cristian*
Pellizzari Stefano*
Pinsoglio Carlo*
Rosseti Valerio Lorenzo*
Rossi Fausto*
Roussos Almpertos*
Sakor Vajebah*
Schiavone Andrea*
Slivka Vykintas*
Soumah Alhassane*
Spinazzola Leonardo*
Tavanti Christian*
Tello Munoz Andres Felipe*
Thiam Mame Baba*
Troisi James*
Untersee Joel*
Altri
Other professional players
Historical
Accumulated
Remaining
cost at amortisation and book value at
31/12/2015
31/12/2015
762
2,260
2,207
703
1,448
46
590
450
1,200
2,075
1,644
1,801
2,387
1,154
1,993
1,909
637
3,500
1,007
427
1,933
1,722
575
94
1,945
13,724
514
721
1,512
4,398
183
99
990
119
300
4,770
11,792
630
10
77
153
2,265
1,728
776
350
1,677
60
155
400
165
476
113
1,585
2,220
1,244
463
4,616
92,754
527
1,777
785
264
322
27
492
408
266
462
1,138
399
834
781
199
573
617
3,290
504
283
859
1,064
511
36
972
8,755
489
445
259
2,411
168
17
371
100
150
1,431
11,424
252
9
69
86
1,132
1,094
383
105
1,537
53
97
214
82
295
85
198
752
933
402
1,508
52,696
235
483
1,422
439
1,126
19
98
42
934
1,613
506
1,402
1,553
373
1,794
1,336
20
210
503
144
1,074
658
64
58
973
4,969
25
276
1,253
1,987
15
82
619
19
150
3,339
368
378
1
8
67
1,133
634
393
245
140
7
58
186
83
181
28
1,387
1,468
311
61
3,108
40,058
Contract
term
End of
contract
5 years
3 years
5 years
4 years
5 years
2 years
2 years
2 years
4 years
5 years
5 years
5 years
5 years
5 years
5 years
5 years
3 years
5 years
3 years
4 years
5 years
5 years
3 years
4 years
3 years
5 years
2 years
4 years
5 years
5 years
2 years
3 years
4 years
3 years
5 years
5 years
2 years
3 years
5 years
3 years
4 years
5 years
3 years
3 years
5 years
4 years
2 years
4 years
3 years
4 years
3 years
4 years
3 years
5 years
5 years
2 years
4 years
30/06/17
30/06/17
30/06/18
30/06/18
30/06/19
30/06/16
30/06/17
30/06/17
30/06/19
30/06/19
30/06/17
30/06/19
30/06/18
30/06/17
30/06/20
30/06/19
30/06/17
30/06/17
30/06/17
30/06/18
30/06/18
30/06/17
30/06/18
30/06/17
30/06/17
30/06/17
30/06/17
30/06/17
30/06/18
30/06/19
30/06/16
30/06/18
30/06/18
30/06/16
30/06/18
30/06/19
30/06/16
30/06/17
30/06/19
30/06/17
30/06/19
30/06/17
30/06/18
30/06/17
30/06/19
30/06/16
30/06/16
30/06/18
30/06/17
30/06/17
30/06/17
30/06/18
30/06/16
30/06/19
30/06/18
30/06/16
30/06/17
(*) temporarily transferred.
27
The changes in the item for the first half of the 2015/2016 financial year are shown below:
Book value
Accumulated amortisation
Professionals
Registered
young
players
Total
308,836
3,220
312,056
(194,497)
(1,204)
(195,701)
(1,864)
(256)
(2,120)
112,475
1,760
114,235
Investments
136,232
2,533
138,765
Disinvestments (gross)
(65,472)
(767)
(66,239)
43,468
413
43,881
1,864
256
2,120
Disinvestments (net)
(20,140)
(98)
(20,238)
Amortisation
(31,561)
(484)
(32,045)
117
(117)
-
197,123
3,594
200,717
Book value
379,742
4,840
384,582
Accumulated amortisation
(182,619)
(1,246)
(183,865)
197,123
3,594
200,717
Allowance for doubtful accounts
Use of accumulated amortisation
Use of allowance for doubtful accounts
Reclassifications
Below is an illustration of the main transactions related to players' registration rights during the first half of the 2015/2016 financial year:
Player
Definitive acquisitions
Cerri Alberto
De Carvalho Viana Lima Anderson Hernanes
Khedira Sami
Mandzukic Mario
Tello Munoz Andes Felipe
Zappa Claudio
Zaza Simone
Other investments/increases (e)
Total disinvestments (net)
(a)
(b)
(c)
(d)
(e)
28
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
11,000
32,000
26,000
19,000
14,000
1,400
1,500
18,000
IFRS value of rights
(including expenses
and bonuses)
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
5
3
5
4
5
4
4
4
4
5
5
7,184
138,765
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 at
31 December 2015.
The acquisition price could increase by € 8 million if certain conditions occur during the contract.
The acquisition price could further increase by a maximum of € 2 million if certain sports goals are reached during the contract, of which € 0.25 million already
accrued at 31 December 2015.
Includes the capitalisation of any bonuses linked to sports scores paid to the football clubs for footballers acquired during the previous Transfer Campaigns.
Player
Definitive disposals
Ogbonna Obinze Angelo
Llorente Torres Fernando
Sorensen Frederik
Tevez Carlos
Vidal Pardo Arturo Erasmo
Counterparty clubs
Price
West Ham United
FC Koln
Club Atletico Boca Juniors
FC Bayern Munchen
11,000
1,600
6,500
37,000
Other disinvestments
Total disinvestments (net)
(a)
(b)
Capital
Price Net book Solidarity
present
value
subsidy
gains
value
(capital losses)
10,655
1,600
6,232
36,217
8,698
- (a)
627
6,117 (b)
4,349
939
447
55,643 20,238
533 1,424
68
905
115
883 30,985
3
489
1,602 33,803
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.
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
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 € 88,077 thousand, distributed as follows:
Expiration
Total
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
29
The balance of players' registration rights, totalling € 200,717 thousand, includes capitalisation of compensation to FIFA agents,
related to services provided for the Transfer Campaigns, for an outstanding amount of € 19,988 thousand (€ 14,986 thousand
capitalised during the first half of the 2015/2016 financial year). The breakdown is shown below.
Auxiliary expenses for FIFA agents
Player
Audero Mulyadi Emil
Barzagli Andrea
Blanco Moreno Carlos
Bnou Marzouk Younes
Cavion Michele
Cerri Alberto
Chiellini Giorgio
Coman Kingsley Junior
De Carvalho Lima Anderson Hernanes
Donis Anastasios
Evra Patrice Latyr
Garcia Tena Pol
Josipovic Zoran
Kastanos Grigoris
Khedira Sami
Lirola Kosok Pol Mikel
Macek Roman
Magnusson Hordur
Mandzukic Mario
Marin Vladut
Marrone Luca
Murara Neto Roberto
Padoin Simone
Pogba Paul Labile
Romagna Filippo
Rosseti Valerio Lorenzo
Roussos Almpertos
Sakor Vajebah
Severin Yoan
Slivka Vykintas
Troisi James
Untersee Joel
Zaza Simone
Auxiliary expenses for FIFA agents
Capitalised in the first
half of the 2015/2016
financial year
Remaining
book value at
31/12/2015
1,894
500
2,949
1,300
70
1,000
2,442
1,940
150
400
2,000
40
197
104
2
2
10
15
16
1,705
187
1,119
417
82
2,654
106
8
141
5
27
1,138
25
53
900
8
4
2,137
37
7
1,152
1,698
113
360
5,184
1
245
5
38
30
19
172
61
11
94
14,986
19,988
For additional details on players' registration rights see the table required by FIGC regulations attached to these notes.
30
11. OTHER INTANGIBLE ASSETS
These mainly include user rights to the historical archive of television images of the Company (also known as the “Juventus Library”).
This is an intangible asset of indefinite life, in that the historical archive of television recordings will grow over time with the possibility
of endless use. This asset was initially recognised at purchase cost and is tested annually for impairment.
In relation to the Juventus Library, the Company had also stipulated some commercial contracts in the past against which it has already
received advances for € 9,492 thousand, recognised under “Received advances”.
“Other intangible assets” mainly refer to trademarks, software and the photography archive.
The changes during the period in the item are as follows:
Juventus
Library
Other
intangible
assets
Total
Initial book value
29,850
5,657
35,507
-
(4,389)
(4,389)
29,850
1,268
31,118
Investments
-
332
332
Reclassification of the item "Intangible assets in progress"
-
1,169
1,169
Amortisation
-
(435)
(435)
29,850
2,334
32,184
Final book value
29,850
7,158
37,008
-
(4,824)
(4,824)
29,850
2,334
32,184
Initial accumulated amortisation
Final accumulated amortisation
Saldi al 31/12/2015
Reclassification of the item "Intangible assets in progress", amounting to € 1,169 thousand and related to the implementation as
of 1 July 2015 of the new ERP system and the new Juventus fans and customers data management system - the Fan Relationship
Management (FRM) - in addition to the costs for planning and designing the new website "Juventus.com".
The investments included in the item "Other intangible assets" mainly referred to costs incurred for implementing various software.
12. LAND AND BUILDINGS
These assets refer to:
- the Vinovo Training Centre (Juventus Training Centre), currently the property of UniCredit Leasing S.p.A. and the object of a finance
lease. The related payable to the leasing company is reported under “Loans and other financial payables”;
- the new Juventus Stadium, which opened on 8 September 2011;
- the Juventus Museum, which opened on 16 May 2012.
31
Changes in the item for the first half of the 2015/2016 financial year are shown in the table below:
Land
Buildings
JTC
Land
adjacent to
the JTC
JTC
Juventus
Stadium and
Museum
Total
5,000
10,800
21,516
109,786
147,102
-
-
(4,761)
(8,285)
(13,046)
5,000
10,800
Investments
-
-
1,088
359
1,447
Reclassification of the item "Tangible assets in progress"
-
-
-
485
485
Amortisation
-
-
(330)
(1,099)
(1,429)
5,000
10,800
17,513 101,246 134,559
Final book value
5,000
10,800
22,604
110,630
149,034
-
-
(5,091)
(9,384)
(14,475)
5,000
10,800
Initial book value
16,755 101,501 134,056
17,513 101,246 134,559
The reclassification of the item "Tangible assets in progress" amounted to € 485 thousand and is related to the construction works
of the Juventus Stadium completed in August 2015, and the conclusion in December 2015 of the extension works at the Juventus
Museum (see Note 14).
Investments in the period under review amounted to € 1,447 thousand and mainly referred to the refurbishment of the two artificial
turf fields at the Juventus Training Center in Vinovo and to the reorganization of the premises used for storage in the north-east side
of the Juventus Stadium.
13. OTHER TANGIBLE ASSETS
The breakdown and changes in this item for the first half of the 2015/2016 financial year are shown in the table below:
Initial book value
Equipment
and
machinery
Industrial and Other assets
commercial
equipment
Total
33,615
2,989
11,405
48,009
(14,501)
(2,154)
(5,920)
(22,575)
19,114
835
5,485
25,434
Investments
1,654
137
658
2,449
Amortisation
(1,856)
(97)
(690)
(2,643)
Disinvestments
-
-
(2)
(2)
Use of amortisation
-
-
2
2
18,912
875
5,453
25,240
Final book value
35,269
3,126
12,061
50,456
(16,357)
(2,251)
(6,608)
(25,216)
18,912
875
5,453
25,240
The increase in the value of other tangible assets mainly arises from investments made for general plant and furniture and common
office machines.
32
14. TANGIBLE ASSETS IN PROGRESS
Juventus
Stadium and
Museum
JTC
Total
1,474
273
1,747
Investments
3,857
-
3,857
Reclassification to the item "Buildings - Juventus Stadium and Museum"
(485)
-
(485)
Reclassification to the item "Advances to suppliers"
(899)
-
(899)
3,947
273
4,220
The investment related to the Juventus Stadium mainly relates to advances paid for the renovation of the premises of the Eastern
section that will host the multi-specialised medical centre run by J Medical S.r.l..
The reclassification to the item "Advances to suppliers" refers to the costs incurred for the securing works and the structural reforms
- to be reversed to the J Village real estate fund - as well as the costs for the project of the new registered office in the former Cascina
Continassa.
The costs relating to the Juventus Training Center regard the investments under way for the larger project to reorganise the training
centre, which will continue after the First Team is moved to the new training centre which will be built in the Continassa area.
15. INVESTMENTS
The item, not present at 30 June 2015, refers for € 145 thousand to the investment in the joint venture by Juventus and the company
J Medical S.r.l.. The investment is accounted for using the equity method and takes into account the portion of the € 121 thousand loss
for the year 2015. The opening of the medical centre is planned for March 2016, therefore, to date, the financial statements of J Medical
only include start-up costs. Following the share issue subscribed and paid by Juventus, the portion in J Medical at 31 December 2015
temporarily amounted to 85.51%. Upon the share issue completed in February 2016 with the payment of the portion of Santa Clara
S.r.l., the portion of Juventus once again stood at 50%.
The remaining € 4 thousand refer to the 40% investment held by Juventus in the new company Tobeez F&B Italia S.r.l, whose share
capital amounts to € 10 thousand. The company, currently not operational, will be involved in the catering sector, and will manage inter alia - the activities to be implemented in the Continassa Area.
The investments accounted for using the equity method and other investments are listed below.
Registered
office
Share
capital
% of shareholding
at 31/12/2015
J Medical S.r.l.
Italy
34,500
(*) 85.51%
Tobeez F&B Italia S.r.l.
Italy
10,000
40%
Company name
(*) Portion decreased to 50% due to the payment of the portion of Santa Clara S.r.l. following the share issue in February 2016.
16. CURRENT AND NON-CURRENT FINANCIAL ASSETS
Financial assets increased by a total of € 24,100 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. For additional information see "Significant events in the first half of the 2015/2016 financial year".
The fund's shares are accounted for at fair value, corresponding in these half-year financial statements to their original value defined
at the time of their assignment, and adjusted based on the financial statements of the fund.
33
Juventus, despite holding only 45% of the shares subscribed at 31 December 2015, 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 the fund's policies and strategies.
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.
17. DEFERRED TAX ASSETS
The balance of deferred tax assets amounts to € 4,879 thousand. The change compared to the balance of € 5,269 thousand at
30 June 2015 is as follows:
Share issue costs (to Shareholders' Equity)
Emoluments paid to directors
Foreign exchange losses
Write-downs on players’ registration rights
(IRES and IRAP taxes)
Retained taxable losses
Deferred tax assets
Taxes
Taxable
income 30/06/2015
30/06/2015
Provisions
264
1,131
788
91
72
311
217
25
-
2,120
14,464
18,858
666
3,978
5,269
100
100
DrawTaxes
downs 31/12/2015
Taxable
income
31/12/2015
(36)
(108)
(13)
36
311
109
12
132
1,131
394
46
(333)
(490)
333
4,078
4,879
1,060
14,826
17,589
Based on the forecasts by the management, no problems are expected in recovering deferred tax assets. Furthermore, they amount to
€ 1,174 thousand less than deferred tax liabilities. Deferred tax assets allocated to tax losses carried forward account for 80% of the
amount of deferred tax liabilities allocated for the temporary difference in value for Juventus Library tax purposes. These taxes may
annul each other if statutory and fiscal values are realigned following disposal or impairment of the asset.
18. 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 € 65,216 thousand and show a decrease of € 14,538 thousand compared to the balance of € 79,754 thousand at 30 June
2015 as a result of new receivables arising from the first phase of the 2015/2016 Transfer Campaign and proceeds from receipts for
the half year.
34
The balance at 31 December 2015 is broken down as follows, based on maturity and counterparties:
Current
share
Non-current
share
Balance at
31/12/2015
U.S. Sassuolo Calcio S.r.l.
6,996
15,164
22,160
937
2,188
3,125
A.C. Milan S.p.A.
1,650
1,100
2,750
Atalanta B.C. S.p.A.
1,350
900
2,250
Torino F.C. S.p.A.
600
400
1,000
F.C. Pro Vercelli 1892 S.r.l.
348
232
580
Fallimento Parma F.C. S.p.A.
120
280
400
Spezia Calcio S.r.l.
198
132
330
Bologna 1909 F.C. S.p.A.
180
120
300
S.S.Virtus Lanciano 1924 S.r.l.
120
80
200
Empoli F.C. S.p.A.
60
40
100
Virtus Entella S.r.l.
30
20
50
Pontedera 1912 U.S. S.r.l.
12
8
20
12,601
20,664
33,265
Bayern Munchen AG
9,011
10,000
19,011
West Ham United
3,667
3,666
7,333
C.A. Boca Juniors
6,500
-
6,500
Futebol Club do Porto SAD
368
196
564
Club Atletico de Madrid SAD
156
150
306
Elche Club de Futbol SAD
S.S.C. Napoli S.p.A.
Total Italy
150
-
150
Real Madrid Club de Futbol
26
27
53
Grensverleggend CVBA
50
-
50
PEC Zwolle
50
-
50
Sevilla F.C. SAD
47
-
47
Granada Club de Futbol Sad
30
-
30
1
-
1
Total foreign
20,056
14,039
34,095
Adjustment for implicit financial income
(1,168)
(826)
(1,994)
(150)
-
(150)
31,339
33,877
65,216
Havre Athletic Club
35
19. OTHER CURRENT AND NON-CURRENT ASSETS
31/12/2015
Current Non-current
share
share
30/06/2015
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
Receivables due from Piemonte Merchandising S.r.l. (formerly Juventus
Merchandising S.r.l.) for acquisition of business unit
-
-
-
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.
(83)
(287)
(370)
(88)
(326)
4,453 10,999
1,675
172
130
Prepaid expenses
Receivables due from insurance companies
6,546
172
-
(414)
425 2,100
-
130
-
-
-
372
-
372
Tax receivables
545
255
800
97
340
437
Miscellaneous
241
109
350
654
114
768
6,492 17,844
5,207
Receivables due from Lega Nazionale Professionisti Serie A
Other current and non-current assets
11,352
4,245 9,452
Prepaid expenses mainly refer to expenses for the temporary acquisition of some players for € 3,660 thousand (of which € 840
thousand non-current), acquisition of pre-emption rights for € 3,372 thousand (of which € 2,872 thousand non-current), insurance
premiums for € 1,344 thousand (of which € 279 thousand non-current), costs for sports equipment for € 646 thousand, charges on
loans granted and guarantees for € 569 thousand (of which € 260 thousand non-current), and pre-lease interest on the Training Centre
lease for € 41 thousand.
20. AMOUNTS IN THOUSANDS OF EURO
This item totals € 31,909 thousand and increased by € 345 thousand (€ 31,564 thousand at 30 June 2015).
The time schedule for trade receivables is given below:
31/12/2015
30/06/2015
21,636
19,031
Trade receivables due from less than 60 days
7,527
8,484
Trade receivables due from 61 to 120 days
1,459
3,616
Trade receivables due more than 120 days
2,614
1,760
(1,327)
(1,327)
Trade receivables
31,909
31,564
Trade receivables not yet due
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.
21. CASH AND CASH EQUIVALENTS
At 31 December 2015 cash and cash equivalents totalled € 23,203 thousand (€ 3,127 thousand at 30 June 2015) and were mainly
composed of positive balances of ordinary bank accounts.
22. ADVANCES PAID
Advances received total € 15,948 thousand, of which € 13,272 thousand non-current (including € 12,657 thousand beyond five
financial years).
36
31/12/2015
Current Non-current
share
share
30/06/2015
Total
Current Non-current
share
share
Total
Acquisition of the long-term lease of the Juventus Stadium
and relative auxiliary expenses
143
12,191 12,334
143
12,263 12,406
Acquisition of the long-term lease of the Continassa Area
and relative auxiliary expenses (Juventus portion)
11
1,081 1,092
11
1,086 1,097
979
4,517
- 4,517
- 1,543
1,342
- 1,342
The Continassa Project
979
-
Other minor items
1,543
Advances paid
2,676 13,272 15,948
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 by Juventus for the initial development of the Continassa Project were reimbursed for € 2,719 thousand as provided
for by the agreement with the management company for the establishment of the real estate fund.
23. 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.
24. SHAREHOLDERS' EQUITY
At 31 December 2015, 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 December 2015 was equal to € 74,973 thousand, registering an increase compared to the balance of
€ 44,645 thousand at 30 June 2015 due to the increased profit for the period (€ +30,257 thousand), net of changes in the cash flow
hedge reserve (€ +108 thousand) and other minor variations (€ -36 thousand).
25. BONDS AND OTHER FINANCIAL LIABILITIES
They include payables due to:
31/12/2015
Current Non-current
share
share
30/06/2015
Total
Current Non-current
share
share
Total
-
38,000
- 38,000
36,325 41,060
4,633
38,719 43,352
9,083
2,723
7,681 10,404
6,328
23,529 29,857
13,601
- 13,601
Factoring companies
64,290
80,252 144,542
90,544
- 90,544
Bonds and other financial liabilities
84,436 140,106 224,542
EXOR S.P.A.
-
Istitituto per il Credito Sportivo
4,735
Lease companies
9,083 (a)
Banks
-
149,501 46,400 195,901
(a) including interest of € 281 thousand.
Bonds and other financial liabilities at 31 December 2015 mainly concern loans granted by the Istituto per il Credito Sportivo for
construction of the Juventus Stadium, the loans received, the balances in bank accounts, payables due to factoring companies for
advances on contracts and short-term and medium-/long-term trade receivables, as well as the payable due to UniCredit Leasing S.p.A.
for the finance lease of the Training Centre in Vinovo.
Since September 2015, in order to optimise the composition of the sources of financing and in accordance with industry regulations, the
37
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 December 2015, this programme has already been implemented for € 105 million.
The due dates of loans and other financial payables are shown below:
Due within 30 June
revocable
2016
2017
2018
2019
2020
Beyond
Total
Istitituto per il Credito Sportivo
-
2,342
4,838
5,053
5,277
5,510
18,040
41,060
Lease companies
-
1,402
7,681
-
-
-
-
9,083
4,857
-
4,412
5,882
5,882
5,882
2,942
29,857
Factoring companies
64,290
-
- 80,252
-
-
Bonds and other financial liabilities
69,147
Banks
- 144,542
3,744 16,931 91,187 11,159 11,392 20,982 224,542
As regards loans taken out for construction of the Juventus Stadium, real estate acquired under the long-term lease was mortgaged to
the lender for a maximum value of € 120 million.
Financial liabilities exposed to interest rate risk (payables due to banks and factoring companies) were subjected to a sensitivity analysis
on the date this half year financial report was prepared. For variable-rate financial liabilities, the analysis was performed based on the
assumption that period-end exposure had remained constant for the entire period.
The effects of the change with an increase/decrease of 100 bps on an annual basis of interest rates would have been as follows:
+ 100 bps
31 December 2015
31 December 2014
Income statement
Income statement
(736)
(834)
736
834
cash/loans
- 100 bps
cash/loans
Medium-long term financial liabilities due to the Istituto per il Credito Sportivo and UniCredit Leasing S.p.A. are not exposed to interest
rate risk since they are respectively at a fixed rate or hedged by derivative instruments (see Note 30).
26. 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 € 142,842 thousand and show an increase of € 49,203 thousand compared to the balance of € 93,639 thousand at 30
June 2015 as a result of new payables arising from the first phase of the 2015/2016 Transfer Campaign and payments made during
the half year.
38
The balance at 31 December 2015 is broken down as follows, based on maturity and counterparties:
U.S. Sassuolo Calcio S.r.l.
U.S. Citta' di Palermo S.p.A.
Udinese Calcio S.p.A.
F.C. Internazionale S.p.A.
Genoa Cricket and Football Club S.p.A.
Atalanta B.C. S.p.A.
Empoli F.C. S.p.A.
Torino F.C. S.p.A.
Spezia Calcio S.r.l.
F.C. Pro Vercelli 1892 S.r.l.
Bologna F.C. 1909 S.p.A.
S.S. Virtus Lanciano 1924 S.r.l.
Carrarese Calcio S.r.l. in liquidazione
Cagliari Calcio S.p.A.
A.C. Perugia Calcio S.r.l.
U.S. Alessandria Calcio 1912 S.r.l.
A.S. Livorno S.r.l.
Pontedera 1912 U.S. S.r.l.
A.C. Prato S.p.A.
Cremonese U.S. S.p.A.
A.C. Reggiana 1919 S.p.A.
A.C. Pistoiese S.p.A.
LNP Serie A Campagna Trasferimenti
Total Italy
Futebol Club do Porto SAD
Club Atletico de Madrid SAD
C.A. Boca Juniors
Envigado F.C. SA
Bayern Munchen AG
West Ham United
Croatian Football Federation
NK Zagreb
GNK Dinamo Zagreb
F.C. Den Bosch
Getafe C.F. S.a.d.
Real Federacion Espanola de Futbol
Livada Zeljeznicar
Atletico Uraba
Fundacio P. Escola F. Calella
Grensverleggend CVBA
PEC Zwolle
Club de Futbol Badalona
Lithuanian Football Federation
Panama S.C.
Vilassar de Mar
Total foreign
Adjustment for implicit financial expenses
Current
share
Non-current
share
Balance at
31/12/2015
8,292
4,800
3,750
2,401
1,500
1,485
750
1,500
396
348
240
181
116
60
24
24
18
18
13
13
3
1
10,550
36,483
15,000
6,290
5,335
6,620
1,400
900
206
183
175
62
62
44
13
24
11
8
2
2
2
1
1
1
1
36,343
(2,408)
70,418
17,528
19,200
8,750
5,100
1,000
990
1,000
264
232
160
120
77
40
16
16
12
12
9
8
2
54,536
8,000
6,040
5,340
244
183
169
60
60
14
11
20,121
(2,233)
72,424
25,820
24,000
12,500
7,501
2,500
2,475
1,750
1,500
660
580
400
301
193
100
40
40
30
30
22
21
5
1
10,550
91,019
23,000
12,330
10,675
6,620
1,400
900
450
366
344
122
122
44
27
24
22
8
2
2
2
1
1
1
1
56,464
(4,641)
142,842
39
27. DEFERRED TAX LIABILITIES
At 31 December 2015, these amount to € 6,053 thousand, compared to € 5,897 thousand at the beginning of the period. Changes
in the period are as follows:
Write-back and amortisation of the Library value (corporate tax)
Write-back and amortisation of the Library value (IRAP tax)
Finance lease for Training Centre and other minor ones
Deferred tax liabilities
Taxes
Taxable
income 30/06/2015
30/06/2015
Provisions
4,973
498
426
5,897
124
32
156
18,082
12,771
1,549
32,402
DrawTaxes
downs 31/12/2015
Taxable
income
31/12/2015
5,097
530
426
6,053
18,535
13,600
1,549
33,684
-
Deferred tax liabilities refer mainly to temporary differences in the value of the Juventus Library due to the tax depreciation of the asset.
28. OTHER CURRENT AND NON-CURRENT LIABILITIES
31/12/2015
Payables due for remuneration to employees and others
Tax payables for withholding tax and other taxes
Payables due for auxiliary expenses and Transfer Campaign
Adjustment for implicit financial expenses
Current Non-current
share
share
30/06/2015
Total
Current Non-current
share
share
Total
- 19,793 (a)
30,894
- 30,894
7,115
- 7,115
12,753
- 12,753
10,312
4,500 14,812
5,770
3,000 8,770
(452)
(37)
19,793
(184)
(268)
(300)
(337)
Prepaid income and accrued expenses
10,250
995 11,245
2,094
- 2,094
Payables due to social security agencies
1,049
- 1,049
1,045
- 1,045
Other payables
2,164
56 2,220
4,714
58 4,772
50,499
5,283 55,782
57,233
2,758 59,991
Other non-current and current liabilities
(a) including remuneration for variable bonuses matured mainly by FIGC registered personnel.
Payables due for remuneration to employees and other workers mainly refer to the remuneration for December 2015 and the variable
bonuses accrued by personnel as a result of the individual performances achieved. These amounts were paid in January 2016 as
envisaged by contract.
Tax payables equal to € 7,115 thousand mainly concern payables to the Tax Authority for withholding tax payable.
The payables for auxiliary expenses related to the transfer campaign increased by € 6,042 thousand (compared to € 8,770 thousand
at 30 June 2015) following the fees paid to FIFA agents for services performed for the first phase of the 2015/2016 Transfer
Campaign.
Prepaid income mainly relates to income from the temporary disposal of players of € 6,415 thousand (of which € 992 thousand
non-current) and revenues from commercial contracts of € 4,691 thousand.
29. CURRENT PROVISIONS FOR RISKS AND CHARGES
This item, totalling € 354 thousand (unchanged compared to 30 June 2015), contains provisions set aside for expenses to be incurred
for business disputes, as well as other expenses.
30. CURRENT FINANCIAL LIABILITIES
This item amounted to € 120 thousand (€ 228 thousand at 30 June 2015) and mainly represents the fair value of the Interest Rate
Swap entered into on 11 April 2011 to hedge the interest rate applicable to the finance lease with Unicredit Leasing S.p.A. relative to
the Vinovo Training Centre (€ 110 thousand).
40
In compliance with IAS 39, the positive change in fair value reported at 31 December 2015 (€ +108 thousand) was recognised as an
increase in the shareholders' equity reserve (cash flow hedge reserve). This reserve (€ -110 thousand at 31 December 2015) is released
when the interest payable on the loans, representing expected cash flows, is recorded in the income statement.
31. TRADE PAYABLES
This item amounts to € 16,325 thousand (€ 20,130 thousand at 30 June 2015) and mainly refers to payables to suppliers for Juventus
Stadium and Juventus Training Centre management and maintenance services, and relative utilities.
32. ADVANCES RECEIVED
Advances received total € 67,496 thousand, of which € 33,520 thousand non-current (including € 18,061 thousand beyond five
financial years).
31/12/2015
Current Non-current
share
share
Naming and other revenues of the Juventus Stadium from
agreements with Sportfive Italia S.r.l. and Lagardère Sports
Germany GmbH (formerly Sportfive GmbH)
30/06/2015
Total
Current Non-current
share
share
Total
3,500
22,799 26,299
3,500
24,500 28,000
Television rights disposed of in centralised form
for the second half of the 2015/2016 financial year
17,674
- 17,674
2,005
- 2,005
Season tickets
11,727
- 11,727
7,936
- 7,936
Income from the Juventus Library
106
9,386 9,492
116
9,582 9,698
Income from the "Accendi una Stella" initiative
180
825 1,005
180
915 1,095
Income from the "Membership" initiative
410
2
412
398
Other minor items
379
508
887
1,181
Advances received
33,976 33,520 67,496
2
400
544 1,725
15,316 35,543 50,859
33. TICKET SALES
These amount to € 20,056 thousand, against € 19,419 thousand for the first half of the 2014/2015 financial year.
I half-year
2015/2016
I half-year
2014/2015
Change
Revenues from season tickets
7,234
5,833
1,401
Revenues from ticket sales for UEFA Champions League home matches
4,054
3,822
232
Revenues from ticket sales for Championship home matches*
3,839
3,333
506
Revenues from additional match services
1,855
1,552
303
Revenues from Italian Super Cup
1,350
1,080
270
Fees for friendly matches
1,318
3,785
(2,467)
Revenues from ticket sales for Italian Cup home matches
288
-
288
Other revenues from ticket sales
118
14
104
20,056
19,419
637
Ticket sales
* net of the secondary ticketing amount
41
The figures reflect the different number of matches played in official championships during the two half year periods. Details are as
follows:
I half-year 2015/2016
I half-year 2014/2015
Home
Away
Total
Home
Away
Total
Championship
8
9
17
7
9
16
UEFA matches
3
3
6
3
3
6
Italian Super Cup
-
1
1
-
1
1
Italian Cup
1
-
1
-
-
-
12
13
25
10
13
23
I half-year
2015/2016
I half-year
2014/2015
Change
Revenues from media rights
44.572
39.086
5.486
Revenues from UEFA competitions
51.076
52.394
(1.318)
95.648
91.480
4.168
number of matches
Total
34. TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES
Revenues from media rights increased by € 5,486 thousand compared to those from the same period last year mainly due to a higher
number of home matches played during the first half of the 2015/2016 financial year.
Revenues from UEFA competitions (€ 51,076 thousand) are the result from participation at Group Stage of the 2015/2016 UEFA
Champions League and recognition of the amount of the market pool of the competition attributable to the half year.
35. REVENUES FROM SPONSORSHIP AND ADVERTISING
These amounted to € 35,003 thousand (€ 26,259 thousand for the first half of the previous financial year).
These increased by € 8,744 thousand, as a result of higher revenues from sponsorships (€ +6,683 mainly due to the new agreements
signed with Fiat Group Automobiles and Adidas, entered into force on 1 July 2015), higher advertising revenues (€ +1,495 thousand),
higher revenues from royalties (€ +544 thousand) and players' image rights (€ +22 thousand).
36. REVENUES FROM SALES OF PRODUCTS AND LICENCES
These amounted to € 6,787 thousand (item not present in the first half 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 (see Note 40).
37. REVENUES FROM PLAYERS’ REGISTRATION RIGHTS
These revenues originate from transactions executed during the first phase of the 2015/2016 Transfer Campaign. 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
42
I half-year
2015/2016
I half-year
2014/2015
Change
33,916
4,342
29,574
3,085
1,104
1,981
100
500
(400)
-
482
(482)
52
556
(504)
37,153
6,984
30,169
Revenues from players' registration rights at 31 December 2015 refer to:
Gains on disposal of players’ registration rights:
33,916
VIDAL PARDO Arturo Erasmo/Bayern Munchen AG
30,985
OGBONNA OBINZE Angelo/West Ham United
1,424
SORENSEN Frederik/FC Koln GmbH
905
PENNA Filippo/S.S. Virtus Lanciano 1924 S.r.l.
336
DIAGNE Mbaye/Ujpest 1885 Football KFT
158
Others
108
Revenues from the temporary disposal of players’ registration rights:
3,085
COMAN Kingsley/Bayern Munchen AG
2,026
CERRI Alberto/Cagliari Calcio S.p.A.
422
TELLO MUNOZ Andres Felipe/Cagliari Calcio S.p.A.
417
Others
220
Gains on disposal of registered young players' registration rights:
100
ARRAS Davide/Cagliari Calcio S.p.A.
100
Other revenues:
52
IMMOBILE Ciro/Sevilla F.C. SAD (Solidarity subsidy)
46
COMAN Kingsley/Bayern Munchen AG (Solidarity subsidy)
6
37,153
38. OTHER REVENUES
This item totals € 9,879 thousand, showing a decrease of € 2,172 thousand compared to € 12,051 thousand for the first half of the
previous financial year.
Di seguito è esposto il dettaglio:
I half-year
2015/2016
I half-year
2014/2015
Income from commercial initiatives (Accendi una Stella, Membership, Stadium Tour, Museum)
2,515
2,003
512
Contingent assets
1,483
4,112
(2,629)
Lega Nazionale Professionisti Serie A contributions
1,750
1,800
(50)
Income from no match day activities and other stadium income
1,262
1,335
(73)
632
424
208
35
438
(403)
159
126
33
Others
2,043
1,813
230
Other revenues
9,879
12,051
(2,172)
Income from own TV productions
Compensation and other insurance-related income
Sale of away match tickets
Change
Contingent assets mainly include adjustments paid by UEFA for the UEFA Champions League competitions of the 2014/2015 season.
39. PURCHASE OF MATERIALS, SUPPLIES AND OTHER CONSUMABLES
This item totals € 1,550 thousand (€ 1,563 thousand at 31 December 2014) and regards match strips and materials (€ 991 thousand),
capital goods (€ 81 thousand), and other purchases of sundry materials (€ 478 thousand).
43
40. PURCHASES OF PRODUCTS FOR SALE
These amounted to € 2,075 thousand (item not present in the first half of the previous year) and relate to the cost of products held for
sale in stores directly managed by the Company (see Note 36).
41. EXTERNAL SERVICES
Costs for transportation, food and lodging
Maintenance
Leases and rentals
Insurance
Advisory
Emoluments paid to directors and company officers
Audio and video productions
Utilities
Costs for security and reception
Costs for cleaning
Fees to sports consultants
Advertising spaces on the media
Bank services and charges on guarantees
Expenses for installations
Legal and notary fees
Distribution network and ticket sales
Printed material and dispatch
Training, catch up lessons
Expense refunds
Health and rehabilitation
Brokers' fees
Others
External services
I half-year
2015/2016
I half-year
2014/2015
Change
3,973
2,711
2,449
1,543
1,402
1,359
1,175
1,160
1,099
724
682
601
565
544
524
323
316
310
291
284
130
1,535
3,497
2,233
2,085
1,249
1,663
1,184
727
1,122
1,014
578
566
261
436
319
642
272
347
82
199
220
358
1,043
476
478
364
294
(261)
175
448
38
85
146
116
340
129
225
(118)
51
(31)
228
92
64
(228)
492
23,700
20,097
3,603
I half-year
2015/2016
I half-year
2014/2015
Change
79,558
5,574
4,889
1,609
1,282
974
453
342
67,628
4,757
2,430
3,063
1,155
883
671
446
11,930
817
2,459
(1,454)
127
91
(218)
(104)
192
148
44
94,873
81,181
13,692
42. PLAYERS’ WAGES AND TECHNICAL STAFF COSTS
Wages and salaries
Payments to players temporarily transferred to other Companies
Leaving incentives
Variable bonuses
Social security contributions
Contractors and related social security contributions
Other expenses
Scholarships
Severance indemnities
The increase of € 13,692 thousand is mainly due to higher fees paid to new players hired during the first phase of the 2015/2016
Transfer Campaign (€ +11,930 thousand), higher fees paid for leaving incentives (€ +2,459 thousand), and higher fees paid to
temporarily transferred players (€ +817 thousand). These effects were partly offset by lower fees for variable bonuses (€ -1,454
thousand).
44
The average number of FIGC registered personnel was 98, broken down as follows:
number
I half-year
2015/2016
I half-year
2014/2015
Change
Players
45
47
(2)
Trainers
29
25
4
Other technical personnel
24
23
1
Average number of FIGC registered personnel
98
95
3
I half-year
2015/2016
I half-year
2014/2015
Change
Wages and salaries
5,653
4,768
885
Social security contributions
1,476
1,266
210
Severance indemnities
543
470
73
Variable bonuses
303
57
246
Contractors and related social security contributions
105
132
(27)
23
26
(3)
989
848
141
9,092
7,567
1,525
I half-year
2015/2016
I half-year
2014/2015
Change
Managers
17
17
-
Middle managers
26
24
2
153
106
47
7
6
1
203
153
50
I half-year
2015/2016
I half-year
2014/2015
Change
Auxiliary non-capitalised expenses for players’ registration rights
3,375
3,303
72
Expenses for the temporary purchase of players’ registration rights
1,607
1,245
362
115
-
115
Losses on disposal of registered young players-sharing agreements
98
58
40
Other expenses
86
60
26
5,281
4,666
615
43. OTHER PERSONNEL
Scholarships
Other expenses
Other personnel
The average number of other personnel was 203, broken down as follows:
number
Employees *
Workers
Average number of other personnel
* of which 14 part-time
44. EXPENSES FROM PLAYERS’ REGISTRATION RIGHTS
Losses on disposal of players’ registration rights
45
Expenses from players' registration rights at 31 December 2015 refer to:
Auxiliary non-capitalised expenses for players’ registration rights
3,375
Expenses for the temporary purchase of players’ registration rights
1,607
VADALA Guido Nahuel/C.A. Boca Juniors
812
CUADRADO BELLO Juan Guillermo/Chelsea F.C. Plc
622
Others
173
Losses on disposal of players’ registration rights
115
Losses on disposal of registered young players-sharing agreements
98
Other expenses
86
CUADRADO BELLO JUAN GUILLERMO/CHELSEA F.C. PLC (Solidarity subsidy)
48
COMAN Kingsley/Bayern Munchen AG (Solidarity subsidy)
30
Others (Solidarity subsidy)
8
Total
5,28
Auxiliary expenses for players’ registration rights that are not capitalised are entirely related to fees paid to FIFA agents for services
concerning the temporary acquisition or the disposal of players’ registration rights and the renewal of players’ rights, if fees are tied to
conditions requiring that players remain registered with the Company. Details are as follows:
I half-year
2015/2016
Player name
Tevez Carlos Alberto
Pirlo Andrea
Pogba Paul
Coman Kingsley
Evra Patrice Latyr
Chiellini Giorgio
Sorensen Frederik
Lemina Mario
Others
517
508
500
500
305
269
210
200
150
103
60
53
Auxiliary expenses
3,375
45. OTHER EXPENSES
I half-year
2015/2016
I half-year
2014/2015
Change
Agency costs
Out-of-period costs
Taxes and indirect taxes
Percentages to third parties on rights and miscellaneous
Contributions to FIGC, LNPA and other bodies
Fines and penalties
Purchase of away match tickets
Percentages to third parties on income from matches
861
310
775
398
388
52
157
137
1,102
826
709
488
455
444
126
-
(241)
(516)
66
(90)
(67)
(392)
31
137
Others
757
209
548
3,835
4,359
(524)
Other expenses
46
46. AMORTISATION AND WRITE-DOWNS OF PLAYERS’ REGISTRATION RIGHTS
Amortisation:
Professional players
Professional player-sharing agreement payable
Registered young players
Write-downs
Amortisation and write-downs of players’ registration rights
I half-year
2015/2016
I half-year
2014/2015
Change
32,045
31,561
484
27,129
25,092
1,707
330
4,916
-
2,230
(2,230)
32,045
29,359
2,686
Amortisation and write-downs of players' registration rights increased by € 2,686 thousand compared to the same period of the
previous year, mainly due to investments made during the first phase of the 2015/2016 Transfer Campaign (€ +4,916 thousand), offset
by the absence of write-downs of players' registration rights (€ -2,230 thousand).
47. DEPRECIATION/AMORTISATION OF OTHER TANGIBLE AND INTANGIBLE ASSETS
This item amounts to € 4,507 thousand, against € 4,217 thousand at 31 December 2014.
They mainly refer to depreciation of the Vinovo Training Centre, the Juventus Stadium, Juventus Museum and other tangible assets, and
amortisation of intangible assets.
48. PROVISIONS AND OTHER WRITE-DOWNS/REVERSES AND RELEASES
This item amounts to € 60 thousand, against € 762 thousand at 31 December 2014.
The breakdown is shown below:
Provision for other risks and charges
Write-downs
Release of provisions for employee benefits
Provisions and other write-downs/reverses and releases
I half-year
2015/2016
I half-year
2014/2015
Change
-
938
(938)
60
-
60
-
(176)
176
60
762
(702)
Write-downs recognized in the first half of the year result from inventory.
49. OTHER NON-RECURRING REVENUES AND COSTS
Other non-recurring revenues and costs amounted to € 10,639 thousand (item not present at 31 December 2014) and mainly refer
to net revenues from the assignment of the ownership of a major portion of 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).
50. FINANCIAL INCOME
Financial income from discounting
Interest income
Others
Financial income
I half-year
2015/2016
I half-year
2014/2015
Change
1,274
1,450
(176)
8
19
(11)
64
14
50
1,346
1,483
(137)
47
51. FINANCIAL EXPENSES
I half-year
2015/2016
I half-year
2014/2015
Change
Interest expense
2,529
4,072
(1,543)
Financial expenses from discounting
2,394
2,075
319
Financial expenses from derivatives
123
144
(21)
Others
198
124
74
5,244
6,415
(1,171)
I half-year
2015/2016
I half-year
2014/2015
Current taxes IRES
-
-
Current taxes IRAP
3,376
3,377
Total current taxes
3,376
3,377
Deferred taxes IRES
437
799
Deferred taxes IRAP
74
32
Total deferred taxes
511
831
3,887
4,208
Financial expenses
52. INCOME TAXES
Details of income taxes recorded in the income statement are given below:
Income taxes
53. BASIC INCOME/(LOSS) PER SHARE FOR THE PERIOD
The figure is calculated by dividing the net income for the period by the average number of outstanding shares in the period (average
outstanding shares weighted according to the number of days in circulation), as illustrated below:
Net income/(loss) in thousands of euro
Average outstanding shares in the period
Basic income/(loss) per share for the period (euro)
48
I half-year
2015/2016
I half-year
2014/2015
30,257
(6,719)
1,007,766,660
1,007,766,660
0.03
(0.007)
54. NET FINANCIAL DEBT
Net financial debt at 31 December 2015, determined in accordance with CONSOB DEM/2080535 recommendations of 9 December
2002, is composed as follows:
31/12/2015
Financial assets*
Current Non- current
30/06/2015
Total
Current Non- current
Total
-
4,100
4,100
-
4,100
4,100
23,203
-
23,203
3,127
-
3,127
Total financial assets
23,203
4,100
27,303
3,127
4,100
7,227
-
-
-
(38,000)
-
(38,000)
- due to the Istituto per il Credito Sportivo
(4,735)
(36,326)
(41,061)
(4,633) (38,719)
(43,352)
- due to leasing companies
(9,083)
-
(9,083)
(2,723)
(7,681)
(10,404)
- due to banks
(6,328)
(23,529)
(29,857)
(13,601)
-
(13,601)
(80,251) (144,541)
(90,544)
-
(90,544)
(120)
(228)
-
(228)
Financial payables
- due to EXOR S.p.A.
- due to factoring companies
Other financial liabilities
(64,290)
(120)
-
Total financial liabilities
(84,556) (140,106) (224,662)
(149,729) (46,400) (196,129)
Net financial debt
(61,353) (136,006) (197,359)
(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 December 2015, net financial debt amounted to € 197,359 thousand, registering an increase of € 8,457 thousand compared
to a negative balance of € 188,902 thousand at 30 June 2015. The increase was driven by Transfer Campaign payments (€ -22,149
thousand, net), investments in other fixed assets (€ -8,085 thousand), investments in shareholdings (€ -254 thousand) and the flows
from financing activities (€ -2,627 thousand), partially offset by positive cash flow from operations (€ +21,939 million) and the
repayment received following advances paid for the Continassa Project (€ +2,719 million). 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 December
2015, this programme has already been implemented for € 105,252 thousand.
At 31 December 2015, this item did not include any payable or receivable positions with respect to related parties.
The change in cash and cash equivalents is recorded in the Statement of cash flows.
At 31 December 2015, in addition to medium-long term loans, the Company had revocable lines of credit for € 395,250 thousand,
used for a total of € 149,009 thousand, of which € 79,862 thousand for guarantees issued in favour of third parties, € 4,857 thousand
for overdrafts and € 64,290 thousand for advances on contracts and trade receivables (for additional information see Note 56).
55. LEASED ASSETS
FINANCE LEASES
At 31 December 2015, a finance lease was in effect with Unicredit Leasing S.p.A. concerning the Juventus Training Centre in Vinovo
(JTC).
The residual financial debt amounted to € 9,083 thousand and included interest of € 281 thousand (see Note 25).
49
Other information relating to the JTC finance lease:
Lease for half year
capital
interest
JTC
1,324
Duration
(years)
Start date
(financial year)
Value
redemption
10
2006/2007
7,681
101
The contractual interest rate applicable is Euribor 3 months + spread of 1.2%. The acquisition of a hedging instrument, described in
Note 30, has fixed the interest rate applicable at 3.86% for the remaining term of the lease.
56. COMMITMENTS AND GUARANTEES
Commitments
Guarantees to third parties
Other guarantees issued
Players acquisition
Total commitments
Guarantees received
Guarantees from third parties
Promissory Notes
Total guarantees received
Lines of credit drawn on
for guarantees
for bank account overdrafts
for bank loans
for factoring advances
Lines of credit undrawn on
Total lines of credit
31/12/2015
30/06/2015
79,862
975
80,837
60,061
17,400
77,461
5,367
5,367
254,261
79,862
4,857
25,000
144,542
160,989
415,250
8,167
2,000
10,167
164,206
60,061
342
13,259
90,544
190,044
354,250
The maturities of the lines of credit are shown below.
Balance at
31/12/2015
Revocable
Portion
within 1
year
Portion
from 1 to
5 years
Portion
after 5
years
Lines of credit drawn on
Lines of credit undrawn on
Total lines of credit
254,261
160,989
415,250
149,009
145,989
294,998
1,471
1,471
103,781
103,781
15,000
15,000
GUARANTEES TO THIRD PARTIES
These totalled € 79,862 thousand at 31 December 2015 and were issued to guarantee:
-payables resulting from the acquisition of players’ registration rights (€ 70,288 thousand);
-construction and realisation of infrastructure costs for the Continassa Project (€ 5,075 thousand);
-other commitments (€ 4,499 thousand).
OTHER GUARANTEES ISSUED
In addition, at 31 December 2015 a comfort letter for € 975 thousand was issued in favour of GE Medical Systems S.r.l., to guarantee
half of the fee payable by J Medical S.r.l. as the final payment for the purchase of diagnostic and medical equipment necessary for the
launch of the new clinic.
50
GUARANTEES FROM THIRD PARTIES
These totalled € 5,367 thousand at 31 December 2015 and were received to guarantee:
- contracts and the supply of goods and services for the stadium (€ 240 thousand);
- receivables for payments on commercial contracts (€ 5,127 thousand).
POTENTIAL EFFECTS ARISING FROM CONDITIONAL CONTRACTS
These refer to compensation payable to FIFA agents in the event of continuation of registration of individual players or the renewal of
contracts or other services provided in upcoming football seasons. Specifically:
Player name
Chiellini Giorgio
Bnou Marzouk Younes
Evra Patrice Latyr
Lemina Mario
Zaza Simone
Khedira Sami
De Carvalho Lima Anderson Hernanes
Total
Balance at
31/12/2015
150
215
500
400
200
200
100
1,765
2016/2017 2017/2018
300
100
1,000
400
200
150
1,000
200
1,300
400
5,050
300
250
400
200
150
200
1,300
2,800
2018/2019 2019/2020
400
200
200
1,300
2,100
400
200
600
As concerns variable compensation to players, the possible future financial effects were not given in detail in these Notes since they are
considered immaterial, considering the total amount of the financial statement items that include these cost items, and the information
requirements connected to the decision-making process of the financial statement readers.
57. PENDING LITIGATION AND TAX ASSESSMENTS
DAMAGE CLAIMS BY THE CIVIL CLAIMANTS FOLLOWING THE SUPREME COURT OF CASSATION RULING IN “CALCIOPOLI”
The Italian Supreme Court, in its ruling of 24 March 2015, held that the former General Manager of Juventus Luciano Moggi and
the former Chief Executive Officer Antonio Giraudo reached the end of statute of limitations, referring any damage claims by the civil
claimants against Luciano Moggi to the attention of the relevant local Italian Courts of Appeal.
Following the above-mentioned ruling of the Italian Supreme Court, on 13 October 2015 a writ of summons was served for a request
for compensation by Mr Giuseppe Gazzoni Frascara to also condemn Juventus, among the defendants, jointly and severally, to pay
compensation damages, pecuniary and otherwise, for a total amount of about € 34.6 million. The hearing has been set before the
Court of Rome on 29 March 2016.
Similarly, on 2 December 2015 a writ of summons was served before the Court of Appeal of Naples by Victoria 2000 S.r.l., owner of
100% of the share capital of Bologna Football Club 1909 S.p.A. That company also sued Juventus before the Court of Appeal of Naples
in order to condemn Juventus, among the defendants, jointly and severally, to pay compensation damages, pecuniary and otherwise,
suffered by Victoria 2000 s.r.l. for a total amount of about € 49 million. The hearing has been set before the Court of Appeal of Naples
on 21 March 2016.
To date, the above mentioned parties have not provided any evidence that would justify the responsibility of Juventus and the
consequent request for compensation. As a result, negative effects on or potential risks for the Company cannot be estimated at the
moment.
51
FIGC DECISION OF 18 JULY 2011 IN RELATION TO THE COMPLAINT SUBMITTED BY JUVENTUS
On 11 August 2011 at the National Sports Arbitration Court ("TNAS") at the Italian Olympic Games Committee the Company filed a
request for arbitration against the Italian Football Federation and F.C. Internazionale to repeal the decision made by the Italian Football
Federation on 18 July 2011 in relation to the complaint submitted by Juventus on 10 May 2010.
At the hearing on 9 September 2011 the President of TNAS declared its jurisdiction in sports matters and referred the parties to the
Regional Administrative Court for damages. A hearing was held on 4 November 2011 to discuss the jurisdiction, upon which TNAS
reserves the right to make the final decision. Subsequently TNAS declared its lack of jurisdiction with arbitration which was duly
challenged by the Company, for the purposes of a null judgement, with appeal submitted to the Appeal Court of Rome, served on the
FIGC and Football Club Internazionale Milan S.p.A. on 10 February 2012.
The first hearing before the Appeal Court of Rome was held on 18 September 2012. CONI, FICG and FC Internazionale appeared
during this hearing. The counterparties raised objections. The hearing was adjourned to 17 June 2014 and subsequently to 3 March
2015 to detail the conclusions. The outcome of the case is now expected.
The Company has also submitted an appeal, served on 15 November 2011, to the competent Regional Administration Court for Lazio
asking for a sentence of unjust damages resulting from the illegal exercise of administration activity and failure to exercise obligatory
activity in relation to the following administrative acts:
- resolution of the Federal Council of FIGC on 18 July 2011;
- failure of the Federal Council to adopt an express non-judicial revocation of the FIGC Extraordinary Commission act on 26 July
2006 assigning the Italian Championship to Football Club Internazionale Milano for the 2005/2006 championship;
- provision of the FIGC Extraordinary Commission on 26 July 2006 assigning the Italian Championship to Football Club Internazionale
Milano for the 2005/2006 championship.
The Company also asked for cancellation as necessary and where authorised, for the sole purposes of compensation for damages, of
the challenged administrative provisions.
La FIGC started proceedings with an act filed with the court on 2 December 2011, objecting to the inadmissibility of the appeal and
asking for its rejection as ungrounded.
Upon request of FIGC a hearing at the Regional Administrative Court of Lazio was scheduled for 5 July 2016. It is currently not possible
to make predictions regarding the outcome of the case.
NIKE EUROPEAN OPERATIONS NETHERLANDS B.V. (NIKE) ARBITRATION PROCEEDINGS
On 30 October 2014, Nike European Operations Netherlands B.V. (Nike) served Juventus a notice of arbitration to initiate an arbitration
for alleged breaches of the sponsorship agreement of 16 November 2001. At the moment no concrete items of proof have been
provided in support of Nike's claims. Juventus has filed an appearance in these arbitration proceedings putting forward all its defence
arguments. The Arbitration Board was constituted and set the various phases of the arbitration, which ended with the hearing of 3
December 2015. We are waiting for the arbitration award.
COSTRUZIONI ROMANE S.P.A. IN LIQUIDATION
Costruzioni Romane S.p.A. in liquidation (formerly ICS Grandi Lavori S.p.A.) sued Juventus FC S.p.A. before the Turin court asking to
determine the fulfilment of the conditions precedent to which the contract signed on 5 February 2015 on the development of the
Continassa Area was subject, and the failure of Juventus FC S.p.A. to carry out the contractual obligations, with the consequent right
to compensation for alleged damages quantified in € 5.3 million.
The first hearing was set for 28 October 2015.
Juventus F.C. S.p.A. appeared before the court and filed the relevant deposition, dismissing the party's claims as it deemed them
completely unfounded in fact and in law.
VAT RECEIVABLES FROM UEFA CHAMPIONS LEAGUE 2000/2001 INCOME
In terms of the dispute with the Agenzia delle Entrate, regarding the refusal to refund the VAT receivable of € 1.4 million in relation to
the UEFA tournaments played in the 2000/2001 football season, a date still needs to be set for a hearing before the Italian Supreme
52
Court, which should make a ruling on the appeal against the second instance ruling in favour of Juventus.
TAX INSPECTION BY THE AGENZIA DELLE ENTRATE
On 3 December 2014, a general tax inspection was initiated by the Agenzia delle Entrate - Piedmont Regional Tax Authorities - Major
Taxpayer Office, for the 2011/2012 tax periods, for direct taxes, and 2011, for VAT. The inspections, part of the ordinary and periodic
control of Major Taxpayers such as Juventus, concluded on 11 December 2015, and a report on ascertainment was issued. The
Company submitted to the Agenzia delle Entrate a deposition that confirms the fairness of its actions.
At the date of this Report, no audit assessment has been received from the Agenzia delle Entrate.
58. TRANSACTIONS WITH RELATED PARTIES
On 11 November 2010, the Board of Directors adopted a specific procedure for regulating related-party transactions pursuant to article
4 of the “Regulation of related-party transactions” adopted by CONSOB with resolution no. 17221 of 12 March 2010, amendments
and additions thereto. The Procedure is available on the Company's website (www.juventus.com).
As regards the first half of the 2015/2016 financial year, it should be noted that transactions between Juventus Football Club S.p.A.
and related parties identified according to IAS 24 were performed at arm's length, i.e. at the same conditions as those usually practised
with non-related parties for transactions of the same type, amount and risk, and in compliance with current laws.
The table below shows the statement of financial position and income statement figures deriving from transactions in the first half of
the 2015/2016 financial year with related parties.
Tangible assets
Trade and
other current
receivables
Trade payables
and other
current payables
EXOR S.P.A.
-
-
25.0
CNH INDUSTRIAL ITALIA S.P.A.
-
133.6
-
FCA ITALY S.P.A. (a)
-
2.029.5
0.6
FCA SE.P.IN S.C.P.A.
-
-
19.1
38.8
-
173.7
ITEDI S.P.A.
-
50.3
21.8
IVECO S.P.A.
-
3.6
-
PUBLIKOMPASS S.P.A.
-
-
5.9
SADI S.P.A.
-
-
2.2
SAMSUNG ELECTRONICS ITALIA S.P.A.
-
600.3
36.4
SISPORT FIAT S.P.A.
-
102.1
176.0
DIRECTORS
-
-
142.6
38.8
2.919.4
603.3
25,240.7
-
-
Total current assets
-
114,624.3
-
Total current liabilities
-
-
220,865.3
0.2%
2.5%
0.3%
INDEPENDENT IDEAS S.R.L.
TOTAL
Other tangible assets
Percentage of total transactions with related parties out of total
of the relative item of the Statement of Financial Position
(a) Trade and other current receivables due from FCA Italy S.p.A. relate to the Main Sponsor agreement in place.
53
54
Income
Financial
income
Expenses
Financial
expenses
-
-
3.2
-
EXOR S.P.A.
18.8
-
12.6
184.6
BANCA DEL PIEMONTE S.P.A. (a)
43.8
-
-
3.4
GA & C. SAPAZ
J MEDICAL S.R.L.
1.0
3.8
-
-
170.1
-
-
-
FCA GERMANY AG
0.1
-
-
-
FCA ITALY S.P.A. (b)
10,529.3
-
7.1
-
FCA SE.P.IN. S.C.P.A.
8.1
-
14.0
-
FPT INDUSTRIAL S.P.A.
0.4
-
-
-
-
-
246.9
-
121.0
-
93.0
-
IVECO S.P.A.
7.4
-
-
-
LAMSE S.P.A.
0.6
-
-
-
PUBLIKOMPASS S.P.A.
-
-
3.8
-
SADI S.P.A.
-
-
1.9
-
519.0
-
29.8
-
81.9
-
161.2
-
-
-
1,690.0
-
TOTAL
11,500.5
3.8
2,263.5
188.0
Total of the income statement item
204,525.3
1,346.3
140,405.7
5,243.6
5.6%
0.3%
1.6%
3.6%
CNH INDUSTRIAL ITALIA S.P.A.
INDEPENDENT IDEAS S.R.L.
ITEDI S.P.A.
SAMSUNG ELECTRONICS ITALIA S.P.A. (c)
SISPORT FIAT S.P.A.
DIRECTORS
Percentage of total transactions with related parties
out of total of the relative income statement item
(a) related party until 23 October 2015.
(b) income from FCA Italy S.p.A. refers to the Main Sponsor agreement in effect.
(c) income from Samsung Electronics Italia S.p.A. refer to the sponsorship agreement in effect.
59. APPROVAL OF THE CONDENSED HALF YEAR FINANCIAL STATEMENTS AND AUTHORISATION FOR PUBLICATION
The condensed half year financial statements at 31 December 2015 were approved by the Board of Directors on 24 February 2016,
which authorised their publication on the same date.
Turin, 24 February 2016
On behalf of the Board of Directors
The Chairman
Andrea Agnelli
55
APPENDIX - TABLE OF CHANGES IN PLAYERS' REGISTRATION RIGHTS IN THE FIRST HALF OF THE 2015/2016
FINANCIAL YEAR, IN COMPLIANCE WITH FIGC REGULATIONS
Contract
Player
First Team
Asamoah Kwadwo
Audero Mulyadi
Barzagli Andrea
Bonucci Leonardo
Buffon Gianluigi
Caceres Silva Jose Martin
Chiellini Giorgio
De Carvalho Hernanes
Evra Patrice Latyr
Khedira Sami
Lichsteiner Stephan
Llorente Torres Fernando J.
Mandzukic Mario
Marchisio Claudio
Moedim Rubens Fernando
Padoin Simone
Pogba Paul
Rugani Daniele
Sorensen Frederik Hillesborg
Storari Marco
Sturaro Stefano
Tevez Carlos Alberto
Vidal Pardo Arturo Erasmo
Vitale Mattia
Zaza Simone
Temporarily transferred players
Anacoura Joyce Francesco
Appelt Pires Gabriel
Barlocco Luca
Belfasti Nazzareno
Beltrame Stefano
Bernardes Saraiva Filipe Alberto
Bnou Marzouk Younes
Bouy Ouasim
Branescu Constantin Laurentiu
Brignoli Alberto
Buchel Marcel
Bunino Cristian
Cais Davide
Cavion Michele
Cerri Alberto
Coman Kingsley Junior
Curti Nicolò
De Ceglie Paolo
Djalo Taritolay
Donis Anastasios
Fiorillo Vincenzo
Gallinetta Alberto
Garcia Tena Pol
Gerbaudo Matteo
Hidalgo Garcia Nicolas
Josipovic Zoran
Kabashi Elvis
Lanini Erik
Leali Nicola
Liviero Matteo
Luperini Gregorio
Magnusson Hordur Bjorgvin
Margiotta Francesco
Marin Vladut Nicolae
Marrone Luca
Martinez Jorge Andres
Massaro Davide
Mattiello Federico
Nocchi Timothy
Padovan Stefano
Pasquato Cristian
Pellizzari Stefano
Pinsoglio Carlo
Rosseti Valerio Lorenzo
Rossi Fausto
Roussos Almpertos
Sakor Vajebah
Schiavone Andrea
Slivka Vykintas
Soumah Alhassane
Spinazzola Leonardo
Tavanti Christian
Thiam Mame Baba
Troisi James
Untersee Joel
Date of Date of start
birth
of contract
From
Date of Acquisition
end of
date
contract
09/12/88
18/01/97
08/05/81
01/05/87
28/01/78
07/04/87
14/08/84
29/05/85
15/11/93
15/05/81
04/04/87
16/01/84
26/02/85
26/01/91
21/05/86
19/01/86
04/08/82
23/10/92
19/07/89
23/05/88
18/03/84
07/01/91
15/03/93
29/07/94
14/04/92
07/01/77
09/03/93
05/02/84
22/05/87
01/10/97
25/06/91
02/07/12
08/03/13
26/01/11
01/07/10
12/07/01
27/01/12
06/07/04
31/08/15
04/06/15
12/07/14
29/06/15
01/07/11
18/01/13
20/08/15
22/06/15
16/07/04
29/08/12
19/07/14
29/06/15
10/07/13
31/01/12
23/07/14
04/08/12
04/08/12
28/08/10
22/06/10
01/07/14
01/07/13
22/07/11
19/11/13
09/07/13
30/06/18
30/06/19
30/06/16
30/06/20
30/06/17
30/06/16
30/06/18
30/06/18
30/06/20
30/06/16
30/06/19
30/06/17
01/08/94
18/09/93
20/02/95
15/07/93
08/02/93
13/01/97
02/03/96
11/06/93
30/03/94
19/08/91
18/03/91
27/08/96
01/02/94
08/12/94
16/04/96
13/06/96
26/03/95
17/09/86
08/10/93
29/08/96
13/01/90
16/04/92
18/02/95
10/05/95
30/04/92
12/06/88
25/08/95
20/02/94
25/02/94
17/02/93
13/04/93
10/02/94
11/02/93
15/07/93
15/05/95
28/03/90
05/04/83
10/02/98
14/07/95
07/07/90
16/04/94
20/07/89
03/01/97
16/03/90
05/06/94
03/12/90
22/02/96
14/04/96
23/02/93
29/04/95
02/03/96
25/03/93
19/05/95
06/09/96
09/10/92
03/07/88
11/02/94
17/08/12
31/01/12
02/09/13
12/08/10
04/08/11
02/02/15
29/07/13
31/01/12
18/01/11
02/02/15
02/07/10
02/02/15
30/01/14
31/01/13
14/07/15
30/06/14
13/01/12
20/09/04
14/08/14
18/01/13
31/01/14
30/01/13
24/08/11
19/11/13
14/08/14
02/07/12
29/08/11
23/08/12
30/01/14
02/07/12
16/01/12
13/07/15
11/01/11
05/12/11
02/09/13
31/10/07
01/07/10
30/01/15
17/02/14
01/07/10
12/09/12
09/01/06
29/01/14
18/03/09
29/07/14
31/10/07
30/08/12
30/01/13
16/01/12
19/07/12
17/12/14
06/07/10
08/04/14
30/01/15
31/01/14
23/08/12
31/08/10
30/06/17
30/06/17
30/06/18
30/06/18
30/06/19
30/06/16
30/06/16
30/06/17
30/06/19
30/06/19
30/06/17
30/06/19
30/06/18
30/06/17
30/06/20
30/06/19
30/06/17
30/06/17
30/06/17
30/06/18
30/06/18
30/06/17
30/06/17
30/06/17
30/06/17
30/06/17
30/06/17
30/06/17
30/06/18
30/06/19
30/06/16
30/06/18
30/06/18
30/06/16
30/06/18
30/06/19
30/06/16
30/06/17
30/06/19
30/06/17
30/06/19
30/06/17
30/06/18
30/06/17
30/06/19
30/06/16
30/06/16
30/06/18
30/06/17
30/06/17
30/06/17
30/06/18
30/06/16
30/06/19
30/06/18
30/06/16
30/06/17
30/06/20
30/06/19
30/06/20
30/06/16
30/06/20
30/06/19
30/06/17
30/06/20
30/06/19
30/06/20
30/06/19
30/06/20
Company
To
Disposal
Date
02/07/12 Udinese Calcio Spa
26/01/11
01/07/10
12/07/01
01/07/12
27/06/05
31/08/15
01/07/15
12/07/14
01/07/15
01/07/11
01/07/13
19/08/15
01/07/15
29/08/12
18/07/14
01/07/15
10/07/13
31/01/12
01/07/15
04/08/12
31/07/13
01/07/11
01/07/10
01/07/14
01/07/13
22/07/11
07/10/11
07/07/15
17/08/12
03/01/12
02/09/13
01/07/13
02/02/15
02/02/15
29/07/13
31/01/12
20/01/15
02/02/15
30/01/13
02/02/15
30/01/14
31/01/13
14/07/15
01/07/14
13/01/12
01/07/08
14/08/14
03/01/13
31/01/14
30/01/13
24/08/11
14/08/14
02/07/12
29/08/11
31/07/13
25/06/15
02/07/12
06/08/07
13/07/15
03/01/12
02/09/13
01/07/10
30/01/15
27/08/03
18/06/14
29/07/14
30/08/12
30/01/13
01/07/13
01/07/14
01/07/12
21/07/11
01/07/15
31/01/14
23/08/12
31/08/10
From youth sector
VFL Wolfsburg
A.S. Bari Spa
Parma F.C.
Sevilla Futbol Club Sad
ACF Fiorentina
FC Internazionale Spa
US Città di Palermo
Manchester United FC Ltd
Foreign federation
SS Lazio Spa
Fed.estera (Athletic Club Bilbao)
Futebol Clube do Porto Sad
Club Atletico de Madrid Sad
From youth sector
US Città di Palermo
ACF Fiorentina Sad
Torino FC Spa
Atalanta B.C. Spa
Udinese Calcio Spa
Manchester United
Empoli FC Spa
Lyngby Boldklub AS
A.C. Milan Spa
Genoa Cricket and FC Spa
Manchester City FC
Bayer 04 Leverkusen
From youth sector
US Sassuolo Spa
Parma FC Spa
Resende Futebol Club
Atalanta BC Spa
Modena FC Spa
UC Sampdoria Spa
Gremio Osasco Audax Esporte Clube
The Sasp FC Metz
AFC Ajax
Virtus Lanciano 1924 Srl
Ternana Calcio Spa
AC Siena Spa
FC Pro Vercelli 1892 Srl
Atalanta BC Spa
Vicenza Calcio Spa
Parma FC Spa
Fed.estera (Paris Saint-Germain Football)
AC Perugia Calcio Srl
AC Siena Spa
Panathinaikos FC
UC Sampdoria Spa
Parma FC Spa
FC Barcelona
From youth sector
Udinese Calcio Spa
FC Chiasso 2005 SA
Empoli FC Spa
US Città di Palermo Spa
Brescia Calcio Spa
Calcio Montebelluna Srl
US Città di Pontedera Srl
Fram FC
From youth sector
Manchester City FC
From youth sector
Calcio Catania Spa
Vicenza Calcio Spa
From youth sector
From youth sector
From youth sector
Montebelluna Calcio Srl
AC Cesena Spa
Da settore giovanile
Agg.posizione AC Siena
From youth sector
PAE Pas Korinthos FC
Asker F.H.
From youth sector
Futbolo Klubas Ekranas
Santarcangelo Calcio Srl
AC Siena Spa
FC Esperia Viareggio
Envigado FC
Virtus Lanciano 1924 Srl
Kayserispor Kulubu
FC Zuric SA
26/08/15
10/07/15
08/07/15
14/07/15
13/07/15
28/07/15
Values at beginning of the period 01/07/2015
Company
1
2
3
142,590
7,883
8
663
11,333
52,884
6,000
7,204
1,225
8,277
3,038
163
4,147
5,564
3,943
1,887
898
209
4,472
1,421
12,219
9,146
6
42,368
449
1,616
501
176
161
8
394
394
133
231
969
199
523
657
382
610
3,220
336
254
644
844
490
16
648
7,099
481
353
8
2,127
153
247
80
120
954
11,055
126
9
67
76
755
967
252
70
1,397
46
86
152
55
259
57
458
622
382
68,954
9,253
2
48
3,900
2,000
526
1,226
1,655
12
16,587
8,698
986
4,278
3,007
627
5,681
6,117
4,349
2
41,584
313
599
1,670
527
1,287
17
196
56
1,067
1,844
675
1,592
1,819
460
1,527
27
280
671
173
1,289
878
85
33
1,297
6,625
13
368
1,504
2,271
30
743
39
180
3,816
737
504
1
10
77
1,510
761
504
280
280
14
69
0
158
110
177
26
1,692
622
81
Total
(a) The item includes the changes related to other professional players and registered young players. For further details, see the tables in the notes.
Net
211,544
17,136
10
711
15,233
52,884
8,000
7,730
2,451
9,932
3,038
Termination of contract
175
20,734
14,262
West Ham United Ltd
4,929
6,165
3,905
836
FC Koln Gmbh & Co KGAA
4,472
Cagliari Calcio Spa
7,102
18,336
C.A. Boca Juniors
13,495
FC Bayer Munchen
8
83,952
762
2,215
2,171
703
1,448
25
590
450
1,200
2,075
1,644
1,791
2,342
1,117
1,909
637
3,500
1,007
427
1,933
1,722
575
49
1,945
13,724
494
721
1,512
4,398
183
990
119
300
4,770
11,792
630
10
77
153
2,265
1,728
756
350
1,677
60
155
0
310
165
436
83
2,150
1,244
463
Other changes (a)
56
Historical Accumulated
cost amortisation
16,560
12,863
3,697
312,056
197,821
114,235
Changes in values for period
Values at end of period 31/12/2015
Economic effects for period
Acquisitions
Disposals
Amortisat.*
Write-downs
Capital losses Capital gains
4
5
6
7
8
129,883
53,106
21,981
-
11,648
33,302
1,300
26,275
21,602
1,941
150
14,215
2,000
17,450
4,186
45
36
21
10
45
37
1,993
45
20
99
20
90
40
30
1,585
70
-
10,122
1,533
6,117
35,334
-
1,542
0
24
390
1,000
88
1,941
3,330
613
162
414
2,627
2,700
1
1,659
243
284
1,422
785
301
710
1,745
8,820
78
161
284
88
161
19
98
14
133
231
169
200
311
124
199
191
7
70
168
29
215
220
21
20
324
1,656
8
92
251
284
15
17
124
20
30
477
369
126
0
2
10
377
127
131
35
140
7
11
62
27
36
28
198
294
311
20
-
Miscellaneous
Historical cost
(1+4)
Accumulated
(2+6)
Net
(10-11-7)
Agents fee
Other
acquisition
costs
9
10
11
12
-
33,315
286,988
129,923
-
1,424
906
30,985
-
17,136
10
711
15,233
52,884
8,000
7,730
11,648
33,302
2,451
1,300
9,932
26,275
21,602
175
20,734
1,941
5,079
14,215
8,165
3,905
7,102
8
17,450
88,138
762
2,260
2,207
703
1,448
46
590
450
1,200
2,075
1,644
1,801
2,387
1,154
1,993
1,909
637
3,500
1,007
427
1,933
1,722
575
94
1,945
13,724
514
721
1,512
4,398
183
99
990
119
300
4,770
11,792
630
10
77
153
2,265
1,728
776
350
1,677
60
155
0
400
165
476
113
1,585
2,220
1,244
463
9,425
8
687
11,723
52,884
7,000
7,292
1,941
3,330
1,838
162
8,691
2,627
2,700
164
5,806
243
4,227
1,422
2,672
1,199
2,131
6
1,745
51,188
527
1,777
785
264
322
27
492
408
266
462
1,138
399
834
781
199
573
617
3,290
504
283
859
1,064
511
36
972
8,755
489
445
259
2,411
168
17
371
100
150
1,431
11,424
252
9
69
86
1,132
1,094
383
105
1,537
53
97
214
82
295
85
198
752
933
402
157,065
22,048
-
7,711
2
24
3,510
1,000
438
9,707
29,972
613
1,138
1,241
23,648
18,902
11
14,928
1,698
852
12,793
5,493
2,706
4,971
2
15,705
36,950
235
483
1,422
439
1,126
19
98
42
934
1,613
506
1,402
1,553
373
1,794
1,336
20
210
503
144
1,074
658
64
58
973
4,969
25
276
1,253
1,987
15
82
619
19
150
3,339
368
378
1
8
67
1,133
634
393
245
140
7
58
0
186
83
181
28
1,387
1,468
311
61
81
310
500
2,949
425
1,300
200
3,038
1,000
2,442
1,400
1,940
750
30
50
4,829
700
104
5,123
90
1,894
1,368
110
390
99
21
75
350
25
197
489
15
-
4,696
935
1,244
-
213
701
9,456
2,754
6,702
-
-
138,765
54,041
32,045
-
213
34,016
384,582
183,865
200,717
27,171
-
57
ATTESTATION PURSUANT TO ART. 154-BIS, PARAGRAPH 5, OF LEGISLATIVE
DECREE NO. 58/98
We, Aldo Mazzia, Chief Executive Officer and Marco Re, Manager responsable for preparing the financial reports of Juventus Football
Club S.p.A. certify, also taking into account the specifications of Art. 154-bis, sections 3 and 4, of the Italian Legislative Decree of 24
February 1998, no. 58:
- the adequacy in relation to the characteristics of the Company and
- the effective application,
of the administrative and accounting procedures for the formation of the condensed half year financial statements during the first half
of the 2015/2016 financial year.
It is also certified that:
- the condensed half year financial statements at 31 December 2015:
• have been prepared in compliance with international accounting standards, as endorsed in the European Union under
EC Regulation no. 1606/2002 of the European Parliament and of the Council of 19 July 2002;
• correspond to the books and accounting records;
• give a true and fair representation of the Company’s financial position and results of operations;
- The Interim Management Report contains references to important events which occurred during the first six months of the year
and their impact on the condensed half year financial statements, along with a description of the main risks and uncertainties for
the remaining six months of the year and information on significant transactions with related parties.
Turin, 24 February 2016
Chief Executive Officer
58
Aldo Mazzia
Financial Reporting Officer
of Juventus Football Club S.p.A.
Marco Re
59
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
“Relazione finanziaria semestrale al 31 dicembre 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.
HALF-YEARLY
FINANCIAL
R E P O R T
31 12 15

half-yearly financial report

Transcription

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