Juventus Football Club Six-Monthly Report at 31

Transcription

JUVENTUS FOOTBALL CLUB
www.juventus.com
Six-Monthly Report
at 31 December 2002
Information for shareholders, investors and the press:
Relations with Institutional Investors and Financial Analysts
telephone +39 011 65 63 437
fax +39 011 56 31 177
[email protected]
Communication Area - Press Office
telephone +39 011 65 63 436
fax +39 011 44 07 461
[email protected]
Juventus Football Club S.p.A.
C.so Galileo Ferraris n. 32 - 10128 Turin
telephone +39 011 65 63 1
fax +39 011 51 19 214
www.juventus.com
Borsa Italiana S.p.A. share code: JUVE
ISIN code: IT0000336518
Bloomberg ticker: JUVE IM
Reuters ticker: JUVE.MI
The Six-Monthly Report at 31 December 2002 was approved by the Board of Directors on 28 March 2003.
This document contains a true translation in English of the report in Italian “Relazione semestrale al
31 dicembre 2002”.
However, for information about Juventus Football Club S.p.A. reference should be made exclusively to the
original report in Italian “Relazione semestrale al 31 dicembre 2002”.
Graphic design and editorial co-ordination
The Italian version of the “Relazione semestrale al 31 dicembre 2002” shall prevail upon the English version.
Photography
Beatrice Coda Negozio
LaPresse
English version
David Henderson
This report is available on the Internet at www.juventus.com and www.juventusbiz.com in the Investor
Relations section.
Printed by
Golinelli Industrie Grafiche
JUVENTUS FOOTBALL CLUB S.p.A.
REGISTERED OFFICE
Corso Galileo Ferraris 32, 10128 Torino
SHARE CAPITAL
€ 12,093,200
REGISTERED IN THE COMPANIES REGISTER
Under no. 00470470014 - REA no. 394963
Six-Monthly Report at 31 December 2002
1
Even though unfortunately expected, the news of the death of Giovanni Agnelli was still very sad and distressing. I have
many memories of him and he is a person impossible to forget as he had assumed an almost institutional role in Italy
thanks to his moral, cultural, intellectual and also sporting qualities.
As is well known, he, together with all his family, was very closely attached to Juventus. The Agnelli family and Juventus
have always been inseparable. For Giovanni Agnelli, sport was a lesson in life as well as being an irreplaceable moment
of joy and entertainment in the midst of the many concerns that his role entailed. This is why, as long as he was in good
health, he never missed a match, sharing the team's successes with real enthusiasm, often attending training sessions
where coaches and players welcomed him with genuine warmth. He was concerned with their problems and discussed
them together, always instilling a note of optimism and courage.
For this reason, the Company with all its managers and office staff, technicians and players offers its warmest support to
the family and in particular to Umberto Agnelli, who has always shared his brother's passion for the Company and team,
becoming its guiding spirit.
The Chairman
Vittorio Caissotti di Chiusano
3
CONTENTS
OFFICERS
7
REPORT ON OPERATIONS
9
SHAREHOLDERS AND STOCK MARKET
12
SIGNIFICANT EVENTS IN THE FIRST SIX MONTHS OF THE 2002/2003 FINANCIAL YEAR
13
ANALYSIS OF SIX-MONTHLY RESULTS
16
CORPORATE GOVERNANCE
19
OTHER INFORMATION
24
SIGNIFICANT EVENTS AFTER THE CLOSURE OF THE FIRST SIX MONTHS
OF THE 2002/2003 FINANCIAL YEAR
25
BUSINESS OUTLOOK
27
SITUATION AND RESULTS OF THE SUBSIDIARY COMPANY
CAMPI DI VINOVO S.P.A.
28
5
JUVENTUS FOOTBALL CLUB S.p.A. RECLASSIFIED BALANCE SHEET
AND RECLASSIFIED INCOME STATEMENT AT 31 DECEMBER 2002
RECLASSIFIED BALANCE SHEET
29
RECLASSIFIED INCOME STATEMENT
30
NOTES TO THE RECLASSIFIED BALANCE SHEET AND RECLASSIFIED
INCOME STATEMENT
31
JUVENTUS FOOTBALL CLUB S.p.A. FINANCIAL STATEMENTS
AT 31 DECEMBER 2002
FINANCIAL STATEMENTS
32
NOTES TO THE SIX-MONTHLY FINANCIAL STATEMENTS
38
LIST OF SUBSIDIARIES AND SIGNIFICANT SHAREHOLDINGS
AT 31 DECEMBER 2002
73
REPORT OF THE INDEPENDENT AUDITORS
74
FINANCIAL COMMUNICATION AND INVESTOR RELATIONS
76
If not otherwise specified, the figures in the Six-Monthly Report are given in Euros.
HISTORY AND STRATEGY OF JUVENTUS FOOTBALL CLUB S.P.A.
CONTENTS
OFFICERS
7
9
12
SIGNIFICANT EVENTS IN THE FIRST SIX MONTHS OF THE 2002/2003 FINANCIAL YEAR
13
16
19
OTHER INFORMATION
24
SIGNIFICANT EVENTS AFTER THE CLOSURE OF THE FIRST SIX MONTHS
OF THE 2002/2003 FINANCIAL YEAR
25
BUSINESS OUTLOOK
27
CAMPI DI VINOVO S.P.A.
28
5
29
30
INCOME STATEMENT
31
AT 31 DECEMBER 2002
FINANCIAL STATEMENTS
32
38
AT 31 DECEMBER 2002
73
REPORT OF THE INDEPENDENT AUDITORS
74
76
If not otherwise specified, the figures in the Six-Monthly Report are given in Euros.
HISTORY AND STRATEGY OF JUVENTUS FOOTBALL CLUB S.P.A.
OFFICERS
BOARD OF DIRECTORS
Chairman
Vice Chairman
Chief Executive Officier
Director and General Manager
Director
Director
Director
Director
Director
Vittorio Caissotti di Chiusano**
Roberto Bettega
Antonio Giraudo
Luciano Moggi
Giancarlo Cerutti* **
Saadi Gadhafi**
Andrea Pininfarina* **
Claudio Saracco* **
Daniel John Winteler** ***
AUDIT COMMITTEE
Claudio Saracco* **
REMUNERATION AND APPOINTMENTS COMMITTEE
7
BOARD OF STATUTORY AUDITORS
Giorgio Giorgi
Alberto Ferrero
Carlo Re
Paolo Piccatti
Gianluca Ferrero
** Independent Directors
** Non executive Directors
*** Co-opted by the Board of Directors on 28 March 2003
The mandate of the Board of Directors and the Board of Statutory Auditors will expire with the Shareholders’ Meeting to approve the Financial
Statements as of 30 June 2003.
POWERS OF COMPANY OFFICERS
The Chairman, Vice Chairman and Chief Executive Officers under company by-laws (art. 21) have the power to represent the
Company, in law and on behalf of the company, with the authority to undertake all measures compliant with Board decisions.
Furthermore, the Board of Directors may, as permitted in law, assign powers to other directors, executives, representatives and
managers within the limits set by the Board.
The Board of Directors voted on 15 December 2000 to confer specific management powers on the Vice Chairman Roberto
Bettega and the Chief Executive Officer Antonio Giraudo.
The Board of Directors voted on 4 September 2001 to confer on the General Manager Luciano Moggi specific management
powers for sport.
INDEPENDENT AUDITORS
The Shareholders' Meeting of 4 September 2001 appointed PricewaterhouseCoopers S.p.A. as independent auditors of the
Financial Statements for the three-year period of 2001/2002, 2002/2003 and 2003/2004 and for limited audits of the Six-Monthly
Report at 31 December 2001, 2002 and 2003.
Chairman
Auditor
Auditor
Deputy Auditor
Deputy Auditor
OFFICERS
BOARD OF DIRECTORS
Chairman
Vice Chairman
Chief Executive Officier
Director and General Manager
Director
Director
Director
Director
Director
Roberto Bettega
Antonio Giraudo
Luciano Moggi
Saadi Gadhafi**
Claudio Saracco* **
AUDIT COMMITTEE
Claudio Saracco* **
REMUNERATION AND APPOINTMENTS COMMITTEE
7
BOARD OF STATUTORY AUDITORS
Giorgio Giorgi
Alberto Ferrero
Carlo Re
Paolo Piccatti
Gianluca Ferrero
** Independent Directors
** Non executive Directors
*** Co-opted by the Board of Directors on 28 March 2003
The mandate of the Board of Directors and the Board of Statutory Auditors will expire with the Shareholders’ Meeting to approve the Financial
Statements as of 30 June 2003.
POWERS OF COMPANY OFFICERS
The Chairman, Vice Chairman and Chief Executive Officers under company by-laws (art. 21) have the power to represent the
Company, in law and on behalf of the company, with the authority to undertake all measures compliant with Board decisions.
Furthermore, the Board of Directors may, as permitted in law, assign powers to other directors, executives, representatives and
managers within the limits set by the Board.
The Board of Directors voted on 15 December 2000 to confer specific management powers on the Vice Chairman Roberto
Bettega and the Chief Executive Officer Antonio Giraudo.
The Board of Directors voted on 4 September 2001 to confer on the General Manager Luciano Moggi specific management
powers for sport.
INDEPENDENT AUDITORS
The Shareholders' Meeting of 4 September 2001 appointed PricewaterhouseCoopers S.p.A. as independent auditors of the
Financial Statements for the three-year period of 2001/2002, 2002/2003 and 2003/2004 and for limited audits of the Six-Monthly
Report at 31 December 2001, 2002 and 2003.
Chairman
Auditor
Auditor
Deputy Auditor
Deputy Auditor
HISTORY AND STRATEGY OF JUVENTUS FOOTBALL CLUB S.p.A.
Juventus was founded in 1897 thanks to a group of young students from the Liceo D'Azeglio school in Turin.
After only a few years and the switch to the current black and white strip, Juventus won its first Italian championship as
early as 1905.
In 1923, Giampiero Combi, one of the greatest goalkeepers of all time, made his debut for the team. Edoardo Agnelli, the
son of the founder of Fiat, was elected Chairman of the club, a special association that was to last through the years.
The number of fans grew rapidly and in 1925/26 the "bianconeri" won their second championship, the prelude to a cycle
of victories that led them to win five championships in a row from 1931 to 1935. The Juventus trainer in that period was
Carlo Carcano and his team included legendary players like Orsi, Caligaris, Monti, Cesarini, Varglien I and II, Bertolini,
Ferrari and Borel II. In this period, the team made a fundamental contribution to the Italian squad which won its first World
Cup in 1934.
The championship victories gave Juventus its first true international experience, participating in the European Cup (the
predecessor of the Champions League), and reaching the semi-finals on four occasions.
Just after World War Two, in 1947 to be exact, Giovanni Agnelli became Chairman of Juventus. The top players of the
time were Carlo Parola and, above all, Giampiero Boniperti who was to set the club's playing record (444 games) and
goal-scoring record (177).
9
With the help of extraordinary champions like Omar Sivori and John Charles, Juventus won the championship in three
seasons (1957/58, 1959/60 and 1960/61) and for the first time a team received the star for winning the
Championship ten times.
With the championship victory of 1966/67, Juventus began a long and triumphant cycle with the arrival as Chairman in
1971 of Giampiero Boniperti. In fifteen years, Juventus won nine championships, a Champions Cup, an Intercontinental
Leading the team as trainer was first Vycpalek, then Parola and, above all, Giovanni Trapattoni. On the field, alongside
great Italian champions like Zoff and Scirea, Tardelli and Cabrini, Causio and Paolo Rossi, Gentile and Furino, Anastasi
and the current Vice Chairman Roberto Bettega, were many foreign super stars, headed by Michel Platini.
Juventus rapidly rose to be a leading team in Italian and international football becoming, together with AFC Ajax, the
only club to win all the most important international competitions.
There then followed another period of victories: in 1990 the U.E.F.A. Cup and Italian Cup double under the guidance of
Dino Zoff, and the U.E.F.A. Cup again in 1993.
Juventus' recent history has been characterised by the work of the current management group under the chairmanship
of Vittorio Caissotti di Chiusano. The team has obtained a series of victories, conquering four championships in 1994/95,
1996/97, 1997/98 and 2001/02 (for a total of 26), one Italian Cup, three Italian Super Cups, one U.E.F.A. Champions
League, one European Super Cup and one Intercontinental Cup, successes obtained under Marcello Lippi with the
hallmark of champions like Gianluca Vialli and Alessandro Del Piero.
Since its foundation, Juventus has won 26 Championships, 9 Italian Cups, 3 League Cups, 2 Champions League,
Cup, a Cup Winners' Cup, a U.E.F.A. Cup, a European Super Cup and three Italian Cups.
HISTORY AND STRATEGY OF JUVENTUS FOOTBALL CLUB S.p.A.
Juventus was founded in 1897 thanks to a group of young students from the Liceo D'Azeglio school in Turin.
After only a few years and the switch to the current black and white strip, Juventus won its first Italian championship as
early as 1905.
In 1923, Giampiero Combi, one of the greatest goalkeepers of all time, made his debut for the team. Edoardo Agnelli, the
son of the founder of Fiat, was elected Chairman of the club, a special association that was to last through the years.
The number of fans grew rapidly and in 1925/26 the "bianconeri" won their second championship, the prelude to a cycle
of victories that led them to win five championships in a row from 1931 to 1935. The Juventus trainer in that period was
Carlo Carcano and his team included legendary players like Orsi, Caligaris, Monti, Cesarini, Varglien I and II, Bertolini,
Ferrari and Borel II. In this period, the team made a fundamental contribution to the Italian squad which won its first World
Cup in 1934.
The championship victories gave Juventus its first true international experience, participating in the European Cup (the
predecessor of the Champions League), and reaching the semi-finals on four occasions.
Just after World War Two, in 1947 to be exact, Giovanni Agnelli became Chairman of Juventus. The top players of the
time were Carlo Parola and, above all, Giampiero Boniperti who was to set the club's playing record (444 games) and
goal-scoring record (177).
9
With the help of extraordinary champions like Omar Sivori and John Charles, Juventus won the championship in three
seasons (1957/58, 1959/60 and 1960/61) and for the first time a team received the star for winning the
Championship ten times.
With the championship victory of 1966/67, Juventus began a long and triumphant cycle with the arrival as Chairman in
1971 of Giampiero Boniperti. In fifteen years, Juventus won nine championships, a Champions Cup, an Intercontinental
Leading the team as trainer was first Vycpalek, then Parola and, above all, Giovanni Trapattoni. On the field, alongside
great Italian champions like Zoff and Scirea, Tardelli and Cabrini, Causio and Paolo Rossi, Gentile and Furino, Anastasi
and the current Vice Chairman Roberto Bettega, were many foreign super stars, headed by Michel Platini.
Juventus rapidly rose to be a leading team in Italian and international football becoming, together with AFC Ajax, the
only club to win all the most important international competitions.
There then followed another period of victories: in 1990 the U.E.F.A. Cup and Italian Cup double under the guidance of
Dino Zoff, and the U.E.F.A. Cup again in 1993.
Juventus' recent history has been characterised by the work of the current management group under the chairmanship
of Vittorio Caissotti di Chiusano. The team has obtained a series of victories, conquering four championships in 1994/95,
1996/97, 1997/98 and 2001/02 (for a total of 26), one Italian Cup, three Italian Super Cups, one U.E.F.A. Champions
League, one European Super Cup and one Intercontinental Cup, successes obtained under Marcello Lippi with the
hallmark of champions like Gianluca Vialli and Alessandro Del Piero.
Since its foundation, Juventus has won 26 Championships, 9 Italian Cups, 3 League Cups, 2 Champions League,
Cup, a Cup Winners' Cup, a U.E.F.A. Cup, a European Super Cup and three Italian Cups.
2 Intercontinental Cups, 2 European Super Cups, 3 U.E.F.A. Cups and 1 Cup Winners' Cup.
Since 1994, Juventus has not only gone from strength to strength on the field but also, in the wake of some important
regulatory changes and especially the abolition of the prohibition of profit-making for professional sports clubs and the
recognition of the subjective nature and football clubs' ownership of television rights, has gradually transformed itself
from a sports club into a business. In particular, the sale of television rights has enabled the Company to make substantial
modifications to the composition of its revenue, exploiting the economic potential related to large audiences for football
matches and its presence in the mass media.
In the last few years, Juventus has also continued to strengthen its First Team and enhance its own brand, developing,
among other things, programmes and projects for auxiliary activities connected to its core business with the aim of
providing the Company with fixed assets appropriate to the running of its sport activity and as promotion, advertising and
commercial support with a view to establishing itself as an entertainment & leisure group.
The Company thus aims to increase and diversify its revenue sources, making its profitability less dependent on sports
results, pursuing strategies in order to further reinforce its core activity and develop of new related operations.
In particular, the Company intends to pursue the following, closely related, goals:
• the maintenance of a technically excellent team, in order to be victorious or at least obtain significant results in domestic
and international competitions. To achieve this goal, the Company intends to continue its careful player management
and pay maximum attention to the youth sector to bring in young players;
10
• further enhancement of its brand with a view to further developing its commercial activities also by broadening its fan
base in countries that have shown recent interest for the world of football and the development of new forms of
partnership, above all with companies that own internationally-renowned brands;
• the drafting and implementation of revenue diversification projects (Stadium and Mondo Juve projects), through investment
in activities related to its core business in the fields of entertainment and leisure, thus making the most of the activities
of the First Team.
Juventus Football Club
2 Intercontinental Cups, 2 European Super Cups, 3 U.E.F.A. Cups and 1 Cup Winners' Cup.
Since 1994, Juventus has not only gone from strength to strength on the field but also, in the wake of some important
regulatory changes and especially the abolition of the prohibition of profit-making for professional sports clubs and the
recognition of the subjective nature and football clubs' ownership of television rights, has gradually transformed itself
from a sports club into a business. In particular, the sale of television rights has enabled the Company to make substantial
modifications to the composition of its revenue, exploiting the economic potential related to large audiences for football
matches and its presence in the mass media.
In the last few years, Juventus has also continued to strengthen its First Team and enhance its own brand, developing,
among other things, programmes and projects for auxiliary activities connected to its core business with the aim of
providing the Company with fixed assets appropriate to the running of its sport activity and as promotion, advertising and
commercial support with a view to establishing itself as an entertainment & leisure group.
The Company thus aims to increase and diversify its revenue sources, making its profitability less dependent on sports
results, pursuing strategies in order to further reinforce its core activity and develop of new related operations.
In particular, the Company intends to pursue the following, closely related, goals:
• the maintenance of a technically excellent team, in order to be victorious or at least obtain significant results in domestic
and international competitions. To achieve this goal, the Company intends to continue its careful player management
and pay maximum attention to the youth sector to bring in young players;
10
• further enhancement of its brand with a view to further developing its commercial activities also by broadening its fan
base in countries that have shown recent interest for the world of football and the development of new forms of
partnership, above all with companies that own internationally-renowned brands;
• the drafting and implementation of revenue diversification projects (Stadium and Mondo Juve projects), through investment
in activities related to its core business in the fields of entertainment and leisure, thus making the most of the activities
of the First Team.
Juventus Football Club S.p.A. share price trend and equity turnover
€/mln
SHARE CAPITAL
€
4.5
25
Equity turnover
Official Price
Juventus Football Club S.p.A. share capital underwritten and paid-in amounts to € 12,093,200, divided into 120,932,000
shares of the nominal value of € 0.1.
4
20
3.5
SHAREHOLDERS
On 7 November 2002, the date the dividend was paid for the 2001/2002 financial year, Juventus Football Club S.p.A.
15
3
had approximately 40,000 shareholders.
2.5
10
MAIN ORDINARY SHAREHOLDERS
2
On the basis of the latest CONSOB information available, the shareholding structure of Juventus Football Club S.p.A. is
5
1.5
the following:
0
1
15/3
7.5%
9/4
30/4
21/5
11/6
2/7
23/7
13/8
3/9
24/9
15/10
5/11
26/11
17/12
7/1
28/1
18/2
11/3
3.6%
On 14 March 2003 the official Juventus share price was € 2.42, a fall of about 34.6% compared to the listing price on
62.3%
20 December 2001 (€ 3.7). In the months following listing, the share price has seen a generally downward trend in line
26.6%
with the stock market and with shares in the football sector in particular. Since 14 February 2003, the date when it
reached the minimum of € 1.22, the value of Juventus shares has recovered significantly and the level of daily trading has
12
also grown.
13
The average daily equity turnover from 20 December 2001 to 14 March 2003 was about € 0.5 million.
IFI Group
LAFICO S.a.l.
Antonio Giraudo
Free float
SIGNIFICANT EVENTS IN THE FIRST HALF OF THE 2002/2003 FINANCIAL YEAR
The 2002/2003 football season began with another success: the third victory in the Italian Super Cup, played against
TREASURY SHARES
Juventus Football Club S.p.A. does not hold treasury shares.
The Shareholders' OGM of 28 October 2002 authorised the buy-back on one or more occasions and for a period of 18
months from the date of the meeting's decision, for a maximum of 12 million treasury shares at a minimum price,
including additional purchase charges, per share of € 0.1 - the par value - and a maximum of € 5 per share, and in any
case for total expenditure of not more than € 50 million, and pursuant to Article 2357-ter of the Italian Civil Code, setting
the ways the shares thus acquired may be used. The OGM also authorised the Board of Directors to use treasury shares
to create stock option plans for employees and directors of the Company and its subsidiaries, at a price no lower than
Parma A.C. S.p.A. the winner of the 2001/2002 Italian Cup.
The First Team also qualified for the second round of the U.E.F.A. Champions League.
RELATIONS WITH SPONSORS
On 2 August 2002, an official sponsorship contract for the U.E.F.A. competitions, Italian Cup and the Italian Super
Cup for the 2002/2003 season was signed with Tamoil Petroli S.p.A., for a sum of € 4.5 million and a performance
bonus of € 2 million in the event of winning the U.E.F.A. Champions League. The sponsorship contracts with Tu Mobile
S.p.A. were terminated following its failure to make the payments due.
the share value at the time of the offer of the options, pursuant to tax regulations.
TRANSFER CAMPAIGN
The Transfer Campaign for the 2002/2003 season was held in two phases: the first from 1 July to 31 August 2002 (then
reopened from 4 to 13 September 2002, as decided by the Board of the F.I.G.C. on 3 September 2002), the second from
2 January to 31 January 2003.
FOOTBALL SEASON
Juventus Football Club S.p.A. share price trend and equity turnover
€/mln
SHARE CAPITAL
€
4.5
25
Equity turnover
Official Price
Juventus Football Club S.p.A. share capital underwritten and paid-in amounts to € 12,093,200, divided into 120,932,000
shares of the nominal value of € 0.1.
4
20
3.5
SHAREHOLDERS
On 7 November 2002, the date the dividend was paid for the 2001/2002 financial year, Juventus Football Club S.p.A.
15
3
had approximately 40,000 shareholders.
2.5
10
MAIN ORDINARY SHAREHOLDERS
2
On the basis of the latest CONSOB information available, the shareholding structure of Juventus Football Club S.p.A. is
5
1.5
the following:
0
1
15/3
7.5%
9/4
30/4
21/5
11/6
2/7
23/7
13/8
3/9
24/9
15/10
5/11
26/11
17/12
7/1
28/1
18/2
11/3
3.6%
On 14 March 2003 the official Juventus share price was € 2.42, a fall of about 34.6% compared to the listing price on
62.3%
20 December 2001 (€ 3.7). In the months following listing, the share price has seen a generally downward trend in line
26.6%
with the stock market and with shares in the football sector in particular. Since 14 February 2003, the date when it
reached the minimum of € 1.22, the value of Juventus shares has recovered significantly and the level of daily trading has
12
also grown.
13
The average daily equity turnover from 20 December 2001 to 14 March 2003 was about € 0.5 million.
IFI Group
LAFICO S.a.l.
Antonio Giraudo
Free float
SIGNIFICANT EVENTS IN THE FIRST HALF OF THE 2002/2003 FINANCIAL YEAR
The 2002/2003 football season began with another success: the third victory in the Italian Super Cup, played against
TREASURY SHARES
Juventus Football Club S.p.A. does not hold treasury shares.
The Shareholders' OGM of 28 October 2002 authorised the buy-back on one or more occasions and for a period of 18
months from the date of the meeting's decision, for a maximum of 12 million treasury shares at a minimum price,
including additional purchase charges, per share of € 0.1 - the par value - and a maximum of € 5 per share, and in any
case for total expenditure of not more than € 50 million, and pursuant to Article 2357-ter of the Italian Civil Code, setting
the ways the shares thus acquired may be used. The OGM also authorised the Board of Directors to use treasury shares
to create stock option plans for employees and directors of the Company and its subsidiaries, at a price no lower than
Parma A.C. S.p.A. the winner of the 2001/2002 Italian Cup.
The First Team also qualified for the second round of the U.E.F.A. Champions League.
RELATIONS WITH SPONSORS
On 2 August 2002, an official sponsorship contract for the U.E.F.A. competitions, Italian Cup and the Italian Super
Cup for the 2002/2003 season was signed with Tamoil Petroli S.p.A., for a sum of € 4.5 million and a performance
bonus of € 2 million in the event of winning the U.E.F.A. Champions League. The sponsorship contracts with Tu Mobile
S.p.A. were terminated following its failure to make the payments due.
the share value at the time of the offer of the options, pursuant to tax regulations.
TRANSFER CAMPAIGN
The Transfer Campaign for the 2002/2003 season was held in two phases: the first from 1 July to 31 August 2002 (then
reopened from 4 to 13 September 2002, as decided by the Board of the F.I.G.C. on 3 September 2002), the second from
2 January to 31 January 2003.
FOOTBALL SEASON
€/000
On the basis of the operations completed at the end of the first phase, the Transfer Campaign, also taking into account
Net income
the terminations of player sharing and the acquisition of options, entailed a financial loss of € 9.1 million, due to:
6,133
€/000
Investments
The termination of player sharing and the acquisition of options
Disposals
BALANCE
5,775
5,511
5,224
Dividends
(38,780)
(8,358)
38,012
(9,126)
1,074
1,074
1,123
1,451
The economic effect, including terminations of player sharing and gross of any additional expenses, was positive for € 16
million. The temporary purchases and disposals of players' registration rights led to a negative net economic and
1998/1999
1999/2000
2000/2001
2001/2002
financial effect for € 8.2 million. The overall financial loss was therefore € 17.3 million, of which:
• € 16.9 million will be settled through the LNP (expenditure of € 15.3 million in the 2002/2003 season; expenditure of
€ 2.7 million in the 2003/2004 season; receipt of € 1.1 million in the 2004/2005 season). The expenditure of € 15.3
million will have an impact on the net financial position at 30 June 2003, while the remaining negative balance of € 1.6
million will reduce the net working capital at the end of the 2002/2003 financial year.
• € 2 million will be received directly from foreign football clubs (expenditure of € 3.1 million in the 2002/2003 season;
receipt of € 2.6 million in the 2003/2004 season; receipt of € 2.5 million in the 2004/2005 season). The expenditure of
€ 3.1 million will have an effect on the net financial position at 30 June 2003, while the positive balance of € 5.1 million
will be recorded in accounts in credit items and will, therefore, increase the net working capital at the end of the
2002/2003 financial year.
• € 2.4 million (payment for consultancy services provided by sports agents) will be settled directly.
On 26 July 2002, the parent company IFI S.p.A. guaranteed the payment of the adverse balance determined by the
2002/2003 domestic Transfer Campaign, pledging a third-party guarantee to F.I.G.C. - LNP for a total maximum sum of
about € 10.7 million. This guarantee is in addition to the sum outstanding (€ 86.9 million) of the guarantee pledged on
27 July 2001 by the parent company IFI S.p.A. in favour of F.I.G.C. - LNP.
On 26 July 2002, the Ordinary Shareholders' Meeting of the subsidiary company Campi di Vinovo S.p.A. approved the
Financial Statements for the 6 month period closed at 30 June 2002. The period 1 January 2002 - 30 June 2002 was
essentially balanced. Shareholders' equity at 30 June 2002 was € 12.2 million, in line with 31 December 2001.
In July 2002 Juventus Football Club paid the sum of about € 7.7 million, as the balance for the 2,415,537 Campi di Vinovo
shares (equal to 96.62% of the share capital and 99.61% of the outstanding capital) purchased in 2001. This sum, added
to the payments made in July 2001 and in January 2002 for a total of approximately € 9 million, took the overall investment
by Juventus Football Club S.p.A. for the purchase of Campi di Vinovo shares to € 16.7 million. The purchase contract of
19 March 2001, later revised and amended, envisaged a sum of about € 17.4 million, subject to a price revision clause
on the basis of the assets and liabilities of Campi di Vinovo S.p.A. at 30 June 2002. This clause led to a reduction in the
sum originally agreed of about € 0.7 million (from € 17.4 million to € 16.7 million).
In July and September 2002, a further 1,807 shares in Campi di Vinovo S.p.A. were purchased. Following this operation
and the purchase of 6,300 shares made in the months of January-March 2002, Juventus possesses 2,423,644 Campi
di Vinovo S.p.A. shares.
On 7 December 2002, the Shareholders' Meeting of Campi di Vinovo S.p.A. voted the distribution of an extraordinary
SEASON TICKETS
33,438 season tickets have been sold for the 2002/2003 season, against 35,703 in the 2001/2002 season. Gross income
amounted to about € 7.8 million for net revenue of about € 6.5 million. In the 2001/2002 season, gross income was
€ 8.4 million for net revenue of circa € 6.9 million.
dividend for a total of € 824,500, equal to € 0.34 for each share in circulation.
Given the 2,423,644 shares possessed on 7 December 2002, Juventus Football Club S.p.A. received a dividend of €
824,039 and entered the related tax credit of € 463,522.
A further 450 shares of Campi di Vinovo S.p.A.. were purchased in December 2002. Following this operation, Juventus
Football Club controls 96.96% of the share capital (99.96% of the outstanding capital) of Campi di Vinovo S.p.A..
DISTRIBUTION OF DIVIDEND
The Shareholders' Meeting of 28 October 2002, held to approve the Financial Statements for the 2001/2002 financial
year, voted, for the fourth year running, the distribution of a dividend for a maximum sum of € 1,451,184, equal to
€ 0.012 for each share in circulation at the date of dividend coupon stripping (4 November 2002).
STADIO DELLE ALPI
On 28 October 2002 Juventus Football Club S.p.A. received an official letter from the Assessore alla Gestione Azienda
Comune, the Assessore allo Sport e Tempo Libero and the Divisione Economia e Sviluppo of the City of Turin that states
as follows: "In relation to the transfer of the long lease for the Stadio Delle Alpi area, we confirm that the approval of the
related measures concerning the two city stadiums to Turin's football clubs must occur in such a way as to enable the
approval of these measures in a time span as short as possible. In detail, the lease will be drawn up as soon as the
relevant administrative procedures, with the participation of both parties, are complete and in any case in a reasonably
short time, so as to respect the expectations of both parties".
15
14
CAMPI DI VINOVO
€/000
On the basis of the operations completed at the end of the first phase, the Transfer Campaign, also taking into account
Net income
the terminations of player sharing and the acquisition of options, entailed a financial loss of € 9.1 million, due to:
6,133
€/000
Investments
Disposals
BALANCE
5,775
5,511
5,224
Dividends
(38,780)
(8,358)
38,012
(9,126)
1,074
1,074
1,123
1,451
The economic effect, including terminations of player sharing and gross of any additional expenses, was positive for € 16
million. The temporary purchases and disposals of players' registration rights led to a negative net economic and
1998/1999
1999/2000
2000/2001
2001/2002
financial effect for € 8.2 million. The overall financial loss was therefore € 17.3 million, of which:
receipt of € 2.6 million in the 2003/2004 season; receipt of € 2.5 million in the 2004/2005 season). The expenditure of
€ 3.1 million will have an effect on the net financial position at 30 June 2003, while the positive balance of € 5.1 million
will be recorded in accounts in credit items and will, therefore, increase the net working capital at the end of the
On 26 July 2002, the parent company IFI S.p.A. guaranteed the payment of the adverse balance determined by the
2002/2003 domestic Transfer Campaign, pledging a third-party guarantee to F.I.G.C. - LNP for a total maximum sum of
about € 10.7 million. This guarantee is in addition to the sum outstanding (€ 86.9 million) of the guarantee pledged on
27 July 2001 by the parent company IFI S.p.A. in favour of F.I.G.C. - LNP.
On 26 July 2002, the Ordinary Shareholders' Meeting of the subsidiary company Campi di Vinovo S.p.A. approved the
Financial Statements for the 6 month period closed at 30 June 2002. The period 1 January 2002 - 30 June 2002 was
essentially balanced. Shareholders' equity at 30 June 2002 was € 12.2 million, in line with 31 December 2001.
In July 2002 Juventus Football Club paid the sum of about € 7.7 million, as the balance for the 2,415,537 Campi di Vinovo
shares (equal to 96.62% of the share capital and 99.61% of the outstanding capital) purchased in 2001. This sum, added
to the payments made in July 2001 and in January 2002 for a total of approximately € 9 million, took the overall investment
by Juventus Football Club S.p.A. for the purchase of Campi di Vinovo shares to € 16.7 million. The purchase contract of
19 March 2001, later revised and amended, envisaged a sum of about € 17.4 million, subject to a price revision clause
on the basis of the assets and liabilities of Campi di Vinovo S.p.A. at 30 June 2002. This clause led to a reduction in the
sum originally agreed of about € 0.7 million (from € 17.4 million to € 16.7 million).
In July and September 2002, a further 1,807 shares in Campi di Vinovo S.p.A. were purchased. Following this operation
and the purchase of 6,300 shares made in the months of January-March 2002, Juventus possesses 2,423,644 Campi
di Vinovo S.p.A. shares.
On 7 December 2002, the Shareholders' Meeting of Campi di Vinovo S.p.A. voted the distribution of an extraordinary
SEASON TICKETS
33,438 season tickets have been sold for the 2002/2003 season, against 35,703 in the 2001/2002 season. Gross income
amounted to about € 7.8 million for net revenue of about € 6.5 million. In the 2001/2002 season, gross income was
€ 8.4 million for net revenue of circa € 6.9 million.
dividend for a total of € 824,500, equal to € 0.34 for each share in circulation.
Given the 2,423,644 shares possessed on 7 December 2002, Juventus Football Club S.p.A. received a dividend of €
824,039 and entered the related tax credit of € 463,522.
A further 450 shares of Campi di Vinovo S.p.A.. were purchased in December 2002. Following this operation, Juventus
Football Club controls 96.96% of the share capital (99.96% of the outstanding capital) of Campi di Vinovo S.p.A..
DISTRIBUTION OF DIVIDEND
The Shareholders' Meeting of 28 October 2002, held to approve the Financial Statements for the 2001/2002 financial
year, voted, for the fourth year running, the distribution of a dividend for a maximum sum of € 1,451,184, equal to
€ 0.012 for each share in circulation at the date of dividend coupon stripping (4 November 2002).
STADIO DELLE ALPI
On 28 October 2002 Juventus Football Club S.p.A. received an official letter from the Assessore alla Gestione Azienda
Comune, the Assessore allo Sport e Tempo Libero and the Divisione Economia e Sviluppo of the City of Turin that states
as follows: "In relation to the transfer of the long lease for the Stadio Delle Alpi area, we confirm that the approval of the
related measures concerning the two city stadiums to Turin's football clubs must occur in such a way as to enable the
approval of these measures in a time span as short as possible. In detail, the lease will be drawn up as soon as the
relevant administrative procedures, with the participation of both parties, are complete and in any case in a reasonably
short time, so as to respect the expectations of both parties".
15
14
CAMPI DI VINOVO
MISCELLANEOUS
rights, as well as the rise in other revenues due to the higher insurance payments made for injured players, which more
The Shareholders' OGM of 28 October 2002 voted to increase the number of members of the Board of Directors from
than compensated the negative effect stemming from a lower number of official matches being played compared to the
7 to 9 and to appoint as directors Mr Saadi Gadhafi and Mr Andrea Pininfarina, until the Shareholders' OGM to approve
first six months of 2001/2002.
the Financial Statements at 30 June 2003.
In a later meeting, the Board of Directors, voted to modify the composition of the Audit Committee so as to adapt its own
Operating Costs for the first six months of 2002/2003 came to a total of € 87.5 million, an increase of 0.7% compared
system of corporate governance to the new recommendations of the Code of Conduct drawn up by the Committee for
to € 86.8 million in the first half of 2001/2002 essentially following higher rent and leasing costs (€ 5.4 million against
Corporate Governance of listed companies. The Audit Committee is therefore composed of three independent directors:
€ 1.6 million in the corresponding period of the previous year), due to the temporary acquisition of the players' registration
Claudio Saracco (Chairman), Giancarlo Cerutti and Andrea Pininfarina.
rights of the football players Ruben Olivera and Marco Di Vaio, and following an increase in other operating expenses
On 18 December 2002, the Board of Directors of Juventus Football Club S.p.A. adopted the "Internal Dealing Code",
(€ 10.5 million, against € 8.4 million in the first six months of 2001/2002), which more than compensated for the reduction
effective as of 1 January 2003.
in personnel expenses (€ 58 million, against € 62 million in the first six months of 2001/2002).
The Code states that the Company is obliged to inform the market within ten days of stock market trading after the end
of each calendar quarter, of any transaction carried out by "significant" parties regarding the financial instruments of the
The Gross Operating Margin for the first six months of 2002/2003 was positive for € 9.3 million, against a negative result
Company for an amount equal to or in excess of the threshold of € 50,000 in the quarter and the obligation of immediate
of € 2 million for the first six months of 2001/2002 following the increase in revenues for the period of 14.2% against a
disclosure in the event of transactions in excess of the threshold of € 250,000.
rise in operating costs in absolute terms of 0.7%.
The Code states that the Board of Directors has the right to establish, for significant parties, periods for the suspension
Depreciation and Amortisation for the first six months of 2002/2003 amounted to a total of € 31.2 million, a fall
As regards the investigation by the judiciary against the Chief Executive Officer and Company physician regarding the
compared to the € 34.8 million of the first half of 2001/2002 thanks to the strategy adopted by the Company already in
alleged improper use of medicines by Juventus football players, a number of investigative hearings were held in the period
the 2001/2002 Transfer Campaign which made it possible to contain the overall cost of players both in terms of lower
July 2002 - February 2003 which will continue in the coming months.
wages and lower amortisation.
Write-downs and Provisions at 31 December 2002 amounted to circa € 0.8 million, a fall compared to € 7.3 million at 31
December 2001 following lower provisions for any IRAP tax on capital gains from the disposal of players' registration rights
The economic result for first six months of the 2002/2003 financial year was, as is usual, influenced by the cyclical nature
(€ 0.6 million in the 2002/2003 financial year against € 5.5 million in the 2001/2002 financial year), due to lower income
of the economic components. The main revenue and cost items, and therefore assets, liabilities and financial compo-
from management of players' registration rights in the period, and the lower provision for risks on credits due from
nents, do not follow the same trend over time because of the accentuated seasonal nature of the business. The net
sponsorship.
17
economic result of the first phase of the Transfer Campaign are entered in the first six months of the financial year.
Furthermore, the different calendar of the football season means that the comparison of turnover with the same period of
The Net Financial Result at 31 December 2002, including adjustments to financial operations, showed a positive result
the previous financial year is not particularly significant.
for € 4.4 million (negative result of € 1.8 million at 31 December 2001) following net revenues of € 2.8 million,
The economic result of the first six months cannot, therefore, represent a basis for forecasts for the entire financial year.
essentially deriving from the termination of player sharing (ex art. 102 bis N.O.I.F. which in the first six months of
The Company's six-monthly trend in assets and financial results feels the effect of the seasonal nature of the economic
2001/2002 had entailed expenses for € 2.2 million) and the effect of the receipt of the extraordinary dividend (€ 0.8
components. In addition, some revenue items present non uniform financial returns with respect to the economic period.
million) distributed by the subsidiary company Campi di Vinovo S.p.A. and the recording of the related tax credit (€ 0.5
In particular, season ticket revenues are collected almost entirely in the first quarter of the year, while, on the basis of the
million).
conditions of the contract with Europa TV (Telepiù Group), encrypted television rights are received in June, two financial
Net income from management of players' registration rights in the first six months of 2002/2003 amounted to € 13.2
periods in advance of the pertinent period.
million, a fall compared to the € 123.9 million of the first half of 2001/2002, the period in which the profits made were
Revenues of the first half of 2002/2003 amounted to € 96.8 million, an increase of 14.2% compared to € 84.8 million
recorded following, among other operations, the sale of the players Zinedine Zidane and Filippo Inzaghi. The difference
in the first half of 2001/2002 thanks to the increase in ticket sales (€ 8.1 million, against € 7.8 million in the first six months
reflects the drastically changed conditions in the football player transfer market.
of 2001/2002), the higher income from television, radio and telephone rights and revenues from the U.E.F.A. Champions
League (€ 53.6 million, against € 50.5 million in the corresponding period of the previous year), the increase in revenue
The Income before Extraordinary Items of the first six months of 2002/2003 was negative for € 5.1 million, a fall
from sponsorship and commercial income (€ 24.7 million, against € 20.3 million in the first half of 2001/2002), and the
compared to the positive result of € 78 million of the corresponding period of the previous year, due to the fall in Player
rise in other revenues (€ 10.4 million, against € 6.2 million in the corresponding period of the previous year). The increase
Management.
in the annual revenue from official and technical sponsorship contracts and the contract regarding encrypted television
16
of transactions regarding financial instruments of the Company.
MISCELLANEOUS
rights, as well as the rise in other revenues due to the higher insurance payments made for injured players, which more
The Shareholders' OGM of 28 October 2002 voted to increase the number of members of the Board of Directors from
than compensated the negative effect stemming from a lower number of official matches being played compared to the
7 to 9 and to appoint as directors Mr Saadi Gadhafi and Mr Andrea Pininfarina, until the Shareholders' OGM to approve
first six months of 2001/2002.
the Financial Statements at 30 June 2003.
In a later meeting, the Board of Directors, voted to modify the composition of the Audit Committee so as to adapt its own
Operating Costs for the first six months of 2002/2003 came to a total of € 87.5 million, an increase of 0.7% compared
system of corporate governance to the new recommendations of the Code of Conduct drawn up by the Committee for
to € 86.8 million in the first half of 2001/2002 essentially following higher rent and leasing costs (€ 5.4 million against
Corporate Governance of listed companies. The Audit Committee is therefore composed of three independent directors:
€ 1.6 million in the corresponding period of the previous year), due to the temporary acquisition of the players' registration
Claudio Saracco (Chairman), Giancarlo Cerutti and Andrea Pininfarina.
rights of the football players Ruben Olivera and Marco Di Vaio, and following an increase in other operating expenses
On 18 December 2002, the Board of Directors of Juventus Football Club S.p.A. adopted the "Internal Dealing Code",
(€ 10.5 million, against € 8.4 million in the first six months of 2001/2002), which more than compensated for the reduction
effective as of 1 January 2003.
in personnel expenses (€ 58 million, against € 62 million in the first six months of 2001/2002).
The Code states that the Company is obliged to inform the market within ten days of stock market trading after the end
of each calendar quarter, of any transaction carried out by "significant" parties regarding the financial instruments of the
The Gross Operating Margin for the first six months of 2002/2003 was positive for € 9.3 million, against a negative result
Company for an amount equal to or in excess of the threshold of € 50,000 in the quarter and the obligation of immediate
of € 2 million for the first six months of 2001/2002 following the increase in revenues for the period of 14.2% against a
disclosure in the event of transactions in excess of the threshold of € 250,000.
rise in operating costs in absolute terms of 0.7%.
The Code states that the Board of Directors has the right to establish, for significant parties, periods for the suspension
Depreciation and Amortisation for the first six months of 2002/2003 amounted to a total of € 31.2 million, a fall
As regards the investigation by the judiciary against the Chief Executive Officer and Company physician regarding the
compared to the € 34.8 million of the first half of 2001/2002 thanks to the strategy adopted by the Company already in
alleged improper use of medicines by Juventus football players, a number of investigative hearings were held in the period
the 2001/2002 Transfer Campaign which made it possible to contain the overall cost of players both in terms of lower
July 2002 - February 2003 which will continue in the coming months.
wages and lower amortisation.
Write-downs and Provisions at 31 December 2002 amounted to circa € 0.8 million, a fall compared to € 7.3 million at 31
December 2001 following lower provisions for any IRAP tax on capital gains from the disposal of players' registration rights
The economic result for first six months of the 2002/2003 financial year was, as is usual, influenced by the cyclical nature
(€ 0.6 million in the 2002/2003 financial year against € 5.5 million in the 2001/2002 financial year), due to lower income
of the economic components. The main revenue and cost items, and therefore assets, liabilities and financial compo-
from management of players' registration rights in the period, and the lower provision for risks on credits due from
nents, do not follow the same trend over time because of the accentuated seasonal nature of the business. The net
sponsorship.
17
economic result of the first phase of the Transfer Campaign are entered in the first six months of the financial year.
Furthermore, the different calendar of the football season means that the comparison of turnover with the same period of
The Net Financial Result at 31 December 2002, including adjustments to financial operations, showed a positive result
the previous financial year is not particularly significant.
for € 4.4 million (negative result of € 1.8 million at 31 December 2001) following net revenues of € 2.8 million,
The economic result of the first six months cannot, therefore, represent a basis for forecasts for the entire financial year.
essentially deriving from the termination of player sharing (ex art. 102 bis N.O.I.F. which in the first six months of
The Company's six-monthly trend in assets and financial results feels the effect of the seasonal nature of the economic
2001/2002 had entailed expenses for € 2.2 million) and the effect of the receipt of the extraordinary dividend (€ 0.8
components. In addition, some revenue items present non uniform financial returns with respect to the economic period.
million) distributed by the subsidiary company Campi di Vinovo S.p.A. and the recording of the related tax credit (€ 0.5
In particular, season ticket revenues are collected almost entirely in the first quarter of the year, while, on the basis of the
million).
conditions of the contract with Europa TV (Telepiù Group), encrypted television rights are received in June, two financial
Net income from management of players' registration rights in the first six months of 2002/2003 amounted to € 13.2
periods in advance of the pertinent period.
million, a fall compared to the € 123.9 million of the first half of 2001/2002, the period in which the profits made were
Revenues of the first half of 2002/2003 amounted to € 96.8 million, an increase of 14.2% compared to € 84.8 million
recorded following, among other operations, the sale of the players Zinedine Zidane and Filippo Inzaghi. The difference
in the first half of 2001/2002 thanks to the increase in ticket sales (€ 8.1 million, against € 7.8 million in the first six months
reflects the drastically changed conditions in the football player transfer market.
of 2001/2002), the higher income from television, radio and telephone rights and revenues from the U.E.F.A. Champions
League (€ 53.6 million, against € 50.5 million in the corresponding period of the previous year), the increase in revenue
The Income before Extraordinary Items of the first six months of 2002/2003 was negative for € 5.1 million, a fall
from sponsorship and commercial income (€ 24.7 million, against € 20.3 million in the first half of 2001/2002), and the
compared to the positive result of € 78 million of the corresponding period of the previous year, due to the fall in Player
rise in other revenues (€ 10.4 million, against € 6.2 million in the corresponding period of the previous year). The increase
Management.
in the annual revenue from official and technical sponsorship contracts and the contract regarding encrypted television
16
of transactions regarding financial instruments of the Company.
The Net Extraordinary Result , which at the end of the first six months of the 2001/2002 financial year felt the effect of
2002) held by non-related third parties. The Net Financial Position does not therefore include any debt and/or credit to
extraordinary expenses related to listing of € 5.9 million, at 31 December 2002 was positive for € 1.9 million (a negative
related parties. The fall of € 60.1 million in liquidity derives from cash absorbed by operations for € 54.2 million and
balance of € 5.4 million in the first six months of 2001/2002), partly due to the reversal into income (€ 1.3 million) of the
other minor economic and asset/liabilities effects which absorbed cash for a total of € 5.9 million. More in detail,
Allowance for doubtful accounts of the credit due from Sevilla Fotbal Club. After the decision by F.I.F.A., an agreement
operations absorbed liquidity following the increase in Net Working Capital (€ 62.1 million) and net investments in
has been reached between Sevilla Fotbal Club and Juventus that envisages the payment, guaranteed by bank
players' registration rights (€ 1.4 million) net of the positive Gross Operating Margin (EBITDA) for € 9.3 million in the six
surety, by Sevilla Fotbal Club of the sum due (€ 1.3 million) in 12 monthly instalments starting from August 2002. The
month period.
payments due in the six months were all received as expected.
As far as the effects of seasonality and advance payments on the net financial position are concerned (with the related
impact on Net Working Capital in terms of pre-paid income), it should be underlined that at 31 December 2002 € 7.5
Taxes for the first six months of 2002/2003 amounted to € 1 million, against € 35.3 million of the first half of 2001/2002,
million had been received out of a total of € 7.8 million related to the 2002/2003 Season Ticket Campaign and that the
and concern IRAP for the period net of the positive difference on deferred taxes deriving from the reduction in the IRPEG
sums deriving from encrypted television rights contracts with Europa TV (Telepiù Group) will be received in June 2003.
rate from 35% to 34%. The Company has a negative taxable IRPEG base for the period and funds have not therefore
More in detail, the sums for the 2004/2005 season (for € 74.9 million) will be received in June 2003, while the sums
been allocated for these taxes.
pertinent to the 2002/2003 financial year (for € 64.6 million) were received in the 2000/2001 financial year.
• the Net Working Capital at the end of December 2002 was negative for € 163.3 million, an increase compared to the
The Net Result of the first half of the 2002/2003 financial year was negative for € 4.2 million, a fall compared to the
- € 225.3 million of 30 June 2002 following lower debts to other football clubs (€ 12.3 million, against € 35.4
positive result of € 37.3 million in the corresponding period of the previous year following the drop in Players'
million), the increase in other net operating receivables (€ 41 million, against € 36 million) and the reduction in other
Management (negative for € 19.5 million, against a positive balance of € 87.4 million in the first six months of 2001/2002)
operating debts (€ 191.9 million, against € 226 million).
which more than compensated the improvement in the Gross Operating Margin excluding players' management (positive
for € 14 million against a negative result of circa € 2 million in the first half of 2001/2002).
• the Net Book Value of Players' Registration Rights at 31 December 2002 amounted to € 204.4 million, a fall
compared to the € 220.6 million at 30 June 2002 following the amortisation for the period and net of trading in the
Transfer Campaign.
As far as financial aspects, assets and liabilities are concerned, the summary table below follows the outline suggested
by CONSOB (recommendation DEM/2080535 of 9 December 2002):
principally following the net loss for the six months and the distribution of the dividend. As the net financial position
continues to be positive, the Debt/Equity ratio is not significant.
19
For further detailed information, see the financial statements attached to the Notes in this report.
OVERVIEW OF FINANCIAL DATA, ASSETS AND LIABILITIES
€/000
YEAR
2001/2002
FIRST HALF
2002/2003
FIRST HALF
2001/2002
The Juventus Football Club S.p.A. system of corporate governance is in line with the recommendations and the rules
contained in the Code of Conduct (in the version updated in July 2002) prepared by the Corporate Governance
NET FINANCIAL POSITION/(INDEBTEDNESS)
95,040
-
- short term* positive/(negative) components
- mid-long term* positive/(negative) components
34,760
-
70,399
-
Committee for listed companies, promoted and adopted by Borsa Italiana.
95,040
TOTAL
34,760
70,399
Club S.p.A..
27,950
FREE CASH FLOW AVAILABLE
- (variation for the period)
(60,085)
3,009
**
**
**
DEBT/EQUITY RATIO
Below we indicate the key aspects of the overall framework of the Corporate Governance of Juventus Football
THE BOARD OF DIRECTORS
In accordance with art. 15 of the By-laws, the Company Board of Directors meets, at least every three months,
* Figures at the end of the relevant period
** Considering that the Company at 31 december 2002 has neither short-term nor medium/long-term debt, this index is not significant
whenever the Chairman or Vice Chairman deem it proper, and it must also meet when a written request is made by at
least three members of the Board or by a Chief Executive Officer or by two Statutory Auditors. The following meetings
of the Board of Directors have been held in the last twelve months: 22 April 2002, 13 May 2002, 26 June 2002, 13
August 2002, 20 September 2002, 28 October 2002, 11 November 2002, 18 December 2002, 10 February 2003 and
It should also be noted that:
• The Net Financial Position at the end of December 2002 was positive for € 34.8 million, a fall compared to the
28 March 2003.
positive position of € 95 million at the end of June 2002. The positive position of € 34.8 million is due to the liquidity
The Board of Directors plays a central role in the organisation of the Company; as specified in art. 17 of the By-laws, it is
for € 32.8 million (€ 92.9 million at 30 June 2002) and financial operations for € 2 million (€ 2.2 million at 30 June
vested with the broadest powers for the ordinary and extraordinary management of the Company, with the power to take
all the measures considered necessary and appropriate to achieve the Company purpose, save only such action as is
18
• Shareholders' Equity at 31 December 2002 was € 93.6 million, a fall compared to € 99.5 million at 30 June 2002
The Net Extraordinary Result , which at the end of the first six months of the 2001/2002 financial year felt the effect of
2002) held by non-related third parties. The Net Financial Position does not therefore include any debt and/or credit to
extraordinary expenses related to listing of € 5.9 million, at 31 December 2002 was positive for € 1.9 million (a negative
related parties. The fall of € 60.1 million in liquidity derives from cash absorbed by operations for € 54.2 million and
balance of € 5.4 million in the first six months of 2001/2002), partly due to the reversal into income (€ 1.3 million) of the
other minor economic and asset/liabilities effects which absorbed cash for a total of € 5.9 million. More in detail,
Allowance for doubtful accounts of the credit due from Sevilla Fotbal Club. After the decision by F.I.F.A., an agreement
operations absorbed liquidity following the increase in Net Working Capital (€ 62.1 million) and net investments in
has been reached between Sevilla Fotbal Club and Juventus that envisages the payment, guaranteed by bank
players' registration rights (€ 1.4 million) net of the positive Gross Operating Margin (EBITDA) for € 9.3 million in the six
surety, by Sevilla Fotbal Club of the sum due (€ 1.3 million) in 12 monthly instalments starting from August 2002. The
month period.
payments due in the six months were all received as expected.
As far as the effects of seasonality and advance payments on the net financial position are concerned (with the related
impact on Net Working Capital in terms of pre-paid income), it should be underlined that at 31 December 2002 € 7.5
Taxes for the first six months of 2002/2003 amounted to € 1 million, against € 35.3 million of the first half of 2001/2002,
million had been received out of a total of € 7.8 million related to the 2002/2003 Season Ticket Campaign and that the
and concern IRAP for the period net of the positive difference on deferred taxes deriving from the reduction in the IRPEG
sums deriving from encrypted television rights contracts with Europa TV (Telepiù Group) will be received in June 2003.
rate from 35% to 34%. The Company has a negative taxable IRPEG base for the period and funds have not therefore
More in detail, the sums for the 2004/2005 season (for € 74.9 million) will be received in June 2003, while the sums
been allocated for these taxes.
pertinent to the 2002/2003 financial year (for € 64.6 million) were received in the 2000/2001 financial year.
• the Net Working Capital at the end of December 2002 was negative for € 163.3 million, an increase compared to the
The Net Result of the first half of the 2002/2003 financial year was negative for € 4.2 million, a fall compared to the
- € 225.3 million of 30 June 2002 following lower debts to other football clubs (€ 12.3 million, against € 35.4
positive result of € 37.3 million in the corresponding period of the previous year following the drop in Players'
million), the increase in other net operating receivables (€ 41 million, against € 36 million) and the reduction in other
Management (negative for € 19.5 million, against a positive balance of € 87.4 million in the first six months of 2001/2002)
operating debts (€ 191.9 million, against € 226 million).
which more than compensated the improvement in the Gross Operating Margin excluding players' management (positive
for € 14 million against a negative result of circa € 2 million in the first half of 2001/2002).
• the Net Book Value of Players' Registration Rights at 31 December 2002 amounted to € 204.4 million, a fall
compared to the € 220.6 million at 30 June 2002 following the amortisation for the period and net of trading in the
Transfer Campaign.
As far as financial aspects, assets and liabilities are concerned, the summary table below follows the outline suggested
by CONSOB (recommendation DEM/2080535 of 9 December 2002):
principally following the net loss for the six months and the distribution of the dividend. As the net financial position
continues to be positive, the Debt/Equity ratio is not significant.
19
For further detailed information, see the financial statements attached to the Notes in this report.
OVERVIEW OF FINANCIAL DATA, ASSETS AND LIABILITIES
€/000
YEAR
2001/2002
FIRST HALF
2002/2003
FIRST HALF
2001/2002
The Juventus Football Club S.p.A. system of corporate governance is in line with the recommendations and the rules
contained in the Code of Conduct (in the version updated in July 2002) prepared by the Corporate Governance
NET FINANCIAL POSITION/(INDEBTEDNESS)
95,040
-
- short term* positive/(negative) components
- mid-long term* positive/(negative) components
34,760
-
70,399
-
Committee for listed companies, promoted and adopted by Borsa Italiana.
95,040
TOTAL
34,760
70,399
Club S.p.A..
27,950
FREE CASH FLOW AVAILABLE
- (variation for the period)
(60,085)
3,009
**
**
**
DEBT/EQUITY RATIO
Below we indicate the key aspects of the overall framework of the Corporate Governance of Juventus Football
THE BOARD OF DIRECTORS
In accordance with art. 15 of the By-laws, the Company Board of Directors meets, at least every three months,
* Figures at the end of the relevant period
** Considering that the Company at 31 december 2002 has neither short-term nor medium/long-term debt, this index is not significant
whenever the Chairman or Vice Chairman deem it proper, and it must also meet when a written request is made by at
least three members of the Board or by a Chief Executive Officer or by two Statutory Auditors. The following meetings
of the Board of Directors have been held in the last twelve months: 22 April 2002, 13 May 2002, 26 June 2002, 13
August 2002, 20 September 2002, 28 October 2002, 11 November 2002, 18 December 2002, 10 February 2003 and
It should also be noted that:
• The Net Financial Position at the end of December 2002 was positive for € 34.8 million, a fall compared to the
28 March 2003.
positive position of € 95 million at the end of June 2002. The positive position of € 34.8 million is due to the liquidity
The Board of Directors plays a central role in the organisation of the Company; as specified in art. 17 of the By-laws, it is
for € 32.8 million (€ 92.9 million at 30 June 2002) and financial operations for € 2 million (€ 2.2 million at 30 June
vested with the broadest powers for the ordinary and extraordinary management of the Company, with the power to take
all the measures considered necessary and appropriate to achieve the Company purpose, save only such action as is
18
• Shareholders' Equity at 31 December 2002 was € 93.6 million, a fall compared to € 99.5 million at 30 June 2002
reserved by law to the Shareholders' Meeting.
decisions. The non executive directors offer their specific competencies in Board meetings, contributing to the assumption
The Board of Directors exercises its powers in conformity with point 1.2 of the Code of Conduct. In particular, it:
of decisions in line with Company interests.
- examines and approves the Company's strategic, commercial and financial plans;
The Company Board of Directors also includes an adequate number of independent directors. These directors, as
- assigns and revokes the powers of Chief Executive Officers and defines their limits, the forms in which they may be
recommended by article 3 of the Code of Conduct:
exercised and the regularity with which they must report to the Board on the work conducted regarding the powers
assigned to them, at least every three months as specified in the By-laws;
- after examination of the proposals of the Remuneration and Appointments Committee and after consulting the Board
of Auditors, decides on the remuneration of the chief executive officers and of those who occupy particular positions,
as well as the subdivision of the global remuneration for the individual members of the Board of Directors, when this has
not been decided by the Shareholders' Meeting;
- oversees the general management situation with particular attention to situations of conflict of interest, paying particular
the Company, with its executive directors, or with the Company's controlling shareholder such as to impair their
independence of judgement;
b) do not possess, directly or indirectly, a number of shares such as to exercise control of the Company, nor are members
of shareholder agreements for the control of the Company;
c) are not close members of the family of the executive directors of the Company nor of others in the situations indicated
in points a) and b) above.
attention to information received from the executive directors and the Audit Committee, as well as regular comparison
Nominations for the position of director, accompanied by full information concerning the personal and professional
of effective results against forecasts;
characteristics of the candidates, are to be deposited at Company offices at least 10 days before the date announced for
- examines and approves operations of a significant economic, equity and financial impact (with particular reference to
the Meeting.
operations with related parties) in as far as this is compatible with the decision-making speed demanded by the "transfer
The Chairman of the Board of Directors, nominated in accordance with art. 14 of the By-laws by the Board of Directors
campaign"; in any case, the Executive Directors and the General Manager act within the framework of plans defined by
when the Shareholders' Meeting has not already done so, convenes the Board of Directors at least once every three
the Board of Directors to which they report promptly about transfer operations;
months (art. 15 of the By-laws) and co-ordinates its meetings, ensuring that the directors are provided with timely and
- verifies the adequacy of the general organisational and administrative structure of the Company as prepared by the Chief
Executive Officers;
adequate information such as to enable the Board to take its decisions with the due diligence.
The Chairman of the Board of Directors holds no operational responsibilities and does not play a managerial role in the
- reports to the shareholders at the AGM.
Company.
In addition, the Board of Directors:
Art. 12 of the By-laws states that (i) the Shareholders' Meeting is chaired by the Chairman of the Board of Directors or (ii)
- in compliance with point 3.2 of the Code of Conduct, periodically evaluates the independence of directors, taking into
in his absence by the most senior in age Vice-Chairman present or, (iii) if absent, by another person indicated by the
account the information provided by the individuals concerned and informs the market of the assessments;
- in compliance with point 9.2 of the Code of Conduct, sets the guidelines and periodically evaluates the adequacy and
effectiveness of the internal control system.
Meeting. It is the task of the Chairman of the Meeting to verify the validity of the proxies and in general the right to attend
the Meeting and to ensure that the Meeting proceeds correctly. The resolutions of the Meeting are reported in the form
of minutes signed by the Chairman and the Notary Public or the Secretary.
The Board of Directors may nominate one or more Chief Executive Officers, who may, as per art. 21 of the By-laws, sign
Art. 15 of the By-laws specifies the obligation for the Directors to whom powers have been delegated to report at least
on behalf of and represent the Company to exercise the powers granted to them, to execute decisions made by the Board
every three months to the Board of Directors and to the Board of Auditors on the activity conducted in exercising these
and in court.
powers, on the most significant operations conducted by the Company or by subsidiary companies and on those
Art. 18 of the By-laws states that the Board of Directors may delegate all or part of its powers, with related powers of
transactions with potential conflict of interest.
attorney, to an Executive Committee. In the event the Executive Committee is established, it may take decisions with the
Reports are made at meetings of the Board of Directors. Directors to whom powers have been delegated also report to
affirmative vote of the absolute majority of those present; for the decisions to be valid, the majority of the members of the
the Board of Directors about extraordinary and unusual operations or ones with related parties, the examination and
Committee must be present.
approval of which are not reserved for the Board of Directors.
Directors act and make their decisions independently and with full knowledge of the facts before them, pursuing the goal
of creating value for shareholders. Directors accept their position when they believe they can diligently devote the time
TREATMENT OF CONFIDENTIAL INFORMATION
required, also taking into account the number of positions they hold as director or auditor in other listed companies in
On 13 February 2002 the Board of Directors approved a specific Procedure for the management and treatment of
regulated markets, including foreign ones, in financial, banking, insurance companies or others of significant size.
confidential information, also containing procedures for external communication of documents and information concerning
Considering the information provided by the individuals concerned, the Board of Directors notes the positions held as
the Company, with particular reference to price sensitive information.
director or auditor by Directors in the companies indicated above annually and discloses them in the Report on
The purpose of this Procedure is to maintain the confidentiality of certain information, ensuring at the same time that
Operations.
information about the Company provided to the market is correct, complete, adequate and timely.
The Board of Directors is constantly informed on a timely basis of new legislation and rules which relate to the Company.
The Procedure vests the Chairman, the Vice Chairman, the Chief Executive Officer and the General Manager with general
The Board of Directors is composed of a majority of non executive directors (without operational responsibilities and/or
responsibility for the management of confidential information. The task of communicating price-sensitive information is
executive functions in the Company), such as to guarantee, by number and authority, a decisive weight in Board
performed through the body denominated Investor Relations, under the direct responsibility of the Chief Executive Officer.
21
20
a) do not have, directly, indirectly or on behalf of third parties, nor have recently had significant economic relations with
reserved by law to the Shareholders' Meeting.
decisions. The non executive directors offer their specific competencies in Board meetings, contributing to the assumption
The Board of Directors exercises its powers in conformity with point 1.2 of the Code of Conduct. In particular, it:
of decisions in line with Company interests.
- examines and approves the Company's strategic, commercial and financial plans;
The Company Board of Directors also includes an adequate number of independent directors. These directors, as
- assigns and revokes the powers of Chief Executive Officers and defines their limits, the forms in which they may be
recommended by article 3 of the Code of Conduct:
exercised and the regularity with which they must report to the Board on the work conducted regarding the powers
assigned to them, at least every three months as specified in the By-laws;
- after examination of the proposals of the Remuneration and Appointments Committee and after consulting the Board
of Auditors, decides on the remuneration of the chief executive officers and of those who occupy particular positions,
as well as the subdivision of the global remuneration for the individual members of the Board of Directors, when this has
not been decided by the Shareholders' Meeting;
- oversees the general management situation with particular attention to situations of conflict of interest, paying particular
the Company, with its executive directors, or with the Company's controlling shareholder such as to impair their
independence of judgement;
b) do not possess, directly or indirectly, a number of shares such as to exercise control of the Company, nor are members
of shareholder agreements for the control of the Company;
c) are not close members of the family of the executive directors of the Company nor of others in the situations indicated
in points a) and b) above.
attention to information received from the executive directors and the Audit Committee, as well as regular comparison
Nominations for the position of director, accompanied by full information concerning the personal and professional
of effective results against forecasts;
characteristics of the candidates, are to be deposited at Company offices at least 10 days before the date announced for
- examines and approves operations of a significant economic, equity and financial impact (with particular reference to
the Meeting.
operations with related parties) in as far as this is compatible with the decision-making speed demanded by the "transfer
The Chairman of the Board of Directors, nominated in accordance with art. 14 of the By-laws by the Board of Directors
campaign"; in any case, the Executive Directors and the General Manager act within the framework of plans defined by
when the Shareholders' Meeting has not already done so, convenes the Board of Directors at least once every three
the Board of Directors to which they report promptly about transfer operations;
months (art. 15 of the By-laws) and co-ordinates its meetings, ensuring that the directors are provided with timely and
- verifies the adequacy of the general organisational and administrative structure of the Company as prepared by the Chief
Executive Officers;
adequate information such as to enable the Board to take its decisions with the due diligence.
The Chairman of the Board of Directors holds no operational responsibilities and does not play a managerial role in the
- reports to the shareholders at the AGM.
Company.
In addition, the Board of Directors:
Art. 12 of the By-laws states that (i) the Shareholders' Meeting is chaired by the Chairman of the Board of Directors or (ii)
- in compliance with point 3.2 of the Code of Conduct, periodically evaluates the independence of directors, taking into
in his absence by the most senior in age Vice-Chairman present or, (iii) if absent, by another person indicated by the
account the information provided by the individuals concerned and informs the market of the assessments;
- in compliance with point 9.2 of the Code of Conduct, sets the guidelines and periodically evaluates the adequacy and
effectiveness of the internal control system.
Meeting. It is the task of the Chairman of the Meeting to verify the validity of the proxies and in general the right to attend
the Meeting and to ensure that the Meeting proceeds correctly. The resolutions of the Meeting are reported in the form
of minutes signed by the Chairman and the Notary Public or the Secretary.
The Board of Directors may nominate one or more Chief Executive Officers, who may, as per art. 21 of the By-laws, sign
Art. 15 of the By-laws specifies the obligation for the Directors to whom powers have been delegated to report at least
on behalf of and represent the Company to exercise the powers granted to them, to execute decisions made by the Board
every three months to the Board of Directors and to the Board of Auditors on the activity conducted in exercising these
and in court.
powers, on the most significant operations conducted by the Company or by subsidiary companies and on those
Art. 18 of the By-laws states that the Board of Directors may delegate all or part of its powers, with related powers of
transactions with potential conflict of interest.
attorney, to an Executive Committee. In the event the Executive Committee is established, it may take decisions with the
Reports are made at meetings of the Board of Directors. Directors to whom powers have been delegated also report to
affirmative vote of the absolute majority of those present; for the decisions to be valid, the majority of the members of the
the Board of Directors about extraordinary and unusual operations or ones with related parties, the examination and
Committee must be present.
approval of which are not reserved for the Board of Directors.
Directors act and make their decisions independently and with full knowledge of the facts before them, pursuing the goal
of creating value for shareholders. Directors accept their position when they believe they can diligently devote the time
TREATMENT OF CONFIDENTIAL INFORMATION
required, also taking into account the number of positions they hold as director or auditor in other listed companies in
On 13 February 2002 the Board of Directors approved a specific Procedure for the management and treatment of
regulated markets, including foreign ones, in financial, banking, insurance companies or others of significant size.
confidential information, also containing procedures for external communication of documents and information concerning
Considering the information provided by the individuals concerned, the Board of Directors notes the positions held as
the Company, with particular reference to price sensitive information.
director or auditor by Directors in the companies indicated above annually and discloses them in the Report on
The purpose of this Procedure is to maintain the confidentiality of certain information, ensuring at the same time that
Operations.
information about the Company provided to the market is correct, complete, adequate and timely.
The Board of Directors is constantly informed on a timely basis of new legislation and rules which relate to the Company.
The Procedure vests the Chairman, the Vice Chairman, the Chief Executive Officer and the General Manager with general
The Board of Directors is composed of a majority of non executive directors (without operational responsibilities and/or
responsibility for the management of confidential information. The task of communicating price-sensitive information is
executive functions in the Company), such as to guarantee, by number and authority, a decisive weight in Board
performed through the body denominated Investor Relations, under the direct responsibility of the Chief Executive Officer.
21
20
a) do not have, directly, indirectly or on behalf of third parties, nor have recently had significant economic relations with
The Procedure itself also institutes specific procedures to be observed in the external communication of price-sensitive
received; (c) evaluates, together with the Company's management and auditors, the adequacy of the accounting
documents and information and carefully regulates the ways in which Company representatives come into contact with
principles used and is entrusted with maintaining relations between the person responsible for internal control of the
the press and other mass media (i.e. with financial analysts and institutional investors).
Company, the Board of Directors, the Board of Statutory Auditors and the independent auditors; (d) evaluates the
In addition, in compliance with art. 2.6.3 of the Regulations of the Markets Organised and Managed by Borsa Italiana
proposals made by the independent auditors in their application for the position, as well as the work plan prepared for
S.p.A., the Company adopted a code of conduct aimed at disciplining, with binding effect, the obligation to provide
the audit and the results illustrated in the reports issued by the independent auditors; (e) reports to the Board on the work
information regarding operations on financial instruments as indicated by articles 2.6.3 and 2.6.4 of the Borsa Regulations
of the Committee itself and on the adequacy of the internal control system; (f) performs other tasks that are assigned by
made by directors, general managers, auditors and other "significant figures" that the Company itself identified. The
the Board of Directors, especially in relation to the independent auditors.
Company promptly informed the market of the adoption of the code of conduct.
The Board of Directors meeting of 4 September 2001 indicated Teresa Gastaldo, Administration and Personnel Manager,
as the person responsible for internal control.
DIRECTORS’ REMUNERATION AND APPOINTMENTS.
THE REMUNERATION AND APPOINTMENTS COMMITTEE
For the three year period of 2001/2002, 2002/2003 and 2003/2004, the Company has appointed
The Company adopts incentive mechanisms on the basis of which the remuneration of executive directors, the General
reports and verification that the accounts are kept in conformity with legislative decree no. 58/98.
PricewaterhouseCoopers S.p.A. as auditors for the statutory audit of the financial year, limited audits of the six-monthly
Manager and other employees includes a part that varies according to whether certain economic and/or sporting results
OTHER CORPORATE GOVERNANCE PROCEDURES AND GUIDELINES
Executive Officer Antonio Giraudo and the Director and General Manager Luciano Moggi is linked to the achievement of
Operations with related parties - as defined by international accounting principles - are conducted pursuant to criteria of
the individual objectives set (qualitative and quantitative) and to the results (both economic and sporting) achieved by the
correctness in substance and procedure.
Company.
In operations with related parties, directors who have an interest, even potential or indirect, in the operation: a) shall
With a vote on 4 September 2001, the Board of Directors nominated a Remuneration and Appointments Committee to
promptly and fully inform the Board of Directors of the existence of the interest and related circumstances, independently
provide consultancy and proposals.
of the existence of a conflict of interest; b) shall leave the Board meeting during deliberation. Where the nature, value or
With a vote on 28 March 2003, the Board of Directors appointed the director Daniel John Winteler as member of the
other characteristics of the operations make it appropriate, the Board of Directors, in order to avoid conditions being
Remuneration and Appointments Committee to replace Mr Virgilio Marrone. The Remuneration and Appointments
agreed other than those that would reasonably have been negotiated between unrelated parties, may call on the assistance
Committee is thus made up of the directors: Vittorio Caissotti di Chiusano (Chairman), Giancarlo Cerutti and Daniel John
of independent experts.
Winteler.
In order to establish a constant and professional relationship with all shareholders, as well as with institutional investors,
The role of the Remuneration and Appointments Committee is to evaluate the remuneration levels of the Company's top
as requested by the Code of Conduct and also to respond to the further demands to be satisfied for admission to the
management, any stock option or stock allocation plans, career plans, and the plans for the replacement of people who
STAR segment of the Mercato Telematico Azionario organised and managed by Borsa Italiana S.p.A., the appointment
occupy key positions in the Company structure.
has been made of a person responsible for the specific management of all activities concerning relations with institutional
23
investors and other shareholders in the person of Marco Re (Investor Relations Manager).
INTERNAL CONTROL AND THE AUDIT COMMITTEE
The recommendation contained in the Code of Conduct to consider the Shareholders' Meeting as the key moment for
The Company's internal control system is the set of processes to monitor the efficiency of company operations, the
fruitful dialogue between the shareholders and the Board of Directors has been carefully assessed and is fully shared by
reliability of financial information, the observance of laws and regulations and the protection of company assets.
the Company, which believes it appropriate to adopt specific measures intended to make the best possible use of the
The Board of Directors is responsible for the internal control system, for which it sets the guidelines and periodically
meetings, as well as ensuring the regular attendance of its own directors at the meetings.
verifies its adequacy and effectiveness, ensuring that the chief company risks are identified and managed appropriately.
To this end, on 4 September 2001, the Shareholders' Meeting approved the "OGM/EGM Code" which regulates the
The Chief Executive Director, with the help of the Chairman of the Audit Committee, identifies the chief company risks,
ordered and effective management of Company Meetings, also to encourage the participation of as many shareholders
submitting them to the Board of Directors, and implements the board's guidelines through the drafting, management and
as possible.
monitoring of the internal control system.
In line with art.14 of the Code of Conduct, the Board of Auditors plays a fundamental function in the Company of
With a vote on 4 September 2001, the Board of Directors nominated an Audit Committee to provide consultancy and
control and verification of the correct administration and accounting management of the Company, of observance of the
proposals, as well as to control internal (administrative and operational) procedures. With a vote on 28 October 2002, the
law and the articles of association, in complete autonomy and independence. Art. 22 of the By-laws establishes that the
Board of Directors appointed the directors Giancarlo Cerutti and Andrea Pininfarina as members of the Audit Committee
Board of Auditors is made up of three acting Auditors and two alternate Auditors. The election of one Auditor and one
to replace the directors Vittorio Caissotti di Chiusano and Virgilio Marrone. The Audit Committee is thus made up of three
Deputy Auditor is reserved for the minority. The Board of Auditors is nominated on the basis of lists presented by the
independent directors,: Claudio Saracco (Chairman), Giancarlo Cerutti and Andrea Pininfarina.
shareholders and deposited at the Company offices at least ten days before the date set for the first calling of the
The Audit Committee (a) assists the Board of Directors in fulfilling its tasks related to the internal control system; (b)
meeting. The shareholders presenting such lists will be asked to accompany the lists with full information concerning the
evaluates the work plan drawn up by the person responsible for internal control, from whom periodical reports are
personal and professional background of the candidates.
22
are achieved. In particular, a significant part of the remuneration of the Vice Chairman Roberto Bettega, the Chief
The Procedure itself also institutes specific procedures to be observed in the external communication of price-sensitive
received; (c) evaluates, together with the Company's management and auditors, the adequacy of the accounting
documents and information and carefully regulates the ways in which Company representatives come into contact with
principles used and is entrusted with maintaining relations between the person responsible for internal control of the
the press and other mass media (i.e. with financial analysts and institutional investors).
Company, the Board of Directors, the Board of Statutory Auditors and the independent auditors; (d) evaluates the
In addition, in compliance with art. 2.6.3 of the Regulations of the Markets Organised and Managed by Borsa Italiana
proposals made by the independent auditors in their application for the position, as well as the work plan prepared for
S.p.A., the Company adopted a code of conduct aimed at disciplining, with binding effect, the obligation to provide
the audit and the results illustrated in the reports issued by the independent auditors; (e) reports to the Board on the work
information regarding operations on financial instruments as indicated by articles 2.6.3 and 2.6.4 of the Borsa Regulations
of the Committee itself and on the adequacy of the internal control system; (f) performs other tasks that are assigned by
made by directors, general managers, auditors and other "significant figures" that the Company itself identified. The
the Board of Directors, especially in relation to the independent auditors.
Company promptly informed the market of the adoption of the code of conduct.
The Board of Directors meeting of 4 September 2001 indicated Teresa Gastaldo, Administration and Personnel Manager,
as the person responsible for internal control.
DIRECTORS’ REMUNERATION AND APPOINTMENTS.
THE REMUNERATION AND APPOINTMENTS COMMITTEE
For the three year period of 2001/2002, 2002/2003 and 2003/2004, the Company has appointed
The Company adopts incentive mechanisms on the basis of which the remuneration of executive directors, the General
reports and verification that the accounts are kept in conformity with legislative decree no. 58/98.
PricewaterhouseCoopers S.p.A. as auditors for the statutory audit of the financial year, limited audits of the six-monthly
Manager and other employees includes a part that varies according to whether certain economic and/or sporting results
OTHER CORPORATE GOVERNANCE PROCEDURES AND GUIDELINES
Executive Officer Antonio Giraudo and the Director and General Manager Luciano Moggi is linked to the achievement of
Operations with related parties - as defined by international accounting principles - are conducted pursuant to criteria of
the individual objectives set (qualitative and quantitative) and to the results (both economic and sporting) achieved by the
correctness in substance and procedure.
Company.
In operations with related parties, directors who have an interest, even potential or indirect, in the operation: a) shall
With a vote on 4 September 2001, the Board of Directors nominated a Remuneration and Appointments Committee to
promptly and fully inform the Board of Directors of the existence of the interest and related circumstances, independently
provide consultancy and proposals.
of the existence of a conflict of interest; b) shall leave the Board meeting during deliberation. Where the nature, value or
With a vote on 28 March 2003, the Board of Directors appointed the director Daniel John Winteler as member of the
other characteristics of the operations make it appropriate, the Board of Directors, in order to avoid conditions being
Remuneration and Appointments Committee to replace Mr Virgilio Marrone. The Remuneration and Appointments
agreed other than those that would reasonably have been negotiated between unrelated parties, may call on the assistance
Committee is thus made up of the directors: Vittorio Caissotti di Chiusano (Chairman), Giancarlo Cerutti and Daniel John
of independent experts.
Winteler.
In order to establish a constant and professional relationship with all shareholders, as well as with institutional investors,
The role of the Remuneration and Appointments Committee is to evaluate the remuneration levels of the Company's top
as requested by the Code of Conduct and also to respond to the further demands to be satisfied for admission to the
management, any stock option or stock allocation plans, career plans, and the plans for the replacement of people who
STAR segment of the Mercato Telematico Azionario organised and managed by Borsa Italiana S.p.A., the appointment
occupy key positions in the Company structure.
has been made of a person responsible for the specific management of all activities concerning relations with institutional
23
investors and other shareholders in the person of Marco Re (Investor Relations Manager).
INTERNAL CONTROL AND THE AUDIT COMMITTEE
The recommendation contained in the Code of Conduct to consider the Shareholders' Meeting as the key moment for
The Company's internal control system is the set of processes to monitor the efficiency of company operations, the
fruitful dialogue between the shareholders and the Board of Directors has been carefully assessed and is fully shared by
reliability of financial information, the observance of laws and regulations and the protection of company assets.
the Company, which believes it appropriate to adopt specific measures intended to make the best possible use of the
The Board of Directors is responsible for the internal control system, for which it sets the guidelines and periodically
meetings, as well as ensuring the regular attendance of its own directors at the meetings.
verifies its adequacy and effectiveness, ensuring that the chief company risks are identified and managed appropriately.
To this end, on 4 September 2001, the Shareholders' Meeting approved the "OGM/EGM Code" which regulates the
The Chief Executive Director, with the help of the Chairman of the Audit Committee, identifies the chief company risks,
ordered and effective management of Company Meetings, also to encourage the participation of as many shareholders
submitting them to the Board of Directors, and implements the board's guidelines through the drafting, management and
as possible.
monitoring of the internal control system.
In line with art.14 of the Code of Conduct, the Board of Auditors plays a fundamental function in the Company of
With a vote on 4 September 2001, the Board of Directors nominated an Audit Committee to provide consultancy and
control and verification of the correct administration and accounting management of the Company, of observance of the
proposals, as well as to control internal (administrative and operational) procedures. With a vote on 28 October 2002, the
law and the articles of association, in complete autonomy and independence. Art. 22 of the By-laws establishes that the
Board of Directors appointed the directors Giancarlo Cerutti and Andrea Pininfarina as members of the Audit Committee
Board of Auditors is made up of three acting Auditors and two alternate Auditors. The election of one Auditor and one
to replace the directors Vittorio Caissotti di Chiusano and Virgilio Marrone. The Audit Committee is thus made up of three
Deputy Auditor is reserved for the minority. The Board of Auditors is nominated on the basis of lists presented by the
independent directors,: Claudio Saracco (Chairman), Giancarlo Cerutti and Andrea Pininfarina.
shareholders and deposited at the Company offices at least ten days before the date set for the first calling of the
The Audit Committee (a) assists the Board of Directors in fulfilling its tasks related to the internal control system; (b)
meeting. The shareholders presenting such lists will be asked to accompany the lists with full information concerning the
evaluates the work plan drawn up by the person responsible for internal control, from whom periodical reports are
personal and professional background of the candidates.
22
are achieved. In particular, a significant part of the remuneration of the Vice Chairman Roberto Bettega, the Chief
LEGISLATIVE DECREE 231/2001
Furthermore, the following operations have been conducted between Juventus F.C. S.p.A., the parent company IFI S.p.A.
With reference to the hypotheses of the administrative responsibility of legal entities envisaged by Legislative Decree
and companies in the group:
231/2001, the Company has conducted a preliminary monitoring of the powers to represent the company, conferred
- purchase of software licences for € 2 thousand from Global Value S.p.A.;
within the Company, from the perspective of preventing the offences covered by the above measure.
- financing operation for € 75.000 thousand to IFI S.p.A.;
- consultancy services from Campi di Vinovo S.p.A. for the "Mondo Juve" and "Stadio delle Alpi" projects for € 100 thousand.
As regards operations with other related parties, for the period 01/07/2002 - 31/12/2002, sums are due to Football
FURTHER INFORMATION
Management S.r.l. for € 365.6 thousand and to GEA World S.p.A. for € 777 thousand, for consultancy services provided
during operations concerning the management of players' registration rights and related image rights.
OPERATIONS WITH THE CONTROLLING COMPANY, WITH COMPANIES OF THE GROUP
AND RELATED PARTIES
Company operations with the parent company IFI S.p.A. were of a financial nature for the provision of services and
guarantees related to the Transfer Campaign in the current financial year for € 10,741 thousand. It should be noted that
SIGNIFICANT EVENTS AFTER THE CLOSURE OF THE FIRST SIX MONTHS OF THE
2002/2003 FINANCIAL YEAR
guarantees relating to the 2001/2002 year for € 86,940 thousand are still outstanding.
FOOTBALL SEASON
The financial and economic relations with companies of the IFI Group are as summarised below:
The First Team qualified for the quarter finals of the U.E.F.A. Champions League and was eliminated from the TIM
2002/2003 Italian Cup.
RECEIVABLES
at 31/12/02
PAYABLES
at 31/12/02
REVENUES
1/7-31/12/02
EXPENSES
1/7-31/12/02
588.7
263.4
602.6
140.9
AUGUSTA ASSICURAZIONI S.p.A.
-
-
1.2
16.3
CAMPI DI VINOVO S.p.A.
-
99.0
16.7
-
COMAU SYSTEM S.p.A
-
-
4.7
-
EDITRICE LA STAMPA S.p.A.
-
17.7
-
40.3
142.3
192.2
702.8
302.1
& COMMUNICATION SERVICES S.r.l.
-
1.8
-
1.8
FIAT SEPIN S.C.p.A.
-
-
-
2.9
GLOBAL VALUE S.p.A.
-
1.5
-
1.8
H.R. SERVICES S.p.A.
-
-
-
3.8
I.T.S. S.r.l.
-
2.1
-
-
IFIL S.p.A.
-
-
19.8
-
PUBLIKOMPASS S.p.A.
-
0.5
-
1.1
SADI S.p.A.
-
-
-
0.1
SISPORT FIAT S.p.A.
-
8.3
-
15.1
SOIEM S.p.A.
-
30.1
0.1
95.2
8.6
1.9
2,282.1
1,995.3
IFI S.p.A.
24
FIAT AUTO S.p.A.
FIAT INFORMATION
TORO ASSICURAZIONI S.p.A.
football tournament, raising the prestigious trophy for the third time in its history after victories in 1961 and 1994.
TRANSFER CAMPAIGN
On 29 January 2003 an agreement was reached with Piacenza F.C. S.p.A. for the temporary transfer of the registration
rights of the football player Davide Baiocco for a sum of € 50,000. In addition, Juventus Football Club also reached an
25
agreement with F.C. Modena S.p.A. for the temporary transfer of the registration rights of the player Emiliano Moretti for
a sum of € 50,000. Both transfers are valid until 30 June 2003.
On the basis of the operations completed at the end of the second phase (from 2 January to 31 January 2003), the
2002/2003 Transfer Campaign, including the termination of player sharing and the acquisition of options, entailed a total
financial loss of € 9.4 million due to:
€/000
Investments
Disposals
BALANCE
(39,076)
(8,358)
38,012
(9,422)
The economic effect, also including terminations of player sharing and gross of any additional expenses, was positive for
€ 15.8 million. The temporary purchases and disposals of players' registration rights led to a net negative economic and
WORKNET - SOCIETA’ DI FORNITURA
-
-
-
3.1
739.6
618.5
3,630.0
2,619.8
DI LAVORO TEMPORANEO S.p.A.
TOTAL
In February 2003 the Primavera team won the 55th edition of the "Coppa Carnevale" in Viareggio, the world youth
financial effect for € 8.1 million. The overall negative financial result is therefore € 17.5 million of which:
€/000
LEGISLATIVE DECREE 231/2001
Furthermore, the following operations have been conducted between Juventus F.C. S.p.A., the parent company IFI S.p.A.
With reference to the hypotheses of the administrative responsibility of legal entities envisaged by Legislative Decree
and companies in the group:
231/2001, the Company has conducted a preliminary monitoring of the powers to represent the company, conferred
- purchase of software licences for € 2 thousand from Global Value S.p.A.;
within the Company, from the perspective of preventing the offences covered by the above measure.
- financing operation for € 75.000 thousand to IFI S.p.A.;
- consultancy services from Campi di Vinovo S.p.A. for the "Mondo Juve" and "Stadio delle Alpi" projects for € 100 thousand.
As regards operations with other related parties, for the period 01/07/2002 - 31/12/2002, sums are due to Football
FURTHER INFORMATION
Management S.r.l. for € 365.6 thousand and to GEA World S.p.A. for € 777 thousand, for consultancy services provided
during operations concerning the management of players' registration rights and related image rights.
OPERATIONS WITH THE CONTROLLING COMPANY, WITH COMPANIES OF THE GROUP
AND RELATED PARTIES
Company operations with the parent company IFI S.p.A. were of a financial nature for the provision of services and
guarantees related to the Transfer Campaign in the current financial year for € 10,741 thousand. It should be noted that
SIGNIFICANT EVENTS AFTER THE CLOSURE OF THE FIRST SIX MONTHS OF THE
2002/2003 FINANCIAL YEAR
guarantees relating to the 2001/2002 year for € 86,940 thousand are still outstanding.
FOOTBALL SEASON
The financial and economic relations with companies of the IFI Group are as summarised below:
The First Team qualified for the quarter finals of the U.E.F.A. Champions League and was eliminated from the TIM
2002/2003 Italian Cup.
RECEIVABLES
at 31/12/02
PAYABLES
at 31/12/02
REVENUES
1/7-31/12/02
EXPENSES
1/7-31/12/02
588.7
263.4
602.6
140.9
AUGUSTA ASSICURAZIONI S.p.A.
-
-
1.2
16.3
-
99.0
16.7
-
COMAU SYSTEM S.p.A
-
-
4.7
-
EDITRICE LA STAMPA S.p.A.
-
17.7
-
40.3
142.3
192.2
702.8
302.1
& COMMUNICATION SERVICES S.r.l.
-
1.8
-
1.8
FIAT SEPIN S.C.p.A.
-
-
-
2.9
GLOBAL VALUE S.p.A.
-
1.5
-
1.8
H.R. SERVICES S.p.A.
-
-
-
3.8
I.T.S. S.r.l.
-
2.1
-
-
IFIL S.p.A.
-
-
19.8
-
PUBLIKOMPASS S.p.A.
-
0.5
-
1.1
SADI S.p.A.
-
-
-
0.1
SISPORT FIAT S.p.A.
-
8.3
-
15.1
SOIEM S.p.A.
-
30.1
0.1
95.2
8.6
1.9
2,282.1
1,995.3
IFI S.p.A.
24
FIAT AUTO S.p.A.
FIAT INFORMATION
TORO ASSICURAZIONI S.p.A.
football tournament, raising the prestigious trophy for the third time in its history after victories in 1961 and 1994.
TRANSFER CAMPAIGN
On 29 January 2003 an agreement was reached with Piacenza F.C. S.p.A. for the temporary transfer of the registration
rights of the football player Davide Baiocco for a sum of € 50,000. In addition, Juventus Football Club also reached an
25
agreement with F.C. Modena S.p.A. for the temporary transfer of the registration rights of the player Emiliano Moretti for
a sum of € 50,000. Both transfers are valid until 30 June 2003.
On the basis of the operations completed at the end of the second phase (from 2 January to 31 January 2003), the
2002/2003 Transfer Campaign, including the termination of player sharing and the acquisition of options, entailed a total
financial loss of € 9.4 million due to:
€/000
Investments
Disposals
BALANCE
(39,076)
(8,358)
38,012
(9,422)
The economic effect, also including terminations of player sharing and gross of any additional expenses, was positive for
€ 15.8 million. The temporary purchases and disposals of players' registration rights led to a net negative economic and
WORKNET - SOCIETA’ DI FORNITURA
-
-
-
3.1
739.6
618.5
3,630.0
2,619.8
DI LAVORO TEMPORANEO S.p.A.
TOTAL
In February 2003 the Primavera team won the 55th edition of the "Coppa Carnevale" in Viareggio, the world youth
financial effect for € 8.1 million. The overall negative financial result is therefore € 17.5 million of which:
€/000
receipt of € 2.5 million in the 2003/2004 season; receipt of € 2.6 million in the 2004/2005 season). The expenditure
CONVERSION OF LEGISLATIVE DECREE NO. 282 OF 24 DECEMBER 2002 INTO LAW NO. 27 OF
21 FEBRUARY 2003 - MEASURES IN FAVOUR OF PROFESSIONAL FOOTBALL COMPANIES
of € 3.1 million will have an effect on the net financial position at 30 June 2003, while the positive balance of € 5.1
Legislative Decree no. 282 of 24 December 2002, as amended and definitively approved by the Senate on 18 February
million will be recorded in accounts in credit items and will, therefore, increase the net working capital at the end of the
2003, published in the Gazzetta Ufficiale as law no. 27 of 21 February 2003, specifies in article 3, paragraph 1bis,
measures concerning the financial statements of professional sports companies.
After article 18 of law no. 91 of 23 March 1981, article 18 bis has been introduced, composed of two paragraphs:
As far as operations regarding the management of players' registration rights are concerned, Juventus exercised its option
“1. The sports companies covered by this law can record, in a specific item in the first financial statements to be approved
with Danubio Futbol Club (Uruguay) for the definitive acquisition in the 2003/2004 season of the registration rights of the
after this measure comes into force, the sum of the write-down of the players' registration rights of sports professionals,
player Ruben Olivera. The cost for exercise of the option, of USD 7.4 million, will be paid in 3 annual instalments starting
determined on the basis of a special sworn expert's report, among the assets as multi-year expenses to amortise, with
from next season. The exchange rate risk will be covered with forward purchase of currency.
the agreement of the board of statutory auditors.
The economic and financial effects will be seen starting from 1 July 2003.
2. The companies that avail themselves of the faculty specified in paragraph 1 must, for accounting and fiscal purposes,
enter the amortisation of the write-down in ten annual instalments of the same amount".
TRAINING CENTRE
The Board of Directors of Juventus Football Club S.p.A. met on 10 February 2003 and voted to purchase from Campi di
The measures will be applied in practice in the financial statements to be approved after the date the decree converted
Vinovo S.p.A., of which Juventus holds 99.96%, part of the land (owned by the subsidiary) needed to construct the
into law comes into force and, therefore, after the publication of the law in the Gazzetta Ufficiale. It follows that, for
Training Centre which will be used for preparation and training of the Juventus First Team and youth sector.
companies whose financial year goes from 1 July to 30 June, the measures regard the financial year that closes on 30
The area, located in the Municipality of Vinovo, on the southern edge of Turin, covers about 156,000 sq.m. It was
June 2003.
originally used for sports (horse racing and golf), activities now closed, and is therefore currently unused. The Company,
MISCELLANEOUS
at € 3.75 million.
Following the identification of the Municipal Stadium of Turin as an Olympic site to host the 2006 Winter Olympics, from
Juventus will finance the investment with its own funds currently available or, as a sports company, through the low-interest
7 January 2003 Juventus Football Club has transferred training for the First Team to the Sisport Fiat S.p.A. sports centre
finance provided by the Istituto per il Credito Sportivo.
in Via Olivero 40, whilst awaiting the construction of the new Sports Centre.
27
As of 1 February 2003, Michele Bergero has been assigned responsibility for the Finance, Planning and Control department.
STADIUM
In the framework of the administrative procedure for the acquisition of the long lease for the Stadio Delle Alpi Area, on 17
January 2003, Juventus Football Club S.p.A. presented the first and fifth commissions of the City of Turin ("Commissione
Bilancio e Patrimonio" and "Commissione Cultura, Sport e Tempo Libero"), in joint session, the essential features of the
He replaces Fabrizio Prete, who has been given other duties within the IFI-IFIL Group.
A tax inspection regarding 1999 by the Agenzia delle Entrate Direzione Generale del Piemonte (1° ufficio di Torino) began
on 19 February 2003. The inspection is still underway.
technical plan for the restructuring of the Stadio Delle Alpi. Once the long lease agreement has been reached with the
City of Turin, the final project will be drawn up.
On 17 February 2003, the City Council of Turin voted definitively to proceed with the stipulation of the notarial deed once
the documentation required has been gathered.
As is usual, the outlook for the 2002/2003 financial year will be significantly influenced by results in the football
CHANGE IN THE NET FINANCIAL POSITION
At 28 February 2003 the Net Financial Position was positive for € 4.8 million, a fall compared to the positive balance of
€ 34.8 million at the end of December 2002 due to the funds absorbed by operating activities in the period. The positive
balance for € 4.8 million derived from liquidity for € 2.9 million (€ 32.8 million at 31 December 2002) and financial
operations € 1.9 million (€ 2 million at 31 December 2002) held by non related third parties. The Net Financial Position
does not therefore include any debt and/or credit position towards related parties.
BUSINESS OUTLOOK
season.
The increase in revenues and careful cost management should allow an improvement in operating profitability, while
the net result will be affected by lower net income from the disposal of players' registration rights compared to the
2001/2002 Transfer Campaign. In the 2001/2002 season, the Transfer Campaign (also including the termination of
player sharing) had a positive impact on the year for € 114.1 million (€ 15.8 million in the current financial year. The
difference of € 98.3 million has been already absorbed into half year net result).
26
also on the basis of the sworn specialist advice of an independent expert, has set the purchase price with the counterpart
receipt of € 2.5 million in the 2003/2004 season; receipt of € 2.6 million in the 2004/2005 season). The expenditure
CONVERSION OF LEGISLATIVE DECREE NO. 282 OF 24 DECEMBER 2002 INTO LAW NO. 27 OF
21 FEBRUARY 2003 - MEASURES IN FAVOUR OF PROFESSIONAL FOOTBALL COMPANIES
of € 3.1 million will have an effect on the net financial position at 30 June 2003, while the positive balance of € 5.1
Legislative Decree no. 282 of 24 December 2002, as amended and definitively approved by the Senate on 18 February
million will be recorded in accounts in credit items and will, therefore, increase the net working capital at the end of the
2003, published in the Gazzetta Ufficiale as law no. 27 of 21 February 2003, specifies in article 3, paragraph 1bis,
measures concerning the financial statements of professional sports companies.
After article 18 of law no. 91 of 23 March 1981, article 18 bis has been introduced, composed of two paragraphs:
As far as operations regarding the management of players' registration rights are concerned, Juventus exercised its option
“1. The sports companies covered by this law can record, in a specific item in the first financial statements to be approved
with Danubio Futbol Club (Uruguay) for the definitive acquisition in the 2003/2004 season of the registration rights of the
after this measure comes into force, the sum of the write-down of the players' registration rights of sports professionals,
player Ruben Olivera. The cost for exercise of the option, of USD 7.4 million, will be paid in 3 annual instalments starting
determined on the basis of a special sworn expert's report, among the assets as multi-year expenses to amortise, with
from next season. The exchange rate risk will be covered with forward purchase of currency.
the agreement of the board of statutory auditors.
The economic and financial effects will be seen starting from 1 July 2003.
2. The companies that avail themselves of the faculty specified in paragraph 1 must, for accounting and fiscal purposes,
enter the amortisation of the write-down in ten annual instalments of the same amount".
TRAINING CENTRE
The Board of Directors of Juventus Football Club S.p.A. met on 10 February 2003 and voted to purchase from Campi di
The measures will be applied in practice in the financial statements to be approved after the date the decree converted
Vinovo S.p.A., of which Juventus holds 99.96%, part of the land (owned by the subsidiary) needed to construct the
into law comes into force and, therefore, after the publication of the law in the Gazzetta Ufficiale. It follows that, for
Training Centre which will be used for preparation and training of the Juventus First Team and youth sector.
companies whose financial year goes from 1 July to 30 June, the measures regard the financial year that closes on 30
The area, located in the Municipality of Vinovo, on the southern edge of Turin, covers about 156,000 sq.m. It was
June 2003.
originally used for sports (horse racing and golf), activities now closed, and is therefore currently unused. The Company,
MISCELLANEOUS
at € 3.75 million.
Following the identification of the Municipal Stadium of Turin as an Olympic site to host the 2006 Winter Olympics, from
Juventus will finance the investment with its own funds currently available or, as a sports company, through the low-interest
7 January 2003 Juventus Football Club has transferred training for the First Team to the Sisport Fiat S.p.A. sports centre
finance provided by the Istituto per il Credito Sportivo.
in Via Olivero 40, whilst awaiting the construction of the new Sports Centre.
27
As of 1 February 2003, Michele Bergero has been assigned responsibility for the Finance, Planning and Control department.
STADIUM
In the framework of the administrative procedure for the acquisition of the long lease for the Stadio Delle Alpi Area, on 17
January 2003, Juventus Football Club S.p.A. presented the first and fifth commissions of the City of Turin ("Commissione
Bilancio e Patrimonio" and "Commissione Cultura, Sport e Tempo Libero"), in joint session, the essential features of the
He replaces Fabrizio Prete, who has been given other duties within the IFI-IFIL Group.
A tax inspection regarding 1999 by the Agenzia delle Entrate Direzione Generale del Piemonte (1° ufficio di Torino) began
on 19 February 2003. The inspection is still underway.
technical plan for the restructuring of the Stadio Delle Alpi. Once the long lease agreement has been reached with the
City of Turin, the final project will be drawn up.
On 17 February 2003, the City Council of Turin voted definitively to proceed with the stipulation of the notarial deed once
the documentation required has been gathered.
As is usual, the outlook for the 2002/2003 financial year will be significantly influenced by results in the football
CHANGE IN THE NET FINANCIAL POSITION
At 28 February 2003 the Net Financial Position was positive for € 4.8 million, a fall compared to the positive balance of
€ 34.8 million at the end of December 2002 due to the funds absorbed by operating activities in the period. The positive
balance for € 4.8 million derived from liquidity for € 2.9 million (€ 32.8 million at 31 December 2002) and financial
operations € 1.9 million (€ 2 million at 31 December 2002) held by non related third parties. The Net Financial Position
does not therefore include any debt and/or credit position towards related parties.
BUSINESS OUTLOOK
season.
The increase in revenues and careful cost management should allow an improvement in operating profitability, while
the net result will be affected by lower net income from the disposal of players' registration rights compared to the
2001/2002 Transfer Campaign. In the 2001/2002 season, the Transfer Campaign (also including the termination of
player sharing) had a positive impact on the year for € 114.1 million (€ 15.8 million in the current financial year. The
difference of € 98.3 million has been already absorbed into half year net result).
26
also on the basis of the sworn specialist advice of an independent expert, has set the purchase price with the counterpart
On 26 July 2002 the Ordinary Shareholders' Meeting of Campi di Vinovo S.p.A. approved the Financial Statements for
the period 1 January 2002 - 30 June 2002 with an essentially balanced net result.
Shareholders' Equity at 31 December 2002 was € 11.4 million, a fall compared to € 12.2 million at 30 June 2002
following the distribution of an extraordinary dividend of € 0.8 million, voted by the Shareholders' Meeting of 7 December
€/000
2002.
31/12/02
30/06/02
Change
31/12/01
Change
335,682
343,269
(131,322) (122,690)
-7,587
362,964
-27,282
-8,632
(105,920)
-25,402
The Company's previous operations consisted in the rental of sports facilities. Since 30 June 2002, after the previous
has effectively been inoperative.
- Players’ registration rights
- Accumulated amortisation
Net players’ registration rights
Other net intangible fixed assets
Net tangible fixed assets
220,579
-16,219
257,044
-52,684
672
712
-40
714
-42
7,508
7,722
-214
9,049
-1,541
29,866
21,896
7,970
21,836
8,030
242,406
250,909
-8,503
288,643
-46,237
87,336
118,542
-31,206
126,218
-38,882
(99,684) (153,893)
54,209
(158,008)
58,324
(12,348)
(35,351)
23,003
(31,790)
19,442
41,020
36,049
4,971
35,235
5,785
Other operating payables
(191,932) (226,042)
34,110
(185,608)
-6,324
NET WORKING CAPITAL
(163,260) (225,344)
62,084
(182,163)
18,903
Net investments
NET FIXED ASSETS
- Net receivables from football clubs
- Payables to football clubs
Net credit/(debit) position to other
football clubs
Other operating receivables
SEVERANCE INDEMNITY AND OTHER FUNDS
28
204,360
(20,316)
(21,071)
755
(45,939)
25,623
NET INVESTED CAPITAL
58,830
4,494
54,336
60,541
-1,711
SHAREHOLDERS’ EQUITY
93,590
99,534
-5,944
130,940
-37,350
Current financial assets
(1,977)
(2,172)
195
(2,472)
495
(32,775)
(92,861)
60,086
(67,904)
35,129
(8)
(7)
-1
(23)
15
(34,760)
(95,040)
60,280
(70,399)
35,639
58,830
4,494
54,336
60,541
-1,711
61
39
22
40
21
Bank and post-office deposits
Cash at bank and in hand
NET FINANCIAL POSITION (*)
TOTAL NET SHAREHOLDERS’ EQUITY
AND NET FINANCIAL POSITION
MEMORANDUM ACCOUNTS :
Third-party assets held by the Company
Company assets held by third parties
1,993
1,256
737
1,248
745
115,543
113,409
2,134
130,429
-14,886
Guarantees received
10,666
14,932
-4,266
68,372
-57,706
Options granted by third parties
21,526
-
21,526
-
21,526
Guarantees given
Third party options
Forward agreements
TOTAL MEMORANDUM ACCOUNTS
(*) Negative values indicated positive balances.
1,807
-
1,807
-
1,807
139
24,606
-24,467
7,529
-7,390
151,735
154,242
-2,507
207,618
-55,883
29
operations were terminated while awaiting the beginning of the work planned for the "Mondo Juve" project, the Company
On 26 July 2002 the Ordinary Shareholders' Meeting of Campi di Vinovo S.p.A. approved the Financial Statements for
the period 1 January 2002 - 30 June 2002 with an essentially balanced net result.
Shareholders' Equity at 31 December 2002 was € 11.4 million, a fall compared to € 12.2 million at 30 June 2002
following the distribution of an extraordinary dividend of € 0.8 million, voted by the Shareholders' Meeting of 7 December
€/000
2002.
31/12/02
30/06/02
Change
31/12/01
Change
335,682
343,269
(131,322) (122,690)
-7,587
362,964
-27,282
-8,632
(105,920)
-25,402
The Company's previous operations consisted in the rental of sports facilities. Since 30 June 2002, after the previous
has effectively been inoperative.
- Players’ registration rights
- Accumulated amortisation
Net players’ registration rights
Other net intangible fixed assets
Net tangible fixed assets
220,579
-16,219
257,044
-52,684
672
712
-40
714
-42
7,508
7,722
-214
9,049
-1,541
29,866
21,896
7,970
21,836
8,030
242,406
250,909
-8,503
288,643
-46,237
87,336
118,542
-31,206
126,218
-38,882
(99,684) (153,893)
54,209
(158,008)
58,324
(12,348)
(35,351)
23,003
(31,790)
19,442
41,020
36,049
4,971
35,235
5,785
Other operating payables
(191,932) (226,042)
34,110
(185,608)
-6,324
NET WORKING CAPITAL
(163,260) (225,344)
62,084
(182,163)
18,903
Net investments
NET FIXED ASSETS
- Net receivables from football clubs
- Payables to football clubs
Net credit/(debit) position to other
football clubs
Other operating receivables
SEVERANCE INDEMNITY AND OTHER FUNDS
28
204,360
(20,316)
(21,071)
755
(45,939)
25,623
NET INVESTED CAPITAL
58,830
4,494
54,336
60,541
-1,711
93,590
99,534
-5,944
130,940
-37,350
Current financial assets
(1,977)
(2,172)
195
(2,472)
495
(32,775)
(92,861)
60,086
(67,904)
35,129
(8)
(7)
-1
(23)
15
(34,760)
(95,040)
60,280
(70,399)
35,639
58,830
4,494
54,336
60,541
-1,711
61
39
22
40
21
Bank and post-office deposits
NET FINANCIAL POSITION (*)
TOTAL NET SHAREHOLDERS’ EQUITY
AND NET FINANCIAL POSITION
MEMORANDUM ACCOUNTS :
Third-party assets held by the Company
1,993
1,256
737
1,248
745
115,543
113,409
2,134
130,429
-14,886
Guarantees received
10,666
14,932
-4,266
68,372
-57,706
Options granted by third parties
21,526
-
21,526
-
21,526
Guarantees given
Third party options
Forward agreements
(*) Negative values indicated positive balances.
1,807
-
1,807
-
1,807
139
24,606
-24,467
7,529
-7,390
151,735
154,242
-2,507
207,618
-55,883
29
operations were terminated while awaiting the beginning of the work planned for the "Mondo Juve" project, the Company
€/000
30
FIRST HALF
FIRST HALF
2001/2002
2002/2003
2001/2002
Player
management
Total
14,663
-
14,663
104,023
45,443
10,907
297
104,023
45,443
11,204
175,036
(1,959)
(28,132)
(2,819)
(136,691)
(18,304)
297
(247)
-
175,333
(1,959)
(28,132)
(3,066)
(136,691)
(18,304)
(187,905)
(247)
(188,152)
(12,869)
(940)
(11,529)
698
(465)
50
(68,215)
(2,154)
-
(12,819)
(69,155)
(11,529)
(1,456)
(465)
-
116,210
116,210
(25,105)
(4,187)
45,891
-
20,786
(4,187)
(29,292)
45,891
16,599
(10,466)
6,133
Operating excluding
player management
Ticket sales
Television, radio and telephone rights
and U.E.F.A. Champions League revenues
Sponsorship, commercial and other related activities
Other revenues
Player
management
Total
Operating excluding
player management
Player
management
Total
8,068
-
8,068
7,798
-
7,798
53,556
24,737
9,999
446
53,556
24,737
10,445
50,543
20,273
6,077
146
50,543
20,273
6,223
TOTAL REVENUES
Materials, goods and accessories
Services
Rents, leases and related costs
Personnel costs
Other operating costs
96,360
(981)
(12,554)
(1,775)
(57,995)
(9,070)
446
(3,669)
(1,435)
96,806
(981)
(12,554)
(5,444)
(57,995)
(10,505)
84,691
(1,103)
(13,830)
(1,445)
(61,985)
(8,366)
146
(117)
-
84,837
(1,103)
(13,830)
(1,562)
(61,985)
(8,366)
TOTAL OPERATING COSTS
(82,375)
(5,104)
(87,479)
(86,729)
(117)
(86,846)
GROSS OPERATING MARGIN
Depreciation and amortisation
Provisions and write-downs
Net financial income/(loss)
Adjustments to financial assets
Income/(loss) from players’
registration rights
13,985
(377)
(848)
1,846
(195)
(4,658)
(30,782)
2,750
-
9,327
(31,159)
(848)
4,596
(195)
(2,038)
(456)
(7,259)
496
(165)
29
(34,350)
(2,154)
-
(2,009)
(34,806)
(7,259)
(1,658)
(165)
-
13,169
13,169
-
123,863
123,863
INCOME (LOSS) BEFORE EXTRAORDINARY INCOME AND TAXES
Extraordinary income/(loss)
14,411
1,892
(19,521)
-
(5,110)
1,892
(9,422)
(5,368)
87,388
-
77,966
(5,368)
EARNINGS BEFORE TAXES
Total taxes for the period
16,303
(19,521)
(3,218)
(968)
(14,790)
87,388
72,598
(35,348)
NET INCOME FOR THE PERIOD
(4,186)
37,250
INCOME STATEMENT
The tables in the Balance Sheet and Income Statement have been reclassified following financial analysis criteria in order
to make them easier to read and to facilitate analysis of the Company's economic, asset and financial data. In particular,
the Income Statement has been drawn up following a scheme that distinguishes "operations excluding players'
management" from "players' management". The purpose of this scheme is to represent the profits and losses deriving
from the disposal of players' registration rights and from the termination of player sharing contracts ex art. 102 bis N.O.I.F.,
the costs and revenues deriving respectively from the acquisitions and temporary disposals of players' registration rights
as well as the costs related to the amortisation of these players' registration rights and to the exercise of options.
Contingent assets and liabilities have been reclassified as extraordinary items in the Income Statement and costs related
to third-party guarantees in favour of the Company have been reclassified under Net Financial Income/Loss. In addition,
commissions and charges related to the stock market listing have been reclassified as extraordinary items.
The reclassification criteria chosen make it possible, in any case, to compare each item with those envisaged by the
regulations in force for the annual accounts.
31
Operating excluding
player management
YEAR
€/000
30
FIRST HALF
FIRST HALF
2001/2002
2002/2003
2001/2002
Player
management
Total
14,663
-
14,663
104,023
45,443
10,907
297
104,023
45,443
11,204
175,036
(1,959)
(28,132)
(2,819)
(136,691)
(18,304)
297
(247)
-
175,333
(1,959)
(28,132)
(3,066)
(136,691)
(18,304)
(187,905)
(247)
(188,152)
(12,869)
(940)
(11,529)
698
(465)
50
(68,215)
(2,154)
-
(12,819)
(69,155)
(11,529)
(1,456)
(465)
-
116,210
116,210
(25,105)
(4,187)
45,891
-
20,786
(4,187)
(29,292)
45,891
16,599
(10,466)
6,133
Operating excluding
player management
Ticket sales
Television, radio and telephone rights
and U.E.F.A. Champions League revenues
Sponsorship, commercial and other related activities
Other revenues
Player
management
Total
Operating excluding
player management
Player
management
Total
8,068
-
8,068
7,798
-
7,798
53,556
24,737
9,999
446
53,556
24,737
10,445
50,543
20,273
6,077
146
50,543
20,273
6,223
TOTAL REVENUES
Materials, goods and accessories
Services
Rents, leases and related costs
Personnel costs
Other operating costs
96,360
(981)
(12,554)
(1,775)
(57,995)
(9,070)
446
(3,669)
(1,435)
96,806
(981)
(12,554)
(5,444)
(57,995)
(10,505)
84,691
(1,103)
(13,830)
(1,445)
(61,985)
(8,366)
146
(117)
-
84,837
(1,103)
(13,830)
(1,562)
(61,985)
(8,366)
TOTAL OPERATING COSTS
(82,375)
(5,104)
(87,479)
(86,729)
(117)
(86,846)
GROSS OPERATING MARGIN
Depreciation and amortisation
Provisions and write-downs
Net financial income/(loss)
Adjustments to financial assets
Income/(loss) from players’
registration rights
13,985
(377)
(848)
1,846
(195)
(4,658)
(30,782)
2,750
-
9,327
(31,159)
(848)
4,596
(195)
(2,038)
(456)
(7,259)
496
(165)
29
(34,350)
(2,154)
-
(2,009)
(34,806)
(7,259)
(1,658)
(165)
-
13,169
13,169
-
123,863
123,863
INCOME (LOSS) BEFORE EXTRAORDINARY INCOME AND TAXES
Extraordinary income/(loss)
14,411
1,892
(19,521)
-
(5,110)
1,892
(9,422)
(5,368)
87,388
-
77,966
(5,368)
EARNINGS BEFORE TAXES
Total taxes for the period
16,303
(19,521)
(3,218)
(968)
(14,790)
87,388
72,598
(35,348)
NET INCOME FOR THE PERIOD
(4,186)
37,250
INCOME STATEMENT
The tables in the Balance Sheet and Income Statement have been reclassified following financial analysis criteria in order
to make them easier to read and to facilitate analysis of the Company's economic, asset and financial data. In particular,
the Income Statement has been drawn up following a scheme that distinguishes "operations excluding players'
management" from "players' management". The purpose of this scheme is to represent the profits and losses deriving
from the disposal of players' registration rights and from the termination of player sharing contracts ex art. 102 bis N.O.I.F.,
the costs and revenues deriving respectively from the acquisitions and temporary disposals of players' registration rights
as well as the costs related to the amortisation of these players' registration rights and to the exercise of options.
Contingent assets and liabilities have been reclassified as extraordinary items in the Income Statement and costs related
to third-party guarantees in favour of the Company have been reclassified under Net Financial Income/Loss. In addition,
commissions and charges related to the stock market listing have been reclassified as extraordinary items.
The reclassification criteria chosen make it possible, in any case, to compare each item with those envisaged by the
regulations in force for the annual accounts.
31
Operating excluding
player management
YEAR
AT 31 DECEMBER 2002
BALANCE SHEET
BALANCE SHEET
ASSETS
ASSETS
€
€
31/12/2002
30/06/2002
Change
31/12/2002
30/06/2002
31/12/2001
Change
31/12/2002
31/12/2001
31/12/2002
B) FIXED ASSETS
C) CURRENT ASSETS
I) INTANGIBLE ASSETS:
II) RECEIVABLES, with separate
3) Royalties for industrial patents and use
of intellectual property
6) Fixed assets in progress and advance payments
30/06/2002
Change
31/12/2002
30/06/2002
31/12/2001
Change
31/12/2002
31/12/2001
indication, for each item, of the
578,746
556,711
22,035
661,148
- 82,402
93,284
155,000
-61,716
53,097
40,187
amounts collectable after one year:
1) Trade receivables
8) Costs of players’ registration rights
204,360,484 220,578,569 -16,218,085 257,044,364 - 52,683,880
4) Due from parent company
Total
205,032,514 221,290,280 -16,257,766 257,758,609 - 52,726,095
5) Due from others
Total
94,945,688 134,907,296 -39,961,608 144,114,721 -49,169,033
588,656
-
12,167,130
14,699,082
588,656
1,482
587,174
-2,531,952 11,129,130
1,038,000
107,701,474 149,606,378 -41,904,904 155,245,333 -47,543,859
II) TANGIBLE FIXED ASSETS:
1) Land and buildings
6,721,984
-105,581
6,827,565
-211,162
2) Plants and machinery
160,704
195,480
-34,776
260,544
- 99,840
6) Other securities
1,977,271
2,171,986
-194,715
2,472,007
-494,736
3) Industrial and commercial equipment
332,471
379,779
-47,308
407,514
-75,043
Total
1,977,271
2,171,986
-194,715
2,472,007
-494,736
4) Other assets
398,613
424,905
-26,292
442,059
-43,446
7,508,191
7,722,148
-213,957
7,937,682
-429,491
Total
IV) CASH AT BANK AND IN HAND:
1) Bank and post-office deposits
3) Cash at bank and in hand
III) INVESTMENTS,
Total
with separate indication, for each
33
32,774,687
8,142
32,782,829
92,860,469 -60,085,782 67,903,751 -35,129,064
7,372
770
23,062
-14,920
92,867,841 -60,085,012 67,926,813 -35,143,984
item, of the amounts collectable
TOTAL CURRENT ASSETS (C)
within one year:
142,461,574 244,646,205 -102,184,631 225,644,153 -83,182,579
1) Shareholdings:
a) subsidiary companies
16,878,542
17,444,656
- 566,114
17,380,866
-502,324
c) players’ sharing costs ex art. 102 bis N.O.I.F.
12,965,995
4,419,582
8,546,413
4,419,582
8,546,413
2,587
2,587
-
2,587
-
d) in other companies
2) Receivables:
d) from others
Total
TOTAL FIXED ASSETS (B)
D) ACCRUED INCOME AND PREPAID EXPENSES
TOTAL ASSETS
19,157
28,694
- 9,537
32,600
-13,443
29,866,281
21,895,519
7,970,762
21,835,635
8,030,646
242,406,986 250,907,947
-8,500,961 287,531,926 - 45,124,940
20,654,160
4,984,894
15,669,266
5,464,060
15,190,100
405,522,720 500,539,046 -95,016,326 518,640,139 -113,117,419
32
III) CURRENT FINANCIAL ASSETS:
6,616,403
AT 31 DECEMBER 2002
BALANCE SHEET
BALANCE SHEET
ASSETS
ASSETS
€
€
31/12/2002
30/06/2002
Change
31/12/2002
30/06/2002
31/12/2001
Change
31/12/2002
31/12/2001
31/12/2002
B) FIXED ASSETS
C) CURRENT ASSETS
I) INTANGIBLE ASSETS:
II) RECEIVABLES, with separate
3) Royalties for industrial patents and use
6) Fixed assets in progress and advance payments
30/06/2002
Change
31/12/2002
30/06/2002
31/12/2001
Change
31/12/2002
31/12/2001
indication, for each item, of the
578,746
556,711
22,035
661,148
- 82,402
93,284
155,000
-61,716
53,097
40,187
amounts collectable after one year:
1) Trade receivables
8) Costs of players’ registration rights
204,360,484 220,578,569 -16,218,085 257,044,364 - 52,683,880
4) Due from parent company
Total
205,032,514 221,290,280 -16,257,766 257,758,609 - 52,726,095
5) Due from others
Total
94,945,688 134,907,296 -39,961,608 144,114,721 -49,169,033
588,656
-
12,167,130
14,699,082
588,656
1,482
587,174
-2,531,952 11,129,130
1,038,000
107,701,474 149,606,378 -41,904,904 155,245,333 -47,543,859
II) TANGIBLE FIXED ASSETS:
1) Land and buildings
6,721,984
-105,581
6,827,565
-211,162
2) Plants and machinery
160,704
195,480
-34,776
260,544
- 99,840
6) Other securities
1,977,271
2,171,986
-194,715
2,472,007
-494,736
3) Industrial and commercial equipment
332,471
379,779
-47,308
407,514
-75,043
Total
1,977,271
2,171,986
-194,715
2,472,007
-494,736
4) Other assets
398,613
424,905
-26,292
442,059
-43,446
7,508,191
7,722,148
-213,957
7,937,682
-429,491
Total
IV) CASH AT BANK AND IN HAND:
1) Bank and post-office deposits
3) Cash at bank and in hand
III) INVESTMENTS,
Total
with separate indication, for each
33
32,774,687
8,142
32,782,829
92,860,469 -60,085,782 67,903,751 -35,129,064
7,372
770
23,062
-14,920
92,867,841 -60,085,012 67,926,813 -35,143,984
item, of the amounts collectable
TOTAL CURRENT ASSETS (C)
within one year:
142,461,574 244,646,205 -102,184,631 225,644,153 -83,182,579
1) Shareholdings:
a) subsidiary companies
16,878,542
17,444,656
- 566,114
17,380,866
-502,324
c) players’ sharing costs ex art. 102 bis N.O.I.F.
12,965,995
4,419,582
8,546,413
4,419,582
8,546,413
2,587
2,587
-
2,587
-
d) in other companies
2) Receivables:
d) from others
Total
TOTAL FIXED ASSETS (B)
D) ACCRUED INCOME AND PREPAID EXPENSES
TOTAL ASSETS
19,157
28,694
- 9,537
32,600
-13,443
29,866,281
21,895,519
7,970,762
21,835,635
8,030,646
242,406,986 250,907,947
-8,500,961 287,531,926 - 45,124,940
20,654,160
4,984,894
15,669,266
5,464,060
15,190,100
405,522,720 500,539,046 -95,016,326 518,640,139 -113,117,419
32
III) CURRENT FINANCIAL ASSETS:
6,616,403
BALANCE SHEET
BALANCE SHEET
LIABILITIES
MEMORANDUM ACCOUNTS
€
31/12/2002
30/06/2002
Change
31/12/2002
30/06/2002
31/12/2001
-
12,093,200
€
Change
31/12/2002
31/12/2001
31/12/2002
30/06/2002
Change
31/12/2002
30/06/2002
31/12/2001
Change
31/12/2002
31/12/2001
A) SHAREHOLDERS’ EQUITY
I)
SHARE CAPITAL
12,093,200 12,093,200
II)
ADDITIONAL PAID-IN-CAPITAL
10,472,872 60,948,756 -50,475,884
IV)
LEGAL RESERVES
VII)
OTHER RESERVES :
2,418,640
1,636,112
782,528
-
60,948,756 -50,475,884
1,636,112
THIRD PARTY GUARANTEES IN FAVOUR OF
THIRD PARTIES - Risks for guarantees granted
115,543,005 113,409,279
2,133,726
130,429,243 -14,886,238
14,932,369 -4,266,731
56,854,071 -46,188,433
782,528
THIRD PARTY GUARANTEES IN OUR FAVOUR
Treasury shares acquisition reserve
Reserve art. 25 of Company By-Laws
50,000,000 17,000,000
306,645
-
33,000,000
306,645
17,000,000
288,731
33,000,000
17,914
VIII) RETAINED PROFITS
22,484,696
1,722,924
20,761,772
1,722,924
20,761,772
IX)
(4,185,525)
6,132,889
-10,318,414
NET INCOME
Risks for guarantees received from third parties
10,665,638
FORWARD AGREEMENTS - RECEIVABLES
138,799
279,684
-140,885
279,684
-140,885
-
7,248,526
-7,248,526
7,248,526
-7,248,526
1,807,000
-
1,807,000
-
1,807,000
21,525,679
- 21,525,679
-
21,525,679
-
11,943,260 -11,943,260
-
-
-
5,134,070 -5,134,070
-
-
37,249,697 -41,435,222
FORWARD AGREEMENTS - PAYABLES
TOTAL SHAREHOLDERS’ EQUITY (A)
93,590,528 99,533,881
-5,943,353 130,939,420 -37,348,892
THIRD PARTY OPTIONS
Purchase of players’ registration rights
B) PROVISIONS FOR RISKS AND OTHER CHARGES
2) TAXES
8,786,609 10,284,246
3) OTHERS
9,507,233
8,920,653
-1,497,637
586,580
34,763,803 -25,977,194
9,570,462
-63,229
OPTIONS GRANTED BY THIRD PARTIES
TOTAL PROVISIONS FOR RISKS AND OTHER CHARGES (B)
18,293,842 19,204,899
-911,057
44,334,265 -26,040,423
COMMITMENTS FOR PURCHASE
34
2,022,228
1,865,535
156,693
1,605,209
417,019
6) TRADE PAYABLES
8) DUE TO SUBSIDIARY COMPANIES
10) DUE TO PARENT COMPANIES
11) TAX PAYABLES
12) DUE TO SOCIAL SECURITY BODIES
13) OTHER PAYABLES
OF PLAYERS’ REGISTRATION RIGHTS
-
3,740
-3,740
-
-
14,286,782
5,138,570
9,148,212
15,129,716
-842,934
99,000
-
99,000
-
99,000
263,438
41,152
222,286
163,668
99,770
8,416,726
23,297,679
-14,880,953
8,692,643
-275,917
366,005
638,470
-272,465
370,069
-4,064
11,104,380
40,504,754
-29,400,374
23,535,116
-12,430,736
5,784,556
5,371,151
413,405
5,371,151
413,405
14) DUE FOR PLAYERS’ SHARING COSTS
EX ART. 102 BIS N.O.I.F.
16) DUE TO SPECIFIC SECTOR
114,165,095 153,882,241 -39,717,146 166,012,114 -51,847,019
TOTAL PAYABLES (D)
154,485,982 228,877,757 -74,391,775 219,274,477 -64,788,495
E) ACCRUED EXPENSES,
AND DEFERRED INCOME
137,130,140 151,056,974 -13,926,834 122,486,768
TOTAL LIABILITIES
405,522,720 500,539,046 -95,016,326 518,640,139 -113,117,419
35
COMMITMENTS FOR DISPOSAL
D) PAYABLES, with separate indication,
for each item, of the amounts
collectable after one year:
5) ADVANCE PAYMENTS
14,643,372
THIRD PARTY ASSETS HELD BY THE COMPANY
COMPANY ASSETS HELD BY THIRD PARTIES
61,347
39,347
22,000
40,334
21,013
1,993,431
1,256,079
737,352
1,247,521
745,910
151,734,899 154,242,614 -2,507,715
196,099,379 -44,364,480
C) EMPLOYEES’ SEVERANCE INDEMNITY
BALANCE SHEET
BALANCE SHEET
LIABILITIES
MEMORANDUM ACCOUNTS
€
31/12/2002
30/06/2002
Change
31/12/2002
30/06/2002
31/12/2001
-
12,093,200
€
Change
31/12/2002
31/12/2001
31/12/2002
30/06/2002
Change
31/12/2002
30/06/2002
31/12/2001
Change
31/12/2002
31/12/2001
A) SHAREHOLDERS’ EQUITY
I)
SHARE CAPITAL
12,093,200 12,093,200
II)
ADDITIONAL PAID-IN-CAPITAL
10,472,872 60,948,756 -50,475,884
IV)
LEGAL RESERVES
VII)
OTHER RESERVES :
2,418,640
1,636,112
782,528
-
60,948,756 -50,475,884
1,636,112
THIRD PARTY GUARANTEES IN FAVOUR OF
THIRD PARTIES - Risks for guarantees granted
115,543,005 113,409,279
2,133,726
130,429,243 -14,886,238
14,932,369 -4,266,731
56,854,071 -46,188,433
782,528
THIRD PARTY GUARANTEES IN OUR FAVOUR
Treasury shares acquisition reserve
Reserve art. 25 of Company By-Laws
50,000,000 17,000,000
306,645
-
33,000,000
306,645
17,000,000
288,731
33,000,000
17,914
VIII) RETAINED PROFITS
22,484,696
1,722,924
20,761,772
1,722,924
20,761,772
IX)
(4,185,525)
6,132,889
-10,318,414
NET INCOME
Risks for guarantees received from third parties
10,665,638
FORWARD AGREEMENTS - RECEIVABLES
138,799
279,684
-140,885
279,684
-140,885
-
7,248,526
-7,248,526
7,248,526
-7,248,526
1,807,000
-
1,807,000
-
1,807,000
21,525,679
- 21,525,679
-
21,525,679
-
11,943,260 -11,943,260
-
-
-
5,134,070 -5,134,070
-
-
37,249,697 -41,435,222
FORWARD AGREEMENTS - PAYABLES
TOTAL SHAREHOLDERS’ EQUITY (A)
93,590,528 99,533,881
-5,943,353 130,939,420 -37,348,892
THIRD PARTY OPTIONS
B) PROVISIONS FOR RISKS AND OTHER CHARGES
2) TAXES
8,786,609 10,284,246
3) OTHERS
9,507,233
8,920,653
-1,497,637
586,580
34,763,803 -25,977,194
9,570,462
-63,229
OPTIONS GRANTED BY THIRD PARTIES
TOTAL PROVISIONS FOR RISKS AND OTHER CHARGES (B)
18,293,842 19,204,899
-911,057
44,334,265 -26,040,423
COMMITMENTS FOR PURCHASE
34
2,022,228
1,865,535
156,693
1,605,209
417,019
6) TRADE PAYABLES
8) DUE TO SUBSIDIARY COMPANIES
10) DUE TO PARENT COMPANIES
11) TAX PAYABLES
12) DUE TO SOCIAL SECURITY BODIES
13) OTHER PAYABLES
-
3,740
-3,740
-
-
14,286,782
5,138,570
9,148,212
15,129,716
-842,934
99,000
-
99,000
-
99,000
263,438
41,152
222,286
163,668
99,770
8,416,726
23,297,679
-14,880,953
8,692,643
-275,917
366,005
638,470
-272,465
370,069
-4,064
11,104,380
40,504,754
-29,400,374
23,535,116
-12,430,736
5,784,556
5,371,151
413,405
5,371,151
413,405
14) DUE FOR PLAYERS’ SHARING COSTS
EX ART. 102 BIS N.O.I.F.
16) DUE TO SPECIFIC SECTOR
114,165,095 153,882,241 -39,717,146 166,012,114 -51,847,019
TOTAL PAYABLES (D)
154,485,982 228,877,757 -74,391,775 219,274,477 -64,788,495
E) ACCRUED EXPENSES,
AND DEFERRED INCOME
137,130,140 151,056,974 -13,926,834 122,486,768
TOTAL LIABILITIES
405,522,720 500,539,046 -95,016,326 518,640,139 -113,117,419
35
COMMITMENTS FOR DISPOSAL
D) PAYABLES, with separate indication,
for each item, of the amounts
collectable after one year:
5) ADVANCE PAYMENTS
14,643,372
THIRD PARTY ASSETS HELD BY THE COMPANY
COMPANY ASSETS HELD BY THIRD PARTIES
61,347
39,347
22,000
40,334
21,013
1,993,431
1,256,079
737,352
1,247,521
745,910
151,734,899 154,242,614 -2,507,715
196,099,379 -44,364,480
C) EMPLOYEES’ SEVERANCE INDEMNITY
INCOME STATEMENTS
€
€
Year
2001/2002
First Half
31/12/2002
First Half
31/12/2001
Change
8,067,881
7,798,411
269,470
296,450
150,041,872
12,121,360
1) REVENUES FROM SALES AND SERVICES
5) OTHER REVENUES AND INCOME
a) Income from temporary transfer of players
d) Sponsorship and other revenues
e) Other revenues and income
446,053
78,442,762
10,337,239
145,405
71,134,547
6,290,801
300,648
7,308,215
4,046,438
177,122,958
TOTAL PRODUCTION VALUE (A)
97,293,935
85,369,164
11,924,771
B) PRODUCTION COSTS
2,202,720
31,814,194
3,078,477
133,798,466
2,392,651
499,721
162
36
68,580,333
575,025
6,331,180
5,197,330
305,112
119,564
4,782
18,872,471
6)
7)
8)
9)
PURCHASES
SERVICE EXPENSES
LEASE AND RENT COSTS
PERSONNEL EXPENSES
a) Salaries and wages
b) Social security contributions
c) Severance indemnity
e) Other costs
10) AMORTISATION AND DEPRECIATION
a) Amortisation of intangible fixed assets
b) Depreciation of tangible fixed assets
d) Write-downs of receivables entered under current
assets and cash at bank and in hand
12) ACCRUALS FOR RISKS
Other risks
14) OTHER OPERATING EXPENSES
a) Match organisation expenses
b) Official match expenses
c) Match registartion fees
d) Others
980,995
12,709,088
5,444,382
1,348,626
17,380,980
1,650,418
-367,631
-4,671,892
3,793,964
56,711,528
1,057,093
226,142
-
60,864,460
924,153
196,480
-
-4,152,932
132,940
29,662
-
30,903,255
255,737
34,521,168
284,543
-3,617,913
-28,806
168,376
1,798,259
-1,629,883
679,574
5,460,571
-4,780,997
192,510
50,700
4,272
9,142,636
150,966
60,688
5,333
8,552,102
41,544
-9,988
-1,061
590,534
273,772,188
TOTAL PRODUCTION COSTS (B)
118,526,288
133,198,747
-14,672,459
(96,649,230)
DIFFERENCE BETWEEN PRODUCTION
VALUE AND COSTS (A-B)
(21,232,353)
(47,829,583)
26,597,230
C) FINANCIAL INCOME AND EXPENSES
147,940
15) INCOME FROM SHAREHOLDINGS
with separate indication of those from
subsidiary and associated companies
a) To subsidiary companies
d) Others
16) OTHER FINANCIAL INCOME
a) from receivables entered under fixed assets, with
4) from others
First Half
31/12/2001
10,280
10,280
-
588,210
3,200,672
2,928,121
588,210
272,551
336,322
6,641,696
-6,305,374
4,750,644
(3,555,000)
8,305,644
-
-
-
194,715
164,912
29,803
(194,715)
(164,912)
-29,803
20) INCOME with separate indication of capital
gains on disposals generating revenue
which cannot be entered under item 5
123,893,001
a) capital gains on disposals
577,463
b) use of reserve art. 25 of the Company By-Laws
131,304
d) others
15,519,927
306,645
1,419,624
123,892,118
288,731
-
-108,372,191
17,914
1,419,624
21) EXPENSES, with separate indication of
capital losses on disposals the effects
of which cannot be entered under item 14,
and on taxes from previus years
7,686,901
a) capital losses on disposals
3,787,611
33,879
3,753,732
13,458,585
124,146,970
-110,688,385
(3,217,839)
72,597,475
-75,815,314
(967,686)
(35,347,778)
34,380,092
(4,185,525)
37,249,697
-41,435,222
119,094
3,339,462
c) from securities entered under current
assets other than shareholdings
d) other income, with separate indication of
those from subsidiary and associated
companies and those from parent companies:
3) from parent companies
4) from others
17) INTEREST AND OTHER FINANCIAL EXPENSES
with separate indication of those due to controlled
and subsidiary companies and those due to holding companies
6,829,389
d) from others
(3,201,648) TOTAL FINANCIAL INCOME AND EXPENSES (15+16-17)
1.,287,561
-
147,940
1,287,561
-147,940
- 18) WRITE-UPS
19) WRITE-DOWNS
c) of securities entered under current
464,933
TOTAL VALUATION ADJUSTMENTS
(464,933) TO FINANCIAL ASSETS (18-19)
16,599,056 PROFIT BEFORE INCOME TAXES (A-B±C±D±E)
6,132,889 26) NET INCOME FOR THE PERIOD
355
-112
37
E) EXTRAORDINARY INCOME AND EXPENSES
(10,466,167) 22) INCOME TAXES
243
Change
D) VALUATION ADJUSTMENTS
TO FINANCIAL ASSETS
116,914,867 TOTAL EXTRAORDINARY INCOME AND EXPENSES (20-21)
separate indication of those from subsidiary and
ass. companies and those from parent companies
853
First Half
31/12/2002
20,392
A) PRODUCTION VALUE
14,663,276
Year
2001/2002
INCOME STATEMENTS
INCOME STATEMENTS
€
€
Year
2001/2002
First Half
31/12/2002
First Half
31/12/2001
Change
8,067,881
7,798,411
269,470
296,450
150,041,872
12,121,360
1) REVENUES FROM SALES AND SERVICES
5) OTHER REVENUES AND INCOME
a) Income from temporary transfer of players
d) Sponsorship and other revenues
e) Other revenues and income
446,053
78,442,762
10,337,239
145,405
71,134,547
6,290,801
300,648
7,308,215
4,046,438
177,122,958
TOTAL PRODUCTION VALUE (A)
97,293,935
85,369,164
11,924,771
B) PRODUCTION COSTS
2,202,720
31,814,194
3,078,477
133,798,466
2,392,651
499,721
162
36
68,580,333
575,025
6,331,180
5,197,330
305,112
119,564
4,782
18,872,471
6)
7)
8)
9)
PURCHASES
SERVICE EXPENSES
LEASE AND RENT COSTS
PERSONNEL EXPENSES
a) Salaries and wages
b) Social security contributions
c) Severance indemnity
e) Other costs
10) AMORTISATION AND DEPRECIATION
a) Amortisation of intangible fixed assets
b) Depreciation of tangible fixed assets
d) Write-downs of receivables entered under current
assets and cash at bank and in hand
12) ACCRUALS FOR RISKS
Other risks
14) OTHER OPERATING EXPENSES
a) Match organisation expenses
b) Official match expenses
c) Match registartion fees
d) Others
980,995
12,709,088
5,444,382
1,348,626
17,380,980
1,650,418
-367,631
-4,671,892
3,793,964
56,711,528
1,057,093
226,142
-
60,864,460
924,153
196,480
-
-4,152,932
132,940
29,662
-
30,903,255
255,737
34,521,168
284,543
-3,617,913
-28,806
168,376
1,798,259
-1,629,883
679,574
5,460,571
-4,780,997
192,510
50,700
4,272
9,142,636
150,966
60,688
5,333
8,552,102
41,544
-9,988
-1,061
590,534
273,772,188
TOTAL PRODUCTION COSTS (B)
118,526,288
133,198,747
-14,672,459
(96,649,230)
DIFFERENCE BETWEEN PRODUCTION
VALUE AND COSTS (A-B)
(21,232,353)
(47,829,583)
26,597,230
C) FINANCIAL INCOME AND EXPENSES
147,940
15) INCOME FROM SHAREHOLDINGS
with separate indication of those from
subsidiary and associated companies
a) To subsidiary companies
d) Others
16) OTHER FINANCIAL INCOME
a) from receivables entered under fixed assets, with
4) from others
First Half
31/12/2001
10,280
10,280
-
588,210
3,200,672
2,928,121
588,210
272,551
336,322
6,641,696
-6,305,374
4,750,644
(3,555,000)
8,305,644
-
-
-
194,715
164,912
29,803
(194,715)
(164,912)
-29,803
20) INCOME with separate indication of capital
gains on disposals generating revenue
which cannot be entered under item 5
123,893,001
a) capital gains on disposals
577,463
b) use of reserve art. 25 of the Company By-Laws
131,304
d) others
15,519,927
306,645
1,419,624
123,892,118
288,731
-
-108,372,191
17,914
1,419,624
21) EXPENSES, with separate indication of
capital losses on disposals the effects
of which cannot be entered under item 14,
and on taxes from previus years
7,686,901
a) capital losses on disposals
3,787,611
33,879
3,753,732
13,458,585
124,146,970
-110,688,385
(3,217,839)
72,597,475
-75,815,314
(967,686)
(35,347,778)
34,380,092
(4,185,525)
37,249,697
-41,435,222
119,094
3,339,462
c) from securities entered under current
d) other income, with separate indication of
those from subsidiary and associated
companies and those from parent companies:
3) from parent companies
4) from others
17) INTEREST AND OTHER FINANCIAL EXPENSES
with separate indication of those due to controlled
and subsidiary companies and those due to holding companies
6,829,389
d) from others
(3,201,648) TOTAL FINANCIAL INCOME AND EXPENSES (15+16-17)
1.,287,561
-
147,940
1,287,561
-147,940
- 18) WRITE-UPS
19) WRITE-DOWNS
c) of securities entered under current
464,933
TOTAL VALUATION ADJUSTMENTS
(464,933) TO FINANCIAL ASSETS (18-19)
16,599,056 PROFIT BEFORE INCOME TAXES (A-B±C±D±E)
6,132,889 26) NET INCOME FOR THE PERIOD
355
-112
37
E) EXTRAORDINARY INCOME AND EXPENSES
(10,466,167) 22) INCOME TAXES
243
Change
D) VALUATION ADJUSTMENTS
TO FINANCIAL ASSETS
116,914,867 TOTAL EXTRAORDINARY INCOME AND EXPENSES (20-21)
separate indication of those from subsidiary and
ass. companies and those from parent companies
853
First Half
31/12/2002
20,392
A) PRODUCTION VALUE
14,663,276
Year
2001/2002
INCOME STATEMENTS
INTANGIBLE FIXED ASSETS
Players' registration rights
STRUCTURE AND CONTENT
Players' registration rights are entered at cost, inclusive of any incidental costs, and the amounts are net of amortisation
The currency used in the Six-Monthly Report is the Euro.
as calculated on a straight-line basis in relation to the duration of the contracts stipulated with the individual football players.
The tables in the Balance Sheet and Income Statement have been drawn up using the Euro, while the Report on
The original amortisation plan is extended following renewal, if applicable, of the contract.
Operations and these Notes to the six monthly Financial Statements are drawn up in thousands of Euros, where indicated.
The above-mentioned players' registration rights are entered in the Financial Statements on the date on which the
The Balance Sheet and the Income Statement at 31 December 2002 have been reclassified in order to aid easier com-
contracts are ratified by the Lega Nazionale Professionisti for national transfers and on the date of the "transfer" issued
parison of the data.
by the Federazione Italiana Giuoco Calcio for international transfers.
The Notes to the six monthly Financial Statements 31 December 2002 have been drawn up in observance of the Consob
For football players registered as "giovani di serie" (youth players), costs are amortised on a straight-line basis over 5 years.
regulations adopted with decision no. 11971 of 14 May 1999, as modified and amended.
Tables in the Balance Sheet and Income Statement indicate the variations in the individual items. Comments in the Notes
to the six monthly Financial Statements are limited to the main items.
The Appendices section, which is an integral part of the Notes to the six monthly Financial Statements, includes table
containing both the obligatory information required by the regulations in force and those held useful for the clarity and
All other intangible fixed assets are entered at cost. The amounts are net of amortisation as calculated on a straight-line
basis in relation to their remaining useful life. In particular, royalties for industrial patents and use of intellectual property
are amortised according to the following criteria:
- trademarks over 10 years;
completeness of this Six-Monthly Report.
Significant Events after the closure of the six month period are commented in the "Report on Operations" to which
- software over 3 years;
- the "Juventus.com" domain for the Internet site and the "Immagini Juventus" (Juventus Pictures) historical archives
reference should be made.
The Six-Monthly Report has not been drawn up as a consolidated report as the only company controlled by Juventus
Football Club S.p.A. (Campi di Vinovo S.p.A.) as specified in art. 2359 of the Italian Civil Code is excluded from consolidation through the application of clause 2, point a) of art. 28 of legislative decree 127/91. The consolidation of Campi di
Vinovo S.p.A. is at the moment effectively irrelevant for the purposes of true and fair representation of the financial and
economic results of the controlling company Juventus Football Club S.p.A.
EVALUATION CRITERIA AND ACCOUNTING PRINCIPLES
In preparing the Six-Monthly Report, the provisions of the second paragraph of article 2423 of the Italian Civil Code have
been observed with respect to clarity and providing a true and fair view of the Company's financial position, assets and
over 5 years.
The total costs not yet amortised are covered by the reserves available.
TANGIBLE FIXED ASSETS
Tangible fixed assets are entered at purchase cost inclusive of incidental costs; the cost is adjusted by the related
depreciation accumulated.
In accordance with article 10 of law no. 72 of 19 March 1983 no monetary or financial revaluation was carried out.
Depreciation entered in the Income Statement was calculated on a straight-line basis, reduced to 50% for assets
purchased during the period, on the basis of rates considered to be representative of their estimated useful economic
and technical life.
economic performance for the year.
It should also be noted that in preparing the Six-Monthly Report, no derogation has been made as per the fourth
Purchases of assets with an individual value of less than € 516 have been entered directly in the Income Statement.
The annual depreciation rates are shown in the table below.
paragraph of article 2423 of the Italian Civil Code.
As laid down in article 2423-bis of the Italian Civil Code, the Six-Monthly Report at 31 December 2002 has been drawn
up according to the general principles of prudence, accruals-matching and in the perspective of continuing the activity.
Considering the first paragraph of article 2423-ter of the Italian Civil Code and the particular activity of the Company, the
rules indicated by the Federazione Italiana Giuoco Calcio, in the documents dated October 1993 and November 1995,
and by the Commissione di Vigilanza per le Società di Calcio, have also been observed, enabling interpretation from the
technical point of view of the laws, in observance of CONSOB regulations and recommendations.
The Six-Monthly Report at 31 December 2002, regarding the first half of 2002/2003, has been drawn up in observance
of the criteria of evaluation, and the accounting principles adopted are consistent with those adopted for both the
Financial Statements for the year closed at 30 June 2002 and the Six-Monthly Report at 31 December 2001.
Assets
Buildings
Light constructions
Fire-prevention, heating and electrical systems
Ordinary office machinery and furniture
Sanitary equipment
Sport equipment
Special technical systems
Telephone switchboard
Electronic office machines
Rate
3.0%
10.0%
10.0%
12.0%
12.5%
15.5%
19.0%
20.0%
20.0%
The evaluation criteria adopted are analysed further on in this document, indicating the reasons for their adoption, and
comply with those specified in art. 2426 of the Italian Civil Code, to which explicit reference is made.
Ordinary maintenance and repair costs are entered in the Income Statement of the period in which they are sustained
while those of an incremental nature are capitalised.
39
38
Other intangible fixed assets
INTANGIBLE FIXED ASSETS
Players' registration rights
STRUCTURE AND CONTENT
Players' registration rights are entered at cost, inclusive of any incidental costs, and the amounts are net of amortisation
The currency used in the Six-Monthly Report is the Euro.
as calculated on a straight-line basis in relation to the duration of the contracts stipulated with the individual football players.
The tables in the Balance Sheet and Income Statement have been drawn up using the Euro, while the Report on
The original amortisation plan is extended following renewal, if applicable, of the contract.
Operations and these Notes to the six monthly Financial Statements are drawn up in thousands of Euros, where indicated.
The above-mentioned players' registration rights are entered in the Financial Statements on the date on which the
The Balance Sheet and the Income Statement at 31 December 2002 have been reclassified in order to aid easier com-
contracts are ratified by the Lega Nazionale Professionisti for national transfers and on the date of the "transfer" issued
parison of the data.
by the Federazione Italiana Giuoco Calcio for international transfers.
The Notes to the six monthly Financial Statements 31 December 2002 have been drawn up in observance of the Consob
For football players registered as "giovani di serie" (youth players), costs are amortised on a straight-line basis over 5 years.
regulations adopted with decision no. 11971 of 14 May 1999, as modified and amended.
Tables in the Balance Sheet and Income Statement indicate the variations in the individual items. Comments in the Notes
to the six monthly Financial Statements are limited to the main items.
The Appendices section, which is an integral part of the Notes to the six monthly Financial Statements, includes table
containing both the obligatory information required by the regulations in force and those held useful for the clarity and
All other intangible fixed assets are entered at cost. The amounts are net of amortisation as calculated on a straight-line
basis in relation to their remaining useful life. In particular, royalties for industrial patents and use of intellectual property
are amortised according to the following criteria:
- trademarks over 10 years;
completeness of this Six-Monthly Report.
Significant Events after the closure of the six month period are commented in the "Report on Operations" to which
- software over 3 years;
- the "Juventus.com" domain for the Internet site and the "Immagini Juventus" (Juventus Pictures) historical archives
reference should be made.
The Six-Monthly Report has not been drawn up as a consolidated report as the only company controlled by Juventus
Football Club S.p.A. (Campi di Vinovo S.p.A.) as specified in art. 2359 of the Italian Civil Code is excluded from consolidation through the application of clause 2, point a) of art. 28 of legislative decree 127/91. The consolidation of Campi di
Vinovo S.p.A. is at the moment effectively irrelevant for the purposes of true and fair representation of the financial and
economic results of the controlling company Juventus Football Club S.p.A.
EVALUATION CRITERIA AND ACCOUNTING PRINCIPLES
In preparing the Six-Monthly Report, the provisions of the second paragraph of article 2423 of the Italian Civil Code have
been observed with respect to clarity and providing a true and fair view of the Company's financial position, assets and
over 5 years.
The total costs not yet amortised are covered by the reserves available.
TANGIBLE FIXED ASSETS
Tangible fixed assets are entered at purchase cost inclusive of incidental costs; the cost is adjusted by the related
depreciation accumulated.
In accordance with article 10 of law no. 72 of 19 March 1983 no monetary or financial revaluation was carried out.
Depreciation entered in the Income Statement was calculated on a straight-line basis, reduced to 50% for assets
purchased during the period, on the basis of rates considered to be representative of their estimated useful economic
and technical life.
economic performance for the year.
It should also be noted that in preparing the Six-Monthly Report, no derogation has been made as per the fourth
Purchases of assets with an individual value of less than € 516 have been entered directly in the Income Statement.
The annual depreciation rates are shown in the table below.
paragraph of article 2423 of the Italian Civil Code.
As laid down in article 2423-bis of the Italian Civil Code, the Six-Monthly Report at 31 December 2002 has been drawn
up according to the general principles of prudence, accruals-matching and in the perspective of continuing the activity.
Considering the first paragraph of article 2423-ter of the Italian Civil Code and the particular activity of the Company, the
rules indicated by the Federazione Italiana Giuoco Calcio, in the documents dated October 1993 and November 1995,
and by the Commissione di Vigilanza per le Società di Calcio, have also been observed, enabling interpretation from the
technical point of view of the laws, in observance of CONSOB regulations and recommendations.
The Six-Monthly Report at 31 December 2002, regarding the first half of 2002/2003, has been drawn up in observance
of the criteria of evaluation, and the accounting principles adopted are consistent with those adopted for both the
Financial Statements for the year closed at 30 June 2002 and the Six-Monthly Report at 31 December 2001.
Assets
Buildings
Light constructions
Fire-prevention, heating and electrical systems
Ordinary office machinery and furniture
Sanitary equipment
Sport equipment
Special technical systems
Telephone switchboard
Electronic office machines
Rate
3.0%
10.0%
10.0%
12.0%
12.5%
15.5%
19.0%
20.0%
20.0%
The evaluation criteria adopted are analysed further on in this document, indicating the reasons for their adoption, and
comply with those specified in art. 2426 of the Italian Civil Code, to which explicit reference is made.
Ordinary maintenance and repair costs are entered in the Income Statement of the period in which they are sustained
while those of an incremental nature are capitalised.
39
38
Other intangible fixed assets
RESERVE FOR EMPLOYEES’ SEVERANCE INDEMNITY
INVESTMENTS
This indemnity is created on the basis of the sums matured by each individual employee at the end of the period, in
Player sharing costs ex art. 102 bis N.O.I.F.
These represent the value of the costs of 50% shareholdings in the football players' contracts held by the companies
which hold the players registration. Shares in such rights are entered at the cost sustained.
Financial liabilities related to the disposal of player sharing costs, entered at nominal value, are entered under operating
liabilities for player sharing.
compliance with the legislation and employment contracts in force. This liability is subject to annual revaluation, performed
using special indices provided for by regulations.
MEMORANDUM ACCOUNTS
These indicate commitments made, guarantees received and granted and third party assets held by the Company or
Shareholdings in other companies
Company assets held by third parties and are entered at nominal value. Contracts with deferred execution are entered at
Shareholdings are evaluated at cost (inclusive of incidental costs) determined with the LIFO method. If at the date of the
purchase and sale cost.
closure of the period the value of a shareholding has fallen over time compared to the value of the purchase cost as
defined previously, it is entered at this lesser value.
Should the reasons for the adjustment cease to exist during subsequent periods, the value of the shareholding is restored
INCOME AND EXPENSES
These are entered in the Financial Statements according to the principles of prudence and accruals-matching.
Premiums related to the achievements of sporting results and due to football players, trainers and managers, as with
within the limit of the purchase cost.
insurance payments for coverage of the same and premiums from sponsors, are entered in the Income Statements for
the period at the actual date of the related sporting event.
Receivables are entered at their estimated realisable value, by the creation of an allowance for doubtful accounts rectifying
Revenues are recorded in reference to the actual date of the event (match dates); revenues from season tickets which
their nominal value, while payables are entered at their nominal value.
are received at the end of the season preceding the relevant period, are carried forward to the pertinent period following
Receivables and payables in foreign currencies for countries outside the Euro monetary system are entered on the basis
the same criteria (match date).
of the exchange rate on the date on which the transactions are carried out. Any net losses on exchanges, deriving from
Financial income and expenses are entered in the Income Statement in the relevant period. These include capital gains
the adaptation of receivables and payables in foreign currencies to the average exchange rates of the month of December,
and/or losses deriving from player sharing costs ex art. 102 bis N.O.I.F., on the basis of the date on which the contract
are set aside in a special currency risk fund.
is ratified by the Lega Nazionale Professionisti.
Should, after the date of the operation from which receivables and payables originate, termed operations be carried out in
Capital gains and losses deriving from the disposal of players' registrations are classified as extraordinary incomes and
foreign currency to cover currency exchange risks, the difference between the exchange rate on the day of the operation
expenses, in accordance with the accounting recommendations of the Federazione Italiana Giuoco Calcio and are entered
and that on the day of negotiation is deducted from or added, as necessary, to the Income Statement as financial income
on the basis of the date on which the contracts are ratified by the Lega Nazionale Professionisti for national transfers, and
and expenses.
on the date of the "transfer" issued by the Federazione Italiana Giuoco Calcio for international transfers.
41
The income/losses from disposals are determined as the difference between the price agreed and the residual accounting
CURRENT FINANCIAL ASSETS
value, inclusive of any additional charges at the end of the quarter preceding that of disposal of players' registration rights
These are valued at purchase cost (inclusive of incidental costs) determined with the LIFO method, i.e. at their sale value
and pro rata temporis from the beginning of the financial year for other tangible and intangible assets.
if this is lower, as calculated according to market performance. Should the reasons for the adjustment cease to exist, the
values are restored within the limit of the purchase cost.
DIVIDENDS
Dividends are entered in the period in which the distribution is voted. The related tax credit is entered when the dividend
is effectively paid.
CASH BANK AND IN HAND
Cash at bank and in hand are entered at nominal value.
Cash at bank and in hand in foreign currencies are aligned with the exchange rates at the end of the period.
TAXES
Taxes for the period are determined on the basis of the existing tax legislation.
ACCRUED INCOME AND PREPAID EXPENSES
In the event of a temporary difference between the net profit and the taxable income for the calculation of IRPEG and
These are calculated according to the economic relevance and period of reference in accordance with the principle of
IRAP, the temporarily deferred tax (asset and/or liability) is calculated taking into account the effective rate of taxation at
correlation of operating costs and income.
the end of the period. Otherwise, reasonable estimates of IRPEG rates are used. The calculation of deferred and prepaid
taxes is made each year.
PROVISIONS FOR RISKS AND OTHER CHARGES
Deferred taxes are entered, on the basis of the principle of prudence, only if there is reasonable certainty that they will be
This item includes provisions set aside to cover charges and probable losses for which, at the end of the period, the
recovered in the future.
amount or date of occurrence cannot be determined. The accruals reflect the highest possible estimate on the basis of
Taxes are not set aside for taxable funds or reserves for distribution should said distribution be improbable.
the information available.
40
RECEIVABLES AND PAYABLES
INVESTMENTS
This indemnity is created on the basis of the sums matured by each individual employee at the end of the period, in
Player sharing costs ex art. 102 bis N.O.I.F.
These represent the value of the costs of 50% shareholdings in the football players' contracts held by the companies
which hold the players registration. Shares in such rights are entered at the cost sustained.
Financial liabilities related to the disposal of player sharing costs, entered at nominal value, are entered under operating
liabilities for player sharing.
compliance with the legislation and employment contracts in force. This liability is subject to annual revaluation, performed
using special indices provided for by regulations.
MEMORANDUM ACCOUNTS
These indicate commitments made, guarantees received and granted and third party assets held by the Company or
Company assets held by third parties and are entered at nominal value. Contracts with deferred execution are entered at
Shareholdings are evaluated at cost (inclusive of incidental costs) determined with the LIFO method. If at the date of the
purchase and sale cost.
closure of the period the value of a shareholding has fallen over time compared to the value of the purchase cost as
defined previously, it is entered at this lesser value.
Should the reasons for the adjustment cease to exist during subsequent periods, the value of the shareholding is restored
INCOME AND EXPENSES
These are entered in the Financial Statements according to the principles of prudence and accruals-matching.
Premiums related to the achievements of sporting results and due to football players, trainers and managers, as with
within the limit of the purchase cost.
insurance payments for coverage of the same and premiums from sponsors, are entered in the Income Statements for
the period at the actual date of the related sporting event.
Receivables are entered at their estimated realisable value, by the creation of an allowance for doubtful accounts rectifying
Revenues are recorded in reference to the actual date of the event (match dates); revenues from season tickets which
their nominal value, while payables are entered at their nominal value.
are received at the end of the season preceding the relevant period, are carried forward to the pertinent period following
Receivables and payables in foreign currencies for countries outside the Euro monetary system are entered on the basis
the same criteria (match date).
of the exchange rate on the date on which the transactions are carried out. Any net losses on exchanges, deriving from
Financial income and expenses are entered in the Income Statement in the relevant period. These include capital gains
the adaptation of receivables and payables in foreign currencies to the average exchange rates of the month of December,
and/or losses deriving from player sharing costs ex art. 102 bis N.O.I.F., on the basis of the date on which the contract
are set aside in a special currency risk fund.
is ratified by the Lega Nazionale Professionisti.
Should, after the date of the operation from which receivables and payables originate, termed operations be carried out in
Capital gains and losses deriving from the disposal of players' registrations are classified as extraordinary incomes and
foreign currency to cover currency exchange risks, the difference between the exchange rate on the day of the operation
expenses, in accordance with the accounting recommendations of the Federazione Italiana Giuoco Calcio and are entered
and that on the day of negotiation is deducted from or added, as necessary, to the Income Statement as financial income
on the basis of the date on which the contracts are ratified by the Lega Nazionale Professionisti for national transfers, and
and expenses.
on the date of the "transfer" issued by the Federazione Italiana Giuoco Calcio for international transfers.
41
The income/losses from disposals are determined as the difference between the price agreed and the residual accounting
CURRENT FINANCIAL ASSETS
value, inclusive of any additional charges at the end of the quarter preceding that of disposal of players' registration rights
These are valued at purchase cost (inclusive of incidental costs) determined with the LIFO method, i.e. at their sale value
and pro rata temporis from the beginning of the financial year for other tangible and intangible assets.
if this is lower, as calculated according to market performance. Should the reasons for the adjustment cease to exist, the
values are restored within the limit of the purchase cost.
DIVIDENDS
Dividends are entered in the period in which the distribution is voted. The related tax credit is entered when the dividend
is effectively paid.
CASH BANK AND IN HAND
Cash at bank and in hand are entered at nominal value.
Cash at bank and in hand in foreign currencies are aligned with the exchange rates at the end of the period.
TAXES
Taxes for the period are determined on the basis of the existing tax legislation.
In the event of a temporary difference between the net profit and the taxable income for the calculation of IRPEG and
These are calculated according to the economic relevance and period of reference in accordance with the principle of
IRAP, the temporarily deferred tax (asset and/or liability) is calculated taking into account the effective rate of taxation at
correlation of operating costs and income.
the end of the period. Otherwise, reasonable estimates of IRPEG rates are used. The calculation of deferred and prepaid
taxes is made each year.
Deferred taxes are entered, on the basis of the principle of prudence, only if there is reasonable certainty that they will be
This item includes provisions set aside to cover charges and probable losses for which, at the end of the period, the
recovered in the future.
amount or date of occurrence cannot be determined. The accruals reflect the highest possible estimate on the basis of
Taxes are not set aside for taxable funds or reserves for distribution should said distribution be improbable.
the information available.
40
RECEIVABLES AND PAYABLES
Assets and liabilities in the form of deferred taxes are entered in the Balance Sheet among other receivables in the case
The amortisation for the period in question (€ 256 thousand, against € 285 thousand in the same period of the previous
of assets, and in the tax provisions in the case of liabilities; they are compensated if compensation is legally permitted.
financial year) was calculated on all depreciable assets applying the rates as representing their useful life.
The movement in tangible assets is given in Appendix 5 which is an integral part of these Notes to the six monthly
Financial Statements.
BALANCE SHEET ANALYSIS
Investments
ASSETS
Subsidiary companies
In July 2002, Juventus Football Club S.p.A. paid the sum of approximately € 7,731 thousand, as the outstanding payment
FIXED ASSETS
for 2,415,537 shares of Campi di Vinovo S.p.A. (equal to 96.62% of the share capital and 99.61% of the outstanding
Intangible fixed assets
capital) purchased in 2001. This sum, added to the instalments paid in July 2001 and in January 2002 for a total of
At 31 December 2002 and at 30 June 2002 these amounted respectively to € 205,032 thousand and € 221,291
€ 9,038 thousand, has taken the overall investment of Juventus Football Club S.p.A. in the purchase of Campi di Vinovo
thousand and are composed of:
S.p.A. shares to € 16,769 thousand. The purchase contract of 19 March 2001, later revised and amended, envisaged a
sum of € 17,356 thousand, subject to a price revision clause on the basis of the assets of Campi di Vinovo S.p.A. at 30
€/000
Royalties on industrial patents and use
31/12/2002
30/06/2002
Change
June 2002. This clause led to a reduction in the sum originally agreed of € 587 thousand.
In the course of the six-month period July-December 2002 a further 2,257 shares were purchased for about € 24
579
557
22
93
155
-62
Cost of players’ registrations
204,360
220,579
-16,219
Campi di Vinovo S.p.A. (99.96% of the outstanding capital), for total expenditure of € 16,879 thousand.
TOTAL
205,032
221,291
-16,259
At 31 December 2002, the shareholders’ equity of Campi di Vinovo S.p.A. was € 11,402 thousand. This sum takes into
Fixed assets in progress and advance payments
thousand. Following this operation and considering the purchases made in the course of the 2001/2002 financial year,
for a total of 6,300 shares, Juventus Football Club S.p.A., at 31 December 2002, holds 96.96% of the share capital of
account the distribution of an extraordinary dividend of approximately € 824 thousand, voted by the Shareholders'
Meeting of 7 December 2002.
Although the balance sheet value of the shareholding in Campi di Vinovo S.p.A. is higher than the corresponding share of net
the same period of the previous financial year).
shareholders' equity as it appears in the last financial statements approved by Campi di Vinovo S.p.A., in observance of article
Costs of players' registration rights net of amortisation amounted to € 204,360 thousand at 31 December 2002, against
2426, number three, of the Italian Civil Code, taking into account the assets of the controlled company, write-down was made.
€ 220,579 thousand at 30 June 2002. The decrease in players' registration rights is due to the amortisation made in the period
Further details of the holding are illustrated in the relevant appendix to these Notes to the six monthly Financial Statements.
43
in question for € 30,782 thousand, compensated partially by the difference between investments for € 39,373 thousand and
net disposals for € 24,810 thousand made by the Company in the first phase of the 2002/2003 Transfer Campaign.
Player sharing ex art. 102 bis N.O.I.F.
The movement in intangible assets is given in Appendix 2 which is an integral part of these Notes to the six monthly
Player sharing costs ex art. 102 bis N.O.I.F. at 31 December 2002 were € 12,966 thousand (€ 4,420 thousand at 30
June 2002) and refer to the following teams:
Tangible fixed assets
At 31 December 2002 and at 30 June 2002 these amounted respectively to € 7,508 and to € 7,722 thousand and are
made up of:
€/000
31/12/2002
30/06/2002
Change
Land and buildings
Plants and machinery
Industrial and commercial equipment
Other assets
6,616
161
332
399
6,722
195
380
425
-106
-34
-48
-26
TOTAL
7,508
7,722
-214
Tangible fixed assets decreased by € 214 thousand following disposals for € 10 thousand, amortisation for the period
for € 256 thousand, partially compensated by the increases for € 51 thousand and the use of the amortisation fund for
A.C. Parma S.p.A.
A.C. Prato S.p.A.
Ascoli Calcio S.p.A.
Basel F.C. 1893
Empoli F. C. S.p.A.
F.C. Crotone Calcio S.r.l.
Hellas Verona S.p.A.
Piacenza F. C. S.p.A.
Ternana Calcio S.p.A.
U. C. Sampdoria
U. S. Triestina Calcio
Udinese Calcio S.p.A.
Valenzana Calcio S.r.l.
TOTAL
disposals for about € 1 thousand.
€/000
5,000
10
103
1,008
516
1
646
2,324
1,549
516
1
1,291
1
12,966
42
The amortisation for the intangible assets in the period amounts to a total of € 30,903 thousand (€ 34,521 thousand in
Assets and liabilities in the form of deferred taxes are entered in the Balance Sheet among other receivables in the case
The amortisation for the period in question (€ 256 thousand, against € 285 thousand in the same period of the previous
of assets, and in the tax provisions in the case of liabilities; they are compensated if compensation is legally permitted.
financial year) was calculated on all depreciable assets applying the rates as representing their useful life.
The movement in tangible assets is given in Appendix 5 which is an integral part of these Notes to the six monthly
BALANCE SHEET ANALYSIS
Investments
ASSETS
Subsidiary companies
In July 2002, Juventus Football Club S.p.A. paid the sum of approximately € 7,731 thousand, as the outstanding payment
FIXED ASSETS
for 2,415,537 shares of Campi di Vinovo S.p.A. (equal to 96.62% of the share capital and 99.61% of the outstanding
Intangible fixed assets
capital) purchased in 2001. This sum, added to the instalments paid in July 2001 and in January 2002 for a total of
At 31 December 2002 and at 30 June 2002 these amounted respectively to € 205,032 thousand and € 221,291
€ 9,038 thousand, has taken the overall investment of Juventus Football Club S.p.A. in the purchase of Campi di Vinovo
thousand and are composed of:
S.p.A. shares to € 16,769 thousand. The purchase contract of 19 March 2001, later revised and amended, envisaged a
sum of € 17,356 thousand, subject to a price revision clause on the basis of the assets of Campi di Vinovo S.p.A. at 30
€/000
Royalties on industrial patents and use
31/12/2002
30/06/2002
Change
June 2002. This clause led to a reduction in the sum originally agreed of € 587 thousand.
In the course of the six-month period July-December 2002 a further 2,257 shares were purchased for about € 24
579
557
22
93
155
-62
Cost of players’ registrations
204,360
220,579
-16,219
Campi di Vinovo S.p.A. (99.96% of the outstanding capital), for total expenditure of € 16,879 thousand.
TOTAL
205,032
221,291
-16,259
At 31 December 2002, the shareholders’ equity of Campi di Vinovo S.p.A. was € 11,402 thousand. This sum takes into
Fixed assets in progress and advance payments
thousand. Following this operation and considering the purchases made in the course of the 2001/2002 financial year,
for a total of 6,300 shares, Juventus Football Club S.p.A., at 31 December 2002, holds 96.96% of the share capital of
account the distribution of an extraordinary dividend of approximately € 824 thousand, voted by the Shareholders'
Meeting of 7 December 2002.
Although the balance sheet value of the shareholding in Campi di Vinovo S.p.A. is higher than the corresponding share of net
the same period of the previous financial year).
shareholders' equity as it appears in the last financial statements approved by Campi di Vinovo S.p.A., in observance of article
Costs of players' registration rights net of amortisation amounted to € 204,360 thousand at 31 December 2002, against
2426, number three, of the Italian Civil Code, taking into account the assets of the controlled company, write-down was made.
€ 220,579 thousand at 30 June 2002. The decrease in players' registration rights is due to the amortisation made in the period
Further details of the holding are illustrated in the relevant appendix to these Notes to the six monthly Financial Statements.
43
in question for € 30,782 thousand, compensated partially by the difference between investments for € 39,373 thousand and
net disposals for € 24,810 thousand made by the Company in the first phase of the 2002/2003 Transfer Campaign.
Player sharing ex art. 102 bis N.O.I.F.
The movement in intangible assets is given in Appendix 2 which is an integral part of these Notes to the six monthly
Player sharing costs ex art. 102 bis N.O.I.F. at 31 December 2002 were € 12,966 thousand (€ 4,420 thousand at 30
June 2002) and refer to the following teams:
Tangible fixed assets
At 31 December 2002 and at 30 June 2002 these amounted respectively to € 7,508 and to € 7,722 thousand and are
made up of:
€/000
31/12/2002
30/06/2002
Change
Land and buildings
Plants and machinery
Industrial and commercial equipment
Other assets
6,616
161
332
399
6,722
195
380
425
-106
-34
-48
-26
TOTAL
7,508
7,722
-214
Tangible fixed assets decreased by € 214 thousand following disposals for € 10 thousand, amortisation for the period
for € 256 thousand, partially compensated by the increases for € 51 thousand and the use of the amortisation fund for
A.C. Parma S.p.A.
A.C. Prato S.p.A.
Basel F.C. 1893
Empoli F. C. S.p.A.
F.C. Crotone Calcio S.r.l.
U. C. Sampdoria
Udinese Calcio S.p.A.
TOTAL
disposals for about € 1 thousand.
€/000
5,000
10
103
1,008
516
1
646
2,324
1,549
516
1
1,291
1
12,966
42
The amortisation for the intangible assets in the period amounts to a total of € 30,903 thousand (€ 34,521 thousand in
It should be noted that all player sharing agreements were drawn up in observance of federal regulations and on the date
31 December 2002:
on which the Board of Directors approved this draft of the Financial Statements at 31 December 2002, and the amount
the 2002/2003 Transfer Campaign (from 2 to 31 January 2003).
At 31 December 2002 these amounted to about € 3 thousand and were therefore unchanged since 30 June 2002.
They are represented by a shareholding in the "Consorzio Fiat Media Center" and a shareholding in the "Consorzio
CONAI".
Other receivables
At 31 December 2002 these amounted to a total of € 19 thousand and are represented by tax receivables for advance
payments of IRPEF on Employees' Severance Indemnity for € 16 thousand and various cautionary deposits for € 3 thousand.
The decrease of € 10 thousand compared to 30 June 2002 is due mainly to the use of the tax credit for advance payments
on Employees' Severance Indemnity for personnel who left in the period in question.
CURRENT ASSETS
Receivables
These amount to € 107,701 thousand (against € 149,606 thousand at 30 June 2002) and refer to the following:
44
€/000
31/12/2002
30/06/2002
Allowance for bad debts
588
1,094
87,336
108
3,056
2,563
4,694
18,273
117,712
(10,011)
7,701
119,891
459
6,101
5,489
21,298
160,939
(11,333)
588
-6,607
-32,555
-351
3,056
-3,538
-795
-3,025
-43,227
1,322
TOTAL
107,701
149,606
-41,905
Parent Company
Official and Technical Sponsors
Football Clubs
Lega Nazionale Professionisti and F.I.G.C.
Tax authority for VAT
Tax authority receivables for income taxes
Deferred tax assets
Others
Change
€/000
A.C. Perugia S.p.A.
AI Itthiad
Borussia Dortmund
F.C. Internazionale Milano S.p.A.
Fenerbahce Spor Club
Fulham Football Club 1897 Ltd.
Hellas Verona F.C. S.p.A
Milan A.C. S.p.A.
Parma A.C. S.p.A.
Piacenza F.C. S.p.A.
Real Madrid Club de Futbol
Royal Standard de Liege
S.S. Lazio S.p.A.
Sevilla Fotbal Club
U.C. Sampdoria S.p.A.
A.S. Roma S.p.A.
Others
3,483
1,928
1,591
629
516
3,256
689
15,602
4,663
3,174
37,563
5,165
6,140
562
689
621
1,065
TOTAL
87,336
Of the total sum of € 87,336 thousand, € 31,349 thousand are collectable after the following financial year. Receivables
from the tax authorities for direct taxes refer to advance taxes paid (for € 121 thousand), to IRPEG receivables for tax
withheld on bank interest income (for € 64 thousand), to IRPEG receivables for previous financial years for which
reimbursement and related interest has been requested (for € 68 thousand), to tax credits for taxes carried forward (for
€ 1,845 thousand), to the residual IRPEG receivables transferred to Juventus by the parent company IFI S.p.A. (for € 1
thousand) and to the full tax credit generated by the distribution of the extraordinary dividend of Campi di Vinovo S.p.A.
(for € 464 thousand).
Receivables from the tax authorities for deferred taxes (€ 4,694 thousand) are as follows:
€/000
Balance at 30 June 2002
Use
Provision
BALANCE AT 31 DECEMBER 2002
5,489
(1,033)
238
4,694
The composition of receivables by currency is as follows:
€/000
31/12/2002
30/06/2002
Receivables in Euro
Receivables in U.S. Dollars
Receivables in Pounds Sterling
Receivables in Swiss Francs
113,622
3,932
158
149,939
5,763
5,199
38
-36,317
-1,831
-5,199
120
TOTAL
117,712
160,939
-43,227
Change
These receivables have changed due to the temporary difference between the accounting result and the fiscal result for
the period 1 July 2002 - 31 December 2002. It should also be underlined that there is no right to demand the above sum
from the tax authorities. Provision for the period was due principally to deferred tax for part of the allowance for doubtful
accounts, on new public relations costs, on the write-down of investment funds and remuneration not paid to directors.
The use in the period (€ 1,033 thousand) is due to the fiscal deduction of the amortisation of players' registration rights,
public relations expenses, the reversal to income of the allowance for doubtful accounts, in addition to the adaptation of
Receivables from football clubs derive essentially from the disposal of players' registration rights, divided as follows at
45
the IRPEG rate with respect to the one applied for provisions at 30 June 2002, as decreed by the Italian government
remains unchanged not having conducted any operations related to player sharing agreements in the second phase of
It should be noted that all player sharing agreements were drawn up in observance of federal regulations and on the date
31 December 2002:
on which the Board of Directors approved this draft of the Financial Statements at 31 December 2002, and the amount
the 2002/2003 Transfer Campaign (from 2 to 31 January 2003).
At 31 December 2002 these amounted to about € 3 thousand and were therefore unchanged since 30 June 2002.
They are represented by a shareholding in the "Consorzio Fiat Media Center" and a shareholding in the "Consorzio
CONAI".
Other receivables
At 31 December 2002 these amounted to a total of € 19 thousand and are represented by tax receivables for advance
payments of IRPEF on Employees' Severance Indemnity for € 16 thousand and various cautionary deposits for € 3 thousand.
The decrease of € 10 thousand compared to 30 June 2002 is due mainly to the use of the tax credit for advance payments
on Employees' Severance Indemnity for personnel who left in the period in question.
CURRENT ASSETS
Receivables
These amount to € 107,701 thousand (against € 149,606 thousand at 30 June 2002) and refer to the following:
44
€/000
31/12/2002
30/06/2002
Allowance for bad debts
588
1,094
87,336
108
3,056
2,563
4,694
18,273
117,712
(10,011)
7,701
119,891
459
6,101
5,489
21,298
160,939
(11,333)
588
-6,607
-32,555
-351
3,056
-3,538
-795
-3,025
-43,227
1,322
TOTAL
107,701
149,606
-41,905
Parent Company
Official and Technical Sponsors
Football Clubs
Lega Nazionale Professionisti and F.I.G.C.
Tax authority for VAT
Tax authority receivables for income taxes
Deferred tax assets
Others
Change
€/000
A.C. Perugia S.p.A.
AI Itthiad
Borussia Dortmund
F.C. Internazionale Milano S.p.A.
Fenerbahce Spor Club
Fulham Football Club 1897 Ltd.
Hellas Verona F.C. S.p.A
Milan A.C. S.p.A.
Parma A.C. S.p.A.
Real Madrid Club de Futbol
S.S. Lazio S.p.A.
Sevilla Fotbal Club
A.S. Roma S.p.A.
Others
3,483
1,928
1,591
629
516
3,256
689
15,602
4,663
3,174
37,563
5,165
6,140
562
689
621
1,065
TOTAL
87,336
Of the total sum of € 87,336 thousand, € 31,349 thousand are collectable after the following financial year. Receivables
from the tax authorities for direct taxes refer to advance taxes paid (for € 121 thousand), to IRPEG receivables for tax
withheld on bank interest income (for € 64 thousand), to IRPEG receivables for previous financial years for which
reimbursement and related interest has been requested (for € 68 thousand), to tax credits for taxes carried forward (for
€ 1,845 thousand), to the residual IRPEG receivables transferred to Juventus by the parent company IFI S.p.A. (for € 1
thousand) and to the full tax credit generated by the distribution of the extraordinary dividend of Campi di Vinovo S.p.A.
(for € 464 thousand).
Receivables from the tax authorities for deferred taxes (€ 4,694 thousand) are as follows:
€/000
Use
Provision
5,489
(1,033)
238
4,694
The composition of receivables by currency is as follows:
€/000
31/12/2002
30/06/2002
Receivables in Euro
Receivables in U.S. Dollars
Receivables in Pounds Sterling
Receivables in Swiss Francs
113,622
3,932
158
149,939
5,763
5,199
38
-36,317
-1,831
-5,199
120
TOTAL
117,712
160,939
-43,227
Change
These receivables have changed due to the temporary difference between the accounting result and the fiscal result for
the period 1 July 2002 - 31 December 2002. It should also be underlined that there is no right to demand the above sum
from the tax authorities. Provision for the period was due principally to deferred tax for part of the allowance for doubtful
accounts, on new public relations costs, on the write-down of investment funds and remuneration not paid to directors.
The use in the period (€ 1,033 thousand) is due to the fiscal deduction of the amortisation of players' registration rights,
public relations expenses, the reversal to income of the allowance for doubtful accounts, in addition to the adaptation of
Receivables from football clubs derive essentially from the disposal of players' registration rights, divided as follows at
45
the IRPEG rate with respect to the one applied for provisions at 30 June 2002, as decreed by the Italian government
remains unchanged not having conducted any operations related to player sharing agreements in the second phase of
budget for 2003. Other receivables for € 18,273 thousand refer to:
instalments starting from August 2002. The payments due in the August and February were received as expected.
The provision for the period July - December 2002, for € 168 thousand, refers to some receivables for which collection
€/000
157
130
590
219
155
300
118
182
133
355
117
149
136
170
150
729
186
305
114
130
617
248
3,644
596
349
188
4,442
155
112
3,397
TOTAL
18,273
Assets other than fixed assets
These are composed of S.G.S.S. Quant Equity Fund/Sella Asset Management S.G.R. p.a. investment funds for € 1,988
thousand (gross of write-downs of € 1,031 thousand) and an INA S.p.A. capitalisation policy for € 1,020 thousand. At
30 June 2002 the total value amounted to € 2,172 thousand. The reduction of € 195 thousand concerns the write-down
made in the period in question.
This item is made up of assets deposited in time-deposit and ordinary current accounts for a total of € 32,775 thousand
at 31 December 2002, against € 92,860 thousand at 30 June 2002.
This item is generated mainly by advance revenue from commercial operations and television rights.
Cash and other valuables amounted to € 8 thousand at 31 December 2002, against € 7 thousand at 30 June 2002.
The accrued income and prepaid expenses item is composed as follows:
€/000
31/12/2002
30/06/2002
Change
Accrued income
Prepaid insurance premiums
Other prepaid expenses
Total prepaid expenses
7,209
633
12,812
13,445
222
447
4,316
4,763
6,987
186
8,496
8,682
TOTAL ACCRUED INCOME AND PREPAID EXPENSES
20,654
4,985
15,669
Accrued income is composed of the share for the period of the income from commercial contracts (€ 5,698 thousand),
revenues from the U.E.F.A. Champions League (€ 1,193 thousand), the right to use the image of a number of football
players (€ 192 thousand) and other minor items (€ 126 thousand).
Prepaid expenses refer mainly to the share pertinent to later periods of the costs incurred for the temporary acquisition
of the registration rights for the players Marco Di Vaio from A.C. Parma S.p.A. (€ 4,154 thousand) and Olivera Ruben from
Danubio Futbol Club (€ 1,211 thousand), the costs incurred for the Mondo Juve and Stadium projects (€ 4,174 thousand),
The movement of the allowance for doubtful accounts is as follows:
insurance premiums (€ 633 thousand), percentages on matches not yet played (€ 1,367 thousand) and other minor items
(€ 1,906 thousand).
€/000
Use for credit losses
Reversal into income of the excess part of the allowance
Provision
11,333
(71)
(1,419)
168
10,011
The use of the allowance for doubtful accounts for the period (€ 71 thousand) is due to unrecoverable trade receivables.
The reversal into income of the allowance for doubtful accounts of the credit due from Sevilla Fotbal Club
(€ 1,348 thousand). After the decision by F.I.F.A., an agreement has been reached between Sevilla Fotbal Club and
Juventus that envisages the payment, guaranteed by bank surety, by Sevilla Fotbal Club of the sum due in 12 monthly
47
The increase in other prepaid expenses for € 8,496 thousand is due mainly to the costs incurred for the temporary acquisition
of the registration rights for the players Marco Di Vaio from A.C. Parma S.p.A. and Olivera Ruben from Danubio Futbol Club.
LIABILITIES
The analysis of the variations in the shareholders' equity accounts is presented in a special appendix which is an integral
part of the Notes to the six monthly Financial Statements.
46
difficulties have arisen.
Air Europe S.p.A.
Axel S.r.l.
Blue Panorama Airlines S.p.A.
Consorzio Cooperative Euro 2000 S.c.r.l.
Danone S.p.A.
E-Comsport Group PLC
Formula Sport Group S.r.l.
G.G.M. Gestione Grandi Manifestazioni S.r.l.
Giemme di D’Agostino S.r.l.
Giraffe Entertainment Ltd.
Holding Media e Comunicazione Produzioni S.r.l.
La Rinascente S.p.A.
Logos TV S.p.A.
Lottomatica S.p.A.
Master Service S.r.l.
Media Partners Italia S.r.l.
Mondo S.p.A.
Point Italia S.r.l.
Premier1 Marketing Ltd.
Sanpaolo Vita S.p.A.
Sony Italia S.p.A.
Sorgenti Montebianco Courmayeur S.p.A.
Sportal UK Ltd.
Spot & Sport S.r.l.
Telecom Italia Mobile S.p.A.
Terme di Salice S.p.A.
TU Mobile S.p.A.
U.E.F.A.
Willis Italia S.p.A.
Others
budget for 2003. Other receivables for € 18,273 thousand refer to:
instalments starting from August 2002. The payments due in the August and February were received as expected.
The provision for the period July - December 2002, for € 168 thousand, refers to some receivables for which collection
€/000
157
130
590
219
155
300
118
182
133
355
117
149
136
170
150
729
186
305
114
130
617
248
3,644
596
349
188
4,442
155
112
3,397
TOTAL
18,273
Assets other than fixed assets
These are composed of S.G.S.S. Quant Equity Fund/Sella Asset Management S.G.R. p.a. investment funds for € 1,988
thousand (gross of write-downs of € 1,031 thousand) and an INA S.p.A. capitalisation policy for € 1,020 thousand. At
30 June 2002 the total value amounted to € 2,172 thousand. The reduction of € 195 thousand concerns the write-down
made in the period in question.
This item is made up of assets deposited in time-deposit and ordinary current accounts for a total of € 32,775 thousand
at 31 December 2002, against € 92,860 thousand at 30 June 2002.
This item is generated mainly by advance revenue from commercial operations and television rights.
Cash and other valuables amounted to € 8 thousand at 31 December 2002, against € 7 thousand at 30 June 2002.
The accrued income and prepaid expenses item is composed as follows:
€/000
31/12/2002
30/06/2002
Change
Accrued income
Prepaid insurance premiums
Other prepaid expenses
Total prepaid expenses
7,209
633
12,812
13,445
222
447
4,316
4,763
6,987
186
8,496
8,682
TOTAL ACCRUED INCOME AND PREPAID EXPENSES
20,654
4,985
15,669
Accrued income is composed of the share for the period of the income from commercial contracts (€ 5,698 thousand),
revenues from the U.E.F.A. Champions League (€ 1,193 thousand), the right to use the image of a number of football
players (€ 192 thousand) and other minor items (€ 126 thousand).
Prepaid expenses refer mainly to the share pertinent to later periods of the costs incurred for the temporary acquisition
of the registration rights for the players Marco Di Vaio from A.C. Parma S.p.A. (€ 4,154 thousand) and Olivera Ruben from
Danubio Futbol Club (€ 1,211 thousand), the costs incurred for the Mondo Juve and Stadium projects (€ 4,174 thousand),
The movement of the allowance for doubtful accounts is as follows:
insurance premiums (€ 633 thousand), percentages on matches not yet played (€ 1,367 thousand) and other minor items
(€ 1,906 thousand).
€/000
Use for credit losses
Reversal into income of the excess part of the allowance
Provision
11,333
(71)
(1,419)
168
10,011
The use of the allowance for doubtful accounts for the period (€ 71 thousand) is due to unrecoverable trade receivables.
The reversal into income of the allowance for doubtful accounts of the credit due from Sevilla Fotbal Club
(€ 1,348 thousand). After the decision by F.I.F.A., an agreement has been reached between Sevilla Fotbal Club and
Juventus that envisages the payment, guaranteed by bank surety, by Sevilla Fotbal Club of the sum due in 12 monthly
47
The increase in other prepaid expenses for € 8,496 thousand is due mainly to the costs incurred for the temporary acquisition
of the registration rights for the players Marco Di Vaio from A.C. Parma S.p.A. and Olivera Ruben from Danubio Futbol Club.
LIABILITIES
The analysis of the variations in the shareholders' equity accounts is presented in a special appendix which is an integral
part of the Notes to the six monthly Financial Statements.
46
difficulties have arisen.
Air Europe S.p.A.
Axel S.r.l.
Blue Panorama Airlines S.p.A.
Consorzio Cooperative Euro 2000 S.c.r.l.
Danone S.p.A.
E-Comsport Group PLC
Formula Sport Group S.r.l.
G.G.M. Gestione Grandi Manifestazioni S.r.l.
Giemme di D’Agostino S.r.l.
Giraffe Entertainment Ltd.
Holding Media e Comunicazione Produzioni S.r.l.
La Rinascente S.p.A.
Logos TV S.p.A.
Lottomatica S.p.A.
Master Service S.r.l.
Media Partners Italia S.r.l.
Mondo S.p.A.
Point Italia S.r.l.
Premier1 Marketing Ltd.
Sanpaolo Vita S.p.A.
Sony Italia S.p.A.
Sorgenti Montebianco Courmayeur S.p.A.
Sportal UK Ltd.
Spot & Sport S.r.l.
Telecom Italia Mobile S.p.A.
Terme di Salice S.p.A.
TU Mobile S.p.A.
U.E.F.A.
Willis Italia S.p.A.
Others
Share capital
The movement of the fund is illustrated below:
The share capital is fully subscribed and paid up and amounted to € 12,093,200 at 31 December 2002, divided into
€/000
120,932,000 shares each of the nominal value of € 0.1.
The provisions for risks and expenses are the following:
31/12/2002
30/06/2002
Change
Balance at 1 July
Use
Accruals
8,921
(93)
679
4,110
(387)
5,198
4,811
294
-4,519
BALANCE
9,507
8,921
586
Provisions for risks and other charges - Tax provisions
The movement in the provisions is as follows:
€/000
31/12/2002
30/06/2002
Change
Balance at 1 July
Use
Accruals
300
-
300
-
-
BALANCE
300
300
-
The provision for € 300 thousand is to cover any interpretative dispute of a fiscal nature.
€/000
31/12/2002
30/06/2002
Change
Balance at 1 July
Payments for termination of employment and advances
Accruals
1,866
(67)
223
1,416
(45)
495
450
-22
-272
BALANCE
2,022
1,866
156
Accruals for the period are net of the withholding tax of 11% on the write-up of employees' severance indemnity as of
Provisions for risks and other charges - Deferred tax provisions
1 January 2001, recorded under Tax Payables.
€/000
31/12/2002
Balance at 1 July
Use
Accruals
BALANCE
30/06/2002
Change
9,984
(1,497)
-
9,984
9,984
-1,497
-9,984
8,487
9,984
-1,497
The reduction of € 1,497 thousand in the fund is related to the lower IRPEG due to the deferment over a number of years
of the taxation of some capital gains made on the disposal of players' registration rights and the adaptation of the IRPEG
PAYABLES
This item also includes invoices still to be received and amounts to € 14,287 thousand, an increase of € 9,148 thousand
compared to 30 June 2002.
Due to subsidiaries
These amount to € 99 thousand and refer to consultancy provided by Campi di Vinovo S.p.A. to Juventus in the framework of the development of the Mondo Juve project. This item was not present at 30 June 2002.
rate compared to 30 June 2002, as decreed by the government budget for 2003.
Due to parent companies
Provisions for risks and other charges - Others
These amount to a total of € 9,507 thousand (against € 8,921 thousand at 30 June 2002) and are made up of the sums
set aside for the risks to the Company that could derive from the interpretation of laws concerning IRAP taxation of the
These amount to € 263 thousand (against € 41 thousand at 30 June 2002) and refer to charges on the third party guarantee
given by IFI S.p.A. in favour of F.I.G.C. - LNP to guarantee the payments regarding the regulatory and contractual
commitments for the acquisition of players' registration rights for the 2001/2002 and 2002/2003 Transfer Campaigns
capital gains on the disposal of players' registration rights, the interpretation of contractual clauses and risks on exchange
(guarantees for a total of € 97,681 thousand and more precisely: € 44,186 thousand for payments to be made in the
losses.
2002/2003 football season; € 45,748 thousand for payments to be made in the 2003/2004 season and € 7,747
As far as IRAP is concerned, the fund includes the prudent provisions made in the relevant years (1998/1999, 1999/2000,
thousand for payments to be made in the 2004/2005 season).
2000/2001 and 2001/2002 seasons) for a sum equal to the IRAP tax and the 25% maximum penalty due for a possible
facilitated resolution, in addition to the IRAP due for the period of 1 July - 31 December 2002.
Tax payables
These amount to € 8,417 thousand (against € 23,298 thousand at 30 June 2002) and represented mainly by withholding
tax to be paid (and paid in January 2003) for employees' IRPEF, scholarships, self-employed workers, contract workers,
commissions and additional regional/municipal IRPEF (for € 8,415 thousand) and the withholding tax on the revaluation
49
Trade payables
These amount to a total of € 8,487 thousand.
48
The movement during the period was as follows:
Share capital
The movement of the fund is illustrated below:
The share capital is fully subscribed and paid up and amounted to € 12,093,200 at 31 December 2002, divided into
€/000
120,932,000 shares each of the nominal value of € 0.1.
The provisions for risks and expenses are the following:
31/12/2002
30/06/2002
Change
Balance at 1 July
Use
Accruals
8,921
(93)
679
4,110
(387)
5,198
4,811
294
-4,519
BALANCE
9,507
8,921
586
Provisions for risks and other charges - Tax provisions
The movement in the provisions is as follows:
€/000
31/12/2002
30/06/2002
Change
Balance at 1 July
Use
Accruals
300
-
300
-
-
BALANCE
300
300
-
The provision for € 300 thousand is to cover any interpretative dispute of a fiscal nature.
€/000
31/12/2002
30/06/2002
Change
Balance at 1 July
Payments for termination of employment and advances
Accruals
1,866
(67)
223
1,416
(45)
495
450
-22
-272
BALANCE
2,022
1,866
156
Accruals for the period are net of the withholding tax of 11% on the write-up of employees' severance indemnity as of
Provisions for risks and other charges - Deferred tax provisions
1 January 2001, recorded under Tax Payables.
€/000
31/12/2002
Balance at 1 July
Use
Accruals
BALANCE
30/06/2002
Change
9,984
(1,497)
-
9,984
9,984
-1,497
-9,984
8,487
9,984
-1,497
The reduction of € 1,497 thousand in the fund is related to the lower IRPEG due to the deferment over a number of years
of the taxation of some capital gains made on the disposal of players' registration rights and the adaptation of the IRPEG
PAYABLES
This item also includes invoices still to be received and amounts to € 14,287 thousand, an increase of € 9,148 thousand
compared to 30 June 2002.
Due to subsidiaries
These amount to € 99 thousand and refer to consultancy provided by Campi di Vinovo S.p.A. to Juventus in the framework of the development of the Mondo Juve project. This item was not present at 30 June 2002.
rate compared to 30 June 2002, as decreed by the government budget for 2003.
Due to parent companies
Provisions for risks and other charges - Others
These amount to a total of € 9,507 thousand (against € 8,921 thousand at 30 June 2002) and are made up of the sums
set aside for the risks to the Company that could derive from the interpretation of laws concerning IRAP taxation of the
These amount to € 263 thousand (against € 41 thousand at 30 June 2002) and refer to charges on the third party guarantee
given by IFI S.p.A. in favour of F.I.G.C. - LNP to guarantee the payments regarding the regulatory and contractual
commitments for the acquisition of players' registration rights for the 2001/2002 and 2002/2003 Transfer Campaigns
capital gains on the disposal of players' registration rights, the interpretation of contractual clauses and risks on exchange
(guarantees for a total of € 97,681 thousand and more precisely: € 44,186 thousand for payments to be made in the
losses.
2002/2003 football season; € 45,748 thousand for payments to be made in the 2003/2004 season and € 7,747
As far as IRAP is concerned, the fund includes the prudent provisions made in the relevant years (1998/1999, 1999/2000,
thousand for payments to be made in the 2004/2005 season).
2000/2001 and 2001/2002 seasons) for a sum equal to the IRAP tax and the 25% maximum penalty due for a possible
facilitated resolution, in addition to the IRAP due for the period of 1 July - 31 December 2002.
Tax payables
These amount to € 8,417 thousand (against € 23,298 thousand at 30 June 2002) and represented mainly by withholding
tax to be paid (and paid in January 2003) for employees' IRPEF, scholarships, self-employed workers, contract workers,
commissions and additional regional/municipal IRPEF (for € 8,415 thousand) and the withholding tax on the revaluation
49
Trade payables
These amount to a total of € 8,487 thousand.
48
The movement during the period was as follows:
of employees' severance indemnity (for € 2 thousand), pursuant to Legislative Decree 47/2000 and later amendments.
The item is composed as follows:
€/000
Due to social security agencies
The debts to social security agencies concern mainly the contributions withheld from employees in December 2002 and
A. C. Fiorentina S.p.A.
A. C. Perugia S.p.A.
A. S. Monaco
Ascoli Calcio 1898 S.p.A.
Hellas Verona F. C. S.p.A.
Milan A. C. S.p.A.
Parma A. C. S.p.A.
Real Sociedad de Futbol S.A.D.
S. S. Lazio A. C. S.p.A.
Tacuary F. B. C.
U. C. Sampdoria S.p.A.
Lega Nazionale Professionisti c/trasferimenti
Others
paid in January.
TOTAL
This item is composed as follows:
€/000
31/12/2002
30/06/2002
Change
Payables to I.N.P.S.
Payables to ENPALS
Payables to INPDAI
Payables to PREVINDAI
Payables to other authorities and assessments
38
162
36
11
119
80
239
72
11
236
-42
-77
-36
-117
BALANCE
366
638
-272
1,291
5,912
10,329
52
336
7,747
29,954
1,549
4,087
29,954
149
344
22,223
238
114,165
Other payables
These are as follows:
ACCRUED EXPENSES AND DEFERRED INCOME
These amount to € 137,130 thousand, a decrease of € 13,927 thousand compared to € 151,057 thousand at 30 June 2002.
€/000
30/06/2002
Change
Employees for salaries
2,624
23,330
-20,706
Other payables
8,480
17,175
-8,695
11,104
40,505
-29,401
TOTAL
These are composed of:
• accrued expenses for € 1,385 thousand concern mainly the share of 18% on season tickets for visiting teams, costs
for the exploitation of players' images, commissions and insurance premiums;
51
• deferred income for € 135,745 thousand referring mainly to the advance invoicing of pay-television rights for the broadcasting of home championship matches in the 2002/2003 and 2003/2004 seasons, UMTS/SMS telephone rights and
Payables to employees are due mainly for wages pertinent to the period in question that will be paid in the following
some commercial contracts.
months, as agreed contractually.
The other payables are chiefly related to additional expenses on football player transfers.
MEMORANDUM ACCOUNTS
These are represented by:
Due for player sharing costs ex art. 102 bis N.O.I.F.
These amount to € 5,785 thousand (against € 5,371 thousand at 30 June 2002) and refer to the debt to Hellas Verona
Third party guarantees in favour of third parties
F.C. S.p.A. for € 2,841 thousand, to Bologna 1909 F.C. S.p.A. for € 2,324 thousand and to Rimini Calcio F.C. S.r.l. for
These amount to € 115,543 thousand (against € 113,409 thousand at 30 June 2002) divided as follows:
€ 620 thousand.
• guarantees issued by Banca Sella to foreign football clubs and banks for the purchase of players' registration rights for
€ 14,416 thousand;
Due to specific sector bodies
• guarantees issued by IFI S.p.A. to F.I.G.C. - LNP to guarantee the payments regarding the regulatory and contractual
At 31 December 2002 these amounted to € 114,165 thousand, a fall of € 39,717 thousand compared to € 153,882
commitments for the acquisition of players' registration rights for the 2001/2002 and 2002/2003 sporting years for
thousand at 30 June 2002. Of this sum, € 20,495 thousand is collectable after the end of the next financial year.
€ 97,681 thousand and more precisely:
The total sum of € 114,165 thousand includes mainly payables to Italian football clubs (€ 77,172 thousand) and foreign
- € 44,186 thousand for payments to be made in the 2002/2003 season;
clubs (€ 14,565 thousand) for the purchase of players' registration rights.
• guarantees issued by La Viscontea S.p.A. to the tax authorities for the reimbursement of VAT for € 2,747
thousand;
• other guarantees for € 699 thousand.
50
31/12/2002
of employees' severance indemnity (for € 2 thousand), pursuant to Legislative Decree 47/2000 and later amendments.
The item is composed as follows:
€/000
Due to social security agencies
The debts to social security agencies concern mainly the contributions withheld from employees in December 2002 and
A. C. Fiorentina S.p.A.
A. C. Perugia S.p.A.
A. S. Monaco
Hellas Verona F. C. S.p.A.
Milan A. C. S.p.A.
Parma A. C. S.p.A.
Real Sociedad de Futbol S.A.D.
S. S. Lazio A. C. S.p.A.
Tacuary F. B. C.
U. C. Sampdoria S.p.A.
Lega Nazionale Professionisti c/trasferimenti
Others
paid in January.
TOTAL
This item is composed as follows:
€/000
31/12/2002
30/06/2002
Change
Payables to I.N.P.S.
Payables to ENPALS
Payables to INPDAI
Payables to PREVINDAI
Payables to other authorities and assessments
38
162
36
11
119
80
239
72
11
236
-42
-77
-36
-117
BALANCE
366
638
-272
1,291
5,912
10,329
52
336
7,747
29,954
1,549
4,087
29,954
149
344
22,223
238
114,165
Other payables
These are as follows:
ACCRUED EXPENSES AND DEFERRED INCOME
These amount to € 137,130 thousand, a decrease of € 13,927 thousand compared to € 151,057 thousand at 30 June 2002.
€/000
30/06/2002
Change
Employees for salaries
2,624
23,330
-20,706
Other payables
8,480
17,175
-8,695
11,104
40,505
-29,401
TOTAL
These are composed of:
• accrued expenses for € 1,385 thousand concern mainly the share of 18% on season tickets for visiting teams, costs
for the exploitation of players' images, commissions and insurance premiums;
51
• deferred income for € 135,745 thousand referring mainly to the advance invoicing of pay-television rights for the broadcasting of home championship matches in the 2002/2003 and 2003/2004 seasons, UMTS/SMS telephone rights and
Payables to employees are due mainly for wages pertinent to the period in question that will be paid in the following
some commercial contracts.
months, as agreed contractually.
The other payables are chiefly related to additional expenses on football player transfers.
MEMORANDUM ACCOUNTS
These are represented by:
Due for player sharing costs ex art. 102 bis N.O.I.F.
These amount to € 5,785 thousand (against € 5,371 thousand at 30 June 2002) and refer to the debt to Hellas Verona
Third party guarantees in favour of third parties
F.C. S.p.A. for € 2,841 thousand, to Bologna 1909 F.C. S.p.A. for € 2,324 thousand and to Rimini Calcio F.C. S.r.l. for
These amount to € 115,543 thousand (against € 113,409 thousand at 30 June 2002) divided as follows:
€ 620 thousand.
• guarantees issued by Banca Sella to foreign football clubs and banks for the purchase of players' registration rights for
€ 14,416 thousand;
Due to specific sector bodies
• guarantees issued by IFI S.p.A. to F.I.G.C. - LNP to guarantee the payments regarding the regulatory and contractual
At 31 December 2002 these amounted to € 114,165 thousand, a fall of € 39,717 thousand compared to € 153,882
commitments for the acquisition of players' registration rights for the 2001/2002 and 2002/2003 sporting years for
thousand at 30 June 2002. Of this sum, € 20,495 thousand is collectable after the end of the next financial year.
€ 97,681 thousand and more precisely:
The total sum of € 114,165 thousand includes mainly payables to Italian football clubs (€ 77,172 thousand) and foreign
clubs (€ 14,565 thousand) for the purchase of players' registration rights.
• guarantees issued by La Viscontea S.p.A. to the tax authorities for the reimbursement of VAT for € 2,747
thousand;
• other guarantees for € 699 thousand.
50
31/12/2002
Third party guarantees in our favour
INCOME STATEMENT ANALYSIS
These amount to € 10,666 thousand (against € 14,932 thousand at 30 June 2002) essentially from leading banks as
Before analysing the individual items, we would like to recall that comments on trends in income and expenses are given
guarantees for commercial contracts and contracts for the disposal of players' registration rights.
in the "Report on Operations", to which reference should be made.
Moreover, the analytical presentation of revenues and expenses in the Income Statement and previous comments on the
Forward agreements - payables
items in the Balance Sheet enable us to restrict comments here to the main items.
These amount to € 139 thousand (against € 280 thousand at 30 June 2002) and concern the residual debt for the
Details are given in thousands of euros.
purchase of the football player Guzman Gaetan Tomas Andres (the original residual debt of USD 150,000 was covered
by a commitment to purchase foreign currency at the exchange rate of €/USD 1.08070 due in July 2003).
PRODUCTION VALUE
Revenues from sales and services
Options to third parties for the purchase of players' registration rights
These amount to € 1,807 thousand (item not present at 30 June 2002) and concern the options granted to Ascoli Calcio
Revenues from sales and services are split into:
1898 S.p.A. for the acquisition of the registration rights and sharing agreement of the football player Aronica Salvatore and
€/000
to Pescara Calcio S.p.A. for the acquisition of the registration rights and sharing agreement of the footballer Nicoletto Rudy.
Ticket sales
Income from temporary transfer of players
8,068
446
7,798
145
270
301
Options from third parties for the purchase of players' registration rights
TOTAL
8,514
7,943
571
First Half 2002/2003 First Half 2001/2002
Change
These amount to € 21,526 thousand (item not present at 30 June 2002) and refer to the amount to be paid for the definitive
purchase of the registration rights of the players Olivera Ruben from Danubio Futbol Club (USD 7.4 million) and Di Vaio
Ticket sales are composed of individual match tickets and season ticket sales for First Team and youth team games.
Marco from A.C. Parma S.p.A. in the event of the option rights granted to Juventus being exercised.
These are divided as follows:
Juventus has exercised the option with Danubio Futbol Club (Uruguay) for the definitive purchase of the registration rights
€/000
be paid in 3 annual instalments starting from next season. The economic and financial effects will be seen starting on
First Team ticket sales:
- Serie A Championship matches
- Cup matches
- Other matches
Total
Ticket sales from youth team matches
Season tickets
1,959
1,860
1,549
5,368
2,700
2,899
559
884
4,342
2
3,454
-940
1,301
665
1,026
-2
-754
TOTAL TICKET SALES
8,068
7,798
270
1 July 2003.
Third party assets held by the company
These amount to € 61 thousand (against € 39 thousand at 30 June 2002), mainly for sports equipment supplied by
Technogym S.r.l., 4 multimedia workstations supplied by LIS S.p.A., a video system supplied by Vigilanza Telecontrol
S.p.A., 25 electro-stimulators supplied by Prima S.r.l. and 3 physiotherapy beds supplied by Azzurra S.r.l..
Change
The increase in gate receipts from First Team matches is due mainly to higher income from U.E.F.A. Champions League
These amount to € 1,993 thousand (against € 1,256 thousand at 30 June 2002) and refer to the deposit at Agenzia 10
of Turin of the Banca Sella S.p.A. of 198,689.1452 shares in the S.G.S.S. Quant Equity investment fund (€ 1,988
matches and friendly matches, partly offset by lower income from Season Tickets and championship matches.
The breakdown of income from home and away matches is shown below:
thousand) and the deposit of multimedia equipment with Marketing Management (€ 5 thousand)
€/000
Change
home
away
1,259
700
1,817
1,082
-558
-382
Cup matches
1,780
80
503
56
1,277
24
-
1,549
-
884
-
665
3,039
2,329
2,320
2,022
719
307
TOTAL
First Half 2001/2002
home
away
Serie A Championship matches
Other matches
home
away
5,368
4,342
1,026
53
52
of the player Ruben Olivera, starting from the 2003/2004 season. The price of exercising the option, USD 7.4 million, will
Third party guarantees in our favour
INCOME STATEMENT ANALYSIS
These amount to € 10,666 thousand (against € 14,932 thousand at 30 June 2002) essentially from leading banks as
Before analysing the individual items, we would like to recall that comments on trends in income and expenses are given
guarantees for commercial contracts and contracts for the disposal of players' registration rights.
in the "Report on Operations", to which reference should be made.
Moreover, the analytical presentation of revenues and expenses in the Income Statement and previous comments on the
Forward agreements - payables
items in the Balance Sheet enable us to restrict comments here to the main items.
These amount to € 139 thousand (against € 280 thousand at 30 June 2002) and concern the residual debt for the
Details are given in thousands of euros.
purchase of the football player Guzman Gaetan Tomas Andres (the original residual debt of USD 150,000 was covered
by a commitment to purchase foreign currency at the exchange rate of €/USD 1.08070 due in July 2003).
PRODUCTION VALUE
Revenues from sales and services
Options to third parties for the purchase of players' registration rights
These amount to € 1,807 thousand (item not present at 30 June 2002) and concern the options granted to Ascoli Calcio
Revenues from sales and services are split into:
1898 S.p.A. for the acquisition of the registration rights and sharing agreement of the football player Aronica Salvatore and
€/000
to Pescara Calcio S.p.A. for the acquisition of the registration rights and sharing agreement of the footballer Nicoletto Rudy.
Ticket sales
Income from temporary transfer of players
8,068
446
7,798
145
270
301
Options from third parties for the purchase of players' registration rights
TOTAL
8,514
7,943
571
Change
These amount to € 21,526 thousand (item not present at 30 June 2002) and refer to the amount to be paid for the definitive
purchase of the registration rights of the players Olivera Ruben from Danubio Futbol Club (USD 7.4 million) and Di Vaio
Ticket sales are composed of individual match tickets and season ticket sales for First Team and youth team games.
Marco from A.C. Parma S.p.A. in the event of the option rights granted to Juventus being exercised.
These are divided as follows:
Juventus has exercised the option with Danubio Futbol Club (Uruguay) for the definitive purchase of the registration rights
€/000
be paid in 3 annual instalments starting from next season. The economic and financial effects will be seen starting on
First Team ticket sales:
- Serie A Championship matches
- Cup matches
- Other matches
Total
Ticket sales from youth team matches
Season tickets
1,959
1,860
1,549
5,368
2,700
2,899
559
884
4,342
2
3,454
-940
1,301
665
1,026
-2
-754
TOTAL TICKET SALES
8,068
7,798
270
1 July 2003.
Third party assets held by the company
These amount to € 61 thousand (against € 39 thousand at 30 June 2002), mainly for sports equipment supplied by
Technogym S.r.l., 4 multimedia workstations supplied by LIS S.p.A., a video system supplied by Vigilanza Telecontrol
S.p.A., 25 electro-stimulators supplied by Prima S.r.l. and 3 physiotherapy beds supplied by Azzurra S.r.l..
Change
The increase in gate receipts from First Team matches is due mainly to higher income from U.E.F.A. Champions League
These amount to € 1,993 thousand (against € 1,256 thousand at 30 June 2002) and refer to the deposit at Agenzia 10
of Turin of the Banca Sella S.p.A. of 198,689.1452 shares in the S.G.S.S. Quant Equity investment fund (€ 1,988
matches and friendly matches, partly offset by lower income from Season Tickets and championship matches.
The breakdown of income from home and away matches is shown below:
thousand) and the deposit of multimedia equipment with Marketing Management (€ 5 thousand)
€/000
Change
home
away
1,259
700
1,817
1,082
-558
-382
Cup matches
1,780
80
503
56
1,277
24
-
1,549
-
884
-
665
3,039
2,329
2,320
2,022
719
307
TOTAL
home
away
Other matches
home
away
5,368
4,342
1,026
53
52
of the player Ruben Olivera, starting from the 2003/2004 season. The price of exercising the option, USD 7.4 million, will
The number of tickets sold for home matches is as follows:
Income from official and technical sponsorship contracts (€ 14,010 thousand) refers to the sums paid by the Official
Sponsors and the Technical Sponsor to acquire the right to display their own trademark on the official match strips and
Change
Cup matches
50,219
127,309
73,831
19,585
-23,612
107,724
TOTAL
177,528
93,416
84,112
uniforms of the First Team and youth teams.
The income generated by official and technical sponsorship contracts is essentially due to higher income from the official
championship sponsor and the technical sponsor contracts.
Income from other sponsorship and other commercial contracts (€ 9,243 thousand) refers to sums paid for contracts
with Institutional Sponsors and Official and Technical Suppliers, as well as with Commercial Partners and Licensees of
Season tickets sold went from 35,703 in the 2001/2002 season, for income of € 6,528 thousand, to 33,438 in the
Juventus trademarks.
2002/2003 season, for income of € 6,068 thousand. The share of earnings pertinent to the six months in question was
Television revenues (€ 33,574 thousand) regard earnings from the sale of radio broadcasting rights as well as television
€ 2,700 thousand, a fall of about € 754 thousand compared to the same period of the previous financial period partly
filming and broadcasting rights of football matches, excluding the U.E.F.A. Champions League. These are lower (€ 786
due to the lower number of matches played.
thousand) due to one less official match played compared to the first six months of the 2001/2002 financial year, an effect
Income from the temporary transfer of football players for the period 1 July - 31 December 2002 is composed of sums
Revenue from the "away team TV percentage" (€ 1,575 thousand) represents 18% of encoded TV rights on
thousand, an increase of € 301 thousand compared to the same six months of the previous financial year, and refers to
Championship matches, paid by the home teams. Correspondingly, the negative income items include the sum paid to
the following players:
visiting teams for a total of € 4,797 thousand.
Revenues from telephone rights (€ 2,881 thousand) derive from the sale of the transmission of information and news
ARONICA Salvatore
BERETTA Matteo
FOFANA Aboubaka
FRARA Alessandro
GATTARI Filippo
GENTILE Andrea
MAIETTA Domenico
PERICARD Vincent de Paul
PICCOLO Felice
RONDINELLA Stefano
SCARDINA Francesco
SCULLI Giuseppe
Others
Paok F. C.
Bologna F. C. S.p.A.
Aglianese Calcio S.r.l.
U. S. Triestina calcio
Portsmouth F. C.
A. S. Lucchese
Paok F. C.
Modena F. C. S.p.A.
26
52
13
8
5
26
26
156
13
7
13
78
23
TOTAL
446
UMTS technologies of home matches played by the First Team.
U.E.F.A. Champions League revenues (€ 15,526 thousand) concern sums paid by U.E.F.A. to the Company and derive
from the negotiation and exploitation of rights related to the U.E.F.A. Champions League matches. Revenues from the
U.E.F.A. Champions League increased by € 3,493 thousand compared to the corresponding period of the previous financial
year partly following a higher share of revenue distributed to Juventus as the winner of the 2001/2002 Italian
€/000
Change
Official and technical sponsors
Other sponsorships and other commercial contracts
Television revenues
TV revenues percentage from visiting team
Telephonic rights
Revenues from U.E.F.A. Champions League
Publishing activity
Advertising
Players’ and coach image rights
Sundry income
14,010
9,243
33,574
1,575
2,881
15,526
295
1,190
149
9,186
9,160
34,360
1,756
2,395
12,033
221
519
1,187
318
4,824
83
-786
-181
486
3,493
-221
-224
3
-169
TOTAL
78,443
71,135
7,308
55
Championship.
As regards publishing activities, on 28 September 2001 this company "branch" was outsourced to Cantelli Editore S.r.l.,
revenue which is classified under "Other revenues and income".
Revenues from the players' and the trainer's image rights amounted to € 1,190 thousand (€ 1,187 thousand for the same
period of the previous financial year) and concern revenues related to use the image of the football players and trainer.
Other revenues and income
€/000
Sponsorship and other income
using SMS and WAP technologies, as well as the transmission of audiovisual images (known as "clips") using GPRS and
Insurance indemnities
Casual profits
Publishing revenues (outsourced company branch)
Other income
TOTAL
Change
7,658
488
181
2,010
307
532
128
5,324
7,351
-44
53
-3,314
10,337
6,291
4,046
For insurance indemnities, the increase is due to the fact that the first six months of the 2002/2003 financial year benefited
from the receipt of indemnity payments on policies for serious injuries to football players.
The reduction in other income for € 3,314 thousand compared to the same period of the previous financial year is due
essentially to the recording in the 2001/2002 financial year of the mutually agreed termination of the sponsorship contract
with Ciaoweb S.p.A. that occurred in the first six months of 2001/2002 (€ 4,132 thousand).
€/000
54
partially compensated by the increase of the absolute value of this source of revenues.
deriving from the temporary transfer to other football clubs of players' registration rights. This income amounted to € 446
The number of tickets sold for home matches is as follows:
Income from official and technical sponsorship contracts (€ 14,010 thousand) refers to the sums paid by the Official
Sponsors and the Technical Sponsor to acquire the right to display their own trademark on the official match strips and
Change
Cup matches
50,219
127,309
73,831
19,585
-23,612
107,724
TOTAL
177,528
93,416
84,112
uniforms of the First Team and youth teams.
The income generated by official and technical sponsorship contracts is essentially due to higher income from the official
championship sponsor and the technical sponsor contracts.
Income from other sponsorship and other commercial contracts (€ 9,243 thousand) refers to sums paid for contracts
with Institutional Sponsors and Official and Technical Suppliers, as well as with Commercial Partners and Licensees of
Season tickets sold went from 35,703 in the 2001/2002 season, for income of € 6,528 thousand, to 33,438 in the
Juventus trademarks.
2002/2003 season, for income of € 6,068 thousand. The share of earnings pertinent to the six months in question was
Television revenues (€ 33,574 thousand) regard earnings from the sale of radio broadcasting rights as well as television
€ 2,700 thousand, a fall of about € 754 thousand compared to the same period of the previous financial period partly
filming and broadcasting rights of football matches, excluding the U.E.F.A. Champions League. These are lower (€ 786
due to the lower number of matches played.
thousand) due to one less official match played compared to the first six months of the 2001/2002 financial year, an effect
Income from the temporary transfer of football players for the period 1 July - 31 December 2002 is composed of sums
Revenue from the "away team TV percentage" (€ 1,575 thousand) represents 18% of encoded TV rights on
thousand, an increase of € 301 thousand compared to the same six months of the previous financial year, and refers to
Championship matches, paid by the home teams. Correspondingly, the negative income items include the sum paid to
the following players:
visiting teams for a total of € 4,797 thousand.
Revenues from telephone rights (€ 2,881 thousand) derive from the sale of the transmission of information and news
ARONICA Salvatore
BERETTA Matteo
FOFANA Aboubaka
FRARA Alessandro
GATTARI Filippo
GENTILE Andrea
MAIETTA Domenico
PERICARD Vincent de Paul
PICCOLO Felice
RONDINELLA Stefano
SCARDINA Francesco
SCULLI Giuseppe
Others
Paok F. C.
Bologna F. C. S.p.A.
U. S. Triestina calcio
Portsmouth F. C.
A. S. Lucchese
Paok F. C.
Modena F. C. S.p.A.
26
52
13
8
5
26
26
156
13
7
13
78
23
TOTAL
446
UMTS technologies of home matches played by the First Team.
U.E.F.A. Champions League revenues (€ 15,526 thousand) concern sums paid by U.E.F.A. to the Company and derive
from the negotiation and exploitation of rights related to the U.E.F.A. Champions League matches. Revenues from the
U.E.F.A. Champions League increased by € 3,493 thousand compared to the corresponding period of the previous financial
year partly following a higher share of revenue distributed to Juventus as the winner of the 2001/2002 Italian
€/000
Change
Official and technical sponsors
Other sponsorships and other commercial contracts
Television revenues
TV revenues percentage from visiting team
Telephonic rights
Revenues from U.E.F.A. Champions League
Publishing activity
Advertising
Players’ and coach image rights
Sundry income
14,010
9,243
33,574
1,575
2,881
15,526
295
1,190
149
9,186
9,160
34,360
1,756
2,395
12,033
221
519
1,187
318
4,824
83
-786
-181
486
3,493
-221
-224
3
-169
TOTAL
78,443
71,135
7,308
55
Championship.
As regards publishing activities, on 28 September 2001 this company "branch" was outsourced to Cantelli Editore S.r.l.,
revenue which is classified under "Other revenues and income".
Revenues from the players' and the trainer's image rights amounted to € 1,190 thousand (€ 1,187 thousand for the same
period of the previous financial year) and concern revenues related to use the image of the football players and trainer.
Other revenues and income
€/000
Sponsorship and other income
using SMS and WAP technologies, as well as the transmission of audiovisual images (known as "clips") using GPRS and
Insurance indemnities
Casual profits
Publishing revenues (outsourced company branch)
Other income
TOTAL
Change
7,658
488
181
2,010
307
532
128
5,324
7,351
-44
53
-3,314
10,337
6,291
4,046
For insurance indemnities, the increase is due to the fact that the first six months of the 2002/2003 financial year benefited
from the receipt of indemnity payments on policies for serious injuries to football players.
The reduction in other income for € 3,314 thousand compared to the same period of the previous financial year is due
essentially to the recording in the 2001/2002 financial year of the mutually agreed termination of the sponsorship contract
with Ciaoweb S.p.A. that occurred in the first six months of 2001/2002 (€ 4,132 thousand).
€/000
54
partially compensated by the increase of the absolute value of this source of revenues.
deriving from the temporary transfer to other football clubs of players' registration rights. This income amounted to € 446
(for € 2,846 thousand).
PRODUCTION COSTS
Purchases
Personnel expenses
Personnel costs are divided as follows:
€/000
Change
Technical material
Sanitary material
Other goods
784
64
133
720
49
580
64
15
-447
€/000
TOTAL
981
1.349
-368
Social security contributions
tech. staff
other
total
Salaries and wages
Severance Pay
TOTAL
These costs refer mainly to match and training clothing as well as the official First Team strip.
TOTAL
54,867
1,845
56,712
58,972
1,893
60,865
-4,153
448
609
1,057
403
521
924
133
-
226
226
-
196
196
30
55,315
2,680
57,995
59,375
2,610
61,985
-3,990
Change
230
1,755
23
970
480
4,293
4,523
435
142
178
1,994
28
902
531
4,622
8,723
261
88
-178
-239
-5
68
-51
-329
-4,200
174
12,709
17,381
-4,672
€/000
Players’ contractual fees:
- for sporting activity
- for use of players’ images
Trainers and other technical staff contractual fees
and premium
45,660
5,786
49,380
6,006
-3,720
-220
2,905
3,567
-662
-
19
-19
516
-
516
54,867
58,972
-4,105
Rights to use coach’s image
Players’ performance premiums
TOTAL
Change
57
The reduction in the cost for technical staff is the result of the strategy adopted by the Company already in the second
phase of the 2001/2002 Transfer Campaign making it possible to cut the overall cost of players' wages.
The lack of costs for publishing in the period is due to the fact that the company "branch" was outsourced on 28
The average number of staff employed by the Company is composed as follows:
September 2001 to Cantelli Editore S.r.l..
The costs for sports activities came to € 1,755 thousand and are related to expenses for First Team and youth team training
sessions and camps, medical expenses, fees of medical experts, masseurs and other outside experts, and the payment
of scholarships.
Insurance and social security expenses (€ 4,293 thousand) refer mainly to premiums paid to insure football players, premiums
that may be paid to football players upon achievement of sporting targets and coverage of salaries in the event of injury.
Administration, advertising and general costs for a total of € 4,523 thousand, including the remuneration of Directors for €
824 thousand (€ 558 thousand in the same period of the previous financial year) and Statutory Auditors for € 46 thousand
(€ 23 thousand in the same period of the previous financial year) and fees to the Independent Auditors (€ 12 thousand,
Employees’ average number in the period
Change
Players
50
49
1
Coaching staff
10
9
1
Other technical staff
7
6
1
Managers
9
8
1
Employees
54
47
7
6
6
0
136
125
11
Workers
TOTAL AVERAGE PERSONNEL
against € 4 thousand in the same period of the previous financial year). The decrease in administration, advertising and
general expenses compared to the same period of the previous financial year is due essentially (for € 3,399 thousand) to
Amortisation and write-downs
the lack of the expenses for listing on the stock market borne in the first six months of 2001/2002.
Amortisation for tangible and intangible assets and credit write-downs are illustrated in the comment on the items of the
Balance Sheet.
Lease and rent costs
These amounted to € 5,444 thousand at 31 December 2002 (€ 1,650 thousand at 31 December 2001), due mainly
to the rental of sports fields (for € 1,248 thousand) and the temporary purchase of the registration rights of the football players Olivera Ruben from Danubio Futbol Club (for € 823 thousand) and Di Vaio Marco from A.C. Parma S.p.A.
56
Costs for players
Costs for publishing activity
Costs for sporting activity
Specific technical costs
Costs for food, accomodation and transport
Ticket sales service and gate checks
Insurance and social security
Administration - advertising and general
Others
Change
The cost for technical staff is divided as follows:
Service expenses
€/000
tech. staff
other
total
(for € 2,846 thousand).
PRODUCTION COSTS
Purchases
Personnel expenses
Personnel costs are divided as follows:
€/000
Change
Technical material
Sanitary material
Other goods
784
64
133
720
49
580
64
15
-447
€/000
TOTAL
981
1.349
-368
Social security contributions
tech. staff
other
total
Salaries and wages
Severance Pay
TOTAL
These costs refer mainly to match and training clothing as well as the official First Team strip.
TOTAL
54,867
1,845
56,712
58,972
1,893
60,865
-4,153
448
609
1,057
403
521
924
133
-
226
226
-
196
196
30
55,315
2,680
57,995
59,375
2,610
61,985
-3,990
Change
230
1,755
23
970
480
4,293
4,523
435
142
178
1,994
28
902
531
4,622
8,723
261
88
-178
-239
-5
68
-51
-329
-4,200
174
12,709
17,381
-4,672
€/000
Players’ contractual fees:
- for sporting activity
- for use of players’ images
Trainers and other technical staff contractual fees
and premium
45,660
5,786
49,380
6,006
-3,720
-220
2,905
3,567
-662
-
19
-19
516
-
516
54,867
58,972
-4,105
Rights to use coach’s image
Players’ performance premiums
TOTAL
Change
57
The reduction in the cost for technical staff is the result of the strategy adopted by the Company already in the second
phase of the 2001/2002 Transfer Campaign making it possible to cut the overall cost of players' wages.
The lack of costs for publishing in the period is due to the fact that the company "branch" was outsourced on 28
The average number of staff employed by the Company is composed as follows:
September 2001 to Cantelli Editore S.r.l..
The costs for sports activities came to € 1,755 thousand and are related to expenses for First Team and youth team training
sessions and camps, medical expenses, fees of medical experts, masseurs and other outside experts, and the payment
of scholarships.
Insurance and social security expenses (€ 4,293 thousand) refer mainly to premiums paid to insure football players, premiums
that may be paid to football players upon achievement of sporting targets and coverage of salaries in the event of injury.
Administration, advertising and general costs for a total of € 4,523 thousand, including the remuneration of Directors for €
824 thousand (€ 558 thousand in the same period of the previous financial year) and Statutory Auditors for € 46 thousand
(€ 23 thousand in the same period of the previous financial year) and fees to the Independent Auditors (€ 12 thousand,
Employees’ average number in the period
Change
Players
50
49
1
Coaching staff
10
9
1
Other technical staff
7
6
1
Managers
9
8
1
Employees
54
47
7
6
6
0
136
125
11
Workers
TOTAL AVERAGE PERSONNEL
against € 4 thousand in the same period of the previous financial year). The decrease in administration, advertising and
general expenses compared to the same period of the previous financial year is due essentially (for € 3,399 thousand) to
Amortisation and write-downs
the lack of the expenses for listing on the stock market borne in the first six months of 2001/2002.
Amortisation for tangible and intangible assets and credit write-downs are illustrated in the comment on the items of the
Balance Sheet.
Lease and rent costs
These amounted to € 5,444 thousand at 31 December 2002 (€ 1,650 thousand at 31 December 2001), due mainly
to the rental of sports fields (for € 1,248 thousand) and the temporary purchase of the registration rights of the football players Olivera Ruben from Danubio Futbol Club (for € 823 thousand) and Di Vaio Marco from A.C. Parma S.p.A.
56
Costs for players
Costs for publishing activity
Costs for sporting activity
Specific technical costs
Costs for food, accomodation and transport
Ticket sales service and gate checks
Insurance and social security
Administration - advertising and general
Others
Change
The cost for technical staff is divided as follows:
Service expenses
€/000
tech. staff
other
total
Accruals for risks
severance payments. They amount to € 0.2 thousand against € 0.4 thousand in the same period of the 2001/2002
The total accruals of € 679 thousand is divided as follows:
financial year
• € 561 thousand for risks about uncertainties regarding the interpretation of legislation on whether the capital gains
c) Income from securities recorded as current financial assets.
This amounts to € 10 thousand and regards the minimum return on the INA S.p.A. policy in which part of liquidity is
deriving from the disposal of players' registration rights are subject to IRAP;
• € 118 thousand to adjust for exchange rates losses.
invested. The total is unchanged compared to the same period of the previous financial year.
d) Other income, divided as follows:
Other operating expenses
€/000
Operating expenses regard:
€/000
Match organisation expenses
Costs for official matches
Match registration fees
Other operating expenses:
- Indirect tax charges
- Other percentages on gate receipts
(visiting teams)/Ticket purchase
- Other percentages on TV revenues and
promotional/advertising rights (visiting teams - LNP)
193
151
42
51
61
-10
4
5
-1
79
83
-4
1,313
1,084
229
596
4
2,298
30
-357
588
28
489
113
TOTAL
3,789
2,928
861
In the first six months of 2001/2002, liquidity was used solely in repurchase agreements while in the first half of 2002/2003
liquidity was used at market rates in finance operations in favour of the parent company IFI S.p.A..
5,031
-233
48
50
-2
321
334
-13
74
85
-11
€/000
- Other expenses
2,509
1,885
624
TOTAL
9,390
8,769
621
GAMBERINI Alessandro
MALATESTA Simone
PEDERZOLI Alex
REGONESI Pierre Giorgio
- Contingent liabilities
- Match fines and penalties
Change
239
588
32
2,787
143
4,798
- Taxes on gate receipts
The income from player sharing ex art. 102 N.O.I.F. refers to the following players:
Bologna F.C. S.p.A.
Modena F.C. S.p.A.
Bologna F.C. S.p.A.
Atalanta Bergamasca S.p.A.
Change
2,324
206
257
-
2,298
2,324
206
257
-2,298
2,787
2,298
489
59
The "other percentages on revenue from television rights" refers principally to the 18% of revenue from the sale of
pay-TV rights paid to visiting teams (for € 4,797 thousand) and promotional/advertising rights (for € 1 thousand).
Other expenses (for a total of € 2,509 thousand) include public relations expenses, costs of transactions with third
parties, the membership fee for the Fondo Lega Nazionale Professionisti (an increase of € 646 thousand compared to
the same period of the previous financial year following higher contributions due to the LNP), the Consob fee and the
membership fee for the G14 (European Economic Interest Group - GEIE), of which other leading European teams are also
members.
TOTAL
Interest and other financial expenses
Interest and other financial expenses are as follows:
€/000
Change
FINANCIAL INCOME AND EXPENSES
Interest due to banks
Other expenses and commissions
Players’ sharing costs (ex art. 102 bis N.O.I.F.)
300
36
2,190
4,452
-1,890
-4,416
Income from shareholdings
TOTAL
336
6,642
-6,306
The income from shareholdings in other companies came to € 1,288 thousand following the receipt of the extraordinary
dividend from the subsidiary company Campi di Vinovo S.p.A. (for € 824 thousand). This sum also includes the full tax
The decrease in the item "Other expenses and commissions" can be attributed principally to the fact that the listing and
credit equal to 56.25% (€ 464 thousand) of the dividend.
guarantee commissions for the stock market listing borne in the same period of the previous financial year are no longer
present.
Other financial income
This is made up of the following items:
a) Receivables recorded as fixed assets.
These receivables represent the revaluation of payments to the tax authorities as advance payments of employees'
58
Change
Bank interest
Interest on finance provided to parent company
Income from financial investments and others
Income from players’ sharing (ex art. 102 bis N.O.I.F.)
Gains on foreign exchange rates
Accruals for risks
severance payments. They amount to € 0.2 thousand against € 0.4 thousand in the same period of the 2001/2002
The total accruals of € 679 thousand is divided as follows:
financial year
• € 561 thousand for risks about uncertainties regarding the interpretation of legislation on whether the capital gains
c) Income from securities recorded as current financial assets.
This amounts to € 10 thousand and regards the minimum return on the INA S.p.A. policy in which part of liquidity is
deriving from the disposal of players' registration rights are subject to IRAP;
• € 118 thousand to adjust for exchange rates losses.
invested. The total is unchanged compared to the same period of the previous financial year.
d) Other income, divided as follows:
Other operating expenses
€/000
Operating expenses regard:
€/000
Match organisation expenses
Costs for official matches
Match registration fees
Other operating expenses:
- Indirect tax charges
- Other percentages on gate receipts
(visiting teams)/Ticket purchase
- Other percentages on TV revenues and
promotional/advertising rights (visiting teams - LNP)
193
151
42
51
61
-10
4
5
-1
79
83
-4
1,313
1,084
229
596
4
2,298
30
-357
588
28
489
113
TOTAL
3,789
2,928
861
In the first six months of 2001/2002, liquidity was used solely in repurchase agreements while in the first half of 2002/2003
liquidity was used at market rates in finance operations in favour of the parent company IFI S.p.A..
5,031
-233
48
50
-2
321
334
-13
74
85
-11
€/000
- Other expenses
2,509
1,885
624
TOTAL
9,390
8,769
621
MALATESTA Simone
PEDERZOLI Alex
REGONESI Pierre Giorgio
- Contingent liabilities
- Match fines and penalties
Change
239
588
32
2,787
143
4,798
- Taxes on gate receipts
The income from player sharing ex art. 102 N.O.I.F. refers to the following players:
Bologna F.C. S.p.A.
Modena F.C. S.p.A.
Bologna F.C. S.p.A.
Atalanta Bergamasca S.p.A.
Change
2,324
206
257
-
2,298
2,324
206
257
-2,298
2,787
2,298
489
59
The "other percentages on revenue from television rights" refers principally to the 18% of revenue from the sale of
pay-TV rights paid to visiting teams (for € 4,797 thousand) and promotional/advertising rights (for € 1 thousand).
Other expenses (for a total of € 2,509 thousand) include public relations expenses, costs of transactions with third
parties, the membership fee for the Fondo Lega Nazionale Professionisti (an increase of € 646 thousand compared to
the same period of the previous financial year following higher contributions due to the LNP), the Consob fee and the
membership fee for the G14 (European Economic Interest Group - GEIE), of which other leading European teams are also
members.
TOTAL
Interest and other financial expenses
Interest and other financial expenses are as follows:
€/000
Change
FINANCIAL INCOME AND EXPENSES
Interest due to banks
Other expenses and commissions
Players’ sharing costs (ex art. 102 bis N.O.I.F.)
300
36
2,190
4,452
-1,890
-4,416
Income from shareholdings
TOTAL
336
6,642
-6,306
The income from shareholdings in other companies came to € 1,288 thousand following the receipt of the extraordinary
dividend from the subsidiary company Campi di Vinovo S.p.A. (for € 824 thousand). This sum also includes the full tax
The decrease in the item "Other expenses and commissions" can be attributed principally to the fact that the listing and
credit equal to 56.25% (€ 464 thousand) of the dividend.
guarantee commissions for the stock market listing borne in the same period of the previous financial year are no longer
present.
Other financial income
This is made up of the following items:
a) Receivables recorded as fixed assets.
These receivables represent the revaluation of payments to the tax authorities as advance payments of employees'
58
Change
Bank interest
Interest on finance provided to parent company
Income from financial investments and others
Income from players’ sharing (ex art. 102 bis N.O.I.F.)
Gains on foreign exchange rates
In addition, the sum of € 306 thousand (against € 289 thousand in the same period of the previous financial year) has
Player sharing costs refer to the following transactions:
been entered as extraordinary income to cover the costs of technical and sports training in the youth sector, as provided
€/000
ANDORNO Davide
CAMPESE Marco
GIANDOMENICO Luigi
MOREO Luca
PECCHIA Fabio
PERROTTA Simone
SINATO Manuel
U.S. ProVercelli S.r.l.
S.S. Gualdo S.r.l.
Venezia A.C. S.r.l.
Fidelis Andria A.S. S.r.l.
Torino Calcio S.p.A.
Bari A.S. S.p.A.
Como Calcio S.p.A.
TOTAL
Change
for in article 25 of the By-laws.
1
10
25
103
52
3,047
1,250
-
1
10
-103
-52
-3,047
-1,250
25
on disposals of players' registration rights (for € 2,317 thousand), the non-renewal of the annual tie in the youth sector
36
4,452
-4,416
(for € 34 thousand), the expenses related to the failure to exercise the option to purchase the players Nestor Fabian
The reversal into income of the allowance for doubtful accounts refers to the credit due from Sevilla Fotbal Club (€ 1.348
thousand) and other credits (€ 71 thousand).
Extraordinary expenses
These amount to € 3,788 thousand (€ 34 thousand in the same period of the previous financial year) and refer to losses
Canobbio from Club Atletico Progreso and Horazio Peralta from Danubio Futbol Club (for € 1,435 thousand) and the
losses due to the sale of other assets (for € 2 thousand).
VALUATION ADJUSTMENTS TO FINANCIAL ASSETS
The losses on the disposals of players' registration rights for € 2,317 thousand are divided as follows:
Write-downs
€/000
thousand in the same period of the previous financial year).
EXTRAORDINARY INCOME AND EXPENSES
Extraordinary income
60
€/000
Capital gains from disposal of tangible fixed assets
Capital gains from disposal of players’ registration rights
Use of reserve art. 25 of the Company By-laws
Reversal into income of the allowance for doubtful trade receivables
Reversal into income of the taxed allowance for doubtful accounts referred
to other receivables
TOTAL
Change
-
1
-1
15,520
123,891
-108,371
306
289
17
1,349
-
1,349
71
-
71
17,246
124,181
-106,935
This item is composed mainly of capital gains from disposal of players' registration rights (for € 15,520 thousand, against
€ 123,891 thousand in the same period of the 2001/2002 financial year), in particular:
€/000
AMORUSO Nicola
BRIGHI Matteo
CARINI Hernandez Hector Fabian
GASBARRONI Andrea
GUZMAN Gaetan Thomas
LAVECCHIA Luigi
MARESCA Enzo
SEDIVEC Jaroslav
VIERI Massimiliano
TOTAL
AI Itthiad
No first contract offered
Termination as per art. 40/3 N.O.I.F.
A.C. Monterotondo
U.S. Triestina Calcio
Termination as per art. 40/3 N.O.I.F..
F.C. Bologna S.p.A.
A.C. Prato
Termination of contract
F.C. Crotone Calcio
F.C. Crotone Calcio
322
36
17
19
1
19
1,502
30
190
10
94
51
1
25
TOTAL
1
8,810
171
992
2,342
162
2,334
4
704
INCOME TAXES
15,520
€/000
Current IRPEG
Current IRAP
Net deferred IRPEG
Net deferred IRAP
TOTAL
Change
1,670
(741)
39
965
34,344
39
705
-35,085
-
968
35,348
-34,380
Current taxes
In the first six months of 2002/2003 the Company owes no current taxes for IRPEG as its taxable income is negative.
The sum of € 1,670 thousand regards IRAP.
61
2,317
Income taxes for the period amount to € 968 thousand and include:
A.C. Perugia S.p.A.
A.C. Parma S.p.A.
A.C. Perugia S.p.A.
BACCIN Dario
BERGER Christian
BERRITTA Gaspare
COLADARCI Flavio
FAMIANO Pietro
FERRARO Luigi Giorgio
GORZEGNO Marco
MALATESTA Simone
MORINO Andrea Giovanni
O’BRIEN Ronald
PELLEGRINI Luca
REDAVID Vito
Others
These refer to write-downs of shares in investment funds (S.G.S.S. Quant Equity Fund) for € 195 thousand (€ 165
In addition, the sum of € 306 thousand (against € 289 thousand in the same period of the previous financial year) has
Player sharing costs refer to the following transactions:
been entered as extraordinary income to cover the costs of technical and sports training in the youth sector, as provided
€/000
ANDORNO Davide
CAMPESE Marco
GIANDOMENICO Luigi
MOREO Luca
PECCHIA Fabio
PERROTTA Simone
SINATO Manuel
U.S. ProVercelli S.r.l.
S.S. Gualdo S.r.l.
Venezia A.C. S.r.l.
Fidelis Andria A.S. S.r.l.
Torino Calcio S.p.A.
Bari A.S. S.p.A.
Como Calcio S.p.A.
TOTAL
Change
for in article 25 of the By-laws.
1
10
25
103
52
3,047
1,250
-
1
10
-103
-52
-3,047
-1,250
25
on disposals of players' registration rights (for € 2,317 thousand), the non-renewal of the annual tie in the youth sector
36
4,452
-4,416
(for € 34 thousand), the expenses related to the failure to exercise the option to purchase the players Nestor Fabian
The reversal into income of the allowance for doubtful accounts refers to the credit due from Sevilla Fotbal Club (€ 1.348
thousand) and other credits (€ 71 thousand).
Extraordinary expenses
These amount to € 3,788 thousand (€ 34 thousand in the same period of the previous financial year) and refer to losses
Canobbio from Club Atletico Progreso and Horazio Peralta from Danubio Futbol Club (for € 1,435 thousand) and the
losses due to the sale of other assets (for € 2 thousand).
VALUATION ADJUSTMENTS TO FINANCIAL ASSETS
The losses on the disposals of players' registration rights for € 2,317 thousand are divided as follows:
Write-downs
€/000
thousand in the same period of the previous financial year).
EXTRAORDINARY INCOME AND EXPENSES
Extraordinary income
60
€/000
Capital gains from disposal of tangible fixed assets
Capital gains from disposal of players’ registration rights
Use of reserve art. 25 of the Company By-laws
Reversal into income of the allowance for doubtful trade receivables
Reversal into income of the taxed allowance for doubtful accounts referred
to other receivables
TOTAL
Change
-
1
-1
15,520
123,891
-108,371
306
289
17
1,349
-
1,349
71
-
71
17,246
124,181
-106,935
This item is composed mainly of capital gains from disposal of players' registration rights (for € 15,520 thousand, against
€ 123,891 thousand in the same period of the 2001/2002 financial year), in particular:
€/000
AMORUSO Nicola
BRIGHI Matteo
CARINI Hernandez Hector Fabian
GASBARRONI Andrea
GUZMAN Gaetan Thomas
LAVECCHIA Luigi
MARESCA Enzo
SEDIVEC Jaroslav
VIERI Massimiliano
TOTAL
AI Itthiad
No first contract offered
Termination as per art. 40/3 N.O.I.F.
A.C. Monterotondo
U.S. Triestina Calcio
Termination as per art. 40/3 N.O.I.F..
F.C. Bologna S.p.A.
A.C. Prato
F.C. Crotone Calcio
F.C. Crotone Calcio
322
36
17
19
1
19
1,502
30
190
10
94
51
1
25
TOTAL
1
8,810
171
992
2,342
162
2,334
4
704
INCOME TAXES
15,520
€/000
Current IRPEG
Current IRAP
Net deferred IRPEG
Net deferred IRAP
TOTAL
Change
1,670
(741)
39
965
34,344
39
705
-35,085
-
968
35,348
-34,380
Current taxes
In the first six months of 2002/2003 the Company owes no current taxes for IRPEG as its taxable income is negative.
The sum of € 1,670 thousand regards IRAP.
61
2,317
Income taxes for the period amount to € 968 thousand and include:
A.C. Perugia S.p.A.
A.C. Parma S.p.A.
A.C. Perugia S.p.A.
BACCIN Dario
BERGER Christian
BERRITTA Gaspare
COLADARCI Flavio
FAMIANO Pietro
FERRARO Luigi Giorgio
GORZEGNO Marco
MALATESTA Simone
MORINO Andrea Giovanni
O’BRIEN Ronald
PELLEGRINI Luca
REDAVID Vito
Others
These refer to write-downs of shares in investment funds (S.G.S.S. Quant Equity Fund) for € 195 thousand (€ 165
APPENDICES
Deferred taxes
The deferred taxes for the period show a positive difference of € 702 thousand and are divided as follows:
• € 1,033 thousand for use of deferred taxes created in previous periods (€ 987 thousand for IRPEG and € 46 thousand for IRAP);
• (€ 1,212) thousand for use of deferred IRPEG taxes created in previous periods;
• (€ 285) thousand due to the reduction in the IRPEG rate (from 35% to 34%) on deferred taxes set aside in previous
periods;
• (€ 238) thousand for pre-paid taxes set aside in the period (€ 230 thousand for IRPEG and 8 thousand for IRAP).
1. Shareholdings in subsidiaries and other companies at 31 December 2002.
2. Variations in intangible fixed assets.
3. Variations in players' registration rights.
4. Players' registration rights at 31 December 2002.
5. Variations in tangible fixed assets.
6. Variation in shareholders' equity accounts for the periods closed at 31 December 2002 and 30 June 2002.
7. Cash flow analysis for the periods closed at 31 December 2002 and 30 June 2001.
Turin, 28 March 2003.
On behalf of the Board of Directors
The Chairman
The Chairman
62
63
APPENDICES
Deferred taxes
The deferred taxes for the period show a positive difference of € 702 thousand and are divided as follows:
• € 1,033 thousand for use of deferred taxes created in previous periods (€ 987 thousand for IRPEG and € 46 thousand for IRAP);
• (€ 1,212) thousand for use of deferred IRPEG taxes created in previous periods;
• (€ 285) thousand due to the reduction in the IRPEG rate (from 35% to 34%) on deferred taxes set aside in previous
periods;
• (€ 238) thousand for pre-paid taxes set aside in the period (€ 230 thousand for IRPEG and 8 thousand for IRAP).
1. Shareholdings in subsidiaries and other companies at 31 December 2002.
2. Variations in intangible fixed assets.
3. Variations in players' registration rights.
4. Players' registration rights at 31 December 2002.
5. Variations in tangible fixed assets.
6. Variation in shareholders' equity accounts for the periods closed at 31 December 2002 and 30 June 2002.
7. Cash flow analysis for the periods closed at 31 December 2002 and 30 June 2001.
The Chairman
The Chairman
62
63
Appendix 2
SHAREHOLDINGS IN SUBSIDIARIES AND ASSOCIATED COMPANIES
AT 31 DECEMBER 2002
VARIATIONS IN INTANGIBLE FIXED ASSETS
SHARE CAPITAL
JUVENTUS
SHAREHOLDING
% holding of
Share cap. Shares
NUMBER CURRENCY NOMINAL
OF SHARES
VALUE
SUM
SHAREHOLDERS’ NET PROFIT/
EQUITY*
(LOSS)*
€
NUMBER
OF SHARES
€/000
€/000
€/000
SUBSIDIARY COMPANIES
Campi di Vinovo S.p.A.
2,500,000
€
0.52 1,300,000 2,424,094
96.96
96.96
ROYALTIES FOR
INDUSTRIAL PATENTS
AND USE OF
INTELLECTUAL PROPERTY
INTANGIBLE FIXED
ASSETS IN PROGRESS
AND ADVANCE
PAYMENTS
TOTAL
Purchases in previous years
1,399
155
1,554
Amortisation in previous years
(842)
-
(842)
Net balance at 01.07.2002
557
155
712
Purchases 01.07.2002-31.12.2002
143
14
157
(121)
-
(121)
Assets sold 01.07.2002-31.12.2002
-
(76)
(76)
Use of amortisation over previous
years
-
-
-
579
93
672
Balance at 31.12.2002 net of sales
1,542
93
1,635
Amortisation at 31.12.2002
net of sales
(963)
-
(963)
579
93
672
Book values
Unit Total
7 16,879 12,226
0.7
C.so Galileo Ferraris, 32
10128 Torino
(*) The figures for Campi di Vinovo S.p.A. refer to the year closed at 30 June 2002.
€/000
Amortisation 01.07.2002-31.12.2002
Net balance as at 31.12.2002
64
65
Appendix 1
Appendix 2
SHAREHOLDINGS IN SUBSIDIARIES AND ASSOCIATED COMPANIES
AT 31 DECEMBER 2002
VARIATIONS IN INTANGIBLE FIXED ASSETS
SHARE CAPITAL
JUVENTUS
SHAREHOLDING
% holding of
Share cap. Shares
NUMBER CURRENCY NOMINAL
OF SHARES
VALUE
SUM
SHAREHOLDERS’ NET PROFIT/
EQUITY*
(LOSS)*
€
NUMBER
OF SHARES
€/000
€/000
€/000
SUBSIDIARY COMPANIES
Campi di Vinovo S.p.A.
2,500,000
€
0.52 1,300,000 2,424,094
96.96
96.96
ROYALTIES FOR
INDUSTRIAL PATENTS
AND USE OF
INTELLECTUAL PROPERTY
INTANGIBLE FIXED
ASSETS IN PROGRESS
AND ADVANCE
PAYMENTS
TOTAL
1,399
155
1,554
Amortisation in previous years
(842)
-
(842)
Net balance at 01.07.2002
557
155
712
Purchases 01.07.2002-31.12.2002
143
14
157
(121)
-
(121)
Assets sold 01.07.2002-31.12.2002
-
(76)
(76)
Use of amortisation over previous
years
-
-
-
579
93
672
1,542
93
1,635
net of sales
(963)
-
(963)
579
93
672
Book values
Unit Total
7 16,879 12,226
0.7
C.so Galileo Ferraris, 32
10128 Torino
(*) The figures for Campi di Vinovo S.p.A. refer to the year closed at 30 June 2002.
€/000
Amortisation 01.07.2002-31.12.2002
64
65
Appendix 1
Appendix 3
Appendix 4
VARIATIONS IN PLAYERS’ REGISTRATION RIGHTS
PLAYERS’ REGISTRATION RIGHTS AT 31 DECEMBER 2002
PROFESSIONALS
Costs of players’ registration rights in previous years*
Amortisation in previous years *
Residual value at 01.07.2002
YOUTH PLAYERS
€/000
TOTAL
342,096
1,173
343,269
(122,242)
(448)
(122,690)
219,854
725
220,579
NAME OF PLAYER
BAIOCCO DAVIDE
BIRINDELLI Alessandro
Reclassification from youth players
28
(28)
-
BUFFON Gianluigi
Purchases 01.07.2002-31.12.2002
38,880
493
39,373
CHIMENTI Antonio
Disposal 01.07.2002-31.12.2002
(46,705)
(255)
(46,960)
Amortisation 01.07.2002-31.12.2002
(30,644)
(138)
(30,782)
CAMORANESI Mauro German
CONTE Antonio
DAVIDS Edgar
DEL PIERO Alessandro
FERRARA Ciro
Reclassification of amortisation from youth players
(14)
14
-
FRESI Salvatore
IULIANO Mark
Use of amortisation over previous years
66
22,020
130
22,150
203,419
941
204,360
Original costs as at 31.12.2002
334,299
1,383
335,682
Amortisation as at 31.12.2002
(130,880)
(442)
(131,322)
203,419
941
204,360
MONTERO Ronald Paolo
MORETTI Emiliano
NEDVED Pavel
PESSOTTO Gianluca
SALAS Marcelo
TACCHINARDI Alessio
THURAM Ruddy Lilian
TREZEGUET David
TUDOR Igor
(*) Net of the sum paid to other football clubs as compensation for young players’ training and education, which was been entirely
amortised as per Law 586/96.
ZALAYETA Marcelo
ZAMBROTTA Gianluca
ZENONI Cristian
ROLE
Midfielder
Defender
Goalkeeper
Midfielder
Goalkeeper
Midfielder
Midfielder
Striker
Defender
Defender
Defender
Defender
Defender
Midfielder
Defender
Striker
Midfielder
Defender
Striker
Defender
Striker
Midfielder
Defender
Other professional
Youth players
TOTAL
(*) Duration of contracts extant at 31 December 2002.
PLAYERS’
REGISTR. RIGHTS
AT 31/12/2002
7,230
AMORTISATION
FUND
AT 31/12/2002
2,169
NET PLAYERS’
CONTRACT
REGISTR. RIGHTS DURATION*
AT 31/12/2002
CONTRACT
EXPIRY
5,061
5 years
30/06/06
2,700
2,101
599
4 years
30/06/04
52,265
15,625
36,640
5 years
30/06/06
5,771
721
5,050
4 years
30/06/06
115
19
96
3 years
30/06/05
1,119
961
158
2 years
30/06/04
5,035
4,129
906
5 years
30/06/04
507
453
54
5 years
30/06/04
5,169
5,043
126
1 year
30/06/03
388
65
323
3 years
30/06/05
2,298
1,479
819
5 years
30/06/05
129
102
27
3 years
30/06/05
2,610
261
2,349
5 years
30/06/07
47,778
14,333
33,445
5 years
30/06/06
2,908
2,450
458
3 years
30/06/05
29,696
8,909
20,787
4 years
30/06/06
4,387
3,732
655
5 years
30/06/05
41,317
12,395
28,922
5 years
30/06/06
27,889
13,945
13,944
5 years
30/06/05
5,100
3,631
1,469
5 years
30/06/05
9,243
9,243
-
4 years
30/06/06
14,281
8,512
5,769
5 years
30/06/05
15,638
4,679
10,959
5 years
30/06/06
50,725
15,922
34,803
1,384
443
941
335,682
131,322
204,360
67
€/000
Appendix 3
Appendix 4
VARIATIONS IN PLAYERS’ REGISTRATION RIGHTS
PLAYERS’ REGISTRATION RIGHTS AT 31 DECEMBER 2002
PROFESSIONALS
Costs of players’ registration rights in previous years*
Amortisation in previous years *
YOUTH PLAYERS
€/000
TOTAL
342,096
1,173
343,269
(122,242)
(448)
(122,690)
219,854
725
220,579
NAME OF PLAYER
BAIOCCO DAVIDE
BIRINDELLI Alessandro
Reclassification from youth players
28
(28)
-
BUFFON Gianluigi
Purchases 01.07.2002-31.12.2002
38,880
493
39,373
CHIMENTI Antonio
Disposal 01.07.2002-31.12.2002
(46,705)
(255)
(46,960)
Amortisation 01.07.2002-31.12.2002
(30,644)
(138)
(30,782)
CAMORANESI Mauro German
CONTE Antonio
DAVIDS Edgar
DEL PIERO Alessandro
FERRARA Ciro
Reclassification of amortisation from youth players
(14)
14
-
FRESI Salvatore
IULIANO Mark
Use of amortisation over previous years
66
22,020
130
22,150
203,419
941
204,360
Original costs as at 31.12.2002
334,299
1,383
335,682
Amortisation as at 31.12.2002
(130,880)
(442)
(131,322)
203,419
941
204,360
MONTERO Ronald Paolo
MORETTI Emiliano
NEDVED Pavel
PESSOTTO Gianluca
SALAS Marcelo
TACCHINARDI Alessio
THURAM Ruddy Lilian
TREZEGUET David
TUDOR Igor
(*) Net of the sum paid to other football clubs as compensation for young players’ training and education, which was been entirely
amortised as per Law 586/96.
ZALAYETA Marcelo
ZAMBROTTA Gianluca
ZENONI Cristian
ROLE
Midfielder
Defender
Goalkeeper
Midfielder
Goalkeeper
Midfielder
Midfielder
Striker
Defender
Defender
Defender
Defender
Defender
Midfielder
Defender
Striker
Midfielder
Defender
Striker
Defender
Striker
Midfielder
Defender
Other professional
Youth players
TOTAL
(*) Duration of contracts extant at 31 December 2002.
PLAYERS’
REGISTR. RIGHTS
AT 31/12/2002
7,230
AMORTISATION
FUND
AT 31/12/2002
2,169
NET PLAYERS’
CONTRACT
REGISTR. RIGHTS DURATION*
AT 31/12/2002
CONTRACT
EXPIRY
5,061
5 years
30/06/06
2,700
2,101
599
4 years
30/06/04
52,265
15,625
36,640
5 years
30/06/06
5,771
721
5,050
4 years
30/06/06
115
19
96
3 years
30/06/05
1,119
961
158
2 years
30/06/04
5,035
4,129
906
5 years
30/06/04
507
453
54
5 years
30/06/04
5,169
5,043
126
1 year
30/06/03
388
65
323
3 years
30/06/05
2,298
1,479
819
5 years
30/06/05
129
102
27
3 years
30/06/05
2,610
261
2,349
5 years
30/06/07
47,778
14,333
33,445
5 years
30/06/06
2,908
2,450
458
3 years
30/06/05
29,696
8,909
20,787
4 years
30/06/06
4,387
3,732
655
5 years
30/06/05
41,317
12,395
28,922
5 years
30/06/06
27,889
13,945
13,944
5 years
30/06/05
5,100
3,631
1,469
5 years
30/06/05
9,243
9,243
-
4 years
30/06/06
14,281
8,512
5,769
5 years
30/06/05
15,638
4,679
10,959
5 years
30/06/06
50,725
15,922
34,803
1,384
443
941
335,682
131,322
204,360
67
€/000
cont. VARIATIONS IN TANGIBLE FIXED ASSETS
Appendix 5
VARIATIONS IN TANGIBLE FIXED ASSETS
INDUSTRIAL AND COMMERCIAL EQUIPMENT
LAND AND BUILDINGS
€/000
HEAD OFFICE
7,039
7,039
Depreciation in previous financial years
(317)
(317)
6,722
6,722
-
-
(106)
(106)
Assets sold
-
-
Use of depreciation from previous years
-
-
6,616
€/000
SPORTS
TELEPHONE
LIGHT
EQUIPMENT SWITCHBOARD CONSTRUC.
TOTAL
564
134
154
1,106
Depreciation in previous years
(156)
(364)
(82)
(124)
(726)
98
200
52
30
380
7
4
1
9
21
(13)
(33)
(12)
(2)
(60)
Assets sold 01.07.2002-31.12.2002
-
(1)
-
(9)
(10)
6,616
Use of depreciation in previous years
-
1
-
-
1
7,039
7,039
92
171
41
28
332
(423)
(423)
261
567
135
154
1,117
6,616
6,616
(169)
(396)
(94)
(126)
(785)
92
171
41
28
332
Amortisation
SANITARY
EQUIPMENT
254
Purchases
Purchases 01.07.2002-31.12.2002
Depreciation 01.07.2002-31.12.2002
69
PLANTS AND MACHINERY
€/000
SPECIAL TECHNICAL
SYSTEMS
FIRE PREVENTION, HEATING
AND ELECTRICAL SYSTEM
TOTAL
656
57
713
(509)
(8)
(517)
147
49
196
-
-
-
(32)
(3)
(35)
Assets sold 01.07.2002-31.12.2002
-
-
-
-
-
-
115
46
161
656
57
713
(541)
(11)
(552)
115
46
161
Purchases 01.07.2002-31.12.2002
Amortisation 01.07.2002-31.12.2002
68
TOTAL
Appendix 5
VARIATIONS IN TANGIBLE FIXED ASSETS
INDUSTRIAL AND COMMERCIAL EQUIPMENT
LAND AND BUILDINGS
€/000
HEAD OFFICE
7,039
7,039
(317)
(317)
6,722
6,722
-
-
(106)
(106)
Assets sold
-
-
-
-
6,616
€/000
SPORTS
TELEPHONE
LIGHT
EQUIPMENT SWITCHBOARD CONSTRUC.
TOTAL
564
134
154
1,106
(156)
(364)
(82)
(124)
(726)
98
200
52
30
380
7
4
1
9
21
(13)
(33)
(12)
(2)
(60)
Assets sold 01.07.2002-31.12.2002
-
(1)
-
(9)
(10)
6,616
-
1
-
-
1
7,039
7,039
92
171
41
28
332
(423)
(423)
261
567
135
154
1,117
6,616
6,616
(169)
(396)
(94)
(126)
(785)
92
171
41
28
332
Amortisation
SANITARY
EQUIPMENT
254
Purchases
Purchases 01.07.2002-31.12.2002
Depreciation 01.07.2002-31.12.2002
69
PLANTS AND MACHINERY
€/000
SPECIAL TECHNICAL
SYSTEMS
FIRE PREVENTION, HEATING
AND ELECTRICAL SYSTEM
TOTAL
656
57
713
(509)
(8)
(517)
147
49
196
-
-
-
(32)
(3)
(35)
Assets sold 01.07.2002-31.12.2002
-
-
-
-
-
-
115
46
161
656
57
713
(541)
(11)
(552)
115
46
161
Purchases 01.07.2002-31.12.2002
Amortisation 01.07.2002-31.12.2002
68
TOTAL
Appendix 6
VARIATION IN SHAREHOLDERS’ EQUITY ACCOUNTS FOR THE PERIODS CLOSED
AT 30 JUNE 2002 AND 31 DECEMBER 2002
OTHER FIXED ASSETS
ORDINARY OFFICE
FURNITURE AND
MACHINERY
ELECTRONIC
MACHINES
TOTAL
386
513
899
(207)
(267)
(474)
179
246
425
€/000
SHARE
CAPITAL
BALANCES AS AT 30.06.2001 10,400
Purchases
Amortisation
70
5
25
30
(15)
(41)
(56)
Assets sold
-
-
-
Adjustments of assets of previous financial year
-
-
-
-
-
-
169
230
399
391
538
929
Net balance as at31.12.2002
(222)
(308)
(530)
169
230
399
TREASURY RETAINEDNET PROFIT
SHARES
PROFIT
(LOSS)
ACQUIS. RES. RESERVE
SHAREHOLDERS
EQUITY
-
1,347
-
-
14,938
5,775
32,460
-
289
-
-
-
(289)
-
-
-
578
(578)
-
3,785
-
(578)
(1,123)
(3,785)
-
(1,123)
(578)
-
-
-
17,000
(17,000)
-
-
60,949
-
-
-
-
-
6,133
1,693
60,949
6,133
BALANCES AS AT 30.06.2002 12,093
60,949
1,636
-
17,000
1,723
6,133
99,534
-
-
307
-
-
-
(307)
-
-
-
-
613
(307)
-
3,762
-
(613)
(1,451)
(3,762)
-
(1,451)
(307)
-
(476)
476
-
-
-
-
-
-
-
-
-
(17,000)
17,000
-
-
-
(50,000)
-
-
-
50,000
-
-
(4,186)
(4,186)
BALANCES AS AT 31.12.2002 12,093
10,473
2,419
306
50,000
22,485
(4,186)
93,590
Increase of the “Legal Reserve”
to one fifth of
Company share capital:
- to Legal Reserve
Treasury shares
acquisition reserve
decrease
Treasury shares acquisition
reserve increase
Net Loss as at 31.12.2002
RISERVA art. 25
COMPANY
BY-LAWS
Shareholders’ Ordinary
Meeting 04.09.2001
Allocation of 2000/2001
Net Income:
- to Legal Reserve
for Net Income allocation
- to Reserve art. 25
of Company By-laws:
used for youth
training school and
technical-sports training
- to Shareholders dividends
- to Retained profits reserve
- to Income Statement
reserve creation
Shareholders’ Extraordinary
Meeting 04.09.2001
Capital increase on admission
to listing:
- to share capital
1,693
- to additional paid-in-capital
Net profit as at 30.06.2002
-
Meeting 28.10.2002
Net Income:
- to Legal Reserve
of Company By-laws:
used for youth training
school and technical-sports
training
ADDITIONAL
LEGAL
PAID-IN-CAPITAL RESERVE
71
€/000
Appendix 6
VARIATION IN SHAREHOLDERS’ EQUITY ACCOUNTS FOR THE PERIODS CLOSED
AT 30 JUNE 2002 AND 31 DECEMBER 2002
OTHER FIXED ASSETS
ORDINARY OFFICE
FURNITURE AND
MACHINERY
ELECTRONIC
MACHINES
TOTAL
386
513
899
(207)
(267)
(474)
179
246
425
€/000
SHARE
CAPITAL
BALANCES AS AT 30.06.2001 10,400
Purchases
Amortisation
70
5
25
30
(15)
(41)
(56)
Assets sold
-
-
-
Adjustments of assets of previous financial year
-
-
-
-
-
-
169
230
399
391
538
929
Net balance as at31.12.2002
(222)
(308)
(530)
169
230
399
TREASURY RETAINEDNET PROFIT
SHARES
PROFIT
(LOSS)
ACQUIS. RES. RESERVE
SHAREHOLDERS
EQUITY
-
1,347
-
-
14,938
5,775
32,460
-
289
-
-
-
(289)
-
-
-
578
(578)
-
3,785
-
(578)
(1,123)
(3,785)
-
(1,123)
(578)
-
-
-
17,000
(17,000)
-
-
60,949
-
-
-
-
-
6,133
1,693
60,949
6,133
BALANCES AS AT 30.06.2002 12,093
60,949
1,636
-
17,000
1,723
6,133
99,534
-
-
307
-
-
-
(307)
-
-
-
-
613
(307)
-
3,762
-
(613)
(1,451)
(3,762)
-
(1,451)
(307)
-
(476)
476
-
-
-
-
-
-
-
-
-
(17,000)
17,000
-
-
-
(50,000)
-
-
-
50,000
-
-
(4,186)
(4,186)
BALANCES AS AT 31.12.2002 12,093
10,473
2,419
306
50,000
22,485
(4,186)
93,590
Increase of the “Legal Reserve”
to one fifth of
Company share capital:
- to Legal Reserve
Treasury shares
acquisition reserve
decrease
reserve increase
Net Loss as at 31.12.2002
RISERVA art. 25
COMPANY
BY-LAWS
Meeting 04.09.2001
Net Income:
- to Legal Reserve
of Company By-laws:
used for youth
training school and
technical-sports training
reserve creation
Shareholders’ Extraordinary
Meeting 04.09.2001
Capital increase on admission
to listing:
- to share capital
1,693
- to additional paid-in-capital
Net profit as at 30.06.2002
-
Meeting 28.10.2002
Net Income:
- to Legal Reserve
of Company By-laws:
used for youth training
school and technical-sports
training
ADDITIONAL
LEGAL
PAID-IN-CAPITAL RESERVE
71
€/000
AT 31 DECEMBER 2002
Appendix 7
CASH FLOW ANALYSIS FOR THE PERIODS CLOSED AT 31 DECEMBER 2002
AND 30 JUNE 2002
In accordance with Consob decision no. 11971 of 14 May 1999 (art. 126 of the Regulations) and later amendments,
significant shareholdings in other companies are listed below.
€/000
NET FINANCIAL POSITION AT THE BEGINNING
YEAR 2001/2002
FIRST HALF 2002/2003
The list indicates the companies divided by sector of activity. Company name, country of origin and share capital in the
67,555
95,040
original currency are indicated for each company. The percentage owned by Juventus Football Club S.p.A. is also
indicated.
6,133
68,215
940
75,288
(75,663)
95,900
(11,881)
46,528
54,884
(4,186)
30,782
377
26,973
31,206
(54,209)
(4,971)
(34,110)
(62,084)
15,245
(755)
145,417
(35,866)
Investments:
Disposal of players’ registration rights
Other net investments
(215,898)
43,659
(6,634)
(39,373)
24,810
(8,093)
Cash flow used for investing activities
(178,873)
(22,656)
Capital increase
62,642
-
Dividends paid
(1,123)
(1,451)
(578)
(307)
NET FINANCIAL POSITION AT THE END
95,040
34,760
Cash flow provided/(absorbed) by operating activities
72
Other changes in shareholders’ equity
The voting percentage at the Ordinary General Meeting is indicated.
COMPANY NAME
COUNTRY
SHARE
CURRENCY SHARECAPITAL AT
HOLDING
30.06.2002
COMPANIES
JUVENTUS
FOOTBALL CLUB S.P.A.
ITALY
12,093,200
€
IMPRESE CONTROLLATE
- Campi di Vinovo S.p.A.
ITALY
1,300,000
€
Juventus
Football
Club S.p.A.
Campi di
Vinovo S.p.A. (*)
%
SHARE OF
CAPITAL
% OGM
VOTE
SECTOR
OF ACTIVITY
96.96%
96.96%
Rental of
own assets
and
subrental
3.00%
-
73
(*) Voting rights of shares suspended
Operating activities:
Net Income
Amortisation of players’ registration rights
Other depreciations
Cash Flow
(Increase)/Decrease in receivables from football clubs
Increase/(Decrease) in payables due to football clubs
(Increase)/Decrease in other receivables
Increase/(Decrease) in other payables
Variation in Net Working Capital
Increase/(Decrease) of employees’ severance indemnity fund
and other provisions
AT 31 DECEMBER 2002
Appendix 7
CASH FLOW ANALYSIS FOR THE PERIODS CLOSED AT 31 DECEMBER 2002
AND 30 JUNE 2002
In accordance with Consob decision no. 11971 of 14 May 1999 (art. 126 of the Regulations) and later amendments,
significant shareholdings in other companies are listed below.
€/000
NET FINANCIAL POSITION AT THE BEGINNING
YEAR 2001/2002
FIRST HALF 2002/2003
The list indicates the companies divided by sector of activity. Company name, country of origin and share capital in the
67,555
95,040
original currency are indicated for each company. The percentage owned by Juventus Football Club S.p.A. is also
indicated.
6,133
68,215
940
75,288
(75,663)
95,900
(11,881)
46,528
54,884
(4,186)
30,782
377
26,973
31,206
(54,209)
(4,971)
(34,110)
(62,084)
15,245
(755)
145,417
(35,866)
Investments:
Disposal of players’ registration rights
Other net investments
(215,898)
43,659
(6,634)
(39,373)
24,810
(8,093)
Cash flow used for investing activities
(178,873)
(22,656)
Capital increase
62,642
-
Dividends paid
(1,123)
(1,451)
(578)
(307)
NET FINANCIAL POSITION AT THE END
95,040
34,760
Cash flow provided/(absorbed) by operating activities
72
Other changes in shareholders’ equity
The voting percentage at the Ordinary General Meeting is indicated.
COMPANY NAME
COUNTRY
SHARE
CURRENCY SHARECAPITAL AT
HOLDING
30.06.2002
COMPANIES
JUVENTUS
FOOTBALL CLUB S.P.A.
ITALY
12,093,200
€
IMPRESE CONTROLLATE
- Campi di Vinovo S.p.A.
ITALY
1,300,000
€
Juventus
Football
Club S.p.A.
Campi di
Vinovo S.p.A. (*)
%
SHARE OF
CAPITAL
% OGM
VOTE
SECTOR
OF ACTIVITY
96.96%
96.96%
Rental of
own assets
and
subrental
3.00%
-
73
(*) Voting rights of shares suspended
Operating activities:
Net Income
Amortisation of players’ registration rights
Other depreciations
Cash Flow
(Increase)/Decrease in receivables from football clubs
Increase/(Decrease) in payables due to football clubs
(Increase)/Decrease in other receivables
Increase/(Decrease) in other payables
Variation in Net Working Capital
Increase/(Decrease) of employees’ severance indemnity fund
and other provisions
INDEPENDENT AUDITORS’ REPORT
74
75
INDEPENDENT AUDITORS’ REPORT
74
75
Juventus Football Club devotes particular attention to relations with Italian and international shareholders, analysts,
institutional investors and journalists.
In particular, in the first six months of 2002/2003:
• several hundred copies of the Annual Report, Quarterly Reports, in Italian and English, have been distributed on request
to shareholders; these publications, press releases and corporate presentations are also available via the Internet site
in the Investor Relations sections of www.juventus.com and www.juventusbiz.com;
• institutional meetings have been held with investors and analysts, organised by Banca IMI S.p.A. (September 2002) and
by Borsa Italiana S.p.A. (February 2003, in collaboration with the AIAF - Associazione Italiana Analisti Finanziari);
• frequent contacts have been maintained through individual meetings with financial analysts and institutional investors;
international contacts have been significant;
• ample information has been provided through the daily, periodical, financial and sports press.
76
Information for shareholders, investors and the press:
Relations with Institutional Investors and Financial Analysts
telephone +39 011 65 63 437
fax +39 011 56 31 177
[email protected]
Communication Area - Press Office
telephone +39 011 65 63 436
fax +39 011 44 07 461
[email protected]
Juventus Football Club S.p.A.
C.so Galileo Ferraris n. 32 - 10128 Turin
telephone +39 011 65 63 1
fax +39 011 51 19 214
www.juventus.com
Borsa Italiana S.p.A. share code: JUVE
ISIN code: IT0000336518
Bloomberg ticker: JUVE IM
Reuters ticker: JUVE.MI
The Six-Monthly Report at 31 December 2002 was approved by the Board of Directors on 28 March 2003.
This document contains a true translation in English of the report in Italian “Relazione semestrale al
31 dicembre 2002”.
However, for information about Juventus Football Club S.p.A. reference should be made exclusively to the
original report in Italian “Relazione semestrale al 31 dicembre 2002”.
Graphic design and editorial co-ordination
The Italian version of the “Relazione semestrale al 31 dicembre 2002” shall prevail upon the English version.
Photography
Beatrice Coda Negozio
LaPresse
English version
David Henderson
This report is available on the Internet at www.juventus.com and www.juventusbiz.com in the Investor
Relations section.
Printed by
Golinelli Industrie Grafiche
JUVENTUS FOOTBALL CLUB
www.juventus.com
Six-Monthly Report
at 31 December 2002

Juventus Football Club Six-Monthly Report at 31

Transcription

Similar documents

Diapositiva 1 - Olivari Tinti Renato

Head Automatica K HORSE

front - iHerb.com

Quiz Number 53

Snapshots of the season

Quiz Number 53

Kids Party leaflet_A5_final

Information - Kenston Local Schools

Birmingham News Article - Monday Morning Quarterback Club