ANNUAL FINANCIAL REPORT

Transcription

1 ANNUAL FINANCIAL REPORT

2 JUVENTUS Football Club S.p.A. Registered office Corso Galileo Ferraris 32, Turin Contact Center Fax Share capital fully paid 8,182, Registered in the companies register Under no REA no

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5 CONTENTS LETTER FROM THE CHAIRMAN 31 REPORT ON OPERATIONS 35 Board of Directors, Board of Statutory Auditors and Independent Auditors 37 Company Profile 38 Corporate Governance Report and Remuneration Report 46 Main risks and uncertainties to which Juventus is exposed 47 Significant events in the 2012/2013 financial year 52 Review of the results for the 2012/2013 financial statement 56 Significant events after 30 June Business outlook 65 Human resources and organisation 66 Other information 70 Proposal to approve the financial statements and cover losses for the year 73 FINANCIAL STATEMENTS AT 30 JUNE Statement of financial position 76 Income statement 79 Statement of comprehensive income 79 Statement of changes in shareholders equity 80 Statement of cash flows 81 Notes to the financial statements 84 ATTESTATION PURSUANT TO ART. 154BIS OF LEGISLATIVE DECREE NO. 58/ BOARD OF STATUTORY AUDITORS REPORT 142 INDEPENDENT AUDITORS REPORT ANNUAL FINANCIAL REPORT

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7 Financial Highlights

8 Revenues millions of euro 2010/ / / " TOTAL tickets television rights and media sponsorship and advertising revenues from players registration rights others Composition of revenues % Juventus Football Club

9 Operating costs millions of euro 2010/ / / materials, supplies and other consumables external services players and technical personnel other personnel expenses from players registration rights other expenses TOTAL Composition of costs 6.5 % ANNUAL FINANCIAL REPORT

10 operating loss * loss shareholders equity net financial debt 2010/ / /13 10 Juventus Football Club * after capital increase of E 120 million ended 30 January 2012

11 players registration rights management 2011/12 acquisitions* 2010/ / /11 disposals* 2011/ / * related to the First Team s players and excluded the temporary acquisitions mil/ Transfer Campaign / mil / / / players registration rights net 11 ANNUAL FINANCIAL REPORT

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13 Our game our home

14 First Team Italian Championship points 2011/ / /11 58 goal scored goal conceded 2010/ / / Juventus Football Club

15 2010/ / / losses draws wins ANNUAL FINANCIAL REPORT

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17 youth sector Primavera won the Italian Cup and its category Super Cup. Primavera, Allievi and National Under15 Team qualified for the playoff rounds and the Italian Championship in their category. Regional Under15 Team 1 st in group A, 2 nd in group B at the end of the season. Juventus College ECA Best Achievement Award in the Youth development section teachers students 13 83* percentage of graduated students 77% 2012/ /14 * 33 in first class, 30 in second and 20 in third, of which 18 are foreigners 17 ANNUAL FINANCIAL REPORT

18 Juventus Stadium 24,500 27,400 season ticket holders 15, / /12 21 out of 23 games played soldout 78% 95% 93% SATURATION STAFF EMPLOYED on matchdays /13 21 out of 27 games played soldout 31.1% 57.7% 14.5% 25% 19.2% 37%* 6.1% 4.1% > 65 years *the remaining 5.3% does not reside in Italy 18 Juventus Football Club

19 no matchday events MORE THAN70 EVENTS ORGANISED DURING 2012/13 FOOTBALL SEASON 15,000 PEOPLE INVOLVED Juventus Museum & Tour since opening visitors 220,000 J museum J U V E N T U S J museum J U V E N T U S & Stadium Tour 68% 32% 2,274 visitors day record 10 March 2013 Juventus FC vs Catania 4,000 Stadium Tour 27 Tour day record 25 April average visitors per day 19 ANNUAL FINANCIAL REPORT

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21 revenues from partnership 37,4 mil 46,1 mil 48,5 mil 2010/ / /13 +42% AVERAGE INCREASE IN INVESTMENT BY A TOP PARTNER IN THE PAST 3 YEARS international partners local partners 34.1 geographic distribution 40.3 % ANNUAL FINANCIAL REPORT

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23 Juventus around the world

24 people fans Leader in Italy with 11,200,000 fans (growing number in Europe) 29% Leader on all age levels 2,100,000 spectators tuned in live 961,678 Audience match 10/11 1,327,238 Audience match 11/12 1,296,096 Audience match 12/13 24 Juventus Football Club

25 people digital community over 56 MILLION hits 7,600, , , , ,000 Total web followers 9,185,000 member 2010/ / /13 registrations 20,000 47,500 70,000 revenues 540 1,560 2,420 in thousand of

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27 Our Team

28 people company FIGC registered personnel Other personnel Employees and temporary workers Technical staff Professional players Nonprofessional players 2010/ Observers and freelancers / / Total Distribution by gender Women 42% Men 58% 28 Juventus Football Club

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31 Letter from the Chairman

32 the financial statements for the year ended 30 June 2013 represents an important stage in the process of growth and redevelopment which Juventus began in In the season, Juventus realised record revenues. Three years ago, the management team committed to challenges with a dual goal: achieving financial sustainability and regaining an allaround competitive edge in sport. These are both key to my vision for Juventus in future years, and our performance so far is just a stage in the process and not an end in itself. With a steadfast, dedicated approach, we have cut losses by 80% in two years, but the challenge is not over. A great deal of work still awaits us, particularly in diversifying and stabilising revenues. Juventus has transformed itself. It has regained its winning status that has always set it apart. And it has drawn on human, moral and financial resources to change course. It must now effectively call on the football governing bodies to introduce the reforms Italy needs to become a leader in Europe again. In the last 12 months, Italy has not made any progress in this direction. While championships in other developed countries are increasing collective and individual revenues, and competition in sport, Italy, with the Lega Nazionale Professionisti Serie A, is at a standstill in a scenario at risk of disappearing, because of the polarisation taking place. On the international front, Juventus and I, personally are strongly committed to the European Club Association (ECA), which has proved, in just a short time thanks to the leadership of KarlHeinz Rumenigge, that it is an authoritative and effective force in its dealings with UEFA, the European Union and policy makers, achieving concrete results. Its work has led to insurance agreements, to guarantee clubs the fundamental investors in football protection from injuries to athletes playing in national side matches during international championships, an increasing system to remunerate companies for their players who take part in the 2012 and in 2016 European Championships and in the 2014 World Cup, the consultation of clubs over decisions concerning European championships they take part in, and significant changes to the FIFA calendar to take account of club requirements. The ECA also has four representatives on UEFA s Professional Football Strategy Council, which is involved in crucial issues for the future of professional football. Unfortunately, the Lega Nazionale Professionisti Serie A is not as effective at getting policy makers to focus on clubs, and it must establish a new dialogue geared towards concrete results and above all programming. The Lega must take action to enable clubs that are more involved in Italy to further balance competition in sport and financial resources, without affecting, and hopefully increasing, the chances of large clubs to compete in European championships and on the global market with the best international brands. A major part of the financial sustainability of the your Company revolves around the ability of the Juventus brand to increase its appeal abroad. Involvement in the UEFA Champions League must not be considered simply as the season s objective, but as an ongoing intermediate aim which is part of a broader mid to longterm strategy intended to increase Juventus s appeal on a global market. It is on this market, where Juventus can already count on millions of fans, that multinationals invest and where a large part of competition takes 32 Juventus Football Club

33 place. The digital world is helping us to engage more with fans in faroff locations who want to live the Juventus experience each and every day. In this context, the Lega Nazionale Professionisti Serie A must play a more active role, selling collective rights abroad with greater visibility and strategic planning. From global to local. Two sides of the same coin. The Juventus Stadium is on the global stage, with its sporting successes, telling a great story of your Company that has just begun for us all, for the club, the team and our fans. Figures for attendance at the stadium and visits to the Juventus Museum are continually increasing. A new challenge now lies in wait: the Continassa project. In the last few days, Juventus has become owner of the area next to the Juventus Stadium, which will become the registered office of the company and a training centre for the First Team, as well as a venue for business and residential initiatives, thanks to an ambitious project to redevelop the site. The first stage of works should end in summer 2016 and the entire project will be completed by the end of Few other companies have made such an important contribution to the development of the city and to employment in the area, since the 2006 Winter Olympics. Our work is continuing off the pitch, but above all Juventus is about football and winning. In public and private, I have often called this season our appointment with History. And I can only confirm this. Juventus has not won three league titles in a row since the 1930 s. This shows the journey we have just begun is challenging. It is a chance we want to take, but we also know the competition has got better. We must not be afraid but need to be aware of this. History does not stand still. Andrea Agnelli 33 ANNUAL FINANCIAL REPORT

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35 Report on Operations

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37 Board of Directors, Board of Statutory Auditors and Independent Auditors Board of Directors Chairman Andrea Agnelli Chief Executive Officer and General Manager for the Sports Area Giuseppe Marotta Chief Executive Officer and Chief Financial Officer Aldo Mazzia Non independent Directors Pavel Nedved Enrico Vellano Independent Directors Maurizio Arrivabene Giulia Bongiorno Paolo Garimberti Assia Grazioli Venier Camillo Venesio Remuneration and Appointments Committee Paolo Garimberti (Chairman), Maurizio Arrivabene and Camillo Venesio Control and Risk Committee Camillo Venesio (Chairman), Maurizio Arrivabene and Assia Grazioli Venier Executive Committee Andrea Agnelli (Chairman), Giuseppe Marotta, Aldo Mazzia, Enrico Vellano and Camillo Venesio Board of Statutory Auditors Chairman Auditors Deputy Auditors Paolo Piccatti Silvia Lirici Roberto Longo Nicoletta Paracchini Roberto Petrignani Independent Auditors Reconta Ernst & Young S.p.A. Expiry of mandates The mandates of the Board of Directors and the Board of Statutory Auditors will expire with the Shareholders Meeting called to approve the Financial Statements as of 30 June The mandate for the Independent Auditors will expire with the Shareholders Meeting called to approve the Financial Statements as of 30 June ANNUAL FINANCIAL REPORT Report on operations

38 Company profile Juventus is a listed professional football club which, thanks to its more than centurylong history, has become one of the most representative and popular teams at a national and international level. The Company s core business is participation in national and international competitions and the organisation of matches. Its main sources of income come from the economic exploitation of sports events, the Juventus brand and the first team image, the most significant of these include licensing of television and media rights, sponsorship and selling of advertising space. Juventus shares are listed on the Electronic Equity Market of Borsa Italiana. Juventus is controlled by EXOR S.p.A., an Italian company listed on the Italian Stock Exchange, which holds 63,8% of the share capital. EXOR is one of the main European investment firms and is controlled by Giovanni Agnelli e C. S.a.p.a.z. Based on the most recent information available, the remaining capital of Juventus is held 2.2% by Lindsell Train Ltd. and 34% is a free float on the Stock Exchange. Juventus is currently the only Italian football club to possess a clubowned stadium. It was inaugurated on 8 September 2011; the Club also has a modern sports centre inaugurated on 15 July 2006, which became home to the Juventus College (high school with an applied sciences curriculum) as of 5 September 2012, dedicated exclusively to the youth sector. OUR HISTORY A group of friends, united by a passion for football, a special game that had recently been imported from England, met on a bench on Corso Re Umberto, one of the major boulevards in the centre of Turin. They had an intriguing idea: to create a sports club just for football. The boys attended Massimo D Azeglio high school which specialised in Classical studies, they were welleducated and none of them was over age 17. For this reason they chose the name Juventus, which means youth in Latin. It was 1 November They didn t realise it, but they had just given birth to a legend. And so, almost by chance, Italy s greatest football team got its start. The Club s first chairman was Enrico Canfari, its first pitch was in Piazza d Armi and its first jersey was pink. Juventus made its début, in 1900, in the National Championship wearing the same jersey. Three years later, the Bianconero (black and white) appeared, imported from Nottingham. And five years later, in 1905, the first Italian title arrived, after a difficult three way competition with Genoa and Milanese. The President was the Swiss Alfredo Dick who left the Club shortly afterwards following lockerroom arguments and various complaints. He went on to establish Torino and took the best foreign players with him. Juventus witnessed hard times in subsequent years lasting until the beginning of WWI due to being unable to compete with the new football powerhouses of the time, Pro Vercelli and Casale. The Bianconeri made a great comeback after the end of the war: goalkeeper Giacone and fullbacks Novo and Bruna were the first Juventus players to wear the National Team s jersey. The President was the poet and man of words Corradino Corradini, who also penned the Juventus anthem used until the 60s was a special year: Giampiero Combi made his début with the first team, one of the greatest goalkeepers of all times, and even more importantly the Club s leadership changed hands. On 24 July the Shareholders Meeting elected the new president by acclamation: Edoardo Agnelli, the son of the founder of FIAT. The club also had its own pitch now, in Corso Marsiglia. The 38 Juventus Football Club

39 stands were in masonry and the number of supporters increased day by day. All of the foundations had been laid to progress through the ranks of Italian football and strengthen a team that already boasted players like Combi, Rosetta, Munerati, Bigatto and Grabbi, and its first team manager, the Hungarian Jeno Karoly, and first foreign champion, also from Hungary, leftwinger Hirzer. In 1925/1926 Juventus won its second national championship, following a gripping final with Bologna, beaten only in a playoff and a grand final against Alba Roma. And this was just the beginning: from 1930 to 1935 Juventus was way out in from and five consecutive national league titles arrived in Turin. The stars of the Golden fiveyear period were the manager Carlo Carcano and champions such as Orsi, Caligaris, Monti, Cesarini, Varglien I and II, Bertolini, Ferrari and Borel II. Juventus also gave a determinant contribution to the National Team, who won the world Cup in Rome in During the 1930 s the team also had their first experience in international football, taking part in the European Cup, the illustrious predecessor of the current Champions League. Luck was not on their side, but they did make four semifinal appearances. Juventus resumed their success after WWII. In 1947, Giovanni Agnelli, son of Edoardo, who tragically died in a plane crash in 1935, became president. The club s most heralded champions were now Carlo Parola, Danes John Hansen and Praest and, above all Giampiero Boniperti. Cheered on by crowds of fans, they won the Italian Championship in 1950 and In 1953, Giovanni Agnelli resigned as president, which was passed onto his brother Umberto Agnelli two years later. A new triumphant cycle was beginning: with the arrival of Omar Sivori and John Charles, the Bianconeri won the Italian Championship in 1958, allowing them to wear a star on their jerseys for having obtained ten national titles. In the 60s there were three more successes, the last in 1967 under Vittorio Catella s presidency. Juventus history was to become even more glorious at the dawn of the new decade. Giampiero Boniperti had hung up his boots, but he continued to lead the team: he became the President in July 1971 and there was no stopping Juventus. The Boniperti era started with a bang by winning two championships in a row, the 1971/1972 and 1972/1973 seasons. It was the beginning of a triumphant cycle which would bring the Bianconeri nine Italian Championships, their first European victory with the Uefa Cup in 1977 and the Cup Winners Cup in The success they had long searched for in European competition arrived in the saddest evening in Juventus history: on 29 May 1985 in Brussels, the Heysel tragedy took place. The crowd went wild just before the match with Liverpool and 39 innocent victims lost their lives. Football, from that time on, would never be the same again. The match was placed the same in an attempt to restore order and Juventus won the Cup. It was a joyless success, but allowed the Bianconeri to fly to Tokyo in winter to play the Intercontinental Cup. Argentinos Junior were beaten on penalties and Juventus became World Champions. Directing the team from the bench was Giovanni Trapattoni, who had arrived at Juventus in 1976 after the Czech Vycpalek and Carlo Parola, who had created an invincible engine under Boniperti s presidency. First, by focussing on young Italian talents from Zoff to Scirea, from Tardelli to Cabrini, from Causio to Paolo Rossi, from Gentile to Furino, from Anastasi to Bettega. Then, when he was able to sign foreign players in 1980, he was able to count on the contribution of foreign champions. The first was Liam Brady, an Irish midfielder with velvet feet and a smart brain, who dictated the pace of the game and scored valuable goals. His final strike, scored in Catanzaro from the 39 ANNUAL FINANCIAL REPORT Report on operations

40 penalty spot gave Juventus their twentieth Italian Championship, and their second star. It was 16 May 1982 and the Bianconeri supporters were jubilant. Less than two months later, on 11 July, all Italian fans would share their joy, thanks to Juventus: in Madrid, the National team won the World Cup for the third time in its history, with a resemblance to Trappattoni s side. Zoff, Gentile, Cabrini, Scirea, Tardelli and Rossi were the pillars of the Italian national team who lifted the cup before Italian President Sandro Pertini. Rossi was the tournament s top scorer, with six goals in seven matches, winning the Golden Ball, the second Italian in history to do so after Rivera. The trophy awarded by France Football was one of the family in Turin, during that period. After the World Cup season, the number of eligible foreign players on Italian teams increased by two, so the Pole Zibì Boniek and, more importantly, Michel Platini joined the side. The Frenchman turned out to be a true champion. Elegant in his movements, playing with his head held high, placing passes onto his team mate s feet from 50 metres and scoring many goals. Le Roi won top goalscorer and the Golden Ball for three consecutive years and enchanted supporters all over the world. At the triumph in Tokyo, he scored the last penalty, the winning spot kick, after one of the best goals ever seen in football history was disallowed in normal time. Juventus achieved their last Italian Championship of the Boniperti era in that season. Platini went on to play another season before leaving his career as footballer in 1987 and becoming a coach, manager and later President of UEFA in Platini s farewell to football coincided with a reformation of the team, seeing Juventus witness a less successful period, despite other victories: in 1990 the Bianconeri won both the UEFA cup and Italian Cup. Dino Zoff was at the helm, who at first was supported by the precious contribution of one of his great friends and former team mates, Gaetano Scirea. But fate brought a tragic end to that solid link: during a trip to Poland to scout Juventus future opponents in the Uefa Cup, Gaetano lost his life in a tragic car accident. The date was 3 September 1989 and no Juventus supporter will ever forget it. In 1990 Giampiero Boniperti handed over the presidency to the attorney Vittorio Caissotti di Chiusano. Three years later, Juventus clinched their third UEFA Cup, but had not had a Championship win in a long time. In 1994, the club started a reorganisation process: Chiusano remained as president, but operating positions were given to Roberto Bettega, Antonio Giraudo and Luciano Moggi. Marcello Lippi was the manager and the team featured many new players: Ferrara in defence, Paulo Sousa and Deschamps in midfield and up front alongside unrivalled leaders like Gianluca Vialli and Roberto Baggio, was an interesting younger player. He had arrived the year before from Padova, showing a notable technique and strong personality. His name was Alessandro Del Piero. And he would go on to rewrite all of Juventus records. First came the Italian Championship, followed by the Italian Cup. There was an ongoing struggle with Parma, who finally managed to wrest the Uefa Cup from Juventus. The year was a triumph, but one that was also marked by tragedy of Andrea Fortunato, who died from an incurable disease on 25 April The Italian Championship victory allowed Juventus to claim their place in the Champions League the following year. They eliminated Real Madrid in the quarterfinals, and went on to beat Nantes in the semis. The final was played in Rome against reigning champs Ajax. It was 22 May 1996, it ended 11. Then the penalties: the Bianconeri did not miss one, while Peruzzi saved two. Jugovic approached the penalty spot wearing a smile for the last kick. His smile turned into a cry of 40 Juventus Football Club

41 joy after a few seconds. Juventus became Champions of Europe. The team underwent drastic changes the following year: offensive players Vialli and Ravanelli left, and Boksic, Vieri and Amoruso arrived. Montero and Zidane also joined the team to bolster the defence and midfield. The Bianconeri were back on the top of the world, after Del Piero s goal clinched a victory against River Plate in the Intercontinental Cup held in Tokyo. The Championship was sealed again, as well as the UEFA Super Cup against Paris St.Germain. Unfortunately a European victory escaped the team in Munich: the Borussia Dortmund team featuring former Bianconeri Moeller and Paulo Sousa was the winner. The Champions League disappointment was repeated the following year, when the Bianconeri were defeated by Real Madrid in Amsterdam during the final. However, the championship was won once again thanks to the fine form shown by Inzaghi and Del Piero. The following season, Del Piero suffered an injury on 8 November 1998 in Udine. Juventus, without their guiding light, struggled to keep up the pace and Lippi gave way to Ancelotti on the bench. After two unsuccessful seasons, Lippi returned home in 2001: the manager from Viareggio took over the team who, without Inzaghi and Zidane, could count on the vital signings of Buffon, Thuram and Nedved. The championship went right down to the wire: Inter were at home and played against Lazio in Rome. Juventus, in Udine, started out very strong and went ahead in the first fifteen minutes. Inter, instead, floundered, made a recovery, fought and then sunk. The immense joy of Del Piero and Trezeguet, along with Ronaldo s tears: these are the images which mark the history of Italian Championship number 26. The tricoloured shield remained on the Juve s jersey for the following season, but it was a sad year. Giovanni Agnelli died on 24 January 2003 and the club and its fans were in mourning. In May, the team suffered another setback, losing the Champions League final on penalties in Manchester against Milan. 15 July proved to be an important date for the club: Juventus signed an agreement with the Municipality of Turin for the acquisition of a 99 year lease for the Delle Alpi Stadium, where the new stadium would be built. In the meantime, in August the team played the Italian Super Cup in the USA and got its revenge by beating Milan. However, the celebration was shortlived as the death of President Vittorio Caissotti di Chiusano was announced. Franzo Grande Stevens, deputy chairman of FIAT took his place. Following the Super Cup victory, the remainder of the season was unfulfilling for Juventus, and the club was again in deep mourning the next spring when Umberto Agnelli passed away on 27 May The following season Fabio Capello assumed control of the team. New players included the Brazilian Emerson, Fabio Cannavaro and Swedish striker Zlatan Ibrahimovic. Their performance in Europe was less than brilliant, but Juventus was unstoppable in Italy and achieved two consecutive championships, smashing records and leaving opponents trailing. Towards the end of the 2005/2006 season, the club was involved in a judicial enquiry, originating from recorded telephone calls. The matter, known as Calciopoli brought about major changes within the club, with the election of a new Chairman, Giovanni Cobolli Gigli and CEO, JeanClaude Blanc. Juventus was sentenced by the sporting body to play a season in Serie B and penalised nine points and the two previous Championship victories were revoked. Didier Deschamps was the new manager who began his mission with a core of champions: Del Piero, Buffon and Camoranesi, coming from Italy s World Cup victory in Berlin as well as Trezeguet and Nedved. 41 ANNUAL FINANCIAL REPORT Report on operations

42 15 December 2006 was a sad date in Juventus history, two boys from the Beretti team, Alessio Ferramosca and Riccardo Neri, died in a tragic accident at the Juventus Training Center in Vinovo. With a deep sadness engulfing the club, the team returned to the field the following week and beat Bologna, a decisive victory for returning to Serie A, and one that was dedicated to the memory of the two boys. Alex del Piero finished the season as the top scorer in Serie B and broke the alltime Juventus record for scored goals. The following season, under Claudio Ranieri s guidance, the Bianconeri came in third thus qualifying for the Champions League preliminary round. Captain Del Piero, the key man in a great season was top scorer with 21 goals, one more than his team mate Trezeguet. In the 2008/2009 season, Juventus had a difficult second part of the season and suffered negative results which could have affected their qualification for the Champions League. Ciro Ferrara replaced Ranieri for the last two days of the championship and Juventus finished in second place. Ferrara was confirmed for the following season, which witnessed the return of Fabio Cannavaro and new team additions Fabio Grosso, Felipe Melo and Diego. In October Giovanni Cobolli Gigli resigned as Chairman and JeanClaude Blanc took full control. The team, which had started out well, encountered a series of injuries which compromised their overall performance. Management changed again in late January with Zaccheroni taking over from Ferrara. The season ended with a seventh place finish and qualification for the Europa League. The turning point arrived on 19 May 2010 when Andrea Agnelli became chairman of the club and Giuseppe Marotta General Manager for the Sports Area, opening a new chapter in the team s history. On 27 October 2010 Giuseppe Marotta was also nominated Chief Executive Officer. The 2010/2011 season was marked by a complete overhaul of the First Team and top company management and ended with a seventh place, not enough for Juventus to qualify for the 2011/2012 European competitions, and the dismissal of manager Luigi Del Neri. In May 2011 JeanClaude Blanc left his position and obtained a special appointment to complete the new stadium project and its inauguration. Aldo Mazzia was nominated as Chief Executive Officer. During the Transfer Campaign in summer 2011 the First Team continued its renewal, a job entrusted to Antonio Conte, the captain of many victorious battles. Juventus returned home on 8 September 2011: in two years the old Delle Alpi Stadium had been dismantled and a new clubowned stadium stood in its place, the first of its kind in Italy. The splendid inauguration ceremony included a friendly game with football s second oldest team, Notts County, who had given its black and white jerseys to Juventus in The Juventus Stadium is a symbol of pride for the Club, its supporters and the City of Turin. The investments made by Juventus, for around 150 million Euro, and its partners who developed the adjacent shopping centre, totalling approximately 90 million Euro, helped keep hundreds of jobs from being lost during the two years needed for its construction and continue to create new employment opportunities for running the stadium and shopping centre, also contributing to redeveloping and revitalising an entire area of the city. A further step in this direction was taken on 14 June 2013 with the signing of the final 99year lease agreement for a portion of the Continassa Area of approximately 176 thousand square metres next to the Juventus Stadium. The Area will be the venue of the new Training and Media Center of the First Team and will house the new registered office of the company, as well as provide services to the public, to businesses and private residential accommodations. 42 Juventus Football Club

43 The 2011/2012 season will remain unforgettable: the team under the guidance of Antonio Conte and driven by the magical atmosphere of the Juventus Stadium combined performance with results ending the championship unbeaten and winning its thirtieth league title. Conte and his men played in the Italian Cup final losing to Napoli, but made up for it two months later, winning against the same team in the fifth Italian Super Cup, held in Beijing. The J Museum was inaugurated on 16 May 2012, an ideal spot for Juventus fans to meet and retrace this unforgettable story of successes every day. The J College was inaugurated on 5 September 2012, an innovative project for the Youth Sector, to help young players reconcile their sporting and school commitments in the best way possible. The high school with an applied sciences curriculum, created at the Vinovo Training Centre, is run by the Salesian order. In the 2012/2013 season, Juventus returned to the European stage, reaching the quarter finals in the Champions League, and winning its second league title in a row, three matches ahead of the last game, at the end of a season in which it was in the lead from day one. The 2013/2014 football season opened with the team winning its sixth Italian Super Cup in Rome. 43 ANNUAL FINANCIAL REPORT Report on operations

44 OUR TROPHIES / / / / / / / / /58 (10) 1959/ / / / / / / / / /82 (20) 1983/ / / / / / / / / /12 (30) 2012/13 Italian Championship* 6 Italian Supercups UEFA 3 Supercups Intertoto 1 Cup 9 Italian 2 Cup UEFA Champions League 1984/ / / / / / / / / / / / / / / UEFA Cups Cup Winner s Cup Intercontinental Cup * one of which revoked (2004/2005) and one not assigned (2005/2006). 44 Juventus Football Club

45 OVERVIEW OF FIGURES FROM THE PAST FIVE YEARS Amounts in millions of Euro 2012/ / / / /2009 UEFA Champions League Revenues Operating costs Amortisation, writedowns and provisions Operating income/(loss) Result before taxes Net income/(loss) YES (227.1) (60.5) (3.8) (10.9) (15.9) NO (206.3) (48.7) (41.2) (45.9) (48.7) NO (196.3) (60.6) (92.2) (93.8) (95.4) YES (176.1) (41.6) (11.0) YES (174.5) (32.4) Players registration rights Shareholders Equity Net financial position (160.3) (127.7) 71.4 (5.0) (121.2) FINANCIAL DISCLOSURES AND RELATIONS WITH INVESTORS Juventus is constantly engaged with its shareholders, investors and analysts, both in Italy and abroad, through the activities of the Investor Relations Department, which guarantees ongoing disclosure to the financial markets, aimed at maintaining and improving the confidence of investors and their level of understanding related to the Company s performance and strategies. The Company s website contains a section for Investor Relations that includes economic and financial highlights, institutional presentations, periodic financial reports, price sensitive communications and updates on the performance of Juventus stock. JUVENTUS FOOTBALL CLUB S.P.A. SHARE PRICE PERFORMANCE AND AVERAGE DAILY TRADING /m Equity turnover Official price /9/12 26/10/12 30/11/12 11/1/13 15/2/13 22/3/13 30/4/13 5/6/13 10/7/13 14/8/13 19/9/13 45 ANNUAL FINANCIAL REPORT Report on operations

46 Corporate governance report and remuneration report In its meeting of 24 September 2013, the Board of Directors of Juventus F.C. S.p.A. approved the Corporate Governance Report prepared in accordance with article 123bis of Legislative Decree no. 58 of 24 February 1998, as amended (TUF Consolidated Financial Law) and the Remuneration Report prepared in accordance with article 123ter of the aforementioned law. The documents have been published together with the Annual Financial Report at 30 June 2013 and are available on the website 46 Juventus Football Club

47 Main risks and uncertainties to which Juventus is exposed Juventus Risk Model, based on benchmark standards adapted to the Company s specific risk categories, includes three main risk categories: industry risk, process risk (divided in turn into strategic, operational and financial risk) and compliance risk. A brief description of the main risks the Company is exposed to is given below. RISKS CONNECTED TO GENERAL ECONOMIC CONDITIONS (INDUSTRY RISKS) Overall, Juventus financial position, income statement and cash flows are affected by general economic conditions. However, despite the fact that most of the Company s income items are tied to longterm contracts, if the situation of weakness and uncertainty which characterises the Italian and European economy lengthens significantly, the activities, strategies and prospects of the Company may be negatively affected, particularly in terms of the radio and television rights market, sponsorships, revenues for the new stadium and all sales activities targeting supporters. RISKS CONNECTED TO THE SPONSORSHIP MARKET (INDUSTRY RISKS) From a general viewpoint, the crisis which has hit financial markets in recent years and the consequent recession, which is still ongoing in Italy, are affecting the market of sports sponsorships which currently has a narrower time frame of promotional and advertising investments made by partner companies. This shift in the market in the short term has led to a lower level of longterm sponsorship revenues compared to the past. If the economic crisis should continue, growth in sponsorship revenues may fall below our expectations, with the result that Juventus s financial position, income statement and cash flows may be impacted. RISKS CONNECTED WITH THE ABILITY TO ATTRACT HUMAN CAPITAL (CONTEXT RISKS) Achieving sports and economic results depends on the ability to attract and keep top quality managers, players and technical staff and, therefore, requires payment of salaries in line with those of the main competitors in Italy and Europe. The inability to keep key people may have a negative impact on the actual ability to manage and on the Club s growth prospects. RISKS CONNECTED TO FUNDING REQUIREMENTS (INDUSTRY RISKS) Numerous factors affect Juventus financial position. In particular, these include the fulfilment of sports and business objectives, as well as trends in general economic conditions and in the markets in which the Company operates. In accordance with the Company s risk management policy, Juventus has credit facilities in place with a number of premier banking institutions to prevent cash flow shortages from arising. In addition to this, the Company holds its cash and cash equivalents as demand deposits or shortterm deposits with a suitable number of different banks, to ensure the prompt availability of the funds. Nevertheless, given the adverse situation of financial markets, the emergence of bank and money market situations that may interrupt normal financial transactions cannot be excluded, which would give rise to cash flow shortages in the event that credit facilities were also restricted. 47 ANNUAL FINANCIAL REPORT Report on operations

48 RISKS CONNECTED TO BUSINESS SECTOR (STRATEGIC AND OPERATIONAL PROCESS RISKS) Players registration rights represent the Company s main factor of production. Sports activities are subject to risks connected to players physical health and fitness. Injuries and accidents, therefore, can potentially have a significant impact at any time on the Company s financial position and income statement. In addition, given that the business also focuses on the commercial exploitation of the trademark, trademark infringement by third parties is another risk the Company faces. The arrival on the market of a large number of imitation goods bearing the Juventus trademark or the occurrence of events that may impair the market value of the trademark would potentially have an adverse impact on the Company s financial position, income statement and cash flows. Finally, the Company is exposed to risks connected with supporter behaviour, which may result in fines, sanctions or other punishments being levied on Juventus, and indirectly damage the Club s image, which may lead to a lower stadium turnout and lower merchandising sales. RISKS CONNECTED TO THE TRANSFER CAMPAIGN (STRATEGIC PROCESS RISKS) The Company s business and financial performance are affected significantly by the acquisitions and disposals made as part of Transfer Campaigns. The difficulties in correlating the single transactions compared to the Development Plan and guidelines related to sports management defined annually could result in negative impacts on the Company s financial situation. Moreover, having a squad of players that do not meet the technical and tactical requirements of the trainer and the strategic needs of the sporting director raises the risk of not being able to optimise the playing side, bringing unexpected or excessive costs, amortisation charges and players wages. RISKS RELATED TO RELATIONS WITH PLAYERS (STRATEGIC PROCESS RISKS) Like all its main competitors, the Company has been faced with a significant increase in salaries and bonuses for players in recent years as well as in the cost of players registration rights. If the value of players were to continue increasing at a significant rate, purchasing the registration rights for new players could become more problematic, especially if the value of the Club s players to sell did not increase proportionately. It cannot be excluded that these trends may continue in future years, affecting the Company s strategy and the dynamic management of its playing assets, and may have negative effects on the Company s financial position, income statement and cash flows, as well as on its activities, strategies and prospects. For the relations in question, it is important to underline the risk connected with a failure of players who are no longer part of the Company s technical program to accept transfers with the consequent incurring of costs for unexpected or excessive amortisation charges and players wages, a risk that all football clubs have in common. RISKS CONNECTED TO ANY UNLAWFUL BEHAVIOUR OF REGISTERED PLAYERS (STRATEGIC PROCESS RISKS) As current sports regulations hold football clubs liable for certain behaviour of its players, the possibility that the Company may be fined by sports bodies in the future, for facts beyond its control, with negative effects that may also be significant on the financial position and performance, cannot be ruled out. 48 Juventus Football Club

49 RISKS CONNECTED TO RADIO AND TELEVISION RIGHTS (STRATEGIC PROCESS RISKS) The Company s revenues are closely tied to proceeds from the sale of radio and television rights, the terms and conditions of those rights, and how such rights are sold. Rules governing the ownership of broadcasting rights to sports events and the distribution of proceeds, do not allow for direct management by the Company and may have a significant impact on the financial position, income statement and cash flows of Juventus. A possible decrease in the rights market as well as a different application of the new criteria adopted by the Lega for the distribution of proceeds from the centralised and collective sale of radio and television rights may lead to a significant reduction of revenues in the future with a negative impact on the financial position, income statement and cash flows of the Company. Moreover, in recent years live streaming and piracy on Internet have caused and continue to cause the loss of income for TV broadcasters which could lead them to change the investments in the sector with a negative impact on the financial position, income statement and cash flow of the Company. RISKS CONNECTED TO DIGITAL MEDIA (STRATEGIC PROCESS RISKS) The Company has adopted appropriate procedures and rules of conduct to manage media relations. However, as digital media have become more commonplace, the possibility of an improper use of these procedures and rules by some registered players and/or their relatives, relatives by marriage and attorneysinfact, as well as the publication of contents by third parties in general, having a negative impact on the image of the Company, its Directors, executives and/or registered players, with consequent negative effects on the financial position and performance cannot be ruled out. RISKS CONNECTED WITH MANAGEMENT OF THE COMPANYOWNED STADIUM (OPERATING PROCESS RISKS) Starting with the 2011/2012 season, Juventus became the first Serie A team to own its own stadium. This means that the Company is now responsible for it with the consequent risks related to the structure of the stadium and management of the surrounding public areas used for parking. Activities at the Juventus Stadium could be suspended following natural disasters and other events beyond the Company s control with consequent negative impacts on Juventus financial position, income statement and cash flows. Management of the new stadium and public parking areas during events may also lead to unexpected costs, including due to damage or vandalism which is beyond Juventus control. Lastly, a reduction of supporters and played matches would have a negative effect on Juventus s financial position, income statement and cash flows. RISKS CONNECTED TO THE NOFAULT LIABILITY OF FOOTBALL CLUBS (STRATEGIC PROCESS RISKS) Under current regulations, football clubs have a nofault liability in relation to certain acts of their registered players and fans, that may result in sports sanctions and/or monetary fines for the clubs and players. In this regard, despite adopting procedures considered necessary to avoid the infringement of these regulations, the Company cannot rule out the possibility that facts may occur beyond its control that result in sanctions (including suspension from the field, fines, and bans from competitions), and that cause concern among fans at the stadium, reducing 49 ANNUAL FINANCIAL REPORT Report on operations

50 their number with a possible reduction in ticket sales and extraordinary costs, nor can it evaluate the sports, economic and financialrelated consequences that may arise. Following these events, the need to consolidate security measures during home matches could arise, with additional costs and expenses for the safety of fans and Company insurance, and with consequent negative effects on the financial position and performance of the company, as well as its operations, strategies and prospects. RISKS CONNECTED TO FLUCTUATIONS IN INTEREST RATES AND EXCHANGE RATES (FINANCIAL PROCESS RISKS) Juventus uses various forms of funding to assure the cash flow needed for its business. These include credit lines for cash advances and credit commitments, financial leases, and special purpose loans for mid/longterm investments. Changes in interest rates can raise or lower the cost of servicing these loans. The Company has decided to make use of financial instruments to hedge the risk of fluctuations in interest rates to finance mediumlong term investments. Despite this, sudden changes in interest rates could potentially have an adverse impact on the Company s financial position and income due to higher financial expenses on shortterm borrowing. Juventus conducts almost all its purchase and sale transactions in Euro. As a result, the Company is not exposed in any significant way to the risk of exchange rate fluctuations. RISKS CONNECTED TO THE MISSED QUALIFICATION FOR SPORTS TOURNAMENTS (STRATEGIC PROCESS RISKS) The Company s financial performance is significantly affected, both directly and indirectly, by the results achieved by the team in the various tournaments it takes part in, especially the UEFA Champions League. Direct entry to the tournament is currently assured to the top two ranking teams in the Serie A Championship, while the thirdplaced team has the opportunity of qualifying through a preliminary qualifying round. Failure to qualify, even where due to a reduction in the number of participating sides, as well as failure to obtain the UEFA license, including in light of the new socalled Financial Fair Play rules, could potentially have an adverse impact on the Company s financial position and performance. RISKS CONNECTED TO FINANCIAL FAIR PLAY (COMPLIANCE RISKS) The UEFA Executive Committee recently approved the Europeanwide introduction of a licensing system for the admission of football clubs to the club competitions that it organises (UEFA Champions League, UEFA Europe League and UEFA Supercup). Based on this system, only football clubs which prove they satisfy the sporting, infrastructure, personnel and administrative, legal and financial criteria, along with the required title are allowed to participate in European competitions and thus obtain the socalled UEFA License. The UEFA Club Licensing manual also incorporates Financial Fair Play Regulations. Financial Fair Play is based on the breakeven result, according to which clubs can participate in European competitions only if they can demonstrate a balance between generated revenues and incurred costs. A short description is given below of the man financialeconomic and equity parameters applied by UEFA for admission to its competitions. As of the 2013/2014 Football Season, each club will be required to show it has: financial statements certified by an independent auditor demonstrating that the club is a going concern; 50 Juventus Football Club

51 nonnegative equity; no outstanding amounts due to football clubs, employees and/or social/tax authorities; a positive breakeven result, demonstrating compliance with the breakeven rule, for the two years preceding the entry into force of the new UEFA regulations (i.e., for the 2011/2012 and 2012/2013 football seasons) or, for future applicants, for the three consecutive years preceding the club s application for a UEFA License. The Company has obtained a UEFA license to play in European championships for the 2013/2014 football season, however it is not possible to predict if in the future these requirements (or new requirements approved in the meantime) will be complied with, nor can it be excluded that clubs may be required to have additional funding to meet the requirements needed for the UEFA License. If the Company is not able to meet the above requirements, it may be excluded from participation in European competitions, bearing an adverse impact on its financial position and income statement. RISKS CONNECTED TO THE OUTCOME OF PENDING LITIGATION (COMPLIANCE RISKS) With the assistance of its legal advisers, the Company manages and constantly monitors all current disputes and, on the basis of the outcome that can be predicted for them, proceeds, when necessary, with the allocation of specific risk provisions. Future negative effects, both minor and major, on Juventus financial position, income statement and cash flows cannot be excluded on the basis of the current disputes. RISKS CONNECTED TO TAX LITIGATION (COMPLIANCE RISKS) Considering the specific nature of the football industry and in particular of the transactions regulating the Transfer Campaign, which are interpreted in different ways by football clubs and the Financial Administration, claims could be made by the Financial Administration in the future, even concerning a significant amount, with adverse effects on the Company s financial position and performance. 51 ANNUAL FINANCIAL REPORT Report on operations

52 Significant events in the 2012/2013 financial year FOOTBALL SEASON RESULTS On 5 May 2013, three days before the end of the season, the club won the 2012/2013 Serie A Championship (its 31st league title) and gained direct access to the Group Stage of the 2013/2014 UEFA Champions League. With regard to the other competitions, the First Team won the Italian Super Cup (the 5th in its history) and reached the semifinal of the Italian Cup and the quarter finals of the UEFA Champions League. In April, the Primavera Team won its category Italian Cup. EFFECTS OF THE TRANSFER CAMPAIGNS Acquisition and disposal of players registration rights Transactions concluded in the 2012/2013 Transfer Campaign, which was held, as usual, in two phases, from 1 July to 31 August 2012 (and until 6 September on some foreign markets) and from 3 to 31 January 2013, led to a total increase in invested capital of 52.5 million, resulting from acquisitions and increases totalling 68.2 million and disposals totalling 15.7 million (net book value of rights disposed). The disposals generated net capital gains of 8.2 million. In addition, temporary acquisitions and disposals resulted in net income of 0.9 million. The total net financial commitment of 45.6 million is spread over four years, and includes capitalised auxiliary expenses and financial income and expenses implicit in deferred receipts and payments. For additional details see the notes, Note 8, of the financial statements. Writedowns on players registration rights The financial statements at 30 June 2013 include the recognition of a writedown of 3.2 million to align the residual value of the players registration rights of Felipe Melo de Carvalho to the net consideration actually received for the disposal (for additional information see Significant events after 30 June 2013). Renewal of players contracts Taking effect as of 1 July 2012, contracts were renewed for the registration rights of the players Andrea Barzagli (until 30 June 2015), Leonardo Bonucci (until 30 June 2017), Paolo De Ceglie (until 30 June 2017), Alessandro Matri (until 30 June 2017), and Felipe Melo de Carvalho (until 30 June 2015). The contract for the registration rights of the footballer Gianluigi Buffon was renewed with effect from 1 February 2013 (until 30 June 2015). This resulted in lower amortisation for the financial year 2012/2013 by approximately 5 million. Termination of players contracts In December 2012 the contract of Lucio Lucimar Ferreira expiring on 30 June 2014 was terminated by mutual consent. This resulted in a saving of 1.9 million, in terms of lower fees, net of the loss on disposal. 52 Juventus Football Club

53 2012/2013 SEASON TICKET CAMPAIGN The Season Ticket Campaign for the 2012/2013 season officially closed with the subscription of all the 27,400 season passes available, for net revenues of 19.8 million, including Premium Seats and additional services. Sales compared to the 2011/2012 football season recorded an increase of 11.7% in the number of season passes and an increase of 30.3% in net revenues. JEEP SPONSORSHIP Following a three year agreement signed on 23 July 2012, the Fiat Group became the sole sponsor for the Juventus jersey with the Jeep brand for all competitions, against a fixed total payment of 35 million, plus the supply of group vehicles. THE CONTINASSA PROJECT On 22 December 2012, the City of Turin approved the Partial town Planning Amendment no. 277 and the project submitted by Juventus for the redevelopment and upgrading of the Continassa Area adjacent to the Juventus Stadium. As a consequence, on 28 December 2012, Juventus and the City of Turin signed a preliminary acquisition agreement, for a period of 99 years, renewable and transferable to third parties, for the longterm lease of a part of the Continassa Area, of around 180,000 square meters, and related Gross Floor Area (GFA) of 33,000 square meters. This area (the Juventus Area) will house the new Training and Media Centre for the First Team and also provide services to the public, as well as private residences. A GFA of 5,000 square metres, already purchased by Juventus, will be transferred to the Juventus Area and will be used for the construction of the offices that will house the new company headquarters. The remaining part of the Continassa Area, of around 80,000 square meters, will continue to be owned by the City of Turin, which plans to build a park and public services there. Juventus and the City of Turin signed the definitive contract on 14 June The Juventus Area was delivered by the City of Turin on 12 September The price for the transaction, as identified in the report by the expert assigned by the City of Turin, has been set at 11.7 million, which assigns a value of about 355 per square metre of GFA (totalling 33,000 square metres) and 65 per square metre for the longterm lease (totalling 180,000 square metres). Juventus has already paid the City of Turin advances of 7.5 million; the remaining 4.2 million will be paid by 31 December For additional information on Project development, see the relative paragraph in the section on Significant events after 30 June ANNUAL FINANCIAL REPORT Report on operations

54 ORDINARY AND EXTRAORDINARY SHAREHOLDERS MEETING OF 26 OCTOBER 2012 The Shareholders Meeting of 26 October 2012 approved the Financial Statements at 30 June 2012, which reported a loss of 48.7 million that was covered through the use of the share premium reserve. As a result, no dividends were deliberated. The Shareholders Meeting also decided that the Board of Directors would consist of 10 members for the years 2012/2013, 2013/2014 and 2014/2015, appointing the directors Andrea Agnelli, Maurizio Arrivabene (Independent Director), Giulia Bongiorno (Independent Director), Paolo Garimberti (Independent Director), Assia Grazioli Venier (Independent Director), Giuseppe Marotta, Aldo Mazzia, Pavel Nedved, Enrico Vellano and Camillo Venesio (Independent Director). The Board of Statutory Auditors comprising Paolo Piccatti (Chairman), Silvia Lirici and Roberto Longo (Auditors) was also appointed. Nicoletta Paracchini and Roberto Petrignani were appointed as Deputy Auditors. The Shareholders Meeting assigned the engagement, upon recommendation by the Board of Statutory Auditors, for the audit of the accounts for the financial years 2012/ /2021 to Reconta Ernst & Young S.p.A.. Lastly, the Shareholders Meeting approved the Remuneration Report pursuant to Article 123ter of Legislative Decree 58/98. RESOLUTIONS OF THE BOARD OF DIRECTORS MEETING OF 26 OCTOBER 2012 The Board of Directors held at the end of the Shareholders Meeting confirmed the appointment of Andrea Agnelli as Chairman and Giuseppe Marotta and Aldo Mazzia as Chief Executive Officers. Special duties were also assigned to Pavel Nedved, in the sports and commercial sector, and to Paolo Garimberti, Chairman of the Juventus Museum. The Board appointed the Executive Committee delegating it some of its powers. The members of the committee are Andrea Agnelli (Chairman), Giuseppe Marotta, Aldo Mazzia, Enrico Vellano and Camillo Venesio. After having verified the satisfaction of the requirements of independence by the directors Maurizio Arrivabene, Giulia Bongiorno, Paolo Garimberti, Assia GrazioliVenier and Camillo Venesio, the Board also appointed the following Committees: Remuneration and Appointments Committee consisting of Paolo Garimberti (Chairman), Camillo Venesio and Maurizio Arrivabene; Control and Risk Committee consisting of Camillo Venesio (Chairman), Maurizio Arrivabene and Assia Grazioli Venier. Lastly the Supervisory Body pursuant to Legislative Decree 231/2001 was appointed consisting of Alessandra Borelli, Paolo Claretta Assandri and Guglielmo Giordanengo. DISCIPLINARY PROCEEDING AGAINST THE TEAM MANAGER ANTONIO CONTE Following a disciplinary proceeding relative to facts occurring prior to joining Juventus, the First Team manager Antonio Conte was suspended at the start of the 2012/2013 football season up until 8 December Juventus Football Club

55 UEFA LICENSES On 9 May 2013, the FIGCbased UEFA licensing committee (first instance) examined filed documents and assessed conformity to regulations, issuing Juventus with a UEFA licence for the 2013/2014 football season. 55 ANNUAL FINANCIAL REPORT Report on operations

56 Review of the results for the 2012/2013 financial statements RESULTS FOR THE YEAR Continuing the trend of marked improvement in economic performance, the financial year 2012/2013 closed with a loss of 15.9 million, 32.7 million less than the loss of 48.6 million for the previous financial year. This improvement was due to the significant increase in revenues of 70 million (+32.8% compared to the previous year), of which 65.3 million for television and radio rights for the UEFA Champions League, partially offset by an increase in operating costs of 20.8 million (+10% compared to the 2011/2012 financial year), as well as other net negative changes totalling 16.5 million. The latter changes are due to the absence of revenues from the writeback of the value of the Juventus Library ( 14.5 million), a higher depreciation of other assets ( 1.5 million), higher income taxes (regional production tax) ( 2.3 million), greater net financial expenses ( 2.4 million), and, lastly, fewer net provisions ( +3.3 million) and amortisation of players registration rights ( +0.9 million). REVENUES Revenues for 2012/2013 totalled million, with an increase of 32.8% compared to the million in the previous year, and are represented by: Amounts in millions of Euro 2012/2013 Financial Year % 2011/2012 % Financial Year Change Television and radio rights and media revenues % % 72.9 Revenues from sponsorship and advertising % % (0.9) Ticket sales % % 6.2 Other revenues % % (1.2) Revenues from players registration rights % % (7.0) Total % % % 6.5% Television and radio rights and media revenues Revenues from sponsorship and advertising 9.1% 8.6% 13.4% 18.5% 57.6% Ticket sales Other revenues Revenues from player s registration rights 14.9% 42.4% 25.0% 2012/ / Juventus Football Club

57 Television and radio rights and media revenues Amounts in millions of Euro Revenues from sponsorship and advertising Ticket sales Other revenues Revenues from player s registration rights / /2012 Television and radio rights and media revenues Television and radio rights and media revenues amounted to million in the 2012/2013 financial year ( 90.6 million in the 2011/2012 financial year). As shown in detail below, the increase of 72.9 million is attributable to income from participation in the 2012/2013 UEFA Champions League ( million) and the increase in revenues relative to exploitation of the Juventus Library and other media rights ( +7.6 million). Amounts in millions of Euro Revenues from media rights Revenues from UEFA competitions Total 2012/2013 Financial Year /2012 Financial Year Change Revenues from sponsorship and advertising This item amounts to 52.6 million, down 0.9 million compared to the figure of 53.5 million of the previous year, due to fewer revenues from royalties ( 3.6 million) and from players image rights ( 0.8 million), partially offset by higher revenues from sponsorships ( +3.2 million) and advertising ( +0.3 million). Ticket sales In 2012/2013 these totalled 38 million ( 31.8 million the previous year), an increase of 6.2 million mainly due to the effect of ticket sales revenues for UEFA Champions League home matches ( +7 million), season passes ( +2.7 million), revenues from Italian Super Cup matches ( +1.5 million) and additional match services ( +0.2 million); these increases were partially offset by lower fees for friendly matches ( 1.5 million), the absence of ticket sales revenues relative to the 2011/2012 Italian Cup final ( 1.3 million), the absence of revenues which had originated from the Juventus Stadium opening ceremony ( 1.2 million), lower revenues from ticket sales for Championship home matches ( 1.1 million) and lower revenues from Italian Cup matches ( 0.1 million). 57 ANNUAL FINANCIAL REPORT Report on operations

58 Other revenues This item amounts to 18.3 million ( 19.5 million at 30 June 2012) and is mainly due to income from the Juventus Museum and the Membership and Stadium Tour commercial initiatives, as well as income from the television production of matches, from nonsporting activities carried out at the Juventus Stadium, and insurance payments and contributions of the Lega Nazionale Professionisti Serie A. OPERATING COSTS Operating costs for 2012/2013 totalled million, showing an increase of 10% compared to the million of the previous year, and are composed of: Amounts in millions of Euro Players wages and technical staff costs External services Other personnel Other expenses Expenses from players registration rights Purchase of materials, supplies and other consumables Total 2012/2013 Financial Year % % % % % % % % 2011/2012 % Financial Year % 20.0% 6.2% 3.0% 3.1% 1.2% 100% Change (0.7) % 1.2% Players wages and 4.4% technical staff costs 3.0% 6.4% 6.2% External services 2.5% Other personnel 3.1% 19.9% 65.6% Other expenses Expenses from players registration rights Purchase of materials, supplies and other consumables 20.0% 66.5% 2012/ /2012 Players wages and technical staff costs Players wages and technical staff costs amount to 149 million; compared to the figure of million of the previous year, this item increased by 11.9 million due to higher remuneration relative to new contracts stipulated with the players acquired in the course of the 2012/2013 Transfer Campaign ( million), higher variable bonuses paid to players ( +5.6 million) and other minor changes ( +0.4 million); these increases are 58 Juventus Football Club

59 partially offset by lower remuneration paid to players on temporary transfer ( 3 million) and lower fees for leaving incentives paid to players permanently disposed of ( 1.8 million). External services Costs for external services total 45.1 million; the item reflects an increase of 3.9 million compared to 41.2 million the previous year, mainly due to higher costs for transport and trips connected with playing more matches, and in particular the Italian Super Cup and UEFA Champions League. Expenses for maintenance, cleaning, security and reception, and plant management increased compared to the 2011/2012 financial year, as the Juventus Stadium became fully operational. These effects were partially offset by the lower costs for installations which at 30 June 2012 included, among others, costs related to the opening of the Juventus Stadium. Expenses from players registration rights Expenses from players registration rights amount to 5.6 million ( 6.3 million at 30 June 2012) and mainly refer to auxiliary expenses for the purchase of players registration rights ( 2.9 million), losses on the disposal of players ( 0.8 million), as well as costs arising from the temporary acquisition of players ( 1.1 million). PLAYERS REGISTRATION RIGHTS At 30 June 2013, players registration rights totalled million. The net increase of 1.1 million, compared to million at 30 June 2012, was the result of investments ( 68.2 million) and net disinvestments ( 15.7 million) made during the Transfer Campaign, amortisation and depreciation for the year ( 48.2 million) and writedowns ( 3.2 million). SHAREHOLDERS EQUITY Shareholders equity at 30 June 2013 was positive by 48.6 million, a decrease compared to the balance of 64.6 million of 30 June 2012, due to the loss for the financial year ( 15.9 million) and other minor changes ( 0.1 million). At 30 June 2013, the fully paidup share capital of Juventus amounted to 8,182, and was made up of 1,007,766,660 ordinary shares without nominal value. NET FINANCIAL DEBT At 30 June 2013, net financial debt totalled million, an increase of 32.6 million on the negative balance of million recorded at 30 June The increase was driven primarily by Transfer Campaign outlays (net 63.2 million), advances paid to the City of Turin and various suppliers in relation to the Continassa Project ( 9.5 million), investments in other longterm assets ( 1.9 million) and other net changes ( 6.1 million). These negative cash flows were partially offset by positive cash flows from operations ( million). 59 ANNUAL FINANCIAL REPORT Report on operations

60 The breakdown of the current and noncurrent part of financial debt at the end of the two years is shown below. 30/06/ /06/2012 Amounts in millions of Euro Current Noncurrent Total Current Noncurrent Total Financial assets* Cash and cash equivalents Total financial assets Financial payables due to leasing companies due to the Istituto per il Credito Sportivo due to banks due to factoring companies Other financial liabilities (2.2) (4.3) (50.1) (49.3) (11.9) (47.8) (0.6) (14.1) (52.1) (50.1) (49.3) (0.6) (2.2) (4.1) (54.4) (5.0) (14.0) (52.0) (0.8) (16.2) (56.1) (54.4) (0.8) Total financial liabilities (105.9) (60.3) (166.2) (65.7) (66.8) (132.5) Net financial debt (104.1) (56.2) (160.3) (65.0) (62.7) (127.7) * This item is included as it refers to cash deposits in a current account pledged as collateral on the Istituto per il Credito Sportivo loan, recognised in financial payables. For further details see the Statement of Cash Flows and the Notes (Note 49). 60 Juventus Football Club

61

62 Significant events after 30 June 2013 FOOTBALL SEASON The First Team did their 2013/2014 preseason training at Chatillon (AO). On 10 July 2013, the FIGC officers, after reviewing the documentation filed by Juventus and materials sent by the Lega Nazionale Professionisti Serie A, notified the Company that it has the prerequisites for issue of the National License for the purpose of admission to professional championships in 2013/2014. On 18 August 2013, the First Team won the sixth Italian Super Cup in its history. 2013/2014 TRANSFER CAMPAIGN FIRST PHASE The transactions finalised in the first phase of the 2013/2014 Transfer Campaign, held from 1 July to 2 September 2013, led to a total increase in invested capital of 38.1 million resulting from acquisitions of 65.4 million and disposals of 27.3 million (net book value of disposed rights). The net capital gains generated by the disposals totalled 13.1 million. The total net financial commitment, including capitalised accessory expenses and financial income and expenses implicit in deferred receipts and payments, came to 24.9 million, distributed as follows: Expiration Amounts in thousand of Euro Totals 2013/ / / / /2018 LNP and others Foreign FC Agents Total (15.9) 1.1 (10.1) (24.9) (6.7) (0.2) (4.6) (11.6) (6.2) (0.5) (3.8) (10.5) (4.7) 1.9 (1.7) (4.5) (0.3) (0.3) In the course of the first phase of the 2013/2014 Transfer Campaign, the following main operations regarding players registration rights were completed: Amounts in thousand of Euro Player Definitive acquisitions BnouMarzouk Younes De Silvestro Elio Kabashi Elvis Llorente Torres Fernando Ogbonna Obinze Angelo Peluso Federico Tevez Carlos Alberto Zaza Simone Counterparty clubs SASP FC Metz FC Pro Vercelli Empoli FC Torino FC Atalanta BC Manchester City UC Sampdoria Price 500 (a) ,000 (b) 4,800 9,000 (c) 3,500 IFRS value of rights (incl. expenses) ,038 12,388 4,679 14,136 4,125 Years of contract Playersharing acquisitions (50%) Barlocco Luca Berardi Domenico Rugani Daniele Russini Simone Atalanta BC US Sassuolo Empoli FC Ternana Calcio 1,250 4, ,220 4, Juventus Football Club

63 Amounts in thousand of Euro Player Termination of playersharing agreements in favour of Juventus Asamoah Kwadwo Gabbiadini Manolo Immobile Ciro Counterparty clubs Udinese Calcio Atalanta BC Genoa CFC Price 9,000 5,500 2,750 IFRS value of rights (incl. expenses) 8,568 5,239 2,620 Years of contract Other investments Total investments 2,064 65,406 (a) The acquisition price could increase by 1,000 thousand if certain sports goals are reached in the coming football seasons. (b) The acquisition price could increase by 2,000 thousand if certain sports goals are reached during the contract (performance bonus). (c) The price could increase by 6,000 thousand if certain sports goals are reached (qualification for the UEFA Champions League, winning the Championships and/or UEFA Champions League) during the next three football seasons. Amounts in thousand of Euro Player Counterparty clubs Price Price present value Net book value Solidarity subsidy Profit/ (Loss) Definitive disposals Garcia Carlos Wilhem Giaccherini Emanuele Matri Alessandro Melo De Carvalho Felipe Parma FC Sunderland Association FC Milan AC Galatasaray Sportif Sinai 500 7,500 11,000 3, ,251 10,307 3, ,220 9,748 3,750 (a) , Playersharing disposals (50%) Ceria Edoardo Gabbiadini Manolo Guano Prince Immobile Ciro Magnusson Hordur Marrone Luca Masi Alberto Ruggiero Giuseppe Zaza Simone Atalanta BC UC Sampdoria Atalanta BC Torino FC Spezia Calcio US Sassuolo Ternana Calcio FC Pro Vercelli 1892 US Sassuolo 800 5, ,750 1,000 4,500 2, , , , ,428 1, ,381 4, , , * 274 * 918 4,418 1, Termination of players contract agreements Chibsah Yussif Raman Parma FCC 1, Other disinvestments Total disinvestments (net) , ,051 * Capital gains are temporarily suspended until playersharing agreements are defined. (a) The disposal transaction, which took place on 20 July 2013 for a price of 3,750 thousand (wholly payable in the 2013/2014 financial year) led to the need to adjust the remaining book value of the asset to the disposal price, with a consequent writedown of 3,226 thousand recognised in the 2012/2013 financial year. The payment to Juventus could increase by a maximum of 500 thousand, if the player Galatasaray achieves certain sports goals in the coming football seasons. 63 ANNUAL FINANCIAL REPORT Report on operations

64 Amounts in thousand of Euro Player Counterparty clubs Price for the current season Exercise price in the event of the exercise of option rights Temporary disposals Leali Nicola Spezia Calcio Martinez Jorge Andres Novara Calcio Ziegler Reto US Sassuolo Calcio Bank guarantees Guarantees for a total of 23.2 million were issued for the first phase of the 2013/2014 Transfer Campaign. 2013/2014 SEASON TICKET CAMPAIGN The Season Ticket Campaign for the 2013/2014 season closed with the subscription of all the 28,000 season tickets available, for net revenues of 20 million, including Premium Seats and additional services, compared to 19.8 million for the previous season. THE CONTINASSA AREA PROJECT On 30 July 2013, the Agreed Executive Plan (PEC) for the Continassa Area Project, was submitted to the competent departments of the City of Turin. Juventus took delivery of the area on 12 September 2013 and preliminary works then began for the fencing off and securing of the locations, as well as initial preparatory and introductory activities for the start of the works envisaged in the PEC and the associated Environmental Plan. At present, the Project is expected to be completed within the next 4 years. LEGENDS CLUB INAUGURATION At the beginning of the 2013/2014 football season a new stand was inaugurated, with around 320 seats, at the Juventus Stadium, called the Legends Club. The stand will offer spectators a unique experience in the stadium, with extremely comfortable chairs, a full menu with table service and view over the pitch. The Legends Club will be open during all home matches, including UEFA Champions League and Tim Cup games, and adds to the range of premium services offered by the Juventus Stadium. JUVENTUS COLLEGE On 4 September 2013, the 2013/2014 school year started at the Juventus College. From this year, the college s second year of activities, there will be four classes, one more than last year, and the new refectory has opened. Work is also under way to expand the facility, which, from next year, will also host a fifth class and new workshops. In September 2013, the European Club Association (ECA) acknowledged the J College as the best youth education and development project out of all those implemented by European clubs and targeted at the Youth Sector, and awarded the Company the ECA Best Achievement Award in the Youth Development section. 64 Juventus Football Club

65 Business outlook During the first stage of the 2013/2014 Transfer Campaign the Company made significant investments to further strengthen the First Team bench and increase its competitiveness also at European level. As a consequence, the operating result, currently still expected to be a loss, will be influenced by increases in costs relating to sports management and the impact that the sporting results, actually achieved, will have on future revenues. The Company s objective is to continue the improvement in financial performance achieved during the previous two financial years. 65 ANNUAL FINANCIAL REPORT Report on operations

66 Human resources and organisation After three years of considerable growth in staff numbers (with increases of between 15% and 20% per year), to support the Company s development projects and improve management practices, and after an intense company reorganisation process during the 2010/2011 season, the 2012/2013 financial year was a time of consolidation for the entire organisation. Staff further increased, but to a lesser extent (9.6%) compared to previous years, going up from an average of 114 employees in 2011/2012 (excluding players and FIGC registered personnel), to 125, which reflects the scale of operations currently managed directly. Some professional profiles with specific competencies were added to the structure of the Sports Area, outlined in the previous year, in order to further improve the management and development of players in the Youth Sector. The Training Check, Match Analysis and Scouting projects launched in previous years, were further developed, confirming their importance in supporting the First Team and now also the Youth Sector. Basic activities were extended to involve more than 250 underthirteens and, in conjunction with Juventus Soccer Schools, to cover the entire Piemonte. Scouting, based on a threetier geographic approach International, National and Regional made a significant contribution, mapping players of interest for the Company. Thanks to the concerted work of Juventus management and business units, the Juventus stadium has demonstrated its importance for the entire organisation and our fans, after the excellent start in its first year. During the season, the stadium hosted UEFA Champions League matches, doing brilliantly in this international performance, and also hosted a total of 27 matches, with on average 38,500 spectators per match, which corresponds to a 94% stadium capacity. Match organisation involves a considerable number of staff, mostly temporary, whose training and motivation are fundamental for the complete satisfaction of our fans. During the season, an average of 1,250 match officers were used per game, broken down as follows: 320 Catering services 40 TV productions 7 Installations 20 Entertainment 45 Juventus staff and management officers 42 Maintenance of the structure and facilities 90 Tickets and security 686 Welcome services 66 Juventus Football Club

67 No match day activities also played an important role: during the year, 74 events were held at the stadium, including the trade show Io Lavoro, organised with Regione Piemonte and the charity football match Partita del Cuore organised by the Nazionale Cantanti (National Team comprising Italian Singers/Musicians), which sold out. Without considering the latter event, no match day activities involved a total of 15,000 customers. The Juventus Museum, which was inaugurated in May 2012, was open for 318 days during the 2012/2013 financial year, and welcomed more than 163,000 visitors; this is a very encouraging result, with the museum ranking sixth among the most visited tourist attractions in Torino. Activities on the digital front, managed by a specific Unit of the Communication and External Relations department, led to the launch of the new site with considerable technological improvements; videos can now be displayed in HD on any mobile device and the site can integrate with the social media. As regards the organisation, the Legal & Risk Management Unit was set up during the year, to coordinate legalrelated activities previously managed by external consultants; the Internal Auditing Unit was consolidated, and the Studies and Research Department was established, tasked with analysing phenomena in the Football Sector and relative economic developments, including benchmarking with main competitors and international best practices. The graph below shows total staff of the Company comprising FIGC registered personnel and other personnel, totalling approximately 600 at 30 June Employees and temporary workers / /2013 Technical staff Professional players Non professional players Scouts and other freelancers ANNUAL FINANCIAL REPORT Report on operations

68 FIGC registered personnel FIGC registered personnel includes players (professional and nonprofessional) and Staff (Training staff, Goal keeper training staff, Athletic trainers, Massage therapists/physiotherapists and Doctors who work freelance and are boardregistered) for the First Team and Youth Sector. Technical staff / /2013 Professional players Non professional players Scouts and other freelancers Non registered personnel Data on non registered personnel as regards different areas of interest are given below. Employees / /2013 Temporary workers Other outsourcers % Managers 17 12% Middle management 88 61% Employees 6 4% Workers 18 12% Temporary workers 68 Juventus Football Club

69 Juventus College Juventus s latest nonsporting achievement reflects its outstanding ability to innovate compared to consolidated practices. During the last General Meeting of the European Club Association, the Club President Andrea Agnelli was given the ECA Best Achievement Award in the Youth Development category, demonstrating the Company s ability to be innovative and above all its focus on social engagement. The Juventus College is a 2 nd level school recognised by the Ministry of Education, owned by Juventus. After signing a specific agreement, authorised by competent authorities, the Company handed over the management of teaching activities to the Salesian Order, which considers the Istituto Agnelli of Turin as a school capable of organising courses, providing teaching and other staff. The type of school, which was selected based on school courses most taught in Italy, is a High School with an Applied Sciences curriculum and may be attended only by registered players in the Company s Youth Sector. 83 students attended the school during the 2012/2013 academic year, of which 18 from abroad, with 33 students in year one, 30 in year two, and 20 in year three. Following school reports in June, and for pupils with grade debits, in September 64 students passed the year, equal to 77% of school intake; this figure increases to 87% if students who actually finished the academic year are considered, minus those students, mainly foreigners, who left the Juventus Youth Sector, for various reasons, during the football season. The Juventus College, which is unique in Italy, represents excellence at a European level, and its importance goes far beyond the figures, which will certainly increase with students going into year four this year, and subsequently into year five. The purpose of the College is to improve study conditions for students and decrease the rate of dropouts, which are common among students who are aiming to be professional players. In August, work on the school refectory was completed, and during the 2013/2014 financial year the worksite to expand the school to accommodate all five years and relative laboratories will close. The considerable investment made, not only financially but in terms of human resources, for the feasibility study, design, selection of an appropriate partner and control of operations, has produced highly satisfactory results for the students, their families and the Company. 69 ANNUAL FINANCIAL REPORT Report on operations

70 Other information RESEARCH AND DEVELOPMENT During the 2012/2013 season, Juventus carried out some experimental research and development projects, and in particular: the study and implementation of the Training Check method, which aims to acquire, combine and use technical/sportsrelated, scientific, medical and technological knowledge and skills to assist the technical staff of all teams in order to identify, analyse and act for the performance and development of athletes, optimising training approaches, from the Youngest Players to the First Team; the study, definition and implementation of new IT solutions to increase the efficiency and competitive edge of the company, in particular in managing the Juventus Stadium and events held there. To develop these projects, the Company incurred total costs of approximately 2 million. As the research is ongoing and longterm, activities will continue during the 2013/2014 financial year. ADDITIONAL INFORMATION PURSUANT TO ART OF THE CIVIL CODE It should be notes that the Company s business is conducted at the Turin registered office, Corso Galileo Ferraris no. 32 and at the following local premises: Juventus Training Center, via Stupinigi no. 182, Vinovo (Turin) Juventus Stadium, corso Gaetano Scirea no. 50, Turin ASD Chisola football ground, via Al Castello no. 3, Vinovo (Turin) Polisportiva Garino, via Sotti no. 22, Vinovo (Turin) Frazione Garino TRANSACTIONS WITH RELATED PARTIES On 11 November 2010, the Board of Directors adopted a specific procedure for regulating relatedparty transactions pursuant to article 4 of the Regulation of relatedparty transactions adopted by CONSOB with resolution no of 12 March 2010, amendments and additions thereto. The Procedure is available on the Company s website ( As regards the 2012/2013 financial year, transactions between Juventus and the related parties identified according to international accounting standard IAS 24 were conducted in observance of laws in force, on the basis of reciprocal economic benefits. For the details of the transactions performed and the related statement of financial position and income statement see Note 55 of the financial statements. 70 Juventus Football Club

71 MANAGEMENT AND COORDINATION ACTIVITY Juventus is not subject to management and coordination activity pursuant to article 2497 of the Civil Code by the majority shareholder EXOR S.p.A. since it does not intervene in the running of the Company and performs the role of shareholder by holding and managing its controlling equity investment in the Company. There are no elements which indicate a de facto management and coordination activity since, among other things, the Company has full and autonomous negotiating powers in relations with others and their is not centralised cash pool scheme. In addition, the number and expertise of the Independent Directors are adequate in relation to the dimensions of the Board of Directors and the activity performed by the Company and guarantee the managerial independence of the Board in defining the general and operating strategic guidelines of Juventus. Juventus does not exercise management and coordination activities for other companies. 71 ANNUAL FINANCIAL REPORT Report on operations

72

73 Proposal to approve the financial statements and cover the financial year loss Dear Shareholders, The financial statements at 30 June 2013, which we submit for your approval, show a loss of 15,910,649, which we propose to cover by drawing the amount from the share premium reserve. Turin, 24 September 2013 On behalf of the Board of Directors The Chairman Andrea Agnelli 73 ANNUAL FINANCIAL REPORT Report on operations

74

75 Financial statements at 30 June 2013

76 Statement of financial position Amounts in Euro Notes 30/06/ /06/2012 Change Noncurrent assets Players registration rights, net Other intangible assets Intangible assets in progress Land and buildings Other tangible assets Tangible assets in progress Noncurrent financial assets Deferred tax assets Receivables from football clubs for transfer campaigns Other noncurrent assets Total noncurrent assets Current assets Trade receivables Non financial receivables from related parties Receivables from football clubs for transfer campaigns Other current assets Cash and cash equivalents Total current assets Advances paid Noncurrent advances paid Current advances paid Total advances paid Total assets ,221,616 30,489,942 15, ,904,194 32,977,171 1,770,797 4,100,000 4,930,023 21,581,261 3,002, ,992,733 12,642, ,265 42,201,638 19,428,918 1,777,036 76,648,700 12,547,976 11,176,691 23,724, ,366, ,094,687 30,258,034 10, ,023,632 37,841, ,821 4,100,000 4,232,742 11,663,758 19,948, ,741,806 25,469, ,955 29,170,545 4,012, ,650 59,716,369 12,690,566 1,631,606 14,322, ,780,347 1,126, ,908 5,000 (2,119,438) (4,863,868) 1,200, ,281 9,917,503 (16,945,364) (10,749,073) (12,826,743) 188,310 13,031,093 15,416,285 1,123,386 16,932,331 (142,590) 9,545,085 9,402,495 15,585, Juventus Football Club

77 Statement of financial position Amounts in Euro Notes 30/06/ /06/2012 Change Shareholders Equity Share capital Share premium reserve Cash flow hedge reserve Actuarial gains/(losses) reserve Loss for the year Shareholders Equity Noncurrent liabilities Provisions for employee benefits Loans and other financial payables Non current financial liabilities Payables due to football clubs for transfer campaigns Deferred tax liabilities Other noncurrent liabilities Total noncurrent liabilities Current liabilities Provisions for risks and charges Loans and other financial payables Current financial liabilities Trade payables Non financial payables due to related parties Payables due to football clubs for transfer campaigns Other current liabilities Total current liabilities Advances received Noncurrent received Current received Total advances received Total liabilities ,182,133 57,112,892 (631,060) (122,301) (15,910,649) 48,631,015 4,277,156 59,635, ,060 29,305,031 5,279,346 55,625 99,183, , ,854,262 15,853 15,080,582 1,045,451 69,140,628 45,780, ,341,826 40,757,740 17,451,713 58,209, ,366,100 8,182, ,840,013 (759,013) (48,654,550) 64,608,583 2,043,989 66,041, ,013 29,281,315 5,437,911 1,014, ,578,459 5,753,265 65,650,478 12,500 16,938, ,946 63,624,814 40,989, ,882,901 44,662,005 20,048,399 64,710, ,780,347 (48,727,121) 127,953 (122,301) 32,743,901 (15,977,568) 2,233,167 (6,406,051) (127,953) 23,716 (158,565) (958,967) (5,394,653) (5,328,265) 40,203,784 3,353 (1,858,164) 131,505 5,515,814 4,790,898 43,458,925 (3,904,265) (2,596,686) (6,500,951) 15,585, ANNUAL FINANCIAL REPORT Financial statements

78

79 Income statement Amounts in Euro Notes 30/06/ /06/2012 Change Ticket sales Television and radio rights and media revenues Revenues from sponsorship and advertising Revenues from players registration rights Other revenues Total revenues Purchase of materials, supplies and other consumables External services Players wages and technical staff costs Other personnel Expenses from players registration rights Other expenses Total operating costs Amortisation and writedowns of players registration rights Depreciation/amortisation of other tangible and intangible assets Provisions and other writedowns/reverses and releases Operating income Financial income Financial expenses Income/(loss) before taxes Current taxes Deferred taxes Loss for the year Basic and diluted loss per share ,051, ,477,670 52,598,893 11,397,065 18,276, ,801,473 (2,933,770) (45,079,682) (149,010,399) (14,452,797) (5,579,779) (10,033,850) (227,090,277) (51,414,589) (8,291,739) (810,874) (3,806,006) 2,364,266 (9,473,258) (10,914,998) (5,924,068) 928,417 (15,910,649) (0,02) 31,824,261 90,581,926 53,452,409 18,433,501 19,494, ,786,231 (2,588,125) (41,162,241) (137,131,802) (12,959,489) (6,297,027) (6,179,816) (206,318,500) (52,304,836) (6,794,484) 10,443,216 (41,188,373) 1,380,876 (6,111,132) (45,918,629) (3,788,628) 1,052,707 (48,654,550) (0,09) 6,226,808 72,895,744 (853,516) (7,036,436) (1,217,358) 70,015,242 (345,645) (3,917,441) (11,878,597) (1,493,308) 717,248 (3,854,034) (20,771,777) 890,247 (1,497,255) (11,254,090) 37,382, ,390 (3,362,126) 35,003,631 (2,135,440) (124,290) 32,743,901 0,07 Statement of comprehensive income Amounts in Euro Loss for the year (A) Other income (loss) recorded in cash flow hedge reserve Tax effect related to total other Income (Loss) that will subsequently be reclassified in the income statement Total Other Income (Loss) that will subsequently be reclassified in the income statement net of the tax effect (B1) Other Income (Loss) entered in the actual gains (losses) reserve Tax effect related to total other Income (Loss) that will not subsequently be reclassified in the income statement Total Other Income (Loss) that will not subsequently be reclassified in the income statement net of the tax effect (B2) Total Other Income/(Loss), net of the tax effect (B)= (B1)+(B2) Comprehensive loss (A+B) 30/06/2013 (15,910,649) 127, ,953 (122,301) (122,301) 5,652 (15,904,997) 30/06/2012 (48,654,550) (720,658) (720,658) (720,658) (49,375,208) Change 32,743, , ,611 (122,301) (122,301) 726,310 33,470, ANNUAL FINANCIAL REPORT Financial statements

80 Statement of changes in shareholders equity Amounts in Euro Balance at 30/06/2011 Share capital 20,155,333 Shareholders for capital increase Partial coverage of loss for the 2010/2011 financial year Share issue payment Share issue through the emission of 806,213,328 ordinary shares of a price of 0,1488 Allocation of share issue costs, net of deferred tax assets (20,035,333) 8,062,133 71,980,016 (71,980,016) Coverage of the residual loss for the 2010/2011 financial year Reestablishment of reserve from cash flow hedge Total loss for the year Balance at 30/06/2012 8,182,133 Coverage of loss for the previous financial year Deferred taxes claimed on 2011 new capital issue costs Total loss for the year Balance at 30/06/2013 8,182,133 Share premium reserve 66,314,408 (66,314,408) 111,902,410 (1,029,185) (5,033,212) 105,840,013 (48,654,550) (72,571) 57,112,892 Legal reserve 4,031,066 (4,031,066) Cash flow hedge reserve (38.354) (38.354) ( ) ( ) Actuarial gains/ (losses) reserve (5,071,566) ( ) ( ) ( ) Losses from previous years (95,414,019) (4,951,566) 5,033,212 38,354 95,414,019 (48,654,550) 48,654,550 71,980,016 47,984,527 (1,029,185) (48,654,550) (49,375,209) Loss for the year 64,608,583 (72,571) (15,910,649) (15,904,997) (15,910,649) Shareholders Equity 48,631,015 For additional information see the Notes (note n.23). 80 Juventus Football Club

81 Statement of cash flows Amounts in Euro Notes Income/(loss) before taxes Noncash items: amortisation, depreciation and writedown other writebacks and releases employee benefit liability and other provisions provision Long Term Incentive Plan gains on disposal of players registration rights gains on disposal of other fixed assets losses on disposal of players registration rights losses on disposal of other fixed assets financial income financial expenses Change in trade receivables and other nonfinancial activities Change in trade payables and other nonfinancial liabilities Income taxes paid Utilisation in employee benefit liability and other provisions Net cash from (used in) operating activities Investments in players registration rights Increase (decrease) of payables related to players registration rights Disposals of players registration rights (Increase) decrease of receivables related to players registration rights Investments in other fixed assets Increase (decrease) of payables related to purchases of other fixed assets Advances paid for the Continassa Project Disposals of other fixed assets (Increase) decrease of receivables related to disposals of other fixed assets Interest income Net cash from (used in) investing activities Share issue, net of the relative costs New loan/financial lease Repayment of mediumlong term loans Financial lease repayments Interest on mediumlong term loans Interest on financial lease Other interest expenses Other movements related to financing activities Net cash from (used in) financing activities Net cash from (used in) the year Changes in cash and bank overdrafts: Balances at the beginning of the year Balances at year end Changes in cash and bank overdrafts Components of cash Cash and cash equivalents Bank overdrafts Cash and cash equivalents at year end 42 and and and /2013 Financial Year (10,914,998) 59,706,328 1,355,411 2,233,167 (9,029,589) (24,677) 827,320 3,408 (2,364,267) 9,473,258 14,742,663 (6,359,459) (4,811,127) (6,683,676) 48,153,762 (68,248,649) 2,395,587 23,909,400 (21,211,478) (2,852,972) 859,287 (9,480,762) 106,656 38,665 (74,484,266) (4,068,028) (2,095,853) (2,414,975) (297,201) (3,100,069) (532,859) (12,508,985) (38,839,489) (58,781,248) (97,620,737) (38,839,489) 1,777,036 (99,397,773) (97,620,737) 2011/2012 Financial Year* (45,918,629) 59,099,320 (16,381,680) 8,201,326 2,043,989 (15,161,766) (24,744) 340,794 (1,380,876) 6,111,134 1,139,784 13,134,223 (2,026,125) (12,279,439) (3,102,689) (104,824,083) 28,631,150 20,683,109 (6,711,308) (27,290,411) (28,535,973) (200,000) 14,700 1,000, ,133 (117,084,683) 118,645,078 12,900,000 (3,895,419) (2,061,420) (1,710,979) (443,262) (1,867,096) (266,056) 121,300,846 1,113,474 (59,894,722) (58,781,248) 1,113, ,650 (59,434,898) (58,781,248) * Figures for 2011/2012 have been reclassified so as to facilitate the comparability of data. In particular, advances paid for the Continassa Project ( 200 thousand), as well as cash flows from financing activities resulting from advances on future receipts ( 5,034 thousand), were reclassified to a separate item in investing activities. In the 2012/2013 financial year these were classified under bank overdrafts as moreover they were shortterm transactions and not mediumlong term loans. 81 ANNUAL FINANCIAL REPORT Financial statements

82

83

84 Notes 1. GENERAL INFORMATION ON THE COMPANY Juventus Football Club S.p.A. (hereafter Juventus) is a legal entity organised according to the law of the Italian Republic. The Company s headquarters are in Corso Galileo Ferraris no. 32, Turin, Italy. Juventus is a professional football club which, thanks to its more than centurylong history, has become one of the most representative and popular teams at a national and international level. The Company s core business is participation in national and international competitions and the organisation of matches. Its main sources of income come from the economic exploitation of sports events, the Juventus brand and the first team image, the most significant of these include licensing of television and media rights, sponsorship and selling of advertising space. Juventus shares are listed on the electronic equity market of Borsa Italiana. Juventus is controlled by EXOR S.p.A., an Italian company listed on the Italian Stock Exchange, which holds 63.8% of the share capital. EXOR S.p.A. is one of the main European investment firms and is controlled by Giovanni Agnelli e C. S.a.p.a.z.. 2.2% of Juventus share capital is held by Lindsell Train Ltd. and the remaining 34% is a free float on the Stock Exchange. Additional information is reported in the Company Profile section of the Report on Operations. 2. STANDARDS USED FOR PREPARING THE FINANCIAL STATEMENTS AND MEASUREMENT POLICIES These financial statements have been prepared in compliance with the international financial reporting standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. IFRS are understood to include international accounting standards (IAS) still in force, as well as all the interpretative documents issued by the International Financial Reporting Interpretations Committee (IFRIC), formerly known as the Standing Interpretations Committee (SIC). These financial statements at 30 June 2013 have also been prepared in accordance with CONSOB instructions, issued in Resolution no , Resolution no and Notification no of 28 July 2006, in implementation of Article 9, section 3, of Legislative Decree no. 38 of 28 February 2005, and Recommendation no of 1 October 2010 as regards the information to report in the financial statements of football clubs listed on the stock markets. 3. FINANCIAL STATEMENT TABLES AND OTHER INFORMATION The statement of financial position, which uses current/noncurrent to represent assets and liabilities, has been implemented in order to separately indicate the significant advances received from customers and those paid to suppliers, thus better highlighting balances from transactions with cash movements before actual accrual. In the income statement the classification of revenues and costs by type has been used, giving priority to reporting information related to economic effects connected to players registration rights, characteristic items of Juventus 84 Juventus Football Club

85 business. In addition to the profit or loss for the year the statement of comprehensive income shows profit and loss recognised directly on this statement, and not on the income statement. The statement of changes in shareholders equity shows the amount of transactions with shareholders. The statement of cash flows is prepared with the indirect method reconciling the balances of overdrawn bank accounts, net of cash and cash equivalents (short term borrowing) at the beginning and end of the year. In order to determine cash flows from operating activities, the pretax earnings for the year are adjusted by the effects of nonmonetary transactions, any deferral or allocation of previous or future operating activity collection or payments and elements from investment or financing activities. The date of closure of the financial year, which lasts 12 months, is 30 June of every year. The Euro is the Company s operating and presentation currency. Amounts in the financial statement tables are shown in euro. Unless otherwise indicated the figures in the Notes are shown in thousands of euro. In some cases, figures for the previous financial year have been reclassified so as to facilitate comparability. The significant events for 2012/2013 and significant events after 30 June 2013, as well as the business outlook are described in specific paragraphs of the Report on Operations. 4. TRANSACTIONS WITH RELATED PARTIES, ATYPICAL AND/OR UNUSUAL TRANSACTIONS AND NON RECURRING SIGNIFICANT EVENTS AND TRANSACTIONS The balances of the statement of financial position and income statement from transactions with related parties are reported separately on the financial statement tables, if significant, and commented on in Note 55. There are no significant nonrecurring events or transactions. Furthermore, no atypical or unusual dealings were conducted in 2012/2013, requiring disclosure pursuant to CONSOB Notification No of 28 July SIGNIFICANT ACCOUNTING PRINCIPLES General principle Juventus financial statements are prepared based on the principle of historical cost, except in cases, specifically described in the following notes, where fair value has been applied as well as the assumption of a going concern. Going concern It is the assessment of the directors that, despite the difficult economic and financial context and the significant loss recorded ( 15.9 million), there are no material uncertainties (as defined in paragraph 25 of IAS 1) that cast doubt on the Company s ability to continue as a going concern, considering the profit and financial forecasts of the 2013/2014 budget and MediumTerm Development Plan, and bank credit facilities available (see Note 52). 85 ANNUAL FINANCIAL REPORT Financial statements

86 The MediumTerm Development Plan had, in fact, forecast material losses for the financial years 2010/2011, 2011/2012 and 2012/2013. As it happened, those years were adversely affected by lower revenues from the new system for the distribution of proceeds from the centralised sale of television and radio rights to the Serie A Championship and the Italian Cup, and, until last year, by the Club s failure to qualify for the UEFA Champions League. At the same time, the complete overhaul of the First Team and the injection of new talent into the Youth Sector have entailed considerable investments, higher salary costs and amortisation and depreciation expense, and writedowns for leaving incentives paid to players that are not part of the new technical programme. Only in the 2012/2013 financial year was the Company able to benefit from a further increase in revenues from the opening of the new stadium and from its participation in the UEFA Champions League that partially offset the negative effects above in addition to costs arising from sports successes achieved. Net financial debt increased further in 2012/2013, in particular as a result of investments made over the last two football seasons, the effects of which on the cash flow statement are spread over several financial years. The Company will be able to cover these greater cash needs by drawing on the bank credit facilities already available to it. If, hypothetically, a part of those facilities were to be withdrawn, the Company would nevertheless be able to raise funding through the disposal of players registration rights, without jeopardizing its continuation as a going concern. The Company s objective is to continue the improvement in financial performance achieved during the previous two financial years. Players registration rights These are intangible assets with a defined useful life with duration equal to the players registrations rights contracts signed with the players. Players registration rights are recognised at cost, including any auxiliary expenses and possibly discounted to take into account payments spread over more than one year. In reference to the method of accounting for remuneration for services performed for the Company by licensed third parties (FIFA agents), in keeping with sector regulations, for players registration rights acquisition transactions, it should be noted that: in the absence of suspending conditions (for example the player remaining registered with the Club) are capitalised since they are auxiliary expenses for the definitive acquisition of the registration rights; they are instead accounted for on a time to time basis in the income statement if conditional on the player remaining registered with the Club or refer to services performed for the temporary acquisition or disposal (definitive or temporary) of the right. Remuneration for services performed at the time of the renewal of the players registration rights contract are capitalised when not conditional on the player remaining registered with the Club. In terms of the assessments related to a going concern, the Directors in part taking into account any future financial effects which may result from the occurrence of the conditions to which this remuneration is subject. Players registration rights are amortised on a straightline basis based on the duration of the contracts the Company has signed with the individual football players. The original amortisation plan may be lengthened following an early renewal of the contract, starting from the season when the renewal starts. For registered young players the amortisation of the cost is in five years on a straightline basis. Players registration rights are recognised as of the enforceability date stamped on the contracts by the Lega 86 Juventus Football Club

87 Nazionale Professionisti Serie A, for national transfers, or the date of the International Transfer Certificate (ITC) issued by the Italian Football Federation, for international transfers, which normally coincide with the beginning of the season. Asset and liability playersharing agreements are also recognised in players registration rights (these are receivables and payables for playershare agreements as per article 102 bis of the Internal Federal Organisation Regulations issued by the Italian Football Federation). Assets from playersharing agreements, which represent the value of the immediate repurchase of 50% of the disposed players registration rights, are recognised at adjusted cost and are not amortised since they are used by other clubs. Assets from playersharing agreements are written down when the estimated remaining value at the end of the playersharing agreement is permanently less than the recognition value. The adjusted cost is the lower between the cost incurred based on the legal form of the relationship between the parties and the actual repurchase value. Liabilities from playersharing agreements, which represent the value at which the 50% right to playersharing was disposed, are recognised at nominal value, but reduce the value of the players registration rights whose playersharing has been disposed, in order to represent the real acquisition. Based on this, the amortisation of registration rights subject to disposal of the playersharing agreement is calculated on the consequently determined lower cost. In the presence of indicators of impairment of the value of players registration rights (for example, particularly bad injuries, significant capital losses resulting from disposals made after closing of the financial statements, as well as market and contractual conditions which actually prevent the disposal of players no longer compatible with the technical programme), the remaining book value is written down as an impairment loss. Other intangible assets Other intangible assets, acquired or internally produced, are recognised as assets, as per IAS 38 ( Intangible assets ) if they can be controlled by the enterprise, it is likely that they will general future economic benefits and when their cost can be reliably determined. These assets are measured at purchase and/or production cost and, if they have a defined useful life, are amortised on a straightline basis for their entire estimated useful life and taking into account their estimated realisation value. They are written down if impaired. Intangible assets with an indefinite useful life are not amortised, but they are tested for impairment annually or more frequently if there is an indication that the asset may be impaired. If the impairment later reverses or reduces, the carrying amount of the asset is writtenback (with the exception of any goodwill) to the new estimate of the recoverable value, but this value cannot exceed what the value would have been without impairment. Reinstatement of impairment is recognised in the income statement when considered stable. Land, buildings and other tangible assets Tangible assets, including the real estate investment represented by the companyowned stadium, are recognised at purchase and/or production cost adjusted by accumulated depreciation and any impairment. The cost includes all expenses directly incurred to prepare the assets for use. 87 ANNUAL FINANCIAL REPORT Financial statements

88 Costs incurred for routine maintenance and repairs are recognised in the income statement of the year they are incurred, or capitalised if of an incremental nature. The capitalisation of costs related to the expansion, modernisation or improvement of companyowned or leased structural elements is performed only to the limits that such elements meet the requirements for being separately classified as assets or part of an asset. The depreciation of tangible assets is calculated on a straightline basis from the time the asset is available and ready for use and based on its estimated useful life which, for the various assets categories, may be represented by the following rates: Stadium 2% Buildings 3% Lightweight constructions 10% Firefighting, heat and electrical systems 10% Furniture and ordinary office machines 12% Plumbing fixtures 12.5% Sports equipment 15.5% Specific technical systems 19% Telephone switchboard 20% Electromechanical and electronic office machines 20% Vehicles 25% The remaining value and useful life of tangible assets is reviewed annually and updated, where necessary at the end of each financial year. The recognised values are periodically subject to impairment testing. If the impairment later reverses or reduces, the carrying amount of the asset is reinstated to the new estimate of the recoverable value, but this value cannot exceed what the value would have been without impairment. Reinstatement of impairment is recognised in the income statement when considered stable. Capital gains and losses arising from the disposal of tangible assets are recognised in the income statement and determined by comparing their net carrying amount with their sales price. Leased assets Assets held through finance lease contracts where the risks and benefits related to ownership are substantially transferred to the Company, are recognised as Company assets at their current value, or, if less, at the current value of the minimum payments due for the lease, from the time they are available and ready for use. The corresponding liability due to the lessor is represented in the financial statements under financial payables. The assets are depreciated applying the same policies and rates indicated for tangible assets. Leases where the lessor substantially maintains the risks and benefits related to ownership of the assets are classified as operating leases. Costs for operating leases are recognised on a linebyline basis in the income statement for the duration of the lease contract. 88 Juventus Football Club

89 The cost related to the longterm lease for the area of the stadium is similar to the concept of Long term operating lease as envisaged in IAS 17, in its broadest sense, since the ownership of the asset will not be transferred at the end of the lease contract and the duration of the contract does not cover most of the useful life of the land, which due to its nature has an indefinite useful life. Based on this, the lease payment was recognised, determined on an accrual basis based on a longterm lease contract totalling 99 years. Other financial assets Noncurrent financial assets may refer to loans and receivables which the Company does not hold for trading, securities held to maturity and all other financial assets for which there is no available quotation in an active market and whose fair value cannot be reliably determined. Noncurrent financial assets are recognised initially at their fair value. Subsequently, assets with a set maturity are measured at their amortised cost, determined using the effective interest rate method. Assets without a set maturity are measured at their purchase cost. Receivables falling due beyond one year which are noninterest bearing or which accrue interest at a rate lower than the market rate are discounted at market interest rates. Where objective evidence of impairment exists, financial assets are written down to the discounted value of their estimated future cash flows, and the impairment loss is recognised as a cost in the income statement for the year. If in future years the impairment loss is found no longer to exist, the book value of the asset is written back to the amortised cost that would have been determined had no impairment loss been recognised. Trade and other receivables Trade and other receivables are initially recognised at their fair value. Subsequently, they are measured at their amortised cost, determined using the effective interest rate method. Where objective evidence of impairment exists, the assets are written down to the discounted value of their estimated future cash flows. An impairment loss is recognised in the income statement. If in future years the impairment loss is found no longer to exist, the book value of the asset is written back to the amortised cost that would have been determined had no impairment loss been recognised. Trade receivables are stated net of prepaid income arising from the advance billing of revenues accruing entirely in future years. Receivables due from football clubs for transfer campaigns Receivables due from football clubs are connected with the disposal of players registration rights. It is industry practice to set the settlement terms for these transactions beyond one year. Based on this, the value of these receivables is discounted to the amount that will be collected beyond the next twelve months. Transfer of financial assets The Company eliminates financial assets from its financial statements when, and only when, contract rights to financial flows arising from assets have expired and the Company transfers the financial asset. In the case financial assets are transferred: if the organisation substantially transfers all risks and benefits of ownership of the financial asset, the Company eliminates the financial asset from the financial statements and separately recognizes any rights and obligations arising from or maintained with the transfer as assets or liabilities; 89 ANNUAL FINANCIAL REPORT Financial statements

90 if the Company substantially maintains all risks and benefits of ownership of the financial assets, it continues to recognise the financial asset; if the Company does not substantially transfer or maintain all risks and benefits of ownership of the financial asset, it determines whether or not it has retained control of the financial asset. In this case: if the Company has maintained control, it eliminates the financial asset from its financial statements and separately recognises any rights or obligations arising from or maintained with the transfer as assets or liabilities; if the Company has maintained control, it still recognises the financial asset as the remaining involvement in the financial asset. When the financial asset is eliminated from the financial statements, the difference in the carrying amount of the assets and amounts received or to receive for the transfer of the assets is recognised in the income statement. Cash and cash equivalents Cash and cash equivalents mainly include cash, demand deposits held at banks, and other shortterm investments that can be liquidated on demand with only negligible risk of affecting their value. Cash and cash equivalents are stated at their fair value, with any changes in fair value recorded in the income statement. Provisions for risks and charges Provisions for risks and charges are allocated to cover losses and liabilities of a determinate nature, whose existence is certain or probable, but whose amount or timing is uncertain. Provisions are recognised only when a present obligation (legal or implicit) exists as a result of a past event, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions represent the most reliable discounted estimate of the amount required to settle the obligation. The discount rate used to determine the present value of a liability reflects current market rates and assessment of the risk specific to each liability. Based on application of IAS 37, paragraph 66, allocations to the provision for risks include expenses for remuneration contractually due to FIGC registered and nonregistered personnel no longer used on the technical programme or company organisation. This also includes dismissed trainers and football players who are not part of the technical programme. Risks which give rise to contingent liabilities are identified in a specific section in the Notes on commitments and risks. Provisions are not allocated for such risks. Employee benefits The Long Term Incentive Plan falls within the definition of other longterm employee benefits provided in paragraph 126 of IAS 19. Accordingly, the liability for these other longterm benefits is measured, as required, by: the present value of the defined benefit obligation at the reporting date; less the fair value, at the reporting date, of plan assets (if any), beyond which obligations will have to be settled directly. 90 Juventus Football Club

91 An actuarial technique, the projected unit credit method, was used to measure the value of the Plan. This method involves calculating the present value of the defined benefit obligations and the related current service cost. It also considers each period of service as giving rise to an additional unit of benefit entitlement, and measures each unit separately to build up the final obligation. The Company engaged the services of an accredited actuary for the purpose. In 2007/2008 financial year, termination benefits payable to employees under Article 2120 of the Civil Code, and accounted for under IAS 19, were adjusted to their statutory purchase value and paid to employees or, at their request, transferred to a pension fund on the basis of a specific company agreement. Loans and other financial payables, trade and other payables Loans and other financial payables, current account overdrafts, trade payables and other payables are initially recognised at their fair value. Subsequently, they are measured at their amortised cost, determined using the effective interest rate method. Payables due to football clubs for transfer campaigns Payables due to football clubs are connected with acquisitions of players registration rights or the repurchase of 50% of the registration rights of players transferred under the playersharing agreements (balancing assets from playersharing agreements made under Article 102bis of NOIF). It is industry practice in the sector to set the settlement term for these transactions beyond one year. As such, the value of these payables is discounted to the future amount that will be paid beyond the current year, on the assumption that the discounting of instalments paid during the current year would be negligible. Derivative instruments Derivative financial instruments are initially recognised at their fair value at the date the relative contract is made and executed. Subsequently, they are measured at their fair value at the end of the reporting period. Any resulting gains or losses are recognised immediately in the income statement, unless the derivative instrument is a designated and effective hedging instrument (cash flow hedge). Derivatives are classified as noncurrent assets or liabilities when they mature more than twelve months beyond the reporting date, and they are not expected to be realised or settled within twelve months. All other derivatives are classified as current assets or liabilities. Hedge accounting is used for financial instruments only where the hedged item is formally documented and in line with Company risk management objectives and strategies, and only where hedge effectiveness, measured periodically, is high. Where derivative financial instruments qualify for hedge accounting, the following criteria is used: Fair value hedge: if a derivative financial instrument is designated as a hedge of the exposure to changes in fair value of a recognised asset or liability that is attributable to a particular risk and could affect the income statement, the gain or loss from remeasuring the hedging instrument at fair value is recognised in the income statement together with changes in the fair value of the hedged item. Gains or losses form changes in the fair value of the hedging instrument are recognised in the income statement line by line with the hedged item. 91 ANNUAL FINANCIAL REPORT Financial statements

92 Cash flow hedge: if a derivative financial instrument is designated as a hedge of the exposure to variability in cash flows of a recognised asset or liability or a highly probable forecast transaction that could affect the income statement, the portion of the gain or loss on the hedging instrument that is determined to be an effective hedge is recognised in shareholders equity. The accumulated gain or loss is ten reversed from shareholders equity and recognised in the income statement at the same time that the hedged transaction is recognised. If a hedging instrument or a hedging relationship is discontinued though the hedge transaction has yet to be realised, the accumulated gains and losses recognised up till that moment in shareholders equity are reclassified to the income statement when the effects of the hedged transaction on the income statement are recognised. If the hedged transaction is no longer considered probable, the unrealised gain or loss pending in shareholders equity is immediately recognised in the income statement. Where the requirements of IAS 39 for hedge accounting are not satisfied, transactions, including those intended to hedge exposure to risk, are classified and measured as held for trading. In this case, changes in fair value for the reporting period are recognised in the income statement. Recognition of revenues and costs Ticket sales, radio and television rights and media revenues are recognised when the relative match is played; season pass sales, if collected at the end of the previous football season, are deferred and recognised in the income statement on an accrual basis when each match is played. Revenues from services (including sponsorships) are recognised progressively or upon full delivery of the service. Revenues are recognised net of returns, discounts, rebates and premiums. Capital gains and losses arising from the disposal of players registration rights are recognised as of the enforceability date stamped on the contracts by the Lega Nazionale Professionisti Serie A, for national transfers, or as of the date stamped on the International Transfer Certificate (ITC) issued by the Italian Football Federation, for international transfers. Capital gains arising from the disposal of players registration rights that are repurchased at 50% under playersharing agreements are adjusted by 50% in the income statement so as to reflect the income received on the registration rights effectively sold and transferred. The remaining part of the capital gain can only be realised upon termination of the playersharing agreement and the release of the football player from the club. In contrast, if the disposal of a players registration rights before the signing of a playersharing agreement gives rise to a loss, no adjustment is recorded. This is because the loss is treated as evidence of impairment of the players registration rights, on the assumption that the loss is realised at the time the players registration rights are transferred. Capital gains and losses arising from the termination of playersharing agreements made under Art. 102bis of the NOIF are similarly recognised as of the enforceability date stamped on contracts by Lega Nazionale Professionisti Serie A. Financial income and expenses are recognised in the income statement on an accrual basis. With regard to national transfers, supervised by Lega Nazionale Professionisti Serie A the current portion of financial income and expenses implicit in receivables and payables due beyond twelve months is calculated by convention with reference to 30 November, a date considered sufficiently representative of the payment extension granted/obtained. 92 Juventus Football Club

93 Sports performance bonuses tied to team performance (such as qualification for European competitions) or to individual performance (such as matches played, goals scored, assists, etc.) paid to players, trainers and technical staff, are recognised in the income statement on an accrual basis, and thus when the performance objective was reached. All contingent liabilities connected with future bonuses that may become payable to football players and technical staff are taken into consideration by the Directors when assessing the Company s ability to continue as a going concern. Translation of foreign currency items Transactions in foreign currency are translated into euro at the exchange rate in force on the transaction date. Foreign exchange gains and losses arising from differences between the cash settlement of transactions and the translation at yearend exchange rates of monetary assets and liabilities expressed in foreign currency are recognised in the income statement. Earnings per share (i) Basic Basic earnings per share are calculated by dividing the Company s net income by the weighted average number of ordinary shares outstanding during the year, thus excluding treasure shares. (ii) Diluted Diluted earnings per share are calculated in the same way as basic earnings per share; except that the weighted average number of outstanding shares is diluted by assuming that all potential shares will be converted, and the Company s net income is adjusted to take into account the effect of such a conversion, net of taxes. Taxes Taxes for the financial year are determined on the basis of tax laws and regulations in force. Income taxes are recognised in the income statement, with the exception of taxes levied on items directly charged to shareholders equity, which are also recognised directly in shareholders equity. Where temporary differences arise between the book values of balance sheet items and taxable income, provisions for the temporarily deferred tax owing on the temporarily different taxable income are allocated in liabilities. Deferred tax assets on tax losses that can be carried forward, and on deductible temporary differences are recognised providing that forecast taxable income in the future will enable the assets to be claimed and recovered. Deferred tax assets and liabilities are determined using the tax rates that will be in force in the future years when the temporary differences will be realised or settled. Deferred tax assets and liabilities are only offset where permitted by law. Deferred tax assets and liabilities are shown separately from other receivables and payables due from/to tax authorities, as specific items classified respectively as noncurrent assets and noncurrent liabilities. Other taxes, that are not income taxes, such as property taxes, are shown as other operating expenses. 93 ANNUAL FINANCIAL REPORT Financial statements

94 Main sources of uncertainty in estimates used in the financial statements The preparation of financial statements and the Notes based on application of the IFRS requires that Directors use estimates and assumptions that have an effect on assets and liabilities and on the disclosure of potential assets and liabilities at the reporting date. The estimates and assumptions used are based on experience and other factors considered material. The final results may differ from these estimates. The estimates and assumptions are reviewed periodically and the effects of every variation are reflected immediately in the income statement or shareholders equity for the reporting period when the estimate was made. The most significant financial statement items affected by uncertainty are players registration rights, deferred taxes, provisions for risks and charges and the valuation of the Library Juventus (an intangible asset of indefinite life). Information by business segment and geographic segment ( Segment Information.) In accordance with IFRS 8, we report that the Company s primary business consists of participating in national and international football competitions; as a consequence, the economic and financial components of the financial statements can be attributed essentially to this type of activity. Furthermore, the Company s predominant business is conducted in Italy. 6. MANAGEMENT OF FINANCIAL RISKS The main financial risks connected with Juventus operations and business are summarised below: Credit risk Juventus has adopted suitable procedures to minimise its exposure to credit risk. Specifically, receivables due from Italian football clubs are secured through the clearing house system organised by Lega Nazionale Professionisti Serie A; receivables due from foreign football clubs are generally secured by bank guarantees or other guarantees issued by the counterparty clubs; fees receivable under contracts for television rights are indirectly secured by Lega Nazionale Professionisti Serie A through a minimum guarantee agreement with the advisor Infront Italy S.r.l.. Unsecured trade receivables are monitored regularly and the Company also sets aside an allowance for doubtful accounts to manage the risk of uncollectability. Receivables originated in 2009/2010, due from Campi di Vinovo S.p.A. and Finanziaria Generali Gilardi S.p.A. are secured by collateral (pledged shares). Given the negative economic climate that has already had negative consequences for the transaction, at present it cannot be excluded, that the Company may be compelled to grant the counterparty further extensions on payment, in line with project development times, or alternatively, through the transfer of the collateral, be required to develop the project itself. Interest rate risk The financial payables making up the Company s net financial position at 30 June 2013 consist of current account overdrafts, including payables to factoring companies for advances on business agreements, a finance lease held with UniCredit Leasing S.p.A. on the Juventus Training Center (see Note 51) and loans taken out with Istituto per il Credito Sportivo to finance part of the construction of the Juventus stadium. 94 Juventus Football Club

95 A sensitivity analysis as per IFRS 7 to determine the effects of an unexpected and unfavourable change in interest rates on the Company s income statement and shareholders equity, is reported in the note related to Loans and other financial payables (see Note 23). Derivative financial instruments To hedge against the risk of fluctuations in interest rate, the Company has adopted a specific policy and undertaken hedging transactions on the mediumlong term loan by purchasing derivative financial instruments (see Note 24). These derivative instruments are classed as Level 2 instruments under the hierarchy of IFRS 7. No transfers between hierarchy levels took place during the financial year ended 30 June In accordance with IAS 39, derivative financial instruments are considered trading transactions, with the exception of designated and effective hedging instruments. A sensitivity analysis as per IFRS 7 on the instruments is not considered necessary as any change in interest rates would have little effect on their value. Exchange rate risk Juventus conducts almost all its purchase and sales transactions in euro. As a result, it is not exposed in any significant way to the risk of exchange rate fluctuations. Liquidity risk Liquidity risk is the risk that available cash flow may fall short of the obligations and liabilities falling due. The Company manages liquidity risk through credit facilities in place with a number of premier banking institutions, which are sufficient to prevent cash flow shortages from arising and ensure that operating and investment requirements are satisfied. For additional information on bank credit facilities, see Note 52. If unfavourable financial market conditions were to restrict the credit facilities available to Juventus and force the company to overdraw its credit limits, the Company could find itself with cash flow shortages. 7. ADOPTION OF NEW ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS ISSUED BY IASB Accounting standards, amendments and interpretations applicable at 1 July 2012 The following accounting standards were applied for the first time by Juventus starting from 1 July On 16 June 2011, the IASB issued an amendment to IAS 1 Presentation of financial statements, to require enterprises to group all components stated in Other comprehensive income/(loss), based on whether they could later be reclassified in the income statement. The amendment must be applied to financial years beginning on or after 1 July 2012, which is the date when the company adopted this amendment. The adoption of this amendment had no effects on the measurement of financial statement items and had limited effects on disclosures in this Annual Financial Report. On 20 December 2010, the IASB issued a minor amendment to IAS 12 Income taxes, which clarifies the determination of deferred taxes on real estate investments measured at fair value. The modification introduces the assumption that deferred income taxes related to real estate investments measured at fair value according to IAS 40 must be determined taking into account that the carrying amount will be recovered through its sale. 95 ANNUAL FINANCIAL REPORT Financial statements

96 As a result of this amendment SIC21 Income taxes Recovery of revalued nondepreciable assets will no longer be applicable. The amendment must be retroactively applied as from 1 July Aspects regulated by this amendment are not present in the Company. On 7 October 2010, the IASB published some amendments to IFRS 7 Financial instruments: Disclosures, which the Company must apply as from 1 July The amendments were issued with the intent of improving the understanding of transfer transactions (derecognition) of financial assets, including the understanding of possible effects resulting from any risk remaining with the entity that transferred the assets. The amendments also require additional disclosures if a disproportionate amount of transfer transactions are undertaken around the end of the reporting period. The adoption of this amendment had no effects on the measurement of financial statement items and had limited effects on disclosures in this Annual Financial Report; in particular, reference is made to the previous section on the Transfer of financial assets. Accounting standards and amendments not yet applicable and not adopted in advance by Juventus On 16 December 2011, the IASB issued some amendments to IFRS 7 Financial Instruments: disclosures. The amendment requires disclosure on the effects or potential effects arising from rights to offset financial assets and liabilities in the statement of financial position. Amendments must be applied for financial years beginning on or after 1 January 2013 and for interim periods after this date. Disclosure shall be retrospective. It is considered that the adoption of these amendments will not have significant effects on the financial statements of the Company. On 12 May 2011, the IASB issued the standard IFRS 13 Fair value measurement, which clarifies how fair value is determined for the financial statements, and applies to all IFRSs that require or permit fair value measurement or disclosures about fair value measurement. The standard must be applied prospectively as from 1 January It is considered that the adoption of these amendments will not have significant effects on the financial statements of the Company. On 16 June 2011, the IASB issued an amendment to IAS 19 Employee benefits, which eliminates the option of deferring the recognition of actuarial gains and losses using the corridor method, requiring presentation of the provision deficit or surplus in the statement of financial position, the recognition of cost components related to employment services provided and net financial expenses in the income statement, and the recognition of actuarial gains and losses resulting from liability and asset remeasurements in Other comprehensive income/(loss). In addition, the return on assets included in net financial expenses must be calculated based on the discount rate of the liability and no longer the expected return on the asset. The amendment also introduces additional disclosures to provide in the notes to the financial statements. The amendment is applicable retrospectively from financial years beginning on or after 1 January It is considered that the adoption of this amendment will not have significant effects on the financial statements of the Company. On 16 December 2011, the IASB issued amendments to IAS 32 Financial Instruments: Presentation, which clarify the application of some criteria for offsetting financial assets and liabilities set out in IAS 32. These amendments must be applied retrospectively for financial years beginning on or after 1 January On 17 May 2012, the IASB issued a group of amendments to the IFRSs ( Improvement to IFRS s ) which will be retrospectively applicable as from 1 January The amendments applicable to the Company that would result in a change in the presentation, recognition and measurement of financial statement items are 96 Juventus Football Club

97 mentioned below; those which would only determine changes in terminology or editorial changes with minimal accounting effects have been left out. IAS 1 Presentation of Financial Statements: this amendment clarifies requirements for presenting comparative information in the case where an enterprise changes accounting standards, carries out retrospective reexposure or a reclassification, or provides financial disclosure in addition to that requested by the standard; IAS 16 Property, plant and equipment: this amendment clarifies that servicing equipment shall be capitalised only if it meets the definition of Property, Plant and Equipment, otherwise it must be classified as Inventory. IAS 32 Financial instruments: Presentation: this amendment eliminates an inconsistency between IAS 12 Income Taxes and IAS 32 concerning the recognition of taxes arising from the distribution of equity instruments to holders that must be recognised in profit or loss to the extent to which the distribution refers to income generated from operations originally recognised in profit or loss; IAS 34 Interim Financial Reporting: this amendment clarifies that disclosure of all assets and liabilities for a given segment must be provided if: a) a measurement of total assets or total liabilities, or both, is regularly provided at the highest operational decisionmaking level, and b) a material change in these measurements has taken place in relation to the measurements provided in the last Annual Financial Report for the segment. It is considered that the adoption of these standards will not have significant effects on the financial statements of the Company. On 12 November 2009, the IASB published IFRS 9 Financial instruments; this standard was later amended. The standard, which must be applied retrospectively as from 1 January 2015, is the first step in the process to replace IAS 39 and introduces new criteria for classifying and measuring financial assets and liabilities. Specifically, for financial assets the new standard uses a single approach based on the procedures for managing financial instruments and on the contractual cash flow characteristics of the financial assets in order to determine the measurement criteria, replacing the various rules under IAS 39. Instead, for financial liabilities, the main change regards the accounting treatment of the changes in fair value of a financial liability designated as a financial liability measured at fair value through profit and loss, if these changes are due to the change in credit risk of the liabilities. According to the new standard, these changes must be recognised as Other comprehensive income (loss) and no longer as profit and loss. As of the date of this Annual Financial Report the competent bodies of the European Union had not completed the endorsement process necessary for the application of this standard. On 20 May 2013, the IASB issued interpretation IFRIC 21 on the recognition of government levies other than income taxes. The interpretation clarifies that the event from which the obligation to pay a levy is triggered is identified as the asset causing the payment of the levy as described in reference laws, and includes guidelines that explain how these regulations are applied. This interpretation is retroactively applicable for financial years starting from 1 January As of the date of this Annual Financial Report the competent bodies of the European Union had not completed the endorsement process necessary for the application of this interpretation. On 29 May 2013, the IASB issued some amendments to IAS 36 Impairment of assets, namely Recoverable Amount Disclosures for NonFinancial Assets (Amendments to IAS 36), which regulate disclosure on the recoverable value 97 ANNUAL FINANCIAL REPORT Financial statements

98 of impaired assets, if the value is determined based on the fair value net of disposal costs. These amendments are applicable retrospectively for years starting from 1 January 2014, but are not applicable for periods (including intermediate periods) for which IFRS 13 Fair Value Measurement is not applicable. As of the date of this Annual Financial Report the competent bodies of the European Union had not completed the endorsement process necessary for the application of these amendments. On 27 June 2013, the IASB issued an amendment to IAS 39 Financial Instruments: recognition and measurement, amended by Novation of Derivatives and Continuation of Hedge Accounting (Amendments to IAS 39) clarifying that there is no need to discontinue hedge accounting if a hedging derivative is novated, following legal or regulatory obligations, to a clearing counterparty, provided certain criteria are met. The amendment is retroactively applicable for financial years starting from 1 January As of the date of this Annual Financial Report the competent bodies of the European Union had not completed the endorsement process necessary for the application of these amendments. 98 Juventus Football Club

99 8. PLAYERS REGISTRATION RIGHTS, NET Details are as follows: Amounts in thousand of Euro Player name Historical cost Accumulated at 30/06/2013 amortisation and depreciation at 30/06/2013 Remaining book value at 30/06/2013 First Team Other professional players Playersharing agreement Other playersharing agreement payable Registered young players Players not included in the technical project, but still on the payroll for the 2012/2013 football season 206,030 60, ,345 1,593 10, ,482 40,489 3, ,646 86,548 20, ,769 1,166 Players registration rights, net 293, , ,222 Details of players in the First Team are given below: Amounts in thousand of Euro Player name Historical Accumulated cost at amortisation and 30/06/2013 depreciation at 30/06/2013 Remaining book value at 30/06/2013 Contract term End of contract Anelka Nicolas Sebastien Asamoah Kwadwo (playersharing agreement payable) Barzagli Andrea Bonucci Leonardo Buffon Gianluigi Caceres Silva Jose Martin Chiellini Giorgio De Ceglie Paolo Giaccherini Emanuele Giovinco Sebastian Isla Isla Mauricio Anibal (playersharing agreement payable) Lichsteiner Stephan Marchisio Claudio Marrone Luca Matri Alessandro Padoin Simone Pepe Simone Pirlo Andrea Pogba Paul Quagliarella Fabio Storari Marco Vidal Pardo Arturo Erasmo Vucinic Mirko 200 8, ,232 52,884 8,000 7,430 3,500 7,065 10,645 9,348 9, ,232 4,929 7,297 1,164 1,635 10,216 4,472 12,418 14, , ,433 51,455 2,000 6,627 2,940 2,844 3,548 1,870 4, ,483 1,972 3, ,108 3,478 4,861 7,460 6, ,799 1,429 6, ,221 7,097 7,478 4, ,749 2,957 3, ,226 5, ,557 7,460 6 months 5 years 3 years 5 years 3 years 4 years 5 years 5 years 4 years 3 years 5 years 4 years 5 years 5 years 5 years 5 years 5 years 2 years 4 years 5 years 3 years 5 years 4 years 30/06/13 30/06/17 30/06/15 30/06/17 30/06/15 30/06/16 30/06/15 30/06/17 30/06/15 30/06/15 30/06/17 30/06/15 30/06/16 30/06/16 30/06/17 30/06/16 30/06/15 30/06/14 30/06/16 30/06/15 30/06/14 30/06/16 30/06/15 First Team 206, ,482 86, ANNUAL FINANCIAL REPORT Financial statements

100 Details of the item Other professional players are given below: Amounts in thousand of Euro Player name Historical Accumulated cost at amortisation and 30/06/2013 depreciation at 30/06/2013 Remaining book value at 30/06/2013 Contract term End of contract Alcibiade Raffaele (temporarily disposed of) Appelt Pires Gabriel (temporarily disposed of) Beltrame Stefano Bouy Ouasim (temporarily disposed of) Cavion Michele Costantino Marco (temporarily disposed of) Curti Nicolò Donis Anastasios Garcia Carlos Wihelm (temporarily disposed of) Garcia Tena Pol Giandonato Manuel (temporarily disposed of) Gouano Prince Desire Gnahore (temporarily disposed of) Hromada Jakub Leali Nicola (temporarily disposed of) Liviero Matteo (temporarily disposed of) Margiotta Francesco (temporarily disposed of) Martinez Jorge Andres (temporarily disposed of) Masi Alberto (temporarily disposed of) Melo de Carvalho Felipe (temporarily disposed of) Motta Marco (temporarily disposed of) Nocchi Timothy (temporarily disposed of) Otin Lafuente Hector Rossi Fausto (temporarily disposed of) Ziegler Reto (temporarily disposed of) Others 40 2,215 1, , , ,792 1,931 26,159 3, ,677 2, , ,409 1, ,646 40, ,348 1, , ,948 1,448 3,750 1, ,249 2 years 5 years 5 years 4 years 5 years 5 years 3 years 3 years 5 years 3 years 5 years 5 years 3 years 5 years 4 years 4 years 4 years 4 years 3 years 5 years 4 years 3 years 4 years 4 years 30/06/14 30/06/16 30/06/16 30/06/15 30/06/17 30/06/15 30/06/14 30/06/15 30/06/15 30/06/14 30/06/15 30/06/16 30/06/15 30/06/17 30/06/15 30/06/15 30/06/14 30/06/16 30/06/15 (a) 30/06/15 30/06/16 30/06/15 30/06/16 30/06/15 Other professional players 60,738 (a) The remaining book value at 30 June 2013 was written down and aligned to the net payment actually collected for disposal of the football player that occurred in the first phase of the 2013/2014 Transfer Campaign. Details of playersharing agreements are given below: Amounts in thousand of Euro Player name Boniperti Filippo Chibsah Yussif Raman Immobile Ciro Pasquato Cristian Pinsoglio Carlo Sorensen Frederik Troisi James Others Playersharing agreement Historical Accumulated cost at amortisation and 30/06/2013 depreciation a 30/06/ Remaining book value at 30/06/ Juventus Football Club

101 Details of playersharing agreements payable, for players not included in the First Team are given below: Amounts in thousand of Euro Player name Historical cost at 30/06/2013 Accumulated amortisation and depreciation at 30/06/2013 Remaining book value at 30/06/2013 Contract term End of contract Anacoura Joyce Francesco Belfasti Nazzareno Bianconi Niko Boakye Yiadom Buchel Marcel Del Papa Luca Gabbiadini Manolo Gallinetta Alberto Ilari Carlo Spinazzola Leonardo ,919 1, , , ,135 1, , years 4 years 5 years 5 years 5 years 3 years 5 years 5 years 5 years 4 years 30/06/17 30/06/16 30/06/15 30/06/17 30/06/17 30/06/15 30/06/17 30/06/17 30/06/15 30/06/16 Other playersharing agreement payable 14,345 3,576 10,769 The changes in the item as shown below: Amounts in thousand of Euro Professionals Playersharing agreement payable Playersharing agreement Registered young players Total Book value Accumulated amortisation Allowance for doubtful accounts Balance at 30/06/2012 Investments Disinvestments (gross) Use of accumulated amortisation Use of allowance for doubtful accounts Disinvestments (net) Amortisation Writedown Reclassifications Balance at 30/06/2013 Book value Accumulated amortisation Allowance for doubtful accounts Balance at 30/06/ ,308 (134,771) (5,323) 111,214 35,612 (31,554) 14,793 3,726 (13,035) (41,439) (3,226) 3,338 92, ,498 (162,211) (4,823) 92,464 7,587 (2,087) 5,500 31,424 (2,393) 479 (1,914) (6,431) (3,477) 25,102 32,261 (7,159) 25,102 1,057 1,057 (736) (736) (168) 324 1,212 (49) 27 (22) (318) (30) 1,166 1,593 (427) 1, ,444 (137,026) (5,323) 118,095 68,248 (34,732) 15,299 3,726 (15,707) (48,188) (3,226) 119, ,842 (169,797) (4,823) 119, ANNUAL FINANCIAL REPORT Financial statements

102 Below is an illustration of the main transactions related to players registration rights during the period: Amounts in thousand of Euro Player Counterparty clubs Price IFRS value of rights (including expenses and bonuses) Years of contract Definitive acquisitions Anelka Nicolas Sebastien Shangai Shenhua FC months Caceres Silva Josè Martin Sevilla Futbol Club 8,000 8,000 4 Cavion Michele Vicenza Calcio 1,000 1,034 5 Ferreira Lucimar Lucio Leali Nicola Brescia Calcio 3,800 3,897 5 Masi Alberto Pro Vercelli 2,100 1,931 4 Pogba Paul Labile 1,635 4 Troisi James Playersharing acquisitions (50%) Anacoura Joyce Parma FC Asamoah Kwadwo Udinese Calcio 9,000 8,568 5 Boakye Yiadom Genoa CFC 4,000 3,919 5 Buchel Marcel AC Siena 1,500 1,469 5 Gabbiadini Manolo Atalanta BC 5,500 5,254 5 Gallinetta Alberto Parma FC 1, Isla Isla Mauricio Anibal Udinese Calcio 9,400 9,348 5 Spinazzola Leonardo AC Siena Termination of playersharing agreements in favour of Juventus Beltrame Stefano Novara Calcio Giaccherini Emanuele AC Cesena 4,250 4,129 3 Giovinco Sebastian Parma FC 11,000 10,471 3 Other investments/increases* 4,259 Total investments 68,248 * includes the capitalisation of any bonuses linked to sports scores paid to the football clubs for players acquired during the previous Transfer Campaigns 102 Juventus Football Club

103 Amounts in thousand of Euro Player Counterparty clubs Price Price Net book present value value Solidarity subsidy Profit/ (Loss) Definitive disposals Corticchia Nicolò Vicenza Calcio D Elia Salvatore Vicenza Calcio Elia Eljero Werder Bremen 5,500 5,367 5,229 (a) 138 Krasic Milos Fenerbahce Futbol 7,000 6,697 6,347 (b) 350 Pazienza Michele Bologna FC Playersharing disposals (50%) Boniperti Filippo Parma FC 1, Chibsah Yussif Raman Parma FC De Silvestro Elio Pro Vercelli Libertazzi Alberto Novara Calcio Pasquato Cristian Udinese Calcio 1,500 1, ,397 Schiavone Andrea AC Siena 1,500 1,449 1,449 Troisi James Atalanta BC 2,000 1, ,666 Termination of players contract agreements Ekdal Albin Cagliari Calcio 1,200 1, Sliti Taider Saphir Bologna FC 2,350 2,238 1, Termination of players rights Ferreira Lucimar Lucio 677 (677) Other disinvestments (136) Total disinvestments (net) 15, ,202 (a) The disposal transaction, which took place on 10 July 2012, resulted in a writedown of 2,152 thousand (recognised at 30 June 2012) to adjust the remaining book value of the asset to the disposal price of 5,500 thousand (payable over two financial years). (b) The disposal transaction, which took place on 4 August 2012, resulted in a writedown of 1,574 thousand (recognised at 30 June 2012) to adjust the remaining book value of the asset to the disposal price of 7,000 thousand (payable over two financial years). The net total financial effect, including capitalised auxiliary expenses and financial income and expenses implicit in deferred receipts and payments, amounts to 45,551 thousand, distributed as follows: Expiration Amounts in thousands of euro Total 2012/ / /2015 LNP and others (43,471) (17,451) (15,165) (10,855) Foreign FC 2,964 (7,286) 7,750 2,500 Agents (5,044) (3,573) (1,446) (25) Total (45,551) (28,310) (8,861) (8,380) 103 ANNUAL FINANCIAL REPORT Financial statements

104 The balance of players registration rights, totalling 119,222 thousand, includes capitalisation of compensation to FIFA agents, related to services provided for the Transfer Campaigns, for an outstanding amount of 3,127 thousand (of which 2,258 thousand capitalised during the year). The breakdown is shown below. Amounts in thousands of euro Player acquired Auxiliary expenses for FIFA agents Capitalised in 2012/2013 Remaining book value at 30/06/2013 Anelka Nicolas Sebastien Audero Mulyadi Emil Barzagli Andrea Buffon Gianluigi Canizares GarciaLoygorri Nicolas Cavion Michele Chibsah Yussif Raman Donis Anastasios Garcia Carlos Wilhelm Garcia Tena Pol Hromada Yakub Isla Isla Mauricio Anibal Josipovic Zoran Laursen Jacob Barret Lichtsteiner Stephan Magnusson Hordur Marrone Luca Matri Alessandro Melo de Carvalho Felipe Otin Lafuente Hector Pogba Paul Labile Pirlo Andrea Romagna Filippo Sakor Vajebah Sorensen Frederik Hillesborg Storari Marco Troisi James Untersee Joel Vidal Pardo Arturo Erasmo Vucinic Mirko Auxiliary expenses for FIFA agents , ,127 For additional details on players registration rights see the table required by FIGC regulation attached to these notes. 9. OTHER INTANGIBLE ASSETS These mainly include user rights to the historical archive of television images of the Company (also known as the Juventus Library ). This is an intangible asset of indefinite life, in that the historical archive of television recordings will grow over time with the possibility of endless use. This asset was initially recognised at purchase cost and is tested annually for impairment. 104 Juventus Football Club

105 At 30 June 2013, the value of the Juventus Library was equal to 29,850 thousand. This amount does not exceed the current value of expected cash flows from commercial contracts that have been signed or are at an advanced stage of negotiations, most of which have a term ending 30 June 2018, net of auxiliary costs expected to be incurred as a consequence of the contracts and terminal value of the Juventus Library (discounted cash flow method). To discount expected cash flows, the Company uses the weighted average cost of capital (WACC), net of the tax effect, annually updated based on the composition of financing sources and market interest rates. Given the criteria used, it is believed that the Juventus Library value is recoverable by economically exploiting its rights. A WACC of 5.7% was used, calculated considering an average mediumterm borrowing cost of 4.5%, a free risk rate of 5.25%, a risk premium of 6% and a beta of The Company conducted sensitivity analysis of the estimated recoverable value considering the WACC as the core parameter in estimating fair value. This analysis showed that a 100 basis points increase in the discount rate would not cause an excess book value of the Juventus Library in relation to its recoverable value, which is always significantly higher. In relation to the Juventus Library, the Company had also stipulated some commercial contracts in the past against which it has already received advances for 9,930 thousand, recognised under Advances from customers. Other intangible assets mainly refer to trademarks, software and the photography archive. The changes during the period in the item are as follows: Amounts in thousands of euro Juventus Library Other intangible assets Total Initial book value 29,850 3,704 33,554 Initial accumulated amortisation (3,296) (3,296) Balance at 30/06/ , ,258 Investments Amortisations (244) (244) Balance at 30/06/ , ,490 Final book value 29,850 4,180 34,030 Final accumulated amortisation (3,540) (3,540) Balance at 30/06/ , ,490 The investments included in the item Other intangible assets mainly referred to costs incurred for implementing various software. 105 ANNUAL FINANCIAL REPORT Financial statements

106 10. LAND AND BUILDINGS These assets refer to: the Vinovo Training Centre (Juventus Training Centre), currently the property of Unicredit Leasing S.p.A. and the object of a finance lease. The related payable to the leasing company is reported under Loans and other financial payables ; the new Juventus Stadium, which opened on 8 September 2011; the Juventus Museum, which opened on 16 May Changes in the item are shown in the table below: Land Buildings Amounts in thousand of Euro JTC JTC Juventus Stadium and Museum Total Initial book value 5,000 19, , ,642 Initial accumulated amortisation (2,866) (1,752) (4,618) Balance at 30/06/2012 5,000 17, , ,024 Investments Reclassification of the item Tangible assets in progress Amortisation (607) (2,141) (2,748) Balance at 30/06/2013 5,000 16, , ,904 Final book value 5,000 20, , ,270 Final accumulated amortisation (3,473) (3,893) (7,366) Balance at 30/06/2013 5,000 16, , ,904 The increase in the value of buildings refers to investments made in the period ( 317 thousand) and to the reclassification of the item Tangible assets in progress ( 311 thousand) mainly relative to the development of classrooms for the new Applied Sciences High School (Juventus College) at the Vinovo Training Centre, which became operative on 5 September 2012 (see also Note 12). 11. OTHER TANGIBLE ASSETS The breakdown and changes in this item are shown in the table below: Amounts in thousands of euro Equipment and machinery Industrial and commercial equipment Other assets Total Initial book value 32,299 2,481 10,314 45,094 Initial accumulated amortisation (3,717) (1,497) (2,039) (7,253) Balance at 30/06/ , ,275 37,841 Investments Amortisation (3,531) (310) (1,459) (5,300) Disinvestments (5) (1) (141) (147) Use of amortisation Balance at 30/06/ , ,973 32,977 Final book value 32,404 2,652 10,331 45,387 Final accumulated amortisation (7,246) (1,806) (3,358) (12,410) Balance at 30/06/ , ,973 32, Juventus Football Club

107 The increase in the value of other tangible assets arises from investments made in the period, mainly for medical equipment and hardware. 12. TANGIBLE ASSETS IN PROGRESS Details are as follows: Amounts in thousands of euro Expenses pertaining to Juventus Training Center Expenses pertaining to Juventus Stadium Total Balance at 30/06/ Investments 368 1,312 1,680 Reclassification to JTC Buildings (277) (277) Reclassification to the item Buildings Juventus Stadium and Museum (34) (34) Reclassification to Other current assets (74) (74) Writedown of Foresteria prima squadra design costs (94) (94) Balance at 30/06/ ,278 1,771 Final book value 587 1,278 1,865 Writedown (94) (94) Balance at 30/06/ ,278 1,771 Investments relative to the Juventus Training Center concern the expansion of areas to be used as classrooms for the Juventus College and its new refectory, as well as the construction of the new Legends Club stand at the Juventus Stadium (approximately 320 seats). The reclassification to the item Other current assets refers to liabilities for primary and secondary infrastructure charges already paid to the Municipality of Vinovo for the Foresteria prima squadra project, abandoned following the development of the Continassa Project under which the First Team training centre will be relocated. These expenses will be used by Juventus in future projects to expand the JTC, that will be entirely dedicated to the Youth Sector. 13. NONCURRENT FINANCIAL ASSETS These total 4,100 thousand and refer to the balance of the bank account opened at Unicredit S.p.A. pledged as a guarantee on the loan granted by Istituto per il Credito Sportivo. 14. DEFERRED TAX ASSETS The balance of deferred tax assets amounts to 4,930 thousand. The change compared to the balance of 4,233 thousand at 30 June 2012 is as follows: Amounts in thousands of euro Taxable income 30/06/2012 Taxes 30/06/2012 Provisions Drawdowns Taxes 30/06/2013 Taxable income 30/06/2013 Long Term Incentive Plan 2, ,133 4,119 Retained taxable losses 12,292 3, ,580 13,016 Share issue costs (to Shareholders Equity) 1, (73) Deferred tax assets 15,392 4, (73) 4,930 17, ANNUAL FINANCIAL REPORT Financial statements

108 No problems are anticipated regarding the recoverability of deferred tax assets since their value is 349 thousand less than deferred tax liabilities and their cancellation times are compatible with each other. In particular, deferred tax assets allocated to tax losses carried forward account for 80% of the amount of deferred tax liabilities allocated for the temporary difference in value for Juventus Library tax purposes. These taxes may annul each other if statutory and fiscal values are realigned following disposal or impairment of the asset. 15. RECEIVABLES DUE FROM FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS These are receivables due from football clubs from the disposal of players; they are due within the next five financial years and are almost all covered by a direct guarantee or through Lega Nazionale Professionisti Serie A. These total 63,783 thousand and show an increase of 22,949 thousand compared to the balance of 40,834 thousand at 30 June 2012 as a result of new receivables arising from the Transfer Campaigns and proceeds received during the period. The balance at 30 June 2013 is composed as follows based on due dates and counterparties: Amounts in thousands of euro Current portion Noncurrent portion Balance at 30/06/2013 Udinese Calcio S.p.A. Parma F.C. S.p.A. Bologna 1909 F.C. S.p.A. Atalanta B.C. S.p.A. Genoa Cricket and Football Club S.p.A. Vicenza Calcio S.p.A. A.C. Siena S.p.A. Cagliari Calcio S.p.A. A.C. Cesena S.p.A. F.C. Pro Vercelli 1892 S.r.l. Novara Calcio S.p.A. Calcio Catania S.p.A. A.C. Milan S.p.A. 7,200 6,700 4,025 3,500 3,100 2,070 1,500 1, ,000 5,375 1,550 3,000 1, ,200 12,075 5,575 6,500 3,100 2,070 3,000 1, , Total Italy Werder Bremen Fenerbahce Spor Kulubu Paris SaintGermain Football Sasp Tottenham Hotspur Plc Bayer 04 Leverkusen Fubbal Gmbh Havre Athletic Club 31,934 5,000 3,000 2, ,625 2, ,559 5,000 5,500 2, Total foreign 10,678 2,875 13,553 Adjustment for implicit financial income (410) (919) (1,329) Receivables due from football clubs for transfer campaigns 42,202 21,581 63, Juventus Football Club

109 16. OTHER NONCURRENT ASSETS Details are as follows: Amounts in thousands of euro 30/06/ /06/2012 Receivables due from Campi di Vinovo S.p.A. for the sale of the branch of business of Mondo Juve commercial park Receivables due from Finanziaria Gilardi S.p.A. for sale of the Campi di Vinovo S.p.A. shareholding. Adjustment for financial income underlying the receivables due from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A. Receivables due from I.C.S. for interest rate subsidy (noncurrent portion) Adjustment for financial income underlying the receivable due from I.C.S. Prepaid expenses Miscellaneous Other noncurrent assets 2,716 (511) ,003 10,352 6,872 (699) 3,018 (616) ,948 Receivables due from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A., totalling 17,224 thousand gross of adjustments for underlying financial income, maturing on 31 December 2013, were reclassified under the item Other current assets (see also Note 18). The discounted receivable due from Istituto per il Credito Sportivo refers to an interest rate subsidy granted by the same Institute, in accordance with current laws, related to a loan for the construction of the new stadium. Prepaid expenses mainly refer to insurance premiums ( 428 thousand) and prepaid interest on the Training Centre lease ( 163 thousand). 17. TRADE RECEIVABLES This item totals 12,643 thousand and decreased by 12,827 thousand ( 25,470 thousand at 30 June 2012). The time schedule for trade receivables is given below: importi in migliaia di Euro 30/06/ /06/2012 Trade receivables not yet due Trade receivables due from less than 60 days Trade receivables due from 61 to 120 days Trade receivables due more than 120 days Allowance for doubtful accounts Trade receivables 5,370 6, ,847 (1,424) 12,643 13,995 11, ,569 (1,477) 25,470 To optimise financial management, expand the level of loans and keep borrowing costs down, the Company sells part of its contracts and future trade receivables to factoring companies. 109 ANNUAL FINANCIAL REPORT Financial statements

110 18. OTHER CURRENT ASSETS Details are as follows: Amounts in thousands of euro 30/06/ /06/2012 Receivables due from Campi di Vinovo S.p.A. for the sale of the branch of business of Mondo Juve commercial park Receivables due from Finanziaria Gilardi S.p.A. for sale of the Campi di Vinovo S.p.A. shareholding. Adjustment for financial income underlying the receivables due from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A. Receivables due from Lega Nazionale Professionisti Serie A Prepaid expenses Receivables due from I.C.S. for interest rate subsidy (noncurrent portion) Adjustment for financial income underlying the receivable due from I.C.S. Receivables due from insurance companies Tax receivables Miscellaneous Other current assets 10,352 6,872 (234) 210 1, (105) ,429 2, (114) ,013 Other current assets increased by 15,416 thousand ( 4,013 thousand at 30 June 2012) mainly due to the reclassification of receivables due from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A., maturing on 31 December These receivables refer to the sale of the Campi di Vinovo S.p.A. shareholding and the branch of business consisting of the commercial park to be constructed on Campi di Vinovo S.p.A. land to Costruzioni Generali Gilardi S.p.A. Although secured by a pledge on the Campi di Vinovo S.p.A. shareholding, the usual areas of uncertainty exist as to the collectability of the receivables, connected with the time frame within which the project will be completed. Receivables of the championships account held with the Lega Nazionale Professionisti Serie A decreased by 2,086 thousand, mainly due to the collection of the portion of revenues from the sale of tickets for the Italian Cup Final held in Rome on 20 May Prepaid expenses mainly refer to service agreements ( 573 thousand), insurance premiums ( 519 thousand), expenses for the temporary acquisition of a player ( 119 thousand), prelease interest on the Training Centre lease ( 82 thousand) and charges on guarantees ( 50 thousand). 19. CASH AND CASH EQUIVALENTS At 30 June 2013 cash and cash equivalents totalled 1,777 thousand ( 654 thousand at 30 June 2012) and were mainly composed of positive balances of ordinary accounts held at banks. 20. ADVANCES PAID These total 23,725 thousand, of which 12,548 thousand non current (of which 11,978 thousand beyond five financial years) and mainly refer to the payment made in advance for the acquisition of the longterm lease of the Juventus Stadium area ( 12,691 thousand) recognised as an operating lease (including auxiliary expenses) 110 Juventus Football Club

111 and for the acquisition of the longterm lease and relative auxiliary expenses of the Continassa area ( 10,830 thousand). 21. SHAREHOLDERS EQUITY At 30 June 2013, the fully paidup share capital of Juventus amounted to 8,182, and was made up of 1,007,766,660 ordinary shares without nominal value. Shareholders equity at 30 June 2013 amounted to 48,631 thousand, down compared to the balance of 64,609 thousand at 30 June 2012 due to the effect of the loss for the year ( 15,911 thousand), net of changes in cash flow hedge reserves ( +128 thousand) and actuarial gains/losses reserves ( 122 thousand), as well as other minor changes ( 73 thousand). The information required by Art no. 7 bis of the Italian Civil Code on the availability and possibility of distribution of reserves is illustrated below: Amounts in thousands of euro Balance at 30/06/2013 Possibility of use Portion available Uses in the three previous years (to cover losses) Share capital 8,182 Reserves: Share premium reserve Cash flow hedge reserve Actuarial gains/(losses) reserve Loss for the year Total 57,113 (631) (122) (15,911) 48,631 A, B, C 57,113 57,113 48,655 * 48,655 A for the share capital increase B for the coverage of losses C for distribution to shareholders * The Share premium reserve was reestablished following the share capital increase in January 2012, and during the 2012/2013 financial year was adjusted for deferred taxes relating to the costs of the share capital increase recorded directly in Shareholders equity (for a total of 73 thousand). For further details, see the Statement of Changes in Shareholders Equity. 22. PROVISIONS FOR EMPLOYEE BENEFITS The noncurrent allocation at 30 June 2013 amounted to 4,277 thousand ( 2,044 thousand at 30 June 2012) and refers to the 2011/ /2015 LongTerm Incentive Plan approved by the Board of Directors on 29 February 2012 for the CEOs and some employees who hold top positions in the enterprise. The objective of this plan is beneficiary retention and the alignment of their financial incentives with the economic and financial targets of the development plan approved by the Board of Directors on 23 June The Long Term Incentive Plan is part of longterm employee benefits pursuant to IAS 19, section 126. Measurement of relative liabilities ( 4,277 thousand) represents the current value of the defined benefits obligation at 30 June Actuarial losses relative to this Plan, equal to 122 thousand, were immediately recognised and recorded in the Statement of Other Comprehensive Income (OCI). 111 ANNUAL FINANCIAL REPORT Financial statements

112 The main assumptions used to measure this liability at 30 June 2013 are provided below: Number of participants Average age (years) Financial assumptions Discount rate Rate of salary increase Demographic assumptions Mortality Invalidity 30 giugno % 8% ISTAT 2008 INPS giugno % 8% ISTAT 2008 INPS BONDS AND OTHER FINANCIAL LIABILITIES They include payables due to: 30/06/ /06/2012 Amounts in thousands of euro Current portion Noncurrent portion Total Current portion Noncurrent portion Total Istitituto per il Credito Sportivo 4,248 47,788 52,036 4,068 52,037 56,105 Banks 50,112 50,112 54,401 54,401 Factoring companies 49,286 49,286 5,034 5,034 Lease companies 2,208 (a) 11,848 14,056 2,147 14,005 16,152 Bonds and other financial liabilities 105,854 59, ,490 65,650 66, ,692 (a) Iincluding interest and adjustment for 228 thousand. Bonds and other financial liabilities at 30 June 2013 mainly concern loans granted by the Istituto per il Credito Sportivo for construction of the Juventus Stadium, the balances in bank accounts, payables due to factoring companies for advances on contracts and trade receivables, as well as the payable due to UniCredit Leasing S.p.A. for the finance lease of the Training Centre in Vinovo (see Note 51). Payables due to factoring companies at 30 June 2013 mainly refer to advance transactions on business contracts and are therefore equivalent to shortterm bank loans. As regards loans taken out for construction of the Juventus Stadium, real estate acquired under the longterm lease was mortgaged to the lender for a maximum value of 120 million. The due dates of loans and other financial payables are shown below: At 30 June Amounts in thousands of euro revocable Beyond Total Istitituto per il Credito Sportivo 4,248 4,437 4,633 4,838 5,053 5,277 23,550 52,036 Banks 50,112 50,112 Factoring companies 49,286 49,286 Lease companies 2,208 2,229 2,302 7,317 14,056 Bonds and other financial liabilities 99,398 6,456 6,666 6,935 12,155 5,053 5,277 23, , Juventus Football Club

113 Financial liabilities exposed to interest rate risk (payables due to banks and factoring companies) were subjected to a sensitivity analysis on the date this annual financial report was prepared. For financial liabilities at a variable rate, the analysis was performed based on the assumption that periodend exposure had remained constant for the entire period. The effects of the change with an increase/decrease of 100 bps on an annual basis of interest rates would have been as follows: Amounts in thousands of euro bsp cash/loans 30 giugno 2013 Income statement (942) 30 giugno 2012 Income statement (554) 100 bsp cash/loans Mediumlong term financial liabilities due to the Istituto per il Credito Sportivo and UniCredit Leasing S.p.A. are not exposed to interest rate risk since they are respectively at a fixed rate or hedged by derivative instruments (see Note 24). 24. NON CURRENT FINANCIAL LIABILITIES The amount of 631 thousand ( 759 thousand at 30 June 2012) represents the fair value of the Interest Rate Swap entered into on 11 April 2011 to hedge the interest rate applicable to the finance lease with UniCredit Leasing S.p.A. relative to the Juventus Training Centre in Vinovo. In compliance with IAS 39, the positive change in fair value reported at 30 June 2013 ( +128 thousand) was recognised as an increase in the shareholders equity reserve (cash flow hedge reserve). This reserve ( 631 thousand at 30 June 2013) will be released when the interest payable on the loans, representing expected cash flows, is recorded in the income statement. 25. PAYABLES DUE TO FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS These concern current and noncurrent payables due to football clubs for the acquisition of players, all due within the next 5 years. These total 98,446 thousand and show an increase of 5,540 thousand compared to the balance of 92,906 thousand at 30 June 2012 as a result of new payables arising from the Transfer Campaigns and payments made in the period. 113 ANNUAL FINANCIAL REPORT Financial statements

114 The balance at 30 June 2013 is composed as follows based on due dates and counterparties: Amounts in thousands of euro Current portion Noncurrent portion Balance at 30/06/2013 Udinese Calcio S.p.A. Parma F.C. S.p.A. Atalanta B.C. S.p.A. Cagliari Calcio S.p.A. A.S. Roma S.p.A. A.C. Cesena S.p.A. Genoa Cricket and Football Club S.p.A. S.S.C. Napoli S.p.A. S.S. Lazio S.p.A. Bologna F.C S.p.A. Vicenza Calcio S.p.A. A.C. Siena S.p.A. F.C. Pro Vercelli 1892 S.r.l. Brescia Calcio S.p.A. Novara Calcio S.p.A. S.S. Virtus Lanciano 1924 S.r.l. A.C. Perugia Calcio S.r.l. Carrarese Calcio S.r.l. F.B.C. Unione Venezia S.r.l. Feralpisalo S.r.l. Gubbio 1910 S.r.l. Unione Sportiva Cremonese S.p.A. S.C. Valleè D Aoste S.r.l. U.S. Poggibonsi S.r.l. A.C. Pistoiese S.r.l. Total Italy Manchester United Werder Bremen Paris SaintGermain Football Sasp F.C. Barcelona F.C. Vojvodina CSKA P.F.C. Mosca F.C. Rudar Colo Colo Deportes Melipilla Sadt Club Rodelindo Roman Panama S.C. Total foreign 16,650 9,800 5,750 5,650 5,000 4,340 3,875 3,500 3,300 3,025 2,190 1,500 1,325 1, , ,500 9,025 4, , , , ,150 18,825 9,875 5,650 5,000 4,595 3,875 3,500 3,300 3,800 2,190 3,000 1,975 2,550 1, , ,199 Adjustment for implicit financial expenses (774) (1,383) (2,157) Payables due to football clubs for transfer campaigns 69,141 29,305 98, Juventus Football Club

115 26. DEFERRED TAX LIABILITIES At 30 June 2013, the item amounted to 5,279 thousand, compared to 5,438 thousand at the beginning of the period. Changes in the period are as follows: Amounts in thousands of euro Taxable income 30/06/2012 Taxes 30/06/2012 Provisions Drawdowns Taxes 30/06/2013 Taxable income 30/06/2013 Deferred gains from sale of players 1, (462) Amortisation of the Library value (corporate tax) 15,365 4, ,475 16,270 Amortisation of the Library value (IRAP) 7, ,455 Finance lease for Training Centre and other minor ones 1, (10)* 436 1,549 Deferred tax liabilities 26,391 5, (472) 5,279 27,274 * Use in the period refers only to the amount of deferred tax liabilities used for the purpose of regional production tax (IRAP). Deferred tax liabilities refer mainly to temporary differences in the value of the Juventus Library due to the tax depreciation of the asset. As regards the gains realised in the 2012/2013 financial year from the sale of the registration rights of players held for at least one year, the Company reserves the right to recalculate the amount of profit to be deferred and the period of deferment when filing its income tax return (March 2014). 27. OTHER NONCURRENT AND CURRENT LIABILITIES Details are as follows: 30/06/ /06/2012 Amounts in thousands of euro Current portion Noncurrent portion Totale Current portion Noncurrent portion Total Payables due for remuneration to employees and others 25,395 25,395 (a) 20,973 20,973 Tax payables for withholding tax and other taxes 9,521 9,521 (b) 12, ,911 Payables due for auxiliary expenses and Transfer Campaign Prepaid income and accrued expenses 2,588 1, ,613 1,748 2, , Payables due to social security agencies Adjustment for implicit financial expenses (34) (1) (35) (10) (14) (24) Other payables 5, ,676 3, ,933 Other noncurrent and current liabilities 45, ,836 40,989 1,015 42,004 (a) including remuneration for variable bonuses matured mainly by FIGC registered personnel. (b) of which 606 thousand arising from the transaction with the Regional Tax Authorities of 14 December Payables due for remuneration to employees and others rose with respect to the previous year ( +4,422 thousand), due to the increase in variable bonuses owing to FIGC registered personnel following the Club s Championship victory. 115 ANNUAL FINANCIAL REPORT Financial statements

116 Tax payables equal to 9,521 thousand mainly concern payables to the Tax Authority for withholding tax payable ( 6,110 thousand) and regional production tax (IRAP) ( 2,137 thousand). 28. CURRENT PROVISIONS FOR RISKS AND CHARGES This item, equal to 425 thousand ( 5,753 thousand at 30 June 2012), includes provisions made for charges still to be incurred for business disputes, any fines relating to matches played, as well as other charges. The uses of the Provision for other risks and charges, equal to 5,753 thousand, mainly refer to remuneration paid to FIGC registered personnel not involved in the technical project. 29. TRADE PAYABLES This item amounts to 15,081 thousand ( 16,939 thousand at 30 June 2012) and mainly refers to payables to suppliers for Juventus Stadium and Juventus Training Centre management and maintenance services, and relative utilities. 30. ADVANCES RECEIVED Advances received total 58,209 thousand, of which 40,758 thousand noncurrent (including 12,608 thousand beyond five financial years). Details are as follows: 30/06/ /06/2012 importi in migliaia di Euro Current portion Noncurrent portion Total Current portion Noncurrent portion Total Season passes 6,888 6,888 6, ,132 Naming and other revenues of the Juventus Stadium from agreements with Sportfive Italia S.r.l. and Sportfive GmbH & Co. KG; 6,250 28,750 35,000 6,250 32,250 38,500 Income from the Membership initiative Income from the Accendi una Stella initiative 180 1,275 1, ,448 1,605 Income from the Juventus Library 116 9,814 9, ,929 10,045 Television rights disposed of in centralised form accruing in the subsequent year 4,624 4,624 Other minor items 3, ,463 2,392 1,028 3,420 Advances received 17,451 40,758 58,209 20,048 44,662 64, TICKET SALES These amounted to 38,051 thousand, against 31,824 thousand in the 2011/2012 financial year. This item increased by 6,227 thousand from revenues from ticket sales for UEFA Champions League home matches ( +6,972 thousand), higher revenues from season passes ( +2,707 thousand), revenues from the Italian Super Cup ( +1,485 thousand) and higher revenues from additional match services ( +209 thousand); these increases were partially offset by the absence of revenues which had originated from the Juventus Stadium opening ceremony ( 1,230 thousand), the absence of ticket sales revenues relative to the 2011/2012 Italian Cup Final ( 1,262 thousand), lower fees for friendly matches ( 1,453 thousand), lower revenues from ticket 116 Juventus Football Club

117 sales for Championship home matches ( 1,119 thousand), and lower revenues from Italian Cup matches ( 82 thousand). The following table compares the number of official matches played in various competitions during 2012/2013 and in the previous year: 2012/2013 Financial Year 2011/2012 Financial Year number of matches Home Away Total Home Away Total Championship UEFA matches Italian Super Cup 1 1 Italian Cup Total TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES Details are as follows: Amounts in thousands of euro Revenues from media rights Revenues from UEFA competitions Television and radio rights and media revenues 2012/2013 Financial Year 98,163 65, , /2012 Financial Year 90,582 90,582 Change 7,581 65,315 72,896 Revenues from media rights for the year increased by 7,581 thousand compared to the previous period, mainly due to higher revenues from the exploitation of the Juventus Library and other media rights. Revenues from UEFA competitions ( +65,315 thousand) refer to participation in the 2012/2013 UEFA Champions League. 33. REVENUES FROM SPONSORSHIP AND ADVERTISING This item amounts to 52,599 thousand, against 53,452 thousand at 30 June The item decreased by 853 thousand, as a result of lower revenues from royalties ( 3,551 thousand) and players image rights ( 792 thousand), partially offset by higher revenues from sponsorships ( +3,203 thousand) and advertising ( +287 thousand). 34. REVENUES FROM PLAYERS REGISTRATION RIGHTS These originate from transactions performed during the 2012/2013 Transfer Campaigns. Details are as follows: Amounts in thousands of euro Capital gains on playersharing agreements Revenues from the temporary disposal of players registration rights Gains on disposal of players registration rights Gains on termination of sharing agreements Other revenues Revenues from players registration rights 2012/2013 Financial Year 7,324 2, , /2012 Financial Year 11,220 2,100 3,942 1,172 18,434 Change (3,896) (100) (2,981) 745 (805) (7,037) 117 ANNUAL FINANCIAL REPORT Financial statements

118 Revenues from players registration rights at 30 June 2013 refer to: Amounts in thousands of euro 30/09/ /06/2011 Capital gains on playersharing agreements: TROISI James/Atalanta B.C. S.p.A. SCHIAVONE Andrea/A.C. Siena S.p.A. PASQUATO Cristian/Udinese Calcio S.p.A. BONIPERTI Filippo/Parma F.C. S.p.A. DE SILVESTRO Elio/F.C. Pro Vercelli 1892 S.r.l. CHIBSAH Yussif Raman/Parma F.C. S.p.A. LIBERTAZZI Alberto/Novara Calcio S.p.A. Other Revenues from the temporary disposal of players registration rights: MELO DE CARVALHO Felipe/Galatasaray Sportif ZIEGLER Reto/Fenerbahce Futbol Gains on disposal of players registration rights: CORTICCHIA Nicolò/Vicenza calcio S.p.A. D ELIA Salvatore/Vicenza calcio S.p.A. PAZIENZA Michele/Bologna 1909 F.C. S.p.A. Gains on termination of sharing agreements: EKDAL Albin/Cagliari Calcio S.p.A. SLITI TAIDER Saphir/Bologna 1909 F.C. S.p.A. Other Other revenues: FELIPE Melo/Galatasaray Sportif bonus qualificazione ottavi UEFA Champions League Other Revenues from players registration rights 1,666 1,450 1, , ,324 2, , OTHER REVENUES The items amount to 18,277 thousand, against 19,494 thousand at 30 June The breakdown is shown below: Amounts in thousands of euro Income from commercial initiatives (Accendi una Stella, Membership, Stadium Tour, Museum) Lega Nazionale Professionisti Serie A contributions Income from no match day activities and other stadium income Income from own TV productions Contingent assets Compensation and other insurancerelated income Contributions from FIGC/UEFA for National side appearances Others Other revenues 2012/2013 Financial Year 4,703 3,252 2,732 2,474 1, ,303 18, /2012 Financial Year 2,700 2,717 1,492 2,928 1,495 3,207 2,906 2,049 19,494 Change 2, ,240 (454) 395 (2,466) (2,724) 254 (1,217) 118 Juventus Football Club

119 36. PURCHASE OF MATERIALS, SUPPLIES AND OTHER CONSUMABLES This item totals 2,934 thousand, against 2,588 thousand at 30 June 2012, and regards match strips and materials ( 1,697 thousand), capital goods ( 122 thousand) and other purchases of sundry materials ( 1,115 thousand). 37. EXTERNAL SERVICES Details are as follows: Amounts in thousands of euro Costs for transportation, food and lodging Costs for security and reception Emoluments paid to directors and company officers Leases and rentals Maintenance Advisory Insurance Utilities Legal and notary fees Audio and video productions Facility management Distribution network and ticket sales Costs for cleaning Bank services and charges on guarantees Fees to sports consultants Printed material and dispatch Expenses for installations Advertising spaces on the media Expense refunds Brokers fees Health and rehabilitation Training, catch up lessons Others External services 2012/2013 Financial Year 5,982 4,794 3,915 3,713 2,982 2,888 2,495 2,452 1,915 1,793 1,449 1,388 1,384 1, ,510 45, /2012 Financial Year 4,757 3,691 3,027 3,262 2,424 2,416 2,476 2,336 1,547 2, ,188 1, , ,310 41,162 Change 1,225 1, (1,201) (2,357) ,918 Expenses for external services increased mainly due to higher costs for transport and trips for the higher number of matches played and in particular Italian Super Cup and UEFA Champions League games. Expenses for maintenance, cleaning, security and reception, and plant management increased over the same period of the 2011/2012 financial year, as the Juventus Stadium became fully operational. These effects were partially offset by the lower costs for installations, which at 30 June 2012 included, among others, costs related to the opening ceremony of the Juventus Stadium. 119 ANNUAL FINANCIAL REPORT Financial statements

120 38. PLAYERS WAGES AND TECHNICAL STAFF COSTS Details are as follows: Amounts in thousands of euro Wages and salaries Variable bonuses Social security contributions Leaving incentives Contractors and related social security contributions Payments to players temporarily transferred to other Companies Scholarships Severance indemnities FIGC registered personnel Other expenses Players wages and technical staff costs 2012/2013 Financial Year 116,827 21,846 2,803 1,811 1,665 1, , , /2012 Financial Year 106,135 16,213 2,506 3,617 1,820 4, , ,132 Change 10,692 5, (1,806) (155) (2,968) (31) ,878 This item increased by 11,878 thousand, mainly due to fees paid to players acquired during the 2012/2013 Transfer Campaign and renewed contracts of some players ( +10,692 thousand), higher variable bonuses paid to players ( +5,633 thousand), partially offset by lower remuneration paid to players on temporary transfer ( 2,968 thousand) and lower fees for leaving incentives paid to players permanently disposed of ( 1,806 thousand). The average number of FIGC registered personnel was 89, broken down as follows: number Players Trainers Other technical personnel Average number of FIGC registered personnel 2012/2013 Financial Year /2012 Financial Year Change (1) OTHER PERSONNEL Details are as follows: Amounts in thousands of euro Wages and salaries Social security contributions Variable bonuses Severance indemnities other personnel Contractors and related social security contributions Scholarships Other expenses Other personnel 2012/2013 Financial Year 7,118 2,605 1, ,972 14, /2012 Financial Year 6,404 2,278 1, ,907 12,959 Change , Juventus Football Club

121 The average number of other personnel was 125, broken down as follows: number 2012/2013 Financial Year 2011/2012 Financial Year Change Managers Middle managers Employees * Workers 6 6 Average number of other personnel * of which 4 parttime 40. EXPENSES FROM PLAYERS REGISTRATION RIGHTS Details are as follows: Amounts in thousands of euro 2012/2013 Financial Year 2011/2012 Financial Year Change Auxiliary noncapitalised expenses for players registration rights 2,898 1,690 1,208 Expenses for the temporary purchase of players registration rights 1,101 2,665 (1,564) Losses on disposal of players registration rights Losses on disposal of registered young playerssharing agreements (64) Losses on disposals of players registration rights (207) Losses on disposals of playerssharing agreements 1 39 (38) Other expenses 753 1,601 (848) Expenses from players registration rights 5,580 6,297 (717) Expenses from players registration rights at 30 June 2013 refer to: Amounts in thousands of euro 30/09/ /06/2011 Auxiliary noncapitalised expenses for players registration rights Expenses for the temporary purchase of players registration rights BONATINI Lohner Maia Leonardo/Cruzeiro E.C. KABASHI Elvis/Empoli F.C. S.p.A. RUGANI Daniele/Empoli F.C. S.p.A. CEVALLOS Enriquez Josè Francisco/Club Liga Deportiva de Quito SLIVKA Vykintas/Futbolo Klubos Ekranas Others Losses on disposal of players registration rights FERREIRA DA SILVA Lucimar (contract terminated) KIREV Mario (permanent disposal) Losses on disposal of registered young playerssharing agreements Losses on disposals of players registration rights Losses on disposals of playerssharing agreements Other expenses Option fee for the option right on the player Nicklas Bendtner not being exercised Solidarity subsidy for disposal of MELO DE CARVALHO Felipe/Galatasaray Sportif Others Expenses from players registration rights ,898 1, , ANNUAL FINANCIAL REPORT Financial statements

122 Auxiliary expenses for players registration rights that are not capitalised are entirely related to fees paid to FIFA agents for services concerning the temporary acquisition or the disposal of players registration rights and the renewal of players rights, if fees are tied to conditions requiring that players remain registered with the Company. Details are as follows: Amounts in thousands of euro Pogba Paul Elia Eljero Vucinic Mirko Krasic Milos Ziegler Reto Bendtner Nicklas Barzagli Andrea Matri Alessandro Lichtsteiner Stephan Buffon Gianluigi Motta Marco Cevallos Enriquez Josè Francisco Marchisio Claudio Storari Marco Gouano Prince Desire Gnahore Bonatini Leonardo Marrone Luca Auxiliary expenses 2012/2013 Financiai Year , OTHER EXPENSES Details are as follows: Amounts in thousands of euro Agency costs Taxes and indirect taxes Outofperiod costs Percentages to third parties on rights and miscellaneous Social security contributions Purchase of away match tickets Percentages to third parties on income from matches Fines and penalties Others Other expenses 2012/2013 Financial Year 2,144 1,297 1, ,067 10, /2012 Financial Year 2, ,180 Change (80) (100) 202 1,759 3, Juventus Football Club

123 42. AMORTISATION AND WRITEDOWNS OF PLAYERS REGISTRATION RIGHTS Details are as follows: Amounts in thousands of euro 2012/2013 Financial Year 2011/2012 Financial Year Change Amortisation Professional players Professional playersharing agreement payable Registered young players 41,439 6, ,188 45,111 1, ,920 1,268 Writedown Amortisation and writedowns of players registration rights 3,226 51,414 5,385 52,305 (2,159) (891) Amortisation and writedowns of players registration rights decreased by 891 thousand compared to the previous period, mainly due to lower writedowns of players registration rights ( 2,159 thousand), which was offset by higher amortisation relative to investments made during Transfer Campaigns ( +1,268 thousand). 43. DEPRECIATION/AMORTISATION OF OTHER TANGIBLE AND INTANGIBLE ASSETS The items amount to 8,292 thousand, against 6,794 thousand at 30 June They mainly refer to depreciation of the Vinovo Training Centre, the Juventus Stadium, Juventus Museum and other tangible assets, and amortisation of intangible assets. 44. PROVISIONS AND OTHER WRITEDOWNS/REVERSES AND RELEASES This item amounts to 811 thousand, against a positive balance of 10,443 thousand at 30 June The breakdown is shown below: Amounts in thousands of euro Provision for other risks and charges Impairment of assets in progress Use of the provision for other risks and charges Writeback of the Juventus Library Provisions and other writedowns/reverses and releases 2012/2013 Financial Year (717) (94) (811) 2011/2012 Financial Year (5,938) 1,921 14,460 10,443 Change 5,221 (94) (1,921) (14,460) (11,254) The allocation to the provision for other risks and charges of 717 thousand refers mainly to the estimate of charges to incur for ongoing risks and disputes ( 425 thousand) and the provision for bad debts ( 292 thousand). 123 ANNUAL FINANCIAL REPORT Financial statements

124 45. FINANCIAL INCOME Details are as follows: Amounts in thousands of euro Financial income from discounting Interest income Other income Financial income 2012/2013 Financial Year 2, , /2012 Financial Year 1, ,381 Change 1,089 (110) FINANCIAL EXPENSES Details are as follows: Amounts in thousands of euro Interest expense Financial expenses from discounting Financial expenses from derivatives Other expenses Financial expenses 2012/2013 Financial Year 5,894 3, , /2012 Financial Year 4,103 1, ,111 Change 1,791 1, ,362 Interest expenses increased by 1,791 thousand primarily due to a greater use of bank credit facilities. 47. INCOME TAXES Details of income taxes recorded in the income statement are given below: Amounts in thousands of euro Current taxes IRES Current taxes IRAP Total current taxes Deferred taxes IRES Deferred taxes IRAP Total deferred taxes Income taxes 2012/ /2012 Financial Year Financial Year 5,924 5,924 (983) 55 (928) 4,996 3,789 3,789 (1,202) 149 (1,053) 2, Juventus Football Club

125 The table below reconciles the theoretical tax burden and taxes payable as stated in the financial statements for the years ended 30 June 2012 and 30 June 2013: Amounts in thousands of euro 2012/ /2012 Financial Year Financial Year Pretax earnings (10,915) (45,919) Theoretical rate 27.5% 27.5% Theoretical IRES taxes 3,002 12,628 Lower taxes following: permanent changes positive reinstatements from previous years temporary changes Higher taxes following: permanent changes negative reinstatements from previous years temporary changes Lower IRES taxes for use of previous tax losses Deferred taxes not allocated to tax losses generated during the year Total current taxes on IRES income IRAP Total deferred taxes of which effect of rate change Total income taxes 1,412 4, (1,178) (462) (2,198) (5,610) (5,924) 928 (4,996) 4,201 8, (1,111) (1,485) (3,830) (18,870) (3,789) 1,053 (2,736) In order to render the tax reconciliation table easier to understand, IRAP (regional production tax) has been excluded, as it does not take income before taxes as its basis for taxation, and would therefore distort any comparison between one year and the next. Accordingly, the theoretical tax burden was calculated by applying the IRES tax rate (27.5%) to income before taxes. The total value of deductible temporary differences and tax losses at 30 June 2013, and amounts for which deferred tax assets were not recorded for IRES and IRAP purposes, are shown in the table below, broken down by year of maturity: Year due* Amounts in thousands of euro Total at 30 June beyond Timing differences and tax losses on which deferred tax assets have not been recognised for IRES purposes Deductible timing differences 12,314 10, ,775 Remaining tax losses 187,226 ** 187,226 Total 199,540 10, ,001 Timing differences on which deferred tax assets have not been recognised for IRAP purposes Deductible timing differences 7,389 7, Total 7,389 7, * the time of use of these differences is estimated on the basis of the information available ** tax losses can be carried forward indefinitely and therefore have no expiry 125 ANNUAL FINANCIAL REPORT Financial statements

126 For financial years ending 30 June 2007 or earlier, the ordinary statute of limitations for direct taxes has expired. 48. BASIC LOSS PER SHARE FOR THE PERIOD The figure is calculated by dividing the net income for the year by the average outstanding shares in the period (average outstanding shares weighted according to the number of days in circulation), as illustrated below: Amounts in millions of euro Profit/(Loss) in thousands of euro Average outstanding shares in the period Profit/(Loss) per share, basic earnings (euro) 2012/2013 Financial Year (15,911) 1,007,766,660 (0,0158) 2011/2012 Financial Year (48,655) 561,663,541 (0,0866) 49. NET FINANCIAL DEBT Net financial debt at 30 June 2013, determined in accordance with the CONSOB DEM/ recommendations of 9 December 2002, is composed as follows: 30/06/ /06/2012 Amounts in millions of euro Current Noncurrent Totale Current Noncurrent Total Financial assets* 4,100 4,100 4,100 4,100 Cash and cash equivalents 1,777 1, Total financial assets 1,777 4,100 5, ,100 4,754 Financial payables due to leasing companies (2,208) (11,848) (14,056) (2,147) (14,005) (16,152) due to the Istituto per il Credito Sportivo (4,248) (47,788) (52,036) (4,068) (52,037) (56,105) due to banks (50,112) (50,112) (54,401) (54,401) due to factoring companies (49,286) (49,286) (5,034) (5,034) Other financial liabilities (16) (631) (647) (13) (759) (772) Total financial liabilities (105,870) (60,267) (166,137) (65,663) (66,801) (132,464) Net financial debt (104,093) (56,167) (160,260) (65,009) (62,701) (127,710) * This item is included as it refers to cash deposits in a current account pledged as collateral on the Istituto per il Credito Sportivo loan, recorded in financial payables. At 30 June 2013, net financial debt totalled 160,260 thousand, with an increase of 32,550 thousand compared to the negative balance of 127,710 thousand at 30 June This increase is due to payments made in Transfer Campaigns ( 63,155 thousand), advances paid to the City of Turin and to various suppliers for the acquisition of the longterm lease on the Continassa Area and the Continassa Project ( 9,481 thousand), investments in other fixed assets ( 1,887 thousand) and other net changes ( 6,181 thousand), effects partially offset by operations ( +48,154 thousand). At 30 June 2013, this item did not include any payable or receivable positions with respect to related parties, except for the balances of current accounts held at Banca del Piemonte S.p.A. (see Note 55). The change in cash and cash equivalents is recorded in the Statement of cash flows. 126 Juventus Football Club

127 At 30 June 2013 the Company had revocable lines of credit for 274,000 thousand, used for a total of 167,128 thousand, of which 67,730 thousand for guarantees issued in favour of third parties, 50,112 thousand for overdrafts and 49,286 thousand for advances on contracts and trade receivables (for additional information see Note 52). 50. PAYMENTS INCURRED FOR SERVICES PROVIDED BY THE INDEPENDENT AUDITORS Costs incurred in 2012/2013 total 37 thousand and regard the following auditing services: statutory auditing of the financial statements, including partial auditing of the halfyearly report ( 31 thousand); financial auditing of accounting statements for the calendar year, prepared for the purposes of EXOR consolidation ( 2 thousand); review of accounting procedures and the correct recording of operations in accounts ( 4 thousand). 51. LEASED ASSETS Financial leases At 30 June 2013, a finance lease was in effect with Unicredit Leasing S.p.A. concerning the Vinovo Training Centre. The residual financial debt amounts to 14,056 thousand and is divided as follows: Amounts in thousands of euro Juventus Training Center Payables for finance leases (a) including interest and adjustment for 228 thousand. Current portion 2,208 (a) 2,208 Noncurrent portion, from 2 to 5 years 11,848 11,848 Total 14,056 14,056 Other information: Amounts in thousands of euro Juventus Training Center Furniture, furnishings and equipment Total Payments for the year capital interest 2, , Duration (years) 10 5 Start date (financial year) 2006/ / /2008 and Value redemption 7, ,318 The contractual interest rate applicable is Euribor 3 months + spread of 1.2%. The acquisition of a hedging instrument, described in Note 24, has fixed the interest rate applicable at 3.86% for the remaining term of the lease. 127 ANNUAL FINANCIAL REPORT Financial statements

128 52. COMMITMENTS AND GUARANTEES Details are as follows: Amounts in thousands of euro 30/06/ /06/2012 Undertakings Guarantees to third parties Player acquisition Total undertakings Guarantees received Guarantees from third parties Pledges of shares Total guarantees received 67,730 6,493 74,223 8,733 17,224 25,957 74,376 8,600 82,976 8,005 17,224 25,229 Revocable lines of credit drawn on for guarantees for bank account overdrafts advances on contracts and trade receivables Lines of credit undrawn on Total revocable lines of credit 167,128 67,730 50,112 49, , , ,777 74,376 54,401 5, , ,500 Guarantees to third parties These totalled 67,730 thousand at 30 June 2013 and were issued to guarantee: payables resulting from the acquisition of players registration rights ( 60,742 thousand); the construction and realisation of infrastructure costs for the new stadium ( 600 thousand), settled at the date of this report; other commitments ( 6,388 thousand). Guarantees from third parties At 30 June 2013 a total of 8,733 thousand had been received as guarantees for: payables resulting from the acquisition of players registration rights ( 8,000 thousand); contracts and the supply of goods and services for the new stadium ( 604 thousand); receivables for payments on commercial contracts ( 129 thousand). Pledges of shares These total 17,224 thousand and refer to the pledge of the shareholder certificate no. 37 of Campi di Vinovo S.p.A. as a guarantee of the receivables due by Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A. originating pursuant to the transfer of the shareholding and the subsequent novation and supplementary contracts. Potential effects arising from conditional contracts These refer to compensation payable to FIFA agents in the event of continuation of registration of individual 128 Juventus Football Club

129 players or the renewal of contracts in upcoming football seasons. Specifically: Amounts in thousands of euro Player name 2013/ / /2016 Canizares GarciaLoygorri Nicolas Cevallos Josè Francisco Enriquez Donis Anastasios Lichtsteiner Stephan Marchisio Claudio Pogba Paul Roussos Almpertos Sakor Vajebah Vucinic Mirko Total , , As concerns variable compensation to players, the possible future financial effects were not given in detail in these Notes since they are considered immaterial, considering the total amount of the financial statement items that include these cost items, and the information requirements connected to the decisionmaking process of the financial statement readers. 53. PENDING LITIGATION Proceedings at the Court of Naples With reference to the criminal proceedings pending before the Court of Naples against the former director and general manager Luciano Moggi, the Company, following the order issued on 20 October 2009, was deemed liable and civil claimants had the right to make claims for compensation for damages. On 8 November 2011 the Court of Naples sentenced Luciano Moggi to 5 years and 4 months and rejected the claims for damages against Juventus. On 6 February 2012 the grounds for the ruling were filed in which the nonexistence of any form of nofault liability of the Company was confirmed. Luciano Moggi and the Attorney General s Office of Naples challenged the ruling and some hearings have already taken place before the Court of Appeals in Naples, dealing with preliminary issues. In April 2012, the reasons for the appeal of the companies Brescia Calcio, Salernitana Calcio, Victoria 2000 and Lecce were notified. On 8 May 2012 the Company started proceedings. The Court of Appeals has established other hearings for 20 September 2013 and 1, 8, 15 and 29 October 2013, when, save for further deferrals, the sentence could be issued. With reference to the abbreviated procedure requested by some defendants, on 14 December 2009, the Court of Naples sentenced in the first instance the former Chief Executive Officer of the Company Antonio Giraudo for sporting fraud and criminal association. 129 ANNUAL FINANCIAL REPORT Financial statements

130 The sentence was partially changed by the Court of Appeals of Naples on 5 December 2012, which reduced the sentence to 20 months, following acquittal for some charges. The Court of Appeals also confirmed the general sentence of compensation to be paid in a separate ruling to the civil claimants. Antonio Giraudo has appealed against this sentence at the Court of Cassation, however a date for the relative hearing has not yet been set. If the ruling concerning the alleged harm of the conduct of the former Director were to become final, the Company would be exposed to the risk of any direct action for compensation. At present, negative effects on or potential risks for the Company cannot be estimated. VAT receivables on 2000/2001 UEFA Champions League revenues In terms of the dispute with the Agenzia delle Entrate, regarding the refusal to refund the VAT receivable of 1.4 million in relation to the UEFA tournaments played in the 2000/2001 football season, a date still needs to be set for a hearing before the Supreme Court of Cassation, which should make a ruling on the appeal against the second instance ruling in favour of Juventus. FIGC decision of 18 July 2011 in relation to the complaint submitted by Juventus On 11 August 2011 at the National Sports Arbitration Court ( TNAS ) at the Italian Olympic Games Committee the Company filed a request for arbitration against the Italian Football Federation and F.C. Internazionale to repeal the decision made by the Italian Football Federation on 18 July 2011 in relation to the complaint submitted by Juventus on 10 May At the hearing on 9 September 2011 the President of TNAS declared its competence in sports matters and referred the parties to the Regional Administrative Court for damages. A hearing was held on 4 November 2011 to discuss the competence, upon which TNAS reserves the right to make the final decision. Subsequently TNAS declared its incompetence with arbitration which was duly challenged by the Company, for the purposes of a null judgement, with appeal submitted to the Appeal Court of Rome, served on the FIGC and Football Club Internazionale Milan S.p.A. on 10 February The first hearing before the Appeal Court of Rome was held on 18 September CONI, FICG and FC Internazionale appeared during this hearing. The counterparties raised objections. The hearing was adjourned to 17 June The Company has also submitted an appeal, served on 15 November 2011, to the competent Regional Administration Court for Lazio asking for a sentence of unjust damages resulting from the illegal exercise of administration activity and failure to exercise obligatory activity in relation to the following administrative acts: resolution of the Federal Council of FIGC on 18 July 2011; failure of the Federal Council to adopt an express nonjudicial revocation of the FIGC Extraordinary Commission act on 26 July 2006 assigning the Italian Championship to Football Club Internazionale Milano for the 2005/2006 championship; provision of the FIGC Extraordinary Commission on 26 July 2006 assigning the Italian Championship to Football Club Internazionale Milano for the 2005/2006 championship. 130 Juventus Football Club

131 The Company also asked for cancellation as necessary and where authorised, for the sole purposes of compensation for damages, of the challenged administrative provisions. La FIGC started proceedings with an act filed with the court on 2 December 2011, objecting to the inadmissibility of the appeal and asking for its rejection as ungrounded. No hearing has been set and it is currently not possible to make predictions regarding the outcome of the case. Proceedings at FIFA A dispute initiated by Chelsea Football Club against the Company is pending with the decisionmaking body of FIFA, to ascertain the objective liability of Juventus to pay compensation, estimated as more than 17 million, which the player Adrian Mutu was sentenced to pay. The Company presented its case and proceedings are ongoing. On 17 December 2012, FIFA sent Juventus the replications filed by Chelsea Football Club on 9 May 2012 and informed the parties of completion of the preliminary stage and transfer of the decision. The case was addressed during the hearing of 25 April 2013 and a decision from the Board is still pending. 54. OTHER INFORMATION CONSOB audit With reference to the audit by CONSOB, conducted between 20 October 2011 and 22 February 2012, on 2 October 2012 notifications were received, pursuant to Article 195 of Legislative Decree 58 of 24 February 1998 for alleged violations of Article 114, paragraph 1, of that decree, and Article 66, paragraph 1 and 2, of the Issuers Regulation, for: not having provided information in the press release of 23 June 2011, relating to the financial position and earnings of the Company and its business outlook, suitable to enable a complete and correct evaluation of the events reported in the press release and promptly disclose any significant change in pricesensitive information already made available to the public; not having promptly provided the market with any information on the progress of the dispute concerning the income from television rights and, in particular, regarding the catchment area, on the decision concerning the matter taken by the Meeting of the Lega della Serie A on 8 July 2011 and the related impacts on the Company s earnings and equity, having done so only months after the events and only following a request by CONSOB. The Company prepared a statement with its comments, which was sent to CONSOB on 31 October 2012 within the time limits established for the proceeding. On 10 June 2013, notification of the preliminary part of the decision, with attached preliminary report for the Administrative Sanctions Department prepared by the Organisational Unit during the preliminary evaluation of comments was received. The report in question summarises the outcome of assessments made and claims made against Juventus, as well as comments of the Company, concluding that in the light of observations made, the comments made by Juventus S.p.A. are not such as to rule out the two unlawful administrative events it is accused of, that may, in any case, be valued in terms of a non considerable severity, also considering all information available to the public on the issues addressed. 131 ANNUAL FINANCIAL REPORT Financial statements

132 The Company prepared a statement with its comments, which was sent to CONSOB on 2 July 2013 within the time limits established for the proceeding, which is still pending. On 19 September 2013, the decision whereby the Commission, considering the conditions qualifying the conduct attributed to the Company as existing, and in relation to the subjective severity, ruled on applying a monetary administrative fine of 50,000. Within 30 days of the notification, the Company may file an appeal with the Court of Appeals. Investigation by the Attorney s Office of Turin on the construction of the new stadium On 20 October 2011, the Company learned of an investigation being conducted against the independent contractors it hired to inspect the new Stadium. The Company, which is the plaintiff in these proceedings and as such has already filed an appearance has established the safety and security of the stadium, which is already open and operating, by filing appropriate technical documentation at the mayor s office, the Prefecture, and the Attorney General s Office. The criminal proceedings are still in the investigation stage and at present no charges are envisaged for the Company, as it is the injured party. 55. TRANSACTIONS WITH RELATED PARTIES On 11 November 2010, the Board of Directors adopted a specific procedure for regulating relatedparty transactions pursuant to article 4 of the Regulation of relatedparty transactions adopted by CONSOB with resolution no of 12 March 2010, amendments and additions thereto. The Procedure is available on the Company s website ( In terms of the 2012/2013 financial year, it should be noted that transactions between Juventus Football Club S.p.A. and related parties identified according to IAS 24 were performed at arm s length, i.e. at the same conditions as those usually practised with nonrelated parties for transactions of the same type, amount and risk, and in compliance with current laws. 132 Juventus Football Club

133 The statement of financial position and income statement balances deriving from transactions conducted with related parties are shown below. Amounts in thousands of euro Current nonfinancial receivables due from related parties Current financial payables due to related parties Current nonfinancial payables due to related parties EXOR S.p.A. Banca del Piemonte S.p.A. (a) Editrice La Stampa S.p.A. FIAT Group Automobiles S.p.A. (b) FIAT Group Marketing & Corporate Communication S.p.A. FIAT Partecipazioni S.p.A. FIAT Servizi per l industria S.C.P.A. Indipendent Ideas S.r.l. (già LA Communication S.r.l.) IVECO S.p.A. Publikompass S.p.A. SADI S.p.A. Sisport FIAT S.p.A. Directors Total Total current assets Bonds and other current financial liabilities Total current liabilities , , , , , ,341.8 Percentage of total transactions with related parties out of total of the relative item of the Statement of Financial Position 0.8% 2.0% 0.4% The most significant relations are illustrated below with reference to the notes included in the previous summary tables: (a) current financial payables to Banca del Piemonte S.p.A. refer to the negative current account balance as regards the loan granted; (b) current nonfinancial receivables due from FIAT Group Automobiles S.p.A. refer to the sponsorship agreement in effect. 133 ANNUAL FINANCIAL REPORT Financial statements

134 Amounts in thousands of euro Income Financial income Expenses Financial expenses GA & C. S.A.P.AZ. 0.9 EXOR S.p.A Banca del Piemonte S.p.A CNH Italia S.p.A Editrice La Stampa S.p.A FIAT Group Automobiles S.p.A. (a) 11, FIAT Group Marketing & Corporate Communication S.p.A FIAT Partecipazioni S.p.A FIAT Servizi per l industria S.C.P.A Grande Stevens Studio Legale Associato (b) Indipendent Ideas S.r.l. (già LA Communication S.r.l.) IVECO S.p.A Italia Independent (già LA S.r.l.) 3.1 Publikompass S.p.A Royal Park Golf & Country Club I Roveri S.s.d. a r.l SADI S.p.A. 2.4 Samsung Electronics Italia S.p.A Sisport Fiat S.p.A Directors 4,056.2 Total 12, , Total of the income statement item 283, , , ,473.3 Total of the income statement item out of total of the relative income statement item 4.4% 0.0% 2.2% 1.2% The most significant relations are illustrated below with reference to the notes included in the previous summary tables: a) income from FIAT Group Automobiles S.p.A. refers to the sponsorship agreement in effect; b) payables due to Grande Stevens Studio Legale Associato (related party up until 29 August 2012) refer to fees for legal assistance provided during the period. Information on the fees of Directors and auditors of the Company is contained in the Report on Remuneration published pursuant to article 123ter of the Consolidated Financial Law to which reference is made. 134 Juventus Football Club

135 56. APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS AND AUTHORISATION FOR PUBLICATION The financial statements at 30 June 2013 were approved by the Board of Directors on 24 September 2013, which authorised publication according to law. Turin, 24 September 2013 On behalf of the Board of Directors The Chairman Andrea Agnelli 135 ANNUAL FINANCIAL REPORT Financial statements

136 APPENDIX TABLE OF CHANGES IN PLAYERS REGISTRATION RIGHTS IN THE 2012/2013 FINANCIAL YEAR, IN COMPLIANCE WITH FIGC REGULATIONS Amounts in thousand of Euro Acquisition Player date First Team Anelka Nicolas Sebastien Asamoah Kwadwo Barzagli Andrea Bonucci Leonardo Buffon Gianluigi Caceres Silva Jose Martin Chiellini Giorgio De Ceglie Paolo Di Dio Simone Ferreira Lucimar Lucio Elia Eljero Giaccherini Emanuele Giovinco Sebastian Grosso Fabio Kirev Mario Krasic Milos Isla Isla Mauricio Anibal Lichsteiner Stephan Manninger Alexander Marchisio Claudio Marrone Luca Matri Alessandro Moedim Rubens Fernando Padoin Simone Pasquato Cristian Pazienza Michele Pepe Simone Pirlo Andrea Pogba Paul Quagliarella Fabio Storari Marco Vidal Pardo Arturo Erasmo Vucinic Mirko Temporarily transferred players Alcibiade Raffaele Anacoura Joyce Francesco Appelt Pires Gabriel Belfasti Nazzareno Bianco Raffaele Bianconi Niko Boakye Yiadom Bouy Ouasim Buchel Marchel Costantino Marco Del Papa Luca Gabbiadini Manolo Gallinetta Alberto Garcia Carlos Wilhelm Giandonato Manuel Gouano Prince Desire Gnahore Ilari Carlo Leali Nicola Liviero Matteo Margiotta Francesco Martinez Jorge Andres Masi Alberto Melo de Carvalho Felipe Motta Marco Nocchi Timothy Rossi Fausto Spinazzola Leonardo Ziegler Reto Other changes (1) Allowance for doubtful accounts for footballers who are not in the technical programme, but still on staff during the 2012/2013 football season Players registration rights 1 30/01/ /07/ /01/ /07/ /07/ /07/ /06/ /07/ /07/ /08/ /08/ /07/ /08/ /01/ /08/ /07/ /07/ /08/ /07/ /08/ /01/ /08/ /07/ /07/ /07/ /08/ /01/ /07/ /07/ /08/ /07/ /08/ /01/ /08/ /08/ /07/ /07/ /01/ /01/ /07/ /08/ /08/ /01/ /03/ /08/ /07/ /07/ /08/ /07/ /08/ /07/ /07/ /01/ /07/ /07/2011 From To Values at beginning of period 01/07/2012 (1) Company Disposal Company Historical Accumulated Writedown Net Date cost amort. & depreciation Shanghai Shenhua FC Udinese Calcio Spa VFL Wolfsburg A.S. Bari Spa Parma F.C. Sevilla Futbol Club Sad ACF Fiorentina AC Siena Spa Da settore giovanile Free transfer (**) Hamburger SV A.C. Cesena Spa Parma FC Spa Olympique Lyonnais Slavia Sofia PLC Professional F.C. CSKA Udinese Calcio Spa SS Lazio Spa Udinese Calcio Spa From youth sector From youth sector Cagliari Calcio Spa US Città di Palermo Atalanta B.C. Spa Montebelluna Calcio Free transfer (**) Udinese Calcio Spa Free transfer (**) Free transfer (**) SSC Napoli Spa A.C. Milan Spa Bayer 04 Leverkusen AS Roma Spa AG Nocerina 1910 Srl Parma FC Spa Resende Futebol Club Modena FC Spa Modena FC Spa Vicenza Calcio Spa Genoa Cricket and FC Spa AFC Ajax AC Siena Spa Spal 1907 Spa Delfino Pescara 1936 Srl Atalanta BC Spa Parma FC Spa Djurgardens Elitfotboll AB From youth sector Havre Athletic Club Ascoli Calcio 1898 Spa Brescia Calcio Spa Calcio Montebelluna Srl Free transfer Calcio Catania Spa FC Pro Vercelli 1892 Srl ACF Fiorentina Spa Udinese Calcio Spa Da settore giovanile Vicenza Calcio Spa AC Siena Spa Free transfer 02/08/12 15/12/12 07/07/12 01/07/12 20/08/12 03/08/12 01/07/12 01/07/12 30/08/12 SC Vallee d Aoste (*) contractual termination Werder Bremen end of contract ACS Poli Timisoara SA Fenerbahce Futbol AS end of contract Udinese Calcio Spa (*) Bologna FC 1909 Spa ,232 52,884 7,430 3, ,841 2,936 2, ,843 9, ,232 4, ,297 1,164 10,216 4,472 11,712 14,920 2, , ,159 3, ,677 7,906 10, , ,483 50,740 6,226 2, , , ,496 2, , , ,554 2,485 2,342 3, ,896 15, ,697 10, ,349 (*) Disposal under playersharing agreement (**) Increases for capitalised costs (1) The item includes the changes related to other professional players and registered young players. For further details, see the tables in the notes ,749 2,144 1, ,229 2, ,347 7, ,186 3, , ,662 1,987 9,370 11,190 1, , ,464 2, ,118 5, , Juventus Football Club

137 137 ANNUAL FINANCIAL REPORT Financial statements 1 5,229 6,347 1, ,612 23,910 (3,226) (3,226) 200 1, ,433 51,455 2,000 6,627 2,940 2,844 3,548 1,870 4, ,483 1,972 3, ,108 3,478 4,861 7, , , ,409 1, , ,620 1, ,540 9, ,568 8, ,129 10,645 9,348 1, ,919 1, , , , ,828 68, , , , ,110 3,548 1,870 2, , , , ,519 3, , , , ,349 48, , ,232 52,884 8,000 7,430 3,500 7,065 10,645 9,348 9, ,232 4,929 7,297 1,164 1,635 10,216 4,472 12,418 14, , , , , , ,792 1,931 26,159 3, , , , , ,799 1,429 6, ,221 7,097 7,478 4, ,749 2,957 3, ,226 5, ,557 7, , , , , , ,948 1,448 3,750 1, , ,222 14/03/79 09/12/88 08/05/81 01/05/87 28/01/78 07/04/87 14/08/84 17/09/86 15/02/92 08/05/78 13/02/87 05/05/85 26/01/87 28/11/77 15/08/89 01/11/84 12/06/88 16/01/84 04/06/77 19/01/86 28/03/90 19/08/84 04/08/82 18/03/84 20/07/89 05/08/82 30/08/83 19/05/79 15/03/93 31/01/83 07/01/77 22/05/87 01/10/83 23/05/90 01/08/94 18/09/93 15/07/93 25/08/87 10/10/91 28/01/93 11/08/93 18/03/91 08/05/91 07/02/94 26/11/91 16/04/92 17/01/93 10/10/91 24/12/83 12/12/91 17/02/93 13/04/93 15/07/93 05/04/83 02/09/92 26/06/83 14/05/86 07/07/90 03/12/90 25/03/93 16/01/ Disposals Writedown Accumulated amortis. and depreciation Gains Acquisitions Amortisation Historical cost Losses Net Date of birth Age at 30/06/13 Rem. of contract at 30/06/ (1415) Change in values for period Economic effects for period Values at end of period 30/6/2013 Miscellaneous

138

139 Attestation pursuant to art. 154 bis of legislative decree no. 58/98 We, Aldo Mazzia, Chief Executive Officer and Marco Re, Manager for preparing the financial reports of Juventus Football Club S.p.A. certify, also taking into account the specifications of Art. 154bis, sections 3 and 4, of the Legislative Decree of 24 February 1998, no. 58: the adequacy in relation to the characteristics of the Company and the effective application, of the administrative and accounting procedures for the formation of the financial statements during the 2012/2013 financial year. It is also certified that: the financial statements at 30 June 2013: have been prepared in compliance with international accounting standards, as endorsed in the European Union under EC Regulation no. 1606/2002 of the European Parliament and of the Council of 19 July 2002; correspond to the books and accounting records; give a true and fair view of the Company s assets and economic and financial situation; the Report on Operations includes a reliable analysis on operations and operating results as well as the situation of the company, along with a description of the main risks and uncertainties it is exposed to. Turin, 24 September 2013 Chief Executive Officer Aldo Mazzia Financial Reporting Officer of Juventus Football Club S.p.A. Marco Re 139 ANNUAL FINANCIAL REPORT

140

141

142 142 Juventus Football Club

143 143 ANNUAL FINANCIAL REPORT Board of Statutory Auditors Report

144 144 Juventus Football Club

145 145 ANNUAL FINANCIAL REPORT Board of Statutory Auditors Report

146 146 Juventus Football Club

147 147 ANNUAL FINANCIAL REPORT Board of Statutory Auditors Report

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149 149 ANNUAL FINANCIAL REPORT Board of Statutory Auditors Report

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156 OUR PARTNERS Lavazza Ricoh Technogym Willis Acqua Eva Clinica Fornaca di Sessant Euphon Sixtus Isokinetic CWSboco

157 Information for shareholders, investors and the press: Relations with Institutional Investors and Financial Analysts telephone fax Press Office telephone fax Juventus Football Club S.p.A. C.so Galileo Ferraris, Turin Borsa Italiana S.p.A. share code: JUVE ISIN code: IT Bloomberg ticker: JUVE IM Reuters ticker: JUVE.MI This document contains a true translation in English of the report in Italian Relazione finanziaria annuale al 30 giugno However, for information about Juventus Football Club S.p.A. reference should be made exclusively to the original report in Italian Relazione finanziaria annuale al 30 giugno The Italian version of the Relazione finanziaria annuale al 30 giugno 2013 shall prevail upon the English version. This document is available on the Internet at Graphic design and art direction Beatrice Coda Negozio Photography LaPresse Printed by G. Canale & C. S.p.A.

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