ANNUAL FINANCIAL REPORT 30062013 - Juventus.com · 10 March 2013 Juventus FC vs Catania day record 25 April 2013 PEOPLE INVOLVED J museumJ U V E N T U S J museumJ U V E N T U S &

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juventus.com

JUVENTUS Football Club S.p.A.

Registered officeCorso Galileo Ferraris 32, 10128 Turin

Contact Center 899.999.897Fax +39 011 51 19 214

Share capital fully paid€ 8,182,133.28

Registered in the companies registerUnder no. 00470470014 - REA no. 394963

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5 A N N U A L F I N A N C I A L R E P O R T 3 0 0 6 2 0 1 3

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 2013 62

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 2013 75

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. 154-BIS OF LEGISLATIVE DECREE NO. 58/98 139

BOARD OF STATUTORY AUDITORS’ REPORT 142

INDEPENDENT AUDITORS’ REPORT 155

Financial Highlights

8 Juventus Football Club

25.251.5

6.010.6

6.7

20102011

11.6

88.7

43.3

18.2

10.3

€"

Revenuesmillions of euro

othersrevenues from players’

registration rights

sponsorshipand

advertising

television rightsand media

tickets

18.5

57.6

6.54.0 13.4

2010/112011/12 2012/13

31.8

90.6

53.5

18.4

19.538

.0

163.

5

52.6

11.4 18

.3

%Com

posi

tion

of r

even

ues

213.

8

172.

1

283.

8

20122013

25.0

42.4

9.1

8.6

14.9

20112012

TOTAL


2.4

33.6

126.

9

12.7

4.516

.2

Operating costsmillions of euro

TOTALother expenses

expenses from players’ registration

rights

players and technical personnel

other personnel

external services

materials, supplies and

other consumables

2010/112011/12 2012/13

2.6

41.2

137.

1

12.9

6.2

6.3

2.9

45.1

149

14.5

105.6

%Co

mp

osi

tio

n o

f co

sts

206.

3

196.

3

227.

1

4.4 1.2

19.96.42.5

65.6

20122013

3.0 1.220.06.2

3.1

66.5

20112012

1.217.1

6.5

2.38.3

64.6

20102011


* after capital increase of E 120 million ended 30 January 2012

2010/11 2011/12 2012/13

92.2

41.2

oper

atin

g lo

ss

3.8

loss

95.4

48.7

15.9

shar

ehol

ders

’ eq

uity

-5

64.6*

48.6

net

fina

ncia

l deb

t

121.2 127.7

160.3


players’ registration rights management

20102011

20112012

20122013

118.

1

71.4

119.

2* related to the First Team’s players and excluded the temporary acquisitions

players’ registration rights net

mil/€

acq

uis

itio

ns*

Transfer Campaign

mil 20.92010/11

84.5

151

2011/12

45.62012/13

dis

po

sals

*

6 412 35 3

2010/11

2010/11

2011/12

2011/12

2012/13

2012/13

/

Our game our home


First TeamItalian Championship

points

goal scored

go

al c

on

ced

ed 2010/11

2010/11

2011/12

2011/12

2012/13

2012/13

57

47

68

20

71

8784

58

24


loss

esd

raw

sw

ins

2010/11 2011/12 2012/13

10

13

15

0

15

23

5

6

27


youth sector

* 33 in first class, 30 in second and 20 in third, of which 18 are foreigners

Juventus CollegeECA Best Achievement Award in the Youth development section

Primavera won the Italian Cup and its category Super Cup.

Primavera, Allievi and National Under-15 Team qualified for the play-off rounds and the Italian Championship in their category.

Regional Under-15 Team 1st in group A, 2nd in group B at the end of the season.

students

teacherspercentageof graduatedstudents 77%

1383*

10102

2012/13 2013/14


Juventus Stadium

S AT U R AT I O N78% 95% 93%

1250STAFF

EMPLOYEDon matchdays

seas

on t

icke

t h

old

ers

37%*

57.7%

2010/11 2011/1221 out of 23 games played sold-out

2012/1321 out of 27 games played sold-out

15,100

24,500 27,400

*the remaining 5.3% does not reside in Italy

6.1%

14.5%

25%

31.1%

19.2%

4.1%

years6-15 16-24 25-34 36-49 50-64 > 65


Juventus Museum & Toursince opening

StadiumTour

no matchday events

MORE THAN70

2,274 visitors

220,000

visi

tors

27 Tour

68%

32%

4,000 Stadium Tour

500 average visitors per day

15,000EVENTS ORGANISEDDURING 2012/13 FOOTBALL SEASON

day record10 March 2013 Juventus FC vs Catania

day record25 April 2013

PEOPLE INVOLVED

J museumJ U V E N T U S

J museumJ U V E N T U S

&


revenues from partnership

+42%AVERAGE INCREASE IN INVESTMENT BY A TOP PARTNER IN THE PAST 3 YEARS2010/11 2011/12 2012/13

local partners

international partners

%geo

gra

ph

ic d

istr

ibu

tio

n

72.427.6

20122013

65.9

34.1

20112012

59.7

40.320102011

37,4mil €

46,1mil €

48,5mil €

Juventus around the world


peoplefans

Leader in Italy with11,200,000 fans(growing number in Europe)

29%

2,100,000spectators tuned in live

961,678Audience match 10/11

1,327,238Audience match 11/12

1,296,096Audience match 12/13

LEADER ON ALL AgE LEVELS

peopledigital community

7,60

0,00

0

820,

000

410,

000

220,

000

135,

000

over56 MILLION

hits

Total web followers 9,185,000

registrations 20,000 47,500 70,000

revenues 540 1,560 2,420in thousand of €

2010/11 2011/12 2012/13

member

Our Team


peoplecompany

Dis

trib

uti

on

by

gen

der

Women 42%Men 58%

FIGC registered personnelOther personnel

Employees and temporary workers

Technical staff

Professional players

Non-professional players

Observers and freelancers 38306

6247

122

42274

7854

135

38287

7157

145

575Total

2010/11

583

2011/12

598

2012/13


Letter from the Chairman


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 2010. In the 2012-2013 season, Juventus realised

record revenues. Three years ago, the management team committed to challenges with a dual goal:

achieving financial sustainability and regaining an all-around 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 Karl-Heinz 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 long-term

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


place. The digital world is helping us to engage more with fans in far-off 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 2017. 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

Report on Operations

37 A N N U A L F I N A N C I A L R E P O R T 3 0 0 6 2 0 1 3 Report on operations

Board of Directors, Board of Statutory Auditors and Independent Auditors

Board of Directors

Chairman Andrea Agnelli

Chief Executive Officerand General Manager for the Sports Area Giuseppe Marotta

Chief Executive Officerand 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 CommitteeCamillo 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 Paolo Piccatti

Auditors Silvia Lirici Roberto Longo

Deputy Auditors 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 2015.The mandate for the Independent Auditors will expire with the Shareholders’ Meeting called to approve the Financial Statements as of 30 June 2021.


Company profileJuventus is a listed professional football club which, thanks to its more than century-long history, has become one

of the most representative and popular teams at a national and international level. The Company’s core business

is participation in national and international competitions and the organisation of matches. Its main sources of

income come from the economic exploitation of sports events, the Juventus brand and the first team image, the

most significant of these include licensing of television and media rights, sponsorship and selling of advertising

space.

Juventus’ 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 club-owned 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 well-educated 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 1897. 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

locker-room 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. 1923 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


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, left-winger Hirzer.

In 1925/1926 Juventus won its second national championship, following a gripping final with Bologna, beaten only

in a play-off 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 five-year

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 1934. 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 semi-final 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 1952.

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 1984.

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


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

2007.

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 1995. The Italian Championship victory

allowed Juventus to claim their place in the Champions League the following year. They eliminated Real Madrid

in the quarter-finals, 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 1-1. 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


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 short-lived 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 2004.

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, Jean-Claude 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.


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 all-time 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

Jean-Claude 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 Jean-Claude 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 club-owned 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 1903.

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 99-year 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.


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.


31

Italian Championship*

OUR TROPHIES

1905

1925/26

1930/31

1931/32

1932/33

1933/34

1934/35

1949/50

1951/52

1957/58 (10)1959/60

1960/61

1966/67

1971/72

1972/73

1974/75

1976/77

1977/78

1980/81

1981/82 (20)1983/84

1985/86

1994/95

1996/97

1997/98

2001/02

2002/03

2004/05

2005/06

2011/12 (30)2012/13

2

2 3

1 1

9 2

1995

1997

2002

2003

2012

2013

1984/85

1995/96

1984

1996

1976/77

1989/90

1992/93

1999 1983/84

1937/38

1941/42

1958/59

1959/60

1964/65

1978/79

1982/83

1989/90

1994/95

1985

1996

* one of which revoked (2004/2005) and one not assigned (2005/2006).

6 ItalianSupercups

UEFASupercups

IntertotoCup

ItalianCup

Cup Winner’sCup

IntercontinentalCup

UEFA Cups

UEFAChampions League


OVERVIEW OF FIGURES FROM THE PAST FIVE YEARS

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 www.juventus.com 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

UEFA Champions League

Revenues

Operating costs

Amortisation, write-downs and provisions

Operating income/(loss)

Result before taxes

Net income/(loss)

Players’ registration rights

Shareholders’ Equity

Net financial position

YES

220.7

(174.5)

(32.4)

13.9

13.4

6.6

79.3

101.8

25.6

YES

219.7

(176.1)

(41.6)

5.2

2.1

(11.0)

93.0

90.3

6.4

NO

172.1

(196.3)

(60.6)

(92.2)

(93.8)

(95.4)

71.4

(5.0)

(121.2)

NO

213.8

(206.3)

(48.7)

(41.2)

(45.9)

(48.7)

118.1

64.6

(127.7)

YES

283.8

(227.1)

(60.5)

(3.8)

(10.9)

(15.9)

119.2

48.6

(160.3)

Amounts in millions of Euro 2008/20092009/20102010/20112011/20122012/2013

1.6

1.4

1.2

1.0

0.8

0.6

0.4

0.2

0

0.4

0.3

0.2

0.1

0.0

21/9/12 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

€€/m

Equity turnoverOfficial price


Corporate governance report and remuneration reportIn 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 123-bis of Legislative Decree no. 58 of 24 February

1998, as amended (TUF – Consolidated Financial Law) and the “Remuneration Report” prepared in accordance

with article 123-ter 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 www.juventus.com.


Main risks and uncertainties to which Juventus is exposedJuventus’ 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 long-term 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 long-term 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 short-term 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.


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.


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 attorneys-in-fact, 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 COMPANY-OWNED 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 NO-FAULT LIABILITY OF FOOTBALL CLUBS (STRATEGIC PROCESS RISKS)

Under current regulations, football clubs have a no-fault 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


their number with a possible reduction in ticket sales and extraordinary costs, nor can it evaluate the sports,

economic and financial-related 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/long-term

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 medium-

long 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 short-term 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 third-placed

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 so-called “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 European-wide 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 so-called “UEFA License”. The UEFA Club Licensing

manual also incorporates Financial Fair Play Regulations.

Financial Fair Play is based on the break-even 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 financial-economic 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;


• non-negative equity;

• no outstanding amounts due to football clubs, employees and/or social/tax authorities;

• a positive break-even result, demonstrating compliance with the break-even 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.


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 semi-final 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.

Write-downs on players’ registration rights

The financial statements at 30 June 2013 include the recognition of a write-down 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.


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 long-term

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 2013. The Juventus Area was delivered

by the City of Turin on 12 September 2013.

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 long-term 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 2013.

For additional information on Project development, see the relative paragraph in the section on Significant

events after 30 June 2013.


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 2012/2013-2020/2021 to Reconta Ernst & Young S.p.A..

Lastly, the Shareholders’ Meeting approved the Remuneration Report pursuant to Article 123-ter 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 Grazioli-Venier 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 2012.


UEFA LICENSES

On 9 May 2013, the FIGC-based 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.


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 write-back 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 € 283.8 million, with an increase of 32.8% compared to the € 213.8 million in

the previous year, and are represented by:

Television and radio rights and media revenues

Revenues from sponsorship and advertising

Ticket sales

Other revenues

Revenues from players’ registration rights

Total

72.9

(0.9)

6.2

(1.2)

(7.0)

70.0

90.6

53.5

31.8

19.5

18.4

213.8

57.6%

18.5%

13.4%

6.5%

4.0%

100%

42.4%

25.0%

14.9%

9.1%

8.6%

100%

163.5

52.6

38.0

18.3

11.4

283.8

Amounts in millions of EuroChange2011/2012

Financial Year% %2012/2013

Financial Year



Ticket sales

Other revenues

Revenues from player’s registration rights

2011/20122012/2013

42.4%

57.6%

25.0%

18.5%

8.6%4.0%

9.1%6.5%

14.9%

13.4%



Television and radio rights and media revenues amounted to € 163.5 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 (€ +65.3 million) and the

increase in revenues relative to exploitation of the Juventus Library and other media rights (€ +7.6 million).


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).

Revenues from media rights

Revenues from UEFA competitions

Total

7.6

65.3

72.9

90.6

-

90.6

98.2

65.3

163.5


Financial Year2012/2013

Financial Year

11.4

18.4

163.5

90.6


Revenues from sponsorship and

advertising

Ticket sales

Other revenues

Revenues from player’s

registration rights

Amounts in millions of Euro

2012/2013

2011/2012

38.0

31.8

52.6

53.5

18.3

19.5


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 non-sporting 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 € 227.1 million, showing an increase of 10% compared to the € 206.3

million of the previous year, and are composed of:

Players’ wages and technical staff costs

Players’ wages and technical staff costs amount to € 149 million; compared to the figure of € 137.1 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 (€ +10.7 million), higher

variable bonuses paid to players (€ +5.6 million) and other minor changes (€ +0.4 million); these increases are


External services

Other personnel

Other expenses

Expenses from players’ registration rights

Purchase of materials, supplies and other consumables

Total

11.9

3.9

1.6

3.8

(0.7)

0.3

20.8

137.1

41.2

12.9

6.2

6.3

2.6

206.3

65.6%

19.9%

6.4%

4.4%

2.5%

1.2%

100%

66.5%

20.0%

6.2%

3.0%

3.1%

1.2%

100%

149.0

45.1

14.5

10.0

5.6

2.9

227.1


Financial Year% %2012/2013

Financial Year


External services

Other personnel

Other expenses


Purchase of materials, supplies and other consumables

2011/20122012/2013

66.5%

6.2%6.4%3.1%2.5%

4.4% 3.0%

20.0%

1.2%1.2%

19.9%

65.6%


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 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 € 119.2 million. The net increase of € 1.1 million, compared

to € 118.1 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 write-downs (€ 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 paid-up share capital of Juventus amounted to € 8,182,133.28 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 € 160.3 million, an increase of € 32.6 million on the negative

balance of € 127.7 million recorded at 30 June 2012. 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 long-term assets (€ -1.9 million) and other net changes (€ -6.1

million). These negative cash flows were partially offset by positive cash flows from operations (€ +48.2 million).


The breakdown of the current and non-current part of financial debt at the end of the two years is shown below.

For further details see the Statement of Cash Flows and the Notes (Note 49).

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

Total financial liabilities

Net financial debt

4.1

0.7

4.8

(16.2)(56.1)(54.4)

(0.8)-

(132.5)

(127.7)

4.1

1.8

5.9

(14.1)(52.1)(50.1)(49.3)(0.6)

(166.2)

(160.3)

4.1

-

4.1

(14.0)(52.0)

--

(0.8)

(66.8)

(62.7)

4.1

-

4.1

(11.9)(47.8)

--

(0.6)

(60.3)

(56.2)

-

0.7

0.7

(2.2)(4.1)

(54.4)(5.0)

-

(65.7)

(65.0)

-

1.8

1.8

(2.2)(4.3)

(50.1)(49.3)

-

(105.9)

(104.1)

Amounts in millions of EuroTotalTotal Non-

currentNon-

current

30/06/201230/06/2013

CurrentCurrent

* 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.


Significant events after 30 June 2013

FOOTBALL SEASON

The First Team did their 2013/2014 pre-season 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:

In the course of the first phase of the 2013/2014 Transfer Campaign, the following main operations regarding players’ registration rights were completed:

LNP and others

Foreign FC

Agents

Total

(0.3)

-

-

(0.3)

(4.7)

1.9

(1.7)

(4.5)

(6.2)

(0.5)

(3.8)

(10.5)

(6.7)

(0.2)

(4.6)

(11.6)

(15.9)

1.1

(10.1)

(24.9)

Amounts in thousand of Euro 2017/20182015/20162014/20152013/2014Totals

2.0

-

-

2.0

2016/2017

Expiration

Definitive acquisitions Bnou-Marzouk YounesDe Silvestro ElioKabashi ElvisLlorente Torres FernandoOgbonna Obinze AngeloPeluso FedericoTevez Carlos AlbertoZaza Simone

Player-sharing acquisitions (50%)Barlocco LucaBerardi DomenicoRugani DanieleRussini Simone

33445435

5543

590769676

3,03812,3884,679

14,1364,125

1,2204,172

483639

500760700

-13,0004,8009,0003,500

1,2504,500

500650

SASP FC MetzFC Pro VercelliEmpoli FC-Torino FCAtalanta BCManchester CityUC Sampdoria

Atalanta BCUS SassuoloEmpoli FCTernana Calcio

Amounts in thousand of Euro

Player

Years of contract

IFRS value of rights (incl.

expenses)

PriceCounterparty clubs

(a)

(b)

(c)


Termination of player-sharing agreements in favour of JuventusAsamoah KwadwoGabbiadini ManoloImmobile Ciro

Other investmentsTotal investments

453

8,5685,2392,620

2,06465,406

9,0005,5002,750

Udinese CalcioAtalanta BCGenoa CFC


Player

Years of contract

IFRS value of rights (incl.

expenses)


* Capital gains are temporarily suspended until player-sharing 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 write-down 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.

(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.

Definitive disposals Garcia Carlos Wilhem Giaccherini EmanueleMatri AlessandroMelo De Carvalho Felipe

Player-sharing disposals (50%)Ceria EdoardoGabbiadini ManoloGuano PrinceImmobile CiroMagnusson HordurMarrone LucaMasi AlbertoRuggiero GiuseppeZaza Simone

Termination of players’ contract agreementsChibsah Yussif Raman

Other disinvestments Total disinvestments (net)

3262,843

559-

781*

274*

9184,4181,181

457318

869

10713,051

4777,251

10,3073,750

7815,239

4392,620

9544,4281,905

4572,381

914

499

1514,2209,7483,750

-4,721

1651,321

3610

724-

2,063

45

39227,346

-188

--

---------

-

-188

5007,500

11,0003,750

8005,500

4502,7501,0004,5002,000

4702,500

1,000

Parma FCSunderland Association FCMilan ACGalatasaray Sportif Sinai

Atalanta BCUC SampdoriaAtalanta BCTorino FCSpezia CalcioUS SassuoloTernana CalcioFC Pro Vercelli 1892US Sassuolo

Parma FCC


Player

Profit/ (Loss)

Price present

value

Net book value

Solidarity subsidy


(a)


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.

Temporary disposals

Leali Nicola

Martinez Jorge Andres

Ziegler Reto

6.000

-

-

Spezia Calcio

Novara Calcio

US Sassuolo Calcio


Player

Exercise price in the event of the exercise

of option rights

Counterparty clubs

145

-

-

Price for the current

season


Business outlookDuring 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.


Human resources and organisationAfter 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

re-organisation 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 under-thirteens and, in conjunction with Juventus Soccer

Schools, to cover the entire Piemonte.

Scouting, based on a three-tier 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:

45 Juventus staff and management officers

42 Maintenance of the structure and facilities

20 Entertainment 7 Installations 40 TV productions

320 Catering services

686 Welcome services

90 Tickets and security


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 legal-

related 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 2013.

135

78

54

274

42

Employees and temporary workers

Technical staff


Non professional players

Scouts and other freelancers

145

71

57

38

2011/2012

2012/2013

287


FIGC registered personnel

FIGC registered personnel includes players (professional and non-professional) and Staff (Training staff, Goal

keeper training staff, Athletic trainers, Massage therapists/Physiotherapists and Doctors - who work freelance and

are board-registered) for the First Team and Youth Sector.

Non registered personnel

Data on non registered personnel as regards different areas of interest are given below.

78

54

274

38

Technical staff


Non professional players

Scouts and other freelancers

71

57

31

2011/2012

2012/2013

287

119

16

4

Employees

Temporary workers

Other outsourcers

127

18

2011/2012

2012/2013

7

6 4% Workers

18 12% Temporary workers

17 12% Middle management

88 61% Employees

16 11% Managers


Juventus College

Juventus’s latest non-sporting 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 2nd 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 drop-outs, 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 work-site

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.


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/sports-related, 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 long-term, activities will continue during the 2013/2014 financial year.

ADDITIONAL INFORMATION PURSUANT TO ART. 2428 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 related-party

transactions pursuant to article 4 of the “Regulation of related-party transactions” adopted by CONSOB with

resolution no. 17221 of 12 March 2010, amendments and additions thereto. The Procedure is available on the

Company’s website (www.juventus.com).

As regards the 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.


MANAGEMENT AND CO-ORDINATION 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 co-ordination activities for other companies.


Proposal to approve the financial statements and cover the financial year lossDear 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

Financial statements at30 June 2013


Statement of financial position

Non-current assets

Players’ registration rights, net

Other intangible assets

Intangible assets in progress

Land and buildings

Other tangible assets

Tangible assets in progress

Non-current financial assets

Deferred tax assets

Receivables from football clubs for transfer campaigns

Other non-current assets

Total non-current assets

Current assets

Trade receivables

Non financial receivables from related parties

Receivables from football clubs for transfer campaigns

Other current assets


Total current assets

Advances paid

Non-current advances paid

Current advances paid

Total advances paid

Total assets

1,126,929

231,908

5,000

(2,119,438)

(4,863,868)

1,200,976

-

697,281

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

15,585,753

118,094,687

30,258,034

10,000

127,023,632

37,841,039

569,821

4,100,000

4,232,742

11,663,758

19,948,093

353,741,806

25,469,586

409,955

29,170,545

4,012,633

653,650

59,716,369

12,690,566

1,631,606

14,322,172

427,780,347

119,221,616

30,489,942

15,000

124,904,194

32,977,171

1,770,797

4,100,000

4,930,023

21,581,261

3,002,729

342,992,733

12,642,843

598,265

42,201,638

19,428,918

1,777,036

76,648,700

12,547,976

11,176,691

23,724,667

443,366,100

8

9

10

11

12

13

14

15

16

17

55

15

18

19

20

Amounts in Euro Change30/06/201230/06/2013Notes

77 A N N U A L F I N A N C I A L R E P O R T 3 0 0 6 2 0 1 3 Financial statements

Statement of financial position


Share capital

Share premium reserve

Cash flow hedge reserve

Actuarial gains/(losses) reserve

Loss for the year


Non-current 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 non-current liabilities

Total non-current liabilities

Current liabilities

Provisions for risks and charges

Loans and other financial payables

Current financial liabilities

Trade payables

Non financial payables due to related parties


Other current liabilities

Total current liabilities

Advances received

Non-current received

Current received

Total advances received

Total liabilities

-

(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)

15,585,753

8,182,133

105,840,013

(759,013)

-

(48,654,550)

64,608,583

2,043,989

66,041,639

759,013

29,281,315

5,437,911

1,014,592

104,578,459

5,753,265

65,650,478

12,500

16,938,746

913,946

63,624,814

40,989,152

193,882,901

44,662,005

20,048,399

64,710,404

427,780,347

8,182,133

57,112,892

(631,060)

(122,301)

(15,910,649)

48,631,015

4,277,156

59,635,588

631,060

29,305,031

5,279,346

55,625

99,183,806

425,000

105,854,262

15,853

15,080,582

1,045,451

69,140,628

45,780,050

237,341,826

40,757,740

17,451,713

58,209,453

443,366,100

21

22

23

24

25

26

27

28

23

29

55

25

27

30



Income statement

Ticket salesTelevision and radio rights and media revenuesRevenues from sponsorship and advertisingRevenues from players’ registration rights Other revenuesTotal revenuesPurchase of materials, supplies and other consumablesExternal servicesPlayers’ wages and technical staff costsOther personnelExpenses from players’ registration rightsOther expensesTotal operating costsAmortisation and write-downs of players’ registration rightsDepreciation/amortisation of other tangible and intangible assetsProvisions and other write-downs/reverses and releasesOperating incomeFinancial incomeFinancial expensesIncome/(loss) before taxesCurrent taxesDeferred taxesLoss for the yearBasic and diluted loss per share

6,226,80872,895,744

(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)37,382,367

983,390(3,362,126)35,003,631(2,135,440)

(124,290)32,743,901

0,07

31,824,26190,581,92653,452,40918,433,50119,494,134

213,786,231

(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)

38,051,069163,477,67052,598,89311,397,06518,276,776

283,801,473

(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

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

47

48


Statement of comprehensive income

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)

32,743,901

848,611

-

848,611

(122,301)

-

(122,301)

726,310

33,470,211

(48,654,550)

(720,658)

-

(720,658)

-

-

-

(720,658)

(49,375,208)

(15,910,649)

127,953

-

127,953

(122,301)

-

(122,301)

5,652

(15,904,997)

Amounts in Euro Change30/06/201230/06/2013


Statement of changes in shareholders’ equity

For additional information see the Notes (note n.23).

Balance at 30/06/2011

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

Coverage of the residual loss for the 2010/2011 financial year

Re-establishment of reserve from cash flow hedge

Total loss for the year


Coverage of loss for the previous financial year

Deferred taxes claimed on 2011 new capital issue costs

Total loss for the year


(4,951,566)

-

71,980,016

47,984,527

(1,029,185)

-

-

(49,375,209)

64,608,583

-

(72,571)

(15,904,997)

48,631,015

(95,414,019)

95,414,019

-

-

-

-

-

(48,654,550)

(48,654,550)

48,654,550

-

(15,910,649)

(15,910,649)

-

(5,071,566)

-

-

-

5,033,212

38,354

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(122.301)

(122.301)

(38.354)

38.354

-

-

-

-

(38.354)

(720.659)

(759.013)

-

-

127.953

(631.060)

4,031,066

(4,031,066)

-

-

-

-

-

-

-

-

-

-

-

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

-

-

71,980,016

(71,980,016)

-

-

-

-

-

-

-

-

-

20,155,333

(20,035,333)

-

8,062,133

-

-

-

-

8,182,133

-

-

-

8,182,133

Amounts in Euro

Sharehol-ders’

Equity

Loss for the year

Losses from

previous years

Actuarial gains/

(losses) reserve

Cash flow hedge

reserve

Legal reserve

Share premium

reserve

Shareholders for capital

increase

Share capital


Amounts in Euro

Statement of cash flows

* 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 short-term transactions and not medium- long term loans.

Income/(loss) before taxesNon-cash items:

- amortisation, depreciation and write-down

- other write-backs 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 non-financial activities

Change in trade payables and other non-financial liabilities

Income taxes paid

Utilisation in employee benefit liability and other provisions

Net cash from (used in) operating activitiesInvestments 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 activitiesShare issue, net of the relative costs

New loan/financial lease

Repayment of medium-long term loans

Financial lease repayments

Interest on medium-long term loans

Interest on financial lease

Other interest expenses

Other movements related to financing activities

Net cash from (used in) financing activitiesNet cash from (used in) the yearChanges in cash and bank overdrafts:- Balances at the beginning of the year

- Balances at year end

Changes in cash and bank overdraftsComponents of cash- Cash and cash equivalents

- Bank overdrafts

Cash and cash equivalents at year end

(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

1,000,000

148,133

(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)

1,113,474

653,650

(59,434,898)

(58,781,248)

(10,914,998)

59,706,328-

1,355,4112,233,167

(9,029,589)(24,677)827,320

3,408(2,364,267)

9,473,25814,742,663(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)

42 and 43

34

40

45

46

8

45

19 and 23

19 and 23

19

23

2011/2012 Financial Year*

2012/2013 Financial Year

Notes


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 century-long history, has become one of

the most representative and popular teams at a national and international level. The Company’s core business is

participation in national and international competitions and the organisation of matches. Its main sources of income

come from the economic exploitation of sports events, the Juventus brand and the first team image, the most

significant of these include licensing of television and media rights, sponsorship and selling of advertising space.

Juventus 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. 15519, Resolution no. 15520 and Notification no. 6064293 of 28 July 2006, in

implementation of Article 9, section 3, of Legislative Decree no. 38 of 28 February 2005, and Recommendation

no. 10081191 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/non-current” 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’


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 pre-tax earnings for the year are adjusted by the effects

of non-monetary 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 non-recurring events or transactions. Furthermore, no atypical or unusual dealings

were conducted in 2012/2013, requiring disclosure pursuant to CONSOB Notification No. 6064293 of

28 July 2006.

5. 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 Medium-Term Development Plan, and bank credit facilities

available (see Note 52).


The Medium-Term 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 write-downs 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.


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 straight-line 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 straight-line basis.

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 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 player-sharing agreements are also recognised in players’ registration rights (these are receivables

and payables for player-share agreements as per article 102 bis of the Internal Federal Organisation Regulations

issued by the Italian Football Federation).

Assets from player-sharing 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 player-sharing agreements are written down when the estimated remaining value at

the end of the player-sharing 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 player-sharing agreements, which represent the value at which the 50% right to player-sharing

was disposed, are recognised at nominal value, but reduce the value of the players’ registration rights whose

player-sharing has been disposed, in order to represent the real acquisition. Based on this, the amortisation

of registration rights subject to disposal of the player-sharing 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 straight-line 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 written-back (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 company-owned 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.


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 company-owned 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 straight-line 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:

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 line-by-line basis in the income

statement for the duration of the lease contract.

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 cost related to the long-term 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 long-term lease contract totalling 99 years.

Other financial assets

Non-current 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.

Non-current 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 non-interest

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;


• 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 mainly include cash, demand deposits held at banks, and other short-term 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 non-registered 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 long-term employee benefits provided

in paragraph 126 of IAS 19. Accordingly, the liability for these other long-term 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.


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 are connected with acquisitions of players’ registration rights or the repurchase of

50% of the registration rights of players transferred under the player-sharing agreements (balancing assets from

player-sharing agreements made under Article 102-bis 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 non-current 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.


• 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 player-

sharing 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 player-sharing 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 player-sharing 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 player-sharing agreements made under Art. 102-bis 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.


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 year-end 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 non-current assets and non-current liabilities.

Other taxes, that are not income taxes, such as property taxes, are shown as other operating expenses.


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.


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 medium-long 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 2013. 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 2012.

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.


As a result of this amendment SIC-21 - Income taxes - Recovery of revalued non-depreciable assets will no longer

be applicable. The amendment must be retroactively applied as from 1 July 2012. 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 2012. 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 2013. 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 re-measurements 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 2013. 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 2014.

On 17 May 2012, the IASB issued a group of amendments to the IFRSs (“Improvement to IFRS’s – 2009-2011”)

which will be retrospectively applicable as from 1 January 2013. The amendments applicable to the Company

that would result in a change in the presentation, recognition and measurement of financial statement items are


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 re-exposure

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 decision-making 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 2014. 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 Non-Financial Assets (Amendments to IAS 36), which regulate disclosure on the recoverable value


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 2014. 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.


8. PLAYERS’ REGISTRATION RIGHTS, NET

Details are as follows:

Details of players in the First Team are given below:

First TeamOther professional playersPlayer-sharing agreementOther player-sharing agreement payableRegistered young playersPlayers not included in the technical project, but still on the payroll for the 2012/2013 football season

Players’ registration rights, net

86,54820,249

49010,7691,166

-

119,222

119,48240,489

-3,576

427

10,646

174,620

206,03060,738

49014,3451,593

10,646

293,842


Player name

Remaining book value at

30/06/2013

Accumulated amortisation and

depreciation at 30/06/2013

Historical cost at 30/06/2013

Anelka Nicolas SebastienAsamoah Kwadwo (player-sharing agreement payable)

Barzagli AndreaBonucci LeonardoBuffon Gianluigi Caceres Silva Jose MartinChiellini GiorgioDe Ceglie PaoloGiaccherini Emanuele Giovinco SebastianIsla Isla Mauricio Anibal (player-sharing agreement payable)

Lichsteiner StephanMarchisio ClaudioMarrone LucaMatri AlessandroPadoin SimonePepe SimonePirlo AndreaPogba PaulQuagliarella FabioStorari MarcoVidal Pardo Arturo ErasmoVucinic Mirko

First Team

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

6 months5 years3 years5 years3 years4 years5 years5 years4 years3 years5 years4 years5 years5 years5 years5 years5 years2 years4 years5 years3 years5 years4 years

-6,855

1937,7991,4296,000

803560

4,2217,0977,4784,966

3821

9,7492,9573,649

3881,2265,108

9947,5577,460

86,548

2001,713

5187,433

51,4552,0006,6272,9402,8443,5481,8704,966

13736

5,4831,9723,648

776409

5,1083,4784,8617,460

119,482

2008,568

71115,23252,8848,0007,4303,5007,065

10,6459,3489,932

17557

15,2324,9297,2971,1641,635

10,2164,472

12,41814,920

206,030


Player name

End of contract

Contract term


30/06/2013



Historical cost at

30/06/2013


Details of the item Other professional players are given below:

Details of player-sharing agreements are given below:

(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.

Alcibiade Raffaele (temporarily disposed of)Appelt Pires Gabriel (temporarily disposed of)Beltrame StefanoBouy Ouasim (temporarily disposed of)Cavion MicheleCostantino Marco (temporarily disposed of)Curti NicolòDonis AnastasiosGarcia Carlos Wihelm (temporarily disposed of)Garcia Tena PolGiandonato Manuel (temporarily disposed of)Gouano Prince Desire Gnahore (temporarily disposed of)Hromada JakubLeali 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 HectorRossi Fausto (temporarily disposed of)Ziegler Reto (temporarily disposed of)Others

Other professional players

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

2 years5 years5 years4 years5 years5 years3 years3 years5 years3 years5 years

5 years3 years5 years4 years4 years4 years4 years3 years5 years4 years3 years4 years4 years

201,3481,010

22582792

19922315123194

330218

3,1187133

2,9481,4483,7501,825

22259838

-969

20,249

2086748322520711939811227128980

2201097796417

8,844483

22,4091,824

55129839

-1,646

40,489

402,2151,493

4501,034

211597335422520174

550327

3,89713550

11,7921,931

26,1593,649

77388

1,677-

2,615

60,738


Player name

End of contract

Contract term


30/06/2013



Historical cost at

30/06/2013

Boniperti FilippoChibsah Yussif RamanImmobile CiroPasquato CristianPinsoglio CarloSorensen FrederikTroisi JamesOthers

Player-sharing agreement

204522315670

2442

490

--------

-

204522315670

2442

490


Player name


30/06/2013


depreciation a 30/06/2013

Historical cost at

30/06/2013


Details of player-sharing agreements payable, for players not included in the First Team are given below:

The changes in the item as shown below:

Anacoura Joyce FrancescoBelfasti NazzarenoBianconi NikoBoakye YiadomBuchel MarcelDel Papa LucaGabbiadini ManoloGallinetta AlbertoIlari CarloSpinazzola Leonardo

Other player-sharing agreement payable

30/06/1730/06/1630/06/1530/06/1730/06/1730/06/1530/06/1730/06/1730/06/1530/06/16

5 years4 years5 years5 years5 years3 years5 years5 years5 years4 years

57398

2073,1351,175

664,204

795216300

10,769

143169300784294231

1,051199305100

3,576

716267507

3,9191,469

2975,255

994521400

14,345


Player name

End of contract

Contract term


30/06/2013



Historical cost at

30/06/2013

Book value

Accumulated amortisation

Allowance for doubtful accounts


Investments

Disinvestments (gross)

Use of accumulated amortisation

Use of allowance for doubtful accounts

Disinvestments (net)

Amortisation

Write-down

Reclassifications


Book value

Accumulated amortisation

Allowance for doubtful accounts


260,444

(137,026)

(5,323)

118,095

68,248

(34,732)

15,299

3,726

(15,707)

(48,188)

(3,226)

-

119,222

293,842

(169,797)

(4,823)

119,222

492

(168)

-

324

1,212

(49)

27

-

(22)

(318)

-

(30)

1,166

1,593

(427)

-

1,166

1,057

-

-

1,057

-

(736)

-

-

(736)

-

-

169

490

490

-

-

490

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

251,308

(134,771)

(5,323)

111,214

35,612

(31,554)

14,793

3,726

(13,035)

(41,439)

(3,226)

3,338

92,464

259,498

(162,211)

(4,823)

92,464


TotalRegistered young

players



payable

Professionals


Below is an illustration of the main transactions related to players’ registration rights during the period:

Definitive acquisitions

Anelka Nicolas Sebastien

Caceres Silva Josè Martin

Cavion Michele

Ferreira Lucimar Lucio

Leali Nicola

Masi Alberto

Pogba Paul Labile

Troisi James

Player-sharing acquisitions (50%)

Anacoura Joyce

Asamoah Kwadwo

Boakye Yiadom

Buchel Marcel

Gabbiadini Manolo

Gallinetta Alberto

Isla Isla Mauricio Anibal

Spinazzola Leonardo

Termination of player-sharing agreements in favour of Juventus

Beltrame Stefano

Giaccherini Emanuele

Giovinco Sebastian

Other investments/increases*

Total investments

6 months

4

5

2

5

4

4

4

5

5

5

5

5

5

5

4

4

3

3

200

8,000

1,034

774

3,897

1,931

1,635

489

716

8,568

3,919

1,469

5,254

994

9,348

400

761

4,129

10,471

4,259

68,248

-

8,000

1,000

-

3,800

2,100

-

-

750

9,000

4,000

1,500

5,500

1,000

9,400

400

750

4,250

11,000

Shangai Shenhua FC

Sevilla Futbol Club

Vicenza Calcio

-

Brescia Calcio

Pro Vercelli

-

-

Parma FC

Udinese Calcio

Genoa CFC

AC Siena

Atalanta BC

Parma FC

Udinese Calcio

AC Siena

Novara Calcio

AC Cesena

Parma FC


Player

Years of contract

IFRS value of rights (including expenses

and bonuses)


* includes the capitalisation of any bonuses linked to sports scores paid to the football clubs for players acquired during the previous Transfer Campaigns


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:

(a) The disposal transaction, which took place on 10 July 2012, resulted in a write-down 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 write-down 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).

LNP and others

Foreign FC

Agents

Total

(10,855)

2,500

(25)

(8,380)

(15,165)

7,750

(1,446)

(8,861)

(17,451)

(7,286)

(3,573)

(28,310)

(43,471)

2,964

(5,044)

(45,551)

Amounts in thousands of euro 2014/20152013/2014

Expiration

2012/2013Total

Definitive disposals

Corticchia Nicolò

D’Elia Salvatore

Elia Eljero

Krasic Milos

Pazienza Michele

Player-sharing disposals (50%)

Boniperti Filippo

Chibsah Yussif Raman

De Silvestro Elio

Libertazzi Alberto

Pasquato Cristian

Schiavone Andrea

Troisi James

Termination of players’ contract agreements

Ekdal Albin

Sliti Taider Saphir

Termination of players’ rights

Ferreira Lucimar Lucio

Other disinvestments

Total disinvestments (net)

550

317

-

-

93

946

671

764

428

1,397

1,449

1,666

411

323

(677)

(136)

8,202

590

393

5,367

6,697

293

966

716

764

428

1,428

1,449

1,911

1,142

2,238

-

16

40

76

5,229

6,347

200

20

45

-

-

31

-

244

731

1,915

677

152

15,707

-

-

138

350

-

-

-

-

-

-

-

-

-

-

-

-

488

600

400

5,500

7,000

300

1,000

750

800

450

1,500

1,500

2,000

1,200

2,350

-

(a)

(b)

Vicenza Calcio

Vicenza Calcio

Werder Bremen

Fenerbahce Futbol

Bologna FC

Parma FC

Parma FC

Pro Vercelli

Novara Calcio

Udinese Calcio

AC Siena

Atalanta BC

Cagliari Calcio

Bologna FC


Player

Profit/(Loss)

Price present

value

Net book value

Solidarity subsidy



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.

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.

Anelka Nicolas SebastienAudero Mulyadi EmilBarzagli AndreaBuffon Gianluigi Canizares Garcia-Loygorri NicolasCavion MicheleChibsah Yussif RamanDonis AnastasiosGarcia Carlos WilhelmGarcia Tena PolHromada YakubIsla Isla Mauricio AnibalJosipovic ZoranLaursen Jacob BarretLichtsteiner StephanMagnusson HordurMarrone LucaMatri AlessandroMelo de Carvalho FelipeOtin Lafuente HectorPogba Paul LabilePirlo AndreaRomagna FilippoSakor VajebahSorensen Frederik HillesborgStorari MarcoTroisi JamesUntersee JoelVidal Pardo Arturo ErasmoVucinic Mirko

Auxiliary expenses for FIFA agents

-7

18111

4040

873373135

3123317

100132196

24759

562388

7171011

24430

420140

3,127

20010

--

6050

-110

--

52390

-25

-----

88750

-1025

--

488---

2,258

Player acquired

Amounts in thousands of euro Auxiliary expenses for FIFA agents


30/06/2013

Capitalised in 2012/2013


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 medium-term borrowing cost of 4.5%, a

free risk rate of 5.25%, a risk premium of 6% and a beta of 0.91.

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:

The investments included in the item “Other intangible assets” mainly referred to costs incurred for implementing

various software.

Initial book value

Initial accumulated amortisation


Investments

Amortisations


Final book value

Final accumulated amortisation


33,554

(3,296)

30,258

476

(244)

30,490

34,030

(3,540)

30,490

3,704

(3,296)

408

476

(244)

640

4,180

(3,540)

640

29,850

-

29,850

-

-

29,850

29,850

-

29,850

Amounts in thousands of euro

TotalOther intangible

assets

Juventus Library


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 2012.

Changes in the item are shown in the table below:

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:

Initial book value



Investments

Reclassification of the item “Tangible assets in progress”

Amortisation


Final book value



131,642

(4,618)

127,024

317

311

(2,748)

124,904

132,270

(7,366)

124,904

106,685

(1,752)

104,933

315

34

(2,141)

103,141

107,034

(3,893)

103,141

19,957

(2,866)

17,091

2

277

(607)

16,763

20,236

(3,473)

16,763

5,000

-

5,000

-

-

-

5,000

5,000

-

5,000


TotalJuventusStadium and

Museum

JTCJTC

Land Buildings

Initial book value



Investments

Amortisation

Disinvestments

Use of amortisation


Final book value



45,094

(7,253)

37,841

440

(5,300)

(147)

143

32,977

45,387

(12,410)

32,977

10,314

(2,039)

8,275

158

(1,459)

(141)

140

6,973

10,331

(3,358)

6,973

2,481

(1,497)

984

172

(310)

(1)

1

846

2,652

(1,806)

846

32,299

(3,717)

28,582

110

(3,531)

(5)

2

25,158

32,404

(7,246)

25,158


TotalOther assetsIndustrial and commercial equipment

Equipment and

machinery


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


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. NON-CURRENT 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:


Investments

Reclassification to “JTC Buildings”

Reclassification to the item “Buildings Juventus Stadium and Museum”

Reclassification to “Other current assets”

Write-down of “Foresteria prima squadra” design costs


Final book value

Write-down


570

1,680

(277)

(34)

(74)

(94)

1,771

1,865

(94)

1,771

-

1,312

-

(34)

-

-

1,278

1,278

-

1,278

570

368

(277)

-

(74)

(94)

493

587

(94)

493


TotalExpenses pertaining

to Juventus Stadium

Expenses pertaining

to Juventus Training Center

Long Term Incentive Plan

Retained taxable losses

Share issue costs (to Shareholders’ Equity)

Deferred tax assets

4,119

13,016

792

17,927

-

-

(73)

(73)

562

3,381

290

4,233

1,133

3,580

217

4,930

571

199

-

770

2,044

12,292

1,056

15,392

Amounts in thousands of euroTaxable income

30/06/2013Draw-downs

Taxes 30/06/2012

Taxes 30/06/2013

ProvisionsTaxable income 30/06/2012


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:

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.

Total Italy

Werder BremenFenerbahce Spor KulubuParis Saint-Germain Football SaspTottenham Hotspur PlcBayer 04 Leverkusen Fubbal GmbhHavre Athletic Club

Total foreign

Adjustment for implicit financial income

Receivables due from football clubs for transfer campaigns

14,20012,0755,5756,5003,1002,0703,0001,800

9251,300

850130

34

51,559

5,0005,5002,363

66623

1

13,553

(1,329)

63,783

7,0005,3751,5503,000

--

1,500400

-500300

--

19,625

-2,500

42333

--

2,875

(919)

21,581

7,2006,7004,0253,5003,1002,0701,5001,400

92580055013034

31,934

5,0003,0002,321

333231

10,678

(410)

42,202

Amounts in thousands of euroBalance at

30/06/2013Non-current

portionCurrent portion


16. OTHER NON-CURRENT ASSETS


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:

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.

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 (non-current portion)

Adjustment for financial income underlying the receivable due from I.C.S.

Prepaid expenses

Miscellaneous

Other non-current assets

10,352

6,872

(699)

3,018

(616)

880

141

19,948

-

-

-

2,716

(511)

716

82

3,003

Amounts in thousands of euro 30/06/201230/06/2013

Trade receivables not yet dueTrade receivables due from less than 60 daysTrade receivables due from 61 to 120 daysTrade receivables due more than 120 daysAllowance for doubtful accounts

Trade receivables

13,99511,046

3371,569

(1,477)

25,470

5,3706,384

4661,847

(1,424)

12,643

importi in migliaia di Euro 30/06/201230/06/2013


18. OTHER CURRENT ASSETS


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 2013. 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 2012.

Prepaid expenses mainly refer to service agreements (€ 573 thousand), insurance premiums (€ 519 thousand),

expenses for the temporary acquisition of a player (€ 119 thousand), pre-lease 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 long-term lease

of the Juventus Stadium area (€ 12,691 thousand) recognised as an operating lease (including auxiliary expenses)

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 (non-current portion)

Adjustment for financial income underlying the receivable due from I.C.S.

Receivables due from insurance companies

Tax receivables

Miscellaneous

Other current assets

-

-

-

2,296

989

302

(114)

238

73

229

4,013

10,352

6,872

(234)

210

1,419

302

(105)

238

97

278

19,429



and for the acquisition of the long-term lease and relative auxiliary expenses of the Continassa area (€ 10,830

thousand).

21. SHAREHOLDERS’ EQUITY

At 30 June 2013, the fully paid-up share capital of Juventus amounted to € 8,182,133.28 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. 2427 no. 7 bis of the Italian Civil Code on the availability and possibility of

distribution of reserves is illustrated below:

22. PROVISIONS FOR EMPLOYEE BENEFITS

The non-current allocation at 30 June 2013 amounted to € 4,277 thousand (€ 2,044 thousand at 30 June

2012) and refers to the 2011/2012–2014/2015 Long-Term 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 2011.

The Long Term Incentive Plan is part of long-term 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

2013.

Actuarial losses relative to this Plan, equal to € 122 thousand, were immediately recognised and recorded in the

Statement of Other Comprehensive Income (OCI).

A for the share capital increaseB for the coverage of lossesC for distribution to shareholders

* The “Share premium reserve” was re-established 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.

Share capital

Reserves:

- Share premium reserve

- Cash flow hedge reserve

- Actuarial gains/(losses) reserve

Loss for the year

Total

48,655 *

-

-

-

48,655

A, B, C

-

-

-

8,182

57,113

(631)

(122)

(15,911)

48,631

Amounts in thousands of euroUses in the three

previous years (to cover losses)

Possibility of use


57,113

-

-

-

57,113

Portion available


The main assumptions used to measure this liability at 30 June 2013 are provided below:

23. BONDS AND OTHER FINANCIAL LIABILITIES

They include payables due to:

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 short-term bank loans.

As regards loans taken out for construction of the Juventus Stadium, real estate acquired under the long-term

lease was mortgaged to the lender for a maximum value of € 120 million.

The due dates of loans and other financial payables are shown below:

Number of participantsAverage age (years)

Financial assumptionsDiscount rateRate of salary increase

Demographic assumptionsMortality Invalidity

1943

1.75%8%

ISTAT 2008INPS 2008

30 giugno 2012

1642

0.75%8%

ISTAT 2008INPS 2008

30 giugno 2013

Istitituto per il Credito Sportivo

Banks

Factoring companies

Lease companies

Bonds and other financial liabilities

56,105

54,401

5,034

16,152

131,692

52,036

50,112

49,286

14,056

165,490

52,037

-

-

14,005

66,042

47,788

-

-

11,848

59,636

4,068

54,401

5,034

2,147

65,650

4,248

50,112

49,286

2,208

105,854

(a)

Amounts in thousands of euroTotalTotal Non-current

portionNon-current

portion

30/06/201230/06/2013

Current portion

Current portion

(a) Iincluding interest and adjustment for € 228 thousand.

Istitituto per il Credito Sportivo

Banks

Factoring companies

Lease companies

Bonds and other financial liabilities

4,437

-

-

2,229

6,666

5,053

-

-

-

5,053

5,277

-

-

-

5,277

23,550

-

-

-

23,550

52,036

50,112

49,286

14,056

165,490

4,248

-

-

2,208

6,456

4,838

-

-

7,317

12,155

-

50,112

49,286

-

99,398

4,633

-

-

2,302

6,935

Amounts in thousands of euro 2015 2018 2019 Beyond Total2014 2017

At 30 June

revocable 2016


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 period-end exposure had remained constant for

the entire period.

The effects of the change with an increase/decrease of 100 bps on an annual basis of interest rates would have

been as follows:

Medium-long term financial liabilities due to the Istituto per il Credito Sportivo and UniCredit Leasing S.p.A. are

not exposed to interest rate risk since they are respectively at a fixed rate or hedged by derivative instruments

(see Note 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 non-current 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.

+ 100 bsp

cash/loans

- 100 bsp

cash/loans

(554)

554

(942)

942

Amounts in thousands of euro Income statement

30 giugno 2012

Income statement

30 giugno 2013


The balance at 30 June 2013 is composed as follows based on due dates and counterparties:

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. 1909 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 UnitedWerder BremenParis Saint-Germain Football SaspF.C. BarcelonaF.C. VojvodinaCSKA P.F.C. MoscaF.C. RudarColo ColoDeportes Melipilla SadtClub Rodelindo RomanPanama S.C.

Total foreign

Adjustment for implicit financial expenses


29,15018,825

9,8755,6505,0004,5953,8753,5003,3003,8002,1903,0001,9752,5501,300

280174140

905721202016

1

99,404

500125109166127110

3818

321

1,199

(2,157)

98,446

12,5009,0254,125

--

255---

775-

1,500650

1,250400

----------

30,480

---

83585017

----

208

(1,383)

29,305

16,6509,8005,7505,6505,0004,3403,8753,5003,3003,0252,1901,5001,3251,300

9002801741409057212020161

68,924

5001251098369602118321

991

(774)

69,141

Amounts in thousands of euroBalance at

30/06/2013Non-current

portionCurrent portion


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:

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 NON-CURRENT AND CURRENT LIABILITIES


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.

Deferred gains from sale of players

Amortisation of the Library value (corporate tax)

Amortisation of the Library value (IRAP)

Finance lease for Training Centre and other minor ones

Deferred tax liabilities

-

16,270

9,455

1,549

27,274

(462)

-

-

(10)

(472)

*

462

4,226

304

446

5,438

-

4,475

368

436

5,279

-

249

64

-

313

1,680

15,365

7,797

1,549

26,391

Amounts in thousands of euroTaxable income

30/06/2013Draw-downs

Taxes 30/06/2012

Taxes 30/06/2013

ProvisionsTaxable income 30/06/2012

* Use in the period refers only to the amount of deferred tax liabilities used for the purpose of regional production tax (IRAP).

(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 2010.

Payables due for remuneration to employees and others

Tax payables for withholding tax and other taxes

Payables due for auxiliary expenses and Transfer Campaign

Prepaid income and accrued expenses

Payables due to social security agencies

Adjustment for implicit financial expenses

Other payables

Other non-current and current liabilities

20,973

12,911

2,635

585

991

(24)

3,933

42,004

25,395

9,521

2,613

1,748

918

(35)

5,676

45,836

-

606

400

-

-

(14)

23

1,015

-

-

25

-

-

(1)

32

56

20,973

12,305

2,235

585

991

(10)

3,910

40,989

25,395

9,521

2,588

1,748

918

(34)

5,644

45,780

(a)

(b)

Amounts in thousands of euroTotalTotale Non-current

portionNon-current

portion

30/06/201230/06/2013

Current portion

Current portion


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 non-current (including € 12,608

thousand beyond five financial years).


31. 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

Season passes

Naming and other revenues of the Juventus Stadium from agreements with Sportfive Italia S.r.l. and Sportfive GmbH & Co. KG;

Income from the “Membership” initiative

Income from the “Accendi una Stella” initiative

Income from the Juventus Library

Television rights disposed of in centralised form accruing in the subsequent year

Other minor items

Advances received

6,132

38,500

384

1,605

10,045

4,624

3,420

64,710

6,888

35,000

473

1,455

9,930

-

4,463

58,209

7

32,250

-

1,448

9,929

-

1,028

44,662

-

28,750

-

1,275

9,814

-

919

40,758

6,125

6,250

384

157

116

4,624

2,392

20,048

6,888

6,250

473

180

116

-

3,544

17,451

importi in migliaia di EuroTotalTotal Non-current

portionNon-current

portion

30/06/201230/06/2013

Current portion

Current portion


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:

32. TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES


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 2012.

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:

Revenues from media rights

Revenues from UEFA competitions


7,581

65,315

72,896

90,582

-

90,582

98,163

65,315

163,478

Amounts in thousands of euroChange2011/2012


Financial Year

Championship

UEFA matches

Italian Super Cup

Italian Cup

Total

38

-

-

5

43

38

10

1

4

53

19

-

-

2

21

19

5

1

1

26

19

-

-

3

22

19

5

-

3

27

number of matches TotalTotal AwayAway

2012/2013 Financial Year 2011/2012 Financial Year

HomeHome

Capital gains on player-sharing 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


(3,896)

(100)

(2,981)

745

(805)

(7,037)

11,220

2,100

3,942

-

1,172

18,434

7,324

2,000

961

745

367

11,397



Financial Year


Revenues from players’ registration rights at 30 June 2013 refer to:

35. OTHER REVENUES

The items amount to € 18,277 thousand, against € 19,494 thousand at 30 June 2012.

The breakdown is shown below:

Capital gains on player-sharing 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


7,324

2,000

961

745

367

11,397

1,666

1,450

1,398

946

764

671

428

1

1,750

250

551

317

93

411

324

10

250

117


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 insurance-related income

Contributions from FIGC/UEFA for National side appearances

Others

Other revenues

2,003

535

1,240

(454)

395

(2,466)

(2,724)

254

(1,217)

2,700

2,717

1,492

2,928

1,495

3,207

2,906

2,049

19,494

4,703

3,252

2,732

2,474

1,890

741

182

2,303

18,277



Financial Year


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


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.

Costs for transportation, food and lodgingCosts for security and receptionEmoluments paid to directors and company officersLeases and rentalsMaintenanceAdvisoryInsuranceUtilitiesLegal and notary feesAudio and video productionsFacility managementDistribution network and ticket salesCosts for cleaningBank services and charges on guaranteesFees to sports consultantsPrinted material and dispatchExpenses for installationsAdvertising spaces on the mediaExpense refundsBrokers’ feesHealth and rehabilitationTraining, catch up lessonsOthers

External services

1,2251,103

88845155847219

116368

(1,201)461200381249177232

(2,357)3

3664

102171200

3,918

4,7573,6913,0273,2622,4242,4162,4762,3361,5472,994

9881,1881,003

819812734

3,292649508403355171

1,310

41,162

5,9824,7943,9153,7132,9822,8882,4952,4521,9151,7931,4491,3881,3841,068

989966935652544467457342

1,510

45,080



Financial Year


38. PLAYERS’ WAGES AND TECHNICAL STAFF COSTS


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:

39. OTHER PERSONNEL


Wages and salariesVariable bonusesSocial security contributionsLeaving incentivesContractors and related social security contributionsPayments to players temporarily transferred to other CompaniesScholarshipsSeverance indemnities - FIGC registered personnelOther expensesPlayers’ wages and technical staff costs

10,6925,633

297(1,806)

(155)(2,968)

(31)101115

11,878

106,13516,2132,5063,6171,8204,095

632220

1,894137,132

116,82721,8462,8031,8111,6651,127

601321

2,009149,010



Financial Year

Players

Trainers

Other technical personnel

Average number of FIGC registered personnel

-

(1)

3

2

54

15

18

87

54

14

21

89

numberChange2011/2012


Financial Year

Wages and salaries

Social security contributions

Variable bonuses

Severance indemnities - other personnel

Contractors and related social security contributions

Scholarships

Other expenses

Other personnel

714

327

188

75

104

21

65

1,494

6,404

2,278

1,445

534

384

7

1,907

12,959

7,118

2,605

1,633

609

488

28

1,972

14,453



Financial Year


The average number of other personnel was 125, broken down as follows:

40. EXPENSES FROM PLAYERS’ REGISTRATION RIGHTS


Expenses from players’ registration rights at 30 June 2013 refer to:

Managers

Middle managers

Employees *

Workers

Average number of other personnel

2

3

6

-

11

14

13

81

6

114

16

16

87

6

125

numberChange2011/2012


Financial Year

* of which 4 part-time

Auxiliary non-capitalised expenses for players’ registration rights

Expenses for the temporary purchase of players’ registration rights

Losses on disposal of players’ registration rights

Losses on disposal of registered young players-sharing agreements

Losses on disposals of players’ registration rights

Losses on disposals of players-sharing agreements

Other expenses


1,208

(1,564)

796

(64)

(207)

(38)

(848)

(717)

1,690

2,665

1

87

214

39

1,601

6,297

2,898

1,101

797

23

7

1

753

5,580



Financial Year

Auxiliary non-capitalised 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 players-sharing agreementsLosses on disposals of players’ registration rightsLosses on disposals of players-sharing agreementsOther 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


400150150101100200

677

120

500100153

2,898

1,101

797

2371

753

5,580



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.


41. OTHER EXPENSES


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

750

379

280

241

180

170

161

150

130

125

104

73

50

50

25

20

10

2,898

Amounts in thousands of euro2012/2013

Financiai Year

Agency costs

Taxes and indirect taxes

Out-of-period 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

49

467

710

(80)

323

524

(100)

202

1,759

3,854

2,095

830

543

992

547

4

610

251

308

6,180

2,144

1,297

1,253

912

870

528

510

453

2,067

10,034



Financial Year


42. AMORTISATION AND WRITE-DOWNS OF PLAYERS’ REGISTRATION RIGHTS


Amortisation and write-downs of players’ registration rights decreased by € 891 thousand compared to the

previous period, mainly due to lower write-downs 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 2012.

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 WRITE-DOWNS/REVERSES AND RELEASES

This item amounts to € 811 thousand, against a positive balance of € 10,443 thousand at 30 June 2012.

The breakdown is shown below:

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).

Amortisation


Professional player-sharing agreement payable

Registered young players

Write-down

Amortisation and write-downs of players’ registration rights

1,268

(2,159)

(891)

45,111

1,709

100

46,920

5,385

52,305

48,188

3,226

51,414

41,439

6,431

318

Amounts in thousands of euro Change2011/2012


Financial Year

Provision for other risks and charges

Impairment of assets in progress

Use of the provision for other risks and charges

Write-back of the Juventus Library

Provisions and other write-downs/reverses and releases

5,221

(94)

(1,921)

(14,460)

(11,254)

(5,938)

-

1,921

14,460

10,443

(717)

(94)

-

-

(811)



Financial Year


45. FINANCIAL INCOME


46. FINANCIAL EXPENSES


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:

Financial income from discounting

Interest income

Other income

Financial income

1,089

(110)

4

983

1,227

148

6

1,381

2,316

38

10

2,364



Financial Year

Interest expense

Financial expenses from discounting

Financial expenses from derivatives

Other expenses

Financial expenses

1,791

1,423

114

34

3,362

4,103

1,721

242

45

6,111

5,894

3,144

356

79

9,473



Financial Year

Current taxes IRES

Current taxes IRAP

Total current taxes

Deferred taxes IRES

Deferred taxes IRAP

Total deferred taxes

Income taxes

-

3,789

3,789

(1,202)

149

(1,053)

2,736

-

5,924

5,924

(983)

55

(928)

4,996



Financial Year


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:

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:

Pretax earnings

Theoretical rate

Theoretical IRES taxes

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

(45,919)

27.5%

12,628

4,201

8,219

249

(1,111)

(1,485)

(3,830)

-

(18,870)

-

(3,789)

1,053

-

(2,736)

(10,915)

27.5%

3,002

1,412

4,785

249

(1,178)

(462)

(2,198)

-

(5,610)

-

(5,924)

928

-

(4,996)



Financial Year

Timing differences and tax losses on which deferred tax assets have not been recognised for IRES purposes

Deductible timing differences

Remaining tax losses

Total

Timing differences on which deferred tax assets have not been recognised for IRAP purposes

Deductible timing differences

Total

12,314

187,226

199,540

7,389

7,389

**

10,491

-

10,491

7,160

7,160

16

-

16

16

16

16

-

16

16

16

1,775

187,226

189,001

181

181

16

-

16

16

16

Amounts in thousands of euro Total at 30 June 2013

2014 2015 2016 beyond2017

Year due*

* 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


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:

49. NET FINANCIAL DEBT

Net financial debt at 30 June 2013, determined in accordance with the CONSOB DEM/2080535 recommendations

of 9 December 2002, is composed as follows:

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 2012. 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 long-term 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.

Profit/(Loss) in thousands of euro

Average outstanding shares in the period

Profit/(Loss) per share, basic earnings (euro)

(48,655)

561,663,541

(0,0866)

(15,911)

1,007,766,660

(0,0158)

Amounts in millions of euro2011/2012


Financial Year

Financial assets*


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

Total financial liabilities

Net financial debt

4,100

654

4,754

(16,152)

(56,105)

(54,401)

(5,034)

(772)

(132,464)

(127,710)

4,100

1,777

5,877

(14,056)

(52,036)

(50,112)

(49,286)

(647)

(166,137)

(160,260)

4,100

-

4,100

(14,005)

(52,037)

-

-

(759)

(66,801)

(62,701)

4,100

-

4,100

(11,848)

(47,788)

-

-

(631)

(60,267)

(56,167)

-

654

654

(2,147)

(4,068)

(54,401)

(5,034)

(13)

(65,663)

(65,009)

-

1,777

1,777

(2,208)

(4,248)

(50,112)

(49,286)

(16)

(105,870)

(104,093)

Amounts in millions of euroTotalTotale Non-

currentNon-

current

30/06/201230/06/2013

CurrentCurrent

* 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 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 half-yearly 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:

Other information:

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.

(a) including interest and adjustment for € 228 thousand.

Juventus Training Center

Payables for finance leases

14,056

14,056

11,848

11,848

2,208 (a)

2,208


TotalNon-current portion, from 2

to 5 years

Current portion

Juventus Training Center

Furniture, furnishings and equipment

Total

7,317

1

7,318

2006/2007

2006/2007 2007/2008

and

10

5

297

-

297

2,095

1

2,096

Amounts in thousands of euro Value redemption

Start date (financial year)

Payments for the yearDuration

(years)interestcapital


52. COMMITMENTS AND GUARANTEES


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

Undertakings

Guarantees to third parties

Player acquisition

Total undertakings

Guarantees received

Guarantees from third parties

Pledges of shares

Total guarantees received

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

74,376

8,600

82,976

8,005

17,224

25,229

133,777

74,376

54,401

5,000

108,723

242,500

67,730

6,493

74,223

8,733

17,224

25,957

167,128

67,730

50,112

49,286

106,872

274,000



players or the renewal of contracts in upcoming football seasons. Specifically:

As concerns variable compensation to players, the possible future financial effects were not given in detail in

these Notes since they are considered immaterial, considering the total amount of the financial statement items

that include these cost items, and the information requirements connected to the decision-making process of the

financial statement readers.

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 non-existence of any form of no-fault

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.

Canizares Garcia-Loygorri Nicolas

Cevallos Josè Francisco Enriquez

Donis Anastasios

Lichtsteiner Stephan

Marchisio Claudio

Pogba Paul

Roussos Almpertos

Sakor Vajebah

Vucinic Mirko

Total

-

-

-

-

-

500

-

-

-

500

-

-

-

130

-

500

-

-

280

910

80

83

30

130

50

1,500

40

30

280

2,223

Player name


2015/20162014/20152013/2014


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 2010.

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 2012.

The first hearing before the Appeal Court of Rome was held on 18 September 2012. CONI, FICG and FC

Internazionale appeared during this hearing. The counterparties raised objections. The hearing was adjourned to

17 June 2014.

The Company has also submitted an appeal, served on 15 November 2011, to the competent Regional

Administration Court for Lazio asking for a sentence of unjust damages resulting from the illegal exercise of

administration activity and failure to exercise obligatory activity in relation to the following administrative acts:

• resolution of the Federal Council of FIGC on 18 July 2011;

• failure of the Federal Council to adopt an express non-judicial revocation of the FIGC Extraordinary Commission

act on 26 July 2006 assigning the Italian Championship to Football Club Internazionale Milano for the

2005/2006 championship;

• provision of the FIGC Extraordinary Commission on 26 July 2006 assigning the Italian Championship to Football

Club Internazionale Milano for the 2005/2006 championship.


The Company also asked for cancellation as necessary and where authorised, for the sole purposes of compensation

for damages, of the challenged administrative provisions.

La FIGC started proceedings with an act filed with the court on 2 December 2011, objecting to the inadmissibility

of the appeal and asking for its rejection as ungrounded.

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 decision-making 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 price-sensitive 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”.


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 related-party

transactions pursuant to article 4 of the “Regulation of related-party transactions” adopted by CONSOB with

resolution no. 17221 of 12 March 2010, amendments and additions thereto. The Procedure is available on the

Company’s website (www.juventus.com).

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 non-related parties for transactions of the same type, amount and risk, and in

compliance with current laws.


The statement of financial position and income statement balances deriving from transactions conducted with

related parties are shown below.

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 non-financial receivables due from FIAT Group Automobiles S.p.A. refer to the sponsorship agreement

in effect.

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

Percentage of total transactions with related partiesout of total of the relative item of the Statementof Financial Position

12.4

-

41.8

7.0

-

1.9

38.4

124.5

13.7

3.2

1.0

30.1

771.3

1,045.3

-

-

237,341.8

0.4%

-

2,073.7

-

-

-

-

-

-

-

-

-

-

-

2,073.7

-

105,854.3

-

2.0%

-

-

52.4

521.5

24.4

-

-

-

-

-

-

-

-

598.3

76,648.7

-

-

0.8%


Current non-financial

payables due to related parties

Current financial

payables due to related parties

Current non-financial

receivables due from related parties


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 123-ter of the Consolidated Financial Law to which reference is made.

GA & C. S.A.P.AZ.

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)

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.)

Publikompass S.p.A.

Royal Park Golf & Country Club - I Roveri S.s.d. a r.l.

SADI S.p.A.

Samsung Electronics Italia S.p.A.

Sisport Fiat S.p.A.

Directors

Total

Total of the income statement item

Total of the income statement item out of total of the relative income statement item

-

-

111.2

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

111.2

9,473.3

1.2%

0.9

24.4

6.6

-

67.4

20.1

-

14.9

43.2

337.5

160.2

13.7

3.1

15.0

75.0

2.4

115.6

43.5

4,056.2

4,999.7

227,090.3

2.2%

-

-

0.1

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.1

2,364.3

0.0%

-

17.0

12.1

207.5

50.0

11,637.1

20.2

-

-

-

-

115.2

-

-

75.0

-

300.0

-

-

12,434.1

283,801.5

4.4%

Amounts in thousands of euroFinancial expenses

ExpensesFinancial income

Income


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.


On behalf of the Board of Directors The Chairman

Andrea Agnelli


First TeamAnelka Nicolas SebastienAsamoah KwadwoBarzagli AndreaBonucci LeonardoBuffon Gianluigi Caceres Silva Jose MartinChiellini GiorgioDe Ceglie PaoloDi Dio SimoneFerreira Lucimar LucioElia EljeroGiaccherini EmanueleGiovinco SebastianGrosso FabioKirev MarioKrasic MilosIsla Isla Mauricio AnibalLichsteiner StephanManninger AlexanderMarchisio ClaudioMarrone LucaMatri AlessandroMoedim Rubens FernandoPadoin SimonePasquato CristianPazienza MichelePepe SimonePirlo AndreaPogba PaulQuagliarella FabioStorari MarcoVidal Pardo Arturo ErasmoVucinic Mirko

Temporarily transferred players

Alcibiade RaffaeleAnacoura Joyce FrancescoAppelt Pires GabrielBelfasti NazzarenoBianco RaffaeleBianconi NikoBoakye YiadomBouy OuasimBuchel MarchelCostantino MarcoDel Papa LucaGabbiadini ManoloGallinetta AlbertoGarcia Carlos WilhelmGiandonato ManuelGouano Prince Desire GnahoreIlari CarloLeali NicolaLiviero MatteoMargiotta FrancescoMartinez Jorge AndresMasi AlbertoMelo de Carvalho FelipeMotta MarcoNocchi TimothyRossi FaustoSpinazzola LeonardoZiegler 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


APPENDIX– TABLE OF CHANGES IN PLAYERS’ REGISTRATION RIGHTS IN THE 2012/2013 FINANCIAL YEAR, IN COMPLIANCE WITH FIGC REGULATIONS

--

4215,483

50,740-

6,2262,800

2-

4,612734

-2,265

4809,496

-2,483

77012530

3,046-

98677

1001,824

388-

2,5542,4852,3423,730

--

418137

-197

-113

-73

198--

19533

110196

-28

-5,896

-15,695

91247

559--

2,697

10,646

142,349

--

2909,7492,144

-1,204

7007-

5,2292,202

--

1206,347

-7,449

-5027

12,186-

3,94331

2005,473

776-

7,6621,9879,370

11,190

--

1,672109

-295

-337

-11899

--

15591

440295

-5-

5,896689

10,4642,737

301,118

--

5,209

-

118,095

---------------------------------

----------------------------

-

-

-

SC Vallee d’Aoste (*)contractual terminationWerder Bremen

end of contractACS Poli Timisoara SAFenerbahce Futbol AS

end of contract

Udinese Calcio Spa (*)Bologna FC 1909 Spa

Shanghai Shenhua FCUdinese Calcio SpaVFL WolfsburgA.S. Bari SpaParma F.C. Sevilla Futbol Club SadACF FiorentinaAC Siena SpaDa settore giovanileFree transfer (**)Hamburger SVA.C. Cesena SpaParma FC SpaOlympique LyonnaisSlavia Sofia PLCProfessional F.C. CSKAUdinese Calcio SpaSS Lazio SpaUdinese Calcio SpaFrom youth sectorFrom youth sectorCagliari Calcio SpaUS Città di PalermoAtalanta B.C. SpaMontebelluna CalcioFree transfer (**)Udinese Calcio SpaFree transfer (**)Free transfer (**)SSC Napoli SpaA.C. Milan SpaBayer 04 LeverkusenAS Roma Spa

AG Nocerina 1910 SrlParma FC SpaResende Futebol ClubModena FC SpaModena FC SpaVicenza Calcio SpaGenoa Cricket and FC SpaAFC AjaxAC Siena SpaSpal 1907 SpaDelfino Pescara 1936 SrlAtalanta BC SpaParma FC SpaDjurgardens Elitfotboll ABFrom youth sectorHavre Athletic ClubAscoli Calcio 1898 SpaBrescia Calcio SpaCalcio Montebelluna SrlFree transferCalcio Catania SpaFC Pro Vercelli 1892 SrlACF Fiorentina SpaUdinese Calcio SpaDa settore giovanileVicenza Calcio SpaAC Siena SpaFree transfer

--

71115,23252,884

-7,4303,500

9-

9,8412,936

-2,265

60015,843

-9,932

77017557

15,232-

4,929108300

7,2971,164

-10,2164,472

11,71214,920

--

2,090246

-492

-450

-191297

--

350124550491

-33

-11,792

68926,1593,649

771,677

--

7,906

10,646

260,444

02/08/1215/12/1207/07/12

01/07/1220/08/1203/08/12

01/07/12

01/07/1230/08/12

30/01/201302/07/201226/01/201101/07/201012/07/200101/07/201227/06/200501/07/2008

04/07/201231/08/201125/08/201101/07/201231/08/200921/01/200919/08/201002/07/201201/07/201105/08/2008

01/07/201129/08/201231/01/201227/08/200301/07/201101/07/201101/07/201104/08/201207/01/201101/07/201022/07/201101/08/2011

01/07/201217/08/201203/01/201212/08/201012/08/201023/07/201016/07/201231/01/201230/01/201302/07/201005/08/201024/08/201230/01/201323/03/2010

17/08/201120/07/201002/07/201206/08/2007

01/07/201021/08/201201/07/200901/07/2011

17/01/201201/07/201201/07/2011

PlayerAccumulated

amort. & depreciation

NetWrite-down

6 7

Company

4

Company

2

Historical cost

5

Disposal Date

3

Acquisition date

1

From To Values at beginning of period 01/07/2012 (1)

(*) Disposal under player-sharing 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.



--------1-

5,229----

6,347--------

1,428293

-------

----------------------------

10,612

-

23,910

----------------------------

----

----------------------

(3,226)-----

-

-

(3,226)

2001,713

5187,433

51,4552,0006,6272,940

---

2,8443,548

---

1,8704,966

-13736

5,483-

1,972--

3,648776409

5,1083,4784,8617,460

20143867169

-300784225294119231

1,05119927180

2203047796417

8,844483

22,4091,824

55839100

-

14,447

-

174,620

------------------------

1,39793

--

----

----------------------------

7,540

-

9,030

2008,568

---

8,000---

773-

4,12910,645

---

9,348-----------

1,635--

706-

4071612521

-15

3,919-

1,46920

-5,255

9947250

-29

3,89710250

-1,242

----

400-

5,828

-

68,248

2001,713

971,950

7152,000

401140

-96

-2,1103,548

---

1,8702,483

-126

2,437-

986--

1,824388409

2,554993

2,5193,730

2014344932

-1037841122944633

1,0511997647

1101087793617

2,948483

3,488912

8280100

-

2,349

-

48,188

2008,568

71115,23252,8848,0007,4303,500

---

7,06510,645

---

9,3489,932

-17557

15,232-

4,929--

7,2971,1641,635

10,2164,472

12,41814,920

40716

2,215267

-507

3,919450

1,469211297

5,255994422174550520

3,89713550

11,7921,931

26,1593,649

771,677

400-

20,039

-

293,842

--------6

677----

120-------------

----

----------------------------

24

-

827

-6,855

1937,7991,4296,000

803560

---

4,2217,097

---

7,4784,966

-3821

9,749-

2,957--

3,649388

1,2265,108

9947,5577,460

20573

1,34898

-207

3,135225

1,1759266

4,20479515194

330216

3,1187133

2,9481,4483,7501,825

22838300

-

5,592

-

119,222

14/03/7909/12/8808/05/8101/05/8728/01/7807/04/8714/08/8417/09/8615/02/9208/05/7813/02/8705/05/8526/01/8728/11/7715/08/8901/11/8412/06/8816/01/8404/06/7719/01/8628/03/9019/08/8404/08/8218/03/8420/07/8905/08/8230/08/8319/05/7915/03/9331/01/8307/01/7722/05/8701/10/83

23/05/9001/08/9418/09/9315/07/9325/08/8710/10/9128/01/9311/08/9318/03/9108/05/9107/02/9426/11/9116/04/9217/01/9310/10/9124/12/8312/12/9117/02/9313/04/9315/07/9305/04/8302/09/9226/06/8314/05/8607/07/9003/12/9025/03/9316/01/86

342432263526282621352628263523282529362723283029233029342030362629

23181919252120192222192121202129212020193020302722222027

042423241122200142033403412132132

1433024242244223242213223332

Disposals Write-down Accumulated amortis. and depreciation

Gains

9 11 1513

Acquisitions Amortisation Historical cost

Losses Net Date of birth

Age at 30/06/13

Rem. of contract at 30/06/13

8 10 1412 16 (14-15)

Change in values for period Economic effects for period Values at end of period 30/6/2013 Miscellaneous


Attestation pursuant to art. 154 bis of legislative decree no. 58/98We, 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. 154-bis, 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.


Financial Reporting Officer Chief Executive Officer of Juventus Football Club S.p.A.

Aldo Mazzia Marco Re


143 A N N U A L F I N A N C I A L R E P O R T 3 0 0 6 2 0 1 3 Board of Statutory Auditors’ Report










155 A N N U A L F I N A N C I A L R E P O R T 3 0 0 6 2 0 1 3 Independent Audotors’ Report

OUR PARTNERS

Ricoh Technogym Willis Acqua EvaLavazza

Euphon Sixtus Isokinetic CWS-bocoClinica Fornaca di Sessant

Information for shareholders, investors and the press:

Relations with Institutional Investors and Financial Analyststelephone +39 011 65 63 403

fax +39 011 56 31 [email protected]

Press Officetelephone +39 011 65 63 448

fax +39 011 44 07 [email protected]

Juventus Football Club S.p.A.C.so Galileo Ferraris, 32 - 10128 Turin

www.juventus.com

Borsa Italiana S.p.A. share code: JUVEISIN code: IT0000336518

Bloomberg ticker: JUVE IMReuters ticker: JUVE.MI

This document contains a true translation in English of the report in Italian “Relazione finanziaria annuale al 30 giugno 2013”.

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 2013”.

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 www.juventus.com

Graphic design and art directionBeatrice Coda Negozio

PhotographyLaPresse

Printed byG. Canale & C. S.p.A.

A N N U A L F I N A N C I A L R E P O R T3 0 0 6 2 0 1 3

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