Upload
dangnhan
View
218
Download
0
Embed Size (px)
Citation preview
JU
VE
NT
US
FO
OT
BA
LL
CL
UB
Six-Monthly Report.at 31 December 2001
Borsa Italiana S.p.A. share code: JUVEISIN code: IT0000336518Bloomberg ticker: JUVE IMReuters ticker: JUVE.MI
This document contains a true translation in English of the report in Italian “Relazione Semestrale al31 dicembre 2001”.
However, for information about Juventus Football Club S.p.A. reference should be made exclusively to theoriginal report in Italian “Relazione Semestrale al 31 dicembre 2001”.
The Italian version of the “Relazione Semestrale al 31 dicembre 2001” shall prevail upon the English version.
This report is available on the Internet at www.juventus.com and www.juventusbiz.com in the InvestorRelations section.
JUVENTUS FOOTBALL CLUB S.p.A.
REGISTERED OFFICECorso Galileo Ferraris 32, 10128 Torino
SHARE CAPITALEuro 12,093,200
REGISTERED IN THE TURIN COMPANIES REGISTERunder no. 00470470014 - REA no. 394963
1
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
CAPTAIN
3
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
CONTENTS
OFFICERS pag. 5
MANAGEMENT REPORT pag. 7
History and Strategy of Juventus Football Club S.p.A. pag. 7
Shareholdings and the Stock Market pag. 9
Significant Events in the first Six Months of 2001/2002 pag. 10
Analysis of the Six-Monthly Results of Juventus Football Club S.p.A. pag. 15
Corporate Governance pag. 17
Further Information pag. 21
Significant Events after the Closure of the first Six Months of 2001/2002 pag. 22
Future Outlook pag. 23
Situation and Progress of the Subsidiary CompanyCampi di Vinovo S.p.A. pag. 23
RECLASSIFIED BALANCE SHEET ANDRECLASSIFIED INCOME STATEMENT OF JUVENTUSFOOTBALL CLUB S.P.A. AT 31 DECEMBER 2001 pag. 25
Reclassified Balance Sheet pag. 25
Reclassified Income Statement pag. 26
Notes to the Reclassified Balance Sheet and ReclassifiedIncome Statement pag. 27
JUVENTUS FOOTBALL CLUB S.P.A. - SIX-MONTHLYFINANCIAL STATEMENTS AT 31 DECEMBER 2001 pag. 28
Six-Monthly Financial Statements at 31 December 2001 pag. 28
Notes to Six-Monthly Financial Statements at 31 December 2001 pag. 34
INDEPENDENT AUDITORS’ REPORT pag. 67
FINANCIAL COMMUNICATION AND INVESTOR RELATIONS pag. 71
5
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
OFFICERS
BOARD OF DIRECTORSChairman Vittorio Caissotti di Chiusano**Vice Chairman Roberto BettegaChief Executive Officer Antonio GiraudoDirector and General Manager Luciano MoggiDirector Giancarlo Cerutti* **Director Virgilio Marrone**Director Claudio Saracco* **
AUDIT COMMITTEEClaudio Saracco* **Vittorio Caissotti di Chiusano**Virgilio Marrone**
REMUNERATION AND APPOINTMENTS COMMITTEE Vittorio Caissotti di Chiusano**Giancarlo Cerutti* **Virgilio Marrone**
BOARD OF STATUTORY AUDITORSChairman Giorgio GiorgiAuditor Alberto FerreroAuditor Carlo ReDeputy Auditor Paolo PiccattiDeputy Auditor Gianluca Ferrero
** Independent directors
** Non executive directors
The mandate of the Board of Directors and the Board of Statutory Auditors will expire with the Shareholders’ Meeting toapprove the financial statements as of 30 June 2003.
POWERS OF COMPANY OFFICERSThe Chairman, Vice Chairman and Chief Executive Officer under company by-laws (art. 21) have the power to represent
the Company, in law and on behalf of the company, with the authority to undertake all measures compliant with company
goals, save legal limitations, as specified in Art. 2384 of the Italian Civil Code.
The Board of Directors voted on 15 December 2000 to confer specific management powers on the Vice Chairman and
the Chief Executive Officer.
The Board of Directors voted on 4 September 2001 to confer on the General Manager specific responsibility for sport.
INDEPENDENT AUDITORSThe Shareholders' Meeting of 4 September 2001 appointed PricewaterhouseCoopers S.p.A. as independent auditors of
the Financial Statements for the three-year period of 2001/2002, 2002/2003 and 2003/2004 and for limited audits of the
Six-Monthly Report at 31 December 2001, 2002 and 2003.
7
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
MANAGEMENT REPORT
HISTORY AND STRATEGY OF JUVENTUS FOOTBALL CLUB S.P.A.
Juventus was founded in 1897 thanks to the idea of a group of young students at the Liceo D'Azeglio school in Turin.
After only a few years and the switch to the current black and white strip, Juventus won its first Italian championship
as early as 1905.
In the years that followed, Juventus rapidly rose to be a leading team in Italian and international football, becoming
the only club, together with AFC Ajax, to win all the most important international competitions.
In particular, since its foundation Juventus has won 25 Italian Championships, 2 Italian Super Cups, 2 Champions
Leagues, 2 Intercontinental Cups, 2 European Super Cups, 3 U.E.F.A. Cups and 1 Cup Winners’ Cup.
Since 1994, Juventus has gone from strength to strength not only on the field but also, in the wake of some
important regulatory changes and especially the abolition of the prohibition of profit-making for professional sports
clubs and the recognition of the subjective nature and football clubs' ownership of "television rights", has
gradually transformed itself from a sports club into a business. In particular, the sale of television rights has
enabled the Company to make substantial modifications to the composition of its revenue, exploiting the
economic potential related to the large audiences for football matches and its presence in the mass media.
In the last few years, Juventus has also continued to strengthen its First Team and enhanced its own brand,
developing, among other things, programmes and projects for auxiliary activities connected to its core business
with the aim of providing the Company with fixed assets appropriate to the running of its sports activities and as
promotion, advertising and commercial support from a perspective of establishing itself as an entertainment &
leisure group.
The Company's aim is, therefore, to increase and diversify its revenues and to boost its profitability while at the
same time making it less sensitive to sports results, pursuing strategies to ensure further strengthening in its core
business and the development of new auxiliary activities.
In particular, the Company intends to pursue the following closely related strategic objectives:
• The maintenance of a team of an excellent technical level in order to obtain victorious results on the field and, in
any case, significant successes in domestic and international competitions. To achieve this goal, the Company
intends to continue with the careful management of its team and to pay the maximum attention to the youth
sector with the constant inclusion of young football players;
• Further enhancement of its brand with a view to further developing commercial activities, also through the
expansion of its fans in countries that have shown recent interest in the world of football and the development
of new forms of partnership, especially with companies that own internationally-renowned brands;
• the design and implementation of revenue diversification projects (the Stadium and Mondo Juve projects),
through investments in auxiliary activities connected to its core business in the fields of entertainment and leisure,
thus making the most of the activity of the First Team.
IFI S.p.A. LAFICO S.a.l.
62.7%
5.3%3.6%
28.4%
Antonio Giraudo Free float
9
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
SHAREHOLDINGS AND THE STOCK MARKET
Share Capital
Following listing on the stock market of Juventus Football Club S.p.A., company stock amounts to Euro 12,093,200,
divided into 120,932,000 shares of the nominal value of Euro 0.1.
Shareholders
At the date of the offering (20 December 2001), Juventus Football Club S.p.A. had approximately 41,000 shareholders.
Largest ordinary shareholders
On the basis of the most recent CONSOB declarations available, the shareholding structure of Juventus Football
Club S.p.A. is as follows:
Juventus Football Club S.p.A. shares
Juventus Football Club S.p.A. does not hold any of its own shares.
The Shareholders' Meeting of 4 September 2001 authorised, for a period of 18 months from the date of the
decision, the purchase of its own shares up to a maximum value of Euro 17 million, without setting the maximum
number of them which, within legal limitations, is determined by the cost of purchase. Each purchase must be
made at a minimum price not lower than Euro 0.1 and not higher than 10% with respect to the reference price
recorded in the stock market on the day preceding the purchase.
10 Juventus Football Club Six-Monthly Report at 31 December 2001
On 12 April 2002 the official Juventus share price was Euro 3.43, a decrease of about 7.4% compared to the
value at listing on 20 December 2001 (Euro 3.7) essentially following the fall recorded at the end of the first day
of trading (-6.3%).
From 20 December 2001 to 12 April 2002, the Juventus share price has varied around an average of about Euro
3.44 without there being any particularly significant daily variations.
The average daily equity turnover in trading from 20 December to 12 April was approximately Euro 980,000:
the significant volumes recorded in the first few days after listing (7.3 million shares traded on 20 December
2001) were in fact followed by falling volumes (about 120,000 shares traded on average every day in the month
of March 2002).
SIGNIFICANT EVENTS IN THE FIRST SIX MONTHS OF 2001/2002
Transfer Campaign
From the financial point of view, changes in the playing squad, also taking into account termination of player
sharing, entailed a difference of Euro 45.6 million, determined by investments for Euro 208.3 million net of
disposals for Euro 157.3 million and the terminations of player sharing that determined revenues for Euro 5.4
million. The economic effect, including the terminations of player sharing, is positive for Euro 121.7 million.
On 27 July 2001, the controlling company IFI S.p.A. guaranteed the payment of the adverse balance stemming
from the domestic transfer campaign in the 2001/2002 season by pledging a third-party guarantee to F.I.G.C. -
LNP, as envisaged by the sports regulations in force, for a total sum of approximately Euro 104 million.
As regards the international transfers of footballers, and for which a system of compensation is not envisaged as
in the case of domestic transfers, the disposal of the following player registrations should be noted:
• the footballer Zinedine Zidane to Real Madrid Club de Futbol for a sum of approximately Euro 75 million to be
paid in four equal annual payments. The first instalment has already been received and the remaining ones (for
Euro mln Euro
Juventus Football Club share price trend and equity turnover
20/12 28/12 7/1 14/1 21/1 28/1 4/2 11/2 18/2 25/2 4/3 11/3 18/3 25/3 3/4 10/4
25
20
15
10
5
0
4.2
4
3.8
3.6
3.4
3.2
3
2.8
Equity turnover
Official Price
11
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
which no guarantees have been issued) will be paid by 16 July each year.
• the footballer Edwin Van Der Sar to Fulham Football Club for a total sum of GBP 7 million to be paid in 3
annual instalments, the first instalment of GBP 2 million has already been received; guarantees have been
issued for the remaining sums.
Season tickets
Season tickets sold for the 2001/2002 season amounted to 35,703 compared to 35,446 for the 2000/2001
season. The total net revenue, including auxiliary services, was Euro 6.9 million, an increase compared to the
approximately Euro 6.8 million of the previous season.
Relations with sponsor companies
The Official Sponsor Europa Tv S.p.A. has sub-licensed to Fastweb S.p.A. the sponsorship rights granted by
Juventus for the 2001/2002 football season.
In addition to the agreement with Europa TV S.p.A. as the official sponsor of the Team in the Serie A
Championship, a sponsorship contract has been signed for the U.E.F.A. Champions League and the Coppa Italia
with TU Mobile S.p.A.
For the 2001/2002 and 2002/2003 seasons, Lotto Sport Italia S.p.A. is the Technical Sponsor of Juventus.
On 27 September 2001 the contractual relations between Ciaoweb and Juventus were terminated by mutual
consent, in particular those concerning the contract as Institutional Sponsor and the Juvestore virtual shop, on
receipt of payment from Ciaoweb S.p.A. for a total sum of Euro 4.1 million.
On the same date, the Company went ahead with the sale to Ciaoholding N.V. of 339,560 Ciaoweb S.p.A. shares
at the nominal value of Euro 1 each, for a total sum of about Euro 488,000, for a profit of Euro 148,000.
As regards relations with Sportal Ltd., with whom during 2001 the Company had raised two objections concerning
respectively the management of the official site www.juventus.com and the contract as Official Sponsor for the
1999/2000 2000/2001 2001/2002
No. SEASON TICKETS
34,284
35,446
35,703
12 Juventus Football Club Six-Monthly Report at 31 December 2001
competitions organised by U.E.F.A., it should be remembered that on 30 August 2001 Sportal Ltd entered
insolvency proceedings at the High Court of London and that on 28 November 2001 the contract concerning the
management of the official site was terminated. The Company has fully written-off its credits towards Sportal Ltd.
as it did in the Financial Statements at 30 June 2001 for credits due at the time.
Nike contract
In late November, Juventus and Nike European Operations Netherlands B.V. ("Nike") reached an agreement for a
duration of twelve years that, with effect from 1 July 2003, envisages:
• Technical sponsorship by Nike;
• The exclusive right of Nike to use and sub-license to third parties the Juventus brand and other intellectual
property rights to produce, publicise and sell, worldwide and through all media, products and services (including
the replica version of the match kit used by the First Team as well as sports clothing and accessories).
On the basis of this contract, Nike will manage Juventus' entire licensing activities and will develop
Juventus-branded products and services, creating a network of traditional retailing, on-line and mail-order
operations.
Nike has the right to terminate the contract at the end of each three year period if the Nike Group were to find
itself in seriously adverse business conditions.
The minimum total sum guaranteed by the contract for the twelve years of the contract is about Euro 157.3
million. To these sums must be added the annual supplies of technical material from Nike to Juventus for a
wholesale value in the first contractual year of about Euro 2.3 million (the value of supplies is forecast to rise by
5% every three years).
Furthermore, Nike will pay Juventus the following annual royalties on licensing and retail operations:
• 10% on net revenues from sales of Juventus branded products exceeding Euro 22.7 million (a percentage
which rises to 12% and then 14% when sales of respectively Euro 28.4 and Euro 34.1 million have been
reached); and
• 50% of net profits deriving from the sale of Juventus branded services and from retail operations.
Finally, bonuses are envisaged in favour of Juventus when the First Team achieves certain pre-set national and
international sporting results.
Until 30 June 2003, and thus for the entire current season and the next season (2002-2003), Juventus will
continue collaboration with Lotto as technical sponsor and trademark licensee.
The question raised by AIM Management SA of Lucerne, which had demanded the payment of a considerable
sum in relation to the Nike contract, has been settled in a transaction that entailed the payment of Euro 0.3
million.
Dividends
The Shareholders' Meeting of 4 September 2001 voted, for the third consecutive financial year, the distribution of
a dividend for a total of Euro 1,123,219, equal to Euro 0.054 for each of the 20,800,358 shares of the nominal
value of Euro 0.50 then in circulation.
13
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
Distribution of the dividend started on 5 September 2001.
Stock Market Listing
The Italian Prospectus was deposited with CONSOB on 5 December 2001 following the approval by CONSOB
on 4 December 2001, published in note no. 1090901.
The Public Offering of sale and subscription was held from 10 to 14 December 2001 for the general public in the
framework of the Global Offering of Juventus Football Club S.p.A. shares. Against a Global Offering of 38,700,000
shares, requests were received for 51,484,319 shares from 41,112 applicants, of which 101 institutional investors.
On this basis, 44,505,000 shares were assigned, of which 16,930,210 shares from the increase in capital of
Juventus Football Club S.p.A., 21,769,790 shares offered for sale by selling shareholders and 5,805,000 shares
from the over-allotment option. Shares were therefore assigned as follows: 26,458,500 shares in the Public
Offering and 18,046,500 in the Institutional Offering.
On 18 December 2001, Borsa Italiana S.p.A. approved with notification no. 2080 the admission of Juventus
Football Club S.p.A. shares to the stock market starting on 20 December 2001 on the Mercato Telematico
Azionario (MTA) - "STAR" segment.
The share Offer price was Euro 3.7. The increase in capital generated total proceeds for the Company of about
Euro 62.6 million, gross of commissions and additional charges.
It should be noted that on 20 December 2001 (the first day of trading) the new Company By-Laws came into force
(post-listing By-Laws) approved by the EGM of 4 September 2001.
Campi di Vinovo
As specified in the contract stipulated in March 2001, on 13 July 2001 the Company acquired 96.62% of the
share capital (99.61% of the outstanding capital) of Campi di Vinovo S.p.A., the owner of an area of about
500,000 sq. m. situated in the municipalities of Vinovo and Nichelino.
The sum agreed was approximately Euro 17.4 million, Euro 6.4 million of which was paid in the course of 2001.
In the last quarter of 2001, the Municipalities of Vinovo and Nichelino approved new zoning and redevelopment
plans required for the development of the area, which envisages the creation of the Juventus training centre and
related activities in the fields of entertainment, leisure and commerce, enhanced by the constant presence of the
First Team and the Juventus brand. The projects have been presented to the Piedmont Region for examination
1998/1999 1999/2000 2000/2001
5,224
1,074 1,074 1,123
5,5115,775
Net income
Dividends
Figures in thousands of Euro
14 Juventus Football Club Six-Monthly Report at 31 December 2001
and decisions on matters within its jurisdiction.
Stadio delle Alpi
As indicated in the Financial Statements at 30 June 2001, the Executive of the Municipality of Torino voted on
31 July 2001 to assign the temporary use of the Stadio Delle Alpi until 31 December 2001 to Juventus Football
Club S.p.A. and Torino Calcio S.p.A. The sum to be paid by each of the two sports companies was set at about
Euro 0.5 million. The contract also specified that the companies pay the City of Torino a sum equal to 25% of the
cost of the maintenance work and upgrading to safety standards agreed by the parties. As agreed with the City
of Torino, given that the negotiations for the acquisition of the Stadio were not completed by 31 December 2001,
the contract will remain in force until 30 June 2002 and each of the two clubs will be held to pay a sum equal to
the one set for the period up to 31 December 2001 in addition to 25% of the value of any work done in the
second six months of the validity of the contract.
Negotiations continue between the Company and the City of Torino for the acquisition of the Stadio Delle Alpi.
F.I.F.A. Regulations
In a letter dated 27 June 2001 the F.I.G.C. - LNP issued F.I.F.A. circular no. 759 of 31 May 2001 summarising the
principles of the agreement of 5 March 2001 between the European Commission, F.I.F.A. and U.E.F.A. on the
international transfers of football players. On 5 July 2001 F.I.F.A. approved the regulations that put the above-mentioned
principles into practice.
The new F.I.F.A. regulations, which are not effective for contracts stipulated before 1 September 2001, unless the
parties involved agree otherwise, also provides for introduction by the national Federations of a system of
national transfers of football players in observance of the new F.I.F.A. principles.
The new system governing international transfers regulates, among other things, the transfer of football players
under the age of eighteen, the training of young players and provides for payment of a training compensation to
be shared between all clubs offering training to these football players. An agreement has also been made that
sports contracts must last a minimum of 1 year and a maximum of 5 years. The new system governing
international transfers also provides for a period of stability of sports contracts, from 3 to 2 years depending on
the football player's age, allowing the player to back out of the contract for sporting just cause, to be established
on a case-by-case basis at the end of the football season. The unilateral breach of the contract, at the end of the
period of stability, may only take place at the end of the football season.
With the introduction of the principles of the agreement of 5 March 2001, a stable environment will be created for
the training and education of young players. This will enable the promotion of new young talents and will ensure
that clubs investing in the training and education process are compensated for the activity performed.
Furthermore, the new rules will guarantee contractual stability, which is very important for the fairness of national
and international competitions.
All the contracts completed during the 2001/2002 summer transfer period with professional football players
belonging to the First Team were stipulated by 31 August 2001.
Sport results
As far as match results are concerned, the First Team qualified for the second round of the U.E.F.A. Champions
League. As highlighted in the significant events after the closure of the first six months of the 2001/2002 financial
year, however, the First Team failed to qualify for the quarter finals of the U.E.F.A. Champions League.
15
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
It should also be noted that during the Serie A Championship match Bologna-Juventus on 20 October 2001 the
football player Marcelo Salas was injured. The Company has informed the insurance companies Siat S.p.A., Toro
Assicurazioni S.p.A. and Lloyd's of this event in order to obtain the insurance payment related to the footballer's
injury.
The football player Marcelo Zalayeta rejoined the First Team in November.
Miscellaneous
It should be noted that Resolution no. 213/E of 19 December 2001 of the Agenzia delle Entrate specified that net
income from disposal of players' registrations rights are taxable for IRAP purposes. The Ministry's position is in
clear contrast with that of the Federazione Italiana Giuoco Calcio, which concluded that the income from
disposal of players' registration rights is not taxable, and with the specific order of the day of 19 December 2001
approved by the Chamber of Deputies urging the government to take all the steps necessary to ensure that the
income from disposal of players' registration rights is not subject to IRAP. Notwithstanding the clear contradiction
in the approach of the documents cited above, the Company believes that the amount of the tax provisions fund
is already adequate, with allocations made in the relevant years (1998/1999, 1999/2000 and 2000/2001 seasons)
for a sum equal to the IRAP due and the 25% minimum penalty due for a possible facilitated resolution, as well
as the IRAP due for the first six months of 2001/2002.
ANALYSIS OF THE SIX-MONTHLY RESULTS OF JUVENTUS FOOTBALLCLUB S.P.A.
The economic result for the first six months of 2001/2002 financial period was, as is usual, influenced by the
specific distribution of the economic elements over the whole financial year and cannot, therefore, be a basis for
forecasts referring to the entire period. In particular, it should be noted that in the period in question the income
from disposal of players' registration rights related to the July and August 2001 Transfer Campaign has been
recorded.
The first six months of 2001/2002 closed with a net profit of Euro 37.3 million, against the Euro 10.6 million of the
corresponding six months of the previous year. On the one hand, this result benefited from the significant
contribution from players' management (which was positive for Euro 87.4 million, a significant increase on the
positive balance of Euro 7.7 million of the first six months of 2000/2001), on the other, it shows the negative
impact deriving from the allocation of the extraordinary costs of listing (for a total of about Euro 5.9 million).
Furthermore, the loss of the second quarter of the 2001/2002 financial year was not balanced by the recording
of pre-paid taxes in that at the current state of events there was not sufficient information for registration. This
assessment will be made on closing the accounts at 30 June 2002.
Total revenue for the first six months of 2001/2002 came to Euro 84.8 million, an increase of 10.3% compared to
the Euro 76.9 million of the corresponding period of the previous period thanks to the increase in the income from
matches (from the Euro 5.3 million of the first six months of 2000/2001 to Euro 7.8 million) and, above all, to the
higher income from television, radio and telephone rights and revenues from the U.E.F.A. Champions League
16 Juventus Football Club Six-Monthly Report at 31 December 2001
(which were Euro 50.5 million, against the Euro 38.3 million of the first six months of 2000/2001), more than
compensating the lower revenue from sponsorship and commercial operations (Euro 20.3 million, against the
Euro 22.9 million of the first six months of 2000/2001) and the fall in other revenue (Euro 6.2 million, against about
Euro 10 million of the corresponding period of the previous year).
Match and broadcasting revenues and income from the U.E.F.A. Champions League also benefited from a
higher number of matches being played compared to the first six months of 2000/2001.
Sponsorship and commercial revenue suffered due to the termination by mutual consent of the relations between
Juventus and Ciaoweb S.p.A..
The payment for termination, of Euro 4.1 million, was recorded as other revenue and compensated in part the
insurance payments received by Juventus in the previous season following elimination in the first round of the
U.E.F.A. Champions League (a sum of about Euro 7.7 million).
The operating costs of the first six months of 2001/2002 came to a total of about Euro 87 million, an increase
compared to the Euro 65.6 million of the corresponding period, essentially because of the increase in expenditure
on personnel, which totalled Euro 62 million against the Euro 45.2 million of the first half of 2000/2001. This rise
was due to the strengthening of the First Team which in the coming seasons will again enable the Company
to maintain a level of technical excellence and the continuation of a management policy of bringing in young
players.
The Gross Operating Margin for the six months showed a loss of about Euro 2.1 million, against a profit of Euro
11.3 million for the first six months of 2000/2001.
The income before extraordinary income and taxes for the first six months of 2001/2002 was about Euro 78
million, a significant increase compared to the Euro 18.2 million of the corresponding period of the previous
year.
In the first six months of 2001/2002 the negative extraordinary income for Euro 5.4 million following the full
registration of stock market listing costs (for a total of Euro 5.9 million) was partly compensated for by lower
extraordinary revenue, including the capital gains deriving from the Ciaoholding N.V. sale of the 339,560 Ciaoweb
S.p.A. shares held.
The positive Net Income for the six months was Euro 37.3 million, against the Euro 10.6 million of the first six
months of 2000/2001.
As regards financial aspects and assets, it should be noted that:
• the net account value of players' registration rights at 31 December 2001 amounted to Euro 257 million, an
increase compared to 30 June 2001 (when it was Euro 116.6 million) following the net investments made in the
July-August 2001 Transfer Campaign;
• The positive net Financial Position at the end of December 2001 was Euro 70.4 million, an increase compared
to the positive result of Euro 67.6 million at the end of June 2001 thanks to the proceeds deriving from the
capital increase, the cash flow generated by operating activities (of + Euro123.4 million), partly offset by the net
investments made for a total of Euro 181.8 million and other minor changes.
17
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
• Shareholders' equity at 31 December 2001 was Euro 130.9 million, an increase compared to the Euro 32.5
million of 30 June 2001 thanks to the increase in capital achieved through the stock market listing (a total of
about Euro 62.6 million) and the net income for the six months, net of the dividends distributed.
CORPORATE GOVERNANCE
The Juventus Football Club S.p.A. system of corporate governance is in line with the recommendations of the
rules contained in the Code of Conduct prepared by the Corporate Governance Committee for listed companies,
promoted and adopted by Borsa Italiana. Below we indicate the key aspects of the overall framework of the
Corporate Governance of Juventus Football Club S.p.A.
Board of Directors
In accordance with Art. 15 of the By-laws, the Company Board of Directors meets, at least every three months,
whenever the Chairman and Vice Chairman deem it proper, and it must also meet when a written request is made
by at least three members of the Board or by a Chief Executive Officer or by two Statutory Auditors. The
following meetings of the Board of Directors have been held in the last twelve months: 28 June 2001, 7 July 2001,
19 July 2001, 14 August 2001, 4 September 2001, 12 November 2001, 13 February 2002 and 22 April 2002.
The Board of Directors plays a central role in the organisation of the company; as specified in Art. 17 of the
By-laws, it is vested with the broadest powers for the ordinary and extraordinary management of the Company,
with the power to take all the measures considered necessary and appropriate to achieve the company purpose,
save only such action as is reserved by law to the Shareholders' Meeting.
The Board of Directors exercises its powers in conformity with point 1.2 of the Code of Conduct. In particular, it:
• examines and approves the Company's strategic, commercial and financial plans;
• assigns and revokes the powers of Chief Executive Officers and defines their limits, the forms in which they
may be exercised and the regularity with which they must report to the Board on the work conducted
regarding the powers assigned to them, at least every three months as specified in the By-laws;
• after examination of the proposals of the Remuneration and Appointments Committee and after consulting the
Board of Statutory Auditors, decides on the remuneration of the chief executive officers and of those who occupy
particular positions, as well as the subdivision of the global remuneration for the individual members of the
Board of Directors, when this has not been decided by the Shareholders' Meeting;
• oversees the general management situation with particular attention to situations of conflict of interest, paying
particular attention to information received from the executive directors and the Audit Committee, as well as
regular comparison of effective results against forecasts;
• examines and approves operations of a significant economic, equity and financial impact (with particular
reference to operations with related parties) in as far as this is compatible with the rapid decision-making process
demanded by the "transfer campaign"; in any case, the Executive Directors and the General Manager act
within the framework of plans defined by the Board of Directors to which they report promptly about transfer
operations;
• verifies the adequacy of the general organisational and administrative structure of the company as prepared by
the Chief Executive Officers;
• reports to the shareholders at the OGM/EGM.
The Board of Directors may nominate one or more Chief Executive Officers, who may, as per Art. 21 of the
18 Juventus Football Club Six-Monthly Report at 31 December 2001
By-laws, sign on behalf of and represent the Company to exercise the powers granted to them, to execute
decisions made by the Board and in court.
Art. 18 of the By-laws states that the Board of Directors may delegate all or part of its powers, with related
powers of attorney, to an Executive Committee. In the event the Executive Committee is established, it may take
decisions with the affirmative vote of the absolute majority of those present; for the decisions to be valid, the
majority of the members of the Committee must be present.
The Board of Directors is constantly informed on a timely basis of new legislation and rules which relate to the
Company.
The Board of Directors in office (until the Meeting to approve the Financial Statements at 30 June 2003) is
composed of executive directors, namely Roberto Bettega (Vice-Chairman), Antonio Giraudo (Chief Executive
Officer) and Luciano Moggi (Director and General Manager), and of non-executive officers, namely Vittorio
Caissotti di Chiusano (Chairman), Giancarlo Cerutti, Virgilio Marrone and Claudio Saracco. The majority of the
Board of Directors is therefore composed of non-executive directors (without operational responsibilities and/or
management functions in the company), such as to guarantee, by number and authority, a decisive weight in the
assumption of decisions by the Board. The Company Board of Directors also includes a number of independent
directors. These directors, as recommended by the Code, do not have economic dealings with the Company, with
the executive directors or with the shareholder that controls the Company such as to condition the independence
of their judgement. Furthermore, they do not possess directly or indirectly shareholdings such as to allow them to
control the Company, nor are they members of shareholders' agreements for the control of the Company itself.
The Chairman of the Board of Directors, nominated in accordance with Art. 14 of the By-laws by the Board of
Directors when the Shareholders' Meeting has not already done so, convenes the Board of Directors at least once
every three months (Art. 15 of the By-laws) and co-ordinates its meetings, ensuring that the directors are
provided with timely and adequate information such as to enable the Board to take its decisions with the due
diligence. The Chairman of the Board of Directors holds no operational responsibilities and does not play a
managerial role in the company.
Art. 12 of the By-laws states that (i) the Shareholders' Meeting is chaired by the Chairman of the Board of
Directors or (ii) in his absence by the most senior in age Vice-Chairman present or, (iii) if absent, by another
person indicated by the Meeting. It is the task of the Chairman of the Meeting to verify the validity of the proxies
and in general the right to attend the Meeting and to ensure that the Meeting proceeds correctly. The resolutions
of the Meeting are reported in the form of minutes signed by the Chairman and the Notary Public or the Secretary.
Art. 15 of the By-laws also specifies the obligation for the Directors to whom powers have been delegated to
report at least every three months to the Board of Directors and to the Board of Statutory Auditors on the activity
conducted in exercising these powers, on the most significant operations conducted by the Company or by
subsidiary companies and on those transactions with potential conflict of interest.
Treatment of confidential information
On 13 February 2002 the Board of Directors approved a specific Procedure for the management and treatment
of confidential information, also containing procedures for external communication of documents and information
concerning the Company, with particular reference to price sensitive information.
The purpose of this Procedure is to maintain the confidentiality of certain information, ensuring at the same time
that information about the Company provided to the market is correct, complete, adequate and timely.
The Procedure vests the Chairman, the Vice Chairman, the Chief Executive Officer and the General Manager with
19
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
general responsibility for the management of confidential information. The task of communicating price-sensitive
information is performed through the body denominated Investor Relations, under the direct responsibility of the
Chief Executive Officer.
The Procedure itself also institutes specific procedures to be observed in the external communication of
price-sensitive documents and information and carefully regulates the ways in which company representatives
come into contact with the press and other mass media (i.e. with financial analysts and institutional investors).
Directors’ Remuneration and Appointments. The Remuneration and Appointments Committee
The Company adopts incentive mechanisms on the basis of which the remuneration of executive directors, the
General Manager and other employees includes a part that varies according to whether certain economic and/or
sporting results are achieved. In particular, a significant part of the remuneration of the Vice Chairman Roberto
Bettega, the Chief Executive Officer Antonio Giraudo and the Director and General Manager Luciano Moggi is
linked to the achievement of the individual objectives set (qualitative and quantitative) and to the results (both
economic and sporting) achieved by the Company.
With a vote on 4 September 2001, the Board of Directors nominated a Remuneration and Appointments
Committee to provide consultancy and proposals composed of the non-executive directors Vittorio Caissotti di
Chiusano, Giancarlo Cerutti and Virgilio Marrone. The role of the Remuneration and Appointments Committee is
to evaluate the remuneration levels of the Company's top management, career plans, and the plans for the
replacement of people who occupy key positions in the Company structure.
Internal Control and the Audit Committee
The Company's internal control system is structured so as to ensure correct information and adequate
governance of all activities and, in particular, control of the areas of greatest risk for the Company. To this end, the
Company has deployed a specific system entrusted with the mission of ascertaining the adequacy of the various
company processes in terms of their effectiveness, efficiency and economic return, in addition to guaranteeing the
reliability and correctness of accounts and ensuring observance of internal and external regulations and company
directives and guidelines designed to ensure honest and efficient management.
With a vote on 4 September 2001, the Board of Directors nominated an Audit Committee to provide consultancy
and proposals, as well as the control of internal (administrative and operational) procedures, composed of three
non-executive directors in the persons of Claudio Saracco (President of the Committee), Vittorio Caissotti di
Chiusano and Virgilio Marrone. The Audit Committee is entrusted with maintaining relations between the person
responsible for the internal control of the Company, the Board of Directors, the Board of Statutory Auditors and the
independent auditing company.
The Board of Directors of 4 September 2001 indicated Teresa Gastaldo, Administration and Human Resources
Manager, as the person responsible for internal control.
For the three year period of 2001/2002, 2002/2003 and 2003/2004, the Company has appointed
PricewaterhouseCoopers S.p.A. as independent auditors of the Financial Statements and for limited audits
of the Six-Monthly Reports and verification that the accounts are kept in conformity with legislative decree
no. 58/98.
Other Corporate Governance procedures and guidelines
In order to establish a constant and professional relationship with all shareholders, as well as with institutional
20 Juventus Football Club Six-Monthly Report at 31 December 2001
investors, as requested by the Code of Conduct and also to respond to the further demands to be satisfied for
admission to the STAR segment of the Mercato Telematico Azionario organised and managed by Borsa Italiana
S.p.a., the appointment has been made of a person responsible for the specific management of all activities
concerning relations with institutional investors and other shareholders in the person of Fabrizio Prete (Investor
Relations Manager), Chief Financial Officer.
The recommendation contained in the Code of Conduct to consider the Shareholders' Meeting as the key
moment for fruitful dialogue between the shareholders and the Board of Directors has been carefully assessed
and is fully shared by the Company which believes it appropriate - as well as ensuring the regular attendance of
its own directors at the meetings - to adopt specific measures intended to make the best possible use of the
meetings.
To this end, on 4 September 2001, the Shareholders' Meeting approved the "OGM/EGM Code" which regulates
the ordered and effective management of Company Meetings, also to encourage the participation of as many
shareholders as possible.
In line with Art.13 of the Code of Conduct, the Board of Statutory Auditors plays a fundamental function in the
Company of control and verification of the correct administration and accounting management of the Company,
of observance of the law and the articles of association, in complete autonomy and independence. Art. 22 of the
By-laws establishes that the Board of Statutory Auditors is made up of three acting Auditors and two alternate
Auditors.
The election of one Auditor and one Deputy Auditor is reserved for the minority. The Board of Statutory Auditors
is nominated on the basis of lists presented by the shareholders and deposited at the Company offices at least
tend days before the date set for the first calling of the meeting. The shareholders presenting such lists will be
asked to accompany the lists with full information concerning the personal and professional background of the
candidates.
21
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
FURTHER INFORMATION
Operations with the parent company, with Group companies and related parties
Company operations with the parent company IFI S.p.A. were of a financial and economic nature: the
provision of services and guarantees related to the Transfer Campaign for Euro 103,953 thousand.
The financial and economic relations with companies of the Gruppo IFI are as summarised below:
Furthermore, the following operations have been conducted between Juventus Football Club S.p.A., the
parent company IFI S.p.A. and companies of the Gruppo IFI:
- purchase at the nominal value of Euro 1,251 thousand of credit with the tax authorities from IFI S.p.A.;
- purchase at the nominal value of Euro 3,500 thousand of credit with the tax authorities from IFIL S.p.A..
Miscellaneous
After the footballer Edgar Davids was found to have exceeded the parameters of the metabolites of "nandrolone",
ascertained during the counter-analysis at the CONI Anti-doping Laboratory on the urine samples of the player
after the Udinese-Juventus match of 4 March 2001, the Anti-doping Attorney began disciplinary proceedings.
On 6 September 2001 the Federal Appeal Commission, the Sports Justice body, disqualified Edgar Davids for 4
months starting on 17 May 2001, also applying a fine of 100 million Lire (equal to Euro 51,6 thousand) and
providing for spot checks as specified in Art. 13, section 6, of the Anti-doping Regulations. This suspension has
already been completed.
For the same fact, the Procura della Repubblica of Turin, has opened a penal investigation involving the player
and at the date of approval of this Six-Monthly Report, the Company had no further information available.
RECEIVABLES PAYABLES REVENUES EXPENSESfigures in thousand Euro at 31/12/01 at 31/12/01 1/7-31/12/01 1/7-31/12/01
IFI S.p.A. 1.5 163.7 31.2 206.0
AUGUSTA ASSICURAZIONI S.p.A. - 10.8 - 10.5
CIAOWEB PORTAL S.p.A. 2,582.4 - 4,131.7 33.6
EDITRICE LA STAMPA S.p.A. 94.3 3.3 71.8 41.4
FIAT AUTO S.p.A. 298.9 96.1 945.2 409.4
FIAT SEPIN S.p.A. - - - 7.1
I.T.S. S.r.l. - 2.1 - -
IFIL S.p.A. - - 29.9 -
PUBLIKOMPASS S.p.A. - 113.7 - 115.2
SADI S.p.A. - 0.1 - 0.1
SISPORT FIAT S.p.A. - 12.8 - 13.6
SOIEM S.p.A. - 120.6 - 122.0
TORO ASSICURAZIONI S.p.A. 13.7 17.8 228.3 1,732.8
WORKNET - SOCIETA’ DI FORNITURADI LAVORO TEMPORANEO - 7.4 - 53,2
TOTALS 2,990.8 548.4 5,438.1 2,744.9
22 Juventus Football Club Six-Monthly Report at 31 December 2001
As far as the investigation by the Turin Judicial Authority against the Chief Executive Officer and company physician
regarding the improper use of medicines by Juventus football players is concerned, following opposition by the
Prosecution, which presented a different interpretation of the legal procedure on the matter, the PI judge raised a
question of the constitutional legitimacy of the provision indicated by the Prosecution, with the consequent
transmission of the case to the Constitutional Court. At the hearing on 20 February 2001, the proposed
exception was declared to be inadmissible with the argument (a very new one) that the report requested was not
urgent.
Consequently, the Prosecution called for the indictment of the CEO and the company physician, and the first
hearing in the case before the monocratic court was held on 31 January 2002. After the settlement of procedural
questions, a number of investigative hearings were held in the course of February-April 2002, and these will
continue in the coming months.
In reference to the proceedings regarding the player Andreas Isaksson, on 31 October 2001 the "Players' Status
Committee" of F.I.F.A. ordered the Company to pay about Euro 0.8 million alleging that Juventus breached the
contract for the transfer of the player's registration rights from Trelleborgs FF to Juventus. The Company has
appealed against this decision. The F.I.F.A. appeal body has not yet announced its decision.
SIGNIFICANT EVENTS AFTER THE CLOSURE OF THE FIRST MONTHSOF 2001/2002
Transfer Campaign
On 28 January 2002 an agreement was reached for the free temporary transfer of the registration rights of the
player Athirson Mazzolli e Oliveira to Clube de Regatas do Flamengo. The transfer was made effective as of 1
February 2002 and will expire on 30 June 2003. This agreement made it possible to resolve the dispute with the
Brazilian club that was pending with the relevant F.I.F.A. bodies without cost to the Company.
In addition, Juventus Football Club S.p.A. has made the definitive acquisition from Perugia A.C. S.p.A. of the
player Davide Baiocco for about Euro 7.2 million. At the same time, agreement was reached for the definitive
transfer to Perugia A.C. S.p.A. of the player Fabian O'Neill for about Euro 2.6 million. In the third quarter of this
financial year, this transfer will generate a loss from disposal of players' registration rights of about Euro 3.8 million,
gross of any additional expenses, and will, at the same time, allow savings in terms of amortisation for about Euro
1.3 million in the course of the second six months of the current financial year and of about Euro 2.5 million in
2002/2003.
Davide Baiocco signed a 5 season contract with Juventus Football Club S.p.A. expiring on 30 June 2006. At the same
time, Juventus Football Club S.p.A. loaned the player Davide Baiocco to Perugia A.C. S.p.A. until 30 June 2002.
Finally, Juventus Football Club S.p.A. terminated with mutual consent the contract with the player Juan Eduardo
Esnaider which would have expired on 30 June 2003 and sold the player Pierre Giorgio Regonesi. These
operations, gross of any additional costs, will generate an overall loss of about Euro 3.5 million and will, at the
same time, allow amortisation savings of about Euro 1.2 million in the course of the second six months of the
current financial year and of about Euro 2.3 million in 2002/2003.
23
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
Taking into account the economic and financial effects of the summer Transfer Campaign, the overall change in
team members in the 2001/2002 season, also considering the terminations of player sharing, entailed a negative
financial result of Euro 50.9 million, due to investments for Euro 216.2 million, net of disposals for Euro 159.9 mil-
lion and the terminations of player sharing that led to revenues of Euro 5.4 million. The positive economic effect,
including terminations of player sharing, was Euro 114.1 million.
Sporting results
As far as match results are concerned, the First Team has qualified for the final of the TIM Italian Cup but has
failed to pass the second round of the U.E.F.A. Champions League.
Campi di Vinovo
As envisaged in the contract stipulated on 19 March 2001 for the acquisition by Juventus Football Club S.p.A. of
96.62% of the share capital (99.61% of the outstanding capital) of Campi di Vinovo S.p.A., the second instalment
of about Euro 2.6 million has been paid; this sum is to be added to the about Euro 6.4 million paid in the course
of 2001. The outstanding balance of about Euro 8.4 million will be paid by 1 July 2002, the deadline by which,
under the responsibility and at the expense of the selling shareholders, the necessary measures must be taken
so that the structures, facilities and areas owned by Campi di Vinovo S.p.A. be completely freed of any liens,
encumbrances, easements and contracts of an obligatory nature.
In the period of January-March 2002 Juventus Football Club S.p.A. acquired a further 6,300 shares in Campi di
Vinovo S.p.A. Following these operations, the percentage of control of Juventus Football Club S.p.A. rose to
96.87% of the share capital of Campi di Vinovo S.p.A. (99.87% of the outstanding capital).
Official Internet Site
In March 2002, Juventus Football Club S.p.A. stipulated a contract with Sports.Com Italia S.r.l. for the creation,
production and management of the official Juventus Internet site (www.juventus.com), which is already fully operational.
Change in the Net Financial Position
The positive Net Financial Position at 31 March 2002 was Euro 25.5 million, a fall compared to Euro 70.4 million
at the end of December 2001, essentially due to seasonal causes.
FUTURE OUTLOOK
As is usual, the performance in the current football season will influence the result of the entire 2001/2002
financial year.
SITUATION AND PROGRESS OF THE SUBSIDIARY COMPANY CAMPIDI VINOVO S.P.A.
On 27 March 2002 the Board of Directors of the subsidiary company Campi di Vinovo S.p.A. approved the draft
Financial Statements at 31 December 2001. The net result for 2001 is about Euro 11,000, against about Euro
24 Juventus Football Club Six-Monthly Report at 31 December 2001
127,000 in the previous period.
As in the past, the company's operations refer to the rent of the sports facilities including the horse racing and
trotting courses. As specified in the contract with the former controlling shareholders, the final months of the
period saw the formalisation of the sale of the trotting course and the termination of the rent contract for the golf
company. The horse racing course will continue to be used until 30 June 2002 by Società Torinese Corse di
Cavalli S.r.l. to enable it to maintain the commitments made to UNIRE.
After this date, once horse racing has finished, the management of the company will be followed directly by
Juventus Football Club S.p.A. in order to begin the work planned for the "Mondo Juve" project.
31/12/01 30/06/01 Change 31/12/00
- Players’ registration rights 362,964 220,941 142,023 221,977
- Accumulated amortisation (105,920) (104,386) -1,534 (86,354)
Net players’ registration rights 257,044 116,555 140,489 135,623
Other net intangible fixed assets 714 544 170 551
Net tangible fixed assets 9,049 8,518 531 7,732
Net investments 21,836 16,047 5,789 14,906
NET FIXED ASSETS 288,643 141,664 146,979 158,812
- Net receivables from football clubs 126,227 42,879 83,348 44,047
- Payables to football clubs (158,008) (57,992) -100,016 (70,028)
Net credit/(debit) positionto other football clubs (31,781) (15,113) -16,668 (25,981)
Other operating receivables 33,371 23,694 9,677 41,700
Other operating payables (183,753) (179,514) -4,239 (167,336)
NET WORKING CAPITAL (182,163) (170,933) -11,230 (151,617)
SEVERANCE INDEMNITYAND OTHER PROVISIONS (45,939) (5,826) - 40,113 (8,296)
NET INVESTED CAPITAL 60,541 (35,095) 95,636 (1,101)
SHAREHOLDERS’ EQUITY 130,940 32,460 98,480 37,523
NET FINANCIAL POSITION (70,399) (67,555) - 2,844 (38,624)
TOTAL NET SHAREHOLDERS’ EQUITYAND NET FINANCIAL POSITION 60,541 (35,095) 95,636 (1,101)
MEMORANDUM ACCOUNTS :
Third-party assets held by the Company 40 40 - 138
Company assets held by third parties 1,248 339 909 -
Guarantees given 130,422 41,344 89,078 81,637
Guarantees received 76,511 17,964 58,547 62,464
Options granted by third parties 454 - 454 -
Forward agreements 7,528 85,791 - 78,263 26,419
TOTAL MEMORANDUM ACCOUNTS 216,203 145,478 70,725 170,658
RECLASSIFIED BALANCE SHEET
RECLASSIFIED BALANCE SHEET AND RECLASSIFIEDINCOME STATEMENT OF JUVENTUS FOOTBALL CLUBS.P.A. AT 31 DECEMBER 2001
Euro in thousands
25
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
26 Juventus Football Club Six-Monthly Report at 31 December 2001
RECLASSIFIED INCOME STATEMENT
2000/2001
Operations excluding Players’ Totalplayers’ management management
12,835 - 12,835 Ticket salesTelevision, radio and telephone
96,189 - 96,189 rights and U.E.F.A. Champions League revenues45,795 - 45,795 Sponsorship, commercial and other related activities14,278 2,003 16,281 Other revenues
169,097 2,003 171,100 TOTAL REVENUES(2,409) - (2,409) Materials, goods and accessories
(25,945) - (25,945) Services(2,517) - (2,517) Rents, leases and related costs
(100,455) - (100,455) Personnel costs(15,295) - (15,295) Other operating expenses
(146,621) - (146,621) TOTAL OPERATING COSTS
22,476 2,003 24,479 GROSS OPERATING MARGIN(674) (37,028) (37,702) Depreciation and amortisation
(6,245) - (6,245) Provisions and write downs2,655 7,914 10,569 Net financial income/(loss)(519) - (519) Adjustment to financial assets
Income/(Loss) from players’- 18,438 18,438 registration rights
17,693 (8,673) 9,020 INCOME/(LOSS) BEFORE EXTRAORDINARY INCOME AND TAXES1,735 - 1,735 Extraordinary income/(loss)
19,428 (8,673) 10,755 EARNINGS BEFORE TAXES(4,980) Total taxes for the period
5,775 NET INCOME FOR THE PERIOD
27
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1NOTES TO THE RECLASSIFIED BALANCE SHEET AND RECLASSIFIEDINCOME STATEMENT
The tables in the Balance Sheet and Income Statement have been reclassified following financial analysis criteria in order to
make them easier to read and to facilitate analysis of the Company's economic, asset and financial data. In particular, the
Income Statement has been drawn up following a scheme that distinguishes "operations excluding players' management" from
"players' management". The purpose of this scheme is to represent the profits and losses deriving from the disposal of
players' registration rights and from the termination of player sharing contracts ex art. 102 bis N.O.I.F., the costs and revenues
deriving respectively from the acquisitions and temporary disposals of players' registration rights as well as the costs related to
the amortisation of these players' registration rights. In addition, the contingent assets and liabilities, fees, commissions and
charges related to the stock market listing have been reclassified as extraordinary items in the Income Statement.
The reclassification criteria chosen make it possible, in any case, to compare each item with those envisaged by the regulations
in force for the annual accounts.
Euro in thousands
FIRST HALF FIRST HALF
2001/2002 2000/2001
Operations excluding Players’ Total Operations excluding Players’ Totalplayers’ management management players’ management management
7,798 - 7,798 5,278 - 5,278
50,543 - 50,543 38,776 - 38,77620,273 - 20,273 22,912 - 22,912
6,077 145 6,222 9,385 577 9,962
84,691 145 84,836 76,351 577 76,928(1,103) - (1,103) (1,296) - (1,296)
(13,968) - (13,968) (12,606) - (12,606)(1,445) (117) (1,562) (1,388) - (1,388)
(61,985) - (61,985) (45,154) - (45,154)(8,366) - (8,366) (5,168) - (5,168)
(86,867) (117) (86,984) (65,612) - (65,612)
(2,176) 28 (2,148) 10,739 577 11,316(456) (34,350) (34,806) (379) (18,700) (19,079)
(7,259) - (7,259) (1,510) - (1,510)634 (2,153) (1,519) 1,696 7,915 9,611
(165) - (165) - - -
- 123,863 123,863 - 17,905 17,905
(9,422) 87,388 77,966 10,546 7,697 18,243(5,368) - (5,368) 205 - 205
(14,790) 87,388 72,598 10,751 7,697 18,448(35,348) (7,886)
37,250 10,562
28 Juventus Football Club Six-Monthly Report at 31 December 2001
SIX-MONTHLY FINANCIAL STATEMENTSAT 31 DECEMBER 2001
BALANCE SHEETASSETS
31/12/2001 30/06/2001 Change 31/12/2000
B) FIXED ASSETS
I) INTANGIBLE ASSETS:1) Start-up and organization costs - - - 1,373
3) Royalties for industrial patents and use
of intellectual property 661,148 457,982 203,166 548,245
6) Fixed assets in progress and advance payments 53,097 85,596 - 32,499 -
8) Costs of players’ registrations rights 257,044,364 116,555,264 140,489,100 135,623,204
9) Other fixed assets - - - 1,506
Total 257,758,609 117,098,842 140,659,767 136,174,328
II) TANGIBLE FIXED ASSETS:
1) Land and buildings 6,827,565 6,933,146 - 105,581 6,639,646
2) Plants and machinery 260,545 322,882 - 62,337 333,519
3) Industrial and commercial equipment 407,514 389,576 17,938 441,155
4) Other assets 442,059 400,255 41,804 318,082
5) Fixed assets in progress and advance payments 1,111,242 472,149 639,093 -
Total 9,048,925 8,518,008 530,917 7,732,402
III) INVESTMENTS,
with separate indication, for each
item, of the amounts collectable within
one year:
1) Shareholdings:
a) subsidiary companies 17,380,866 - 17,380,866 -
c) players’ sharing costs ex Art. 102 bis N.O.I.F. 4,419,582 14,376,871 - 9,957,289 14,376,871
d) in other companies 2,587 342,147 - 339,560 692,587
2) Receivables:
d) from others 32,601 1,328,052 - 1,295,451 38,948
Total 21,835,636 16,047,070 5,788,566 15,108,406
TOTAL FIXED ASSETS (B) 288,643,170 141,663,920 146,979,250 159,015,136
Euro
29
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
BALANCE SHEETASSETS
31/12/2001 30/06/2001 Change 31/12/2000
C) CURRENT ASSETS
II) RECEIVABLES, with separate indication,
for each item, of the amounts collectable
after one year:
1) Trade receivables * 144,114,721 53,967,348 90,147,373 55,626,893
4) Due from parent company 1,482 744 738 145
5) Due from others 11,129,130 10,503,586 625,544 19,590,645
Total 155,245,333 64,471,678 90,773,655 75,217,683
III) CURRENT FINANCIAL ASSETS
6) Other securities 2,472,007 2,636,919 - 164,912 38,200,947
Total 2,472,007 2,636,919 - 164,912 38,200,947
IV) CASH AT BANK AND IN HAND:
1) Bank and post-office deposits 67,903,751 64,908,219 2,995,532 419,798
3) Cash at bank and in hand 23,062 9,453 13,609 2,288
Total 67,926,813 64,917,672 3,009,141 422,086
TOTAL CURRENT ASSETS (C) 225,644,153 132,026,269 93,617,884 113,840,716
D) ACCRUED INCOME AND PREPAID EXPENSES 4,352,817 2,101,569 2,251,248 10,327,077
TOTAL ASSETS 518,640,140 275,791,758 242,848,382 283,182,929
Euro
* Euro 66,641,839 of which collectable beyond the next financial year
30 Juventus Football Club Six-Monthly Report at 31 December 2001
BALANCE SHEETLIABILITIES
31/12/2001 30/06/2001 Change 31/12/2000
A) SHAREHOLDERS’ EQUITYI) SHARE CAPITAL 12,093,200 10,400,179 1,693,021 10,742,489
II) ADDITIONAL PAID-IN-CAPITAL 60,948,756 - 60,948,756 -
IV) LEGAL RESERVE 1,636,112 1,347,381 288,731 1,005,071
VII) OTHER RESERVES 17,288,731 - 17,288,731 275,553
VIII) RETAINED PROFITS 1,722,924 14,937,711 - 13,214,787 14,937,711
IX) NET INCOME 37,249,697 5,774,627 31,475,070 10,562,094
TOTAL SHAREHOLDERS’ EQUITY (A) 130,939,420 32,459,898 98,479,522 37,522,918
B) PROVISIONS FOR RISKS AND OTHER CHARGES
2) TAXES 34,763,803 300,000 34,463,803 3,353,240
3) OTHERS 9,570,462 4,109,891 5,460,571 3,714,080
TOTAL PROVISIONS FOR RISKS AND OTHER CHARGES (B) 44,334,265 4,409,891 39,924,374 7,067,320
C) EMPLOYEES’ SEVERANCE INDEMNITY 1,605,209 1,415,652 189,557 1,228,562
D) PAYABLES, with separate indication,for each item, of the amountscollectable after one year:
5) ADVANCE PAYMENTS - - - -
6) TRADE PAYABLES 15,129,716 4,711,110 10,418,606 11,233,778
10) DUE TO PARENT COMPANIES 163,668 47,780 115,888 53,842
11) TAX PAYABLES 8,692,643 9,750,493 - 1,057,850 16,604,348
12) DUE TO SOCIAL SECURITY BODIES 370,069 355,589 14,480 241,791
13) OTHER PAYABLES 23,535,116 18,889,927 4,645,189 2,134,105
14) DUE FOR PLAYERS’ SHARING COSTS
EX ART. 102 BIS N.O.I.F. 5,371,152 7,695,208 - 2,324,056 8,211,665
16) DUE TO SPECIFIC SECTOR* 166,012,114 57,466,702 108,545,412 75,017,221
TOTAL PAYABLES (D) 219,274,478 98,916,809 120,357,669 113,496,750
E) ACCRUED EXPENSES,AND DEFERRED INCOME 122,486,768 138,589,508 - 16,102,740 123,867,379
TOTAL LIABILITIES 518,640,140 275,791,758 242,848,382 283,182,929
Euro
* Euro 78,133,801 of which collectable beyond the next financial year
31
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
BALANCE SHEETMEMORANDUM ACCOUNTS
31/12/2001 30/06/2001 Change 31/12/2000
THIRD PARTY GUARANTEES IN FAVOUR OF THIRD PARTIES
Risks for guarantees granted 130,421,534 41,344,286 89,077,248 81,636,516
THIRD PARTY GUARANTEES IN OUR FAVOUR
Risks for guarantees received from third parties 76,511,129 17,963,817 58,547,312 62,463,559
FORWARD AGREEMENTS - RECEIVABLES 279,684 3,413,851 - 3,134,167 13,054,501
FORWARD AGREEMENTS - PAYABLES 7,248,526 13,841,892 - 6,593,366 13,363,568
OPTIONS GRANTED BY THIRD PARTIES
Purchase of players’ registration rights 453,875 - 453,875 -
COMMITMENTS FOR PURCHASE OF PLAYERS’ REGISTRATION
RIGHTS - Transfer campaign 2001/02 - 47,656,060 - 47,656,060 -
COMMITMENTS FOR DISPOSAL OF PLAYERS’ REGISTRATION
RIGHTS - Transfer campaign 2001/02 - 3,522,236 - 3,522,236 -
COMMITMENT FOR PURCHASE OF PROPERTY - - - -
THIRD PARTY ASSETS HELD BY THE COMPANY 40,334 40,324 10 138,212
COMPANY ASSETS HELD BY THIRD PARTIES 1,247,521 339,560 907,961 -
COMMITMENTS FOR PURCHASE OF SHAREHOLDING - 17,356,567 - 17,356,567 -
TOTAL MEMORANDUM ACCOUNTS 216,202,603 145,478,593 70,724,010 170,656,356
Euro
32 Juventus Football Club Six-Monthly Report at 31 December 2001
INCOME STATEMENT
FIRST HALF FIRST HALF Change2000/2001 2001/2002 2000/2001
A) PRODUCTION VALUE
12,835,098 1) REVENUES FROM SALES AND SERVICES 7,798,411 5,278,379 2,520,0325) OTHER REVENUES AND INCOME
2,002,993 a) Income from temporary transfer of players 145,405 577,104 - 431,699- b) Contributions from F.I.G.C. - LNP - - -
142,525,616 d) Sponsorship and other revenues 71,134,547 61,862,319 9,272,22815,077,822 e) Other revenues and income 6,290,801 9,268,892 - 2,978,091
172,441,529 TOTAL PRODUCTION VALUE (A) 85,369,164 76,986,694 8,382,470
B) PRODUCTION COSTS
2,409,350 6) PURCHASES 1,348,626 1,295,971 52,65525,945,659 7) SERVICE EXPENSES 17,380,980 12,688,814 4,692,166
2,516,660 8) LEASE AND RENT COSTS 1,650,418 1,388,598 261,8209) PERSONNEL EXPENSES
98,347,784 a) Salaries and wages 60,864,460 44,257,815 16,606,6451,727,725 b) Social security contributions 924,153 707,935 216,218
379,366 c) “Employees’ severance indemnity” 196,480 147,873 48,607103 e) Other costs - - -
10) AMORTISATION AND DEPRECIATION37,247,189 a) Amortisation of intangible fixed assets 34,521,168 18,807,692 15,713,476
454,840 b) Depreciation of tangible fixed assets 284,543 270,971 13,572d) Write-downs of receivables entered under
4,463,986 current assets and cash at bank and in hand 1,798,259 129,114 1,669,14512) ACCRUALS FOR RISKS
1,781,445 Other risks 5,460,571 1,380,727 4,079,84414) OTHER OPERATING EXPENSES
332,774 a) Match organisation expenses 150,966 146,900 4,066103,769 b) Official match expenses 60,688 45,812 14,876
4,261 c) Match registration fees 5,333 5,294 3914,986,402 d) Others 8,552,102 5,056,716 3,495,386
190,701,313 TOTAL PRODUCTION COSTS (B) 133,198,747 86,330,232 46,868,515
DIFFERENCE BETWEEN PRODUCTION(18,259,784) VALUE AND COSTS (A-B) (47,829,583) (9,343,538) - 38,486,045
C) FINANCIAL INCOME AND EXPENSES
15) INCOME FROM SHAREHOLDINGSwith separate indication of those fromsubsidiary and associated companies
- d) Others 147,940 - 147,94016) OTHER FINANCIAL INCOME
a) from receivables entered under fixed assets, withseparate indication of those from subsidiary and
1,241 associated companies and those from parent companies 355 572 - 217
Euro
33
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
INCOME STATEMENT
FIRST HALF FIRST HALF Change2000/2001 2001/2002 2000/2001
c) from securities entered under current assets237,507 other than shareholdings 10,280 30,403 - 20,123
d) other income, with separate indication of thosefrom subsidiary and associated companies
11,383,400 and those from parent companies 2,928,121 10,396,651 - 7,468,530
17) INTEREST AND OTHER FINANCIAL EXPENSESwith separate indication of those due tosubsidiary and associated companies and
1,052,528 those due to parent companies 6,641,696 816,788 5,824,908
TOTAL FINANCIAL INCOME10,569,620 AND EXPENSES (15+16-17) (3,555,000) 9,610,838 - 13,165,838
D) VALUATION ADJUSTMENTS TOFINANCIAL ASSETS
19) WRITE-DOWNS147,940 a) of shareholdings - - -371,022 c) of securities entered under current assets 164,912 - 164,912
TOTAL VALUATION ADJUSTMENTS(518,962) TO FINANCIAL ASSETS (18-19) (164,912) - - 164,912
E) EXTRAORDINARY INCOME AND EXPENSES
20) INCOME with separate indication of capitalgains on disposals generating revenuewhich cannot be entered under item 5
20,468,247 a) capital gains on disposals 123,892,118 19,205,916 104,686,202551,106 b) use of reserve art. 25 of the Company By-laws 288,731 275,553 13,178
- c) pre-paid taxes - - -
21) EXPENSES, with separate indication of capitallosses on disposals the effects of which cannotbe entered under item 14, and on taxes fromprevious years
2,055,031 a) capital losses on disposals 33,879 1,300,528 - 1,266,649- c) other extraordinary costs - - -
TOTAL EXTRAORDINARY INCOME18,964,322 AND EXPENSES (20-21) 124,146,970 18,180,941 105,966,029
PROFIT BEFORE INCOME TAXES10,755,196 (A-B±C±D±E) 72,597,475 18,448,241 54,149,234
(4,980,569) 22) INCOME TAXES (35,347,778) (7,886,146) - 27,461,632
5,774,627 26) NET INCOME FOR THE PERIOD 37,249,697 10,562,095 26,687,602
Euro
34 Juventus Football Club Six-Monthly Report at 31 December 2001
NOTES TO SIX-MONTHLY FINANCIAL STATEMENTS
STRUCTURE AND CONTENT
The Six-Monthly Report has been drafted in compliance with the Consob regulation adopted with decision no.
11971 of 14 May 1999 and later modifications and additions and as indicated by the Federazione Italiana Giuoco
Calcio and the Commissione di Vigilanza per le Società di Calcio.
This Six-Monthly Report has not been drawn up as a consolidated report as the only company controlled by
Juventus Football Club S.p.A. (Campi di Vinovo S.p.A.) as specified in Art. 2359 of the Italian Civil Code is excluded
from consolidation through the application of clause 2, point a) of Art. 28 of legislative decree 127/91. The
consolidation of Campi di Vinovo S.p.A. is at the moment effectively irrelevant for the purposes of true and fair
representation of the financial and economic results of the controlling company Juventus Football Club S.p.A..
The financial statements (Balance Sheet and Income Statement) indicate the variations in the individual items. The
Notes to Six-Monthly Financial Statements are limited to comments on the main items. If not otherwise indicated,
the figures are given in thousands of euros.
The Appendices section, which is an integral part of the Notes to Six-Monthly Financial Statements, includes
tables containing both the obligatory information required by the regulations in force and those held useful for the
clarity and completeness of this Six-Monthly Report.
Significant events after the closure of the six months are commented in the "Management Report" to which
reference should be made.
EVALUATION CRITERIA AND ACCOUNTING PRINCIPLES
The Six-Monthly Report at 31 December 2001, concerning the first six months of the 2001/2002 financial year,
has been drawn up in observance of the criteria of evaluation, and the accounting principles adopted are
consistent with those adopted for the Financial Statements for the year closed at 30 June 2001. These criteria
conform to those laid down in Art. 2426 of the Italian Civil Code, to which explicit reference is made. Following
the introduction in January 2002 of the new accounting principle no. 30, the income/losses from disposals are
determined as the difference between the price agreed and the residual accounting value, inclusive of any
additional charges at the end of the quarter preceding that of disposal of players' registration rights and pro rata
temporis from the beginning of the financial year for other tangible and intangible assets.
In preparing the Six-Monthly Report, the provisions of the second paragraph of article 2423 of the Italian Civil
Code have been observed with respect to clarity and truthfulness, correct representation of the Company's
financial position, assets and economic performance for the period.
It should also be noted that in preparing this Six-Monthly Report, no derogation has been made as per the fourth
paragraph of article 2423 of the Italian Civil Code.
Considering the first paragraph of article 2423 ter of the Italian Civil Code and the particular activity of the Company,
in addition to the regulations referred to earlier, the rules indicated by the Federazione Italiana Giuoco Calcio, in the
documents dated October 1993 and November 1995 and by the Commissione di Vigilanza per le Società di Calcio,
were also observed, enabling us to interpret the laws from the technical point of view.
35
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
The evaluation criteria adopted are analysed further on in this document, indicating the reasons for their adoption.
INTANGIBLE FIXED ASSETS
Cost of players’ registration rights
Intangible fixed assets related to the cost of players' registration rights are entered at cost, inclusive of any
incidental costs, and the amounts are net of amortisation as calculated on a straight-line basis in relation to the
duration of the contracts stipulated with the individual football players.
The original amortisation plan is extended following renewal, if applicable, of the contract.
The above-mentioned players' registration rights are entered in the Financial Statements on the date on which the
contracts are ratified by the Lega Nazionale Professionisti for national transfers and on the date of the "transfer"
issued by the Federazione Italiana Giuoco Calcio for international transfers.
For football players registered as "giovani di serie" (youth players), costs are amortised on a straight-line basis over 5 years.
Other intangible fixed assets
All other intangible fixed assets are entered at cost and, where provided for, with the approval of the Board of
Statutory Auditors. The amounts are net of amortisation as calculated on a straight-line basis in relation to their
remaining useful life. To be more precise, the following fixed assets are amortised according to the following criteria:
royalties for industrial patents and use of intellectual property: trademarks over 10 years; software over 3 years;
the "Juventus.com" domain for the Internet site and the "Immagini Juventus" (Juventus Pictures) historical
archives over 5 years.
TANGIBLE FIXED ASSETS
Tangible fixed assets are entered at purchase cost inclusive of incidental costs; the cost is adjusted by the
related depreciation accumulated.
In accordance with art. 10 of law no. 72 of 19 March 1983 no monetary or financial revaluation was carried out.
Depreciation entered in the Income Statement was calculated on a straight-line basis, reduced to 50% for assets
purchased during the period, on the basis of rates considered to be representative of their estimated useful
economic and technical life.
Purchases of assets with an individual value of less than Euro 516.46 were entered directly in the Income
Statement.
The annual depreciation rates are shown in the table below:
ASSETS RATE
Buildings 3.0%
Light constructions 10.0%
Fire-prevention, heating and electrical systems 10.0%
Ordinary office machinery and furniture 12.0%
Sanitary equipment 12.5%
Sport equipment 15.5%
Special technical systems 19.0%
Telephone switchboard 20.0%
Electronic office machines 20.0%
36 Juventus Football Club Six-Monthly Report at 31 December 2001
Ordinary maintenance and repair costs are entered in the Income Statement of the period in which they are
sustained while those of an incremental nature are capitalised.
INVESTMENTS
Players’ sharing costs ex art. 102 bis N.O.I.F.
These represent the value of the costs of 50% shareholdings in the football players' contracts held by the
companies which hold the players’ registration rights. Shareholdings in such rights are entered at the cost sustained.
Financial liabilities related to the disposal of players' sharing costs, entered at nominal value, are entered under
operating liabilities for player sharing.
Shareholdings in other companies
Shareholdings are evaluated at cost (inclusive of incidental costs) determined with the LIFO method. If at the date
of the closure of the period the value of a shareholding is considerably inferior to the value of the purchase cost
as defined previously, it is entered at this lesser value.
Should the reasons for the adjustment cease to exist during subsequent periods, the value of the shareholding is
restored within the limit of the purchase cost.
RECEIVABLES AND PAYABLES
Receivables are entered at their estimated realisable value, by creation of an allowance for bad debts, while
payables are entered at their nominal value.
Receivables and payables in foreign currencies for countries outside the euro monetary system are entered on the
basis of the exchange rate on the date on which the transactions were carried out. Any net losses on exchanges,
deriving from the adaptation of receivables and payables in foreign currencies to the average exchange rates of
the month of December, are set aside in a special currency risk fund.
Should, after the date of the operation from which receivables and payables originate, termed operations be carried
out in foreign currency to cover currency exchange risks, the difference between the exchange rate on the day of the
operation and that on the day of negotiation is deducted from or added, as necessary, to the Income Statement.
CURRENT FINANCIAL ASSETS
These are valued at purchase cost (inclusive of incidental costs) determined with the LIFO method, or at their sale
value if this is lower, as calculated according to market performance. Should the reasons for the adjustment cease
to exist, the values are restored within the limit of the purchase cost.
CASH AT BANK AND IN HAND
Cash at bank and in hand is entered at nominal value.
Cash at bank and in hand in foreign currency for countries outside the euro monetary system is aligned with the
exchange rates at the end of the period.
ACCRUED INCOME AND PREPAID EXPENSES
These are calculated according to the economic relevance and period of reference in accordance with the
37
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
principle of correlation of operating costs and income.
OTHER PROVISIONS FOR LIABILITIES AND EXPENSES
This item includes provisions set aside to cover charges and probable losses for which, at the end of the period,
the amount or date of occurrence cannot be determined. The accruals reflect the highest possible estimate on
the basis of the information available.
EMPLOYEES’ SEVERANCE INDEMNITY
This indemnity is created on the basis of the sums matured by each individual employee at the date of 31
December 2001, in compliance with the legislation and employment contracts in force. This liability is subject to
annual revaluation, performed using special indices provided for by regulations.
MEMORANDUM ACCOUNTS
These indicate commitments made, guarantees received and granted and third party assets held by the company
and are entered at nominal value. Contracts with deferred execution are entered at purchase and sale cost.
INCOME AND EXPENSES
These are entered in the Financial Statements according to the prudence and accruals-matching principles
indicating related accruals and deferrals.
Premiums related to the achievements of sporting results and due to football players, trainers and managers, as
with insurance payments for coverage of the same and premiums from sponsors, are entered in the Income
Statements for the period in question.
Financial incomes and expenses are entered in the relevant Income Statement. These include capital gains and/or
losses deriving from players' sharing costs ex art. 102 bis N.O.I.F., on the basis of the date on which the contract
is ratified by the Lega Nazionale Professionisti.
Capital gains and losses deriving from the disposal of players' registrations are classified as extraordinary incomes
and expenses, in accordance with the accounting recommendations of the Federazione Italiana Giuoco Calcio
and are entered on the basis of the date on which the contracts are ratified by the Lega Nazionale Professionisti
for national transfers, and on the date of the "transfer" issued by the Federazione Italiana Giuoco Calcio for
international transfers.
TAXES
Taxes for the period are determined on the basis of the existing tax legislation.
In the event of a temporary difference between the net profit and the taxable income for the calculation of IRPEG
and IRAP, the temporarily deferred or prepaid tax is calculated taking into account the effective annual rate of
taxation, rounded off to the unit, i.e. the one that it is presumed will be in force at the end of the period, as
recommended by accounting principle no. 30. In the event of expectation that the period will close balanced or
with a loss, the company will evaluate in each intermediate period the possibility of entering prepaid taxes if the
conditions stated in accounting principle no. 25 are present.
According to this principle, in particular, deferred or prepaid taxes are accounted, on the basis of the principle of
38 Juventus Football Club Six-Monthly Report at 31 December 2001
Amortisation for the period in question amounts to a total of Euro 34,521 thousand.
Costs of players' registration net of amortisation amounted to Euro 257,044 thousand at 31 December 2001,
against Euro 116,555 thousand at 30 June 2001. The increase in players' registration rights was due to the
significant investments made by the Company during the July-August 2001 Transfer Campaign to strengthen the
First Team squad.
The movements of intangible assets are listed in special appendices which are part of these notes to the Six-
Monthly Financial Statements.
Tangible fixed assets
As at 31 December 2001 and at 30 June 2001, these amounted respectively to Euro 9,049 and Euro 8,518
thousand and include:
Euro in thousands 31/12/2001 30/06/2001 Change
Royalties on industrial patents and useof intellectual property 661 458 203
Fixed assets in progress and advance payments 53 86 - 33
Cost of players’ registrations- residual cost 257,044 116,555 140,489
TOTAL 257,758 117,099 140,659
Euro in thousands 31/12/2001 30/06/2001 Change
Land and buildings 6,828 6,933 - 105
Plants and machinery 261 323 - 62
Industrial and commercial equipment 407 390 17
Other assets 442 400 42
Fixed assets under construction and advance payments 1,111 472 639
TOTAL 9,049 8,518 531
prudence, only if there is reasonable certainty that they will be recovered in the future.
The calculation of deferred and prepaid taxes is made for each period.
Taxes are not set aside for taxable funds or reserves for distribution should said distribution be improbable.
Assets and liabilities in the form of deferred taxes are compensated and entered in the Balance Sheet among other
receivables in the case of assets, and in the tax provisions in the case of liabilities if compensation is legally permitted.
NOTES TO THE BALANCE SHEET
ASSETS
FIXED ASSETS
Intangible fixed assets
As at 31 December 2001 and at 30 June 2001, these amounted respectively to Euro 257,758 thousand and to
Euro 117,099 thousand and are composed of:
39
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
Tangible assets increased by Euro 531 thousand, mainly following the research and design costs for the "Mondo
Juve" project, which were entered under fixed assets in progress and advance payments.
Depreciation for the period amounted to Euro 285 thousand (Euro 271 thousand in the same period of the previous
year) and is calculated on all depreciable assets applying the rates considered as representing their useful life.
The movements of tangible assets are listed in a special appendix which is part of the Notes to the Six-Monthly
Financial Statements.
Investments
Subsidiary companies
On 13 July 2001 the Company acquired 96.6% of the share capital (99.6% of the outstanding capital) of Campi
di Vinovo S.p.A. the owner of an area of circa 500,000 sq.m. located in the municipalities of Vinovo and Nichelino.
The sum agreed was approximately Euro 17,357 thousand, Euro 6,456 thousand of which already paid at 31
December 2001. At the beginning of January 2002 a further sum of about Euro 2,582 thousand was paid. The
difference of about Euro 8,319 thousand will be paid by 1 July 2002, the date by which the measures will have
to have been taken under the responsibility of and at the expense of the selling shareholders so that the facilities,
plants and areas owned by Campi di Vinovo S.p.A. be completely freed of any liens, encumbrances, easements
and contracts of an obligatory nature.
At 31 December 2001 the net shareholder equity of Campi di Vinovo S.p.A. was Euro 12,226 thousand. In the
2001 financial year, Campi di Vinovo S.p.A. made a net profit of about Euro 11 thousand, against a profit of Euro
127 thousand in the year closed at 31 December 2000.
It should also be noted that the balance sheet value of the shareholding in Campi di Vinovo S.p.A. is higher than
the corresponding share of net shareholders' equity as it appears in the last approved Financial Statements. In
observance of article 2426, number three, of the Italian Civil Code, taking into account the assets of the subsidiary
company, no alignment was made.
Players’ sharing costs ex art. 102 bis N.O.I.F.
Players' sharing costs ex art. 102 bis N.O.I.F. as at 31 December 2001 were Euro 4,420 thousand (Euro 14,377
thousand at 30 June 2001 and refer to players of the following teams:
Euro in thousands
Basel F.C. 1893 1,008
Como Calcio S.p.A. 78
Empoli F.C. S.p.A. 517
F.C. Crotone Calcio S.r.l. 90
Hellas Verona S.p.A. 129
Polisportiva Sassari Torres S.p.A. 5
Pro Vercelli Unione Sportiva Calcio S.r.l. 1
S.S. Gualdo S.r.l. 10
S.S.C. Napoli S.p.A. 1,291
Udinese Calcio S.p.A. 1,291
TOTAL 4,420
40 Juventus Football Club Six-Monthly Report at 31 December 2001
It should be noted that all player sharing agreements were drawn up in observance of the federal regulations and
on the date on which the Board of Directors approved this Six-Monthly Report the amount was unvaried
compared to 31 December 2001, as no player sharing agreements were made during the January 2002 Transfer
Campaign.
Shareholdings in other companies
At 31 December 2001 these amounted to Euro 3 thousand (Euro 342 thousand at 30 June 2001).
They are represented by a shareholding in the "Consorzio Fiat Media Center" and a share in the "Consorzio
CONAI". The fall of about Euro 349 thousand is due to the sale in September 2001 of 339,560 Ciaoweb S.p.A.
shares, of the nominal value of Euro 1 each, to Ciaoholding N.V., for a sum of about Euro 488 thousand.
Other receivables
These amount to a total of Euro 33 thousand and are represented by tax receivables for advance payments of
IRPEF on Employees' Severance Indemnity for Euro 30 thousand and various cautionary deposits which, at 31
December 2001, came to Euro 3 thousand. The decrease of Euro 1,295 thousand (compared to Euro 1,328
thousand at 30 June 2001) is due mainly to the closure of the cautionary deposit to the shareholders of "Campi
di Vinovo S.p.A." following the purchase of "Campi di Vinovo S.p.A." in July 2001.
NET WORKING CAPITAL
Before analysing the individual items, we would like to present the analysis of the net working capital at 31
December 2001 and at 30 June 2001:
Euro in thousands 31/12/2001 30/06/2001 Change
Current assets 225,644 132,026 93,618
Accrued income and prepaid expenses 4,353 2,102 2,251
Receivables, accruals and prepaid expenses collectableafter one year (66,642) (10,489) - 56,153
Investments collectables within one year 4,420 14,377 - 9,957
TOTAL 167,775 138,016 29,759
Payables (219,150) (98,323) - 120,827
Accrued liabilities and deferred income (122,611) (139,183) 16,572
Payables due after one year 78,134 28,527 49,607
TOTAL (263,627) (208,979) - 54,648
Net working capital (95,852) (70,963) - 24,889
41
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
CURRENT ASSETS
Receivables
These amount to Euro 155,245 thousands and refer to the following:
The composition of receivables by currency is as follows:
Receivables from football clubs, expressed in thousands of Euros, derive essentially from the disposal of players'
registration rights and was divided as follows at 31 December 2001:
Euro in thousands 31/12/2001 30/06/2001 Change
Official sponsors 1,508 3,193 - 1,685
Football clubs 127,576 44,228 83,348
Lega Nazionale Professionisti and F.I.G.C. 168 73 95
Tax authority for EEC VAT - 2,351 - 2,351
Tax authority receivables for income taxes 3,033 253 2,780
Deferred tax assets 3.677 3.596 81
Others 26,137 15,837 10,300
162,099 69,531 92,568
Allowance for bad debts (6,854) (5,059) - 1,795
TOTAL 155,245 64,472 90,773
Euro in thousands 31/12/2001 30/06/2001 Change
Receivables in Lire/Euro 148,678 49,322 99,356
Receivables in Dutch Guilders/Euro - 227 - 227
Receivables in U.S. Dollars 6,927 8,796 - 1,869
Receivables in Pounds Sterling 5,493 9,538 - 4,045
Receivables in Swiss Francs 1,001 1,648 - 647
TOTAL 162,099 69,531 92,568
Euro in thousands
Arsenal F.C. PLC 4,688
B.V. Borussia Dortmund 2,948
Bologna 1909 F.C. S.p.A. 1,768
Fenerbahce Sports Club 1,549
Fulham Football Club (1987) Ltd. 8,139
Milan A.C. S.p.A. 25,546
Parma A.C. S.p.A. 9,296
Real Madrid Club de Futbol 56,345
S.S. Calcio Napoli S.p.A. 1,033
S.S. Lazio S.p.A. 11,731
Sevilla Futbol Club 1,349
Udinese Calcio S.p.A. 1,291
Others 1,893
TOTAL 127,576
42 Juventus Football Club Six-Monthly Report at 31 December 2001
Of the total sum of Euro 127,576 thousand, Euro 66,642 thousand are collectable beyond the next financial year.
Receivables from the tax authorities for income taxes refer to IRPEG for tax withheld on bank interest income, to
IRPEG receivables transferred by the parent company IFI S.p.A., to IRPEG receivables for previous financial years
for which reimbursement and related interest has been requested, to tax credits for tax withheld on foreign
revenues and to prepaid taxes.
Receivables from the tax authorities for deferred taxes (for Euro 3,677 thousand) are as follows:
These receivables were determined by the difference between the net profit and the fiscal result for the period in
question. It should also be underlined that there is no right to demand the above sum from the tax authorities.
Provision for the period was due principally to deferred tax on part of the allowance for bad debts, to adjustment
of the actual IRPEG rate compared to the rate applied for provisions at 30 June 2001, for new public relations
costs and for directors' remuneration still to be paid.
The use of Euro 685 thousand is due to the fiscal deduction of the payment of remuneration to directors
which was not tax deductible in the previous financial year and the amortisation of players' registration rights.
Other receivables for Euro 26,137 thousand refer to:
Euro in thousands
Balance at 30 June 2001 3,596
Use (685)
Provision 766
BALANCE AT 31 DECEMBER, 2001 3,677
Euro in thousands
Air Europe 512Ciaoweb Portal S.p.A. 2,582E-Comsport Group Plc. 300Fiat Auto S.p.A. 299Giraffe Entertainment Ltd. 279Lingotto S.p.A. 321Logos TV S.p.A. 403Lottomatica S.p.A. 391Lotto Sport Italia S.p.A. 1,043Marine Aviation & General Ltd. 3,008Master Service S.r.l. 255Media Partners Italia S.r.l. 574Pepsi Cola International 1,306Point Italia S.r.l. 305San Paolo IMI S.p.A. 233Sony Italia S.p.A. 341Sorgenti Montebianco Courmayeur S.p.A. 392Sportal UK Ltd. 3,668Spot & Sport 967Telecom Italia Mobile S.p.A. 398TU Mobile S.p.A. 2,274U.E.F.A. 974Others 5,312TOTAL 26,137
43
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
The movement of the allowance for bad debts is as follows:
Accrued income is mainly composed of income for the right to use the image of a number of football players, for
commercial contracts and for revenue from the forward agreements in foreign currency. The increase in prepaid
expenses for Euro 885 thousand is due mainly to the deferral of rental charges, various commissions and the
purchase of material from Lotto Sport Italia S.p.A.
The conservative provision for the six months July-December 2001, for Euro 1,798 thousand, was made to take
into account the increase in receivables. The use is due to unrecoverable trade receivables.
Of the fund total of Euro 6,854 thousand, Euro 3,698 thousand refer to receivables from Sportal UK Ltd., a
company which on 30 August 2001 entered insolvency proceedings at the High Court of London. In the course
of the six months a sum of Euro 486 thousand was set aside, equal to the revenues matured from 1 July 2001
to 28 November 2001, the date of the termination of the management contract for the "Juventus.com" site. This
sum is added to the Euro 3,212 thousand set aside in the period closed at 30 June 2001. The receivables from
Sportal UK Ltd have thus been fully written off.
Assets other than fixed assets
These are composed of S.G.S.S. Quant Equity Fund/Sella Asset Management S.G.R.p.a. investment funds for
Euro 1,452 thousand (net of depreciation of Euro 536 thousand) and by an INA S.p.A. capitalisation policy for
Euro 1,020 thousand.
Cash at bank and in hand
This is made up of assets held at banks (deposited in time-deposit accounts and ordinary current accounts) for
a total of Euro 67,904 thousand at 31 December 2001.
It refers mainly to proceeds from the capital increase and advance revenue from commercial activity and television
rights.
Cash and other valuables amounted to Euro 23 thousand at 31 December 2001.
ACCRUED INCOME AND PREPAID EXPENSES
The accrued income and prepaid expenses item is composed as follows:
Euro in thousands
Balance at 30 June 2001 5,059
Use for credit losses (3)
Provision 1,798
BALANCE AT 31 DECEMBER, 2001 6,854
Euro in thousands 31/12/2001 30/06/2001 Change
Accrued income 1,381 831 550
Prepaid insurance premiums 1,138 322 816
Other prepaid expenses 1,834 949 885
Total prepaid expenses 2,972 1,271 1,701
TOTAL ACCRUED INCOME AND PREPAID EXPENSES 4,353 2,102 2,251
44 Juventus Football Club Six-Monthly Report at 31 December 2001
LIABILITIES
SHAREHOLDERS’ EQUITY
The analysis of the variations in the shareholders' equity accounts is presented in a special appendix which is an
integral part of the Notes to Six-Monthly Financial Statements.
Share Capital
The share capital is fully paid up and amounted as at 31 December 2001 to Euro 12,093,200, divided into
120,932,000 shares each with the nominal value of Euro 0.1 following the deliberation by the Extraordinary
Shareholders' Meeting on 4 September 2001 that approved the increase in company capital through the offering
of 16,930,210 new ordinary shares of the nominal value of Euro 0.1. The newly issued shares were made
available for the Global Offering for a total of 38,700,000 shares which, in turn, was divided into an offering for the
general public in Italy (Public Offering of sale and subscription) and an offering for professional investors in Italy
and institutional investors abroad, excluding those in the United States of America, Canada, Japan and Australia
(the Institutional Offering).
PROVISIONS FOR RISKS AND OTHER CHARGES
The provisions for risks and expenses are the following:
Provisions for risks and other charges - Tax provisions
The residual provisions of Euro 300 thousand is to cover any interpretative controversy of a fiscal nature.
The movement in the provisions is as follows.
Provisions for risk and other charges - Deferred tax provisions
These amounted to a total of Euro 34,464 thousand.
The movement in the provisions is as follows.
Euro in thousands 31/12/2001 30/06/2001 Change
Balance at 1 July 300 3,353 - 3,053
Use - (2,007) 2,007
Transferral to the Income Statement - (1,046) 1,046
Balance 300 300 -
Euro in thousands 31/12/2001 30/06/2001 Change
Balance at 1 July - - -
Use - - -
Accruals 34,464 - 34,464
Balance 34,464 - 34,464
45
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
The increase in provisions of Euro 34,464 thousand covers the provisions for IRPEG due to the deferment over a
number of years of the capital gains made through the disposal of players' registration rights.
The deferment of the capital gains over a number of years can be made only for players' registration rights which,
in compliance with the recent amendment of article 54, paragraph 4 of DPR 917/86, are owned for a period of
no less than one year.
It should also be remembered that this regulation offers the possibility of deferring over a number of years the
capital gains made on each player's registration right that satisfies the tax regulations. In addition, the choice to
defer or not the capital gain made and the period of deferment (from two to five years according to the current
rules) can be reassessed at the end of the period, without significantly changing the taxes for the period as it
entails exclusively the reclassification from deferred taxes to current taxes.
Provisions for risks and other charges - Others
These amount to a total of Euro 9,570 thousand and is composed of risks to the company which might derive
from the interpretation of laws concerning taxation for IRAP of the capital gains on the disposal of players'
registration rights, and the interpretation of contractual clauses.
The movement during the year was as follows:
EMPLOYEES’ SEVERANCE INDEMNITY
This item underwent the following movement:
Accruals for the period are net of the withholding tax of 11% on the write-up of employees' severance indemnity
as of 1 January 2001, recorded under Taxes Payables.
PAYABLES
Trade payables
These amount to Euro 15,130 thousand, with an increase of Euro 10,419 thousand and also include invoices yet
to be received.
Due to parent companies
These amount to Euro 164 thousand and concern fees on guarantees granted by IFI S.p.A. towards F.I.G.C. -
Euro in thousands 31/12/2001 30/06/2001 Change
Balance at 1 July 4,110 2,333 1,777
Use - (5) 5
Accruals 5,460 1,782 3,678
Balance 9,570 4,110 5,460
Euro in thousands 31/12/2001 30/06/2001 Change
Balance at 1 July 1,416 1,109 307
Payments for termination of employment and advances (5) (70) 65
Accruals 194 377 - 183
Balance 1,605 1,416 189
46 Juventus Football Club Six-Monthly Report at 31 December 2001
L.N.P. (to guarantee payments regarding regulatory and contractual commitments for the purchase of players'
registration rights for the 2001/2002 sporting year for a total of Euro 103,953 thousand; in detail: Euro 17,012
thousand for payments to be made in the 2001/2002 season; Euro 41,079 thousand for payments to be made
in the 2002/2003 season; Euro 38,115 thousand for payments to be made in the 2003/2004 season; Euro 7,747
thousand for payments to be made in the 2004/2005 season) and charges deriving from staff services.
Tax payables
These amount to Euro 8,693 thousand and concern withholdings to be paid (and paid in January 2002) for
employees' IRPEF, scholarships, self-employed workers and additional regional/municipal IRPEF (for Euro 8,692
thousand) and the withholding tax on the revaluation of employees' severance indemnity as of 1 January 2001,
as provided for in Legislative Decree 47/2000 and later amendments (for about Euro 1 thousand).
Due to social security agencies
The sum is composed as follows:
Payables due to social security agencies are mainly contributions withheld from employees in December and paid
in the following month of January.
Payables to other authorities include the balance of the Players' and Trainers' Career Termination Indemnity for
Euro 26 thousand.
Other payables
These are composed as follows:
Payables due to employees are mainly related to wages for the month of December, paid in the following month
of January.
The increase of Euro 18,712 thousand in other payables is due mainly to the payment of services, in part
regarding the additional expenses on player transfers and payables to shareholders of Campi di Vinovo S.p.A.
(Euro 10,901 thousand).
Euro in thousands 31/12/2001 30/06/2001 Change
Payables to I.N.P.S. 43 68 - 25
Payables to ENPALS 180 201 - 21
Payables to INPDAI 45 55 -10
Payables to PREVINDAI 9 8 1
Payables to other authorities and assessments 93 24 69
TOTAL 370 356 14
Euro in thousands 31/12/2001 30/06/2001 Change
Employees for salaries 1,614 15,681 - 14,067
Other payables 21,921 3,209 18,712
TOTAL 23,535 18,890 4,645
47
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
Due for players’ sharing costs ex art. 102 bis N.O.I.F.
These amount to Euro 5,371 thousand and refer to sums due to F.C. Modena S.p.A. for Euro 207 thousand and
to Bologna 1909 F.C. S.p.A. for Euro 5,164 thousand.
Due to specific sector bodies
At 31 December 2001 these amounted to Euro 166,012 thousand, an increase of Euro 108,545 thousand
compared to 30 June 2001. Of this sum, Euro 78,134 thousand is collectable after the next financial year.
The total sum of Euro 166.012 thousand includes mainly payables to Italian (Euro 130,353 thousand) and foreign
football clubs (Euro 25,319 thousand) for the purchase of players' registration rights.
The item is composed as follows:
ACCRUED EXPENSES AND DEFERRED INCOME
These amount to Euro 122,487 thousand, a fall of Euro 16,103 thousand compared to 30 June 2001.
These are composed of:
• accrued expenses for Euro 1,495 thousand regarding essentially charges on forward agreements in foreign
currency, costs for the use of players' images, the 18% on season tickets to be paid to guest teams and
Euro in thousands
A.C. Cesena S.p.A. 52
A.C.E.S.E. Viareggio 83
A.S. Gubbio S.r.l. 116
A.S. Monaco 15,494
Ancona Calcio S.p.A. 207
Biellese F.C. S.r.l. 31
Bologna 1909 F.C. S.p.A. 207
Brescello U.S. S.r.l. 77
Dundee United F.C. Ltd 63
F.C. Crotone Calcio 258
F.C. Viktoria Pizen A.S. 1,291
L’Aquila Calcio 62
Lega Nazionale Professionisti c/trasferimenti 10,340
Milan A.C. S.p.A. 13,342
Napoli S.S.C. S.p.A. 2,944
Parma A.C. S.p.A. 62,491
Pescara Calcio 258
Polisportiva Sassari Torres S.p.A. 134
Real Sociedad de Futbol S.A.D. 8,174
S.S. Gualdo Sr.l. 36
S.S. Lazio A.C. S.p.A. 46,998
Tacuary F.B.C. 297
Teramo Calcio S.p.A. 77
Udinese Calcio S.p.A. 2,841
Valenzana Calcio S.p.A. 41
Varese F.C. S.p.A. 52
Others 46
TOTAL 166,012
48 Juventus Football Club Six-Monthly Report at 31 December 2001
insurance premiums;
• deferred income for Euro 120.992 thousand referred mainly to advance invoicing of encoded television rights
of home matches for the 2001/2002 and 2002/2003 seasons, UMTS/SMS telephone rights and some
commercial contracts.
MEMORANDUM ACCOUNTS
These are represented by:
Third party guarantees in favour of third parties
A total of Euro 130,422 thousand divided as follows:
• issued by Banca Sella to foreign football clubs and banks for the purchase of players' registration rights for Euro
23,667 thousand;
• issued by IFI S.p.A. to F.I.G.C. - L.N.P. to guarantee regulatory and contractual commitments for the purchase
of players' registration rights for the sporting year 2001/2002 for Euro 103,953 thousand and more precisely:
• Euro 17,012 thousand for payments to be made in the 2001/2002 season;
• Euro 41,079 thousand for payments to be made in the 2002/2003 season;
• Euro 38,115 thousand for payments to be made in the 2003/2004 season;
• Euro 7,747 thousand for payments to be made in the 2004/2005 season;
• issued by La Viscontea S.p.A. to the tax authorities for the reimbursement of VAT for Euro 2,747 thousand;
• other guarantees for Euro 55 thousand.
Third party guarantees in our favour
These amount to Euro 76,511 thousand, essentially from leading banks as guarantees for commercial contracts,
television rights and contracts for the disposal of players' registration rights.
Forward agreements - payables
These amount to Euro 280 thousand and concern the residual debt for the purchase of the football player
Guzman Gaetan Tomas Andres (the original residual debt of USD 300,000 was covered by a commitment to
purchase foreign currency at the exchange rate of EUR/USD 1.06470 for the instalment of USD 150,000 that is
due in July 2002 and at the exchange rate of EUR/USD 1.08070 for the instalment due in July 2003).
Forward agreements - receivables
These amount to Euro 7,248 thousand and concern the residual credit from the disposal of the football players
Thierry Henry (the original residual credit of GPB 3,000,000 was covered by a commitment to sell foreign currency
at the exchange rate of EUR/GBP 0.68720 due in August 2002) and Sunday Oliseh (the original residual credit of
USD 2,550,000 was covered by a commitment to sell foreign currency at the exchange rate of EUR/USD 0.88450
due in July 2002).
Third party assets held by the Company
These amount to Euro 40 thousand, mainly for sports equipment supplied by Technogym Italia S.p.A., for 4
multimedia work stations supplied by LIS S.p.A., for one multimedia work station supplied by the Lega Nazionale
Professionisti and one CCTV system supplied by Vigilanza Telecontrol S.p.A.
49
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
Company assets held by third parties
These amount to Euro 1,248 thousand and refer to deposits at Agenzia 10 of Turin of Banca Sella S.p.A. of
2,415,537 share certificates of Campi di Vinovo S.p.A.
Options granted by third parties to purchase players' registration rights
These amount to Euro 454 thousand (the equivalent in Euros of USD 400,000 at the exchange rate of 31
December 2001) and refer to the amount to be paid for the definitive purchase of the registration and image rights
of the football players Kovalenko Serhiy and Zeytulaev Ilyas in the event of exercising the option granted by the
company Sportacademclub F.C. of Moscow. Juventus Football Club S.p.A. exercised this option in February
2002.
NOTES TO SIX-MONTHLY INCOME STATEMENT
Before analysing the individual items, we would like to recall that comments on trends in income and expenses
are given in the "Management Report", to which reference should be made.
Moreover, the analytical presentation of revenues and expenses in the Income Statement and previous comments
on the items in the Balance Sheet enable us to restrict comments here to the main items.
Details are given in thousands of Euros.
Production value
Revenues from sales and services
Revenues from sales and services is split into:
Ticket sales are composed of match tickets and season ticket sales for First Team and youth team games. These
are divided as follows:
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Ticket sales 7,798 5,278 2,520
Income from temporary transfer of players 145 577 - 432
TOTAL 7,943 5,855 2,088
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
First Team ticket sales:
- Serie A Championship matches 2,899 1,437 1,462
- Cup matches 559 442 117
- Other matches 884 774 110
Total 4,342 2,653 1,689
Ticket sales from youth team matches 2 3 - 1
Season tickets 3,454 2,622 832
TOTAL TICKET SALES 7,798 5,278 2,520
50 Juventus Football Club Six-Monthly Report at 31 December 2001
The increase in ticket sales from First Team matches was due mainly to the higher number of Championship
games played in the six months closed at 31 December 2001 compared to the number of games played in the
same period of the previous season.
The breakdown of income from home and away matches is shown below:
The number of tickets sold for home matches is as follows:
The season tickets sold rose from 35,446 in the 2000/2001 season, generating income of Euro 6,775 thousand,
to 35,703 in the 2001/2002 season, for income of Euro 6,528 thousand. The income for the six months in
question amounted to Euro 3,454 thousand, an increase of about Euro 832 thousand, thanks largely to the high
number of games played in the period 1 July - 31 December 2001 compared to the same period of the previous
year.
Income from the temporary transfer of football players for the period 1 July - 31 December 2001 is composed of
sums deriving from the temporary transfer to other football clubs of players' registration rights. This income
amounted to Euro 145 thousand, a decrease of Euro 432 thousand compared to the same six months of the
previous year, and refers to the following players:
Euro in thousands First Half 2001/2002 First Half 2000/2001 Changehome away home away home away
Serie A Championship matches 1,817 1,082 318 1,119 1,499 - 37
Cup matches 503 56 299 143 204 - 87
Other matches - 884 - 774 - 110
2,320 2,022 617 2,036 1,703 - 14
TOTAL 4,342 2,653 1,689
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Serie A Championship matches 73,831 13,492 60,339
Cup matches 19,585 20,012 - 427
Other matches - - -
TOTAL 93,416 33,504 59,912
Euro in thousands
BRIGHI Matteo Bologna 1909 F.C. 52
GASBARRONI Andrea Varese F.C. S.p.A. 5
SCARDINA Francesco A.C. Cesena S.p.A. 8
SCULLI Giuseppe F.C. Crotone Calcio 6
VIERI Massimiliano Ancona Calcio 25
ZANCHI Marco Hellas Verona 25
ZAZZETTA Massimiliano Teramo Calcio S.p.A. 4
Others 20
TOTAL 145
51
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
Sponsorship and other revenues
Revenues from sponsorship contracts (Euro 9,186 thousand) refer to the sums paid by Official Sponsors and
the Technical Sponsor to acquire the right to display their own trademark on official strips and team uniforms.
Revenues from other sponsorship and other commercial contracts (Euro 9,160 thousand) refer to sums paid for
contracts with Institutional Sponsors and Official and Technical Suppliers, as well as with Commercial Partners
and Licensees of the Juventus trademarks.
The decrease in revenues generated by official and technical sponsorship and by other sponsorship derive
essentially from the classification in "Other revenues and income" of the sum mutually agreed for the termination
of the sponsorship contracts stipulated with Ciaoweb S.p.A..
Television revenues (Euro 34,360 thousand) regard earnings from the sale of radio broadcasting rights, as well
as television filming and broadcasting rights for football matches, excluding the U.E.F.A. Champions League.
Revenues from the U.E.F.A. Champions League (Euro 12,033 thousand) is related to sums paid by U.E.F.A. to
the Company and deriving from the negotiation and exploitation of commercial rights (television rights and use
of advertising space) in relation to matches in the U.E.F.A. Champions League.
Revenues from television and the U.E.F.A. Champions League amounted to a total of Euro 46,393 thousand, an
increase of Euro 10,173 thousand compared to the corresponding period of the previous year, largely due to the
higher number of official matches played in the period in question compared to the first six months of the
2000/2001 financial year.
Revenue from the "away team TV percentage" (Euro 1,756 thousand) represents 18% of encoded TV rights for
Championship matches, paid by the home teams. Correspondingly, the negative income items include the sum
paid to visiting teams for a total of Euro 5,031 thousand.
Publishing revenues (Euro 221 thousand) decreased compared to the figure at 31 December 2000 by Euro 397
thousand. This decrease is due to the fact that on 28 September 2001 this company "branch" was outsourced
to Cantelli Editore S.r.l., revenue for which is classified under "Other revenues and income".
Revenues from telephone rights (Euro 2,395 thousand) derive from the sale of the transmission of information
and news using SMS and WAP technologies, as well as the transmission of audiovisual images (known as
"clips") using GPRS and UMTS technologies of home matches played by the First Team.
Revenues from players' image rights amounted to Euro 1,187 thousand (Euro 1,367 thousand at 31 December
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Official and technical sponsors 9,186 11,343 - 2,157
Other sponsorships and other commercial contracts 9,160 9,177 - 17
Television revenues 34,360 24,283 10,077
TV revenues percentage from visiting team 1,756 2,117 - 361
Telephonic rights 2,395 439 1,956
Revenues from U.E.F.A. Champions League 12,033 11,937 96
Publishing activity 221 618 - 397
Advertising 519 407 112
Players’ and coach image rights 1,187 1,367 - 180
Sundry income 318 174 144
TOTAL 71,135 61,862 9,273
52 Juventus Football Club Six-Monthly Report at 31 December 2001
2000) and regard revenues related to rights to use the image of football players.
Other revenues and income
For insurance indemnities, the decrease is due to the fact that the first six months of the 2000/2001 financial year
benefited from the payment of the indemnity on the "Loss of Revenue" policy following the failure to qualify for the
second round of the U.E.F.A. Champions League for Euro 7,747 thousand. The increase in casual profits is due
largely to the interest received from U.E.F.A. on the VAT reimbursement requested from the Italian tax authorities
for U.E.F.A. Champions League revenues for the 1995/1996 season.
The "other income" item also includes the sum regarding the mutually agreed termination of the sponsorship
contract with Ciaoweb S.p.A. (Euro 4,132 thousand).
Production costs
Purchases
These costs refer mainly to match and training clothing as well as the official First Team strip.
Service expenses
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Insurance indemnities 307 8,524 - 8,217
Casual profits 532 59 473
Publishing revenues (outsourced company branch) 128 - 128
Other income 5,324 686 4,638
TOTAL 6,291 9,269 - 2,978
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Technical material 720 911 - 191
Sanitary material 49 51 - 2
Other goods 580 334 246
TOTAL 1,349 1,296 53
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Costs for players 142 118 24
Costs for publishing activity 178 745 - 567Costs for sporting activity 1,994 1,744 250Specific technical costs 28 61 - 33Costs for food, accomodation and transport 902 670 232Ticket sales service and gate checks 531 444 87Insurance and social security 4,622 4,723 - 101Administration - advertising and general 8,723 3,842 4,881Others 261 342 - 81
TOTAL 17,381 12,689 4,692
53
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
Publishing costs (Euro 178 thousand) decreased compared to 31 December 2000 by Euro 567 thousand.
This decrease is due to the fact that on 28 September 2001 this company "branch" was outsourced to Cantelli
Editore S.r.l..
Costs for sporting activity of Euro 1,994 thousand are related to expenses for First Team and youth team training
sessions and camps, medical expenses, fees of medical experts, masseurs and other outside experts, and the
payment of scholarships.
Insurance and social security expenses (Euro 4,622 thousand) refer mainly to premiums paid to insure football
players, premiums to football players upon achievement of sporting targets and coverage of salaries in the event
of injury.
Administration, advertising and general costs for a total of Euro 8,723 thousand include directors' remuneration
for Euro 558 thousand and annual payment of the Statutory Auditors for Euro 23 thousand. The increase
compared to the corresponding six months of the previous financial year is due (for Euro 3,413 thousand) to the
costs of the stock market listing (excluding listing and guarantee commissions, classified under "Interest and other
financial expenses") and the greater use of consultants, related to the development of work in the commercial area
and, finally, higher advertising costs.
Lease and rent costs
These lease and rental costs amounted to Euro 1,650 thousand at 31 December 2001 (Euro 1,389 thousand at
31 December 2000), Euro 915 thousand of which for the rent of pitches.
Personnel expenses
Personnel costs are divided as follows:
The cost of technical staff is divided as follows:
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Players’ contractual fees:- for sporting activity 49,380 36,374 13,006- for use of players’ images 6,006 4,781 1,225
Trainers and other technical staff contractual feesand premiums 3,567 1,760 1,807
Rights to use coach’s image 19 26 - 7
Players’ performance premiums - - -
TOTAL 58,972 42,941 16,031
Euro in thousands First Half 2001/2002 First Half 2000/2001 Changetech. staff other total tech. staff other total
Salaries and wages 58,972 1,893 42,941 1,317
Social securitycontributions 403 521 324 384
Severance Pay - 196 - 148
Other costs - - - -
Total 59,375 2,610 43,265 1,849
TOTAL 61,985 45,114 16,871
54 Juventus Football Club Six-Monthly Report at 31 December 2001
The increase in costs for technical staff derives essentially from the strengthening of the First Team squad.
The average number of staff employed by the Company is composed as follows:
The "other percentages on revenues from television rights" (Euro 5,031 thousand) represent 18% of the revenue
from the sale of encoded TV rights paid to visiting teams. This item increased by Euro 1,947 thousand compared
to 31 December 2000 due to both the contractual increase in the pay-TV/pay-per-view rights for Championship
matches and to the higher number of Championship matches played in the six months of the 2001/2002 season
Amortisation of intangible fixed assets
The criteria used to calculate the amortisation of players' registration rights is illustrated in the comment on the
item in the Balance Sheet.
Accruals for risks
Euro 5,461 thousand was set aside for uncertainties regarding the interpretation of legislation on whether the
capital gains deriving from the disposal of players' registration rights are subject to IRAP.
Other operating expenses
These are:
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Players 49 42 7
Coaching staff 9 9 0
Other technical staff 6 5 1
Managers 8 6 2
Employees 47 40 7
Workers 6 4 2
TOTAL AVERAGE PERSONNEL 125 106 19
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Match organisation expenses 151 147 4
Costs for official matches 61 46 15
Match registration fees 5 5 -
Indirect tax charges 83 65 18
Other percentages on gate receipts (visiting teams - UEFA) 1,084 915 169
Other percentages on TV revenues(visiting teams - LNP) 5,031 3,084 1,947
Taxes on gate receipts 50 18 32
Contingent liabilities 334 129 205
Match fines and penalties 85 57 28
Other expenses 1,885 789 1,096
TOTAL 8,769 5,255 3,514
55
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
compared to the same six months of the previous period.
Other expenses for a total of Euro 1,884 thousand include public relations expenses, the membership fee for the
Fondo Lega Nazionale (an increase of Euro 366 thousand following higher contributions due to the L.N.P.),
Consob fees and the membership fee for the G14 (Gruppo Europeo di Interesse Economico - GEIE), of which
other leading European teams are also members.
Financial income and expenses
Income from shareholdings
Income from shareholdings in other companies came to Euro 148 thousand following the receipt of Euro 488
thousand from the sale of 339,560 shares in Ciaoweb S.p.A. to Ciaoholding N.V., whose balance sheet value was
Euro 340 thousand.
Other financial income
This is made up of the following items:
a) Receivables recorded as fixed assets.
These receivables represent the revaluation of payments to the tax authorities as advance payments of employees'
severance payments.
c) Income from securities recorded as current financial assets.
This amounts to Euro 10 thousand and regards the minimum return on the INA S.p.A. policy in which part of the
liquidity has been invested.
d) Other income, divided as follows:
The amount of Euro 4 thousand is composed of income from forward currency agreements. The decrease (of
Euro 776 thousand) compared to the same six months of the previous period is due mainly to income (for Euro
689 thousand) from repurchase agreements for the temporary use of liquidity entered for the period 1 July - 31
December 2000.
The income from players' sharing ex art. 102 N.O.I.F. refers to the following players:
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Bank interest 596 347 249
Income from financial investments 4 780 - 776
Income from players’ sharing (ex art. 102 bis N.O.I.F.) 2,298 8,322 - 6,024
Gains on foreign exchange rates 30 948 - 918
TOTAL 2,928 10,397 - 7,469
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
BINOTTO Jonathan Bologna 1909 F.C. S.p.A. - 5,087 - 5,087
DE SANCTIS Morgan Udinese Calcio S.p.A. - 2,840 - 2,840
FANTINI Enrico Venezia A.C. S.r.l. - 65 - 65
MILANO Paolo Biellese F.C. S.r.l. - 13 - 13
REGONESI Pierre Giorgio Atalanta Bergamasca S.p.A. 2,298 - 2,298
ROCCHI Tommaso Como Calcio S.p.A. - 310 - 310
SAVIOZZI Marco Como Calcio S.p.A. - 7 - 7
TOTAL 2,298 8,322 - 6,024
56 Juventus Football Club Six-Monthly Report at 31 December 2001
Interest and other financial expenses
Interest and other financial expenses are as follows:
The increase in the item "Other expenses and commissions" can be attributed principally to listing and guarantee
commissions for the stock market listing.
Players' sharing costs refer to the following transactions:
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Interest due to banks - 19 - 19
Other expenses and commissions 2,190 390 1,800
Players’ sharing costs (ex art. 102 bis N.O.I.F.) 4,452 408 4,044
TOTAL 6,642 817 5,825
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
BARISON Fabio U.S. Pro Vercelli Calcio S.r.l. - 3 - 3
BUGIOLACCHI Giuseppe Pontedera 1912 U.S. S.r.l. - 13 - 13
GIANDOMENICO Luigi Venezia A.C. S.r.l. 103 - 103
MOREO Luca Fidelis Andria A.S. S.r.l. 52 - 52
PECCHIA Fabio Torino Calcio S.p.A. 3,047 - 3,047
PERROTTA Simone Bari A.S. S.p.A. 1,250 - 1,250
CHIAVAROLI Paolo U.S. Alessandria Calcio S.r.l. - 5 - 5
GRABBI Corrado Ternana Calcio S.r.l. - 336 - 336
MANFREDINI SISOSTRIChristian Genoa Cricket and F.C. S.p.A. - 51 - 51
TOTAL 4,452 408 4,044
Euro in thousands First Half 2001/2002
AMETRANO Raffaele S.S. Calcio Napoli S.p.A. 1,678BACHINI Jonathan Parma A.C. S.p.A. 10,064BONETTO Riccardo Empoli F.C. S.p.A. 962CAMPESE Marco S.S. Gualdo S.r.l. 19INZAGHI Filippo Milan A.C. S.p.A. 31,124KOVACEVIC Darko S.S. Lazio S.p.A. 4,535VAN DER SAR Edwin Fulham Football Club (1987) Ltd 5,594ZIDANE Zinedine Real Madrid Club de Futbol 69,915
TOTAL 123,891
Valuation adjustments to financial assets
Write-downs
These refer to write-downs in investment funds (S.G.S.S. Quant Equity Fund) for Euro 165 thousand.
Extraordinary income and expenses
Extraordinary income
This item is composed mainly of capital gains from disposal of players' registration rights for Euro 123,891
thousand (Euro 19,205 thousand at 31 December 2000).
57
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
In the extraordinary income, the sum of Euro 289 thousand has been used to cover the costs of technical and
sports training in the youth sector, as provided for in article 25 of the By-laws.
Extraordinary expenses
These amount to Euro 34 thousand and refer to losses on the disposal of football players' registration rights and
the non-renewal of the annual tie in the youth sector for Euro 28 thousand and the capital losses deriving from
the sale of other assets for Euro 6 thousand.
Income taxes
Income taxes for the period amount to Euro 35,348 thousand and include:
Current taxes
The sum of Euro 965 thousand refers to IRAP.
Deferred taxes
These amount to Euro 34,383 thousand and are composed of:
• Euro 685 thousand for use of deferred taxes created during the previous financial year (Euro 640 thousand for
IRPEG and Euro 45 thousand for IRAP);
• Euro 34,464 thousand for deferred IRPEG taxes due for the period;
• Euro 766 thousand for deferred taxes due set aside during the period (Euro 760 thousand for IRPEG and Euro
6 thousand for IRAP).
The deferred taxes due of Euro 34,464 thousand concern the deferment over several financial years of the
capital gains made on the disposal of players' registration rights.
This possibility, for players' registration rights owned for a period of no less than one year, was recently introduced
by Law 28/12/2001 no. 448, which amended article 54, paragraph 4 of DPR 917/86; it is applied for the first time
on capital gains recorded during the tax period as at 31/12/2001.
Turin, 22 April 2002
on behalf of the Board of DirectorsThe Chairman
Vittorio Caissotti di Chiusano
Euro in thousands First Half 2001/2002 First Half 2000/2001 Change
Current IRPEG - 1,541 - 1,541
Current IRAP 965 6,008 - 5,043
Net deferred IRPEG 34,344 298 34,046
Net deferred IRAP 39 39 -
TOTAL 35,348 7,886 27,462
58 Juventus Football Club Six-Monthly Report at 31 December 2001
APPENDICES
1. Variations in intangible fixed assets
2. Variations in cost of players' registration rights
3. Variations in tangible fixed assets
4. List of companies and significant shareholdings at 31 December 2001
5. Variation in shareholders' equity accounts for the periods closed at 30 June 2001 and 31 December 2001
6. Cash flow analysis for the financial years closed at 31 December 2001 and 31 December 2000
Turin, 22 April 2002
on behalf of the Board of DirectorsThe Chairman
Vittorio Caissotti di Chiusano
59
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
Appendix 1: VARIATIONS IN INTANGIBLE FIXED ASSETS
ROYALTIES FOR INTANGIBLE FIXED TOTALINDUSTRIAL PATENTS ASSETS IN PROGRESS
AND USE OF AND ADVANCE INTELLECTUAL PROPERTY PAYMENTS
Purchases in previous years 935 86 1,021
Amortisation in previous years (477) - (477)
Residual value at 1.7.2001 458 86 544
Purchases 1.07.2001 - 31.12.2001 288 53 341
Transfer from fixed assets in progressand advance payments 86 - 86
Amortisation 1.07.2001 - 31.12.2001 (171) - (171)
Assets sold 1.07.2001 - 31.12.2001 - - -
Transfer to fixed assets - (86) (86)
Use of amortisation over previousyears - - -
Net balance as at 31.12.2001 661 53 714
Costs as at 31.12.2001 1,309 53 1,362
Amortisation as at 31.12.2001 (648) - (648)
Net balance as at 31.12.2001 661 53 714
Euro in thousand
60 Juventus Football Club Six-Monthly Report at 31 December 2001
Appendix 2: VARIATIONS IN COST OF PLAYERS’ REGISTRATION RIGHTS
PROFESSIONALS YOUTH PLAYERS TOTAL
Costs of players’ registration rights in previous years 220,144 797 220,941
Amortisation in previous years (104,087) (299) (104,386)
Residual value at 1.7.2001 (*) 116,057 498 116,555
Reclassification from youth players 35 (35) -
Purchases of rights 1.07.2001 - 31.12.2001 207,915 347 208,262
Disposal of rights 1.07.2001 - 31.12.2001 (66,177) (62) (66,239)
Amortisation 1.07.2001 - 31.12.2001 (34,246) (104) (34,350)
Reclassification of amortisation from youth players (24) 24 -
Use of amortisation over previousyears 32,771 45 32,816
Net balance as at 31.12.2001 256,331 713 257,044
Original costs as at 31.12.2001 361,917 1,047 362,964
Amortisation as at 31.12.2001 (105,586) (334) (105,920)
Net balance as at 31.12.2001 (*) 256,331 713 257,044
(*) net of preparation and promotion indemnity which was completely amortised in accordance with Law 586/96.
Euro in thousand
61
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
Appendix 3: VARIATIONS IN TANGIBLE FIXED ASSETS
LAND AND BUILDINGS HEAD OFFICE TOTAL
Purchases in previous years 7,039 7,039
Depreciation in previous financial years (106) (106)
Net balance as at 1.7.2001 6,933 6,933
Purchases 1.07.2001 - 31.12.2001 - -
Amortisation 1.07.2001 - 31.12.2001 (105) (105)
Assets sold 1.07.2001 - 31.12.2001 - -
Use of depreciation from previous years - -
Net balance as at 31.12.2001 6,828 6,828
Costs as at 31.12.2001 7,039 7,039
Depreciation as at 31.12.2001 (211) (211)
Net balance as at 31.12.2001 6,828 6,828
Euro in thousand
PLANTS AND MACHINERY SPECIAL TECHNICAL FIRE PREVENTION, HEATING TOTALSYSTEMS AND ELECTRICAL SYSTEM
Purchases in previous years 655 55 710
Depreciation in previous financial years (384) (3) (387)
Net balance as at 1.7.2001 271 52 323
Purchases 1.07.2001 - 31.12.2001 - 3 3
Amortisation 1.07.2001 - 31.12.2001 (62) (3) (65)
Assets sold 1.07.2001 - 31.12.2001 - - -
Use of depreciation from previous years - - -
Net balance as at 31.12.2001 209 52 261
Costs as at 31.12.2001 655 58 713
Depreciation as at 31.12.2001 (446) (6) (452)
Net balance as at 31.12.2001 209 52 261
Euro in thousand
62 Juventus Football Club Six-Monthly Report at 31 December 2001
cont. VARIATIONS IN TANGIBLE FIXED ASSETS
INDUSTRIAL AND COMMERCIAL EQUIPMENTSANITARY SPORTS TELEPHONE LIGHT TOTAL
EQUIPMENT EQUIPMENT SWITCHBOARD CONSTRUC.
Purchases in previous years 206 510 125 154 995
Depreciation in previous years (134) (292) (61) (119) (606)
Residual value at 1.7.2001 72 218 64 35 389
Purchases 1.07.2001 - 31.12.2001 23 53 2 - 78
Depreciation 1.07.2001 - 31.12.2001 (11) (36) (11) (2) (60)
Assets sold 1.07.2001 - 31.12.2001 - - - - -
Use of depreciation in previous years - - - - -
Net balance as at 31.12.2001 84 235 55 33 407
Costs as at 31.12.2001 229 563 127 154 1.073
Depreciation as at 31.12.2001 (145) (328) (72) (121) (666)
Net balance as at 31.12.2001 84 235 55 33 407
Euro in thousand
63
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
cont. VARIATIONS IN TANGIBLE FIXED ASSETS
ORDINARY OFFICE ELECTRONIC TOTALFURNITURE AND MACHINES
MACHINERY
Purchases in previous years 338 462 800
Depreciation in previous years (182) (218) (400)
Residual value at 1.7.2001 156 244 400
Purchases 1.07.2001 - 31.12.2001 53 66 119
Amortisation 1.07.2001 - 31.12.2001 (12) (41) (53)
Assets sold 1.07.2001 - 31.12.2001 - (41) (41)
Adjustments of assets of previous financial year (16) - (16)
Use of depreciation in previous years 1 32 33
Net balance as at 31.12.2001 182 260 442
Costs as at 31.12.2001 375 487 862
Depreciation as at 31.12.2001 (193) (227) (420)
Net balance as at 31.12.2001 182 260 442
Euro in thousand
FIXED ASSETS UNDER CONSTRUCTION AND ADVANCE PAYMENTS MONDO JUVE PROJECT TOTAL
Purchases in previous years 472 472
Depreciation in previous years - -
Residual value at 1.7.2001 472 472
Purchases 1.07.2001 - 31.12.2001 639 639
Amortisation 1.07.2001 - 31.12.2001 - -
Use of depreciation fund - -
Net balance as at 31.12.2001 1,111 1,111
Costs as at 31.12.2001 1,111 1,111
Depreciation as at 31.12.2001 - -
Net balance as at 31.12.2001 1,111 1,111
Euro in thousand
64 Juventus Football Club Six-Monthly Report at 31 December 2001
Appendix 4:
LIST OF COMPANIES AND SIGNIFICANT SHAREHOLDINGS AT 31 DECEMBER 2001
In accordance with Consob decision no. 11971 of 14 May 1999 (art. 126 of the Regulation) and later amendments, the
list of companies and significant shareholdings is given below.
The list indicates the companies divided by sector of activity. The list also indicates: company name, country of origin and
share capital in the original currency. The percentage share held by Juventus Football Club S.p.A. is also given.
The voting percentage at the Ordinary General Meeting is also indicated.
COMPANY NAME COUNTRY SHARE CURRENCY SHARE- % % OGM SECTORCAPITAL AT HOLDING SHARE OF VOTE OF ACTIVITY31-12-2001 COMPANIES CAPITAL
JUVENTUSFOOTBALL CLUB S.P.A. ITALY 12,093,200 Euro
IMPRESE CONTROLLATE
- Campi di Vinovo S.p.A. ITALY 1,300,000 Euro Juventus 96.62% 96.62% Rental ofFootball own assetsClub S.p.A. andCampi di 3.00% 3.00% subrentalVinovo S.p.A. (*)
(*) Voting rights of shares suspended
65
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
Appendix 5:
VARIATIONS IN THE SHAREHOLDERS’ EQUITY ACCOUNTS FOR THE FINANCIAL YEARSENDED AT 30 JUNE 2001 AND THE SIX MONTH PERIOD ENDED AT 31 DECEMBER 2001
SHARE ADDITIONAL LEGAL RESERVE art. 25 PURCHASE RETAINED NET PROFIT SHAREHOLDERS’PAID-IN-CAPITAL RESERVE COMPANY OF OWN PROFIT (LOSS) EQUITY
BY-LAWS SHARES RESERVE
SHAREHOLDERS’ EQUITYAS AT 30/6/2000 10,742 - 729 - - 11,328 5,511 28,310
Shareholders’ OrdinaryMeeting 15/12/2000 -
to Legal Reservefor profit allocation - - 276 - - - (276) -
to Legal Reservefor share capital decrease (342) - 342 - - - - -
to Reserve art. 25(ex art. 21) of CompanyBy-laws: used for youthtraining school andtechnical-sports training - - - 551 - - (551) -
to Shareholders dividends - - - - - - (1,074) (1,074)
to Retained profits - - - - - 3,610 (3,610) -
to Income Statement - - - (551) - - - (551)
Operating profitas at 30/06/2000 - - - - - - 5,775 5,775
SHAREHOLDERS’EQUITY AS AT 30/6/2001 10,400 - 1,347 - - 14,938 5,775 32,460
Shareholders’ OrdinaryMeeting 04/09/2001
Allocation of profit30/06/2001
to Legal Reservefor profit use - - 289 - - - (289) -
to Reserve art. 25 (ex art. 21)of Company By-laws:used for youth training schooland technical-sports training - - - 577 - - (577) -
to Shareholders dividends - - - - - - (1,123) (1,123)
to Retained profits - - - - - 3,785 (3,785) -
to Income Statement - - - (289) - - - (289)
Authorisation to purchaseown shares
to Reserve for purchaseof own shares - - - - 17,000 - - 17,000
to Retained profits - - - - - (17,000) - (17,000)
Shareholders’ ExtraordinaryMeeting 04/09/2001
Capital increase on admissionto listing
to share capital 1,693 - - - - - - 1,693
to additional paid-in-capital - 60,949 - - - - - 60,949
Net profit as at 31/12/2001 - - - - - - 37,250 37,250
BALANCES AS AT 31/12/2001 12,093 60,949 1,636 288 17,000 1,723 37,251 130,940
Euro in thousand
66 Juventus Football Club Six-Monthly Report at 31 December 2001
Appendix 6:
CASH FLOW ANALYSIS FOR THE PERIOD 1 JULY - 31 DECEMBER 2001 AND FOR THEFINANCIAL YEAR CLOSED AT 30 JUNE 2001
YEAR 2000/2001 FIRST HALF 2001/2002
NET FINANCIAL POSITION AT THE BEGINNING 95,012 67,555
Operating activities:Net profit 5,775 37,250Amortisation of players’ registrations rights 37,028 34,350Other depreciations 674 456(Increase)/Decrease in receivables from football clubs (5,798) (83,348)Increase/(Decrease) in payables due to football clubs (6,730) 100,016(Increase)/Decrease in other receivables 3,097 (9,677)Increase/(Decrease) in other payables 9,298 4,239Increase/(Decrease) in Employees’ Severance indem. fund and other provisions (970) 40,113
Cash flow provided by operating activities 42,374 123,399
Investments:Purchase of players’ registrations rights (70,372) (208,262)Disposal of players’ registrations rights 15,857 33,423Other net investments (13,690) (6,947)
Cash flow used for investing activities (68,205) (181,786)
Distribution of profits (1,074) (1,123)
Other variations in shareholders’ equity (552) 62,354
NET FINANCIAL POSITION AT THE END 67,555 70,399
Euro in thousand
67
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
INDEPENDENT AUDITORS’ REPORT
68 Juventus Football Club Six-Monthly Report at 31 December 2001
69
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
70 Juventus Football Club Six-Monthly Report at 31 December 2001
71
Six
-M
on
thly
Re
po
rt a
t 3
1 D
ec
em
be
r 2
00
1
FINANCIAL COMMUNICATION AND INVESTORRELATIONS
Juventus Football Club devotes particular attention to relations with Italian and international shareholders,
analysts, institutional investors and journalists.
Since the date of listing (20 December 2001):
• Several hundred copies of the Annual Report, Quarterly Reports, in Italian and English, have been distributed
on request to shareholders; these publications, in addition to the Prospectus for the Public Offering of Sale and
Subscription and admission to listing on the Mercato Telematico Azionario, are also available via the Internet
site in the Investor Relations sections of www.juventus.com and www.juventusbiz.com;
• Institutional meetings have been held with investors and analysts, organised by Borsa Italiana S.p.A. (February,
in collaboration with AIAF - Associazione Italiana Analisti Finanziari) and by Banca IMI S.p.A. (April);
• Meetings have been held at financial institutions in Milan, London and Edinburgh;
• Frequent contacts have been maintained through individual meetings with financial analysts and institutional
investors; international contacts have been significant;
• Ample information has been provided through the daily, periodical, financial and sports press.
72 Juventus Football Club Six-Monthly Report at 31 December 2001
Graphic design and editorial co-ordinationBeatrice Coda Negozio
PhotographyLaPresse
English versionDavid Henderson
Printed byG. Canale & C. S.p.A.
The Six-Monthly Report at 31 December 2001 was approved by the Board of Directors on 22 April 2002.
Information for shareholders, investors and the press:
Relations with Institutional Investors and Financial AnalystsTel. +39 011 65 63 437
Fax. +39 011 56 31 177
Press OfficeTel. +39 011 65 63 426 Fax. +39 011 44 07 461
Juventus Football Club S.p.A. Corso Galileo Ferraris, 32 ñ 10128 Torino
www.juventus.com
www.juventus.com