i n t e r i m

management
s tat e m e n t s
30 09 14
JUVENTUS Football CLUB S.p.a.

Registered office
Corso Galileo Ferraris 32, 10128 Turin
Contact Center 899.999.897
Fax +39 011 51 19 214

Share capital fully paid

€ 8,182,133.28

Registered in the companies register

Under no. 00470470014 - REA no. 394963

Borsa Italiana S.p.A. share code: JUVE

ISIN code: IT0000336518
Bloomberg ticker: JUVE IM
Reuters ticker: JUVE.MI

This document is available

on the Internet at www.juventus.com

interim management statements - 30 09 14

02 JUVENTUS FOOTBALL CLUB S.P.A.
Contents

Board of Directors, Board of Statutory Auditors and Independent Auditors 5

Significant events in the first quarter of the 2014/2015 financial year 6

Significant events after 30 September 2014 8

Business outlook 9

Statement of financial position at 30 September 2014 10

Income Statement and Statement of comprehensive income for the first quarter 2014/2015 13

Notes to the financial statements 14

interim management statements - 30 09 14 03

04 JUVENTUS FOOTBALL CLUB S.P.A.
board of directors, board of statutory auditors
and indipendent auditors

Board of Directors
Chairman Andrea Agnelli

Chief Executive Officer

and General Manager for the Sports Area Giuseppe Marotta

Chief Executive Officer

and Chief Financial Officer Aldo Mazzia

Non independent Directors Pavel Nedved

Enrico Vellano

independent Directors Maurizio Arrivabene

Giulia Bongiorno
Paolo Garimberti
Assia Grazioli Venier
Camillo Venesio

Remuneration and Appointments Committee

Paolo Garimberti (Chairman), Maurizio Arrivabene and Camillo Venesio

Control and Risk Committee

Camillo Venesio (Chairman), Maurizio Arrivabene and Assia Grazioli Venier

Executive Committee
Andrea Agnelli (Chairman), Giuseppe Marotta, Aldo Mazzia, Enrico Vellano and Camillo Venesio

Board of Statutory Auditors

Chairman Paolo Piccatti

Auditors Silvia Lirici

Roberto Longo

Deputy Auditors Nicoletta Paracchini

Roberto Petrignani

Independent Auditors
Reconta Ernst & Young S.p.A.

Expiry of mandates

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

interim management statements - 30 09 14 05

 SIGNIFICANT EVENTS IN THE FIRST QUARTER OF THE
2014/2015 FINANCIAL YEAR

Football season
The First Team started their 2014/2015 pre-season training in mid-July at the Juventus Training Centre in Vinovo (TO), continuing, in
August, as part of the Tournée in Australia, Indonesia and Singapore.
On 11 July 2014, the FICG officers, after reviewing the documentation filed by Juventus and materials sent by the Lega Nazionale
Professionisti Serie A, issued the National License for the football season under way.

2014/2015 Transfer Campaign – first phase

Purchases and disposals of players' registration rights
The transactions finalised in the first phase of the 2014/2015 Transfer Campaign, held from 1 July to 2 September 2014, led to a total
increase in invested capital of € 37 million resulting from acquisitions of € 47.1 million and disposals of € 10.1 million (net book value
of disposed rights).
The net capital gains generated by the disposals totalled € 4.7 million.
The total net financial commitment of € 35.4 million is spread over three years, and includes auxiliary expenses and financial income
and expenses implicit in deferred receipts and payments. To secure the deferred payments, guarantees were issued for a total of € 4.7
million.
Renewal of players’ contracts
Starting from this football season, the following players' contracts will be renewed:
- Andrea Barzagli (up to 30 June 2016);
- Giorgio Chiellini (up to 30 June 2018);
- Nicola Leali (up to 30 June 2019);
- Luca Marrone (up to 30 June 2019);
- Jorge Andres Martinez (up to 30 June 2016);
- Rubens Fernando Moedim (up to 30 June 2015);
- Andrea Pirlo (up to 30 June 2016);
- Marco Storari (up to 30 June 2015).
This will result in lower amortisation for the financial year 2014/2015 by approximately € 1.6 million.
For additional information see note no. 1.

First Team Manager

Starting from 17 July 2014 the new First Team Manager is now Massimiliano Allegri, replacing Antonio Conte, whose contract was
terminated by mutual agreement on 15 July 2014.

2014/2015 Season Ticket Campaign

The Season Ticket Campaign for the 2014/2015 football season closed with the subscription of all the 28,000 available season passes,
for net revenues of € 20.8 million, including Premium Seats and additional services, compared to € 20.2 million for the previous season.

06 JUVENTUS FOOTBALL CLUB S.P.A.

Shareholding structure and share trend
Based on the latest information available, the share capital of Juventus Football Club S.p.A. is held 63.8% by the parent Exor S.p.A.,
5.0% by Lindsell Train Ltd. and the remaining 31.2% is a free float on the Stock Exchange.
The graph below shows the Juventus Football Club S.p.A. share price trend and average daily trading in the past twelve months.

€/m €
8.0 0.4
Equity turnover
Official price

6.0 0.3

4.0 0.2

2.0 0.1

0.0 0.0
11/11/13 16/12/13 27/1/14 3/3/14 7/4/14 15/5/15 19/6/14 24/7/14 29/8/14 3/10/14 7/11/14

interim management statements - 30 09 14 07

 SIGNIFICANT EVENTS AFTER 30 SEPTEMBER 2014

Renewal of players’ contracts

In October 2014 player's contract of the footballer Paul Pogba Labile was renewed until 30 June 2019, which will result in lower
amortisations in the current year for approximately € 0.2 million.

Ordinary and extraordinary Shareholders' Meeting

of 24 October 2014
The Shareholders' Meeting of 24 October 2014 approved the Financial Statements at 30 June 2014. The loss of € 6.7 million was
covered through the use of the share premium reserve. As a result, no dividends were approved.
The Shareholders' Meeting also approved the Remuneration Report pursuant to Article 123-ter of Legislative Decree 58/98.

08 JUVENTUS FOOTBALL CLUB S.P.A.

BUSINESS OUTLOOK

During the first phase of the Transfer Campaign, the Company allocated significant resources to further strengthen the First Team
bench, keep talents on its staff and lay the foundation for the future inclusion of young players with excellent prospects.
As a consequence, the result, currently still expected to be a loss, will be influenced by increases in costs relating to sports management
and the changes, also with respect to future revenues, that will derive from the sporting results actually achieved in Italy and Europe.
The Company's objective is built on the improvement in financial performance achieved during the previous three financial years.

interim management statements - 30 09 14 09

 STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2014

Amounts in euro Notes 30/09/2014 30/06/2014 Change

Non-current assets
Players’ registration rights, net 1 143,739,571 119,898,751 23,840,820
Other intangible assets 30,983,359 30,784,511 198,848
Intangible assets in progress 19,710 19,710 -
Land and buildings 125,331,288 126,033,479 (702,191)
Other tangible assets 28,516,658 29,430,552 (913,894)
Tangible assets in progress 2,432,639 2,432,639 -
Non-current financial assets 4,100,000 4,100,000 -
Deferred tax assets 5,576,486 5,544,837 31,649
Receivables due from football clubs for transfer campaigns 2 31,528,514 29,722,973 1,805,541
Other non-current assets 4 4,357,618 4,229,174 128,444
Total non-current assets 376,585,843 352,196,626 24,389,217
Current assets
Trade receivables 3 35,243,018 25,597,875 9,645,143
Trade and other receivables from related parties 7,069,087 6,718,170 350,917
Receivables due from football clubs for transfer campaigns 2 13,595,502 68,042,398 (54,446,896)
Other current assets 4 15,894,019 12,680,756 3,213,263
Cash and cash equivalents 5 2,352,887 1,586,969 765,918
Total current assets 74,154,513 114,626,168 (40,471,655)
Advances paid
Non-current advances 23,976,522 24,042,232 (65,710)
Current advances 6,977,741 5,056,205 1,921,536
Advances paid, total 6 30,954,263 29,098,437 1,855,826
Total assets 481,694,619 495,921,231 (14,226,612)

The Interim Management Statements at 30 September 2014 have not been audited.

10 JUVENTUS FOOTBALL CLUB S.P.A.

STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2014

Amounts in euro Notes 30/09/2014 30/06/2014 Change

Shareholders' Equity
Share capital 8,182,133 8,182,133 -
Share premium reserve 41,111,531 41,129,673 (18,142)
Cash flow hedge reserve (403,633) (452,207) 48,574
Actuarial gains/(losses) reserve 441,331 441,331 -
Loss for the preceding year (6,674,430) - (6,674,430)
Loss for the year (28,605,322) (6,674,430) (21,930,892)
Shareholders’ equity 7 14,051,610 42,626,500 (28,574,890)
Non-current liabilities
Provisions for employee benefits 5,894,559 5,894,559 -
Loans and other financial payables 5 53,039,147 53,696,763 (657,616)
Non-current financial liabilities 5 403,633 452,207 (48,574)
Payables due to football clubs for transfer campaigns 8 45,825,766 28,608,212 17,217,554
Deferred tax liabilities 5,661,312 5,582,904 78,408
Other non-current liabilities 9 381,411 1,684,368 (1,302,957)
Total non-current liabilities 111,205,828 95,919,013 15,286,815
Current liabilities
Provisions for risks and charges 1,088,413 1,158,413 (70,000)
Loans and other financial payables 5 169,892,385 157,557,661 12,334,724
Current financial liabilities 5 11,959 10,957 1,002
Trade payables 12,802,047 14,429,244 (1,627,197)
Trade and other payables to related parties 914,966 983,362 (68,396)
Payables due to football clubs for transfer campaigns 8 32,570,597 75,218,142 (42,647,545)
Other current liabilities 9 53,781,628 55,778,562 (1,996,934)
Total current liabilities 271,061,995 305,136,341 (34,074,346)
Advances received
Non-current advances 38,294,311 39,614,829 (1,320,518)
Current advances 47,080,875 12,624,548 34,456,327
Advances received, total 10 85,375,186 52,239,377 33,135,809
Total liabilities 481,694,619 495,921,231 (14,226,612)

The Interim Management Statements at 30 September 2014 have not been audited.

interim management statements - 30 09 14 11

12 JUVENTUS FOOTBALL CLUB S.P.A.
INCOME STATEMENT FOR THE FIRST QUARTER OF 2014/2015

Financial year Amounts in euro Notes I Quarter I Quarter Change

2013/2014 2014/2015 2013/2014

40,996,209 Ticket sales 7,121,239 4,960,279 2,160,960

150,965,077 Television and radio rights and media revenues 20,874,628 19,647,112 1,227,516
60,299,760 Revenues from sponsorship and advertising 13,067,296 12,772,391 294,905
36,431,526 Revenues from players’ registration rights 6,214,223 13,248,237 (7,034,014)
27,090,529 Other revenues 5,993,135 4,974,363 1,018,772
315,783,101 Total revenues 11 53,270,521 55,602,382 (2,331,861)
(3,471,449) Purchase of materials, supplies and other consumables (789,731) (895,112) 105,381
(47,960,673) External services (8,914,599) (9,516,836) 602,237
(167,886,939) Players’ wages and technical staff costs (43,823,944) (39,297,818) (4,526,126)
(16,203,836) Other personnel (3,231,602) (2,811,830) (419,772)
(3,830,440) Expenses from players’ registration rights (3,914,510) (2,060,667) (1,853,843)
(7,259,174) Other expenses (1,659,524) (1,360,618) (298,906)
(246,612,511) Total operating costs 12 (62,333,910) (55,942,881) (6,391,029)
(50,845,719) Amortisation and write-downs of players’ registration rights 13 (13,303,400) (12,544,034) (759,366)
(8,216,286) Depreciation/amortisation of other tangible and intangible (2,098,342) (2,003,910) (94,432)
assets
(1,262,567) Provisions and other write-downs/reverses and releases - - -
8,846,018 Operating income (24,465,131) (14,888,443) (9,576,688)
3,131,807 Financial income 817,270 837,681 (20,411)
(11,831,360) Financial expenses (3,240,338) (2,874,697) (365,641)
146,465 Income/(loss) before taxes (26,888,199) (16,925,459) (9,962,740)
(7,204,720) Current taxes (1,688,507) (1,399,676) (288,831)
383,825 Deferred taxes (28,616) (75,890) 47,274
(6,674,430) Loss for the period (28,605,322) (18,401,025) (10,204,297)
(0,01) Basic and diluted income/(loss) per share for the period (0,03) (0,02) (0,01)

STATEMENT OF COMPREHENSIVE INCOME FOR THE FIRST QUARTER OF 2014/2015

Financial year Amounts in euro I Quarter I Quarter Change

2013/2014 2014/2015 2013/2014

(6,674,430) Loss for the period (A) (28,605,322) (18,401,025) (10,204,297)

178,853 Other income (loss) recorded in cash flow hedge reserve 48,574 52,189 (3,615)
Tax effect related to total other Income (Loss) that will
- subsequently be reclassified in the income statement - - -
Total Other Income (Loss) that will subsequently be reclassified
178,853 in the income statement net of the tax effect (B1) 48,574 52,189 (3,615)
563,632 Other Income (Loss) entered in the actual gains (losses) reserve - - -
Tax effect related to total other Income (Loss) that will not
- subsequently be reclassified in the income statement - - -
Total Other Income (Loss) that will not subsequently
be reclassified in the income statement net
563,632 of the tax effect (B2) - - -
742,485 Total Other Income/(Loss), net of the tax effect (B)= (B1)+(B2) 48,574 52,189 (3,615)
(5,931,945) Comprehensive loss for the period (A+B) (28,556,748) (18,348,836) (10,207,912)

The Interim Management Statements at 30 September 2014 have not been audited.

interim management statements - 30 09 14 13

 notes to the financial statements

Accounting principles
The Interim Management Statements at 30 September 2014, concerning the first quarter of the 2014/2015 financial year, have been
drawn up pursuant to Article 154-ter, paragraph 5, of Legislative Decree 58 of 24 February 1998, as amended by Legislative Decree
195 of 6 November 2007.
The accounting principles and policies used in drafting these management statements are the same as those used in preparing the
Annual Report at 30 June 2014, in compliance with IFRS.
Drafting the interim management statements requires the use of estimates and assumptions that have an effect on assets and liabili-
ties and on information regarding potential assets and liabilities at the reporting date. The final results may differ from these estimates.
The estimates and assumptions are reviewed periodically and the effects of every variation are reflected immediately in the income
statement.
These measurement processes, in particular more complex ones such as the determination of impairment in the value of assets, are
generally made in full only when preparing the annual financial statements, when all the information that might be needed is available,
except in cases where there are impairment indicators that demand an immediate evaluation of possible impairment losses.
The Interim Management Statements at 30 September 2014 have not been audited.

Seasonal nature of operations

The economic trend of the Company is characterised by a strong seasonal nature, typical of the sector, basically determined by
participation in European championships, in particular the UEFA Champions League, by the calendar of sports events and by the player
Transfer Campaigns. Specifically:
- the calendar of sports events to which main revenue items are related and recognised in the income statement, has an impact
on the trend of quarterly results and their comparison with figures for the same periods of previous years. This is because the
main cost items not referable to single sports events (such as players’ wages and amortisation relative to registration rights) are
recorded in the income statement on a straight-line basis. Specifically, note that the revenues for broadcasting rights to the Series A
championship and the Italian Cup (whose marketing is handled centrally by the Lega Nazionale Professionisti Serie A) are reported
in the income statement by dividing the total, provided by the League, in equal parts based on the number and date of the home
games. The revenues from UEFA Champions League, not linked to performance or to winning specific rounds, are reported in the
income statement by dividing the total, provided by UEFA, in equal parts based on the number and date of the games played;
- the player Transfer Campaign, may have significant economic and financial effects in July and August (first phase) in January
(second phase) and in June (only for the termination of some player-sharing agreements).
The Company’s financial performance is also affected on a quarterly level by the seasonal nature of income items; furthermore, a
number of revenue items show non-uniform financial patterns (receipts) with respect to the pertinent economic period.

14 JUVENTUS FOOTBALL CLUB S.P.A.

NOTES ON THE STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2014
1. Players’ registration rights, net
The changes in the item are shown below:

Amounts in thousands of euro Professionals Player-sharing Player-sharing Registered Total

agreement payable agreement young
players

Book value 270,644 21,163 6,536 1,804 300,147

Accumulated amortisation (173,820) (5,650) - (715) (180,185)
Allowance for doubtful accounts (63) - - - (63)
Balance at 30/06/2014 96,761 15,513 6,536 1,089 119,899
Investments 45,266 58 (a) - 1,816 47,140
Disinvestments (gross) (30,090) (535) - (112) (30,737)
Use of accumulated amortisation 20,206 418 - 55 20,679
Use of allowance for doubtful accounts 63 - - - 63
Disinvestments (net) (9,821) (117) - (57) (9,995)
Amortisation (12,281) (852) - (171) (13,304)
Reclassifications 2,940 (2,280) (630) (30) -
Balance at 30/09/2014 122,865 12,322 5,906 2,647 143,740
Book value 290,334 16,877 5,906 3,433 316,550
Accumulated amortisation (167,469) (4,555) - (786) (172,810)
Balance at 30/09/2014 122,865 12,322 5,906 2,647 143,740
(a) Increases related to performance bonuses.

interim management statements - 30 09 14 15

 In the course of the first phase of the 2014/2015 Transfer Campaign, the following main operations regarding players' registration rights were
completed:

Amounts in thousands of euro

Player Counterparty clubs Price IFRS value of rights Years of

(including expenses contract
and bonuses)
Definitive acquisitions
Coman Kingsley Junior Paris Saint-Germain Footbal - 1,678 (a) 5
Djalo Taritolay Marcelo Amado Granada Club de Futbol 1,034 1,007 3
Evra Patrice Latyr Manchester United FC 1,511 (b) 1,797 2
Hidalgo Garcia Nicolas Granada Club de Futbol 2,000 1,945 3
Morata Martin Alvaro Borja Real Madrid Club de Futbol 20,000 (c) 20,534 5
Sturaro Stefano Genoa Cricket and FC 5,500 (d) 5,203 5
Termination of player-sharing agreements in favour of Juventus
Belfasti Nazzareno FC Pro Vercelli 1892 500 521 4
Gallinetta Alberto Parma FC 700 700 3
Magnusson Hordur Bjorgvin Spezia Calcio 1,000 953 4
Marrone Luca US Sassuolo 5,000 4,760 5
Pasquato Cristian Udinese Calcio 1,500 2,235 3
Pinsoglio Carlo Vicenza Calcio 700 700 3
Sorensen Frederik Hillesborg Bologna FC 1909 800 766 4
Troisi James Atalanta BC 1,000 1,000 2
Other investments/increases (e) 3,342
Total investments 47,141

(a) Includes FIFA Training Compensation of € 310 thousand.

(b) The acquisition price could increase by an additional £ 300 thousand if Juventus qualifies for the UEFA Champions League 2015/2016.
(c) The agreement contains an option right for Real Madrid, which may be exercised either at the end of the 2015/2016 football season or at the end of the 2016/2017
football season, for the definitive repurchase of the player's registration rights at pre-set values, up to a maximum of € 30,000 thousand, based on the number
of matches that the footballer plays in the season when the right is exercised.
(d) The acquisition price could increase by an additional € 3,500 thousand if certain sports goals are reached during the contract, starting from the 2015/2016 football
season (performance bonus).
(e) It includes the capitalisation of any bonuses linked to sports scores paid to the football clubs for footballers acquired during the previous Transfer Campaigns.

Amounts in thousands of euro

Player Counterparty clubs Price Price Net book Solidarity Capital
present value subsidy gains
value (losses)
Definitive disposals
Elezaj Entonjo FC Pro Vercelli 1892 500 500 - - 500
Peluso Federico US Sassuolo 4,500 4,284 3,509 - 775
Quagliarella Fabio Torino FC 3,500 3,333 2,554 - 779
Vucinic Mirko Al Jazira Football Sports 6,316 6,316 3,730 316 2,270
Termination of player-sharing agreement
Bianconi Niko Vicenza Calcio 600 600 117 - 483
Other disinvestments 30 86 2 (58)
Total disinvestments (net) 15,063 9,996 318 4,749

It should be noted that, during the first phase of the Transfer Campaign, temporary transactions were carried out for a total net
annual cost of € 382 thousand, mainly relative to the temporary acquisitions of the footballers Pereyra Roberto Maximiliano
(€ 1,500 thousand) and Souza Oreste Romulo (€ 1,000 thousand), and the temporary disposal of the footballer Isla Isla Mauricio Anibal
(€ 1,200 thousand).

16 JUVENTUS FOOTBALL CLUB S.P.A.

The total net financial commitment, including auxiliary expenses and financial income and expenses implicit in deferred receipts and
payments, came to € 35,414 thousand:

Amounts in thousands of euro Total 2014/2015 2015/2016 2016/2017

LNP and others (11,716) (7,793) (2,933) (990)

Foreign FC (17,445) 811 (12,916) (5,340)
Agents (6,253) (5,292) (934) (27)
Total (35,414) (12,274) (16,783) (6,357)

2. Current and non-current receivables due from football clubs for transfer campaigns
These are the current and non-current receivables, due within five financial years, from football clubs for the disposal of players'
registration rights and are almost entirely covered by a direct guarantee or through the Lega Nazionale Professionisti Serie A.
These total € 45,124 thousand and show a decrease of € 52,641 thousand compared to the balance of € 97,765 thousand at 30 June
2014 due to proceeds received during the period and receivables generated by the 2014/2015 Transfer Campaign.

3. Trade receivables
These total € 35,243 thousand and increased by € 9,645 thousand (€ 25,598 thousand at 30 June 2014) mainly due to receivables due from
UEFA for participation in the UEFA Champions League (€ 11,324 thousand).
To optimise financial management, expand the level of loans and keep borrowing costs down, the Company sells part of its contracts and
future trade receivables to factoring companies.

4. Other current and non-current assets

Details are as follows:

30/09/2014 30/06/2014
Amounts in thousands of euro Current Non-current Total Current Non-current Total
share share share share

Receivables due from Campi di Vinovo S.p.A. for the sale of the
branch of business of "Mondo Juve - commercial park" 7,407 - 7,407 7,407 - 7,407
Receivables due from Finanziaria Gilardi S.p.A. for sale of the Campi
di Vinovo S.p.A. shareholding. 3,293 1,579 4,872 3,293 1,579 4,872
Receivables due from I.C.S. for interest rate subsidy 302 2,414 2,716 302 2,414 2,716
Adjustment for financial income underlying the receivable due from I.C.S. (94) (392) (486) (97) (414) (511)
Prepaid expenses 4,259 663 4,922 1,014 555 1,569
Receivables due from insurance companies 336 - 336 230 - 230
Receivables due from Lega Nazionale Professionisti Serie A 49 - 49 175 - 175
Tax receivables 95 - 95 95 - 95
Miscellaneous 247 94 341 262 95 357
Other current and non-current assets 15,894 4,358 20,252 12,681 4,229 16,910

The prepaid expenses are mainly related to expenses for temporary acquisitions of footballers (€ 2.501 thousand), insurance premiums
(€ 971 thousand), costs for sports equipment (€ 837 thousand) and commissions on guarantees (€ 351 thousand).

5. Net financial debt

At 30 September 2014, net financial debt amounted to € 216,894 thousand, registering an increase of € 10,863 thousand compared to
a balance of € 206,031 thousand at 30 June 2014. That increase was driven by Transfer Campaign outlays (net € -4,987 thousand, net),
advances paid to various suppliers in relation to the Continassa Project (€ -392 thousand), investments in other fixed assets (€ -681 thousand)
and cash flow from financing activities (€ -7,030 thousand), partially offset by positive cash flow from operations (€ +2,227 thousand).

interim management statements - 30 09 14 17

 The breakdown between current and non-current net financial debt at the end of the two periods is shown below.

30/09/2014 30/06/2014
Amounts in millions of euro Current Non- Total Current Non- Total
current current

Financial assets* - 4,100 4,100 - 4,100 4,100

Cash and cash equivalents 2,353 - 2,353 1,587 - 1,587
Total financial assets 2,353 4,100 6,453 1,587 4,100 5,687
Financial payables
- due to leasing companies (2,658) (9,687) (12,345) (2,638) (10,345) (12,983)
- due to the Istituto per il Credito Sportivo (4,960) (43,352) (48,312) (4,437) (43,352) (47,789)
- due to banks (117,744) - (117,744) (106,265) - (106,265)
- due to factoring companies (44,530) - (44,530) (44,218) - (44,218)
Other financial liabilities (12) (404) (416) (11) (452) (463)
Total financial liabilities (169,904) (53,443) (223,347) (157,569) (54,149) (211,718)
Net financial debt (167,551) (49,343) (216,894) (155,982) (50,049) (206,031)
* This item is included as it refers to cash deposits in a current account pledged as collateral on the Istituto per il Credito Sportivo loan, recorded with financial payables.

The net financial debt at 30 September 2014 did not include any payable and/or receivable position with related parties, with the
exception of the current account balance held at Banca del Piemonte S.p.A. (€ -3,302 thousand).
In terms of the effects of the seasonal nature and proceeds advanced compared to when accrued, as of 30 September 2014 contractual
payments had already been collected with future economic accrual for a total of € 85,375 thousand, reported in the item "Received
advances" (see note 10).
At 30 September 2014, the Company had revocable lines of credit totalling € 329,750 thousand, drawn down by a total of € 196,672
thousand (€ 34,398 thousand for guarantees issued in favour of third parties, € 117,744 thousand for overdrafts, and € 44,530
thousand for advances on contracts and trade receivables).

6. Advances paid
Advances paid total € 30,954 thousand, of which € 23,977 thousand non current (of which € 22,929 thousand beyond five financial
years) and mainly refer to the payments made for the acquisition of the long-term lease of the Juventus Stadium area (€ 12,512
thousand) and the Continassa area (€ 11,726 thousand) recognised as operating leases (including auxiliary expenses).

7. Shareholders' Equity
Shareholders' equity at 30 September 2014 was equal to € 14,052 thousand, registering a decrease compared to the balance of
€ 42,627 thousand at 30 June 2014 due to the loss for the period (€ -28,605 thousand), net of changes in the cash flow hedge reserve
(€ +48 thousand) and other minor variations (€ -18 thousand).

8. Current and non-current payables due to football clubs for transfer campaigns
These are current and non-current payables to football clubs for the acquisition of players' registration rights.
These total € 78,396 thousand and show a decrease of € 25,430 thousand compared to the balance of € 103,826 thousand at 30 June 2014
as a result of payments made during the period and payables arising from the first phase of the 2014/2015 Transfer Campaign.

18 JUVENTUS FOOTBALL CLUB S.P.A.

9. Other current and non-current liabilities
Details are as follows:

30/09/2014 30/06/2014
Amounts in thousands of euro Current Non-current Total Current Non-current Total
share share share share

Payables due for remuneration to employees and others 21,284 - 21,284 28,332 - 28,332 (a)

Tax payables for withholding tax and other taxes 17,885 - 17,885 11,619 - 11,619
Payables due for auxiliary expenses and Transfer Campaign 7,333 347 7,680 5,429 1,708 7,137
Prepaid income and accrued expenses 4,692 - 4,692 4,626 - 4,626
Payables due to social security agencies 682 - 682 964 - 964
Adjustment for implicit financial expenses (65) (7) (72) (14) (66) (80)
Other payables 1,971 41 2,012 4,823 42 4,865
Other current and non-current liabilities 53,782 381 54,163 55,779 1,684 57,463
(a) Including remuneration for variable bonuses matured mainly by FIGC registered personnel.

Prepaid income and accrued expenses, amounting to € 4,692 thousand, mainly regarded trade revenues pertaining to future periods
(€ 2,420 thousand) and prepaid income deriving from the temporary disposal of some footballers (€ 1.959 thousand).

10. Advances received

Received advances total € 85,375 thousand, of which € 38,294 thousand non-current (including € 21,863 thousand beyond five financial
years). These are amounts already received for the performance of services to render in the future related to:

30/09/2014 30/06/2014
Amounts in thousands of euro Current Non-current Total Current Non-current Total
share share share share

Naming and other revenues of the Juventus Stadium from

agreements with Sportfive Italia S.r.l. and Sportfive GmbH & Co. KG 3,500 26,795 30,295 3,500 28,000 31,500
Television rights disposed of in centralised form 24,157 - 24,157 - - -
Season passes 15,911 - 15,911 6,974 - 6,974
Income from the Juventus Library 126 9,834 9,960 116 9,698 9,814
Income from the "Accendi una Stella" initiative 180 1,050 1,230 180 1,095 1,275
Income from the "Membership" initiative 516 7 523 476 20 496
Other minor items 2,691 608 3,299 1,378 802 2,180
Advances received 47,081 38,294 85,375 12,624 39,615 52,239

interim management statements - 30 09 14 19

 NOTES ON THE INCOME STATEMENT FOR THE PERIOD 1 JULY 2014 -
30 SEPTEMBER 2014
The first quarter of the 2014/2015 financial year closed with a loss of € 28,605 thousand, posting a negative change of € 10,204
thousand compared to the loss of € 18,401 thousand registered in the same period a year earlier. This performance was the result of a
decrease in revenues from players’ registration rights of € 7,034 thousand, partially offset by an increase in other revenues of € 4,702
thousand, as well as by an increase in operating costs of € 6,391 thousand and in other net negative changes of € 1,481 thousand.
The net negative changes included higher amortisation of players’ registration rights (€ 759 thousand), higher net financial expenses
(€ 386 thousand), higher income taxes (€ 242 thousand) and higher other amortisation (€ 94 thousand).

11. Revenues
Revenues for the first three months of the year 2014/2015 totalled € 53,271 thousand, down € 2,331 thousand compared to € 55,602
thousand for the same period last year. The main items and/or changes are illustrated below.
Ticket sales
These amount to € 7,121 thousand, an increase of € 2,161 thousand, compared to the € 4,960 thousand for the same period of
the previous financial year, due to higher revenues from fees for friendly matches (€ +1,587 thousand), from ticket sales for UEFA
Champions League home matches (€ +664 thousand), from season passes (€ +358 thousand) and from additional match services
(€ +49 thousand); these increases were partially offset by the absence of revenues from the Italian Super Cup (€ -288 thousand) which
will take place in December, and by lower revenues from ticket sales for Championship home matches (€ -209 thousand).
The following table compares the number of matches played in the various official competitions in the period from 1 July 2014 to 30
September 2014 and in the same period of the previous year:

I quarter 2014/2015 I quarter 2013/2014

number of matches Home Away Total Home Away Total

Championship 2 3 5 2 4 6
UEFA matches 1 - 1 - 1 1
Italian Super Cup - - - - 1 1
Total 3 3 6 2 6 8

Television and radio rights and media revenues

Details are as follows:

Amounts in thousands of euro I quarter I quarter Change

2014/2015 2013/2014

Revenues from media rights 12,379 12,084 295

Revenues from UEFA competitions 8,495 7,563 932
Television and radio rights and media revenues 20,874 19,647 1,227

Revenues from UEFA competitions increased by € 932 thousand, following the results achieved in the first UEFA Champions League match
during the two football seasons, and a different distribution of market pool proceeds, paid for the competition in question following the
qualification of only two Italian teams in the group stage.

20 JUVENTUS FOOTBALL CLUB S.P.A.

Revenues from players’ registration rights
Revenues from players’ registration rights amount to € 6,214 thousand, down € 7,034 compared to € 13,248 thousand for the same period
of the previous year. Details are as follows:

Amounts in thousands of euro I quarter I quarter Change

2014/2015 2013/2014

Gains on disposal of players’ registration rights 3,824 3,879 (55)

Release of gains from disposals of player-sharing agreements in previous years 518 - 518
Gains from disposals of registered young players 500 - 500
Gains on termination of sharing agreements 482 869 (387)
Revenues from the temporary disposal of players’ registration rights 363 81 282
Capital gains on player-sharing agreements - 8,419 (8,419)
Other revenues 527 - 527
Revenues from players’ registration rights 6,214 13,248 (7,034)

Revenues from the temporary disposal of players' registration rights mainly refer to:
- Isla Isla Mauricio Anibal (Queens Park Rangers Football & Athletic Club) € 207 thousand;
- Rugani Daniele (Empoli FC S.p.A.) € 50 thousand;
- Buchel Marcel (Bologna FC 1909 S.p.A.) € 34 thousand;
- Sorensen Frederik (Hellas Verona FC S.p.A.) € 32 thousand.
Other revenues
These total € 5,993 thousand (€ 4,974 thousand at 30 September 2013) and mainly relate to income from the Juventus Museum and
the “Membership” and “Stadium Tour” commercial initiatives, as well as income from non-sporting events carried out at the Juventus
Stadium. This increase is also due to higher contingent assets resulting from UEFA's revenue adjustments for the previous year's
participation in the UEFA Champions League and the UEFA Europa League.

12. operating costs

Operating costs in the first quarter of the 2014/2015 financial year amounted to € 62,334 thousand, increasing by 11.4% compared
to € 55,943 thousand for the same period of the previous financial year. The main items and/or changes are illustrated below.
players' wages and technical staff cost
Costs for FIGC registered personnel amount to € 43,824 thousand (€ 39,298 thousand for the same period of the previous year),
representing an increase of € 4,526 thousand mainly due to higher remuneration paid to players temporarily transferred (€ +1,967
thousand), higher fees for leaving incentives paid to players permanently disposed of (€ +1,414 thousand), higher variable and
fixed remuneration (respectively € +551 thousand and € +412 thousand) awarded to footballers included in the staff and higher
remuneration paid to other players (€ +407 thousand); these effects were partially offset by lower other expenses (€ -346 thousand).
Expenses from players’ registration rights
Expenses from players’ registration rights amount to € 3,915 thousand, compared to € 2,061 thousand for the same period of the
previous year.

interim management statements - 30 09 14 21

 Details are as follows:

Amounts in thousands of euro I quarter I quarter Change

2014/2015 2013/2014

Auxiliary non-capitalised expenses for players’ registration rights 3,293 1,756 1,537
Expenses for the temporary purchase of players’ registration rights 504 110 394
Losses on disposal of registered young players-sharing agreements 58 - 58
Losses on disposal of players’ registration rights - 114 (114)
Losses on disposals of players-sharing agreements - 2 (2)
Other expenses 60 79 (19)
Expenses from players’ registration rights 3,915 2,061 1,854

Expenses for the temporary purchase of players’ registration rights mainly refer to:
- Pereyra Roberto (Udinese Calcio S.p.A.) € 306 thousand;
- Sousa Orestes Romulo (Hellas Verona FC S.p.A.) € 173 thousand.

13. Amortisation and write-downs of players’ registration rights

The amortisation and write-downs of players' registration rights for the first quarter of 2014/2015 amount to € 13,303 thousand,
up by € 759 thousand compared to the same period last year due to the effect of investments made during the 2014/2015 Transfer
Campaign.

14. Pending litigation

There are no significant updates to the pending litigations disclosed in the notes to the Annual Financial Report at 30 June 2014. On 1
October 2014, a hearing was held at the Tribunal Arbitral du Sport (TAS) regarding the Mutu/Chelsea procedure, which is still awaiting
the ruling.
Furthermore, on 30 October 2014, Nike European Operations Netherlands B.V. (Nike) sent Juventus a notice of arbitration for alleged
breaches of the sponsorship agreement of 16 November 2001. Currently, no concrete evidence in support of Nike's reasons has been
provided. Juventus will file an appearance in this arbitration to argue its case.

15. Approval of the Interim Management Statements at 30 September 2014 and authorisation for
publication
At the meeting of 13 November 2014, the Board of Directors approved the Interim Management Statements at 30 September 2014,
authorising the publication on the same date.

Turin, 13 November 2014

On behalf of the Board of Directors

The Chairman

Andrea Agnelli

22 JUVENTUS FOOTBALL CLUB S.P.A.

Declaration pursuant to paragraph 2 of article 154 bis of the consolidated law on finance (TUF)

Pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, I, Marco Re, the Juventus Football Club S.p.A. Financial
Reporting Officer, declare that the accounting information contained in these Interim Management Statements at 30 September 2014
is consistent with the accounting records.

Turin, 13 November 2014

Financial Reporting Officer

of Juventus Football Club S.p.A.

Marco Re

interim management statements - 30 09 14 23

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Relations with Institutional Investors and Financial Analysts

telephone +39 011 65 63 403
fax +39 011 56 31 177
investor.relations@juventus.com

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telephone +39 011 65 63 448
fax +39 011 44 07 461
pressoffice@juventus.com

Juventus Football Club S.p.A.

C.so Galileo Ferraris, 32 - 10128 Turin
www.juventus.com

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