Relazione Finanziaria Semestrale Al 31 Dicembre 2018 Eng Web

HALF-YEARLY FINANCIAL REPORT
31 12 18
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Under no. 00470470014 - REA no. 394963
CONTENTS
REPORT ON OPERATIONS
Board of Directors, Board of Statutory Auditors and Independent Auditors 5

Significant events in the first half of the 2018/2019 financial year 6
Review of the results for the first half of the 2018/2019 financial year 9
Significant events after 31 December 2018 13
Business outlook and main risks and uncertainties for the second half
of the 2018/2019 financial year 15
CONDENSED HALF YEAR FINANCIAL STATEMENTS AT 31 DECEMBER 2018
Statement of financial position 16

Income statement 19
Statement of comprehensive income 19
Statement of changes in shareholders' equity 20
Statement of cash flows 21
Notes to the financial statements 22
CERTIFICATION PURSUANT TO SECTION 154-BIS OF ITALIAN LEGISLATIVE DECREE 58/98 62
INDEPENDENT AUDITORS' REPORT 63
HALF-YEARLY FINANCIAL REPORT 31 12 18 3

BOARD OF DIRECTORS, BOARD OF STATUTORY
AUDITORS AND INDEPENDENT AUDITORS
BOARD OF DIRECTORS
CHAIRMAN Andrea Agnelli
VICE CHAIRMAN Pavel Nedved
NON INDEPENDENT DIRECTORS Maurizio Arrivabene

Francesco Roncaglio
Enrico Vellano
INDEPENDENT DIRECTORS Paolo Garimberti

Assia Grazioli Venier
Caitlin Mary Hughes
Daniela Marilungo
REMUNERATION AND APPOINTMENTS COMMITTEE

Paolo Garimberti (Chairman), Assia Grazioli Venier and Caitlin Mary Hughes
CONTROL AND RISK COMMITTEE

Daniela Marilungo (Chairman), Paolo Garimberti and Assia Grazioli Venier
BOARD OF STATUTORY AUDITORS
CHAIRMAN Paolo Piccatti
AUDITORS Silvia Lirici

Nicoletta Paracchini
DEPUTY AUDITORS Lorenzo Jona Celesia

Roberto Petrignani
INDEPENDENT AUDITORS
EY S.p.A.
Expiry of the terms of office
The terms of office of the Board of Directors and of the Board of Statutory Auditors will expire on the date of the Shareholders’
Meeting called to approve the Financial Statements at 30 June 2021.
The appointment of the Independent Auditors will end on the date of the Shareholders’ Meeting called to approve the
Financial Statements to 30 June 2021.

SIGNIFICANT EVENTS IN THE FIRST HALF OF THE
2018/2019 FINANCIAL YEAR
FOOTBALL SEASON
The First Team began training for the 2018/2019 season in mid-July, at the new Juventus Training Center in Turin, built in
the area adjacent to the stadium and the Club’s headquarters, and owned by the J Village Fund.
On 11 July 2018, the FIGC’s appointed bodies, after reviewing documentation submitted by Juventus and material sent by
the Lega Nazionale Professionisti Serie A, issued the club with the National License for the current football season.
In December, the First Team qualified for the round of sixteen of the UEFA Champions League 2018/2019, ranking in first
place in its round.
JUVENTUS UNDER 23
As from the 2018/2019 season, Juventus Under 23 team plays in Serie C, the third division of the Italian football
Championship.
2018/2019 TRANSFER CAMPAIGN - FIRST PHASE

Acquisitions and disposals of players’ registration rights
The transactions conducted during the first phase of the 2018/2019 Transfer Campaign, from 1 July to 17 August 2018
in regard to the Italian market, led to a total increase in invested capital of € 223.2 million deriving from acquisitions and
increases of € 248.2 million and reclassifications and disposals of € 19.6 million (net book value of disposed rights).
The capital gains resulting from disposals amounted to € 43.7 million, while gains from temporary disposals amounted to a
further € 26.9 million.
The total net financial commitment of € 154.3 million is spread over five years, and includes auxiliary expenses and financial
income and expenses implicit in deferred receipts and payments.
For additional details see the Notes.
Renewals of players’ contracts

During the first half of the 2018/2019 financial year, renewals of contracts with the following players became effective:
- Andrea Barzagli (up to 30 June 2019);

- Giorgio Chiellini (up to 30 June 2020);
- Sami Khedira (up to 30 June 2021);
- Alex Sandro Lobo Silva (up to 30 June 2023);
- Miralem Pjanic (up to 30 June 2023).
This resulted in lower amortisation of approximately € 3.1 million for the first half of the 2018/2019 financial year.
Moreover, during the first half of the 2018/2019 financial year, the contract of the player Carlo Pinsoglio was renewed
(up to 30 June 2020), effective from 1 July 2019.
2018/2019 SEASON TICKET CAMPAIGN

The Season Ticket Campaign for the 2018/2019 football season closed with the subscription of all the 29,300 available
season passes, for net revenues of € 29.7 million (29,300 season passes and € 25.7 million in the previous season),
including Premium Seats and additional services.
6 JUVENTUS FOOTBALL CLUB S.P.A.

RENEWAL OF THE TECHNICAL PARTNERSHIP WITH ADIDAS
The agreement with adidas Italy S.p.A. was modified on 21 December 2018 extending its expiry date to 30 June 2027.
The current agreement, which would expire on 30 June 2021, covered six football seasons starting from 2015/2016. The
new agreement will relate to the period starting with season 2019/2020 and cover in total eight football seasons until
2026/2027. During this period adidas will be the technical partner of all Juventus teams for a minimum fixed consideration
of € 408 million. The consideration does not include additional royalty payments upon exceeding a threshold of sales and
sports performance bonuses.
With respect to the excellent performance of the commercial partnership and to the increased visibility of the Juventus brand
in 2018, adidas recognized an additional bonus of € 15 million for 2018, entirely collected in the first half of financial year
2018/2019. The other terms and conditions of the existing contract remain unchanged until the start of the new agreement
in season 2019/2020.
ORDINARY SHAREHOLDERS' MEETING OF 25 OCTOBER 2018

The Ordinary Shareholders' Meeting of Juventus Football Club S.p.A approved the Financial Statements at 30 June 2018
which closed with a net loss of € 19.2 million, covered by use of retained earnings. Dividends were not therefore distributed.
The Shareholders' Meeting established the number of members of the Board of Directors at 9 for the years 2018/2019,
2019/2020 and 2020/2021, appointing the directors Andrea Agnelli, Maurizio Arrivabene, Paolo Garimberti, Assia Grazioli-
Venier, Caitlin Hughes, Daniela Marilungo, Pavel Nedved, Francesco Roncaglio and Enrico Vellano. The Directors Paolo
Garimberti, Assia Grazioli-Venier, Caitlin Hughes and Daniela Marilungo stated they meet the independence requirements.
The Board of Statutory Auditors was also appointed, and is composed of Paolo Piccatti (Chairman), Silvia Lirici and
Nicoletta Paracchini. Roberto Petrignani and Lorenzo Jona Celesia were appointed as deputy auditors. The Chairman of
the Board of Statutory Auditors and Auditors stated they meet the independence requirements.
The Shareholders' Meeting also approved the Remuneration Report pursuant to Article 123-ter of Italian Legislative
Decree 58/98.
At the end of the Shareholders' Meeting, the Board of Directors met, confirming Andrea Agnelli as Chairman and Pavel
Nedved as Vice Chairman, granting them with executive powers. It also confirmed the appointment of Paolo Garimberti as
Chairman of the J Museum.
After having verified that the directors Paolo Garimberti, Assia Grazioli-Venier, Caitlin Hughes and Daniela Marilungo met
the independence requirements, the Board appointed Paolo Garimberti as Lead Independent Director and also appointed
the following Committees:
- Remuneration and Appointments Committee with Paolo Garimberti (Chairman), Assia Grazioli Venier and Caitlin Hughes;
- Risk and Control Committee with Daniela Marilungo (Chairman), Paolo Garimberti and Caitlin Hughes
The Supervisory Body pursuant to Italian Legislative Decree 231/2001, comprising Alessandra Borelli, Guglielmo
Giordanengo and Patrizia Polliotto, was confirmed.
TERMINATION OF EMPLOYMENT CONTRACTS

On 31 October 2018, executive employment contracts with the following were terminated (i) Giuseppe Marotta, who was
granted an indemnity in lieu of notice amounting of € 361,775, as well as the additional total amount of € 361,775 as a
settlement compensation and redundancy incentive, and (ii) Aldo Mazzia, who was granted an indemnity in lieu of notice
amounting of € 278,000, as well as an additional total amount of € 309,000 as a settlement compensation and redundancy
incentive and severance bonus.

NEW CLUB ORGANISATION
On 23 November 2018, the Board of Directors examined the new company organisation, which, in keeping with the previous
organisation, is divided into three main operating areas: Sport, entrusted to Chief Football Officer Fabio Paratici, Revenue
to Chief Revenue Officer Giorgio Ricci and Services to Chief Financial Officer Marco Re, who in the exercise of their roles,
coordinated by the Chairman and Vice Chairman, report to the Board of Directors.
Moreover, the new Board of Statutory Auditors, appointed by the Shareholders’ Meeting on 25 October 2018, verified that the
requirements of integrity, professionalism and independence envisaged by law (article 148, paragraph 3, Consolidated Law
on Finance) and by the Corporate Governance Code (articles 3 paragraph 1 and 8 paragraph 1) have been met by all of its
standing members (Paolo Piccatti, Silvia Lirici and Nicoletta Paracchini). The outcomes of these checks were reported by
the Board of Directors of the Company on 23 November 2018.
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 N.V., 10% by Lindsell Train Ltd. and the remaining 26.2% 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.
Since 27 December 2018, Juventus share has been listed on the FTSE MIB, the main benchmark index of Italian share
markets.
€/m €
330.0 1.70
Equity turnover 1.60
300.0 Official price 1.50
270.0 1.40
1.30
240.0
1.20
210.0 1.10
1.00
180.0 0.90
0.80
150.0
0.70
120.0 0.60
0.50
90.0
0.40
60.0 0.30
0.20
30.0
0.10
0 0.00
23/2/18 6/4/18 17/5/18 26/6/18 3/8/18 13/9/18 23/10/18 30/11/18 16/1/19

REVIEW OF THE RESULTS FOR THE FIRST HALF OF THE
2018/2019 FINANCIAL YEAR
MAIN INCOME STATEMENT AND BALANCE SHEET FIGURES AT 31 DECEMBER 2018
Amounts in millions of euro I half-year I half-year Change
2018/2019 2017/2018
Revenues 330.2 290.6 39.6

Operating costs 226.8 178.7 48.1
Amortisation and impairment of players' registration rights 78.3 53.6 24.7
Operating income 17.0 51.0 (34.0)
Profit for period 7.5 43.3 (35.8)
Amounts in millions of euro 31/12/2018 30/06/2018 Change
Players' registration rights 475.7 330.8 144.9

Shareholders' Equity 79.5 72.0 7.5
Net financial debt 384.3 309.8 74.5
For a correct interpretation of the half year figures, it should be noted that the financial year of Juventus does not coincide
with the calendar year, but runs from 1 July to 30 June, which corresponds to the football season.
The economic trend 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 two
phases of the football player Transfer Campaign.
For more details see Note 7.
The first half of the 2018/2019 financial year closed with a profit of € 7.5 million, posting a negative change of € 35.8 million
compared to the profit of € 43.3 million registered in the same period a year earlier.
This negative change is mainly due to lower revenues from players' registration rights for € 17.9 million, higher costs for
players' wages and technical staff costs for € 38.2 million, higher amortisation and write-downs on players' registration
rights for € 24.7 million, more purchases for products held for sale for € 6.3 million, as well as greater other expenses for
€ 2.8 million, higher costs for external services for € 3.3 million, higher current taxes for € 1.5 million, as well as higher
costs for other personnel for € 1.5 million. These changes were partially offset by higher operating revenues for € 57.5
million and lower expenses from players' registration rights for € 4 million. Further changes concerned lower net financial
income for € 0.3 million, higher provisions for € 0.9 million, as well as other net changes for € 0.1 million.
Revenues for the first half the 2018/2019 financial year, totalling € 330.2 million, increased by 13.6% compared to the figure
of € 290.6 million in the first half of 2017/2018. Details are as follows:

2018/2019 2017/2018
Television and radio rights and media revenues 124.6 109.4 15.2
Revenues from sponsorship and advertising 61.4 43.3 18.1
Revenues from players’ registration rights 58.9 76.8 (17.9)
Ticket sales 38.3 30.3 8.0
Revenues from sales of products and licences 26.5 14.7 11.8
Other revenues 20.5 16.1 4.4
Total revenues 330.2 290.6 39.6

Operating Costs in the first half of the 2018/2019 financial year amounted to € 226.8 million, increasing by 26.9% compared
to € 178.7 million for the same period of the previous financial year. Details are as follows:

2018/2019 2017/2018
Players’ wages and technical staff costs 143.1 104.9 38.2

External services 43.7 40.4 3.3
Purchases of products for sale 12.2 5.9 6.3
Other personnel 11.1 9.6 1.5
Expenses from players’ registration rights 6.7 10.7 (4.0)
Purchase of materials, supplies and other consumables 3.1 3.1 -
Other expenses 6.9 4.1 2.8
Total 226.8 178.7 48.1
Amortisation and write-downs of players' registration rights total € 78.3 million; the increase compared to the figure of
€ 53.6 million for the first half of the 2017/2018 financial year is mainly due to higher amortisation resulting from net
investments made during the first phase of the 2018/2019 Transfer Campaign.
Players' registration rights total € 475.7 million. The increase of € 144.9 million compared to the balance of € 330.8 million
for the first half of the 2017/2018 financial year results from net investments (€ +223.2 million) made during the first phase
of the Transfer Campaign and amortisation and write-downs (€ -78.3 million).
Shareholders’ equity at 31 December 2018 mounted to € 79.5 million, registering an increase compared to the balance of
€ 72 million at 30 June 2018, due to the increased profit of the half year (€ +7.5 million).
Net financial debt at 31 December 2018 totalled € 384.3 million (€ 309.8 million at 30 June 2018). The decrease of € 74.5
million was driven by Transfer Campaign outlays (€ -119 million, net), negative cash flows from operations (€ -3.3 million),
investments in shareholdings (€ -0.5 million) and cash flows from financing activities (€ -3.6 million) partially offset by
cash flows from operations (€ +51.9 million).
The breakdown of the current and non-current portion of net financial debt at the end of the two periods is shown below.
31/12/2018 30/06/2018
Amounts in millions of euro Current Non- Total Current Non- Total
current current
Financial assets (a) - 4.1 4.1 - 4.1 4.1

Cash and cash equivalents 36.1 - 36.1 15.3 - 15.3
Total financial assets 36.1 4.1 40.2 15.3 4.1 19.4
Financial payables
- due to the Istituto per il Credito Sportivo for Stadium loans (6.3) (27.6) (33.9) (6.2) (30.8) (37.0)
- due to banks (107.7) (78.1) (185.8) (46.1) (136.0) (182.1)
- due to factoring companies (0.3) (204.5) (204.8) (0.1) (110.0) (110.1)
Total financial liabilities (114.3) (310.2) (424.5) (52.4) (276.8) (329.2)
Net financial debt (78.2) (306.1) (384.3) (37.1) (272.7) (309.8)
% of coverage 20.3% 79.7% 100% 12.0% 88.0% 100%
(a) This item is included as it refers to cash deposits in a current account pledged as collateral on the Istituto per il Credito Sportivo loan, recognised in financial
payables.
As regards the impact of the seasonal nature of receipts, received in advance of their accrual, at 31 December 2018
contractual amounts relating to future financial years had already been received totalling € 52.9 thousand, and recognised
under the item "Advances received” (see note 32).
For further details see the Statement of Cash Flows and Notes.

ALTERNATIVE PERFORMANCE INDICES
In its financial reports, Juventus Football Club uses a number of alternative performance indices which although
commonly utilised, are not defined or specified by the accounting principles applied to the drafting of the annual financial
statements or the interim management reports. In compliance with Consob Communication no. 92542/2015 and with the
ESMA/2015/1415 guidelines, said indices are defined as follows.
Operating income: as indicated in the income statement, this represents the net balance between total revenues, total
operating costs, amortisation, depreciation and write-downs and release of provisions and other non-recurring revenues
and costs.
Net financial debt: this is an indicator of the financial structure, and corresponds to the difference between short and long-
term liabilities on the one hand, and highly liquid financial assets on the other.

SIGNIFICANT EVENTS AFTER 31 DECEMBER 2018
FOOTBALL SEASON
In January 2019, the First Team won the Italian Super Cup for the eighth time, and was eliminated in the quarter finals of
the Italian Cup.
2018/2019 TRANSFER CAMPAIGN - SECOND PHASE

Acquisitions and disposals of players’ registration rights
The transactions finalised in the second phase of the 2018/2019 Transfer Campaign, held from 3 January to 31 January
2019, led to a total decrease in invested capital of € 3.9 million resulting from acquisitions and increases of € 15.3 million
and disposals of € 19.2 million (net book value of disposed rights).
Net capital gains from disposals amount to € 36.8 million and net temporary acquisitions resulted in expenses for € 0.6
million.
The total financial effect generated by these transactions, including auxiliary expenses as well as financial income and
expenses implicit on deferred receipts and payments, was positive by € 34.5 million, distributed as follows:
Amounts in millions of euro Expiration

Totals 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023
LNP and other minor contributions 27.7 (9.1) 9.0 10.4 10.4 7.0
Foreign 8.3 8.5 (0.1) (0.1) - -
Agents (1.5) (1.1) (0.2) (0.2) - -
Totals 34.5 (1.7) 8.7 10.1 10.4 7.0
During the second phase of the 2018/2019 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
Gerbi Erik Pro Vercelli 1892 FC 1,450 (a) 1,462 5
Masciangelo Edoardo Lugano FC 1,000 (b) 1,034 4
Peeters Daouda UC Sampdoria 4,000 (c) 3,955 4
Ranocchia Filippo Perugia Calcio AC 500 (d) 497 3
Vlasenko Nikita Lugano FC 1,800 (e) 1,779 3
Zanimacchia Luca Genoa Cricket and FC 4,000 (f) 4,054 5
Other investments/increases (g) 2,537
Total investments 15,318
(a) The purchase value could increase by up to € 0.2 million if certain conditions are met during contract’s duration. In the case of disposal, the transferring
company will be given a premium equal to 15% the difference between the disposal price and € 1 million.
(b) The purchase value could increase by up to € 15 thousand if certain conditions are met during the contract’s duration.
(c) In the case of disposal, the transferring company will be given a premium equal to 50% the difference between the disposal price and € 2 million.
(d) The purchase value could increase by up to € 3.7 million if certain conditions are met during contract’s duration. In the case of disposal, the transferring
company will be given a premium equal to 50% the difference between the disposal price and € 0.5 million plus any bonuses that have already accrued.
(e) The purchase value could increase by up to € 50 thousand if certain conditions are met during the contract’s duration.
(f) The purchase value could increase by up to € 2 million if certain conditions are met during the contract’s duration.
(g) It includes the capitalisation of bonuses linked to sporting performance, paid to selling clubs on players purchased during previous Transfer Campaigns and
other auxiliary expenses.

Player Counterparty clubs Price Price Net book Solidarity Capital
present value subsidy gains
value (capital losses)
Definitive disposals
Audero Mulyadi Emil UC Sampdoria 20,000 19,100 107 - 18,993 (a)
El Mouttaqui Benatia Medhi Amine Al Duhail Sports Club 8,000 8,000 7,800 (b) 200 -
Emanuello Simone Pro Vercelli 1892 FC 950 934 850 - 84
Favilli Andrea Genoa Cricket and FC 7,000 6,617 6,617 (c) - -
Sturaro Stefano Genoa Cricket and FC 18,000 17,183 3,568 - 13,615
Tello Munoz Andres Felipe Benevento Calcio 1,894 (d)
Other disinvestments 2,474 224 57 2,193

Total disinvestments (net) 54,308 19,166 257 36,779
(a) On 26 February 2019, U.C. Sampdoria S.p.A.'s obligation to definitively acquire the registration rights of the player for the sum of € 20 million, payable over
the next four financial years, became effective.
(b) The disposal, which took place on 28 January 2019 for a price of € 8,000 thousand led to the need to adjust the remaining book value of the rights to the
disposal price, with a consequent write-down of € 197 thousand recognised in the first half of the 2018/2019 financial year.
(c) The disposal, which took place on 24 January 2019 for a price of € 7,000 thousand led to the need to adjust the remaining book value of the rights to the
disposal price, with a consequent write-down of € 271 thousand recognised in the first half of the 2018/2019 financial year.
(d) The transaction, which took place in the first phase of the Transfer Campaign, gave Juventus the possibility to exercise the pre-emption right at the end
of the 2018/2019 football season, to definitively buy back the registration rights of the player. In January 2019, Juventus waived this right and therefore a
capital gain of € 1,894 thousand was accrued.
During the second phase of the Transfer Campaign, the agreement with AC Milan S.p.A. relative to the temporary transfer of
the player Gerardo Gonzalo Higuain was terminated in advance and at the same time the agreement with Chelsea Football
Club Ltd was finalised for the temporary disposal of the player until 30 June 2019. These operations did not have significant
economic effects on the current financial year. The contract gives Chelsea FC the option to extend the loan up to 30 June
2020, for the sum of € 18 million payable in the 2019/2020 financial year, or to purchase the player definitively for the sum
of € 36 million payable over two financial years.
Moreover, the agreement with S.S. Lazio S.p.A. for the temporary acquisition, up to 30 June 2019, of the registration rights
of the player Jose Martin Caceres Silva for the sum of € 0.6 million, wholly payable during the current season, was finalised.
In February 2019, a contact for the registration rights of the player Aaron James Ramsey was finalised, effective from
1 July 2019 and expiring on 30 June 2023. For the registration of the player, Juventus will have auxiliary expenses of € 3.7
million, payable by 10 July 2019.
ISSUE OF THE NON-CONVERTIBLE CORPORATE BOND

A non-convertible issued reserved for qualified investors amounting to € 175 million, due by 19 February 2024, was placed
on 13 February 2019. The purpose of the issue is to provide the Company with financial resources for its general corporate
purposes, streamlining the structure and the maturity of the debt. The notes were issued at the price of 99.436% and have
a fixed annual coupon of 3.375%. The issue was settled on 19 February 2019 with the listing of the notes on the multilateral
trading system (MTF) Global Exchange Market di Euronext Dublin.

BUSINESS OUTLOOK AND MAIN RISKS AND UNCERTAINTIES
FOR THE SECOND HALF OF THE 2018/2019 FINANCIAL
YEAR
The 2018/2019 financial year, currently forecast to end in a loss, will be as usual strongly influenced by the performance
of sports results and in particular the UEFA Champions League.
The main risks and uncertainties to which the Company is exposed in the second half of the financial year are similar to
those indicated in the Annual Financial Report at 30 June 2018.

STATEMENT OF FINANCIAL POSITION
Amounts in euro Note 31/12/2018 30/06/2018 Change
Non-current assets
Players’ registration rights, net 10 475,705,742 330,827,660 144,878,082
Other intangible assets 11 33,917,026 33,668,599 248,427
Intangible assets in progress 12 1,652,155 1,630,644 21,511
Land and buildings 13 131,247,295 132,514,065 (1,266,770)
Other tangible assets 14 27,208,843 28,435,146 (1,226,303)
Tangible assets in progress 15 1,239,974 1,490,953 (250,979)
Investments 16 197,301 281,682 (84,381)
Non-current financial assets 17 21,033,240 16,190,301 4,842,939
Deferred tax assets 18 11,634,943 14,660,017 (3,025,074)
Receivables due from football clubs for transfer campaigns 19 60,637,374 42,925,371 17,712,003
Other non-current assets 20 2,178,589 3,374,626 (1,196,037)
Total non-current assets 766,652,482 605,999,064 160,653,418
Current assets
Inventory 21 5,639,588 5,420,716 218,872
Trade receivables 22 31,688,420 29,281,837 2,406,583
Trade and other receivables from related parties 56 2,385,256 3,489,837 (1,104,581)
Receivables due from football clubs for transfer campaigns 19 44,067,097 73,985,784 (29,918,687)
Other current assets 20 14,709,314 12,423,613 2,285,701
Current financial assets 17 12,471,237 11,926,384 544,853
Cash and cash equivalents 23 36,057,835 15,335,208 20,722,627
Total current assets 147,018,747 151,863,379 (4,844,632)
Advances paid
Non-current advances 20,235,547 13,283,090 6,952,457
Current advances 3,220,280 1,522,549 1,697,731
Advances paid, total 24 23,455,827 14,805,639 8,650,188
Total assets 937,127,056 772,668,082 164,458,974

STATEMENT OF FINANCIAL POSITION
Amounts in euro Note 31/12/2018 30/06/2018 Change
Shareholders' Equity
Share capital 8,182,133 8,182,133 -
Share premium reserve 34,310,104 34,310,104 -
Legal reserve 1,636,427 1,636,427 -
Cash flow hedge reserve (32,587) - (32,587)
Financial asset fair value reserve (147,846) (147,846) -
Retained earnings 28,063,253 47,292,072 (19,228,819)
Profit/(Loss) for the period 7,464,141 (19,228,819) 26,692,960
Shareholders’ equity 25 79,475,625 72,044,071 7,431,554
Non-current liabilities
Loans and other financial payables 26 310,206,200 276,807,278 33,398,922
Payables due to football clubs for transfer campaigns 27 62,602,430 63,228,521 (626,091)
Deferred tax liabilities 28 15,594,298 19,343,306 (3,749,008)
Other non-current liabilities 29 16,970,257 4,829,203 12,141,054
Total non-current liabilities 405,373,185 364,208,308 41,164,877
Current liabilities
Loans and other financial payables 26 114,259,966 52,392,943 61,867,023
Provisions for risks and charges 30 1,125,768 1,036,568 89,200
Trade payables 31 41,891,393 30,358,989 11,532,404
Trade and other payables to related parties 56 449,771 5,984,062 (5,534,291)
Payables due to football clubs for transfer campaigns 27 133,086,625 111,740,149 21,346,476
Other current liabilities 29 108,599,754 85,899,470 22,700,284
Total current liabilities 399,413,277 287,412,181 112,001,096
Advances received
Non-current advances 21,924,194 23,737,700 (1,813,506)
Current advances 30,940,775 25,265,822 5,674,953
Advances received, total 32 52,864,969 49,003,522 3,861,447
Total liabilities 937,127,056 772,668,082 164,458,974

INCOME STATEMENT
Financial year Amounts in euro Note I Half-year I Half-year Change
2017/2018 2018/2019 2017/2018
56,410,423 Ticket sales 33 38,263,908 30,282,897 7,981,011

200,169,142 Television and radio rights and media revenues 34 124,580,254 109,406,975 15,173,279
86,896,999 Revenues from sponsorship and advertising 35 61,419,239 43,318,193 18,101,046
27,796,591 Revenues from sales of products and licences 36 26,514,360 14,657,176 11,857,184
102,401,466 Revenues from players’ registration rights 37 58,906,842 76,843,656 (17,936,814)
30,995,269 Other revenues 38 20,532,444 16,081,698 4,450,746
504,669,890 Total revenues 330,217,047 290,590,596 39,626,452
(3,464,062) Purchase of materials, supplies and other consumables 39 (3,076,556) (3,148,123) 71,567
(11,469,144) Purchases of products for sale 40 (12,185,722) (5,886,780) (6,298,942)
(79,237,236) External services 41 (43,727,162) (40,361,693) (3,365,469)
(233,319,806) Staff members 42 (143,078,433) (104,868,836) (38,209,597)
(25,683,238) Other personnel 43 (11,091,059) (9,557,093) (1,533,966)
(20,107,143) Expenses from players’ registration rights 44 (6,770,273) (10,738,802) 3,968,529
(9,979,554) Other expenses 45 (6,895,877) (4,117,836) (2,778,040)
(383,260,183) Total operating costs (226,825,082) (178,679,164) (48,145,918)
(107,954,427) Amortisation and write-downs of players’ registration rights 46 (78,335,857) (53,582,555) (24,753,302)
(12,525,527) Amortisation of other tangible and intangible assets (5,796,509) (6,000,741) 204,232
(2,363,811) Provisions, write-downs and release of funds 47 (2,221,043) (1,278,375) (942,668)
(1,434,058) Operating income 17,038,556 51,049,760 (34,011,204)
4,260,740 Financial income 48 1,715,500 2,182,730 (467,230)
(11,963,159) Financial expenses 49 (6,574,118) (6,401,050) (173,068)
(886,073) Group’s share of results of associates and joint ventures (420,279) (542,737) 122,458
(10,022,550) Income/(loss) before taxes 11,759,659 46,288,703 (34,529,044)
(8,820,346) Current taxes 51 (5,019,452) (3,522,117) (1,497,335)
(385,923) Deferred taxes 51 723,934 541,408 182,526
(19,228,819) Profit/(loss) for the period 7,464,141 43,307,994 (35,843,853)
(0,019) Basic and diluted profit/(loss) per share for the period 52 0,007 0,043 (0,036)
STATEMENT OF COMPREHENSIVE INCOME

Financial year Amounts in euro I Half-year I Half-year Change
2017/2018 2018/2019 2017/2018
(19,228,819) Profit/(loss) for the period 7,464,141 43,307,994 (35,843,853)

- Other profits (losses) recognised in cash flow hedge reserve (32,587) - (32,587)
Total Other Profits (Losses) which shall be subsequently reclassified
- in the income statement, net of the tax effect (32,587) - (32,587)
Other Profits (Losses) recorded in the fair-value reserve
(2,500,903) for financial assets - - -
Total Other Profits (Losses) which shall not be subsequently
(2,500,903) reclassified in the income statement, net of the tax effect - - -
(2,500,903) Total other income (loss), net of the fiscal effect (32,587) - (32,587)
(21,729,722) Total Profit/(Loss) 7,431,554 43,307,994 (35,876,440)

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
Amounts in euro Share Share Legal Res. pursuant Cash flow Financial Retained Profit (loss) Shareholders’
capital premium reserve to art. 26 of hedge asset fair earnings (losses) for the Equity
reserve the By-laws reserve value reserve carried forward period
Balance at 30/06/2017 8,182,133 34,310,104 318,029 - - 2,353,057 6,042,546 42,567,924 93,773,793

Allocation of profits
for the previous year - - 1,318,398 4,256,792 - - 36,992,734 (42,567,924) -
Total profit/(loss)
for the year - - - - - - - 43,307,994 43,307,994
Balance at 31/12/2017 8,182,133 34,310,104 1,636,427 4,256,792 - 2,353,057 43,035,280 43,307,994 137,081,787
Movements between
reserves - - - (4,256,792) - - 4,256,792 - -
Total loss for the year - - - - - (2,500,903) - (62,536,813) (65,037,716)
Balance at 30/06/2018 8,182,133 34,310,104 1,636,427 - - (147,846) 47,292,072 (19,228,819) 72,044,071
Coverage of loss for
the previous financial year - - - - - - (19,228,819) 19,228,819 -
Total profit for period - - - - (32,587) - - 7,464,141 7,431,554
Balance at 31/12/2018 8,182,133 34,310,104 1,636,427 - (32,587) (147,846) 28,063,253 7,464,141 79,475,625
For additional information see the Notes (Note 25).

STATEMENT OF CASH FLOWS
Financial period Amounts in euro Note I Half-year I Half-year
2017/2018 (a) 2018/2019 2017/2018 (a)
(10,022,550) Income/(loss) before taxes 11,759,659 46,288,703

Non-cash items:
120,479,954 - amortisation, depreciation and write-down 47 84,448,258 59,583,296
3,003,937 - employee benefit liability and other provisions 1,468,196 1,932,772
3,145,014 - provision for the Long Term Incentive Plan - -
(93,925,290) - gains on disposal of players’ registration rights 38 (43,775,814) (74,141,922)
(5,488,024) - revenues from temporary disposals of players’ registration rights (13,408,885) (1,843,086)
(97) - gains on disposal of other fixed assets - -
104,182 - losses on disposal of players’ registration rights 45 74,919 69,182
9,986,153 - expenses from temporary acquisitions of players’ registration rights 570,388 4,557,989
8,923,937 - auxiliary non-capitalised expenses for acquisitions of players’ registration rights 6,095,553 5,782,062
308 - losses on disposal of other fixed assets - -
886,073 - Group’s share of results of associates and joint ventures 420,279 542,737
(4,260,740) - financial income 49 (1,715,500) (2,182,730)
11,963,159 - financial expenses 50 6,574,118 6,401,050
(452,471) Change in trade receivables and other non-financial activities (11,547,244) (11,489,508)
(20,983,966) Change in trade payables and other non-financial liabilities 12,128,224 (41,131,755)
(14,891,685) Income taxes paid 18,980 (7,659,373)
(3,049,000) Use of the Employees’ Severance Indemnity Provision and other funds (1,215,420) (1,361,181)
5,418,894 Net cash from (used in) operating activities 51,895,711 (14,651,763)
(157,906,041) Investments in players’ registration rights 10 (248,193,736) (101,930,884)
(45,654,910) Increase (decrease) of payables related to players’ registration rights 18,204,317 (48,090,282)
114,905,139 Disposals of players’ registration rights 63,260,314 86,292,621
(18,149,044) (Increase) decrease of receivables related to players’ registration rights 13,814,129 (2,152,559)
(4,498,129) Temporary (acquisitions)/disposals of players’ registration rights 12,838,497 (2,714,904)
(8,923,937) Auxiliary non-capitalised expenses for acquisitions of players’ registration rights (6,095,553) (5,782,062)
(12,682,572) Increase (decrease) of payables for auxiliary expenses on players' registration rights 27,216,835 (15,748,312)
(12,408,439) Investments in other fixed assets (3,322,395) (8,444,138)
(832,642) Purchases of investments (500,000) (833,300)
58,153 Disposals of other fixed assets - 31,605
60,050 Interest income 49 4,674 50,140
(146,032,372) Net cash from (used in) investing activities (122,772,918) (99,322,075)
50,000,000 New loans 32,000,000 40,000,000
(25,899,197) Repayment of loans (22,544,389) (7,396,353)
50,000,000 Increase (decrease) of uses of committed lines - 50,000,000
(8,996,333) Increase (decrease) of uses of factoring lines 44,662,823 (26,901,466)
(2,728,086) Interest on loans (3,073,788) (1,319,764)
(3,713,901) Other interest expenses (2,218,343) (1,758,082)
(205,567) Other movements related to financing activities (172,408) (103,687)
58,456,916 Net cash from (used in) financing activities 47,390,995 52,520,648
(82,156,562) Net cash from (used in) the period (23,486,212) (61,453,190)
Changes in cash and bank overdrafts:
81,812,160 Balances at the beginning of the period 23 e 26 (344,402) 81,812,161
(344,402) Balances at the end of the period 23 e 26 (23,830,614) 20,358,971
(82,156,562) Changes in cash and bank overdrafts (23,486,212) (61,453,190)
Composition of cash and cash equivalents:
15,335,208 Cash and cash equivalents 23 36,057,835 72,107,740
(15,679,610) Bank overdrafts 26 (59,888,450) (51,748,769)
(344,402) Cash and cash equivalents at end of the period (23,830,614) 20,358,971
(a) The items “Temporary acquisitions/disposals of players' registration rights" and "Auxiliary non-capitalised expenses for players’ registration rights" were
reclassified as cash flows from investing activities.

NOTES
1. GENERAL INFORMATION ON THE COMPANY
Juventus Football Club S.p.A. (hereafter Juventus) is a legal entity organised according to the law of the Italian Republic.
The Company’s headquarters are in Via Druento no. 175, Turin, Italy.
Juventus is a professional football club which, thanks to its more than century-long history, has become one of the most
representative and popular teams at a national and international level. The Company’s core business is participation in
national and international competitions and the organisation of matches. Its main sources of income come from the
economic exploitation of sports events, the Juventus brand and the first team image, the most significant of these include
licensing of television and media rights, sponsorship, selling of advertising space, licensing and merchandising.
Juventus is controlled by EXOR N.V., a company listed on the Stock Exchange with registered office in Amsterdam (Holland),
which holds 63.8% of the share capital. EXOR N.V. is one of the main European investment firms and is controlled by
Giovanni Agnelli B.V. (formerly Giovanni Agnelli e C. S.a.p.a.Z.).
Juventus shares are listed on the electronic equity market of Borsa Italiana.
The financial year does not coincide with the calendar year but runs from 1 July to 30 June, which corresponds to the
football season.
2. STANDARDS USED FOR PREPARING THE CONDENSED HALF YEAR FINANCIAL STATEMENTS AND
MEASUREMENT POLICIES
These condensed half year financial statements have been prepared in compliance with the international financial
reporting standards (IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European
Union. IFRS are understood to include international accounting standards (IAS) still in force, as well as all the interpretative
documents issued by the International Financial Reporting Interpretations Committee (IFRIC), formerly known as the
Standing Interpretations Committee (SIC).
To prepare these condensed half year financial statements, in accordance with IAS 34 - Interim Financial Reporting, the
same accounting standards have been applied as those used to prepare the financial statements at 30 June 2018. Please
see these financial statements for applicable standards, with the exception of the contents of note 8 "Adoption of new
accounting standards, amendments and interpretations issued by IASB".
In addition the CONSOB provisions contained in the resolutions 15519 and 15520 and notification 6064293 of 28 July
2006, applying article 9, paragraph 3 of Italian Legislative Decree no. 38 of 28 February 2005 have been applied to prepare
these condensed half year financial statements at 31 December 2018. Lastly, CONSOB recommendation no. DEM/RM
10081191 of 1 October 2010 has been applied concerning the information to disclose in financial reports of football clubs
listed on the stock markets.
Juventus does not possess controlling equity investments in other companies and therefore does not prepare consolidated
reports.
3. USE OF ESTIMATES
The preparation of condensed half year financial statements and the Notes based on application of the IFRS requires that
Directors use estimates and assumptions that have an effect on assets and liabilities and on the disclosure of potential
assets and liabilities at the reporting date. The estimates and assumptions used are based on experience and other factors
considered material. The final results may differ from these estimates. The estimates and assumptions are reviewed
periodically and the effects of every variation are reflected immediately in the income statement or shareholders' equity for
the reporting period when the estimate was made.
The most significant items impacted by these uncertainty situations are Revenues for television rights, Players' registration
rights, Deferred taxes, Provisions for risks and charges and the intangible asset of indefinite life called "Juventus Library”.

Some measurement processes, in particular more complex ones such as the determination of impairment or reverses 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.
Income taxes are recognised based on the best estimate of the average weighted rate expected for the entire year.
4. HALF YEAR FINANCIAL STATEMENT TABLES

The tables of the income statement, statement of comprehensive income, statement of changes in shareholders' equity
and statement of changes in cash flows are the same as those used for the annual financial statements at 30 June 2018.
Figures for previous periods have been reclassified, where necessary, so as to facilitate the comparability of data.
Compared to the financial statements at 30 June 2018, following regulatory changes introduced by the FIGC, financial
assets include players' registration rights disposed of with the pre-emption right to repurchase at a given date. The
economic effects of transactions concerning these rights have been suspended until the time when exercise of the option
expires and/or control of the asset is transferred.
The Euro is the Company’s operating and presentation currency; the figures in the condensed half year financial statements
are reported in Euro.
5. CONTENTS OF THE NOTES

These Notes exclusively disclose the impact of events and transactions considered significant for understanding the
changes in the Company's financial position and economic trend during the first half of the current financial year; thus they
only refer to significant updates compared to the information already provided in the notes to the last financial statements
for the year closed 30 June 2018.
Unless otherwise indicated the figures in the Notes are shown in thousands of Euro.
6. TRANSACTIONS WITH RELATED PARTIES, ATYPICAL AND/OR UNUSUAL TRANSACTIONS AND

NON-RECURRING SIGNIFICANT EVENTS AND TRANSACTIONS
Balances originating from transactions with related parties are shown separately in the condensed half year financial
statement tables if they are significant and they are commented on in note 57.
Furthermore, during the first half of the 2017/2018 financial year, no atypical or unusual dealings were conducted, requiring
disclosure pursuant to CONSOB Notification No. 6064293 of 28 July 2006, nor did significant non-recurring events and
transactions occur.
7. SEASONAL NATURE OF TRANSACTIONS

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 two phases of the football player Transfer Campaign. In particular:
- 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 half yearly 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) and
in January (second phase).
The Company’s financial performance is also affected by the seasonal nature of economic components; Furthermore, a
number of revenue items show non-uniform financial patterns (receipts) with respect to the pertinent economic period.
8. ADOPTION OF NEW ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS ISSUED

BY IASB
NEW ACCOUNTING STANDARDS ADOPTED AS FROM 1 JULY 2018
IFRS 15 Revenue from Contracts with Customers
IFRS 15 replaces IAS 11 Construction Contracts, IAS 18 Revenue and relative interpretations and applies to financial
years beginning on or after 1 January 2018 to all revenues from contracts with customers, unless these contracts come
under the scope of other standards. The new standard introduces a new, five-step model which applies to revenues from
contracts with customers. IFRS 15 recognises revenues for an amount that reflects the consideration the entity believes
it is entitled to, in exchange for the transfer of goods or services to the customer.
The standard requires an opinion from the entity, that considers all significant facts and circumstances in applying
each phase of the model to contracts with the entity's customers. The standard also establishes that incremental costs
related to obtaining a contract and costs directly related to the completion of a contract must be recognised.
The Company adopted IFRS 15 in full, retrospectively, starting from 1 July 2018, without any significant impact on the
financial statements.
Its main sources of income come from the economic exploitation of sports events, the Juventus brand and the first team
image, the most significant of these include licensing of television and media rights, sponsorship, selling of advertising
space, licensing and merchandising.
Ticket sales, television and radio rights and media revenues

Ticket sales, television and radio rights and media revenues are recognised when the relative match is played; season
tickets revenues received at the end of the season preceding the relevant period, are deferred and recognised in the income
statement on the basis of the same criterion.
Revenues from sponsorship and advertising and revenues from services

Revenues from services (including sponsorships) are recognised progressively or upon full delivery of the service. Revenues
are recognised net of returns, discounts, rebates and premiums.
Revenues from sales of products and licences

Revenues from the sale of official products are recognised at the date of sale of the asset to the end customer, with the
concurrent recognition of the relative cost to sell. Revenues are recognised net of returns, discounts, rebates and premiums.
Revenues from players’ registration rights

Revenues from players' registration rights arising from the disposal of players' registration rights are recognised at the
time when control of the disposed right has been transferred. Revenues from players' registration rights arising from the
temporary disposal of player's registration rights are recognised at the time of transfer of the player and rediscounted pro-
rata temporis during the financial year.

IFRS 9 - Financial instruments
IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and measurement, for financial years
beginning on or after 1 January 2018, combining all three aspects relative to the recognition of financial instruments:
classification and measurement, impairment and hedge accounting.
With the exception of hedge accounting, adopted by the Company on a forward-looking basis, the Company has adopted
IFRS 9 retrospectively, starting from 1 July 2018, without any significant impact on the financial statements.
(a) Classification and measurement

With the exception of some trade receivables, the Company, in accordance with IFRS 9, initially measures a financial asset
at its fair value, plus transaction costs, if the financial asset in question is not recognised in profit or loss.
In accordance with IFRS 9, debt instruments are subsequently measured: at fair value through profit or loss (FVPL), at
fair value through other comprehensive income (FVOCI) or at amortised cost. The classification is based on two criteria:
the business model of the Company to manage assets or the "SPPI" criterion, if the cash flow of contractual instruments
represents "solely payments of principal and interest (SPPI)" on the principal amount outstanding.
The new classifications and measurements of the financial and debt instruments of the Company are as follows:
- Debt instruments at amortised cost for financial assets held within a business model whose objective is achieved by
holding the financial assets to collect cash flows that meet the SPPI criterion. This category includes Trade receivables
and other receivables of the Company, and Loans classified as Other non-current financial assets;
- Debt instruments at FVOCI, with gains or losses recognised in profit or loss at the time of cancellation. Financial assets
in this category are listed debt instruments that meet the SPPI criterion and are held within a business model whose
objective is achieved by collecting cash flows and selling instruments.
Other financial assets are classified and subsequently measured as follows:
- Equity instruments at FVOCI, with gains or losses that are not recognised in profit or loss at the time of cancellation.
This category also includes equity instruments held for a foreseeable future for which it has been irrevocably decided
to classify them as such on initial recognition or on transition. Unlisted equity instruments were previously classified as
equity instruments at FVOCI. In accordance with IFRS 9, equity instruments at FVOCI are not tested for impairment.
- Financial assets at FVPL include derivatives and listed equity instruments for which it has not been irrevocably decided
to classify them as FVOCI, on initial recognition or on transition. This category would include debt instruments whose
cash flows have characteristics that do not meet the SPPI criterion or that are held within a business model whose
objective is achieved both by collecting contractual cash flows and selling financial assets. At the time of transition, the
AFS reserve relative to listed equity instruments, which previously had to be recognised in OCI, was reclassified under
retained earnings.
IFRS 9 requires liabilities for potential amounts to be designated as financial instruments measured at fair value, with
changes recognised in the income statement.
In accordance with IFRS 9, embedded derivatives are no longer separated from the host financial instrument. Instead,
financial assets are classified based on their contractual terms and the business model chosen by the Company.
The recognition of embedded derivatives in financial liabilities and non-financial host contracts does not change compared
to requirements of IAS 39.
(b) Impairment
The adoption of IFRS 9 has fundamentally changed the way the Company recognises the impairment of financial assets,
replacing the incurred loss approach of IAS 39 with the forward-looking approach of expected credit losses (ECL).
IFRS 9 requires the Company to recognise an allocation for ECL regarding all loans and other receivables representing a
financial asset that are not held at FVPL.
Expected credit losses (ECL) are based on the difference between contractual cash flows owing in accordance with the
contract and all cash flows the Company expects to receive. The negative difference is therefore discounted using an

approximation of the original effective interest rate of the asset.
For contractual assets and trade receivables and other receivables, the Company has adopted the standard simplified
approach and calculated the ECL based on full lifetime expected credit losses. The Company has defined a provision
matrix based on historical experience of the Company regarding credit losses, adjusted to take into account forecast
factors specific to creditors and the economic environment.
For other financial assets (e.g. loans and debt securities at FVOCI), the ECL is based on the 12-month ECL. The 12-month
ECL is a part of full lifetime expected credit losses resulting from defaults on financial assets that are possible in the 12
months following the end of the reporting period. In any case, when there is a significant increase in credit risk after the
date of the originated credit, provisions will be based on the overall ECL.
The adoption of IFRS 9 referred to ECL did not significantly increase provisions for impairment losses of financial assets
of the Company.
(c) Hedge accounting

The Company adopts hedge accounting on a forward-looking basis. At the date of first-time adoption, all hedge accounting
items were considered suitable for hedge accounting to still be used. In line with previous periods, the Company continued
to designate the fair value change of the entire forward contract in cash flow hedging of the Company, and consequently,
the adoption of hedge accounting according to IFRS 9 did not have any impact on the financial statements of the Company.
In accordance with IAS 39, all gains and losses from the hedging of the Company's cash flows qualified to be subsequently
reclassified in profit and loss. Therefore, in accordance with IFRS 9, gains and losses on the hedging of cash flows of
purchases expected for non-financial assets must be recognised in the initial book value of the non-financial assets. Thus,
with the adoption of IFRS 9, net gains or losses on the hedging of cash flows were presented in "Other comprehensive
income that will not subsequently be reclassified as profit and loss”. This change only applies on a forward-looking basis
as from the date of adoption of IFRS 9 and has no impact on the presentation of comparative balances.
Interpretation IFRIC 22 - Foreign Currency Transactions and Advance Consideration

The interpretation establishes that in defining the spot rate to be used for the initial recognition of the relative asset,
costs or revenues (or part thereof) at the time of cancellation of a non-monetary asset or liability relating to advance
consideration, the date of the transaction is the date on which the entity initially recognised the non-monetary asset or
liability relating to advance. consideration. In the case of multiple payments or advance consideration, the entity must
establish the date of the transaction for each payment or advance consideration. This interpretation will have no impact on
the financial statements of the Company.
Amendments to IAS 40 - Changes to the Use of Property Investments

The amendments establish when an entity should transfer a property, including buildings under construction or
development, under or outside of the item Property Investments. The amendment establishes that there is a change in use
when the building meets, or ceases to meet, the definition of real-estate property and there is proof of the change in its use.
A mere change in the management’s intentions with regard to the use of the property is not proof of a change in use. These
amendments did not therefore have any impact on the financial statements of the Company.
Amendments to IFRS 2 - Classification and recognition of Transactions with share-based payment

The IASB has issued the amendments to IFRS 2 Share-Based Payment, which deal with three principal areas: the effects
of a vesting condition on the measurement of a share-based payment transaction settled in cash; the classification of a
share-based payment transaction settled net of withholding tax obligations; recording when a change to the terms and
conditions of a share-based payment transaction changes its classification from settled in cash to settled by means
of equity instruments. At the time of adoption, entities must implement the amendments without restating prior years,
although retrospective application is permitted if it is chosen for all three amendments and if other criteria are met. The
Company recognises share-based payments settled in cash in accordance with the approach clarified in these amendments.
Moreover, the Company did not carry out any transactions with share-based payment net of obligations for withholding tax
and did not change the terms and conditions of its own transactions with share-based payment. These amendments did
not therefore have any impact on the financial statements of the Company.

Amendments to IFRS 4 - Joint application of IFRS 9 Financial instruments and IFRS 4 Insurance Contracts
The amendments concern problems that arise from the adoption of the new standard on financial instruments, IFRS 9, prior
to the adoption of IFRS 17 Insurance Contracts, which replaces IFRS 4. The amendments introduce two options for entities
that issue insurance contracts: temporary exemption from adopting IFRS 9 and the overlay approach. These amendments
are not significant for the Company.
Amendments to IAS 28 Investments in Associates and Joint Ventures – Clarification that the recognition of an investment at
fair value recognised in profit/(loss) for the reporting period is an option that applies to the single investment
The amendments clarify that an entity which is a venture capital organisation, or other qualified entity, may decide, on initial
recognition and with reference to the single investment, to assess its investments in associates and joint venture at fair
value recognised in profit and loss.
If an entity that does not qualify as an investment entity has an investment in an associate or joint venture which is
an investment entity, it may, when adopting the equity method, decide to maintain the fair value measurement for that
investment entity (associate or joint venture) in measuring its own investments (of the associate or joint venture). This
choice is made separately for each associate or joint venture which is an investment entity on the latest of the following
dates: (a) initial recognition of the investment in the associate or joint venture that is an investment entity; (b) when the
associate or joint venture becomes an investment entity; and (c) when the associate or joint venture that is an investment
entity becomes a first-time parent. These amendments did not have any impact on the financial statements of the Company.
STANDARDS ISSUED BUT NOT YET IN FORCE
The standards and interpretations which had already been issued at the end of the reporting period of the Company but
were not yet in force are explained below. The Company will adopt these standards and interpretations, if applicable, when
they become effective.
IFRS16 – Leases
IFRS 16 was issued in January 2016 and replaces IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a
Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the Substance of Transactions Involving the Legal Form
of a Lease.
IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of lease agreements, with the
objective of ensuring that lessees record all lease agreements on the basis of a single model similar to the one used for
recording financial leases in accordance with IAS 17.
The standard includes two exceptions to recognition for lessees - the leasing of low-value assets (e.g. personal computers)
and short-term rental contracts (i.e. lease contracts with a rental period of 12 months or less). At the start date of a lease,
the lessee will recognise a liability relative to lease payments (i.e. a lease liability) and an asset representing the right to
use the underlying asset during the lease period (i.e. the right-of-use). Lessees are required to separately recognise interest
expense on the lease liability and amortisation on the right-of-use.
Lessees are also required to reconsider the amount of the liability relative to the lease on the occurrence of certain events
(e.g. a change in the lease duration, a change in future lease payments arising from the change in an index or rate used to
determine such payments). In general the lessee will recognise the difference from the remeasurement of the amount of
the lease liability as an adjustment to the right-of-use.
In compliance with IFRS 16, the method of recognition for the lessor remains basically unchanged compared to the current
accounting policy adopted by IAS 17. Lessors shall continue to classify all leases on the basis of the same principle of
classification provided for by IAS 17, distinguishing between two different types of lease: operating and finance leases.
IFRS 16, which is effective from years beginning on or after 1 January 2019, requires lessors and lessees to provide wider-
ranging disclosure compared to IAS 17.
The Company plans to adopt IFRS 16 retrospectively for each prior reporting period.

The Company will use the exceptions indicated in the standard for lease agreements for which the terms of the lease
contract expire within 12 months from the date of first-time adoption and for lease agreements for which the underlying
asset is of modest value. The Company has stipulated lease agreements for some office equipment (e.g. personal
computers, printers and photocopiers) considered to be of little value.
During the period, the Company will continue to establish the potential effects of IFRS 16 on its own financial statements.
IFRIC Interpretation 23 - Uncertainty over Income Tax Treatment

The interpretation defines the accounting treatment for income tax when the tax treatment results in uncertainties affecting
the adoption of IAS 12 and does not apply to duties or taxes covered by the scope of IAS 12, nor does it specifically
establish requirements relative to interest or sanctions attributable to uncertain tax treatment.
The interpretation specifically covers the following points:

- whether an entity separately considers uncertain tax treatment
- the assumptions of the entity in the review of tax treatment conducted by tax authorities
- how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates
- how an entity treats changes in facts and circumstances.
An entity must define whether each uncertain tax treatment should be considered independently or whether some tax
treatments should be considered together. The decision should be based on which approach provides better predictions of
the resolution of the uncertainty. The interpretation applies to reporting periods beginning on or after 1 January 2019, but
some facilitations for first-time adoption are available. The Company will adopt the interpretation when it comes into force
and is still assessing the effects this adoption could have on the financial statements.
Amendments to IFRS 9: Prepayment Features with Negative Compensation
Pursuant to IFRS 9, a debt instrument may be measured at amortised cost or at fair value in other comprehensive income,
on condition that contractual cash flows are "solely payments of principal and interest on the principal amount outstanding"
(the SPPI criterion) and the instrument is classified in the appropriate business model. Amendments to IFRS 9 clarify that
a financial asset meets the SPPI criterion regardless of the event or circumstance that causes the early termination of the
contract and regardless of the party i that pays or receives reasonable compensation for early termination of the contract.
Amendments must be adopted retrospectively and are effective from 1 January 2019. Early adoption is permitted. These
amendments did not have any impact on the financial statements of the Company.
Amendments to IAS 28: Long-term interests in associates and joint ventures
The amendments specify that an entities adopts IFRS 9 for long-term interests in associates and joint ventures, for which
the equity method is not applied but that basically form part of the net investment in the associate or joint venture (long-
term interests).
This clarification is significant because it implies that the expected credit loss model of IFRS 9 applies to such long-term
investments.
The amendments also clarify that, in adopting IFRS 9, an entity shall not take account of any losses of the associate or joint
venture or any impairment losses of the investment, recognised as adjustments to the net interest in the associate or joint
venture that arise from the adoption of IAS 28 Investments in Associates and Joint Ventures.
Amendments must be adopted retrospectively and are effective from 1 January 2019. Early adoption is permitted. As the
Company does not hold long-term interests in its associates and joint ventures, the amendments will not have any impact
on the financial statements.

9. SEGMENT REPORTING
It should be noted that pursuant to CONSOB notification no. 98084143 of 27 October 1998, the Company's main business
segment is participation in national and international football competitions; as a consequence, the economic and financial
components of the financial statements can be attributed essentially to this type of activity. Furthermore, the greater part
of the Company’s business activity is carried out in Italy.
10. PLAYERS’ REGISTRATION RIGHTS, NET

Details are as follows:
Amounts in thousands of Euro Historical cost Accumulated Accumulated

at 31/12/2018 amortisation and amortisation and
depreciation at depreciation at
31/12/2018 31/12/2018
First Team 545,209 172,113 373,096

U23 9,575 2,742 6,833
Other professional players 191,547 96,926 94,621
Young players 1,853 700 1,153
Female players 6 3 3
Players’ registration rights, net 748,190 272,484 475,706

Details on the First Team, U23 team and Other professional players are reported below:

Player Historical cost Accumulated Remaining Contract End of
at 31/12/2018 amortisation and book value at term contract
depreciation at 31/12/2018
31/12/2018
First Team 545,209 172,113 373,096

Barzagli Andrea 711 711 - 1 year 30/06/19
Bentancur Colman Rodrigo 12,012 3,604 8,408 5 years 30/06/22
Bernardeschi Federico 39,411 11,823 27,588 5 years 30/06/22
Bonucci Leonardo 34,746 3,474 31,272 5 years 30/06/23
Can Emre 15,861 1,983 13,878 4 years 30/06/22
Cavaco Cancelo Joao Pedro 39,694 3,969 35,725 5 years 30/06/23
Chiellini Giorgio 7,857 7,762 95 2 years 30/06/20
Costa de Souza Douglas 44,616 6,217 38,399 4 years 30/06/22
Cuadrado Bello Juan Guillermo 19,940 10,326 9,614 4 years 30/06/20
De Sciglio Mattia 12,141 3,642 8,499 5 years 30/06/22
Dos Antos Aveiro Cristiano Ronaldo 115,447 14,431 101,016 4 years 30/06/22
Dybala Paulo Exequiel 41,439 22,008 19,431 5 years 30/06/22
El Mouttaqui Medhi (Benatia) 16,720 8,920 7,800 3 years 30/06/20 (a)
Kean Bioty Moise - - - 3 years 30/06/20
Khedira Sami 1,300 1,029 271 3 years 30/06/21
Lobo Silva Alex Sandro 26,275 16,816 9,459 5 years 30/06/23
Mandzukic Mario 23,396 17,333 6,063 3 years 30/06/20
Matuidi Blaise 22,926 11,463 11,463 3 years 30/06/20
Perin Mattia 12,002 1,500 10,502 4 years 30/06/22
Pinsoglio Carlo 806 806 - 2 years 30/06/20
Pjanic Miralem 35,001 15,300 19,701 5 years 30/06/23
Rugani Daniele 3,905 2,702 1,203 5 years 30/06/21
Spinazzola Leonardo 3,929 853 3,076 5 years 30/06/22
Szczesny Vojciech 15,074 5,441 9,633 4 years 30/06/21
(a) The book value at 31 December 2018 was adjusted to the sale price in the second phase of the 2018/2019 transfer campaign.

31/12/2018
U23 9,575 2,742 6,833

Alcibiade Raffaele 20 10 10 1 year 30/06/19
Anderson Erik Mattias 425 352 73 3 years 30/06/19
Beruatto Pietro - - - 4 years 30/06/22
Del Favero Mattia 200 170 30 3 years 30/06/20
Del Prete Lorenzo 20 5 15 2 years 30/06/20
Di Pardo Alessandro 2,033 452 1,581 5 years 30/06/22
Israel Wibmer Franco 2,210 221 1,989 5 years 30/06/23
Kastanos Grigoris 210 189 21 4 years 30/06/22
Mavididi Stephy Alvaro 1,192 149 1,043 4 years 30/06/22
Muratore Simone - - - 4 years 30/06/20
Nocchi Timothy 82 82 - 1 year 30/06/19
Pereira da Silva Matheus 2,936 881 2,055 4 years 30/06/22
Pozzebon Nicolò 122 112 10 2 years 30/06/19
Zanandrea Gianmaria 125 119 6 2 years 30/06/19

31/12/2018
Other professional players 191,547 96,926 94,621

Abreu de Freitas Afonso Manuel * 125 104 21 3 years 30/06/19
Ahamada Naouirou 90 15 75 3 years 30/06/21
Audero Mulyadi Emil * 180 73 107 5 years 30/06/21
Bandeira da Fonseca Rafael Alexandre 126 63 63 3 years 30/06/20
Barlocco Luca * 2,324 2,115 209 3 years 30/06/19
Beltrame Stefano * 1,847 1,290 557 4 years 30/06/20
Branescu Constantin Laurentiu * 1,225 914 311 4 years 30/06/20
Cais Davide * 2,452 2,234 218 1 year 30/06/19
Capellini Riccardo 180 80 100 3 years 30/06/21
Clemenza Luca * 1,375 496 879 3 years 30/06/21
Coccolo Luca 48 24 24 4 years 30/06/20
De Winter Koni 137 23 114 3 years 30/06/21
Del Fabro * 4,402 1,321 3,081 5 years 30/06/22
Del Sole Ferdinando * 3,551 1,065 2,486 5 years 30/06/22
Delli Carri Filippo * 1,103 327 776 5 years 30/06/22
Dragusin Radu Matei 260 43 217 3 years 30/06/21
Emmanuello Simone 1,020 170 850 3 years 30/06/21
Fagioli Nicolò 135 73 62 3 years 30/06/20
Favilli Andrea * 7,653 1,036 6,617 5 years 30/06/23 (a)
Fernandes Leandro Fernandes 400 114 286 4 years 30/06/21
Francoforte Nicolò 140 67 73 3 years 30/06/21
Frederiksen Nikolai Baden 1,295 162 1,133 4 years 30/06/22
Goh N'Cede * 3 3 - 1 year 30/06/19 (b)
Gomes Oliveira de Almeida Pedro Manuel * 310 244 66 3 years 30/06/19
Gozzi Iweru Paolo 8 6 2 3 years 30/06/20
Higuain Gonzalo Gerardo * 91,296 45,648 45,648 5 years 30/06/21
Kameraj Cendrim 230 115 115 3 years 30/06/20
Lanini Eric * 1,594 1,457 137 2 years 30/06/19
Leone Giuseppe - - - 3 years 30/06/20
Loria Leonardo - - - 3 years 30/06/20
Macek Roman * 426 317 109 3 years 30/06/21
Mancuso Leonardo * 1,957 559 1,398 4 years 30/06/21
Marricchi Filippo * 465 305 160 3 years 30/06/21
Marrone Luca * 5,424 4,545 879 2 years 30/06/20
Monzialo Kevin 407 68 339 3 years 30/06/21
Moreno Taboada Pablo 1,000 167 833 3 years 30/06/21
Morrone Biagio 6 5 1 1 year 30/06/19
Mosti Nicola * 1,124 688 436 4 years 30/06/20
Narciso da Costa Campos Ricardo Manuel * 115 96 19 3 years 30/06/19
Nicolussi Caviglia Hans - - - 3 years 30/06/20
Ocampos Ibarra Santiago 200 80 120 3 years 30/06/20
Oliveira Da Silva Rogerio * 3,700 1,270 2,430 5 years 30/06/23
Orsolini Riccardo * 6,423 2,407 4,016 5 years 30/06/22
Padovan Stefano * 238 211 27 4 years 30/06/19
Parodi Stefano 181 165 16 2 years 30/06/19
Pellizzari Stefano * 1,799 1,716 83 2 years 30/06/19
Penner Nicolas 97 49 48 3 years 30/06/20
Pereira Serrao Joao Pedro 115 96 19 3 years 30/06/19
Petrelli Elia 1,180 663 517 3 years 30/06/20
Pinelli Matteo - - - 3 years 30/06/21
Pjaca Marko * 28,591 14,296 14,295 5 years 30/06/21
Portanova Manolo 250 125 125 3 years 30/06/20
Riccio Alessandro Pio 20 10 10 3 years 30/06/21
Saro Gianluca * 20 12 8 1 year 30/06/19
Sava Razvan Sergiu - - - 3 years 30/06/21
Siani Giorgio * 1,645 1,413 232 3 years 30/06/19
Sturaro Stefano * 10,602 7,034 3,568 5 years 30/06/21
Tamba M'Pinda Roger * - - - 3 years 30/06/01
Tongya Heubang Franco Daryl - - - 3 years 30/06/21
Toure Ouman * 145 118 27 3 years 30/06/19
Vogliacco Alessandro * 313 247 66 3 years 30/06/21
Zappa Claudio 1,595 982 613 4 years 30/06/21
Registered young players 1,853 700 1,153
Female players 6 3 3
Grand total 748,190 272,484 475,706
* temporarily registered for a third-party company.

(a)
The book value at 31 December 2018 was adjusted to the exercise price of the player following conditions being reached that resulted in the mandatory
exercise of the option for definitive acquisition by Genoa Cricket and Football Club.
(b)
The book value at 31 December 2018 was adjusted following the termination of the financial contract in January 2019.

The changes in the first half of the 2018/2019 financial year are shown below:
Amounts in thousands of Euro Professionals Young Female Total

players players
Book value 619,850 2,745 16 622,611

Accumulated amortisation (290,390) (1,214) (8) (291,612)
Allowance for doubtful accounts (23) (140) (8) (171)
Balance at 30/06/2018 329,437 1,391 - 330,828
Investments 247,826 362 6 248,194
Disinvestments (gross) (115,613) (501) (16) (116,130)
Use of accumulated amortisation 96,071 320 8 96,399
Use of allowance for doubtful accounts 23 140 8 171
Disinvestments (net) (19,519) (41) - (19,560)
Reclassification to "Financial assets" (5,420) - - (5,420)
Amortisation (77,655) (185) (3) (77,843)
Write-downs (469) (24) - (493)
Reclassifications 350 (350) - -
Balance at 31/12/2018 474,550 1,153 3 475,706
Book value 746,331 1,853 6 748,190
Accumulated amortisation (271,312) (676) (3) (271,991)
Allowance for doubtful accounts (469) (24) - (493)
Balance at 31/12/2018 474,550 1,153 3 475,706
Below is an illustration of the main transactions related to players' registration rights during the first half of the 2018/2019
financial year:
Player Counterparty clubs Price IFRS value of rights Years of

(including expenses contract
and bonuses)
Definitive acquisitions
Bonucci Leonardo AC Milan 35,000 34,746 5

Can Emre Liverpool FC - (a) 15,861 4
Cavaco Cancelo Joao Pedro Valencia Club de Futbol 40,440 39,694 5
Dos Santos Aveiro Cristiano Ronaldo Real Madrid Club de Futbol 100,000 115,447 (b) 4
Favilli Andrea Ascoli Picchio FC 7,500 (c) 7,653 5
Magnani Giangiacomo AC Perugia Calcio 5,000 4,876 5
Perin Mattia Genoa Cricket and FC 12,000 (d) 12,003 4
Spinazzola Leonardo Atalanta B.C. 3,500 3,413 4
Other investments/increases (e) 14,501
Total investments 248,194
(a) Player at termination of contract. The value of the right includes auxiliary expenses.
(b) It includes the solidarity mechanism provided for by FIFA regulations, together with auxiliary expenses.
(c) The purchase value went up by €0.25 million as certain conditions were met.
(d) The purchase value could increase by up to €3 million if certain conditions are met during the course of the contract’s duration.
(e) It includes the capitalisation of bonuses linked to sporting performance, paid by the selling clubs on players purchased during previous Transfer
Campaigns and auxiliary expenses.

Player Counterparty clubs Price Price Net book Solidarity Capital

present value subsidy gains
value (capital losses)
Definitive disposals
Caldara Mattia AC Milan 35,000 34,546 12,964 - 21,582
Cerri Alberto Cagliari Calcio S.p.A. 9,000 8,720 643 - 8,077
Magnani Giangiacomo U.S. Sassuolo Calcio 5,000 4,901 4,876 - - (a)
Mandragora Rolando Udinese Calcio 20,000 18,987 5,325 - 13,662 (b)
Tello Munoz Andres Felipe Benevento Calcio 2,500 2,439 545 - - (c)
Other disinvestments 1,017 627 9 380

Total disinvestments (net) 70,610 24,980 9 43,701
(a) The contract also establishes Juventus’ entitlement to exercise, at the end of the 2019/2020 season, the option to definitively reacquire the registration
rights of the same player against the payment of the sum of € 12 million, payable over three financial years. The economic effects of operations transactions
concerning these rights have been suspended until the time when exercise of the option expires and/or control of the asset is transferred.
(b) The contract also establishes Juventus’ entitlement to exercise, at the end of the 2019/2020 season, the option to definitively reacquire the registration
rights of the same player against the payment of the sum of €26 million, payable over two financial years. Should Udinese Calcio definitively transfer the
player’s registration rights to another club before the expiry of said pre-emption right, it shall pay Juventus the sum of € 200 thousand and a premium of 50%
of any positive difference between the transfer price and € 20 million, plus any other bonuses.
(c) The contract also established Juventus’ entitlement to exercise, at the end of the 2018/2019 season, the option to definitively buy back the registration rights
of the same player against the payment of the sum of €8 million, payable over three financial years. In the second phase of the Transfer Campaign, Juventus
waived its pre-emption right to buy back the player. Therefore the economic effect will be recognised in the second half of the 2018/2019 financial year.
The total net financial commitment, including auxiliary expenses, performance bonuses accrued by 30 June 2018, and
financial income and expenses implicit in payments and deferred receipts came to € 154.3 million, distributed as follows:
Amounts in millions of Euro Expiration
Total 2018/2019 2019/2020 2020/2021 2021/2022 2022/2023
LNP and others 27.7 7.8 (1.5) 9.4 12.0 -

Foreign FC (142.6) (67.6) (70.5) (4.4) - -
Agents (39.5) (18.5) (13.8) (3.2) (3.0) (1.0)
Total (154.3) (78.3) (85.8) 1.8 9.0 (1.0)

The balance of players' registration rights, totalling € 475,706 thousand, includes capitalisation of compensation to FIFA
agents, related to services provided for the Transfer Campaigns, for an outstanding amount of € 43,814 thousand (€ 31,372
thousand capitalised during the first half of the 2018/2019 financial year). The breakdown is shown below.

Auxiliary expenses for FIFA agents
Player Capitalised in the first Remaining

half of the 2018/2019 book value at
financial year 31/12/2018
Andersson Mattias Erik - 8

Audero Mulyadi Emil - 1
Bentancur Colman Rodrigo - 758
Bernardeschi Federico - 420
Bonucci Leonardo 200 180
Can Emre 15,861 13,878
Chiellini Giorgio 127 95
Clemenza Luca 50 42
Costa de Souza Douglas - 4,559
Del Sole Ferdinando - 73
Del Prete Lorenzo 20 15
De Sciglio Mattia - 350
Dybala Paulo Exequiel - 1,696
Dos Santos Aveiro Cristiano Ronaldo 11,501 10,064
Emmanuello Simone 20 17
Frederiksen Nikolai Baden 45 39
Higuain Gonzalo Gerardo - 1,525
Israel Wibmer Franco 410 369
Kameraj Cendrim - 25
Kastanos Grigoris - 10
Khedira Sami - 271
Lobo Silva Alex Sandro - 360
Macek Roman 65 54
Mandzukic Mario - 610
Marrone Luca - 3
Matuidi Blaise - 400
Mavididi Stephy Alvaro 150 131
Monzialo Kevin 200 167
Oliveira da Silva Rogerio 200 180
Orsolini Riccardo - 249
Perin Mattia 300 262
Pjaca Marko - 2,700
Pjanic Miralem 2,223 3,053
Szczesny Vojciech - 1,250
Auxiliary expenses for FIFA agents 31,372 43,814
For additional details on players' registration rights see the tables required by FIGC regulations attached to these notes.
11. OTHER INTANGIBLE ASSETS

These are mainly constituted by rights for the commercial use of the Company’s TV archives (the “Juventus Library”). These
being intangible assets with an indefinite useful life, in that the archives of TV images is bound to grow larger over time,
and could be used for eternity. This asset was initially recognised at purchase cost and is tested annually for impairment.
In relation to the Juventus Library, the Company had also stipulated some commercial contracts in the past against which
it has already received advances for € 9,174 thousand, recognised under “Advances received”.
“Other intangible assets” mainly refer to trademarks, software and the photography archive.

The changes during the period in the item are as follows:
Amounts in thousands of Euro Juventus Other Total

Library intangible
assets
Initial book value 29,850 12,232 42,082

Initial accumulated amortisation - (8,413) (8,413)
Balance at 30/06/2018 29,850 3,819 33,669
Investments - 390 390
Reclassification of the item "Intangible assets in progress and advances" - 533 533
Amortisation - (675) (675)
Balance at 31/12/2018 29,850 4,067 33,917
Final book value 29,850 13,155 43,005
Final accumulated amortisation - (9,088) (9,088)
Balance at 31/12/2018 29,850 4,067 33,917
Investments included in "Other intangible assets" mainly refer to the costs incurred for the new visual identity and the
implementation of various software.
12. INTANGIBLE ASSETS IN PROGRESS

This item amounts to € 1,652 thousand and mainly refers to advances relative to creativity and the assembly of media
formats.
13. LAND AND BUILDINGS

These assets refer to:
- the Juventus Training Center at Vinovo, which became the property of Juventus on 22 July 2016 following redemption
at the end of the finance lease agreement;
- the Stadium, which opened on 8 September 2011;
- the Juventus Museum, which opened on 16 May 2012;
- the Juventus Megastore, which opened on 30 June 2017.
Changes in the item for the first half of the 2018/2019 financial year are shown in the table below:
Amounts in thousands of Euro Land Buildings
JTC Land adjacent Stadium JTC Vinovo Total

Vinovo to the JTC
Vinovo
Initial book value 5,000 10,800 115,747 22,988 154,535

Initial accumulated amortisation - - (15,110) (6,911) (22,021)
Balance at 30/06/2018 5,000 10,800 100,637 16,077 132,514
Investments - - 121 111 232
Reclassification of the item "Tangible assets in progress" - - 47 - 47
Amortisation - - (1,167) (379) (1,546)
Balance at 31/12/2018 5,000 10,800 99,638 15,809 131,247
Final book value 5,000 10,800 115,915 23,099 154,814
Final accumulated amortisation - - (16,277) (7,290) (23,567)
Balance at 31/12/2018 5,000 10,800 99,638 15,809 131,247

14. OTHER TANGIBLE ASSETS
The breakdown and changes in this item for the first half of the 2018/2019 financial year are shown in the table
below:
Amounts in thousands of Euro Equipment and Industrial and Other Total

machinery commercial assets
equipment
Initial book value 42,549 4,081 21,625 68,255

Initial accumulated amortisation (25,204) (2,820) (11,796) (39,820)
Balance at 30/06/2018 17,345 1,261 9,829 28,435
Investments 972 185 781 1,938
Reclassification of the item "Tangible assets in progress" 335 35 43 413
Amortisation (2,283) (149) (1,145) (3,577)
Balance at 31/12/2018 16,369 1,332 9,508 27,209
Final book value 43,856 4,301 22,449 70,606
Final accumulated amortisation (27,487) (2,969) (12,941) (43,397)
Balance at 31/12/2018 16,369 1,332 9,508 27,209
Investments in the first half of the 2018/2019 financial year, equal to € 1,938 thousand, mainly refer to completion of the
lighting system and video security cameras at the Stadium and to furniture and fittings of the new Juventus Training Center
at the J Village area and new retail outlet in Rome.
15. TANGIBLE ASSETS IN PROGRESS

Amounts in thousands of Euro Stadium J Village JTC J Store Total

Vinovo Roma
Balance at 30/06/2018 919 276 275 21 1,491

Investments 60 43 88 28 219
Reclassification to "Buildings (47) - - - (47)
Reclassification to the item "Plant and machinery" (332) - - (3) (335)
Reclassification to the item "Industrial and commercial equipment" - (35) - - (35)
Reclassification to the item "Other assets" - - - (43) (43)
Reclassification to the income statements (1) (9) - - (10)
Balance at 31/12/2018 599 275 363 3 1,240
Costs relating to the Stadium refer to advances paid for the construction of premises in the East Section.
Investments relating to the J Village area mainly refer to advances paid for furniture and fittings for the J Hotel being built
in the J Village area, relative to Juventus's part.
Costs relating to the Juventus Training Center at Vinovo refer to investments under way for the larger project to reorganise
the training centre, which is being defined, after the First Team's transfer to the new training centre.
16. INVESTMENTS
At 31 December 2018, this item amounted to € 197 thousand compared to € 282 thousand at 30 June 2018.
The item refers to:
- € 5 thousand for the equity investment held by Juventus in the joint venture J Medical S.r.l., of which the share capital is
equal to € 59 thousand. The equity investment is measured with the equity method and recognises payments to increase
share capital and the portion of losses for the period of €321 thousand (recognised in the income statement as "Share of
results of associates and joint ventures");
- the remaining € 188 thousand refer to the equity investment of 40%, held by Juventus in the company Tobeez F&B Italia

S.r.l, of which the share capital is equal to € 30 thousand. The equity investment is measured with the equity method
and recognises payments made to increase share capital and the portion of losses for the period of € 1 thousand
(recognised in the income statement as "Share of results of associates and joint ventures"). The company, which is not
operative at present, will provide catering services for activities that will take place at the J Village area and in the east
sector of the Allianz Stadium;
- the remaining € 4 thousand refers to the equity investment of 40%, held by Juventus in the company B & W Nest
S.r.l, of which the share capital is equal to € 27 thousand. The equity investment is measured with the equity method
and recognises payments made to increase share capital and the portion of losses for the period of € 98 thousand
(recognised in the income statement as "Share of results of associates and joint ventures"). The company, currently not
operating, will manage the new Hotel being built by the J Village fund in the immediate vicinity of the club’s Head Office
and the new Juventus Training Center, Turin, used by the First Team.
Name Registered Share % of equity

office capital investment in capital
at 31/12/2018
J Medical S.r.l. Italy 59,000 50%

Tobeez F&B Italia S.r.l. Italy 30,000 40%
B & W Nest S.r.l. Italy 27,000 40%
17. CURRENT AND NON-CURRENT FINANCIAL ASSETS

Financial assets comprise € 23,952 thousand from the fair value of J Village real estate fund units, held by Juventus
following the transfer of most of the long-term lease and building rights of the Continassa area to the fund. The operation
led to the subscription of J class shares of the fund, which cannot be disposed for the entire fund duration (and as such are
classified as non-current financial assets) for a nominal value of € 12,100 thousand and class A shares for a nominal value
of € 12,000 thousand, classified as current financial assets, available for sale.
These financial assets are classifiable as level 3 instruments, as input from valuation techniques cannot be observed.
Juventus, despite holding approximately 41.8% of the units, does not have a significant influence on the J Village real estate
fund. In fact, based on regulations, and considering the meeting quorums of fund participants, the asset management
company has the widest-ranging independent management and policy/strategy making powers.
The increase compared to 30 June 2018 refers to the net value of the registration rights of some players equal to € 5,420
thousand (of which € 4,875 thousand non-current) for which the company will have the pre-emption right to definitively buy
back the player.
Non-current financial assets also include € 4,100 thousand representing the balance on the current account pledged as a
guarantee of the loans granted by the Istituto per il Credito Sportivo, and € 32 thousand as the valuation at 31 December
2018 of transactions on the derivative contracts stipulated to hedge the risk of an increase in interest rates.
18. DEFERRED TAX ASSETS

The balance of deferred tax assets amounts to € 11,635 thousand. The change compared to the balance of € 14,660
thousand at 30 June 2018 is as follows:
Amounts in thousands of Euro Tax base Taxes Provisions Draw- Adjustment to Taxes Tax base
30/06/2018 30/06/2018 downs the IRES rate 31/12/2018 31/12/2018
Retained taxable losses 61,083 14,660 87 (3,112) - 11,635 48,479

Deferred tax assets 61,083 14,660 87 (3,112) - 11,635 48,479
Deferred tax assets allocated for tax losses carried forward account for 80% of the amount of deferred tax liabilities
allocated for capital gains on player's registration rights deferred over several years for tax purposes, as well as the
temporary difference in value for tax purposes of the Juventus Library, as these taxes may be annulled in future years.

19. RECEIVABLES DUE FROM FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS
These mainly refer to receivables due from football clubs from the disposal of players; they are due within the next five
financial years and are almost all covered by a direct guarantee or through Lega Nazionale Professionisti Serie A.
These total € 104,704 thousand and show a decrease of € 12,207 thousand compared to the balance of € 116,911 thousand
at 30 June 2018, mainly as a result of amounts received during the half year, partially offset by new receivables arising
from the first phase of the 2018/2019 Transfer Campaign. The Company also sold without recourse a receivable of € 5,879
thousand due from Southampton F.C. relative to the third instalment of the payment for the disposal of the player Mario
Lemina maturing in August 2019.
The balance at 31 December 2018 is broken down as follows, based on maturity and counterparties:
Amounts in thousands of Euro Current Non-current Balance at

share share 31/12/2018
A.C. Milan S.p.A. 18,900 12,600 31,500

Udinese Calcio S.p.A. 600 18,400 19,000
Cagliari Calcio S.p.A. 3,780 8,720 12,500
U.S. Sassuolo Calcio S.r.l. 3,465 7,285 10,750
Torino F.C. S.p.A. 1,800 3,200 5,000
Genoa Cricket and Football Club S.p.A. 1,200 2,800 4,000
A.C. Perugia Calcio S.r.l. 600 1,150 1,750
Benevento Calcio S.p.A. 500 1,166 1,666
Atalanta B.C. S.p.A. 975 650 1,625
Delfino Pescara 1936 S.p.A. 699 466 1,165
S.P.A.L. 2013 S.r.l. 300 700 1,000
U.S. Città di Palermo S.p.A. 150 350 500
Empoli F.C. S.p.A. 150 100 250
U.C. Sampdoria S.p.A. 5 5 10
Virtus Francavilla Calcio S.r.l. 3 2 5
Società Sportiva Lazio S.p.A. 2 - 2
L.N.P. Serie A Transfer Campaign 591 - 591
Total Italy 33,720 57,594 91,314
Valencia Club de Futbol SAD 5,825 2,375 8,200
Watford F.C. 3,562 1,900 5,462
Stuttgart VfB 1893 e.V. 976 - 976
Club Deportivo Leganes SAD 486 486 972
F.C. Lugano SA 194 - 194
Chelsea Football Club PLC 154 - 154
Elche Club de Futbol SAD 150 - 150
Futebol Clube do Porto - Futebol SAD 137 - 137
Legia Warszawa S.A. 52 - 52
Bristol City Football Club Limited 43 - 43
J.S.C. "P.F.C. CSKA" 38 - 38
NK Osijek SDD 30 - 30
Al Hilal SFC 26 - 26
Koninklijke ST-Truidense Voetbalvereniging NV 14 - 14
C.A. Boca Juniors 10 - 10
SK Slavia Praha - Fotbal AS 3 - 3
Southampton F.C. 2 - 2
FC Fastav Zlin 1 - 1
Grensverleggend N.V. (S.V. Zulte Waregem) 1 - 1
Total foreign 11,704 4,761 16,465
Adjustment for implicit financial income (1,207) (1,718) (2,925)
Allowance for doubtful accounts (150) - (150)
Receivables due from football clubs for transfer campaigns 44,067 60,637 104,704

20. OTHER CURRENT AND NON-CURRENT ASSETS
31/12/2018 30/06/2018
Amounts in thousands of Euro Current Non-current Total Current Non-current Total

share share share share
Receivables due from Finanziaria Gilardi S.p.A. for the disposal

of the shareholding in Campi di Vinovo S.p.A. 1,129 - 1,129 - 1,129 1,129
Receivables due from I.C.S. for interest rate subsidy 302 1,056 1,358 302 1,207 1,509
Adjustment for financial income underlying the receivable due from I.C.S. (53) (98) (151) (58) (121) (179)
Prepaid expenses 4,323 100 4,423 4,136 130 4,266
Receivables due from insurance companies 247 - 247 83 - 83
Receivables due from Lega Nazionale Professionisti Serie A 3,365 - 3,365 2,704 - 2,704
Tax receivables 4,270 805 5,075 4,692 786 5,478
Others 1,126 316 1,442 565 244 809
Other current and non-current assets 14,709 2,179 16,888 12,424 3,375 15,799
Receivables due from Finanziaria Gilardi S.p.A. (formerly Costruzioni Generali Gilardi S.p.A.) refer to the balance of the
payment for the sale of the equity investment in Campi di Vinovo S.p.A., which became current, maturing on 31 December
2019 and secured by a guarantee from a leading bank.
The discounted receivable due from Istituto per il Credito Sportivo refers to an interest rate subsidy granted by the same
Institute, in accordance with current laws, related to a loan for the construction of the owned stadium.
Prepaid expenses mainly refer to insurance premiums for € 1,639 thousand (of which € 100 thousand non-current), charges
for the temporary purchase of players for € 682 thousand and charges for loans granted and guarantees for €560 thousand.
Receivables from Lega Nazionale Professionisti di Serie A mainly refer to a portion owing to Juventus relative to its
participation in the League Super Cup played in Jeddah, and received in January 2019.
Tax assets mainly refer to the transformation of ACE (Aid for Economic Growth, which is a tax incentive for company
capitalisation through own funds), into a tax asset for the purposes of regional business tax amounting to € 4,918 thousand
(of which € 805 thousand non-current).
21. INVENTORY
This item amounts to € 5,640 thousand compared to € 5,421 thousand at 30 June 2018 and refers to stock held for sale as
part of activities for the retail sale of Juventus brand products through stores and online.
22. TRADE RECEIVABLES

This item totals € 31,688 thousand, increasing by € 2,406 thousand (€ 29,282 thousand at 30 June 2018).
The following is the payment schedule for trade receivables:
Amounts in thousands of Euro 31/12/2018 30/06/2018
Trade receivables not yet due 20,625 9,186

Trade receivables due from less than 60 days 6,968 16,782
Trade receivables due from 61 to 120 days 2,418 1,408
Trade receivables due more than 120 days 6,796 5,821
Allowance for doubtful accounts (5,119) (3,915)
Trade receivables 31,688 29,282

The portion of trade receivables not written down and due after 120 days refers to a number of customers, for individual
amounts that are not significant. The company monitors credit collection on a continual basis.
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.
23. CASH AND CASH EQUIVALENTS

At 31 December 2018 cash and cash equivalents totalled € 36,058 thousand (€ 15,335 thousand at 30 June 2018) and
mainly consisted of positive balances of ordinary bank accounts.
24. ADVANCES PAID

Advances paid amount to € 23,456 thousand, of which € 20,236 thousand non-current (of which € 12,195 thousand due
beyond five financial years), and mainly refer to the amount paid for the acquisition of the long-term lease of the Allianz
Stadium area (€ 11,907 thousand) and long-term lease of a part of the Continassa area, with a GFA of 3,170 m2, which has
remained as Juventus property (€ 1,058 thousand), recognised as operating leases, as well as contractual advances equal
to € 9,635 thousand (of which € 6,881 thousand non-current).

31/12/2018 30/06/2018

Long-term lease of the stadium and relative auxiliary expenses 143 11,764 11,907 143 11,835 11,978
Acquisition of the long-term lease of the Continassa Area
and relative auxiliary expenses (Juventus portion) 11 1,047 1,058 11 1,053 1,064
Contract advances 2,754 6,881 9,635 - - -
Other minor items 312 544 856 1,369 395 1,764
Advances paid 3,220 20,236 23,456 1,523 13,283 14,806
25. SHAREHOLDERS’ EQUITY

At 31 December 2018, the fully paid-up share capital of Juventus amounted to € 8,182,133.28 and was made up of
1,007,766,660 no par value ordinary shares.
Shareholders' equity at 31 December 2018 was equal to € 79,476 thousand, registering an increase compared to the
balance of € 72,044 thousand at 30 June 2018, due to profit for the first half of the 2018/2019 financial year (€ +7,464
thousand), net of the cash flow hedge reserve (€ -32 thousand).
26. LOANS AND OTHER CURRENT AND NON-CURRENT FINANCIAL PAYABLES

They include payables due to:
31/12/2018 30/06/2018

Factoring companies 251 204,500 204,751 88 159,999 160,087

Banks 107,670 78,088 185,758 46,094 85,988 132,082
Istituto per il Credito Sportivo for Stadium loans 6,339 27,618 33,957 6,211 30,820 37,031
Bonds and other financial liabilities 114,260 310,206 424,466 52,393 276,807 329,200
Loans and other financial liabilities at 31 December 2018 mainly concern loans granted by Istituto per il Credito Sportivo
for the construction of the stadium, bank loans, payables to factoring companies for advances on contracts and trade
receivables. Payables due to factoring companies at 31 December 2018 mainly refer to advance transactions on business
contracts and are therefore equivalent to short-term bank loans. Some medium term bank loans and committed lines are

affected by the First Team's participation in the Serie A and/or UEFA championships.
As regards loans taken out for construction of the stadium and the renovation of premises in the east section, real estate
acquired under the long-term lease was mortgaged to Istituto per il Credito Sportivo for a maximum value of € 140 million.
The due dates of loans and other financial payables are shown below:
Scadenza entro il 30 giugno
Amounts in thousands of Euro revocable 2019 2020 2021 2022 2023 Beyond Total
Factoring companies - 251 - 204,500 - - - 204,751

Banks 79,901 19,870 40,256 37,883 6,348 1,500 - 185,758
Istituto per il Credito Sportivo for Stadium loans - 3,137 6,469 6,739 7,020 7,313 3,279 33,957
Bonds and other financial liabilities 79,901 23,258 46,725 249,122 13,368 8,813 3,279 424,466
Financial liabilities exposed to interest rate risk (payables due to banks and factoring companies) were subjected to a
sensitivity analysis on the date this report was prepared. For variable-rate financial liabilities, the analysis was performed
based on the assumption that year-end exposure had remained constant for the entire period.
The effects of the change with an increase/decrease of 100 bps on an annual basis of interest rates would have been as
follows:
31 December 2018 31 December 2017
Amounts in thousands of Euro Income statement Income statement
+ 100 bps
cash/loans (1,692) (1,148)
- 100 bps
cash/loans 1,692 1,148
Medium-long term financial liabilities due to the Istituto per il Credito Sportivo are not exposed to interest rate risk since
they are at a fixed rate.
27. PAYABLES DUE TO FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS

These mainly concern current and non-current payables due to football clubs for the acquisition of players, all due within
the next 5 years.
These total € 195,689 thousand, an increase of € 20,720 thousand compared to the balance of € 174,969 thousand at 30
June 2018, mainly due to new payables arising from the first phase of the 2018/2019 Transfer Campaign and payments
made during the half year.

The balance at 31 December 2018 is broken down as follows, based on maturity and counterparties:
Amounts in thousands of Euro Current Non-current Balance at
share share 31/12/2018
A.C. Milan S.p.A. 20,692 8,600 29,292

A.C.F. Fiorentina S.p.A. 7,998 5,332 13,330
Genoa Crocket and Football Club S.p.A. 2,550 5,700 8,250
Atalanta B.C. S.p.A. 3,751 3,666 7,417
U.S. Città di Palermo S.p.A. 2,000 4,000 6,000
Ascoli Picchio F.C. 1898 S.p.A. 2,136 1,424 3,560
A.C. Perugia Calcio S.r.l. 1,080 2,320 3,400
U.S. Sassuolo Calcio S.r.l. 1,221 283 1,504
Cagliari Calcio S.p.A. 900 600 1,500
S.P.A.L. 2013 S.r.l. 300 700 1,000
Empoli S.p.A. 450 300 750
Delfino Pescara 1936 S.p.A. 400 267 667
U.S. Cremonese S.p.A. 63 42 105
A.C. Cesena S.p.A. in liquidation 60 40 100
Udinese Calcio S.p.A. 62 - 62
Ravenna F.C. 1913 S.p.A. 52 - 52
ASD Segato 30 20 50
Vicenza Calcio S.p.A. in liquidation 37 - 37
Imolese Calcio 1919 S.r.l. 33 4 37
Calcio Padova S.p.A. 21 - 21
Venezia F.C. S.r.l. 12 8 20
F.C. Rieti S.r.l. 12 8 20
A.C. Cuneo 1905 S.r.l. 10 - 10
Pordenone Calcio S.r.l. 8 - 8
Total Italy 43,878 33,314 77,192
Real Madrid Club de Futbol 50,000 - 50,000
Bayern Munchen AG 19,000 9,500 28,500
Valencia Club de Futebol SAD 4,918 19,479 24,397
Chelsea Football Club PLC 6,667 - 6,667
Paris Saint-Germain Football Club 4,750 - 4,750
Manchester United F.C. LTD 1,220 - 1,220
Sporting Clube de Portugal 1,119 - 1,119
Benfica Futebol SAD 154 610 764
Gremio Football Porto-Alegrense 452 226 678
Shakhtar Donetsk 398 199 597
RCD Espanyol de Barcelona SAD 175 350 525
Arsenal F.C. 522 - 522
FC Barcelona 500 - 500
Nordsjaelland 495 - 495
Confederacao Brasileira de Futebol 150 75 225
Club Desportivo Nacional 162 - 162
Futebol Clube Barreirense 28 111 139
SASP ESTAC Club de Football 101 - 101
Saint-Etienne 74 - 74
Independiente de Medellin 53 - 53
Club Artesano de Colonia Suiza 42 - 42
FC den Bosch 40 - 40
Vincennois C.O. 37 - 37
FC Fastav Zlin 35 - 35
Embajadores F.C. 33 - 33
Leones F.C. 33 - 33
Uraba 33 - 33
Federation Francaise de Football 25 - 25
Sporting Clube de Espinho 20 - 20
MKS Agrycola 15 - 15
Creteil-Lusitanos 12 - 12
Koninklijke ST-Truidense Voetbalvereniging NV 9 - 9
Naesby Boldklub 5 - 5
Fundacio P. Escola F. Calella 3 1 4
AEK Athens 1 - 1
U.E. Vilassar de Mar - 1 1
Charlton Athletic FC 1 - 1
Preston North End FC 1 - 1
Southend United 1 - 1
Hermandad Gallega de Valencia 1 - 1
Seca Sports 1 - 1
Total foreign 91,286 30,552 121,838
Adjustment for implicit financial expenses (2,077) (1,264) (3,341)
Payables due to football clubs for transfer campaigns 133,087 62,602 195,689

28. DEFERRED TAX LIABILITIES
At 31 December 2018, this item amounted to € 15,594 thousand, compared to € 19,343 thousand at the beginning of the
period. Changes in the first half of the 2018/2019 financial year are as follows:
Amounts in thousands of Euro Tax base Taxes Provisions Draw- Taxes Taxes
30/06/2018 30/06/2018 downs 31/12/2018 31/12/2018
Write-back and amortisation of the Library value

(corporate tax) 20,794 4,991 109 - 5,100 21,250
Write-back and amortisation of the Library value (IRAP tax) 17,763 692 32 - 724 18,564
Financial lease Sports Center and other minor items 1,549 372 - - 372 1,549
Capital gains on players’ registration rights 55,364 13,288 - (3,890) 9,398 39,158
Deferred tax liabilities 95,470 19,343 141 (3,890) 15,594 80,521
29. OTHER CURRENT AND NON-CURRENT LIABILITIES

31/12/2018 30/06/2018

Payables due for expenses relating to the transfer campaign 30,016 12,350 42,366 17,060 4,925 21,985
Adjustment for financial expenses of payables due for auxiliarly
expenses relating to the transfer campaign (147) (572) (719) (107) (271) (378)
Payables due for remuneration to employees and others (a) 31,700 - 31,700 41,476 - 41,476
Tax payables for withholding tax and other taxes 27,185 - 27,185 9,529 - 9,529
Prepaid income and accrued expenses 14,063 - 14,063 11,935 - 11,935
Payables for pre-emption rights to buy back players 2,500 5,000 7,500 - - -
Payables due to social security agencies 2,720 - 2,720 1,435 - 1,435
Other payables 563 192 755 4,571 175 4,746
Other current and non-current liabilities 108,600 16,970 125,570 85,899 4,829 90,728
(a) including remuneration for variable bonuses matured mainly by FIGC registered personnel.
Payables for auxiliary expenses concerning transfer campaigns went up by € 20,381 thousand (compared to € 21,985
thousand at 30 June 2018) as a result of new debts incurred for payments made to FIFA agents for their services during
the first phase of the 2018/2019 Transfer Campaign, partly offset by payments made in the half year.
Payables to employees and other workers mainly refer to remuneration for December 2018 and the variable bonuses
accrued by personnel as a result of the individual performances achieved. At 30 June 2018, this item referred among others
to payables accrued in relation to the 2014/2015 - 2017/2018 Long Term Incentive Plan concerning the two Chief Executive
Officers and sixteen employees holding key positions within the company. This amount due was paid with December 2018
salaries.
Tax payables totalling € 27,185 thousand mainly regard payables due for withholding taxes to pay (€ 15,687 thousand), VAT
resulting from the payment for December 2018 (€ 6,367 thousand) and for IRAP (€ 5,032 thousand).
Prepaid income mainly relates to revenues from the temporary disposal of players for € 5,689 thousand, from commercial
contracts of € 5,167 thousand and the advance of € 3,000 thousand for participation in the League Super Cup Final played
in Jeddah in January 2019.
Payables for pre-emption rights to buy back players, equal to € 7,500 thousand (of which € 5,000 thousand non-current),
refer to amounts collected for the disposal of some players' registration rights, for which the Compaq may exercise the right
to buy back the players. The economic effects of operations transactions concerning these rights have been suspended
until the time when exercise of the option expires and/or control of the asset is transferred.

30. CURRENT PROVISIONS FOR RISKS AND CHARGES
This item, totalling € 1,126 thousand (€ 1,037 thousand at 30 June 2018), includes provisions made for expenses to be
incurred for business disputes, as well as other expenses.
The balance at 31 December 2018 includes € 125 thousand as residual hedging of the losses posted by J Medical S.r.l. and
€ 16 thousand as residual hedging of the losses posted by B&W Nest S.r.l..
31. TRADE PAYABLES

This item amounts to € 41,891 thousand (€ 30,359 thousand at 30 June 2018) and mainly refers to payables to suppliers
for the purchase of products held for sale and services received for the management and maintenance of the stadium, the
Juventus Training Centre at Vinovo, the new company headquarters and relative utilities.
32. ANTICIPI RICEVUTI

Advances received total € 52,865 thousand, of which € 21,924 thousand non-current (including € 8,793 thousand beyond
five financial years).
31/12/2018 30/06/2018

Naming and other revenues of the Juventus Stadium from

agreements with Sportfive Italia S.r.l. and Lagardère Sports
Germany GmbH (formerly Sportfive GmbH) 3,500 12,250 15,750 3,500 14,000 17,500
2018/2019 season passes 13,070 - 13,070 8,729 - 8,729
Income from the Juventus Library 106 9,068 9,174 106 9,121 9,227
Television rights 2018/2019 6,072 - 6,072 3,478 - 3,478
Sponsorship revenues 5,329 - 5,329 6,954 - 6,954
Revenues from commercial initiatives 1,352 376 1,728 687 377 1,064
Other minor items 1,512 230 1,742 1,812 240 2,052
Advances received 30,941 21,924 52,865 25,266 23,738 49,004
33. TICKET SALES

These amounted to € 38,264 thousand (€ 30,283 thousand for the first half of the previous financial year).
Amounts in thousands of Euro I half-year I half-year Change

2018/2019 2017/2018
Season ticket revenues 13,170 10,726 2,444

Revenues from ticket sales for Championship home matches* 9,829 5,610 4,219
Revenues from ticket sales for UEFA Champions League home matches 6,865 5,179 2,005
Friendly match fees 5,103 4,860 (76)
Revenues from additional match services 3,242 2,950 292
Revenues from ticket sales for Italian Cup matches 3 514 (392)
Revenues from Cup finals - 395 (514)
Other match revenues 52 49 3
Ticket sales 38,264 30,283 7,981
* net of the secondary ticketing amount

The increase of € 7,981 thousand is mainly due to greater revenues from the sale of tickets for Championship and UEFA
Champions League home matches and the sale of season tickets. These greater revenues were partially offset by the
absence of revenues from Cup finals, as the Italian Super Cup was played in January 2019.
The following table compares the number of official matches played in various competitions during the first half of the
2018/2019 financial year and the same period of the previous year:
I half-year 2018/2019 I half-year 2017/2018
Number of matches Home Away Final Total Home Away Final Total
Championship 10 9 - 19 10 9 - 19
UEFA matches 3 3 - 6 3 3 - 6
Italian Super Cup - - - - - - 1 1
Italian Cup - - - - 1 - - 1
Total 13 12 - 25 14 12 1 27
34. TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES


2017/2018 2017/2018
Revenues from UEFA competitions 68,922 49,167 19,755

Revenues from media rights 54,883 58,197 (3,314)
Revenues from production and access to the media rights signal 775 2,043 (1,268)
Television and radio rights and media revenues 124,580 109,407 15,173
Revenues from UEFA competitions (€ 68,922 thousand) are due to participation in the Group Stage of the 2018/2019 UEFA
Champions League, with an increase in total resources to allocate and in the resource allocation system.
Revenues from media rights for the first half of the 2018/2019 financial year went down by € 3,314 thousand compared to
the first half of the previous year, mainly due to fewer Italian Championship and Super Cup home matches played during
the half year in question.
35. REVENUES FROM SPONSORSHIP AND ADVERTISING

This item amounts to € 61,419 thousand (€ 43,318 thousand in the first half of the previous year), increasing by € 18,101
thousand mainly due to the extraordinary bonus from Adidas Italy S.p.A. and new sponsorship agreements.
36. REVENUES FROM SALES OF PRODUCTS AND LICENCES

This item amounts to € 26,514 thousand (€ 14,657 thousand in the first half of the previous year), and is attributable to
the direct management of activities for the sale and licensing of official products, as well as the organisation of Juventus
Academy activities.
37. REVENUES FROM PLAYERS’ REGISTRATION RIGHTS

These revenues originate from transactions executed during the first phase of the 2018/2019 Transfer Campaign.


2018/2019 2017/2018
Capital gains from disposal of players’ rights 43,772 72,606 (28,834)

Revenues from the temporary disposal of players’ registration rights 13,409 1,843 11,566
Capital gains from disposal of registered young players’ rights 4 1,536 (1,532)
Other revenues 1,722 859 863
Revenues from players’ registration rights 58,907 76,844 (17,937)
Revenues from players' registration rights at 31 December 2018 refer to:
Capital gains from disposal of players’ rights: 43,772

Caldara Mattia/A.C. Milan S.p.A. 21,582
Mandragora Rolando/Udinese Calcio S.p.A. 13,662
Cerri Alberto/Cagliari Calcio S.p.A. 8,077
Garcia Tena Pol/Koninklijke St-Truidensevoetbalvereniging 252
Brignoli Alberto/U.S. Città di Palermo S.p.A. 199
Revenues from the temporary disposal of players’ registration rights: 13,409
Higuain Gonzalo Gerardo/A.C. Milan S.p.A. 8,867
Favilli Andrea/Genoa Cricket and Football Club S.p.A. 2,153
Cerri Alberto/Cagliari Calcio S.p.A. 1,000
Pjaca Marko/A.C.F. Fiorentina S.p.A. 893
Audero Mulyadi Emil/U.C. Sampdoria S.p.A. 483
Tamba M'Pinda Roger/Nogometni Klub Osijek Sdd 13
Capital gains from the sale of registration rights of registered young players: 4
Totaro Francesco/F.C. Pro Vercelli 1892 S.r.l. 4
Other revenues: 1,722
Gabriel Appelt Pires/Club Deportivo Leganes Sad (bonus for subsequent disposal) 1,497
Gabriel Appelt Pires /Club Deportivo Leganes Sad (solidarity contribution for subsequent disposal) 29
Hordur Magnusson/Bristol City F.C. (extra bonus for subsequent disposal) 72
Hordur Magnusson/J.S.C. Pfc Cska (solidarity contribution for subsequent diposal) 38
Others 86
Revenues from players’ registration rights 58,907

38. OTHER REVENUES
This item totals € 20,532 thousand, showing an increase of € 4,450 thousand compared to € 16,082 thousand for the first
half of 2017/2018.

2018/2019 2017/2018
Income from commercial initiatives

(Membership, Stadium Tours & Museum, Camps) 8,764 5,162 3,602
Contingent assets 3,715 1,685 2,030
Income from "no match day" events and other stadium revenues 1,392 1,676 (284)
Contributiions from Lega Nazionale Professionisti Serie A 650 1,000 (350)
Sale of away match tickets 435 162 273
Contributions from FIFA/UEFA for players playing for the National Team 424 34 390
Compensation and other insurance-related income 52 1,887 (1,835)
Others 5,100 4,476 624
Other revenues 20,532 16,082 4,450
Contingent assets include, among others, additional revenues distributed on conclusion by UEFA for participating in the
2017/2018 UEFA Champions League.
39. PURCHASE OF MATERIALS, SUPPLIES AND OTHER CONSUMABLES

This item totals € 3,077 thousand (€ 3,148 thousand in the first half of 2017/2018) and regards match strips and materials
(€ 1,976 thousand), purchases of miscellaneous materials (€ 923 thousand) and medical and paramedical materials
(€ 178 thousand).
40. PURCHASES OF PRODUCTS FOR SALE

This item amounts to € 12,186 (€ 5,887 thousand in the first half of the 2017/2018 financial year) and refers to the cost of
products held for sale in stores and online directly managed by the Company.

2018/2019 2017/2018
Cost to sell of Adidas products 8,820 3,740 5,080

Cost to sell of other products 3,347 2,085 1,262
Other changes in Adidas product inventory 14 95 (81)
Other changes in other product inventory 5 (33) 38
Total 12,186 5,887 6,299
This item went up by € 6,299 thousand, due mainly to higher quantities purchased for subsequent resale.

41. EXTERNAL SERVICES

2018/2019 2017/2018
Transport, accommodation and meals expenses 7,860 8,324 (464)

Operating expenses paid to third parties for commercial products 3,678 2,196 1,482
Leases and rentals 3,515 3,496 19
Costs for security and reception 3,195 2,188 1,007
Maintenance 3,159 3,252 (93)
Advisory 2,796 3,023 (227)
Insurance 2,244 1,997 247
Audio and video productions 2,156 2,300 (144)
Utilities 1,881 1,824 57
Printed material and dispatch 1,563 966 597
Legal and notarial expenses 1,142 544 598
Fees to the members of the Board of Directors and Corporate Bodies 1,126 1,408 (282)
Advertising spaces on the media 1,094 1,426 (332)
Expenses for installations 1,027 929 98
Costs for cleaning 1,014 1,065 (51)
Fees to sports consultants 945 879 66
Distribution network and ticket sales 769 508 261
Brokers' fees 601 750 (149)
Health and rehabilitation 441 318 123
Bank services and charges on guarantees 407 527 (120)
Training, catch up lessons 397 341 56
Others 2,717 2,101 616
External services 43,727 40,362 3,365
42. PLAYERS' WAGES AND TECHNICAL STAFF COSTS


2018/2019 2017/2018
Wages and salaries 125,854 95,587 30,267

Leaving incentives 9,323 2,132 7,191
Payments to players temporarily transferred to other Companies 2,957 3,103 (146)
Variable bonuses 2,322 1,669 653
Social security contributions 1,621 1,341 280
Severance Indemnity 492 429 63
Scholarships 397 481 (84)
Other expenses 112 127 (15)
Other expenses 143,078 104,869 38,209
This item went up by € 38,209 thousand, following higher fees paid to players purchased during the first phase of the
2018/2019 Transfer Campaign (€ +30,267 thousand), greater costs for leaving incentives (€ +7,191 thousand), greater
costs for variable premiums accrued and payable to FIGC registered personnel (€ +653 thousand) and greater costs related
to contributions on paid remuneration (€ +280 thousand), partially offset by lower remuneration for players on temporary
transfer (€ -146 thousand) and lower costs for scholarships and other expenses (€ -99 thousand).

The average number of FIGC registered personnel was 141, broken down as follows:
number I half-year I half-year Change

2018/2019 2017/2018
Players 75 49 26
Trainers 34 35 (1)
Other members of the technical staff 32 32 -
Average number of registered personnel 141 116 25
The increase mainly refers to players in the Under 23 team registered for the first time in the Serie C championships.
43. OTHER PERSONNEL


2018/2019 2017/2018
Wages and salaries 7,344 6,625 719

Social security contributions 2,048 1,774 274
Severance Indemnity 692 629 63
Variable bonuses 66 64 2
Scholarships 8 24 (16)
Other expenses 933 441 492
Other personnel 11,091 9,557 1,534
The average number of other personnel was 248, broken down as follows:
number I half-year I half-year Change

2018/2019 2017/2018
Executive Managers 15 17 (2)

Middle Managers 38 35 3
Employees *
186 175 11
Workers ** 9 7 2
Average number of other personnel 248 234 14
* of which 10 part-time
** of which 1 part-time
44. EXPENSES FROM PLAYERS’ REGISTRATION RIGHTS

These expenses originate from transactions executed during the first phase of the 2018/2019 Transfer Campaign. Details
are as follows:

2018/2019 2017/2018
Auxiliary non-capitalised expenses for players’ registration rights 6,096 5,782 314
Expenses for the temporary purchase of players’ registration rights 570 4,558 (3,988)
Losses on disposal of registered young players-sharing agreements 40 50 (10)
Losses on disposal of players’ registration rights 35 19 16
Other expenses 29 330 (301)
Expenses from players’ registration rights 6,770 10,739 (3,969)

Expenses from players' registration rights at 31 December 2018 refer to:
Auxiliary non-capitalised expenses for players’ registration rights 6,096

Expenses for the temporary purchase of players’ registration rights 570
Olivieri Marco/Empoli F.C. S.p.A. 227
Lipari Mirco/Empoli F.C. S.p.A. 114
Makoun Reyes Christian/Asociacion Civil Zamora F.C. 72
Markovic Luka/F.C. Crotone S.r.l. 65
Others 92
Losses on disposal of registered young players-sharing agreements 40
Losses on disposal of players’ registration rights 35
Other expenses 29
Alhassane Soumah/W.S.G. Swarovski Wattens (match appearance bonuses) 18
Other (solidarity contributions) 11
Total 6,770
Auxiliary expenses for players’ registration rights that are not capitalised are mainly related to fees paid to FIFA agents for
services concerning the disposal of players’ registration rights and the acquisition or renewal of players’ rights, if fees are
tied to conditions requiring that players remain registered with the Company.
Player name I half-year

2018/2019
Khedira Sami 1,300

Szczesny Wojciech 1,000
Higuain Gonzalo Gerardo 800
Matuidi Blaise 400
Cerri Alberto 309
Bernardeschi Federico 300
De Sciglio Mattia 300
Pjanic Miralem 250
El Mouttaqui Banatis Medhi 225
Tello Munoz Andres Felipe 205
Favilli Andrea 200
Pjaca Marco 200
Cuadrado Bello Juan Guillermo 172
Magnani Giangiacomo 148
Audero Mulyadi Emil 104
Spinazzola Leonardo 60
Others 122
Auxiliary expenses 6,096

45. OTHER EXPENSES

2018/2019 2017/2018
Percentages to third parties in regard to fees and other items 1,559 581 978
Cost of registration for Under 23 matches and other teams 1,281 1 1,280
Indirect duties and taxes 1,224 1,105 119
Contributions to FIGC, LNPA and other bodies 616 565 51
Contingent liabilities 546 845 (299)
Entertainment expenses 492 675 (183)
Purchase of away match tickets 404 154 250
Fines and penalties 118 61 57
Others 656 131 525
Other expenses 6,896 4,118 2,778
46. AMORTISATION AND WRITE-DOWNS OF PLAYERS’ REGISTRATION RIGHTS


2018/2019 2017/2018
Amortisation: 77,843 53,020 24,823

Professional footballers 77,655 52,619
Registered young players 185 398
Female players 3 3
Write-downs 493 563 (70)
Amortisation and write-downs of players’ registration rights 78,336 53,583 24,753
Amortisation and write-downs of players' registration rights for the first half of the 2018/2019 financial year increased
by € 24,753 thousand compared to the first half of the 2017/2018 financial year, mainly due to investments made during
the first phase of the 2018/2019 Transfer Campaign . For additional information see "Significant events in the 2018/2019
financial year".
47. PROVISIONS, WRITE-DOWNS AND RELEASE OF FUNDS


2018/2019 2017/2018
Provision for other risks and charges 1,905 875 1,030

Write-downs of products held for sale 316 403 (87)
Provisions and other write-downs/reverses and releases 2,221 1,278 943

48. FINANCIAL INCOME

2018/2019 2017/2018
Financial income from discounting 1,637 2,060 (423)

Interest income 5 50 (45)
Others 74 73 1
Financial income 1,716 2,183 (467)
49. FINANCIAL EXPENSES


2018/2019 2017/2018
Financial expenses from discounting 2,847 3,132 (285)

Interest expense 3,150 2,764 386
Financial charges on derivative instruments - 15 (15)
Others 577 490 87
Financial expenses 6,574 6,401 173
50. GROUP’S SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURE

This item, equal to € 420 thousand mainly refers to the portion of losses of J medical S.r.l., held in a joint venture, for the
period 1 July – 31 December 2018.
51. INCOME TAXES

Details of income taxes recorded in the income statement are given below:
Amounts in thousands of Euro I half-year I half-year

2018/2019 2017/2018
Current corporate income tax - -

Current regional business tax 5,019 3,522
Total current taxes 5,019 3,522
Deferred corporate income tax (756) (573)
Deferred regional business tax 32 32
Total deferred taxes (724) (541)
Total taxes 4,295 2,981

52. BASIC AND DILUTED INCOME/(LOSS) PER SHARE FOR THE PERIOD
The figure is calculated by dividing the net income for the year by the average outstanding shares in the period (average
outstanding shares weighted according to the number of days in circulation), as illustrated below:
I half-year I half-year
2018/2019 2017/2018
Earnings for the year in thousands of Euro 7,464 43,308

Average number of shares circulating in the period 1,007,766,660 1,007,766,660
Basic income/(loss) per share for the period (Euro) 0.007 0.043
The basic and diluted operating result per share for the period is the same since the number of outstanding shares has
remained unchanged during the first half of the 2018/2019 financial year.
53. NET FINANCIAL DEBT

Net financial debt at 31 December 2018, determined in accordance with CONSOB DEM/2080535 recommendations of 9
December 2002, is composed as follows:
31/12/2018 30/06/2018
Amounts in thousands of Euro Current Non- Total Current Non- Total

current current
Financial assets (a) - 4,100 4,100 - 4,100 4,100
Cash and cash equivalents 36,058 - 36,058 15,335 - 15,335
Total financial assets 36,058 4,100 40,158 15,335 4,100 19,435
Financial payables
- due to Istituto per il Credito Sportivo for Stadium loan (6,339) (27,618) (33,957) (6,211) (30,820) (37,031)
- due to banks (107,670) (78,088) (185,758) (46,094) (135,988) (182,082)
- due to factoring companies (251) (204,500) (204,751) (88) (109,999) (110,087)
Totale financial liabilities (114,260) (310,206) (424,466) (52,393) (276,807) (329,200)
Net financial debt (78,202) (306,106) (384,308) (37,058) (272,707) (309,765)
% of coverage 20,3% 79,7% 100% 12,0% 88,0% 100%
(a) This item is included as it refers to cash deposits in a current account pledged as collateral on the Istituto per il Credito Sportivo loan, recognised in
financial payables.
Net financial debt at 31 December 2018 totalled € 384,308 thousand (€ 309,765 thousand at 30 June 2018). The change
of € 74,543 thousand was due to outlays related to Transfer Campaigns (€ -118,955 thousand), investments in other
fixed assets (€ -3,322 thousand), investments in shareholdings (€ -500 thousand) and cash flow from financing activities
(€ -3,662 thousand) partially offset by cash flows from operations € +51,896 thousand). All changes in liabilities related to
financing activities are monetary.
The change in cash and cash equivalents is recorded in the Statement of cash flows.
At 31 December 2018 the Company had bank lines of credit for € 524,433 thousand, of which € 214,076 thousand were
revocable, used for a total of € 404,471 thousand, of which € 13,962 thousand for guarantees issued in favour of third
parties, € 105,857 thousand for loans, € 79,901 thousand for overdrafts and € 204,751 thousand for advances on contracts
and trade receivables (for additional information see note 54).

54. COMMITMENTS AND GUARANTEES
Amounts in thousands of Euro 31/12/2018 30/06/2018
Commitments made
Guarantees to third parties 13,962 40,077
Player acquisition - 4,250
Total commitments made 13,962 44,327
Guarantees received
Guarantees from third parties 3,737 3,267
Disposal of players - 4
Total guarantees received 3,737 3,271
Credit lines used 404,471 332,247

for guarantees 13,962 40,077
for bank account overdrafts 79,901 15,680
for bank loans 105,857 116,402
for factoring advances 204,751 160,088
Credit lines not used 119,962 170,236
Total credit lines 524,433 502,483
The due dates of credit facilities are as follows:
Amounts in thousands of Euro Balance at Revocable Share Share

31/12/2018 within 1 from 1 to 5
year years
Credit lines used 404,471 94,114 27,769 282,588
Credit lines not used 119,962 119,962 - -
Total credit lines 524,433 214,076 27,769 282,588
GUARANTEES TO THIRD PARTIES
These totalled € 13,962 thousand at 31 December 2018 and were issued to guarantee:
- payables resulting from the acquisition of players’ registration rights (€ 6,702 thousand);
- the construction and realisation of infrastructure costs for the Continassa Project (€ 4,769 thousand); these commitments
also include the J Village real estate fund that is used for the maintenance of this guarantee by Juventus;
- the rental of the new headquarters and new training centre (€ 2,350 thousand);
- other commitments (€ 141 thousand).
GUARANTEES FROM THIRD PARTIES
These totalled € 3,737 thousand at 31 December 2018 and were received to guarantee:
- receivables for payments on commercial contracts (€ 3,092 thousand);
- contracts and the supply of goods and services for the stadium (€ 645 thousand).

Potential effects arising from conditional contracts
These refer to compensation payable to FIFA agents in the event of continuation of registration of individual players or the
renewal of contracts or other services provided in upcoming football seasons. In particular:
importi in migliaia di Euro
Player name II half year 2019/2020 2020/2021 2021/2022 2022/2023

2018/2019
Bentancur Colman Rodrigo 100 100 100 100 -

Bernardeschi Federico 300 600 600 600 -
Bonucci Leonardo 200 400 400 400 400
Chiellini Giorgio 127 254 - - -
Cuadrado Bello Juan Guillermo 172 344 - - -
De Sciglio Mattia - 200 - - -
Dos Santos Aveiro Cristiano Ronaldo 375 750 750 1.125 -
Dybala Paulo Exequiel 750 750 750 750 -
Frederiksen Nikolai Baden 45 - - - -
Higuain Gonzalo Gerardo - 800 800 - -
Israel Wibmer Franco 10 20 20 20 20
Khedira Sami - 500 850 750 -
Matuidi Blaise 400 800 800 - -
Mavididi Stephy Alvaro - 50 - - -
Monzialo Kevin - 300 - - -
Morrone Biagio 10 20 - - -
Olivieri Marco - 35 - - -
Orsolini Riccardo - 40 40 - -
Perin Mattia 300 500 350 350 -
Pjanic Miralem 410 750 750 750 750
Spinazzola Leonardo 60 128 138 138 -
Szczesny Vojciech 1,000 2,000 - - -
Total 4,259 9,341 6,348 4,983 1,170
As concerns variable compensation to players, the possible future financial effects were not given in detail in these Notes
since they are considered immaterial, considering the total amount of the financial statement items that include these cost
items, and the information requirements connected to the decision-making process of the financial statement readers.
Option rights on property of the headquarters and JTC
With reference to the new company headquarters and new Training Center in the J Village area, Juventus has an option
to purchase from the J Village Fund (from 1 July 2022 until 30 June 2024) and the J Village Fund has the option to sell to
Juventus (from 1 July 2024 until 1 January 2025) one or both properties at a value equal to that indicated in the last annual
or interim report of the Fund available at the time the option is exercised.
55. PENDING LITIGATION

Court of Rome, Giuseppe Gazzoni Frascara acting in his own name and as Sole Director of F.G.F. Finanziaria Gazzoni Frascara
S.r.l. against Juventus
The Supreme Court of Cassation, in its ruling of 24 March 2015, in the case of the director general of Juventus, Luciano
Moggi, and the former CEO, Antonio Giraudo, ruled that the statute of limitations had expired, and referring any third-party
damages claims against Luciano Moggi to the corresponding local courts of appeal.
Following this ruling, a writ of summons was served on 13 October 2015 for compensation, by Giuseppe Gazzoni Frascara,

acting in his own name and as Sole Director of F.G.F. Finanziaria Gazzoni Frascara S.r.l., ordering Juventus, jointly and
severally with the other parties summoned, to pay financial and other damages for a total of approximately €34.6 million.
Following proceedings in March 2016 and adjournments, the hearing of 17 October 2016 was held before the Court of Rome
and briefs were filed pursuant to article 183, paragraph 6 of the Code of Civil Procedure, with the hearing set for 6 June
2017 to determine preliminary statements. On 11 July 2017, the Court ordered the summonsing of Victoria 2000 S.r.l., and
of Bologna Football Club 1909 S.p.A., granting for such purpose a deadline of 31 October 2017 and adjourning proceedings
to the hearing of 27 February 2018, during which the Court granted the Parties deadlines for the submission of pleas, and
adjourned proceedings to 16 July 2018 for the decision on the preliminary pleas. The same hearing was automatically
adjourned to 30 October 2018. During this hearing, the Judge ruled on the admissibility of documents produced and
Juventus FC S.p.A. presented the sentence of the Appeal Court of Bologna convicting Mr. Gazzoni of bankruptcy fraud.
With a ruling of 19 December 2018, the Judge ordered an expert technical appraisal of an "administrative, accounting and
financial nature", appointing Giovanni Giovannelli as the expert and setting the hearing for 6 May 2019 to swear him in.
Juventus will appoint its own expert.
Appeal Court of Naples, Vittoria 2000 S.r.l. against Juventus
On 2 December 2015, a writ of summons was served before the Appeal Court of Naples by Victoria 2000 S.r.l., already
holding 100% of the share capital in Bologna Football Club 1909 S.p.A.. This company also summoned Juventus before
the Appeal Court of Naples, for it to be ordered, jointly and severally with the other parties summoned, to pay financial and
other damages sustained by Victoria 2000 s.r.l. for a total of approximately €49 million. Following the hearing in March
2016 and adjournments, a hearing took place before the Appeal Court of Naples on 27 September 2016, with the parties
arguing their cases.
During the hearing of 6 July 2018, final pleas were presented, referring to those of the defence and in a sentence of
24 January 2019, the Appeal Court of Naples rejected the claims for compensation filed by Victoria 2000 against
Juventus.
Appeal to the Regional Administrative Court against the FIGC decision of 18 July 2011 in relation to the complaint filed by
Juventus
The Regional Administrative Court of Lazio declared the claim for compensation filed by Juventus against the FIGC as
inadmissible, given the previous decision of 1 September 2006 concerning the same facts.
Juventus has appealed against this decision, as the sentence of the Regional Administrative Court of Lazio, Rome of 1
September 2006 did not consider the merits of the case, but only acknowledged the bar to further proceedings due to a
lack of legal standing because the appeal was not upheld and the subsequent referral of the judgement to the Chamber
of Conciliation and Arbitration of Sport on 27 October 2006, with arbitration award on the same date. The ruling handed
down by the Regional Administrative Court of Lazio concerned the appeal against sports sanctions, while the current ruling
increases the compensation for damage sustained by FIGC and incurred by Juventus - as decided by the ruling of the
Federal Council of 18 July 2011 - in which Inter did not lose the title of Italian Champion 2005/2006, despite the ruling of
the Federal Representative acknowledging alleged sports-related offences. Therefore the current appeal concerns financial
damage arising from the failure of the FIGC to adopt the measure in terms of fair play in sport.
Due to the above reasons, Juventus, not agreeing with the ruling of the Regional Administrative Court of Lazio, has decided
to appeal against it before the Council of State, to protect its interests.
Appeals before the Sport Integrity Board (CONI) and the National Federal Tribunal against the FIGC decision of 18 July 2011
On 12 January 2019, Juventus filed two appeals against the sentence of the Court of Cassation.
The first appeal was filed before the Sport Integrity Board (CONI) to have the ruling of the FIGC Federal Council of 18 July
2011 annulled and the second appeal was filed by Juventus with the National Federal Tribunal to request the same ruling
to be annulled, in addition to the Arbitration award handed down by the Arbitration Board of the National Sports Arbitration
Tribunal of CONI in the proceedings against CONI, FIGC and Inter.
Juventus has been notified to appear at the hearing before the National Federal Tribunal on 29 March 2019.

Tax inspection by the Tax Authorities
On 3 December 2014, a general tax inspection was initiated by the Agenzia delle Entrate - Piedmont Regional Tax Authorities
- Major Taxpayer Office, for the 2011/2012 tax periods, for direct taxes, and 2011, for VAT. Inspections, which are part of
ordinary and periodic controls of major taxpayers, including Juventus, were completed on 11 December 2015, with formal
written notice given. The Company filed a brief with the Revenue Agency confirming the correctness of its operations.
At the date of the present report, no audit assessment notice has been received from the Revenue Agency.
Court of Turin .Associazione Movimento Consumatori (Consumer Association) against Juventus FC S.p.A.
With writ of summons of the Italian Consumers Association, served on Juventus FC on 24 April 2018, a number of
supporters requested that the Court of Turin admit their application for reimbursement of a share of their season ticket
price for the match Juventus vs. Genoa of 22 January 2018, in that the “Tribuna Sud” sector was closed for that match
as a result of the ruling following disciplinary proceedings against the Chairman, the club, a former manager and two
employees, brought before the Sports Authorities.
The case in question was assigned to the first section of the Court of Turin, to the Judge Mr Di Capua. The first hearing
was set for 10 October 2018. The subsequent hearing was set for 30 January 2019 and the Judge granted terms for the
filing of briefs, requesting the parties to present their positions, reaching an amicable settlement by 28 May 2019, and also
adjourned the case to 5 June 2019.
56. TRANSACTIONS WITH RELATED PARTIES

On 11 November 2010, the Board of Directors adopted a specific procedure for regulating related-party transactions
pursuant to article 4 of the “Regulation of related-party transactions” adopted by CONSOB with resolution no. 17221 of 12
March 2010 as amended. The Procedure is available on the Company's website (www.juventus.com).
In terms of the period in question, it should be noted that transactions between Juventus Football Club S.p.A. and related
parties identified according to IAS 24 were performed at arm's length, i.e. at the same conditions as those usually practised
with non-related parties for transactions of the same type, amount and risk, and in compliance with current laws.

The table below shows the statement of financial position and income statement figures deriving from transactions in the
first half of the 2018/2019 financial year with related parties.
Companies Trade and other Trade payables and

current receivables other current payables
EXOR N.V. - 25.0

J MEDICAL S.R.L. 580.7 250.4
CNH INDUSTRIAL ITALIA S.P.A. 124.8 -
FCA ITALY S.P.A. (a) 1,494.0 9.4
FCA SEPIN S.P.A. 5.1 12.2
IVECO S.P.A. 0.7 -
FPT INDUSTRIAL S.P.A. 0.1 -
SISPORT FIAT S.P.A. 179.8 2.6
DIRECTORS - 150.2
TOTAL 2,385.2 449.8
Total current assets 147,018.7 -
Total current liabilities - 399,413.3
% incidence of total transactions with related parties on the total

of the corresponding item of the Statement of Financial Condition 1.6% 0.1%
(a)
trade and other current receivables refer to the Main Sponsor agreement in place.
Companies Income Expenses
EXOR N.V. 0.6 12,6

J MEDICAL S.R.L. 259.0 322.5
CNH INDUSTRIAL ITALIA S.P.A. 167.5 -
FCA ITALY S.P.A. (a) 10,403.1 13.7
FCA SEPIN S.P.A. 16.1 10.5
FIAT CHRYSLER AUTOMOBILES N.V. 0.5 -
FPT INDUSTRIAL S.P.A. 0.1 -
ITALIA INDEPENDENT S.P.A. - 24.4
IVECO S.P.A. 0.6 -
LAMSE S.P.A. 2.9 -
SADI S.P.A. - 1.0
SISPORT FIAT S.P.A. 104.8 177.4
DIRECTORS 8.2 2,682.5
TOTAL 10,963.4 3,244.6
Total of the income statement item 330,217.0 226,825.1
% incidence of total transactions with related parties
out of total of the relative income statement item 3.3% 1.4%
(a)
revenues are from the Main Sponsor agreement in place.

57. APPROVAL OF THE HALF YEAR FINANCIAL STATEMENTS AND AUTHORISATION FOR PUBLICATION
The half year financial statements at 31 December 2018 were approved by the Board of Directors on 28 February 2019,
which authorised their publication on the same date.
Turin, 28 February 2019
On behalf of the Board of Directors

The Chairman
Andrea Agnelli

ATTACHMENT 1 – TABLE OF CHANGES IN PLAYERS' REGISTRATION RIGHTS IN THE 2018/2019 FINANCIAL YEAR, IN COMPLIANCE
WITH FIGC REGULATIONS
Amounts in thousands of Euro Contracts From To Values at beginning of the period 01/07/2018
Date of Start date Expiry Acquisition Company Disposal Company Historical Accum. Net
Player birth of the first date of date date cost amortisation
contract the last
contract 1 2 3
First Team 419,035 199,684 219,351
Asamoah Kwadwo 09/12/88 02/07/12 30/06/18 02/07/12 Udinese Calcio 01/07/18 End of contract 17,136 17,136 -
Barzagli Andrea 08/05/81 26/01/11 30/06/19 26/01/11 VFL Wolfsburg 711 711 -
Bentancur Colman Rodrigo 25/06/97 26/06/17 30/06/22 20/04/17 C.A. Boca Juniors 12,012 2,402 9,610
Bernardeschi Federico 16/02/94 24/07/17 30/06/22 24/07/17 ACF Fiorentina 39,411 7,882 31,529
Bonucci Leonardo 01/05/87 01/07/10 30/06/23 02/08/18 A.C. Milan - -
Buffon Gianluigi 28/01/78 12/07/01 30/06/18 12/07/01 Parma F.C. 01/07/18 End of contract 52,884 52,884 -
Caldara Mattia 05/05/94 12/01/17 30/06/22 19/03/17 Atalanta B.C. 02/08/18 AC Milan 18,230 5,266 12,964
Can Emre 12/01/94 21/06/18 30/06/22 01/07/18 FOREIGN FEDERATION - - -
Cavaco Cancelo 27/05/94 27/06/18 30/06/23 01/07/18 Valencia Club de Futebol - - -
Chiellini Giorgio 14/08/84 06/07/04 30/06/20 01/07/05 ACF Fiorentina 7,730 7,730 -
Costa de Souza 14/09/90 07/06/18 30/06/22 07/06/18 F.C. Bayern Munchen 44,616 731 43,885
Cuadrado Bello Jan Guillermo 26/05/88 31/08/16 30/06/20 21/05/17 Chelsea F.C. 19,940 7,121 12,819
De Sciglio Mattia 20/10/92 20/07/17 30/06/22 20/07/17 A.C. Milan 12,141 2,428 9,713
Dos Santos A. Cristiano Ronaldo 05/02/85 10/07/18 30/06/22 10/07/18 Real Madrid Club de Futbol - - -
Dybala Paulo Exequiel 15/11/93 01/07/15 30/06/22 01/07/15 U.S. Città di Palermo 41,439 19,232 22,207
El Mouttaui-Benatia Medhi 17/04/87 15/07/16 30/06/20 12/05/17 F.C. Bayern Munchen 16,720 6,058 10,662
Kean Bioty Moise 28/02/00 21/07/17 30/06/20 05/03/14 FROM YOUTH SECTOR - - -
Khedira Sami 04/04/87 01/07/15 30/06/21 01/07/15 FOREIGN FEDERATION 1,300 975 325
Lichsteiner Stephan 16/01/84 01/07/11 30/06/18 01/07/11 S.S. Lazio 01/07/18 End of contract 9,932 9,932 -
Lobo Silva Alex Sandro 26/01/91 20/08/15 30/06/20 19/08/15 Futebol Clube do Porto 26,275 15,765 10,510
Magnani Giangiacomo 04/10/95 01/07/18 30/06/23 01/07/18 A.C. Perugia Calcio 27/07/18 U.S. Sassuolo Calcio - - -
Mandzukic Mario 21/05/86 01/07/15 30/06/20 01/07/15 Club Atletico de Madrid 23,396 15,313 8,083
Marchisio Claudio 19/01/86 16/07/04 30/06/20 FROM YOUTH SECTOR 16/08/18 mutually agreed term. of ec. cont. 175 170 5
Matuidi Blaise 09/04/87 18/08/17 30/06/20 18/08/17 Paris Saint-Germain 22,926 7,642 15,284
Perin Mattia 10/11/92 08/06/18 30/06/22 01/07/18 Genoa Cricket and F.C. - - -
Pinsoglio Carlo 16/03/90 18/03/09 30/06/19 FROM YOUTH SECTOR 806 806 -
Pjanic Miralem 02/04/90 01/07/16 30/06/23 01/07/16 A.S. Roma 32,778 13,112 19,666
Rugani Daniele 29/07/94 04/08/12 30/06/21 31/07/13 Empoli F.C. 3,905 2,461 1,444
Spinazzola Leonardo 25/03/93 06/07/10 30/06/22 01/07/12 A.C. Siena 516 413 103
Szczesny Vojciech 18/04/90 01/07/14 30/06/21 19/07/17 Arsenal F.C. 14,056 3,514 10,542
Temporarily transferred players 1,007 86,148 102,875
Abreu de Freitas Afonso 07/04/00 08/08/16 30/06/19 08/08/16 FOREIGN FEDERATION 125 83 42
Audero Mulyadi Emil 18/01/97 08/03/13 30/06/21 30/05/11 FROM YOUTH SECTOR 180 52 128
Barlocco Luca 20/02/95 02/09/13 30/06/19 02/09/13 Atalanta B.C. 2,325 1,907 418
Belfasti Nazzareno 15/07/93 12/08/10 30/06/18 01/07/13 Modena F.C. 01/07/18 End of contract 759 759 -
Beltrame Stefano 08/02/93 04/08/11 30/06/20 02/02/15 U.C. Sampdoria 1,767 1,105 662
Branescu Constantin Laurentiu 30/03/94 18/01/11 30/06/20 20/01/15 Virtus Lanciano 1924 1,225 810 415
Brignoli Alberto 19/08/91 02/02/15 30/06/19 02/02/15 Ternana Calcio 25/07/18 US Città di Palermo 2,363 1,830 533
Cais Davide 01/02/94 30/01/14 30/06/19 30/01/14 Atalanta B.C. 2,452 2,016 436
Cerri Alberto 16/04/96 14/07/15 30/06/20 14/07/15 Parma F.C. 31/12/18 Cagliari Calcio 2,144 1,287 857
Clemenza Luca 09/07/97 22/09/14 30/06/21 19/08/01 Vicenza Calcio 575 320 255
Del Fabro Dario 24/03/95 28/07/17 30/06/22 28/07/17 Cagliari Calcio 4,402 880 3,522
Del Sole Ferdinando 17/01/98 31/08/17 30/06/22 31/08/17 Delfino Pescara 1936 3,551 710 2,841
Delli Carri Filippo 03/05/99 31/08/17 30/06/22 31/08/17 Delfino Pescara 1936 1,083 217 866
Favilli Andrea 17/05/97 01/07/18 30/06/23 01/07/15 Ascoli Picchio F.C. 1898 - - -
Gallinetta Alberto 16/04/92 30/01/13 30/06/18 30/01/13 Parma F.C. 01/07/18 End of contract 1,811 1,811 -
Garcia Tena Pol 18/02/95 24/08/11 30/06/19 24/08/11 F.C. Barcelona 10/07/18 Koninklijke St-Truldense 595 576 19
Goh N'Cede Massimo Virou 01/02/99 22/08/18 30/06/19 24/05/13 FROM YOUTH SECTOR 3 1 2
Gomes Oliveira de Almeida P. M. 08/01/98 17/08/16 30/06/19 17/08/16 S.C. Espinho 270 177 93
Higuain Gonzalo Gerardo 10/12/87 26/07/16 30/06/21 26/07/16 S.S.C. Napoli 91,296 36,518 54,778
Lanini Eric 25/02/94 30/01/14 30/06/19 25/06/15 U.S. Città di Palermo 1,587 1,321 266
Macek Roman 18/04/97 05/08/13 30/06/21 01/07/14 F.C. Fastav Zlin 326 295 31
Mancuso Leonardo 26/05/92 31/01/18 30/06/21 31/01/18 Delfino Pescara 1936 1,957 280 1,677
Mandragora Rolando 29/06/97 19/01/16 30/06/21 19/01/16 Genoa Cricket and F.C. 26/07/18 Udinese Calcio 8,970 3,644 5,326
Marin Vladut Nicolae 15/05/95 02/09/13 30/06/18 02/09/13 Manchester City F.C. 01/07/18 End of contract 360 360 -
Marricchi Filippo 04/02/99 24/08/18 30/06/21 09/07/15 Ternana Calcio 465 273 192
Marrone Luca 28/03/90 31/10/07 30/06/20 02/04/04 FROM YOUTH SECTOR 5,423 4,252 1,171
Mosti Nicola 07/02/98 29/08/16 30/06/20 29/08/16 Empoli F.C. 1,095 543 552
Narciso da Costa Campos R. M. 24/03/00 08/08/16 30/06/19 08/08/16 FOREIGN FEDERATION 115 77 38
Nocchi Timothy 07/07/90 01/07/10 30/06/18 FROM YOUTH SECTOR 01/07/18 End of contract 82 82 -
Oliveira da Silva Rogerio 13/01/98 31/08/16 30/06/23 31/08/16 U.S. Sassuolo Calcio 2,000 1,000 1,000
Orsolini Riccardo 24/01/97 30/01/17 30/06/22 30/01/17 Ascoli Picchio F.C. 1898 6,363 1,833 4,530
Padovan Stefano 16/04/94 12/09/12 30/06/19 FROM YOUTH SECTOR 238 184 54
Pellizzari Stefano 03/01/97 29/01/14 30/06/19 18/06/14 A.C. Cesena 1,773 1,633 140
Pjaca Marco 06/05/95 21/07/16 30/06/21 21/07/16 GNK Dinamo 28,591 11,436 17,155
Saro Gianluca 25/06/00 14/08/18 30/06/19 31/08/17 FC Pro Vercelli 1892 20 4 16
Siani Giorgio 09/01/97 29/06/16 30/06/19 30/08/15 Atalanta B.C. 1,619 1,181 438
Sturaro Stefano 09/03/93 01/07/14 30/06/21 01/07/14 Genoa Cricket and F.C. 10,602 6,320 4,282
Tamba M'Pinda Roger 13/08/98 02/08/18 30/06/21 02/08/18 FOREIGN FEDERATION - - -
Toure Ouman 18/09/98 01/03/17 30/06/19 22/06/16 Santarcangelo Calcio 145 92 53
Vogliacco Andrea 13/08/98 05/08/14 30/06/21 05/08/14 AS Bari 292 234 58
Udoh King Paul Akpan 05/09/97 01/12/15 30/06/19 14/09/11 FROM YOUTH SECTOR 13/09/18 74 45 29
Other changes 14,553 5,951 8,602
Total 622,611 291,783 330,828
(a) 50% of the consideration for temporary and/or definitive transfer, including any bonuses.
(b) 10% of the consideration for temporary and/or definitive transfer to a third-party company for up to €5,000 thousand.
(c) 10% or 20% of the consideration for definitive transfer with a minimum of 30 or 40 match appearances to pay to S.C. DINAMO 1948 S.A.
(d) 50% of the difference between the consideration for definitive transfer including any bonuses and the acquisition price.
(e) 50% of the difference between the consideration for definitive transfer including any bonuses and the acquisition price.
(f) 20% of the fixed consideration received following definitive disposal excluding bonuses and performance bonuses.
(g) 10% of the difference between the consideration for definitive transfer including any bonuses and the acquisition price.
(h) 20% of the consideration for definitive transfer.
(i) 10% on the capital gain following final sale to a third-party company.

Change in values for the period Economic effects for the period Values at the end of the period 31/12/2017 Miscellaneous
Acquisitions Disposal Ammort.* Write- Capital Capital Historical cost Accumulated Net* Agents’ Other Value
downs* losses* gains* (1+4) amort. (2+6) (10-11-7) fees acquis. of the
costs sell-on
4 5 6 7 8 9 10 11 12 fee
229,408 39,422 57,621 197 5 21,582 545,209 172,113 373,096 54,112 1,959
- - - - - - - - - - -
- - - - - - 711 711 - 80 -
- - 1,202 - - - 12,012 3,604 8,408 1,083 1,959 (a)
- - 3,941 - - - 39,411 11,823 27,588 600 - (b)
34,746 - 3,474 - - - 34,746 3,474 31,272 200 -
- - - - - - - - - 2,650 -
- 34,546 - - - 21,582 - - - - -
15,861 - 1,983 - - - 15,861 1,983 13,878 15,861 -
39,694 - 3,969 - - - 39,694 3,969 35,725 - -
127 - 32 - - - 7,857 7,762 95 427 -
- - 5,486 - - - 44,616 6,217 38,399 5,297 -
- - 3,205 - - - 19,940 10,326 9,614 - -
- - 1,214 - - - 12,141 3,642 8,499 500 -
115,447 - 14,431 - - - 115,447 14,431 101,016 11,501 -
- - 2,776 - - - 41,439 22,008 19,431 3,699 -
- - 2,665 197 - - 16,720 8,920 7,800 - -
- - - - - - - - 0 - -
- - 54 - - - 1,300 1,029 271 1,300 -
- - - - - - - - - 200 -
- - 1,051 - - - 26,275 16,816 9,459 1,000 -
4,876 4,876 - - - - - - - - -
- - 2,020 - - - 23,396 17,333 6,063 2,442 -
- - - - 5 - - - - - -
- - 3,821 - - - 22,926 11,463 11,463 800 -
12,003 - 1,501 - - - 12,002 1,500 10,502 300 -
- - - - - - 806 806 - - -
2,223 - 2,188 - - - 35,001 15,300 19,701 4,172 -
- - 241 - - - 3,905 2,702 1,203 - -
3,413 - 440 - - - 3,929 853 3,076 - -
1,018 - 1,927 - - - 15,074 5,441 9,633 2,000 -
10,563 28,711 17,749 272 29 22,190 182,428 93,561 88,867 11,986 -
- - 21 - - - 125 104 21 - -
- - 21 - - - 180 73 107 10 -
- - 209 - - - 2,325 2,116 209 - -
- - - - - - - - - - -
80 - 185 - - - 1,847 1,290 557 - -
- - 104 - - - 1,225 914 311 - - (c)
- 732 - - - 199 - - - - -
- - 218 - - - 2,452 2,234 218 - -
- 8,720 214 - - 8,077 - - - 1,894 -
800 - 176 - - - 1,375 496 879 50 -
- - 440 - - - 4,402 1,320 3,082 - -
- - 355 - - - 3,551 1,065 2,486 104 - (d)
20 - 110 - - - 1,103 327 776 - -
7,653 - 765 271 - - 7,653 1,036 6,617 - -
- - - - - - - - - - -
- 271 - - - 252 - - - 70 -
- - 1 1 - - 3 3 - - -
40 - 67 - - - 310 244 66 - -
- - 9,130 - - - 91,296 45,648 45,648 3,050 -
7 - 136 - - - 1,594 1,457 137 - -
100 - 22 - - - 426 317 109 96 -
- - 279 - - - 1,957 559 1,398 - - (e)
- 18,988 - - - 13,662 - - - 587 -
- - - - - - - - - 75 -
- - 32 - - - 465 305 160 - -
- - 293 - - - 5,423 4,545 878 50 -
30 - 146 - - - 1,125 689 436 - -
- - 19 - - - 115 96 19 - -
- - - - - - - - - - -
1,700 - 270 - - - 3,700 1,270 2,430 200 - (f)
60 - 574 - - - 6,423 2,407 4,016 400 - (g)
- - 27 - - - 238 211 27 - -
26 - 83 - - - 1,799 1,716 83 - -
- - 2,859 - - - 28,591 14,295 14,296 5,400 -
- - 8 - - - 20 12 8 - (h)
26 - 232 - - - 1,645 1,413 232 - - (i)
- - 714 - - - 10,602 7,034 3,568 - -
- - - - - - 0 - 0 - -
- - 26 - - - 145 118 27 - -
21 - 13 - - - 313 247 66 - -
- - - - 29 - - - - - -
8,223 548 2,473 24 41 4 20,553 6,810 13,743 1,025 -
248,194 68,681 77,843 493 75 43,776 748,190 272,484 475,706 67,123 1,959

CERTIFICATE ISSUED PURSUANT TO SECTION 154 BIS OF ITALIAN LEGISLATIVE DECREE
58/98
The undersigned Andrea Agnelli, Chairman, and Marco Re, Financial Reporting Officer, of Juventus Football Club S.p.A.,
having taken account of the provisions of Section 154-bis, paragraphs 3 and 4, of Italian Legislative Decree no. 58 of 24
February 1998, hereby certify:
- the adequacy in relation to the company’s characteristics,
- the effective application,
of the administrative and accounting procedures for the formation of the condensed half year financial statements during
the first half of the 2018/2019 financial year.
It is also certified that:
- the condensed half year financial statements at 31 December 2018:
• have been prepared in compliance with international accounting standards, as endorsed in the European Union under
EC Regulation no. 1606/2002 of the European Parliament and of the Council of 19 July 2002;
• correspond to the books and accounting records;
• give a true and fair view of the assets and liabilities, income and finances of the issuer and of companies included in
consolidation.
- The Interim Management Report contains references to important events which occurred during the first six months of
the year and their impact on the condensed half year financial statements, along with a description of the main risks and
uncertainties for the remaining six months of the year and information on significant transactions with related parties.
Turin, 28 February 2019
Financial Reporting Officera

Il Presidente of Juventus Football Club S.p.A
Andrea Agnelli Marco Re

INFORMATION FOR SHAREHOLDERS, INVESTORS AND THE PRESS
RELATIONS WITH INSTITUTIONAL INVESTORS AND

FINANCIAL ANALYSTS
telephone +39 011 65 63 403
fax +39 011 56 31 177
investor.relations@juventus.com
PRESS OFFICE
telephone +39 011 65 63 448
fax +39 011 44 07 461
pressoffice@juventus.com
JUVENTUS FOOTBALL CLUB S.P.A.

Via Druento 175, 10151 Turin
www.juventus.com
This document contains a true translation in English of the report

in Italian “Relazione finanziaria semestrale al 31 dicembre 2018”.
However, for information about Juventus Football Club S.p.A.

reference should be made exclusively to the original report in Italian.
The Italian version shall prevail upon the English version.
GRAPHIC DESIGN AND ART DIRECTION

Juventus Football Club S.p.A.
PRINTED BY
Graf Art s.r.l.

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HALF-YEARLY FINANCIAL REPORT

SHARE CAPITAL FULLY PAID

REGISTERED IN THE COMPANIES REGISTER

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

CONDENSED HALF YEAR FINANCIAL STATEMENTS AT 31 DECEMBER 2018

Statement of financial position 16

CERTIFICATION PURSUANT TO SECTION 154-BIS OF ITALIAN LEGISLATIVE DECREE 58/98 62

INDEPENDENT AUDITORS' REPORT 63

HALF-YEARLY FINANCIAL REPORT 31 12 18 3

CHAIRMAN Andrea Agnelli

VICE CHAIRMAN Pavel Nedved

NON INDEPENDENT DIRECTORS Maurizio Arrivabene

INDEPENDENT DIRECTORS Paolo Garimberti

REMUNERATION AND APPOINTMENTS COMMITTEE

CONTROL AND RISK COMMITTEE

BOARD OF STATUTORY AUDITORS

CHAIRMAN Paolo Piccatti

AUDITORS Silvia Lirici

DEPUTY AUDITORS Lorenzo Jona Celesia

Expiry of the terms of office

HALF-YEARLY FINANCIAL REPORT 31 12 18 5

2018/2019 TRANSFER CAMPAIGN - FIRST PHASE

For additional details see the Notes.

Renewals of players’ contracts

- Andrea Barzagli (up to 30 June 2019);

2018/2019 SEASON TICKET CAMPAIGN

6 JUVENTUS FOOTBALL CLUB S.P.A.

ORDINARY SHAREHOLDERS' MEETING OF 25 OCTOBER 2018

TERMINATION OF EMPLOYMENT CONTRACTS

HALF-YEARLY FINANCIAL REPORT 31 12 18 7

SHAREHOLDING STRUCTURE AND SHARE TREND

8 JUVENTUS FOOTBALL CLUB S.P.A.

Revenues 330.2 290.6 39.6

Players' registration rights 475.7 330.8 144.9

For more details see Note 7.

Amounts in millions of euro I half-year I half-year Change

HALF-YEARLY FINANCIAL REPORT 31 12 18 9

Amounts in millions of euro I half-year I half-year Change

Players’ wages and technical staff costs 143.1 104.9 38.2

Financial assets (a) - 4.1 4.1 - 4.1 4.1

10 JUVENTUS FOOTBALL CLUB S.P.A.

HALF-YEARLY FINANCIAL REPORT 31 12 18 11

2018/2019 TRANSFER CAMPAIGN - SECOND PHASE

Amounts in millions of euro Expiration

Amounts in thousands of Euro

Player Counterparty clubs Price IFRS value of rights Years of

HALF-YEARLY FINANCIAL REPORT 31 12 18 13

Other disinvestments 2,474 224 57 2,193

ISSUE OF THE NON-CONVERTIBLE CORPORATE BOND

14 JUVENTUS FOOTBALL CLUB S.P.A.

HALF-YEARLY FINANCIAL REPORT 31 12 18 15

16 JUVENTUS FOOTBALL CLUB S.P.A.

HALF-YEARLY FINANCIAL REPORT 31 12 18 17

56,410,423 Ticket sales 33 38,263,908 30,282,897 7,981,011

STATEMENT OF COMPREHENSIVE INCOME

(19,228,819) Profit/(loss) for the period 7,464,141 43,307,994 (35,843,853)

HALF-YEARLY FINANCIAL REPORT 31 12 18 19

Balance at 30/06/2017 8,182,133 34,310,104 318,029 - - 2,353,057 6,042,546 42,567,924 93,773,793

For additional information see the Notes (Note 25).

20 JUVENTUS FOOTBALL CLUB S.P.A.

(10,022,550) Income/(loss) before taxes 11,759,659 46,288,703

HALF-YEARLY FINANCIAL REPORT 31 12 18 21

22 JUVENTUS FOOTBALL CLUB S.P.A.