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P&l results juventus q1 201011 eng

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    P&l results juventus q1 201011 eng P&l results juventus q1 201011 eng Document Transcript

    • BOARD OF DIRECTORS APPROVES FIGURES FOR THE FIRST QUARTER 2010/2011 Highlights • Revenues for the first quarter amounted to € 48.8 million, a decrease of € 16.1 million (equivalent to 24.8%) compared to € 64.9 million in the first quarter of the previous financial year, due mainly to the lower revenues from participation in European competitions (€ -7.5 million) as well as the coming into force of the new regulations on the centralised sale of television rights which has led, among other things, to the entering of television rights net of the mutuality component due to visiting teams; • Operating costs for the first quarter came to a total of € 57.3 million, an increase of 18.4% compared to € 48.4 million in the first quarter of the previous financial year, due mainly to the higher one-off departure incentives paid to players leaving the club (€ +9.7 million); • The Operating result for the first quarter was negative for € 17.6 million, against the positive balance of € 7.7 million at 30 September 2009; • The Net result at 30 September 2010 was negative for € 18.5 million, against the positive balance of € 5.6 million in the same period of the previous financial year; *** • Shareholders’ Equity at 30 September 2010 amounted to € 71.7 million, a decrease compared to € 90.3 million at 30 June 2010; • the Net Financial Position at 30 September 2010 was negative for € 19.1 million, a decrease compared to the positive balance of € 6.4 million at 30 June 2010. Turin, 11 November 2010 – The Board of Directors of Juventus Football Club S.p.A. today approved the results for the first quarter of the 2010/2011 financial year (July- September 2010). The first quarter of the 2010/2011 financial year For correct interpretation of the figures, it should be remembered that the result of the first quarter of the 2010/2011 financial year was influenced, as usual, by the seasonal nature of the business. In particular, note that the main revenue and cost items do not show the same trend in time in the single quarters of the financial year and in the corresponding periods of different financial years (for the sector’s specific technical reasons, such as the calendar of sports events). The Company’s trend in financial position also feels the impact of the seasonal nature of the economic components; in addition, some revenue items have a different financial pattern (receipts) with respect to the economic pertinence.
    • Furthermore, starting from the current financial year, following the coming into force of the new regulations on the centralised sale of television rights, the media revenues for the Championship, while continuing to be recorded amongst revenues, are lower than in the past (with other conditions unchanged) in that the component for visiting teams is not present and the rights are invoiced net of this component. In the same way the mutuality component paid to visiting teams no longer appears in the item Other expenses. Revenues for first quarter of the 2010/2011 financial year amounted to € 48.8 million, a decrease of € 16.1 million (equivalent to 24.8%) compared to € 64.9 million in first quarter of the previous financial year, due mainly to the lower revenues from participation in European competitions (€ -7.5 million) as well as the coming into force of the new regulations on the centralised sale of television rights which has led, among other things, to the entering of television rights net of the mutuality component due to visiting teams, represented by: 1st Quarter 1st Quarter €/000 2010/2011 2009/2010 Change Ticket sales 2,625 5,166 (2,541) revenues 19,341 31,439 (12,098) Revenues from sponsorship and advertising 9,730 10,950 (1,220) Revenues from players’ registration rights 13,806 13,538 268 Other revenues 3,297 3,813 (516) Total 48,799 64,906 (16,107) Operating costs in the first quarter of the 2010/2011 financial year came to a total of € 57.3 million, an increase of 18.4% compared to € 48.4 million in the corresponding period of the previous financial year, due mainly to the higher one-off departure incentives paid to players leaving the club (€ +9.7 million). These costs are made up of: 1st Quarter 1st Quarter €/000 2010/2011 2009/2010 Change Purchase of materials, supplies and other consumables 758 607 151 External services 8,494 6,141 2,353 Players’ wages and technical staff costs 39,622 33,148 6,474 Other personnel 2,414 2,057 357 Expenses from players’ registration rights 5,173 2,131 3,042 Other expenses 868 4,357 (3,489) Total 57,329 48,441 8,888 Amortisation and write-downs of players’ registration rights amounted to a total of € 8.7 million, an increase compared to € 8.3 million in the first quarter of the 2009/2010 financial year, mainly due to the investments/disinvestments made in the course of the first phase of the 2010/2011 Transfer Campaign.
    • Other amortisation/depreciation, write-downs and provisions amounted to € 0.4 million and refer mainly to the depreciation of the building and related tangible assets at the Vinovo Training Centre and other tangible and intangible assets. The Operating Result for the first quarter of the 2010/2011 financial year was negative for € 17.6 million, against the positive balance of € 7.7 million in the same period of the previous financial year. The Net Result for the first quarter of the 2010/2011 financial year was negative for € 18.5 million, against the positive balance of € 5.6 million in the corresponding period of the previous financial year. Shareholders’ Equity and financial figures at 30 September 2010 Shareholders’ Equity at 30 September 2010 totalled € 71.7 million, a decrease compared to € 90.3 million at 30 June 2010 due to the net result for the period (€ -18.5 million) and other variations (€ -0.1 million). The Debt/Equity ratio at 30 September 2010 was 0.27 (this ratio at 30 June 2010 was not significant as the Net Financial Position was positive). The Net Financial Position at 30 September 2010 was negative for € 19.1 million, a decrease compared to the positive balance of € 6.4 million at 30 June 2010. The negative balance for € 19.1 million is comprised of cash for € 19.1 million, current financial assets for € 0.1 million and non-current financial assets for € 2 million, net of financial payables for a total of € 39.5 million, relating to the financial lease operation to cover the investment in the sports centre and the loan incurred with Istituto per il Credito Sportivo to finance the new Stadium, and other financial liabilities for € 0.8 million. As regards the effects of seasonality and early collection of the amounts set forth in the contracts in force on the Net Financial Position, note that at 30 September 2010 contractual amounts had been collected upon future maturity for a total of € 71.5 million. These items are entered in the items Other non current liabilities and Other current liabilities, to which reference should be made for further details. As regards the financial position, the table below, in the format suggested by CONSOB (Recommendation DEM/2080535 of 9 December 2002), provides details: €/000 30/09/2010 30/06/2010 NET FINANCIAL POSITION /(INDEBTEDNESS) - positive/(negative) short-term portions 13,341 34,686 - positive/(negative) medium/long-term portions (32,474) (28,243) TOTAL (19,133) 6,443 CHANGE IN CASH AND CASH EQUIVALENTS - change in cash and banks (18,110) (4,809) - change in short-term financial assets 89 (95) DEBT/SHAREHOLDERS' EQUITY 0.27 n.a.* * Considering that the Company had no debts at 30 June 2010, this index is not significant. *.*.*
    • Significant events in the first quarter of the 2010/2011 financial year and after 30 September 2010 2010/2011 Transfer Campaign – first phase In the 2010/2011 football season, the Transfer Campaign will be held, as usual, in two phases: the first from 1 July to 31 August 2010, the second from 3 to 31 January 2011. The operations completed entailed an increase in the capital invested of about € 23.9 million, following: €/000 Acquisitions* 49,805 Disposals (net book value) (25,951) Balance 23,854 * Including additional expenses for the acquisition of registration rights and the capitalisation of development and preparation premiums and the amounts accrued and due to other clubs upon achieving given sports results, for acquisitions made in the previous transfer campaigns In the course of the first phase of the Transfer Campaign option rights were also underwritten for the definitive acquisition of some football players (to be exercised by the end of the 2010/2011 football season) which could, if exercised, entail an overall investment of € 42.8 million in the 2011/2012 football season. The economic impact of profits and losses from the transfer of players’ registration rights was positive for € 12.5 million. The temporary acquisitions and disposals of players’ registration rights determine a negative net economic effect on an annual basis for € 8.1 million. The overall financial effect, including the implicit financial expenses and revenues on deferred receipts and payments, was negative for € 19.9 million of which: • € -27.2 million settled through the Lega Nazionale Professionisti Serie A or directly with amateur clubs; • € +8.8 million settled directly with foreign football clubs; • € -1.5 million (payment for consultancy services provided by FIFA sports agents) settled directly with the counterparties. The division over time of the overall financial effect is given below: €/million Total 2010/2011 2011/2012 2012/2013 LNP and others (27.2) (15.3) (5.9) (6.0) Foreign FC 8.8 16.7 (2.6) (5.3) Agents (1.5) (0.9) (0.6) - Total (19.9) 0.5 (9.1) (11.3)
    • Termination of players’ contracts In August the contracts of Mauro German Camoranesi, David Trezeguet and Jonathan Zebina due to expire on 30 June 2011 were terminated by mutual consent. These operations entailed a positive effect in the 2010/2011 financial year for about € 5.3 million, in terms of lower wages, net of the incentives to leave. 2010/2011 Season Ticket Campaign The Season Ticket Campaign for the 2010/2011 football season, held in two phases, began on 7 July 2010 and finished on 4 September 2010. At the end of the campaign 15,005 season tickets had been sold for gross revenues of € 6 million and net income of € 5.2 million. 19,048 season tickets were sold during the Season ticket campaign for the 2009/2010 football season for gross revenues of € 8.2 million and net income of € 7.1 million. The figures for receipts include additional services, not including advance sales fees. Stadium With reference to the financing of the new Stadium, on 4 August 2010 the Istituto per il Credito Sportivo disbursed a second instalment of € 7.5 million on the first loan of € 50 million. The total sum thus disbursed so far is € 20 million. At the same time, construction work on the new Stadium proceeded as planned in the timeline. At 30 September 2010 the work already completed amounted to a value of € 39 million, equal to 50% of the total estimated cost of construction alone already contracted out (the original contract plus subsequent additions for a total of € 78 million at 30 September 2010). These costs have been capitalised, together with other charges relating to the project, under “Tangible assets in progress and advances”. Concurrent with the construction works, presales of the "premium" seats of the new Stadium continued, according to plan, at the Sales Center opened in November 2009 in Galleria San Federico in Turin. As of 31 October 2010 about 1,400 “premium” seats had been sold for the 2011/2012 football season, or about 45% of the total available for sale. Given that a further 10% of the seats are reserved for Juventus sponsors and partners, 45% of seat are therefore still available for sale. *.*.* Business outlook Economic trends in the 2010/2011 financial year were negatively influenced by the failure to qualify for the UEFA Champions League, implying lower revenue from European competitions and lower commercial revenue, as well as the effects stemming from the regulations of the collective sale of television rights coming into force. Accordingly, on the basis of the information currently available and in the absence of any extraordinary events, the 2010/2011 financial year is expected to close with a significant loss. Nonetheless, the Company is confident it has the resources to tackle the negative trend of the current financial year. *.*.*
    • Pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, I, Michele Bergero, the manager responsible for preparing the Company’s financial reports, declare that the accounting information contained in this press release corresponds to the document results, books and accounting records. PRESS OFFICE Claudio ALBANESE Tel. +39 011.6563448 claudio.albanese@juventus.com INVESTOR RELATIONS Marco RE Tel. +39 011.6563456 investor.relations@juventus.com
    • STATEMENT OF FINANCIAL POSITION € ASSETS 30/09/2010 30/06/2010 NON-CURRENT ASSETS Players' registration rights 108,218,495 93,024,823 Other intangible assets 14,290,359 14,349,642 Intangible assets in progress 1,036,876 5,436 Land and buildings 22,658,853 22,662,756 Other tangible assets 2,861,118 2,918,188 Tangible assets in progress 57,300,949 43,331,946 Other non current financial assets 2,000,000 2,195,391 Deferred tax assets 3,165,650 3,293,520 Receivables from specific sector companies related to transfer campaign 7,425,044 8,268,159 Other non-current assets 27,993,946 29,127,464 TOTAL NON-CURRENT ASSETS 246,951,290 219,177,325 CURRENT ASSETS Trade receivables 16,922,937 10,678,867 Non financial receivables from related parties 667,679 205,498 Receivables from specific sector companies related to transfer campaign 19,846,276 21,101,833 Other current assets 15,434,869 2,874,940 Current financial assets 89,410 - Cash and cash equivalents 19,144,197 37,253,757 TOTAL CURRENT ASSETS 72,105,368 72,114,895 TOTAL ASSETS 319,056,658 291,292,220 The Interim Management Statements at 30 September 2010 have not been audited.
    • STATEMENT OF FINANCIAL POSITION € EQUITY AND LIABILITIES 30/09/2010 30/06/2010 SHAREHOLDERS' EQUITY Share Capital 20,155,333 20,155,333 Reserves 70,042,593 81,116,535 Income/(loss) for the period (18,546,949) (10,967,944) SHAREHOLDERS' EQUITY 71,650,977 90,303,924 NON-CURRENT LIABILITIES Provisions for risks and charges 1,580,000 1,580,000 Bonds and other financial liabilities 34,130,563 30,155,298 Non current financial liabilities 343,596 283,072 Payables due to specific sector companies related to transfer campaign 18,400,473 17,553,391 Deferred tax liabilities 3,777,985 4,187,927 Other non-current liabilities 36,513,203 41,283,764 TOTAL NON-CURRENT LIABILITIES 94,745,820 95,043,452 CURRENT LIABILITIES Provisions for risks and charges 1,400,000 1,400,000 Bonds and other financial liabilities 5,366,681 2,138,645 Current financial liabilities 524,873 429,001 Trade payables 20,531,491 20,664,224 Non financial payables due to related parties 392,383 3,098,292 Payables due to specific sector companies related to transfer campaign 46,099,060 37,482,638 Other current liabilities 78,345,373 40,732,044 TOTAL CURRENT LIABILITIES 152,659,861 105,944,844 TOTAL EQUITY AND LIABILITIES 319,056,658 291,292,220 The Interim Management Statements at 30 September 2010 have not been audited.
    • INCOME STATEMENT € 1st Quarter 1st Quarter 2010/2011 2009/2010 Ticket sales 2,624,975 5,166,060 Television and radio rights and media revenues 19,341,678 31,438,515 Revenues from sponsorship and advertising 9,730,114 10,950,221 Revenues from players' registration rights 13,805,743 13,538,234 Other revenues 3,296,750 3,813,211 TOTAL REVENUES 48,799,260 64,906,241 Purchase of materials, supplies and other consumables (758,040) (607,450) External services (8,493,943) (6,140,584) Players' wages and technical staff costs (39,622,200) (33,148,517) Other personnel (2,413,900) (2,056,754) Expenses from players' registration rights (5,173,394) (2,130,670) Other costs (867,449) (4,357,132) TOTAL OPERATING COSTS (57,328,926) (48,441,107) Amortisation and write-downs of players' registration rights (8,660,850) (8,330,841) Other amortisation, write-downs and provisions (447,422) (437,027) OPERATING INCOME (17,637,938) 7,697,266 Financial income 419,194 895,451 Financial expenses (850,228) (942,154) INCOME/(LOSS) BEFORE TAXES (18,068,972) 7,650,563 Current taxes (800,000) (1,500,000) Deferred taxes 322,023 (508,528) NET INCOME/(LOSS) (18,546,949) 5,642,035 Earnings per share (basic) (0.09) 0.03 Earnings per share (diluted) (0.09) 0.03 1st Quarter 1st Quarter 2010/2011 2009/2010 STATEMENT OF COMPREHENSIVE INCOME Net income for the period (A) (18,546,949) 5,642,035 Other income/(loss) recorded in cash flow hedge reserve (66,049) - Fiscal effect related to other income/(loss) - - Total other income/(loss), net of fiscal effect (B) (66,049) - COMPREHENSIVE NET INCOME (A+B) (18,612,998) 5,642,035 The Interim Management Statements at 30 September 2010 have not been audited.