Juventus FC Financial Statement

juventus.
com
annual financial report 30062014

JUVENTUS Football Club S.p.A.
Registered office
Corso Galileo Ferraris 32, 10128 Turin
Contact Center 899.999.897
Fax +39 011 51 19 214
Share capital fully paid

E 8,182,133.28
Registered in the companies register

Under no. 00470470014 - REA no. 394963
contents
LETTER FROM THE CHAIRMAN 29
REPORT ON OPERATIONS 33
Board of Directors, Board of Statutory Auditors and Independent Auditors 35

Company Profile 36
Corporate Governance Report and Remuneration Report 45
Main risks and uncertainties to which Juventus is exposed 46
Significant events in the 2013/2014 financial year 51
Review of results for the 2013/2014 financial year 56
Significant events after 30 June 2014 61
Business outlook 65
Human resources and organisation 66
Other information 69
Proposal to approve the financial statements
and cover losses for the year 71
Financial Statements at 30 June 2014 73
Statement of financial position 74

Income statement 77
Statement of comprehensive income 77

Statement of changes in shareholders’ equity 78
Statement of cash flows 79
Notes 82
Attestation pursuant to art. 154-bis

of Legislative Decree no. 58/98 139
Board of Statutory Auditors’ Report 141
Independent Auditors’ Report 151
5
2013/2014 HIGHLIGHTS
revenues
r 22% 315.8
cag 283.8
213.8
172.1
163.5
151.0
90.6
88.7
millions of euro
60.3
53.5 52.6
43.3
TOTAL revenues
radio media
and TV rights revenues
2010/11 2011/12 2012/13 2013/14

%
radio and TV rightS
media revenues 51.5 42.4 57.6 47.8
sponsor
revenues
breakdown of
advertising 25.2 25.0 18.5 19.1
matches 6.7 14.9 13.4 13.0
player
transactions 10.6 8.6 4.0 11.5
others revenues 6.0 9.1 6.5 8.6
41.0
31.8 38.0 36.4
19.5 18.3 27.1
18.2 18.4
11.6 11.4 10.3
€"
matches player other
transactions revenues
operating costs
r 8%
cag
246.6
227.1
206.3
196.3
167.9
149.0
137.1
126.9
millions of euro
45.1 48.0
41.2
33.6
total costs
PLAYERS’ WAGES external

AND TECHNICAL services
STAFF COST
2010/11 2011/12 2012/13 2013/14

PLAYERS’ WAGES AND
%
TECHNICAL STAFF COST 64.6 66.5 65.6 68.1
external services 17.1 20.0 19.9 19.5

costs
breakdown of
OTHER PERSONNEL 6.5 6.2 6.4 6.6
other expenses 2.3 3.0 4.4 2.9
player
transactions 8.3 3.1 2.5 1.5
materials,
supplies and
other purchases 1.2 1.2 1.2 1.4
14.5 16.2 16.2

12.7 12.9 10.0 7.2 6.3 5.6 3.5
4.5 6.2 3.8 2.4 2.6 2.9
€"
other other player materials,
personnel expenses transactions supplies and
other purchases
economic and financial results
millions of euro
64.6*
48.6
42.6
8.9
-3.8 -5.0
-6.7
-15.9
-41.2
-48.7
-92.2
-95.4
-121.2
-127.7
-160.3
-206.0
operating income net income/(loss) shareholders’ financial debt
equity
* after the share issue of E 120 million concluded on 30 January 2012
2010/11 2011/12 2012/13 2013/14

transfer campaign
acquisitions*
millions of euro
transfer campaign balance
IN 6 12 5 6 -20.9 -12.2
-45.6
-84.5
DISPOSALS*
119.2 119.9
millions of euro
118.1
71.4
OUT 4 3 3 3
net players’ registration rights
* relating to the First Team and excluding temporary acquisitions

First Team championship
serie a
record 102
87
84
80
71
68
58
57
47
20 24 23
points scored goals scored goals conceded
2010/11 2011/12 2012/13 2013/14

19in19
wins
15 23 27 33
draws h o me
13 15 6 3 w ins
defeats
10 0 5 2
Juventus youth
348
Youth
Sector
19
teams
listed in the 40 registered players of
age category
Players which 16 are foreign
Championships
aged 15-18
years in the
National team
the J-STARs academy in torino 1,010 attendees

more than 100 ACADEMies IN ITALy E NEL MONDO 15,000 young people
involved
more than 120 camp weeks in Italy and around the world 20,000 young
people involved
Primavera Team winner of its category’s Italian Super Cup
the results
Youth Sector
Primavera Team qualification at the final phase

ALLIEVI GIOVANISSIMI of its category Italian Championship
ALLIEVI winner of Arco di Trento Tournament

Soccer schools
GIOVANISSIMI and ALLIEVI* winner of Piemonte and Valle

d’Aosta Amateur Championship
ALLIEVI Italian champions in Amateur category
2012/13 2013/14 2014/15
J college students enrolled 83 102 87

students passed 77% 79%
* Allievi Team won the FAIR PLAY AWARD of Piemonte and Valle d’Aosta
Juventus Stadium
90% renewals of standard seats
98% renewals of premium seats 95
28,000 93 92 18 out of 27
27,400 78
24,500 21 o ut of 27
15,100 21 out of 23
SOLD
OUT
season ticket campaign saturation
percentage
1,250
ground
supporter distribution at J Stadium
staff on
match
da y s
50.8% 31.1%
25% 19.2%
age groups
14.5%
territorial
42.4%* 6.1%
4.1%
6-15 16-24 25-34 36-49 50-64 > 65

* 6.8% of supporters outside Italy
2010/11 2011/12 2012/13 2013/14

supporter entertainment
Corporate entertainment seats over 20 31 AuGuST 2013

• 218 mascots Juventus vs Lazio
• 216 make-up artists inauguration
• 200 welcome girls
more than 6,500

12 choreographies supporters with an average
saturation of 91%
first social choreography in the world
4,500 users have posted their proposals using the Facebook
app, LOVEJU
12,700 coloured sheets used to realize the choreography
About 80,000 people involved in entertainment activities
More than 700 children entertained at the baby park at the Stadium
and involved in activities at the SUPPORTER SCHOOL
Juventus Museum & Tour
J J U V E N T U S
museum & Stadium
Tour 70%
349.000 J J U V E N T U S
museum 30%
visitators
since opening
average VISITATORS/DAY 506 people

DAILY RECORD: 2,523 on 19 April 2014, Juventus vs Bologna
about 8,000 STADIUM TOURS organised since opening
97% satisfaction rate

ranks 47th
among Italian museums visited*
* Giornale dell’Arte with The Art Newspaper

UEFA Europa League final
• presence of audience from 79 countries mainly from Europe (39)

and Asia (21)
• net additional economic impact of approximately

E 12.6 million, of which E 9 million came from the event*
46 charter flights
200 volunteers
350 performers involved in the opening ceremony
400 children involved in the pre-match activities
1,200 tickets on Turin-Caselle Airport link
40.000 supporters
* survey by Fitzcarraldo Foundation

partnership revenues
+254%
total revenues from sponsorship
r 15% 57.2 increase of “viral” videos

cag shot by our partners in
48.5 collaboration with Juventus
46.1
33 sponsor events
millions of euro
37.4
organised
2010/11 2011/12 2012/13 2013/14
42.m3il E
value of shirt sponsorship*
28.m7il E 35.m7il E
27.m2il E
22.m4il E
2010/11 2011/12 2012/13 2013/14 2015/16
* Values include any bonuses earned during the season

international activities
US ASIA PACIFIC
TOUR 2013 TOUR 2014
26 July - 7 August 3 August - 17 August
3 matches 3 matches
San Francisco Jakarta
Los Angeles Sidney
Miami Singapore
SENDAI
SAN FRANCISCO TOKYO
PALO ALTO TOSU CITY
MIAMI
LOS ANGELES
TAILANDIA
SINGAPORE
JAKARTA
international tours
commercial activities
SIDNEY
26 July U.S. Jeep Tour

7 August
asia pacific 1-5 DECEMBER special Edition TV Show Channel3 Tailandia
Tour 2014 18 FEBRUARY Sydney press conference
7-14 MARCH J Lounge Tokyo
+64% revenues 10 JUNE Singapore press conference
18-22 JUNE Japan tour of Youth Teams in Tosu City
143,000 spectators 26 JUNE Jakarta press conference
+113% vs. 2013 3-17 August Jeep Asia Pacific Tour
17 August Juventus Legend vs Vegalta Sendai
supporters
250 MILLION
supporters worldwide
LEADER
6 th
place in 2013 IN ALL
number of supporters in Europe* AGE levels
173 COUNTRIES with more than

b r o ad c ast 20,000 hours
juventus matches of broadcasts
* source Repucom
top channel in Italy
for growth in followers
and total engagements (a)
+68%
+76% 4th sports channel
+120% in the world by
number of subscribers
12,750,000 +196% 71,000,000

views
1,440,000
900,000
400,000
271,000
registration
MEMBERSHIP 1° June 2014

120,000 (b) J 1897 members day
70,000 more than 1,000 guests
47,500
20,000
CLUB DOC
2010/11 2011/12 2012/13 2013/14
90,000 members
419 affiliate clubs in Italy
(a) source Blogmeter 55 affiliated clubs worldwide
(b) including eMembers (in 27 countries)
Continassa project
24 July 2012 Signing of the update of the preliminary
agreement for the redevelopment and
upgrading of the Continassa Area
22 July 2014 the Turin City Council approved the Agreed
Executive Plan (PEC) for the redevelopment
of the Continassa Area
4 August 2014 signing of the agreement on the PEC
acquisition
of the long-
term lease
11.7
E million
total area: 180,000 square metres
Gross Floor Area of 38,000 square meter to host:
• new Juventus training & media centre
• new Juventus registered office
• a hotel
• two innovative commercial sites, one young people
and their families and one for catering and innovation
• international school
LETTER FROM THE CHAIRMAN
The financial statements which we submit for your approval mark a turning point in the recent history of
Juventus. This was an important stage in a process, which began in May 2010, to rebuild and launch a
new phase of development. Your company closed the financial year with positive operating income and
a negligible pre-tax profit. The presence of IRAP tax in Italy’s tax system, a unique tax in the international
panorama, resulted in the recording of a loss.
Multiple factors contributed to the turnaround, however, they can be summarised in a profound change in
management, which returned its natural focus to sports management, while maintaining constant pursuit
of new revenues and cost control.
The challenges that we will have to deal with in the next few years will require an even greater effort. If in
Italy, the return to competitiveness is sanctioned by these financial statements and a historical run of three
consecutive league titles, the economic fundamentals of our international competitors have made us face a
clear reality: our gap with the best European clubs is still large and must be reduced if we intend to aspire
to results in line with our international history. The men and women of Juventus are used to dealing with
difficulties, on the field as well as in the office, making their utmost efforts. This is part of our company
culture, which every individual protects and strengthens on an ongoing basis.
Since the start of my term, I noted the need and urgency to implement several “system-wide” structural
reforms. The management of Juventus has completely changed, but the national context we operate in has
almost remained stagnant. The extreme internal reform thus meets a formidable limit in the lack of overall
development of Italian football. Changing this state is a complex action that is highly urgent in order for us
to achieve the goals we have set. Our football is in need of sweeping domestic initiatives and a new boost
towards international markets.
The Juventus Stadium, which we are extremely proud of, continues to be the only cutting edge sports
structure that can represent a model of security and offer a top end live experience as well as TV broadcast.
However, this is only one-twentieth of the potential Italian ‘stadium product’: too little to trigger a sharp
acceleration in the collective management of national football. The development of new infrastructure
is a fundamental issue for the next five years, in which Italian football will have to make the right choice
between international competitiveness, both on the field and in diversification and increasing revenues, or
profitability, which now seems to be inexorably condemned.
The collective value of television rights of Serie A and international competitions is steadily rising, a clear
sign of a market that is interested in football. This is a privilege that only a few industrial sectors can claim,
and must be protected. In breaking down this income it is necessary to agree on a mechanism capable of
recognising both the value of the leading clubs, which Juventus is one of, and economically protecting
those companies which, due to sports mishaps, may be excluded from Serie A in the future. The failure
to participate in the European cups is now something that is affecting medium and large clubs, but the
downgrading from A to B is an occurrence which places doubt on even the continuity and survival of any
club. In the Serie A League, therefore, when dividing rights, we must all responsible consider this situation,
so that the sustainability of Italian football is not pushed further into crisis.
30 JUVENTUS FOOTBALL CLUB

The Serie A League must take back is leadership position, managing to overhaul the governance of all
Italian football to clean up a level of contentiousness and lack of transparency which, frankly, is no longer
acceptable. The cross-vetoes and unevenly distributed electoral weight led first to the interruption and then
to the paralysis of development, which should have received a decided boost.
Then there is football. What we all love. One thing that people’s passion for remains intact. The number of
professional clubs must be further decreased, accompanied by a revision of the composition of the benches,
to ensure the national team has a suitable supply of players that can be called upon. These priorities should
be accompanied by two important additional reforms, with a common denominator: talent. The first is a
suitable immigration policy, which observes State law, while respecting development of the system and
human rights. Then there is the issue of the second teams, to be preferred over those with “multiple
owners”, as it has been tested in many countries (Spain, Holland, United Kingdom) and ensures steady,
harmonious growth in talent with a solid exchange with the First Team. A generation of great Italian players
are coming to the end of their careers, and the next three years will have to quickly grow a new generation,
which will be able to take the staff.
We believe that the next few years will be crucial both in terms of sports performance and for the sustainability
of the ‘Juventus model’. The renewal of the agreement with Jeep up to 2021, the new six-year partnership
with Adidas, the real estate development of the Continassa area, which will host new headquarters and
a new training centre for the first team, the significant investments in the youth sector, the conversion of
the Vinovo centre into an Academy with the utmost focus on emerging talent, the ongoing development
of digital media and the rewarding participation in the international bodies European Club Associations
(ECA) and Union des Associations Europèennes Football (UEFA), prove that Juventus is in a good position to
continue its process of virtuous development in Italy, in the knowledge that it has to continue to pursue all
activities, even those unexplored so far.
As regards international expansion, the structures of Juventus are aware that the internationalisation of
our brand is fundamental. Firstly, steady competitiveness in the European Cups, both in the Champions
League and in the Europa League. Nonetheless, to acquire a real international nature in terms of sports and
business, there are several fundamental factors which, unfortunately, we cannot all directly control. The
limits of the system, mentioned above, are circumscribing several important opportunities for development.
In the last four years, we have been able to count on the expertise of the following professionals: Giuseppe
Marotta and Aldo Mazzia represent the top management of this club, which counts high quality individuals
on its staff, Fabio Paratici, Pavel Nedved and Francesco Calvo above all, who decisively pursue the company’s
goals. Antonio Conte, who we all thank, decided on his own to follow a different professional path. Our
commitment is now supported by a new team manager: Massimiliano Allegri, a winner, who has already
instilled us with new vigour and a new desire to take on everything and everyone.
Andrea Agnelli
31
Report on Operations
Board of Directors, Board of Statutory Auditors and Independent
Auditors
Board of Directors
Chairman Andrea Agnelli

Chief Executive Officer
and General Manager for the Sports Area Giuseppe Marotta
Chief Executive Officer
e Chief Financial Officer Aldo Mazzia
Non independent Directors Pavel Nedved
Enrico Vellano
Independent Directors Maurizio Arrivabene
Giulia Bongiorno
Paolo Garimberti
Assia Grazioli Venier
Camillo Venesio
Remuneration and Appointments Committee

Paolo Garimberti (Chairman), Maurizio Arrivabene and Camillo Venesio
Control and Risk Committee

Camillo Venesio (Chairman), Maurizio Arrivabene and Assia Grazioli Venier
Executive Committee
Andrea Agnelli (Chairman), Giuseppe Marotta, Aldo Mazzia, Enrico Vellano e Camillo Venesio
annual financial report 30062014 - Report on operations

Board of Statutory Auditors
Chairman Paolo Piccatti

Auditors Silvia Lirici
Roberto Longo
Deputy Auditors Nicoletta Paracchini
Roberto Petrignani
Independent Auditors
Reconta Ernst & Young S.p.A.
Expiry of mandates
The mandates of the Board of Directors and the Board of Statutory Auditors will expire with the Shareholders’ Meeting
called to approve the Financial Statements as of 30 June 2015.
The mandate for the Independent Auditors will expire with the Shareholders’ Meeting called to approve the Financial
Statements as of 30 June 2021.
35
Company profile
Juventus is a listed professional football club which, thanks to its more than century-long history, has become one
of the most representative and popular teams at a national and international level. The Company’s core business is
participation in national and international competitions and the organisation of matches. Its main sources of income
come from the economic exploitation of sports events, the Juventus brand and the first team image, the most
significant of these include licensing of television and media rights, sponsorship and selling of advertising space.
Juventus shares are listed on the electronic equity market of Borsa Italiana.
Juventus is controlled by EXOR S.p.A., an Italian company listed on the Italian Stock Exchange, which holds
63.8% of the share capital. EXOR is one of the main European investment firms and is controlled by Giovanni
Agnelli e C. S.a.p.a.z. Based on the most recent information available, the remaining capital of Juventus is held
2.2% by Lindsell Train Ltd. and 34% is a free float on the Stock Exchange.
Juventus is currently the only Italian football club to possess a club-owned stadium. It was inaugurated on 8
September 2011; the Club also has a modern sports centre inaugurated on 15 July 2006, which became home to
the Juventus College (high school) as of 5 September 2012, dedicated exclusively to the youth sector.
Our history
A group of friends, united by a passion for football, a special game that had recently been “imported” from
England, met on a bench on Corso Re Umberto, one of the major boulevards in the centre of Turin. They had an
intriguing idea: to create a sports club just for football. The boys attended Massimo D’Azeglio high school which
specialised in Classical studies, they were well-educated and none of them was over age 17. For this reason they
chose the name Juventus, which means “youth” in Latin”. It was 1 November 1897. They didn’t realise it, but
they had just given birth to a legend.
And so, almost by chance, Italy’s greatest football team got its start. The Club’s first chairman was Enrico Canfari,
its first pitch was in Piazza d’Armi and its first jersey was pink. Juventus made its début, in 1900, in the National
Championship wearing the same jersey. Three years later, the Bianconero (black and white) appeared, imported
from Nottingham. And five years later, in 1905, the first Italian title arrived, after a difficult three way competition
with Genoa and Milanese. The president was the Swiss Alfredo Dick who left the Club shortly afterwards following
locker-room arguments and various complaints. He went on to establish Torino and took the best foreign players
with him. Juventus witnessed hard times in subsequent years lasting until the beginning of WWI due to being
unable to compete with the new football powerhouses of the time, Pro Vercelli and Casale. The Bianconeri made
a great comeback after the end of the war: goalkeeper Giacone and fullbacks Novo and Bruna were the first
Juventus players to wear the National Team’s jersey. The President was the poet and man of words Corradino
Corradini, who also penned the Juventus anthem used until the 60s. 1923 was a special year: Giampiero Combi
made his début with the first team, one of the greatest goalkeepers of all times, and even more importantly the
Club’s leadership changed hands. On 24 July the Shareholders’ Meeting elected the new president by acclamation:
Edoardo Agnelli, the son of the founder of FIAT. The club also had its own pitch now, in Corso Marsiglia. The
stands were in masonry and the number of supporters increased day by day. All of the foundations had been laid
to progress through the ranks of Italian football and strengthen a team that already boasted players like Combi,

Rosetta, Munerati, Bigatto and Grabbi, and its first team manager, the Hungarian Jeno Karoly, and first foreign
champion, also from Hungary, left-winger Hirzer.
In 1925/1926 Juventus won their second national championship, following a gripping final with Bologna, beaten
only in a play-off and a grand final against Alba Roma. And this was just the beginning: from 1930 to 1935
Juventus was way out in from and five consecutive national league titles arrived in Turin. The stars of the “Golden
five-year period” were the manager Carlo Carcano and champions such as Orsi, Caligaris, Monti, Cesarini, Varglien
I and II, Bertolini, Ferrari and Borel II. Juventus also gave a determinant contribution to the National Team, who
won the world Cup in Rome in 1934. During the 1930’s the team also had their first experience in international
football, taking part in the European Cup, the illustrious predecessor of the current Champions League. Luck was
not on their side, but they did make four semi-final appearances.
Juventus resumed their success after WWII. In 1947, Giovanni Agnelli, son of Edoardo, who tragically died in
a plane crash in 1935, became president. The club’s most heralded champions were now Carlo Parola, Danes
John Hansen and Praest and, above all Giampiero Boniperti. Cheered on by crowds of fans, they won the Italian
Championship in 1950 and 1952.
In 1953, Giovanni Agnelli resigned as president, which was passed onto his brother Umberto Agnelli two years
later. A new triumphant cycle was beginning: with the arrival of Omar Sivori and John Charles, the Bianconeri
won the Italian Championship in 1958, allowing them to wear a star on their jerseys for having obtained ten
national titles. In the 60s there were three more successes, the last in 1967 under Vittorio Catella’s presidency.
Juventus’ history was to become even more glorious at the dawn of the new decade. Giampiero Boniperti had
hung up his boots, but he continued to lead the team: he became the President in July 1971 and there was no
stopping Juventus.
The Boniperti era started with a bang by winning two championships in a row, the 1971/1972 and 1972-1973
seasons. It was the beginning of a triumphant cycle which would bring the Bianconeri nine Italian Championships,
their first European victory with the Uefa Cup in 1977 and the Cup Winners’ Cup in 1984.

The success they had long searched for in European competition arrived in the saddest evening in Juventus’
history: on 29 May 1985 in Brussels, the Heysel tragedy took place. The crowd went wild just before the match
with Liverpool and 39 innocent victims lost their lives. Football, from that time on, would never be the same
again. The match was placed the same in an attempt to restore order and Juventus won the Cup. It was a joyless
success, but allowed the Bianconeri to fly to Tokyo in winter to play the Intercontinental Cup. Argentinos Junior
were beaten on penalties and Juventus became World Champions.
Directing the team from the bench was Giovanni Trapattoni, who had arrived at Juventus in 1976 after the Czech
Vycpalek and Carlo Parola, who had created an invincible engine under Boniperti’s presidency. First, by focussing
on young Italian talents from Zoff to Scirea, from Tardelli to Cabrini, from Causio to Paolo Rossi, from Gentile to
Furino, from Anastasi to Bettega. Then, when he was able to sign foreign players in 1980, he was able to count
on the contribution of foreign champions. The first was Liam Brady, an Irish midfielder with velvet feet and a smart
brain, who dictated the pace of the game and scored valuable goals. His final strike, scored in Cagliari from the
penalty spot gave Juventus their twentieth Italian Championship, and their second star. It was 16 May 1982 and
the Bianconeri supporters were jubilant.
37
Less than two months later, on 11 July, all Italian fans would share their joy, thanks to Juventus: in Madrid, the
National team won the World Cup for the third time in its history, with a resemblance to Trappattoni’s side. Zoff,
Gentile, Cabrini, Scirea, Tardelli and Rossi were the pillars of the Italian national team who lifted the cup before
Italian President Sandro Pertini. Rossi was the tournament’s top scorer, with six goals in seven matches, winning
the Golden Ball, the second Italian in history to do so after Rivera. The trophy awarded by France Football was
one of the family in Turin, during that period.
After the World Cup season, the number of eligible foreign players on Italian teams increased by two, so the
Pole Zibì Boniek and, more importantly, Michel Platini joined the side. The Frenchman turned out to be a true
champion. Elegant in his movements, playing with his head held high, placing passes onto his team mate’s feet
from 50 metres and scoring many goals. “Le Roi” won top goalscorer and the Golden Ball for three consecutive
years and enchanted supporters all over the world. At the triumph in Tokyo, he scored the last penalty, the
winning spot kick, after one of the best goals ever seen in football history was disallowed in normal time. Juventus
achieved their last Italian Championship of the Boniperti era in that season. Platini went on to play another season
before leaving his career as player in 1987 and becoming a coach, manager and later President of UEFA in 2007.
Platini’s farewell to football coincided with a reformation of the team, seeing Juventus witness a less successful
period, despite other victories: in 1990 the Bianconeri won both the UEFA cup and Italian Cup. Dino Zoff was at
the helm, who at first was supported by the precious contribution of one of his great friends and former team
mates, Gaetano Scirea. But fate brought a tragic end to that solid link: during a trip to Poland to scout Juventus’
future opponents in the Uefa Cup, Gaetano lost his life in a tragic car accident. The date was 3 September 1989
and no Juventus supporter will ever forget it.
In 1990 Giampiero Boniperti handed over the presidency to the attorney Vittorio Caissotti di Chiusano. Three
years later, Juventus clinched their third UEFA Cup, but had not had a Championship win in a long time. In 1994,
the club started a reorganisation process: Chiusano remained as president, but operating positions were given to
Roberto Bettega, Antonio Giraudo and Luciano Moggi.
Marcello Lippi was the coach and the team featured many new players: Ferrara in defence, Paulo Sousa and
Deschamps in midfield and up front alongside unrivalled leaders like Gianluca Vialli and Roberto Baggio, was an
interesting younger player. He had arrived the year before from Padova, showing a notable technique and strong
personality. His name was Alessandro Del Piero. And he would go on to rewrite all of Juventus’ records. First came
the Italian Championship, followed by the Italian Cup. There was an ongoing struggle with Parma, who finally
managed to wrest the Uefa Cup from Juventus. The year was a triumph, but one that was also marked by tragedy
of Andrea Fortunato, who died from an incurable disease on 25 April 1995. The Italian Championship victory
allowed Juventus to claim their place in the Champions League the following year. They eliminated Real Madrid
in the quarter-finals, and went on to beat Nantes in the semis. The final was played in Rome against reigning
champs Ajax. It was 22 May 1996, it ended 1-1. Then the penalties: the Bianconeri did not miss one, while Peruzzi
saved two. Jugovic approached the penalty spot wearing a smile for the last kick. His smile turned into a cry of
joy after a few seconds. Juventus became Champions of Europe.
The team underwent drastic changes the following year: offensive players Vialli and Ravanelli left, and Boksic,
Vieri and Amoruso arrived. Montero and Zidane also joined the team to bolster the defence and midfield. The

Bianconeri were back on the top of the world, after Del Piero’s goal clinched a victory against River Plate in the
Intercontinental Cup held in Tokyo. The Championship was sealed again, as well as the UEFA Super Cup against
Paris St.Germain. Unfortunately a European victory escaped the team in Munich: the Borussia Dortmund team
featuring former Bianconeri Moeller and Paulo Sousa was the winner. The Champions League disappointment
was repeated the following year, when the Bianconeri were defeated by Real Madrid in Amsterdam during the
final. However, the championship was won once again thanks to the fine form shown by Inzaghi and Del Piero.
The following season, Del Piero suffered an injury on 8 November 1998 in Udine. Juventus, without their guiding
light, struggled to keep up the pace and Lippi gave way to Ancelotti on the bench.
After two unsuccessful seasons, Lippi returned home in 2001: the manager from Viareggio took over the
team who, without Inzaghi and Zidane, could count on the vital signings of Buffon, Thuram and Nedved. The
championship went right down to the wire: Inter were at home and played against Lazio in Rome. Juventus, in
Udine, started out very strong and went ahead in the first fifteen minutes. Inter, instead, floundered, made a
recovery, fought and then sunk.
The immense joy of Del Piero and Trezeguet, along with Ronaldo’s tears: these are the images which mark
the history of Italian Championship number 26. The tricoloured shield remained on the Juve’s jersey for the
following season, but it was a sad year. Giovanni Agnelli died on 24 January 2003 and the club and its fans
were in mourning. In May, the team suffered another setback, losing the Champions League final on penalties in
Manchester against Milan.
15 July proved to be an important date for the club: Juventus signed an agreement with the Municipality of Turin
for the acquisition of a 99 year lease for the Delle Alpi Stadium, where the new stadium would be built. In the
meantime, in August the team played the Italian Super Cup in the USA and got its revenge by beating Milan.
However, the celebration was short-lived as the death of President Vittorio Caissotti di Chiusano was announced.
Franzo Grande Stevens, deputy chairman of FIAT took his place. Following the Super Cup victory, the remainder of
the season was unfulfilling for Juventus, and the club was again in deep mourning the next spring when Umberto
Agnelli passed away on 27 May 2004.

The following season Fabio Capello assumed control of the team. New players included the Brazilian Emerson,
Fabio Cannavaro and Swedish striker Zlatan Ibrahimovic. Their performance in Europe was less than brilliant, but
Juventus was unstoppable in Italy and achieved two consecutive championships, smashing records and leaving
opponents trailing.
Towards the end of the 2005/2006 season, the club was involved in a judicial enquiry, originating from recorded
telephone calls. The matter, known as “Calciopoli” brought about major changes within the club, with the
election of a new Chairman, Giovanni Cobolli Gigli and CEO, Jean-Claude Blanc. Juventus was sentenced by the
sporting body to play a season in Serie B and penalised nine points and the two previous Championship victories
were revoked. Didier Deschamps was the new manager who began his mission with a core of champions: Del
Piero, Buffon and Camoranesi, coming from Italy’s World Cup victory in Berlin as well as Trezeguet and Nedved.
15 December 2006 was a sad date in Juventus’ history, two boys from the Beretti team, Alessio Ferramosca and
Riccardo Neri, died in a tragic accident at the Juventus Training Center in Vinovo. With a deep sadness engulfing
the club, the team returned to the field the following week and beat Bologna, a decisive victory for returning to
39
Serie A, and one that was dedicated to the memory of the two boys. Alex del Piero finished the season as the top
scorer in Serie B and broke the all-time Juventus record for scored goals.
The following season, under Claudio Ranieri’s guidance, the Bianconeri came in third thus qualifying for the
Champions League preliminary round. Captain Del Piero, the key man in a great season was top scorer with 21
goals, one more than his team mate Trezeguet. In the 2008/2009 season, Juventus had a difficult second part of
the season and suffered negative results which could have affected their qualification for the Champions League.
Ciro Ferrara replaced Ranieri for the last two days of the championship and Juventus finished in second place.
Ferrara was confirmed for the following season, which witnessed the return of Fabio Cannavaro and new team
additions Fabio Grosso, Felipe Melo and Diego. In October Giovanni Cobolli Gigli resigned as Chairman and
Jean-Claude Blanc took full control. The team, which had started out well, encountered a series of injuries which
compromised their overall performance. Management changed again in late January with Zaccheroni taking over
from Ferrara. The season ended with a seventh place finish and qualification for the Europa League.
The turning point arrived on 19 May 2010 when Andrea Agnelli became chairman of the club and Giuseppe
Marotta General Manager for the Sports Area, opening a new chapter in the team’s history. On 27 October 2010
Giuseppe Marotta was also nominated Chief Executive Officer.
The 2010/2011 season was marked by a complete overhaul of the First Team and top company management and
ended with a seventh place, not enough for Juventus to qualify for the 2011/2012 European competitions, and
the dismissal of manager Luigi Del Neri. In May 2011 Jean-Claude Blanc left his position and obtained a special
appointment to complete the new stadium project and its inauguration. Aldo Mazzia was nominated as Chief
Executive Officer.
During the Transfer Campaign in summer 2011 the First Team continued its renewal, a job entrusted to Antonio
Conte, the captain of many victorious battles.
Juventus returned home on 8 September 2011: in two years the old Delle Alpi Stadium had been dismantled and
a new club-owned stadium stood in its place, the first of its kind in Italy.
The splendid inauguration ceremony included a friendly game with football’s second oldest team, Notts County,
who had given its black and white jerseys to Juventus in 1903.
The Juventus Stadium is a symbol of pride for the Club, its supporters and the City of Turin. The investments made
by Juventus, for around 150 million Euro, and its partners who developed the adjacent shopping centre, totalling
approximately 90 million Euro, helped keep hundreds of jobs from being lost during the two years needed for
its construction and continue to create new employment opportunities for running the stadium and shopping
centre, also contributing to redeveloping and revitalising an entire area of the city. A further step in this direction
was taken on 14 June 2013 with the signing of the final 99-year lease agreement for a portion of the Continassa
Area of approximately 176 thousand square metres next to the Juventus Stadium. The Area will be the venue of
the new Training and Media Center of the First Team and will house the new registered office of the company, as
well as provide services to the public, to businesses and to individuals.
The 2011/2012 season will remain unforgettable: the team under the guidance of Antonio Conte and driven by
the magical atmosphere of the Juventus Stadium combined performance with results ending the championship

unbeaten and winning its thirtieth league title. Conte and his men played in the Italian Cup final losing to Napoli,
but made up for it two months later, winning against the same team in the fifth Italian Super Cup, held in Beijing.
The J Museum was inaugurated on 16 May 2012, an ideal spot for Juventus fans to meet and retrace this
unforgettable story of successes every day.
The J College was inaugurated at the Vinovo Training Centre on 5 September 2012. This is an innovative project
for the Youth Sector, to help young players reconcile their sporting and school commitments in the best way
possible.
In the 2012/2013 season, Juventus returned to the European stage, reaching the quarter finals in the Champions
League, and winning its second league title in a row, three matches ahead of the last game, at the end of a season
in which it was in the lead from day one.
The following season was triumphant: in August, another Italian Super Cup was won, and at the end of the
championship Juventus was still in the lead. This is the third consecutive national championship, which has not
happened since the time of the “Golden five-year period”. This success was even more exciting as a result of the
amazing figures achieved by the Team, starting with the 102 points obtained. This was a record-breaking football
season.
41
italian italian
championship italian cup supercups
32 9 6
uefa
intercontinental champions cup
cup league winner’s cup
2 2 1
uefa intertoto
uefa cups supercups cup
3 2 1

Overview of figures from the past five years
Amounts in millions of Euro 2013/2014 2012/2013 2011/2012 2010/2011 2009/2010
UEFA Champions League YES YES NO NO YES

Revenues 315.8 283.8 213.8 172.1 219.7
Operating costs (246.6) (227.1) (206.3) (196.3) (176.1)
Amortisation, write-downs and provisions (60.3) (60.5) (48.7) (60.6) (41.6)
Operating income 8.9 (3.8) (41.2) (92.2) 5.2
Income before taxes 0.1 (10.9) (45.9) (93.8) 2.1
Net income/(loss) (6.7) (15.9) (48.7) (95.4) (11.0)
Players’ registration rights, net 119.9 119.2 118.1 71.4 93.0

Shareholders’ Equity 42.6 48.6 64.6 (5.0) 90.3
Net Financial Position (206.0) (160.3) (127.7) (121.2) 6.4
For additional details see the Notes.
Financial disclosures and relations with investors

Juventus is constantly engaged with its shareholders, investors and analysts, both in Italy and abroad, through
the activities of the Investor Relations Department, which guarantees ongoing disclosure to the financial markets,
aimed at maintaining and improving the confidence of investors and their level of understanding related to the
Company’s performance and strategies.
The Company’s website www.juventus.com contains a section for Investor Relations that includes economic and
financial highlights, institutional presentations, periodic financial reports, price sensitive communications and
updates on the performance of Juventus stock.
Juventus Football Club S.p.A. share price performance and average daily trading
€/m €
18.0 0.4
Equity turnover
Official price
15.0
0.3
12.0
9.0 0.2
6.0
0.1
3.0
0 0.0
17/9/13 22/10/13 26/11/13 7/1/14 11/2/14 18/3/14 24/4/14 30/5/14 4/7/14 8/8/14 15/9/14

Corporate governance report and remuneration report
In its meeting of 23 September 2014, the Board of Directors of Juventus F.C. S.p.A. approved the “Corporate
Governance Report” prepared in accordance with article 123-bis of Legislative Decree no. 58 of 24 February
1998, as amended (TUF – Consolidated Financial Law) and the “Remuneration Report” prepared in accordance
with article 123-ter of the aforementioned law.
The documents have been published together with the Annual Financial Report at 30 June 2014 and are available
on the website www.juventus.com.
45
Main risks and uncertainties to which Juventus is exposed
Juventus’ Risk Model, based on benchmark standards adapted to the Company’s specific risk categories, includes
three main risk categories: industry risk, process risk (divided in turn into strategic, operational and financial risk)
and compliance risk.
A brief description of the main risks the Company is exposed to is given below.
Risks connected to general economic conditions (industry risk)

Overall, Juventus’ financial position, income statement and cash flows are affected by general economic
conditions. However, despite the fact that most of the Company’s income items are tied to long-term contracts,
if the situation of weakness and uncertainty which characterises the Italian and European economy lengthens
significantly, the activities, strategies and prospects of the Company may be negatively affected, particularly in
terms of the radio and television rights market, sponsorships, revenues for the new stadium and all sales activities
targeting supporters.
Risks connected to the sponsorship market (industry risk)

From a general viewpoint, the crisis which has hit financial markets in recent years and the consequent ongoing
recession in Italy are affecting the market of sports sponsorships which currently has a narrower timeframe of
promotional and advertising investments. This market scenario in the short term has led to a lower level of long-
term sponsorship revenues compared to the past. If the economic crisis should continue, growth in sponsorship
revenues may fall below our expectations, with the result that Juventus’s financial position, income statement and
cash flows may be impacted.
Risks connected with the ability to attract “human capital” (context risk)
Achieving sports and economic results depends on the ability to attract and keep top quality managers, players
and technical staff and, therefore, requires payment of salaries in line with those of the main competitors in Italy
and Europe. The inability to keep “key people” may have a negative impact on the actual ability to manage and
on the Club’s growth prospects.
Risks connected to funding requirements (industry risk)

Numerous factors affect Juventus’ financial position. In particular, these include the fulfilment of sports and
business objectives, as well as trends in general economic conditions and in the markets in which the Company
operates. In accordance with the Company’s risk management policy, Juventus has credit facilities in place with
a number of premier banking institutions to prevent cash flow shortages from arising. In addition to this, the
Company holds its cash and cash equivalents, if any, as demand deposits or short-term deposits with a suitable
number of different banks, to ensure the prompt availability of the funds. Nevertheless, given the current situation
of financial markets, the emergence of bank and money market situations that may interrupt normal financial
transactions cannot be excluded, which would give rise to cash flow shortages in the event that credit facilities
were also restricted.

Risks connected to business sector (strategic and operational process risk)
Players’ registration rights represent the Company’s main factor of production. Sports activities are subject to
risks connected to players’ physical health and fitness. Injuries and accidents, therefore, can potentially have a
significant impact at any time on the Company’s financial position and income statement.
In addition, given that the business also focuses on the commercial exploitation of the trademark, trademark
infringement by third parties is another risk the Company faces. The arrival on the market of a large number of
imitation goods bearing the Juventus trademark or the occurrence of events that may impair the market value of
the trademark would potentially have an adverse impact on the Company’s financial position, income statement
and cash flows.
Finally, the Company is exposed to risks connected with supporter behaviour, which may result in fines, sanctions
or other punishments being levied on Juventus, and indirectly damage the Club’s image, which may lead to a
lower stadium turnout and lower merchandising sales.
Risks connected to the Transfer Campaign (strategic process risk)

The Company’s business and financial performance are affected significantly by the acquisitions and disposals
made as part of Transfer Campaigns. The difficulties in correlating the single transactions compared to the
Development Plan and guidelines related to sports management defined annually could result in negative impacts
on the Company’s financial situation. Moreover, the failure to optimise the bench, which could derive from
inclusion in the squad of players who no longer meet the technical and tactical requirements of the team manager
and the strategic needs of the sporting director, and who do not agree to transfers, raises the risk of unexpected
or excessive costs, which, however, is a risk common to all football clubs.
Risks related to relations with players (strategic process risk)

Like all its main competitors, the Company has been faced with a significant increase in salaries and bonuses for
players in recent years as well as in the cost of players’ registration rights. If the value of players were to continue

increasing at a significant rate, purchasing the registration rights for new players could become more problematic,
especially if the value of the Club’s players to sell did not increase proportionately.
It cannot be excluded that these trends may continue in future years, affecting the Company’s strategy and the
dynamic management of its playing assets, and may have negative effects on the Company’s financial position,
income statement and cash flows, as well as on its activities, strategies and prospects.
Risks connected to any unlawful behaviour of registered players (strategic process

risks)
As current sports regulations hold football clubs liable for certain behaviour of its players, the possibility that the
Company may be fined by sports bodies in the future, for facts beyond its control, with negative effects that may
also be significant on the financial position and performance, cannot be ruled out.
47
Risks connected to radio and television rights (strategic process risks)
The Company’s revenues are closely tied to proceeds from the sale of radio and television rights, the terms
and conditions of those rights, and how such rights are sold. Rules governing the ownership of broadcasting
rights to sports events and the distribution of proceeds, do not allow for direct management by the Company
and may have a significant impact on the financial position, income statement and cash flows of Juventus. A
possible decrease in the rights market or a different application of the new criteria adopted by the Lega for
the distribution of proceeds from the centralised and collective sale of radio and television rights may lead to a
significant reduction of revenues in the future with a negative impact on the financial position, income statement
and cash flows of the Company.
Moreover, for several years now, live streaming and piracy on Internet have caused the loss of income for TV
broadcasters which could lead them to change the investments in the sector with a negative impact on the
financial position, income statement and cash flow of the Company.
Risks connected to digital media (strategic process risks)

The Company has adopted appropriate procedures and rules of conduct to manage media relations. However,
as digital media have become more commonplace, the possibility of an improper use of these procedures and
rules by some registered players and/or their relatives, relatives by marriage and attorneys-in-fact, as well as the
publication of contents by third parties in general, having a negative impact on the image of the Company, its
Directors, executives and/or registered players, with consequent negative effects on the financial position and
performance cannot be ruled out.
Risks connected with management of the company-owned stadium (operating process

risks)
In the 2011-2012 football season, Juventus became the first club in Serie A to own its own stadium, and since
the 2014-2015 season it has also directly managed the fan access control and assistance services (“Stewarding”).
This means that the Company is now responsible for the stadium, with the consequent risks related to the
structure of the stadium and management of the surrounding public areas used for parking. This may also lead
to unexpected costs, including due to damage or vandalism which is beyond Juventus’ control. Activities at the
Juventus Stadium could also be suspended following natural disasters and other events beyond the Company’s
control with consequent negative impacts on Juventus’ financial position, income statement and cash flows.
Lastly, a reduction of supporters and played matches would have a negative effect on Juventus’s financial position,
income statement and cash flows.
Risks connected to the no-fault liability of football clubs (strategic process risks)
Under current regulations, football clubs have a no-fault liability in relation to certain acts of their registered
players and fans, that may result in sports sanctions and/or monetary fines for the clubs and players. In this regard,
despite adopting procedures considered necessary to avoid the infringement of these regulations, the Company
cannot rule out the possibility that facts may occur beyond its control that result in sanctions (including suspension
from the field, fines, and bans from competitions), and that cause concern among fans at the stadium, reducing

their number with a possible reduction in ticket sales and extraordinary costs, nor can it evaluate the sports,
economic and financial-related consequences that may arise. Following these events, the need to consolidate
security measures during home matches could arise, with additional costs and expenses for the safety of fans
and Company insurance, and with consequent negative effects on the financial position and performance of the
company, as well as its operations, strategies and prospects.
Risks connected to fluctuations in interest rates and exchange rates (financial process
risk)
Juventus uses various forms of funding to assure the cash flow needed for its business. These include credit lines
for cash advances and credit commitments, factoring, financial leases, and special purpose loans for mid/long-
term investments. Changes in interest rates can raise or lower the cost of servicing these loans. The Company has
decided to make use of financial instruments to hedge the risk of fluctuations in interest rates to finance medium-
long term investments. Despite this, sudden changes in interest rates could potentially have an adverse impact on
the Company’s financial position and income due to higher financial expenses on short-term borrowing.
Juventus conducts almost all its purchase and sale transactions in euro. As a result, the Company is not exposed
in any significant way to the risk of exchange rate fluctuations.
Risks connected to the missed qualification for sports tournaments (strategic process
risk)
The Company’s financial performance is significantly affected, both directly and indirectly, by the results achieved
by the team in the various tournaments it takes part in, especially the UEFA Champions League. Direct entry to the
tournament is currently assured to the top two ranking teams in the Serie A Championship, while the third-placed
team has the opportunity of qualifying through a preliminary qualifying round. Failure to qualify, even where due
to a reduction in the number of participating sides, as well as failure to obtain the UEFA licence, including in light
of the “Financial Fair Play” rules, could potentially have an adverse impact on the Company’s financial position
and performance.

Risks connected to Financial Fair Play (compliance risk)
A European-wide licensing system is in place for the admission of football clubs to the club competitions
organised by UEFA (UEFA Champions League, UEFA Europa League and UEFA Supercup). Based on this system,
only football clubs which prove they satisfy the sporting, infrastructure, personnel and administrative, legal and
financial criteria, along with the required title are allowed to participate in European competitions and thus obtain
the so-called “UEFA License”. The UEFA Club Licensing manual also incorporates Financial Fair Play Regulations.
Financial Fair Play is based on the break-even result, according to which clubs can participate in European
competitions only if they can demonstrate a balance between generated revenues and incurred costs. A short
description is given below of the man financial-economic and equity parameters applied by UEFA for admission
to its competitions. As of the 2013/2014 Football Season, each club will be required to show it has:
• financial statements certified by an independent auditor demonstrating that the club is a going concern;
• non-negative equity;
49
• no outstanding amounts due to football clubs, employees and/or social/tax authorities;
• compliance with the Break-Even Rule” i.e., a positive “break-even result” for three consecutive years prior to
that in which the UEFA Licence is applied for.
The Company has obtained a UEFA licence to play in European championships for the 2014/2015 Football Season,
however it is not possible to predict if in the future these requirements (or any new requirements approved in the
meantime) will be complied with, nor can it be excluded that clubs may be required to have additional funding to
meet the requirements needed for the UEFA License. If the Company is not able to meet the above requirements,
it may be excluded from participation in European competitions, bearing an adverse impact on its financial
position and income statement.
Risks connected to the outcome of pending litigation (compliance risk)

With the assistance of its legal advisers, the Company manages and constantly monitors all current disputes and,
on the basis of the outcome that can be predicted for them, proceeds, when necessary, with the allocation of
specific risk provisions.
Future negative effects, both minor and major, on Juventus’ financial position, income statement and cash flows
cannot be excluded on the basis of the current disputes.
Risks connected to tax litigation (compliance risks)

Considering the specific nature of the football industry and in particular transactions regulating the Transfer
Campaign, which are interpreted in different ways by football clubs and the Financial Administration, claims could
be made by the Financial Administration in the future, even concerning a significant amount, with adverse effects
on the Company’s financial position and performance.

Significant events in the 2013/2014 financial year
Football season results
On 4 May 2014 the First Team won the Serie A Championship 2013/2014 for the third year in a row (32nd league title
in the team’s history) and obtained direct access to the Group Stage of the next UEFA Champions League 2014/2015.
As regards other competitions, the First Team won the Italian Super Cup (for the 6th time in its history) and was
eliminated from the semi-finals of the UEFA Europa League, and the quarter finals of the Italian Cup.
In September, the Primavera Team won the Italian Super Cup for its category.
On 12 May 2014 the UEFA first instance licensing committee at FIGC, once examined the submitted documentation
and verified its compliance to the criteria and parameters required by the regulations, issued Juventus a UEFA license
for the 2014/2015 football season.
Effects of the Transfer Campaign

Purchases and disposals of players’ registration rights
Transactions concluded in the first phase of the 2013/2014 Transfer Campaign, run as usual in a summer phase (from
1 July to 2 September 2013) and winter phase (from 3 to 31 January 2014), as well as in June 2014, only for the
termination of some player-sharing agreements, raised total invested capital by E 51.5 million, as a result of acquisitions
and increases totalling E 83 million and disposals totalling E 31.5 million (net book value of rights disposed).
The disposals and terminations of player-sharing agreements generated net capital gains of E 35.3 million.
The total net financial commitment of E 12.2 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, Note 8, of the financial statements.
Renewal of players’ contracts

During the financial year 2013/2014 players’ registration rights contracts with the following players were
renewed:
• Kwadwo Asamoah (up to 30 June 2018);

• Jorge Andres Martinez (up to 30 June 2015);
• Arturo Erasmo Vidal Pardo (up to 30 June 2017).
This resulted in lower amortisation for the financial year 2013/2014 by approximately E 2.9 million.
Furthermore, in June 2014, the players’ registration rights contracts of the following players were renewed,
starting on 1 July 2014:
• Andrea Barzagli (up to 30 June 2016);

• Rubens Fernando Moedim (up to 30 June 2015);
• Andrea Pirlo (up to 30 June 2016);
• Marco Storari (up to 30 June 2015).
51
2013/2014 Season Ticket Campaign
The Season Ticket Campaign for the 2013/2014 football season closed with the sale of all the 28,000 available
season passes, for net revenues of E 20.2 million (E 19.8 million the previous season), including Premium Seats
and additional services.
At the beginning of the 2013/2014 football season the new Juventus Stadium stand was inaugurated, with
around 320 seats, called Legends Club, that offers fans extremely comfortable chairs, a restaurant with table
service and view over the playing field. The Legends Club is sold per single match and expands the range of
premium services offered at Juventus Stadium.
Events held at Juventus Stadium

During the 2013/2014 football season, over 70 “no-match day” events and 30 matches were held at Juventus
Stadium, including the prestigious UEFA Europa League final and the “Unesco Cup 2014” match (Juventus
Legends vs. Real Madrid Leyendas), the proceeds of which were donated to Unesco.
Juventus College
Juventus College saw its second year of operation at the Training Center in Vinovo. There were four classes,
one more than last year, and a new refectory began operation. The work to expand the facility was also
completed, which, from 15 September 2014, will host a new class and new workshops.
In September 2013, the European Club Association (ECA) acknowledged Juventus College as the best youth
education and development project out of all those implemented by European clubs and targeted at the Youth
Sector, and awarded the Company the “ECA Best Achievement Award” in the “Youth Development” section.
New technical sponsorship

An agreement was finalised on 24 October 2013 with Adidas International Marketing B.V. (“Adidas”) for a
technical sponsorship starting from the 2015/2016 football season.
Adidas will become the technical sponsor of all the Juventus teams for a total fixed payment of € 139.5 million
for the six years of the sponsorship. This amount does not include the annual supplies of technical material,
variable bonuses linked to Juventus’ sports results or additional royalties that could accrue if certain sales
volumes are exceeded.
Juventus will continue its arrangement with Nike as technical sponsor and licensee until 30 June 2015.
Sponsorship contract renewal Fiat - Jeep

On 30 June 2014, by signing an amending addendum, which took effect on 31 July 2014, Juventus and Fiat
Group Automobiles S.p.A. (“Fiat”) extended the sponsorship agreement of the Juventus football jersey until
30 June 2021. The previous agreement was signed in April 2012 and covered the next three football seasons.
Fiat Group Automobiles will continue to be the sole jersey sponsor of Juventus in all competitions, for an annual
fee of E 17 million, starting from the 2015/2016 football season, in addition to the supply of Fiat Group vehicles
for promotional purposes and variable premiums based on the sporting results achieved by Juventus in national
and international competitions. Because of the exceptional nature of the results already achieved, Fiat Group

Automobiles S.p.A. also paid an extraordinary bonus in the 2013/2014 football season amounting to E 6 million.
The terms and conditions of the existing agreement will continue to apply for the 2014/2015 football season,
providing for a fixed fee of E 13 million.
The Continassa Project

On 30 July 2013, Juventus submitted the Agreed Executive Plan (PEC) pertaining to the development of the
Continassa Project to the competent officials of the City of Turin.
On 12 September 2013, the preliminary works were initiated for fencing off and securing the area, as well as the
initial preparatory and introductory activities for the start of the works envisaged in the PEC and the associated
Environmental Plan.
As provided for in the agreement signed with the City of Turin on 14 June 2013, at the end of December Juventus
paid the balance of the amount for the acquisition of long-term lease on the area, totalling E 3.3 million.
At the beginning of January 2014 Juventus granted Beni Stabili Gestioni S.p.A. – Società di Gestione del Risparmio
(“BSG”) the exclusive assignment to set up a real estate investment fund for the purpose of developing the
Continassa Project (“Fund”).
BSG, with assistance and cooperation from Juventus, is working to obtain the financial resources needed by
the Fund to complete the Continassa Project, both using equity from third party investors and through financial
borrowing.
Over a time frame of four years, the Continassa Project provides for the urban development and revitalisation of
an area of around 180,000 square meters, adjacent to the Juventus Stadium, on which Juventus has acquired a
99-year, renewable long-term lease, which will be contributed and/or transferred to the Fund.
Using a total Gross Floor Area of 38,000 square meters, the new Training and Media Centre for the First Team
is planned to be developed, as well as the new registered office of Juventus, a hotel and services for people and
businesses.

The administrative process of the Project concluded with the approval of the Agreed Executive Plan (PEC) by the
City of Turin on 22 July 2014 and the signing of the related agreement on 4 August 2014.
Development project for the Juventus Training Center in Vinovo

For the reorganisation project for the Juventus Training Center in Vinovo (“JTC”), which started two years ago
with the construction of Juventus College and will continue with the move of the First Team to the new training
center which will be built in the Continassa area, in April 2014 Juventus reached a preliminary agreement with
Campi di Vinovo S.p.A. to purchase some land adjacent to the JTC which is planned to be entirely dedicated to
the youth sector.
The land in question, with a buildable area of approximately 22,900 square metres and a gross floor area for
tertiary companies totalling 11,830 square metres, will allow the Company to have new areas in the future to
use for expansion of the JTC and/or other connected activities.
Payment for the purchase of the land (which will be delivered completely urbanised and including the relative
53
building permits) has been set at E 10.8 million. This investment will not involve any cash outlays since the
payments due to Campi di Vinovo are aligned with the collection of the receivables still owed to Juventus by
the company.
In addition the purchase from the Municipality of Vinovo was finalised for E 0.1 million of the building permits,
necessary for maintaining the air dome of one of the training fields or to convert it into a permanent structure.
Receivables due from Finanziaria Gilardi S.p.A. and Campi di Vinovo S.p.A.
With regard to the receivables due from Finanziaria Gilardi S.p.A. and Campi di Vinovo S.p.A. deriving from
the sale to Finanziaria Gilardi S.p.A. (originally Costruzioni Generali Gilardi S.p.A.) of the shareholding in Campi
di Vinovo S.p.A. and the sale to the same of the company related to the “Mondo Juve – Parco Commerciale”
project to be built on the land of Campi di Vinovo S.p.A., Finanziaria Gilardi S.p.A. proposed to Juventus a
payment extension, given the extreme crisis that has impacted all economic and financial sectors, as well as the
delays accrued in development of the project in relation to the planned schedule.
Therefore, in February 2014 Juventus, based on the above arguments and against payment by Finanziaria
Gilardi S.p.A. of E 2 million on 31 December 2013, granted the counterparties deferral of payment of the total
remaining receivable of E 14.4 million according to the following due dates: E 2 million by 30 September 2014,
E 4 million by 31 December 2015 and E 8.4 million by 31 July 2016.
In April, following a preliminary agreement for purchase of the land described in the previous paragraph, these
due dates were changed as follows: E 2.1 million by 30 April 2014 (already received), E 2 million by 30
September 2014, E 8.7 million by 31 December 2014 and E 1.6 million by 31 July 2016. The first three payment
due dates were aligned with the outlays for the purchase of the land by Juventus and the collection of the
remaining receivable of E 1.6 million is secured by a guarantee from a leading bank. Therefore, the pledge on
the Campi di Vinovo S.p.A. was extinguished.
Mutu/Chelsea FC proceeding
On 7 October 2013 the Company was served the ruling of FIFA’s Dispute Resolution Chamber, following the
hearing of 25 April 2013 which cited Juventus as jointly liable, with player Adrian Mutu, for the payment to
Chelsea FC plc for damages resulting from dismissal of the player for severe breach of contract, amounting to
E 17 million plus any interest.
This decision was based on previous proceedings resulting from the dismissal of Mutu in 2005 by Chelsea
following drug use by the player. These events had only involved Chelsea and Mutu, since Juventus had not
in any way contributed to the player’s breach with Chelsea which led to the termination of his employment
contract.
On 29 October 2013 the Company submitted an appeal to the FIFA ruling before the Tribunal Arbitral du Sport
(TAS), which suspended the enforcement of the ruling. The hearing set by the Arbitration Board will be held on
1 October 2014.
The Company believes it has valid arguments supporting its position to obtain cancellation of the ruling and,
therefore has not made any allocation to the provision for risks and charges. If an unfavourable ruling is handed

down by TAS, it will still be possible to submit an appeal to the Federal Supreme Court of Switzerland.
Investigation by the Attorney’s Office of Turin on the construction of Juventus Stadium

The proceedings concluded on 24 January 2014 with the dismissal by the Judge for the preliminary investigations
at the Court of Turin.
The Company, which was the injured party in the proceedings and the person damaged by the offences
attributed to the investigated parties, also demonstrated, by periodically filing suitable documentation with the
competent officials (prosecuting Attorney General’s Office, Mayor and the Prefecture), the safety and security of
the stadium, which has continued to regularly operate.
55
Review of the results for the 2013/2014 financial year
Net result for year
Continuing the trend of marked improvement in economic performance, the financial year 2013/2014 closed
with a loss of € 6.7 million, € 9.2 million less than the loss of € 15.9 million for the previous financial year. This
improvement derives from the increase in revenues of € 32 million (+11.3% compared to the previous year),
comprising € 25 million in higher income from the management of players’ registration rights, partially offset
by an increase in players’ wages and technical staff cost of € 18.9 million (+12.7% compared to the 2012/2013
financial year), as well as other net negative changes of € 3.9 million. These changes mainly included higher
provisions (€ 0.5 million), higher income taxes (€ 1.8 million), higher net financial expenses (€ 1.6 million)
and higher other operating costs (€ 0.6 million) partly offset by lower provisions and write-downs on players’
registration rights (€ 0.6 million).
Operating income and income before taxes

The gradual improvement in the income statement is even clearer at the level of operating income, which rose
from a loss of € 3.8 million to a profit of € 8.9 million (€ +12.7 million).
Income before taxes also improved, increasing from a loss of € 10.9 million to a profit of € 0.1 million in the
2013/2014 financial year (€ +11 million). IRAP tax had a harsh negative effect (€ 7.2 million in the 2013/2014
financial year and € 5.9 million in the previous year), sharply penalising companies with high personnel costs
(which cannot be deducted for the purposes of this tax), giving rise to taxation not correlated with the actual
overall income performance of such companies. For the financial year in question, which closed with pre-tax
profit of € 0.1 million, IRAP actually resulted in a loss at the level of net income/(loss).
Revenues
Revenues for 2013/2014 totalled € 315.8 million, with an increase of 11.3% compared to the € 283.8 million in
the previous year, and are represented by:
2013/2014 % 2012/2013 % Change

Amounts in millions of euro financial year financial year
Television and radio rights and media revenues 151.0 47.8% 163.5 57.6% (12.5)
Revenues from sponsorship and advertising 60.3 19.1% 52.6 18.5% 7.7
Ticket sales 41.0 13.0% 38.0 13.4% 3.0
Revenues from players’ registration rights 36.4 11.5% 11.4 4.0% 25.0
Other revenues 27.1 8.6% 18.3 6.5% 8.8
Total 315.8 100% 283.8 100% 32.0

Television and radio rights
and media revenues 6.5%
8.6% 4.0%
Revenues from sponsorship
11.5% and advertising
13.4%
Ticket sales
13.0% Revenues from player’s

47.8% registration rights 57.6%
Other revenues 18.5%

19.1%
2013/2014 2012/2013
Television and radio rights and media revenues
Television and radio rights and media revenues amounted to € 151 million in the 2013/2014 financial year
(€ 163.5 million in the 2012/2013 financial year), and are comprised of:
2013/2014 2012/2013 Change
Revenues from media rights 100.9 98.2 2.7

Revenues from UEFA competitions 50.1 65.3 (15.2)
Total 151.0 163.5 (12.5)
Revenues from UEFA competitions (€ 50.1 million) deriving from participation in the Group Stage of the UEFA
Champions League and, subsequently, the direct elimination rounds of the UEFA Europa League up to the semi-

finals. The negative change of € 15.2 million compared to the previous year was mainly due to the different
number of Italian teams participating in the UEFA Champions League (3 instead of 2) in the football season
in question, as well as the fact that the team reached the quarter finals in that competition in the 2012/2013
football season.
Revenues from sponsorship and advertising
This item amounts to € 60.3 million, up € 7.7 million compared to the figure of € 52.6 million of the previous year,
mainly due to higher revenues from sponsorships as a result of sporting results achieved (€ +6 million), as well as
the general increase in sponsorship agreements (€ +2.9 million), partly offset by lower revenues from advertising
(€ -1 million).
Ticket sales
These totalled € 41 million (€ 38 million the previous year), an increase of € 3 million due to the effect of higher ticket
sales revenues for UEFA Champions League and UEFA Europa League home matches (€ +1.7 million), higher fees and
income for friendly matches (€ +1.3 million), income from additional match services (€ +0.9 million), revenues from
57
ticket sales for Championship home matches (€ +0.7 million) and season passes (€ +0.3 million) and other services
(€ +0.1 million). These increases were partly offset by lower revenues from playing in Italian Super Cup (€ -1.2 million)
and the Italian Cup (€ -0.8 million).
Revenues from players’ registration rights
Revenues from players’ registration rights amounted to € 36.4 million, up by € 25 million compared to the figure
of € 11.4 million in the same period of the previous year. This was mainly due to higher gains from definitive
disposals of players’ registration rights (€ +26.4 million), net of lower revenues from temporary disposal of players
(€ -1.5 million).
Other revenues
This item amounted to € 27.1 million (€ 18.3 million at 30 June 2013) and mainly included income from the
Juventus Museum and the “Membership” and “Stadium Tour” initiatives, as well as income from the television
production of matches, from non-sporting activities carried out at the Juventus Stadium, and insurance payments
and contributions of the Lega Nazionale Professionisti Serie A.
In the financial year 2013/2014 that item also includes the fee received from UEFA for hosting the UEFA Europa
League final at Juventus Stadium.
Operating costs
Operating costs for 2013/2014 totalled € 246.6 million, showing an increase of 8.6% compared to the € 227.1
million of the previous year, and are composed of:
2013/2014 % 2012/2013 % Change

Players’ wages and technical staff costs 167.9 68.1% 149.0 65.6% 18.9
External services 48.0 19.5% 45.1 19.9% 2.9
Other personnel 16.2 6.6% 14.5 6.4% 1.7
Other expenses 7.2 2.9% 10.0 4.4% (2.8)
Expenses from players’ registration rights 3.8 1.5% 5.6 2.5% (1.8)
Purchase of materials, supplies and other consumables 3.5 1.4% 2.9 1.2% 0.6
Total 246.6 100% 227.1 100% 19.5

2.9% 1.4% 1.2%
Players’ wages and
technical staff costs 4.4%
6.6%
External services 6.4%
1.5% 2.5%
Other personnel
19.5%
Other expenses 19.9%
68.1% 65.6%
Expenses from players’
registration rights
Purchase of materials,
supplies and other
consumables
2013/2014 2012/2013
Players’ wages and technical staff costs
Players’ wages and technical staff costs amount to € 167.9 million; compared to the figure of € 149 million of the
previous year, this item increased by € 18.9 million, essentially due to higher remuneration relative to new contracts
stipulated with the players acquired in the course of the 2013/2014 Transfer Campaign (€ +14.3 million) and higher
variable bonuses paid to players (€ +3.5 million) due to the achievement of individual goals, as well as the victory in
the Championship and the direct qualification in the UEFA Champions League 2014/2015.
Expenses from players’ registration rights
Expenses from players’ registration rights amount to € 3.8 million (€ 5.6 million for the same period of the
previous year). The net decrease of € 1.8 million was mainly due to lower losses on disposals (€ -0.7 million) and
lower expenses for temporary acquisitions (€ -0.6 million).

Players’ registration rights
At 30 June 2014, players’ registration rights totalled € 119.9 million. The net increase of € 0.7 million compared
to the figure of € 119.2 million of 30 June 2013 results from investments (€ +83 million) and net disinvestments
made (€ -31.5 million) and amortisation for the year (€ -50.8 million).
Shareholders’ Equity
Shareholders’ equity at 30 June 2014 amounted to € 42.6 million, down compared to the balance of € 48.6
million at 30 June 2013 due to the effect of the loss for the year (€ -6.7 million), net of changes in cash flow
hedge reserves (€ +0.2 million) and actuarial gains/losses reserves (€ +0.6 million), as well as other minor changes
(€ -0.1 million).
At 30 June 2014, 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.
59
Net financial debt
At 30 June 2014, net financial debt totalled € 206 million, an increase of € 45.7 million on the negative balance
of € 160.3 million recorded at 30 June 2013. That increase was driven by Transfer Campaign payments (net
€ -46.1 million), advances paid to the City of Turin and various suppliers in relation to the Continassa Project
(€ -5.5 million), investments in other fixed assets (€ -6.7 million) and cash flow from financing activities (€ -7.5
million), partially offset by positive cash flow from operations (€ +20.1 million).
At 30 June 2014 the Company had revocable lines of credit for € 309.8 million, used for a total of € 186.3
million, of which € 35.8 thousand for guarantees issued in favour of third parties, € 106.3 million for overdrafts
and € 44.2 million for advances on contracts and trade receivables (for additional information see Note 51).
The breakdown of the current and non-current portion of net financial debt at the end of the two financial years
is shown below.
30/06/2014 30/06/2013
Current Non- Total Current Non- Total
importi in milioni di Euro current current
Financial assets* - 4.1 4.1 - 4.1 4.1

Cash and cash equivalents 1.6 - 1.6 1.8 - 1.8
Total financial assets 1.6 4.1 5.7 1.8 4.1 5.9
Financial payables
- due to leasing companies (2.6) (10.4) (13.0) (2.2) (11.9) (14.1)
- due to the Istituto per il Credito Sportivo (4.4) (43.4) (47.8) (4.3) (47.8) (52.1)
- due to banks (106.3) - (106.3) (50.1) - (50.1)
- due to factoring companies (44.2) - (44.2) (49.3) - (49.3)
Other financial liabilities - (0.4) (0.4) - (0.6) (0.6)
Total financial liabilities (157.5) (54.2) (211.7) (105.9) (60.3) (166.2)
Net financial debt (155.9) (50.1) (206.0) (104.1) (56.2) (160.3)
* This item is included as it refers to cash deposits pledged in a current account as collateral on the Istituto per il Credito Sportivo loan,
recognised under financial payables.
For further details see the Statement of Cash Flows and the Notes (Note 48).

Significant events after 30 June 2014
Football season
The First Team started their 2014/2015 pre-season training in mid-July at the Juventus Training Centre in Vinovo
(TO), continuing, in August, as part of the Tournée in Australia, Indonesia and Singapore.
On 11 July 2014, the FICG officers, after reviewing the documentation filed by Juventus and materials sent by the
Lega Nazionale Professionisti Serie A, issued the National License for the current football season.
2014/2015 Transfer Campaign – first phase

The transactions finalised in the first phase of the 2014/2015 Transfer Campaign, held from 1 July to 2 September
2014, led to a total increase in invested capital of € 36 million resulting from acquisitions of € 46 million and
disposals of € 10 million (net book value of disposed rights).
The net capital gains generated by the disposals totalled € 4.7 million.
The total net financial commitment, including auxiliary expenses and financial income and expenses implicit in
deferred receipts and payments, came to € 35.7 million, distributed as follows:
Expiration
Amounts in thousand of Euro Total 2014/2015 2015/2016 2016/2017
LNP and others (12.0) (7.8) (3.2) (1.0)

Foreign FC (17.4) 0.8 (12.9) (5.3)
Agents (6.3) (4.9) (1.4) -
Total (35.7) (11.9) (17.5) (6.3)
61
In the course of the first phase of the 2014/2015 Transfer Campaign, the following main operations regarding
players’ registration rights were completed:d
Amounts in thousand of Euro Counterparty Price IFRS value Years of

clubs of rights (incl. contract
Player expenses)
Definitive acquisitions
Coman Kingsley Junior Paris Saint-Germain Footbal - 1,678 (a) 5
Djalo Taritolay Marcelo Amado Granada Club de Futbol 1,034 1,007 3
Evra Patrice Latyr Manchester United FC 1,511 (b) 1,797 2
Hidalgo Garcia Nicolas Granada Club de Futbol 2,000 1,945 3
Morata Martin Alvaro Borja Real Madrid Club de Futbol 20,000 (c) 20,534 5
Sturaro Stefano Genoa Cricket and FC 5,500 (d) 5,203 5
Termination of player-sharing agreements in favour of Juventus

Belfasti Nazzareno FC Pro Vercelli 1892 500 521 4
Gallinetta Alberto Parma FC 700 700 3
Magnusson Hordur Bjorgvin Spezia Calcio 1,000 953 4
Marrone Luca US Sassuolo 5,000 4,760 5
Pasquato Cristian Udinese Calcio 1,500 1,460 3
Pinsoglio Carlo Vicenza Calcio 700 700 3
Sorensen Frederik Hillesborg Bologna FC 1909 800 766 4
Troisi James Atalanta BC 1,000 1,000 2
Other investments/increase* 2,979

Total investments 46,003
(a) Includes FIFA Training Compensation of € 310 thousand.

(b) The acquisition price could increase by an additional £ 300 thousand if Juventus qualifies for the UEFA Champions League 2015/2016.
(c) The agreement contains an option right for Real Madrid, which may be exercised either at the end of the 2015/2016 football season or at
the end of the 2016/2017 football season, for the definitive repurchase of the player’s registration rights at pre-set values, up to a
maximum of € 30,000 thousand, based on the number of matches that the player plays in the season when the right is exercised.
(d) The acquisition price could increase by an additional € 3,500 thousand if certain sports goals are reached during the contract, starting
from the 2015/2016 football season (performance bonus).
* Includes the capitalisation of any bonuses linked to sports scores paid to the football clubs for players acquired during the previous
Transfer Campaigns.
Amounts in thousand of Euro Counterparty Price Price Net book Solidarity Profit/
clubs present value subsidy (Loss)
Player value
Definitive disposals
Elezaj Entonjo FC Pro Vercelli 1892 500 500 - - 500
Peluso Federico US Sassuolo 4,500 4,284 3,509 - 775
Quagliarella Fabio Torino FC 3,500 3,333 2,554 - 779
Vucinic Mirko Al Jazira Football Sports 6,316 6,316 3,730 316 2,270
Termination of players’ contract agreements

Bianconi Niko Vicenza Calcio 600 600 117 - 483
Other disinvestments 30 86 2 (58)

Total disinvestments (net) 15,063 9,996 318 4,749

Amounts in thousand of Euro Counterparty Discounted annual Exercise price in the
clubs income/(expense) event of the exercise
Player of option rights
Temporary disposals
Buchel Marcel Bologna FC 1909 287 -
Isla Isla Mauricio Queens Park Ranger 1,200 10,000
Rugani Daniele Empoli FC 286 -
Sorensen Frederik Hillesborg Hellas Verona FC 300 4,000 (a)
Sturaro Stefano Genoa Cricket and FC gratuito - (b)
Others 369
Temporary acquisitions
Pereyra Roberto Maximiliano Udinese Calcio (1,500) 14,000
Eleuteri Alessandro Ascoli Picchio FC (219) 375
Souza Oreste Romulo Hellas Verona FC (1,000) 6,000 (c)
Others (157)
Net Income/(Expenses) (434)
(a) A contra option right is also included for € 1,500 thousand.

(b) The agreement includes a performance bonus for a maximum of € 2,000 thousand if certain sports goals are achieved during the
2014/2015 season.
(c) Mandatory redemption if a specific number of match appearances are achieved in the 2014/2015 football season.
Bank guarantees
Guarantees for a total of € 4.7 million were issued for the first phase of the 2014/2015 Transfer Campaign.
First Team Manager

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

2014/2015 Season Ticket Campaign
The Season Ticket Campaign for the 2014/2015 football season closed with the subscription of all the 28,000
available season passes, for net revenues of € 20.8 million, including Premium Seats and additional services,
compared to € 20.2 million for the previous season.
63
Business outlook
Also in the 2014/2015 financial year, the Company allocated significant resources to further strengthen the
First Team bench, keep talents on its staff and lay the foundation for the future inclusion of young players with
excellent prospects.
As a consequence, the result, currently still expected to be a loss, will be influenced by increases in costs relating
to sports management and the changes, also with respect to future revenues, that will derive from the sporting
results actually achieved in Italy and Europe.
The Company’s objective is built on the improvement in financial performance achieved during the previous three
financial years.
65
Human resources and organisation
The main results achieved in the year ended at 30 June 2014 by the men and women working for Juventus
include: record turnover, decrease in the net loss compared to the previous year and the return to earning pre-
tax profits, the development of the brand with the resulting improvement in the commercial appeal of Juventus
and its performance on social media, the record number of matches (thirty) held at Juventus Stadium, including
the prestigious UEFA Europa League final, the consolidation of the number of visitors to the Juventus Museum
(among the 50 most visited museums in Italy) and the launch of the Continassa Project.
The further consolidation in sports performance, winning the third consecutive league title and the record of 102
points in Serie A, make the 2013/2014 season an important, historical season in the Company’s growth process.
These wins, both on the field and off, are the fruit of skill, professionalism, planning, the unending pursuit of
excellence, teamwork and widespread commitment throughout the entire organisation.
In the 2013/2014 football season, the total staff grew further, from 598 to 668. The most significant portion of
the increase is concentrated in the Youth Sector, due to the boost to the basic activities.
153 Figures at 30 June 2014

Employees*
7
Other outsourcers
7
76
Technical staff
71
Professional 51
players 57
332
Non professional
players 287
49
Scouts
31
* Of which 12 temporary staff at 30 June 2014 and 18 at 30 June 2013.
Non registered personnel grew significantly, from 145 employees at 30 June 2013 to 153 at 30 June 2014, also
as a result of the inclusion in the staff of some personnel previously under employee lease agreements.
There were no significant changes to organisational structures, except for the full operation of the functions set
up in previous years (Stadium, Digital, Public Affairs and Legal).

In the financial year 2013/2014 several projects were launched which will have significant impacts on human
resources starting from the financial year 2014/2015. The Company decided to insource facility & maintenance
operations for the Juventus Stadium and Juventus Training Centre, as it no longer had a general contractor, as
well as the security and reception services for fans for matches at Juventus Stadium, which will be managed
directly, and no longer contracted out. This was a significant organisational commitment, which will increase the
efficiency of services, raising their quality and optimising management costs.
In terms of training, the Company continues to focus on ongoing training for new-hires and managers on the
specific areas of safety in the workplace and environmental safety, privacy and administrative liability of the
company.
At the end of the year, training was launched to improve English skills using e-learning, with a leading company in
e-education. More than 50% of the personnel was involved, with the goal of supporting the internationalisation
strategy of Juventus, a fundamental element in developing the Company over the medium term.
The chart below breaks down staff by professional category for the two years in question:

Managers
97
Employees
88
21
Professional
players 17
6
Workers

6
12
Temporary
workers 18
In the 2013/2014 financial year, an important training initiative was implemented for the technical staff of the Youth
Sector, aimed at improving management skills of the Technical Staff, specifically of the Team Managers, which now
must take on an increasingly central role in developing young athletes.
The course, about 50 classroom hours over the entire football season, with speakers including experts also from outside
of Italy, had a high level of participation and was highly appreciated by participants. It will certainly be repeated in the
next few years.
67
Juventus College
The school year 2013/2014 for the young people enrolled in Juventus College began on 4 September and ended
on 6 June 2014. The high school was attended by 89 students, all registered with the Company’s Youth Sector,
divided into the first four classes. 52% of students passed the year in June, which rose to 79% after passing the
makeup exams in September.
Starting from the 2014/2015 football season, the management of educational activities was assigned to the
International School of Europe, a company that has operated in the education field for over fifty years.

Other information
Research and development
During the 2013/2014 season, Juventus continued some experimental research and development projects begun
in the 2012/2013 season, and in particular:
• development and implementation of the Training Check method, by acquiring, combining and using technical-
sports, scientific, medical and technological know-how and abilities for the constant improvement of sports
performance;
• the study, definition and implementation of new IT solutions to increase the efficiency and competitive edge of
the company, in particular in managing the assets comprising players, human resources and relations with fans.
To develop these projects, the Company incurred total costs of approximately € 2.5 million in the financial year
2013/2014.
As the research is ongoing and long-term, activities will continue during the 2014/2015 financial year.
Additional information pursuant to art. 2428 of the Civil Code

It should be notes that the Company’s business is conducted at the Turin registered office, Corso Galileo Ferraris
no. 32 and at the following local premises:
• Juventus Training Center, via Stupinigi n. 182, Vinovo (Turin)
• Juventus Stadium, corso Gaetano Scirea n. 50, Turin
• ASD Chisola football ground, via Al Castello no. 3, Vinovo (Turin)
• Polisportiva Garino, via Sotti no. 22, Vinovo (Turin) – Frazione Garino
• Silvio Piola Stadium, Via Massaua no. 5, Vercelli

• G. Pistoni sports field, Via Campo Sportivo no. 7, Ivrea (TO)
Transactions with related parties

On 11 November 2010, the Board of Directors adopted a specific procedure for regulating related-party
transactions pursuant to article 4 of the “Regulation of related-party transactions” adopted by CONSOB with
resolution no. 17221 of 12 March 2010, amendments and additions thereto. The Procedure is available on the
Company’s website (www.juventus.com).
As regards the 2013/2014 financial year, transactions between Juventus and the related parties identified
according to international accounting standard IAS 24 were conducted in observance of laws in force, on the
basis of reciprocal economic benefits.
For the details of the transactions performed and the related statement of financial position and income statement
see Note 53 of the financial statements.
69
Management and co-ordination activity
Juventus is not subject to management and coordination activity pursuant to article 2497 of the Civil Code by
the majority shareholder EXOR S.p.A. since it does not intervene in the running of the Company and performs
the role of shareholder by holding and managing its controlling equity investment in the Company. There are
no elements which indicate a de facto management and coordination activity since, among other things, the
Company has full and autonomous negotiating powers in relations with others and their is not centralised cash
pool scheme. In addition, the number and expertise of the Independent Directors are adequate in relation to the
dimensions of the Board of Directors and the activity performed by the Company and guarantee the managerial
independence of the Board in defining the general and operating strategic guidelines of Juventus.
Juventus does not exercise management and co-ordination activities for other companies.

Proposal to approve the financial statements and cover the financial
year loss
Dear Shareholders,
The financial statements at 30 June 2014, which we submit for your approval, show a loss of € 6,674,430, which
we propose to cover by drawing the amount from the share premium reserve.
Turin, 23 September 2014
On behalf of the Board of Directors

The Chairman
Andrea Agnelli
71
FINANCIAL STATEMENTS AT 30/06/2014
Statement of financial position
Amounts in Euro Note 30/06/2014 30/06/2013 Change
Non-current assets
Players’ registration rights, net 8 119,898,751 119,221,616 677,135
Other intangible assets 9 30,784,511 30,489,942 294,569
Intangible assets in progress 19,710 15,000 4,710
Land and buildings 10 126,033,479 124,904,194 1,129,285
Other tangible assets 11 29,430,552 32,977,171 (3,546,619)
Tangible assets in progress 12 2,432,639 1,770,797 661,842
Non-current financial assets 13 4,100,000 4,100,000 -
Deferred tax assets 14 5,544,837 4,930,023 614,814
Receivables due from football clubs
for transfer campaigns 15 29,722,973 21,581,261 8,141,712
Other non-current assets 16 4,229,174 3,002,729 1,226,445
Total non-current assets 352,196,626 342,992,733 9,203,893
Current assets
Trade receivables 17 25,597,875 12,642,843 12,955,032
Non-financial receivables from related parties 53 6,718,170 598,265 6,119,905
Receivables due from football clubs
for transfer campaigns 15 68,042,398 42,201,638 25,840,760
Other current assets 16 12,680,756 19,428,918 (6,748,162)
Cash and cash equivalents 18 1,586,969 1,777,036 (190,067)
Total current assets 114,626,168 76,648,700 37,977,468
Advances paid
Non-current advances 24,042,232 12,547,976 11,494,256
Current advances 5,056,205 11,176,691 (6,120,486)
Advances paid, total 19 29,098,437 23,724,667 5,373,770
Total assets 495,921,231 443,366,100 52,555,131

Statement of financial position
Amounts in Euro Note 30/06/2014 30/06/2013 Change
Shareholders’ Equity
Share capital 8,182,133 8,182,133 -
Share premium reserve 41,129,673 57,112,892 (15,983,219)
Cash flow hedge reserve (452,207) (631,060) 178,853
Actuarial gains/(losses) reserve 441,331 (122,301) 563,632
Loss for the year (6,674,430) (15,910,649) 9,236,219
Shareholders’ equity 20 42,626,500 48,631,015 (6,004,515)
Non-current liabilities
Provisions for employee benefits 21 5,894,559 4,277,156 1,617,403
Loans and other financial payables 22 53,696,763 59,635,588 (5,938,825)
Non-current financial liabilities 23 452,207 631,060 (178,853)
Payables due to football clubs
for transfer campaigns 24 28,608,212 29,305,031 (696,819)
Deferred tax liabilities 25 5,582,904 5,279,346 303,558
Other non-current liabilities 26 1,684,368 55,625 1,628,743
Total non-current liabilities 95,919,013 99,183,806 (3,264,793)
Current liabilities
Provisions for risks and charges 27 1,158,413 425,000 733,413
Loans and other financial payables 22 157,557,661 105,854,262 51,703,399
Current financial liabilities 10,957 15,853 (4,896)
Trade payables 28 14,429,244 15,080,582 (651,338)
Non-financial payables due to related parties 53 983,362 1,045,451 (62,089)
Payables due to football clubs for transfer
campaigns 24 75,218,142 69,140,628 6,077,514
annual financial report 30062014 - Financial statements

Other current liabilities 26 55,778,562 45,780,050 9,998,512
Total current liabilities 305,136,341 237,341,826 67,794,515
Advances received
Non-current advances 39,614,829 40,757,740 (1,142,911)
Current advances 12,624,548 17,451,713 (4,827,165)
Advances received, total 29 52,239,377 58,209,453 (5,970,076)
Total liabilities 495,921,231 443,366,100 52,555,131
75
Income statement
Amounts in euro Nota 30/06/2014 30/06/2013 Change
Ticket sales 30 40,996,209 38,051,069 2,945,140

Television and radio rights and media revenues 31 150,965,077 163,477,670 (12,512,593)
Revenues from sponsorship and advertising 32 60,299,760 52,598,893 7,700,867
Revenues from players’ registration rights 33 36,431,526 11,397,065 25,034,461
Other revenues 34 27,090,529 18,276,776 8,813,753
Total revenues 315,783,101 283,801,473 31,981,628
Purchase of materials, supplies
and other consumables 35 (3,471,449) (2,933,770) (537,679)
External services 36 (47,960,673) (45,079,682) (2,880,991)
Players’ wages and technical staff costs 37 (167,886,939) (149,010,399) (18,876,540)
Other personnel 38 (16,203,836) (14,452,797) (1,751,039)
Expenses from players’ registration rights 39 (3,830,440) (5,579,779) 1,749,339
Other expenses 40 (7,259,174) (10,033,850) 2,774,676
Total operating costs (246,612,511) (227,090,277) (19,522,234)
Amortisation and write-downs of players’ registration rights 41 (50,845,719) (51,414,589) 568,870
Depreciation/amortisation of other tangible 42 (8,216,286) (8,291,739) 75,453
and intangible assets
Provisions and other write-downs/reverses and releases 43 (1,262,567) (810,874) (451,693)
Operating income 8,846,018 (3,806,006) 12,652,024
Financial income 44 3,131,807 2,364,266 767,541
Financial expenses 45 (11,831,360) (9,473,258) (2,358,102)
Income/(loss) before taxes 146,465 (10,914,998) 11,061,463
Current taxes 46 (7,204,720) (5,924,068) (1,280,652)
Deferred taxes 46 383,825 928,417 (544,592)
Loss for the year (6,674,430) (15,910,649) 9,236,219
Basic and diluted loss per share 47 (0,01) (0,02) 0,01
Statement of comprehensive income

Amounts in euro 30/06/2014 30/06/2013 Change
Loss For The Year (A) (6,674,430) (15,910,649) 9,236,219

Other income (loss) recorded in cash flow hedge reserve 178,853 127,953 50,900
Tax effect related to total other Income (Loss) that will
subsequently be reclassified in the income statement - - -
Total Other Income (Loss) that will subsequently
be reclassified in the income statement net
of the tax effect (B1) 178,853 127,953 50,900
Other Income (Loss) entered in the actual gains (losses) reserve 563,632 (122,301) 685,933
Tax effect related to total other Income (Loss) that will
not subsequently be reclassified in the income statement - - -
Total Other Income (Loss) that will not subsequently
be reclassified in the income statement net of the tax
effect (B2) 563,632 (122,301) 685,933
Total Other Income/(Loss), net of the tax effect
(B)= (B1)+(B2) 742,485 5,652 736,833
Comprehensive loss (A+B) (5,931,945) (15,904,997) 9,973,052
77
Statement of changes in shareholders’ equity
Share Share Legal Cash flow Actuarial Loss for Shareholders’
capital premium reserve hedge gains/ the year Equity
reserve reserve (losses)
Amounts in Euro reserve
Balance at 30/06/2012 8,182,133 105,840,013 - (759,013) - (48,654,550) 64,608,583

Coverage of loss
for the previous financial year - (48,654,550) - - - 48,654,550 -
Deferred taxes
claimed on 2011
new capital issue costs - (72,571) - - - - (72,571)
Total loss for the year - - - 127,953 (122,301) (15,910,649) (15,904,997)
Balance at 30/06/2013 8,182,133 57,112,892 - (631,060) (122,301) (15,910,649) 48,631,015
Coverage of loss
for the previous financial year - (15,910,649) - - - 15,910,649 -
Deferred taxes
claimed on 2011
new capital issue costs - (72,570) - - - - (72,570)
Total loss for the year - - - 178,853 563,632 (6,674,430) (5,931,945)
Balance at 30/06/2014 8,182,133 41,129,673 - (452,207) 441,331 (6,674,430) 42,626,500
For additional information see the Notes (Note 20).

Statement of cash flows
Note 2013/2014 2012/2013
Amounts in Euro financial year financial year
Income/(loss) before taxes 146,465 (10,914,998)
Non-cash items:
- amortisation, depreciation and write-down 41 e 42 59,062,005 59,706,328
- employee benefit liability and other provisions 1,900,548 1,355,411
- Long Term Incentive Plan provision 2,181,035 2,233,167
- gains on disposal of players’ registration rights 33 (35,417,119) (9,029,589)
- gains on disposal of other fixed assets (24,677) (24,677)
- losses on disposal of players’ registration rights 39 120,487 827,320
- losses on disposal of other fixed assets - 3,408
- financial income 44 (3,131,807) (2,364,267)
- financial expenses 45 11,831,360 9,473,258
Change in trade receivables and other non-financial activities (13,150,224) 14,742,663
Change in trade payables and other non-financial liabilities 5,861,371 (6,359,459)
Income taxes paid (8,074,528) (4,811,127)
Utilisation in employee benefit liability and other provisions (1,167,134) (6,683,676)
Net cash from (used in) operating activities 20,137,782 48,153,762
Investments in players’ registration rights 8 (83,041,590) (68,248,649)
Increase (decrease) of payables related to players’ registration rights 1,361,549 2,395,587
Disposals of players’ registration rights 66,815,367 23,909,400
(Increase) decrease of receivables related to players’ registration rights (31,214,656) (21,211,478)
Investments in other fixed assets (6,785,202) (2,852,972)
Increase (decrease) of payables related to purchases of other fixed assets - 859,287
Advances paid for the Continassa Project (5,518,674) (9,480,762)
Disposals of other fixed assets 25,129 106,656
Interest income 44 17,082 38,665
Net cash from (used in) investing activities (58,340,995) (74,484,266)
New loan/financial lease 1,342,117 -
Repayment of medium-long term loans (4,248,282) (4,068,028)

Financial lease repayments (2,460,410) (2,095,853)
Interest on medium-long term loans (2,234,717) (2,414,975)
Interest on financial lease (258,098) (297,201)
Other interest expenses (4,784,079) (3,100,069)
Other movements related to financing activities (428,858) (532,859)
Net cash from (used in) financing activities (13,072,327) (12,508,985)
Net cash from (used in) the year (51,275,540) (38,839,489)
Changes in cash and bank overdrafts:
- Balances at the beginning of the year 18 e 22 (97,620,737) (58,781,248)
- Balances at year end 18 e 22 (148,896,277) (97,620,737)
Changes in cash and bank overdrafts (51,275,540) (38,839,489)
Components of cash
- Cash and cash equivalents 18 1,586,969 1,777,036
- Bank overdrafts 22 (150,483,246) (99,397,773)
Cash and cash equivalents at year end (148,896,277) (97,620,737)
79
Notes
1. General information on the Company
Juventus Football Club S.p.A. (hereafter Juventus) is a legal entity organised according to the law of the Italian
Republic.
The Company’s headquarters are in Corso Galileo Ferraris no. 32, Turin, Italy.
Juventus is a professional football club which, thanks to its more than century-long history, has become one of
the most representative and popular teams at a national and international level. The Company’s core business
is participation in national and international competitions and the organisation of matches. Its main sources of
income come from the economic exploitation of sports events, the Juventus brand and the first team image, the
most significant of these include licensing of television and media rights, sponsorship and selling of advertising
space.
Juventus shares are listed on the electronic equity market of Borsa Italiana.
Juventus is controlled by EXOR S.p.A., an Italian company listed on the Italian Stock Exchange, which holds
63.8% of the share capital. EXOR S.p.A. is one of the main European investment firms and is controlled by
Giovanni Agnelli e C. S.a.p.a.z.
2.2% of Juventus’ share capital is held by Lindsell Train Ltd. and the remaining 34% is a free float on the Stock
Exchange.
The Company does not hold equity investments in subsidiaries and/or associates. Therefore, these financial
statements refer to the single entity Juventus Football Club S.p.A.
Additional information is reported in the “Company Profile” section of the Report on Operations.
2. Standards used for preparing the financial statements and measurement policies
These financial statements have been prepared in compliance with the international financial reporting standards
(IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union. IFRS
are understood to include international accounting standards (IAS) still in force, as well as all the interpretative
documents issued by the International Financial Reporting Interpretations Committee (IFRIC), formerly known as
the Standing Interpretations Committee (SIC).
These financial statements at 30 June 2014 have also been prepared in accordance with CONSOB instructions,
issued in Resolution no. 15519, Resolution no. 15520 and Notification no. 6064293 of 28 July 2006, in
implementation of Article 9, section 3, of Legislative Decree no. 38 of 28 February 2005, and Recommendation
no. 10081191 of 1 October 2010 as regards the information to report in the financial statements of football clubs
listed on the stock markets.
3. Financial statement tables and other information

The statement of financial position, which uses “current/non-current” to represent assets and liabilities, has been
implemented in order to separately indicate the significant advances received from customers and those paid to

suppliers, thus better highlighting balances from transactions with cash movements before actual accrual.
In the income statement the classification of revenues and costs by type has been used, giving priority to reporting
information related to economic effects connected to players’ registration rights, characteristic items of Juventus’
business. In addition to the profit or loss for the year the statement of comprehensive income shows profit and
loss recognised directly on this statement, and not on the income statement.
The statement of changes in shareholders’ equity shows the amount of transactions with shareholders.
The statement of cash flows is prepared with the indirect method reconciling the balances of overdrawn bank
accounts, net of cash and cash equivalents (short term borrowing) at the beginning and end of the year. In order
to determine cash flows from operating activities, the income before taxes for the year are adjusted by the effects
of non-monetary transactions, any deferral or allocation of previous or future operating activity collection or
payments and elements from investment or financing activities.
The date of closure of the financial year, which lasts 12 months, is 30 June of every year.
The Euro is the Company’s operating and presentation currency.
Amounts in the financial statement tables are shown in euro.
Unless otherwise indicated the figures in the Notes are shown in thousands of euro.
Where necessary, figures for the previous financial year have been reclassified so as to facilitate comparability with
the year in question.
The significant events for 2013/2014 and significant events after 30 June 2014, as well as the business outlook
are described in specific paragraphs of the “Report on Operations”.
4. Transactions with related parties, atypical and/or unusual transactions and non-
recurring significant events and transactions
The balances of the statement of financial position and income statement from transactions with related parties

are reported separately on the financial statement tables, if significant, and commented on in Note 53.
There are no significant non-recurring events or transactions. Furthermore, no atypical or unusual dealings were
conducted in 2013/2014, requiring disclosure pursuant to CONSOB Notification No. 6064293 of 28 July 2006.
5. Significant accounting principles

General principle
Juventus’ financial statements are prepared based on the principle of historical cost, except in cases, specifically
described in the following notes, where fair value has been applied as well as the assumption of a going concern.
Going concern
It is the assessment of the directors that, despite the difficult economic and financial context and the significant
loss recorded, there are no material uncertainties (as defined in paragraph 25 of IAS 1) that cast doubt on the
Company’s ability to continue as a going concern, considering the profit and financial forecasts of the 2014/2015
budget and Medium-Term Development Plan, and bank credit facilities available (see Note 51).
83
Net financial debt increased further in 2013/2014, in particular as a result of investments made for the last
Transfer Campaigns, the effects of which on the cash flow statement are spread over several financial years. The
Company will be able to cover these greater cash needs by drawing on the bank credit facilities already available
to it. If, hypothetically, a part of those facilities were to be withdrawn, Juventus would nevertheless be able to
raise funding through the disposal of players’ registration rights, without jeopardizing its continuation as a going
concern.
The Company’s objective is to build on the improvement in financial performance achieved during the previous
two financial years.
Players’ registration rights
These are intangible assets with a defined useful life with duration equal to the players’ registrations rights contracts
signed with the players. Players’ registration rights are recognised at cost, including any auxiliary expenses and
possibly discounted to take into account payments spread over more than one year. In reference to the method
of accounting for remuneration for services performed for the Company by licensed third parties (FIFA agents), in
keeping with sector regulations, for players’ registration rights acquisition transactions, it should be noted that: in
the absence of suspending conditions (for example the player remaining registered with the Club) are capitalised
since they are auxiliary expenses for the definitive acquisition of the registration rights; they are instead accounted
for on a time to time basis in the income statement if conditional on the player remaining registered with the
Club or refer to services performed for the temporary acquisition or disposal (definitive or temporary) of the right.
Remuneration for services performed at the time of the renewal of the players’ registration rights contract are
capitalised when not conditional on the player remaining registered with the Club.
In terms of the assessments related to a going concern, the Directors in part taking into account any future
financial effects which may result from the occurrence of the conditions to which this remuneration is subject.
Players’ registration rights are amortised on a straight-line basis based on the duration of the contracts the
Company has signed with the individual football players. The original amortisation plan may be lengthened
following an early renewal of the contract, starting from the season when the renewal starts. For “registered
young players” the amortisation of the cost is in five years on a straight-line basis.
Players’ registration rights are recognised as of the enforceability date stamped on the contracts by the Lega
Nazionale Professionisti Serie A, for national transfers, or the date of the International Transfer Certificate (ITC)
issued by the Italian Football Federation, for international transfers, which normally coincide with the beginning
of the season.
Asset and liability player-sharing agreements are also recognised in players’ registration rights (these are receivables
and payables for player-share agreements as per article 102 bis of the Internal Federal Organisation Regulations
issued by the Italian Football Federation). This instrument was repealed on 27 May 2014 thus, since that date,
it is no longer possible to acquire or dispose of players under player-sharing agreements, and any player-sharing
agreements renewed in the last Transfer Campaign must necessarily be concluded by 30 June 2015.

Assets from player-sharing agreements, which represent the value of the immediate repurchase of 50% of the
disposed players’ registration rights, are recognised at adjusted cost and are not amortised since they are used
by other clubs. Assets from player-sharing agreements are written down when the estimated remaining value at
the end of the player-sharing agreement is permanently less than the recognition value. The adjusted cost is the
lower between the cost incurred based on the legal form of the relationship between the parties and the actual
repurchase value.
Liabilities from player-sharing agreements, which represent the value at which the 50% right to player-sharing
was disposed, are recognised at nominal value, but reduce the value of the players’ registration rights whose
player-sharing has been disposed, in order to represent the real acquisition. Based on this, the amortisation
of registration rights subject to disposal of the player-sharing agreement is calculated on the consequently
determined lower cost.
In the presence of indicators of impairment of the value of players’ registration rights (for example, particularly
bad injuries, significant capital losses resulting from disposals made after closing of the financial statements, as
well as market and contractual conditions which actually prevent the disposal of players no longer compatible
with the technical programme), the remaining book value is written down as an impairment loss.
Other intangible assets
Other intangible assets, acquired or internally produced, are recognised as assets, as per IAS 38 (“Intangible
assets”) if they can be controlled by the enterprise, it is likely that they will general future economic benefits and
when their cost can be reliably determined.
These assets are measured at purchase and/or production cost and, if they have a defined useful life, are amortised
on a straight-line basis for their entire estimated useful life and taking into account their estimated realisation
value. They are written down if impaired. Intangible assets with an indefinite useful life are not amortised, but
they are tested for impairment annually or more frequently if there is an indication that the asset may be impaired.
If the impairment later reverses or reduces, the carrying amount of the asset is written-back (with the exception

of any goodwill) to the new estimate of the recoverable value, but this value cannot exceed what the value
would have been without impairment. Reinstatement of impairment is recognised in the income statement when
considered stable.
Land, buildings and other tangible assets
Tangible assets, including the real estate investment represented by the company-owned stadium, are recognised
at purchase and/or production cost adjusted by accumulated depreciation and any impairment. The cost includes
all expenses directly incurred to prepare the assets for use.
Costs incurred for routine maintenance and repairs are recognised in the income statement of the year they
are incurred, or capitalised if of an incremental nature. The capitalisation of costs related to the expansion,
modernisation or improvement of company-owned or leased structural elements is performed only to the limits
that such elements meet the requirements for being separately classified as assets or part of an asset.
85
The depreciation of tangible assets is calculated on a straight-line basis from the time the asset is available and
ready for use and based on its estimated useful life which, for the various assets categories, may be represented
by the following rates:
Stadium 2%
Buildings 3%
Lightweight constructions 10%
Firefighting, heat and electrical systems 10%
Furniture and ordinary office machines 12%
Plumbing fixtures 12.5%
Sports equipment 15.5%
Specific technical systems 19%
Telephone switchboard 20%
Electromechanical and electronic office machines 20%
Vehicles 25%
The remaining value and useful life of tangible assets is reviewed annually and updated, where necessary at the
end of each financial year. The recognised values are periodically subject to impairment testing. If the impairment
later reverses or reduces, the carrying amount of the asset is reinstated to the new estimate of the recoverable
value, but this value cannot exceed what the value would have been without impairment. Reinstatement of
impairment is recognised in the income statement when considered stable.
Capital gains and losses arising from the disposal of tangible assets are recognised in the income statement and
determined by comparing their net book value with their sales price.
Leased assets
Assets held through finance lease contracts where the risks and benefits related to ownership are substantially
transferred to the Company, are recognised as Company assets at their current value, or, if less, at the current
value of the minimum payments due for the lease, from the time they are available and ready for use. The
corresponding liability due to the lessor is represented in the financial statements under financial payables. The
assets are depreciated applying the same policies and rates indicated for tangible assets.
Leases where the lessor substantially maintains the risks and benefits related to ownership of the assets are
classified as operating leases. Costs for operating leases are recognised on a line-by-line basis in the income
statement for the duration of the lease contract.
The costs related to the long-term lease for the area of the stadium and the Continassa area were treated as
similar to the concept of “Long term operating lease” as envisaged in IAS 17, in its broadest sense, since the
ownership of the asset will not be transferred at the end of the lease contract and the duration of the contract
does not cover most of the useful life of the land, which due to its nature has an indefinite useful life. Based
on this, the lease payment was recognised, determined on an accrual basis based on a long-term lease contract
totalling 99 years.

Other financial assets
Non-current financial assets may refer to loans and receivables which the Company does not hold for trading,
securities held to maturity and all other financial assets for which there is no available quotation in an active
market and whose fair value cannot be reliably determined.
Non-current financial assets are recognised initially at their fair value. Subsequently, assets with a set maturity
are measured at their amortised cost, determined using the effective interest rate method. Assets without a set
maturity are measured at their purchase cost. Receivables falling due beyond one year which are non-interest
bearing or which accrue interest at a rate lower than the market rate are discounted at market interest rates.
Where objective evidence of impairment exists, financial assets are written down to the discounted value of their
estimated future cash flows, and the impairment loss is recognised as a cost in the income statement for the year.
If in future years the impairment loss is found no longer to exist, the book value of the asset is written back to the
amortised cost that would have been determined had no impairment loss been recognised.
Trade and other receivables
Trade and other receivables are initially recognised at their fair value. Subsequently, they are measured at their
amortised cost, determined using the effective interest rate method. Where objective evidence of impairment
exists, the assets are written down to the discounted value of their estimated future cash flows. An impairment
loss is recognised in the income statement. If in future years the impairment loss is found no longer to exist,
the book value of the asset is written back to the amortised cost that would have been determined had no
impairment loss been recognised. Trade receivables are stated net of prepaid income arising from the advance
billing of revenues accruing entirely in future years.
Receivables due from football clubs for transfer campaigns
Receivables due from football clubs are connected with the disposal of players’ registration rights. It is industry
practice to set the settlement terms for these transactions beyond one year. Based on this, the value of these

receivables is discounted to the amount that will be collected beyond the next twelve months.
Transfer of financial assets
The Company eliminates financial assets from its financial statements when, and only when, contract rights to
financial flows arising from assets have expired and the Company transfers the financial asset. In the case financial
assets are transferred:
• if the organisation substantially transfers all risks and benefits of ownership of the financial asset, the Company
eliminates the financial asset from the financial statements and separately recognizes any rights and obligations
arising from or maintained with the transfer as assets or liabilities;
• if the Company substantially maintains all risks and benefits of ownership of the financial assets, it continues
to recognise the financial asset;
87
• if the Company does not substantially transfer or maintain all risks and benefits of ownership of the financial
asset, it determines whether or not it has retained control of the financial asset. In this case:
- if the Company has maintained control, it eliminates the financial asset from its financial statements and
separately recognises any rights or obligations arising from or maintained with the transfer as assets or liabilities;
- if the Company has maintained control, it still recognises the financial asset as the remaining involvement in the
financial asset.
When the financial asset is eliminated from the financial statements, the difference in the carrying amount of the
assets and amounts received or to receive for the transfer of the assets is recognised in the income statement.
Cash and cash equivalents
Cash and cash equivalents mainly include cash, demand deposits held at banks, and other short-term investments
that can be liquidated on demand with only negligible risk of affecting their value. Cash and cash equivalents are
stated at their fair value, with any changes in fair value recorded in the income statement.
Provisions for risks and charges
Provisions for risks and charges are allocated to cover losses and liabilities of a determinate nature, whose existence
is certain or probable, but whose amount or timing is uncertain.
Provisions are recognised only when a present obligation (legal or implicit) exists as a result of a past event, and
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.
Provisions represent the most reliable discounted estimate of the amount required to settle the obligation. The
discount rate used to determine the present value of a liability reflects current market rates and assessment of the
risk specific to each liability.
Based on application of IAS 37, paragraph 66, allocations to the provision for risks include expenses for
remuneration contractually due to players and technical staff no longer used on the technical programme or
company organisation. This also includes dismissed trainers and football players who are not part of the technical
programme.
Risks which give rise to contingent liabilities are identified in a specific section in the Notes on commitments and
risks. Provisions are not allocated for such risks.
Employee benefits
The Long Term Incentive Plan falls within the definition of other long-term employee benefits provided in
paragraph 126 of IAS 19. Accordingly, the liability for these other long-term benefits is measured, as required, by:
• the present value of the defined benefit obligation at the reporting date;
• less the fair value, at the reporting date, of plan assets (if any), beyond which obligations will have to be settled
directly.
An actuarial technique, the projected unit credit method, was used to measure the value of the Plan. This method
involves calculating the present value of the defined benefit obligations and the related current service cost. It also

considers each period of service as giving rise to an additional unit of benefit entitlement, and measures each unit
separately to build up the final obligation.
The Company engaged the services of an accredited actuary for the purpose.
In 2007/2008 financial year, termination benefits payable to employees under Article 2120 of the Civil Code, and
accounted for under IAS 19, were adjusted to their statutory purchase value and paid to employees or, at their
request, transferred to a pension fund on the basis of a specific company agreement.
Bonds and other financial liabilities, trade and other payables
Bonds and other financial liabilities, current account overdrafts, trade payables and other payables are initially
recognised at their fair value. Subsequently, they are measured at their amortised cost, determined using the
effective interest rate method.
Payables due to football clubs for transfer campaigns
Payables due to football clubs are connected with acquisitions of players’ registration rights or the repurchase of
50% of the registration rights of players transferred under the player-sharing agreements (balancing assets from
player-sharing agreements made under Article 102-bis of NOIF). It is industry practice in the sector to set the
settlement term for these transactions beyond one year. As such, the value of these payables is discounted to the
future amount that will be paid beyond the current year, on the assumption that the discounting of instalments
paid during the current year would be negligible.
Derivative instruments
Derivative financial instruments are initially recognised at their fair value at the date the relative contract is
made and executed. Subsequently, they are measured at their fair value at the end of the reporting period. Any
resulting gains or losses are recognised immediately in the income statement, unless the derivative instrument is
a designated and effective hedging instrument (cash flow hedge).
Derivatives are classified as non-current assets or liabilities when they mature more than twelve months beyond

the reporting date, and they are not expected to be realised or settled within twelve months. All other derivatives
are classified as current assets or liabilities.
Hedge accounting is used for financial instruments only where the hedged item is formally documented and in
line with Company risk management objectives and strategies, and only where hedge effectiveness, measured
periodically, is high. Where derivative financial instruments qualify for hedge accounting, the following criteria is
used:
• Fair value hedge: if a derivative financial instrument is designated as a hedge of the exposure to changes in
fair value of a recognised asset or liability that is attributable to a particular risk and could affect the income
statement, the gain or loss from remeasuring the hedging instrument at fair value is recognised in the income
statement together with changes in the fair value of the hedged item. Gains or losses form changes in the fair
value of the hedging instrument are recognised in the income statement line by line with the hedged item.
• Cash flow hedge: if a derivative financial instrument is designated as a hedge of the exposure to variability in
cash flows of a recognised asset or liability or a highly probable forecast transaction that could affect the income
89
statement, the portion of the gain or loss on the hedging instrument that is determined to be an effective
hedge is recognised in shareholders’ equity. The accumulated gain or loss is ten reversed from shareholders’
equity and recognised in the income statement at the same time that the hedged transaction is recognised. If a
hedging instrument or a hedging relationship is discontinued though the hedge transaction has yet to be realised,
the accumulated gains and losses recognised up till that moment in shareholders’ equity are reclassified to the
income statement when the effects of the hedged transaction on the income statement are recognised. If the
hedged transaction is no longer considered probable, the unrealised gain or loss pending in shareholders’ equity
is immediately recognised in the income statement.
Where the requirements of IAS 39 for hedge accounting are not satisfied, transactions, including those intended
to hedge exposure to risk, are classified and measured as held for trading. In this case, changes in fair value for
the reporting period are recognised in the income statement.
Recognition of revenues and costs
Ticket sales, radio and television rights and media revenues are recognised when the relative match is played;
season pass sales, if collected at the end of the previous football season, are deferred and recognised in the
income statement on an accrual basis when each match is played.
Revenues from services (including sponsorships) are recognised progressively or upon full delivery of the service.
Revenues are recognised net of returns, discounts, rebates and premiums.
Capital gains and losses arising from the disposal of players’ registration rights are recognised as of the
enforceability date stamped on the contracts by the Lega Nazionale Professionisti Serie A, for national transfers,
or as of the date stamped on the International Transfer Certificate (ITC) issued by the Italian Football Federation,
for international transfers.
Capital gains arising from the disposal of players’ registration rights that are repurchased at 50% under player-
sharing agreements are adjusted by 50% in the income statement so as to reflect the income received on the
registration rights effectively sold and transferred. The remaining part of the capital gain can only be realised
upon termination of the player-sharing agreement and the release of the football player from the club. In
contrast, if the disposal of a players’ registration rights before the signing of a player-sharing agreement gives
rise to a loss, no adjustment is recorded. This is because the loss is treated as evidence of impairment of the
players’ registration rights, on the assumption that the loss is realised at the time the players’ registration rights
are transferred.
Likewise, capital gains and losses arising from the termination of player-sharing agreements made under Art.
102-bis of the NOIF are similarly recognised as of the enforceability date stamped on contracts by Lega Nazionale
Professionisti Serie A, if they involve a change in registration or, otherwise, on termination.
Financial income and expenses are recognised in the income statement on an accrual basis. With regard to national
transfers, supervised by Lega Nazionale Professionisti Serie A the current portion of financial income and expenses
implicit in receivables and payables due beyond twelve months is calculated by convention with reference to 30
November, a date considered sufficiently representative of the payment extension granted/obtained.
Sports performance bonuses tied to team performance (such as qualification for European competitions) or to

individual performance (such as matches played, goals scored, assists, etc.) paid to players, trainers and technical
staff, are recognised in the income statement on an accrual basis, and thus when the performance objective was
reached. All contingent liabilities connected with future bonuses that may become payable to football players and
technical staff are taken into consideration by the Directors when assessing the Company’s ability to continue as
a going concern.
Translation of foreign currency items
Transactions in foreign currency are translated into euro at the exchange rate in force on the transaction date.
Foreign exchange gains and losses arising from differences between the cash settlement of transactions and
the translation at year-end exchange rates of monetary assets and liabilities expressed in foreign currency are
recognised in the income statement.
Earnings per share
(i) Basic
Basic earnings per share are calculated by dividing the Company’s net income by the weighted average number
of ordinary shares outstanding during the year, thus excluding treasure shares.
(ii) Diluted
Diluted earnings per share are calculated in the same way as basic earnings per share; except that the weighted
average number of outstanding shares is diluted by assuming that all potential shares will be converted, and
the Company’s net income is adjusted to take into account the effect of such a conversion, net of taxes.
Taxes
Taxes for the financial year are determined on the basis of tax laws and regulations in force.
Income taxes are recognised in the income statement, with the exception of taxes levied on items directly charged
to shareholders’ equity, which are also recognised directly in shareholders’ equity.
Where temporary differences arise between the book values of balance sheet items and taxable income, provisions

for the temporarily deferred tax owing on the temporarily different taxable income are allocated in liabilities.
Deferred tax assets on tax losses that can be carried forward, and on deductible temporary differences are
recognised providing that forecast taxable income in the future will enable the assets to be claimed and recovered.
Deferred tax assets and liabilities are determined using the tax rates that will be in force in the future years when
the temporary differences will be realised or settled. Deferred tax assets and liabilities are only offset where
permitted by law.
Deferred tax assets and liabilities are shown separately from other receivables and payables due from/to tax
authorities, as specific items classified respectively as non-current assets and non-current liabilities.
Other taxes, that are not income taxes, such as property taxes, are shown as other operating expenses.
Main sources of uncertainty in estimates used in the financial statements
The preparation of financial statements and the Notes based on application of the IFRS requires that Directors use
estimates and assumptions that have an effect on assets and liabilities and on the disclosure of potential assets
91
and liabilities at the reporting date. The estimates and assumptions used are based on experience and other
factors considered material. The final results may differ from these estimates. The estimates and assumptions
are reviewed periodically and the effects of every variation are reflected immediately in the income statement or
shareholders’ equity for the reporting period when the estimate was made.
The most significant financial statement items affected by uncertainty are players’ registration rights, deferred
taxes, provisions for risks and charges and the valuation of the Library Juventus (an intangible asset of indefinite
life).
Information by business segment and geographic segment (“Segment Information”).
In accordance with IFRS 8, we report that the Company’s primary business consists of participating in national and
international football competitions; as a consequence, the economic and financial components of the financial
statements can be attributed essentially to this type of activity. Furthermore, the Company’s predominant business
is conducted in Italy.
6. Management of financial risks

The main financial risks connected with Juventus operations and business are summarised below:
Credit risk
Juventus has adopted suitable procedures to minimise its exposure to credit risk. Specifically, receivables due from
Italian football clubs are secured through the clearing house system organised by Lega Nazionale Professionisti
Serie A; Receivables due from foreign football clubs are generally secured by bank guarantees or other guarantees
issued by the counterparty clubs; Fees receivable under contracts for television rights are indirectly secured by
Lega Nazionale Professionisti Serie A through a minimum guarantee agreement with the advisor Infront Italy S.r.l..
Unsecured trade receivables are monitored regularly and the Company also sets aside an allowance for doubtful
accounts to manage the risk of uncollectability.
Interest rate risk
The financial payables making up the Company’s net financial position at 30 June 2014 consist of current account
overdrafts, including payables to factoring companies for advances on business agreements, a finance lease held
with UniCredit Leasing S.p.A. on the “Juventus Training Center” (see Note 50) and loans taken out with Istituto
per il Credito Sportivo to finance part of the construction of the Juventus stadium.
A sensitivity analysis as per IFRS 7 to determine the effects of an unexpected and unfavourable change in interest
rates on the Company’s income statement and shareholders’ equity, is reported in the note related to “Loans and
other financial payables” (see Note 22).
Derivative financial instruments
To hedge against the risk of fluctuations in interest rate, the Company has adopted a specific policy and
undertaken hedging transactions on the medium-long term loan by purchasing derivative financial instruments
(see Note 23). These derivative instruments are classed as Level 2 instruments under the hierarchy of IFRS 7. No
transfers between hierarchy levels took place during the financial year ended 30 June 2014. In accordance with

IAS 39, derivative financial instruments are considered trading transactions, with the exception of designated and
effective hedging instruments. A sensitivity analysis as per IFRS 7 on the instruments is not considered necessary
as any change in interest rates would have little effect on their value.
Exchange rate risk
Juventus conducts almost all its purchase and sales transactions in euro. As a result, it is not exposed in any
significant way to the risk of exchange rate fluctuations.
Liquidity risk
Liquidity risk is the risk that available cash flow may fall short of the obligations and liabilities falling due. The
Company manages liquidity risk by keeping the total amount of credit facilities in place with a number of premier
banking institutions at a level sufficient to prevent cash flow shortages from arising and ensure that operating and
investment requirements are satisfied. For additional information on bank credit facilities, see Note 51.
If unfavourable financial market conditions were to restrict the credit facilities available to Juventus and force the
company to overdraw its credit limits, the Company could find itself with cash flow shortages.
7. Adoption of new accounting standards, amendments and interpretations issued by IASB

Accounting standards, amendments and interpretations applicable at 1 July 2013
The following accounting standards were applied for the first time by Juventus starting from 1 July 2013.
On 16 December 2011, the IASB issued some amendments to IAS 7 - Financial Instruments: disclosures. The
amendments require disclosure on the effects or potential effects arising from rights to offset financial assets
and liabilities in the statement of financial position. The Company adopted this amendment starting 1 July 2013.
Adoption of the amendment did not have any effects on the disclosures contained in this Annual Financial Report.
On 12 May 2011, the IASB issued the standard IFRS 13 - Fair value measurement, which clarifies how fair value
is determined for the financial statements, and applies to all IFRSs that require or permit fair value measurement

or disclosures about fair value measurement. The Company adopted this amendment starting 1 July 2013. Its
adoption did not result in effects on the Company’s financial statements.
On 16 June 2011, the IASB issued an amendment to IAS 19 – Employee benefits, applicable retroactively from
the year starting after 1 January 2013, which eliminates the option of deferring the recognition of actuarial gains
and losses using the corridor method, requiring presentation of the provision deficit or surplus in the statement of
financial position, the recognition of cost components related to employment services provided and net financial
expenses in the income statement, and the recognition of actuarial gains and losses resulting from liability and
asset re-measurements in “Other comprehensive income/(loss)”. In addition, the return on assets included in
net financial expenses must be calculated based on the discount rate of the liability and no longer the expected
return on the asset. The amendment also introduces additional disclosures to provide in the notes to the financial
statements. The Company adopted this amendment starting 1 July 2013. Its adoption did not result in effects on
the Company’s financial statements.
93
On 16 December 2011, the IASB issued amendments to IAS 32 - Financial Instruments: Presentation, which
clarify the application of some criteria for offsetting financial assets and liabilities set out in IAS 32. The Company
adopted this amendment starting 1 July 2013. Its adoption did not result in effects on the Company’s financial
statements.
On 17 May 2012, the IASB issued a group of amendments to the IFRSs (“Improvement to IFRS’s – 2009-2011”)
which will be retrospectively applicable starting from 1 January 2013. The ones applicable to the company are listed
below, those which only resulted in changes in terminology with minimal reporting effects have been left out:
• IAS 1 – Presentation of Financial Statements: this amendment clarifies requirements for presenting comparative
information in the case where an enterprise changes accounting standards, carries out retrospective re-exposure
or a reclassification, or provides financial disclosure in addition to that requested by the standard;
• IAS 16 – Property, plant and equipment: this amendment clarifies that servicing equipment shall be capitalised
only if it meets the definition of Property, Plant and Equipment, otherwise it must be classified as Inventory.
• IAS 32 – Financial instruments: Presentation: this amendment eliminates an inconsistency between IAS 12 –
Income Taxes and IAS 32 concerning the recognition of taxes arising from the distribution of equity instruments
to holders that must be recognised in profit or loss to the extent to which the distribution refers to income
generated from operations originally recognised in profit or loss;
• IAS 34 – Interim Financial Reporting: this amendment clarifies that disclosure of all assets and liabilities for a
given segment must be provided if:
a) a measurement of total assets or total liabilities, or both, is regularly provided at the highest operational
decision-making level, and
b) a material change in these measurements has taken place in relation to the measurements provided in the
last Annual Financial Report for the segment.
The Company adopted these amendments retrospectively from 1 July 2013. These did not have any effects on
the Company’s financial statements.
Accounting standard and amendments not yet applicable and not adopted in advance by Juventus
On 20 December 2013 the European Union adopted the amendment to IAS 36 “Impairment of assets - Recoverable
amount disclosures for non-financial assets” which governs disclosures to provide on the recoverable amount of
assets which have undergone impairment, if this amount is based on the fair value less costs of disposal. The
changes must be applied retroactively starting from financial years beginning 1 January 2014.
On 20 December 2013 the European Union adopted the amendment to IAS 39 “Financial instruments: Recognition
and measurement – Novation of derivatives and continuation of hedge accounting”. The changes regard the
introduction of some exemptions to the hedge accounting requirements defined by IAS 39 in circumstances
where an existing derivative must be replaced with a new derivative which has by law or regulation directly (or
even indirectly) a central counterparty (CCP). The changes must be applied retroactively starting from financial
years beginning 1 January 2014.

On 20 May 2013 the IASB issued IFRIC 21 – Levies, an interpretation of IAS 37, related to accounting for payments
to a government agency or body for which the entity does not receive specific goods or services (“Levies”). in
accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, a liability is recognised when
an obligating event occurs. Pursuant to IFRIC 21, the obligating event is the activity operating or existing at a
certain date which triggers the payment of the levy, typically specified in the relevant legislation of the jurisdiction
concerned. This amendment must be applied retroactively starting from financial years which begin as of 1
January 2014.
On 12 December 2013, the IASB issued a group of amendments to the IFRSs (“Improvement to IFRS’s 2010-2012
cycle” - “Improvement to IFRS’s 2011-2013 cycle”) which will be retrospectively applicable for annual periods
starting on or after 1 July 2015; The ones applicable to the company are listed below, those which only resulted
in changes in terminology with minimal reporting effects have been left out:
• IFRS 2 Share Based Payments - changes have been made to the definitions of “vesting condition” and “market
condition” and the definitions “performance condition” and “service condition” (previously included in the
“vesting condition” definition) have been added;
• IFRS 3 Business Combination - The changes clarify that a contingent consideration classified as an asset or liability
must be measured at fair value on each reporting date, regardless of whether the contingent consideration is a
financial instrument where IFRS 9 or IAS 39 apply to a non-financial asset or liability. The changes in fair value
(different than period measurement adjustments) need to be reported in the income statement. In addition the
changes are aimed at clarifying the exclusion of all types of joint arrangements from the application framework
of IFRS 3.
• IFRS 8 Operating segments - The modifications require entities to disclose judgements made by management
in applying the aggregation criteria to operating segments, including a description of aggregated operating
segments and economic indicators considered in determining if such operating segments have “similar
economic characteristics”. In addition, it clarifies that an entity shall only provide reconciliations of the total of
the reportable segments’ assets to the entity’s assets if the segment assets are reported regularly to the chief

operating decision-maker.
• IFRS 13 Fair Value Measurement - The Basis for Conclusions have been changed to clarify that with the
issue of IFRS 13, and subsequent amendments to IAS 39 and IFRS 9, the possibility of reporting short-term
trade receivables and payables remains possible without recognising discounting effects, if such effects are
immaterial. In addition IFRS 13:52 (portfolio exception), in its current wording, limits the possibility of fair
value measurement based on net value only to financial assets and liabilities within the scope of IAS 39.
The change clarifies that the possibility of fair value measurement based on their net value also refers to
contracts within the scope of IAS 39 (or IFRS 9) but which do not meet the definition of financial asset or
liability in IAS 32, such as contracts to buy and sell commodities which can be settled in cash for their net
value.
95
• IAS 16 Property, plant and equipment and IAS 38 Intangible Assets - Le modifiche hanno eliminato le incoerenze
nella rilevazione dei fondi ammortamento quando un’attività materiale o intangibile è oggetto di rivalutazione.
I nuovi requisiti chiariscono che il gross carrying amount sia adeguato in misura consistente con la rivalutazione
del carrying amount dell’attività e che il fondo ammortamento risulti pari alla differenza tra il gross carrying
amount e il carrying amount al netto delle perdite di valore contabilizzate.
• IAS 24 Related Parties Disclosures – Key management personnel - The provisions applicable to the identification
of related parties were clarified and the disclosures to provide when the key management activities are supplied
by a management entity (and not by natural persons). In this case the management entity is considered a
related party and must be separately disclosed in terms of the supply of management entity services; for
the disclosure requirements for key management services, it is not necessary to indicate the remuneration
components paid to the management entity.
In May 2014 the IASB issued several amendments to IFRS 11 – Joint Arrangements: Recognition of acquisition of
an interest in a joint operation, providing clarifications on the accounting recognition of acquisitions of interest
in joint arrangements which constitute a business. The amendments are retrospectively applicable for annual
periods starting as of 1 January 2016. They may be applied in advance.
In May 2014, the IASB issued an amendment to IAS 16 – Property, plant and equipment and to IAS 38 - Intangible
assets. The IASB clarified that the use of methods based on revenues to calculate the depreciation of an asset
is not appropriate, as the revenues generated by an activity that includes the use of an asset generally reflects
factors other than the consumption of the asset’s expected economic benefits. The IASB also clarified that it is
assumed that revenues generally are not a suitable basis for measuring the consumption of economic benefits
generated by property, plant and equipment. Nonetheless, this assumption may be overcome in specific, limited
circumstances. These amendments are effective for annual periods starting as of 1 July 2016. They may be applied
in advance.
In May 2014, the IASB issued IFRS 15 - Revenue from contracts with customers, which requires that revenues be
recognised to represent the transfer of goods or services to customers at an amount which reflects the expected
consideration in exchange for said products or services. To achieve this purpose, the new revenue recognition
model defines a five-step process, and requires significant use of estimates and judgements as compared to that
required by the current IFRS in force. This is especially true for several processes such as the identification of the
various obligations in the contract, the estimate of the variable consideration to be included in the transaction
price and the allocation of the transaction price, separately, to the various obligations identified. Furthermore,
this new standard applies to certain repurchase contracts, depending on whether the customer obtains the
control of the asset covered by the contract. The new standard also requires additional disclosures on the nature,
amount, timing and uncertainty of the revenues and the cash flows arising from a contract with a customer.
The new standard must be applied for annual periods starting as of 1 July 2017, using one of the two methods:
retroactively, with separate reporting for each period presented, or retroactively with the cumulative effect deriving
from the first-time application of the standard, recognised at the date of first-time application. Early adoption of
the standard is permitted.

On July 2014 the IASB published IFRS 9 – Financial instruments. The set of amendments made to the new
standard includes the introduction of a logical model for classifying and measuring financial instruments, a single
framework for the impairment of financial assets based on expected losses and a substantially reformed renewed
approach to hedge accounting. The new standard will be retroactively applicable as of 1 January 2018, and may
be adopted in advance.
In August 2014 the IASB published the amendment to IAS 28, which allows measurement of investments in
subsidiaries, associates and joint ventures to be made, for the purpose of the separate financial statements, also
using the equity method.
8. Players’ registration rights, net
Details are as follows:
Amounts in thousands of euro Historical cost Accumulated Remaining

at 30/06/2014 amortisation and book value at
depreciation at 30/06/2014
Player name 30/06/2014
First Team 231,083 147,192 83,891

Other professional players 39,561 26,691 12,870
Player-sharing agreement 6,536 - 6,536
Other player-sharing agreement payable 21,163 5,650 15,513
Registered young players 1,804 715 1,089
Players’ registration rights, net 300,147 180,248 119,899
97
Details of players in the First Team are given below:
Amounts in thousands of euro Historical Accumulated Remaining Contract End of
cost at amortisation and book value at term contract
30/06/2014 depreciation at 30/06/2014
Asamoah Kwadwo 17,136 4,798 12,338 5 years 30/06/18

Barzagli Andrea 711 614 97 3 years 30/06/15 (a)
Bonucci Leonardo 15,232 9,383 5,849 5 years 30/06/17
Buffon Gianluigi 52,884 52,170 714 3 years 30/06/15
Caceres Silva Jose Martin 8,000 4,000 4,000 4 years 30/06/16
Chiellini Giorgio 7,430 7,029 401 5 years 30/06/15
Giovinco Sebastian 10,645 7,097 3,548 3 years 30/06/15
Isla Isla Mauricio Anibal (player-sharing agreement payable) 13,724 3,787 9,937 5 years 30/06/17
Lichsteiner Stephan 9,932 7,449 2,483 4 years 30/06/15
Llorente Torres Fernando J. 3,038 760 2,278 4 years 30/06/17
Marchisio Claudio 175 150 25 5 years 30/06/16
Moedim Rubens Fernando - - - 1 year 30/06/14 (b)
Ogbonna Obinze Angelo 13,325 2,665 10,660 5 years 30/06/18
Padoin Simone 4,929 2,957 1,972 5 years 30/06/16
Peluso Federico 4,679 1,170 3,509 5 years 30/06/17
Pepe Simone 7,297 5,473 1,824 5 years 30/06/15
Pirlo Andrea 1,164 1,164 - 2 years 30/06/14 (a)
Pogba Paul 1,635 818 817 4 years 30/06/16
Quagliarella Fabio 10,216 7,662 2,554 5 years 30/06/15
Storari Marco 4,472 4,472 - 3 years 30/06/14 (b)
Tevez Carlos Alberto 16,236 5,412 10,824 3 years 30/06/16
Vidal Pardo Arturo Erasmo 13,303 6,972 6,331 4 years 30/06/17
Vucinic Mirco 14,920 11,190 3,730 4 years 30/06/15
First Team 231,083 147,192 83,891
(a) The contracts were renewed until 30 June 2016 starting on 1 July 2014.
(b) The contracts were renewed until 30 June 2015 starting on 1 July 2014.

Details of the item Other professional players are given below:
30/06/2014 depreciation at 30/06/2014
Appelt Pires Gabriel (temporarily transferred) 2,215 1,316 899 5 years 30/06/16
Bouy Ouasim 450 337 113 4 years 30/06/15 (a)
Canizares Garcia-Loygorri Nicolas (temporarily transferred) 261 174 87 3 years 30/06/15
Castiglia Luca (temporarily transferred) 335 167 168 3 years 30/06/15
Cavion Michele (temporarily transferred) 1,088 427 661 5 years 30/06/17
Curti Nicolò 596 596 - 3 years 30/06/14
De Ceglie Paolo (temporarily transferred) 3,500 3,080 420 5 years 30/06/17
Del Papa Luca (temporarily transferred) 425 328 97 3 years 30/06/15
De Silvestro Elio (temporarily transferred) 774 258 516 4 years 30/06/16
Diagne Mbaye (temporarily transferred) 113 38 75 3 years 30/06/16
Ilari Carlo (temporarily transferred) 585 445 140 5 years 30/06/15
Josipovic Zoran (temporarily transferred) 468 468 - 3 years 30/06/14
Kabashi Elvis 676 169 507 4 years 30/06/17
Laursen Jacob Barret (temporarily transferred) 258 229 29 3 years 30/06/15
Leali Nicola (temporarily transferred) 3,897 1,559 2,338 5 years 30/06/17
Liviero Matteo (temporarily transferred) 183 123 60 4 years 30/06/15
Margiotta Francesco (temporarily transferred) 88 41 47 3 years 30/06/16
Martinez Jorge Andres (temporarily transferred) 11,792 10,318 1,474 2 years 30/06/15 (a)
Motta Marco (temporarily transferred) 3,649 2,737 912 5 years 30/06/15
Nocchi Timothy (temporarily transferred) 77 62 15 4 years 30/06/16
Pellizzari Stefano 1,716 206 1,510 3 years 30/06/16
Rossi Fausto (temporarily transferred) 1,677 1,118 559 4 years 30/06/16
Others 4,738 2,495 2,243
Other professional players 39,561 26,691 12,870
(a) The contracts were renewed until 30 June 2016 starting on 1 July 2014.

Details of player-sharing agreements are given below:
Amounts in thousands of euro Historical cost Accumulated Remaining
at 30/06/2014 amortisation and book value at
depreciation at 30/06/2014
Belfasti Nazzareno 183 - 183

Beltrame Stefano 449 - 449
Gabbiadini Manolo 4,721 - 4,721
Lanini Eric 12 - 12
Magnusson Hordur 36 - 36
Marrone Luca 10 - 10
Masi Alberto 724 - 724
Pasquato Cristian 31 - 31
Pinsoglio Carlo 56 - 56
Sorensen Frederik 70 - 70
Troisi James 244 - 244
Others - - -
Player-sharing agreement 6,536 - 6,536
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Details of player-sharing agreements payable, for players not included in the First Team are given below:

30/06/2014 depreciation at 30/06/2014
Anacoura Joyce Francesco (temporarily transferred) 742 293 449 5 years 30/06/17
Barlocco Luca 1,220 244 976 5 years 30/06/18
Berardi Domenico (temporarily transferred) 4,172 834 3,338 5 years 30/06/18
Bianconi Niko (temporarily transferred) 535 418 117 5 years 30/06/15
Boakye Yiadom (temporarily transferred) 3,919 1,568 2,351 5 years 30/06/17
Buchel Marcel (temporarily transferred) 1,644 631 1,013 5 years 30/06/17
Cais Davide (temporarily transferred) 1,525 169 1,356 5 years 30/06/18
Fiorillo Vincenzo (temporarily transferred) 1,933 215 1,718 5 years 30/06/18
Gallinetta Alberto (temporarily transferred) 1,022 405 617 5 years 30/06/17
Goldaniga Edoardo (temporarily transferred) 1,465 163 1,302 5 years 30/06/18
Rugani Daniele (temporarily transferred) 583 146 437 4 years 30/06/17
Russini Simone (temporarily transferred) 640 213 427 3 years 30/06/16
Spinazzola Leonardo (temporarily transferred) 400 200 200 4 years 30/06/16
Thiam Mame Baba (temporarily transferred) 1,363 151 1,212 5 years 30/06/18
Other player-sharing agreement payable 21,163 5,650 15,513
The changes in the item as shown below:

Professionals Player-sharing Player-sharing Registered Total
agreement agreement young
Amounts in thousands of euro payable players
Book value 259,498 32,261 490 1,593 293,842

Accumulated amortisation (162,211) (7,159) - (427) (169,797)
Allowance for doubtful accounts (4,823) - - - (4,823)
Balance at 30/06/2013 92,464 25,102 490 1,166 119,222
Investments 68,434 14,123 - 484 83,041
Disinvestments (gross) (71,473) - (3,685) (5) (75,163)
Use of accumulated amortisation 38,822 - - - 38,822
Use of allowance for doubtful accounts 4,823 - - - 4,823
Disinvestments (net) (27,828) - (3,685) (5) (31,518)
Amortisation (46,572) (3,830) - (381) (50,783)
Write-down (63) - - - (63)
Reclassifications 10,326 (19,882) 9,731 (175) -
Balance at 30/06/2014 96,761 15,513 6,536 1,089 119,899
Book value 270,644 21,163 6,536 1,804 300,147
Accumulated amortisation (173,820) (5,650) - (715) (180,185)
Allowance for doubtful accounts (63) - - - (63)
Balance at 30/06/2014 96,761 15,513 6,536 1,089 119,899

Below is an illustration of the main transactions related to players’ registration rights during the period:
Amounts in thousands of euro Counterparty Price IFRS value of Years of

clubs rights (incl. exp. contract
Player and bonuses)
Definitive acquisitions
Bnou-Marzouk Younes SASP FC Metz 500 (a) 590 3
De Silvestro Elio FC Pro Vercelli 1892 760 774 3
Kabashi Elvis Empoli FC 700 676 4
Llorente Torres Fernando - - 3,038 4
Ogbonna Obinze Angelo Torino FC 13,000 (b) 13,325 5
Peluso Federico Atalanta BC 4,800 4,679 4
Tevez Carlos Alberto Manchester City 9,000 (c) 16,236 3
Zaza Simone UC Sampdoria 3,500 4,125 5
Player-sharing acquisitions (50%)

Barlocco Luca Atalanta BC 1,250 1,220 5
Berardi Domenico US Sassuolo 4,500 4,172 5
Cais Davide Atalanta BC 1,540 1,525 5
Fiorillo Vincenzo UC Sampdoria 2,000 1,933 5
Goldaniga Edoardo US Città di Palermo 1,500 1,465 5
Pellizzari Stefano AC Cesena 1,000 966 3
Rugani Daniele Empoli FC 500 583 4
Russini Simone Ternana Calcio 650 639 3
Thiam Mame Baba Virtus Lanciano 1924 1,400 1,363 5
Termination of player-sharing agreements in favour of Juventus

Asamoah Kwadwo Udinese Calcio 9,000 8,568 4
Gabbiadini Manolo Atalanta BC 5,500 5,239 5

Immobile Ciro Genoa CFC 2,750 2,620 3
Isla Isla Mauricio Anibal Udinese Calcio 4,500 4,376 2
Pellizzari Stefano AC Cesena 750 750
Other investments/increases* 4,179

Total investments 83,041
(a) The acquisition price could increase by € 1,000 thousand if certain sports goals are reached during the contract.
(b) The acquisition price could increase by € 2,000 thousand if certain sports goals are reached during the contract (performance bonus).
(c) The acquisition price could increase by € 6,000 thousand if certain sports goals are reached during the contract, of which € 2,000
thousand already matured after winning the 2013/2014 Serie A Championship and qualification for the 2014/2015 UEFA Champions
League.
* Includes the capitalisation of any bonuses linked to sports scores paid to the football clubs for players acquired during the previous Transfer
Campaigns.
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Amounts in thousands of euro Counterparty Price Price present Net book Solidarity Capital
clubs value value subsidy gains
Player (capital losses)
Definitive disposals
Garcia Carlos Wilhem Parma FC 500 477 151 - 326
Giaccherini Emanuele Sunderland Association FC 7,500 7,251 4,220 111 2,920
Matri Alessandro Milan AC 11,000 10,307 9,748 - 559
Melo De Carvalho Felipe Galatasaray Sportif Sinai 3,750 3,750 3,750 (a) - -
Player-sharing disposals (50%)

Beltrame Stefano UC Sampdoria 2,000 1,932 448 - 1,484
Branescu Constantin Virtus Lanciano 1924 1,650 1,600 - - 1,600
Ceria Edoardo Atalanta BC 800 781 - - 781
Emanuello Simone Atalanta BC 1,500 1,476 - - 1,476
Gabbiadini Manolo UC Sampdoria 5,500 5,239 4,721 - (b)
Gouano Prince Atalanta BC 450 439 165 - 274
Lanini Eric US Città di Palermo 1,500 1,449 12 - 1,437
Immobile Ciro Torino FC 2,750 2,620 1,321 - 1,299
Magnusson Hordur Spezia Calcio 1,000 954 36 - 918
Marrone Luca US Sassuolo 4,500 4,428 10 - 4,418
Masi Alberto Ternana Calcio 2,000 1,905 724 - 1,181
Moncini Gabriele AC Cesena 1,000 966 70 - 896
Ruggiero Giuseppe FC Pro Vercelli 1892 470 457 - - 457
Zaza Simone US Sassuolo 2,500 2,381 2,063 - 318
Termination of players’ contract agreements

Boniperti Filippo Parma FC 700 700 20 - 680
Chibsah Yussif Raman Parma FC 1,000 914 45 - 869
Gouano Prince Atalanta BC 1,000 1,000 165 - 835
Immobile Ciro Torino FC 8,035 8,035 1,321 - 6,714
Moncini Gabriele AC Cesena 750 750 70 - 680
Zaza Simone US Sassuolo 7,500 7,134 2,063 - 5,071
Other disinvestments 499 395 - 104

Total disinvestments (net) 31,518 111 35,297
(a) The disposal transaction, which took place on 20 July 2013 for a price of € 3,750 thousand (wholly payable in the 2013/2014 financial year)
led to the need to adjust the remaining book value of the right to the disposal price, with a consequent write-down of € 3,226 thousand
recognised in the 2012/2013 financial year. The payment to Juventus could increase by a maximum of € 500 thousand, if Galatasaray
achieves certain sports goals in the coming football seasons, of which € 500 thousand already matured following the qualification of
Galatasaray in the UEFA Champions League 2013/2014 round of sixteen and the qualification of Galatasaray in the UEFA Champions
League 2014-2015.
(b) The gain was temporarily suspended pending the definition of the player-sharing agreement.

The net total financial effect, including capitalised auxiliary expenses and financial income and expenses implicit
in deferred receipts and payments, amounts to € 12,249 thousand, distributed as follows:
Expiration
Amounts in thousands of euro Total 2013/2014 2014/2015 2015/2016 2016/2017 2017/2018
LNP and others (3,075) (6,794) 3,911 (4,342) 4,450 (300)

Foreign FC 1,290 (210) (500) 2,000 - -
Agents (10,464) (4,840) (3,916) (1,708) - -
Total (12,249) (11,844) (505) (4,050) 4,450 (300)
The balance of players’ registration rights, totalling € 119,899 thousand, includes capitalisation of compensation
to FIFA agents, related to services provided for the Transfer Campaigns, for an outstanding amount of € 7,593
thousand (€ 8,499 thousand capitalised during the year). The breakdown is shown below.
Amounts in thousands of euro Auxiliary expenses for FIFA agents

Player acquired Capitalised in Remaining
2013/2014 book value at
30/06/2014
Audero Mulyadi Emil - 3

Barzagli Andrea - 9
Bnou Marzouk Younes 90 60
Buffon Gianluigi - 55
Canizares Garcia-Loygorri Nicolas - 20
Cavion Michele - 30
Donis Anastasios 30 69
Garcia Tena Pol - 16
Hromada Yakub 26 40
Isla Isla Mauricio Anibal - 283
Kastanos Grigoris 30 24
Laursen Jacob Barret - 3
Lichtsteiner Stephan - 50
Llorente Torres Fernando J. 3,038 2,278

Magnusson Hordur - 6
Marin Vladut 75 60
Marrone Luca - 10
Otin Lafuente Hector - 32
Pogba Paul Labile - 375
Romagna Filippo - 3
Roussos Almpertos 40 20
Sakor Vajebah 30 31
Slivka Vykintas 40 30
Sorensen Frederik Hillesborg - 13
Tevez Carlos Alberto 4,829 3,220
Troisi James - 244
Untersee Joel - 23
Varga Atila 26 17
Vidal Pardo Arturo Erasmo 245 499
Vucinic Mirko - 70
Auxiliary expenses for FIFA agents 8,499 7,593
103
For additional details on players’ registration rights see the table required by FIGC regulations attached to these
notes.
9. Other intangible assets

These mainly include user rights to the historical archive of television images of the Company (also known as
the “Juventus Library”). This is an intangible asset of indefinite life, in that the historical archive of television
recordings will grow over time with the possibility of endless use. This asset was initially recognised at purchase
cost and is tested annually for impairment.
At 30 June 2014, the value of the Juventus Library was equal to € 29,850 thousand. This amount is significantly
lower than the current value of expected cash flows from commercial contracts that have been signed or are at an
advanced stage of negotiations, most of which have a term ending 30 June 2018, net of auxiliary costs expected
to be incurred as a consequence of the contracts and terminal value of the Juventus Library (discounted cash
flow method). To discount expected cash flows, the Company uses the weighted average cost of capital (WACC),
net of the tax effect, annually updated based on the composition of financing sources and market interest rates.
Given the criteria used, it is believed that the Juventus Library value is recoverable by economically exploiting its
rights. A WACC of 5% was used, calculated considering an average medium-term borrowing cost of 5.5%, a free
risk rate of 3.5%, a risk premium of 5.5% and a beta of 0.91.
The Company conducted sensitivity analysis of the estimated recoverable value considering the WACC as the
core parameter in estimating fair value. This analysis showed that a 100 basis point increase in the discount rate
would not cause an excess book value of the Juventus Library in relation to its recoverable value, which is always
significantly higher.
In relation to the Juventus Library, the Company had also stipulated some commercial contracts in the past against
which it has already received advances for € 9,814 thousand, recognised under “Received advances”.
“Other intangible assets” mainly refer to trademarks, software and the photography archive.
The changes during the period in the item are as follows:

Juventus Other intangible Total
Library assets
Amounts in thousands of euro
Initial book value 29,850 4,180 34,030

Initial accumulated amortisation - (3,540) (3,540)
Balance at 30/06/2013 29,850 640 30,490
Investments - 635 635
Amortisation - (340) (340)
Use of amortisation - - -
Balance at 30/06/2014 29,850 935 30,785
Final book value 29,850 4,815 34,665
Final accumulated amortisation - (3,880) (3,880)
Balance at 30/06/2014 29,850 935 30,785

The investments included in the item “Other intangible assets” mainly referred to costs incurred for implementing
various software.
10. Land and buildings

These assets refer to:
• the Vinovo Training Centre (Juventus Training Centre), currently the property of UniCredit Leasing S.p.A. and
the object of a finance lease. The related payable to the leasing company is reported under “Loans and other
financial payables”;
• the new Juventus Stadium, which opened on 8 September 2011;
• the Juventus Museum, which opened on 16 May 2012.
Changes in the item are shown in the table below:
Land Buildings
JTC JTC Juventus Total
Stadium and
Amounts in thousands of euro Museum
Initial book value 5,000 20,237 107,034 132,271

Initial accumulated amortisation - (3,474) (3,893) (7,367)
Balance at 30/06/2013 5,000 16,763 103,141 124,904
Investments - 20 238 258
Reclassification of the item “Tangible assets
in progress” - 1,197 2,513 3,710
Amortisation - (643) (2,196) (2,839)
Balance at 30/06/2014 5,000 17,337 103,696 126,033
Final book value 5,000 21,454 109,785 136,239
Final accumulated amortisation - (4,117) (6,089) (10,206)
Balance at 30/06/2014 5,000 17,337 103,696 126,033
The increase in the value of buildings refers to the new stand at Juventus Stadium called Legends Club which

opened in August 2013 (€ 2,378 thousand), the new warehouse situated on the south-east side of Juventus
Stadium (€ 135 thousand) as well as the expansion of the premises of J College (€ 736 thousand) and the
refectory at the Juventus Training Center which began operation at the beginning of the new school year (€ 461
thousand) - also see Note 12.
105
11. Other tangible assets
The breakdown and changes in this item are shown in the table below:
Equipment Industrial and Other assets Total

and machinery commercial
Amounts in thousands of euro equipment
Initial book value 32,404 2,653 10,331 45,388

Initial accumulated amortisation (7,246) (1,807) (3,358) (12,411)
Balance at 30/06/2013 25,158 846 6,973 32,977
Investments 788 149 547 1,484
Reclassification of the item “Tangible assets
in progress” - - 6 6
Amortisation (3,608) (170) (1,258) (5,036)
Balance at 30/06/2014 22,338 825 6,268 29,431
Final book value 33,192 2,802 10,884 46,878
Final accumulated amortisation (10,854) (1,977) (4,616) (17,447)
Balance at 30/06/2014 22,338 825 6,268 29,431
The increase in the value of other tangible assets arises from investments made in the period, mainly for general
plant and furniture and common office machines.
12. Tangible assets in progress

Land adjacent to JTC Juventus Total

Amounts in thousands of euro the JTC Stadium
Balance at 30/06/2013 - 493 1,278 1,771

Investments 2,160 977 1,241 4,378
Reclassification to “JTC Buildings” - (1,197) - (1,197)
Reclassification to the item “Buildings Juventus Stadium and Museum” - - (2,513) (2,513)
Reclassification to “Other tangible assets - other assets” - - (6) (6)
Balance at 30/06/2014 2,160 273 - 2,433
The investment regarding the land adjacent to the training centre in Vinovo (JTC) refers to the advance paid to
Campi di Vinovo S.p.A. following the signing of the preliminary sales agreement for the land on 14 April 2014
(for more information, refer to significant events of 2013/2014 in the Report on Operations).
The costs relating to the Juventus Training Center regard the expansion of J College, which was completed in
April 2014, as well as the investments under way for the larger project to reorganise the training centre, which
will continue after the First Team is moved to the new training centre which will be built in the Continassa area.

13. Non-current financial assets
These total € 4,100 thousand and refer to the balance of the bank account opened at Unicredit S.p.A. pledged
as a guarantee on the loan granted by Istituto per il Credito Sportivo.
14. Deferred tax assets

The balance of deferred tax assets amounts to € 5,545 thousand. The change compared to the balance of
€ 4,930 thousand at 30 June 2013 is as follows:
Taxable income Taxes Provisions Draw- Taxes Taxable income

Amounts in thousands of euro 30/06/2013 30/06/2013 downs 30/06/2014 30/06/2014
Long Term Incentive Plan 4,119 1,133 488 - 1,621 5,895

Retained taxable losses 13,016 3,580 199 - 3,779 13,740
Share issue costs (to Shareholders’ Equity) 792 217 - (72) 145 528
Deferred tax assets 17,927 4,930 687 (72) 5,545 20,163
Based on the forecasts by the management, no problems are expected in recovering deferred tax assets.
Furthermore, they amount to € 38 thousand less than deferred tax liabilities. Deferred tax assets allocated to
tax losses carried forward account for 80% of the amount of deferred tax liabilities allocated for the temporary
difference in value for Juventus Library tax purposes. These taxes may annul each other if statutory and fiscal
values are realigned following disposal or impairment of the asset.
15. Receivables due from football clubs for transfer campaigns

These are receivables due from football clubs from the disposal of players; they are due within the next five
financial years and are almost all covered by a direct guarantee or through Lega Nazionale Professionisti Serie A.
These total € 97,765 thousand and show an increase of € 33,982 thousand compared to the balance of
€ 63,783 thousand at 30 June 2013 as a result of new receivables arising from the Transfer Campaigns and

proceeds received during the period.
107
The balance at 30 June 2014 is composed as follows based on due dates and counterparties:
Current Non-current Balance at
Amounts in thousands of euro share share 30/06/2014
Torino F.C. S.p.A. 9,935 1,800 11,735

U.S. Sassuolo Calcio S.r.l. 8,180 9,160 17,340
Atalanta B.C. S.p.A. 8,145 - 8,145
Udinese Calcio S.p.A. 7,000 - 7,000
Parma F.C. S.p.A. 6,575 700 7,275
U.C. Sampdoria S.p.A. 5,780 5,610 11,390
A.C. Milan S.p.A. 2,750 5,500 8,250
A.C. Cesena S.p.A. 1,800 975 2,775
F.C. Pro Vercelli 1892 S.r.l. 1,610 - 1,610
Ternana Calcio S.p.A. 1,600 1,300 2,900
Bologna 1909 F.C. S.p.A. 1,550 - 1,550
U.S. Città di Palermo S.p.A. 1,500 1,500 3,000
A.C. Siena S.p.A. 1,500 - 1,500
S.S.Virtus Lanciano 1924 S.r.l. 1,360 1,360 2,720
Genoa Cricket and Football Club S.p.A. 950 900 1,850
Spezia Calcio S.r.l. 666 667 1,333
Cagliari Calcio S.p.A. 400 - 400
Empoli F.C. S.p.A. 330 - 330
Novara Calcio S.p.A. 300 - 300
Modena F.C. S.p.A. 125 - 125
Vicenza Calcio S.p.A. 120 115 235
Carpi F.C. 1909 S.r.l. 80 - 80
Total Italy 62,256 29,587 91,843
Sunderland Association F.C. Ltd. 2,500 2,000 4,500
Fenerbahce Spor Kulubu 2,500 - 2,500
Galatasaray Sportif Sinai Ve Ticari Yatirimlar A.S. 1,000 - 1,000
Tottenham Hotspur Plc 333 - 333
Elche Club de Futbol SAD 150 - 150
Paris Saint-Germain Football Sasp 21 21 42
Havre Athletic Club 1 - 1
Total foreign 6,505 2,021 8,526
Adjustment for implicit financial income (719) (1,885) (2,604)
Receivables due from football clubs for transfer campaigns 68,042 29,723 97,765

16. Other current and non-current assets
30/06/2014 30/06/2013
Current Non-current Total Current Non-current Total
Amounts in thousands of euro share share share share
Receivables due from Campi di Vinovo S.p.A.

for the sale of the branch of business
of “Mondo Juve - commercial park” 7,407 - 7,407 10,352 - 10,352
Receivables due from Finanziaria Gilardi S.p.A.
for sale of the Campi di Vinovo S.p.A.
shareholding 3,293 1,579 4,872 6,872 - 6,872
Adjustment for financial income underlying
the receivables due from Campi di Vinovo S.p.A.
and Finanziaria Gilardi S.p.A. - - - (234) - (234)
Receivables due from I.C.S. for interest rate
subsidy (non-current portion) 302 2,414 2,716 302 2.716 3,018
Adjustment for financial income underlying
the receivable due from I.C.S. (97) (414) (511) (105) (511) (616)
Prepaid expenses 1,014 555 1,569 1,419 716 2,135
Receivables due from insurance companies 230 - 230 238 - 238
Receivables due from Lega Nazionale
Professionisti Serie A 175 - 175 210 - 210
Tax receivables 95 - 95 97 - 97
Miscellaneous 262 95 357 278 82 360
Other current and non-current assets 12,681 4,229 16,910 19,429 3.003 22,432
The receivables due from Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A., respectively equal to € 4,872
thousand and € 7,407 thousand, refer to the sale and transfer of the Campi di Vinovo S.p.A. (“CdV”) shareholding
and the branch of business related to the “Mondo Juve – Parco Commerciale” project to be built on the land of
Campi di Vinovo S.p.A. to Finanziaria Gilardi S.p.A. (originally Costruzioni Generali Gilardi S.p.A.).

During the 2013/2014 financial year, Finanziaria Gilardi S.p.A. proposed to Juventus a payment extension of the
above receivables, given the extreme crisis that has impacted all economic and financial sectors, as well as the
delays accrued in development of the “Mondo Juve – Parco Commerciale” project in relation to the planned
schedule.
Therefore, in February 2014 Juventus, based on the above arguments and against payment by Finanziaria Gilardi
S.p.A. of € 2,000 thousand on 31 December 2013, granted the counterparties deferral of payment of the total
remaining receivable of € 14,379 thousand according to the following due dates: € 2,000 thousand by 30
September 2014, € 4,000 thousand by 31 December 2015 and € 8,379 thousand by 31 July 2016.
Following a preliminary agreement for the purchase of some land adjacent to the training centre, signed on 14
April 2014 (for details, see Note 12) these due dates were changed once again, as follows: € 2,100 thousand by
30 April 2014 (already received), € 2,000 thousand by 30 September 2014, € 8,700 thousand by 31 December
2014 and € 1,579 thousand by 31 July 2016. The first three payment due dates were aligned with the outlays for
the purchase of the land by Juventus and the collection of the remaining receivable of € 1,579 million is secured
by a guarantee from a leading bank. Therefore, the pledge on the Campi di Vinovo S.p.A. was extinguished.
109
The discounted receivable due from Istituto per il Credito Sportivo refers to an interest rate subsidy granted by
the same Institute, in accordance with current laws, related to a loan for the construction of the new stadium.
Prepaid expenses mainly refer to insurance premiums of € 814 thousand (of which € 369 thousand non-current),
prepaid interest on the Training Centre lease of € 164 thousand (of which € 82 thousand non-current) and
commissions on guarantees.
17. Trade receivables

This item totals € 25,598 thousand and increased by € 12,955 thousand (€ 12,643 thousand at 30 June 2013).
The time schedule for trade receivables is given below:
Amounts in thousands of euro 30/06/2014 30/06/2013
Trade receivables not yet due 15,199 5,370

Trade receivables due from less than 60 days 10,320 6,384
Trade receivables due from 61 to 120 days 317 466
Trade receivables due more than 120 days 1,142 1,847
Allowance for doubtful accounts (1,380) (1,424)
Trade receivables 25,598 12,643
The increase in trade receivables not yet due mainly refers to revenues from sponsorships as a result of sporting
results achieved. Trade receivables due from less than 60 days refer to receivables falling due in June and collected
almost in full during July and August.
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.
The provisions set aside to the allowance for doubtful accounts in the period amounted to V 386 thousand, with
use of € 430 thousand.
18. Cash and cash equivalents

At 30 June 2014 cash and cash equivalents totalled V 1,587 thousand (V 1,777 thousand at 30 June 2013) and
were mainly composed of positive balances of ordinary accounts held at banks.
19. Advances paid

These total V 29,098 thousand, of which V 24,042 thousand non-current (of which V 22,994 thousand beyond
five financial years) and mainly refer to the payment made for the acquisition of the long-term lease of the
Juventus Stadium area (V 12,548 thousand) and for the acquisition of the long-term lease and relative auxiliary
expenses of the Continassa area (V 11,756 thousand).

20. Shareholders’ Equity
At 30 June 2014, 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 30 June 2014 amounted to € 42,627 thousand, down compared to the balance of
€ 48,631 thousand at 30 June 2013 due to the effect of the loss for the year (€ -6,674 thousand), net of changes
in cash flow hedge reserves (€ +179 thousand) and actuarial gains/losses reserves (€ +564 thousand), as well as
other minor changes (€ -73 thousand).
The information required by Art. 2427 no. 7 bis of the Italian Civil Code on the availability and possibility of
distribution of reserves is illustrated below:
Balance at Possibility Portion Uses in the three
Amounts in thousands of euro 30/06/2014 of use available previous years
(to cover losses)
Share capital 8,182 - - -

Reserves:
- Share premium reserve 41,130 A, B, C 41,130 64,565 *
- Cash flow hedge reserve (452) - - -
- Actuarial gains/(losses) reserve 441 - - -
Loss for the year (6,674) - - -
Total 42,627 41,130 64,565
A for the share capital increase
B for the coverage of losses
C for distribution to shareholders
* The “Share premium reserve” was re-established following the share capital increase in January 2012, and during the 2012/2013 and
2013/2014 financial years was adjusted for deferred taxes relating to the costs of the share capital increase recorded directly in Shareholders’
equity (for a total of € 73 thousand per year). For further details, see the Statement of Changes in Shareholders’ Equity.
21. Provisions for non-current employee benefits

This refers to the 2011/2012–2014/2015 Long-Term Incentive Plan approved by the Board of Directors on 29

February 2012 for the CEOs and some employees who hold top positions in the enterprise. The objective of this
plan is beneficiary retention and the alignment of their financial incentives with the medium-term economic and
financial targets set by the Board of Directors.
The Long Term Incentive Plan is part of long-term employee benefits pursuant to IAS 19, section 126. Measurement
of relative liabilities (€ 5,895 thousand) represents the current value of the defined benefits obligation at 30 June
2014 (€ 4,277 at 30 June 2013).
Provisions set aside during the period amounted to € 2,181 thousand, (€ 2,111 thousand at 30 June 2013).
Actuarial gains for the 2013/2014 financial year on said Plan, amounting to € 564 thousand (compared to a
loss of € 122 thousand at 30 June 2013), were immediately recorded and recognised in the shareholders’ equity
reserve “Statement of Other Comprehensive Income (OCI)”.
111
The main assumptions used to measure this liability at 30 June 2014 are provided below:
30 June 2014 30 June 2013
Number of participants 19 16
Average age (years) 46 42
Financial assumptions
Discount rate 0.35% 0.75%
Rate of salary increase 4% 8%
Demographic assumptions
Mortality ISTAT 2008 ISTAT 2008
Invalidity INPS 1998 INPS 1998
22. Bonds and other financial liabilities

They include payables due to:
30/06/2014 30/06/2013
Istitituto per il Credito Sportivo 4,437 43,352 47,789 4,248 47,788 52,036
Banks 106,265 - 106,265 50,112 - 50,112
Factoring companies 44,218 - 44,218 49,286 - 49,286
Lease companies 2,638 (a) 10,345 12,983 2,208 11,848 14,056
Bonds and other financial liabilities 157,558 53,697 211,255 105,854 59,636 165,490
(a) including interest and adjustment for E 273 thousand.
Bonds and other financial liabilities at 30 June 2014 mainly concern loans granted by the Istituto per il Credito
Sportivo for construction of the Juventus Stadium, the balances in bank accounts, payables due to factoring
companies for advances on contracts and trade receivables, as well as the payable due to UniCredit Leasing S.p.A.
for the finance lease of the Training Centre in Vinovo. On 26 May 2014 an addendum was signed for € 1,342
thousand to finance the expansion works of the classrooms of J College and the construction of the refectory (for
details, see Note 50). Payables due to factoring companies at 30 June 2014 mainly refer to advance transactions
on business contracts and are therefore equivalent to short-term bank loans.
As regards loans taken out for construction of the Juventus Stadium, real estate acquired under the long-term
lease was mortgaged to the lender for a maximum value of € 120 million.
The due dates of loans and other financial payables are shown below:
At 30 June
Amounts in thousands of euro revocable 2015 2016 2017 2018 2019 2020 Beyond Total
Istitituto per il Credito Sportivo - 4,437 4,633 4,838 5,053 5,277 5,511 18,040 47,789
Banks 106,265 - - - - - - - 106,265
Factoring companies 44,218 - - - - - - - 44,218
Lease companies - 2,638 2,664 7,681 - - - - 12,983
Bonds and other financial liabilities 150,483 7,075 7,297 12,519 5,053 5,277 5,511 18,040 211,255

Financial liabilities exposed to interest rate risk (payables due to banks and factoring companies) were subjected
to a sensitivity analysis on the date this annual financial report was prepared. For financial liabilities at a variable
rate, the analysis was performed based on the assumption that period-end exposure had remained constant for
the entire period.
The effects of the change with an increase/decrease of 100 bps on an annual basis of interest rates would have
been as follows:
30 June 2014 30 June 2013
Amounts in thousands of euro Income statement Income statement
+ 100 bsp
cash/loans (1,453) (942)
- 100 bsp
cash/loans 1,453 942
Medium-long term financial liabilities due to the Istituto per il Credito Sportivo and UniCredit Leasing S.p.A. are
not exposed to interest rate risk since they are respectively at a fixed rate or hedged by derivative instruments
(see Note 23).
23. Non-current financial liabilities

The amount of € 452 thousand (€ 631 thousand at 30 June 2013) represents the fair value of the Interest Rate
Swap entered into on 11 April 2011 to hedge the interest rate applicable to the finance lease with UniCredit
Leasing S.p.A. relative to the Juventus Training Centre in Vinovo.
In compliance with IAS 39, the positive change in fair value reported at 30 June 2014 (€ +179 thousand) was
recognised as an increase in the shareholders’ equity reserve (cash flow hedge reserve). This reserve (€ -452
thousand at 30 June 2014) will be released when the interest payable on the loans, representing expected cash

flows, is recorded in the income statement.
24. Payables due to football clubs for transfer campaigns

These concern current and non-current payables due to football clubs for the acquisition of players, all due within
the next 5 years.
These total € 103,826 thousand and show an increase of € 5,380 thousand compared to the balance of
€ 98,446 thousand at 30 June 2013 as a result of new payables arising from the Transfer Campaigns and
payments made in the period.
113
The balance at 30 June 2014 is composed as follows based on due dates and counterparties:
Current Non-current Balance at
Amounts in thousands of euro share share 30/06/2014
Udinese Calcio S.p.A. 17,750 5,250 23,000

Atalanta B.C. S.p.A. 12,380 1,830 14,210
Parma F.C. S.p.A. 9,025 - 9,025
Torino F.C. S.p.A. 5,750 5,700 11,450
U.C. Sampdoria S.p.A. 5,110 4,945 10,055
U.S. Sassuolo Calcio S.r.l. 4,340 5,830 10,170
A.C. Cesena S.p.A. 2,055 975 3,030
Genoa Cricket and Football Club S.p.A. 1,920 1,800 3,720
F.C. Pro Vercelli 1892 S.r.l. 1,745 - 1,745
U.S. Citta’ di Palermo S.p.a. 1,500 1,500 3,000
A.C. Siena S.p.A. 1,500 - 1,500
S.S. Virtus Lanciano 1924 S.r.l. 1,420 1,235 2,655
Brescia Calcio S.p.A. 1,250 - 1,250
Empoli F.C. S.p.A. 1,230 - 1,230
Ternana Calcio S.r.l. 1,100 650 1,750
Bologna F.C. 1909 S.p.A. 775 - 775
Novara Calcio S.p.A. 415 - 415
Spezia Calcio S.r.l. 333 334 667
Vicenza Calcio S.p.A. 293 230 523
A.C. Reggiana S.p.A. 152 - 152
Modena F.C. S.p.A. 137 - 137
Delfino Pescara 1936 S.r.l. 100 - 100
S.S. Chieti Calcio S.r.l. 71 - 71
A.C. Bra S.r.l. 62 - 62
S.S. Barletta Calcio S.r.l. 53 - 53
S.S. Juve Stabia S.p.a. 45 - 45
A.C. Cuneo 1905 S.r.l. 39 - 39
F.B.C. Unione Venezia S.r.l. 38 - 38
U.S. Gavorrano S.r.l. 28 - 28
A.C. Prato S.p.A. 27 - 27
Carrarese Calcio S.r.l. 20 - 20
Feralpisalò S.r.l. 18 - 18
A.S. Bari S.p.A. 15 - 15
A.C. Pisa 1909 s.s. S.r.l. 15 - 15
A.C. Pistoiese S.r.l. 1 - 1
Total Italy 70,712 30,279 100,991
Manchester City Football Club Ltd. 5,000 - 5,000
C.A. Boca Juniors 158 - 158
F.C. Barcelona 83 - 83
F.C. Vojvodina 58 - 58
CSKA P.F.C. Mosca 50 - 50
S.C. Corinthians 40 - 40
Djurgardens Elitfotboll AB 30 10 40
C.A. All Boys 27 - 27
West Ham United 25 - 25
F.C. Rudar 17 - 17
Colo Colo 16 - 16
Sunderland Association F.C. Ltd. 6 29 35
Deportes Melipilla Sadt 3 - 3
Club Rodelindo Roman 2 - 2
Panama S.C. 1 - 1
Total foreign 5,516 39 5,555
Adjustment for implicit financial expenses (1,010) (1,710) (2,720)
Payables due to football clubs for transfer campaigns 75,218 28,608 103,826

25. deferred tax liabilities
At 30 June 2014, the item amounted to € 5,583 thousand, compared to € 5,279 thousand at the beginning of
the period. Changes in the period are as follows:
Taxable income Taxes Provisions Draw- Taxes Taxable income

Amounts in thousands of euro 30/06/2013 30/06/2013 downs 30/06/2014 30/06/2014
Amortisation of the Library value (corporate tax) 16,270 4,475 249 - 4,724 17,175
Amortisation of the Library value (IRAP) 9,455 368 65 - 433 11,113
Finance lease for Training Centre
and other minor ones 1,549 436 - (10) * 426 1,549
Deferred tax liabilities 27,274 5,279 314 (10) 5,583 29,837
* Use in the period refers only to the amount of deferred tax liabilities used for the purpose of regional production tax (IRAP).
Deferred tax liabilities refer mainly to temporary differences in the value of the Juventus Library due to the tax
depreciation of the asset.
As regards the gains realised in the 2013/2014 financial year from the sale of the registration rights of players held
for at least one year, the Company reserves the right to recalculate the amount of profit to be deferred and the
period of deferment when filing its income tax return (March 2015).
26. Other non-current and current liabilities

30/06/2014 30/06/2013
Payables due for remuneration

to employees and others 28,332 - 28,332 (a) 25,395 - 25,395
Tax payables for withholding tax
and other taxes 11,619 - 11,619 9,521 - 9,521
Payables due for auxiliary expenses

and Transfer Campaign 5,429 1,708 7,137 2,588 25 2,613
Prepaid income and accrued expenses 4,626 - 4,626 1,748 - 1,748
Payables due to social security agencies 964 - 964 918 - 918
Adjustment for implicit financial expenses (14) (66) (80) (34) (1) (35)
Other payables 4,823 42 4,865 5,644 32 5,676
Other non-current and current liabilities 55,779 1,684 57,463 45,780 56 45,836
(a) including remuneration for variable bonuses matured mainly by players and technical staff.
Payables to employees and similar mainly refer to the remuneration for June 2014 and the variable bonuses
accrued by players and technical staff as a result of the Championship victor and the individual performances
achieved. These amounts were paid in July 2014 as envisaged by contract.
Tax payables totalling € 11,619 thousand, primarily regard payables due for withholding taxes to pay (€ 6,452
thousand), VAT resulting from the payment for June 2014 (€ 3,909 thousand) and for IRAP (€ 1,201 thousand).
Also note that on 15 January 2013, the Regional Tax Authorities - Major Taxpayer Office sent a questionnaire
115
requesting accounting documents for the tax treatment of IRES, IRAP, VAT and withholdings of invoices for
services “provided by sports agents and/or companies they represent in favour of professional athletes employed
by the sports company” for the period from 1 July 2008 to 31 December 2012. This request regarded the players
Grygera, Marchionni, Trezeguet, Cardoso Tiago Mendes, Sissoko, Salihamidzic and Buffon in reference to the
tax audit which resulted in the Audit Report of 23 July 2009 and already the subject matter of a settlement in
accordance with article 5, paragraph 1-bis of the Legislative Decree 218/1997 up to the tax period closed on 30
June 2008 for IRES and IRAP and the 2008 calendar year for withholding tax and VAT. The proceedings concluded
with a total outlay for Juventus of € 222,209.48, including sanctions and interest, of which € 56,700.19 was still
recorded under tax payables at 30 June 2014, as it was paid on 25 July 2014.
27. Current provisions for risks and charges

This item, totalling € 1,158 thousand (€ 425 thousand at 30 June 2013), contains provisions set aside for
expenses to be incurred for business disputes, as well as other expenses. Provisions for the period amounted to
€ 876 thousand.
Uses of the Provision for other risks and charges, amounting to € 143 thousand, mainly referred to fines relating
to sports events, as well as other expenses.
28. Trade payables

This item amounts to € 14,429 thousand (€ 15,081 thousand at 30 June 2013) and mainly refers to payables to
suppliers for Juventus Stadium and Juventus Training Centre management and maintenance services, and relative
utilities.
29. Advances received

Advances received total € 52,239 thousand, of which € 39,615 thousand non-current (including € 24,039
thousand beyond five financial years).

30/06/2014 30/06/2013
Naming and other revenues of the Juventus

Stadium from agreements with Sportfive
Italia S.r.l. and Sportfive GmbH & Co. KG 3,500 28,000 31,500 3,500 31,500 35,000
Income from the Juventus Library 116 9,698 9,814 116 9,814 9,930
Season passes 6,974 - 6,974 6,888 - 6,888
Income from the “Accendi una Stella”
initiative 180 1,095 1,275 180 1,275 1,455
Income from the “Membership”
initiative 476 20 496 473 - 473
Other minor items 1,378 802 2,180 3,544 919 4,463
Advances received 12,624 39,615 52,239 14,701 43,508 58,209

30. Ticket sales
These amounted to € 40,996 thousand. The increase of € 2,945 thousand compared to the figure of € 38,051
thousand for the 2012/2013 financial year derives from:
• higher ticket sales revenues for UEFA Champions League and UEFA Europa League home matches (€ +1,732
thousand);
• higher revenues for additional match services (€ +932 thousand);
• higher income for friendly matches (€ +907 thousand);
• higher ticket sales revenues for Championship home matches (€ +696 thousand);
• revenues from the J/Real Madrid Legends match (€ +352 thousand);
• higher revenues from season passes (€ +325 thousand);
• higher revenues for Italian Cup away matches (€ +207 thousand);
• revenues from other services (€ +40 thousand);
these were partially offset by lower revenues from Italian Cup matches (€ -1,049 thousand) and lower revenues
from the Italian Super Cup (€ -1,197 thousand).
The following table compares the number of matches played in various competitions during 2013/2014 and in
the previous year:
2013/2014 financial year 2012/2013 financial year

number of matches Home Away Total Home Away Total
Championship 19 19 38 19 19 38
UEFA matches 7 7 14 5 5 10
Italian Super Cup - 1 1 - 1 1
Italian Cup 1 1 2 3 1 4
Total 27 28 55 27 26 53

31. Television and radio rights and media revenues
2013/2014 2012/2013 Change
Amounts in thousands of euro financial year financial year
Revenues from media rights 100,842 98,163 2,679

Revenues from UEFA competitions 50,123 65,315 (15,192)
Television and radio rights and media revenues 150,965 163,478 (12,513)
Revenues from media rights for the year increased by € 2,679 thousand compared to the previous period, mainly
due to higher revenues from the distribution of audiovisual rights of the Championship for the 2013/2014 season.
Revenues from UEFA competitions (€ 50,123 thousand) deriving from participation in the Group Stage of the UEFA
Champions League 2013/2014 and, subsequently, the direct elimination rounds of the UEFA Europa League.
117
The negative change of € 15,192 thousand compared to the previous year was mainly due to the different number of
Italian teams participating in the UEFA Champions League (3 instead of 2) in the football season in question, as well
as the fact that the team reached the quarter finals in that competition in the 2012/2013 football season.
32. Revenues from sponsorship and advertising

This item amounts to € 60,300 thousand, up € 7,701 thousand compared to the figure of € 52,599 thousand
of the previous year, mainly due to higher revenues from sponsorships as a result of sporting results achieved
(€ +6,020 thousand), as well as the general increase in sponsorship agreements (€ +2,867 million), partly offset
by lower revenues from advertising (€ -1,043 thousand).
33. Revenues from players’ registration rights

These originate from transactions performed during the 2013/2014 Transfer Campaigns. Details are as follows:
2013/2014 2012/2013 Change

Capital gains on player-sharing agreements 16,610 7,324 9,286

Gains on termination of sharing agreements 14,850 745 14,105
Gains on disposal of players’ registration rights 3,957 961 2,996
Revenues from the temporary disposal of players’ registration rights 502 2,000 (1,498)
Other revenues 513 367 146
Revenues from players’ registration rights 36,432 11,397 25,035

Revenues from players’ registration rights at 30 June 2014 refer to:
Capital gains on player-sharing agreements: 16,610

MARRONE Luca/U.S. Sassuolo Calcio S.r.l. 4,418
BRANESCU Constantin/Virtus Lanciano 1924 S.r.l. 1,600
BELTRAME Stefano/U.C. Sampdoria S.p.a. 1,484
EMMANUELLO Simone/Atalanta B.C. S.p.a. 1,476
LANINI Eric/U.S. Citta’ di Palermo 1,437
IMMOBILE Ciro/Torino F.C. S.p.a. 1,299
MASI Alberto/Ternana Calcio S.p.a. 1,181
MAGNUSSON Hordur /Spezia Calcio S.r.l. 918
MONCINI Gabriele/A.C. Cesena S.p.a. 896
CERIA Edoardo/Atalanta B.C. S.p.a. 781
RUGGIERO Giuseppe/FC Pro Vercelli 1892 S.r.l. 457
ZAZA Simone/U.S. Sassuolo Calcio S.p.a. 319
GOUANO Prince/Atalanta B.C. S.p.a. 274
BELFASTI Nazzareno/FC Pro Vercelli 1892 S.r.l. 70
Gains on termination of sharing agreements: 14,850
IMMOBILE Ciro/Torino F.C. S.p.a. 6,714
ZAZA Simone/U.S. Sassuolo Calcio S.r.l. 5,072
CHIBSAH Yussif Raman/Parma F.C. S.p.a. 869
GOUANO Prince/Atalanta F.C. S.p.a. 835
BONIPERTI Filippo/Parma F.C. S.p.a. 680
MONCINI Gabriele/A.C. Cesena S.p.a. 680
Gains on disposal of players’ registration rights: 3,957
GIACCHERINI Emanuele/Sunderland Association FC Ltd. 2,920
MATRI Alessandro/A.C. Milan S.p.a. 559
GARCIA Carlos Wilhelm/Parma F.C. S.p.a. 326

COSTANTINO Marco/Modena F.C. S.p.a. 152
Revenues from the temporary disposal of players’ registration rights: 502
BOAKYE Yiadom/Elche Club de Futbol 200
LEALI Nicola/Spezia Calcio S.r.l. 145
NOCCHI Timothy/Carpi F.C. 1909 S.r.l. 97
LIVIERO Matteo/Carpi F.C. 1909 S.r.l. 59
Others 1
Other revenues: 513
MELO Felipe - Galatasaray Sportif Sinai VE Ticari Yatirimlar A.S. - bonus qualification
for the 2013/2014 UEFA Champions League round of sixteen and bonus qualification U.C.L. 2014/2015 500
Others 13
Revenues from players’ registration rights 36,432
119
34. Other revenues
This item totals € 27,091 thousand, showing an increase of € 8,814 thousand compared to € 18,277 thousand
at 30 June 2013. The breakdown is shown below:
2013/2014 2012/2013 Change
Income from commercial initiatives (Accendi una Stella, Membership,

Stadium Tour, Museum) 4,423 4,703 (280)
Contingent assets 2,799 1,890 909
Contributions from FIFA/UEFA for National side appearances of players 738 182 556
Lega Nazionale Professionisti Serie A contributions 3,863 3,252 611
Income from no match day activities and other stadium income 3,793 2,732 1,061
Income from own TV productions 2,364 2,474 (110)
Compensation and other insurance-related income 928 741 187
Others 8,183 2,303 5,880
Other revenues 27,091 18,277 8,814
Contingent assets include additional bonuses distributed on conclusion by UEFA for participating in the UEFA
Champions League 2012/2013.
35. Purchase of materials, supplies and other consumables

This item totals € 3,471 thousand, against € 2,934 thousand at 30 June 2013, and regards match strips and
materials (€ 2,329 thousand), medical and para-medical equipment (€ 156 thousand), capital goods (€ 76
thousand) and other purchases of sundry materials (€ 910 thousand).
36. External services
2013/2014 2012/2013 Change
Costs for transportation, food and lodging 7,518 5,982 1,536

Costs for security and reception 4,775 4,794 (19)
Emoluments paid to company officers 4,041 3,915 126
Leases and rentals 4,017 3,713 304
Advisory 3,383 2,888 495
Maintenance 3,363 2,982 381
Utilities 2,730 2,452 278
Insurance 2,453 2,495 (42)
Audio and video productions 1,922 1,793 129
Facility management 1,521 1,449 72
Costs for cleaning 1,422 1,384 38
Distribution network and ticket sales 1,386 1,388 (2)
Fees to sports consultants 1,206 989 217
Legal and notary fees 1,179 1,915 (736)
Bank services and charges on guarantees 994 1,068 (74)
Expenses for installations 934 935 (1)
Printed material and dispatch 730 966 (236)
Advertising spaces on the media 720 652 68
Brokers’ fees 531 467 64
Expense refunds 489 544 (55)
Training, catch up lessons 434 342 92
Health and rehabilitation 332 457 (125)
Others 1,881 1,510 371
External services 47,961 45,080 2,881

Expenses for external services increased mainly due to higher costs for transport and trips for the higher number of
matches played and in particular the summer tour in the USA, the Italian Super Cup, the UEFA Champions League
and the UEFA Europa League games. Expenses for maintenance, cleaning and plant management increased
compared to the 2012/2013 financial year, due to full operation of the new areas of Juventus Stadium (Legends
Club stand) and new premises at Juventus College. These effects were partially offset by lower costs for legal
and notary fees, lower expenses for printed material and shipping, lower health and rehabilitation expenses and
other minor items.
37. Players’ wages and technical staff costs

2013/2014 2012/2013 Change
Wages and salaries 131,086 116,827 14,259

Variable bonuses 25,296 21,846 3,450
Payments to players temporarily transferred to other Companies 3,528 1,127 2,401
Social security contributions 2,849 2,803 46
Contractors and related social security contributions 2,001 1,665 336
Leaving incentives 783 1,811 (1,028)
Scholarships 735 601 134
Severance indemnities - FIGC registered personnel 314 321 (7)
Other expenses 1,295 2,009 (714)
Players’ wages and technical staff costs 167,887 149,010 18,877
This item increased by € 18,877 thousand, mainly due to fees paid to players acquired during the 2013/2014
Transfer Campaign and renewed contracts of some players (€ +14,259 thousand), higher variable bonuses paid
to players (€ +3,450 thousand), higher remuneration paid to players on temporary transfer (€ +2,401 thousand),
partially offset by lower fees for leaving incentives paid to players permanently disposed of (€ -1,028 thousand)
and lower other expenses (€ -714 thousand).

The average number of players and technical staff registered personnel was 92, broken down as follows:
2013/2014 2012/2013 Change

number financial year financial year
Players 52 54 (2)
Trainers 17 14 3
Other technical personnel 23 21 2
Average number players and technical staff 92 89 3
121
38. Other personnel
2013/2014 2012/2013 Change
Wages and salaries 8,079 7,118 961

Social security contributions 2,972 2,605 367
Variable bonuses 1,842 1,633 209
Severance indemnities - other personnel 710 609 101
Contractors and related social security contributions 363 488 (125)
Scholarships 33 28 5
Other expenses 2,205 1,972 233
Other personnel 16,204 14,453 1,494
Other expenses includes, among others, the annual portion of provisions set aside to the Long Term Incentive Plan
2011/2012–2014/2015 for several employees who hold top positions in the enterprise (for more information, see
Note 21).
The average number of other personnel was 135, broken down as follows:
2013/2014 2012/2013 Change
number financial year financial year
Managers 17 16 1
Middle managers 20 16 4
Employees * 92 87 5
Workers 6 6 -
Average number of other personnel 135 125 10
* of which 4 part-time
39. Expenses from players’ registration rights

2013/2014 2012/2013 Change
Auxiliary non-capitalised expenses for players’ registration rights 2,995 2,898 97

Expenses for the temporary purchase of players’ registration rights 498 1,101 (603)
Losses on disposal of players’ registration rights 114 797 (683)
Losses on disposal of registered young players-sharing agreements 4 23 (19)
Losses on disposals of players-sharing agreements 2 1 1
Losses on disposals of players’ registration rights - 7 (7)
Other expenses 217 753 (536)
Expenses from players’ registration rights 3,830 5,580 (1,750)
Auxiliary expenses for players’ registration rights that are not capitalised are mainly related to fees paid to FIFA
agents for services concerning the acquisition or the disposal of players’ registration rights and the renewal of
players’ rights, if fees are tied to conditions requiring that players remain registered with the Company.

2013/2014
Amounts in thousands of euro financial year
Pogba Paul 1,500

Giaccherini Emanuele 590
Vucinic Mirko 280
James Troisi 276
Lichtsteiner Stephan 130
Osvaldo Pablo Daniel 100
Marchisio Claudio 50
Macek Roman 21
Sundry 48
Auxiliary expenses 2,995
Expenses for the temporary purchase of players’ registration rights mainly refer to:
• Cevallos Enriquez Jose Francisco (Club Liga Deportiva de Quito) € 119 thousand;
• Soumah Alhassane (Santarcangelo Calcio S.r.l.) € 100 thousand;
• Macek Roman (Fastav Zlin) € 70 thousand;
• Melani Andrea (A.C. Prato S.p.A.) € 70 thousand;
• Favero Mattia (A.C. Prato S.p.A.) € 50 thousand.
Losses on disposal of players’ registration rights regard:
• Giandonato Manuel (termination of financial contract) € 94 thousand;

• Alcibiade Raffaele (Budapest Honved F.C.) € 20 thousand.
40. Other expenses


2013/2014 2012/2013 Change
Agency costs 1,987 2,144 (157)

Taxes and indirect taxes 1,480 1,297 183
Percentages to third parties on rights and miscellaneous 964 912 52
Social security contributions 851 870 (19)
Out-of-period costs 608 1,253 (645)
Fines and penalties 484 453 31
Purchase of away match tickets 397 528 (131)
Percentages to third parties on income from matches 38 510 (472)
Others 450 2,067 (1,617)
Other expenses 7,259 10,034 (2,775)
123
41. Amortisation and write-downs of players’ registration rights
2013/2014 2012/2013 Change
Amortisation: 50,783 48,189 2,594

Professional players 46,572 41,439
Professional player-sharing agreement payable 3,830 6,431
Registered young players 381 319
Write-down 63 3,226 (3,163)

Amortisation and write-downs of players’ registration rights 50,846 51,415 (569)
Amortisation and write-downs of players’ registration rights decreased by € 569 thousand compared to the
previous period, mainly due to lower write-downs of players’ registration rights (€ -3,163 thousand), which was
offset by higher amortisation relative to investments made during Transfer Campaigns (€ +2,594 thousand).
42. Depreciation/amortisation of other tangible and intangible assets

These amount to € 8,216 thousand, substantially in line with the figure of € 8,292 thousand for the same period
of the previous year.
They mainly refer to depreciation of the Vinovo Training Centre, the Juventus Stadium, Juventus Museum and
other tangible assets, and amortisation of intangible assets.
43. Provisions and other write-downs/reverses and releases

The breakdown is shown below:
2013/2014 2012/2013 Change
Provision for other risks and charges 1,263 717 546

Impairment of assets in progress - 94 (94)
Provisions and other write-downs/reverses and releases 1,263 811 452
The allocation to the provision for other risks and charges of € 1,263 thousand refers mainly to the provision
for bad debts (€ 386 thousand) and the estimate of charges to incur for ongoing risks and disputes (€ 877
thousand).

44. Financial income
2013/2014 2012/2013 Change
Financial income from discounting 3,107 2,315 792

Interest income 17 38 (21)
Other income 8 11 (3)
Financial income 3,132 2,364 768
45. Financial expenses

2013/2014 2012/2013 Change
Interest expense 7,358 5,894 1,464

Financial expenses from discounting 4,019 3,144 875
Financial expenses from derivatives 313 356 (43)
Other expenses 141 79 62
Financial expenses 11,831 9,473 2,358
Interest expenses increased by € 1,464 thousand primarily due to a greater use of bank credit facilities.
46. Income taxes

Details of income taxes recorded in the income statement are given below:
2013/2014 2012/2013
Current taxes IRES - -

Current taxes IRAP 7,205 5,924

Total current taxes 7,205 5,924
Deferred taxes IRES (438) (983)
Deferred taxes IRAP 54 55
Total deferred taxes (384) (928)
Income taxes 6,821 4,996
125
The table below reconciles the theoretical tax burden and taxes payable as stated in the financial statements for
the years ended 30 June 2013 and 30 June 2014.
2013/2014 2012/2013
Income before taxes 146 (10,915)
Theoretical rate 27.5% 27.5%
Theoretical IRES taxes (40) 3,002
Lower taxes following:
- permanent changes 2,317 1,412
- positive reinstatements from previous years 2,720 4,785
- temporary changes 249 249
Higher taxes following:
- permanent changes (1,180) (1,178)
- negative reinstatements from previous years - (462)
- temporary changes (1,139) (2,198)
Lower IRES taxes for use of previous tax losses - -
Deferred taxes not allocated to tax losses generated during the year (2,927) (5,610)
Total current taxes on IRES income - -
IRAP (7,205) (5,924)
Total deferred taxes 384 928
- of which effect of rate change - -
Total income taxes (6,821) (4,996)
In order to render the tax reconciliation table easier to understand, IRAP (business tax) has been excluded, as it
does not take income before taxes as it basis for taxation, and would therefore distort any comparison between
one year and the next. Accordingly, the theoretical tax burden was calculated by applying the IRES tax rate
(27.5%) to income before taxes.
The total value of deductible temporary differences and tax losses at 30 June 2014, and amounts for which
deferred tax assets were not recorded for IRES and IRAP purposes, are shown in the table below, broken down
by year of maturity:
Year due*
Amounts in thousands of euro Total at 30 2015 2016 2017 2018 beyond
June 2014
Timing differences and tax losses on which

deferred tax assets have not been recognised
for IRES purposes
Deductible timing differences 5,139 2,402 16 16 16 2,689
Remaining tax losses 197,494 ** - - - - 197,494
Total 202,633 2,402 16 16 16 200,183
Timing differences on which deferred tax assets
have not been recognised for IRAP purposes
Deductible timing differences 1,724 79 16 16 16 1,597
Total 1,724 79 16 16 16 1,597
* the time of use of these differences is estimated on the basis of the information available
** Tax losses can be carried forward indefinitely and therefore have no expiry

For financial years ending 30 June 2008 or earlier, the ordinary statute of limitations for IRES and IRAP taxes has expired.
47. Basic loss per share for the period

The figure is calculated by dividing the net income for the year by the average outstanding shares in the period
(average outstanding shares weighted according to the number of days in circulation), as illustrated below:
2013/2014 2012/2013
Net income/(loss) in thousands of euro (6,671) (15,911)

Average outstanding shares in the period 1,007,766,660 1,007,766,660
Basic income/(loss) per share for the period (euro) (0.0066) (0.0158)
48. Net financial debt

Net financial debt at 30 June 2014, determined in accordance with the CONSOB DEM/2080535 recommendations
of 9 December 2002, is composed as follows:
30/06/2014 30/06/2013
Financial assets* - 4,100 4,100 - 4,100 4,100

Cash and cash equivalents 1,587 - 1,587 1,777 - 1,777
Total financial assets 1,587 4,100 5,687 1,777 4,100 5,877
Financial payables
- due to leasing companies (2,638) (10,345) (12,983) (2,208) (11,848) (14,056)
- due to the Istituto per il Credito Sportivo (4,437) (43,352) (47,789) (4,248) (47,788) (52,036)
- due to banks (106,265) - (106,265) (50,112) - (50,112)
- due to factoring companies (44,218) - (44,218) (49,286) - (49,286)
Other financial liabilities (11) (452) (463) (16) (631) (647)
Total financial liabilities (157,569) (54,149) (211,718) (105,870) (60,267) (166,137)

Net financial debt (155,982) (50,049) (206,031) (104,093) (56,167) (160,260)
* 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.
At 30 June 2014, net financial debt totalled € 206,031 thousand, with an increase of € 45,771 thousand compared
to the negative balance of € 160,260 thousand at 30 June 2013. That increase was driven by Transfer Campaign
payments (net € -46,079 thousand, net), advances paid to the City of Turin and various suppliers in relation to the
Continassa Project (€ -5,519 thousand), investments in other fixed assets (€ -6,760 thousand) and cash flow from
financing activities (€ -7,551 thousand), partially offset by positive cash flow from operations (€ +20,138 thousand).
At 30 June 2014, this item did not include any payable or receivable positions with respect to related parties, except
for the balances of current accounts held at Banca del Piemonte S.p.A. (see Note 53).
The change in cash and cash equivalents is recorded in the Statement of cash flows.
At 30 June 2014 the Company had revocable lines of credit for € 309,750 thousand, used for a total of € 186,318
127
thousand, of which € 35,835 thousand for guarantees issued in favour of third parties, € 106,265 thousand for
overdrafts and € 44,218 thousand for advances on contracts and trade receivables (for additional information see
Note 51).
49. Payments incurred for services provided by the independent auditors
Costs incurred in 2013/2014 total € 41 thousand and regard the following auditing services:
• statutory auditing of the financial statements, including partial auditing of the half-yearly report (€ 31 thousand);
• financial auditing of accounting statements for the calendar year, prepared for the purposes of EXOR
consolidation (€ 2 thousand);
• review of accounting procedures and the correct recording of operations in accounts (€ 4 thousand);
• review of research and development costs (€ 4 thousand).
50. Leased assets

Financial leases
At 30 June 2014, a finance lease was in effect with Unicredit Leasing S.p.A. concerning the Juventus Training
Centre in Vinovo (JTC). During the 2013-2014 financial year, an addendum was signed for € 1,342 thousand to
finance the expansion works of the classrooms of J College and the construction of the refectory.
The residual financial debt amounts to € 12,983 thousand and is divided as follows:
Current share Non-current Total

portion, from
Amounts in thousands of euro 2 to 5 years
Payables for JTC finance leases 2,638 (a) 10,345 12,983
(a) including interest and adjustment for € 273 thousand.
Other information relating to the JTC finance lease:
Payments for the year

Amounts in thousands of euro Duration Start date Value
capital interest (years) (financial year) redemption
JTC 2,460 258 10 2006/2007 7,681
The contractual interest rate applicable is Euribor 3 months + spread of 1.2%. The acquisition of a hedging
instrument, described in Note 23, has fixed the interest rate applicable at 3.86% for the remaining term of the
lease.

51. Commitments and guarantees
Undertakings
Guarantees to third parties 35,835 67,730
Player acquisition 1,325 6,493
Total undertakings 37,160 74,223
Guarantees received
Guarantees from third parties 4,219 8,733
Promissory Note 4,500 -
Pledges of shares - 17,224
Total guarantees received 8,719 25,957
Revocable lines of credit drawn on 186,318 167,128

- for guarantees 35,835 67,730
- for bank account overdrafts and short-term loans 106,265 50,112
- for factoring advances 44,218 49,286
Revocable lines of credit not drawn on 123,432 106,872
Total revocable lines of credit 309,750 274,000
Guarantees to third parties
These totalled € 35,835 thousand at 30 June 2014 and were issued to guarantee:
• payables resulting from the acquisition of players’ registration rights (€ 25,436 thousand);
• construction and realisation of infrastructure costs for the Continassa Project (€ 5,194 thousand);
• other commitments (€ 5,205 thousand).

Guarantees from third parties
At 30 June 2014, a total of € 4,219 thousand had been received as guarantees for:
• payables resulting from the acquisition of players’ registration rights (€ 2,500 thousand);
• contracts and the supply of goods and services for the new stadium (€ 10 thousand);
• receivables for payments on commercial contracts (€ 1,709 thousand).
Promissory Note
These total € 4,500 thousand and refer to guarantees received from Barclays Bank PLC for instalments coming
due on receivables from the permanent disposal of rights for Giaccherini Emanuele to Sunderland Association
F.C. Ltd.
129
Pledges of shares
The item, present at 30 June 2013, referred to the pledge of the shareholder certificate no. 37 of Campi di
Vinovo S.p.A. as a guarantee of the receivables due by Campi di Vinovo S.p.A. and Finanziaria Gilardi S.p.A.
That guarantee was extinguished following the signing of the agreement to purchase some land adjacent to the
training centre in Vinovo on 14 April 2014 (for more information refer to the significant events of 2013/2014 in
the Report on Operations).
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. Specifically:

Player name 2014/2015 2015/2016 2016/2017
Berardi Domenico 52 - -
Gabbiadini Manolo 100 - -
Lichtsteiner Stephan 130 - -
Llorente Torres Fernando Javier 500 500 500
Pogba Paul 500 500 -
Sakor Vajebah 30 - -
Vidal Pardo Arturo Erasmo 200 200 200
Vucinic Mirko (a) 280 - -
Total 1,792 1,200 700
(a) footballer definitively transferred at the date of this report
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.
52. Pending litigation

Proceedings at the Court of Naples
With reference to the criminal proceedings pending before the Court of Naples against the former director and
general manager Luciano Moggi, the Company, following the order issued on 20 October 2009, was deemed
liable and civil claimants had the right to make claims for compensation for damages.
On 8 November 2011 the Court of Naples sentenced Luciano Moggi to 5 years and 4 months and rejected the
claims for damages against Juventus and confirming the complete lack of any liability for the Company. This
ruling was held up on appeals on 17 December 2013.
With reference to the abbreviated procedure requested by some defendants, on 14 December 2009, the Court
of Naples sentenced in the first instance the former Chief Executive Officer of the Company Antonio Giraudo for
sporting fraud and criminal association. The sentence was partially changed by the Court of Appeals of Naples

on 5 December 2012, which reduced the sentence to 20 months, following acquittal for some charges. The
Court of Appeals also confirmed the general sentence of compensation to be paid in a separate ruling to the civil
claimants.
Former Chief Executive Officer Antonio Giraudo has appealed against this sentence at the Court of Cassation,
however a date for the relative hearing has not yet been set. If the ruling concerning the alleged harm of the
conduct of the former Chief Executive Officer were to become final, the Company would be exposed to the risk
of any direct action for compensation. At present, negative effects on or potential risks for the Company cannot
be estimated.
VAT receivables from UEFA Champions League 2000/2001 income
In terms of the dispute with the Agenzia delle Entrate, regarding the refusal to refund the VAT receivable of
€ 1.4 million in relation to the UEFA tournaments played in the 2000/2001 football season, a date still needs to
be set for a hearing before the Supreme Court of Cassation, which should make a ruling on the appeal against
the second instance ruling in favour of Juventus.
FIGC decision of 18 July 2011 in relation to the complaint submitted by Juventus
On 11 August 2011 at the National Sports Arbitration Court (“TNAS”) at the Italian Olympic Games Committee
the Company filed a request for arbitration against the Italian Football Federation and F.C. Internazionale to
repeal the decision made by the Italian Football Federation on 18 July 2011 in relation to the complaint submitted
by Juventus on 10 May 2010.
At the hearing on 9 September 2011 the President of TNAS declared its competence in sports matters and
referred the parties to the Regional Administrative Court for damages. A hearing was held on 4 November 2011
to discuss the competence, upon which TNAS reserves the right to make the final decision. Subsequently TNAS
declared its incompetence with arbitration which was duly challenged by the Company, for the purposes of a
null judgement, with appeal submitted to the Appeal Court of Rome, served on the FIGC and Football Club
Internazionale Milan S.p.A. on 10 February 2012.

The first hearing before the Appeal Court of Rome was held on 18 September 2012. CONI, FICG and FC
Internazionale appeared during this hearing. The counterparties raised objections. The hearing was adjourned to
17 June 2014 and subsequently to 31 March 2015 to detail the conclusions.
The Company has also submitted an appeal, served on 15 November 2011, to the competent Regional
Administration Court for Lazio asking for a sentence of unjust damages resulting from the illegal exercise of
administration activity and failure to exercise obligatory activity in relation to the following administrative acts:
• resolution of the Federal Council of FIGC on 18 July 2011;
• failure of the Federal Council to adopt an express non-judicial revocation of the FIGC Extraordinary Commission
act on 26 July 2006 assigning the Italian Championship to Football Club Internazionale Milano for the
2005/2006 championship;
• provision of the FIGC Extraordinary Commission on 26 July 2006 assigning the Italian Championship to Football
Club Internazionale Milano for the 2005/2006 championship.
131
Mutu/Chelsea FC proceeding
On 7 October 2013 the Company was served the ruling of FIFA’s Dispute Resolution Chamber, following the
hearing of 25 April 2013 which cited Juventus as jointly liable, with player Adrian Mutu, for the payment to
Chelsea FC plc for damages resulting from dismissal of the player for severe breach of contract, amounting to €
17 million plus any interest.
This decision was based on previous proceedings resulting from the dismissal of Mutu in 2005 by Chelsea
following drug use by the player. These events had only involved Chelsea and Mutu, since Juventus had not in
any way contributed to the player’s breach with Chelsea which led to the termination of his employment contract.
On 29 October the Company submitted an appeal to the FIFA ruling before the Tribunal Arbitral du Sport (TAS),
which suspended the enforcement of the ruling. The hearing set by the Arbitration Board will be held on 1
October 2014.
The Company believes it has valid arguments supporting its position to obtain cancellation of the ruling and,
therefore Juventus has not made any allocation to the provision for risks and charges. If an unfavourable ruling
is handed down by TAS, it will still be possible to submit an appeal to the Federal Supreme Court of Switzerland.
53. Transactions with related parties

On 11 November 2010, the Board of Directors adopted a specific procedure for regulating related-party transactions
pursuant to article 4 of the “Regulation of related-party transactions” adopted by CONSOB with resolution no. 17221
of 12 March 2010, amendments and additions thereto. The Procedure is available on the Company’s website (www.
juventus.com).
In terms of the 2013-2014 financial year, it should be noted that transactions between Juventus Football Club S.p.A.
and related parties identified according to IAS 24 were performed at arm’s length, i.e. at market-equivalent conditions
as usually practised with non-related parties for transactions of the same type, amount and risk, and in compliance
with current laws.

The statement of financial position and income statement balances deriving from transactions conducted with related
parties are shown below.
Current Current Current
non-financial re- financial non-financial
ceivables due from payables due to payables due to
Amounts in thousands of euro related parties related parties related parties
EXOR S.p.A. - - 12.4

Banca del Piemonte S.p.A. (a) - 3,363.1 -
Editrice La Stampa S.p.A. 139.0 - 36.3
FIAT Group Automobiles S.p.A. (b) 6,579.2 - 4.2
FIAT Partecipazioni S.p.A. - - 1.9
FIAT Servizi per l’industria S.C.P.A. - - 9.4
Indipendent Ideas S.p.A. - - 66.1
IVECO S.p.A. - - 35.7
Publikompass S.p.A. - - 11.7
SADI S.p.A. - - 1.5
Sisport FIAT S.p.A. - - 35.3
Directors - - 769.0
Total 6,718.2 3,363.1 983.5
Total current assets 114,626.2 - -
Bonds and other current financial liabilities - 157,557.7 -
Total current liabilities - - 305,136.3
Percentage of total transactions with related parties

out of total of the relative item of the Statement
of Financial Position 5.9% 2.1% 0.3%
(a) current financial payables to Banca del Piemonte S.p.A. refer to the negative current account balance as regards the loan granted.

(b) current non-financial receivables due from FIAT Group Automobiles S.p.A. refer to the Main Sponsor agreement in effect.
133
Income Financial Expenses Financial
Amounts in thousands of euro income expenses
GA & C. Sapaz - - 1.0 -

EXOR S.p.A. 17.8 - 25.0 -
Banca del Piemonte S.p.A. 41.0 0.2 4.9 90.5
CNH Industrial Italia S.p.A. 209.9 - - -
Editrice La Stampa S.p.A. 130.0 - 103.2 -
Fiat Group Automobiles S.p.A. (a) 18,801.2 - 16.0 -
Fiat Group Marketing & Corporate Communication S.p.A. 0.5 - - -
Fiat Servizi per l’Industria S.c.p.A. - - 17.9 -
Indipendent Ideas S.p.A. - - 297.6 -
Italia Indipendent S.p.A. 1.7 - - -
IVECO S.p.A. 115.9 - 13.2 -
Publikompass S.p.A. - - 39,6 -
Sadi S.p.A. - - 1.0 -
Samsung Electronics Italia S.p.A. (b) 1,009.3 - 7.7 -
Sisport Fiat S.p.A. - - 55.5 -
Directors - - 3,985.1 -
Total 20,327.3 0.2 4,567.7 90.5
Total of the income statement item 315,783.1 3,131.8 246,612.5 11,831,4
Percentage of total transactions with related parties

out of total of the relative income statement item 6.4% 0.0% 1.9% 0.8%
(a) income from FIAT Group Automobiles S.p.A. refers to the Main Sponsor agreement in effect.
(b) income from Samsung Electronics Italia S.p.A. refer to the sponsorship agreement in effect.
Information on the fees of Directors and auditors of the Company is contained in the Report on Remuneration
published pursuant to article 123-ter of the Consolidated Financial Law to which reference is made.

54. Approval of the annual financial statements and authorisation for publication
The financial statements at 30 June 2014 were approved by the Board of Directors on 23 September 2014, which
authorised publication according to law.
On behalf of the Board of Directors

The Chairman
Andrea Agnelli
135
Appendix– Table of changes in players’ registration rights in the 2013/2014 financial
year, in compliance with FIGC regulations
Amounts in thousand of Euro From To Values at beginning of the period 01/07/2013 (1)
Acquisition Company Disposal Company Historical Accumulated Write-down Net
Player date Date cost amort. &
depreciation
1 2 3 4 5 6 7
First Team
Asamoah Kwadwo 02/07/12 Udinese Calcio Spa 8,568 1,714 - 6,854
Barzagli Andrea 26/01/11 VFL Wolfsburg 711 518 - 193
Bonucci Leonardo 01/07/10 A.S. Bari Spa 15,232 7,433 - 7,799
Buffon Gianluigi 12/07/01 Parma F.C. 52,884 51,455 - 1,429
Caceres Silva Jose Martin 01/07/12 Sevilla Futbol Club Sad 8,000 2,000 - 6,000
Chiellini Giorgio 27/06/05 ACF Fiorentina 7,430 6,628 - 802
Giaccherini Emanuele 25/08/11 A.C. Cesena Spa 12/07/13 Sunderland Association 7,064 2,844 - 4,220
Giovinco Sebastian 01/07/12 Parma FC Spa 10,645 3,548 - 7,097
Isla Isla Mauricio Anibal 02/07/12 Udinese Calcio Spa 9,348 1,870 - 7,478
Lichsteiner Stephan 01/07/11 SS Lazio Spa 9,932 4,966 - 4,966
Llorente Torres Fernando J. 01/07/13 Fed.estera (Athletic Club Bilbao) ** - - - -
Marchisio Claudio From youth sector 175 137 - 38
Marrone Luca From youth sector 02/07/13 (*) U.S.Sassuolo Calcio 29 18 - 11
Matri Alessandro 01/07/11 Cagliari Calcio Spa 30/08/13 A.C. Milan 15,232 5,484 - 9,748
Moedim Rubens Fernando 29/08/12 US Città di Palermo - - - -
Ogbonna Obinze Angelo 10/07/13 Torino FC Spa - - - -
Padoin Simone 31/01/12 Atalanta B.C. Spa 4,929 1,971 - 2,958
Peluso Federico 01/07/13 Atalanta B.C. Spa - - - -
Pepe Simone 01/07/11 Udinese Calcio Spa 7,297 3,649 - 3,648
Pirlo Andrea 01/07/11 AC Milan Spa (**) 1,164 776 - 388
Pogba Paul 04/08/12 Manchester United 1,635 409 - 1,226
Quagliarella Fabio 01/07/11 SSC Napoli Spa 10,216 5,108 - 5,108
Storari Marco 01/07/10 A.C. Milan Spa 4,472 3,478 - 994
Tevez Carlos Alberto 01/07/13 Manchester City FC - - - -
Vidal Pardo Arturo Erasmo 22/07/11 Bayer 04 Leverkusen 12,418 4,861 - 7,557
Vucinic Mirko 01/08/11 AS Roma Spa 14,920 7,460 - 7,460
Temporarily transferred players
Anacoura Joyce Francesco 17/08/12 Parma FC Spa 716 143 - 573
Appelt Pires Gabriel 03/01/12 Resende Futebol Club 2,215 867 - 1,348
Berardi Domenico 02/09/13 U.S. Sassuolo Calcio Srl - - - -
Bianconi Niko 23/07/10 Vicenza Calcio Spa 507 300 - 207
Boakye Yiadom 16/07/12 Genoa Cricket and FC Spa 3,919 784 - 3,135
Buchel Marchel 30/01/13 AC Siena Spa 1,469 294 - 1,175
Cais Davide 30/01/14 Atalanta BC Spa - - - -
Canizares Garcia-Loygorri Nicolas 07/08/12 Rayo Vallecano de Madrid Sad 261 87 - 174
Castiglia Luca 19/08/13 Vicenza Calcio Spa - - - -
Cavion Michele 31/01/13 Vicenza Calcio Spa 1,034 207 - 827
De Ceglie Paolo 01/07/08 AC Siena Spa 3,500 2,940 - 560
Del Papa Luca 05/08/10 Delfino Pescara 1936 Srl 297 231 - 66
De Silvestro Elio 03/07/13 FC Pro Vercelli 1892 Srl - - - -
Diagne Mbaye 30/08/13 AC Bra Srl - - - -
Fiorillo Vincenzo 31/01/14 UC Sampdoria Spa - - - -
Gallinetta Alberto 30/01/13 Parma FC Spa 994 199 - 795
Goldaniga Edoardo 30/01/14 UC Città di Palermo Spa - - - -
Ilari Carlo 20/07/10 Ascoli Calcio 1898 Spa 521 305 - 216
Josipovic Zoran 29/08/11 FC Chiasso 2005 SA 453 302 - 151
Laursen Jacob Barret 17/07/12 AaB A/S 229 76 - 153
Leali Nicola 02/07/12 Brescia Calcio Spa 3,897 779 - 3,118
Liviero Matteo 06/08/07 Calcio Montebelluna Srl 135 64 - 71
Margiotta Francesco From youth sector 50 17 - 33
Martinez Jorge Andres 01/07/10 Calcio Catania Spa 11,792 8,844 - 2,948
Motta Marco 01/07/11 Udinese Calcio Spa 3,649 1,825 - 1,824
Nocchi Timothy From youth sector 77 54 - 23
Rossi Fausto 17/01/12 Vicenza Calcio Spa 1,677 838 - 839
Rugani Daniele 31/07/14 Empoli FC Spa - - - -
Russini Simone 10/07/13 Ternana Calcio Spa - - - -
Spinazzola Leonardo 01/07/12 AC Siena Spa 400 100 - 300
Thiam Mame Baba 31/01/14 Virtus Lanciano 1924 Srl - - - -
Other changes (1) 53,749 39,037 - 14,712
293,842 174,620 - 119,222
(*) Disposal under player-sharing agreement

(**) Increases for capitalised costs
(***) of which € 518 thousand temporarily suspended pending the definition of the player-sharing agreement for the footballer Gabbiadini Manolo
(1) The item includes the changes related to other professional players and registered young players. For further details, see the tables in the notes.

Change in values for period Economic effects for period Values at end of period 30/06/2014 Miscellaneous
Acquisitions Disposals Amortisation Write-down Losses Gains Historical Accumulated Net Date of Age at Rem. of
cost amortis. and birth 30/06/14 contract at
depreciation 30/06/14
8 9 10 11 12 13 14 15 16 (14-15)
8,568 - 3,084 - - - 17,136 4,798 12,338 09/12/88 25 4

- - 96 - - - 711 614 97 08/05/81 33 1
- - 1,950 - - - 15,232 9,383 5,849 01/05/87 27 3
- - 715 - - - 52,884 52,170 714 28/01/78 36 1
- - 2,000 - - - 8,000 4,000 4,000 07/04/87 27 2
- - 401 - - - 7,430 7,029 401 14/08/84 29 1
- 7,063 - - - 2,843 - - - 05/05/85 29 0
- - 3,549 - - - 10,645 7,097 3,548 26/01/87 27 1
4,376 - 1,917 - - - 13,724 3,787 9,937 12/06/88 26 3
- - 2,483 - - - 9,932 7,449 2,483 16/01/84 30 1
3,038 - 760 - - - 3,038 760 2,278 26/02/85 29 3
- - 13 - - - 175 150 25 19/01/86 28 2
- 4,429 - - - 4,418 - - - 28/03/90 24 0
- 10,307 - - - 559 - - - 19/08/84 29 0
- - - - - - - - - 04/08/82 31 0
13,325 - 2,665 - - - 13,325 2,665 10,660 23/05/88 26 4
- - 986 - - - 4,929 2,957 1,972 18/03/84 30 2
4,679 - 1,170 - - - 4,679 1,170 3,509 20/01/84 30 3
- - 1,824 - - - 7,297 5,473 1,824 30/08/83 30 1
- - 388 - - - 1,164 1,164 - 19/05/79 35 0
- - 409 - - - 1,635 818 817 15/03/93 21 2
- - 2,554 - - - 10,216 7,662 2,554 31/01/83 31 1
- - 994 - - - 4,472 4,472 - 07/01/77 37 0
16,236 - 5,412 - - - 16,236 5,412 10,824 05/02/84 30 2
885 - 2,111 - - - 13,303 6,972 6,331 22/05/87 27 3
- - 3,730 - - - 14,920 11,190 3,730 01/10/83 30 1
26 - 150 - - - 742 293 449 01/08/94 19 3

- - 449 - - - 2,215 1,316 899 18/09/93 20 2
4,172 - 834 - - - 4,172 834 3,338 01/08/94 19 4
28 - 118 - - - 535 418 117 10/10/91 22 1
- - 784 - - - 3,919 1,568 2,351 28/01/93 21 3
175 - 337 - - - 1,644 631 1,013 18/03/91 23 3
1,525 - 169 - - - 1,525 169 1,356 01/02/94 20 4
- - 87 - - - 261 174 87 12/02/96 18 1
335 - 167 - - - 335 167 168 17/03/89 25 1
54 - 220 - - - 1,088 427 661 08/12/94 19 3
- - 140 - - - 3,500 3,080 420 17/09/86 27 3
128 - 97 - - - 425 328 97 07/02/94 20 1
774 - 258 - - - 774 258 516 10/03/93 21 2

113 - 38 - - - 113 38 75 28/10/91 22 2
1,933 - 215 - - - 1,933 215 1,718 13/01/90 24 4
28 - 206 - - - 1,022 405 617 16/04/92 22 3
1,465 - 163 - - - 1,465 163 1,302 01/11/93 20 4
64 - 140 - - - 585 445 140 12/12/91 22 1
15 - 166 - - - 468 468 - 25/08/95 18 0
29 - 91 (62) - - 258 229 29 17/11/94 19 1
- - 780 - - - 3,897 1,559 2,338 17/02/93 21 3
48 - 59 - - - 183 123 60 13/04/93 21 1
38 - 24 - - - 88 41 47 15/07/93 20 2
- - 1,474 - - - 11,792 10,318 1,474 05/04/83 31 1
- - 912 - - - 3,649 2,737 912 14/05/86 28 1
- - 8 - - - 77 62 15 07/07/90 23 2
- - 280 - - - 1,677 1,118 559 03/12/90 23 2
583 - 146 - - - 583 146 437 29/07/94 19 3
640 - 213 - - - 640 213 427 20/03/96 18 2
- - 100 - - - 400 200 200 25/03/93 21 2
1,363 - 151 - - - 1,363 151 1,212 09/10/92 21 4
18,398 45,534 2,596 - 120 28,115*** 17,736 4,762 12,974
83,041 67,333 50,783 (63) 120 35,935 300,147 180,248 119,899
137
Attestation pursuant to art. 154 bis of legislative decree no. 58/98
We, Aldo Mazzia, Chief Executive Officer and Marco Re, Manager for preparing the financial reports of Juventus
Football Club S.p.A. certify, also taking into account the specifications of Art. 154-bis, sections 3 and 4, of the
Legislative Decree of 24 February 1998, no. 58:
• the adequacy in relation to the characteristics of the Company and
• the effective application,
of the administrative and accounting procedures for the formation of the financial statements during the
2013/2014 financial year.
It is also certified that:
• the financial statements at 30 June 2014:
- have been prepared in compliance with international accounting standards, as endorsed in the European
Union under EC Regulation no. 1606/2002 of the European Parliament and of the Council of 19 July 2002;
- correspond to the books and accounting records;
- give a true and fair view of the Company’s assets and economic and financial situation;
• the Report on Operations includes a reliable analysis on operations and operating results as well as the situation
of the company, along with a description of the main risks and uncertainties it is exposed to.
Financial Reporting Officer

Chief Executive Officer of Juventus Football Club S.p.A.
Aldo Mazzia Marco Re

139
141
annual financial report 30062014 - Statutory Auditors’ Report
143
145
147
151
Relazione finanziaria annuale 30062014 - Independent Auditors’ Report
our partners
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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.

C.so Galileo Ferraris, 32 - 10128 Turin
www.juventus.com
Borsa Italiana S.p.A. share code: JUVE

ISIN code: IT0000336518
Bloomberg ticker: JUVE IM
Reuters ticker: JUVE.MI
This document contains a true translation in English of the report

in Italian “Relazione finanziaria annuale al 30 giugno 2014”.
However, for information about Juventus Football Club S.p.A.

reference should be made exclusively to the original report in Italian
“Relazione finanziaria annuale al 30 giugno 2014”.
The Italian version of the “Relazione finanziaria annuale al 30 giugno 2014”

shall prevail upon the English version.
This document is available on the Internet at www.juventus.com
Graphic design and art direction

Beatrice Coda Negozio
Photography
LaPresse
Printed by
G. Canale & C. S.p.A.
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juventus.

annual financial report 30062014

Share capital fully paid

Registered in the companies register

LETTER FROM THE CHAIRMAN 29

Board of Directors, Board of Statutory Auditors and Independent Auditors 35

Financial Statements at 30 June 2014 73

Statement of financial position 74

Statement of comprehensive income 77

Attestation pursuant to art. 154-bis

Board of Statutory Auditors’ Report 141

Independent Auditors’ Report 151

2010/11 2011/12 2012/13 2013/14

matches 6.7 14.9 13.4 13.0

others revenues 6.0 9.1 6.5 8.6

PLAYERS’ WAGES external

2010/11 2011/12 2012/13 2013/14

external services 17.1 20.0 19.9 19.5

OTHER PERSONNEL 6.5 6.2 6.4 6.6

other expenses 2.3 3.0 4.4 2.9

14.5 16.2 16.2

* after the share issue of E 120 million concluded on 30 January 2012

2010/11 2011/12 2012/13 2013/14

* relating to the First Team and excluding temporary acquisitions

points scored goals scored goals conceded

2010/11 2011/12 2012/13 2013/14

the J-STARs academy in torino 1,010 attendees

Primavera Team qualification at the final phase

ALLIEVI winner of Arco di Trento Tournament

GIOVANISSIMI and ALLIEVI* winner of Piemonte and Valle

ALLIEVI Italian champions in Amateur category

2012/13 2013/14 2014/15

J college students enrolled 83 102 87

6-15 16-24 25-34 36-49 50-64 > 65

2010/11 2011/12 2012/13 2013/14

Corporate entertainment seats over 20 31 AuGuST 2013

more than 6,500

About 80,000 people involved in entertainment activities

average VISITATORS/DAY 506 people

97% satisfaction rate

* Giornale dell’Arte with The Art Newspaper

• presence of audience from 79 countries mainly from Europe (39)

• net additional economic impact of approximately

350 performers involved in the opening ceremony

400 children involved in the pre-match activities

1,200 tickets on Turin-Caselle Airport link

* survey by Fitzcarraldo Foundation

r 15% 57.2 increase of “viral” videos

2010/11 2011/12 2012/13 2013/14

2010/11 2011/12 2012/13 2013/14 2015/16

* Values ​​include any bonuses earned during the season

26 July U.S. Jeep Tour

173 COUNTRIES with more than

12,750,000 +196% 71,000,000

MEMBERSHIP 1° June 2014

4 August 2014 signing of the agreement on the PEC

30 JUVENTUS FOOTBALL CLUB

Chairman Andrea Agnelli

Remuneration and Appointments Committee

Control and Risk Committee

annual financial report 30062014 - Report on operations

Chairman Paolo Piccatti

Reconta Ernst & Young S.p.A.

* Values include any bonuses earned during the season