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I N T E R I MMANAGEMENTSTATEMENTS

INTERIM MANAGEMENT STATEMENTS - 30 09 15

JUVENTUS FOOTBALL CLUB S.P.A.

REGISTERED OFFICE

Corso Galileo Ferraris 32, 10128 TurinContact Center 899.999.897Fax +39 011 51 19 214

SHARE CAPITAL FULLY PAID

€ 8,182,133.28

REGISTERED IN THE COMPANIES REGISTER

Under no. 00470470014 - REA no. 394963

Borsa Italiana S.p.A. share code: JUVEISIN code: IT0000336518Bloomberg ticker: JUVE IMReuters ticker: JUVE.MI

This document is available on the Internet at www.juventus.com

02 JUVENTUS FOOTBALL CLUB S.P.A.

03INTERIM MANAGEMENT STATEMENTS - 30 09 15

CONTENTS

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

Significant events in the first quarter of the 2015/2016 financial year 6

Significant events after 30 September 2015 9

Business outlook 9

Statement of financial position at 30 September 2015 10

Income Statement and Statement of comprehensive income for the first quarter 2015/2016 13

Notes to the financial statements 14


BOARD OF DIRECTORS

CHAIRMAN Andrea Agnelli

VICE CHAIRMAN Pavel Nedved

CHIEF EXECUTIVE OFFICER AND GENERAL MANAGER FOR THE SPORTS AREA Giuseppe Marotta

CHIEF EXECUTIVE OFFICERAND CHIEF FINANCIAL OFFICER Aldo Mazzia

NON INDEPENDENT DIRECTORS Maurizio Arrivabene Francesco Roncaglio Enrico Vellano

INDEPENDENT DIRECTORS Giulia Bongiorno Paolo Garimberti Assia Grazioli Venier Caitlin Mary Hughes Daniela Marilungo

REMUNERATION AND APPOINTMENTS COMMITTEE Paolo Garimberti (Chairman), Assia Grazioli Venier and Caitlin Hughes

CONTROL AND RISK COMMITTEEDaniela Marilungo (Chairman), Paolo Garimberti and Assia Grazioli Venier

BOARD OF STATUTORY AUDITORS

CHAIRMAN Paolo Piccatti

AUDITORS Silvia Lirici Roberto Longo

DEPUTY AUDITORS Nicoletta Paracchini Roberto Petrignani

INDEPENDENT AUDITORSReconta Ernst & Young S.p.A.

Expiry of terms

The terms 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 2018.The assignment for the Independent Auditors will expire with the Shareholders’ Meeting called to approve the Financial Statements as of 30 June 2021.

BOARD OF DIRECTORS, BOARD OF STATUTORY AUDITORS AND INDIPENDENT AUDITORS


SIGNIFICANT EVENTS IN THE FIRST QUARTER OF THE 2015/2016 FINANCIAL YEAR

FOOTBALL SEASON

In mid-July, the First Team started the 2015/2016 pre-season training at the Juventus Training Center in Vinovo (TO).

On 10 July 2015, the FIGC officers, after reviewing the documentation filed by Juventus and materials sent by the Lega Nazionale Professionisti Serie A, issued the National License for the football season under way.

On 8 August 2015, the First Team won the seventh Italian Super Cup in its history.

2015/2016 TRANSFER CAMPAIGN – FIRST PHASE

PURCHASES AND DISPOSALS OF PLAYERS' REGISTRATION RIGHTS

The transactions finalised in the first phase of the 2015/2016 Transfer Campaign, held from 1 July to 31 August 2015, led to a total increase in invested capital of € 114.7 million resulting from acquisitions and increases of € 134.9 million and disposals of € 20.2 million (net book value of disposed rights).

The net capital gains generated by the disposals came to € 33.8 million.

The total net financial commitment of € 88 million is spread over four years, and includes auxiliary expenses as well as financial income and expenses implicit in deferred receipts and payments. To secure the deferred payments, guarantees were issued for a total of € 75.8 million.

For additional information see note no. 1.

RENEWAL OF PLAYERS’ CONTRACTS

During the first months of the 2015/2016 financial year players' registration rights contracts with the following footballers were renewed:

- Leonardo Bonucci (up to 30 June 2020);- Claudio Marchisio (up to 30 June 2020);- Daniele Rugani (up to 30 June 2020).

This resulted in lower amortisation for the 2015/2016 financial year by approximately € 1.3 million.

PLAYER'S CONTRACT RESOLUTION

In the month of July 2015, the contract of Andrea Pirlo expiring on 30 June 2016 was terminated by mutual consent, without economic and financial effects.

2015/2016 SEASON TICKET CAMPAIGN

The Season Ticket Campaign for the 2015/2016 football season closed with the subscription of all the 28,000 available season passes, for net revenues of € 21.6 million (€ 20.8 million in the previous season), including Premium Seats and additional services.

DIRECT MANAGEMENT OF LICENSING, MERCHANDISING AND SOCCER SCHOOL

On 1 July 2015, following Juventus' decision to directly manage the licensing and merchandising activities, the shops in Via Garibaldi in Turin and the Megastore at the Area 12 shopping centre, next to the Juventus Stadium, were reopened, following a complete renovation in cooperation with the new sponsor adidas.


On 30 June 2015, operations, existing contracts and personnel of Juventus Merchandising (a company belonging to the Nike Group) were transferred to Juventus, in conjunction with the sale of the relative business unit. The internal structure entrusted with licensing, retail and soccer school activities includes 35 resources.

CONTINASSA PROJECT: START-UP OF THE J VILLAGE REAL ESTATE FUND

During the month of July Accademia SGR S.p.A., the asset management company controlled by Banca del Sempione S.A., started up operation of the “J Village” Real Estate Fund for the redevelopment and upgrading project of most of the Continassa Area adjacent to the Juventus Stadium, promoted by Juventus.

Specifically, Accademia SGR has handled collection of investment commitments of various subscribers for a total of € 53.8 million and finalised a loan agreement in the first part of August with the lending institutions of the J Village Fund, UBI Banca S.c.p.A. and Unicredit S.p.A., for a maximum of € 64.5 million.

Following these events the act of 30 June 2015 became effective whereby Juventus transferred the title on the long-term lease to the J Village Fund for an area of approximately 148,700 square metres and the relative building permits for 34,830 square metres of Gross Floor Area (GFA) for a total equivalent value of € 24.1 million, determined based on an estimate report drawn up by an independent expert as per Ministerial Decree no. 30 of 5/3/2015. For this transfer, which generates net income of approximately € 10.3 million in the 2015/2016 financial year, Juventus received shares of the J Village Fund for the value of € 24.1 million.

The City of Turin has already issued the building permits for the infrastructure works, the International School, the Hotel, the new Training and Media Center of Juventus' First Team, which were requested in the past months.

Construction of Juventus' new registered office – currently expected to be settled in the lot of the ancient Cascina Continassa – and a building which will house commercial and innovative entertainment activities (Concept Store) will complete the project.

Accademia SGR has entrusted Pessina Costruzioni S.p.A. with the construction of the new registered office, the Hotel, the International School, the Concept Store and the infrastructure works; Costruzioni Generali Gilardi S.p.A. has been awarded the contract related to the new Training and Media Center.

The job schedule calls for all of the works to be delivered by the beginning of summer 2017.

Juventus has maintained the ownership of the long-term lease on a residual area of approximately 27,300 square meters and building permits on 3,170 square meters of GFA.

In addition, Juventus started the works for a project to secure the Cascina Continassa complex, as authorised by the Commission for Artistic and Landscape Heritage of the Municipality and Province of Turin.

The activity will make it possible to achieve static security of recoverable parts, remove the large quantity of rubble and waste as well as the dangerous parts, in indispensable safety conditions for the operators. The Cascina Continassa, which dates back to the beginning of the 18th century, had deteriorated rapidly over the past decades and is now in a terrible state of preservation.


SHAREHOLDING STRUCTURE AND SHARE TREND

Based on the latest information available, the share capital of Juventus Football Club S.p.A. is held 63.8% by the parent Exor S.p.A., 5.0% by Lindsell Train Ltd. and the remaining 31.2% is a free float on the Stock Exchange.

The graph below shows the Juventus Football Club S.p.A. share price trend and average daily trading in the past twelve months.

12.0

10.0

8.0

6.0

4.0

2.0

0.0

0.4

0.3

0.2

0.1

0.0

4/11/14 20/1/15 31/3/15 12/6/15 21/8/15 30/10/15

€€/m

Equity turnoverOfficial price


SIGNIFICANT EVENTS AFTER 30 SEPTEMBER 2015

ORDINARY SHAREHOLDERS' MEETING OF 23 OCTOBER 2015

Juventus Football Club S.p.A. Ordinary Shareholders' Meeting approved the Financial Statements at 30 June 2015, which reported a net profit of € 2.3 million that was entirely allocated to reserves. As a result, no dividends were deliberated.

The Shareholders' Meeting also decided that the Board of Directors would consist of 12 members for the years 2015/2016, 2016/2017 and 2017/2018, appointing the directors Andrea Agnelli, Maurizio Arrivabene, Giulia Bongiorno, Paolo Garimberti, Assia Grazioli-Venier, Caitlin Hughes, Daniela Marilungo, Giuseppe Marotta, Aldo Mazzia, Pavel Nedved, Francesco Roncaglio and Enrico Vellano. The Directors Giulia Bongiorno, Paolo Garimberti, Assia Grazioli-Venier, Caitlin Hughes and Daniela Marilungo stated they meet the independence requirements.

The Board of Statutory Auditors comprising Paolo Piccatti (Chairman), Silvia Lirici and Roberto Longo was also appointed. Nicoletta Paracchini and Roberto Petrignani were appointed as Deputy Auditors.

Lastly, the Shareholders' Meeting approved the Remuneration Report pursuant to Article 123-ter of Legislative Decree 58/98.

The Board of Directors held at the end of the Shareholders' Meeting confirmed the appointment of Andrea Agnelli as Chairman and Giuseppe Marotta and Aldo Mazzia as Chief Executive Officers. It also appointed Pavel Nedved as Vice President and confirmed Paolo Garimberti's role as president of the Juventus Museum.

After having verified the satisfaction of the requirements of independence by the directors Giulia Bongiorno, Paolo Garimberti, Assia Grazioli-Venier, Caitlin Hughes and Daniela Marilungo, the Board also appointed the following Committees:

- Remuneration and Appointments Committee consisting of Paolo Garimberti (Chairman), Assia Grazioli Venier and Caitlin Hughes;

- Control and Risk Committee consisting of Daniela Marilungo (Chairman), Paolo Garimberti and Assia Grazioli Venier.

Lastly the Supervisory Body pursuant to Legislative Decree 231/2001 was appointed consisting of Alessandra Borelli, Guglielmo Giordanengo and Patrizia Polliotto.

WRIT OF SUMMONS OF MR GIUSEPPE GAZZONI FRASCARA

On 13 October 2015 a writ of summons was served for a request for compensation by Mr Giuseppe Gazzoni Frascara for a total amount of approximately € 34.6 million. The hearing has been set before the Court of Rome on 29 March 2016.

To date the plaintiff has not provided any evidence that would justify the responsibility of Juventus, and this request for compensation.

BUSINESS OUTLOOK

During the first phase of the Transfer Campaign of the 2015/2016 financial year, the Company earmarked significant resources to ensure an adequate technical and generational turnover of the First Team's bench and keep talented players on staff.

As a consequence, the operating result, currently 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 goal is to consolidate the substantial equilibrium of operating profit achieved in the previous year.


STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2015

The Interim Management Statements at 30 September 2015 have not been audited.

Non-current assetsPlayers’ registration rights, net

Other intangible assets

Intangible assets in progress

Land and buildings

Other tangible assets

Tangible assets in progress

Investments in other companies

Non-current financial assets

Deferred tax assets

Receivables due from football clubs for transfer campaigns

Other non-current assets

Total non-current assetsCurrent assets Inventory

Trade receivables

Non-financial receivables from related parties

Receivables due from football clubs for transfer campaigns

Other current assets

Current financial assets

Cash and cash equivalents

Total current assetsAdvances paid Non-current advances

Current advances

Advances paid, total Assets held for sale

Total assets held for saleTotal assets

98,541,984

1,076,145

(1,139,157)

522,501

(198,511)

1,601,268

9,000

12,100,000

(195,278)

15,203,156

4,170,237

131,691,345

702,461

29,017,256

863,495

(25,082,148)

7,194,049

12,000,000

15,560,632

40,255,745

(38,483)

(4,487,330)

(4,525,813)

(12,061,231)

(12,061,231)

155,360,046

114,235,445

31,118,063

1,169,157

134,056,117

25,433,871

1,747,418

-

4,100,000

5,269,231

31,649,348

4,244,740

353,023,390

1,326,539

31,564,078

492,399

48,104,690

5,207,389

-

3,126,754

89,821,849

13,349,271

6,012,598

19,361,869

12,061,231

12,061,231

474,268,339

212,777,42932,194,208

30,000134,578,618

25,235,3603,348,686

9,00016,200,000

5,073,95346,852,504

8,414,977484,714,735

2,029,00060,581,334

1,355,89423,022,54212,401,43812,000,00018,687,386

130,077,594

13,310,7881,525,268

14,836,056--

629,628,385

1

2

3

4

5

3

4

2

6

7

8

Amounts in euro Change30/06/201530/09/2015Note


STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2015


Shareholders' EquityShare capital

Share premium reserve

Cash flow hedge reserve

Profit/(loss) for the previous year

Profit/(loss) for the period

Shareholders’ equityNon-current liabilities Provisions for employee benefits

Loans and other financial payables

Payables due to football clubs for transfer campaigns

Deferred tax liabilities

Other non-current liabilities

Total non-current liabilitiesCurrent liabilities Provisions for risks and charges

Loans and other financial payables

Current financial liabilities

Trade payables

Non-financial payables due to related parties

Payables due to football clubs for transfer campaigns

Other current liabilities

Total current liabilitiesAdvances receivedNon-current advances

Current advances

Advances received, totalTotal liabilities

-

(18,143)

54,186

2,298,263

14,506,421

16,840,727

(156,480)

(7,681,128)

70,644,854

78,408

4,759,286

67,644,940

(456)

30,153,298

(55,807)

3,883,071

(1,333,421)

(12,532,487)

21,553,888

41,668,086

(1,192,190)

30,398,483

29,206,293

155,360,046

8,182,133

34,382,673

(217,625)

-

2,298,263

44,645,444

156,480

46,399,770

26,056,257

5,896,535

2,757,815

81,266,857

354,125

149,501,032

228,043

20,129,717

2,468,435

67,583,202

57,232,964

297,497,518

35,543,005

15,315,515

50,858,520

474,268,339

8,182,13334,364,530

(163,439)2,298,263

16,804,68461,486,171

-38,718,64296,701,111

5,974,9437,517,101

148,911,797

353,669179,654,330

172,23624,012,788

1,135,01455,050,71578,786,852

339,165,604

34,350,81545,713,99880,064,813

629,628,385

Amounts in euro Change30/06/201530/09/2015

9

6

10

11

6

6

10

11

12

Note



2014/2015 Financial year

2014/2015 Financial year

Ticket sales

Television and radio rights and media revenues

Revenues from sponsorship and advertising

Revenues from players’ registration rights

Other revenues

Total revenuesPurchase of materials, supplies and other consumables

External services

Players’ wages and technical staff costs

Other personnel

Expenses from players’ registration rights

Other expenses

Total operating costsAmortisation and write-downs of players’ registration rights

Depreciation/amortisation of other tangible and intangible assets

Provisions and other write-downs/reverses and releases

Other non-recurring revenues and costs

Operating incomeFinancial income

Financial expenses

Income/(loss) before taxesCurrent taxes

Deferred taxes

Profit/(Loss) for the periodBasic and diluted profit/(loss) per share for the period

1,121,137

16,112,658

4,356,804

28,662,109

1,435,913

51,688,621

(788,167)

(2,468,188)

(9,699,933)

(931,370)

(533,105)

217,212

(14,203,551)

(2,785,552)

(168,110)

-

10,638,769

45,170,177

(118,807)

585,036

45,636,406

527

(226,927)

45,410,006

0,045

45,410,006

5,612

-

5,612

-

-

-

5,612

45,415,618

7,121,239

20,874,628

13,067,296

6,214,223

5,993,135

53,270,521

(789,731)

(8,914,599)

(43,823,944)

(3,231,602)

(3,914,510)

(1,659,524)

(62,333,910)

(13,303,400)

(2,098,342)

-

-

(24,465,131)

817,270

(3,240,338)

(26,888,199)

(1,688,507)

(28,616)

(28,605,322)

(0,03)

51,368,524

194,710,818

53,755,276

23,527,518

24,831,749

348,193,885

(3,103,221)

(45,888,195)

(178,839,411)

(19,590,646)

(7,090,063)

(9,343,474)

(263,855,010)

(57,874,089)

(8,476,726)

(434,553)

1,750,000

19,303,507

2,365,061

(10,860,663)

10,807,905

(7,992,976)

(516,666)

2,298,263

0,002

(28,605,322)

48,574

-

48,574

-

-

-

48,574

(28,556,748)

2,298,263

234,582

-

234,582

(441,331)

-

(441,331)

(206,749)

2,091,514

Profot/(Loss) for the period (A)

Other Profit (Loss) recorded in cash flow hedge reserve

Tax effect related to total other Profit (Loss) that will subsequently be reclassified in the income statement

Total Other Profit (Loss) that will subsequently be reclassified in the income statement net of the tax effect (B1)

Other Profit (Loss) entered in the actuarial gains (losses) reserve

Tax effect related to total other Profit (Loss) that will not subsequently be reclassified in the income statement

Total Other Profit (Loss) that will not subsequently be reclassified in the income statement net of the tax effect (B2)

Total Other Profit/(Loss), net of the tax effect (B)= (B1)+(B2)

Total Profit/(Loss) (A+B)

8,242,37636,987,28617,424,10034,876,332

7,429,048104,959,142(1,577,898)

(11,382,787)(53,523,877)

(4,162,972)(4,447,615)(1,442,312)

(76,537,461)(16,088,952)

(2,266,452)-

10,638,76920,705,046

698,463(2,655,302)18,748,207(1,687,980)

(255,543)16,804,684

0,017

16,804,684

54,186

-

54,186

-

-

-

54,186

16,858,870

Change

Change

I Quarter 2014/2015

I Quarter 2014/2015

I Quarter 2015/2016

I Quarter 2015/2016

INCOME STATEMENT FOR THE FIRST QUARTER OF THE 2015/2016

STATEMENT OF COMPREHENSIVE INCOME FOR THE FIRST QUARTER OF 2015/2016

13

14

15

16

NoteAmounts in euro

Amounts in euro


NOTES TO THE FINANCIAL STATEMENTS

ACCOUNTING PRINCIPLES

The Interim Management Statements at 30 September 2015, concerning the first quarter of the 2015/2016 financial year, have been drawn up pursuant to Article 154-ter, paragraph 5, of Legislative Decree 58 of 24 February 1998, as amended by Legislative Decree 195 of 6 November 2007.

The accounting principles and policies used in drafting these management statements are the same as those used in preparing the Annual Report at 30 June 2015, in compliance with IFRS.

Drafting the interim management statements requires the use of estimates and assumptions that have an effect on assets and liabilities and on information regarding potential assets and liabilities at the reporting date. The final results may differ from these estimates. The estimates and assumptions are reviewed periodically and the effects of every variation are reflected immediately in the income statement.

These measurement processes, in particular more complex ones such as the determination of impairment in the value of assets, are generally made in full only when preparing the annual financial statements, when all the information that might be needed is available, except in cases where there are impairment indicators that demand an immediate evaluation of possible impairment losses.


SEASONAL NATURE OF OPERATIONS

The economic trend is characterised by a strong seasonal nature, typical of the sector, basically determined by participation in European championships, in particular the UEFA Champions League, by the calendar of sports events and by the football player Transfer Campaigns. Specifically:

- the calendar of sports events to which main revenue items are related and recognised in the income statement, has an impact on the trend of quarterly results and their comparison with figures for the same periods of previous years. This is because the main cost items not referable to single sports events (such as players’ wages and amortisation relative to registration rights) are recorded in the income statement on a straight-line basis. Specifically, note that the revenues for broadcasting rights to the Series A championship and the Italian Cup (whose marketing is handled centrally by the Lega Nazionale Professionisti Serie A) are reported in the income statement by dividing the total, provided by the League, in equal parts based on the number and date of the home games. The revenues from UEFA Champions League, not linked to performance or to winning specific rounds, are reported in the income statement by dividing the total, provided by UEFA, in equal parts based on the number and date of the games played;

- the player Transfer Campaign may have significant economic and financial effects in July and August (first phase) and in January (second phase).

The Company’s financial performance is also affected on a quarterly level by the seasonal nature of economic components; Furthermore, a number of revenue items show non-uniform financial patterns (receipts) with respect to the pertinent economic period.


NOTES ON THE STATEMENT OF FINANCIAL POSITION AT 30 SEPTEMBER 2015

1. PLAYERS’ REGISTRATION RIGHTS, NET

The changes in the item are shown below:

In the course of the first phase of the 2015/2016 Transfer Campaign, the following main operations regarding players’ registration rights were completed:

Book value

Accumulated amortisation

Allowance for doubtful accounts

Balance at 30/06/2015

Investments

Disinvestments (gross)

Use of accumulated amortisation

Use of allowance for doubtful accounts

Disinvestments (net)

Amortisation


Book value

Accumulated amortisation

Allowance for doubtful accounts


312,056

(195,701)

(2,120)

114,235

134,854

(66,220)

43,877

2,120

(20,223)

(16,089)

212,777

380,690

(167,913)

-

212,777

3,220

(1,204)

(256)

1,760

2,466

(747)

409

256

(82)

(247)

3,897

4,939

(1,042)

-

3,897

308,836

(194,497)

(1,864)

112,475

132,388

(65,473)

43,468

1,864

(20,141)

(15,842)

208,880

375,751

(166,871)

-

208,880

Amounts in thousands of euro TotalRegistered young players

Professionals

Definitive acquisitions Cerri Alberto

De Carvalho Viana Lima Anderson Hernanes

Dybala Paulo Exequiel

Khedira Sami

Lobo Silva Alex Sandro

Mandzukic Mario

Murara Neto Norberto

Pereyra Roberto Maximiliano

Tello Munoz Andes Felipe

Zappa Claudio

Zaza Simone

Other investments/increases

Total investments

Player

5

3

5

4

5

4

4

4

4

5

5

1,994

11,148

33,302

1,300

26,275

21,346

1,940

13,741

1,585

1,500

17,450

3,273

134,854

-

11,000

32,000

-

26,000

19,000

-

14,000

1,400

1,500

18,000

(b)

(c)

(d)

- (a)

FC Internazionale

US città di Palermo

- (a)

Futebol Clube do Porto

Club Atletico Madrid

- (a)

Udinese Calcio

Evingado Futbol Club

US Sassuolo

US Sassuolo

Amounts in thousands of euro

Years of contract

IFRS value of rights (including expenses

and bonuses)

PriceCounterparty clubs

(a) Player at termination of contract.(b) The acquisition price could increase by a maximum of € 2 million if certain sports goals are reached by 30 June 2018.(c) The acquisition price could increase by € 8 million if certain conditions occur during the contract.(d) The acquisition price could increase by another € 2 million (maximum) if certain sports goals are reached during the contract.


Definitive disposals Ogbonna Obinze Angelo

Llorente Torres Fernando

Sorensen Frederik

Tevez Carlos

Vidal Pardo Arturo Erasmo

Other disinvestments

Total disinvestments (net)

Temporary disposals

Cerri Alberto

Coman Kingsley

De Ceglie Paolo

Tello Munoz Andres Felipe

Isla Isla Mauricio Anibal

Others

Temporary acquisitions

Cuadrado Bello Juan Guillermo

Lemina Mario

Vadala Guido Nahuel

Others

Player

Player

1,424

-

905

-

30,986

507

33,822

5,000

21,000

-

10,000

7,000

-

9,500

9,428

10,655

-

1,600

6,232

36,217

939

55,643

8,698

-

627

6,117

4,349

432

20,223

533

-

68

115

882

-

1,598

11,000

-

1,600

6,500

37,000

1,000

7,000

-

1,000

-

500

(1,500)

-

(3,351)

(357)

West Ham United

-

FC Koln

Club Atletico Boca Juniors

FC Bayern Munchen

Cagliari Calcio

FC Bayern Munchen

Olympique Marseille

Cagliari Calcio

Olympique Marseille

Chelsea Footblall Club

Olympique Marseille




Capital gains

(losses)

Exercise price in the event of the exercise

of option rights

Price present

value

Net book value

Solidarity subsidy

Price

Income/(expense)

Counterparty clubs

Counterparty clubs

Acquisition pre-emption rights

Bentancur Colman Rodrigo

Cristaldo Franco Sebastián

Cubas Adrián Andrés

Player

9,428

8,171

6,914

1,000

1,000

1,000

20/04/17

20/04/17

20/04/17





Exercise price in the event of the exercise

of option rights

Pre-emption right cost

Year endCounterparty clubs

(a)

(b)

(a)

(a)

(b)

(c)

(a) The contract termination, which occurred on 26 August 2015, resulted in the write-down of the entire remaining book value of the rights (€ 1,519 thousand) in the 2014/2015 financial year.

(b) The disposal transaction, which took place on 13 July 2015 for a price of € 6,500 thousand led to the need to adjust the remaining book value of the rights to the disposal price, with a consequent write-down of € 345 thousand recognised in the 2014/2015 financial year.

(a) Two-year temporary operation.(b) A "buy back" right is also included.(c) The pre-emption right cost amounts to € 0.5 million and the exercise period ends on 30 April 2016.


The total net financial commitment, including auxiliary expenses as well as financial income and expenses implicit in deferred receipts and payments, came to € 88,020 million, broken down as follows:

2. CURRENT AND NON-CURRENT FINANCIAL ASSETS

Financial assets increased by a total of € 24,100 thousand as a result of the assignment of a portion of long-term lease of the Continassa Area and relative auxiliary expenses to the "J Village" Real Estate Fund. The transaction involved the subscription of J class shares of the fund (not available for sale for the duration of the fund) for a total of € 12,100 thousand and class A shares for € 12,000 thousand. For additional information see "Significant events in the first quarter of the 2015/2016 financial year".

Non-current financial assets also included € 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.

3. CURRENT AND NON-CURRENT RECEIVABLES DUE FROM FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS

These are the current and non-current receivables, due within five financial years, from football clubs for the disposal of players' registration rights and are almost entirely covered by a direct guarantee or through the Lega Nazionale Professionisti Serie A.

These total € 69,875 thousand and show a decrease of € 9,879 thousand compared to the balance of € 79,754 thousand at 30 June 2015 due to proceeds received during the period and receivables generated during the first phase of the 2015/2016 Transfer Campaign.

4. OTHER CURRENT AND NON-CURRENT ASSETS

Details are as follows:

Prepaid expenses mainly refer to expenses for temporary acquisitions of players (€ 4,564 thousand), acquisition of pre-emption rights (€ 3,372 thousand), insurance premiums (€ 930 thousand), costs for sports equipment (€ 824 thousand) and commissions on guarantees (€ 188 thousand).

The tax asset item primarily refers to receivables from Tax Authority for the September settlement of VAT (€ 2,894 thousand).

LNP and others

Foreign FC

Agents

Total

(8,000)

-

(500)

(8,500)

(25,060)

(8,683)

(5,025)

(38,768)

(23,500)

(333)

(1,000)

(24,833)

(24,167)

17,117

(8,869)

(15,919)

(80,727)

8,101

(15,394)

(88,020)

Amounts in millions of euro 2018/20192016/2017 2017/20182015/2016Total

Receivables due from Finanziaria Gilardi S.p.A. for sale of the Campi di Vinovo S.p.A. shareholding

Receivables due from Santa Clara S.r.l. for the sale of 50% of the investment in J Medical S.r.l.

Receivables due from Piemonte Merchandising S.r.l. (formerly Juventus Merchandising S.r.l.) for acquisition of business unit

Receivables due from I.C.S. for interest rate subsidy

Adjustment for financial income underlying the receivable due from I.C.S.

Prepaid expenses

Receivables due from insurance companies

Receivables due from Lega Nazionale Professionisti Serie A

Tax receivables

Miscellaneous

Other current and non-current assets

1,579

2,050

146

2,415

(392)

10,996

251

-

3,331

440

20,816

1,579

1,750

315

2,415

(414)

2,100

130

372

437

768

9,452

-

2,050

146

302

(85)

6,413

251

-

2,991

333

12,401

-

1,750

315

302

(88)

1,675

130

372

97

654

5,207

1,579

-

-

2,113

(307)

4,583

-

-

340

107

8,415

1,579

-

-

2,113

(326)

425

-

-

340

114

4,245

Amounts in thousands of euro Total TotalCurrent share

Current share

Non-current share

30/09/2015 30/06/2015

Non-current share


5. TRADE RECEIVABLES

These total € 60,581 thousand and increased by € 29,017 thousand (€ 31,564 thousand at 30 June 2015) mainly due to receivables due from UEFA for participation in the 2015/2016 UEFA Champions League and from the technical sponsor (€ 26,155 thousand).

To optimise financial management, expand the level of loans and keep borrowing costs down, the Company sells part of its contracts and future trade receivables to factoring companies.

6. NET FINANCIAL DEBT

At 30 September 2015, net financial debt amounted to € 195,758 thousand, registering an increase of € 6,856 thousand compared to a balance of € 188,902 thousand at 30 June 2015. This increase was driven by Transfer Campaign outlays (€ -13,380 thousand, net), investments in other fixed assets (€ -4,129 thousand), cash flow from financing activities (€ -1,824 thousand), partially offset by positive cash flow from operations (€ +12,477 thousand).

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

The net financial debt at 30 September 2015 did not include any payable and/or receivable position with related parties, with the exception of the negative current account balance held at Banca del Piemonte S.p.A. (€ -3,096 thousand).

In terms of the effects of the seasonal nature and proceeds advanced compared to when accrued, as of 30 September 2015 contractual payments had already been collected with future economic accrual for a total of € 80,065 thousand, reported in the item "Received advances" (see note 12).

At 30 September 2015, the Company had revocable lines of credit totalling € 354,250 thousand, drawn down by a total of € 254,554 thousand (€ 89,754 thousand for guarantees issued in favour of third parties, € 61,545 thousand for overdrafts, € 16,508 thousand for loans and € 86,747 thousand for advances on contracts and trade receivables).

7. ADVANCES PAID

Advances paid totalled € 14,836 thousand, of which € 13,311 thousand non-current (of which € 12,695 thousand beyond the fifth consecutive year) and mainly refer to the consideration paid for the acquisition of the long-term lease of the Juventus Stadium (€ 12,370 thousand) and for the acquisition of the long-term lease and relative auxiliary expenses of the Continassa Area, only limited to the portion (3,170 square meters of gross floor area) remained in the Company after signing the assignment to the "J Village" real estate fund on 30 June 2015 (€ 1,095 thousand), accounted for as operating leases (for more details, see section Significant events of the first quarter of 2015/2016).

Amounts in millions of euro Total Total Current Current Non-current

30/09/2015 30/06/2015

Non-current

Financial assets*

Cash and cash equivalents

Total financial assets

Financial payables

- due to leasing companies

- due to the Istituto per il Credito Sportivo

- due to parent EXOR S.P.A.

- due to factoring companies

- due to banks

Other financial liabilities

Total financial liabilities

Net financial debt

4,100

18,687

22,787

(9,746)

(43,827)

-

(86,747)

(78,053)

(172)

(218,545)

(195,758)

4,100

3,127

7,227

(10,404)

(43,352)

(38,000)

(90,544)

(13,601)

(228)

(196,129)

(188,902)

-

18,687

18,687

(9,746)

(5,108)

-

(86,747)

(78,053)

(172)

(179,826)

(161,139)

-

3,127

3,127

(2,723)

(4,633)

(38,000)

(90,544)

(13,601)

(228)

(149,729)

(146,602)

4,100

-

4,100

-

(38,719)

-

-

-

-

(38,719)

(34,619)

4,100

-

4,100

(7,681)

(38,719)

-

-

-

-

(46,400)

(42,300)

* 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.


8. ASSETS HELD FOR SALE

The € 12,061 thousand decrease compared to the balance at 30 June 2015 resulted from the assignment of the ownership of a portion of the long-term lease of the Continassa Area to the "J Village" Real Estate Fund of approximately 148,700 square metres and the relative building permits for 34,830 square metres of GFA.

9. SHAREHOLDERS' EQUITY

Shareholders' equity at 30 September 2015 was equal to € 61,486 thousand, registering an increase compared to the balance of € 44,645 thousand at 30 June 2015 due to the increased profit for the period (€ +16,805 thousand) and changes in the cash flow hedge reserve (€ +54 thousand) net of other minor variations (€ -18 thousand).

10. CURRENT AND NON-CURRENT PAYABLES DUE TO FOOTBALL CLUBS FOR TRANSFER CAMPAIGNS

These are current and non-current payables to football clubs for the acquisition of players' registration rights.

These total € 151,752 thousand and show an increase of € 58,112 thousand compared to the balance of € 93,639 thousand at 30 June 2015 as a result of payables arising from the first phase of the 2015/2016 Transfer Campaign, net of payments made during the period.

11. OTHER CURRENT AND NON-CURRENT LIABILITIES


Prepaid income and accrued expenses, amounting to € 18,232 thousand, mainly refer to trade revenues pertaining to future periods (€ 9,162 thousand) and prepaid income deriving from the temporary disposal of some footballers (€ 8,657 thousand).

12. ADVANCES RECEIVED

Received advances total € 80,065 thousand, of which € 34,351 thousand non-current (including € 19,126 thousand beyond five financial years). These are amounts already received for the performance of services to render in the future related to:

Amounts in thousands of euro Total TotalCurrent share

Current share

Non-current share

30/09/2015 30/06/2015

Non-current share

Amounts in thousands of euro Total TotaleCurrent share

Current share

Non-current share

30/09/2015 30/06/2015

Non-current share

Payables due for remuneration to employees and others

Tax payables for withholding tax and other taxes

Payables due for auxiliary expenses and Transfer Campaign

Prepaid income and accrued expenses

Payables due to social security agencies

Adjustment for implicit financial expenses

Other payables

Other non-current and current liabilities

Naming and other revenues of the Juventus Stadium from agreements with Sportfive Italia S.r.l. and Sportfive GmbH & Co. KG

Season passes

Television rights disposed of in centralised form accruing in the 2015/2016 financial year

Income from the "Membership" initiative

Income from the "Accendi una Stella" initiative

Income from the Juventus Library

Other minor items

Advances received

28,088

15,446

20,901

18,232

751

(536)

3,422

86,304

26,695

16,211

25,166

557

1,050

9,519

867

80,065

30,894

12,753

8,770

2,094

1,045

(337)

4,772

59,991

28,000

7,936

2,005

400

1,095

9,698

1,725

50,859

28,088

15,446

14,651

16,725

751

(241)

3,367

78,787

3,500

16,211

25,166

210

180

106

341

45,714

30,894

12,753

5,770

2,094

1,045

(37)

4,714

57,233

3,500

7,936

2,005

398

180

116

1,181

15,316

-

-

6,250

1,507

-

(295)

55

7,517

23,195

-

-

347

870

9,413

526

34,351

-

-

3,000

-

-

(300)

58

2,758

24,500

-

-

2

915

9,582

544

35,543


NOTES ON THE INCOME STATEMENT FOR THE PERIOD 1 JULY 2015 - 30 SEPTEMBER 2015

The first quarter of the 2015/2016 financial year closed with a profit of € 16,805 thousand, posting a positive change of € 45,410 million compared to the loss of € 28,605 thousand registered in the same period a year earlier. This performance mainly derived from an increase in revenues from players’ registration rights of € 28,662 thousand and by a general increase in recurring revenues (€ 23,027 thousand) in addition to net non-recurring revenues (€ 10,639 thousand). These positive changes were partially offset by the increase in players’ wages and technical staff costs for € 9,700 thousand, the increase in costs for external services for € 2,468 thousand, higher amortisation on players' registration rights for € 2,786 thousand as well as net negative changes for € 1,964 thousand. The net negative changes mainly included higher costs for the purchase of products (€ -788 thousand), other personnel (€ -931 thousand), expenses from players’ registration rights (€ -533 thousand) and net financial expenses (€ +466 thousand).

13. REVENUES

Revenues for the first three months of the 2015/2016 financial year totalled € 104,959 thousand, up € 51,689 thousand compared to € 53,270 thousand for the same period last year. The main items and/or changes are illustrated below.

TICKET SALES

These totalled € 8,242 thousand, showing an increase of € 1,121 thousand compared to the figure of € 7,121 thousand for the same period of the previous year due to revenues from the Italian Super Cup final (€ +1,350 thousand)1, season tickets (€ +900 thousand), ticket sales for UEFA Champions League home matches (€ +595 thousand), ticket sales for Championship home matches including secondary ticketing (€ +388 thousand), ticket sales for friendly home matches (€ +101 thousand) and additional match services (€ +254 thousand). These increases were partly offset by lower fees for friendly matches (€ -2,467 thousand).

The following table compares the number of matches played in the various official competitions in the period from 1 July 2015 to 30 September 2015 and in the same period of the previous year:

TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES


Revenues from media rights for the period increased by € 3,841 thousand compared to those from the same period last year mainly due to a higher number of matches played during the period.

Revenues from UEFA competitions increased by € 12,272 thousand due to a higher total value of revenues from competition, as well as a higher number of matches played in the period.

Championship

UEFA matches

Italian Super Cup

Total

6

2

1

9

5

1

-

6

3

1

-

4

2

1

-

3

3

1

1

5

3

-

-

3

number of matches Total Total Home Home Away

I quarter 2015/2016 I quarter 2014/2015

Away

Revenues from media rights

Revenues from UEFA competitions

Television and radio rights and media revenues

3,841

12,272

16,113

16,220

20,767

36,987

12,379

8,495

20,874

Amounts in thousands of euro ChangeI quarter 2015/2016

I quarter 2014/2015

1 The 2014/2015 Italian Super Cup was played in December 2014.


REVENUES FROM PLAYERS’ REGISTRATION RIGHTS

Revenues from players’ registration rights amount to € 34,876 thousand, posting an increase of € 28,662 thousand compared to € 6,214 thousand registered for the same period of the previous year. Details are as follows:

For more details on gains from disposals of players' registration rights see Note 1.

Revenues in the first quarter from the temporary disposal of players' registration rights mainly refer to:

- Coman Kingsley (FC Bayern Munchen AG) € 523 thousand;

- Cerri Alberto (Cagliari Calcio S.p.A.) € 130 thousand;

- Tello Munoz Andres Felipe (Cagliari Calcio S.p.A.) € 122 thousand.

OTHER REVENUES

These total € 7,429 thousand (€ 5,993 thousand at 30 September 2014) and mainly relate to income from the Juventus Museum and the “Membership” and “Stadium Tour” commercial initiatives, as well as income from non-sporting events carried out at the Juventus Stadium. Starting from the current season, this item also includes revenues from the direct management of the sale and licensing of official products (€ 3,034 thousand).

14. OPERATING COSTS

Operating costs in the first quarter of the 2015/2016 financial year amounted to € 76,537 thousand, increasing by € 14,204 thousand compared to € 62,334 thousand for the same period of the previous financial year. The main items and/or changes are illustrated below.

PLAYERS’ WAGES AND TECHNICAL STAFF COSTS

Players’ wages and technical staff costs amounted to € 53,524 thousand (€ 43,824 thousand in the same period of the previous financial year) and showed an increase of € 9,700 thousand mainly due to higher payments for leaving incentives to permanently transferred players (€ +3,054 thousand), higher fees paid to temporarily transferred players (€ +810 thousand) and higher fixed remuneration paid to players on staff (€ +6,938 thousand); These increases were partly offset by lower variable remuneration (€ -697 thousand) and lower fees paid to other registered players (€ -595 thousand).

EXPENSES FROM PLAYERS’ REGISTRATION RIGHTS

Expenses from players' registration rights amounted to € 4,448 thousand (€ 3,915 thousand for the same period of the previous year), and mainly include auxiliary expenses for players' registration rights (€ 3,550 thousand), expenses from temporary acquisitions of players accruing pro rata during the quarter (€ 643 thousand), losses on disposals of professional players' registration rights (€ 115 thousand) and registered young players' registration rights (€ 82 thousand).

Expenses for the temporary purchase of players' registration rights mainly refer to:

- Vadala Guido Nahuel (Club Atletico Boca Juniors) € 385 thousand;

- Cuadrado Bello Juan Guillermo (Chelsea Footblall Club) € 178 thousand.

Gains on disposal of players’ registration rights

Revenues from the temporary disposal of players’ registration rights

Capital gains on player-sharing agreements

Gains on termination of sharing agreements

Other revenues

Revenues from players’ registration rights

29,578

490

(400)

(482)

(524)

28,662

33,920

853

100

-

3

34,876

4,342

363

500

482

527

6,214

Amounts in thousands of euro ChangeI quarter 2015/2016

I quarter 2014/2015


15. AMORTISATION AND WRITE-DOWNS OF PLAYERS’ REGISTRATION RIGHTS

The amortisation and write-downs of players' registration rights for the first quarter of 2015/2016 amount to € 16,089 thousand, up by € 2,786 thousand compared to the same period of the previous year due to the effect of investments made during the 2015/2016 Transfer Campaign.

16. OTHER NON-RECURRING REVENUES AND COSTS

Other non-recurring revenues and costs amounted to € 10,639 thousand (item not present at 30 September 2014) and mainly refer to revenues from the assignment of the ownership of a portion of long-term lease of the Continassa Area to the "J Village" Real Estate Fund of approximately 148,700 square metres and the relative building permits for 34,830 square metres of GFA (€ 10,339 thousand).

17. APPROVAL OF THE INTERIM MANAGEMENT STATEMENTS AT 30 SEPTEMBER 2015 AND AUTHORISATION FOR PUBLICATION

At the meeting of 9 November 2015, the Board of Directors approved the Interim Management Statements at 30 September 2015,

authorising the publication on the same date.

Turin, 9 November 2015

On behalf of the Board of Directors The Chairman

Andrea Agnelli


DECLARATION PURSUANT TO PARAGRAPH 2 OF ARTICLE 154 BIS OF THE CONSOLIDATED LAW ON FINANCE (TUF)

Pursuant to paragraph 2 of Article 154 bis of the Consolidated Law on Finance, I, Marco Re, the Juventus Football Club S.p.A. Financial Reporting Officer, declare that the accounting information contained in these Interim Management Statements at 30 September 2015

is consistent with the accounting records.

Turin, 9 November 2015

Financial Reporting Officer of Juventus Football Club S.p.A.

Marco Re

INFORMATION FOR SHAREHOLDERS, INVESTORS AND THE PRESS:

RELATIONS WITH INSTITUTIONAL INVESTORS AND FINANCIAL ANALYSTS

telephone +39 011 65 63 403fax +39 011 56 31 177

[email protected]

PRESS OFFICE

telephone +39 011 65 63 448fax +39 011 44 07 461

[email protected]

JUVENTUS FOOTBALL CLUB S.P.A.

C.so Galileo Ferraris, 32 - 10128 Turinwww.juventus.com

This document contains a true translation in English of the report in Italian “Resoconto intermedio di gestione al 30 settembre 2015”.

However, for information about Juventus Football Club S.p.A. reference should be made exclusively to the original report in Italian.

The Italian version shall prevail upon the English version.

GRAPHIC DESIGN AND ART DIRECTIONIndependent Ideas

PHOTOGRAPHYLaPresse

PRINTED BYG. Canale & C. S.p.A.

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