BALANCE SHEET

Assets 2011
Noncurrent Assets
Player's registration rights 71437
Other intangible assets 15994
Intangible assets in progress 15
Land and buildings 22689
Other tangible assets 2438
Tangible assets in progress 119626
Other investments
Other noncurrent financial investments 2000
Deferred tax assets 2613
Receivables from specific sector companies related to transfer campaign 10462
Other noncurrent assets 16527
Total noncurrent assets 263801
Current Assets
Trade receivables 17658
Non financial receivables from related parties
Receivables from specific sector companies related to transfer campaign 23031
Other current assets 14546
Current financial assets
Cash and cash equivalents 761
Total current assets 55996
Noncurrent advances to suppliers 12833
Current advances to suppliers 1410
Total advance to suppliers 14243
Assets held for sale
Total assets 334040

Equity and Liabilities

Shareholder's Equity
Share Capital 20155
Reserves 70308
Income/(loss) for the year -95414
Shareholders'equity -4951

Noncurrent liabilities
Provisions for risks and charges 350
Provisions for employee benefits
Bonds and other financial liabilities 58145
Non current financial liabilities 38
Non financial payables due to related parties
Payables due to specific sector companies related to transfer campaign 21456
Deferred tax liabilities 2548
Other noncurrent liabilities 3175
Total noncurrent liabilities 85712
Current liabilities
Provisions for risks and charges 13447
Bonds and other financial liabilities 65739
Current financial liabilities
Trade payables 44549
Non financial payables due to related parties 985
Payables due to specific sector companies related to transfer campaign 41097
Other current liabilities 24311
Total current liabilities 190128
Noncurrent advances from customers 47595
Current advances from customers 15556
Total advance from customers 63151
Total equity and liabilities 334040

INCOME STATEMENT
2011
Ticket sales 11552
Television and radio rights and media revenues 88711
Revenues from sponsorship and advertising 43271
Revenues from players' registration rights 18239
Other revenues 10293
TOTAL REVENUES 172066
Purchase of materials, supplies and other consumables -2398
External services -33569
Players' wages and technical staff costs -126921
Other personnel -12733
Expenses from players' registration rights -16171
Other costs -4506
TOTAL OPERATING COSTS -196298
Amortisation and writedowns of players' registration rights -46745
Other amortisation, writedowns and provisions -1915
Provisions and other writedowns/reserves and releases -11898
Other non recurring revenues and costs -7365
OPERATING INCOME 92155
Financial income 1267
Financial expenses -2879
INCOME/(LOSS) BEFORE TAXES -93767
Current taxes -2766
 Deferred taxes 1119
NET INCOME/(LOSS) -95414

Earnings per share (basic) (0,47)

Earnings per share (diluted) **
STATEMENT OF COMPREHENSIVE INCOME
Net income (A) -95414
Income/(loss) recorded in cash flow hedge reserve 318
Income/(loss) entered in the actual gains(losses) reserve
Fiscal effect related to other income/(loss)
Total other income/(loss), net of fiscal effect (B) 318
COMPREHENSIVE NET INCOME (A+B) -95096

NOTES
Number of shares

CASH FLOW
2011
Net income/(loss) before taxes -93767
Noncash items:
~amortisation, depreciation and writedown 4866
~provisions release -1380
~employee benefit liability and other provisions 13107
~provision Long Term Incentive Plan
~infrastructure expenses provision (Nordiconad operation)
~gains on disposal of players' registration rights -16031
~gains on disposal of other fixed assets -49
~losses on disposal of players' registration rights 1199
~losses on disposal of other fixed assets
~other nonrecurring revenues and costs
~financial income -1266
~financial expenses 2878
Change in trade receivables and other nonfinancial activities -19687
Change in trade payables and other nonfinancial liabilities 16800
Income taxes paid -3521
Utilisation in employee benefit liability and other provisions -910
NET CASH FROM /(USED IN) OPERATING ACTIVITIES -53967
Investments in players' registration rights -51275
Increase/(decrease) of payables related to players' registration rights 6321
Disposals of players' registration rights 40950
(Increase)/decrease of receivables related to players' registration rights -3450
Investments in other fixed assets -79413
 Increase (decrease) of payables related to purchases of other fixed assets 14465
Advances paid for the Project Continassa
Disposals of other fixed assets 5
(Increase)/decrease of receivables related to disposals of other fixed assets
Interest income 111
Dividends received
Other changes linked to investments
NET CASH FROM /(USED IN) INVESTING ACTIVITIES -72286
Dividendi corrisposti (cash out)
New loans
Repayment of mediumlong term loans 32835
Repayment of shortterm loans
Financial lease repayments -1990
Interest on mediumlong term loans
Interest on shortterm loans
Interest on financial lease -426
Other interest expenses -489
Other movements related to the financial activities -826
NET CASH FROM /(USED IN) FINANCING ACTIVITIES 29104
NET CASH FROM /(USED IN) THE YEAR -97148
Cash and bank overdrafts at the beginning of the year 37254
Cash and bank overdrafts at the end of the year -59894
CHANGES IN CASH AND BANK OVERDRAFTS -97148
COMPONENTS OF CASH AND BANK OVERDRAFTS AT THE END OF THE YEAR -59894
Cash and cash equivalents 761
Bank overdrafts -60655
 2012 2013 2014 2015

118095 119222 119899 114235

30258 30490 30784 31118
10 15 20 1169
127024 124904 126033 134056
37841 32977 29431 25434
570 1771 2433 1747

4100 4100 4100 4100

4233 4930 5545 5269
11664 21581 29723 31649
19948 3003 4229 4245
353742 342993 352197 353023

25470 12643 25598 1327

410 598 6718 31564
29171 42202 68042 492
4013 19429 12681 48105
5207
654 1777 1587 3127
59717 76649 114626 89822
12691 12548 24042 13349
1631 11177 5056 6013
14322 23725 29098 19362
12061
427780 443367 495921 474268

8182 8182 8182 8182

105081 56360 41119 34165
-48655 -15911 -6674 2298
64609 48631 42627 44645

2044 4277 5895 156

66042 59636 53697 46400
759 631 452
 29281 29305 28608 26056
5438 5279 5583 5897
1015 56 1684 2758
104579 99184 95919 81267

5753 425 1158 354

65650 105854 157558 149501
13 16 11 228
16939 15081 14429 20130
914 1045 983 2468
63625 69141 75218 67583
40989 45780 55779 57233
193883 237342 305136 297498
44662 40758 39614 35543
20048 17452 12625 15316
64710 58210 52239 50859
427780 443367 495921 474268

T
2012 2013 2014 2015
31824 38051 40996 51369
90582 163478 150965 194711
53452 52599 603 53755
18434 11397 36431 23528
19494 18277 27091 24832
213786 283802 315783 348194
-2588 -2934 -3472 -3103
-41162 -45079 -47961 -45888
-137132 -149010 -167887 -178839
-12959 -14453 -16204 -19591
-6297 -5580 -3830 -7090
-6180 -10034 -7259 -9343
-206319 -227090 -246613 -263855
-52305 -51415 -50846 -57874
-6794 -8292 -8216 -8477
10443 -811 -1262 -435
1750
-41188 -3806 8846 19304
1381 2364 3132 2365
-6111 -9473 -11831 -10861
-45919 -10915 147 10808
-3789 -5924 -7205 -7993
 1053 928 384 -517
-48655 -15911 -6674 2298

(0,09) (0,02) 0,01 0,002

** ** ** **

-48655 -15911 -6674 2298

-721 128 179 235
-122 563 -441

-721 6 -742 206

-49376 -15905 -5932 2092

1007766660

2012 2013 2014 2015

-45919 -10915 147 10808

59099 59706 59062 66351

-16382 -434
8201 1356 1901 1802
2044 2233 2181
-20639
-15162 -9030 -35417 -25
-25 -25 -25 380
341 827 120
4
-1750
-1381 -2364 -3132 -2365
6111 9473 11831 10861
1140 14743 -13150 -1481
13134 -6359 5861 9281
-2026 -4811 -8075 -8353
-12279 -6684 -1167 -8508
-3103 48154 20137 55927
-104824 -68249 -83041 -74622
28631 2396 1362 -13459
20683 23909 66815 42153
-6711 -21211 -31215 20200
-27290 -2853 -6785 -4662
-28536 859
-200 -9481 -5519 -1327
15 107 25 1
1000
148 39 17 35

-117084 -74484 -58341 -316800

-3895 -4068 1342 10000

12900 -4248 -4437
-1741
-2061 -2096 -2460 -2583
-1711 -2415 -2235 -2046
-54
-443 -297 -258 -243
-1867 -3100 -4784 -4568
-266 -533 -429 -438
121301 -12509 -13072 -6110
1114 -38839 -51276 18137
-59895 -58781 -97620 -148896
-58781 -97620 -148896 -130759
1114 -38839 -51276 18137
-58781 -97621 -148896 -130759
654 1777 1587 3127
-59435 -99398 -150483 -133886
Income Statement - Reorganized (/000) - [IFRS]

Juventus Football Club S.p.A. 2011

TOTAL REVENUES AND INCOME 172,066.00
Change %
Purchase of materials, supplies and other consumables (2,398.00)
External services (33,569.00)
Players' wages and technical staff costs (wages) (126,921.00)
Other personnel (wages) (12,733.00)
Expenses from players' registration rights (16,171.00)
Provisions and other write-downs/reserves and releases (11,898.00)
Other non recurring revenues and costs (7,365.00)
Other costs (4,506.00)
EBITDA (43,495.00)
Margin -25.3%
D&A (48,660.00)
EBIT (92,155.00)
Margin -53.6%
Net financial income (expense) (1,612.00)
EBT (93,767.00)
Income taxes (1,647.00)
Total net income before Other Comprehensive Income (95,414.00)
Other comprehensive income 318
Total comprehensive income (loss) (95,096.00)
NOPLAT (63,310.49)
Margin -36.8%
Operational taxes 28,844.52
Tax shield (30,491.52)
 HISTORICALS EXPLICIT FORECASTS
2012 2013 2014 2015 2016 2017
213,786.00 283,802.00 315,783.00 348,194.00 354,400.00 363,200.00
24.2% 32.8% 11.3% 10.3% 1.8% 2.5%
(2,588.00) (2,934.00) (3,472.00) (3,103.00) (3,989.61) (4,088.68)
(41,162.00) (45,079.00) (47,961.00) (45,888.00) (52,274.92) (53,572.95)
(137,132.00) (149,010.00) (167,887.00) (178,839.00) (185,507.26) (190,113.54)
(12,959.00) (14,453.00) (16,204.00) (19,591.00) (18,724.69) (19,189.63)
(6,297.00) (5,580.00) (3,830.00) (7,090.00) (7,230.39) (7,409.92)
10,443.00 (811.00) (1,262.00) (435.00) (957.28) (981.04)
1,750.00 593.73 608.47
(6,180.00) (10,034.00) (7,259.00) (9,343.00) (9,942.39) (10,189.27)
17,911.00 55,901.00 67,908.00 85,655.00 76,367.19 78,263.45
8.4% 19.7% 21.5% 24.6% 21.55% 21.55%
(59,099.00) (59,707.00) (59,062.00) (66,351.00) (64,670.71) (66,276.53)
(41,188.00) (3,806.00) 8,846.00 19,304.00 11,696.48 11,986.92
-19.3% -1.3% 2.8% 5.5% 3.30% 3.30%
(4,730.00) (7,109.00) (8,699.00) (8,496.00) (7,967.95) (8,207.01)
(45,918.00) (10,915.00) 147.00 10,808.00 3,728.54 3,779.90
(2,736.00) (4,996.00) (6,821.00) (8,510.00) (9,230.63) (9,448.50)
(48,654.00) (15,911.00) (6,674.00) 2,298.00 (5,502.09) (5,668.59)
-721 6 742 -206 (206.00) (206.00)
(49,375.00) (15,905.00) (5,932.00) 2,092.00 (5,708.09) (5,874.59)
(28,296.16) (2,614.72) 6,077.20 13,261.85 8,035.48 8,235.01
-13.2% -0.9% 1.9% 3.8% 2.27% 2.27%
12,891.84 1,191.28 (2,768.80) (6,042.15) (3,661.00) (3,751.90)
(15,627.84) (6,187.28) (4,052.20) (2,467.85) (5,569.63) (5,696.59)
EXPLICIT FORECASTS
2018 2019 Steady State
372,000.00 376,200.00 383,724.00
2.4% 1.1% 0.02
(4,187.74) (4,235.02) -4319.72385
(54,870.97) (55,490.48) -56600.29122
(194,719.81) (196,918.26) -200856.6267
(19,654.58) (19,876.49) -20274.01658
(7,589.46) (7,675.15) -7828.648526
(1,004.81) (1,016.16) -1036.48264
623.22 630.25 642.85714286
(10,436.14) (10,553.97) -10765.04837
80,159.70 81,064.72 82,686.02
21.55% 21.55% 21.55%
(67,882.35) (68,648.76) -68648.76134
12,277.35 12,415.96 14,037.26
3.30% 3.30% 3.66%
(8,407.86) (8,556.21) -8794.291494
3,869.49 3,859.75 5,242.97
(9,676.88) (9,771.44) -10378.19602
(5,807.39) (5,911.69) (5,135.23)
(206.00) (206.00) (206.00)
(6,013.39) (6,117.69) (5,341.23)
8,434.54 8,529.77 9643.596198
2.27% 2.27% 2.51%
(3,842.81) (3,886.20) -4393.661732
(5,834.07) (5,885.24) -5984.534283
Balance Sheet - Reorganized (/000) - [IFRS]

Juventus Football Club S.p.A.

Trade receivables
Trade payables
Other current assets
Other current liabilities
Working Capital
Tangible assets
Intangible assets
Fixed Assets
Net deferred tax assets
Provisions
Receivables from specific sector companies related to transfer campaign
Noncurrent advances to suppliers
Payables due to specific sector companies related to transfer campaign
Other operating assets
Core Invested capital
Investments (real estate & equity)
Other non-operational assets
Surplus assets
Net invested capital
Cash & equivalents
Bonds and other financial liabilities
Current financial liabilities
Net debt
Share capital
Reserves
Income/(loss) for the year
Total Equity
Sources of financing
 HISTORICALS
2011 2012 2013 2014 2015 2016
17,658.00 25,470.00 12,643.00 25,598.00 1,327.00 8,634.59
(44,549.00) (16,939.00) (15,081.00) (14,429.00) (20,130.00) (20,995.72)
38,987.00 35,225.00 73,406.00 92,497.00 86,174.00 86,508.86
(95,396.00) (131,329.00) (133,843.00) (145,763.00) (142,954.00) (158,742.58)
(83,300.00) (87,573.00) (62,875.00) (42,097.00) (75,583.00) (84,594.85)
144,753.00 165,435.00 159,652.00 157,897.00 161,237.00 164,095.03
87,446.00 148,363.00 149,727.00 150,703.00 146,522.00 146,522.00
232,199.00 313,798.00 309,379.00 308,600.00 307,759.00 310,617.03
65.00 (1,205.00) (349.00) (38.00) (628.00) (628.00)
(350.00) (2,044.00) (4,277.00) (5,895.00) (156.00) (156.00)
10,462.00 11,664.00 21,581.00 29,723.00 31,649.00 31,649.00
12,833.00 12,691.00 12,548.00 24,042.00 13,349.00 13,349.00
(21,456.00) (29,281.00) (29,305.00) (28,608.00) (26,056.00) (26,056.00)
1,554.00 (8,175.00) 198.00 19,224.00 18,158.00 18,158.00
150,453.00 218,050.00 246,702.00 285,727.00 250,334.00 244,180.18
2,000.00 4,100.00 4,100.00 4,100.00 9,307.00 9,307.00
(34,281.00) (26,501.00) (38,458.00) (37,532.00) (22,223.00) (22,223.00)
(32,281.00) (22,401.00) (34,358.00) (33,432.00) (12,916.00) (12,916.00)
118,172.00 195,649.00 212,344.00 252,295.00 237,418.00 231,264.18
(761.00) (664.00) (1,793.00) (1,598.00) (3,356.00) 300.74
123,884.00 131,692.00 165,490.00 211,255.00 195,901.00 199,392.62
13.00 16.00 11.00 228.00 228.00
123,123.00 131,041.00 163,713.00 209,668.00 192,773.00 199,921.36
20,155.00 8,182.00 8,182.00 8,182.00 8,182.00 8,182.00
70,308.00 105,081.00 56,360.00 41,119.00 34,165.00 28,662.91
(95,414.00) (48,655.00) (15,911.00) (6,674.00) 2,298.00 (5,502.09)
(4,951.00) 64,608.00 48,631.00 42,627.00 44,645.00 31,342.82
118,172.00 195,649.00 212,344.00 252,295.00 237,418.00 231,264.18

- - - - - -
 EXPLICIT FORECASTS
2017 2018 2019 Steady state
8,848.99 9,063.39 9,165.72 9,165.72
(21,517.05) (22,038.39) (22,287.21) (22,287.21)
88,656.94 90,805.01 91,830.23 91,830.23
(162,684.27) (166,625.96) (168,507.22) (168,507.22)
(86,695.39) (88,795.94) (89,798.48) (89,798.48)
167,024.02 170,023.98 173,057.81 173,057.81
146,522.00 146,522.00 146,522.00 146,522.00
313,546.02 316,545.98 319,579.81 319,579.81
(628.00) (628.00) (628.00) (628.00)
(156.00) (156.00) (156.00) (156.00)
31,649.00 31,649.00 31,649.00 31,649.00
13,349.00 13,349.00 13,349.00 13,349.00
(26,056.00) (26,056.00) (26,056.00) (26,056.00)
18,158.00 18,158.00 18,158.00 18,158.00
245,008.62 245,908.03 247,939.33 247,939.33
9,307.00 9,307.00 9,307.00 9,307.00
(22,223.00) (22,223.00) (22,223.00) (22,223.00)
(12,916.00) (12,916.00) (12,916.00) (12,916.00)
232,092.62 232,992.03 235,023.33 235,023.33
2,013.22 3,907.75 9,592.03 9,592.03
204,343.68 209,294.74 211,657.74 211,657.74
228.00 228.00 228.00 228.00
206,584.90 213,430.49 221,477.77 221,477.77
8,182.00 8,182.00 8,182.00 8,182.00
22,994.32 17,186.93 11,275.24 11,275.24
(5,668.59) (5,807.39) (5,911.69) (5,911.69)
25,507.72 19,561.54 13,545.56 13,545.56
232,092.62 232,992.03 235,023.33 235,023.33

- - - -
Cash Flow - Reorganized (/000) - [IFRS]

Juventus Football Club S.p.A. 2011 2012

EBIT (41,188.00)
Operational taxes 12,891.84
NOPLAT (28,296.16)
D&A 59,099.00
Gross Cash Flow 30,802.84
Change in Working Capital 4,273.00
Capital Expenditures (140,698.00)
Change in Operational Assets 9,729.00
FCFO (95,893.16)
Tax Shields (15,627.84)
Other comprehensive income (721.00)
Change in surplus assets (9,880.00)
Net financial income (expense) (4,730.00)
Change in gross debt 7,821.00
FCFE (119,031.00)
Change in equity 118,934.00
Change in cash (97.00)
check 0.00
HISTORICALS
2013 2014 2015 2016
(3,806.00) 8,846.00 19,304.00 11,696.48
1,191.28 (2,768.80) (6,042.15) (3,661.00)
(2,614.72) 6,077.20 13,261.85 8,035.48
59,707.00 59,062.00 66,351.00 64,670.71
57,092.28 65,139.20 79,612.85 72,706.19
(24,698.00) (20,778.00) 33,486.00 9,011.85
(55,288.00) (58,283.00) (65,510.00) (67,528.74)
(8,373.00) (19,026.00) 1,066.00 0.00
(31,266.72) (32,947.80) 48,654.85 14,189.30
(6,187.28) (4,052.20) (2,467.85) (5,569.63)
6.00 742.00 (206.00) (206.00)
11,957.00 (926.00) (20,516.00) 0.00
(7,109.00) (8,699.00) (8,496.00) (7,967.95)
33,801.00 45,760.00 (15,137.00) 3,491.62
1,201.00 (123.00) 1,832.00 3,937.35
(72.00) (72.00) (74.00) (7,594.09)
1,129.00 (195.00) 1,758.00 (3,656.74)
0.00 0.00 0.00 0.00
 EXPLICIT FORECASTS
2017 2018 2019
11,986.92 12,277.35 12,415.96 14,037.26
(3,751.90) (3,842.81) (3,886.20) (4,393.66)
8,235.01 8,434.54 8,529.77 9,643.60
66,276.53 67,882.35 68,648.76 7,674.48
74,511.54 76,316.89 77,178.53 17,318.08
2,100.55 2,100.55 1,002.53 0.00
(69,205.52) (70,882.31) (71,682.59) (7,674.48)
0.00 0.00 0.00 0.00
7,406.57 7,535.13 6,498.47 9,643.60
(5,696.59) (5,834.07) (5,885.24) (5,984.53)
(206.00) (206.00) (206.00) (206.00)
0.00 0.00 0.00 0.00
(8,207.01) (8,407.86) (8,556.21) (8,794.29)
4,951.06 4,951.06 2,363.01 0.00
(1,751.98) (1,961.74) (5,785.98) (5,341.23)
39.50 67.21 101.70 5,341.23
(1,712.48) (1,894.53) (5,684.27) 0.00
0.00 0.00 0.00 0.00
Financial Analysis (/000) - [IFRS]

Juventus Football Club S.p.A. 2011 2012

Value creation and profitability analysis
Revenues growth 24.2%
EBITDA margin -25.3% 8.4%
EBIT margin -53.6% -19.3%
Net income margin -55.5% -22.8%
Investment analysis - CAPEX
CAPEX 140,698.00
D&A 59,099.00
Expanding or donwsizing? Expanding
Is the company divesting? No
Investment analysis - WC
Days sales outstanding 30.96 35.94
Days payables outstanding 68.46 24.77
Days inventory N/A N/A
Clients are paying Later
Juventus Football Club S.p.A. is paying suppliers Sooner
Products stay on stock N/A
Financing analysis
Leverage ND/(ND+E) 104.19% 66.98%
Leverage D/Sources 104% 67%
Debt coverage (2.8x) 7.3x
Interest coverage 57.2x 8.7x
Debt service coverage ratio 31.0x
Liquidity analysis
Current ratio 0.3x 0.3x
Acid test 0.2x 0.3x
Profitability analysis
ROIC -23.9%
ROIC decomposition
Effective operating tax rate (NOPLAT / EBIT), i.e. (1-t) 31.3%
EBIT margin -19.3%
Asset turnover 181%
ROIC -23.9%

ROE 982.71%
Effective interest rate (with average ND) -1.1%
HISTORICALS
2013 2014 2015 2016

32.8% 11.3% 10.3% 1.8%

19.7% 21.5% 24.6% 21.5%
-1.3% 2.8% 5.5% 3.3%
-5.6% -2.1% 0.7% -1.6%

55,288.00 58,283.00 65,510.00 67,528.74

59,707.00 59,062.00 66,351.00 64,670.71
Downsizing Downsizing Downsizing Expanding
No No No No

13.44 24.25 1.14 12.70

20.03 17.50 22.83 20.16
N/A N/A N/A N/A
Sooner Later Sooner Later
Sooner Sooner Later Sooner
N/A N/A N/A N/A

77.10% 83.10% 81.20% 86.45%

77% 83% 81% 86%
2.9x 3.1x 2.3x 2.6x
0.5x (1.0x) (2.3x) (1.5x)
1.2x 0.9x 2.1x 3.2x

0.3x 0.4x 0.3x

0.2x 0.3x 0.0x

-1.3% 2.9% 5.3% 3.4%

31.3% 31.3% 31.3% 31.3%

-1.3% 2.8% 5.5% 3.3%
145% 149% 138% 149%
-1.3% 2.9% 5.3% 3.4%

-24.63% -13.72% 5.39% -12.32%

-2.8% -4.0% -4.2% -4.3%
 EXPLICIT FORECASTS
2017 2018 2019

2.5% 2.4% 1.1%

21.5% 21.5% 21.5%
3.3% 3.3% 3.3%
-1.6% -1.6% -1.6%

69,205.52 70,882.31 71,682.59

66,276.53 67,882.35 68,648.76
Expanding Expanding Expanding
No No No

12.70 12.70 12.70

20.16 20.16 20.16
N/A N/A N/A
Equally Equally Equally
Equally Equally Equally
N/A N/A N/A

89.01% 91.60% 94.24%

89% 92% 94%
2.6x 2.7x 2.7x
(1.5x) (1.5x) (1.5x)
2.3x 2.2x 1.0x

3.6% 3.6% 3.7%

31.3% 31.3% 31.3%

3.3% 3.3% 3.3%
157% 160% 161%
3.6% 3.6% 3.7%

-18.09% -22.77% -30.22%

-3.9% -3.8% -3.9%
Steady State
NOPLAT and operational taxes 2011 2012 2013 2014
EBIT (92,155.00) (41,188.00) (3,806.00) 8,846.00
IRES+IRAP tax rate 0.313 0.313 0.313 0.313
Operational taxes 28,844.52 12,891.84 1,191.28 (2,768.80)
NOPLAT (63,310.49) (28,296.16) (2,614.72) 6,077.20

Total income taxes (1,647.00) (2,736.00) (4,996.00) (6,821.00)

Tax shield (30,491.52) (15,627.84) (6,187.28) (4,052.20)

Working capital forecast

Trade receivables 17,658.00 25,470.00 12,643.00 25,598.00
Trade payables (44,549.00) (16,939.00) (15,081.00) (14,429.00)
Other current assets 38,987.00 35,225.00 73,406.00 92,497.00
Other current liabilities (95,396.00) (131,329.00) (133,843.00) (145,763.00)
Days sales outstanding 30.96 35.94 13.44 24.25
Days payables outstanding 68.46 24.77 20.03 17.50
Days inventory N/A N/A N/A N/A
VAT 21% 21% 21% 22%
 2015 2016 2017 2018 2019
19,304.00 11,696.48 11,986.92 12,277.35 12,415.96
0.313 0.313 0.313 0.313 0.313
(6,042.15) (3,661.00) (3,751.90) (3,842.81) (3,886.20)
13,261.85 8,035.48 8,235.01 8,434.54 8,529.77

(8,510.00) (9,230.63) (9,448.50) (9,676.88) (9,771.44)

(2,467.85) (5,569.63) (5,696.59) (5,834.07) (5,885.24)

1,327.00
(20,130.00)
86,174.00
(142,954.00)
1.14 Note: Calculated over total operating costs (accounts that give rise to payables), as the category 'raw
22.83
N/A
22% 22% 22% 22% 22%
 14,037.26
0.313
(4,393.66)
9,643.60

(10,378.20)
(5,984.53)

to payables), as the category 'raw materials' is not present for this kind of company.
Weighted Average Cost of Capital (/000)

Country
Juventus Football Club S.p.A. Italy
Roma Italy
Borussia Dortmund Germany
Lazio Italy
Average

WACC
Risk Free Rate (Average in 2015 of 10Y Italian Bonds) 2.33%
Spread on debt (Source: Damodaran) 6.50%
Cost of Debt 8.83%

Risk Free Rate (Average in 2015 of 10Y Italian Bonds) 2.33%

Unlevered Beta (Industry average) 1.07
Leverage 38.6%
Re-Levered Beta 1.37
Market Risk Premium (Source: Fernandez) 5.6%
Cost of Equity (Levered) 9.99%
Tax Rate 27.5%

WACC 8.99%

Unlevered cost of equity 8.31%

Sources:
Bloomberg Terminal-Bocconi Library (available for show if necessary)
Orbis Database-Bocconi Library
Official Statement Juventus 2015
Official Statement Borussia Dortmund 2015
 Market capitalization Preferred shares
272,097.00 -
206,752.00 -
312,800.00 -
38,611.23 -

(APPROXIMATE)
 Minorities Average outstanding shares for the period 2014/2015
- 1007766660
100.00 397600000
300.00 92000000
- 67739000
Share price as of 30/06/2015 Net debt Leverage Raw beta Adj. Levered beta
0.27 193,002.00 70.9% 0.891 0.93
0.52 158,400.00 76.6% 4.67 3.45
3.40 (29,600.00) -9.5% 0.079 0.39
0.57 6,300.00 16.3% 1.135 1.09
38.6%
Tax rate Unlevered beta
31.3% 0.62
31.3% 2.26
32.8% 0.41
31.3% 0.98
1.07
 2011 2012

Sales Forecast
Total sales 172,066.00 213,786.00
Growth 0.24
Operational Forecasts
Purchase of materials, supplies and other consumables (2,398.00) (2,588.00)
External services (33,569.00) (41,162.00)
Players' wages and technical staff costs (wages) (126,921.00) (137,132.00)
Other personnel (wages) (12,733.00) (12,959.00)
Expenses from players' registration rights (16,171.00) (6,297.00)
Provisions and other write-downs/reserves and releases (11,898.00) 10,443.00
Other non recurring revenues and costs (7,365.00) 0.00
Other costs (4,506.00) (6,180.00)
As a percentage of sales
Purchase of materials, supplies and other consumables 0.01 0.01
External services 0.20 0.19
Players' wages and technical staff costs (wages) 0.74 0.64
Other personnel (wages) 0.07 0.06
Expenses from players' registration rights 0.09 0.03
Provisions and other write-downs/reserves and releases 0.07 (0.05)
Other non recurring revenues and costs 0.04 0.00
Other costs 0.03 0.03

Working Capital Forecast

Trade receivables 17,658.00 25,470.00
Trade payables (44,549.00) (16,939.00)
Other current assets 38,987.00 35,225.00
Other current liabilities (95,396.00) (131,329.00)
Days receivables (sales) 30.96 35.94
Days payables (materials, supplies and other consumables) 78.10 23.90
Days for other current assets 82.70 60.14
Days for other liabailities 202.36 224.22
VAT 0.21 0.21

Income Taxes
IRES tax base = EBT (93,767.00) (45,918.00)
IRES tax rate 0.28 0.28
IRES (25,785.93) (12,627.45)
EBIT (92,155.00) (41,188.00)
Players' wages and technical staff costs (wages) 126,921.00 137,132.00
Other personnel (wages) 12,733.00 12,959.00
IRAP tax base 47,499.00 108,903.00
IRAP tax rate 0.04 0.04
IRES (1,804.96) (4,138.31)
Income Taxes (1,647.00) (2,736.00)

Other items forecast

Deferred taxes 65.00 (1,205.00)
Long term provisions 350.00 2,044.00
Employee severance
Investments 2,000.00 4,100.00
Other non-operational assets 10,462.00 11,664.00
Income from associates 0.00 0.00
Except. income 0.00 0.00
Other comprehensive income 318.00 (721.00)

Debt forecast
Bonds and Other Financial Liabilities 123,884.00 131,692.00
Bonds and Other F.L. as % of sales 0.72 0.62
Issuance (repayments) 7,808.00
Current financial liabilities 0.00 13.00
Issuance (repayments) 13.00
Interests (1,612.00) (4,730.00)
Net debt 123,123.00 131,051.00
Effective interest rate 0.01 0.04

Cash
BOP cash 761.00
change in cash (97.00)
EOP cash 761.00 664.00

Equity forecast
net income
Dividends 0.00 0.00
Payout ratio 0.00 0.00
Total net income (95,414.00) (48,654.00)
BOP accumulated income
EOP accumulated income 70,308.00 105,081.00
Share capital 20,155.00 8,182.00

NOPLAT and Op. taxes

Net interests (1,612.00) (4,730.00)
IRES tax rate 0.28 0.28
Tax shields
IRES and IRAP 0.31 0.31
EBIT (92,155.00) (41,188.00)
Operational taxes 28,844.52 12,891.84
NOPLAT (63,310.49) (28,296.16)
Income taxes (1,647.00) (2,736.00)
Tax shield (30,491.52) (15,627.84)

Investments
Goodwill trademarks 87,446.00 148,363.00
Evolution of tangible assets
BOP tangible assets
CAPEX
D&A
EOP TA 144,753.00 165,435.00
D&A (48,660.00) (59,099.00)
Tangible CAPEX (79,781.00)
CAPEX as a % of sales 0.37
D&A as a % of CAPEX 0.74
 2013 2014 2015 2016 2017 2018

283,802.00 315,783.00 348,194.00 354,400.00 363,200.00 372,000.00

0.33 0.11 0.10 0.02 0.02 0.02

(2,934.00) (3,472.00) (3,103.00) (3,989.61) (4,088.68) (4,187.74)

(45,079.00) (47,961.00) (45,888.00) (52,274.92) (53,572.95) (54,870.97)
(149,010.00) (167,887.00) (178,839.00) (185,507.26) (190,113.54) (194,719.81)
(14,453.00) (16,204.00) (19,591.00) (18,724.69) (19,189.63) (19,654.58)
(5,580.00) (3,830.00) (7,090.00) (7,230.39) (7,409.92) (7,589.46)
(811.00) (1,262.00) (435.00) (957.28) (981.04) (1,004.81)
0.00 0.00 1,750.00 593.73 608.47 623.22
(10,034.00) (7,259.00) (9,343.00) (9,942.39) (10,189.27) (10,436.14)

0.01 0.01 0.01 0.01 0.01 0.01

0.16 0.15 0.13 0.15 0.15 0.15
0.53 0.53 0.51 0.52 0.52 0.52
0.05 0.05 0.06 0.05 0.05 0.05
0.02 0.01 0.02 0.02 0.02 0.02
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 (0.01) (0.00) (0.00) (0.00)
0.04 0.02 0.03 0.03 0.03 0.03

12,643.00 25,598.00 1,327.00 8,634.59 8,848.99 9,063.39

(15,081.00) (14,429.00) (20,130.00) (20,995.72) (21,517.05) (22,038.39)
73,406.00 92,497.00 86,174.00 86,508.86 88,656.94 90,805.01
(133,843.00) (145,763.00) (142,954.00) (158,742.58) (162,684.27) (166,625.96)
13.44 24.25 1.14 7.29 7.29 7.29
16.03 13.67 17.30 17.72 17.72 17.72
94.41 106.91 90.33 86.90 86.90 86.90
172.14 168.48 149.85 163.49 163.49 163.49
0.21 0.22 0.22 0.22 0.22 0.22

(10,915.00) 147.00 10,808.00 3,728.54 3,779.90 3,869.49

0.28 0.28 0.28 0.28 0.28 0.28
(3,001.63) 40.43 2,972.20 (1,025.35) (1,039.47) (1,064.11)
(3,806.00) 8,846.00 19,304.00 11,696.48 11,986.92 12,277.35
149,010.00 167,887.00 178,839.00 185,507.26 190,113.54 194,719.81
14,453.00 16,204.00 19,591.00 18,724.69 19,189.63 19,654.58
159,657.00 192,937.00 217,734.00 215,928.43 221,290.09 226,651.74
0.04 0.04 0.04 0.04 0.04 0.04
(6,066.97) (7,331.61) (8,273.89) (8,205.28) (8,409.02) (8,612.77)
(4,996.00) (6,821.00) (8,510.00) (9,230.63) (9,448.50) (9,676.88)
 (349.00) (38.00) (628.00) (628.00) (628.00) (628.00)
4,277.00 5,895.00 156.00 156.00 156.00 156.00

4,100.00 4,100.00 9,307.00 9,307.00 9,307.00 9,307.00

21,581.00 29,723.00 31,649.00 31,649.00 31,649.00 31,649.00
0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
6.00 742.00 (206.00) (206.00) (206.00) (206.00)

165,490.00 211,255.00 195,901.00 199,392.62 204,343.68 209,294.74

0.58 0.67 0.56 0.56 0.56 0.56
33,798.00 45,765.00 (15,354.00) 3,491.62 4,951.06 4,951.06
16.00 11.00 228.00 228.00 228.00 228.00
3.00 (5.00) 217.00 0.00 0.00 0.00
(7,109.00) (8,699.00) (8,496.00) (7,967.95) (8,207.01) (8,407.86)
163,729.00 209,679.00 193,002.00 199,837.62 204,788.68 209,739.74
0.05 0.05 0.04 0.04 0.04 0.04

664.00 1,793.00 1,598.00 3,356.00 (300.74) (2,013.22)

1,129.00 (195.00) 1,758.00 (3,656.74) (1,712.48) (1,894.53)
1,793.00 1,598.00 3,356.00 (300.74) (2,013.22) (3,907.75)

(5,502.09) (5,668.59) (5,807.39)

0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00
(15,911.00) (6,674.00) 2,298.00 (5,502.09) (5,668.59) (5,807.39)
34,165.00 28,662.91 22,994.32
56,360.00 41,119.00 34,165.00 28,662.91 22,994.32 17,186.93
8,182.00 8,182.00 8,182.00 8,182.00 8,182.00 8,182.00

(7,109.00) (8,699.00) (8,496.00) (7,967.95) (8,207.01) (8,407.86)

0.28 0.28 0.28 0.28 0.28 0.28

0.31 0.31 0.31 0.31 0.31 0.31

(3,806.00) 8,846.00 19,304.00 11,696.48 11,986.92 12,277.35
1,191.28 (2,768.80) (6,042.15) (3,661.00) (3,751.90) (3,842.81)
(2,614.72) 6,077.20 13,261.85 8,035.48 8,235.01 8,434.54
(4,996.00) (6,821.00) (8,510.00) (9,230.63) (9,448.50) (9,676.88)
(6,187.28) (4,052.20) (2,467.85) (5,569.63) (5,696.59) (5,834.07)

149,727.00 150,703.00 146,522.00 146,522.00 146,522.00 146,522.00

 161,237.00 164,095.03 167,024.02
67,528.74 69,205.52 70,882.31
(64,670.71) (66,276.53) (67,882.35)
159,652.00 157,897.00 161,237.00 164,095.03 167,024.02 170,023.98
(59,707.00) (59,062.00) (66,351.00) (64,670.71) (66,276.53) (67,882.35)
(53,924.00) (57,307.00) (69,691.00) (67,528.74) (69,205.52) (70,882.31)
0.19 0.18 0.20 0.19 0.19 0.19
1.11 1.03 0.95 0.96 0.96 0.96
 2019 Steady State

376,200.00 383,724.00
0.01 0.02

(4,235.02) (4,319.72)
(55,490.48) (56,600.29)
(196,918.26) (200,856.63)
(19,876.49) (20,274.02)
(7,675.15) (7,828.65)
(1,016.16) (1,036.48)
630.25 642.86
(10,553.97) (10,765.05)

0.01 0.01
0.15 0.15
0.52 0.52
0.05 0.05
0.02 0.02
0.00 0.00
(0.00) (0.00)
0.03 0.03

9,165.72 9,165.72
(22,287.21) (22,287.21)
91,830.23 91,830.23
(168,507.22) (168,507.22)
7.29 6.97
17.72 16.95
86.90 85.20
163.49 160.28
0.22 0.22

3,859.75 5,242.97
0.28 0.28
(1,061.43) (1,441.82)
12,415.96 14,037.26
196,918.26 200,856.63
19,876.49 20,274.02
229,210.71 235,167.90
0.04 0.04
(8,710.01) (8,936.38)
(9,771.44) (10,378.20)
 (628.00) (628.00)
156.00 156.00
0.00
9,307.00 9,307.00
31,649.00 31,649.00
0.00 0.00
0.00 0.00
(206.00) (206.00)

211,657.74 211,657.74
0.56 0.56
2,363.01 0.00
228.00 228.00
0.00 0.00
(8,556.21) (8,794.29)
212,102.74 221,477.77
0.04 0.04

(3,907.75) (9,592.03)
(5,684.27) 0.00
(9,592.03) (9,592.03)

(5,911.69) (5,135.23)
0.00 (5,135.23)
0.00 1.00
(5,911.69) (5,135.23)
17,186.93 11,275.24
11,275.24 11,275.24
8,182.00 8,182.00

(8,556.21) (8,794.29)
0.28 0.28

0.31 0.31
12,415.96 14,037.26
(3,886.20) (4,393.66)
8,529.77 9,643.60
(9,771.44) (10,378.20)
(5,885.24) (5,984.53)

146,522.00 146,522.00
170,023.98 173,057.81
71,682.59 7,674.48
(68,648.76) (7,674.48)
173,057.81 173,057.81
(68,648.76) (7,674.48)
(71,682.59) (7,674.48)
0.19 0.02
0.96 1.00
 Assumptions
2011 2012 2013 2014
Perpetual growth
WACC
kEU
kEL
kD
Tax rate

DCF asset side (FCFO)

BOP invested capital 150,453.00 218,050.00 246,702.00
NOPLAT (63,310.49) (28,296.16) (2,614.72) 6,077.20
ROIC (@ BOP IC) -18.81% -1.20% 2.46%
Growth in IC 44.93% 13.14% 15.82%
Reinvestment rate -238.89% -1095.80% 642.15%
FCFO = NOPLAT * (1 - IR) (95,893.16) (31,266.72) (32,947.80)
Check: - - -

FCFO (95,893.16) (31,266.72) (32,947.80)

Year
Discount factor (WACC)
Present value of FCFO

PV of FCFO
Terminal value
PV of TV

Enterprise value

DCF equity side (FCFE)

BOP E (4,951.00) 64,608.00 48,631.00

Net income Not sure whether (48,654.00) (15,905.00) (5,932.00)
ROE (@ BOP E) 982.71% -24.62% -12.20%
Growth in E -1404.95% -24.73% -12.35%
"Reinvestment rate" of net income -142.97% 100.45% 101.21%
FCFE = NI * (1 - IR) -118213.00 72.00 72.00
Check: 818.00 (1,129.00) 195.00

FCFE (119,031.00) 1,201.00 (123.00)

Year
Discount factor (kEL)
Present value of FCFE

PV of FCFE
Terminal value
PV of TV

Equity value

Summary DCF asset

Enterprise value 127,448.0 Equity value

(Net debt) (192,773.0) Net debt
Surplus assets (12,916.0) (Surplus assets)
Equity value (78,241.0) Enterprise value
Number of shares (NOSH) (m) 1,007,766,660.0 Number of shares (NOSH) (m
Equity value per share () (0.0) Value per share ()

Lower bound 0.0

Upper bound -
Average -

DCF asset side: equity value sensitivity: WACC and perpetual growth

#REF! 1.0% 1.5% 2% 2.5%

8.0%
8.5%
9.0%
9.5%
10.0%

DCF equity side: equity value sensitivity: kEL and perpetual growth

#REF! 1.0% 1.5% 2% 2.5%

9.0%
9.5%
10.0%
10.5%
11.0%
 2015 2016 2017 2018 2019 Steady State
2.0%
8.99%
8.31%
9.99%
8.83%
27.5%

285,727.00 250,334.00 244,180.18 245,008.62 245,908.03 247,939.33

13,261.85 8,035.48 8,235.01 8,434.54 8,529.77 9,643.60
4.64% 3.21% 3.37% 3.44% 3.47% 3.89%
-12.39% -2.46% 0.34% 0.37% 0.83% -100.00%
-266.88% -76.58% 10.06% 10.66% 23.81% -2571.03%
48,654.85 14,189.30 7,406.57 7,535.13 6,498.47 257,582.93
- - - 0.00 0.00 247,939.33

48,654.85 14,189.30 7,406.57 7,535.13 6,498.47 9,643.60

1 2 3 4
0.9175136921 0.8418313752 0.7723918132 0.7086800643
13,018.88 6,235.08 5,820.07 4,605.34

29,679.4
137,958.8
97768.665191

127448.035605

42,627.00 44,645.00 31,342.82 25,507.72 19,561.54

2,092.00 (5,708.09) (5,874.59) (6,013.39) (6,117.69)
4.91% -12.79% -18.74% -23.57% -31.27%
4.73% -29.80% -18.62% -23.31% -100.00%
96.46% 233.04% 99.33% 98.88% 319.75%
74.00 7594.09 -39.50 -67.21 13443.86
(1,758.00) 3,656.74 1,712.48 1,894.53 19,229.83

1,832.00 3,937.35 (1,751.98) (1,961.74) (5,785.98) (5,341.23)

1 2 3 4
 0.90918141 0.8266108363 0.7515392057 0.6832854747
3,579.77 (1,448.21) (1,474.32) (3,953.47)

(3,296.2)
(66,856.9)
-45682.332302

-48978.568255

DCF equity

(48,978.6)
192,773.0
rplus assets) 12,916.0
terprise value 156,710.4
mber of shares (NOSH) (m) 1,007,766,660.0
ue per share () (0.0)

0.0
-
-

3.0% 2.0%
9.0%

3.0% 2.0%
10.0%