I N T E R I M

MANAGEMENT
S TAT E M E N T S
31 03 15
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

€ 8,182,133.28

REGISTERED IN THE COMPANIES REGISTER

Under no. 00470470014 - REA no. 394963

Borsa Italiana S.p.A. share code: JUVE

ISIN code: IT0000336518
Bloomberg ticker: JUVE IM
Reuters ticker: JUVE.MI

This document is available

on the Internet at www.juventus.com

INTERIM MANAGEMENT STATEMENTS - 31 03 15

02 JUVENTUS FOOTBALL CLUB S.P.A.
CONTENTS

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

Significant events 6

Business outlook 9

Statement of financial position at 31 March 2015 10

Income Statement and Statement of comprehensive income for the period 1 July 2014 - 31 March 2015 12

Income Statement and statement of comprehensive income for the third quarter of the 2014/2015 financial year 13

Notes 14

INTERIM MANAGEMENT STATEMENTS - 31 03 15 03

04 JUVENTUS FOOTBALL CLUB S.P.A.
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

AND CHIEF FINANCIAL OFFICER Aldo Mazzia

NON INDEPENDENT DIRECTORS Maurizio Arrivabene*

Pavel Nedved
Enrico Vellano
* Coopted as non independent Director on 1 December 2014.

INDEPENDENT DIRECTORS 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 and Camillo Venesio

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.

INTERIM MANAGEMENT STATEMENTS - 31 03 15 05

 SIGNIFICANT EVENTS

FOOTBALL SEASON
The First Team qualified for the UEFA Champions League semi-finals and Italian Cup final in April 2015.
On 2 May 2015 the First Team won the Serie A Championship 2014/2015 for the fourth year in a row (33rd league title in the team's
history) with four matches left to play and obtained direct access to the Group Stage of the next UEFA Champions League 2015/2016.

UEFA LICENSES
On 8 May 2015 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 2015/2016 football
season.

TRANSFER CAMPAIGN - SECOND PHASE

PURCHASES AND DISPOSALS OF PLAYERS' REGISTRATION RIGHTS
The transactions finalised in the second phase of the 2014/2015 Transfer Campaign, held from 5 January 2015 to 2 February 2015,
have led to a total increase of invested capital of € 7.8 million, resulting from acquisitions for € 14.1 million and disposals for € 6.3
million. The disposals generated net capital gains of € 7.1 million.
The net total financial commitment (including auxiliary expenses as well as financial income and expenses implicit on deferred receipts
and payments) was positive by € 1.5 million, distributed as follows: € -0.2 million in the second half of the 2014/2015 financial year,
€ +0.3 million in the 2015/2016 financial year, € +0.3 million in the 2016/2017 financial year and € +1.1 million in the 2017/2018
financial year.
RENEWAL OF PLAYERS’ CONTRACTS
In January 2015, the player's contract of the player Stephan Lichtsteiner was renewed until 30 June 2017. This extension will lead to
lower amortisations of approximately € 1.7 million in the second half of the 2014/2015 financial year.
TERMINATION OF PLAYERS’ CONTRACTS
In the second phase of the 2014/2015 Transfer Campaign, the contracts of Sebastian Giovinco and Marco Motta expiring on 30 June
2015 were terminated by mutual consent. These transactions resulted in a write-down of approximately € 2.2 million of the remaining
book value.

LINE OF CREDIT GRANTED BY THE PARENT EXOR S.P.A.

In the meeting of 23 January 2015, the Board of Directors of Juventus approved the opening of a line of credit for a maximum of
€ 50 million granted by the parent company EXOR S.p.A. with effect from 1 February 2015. The transaction will allow both companies
to optimize their financial management.
Juventus will use this line of credit until its expiry on 31 December 2015, at an interest rate equal to one month Euribor plus a spread
of 2 percent.
Due to its value, this transaction constitutes a “material” transaction and was therefore submitted for prior examination to the meeting
of the Committee for transactions with related parties of Juventus held on 19 January 2015.
Following the assessments made, the Committee deemed that the transaction had conditions equivalent to market conditions and
formed part of the ordinary exercise of the operating activities and the related financial management of Juventus.
Accordingly, the Committee and the Board of Directors deemed that the transaction came under the cases of exclusion established by
the Consob Regulation, adopted by resolution 17221 of 12 March 2010, containing provisions on Transactions with Related Parties,

06 JUVENTUS FOOTBALL CLUB S.P.A.

and the related Procedure adopted by Juventus.

J MEDICAL
On 8 January 2015, Juventus set up the company J Medical S.r.l. that will be managing an outpatient care, diagnostic, physiotherapy
and sports medicine clinic in the Eastern section at the Juventus Stadium. This structure will manage the care and prevention needs of
all Juventus teams and aims to become a benchmark clinic for sporting professionals and amateurs.
As a partner in the initiative, Juventus chose the Santa Clara Group, which already manages several clinics and diagnostic centres in
Piemonte and is also active in the field of Workplace Health and Safety, Environment and Education. On 3 February 2015, Juventus
sold a 50% stake in J Medical for a total of € 1.755 million and a profit of € 1.75 million.
In April, the renovation works of the area (about 3,500 square metres) adjacent to the Juventus Museum, which Juventus will lease to
J Medical for its business, have begun. The centre is due to open to the public by January 2016.

DIRECT MANAGEMENT OF LICENSING AND MERCHANDISING

On 31 March 2015 Juventus notified Adidas, in accordance with the agreements signed on 23 October 2013, of its decision to directly
manage the licensing and merchandising activities as of 1 July 2015.
As a consequence, Juventus initiated the necessary internal projects at organizational and management level, including the
implementation of a new information system able to oversee these new activities.

MUTU/CHELSEA FC PROCEEDING
On 1 October 2014, the hearing was held at the Tribunal Arbitral du Sport (TAS) on the Mutu/Chelsea FC proceeding.
On 21 January 2015, the TAS notified the parties of the arbitration award on the dispute, which rejected in full the claims made by
Chelsea FC and ordered it to pay court costs. This decision has no effect on the financial statements of Juventus, as the Company,
fully aware of its position, had decided not to allocate any risk provisions for pending litigation. The proceeding has been definitively
completed.

INTERIM MANAGEMENT STATEMENTS - 31 03 15 07

 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% 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.

€/m €
12.0 0.4
Equity turnover
Official price

10.0

0.3

8.0

6.0 0.2

4.0

0.1

2.0

0.0 0.0
7/5/14 16/7/14 25/9/14 11/6/14 4/12/14 19/2/15 5/5/15

08 JUVENTUS FOOTBALL CLUB S.P.A.

BUSINESS OUTLOOK

In the current 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.
The operating result for the current year, to date forecast as a loss, is influenced by both an increase in ordinary management costs and
an increase in variable revenues and costs more directly related to sports results that will be achieved in Italy and Europe.
The Company’s objective is to build on the improvement in financial performance achieved during the previous three financial years.

INTERIM MANAGEMENT STATEMENTS - 31 03 15 09

 STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2015

Amounts in euro Notes 31/03/2015 30/06/2014 Change

Non-current assets
Players’ registration rights, net 1 128,639,456 119,898,751 8,740,705
Other intangible assets 31,326,132 30,784,511 541,621
Intangible assets in progress 13,860 19,710 (5,850)
Land and buildings 2 134,711,507 126,033,479 8,678,028
Other tangible assets 26,393,490 29,430,552 (3,037,062)
Tangible assets in progress 286,939 2,432,639 (2,145,700)
Non-current financial assets 4,100,000 4,100,000 -
Deferred tax assets 4,865,712 5,544,837 (679,125)
Receivables due from football clubs for transfer campaigns 3 18,150,267 29,722,973 (11,572,706)
Other non-current assets 5 4,096,362 4,229,174 (132,812)
Total non-current assets 352,583,725 352,196,626 387,099
Current assets
Trade receivables 4 34,978,208 25,597,875 9,380,333
Trade and other receivables from related parties 936,843 6,718,170 (5,781,327)
Receivables due from football clubs for transfer campaigns 3 33,173,880 68,042,398 (34,868,518)
Other current assets 5 6,721,357 12,680,756 (5,959,399)
Cash and cash equivalents 6 11,674,359 1,586,969 10,087,390
Total current assets 87,484,647 114,626,168 (27,141,521)
Advances paid
Non-current advances 25,355,709 24,042,232 1,313,477
Current advances 5,528,041 5,056,205 471,836
Advances paid, total 7 30,883,750 29,098,437 1,785,313
Total assets 470,952,122 495,921,231 (24,969,109)

The Interim Management Statements at 31 March 2015 have not been audited.

10 JUVENTUS FOOTBALL CLUB S.P.A.

STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2015

Amounts in euro Notes 31/03/2015 30/06/2014 Change

Shareholders' Equity
Share capital 8,182,133 8,182,133 -
Share premium reserve 34,400,815 41,129,673 (6,728,858)
Cash flow hedge reserve (279,070) (452,207) 173,137
Actuarial gains/(losses) reserve - 441,331 (441,331)
Loss for the period (5,789,964) (6,674,430) 884,466
Shareholders’ equity 8 36,513,914 42,626,500 (6,112,586)
Non-current liabilities
Provisions for employee benefits - 5,894,559 (5,894,559)
Loans and other financial payables 6 49,415,806 53,696,763 (4,280,957)
Non-current financial liabilities 6 279,070 452,207 (173,137)
Payables due to football clubs for transfer campaigns 9 28,278,533 28,608,212 (329,679)
Deferred tax liabilities 5,818,128 5,582,904 235,224
Other non-current liabilities 10 3,260,084 1,684,368 1,575,716
Total non-current liabilities 87,051,621 95,919,013 (8,867,392)
Current liabilities
Provisions for risks and charges 2,272,079 1,158,413 1,113,666
Loans and other financial payables 6 123,153,415 157,557,661 (34,404,246)
Financial payables due to related parties 6 50,000,000 - 50,000,000
Current financial liabilities 11,241 10,957 284
Trade payables 15,977,846 14,429,244 1,548,602
Trade and other payables to related parties 11 2,472,810 983,362 1,489,448
Payables due to football clubs for transfer campaigns 9 44,953,364 75,218,142 (30,264,778)
Other current liabilities 10 40,587,219 55,778,562 (15,191,343)
Total current liabilities 279,427,974 305,136,341 (25,708,367)
Advances received
Non-current advances 36,004,528 39,614,829 (3,610,301)
Current advances 31,954,085 12,624,548 19,329,537
Advances received, total 12 67,958,613 52,239,377 15,719,236
Total liabilities 470,952,122 495,921,231 (24,969,109)

The Interim Management Statements at 31 March 2015 have not been audited.

INTERIM MANAGEMENT STATEMENTS - 31 03 15 11

 INCOME STATEMENT FOR THE PERIOD 1 JULY 2014 - 31 MARCH 2015

Financial year Amounts in euro Notes Period closed on Change

2013/2014 31/03/2015 31/03/2014

40,996,209 Ticket sales 33,012,143 31,490,955 1,521,188

150,965,077 Television and radio rights and media revenues 133,386,498 123,445,869 9,940,629
60,299,760 Revenues from sponsorship and advertising 39,299,704 38,589,006 710,698
36,431,526 Revenues from players’ registration rights 14,710,322 20,672,180 (5,961,858)
27,090,529 Other revenues 16,664,208 15,013,957 1,650,251
315,783,101 Total revenues 13 237,072,875 229,211,967 7,860,908
(3,471,449) Purchase of materials, supplies and other consumables (2,377,876) (2,532,889) 155,013
(47,960,673) External services (32,126,896) (33,563,489) 1,436,593
(167,886,939) Players’ wages and technical staff costs (123,595,065) (117,525,398) (6,069,667)
(16,203,836) Other personnel (11,895,363) (9,486,483) (2,408,880)
(3,830,440) Expenses from players’ registration rights (5,792,361) (3,391,763) (2,400,598)
(7,259,174) Other expenses (6,287,276) (5,173,392) (1,113,884)
(246,612,511) Total operating costs 14 (182,074,837) (171,673,414) (10,401,423)
Amortisation and write-downs of players’ registration
(50,845,719) rights 15 (42,287,716) (37,135,729) (5,151,987)
(8,216,286) Amortisation of other tangible and intangible assets (6,352,392) (6,093,425) (258,967)
(1,262,567) Provisions and other write-downs/reverses and releases (1,195,347) (458,318) (737,029)
- Other non-recurring revenues and costs 16 1,750,000 - 1,750,000
8,846,018 Operating income 6,912,583 13,851,081 (6,938,498)
3,131,807 Financial income 1,901,596 2,396,962 (495,366)
(11,831,360) Financial expenses (8,678,703) (8,804,864) 126,161
146,465 Income/(loss) before taxes 135,476 7,443,179 (7,307,703)
(7,204,720) Current taxes (5,065,520) (4,339,000) (726,520)
383,825 Deferred taxes (859,920) (227,669) (632,251)
(6,674,430) Profit/(loss) for the period (5,789,964) 2,876,510 (8,666,474)
(0,01) Basic and diluted profit/(loss) per share for the period (0,006) 0,003 (0,009)

STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD 1 JULY 2014 - 31 MARCH 2015

Financial year Amounts in euro Period closed on Change

2013/2014 31/03/2015 31/03/2014

(6,674,430) Profit/(loss) for the period (A) (5,789,964) 2,876,510 (8,666,474)

178,853 Other income (loss) recorded in cash flow hedge reserve 173,137 145,917 27,220
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
178,853 in the income statement net of the tax effect (B1) 173,137 145,917 27,220
563,632 Other Income (Loss) entered in the actual gains (losses) reserve (441,331) - (441,331)
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
563,632 effect (B2) (441,331) - (441,331)
742,485 Total Other Income/(Loss), net of the tax effect (B)= (B1)+(B2) (268,194) 145,917 (414,111)
(5,931,945) Comprehensive profit/(loss) for the period (A+B) (6,058,158) 3,022,427 (9,080,585)

The Interim Management Statements at 31 March 2015 have not been audited.

12 JUVENTUS FOOTBALL CLUB S.P.A.

INCOME STATEMENT FOR THE THIRD QUARTER OF 2014/2015

Amounts in euro Notes III Quarter III Quarter Change

2014/2015 2013/2014

Ticket sales 13,592,737 12,213,149 1,379,588

Television and radio rights and media revenues 41,906,364 36,757,313 5,149,051
Revenues from sponsorship and advertising 13,040,717 12,649,198 391,519
Revenues from players’ registration rights 7,726,428 7,032,090 694,338
Other revenues 4,613,472 5,367,088 (753,616)
Total revenues 17 80,879,718 74,018,838 6,860,880
Purchase of materials, supplies and other consumables (814,721) (592,844) (221,877)
External services (12,029,674) (10,846,793) (1,182,881)
Players’ wages and technical staff costs (42,414,137) (40,262,692) (2,151,445)
Other personnel (4,328,209) (3,380,934) (947,275)
Expenses from players’ registration rights (1,126,068) (1,029,804) (96,264)
Other expenses (1,928,713) (1,421,020) (507,693)
Total operating costs 18 (62,641,522) (57,534,087) (5,107,435)
Amortisation and write-downs of players’ registration rights 19 (12,928,463) (12,263,507) (664,956)
Amortisation of other tangible and intangible assets (2,135,397) (2,042,765) (92,632)
Provisions and other write-downs/reverses
and releases (433,071) (192,168) (240,903)
Other non-recurring revenues and costs 16 1,750,000 - 1,750,000
Operating income 4,491,265 1,986,311 2,504,954
Financial income 418,564 676,719 (258,155)
Financial expenses (2,263,225) (2,800,089) 536,864
Income/(loss) before taxes 2,646,604 (137,059) 2,783,663
Current taxes (1,688,507) (1,702,767) 14,260
Deferred taxes (28,617) (75,889) 47,272
Profit/(loss) for the period 929,480 (1,915,715) 2,845,195
Basic and diluted profit/(loss) per share for the period 0,001 (0,002) 0,003

STATEMENT OF COMPREHENSIVE INCOME FOR THE THIRD QUARTER OF 2014/2015

Amounts in euro III Quarter III Quarter Change

2014/2015 2013/2014

Profit/(loss) for the period (A) 929,480 (1,915,715) 2,845,195

Other income (loss) recorded in cash flow hedge reserve 55,167 36,162 19,005
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) 55,167 36,162 19,005
Other Income (Loss) entered in the actual gains (losses) reserve - - -
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) - - -
Total Other Income/(Loss), net of the tax effect (B)= (B1)+(B2) 55,167 36,162 19,005
Comprehensive profit/(loss) for the period (A+B) 984,647 (1,879,553) 2,864,200

The Interim Management Statements at 31 March 2015 have not been audited.

INTERIM MANAGEMENT STATEMENTS - 31 03 15 13

 NOTES

ACCOUNTING PRINCIPLES
The Interim Management Statements at 31 March 2015, concerning the first nine months and the third quarter of the 2014/2015
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 2014, in compliance with IFRS.
Drafting the interim management statements requires the use of estimates and assumptions that have an effect on assets and liabili-
ties 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.
The Interim Management Statements at 31 March 2015 have not been audited.

SEASONAL NATURE OF OPERATIONS

The economic trend of the Company is characterised by a strong seasonal nature, typical of the sector, basically determined by
participation in European championships, in particular the UEFA Champions League, by the calendar of sports events and by the two
phases of the football player Transfer Campaign. 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), in January
(second phase), and in June (solely for the termination of the player-sharing agreements).
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.

14 JUVENTUS FOOTBALL CLUB S.P.A.

NOTES ON THE STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2015
1. PLAYERS’ REGISTRATION RIGHTS, NET
The changes in the item are shown below:

Amounts in thousands of euro Professionals Player-sharing Player-sharing Registered Total

agreement agreement young
payable players

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
Investments 65,487 157 (a) - 1,697 67,341
Disinvestments (gross) (46,112) (535) (5,445) (216) (52,308)
Use of accumulated amortisation 33,165 418 - 119 33,702
Use of allowance for doubtful accounts 2,293 - - - 2,293
Disinvestments (net) (10,654) (117) (5,445) (97) (16,313)
Amortisation (37,058) (2,509) - (491) (40,058)
Write-down (2,230) - - - (2,230)
Reclassifications 3,826 (2,717) (1,079) (30) -
Balance at 31/03/2015 116,132 10,327 12 2,168 128,639
Book value 295,565 16,393 12 3,210 315,180
Accumulated amortisation (179,433) (6,066) - (1,042) (186,541)
Allowance for doubtful accounts - - - - -
Balance at 31/03/2015 116,132 10,327 12 2,168 128,639

(a) Increases for performance bonuses.

INTERIM MANAGEMENT STATEMENTS - 31 03 15 15

 Below is an illustration of the main transactions related to players' registration rights during the Transfer Campaign 2014/2015, and other
changes during the period:

Amounts in thousands of euro

Player Counterparty clubs Price IFRS value of rights Years of

(including expenses contract
and bonuses)
Definitive acquisitions
Brignoli Alberto * Ternana Calcio 1,750 1,825 5
Bunino Christian * FC Pro Vercelli 1892 1,750 1,741 5
Cassata Francesco d'Assisi * Empoli FC 1,500 1,500 3
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) 2,012 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) 20,734 5
Sturaro Stefano Genoa Cricket and FC 7,500 (d) 7,102 5
Termination of player-sharing agreements in favour of Juventus
Belfasti Nazzareno FC Pro Vercelli 1892 500 521 4
Beltrame Stefano * UC Sampdoria 1,000 1,000 4
Branescu Constantin Laurentiu * Virtus Lanciano 1924 1,200 1,200 5
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 2,235 3
Pinsoglio Carlo Vicenza Calcio 700 700 3
Rugani Daniele * Empoli FC Spa 3,500 3,321 5
Sorensen Frederik Hillesborg Bologna FC 1909 800 766 4
Troisi James Atalanta BC 1,000 1,000 2
Other investments/increases (e) 10,641
Total investments 67,341

(a) Includes FIFA Training Compensation of € 310 thousand.

(b) The acquisition price will increase by an additional £ 300 thousand due to Juventus qualification for the 2015/2016 UEFA Champions League.
(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 footballer plays in the season when the right is exercised.
(d) Amount that includes the increase of € 2,000 thousand recognised in January 2015 in relation to the payment to Genoa Cricket and FC of the performance bonus
for the player in the first six months of the season and the early termination of the temporary disposal contract. 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).
(e) Includes the capitalisation of any bonuses linked to sports scores paid to the football clubs for footballers acquired during the previous Transfer Campaigns.
* Transactions concluded in the second phase of the 2014/2015 Transfer Campaign.

16 JUVENTUS FOOTBALL CLUB S.P.A.

 Amounts in thousands of euro
Player Counterparty clubs Price Price Net Solidarity Capital
present book subsidy gains
value value (losses)
Definitive disposals
Castiglia Luca * FC Pro Vercelli 1892 1,500 1,450 126 - 1,324
De Silvestro Elio * Virtus Lanciano 1924 1,200 1,200 452 - 748
Elezaj Entonjo FC Pro Vercelli 1892 500 500 - - 500
Hromada Jakub * UC Sampdoria 600 600 132 - 468
Mestre Francesco * Empoli FC 900 900 9 - 891
Peluso Federico US Sassuolo 4,500 4,284 3,509 - 775
Quagliarella Fabio Torino FC 3,500 3,333 2,554 - 779
Rizzo Luigi * Vicenza Calcio 600 600 28 - 572
Santomauro Luca * Empoli FC 600 600 - - 600
Varga Atila * UC Sampdoria 400 400 123 - 277
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
Gabbiadini Manolo * SSC Napoli 6,250 5,915 4,721 - 1,194 (a)
Masi Alberto * Ternana Calcio 1,500 1,500 724 - 776
Ruggiero Giuseppe * FC Pro Vercelli 1892 250 242 - - 242
Other disinvestments 60 88 1 (29)
Total disinvestments (net) 16,313 317 11,870

(a) Following the termination of the player-sharing agreement a gain of € 518 thousand was released to the income statement which had been temporarily suspended
in the 2013/2014 financial year.
* Transactions concluded in the second phase of the 2014/2015 Transfer Campaign.

The net total financial effect of the 2014/2015 Transfer Campaign, including capitalised auxiliary expenses and financial income and
expenses implicit in deferred receipts and payments, amounts to € 33,464 thousand, distributed as follows:

Expiration
Amounts in thousands of euro Total 2014/2015 2015/2016 2016/2017 2017/2018

LNP and others (9,516) (7,281) (2,620) (678) 1,063

Foreign FC (17,630) 626 (12,916) (5,340) -
Agents (6,318) (5,357) (935) (26) -
Total (33,464) (12,012) (16,471) (6,044) 1,063

2. 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.

INTERIM MANAGEMENT STATEMENTS - 31 03 15 17

 Changes in the item are shown in the table below:

Land Buildings
Amounts in thousands of euro JTC Land JTC Juventus Total
adjacent Stadium and
to the JTC Museum
Initial book value 5,000 - 21,454 109,786 136,240
Initial accumulated amortisation - - (4,117) (6,089) (10,206)
Balance at 30/06/2014 5,000 - 17,337 103,697 126,034
Investments - 8,640 8 - 8,648
Reclassification of the item "Tangible assets
in progress" - 2,160 - - 2,160
Amortisation - - (483) (1,647) (2,130)
Balance at 31/03/2015 5,000 10,800 16,862 102,050 134,712
Final book value 5,000 10,800 21,462 109,786 147,048
Final accumulated amortisation - - (4,600) (7,736) (12,336)
Balance at 31/03/2015 5,000 10,800 16,862 102,050 134,712

The investment regarding the land adjacent to the training centre in Vinovo (JTC) refers to the figure of € 8,640 thousand paid to Campi di
Vinovo S.p.A. following the signing on December 19, 2014 of the sales agreement for the land (see note 5).
You are reminded that, upon the signing (14 April 2014) of the preliminary sales agreement for the land, the company had paid an advance
to Campi di Vinovo S.p.A. of € 2,160 thousand (see note 5).

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 € 51,324 thousand and show a decrease of € 46,441 thousand compared to the balance of € 97,765 thousand at 30 June 2014
due to receivables generated by the 2014/2015 Transfer Campaign and proceeds received during the period.
At 31 March 2015, receivables for the disposal of players' registration rights due from Parma Football Club S.p.A., declared bankrupt in March
2015, amounted to € 700 thousand and are guaranteed by the "clearing house" run by the Lega Nazionale Professionisti Serie A .

4. TRADE RECEIVABLES
This item totals € 34,978 thousand and increased by € 9,380 thousand (€ 25,598 thousand at 30 June 2014). The increase in trade
receivables is mainly the result of recognition of the portion of “market pool” related to the UEFA Champions League competition which will
be collected in June 2015.
You are reminded that, in order 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.

18 JUVENTUS FOOTBALL CLUB S.P.A.

5. OTHER CURRENT AND NON-CURRENT ASSETS
Details are as follows:
31/03/2015 30/06/2014
Amounts in thousands of euro Current Non-current Total Current Non-current Total
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
Receivables due from Finanziaria Gilardi S.p.A. for sale
of the Campi di Vinovo S.p.A. investment. - 1,579 1,579 3,293 1,579 4,872
Receivables due from Santa Clara S.r.l. for the sale of 50%
of the share capital of J Medical S.r.l. 1,750 - 1,750 - - -
Receivables due from I.C.S. for interest rate subsidy 302 2,264 2,566 302 2,414 2,716
Adjustment for financial income underlying the receivable due from I.C.S. (90) (348) (438) (97) (414) (511)
Prepaid expenses 3,359 496 3,855 1,014 555 1,569
Receivables due from insurance companies 356 - 356 230 - 230
Receivables due from Lega Nazionale Professionisti Serie A - - - 175 - 175
Tax receivables 95 - 95 95 - 95
Miscellaneous 949 105 1,054 262 95 357
Other current and non-current assets 6,721 4,096 10,817 12,681 4,229 16,910

During the period, receivables were collected due from Finanziaria Gilardi S.p.A. and Campi di Vinovo S.p.A., respectively equal to
€ 3,293 thousand and € 7,407 thousand, referring to the transaction for the sale (and the subsequent amending agreements) to
Finanziaria Gilardi S.p.A. (originally Costruzioni Generali Gilardi S.p.A.) of the shareholding in Campi di Vinovo S.p.A., as well as
business unit related to the “Mondo Juve – Parco Commerciale” project to be built on the land of Campi di Vinovo S.p.A..
To date, therefore, there is still an amount of € 1,579 thousand to be received by 31 July 2016, secured by a guarantee from a leading
bank.
The discounted receivable due from Istituto per il Credito Sportivo refers to an interest rate subsidy granted by the same Institute, in
accordance with current laws, related to a loan for the construction of the new stadium.
Prepaid expenses mainly refer to expenses for the temporary acquisition of some players for € 1,130 thousand (of which € 43 thousand
non-current), players' fees for € 505 thousand, insurance premiums for € 865 thousand (of which € 324 thousand non-current), service
agreements for € 601 thousand (of which € 13 thousand non-current), charges on guarantees for € 93 thousand, and pre-lease interest
on the Training Centre lease for 102 thousand (of which € 20 thousand non-current).

6. NET FINANCIAL DEBT

At 31 March 2015, net financial debt amounted to € 207,086 thousand, registering an increase of € 1,055 thousand compared to the
negative balance of € 206,031 thousand at 30 June 2014. That increase in due to payments made in Transfer Campaign (€ -23,667 thousand,
net), investments in other fixed assets (€ -1,745 thousand), advances paid to various suppliers in relation to the Continassa Project (€ -1,038
thousand), and cash flow from financing activities (€ -6,229 thousand), partially offset by positive cash flow from operations (€ +31,624
thousand).

INTERIM MANAGEMENT STATEMENTS - 31 03 15 19

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

31/03/2015 30/06/2014
Amounts in millions of euro Current Non-current Total Current Non-current Total

Financial assets* - 4,100 4,100 - 4,100 4,100

Cash and cash equivalents 11,674 - 11,674 1,587 - 1,587
Total financial assets 11,674 4,100 15,774 1,587 4,100 5,687
Financial payables
- to the parent company EXOR S.p.A. (50,000) - (50,000) - - -
- due to leasing companies (2,707) (8,356) (11,063) (2,638) (10,345) (12,983)
- due to the Istituto per il Credito Sportivo (5,033) (41,060) (46,093) (4,437) (43,352) (47,789)
- due to banks (19,772) - (19,772) (106,265) - (106,265)
- due to factoring companies (95,642) - (95,642) (44,218) - (44,218)
Other financial liabilities (11) (279) (290) (11) (452) (463)
Total financial liabilities (173,165) (49,695) (222,860) (157,569) (54,149) (211,718)
Net financial debt (161,491) (45,595) (207,086) (155,982) (50,049) (206,031)
* his 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.

The net financial debt at 31 March 2015 did not include any payable and/or receivable position with related parties with the exception
of the payable due to the parent company EXOR S.p.A. resulting from the use of the € 50 million credit line activated on 1 February
2015, and the positive current account balance held at Banca del Piemonte S.p.A. (€ 338 thousand).
At 31 March 2015, the Company had revocable line of credit granted by banking institutions totalling € 374,250 thousand, drawn
down by a total of € 136,498 thousand of which € 21,084 thousand for guarantees issued in favour of third parties, € 19,772 thousand
for overdraft, and € 95,642 thousand for advances on contracts and trade receivables.

7. ADVANCES PAID
These total € 30,884 thousand, of which € 25,356 thousand non-current (of which € 24,246 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 (€ 12,441 thousand)
and for the acquisition of the long-term lease and relative auxiliary expenses of the Continassa Area (€ 13,192 thousand) recognised
as operating leases (including auxiliary expenses).

8. SHAREHOLDERS' EQUITY
At 31 March 2015, the fully paid-up Share Capital of Juventus amounted to € 8,182,133.28 and was made up of 1,007,766,660 no
par value ordinary shares.
Shareholders’ Equity at 31 March 2015 amounted to € 36,514 thousand, down compared to the balance of € 42,627 thousand at
30 June 2014 due to the effect of the loss for the period (€ -5,790 thousand), net of changes in cash flow hedge reserves (€ +173
thousand) and actuarial gains/losses reserves (€ -441 thousand), as well as other minor changes (€ -55 thousand).

9. 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 € 73,232 thousand and show a decrease of € 30,594 thousand compared to the balance of € 103,826 thousand at 30 June 2014
as a result of payables arising from the 2014/2015 Transfer Campaign and payments made during the period.

20 JUVENTUS FOOTBALL CLUB S.P.A.

10. OTHER CURRENT AND NON-CURRENT LIABILITIES
Details are as follows:
31/03/2015 30/06/2014
Amounts in thousands of euro Current Non-current Total Current Non-current Total
share share share share

Payables due for remuneration to employees and others 17,060 - 17,060 (a) 28,332 - 28,332
Tax payables for withholding tax and other taxes 9,222 - 9,222 11,619 - 11,619
Payables due for auxiliary expenses and Transfer Campaign 6,436 3,500 9,936 5,429 1,708 7,137
Adjustment for implicit financial expenses (74) (319) (393) (14) (66) (80)
Prepaid income and accrued expenses 3,845 30 3,875 4,626 - 4,626
Payables due to social security agencies 755 - 755 964 - 964
Other payables 3,343 49 3,392 4,823 42 4,865
Other current and non-current liabilities 40,587 3,260 43,847 55,779 1,684 57,463
(a) including remuneration for variable bonuses matured mainly by FIGC registered personnel.

Prepaid income mainly relates to revenues from commercial contracts of € 2,376 thousand and income from the temporary disposal of
players of € 733 thousand (of which € 30 thousand non-current).

11. TRADE AND OTHER PAYABLES TO RELATED PARTIES

This item totals € 2,473 thousand and increased by € 1,490 thousand (€ 983 thousand at 30 June 2014).
The increase mainly relates to the recognition of the payable (maturing in July 2015) due to the chief executive officers accrued
following the closure of the 2011/2012 – 2014/2015 long term incentive plan. This plan was terminated in advance with respect to the
original maturity date set at 30 June 2015, as its objectives were no longer in line with the new medium-term plan for the 2014/2015
to 2017/2018 financial years approved by the board of directors on 20 June 2014 and the new organizational structure that became
operational on 1 July 2014.

12. ADVANCES RECEIVED

Advances received total € 67,959 thousand, of which € 36,005 thousand non-current (including € 20,463 thousand beyond five financial years).
Details are as follows:
31/03/2015 30/06/2014
Amounts in thousands of euro Current Non-current Total Current Non-current Total
share share share share

Naming and other revenues of the Juventus Stadium from

agreements with Sportfive Italia S.r.l. and Sportfive GmbH & Co. KG 3,500 24,712 28,212 3,500 28,000 31,500
2014/2015 season passes and matches 5,224 - 5,224 6,974 - 6,974
2015/2016 season passes 5,266 - 5,266 - - -
Television rights disposed of in centralised form for the fourth
quarter of the 2014/2015 financial year 10,369 - 10,369 - - -
Income from the Juventus Library 116 9,611 9,727 116 9,698 9,814
Television rights disposed of in centralised form accruing
in the 2015/2016 financial year 2,005 - 2,005 - - -
Income from the "Accendi una Stella" initiative 180 960 1,140 180 1,095 1,275
Income from the "Membership" initiative 423 4 427 476 20 496
Other minor items 4,871 718 5,589 1,378 802 2,180
Advances received 31,954 36,005 67,959 12,624 39,615 52,239

INTERIM MANAGEMENT STATEMENTS - 31 03 15 21

 NOTES ON THE INCOME STATEMENT FOR THE PERIOD 1 JULY 2014 -
31 MARCH 2015
The first nine months of the 2014/2015 financial year closed with a loss of € 5,790 thousand, posting a negative change of € 8,667
thousand compared to the profit of € 2,877 thousand registered in the same period a year earlier. This performance substantially
derived from a decrease in revenues from players’ registration rights of € 5,962 thousand, increases in the costs for players’ wages
and technical staff of € 6,070 thousand and cost for other personnel of € 2,409 thousand, expenses from players' registration rights
of € 2,401 thousand, partially offset by higher other recurring revenues (€ 13,823 thousand) and other non-recurring revenues
(€ 1,750 thousand) and other net negative changes of € 7,398 thousand. The net negative changes mainly included higher amortisation
and write-downs of players' registration rights (€ 5,152 thousand), income taxes (€ 1,359 thousand), other costs (€ 1,114 thousand),
provisions and release of provisions (€ 737 thousand), partially offset by lower costs for services (€ 1,437 thousand).

13. REVENUES
Revenues for the first nine months of the 2014/2015 financial year totalled € 237,073 thousand, up 3.4% compared to € 229,212
thousand for the same period last year. The main items and/or changes are illustrated below.
TICKET SALES
These total € 33,012 thousand and show an increase of € 1,521 thousand, compared to the figure of € 31,491 thousand for the same
period of the previous financial year due to higher revenues for friendly matches (€ +1,627 thousand) and higher ticket sales revenues for the
Italian Cup (€ +333 thousand), the Italian Super Cup (€ +797 thousand) and the UEFA Champions League (€ +161 thousand). These were
partially offset by lower revenues from ticket sales for Championship home matches (€ -679 thousand), season passes (€ -490 thousand), and
additional match services (€ -229 thousand).
The figures reflect the different number of matches played in official championships during the periods in question. Details are as follows:

01/07/2014-31/03/2015 01/07/2013-31/03/2014
number of matches Home Away Total Home Away Total

Championship 14 14 28 15 16 31
UEFA matches 4 4 8 5 5 10
Italian Super Cup - 1 1 - 1 1
Italian Cup 2 1 3 1 1 2
Total 20 20 40 21 23 44

TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES

Details are as follows:

Amounts in thousands of euro 01/07/2014 01/07/2013 Change

31/03/2015 31/03/2014

Revenues from media rights 76,839 79,055 (2,216)

Revenues from UEFA competitions 56,547 44,391 12,156
Television and radio rights and media revenues 133,386 123,446 9,940

Revenues from media decreased by € 2,216 thousand compared to those from the same period last year mainly due to a lower number of
home matches played.
Revenues from UEFA competitions (€ 56,547 thousand) came from participation in the UEFA Champions League 2014/2015, and increased
compared to the same period of 2013/2014 due to higher revenues from qualifying for the UEFA Champions League 2014/2015 elimination
rounds, compared to revenues from rounds played in the UEFA Europa League season 2013/2014.

22 JUVENTUS FOOTBALL CLUB S.P.A.

REVENUES FROM PLAYERS’ REGISTRATION RIGHTS
Revenues from players’ registration rights amount to € 14,710 thousand, posting a decrease of € 5,962 thousand compared to € 20,672
thousand registered for the same period of the previous year. Details are as follows:

Amounts in thousands of euro 01/07/2014 01/07/2013 Change

31/03/2015 31/03/2014

Gains on disposal of players’ registration rights 7,159 19,191 (12,032)

Revenues from the temporary disposal of players’ registration rights 1,710 362 1,348
Gains on termination of sharing agreements 2,694 869 1,825
Capital gains on player-sharing agreements 2,591 - 2,591
Other revenues 556 250 306
Revenues from players’ registration rights 14,710 20,672 (5,962)

Revenues from the temporary disposal of players' registration rights mainly refer to:
- Isla Isla Mauricio Anibal (Queens Park Rangers Football & Athletic Club) €€869 thousand;
- Sorensen Frederik (Hellas Verona FC S.p.A.) € 211 thousand;
- Rugani Daniele (Empoli FC S.p.A.) € 208 thousand;
- Buchel Marcel (Bologna FC 1909 S.p.A.) € 203 thousand.

14. OPERATING COSTS

Operating costs in the first nine months of the 2014/2015 financial year amounted to € 182,075 thousand, increasing by 6.1%
compared to € 171,673 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 € 123,595 thousand (€ 117,525 thousand in the same period of the previous
financial year) and showed an increase of € 6,070 thousand mainly due to higher fixed remuneration (€ +2,835 thousand), payments
for leaving incentives to permanently transferred players (€ +2,687 thousand) and fees paid to temporarily transferred players
(€ +1,224 thousand); these effects were partly offset by lower variable remuneration (€ -1,199 thousand).
OTHER PERSONNEL
The increase of € 2,409 thousand compared to € 9,486 thousand in the same period of the previous financial year mainly relates to
the direct management of the stewarding service by Juventus (€ 1,057 thousand) and the general increase in the Company's staff.
EXPENSES FROM PLAYERS’ REGISTRATION RIGHTS
Expenses from players’ registration rights amount to € 5,792 thousand, compared to € 3,392 thousand for the same period of the
previous year.

INTERIM MANAGEMENT STATEMENTS - 31 03 15 23

 Details are as follows:

Amounts in thousands of euro 01/07/2014 01/07/2013 Change

31/03/2015 31/03/2014

Auxiliary non-capitalised expenses for players’ registration rights 3,553 2,671 882
Expenses for the temporary purchase of players’ registration rights 2,121 384 1,737
Losses on disposal of registered young players-sharing agreements 58 4 54
Losses on disposal of players’ registration rights - 114 (114)
Losses on disposals of players-sharing agreements - 2 (2)
Other expenses 60 217 (157)
Expenses from players’ registration rights 5,792 3,392 2,400

Expenses for the temporary purchase of players' registration rights mainly refer to:
- Pereyra Roberto (Udinese Calcio S.p.A.) € 1,102 thousand;
- Sousa Orestes Romulo (Hellas Verona FC S.p.A.) € 724 thousand.

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

The amortisation and write-downs of players' registration rights for the first nine months of 2014/2015 amount to € 42,288 thousand,
up by € 5,152 thousand compared to the same period last year due to the effect of investments made during the 2014/2015 Transfer
Campaign .

16. OTHER NON-RECURRING REVENUES AND COSTS

These amount to € 1,750 thousand (item not present in the same period of the previous financial year) and relate to the capital gain generated
by the sale of a 50% stake in J Medical S.r.l. to the Santa Clara Group (see the item "Significant events" for further details).

24 JUVENTUS FOOTBALL CLUB S.P.A.

NOTES ON THE INCOME STATEMENT FOR THE THIRD QUARTER OF
2014/2015
The profit registered in the third quarter of the 2014/2015 financial year amounts to € 929 thousand. The positive change of
€ 2,845 thousand compared to the loss of the previous period (€ 1,916 thousand) is mainly the result of higher recurring revenues
(€ 6,861 thousand) and non-recurring revenues (€ 1,750 thousand) and lower net financial expenses (€ 279 thousand); these positive
changes were partially offset by higher costs for players’ wages and technical staff (€ 2,151 thousand) and for other personnel (€ 947
thousand), higher costs for external services (€ 1,183 thousand), amortisation and write-downs of players’ registration rights (€ 665
thousand) and other costs (€ 508 thousand).

17. REVENUES
Revenues for the third quarter of the 2014/2015 financial year amounted to € 80,880 thousand, increasing by 9.3% on € 74,019
thousand for the third quarter of the previous financial year. The main items and/or changes are illustrated below.
TICKET SALES
These total € 13,593 thousand and show an increase of € 1,380 thousand, compared to the figure of € 12,213 thousand for the third
quarter of the 2013/2014 financial due to higher revenues from ticket sales for Italian Cup home matches (€ +417 thousand), season
passes (€ +547 thousand), ticket sales for UEFA Champions League home matches (€ +343 thousand), additional match services
(€ +241 thousand) and for other services (€ +2 thousand). These positive changes were partially offset by lower revenues from ticket
sales for championship home matches (€ -366 thousand).
The following table compares the number of matches played in the various official competitions during the third quarter 2014/2015
and in the same period of the previous year:

III Quarter 2014/2015 III Quarter 2013/2014

number of matches Home Away Total Home Away Total

Championship 7 5 12 7 7 14
UEFA matches 1 1 2 2 2 4
Italian Cup 2 1 3 - 1 1
Total 10 7 17 9 10 19

TELEVISION AND RADIO RIGHTS AND MEDIA REVENUES

These amount to € 41,906 thousand (€ 36,757 thousand for the third quarter of the previous year). The positive change is mainly due
to the qualification for the direct elimination rounds of the UEFA Champions League 2014/2015 and the related increase in revenues
(€ +2,186 thousand).
REVENUES FROM PLAYERS’ REGISTRATION RIGHTS
Revenues from players’ registration rights amount to € 7,726 thousand (€ 7,032 thousand for the third quarter of the 2013/2014
financial year). The breakdown of this item, including the gains realised, is shown in note 1.

18. OPERATING COSTS

Operating costs for the third quarter of the 2014/2015 financial year amounted to € 62,642 thousand, increasing by 8.9% on € 57,534
thousand for the third quarter of the 2013/2014 financial year. The main items and/or changes are illustrated below.
PLAYERS’ WAGES AND TECHNICAL STAFF COSTS
Players’ wages and technical staff costs amount to € 42,414 thousand; the increase of € 2,151 thousand compared to the same period
of the previous financial year (€ 40,263 thousand) is mainly due to higher fixed remuneration accrued by players (€ +2,046 thousand)
and payments for leaving incentives to permanently transferred players (€ +1,272 thousand). These increases were partly offset by
lower fees paid to temporarily transferred players (€ -762 thousand) and lower variable remuneration (€ -365 thousand).

INTERIM MANAGEMENT STATEMENTS - 31 03 15 25

 OTHER PERSONNEL
The increase of € 947 thousand compared to the figure of € 3,381 thousand in the third quarter of the previous financial year
mainly relates to the direct management of the stewarding service by Juventus (€ 537 thousand) and the general increase in the
Company's staff.

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

In the quarter in question, amortisation totalled € 12,928 thousand, down compared to € 12,264 thousand in the third quarter of the
2013/2014 financial year, mainly due to the transactions finalised during the 2014/2015 Transfer Campaign.

20. APPROVAL OF THE INTERIM MANAGEMENT STATEMENTS AT 31 MARCH 2015 AND AUTHORISATION FOR
PUBLICATION
At the meeting of 11 May 2015, the Board of Directors approved the Interim Management Statements at 31 March 2015, authorising
the publication on the same date.

Turin, 11 May 2015

On behalf of the Board of Directors

The Chairman

Andrea Agnelli

26 JUVENTUS FOOTBALL CLUB S.P.A.

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

Pursuant to Article 154 bis (2) 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 31 March 2015 is
consistent with the accounting records.

Turin, 11 May 2015

Financial Reporting Officer

of Juventus Football Club S.p.A

Marco Re

INTERIM MANAGEMENT STATEMENTS - 31 03 15 27

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

This document contains a true translation in English of the report in Italian

“Resoconto intermedio di gestione al 31 marzo 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.

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31 03 15