Juventus Football Club S p A : Approved draft financial statements and consolidated financial statements at June 30, 2021 - Ordinary and Extraordinary Shareholders’ Meeting convened

APPROVED DRAFT FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL

STATEMENTS AT JUNE 30, 2021

ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING CONVENED

• The Board of Directors approved the consolidated financial statements for the financial year ended June 30, 2021, which show a loss of € 209.9 million that will be covered by the share premium reserve
• The Ordinary and Extraordinary Shareholders' Meeting is convened for October 29, 2021 at the Allianz Stadium
• Consolidated financial highlights at June 30, 2021:

	YEARLY	Change
Amounts in millions of Euro	30/06/2021	30/06/2020*	Absolute	%
Revenues and income	480.7	573.4	(92.7)	-16.2%
Operating costs	449.3	414.1	35.2	8.5%
Net amortisation, depreciation and provisions	228.6	226.4	2.2	1.0%
Operating income	(197.2)	(67.1)	(130.1)	-193.9%
Income (loss) before taxes	(207.8)	(81.7)	(126.1)	-154.3%
Loss for the period	(209.9)	(89.7)	(120.2)	-134.0%

	BALANCES AT	Change
Amounts in millions of Euro	30/06/2021	30/06/2020*	Absolute	%
Shareholders' equity	28.4	239.2	(210.8)	-88.1%
Net financial debt	389.2	385.2	4.0	1.0%

• At June 30, 2020, the Company was not required to prepare the consolidated financial statements. On July 3, 2020, Juventus purchased from
  Lindbergh Hotels S.r.l. a stake held by the latter in B&W Nest S.r.l. (company that manages the J Hotel); as a result of this acquisition, Juventus holds the entire share capital of B&W Nest S.r.l. Therefore, effective from that date, the Company is required to prepare the consolidated financial statements. The main effect of the consolidation is on the net financial debt, which increased by € 16.9 million (of which € 14.7 million resulting from the application of the IFRS 16 accounting standard on rental and lease contracts for the hotel's operating activities).

Turin, September 17, 2021 - The Board of Directors of Juventus Football Club S.p.A. (the "Company" or "Juventus"), in a meeting chaired by Andrea Agnelli, has approved, among other things, the draft financial statements and the consolidated financial statements for the financial year ended June 30, 2021, which will be submitted for approval to the Shareholders' Meeting called for October 29, 2021 at 10:30 a.m., on single call, at the Allianz Stadium.

*.*.*

FINANCIAL HIGHLIGHTS

For a correct interpretation of the data, it should first be noted that the 2020/2021 financial year was significantly affected - as were all companies in the sector - by the spread of the Covid-19 pandemic and the consequent restrictive measures imposed by the Authorities. The pandemic has significantly affected - directly and indirectly - revenues from ticket sale, revenues from the sale of products and licences and revenues from players' registration rights, with a consequent inevitable negative impact both of economic and financial nature on the result for the period and on shareholders' equity, and of financial nature on the cash-flow and debt. These negative effects were partially offset by higher revenues from television and radio rights, due to the postponement from the previous year of some national and international competition matches, due to the pandemic.

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The 2020/2021 financial year ended with a consolidated loss of € 209.9 million, compared to a loss of € 89.7 million in the previous financial year.

In detail, the higher loss is mainly due to lower revenues equal to € 92.7 million, as a consequence of both to the effects directly caused by the pandemic on ticket sales and sales of products, licences and similar (€ 47.9 million in total), as well as to lower revenues from players' registration rights (€ 128.8 million); these negative effects were partially offset by higher revenues from television and radio rights (€ 68.9 million of which € 63 million related to the aforementioned higher number of matches played in the period in question). To be noted is the positive trend - given the difficult context - of revenues from sponsorships and advertising (higher than the previous year), as well as the increase in revenues from e-commerce, which partially offset the inevitable decrease in revenues of the physical stores.

Operating costs increased by € 35.2 million, mainly due to higher expenses on registered personnel, fully and regularly paid in the reference period; the change is due to the fact that this item benefited in the previous year from lower costs due to individual renegotiations with registered personnel relating to the pandemic context.

Net depreciation, amortisation, write-downs and provisions were broadly stable.

The Group's shareholders' equity at June 30, 2021 amounted to € 28.4 million; the change from the balance of € 239.2 million at June 30, 2020 reflects almost entirely the result for the period (€ -209.9 million).

Net financial debt as at June 30, 2021 is equal to € 389.2 million (€ 385.2 million at June 30, 2020), substantially in line with last season. The € 4.0 million decrease, which includes the negative effect of the consolidation of B&W Nest S.r.l. and the related financial payables pursuant to IFRS 16 for € 14.7 million, was mainly generated by positive flows from operations (€ +42.0 million, also originated from the particularly favourable timing of collections and payments), from payments related to the Transfer Campaigns (€ -6.5 million net, a figure that includes the positive effect of €

55.2 million from the sale without recourse of some receivables toward foreign football clubs), from investments in other fixed assets and shareholdings (€ -6.1 million net) and from flows from financial assets (€ -10.7 million).

At June 30, 2021, the Group had bank credit lines for € 573.1 million, of which a total of € 335.9 million not utilised. The lines used - amounting to € 237.2 million - include (i) € 96.4 million in advances on contracts and trade receivables, (ii) € 60.6 million in loans, (iii) € 55.1 million in guarantees issued in favour of third parties and (iv) € 25.1 million in overdrafts. For such uses, at June 30, 2021 the Company has liquidity for € 10.5 million deposited in various current accounts.

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The table below shows the composition and breakdown of the current and non-current portions of net financial debt at June 30, 2021 and June 30, 2020; it also highlights the predominance of non-current net debt compared over short- term debt.

Amounts in millions of Euro		30/06/2021				30/06/2020a
	Current	Non-current	Total		Current	Non-current	Total
Financial receivable	-	-	-	4.9	-	4.9
Cash and cash equivalents	10.5	-	10.5	5.9	-	5.9
Total financial assets	10.5	-	10.5	10.8	-	10.8
Financial payables
due to bondholders	(2.1)	(173.9)	(176.0)	(2.2)	(173.5)	(175.7)
due to the Istituto per il Credito Sportivo	(7.0)	(10.6)	(17.6)	(6.7)	(17.6)	(24.4)
due to banks	(41.2)	(44.5)	(85.7)	(67.4)	(32.9)	(100.3)
due to factoring companies	(0.2)	(96.3)	(96.5)	(53.5)	(29.4)	(82.8)
IFRS 16 rights of use	(6.1)	(17.8)	(23.9)		(4.6)	(8.2)	(12.8)
Total financial liabilities	(56.6)	(343.1)	(399.7)		(134.4)	(261.6)	(396.0)
Net financial debt	(46.1)	(343.1)	(389.2)		(123.6)	(261.6)	(385.2)

1. At June 30, 2020, the Company was not required to prepare the consolidated financial statements.

MAIN SIGNIFICANT EVENTS IN THE 2020/2021 FINANCIAL YEAR

Covid-19

The national and international scenario of the 2020/2021 financial year was characterised by the impacts from the Covid-19 pandemic and the resulting restrictive measures for its containment imposed by administrative, health and sports Authorities.

With the exception of the match on September 20, 2020 (Juventus vs Sampdoria), played at home with an audience limited to a maximum of one thousand invited spectators, these restrictive measures have not allowed matches to be held with the public in attendance (thus cancelling revenues from ticket sales). Moreover, the pandemic containment measures implemented with the Italian Prime Ministerial Decree of November 3, 2020 (as subsequently confirmed and amended) entailed, in different phases, the closure to the public of the J Museum and stores, consequently having a negative impact on visitor and merchandising revenues.

It should also be noted that the Covid-19 health emergency resulted in the postponement, to July and August 2020, of national and international competitions for the 2019/2020 season, thereby causing the respective revenues from television rights to be recognised in the 2020/2021 financial year.

In the 2020/2021 financial year, the protraction of the Covid-19 pandemic generated a significant direct negative impact on revenues (mainly from ticket sales and product sales), compared to a financial year not affected by the pandemic, quantifiable at around € 70 million, as well as an indirect impact on revenues from players' registration rights; conversely, the impact on costs was not significant, since some savings related to the lack of matches were partly offset by costs related to the pandemic (mainly health safeguards and protective devices).

B&W Nest S.r.l. consolidation

On July 3, 2020, Juventus acquired from Lindbergh Hotels S.r.l. its stake (equivalent to 60%) in B&W Nest S.r.l. (company that manages the J Hotel); as a result of said acquisition, Juventus holds the entire share capital of said company.

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Hence, the Company is now required to prepare the consolidated financial statements; to date, the scope of consolidation includes exclusively Juventus and B&W Nest S.r.l.

The Football Season

First Team

On July 26, 2020, Juventus won the 2019/2020 Serie A championship for the ninth year in a row (38th league title in the football club's history), with two games to spare, and gained direct entry to the Group Stage of the UEFA Champions League 2020/2021.

On January 20, 2021, the First Team won the Italian Super Cup for the ninth time.

On May 19, 2021 Juventus won the Italian Cup for the fourteenth time.

The First Team finished fourth in the 2020/2021 Serie A championship and gained access to the Group Stage of the UEFA Champions League 2021/2022.

First Team's technical management

On May 28, 2021, the Company changed the technical management of the First Team, releasing from office Andrea Pirlo, with whom the contract was effective until June 30, 2022.

Starting from July 1, 2021 the new First Team coach is Massimiliano Allegri with whom Juventus entered into a contract effective until June 30, 2025. Similar agreements were signed with members of the technical staff.

Juventus Women

On January 10, 2021, the Juventus Women team won the Women's Italian Super Cup.

On May 8, 2021, the team won the Serie A championship for the fourth consecutive year.

Juventus Women's technical management

At the end of the 2020/2021 season, the contract with coach Rita Guarino was terminated. Joseph Montemurro, with whom a contract was executed, effective until June 30, 2024, is the new coach of Juventus Women.

2020/2021 Transfer Campaign

The transactions finalised in 2020/2021 Transfer Campaign, which was held from September 1 to October 5, 2020 and from January 4 to February 1, 2021, led to a total increase in invested capital of € 120.6 million resulting from acquisitions and increases for € 121.6 million and disposals for € 1.0 million (net book value of disposed rights). Net expenses deriving from temporary transfers came to € 9.4 million.

The net capital gains generated by the disposals came to € 30.5 million.

The total net financial commitment of € 88.7 million is spread over four years, and includes auxiliary expenses as well as financial income and expenses implicit in deferred receipts and payments.

Jeep sponsorship contract

In consideration of the mutual satisfaction of the partnership between Juventus and the Jeep brand from the 2012/2013 football season, Juventus and FCA Italy S.p.A. have reached an agreement to renew the sponsorship of the match jersey for the 2021/22, 2022/23 and 2023/24 football seasons. The agreement provides for a base fee for each season of € 45 million and variable components based on team results.

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Super League project

On April 19, 2021, Juventus announced the execution of an agreement with other 11 top European clubs for the creation of the Super League, a new European football competition, alternative to the UEFA competitions but not to national leagues and cups. The competition would be organised and managed by the ESLC (European Super League Company S.L.), of which each Founding Club is a shareholder with the same stake and rights, so that the whole Super League project is owned exclusively by the clubs and not by third parties, thus creating an overlap between those bearing the business risk and those managing the television and radio rights related to the sporting competitions.

As at today, it is not possible to predict with certainty the outcome and future development of the Super League project, of the legitimacy of which Juventus remains confident.

Review of the 2019/24 Development Plan and Capital increase

On June 30, 2021, the Board of Directors of Juventus, among other things, has (i) examined the impacts of the spread of the Covid-19 pandemic and analyzed the key economic and financial data updating the Development Plan for the 2019/24 financial years (the "Development Plan" or the "Plan"), which was approved in September 2019 (i.e., before the outbreak of the Covid-19 pandemic), and (ii) established guidelines to strengthen its equity by means of a capital increase of up to Euro 400 million.

Unlike what indicated in the Plan, the Board of Directors estimated that the overall direct and indirect adverse effects for the period between March 2020 and June 2022 will amount to Euro 320 million. These estimates assume, among other elements, that during the 2021/22 financial year, the restrictive measures will be gradually removed and that, from the second half of 2022, the general economic environment will be gradually brought back to normal.

On the basis of these assumptions and taking into account the mitigation measures implemented, Juventus has confirmed the objectives of substantial economic-financial balance even despite the pandemic impact and thus relating to the medium-term. The Group also continues to monitor, on a continuous basis, the developments relating to the pandemic, due to the uncertainties of the regulatory framework and the complex and variable economic context.

The envisaged transaction aimed at strengthening the Group's equity by means of a capital increase is part of the measures intended to address the significant economic and financial impacts of the Covid-19 pandemic, contribute to balancing funding resources and restore the investment conditions to support the achievement of the strategic objectives envisaged in the Development Plan. In particular, the Board of Directors has decided to start the process for a capital increase of up to Euro 400 million, including any share premium, to be offered to the Company's shareholders.

MAIN SIGNIFICANT EVENTS AFTER 30 JUNE 2021

2021/2022 Transfer Campaign - first phase

The transactions finalised in the first phase of the 2021/2022 Transfer Campaign, held from July 1 to August 31, 2021, led to a total increase in invested capital of € 36.6 million resulting from acquisitions and increases for € 67.8 million and disposals for € 31.2 million (net book value of disposed rights).

The net capital gains generated by the disposals came to € 1.8 million.

The total net financial commitment, auxiliary expenses and financial income and expenses implicit in deferred receipts and payments, is € 36.9 million, spread over five years.

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