(Alliance News) - The board of directors of Juventus Football Club Spa has reviewed and approved the consolidated half-year financial report as of December 31, 2022 reporting revenues of EUR276.2 million up from EUR223.1 million in the same half of 2021/2022.

Loss amounted to EUR29.5 million down from a loss of EUR112.1 in the first half of last year. This improvement stems partly from the fading of the negative effects of the pandemic, especially with regard to tender revenues, and partly from the revenue development and cost rationalization actions set in previous periods and continued in the current one, the company explains.

In detail, the decrease in the loss for the first half of the year is substantially attributable to higher revenues and income of EUR53.1 million, related to higher income from player rights management of EUR37.4 million and higher revenues from competitions of EUR15.2 million. There were also lower costs for registered personnel of EUR30.3 million, lower amortization of players' registration rights of EUR9.4 million and lower expenses from player rights management of EUR8.5 million, the company points out.

These improvements were also partially offset by higher costs for external services of EUR10.6 million, higher provisions of EUR3.5 million, higher taxes of EUR2.3 million, higher purchases of products for sale of EUR1.6 million, and other minor items of EUR700,000.

Operating income was negative EUR19.1 million improving from a negative EUR110.8 million in the same half of the previous year.

In contrast, net financial debt as of December 31, 2022 amounted to EUR333.0 million from EUR153.0 million as of June 30, 2022.

The increase in debt is related only to a minor extent to current operations; in fact, the same is mainly driven by net payments related to Transfer Campaigns from previous years, investments in tangible, intangible and other fixed assets, the aforementioned negative flows from operations and outlay for financial expenses and other minor items.

As for the future, "the group's economic performance in fiscal year 2022/2023, although affected by the unfavorable economic, financial and political environment, confirms the forecasts of significant improvement compared to that of fiscal year 2021/2022, which was still significantly penalized by the direct and indirect effects of the Covid-19 pandemic," the company explains in the note.

"The expected improvement also stems from the incisive revenue development and cost rationalization actions set in previous periods and continued in the current one. As usual, the economic, equity and financial performance of the current year will be influenced by the First Team's sporting performance and by any soccer market transactions."

Juventus FC's stock on Friday closed 3.7 percent in the red at EUR0.31 per share.

By Chiara Bruschi, Alliance News reporter

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