06 October 2023
DRAFT FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2023. SIGNIFICANT REDUCTION OF LOSSES
UPDATE OF ESTIMATES FOR THE 2023/24-2026/27 LONG-TERM PLAN. THE STRATEGIC OBJECTIVES OF SPORTS COMPETITIVENESS AND ECONOMIC/FINANCIAL SUSTAINABILITY, WITH A SIGNIFICANT AND STRUCTURAL REDUCTION OF NET FINANCIAL DEBT
ESTIMATED LOSS AS OF 30 SEPTEMBER 2023 AND CAPITAL REDUCTION. GUIDELINES OF EQUITY STRENGTHENING BY MEANS OF A CAPITAL INCREASE OF UP TO EURO 200 MILLION,
WITH THE SUPPORT OF THE MAJORITY SHAREHOLDER EXOR N.V.
- Consolidated financial statements for the year ended 30 June 2023 approved, showing a loss of € 123.7 million (€ 239.3 million at 30 June 2022), partly influenced by the negative effects on revenues and costs related to the outcomes of Italian and international sports proceedings
- The Board of Directors updated the estimates of the 2023/24-2026/27 Plan, which confirm the Group’s strategic and development lines based, in particular, on sports competitiveness, strengthening of the brand and consolidation of the economic/financial balance, with a significant and structural reduction of net financial debt
- Based on preliminary estimates as at 30 September 2023, the first-quarter of the financial year is expected to result in a loss exceeding one third of the share capital, fulfilling the requirements of Articles 2446 and 2447 of the Italian Civil Code.
- In order to support the achievement of the Plan’s objectives, and also taking into account the impacts - in the current and previous financial year – deriving from the outcomes of the Italian and international sport proceedings initiated in 2022/23, the Board of Directors established guidelines for an equity strengthening manoeuvre, which involves the reduction of the share capital to the legal minimum and its contextual increase, against cash contribution, up to € 200 million.
- EXOR N.V. has expressed its support to the operation, undertaking to subscribe its portion of the capital increase, equal to 63.8%, and has also expressed its availability to execute a contribution for future capital increases (versamenti in conto futuro aumento di capitale) for a maximum of € 128 million. Juventus will consider to engage an underwriting syndicate for the subscription of any new unsubscribed shares.
- The Ordinary Shareholders’ Meeting will be held on 23 November 2023 at the Allianz Stadium
Turin, 6 October 2023 – The Board of Directors of Juventus Football Club S.p.A. (the “Company” or “Juventus”), which met today under the chairmanship of Gianluca Ferrero, has, inter alia, (i) approved the draft financial statements and the consolidated financial statements for the year ending on 30 June 2023; the annual financial statements will be submitted for approval by the Shareholders’ Meeting, which is scheduled for 23 November 2023, on single call, at the Allianz Stadium; (ii) approved the update of the long-term plan for the years 2023/24 - 2026/27 (“Plan”) and (iii) defined the guidelines of an equity strengthening operation by means of a Capital Increase, against cash contribution up to € 200 million (“Capital Increase”).
