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Juventus, no impact from the Turin prosecutor’s investigation

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Juventus, no impact from the Turin prosecutor’s investigation

Positive semester for the football team

Juventus’ accounts improve. However, the financial year closed with a loss (under 30 million), but the red tapered off in the first half of the 2022-23 financial year. And especially the board does not record an “accounting relevance” of the investigation by the Turin prosecutor’s office.

In detail, the board of directors has given the green light to the accounts as at 31 December 2022 with income up by 23.8% to 276.2 million. The operating result was negative, amounting to 19.1 million. The figure signals a marked improvement compared to the loss of 104.2 million recorded in the same period 2021-22. The red stood at 29.5 million, also in this case the net result has significantly improved compared to the previous loss of 112.1 million.

Debts are on the rise

Finally, net financial debt as at 31 December 2022 amounted to 333.0 million, practically double compared to 153 in June 2022. The company highlighted how the deterioration is due to the net payments linked to the transfer campaigns of previous years (-67 million) and investments in fixed assets (-50.5 million). Negative flows from operations also weighed heavily (-55.7 million).

“It is foreseeable that the net financial debt at the end of the 2022/2023 financial year will be in the range of that of the end of December 2022” explains the company in a note. In the same document, the consultants of the Juventus team have ascertained the irrelevance from a legal and accounting point of view of the transfer market transactions, between 2018 and 2020, with other clubs included in the investigative documents filed in February and March by the Turin Public Prosecutor’s Office as part of the criminal proceedings against the club.

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Four potentially attackable documents

“Following the survey on the new investigative documents carried out by the company and its consultants, have been identified
documents referable to four operations which, if hypothetically valid and effective, would have been potentially suitable for determining accounting effects on the economic-equity and financial situation as at 31 December 2022 and/or on the comparative data of the previous period” explains the company in the note accompanying the half-yearly report.

“Without prejudice to its assessment of the irrelevance and unsuitability of these documents to determine any legally relevant and, therefore, accounting effect, in the explanatory notes to the consolidated half-yearly report, Juventus will voluntarily and with a view to maximum breadth and transparency of informationa representation of the potential accounting effects that these documents could theoretically have had on the economic, equity and financial situations of the first half of the current year and the previous one, where they were deemed likely to generate rights and obligations payable between the parties and therefore qualify as “contracts” pursuant to IFRS 15″ concluded the note.

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