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Juventus report €71.4 million loss

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The Juventus Board of Directors have approved the clubs financial statements for the year ended 30 June 2020, reporting a loss of €71.4 million.

The club were expected to be around €70 million in the red according to a recent report from Calcio e Finanza who based their figures on Exor’s (Juve’s holding company) financial statements for the year.

Juventus have now released a statement on the clubs official site, confirming the loss for the year-end ahead of the shareholder’s meeting which will take place on 15 October.

The statement highlights the effects of Covid-19 pandemic and it’s impact on European football, in particular, resulting in a €71.4 million for the Bianconeri for the financial year 2019/2020, marking a negative change of €31.5 million compared to the loss of €39.9 million registered for the previous year.

A breakdown of the loss highlighted:

…’lower operating revenues for €63.8 million, higher expenses from players’registration rights for €15.6 million, higher amortisation, depreciation and write-downs on players’ registration rights for €25.8 million, higher other amortisation and depreciation for €5.7 million, mainly due to the first application ofthe accounting principle IFRS 16, and greater net financial charges of €2.4 million.

Shareholders’ equity as at 30 June 2020 amounted to €257.5 million, up compared to the balance of €31.2 million as at 30 June 2019, due to the increase in share capital concluded in January 2020 (+€298 million), net of thea ssociated costs, due to the loss in the year (€-71.4 million), and the changes in the financial assets fair value reserve (€-0.3 million).

Net financial debt as at 30 June 2020 totalled €385.2 million (€463.5 million as at 30 June 2019). The €78.3 million improvement was primarily due to the collection of the share capital increase (€298 million), partially offset by negative cash flow from operating activities (€-58.7 million), outlays associated with the Transfer Campaign (€-129.8 million net), investments in other fixed assets and shareholdings (€-5.6 million net) and cash flows from financing activities (€-12.8

 

 

The post Juventus report €71.4 million loss appeared first on Juvefc.com.

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