Dear champions of Italy,
The balance sheet we are submitting for your approval today bears witness to the remarkable resolve shown by Juventus “on the pitch” – an expression very dear to us – over the last six years.
Our club's core business is and will always be football. Winning is Juventus’ tradition and we are called to ensure economic and financial sustainability in a complex industry where sporting results are uncertain and the revenue system is only partially governed by the individual clubs, due to the unique national and international regulations.
I am extremely proud to be able to reaffirm the historic sporting results your club has achieved in the last six years here in this letter. Following a bleak period, which left its mark both on the pitch and financially, the work ethic and huge dedication of our management team has helped to rebuild a successful team and a world-renowned club.
Five consecutive league titles, three Italian Super Cups and two Coppa Italia trophies represent an exceptional trophy haul and its legacy will be remembered for decades to come. It is a historic period and one that the current generation of Juventini – myself included – have had the privilege of experiencing at Juventus Stadium, the home of all Bianconeri fans. Yet the next chapters are still to be written and together we can turn this into a truly legendary period for our club.
Ten trophies in six years have enabled Juventus to return to the top table alongside other European giants. This was reflected in the UEFA club rankings at the start of the 2016/17 season, which had us in fifth place, right behind the continent's very finest. Our aim is to climb higher still, aware of the fact that to take each further step we will need great resolve, careful planning and yet more success both on the national and international stage.
Our club's historic achievements in recent years have gone hand in hand with a marked improvement in all of Juventus' main financial indicators. The shareholders' decision to fully underwrite the capital increase of October 2011 has been rewarded. Indeed, we have even surpassed our objectives. Five years later, we can safely say that those resources have been used wisely.
While the 2014/15 balance sheet marked a return to profit and therefore the completion of a turnaround which has seen a year-on-year increase in turnover, what you are asked to approve today represents further consolidation. A turnover of almost €388 million is a record figure for a Juventus balance sheet and for the second year running it reports a net profit of over €4 million. Juventus is solid and the potential for further development is good, but we must continue to increase revenue and ensure efficient management.
The future means new challenges, partly because a portion of this revenue is currently guaranteed by regular involvement in Europe’s premier club competition, the UEFA Champions League. That is why Juventus acted within the European Club Association (ECA) and in dialogue with the key players in international football to revise the format of the competition. From 2018, there will be four Italian clubs regularly competing in the tournament. That prospect will allow Juventus to plan with greater stability and less uncertainty.
It would be wrong to consider the job done. Football’s relentless sequence of matches and seasons means no one can bask in their glory or rest on their laurels. Juventus must continue to grow and self-finance, as seen with the recent strengthening of the team and all of the new projects launched by the club in recent years. Our new partnerships with big global companies – Jeep and adidas, to name but two – confirm that the Juventus brand is once again among the most recognisable in the sports industry. This greater visibility has enabled the company to sign significant regional partnerships, allowing us to break into new markets. For instance, in the last few months Juventus have signed deals in Mexico, Nigeria and Azerbaijan, while the club continues extensive research into new business opportunities thanks in part to the Juventus Academy programme.
The process of managing licensing and merchandising in house, along with a new strategy to develop Juventus Store, is starting to bear fruit and gives us confidence for the future. The same goes for developing the club’s digital strategy, an area in which Juventus excels at a global level.
Finally, this season will see our new real-estate development project on the converted 18th-century farmhouse in Continassa come into being, with our new Training Center and club offices standing just a few yards from Juventus Stadium.
Our commitment is unchanged but I think it is only right that I take this opportunity to thank all of the men and women working at the club whose dedication, hard work and professionalism make Juventus the institution it is.
Fino alla fine…
Andrea Agnelli's letter to shareholders
Dear champions of Italy,
Juventus’ annual financial report up to 30 June 2016 will be available in English for the Shareholders' OGM on 25 October.