NOTES TO THE FINANCIAL STATEMENTS
FIXED ASSETS Intangible fixed assets
At 30 June 2003 and at 30 June 2002 these amounted respectively to € 174,617 thousand and € 221,290 thousand and are composed of:
€/000 30/06/2003 30/06/2002 Change
Royalties on industrial patents and use
of intellectual property 516 556 -40
Fixed assets in progress and advance payments 43 155 - 112
Net players’ registrations rights 174,058 220,579 -46,521
TOTAL 174,617 221,290 -46,673
Amortisation for intangible assets in the 2002/2003 financial year amounts to a total of € 61,867 thousand (€ 68,580 thousand in the previous year).
Players’ registration rights net of amortisation amount to € 174,058 thousand at 30 June 2003, against € 220,579 thousand at 30 June 2002. The decrease in players’ registration rights is due to the amortisation made in the period in question for
€ 61,581 thousand, compensated partially by the difference between investments for € 39,999 thousand and net disposals for € 24,939 thousand made by the Company in the 2002/2003 Transfer Campaign.
The movement in intangible assets is given in Appendices 2, 3, and 4, which are an integral part of these Notes to the Financial Statements.
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Tangible fixed assets
At 30 June 2003 and at 30 June 2002 these amounted respectively to € 11,809 thousand and to € 7,722 thousand and are made up of:
€/000 30/06/2003 30/06/2002 Change
Land and buildings 10,252 6,722 3,530
Plants and machinery 110 195 -85
Industrial and commercial equipment 312 380 -68
Other assets 404 425 -21
Fixed assets in progress and advance payments 731 - 731
TOTAL 11,809 7,722 4,087
Tangible assets increased by € 4,087 thousand following disposals for € 10 thousand, depreciation in the year for € 550 thousand, increases for € 4,649 thousand, adjustments for € 4 thousand and use of the amortisation fund for disposals for
€ 2 thousand.
Increases for the year in question (€ 4,649 thousand) are due to the purchase from Campi di Vinovo S.p.A. of land with annexed small building, located in the municipality of Vinovo, needed for the creation of the Training Centre for € 3,750 thousand (€ 3,177 thousand of which classified as land and € 573 thousand classified as buildings), to € 731 thousand (€
663 thousand of which costs reclassified as prepaid expenses and € 68 thousand of costs sustained and carried forward) for investments in progress in tangible fixed assets and advance payments again for the “Training Centre”, and to € 168 thousand for miscellaneous purchases of industrial and commercial equipment and other goods.
The amortisation for the period in question (€ 550 thousand, against € 575 thousand in the previous year) was calculated on all depreciable assets applying the rates considered as representing their useful economic and technical life.
The movement in tangible fixed assets is given in Appendix 5, which is an integral part of these Notes to the Financial Statements.
Investments Subsidiary companies
At 30 June 2003 Juventus Football Club S.p.A. controlled 69.78% of the share capital of Campi di Vinovo S.p.A. (71.94%
of the outstanding capital) for a total book value of € 12,129 thousand compared to € 17,445 thousand at 30 June 2002.
Movements were as follows:
• In July 2002, Juventus Football Club S.p.A. paid the sum of approximately € 7,731 thousand, as the outstanding payment for 2,415,537 shares of Campi di Vinovo S.p.A. (equal to 96.62% of the share capital and 99.61% of the outstanding capital) purchased in 2001. This sum, added to the instalments paid in July 2001 and in January 2002 for a total of
€ 9,038 thousand, took the overall investment of Juventus Football Club S.p.A. in the purchase of Campi di Vinovo S.p.A.
shares to € 16,769 thousand. The purchase contract of 19 March 2001, later revised and amended, envisaged a sum of
€ 17,356 thousand, subject to a price revision clause on the basis of the assets of Campi di Vinovo S.p.A. at 30 June 2002. This clause led to a reduction in the sum originally agreed of € 587 thousand.
• In the course of the 2002/2003 financial year, a further 2,707 shares were purchased for a sum of € 25 thousand.
• On 30 June 2003 Juventus Football Club S.p.A. sold to Costruzioni Generali Gilardi S.p.A., a Turin construction company, 680,000 shares equivalent to 27.2% of the share capital of the subsidiary company Campi di Vinovo S.p.A. at the price
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Reports and Financial Statements at 30 June 2003
Notes to the financial statementsJuventus Football Club
Reports and Financial Statements at 30 June 2003 of € 37.2 million, making a capital gain of € 32.5 million (balance sheet value of the shares sold € 4.7 million).At 30 June 2003 the Shareholders’ Equity of Campi di Vinovo S.p.A. was € 11,406 thousand, including the profit of € 4 thousand for the 2002/2003 financial year.
Although the balance sheet value of the shareholding in Campi di Vinovo S.p.A. is higher than the corresponding share of net Shareholders’ Equity as it appears in the last financial statements approved by Campi di Vinovo S.p.A., in observance of Article 2426, number three, of the Italian Civil Code, taking into account the assets of the controlled company and the price at which the share of 27.2% was sold to a third party in the course of the financial year, no devaluation was made.
Further details of the holding are illustrated in the relevant appendix to these Notes to the Financial Statements.
Player sharing ex Art. 102 bis N.O.I.F.
Player sharing ex Art. 102 bis N.O.I.F. at 30 June 2003 amounted to € 12,966 thousand (€ 4,420 thousand at 30 June 2002) and refer to the following teams:
€/000
It should be noted that all player sharing agreements were drawn up in observance of federal regulations and on the date of this Annual Report at 30 June 2003 € 6,137 thousand remains, following the termination of agreements for € 6,829 thousand.
Shareholdings in other companies
At 30 June 2003 these amounted to about € 3 thousand and are therefore unchanged since 30 June 2002. They are represented by a shareholding in the “Consorzio Fiat Media Center” and a shareholding in the “Consorzio CONAI”.
Other receivables
At 30 June 2003 these amounted to a total of € 15 thousand and are represented by tax receivables from the tax authorities for advance payments of IRPEF on Employees’ Severance Indemnity for € 12 thousand and various cautionary deposits for € 3 thousand. The decrease of € 14 thousand compared to 30 June 2002 is due mainly to the use of the tax credit for advance payments on Employees’ Severance Indemnity for personnel who left in the period and for other advance payments made in the year.
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CURRENT ASSETS