The AGMs (Annual General Meetings) of 3 Italian football clubs will be held this week. Juventus (24thOctober), AS Roma (26th October) and Lazio (27th October) are presenting their financial results, management reports and some regular proposals to their shareholders after closing their respective balances on 30th June.
Figures among the 3 teams are quite unbalanced as Juventus has reigned the Italian championships during the last 6 seasons. This previous 2016/2017 season, Juventus won Scudetto (sixth in a row), Coppa Italia (third in a row) and was runner-up of the Champions League.
|(in Million EUR)||Juventus 2017/2016||Juventus 2015/2016||Lazio 2016/2017||Lazio 2015/2016||AS Roma 2017/2020||AS Roma 2017/2021|
|Revenue||562,7||387,9||85,95||80,81||No data||No data|
|EBITDA||67,2||20,2||8,08||-15,6||No data||No data|
|Total Debt||701,43||476,62||57,58||35,67||No data||No data|
|Debt to Total Assets %||82,8%||82,6%||40,54%||30,96%||No data||No data|
|Total Assets||847,2||577||142||118,2||No data||No data|
|Market Value (at 25/10/17)||751,79||81,56||182,47|
The significant increase of Juventus’ revenues is mainly due to the revenues category of Football player rights management as disclosed in their Financial Report. Nevertheless, all revenue categories have experienced significant improvement.
|Juventus Revenues Breakdown (in Million EUR)|
|Media and TV rights||232,77||194,90||19%|
|Football player rights management||151,15||46,40||226%|
The agendas of the 3 meetings do not include any significant proposals to be voted by shareholders. The only remarkable issue is the AS Roma capital increase proposal, up to 120 Million in ordinary shares with the objective of rebalancing their financial structure, mainly by reducing current debt (see agenda).
The evolution of the share value of the three quoted teams has also been quite different during the last 12 months. While Lazio and Juventus have experienced increases in value close to 145%, AS Rome has barely increased 6% after not being able to reach the Champions League during the last season.
In terms of quality of their information disclosure to shareholders, Juventus is also leading the threesome, though there is much room for improvement. Special concern arise with AS Rome, whose communication standards are surprisingly below the average in a moment where the company is asking their shareholders to support such impacting capital increase.
The fact that, according to the Italian press, the main shareholder of AS Roma (Neep Roma Holding, holding 76%), would have already provided part of the funds in advance in relation to the capital increase should not be a reason to forget to duly inform the remaining shareholders about financial and corporate governance issues.