LIVE TJ – President Andrea Agnelli's speech: "We moved from 12th to 5th place in the ranking. Capital increase to grow again"

Andrea Agnelli takes the floor: "Before starting work, a short video of Juventus".

Finished the video.

"Today we will also ask you shareholders to approve the 300 million capital increase allocated to the new development plan. Its objectives are to increase sports competitiveness, increase the brand. The capital increase in question has aroused astonishment , but numbers that seem enormous when compared to the Italian reality. And what I have been saying for years in this part is that our reference should not be only Italy, but the other great European realities, and to give examples of how they are behave our competitive internationally, let's take Manchester Untied as an example, which in recent years has asked shareholders for £ 450m, Real Madrid in March 2019 asked for resources of € 600m, Tottenham refinanced the debt of 500 million euros These are the numbers of the capital market that exist in our industry.You should never make the mistake of comparing the Italian realities to our market of reference that is Europe. Because Juventus, having reached this point, is the largest football club in Italy, but it is only one of the big ones in Europe. If we look at a figure that is the level of turnover, when we look at the main companies in Germany, England and Spain, the big companies have turnovers that are between 500 million up to the almost billion this year realized by Barcelona. We look at these realities. When we look at our growth and our development we must be proud, but our turnover level excluding capital gains is the level of turnover that Real had when I took over the presidency. Our growth rates have been greater than those of the Real, we have more than doubled, but in this growth there is still a gap that we must fill. We need to keep up with our European competitors. In keeping up we also need to confirm our management standard that has allowed us to achieve extraordinary results and that is based on three specific areas, managed by these people who are here. From Fabio Paratici, head of the sports area, which is our sporting activity, of the team that takes the field. Activity obviously also influenced by other fields, both falling under the responsibility of Marco Re, and the ability to generate resources to invest in the team managed by Giorgio Ricci. This was our management model: three responsibilities, with clear responsibilities of three areas that must work as closely as possible in symbiosis. As I said, it is useful, before looking ahead, to look at what our recent past has been. If we think about what happened from 2010 to 2019, we have seen our turnover reach over 600 million this season. We also had a very high employment impact, to carry out the company's activities. Impact also on the territory, few companies have taken over in Italy when we in these years. In 2010/11 we were 85 employees, now we are 258 for a total of 885 people working for Juventus. We have created more than one billion 200 million worth in these nine years. I can't help but think about the path on the field that we can be proud of. At this moment my thoughts go to those who won the eight league titles in a row, captain Giorgio Chiellini and also Andrea Barzagli. A thought goes also to the contribution of Max Allegri, decisive in the growth of Juventus. Added to this are the successes at home and the constant competitiveness in the Champions League. And this is demonstrated by our Uefa Ranking. We moved from 42nd to 5th and there are reasonable grounds to imagine that at the end of this season we will be able to overtake Bayern Munich and reach fourth place. These years have not been without complex management situations, which have done nothing but further forge the company's management team. Let's think about the management of football bets that involved Juventus members in 2012, events that took place in other companies anyway. Fabio could write a book about managing a team without a coach. What other company would have been able to manage six months without the first coach? This has further shaped the leaders. I am thinking of the Alto Piemonte investigation and the subsequent anti-mafia investigation. There have been intense and heavy periods and last but not least the Last Banner inquiry for extortion against Juventus. I am thinking of these years and I must remind all of us that our company has invested around 400 million in direct vinestimenti. Stadium 180 million, new headquarters, JTC, J Medical and store. Approximately 100 million through the J Village, 90 million for the east area, total approximately 400 million invested in assets. I think the courage had in 2017 in presenting our new logo. Initially received with skepticism, but the others now recognize the courage they had and the absolute value of this new logo, perfectly defined. We have expanded the professional sector. The women's sector, expertly led by the best female football manager, Stefano Braghin. He built a great structure, they are not professionals yet but they are managed as such. Team that has won two championships and an Italian cup with coach Guarino, who deserves applause (applause arrives, ed) as well as a good luck from all of us because on Sunday they will play the Super Cup and we hope to bring home that trophy. Sector expanded with the birth of the Under 23 team and from this point of view there is Cherubini, who is not here, but with great wisdom, sagacity and self-sacrifice is carrying out that less visible but important part. Only in the last season have we attracted the best in the world, Cristiano Ronaldo, who I hope this year can win the Ballon d'Or because he deserves it. We have become the team with the largest number of digital followers, with 90 million followers and an average engagement of 1.2 billion interactions per month. Last but not least, the opening of the J Hotel, open to the public in September and last season the opening of our stores in Milan and Rome and the Hong Kong office. These are important results that make us proud, but this refers to the past. We live, as I have often been reminded to tell you, in a very complex industry. Today I preferred to do a general analysis of the industry. We have extraordinary strengths, but also weaknesses that must make us think. The strong point is undoubtedly the growth of the sector, with the first 5 leagues that are now monopolizing the scene, they have grown by 15%. And within these leagues there is a group of clubs that monopolize these leagues and these clubs have grown by 7%. The growth of these big clubs by more than 50% comes from the growth of the commercial area and this makes us in a situation of disentermediation. We are losing the dependence of our revenues on television rights, which remain so important, but this year the commercial revenues exceed the revenues from domestic television rights, which weigh about 20% of our turnover. In large European clubs they weigh between 40 and 60% and these results should give us hope. There are also weaknesses. How do we manage this club craze that dominates growth and monopolizes sports results? Think of Bayern's monopoly in Germany, of which we are proud in Italy. We have sports monopolies that generate strong tension within the reference leagues. This must make us reflect on what will be the management of future competitions and their purpose. We have threats that need to be taken into account. We often talk about the League of A, but in general we fight everywhere with piracy. If they lose the exclusivity of sports rights, they can lose values. We have a television audience of European football, which must make us think. We also think about the data that develops in the world and exports. One figure above all, the League of Legends final, in 2017 had 58 million spectators. And these data, from any report, are growing. National sports are growing in the smaller groups, new activities in the field of entertainment are growing. We also have opportunities, in fact the fact that the impact of the impact of television rights has diminished means having fewer intermediaries and being able to own our content. And from this point of view the novelty of digital must be strategic and there are reflections in progress. This can be our killer application. Tools must be identified to make us make a big leap in revenues through commercial revenues. Focus on new generations. Starting studies that allow us to learn more about millennials and generation Z can be important. We live with a great proliferation of OTT platforms and this must make us see ourselves involved. The federation has announced the launch on Tim Vision, UEFA has announced the launch of UEFA TV and we will have to be good at seizing the opportunities that the market will give us. The last opportunity is women's football. The sell-out made here is a good thing, then a great World Cup has further emphasized attention. Women's football opens up new markets and new consumers and we want to be ready to seize these opportunities. And for this, in addition to approving the budget, we will ask you for the capital increase for development. In the plan approved in 2014 we wanted to make Juventus a global brand. In my opinion this is a result obtained. The vision of the new plan must be to make Juventus prosper as a global brand and this must be recognized by all, including the new generations. We must be a modern, innovative and iconic brand. The mission must remain the same as always, with sport in the center, and I look at Pavel and Fabio. We must maintain sports leadership in Italy, compete at a high level in Europe. The main objectives set by the plan is to continue to participate in the Champions League, maintaining the current UEFA coefficient and remain, and this is not easy given the size of the Premier League, among the top 12 in Europe as a turnover, to have a incidence of the cost of members between 55% and 60% and help to reposition the Serie A in the global market. Today in imagining 2019/20 we imagine a new year zero, to think big. The capital increase requested in 2011 was aimed at a clearly completed corporate reorganization, in the assets and value of the first team, the objective of the 2019 capital increase is instead the development of the company and to ensure to comply with all the rules of the FFP. Today we will ask you to approve the budget, but also the confidence in this management group to reach new great goals together. Thank you, until the end ".