Juventus Football Club SpA reported earnings results for the first half ended December 31, 2011. For the first half, the company reported total revenues of EUR 85.37 million compared to EUR 88.79 million a year ago. Operating loss was EUR 31.77 million compared to EUR 37.73 million a year ago. Loss before taxes was EUR 33.91 million compared to EUR 38.44 million a year ago. Loss was EUR 34.63 million or EUR 0.17 per basic share compared to EUR 39.5 million or EUR 0.20 per share a year ago. Net cash from operating activities was EUR 0.40 million compared to net cash used in operating activities of EUR 30.57 million a year ago. Investment in other fixed assets (mainly Juventus Stadium) was EUR 21.68 million compared to EUR 36.39 million a year ago. The main risks and uncertainties of which the company is exposed in the second half of the year are similar to those reported in the annual financial report of June 30, 2011.