You're reading: Shakhtar cuts net loss in 2012 by 27.6%

PJSC FC Shakhtar Donetsk, last year's Ukrainian champion and the current leader of the Ukrainian Premier League, reduced its net loss according to the Ukrainian accounting standards by 27.6% in 2012 year-over-year, to Hr 486.5 million, the company said in an announcement on the holding on of an annual meeting of stockholders on April 8. 

Last year, the company also managed to reduce its long-term liabilities from Hr 906 million to Hr 773.3 million, whereas its current liabilities rose from Hr 33 million to Hr 64.4 million.

Its total accounts receivable shrank last year from Hr 122.3 million to Hr 76.6 million, and its free cash flow fell from Hr 235.6 million to Hr 214.3 million.

Shakhtar’s equity capital in 2012 grew by 7.4%, to Hr 1.63 billion, but in general its assets remained at around Hr 2.46 billion.

The club also announced that the number of its employees in the past year grew by 6.5%, to 572.

There are no figures on the club’s income, as this is not envisaged by the respective requirements of the National Commission on Securities and the Stock Market. In 2011, Shakhtar’s net income according to the Ukrainian accounting standards shrank by 2.8 times, to Hr 50.49 million.

However, in December 2012, the club started publishing new figures on the financial results of its activity. According to them, in the 2011/12 season the club’s revenues declined 17%, or Hr 85 million, to Hr 415 million. Shakhtar explained such a result by a priority in the transfer policy for the preservation of the current staff and elimination from the UEFA Champions League at the group stage. In the 2012/13 season the club qualified from the group stage of the Champions League, but was knocked out in the last 16 by Borussia Dortmund.