November
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14/11/2014
CODERE returns to growth after seven quarters in decline, reaching revenues of € 352,1 MM in Q3 2014, 7.6% higher than the previous quarter
The CODERE Group, a leading Spanish multinational in the private gaming sector that trades on the Spanish Stock Exchange, has announced the results for the first nine months of the year and for Q3 2014.
Q3 2014 Adjusted EBITDA reached €56.8 MM, above of the guidance of €47-51 MM and €12.3MM higher than in the second quarter of the year. The Company, that continues working on efficiency measures, increased its adjusted-EBITDA margin for the nine first months ended September 30, 2014 to 14.8% and to 16.1% in Q3 2014. The Group, which continues to promote growth in Italy, has spent €36.4 MM to resolve the dispute that Corte dei Conti maintains with the whole sector.
Press Release Q3 2014 Results
October
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28/10/2014
CODERE integrates Betradar’s revamped Live Channel Retail
Betradar is pleased to announce the next partner for its Live Channel Retail. The Spanish operator CODERE is integrating the streaming solution in 100 outlets across Spain this year, with the intention to connect further estates in 2015.
Betradar’s Live Channel Retail includes a wide range of international media rights, such as the Serie A, French Ligue 1 and Coupe de la Ligue, DFB Cup, U.S Major League Soccer, German and Spanish Basketball leagues and several international ATP and WTA Tennis tournaments covering a minimum of 12 to 16 hours every day.
CODERE integrates Betradar’s revamped Live Channel Retail
February
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28/02/2014
CODERE records 2013 Ebitda of €206.1 m.The Company adjusts costs amid falling revenues
The CODERE Group closed 2013 with revenues of €1,546.7 m, 7% less than in 2012, despite the sharp devaluation of the Argentine peso and the smoking ban in that country, the macroeconomic environment in Europe and the temporary closure of facilities in Mexico.
The Group achieved EBITDA of €206.1 m, 28.3% less than in 2012, affected by falling revenues, tax increases in Italy, Argentina and Mexico and non-recurring expenses associated in part with the financial restructuring, and helped by the significant efforts to contain costs and generate efficiencies (3.5% reduction in operating expenses).
Excluding the effect of non-recurring items, EBITDA for the fourth quarter is €56.7 m, above the range of our EBITDA guidance of €52-55 m.
This result shows the ability of the company to adjust operating expenses to market context, maintaining an adjusted operating margin of 15.7% despite tax increases and the deterioration of the Argentine market.
CODERE 4Q 2013 Press Release
January
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02/01/2014
CODERE submits the communication in accordance to article 5 bis of the Spanish insolvency law (Ley Concursal) while it negotiates the refinancing of the debt
Codere, Spanish multinational company and one of the leaders in the private gaming sector which is listed in Spain, has submitted the communication provided in article 5 bis of the Spanish Insolvency Law (Ley Concursal) before the Mercantile Court of Madrid. This situation provides the company a period of up to four months in which it is going to continue negotiations to refinance the debt.
The submission of this communication does not either affect the ordinary activity of the company, which continues its operations as usual, nor its management bodies, which maintain their faculties of representation, administration and management.
CODERE submits the communication in accordance to article 5 bis of the Spanish Insolvency Law