Codere, a leading multinational in the entertainment and gaming sector, today announced its preliminary results corresponding to the fourth quarter and the end of the 2023 financial year. annual revenues reported amount to €1.429M, remaining in line with those of the previous year. These results reflect the impact of operational challenges in Mexico and Argentina, which have already been overcome. If these business units are excluded, 2023 revenue increased 2% compared to 2022.
- The turnover remains in line with that of the previous year, although it reflects the impact of the operational criticalities in Mexico and Argentina, which have now been overcome. Excluding these affected operating units, the results exceed the previous year's revenues (+2%).
- Codere Online increased its annual revenue by 40%, to €172 million.
- The company announced that it is in advanced discussions with its major bondholders to finalize the commercial terms for a global recapitalization aimed at strengthening its capital structure and stimulating growth.
Over the course of the year, Codere Online recorded a notable growth in its annual revenues of 40%, reaching €172M. During the fourth quarter, the subsidiary's results exceeded €50M, thus marking the most successful quarter to date. The turnover of the physical business, for its part, at the end of 2023 amounted to €1.257M.
THENormalized EBITDA of the group in this period was equal to €206M, 11% lower than the same period of the previous year. Without considering the results of Argentina and Mexico, normalized EBITDA shows year-over-year growth of 19%. We highlight the 162% growth in Codere Online's normalized EBITDA compared to 2022.
In terms of liquidity, the cash position of the group reached €107,5M, distributed between €66,2M in the business retail and €41,3M in Codere Online, which demonstrates the group's solid financial capacity.
In terms of game offer, Codere closed the quarter with a total of 44.813 machines and a network that includes 133 gaming rooms, approximately 900 lounges, 151 sports betting outlets and almost 8.000 bars.
Codere has made significant progress in resolving the key issues it is facing since the second quarter of last year and expects favorable developments in the coming quarters from an operational, financial and business perspective.
Given this situation, the company announced that it is in advanced discussions with its major bondholders to finalize the commercial terms of a global recapitalization to improve its capital structure and enhance its future growth.
This transaction aims to clean up the company's balance sheet and allow Codere to focus on better implementing its business plan, while improving its financial capacity to advance its long-term growth strategy.
