(Jamma) The CODERE Group, multinational leader in the gaming sector in Europe and Latin America, listed on the Madrid Stock Exchange, today announced the consolidated results for the first half of 2013. Turnover during 2013 reached 787,6 million euros , 3,9% less than in the same period of 2012, mainly due to the decline in turnover in Argentina and Mexico, although offset by the growth recorded in Uruguay and Italy. EBITDA, in this first half-year, it was 112,5 million euro, with a decrease of 27,7% compared to the previous year; decreasing in Italy, Argentina and Uruguay and in Mexico. The net result presented a loss of 74,7 million euro.
Investments in the first half of 2013 amounted to 49,1 million euro, of which 27,9 million for consolidation and 22,1 million for development. The growth of the fleet was concentrated in Uruguay and Argentina, reaching 54.222 units, with a reduction of 3,5% compared to the previous period.
In Italy, revenues increased by 2,3%, to 131,1 million euros, thanks to the increase in installations of VLT terminals, due to the consolidation of the acquisition of the company Dalla Pria Services and the increase in the number of third-party machines connected to the network. EBITDA decreased to 10,5 million euro, mainly due to higher taxes on VLTs and the fall in daily collection of devices also due to the internal economic situation.
“Codere consolidates and strengthens its position on the Italian market – the eng. Massimo Ruta, Country Manager of Codere in Italy – and confirms the will to continue all its activities, in spite of all the news that has followed one another in recent days on the Group's financial situation. The trust shown by the market in us is the result of the transparency and commitment we have always spent towards the customer, both in cinemas and in the network, thanks to our international experience. A future awaits us in which we will continue to demonstrate that consolidation and growth in Italy passes through professionalism, the commitment to support the work of our partners and constant attention aimed at affirming responsibility and legality in our field".
International activity
In Argentina turnover reached 296,8 million euros, 9,5% less, and EBITDA reached 53,5 million euros, 39,97% less than in 1S2012, mainly due to the depreciation of the local currency against the euro and 2 the implementation of the Anti-Tobacco Law (since October 2012) which affected the average daily collection per machine.
In Mexico, the turnover decreased by 4,2% reaching 201 million euros mainly due to the temporary closure of 8 cinemas by the municipal authorities and the tax regulation on the gambling tax. In addition, the fleet in Mexico was reduced by 11,7% as a result of this temporary closure of halls. EBITDA decreased by 2,6%, reaching 45,3 million euros.
In Spain, overall turnover decreased by 1,2%, reaching 76,9 million euros. During the half-year there was a decrease in the average daily collection per machine of 5%, as a consequence of the rationalization of the machine fleet (-6,2%) and the drop in private consumption. With regard to sports betting, 1.207 betting points are open, 66% more than in the same period of 2012, thanks to the development of this activity in Galicia and the Murcia region. EBITDA reaches 12,1% basically as a result of the reduction in the number of machines.
Important events 1S2013
In this six-month period, the Company has convened the General Meeting of Shareholders on June 27th.
During the month of March, CODERE reopened the Sofitel Montevideo Hotel and Casino Carrasco in Uruguay, managed by Carrasco Nobile, a consortium led by the CODERE Group. In May, CODERE reopened the Las Piedras racecourse, also in Uruguay.
In Spain, CODERE Apuestas launches sports betting in Galicia and Murcia, thus becoming the only company present in all regulated autonomous communities. In July CODERE Apuestas signs the Compromiso Empresarial por el deporte limpio which supports fairness in sports sponsorship.
During the semester, the Fundación sponsored various conferences. In February, it presents its editorial news on the gaming industry (Anuario del Juego, Código del Juego and En torno al juego de azar), in a meeting chaired by the Secretario de Estado de Infraestructuras, Transporte y Vivienda of the Ministerio de Fomento. In May, at the Library of the Italian Chamber of Deputies, he presents the study "The regulation of games in Italy between public monopoly and market" together with the Bruno Visentini Foundation and the CERADI Research Center for Corporate Law of the Luiss Guido University Carls of Rome. He also participates in the first Congreso Bienal Seguridad Jurídica y Democracia en Iberoamérica in Girona and in other courses on the prevention of money laundering and safety in gaming, through the Security and Compliance sector. In June, the XNUMXrd edition of the Ibero-American Economic Periodism Award is held, organized by the IE Business School.
After the end of the semester, two important events deserve to be underlined: on 12 July Ángel Corzo Uceda takes over the Economic and Financial Management and on 14 August the Extraordinary General Meeting is held where the consolidated results for 2012 are approved, among other points.
The CODERE Group
CODERE is a leading multinational in the gaming sector in Europe and Latin America, with more than 21.100 employees, listed on the Madrid Stock Exchange and manages more than 54.222 gaming terminals, 178 arcades, 4 racetracks, 1380 betting points in Argentina, Brazil, Colombia, Spain, Italy, Mexico, Panama and Uruguay, and in Italy where it is also present in the online gaming market for which it has the appropriate licenses
