Codere hurt by Argentine Peso collapse

The plunging Argentine Peso has impacted the performance of Bolsa Madrid gambling firm Grupo Codere, which has reported exchange rate losses of €22.5 million, publishing its 2018 interim results (period ending 30 June).

Updating investors, Codere governance details that corporate performance has had to adjust to Argentina’s ongoing monetary crisis, which has seen the ARG Peso decline almost 50% against the EURO since the start of the year.

Argentina which represents, Codere’s biggest operating market, would record double double-digit declines across all core metrics and KPIs, resulting in a significant downturn across the firm’s South American divisions and subsidiaries.

Publishing its H1 2018 interim results, Codere records a 7% decline in group revenues to €759 million (H1 2017: €814 million).

Despite reporting growth across its home market of Spain, Codere governance would record a 10% interim EBITDA declined to €109 million (H1 2017: €121 million).

Closing its H1 2018 accounts, the Bolsa Madrid operator records group-wide consolidated losses of €34 million across all its operating divisions.

In its update, The Spanish gambling group maintains its corporate debt balance at approximately €840 million (2017: €850 million).

 

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