SBC News Codere crushed by Argentine Peso collapse losses

Codere crushed by Argentine Peso collapse losses

Bolsa Madrid-listed gambling operator Grupo Codere SA cannot escape the Argentine Peso collapse as the company records continued declines across its 2018 corporate metrics and KPIs.

The reality of 100% Argentine Peso decline against the Euro, has seen Codere undertake a number of adjustments within its biggest operating market.

Publishing its Q3 2018 trading update, Codere reports a group net revenue decline of 14% to €285 million (Q3 2017: €333m) as the Spanish gambling group books period net losses of €21 million.

For its year-to-date performance, Codere governance reveals that the company has been impacted by Peso-to-Euro exchange losses of circa €32.8 million.

Stark Argentine business conditions, see Codere fail to reach the net revenue €1 billion mark for its YTD performance, as the company records accumulated YTD 2018 losses of €55 million (YTD 2017: €8.3m).

Dealing with its Argentine market realities, Codere governance has moved to adjust its corporate auditing structure, seeking to separate its Argentina inflation impacts from its core business reporting.

A rare highlight in its trading update, Codere details continued growth across its home Spanish market operations, with the division reporting an adjusted EBITDA of €8 million gained of €56 million (Q3 2017: €47m)

Closing its Q3 2018 accounts, Codere governance maintains a current corporate net-debt of €876 million.

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