Codere continues its struggle with €136 million net income loss


Embattled Spanish casino and sports betting operator Grupo Codere increased its net income losses in the first nine months of 2014 by 36% €136 million (2013 – €93 million). The losses suffered by the operator were driven by increased costs in its debt restructure and its settlement with Italy’s Court of Auditors.

In its latest financial report Codere senior management announced that it had returned to growth after reporting seven financial quarters of decline. The operator posted a Q3 2014 revenue improvement of €352 million (£280 million) a 7.6% increase on Q2 2014 records. However Codere’s revenue performance fell by 7.4% compared to Q3 2013 €380 million, as the operator reported that its revenues had been impacted by the devaluation of the Argentine Peso.

Like for like Codere reported declines in its 2014 EBITDA performance, recording €106.7 million (-36% on 2013 €166.5 million). Further bad news sees the Spanish gambling operator report declines in all key performance indicators for 2014 (see table below).

Despite its continued yearly decline, Codere senior management remain positive that the operator can reverse its performance. Management highlighted operator efficiency measures which increased its adjusted EBITDA margin to 14.8% for 2014.

Codere management stated that it would continue to promote its Italian business, the operator has spent €36 million (£28 million) to resolve its creditor dispute with the Italian Court of Creditors, in order to continue its operations in the region.

Codere Governance as yet have not commented on corporate performance.

Grupo Codere 2014 Performance Overview



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