SBC News Codere appoints PKF Attest to audit 2023 accounts

Codere appoints PKF Attest to audit 2023 accounts

Grupo Codere SA has appointed PKF Attest to serve as the principal auditor of the gambling group in the Spanish and South American markets.

The Spanish unit of PKF Attest will replace EY, which in 2023 severed ties with Codere, ending its seven-year tenure as an independent auditor, having overseen audits on consecutive debt refinances needed to maintain Codere’s embattled business.

PKF Attest will serve as Codere’s principal auditor for the financial years of 2023, 2024, and 2025. The Spanish operator’s latest audited accounts cited significant doubts about the group’s “ability to continue as a going concern”.

2022 accounts saw Codere narrow its operating losses to €320m, following 2021 directives which saw the group consolidate its business by demerging its Codere Online unit and delisting from the Bolsa Madrid exchange.

The firm’s latest consolidated accounts for 2023 YTD trading saw Codere’s operating losses track at €233m (+120%). The increase in losses was attributed to “impairment charges for alleged non-compliance” of its gambling units in Mexico and Argentina.

2022 developments saw Codere restructure its finances once more, successfully obtaining a €100 million capital injection through bondholder investments.

At present, Codere is undertaking an overhaul of its executive leadership team led by new CEO Gonzaga Higuero, who is tasked with implementing the firm’s 2023-to-2027 transformation strategy.

Despite pressure from bondholders, Codere aims to maintain all its business units in Europe and South America as part of its recovery strategy for 2023-2027, with a goal to “become profitable by 2025.”

The Spanish operator has committed to all seven of its global markets including the Latin American markets of Mexico, Argentina, Uruguay, Panama, and Colombia, confirming that it is “consolidating its project after the departure of its previous CEOs”.

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