CODERE just make public its fourth quarter 2013 and full-year accumulated most notably EBITDA of 206.1 million euros, representing a decrease of 28.3% compared to 287.3 same I peridodo 2012.
EBITDA for 2013 was €206.1mm, a decrease of 28.3% compared to €287.3mm in the same period in 2012. Q4 2013 EBITDA was €33.8mm. Excluding the effect of non-recurring items, EBITDA in Q4 2013 would have been €56.7mm, above the range of our EBITDA guidance of €52-55mm. These non-recurring items are mainly related to the process of financial restructuring costs and personnel restructuring cost.
This EBITDA decrease is due to the implementation of the smoking ban in Argentina, to the constant devaluation of the Argentine peso against the euro, to higher taxes in Italy and Argentina; and, to a lesser extent, to the temporary closure of gaming halls in Mexico. This decrease was partially offset by the ongoing restructuring process and the growth of the Sports Betting Business in Spain. At constant exchange rates, the 2013 EBITDA would have been €234.1mm, representing a decrease of 19.6% over the comparable period in 2012.
INVESTOR CONFERENCE CALL:
CODERE will hold a conference call on Friday, February 28th, 2014 at 4:00pm CET (3:00pm London time; 10:00am New York time).
To register: Participants can pre-register for the call on this link. On completion, the participants will be given a telephone number to call, an identification number for the conference and a PIN as their identification.
CODERE will upload the audio record of the conference call on its website (under the Investor Relations section) approximately three hours after the end of the call.
For further information please contact: