Madrid, August 31, 2023.- Codere, a leading multinational in the entertainment and gaming sector in Europe and Latin America, today announced its results for the second quarter of 2023.
During this period, the company increased its operating income, reaching 335 million euros, which represents an increase of 5% in relation to the same period of the previous year.
The group's adjusted EBITDA in this second quarter of 2023 stood at 51 million euros, 1.7% lower than the previous year, mainly as a result of the imposition of certain restrictions in some of the group's rooms in Argentina and Mexico. The adjusted EBITDA margin stands at 15.3% in this period, one percentage point less than in 2022.
The company has recorded a net loss of 164 million euros as a result of an accounting impairment, amounting to 188 million euros, which had to be recorded as a result of the restrictions in Argentina and Mexico already mentioned. This deterioration has no impact on the company's liquidity situation and is a mere accounting adjustment to recognize said situation in the financial statements at the end of the first half of the year.
Despite the adverse circumstances that the group has had to face in this second quarter of the year, the EBITDA obtained and the good management of working capital have allowed it to generate a positive operating cash flow amounting to 21 million euros during the period. quarter, compared to the 6 million euros obtained in the same period of the previous year, with cash destruction in this period being 38% lower than in 2022.
As of June 30, 2023, the group's cash position amounted to 110 million euros, of which 65 million correspond to the retail business and 45 million to Codere Online.
Codere is a gaming operator, a benchmark at an international level, with a presence in seven countries in Europe – Spain and Italy – and Latin America – Argentina, Mexico, Panama, Colombia and Uruguay -, which operates gaming machines, bingo stands and terminals. sports betting in an omnichannel manner, both through the online channel and through points of sale that include game rooms, arcades, bars, betting rooms and racetracks. www.grupocodere.com
Code with responsible gaming
Codere is firmly committed to the development of a gaming offer with all the guarantees for the user, and to this end it carries out its activity by implementing the best responsible gaming practices, promoting transparency and promoting public policies that favor user guarantees, ensuring the protection of vulnerable groups and ensure the sustainability of the industry.