Codere achieves an adjusted EBITDA of 203.6 million euros in the first nine months of the year, 1.8% more than in 2017. The company increases its adjusted EBITDA despite the strong year-on-year appreciation of the euro against the Argentine peso, to the dollar and other Latin American currencies, thanks to the operational improvements adopted by the new management team.
This adverse effect of exchange rates has produced a fall in turnover during the first nine months of the year of 8.2%. At a constant exchange rate, the Group's revenues grew by 10.4% compared to the same period in 2017.
The European market of Codere reflects an increase in its turnover of 8.8%, to 408.4 million euros, due, mainly, to the growth of the company in sports betting in the online channel and retail in Spain.
The accumulated net result to September reflects a loss of 55 million euros, affected by the devaluation of the Argentine peso and hyperinflationary accounting in that market. Excluding these effects and non-recurring results, the net result would be positive at 22 million euros.
In the third quarter the net loss was 21 million euros, which excluding 24 million losses by exchange rate and inflation adjustments in Argentina, would have resulted in a net profit of 3 million euros.
Source: GMB
