Codere collection grew a 20% in 2007
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Extraordinary provisions made in 2007 reached 42.2 million euros due to the need to assume charges connected to operations in Italy and Colombia.
Extraordinary provisions made in 2007 reached 42.2 million euros due to the need to assume charges connected to operations in Italy and Colombia and also due to the strong appreciation of the euro compared to local currencies in which the group operates in its venues of Argentina and Mexico.
If the amount of 42.42 million euros had not been applied, the group points it would have had an Earnings Before Interest, Taxes, Depreciation and Amortization (ebitda) of 219 million euros and a net benefit of 32.23 million last year, which would have meant a 263 per cent more than in 2006.
Collection of the private group during 2007, year in which it started quoting in the stock market, was of 915.3 million euros, a 20 per cent more than in 2006, and ebitda of 196.7 million, 12 per cent more.
President and delegate councellor of Codere, José Antonio Martínez, acknowledged to the press that the direct activity of the firm in Italy “has not been successful”, so it announced it will be sold “in a month”.
In Spain, the collection in the area of recreational machines grew a 11.5 per cent, reaching 204.2 million euros, which reflects the increase in the number of machines installed, up to 15,431 in 2007, and the improvement in a 3% of the daily collection per machine.
The operation of recreational machines in Spain represents the 22.3 per cent of Codere group collection in 2007 and the 37% of the ebitda on the same year. It also remarks the activity of bingo Canoe, in which an important refurbishment was made in 2007, which will also incorporate sportsbooks.