Codere SA’s 2019 Auditing Restructures Impact Revenue

Publishing its full-year 2019 operating results, Bolsa Madrid gambling group Codere SA reported net corporate losses of € 62 million, reflecting an improvement of 32 percent over the accumulated loss of € 47 million posted by the organisation during FY2018.

Codere investors had little to smile on as the competitive operator reported declines across all core operating indicators, showing a 6% decrease in group sales to € 1.38 billion (FY2018: € 1.47 billion).

The Spanish operator has attributed its ongoing declines to’ macroeconomic drifts ‘ impacting its position in the Argentine market. Codere reported a depreciation expense of € 90 million, following another ARG Peso collapse recorded during trading in 2019.

In 2019, Codere Governance affected the earnings ability of the company by sanctioning a review of the accounting systems of the group, increasing the operating costs of the business, together with higher tax rises across its core markets.

Publishing its earnings results, Codere reported a 12 percent decline in group ‘adjusted EBITDA’ to € 250 million (FY2018: € 282 million), as corporate governance claimed that the declines in Argentina and Mexico ‘ neutralised’ all growth verticals.

Codere Governance noted that the company has kept capital spending below the € 100 million level by implementing cost controls that limit expenditure in subsidiaries and eliminate’ recurring payments.’

Closing its accounts for 2019, Codere Governance announced a company with a cumulative loss of € 19 m for year trading. Net losses increased to € 62 million, however, as Codere opted to absorb the costs of company audit consolidation during fiscal trading in 2019.

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About Joe Kizlauskas

Joe is a seasoned iGaming copywriter and speaker who has been in the business since 2015. He's written more words on all elements of iGaming than he likes to remember, and he's contributed material to a number of well-known brands. Joe may be seen playing 5 a side, at the gym or playing games on his Playstation when he is not writing.