Codere crushed by Argentine Peso collapse losses

first_img Related Articles Bolsa Madrid-listed gambling operator Grupo Codere SA cannot escape the Argentine Peso collapse as the company records continued declines across its 2018 corporate metrics and KPIs.The reality of 100% Argentine Peso decline against the Euro, has seen Codere undertake a number of adjustments within its biggest operating market.Publishing its Q3 2018 trading update, Codere reports a group net revenue decline of 14% to €285 million (Q3 2017: €333m) as the Spanish gambling group books period net losses of €21 million.For its year-to-date performance, Codere governance reveals that the company has been impacted by Peso-to-Euro exchange losses of circa €32.8 million.Stark Argentine business conditions, see Codere fail to reach the net revenue €1 billion mark for its YTD performance, as the company records accumulated YTD 2018 losses of €55 million (YTD 2017: €8.3m).Dealing with its Argentine market realities, Codere governance has moved to adjust its corporate auditing structure, seeking to separate its Argentina inflation impacts from its core business reporting.A rare highlight in its trading update, Codere details continued growth across its home Spanish market operations, with the division reporting an adjusted EBITDA of €8 million gained of €56 million (Q3 2017: €47m)Closing its Q3 2018 accounts, Codere governance maintains a current corporate net-debt of €876 million. Submit Share Andrea Vota – Jdigital’s challenge of Spanish restrictions is led by logic and rationale August 13, 2020 StumbleUpon Martin Lycka – Regulatory high temperatures cancel industry’s ‘silly season’ August 11, 2020 Share Winamax maintains Granada CF sponsorship despite bleak Spanish outlook August 19, 2020last_img

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