Codere, a multinational in the entertainment and gaming sector in Europe and Latin America, announced its results for the second quarter of 2023.
In this period, the company increased its operating results, reaching 335 million euros, which represents an increase of 5% compared to the same period of the previous year.
The group’s adjusted EBITDA for the second quarter of 2023 was around 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 locations in Argentina and Mexico.
The adjusted EBITDA margin stands at 15.3% in this period, one percentage point less than in 2022.
The company registered a net loss of 164 million euros as a result of an accounting impairment, in the amount of 188 million euros, which had to be recorded as a result of the aforementioned restrictions in Argentina and Mexico.
However, this issue has no impact on the company’s liquidity situation and constitutes an accounting adjustment to recognize the situation in the financial statements at the end of the first semester.
Despite the adverse circumstances that the group had to face in this second quarter of the year, the EBITDA obtained and the good management of the working capital allowed it to generate a positive operating cash flow in the amount of 21 million euros during the quarter, compared to the 6 million euros obtained in the same period of the previous year, with cash destruction in this period 38% lower than in 2022.
As at 30 June 2023, the group’s cash position reached 110 million euros, of which 65 million correspond to the retail business and 45 million to Codere Online.
Evaluation of Codere’s quarterly results
Codere Online management held a conference to discuss the results and provide a business update this Thursday 31st. Details of the presentation will be accessible on the company’s official website.
