The Codere Group, a leading Spanish multinational in the private gaming sector that trades on the Spanish Stock Exchange, today announced its consolidated results for 2011, together with Q4 results for the same year.
Despite the challenging global economic environment, the growth initiatives in Latin America, especially Argentina and Panama, and good performance in Italy are particularly noteworthy. These gains offset the results of the Spanish market and the euro's strength against other currencies.
Sales in 2011 reached €1,374.4m, a 22 per cent increase over 2010. EBITDA reached €289.7m in 2011, representing a gain of 20.2 per cent over the previous year. With these figures, EBITDA exceeded the company's forecast of €281-284m. Nonetheless, in constant currencies the increase would have been 23.9 per cent.
The net profit figure was especially notable at €52.2m, a 78.2 per cent increase over the previous year (€29.3m) thanks to growth in the business. Capex in 2011 totalled €118.7m, of which €68.7m corresponds to maintenance and €50m to growth associated primarily with the increase in the number of terminals in Argentina, Mexico, Italy, Colombia and Uruguay, among other investments.
At the close of 2011, the Codere Group had a cash balance of €135.7m and an available credit line of €32m, which provides the company with appropriate liquidity.
