resident and Delegate Council of Codere, José Antonio Martínez Sampedro, has made a balance of the activity of the company within 2007, and, it its speech to shareholders, it has commented that “last financial operation was historical for Codere, because its quote to the market has been an important milestone for the company, the first firm in the Spanish gambling sector that quotes in the stock market”.
During the meeting, Martínez Sampedro said that the performance of the group in 2007 present a consistent evolution with regards to the project of the firm. Incomes grew more than 20% and reached 915 million euros, and EBITDA reached 197 million, a rise of 12%. However, the net benefit presents losses of 9.9 million euros, mainly as a consequence of the application of provisions and non recurring charges of 42 million euros in business in Italy and Colombia, investment costs in new opportunities and the negative effect of the difference of the type of currency in Argentina and Mexico, our main markets.
Martínez Sanpedro has said that in 2007 there has been a record in investments, which have achieved 350 million euros, with Mexico as one of its main targets, because, for Codere, the regulated gambling market in Mexico represents one of the most important opportunities and, with this investment, it will generate growth and profitability in the following years.
Talking about the future, Codere President showed its confidence in the “competitive capacities of the business lines currently working, so, in the new projects to come, there will be new gaming formats with new technologies”.
Martínez Sampedro acknowledged that Codere started quoting in the market in a moment in which the economy is facing a crisis. Codere project managers have planned a more reduced investment scenario for 2008, so they could be financed, if necessary, with funds generated by the business.
Codere Shareholders' Meeting approved the agreements proposed by the Administration Council and, in particular, Annual Accounts belonging to 2007 and a program of incentives regarding the value of Codere shares for administrators, directors and councellors of the group.