esults reflect continued growth in Argentina, despite depreciation of the Argentine peso, offset by weakness in Spain due primarily to the macroeconomic situation, and in Mexico reflecting depreciation of the Mexican peso and the impact of the H1N1 virus.
Revenues decreased by €21.3 million, or 8.2%, to €238.9 million in second quarter 2009 from €260.2 million in second quarter 2008. Growth in the portfolio was concentrated in Mexico where the number of EBTs increased by 1,770, or 9.2%, to 21,036 in second quarter 2009 and the number of bingo halls increased by seven, resulting in 107 halls at June 30, 2009.
Free cash flow (EBITDA less reported net interest, corporate income taxes and capex) more than doubled, from €3.0 million in second quarter 2008 to €6.2 million in second quarter 2009.
Net income decreased by €7.0 million, to a loss of €7.4 million in second quarter 2009 from a loss of €0.4 million in second quarter of 2008. At June 30, 2009 Codere had €67.7 million in cash and €37.9 million undrawn under the RCF.
Capex (capital expenditures) was €13.6 million, which represents a decrease of 49.6% compared to second quarter 2008 and 20.5% compared to Q1 2009. 70.6% was maintenance.
Furthermore, Codere announced changes in the general financial direction. Currently deputy Chief Financial Officer David Elizaga will replace to Robert Gray in his responsibilities. The last one begins a career at United Business Media University, although he continues close to Codere as adviser.
After five years of intense activity, Gray has been a leader of one of the greatest periods of development and transformation of the company, which includes, among others, going public, the design of financial structure, financing expansion and consolidation of the financial team.