ith a wide representation of equity, the Group Codere held the Annual General Meeting on the first call at its corporate headquarters in Madrid.
The Chairman and CEO of Codere, José Antonio Martínez Sampedro, informed the
Shareholders on the company's business during 2010 and stressed that "We can say
that 2010 was a year in which our project has regained momentum".
In his address to the Shareholders, the Chairman stressed the increase in investments
during 2010, and the growth in revenues, EBITDA and net profit. Similarly, "For the first time since the company began trading on the Madrid Stock Exchange, we have
sharply outperformed the index with our stock gaining 34%, from 6.48 to 8.66, while the comparable market index, Ibex small-cap companies, gave up 18% over the same period” said the Chairman to the Shareholders.
Year-end 2010 results
The Codere Group closed 2010 with sales of over 1.126 billion and EBITDA of
241.1 million, while net profit surged 53% over the previous year to 29.3 million.
Capex in 2010 totalled 141.3 million, of which 46.5 million corresponds to maintenance and 94.8 million to growth associated primarily with the purchase of 6 casinos in Panama and the increase in the number of terminals in Argentina, Mexico and Italy, among other investments.
Argentina has continued this year to strengthen its status as our largest market, having
received the renewal of two of our most important licenses until 2021, San Martin and
Puerto. In Mexico, they have executed the arrangements with the Caliente group
following approval of the Federal Competition Commission, which has allowed them
access to the ownership of the operating licenses of 35 bingo halls and sports betting
“In Panama, we completed the acquisition of the 6 casinos of the Fiesta group, also
after the approval by relevant competition authorities. In Italy, following the
implementation of recent regulatory developments, we have acquired video lottery
licenses under the coverage of our network, as well as the first online gaming license in
the Group. We hope to begin commercial operations during 2011,” said Martínez Sampedro.
“In Spain, after acquiring the participation previously held by William Hill in our sports
betting project, we expanded its scope to the region of Navarra and hope to soon begin
to incorporate other regions that are enacting relevant legislation”, he added.
2011, a year of opportunities and threats
Martinez Sampedro advised the shareholders that "2011 will continue combining
opportunities with threats. We will have to support the implementation of a total ban on
consumption of tobacco in public facilities, combined with the regularisation of illegal
online gaming operators, which will put a lot more pressure on the viability of traditional gambling operations in Spain."
In addition, the Chairman stressed that "the strength of the Latin America economies
and the stunning regulatory developments in the Italian market should continue to
provide growth opportunities that we will try to take advantage of, as always, with our
The shareholders of Codere approved the resolutions proposed by the Board of
Directors and, in particular, the Financial Statements for the year 2010, the
Performance of the Board of Directors during said year and the appointment of William
Blaine Richardson as a member of the Board and an independent external director.