International edition
September 28, 2020

The Chairman stressed the increase in investments and the growth in revenues during 2010

Codere holds annual general meeting

(Spain).- Addressing the shareholders, Codere chairman highlighted that "We can say that 2010 was a year in which our project has regained momentum." The Shareholders approved the Finanical Statements and Management Report for the year 2010 and the performance of the Board of Directors during said year.

W

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

establishments.

 

“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

best efforts."

 

Resolutions adopted

 

 

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.

 

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