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It’s not all sunshine and rainbows for gaming guru Codere, as they unveiled their Q2 revenue growth, hitting a modest 5% boost to €334.6 million. But hey, don’t pop the confetti just yet, because it comes with a twist! The first half of the year flaunted an impressive 11.7% increase, landing at a hefty €684.6 million. 🚀💰
Latin America Keeps the Flames Alive: Latin America is where the real party’s at, contributing a whopping €182.0 million in Q2. That’s a sassy 1% rise year-on-year. Thanks to the cool vibes from Mexico, Panama, and Uruguay, they managed to overshadow the quieter moments from Argentina and Colombia. 🌴🌮🎉
Europe Joins the Ride: Europe, you’re not forgotten! The Old Continent added its charm with a 3.5% climb in Q2, stacking up €115.2 million. Spain was the life of the party with an impressive 9.2% surge, while Italy decided to play it cool, staying flat compared to the same time last year. 🌍🇪🇸🍕
Online Segment Lights Up the Scene: But wait, here comes the star of the show—the Online segment! It’s like a skyrocket, blasting off with an astonishing 37.5% leap, cashing in €37.4 million, mainly fueled by the Mexican magic. 🚀💻💥
The Plot Twist: But hold onto your seats because there’s a twist in the tale. This growth party wasn’t all smooth sailing. They were playing the expense game with higher operating expenses of €283.5 million in Q2 (that’s a 6.3% jump) and a staggering €569.1 million in H1 (11.8% more than last year). 😳💸
And then, the plot thickens! Impairment charges took the spotlight with a jaw-dropping €206.9 million in the second quarter, leading to an operating loss of €208.9 million in Q2 and €197.0 million in the first half of the year. Compare that to an operating profit of €4.6 million in H1 2022, and you’ll need a moment to catch your breath! 😱💣
Net Loss Drama: The net loss for the six-month period nearly tripled, going from €62.4 million a year ago to a whopping €187.0 million. However, there’s a silver lining: EBITDA put on its superhero cape, climbing 14.3% to €88.1 million! 💥💼🦸
CODERE Q2 & H1 2023 RESULTS SNAP: If you’re a numbers enthusiast, here’s a quick rundown for you:
| Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 |
|---|---|---|---|---|
| Operating Revenue | €334.6M | €318.7M | €684.6M | €613.0M |
| Gaming and other taxes | (€113.3M) | (€115.7M) | (€235.1M) | (€224.2M) |
| Personnel | (€72.5M) | (€63.5M) | (€142.8M) | (€120.8M) |
| Rentals | (€11.1M) | (€11.7M) | (€23.3M) | (€21.9M) |
| Cost of goods sold | (€16.1M) | (€14.1M) | (€30.9M) | (€26.0M) |
| Other | (€70.4M) | (€61.7M) | (€136.9M) | (€116.3M) |
| Total operating expenses (excl. D&A) | (€283.5M) | (€266.7M) | (€569.1M) | (€509.1M) |
| Depreciation and Amortisation | (€37.2M) | (€34.9M) | (€77.1M) | (€69.0M) |
| Variation in Provisions for Trade Transactions | (€0.2M) | (€0.1M) | (€0.7M) | (€0.4M) |
| Gains / (Losses) on Asset Disposals | (€0.6M) | (€0.2M) | (€1.5M) | (€0.5M) |
| Impairment Charges | (€206.9M) | — | (€206.9M) | — |
| Non-Recurring Items | (€15.0M) | (€14.2M) | (€26.3M) | (€29.4M) |
| Operating Profit (Pre-Inflation Accounting) | (€208.9M) | €2.6M | (€197.0M) | €4.6M |
| Inflation Adjustment on Revenue & Expenses | (€5.4M) | (€2.5M) | (€10.4M) | (€6.3M) |
| Operating Profit (Post-Inflation Accounting) | (€214.2M) | €0.1M | (€207.4M) | (€1.8M) |
| Other financial (expense)/income | (€6.2M) | (€27.9M) | (€28.1M) | (€52.2M) |
| Earnings before Corporate Income Taxes | (€220.4M) | (€27.8M) | (€235.6M) | (€54.0M) |
| Provision for Corporate Income Taxes | €16.9M | (€2.9M) | €16.0M | (€7.9M) |
| Inflation Adjustment on CIT | €32.0M | (€4.0M) | €24.9M | (€6.7M) |
| Minority Interests in Subsidiary (Income) / Loss | €7.3M | €1.6M | €7.8M | €6.2M |
| Equity in Income / (Loss) of Unconsolidated Subs | — | — | — | (€0.1M) |
| Net Income / (Loss) | (€164.2M) | (€33.2M) | (€187.0M) | (€62.4M) |
It’s a rollercoaster ride for Codere, proving that in the world of gaming, it’s not always about the wins but how you handle the curveballs! 🎢💥🎲 #CodereChallenges #GamingGrowth #PlotTwistInBusiness
