November 14, 2019 / 6:48 AM / a month ago

BRIEF-Codere Reduces H1 Operating Revenues By 10.4 Mln Euros

Nov 14 (Reuters) - Codere SA:

* SAID ON WEDNESDAY THAT THE H1 REPORTED OPERATING REVENUE IS REDUCED BY 9.2 MILLION AND 1.2 MILLION EUROS IN MEXICO AND COLOMBIA, RESPECTIVELY

* H1 REPORTED ADJUSTED EBITDA IS REDUCED BY 14.8 MILLION, 1.3 MILLION AND 0.4 MILLION EUROS IN MEXICO, COLOMBIA AND PANAMA RESPECTIVELY

* SAYS THESE FIGURES ARE WITHIN THE IMPACT RANGE OF 13 TO 18 MILLION EUROS ON ADJUSTED EBITDA FOR THE GROUP REPORTED PREVIOUSLY

* ADJUSTMENTS ARE BASED ON CONCLUSIONS OF THE WORK CONDUCTED BY EXTERNAL FIRMS UNAFFILIATED WITH CODERE, KROY ABOGADOS AND ALVAREZ & MARSAL

* SAYS INVESTIGATION CARRIED OUT HAS NOT DETECTED ANY INAPPROPRIATE CASH OUTFLOWS

* INTERNAL ANALYSIS CONFIRMS THERE ARE NO OTHER COUNTRIES OR YEARS AFFECTED BY ACCOUNTING INCONSISTENCIES

* INITIATED THE PROCESS TO TAKE DECISIONS IN DISCIPLINARY TERMS AND ORGANISATIONAL MATTERS

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Further company coverage: (Gdansk Newsroom)

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