{"id":283,"date":"2024-06-29T00:40:56","date_gmt":"2024-06-28T21:40:56","guid":{"rendered":"https:\/\/uptownacesnodepositbonuscodes.icu\/2024\/06\/29\/codere-cuts-profit-forecast-by-e20-million-due-to-discrepancies-in-latin-american-divisions\/"},"modified":"2024-06-29T00:40:56","modified_gmt":"2024-06-28T21:40:56","slug":"codere-cuts-profit-forecast-by-e20-million-due-to-discrepancies-in-latin-american-divisions","status":"publish","type":"post","link":"https:\/\/uptownacesnodepositbonuscodes.icu\/2024\/06\/29\/codere-cuts-profit-forecast-by-e20-million-due-to-discrepancies-in-latin-american-divisions\/","title":{"rendered":"Codere Cuts Profit Forecast by \u20ac20 Million Due to Discrepancies in Latin American Divisions"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/6LDon9HhRWo\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Codere is examining some discrepancies in the financial statements of a handful of their Latin American divisions for the initial six months of the year. They&#8217;re cautioning that this could reduce their overall profits for the year by as much as \u20ac20 million.<\/p>\n<p>Preliminary investigations indicate that these unidentified divisions may have overstated their performance by an amount ranging from \u20ac13 million to \u20ac18 million. This will ultimately impact their full-year earnings before factors such as interest, taxes, and depreciation.<\/p>\n<p>However, Codere asserts that they haven&#8217;t discovered any issues with their cash flow, and they haven&#8217;t uncovered any evidence of funds being improperly withdrawn.<\/p>\n<p>The company stated, &#8220;This is an isolated incident and only affects the figures for these specific markets this year.&#8221;<\/p>\n<p>They&#8217;re going to engage an independent and reputable external expert to examine the situation. Codere mentioned that the findings &#8220;will be disseminated through the appropriate channels.&#8221; <\/p>\n<p>During the initial nine months of the initial six months of 2019, Codere&#8217;s net loss diminished by 78%, despite political instability in Argentina (Codere&#8217;s largest market in 2018) leading to a 36.4% reduction in EBITDA in the nation.<\/p>\n<p>The organization&#8217;s total EBITDA was \u20ac165 million, of which \u20ac114.6 million originated from Latin America. Of the company&#8217;s Latin American EBITDA, \u20ac34.1 million came from Argentina, \u20ac61.6 million from Mexico, \u20ac5.8 million from Panama, \u20ac10 million from Uruguay, and \u20ac3.1 million from Colombia.<\/p>\n<p>The business had previously predicted full-year EBITDA to be between \u20ac280 million and \u20ac290 million, signifying the new forecast figure will be between \u20ac260 million and \u20ac270 million.<\/p>\n<p>In other news, Codere also declared the departure of director Alberto Mansanares Secades.<\/p>\n<p>The company&#8217;s announcement of his departure cited a portion of Mansanares&#8217; resignation letter, in which he stated that he was resigning for &#8220;purely personal reasons, primarily due to the difficulty of coordinating the time commitment required for his position as a proprietary director of Codere with his other professional responsibilities.&#8221;<\/p>\n<p>Mansanares also served as a senior partner at the law firm Ashurst, an advisor in the corporate and finance area of the law firm Ontier, and a law professor at the University of Madrid and the IE Law School in Madrid.<\/p>\n<p>Sign up for iGaming news. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Codere is examining some discrepancies in the financial statements of a handful of their Latin&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - 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