The Gross Operating Profit (EBITDA) was 234.7 million euros in 2008, which represents an increase of 17.2% over the previous year. Despite the positive performance of the main markets, CODERE has reported a net loss of 10.6 million euros for 2008, as a result of the deterioration in the trading position of Bingos Italy, the 9.5 million loss in the discontinued operations in Italy (direct management and sports betting), the effects of the appreciation of the euro against the local currencies and the launch of the sports betting operations in Spain. As regards the latter, William Hill and Codere are continuing their discussions aimed at modifying the strategy of the joint company, (which the two companies set up in order to invest in the launch of sports betting in Spain), to reflect the fact that due to the financial crisis the players are spending less money. The discussions could result in William Hill pulling out of its Spanish venture, although the two companies are giving assurances that this possibility is not on the table right now. What it does seem to confirm though is the difficulty the CODERE company is experiencing in maintaining its value on the Stock Exchange. At the end of October, the Martínez Sampedro family (which controls 71% of the Codere capital through the instrumental company Masampe Holding) was itself forced to place its shareholding for sale in order to pay the 187 million euros it owes its former shareholders, the Franco brothers. However, the entry of a new principal shareholder seems difficult, since the new investor would have to assume responsibility for the Masampe Holding debt. Currently, the shares of the group are quoted at 6.92 euros, a far cry from (68% lower) the 22 euros quoted for them when the company began trading on the Madrid Stock Exchange in October 2007.

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