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Two of the most important companies in the Spanish gaming sector, CIRSA and CODERE hope to finish the 2009 financial year with positive results. As at 30th September Cirsa had achieved an income of €1,220 million, with an operating profit (EBITDA) of €157 million, a 5% increase on the same period of 2008, which means that in the third quarter it invoiced 405 million euros, with an operating profit of 55 million, a 3% increase in comparison with the same quarter of the previous year.
The most outstanding aspects that have allowed it to achieve this result are the introduction by the B2B Division of more than 5,000 new machines in the Autonomous Madrid Region, in direct consequence of the new regulations, that also incorporate video games in the amusement machines in hotels and bars. The optimisation of the machines in Italy which number more than 7,400 units, has provided an increase of 24% in the amount invoiced for the quarter and the positive evolution of the Group’s Latin American markets, resulting mainly, from extensions, structural improvements and a greater gaming offer.
For its part the Spanish gaming group Codere will close 2009 with a positive net profit, according to David Elizaga, financial Director of the Codere Group, which up to September had realised a net profit of 3.1 million euros. “I can advance that 2010 is going to be a year of growth”, he said, without specifying the magnitudes of the results. “We have satisfied or surpassed our expectations in each quarter, and the fourth quarter is going to be no exception”. Codere, which up to 30th September had a net financial debt of 669.1 million and a level of debt 3.1 times its EBITDA, hopes to close 2009 at a similar level. “This is a level of debt with which we are very comfortable”, said Elízaga. “To take the leverage level above 3 times the financial debt/EBITDA is not our objective”.
