Cirsa recorded losses in 2006 of 8.4 million euros, which is a reduction of 75 per cent in comparison with the previous year, whereas the operating profit (EBITDA - earnings before interest, taxes, depreciation and amortization) grew by 26 per cent, reaching the sum of 143.4 million. This is taken from the information given to the group’s shareholders where it was announced that the financial year 2006 had been slightly better than that of 2005, when Cirsa’s losses amounted to Euros 34.5 million as a result of the increase in the investor rate that also coincided with a major restructuring of the business in Italy, for which there was still a charge of eight million euros in the accounts for 2006, and also on account of delays in opening some of the six casinos that the group has in Latin America and jitters in the Russian market. In 2006, the investments by the group were scaled down to Euros 66 million, with the aim of maintaining this rate during the current year. In fact the results could have been better if they had been able to include the extraordinary sum of Euros 22 million obtained from the sale on December 29 2006 of 25 per cent of a subsidiary that the group had in Andalucia, but these capital gains will appear the accounts for the 2007 financial year.

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