Codere, S.A. reported consolidated earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported operating revenue of EUR 376.0 million as compared to EUR 409.4 million for the same period last year. Revenues dropped 8% to against second quarter of 2017 due to the significant depreciation of the Argentine peso and, to a lesser extent, the U.S. dollar, which were partially offset by revenue growth in Spain and Uruguay. Operating Profit was EUR 24.0 million as compared to EUR 28.8 million for the same period last year. Loss before Corporate Income Taxes was EUR 18.9 million as compared to earnings of EUR 11.8 million for the same period last year. Net loss was EUR 34.9 million as compared to EUR 3.1 million for the same period last year. EBITDA was EUR 53.0 million as compared to EUR 57.1 million for the same period last year. Adjusted EBITDA was EUR 65.0 million as compared to EUR 63.5 million for the same period last year. Adjusted EBITDAR was EUR 93.8 million as compared to EUR 95.5 million for the same period last year. Cash Flow from Operations was EUR 45.5 million as compared to EUR 31.0 million for the same period last year. Capital Expenditures were EUR 32.9 million as compared to EUR 23.6 million for the same period last year.

For the six months, the company reported operating revenue of EUR 759.3 million as compared to EUR 814.5 million for the same period last year. Operating Profit was EUR 51.9 million as compared to EUR 64.5 million for the same period last year. Loss before Corporate Income Taxes was EUR 3.5 million as compared to earnings of EUR 50.2 million for the same period last year. Net loss was EUR 34.1 million as compared to EUR 0.5 million for the same period last year. EBITDA was EUR 109.0 million as compared to EUR 121.0 million for the same period last year. Adjusted EBITDA was EUR 132.9 million as compared to EUR 131.5 million for the same period last year. Adjusted EBITDAR was EUR 191.0 million as compared to EUR 194.1 million for the same period last year. Cash Flow from Operations was EUR 82.4 million as compared to EUR 85.6 million for the same period last year. Capital Expenditures were EUR 57.1 million as compared to EUR 71.7 million for the same period last year.

The company expects maintenance CapEx of EUR 75 million to EUR 80 million for the year 2018.