Rome, 26 Aug. (AdnKronos)-The Codere Group recorded revenues in the first half of 2016 734.3 million, 8.9% less than in the same period of 2015, as a result of lower revenues in Argentina and Mexico, due to the devaluation of the Argentine peso (63%) and Mexican (19%) against the euro. This reduction was partially offset by the increase in revenues recorded in Italy (27.4 million) and Spain (9.1 million). The group reported a net loss of 1,137.3 million. This was announced the Spanish company which operates in the private sector.
These results are the first after finalization of the restructuring of its balance sheet from last April 29. The renovation was carried out by exchanging 1,284 million euro debt with 458 million of new bonds and the 97.78% of shareholders of the company by issuing approximately 2,475 million new shares. These actions have assumed an increase in capital in budget amounting to 1,880 million euros to be booked, as well as required by accounting rules, the listing price of the stock on the day of the recapitalisation (0.76 euros) regardless of the actual value of the company.
This effect has led the company to record an accounting loss of 1,054 million, which adjust asset increase the face value of the debt incurred, namely 826 million. In addition, as a result of this process of refinancing the company has obtained additional funds in the form of bond to 386 million in order to refinance existing debt worth 130 million, cover the costs of restructuring and investing in the growth of the business.
In the period under consideration, the normalized EBIT reached â¬ 123 million, 11.1% compared to the same period last year, as a result of the negative impact of foreign exchange rates, partially offset by growth in Spain (4.9 million) and Italy (1.5 million). The company recorded an Ebitda margin of 16.8% in the first half, normalized 0.4 percentage points below the same period in 2015. The operating margin recorded a loss of 7.8 million.
Registered investments in reporting period totaled $ 47.1 million, including 41.7 million earmarked for the maintenance and 5.4 million for growth. At 30 June 2016 the company registers a crate of 321 million. Operationally, the company consolidates the good operating trend begun at the end of 2014. We highlight in this case Spain and Italy who viewed increase their normalized Ebitda 37% and 35% respectively compared to the same period last year.
The fleet grew in the first half year 2016 of 4.2% over the previous year, reaching 55,257 machines, reflecting the growth of Mexico, Argentina and Italy, despite the streamlining of the Park in Spain ( -3.8%). Also the number of game rooms (145) and betting (150) increased 2.8% and 11%, respectively, compared to the same period in 2015.
In terms of international activities, in Argentina, the Group achieved a turnover of 256.8 million in the first half, the 21.4% compared to the previous year, due to the devaluation of the Argentine peso of 63% against the euro. Normalized Ebitda of semester reached 61.6 million euros, 11.9% less compared to the same period in 2015. Accumulated Ebitda margin for the period was 24%, 2.6 percentage points above than the 2015. In Mexico, the turnover reached 162.3 million, 11.5% fewer than in 2015 for the devaluation of the peso against the euro (19%). Revenues in local currency grew by 5% due to the garcinia cambogia side effects dizziness increase in capacity of installation (4 new halls). Normalized Ebitda of semester reached 43.9 million euro compared to 49.6 million in the same period of 2015. Normalized Ebitda margin was 27%.
In Italy, revenue increased 20%, reaching 64 million euros, thanks to the constant growth of the average daily per car AWPs (+20.9%), growth of the machines installed and the improvement of the results of the Fund bingo. Normalized Ebitda therefore increases of 14.7% to 11.7 million. Ebitda margin for the period was 7.1%.
In Spain, revenues rose semiannually (12.2%) reaching ^ Ineke 83.9 million, an improvement in all areas of business. Average collection of machines AWP has improved by 15.3% as a result of investments in the product and operational plans. Ebitda