Codere CapEx

All,

We have noticed that Codere is being pushed on the basis of maintenance CapEx being E80m, which the company has been guiding to. This does not tally with the replacement cost and useful life of the machine park.

Moreover, the company’s definition of maintenance CapEx (like Intralot) does not seem to include expenditure related to constantly required license renewal.

See line 78 of our report under “Key Risks” for more detailed math on machine maintenance only.

Tomas is your Analyst.

Wolfgang