Codere: Restructuring done, so what about operations?

All,

Codere reported their Q3 numbers but with significant operations closed by law, the numbers are a little irrelevant. We remain negative on the name as the issues of returning to prior-year level of operations appear distant in the current environment. The focus of the call will be the existing and further restrictions, as well as expectations for the level of operations in Q4 and into FY21.

Closures:

As a reminder, Argentina is currently closed, with no timeframe to reopen but hopes are for before end of December. Italy is currently closed until December 4th. Spain is currently experiencing closures in certain regions.

Working Capital

The cash figures are flattered by Working Capital inflows from deferment of taxes and payments in various jurisdictions.

The call is at 3 pm and we will update our model post the call.

Tomás
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