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Cofina

Institutional presentation

2019

1

• Public company, listed in Euronext Lisboa

• Market leader in newsprint in Portugal

– 5 daily newspapers & 3 magazines

• Strong financial performance

– Turnover around 90 M€

– Over 5 million readers (Portugal)

• Successful cable TV news-channel

– CMTV, launched in 2013, is currently the 4th largest channel in Portugal

• On-line gambling platform (40% stake)

Cofina: corporate overview

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Major milestones

• Incorporated in 1995

• Core business in media since 2005

• Media milestones

– 1995: incorporated with a share capital of 5 M€

– 1999: Acquisition of Investec (media holding)

– 2000: Acquisition of daily newspaper “Correio da Manhã”

– 2002: Acquisition of weekly TV magazine “TV Guia”

– 2004: Launching of weekly newsmagazine “Sábado”

– 2006: Acquisition of free daily newspaper “Destak”

– 2009: Acquisition of the Portuguese edition of the free daily

newspaper “Metro”

– 2013: Launching of CMTV (cable TV news-chanel)

– 2017: Launching of on-line gambling platform

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Cofina: newspapers

“Correio da Manhã”

Generalist newspaper mkt leader

Around 74K newspapers sold/day

“Record”

Leading sports newspaper

Around 25K newspapers sold/day

“Jornalde Negócios”

#2 business newspaper

Around 1,5K newspapers sold/day

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Cofina: magazines

Weekly magazines

Monthly magazine

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Cofina: TV

Correio da Manhã TV: Cable channel

Main financial indicators

Total revenuesMillion Euros

EBITDAMillion Euros

EBITMillion Euros

Net profitMillion Euros

89,7 89,3

2017 2018

10,9

14,1

2017 2018

5,1

6,7

2017 2018

9,3

12,8

2017 2018

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Correio da Manhã vs daily generalist newspapers source APCT

Market share

Main asset: “Correio da Manhã”Paid

ccircula

tion

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• “Record”

– Mkt leader

– A domestic reference

• “Destak” & “Metro”

– Free daily newspapers

• “Jornal de Negócios”

– Reference newspaper on the

business segment

– Strong online presence

www.negocios.pt

Other newspapers

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Strong online presence

• Second largest Portuguese online group (after PT)

• Largest online media group in Portugal

• Annual online revenues around 5 M€

• Advertising accounts for 83% of all online revenues

• Online ad weighted for 12% of all ad revenues

• 10.9 million of monthly unique users

• Strong growth expected from on-line gambling platform

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Cofina: TV

CMTV: a strong success story

The leading cable channel

Evolution of average audience source CAEM/GFK

0,00

0,50

1,00

1,50

2,00

2,50

3,00

3,50

4,00

4,50

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Growth strategy

Organic Non organic

• Increase profitability

– Strong focus on editorial quality and independence

– Strong focus on cost control

• newspapers: reinforce leadership

– Increase online revenues

– Increase profitability

• Magazines: focus on efficiency

– Evaluate profitability

– Reduce cost base

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Growth strategy

Organic Non organic

• M&A

– Evaluate growth options

• Online

– New websites, targeting new audiences

– Online gambling

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Final remarks

• Balanced portfolio

– Newspapers market leaders: “Correio da Manhã” & “Record”

– Largest online Portuguese media group

• Systematic outperformer in a difficult industry environment

– Low and flexible cost base

– Leadership in main media segments in Portugal

– Successful launching of TV channel: CMTV leadership

• Management with strong track record

– Focus on return on investments

– Successful turnarounds

– Successful integration of acquired titles

Cofina: an efficient player

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