cofina/media/files/c/cofina/investors/presentations/2019p… · 13 final remarks • balanced...
TRANSCRIPT
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Cofina
Institutional presentation
2019
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• 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
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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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