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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
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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