Cofina. Institutional presentation

Transcription

1 Cofina Institutional presentation

2 Cofina: corporate overview Public company, listed in Euronext Lisboa Market leader in newsprint in Portugal 5 daily newspapers & 6 magazines Strong financial performance Turnover over 108 M in % advertising mkt share in newsprint (Portugal) 29% circulation mkt share (Portugal) Over 4.9 million readers (Portugal) Market leader on the online segment in Portugal Over 150 million pageviews & over 26 million visits Annual turnover around 5 M International businesses: free daily newspapers in LatAm Destak in São Paulo, Rio de Janeiro & Brasília 1

3 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 2007: Launching of Destak in LatAm (São Paulo, Brazil) 2009: Acquisition of the Portuguese edition of the free daily newspaper Metro 2009: Launching of Destak in Rio de Janeiro (Brazil) 2010: Launching of Destak inbrasília (Brazil) 2013: Launching of CM TV (cable network) 2

4 Cofina: newspapers Correio da Manhã Generalist newspaper mkt leader Over 105K newspapers sold/day Over 1 million readers/day Record Leading sports newspaper Over 40 K newspapers sold/day Over 800 K readers/day Jornal de Negócios #2 business newspaper Around 3 K newspapers sold/day Over 150 K readers/day Destak, Metro & Destak Brasil Free daily newspapers Destak: 400 K readers/day Metro: 450 K readers/day Destak Brasil: 700 K readers/day 3

5 Cofina: magazines Weekly magazines Monthly magazines 4

6 Cofina: TV Cable channel 5

7 Main financial indicators Turnover (M ) 131,3 134,6 144,0 134,1 134,6 126,7 113,3 107,7 EBITDA margin 14% 15% 14% 16% 17% 16% 15% 15% ,8 20,5 EBITDA (M ) 21,4 23,1 20,3 19,8 16,5 16,

8 Newspapers: evolution Market share (daily newspapers) around 50% Main indicators Chg % 12/11 Total turnover % Circulation % Advertising % Add on % Operating costs % EBITDA % EBITDA margin 17.6% 20.8% 22.3% 20.4% 18.7% 19.4% +0.7 pp Strong focus on operating efficiency and cost control Correio da Manhã & Record both are market leaders on their segments 7

9 Daily paid circulation Main asset: Correio da Manhã Paid circulation: evolution per year Correio da Manhã vs peers (generalist daily newspapers) source: APCT Correio da Manhã Jornal de Notícias Diário de Notícias Público 24 Horas (closed in 2010) 2000 Correio da Manhã acquired by Cofina Leadership since

10 Main asset: Correio da Manhã Acquired by Cofina in 2000 Daily paid circulation increased front 89 K newspapers/day to current 105 K newspapers/day CAGR of 3% vs market CARG of -1,5% The sole Portuguese newspaper with a sustainable growth trend National newspaper with strongest presence on the Southern part of Portugal Popular newspaper (not populist) with high quality editorial 9

11 Other newspapers Record Mkt leader Mature market highly dependent on global sports events Fast growth online Destak & Metro Free daily newspapers Cofina with a 59% stake Destak present in São Paulo, Rio de Janeiro & Brasilia (LatAm platform) Jornal de Negócios Reference newspaper on the business segment Strong online presence 10

12 Magazines: evolution Portfolio managed targeting profitability Economical pro-cyclical market niche Main indicators Chg % 12/11 Total turnover % Circulation % Advertising % Add on % Operating costs % EBITDA EBITDA margin 5.3% 2.5% 1.4% 0.1% 0.4% -0.5% Sábado weekly newsmagazine is the major asset 11

13 Growth strategy Organic Non organic Increase profitability Strong editorial quality Strong focus on cost control A play on economic recovery through ad growth exposure newspapers: reinforce leadership Increase online revenues Increase profitability Magazines: monetize past investments Evaluate profitability Reduce cost base 12

14 Growth strategy Organic Non organic Domestic market Evaluate other media options International market Export successful business models Brazil through free daily newspapers ( Destak ) Evaluate other media options in growing markets 13

15 Final remarks Cofina: an efficient player Balanced portfolio Newspapers market leaders: Correio da Manhã & Record Largest Portuguese media group on the internet segment Management with strong track record Focus on return on investments Successful turnarounds Successful integration of acquired titles Well equipped to outperform Low and flexible cost base Leadership in main media segments in Portugal Successful international operations in LatAm 14

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