Apresentação institucional 2014

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Apresentação institucional 2014
Cofina
Institutional presentation
2014
0
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 2013
– 24% 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
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”
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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)
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Cofina: newspapers
“Correio
da Manhã”
Generalist newspaper
mkt leader
Over 105K
newspapers sold/day
Over 1 million
readers/day
“Record”
Leading sports
newspaper
“Jornal
de Negócios”
#2 business
newspaper
“Destak”, “Metro” &
“Destak Brasil”
Free daily newspapers
Destak: 400 K readers/day
Over 40 K
Around 3 K
newspapers sold/day newspapers sold/day Metro: 450 K readers/day
Destak Brasil: 700 K
Over 800 K
Over 150 K
readers/day
readers/day
readers/day
3
Cofina: magazines
Weekly
magazines
Monthly
magazines
4
Cofina: TV
Cable channel
5
Main financial indicators
Turnover (M€)
144,0
131,3
134,6
134,1
134,6
126,7
113,3
EBITDA margin
107,7
14%
2006
2007
2008
2009
2010
2011
15%
16%
17%
16%
14%
15%
15%
2012
EBITDA (M€)
20,5
20,3
21,4
23,1
19,8
17,8
16,5
16,2
2006
2007
2008
2009
2010
2011
2012
2006
2007
2008
2009
2010
2011
2012
6
Newspapers: evolution
•
Market share (daily newspapers) around 50%
•
Main indicators
2008
Total turnover
Circulation
Advertising
Add on
Operating costs
EBITDA
EBITDA margin
102.9
44.3
44.8
13.7
84.7
18.2
17.6%
2012
2013
Chg %
12/11
98.5 101.5
96.7
87.9
46.1
48.3
48.9
46.0
40.1
41.0
38.2
30.9
12.3
12.2
9.6
11.0
78.0
78.9
77.0
71.5
20.5
22.6
19.7
16.4
20.8% 22.3% 20.4% 18.7%
84.1
44.0
28.1
12.1
67.8
16.3
19.4%
-4%
-4%
-9%
+10%
-5%
-1%
+0.7 pp
2009
2010
2011
•
Strong focus on operating efficiency and cost control
•
“Correio da Manhã” & “Record” both are market leaders
on their segments
7
Main asset: “Correio da Manhã”
Paid circulation: evolution per year
Correio da Manhã vs peers (generalist daily newspapers) source: APCT
130.000
120.000
“Correio da Manhã”
110.000
“Jornal de Notícias”
“Diário de Notícias”
100.000
Daily paid circulation
90.000
“Público”
“24 Horas” (closed in 2010)
80.000
2000
Correio da Manhã
acquired by Cofina
70.000
60.000
50.000
40.000
30.000
20.000
10.000
0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Leadership since 2003
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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
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
www.negocios.pt
10
Magazines: evolution
•
Portfolio managed targeting profitability
•
Economical pro-cyclical market niche
•
Main indicators
Total turnover
Circulation
Advertising
Add on
Operating costs
EBITDA
EBITDA margin
•
2008
2009
2010
2011
2012
2013
41.1
17.5
15.4
8.3
39.0
2.2
5.3%
35.5
17.7
12.6
5.2
34.7
0.9
2.5%
34.8
16.7
13.9
4.2
34.3
0.5
1.4%
30.0
15.8
11.6
2.6
30.0
0.0
0.1%
25.4
14.1
8.6
2.7
25.3
0.1
0.4%
21.6
12.6
6.8
2.2
21.7
-0.1
-0.5%
Chg %
12/11
-15%
-11%
-22%
-20%
-14%
“Sábado” weekly newsmagazine is the major asset
11
Growth strategy
Organic
•
Increase profitability
–
–
–
•
Non organic
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
Growth strategy
Organic
•
Domestic market
–
•
Non organic
Evaluate other media options
International market
–
Export successful business models
–
Brazil through free daily newspapers (“Destak”)
–
Evaluate other media options in growing markets
13
Final remarks
Cofina: an efficient player
•
•
•
Balanced portfolio
–
Newspapers market leaders: “Correio da Manhã” & “Record”
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Largest Portuguese media group on the internet segment
Management with strong track record
–
Focus on return on investments
–
Successful turnarounds
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Successful integration of acquired titles
Well equipped to outperform
–
Low and flexible cost base
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Leadership in main media segments in Portugal
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Successful international operations in LatAm
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