ANNUAL REPORT
31 December 2020
ANNUAL REPORT 2020
TABLE OF CONTENTS
(CHAPTERS INCLUDED IN THE DOCUMENT)
MANAGEMENT REPORT
CORPORATE GOVERNANCE REPORT
NON-FINANCIAL INFORMATION REPORT
CONSOLIDATED FINANCIAL STATEMENTS AND ACCOMPANYING NOTES
SEPARATE FINANCIAL STATEMENTS AND ACCOMPANYING NOTES
STATUTORY AND AUDITOR'S REPORT
REPORT AND OPINION OF THE STATUTORY AUDIT BOARD
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MANAGEMENT REPORT
31 December 2020
ANNUAL REPORT 2020
Management Report
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TABLE OF CONTENTS |
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INTRODUCTION....................................................................................................................................................... |
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MACROECONOMIC FRAMEWORK........................................................................................................................ |
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STOCK EXCHANGE EVOLUTION........................................................................................................................... |
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GROUP'S ACTIVITY................................................................................................................................................. |
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FINANCIAL REVIEW................................................................................................................................................ |
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RISK MANAGEMENT............................................................................................................................................... |
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SUBSEQUENT EVENTS.......................................................................................................................................... |
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OUTLOOK................................................................................................................................................................. |
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PROPOSAL OF THE BOARD OF DIRECTORS FOR THE APPROPRIATION OF INDIVIDUAL NET PROFIT.... |
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LEGAL MATTERS.................................................................................................................................................... |
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CLOSING REMARKS............................................................................................................................................... |
21 |
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STATEMENT UNDER THE TERMS OF ARTICLE 245(1) (C) OF THE SECURITIES CODE................................. |
23 |
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DECLARATION OF RESPONSIBILITY.................................................................................................................... |
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ANNEX I.................................................................................................................................................................... |
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ANNUAL REPORT 2020
Management Report
To the Shareholders
The Board of Directors of Cofina, SGPS, S.A., in accordance with the legal and statutory requirements, hereby submits the Annual Report 2020. In accordance with Article 508(6)(C) of the Portuguese Companies Act, the Board of Directors decided to submit a single Management Report, in compliance with all the legal requirements that will enable a complete, practical and integrated analysis of the information made available therein.
INTRODUCTION
According to INE data, the Portuguese economy will have contracted 7.6% in 2020, as a result of the serious pandemic crisis that had repercussions on a social, economic and financial level. In the media area, especially in the press segment, we continue to see declines in product sales and advertising investment.
Cofina started the year 2020 exceptionally well, both in the press segment and in the television segment.
With the beginning of the lockdown started in mid-March, Cofina saw its results seriously threatened, especially in the press segment, both in the sale of circulation and alternative marketing products, as well as in advertising revenues. In the second half, it was possible to rebalance the results, with the press segment recording an EBITDA at the level of the one obtained in the second half of 2019.
According to data provided by the Portuguese Association for Circulation and Print Control (APCT) for 2020, "Correio da Manhã" continues to be the best-selling daily newspaper in Portugal, with an average daily paid circulation of around 58 thousand copies. In the newsmagazines, the magazine "Sábado" managed to be the magazine with the most circulation on paper throughout the year. According to the data provided by this certifying entity, "Sábado" was able to stop the erosion registered in the paid printed circulation, being the market leader, with 31 thousand copies sold per edition. Despite the widespread breakdowns in the paid circulation of its segment, "Correio da Manhã" has been maintaining its leadership year after year and "Sábado" magazine has been able to confirm its market share and remain extremely competitive.
In the television segment, CMTV consolidated and increased its leadership in cable television. CMTV's total revenues amounted to approximately 8.5 million Euro, which corresponds to an increase of 11.3%. EBITDA of the TV segment was around 3 million Euro, corresponding to a 25.8% increase when compared to the same period of the previous year. In 2020, CMTV recorded an average daily share of 4.22%, being the fourth most watched channel in Portugal.
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Cofina SGPS SA published this content on 30 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2021 20:01:18 UTC.