The current period was characterized by the reinforcement of Cofina’s restructuring process. Hence,
excluding the non-recurring costs associated to this process during the quarter under analysis (450
thousand Euro), Cofina’s EBITDA in the third quarter of 2017 recorded an increase of 1.5% comparing
with the same period of the previous year, reaching approximately 3.6 million Euro.
This restructuring process consists on the optimization of the portfolio’s resources, the reorganization
of the newsroom and the investment in business areas with strong potential of growth, namely digital
and online gaming. Thus, in September, Cofina stopped editing the fashion magazine Vogue and, in
the same month, started the operation of the website Nossa Aposta (https://www.nossaaposta.pt/), an
online gaming platform, of which Cofina owns 40%.