Ctt - Correios De Portugal Sa · EURONEXT:CTT
Ctt - Correios De Portugal Sa — CTT – Correios de Portugal — Investor Day (2015)
81 slides from Ctt - Correios De Portugal Sa's investor day presentation, 2015
Slide 1: Capital Markets Day 2015
fect CAPITAL MARKETS 2" 2015
Slide 2: Disclaimer
Disclaimer DISCLAIMER This document has been prepared by CTT – Correios de Portugal, S.A. (the “Company” or “CTT”) exclusively for use during the presentation of the CTT Capital Markets Day 2015. As a consequence thereof, this document may not be disclosed or published, nor used by any other person
Slide 3: Agenda
Agenda I Company overview II Three-year performance highlights III Strategic update IV Banco CTT strategic update V 2020 business ambition 3
Slide 4: Company overview
Company overview 4
Slide 5: The postal services industry is going through a significant transformation phase
Company overview The postal services industry is going through a significant transformation phase Globalisation Digitalisation Liberalisation Substitution E-Commerce Privatisation effect Much more scrutiny What can be digital… Online shopping…a new and competition will be digital paradigm and an opp
Slide 6: CTT is a dynamic postal services operator with a balanced portfolio of businesses
Company overview CTT is a dynamic postal services operator with a balanced portfolio of businesses… 72% 10% 18% 68% 28% 4% Mail & other Financial Services Express & Parcels MAIL BUSINESS SAVINGS & RETAIL PAYMENTS TRANSFERS PORTUGAL SPAIN MOZAMBIQUE SOLUTIONS INSURANCE PAYSHOP NETWORK SERVICES CREDIT
Slide 7: Leveraging on its unique networks and iconic brand
Company overview … leveraging on its unique networks and iconic brand CTT Retail & Distribution networks 1 National and international recognition (awards) “Trusted Brand and Trusted Brand for the Environment 2015” Reader’s Digest 1,706 621 2015: 14 awards (YTD) Postal Post Offices Agencies “Trusted
Slide 8: Reporting consistently strong results since the IPO
Company overview Reporting consistently strong results since the IPO, delivering on the promise… Reversing the reported revenues declining trend (since 2013) Strong recurring EBITDA 2 growth (since 2012) € million CAGR 2011-2013 % growth vs. previous year € million CAGR 2011-2013 % growth vs. Recurr
Slide 9: Proven track record of shareholder value creation
Company overview …with a proven track record of shareholder value creation Share price significantly outperforming the benchmark 1 Offering an attractive dividend yield 1 € 10€10 CTT PSI 20 5.3% € 9 €9 +64% 8 €8 € 3.9% €531m of capital 3.7% appreciation 7 €7 € + €129.75m of dividends 2.7% 6 €6 € 5 €
Slide 10: CTT presents a distinctive and attractive equity story
Company overview CTT presents a distinctive and attractive equity story Two independent Unique networks growth levers • Extensive (FS and E&P) nationwide Retail • Diversified business Network model leveraging on • High capillarity competitive skills • Backbone to all • Significant shared business ac
Slide 11: Three-year performance highlights
Three-year performance highlights 11
Slide 12: Reversing the revenues declining trend sets CTT on a sustainable growth path
Three-year performance highlights Reversing the revenues declining trend sets CTT on a sustainable growth path Volumes Reported revenues € million; CAGR % Mail volumes & Pricing (% change y.o.y.) +4.2% +4.1% +4.1% Addressed mail volumes decline slowing down as the Portuguese +0.1% +0.3% economy pr
Slide 13: Networks and headcount optimisation measures produce efficiency improvements
Three-year performance highlights Networks and headcount optimisation measures produce efficiency improvements RETAIL NETWORK (# of branches; CAGR %) 2,562 2,443 2,317 2,330 2,327 748 623 RETAIL 623 -8.7% 624 621 -0.5% Adjusting the NETWORK network based on OPTIMISATION 1,814 1,820 1,694 -3.4% 1,7
Slide 14: Transformation Programme initiatives result in Staff and ES&S costs reductions
Three-year performance highlights Transformation Programme initiatives result in Staff and ES&S costs reductions Recurring Staff and External Supplies & Services costs RENEGOTIATION OF THE IT AND COMMUNICATION € million; CAGR % SERVICES CONTRACTS COMPLETED IN 2014 Resulting in €14m annual cost sav
Slide 15: Healthcare benefits optimisation measures strengthen the Balance Sheet
Three-year performance highlights Healthcare benefits optimisation measures strengthen the Balance Sheet Evolution of the value of the post-employment benefits (Healthcare & Other) € million Net liabilities 215 210 199 303 299 New Company Agreement 277 51 35 and new Healthcare -83 36 Benefits Plan
Slide 16: Revenues stabilisation & cost optimisation drive strong EBITDA growth
Three-year performance highlights Revenues stabilisation & cost optimisation measures drive strong EBITDA growth Financial performance Revenues in € million; revenues per head in € thousand; costs & EBITDA as % of recurring revenues Revenues per head 54.2 56.9 59.2 41.6 42.3 Recurring revenues 714 7
Slide 17: Solid cash flow generation & low Capex needs result in strong dividend payment growth
Three-year performance highlights Solid cash flow generation & low Capex needs result in strong dividend payment growth Recurring EBITDA – Capex DIVIDEND DISTRIBUTION (€ million) € million; CAGR % Cash conversion 1.6x 0.8x 1.4x 1.4x 1.0x 180 rate 1 Non-recurring dividend 3.75 +10.6% 119 110 -7.5% Re
Slide 18: Updated 2015 outlook
Three-year performance highlights Updated 2015 outlook Addressed mail volumes estimated to decline in the [-3% ; -4%] range, better Revenues & than the -5% initial target volumes Growth in revenues for a second year in a row, supported by all business units and Altice’s MoU Like-for-like (excl
Slide 19: Strategic update
Strategic update 19
Slide 20: CTT has a well-defined strategy leveraging on its competitive skills and advantages
Strategic update CTT has a well-defined strategy leveraging on its competitive skills and advantages PHYSICAL & DIGITAL CONVERGENCE E-COMMERCE GROWTH CTT AS ONE-STOP-SHOP PRESERVE THE VALUE OF THE CAPTURE THE GROWTH TREND IN LAUNCH BANCO CTT TO EXPAND MAIL BUSINESS PARCELS FINANCIAL SERVICES LEVERAG
Slide 21: CTT has a well-defined strategy leveraging on its competitive skills and advantages
Strategic update CTT has a well-defined strategy leveraging on its competitive skills and advantages PHYSICAL & DIGITAL CONVERGENCE E-COMMERCE GROWTH CTT AS ONE-STOP-SHOP PRESERVE THE VALUE OF THE CAPTURE THE GROWTH TREND IN LAUNCH BANCO CTT TO EXPAND MAIL BUSINESS PARCELS FINANCIAL SERVICES I. REGU
Slide 22: I. Regulatory management – pricing and other
Strategic update | Preserve the value of the Mail business I. Regulatory management – pricing and other Mail volumes decline expected to continue CTT prices have increased, but are still lower than peers’ 2 Volumes evolution and ANACOM forecasts 1 (% change y.o.y.) Price evolution 2011 – 2015 (% cha
Slide 23: II. Develop specialised segments – Advertising Mail strategy
Strategic update | Preserve the value of the Mail business II. Develop specialised segments – Advertising Mail strategy More aggressive market approach, positioning CTT as … increasing the budget allocated to Advertising Mail an expert in Advertising Mail within the advertising in advertising invest
Slide 24: III. Physical / digital mail transition – complement the postal offer
Strategic update | Preserve the value of the Mail business III. Physical / digital mail transition – complement the postal offer CTT digital offer transition positioning COMPLEMENT POSTAL OFFER AND KEEP UP WITH INDUSTRY INNOVATIONS ▪ Combine purely digital communication MDDE ▪ Electronic daily stamp
Slide 25: IV. Efficiency programmes – initiatives for operations and network optimisation
Strategic update | Preserve the value of the Mail business IV. Efficiency programmes – initiatives for operations and network optimisation Maintaining a strong focus on efficiency in order to sustain an operation of excellence Rest (remaining) Mail Centralisation of local operational centres Retail
Slide 26: CTT has a well-defined strategy leveraging on its competitive skills and advantages
Strategic update CTT has a well-defined strategy leveraging on its competitive skills and advantages PHYSICAL & DIGITAL CONVERGENCE E-COMMERCE GROWTH CTT AS ONE-STOP-SHOP PRESERVE THE VALUE OF THE CAPTURE THE GROWTH TREND IN LAUNCH BANCO CTT TO EXPAND MAIL BUSINESS PARCELS FINANCIAL SERVICES I. OFFE
Slide 27: I. Offer upgrade – innovative solutions to the product portfolio
Strategic update | Capture the growth trend in parcels I. Offer upgrade – innovative solutions to the product portfolio New modular and upgraded offer being developed New CTT Expresso digital channel strategy Economy Standard Premium • Fragile Simplify Gather clients Total IT Reduce help • Time slot
Slide 28: II. E-commerce initiatives – promoting innovation
Strategic update | Capture the growth trend in parcels II. E-commerce initiatives – promoting innovation E-commerce defines a new paradigm for B2C / C2X offer… … to which CTT is adapting by promoting innovation Simplicity 1. Postal virtualisation solution The delivery experience as part of the - Ena
Slide 29: III. Network integration – Mail and Express & Parcels distribution networks
Strategic update | Capture the growth trend in parcels III. Network integration – Mail and Express & Parcels distribution networks Integration focus – low speed and standardised products Delivery process description - Customers’ requirements + Van route Non-van route Standard Medium Tailored require
Slide 30: IV. Monitor growth opportunities – attentive and proactive approach
Strategic update | Capture the growth trend in parcels IV. Monitor growth opportunities – attentive and proactive approach Ability to pursue new opportunities in related and synergetic activities to follow a growth strategy 1 Growth in our natural market SERVICE • Organic growth in domestic SOPHISTI
Slide 31: V. Spain: Turnaround – focus on improving the profitability of Tourline
Strategic update | Capture the growth trend in parcels V. Spain: Turnaround – focus on improving the profitability of Tourline Initiatives Key actions Short-term impact (YTD) Future levers • Reorganisation / rationalisation of the • Capture full market potential - Loss of business due to network of
Slide 32: CTT has a well-defined strategy leveraging on its competitive skills and advantages
Strategic update CTT has a well-defined strategy leveraging on its competitive skills and advantages PHYSICAL & DIGITAL CONVERGENCE E-COMMERCE GROWTH CTT AS ONE-STOP-SHOP PRESERVE THE VALUE OF THE CAPTURE THE GROWTH TREND IN LAUNCH BANCO CTT TO EXPAND MAIL BUSINESS PARCELS FINANCIAL SERVICES I. WIDE
Slide 33: I. Widen the Financial Services offer – track record
Strategic update | Launch Banco CTT to expand Financial Services I. Widen the Financial Services offer – track record Creation of the Financial Offer diversification and strategic vision Consolidation of the Financial Services offer Services offer implementation Launch of property and Creation of Fi
Slide 34: I. Widen the Financial Services offer – new initiatives
Strategic update | Launch Banco CTT to expand Financial Services I. Widen the Financial Services offer – new initiatives Successful track record in selling financial services products Partnerships Weight 1 Future objectives Savings and insurance • Maintain the well-established relation with the High
Slide 35: II. Success of Banco CTT – no-frills concept
Strategic update | Launch Banco CTT to expand Financial Services II. Success of Banco CTT – “no-frills” concept Market research – Banco CTT acceptance Banco CTT target and value proposition “Do you consider the offer interesting?” 53% Yes Young Population with less Current CTT Target professionals s
Slide 36: III. Migration of Financial Services to Banco CTT
Strategic update | Launch Banco CTT to expand Financial Services III. Migration of Financial Services to Banco CTT Migration to Banco CTT 2014 revenues 1 Provider Initial plan Revised plan Staying in FS Migrating to bank Public debt certificates SAVINGS & Life insurance Year 1 with ramp-up €29m €2m
Slide 37: CTT has a well-defined strategy leveraging on its competitive skills and advantages
Strategic update CTT has a well-defined strategy leveraging on its competitive skills and advantages PHYSICAL & DIGITAL CONVERGENCE E-COMMERCE GROWTH CTT AS ONE-STOP-SHOP PRESERVE THE VALUE OF THE CAPTURE THE GROWTH TREND IN LAUNCH THE BANCO CTT TO MAIL BUSINESS PARCELS EXPAND FINANCIAL SERVICES LEV
Slide 38: I. Optimisation initiatives – post offices segmentation and portfolio definition
Strategic update | Leverage on the scalability of our assets I. Optimisation initiatives – post offices segmentation and portfolio definition Assessment of 3rd party product portfolio to sell in the Retail Network Segmentation of post offices for future optimisation Analysis aimed at maximising valu
Slide 39: II. Distribution / Retail partnerships – increase value added services
Strategic update | Leverage on the scalability of our assets II. Distribution / Retail partnerships – increase value added services Examples of CTT partnerships Available services Citizen’s Bureau • Driving license renewal Areas • Residence permit scheduling renewal • E-government services • Registe
Slide 40: People and technology are key for the CTT growth objectives
Strategic update | Shaping our future People and technology are key for the CTT growth objectives Information Technology as a link and Focus on people development and essential element in the postal alignment of compensation with CTT´s ecosystem objectives • Development and • Redesign of CTT’s posit
Slide 41: CTT has implemented a new organisation model to approach innovation
Strategic update | Shaping our future CTT has implemented a new organisation model to approach innovation CTT UNIVERSE CTT OBSERVATORY ~ 5 YEARS • Identification of market trends and discussion of future scenarios Ongoing monitoring of universities and idea Exploratory • Definition of CTT strategic
Slide 42: Strategic development backed by solid financial position
Strategic update | Shaping our future Strategic development backed by solid financial position Breakdown of cash position € million 697 665 8 4 630 10 545 7 489 11 386 447 366 308 249 €35m €59m 275 254 229 230 242 215 210 200 207 196 2012 2013 2014 9M14 9M15 Financial debt Net FS payables Net financ
Slide 43: Anglo-Saxon corporate governance model adopted
Strategic update | Shaping our future Anglo-Saxon corporate governance model adopted CTT GOVERNANCE MODEL – STRUCTURE BOARD COMPOSITION General Meeting 5 executive directors and 6 independent non- executive directors (majority) LEAD INDEPENDENT DIRECTOR Remuneration Committee Senior Vice-Chairma
Slide 44: Applicable governance framework
Strategic update | Shaping our future Applicable governance framework EXTERNAL FRAMEWORK INTERNAL RULES & PRACTICES Legal and - Portuguese Companies Code Articles of Association regulatory framework - Portuguese Securities Code - Regulation 4/2013 of CMVM Rules of - Board of Directors Procedure - Ex
Slide 45: Governance model – main allocation of responsibilities
Strategic update | Shaping our future Governance model – main allocation of responsibilities • Approving CTT’s strategic and risk profile, objectives and policies • Establishing the strategic, business, investment and financial plans • Ensuring the effectiveness of the risk management system, intern
Slide 46: Banco CTT strategic update
Banco CTT strategic update 46
Slide 47: Banco CTT – Strategic update agenda
Agenda for today Banco CTT – Strategic update Network and distribution model Product strategy Key financials ambition Capital and investments estimates Calendar and conclusions 47
Slide 48: CTT is well positioned to launch a differentiating bank in the Portuguese market
Banco CTT – Strategic update CTT is well positioned to launch a differentiating bank in the Portuguese market There is an opportunity to launch a banking operation in the Portuguese market, with a bias towards more conservative clients of average / low income Launch of a banking operation based in C
Slide 49: Banco CTT will replicate the success factors common to postal banking players
Banco CTT – Strategic update Banco CTT will replicate the success factors common to postal banking players Many postal banks have Main value … which are also being proposition common characteristics replicated by Banco CTT along key dimensions… Customer base 1 Value proposition structured around fou
Slide 50: Banco CTT will replicate the success factors common to postal banking players
Banco CTT – Strategic update Banco CTT will replicate the success factors common to postal banking players Main value proposition Many postal banks have … which are also being Customer base common characteristics replicated by Banco CTT along key dimensions… Product strategy 2 Main target is the ret
Slide 51: Banco CTT will replicate the success factors common to postal banking players
Banco CTT – Strategic update Banco CTT will replicate the success factors common to postal banking players Main value proposition Customer base Many postal banks have Product strategy … which are also being common characteristics replicated by Banco CTT along key dimensions… Network and distribution
Slide 52: Banco CTT will replicate the success factors common to postal banking players
Banco CTT – Strategic update Banco CTT will replicate the success factors common to postal banking players Main value proposition Customer base Product strategy Many postal banks have Network and … which are also being distribution model common characteristics replicated by Banco CTT along key dimen
Slide 53: Banco CTT will replicate the success factors common to postal banking players
Banco CTT – Strategic update Banco CTT will replicate the success factors common to postal banking players Main value proposition Customer base Product strategy Network and distribution model Many postal banks have Ownership structure … which are also being common characteristics replicated by Banco
Slide 54: Banco CTT will replicate the success factors common to postal banking players
Banco CTT – Strategic update Banco CTT will replicate the success factors common to postal banking players Main value proposition Customer base Product strategy Network and distribution model Ownership structure Many postal banks have … which are also being Return common characteristics replicated b
Slide 55: Banco CTT will replicate the success factors common to postal banking players
Banco CTT – Strategic update Banco CTT will replicate the success factors common to postal banking players Main value proposition Customer base Product strategy Network and distribution model Ownership structure Return Many postal banks have … which are also being Balance Sheet structure common char
Slide 56: CTT clients and 35-54 years old segment most interested in the bank's value proposition
Banco CTT – Strategic update CTT clients and 35-54 years old segment most interested in the bank’s value proposition Participants interested in subscribing to Banco CTT’s offer “Do you consider the offer interesting?” 53% Yes “Would you be willing to subscribe to this offer in CTT?” Delta vs. averag
Slide 57: Banco CTT – Strategic update agenda
Agenda for today Banco CTT – Strategic update Network and distribution model Product strategy Key financials ambition Capital and investments estimates Calendar and conclusions 57
Slide 58: Banco CTT will leverage on the existing CTT network
Network and distribution model Banco CTT will leverage on the existing CTT network Geographical distribution of CTT’s post offices Viana do Castelo (13) Açores Vila Real Bragança Braga (16) Bragança (13) (26) (13) Porto (72) Viseu Banco CTT Aveiro (28) (38) Guarda expected to benefit Ponta Delgada (
Slide 59: Roll-out of Banco CTT will be completed in 3 years
Network and distribution model Roll-out of Banco CTT will be completed in 3 years, with a clear operational delivery model in place Operational delivery model 1 Roll-out 83 Post offices Up to 604 with Banco CTT dedicated 84 space 402 250 250 84 Post offices with Banco CTT 202 dedicated 250 counter 7
Slide 60: Banco CTT's launch will be a two-stage process
Network and distribution model Banco CTT’s launch will be a two-stage process Viana do Castelo Bragança Braga Vila Real AÇORES Above-the-line launch Porto Start of activity / Soft opening Viseu Aveiro Guarda Target ▪ Banco CTT and CTT ▪ Portuguese retail Coimbra employees market Ponta Delgada Produc
Slide 61: Banco CTT is investing significantly in training of postal employees
Network and distribution model Banco CTT is investing significantly in training of postal employees Offer, processes & Behavioural & Money laundering 1 Banking training 2 3 4 systems commercial prevention ▪ Training in banking to ▪ Provide an overview of ▪ Improve employees’ soft ▪ Improve understan
Slide 62: Banco CTT – Strategic update agenda
Agenda for today Banco CTT – Strategic update Network and distribution model Product strategy Key financials ambition Capital and investments estimates Calendar and conclusions 62
Slide 63: Portuguese market figures form the base for our planning
Product strategy Portuguese market figures form the base for our planning CAGR % Average households deposits 1 Total households loans 1 € billion € billion +2.8% -3.5% 130.6 130.6 132.2 132.8 136.9 153.3 149.8 119.0 142.5 136.0 130.9 128.1 81% mortgage 2010 2011 2012 2013 2014 2015 2010 2011 2012 20
Slide 64: A clear product strategy guides this offering
Product strategy A clear product strategy guides this offering DEPOSITS CREDIT • Appealing value proposition (simplicity, • Credit strategy: low cost of risk, gradually proximity, transparency and value for money) and increasing Balance Sheet exposure to Banco CTT’s perceived low risk and credit ris
Slide 65: Banco CTT's offer reflects simplicity and value for money
Product strategy Banco CTT’s offer reflects the company’s principles of simplicity and value for money Banco CTT’s offer Type Positioning Provider Date of availability 1 More competitive Current accounts 1H16 positioning than market average TRANSACTIONS Debit cards 1H16 ACCOUNTS & Positioning aligne
Slide 66: Banco CTT is expected to have a higher market share in accounts than in deposits
Product strategy Banco CTT is expected to have a higher market share in accounts than in deposits OVERALL MARKET 133 107 2014 € billion 24 2 12 1 Current accounts Deposits Mortgages Consumer loans (million accounts) (individuals) MARKET SHARE TARGETS ~5-6% 3 ~3-4% 3 7.5 - 10% (10-year target) ≥3 - 4
Slide 67: Client acquisition and product penetration ambition aligned with other EU postal banks
Product strategy Both client acquisition and product penetration ambition is aligned with other EU postal banks Market share by product for the local postal banking player Postal banks with more than 10 years of activity; 2014 Current accounts Deposits Mortgages (stock) Consumer loans 15% 9% 5% 3% 1
Slide 68: Banco CTT – Strategic update agenda
Agenda for today Banco CTT – Strategic update Network and distribution model Product strategy Key financials ambition Capital and investments estimates Calendar and conclusions 68
Slide 69: Sustained improvement in value creation anchored in 4 key success factors
Key financials ambition Sustained improvement in value creation over time is anchored in 4 main key success factors Banco CTT’s financials ambition Key success factors Remarks 4%2 6%2 • Long-term aspiration of 1 million Revenues 1 Number of 650-750 clients aligned with European € million accounts 37
Slide 70: Long run aspiration for Cost-to-income ratio to lean towards ~50%
Key financials ambition Long run aspiration for Cost-to-income ratio to lean towards ~50% Banco CTT’s financials ambition REVENUES € million Banco CTT’s products 1 Third-party products ~65-70 ~30-35 ~25-30 ~20-25 2018E 2020E 2018E 2020E OPERATING COSTS (before shared costs with CTT) € million Direct
Slide 71: Banco CTT – Strategic update agenda
Agenda for today Banco CTT – Strategic update Network and distribution model Product strategy Key financials ambition Capital and investments estimates Calendar and conclusions 71
Slide 72: Business plan update led to upward adjustments in capital needs until 2020
Capital and investments estimates Business plan update led to upward adjustments in capital needs until 2020 Total equity investment until 2020 € million Benchmark CET 1 1 ~150-170 3Q15 +45 / +60 Bank 1 13.2% +15 / +20 -5 / -10 100 Bank 2 10.6% See slide 36 for more details Bank 3 15.7% Bank 4 11.0%
Slide 73: Strong investment needed in the initial years to support the bank's launch
Capital and investments estimates Strong investment needed in the initial years to support the bank’s launch CTT’s projected investment in Banco CTT (2016E-2017E) € million 2016E 2017E Impacting reported EBITDA Estimated Estimated Estimated recurring non-recurring Capex costs ~€45m costs ~€20m ~€40m
Slide 74: Banco CTT – Strategic update agenda
Agenda for today Banco CTT – Strategic update Network and distribution model Product strategy Key financials ambition Capital and investments estimates Calendar and conclusions 74
Slide 75: The implementation of the project is on track
Calendar and conclusions The implementation of the project is on track Nov Feb May Sep 27 Nov Approval of Selection of Core Definition of operational Verification action Bank launch Postal Bank by Banking System model and type of post by Bank of CTT Board provider offices Portugal 2014 2015 Nov Dec
Slide 76: To summarise…
Calendar and conclusions To summarise… Banco CTT’s objectives Banco CTT long-term aspiration 1 Capture the strong market opportunity (more than 25% of the Portuguese market willing to subscribe to Banco CTT’s offer), leveraging existing CTT clients and an • Customer accounts ~1m appealing value prop
Slide 77: 2020 business ambition
2020 business ambition y Ma
Slide 78: CTT 2020 ambition – Mail
2020 business ambition CTT 2020 ambition – Mail Mail (including Retail Network offer) VOLUMES & PRICING REVENUES EBITDA MARGIN CAGR % Δ Margin (p.p.) -3% to -5% volumes declines 0% / -2% p.a. in the mid-term >0 p.p. • Dependent on the growth of the economy (domestic consumpt.) Utilisation of the pri
Slide 79: CTT 2020 ambition – Express & Parcels
2020 business ambition CTT 2020 ambition – Express & Parcels Express & Parcels Portugal VOLUMES REVENUES EBITDA MARGIN Portugal; CAGR % Portugal; Δ Margin (p.p.) Relevant B2C / e-commerce >5% volumes growth – ~30% of the revenues +2 / +4 p.p. • Double-digit growth in volumes p.a. Small B2B volumes g
Slide 80: CTT 2020 ambition – Financial Services (including Banco CTT)
2020 business ambition CTT 2020 ambition – Financial Services (including Banco CTT) Financial Services (including Banco CTT) PRODUCT OFFER REVENUES EBITDA MARGIN CAGR % % ~13-15% Some products will >50% migrate to Banco CTT to stimulate cross- 35% / 40% selling Integrated offer of Banco CTT’s produc
Slide 81: CTT Investor Relations
CTT Investor Relations Contacts: Phone: +351 210 471 857 E-mail: investors@ctt.pt 81