Annual Report

2017

Grupo Média Capital, SGPS, S.A.

NOTE:

Free translation for information purposes only. In the event of discrepancies, the Portuguese language version prevails

INDEX

Management Report	3
Television	9
Audiovisual Production	21
Radio	26
Others	30
Social Responsibility	37
Legal Provisions	49
Corporate Governance Report	53
Consolidated Accounts
Individual Accounts

ANNEX

Statutory Audit

Report of The Audit Committee

Dear Shareholders,

The Board of Directors of the Grupo Media Capital, SGPS, S.A. in compliance with the legal and statutory precepts instituted, presents the Management Report and Statutory Consolidated Accounts for the year of 2017. Under the terms of number 6 of article 508 – C of the Portuguese Companies Code, the Board of Directors has decided to present a sole Management Report, in which all the required legal precepts are fulfilled.

On this date, the Board of Directors also presented, separately from the Management Report and under the terms of article 508-B of the Portuguese Companies Code, consolidated non-financial information.

SOLE MANAGEMENT REPORT OF THE BOARD OF DIRECTORS 2017 ACCOUNTS

INTRODUCTION

The company Grupo Média Capital, SGPS, S.A. ("Company" or "Society" or "MÉDIA CAPITAL" or "Grupo Media Capital" or "Group" or "GMC") has as its only investment, a 100% share of MEGLO – Media Global, SGPS, S.A. ("Meglo"). Through this investment the Company holds, indirectly, participations in the companies mentioned in note 4 of the Notes to the Consolidated Financial Statements on December 31, 2017.

The complete designations of the companies included in this report have the due correspondence in the aforementioned notes to the financial statements, which are an integral part of the Management Report and Consolidated Financial Statements of the Company.

GROUP STRUCTURE

Grupo Media Capital is currently the leading media group in Portugal in terms of EBITDA and Net Income, with a strong presence in most of the segments in the media sector and in the production of audiovisual contents. Its operational structure reflects this broad business scope and is horizontal, organized into five different business units and a Shared Services Unit that centralizes all the administrative functions and serves the other Group companies in areas such as payroll, accounting, financial management, treasury, purchases and information systems, including the Group's Holding and sub-holdings.

The Group's strategy is founded on basis of quality, independence and credibility, and on a commitment to develop information, culture and entertainment in Portugal, permanently guided by the interests and preferences of viewers, listeners, customers and advertisers.

In terms of financial reporting, the structure adopted by Media Capital comprises three reporting segments: Television, Audiovisual Production and Radio. The remaining companies and business units– including Digital – are grouped in a separate reportable segment called Other. The purpose of this structure is to simplify the evaluation and visibility of the different business units where the company operates, taking into account the dimension and the existing relations and synergies between the companies of each business reportable segment.

ECONOMIC ENVIRONMENT

After a 2.9% growth in the first half of 2017, the latest major indicators of the Portuguese economy indicate a slight deceleration during the second half of the year, registering a 2.5% increase in the third quarter. This deceleration, mostly due to a slowdown in public investment and to the negative contribution of external demand, was partially offset by domestic demand (due to an acceleration of private consumption). In the fourth quarter, the economic climate index calculated by the National Statistics Office had a small deterioration against the previous quarter.

In this context, Banco de Portugal expects a 2.6% increase in GDP indicator (vs 1.5% in 2016), mainly lead by public investment and net exports. In 2017, unemployment rate reached 8.9% (vs 11.1% in 2016) whilst the inflation rate increased 1pp to 1.6%.

Advertising market performance

Following the recovery that begun in the last third of 2013, the Portuguese agencies advertising market (before rebates discounts) registered a 3% increase in 2017 (10% in 2014, 3% in 2015 and 5% in 2016).

Regarding the segments in which the Group is present, the Television segment improved by 1% (- 1% in FTA (Free-to-Air) and +10% in pay TV), while Digital (once again) significantly improved by 15% (21% in 2016) and Radio increased 5% (8% in 2016).

As for other segments, Press registered a decrease in 2017 (-19%), while Cinema decreased 8% and Outdoor recorded a 10% increase.

Taking into consideration the recent economic favourable context, advertising market is expected to experience a new (but moderated) growth in 2018, albeit the extent and impact of this tendency is still unknown.

MAIN FACTS IN 2017

In 2017, net income increased by 4% to € 19.8 million.
Consolidated EBITDA reached € 40.1 million, decreasing 3% YoY, although the cost cutting effort (-5%).
Advertising revenues were down 2% for the full year vs 2016, although there was a 3% recovery in Q4.
TVI kept the leadership in TV audience share, achieving an average of 21.0% and 24.7% in all day and prime time, respectively. The gap over the second most watched channel was 3.9pp in all day and 3.1pp in prime time. TVI's leadership in audiences was also maintained when analysing by groups of channels (TVI, TVI24, TVI Ficção and TVI Reality, in the case of TVI), with 23.8% in all day and 27.2% in prime time, i.e., respectively 3.1pp and 2.5pp above the second most watched group of channels (although TVI has a lower number of channels than its main competitor).
The Television segment registered a 2% decrease in EBITDA to € 33.0 million but showed an improvement in EBITDA margin, from 23.6% to 24.2%.
The Radio segment achieved an EBITDA of € 6.5 million, with a margin of 35.1%, and was up 21% vs last year's figure. Throughout 2017, Media Capital's radios had their best performance ever in terms of average share (36.4%, thus 1.5pp better than 2016), with the fourth audience reading (out of five) providing a new record, with a 38.6% share.
Following the closing of 2017, there were no subsequent events with material relevance, other than those in line with the normal evolution of the Group's operating activity.

BRIEF OVERVIEW OF THE CONSOLIDATED RESULTS

In 2017, operating revenues decreased 5%, reaching € 165.5 million. Opex, excluding amortization and depreciation, was down 5%, from € 132.5 million to € 125.4 million.

Consolidated EBITDA declined 3%, from € 41.5 million to € 40.1 million and EBIT stood 3% below last year's comparable figure, reaching € 32.2 million. Net income improved by 4%, reaching € 19.8 million. Net income improved by 4%, reaching € 19.8 million.

During 2017, the group recorded an investment in tangible and intangible fixed assets of € 4.0 million (vs € 6.3 million in 2016).

BRIEF OVERVIEW OF THE INDIVIDUAL RESULTS

Grupo Média Capital SGPS, S.A. accounts are mainly a reflexion of the operational activity of its participated companies, as well as the dividend received and distributed to its shareholders.

In terms of the full income statement, operational result was € 25.5 thousand (€ - 187.2 thousand in 2016), once the reduction in operational income (essentially composed by services rendered to the Group's companies), was offset by the reduction in operating expenses (€ 5,833.9 thousand in 2016 to € 5,566.6 thousand), which occurred due to lower expenses with human resources. Financial results improved € 23.9 thousand.

In turn, gains in subsidiaries, which correspond to dividends from is participated company Meglo, rose to € 18,032.1 thousand in 2017 from € 16,398.9 thousand in 2016.

It is worth mentioning that during 2017 Grupo Média Capital, SGPS, S.A. distributed dividends amounting to € 17,747.8 thousand (€ 16,057.5 thousand in 2016), which corresponded to a dividend per share of € 0.21.

Taxes had a positive impact in 2017 (above the impact registered in 2016), reaching € 436.0 thousand (vs € 269.1 thousand).

The future activity of the Company will be influenced by the operations of its direct and indirect subsidiaries, being all the legally required information already described in this Management Report for each of the operations leaded by the Group.

EXPECTED EVOLUTION IN ACTIVITY FOR 2018

Banco de Portugal expects economic improvements for the Portuguese economy in 2018, although less pronounced than in 2017. The GDP indicator is expected to grow 2.3% in 2018, 1.9% in 2019 and 1.7% in 2020.

During the course of 2018, Portugal should continue to benefit from a favourable external environment, as the cycle of economic expansion in most of the main trading partners within and outside the euro zone is expected to continue.

On the other hand, monetary policy in the main economic areas (and in particular in the euro zone) should also remain prcyclical, although an increase in key interest rates is likely to be expected.

Private consumption is expected to grow at a slower pace than GDP, after a period of recovery / implementation of expenditures that had been postponed with the outbreak of the crisis. Nonetheless, further reductions in the unemployment rate are expected, while inflation, following a strong acceleration in 2017, should remain slightly below in 2018.

However, due to the strong and abrupt decrease in the advertising market until 2013, advertising is expected to continue to grow in 2018, although the extent and consistency of this movement is unknown, as was the case in 2017. Such uncertainty is reinforced by the expectation of a deceleration of private consumption.

In this environment, and as in previous years, TVI will continue to protect the most profitable time slots and contents, maintaining as well, a tight cost control on both programming and structure. The pursuit of revenues from non-traditional advertising sources will continue to be critical aiming to achieve leadership in quality, innovation and profitability. A special attention will continued to be paid regarding non-linear offer and interactivity as a means for monetization and consumers' loyalty. Event production will also be an activity in which TVI will be engaged.

In the Audiovisual Production segment, after the effort made by concentrating the production centres, technical resources, scenarios and cost structure, the goals for 2018 include improvements in quality, production time and activity expansion to new contents, namely entertainment. The Group will maintain its commitment to be the reference producer in drama contents in Portuguese language and to expand know how in critical contents.

2017 was again a record-breaking year for the MCR radios, with a very positive performance versus the whole radio market, leading to an improvement in both revenues and profitability. The main goal in 2018 is to reinforce the several brands and content portfolio. MCR also intends to continue to invest in the creation of new business opportunities and market solutions, by reinforcing its radios' digital presence as well as their presence at the most significant events and music festivals.

In Media Capital Digital's operating segment, the Group will continue to improve its relative presence in digital when compared to other media. In this sense, and taking in consideration the growing weight of content consumption in multiple platforms, interfaces and means (linear, non-linear, mobile, simultaneous media), it is a strategic decision for the Group to be in the forefront of these developments and to capitalize its already proven ability to innovate.

It is nevertheless important to mention that the clouded context at macroeconomic level as well as the structural changes taking place in the media industry make projections more uncertain.

INTRODUCTION

The Television segment includes only TVI since the beginning of 2016. Aside from the FTA TV channel TVI, the company also owns the thematic channels TVI24, TVI Internacional, TVI Ficção, TVI África and TVI Reality.

In 2017, TVI was FTA audience leader in Portugal for the 13th consecutive year. TVI leads FTA audiences in Portugal in all day since 2005 and in prime time since 2001.

TVI's group of channels led audiences in 2017, in all day (23.8% share), prime time and in the commercial target Adults.

Along 2017, TVI's channels reached a daily average audience of 4.419 million viewers (3.099 million in prime time).

"Apanha se Puderes", "Pesadelo na Cozinha", "Ouro Verde", "A Herdeira", "Jogo Duplo" and "Jornal das 8" are some of the contents that consolidated TVI's leadership.

ACTIVITY EVOLUTION IN 2017

In what regards financial performance, operating revenues in the TV segment decreased 4% in 2017, with advertising revenues dropping 3%, affected by the market.

Other revenues, which encompass, among other, retransmission fees and multimedia services, were down 8%.

Opex was down 5% YoY. Hence, EBITDA in 2017 was € 33.0 million (-2% YoY), with a margin of 24.2%.

2017 - LEADER FOR THE THIRTEENTH CONSECUTIVE YEAR

The absolute and undisputed leadership of TVI covers the period between 10 a.m. and midnight, with a large difference to the more direct competitor both in all day (+3.9pp) and prime-time (+3.1pp).

According to GfK (audience provider), TVI registered a 21.0% share in all day and 24.7% in prime time. TVI also led in the commercial target Adults, with shares of 21.8% and 25.3% in all day and in prime time, respectively and was also leader in the main commercial target, with an audience share of 20.7% in prime time.

Regarding News, "Jornal das 8" led audiences during 322 days in 2017, with an average audience of 1.018 million viewers and 23.7% share.

The journalistic investigation program "Reporter TVI" continued to impact Portuguese viewers and reached an average audience of 1.215 million viewers and 26.9% share. "Raríssimas" and "Segredo dos Deuses" were two of the most

prominent programs, with the latter having registered an average audience of 1.410 million viewers and a 30.3% share.

Broadcasted on Sunday nights, "Pesadelo na Cozinha" was the most watched programme of the year (aside from sports programmes) and reached an average audience of over 1.500 million viewers.

The entertainment program "Apanha se Puderes" is one of the major highlights in 2017, as it conquered the important access to prime-time slot, which was historically led by a competitor.

PROGRAMMING

In 2017 TVI once again led audiences in relevant contents like local drama, entertainment and news.

Local Drama

Following the huge success of "A Única Mulher", TVI succeeded on maintaining its local drama contents (produced by Plural) on the top of the preferences of Portuguese viewers, as the four soap operas broadcasted in 2017 led on their respective timeslots.

Premiered on January, "Ouro Verde" reached 28.4% share (1.316 million viewers) and conquered the audience with a plot of mystery, love and revenge, and the beautiful landscapes of Brazil and Portugal.

Shot in Portugal and in Mexico, "A Herdeira" (with a plot that tackles important social issues) reached a share of 30% and 1.382 million viewers. This novela stars some of the most recognized actors in Portugal: Alexandra Lencastre, Rita Pereira, Kelly Bailey, Lourenço Ortigão, Pedro Barroso and Paulo Pires.

These two productions distinguished themselves from the competition, by their narratives' dynamic and by the originality of their stories.

In the end of 2017, TVI premiered "Jogo Duplo", which comfortably led audiences from start, with an average of 926 thousand viewers and a 26.2% share.

"A Impostora", one of the major productions of 2016, came to an end during 2017, also leading its time slot.

Regarding TVI's bet on other drama contents in Portuguese language, it is also worth mentioning the TV series "Inspector Max" as well as the miniseries and movie "Jacinta".

The movie "Jacinta", co-produced by TVI, was the most seen Portuguese movie in cinemas in Portugal in 2017.

Entertainment

There are two major milestones in what concerns entertainment in 2017.

Presented by Cristina Ferreira and Pedro Teixeira, the game show "Apanha se Puderes" conquered a comfortable leadership on its important time slot since its premiere.

Also "Pesadelo na Cozinha" (an adaptation of the successful reality show "Kitchen Nightmares"), led audiences since it came on air and reached an average audience of over 1.500 million viewers.

Regarding entertainment, it is also worth mentioning:

"MasterChef Celebridades" – produced for the first time in Portugal, became a huge success and registered a leading average audience of over 930 thousand viewers;

"Masterchef Junior" – TVI premiered the second season of this reality contest in 2017, maintaining the success of the first season and leading audiences on Sunday nights.

Aside from adapting large international formats, TVI also created its own successful formats, such as "Let's Dance", a dance talent show and "The Biggest Deal", a reality show with celebrities and with solidarity and entrepreneurial goals.

On Sunday afternoons, "Somos Portugal" – broadcasted live from different parts of the country – led on its time slot with 696 thousand viewers (+4% vs 2016) and a share of 22.1%.

Premiered on Saturday afternoons, the contest "Nunca Digas Nunca" registered an average audience of 581 thousand viewers and 18.5%,

"A Tua Cara não me é Estranha" returned to TVI's programming during 2017 and confirmed itself as one of its strongest brands.

TVI's contents led throughout the day. The morning show "Você na TV" continues to lead on its timeslot with a share of 26.6% and an average of 381 thousand viewers. Also on weekday's afternoons, talk show "A Tarde é Sua" obtained a leading share of 17.6% (366 thousand viewers).

News

2017 was the best year in TVI's history in what regards prime-time news programs. "Jornal das 8" led 322 days along the year, and is audience leader for the 5th consecutive year. With more than 1 million viewers daily (23.7% share), it registered a 4% growth vs 2016 and achieved 94 positions on the top 100 most viewed news programs throughout the year.

"Jornal da Uma" led audiences on its timeslot 75% of the year.

TVI's investigative journalism confirmed itself as the most influential in Portugal. Complying with its purpose to inform, report and alert, "Repórter TVI" was once again a reference in investigative journalism, reaching an average audience of 1.215 million individuals and a share of 26.9%. It is worth highlighting, at the end of 2017, "Raríssimas" and "O Segredo dos Deuses", having the latter achieved an average audience of 1.410 million viewers and 30.3% share.

Following the fires of June and October, TVI mobilized its newsroom and conducted several news programs from the affected territories, in an effort to help rehabilitate tourist activity on those regions.

The best journalistic work and the best TV hosts worked side-by-side when Pope Francisco visited Portugal, in a special TVI's broadcast.

Solidarity contents in 2017

In 2017, TVI carried out several awareness-raising and social support initiatives, whether for the victims of the fires of June and October, or for other causes. Main highlights:

Juntos por Todos (Together for All) – held in MEO Arena, this show joined the 3 generalist television channels in Portugal in support of the victims of the fires. The amount raised in ticket office was delivered to the União das Misericórdias Portuguesas;

Broadcast (together with the other two generalist channels) of the solidarity football matches of the Portuguese team. The amount raised in ticket office was intended to help the victims of the fires;

Special broadcasts of "Apanha se Puderes". The values raised reverted to Social Solidarity Institutions.

Awards in 2017

Along 2017, TVI was awarded with several prizes, such as:

Corporate excellence award for its reputational sustainability, awarded by OnStrategy; Marketeer Award, in the Media-TV category;

Television Awards – TVI and Plural won 17 of a total of 25 awards;

Meios & Publicidade – Creativity in Autopromotions Awards, TVI won 5 golden prizes, 4 silver prizes and 5 bronze prizes;

Efficacy Awards - TVI won the bronze prize in Distribution and Food Court with the youth series "Massa Fresca" and "Telepiza".

Also, Media Capital was distinguished with three Communication Awards by Meios & Publicidade, in the following categories:

Honorable Mention – attributed to MCD, for the creation of Prémios Blogs do Ano (Blog of the Year) Media Capital Digital Patrocínio L'Oréal Portugal;

Honorable Mention in Corporate Social Responsibility – attributed to TVI, for the advertising campaign TVI/APAV;

Institutional Advertising Award – attributed to TVI for its rebranding.

International Drama

During 2017, TVI maintained its bet on quality series and blockbuster cinema, broadcasting quality series, such as "Castle", "Suits", "Chicago Fire", "Hawaii Five-O" and "Modern Family". As for miniseries, TVI broadcasted "The Hollow Crown" and "American Odyssey".

Regarding movies, "The Son of God", "GI Joe", "Oblivion", "Snow White and the Huntsman" or "Transformers: Revenge of the Fallen", all registered significant shares on Saturday afternoons,

In 2017, TVI24 lead, for the second year in a row, audiences in prime-time among all news channels and was the 9th most seen channel in 2017, with an average audience of 70 thousand viewers (1.500 million contacts a day).

TVI24 has 21 programs on the top 25 of news channels' programs, along 2017. Also, "21ª Hora" consolidated its position as the main news programme in pay TV, with 9 editions in the top 20.

It is worth mentioning the special programs about illegal adoptions by IURD, one of which being the most watched content (other than sports) in news channels.

As for sports, TVI24 broadcasted, among others, La Vuelta, futsal matches, football matches, and hockey matches, all with excellent results.

TVI24 is also present in Angola, Mozambique and Cape Verde.

Programming

In the channels' grid, the programs "Prolongamento", "Governo Sombra", "Mais Bastidores", "Mais Transferências" all obtained good performances on their timeslots.

TVI24 maintained its bet on the best news services, as well as its political and economic debate programs.

Also worth mentioning, the partnerships that showed entrepreneurship and innovation in Portugal, trough programs such as "Ajuste de Contas", in which TVI24 interviewed the leaders who mobilize teams, innovate, take risks and build companies in the global market.

In the digital arena, the value proposal by TVI24 also had positive developments, by assuming itself as the country's main multimedia screen. For instance, in the Municipal Elections, the detailed results were available online and in real time on tvi24.pt and TVI24 App.

On top of having the site tvi24.pt registering record audience figures, its video contents and apps for several platforms and devices also posted unmatched record figures.

During 2017, TVI Internacional entered for the first time in a German platform, being the first Portuguese commercial channel broadcasted on that country. TVI Internacional is now available to more than 200 thousand Portuguese (and Portuguese descendant) in Germany.

The channel also reinforced its presence in Europe, entering in two new platforms in France and two platforms in Switzerland. TVI Internacional expanded to new geographies in 2017, as is now present in the French Caribbean (Martinique, Guadeloupe, Saint Martin, Saint Barthélemy and Guiana).

With a programming grid based in live contents broadcasted simultaneously with TVI and TVI24 – especially news, entertainment, reality show and talent show – and in local drama produced by Plural, TVI Internacional is now present in more than 30 cable, satellite and TDT platforms and in 21 territories. Through TVI Internacional, the best contents in Portuguese are available to million Portuguese speaking viewers around the globe.

TVI Ficção houses the best of TVI's local drama (produced by Plural). Available exclusively in MEO (paytv operator), it offers exclusive contents to MEO subscribers, such as anticipated visioning of episodes. TVI Ficção's programming grid allows viewers to view (and review) the most successful local drama contents and to get a better knowledge of those who are part of the everyday life of Portuguese viewers.

Guided tours to the backstage of TVI's productions and exclusive interviews area some of the features of "Câmara Exclusiva", one of TVI Ficção's programs. In the programming grid, it is also worth mentioning the second season of the series "Inspector Max" and the novelas "Beijo do Escorpião", "Belmonte" and "Flor do Mar".

The channel obtained in 2017 0.8% share among pay tv channels.

TVI Ficção has once again expanded its international presence. In 2017 it started broadcasting to Switzerland, entered new platforms in France and Monaco and premiered in Martinique, Guadalupe, Saint Martin, Saint Barthelemy and French Guiana. It is now currently available in 14 territories: Andorra, Angola, Cape Verde, France, French Guiana, Guadalupe, Luxembourg, Martinique, Monaco, Mozambique, Saint Martin, Saint Barthelemy, Switzerland and United Kingdom.

Premiered in October 2015 in partnership with Multichoice África Group, TVI África broadcasts for Angola and Mozambique, through the dStv platform. This is the first Portuguese generalist channel exclusively developed for other countries, which reflects TVI's bet on the African Portuguese speaking markets.

"Palopiando", a talk show with African celebrities, presented by Ana Sofia Martins and "TOP K" (the best of Kizomba), presented by Mónica Jardim, are two of the key programs in the channel's grid,

TVI África programming offers exclusive contents and the best of TVI's programming, including reality shows, local drama, large entertainment formats and news, from the audience leader in Portugal.

TVI Reality is "the house" of TVI's reality shows since October 2015. Broadcasted exclusively in the NOS platform, TVI Reality can be seen from everywhere in the world, through its app, available in Android and iOS.

In 2017, Portuguese viewers could follow the lives of the participants of "Let's Dance – Vamos Dançar", "Love on Top" and "Biggest Deal", 24hrs/day through TVI Reality.

"Love on Top", an interactive reality, was specially conceived by TVI and Endemol, exclusively for TVI.

Also interactive and produced by TVI, "Biggest Deal" was a celebrity reality where the participants had to raise money for charities.

In 2017, TVI Player became the first Portuguese OTT with an app especially developed to a cable/satellite operator: Vodafone. At the end of the year, TVI's OTT registered an increase of 200.000 registered users.

DIGITAL – Other projects

TVI has never been so present in Digital as in 2017.

TVI's contents had a special treatment in the brand's apps, TVI Player and social networks. The digital format "novela num minuto" (premiered with "Ouro Verde") is an adapted version to mobile, resuming each daily episode in one minute. Also, in the premier of "A Herdeira", a 50 minute episode was condensed in 50 seconds.

Also, the presentation of the actors and characters of "Jogo Duplo" had exclusive coverage in TVI's website, Facebook and Instagram.

Regarding reality shows, it is worth mentioning the website and interactive app of "Biggest Deal", mobile voting mechanisms and interactivity for "Love on Top", second screen app and interactivity for the original format "Let's Dance".

In the local elections, the users had access to results in real time and were able to explore in detail the data of each parish.

In 2017, TVI's apps reached 3 million downloads.

TVI's network of sites consolidated its #1 position with shares of 45.9% in visits and of 43.2% in pageviews.

OTHER REVENUE STREAMS

Among Other Revenues obtained by the channel, revenue streams were generated by:

a) Retransmission fees of TVI, TVI24, TVI Internacional, TVI Ficção, TVI África and TVI Reality on other platforms, such as cable, IPTV, satellite, TDT and mobile, in Portugal and in the rest of the world;
b) Sale of contents to distributors in Portugal and abroad, thus confirming the quality of TVI and Plural's contents;
c) Interactive and multimedia services related to TVI's contents.

Content Sales

In 2017, content sales had a positive performance, strongly supported by the success of "A Única Mulher", which was present in sixty four countries at the end of the year.

The miniseries "Jacinta", produced by Coral Europa, was sold to cinema, television and DVD, to several countries such as Italy, Chile, Hong Kong, Poland, Mexico, Panama, Czech Republic, Slovakia and USA.

As for the youth series "Morangos com Açúcar" and the novela "Ouro Verde", both were strong contributors to the growth of TVI and Plural's contents.

Interactivity

TVI maintained its bet on interactive initiatives during 2017, namely through new interactive solutions, whether included or not in its' programs.

New strategic areas were developed, supporting new models of interaction, as the launch of "Vai € Volta", an exclusive discount platform, which was well received by the public.

The results obtained are fruit of the contribution of several areas of TVI, as well as the relation with television producers, telecom operators and other partners.

INNOVATION AND TECHNOLOGY

Technology performs a key role in the value chain of modern media groups and Media Capital follows that evolution by allowing users to choose the content they want, where and when they want.

Digital age is here. It's present. And Media Capital wants to continue to project the future of this digital era.

The Group is continually investing in the development of its technological systems, assuring on one hand, a permanent system update and, on the other hand, the concretization of new innovative technology-based projects, that can improve the consumer's experience when contacting with its contents.

With optimized operations and specialized teams, the Group is in conditions to anticipate consumers' needs, thus reinventing the way contents are treated, distributed and monetized.

The permanent bet on innovative and disruptive solutions is, and will continue to be, one of the great assets of Media Capital's technology department, especially for TVI and MCD.

INTRODUCTION

Plural Entertainment maintained its position as one of the major audiovisual producers in Iberia, producing essentially drama and entertainment in Portuguese language.

Plural is the largest audiovisual production company in Portugal, with strong operations in production, facilities, services and scenarios.

Asides from the local drama contents, in 2017 Plural produced the entertainment show "Apanha se Puderes", which became audience leader on its timeslot.

In 2017, Plural was once again awarded Best Audiovisual Producer, by the Meios & Publicidade Awards.

ACTIVITY EVOLUTION IN 2017

The Audiovisual Production segment had total operating revenues of € 31.9 million, which corresponded to a 21% decrease, despite the substantial increase in activity (22%) in the last quarter of the year.

In Portugal, accumulated revenues were down 16% YoY, mostly as a result of lower content production activity.

In Spain, the activity is reduced to residual levels, with a slim and flexible structure, the necessary one to address attractive commercial opportunities.

Operating expenditures decreased 17% YoY.

Hence, EBITDA reached a negative figure of € 0.3 million, down € 1.8 million versus 2016, due to the lower activity in Portugal and Spain, although the latter was more significant on both absolute and relative terms.

PLURAL ENTERTAINMENT

In 2017, Plural Entertainment maintained its position as the major audiovisual producer in Portugal, being a reference in local drama and producing over 545 hours of contents in Portuguese.

The integration of all the production processes, along with a strong team work among all the intervenients, has been strategic and determinant to the success of Plural's products.

AUDIOVISUAL PRODUCTION

Local Drama Contents

During 2017, the recording of the novela "Ouro Verde" and the series "Elisa" came to an end. Broadcasted on TVI's prime time, "Ouro Verde" registered leading audiences throughout its emissions.

At the beginning of the year, Plural began the production of the novela "A Herdeira", recorded in Viana do Castelo (north of Portugal), Mexico and Galiza. The plot, which tackles important social issues, captivated Portuguese audiences since the beginning of its broadcast. In the third quarter of the year, "Jogo Duplo", another large production by Plural for TVI, initiated its production in Portugal and Macau.

Entertainment Contents

In 2017 Plural embraced the production of entertainment formats, in Portuguese language, with the adaptation of a large entertainment format, "Apanha se Puderes", which was an immediate success on its time slot and leads audiences since its premiere.

Advertising Contents

Advertising production was once again a strategic area for Plural. The commitment to this business segment, reinforced by the integration of this area with the soft sponsoring of TVI, allowed taking advantage of strong synergies both in the production of advertising content, as in the acquisition of new clients and the creation of new communication solutions.

Plural's versatility is visible in the variety of advertising solutions offered, ranging from music themes, to spots, content integration, institutional films, among others.

EMAV – EMPRESA DE MEIOS AUDIOVISUAIS

In 2017, EMAV kept providing technical resources for Plural's productions, and succeeded on reinforcing its presence in Portugal, namely with other brodcasters.

The company maintained important service contracts with major broadcasters such as SportTV, Coral, TVI, Telefonica, besides Plural, which allowed a more effective optimization of resources and equipments and a better use of the company's structure.

As part of the services provided to the leading audience channel in Portugal, it is worth mentioning the production of "Somos Portugal", outdoor news and the Sunday masses. Also the productions for Plural – "A Herdeira" and "Jogo Duplo" – required demanding operations regarding equipment and technology, in Portugal, Mexico and Macau.

Sports events are also a strength of EMAV's productions. In 2017 the main highlights were football matches of the Portuguese League, Portugal Rally, rugby tournaments and bull races.

In 2017 continued to assure the management and maintenance of TVI's transmission equipments, by satellite.

EPC – EMPRESA PORTUGUESA DE CENÁRIOS

EPC continued to be the main supplier of scenarios for entertainment programs and shows, drama productions and newsrooms for the three generalist Portuguese channels. It also reinforced its partnerships with relevant producers such as Shine Iberia or Endemol.

EPC also worked in the film industry through scenarios for the film "Parque Mayer".

INNOVATION AND TECHNOLOGY

Concerning graphic design work for Brand Design, Plural has made visual effects for drama contents and graphic packages for several external clients, visual effects 2d and 3D for events, products, internal productions (extension of scenarios, explosions, composition of chroma videos for breaks and vehicles) in a clear path of technological innovation and state-of-the-art digital solutions for video and audio.

In 2017, with the implementation of the new Nexis AVID editing system, which enabled the workflow of audiovisual post-production, new advertising works were developed.

Such as in previous years, Plural maintained its bet on the modernization and optimization of the production process, based on a software tool aimed to centralize the information in a more robust and accessible way. The resulting process optimization, allowed for important savings, gave the company more flexibility in responding to market's needs and lead to a greater management of cost control in real time.

Plural has won once again the award for best producer, awarded in the 2017 Meios & Publicidade Awards.

INTRODUCTION

During 2017, Rádio Comercial maintained its market leadership in the morning time slot. On the other side, M80 conquered the 3rd position as the most listened radio in Portugal, an unprecedented feat, since M80 is not a national coverage radio.

Along the year, Media Capital Rádios (MCR) brands got even closer to listeners, with the intensification of the support of social causes and the promotion of free shows around the country.

MCR was present in the most relevant events, promoting solidarity initiatives on air or through its social networks.

ACTIVITY EVOLUTION IN 2017

On financial grounds, advertising revenues improved 5% YoY, while other operating revenues dropped 5% to € 0.8 million, mostly related to events.

Operating expenditures decreased 3% YoY.

As a result, EBITDA increased 21% to € 6.5 million. The related margin reached an annual all-time high of 35.1% in 2017.

AUDIENCE

The audience data continues to underline the outstanding performance of the formats explored by MCR.

In fact, the average audience share of MCR's group of radios in 2017 was 36.4%, which corresponds to a 1.5pp improvement. In the last measurement of the year, MCR's group of radios achieved its best audience share ever, 38.6%.

Rádio Comercial improved its average share from 23.5% to 23.7%.

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In turn, M80 registered a record average share of 8.5% (vs 6.9% YoY), having obtained along the year two historical share records, of 9.7%. It is now the third most listened radio in Portugal, despite not having a national coverage network.

As for other formats, Cidade obtained an average share of 2.8% (vs 3% in 2016).

Rádio Comercial was, for the fifth consecutive year, awarded Best Radio, by Meios & Publicidade. It also won the Marketeer award in the Media-radio category and was considered the most reputable brand in media, in the Corporate Excellency Awards.

DIVERSIFIED AND INNOVATIVE PORTFOLIO

Rádio Comercial once again strengthened its positioning and captured new listeners in 2017, while sustaining its investment on humour contents and on its morning show.

Continuing its strategy of proximity to the listener Rádio Comercial was, more than ever, closer to its listeners. From Wonderland Lisboa to major music festivals, such as NOS Alive or MEO Mares Vivas, Rádio Comercial was present, broadcasting live and interacting with its audience.

Along the year, the station's team toured the country collecting the Portuguese's opinion about radio. These testimonies were heard on air and are now available on Rádio Comercial's website and Facebook.

Moving beyond its on air confines, the radio station registered relevant results on the digital arena and organizing successful events, such as the two already well known shows Christmas in the Night, which sold out both in Lisbon and Oporto.

At the end of the year, it is worth highlighting Radio Comercial's Christmas song, which generated over 1.400 million views and 40 thousand shares on social networks.

The 38th anniversary of Radio Comercial was celebrated with seven free shows all over the country. In addition, a new motto – "The Best Music, Ever" – and a new website were released.

Also, M80 kept its investment in proximity to its listeners, sponsoring various musical, artistic or sports events and organizing highly successful parties throughout the country.

Cidade reinforced its positioning as a reference station for the younger target audience with a single musical positioning of Current Hits. With more interactivity, new contents and new entertainers, Cidade once again invested strongly in promoting or organising events.

As for SmoothFM, the station gained new audience and kept its positioning, as a jazz and soul radio station, with a wide variety of playlists and renowned artists. SmoothFM also sponsored EDP Cool Jazz, an event dedicated to this type of music.

VodafoneFM also increased its on-place presence and maintained its positioning targeting the younger audience. The radio was media partner of Vodafone Mexe Fest, a music festival that occurs in several music halls in the center of Lisbon.

Online

In 2017, MCR brand's registered a monthly average of over 76 million pageviews, corresponding to an increase of 10% (69% in 2016). This performance is mainly due to Rádio Comercial which contributed with an average of over 50 million pageviews.

Average visit time in the MCR's network of sites increased 9% to 195 minutes. This is especially relevant as this number includes average listening time online. On this indicator, M80 stands out with an expressive number of 262 minutes.

Regarding apps, MCR's radios achieved a monthly average of 70 thousand users and 500 thousand visits. Rádio Comercial's app was the most visited, with 318 thousand a month, which represents a YoY increase of 11%.

All MCR's radios were very active on social networks. Rádio Comercial stands out with over 1.9 million followers on Facebook, more than 300 thousand on Instagram and over 270 thousand YouTube subscribers

INTRODUCTION

This segment includes Digital, as well as the holding and shared services.

ACTIVITY EVOLUTION IN 2017

Despite the strong competitive environment, MCD managed to continue to improve the quality and audiences of its network of sites, with positive impact on several KPI's. In fact, in 2017, pageviews increased 31% while video impressions grew 81% (with a particularly strong contribution from TVI Player).

Advertising revenues were down 11% YoY, whereas other revenues were at the same level of 2016.

The EBITDA of the segment improved from € 0.2 million in 2016 to € 0.4 million.

MEDIA CAPITAL DIGITAL (MCD)

6 million followers on social networks

9 million users

180 monthly visits

12 million downloads

5.650.000 followers
660.000 followers
480.000 seguidores

In 2017, MCD reinforced its position in the media digital arena and consolidated is position among its audience, reaching over 2.5 million monthly users and 30 million monthly visits on its network of sites (3 corporate websites and 14 brand sites).

Keeping a clear advantage against its most direct competitors, TVI's websites maintained leadership and was number four on Netaudience ranking, reaching almost 20% of the population. Media Capital's network of sites keeps its position on the top 3 of the strongest groups in the digital arena in Portugal, with over 170.000 new registered users.

Video contents were once again one of the strongest areas of MCD's offer, following the success of the launch of TVI Player and clearly anticipating the market, once video became the preferred form of communication especially among the younger audience (millennials and generation Z) and as an advertising format.

Regarding news, two realities can be highlighted: (i) growth in the generalist channels, with TVI24 in line with that, with a 14% increase in visits; (ii) a /% decrease in sports' audience. Despite that, MaisFutebol grew 11% in visits, which was mostly due to its new mobile apps.

In 2017, MCD increased its content offer, with more media partnerships and social influencers on various areas, as a result of the organization of the second edition of the awards "Blogs of the Year", which registered a significant growth in the participation of bloggers, youtubbers and instagrammers.

Another content booster during this year was the launch of SELFIE, a digital magazine that centralized all contents related to Media Capital's brands, programs and entertainers, assuming itself both as a lifestyle magazine and as a digital hub where users know first hand what happens in the group's TVs, Digital and Radios.

TVI PLAYER ON VODAFONE

On its second year, TVI Player broadened its presence to a new platform, set-top boxes, and became the first OTT of a Portuguese television channel to be distributed by a pay tv operator.

Among the special contents supplied by TV Player were live broadcasts of sports events and exclusive broadcast of music festivals.

In what concerns local drama, entertainment and reality shows, TVI Player expanded its offer, mainly in short formats. Best moments, back stages or special editions edited for mobile, are some of the examples of the special treatment and effort to adapt contents to the new and differentiated ways of digital consumption.

TVI Player's international reached is considerable, representing 35% of the app's visits.

Furthermore, in 2017, new formats of TVI Ficção and TVI reality were launched, allowing viewers all over the world to access these channels' contents through several platforms, by subscription.

Last but not least, it was also on TVI Player that Portuguese viewers could see first hand and in HD the last season of the novela "A Impostora".

The mobile app closed and year of excellent performance with almost 200 million views.

DIGITAL VIDEO, SOCIAL VIDEO

Technological infrastructure reinforcements and redesign in creative production were also relevant in 2017, especially for the entertainment, local drama, news and reality shows formats. These improvements made it possible to increase the production and reach of video contents, having MCD almost reached 200 million videos seen in 2017.

TV

Keeping a clear advantage against its most direct competitors, TVI's websites achieved in 2017 a market share of 50%, maintaining leadership for the 4th consecutive year. This is a result, among others, of faster mobile and apps downloads (mostly on TVI Player) and improvements in content distribution to other platforms, such as Instant Articles or Google Amp pages.

STRATEGIC AXES

Launch of a partnership Media Capital / The Weather Channel – Media Capital assures project management regarding website, social networks and appmobile contents, as well as the commercialization in national territory;

New digital format "Novela num Minuto" Special edition targeting mobile, where full daily episodes are condensed in one minute;
Micro content format stories, especially fitted for Instagram and Facebook, that helped make TVI the television channel with more followers on Instagram;
New internal solutions of digital video, especially useful in live simultaneous broadcasts, which allowed for a more diversified offer and greater mixing of contents among TVI / TVI24.

The fight against pirate contents continued in 2017, having MCD worked closely with specialized operators, resulting in a clear advance in what regards the combat against the abuse of redistributed content without licensing. Asides, efforts were made, side by side with other operators, to raise the awareness against piracy among the population and to increase protocols with technological companies in order to accelerate the process of identification and punishment of illegal websites.

Participation

In 2017, MCD (i) made a new bet on voting mechanisms and interactivity for the reality show Love on Top, broadcasted on TVI and TVI Reality; (ii) created second screen app and interactive solutions of the contest Let's Dance; (iii) made new partnerships with RealFevr and Playstation for a virtual football league; (iv) provided results in realtime on tvi24.pt and App TVI24 during the elections night; launched a new website and mobile app for the program Biggest Deal.

Context

Mobile-first, video adaptation for mobile and micro access, as opposed to more sporadic and time consuming access, were trends in 2017.

Also, there was an increase on consumption over set-top boxes, as a result of an augment of nonlinear consumption. Thus, Media Capital's offer was incremented, not only with the launch of TVI Player's app on Vodafone, but also with the reinforcement of new contents in the app TVI Ficção (on MEO) and app TVI Reality (on NOS).

Regarding payments, MCD was the first company in Portugal to launch an app in line with most mobile payments, allowing to vote and pay through MB, PayPal, credit card, carrier billing or premium sms, during the interaction with the programs Let's Dance and Biggest Deal.

Data

Reinforcement on this area was achieved with the consolidation of Bi Vision tool, which allows exploring data from several digital inputs – from video to infrastructure, access or contents, using the classic indicators visits and pageviews – in a more dynamic and centralized way.

MCD was also one of the media groups that integrated project "Nónio", with PMP – Plataforma de Media Privados. In 2017, two phases of this project – that was presented to Google DNI Project – were concluded. Users can now register on more than 75 websites of the six major content providers in Portugal with a single-sign-on.

Influence

The second edition of "Blogs do Ano" was an important landmark for MCD in 2017. The number of applications duplicated, new categories were created, more video content was available and "Vlog do Ano" surged. With so many new talents emerging from this competition, it became clear that this event is already a reference for this sector in Portugal.

This was also a relevant year in what regards social influencers, having IOL's network of bloggers and websites increased, and bringing new and influent contents to the Group, including the group's most familiar "faces".

Finally, MCD consolidated its network of key partnerships: Lux and New in Town.

REVENUES

Commercial offer integrating TV and digital was amplified in terms of advertising space, videos, creativity and tailor made solutions. Currently, MCD's network of sites combines campaign coverage and frequency with effectiveness, taking advantage of the strong video offering, the huge network of channels in social networks, faces with strong presence and influence and, last but not least, commercial creativity, providing each situation with tailor-made solutions. Multiscreen and secondscreen solutions were also amplified.

eCommerce remained as one the innovation and development axis, in a sector traditionally marked by a business model based exclusively on advertising. The new payment methods implemented through mobile, allowed for an increase in revenues, especially from contents with large interactivity, such as Let's Dance and Biggest Deal. Subscription of the channels TVI Reality (outside of Portugal) and TVI Ficção (in app TVI Player) and of the websites Love On Top and Secret Story 6, were also contributors to MCD's revenues in this area.

B2B

IOL Negocios was on the frontline of this area in 2017. With over 115 activity sectors represented in its client portfolio, transformation occurred by reinforcing technologic solutions and by using a strategy of differentiation, through the services provided to its clients.

Regarding this point, Media Capital stands out of its competitors by offering unique and distinctive content services, as well as market strategies for its clients to stand out in the digital arena.

IOL Negocios website was redesigned and is now more in line with the new browsing paradigm and mobile-first.

PROJECTS IN 2017

During 2017, and in addition to those already mentioned, MCD launched various initiatives, including the following highlights:

IOL – new blogs

Blog "Dicas da Bá"
Blog "La La Lander", by Iva Domingues
Blog "deve ser de mim", by Patrícia Matos
Blog "The Coolunista"
Blog "UpToKids"

Maisfutebol

"Liga Fantástica Maisfutebol", a partnership with RealFevr +

Virtual football league, with Playstation
Partnership with Sportinveste, to supply MCD videos of the Portuguese Football League
Online vote for the best Portuguese and international football teams
Launch of a daily newsletter
New presence on Instagram and Youtube
Redesign of notification services and "goal on time" on app Maisfutebol

Local Drama

Launch of "Novela num minuto", condensing 50 minutes episodes in 50 seconds
Presentation event of the actors and characters of the novela "Jogo Duplo", exclusively online, on Facebook and Instagram

Entertainment

Launch of the website and mobile app for Biggest Deal

TVI Player

Video contents of SELFIE, also available on TVI Player

Others

Christmas event Wonderland, com reinforcement of digital activation, content production and branded content for several platforms (social networks, websites and apps)

Autoportal

Launch of a new website, in responsive design and with improved features, such as content share, video and improved loading speed

IOL Negocios

Digital and television advertising campaign, to promote new services
New products and business solutions, namely eContent, video and 360 photo

PRINCIPLES AND VALUES

In 2017, Grupo Media Capital kept its strong commitment in supporting projects towards the sustained development of the community it integrates.

The Group aims to promote gender equality in all companies, whether in management bodies or other positions.

Aware of its impact on Portuguese society and benefiting from its media companies' vast audiences, Grupo Media Capital aims to contribute towards an increased awareness of the Portuguese regarding specific social causes, thus contributing not only in terms of fundraising but also in increasing the credibility and visibility of selected social projects.

PROJECTS

Grupo Media Capital has been developing, implementing and supporting different projects and initiatives within the scope of its Social Responsibility Policies:

Solidarity and social support projects
Promotion of culture, art, education and valuation of patrimony
Promotion of employee's volunteer support to social causes

Additionally to the use of advertising space with special commercial conditions, Grupo Media Capital often has a very active role in helping the solidarity and social projects, by promoting the participation of popular personalities known to the public in the events, through editorial contents on the themes or simply by using its resources to help raising funds.

Assuming its role in the promotion of Portuguese talents and arts, Media Capital uses Meeting Point an area of encounter, debate, training and cultural exhibition, directed and opened to all collaborators, partners and other entities that wish to use it as a meeting place to exhibit art works from students of the Lisbon College of Fine Arts.

Post Graduation

The fifth edition of the Post Graduation in Journalism, developed by Media Capital in partnership with ISCTE, one of the main business schools in Portugal, initiated in 2017. This course was inspired by the "Escuela de Periodismo" de El País and aims to prepare the journalists for the future and the challenges the profession faces.

The course, based on the concept of network journalism, is based on a logic of innovative teaching, which includes the creation of a permanent newsroom during the school term, classes with the participation of journalists and professionals from Grupo Media Capital together with ISCTE-IUL, seminars with experts in journalism and national and foreign opinion leaders, as well as curricular internships at Grupo Media Capital.

Coordination is assured by José Alberto Carvalho (TVI) and Gustavo Cardoso (ISCTE-IUL).

Solidarity, Projects and News

As a leading, benchmark TV station, TVI continues methodically and systematically to pay particular attention to its social responsibility policy, working for society by developing and collaborating on social/charitable projects with partners, clients and staff members, and at the same time providing information on social and humanitarian problems, to contribute to a better understanding of these situations, approaching this both through its news or entertainment programming, or advertising, as well as through various initiatives that run throughout the year.

Regarding news, TVI is maintaining its investment into in-depth and serious journalism that goes beyond fact-reporting, providing context, analysis and insights into current social problems, with work recognised in Portugal and abroad for its merit.

In this context, investigative journalism developed by journalists Ana Leal and Alexandra Borges on the theme "Raríssimas" and "IURD / illegal adoptions" respectively, are examples of how Grupo Media Capital and TVI in particular exercise their influence and their social responsibility.

During 2017, TVI joined several initiatives aimed at raising funds for the victims of the fires:

Juntos por Todos (Together for All) – held in MEO Arena, the amount raised in ticket office was delivered to the União das Misericórdias Portuguesas;

Portuguese Football League matches – the amount raised in ticket office was intended to help the victims of the fires;

Biggest Deal and Apanha se Puderes – funds raised on these two programs, were designated to PPL (crowfunding platform in Portugal) and solidarity institutions.

In addition, along the year, booth TVI and MCR contributed pro bono to the communication campaigns of several institutions: APAV, Liga Portuguesa contra o Cancro, Liga Portuguesa contra a SIDA, Cáritas, CAIS, Movimento ECO Prevenção de Incêndios, Corrida Terry Fox, Maio Mês do Coração, Banco Alimentar and Aldeias SOS.

Promotion of culture, art, education and heritage

Media Capital Group has supported some of the most important institutions and initiatives held in Portugal as a sponsor or through its subsidiary companies, above all helping with publicity among the general public.

Maintaining its strong tradition in Portuguese language, and defending national culture and values, TVI assured more than 90% of its broadcast in Portuguese.
As part of its Public Service agreement, signed in September 2003 between the Government, RTP, SIC and TVI, TVI again met its obligations in 2017, specifically in what concerns programming supported by sign language and/or audio description, and programming in Portuguese with additional subtitling.
Upon payment of the required legal view rate, TVI has contributed financially to the public policies for the promotion of cinema and audiovisual.
TVI also fulfilled its obligation to invest in national independent creative works, through the financing of the production of the series "Inspector MAX".
During 2017, TVI co-financed the film adaptation of the mini-series Jacinta and co-financed the documentary "Voices of Fado" which received financial support from the Film and Audiovisual Institute.
Also in 2017 TVI once again contributed to the promotion of Portuguese independent film production, by providing communication space for Instituto do Cinema e Audiovisual (the Audiovisual and Cinema Institute) promoting 12 cinematic works,
With productions in various regions of mainland Portugal and the islands, and tackling issues that represent social minorities, Plural continues to give a huge contribution to the promotion of culture, encouraging a greater understanding of the country and local populations.
Maintaining its strategy in targeting the Portuguese spoken markets, some of the most recent productions of Plural (broadcasted by TVI) have been recorded on those countries, creating plots that merge these cultures with the Portuguese one, with excellent results on both sides and, thus, allowing for viewers on those countries a greater knowledge of the Portuguese culture.
TVI strongly committed in the promotion of numerous traditional and significant events around the country, registering high acceptance levels by its viewers. Broadcasted live every Sunday afternoon, "Somos Portugal" gives voice to numerous regions north to south, promoting local gastronomy, music, culture, traditions, architecture, among others.
Training and educational components are also referred to in novelas and series produced by Plural and transmitted by TVI, registering good acceptance levels from its audiences and focusing on relevant, actual and useful matters to the Portuguese society.
Regarding the promotion of art and culture, Grupo Media Capital holds a special statute as a founder patron of Fundação de Serralves, maintaining an annual contribution of € 15.000 destined to the cultural promotion of the foundation. Media Capital's contribution translates into a credit in advertising services of its media organs.

Media Capital was distinguished with three Communication Awards by Meios & Publicidade, in the following categories:

Honorable Mention attributed to MCD, for the creation of Prémios Blogs do Ano (Blog of the Year) Media Capital Digital Patrocínio L'Oréal Portugal;
Honorable Mention in Corporate Social Responsibility attributed to TVI, for the advertising campaign TVI/APAV;
Institutional Advertising Award attributed to TVI for its rebranding.

VOLUNTARY INITIATIVES WITHIN THE GROUP

Every year, the Media Capital Group promotes internal blood and bone marrow donation campaigns, always with extremely positive results in terms of employee participation.

Along the year, supporting initiatives to other entities promoted and strengthened the charitable, giving spirit within Grupo Media Capital, strengthening its commitment to the community.

GOOD PRACTICES

More than limiting itself to the strict fulfilment of the existing regulation applicable to the media activities in Portugal, the Grupo Media Capital has been proactively promoting the adoption of the best international practices in the sector.

In 2016 Media Capital joined the Forum IGEN - Business Forum for Equality. The agreement was signed in December 2016 to take effect in 2017 and was renewed again to 2018. The institutional presence of the GMC in this Forum and in the respective initiatives, expresses the Group's strategic orientation towards promoting gender equality in all companies. Hence, some measures were implemented in Media Capital, of which we highlight:

Recruitment and Selection Ensuring non-discrimination of gender or race in recruitment processes;
Disclose parental leave shared by the father reconciliation of professional and personal life, promoting equal opportunities for men and women;
Implementation of the day for gender equality equal employment opportunities for men and women;
Implementation of teleworking equal professional opportunities for men and women reconciling professional and personal life;
Ensure no pay gap between men and women equal pay for gender

Within a context of social responsibility and protection of underage children and sensitive targets, TVI has maintained and improved, from an internal point of view, a common programme age rating policy, defined for the three TV free-to-air channels, facilitating in this way, for most of its viewers, the communication of the programming viewing restrictions.

During 2017, Grupo Media Capital participated in the definition of government, legislative and regulatory policies and measures that impact its sector of activity, namely through its contribution to public positions and responding to public consultations triggered by regulators and the government itself.

The respect towards the industry legislation and constant improvement of the respective accomplishment levels, as well as a good relationship attitude with the regulators have been a characteristic sign of TVI's performance in the market, fairly recognized by those authorities and, in general, by other operators in the same market.

TVI

Public Service Protocol

In September 2003, the Portuguese Government, the Public Service Broadcaster (RTP) and the two Private Televisions (SIC and TVI) signed a Public Service Protocol in order to ensure the implementation of certain public service obligations applied to the private channels, such as:

i. Advertising support to the projects from the "Instituto do Cinema e Audiovisual";
ii. Providing minimum investments in independent production;
iii. Transmitting adaptations of Portuguese literary fiction;
iv. Transmitting cultural programs targeted to minorities;
v. Using sign language and subtitles for the hearing impaired.

The three channels committed to send bimonthly reports to the participants, who will be reviewed twice a year by an independent and credible person, appointed by the government.

Programme age rating policy

Within a context of Social Responsibility and minor and sensitive targets protection, TVI initiated in October 2005 its own Age Rating Policy Programme with 5 age limits combined with parental advice. Programme rating is defined by an internal multi-disciplinary Commission, based on the objective analysis of eight different criteria.

All of TVI's programs, with the exception of news programs, are internally classified and have an onscreen indication about the recommended age groups. News programs are preceded by a warning directed at parents and other adults responsible for the education of children about the possibility of contents of a violent nature.

Based on this experience, acknowledged as positive by the main television players, this self-regulatory project was reinforced through the signature, in September 2006, of an agreement between the three generalist Portuguese TV stations (TVI, RTP and SIC) which provided a common programme age rating policy for the three channels. This policy is very similar to TVI's, and defines 4 age brackets, based on the analysis of the abovementioned 8 criteria. TVI has maintained and improved, from an internal point of view, a common programme age rating policy, defined for the three operators, facilitating in this way the perception of the programming restrictions for the majority of viewers.

Editorial Statute

This document states the mission of TVI, defining it as an independent media company, with the purpose of informing, and providing entertainment for all genres and ages, guided by the highest quality standards. It also states the deep links with Portuguese culture, notwithstanding its aim of contributing towards a mutual multicultural understanding of the world. From a humanist perspective, it strives for freedom, solidarity and peace, whilst valuing above all honesty, fairness and respect towards the viewer.

Television Law

According to the Portuguese Television Law (in compliance with EC Directives), TVI is obliged to broadcast minimum time percentages of European production, European independent production, Portuguese language and original Portuguese language programs. These obligations are now controlled by the independent Regulatory Body ERC (Entidade Reguladora da Comunicação Social). TVI has accomplished all its obligations so far, namely due to its bet on national drama and to the procurement of national independent producers.

Self-regulation

Aside from the age classification already referred to, TVI has been an active promoter of various initiatives concerning self-regulation of the television sector in Portugal, namely in what concerns commercial audiovisual communication and defence of the spectator. TVI is signatory to various instruments of this type, such as the self-regulation agreement in product placement and support to promotion and/or prizes celebrated on February 6, 2009, the agreement on emission signage and the agreement regarding IVR, dated from 2014 and altered in 2015. TVI had a relevant role in the promotion or configuration many of these initiatives.

During 2016 a self-regulatory agreement on the definition of significant commercial value was made, in order to distinguish among support to production and product placement. This agreement was ratified by ERC on September 6th, 2016 and was subscribed by 14 entities representing the majority of the television program services under the Portuguese law.

MCR

Editorial Statute

Programming is based on open, regular and participative meetings between the programme director and its staff. Journalistic independence and editorial statutes are defined in the Journalist Statute, regulated by law. Furthermore, an internal regulation defines further aspects such as incompatibility with other functions, conflicts of interest, respect, privacy and dignity towards the persons interviewed and information sources.

Radio Law

The Portuguese radio market is regulated by law, which imposes rules regarding the attribution of broadcasting frequencies and the type of content broadcasted (local content for local radios), amount of Portuguese music and restricts the amount of minutes of advertising. These obligations are followed by MCR and controlled by the Media Regulator (ERC).

DIALOGUE WITH STAKEHOLDERS

It is a constant concern of Grupo Media Capital companies to ensure regular contact with stakeholders, from shareholders to final consumers. In this sense, contacts are specialised and directed by target, according to the business area of each company and the Group.

In accordance with good practices of corporate governance observed in Grupo Media Capital and by inherence of the application of the SOX process implemented by Grupo Prisa, Media Capital has a conduct code that is mandatory and applies to all employees.

It is also available a whistle blowing channel, allowing any public or private entity related to the Group to directly and confidentially transmit to auditing committees any miss practice or irregularity that might have occurred within the Group. Both the conduct code and the whistle blowing channel were widely communicated to all employees and were made available in Media Capital's website.

Communication with shareholders and investors is permanently ensured, within legal parameters, through the corporate site and the CMVM site.

Meeting Point

Keeping with its commitment to create synergies and take advantage of the best resources available, Media Capital has in its facilities a space for sharing knowledge, training, culture and social interaction among all employees.

Located in Queluz, Meeting Point is an area of encounter, debate, training and cultural exhibition, directed and opened to all employees, partners and other entities that wish to use it as a meeting place. It is composed by a large auditorium, meeting and training rooms, as well as a supporting structure.

Since its opening in 2014, several team meetings, meetings with Group's partners, film screenings, in-house training and various moments of socialization have already occurred in the various Meeting Point spaces.

Intranet

During 2012, Media Capital implemented and launched its intranet, a portal aiming at improving communication between the company and the workers and also, among all of Media Capital's collaborators, while promoting a better Group culture and the information regarding each business unit.

Since then, Media Capital's intranet launched a yearly average of over 800 news - from information on new projects, announcements from the Group companies, audiences, programming highlights of the various media, hobbies, raffles, leisure suggestions, solidarity initiatives, awards and nominations, among others - and registered over 2300 posts in 2017

The group's intranet has been registering good acceptance levels since its launch, being a reference daily source of information. It is also a fundamental contact point between workers and the Human Resources Department, as a privileged, complete and dynamic interface for any exchange of communication and information with the department, from practical information related to the contractual relationship of the employee, to training actions, benefits, information on legislation and internal procedures.

Throughout 2017, useful information was provided from health insurance procedures, professional training offer, protocols or operational tools in various areas.

Public

Regarding final consumers – listeners, viewers and users – Group companies essentially use telephone and online channels. In 2017, TVI received a total of 5437 telephone contacts and 1411 e-mail messages, containing compliments, suggestions and some critics.

Telephone

TVI has a call service integrated in its external relations department, available from 7:30 to 00:00, for receiving comments, suggestions and complaints from the audience. MCR also has a permanent call service, available all day, which is also used for participation of listeners in the radios' programs (in addition to the objectives specified for TVI).

Online

Regular newsletters and brand sites seek to inform, promote and encourage interaction with target audiences.

Together with media agencies, online channels – especially the Grupo Media Capital site – constitute a privileged means of contact for divulgation of information regarding new product launches and programme schedules (for TVI and radio stations), as well as corporate information.

Other

Visits to premises and organisation of meetings for communication of relevant information are other models used in contact with the media.

Daily information is provided to Media Capital Group advertisers – mainly in the case of TVI, but this daily contact extends to all business units –, as well as regular feedback on their campaigns, by telephone, e-mail or in person.

Relations with the community, Institutions or Associations

The Grupo Media Capital's Companies are actively involved with the main entities that represent and regulate the market, thus guaranteeing a close and regular participation in all their activities and in the most relevant decision processes that impact the media sector.

PROMOTION OF HUMANITARIAN PRINCIPLES

In Grupo Media Capital there is a strict non-discrimination policy and a guarantee of equitable social and work conditions in connection with human resources admissions. Selection criteria are based exclusively on personal merit.
Promotions follow internal norms and policies and are based on participation and merit, taking into consideration a structured and transparent evaluation process.
The Grupo Media Capital's companies strictly comply with the laws and regulations regarding privacy and confidentiality, namely concerning security issues such as monitored areas.
In TVI there are detailed guidelines on respect for Human Dignity and privacy on news programs, according to the principles established by the Editorial Statutes and Programmatic Bases of the Common Platform of News Contents of the Media.
The internal rules in this field are equally applied throughout the group in the selection of subcontractors or suppliers.

EMPLOYEES

Professional training and other benefits

In 2017, Media Capital's employees benefited from 3764 hours of vocational, technical, linguistic and computer training. Additionally, Plural is a major contributor to the generation of new professionals in the audiovisual sector in Portugal, trough vocational and technical training and general improvement in areas such as production, directing and fiction edition.

Grupo Media Capital provides a health insurance plan for its employees and respective families. In addition, all employees benefit from regular and preventive check-ups and analyses, on a preventive and regular basis and have access to the Group's medical centre, available 8 hours a week. The Group's employees may also benefit from several protocols established with all kinds of institutions such as banks, gymnasiums, pharmacies, specialist clinics and language schools, among others that provide special conditions for them.

Assuming its paper in the education of future professionals in the media sector, Grupo Media Capital hosted, in 2017, 196 trainees, for internships in the various Business Units, coming from the following teaching institutions:

Edurumos, EPI, Escola Profissional de Vale do rio, Escola Superior de Comunicação Social, Escola Superior de Educação de Coimbra, Escola Superior de Educação de Faro, Escola Superior de Educação de Portalegre, Escola Superior de Educação de Viseu, Escola Superior de Música, Escola Superior de Teatro e Cinema, Escola Superior de Tecnologia Abrantes, ETIC, Faculdade de Ciências e Tecnologias, Faculdade de Letras Universidade Porto, Instituto de Emprego e Formação Profissional, Instituto Politécnico da Guarda, Instituto Politécnico de Beja, Instituto Politécnico de Castelo Branco, Instituto Politécnico de Leiria, Instituto Politécnico de Santarém, Instituto Politécnico de Setúbal, Instituto Superior de Ciências sociais e Políticas, ISCTE, ISMAI, Magestil, Middlesex University, Restart, The London School of Economics, Universidade Autónoma de Lisboa, Universidade Católica Portuguesa, Universidade da Beira Interior, Universidade Lusíada, Universidade Lusófona, Universidade Nova de Lisboa – FCSH, World Academy.

Performance Evaluation

The current performance evaluation model in place at Grupo Media Capital falls within the continuous improvement process based on quality and excellence goals that all business units pursue. It is composed by four dimensions:

i. Key competence evaluation (basic competences, management, specific technical skills)
ii. Objectives evaluation (corporate, business, department)
iii. Definition of individual development plans
iv. Identifying potential

This system interacts with career management and remuneration/benefits, allowing a global HR management aligned with the mission, vision and values of Grupo Media Capital.

ENVIRONMENT

By definition, the activities of the Grupo Media Capital have a reduced ecological impact.

In 2017, the Group maintained its commitment to implement a set of measures, transversal to all business units, aiming to reduce its impact on the environment and the community in which it operates. It is worth highlighting are the recycling of paper, paperboard, plastic, glass, wood and computer consumables (with recycling rates between 85% and 100% of waste in the case of woods, paper, card, consumables and lighting) - and measures to save and reduce energy consumption.

The sum of the waste generated at Media Capital's premises is annually registered in SIRAPA (Integrated Registration System of the Portuguese Environment Agency), an entity that is available through an internet portal reserved for users who are representatives of Organizations, or responsible for Establishments / Facilities with legal obligations in the Environment.

With regard to the most significant measures taken to reduce energy consumption at the premises of Media Capital in 2017, we highlight:

Electrical area:

Changing the most powerful lighting fixtures with more hours of daily operation for LED technology lighting fixtures;
Installation of home automation system in the lighting of large Open Space;
Elimination of the reactive energy to "cost 0".

AVAC Area:

Extending GTC management to more systems, with optimization of schedules and use of the cheapest energy cycles;
Change of older systems, by systems of higher energy class;
Installation of electric blinds.

LEGAL PROVISIONS

Own Shares

In accordance with Articles 66.º and 324.º of the Portuguese Companies Code, please be informed that during 2017 there were no acquisitions or sales of own shares, and hence on 31 December 2017 the Company held no own shares.

List of Qualified Holdings (as of 31 December 2017)

For the terms and effects of paragraph e) of No. 1 of Article 8.º of CMVM's Regulation 5/2008, please find below the list of qualified holdings as of 31 December 2017:

Shareholder	Nº of owned shares	Percentage of share capital	Percentage of voting rights
Vertix SGPS, S.A. (a)	80.027.607	94.69%	94.69%
ABANCA Corporacion Bancaria, SA (b)	4.269.869	5,05%	5,05%

a) Vertix SGPS, SA is 100% owned by Promotora de Informaciones, S.A., company under Spanish law.

b) Previously owned by ABANCA Corporación Bancaria, S.A. (formerly known as NCG Banco SA), as informed to the market on December 22, 2015.

Securities issued by the company and held by members of the corporate bodies

In the terms and for the effects of Article 447.º of the Portuguese Companies Code, we hereby inform you of the shares held by the members of the Corporate Bodies of the Company, as of 31 December 2017.

Members of the Board of Directors

			Transactions in 2017
	Shares	Nº os shares 31-12-17	Acquisitions	Alienations	Unit price (€)	Date
Miguel Pais do Amaral		55.683*
Rosa Cullell		0
Agnés Noguera Borel		0
António Pires de Lima		0
Manuel Mirat		0
Manuel Polanco		0
Maria del Pilar del Rio		0

*For the purposes of article 447º n.2 (d) of the Commercial Companies Code, the shares owned by the company AHS Investimentos, SGPS, SA, which is owned directly by Mr. Miguel Pais do Amaral, a company of which he is also Chairman of the Board of Directors, according to a notice sent to the market on November 3, 2017.

Statutory Auditor

	Nº of Shares shares		Transactions in 2017
		31-12-17	Acquisitions	Alienations	Unit price (€)	Date
Deloitte & Associados, SROC, SA		0

With reference to December 31, 2017, the obligations held or transactions carried out by the members of the Company's management and supervisory bodies are as follows:

Members of the Board of Directors

			Transactions in 2017
	Shares	Nº of shares 31-12-17	Acquisitions	Alienations	Unit price (€)	Date
Miguel Pais do Amaral		0
Rosa Cullell		0
Agnés Noguera Borel		0
António Pires de Lima		0
Manuel Mirat		0
Manuel Polanco		0
Maria del Pilar del Rio		0

Statutory Auditor

			Transactions in 2017
	Shares	Nº of shares 31-12-17	Acquisitions	Alienations	Unit price (€)	Date
Deloitte & Associados, SROC, SA		0

Business of the members of the Board of Directors with the Company

During the year 2017, no authorizations were granted to the members of the Board of Directors to conduct business with the Company.

Corporate Governance Report

Please find in the separate annex the Company's Corporate Governance Report.

Proposal of application of results

The individual net result for the year ended on 31 December 2017, as prepared according to IFRS accounting standards adopted by the European Union, was of Euro 18.555.431,15 and the net consolidated result was Euro 19.787.029,34.

The Board of Directors proposes the following:

a) In accordance with the applicable law and Company's Articles of Association, 5% of the net results to be transferred to Legal Reserves, meaning a total amount of Euro 27.771,56;
b) The remaining net esult to be transferred to Free Reserves.

The net result application proposal is set out to provide Grupo Media Capital with the adequate liquidity considering the current economic environment, technological investment needs and the financial commitments in 2018.

Declaration of Responsibility

In accordance with article 245.º, no. 1 paragraph c) of the Portuguese Securities Code, the members of the Board of Directors hereby declare that, as to their knowledge, the information contained in the management report has been prepared according to the applicable accounting principles, and give a true and appropriate vision of the assets and liabilities, of the financial status and Company's results and all companies included in the consolidation perimeter. Furthermore declare that the management report explains the business performances of the Company as well as of all companies included in the consolidation perimeter, and contains a description of its main risks. The main risks and uncertainties the business units face, is express on the Corporate Government Report, annex to the present document.

Acknowledgments

We would like to end this report by thanking all employees who have, be it directly or indirectly, given their contribution to the development of this Group, to our partners and suppliers for their services, to our shareholders for their constant support, to our viewers, listeners and users for their preference along the year and to our advertisers, for the trust placed in us.

The Board of Directors,

INTRODUCTION

Grupo Media Capital, SGPS, S.A. (hereinafter referred to as "MÉDIA CAPITAL" or "Company") has prepared this report, fully dedicated to Corporate Governance, as an annex to the 2017 Annual Report, under the terms of articles 70 of the Commercial Companies Code and 245-A of the Portuguese Securities Code, as well as CMVM (Portuguese Securities Market Commission) Regulations 4/2013 on Corporate Governance.

PART I – SHAREHOLDER STRUCTURE, ORGANISATION AND CORPORATE GOVERNANCE

A. SHAREHOLDER STRUCTURE

I. Capital Structure

Capital structure (share capital, shares, shares per shareholder, etc) including non-negotiable shares, different categories of shares and the respective right, and equity percentage represented by each category (Art. 245.º-A, n.º 1, al. a)).

Media Capital is a listed company, according to the Portuguese Securities Code, with fully paid-up capital of 89,583,970.80 euros, consisting of 84,513,180 registered nominative shares, with nominal value of 1.06 euros per share. All shares are registered and held in accounts opened with financial intermediaries authorised by the CMVM, which act as custodians and are part of the Centralised Securities System ("Central de Valores Mobiliários") managed by Interbolsa, S.A.

Media Capital shares are traded on the NYSE Euronext Lisbon, a regulated stock exchange. All shares issued are classed in the same category. Media Capital has not issued any special shares or granted any special rights. Accordingly, all shareholders benefit from equal rights.

Restrictions concerning the transfer of shares such as consent clauses for their disposal or ownership (Art. 245.º-A, n.º 1, al. b)).

No statutory restrictions exist concerning the transfer and ownership of Media Capital shares.

Number of own shares, corresponding equity and percentage of the voting rights (Art. 245.º-A, n.º 1, al. a)).

The Company has not subscribed any own shares; no purchases or sales took place in 2017.

Significant agreements involving the Company, which will come into effect, be altered or cease in case of control as a result of a takeover bid, as well as the respective effects, unless its disclosure is prejudicial to the company, with the exception of the society's obligation to disclosure that same information for legal imperatives (art. 245.º-A, n.º 1, al. j).

To the knowledge of the Board of Directors, the Company has not signed any significant agreements that will come into effect, be altered or cease to apply in case of a change of control as a result of a takeover bid. Early, non-automatic repayment of loans given to the Group by Portuguese financial institutions is foreseen in case of a significant change of control, under the usual terms and conditions established by the banking sector.

Protective measures, statutory or of any other nature, adopted with a view to setting limits concerning the number of votes held or exercised by a single shareholder, individually or in association with others.

No protective measures, statutory or of any other nature, exist neither have been adopted with a view to setting limits concerning the number of votes held or exercised by a single shareholder, individually or in association with others.

No measures which might have an impact on share transfers or the independent evaluation of the Board of Directors' performance by shareholders, have been adopted.

6. Shareholders' agreement that may include restrictions concerning the transfer of securities of voting rights (art. 245.º-A, n.º 1, al. g)

As at 31 December 2017 and to the Company's knowledge, no shareholders' agreements currently in effect include any restrictions concerning the transfer of securities of voting rights.

II. Shareholdings and Bond Holdings

7. List of Shareholders with Qualifying Holdings as at 31 December, 2017

Shareholder	Nr of shares owned	Percentage of share capital	Percentage of voting capital
Vertix SGPS, S.A. (a)	80.027.607	94,69%	94,69%
ABANCA Corporacion Industrial y Empresarial S.L Unipersonal(b)	4.269.869	5,05%	5,05%

(a) Vertix SGPS, S.A. is 100% owned by Promotora de Informaciones, S.A., a company governed by Spanish Law.

(b) Formerly owned by ABANCA CorporacionBancaria, SA and formerly referred to as NCG Banco, SA, as disclosed to the market on December 22, 2015.

There are no shareholders holding special rights.

On July 14, 2017, Grupo Média Capital, SGPS, SA disclosed to the market the notice received from Promotora de Informaciones, SA (PRISA), regarding the acceptance of the binding offer submitted by MEO - Serviços de Telecomunicações e Multimédia, SA on the purchase of the entire stake held by PRISA in the share capital of Media Capital. In addition, a general and mandatory public offering for the acquisition of shares representing share capital of Grupo Média Capital, SGPS, SA was announced on the same date. The terms and conditions of the general and mandatory public offer can be found in the preliminary announcement at www.cmvm.pt.

8. Information regarding shares held by the members of the Board of Directors and Audit Committee

As at 31 December 2017, the following shares were owned by members of the Board of Directors and Audit Committee:

Members of the Board of Directors

	Transactions in 2017
	No. of Shares 31-12-17	Purchased	Sold	Unit Price (€)	Date
Miguel Pais do Amaral	55.683*
Rosa Cullell	0
Agnés Noguera Borel	0
António Pires de Lima	0
Manuel Mirat	0
Manuel Polanco	0
Maria del Pilar del Rio	0

Statutory Auditor

	Transactions in 2017
	No. of Shares 31-12-17	Purchased	Sold	Unit Price (€)	Date
Deloitte & Associados, SROC, S.A.	0

With reference to December 31, 2017, the obligations held or transactions carried out by the members of the Company's management and supervisory bodies are as follows:

Members of the Board of Directors

			Transactions in 2017
	Shares	Nº of shares 31-12-17	Acquisitions	Alienations	Unit price (€)	Date
Miguel Pais do Amaral		0
Rosa Cullell		0
Agnés Noguera Borel		0
António Pires de Lima		0

Manuel Mirat	0
Manuel Polanco	0
Maria del Pilar del Rio	0

Statutory Auditor Transactions in 2017 Shares Nº of shares 31-12-17 Acquisitions Alienations Unit price (€) Date Deloitte & Associados, SROC, SA 0

9. Special powers of the Board of Directors, particularly regarding capital increase deliberations

Under the terms of Memorandum of Association, 2006 version, and following the favourable opinion of the Audit Committee, the Board of Directors is authorised to increase the company's share capital, on one or more occasions, up to a limit of 15,000,000.00. The Board of Directors shall be responsible for establishing the terms and conditions applicable to each capital increase, as well as the corresponding share subscription and deadlines.

Up to 31 December 2017, the Board of Directors had not decided to increase the company's share capital, under the terms defined in the Memorandum of Association.

10. Information regarding business operations and transactions between Media Capital and holders of qualifying shares

The following operations took place under normal market conditions:

A management service provision agreement was signed with Promotora de Informaciones, S.A., which resulted in revenues of approximately 800.000 in 2017.

Given PRISA's controlling interest in Media Capital, the latter assumed the role of obligor in the financial restructuring of PRISA. Accordingly, this resulted in an extension to the deadlines and conditions applicable to the agreements signed by Media Capital on 26 December 2011. According to the information published by Prisa in the Spanish Securities Market Commission (CNMV) in Spain, on January 22, 2018, the conditions applicable to the various contracts aimed at regulating the extension of the refinancing process between PRISA and a syndicate composed of a group of banking and financial institutions, came into force.

B. GOVERNING BODIES AND COMMITTEES

I. General Meeting

a) General Meeting Board

11. Members of the Meeting Board

The current members of the General Meeting Board were elected for 2016-2019 during the General Meeting held on 7April 2016. As at 31 December 2017, the General Meeting Board consisted of the following members:

CHAIRMAN: Nuno de Deus Vieira Paisana Salvador Pinheiro, Attourney, born in Lisbon, with address at Rua Castilho, nº 59, Lisboa.

VICE-CHAIRMAN: Marta Horta e Costa Leitão Pinto Barbosa, Attourney, born in Lisboa, with address at domicílio na Rua Castilho, nº. 59, Lisboa.

During the 2012-2015 mandate, the member of the General Meeting Board were Mr. Pedro Canastra de Azevedo Maia (Chairman) and Tiago Antunes da Cunha Ferreira de Lemos (Vie-Chairman).

The members of the General Meeting Board are assisted by the Company Secretary, Mr. Hermes Pato.

b) Exercising of Voting Rights

12. Restrictions on voting rights

Under the terms of the Media Capital Memorandum of Association, each group of 100 (one hundred) shares with nominal value of 1.06 (one euro and six cents) entitles the corresponding holder to 1 (one) vote. Shareholders owing less than 100 (one hundred) shares shall only be allowed to attend and participate in General Meetings if they group the corresponding shares in order to attain the required minimum, in which case they shall designate a representative. Holders of bonds and non-voting shares shall not be allowed to attend or participate in General Meetings.

The company considers that the ability of shareholders to attend and participate in General Meetings has been duly guaranteed, considering the low nominal value of Media Capital shares and the possibility of shareholders forming groups in order to meet voting requirements (as established in article 11 of the Memorandum of Association).

The General Meeting of Shareholders consists of all shareholders able to prove their ownership of at least 100 (one hundred) Media Capital shares, registered in their name and held in an account opened with a financial intermediary, at least five business days before the scheduled date of the meeting. Proof of ownership, which must be presented to the Chairman of the General Meeting Board, shall consist of a declaration issued by the financial intermediary where the latter shall be required to state that the shares in question are held in the corresponding securities account and registered in the shareholder's name, in addition to being required to state that this has been the case for at least five business days before the scheduled date of the meeting.

Article 11 of the Memorandum of Association of Media Capital establishes that shareholders shall be allowed to vote by mail, with no restriction.

The Memorandum of Association of Media Capital does not prohibit the carrying out of General Meetings through videoconferencing, as the Company is able to ensure statement authenticity and communications security. Online voting was not implemented during the 2017 General Meetings, as the Company considers that all shareholders are effectively able to exercise their voting rights, by all other means available.

The Company has not defined any mechanisms that will lead to imbalances between voting rights and the right to receive dividends or subscribe new securities.

13. Limits concerning the number of votes by a single shareholder

In addition to the aforementioned statutory provisions, the Company has not set any limits concerning the number of votes held or exercised by a single shareholder, individually or in association with others. Moreover, the Memorandum of Association does not establish any upper limit when counting votes cast by a single shareholder. Accordingly, the Company does not consider it necessary to subject the maintenance or elimination of this statutory provision to vote by the General Meeting every five years.

14. Shareholders deliberations

Under the terms of article 15 of the Memorandum of Association, the General Meeting shall be allowed to deliberate upon first call, provided that the number of shareholders present or duly represented hold at least one third of voting rights.

According to the existing applicable legislation, General Meeting decisions shall be approved if voted by the majority. Unless stipulated by law, qualified majorities are not required.

The Memorandum of Association do not provide for a special regime for the amendment of the Company's by-laws so that the provisions of the Companies Code apply.

15. Model of Governance

Media Capital adopts the Anglo-Saxon model in what concerns its managing and supervisory structure (according to paragraph b) of point 1 of article 278 of the Commercial Companies Code). Accordingly, the Company relies on a managing and supervisory structure consisting of a Board of Directors, an Audit Committee and a Statutory Auditor.

16. Statutory rules on requirements governing the appointment and replacement of Board members, Executive Board of Directors and the General and Supervisory Board

The Board of Directors is appointed and replaced as defined in the Commercial Companies Code. Concerning the appointment of the Board of Directors, any group of shareholders owning more than 10% and less than 20% of the Company's share capital shall be allowed to submit a proposal for the election of a Director, who will act as a minority representative, to the General Meeting, according to points 2 to 5 of Article 392 of the Commercial Companies Code and as defined in article 19 of the Memorandum of Association.

Appointment proposals submitted by the Board of Directors to the General Meeting, as well as the appointment of Directors by the Board, must, according to the Regulations issued by the Board of Directors, be preceded by the corresponding report, issued by the Corporate Governance and Managing Staff Remuneration Committee. If independent Directors are involved, the corresponding appointment must be proposed by the Corporate Governance and Managing Staff Remuneration Committee (composed of non-executive members of the Board of Directors). The Governing Body Appointment and Remuneration Committee is also allowed to submit proposals concerning the appointment of Directors to the General Meeting.

Article 19 of the Memorandum of Association foresees the possibility of replacing a Director, according to the applicable legislation, if the latter fails to attend more than 3 (three) meetings of the Board of Directors in a given year without presenting a suitable justification, provided that the Board of Directors confirms the permanent absence of the Director in question. According to the Regulations issued by the Board of Directors, the duties of individual Directors shall cease at the end of the corresponding term or when this is required by the General Meeting, in compliance with the corresponding legal or statutory rights. Directors shall be required to place their positions at the disposal of the Board of Directors and formalise their resignation, if this is deemed convenient by the latter, in the situations specified in the aforementioned Regulations (namely, in case of incompatibility or prohibition defined by law, dismissal due to a serious offence and setting of a date for the corresponding hearing (as defined in the Penal Code), accusation and/or indictment for a crime punishable with imprisonment for longer than 5 years, if the circumstances under which they were appointed have come to an end and, particularly, when an independent Director loses this status). The Board of Directors is not allowed to propose the dismissal of an independent member before the end of the corresponding term, except when justified, following careful consideration by the Board of Directors, based on the opinion of the Corporate Governance and Managing Staff Remuneration Committee.

17. Board members, Executive Board of Directors and the General and Supervisory Board

The Memorandum of Association of Media Capital establishes that the Board of Directors must be composed of 7 (seven) to 11 (eleven) members, elected by the General Meeting every 4 (four) years. Directors can be re-elected one or more times.

The current members of the Board of Directors were elected for 2016-2019 at the General Meeting of Shareholders held on 7 April 2016.

For the current term of 2016/2019, no substitute members have been appointed to the Board of Directors, so that the referred members exercise their functions effectively.

The Board of Directors for 2016-2019 and as at 31 December 2017 is composed of the following members:

	Status	Independence	1st appointment	End of term
President:
Miguel Pais do Amaral	Non Executive		16-03-2011	31-12-2019
Rosa Cullell	Executive		13-07-2011	31-12-2019
Agnés Noguera Borel	Non Executive	Independent	07-04-2016	31-12-2019
António Pires de Lima	Non Executive	Independent	07-04-2016	31-12-2019
Manuel Mirat*	Non Executive		19-10-2017	31-12-2019
Manuel Polanco	Non Executive		15-11-2005	31-12-2019
Maria del Pilar del Rio	Non Executive	Independent	07-04-2016	31-12-2019

*Mr. José Luis Sáinz Diaz resigned as a member of the Board of Directors and Audit Committee by letter dated October 19, 2017, and Mr. Manuel Mirat was appointed on the same date by co-optation for the positions mentioned, to the current mandate of 2016/2019,

18. Executive and non-executive member of the Board of Directors.

The Board of Directors is composed of one executive member and a group of six non-executive members, in which the Chairman is included. Three Directors qualify as independent, according to CMVM Regulations 4/2013. The Company considers that the required proportion of independent Directors has been reached, considering the governance model adopted and the Company's capital structure and free floatt.

19. Professional qualifications of Board members.

The professional qualifications, CVs and other relevant information concerning each member of the Board of Directors, are included in an Annex to this Report.

20. Business relationships of Board members with Group companies.

The professional and/or business relationships of Board members with Group companies and holders of qualifying shares representing over 2% of voting rights, are included in an Annex to this Report.

21. Delegation of Powers.

Concerning delegation of powers, the Board of Directors approved the maintenance of the delegation of daily company management on Rosa Maria Cullell Muniesa, on 7 April 2016, under the terms of article 22 of the Memorandum of Association and the Regulations issued by the Board of Directors.

The powers delegated on the Chief Executive Officer by the Board of Directors are those allowed by law and established in compliance with the Operating Regulations approved by the Board of Directors. Accordingly, such powers include daily company management, namely the following: (i) signature, introduction of changes to and cancellation of service provision, licensing, cooperation, mandate, exchange, rent, leasing, factoring and franchising agreements, as well as lending and/or mutual agreements concerning any rights, services, products or movable property, subject or not to registration, and real estate renting or subletting agreements, limited to the amount of 4,000,000.00 (four million) euros; (ii) acceptance or refusal of guarantees provided by third parties; (iii) ensuring debt recovery; (iv) issuing of invoices and signature of receipts; (v) exercising of regulatory, governing and disciplinary powers concerning employees; (vi) signature of correspondence and general routine documents; (vii) representing the Company before public and private institutions; (viii) declaration and payment of taxes, fees and contributions; and (ix) representing the Company in or out of court, actively or passively, with powers to present proposals, monitor proceedings, confess, withdraw, appeal or reach agreements in any kind of lawsuits and proceedings.

Under the terms of article 5 of the Regulations issued by the Board of Directors, the powers delegated on the CEO do not include the following: (i) definition of Company strategies and general policies; (ii) definition of the Group's business structure; (iii) reaching strategic decisions for which the Board of Directors as a whole should be responsible, owing to the amounts, risks or special characteristics involved.

Under the terms of article 407 of the Commercial Companies Code, the Board of Directors holds the ultimate authority to decide on delegated matters, albeit having delegated some of its powers on the CEO. In fact, the Board of Directors officially approves all actions undertaken by the CEO, as a standard practice.

Regarding its organisation, the Media Capital Group is divided into business areas, which correspond to the media markets in which it operates – Television, Audiovisual Production, Radio – and Other, which includes Music, Digital, the holding and shared services.

As the Group's holding, Grupo Média Capital, SGPS, S.A. is responsible for its strategic development, namely regarding its expansion process, and global management of all business areas, playing a leading role in the decision-making process.

Media Capital maintains a Strategic Committee, including the managers of all businesses. The Strategic Committee meets weekly, to support the CEO's strategic decisions. Media Capital also maintains a Business Committee that meets periodically and a Purchasing Committee that analyses the outsourcing of products and services to the group.

Each business area is managed independently, according to criteria and guidelines defined according to the annual budgets set for each area, which are reviewed and approved by area managers and the Board of Directors on an annual basis. Strategic, business and investment guidelines concerning the various business areas are defined during these reviews, in a participative and interactive manner. Operations and budget spending are continuously monitored by a management control system implemented by the holding.

In order to ensure the correct undertaking of its business, the Media Capital Group has created a series of operational structures, in the Company itself and its subsidiaries, which are grouped under Media Capital – Serviços de Consultoria e Gestão, S.A. (a company 100% held by Media Capital). These structures not only aim to provide the holding with suitable tools to support operational decisions, but also to provide management and consulting services to the entire Group and the corresponding business areas, concerning administrative and financial issues, as well as matters related to human resources, planning and control, purchases, general services and information systems.

b) Operation

22. Regulations on the operations of the Board of Directors.

The Board of Directors approved a series of Regulations on 12 March 2009, which were amended as a result of a decision reached by the Board of Directors on 11 February 2010 and, lately, on 14 July 2014. These Regulations are available on the company website.

23. Number of Meetings

The Board of Directors of the Media Capital Group met on six occasions during 2017. All members attended or were represented at all meetings, thus ensuring effective Group management.

In 2017, the CEO of Media Capital provided all information required by the remaining members of the Board of Directors or the Supervisory Board, in a timely manner.

24. Bodies responsible for the evaluation of the performance of executive Directors

The Board of Directors includes six non-executive members, in order to ensure the effective monitoring and evaluation of the activities undertaken by the remaining members.

The performance of the executive Director is evaluated by the Governing Body Appointment and Remuneration Committee, which sets performance evaluation criteria on an annual basis.

25. Pre-determined criteria for the evaluation of the performance of executive Directors.

The performance of executive Director is evaluated based on defined criteria, using a professional performance formula defined by the Remuneration and Nomination Committee on an annual basis. The Committee establishes maximum values for the variable remuneration and the circumstances under which that value might be applied. These values are established taking into consideration the Company's annual performance.

26. Availability of the Executive Directors

The CEO works for the Company and the Media Capital Group on a full-time basis. The remaining members of the Board of Directors, all of them non-executive Directors, work for the group on a part-time basis, at the companies mentioned in an Annex to this Report.

c) Governing and Supervisory Committees

27. Committees created by the Board of Directors, the General Supervisory Board and the Executive Board of Directors

The Corporate Governance and Managing Staff Remuneration Committee was created and appointed by the Board of Directors, as outlined in article 23 of the Memorandum of Association. The Corporate Governance and Managing Staff Remuneration Committee is governed by the Regulations issued by the Board of Directors and was created as a result of a decision reached by the Board of Directors on 12 March 2009 (replacing the Directors' Appointment and Remuneration Committee).

28. Members of the Executive Commission and the CEO

The Company has not created an Executive Committee, having chosen to delegate executive management powers on Rosa Maria Cullell Muniesa, under the terms of article 22 of the Memorandum of Association and the Regulations issued by the Board of Directors, as described in greater detail above.

29. Competences and activities developed by the Corporate Governance and managing Staff Remuneration Committee

The Corporate Governance and Managing Staff Remuneration Committee has the following responsibilities: (i) to provide information on proposals concerning the appointment of Directors and to propose the appointment of independent Directors; (ii) to provide information on proposals concerning the appointment of the Board Secretary; (iii) to submit proposals concerning the general remuneration policy applicable to managing and executive staff, as well as the remaining employment contract conditions, to the Board of Directors; (iv) to ensure compliance with the remuneration policy established by the company; (v) to provide information on proposals concerning the appointment of members of other Committees of the Board of Directors; (vi) to present draft Annual Corporate Governance Reports to the Board of Directors; (vii) to present evaluation reports on the composition and activities of the Board of Directors to the latter; and (viii) to monitor compliance with internal Regulations.

The Corporate Governance and Managing Staff Remuneration Committee will meet whenever the Board of Directors, its Chairman or the Chief Executive Officer requests the issuing of a report or the approval of proposals within the scope of its competences, or whenever this is deemed convenient by its members, for the correct performing of its duties.

The Corporate Governance and Managing Staff Remuneration Committee is composed of three to five non-executive members of the Board of Directors. Its composition, for the mandate 2016-2019, in December 31, 2017 is as follows:

	Status	Independence	Date of 1st appointment	End of term
Agnés Noguera Borel	Non Executive	Independent	07-04-2016	31-12-2019
Manuel Polanco	Non Executive		15-11-2005	31-12-2019
Manuel Mirat*	Non Executive		19-10-2017	31-12-2019

* Mr. Manuel Mirat was appointed by the Board of Directors of the Company to the Corporate Governance and Remuneration Committee of the Executive Boards following the resignation presented by the member of the Board of Directors Mr. José Luis Sáinz Diaz, by letter dated October 19, 2017.

During 2017, the Committee adopted two unanimous deliberations on the remuneration of the directors and executive staff, the Annual Report and the compliance with the obligations foreseen on the Regulation of the Board of Directors regarding the proposal for appointment of members to the governing bodies.

III. SUPERVISION

a) Composition

30. Identification of the supervisory structure

Media Capital adopts the Anglo-Saxon model in what concerns its managing and supervisory structure. Accordingly, the latter comprises a Board of Directors, an Audit Committee and a Statutory Auditor. The Audit Committee is responsible for supervising company business, together with the Statutory Auditor.

31. Structure of the Audit Committee and the Supervisory Board

The Audit Committee is composed of non-executive members of the Board of Directors, most of whom qualify as independent, under the terms and for the purposes of article 414 of the Commercial Companies Code, applicable according to article 423-B of the Commercial Companies Code. All members are required to observe the regulations defined in article 414-A of the Commercial Companies Code. The Audit Committee is composed of three to five members of the Board of Directors.

32. Members of the Audit Committee

Audit Committee members for 2016-2019 were appointed jointly with the remaining members of the Board of Directors, during the Annual General Meeting of Media Capital, held on 7April 2016.

As at 31 December 2017, the Audit Committee was composed of the following members of the Board of Directors:

	Status	Independence	Date of 1st appointment	End of term
President: António Pires de Lima	Non Executive	Independent	07-04-2016	31-12-2019
Agnés Noguera Borel	Non Executive	Independent	07-04-2016	31-12-2019
Manuel Mirat*	Non Executive		19-10-2017	31-12-2019

33. Qualifications of the members of the Audit Committee and the Supervisory Board

The professional qualifications, CVs and other relevant information concerning each member of the Audit Committee are included in an Annex to this Report.

34. Availability of the regulations

The Board of Directors approved a series of Regulations on 12 March 2009, which were amended as a result of a decision reached by the Board of Directors on 11 February 2010 and, latter, on July 14, 2014. These Regulations, which are available on the company website, also apply to the Audit Committee, as the latter is formed by members of the Board of Directors.

35. Meetings and attendance of the Audit Committee and the Supervisory Board

Under the terms of the Commercial Companies Code, the Audit Committee participated in all meetings of the Board of Directors. The Audit Committee met on four occasions in 2017 to discuss issues related to its duties; all members attended or were represented at all meetings.

36. Availability of the Members of the Audit Committee, the Supervisory Board, the General Board or the Financial Matters Committee

The members of the Audit Committee are non-Executive members of the Company, hence developing their functions on a part-time basis, working in other companies outside Grupo Media Capital, as mentioned in an Annex to this Report.

c) Competences and duties

37. Procedures and criteria applicable to the intervention of the Audit Committee with the external auditor

The Audit Committee represents the Company before the statutory auditor. The Audit Committee is also responsible for the monitoring of independence, in particular as regards the provision of additional services.

In addition to the auditing services provided by the Company's Statutory Auditor and the companies included in the Group, additional services were also provided which were subject to review by the Audit Committee in order to ensure its independence.

38. Other competences of the supervisory bodies

The Audit Committee met regularly during 2017 to analyse and monitor corporate accounts.

The Audit Committee is the recipient of all audit reports produced. Within this scope, the Audit Committee meets regularly with the Statutory Auditor, in order to monitor audit results and conclusions, as well as supervise the activities undertaken by the latter, with a view to ensuring their independence, namely in connection with the provision of additional services.

The Audit Committee monitors the internal audit departments of all Media Capital Group companies. In this sense, internal audit departments submit audit reports and conclusions to the Audit Committee every two months.

The Company's internal audit departments, jointly with the Audit Committee, ensure the implementation of internal control and risk management systems, in addition to proposing any necessary adjustments or changes. The Audit Committee did not propose any adjustments or changes to the systems implemented in 2017, as it considered that the control and risk management systems currently in place are suited to the risks identified.

The Audit Committee supervises the transactions of the Company with significant shareholders and in what relates to relevant transactions (articles 23º and 31º of the Company's Regulation), according to the Company's Regulation, approved in July 14, 2014. The Audit Committee established the procedures and necessary criteria regarding the definition of the significance level of the operations between the Company and shareholders with qualified participation.

The Audit Committee prepares a report of its activities on an annual basis, in addition to issuing an opinion on the reporting documents presented by the Board of Directors and the Statutory Auditor. The Audit Committee Report is issued and its contents disclosed to shareholders together with the Annual Report.

According to the policies implemented internationally by Promotora de Informaciones, SA on Compliance, on July 4, 2017, a Media Capital Compliance Committee was created, which is dependent on the Audit Committee, which is part of the committees established by Prisa. Its competences, among others, include the implementation of new procedures that promote ethical behaviour of its employees.

IV. STATUTORY AUDITOR

39. Company Supervision

The Company Supervisor designated by the General Shareholders Meeting for the mandate 2016- 2019 is Deloitte & Associados, SROC, SA, a company registered with the Chartered Accountants Association, under number 43, and with the CMVM auditors register, under number 231, represented by Nuno Miguel Cabaço da Silva (Chartered Accountant number 1462).

40. Number of mandates of the Company's supervisor

The current structure of the supervisory body that contemplates the existence of an Audit Committee and a Statutory Auditor was adopted by the Company following the legislative changes at the General Meeting held in September 2006. Deloitte & Associados, SROC, SA is the Company Supervisor since then, represented first by Carlos Manuel Pereira Freire, who was in 2007 replaced by João Luís Falua Costa da Silva. Deloitte & Associados, SROC S.A. was designated for the mandates 2008/2011 and 2012/2015, being represented by João Luís Falua Costa da Silva, who was replaced in 2014 by Pedro Miguel Argente de Freitas e Matos Gomes and, in November 2015, by Nuno Miguel Cabaço da Silva (ROC n.º 1462).

The Audit Committee approved the maintenance of Deloitte & Associados, SROC S.A. for the mandate 2016/2019.

41. Other services of the Audit Supervisor

In addition to the legal certification services, Deloitte & Associados, SROC, SA also provided the Company and its subsidiaries, on a residual basis, other assurance services.

V. EXTERNAL AUDITOR

42. Identification of the external auditor

Deloitte & Associados, SROC, SA, a company registered with the Chartered Accountants Association, under number 43, and with the CMVM auditors register, under number 20161389, represented by Nuno Miguel Cabaço da Silva (Chartered Accountant number 1462) is the external and Statutory Auditor for the mandate 2016-2019.

43. Duration of the External Auditors functions

Deloitte & Associados, SROC, SA is the Company Supervisor since the mandate 2004/2007, represented first by Carlos Manuel Pereira Freire, who was in 2007 replaced by João Luís Falua Costa da Silva. Deloitte & Associados, SROC S.A. was designated for the mandates 2008/2011 and 2012/2015, being represented by João Luís Falua Costa da Silva, who was replaced in 2014 by Pedro Miguel Argente de Freitas e Matos Gomes and, in November 2015, by Nuno Miguel Cabaço da Silva (ROC n.º 1462).

44. Rotation of the External Auditor

Up until the present date, the Company has not deemed necessary to replace the external auditor on a regular basis, despite ensuring that the Statutory Auditor is represented by a different partner during each term, as established in the Statutory Auditors Regulation.Keeping the auditors beyond two consecutive four-year terms was the subject of an express opinion by the Audit Committee, after considering the conditions of independence and advantages or disadvantages of their replacement.

45. Proposal concerning the appointment of the External Auditor

The Audit Committee is responsible for evaluating the performance of the external auditor and ascertaining their independence, on an annual basis, jointly with the Financial Direction of Media Capital. The Audit Committee approved the services provided by the external auditor and the corresponding fees.

46. Other tasks conducted by the external auditor for the Company and/or its subsidiaries and internal procedures for the approval and justification of these works

Aside from the certification services, the Statutory Auditor also provided the Company and its subsidiaries reliability assurance services and other related services, which include monitoring the application of the remuneration systems of the governing bodies and the risk control system. The Statutory Auditor reports all irregularities to the audit Committee.

The Company uses outsourced services because it does not have the necessary internal resources to do so, while safeguarding its independence.

The Audit Committee monitors and supervises the Statutory Auditor work, intermediates the contacts with the Company's and delimits the Statutory Auditors' fees and scope of work, thus assuring its independence.

47. Annual payment

In 2017, Grupo Media Capital paid Deloitte the total amount of 322,484.00 euros, which comprises:

Statutory audits: 282,201.00 euros / 87.5% *;

Other services: 25,333.00 euros / 7.9%.

Reliability assurance services: 11,950.00 euros / 3.7%;

Review of the financial ratios of the annual accounts: 3.000 euros / 0.9%

*Include all services to Grupo Media Capital's spanish subsidiaries, audited by Deloitte S.L. (Deloitte Espanha), that amounted to 15,961.00 euros.

C. INTERNAL ORGANIZATION

I. Articles of Association

48. Restrictions concerning changes to the Company's Articles of Association

The Memorandum of Association does not establish any restrictions concerning changes to the Company's Articles of Association. By law, any amendments to the Articles of Association must be approved by a qualified majority in a General Meeting, according to article 386 of the Commercial Companies Code.

II. Whistleblowing

49. Whistleblowing policy

Media Capital has implemented a whistleblowing policy for reporting irregularities allegedly occurred in the Company. In this sense, Media Capital has implemented a system that allows any individual or entity related to the Group (including clients, suppliers, employees, shareholders and other stakeholders) to report any accounting, financial or management irregularities that might have occurred within the Group, or any other illicit activities or wrongdoings, directly to the Audit Committee, in strict confidence, according to management transparency principles and Good Corporate Governance Practice, and observing CMVM recommendations. This system allows early detection of irregularities that, if practised, might cause major damages to Media Capital Group companies and their stakeholders.

Irregularities are reported through the Company's website (http://www.mediacapital.pt), by filling the corresponding form, which is automatically sent to [email protected]. Eventual reports are received by the Audit Committee of Media Capital. Confidentiality and anonymity are ensured if requested by the individual or entity reporting the occurrence.

III. Internal Control and Risk Management

Responsibilities for internal audit and internal control systems

The Board of Directors and the Audit Committee are responsible for implementing, evaluating and monitoring internal control systems, with a view to ensuring that the level of internal control is suited to the risks identified. The Board of Directors considers that the risk control systems implemented are suited to the risks to which Media Capital is exposed, and that detection of potential risks has been ensured, as well as effective action in case of their occurrence.

51. Hierarchical dependence in relation to other bodies or committees

Given its responsibility for defining the Company's general strategic principles, particularly strategic and business plans, management goals, budgets and financial projections, the Board of Directors monitors the internal information and risk control system on a regular basis, ensuring that risks are suitably identified and managed jointly with the business units involved, as described in this Report.

The Board of Directors coordinates its monitoring efforts with the Audit Committee, which is responsible for evaluating the internal control and risk management system currently in place and suggest changes, according to the Company's requirements.

The monitoring of risk and opportunity assessment and management systems are assured by the Audit Committee. The ultimate goal of this monitoring, which is based on an integrated management model, is to ensure compliance with Good Corporate Governance Practice and transparency in all communications to the market and shareholders.

In response to market challenges and in order to assure adequate and effective control mechanisms, Grupo Media Capital has an Internal Audit department. The Strategic Committee of Media Capital, analyses and monitors both financial and operational risks and is responsible for the following:

Management of materially relevant risks;
Implementation and monitoring of the required procedures to ensuring adequate risk control;
Assessment and quantification of residual risks to which companies are exposed;
Identification of critical areas and proposing of mitigation measures;
Update of the Risk Management Model, in order to alert the Company to emerging risks and/or control system deficiencies.

52. Other risk control areas

Aside of the above mentioned, there are no other departments or areas in the Company with competences in risk control.

53. Types of risks associated with the Company's business

Media Capital is exposed to three different types of risks associated with its business: regulatory, financial and operational risks.

i) Regulatory

Risk

As any other operator in the Portuguese media industry, the Media Capital Group is required to comply with a series of laws, regulations and directives that restrict the Group's operations. The granting, renewal and ownership of television and radio broadcasting licences, as well as the timing and contents of television and radio programs, advertising time within a given period and advertising contents, amongst other aspects, are governed by current legislation, regulations and directives.

Risk Control

The Portuguese Media Authority (Entidade Reguladora para a Comunicação Social – ERC, hereinafter referred to as ERC) is responsible for granting and renewing television broadcasting licences, as well as to grant the necessary authorizations for the operation of program services which do not need to be licensed. All existing free-to-air television broadcasting licences were granted in 1992, for 15-year periods, were renewed in 2006 and 2007 and may be renewed for a further 15 years, upon request by the corresponding holders, provided certain conditions are met.

On 20 June 2006, ERC issued Decision 1-L2006 on the renewal of the television broadcasting licences granted to SIC and TVI, for 15 years, concerning the generalist channels. Following the special administrative lawsuit filed with a view to annulling the obligations arising in connection with these licences, the ERC issued Decision 2/LIC-TV/2007, on 20 December 2007, whereby Decision 1-L2006 was reiterated, although a few specific aspects were changed.

Radio broadcasting licences are currently valid for a 15-year period, being renewed for a further 15 years, upon request by the corresponding holders, under the terms of Law 54/2010, of 24 December, which approves Radio Regulations, provided certain conditions are met. All licences granted by the ERC have been renewed. A new renewal process will begin in 2023 in order to assure the compliance with the required legal notice and it will last until 2028.

Media Capital considers that the risk associated with this process is extremely limited, since renewal requests are unlikely to be refused if all requirements are met, as is the case. In fact, Media Capital radio stations have never received any notifications from the ERC as a result of failure to comply with licensing conditions. Media Capital Group managers and operating units are responsible for monitoring licensing requirements and the relationship between the Group and regulatory authorities.

ii) Financial

Media Capital Group business units are responsible for managing financial risk, under the supervision of the Strategic Committee. Risk management is based on the general identification and subsequent prioritising of risk factors, with a view to defining strategies aimed at minimising exposure to critical risk factors and implementing internal control systems and procedures aimed at reducing risk to acceptable levels.

Media Capital Group business is also influenced by a series of somewhat uncontrollable risk factors. Faced with this threat, the Company has developed a series of internal control procedures, namely in the financial area, with a view to managing and monitoring the following risk factors, in a proactive manner:

• Market risk

Market risk is associated with changes in interest and exchange rates.

(i) Interest rate risk

The Company regularly controls its financial ratios and other metrics in order to control its debt.

The interest rate risks are essentially related to the interest incurred on the contracting by the Group of a bond loan, commercial paper programs and variable interest rate credit lines.

Nevertheless, interest rate risk is not addressed by the risk management policy, since the Company considered that exposure to this risk would not lead to a materially significant impact, as disclosed in the notes to the consolidated financial statements.

(ii) Exchange rate risk

Exchange rate risk is essentially associated with the investment in Plural Entertainment Inc., in currencies other than the Euro, the Group's reporting currency, as well as to the buying and selling of programs/rights in foreign currencies.

Risk factors likely to affect the Group include the exchange rate risk associated with agreements concerning the purchase of broadcasting rights, for which no hedging instruments have been contracted, as well as contents and transmission right of TVI's channels.

The exchange rate risk associated with these contracts is small, given the reduced payment and receipt terms.

• Credit Risk

Credit risk is essentially associated with accounts receivable, as a result of the Group's operations. The Group endeavours to reduce this risk through its discount policy, which rewards early repayment and full payment in cash. This risk is regularly monitored by each of the Group's business areas, in order to:

limit the amount of credit granted to clients, considering the corresponding profiles and the period over which amounts have been due;
monitoring granted credit;
analysing debt recovery efforts on a regular basis.

Impairment losses on accounts receivable are calculated based on the following:

the period over which each amount has been due;
the risk profile of the client;
the financial condition of the client.

The Board of Directors considers that impairment losses on accounts receivable have been suitably estimated in financial statements. Media Capital believes that impairment losses on accounts receivable do not need to be increased, as the values calculated as described above are deemed adequate. It should also be stressed that the financial discounts offered in case of early repayment or full payment in cash contribute to reducing credit risk in all business areas..

• Liquidity risk

The Group may be exposed to liquidity risk if funding sources, such as operating cash flow, divestment, credit lines and cash flows from financing operations are not sufficient to meet financing needs, such as cash payments for operations and financing, investments, shareholder remuneration and debt repayment.

In order to mitigate liquidity risk, the Group has endeavoured to maintain a liquid position and ensure that average debt maturities allow the corresponding repayment on the due dates.

iii) Operational risk

The Media Capital Group is exposed to several operational risk factors, namely related to company operations, human resources, IT systems and strategies adopted. The following risk factors have been identified as the most relevant:

Economic environment	Technological evolution	Talent retention
Loss of audience	Piracy	Legal and fiscal
Consumer trends	Systems integrity	Fraud

As already mentioned, the Media Capital Group has implemented an official risk identification and mitigation structure based on an internal control system. This system was developed according to an international model – COSO 2013 (Committee of Sponsorship Organizations of the Treadway Commission) – that includes three levels:

Effectiveness and efficiency of operations;
Reliability of financial information;
Compliance with applicable laws and regulations.

The internal control system, which is based on procedures and internal control manuals, aims to document and standardise procedures across all operating areas and to ensure that all processes and procedures followed by Media Capital Group companies are continuously updated, with a view to ensuring that internal control is effectively achieved and suited to the Group's needs.

The Media Capital Group has defined controls for each cycle and transaction implemented, which are described in the aforementioned manuals. Control manuals are periodically reviewed, in order to ensure that controls are always up to date, considering the constant changes in Group transactions, which contributes to ensuring that change is adequately managed. The corresponding effectiveness is tested and evaluated by an independent entity, on an annual basis. Controls are structured as follows:

Entity Level Controls:

Internal control environment;
Risk assessment;
Information and communications;
Monitoring;
Control activities.

Information Technology Controls:

Access and event control;
Information system development controls.

Process Level Controls:

Revenue management;

Rights management;
Human resources management;
Fixed asset management;
Tax management;
Balance sheet management;
Liquidity management;
Management of accounts receivable;
Management of accounts payable;
Consolidation and reporting management;
Litigation and contingency management.

The Strategic Committee sets a series of specific goals, under the supervision of the Audit Committee, with a view to supporting the Board of Directors. These goals include the following:

Assisting Media Capital in identifying fragile areas and/or areas lacking suitable internal control procedures;
Proposing and contributing to the implementation of the best procedures;
Monitoring and optimising business performance;
Minimising errors, fraud or undue use of company assets;
Ensuring the accuracy of the financial and operational information communicated to the Board of Directors of the Media Capital Group;
Standardising criteria, policies and operational and accounting procedures..

54. Risk control, evaluation, identification and management process.

Media Capital Group has ensured the implementation of mechanism that allow to (i) identify the risks the Company faces; (ii) measure its financial and economic value impact; (iii) compare the risk value with risk coverage costs, when available; (iv) monitor risk and coverture mechanisms evolution.

Grupo Media Capital implemented internal control procedures in order to minimize the impact of the challenges associated with operational diversity and ensure the effectiveness and suitability of internal control procedures and mechanisms.

The risk management methodology adopted by the Media Capital Group follows the international approach adopted by COSO 2013, as defined by the Committee of Sponsorship Organizations. Within this scope, the methodology adopted consists of the following process:

Internal and external risks likely to have a significant impact on the Group's strategic goals are identified and prioritised;
Risk Managers responsible for assessing relevant risks are identified and approved;
Meetings with the operations managers responsible for managing each risk are held in order to identify risk factors and events likely to affect the operations and business of Media Capital, as well as identify control processes and mechanisms;
Additionally, the impact and likelihood of occurrence of each risk factor are measured and the need for a response (avoid, control, accept or transfer) determined according to the level of exposure or residual risk;
The risk mitigation measures defined in the previous stage are monitored, as well as exposure to critical risks. New risk factors are also identified. This stage includes the implementation of internal information and communication mechanisms for the various system components and risk alerts;
The results and information generated by the Risk Management System are used to communicate information to the market and shareholders on the critical risk factors that might affect Media Capital's business.

55. Key elements of the internal control and risk management systems, in relation to the financial reporting process

Financial reporting is monitored by the Board of Directors and the Audit Committee, as exposed in the Regulation of the Board of Directors. The documents are prepared based on the information available by the business units and corporate services and approved by the Board of Directors and the Audit Committee before submission to the supervisory board.

The process of closing accounts and disclosing financial information considers the risk assessment carried out by the company, being completed by the correct design and effectiveness of the internal control system associated with this cycle, namely with respect to deadlines, requirements and financial reporting obligations . Tasks, responsibilities and events are also defined and communicated among the persons involved, in order to prepair all the documentation. The approval of this report includes the adequate review of accounting policies, considering relevant or unusual transactions, always identifying which disclosures are necessary to include in the financial statements, in addition to documentation for transactions that require judgment or estimates, by discriminating the method calculations, assumptions and other information considered there. The levels of approval of all operations are defined and documented according to their materiality and to the competences of the persons involved.

Additionally, the Board of Directors supervises this whole process, monitoring the recommendations made by internal or external audits, as well as compliance with all relevant external regulations. In addition to these procedures, it ensures that periodic reconciliations and reviews of transactions are carried out by the parties involved in the Group's various areas of activity, in order to identify new operations and thus ensuring their appropriate treatment.

IV. Investor Relations

56. Investor Relations

The Company ensures the existence of an Investor Relations Department whose goals are to streamline and optimise communications with financial markets in general, and with investors (current and potential) and financial analysts in particular.

Under the terms and for the purposes of point 4 of article 233 of the Portuguese Securities Code, Media Capital has appointed Mafalda Ordonhas Pais to the position of Investor Relations Officer. In this sense, Mafalda Ordonhas Pais is responsible for relations with the market and the Portuguese Securities Market Commission. Contact details for the Investor Relations Officer are as follows:

Address: Rua Mário Castelhano, 40, Queluz de Baixo, 2734-502 Barcarena

Telephone: + (351) 21 434 76 03 Fax: + (351) 21 434 59 01 E-mail: [email protected]

The Board of Directors of Media Capital and the Investor Relations Department are available to participate in sector and regional conferences, as well as conference calls, in addition to welcoming visits from investors and financial analysts, with a view to assisting finance brokers in interpreting the Company's financial and strategic information.

57. Market relations

Media Capital has appointed Mafalda Ordonhas Pais to the position of Market Relations Officer.

58. Information requests

Media Capital strives to ensure that all information requests received are answered shortly. 25 information requests were received in 2017, all answered in a timely manner.

V. Website

Web adress

http://www.mediacapital.pt.

60. Information about the Company

Media Capital provides relevant institutional information, in Portuguese and English, on its website, at http://www.mediacapital.pt.

61. Bylaws and regulations

Media Capital maintains all relevant information on its website: http://www.mediacapital.pt/en/p/601/bylaws-and-regulations/

62. Management, corporate bodies, market relations, investor relations

The following information is also available on the Media Capital website, in the Investors area:

News highlights;
Events calendar;
Official announcements to the market;
Quarterly and half-year results;
Notices of General Meetings and background information;
Annual Report.

63. Financial information

Financial information concerning the previous five years are available on the Company website (http://www.mediacapital.pt).

64. General meeting notice

Information on General Meetings, namely concerning the corresponding agendas, proposals presented, decisions and voting results, are also available on the Company website (http://www.mediacapital.pt).

General shareholders meeting http://www.mediacapital.pt/p/544/assembleia-geral-de-acionistas/.

D. REMUNERATION

I. Competent Committees

66. Governing Bodies appointment and Remuneration Committee

Under the terms of the Commercial Companies Code and article 17 of the Memorandum of Association, the General Meeting has appointed a Governing Body Appointment and Remuneration Committee, whose main responsibilities are as follows:

a) Presenting appointment proposals concerning members of the Board of Directors, the Audit Committee and the General Meeting Board;
b) Approving remuneration levels for each member of the aforementioned governing bodies; and
c) Reviewing the remuneration policy applicable to the aforementioned governing bodies, on an annual basis.

The Governing Body Appointment and Remuneration Committee is also responsible for evaluating the performance of the members of the Board of Directors.

The remuneration policy applicable to managing staff is defined by the Corporate Governance and Managing Staff Remuneration Committee, which is appointed by the Board of Directors and composed of members of the latter, as described in greater detail in section c) of point II. Management and Supervision, in Section B, above. Amongst other duties, the Corporate Governance and Managing Staff Remuneration Committee is responsible for submitting proposals concerning the general remuneration policy applicable to managing and executive staff, as well as the remaining employment contract conditions, to the Board of Directors.

II. Governing Body Appointment and Remuneration Committee

67. Members of the Governing Bodies appointment and remuneration committee

The Governing Body Appointment and Remuneration Committee is composed of three to five members, elected by the General Meeting.

The current members of the Governing Body Appointment and Remuneration Committee, who carried out the corresponding duties in 2017, were appointed during the 2016 Annual General Meeting, held on 7 April 2016. As at 31 December 2017, the Committee is composed of the following members:

Chairman: Ignacio Polanco Moreno;

António García-Mon Marañés;
Gregório Marañón y Bertrán de Lis.

68. Experience and knowledge of the members of the Governing Body appointment and remuneration committee

The members of the Governing Body Appointment and Remuneration Committee are senior executives with recognised experience in the market in which they carry out their professional duties, having previously assumed similar roles on other remuneration committees. The Governing Body Appointment and Remuneration Committee consists mostly of non-independent members. However, it is considered that this status does not affect their ability to exercise independent judgement.

The Governing Body Appointment and Remuneration Committee has not engaged the services of any entities in order to assist them with their functions, nor does any of its members have any relationship with the Company's consultant.

III. Remuneration Policy

69. Remuneration policy of the members of the Board of Directors and Audit Committee

The Board of Directors, the Governing Body Appointment and Remuneration Committee and the Corporate Governance and Managing Staff Remuneration Committee presented the main guidelines of a proposed remuneration policy to the shareholders during the General Meeting. This policy, to be applicable to the members of the Board of Directors and Audit Committee, as well as company managers, as understood according to point 3 of article 248-B of the Portuguese Securities Code, establishes a distinction between executive and non-executive Directors.

The remuneration and compensation policy is revised on an annual basis and submitted to the Board of Directors' approval. This policy aims to assure the commitment between the members of the Board and the Company's interests and the existence of a relationship based on trust, competence, effort and commitment, considered essential to Company performance.

The remuneration and compensation policy applicable to members of the Board of Directors and other company managers was designed having into consideration:

a) To attract and motivate the members;
b) To adequately remunerate both the work and results achieved;
c) To award value creation.

The remuneration and compensation policy applicable to members of the Board of Directors and other company managers take into account data and criteria disclosed by other Portuguese companies and groups in the same sector.

70. Information on the remuneration policy

The remuneration and compensation policy applicable to the executive members of the Board of Directors is based on a combination of fixed and variable amounts. The remuneration policy essentially intends to reward commitment and involvement in daily business, thus increasing motivation and aligning itself with long-term business goals.

In this sense, the amounts paid to the executive members of the Board of Directors of Grupo Media Capital, SGPS, S.A. include fixed and variable amounts (i) a fixed salary, set according to individual responsibilities and comprising a gross base annual salary; (ii) a variable amount, consisting of a performance bonus paid in the following year, based on specific criteria and calculated according to a professional performance formula defined by the competent commission for the year in question.

Annually, the commission establishes a maximum amount for the variable remuneration, fixing and identifying the criteria and circumstances that determine the amounts. The nature of the economic indicators and their weigh for the purpose of calculating the performance formula, ensure that the interests of the executive members are aligned with the interests of the Company, with a portion being indexed to the effective performance of the Company, discouraging excessive risk-taking.

Executive Directors also benefit from non-cash benefits, namely health and life insurance, also available for all Company employees.

Non-executive Independent Directors earn a fixed and regular salary. The remuneration of the President of the Board of Directors differs from the rest, according to the position and market practices.

Remuneration policy of non-executive members of the board does not include variable amounts since their functions in the Board of Directors are based on their wide professional experience and valuable know-how. These members's remuneration does not depend on the Company's performance.

Non-independent non-executive Directors resigned the remuneration allocated to them in 2017.

The salaries of the members of the Board of Directors are paid on a monthly basis, in equal and successive payments, and are described in the Corporate Governance report.

AUDIT COMMITTEE AND STATUTORY AUDITOR

Once the Audit Committee is composed by non-executive members of the Board of Directors, and these members are remunerated according to their position in the Company, there is no extra payment regarding their function in the Audit Committee.

The fees paid to the Statutory Auditor are set based on market information concerning similar services. Fees are negotiated annually and supervised by the Audit Committee.

MANAGERS

According to point 3 of article 248-B of the Portuguese Securities Code, managers are all employees who have regular access to privileged information and participate in decision-making processes concerning Company management and business strategies, such as the members of the Committees.

The Corporate Governance and Managing Staff Remuneration Committee reviews the remuneration policy applicable to managers on an annual basis.

The amounts paid to managers include a fixed salary and a variable amount. The variable amount consists of a performance bonus paid in the following year, based on specific criteria, which are defined and reviewed annually, and calculated according to a professional performance formula defined for the year in question by the Corporate Governance and Managing Staff Remuneration Committee, after results for the previous year have been calculated. The remuneration is aligned with economic context.

Variable amounts

Annually, the Company sets the maximum potential amount of the variable remuneration component, the latter only applicable to the executive members of the Board of Directors. The criteria and the circumstances under which these maximum amounts may be due, which are indexed to the performance, based on objective economic criteria defined by application of a professional performance formula defined by the Nominating and Compensation Committee of the Corporate Bodies.

72. Deferred payment of variable amounts

Variable amount consists of a performance bonus paid in the following year.

73. Share allocation plan

The Company has not implemented any share allocation plans to members of the Board of Directors or the Audit Committee, or to other Company managers.

74. Stock option plans

The Company has not implemented any stock option plans to members of the Board of Directors or the Audit Committee, or to other Company managers.

75. Non-cash benefit systems

The Company has not implemented any non-cash benefit systems for the members of the Board of Directors.

76. Pension or early retirement schemes

Additionally, the Company has not implemented any pension schemes or early retirement schemes aimed at Directors.

IV. Remuneration Disclosure

77. Amounts paid to the members of the Board of Directors

The amounts paid to the members of the Board of Directors of the Media Capital Group, both executive and non-executive, over the year ending on 31 December 2017, totalled 887,974.84 euros.

The CEO is paid by Media Capital Group companies. The following amounts were paid in 2017:

CEO Fixed remuneration (€) Variable remuneration (€)

Rosa Cullell Euro 375.000,00 Euro 242.975,00

The following amounts were paid to non-executive Directors in 2017 (corresponding exclusively to fixed salaries):

Miguel Pais do Amaral	Euro 149.999,96
Agnés Noguera Borel	Euro 39.999,96
António Pires de Lima	Euro 39.999,96
Jose Luis Sáinz * (1)	--------------------
Manuel Mirat *	--------------------
Manuel Polanco*	--------------------
Maria Del Pilar Del Rio	Euro 39.999,96

Total	Euro 269.999,84

* Non paid Directors (1) Ceased functions on October 19, 2017

The remuneration of the non-executive members is paid by the Company.

78. Amounts paid by other companies

The executive member of the Board of Directors is fully paid by the Company and its subsidiaries.

79. Dividends or other bonuses

No dividends and/or bonuses other than those included in the aforementioned variable amounts were paid by the Company.

80. Compensations

No compensation amounts were paid in 2017 to former Directors upon cessation of their functions.

81. Amounts paid to the members of the Audit Committee and Statutory Auditor

Audit Committee members are paid as members of the Board of Directors.

The fees paid to the Statutory Auditor are set based on market information concerning similar services. Fees are negotiated annually and supervised by the Audit Committee. The amounts paid are described in point 47 of the present Report.

82. Amount paid to the President of the General Meeting Board

The members of the General Meeting Board earn fixed amounts.

In 2017, the members of the General Meeting Board were remunerated for their attendance and participation in the General Meeting of Media Capital, which took place on April 6, 2017. The

members of the General Meeting Board and the Vice-President of General Meeting Board were paid 1.500.00 and 750.00 euros, respectively.

V. Compensation Agreements

83. Compensation payments upon dismissal of any member of the Board of Directors

No compensation payments are foreseen, irrespective of their nature, upon dismissal of any member of the Board of Directors during their term, except in case of unfair dismissal of the CEO, in accordance with the agreements signed within the scope of the corresponding professional relationship with the Media Capital Group.

84. Compensation payments in case of resignation or unfair dismissal following a change of control

No agreements have been signed between the Company and Directors and/or managers whose clauses determine the payment of any compensation in case of resignation or unfair dismissal following a change of control, except for the case of termination of duties of its CEO following a change of control of the Company.

None of the members of the Board has celebrated any agreement intending to mitigate risks affecting the respective remuneration fixed by the Company.

VI. Share Allocation Plans and/or Stock Options

85. Identification of the plan

The Company has not implemented any share allocation plans, nor has it granted stock options or paid any bonuses based on share price variation to members of the Board of Directors or the Audit Committee, or to other Company managers, since 2007. Moreover, the Company has not implemented any pension schemes applicable to members of the Board of Directors or Audit Committee, or to other Company managers; accordingly, these issues were not discussed at the General Meeting.

86. Characterization of the plan

Not applicable.

87. Stock options

Not applicable.

88. Employee share schemes

Media Capital has not implemented any employee share schemes. Accordingly, no control policies concerning this issue are required.

E. TRANSACTIONS WITH STAKEHOLDERS

I. Control Mechanisms and Procedures

89. Control mechanisms in transactions with stakeholders

According to the Regulations issued by the Board of Directors, transactions with stakeholders shall be subject to prior approval by the Board of Directors. Approval shall be based on the opinion of the Audit Committee, which shall be responsible for evaluating the transaction in question, considering current market conditions.

90. Control mechanisms concerning transactions

In 2017 the Audit Committee evaluated all transactions celebrated with stakeholders and relevant shareholders, and determined the relevant criteria according to the applicable regulation (art 23º and 31º of the regulation).

91. Procedures regarding the intervention of the audit committee

In line with the recommendations regarding the good governance of listed companies, the Audit Committee established the economic criteria as essential criteria for defining the relevant level of significance of the business with shareholders holding qualified participation. The Audit Committee therefore evaluates all transactions with significant shareholders and related parties, in compliance with the provisions of the Regulations of the Board of Directors, reserving for itself the issuance of an opinion prior to the conclusion of significant business.

II. Transaction Information

92. Information on transactions with stakeholders

Information on transactions with stakeholders, produced according to the requirements of the IAS 24, is included in Note 29 of the Annex to consolidated financial statements.

PART II - CORPORATE GOVERNANCE EVALUATION

As a listed company governed by Portuguese law and issuer of shares traded on NYSE Euronext Lisbon, a regulated stock exchange, Media Capital follows the recommendations issued by the CMVM in its 2013 Corporate Governance Code, available on the CMVM website.

Promotora de Informaciones, SA ("PRISA"), which, through its subsidiary Vertix, SGPS, SA, currently holds more than 90% (ninety percent) of the share capital of Media Capital, issued during 2010 "American Depository Shares", which were listed on the New York Stock Exchange and whose withdrawal from trading occurred in the second half of 2014.

Regarding matters specifically related to Corporate Governance, in order to fully comply with those applicable legal and regulatory provisions, the internal practices and procedures adopted were reviewed and harmonized.

Media Capital also follows a Conduct Code since 2011, which establishes a series of regulations aimed at ensuring transparency and compliance with Good Corporate Governance Practice, which must be observed by all Prisa Group companies, including the Media Capital Group.

Recommendation / Section	Compliance	Report Information
I. VOTING AND COMPANY CONTROL
I.1. Companies should encourage their shareholders to participate and vote in General Meetings, namely by ensuring that the number of shares corresponding to one vote is not excessively high and by implementing the required means to allow mail and online voting.	Complies Partly The Company adopted all the necessary means to implement electronic vote	Part I, Section B I. General Meeting b) Exercising of Voting Rights
I.2 Companies should not adopt mechanisms likely to hinder the reaching of decisions by their shareholders, namely the setting of stricter quorum requirements than those defined by law.	Complies	Part I, Section B I. General Meeting b) Exercising of Voting Rights
I.3. Companies should not implement mechanisms that will lead to imbalances between voting rights and the right to receive dividends or subscribe new securities, unless such mechanisms are deemed to serve the interests of shareholders in the long run.	Complies	Part I, Section B I. General Meeting b) Exercising of Voting Rights
I.4 When the articles of association of a company determine the imposition of limits concerning the number of votes held or exercised by a single shareholder, individually or in association with others, the same articles of association should stipulate that the maintenance or elimination of this statutory provision should be subject to vote by the General Meeting at least every five years – without stricter quorum requirements than those defined by law – and that all votes cast for this purpose must be counted, without considering any such limits.	Not aplicable	Part I, Section B I. General Meeting b) Exercising of Voting Rights
I.5 No measures aimed at demanding payments or the assuming of any obligations by the Company in case of change of control or changes to the composition of the Board of Directors, which might have an impact on share transfers or the independent evaluation of the Board of Directors' performance by shareholders, should be adopted.	Does not comply The Company celebrated financial agreements that demand the possibility of anticipated payment in case of change of control	Part I, Section A I. Capital Structure
II. MANAGEMENT AND SUPERVISION
II.1 Management and Supervision
II.1.1. Within the limits defined by law and unless this is not feasible due to company size, the Board of Directors should delegate daily company management on an appointed CEO, in which case delegated powers should be listed in the Corporate Governance Report.	Complies	Part I, Section B II. a) Composition
II.1.2. The Board of Directors should ensure that company business is undertaken according to its goals, namely by ensuring that the following powers are not delegated: (i) definition of company strategies and general policies; (ii)	Complies	Part I, Section B II. a) Composition

Recommendation / Section	Compliance	Report Information
definition of the group's business structure; (iii) reaching strategic decisions for which the Board of Directors as a whole should be responsible, owing to the amounts, risks or special characteristics involved.
II.1.3. In addition to company supervision, the General and Supervisory Board should assume full responsibility in all matters related to company management. Accordingly, it should be ensured, by means of statutory or equivalent provisions, that this Board participates in the definition of company strategies and general policies, definition of the group's business structure and reaching of decisions deemed strategic, owing to the amounts, risks or special characteristics involved. Additionally, this Board should also evaluate compliance with the company's strategic plan and main policies.	Not applicable given the Corporate Governance model adopted by the Company.
II.1.4. Unless this is not feasible due to company size, the Board of Directors and the General and Supervisory Board, depending on the model adopted, should create all required committees to ensuring the following:
a) Ensuring that the performance of executive directors, as well as its own global performance and that of the various committees, are evaluated in a competent and independent manner;	Complies	Part I, Section B II. c) Governing and Supervisory Committees
b) Ensuring suitable reflection on the governance structure and practices adopted, by monitoring their effectiveness and proposing suitable improvement measures to the competent bodies.
II.1.5. The Board of Directors or the General and Supervisory Board, depending on the model adopted, should set goals concerning assumed risks and create risk control systems, in order to ensure that the risks to which the company is effectively exposed are in line with the goals defined.	Complies	Part I, Section C III. Internal Control and Risk Management
II.1.6. The number of non-executive members of the Board of Directors should be sufficient to ensure the effective monitoring, supervision and evaluation of the activities undertaken by the remaining members.	Complies	Part I, Section B II. b) Operation
II.1.7. Independent directors should represent an adequate percentage of non-executive directors, considering the governance model adopted, company size, the shareholding structure and the corresponding free float.
The independence of General and Supervisory Board and Audit Committee members is ascertained based on the applicable legislation. Concerning the remaining members of the Board of Directors, a director qualifies as independent when not associated with any specific group within the company and when their exercise of independent judgment is not likely to be compromised by any particular circumstances, namely the following:	Complies	Part I, Section B II. a) Composition
a. To have been a company employee, or an employee of a controlling or group company, within the last three years; b. To have provided services or established a significant business relationship with the company, or with a

Recommendation / Section	Compliance	Report Information
controlling or group company, either directly or as a partner, director or manager;
c. To receive any remuneration from the company, or from any controlling or group company, other than the due remuneration for the corresponding functions as a director;
d. To be the spouse, common-law partner or a relative, down to the third degree and including collateral lines, of any director or any individual who directly or indirectly holds a qualifying share;
e. To hold or represent a holder of a qualifying share.
II.1.8. Executive directors shall be required to provide all information required by the remaining members of the governing bodies, in a timely manner.	Complies	Part I, Section B II. b) Operation
II.1.9. The Chairman of the Executive Board or Executive Committee shall be required to send the notices and minutes of all meetings to the Chairman of the Board of Directors, the Chairman of the Supervisory Board, the Chairman of the Audit Committee, the Chairman of the General and Supervisory Board and the Chairman of the Financial Committee, as applicable.	Not applicable given the Corporate Governance model adopted by the Company.
II.1.10. Should the Chairman of the Board of Directors carry out executive duties, the Board of Directors shall be required to appoint an independent director, selected amongst its members, to ensure coordination with non executive directors and establish the required conditions for the latter to reach decisions in an independent and informed manner, or to implement an equivalent mechanism to ensure the aforementioned coordination.	Not applicable The Chairman of the Board of Directors does not carry out executive duties.	Part I, Section B II. a) Composition
II.2 Supervision
II.2.1. The Chairman of the Audit Board, Audit Committee or Financial Committee, depending on the model adopted, should be independent, according to the applicable legislation, and possess the necessary skills to carry out the corresponding duties.	Complies	Part I, Section B III. c) Competences and Duties
II.2.2. The Audit Committee shall be required to liaise with the external auditor and to be the primary recipient of all reports produced by the latter, in addition to being responsible for proposing the corresponding remuneration and ensuring that the necessary conditions for the provision of audit services are provided by the Company.	Complies	Part I, Section B III. c) Competences and Duties
II.2.3. The Audit Committee shall be required to evaluate the external auditor on an annual basis and to propose their dismissal or termination of the corresponding service provision agreement to the competent body, whenever justified.	Complies	Part I, Section B V. External Auditor
II.2.4. The Audit Committee shall be required to evaluate the effectiveness of internal control and risk management systems and suggest changes, if required.	Complies	Part I, Section B III. c) Competences and Duties

Recommendation / Section	Compliance	Report Information
II.2.5. The Audit Committee, the General and Supervisory Board and the Audit Board shall be required to voice their opinion concerning audit plans and resources allocated to internal audit and compliance services, and shall be the recipients of reports produced by these services, at least when accounts, resolution of conflicts of interest or actions flagged as potentially illicit are involved.	Complies	Part I, Section B III. c) Competences and Duties
II.3 Remuneration Policy
II.3.1. All members of the Remuneration Committee, or an equivalent body, should qualify as independent with regard to executive directors. Additionally, the Remuneration Committee must include at least one member with experience and knowledge of remuneration issues.	Complies partly The Remuneration Committee is mostly composed of non independent members. The Company considers that this situation does not affect their exemption.	Part I, Section D II. Governing Body Appointment and Remuneration Committee
II.3.2. No individual or company that provides or has provided services to the Board of Directors or any corporate body controlled by the latter within the last three years, or that currently has a relationship with the company or a company consultant, should be appointed to assist the Remuneration Committee in the carrying out of its duties. This recommendation also applies to any individual or company related to the aforementioned parties through an employment contract or service provision agreement.	Complies	Part I, Section D II. Governing Body Appointment and Remuneration Committee
II.3.3. The declaration on the remuneration policy applicable to the Board of Directors and Audit Committee to which article 2 of Law 28/2009, of 19 June, refers, should also include the following information: a) Identification and explanation of the criteria used to determine the amounts paid to members of governing bodies; b) Information on the maximum amounts payable to members of governing bodies, individually and globally, and identification of the circumstances under which such amounts might be paid; d) Information concerning whether or not compensation payments upon resignation or dismissal are required.	Complies partly	Part I, Section D III. Remuneration Policy
II.3.4. Proposals concerning share allocation plans and/or stock options based on share price variation, aimed at members of governing bodies, must be submitted to the General Meeting. Proposals must include all required information for suitable evaluation.	Not applicable The Company has not implemented any share allocation plans	Part I, Section D VI. Share Allocation Plans and/or Stock Options
II.3.5. Proposals concerning pension schemes applicable to members of governing bodies must be submitted to the General Meeting. Proposals must include all required information for suitable evaluation.	Not applicable The Company has not implemented any pension schemes.	Part I, Section D III. Remuneration Policy
III. REMUNERATION

Recommendation / Section	Compliance	Report Information
III.1. The amounts paid to executive members of the Board of Directors should be based on effective performance; assuming of excessive levels of risk should be discouraged.	Complies	Part I, Section D III. Remuneration Policy
III.2. The amounts paid to non-executive members of the Board of Directors and members of the Audit Committee should not include any component based on company performance or value.	Complies	Part I, Section D III. Remuneration Policy
III.3. Variable remuneration should be reasonable with regard to fixed salaries and upper limits should be set for all amounts paid.	Complies	Part I, Section D III. Remuneration Policy
III.4. Payment of a significant part of variable amounts should be deferred for at least three years and depend on the good performance of the company over that period.	Does not comply Variable amounts are paid in the year following that to which they refer.	Part I, Section D III. Remuneration Policy
III.5. The members of the Board of Directors must not sign any agreements with the company or any third parties for the purpose of mitigating the risks associated with variable remuneration, as set by the company.	Complies	Part I, Section D V. Compensation Agreements
III.6. Executive Directors shall be required to hold company shares received as a result of variable remuneration plans until the end of their term, up to a limit corresponding to twice their total annual remuneration, except when selling is required in order to pay tax on income from the shares in question.	Not applicable The Company has not implemented any share allocation plans.	Part I, Section D VI. Share Allocation Plans and/or Stock Options
III.7. When variable remuneration includes stock options, the exercise period should be deferred for at least three years.	Not applicable The Company has not implemented any share allocation plans	Part I, Section D VI. Share Allocation Plans and/or Stock Options
III.8. The company should ensure the existence of suitable legal instruments so that no compensation amounts greater than those defined by law can be demanded whenever a Director is dismissed as a result or inadequate performance, even if no serious breach of duty or inability to carry out their duties is at stake.	Complies	Part I, Section D. V. Compensation Agreements
IV. AUDIT
IV.1. The external auditor shall be required, within the scope of the corresponding competences, to monitor the remuneration policy and plans applicable to governing bodies, evaluate the effectiveness of internal control mechanisms and report any deficiencies to the Audit Committee.	Complies	Part I, Section B V. External Auditor
IV.2. Audit services should be the only services provided to the company, or to any controlling company, by the external auditor or any other company in the same group or network. If a valid reason exists for contracting out any other services – which must be approved by the Audit Committee and	Complies	Part I, Section B V. External Auditor

Recommendation / Section	Compliance	Report Information
described in the Annual Corporate Governance Report –, the value of the latter must not represent more than 30% of the total value of services provided to the Company.
IV.3. Companies should replace the external auditor after two to three terms, depending on whether each term corresponds to four or three years, respectively. Any decision to maintain the external auditor beyond this period must be based on a specific opinion issued by the Audit Committee, resulting from careful consideration of the advantages and costs of their replacement and analysis of their independence.	Complies	Part I, Section B V. External Auditor
V. TRANSACTIONS WITH STAKEHOLDERS
V.1. Transactions with holders of qualifying shares or related entities, as defined in article 20 of the Portuguese Securities Code, must be performed under normal market conditions.	Complies	Part I, Section E I. Control Mechanisms and Procedures
V.2. The Audit Committee shall be required to establish the required procedures and criteria to identify significant transactions with holders of qualifying shares – or related entities, as defined in point 1 of article 20 of the Portuguese Securities Code –, whose carrying out will depend on their prior approval.	Complies	Part I, Section E I. Control Mechanisms and Procedures
VI. INFORMATION
VI.1. Companies shall be required to provide information on their business and current economic, financial and governance situation, in Portuguese and English, on their websites.	Complies	Part I, Section C V. Website
VI.2. Companies should strive to maintain permanent contact with the market through an Investor Relations Department able to respond to requests from investors in a timely manner. A record of requests and their processing should be kept.	Complies	Part I, Section C IV. Investor Relations

ANNEX

Curricula

Miguel Maria De Sá Pais Do Amaral

President of the Board of Directors of Media Capital Group.

Miguel Pais do Amaral studied engineering at Instituto Superior Técnico in Lisbon and a got a MBA degree by INSEAD. Between 1991 and 1998 he was Chairman of SOCI, SA, Manager of Euroknights, Director of Compagnie Generale des Eaux and Chairman of Diana SA. In 1995, Miguel Pais do Amaral founded the Media Capital group, which became the leading media company in Portugal, involved in television broadcasting and production, outdoors, internet, radio, musical production and film production. From 2007 onwards, he has invested in different business sectors such as book publishing and education, information technologies, natural resources and renewable energies, finance and real estate. President of the Media Capital Board of Directors since 16 March 2011, he was re-elected for the mandate 2016/2019.

He is also part of the following companies:

NOT PART OF GRUPO MEDIA CAPITAL
AHS INVESTIMENTOS. SGPS SA	CHAIRMAN
AGEIRIDGE - COMPRA E VENDA DE IMÓVEIS, LDA	MANAGER
AGEIRON - COMPRA E VENDA DE IMÓVEIS, LDA	MANAGER
ALFACOMPETIÇÃO - AUTOMÓVEIS E CAVALOS DE COMPETIÇÃO, SA	CHAIRMAN
ASK4GREEN, LDA.	MANAGER
BIOBRAX - ENERGIAS RENOVÁVEIS PORTUGAL, LDA.	CHAIRMAN
COMPANHIA DAS QUINTAS SGPS, SA	CHAIRMAN
COURICAL HOLDING, S.A.	SOLE DIRECTOR
DIANA - SOCIEDADE DE PROMOÇÃO E INVESTIMENTOS IMOBILIARIOS, LDA.	MANAGER
DREAMS CORNER, LDA.	MANAGER
EDGE BROKERS, LDA	MANAGER
EDGE CAPITAL SGPS, S.A.	CHAIRMAN
EDGE INTERNATIONAL HOLDINGS – SGPS, SA	CHAIRMAN
EDGE PROPERTIES SGPS, SA	CHAIRMAN
EDGE RM, LDA	MANAGER
EDGE SVCS, LDA	MANAGER
EDGE VS PRESTAÇÃO DE SERVIÇOS, LDA	MANAGER
GLB EDITORIAL, LDA	MANAGER
GLBR SGPS, SA	CHAIRMAN
GLOBAL PUBLISHING GROUP BV	DIRECTOR
GREYPART SGPS, SA	DIRECTOR
HEMERA ENERGÍAS RENOVABLES ESPAÑA, SLU	CHAIRMAN
HENERGY - ENERGIAS RENOVÁVEIS, LDA.	MANAGER
IXILU - COMPRA E VENDA DE IMÓVEIS, LDA.	MANAGER
LANIFOS - SOCIEDADE DE FINANCIAMENTOS, LDA.	MANAGER
LEYA GLOBAL SA	CHAIRMAN

NEUTRIPROMO - COMPRA E VENDA DE IMÓVEIS, LDA	MANAGER
PARTBLEU SGPS, SA	DIRECTOR
PHILLIPS PARK INVESTMENT CORPORATION	DIRECTOR
PHILLIPS PARK LLC	DIRECTOR
POLISTOCK - SOCIEDADE AGRO-PECUÁRIA UNIPESSOAL LDA.	MANAGER
QIH SA	CHAIRMAN
QUIFEL NATURAL RESOURCES SA	CHAIRMAN
QUIFEL NATURAL RESOURCES SGPS SA	DIRECTOR
QUINTA DA FRONTEIRA SA	CHAIRMAN
QUINTA DE PANCAS VINHOS SA	CHAIRMAN
SITUAVOX , LDA.	MANAGER
SOCIEDADE AGRO-FLORESTAL SERRA DA POUSADA LDA.	MANAGER
TOPBUILDING - INVESTIMENTOS IMOBILIÁRIOS SA	CHAIRMAN
UKSA PORTUGAL, S.A.	CHAIRMAN

On 31 December 2017, 55.683 shares and voting rights in Grupo Media Capital SGPS, SA are attributable, by virtue of the ownership of the company AHS Investimentos, SGPS, S.A. which is owned directly by Mr. Eng. Miguel Pais do Amaral, a company of which he is also Chairman of the Board of Directors.

Rosa Maria Cullell Muniesa

CEO of Grupo Media Capital

With a degree in Information Sciences by Universidade Autonoma de Barcelona and a diploma in Top Management by IESE Business School, initiated her career as a journalist in Mundo Diário. Was correspondent for a newspaper in London, were she worked to BBC (external services). She was then coordinator of multicultural contents and emigrant support in Perth (Western Australia), working for the Ministery of Immigration. When returning to Spain, she joined TVE-Catalunya and became economy journalist in El Pais, first in Barcelona, then in Madrid. From 1989 to 2002 she was part of the La Caixa directive team, becoming also member of the board. She was also CEO of Editora Grup 62 a participated company of La Caixa. In February 2005 she was appointed general manager of Gran Teatre de Liceu and between 2008 and 2010 she became general manager of Corporacion Catalana de Medios Audiovisuales (TV3). Was member of the board of directors of Panrico, Carrefour, Hidroelectrica de Cantabrico, Telefonica de Catalunya, Telefonica de Sao Paolo e Fecsa-Endesa. She is a member of the editorial committee of El País. In 2011, wrote the romance "El major lugar del mundo". She was appointed CEO of Media Capital on July 13 2011, for the mandate 2008/2011 and was re-elected for the mandate 2016/2019.

GRUPO MEDIA CAPITAL
MEGLO – MEDIA GLOBAL, SGPS, SA	CHAIRMAN
MEDIA CAPITAL – SERVIÇOS DE CONSULTORIA E GESTÃO, SA	CHAIRMAN
MEDIA CAPITAL DIGITAL, SA	CHAIRMAN
IOL NEGÓCIOS – SERVIÇOS DE INTERNET, SA	CHAIRMAN
MCR II – MEDIA CAPITAL RÁDIOS, SA	CHAIRMAN
RÁDIO COMERCIAL, SA	CHAIRMAN
R. CIDADE – PRODUÇÕES AUDIOVISUAIS, SA	CHAIRMAN
RÁDIO REGIONAL DE LISBOA – EMISSÕES DE RADIODIFUSÃO, SA	CHAIRMAN

She is also part of the following companies:

RÁDIO XXI, LDA.	CHAIRMAN
RÁDIO LITORAL CENTRO - EMPRESA DE RADIODIFUSÃO, LDA.	MANAGER
RÁDIO NACIONAL - EMISSÕES DE RADIODIFUSÃO, UNIPESSOAL, LDA.	MANAGER
FLOR DO ÉTER - RADIODIFUSÃO, LDA.	MANAGER
DRUMS - COMUNICAÇÕES SONORAS, UNIPESSOAL, LDA.	MANAGER
RÁDIO VOZ DE ALCANENA (RVA), LDA.	MANAGER
MCME – MÉDIA CAPITAL MÚSICA E ENTRETENIMENTO, SA	MANAGER
MEDIA CAPITAL ENTERTAINMENT – PRODUÇÃO DE EVENTOS, LDA.	CHAIRMAN
FAROL MÚSICA – SOCIEDADE DE PRODUÇÃO E EDIÇÃO AUDIOVISUAL,	MANAGER
LDA.
CLMC – MULTIMEDIA, UNIPESSOAL, LDA	CHAIRMAN
TVI – TELEVISÃO INDEPENDENTE, SA	CHAIRMAN
MCP – MEDIA CAPITAL PRODUÇÕES, SA	CEO
PLURAL ENTERTAINMENT PORTUGAL, SA	DIRECTOR
PLURAL ENTERTAINMENT ESPAÑA, LDA	DIRECTOR
TESELA PRODUCCIONES AUDIOVISUALES, LDA	DIRECTOR
EMAV – EMPRESA DE MEIOS AUDIOVISUAIS, LDA.	DIRECTOR
EPC – EMPRESA PORTUGUESA DE CENÁRIOS, LDA.	MANAGER
CASA DA CRIAÇÃO – ARGUMENTOS PARA AUDIOVISUAL, LDA.	MANAGER
RÁDIO SABUGAL – RADIODIFUSÃO E PUBLICIDADE, LDA.	MANAGER
RÁDIO MANTEIGAS – RÁDIODIFUSÃO, LDA.	MANAGER
PENALVA DO CASTELHO FM – RADIODIFUSÃO E PUBLICIDADE, LDª	MANAGER
MOLICEIRO – COMUNICAÇÃO SOCIAL, UNIPESSOAL,LDA.	MANAGER
NOTIMAIA – PUBLICAÇÕES E COMUNICAÇÃO, UNIPESSOAL, LDA.	MANAGER
RÁDIO CONCELHO DE CANTANHEDE, UNIPESSOAL, LDA.	MANAGER
SIRPA – SOCIEDADE DE IMPRENSA RÁDIO PARALELO, LDA.	MANAGER
CÔCO – COMPANHIA DE COMUNICAÇÃO, UNIPESSOAL, LDA	CHAIRMAN
PRC – PRODUÇÕES RADIOFÓNICAS DE COIMBRA, LDA.	MANAGER
POLIMEDIA – PUBLICIDADES E PUBLICAÇÕES, LDA.	MANAGER
R2000 – COMUNICAÇÃO SOCIAL, LDA.	MANAGER
LEIRIMEDIA – PRODUÇÕES E PUBLICIDADE, LDA.	MANAGER
R.C. – EMPRESA DE RADIODIFUSÃO, LDA.	MANAGER
NOT PART OF GRUPO MEDIA CAPITAL
VERTIX, SGPS, SA	DIRECTOR

On 31 December 2017, she held no shares or voting rights in Grupo Media Capital SGPS, SA.

Agnés Noguera Borel

Member of the Board of Directors. Graduated in Law and History of Art from the University of Valencia-Estudi General and in Gemology from the University of Barcelona. She is a Financial Analyst (member of the Spanish Institute of Financial Analysts). Throughout her professional career she held positions in numerous companies of different sectors. She has been CEO of Libertas 7, SA since 2004 and is a member of the Board of Directors of Adolfo Domínguez (representing Luxury Liberty). She was appointed as member of the Board of Directors on April 7, 2016, for the 2016/2019 mandate.

She is also part of the following companies:

NOT PART OF GRUPO MEDIA CAPITAL
LIBERTAS7, S.A.	CEO
ADOLFO DOMINGUEZ	DIRECTOR

On 31 December 2017, she held no shares or voting rights in Grupo Media Capital SGPS, SA.

António de Magalhães Pires de Lima

Member of the Board of Directors. Graduated in Economics from Universidade Católica Portuguesa in 1984, he completed an MBA in 1986 at IESE (Barcelona) and holds an AMP from INSEAD - Fontainebleau. Former Minister of Economy of the XIX Government of Portugal, he has had a consolidated career since 1986, including, among other positions, Executive Chairman of UNICER Bebidas de Portugal SA from 2006 to 2013, Executive President of NUTRINVESTE / COMPAL from 1993 to 2005 and President Of EPIS-Entrepreneurs for Social Inclusion from 2009 to 2019, among other national and international companies. Was appointed as member of the Board of Directors on April 7, 2016, for the 2016/2019 mandate.

He is also part of the following companies:

NOT PART OF GRUPO MEDIA CAPITAL
SERRALVES FUNDAÇÃO	DIRECTOR
BEST ANCHOR CAPITAL E SERVIÇOS, LDA	MANAGER

On 31 December 2017, he held no shares or voting rights in Grupo Media Capital SGPS, SA.

Manuel Mirat Santiago

member of the Board of Directors. Graduated in Law and has two degrees obtained at IESE, the Senior Management Program (PADE) and the Management Development Program (PDD). Mr. Mirat began his professional career at Arthur Andersen and in 1997 he was hired by PRISA, where he occupied various positions, including chief financial officer. In 2004, he was appointed executive director of PRISACOM to lead the digital development of the Group, leading the transformation projects of different brands: El País, Cadena SER, 40 Principales, As e Cinco Días. In March 2009, he was appointed General Director of Operations of Sogecable and, in December of that same year, he was nominated General Director of CANAL +, being in charge of sales and marketing, as well as the development of new businesses. In 2014, he was appointed executive director of EL PAÍS and PRISA Notícias. He has been Director of PRISA since June 2017 and is, since September 2017, its CEO. He was elected by co-optation in October 19, 2017, for the 2016/2019 mandate.

NOT PART OF GRUPO MEDIA CAPITAL
PROMOTORA DE INFORMACIONES, SA	CEO
AGRUPACION DE SERVICIOS DE INTERNET Y PRENSA, SLU.	REPRESENTS EL PAIS AS ITS
	DIRECTOR
DIARIO EL PAIS SLU	CEO
EDICIONES EL PAIS SL	REPRESENTS EL PAIS AS ITS
	DIRECTOR
PRISA EVENTOS, S.L	REPRESENTS PRISA NOTICIAS SLU AS
	ITS DIRECTOR
PRISA NOTICIAS, S.L U.	CHAIRMAN

He is also part of the following companies:

NOTICIAS AS MEXICO, S.A. DE C.V.	DIRECTOR
DIARIO AS, S.L.	CHAIRMAN AND CEO
ESPACIO DIGITAL EDITORIAL, S.L. SOCIEDADE UNIPERSONAL	REPRESENTS PRISA NOTICIAS SLU AS
	ITS DIRECTOR
ESTRUCTURA GRUPO DE ESTUDIOS ECONOMICOS, S.A.	REPRESENTS GRUPO DE MEDIOS
	IMPRESOS Y DIGITALES, S.L.
	SOCIEDAD UNIPERSONAL AS ITS
	DIRECTOR
DIARIO AS COLOMBIA, S.A.S.	DIRECTOR
GRUPO DE MEDIOS IMPRESOS Y DIGITALES, S.L. SOCIEDAD	REPRESENTS PRISA NOTICIAS S.L.U.
UNIPERSONAL	AS ITS SOLE DIRECTOR
MERISTATION MAGAZINE, SL	REPRESENTS PROMOTORA GENERAL
	DE REVISTAS, SA AS ITS SOLE
	DIRECTOR
PROMOTORA GENERAL DE REVISTAS, SA	REPRESENTS GRUPO DE MEDIOS
	IMPRESOS Y DIGITALES, S.L.
	SOCIEDAD UNIPERSONAL AS ITS SOLE
	DIRECTOR
PRISA PRODUCCIONES DE VIDEO, S.L U.	REPRESENTS PRISA AUDIOVISUAL SA
	AS ITS SOLE DIRECTOR
PRISA TECNOLOGIA, S.L U.	REPRESENTS PROMOTORA DE
	INFORMACIONES SA AS ITS SOLE
	DIRECTOR
BIDASOA PRESS, S.L. SOCIEDAD UNIPERSONAL	REPRESENTS PRISAPRINT, S.L.
	UNIPERSONAL AS ITS SOLE DIRECTOR
DISTRIBUICIONES ALIADAS, S.A. SOCIEDAD UNIPERSONAL	REPRESENTS PRISAPRINT, S.L.
	UNIPERSONAL AS ITS SOLE DIRECTOR
NORPRENSA S.A. SOCIEDAD UNIPERSONAL	REPRESENTS PRISAPRINT, S.L.
	UNIPERSONAL AS ITS SOLE DIRECTOR
PRISAPRINT, S.L. UNIPERSONAL	REPRESENTS PROMOTORA DE
	INFORMACIONES SA AS ITS DIRECTOR
AUDIOVISUAL SPORT, S.L.	REPRESENTS PROMOTORA DE
	INFORMACIONES SA AS ITS SOLE
	DIRECTOR
PRISA AUDIOVISUAL, SLU	DIRECTOR
PRISA DIVISION INTERNACIONAL, SLU	DIRECTOR
PRISA PARTICIPADAS, SLU	DIRECTOR
PRISA RADIO, S.A.	DIRECTOR
SOCIEDAD ESPAÑOLA DE RADIODIFUSION	DIRECTOR
GRUPO SANTILLANA EDUCACÍON GLOBAL, S.L.	REPRESENTS PROMOTORA DE
	INFORMACIONES SA AS ITS DIRECTOR

On 31 December 2017, he held no shares or voting rights in Grupo Media Capital SGPS, SA.

Manuel Polanco Moreno

Member of the Board of Directors. Chairman of Prisa Audiovisual and Vice-Chairman of Promotora de Informaciones, S.A. (Prisa).

Mr Polanco obtained a BS in Business Management and Economics with a major in International Finances from the Universidade Autónoma de Madrid in Spain. In 1991 he was appointed CEO of Santillana editing company

in Chile and in Peru, in 1994 Managing Director of the Mexican daily newspaper La Prensa and also in charge of the launch of the edition of the daily newspaper El País in México. In 1996, Mr. Polanco moved to Miami where he became the Head of the international business of Grupo Santillana, overseeing the business of its 21 companies in Latin America and US. He came back to Spain in 1999 as CEO of GDM. A little later he also became CEO of GMI. In 2005 he was appointed CEO of Media Capital Group, were he was until the beginning of 2009, when he was appointed Director of Prisa. Was Vice-Chairman of Prisa TV and DTS and is a member of the Board of Directors and member of the Executive Committee of Prisa. He was appointed as member of the Board of Directors of Media Capital on 15 November 2005.

He is also part of the following companies:

GRUPO MEDIA CAPITAL
TVI - TELEVISÃO INDEPENDENTE, S.A.	CHAIRMAN
PLURAL ENTERTAINMENT PORTUGAL, S.A.	CHAIRMAN
MEDIA CAPITAL PRODUÇÕES – INVESTIMENTOS, SGPS, SA	CHAIRMAN
PLURAL ENTERTAINMENT ESPAÑA, SLU	DIRECTOR
PLURAL ENTERTAINMENT CANÁRIAS, SLU	DIRECTOR
SOCIEDAD CANARIA DE TELEVISIÓN REGIONAL, SA	CEO
PRODUCTORA CANARIA DE PROGRAMAS, SA	DIRECTOR
CANAL CLUB DE DISTRIBUCIÓN DE OCIO Y CULTURA, S.A.	DIRECTOR
FORA DO GRUPO MEDIA CAPITAL
VERTIX, SGPS, SA.	VICE-CHAIRMAN AND MEMBER
	OF THE EXECUTIVE COMITTEE
PROMOTORA DE INFORMACIONES, SA	CHAIRMAN AND MEMBER OF
	THE BOARD
RUCANDIO, SA.	CEO
TIMÓN, SA.	CHAIRMAN
RUCANDIO INVERSIONES SICAV	DIRECTOR
PRISA AUDIOVISUAL, S.L	CHAIRMAN
TROPICAL HOTELES, S.A.	DIRECTOR
QUALITAS VENTURE CAPITAL, S.A.S.C.R.	DIRECTOR

On 31 December 2017, he held no shares or voting rights in Grupo Media Capital SGPS, SA.

Maria del Pilar del Rio Sanches Saramago

Member of the Board of Directors. Pilar del Río (Sevilla, 1950) is a journalist and translator of Portuguese into Spanish. She developed her professional activity in Radio Nacional de España, TVE and Cadena SER. She collaborated with the press in Spain and Portugal. Activist of Human Rights and Duties, presides over the José Saramago Foundation, which seeks, starting from social intervention, a fairer and cleaner environment in which to read in peace. She is a widow and has a son. Was appointed as member of the Board of Directors on April 7, 2016, for the 2016/2019 mandate.

She is also part of the following companies:

NOT PART OF GRUPO MEDIA CAPITAL
FUNDAÇÃO JOSÉ SARAMAGO	CHAIRMAN
BALSA DE PIEDRA, SL	DIRECTOR

On 31 December 2017, she held no shares or voting rights in Grupo Media Capital SGPS, SA.

CONSOLIDATED STATEMENTS OF PROFIT AND LOSS

FOR THE YEARS ENDED 31 DECEMBER 2017 AND 2016

(Amounts stated in Euros)

(Translation of consolidated financial statements originally issued in Portuguese - Note 38)

	Notes	2017	2016


OPERATING REVENUE:
Services rendered	6 and 7	126,910,992	132,188,051
Sales	6 and 7	-	98,592
Other operating revenue	6 and 7	38,551,901	41,740,060
Total operating revenue		165,462,893	174,026,703
OPERATING COSTS:
Cost of broadcasted programs and goods sold	6 and 8	(19,443,210)	(16,697,050)
Supplies and services	6 and 9	(63,788,651)	(70,189,013)
Personnel costs	6 and 10	(41,678,235)	(44,112,835)
Amortisation and depreciation	6 and 16	(7,902,649)	(8,231,802)
Provisions and impairment losses	6 and 25	(394,805)	(882,975)
Other operating expenses	6	(81,288)	(627,856)
Total operating costs		(133,288,838)	(140,741,531)
Operating profit		32,174,055	33,285,172
NET FINANCIAL EXPENSES
Financial expense	11	(4,576,069)	(4,773,058)
Financial income	11	93,650	138,808
Finance costs, net		(4,482,419)	(4,634,250)
Gain on associated companies, net	17	(3)	(531,937)
		(4,482,422)	(5,166,187)
Profit before tax		27,691,633	28,118,985
Income tax expense	12	(7,904,604)	(9,018,123)
Consolidated net profit for the year on continuing operations		19,787,029	19,100,862
Attributable to:
Equity holders of the parent Equity holders of the parent		19,787,029	19,100,862
Earnings per share on continuing operations:
Básico Basic	13	0.2341	0.2260
Diluído Diluted	13	0.2341	0.2260

for the year ended 31 December 2017. The accompanying notes form an integral part of the consolidated statement of profit and loss

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF 31 DECEMBER 2017 AND 2016

(Amounts stated in Euros)

(Translation of consolidated financial statements originally issued in Portuguese - Note 38)

ASSETS	Notes	2017	2016
NON-CURRENT ASSETS:
Goodwill	14	149,374,120	149,717,601
Intangible assets	15	10,662,722	13,097,933
Tangible fixed assets	16	15,165,550	16,608,851
Investments in associates	17	-	6
Available-for-sale assets		4,988	4,988
Television program broadcasting rights	18	50,971,104	54,473,263
Other non-current assets	19	3,937,479	5,523,697
Deferred tax assets	12	2,387,821	2,645,528
		232,503,784	242,071,867
CURRENT ASSETS:
Television program broadcasting rights	18	30,219,194	28,616,253
Trade and other receivables	20	33,628,754	38,019,915
Current tax assets	12	340,290	384,474
Other current assets	21	4,258,008	4,751,626
Cash and cash equivalents	22	294,327	1,234,906
		68,740,573	73,007,174
TOTAL ASSETS		301,244,357	315,079,041
EQUITY AND LIABILITIES

EQUITY:
Share capital	23	89,583,971	89,583,971
Reserves	23	32,070,736 19,787,029	30,259,377 19,100,862
Consolidated net profit for the year Equity attributable to shareholders of the parent company		141,441,736	138,944,210
TOTAL EQUITY		141,441,736	138,944,210

LIABILITIES:
NON-CURRENT LIABILITIES:
Borrowings	24	61,232,930	77,590,362
Provisions	25	5,798,032	6,898,032
Deferred tax liabilities	12	1,158,750	1,226,250
		68,189,712	85,714,644
CURRENT LIABILITIES:
Borrowings	24	34,323,833	21,738,434
Trade and other payables	26	31,369,898	40,273,085
Current tax liabilities	12	5,254	9,212
Other current liabilities	27	25,913,924	28,399,456
		91,612,909	90,420,187
TOTAL LIABILITIES		159,802,621	176,134,831
TOTAL EQUITY AND LIABILITIES		301,244,357	315,079,041

The accompanying notes form an integral part of the consolidated statement of financial position as of 31 December 2017.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED 31 DECEMBER 2017 AND 2016

(Amounts stated in Euros)

(Translation of consolidated financial statements originally issued in Portuguese - Note 38)

	2017	2016

Consolidated net profit for the year	19,787,029	19,100,862
Items that can subsequently be reclassified to profits and losses: Effect of translation of operations headquartered abroad (Note 36)	458,265	(133,232)
Total consolidated comprehensive income	20,245,294	18,967,630
Attributable to: Equity holders of the parent company	20,245,294	18,967,630

income for the year ended 31 December 2017. The accompanying notes form an integral part of the consolidated statement of comprehensive

CONSOLIDATED CASH FLOW STATEMENTS

FOR THE YEARS ENDED 31 DECEMBER 2017 AND 2016

(Amounts stated in Euros)

(Translation of consolidated financial statements originally issued in Portuguese - Note 38)

	Notes	2017	2016
OPERATING ACTIVITIES:
Cash receipts from customers		221,464,605	233,380,177
Cash paid to suppliers		(108,926,404)	(111,212,280)
Cash paid to employees		(40,764,504)	(41,839,773)
Net cash from operating activities		71,773,697	80,328,124
Recovery/(payment) of income tax	12	308,932	(67,369)
Other cash paid relating to operating activities		(42,563,564)	(42,042,028)
Net cash from operating activities (1) Net cash from operating activities (1)		29,519,065	38,218,727
INVESTING ACTIVITIES:
Cash received relating to:
Sale of investments held in associates	17	1,286,003	700,000
Sale of tangible fixed assets and intangible assets		8,422	2,209,524
Dividends	17	-	62,640
Interest and similar income		-	226
		1,294,425	2,972,390
Cash paid relating to:
Business combinations and liquidation of associates	5	-	(612,398)
Acquisition of tangible fixed assets		(5,854,046)	(4,890,802)
Acquisition of intangible assets		(564,222)	(540,363)
		(6,418,268)	(6,043,563)
Net cash used in investing activities (2)		(5,123,843)	(3,071,173)
FINANCING ACTIVITIES:
Cash received relating to:
Borrowings	24	137,765,231	158,147,195
Cash paid relating to:
Borrowings	24	(141,400,074)	(176,971,270)
Payment of principal on finance lease contracts	24	(398,053)	(689,634)
Interest and other similar expenses		(3,397,168)	(3,723,588)
Dividends	23	(17,747,768)	(16,057,504)
Other financial expenses		(155,285)	(162,326)
		(163,098,348)	(197,604,322)
Net cash used in financing activities (3)		(25,333,117)	(39,457,127)
Cash and cash equivalents at the begining of the year	22	1,234,906	5,545,356
Net increase/(decrease) in cash and cash equivalents (4) = (1) + (2) + (3)		(937,895)	(4,309,573)
Effect of exchange differences		(2,684)	(877)
Cash and cash equivalents at the end of the year	22	294,327	1,234,906

for the year ended 31 December 2017. The accompanying notes form an integral part of the consolidated cash flow statement

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED 31 DECEMBER 2017 AND 2016

(Amounts stated in Euros)

(Translation of consolidated financial statements originally issued in Portuguese - Note 38)

	Capital (Note 23)	Reserves (Note 23)	Consolidated net profit for the year	Total equity
Balance at 31 December 2015	89,583,971	29,150,098	17,300,015	136,034,084
Appropriation of net profit for the year:
Appropriation to reserves (Note 23)	-	1,242,511	(1,242,511)	-
Distribution of dividends (Note 23)		-	(16,057,504)	(16,057,504)
Exchange rate differences	-	(133,232)	-	(133,232)
Consolidated net profit for the year	-	-	19,100,862	19,100,862
Balance at 31 December 2016	89,583,971	30,259,377	19,100,862	138,944,210
Appropriation of net profit for the year:
Appropriation to reserves (Note 23)	-	1,353,094	(1,353,094)	-
Distribution of dividends (Note 23)	-	-	(17,747,768)	(17,747,768)
Exchange rate differences	-	458,265	-	458,265
Consolidated net profit for the year	-	-	19,787,029	19,787,029
Balance at 31 December 2017	89,583,971	32,070,736	19,787,029	141,441,736

The accompanying notes form an integral part of the consolidated statement of changes in equity for the year ended 31 December 2017.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

1. INTRODUCTORY NOTE

Grupo Media Capital, SGPS, S.A. ("Media Capital" or "the Company") is a corporation founded in 1992 and has its head office in Portuga,l in Rua Mário Castelhano, nº 40, Barcarena. It is registered in the Commercial Registry Office of Cascais under the corporate entity number 502 816 481 and, through its subsidiaries and associated companies ("the Group" or "Grupo Media Capital"), operates in the sectors of broadcasting and production of television programs and other media business, in the production and broadcasting of radio programs and in the production and exploitation of cinema and video sectors.

The Company's main shareholder is Vertix, SGPS, S.A. ("VERTIX"), which has its head office in Barcarena, and the Group's consolidated financial statements are included in the consolidated financial statements of Promotora de Informaciones, S.A. ("Prisa"), the parent company of VERTIX, with head office in Madrid, which has its shares listed in Spain.

The accompanying financial statements were approved by the Board of Directors on 27 February 2018 and will be subject to approval by the Shareholders' General Meeting on a date to be convened in accordance with the law and the statutes.

Media Capital's shares are listed at Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados, S.A. stock exchange.

The Group operates essentially in the media sector in Portugal, Spain and America.

Under its television operating licence, TVI – Televisão Independente, S.A. ("TVI") broadcasts television programs through a generalist broadcasting channel. In addition, through distribution contracts signed with TV operators, TVI broadcasts the generalist channel, the channels TVI 24, TVI Ficção, TVI Internacional, TVI Reality and TVI África. Also, TVI sells fiction TV contents produced by the Group.

MCP – Media Capital Produções, S.A. ("MCP") is the Group Company that operates in the audiovisual production business through Plural Entertainment Portugal, S.A. ("PLURAL") in the Portuguese market. Its operations consist in the creation, production, realization and exploitation of television contents, as well as in the support of production of contents and events.

In addition, MCP owns Plural Entertainment España, S.A. ("Plural España"), which operates in the Spanish and American markets. Its operations in this area are the production, production support services and the realization and development of television contents, cinema and audiovisual works, as well as other related services.

MCR II – Media Capital Rádios, S.A. ("MCR II") is the Group company that operates in the radio business. Its subsidiaries have licenses to operate in the radio broadcasting business in Portugal, among others, through "Rádio Comercial", "M80" and "Cidade", among others.

Media Capital Digital, S.A. ("Digital") is the company that operates in the Internet business, which is supported by the www.iol.pt portal which has an extensive network of own contents, an extensive directory of classified information and online advertising.

MCME – Media Capital Música e Entretenimento, S.A. ("MCME") is the company that operates in the music business. Its subsidiaries operate in the production of phonograms, audiovisual and multimedia production, in the purchase and sale of records and similar items, and in the production of events and agency of artists.

CLMC – Multimédia , S.A. ("CLMC") operates in the acquisition and distribution of cinematographic rights, essentially in areas such as cinema and television.

Grupo Media Capital's consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") as endorsed by the European Union, with the interpretations of the International Financial Reporting Interpretation Committee ("IFRIC").

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

2. MAIN ACCOUNTING POLICIES

2.1 Bases of presentation

The consolidated financial statements have been prepared on a going concern basis from the books and accounting records of the companies included in the consolidation (Note 4).

The Board of Directors evaluated the Group's ability to operate on a continuous basis, based on all relevant information, facts and circumstances of financial, commercial and other natures, including all known subsequent events occurred after the consolidated financial statement's reference date. As a result of the evaluation made (Note 36), the Board of Directors concluded that the Group has adequate resources to maintain its activities and fully comply with its obligations, with no intention to terminate them in the short term, and considered appropriate to use the assumption of continuity of operations in the preparation of the consolidated financial statements.

The foreign currency financial statements of the consolidated companies were translated to Euros as explained in Note 2.15.

2.2 Consolidation principles

The consolidation methods used by the Group were as follows:

a) Controlled companies

Investments in controlled companies, defined as companies in which the Group (i) directly or indirectly holds more than 50% of the voting rights at Shareholders' General Meetings, or has the power to control their financial and operating policies (control definition adopted by the Group); (ii) is exposed to or has variable rates of return on its involvement in the operations of the subsidiary; or (iii) has the ability to use its voting rights to affect its return, were included in the consolidated financial statements by the full consolidation method. Equity and net profit or loss of these companies corresponding to third party participation in them, if applicable, are reflected separately in the consolidated statements of financial position and consolidated statements of profit and loss in the caption "Non-controlling interest". The companies included in the consolidation are listed in Note 4.

Assets, liabilities and contingent liabilities of controlled companies acquired as from 1 January 2004 are recorded at fair value as of the acquisition date. Any excess of cost over the fair value of the net assets acquired is recognized as goodwill (Note 2.3.). If the difference between cost and the fair value of the net assets acquired is negative, it is recognized in results for the year. Non-controlling interests are recognized in proportion to the fair value of the identified assets and liabilities.

The results of subsidiaries acquired or sold during the period are included in the consolidated statement of profit and loss as from the date of their acquisition, or up to the date of loss of control.

Whenever necessary, adjustments are made to the financial statements of subsidiaries for them to conform to the Group's accounting policies. Transactions, balances and dividends distributed between Group companies are eliminated in the consolidation process.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

b) Associated companies

Investments in associated companies (those in which the Group has significant influence but does not have direct or joint control – generally investments representing participations of between 20% and 50% or in which it has the right to appoint members of the respective management boards) are recorded in accordance with the equity method of accounting.

In accordance with the equity method, investments are initially recognized at cost of acquisition and adjusted periodically by the amount corresponding to the participation in the net profit or loss of associated companies, by corresponding entry to financial gain or loss on investments, and by other changes in the assets and liabilities acquired. In addition, participations can be adjusted to recognize impairment losses.

Losses in associated companies exceeding the investment in them are not recognized, except where the Group has assumed commitments to such companies or to its creditors.

Periodic valuations are made of investments in associated companies to determine if there are impairment losses. Such impairment losses are recognized as cost in the period in which they occur.

Gains or losses on the sale or settlement of investments held in associates resulting from the difference between the fair value of the financial investment (sale price) and its net book value determined by the equity method are recorded in the statement of income as of the date of transfer Risks and benefits associated with their ownership.

c) Investments in other companies

Equity investments in which the Group does not have significant influence and for which there are no market references, are stated at the lower of cost or estimated realizable value and recognized in the caption "Available-for-sale financial assets".

2.3 Goodwill

Goodwill represents the excess of cost over the Group's interest in the fair value of the identifiable assets and liabilities of controlled companies as of the date of acquisition, in accordance with IFRS 3 – Business Combinations. Due to exemption provided by IFRS 1, the Group applied the disposals of IFRS 3 only for acquisitions after 1 January 2004. Goodwill on acquisitions prior to 1 January 2004 has been maintained rather than being recalculated in accordance with IFRS 3 and is subject to annual impairment tests as from that date.

In compliance with IFRS 3, goodwill is not amortised, but is subject to annual impairment tests or whenever there is evidence of impairment. Impairment losses are recorded in the statement of profit and loss for the year. Such impairment losses cannot be reversed.

For purposes of determining impairment losses, goodwill is allocated to the cash-generating units (or Group of cash generating units, with the limited on the operating segment based on IFRS 8 – Operating segments) that are expected to benefit from the synergies resulting from the acquisition of the investments or from the combination of business activities. Impairment tests of each operating segment are carried out annually or whenever the need is identified. If the recoverable amount of the operating segment is less than its book value, the impairment loss is allocated first to goodwill and then to the book value of the assets of the segment in proportion to their value.

Goodwill is included in determining the gain or loss on the sale of investments in controlled and associated companies.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

2.4 Intangible assets

Intangible assets are recorded at cost less accumulated amortization and, where applicable, impairment losses. Intangible assets are only recognized when it is probable that they will generate future financial benefits, they are controllable and their value can be reasonably determined.

Intangible assets of defined useful life are amortized on a straight line basis as from the date they are available for use, in accordance with the estimated period of useful life in which the intangible assets generate future economic benefits, which are as follows:

	Years
Broadcasting rights	3
Radio broadcasting permits, licenses and trademarks	3 - 20
Computer programs	3 - 4
Others	3 - 5

Intangible assets acquired as a result of business combinations are recognized separately from goodwill and initially measured at fair value as of the date of their acquisition (which is considered its cost of acquisition). Intangible assets acquired or transactions that do not consist of business concentrations as they do not consist of a business are recorded at cost in accordance with IFRS 3.

2.5 Tangible fixed assets

Tangible fixed assets are recorded at cost less accumulated depreciation and, where applicable, impairment losses.

Cost includes the purchase price, plus any related purchase costs. Additionally, where applicable, purchase price includes the financing costs directly attributable to the acquisition, construction or production of assets that require a substantial period of time to be available for use.

Estimated losses resulting from the replacement of equipment before the end of their useful life, due to technological obsolescence, are expensed in the period they occur.

Maintenance and repair costs of a current nature are expensed as incurred. Significant costs incurred to renew or improve tangible fixed assets, are capitalised and depreciated over the estimated period to recover such costs, when it is probable that future financial benefits which can be reliably measured will be generated by the asset.

Tangible fixed assets in progress are recorded at cost and start being depreciated when the assets are ready for their intended use. Gains or losses arising on the sale of tangible fixed assets, which are determined by the difference between the sales proceeds and the book value of the assets, are recognized in the statement of profit and loss captions "Other operating revenue" or "Other operating expenses", respectively.

The cost of such assets, less their residual value where this can be estimated reliably, is depreciated on a straight-line basis over their estimated useful lives, defined based on their expected use, as from the month they are available for use.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

The depreciation rates used correspond to the following average periods of useful life:

Buildings and other constructions	10 - 20
Machinery and equipment	6 - 15
Transport equipment	4
Administrative equipment	3 - 8
Other tangible fixed assets	3 - 10

Years

2.6 Leases

(a) Finance leases

Fixed assets acquired under lease contracts are recognized as assets under finance lease where substantially all the risks and benefits of their ownership are transferred. Such assets are recorded at the lower of the present value of the future lease instalments or the market value of the asset as of the date of the contract, by corresponding entry to the liability caption "Borrowings". Such assets are depreciated over their estimated periods of useful life, the principal of the lease instalments paid is recognized as a decrease in the liability and the interest is recognized in the statement of profit and loss for the period to which it corresponds.

(b) Operating leases

Where lease contracts are classified as operating leases, the lease instalments due are expensed on a straight-line basis over the period of the lease contract.

2.7 Television program broadcasting rights

Television program broadcasting rights correspond to contracts or agreements entered with third parties for the exhibition of films, series and other television programs and include rights acquired and costs incurred with the Group's production of soap operas and other programs. The cost of broadcasted programs is recognized in the statement of profit or loss in the moment that programs are broadcasted, considering the estimated number of exhibitions on the generalist channel explored by the Group and the estimated benefits of each exhibition expected on the moment of initial recognition.

Such assets are subject to annual impairment tests and whenever changes or situations occur that indicate that their book value exceeds their recoverable amount, in accordance with the expiration date of the acquired rights, the number of exhibitions considered, the expected exhibition strategy, the ageing and adequacy of the content to the Group's commercial objectives and the expected pattern of future economic benefits, being the corresponding impairment losses recognized, when applicable.

Broadcasting rights acquired from third parties are recorded as assets at cost of acquisition, when the Group controls the rights and the cost of each content is known or reasonably estimated, the content is available for display, and the Group has assumed the risks and benefits relating to their content. These rights are presented under current and non-current assets on the consolidated statement of financial position, based on their contractual period of exhibition and the estimated date of exhibition.

Previously to its recording in the consolidated statement of financial position, the television program broadcasting rights are classified as programs not yet available to exhibition, and disclosed as financial commitments assumed and not yet included in the statement of financial position. Information regarding financial commitments assumed for the acquisition of these rights, not included in the Group's consolidated statement of financial position, is presented in Note 30.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

2.8 Inventories

Inventories are stated at the lower of cost determined on an average basis and net realizable value. Where cost exceeds net realizable value an impairment loss is recognized.

2.9 Classification in the statement of financial position

Assets realizable and liabilities payable, for which the Company does not have the unconditional right to defer payment for more than twelve months as from the date of the statement of financial position, that are expected to be realized in the normal course of operations, or are held with the intention of being traded, are classified as current assets and liabilities. All other assets and liabilities are classified as non-current.

2.10 Financial instruments

Financial instruments (financial assets and financial liabilities) are recognized when the Group becomes a contractual party of the respective instrument that gives the Group the right or obligation to receive or pay a certain amount to a third party.

2.10.1 Trade and other receivables and other current assets

Trade and other receivables and other current assets are recognized at amortized cost, using the effective interest rate, or at its nominal value, which is understood to correspond to the amortized cost, to the extent that it is expected to be received in the short term and that it does not materially differ from its fair value at the date of the engagement, less any impairment losses. Impairment losses are recognized when there is objective evidence that all the amounts due will not be collected in accordance with the terms originally established to settle the receivables. The amount of the loss corresponds to the difference between the amount recorded and the estimated amount recoverable. The loss is recognized in the statement of profit and loss of the period, in which such constitution occurs.

2.10.2 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and demand and term deposits and other treasury applications that are readily convertible to cash with an insignificant risk of change in value.

2.10.3 Trade and other payables and other current liabilities

Accounts payable are recognized initially at fair value and subsequently measured at amortized cost, discounted for possible interest calculated and recognized in accordance with the effective interest rate method.

2.10.4 Borrowings

Borrowings are initially recognized at fair value, net of transaction costs incurred. In subsequent periods borrowings are recognized at amortized cost, any difference between the amounts received (net of transaction costs) and the amounts payable being recognized in the statement of profit and loss over the period of the borrowings, using the effective interest rate method.

Borrowings are classified as current liabilities, unless there is an unconditional right to defer settlement of the liability for more than twelve months as from the statement of financial position date.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

2.10.5 Available-for-sale financial assets

Available-for-sale financial assets are initially recorded at cost, which corresponds to the fair value of the price paid including transaction costs and are considered as non-current assets.

After initial recognition, available-for-sale financial assets are restated to fair value by reference to their market value as of the statement of financial position date. Where such assets correspond to equity instruments not listed on regulated markets and where it is not possible to reliably estimate their fair value, they are maintained at cost less any impairment losses.

2.11 Revenue recognition and accruals basis

Sales are recognized in the statement of profit and loss when the risks and rewards of ownership of the assets are transferred to the buyer and the amount of revenue can be reasonably quantified. Returns of goods sold are recorded as reductions in sales in the period to which they relate.

Services rendered include mainly the sale of advertising space and are recognized when the advertising is issued, in their respective communication channels, namely television, radio and digital media. The advertising revenue resulting from television advertising campaigns depends on the measurement and profile of the audiences verified and the conditions agreed for the respective commercial targets, as well as the quantity and bonus discounts attributed due to the advertising investment made by the clients. Quantity discounts and bonuses granted are recorded as reductions in revenue for the period to which they relate.

Production business services rendered correspond essentially to production services and support to the production of television series and sport events, advertising commercials and other contents, which are recognized when the services are rendered, with reference to their stage of completion.

Revenue from multimedia services corresponds essentially revenue from interactive services and multimedia relating to television contests carried out and is recognized in the period to which it relates.

Revenue from granting the Group's television channel signals to the various operators is recognized during the period to which it relates, by reference to the respective degree of completion and expenses incurred directly related to the rendering of this service on each financial reporting date.

Revenue from the sale of broadcasting rights to other markets is recognized when the respective contents are made available to the entity that acquired them.

Costs and revenue are recognized in the period to which they relate, regardless of the date they are paid for or received. Estimates of costs and revenue are made when these are not fully known.

2.12 Provisions, contingent liabilities and contingent assets

Provisions are recognized when there is a present obligation resulting from past events, it is probable that the Group has to spend resources to settle the obligation and the amount of the obligation can be reliably estimated.

The amount is recognized in accordance with the best estimate of the amount necessary to pay to extinguish the present obligation, taking into account the risks and uncertainties being measured at discounted value using the effective interest rate method, considering the estimated time of settling the liability, determined in accordance with the information available at the date of the financial statements.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

The amount of provisions is reviewed and adjusted at each statement of financial position date to reflect the best estimate at the time. When any of the above mentioned conditions are not met, the provision is not recorded and a contingent liability is disclosed, unless an outflow of funds affecting future financial benefits is evaluated as remote, in which case no disclosure is made.

Contingent assets are not recognized in the consolidated financial statements, being disclosed when it is probable that there will be a future financial inflow of resources.

2.13 Impairment of non-current assets, except goodwill

Impairment analyses are made at each statement of financial position date and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recovered.

Whenever the book value of an asset exceeds its recoverable amount an impairment loss is immediately recognized in the statement of profit and loss.

The recoverable amount is the higher of the net selling price and the value in use. Net selling price is the amount that would be obtained from selling the asset in a transaction between independent knowledgeable parties, less the costs directly attributable to the sale. Value in use is the present value of the estimated future cash flows resulting from continued use of the asset and its sale at the end of its useful life. The recoverable amount is estimated for each asset individually or, where this is not possible, for the cash generating unit to which the asset belongs.

Impairment losses recognized in prior periods are reversed when it is concluded that such losses no longer exist or have decreased. This review is made whenever there are indications that the impairment recognized earlier no longer exists. Impairment losses are reversed by corresponding entry to the statement of profit or loss.

2.14 Income tax

Income tax for the period consists of current tax and deferred tax.

The Group estimates income tax in accordance with the Special Regime for Taxation of Groups of Companies (Regime Especial de Tributação de Grupos de Sociedades – "RETGS"), which covers all the companies in which the dominating company has a direct or indirect participation of at least 75% and have the necessary conditions to be included in this regime. Such conditions include being resident in Portugal and being subject to the general corporation income tax regime (Imposto sobre o Rendimento das pessoas Coletivas – "IRC"), as well as the existence or not of tax losses carried forward from periods prior to inclusion in the regime. In the years ended 31 December 2017 and 2016 VERTIX was the dominant entity for consolidated corporation income tax purposes (RETGS).

Deferred taxes are calculated based on timing differences between the amount of assets and liabilities for accounting and for tax purposes and tax losses carried forward. Deferred tax assets and liabilities are calculated and assessed periodically at the tax rates in force or announced to be in force on the dates the timing differences are expected to reverse.

Deferred tax assets are only recognized when there is a high degree of expectation that there will be sufficient future taxable profits to use them or in situations in which there are taxable timing differences that offset deductible timing differences in the period they reverse. At each statement of financial position date a review is made of such deferred taxes, these being reduced whenever their future use is no longer probable.

Deferred taxes are recorded as cost or income for the year, except when they result from amounts recorded directly in equity, in which case the deferred taxes are also recognized in equity.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

2.15 Foreign currency balances and transactions

Foreign currency transactions are translated to Euros at the exchange rates as of the dates of the transactions. At each statement of financial position date assets and liabilities are adjusted using the exchange rates in force as of those dates. The resulting exchange differences are recognized in the statement of profit and loss for the period to which they relate.

The foreign currency financial statements of subsidiaries are translated to Euros at the following rates of exchange, the resulting exchange differences being recognized in the equity account "Reserves" related to exchange differences, and are recognized in the statement of profit and loss when such companies are sold.

(a) Rate of exchange as of the statement of financial position date, for the translation of monetary assets and liabilities;
(b) Average exchange rate for the year for the translation of the profit and loss statement captions;
(c) Historical exchange rate for the conversion of equity captions;
(d) Average exchange rate for the year for the translation of the cash flow statement captions;

Exchange gains and losses arising from differences between the exchange rates prevailing on the dates of the transactions and those in force on the dates of collection, payment or on the date of the statement of financial position are recorded in the consolidated statement of profit and loss for the period.

2.16 Subsequent events

Events occurring after the statement of financial position date that provide additional information on conditions that existed as of that date, are reflected in the consolidated financial statements. Events occurring after the statement of financial position date that provide additional information on the conditions that existed after that date, if material, are disclosed in the notes to the consolidated financial statements.

2.17 Financial costs

The net cost of financing attributable to the acquisition, construction or production of assets that qualify that require a substantial period of time to become available for use are recorded as part of their cost up to that date. The remaining financial costs are recognized in the statement of profit and loss when they occur.

2.18 Share-base Compensation

Benefits granted to employees under share allocation incentive plans are recognized in accordance with the provisions of IFRS 2 - Share-based payments.

The benefits to be settled based on shares are measured at fair value at the date of attribution and the respective expense is recognized during the year in which the right is acquired by the beneficiaries taking into account the probability of being acquired.

In this way, the benefits attributed by Prisa, based on Prisa shares, are recognized as expenses during the year in which the services are rendered and their counterpart is recognized in liabilities.

Since 2007, the Company has not individually maintained plans to allocate shares or stock options, or based on stock price variations, to members of the management and supervisory bodies and other officers. In addition, the Company does not have a system of retirement benefits for members of the management, supervisory and other management bodies, so that no resolution was submitted to the General Meeting.

The shareholder Prisa occasionally has a plan for the attribution of shares of the company Prisa - Incentivo a Largo Plazo - which has as beneficiaries some Directors, which is exclusively based Shares of Prisa, a company listed in Spain and whose terms are included in the financial information disclosed by Prisa.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

3. CHANGES IN ACCOUNTING POLICIES, JUDGEMENTS AND ESTIMATES

Except for the effect of the adoption of the new standards and interpretations or of the changes that came into effect in years starting on 1 January 2017, during 2017 neither there were changes in accounting policies in relation to those used to prepare the financial information for 2016, in accordance with the requirements of the IFRS, nor material errors were corrected in respect to prior years.

Amendments to IFRS of mandatory application in 2017

The following standards, interpretations, amendments and revisions endorsed by the European Union are of mandatory application for the first time in the year ended 31 December 2017:

Standard / Interpretation	Applicable in the European Union in the years starting on or after
Amendment to IAS 12 - Recognition of Deferred Tax Assets for Unrealised losses	1-Jan-17	This amendment clarifies the conditions for recognition and measurement of tax assets resulting from unrealised losses.
Amendments to IAS 7 - Disclosures	1-Jan-17	This amendment introduces additional disclosures related to the cash flows from financing activities.

With regard to the Amendment to IAS 12, its application had no impact on the consolidated financial statements since the Group already assessed the sufficiency of future taxable income in a manner consistent with this Amendment.

In what concerns to the Amendment to IAS 7, a reconciliation between the opening and closing balances of the Group's borrowings was presented in Note 24. Consistent with the provisions of this Amendment, the Group did not present comparative information for the previous period. In addition to the disclosure in Note 24, the application of this Amendment did not result in additional impacts on the consolidated financial statements.

Relevant estimates in the preparation of the consolidated financial statements

In preparing the consolidated financial statements, the Board of Directors was based on the knowledge and experience of past and/or current events and assumptions relating to future events to determine the accounting estimates.

The most significant accounting estimates, reflected in the consolidated financial statements for the year ended 31 December 2017, included:

Useful lives of tangible fixed assets and intangible assets;
Analysis of impairment of goodwill and other non-current assets;
Recognition of provisions;
Estimate of quantity discounts and bonuses to be granted relating to advertising; and
Recognition of spending on transmission rights, related to own production.

These estimates were determined based on the best information available at the date of preparation of the consolidated financial statements. However, and given the number of qualitative factors involved, events may occur in subsequent periods that, due to their timing, were not considered in these estimates. Significant changes to these estimates that occur after the date of the consolidated financial statements are recorded in profit or loss prospectively in accordance with IAS 8.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

New IFRS or revised IFRS adopted with mandatory application in future years

The following standards, interpretations, amendments and revisions, with mandatory application in the coming years, were, as of the date of approval of these financial statements, endorsed by the European Union:

Standard / Interpretation	Applicable in the European Union in the years starting on or after
IFRS 9 - Financial Instruments	1-Jan-18	This standard is included in the draft revision of IAS 39 and establishes the new requirements regarding the classification and measurement of financial assets and liabilities, the methodology for estimating impairment and the application of hedge accounting rules.
IFRS 15 - Revenue from Contracts with Customers	1-Jan-18	This standard introduces a revenue recognition framework based on a model to be applied to all contracts settled with clients, replacing IAS 18 - Revenue, IAS 11 - Construction contracts; IFRIC 13 - Loyalty programs; IFRIC 15 - Agreements for the construction of real estate; IFRIC 18 - Transfers of Assets from Customers and SIC 31 - Revenue - Direct exchange transactions involving advertising services.
IFRS 16 – Lease	1-Jan-19	This standard introduces the principles of recognition and measurement of leases, replacing IAS 17 - Leases. The standard provides a single lessee accounting model, requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16's approach to lessor accounting substantially unchanged from its predecessor, IAS 17.
Clarifications to IFRS 15 'Revenue from Contracts with Customers'	1-Jan-18	These amendments introduce a number of clarifications in the standard in order to eliminate the possibility of divergent interpretations of various topics.
Amendments to IFRS 4: Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts'	1-Jan-18	This amendment provides guidance on the application of IFRS 4 in combination with IFRS 9. IFRS 4 will be replaced with the implementation of IFRS 17.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

IFRS 9 – Financial instruments

Based on an analysis of the Group's financial assets and liabilities at 31 December 2017 and on the facts and circumstances that were known at that date, the Group's Board of Directors evaluated the impact of IFRS 9 on the consolidated financial statements as follows:

Classification and measurement

All financial assets and liabilities (Note 36) will continue to be measured on the same basis as currently under IAS 39. In this context, accounts receivable and payable from and to third parties and borrowings will continue to be subsequently measured at amortized cost under IFRS 9.

Impairments

Financial assets measured at amortized cost, as presented in Note 36, will be subject to impairments under the context of IFRS 9.

The Group expects to apply the simplified approach to recognize expected credit losses in the economic life of trade accounts receivable as required or permitted by IFRS 9.

For other accounts receivable, mainly from related parties (Note 29), the Board of Directors considers that these have a low credit risk considering the credit risk profile of those entities, expecting to evaluate the impairment losses expected for the 12-month period on those amounts.

Generally, the Board of Directors anticipates that the application of the expected credit losses model will result in the early recognition of credit losses for the respective assets and that will increase the value of the respective accumulated impairment losses recognized.

IFRS 15 – Contracts with customers

As mentioned in Note 2.11, the Group recognizes revenues from different businesses.

The Board of Directors made the following preliminary assessments:

Advertising and Multimedia Services: The business of selling advertising on television, radio or digital media incorporates a single performance obligation that is fulfilled at the time of the exhibition or diffusion of the advertiser's campaigns, similar to the IAS 18 current criteria. The same applies to multimedia services, which, in return for the call made, the Group grants access to the interactive contests to which the interactive service relates. It is expected that the timing of recognition of the single performance obligation of each of those services occurs at a specific point in time, also consistent with the current practice, when control of the services provided is transferred to the customer.
Signal delivery of television channels: For the agreements with operators to grant the signal of the Group's channels, it is understood that there are separate performance obligations when such agreements provide, apart from the transfer of the signal, other commitments such as the sale of advertising or additional remuneration for agreed compensations. In this way, the Group understands that these obligations are satisfied at a certain point in time, with the exception of the transfer of the signal that is satisfied during the period of its transmission by the operator. These criteria are already considered by the Group in the recognition of its income under IAS 18.
Production services: For content production services and audiovisual support, the Group understands that the obligation to perform the delivery of the production service, depending on its nature, takes place over time, as the product is produced and delivered. It is understood that there is no significant difference between the delivery of the respective contents and the moment in which the Group incurs in costs of production.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

Sale of broadcasting rights: With respect to the sale of content produced by the Group to other markets, the Group assessed that its performance obligation is fulfilled when is transferred control of the contents sold (episodes in perfect conditions of display by part of the buyer) at the time of delivery, and there are no other significant performance obligations to be fulfilled thereafter. In this way, it is expected that the recognition of the respective revenue will occur at a moment of time, after the delivery of the contents, similar to what the Group is currently doing in the context of IAS 18.

At this date, the Board of Directors is still evaluating the method of transition to IFRS 15 - retrospective total or retrospective at the transition date - that the Group will adopt in the preparation of the consolidated financial statements for 2018.

Apart of the disclosure of more information regarding to the Group's recognized revenues that are expected to be included in the consolidated financial statements and of any changes in the presentation of revenues of some business lines that are being preliminarily evaluated, Board of Directors does not anticipate that the application of IFRS 15 will have a material impact on the Group's consolidated financial position or consolidated financial performance.

IFRS 16 – Leases

In 31 December 2017, the Group has non-cancelable commitments related to operating leases in the amount of approximately € 10,693,000 (Note 31). IAS 17 does not require the recognition of any right of use or liability for future payments relating to these leases. Instead, certain disclosures are made in the accompanying notes.

A preliminary assessment indicates that those commitments will meet the requirements of the definition of leases under IFRS 16 and, as a consequence, the Group will recognize a right of use asset and the corresponding liability in respect of those contracts, except in those cases where the same qualify as lowvalue or short-term (less than 1 year) within the scope of IFRS 16.

It is expected that the new recognition requirement of a right of use asset and its liability will have a significant impact on the amounts recognized in the Group's consolidated financial statements and the Board of Directors is currently assessing its potential impact. At this date, it is considered impracticable to provide a reasonable estimate of such effect until such assessment can be completed.

Other standards

At this date, the Board of Directors does not consider significant impacts from the adoption of the other standards, in light of the criteria and policies currently applied by the Group.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

The following accounting standards and interpretations have been issued by the IASB and are not yet endorsed by the European Union:

Standard / Interpretation	Applicable in the European Union in the years starting on or after
IFRS 17 - Insurance Contracts	1-Jan-21	This standard establishes, for insurance contracts within its scope, the principles for their recognition, measurement, presentation and disclosure. This standard replaces IFRS 4 - Insurance Contracts.
Amendments to IFRS 2 - Classification and Measurement of Share-based Payment Transactions	1-Jan-18	This amendment introduces clarifications in the standard related to: (i) recording cash-settled share based payment transactions; (ii) recording changes in share-based payment transactions (from cash settled to settled with equity instruments); (iii) the classification of transactions with offsetting features.
Amendments to IAS 40: Transfers of Investment Property	1-Jan-18	This amendment clarifies that the change in classification of or for investment property should only be made when there is evidence of a change in the use of the asset.
Annual Improvements to IFRS Standards 2014–2016 Cycle	1-Jan-18 with exception of amendments to IFRS 12, which applicable date is 1-Jan-17	These improvements involve the clarification of some aspects related to: IFRS 1 - First-time adoption of international financial reporting standards: eliminates some short-term exemptions; IFRS 12 - Disclosure of interests in other entities: clarifies the scope of the standard for its application to interests classified as held for sale or held for distribution under IFRS 5; IAS 28 - Investments in associates and joint ventures: introduces clarifications on the fair value measurement by results of investments in associates or joint ventures held by venture capital companies or by investment funds.
Annual Improvements to IFRS Standards 2015–2017 Cycle	1-Jan-19	These improvements involve the clarification of some aspects related to: IFRS 3 - Concentration of business activities: when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business; IFRS 11 - Joint ventures: clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business; IAS 12 - Income Tax: clarify that all income tax consequences of dividends should be recognised in profit or loss, regardless of how the tax arises; IAS 23 - Borrowing costs: clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalisation rate on general borrowings.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

Amendments to IFRS 9: Prepayment Features with Negative Compensation	1-Jan-19	This amendment allows financial assets with contractual conditions which, in their early amortization, allow the payment of a considerable amount by the creditor, can be measured at amortized cost or at fair value for reserves (depending on the business model), since that: (i) on the date of the initial recognition of the asset, the fair value of the early amortization component is insignificant; and (ii) the possibility of negative compensation in the early amortization is the only reason for the asset in question to be not considered as an instrument that only includes payments of principal and interest.
Amendments to IAS 28: Long term Interests in Associates and Joint Ventures	1-Jan-19	This amendment clarifies that IFRS 9 should be applied (including related impairment requirements) to investments in associates and joint ventures when the equity method is not applied in their measurement.
IFRIC 22 - Foreign Currency Transactions and Advance Consideration	1-Jan-18	This interpretation establishes the date of the initial recognition of the prepayment asset or deferred income as the date of the transaction for the purpose of determining the exchange rate of recognition of revenue.
IFRIC 23 - Uncertainty over Income Tax Treatments	1-Jan-19	This interpretation provides guidance on the determination of taxable income, tax bases, tax losses to be reported, tax credits to be used and tax rates in scenarios of uncertainty regarding the treatment of income tax.

These standards have not yet been endorsed by the European Union and as such were not applied by the Group in the year ended 31 December 2017.

For these standards and interpretations, issued by the IASB but not yet endorsed by the European Union, the Board of Directors does not consider that significant impacts on the consolidated financial statements will arise from their future adoption.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

4. COMPANIES INCLUDED IN THE CONSOLIDATION

The companies included in the consolidation by the full consolidation method, their head offices and the proportion of capital effectively held in them at 31 December 2017 and 2016 are as follows:

			Effective participation
		Consolidation	percentage held
Company	Head office	method	2017	2016

Grupo Media Capital, SGPS, S.A.	Barcarena	Global	Mãe	Mãe
MEGLO - Media Global, SGPS, S.A. ("MEGLO")	Barcarena	Global	100	100
MEDIA CAPITAL - Serviços de Consultoria e Gestão, S.A. ("MC SERVIÇOS")	Barcarena	Global	100	100
CLMC – Multimedia, Unipessoal, Lda. ("CLMC")	Barcarena	Global	100	100
MCR II - Media Capital Rádios, S.A. ("MCRII")	Barcarena	Global	100	100
R. CIDADE – Produções Audiovisuais, S.A. ("CIDADE")	Lisboa	Global	100	100
Flor do Éter Radiodifusão, Lda. ("Flor do Éter")	Lisboa	Global	100	100
Drums Comunicações Sonoras, S.A. ("Drums")	Lisboa	Global	100	100
RVA - Rádio Voz de Alcanena, Lda. ("Rádio Voz de Alcanena")	Lisboa	Global	100	100
R2000 Comunicação Social, Lda. ("R2000")	Lisboa	Global	100	100
RÁDIO REGIONAL DE LISBOA – Emissões de Radiodifusão, S.A. ("REGIONAL")	Lisboa	Global	100	100
Rádio Litoral Centro - Empresa de Radiodifusão, Lda. ("Rádio Litoral Centro")	Lisboa	Global	100	100
Leirimédia Produções e Publicidade, Lda. ("Leirimédia")	Lisboa	Global	100	100
BEIRAS FM - Radiodifusão e Publicidade, Unipessoal, Lda. ("BEIRAS FM") (a)	Lisboa	Global	100	100
Rádio Sabugal - Radiodifusão e Publicidade, Lda. ("Rádio Sabugal") (a)	Lisboa	Global	-	100
Rádio Manteigas - Radiodifusão e Publicidade, Lda. ("Rádio Manteigas") (a)	Lisboa	Global	-	100
P.R.C. - Produções Radiofónicas de Coimbra, Lda. ("P.R.C.")	Lisboa	Global	100	100
Polimedia - Publicidade e Publicações, Lda. ("Polimedia")	Lisboa	Global	100	100
Moliceiro - Comunicação Social, Lda. ("Moliceiro")	Lisboa	Global	100	100
Notimaia-Publicaçöes e Comunicaçöes, Unipessoal, Lda. ("Notimaia")	Lisboa	Global	100	100
RÁDIO COMERCIAL, S.A. ("COMERCIAL")	Lisboa	Global	100	100
Rádio XXI, Lda.("XXI")	Lisboa	Global	100	100
Rádio Nacional - Emissões de Radiodifusão, Unipessoal, Lda. ("Rádio Nacional")	Lisboa	Global	100	100
Rádio do Concelho de Cantanhede, Lda. ("Rádio Concelho de Cantanhede")	Lisboa	Global	100	100
Sirpa - Sociedade de Imprensa Rádio Paralelo, Lda. ("Sirpa")	Lisboa	Global	100	100
COCO - Companhia de Comunicação, Unipessoal, Lda. ("COCO")	Lisboa	Global	100	100
R.C. - Empresa de Radiodifusão, Unipessoal, Lda. ("RC")	Lisboa	Global	100	100
MCME - Media Capital Música e Entretenimento, S.A. ("MCME")	Barcarena	Global	100	100
FAROL MÚSICA – Sociedade de Produção e Edição Audiovisual, Lda. ("FAROL")	Barcarena	Global	100	100
MEDIA CAPITAL ENTERTAINMENT - Produção de Eventos, Lda. ("ENTERTAINMENT")	Barcarena	Global	100	100
TVI – Televisão Independente, S.A. ("TVI")	Barcarena	Global	100	100
MEDIA CAPITAL DIGITAL, S.A. ("DIGITAL")	Barcarena	Global	100	100
IOL NEGÓCIOS - Serviços de Internet, S.A. ("IOL Negócios")	Barcarena	Global	100	100
MCP - MÉDIA CAPITAL PRODUÇÕES, S.A. ("MCP")	Barcarena	Global	100	100
PLURAL Entertainment Portugal, S.A. ("PLURAL")	Barcarena	Global	100	100
NBP – Ibérica - Producciones Audiovisuales, S.A.	Madrid (ESP)	Global	100	100
CASA DA CRIAÇÃO – Argumentos para Audiovisual, Lda. ("CASA DA CRIAÇÃO")	Barcarena	Global	100	100
EMAV – Empresa de Meios Audiovisuais, Lda. ("EMAV")	Barcarena	Global	100	100
EPC – Empresa Portuguesa de Cenários, Unipessoal, Lda. ("EPC")	Barcarena	Global	100	100
PLURAL Entertainment España, S.L. ("PLURAL España")	Madrid (ESP)	Global	100	100

PLURAL Entertainment Inc. ("PLURAL Entertainment")	Miami (EUA)	Global	100	100

(a) The entities Rádio Sabugal and Rádio Manteigas were merged into BEIRAS FM (formerly Penalva do Castelo FM - Radiodifusão e Publicidade, Lda.), with accounting and tax effects reported as of 1 January 2017.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

5. CHANGES IN THE CONSOLIDATION PERIMETER

During year ended on 31 December 2017, there were no changes in the Group's consolidation perimeter.

The changes in the Group's consolidation perimeter on 31 December 2016 were as follows:

Acquisitions:

	Main	Date of acquisition	Percentage	Cost of
Company	activity	of control	acquired	acquisition
RC	Radio broadcasting operations	01/09/2016	100%	550,000

Acquisition of the capital of the above entities is part of the Group's strategy for the development of the radio broadcasting business, having resulted from the intention of acquiring the related assets.

These companies have permits that enable the Group to operate in the radio broadcasting business, an intangible asset having been recognized in the "Radio permit" caption, which is to be amortized over the estimated period of utilization of the permits.

The assets and liabilities acquired, as well as their cost are as follows:

NON-CURRENT ASSETS:
Intangible assets (Note 15)	537,420
Tangible fixed assets	2,229
	539,649
CURRENT ASSETS:
Trade and other receivables	15,375
Other current assets	6,978
Cash and cash equivalents	10,431
	32,784
CURRENT LIABILITIES:
Trade and other payables	(22,433)
Assets and liabilities acquired	550,000

Disposals:

On 28 November 2016, the Group sold its subsidiary Plural Canarias, having obtained a loss of 252 Euros, resulting from the agreed sale value of Euro 23,000 (Note 17).

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

Payments related to acquisitions of assets and settlement of associates in the year ended on 31 December 2016 were as follows:

RC	550,000
Plural Brasil (Note 17)	72,829
	622,829
Asset acquired - Cash and cash equivalents	(10,431)
	612,398

6. SEGMENT REPORTING

The Group identifies its reporting segments based essentially on the combination of the differences in the nature of the production processes, type of client and management of the resources available and is consistent with the manner in which the Board of Directors manages and controls the business.

Therefore, the Group has the following reporting segments:

a) Television

The television segment involves fundamentally broadcasting by one generalist TV channel (TVI) and the broadcasting of by cable of theme channels, as well as results of the programs exhibited, interactive services related to competitions made on television and commercialization of fictional content produced by the Group.

b) Production

The Production segment refers to the production, realization and audiovisual distribution and the production of programs / series and television programs, made and/or broadcast in Portugal and Spain. This reportable segment results from the aggregation of the operating segments related to the production of content in Portugal ("Produções Portugal") and to the production of content in Spain ("Produções Espanha"), which were aggregated under IFRS 8 – Operating segments, in terms of the characteristics of the services provided in the production process, in particular as regards the nature of the services provided in its production process, as well as the type of customers and methods of direct delivery of the contents to final customers.

c) Radio

The radio segment involves the broadcasting of radio programs, through own antennas.

d) Others

The segment others includes essentially the internet business ("DIGITAL"), the production and sale of music CD's, the agency of artists and promotion of events ("ENTERTAINMENT"), which were aggregated in result they did not individually meet the quantitative limits established in IFRS 8 – Operating segments, as well as the parent company activity and the Group's shared services, which includes the assets and liabilities not allocated to the segments as they are not monitored by Management for purposes of measuring performance.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

Contribution of the main business segments to the consolidated results for the years ended 31 December 2017 and 2016 was as follows:

	2017
	Television	Production	Radio	Others	Total	Eliminations	Consolidated

Operating revenue:
External Services rendered	98,061,451	6,196,342	18,228,469	4,424,730	126,910,992	-	126,910,992
Internal services rendered	131,579	25,615,146	97,103	10,817,449	36,661,277	(36,661,277)	-
Other external operating revenue	37,865,735	122,667	116,826	446,673	38,551,901	-	38,551,901
Other internal operating revenue	139,072	6,715	99,300	290,899	535,986	(535,986)	-
Total operating revenue	136,197,837	31,940,870	18,541,698	15,979,751	202,660,156	(37,197,263)	165,462,893
Operating costs:
Cost of programs issued and goods sold	(43,537,704)	-	-	(1)	(43,537,705)	24,094,495	(19,443,210)
Supplies and services	(39,310,472)	(23,177,939)	(6,164,787)	(8,709,939)	(77,363,137)	13,574,486	(63,788,651)
Personnel costs	(20,423,425)	(8,918,017)	(5,865,733)	(6,471,060)	(41,678,235)	-	(41,678,235)
Amortization and depreciation	(2,877,374)	(3,374,657)	(1,075,269)	(575,349)	(7,902,649)	-	(7,902,649)
Provision for impairment losses	(175,255)	(32,005)	83,455	(271,000)	(394,805)	-	(394,805)
Other operating costs	211,282	(133,362)	(80,540)	(78,668)	(81,288)	-	(81,288)
Total operating costs	(106,112,948)	(35,635,980)	(13,102,874)	(16,106,017)	(170,957,819)	37,668,981	(133,288,838)

Operating results	30,084,889	(3,695,110)	5,438,824	(126,266)	31,702,337	471,718	32,174,055
Net finance costs							(4,482,422)
Profit before income tax							27,691,633
Income tax							(7,904,604)
Consolidated net profit from continuing operations							19,787,029


				2016
	Television	Production	Radio	Others	Total	Eliminations	Consolidated
Operating revenue:
External Services rendered	100,914,039	8,819,075	17,416,325	5,038,612	132,188,051	-	132,188,051
Internal services rendered	175,051	31,275,419	190,525	10,671,443	42,312,438	(42,312,438)	-

Vendas de mercadorias e produtos	-	-	-	98,592	98,592	-	98,592
Other external operating revenue	40,956,201	410,218	55,304	318,337	41,740,060	-	41,740,060
Other internal operating revenue	190,642	445	102,300	231,228	524,615	(524,615)	-
Total operating revenue	142,235,933	40,505,157	17,764,454	16,358,212	216,863,756	(42,837,053)	174,026,703
Operating costs:
Cost of programs issued and goods sold	(46,867,017)	-	-	(6,565)	(46,873,582)	30,176,532	(16,697,050)
Supplies and services	(39,592,423)	(28,877,747)	(6,618,707)	(8,566,565)	(83,655,442)	13,466,429	(70,189,013)
Personnel costs	(21,095,862)	(10,066,934)	(5,687,900)	(7,262,139)	(44,112,835)	-	(44,112,835)
Amortization and depreciation	(2,742,131)	(3,261,567)	(1,791,643)	(436,461)	(8,231,802)	-	(8,231,802)
Provision for impairment losses	(675,871)	45,919	(6,439)	(246,584)	(882,975)	-	(882,975)
Other operating costs	(380,995)	(122,589)	(59,284)	(64,988)	(627,856)	-	(627,856)
Total operating costs	(111,354,299)	(42,282,918)	(14,163,973)	(16,583,302)	(184,384,492)	43,642,961	(140,741,531)

Operating results	30,881,634	(1,777,761)	3,600,481	(225,090)	32,479,264	805,908	33,285,172
Net finance costs
							(5,166,187)

Income tax (9,018,123) Consolidated net profit from continuing operations 19,100,862

Additional significant segment reporting information is as follows:

			2017
Television	Production	Radio	Others (a)	Total	Eliminations	Consolidated
						301,244,357
57,133,101	81,466,941	32,877,341	25,777,608	197,254,991	(37,452,370)	159,802,621

						3,744,535
						295,482
						1,050,742
						37,413
						(186,250)
						782,070
(44,015)	(27,417)	(117,649)	(49,347)	(238,428)	-	(238,428)
	199,102,477 1,522,912 153,902 175,425 1,250 (135,750) 353,771	86,397,133 1,779,610 37,438 454,629 36,163 (10,000) 33,259	30,302,491 336,497 4,989 316,063 - - 34,194	120,306,686 105,516 99,153 104,625 - (40,500) 360,846	436,108,787 3,744,535 295,482 1,050,742 37,413 (186,250) 782,070	(134,864,430) - - - - - -

	2016
	Television	Production	Radio	Others (a)	Total	Eliminations	Consolidated

Net assets	208,227,256	93,049,453	30,176,580	114,397,370	445,850,659	(130,771,618)	315,079,041
Liabilities	65,976,321	83,341,315	35,959,836	24,564,682	209,842,154	(33,707,323)	176,134,831
Other information:
Investment in the year in tangible fixed assets (Note 16)	3,091,137	2,053,542	384,684	320,191	5,849,554	-	5,849,554
Investment in the year in intangible assets (Note 15)	275,367	96,607	-	89,036	461,010	-	461,010
Investiment in associates (Note 17)	-	6	-	-	6	-	6
Indemnities - included in "personnel costs" (Note 10)	385,348	257,652	15,869	161,424	820,293	-	820,293
Increase in provisions (Note 25)	-	72,829	-	300,000	372,829	-	372,829
Reversal of provisions (Note 25)	(26,570)	(52,135)	-	(5,000)	(83,705)	-	(83,705)
Impairment losses (Note 25)	713,364	36,983	24,267	46,184	820,798	-	820,798
Reversal of impairment losses (Note 25)	(10,923)	(30,766)	(17,828)	(94,601)	(154,118)	-	(154,118)

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

(a) "Others" includes assets and liabilities not allocated to the operating segments as they are not monitored by Management for measuring their performance. The assets and liabilities correspond essentially to intergroup loans granted by the parent company to its subsidiaries, which were fully eliminated in the Group's consolidation process.

Information by geographic market for the years ended 31 December 2017 and 2016 is as follows:

		2017
	Other
	Portugal	countries	Consolidated

Operating revenue	164,833,978	628,915	165,462,893
Operating costs	(131,302,882)	(1,985,956)	(133,288,838)
Net profit from continuing operations	21,283,950	(1,496,921)	19,787,029
Non-current assets	231,051,128	1,452,656	232,503,784
Current assets	65,876,996	2,863,577	68,740,573
Liabilities	158,712,776	1,089,845	159,802,621
Investment in the year in tangible fixed asssets (Note 16)	3,744,535	-	3,744,535
Investment in the year in intangible asssets (Note 15)	295,482	-	295,482
	2016
		Other
	Portugal	countries	Consolidated
Operating revenue	171,260,296	2,766,407	174,026,703
Operating costs	(137,471,959)	(3,269,572)	(140,741,531)
Net profit from continuing operations	20,090,906	(990,044)	19,100,862
Non-current assets	237,947,202	4,124,665	242,071,867
Current assets	71,069,231	1,937,943	73,007,174


Liabilities Investment in the year in tangible fixed asssets (Note 16)	174,116,456 5,849,554	2,018,375 -	176,134,831 5,849,554

The revenue presented above in 2017 includes, approximately, 18,000,000 Euros resulting from services rendered and transactions with the Group's largest customer.

The Group considers that there isn't any other advertiser who is responsible for more than 10% of its revenues, taking into account in this evaluation the business model of advertising commercialized in the various entities of the group, which is based on the centralization of the issuance of invoices to media agencies, which intervene in the management of the negotiations and ensure payment of the amounts owed, and are remunerated according to the size of their investment portfolio and advertisers.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

7. OPERATING REVENUE

Consolidated operating revenue for the years ended 31 December 2017 and 2016 is made up as follows:

	2017	2016
Services rendered:
Television advertising	98,061,451	100,859,613
Radio advertising	17,723,147	16,973,962
Advertising in other media	3,161,054	3,569,314
Audiovisual production and complementary services	6,196,342	8,819,075
Others	1,768,998	1,966,087
	126,910,992	132,188,051

Sales:
CD's	-	98,592

Other operating revenue:
Multimedia services (a)	14,570,716	16,080,566
Transmission, and exhibition rights and the sale of images (b)	21,610,913	23,547,906
Other supplementary revenue	2,370,272	2,111,588
	38,551,901	41,740,060

(a) The caption "Multimedia services" corresponds essentially to income from interactive services and multimedia relating to competitions and programs included in the television programming grid broadcast by the Group.

(b) The caption "Transmission and exhibition rights and the sale of images" includes essentially income relating to the ceding of generalist channel signals and theme channels, issued by the Group.

8. COST OF BROADCASTED PROGRAMS AND GOODS SOLD

This caption for the years ended 31 December 2017 and 2016 is made up as follows:

	2017	2016
Programs exhibited	19,443,210	16,690,484
Goods sold	-	6,566
	19,443,210	16,697,050

The cost of production of own programs is recognized in the consolidated statement of profit and loss in accordance with its nature.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

9. SUPPLIES AND SERVICES

The caption supplies and services for the years ended 31 December 2017 and 2016 is made up as follows:

	2017	2016

Specialized services	27,756,712	28,916,751
Publicity and competition prizes	9,157,702	9,065,488
Fees	5,432,485	7,115,854
Communication	4,154,192	4,695,963
Rent	3,535,154	3,845,328
Royalties and rights	3,361,178	3,474,299
Materials	2,487,710	3,053,118
Energy and fluids	2,331,832	2,461,963
Maintenance and repairs	1,902,981	1,812,631
Travel and lodging	1,662,904	2,296,552
Others	2,005,801	3,451,066
	63,788,651	70,189,013

10. PERSONNEL COSTS

The caption personnel costs for the years ended 31 December 2017 and 2016 is made up as follows:

	2017	2016

Wages and salaries	30,401,341	31,917,373
Charges on wages and salaries	6,945,117	7,237,866
Performance bonus	787,224	1,525,046
Indemnities (Note 6)	1,050,742	820,293
Labour accident insurance and others	573,662	520,394
Others	1,920,149	2,091,863
	41,678,235	44,112,835

The average number of employees, per segment, of the companies included in the consolidation in the years ended 31 December 2017 and 2016, is as follows:

	2017	2016
Television	466	474
Production	288	358
Radio	149	156
Others	133	139
	1,036	1,127

As of 31 December 2016, Prisa had an approved employee benefits plan which had as beneficiaries some Directors, based on shares of Prisa ("Program"). The employees' eligibility for the mentioned plan was determined by its shareholder and in accordance with the fulfillment of the objectives established until 2016 and the permanence of the mentioned Directors in the Group.

The attribution of the corresponding shares to the amount stated above will be made directly by Prisa for the participants of the Program. The total charges of the Program are supported by Group.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

The amount of the incentive, to be paid on 31 December 2016, was fully paid in 2017, and there was no plan in force, as of 31 December 2017, that included Group's Directors.

11. FINANCIAL EXPENSE AND INCOME

The caption financial expense and income for the years ended 31 December 2017 and 2016 is made up as follows:

	2017	2016
Financial expense:
Interest expense (a)	3,587,387	4,162,164
Other financial costs (b)	988,682	610,894
	4,576,069	4,773,058
Financial income:
Interest income	-	957
Other financial income (c)	93,650	137,851
	93,650	138,808
	4,482,419	4,634,250

(a) In 2017 and 2016 the Group did not incur financial costs on assets that qualify that could be capitalized, the costs being recognized in profit and loss when incurred. The decrease in interest expense is due essentially to the reimbursement made in 2017 as explained in Note 24.
(b) In the year ended 31 December 2017, this heading relates essentially to the exchange variation of foreign currency financing balances.
(c) In the year ended 31 December 2017, "Other financial expenses" also includes expenses related to the financial updating of assets receivable, in the amount of 93,650 Euros (Note 17).

12. DIFFERENCE BETWEEN ACCOUNTING AND TAX RESULTS

The Grupo Media Capital companies, except for NBP Ibérica – Producciones Audiovisuales, S.A. and PLURAL España and its subsidiaries, are subject to corporation income tax at the rate of 21% in accordance with article 87 of the Corporation Income Tax Code which can be increased by a municipal surcharge of up to the maximum rate of 1.5% of taxable profit, resulting in a total maximum rate of 22.5%. In addition, accordance with article 87-A of the Corporation Income Tax Code, in 2017 taxable profit exceeding 1,500,000 Euros is subject to a State surcharge, at the following rates:

3% for taxable profit between 1,500,000 Euros and 7,500,000 Euros;
5% for taxable profit between 7,500,000 Euros and 35,000,000 Euros;
7% (9% from 2018 onwards) for taxable profit exceeding 35,000,000 Euros.

In addition, net financial costs for 2017 and following years are deductible for determining annual taxable income up to the limit each year to the greater of the following limits:

1,000,000 Euros;
30% of the profit before amortization and depreciation, net financial costs and taxes.

In accordance with article 88 of the Corporation Income Tax Code the Group is subject to autonomous taxation of certain charges at the rates established in the article.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

The Group estimated income tax for 2017 of the companies in which VERTIX participates directly or indirectly by at least 75%, considering the requirements of article 63 of the Corporation Income Tax Code, in accordance with the RETGS, headed up VERTIX. All the Group companies with head office in Portugal were covered by that regime, except for the companies acquired in 2016, which are taxed individually.

Plural España and its subsidiaries are subject to income tax in accordance with Spanish legislation, at a normal rate of around 25%, being included in the Regime for the Taxation of Groups of Companies applicable to companies with head office in Spain under the parent Prisa.

There are tax losses carried forward that result in deferred tax assets as shown in the following tables, calculated in accordance with the tax rules currently applicable to Grupo Media Capital, which are based on the existence of adequate support for their recovery, namely business plans prepared with prudent assumptions in line with evolution of the business. However, the Group has not recognized the full amount of deferred tax assets, as they were generated before the effective date the companies entered into the RETGS, and the ability of the Group to use them is remote.

In accordance with current legislation tax losses generated between 2014 and 2016 can be carried forward during a period of twelve years, limited to 70% of the Group's taxable profit determined in accordance with the special regime for the taxation of groups of companies (six years for losses prior to 2010, four years for losses incurred between 2010 and 2011 and five years for losses generated incurred between 2012 and 2013 and from 2017). At 31 December 2017 tax losses carried forward amounted to approximately 7,521 Euros, and its deadline for use is 2018.

In accordance with current legislation, tax returns are subject to review and correction by the tax authorities during a period of four years (five years for Social Security) except when there are tax losses, tax benefits have been granted, tax inspections are in progress or there are claims or appeals, in which case the period can be extended or suspended, depending on the circumstances. Consequently, the tax returns of the Group companies for the years from 2014 to 2017, inclusive, are still subject to review and correction. The Board of Directors believes that any corrections to the taxable income declared that might result from examinations carried out by the tax authorities will not have a significant effect on the consolidated financial statements.

In addition, in accordance with tax legislation in Spain tax returns of companies included in the tax consolidation of Prisa are also subject to revision and correction by the tax authorities for a period of four years, there possibly being some exceptions which are not applicable to the companies included in the Group's consolidated financial statements.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

Following is a reconciliation of the tax rate for the years ended 31 December 2017 and 2016:

	2017	2016
Profit before tax Nominal income tax rate Estimated tax charge	27,691,633 21.00% 5,815,243	28,118,985 21.00% 5,904,987
Permanent differences (i) Adjustment to income tax due (ii) Surcharge Others	293,655 724,208 1,881,885 (810,387) 7,904,604	397,716 849,441 1,972,576 (106,597) 9,018,123
Current tax (iii) Deferred tax for the year	7,714,397 190,207 7,904,604	8,899,568 118,555 9,018,123
Effective tax rate	28.55%	32.07%

(i) These amounts for the years ended 31 December 2017 and 2016 are made up as follows:

1,033,284
553,366
(21,429)
309,074
1,893,886
21.00%
397,716

(ii) This amount represents the autonomous taxation of certain expenses.

(iii) This amount at 31 December 2017 and 2016 is made up as follows:

	2017	2016

Estimated current tax on income for the year	8,709,320	8,718,584
Tax/ (Tax credit) for income of foreign subsidiaries (Note 29)	(150,374)	282,753
Others (a)	(844,549)	(101,769)
	7,714,397	8,899,568

(a) This caption includes the net effect of the excess of estimated income tax for 2017 and 2016, and of income resulted from the positive outcome of tax processes.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

Temporary differences – changes in deferred taxes:

		2017
	Beginning	Increase/	Ending
	balances	reversals	balances
Deferred tax assets:
Provision and impairment losses	174,310	(77,630)	96,680
Inter group company margins not recognised	2,309,897	(192,722)	2,117,175
Other credits	161,321	12,645	173,966
	2,645,528	(257,707)	2,387,821
Deferred tax liabilities:
Brands acquired in business combinations	1,226,250	(67,500)	1,158,750


		2016
	Beginning	Increase/	Ending
	balances	reversals	balances
Deferred tax assets:
Provision and impairment losses	64,700	109,610	174,310
Inter group company margins not recognised	2,594,522	(284,625)	2,309,897

Other credits	172,361 2,831,583	(11,040) (186,055)	161,321 2,645,528
Deferred tax liabilities:

As of 31 December 2017 and 2016, current tax liabilities amounted to 5,254 Euros and 9,212 Euros, respectively, and essentially relate to the estimated tax related to the activity of the company acquired in 2016, which do not belong to RETGS.

As a result of the Group's RETGS being headed by VERTIX, the estimated current tax payable under this scheme, net of payments on account and withholdings, results in an account payable to VERTIX, which is as follows:

	2017	2016

Estimated current tax payable	7,714,397	8,899,568
Payments on account and special payments on account made by the Group to VERTIX	(6,757,494)	(5,320,659)
Others	1,040,938	208,818
Account payable to Vertix (Note 29)	1,997,841	3,787,727

At 31 December 2017 and 2016, the amounts payable related to current tax assets amounting to 340,290 Euros and 384,474 Euros, respectively, relate essentially to IRC to be recovered and to special payments on account.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

Cash flows:

For the year ended 31 December 2017 and 2016, the receipts referring to the refund of excess tax paid and the payments related to income tax for the year were as follows:

	2017	2016

Receipts referring to the refund of excess tax paid	437,631	80,830
Payments relating to income tax for the year	(128,699)	(148,199)
	308,932	(67,369)

13. EARNINGS PER SHARE

Earnings per share for the years ended 31 December 2017 and 2016 were calculated considering the following amounts:

	2017	2016
Earnings:
Profit for purposes of calculating earnings per share of continuing operations	19,787,029	19,100,862
Number of shares:
Average number of shares for purposes of calculating basic and diluted earnings per share (Note 23)	84,513,180	84,513,180
Basic and diluted earnings per share of continuing operations	0.2341	0.2260

There were no diluting effects in the years ended 31 December 2017 and 2016 and so the basic and diluted earnings per share are the same.

14. GOODWILL

The changes in goodwill in the years ended 31 December 2017 and 2016 were as follows:

	2017	2016
Cost:
Balance at the beginning of the year	166,280,254	169,740,254
Derecognition for disposal - SOCATER (Note 17)	-	(3,460,000)
Balance at the end of the year	166,280,254	166,280,254

Accumulated impairment losses:
Balance at the beginning of the year	(16,562,653)	(16,562,653)
Impairment losses recognized in the period (Notes 12, 17 and 25) (a) (b)	(343,481)	(553,366)
Derecognition for disposal - SOCATER (Note 17)	-	553,366
Balance at the end of the year	(16,906,134)	(16,562,653)

Net book value:
Balance at the beginning of the year	149,717,601	153,177,601

Balance at the end of the year	149,374,120	149,717,601

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

(a) The impairment loss recognized in goodwill in the amount of 343,481 Euros in the year ended 31 December 2017 (Note 25) is essentially due to a decline of the activity of one of the group's cash generating units in the group's Entertainment segment in 2017, despite the rationalization of costs that the group continued to pursue. At that date, there was no goodwill allocated to that cash generating unit.
(b) The impairment loss recognized in goodwill in the amount of 553,366 Euros in the year ended 31 December 2016 (Note 17) is due to the evolution of the production activity in Spain, developed by SOCATER. This company was sold on 28 November 2016 (Note 17).

For purposes of impairment tests, goodwill was distributed by the Operating segments (together cash generating units) considering the benefits generated by the synergies resulting from the business combinations which resulted in them, as follows:

	2017	2016

Television	125,761,826	125,761,826
Radio	18,643,989	18,643,989
Audiovisual production Portugal	3,021,058	3,021,058
Digital	1,508,118	1,508,118
Entertainment	439,129	782,610
	149,374,120	149,717,601

IFRS 8 defines an operating segment as follows. An operating segment is a component of an entity:

That engages in its business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity);
Whose operating results are reviewed regularly by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance;
For which discrete financial information is available.

For purposes of assessing impairment, the investment was valued by the Board of Directors based on the business plan/financial projections of the cash generating units controlled by the Group.

The assessment was made based on business plans / financial projections of the various operating segments, prepared and approved by management, which cover a five year period, and is subsequently considered a perpetuity.

For this purpose market data obtained from external entities was used, which was compared to internal market intelligence and the Group's past experience, complemented by the estimated market effect of the business strategies adopted for each operational segment, which are considered in the preparation of budgets approved by the Board of Directors and which are the basis of said analysis. Following are some of the main variables considered by the Board of Directors:

Projected growth in revenue from:
Evolution of advertising investment in the main markets where the Group operates;
Audience share;
Market share;
Operating costs;
Synergies and rationalization of production costs.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

The main information on the activities and assumptions considered for the operating segments identified for purposes on the impairment tests was as follows:

Television:

Television operations, with the broadcasting of television programs through a general channel, TVI, and under distribution contracts signed with operators broadcasting TVI 24, TVI Ficção, TVI Internacional, TVI África and TVI Reality.

The main assumptions relating to the operations considered in the projections were as follows:

Moderate recovery of publicity income in 2017 and gradual increase, in 2022 reaching amounts still below those for 2010;
Contained increase in other income relating to the diversification of the activities of the various channels, including signal rights;
Maintenance of a cost containment policy, in accordance with what is already in force since periods previous to 2017.

Radio:

Radio operations, with sound broadcasting of radio programs in Portugal by the following radio stations: "Rádio Comercial", "m80", "Cidade", "Smooth FM" and "Vodafone FM".

The main operating assumptions considered in the projections were as follows:

Increase in the contents of Rádio Comercial and the other radio stations so as to maintain the leadership position achieved as a Group of Radios;
Stabilization of audiences;
Continuation of the cost control strategy.

Audiovisual production in Portugal:

Production of contents, various activities in support of the television channels, through Plural which is responsible for audiovisual creation, realization and production, as well as the exploitation of technical means and the preparation of scenarios.

The main operating assumptions considered in the projections were as follows:

Maintenance of the cost containment policy in accordance with that which is already in force;
Focus on internal production of national contents.
Continued growth of the business of leasing technical means and production of events, increasing its presence in other markets.

Audiovisual production in Spain:

Operations in the Spanish audiovisual production market, in particular in the supply of production support services – technical means, human resources and scenario building.

The main operating assumptions considered in the projections were as follows:

Focus on the exploitation of technical means and the preparation of scenarios market;
Profitability of content already produced through its commercialization;
Decrease in the structure of fixed costs.

Digital:

Digital operations supported by the portal www.iol.pt, which has a vast network of own contents, an extensive online directory of classified and publicity information, responsible for the majority of the Group's sites, as well as the production of mobile contents. They also include the rendering of internet and multimedia services to companies outside the Group.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

The main operating assumptions considered in the projections were as follows:

Improvement of the publicity market;
Regular launching of new projects such as apps and other mobile services;
Maintenance of variable and fixed operating costs control, related with operation.

Entertainment:

Operations include the music business, production of videograms, phonograms, audiovisual and multimedia production, the purchase and sale of records and equivalent items, the production of events and agency of artists.

The main operating assumptions considered in the projections were as follows:

Decrease in the physical sale of CD's due to the tendency to migrate to the digital area;
Focus on improving the profitability and volume indicators through the realization of events and the publishing activity.

The discounted cash flow method was used, cash flow projections having been prepared for five years and a perpetuity considered after that. The nominal growth rate used for the perpetuity was 2.5% (2.5% in 2016). The discount rate used for all the cash generating units was 8.2% (9.0% in 2016), as it was considered that they all operate directly or indirectly in the media market, the commercial activity, the clients and the publicity market being seen transversally by the Group.

The annual compound growth rate of the operating segments under review for the period of the projections (using 2016 as the base) was 4% for EBITDA. The Company believes that the estimates are reasonable, considering the abnormally penalizing market for the years up to close to the end of 2014 both as regards the initiatives in progress in terms of organic growth and implemented decrease in operating costs.

The Board of Directors believes that any reasonably possible change in any of the above mentioned key assumptions used in the impairment tests would not result in a significant impairment of Goodwill, considering a 0.5% variation in the nominal growth rate used in the perpetuity or the discount rate.

15. INTANGIBLE ASSETS

The changes in intangible assets and related accumulated amortization and impairment losses in the years ended 31 December 2017 and 2016 were as follows:

			Radio	Radio
	Audiovisual		broadcasting	broadcasting	Computer
	production rights	Brands (a)	permits (b)	rights	programs	Others	Total
Gross:
Balance at 31 December 2015	4,498,481	6,269,000	17,243,953	550,000	7,352,653	585,114	36,499,201
Changes in consolidation perimeter (Note 5)	-	-	537,420	(550,000)	-	-	(12,580)
Acquisitions (Note 6)	-	-	-	-	461,010	-	461,010
Exchange translation	112,245	-	-	-	-	511	112,756
Sales and write-offs	-	-	-	-	(17,427)	-	(17,427)
Transfers (c)	1,000,000	-	-	-	(26,000)	-	974,000
Balance at 31 December 2016	5,610,726	6,269,000	17,781,373	-	7,770,236	585,625	38,016,960
Acquisitions (Note 6)	-	-	-	-	295,482	-	295,482
Exchange translation	(60,684)	-	-	-	-	(1,757)	(62,441)
Sales and write-offs	-	-	-	-	(49,732)	-	(49,732)
Balance at 31 December 2017	5,550,042	6,269,000	17,781,373	-	8,015,986	583,868	38,200,269

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

	Audiovisual production rights	Brands (a)	Radio broadcasting permits (b)	Radio broadcasting rights	Computer programs	Others	Total
Accumulated amortization:
Balance at 31 December 2015	2,699,830	519,000	10,974,009	316,885	6,236,925	585,114	21,331,763
Increases (Note 16)	1,399,325	300,000	1,280,620	-	494,563	-	3,474,508
Transfers	-	-	316,885	(316,885)	-	-	-
Exchange translation	112,245	-	-	-	-	511	112,756
Balance at 31 December 2016	4,211,400	819,000	12,571,514	-	6,731,488	585,625	24,919,027
Increases (Note 16)	1,399,326	300,000	537,128	-	494,208	-	2,730,662
Exchange translation	(60,684)	-	-	-	-	(1,757)	(62,441)
Sales and write-offs	-	-	-	-	(49,701)	-	(49,701)
Balance at 31 December 2017	5,550,042	1,119,000	13,108,642	-	7,175,995	583,868	27,537,547

			Radio	Radio
	Audiovisual		broadcasting	broadcasting	Computer
	production rights	Brands (a)	permits (b)	rights	programs	Others	Total
Net:
Net balance at 31 December 2016	1,399,326	5,450,000	5,209,859	-	1,038,748	-	13,097,933
Net balance at 31 December 2017	-	5,150,000	4,672,731	-	839,991	-	10,662,722

(a) This caption includes essentially the PLURAL brand.

(b) The most significant radio broadcasting permit included in this caption in the net amount of 2,132,319 Euros and has a remaining operating period of eight years.
(c) The transfer in 2016 corresponds essentially to cinema co-production which operating period ends in 2017.

16. TANGIBLE FIXED ASSETS

The changes in tangible fixed assets and corresponding accumulated depreciation and impairment losses in the years ended 31 December 2017 and 2016 were as follows:

	Land, buildings and other constructions	Basic equipment	Transport equipment	Administrative equipment	Other tangible fixed assets	Fixed assets in progress	Total
Gross:
Balance at 31 December 2015	9,346,876	109,645,106	1,899,593	10,426,092	8,807,092	912,546	141,037,305
Changes in consolidation perimeter (Note 5)	1,247	43,713	-	-	-	-	44,960
Acquistions (Note 6)	1,021,780	3,423,830	-	460,574	313,545	629,825	5,849,554
Sales and write-offs	(31,659)	(2,881,653)	(191,516)	(2,008,916)	(255,113)	(4,530)	(5,373,387)
Transfers (Note 15)	105,514	715,641	-	227,974	137,689	(1,160,818)	26,000
Balance at 31 December 2016	10,443,758	110,946,637	1,708,077	9,105,724	9,003,213	377,023	141,584,432
Acquistions (Note 6)	370,487	2,655,753	2,944	265,683	150,685	298,983	3,744,535
Sales and write-offs	-	(2,334,440)	(40,977)	(589,861)	(16,451)	(15,732)	(2,997,461)
Transfers	(136,120)	659,170	-	24,569	33,159	(580,778)	-
Balance at 31 December 2017	10,678,125	111,927,120	1,670,044	8,806,115	9,170,606	79,496	142,331,506
	Land, buildings and other constructions	Basic equipment	Transport equipment	Administrative equipment	Other tangible fixed assets	Fixed assets in progress	Total
Accumulated depreciation and impairment
losses:
Balance at 31 December 2015	5,808,490	100,794,384	1,772,326	9,294,666	7,891,050	-	125,560,916
Changes in consolidation perimeter	-	42,731	-	-	-	-	42,731
Increases	664,125	3,230,244	86,091	530,995	245,839	-	4,757,294
Sales and write-offs	(31,659)	(2,881,541)	(191,516)	(2,025,537)	(255,116)	-	(5,385,369)
Transferências	(63,491)	63,500	-	-	-	-	9
Balance at 31 December 2016	6,377,465	101,249,318	1,666,901	7,800,124	7,881,773	-	124,975,581
Increases	959,592	3,304,365	28,187	599,288	280,555	-	5,171,987
Sales and write-offs	-	(2,334,440)	(40,977)	(589,750)	(16,445)	-	(2,981,612)
Transferências	(136,120)	136,129	-	(9)	-	-	-
Balance at 31 December 2017	7,200,937	102,355,372	1,654,111	7,809,653	8,145,883	-	127,165,956

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

	Land, buildings and other constructions	Basic equipment	Transport equipment	Administrative equipment	Other tangible fixed assets	Fixed assets in progress	Total
Net:
Net balance at 31 December 2016	4,066,293	9,697,319	41,176	1,305,600	1,121,440	377,023	16,608,851
Net balance at 31 December 2017	3,477,188	9,571,748	15,933	996,462	1,024,723	79,496	15,165,550

Amortization and depreciation recognized in the statements of profit and loss for 2017 and 2016 are made up as follows:

2017	2016
	4,757,294
	3,474,508
7,902,649	8,231,802
	5,171,987 2,730,662

At 31 December 2017 there were no restrictions on the ownership of tangible fixed assets given in guarantee of liabilities. All guarantees requested in favor of third parties and given by the Group, susceptible of disclosure, are listed in Notes 24 and 34.

17. INVESTMENT IN ASSOCIATES

The changes in investments in associates in the years ended on 31 December 2017 and 2016 were as follows:

	Investments in associates

Balance at 31 December 2015	1,596,457
Dividends	(62,640)
Disposals of associated companies	(1,628,069)
Gains on associated companies	94,258
Balance at 31 December 2016	6
Disposals of associated companies	(6)
Balance at 31 December 2017	-

On 28 November 2016, as described in Note 5, the Group sold the entire financial investment held in a group of subsidiaries as follows:

Company	Head office	Effective participation percentage held
Sociedad Canária de Televisión Regional, S.A. ("SOCATER")	Tenerife (Spain)	40
Productora Canária de Programas, S.A. ("PCP")	San Andrés (Spain)	40
Factoría Plural, S.L. ("Factoría")	Zaragoza (Spain)	15
Chip Audiovisual, S.A. ("CHIP")	Zaragoza (Spain)	7.5
Isla Audiovisual, S.L.	Zaragoza (Spain)	7.2

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

The result of this sale was as follows:

	SOCATER	PCP	Factoría	Total Associated	PLURAL Canarias (Note 5)	Total

Book value of investments on the date of disposal:
Investment in associated companies as of 31 December 2015	742,453	562,332	291,666	1,596,451	-	1,596,451
Gains / (losses) on associated companies	(4,826)	1,805	97,279	94,258	-	94,258
Dividends received	-	-	(62,640)	(62,640)	-	(62,640)
Net assets sold	-	-	-	-	23,252	23,252
	737,627	564,137	326,305	1,628,069	23,252	1,651,321
Goodwill (Note 14)	3,460,000	-	-	3,460,000	-	3,460,000
Accumulated impairment losses (Note 14)	(553,366)	-	-	(553,366)	-	(553,366)
Net assets sold	3,644,261	564,137	326,305	4,534,703	23,252	4,557,955
Expenses associated with disposal	(1,000)	-	-	(1,000)	-	(1,000)
Gains/ (losses) on disposal	739	(137)	695	1,297	(252)	1,045
Amount of sale	3,644,000	564,000	327,000	4,535,000	23,000	4,558,000
Amount received in 2016						(700,000)
Amount received in 2017						(1,286,000)
Financial update (a)						(36,241)
Amount receivable from the sale on 31 December 2017 (Note 29)						2,535,759

(a) The cumulative effect of the financial update was as follows:

Other financial income (Note 11) in 2017	93,650
Other financial expenses in 2016	(129,891)
	(36,241)

The amount receivable in 2017 and 2016 resulting from said transaction (Note 29) will be received in accordance with the contractual terms established between the parties, as follows:

	2017	2016

Until 31 December 2017	-	1,223,702
Until 31 January 2018 Until 31 January 2019	1,283,339 1,252,420	1,223,702 1,280,705

	2,535,759	3,728,109

As a result of the application of the equity method, in the years ended 31 December 2017 and 2016, on associates up to the date of their disposal, the following movements were recorded under "Gains / (losses) in associated companies":

	2017	2016
Net gains on associated companies	-	94,258
Losses on associated companies (Notes 5 and 25)	-	(72,829)
Impairment losses (Note 14)	-	(553,366)
Disposal	(3)	-
	(3)	(531,937)

The associated companies were included in the consolidated financial statements by the equity method, as indicated in Note 2.2 b).

In the year ended 31 December 2016, prior to said sale, the Group recorded and received dividends in the amount of 62,640 Euros, related to the investment held in Factoría Plural, SL..

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

18. TELEVISION PROGRAM BROADCASTING RIGHTS

Television program broadcasting rights at 31 December 2017 and 2016 are made up as follows:

Nature	2017	2016
Soap operas and fiction contents	60,800,020	62,611,900
Films	10,588,387	12,668,813
Series	7,333,840	6,105,954
Entertainment	2,104,964	1,418,721
Others	363,087	284,128
	81,190,298	83,089,516
Non-current assets	50,971,104	54,473,263
Current assets	30,219,194	28,616,253
	81,190,298	83,089,516

19. OTHER NON-CURRENT ASSETS

This caption was made up as follows at 31 December 2017 and 2016:

	2017	2016
Access to the Digital Television network (Televisão Digital Terrestre - "TDT") (a)	2,676,471	2,944,118
Receivables from related parties (Note 29)	1,252,420	2,504,407
Customers and other accounts receivable	-	60,000
State and other public entities	8,588	15,172
	3,937,479	5,523,697

(a) This amount corresponds to costs incurred for access to the TDT network, which is expensed over the contracted utilization period of the network.

20. TRADE AND OTHER RECEIVABLES

This caption was made up as follows at 31 December 2017 and 2016:

	2017 Accumulated impairment loss		2016 Accumulated impairment loss



	Gross	(Note 25)	Net	Gross	(Note 25)	Net
Trade receivables	31,796,267	(3,965,653)	27,830,614	35,777,601	(5,088,376)	30,689,225
Receivables from related parties (Note 29)	131,569	-	131,569	627,727	-	627,727
Invoices to be issued (a)	5,666,571	-	5,666,571	6,702,963	-	6,702,963
	37,594,407	(3,965,653)	33,628,754	43,108,291	(5,088,376)	38,019,915

(a) This caption includes, essentially, amounts related to invoices to be issued to the operators for the activity of interactive and multimedia services.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

21. OTHER CURRENT ASSETS

This caption was made up as follows at 31 December 2017 and 2016:

		2017 Accumulated impairment			2016 Accumulated impairment


		loss		loss
	Gross	(Note 25)	Net	Gross	(Note 25)	Net
State and other public entities (Note 28)	561,059	-	561,059	997,123	-	997,123
Other debtors	269,575	(26,106)	243,469	616,656	(525,975)	90,681
Receivables from related parties (Note 29)	1,433,713	-	1,433,713	1,234,767	-	1,234,767
Prepayments	2,019,767	-	2,019,767	2,429,055	-	2,429,055
	4,284,114	(26,106)	4,258,008	5,277,601	(525,975)	4,751,626

22. CASH AND CASH EQUIVALENTS

This caption was made up as follows at 31 December 2017 and 2016:

	2017	2016

Bank deposits repayable on demand	133,783	1,080,324
Cash	160,544	154,582
	294,327	1,234,906

In the year ended 31 December 2017, the Group recorded the following non-monetary investment and financing transactions that are not reflected in the consolidated statement of cash flows:

The Group acquired basic equipment through lease contracts, as disclosed in Note 24, in the amount of, approximately, 286,000 Euros (733,000 Euros in 2016);
The Group sold investents in associate companies in 2016, as mentioned in Note 17, for the amount of 4,558,000 Euros, of which 2,536,000 Euros had not been received at the date of the financial position (3,728,000 Euros in 2016) (Note 29);
The Group acquired fixed assets which were not yet been settled at the date of the financial position in the amount of approximately 1,100,000 Euros (2,800,000 Euros in 2016).

23. EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

The Company's fully subscribed for and paid up capital at 31 December 2017 and 2016 was made up of 84,513,180 shares (Note 13), with nominal value of one Euro and six cents each, which total is 89,583,971 Euros.

At 31 December 2017 and 2016 the Group's capital was held by the following shareholders:

	2017		2016
	Shares	Percentage	Shares	Percentage
VERTIX	80,027,607	94.69	80,027,607	94.69
Others, less than 10% of the capital	4,485,573	5.31	4,485,573	5.31
	84,513,180	100.00	84,513,180	100.00

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

At 31 December 2017 and 2016 the caption "Reserves" was made up as follows:

	2017	2016

Free reserves	25,115,624	24,588,459
Legal reserve Exchange translation differences	7,282,063 (326,951)	6,456,134 (785,216)
	32,070,736	30,259,377

In accordance with current legislation the Company must transfer at least 5% of its annual net profit to a legal reserve until the reserve reaches at least 20% of share capital. This reserve cannot be distributed, except upon liquidation of the company, but may be used to absorb losses after all the other reserves have been used up or to increase capital.

The free reserves are available for distribution to the Company's shareholders after covering the negative currency translation differences, despite the restrictions mentioned in Note 24.

At the Shareholders' General Meeting held on 7 April 2016, the application of the results for the year ended 31 December 2015 was approved, providing for a legal reserve increase of 773,501 Euros, reinforcement of free reserves by 469,010 Euros and distribution of dividends in the amount of 16,057,504 Euros. The aforementioned distribution of dividends, the corresponding payment of which occurred on 9 May 2016, corresponds to a gross dividend per share of 0.190 Euros.

At the Shareholders' General Meeting held on 6 April 2017, the application of the results for the year ended 31 December 2016 was approved, providing for a legal reserve increase of 825,929 Euros, reinforcement of free reserves by 527,165 Euros and distribution of dividends in the amount of 17,747,768 Euros. The aforementioned distribution of dividends, the corresponding payment of which occurred on 8 May 2017, corresponds to a gross dividend per share of 0.210 Euros.

As disclosed in the Director's Report, the Board of Directors did not propose the distribution of dividends to its shareholders in the application of the results for the year ended 31 December 2017.

24. BORROWINGS

This caption was made up as follows at 31 December 2017 and 2016:

		2017				2016
		Book value		Nominal value		Book value		Nominal value
	Current	Non-current	Current	Non-current	Current	Non-current	Current	Non-current

Bonds (a)	25,677,185	35,200,708	24,750,000	35,250,000	16,149,498	59,815,698	15,000,000	60,000,000
Other bank borrowing (b)	8,349,203	25,300,000	8,372,830	25,300,000	5,297,296	17,000,000	5,307,673	17,000,000
Finance lease liability (c)	247,365	544,464	247,365	544,464	291,640	536,826	291,640	536,826
Other borrowings (d)	50,080	187,758	50,080	187,758	-	237,838	-	237,838
	34,323,833	61,232,930	33,420,275	61,282,222	21,738,434	77,590,362	20,599,313	77,774,664

(a) Bonds:

On 14 July 2014 the Company issued 7,500 bonds called Media Capital 2014-2019, by private subscription in the total amount of 75,000,000 Euros for a maximum period of 5 years (15,000,000 Euros in 2017, 24,750,000 Euros in 2018 and 35,250,000 Euros in 2019) at an annual interest rate corresponding to the six month Euribor rate plus a spread of 4%, the market value of that bond do not differ substantially from its book value.

In the year ended 31 December 2017 was refunded, from that bond loan, the amount of 15,000,000 Euros, in accordance with the reimbursement plan.

(b) Other borrowings:

Commercial paper:

On 30 January 2015 the Group substituted a 10,000,000 Euros credit line by a commercial paper contract, having renegotiated its conditions, rising to the maximum aggregate amount of 15,000,000 Euros, having renegotiated its financial conditions on 27 October 2017 through a supplement.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

On 4 August 2015 the Group signed commercial paper contracts totaling 35,000,000 Euros with two financial institutions. On 26 October 2017, amendments were made to change the financial conditions and respective amortization periods.

The contracts are in force until 2020 and 2022, respectively, and have an annual interest rate corresponding to the Euribor rate for the period of issuance plus an average spread of 1.13%.

During the year ended 31 December 2017 occurred net amortizations in the amount due, in the total amount of 2,500,000 Euros. The total amount contracted on 31 December 2017 amounted to 47,500,000 Euros, of which 33,300,000 Euros were used on 31 December 2017 (17,000,000 Euros on 31 December 2016).

Short term credit lines:

On 6 August 2015, the Group entered into contracts for access to three credit lines for short-term treasury support, in the total amount of 15,000,000 Euros. On 2 May 2016, it replaced 10,000,000 Euros of these credit lines with a cash pooling overdraft agreement. The aforementioned authorized credit and overdraft facilities bear interest at an annual rate corresponding respectively to Euribor 1M, Euribor 3M and Euribor at 12M plus an average spread of 1.55%. As of 31 December 2017, these contracts were used for a total amount of 372,830 Euros (5,307,673 Euros on 31 December 2016).

The contract establishes early repayment in the event of non-compliance with the contractual obligations relating, among others, to ownership of the principal in situations implying loss of control by the Prisa Group and the financial performance of the Group and the distribution of results or reserves in excess of the Group's consolidated results for the year preceding the distribution which had not occurred at 31 December 2017.

On the 14th of July, Grupo Media Capital, SGPS, S.A. announced to the market a communication received from Prisa, informing on the acceptance of the binding offer launched by Altice N.V. relative to the acquisition of the full amount of shares of Media Capital owned by Prisa. In the same date, it was also communicated to the market a preliminary announcement of a general and mandatory tender offer for the shares representing the share capital of Grupo Media Capital, SGPS, S.A.. The mentioned operation is subject, among other conditions, to the non-opposition of the Competition Authority and to the approval by the competent regulatory authorities, which, as of the date of approval of these consolidated financial statements, has not yet occurred. As mentioned above, the Group's financing agreements provide for an anticipated reimbursement in case Prisa loses the control of the Group, which may occur in case of approval of the operation by the relevant regulatory entities.

Reasonable changes in these financial performance measures, measured by the relationship between the Company's indebtedness and EBITDA (which in general consists of the operating results plus Depreciation and amortization and Provisions and Impairment losses), namely a variation of 5% EBITDA, continue to ensure compliance with these requirements.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

At 31 December 2017 and 2016 the nominal amount used, amount contracted and repayment plan were as follows:

		2017		2016
	Amount	Total	Amount	Total
	used	contracted	used	contracted
Bonds	60,000,000	60,000,000	75,000,000	75,000,000
Commercial paper	33,300,000	47,500,000	17,000,000	47,500,000
Short term credit lines	372,830	15,000,000	5,307,673	15,000,000
	93,672,830	122,500,000	97,307,673	137,500,000

The repayment plan of the amount used in the period ended 31 December 2017 is as follows:

2018	33,122,830
2019	42,250,000
2020	12,500,000
2022	5,800,000
	93,672,830

		2017
	Aquisition	Accumulated	Net
	cost	depreciation	value

Basic equipment	1,017,934	(158,151)	859,783

		2016
	Aquisition	Accumulated	Net
	cost	depreciation	value

Buildings and other constructions	98,125	-	98,125
Basic equipment	2,519,854	(1,944,366)	575,488
	2,617,979	(1,944,366)	673,613
The net value increase recorded in 2017 refers to new leasing agreements entered into for the acquisition of studio equipment to be used in the Company's business, in the amount of approximately 286,000 Euros (Note 22).
The finance lease contracts at 31 December 2017 and 2016 are repayable as follows:
		2017	2016

2017	-	291,640
2018	247,365	-
	247,365	291,640
2018	-	536,826
2019 and following	544,464	-
	544,464	536,826

At 31 December 2017 blank promissory notes had been given in guarantee of some of the loans from the financial institutions.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

(d) The Group obtained a refundable allowance under the QREN program.

The reimbursement of these amounts will be, according to the incentive agreement, made up as follows:

2019	87,674
2020	100,084
	237,838

Reconciliation of liabilities arising from financing activities:

			New finance
		Financing	leases	Other
	01-01-2017	cash flows (i)	(not related to cash)	changes (ii)	31-12-2017
Bonds	75,965,196	(15,000,000)	-	(87,303)	60,877,893
Other bank borrowing	22,297,296	11,365,157	-	(13,250)	33,649,203
Finance lease liability	828,466	(398,053)	285,659	75,757	791,829
Other borrowings	237,838	-	-	-	237,838
	99,328,796	(4,032,896)	285,659	(24,796)	95,556,763

(i) Cash flows from bank loans, leasing creditors and other financing make up the net amount of proceeds from borrowing and repayments of borrowings in the consolidated statement of cash flows.
(ii) Other changes include interest accruals and payments and Value added tax on repayments to creditors by finance lease.

25. ACCUMULATED PROVISIONS AND IMPAIRMENT LOSSES

2020					50,080 100,084 237,838	87,674
Reconciliation of liabilities arising from financing activities:
The table below details changes in Group's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group's consolidated statement of cash flows as cash flows from financing activities:
	01-01-2017	Financing cash flows (i)	New finance leases (not related to cash)	Other changes (ii)		31-12-2017
Bonds Other bank borrowing Finance lease liability Other borrowings	75,965,196 22,297,296 828,466 237,838	(15,000,000) 11,365,157 (398,053) -		- - 285,659 -	(87,303) (13,250) 75,757 -	60,877,893 33,649,203 791,829 237,838
	99,328,796	(4,032,896)		285,659	(24,796)	95,556,763
25. ACCUMULATED PROVISIONS AND IMPAIRMENT LOSSES
2016 were as follows:	The changes in the caption Provisions and impairment losses in the years ended 31 December 2017 and		Legal	Loss on associated
		Taxes	processes in progress	companies (Note 17)	Total
Balance at 31 December 2015		5,319,102	1,367,431	421,674	7,108,207
Increases (Notes 6 and 17) Decreases (Note 6) Utilisations		- - -	300,000 (83,705) (4,796)	72,829 - (494,503)	372,829 (83,705) (499,299)
Balance at 31 December 2016 Increases (Note 6) Decreases (Note 6) Utilisations Transferências to other current liabilities Balance at 31 December 2017		5,319,102 - - - - 5,319,102	1,578,930 37,413 (186,250) (501,163) (450,000) 478,930	- - - - - -	6,898,032 (186,250) (501,163) (450,000) 5,798,032	37,413
Provision for taxes
The provision for taxes at 31 December 2017 and 2016 in the amount of 5,319,102 Euros is to cover, essentially, the estimated liability relating to additional assessments of corporation income tax of 5,400,000 Euros.

Provision for taxes

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

time value of money, attentive to the timing estimated by them for the occurrence of the payment of this responsibility, which depends on the judicial evolution of the respective process.

Provision for legal processes in progress

The provision for legal processes in progress at 31 December 2016 is to cover litigation essentially relating to labour processes, defamation, abuse of press freedom and regulations, resulting from the Group's normal operations. Considering the uncertainties of such types of process, the amount of the outstanding shares, excluding the proceeding with the GDA, amounts to approximately 2,134,000 Euros, the Group's lawyers estimated their liabilities based on the arguments presented in the history of resolution of this type of processes and in the estimated timing of the payment of these liabilities.

The reductions and uses recorded under "Legal proceedings in progress" during the years ended 31 December 2017 and 2016 relate to the resolution of certain legal proceedings that were in the process of litigation.

In 2016, Plural Entertainment Brasil – Produção de Vídeo, Ltda. ("Plural Brasil") was liquidated. As a result, the Group used the amount of 494,503 Euros, which was recognized in the caption "Losses in associated companies".

The changes in impairment losses in the years ended 31 December 2017 and 2016 were as follows:

	Inventories	Trade and other receivables (Note 20)	Other current assets (Note 21)	Total

Balance at 31 December 2015	400,000	5,271,689	525,975	6,197,664
Increases (Note 6)	-	820,798	-	820,798
Decreases (Note 6)	-	(154,118)	-	(154,118)
Utilisations	-	(849,993)	-	(849,993)
Balance at 31 December 2016	400,000	5,088,376	525,975	6,014,351
Increases (Note 6)	-	438,589	-	438,589
Decreases (Note 6)	-	(228,219)	(10,209)	(238,428)
Utilisations	-	(1,333,093)	(489,660)	(1,822,753)
Balance at 31 December 2017	400,000	3,965,653	26,106	4,391,759

At 31 December 2017 and 2016, the Inventories had no net book value, with a gross value of 400,000 Euros fully provisioned.

In the year ended on 31 December 2016 the Company used impairment losses for trade and other receivables as they were considered uncollectable.

The provision for impairment losses (increases/(reversals)) recognized in the years ended 31 December 2017 and 2016 were as follows:

	2017	2016
Legal processes in progress	(148,837)	216,295
Trade and other receivables and other current assets	200,161	666,680
	51,324	882,975
Goodwill impairment (Notes 6, 12 and 14)	343,481	-
	394,805	882,975

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

26. TRADE AND OTHER PAYABLES

This caption was made up as follows at 31 December 2017 and 2016:

	2017	2016
Current suppliers	13,397,992	19,481,874
Accounts payable to related parties (Note 29)	68,009	93,599
Accrued costs:
Accrued trade discounts	11,045,880	14,383,918
Authors' rights and royalties	2,693,137	2,204,246
Other supplies and services	1,387,253	1,669,009
Sales returns	-	680
Others	2,777,627	2,439,759
	31,369,898	40,273,085

27. OTHER CURRENT LIABILITIES

This caption was made up as follows at 31 December 2017 and 2016:

	2017	2016
Suppliers of fixed assets	1,424,327	3,691,102
Several creditors:
Personnel remuneration	6,847,870	7,470,200
Others	1,621,621	1,030,447
State and other public entities (Note 28)	9,911,093	9,166,224
Accounts payable to related parties (Note 29)	2,046,155	4,128,679
Deferred revenue	4,062,858	2,912,804
	25,913,924	28,399,456

28. STATE AND OTHER PUBLIC ENTITIES

This caption was made up as follows at 31 December 2017 and 2016:

	2017		2016
	Receivable balances (Note 21)	Payable balances (Note 27)	Receivable balances (Note 21)	Payable balances (Note 27)
Value Added Tax	561,059	6,316,493	997,123	5,655,268
Social Security contributions	-	1,266,825	-	1,237,105
Personal Income Tax	-	983,124	-	1,015,718
Portuguese Institute of Cinematographic and Audiovisual Art / Cinemateca Portuguesa "Instituto Português de Arte
Cinematográfica e Audiovisual/ Cinemateca Portuguesa"	-	989,562	-	957,795
Others	-	355,089	-	300,338
	561,059	9,911,093	997,123	9,166,224

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

29. BALANCES AND TRANSACTIONS WITH RELATED COMPANIES

The balances at 31 December 2017 and 2016 and transactions for the years then ended with related companies excluded from the consolidation were as follows:

	2017
	Other non-current assets (Note 19)	Trade and other receivables (Note 20)	Other current assets (Note 21)	Trade and other payables (Note 26)	Other current liabilities (Note 37)
Top parent company:
Promotora de Informaciones, S.A. (a) (b)	-	-	150,374	50,330	-
Parent company:
VERTIX (c)	-	25,476	-	-	2,023,033
	-	25,476	150,374	50,330	2,023,033
Other companies:
Prisa Audiovisual, S.L. (d)	1,252,420	-	1,283,339	-	-
Prisa Producciones de Vídeo, S.L.	-	72,818	-	-	-
Santillana Editores, S.A.	-	23,311	-	-	-
Prisa Brand Solutions, S.L.U.	-	6,007	-	12,966	-
Prisa Tecnología, S.L.	-	3,957	-	4,611	-
Prisa Gestión de Servicios, SL	-	-	-	102	-
PLURAL Canárias	-	-	-	-	23,122
	1,252,420	106,093	1,283,339	17,679	23,122
	1,252,420	131,569	1,433,713	68,009	2,046,155
			2017

	Other
	Services	operating	Supplies and	Financial
	rendered	revenue	services	costs
Top parent company:
Promotora de Informaciones, S.A.	-	-	826,798	-
Parent company:
VERTIX	36,620	9,000	-	25,192
	36,620	9,000	826,798	25,192
Other companies:
Prisa Brand Solutions, S.L.U.	226,471	-	64,713
Santillana Editores, S.A.	97,499	976	-	-
Prisa Producciones de Video, S.L.	38,105	-	-	-
SOCATER	29,000	-	-	-
Prisa Tecnología, S.L.	19,615	-	27,479	-
Promotora General de Revistas, S.A.	-	-	23,905	-
Prisa Gestión de Servicios, SL	-	-	338	-
	410,690	976	116,435	-
	447,310	9,976	943,233	25,192

The more significant balances with related parties at 31 December 2017 refers to:

Promotora de Informaciones, S.A.

(a) Accounts receivable registered in the caption "Other current assets" correspond essentially income tax for the year receivable from the companies PLURAL España and Tesela, under the tax consolidation of Prisa in the amount of 150,374 Euros (Note 12).
(b) The accounts payable correspond to management fees.

VERTIX

(c) The accounts payable of 1,997,841 Euros correspond essentially to estimated income tax of the Group's subsidiaries included in the tax consolidation for the year ended 31 December 2017 (Note 12).

Prisa Audiovisual, S.L.

(d) Current and non-current accounts receivables which total is 2,535,759 Euros relate to the sale of a group of associated companies and PLURAL Canarias occurred in 2016 (Note 17).

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

	2016
	Other non-current assets (Note 19)	Trade and other receivables (Note 20)	Other current assets (Note 21)	Trade and other payables (Note 26)	Other current liabilities (Note 37)
Top parent company: Promotora de Informaciones, S.A. (a) (b)	-	28,048	11,064	74,062	282,753
Parent company:
VERTIX (c)	-	64,965	-	-	3,822,673
	-	93,013	11,064	74,062	4,105,426
Other companies:
Prisa Audiovisual, S.L. (d)	2,504,407	-	1,223,702	-	-
Prisa Producciones de Vídeo, S.L.	-	426,493	1	-	-
Prisa Brand Solutions, S.L.U.	-	55,439	-	19,537	-
Santillana Editores, S.A.	-	23,971	-	-	-
SOCATER SOGECABLE MÚSICA, S.L.	- -	20,000 8,712	- -	- -	- -
PLURAL Canárias	-	99	-	-	23,253
	2,504,407	534,714	1,223,703	19,537	23,253
	2,504,407	627,727	1,234,767	93,599	4,128,679


		2016 Other
	Services		operating	Supplies and	Financial
	rendered		revenue	services	costs

Top parent company:
Promotora de Informaciones, S.A.	34,650	-	885,545	-
Parent company:
VERTIX	27,465	9,000	-	34,946
	62,115	9,000	885,545	34,946
Other companies:
Prisa Brand Solutions, S.L.U.	128,552	-	121,218
Prisa Producciones de Video, S.L.	111,935	-	-	-
Santillana Editores, S.A.	100,982	1,301	493	-
SOGECABLE MÚSICA, S.L.	50,442	-	-	-
Factoría	26,622	-	-	-
SOCATER	20,000	-	-	-
CHIP	11,377	-	-	-
Géstion de Marcas Audiovisuales, S.A.	7,200	-	-	-
Promotora General de Revistas, S.A.	-	-	77,820	-
	457,110	1,301	199,531	-
	519,225	10,301	1,085,076	34,946

The more significant balances with related parties at 31 December 2016 refers to:

Promotora de Informaciones, S.A.

(a) Accounts receivable registered in the caption "Other current assets" correspond essentially income tax for the year receivable from the companies PLURAL España and Tesela, under the tax consolidation of Prisa in the amount of 282,753 Euros (Note 12).
(b) The accounts receivables and other accounts payable correspond essentially to the Company's operations and management fees.

VERTIX

(c) The accounts payable of 3,787,727 Euros correspond essentially to estimated income tax of the Group's subsidiaries included in the tax consolidation for the year ended 31 December 2016 (Note 12).

Prisa Audiovisual, S.L.

(d) Short and medium and long-term receivables which total is 3,728,109 Euros relate to the sale of a group of associated companies and PLURAL Canarias occurred in 2016 (Note 17).

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

In addition, in the years ended 31 December 2017 and 2016 the companies included in the consolidation carried out transactions between themselves at market prices, relating essentially to the following:

Purchase of television and audiovisual contents;
Purchase of cinema rights;
Treasury loans and related interest; and
Rendering of administrative and accounting services.

30. FINANCIAL COMMITMENTS ASSUMED AND NOT INCLUDED IN THE STATEMENT OF FINANCIAL POSITION

At 31 December 2017 and 2016 the Company had contracts and agreements with third parties to purchase rights, broadcast films and other programs in the amounts of 10,044,216 Euros and 14,901,396 Euros, respectively. The estimated dates in which the films and programs will be available for broadcasting and the related payment are as follows:

31 December 2017

					2021 and
	Nature	2018	2019	2020	following years	Total
Entertainment		5,909,596	12,300	-	-	5,921,896
Series		553,113	-	156,949	-	710,062
Sport		484,825	180,000	180,000	-	844,825
Films		-	1,118,184	1,406,632	39,617	2,564,433
Others		-	3,000	-	-	3,000
		6,947,534	1,313,484	1,743,581	39,617	10,044,216
31 December 2016
					2020 and
	Nature	2017	2018	2019	following years	Total
Entertainment		10,500,374	-	-	22,500	10,522,874
Series		1,062,884	-	578,944	-	1,641,828
Sport		980,237	457,325	-	-	1,437,562
Films		-	-	746,694	552,438	1,299,132
		12,543,495	457,325	1,325,638	574,938	14,901,396

31. OPERATING LEASES

At 31 December 2017 and 2016 the Company had liabilities not reflected on the statement of financial position which total is 10,692,543 Euros and 9,312,545 Euros, respectively, under operating lease contracts.

The liabilities are as follows:

(a) Lease contract of the Group's building facilities in Queluz de Baixo ending on 31 December 2022, with a preferential right of renewal.

Amounts recognised as cost:	2017	2016

Minimum operating lease payments - Installations	981,250	975,638

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

The liabilities assumed under this operating lease contract, not included in the statement of financial position, at 31 December 2017 and 2016 were as follows:

Liabilities assumed:	2017	2016

2017	-	981,152
2018	992,472	990,964
2019	1,006,366	1,000,874
2020	1,020,455	-
2021	1,034,742	-
2022	1,049,228	-
	5,103,263	2,972,990

The increase of the liabilities assumed with this contract refers to the renegotiation of the deadline.

(b) Vehicle lease contract for 4 to 5 years.

Amounts recognised as cost:	2017	2016
Minimum vehicle lease payments	780,647	768,482

The liabilities assumed under these vehicle lease contracts at 31 December 2017 and 2016 were payable as follows:

Liabilities assumed:	2017	2016

2017	-	758,003
2018	701,050	541,414
2019	536,540	383,790
2020	352,168	197,048
2021	226,291	83,084
2022	28,920	-
	1,844,969	1,963,339

(c) Lease contracts for the studio and warehouse installations.

Amounts recognised as cost:	2017	2016
Minimum studio and warehouse lease payments	852,711	849,134

The liabilities assumed under these lease contracts at 31 December 2017 and 2016 are payable as follows:

Liabilities assumed:	2017	2016

2017	-	857,625
2018	864,650	866,202
2019	876,754	874,863
2020	889,029	779,194
2021	558,078	447,000
2022 and following years	555,800	551,332
	3,744,311	4,376,216

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

32. RATES USED TO TRANSLATE FOREIGN CURRENCY BALANCES

The following rates of exchange were used to translate foreign currency assets and liabilities to Euros at 31 December 2017 and 2016:

	2017	2016
US dollar	1.199	1.054
British pound	0.887	0.856

In addition, at 31 December 2017 and 2016 the following exchange rates were used to translate the US Dollar financial statements of Group companies to Euros:

	2017	2016

Exchange rate in force at the statement of financial position date	1.199	1.054
Average exchange rate for the year	1.184	1.055

In addition, there are fixed assets that were translated at the historical rates of 1.2405 and 0.9190.

33. CONTINGENT LIABILITIES

The Group received additional corporation income tax assessments in the years 2009 to 2017, resulting from tax inspections of the years 2006 to 2013 in the amount of approximately 2,193,000 Euros. In 31 December 2017, given the nature of the processes the Group disagrees with the additional assessments and, based on the opinion of its lawyers, believes that there are solid arguments to contest the position of the tax authorities and so it did not make any provision for them in the consolidated financial statements. Given the nature of the processes, the timing of their resolution depends on the various phases that they will undergo.

Following the sentence issued on 24 May 2013, and as a result of the dispute between TVI subsidiary and GDA – Cooperativa de Gestão dos Direitos dos Artistas Intérpretes ou Executantes ("GDA") concerning the establishment of equitable remuneration for the rights relating to the performance of artists, interpreters or executors, legally protected, the Court was requested to determine the annual remuneration to be paid by TVI. During the year ended December 31, 2015, TVI filed a notice of opposition to the settlement incident presented by GDA in the amount of approximately € 17.3 million, based on assumptions and criteria to which the Group strongly opposes and disagrees, based on the entity's lack of judicial capacity to exercise the rights claimed, and on the inadequacy of the methodology used to support the claimed amount. Accordingly, the Group considers that the settlement presented is unfounded, having deduced the corresponding opposition and presented technical arguments from independent legal experts in the context of that opposition, requesting that the case be examined in the Intellectual Property Court in order to establish a Equitable remuneration of the rights relating to the performance of legally protected artists, interpreters or executors. On May 20, 2016, and as a result of that opposition, and according to the Group's claim, the decision of the Cascais Court was ruled that the Court was not competent to adjudicate the case, and it was decided to refer the case to Intellectual Property Court. At this date, the judgment is under way, having started in September 2017. In 2017, the GDA requested extension of the process to the years 2015 and 2016, a situation that led to an increase in the value of the mentioned request for approximately 19.6 million Euros.

Additionally, in addition to the opinions referred to in Note 25, the Group is involved in several lawsuits related essentially to defamation, freedom of the press, civil liability and regulatory actions, which amount to approximately 3,591,000 Euros. Based on the opinions of the Group's lawyers, no liability is assumed as a result of the outcome of these proceedings. Given their nature, the timing of their resolution depends on judicial resolution.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

34. GUARANTEES GIVEN TO THIRD PARTIES

At 31 December 2017, the Group had the following bank guarantees and other guarantees given to third parties, were as follows:

Competition prizes	1,761,468
Financial incentive under Operational Program Competitiveness
Factors ("Programa Operacional Fatores de Competitividade")	59,460
Contracts to provide services and equipment acquisition	32,000

35. REMUNERATION OF THE KEY MEMBERS OF THE COMPANY

36. FINANCIAL INSTRUMENTS

Fiscal and other processes (a)		2,770,838
Competition prizes		1,761,468
Financial incentive under Operational Program Competitiveness
Factors ("Programa Operacional Fatores de Competitividade")		59,460
Contracts to provide services and equipment acquisition		32,000
(a) The responsibility associated to this process are provisioned in accordance of the graduation of risk based on the opinions of the Group's lawyers and consultants.
Media Capital, taking into account the indirect ownership relationship between Prisa and this Company, joined as "obligor" to the agreement entered under the scope of the financial restructuring of Prisa, thus extending the deadline and conditions of previous contracts signed by Media Capital on 26 December 2011. According to the information published by Prisa in the "Comisión Nacional del Mercado de Valores" (CNMV) in Spain, the conditions applicable to the various contracts aimed at regulating the extension of the refinancing process between the Prisa and a syndicate composed of a group of banking and financial institutions came into force on 22 January 2018.
REMUNERATION OF THE KEY MEMBERS OF THE COMPANY
Remuneration of the key members of the Company and its subsidiaries in the year ended 31 December 2017 amounted to 2,469,856 Euros (2,969,501 Euros in 2016).
Remuneration for the year ended 31 December 2017 is divided between fixed remuneration of 1,444,005 Euros and variable remuneration of 1,025,851 Euros (1,433,425 Euros and 1,536,076 Euros in 2016).
Remuneration of the above mentioned key members is determined by the Company's Remuneration Commission considering the parameters relating to individual performance.
FINANCIAL INSTRUMENTS
At 31 December 2017 and 2016 the main assets and liabilities financial instruments, recorded at amortized cost, were as follows:
	2017	2016
Financial assets:
Available-for-sale financial assets	4,988	4,988
Trade and other receivables	37,468,293	43,306,539
Cash and cash equivalents (Note 22)	294,327 37,767,608	1,234,906 44,546,433

Financial liabilities:
Borrowings (Note 24)	95,556,763	99,328,796
Trade and other payables	53,226,218	65,768,949
	148,782,981	165,097,745
At 31 December 2017 and 2016 the Group only had financial assets and liabilities measured at amortized cost which, as shown above, correspond to available-for-sale financial assets, receivables, cash and cash equivalents, borrowings and payables.
As regards available-for-sale financial assets, current accounts receivable and accounts payable and cash and cash equivalents, the Group considers, in view of the specific characteristics of these financial instruments, that the fair value does not differ significantly from its book value, therefore it is not necessary, under the terms of IFRS 13, to present its fair value by measurement levels.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

As regards borrowings, the Group believes that their fair value depends significantly on the level of risk attributed by the financial entities and the conditions that Grupo Media Capital will be able to obtain on the date of the statement of financial position, if it went to the market to contract borrowings of the same amount and terms as those existing at 31 December 2017. However, borrowings were renegotiated during the years 2017 and 2016, so their conditions were adjusted considering the current conditions of the financial markets and the level of risk attributed by the banks to the Group, and so the Group's Board of Directors believes that the book value of the loans does not differ significantly from their fair value, therefore it is not necessary, under the terms of IFRS 13, to present its fair value by measurement levels.

The mentioned evaluation did not consider the transaction on approval by the regulatory entities mentioned in Note 24 because the Board of Directors considers that will only affect it after and if it is approved.

Grupo Media Capital in its business is exposed to a series of financial risks which could affect its value, which, by nature, are as follows:

Market risk, based essentially on interest rate risk and exchange rate risk;
Credit risk; and
Liquidity risk.

Therefore, management is focused on two fundamental principles:

Whenever possible decrease profit and cash flow fluctuations subject to risk;
Limit variations in relation to projected results, through careful financial planning, based on multiannual budgets.
(a) Market risk

Market risk relates to changes in interest rates and exchange rates.

(i) Interest rate

In order to monitor this risk the Group regularly controls the financial autonomy and Net Debt/EBITA ratios, as well as other measures that attest the balance of its indebtedness structure.

Interest rate risk relates essentially to interest cost resulting from bonds issued and the commercial paper program at variable interest rates.

At 31 December 2017 the full amount of the loan contracted was exposed to changes in the market interest rate.

If the market interest rates were 0.5% higher or lower during the years ended 31 December 2017 and 2016 net profit for these years would have increased or decreased by approximately 494,000 Euros and 533,000 Euros, respectively.

(ii) Exchange rate

Exchange rate risk relates essentially to exposure to the investment in Plural Entertainment Inc. (participated in by PLURAL España, with head office in Miami) as well as to debts in currencies other than the Euro, the Group's functional currency.

At 31 December 2017, the exposure to PLURAL Entertainment amounted to net assets of 364,186 USD (303,666 Euros) and total liabilities of 4,423,311 USD (3,688,244 Euros).

In addition, exchange rate risk at 31 December 2017 relates to:

Television program broadcasting rights contracts entered into with several foreign producers;
Cinema and video program broadcasting rights contracts with independent producers.

The exchange rate risk relating to these contracts is small considering their short payment terms.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

The foreign currency balances of the Group in Euros, translated at the exchange rates as of 31 December 2017 and 2016 are as follows:

Balances due	2017	2016
US dollar (USD)	4,319	270,204
British pound (GBP)	5,291	2,661
	9,610	272,865

If the exchange rates had been 0.5% higher or lower in the years ended 31 December 2017 and 2016, the amount of those commitments would have increased or decreased by approximately 48 Euros and 1,300 Euros, respectively.

The Group is also subject to exchange rate risk on future transmission rights contracts to be entered into, for which hedging instruments have not been contracted.

Exchange rate risk is also related to contracts for the sale of signal and contents to foreign customers. As of 31 December 2017 and 2016, there are contracts, denominated in foreign currency, for the sale of transmission rights and formats, in the amounts of 183,649 Euros and 733,178 Euros, respectively.

The foreign currency balances of the Group in Euros, translated at the exchange rates as of 31 December 2017 and 2016 are as follows:

Balances due	2017	2016
US dollar (USD)	2,038,234	1,077,340
Canadian Dollar (CAD)	45,148	-
Swiss Franc (CHF)	5,215	11,148
British pound (GBP)	141	56
	2,088,738	1,077,340

(b) Credit risk

Credit risk relates essentially to accounts receivable resulting from the Group's operations (Notes 20 and 21), which the Group endeavors to reduce through its policy of financial discounts for early payment or payment on demand. This risk is monitored on a regular basis for each of the Group's businesses with the objective of:

limiting credit granted to customers considering their profiles and age of the receivable;
monitoring evolution of the credit level granted;
analyzing the recoverability of amounts receivable on a regular basis.

Accounts receivable impairment losses are calculated considering:

an analysis of the age of accounts receivable;
the client's risk profile;
the client's financial condition.

Changes in impairment loss on accounts receivable are shown in Note 25.

The Board of Directors believes that the estimated impairment losses at 31 December 2017 are adequately reflected in the consolidated financial statements. The Company believes that there is no need to increase the impairments for accounts receivable more than the amounts shown in Note 25. In addition, the financial discount allowed for early payment or payment on demand is used as a measure to reduce the credit risk of the Group's several businesses.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

At 31 December 2017 and 2016, accounts receivable include overdue balances as detailed below, for which no impairment loss was recognized as the Board of Directors considers the balances are realizable:

Overdue balances	2017	2016

Up to 90 days	4,871,574	7,647,349
From 90 to 180 days	960,720	974,570
More than 180 days	2,107,162	1,044,570
	7,939,456	9,666,489

Balances overdue more than 180 days result from the Group's expansion into other markets with longer average repayment terms.

Liquidity risk can occur if the funding sources, such as operating cash flow, divestment, credit lines and cash flows obtained from financing operations are not sufficient to meet the financing needs, such as cash payments for operations and financing, investments, shareholder remuneration and repayment of debt.

In order to mitigate this risk, the Group looks for maintaining a liquid position and average debt maturities that enable it to repay debt on adequate terms. At 31 December 2017 and 2016 the amount of cash and cash equivalents and the unused amount credit lines contracted totaled 29,121,497 Euros and 41,427,233 Euros, respectively.

The Company believes that these amounts, together with the operating cash flow and the Company's ability to renew the credit lines available, namely commercial paper and overdraft facilities, are sufficient to cover its short term financial liabilities.

Financial liabilities at 31 December 2017 and 2016 mature as follows:

	2017
Financial liabilities	Up to 1 year	1 to 2 years	+ 2 years	Total
Remunerated:
Borrowings	34,323,833	42,539,166	18,693,764	95,556,763
Not remunerated:
Current tax liability	5,254	-	-	5,254
Other current liabilities	21,851,066	-	-	21,851,066
Trade and other payables	31,369,898	-	-	31,369,898
	87,550,051	42,539,166	18,693,764	148,782,981
		2016
Financial liabilities	Up to 1 year	1 to 2 years	+ 2 years	Total
Remunerated:
Borrowings	21,738,434	25,152,604	52,437,758	99,328,796
Not remunerated:
Current tax liability	9,212	-	-	9,212
Other current liabilities	25,486,652	-	-	25,486,652
Trade and other payables	40,273,085	-	-	40,273,085
	87,507,383	25,152,604	52,437,758	165,097,745

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 38)

37. THE STATUTORY AUDITOR'S FEES

The total fees for the year ended 31 December 2017 and 2016 by the Statutory Auditor amounted to 322,484 Euros (340,367 Euros in 2016), made up as follows:

Nature of the services	2017	2016

Legal audit of the accounts (a)	282,201	277,710
Other reliability assurance services (b)	11,950	15,490
Review of financial ratios of annual accounts	3,000	3,000
Audit of the internal control	-	17,500
Other services	25,333	26,667
	322,484	340,367

(a) This item, in 2017, include amounts of 15,961 Euros (15,710 Euros in 2016), related to other entities of the Statutory Auditor's Network, associated with audit works of the Group companies based in Spain.
(b) The amount of this item in 2017 refers exclusively to the work of obtaining certification as a Statutory Auditor for regularization of Value Added Tax on bad debts of clients.

38. NOTE ADDED FOR TRANSLATION

The accompanying consolidated financial statements are a translation of consolidated financial statements originally issued in Portuguese, in accordance with IFRS. In the event of discrepancies, the Portuguese language version prevails.

STATEMENTS OF COMPREHENSIVE INCOME

FOR THE YEARS ENDED 31 DECEMBER 2017 AND 2016

(Amounts stated in Euros)

(Translation of financial statements originally issued in Portuguese - Note 26)

	Notes	2017	2016

OPERATING REVENUE:
Services rendered	4 and 20	5,305,963	5,365,991
Other operating revenue	4 and 20	286,079	280,664
Total operating revenue		5,592,042	5,646,655
OPERATING COSTS:
Supplies and services	5	(3,142,623)	(3,098,292)
Personnel costs	6	(2,333,018)	(2,675,903)
Amortization and depreciation	10	(37,380)	(25,637)
Other operating expenses		(53,547)	(34,067)
Total operating cost		(5,566,568)	(5,833,899)
Operating profit		25,474	(187,244)
NET FINANCIAL ITEMS:
Financial expenses	7	(2,829,072)	(3,246,176)
Financial income	7	2,890,883	3,284,042
		61,811	37,866
Gains on subsidiaries	11	18,032,108	16,398,895
		18,093,919	16,436,761
Profit before tax		18,119,393	16,249,517
Income tax	8	436,038	269,074
Net profit for the year		18,555,431	16,518,591

Comprehensive income for the year		18,555,431	16,518,591

for the year ended 31 December 2017. The accompanying notes form an integral part of the statement of comprehensive income

STATEMENTS OF FINANCIAL POSITION AS OF 31 DECEMBER 2017 AND 2016

(Amounts stated in Euros)

(Translation of financial statements originally issued in Portuguese - Note 26)

ASSETS	Notes	2017	2016
NON-CURRENT ASSETS:
Intangible assets	9	55,818	53,809
Tangible fixed assets	10	12,155	20,670
Investments in subsidiaries	11	174,413,138	174,413,138
		174,481,111	174,487,617
CURRENT ASSETS:
Trade and other receivables	12	115,029	654,850
Current deferred tax asset	8	267,163	34,694
Other current assets	13	64,766,472	79,671,216
Cash and cash equivalents	14	3,222	14,788
		65,151,886	80,375,548
TOTAL ASSETS		239,632,997	254,863,165
EQUITY AND LIABILITIES
EQUITY:
Capital	15	89,583,971	89,583,971
Reserves	15	45,638,527	46,867,704
Retained earnings	15	23,535,520	23,535,520
Net profit for the year		18,555,431	16,518,591
Total equity		177,313,449	176,505,786
LIABILITIES:
NON-CURRENT LIABILITIES:
Borrowings	16	35,200,708	59,815,698
CURRENT LIABILITIES:
Borrowings	16	25,677,185	16,149,498
Trade and other payables	17	478,594	588,792
Other current liabilities	18	963,061	1,803,391
		27,118,840	18,541,681
Total liabilities		62,319,548	78,357,379
TOTAL EQUITY AND LIABILITIES		239,632,997	254,863,165

The accompanying notes form an integral part of the statement of financial position as of 31 December 2017.

CASH FLOW STATEMENTS

FOR THE YEARS ENDED 31 DECEMBER 2017 AND 2016

(Amounts expressed in Euros)

(Translation of financial statements originally issued in Portuguese - Note 26)

	Notes	2017	2016
OPERATING ACTIVITIES:
Cash receipts from customers		7,719,419	7,997,781
Cash paid to suppliers		(4,421,349)	(4,681,665)
Cash paid to employees		(2,638,782)	(2,189,014)
Flows (used in)/generated by operations		659,288	1,127,102
Receipts related to income tax		85,694	57,074
Other payments related to operating activities		(889,417)	(743,200)
Net cash (used in)/from operating activities (1)		(144,435)	440,976
INVESTING ACTIVITIES:
Cash received relating to:
Interest and similar income	7	3,284,042	3,477,622
Dividends	11	18,032,108	16,398,895
Sale of tangible fixed assets		-	5
Repayment of loans to participated companies	20	40,591,497	19,217,230
		61,907,647	39,093,752
Cash paid relating to:
Loans granted to participated companies	20	(26,085,400)	(20,334,650)
Acquisition of tangible fixed assets		(22,489)	(6,112)
Acquisition of intangible assets		(3,783)	(30,599)
		(26,111,672)	(20,371,361)
Net cash from/(used in) investing activities (2)		35,795,975	18,722,391
FINANCING ACTIVITIES:
Cash received relating to:
Borrowings from the parent company	20	4,605,700	4,979,650
Cash paid relating to:
Repayment of loans obtained	16	(15,000,000)	-
Repayment of loans obtained from the parent company	20	(4,605,700)	(4,979,650)
Dividends	15	(17,747,768)	(16,057,504)
Interest and similar costs		(2,915,338)	(3,128,160)
		(40,268,806)	(24,165,314)
Net cash (used in)/from used in financing activities (3)		(35,663,106)	(19,185,664)
Net increase/(decrease) in cash and cash equivalents (4) = (1) + (2) + (3)		(11,566)	(22,297)
Cash and cash equivalents at the begining of the year	14	14,788	37,085
Cash and cash equivalents at the end of the year	14	3,222	14,788

for the year ended 31 December 2017. The accompanying notes form an integral part of the cash flow statement

STATEMENTS OF CHANGES IN EQUITY

FOR THE YEARS ENDED 31 DECEMBER 2017 AND 2016

(Amounts expressed in Euros)

(Translation of financial statements originally issued in Portuguese - Note 26)

	Capital (Note 15)	Reserves (Note 15)	Retained earnings (Note 15)	Net profit for the year	Total equity
Balance at 31 December 2015	89,583,971	47,455,189	23,535,520	15,470,019	176,044,699
Appropriation of net profit for the year:
Transfer to reserves (Note 15)	-	773,501	-	(773,501)	-
Distribution of free reserves (Note 15)	-	(1,360,986)	-	-	(1,360,986)
Distribution of dividends (Note 15)	-	-	-	(14,696,518)	(14,696,518)
Net profit for the year	-	-	-	16,518,591	16,518,591
Balance at 31 December 2016	89,583,971	46,867,704	23,535,520	16,518,591	176,505,786
Appropriation of net profit for the year:
Transfer to reserves (Note 15)	-	825,929	-	(825,929)	-
Distribution of free reserves (Note 15)	-	(2,055,106)	-	-	(2,055,106)
Distribution of dividends (Note 15)	-	-	-	(15,692,662)	(15,692,662)
Net profit for the year	-	-	-	18,555,431	18,555,431
Balance at 31 December 2017	89,583,971	45,638,527	23,535,520	18,555,431	177,313,449

The accompanying notes form an integral part of the statement of changes in equity for the year ended 31 December 2017.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

1. INTRODUCTORY NOTE

Grupo Media Capital, SGPS, S.A. ("the Company") was founded in 1992, having as main activity the management of investments in other companies as an indirect form of developing an economic activity. The Company's head office is in Portugal in Rua Mário Castelhano, nº 40, Barcarena, and it is registered in Commercial Registry Office of Cascais under the corporate entity number 502 816 481. Through its subsidiaries and associated companies ("the Group" or "Grupo Media Capital"), it operates in the sectors of broadcasting and production of television programs and other media business, in the production and broadcasting of radio programs and in the production and exploitation of cinema and video sectors.

The Company's shares are listed at Euronext Lisbon – Sociedade Gestora de Mercados Regulamentados, S.A. stock exchange.

These non-consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") as endorsed by the European Union, with the interpretations of the International Financial Reporting Interpretation Committee ("IFRIC"), for approval and publication under the terms of current legislation. As referred in Note 2.5, investments are recorded at cost. Consequently, the accompanying financial statements do not include the effect of the consolidation of assets, liabilities, revenue and costs, which will be included in consolidated financial statements to be approved and published separately. The effect of such a consolidation is to increase assets, liabilities, operating revenue and net profit by 61,611,360 Euros, 97,483,073 Euros, 159,870,851 Euros and 1,231,598 Euros, respectively and decrease equity by 35,871,713 Euros.

2. MAIN ACCOUNTING POLICIES

2.1 Bases of presentation

The financial statements were prepared on a going concern basis, under which assets must be realized and liabilities settled in the normal course of business, based on the Company's accounting records.

The Board of Directors evaluated the Company's ability to operate on a continuous basis, based on all relevant information, facts and circumstances of financial, commercial and other natures, including all known subsequent events occurred after the financial statement's reference date. As a result of the evaluation carried out (Note 22), the Board of Directors concluded that the Company has adequate resources to maintain its activities and fully comply with its obligations, with no intention to terminate them in the short term, and considered appropriate to use the assumption of continuity of operations in the preparation of the financial statements.

2.2 Intangible assets

Intangible assets are recorded at cost less accumulated amortization and any impairment losses. Intangible assets are only recognized when it is probable that they will bring future financial benefits, they are controllable and their value can be reasonably determined.

Amortization of intangible assets with defined useful lives, which correspond to computer programs, is calculated on a straight-line basis as from when they are available for use, over the estimated period of useful life in which the intangible assets generate future financial benefits, which is three years.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

2.3 Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and, where applicable, impairment losses. Cost includes the purchase price plus any costs necessary to place the asset in the location and in condition necessary to work.

Tangible fixed assets are depreciated as from the time the assets are available for use. The cost of such assets, less their residual value, where this can be estimated, is depreciated on a straight-line basis over their estimated useful lives.

The depreciation rates used correspond to the following average periods of useful life:

	Years
Buildings and other constructions	10
Administrative equipment	4
Other tangible fixed assets	3 – 10

2.4 Classification in the statement of financial position

Assets realisable and liabilities which the Company does not have the unconditional right to defer payment for more than twelve months from the date of the statement of financial position, that are expected to be realised in the normal course of operations, or held with the intention of being traded, are classified as current assets and liabilities, respectively. All other assets and liabilities are classified as non-current.

2.5 Investments in subsidiaries

Equity investments in subsidiaries are recorded at cost less, when applicable, impairment losses.

Dividends received from subsidiaries are recorded as financial income when they are attributed.

2.6 Financial instruments

Financial instruments (financial assets and financial liabilities) are recognized when the Company becomes a contractual party of the respective instrument that gives the Company the right or obligation to receive or pay a certain amount to a third party.

2.6.1 Trade and other receivables and other current assets

2.6.2 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, demand deposits, term deposits and other treasury applications that are readily convertible to cash with an insignificant risk of change in value.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

2.6.3 Trade and other payables and other current liabilities

Accounts payable are recorded initially at fair value and are subsequently measured at amortized cost, discounted from any interest calculated and recognized in accordance with the effective interest rate method.

2.6.4 Borrowings

Borrowings are initially recognized at fair value, net of transaction costs incurred. In subsequent periods borrowings are recorded at amortized cost, any difference between the amount received (net of transaction costs) and the amount payable is recognized in the statement of profit and loss over the period of the borrowings, using the effective interest rate method.

Borrowings are classified as current liabilities unless there is an unconditional right to defer payment of the liability for more than twelve months as from the statement of financial position data.

2.7 Impairment of non-current assets

Impairment tests are made at each statement of financial position date and whenever an event or change in circumstances is noted that indicates that the book value of an asset is not recoverable.

Whenever the book value of an asset exceeds its recoverable value an impairment loss is recognised immediately as an operating cost for the year in the statement of profit and loss.

The recoverable amount is the higher of the net selling price and value in use. The net selling price is the amount that would be obtained from selling the asset in a transaction between independent knowledgeable parties, less costs directly attributable to the sale. Value in use is the present value of the estimated future cash flows resulting from continued use of the asset and its sale at the end of its useful life. The recoverable amount is estimated for each asset individually or, where this is not possible, for the cash generating unit to which the asset belongs.

2.8 Income tax

Income tax for the year consists of current tax and deferred tax.

The Company is covered by the special regime for the Taxation of Groups of Companies, which covers all the companies in which VERTIX, the Company's parent company has a direct or indirect participation of at least 75% and have the necessary conditions to be included in this regime. Such conditions include being resident in Portugal and being subject to the general corporation income tax regime, as well as the existence or not of tax losses carried forward from periods prior to inclusion in the regime.

Deferred taxes are calculated based on temporary differences between the amount of assets and liabilities for accounting and for tax purposes and tax losses carried forward. Deferred tax assets and liabilities are calculated and assessed periodically at the tax rates in force or announced to be in force on the dates the timing differences are expected to reverse.

Deferred tax assets are only recognised when there is a high degree of probability that there will be sufficient future taxable profits to use them or in situations in which there are taxable timing differences that offset deductible timing differences in the period they reverse. At each statement of financial position date a review is made of such deferred taxes, these being reduced whenever their future use is no longer probable.

Deferred taxes are recorded as cost or income for the year, except when they result from amounts recorded directly in equity, in which case the deferred taxes are also recognised in equity.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

2.9 Revenue and accruals basis

Revenue from services rendered corresponds essentially to management services and is recognized in the statement of profit and loss when the services are rendered.

Costs and revenue are recognized in the period to which they relate, regardless of the date they are paid or received. The amount of costs and revenue is estimated where the actual amount is unknown.

2.10 Subsequent events

Events occurring after the statement of financial position date that provide additional information on conditions that existed on that date, are reflected in the financial statements. Events occurring after the statement of financial position date that provide additional information on the conditions that existed after that date, if material and result in a material effect on the financial statements, are disclosed in the notes to the financial statements.

2.11 Share-base Compensation

Benefits granted to employees under share allocation incentive plans are recognized in accordance with the provisions of IFRS 2 - Share-based payments.

In this way, the benefits attributed by Prisa, based on Prisa shares, are recognized as expenses during the year in which the services are rendered and their counterpart is recognized in liabilities.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

3. CHANGES IN ACCOUNTING POLICIES, JUDGEMENTS, ESTIMATES AND CORRECTIONS OF FUNDAMENTAL ERRORS

Amendments to IFRS for mandatory application in 2017

The following standards, interpretations, amendments and revisions endorsed by the European Union are of mandatory application for the first time in the year ended 31 December 2017:

Standard / Interpretation	Applicable in the European Union in the years starting on or after
Amendments to IAS 12 - Recognition of Deferred Tax Assets for Unrealised Losses	1-Jan-17	This amendment clarifies the conditions for recognition and measurement of tax assets resulting from unrealised losses.
Amendments to IAS 7 - Disclosure Initiative	1-Jan-17	This amendment introduces additional disclosures related to the cash flows from financing activities.

With regard to the Amendment to IAS 12, its application had no impact on the consolidated financial statements since the Company already assessed the sufficiency of future taxable income in a manner consistent with this Amendment.

In what concerns to the Amendment to IAS 7, a reconciliation between the opening and closing balances of the Company's borrowings was presented in Note 16. Consistent with the provisions of this Amendment, the Company did not present comparative information for the previous period. In addition to the disclosure in Note 16, the application of this Amendment did not result in additional impacts on the consolidated financial statements.

Relevant estimates in the preparation of the consolidated financial statements

The most significant accounting estimates, reflected in the financial statements for the year ended 31 December 2017, refer to impairment analyses of financial investments and other current assets.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

New IFRS or revised IFRS adopted with mandatory application in future years

Standard / Interpretation	Applicable in the European Union in the years starting on or after
IFRS 9 - Financial Instruments	1-Jan-18	This standard is included in the draft revision of IAS 39 and establishes the new requirements regarding the classification and measurement of financial assets and liabilities, the methodology for estimating impairment and the application of hedge accounting rules.
IFRS 15 - Revenue from Contracts with Customers	1-Jan-18	This standard introduces a revenue recognition framework based on a model to be applied to all contracts settled with clients, replacing IAS 18 - Revenue, IAS 11 - Construction contracts; IFRIC 13 - Loyalty programs; IFRIC 15 - Agreements for the construction of real estate; IFRIC 18 - Transfers of Assets from Customers and SIC 31 - Revenue - Direct exchange transactions involving advertising services.
IFRS 16 – Lease	1-Jan-19	This standard introduces the principles of recognition and measurement of leases, replacing IAS 17 - Leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Lessors continue to classify leases as operating or finance, with IFRS 16's approach to lessor accounting substantially unchanged from its predecessor, IAS 17.
Clarifications to IFRS 15 'Revenue from Contracts with Customers'	1-Jan-18	These amendments introduce a number of clarifications in the standard in order to eliminate the possibility of divergent interpretations of various topics.
Amendments to IFRS 4: Applying IFRS 9 'Financial Instruments' with IFRS 4 'Insurance Contracts'	1-Jan-18	This amendment provides guidance on the application of IFRS 4 in combination with IFRS 9. IFRS 4 will be replaced with the implementation of IFRS 17.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

IFRS 9 – Financial instruments

Based on an analysis of the Company's financial assets and liabilities at 31 December 2017 and on the facts and circumstances that were known at that date, the Company's Board of Directors evaluated the impact of IFRS 9 on the financial statements as follows:

Classification and measurement

All financial assets and liabilities (Note 22) will continue to be measured on the same basis as currently under IAS 39. In this context, accounts receivable and payable from and to third parties and borrowings will continue to be subsequently measured at amortized cost under IFRS 9.

Impairments

Financial assets measured at amortized cost, as presented in Note 22, will be subject to impairments under the context of IFRS 9.

The Company expects to apply the simplified approach to recognize expected credit losses in the economic life of trade accounts receivable as required or permitted by IFRS 9.

For other accounts receivable, mainly from related parties (Note 20), the Board of Directors considers that these have a low credit risk considering the credit risk profile of those entities, expecting to evaluate the impairment losses expected for the 12-month period on those amounts.

Other standards

At this date, the Board of Directors does not consider significant impacts from the adoption of the other standards, in the light of the criteria and policies currently applied by the Company.

The following accounting standards and interpretations have been issued by the IASB and are not yet endorsed by the European Union:

Standard / Interpretation	Applicable in the European Union in the years starting on or after
IFRS 17 - Insurance Contracts	1-Jan-21	This standard establishes, for insurance contracts within its scope, the principles for their recognition, measurement, presentation and disclosure. This standard replaces IFRS 4 - Insurance Contracts.
Amendments to IFRS 2 - Classification and Measurement of Share-based Payment Transactions	1-Jan-18	This amendment introduces clarifications in the standard related to: (i) recording cash-settled share based payment transactions; (ii) recording changes in share-based payment transactions (from cash settled to settled with equity instruments); (iii) the classification of transactions with offsetting features.
Amendments to IAS 40: Transfers of Investment Property	1-Jan-18	This amendment clarifies that the change in classification of or for investment property should only be made when there is evidence of a change in the use of the asset.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

Annual Improvements to IFRS Standards 2014–2016 Cycle	1-Jan-18 with exception of amendments to IFRS 12, which applicable date is 1-Jan-17	These improvements involve the clarification of some aspects related to: IFRS 1 - First-time adoption of international financial reporting standards: eliminates some short-term exemptions; IFRS 12 - Disclosure of interests in other entities: clarifies the scope of the standard for its application to interests classified as held for sale or held for distribution under IFRS 5; IAS 28 - Investments in associates and joint ventures: introduces clarifications on the fair value measurement by results of investments in associates or joint ventures held by venture capital companies or by investment funds.
Annual Improvements to IFRS Standards 2015–2017 Cycle	1-Jan-19	These improvements involve the clarification of some aspects related to: IFRS 3 - Concentration of business activities: when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business; IFRS 11 - Joint ventures: clarify that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business; IAS 12 - Income Tax: clarify that all income tax consequences of dividends should be recognised in profit or loss, regardless of how the tax arises; IAS 23 - Borrowing costs: clarify that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings.
Amendments to IFRS 9: Prepayment Features with Negative Compensation	1-Jan-19	This amendment allows financial assets with contractual conditions which, in their early amortization, allow the payment of a considerable amount by the creditor, can be measured at amortized cost or at fair value for reserves (depending on the business model), since that: (i) on the date of the initial recognition of the asset, the fair value of the early amortization component is insignificant; and (ii) the possibility of negative compensation in the early amortization is the only reason for the asset in question to be not considered as an instrument that only includes payments of principal and interest.
Amendments to IAS 28: Long term Interests in Associates and Joint Ventures	1-Jan-19	This amendment clarifies that IFRS 9 should be applied (including related impairment requirements) to investments in associates and joint arrangements when the equity method is not applied in their measurement.
IFRIC 22 - Foreign Currency Transactions and Advance Consideration	1-Jan-18	This interpretation establishes the date of the initial recognition of the prepayment asset or deferred income as the date of the transaction for the purpose of determining the exchange rate of recognition of revenue.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

IFRIC 23 - Uncertainty over Income Tax Treatments	1-Jan-19	This interpretation provides guidance on the determination of taxable income, tax bases, tax losses to be reported, tax credits to be used and tax rates in scenarios of uncertainty regarding the
		treatment of income tax.

These standards have not yet been endorsed by the European Union and as such were not applied by the Company in the year ended 31 December 2017.

For these standards and interpretations, issued by the IASB but not yet endorsed by the European Union, the Board of Directors does not consider that significant impacts on financial statements will arise from their future adoption.

4. OPERATING REVENUE

Operating revenue for 2017 and 2016 consists essentially of management services rendered to Group companies (Note 20).

5. SUPPLIES AND SERVICES

Supplies and services for the years ended 31 December 2017 and 2016 are made up as follows:

	2017	2016
Specialized services rendered by related parties (Note 20)	2,058,259	2,160,992
Specialized services	646,050	570,374
Rent and lease	171,844	175,011
Insurance	61,667	8,505
Travel and lodging	50,002	44,872
Representation expenses	8,485	10,895
Others	146,316	127,643
	3,142,623	3,098,292

6. PERSONNEL COSTS

Personnel costs for the years ended 31 December 2017 and 2016 are made up as follows:

	2017	2016

Remuneration	1,673,384	1,711,676
Charges on remuneration	310,542	302,284
Performance bonus	195,922	520,042
Compensation for contractual terminations	42,193	-
Labour accident insurance and related costs	30,586	13,174
Other	80,391	128,727
	2,333,018	2,675,903

The average number of employees of the Company in the years ended 31 December 2017 and 2016 was 23.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

The attribution of the corresponding shares to the amount stated above will be made directly by Prisa for the participants of the Program. The total charges of the Program are supported by Group.

The amount of the incentive, to be paid on 31 December 2016, was fully paid in 2017, and there was no plan in force on 31 December 2017, which included Group's Directors.

7. NET FINANCIAL ITEMS

Net financial items for the years ended 31 December 2017 and 2016 are made up as follows:

	2017	2016
Financial cost: Interest cost (a)	2,829,072	3,246,176
Financial income:
Interest obtained from related parties (Note 20)	2,890,883	3,284,042
	61,811	37,866

(a) Interest incurred in 2017 and 2016 relates to bonds issued on 14 July 2014 (Note 16). Interest relating to related entities for the years ended 31 December 2017 and 2016 amounted to 25,192 Euros and 34,946 Euros, respectively (Note 20).

8. DIFFERENCE BETWEEN ACCOUNTING AND TAX RESULTS

The Company is subject to corporation income tax at the normal rate of 21% in accordance with article 87 of the Corporation Income Tax Code, which can be increased by a Municipal Surcharge of up to a maximum of 1.5% of taxable income, resulting in a total maximum rate of 22.5%. In addition, in 2017, taxable profit exceeding 1,500,000 Euros is subject to a State Surcharge in accordance with article 87-A of the Corporation Income Tax Code at the following rates:

3% for taxable profit from 1,500,000 Euros to 7.500.000 Euros;
5% for taxable profit from 7,500,000 Euros to 35,000,000 Euros;
7% (9% starting in 2018) for taxable profit exceeding 35,000,000 Euros.

In addition, net financial costs for 2017 and following years are deductible for determining annual taxable income of each company at the greater of the following limits:

1,000,000 Euros;
30% of the profit before amortization and depreciation, net financial costs and taxes.

In accordance with article 88 of the Corporation Income Tax Code the Company is subject to autonomous taxation of certain charges at the rates established in the article.

The Company estimates income tax in accordance with the Special Regime for the Taxation of Groups of Companies (Regime Especial de Tributação dos Grupos de Sociedades - "RETGS"), which has VERTIX as its head.

In accordance with current legislation tax losses generated between 2014 and 2016 can be carried forward during a period of twelve years, limited to 70% of the Group's taxable profit determined in accordance with the special regime for the taxation of groups of companies (four years for losses incurred between 2010 and 2012 and five years for losses generated between 2013 and 2014 and from 2017). At 31 December 2017 the Company did not have any tax losses carried forward.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

In accordance with current Portuguese legislation, tax returns are subject to review and correction by the tax authorities during a period of four years (five years for Social Security), except when there are tax losses, tax benefits have been granted, tax inspections are in progress or there are claims or appeals, in which case the period can be extended or suspended, depending on the circumstances. Consequently, the Company's tax returns for the years from 2014 to 2017 are still subject to review and correction. The Board of Directors believes that any corrections to the tax returns that might result from reviews carried out by the tax authorities will not have a significant effect on the financial statements.

Reconciliation of the tax rate for the years ended 31 December 2017 and 2016 is as follows:

	2017	2016
Profit before tax	18,119,393	16,249,517
Nominal income tax rate	21.0%	21.0%
Estimated tax charge	3,805,073	3,412,399
Permanent differences (i)	(3,789,396)	(3,448,888)
Adjustment to income tax due (ii)	114,025	92,014
Excess estimated corporate income tax of prior years	(565,740)	(324,599)
	(436,038)	(269,074)
Current tax	(436,038)	(269,074)
Effective tax rate	-2.41%	-1.66%

(i) These amounts for the years ended 31 December 2017 and 2016 are made up as follows:

	2017	2016
Dividends attributed (Note 11)	(18,032,108)	(16,398,895)
Others, net	(12,634)	(24,381)
	(18,044,742)	(16,423,276)
	21.0%	21.0%
	(3,789,396)	(3,448,888)

(ii) This amount represents autonomous taxation of certain expenses.

The amounts of the Company's current income tax for the years ended 31 December 2017 and 2016 were recorded as accounts payable to VERTIX.

As of 31 December 2017, the debtor balance related to current tax assets in the amount of 267,163 Euros (34,694 Euros in 2016), relates to IRC to be recovered.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

9. INTANGIBLE ASSETS

Intangible assets at 31 December 2017 and 2016 amounted to 55,818 Euros and 53,809 Euros, respectively, and corresponded entirely to computer programs.

Amortization for the years ended 31 December 2017 and 2016 amounted to 25,021 Euros and 11,995 Euros, respectively (Note 10).

10. TANGIBLE FIXED ASSETS

The changes in tangible fixed assets and corresponding accumulated depreciation and impairment losses in the years ended 31 December 2017 and 2016 were as follows:

	Buildings and other constructions	Administrative equipment	Other tangible fixed assets	Total
Gross:
Balance at 31 December 2015	74,850	143,934	861,917	1,080,701
Acquisitions	-	2,216	-	2,216
Balance at 31 December 2016	74,850	146,150	861,917	1,082,917
Acquisitions	-	3,844	-	3,844
Sales and write-offs	-	(24,151)	(6,202)	(30,353)
Balance at 31 December 2017	74,850	125,843	855,715	1,056,408

			Other
	Buildings		tangible
	and other	Administrative	fixed
	constructions	equipment	assets	Total
Accumulated depreciation and impairment losses:
Balance at 31 December 2015	54,266	133,094	861,245	1,048,605
Increase	7,485	6,020	137	13,642
Balance at 31 December 2016	61,751	139,114	861,382	1,062,247
Increase	7,485	4,737	137	12,359
Sales and write-offs	-	(24,151)	(6,202)	(30,353)
Balance at 31 December 2017	69,236	119,700	855,317	1,044,253

			Other
	Buildings		tangible fixed
	and other constructions	Administrative equipment	assets	Total
Net amount at 31 December 2016	13,099	7,036	535	20,670
Net amount at 31 December 2017	5,614	6,143	398	12,155

Amortization and depreciation recognized in the statement of profit and loss for the years ended 31 December 2017 and 2016 were as follows:

	2017	2016
Tangible fixed assets	12,359	13,642
Intangible assets (Note 9)	25,021	11,995
	37,380	25,637

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

11. INVESTMENTS IN SUBSIDIARIES

Investments in subsidiaries at 31 December 2017 and 2016 correspond to the investment in Meglo - Media Global, S.G.P.S., S.A. ("Meglo"), whose head office, assets, equity, total income and net profit for the year were as follows:

				2017
		Resultado
	Head			Total	Net profit	Participation	Book
Company	office	Assets	Equity	revenue	for the year	percentage	value
Meglo	Barcarena	216,965,882	73,125,694	19,099,281	19,263,706	100%	174,413,138
				2016
					Resultado
	Head			Total	Net profit	Participation	Book
Company	office	Assets	Equity	revenue	for the year	percentage	value
Meglo	Barcarena	210,452,532	71,435,831	19,036,460	18,981,166	100%	174,413,138

In the years ended 31 December 2017 and 2016 Meglo - Media Global, SGPS, S.A. ("Meglo") distributed dividends of 18,032,108 Euros and 16,398,895 Euros (Note 8), respectively, as decided by the Shareholders' General Meetings held on 8 May 2017 and 26 April 2016, respectively. These amounts were recorded in the statements of comprehensive income caption "Gain on subsidiaries".

For purposes of assessing impairment, the investment was valued by the Board of Directors based on the business plan/financial projections of the cash generating units controlled by the Company.

The assessment was made based on business plans / financial projections of the various operating segments, prepared and approved by management, which use an explicit period of five years, being considered, subsequently, a perpetuity.

Projected growth in revenue from:
Evolution of advertising investment in the main markets where the Group operates;
Audience share;
Market share;
Operating costs;
Synergies and rationalization of production costs.

The main information on the activities and assumptions considered for the operating segments identified for purposes on the impairment tests was as follows:

Television:

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

The main assumptions relating to the operations considered in the projections were as follows:

Moderate recovery of publicity income in 2017 and gradual increase, in 2022 reaching amounts still below those for 2010;
Contained increase in other income relating to the diversification of the activities of the various channels, including signal rights;
Maintenance of a cost containment policy, in accordance with what is already in force since periods previous to 2017.

Radio:

Radio operations, with sound broadcasting of radio programs in Portugal by the following radio stations: "Rádio Comercial", "m80", "Cidade", "Smooth FM" and "Vodafone FM".

The main operating assumptions considered in the projections were as follows:

Increase in the contents of Rádio Comercial and the other radio stations so as to maintain the leadership position achieved as a Group of Radios;
Stabilization of audiences;
Continuation of the cost control strategy.

Audiovisual production in Portugal:

The main operating assumptions considered in the projections were as follows:

Maintenance of the cost containment policy in accordance with that which is already in force;
Focus on internal production of national contents.
Continued growth of the business of leasing technical means and production of events, increasing its presence in other markets.

Audiovisual production in Spain:

Operations in the Spanish audiovisual production market, in particular in the supply of production support services – technical means, human resources and scenario building.

The main operating assumptions considered in the projections were as follows:

Focus on the exploitation of technical means and the preparation of scenarios market;
Profitability of content already produced through its commercialization;
Decrease in the structure of fixed costs.

Digital:

The main operating assumptions considered in the projections were as follows:

Improvement of the publicity market;
Regular launching of new projects such as apps and other mobile services;
Maintenance of variable and fixed operating costs control, related with operation.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

Entertainment:

The main operating assumptions considered in the projections were as follows:

Decrease in the physical sale of CD's due to the tendency to migrate to the digital area;
Focus on improving the profitability and volume indicators through the realization of events and the publishing activity.

The discounted cash flow method was used, cash flow projections having been prepared for five years and a perpetuity considered after that. The nominal growth rate used for the perpetuity was 2.5% (2.5% in 2016). The discount rate used was 8.2% (9.0% in 2016), as it was considered that they all operate directly or indirectly in the media market, the commercial activity, the clients and the publicity market being seen transversally by the Group.

The Board of Directors believes that any reasonably possible change in any of the above mentioned key assumptions used in the impairment tests would not result in a significant impairment of the investment in Meglo, considering a 0.5% variation in the nominal growth rate used in the perpetuity or the discount rate.

12. TRADE AND OTHER RECEIVABLES

This caption was made up as follows at 31 December 2017 and 2016:

	2017	2016

Trade receivables	160	4,448
Receivables from related parties (Note 20)	114,869	650,402
	115,029	654,850

13. OTHER CURRENT ASSETS

This caption was made up as follows at 31 December 2017 and 2016:

	2017	2016

Receivables of related parties (Note 20)	64,729,730	79,640,061
State and other public entities (Note 19)	18,962	-
Others	17,780	31,155
	64,766,472	79,671,216

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

14. CASH AND CASH EQUIVALENTS

This caption was made up as follows at 31 December 2017 and 2016:

	2017	2016

Bank deposits repayable on demand	347	12,213
Cash	2,875	2,575
	3,222	14,788

15. EQUITY

The Company's fully subscribed for and paid up capital at 31 December 2017 and 2016 was made up of 84,513,180 shares of one Euro and six cents each, totalling 89,583,971 Euros.

At 31 December 2017 and 2016 Media Capital's capital was held by the following shareholders:

	2017		2016
	Shares	Percentage	Shares	Percentage
VERTIX	80,027,607	94.69	80,027,607	94.69
Others, less than 10% of capital	4,485,573	5.31	4,485,573	5.31
	84,513,180	100.00	84,513,180	100.00

At 31 December 2017 and 2016 the caption "Reserves" was made up as follows:

	2017	2016

Free reserves	38,356,464	40,411,570
Legal reserve	7,282,063	6,456,134
	45,638,527	46,867,704

In accordance with current legislation the Company must transfer at least 5% of its annual net profit to a legal reserve until the reserve reaches at least 20% of share capital. The reserve cannot be distributed, except upon liquidation of the company, but may be used to absorb losses after all the other reserves have been used up or to increase capital.

Retained earnings at 31 December 2017 and 2016 amounted to 23.535.520 Euros, which corresponds to freely available profits earned in preceding years, subject to the restrictions set forth in Note 16.

The Shareholders' Annual General Meetings held on 6 April 2017 and 7 April 2016 approved the appropriation of results for the years ended 31 December 2016 and 2015 as follows:

	2016	2015
Legal reserve Distribution of dividends	825,929 15,692,662	773,501 14,696,518 -
	16,518,591	15,470,019

In addition, in accordance with a decision of the Shareholders' General Meeting held on 6 April 2017 and 7 April 2016, it was decided to distribute free reserves under the form of dividends in the amount of 2,055,106 Euros and 1,360,986 Euros, respectively.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

The total dividend amounts distributed at those meetings correspond to a gross dividend of 0.210 Euros per share and 0.190 Euros per share, respectively.

As disclosed in the Director's Report, the Board of Directors did not propose the distribution of dividends to shareholders in the application of the results for the year ended 31 December 2017.

16. BORROWINGS

This caption was made up as follows at 31 December 2017 and 2016:

	2017				2016
	Book value		Nominal value		Book value		Nominal value
	Current	Non-current	Current	Non-current	Current	Non current	Current	Non-current
Bonds	25,677,185	35,200,708	24,750,000	35,250,000	16,149,498	59,815,698	15,000,000	60,000,000

On 14 July 2014 the Company issued 7.500 bonds called Media Capital 2014-2019, for private subscription in the total amount of 75,000,000 Euros for a maximum period of 5 years (15,000,000 Euros in 2017, 24,750,000 Euros in 2018 and 35,250,000 Euros in 2019) with an annual interest rate corresponding to the six month EURIBOR rate plus a spread of 4%. The market value of these obligations does not differ significantly from their book value.

During the year ended 31 December 2017, the amount of 15,000,000 Euros was reimbursed, in compliance with the reimbursement plan

The nominal amount contracted is fully used and is repayable as follows:

2018	24,750,000
2019	35,250,000
	60,000,000

On the 14th of July, Grupo Media Capital, SGPS, S.A. announced to the market a communication received from Prisa, with the latter informing on the acceptance of the binding offer launched by Altice N.V. relative to the acquisition of the full amount of shares of Media Capital owned by Prisa. In the same date, it was also communicated to the market a preliminary announcement of a general and mandatory tender offer for the shares representing the share capital of Grupo Media Capital, SGPS, S.A.. The mentioned operation is subject, among other conditions, to the non-opposition of the Competition Authority and to the approval by the competent regulatory authorities, which, as of the date of approval of these consolidated financial statements, has not yet occurred. As mentioned above, the Group's financing agreements provide for the anticipated maturity of the Group's loss of control of Prisa, which may occur in case of approval of the operation by the relevant regulatory entities.

In addition, reasonable changes in the above financial performance measures, measured based on the relationship between the Group's indebtedness and EBITDA (which globally consists of the consolidated operating result plus amortization, depreciation and provisions and impairment losses), namely a 5% variation in consolidated EBITDA continues to ensure compliance with the above requirements.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

Reconciliation of liabilities arising from financing activities:

The table below details changes in Company's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Company's statement of cash flows as cash flows from financing activities:

	01/01/2017	Cash flows from financing (i)	Other changes (ii)	31/12/2017
Bonds	75,965,196	(15,000,000)	(87,303)	60,877,893

(i) Cash flows from bank loans, leasing creditors and other financing make up the net amount of proceeds from borrowing and repayments of borrowings in the consolidated statement of cash flows.
(ii) Other changes include interest accruals and payments.

Financing obtained from the parent company in 2017 and 2016 were constituted and reimbursed in each financial year.

17. TRADE AND OTHER PAYABLES

This caption was made up as follows at 31 December 2017 and 2016:

	2017	2016

Accounts payable to related parties (Note 20)	213,861	271,645
Current suppliers	167,322	253,510
Accrued costs:
Other supplies and services	97,411	63,637
	478,594	588,792

18. OTHER CURRENT LIABILITIES

This caption was made up as follows at 31 December 2017 and 2016:

	2017	2016
Accounts payable to related parties (Note 20)	199,177	562,071
Accrued remuneration	543,784	958,680
State and other public entities (Note 19)	188,650	262,893
Suppliers of fixed assets	31,450	19,747
	963,061	1,803,391

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

19. STATE AND OTHER PUBLIC ENTITIES

This caption was made up as follows at 31 December 2017 and 2016:

		2017
	Debt	Credit	2016 Credit
	balances	balances (Note 18)	balances (Note 18)
	(Note 13)
Value Added Tax	18,962	75,119	150,285
Personal income tax	-	61,698	62,593
Social security contributions	-	51,816	50,006
Others	-	1 7	9
	18,962	188,650	262,893

20. RELATED PARTIES

The balances at 31 December 2017 and 2016 and transactions in the years then ended with related parties (Prisa Group companies) were as follows:

Balances with related companies:

	2017
	Trade and	Other current	Trade and	Other current
	other receivables	assets	other payables	liabilities
	(Note 12)	(Note 13)	(Note 17)	(Note 18)
Top parent company:
Prisa	-	-	50,330	-
Parent company:
VERTIX	923	-	-	154,894
	923	-	50,330	154,894
Participated companies:
TVI – Televisão Independente, S.A. ("TVI")	48,802	-	30,677	30,505
MEDIA CAPITAL - Serviços de Consultoria e Gestão, S.A. ("MC SERVIÇOS")	37,851	1,294	119,296	-
RÁDIO COMERCIAL, S.A. ("COMERCIAL")	11,183	-	-	3,811
PLURAL Entertainment Portugal, S.A. ("PLURAL")	10,809	-	-	8,140
MEDIA CAPITAL DIGITAL, S.A. ("DIGITAL")	1,636	-	-	966
FAROL MÚSICA – Sociedade de Produção e Edição Audiovisual, Lda. ("FAROL")	1,323	-	-	160
IOL NEGÓCIOS - Serviços de Internet, S.A. ("IOL Negócios")	1,264	-	1,169	-
PLURAL Entertainment España, S.L. ("PLURAL España")	532	-	4,721	701
EPC – Empresa Portuguesa de Cenários, Lda. ("EPC")	306	-	-	-
EMAV – Empresa de Meios Audiovisuais, Lda. ("EMAV")	160	-	-	-
RÁDIO REGIONAL DE LISBOA – Emissões de Radiodifusão, S.A. ("REGIONAL")	80	-	-	-
Meglo	-	64,728,436	7,012	-
Prisa Tecnologias, S.L.	-	-	656	-
	113,946	64,729,730	163,531	44,283
	114,869	64,729,730	213,861	199,177

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

			2016
	Trade and other receivables (Note 12)	Other current assets (Note 13)	Trade and other payables (Note 17)	Other current liabilities (Note 18)
Empresa-mãe de topo:
Prisa	-	11,064	74,062	-
Empresa-mãe:
VERTIX	923	-	-	196,031
	923	11,064	74,062	196,031
Empresas participadas:
TVI	427,902	-	37,127	248,496
PLURAL	116,411	-	4,292	68,866
COMERCIAL	63,826	-	-	33,016
DIGITAL	13,363	-	-	7,323
MC SERVIÇOS	12,961	1,305	121,110	-
PLURAL España	9,014	-	4,721	6,686
FAROL	4,027	-	-	1,653
IOL Negócios	1,264	-	1,169	-
RC - Empresa de Radiodifusão, S.A. ("RC")	391	-	-	-
COCO	296
ENTERTAINMENT	24	-	-	-
Meglo	-	79,627,692	29,164	-
	649,479	79,628,997	197,583	366,040
	650,402	79,640,061	271,645	562,071

Accounts receivable recorded in the caption "Trade and other receivables" at 31 December 2017 and 2016 result from management fees invoiced by the Company in its capacity as renderer of services and management of investments.

The accounts receivable from Meglo at 31 December 2017 and 2016 result from financial support to the subsidiaries' activities and mature in the short term and which bear interest at normal market rates for similar transactions.

Receipts and payments to related parties at 31 December 2017 in the amounts of 40,591,497 Euros (19,217,230 Euros in 2016) and 26,085,400 Euros (20,334,650 Euros in 2016), respectively, correspond essentially to short term financing granted by the Company to these companies, which bear interest at normal market rates for similar transactions.

In addition, in 2017 receipts and payments of 4,605,700 Euros (4,979,650 Euros in 2016) correspond to short term financing provided by VERTIX which was repaid during the year. This financing bears interest at normal market rates for similar transactions.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

Transactions with related companies:

			2017
	Services	Other	Financial	Supplies and	Financial
	rendered	revenue	income	services	expense
	(Note 4)	(Note 4)	(Note 7)	(Note 5)	(Note 7)
Top parent company:
Prisa	-	-	-	826,798	-
Parent company:
VERTIX	-	9,000	-	-	25,192
	-	9,000	-	826,798	25,192
Participated companies:
TVI	3,653,790	134,400	-	-	-
PLURAL	976,015	25,080	-	1,108	-
COMERCIAL	457,148	70,932	-	-	-
DIGITAL	115,428	4,032	-	-	-
PLURAL España	84,336	-	-	56,657	-
FAROL	19,246	11,472	-	-	-
IOL Negócios	-	12,336	-	11,400	-
Santillana Editores, S.A.	-	976	-	-	-
Prisa Tecnologias, S.L.	-	-	-	7,864	-
Meglo	-	-	2,890,883	-	-
MC SERVIÇOS	-	-	-	1,154,432	-
	5,305,963	259,228	2,890,883	1,231,461	-
	5,305,963	268,228	2,890,883	2,058,259	25,192

			2016
		Outros
	Prestações	Rendimentos	Rendimentos	Fornecimentos e	Gastos
	de serviços	operacionais	financeiros	serviços externos	financeiros
	(Nota 4)	(Nota 4)	(Nota 7)	(Nota 5)	(Nota 7)
Empresa-mãe de topo:
Prisa	-	-	-	885,358	-
Empresa-mãe:
VERTIX	-	9,000	-	-	34,946
	-	9,000	-	885,358	34,946
Empresas participadas:
TVI	3,643,119	136,224	-	-	-
PLURAL	1,009,268	24,072	-	3,489	-
COMERCIAL	483,885	70,932	-	525	-
DIGITAL	107,296	4,032	-	-	-
PLURAL España	98,128	-	-	56,657	-
FAROL	24,295	11,976	-	-	-
IOL Negócios	-	12,336	-	11,400	-
Santillana Editores, S.A.	-	1,301	-	-	-
Meglo	-	-	3,284,042	-	-
MC SERVIÇOS	-	-	-	1,203,499	-
EMAV	-	-	-	64	-
	5,365,991	260,873	3,284,042	1,275,634	-
	5,365,991	269,873	3,284,042	2,160,992	34,946

21. REMUNERATION OF THE KEY MEMBERS OF THE COMPANY

The remuneration for the year ended 31 December 2017 of the key members of the Company was 1,064,680 Euros (1,222,788 Euros in 2016).

Remuneration for the year ended 31 December 2017 was divided between fixed remuneration of 501,877 Euros (501,756 Euros in 2016) and variable remuneration of 562,803 Euros (721,032 Euros in 2016).

Remuneration of the above mentioned key members is determined by the Company's Remuneration Commission considering the parameters relating to individual performance.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

22. FINANCIAL INSTRUMENTS

Financial instruments at 31 December 2017 and 2016 were made up as follows:

	2017	2016
Financial assets:
Receivables (Notes 8, 12 and 13)	65,136,240	80,322,120
Cash and cash equivalents (Note 14)	3,222	14,788
	65,139,462	80,336,908

Financial liabilities:
Borrowings (Note 16)	60,877,893	75,965,196
Payables (Notes 17 e 18)	1,441,655	2,392,183
	62,319,548	78,357,379

At 31 December 2017 and 2016, the Company only has financial assets and liabilities measured at amortized cost, which, as mentioned above, refer to third party accounts receivable, cash and cash equivalents, loans and accounts payable to third parties.

With regard to current accounts receivable, current accounts payable and cash and cash equivalents, the Company considers, in view of the specific characteristics of these financial instruments, that the fair value does not differ significantly from its book value and is therefore not necessary, in accordance with IFRS 13, present its fair value by measurement levels.

The Company in carrying out its business is exposed to several financial risks liable to change its net value which, by nature, are as follows:

Market risk, essentially relating to interest rate risk;
Credit risk; and
Liquidity risk

Therefore, management is focused on two fundamental principles:

Whenever possible decrease profit and cash flow fluctuations subject to risk;
Limit variations in relation to projected results, through careful financial planning, based on multiannual budgets.
(a) Market risk

Market risk relates to changes in interest rates.

(i) Interest rate

In order to monitor this risk the Group regularly controls the financial autonomy and Net Debt/EBITDA ratios, as well as other measures that attest the balance of its indebtedness structure.

Interest rate risk relates essentially to interest cost resulting from the commercial paper program at variable interest rates.

At 31 December 2017 the full amount of the loan contracted was exposed to changes in the market interest rate.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

(b) Credit risk

Credit risk relates essentially to accounts receivable resulting from the Group's operations relating to the management of the amounts invoiced to the various group companies and financing granted. This risk is monitored by the Company on a regular basis with the objective of:

Ensuring compliance with the defined payments policy;
Analysing the financial condition of the related parties on a regular basis.
(c) Liquidity risk

Liquidity risk can occur if the funding sources, such as operating cash flow, divestment, credit lines and cash flows obtained from financing operations do not meet the financing needs, such as cash payments for operations and financing, investments, shareholder remuneration and repayment of debt.

In order to mitigate this risk, the Company endeavours to maintain a liquid position and average debt maturities that enable it to repay debt on adequate terms.

The Company believes that it will be able to settle all short-term liabilities, namely financial debt that will mature in 2018 (Note 16), taking into consideration the cash that is expected to be generated by its subsidiaries as well as the additional financing capacity held on 31 December 2017, which will allow it to realize the receivables from its direct subsidiary, classified under current assets.

23. GUARANTEES GIVEN TO THIRD PARTIES

At 31 December 2017 and 2016, the Company had bank guarantees presented in relation to tax processes in progress in the amount of 553,720 Euros.

Media Capital, taking into account the indirect ownership relationship between Prisa and this Company, joined as "obligor" to the agreement entered under the scope of the financial restructuring of Prisa, thus extending the deadline and conditions of previous contracts signed by Media Capital on 26 December 2011. According to the information published by Prisa in the "Comisión Nacional del Mercado de Valores" (CNMV) in Spain, the conditions applicable to the various contracts aimed at regulating the extension of the refinancing process between the Prisa and a syndicate composed of a group of banking and financial institutions came into force on 22 January 2018.

24. CONTINGENT LIABILITIES

The Company received additional corporation income tax assessments in 2016, resulting from a tax inspection in the amount of approximately 436,000 Euros. As of 31 December 2017, given the nature of the process the Company disagreed with the additional assessment and, based on the opinion of its lawyers, believes that there are solid arguments to contest the position of the tax authorities and so it did not make any provision for them in the financial statements. Given the nature of the processes, the timing of their resolution depends on the various phases that they will undergo.

In addition, in the course of its operations the Company is involved in a legal process in the amount of approximately 208,000 Euros. Based on the opinions of the Company's lawyers no liability has been estimated resulting from the outcome of the process. Given the nature of the process, the timing of its resolution depends on its legal resolution.

NOTES TO THE FINANCIAL STATEMENTS AS OF 31 DECEMBER 2017

(Amounts stated in Euros)

(Translation of notes originally issued in Portuguese – Note 26)

25. STATUTORY AUDITOR'S FEES

Fees invoiced by the statutory auditor for the years ended 31 December 2017 and 2016 amounted to 43,450 Euros and 60,490 Euros, respectively, made up as follows:

	2017	2016

Statutory audit	28,500	28,500
Other reliability assurance services (a)	11,950	11,490
Review of financial ratios of annual accounts	3,000	3,000
Audit of the internal control	-	17,500
	43,450	60,490

(a) The amount of this item in 2017 relates exclusively to the work of obtaining certification as a Statutory Auditor for regularization of Value Added Tax.

26. NOTE ADDED FOR TRANSLATION

The accompanying financial statements are a translation of financial statements originally issued in Portuguese, in accordance with IFRS. In the event of discrepancies, the Portuguese language version prevails.

Deloitte & Associados, SROC S.A. Registo na OROC nº 43 Registo na CMVM nº 20161389 Av. Eng. Duarte Pacheco, 7 1070-100 Lisboa Portugal

Tel: +(351) 210 422 500 Fax: +(351) 210 427 950 www.deloitte.pt

CERTIFICAÇÃO LEGAL DAS CONTAS E RELATÓRIO DE AUDITORIA

RELATO SOBRE A AUDITORIA DAS DEMONSTRAÇÕES FINANCEIRAS CONSOLIDADAS

Opinião

Auditámos as demonstrações financeiras consolidadas anexas da Grupo Media Capital, SGPS, S.A. (a "Entidade") e suas subsidiárias (o "Grupo"), que compreendem a demonstração consolidada da posição financeira em 31 de dezembro de 2017 (que evidencia um total de 301.244.357 Euros e um total de capital próprio de 141.441.736 Euros, incluindo um resultado líquido consolidado de 19.787.029 Euros), a demonstração consolidada dos resultados, a demonstração consolidada dos rendimentos integrais, a demonstração consolidada das alterações no capital próprio e a demonstração consolidada dos fluxos de caixa relativas ao ano findo naquela data, e as notas anexas às demonstrações financeiras consolidadas que incluem um resumo das políticas contabilísticas significativas.

Em nossa opinião, as demonstrações financeiras consolidadas anexas apresentam de forma verdadeira e apropriada, em todos os aspetos materiais, a posição financeira consolidada da Grupo Media Capital, SGPS, S.A. em 31 de dezembro de 2017 e o seu desempenho financeiro e fluxos de caixa consolidados relativos ao ano findo naquela data de acordo com as Normas Internacionais de Relato Financeiro (IFRS) tal como adotadas na União Europeia.

Bases para a opinião

A nossa auditoria foi efetuada de acordo com as Normas Internacionais de Auditoria (ISA) e demais normas e orientações técnicas e éticas da Ordem dos Revisores Oficiais de Contas. As nossas responsabilidades nos termos dessas normas estão descritas na secção "Responsabilidades do auditor pela auditoria das demonstrações financeiras consolidadas" abaixo. Somos independentes das entidades que compõem o Grupo nos termos da lei e cumprimos os demais requisitos éticos nos termos do código de ética da Ordem dos Revisores Oficiais de Contas.

Estamos convictos que a prova de auditoria que obtivemos é suficiente e apropriada para proporcionar uma base para a nossa opinião.

Matérias relevantes de auditoria

As matérias relevantes de auditoria são as que, no nosso julgamento profissional, tiveram maior importância na auditoria das demonstrações financeiras consolidadas do ano corrente. Essas matérias foram consideradas no contexto da auditoria das demonstrações financeiras consolidadas como um todo, e na formação da opinião, e não emitimos uma opinião separada sobre essas matérias.

Tipo: Sociedade Anónima | NIPC e Matrícula: 501776311 | Capital social: € 500.000 | Sede: Av. Eng. Duarte Pacheco, n.º7, 1070-100 Lisboa | Escritório no Porto: Bom Sucesso Trade Center, Praça do Bom Sucesso, 61 – 13º, 4150-146 Porto

^"Deloitte" refere-se a Deloitte Touche Tohmatsu Limited, uma sociedade privada de responsabilidade limitada do Reino Unido (DTTL), ou a uma ou mais entidades da sua rede de firmas membro e respetivas entidades relacionadas. A DTTL e cada uma das firmas membro da sua rede são entidades legais separadas e independentes. A DTTL (também referida como "Deloitte Global") não presta serviços a clientes. Aceda a www.deloitte.com/pt/about para saber mais sobre a nossa rede global de firmas membro.

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Descrição dos riscos de distorção material mais	Síntese da resposta dada aos riscos de distorção material mais
significativos identificados	significativos identificados

Imparidade do goodwill

O goodwill do Grupo apresentado na demonstração consolidada da posição financeira em 31 de dezembro de 2017 ascende a 149.374.120 Euros, sendo avaliada anualmente a imparidade do mesmo para efeitos do reporte financeiro ou sempre que se verifiquem indícios de imparidade. Conforme referido na nota 14 das notas anexas às demonstrações financeiras consolidadas, esta avaliação é efetuada pelo órgão de gestão, sendo baseada em projeções financeiras de fluxos de caixa descontados, que incorporam determinados pressupostos definidos pelo órgão de gestão, nomeadamente, o crescimento projetado das receitas resultante da evolução do investimento publicitário nos principais mercados onde o Grupo opera, o share de audiência e a quota de mercado, sinergias e racionalização de gastos de produção e correspondentes gastos operacionais, bem como as taxas de desconto e de crescimento nominal utilizada na perpetuidade. Face à relevância do saldo da rubrica de goodwill e à subjetividade e complexidade dos julgamentos necessários para a definição dos pressupostos acima referidos, concluímos que a análise de imparidade do goodwill é uma matéria relevante para a auditoria às demonstrações financeiras consolidadas do Grupo em 31 de dezembro de 2017.

Os nossos procedimentos para mitigar este risco incluíram:

Testes aos controlos considerados relevantes, implementados no Grupo relativos à análise de imparidade do goodwill efetuada pelo órgão de gestão;
Aferição da fiabilidade das estimativas efetuadas pelo órgão de gestão, por referência à comparação do desempenho atual com estimativas efetuadas em períodos anteriores;
Comparação de pressupostos chave utilizados na análise de imparidade do goodwill pelo órgão de gestão com informação externa, quando tal se demonstrou aplicável;
Comparação de informação relevante considerada nas projeções financeiras de fluxos de caixa descontados utilizados com os orçamentos aprovados pelo órgão de gestão;
Teste à correção aritmética das projeções financeiras de fluxos de caixa descontados utilizadas pelo órgão de gestão;
Teste à adequação das divulgações efetuadas nas notas 2.3 e 14.

Reconhecimento dos gastos com direitos de transmissão de programas de televisão

O reconhecimento dos gastos com direitos de transmissão de programas de televisão requer julgamento conforme divulgado nas notas 2.7 e 3 das notas anexas às demonstrações financeiras consolidadas, existindo o risco da política contabilística definida e adotada pelo Grupo não ser adequada para o correto reconhecimento do gasto dos referidos direitos de acordo com os benefícios económicos esperados decorrentes da sua utilização. O perfil de reconhecimento do gasto com direitos de transmissão de programas de televisão relativos a produção própria requer mais julgamento do que os restantes direitos de transmissão, dado o número de fatores qualitativos envolvidos na determinação do respetivo padrão de benefícios esperados.

Analisámos o método de reconhecimento do gasto com direitos de transmissão, considerando os diferentes tipos de programas, o padrão das respetivas audiências e as práticas utilizadas na indústria de operadores de televisão.

Os nossos procedimentos incluíram:

Testes aos controlos considerados relevantes, implementados no Grupo relativos ao reconhecimento dos gastos com direitos de transmissão de programas de televisão;
Avaliação da consistência da aplicação da política contabilística adotada e sua comparação com as práticas utilizadas na indústria;
Comparação do perfil de gasto reconhecido com o padrão de retorno resultante das audiências verificadas;
Para uma amostra de programas reconhecidos como gasto, verificação da sua inclusão na grelha de emissão do exercício, e validação do respetivo gasto reconhecido atentos os critérios de reconhecimento estabelecidos;
Para uma amostra dos direitos adquiridos ou dos programas produzidos pelo Grupo no exercício, verificação de evidência apropriada do critério de reconhecimento estabelecido.

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Reconhecimento da receita de publicidade em televisão

A receita de publicidade resultante das campanhas publicitárias efetuadas pelos clientes em televisão depende das respetivas audiências e condições acordadas. Conforme referido na nota 2.11 das notas anexas às demonstrações financeiras consolidadas, a mensuração da referida receita depende da medição e perfil das respetivas audiências, dos descontos e bónus atribuídos em função do investimento publicitário efetuado pelos clientes e das restantes condições acordadas. Assim, dada a complexidade e julgamento do seu reconhecimento, existe o risco da receita resultante das referidas campanhas ser incorretamente registada, atenta a efetiva medição das audiências e a aplicação dos descontos a conceder que se encontrem negociados e das restantes condições acordadas.

Avaliámos a política de reconhecimento da receita de publicidade adotada pelo Grupo por referência às normas contabilísticas aplicáveis.

Os nossos procedimentos incluíram:

Entendimento do processo de apuramento da receita de publicidade pelos sistemas relevantes de suporte à faturação e avaliação dos mecanismos de controlo interno considerados relevantes no apuramento e registo da receita de publicidade;
Para uma amostra de campanhas publicitárias reconhecidas, procedemos ao recálculo da receita apurada por referência às condições comerciais acordadas e respetiva audiência atingida na faixa horária da sua exibição;
Comparação da responsabilidade estimada e registada pelo Grupo relativa a descontos de quantidade e bónus concedidos a clientes, com o valor apurado resultante do investimento publicitário realizado e das condições comerciais estabelecidas entre o Grupo e aquelas entidades;
Aferição da fiabilidade das estimativas efetuadas pelo órgão de gestão, por referência à comparação dos descontos efetivamente concedidos no período com as estimativas registadas em períodos anteriores.

Responsabilidades do órgão de gestão e do órgão de fiscalização pelas demonstrações financeiras consolidadas

O órgão de gestão é responsável pela:

preparação de demonstrações financeiras consolidadas que apresentem de forma verdadeira e apropriada a posição financeira, o desempenho financeiro e os fluxos de caixa do Grupo de acordo com as Normas Internacionais de Relato Financeiro (IFRS) tal como adotadas na União Europeia;
elaboração do relatório de gestão, incluindo o relatório de governo societário, nos termos legais e regulamentares aplicáveis;
criação e manutenção de um sistema de controlo interno apropriado para permitir a preparação de demonstrações financeiras isentas de distorção material devido a fraude ou erro;
adoção de políticas e critérios contabilísticos adequados nas circunstâncias; e
avaliação da capacidade do Grupo de se manter em continuidade, divulgando, quando aplicável, as matérias que possam suscitar dúvidas significativas sobre a continuidade das atividades.

O órgão de fiscalização é responsável pela supervisão do processo de preparação e divulgação da informação financeira do Grupo.

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Responsabilidades do auditor pela auditoria das demonstrações financeiras consolidadas

A nossa responsabilidade consiste em obter segurança razoável sobre se as demonstrações financeiras consolidadas como um todo estão isentas de distorções materiais devido a fraude ou erro, e emitir um relatório onde conste a nossa opinião. Segurança razoável é um nível elevado de segurança mas não é uma garantia de que uma auditoria executada de acordo com as ISA detetará sempre uma distorção material quando exista. As distorções podem ter origem em fraude ou erro e são consideradas materiais se, isoladas ou conjuntamente, se possa razoavelmente esperar que influenciem decisões económicas dos utilizadores tomadas com base nessas demonstrações financeiras.

Como parte de uma auditoria de acordo com as ISA, fazemos julgamentos profissionais e mantemos ceticismo profissional durante a auditoria e também:

identificamos e avaliamos os riscos de distorção material das demonstrações financeiras consolidadas, devido a fraude ou a erro, concebemos e executamos procedimentos de auditoria que respondam a esses riscos, e obtemos prova de auditoria que seja suficiente e apropriada para proporcionar uma base para a nossa opinião. O risco de não detetar uma distorção material devido a fraude é maior do que o risco de não detetar uma distorção material devido a erro, dado que a fraude pode envolver conluio, falsificação, omissões intencionais, falsas declarações ou sobreposição ao controlo interno;
obtemos uma compreensão do controlo interno relevante para a auditoria com o objetivo de conceber procedimentos de auditoria que sejam apropriados nas circunstâncias, mas não para expressar uma opinião sobre a eficácia do controlo interno do Grupo;
avaliamos a adequação das políticas contabilísticas usadas e a razoabilidade das estimativas contabilísticas e respetivas divulgações feitas pelo órgão de gestão;
concluímos sobre a apropriação do uso, pelo órgão de gestão, do pressuposto da continuidade e, com base na prova de auditoria obtida, se existe qualquer incerteza material relacionada com acontecimentos ou condições que possam suscitar dúvidas significativas sobre a capacidade do Grupo para dar continuidade às suas atividades. Se concluirmos que existe uma incerteza material, devemos chamar a atenção no nosso relatório para as divulgações relacionadas incluídas nas demonstrações financeiras ou, caso essas divulgações não sejam adequadas, modificar a nossa opinião. As nossas conclusões são baseadas na prova de auditoria obtida até à data do nosso relatório. Porém, acontecimentos ou condições futuras podem levar a que o Grupo descontinue as suas atividades;
avaliamos a apresentação, estrutura e conteúdo global das demonstrações financeiras consolidadas, incluindo as divulgações, e se essas demonstrações financeiras representam as transações e acontecimentos subjacentes de forma a atingir uma apresentação apropriada;
obtemos prova de auditoria suficiente e apropriada relativa à informação financeira das entidades ou atividades dentro do Grupo para expressar uma opinião sobre as demonstrações financeiras consolidadas. Somos responsáveis pela orientação, supervisão e desempenho da auditoria do Grupo e somos os responsáveis finais pela nossa opinião de auditoria;
comunicamos com os encarregados da governação, incluindo o órgão de fiscalização, entre outros assuntos, o âmbito e o calendário planeado da auditoria, e as conclusões significativas da auditoria incluindo qualquer deficiência significativa de controlo interno identificado durante a auditoria;
das matérias que comunicamos aos encarregados da governação, incluindo o órgão de fiscalização, determinamos as que foram as mais importantes na auditoria das demonstrações financeiras consolidadas do ano corrente e que são as matérias relevantes de auditoria. Descrevemos essas matérias no nosso relatório, exceto quando a lei ou regulamento proibir a sua divulgação pública;
declaramos ao órgão de fiscalização que cumprimos os requisitos éticos relevantes relativos à independência e comunicamos todos os relacionamentos e outras matérias que possam ser percecionadas como ameaças à nossa independência e, quando aplicável, as respetivas salvaguardas.

Deloitte & Associados, SROC S.A. Registo na OROC nº 43 Registo na CMVM nº 20161389

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A nossa responsabilidade inclui ainda a verificação da concordância da informação constante do relatório de gestão com as demonstrações financeiras consolidadas e as verificações previstas nos números 4 e 5 do artigo 451.º do Código das Sociedades Comerciais, bem como a verificação de que a informação não financeira consolidada foi apresentada.

RELATO SOBRE OUTROS REQUISITOS LEGAIS E REGULAMENTARES

Sobre o relatório de gestão

Dando cumprimento ao artigo 451.º, n.º 3, al. e) do Código das Sociedades Comerciais, somos de parecer que o relatório de gestão foi preparado de acordo com os requisitos legais e regulamentares aplicáveis em vigor, a informação nele constante é concordante com as demonstrações financeiras consolidadas auditadas e, tendo em conta o conhecimento e apreciação sobre o Grupo, não identificámos incorreções materiais.

Sobre o relatório de governo societário

Dando cumprimento ao artigo 451.º, n.º 4, do Código das Sociedades Comerciais, somos de parecer que o relatório de governo societário inclui os elementos exigíveis à Entidade nos termos do artigo 245.º-A do Código dos Valores Mobiliários, não tendo sido identificadas incorreções materiais na informação divulgada no mesmo, cumprindo o disposto nas alíneas c), d), f), h), i) e m) do referido artigo.

Sobre a informação não financeira consolidada prevista no artigo 508º-B do Código das Sociedades Comerciais

Dando cumprimento ao artigo 451.º, n.º 6, do Código das Sociedades Comerciais, informamos que a Entidade preparou um relatório separado do relatório de gestão que inclui a informação não financeira consolidada, conforme previsto no artigo 508º-B do Código das Sociedades Comerciais tendo o mesmo sido publicado juntamente com o relatório de gestão.

Sobre os elementos adicionais previstos no artigo 10º do Regulamento (UE) n.º 537/2014

Dando cumprimento ao artigo 10.º do Regulamento (UE) n.º 537/2014 do Parlamento Europeu e do Conselho, de 16 de abril de 2014, e para além das matérias relevantes de auditoria acima indicadas, relatamos ainda o seguinte:

Fomos nomeados auditores da Grupo Media Capital, SGPS, S.A., enquanto Entidade de Interesse Público, pela primeira vez na assembleia geral de acionistas realizada em 2005 para um mandato de quatro anos que se encontrava em curso e que foi sucessivamente renovado. Fomos nomeados em assembleia geral de acionistas realizada em 2015 para o mandato em curso que decorre até 2019.
O órgão de gestão confirmou-nos que não tem conhecimento da ocorrência de qualquer fraude ou suspeita de fraude com efeito material nas demonstrações financeiras. No planeamento e execução da nossa auditoria de acordo com as ISA mantivemos o ceticismo profissional e concebemos procedimentos de auditoria para responder à possibilidade de distorção material das demonstrações financeiras consolidadas devido a fraude. Em resultado do nosso trabalho não identificámos qualquer distorção material nas demonstrações financeiras consolidadas devido a fraude.

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Confirmamos que a opinião de auditoria que emitimos é consistente com o relatório adicional que preparámos e entregámos ao órgão de fiscalização do Grupo em 2 de março de 2018.
Declaramos que não prestámos quaisquer serviços proibidos nos termos do artigo 77.º, número 8, do Estatuto da Ordem dos Revisores Oficiais de Contas e que mantivemos a nossa independência face ao Grupo durante a realização da auditoria.

Lisboa, 2 de março de 2018

__________________________________________ Deloitte & Associados, SROC S.A. Representada por Nuno Miguel Cabaço da Silva, ROC

Deloitte & Associados, SROC S.A. Registo na OROC nº 43 Registo na CMVM nº 20161389 Av. Eng. Duarte Pacheco, 7 1070-100 Lisboa Portugal

Tel: + (351) 210 422 500 Fax: +(351) 210 427 950 www.deloitte.pt

CERTIFICAÇÃO LEGAL DAS CONTAS E RELATÓRIO DE AUDITORIA

RELATO SOBRE A AUDITORIA DAS DEMONSTRAÇÕES FINANCEIRAS

Opinião

Auditámos as demonstrações financeiras anexas da Grupo Media Capital, SGPS, S.A. ("Entidade"), que compreendem a demonstração da posição financeira em 31 de dezembro de 2017 (que evidencia um total de 239.632.997 Euros e um total de capital próprio de 177.313.449 Euros, incluindo um resultado líquido de 18.555.431 Euros), a demonstração dos rendimentos integrais, a demonstração das alterações no capital próprio e a demonstração dos fluxos de caixa relativas ao ano findo naquela data, e as notas anexas às demonstrações financeiras que incluem um resumo das políticas contabilísticas significativas.

Em nossa opinião, as demonstrações financeiras anexas apresentam de forma verdadeira e apropriada, em todos os aspetos materiais, a posição financeira da Grupo Media Capital, SGPS, S.A. em 31 de dezembro de 2017 e o seu desempenho financeiro e fluxos de caixa relativos ao ano findo naquela data de acordo com as Normas Internacionais de Relato Financeiro (IFRS) tal como adotadas na União Europeia.

Bases para a opinião

A nossa auditoria foi efetuada de acordo com as Normas Internacionais de Auditoria (ISA) e demais normas e orientações técnicas e éticas da Ordem dos Revisores Oficiais de Contas. As nossas responsabilidades nos termos dessas normas estão descritas na secção "Responsabilidades do auditor pela auditoria das demonstrações financeiras" abaixo. Somos independentes da Entidade nos termos da lei e cumprimos os demais requisitos éticos nos termos do código de ética da Ordem dos Revisores Oficiais de Contas.

Estamos convictos de que a prova de auditoria que obtivemos é suficiente e apropriada para proporcionar uma base para a nossa opinião.

Matérias relevantes de auditoria

As matérias relevantes de auditoria são as que, no nosso julgamento profissional, tiveram maior importância na auditoria das demonstrações financeiras do ano corrente. Essas matérias foram consideradas no contexto da auditoria das demonstrações financeiras como um todo, e na formação da opinião, e não emitimos uma opinião separada sobre essas matérias.

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Descrição dos riscos de distorção material mais significativos identificados

Imparidade dos investimentos em subsidiárias

Os investimentos em subsidiárias da Entidade apresentados na demonstração da posição financeira em 31 de dezembro de 2017 ascendem a 174.413.138 Euros. Conforme referido na nota 11 das notas anexas às demonstrações financeiras, a avaliação da imparidade dos referidos investimentos é efetuada pelo órgão de gestão, sendo baseada em projeções financeiras de fluxos de caixa descontados, que incorporam determinados pressupostos definidos pelo órgão de gestão, nomeadamente, o crescimento projetado das receitas resultante da evolução do investimento publicitário nos principais mercados onde as participadas da Entidade operam, o share de audiência e a quota de mercado, sinergias e racionalização de gastos de produção e correspondentes gastos operacionais, bem como as taxas de desconto e de crescimento nominal utilizada na perpetuidade. Face à relevância do saldo da rubrica de investimentos em subsidiárias e à subjetividade e complexidade dos julgamentos necessários para a definição dos pressupostos acima referidos, concluímos que a análise de imparidade dos referidos investimentos é uma matéria relevante para a auditoria às demonstrações financeiras da Entidade em 31 de dezembro de 2017.

Síntese da resposta dada aos riscos de distorção material mais significativos identificados

Os nossos procedimentos para mitigar este risco incluíram:

Testes aos controlos considerados relevantes, implementados na Entidade relativos à análise de imparidade dos investimentos em subsidiárias efetuada pelo órgão de gestão;
Aferição da fiabilidade das estimativas efetuadas pelo órgão de gestão, por referência à comparação do desempenho atual com estimativas efetuadas em períodos anteriores;
Comparação de pressupostos chave utilizados na análise de imparidade dos investimentos em subsidiárias pelo órgão de gestão com informação externa, quando tal se demonstrou aplicável;
Comparação de informação relevante considerada nas projeções financeiras de fluxos de caixa descontados utilizados com os orçamentos aprovados pelo órgão de gestão;
Teste à correção aritmética das projeções financeiras de fluxos de caixa descontados utilizadas pelo órgão de gestão;
Teste à adequação das divulgações efetuadas nas notas 2.5 e 11.

Outras matérias

Conforme referido na nota introdutória das notas anexas, as demonstrações financeiras acima referidas referem-se à atividade da Entidade a nível individual e foram preparadas para aprovação e publicação nos termos da legislação em vigor. Conforme previsto nos IFRS e indicado na Nota 2.5, os investimentos financeiros em empresas do grupo são apresentados ao custo de aquisição deduzido de perdas por imparidade, quando estas se verifiquem. Assim, as demonstrações financeiras anexas não incluem o efeito da consolidação de ativos, passivos, capital próprio, rendimentos e gastos totais das empresas participadas direta ou indiretamente pela Entidade, o que será efetuado em demonstrações financeiras consolidadas a elaborar e aprovar em separado.

Responsabilidades do órgão de gestão e do órgão de fiscalização pelas demonstrações financeiras

O órgão de gestão é responsável pela:

preparação de demonstrações financeiras que apresentem de forma verdadeira e apropriada a posição financeira, o desempenho financeiro e os fluxos de caixa da Entidade de acordo com as Normas Internacionais de Relato Financeiro (IFRS) tal como adotadas na União Europeia;
elaboração do relatório de gestão, incluindo o relatório de governo societário, nos termos legais e regulamentares aplicáveis;
criação e manutenção de um sistema de controlo interno apropriado para permitir a preparação de demonstrações financeiras isentas de distorção material devido a fraude ou erro;
adoção de políticas e critérios contabilísticos adequados nas circunstâncias; e
avaliação da capacidade da Entidade de se manter em continuidade, divulgando, quando aplicável, as matérias que possam suscitar dúvidas significativas sobre a continuidade das atividades.

O órgão de fiscalização é responsável pela supervisão do processo de preparação e divulgação da informação financeira da Entidade.

Responsabilidades do auditor pela auditoria das demonstrações financeiras

A nossa responsabilidade consiste em obter segurança razoável sobre se as demonstrações financeiras como um todo estão isentas de distorções materiais devido a fraude ou erro, e emitir um relatório onde conste a nossa opinião. Segurança razoável é um nível elevado de segurança mas não é uma garantia de que uma auditoria executada de acordo com as ISA detetará sempre uma distorção material quando exista. As distorções podem ter origem em fraude ou erro e são consideradas materiais se, isoladas ou conjuntamente, se possa razoavelmente esperar que influenciem decisões económicas dos utilizadores tomadas com base nessas demonstrações financeiras.

Como parte de uma auditoria de acordo com as ISA, fazemos julgamentos profissionais e mantemos ceticismo profissional durante a auditoria e também:

identificamos e avaliamos os riscos de distorção material das demonstrações financeiras, devido a fraude ou a erro, concebemos e executamos procedimentos de auditoria que respondam a esses riscos, e obtemos prova de auditoria que seja suficiente e apropriada para proporcionar uma base para a nossa opinião. O risco de não detetar uma distorção material devido a fraude é maior do que o risco de não detetar uma distorção material devido a erro, dado que a fraude pode envolver conluio, falsificação, omissões intencionais, falsas declarações ou sobreposição ao controlo interno;
obtemos uma compreensão do controlo interno relevante para a auditoria com o objetivo de conceber procedimentos de auditoria que sejam apropriados nas circunstâncias, mas não para expressar uma opinião sobre a eficácia do controlo interno da Entidade;
avaliamos a adequação das políticas contabilísticas usadas e a razoabilidade das estimativas contabilísticas e respetivas divulgações feitas pelo órgão de gestão;
concluímos sobre a apropriação do uso, pelo órgão de gestão, do pressuposto da continuidade e, com base na prova de auditoria obtida, se existe qualquer incerteza material relacionada com acontecimentos ou condições que possam suscitar dúvidas significativas sobre a capacidade da Entidade para dar continuidade às suas atividades. Se concluirmos que existe uma incerteza material, devemos chamar a atenção no nosso relatório para as divulgações relacionadas incluídas nas demonstrações financeiras ou, caso essas divulgações não sejam adequadas, modificar a nossa opinião. As nossas conclusões são baseadas na prova de auditoria obtida até à data do nosso relatório. Porém, acontecimentos ou condições futuras podem levar a que a Entidade descontinue as suas atividades;
avaliamos a apresentação, estrutura e conteúdo global das demonstrações financeiras, incluindo as divulgações, e se essas demonstrações financeiras representam as transações e acontecimentos subjacentes de forma a atingir uma apresentação apropriada;
comunicamos com os encarregados da governação, incluindo o órgão de fiscalização, entre outros assuntos, o âmbito e o calendário planeado da auditoria, e as conclusões significativas da auditoria incluindo qualquer deficiência significativa de controlo interno identificado durante a auditoria;

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das matérias que comunicamos aos encarregados da governação, incluindo o órgão de fiscalização, determinamos as que foram as mais importantes na auditoria das demonstrações financeiras do ano corrente e que são as matérias relevantes de auditoria. Descrevemos essas matérias no nosso relatório, exceto quando a lei ou regulamento proibir a sua divulgação pública;
declaramos ao órgão de fiscalização que cumprimos os requisitos éticos relevantes relativos à independência e comunicamos todos os relacionamentos e outras matérias que possam ser percecionadas como ameaças à nossa independência e, quando aplicável, as respetivas salvaguardas.

A nossa responsabilidade inclui ainda a verificação da concordância da informação constante do relatório de gestão com as demonstrações financeiras e as verificações previstas nos números 4 e 5 do artigo 451.º do Código das Sociedades Comerciais, bem como a verificação de que a informação não financeira consolidada foi apresentada.

RELATO SOBRE OUTROS REQUISITOS LEGAIS E REGULAMENTARES

Sobre o relatório de gestão

Dando cumprimento ao artigo 451.º, n.º 3, al. e) do Código das Sociedades Comerciais, somos de parecer que o relatório de gestão foi preparado de acordo com os requisitos legais e regulamentares aplicáveis em vigor, a informação nele constante é concordante com as demonstrações financeiras auditadas e, tendo em conta o conhecimento e apreciação sobre a Entidade, não identificámos incorreções materiais.

Sobre o relatório de governo societário

Sobre a informação não financeira consolidada prevista no artigo 508º-B do Código das Sociedades Comerciais

Sobre os elementos adicionais previstos no artigo 10º do Regulamento (UE) n.º 537/2014

Fomos nomeados auditores da Grupo Media Capital, SGPS, S.A., enquanto Entidade de Interesse Público, pela primeira vez na assembleia geral de acionistas realizada em 2005 para um mandato de quatro anos que se encontrava em curso e que foi sucessivamente renovado. Fomos nomeados em assembleia geral de acionistas realizada em 2015 para o mandato em curso que decorre até 2019.
O órgão de gestão confirmou-nos que não tem conhecimento da ocorrência de qualquer fraude ou suspeita de fraude com efeito material nas demonstrações financeiras. No planeamento e execução da nossa auditoria de acordo com as ISA mantivemos o ceticismo profissional e concebemos procedimentos de auditoria para responder à possibilidade de distorção material das demonstrações financeiras devido a fraude. Em resultado do nosso trabalho não identificámos qualquer distorção material nas demonstrações financeiras devido a fraude.

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Confirmamos que a opinião de auditoria que emitimos é consistente com o relatório adicional que preparámos e entregámos ao órgão de fiscalização da Entidade em 2 de março de 2018.
Declaramos que não prestámos quaisquer serviços proibidos nos termos do artigo 77.º, número 8, do Estatuto da Ordem dos Revisores Oficiais de Contas e que mantivemos a nossa independência face à Entidade durante a realização da auditoria.

Lisboa, 2 de março de 2018

__________________________________________ Deloitte & Associados, SROC S.A. Representada por Nuno Miguel Cabaço da Silva, ROC

RELATÓRIO E PARECER DA COMISSÃO DE AUDITORIA

1 Introdução

Nos termos e para os efeitos do disposto na alínea g) do artigo 423.º-F do Código das Sociedades Comerciais, a Comissão de Auditoria da sociedade Grupo Média Capital, SGPS, S.A. vem pelo presente apresentar aos Senhores Acionistas o relatório sobre a atividade fiscalizadora e, bem assim, dar o seu parecer sobre o Relatório e Contas individuais e consolidadas do exercício findo em 31 de Dezembro de 2017 bem como sobre as propostas apresentadas pelo Conselho de Administração da sociedade à Assembleia Geral.

2 Fiscalização da Sociedade

Durante o exercício de 2017, a Comissão de Auditoria acompanhou a evolução da atividade das sociedades integradas no Grupo Média Capital, tendo zelado pela observância da lei e do respetivo contrato de sociedade, a exatidão dos documentos de prestação de contas, verificado a regularidade dos registos contabilísticos, as políticas contabilísticas adoptadas, fiscalizando o processo de preparação e divulgação da informação financeira bem como a informação periódica que foi divulgada ao mercado.

A Comissão de Auditoria analisou e avaliou durante o ano de 2017 a eficácia dos sistemas de gestão de risco e do sistema de controlo interno, conforme implementados pelo Conselho de Administração da Sociedade, em salvaguarda do seu valor e em benefício da transparência do governo societário.

Por considerar que os sistemas de controlo interno e de gestão de riscos tal como implementados na Sociedade são os adequados aos riscos identificados e a que a Sociedade se encontra exposta, a Comissão de Auditoria não considerou necessário propor ajustamentos ou alterações aos sistemas já implementados.

A Comissão de Auditoria acompanhou diretamente a atividade desenvolvida pelos serviços de auditoria interna das sociedades integradas no Grupo Média Capital tendo recebido com periodicidade bimensal o reporte da informação e das conclusões alcançadas pelos serviços de auditoria interna no âmbito dos trabalhos realizados, cujo plano foi agendado e delimitado conjuntamente com a Comissão de Auditoria. Não foi detetado qualquer facto digno de relevo no âmbito da atividade das referidas sociedades.

A Comissão de Auditoria, no âmbito da sua atividade de fiscalização, não se deparou com quaisquer constrangimentos ao exercício da sua atividade.

Para efeitos do desempenho das suas competências, nos termos da lei e do contrato de sociedade, os membros da Comissão de Auditoria participaram em todas as reuniões do Conselho de Administração. Durante o exercício, a Comissão de Auditoria reuniu quatro vezes.

Durante o ano de 2017, e em linha com as recomendações relativas ao bom governo das sociedades cotadas, a Comissão de Auditoria procedeu à avaliação de todas as operações realizadas com acionistas significativos e com partes relacionadas, em cumprimento do disposto no Regulamento do Conselho de Administração, tendo-se reservado para emissão de parecer prévio a celebração de negócios com relevância significativa. Não ocorreram negócios com relevância significativa que carecessem de apreciação da Comissão de Auditoria.

No âmbito das suas competências, e enquanto principal interlocutor da empresa junto do Auditor, a Comissão de Auditoria acompanhou os trabalhos de auditoria desenvolvidos pelo Revisor Oficial de Contas que dão origem à emissão da certificação legal de contas, tendo ainda acompanhado os trabalhos e as conclusões atingidas no âmbito dos trabalhos desenvolvidos. A Comissão de Auditoria procedeu à avaliação do desempenho do Revisor Oficial de Contas tendo verificado a independência e a competência com que foram desempenhadas as funções do Revisor Oficial de Contas.

3 Declaração de responsabilidade

De acordo com o disposto no artigo 245.º n.º 1, c) aplicável por força do disposto no artigo 8.º n.º 1, alínea a) do Regulamento da CMVM n. º 5/2008 (Deveres de Informação), os membros da Comissão de Auditoria declaram que, tanto quanto é do seu conhecimento, a informação constante do Relatório de Gestão e dos demais documentos de prestação de contas foi elaborada em conformidade com as normas contabilísticas aplicáveis, dando uma imagem verdadeira e apropriada do ativo e do passivo, da situação financeira e dos resultados e dos fluxos de caixa da Sociedade e das empresas incluídas no perímetro da consolidação. Mais entendem que o Relatório de Gestão expõe fielmente a evolução dos negócios, do desempenho e da posição da Sociedade e das empresas incluídas no perímetro da consolidação, contém uma descrição dos principais riscos e incertezas com que se defrontam.

4 Parecer sobre os relatórios e contas e propostas apresentados pelo Conselho de Administração

A Comissão de Auditoria examinou as propostas do Conselho de Administração, a apresentar ao Senhores Acionistas, o Relatório de Gestão individual e consolidado e as demonstrações individuais e consolidadas do exercício findo em 31 de Dezembro de 2017, os quais incluem as demonstrações da posição financeira individual e consolidada, a demonstração consolidada dos resultados, as demonstrações individuais e consolidadas dos rendimentos integrais, dos fluxos de caixa e das alterações no capital próprio e respetivos anexos, do exercício findo àquela data, elaborados de acordo com as Normas Internacionais de Relato Financeiro, tal como adoptadas pela União Europeia.

Adicionalmente, analisou as Certificações Legais de Contas e Relatórios de Auditoria sobre as referidas demonstrações financeiras individuais e consolidadas, elaborados pelo Revisor Oficial de Contas.

A Comissão de Auditoria concorda com as Certificações Legais das Contas individuais e consolidadas elaboradas pelo Revisor Oficial de Contas.

A Comissão de Auditoria analisou o Relatório sobre o Governo da Sociedade relativo ao exercício de 2017 preparado pelo Conselho de Administração, o qual se encontra em anexo ao Relatório de Gestão, verificando que foi preparado em cumprimento do disposto no Regulamento da CMVM n.º 4/2013 (Governo das Sociedades) conforme emanado pela Comissão do Mercado de Valores Mobiliários e inclui, entre outros, os elementos constantes do artigo 245.º-A do Código dos Valores Mobiliários.

Em face do exposto, a Comissão de Auditoria é de opinião que as demonstrações financeiras individuais e consolidadas, o Relatório de Gestão individual e consolidado em 31 de Dezembro de 2017, bem como a proposta de aplicação dos resultados expressa no Relatório de Gestão estão de acordo com as disposições contabilísticas, legais e estatutárias aplicáveis pelo que recomenda a sua aprovação pelos Acionistas.

Queluz de Baixo, 27 de fevereiro de 2018

A Comissão de Auditoria,

António Pires de Lima (Presidente)

Agnés Noguera (Vogal)

Manuel Mirat (Vogal)

RELATÓRIO DE SUSTENTABILIDADE MEDIA CAPITAL 2017 2017

I. Media Capital
- A. Mensagem da CEO
- B. O Grupo Media Capital
- 1. Quem somos?
- 1. Como estamos a criar o Futuro?
II. Ética e Valores
- A. "Os nossos Valores"
- 1. Conduta e Ética no negócio
- 1. Regulação e Compliance
- 1. Ética jornalística e responsabilidade editorial
III. Capital Humano
- A. Destaques 2017
- B. "As nossas pessoas"
- 1. Valorização do Capital Humano
- 1. Igualdade de Género, diversidade e inclusão
- 1. Envolvimento na comunidade
IV. Qualidade de conteúdos
- A. Destaques 2017.
- B. "A qualidade nos nossos conteúdos"
- 1. Contributo para a economia e cultura nacionais
- 1. Promoção da literacia e cidadania
- 1. Proteção de audiências sensíveis e Interação com o público
V. Criar o futuro
- A. Destaques 2017
- B. "Os nossos olhos postos no futuro"
- 1. Inovação digital e tecnologia
VI. Ambiente
- A. Destaques 2017
B. Produção eficiente e responsável
VII. Tabelas e notas metodológicas Tabela GRI e correspondência com o Decreto-Lei nº 89/2017
VIII. Sobre o Relatório

Índice

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16
17
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30
31
32
35
37

46
47
48
57
61

66
67
68

78
79
85
91
97

Na Media Capital, a sustentabilidade emerge de forma natural no desenvolvimento das nossas atividades diárias e faz parte da nossa estratégia, valores e cultura organizacional.

É com enorme satisfação que Vos apresentamos o primeiro relatório de sustentabilidade do Grupo Media Capital. Nesta publicação pretendemos dar testemunho não só da forma como criamos os nossos conteúdos, mas também de como assumimos as nossas responsabilidades sociais diariamente, agindo de acordo com os valores que defendemos, tanto internamente, através dos nossos colaboradores, como externamente, através do nosso amplo envolvimento na sociedade. O Grupo Media Capital é atualmente o maior grupo de comunicação e entretenimento em Portugal, liderando em televisão, rádio e na produção e distribuição de conteúdos. Estes resultados determinam a estratégia de liderança que assumimos desde há 25 anos a esta parte, assente numa base de qualidade, credibilidade e independência no desenvolvimento da informação, cultura e entretenimento em Portugal, tendo como referência os interesses e preferências dos nossos consumidores e anunciantes. São estes valores e prioridades que hoje estruturam o nosso primeiro relato de sustentabilidade e que irão continuar a nortear a nossa ação nos próximos anos.

A visão do Grupo Media Capital, enquanto grupo de comunicação multimédia privado, consiste em potenciar o impacto positivo da comunicação social, impulsionar a educação, gerar bem-estar cultural no mundo e defender os direitos humanos, como pilares do desenvolvimento sustentável no enquadramento de uma sociedade global. Na sua atividade diária, o Grupo reconhece a enorme responsabilidade que advém da potencial influência sobre a opinião pública. Neste contexto, a qualidade dos conteúdos que transmitimos é um valor transversal ao Grupo Media Capital. Quer seja na área da informação, do entretenimento ou da ficção, as audiências diárias e os prémios conquistados em 2017 são prova do nosso investimento nesta área e permitem-nos cada vez mais ir ao encontro das expectativas dos Portugueses.

O setor dos media encontra-se no centro da transformação provocada pela 4ª Revolução Industrial. A atividade digital do Grupo tem rapidamente deixado de ser apenas mais uma área de negócio para passar a estar cada mais integrada na atividade do Grupo. É cada vez mais importante que os nossos serviços, aplicações e conteúdos estejam permanentemente interligados, facilitando o acesso a todos, em todo o lado, em qualquer altura. Para isso, desenvolvemos as nossas capacidades internas, construindo soluções integradas de planeamento, produção e emissão de conteúdos para multiplataformas, o que nos permite antecipar os desafios do mercado e ser reconhecidos internacionalmente nesta área.

As nossas atividades colocam-nos numa posição privilegiada de promoção e sensibilização do público para uma transformação dos padrões de produção e consumo mais sustentáveis. Temos vindo a assumir a nossa responsabilidade ambiental tanto através da emissão de conteúdos nesta área, como na gestão das nossas infraestruturas, apostando na eficiência energética das nossas operações. Assim, o nosso contributo para os Objetivos de Desenvolvimento Sustentável para 2030 das Nações Unidas passa por potenciar todos os nossos recursos na sensibilização e capacitação dos consumidores para uma resposta coletiva aos grandes desafios ambientais e sociais que o futuro coloca.

Caros leitores,

Num grupo audiovisual como a GMC, os conteúdos são essenciais. Nos últimos 25 anos, esta empresa tem vindo a produzir informação independente, entretenimento inovador e a melhor ficção em português. Mas ainda mais importante do que o produto que oferecemos são as nossas pessoas, que criam, realizam, escolhem, apresentam, analisam, contam, inovam... Os canais TVI, as estações da Radio Comercial, as produções Plural e os projetos Media Capital Digital, são líderes, devido aos esforços daqueles que trabalham nas nossas empresas.

O sucesso da Media Capital baseia-se, além do rigor económico necessário, na capacidade de transformação e na criatividade de todos os trabalhadores. E isso é maior, quando a diversidade é aceite, quando não é discriminada. Por sua própria iniciativa, as empresas devem contratar mulheres. Quando o fazem, melhoram. E a sociedade também. Em 2017, não consigo deixar de destacar as reportagens feitas pelas jornalistas da TVI, que surpreenderam o público português devido à sua profundidade e relevância. Ou o sucesso dos novos programas apresentados por talentos femininos indubitáveis. Em todas as áreas da nossa empresa, o trabalho das mulheres acrescenta valor. No entanto, na Europa, a diferença salarial por género permanece ridiculamente alta. Devemos reduzir as diferenças salariais e quebrar o teto de vidro.

Também temos muitos outros desafios. Os Media estão em plena transformação. Todos os dias mudam os hábitos dos cidadãos, o que eles querem ver e como. E devemos ser capazes de responder. Desde já, é urgente investir em tecnologia e sairmos para lá das nossas fronteiras. Se não tivermos sucesso, os Media irão enfraquecer até desaparecerem e o mercado concentrar-se-á em apenas alguns grandes players digitais, quase inteiramente norte-americanos. Perderá a Europa e as suas democracias.

Para responder a tantos desafios, não confio em concessões ou milagres. Mas confio, absolutamente, nas pessoas do Grupo Media Capital. Na força do seu talento. E acredito que quanto mais diversificado for - em raças, géneros, idades ou crenças - melhor será.

Preâmbulo

A. Mensagem da CEO

Media Capital I.

O Grupo Media Capital SGPS,SA ("Empresa" ou "Media Capital"),sociedade cotada na bolsa de valores NYSE Euronext Lisboa,em como único investimento, uma participação de 100% na MEGLO - Media Global, SGPS, S.A. ("MEGLO"). Através desta participação a Empresa detém o maior grupo de media em Portugal. Atua nas vertentes de comunicação e entretenimento e a sua estrutura operacional reflete a abrangência das suas atividades, através de cinco áreas de negócio e uma unidade de serviços partilhados.

1. Quem somos?

O Grupo Media Capital

A sua estratégia de liderança assenta numa base de qualidade, credibilidade e independência e num compromisso com o desenvolvimento da informação, cultura e entretenimento em Portugal, tendo como referência os interesses e preferências dos consumidores e anunciantes.

O Grupo Media Capital desenvolve as suas atividades primordialmente em Portugal, mas tem também uma presença ativa em Espanha e nos Países Africanos de Língua Oficial Portuguesa (PALOP). Tem as suas atividades e marcas distribuídas pelos segmentos de televisão, produção audiovisual, rádio e digital.

I. Media Capital

Como estamos a criar o Futuro?

Cadeia de Valor

I. Media Capital

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Presença internacional

4 milhões espectadores

22 países

77 territórios conteúdos exportados para

A Media Capital aposta fortemente na internacionalização da sua atividade nomeadamente com a exportação de produtos e com a sua presença em mercados estratégicos de língua portuguesa, bem como para a América Latina. Atualmente os quatro canais TVI (TVI Internacional, TVI24, TVI África e TVI Ficção) transmitem conteúdos 100% em português para 22 países, atingindo um público-alvo de mais de 4 milhões de espectadores. Os programas da TVI foram exportados para 77 territórios em todo o mundo neste último ano.

I. Media Capital

Os tópicos reportados neste relatório de sustentabilidade resultam diretamente de um primeiro exercício de aferição dos temas mais relevantes para o Grupo, que se iniciou com uma análise de

benchmark inicial às melhores práticas do setor Media a nível nacional e internacional, de onde resultou um universo base de 63 temas, que foram crivados e hierarquizados tendo em conta a sua relevância para o negócio da Media Capital e para os seus stakeholders.

As empresas do Grupo Media Capital têm uma preocupação constante em manter um contato regular com as suas partes interessadas, desde os acionistas ao consumidor final. Neste sentido, em função da atividade de cada empresa e do Grupo em si, os contatos são especializados e direcionados por público-alvo.

De acordo com os princípios de transparência de gestão e boas práticas de Governo das Sociedades observados no Grupo Media Capital, foram implementados um conjunto de canais de comunicação, entre eles um canal de denúncias, amplamente divulgados a todos os colaboradores e disponibilizados no site da Media Capital.

No contexto da avaliação de sustentabilidade foram identificadas as 11 categorias de stakeholders mais relevantes para a Empresa, através de uma consulta a vários pontos focais da Empresa que contactam com diferentes vertentes da sociedade. Foram ainda elencados os canais de contacto mais regulares para cada tipo de stakeholder e a periodicidade destes contactos.

Materialidade e Stakeholders

Diálogo com stakeholders

CATEGORIA	STAKEHOLDERS	CANAIS UTILIZADOS	PERIODICIDADE TÍPICA
Clientes	Centrais de Meios; Anunciantes; Plataformas	Telefone Email Reuniões Pessoal	Diária
Colaboradores	Todos os colaboradores do Grupo Media Capital	Focus Group Reuniões	Semanal/mensal
Consumidores/ espectadores	Espectadores; Ouvintes, utilizadores digitais etc.	Telefone Digital	Diário, permanente
Financiadores e Investidores	Bancos; Investidores; Analistas	Mercados de capitais CMVM	Mensal / Permanente, dentro dos parâmetros legais
Fornecedores	Equipamentos de produção; materiais	Pessoal Reuniões Telefone	Quinzenais
Sindicatos	CENA-STE; SJ; SINTTAV; STT	Reuniões	Esporádico
Outras entidades Publicas	Autoridade Tributária; Secretaria –Geral do MAI; ACT; ICA	Telefone Reuniões Digital	Mensal/Esporádico
Associações setoriais	APDSI; APDC; APMP; APR; APAN, APIT; APR, API, Associação Meios Privados; ACEPI;	Reuniões Telefone Digital	Esporádico
Parceiros	Outros Grupos de Media; Produtoras Independentes; Agências comunicação	Agências Pressroom Digital	Mensal
Sociedade	Sociedade incluindo comunidades locais	Iniciativas Responsabilidade Social Corporativa	Esporádica
Reguladores	ERC; ANACOM; CMVM: Autoridade da Concorrência; DGConsumidor	Telefone Reuniões Digital	Diária
Entidades de gestão de direitos	SPA; Audiogest; GDA	Telefone Digital	Mensal

A estratégia de negócio da Media Capital assenta num compromisso de desenvolvimento de informação, cultura e entretenimento tendo como referência os interesses e preferências dos diferentes públicos e dos seus stakeholders. A gestão do nosso negócio é assegurada por um conselho de administração que tem a responsabilidade máxima pela gestão dos aspetos financeiros e não financeiros da empresa, nomeadamente nos temas ambientais, sociais e económicos considerados relevantes para a Media Capital. A gestão operacional desses aspetos é realizada de forma descentralizada pelos vários departamentos da Media Capital, com reporte direto à administração.

Paralelamente a Media Capital definiu como compromisso prioritário a implementação de mecanismos de avaliação e gestão de riscos e oportunidades que afetam os seus negócios, suportados por um modelo de gestão integrado e transversal, assegurando a implementação de boas práticas de Corporate Governance e transparência na comunicação ao mercado e acionistas. Assim, o Grupo tem implementado um modelo de gestão de risco e de mudança para a organização, aprovado e implementado, que permite identificar os riscos internos e externos ao Grupo, incluindo os riscos relacionados com a sustentabilidade, e no qual está prevista a identificação de riscos e a avaliação da sua probabilidade.

Modelo de gestão de sustentabilidade

Através do resultado das análises referidas, obteve-se a matriz de materialidade do Grupo Media Capital, onde são apresentados os temas mais relevantes para os stakeholders e para o negócio. O seu posicionamento ilustra a sua relevância para cada eixo. A dimensão de cada círculo representa a magnitude de impacte do tema no negócio. Os temas mais relevantes para a sustentabilidade do Grupo são aqueles que conjugam simultaneamente uma maior importância para o negócio e para os stakeholders da Media Capital.

Relação entre temas da matriz e organização do relatório

Os temas de maior relevância para a sustentabilidade do Grupo definem os conteúdos a reportar neste relatório. Estes temas, divididos em 5 categorias (Ética e Valores; Capital Humano; Qualidade de conteúdos; Inovação Digital e Produção Responsável) estruturam os 4 capítulos do relatório. Os temas relativos ao desempenho financeiro, bem como a internacionalização do grupo, apesar de serem referidos e contextualizados ao longo deste relatório são abordados com maior detalhe no Relatório & Contas.

Relevância dos temas para os stakeholders

A aferição dos temas materiais da Media Capital baseou-se num conjunto de análises levadas a cabo internamente, que avaliaram a importância segundo a perspetiva do sociedade e do negócio. Para a perspetiva interna foram consultados um conjunto de stakeholders com relevância para a gestão das questões de sustentabilidade. Na análise externa foi feito um apuramento dos temas mais relevantes para os stakeholders da Media Capital e para o setor dos Media, com base num levantamento de referenciais internacionais de sustentabilidade relevantes (Dow Jones Sustainability Index (DJSI); Global Reporting Initiative (GRI); Sustainability Accounting Standards Board (SASB)). Foram também considerados os temas mais relevantes levantados por estudos setoriais, nacionais e internacionais, no setor Media (e.g.Responsible Media Forum: BAFTA albert Consortium; Entidade Reguladora da Comunicação Social), bem com os objetivos definidos pelas Nações Unidas no âmbito das suas iniciativas de desenvolvimento sustentável de caracter global - Objetivos para o Desenvolvimento Sustentável (ODS e Pacto Global das Nações Unidas (UNGC)).

Avaliação de materialidade

Ética e Valores II.

Enquanto agente promotor da cultura e das artes e consciente do impacto na audiência alcançado pelos seus meios de comunicação, o Grupo Media Capital assume um forte compromisso com a sociedade. Encontramo-nos firmemente empenhados em potenciar o papel da comunicação social como pilar de uma sociedade democrática, impulsionar a educação, apoiar causas sociais e fomentar o bem-estar cultural na comunidade a que pertencemos. Este compromisso estendese para além do apoio e difusão de causas e projetos de interesse público, englobando também a melhoria contínua das condições de trabalho dos nossos colaboradores, bem como através da promoção ativa de boas práticas de proteção ambiental nas nossas atividades. Esta visão traduzse num conjunto de valores e princípios éticos que regem a conduta organizacional em todas as atividades do Grupo e dos respetivos colaboradores.

"Os nossos Valores"

VALORES ÉTICOS

• Integridade, honestidade, rigor e dedicação no exercício da sua atividade

• Responsabilidade, compromisso e transparência

• Pluralismo e respeito de todas as ideias, culturas e pessoas

• Criatividade e inovação no desenvolvimento do negócio

• Gestão responsável, eficiente e sustentável, geradora de valor para o acionista e para a sociedade.

PRINCÍPIOS ORIENTADORES

Direitos Humanos e liber dades públicas
Igualdade de oportunidades e não discriminação
Proteção do meio ambiente
Princípios deontológicos

Estes princípios orientadores e valores éticos encontram-se traduzidos no código de conduta e de ética do Grupo Media Capital, sendo aplicável a todas as nossas áreas de atuação, a todos os nossos colaboradores e na nossa relação com os nossos parceiros. O modelo de conduta define a imagem do Grupo como marca de referência nas atividades que promove e nos conteúdos que produz. Além disso, o Grupo tem promovido ativamente a adoção das melhores práticas existentes no setor dos Media, indo além do regulamentado em Portugal. A divulgação de documentação corporativa de caráter público referente à informação financeira, governo da sociedade e comunicados, destaca ainda o compromisso do Grupo Media Capital em promover uma boa governação corporativa e a transparência com as suas partes interessadas.

Manter as ações de gestão de risco existentes, de modo a garantir a inexistência de casos de corrupção no Grupo.
Assegurar a difusão de conteúdos que garantam o respeito pelos direitos, liberdades e garantias no livre exercício da liberdade de imprensa e do direito à informação.
Promover parcerias culturais e de apoio a iniciativas no âmbito dos direitos humanos.
Utilizar o nosso serviço de informação como meio de promoção dos valores cívicos.
• Ser, cada vez mais, um influenciador positivo da sociedade na sensibilização e divulgação de causas e histórias de cariz social, cultural e ambiental.

O Código Ético contém o conjunto de princípios e normas de conduta aplicáveis a todos os profissionais vinculados ao Grupo. Procura guiar a conduta ética dos colaboradores no exercício da sua atividade profissional. O acompanhamento do Código Ético é realizado pelo Comité de cumprimento. Este Comité tem como responsabilidade: (i) promover o comportamento ético dos nossos colaboradores; (ii) localizar e mitigar os riscos de conformidade e procurar o cumprimento de legislação setorial; (iii) conduzir o acompanhamento do Código Ético e fomentar a sua difusão e formação. O código ético está publicado no site do Grupo.

http://www.mediacapital.pt/p/545/regulamentos-e-estatutos/

Neste documento, juntamente com o Código de conduta interno do Grupo Media Capital, constam o conjunto de princípios éticos que definem os nossos modelos de comportamento. Destacando-se o compromisso para com os seguintes princípios:

• Direitos humanos e liberdades públicas: é manifestado pelo contributo para a construção da democracia e da liberdade de expressão e colaboração com o desenvolvimento das comunidades que integramos. Em particular, na rejeição de trabalho infantil e de trabalho forçado ou obrigatório nas nossas atividades e dos nossos fornecedores. Em todas as produções desenvolvidas com recurso a prestação de serviços de jovens (entre 16 a 18 anos) e crianças (menores de 16 anos), existe uma política de trabalho específica de modo a promover a conciliação com outras atividades específicas da faixa etária, nomeadamente escolares. Em 2017 esta política foi aplicada às 3 crianças atores que participaram na ficção da TVI.

Objetivos e metas 2018

1. Conduta e Ética no negócio

• Igualdade de oportunidade e não discriminação: A formação dos seus colaboradores baseiase num ambiente com igualdade de oportunidades e ausente de atos discriminatórios, onde a promoção é dada pelo mérito, capacidade e desempenho das suas atividades profissionais. A evolução do desempenho do Grupo neste contexto está desenvolvida no subcapítulo "Igualdade de Género e Diversidade".

• Proteção do meio ambiente: A gestão das atividades do Grupo é feita com vista à mitigação dos seus impactos no ambiente, em particular na gestão dos consumos de recursos naturais e energia. Em paralelo, o código de conduta ética associado aos processos de compras estabelece que a Direção de compras deve ser seletiva na escolha de produtos ou serviços, de acordo com os impactes socio-ambientais esperados.

• Princípios deontológicos: Promovidos através do cumprimento dos princípios e regras deontológicas estabelecidas nos diferentes códigos, manuais e procedimentos aplicáveis às atividades do Grupo. Este tema é particularmente relevante para a nossa atividade jornalística. O tema é desenvolvido com detalhe no subcapítulo "Ética jornalística e responsabilidade editorial".

No seguimento do código de ética e de conduta, existem um conjunto de normas de cumprimento que estabelecem os princípios de lealdade, honestidade e integridade dos colaboradores do Grupo. A Política de ofertas comerciais estabelece a tipologia de dádivas que os colaboradores não podem receber de ou oferecer a clientes, sócios ou outro tipo de entidade que possa alterar o desenvolvimento das relações profissionais com o Grupo. Do mesmo modo, os colaboradores não podem efetuar, oferecer ou receber qualquer forma de suborno ou pagamento indevido a qualquer entidade, pública ou privada. Resultante da monitorização do nível de cumprimento da nossa política interna de prevenção contra a corrupção, não foram identificados casos confirmados de corrupção.

Todos os colaboradores devem comunicar ao seu superior hierárquico, à Direção de Recursos Humanos ou ao Comité de cumprimento eventuais incumprimentos do código ético. O Canal de denúncias serve igualmente para este fim, onde qualquer irregularidade respeitante às atividades do Grupo e respetivos colaboradores pode ser comunicada. Permite a qualquer entidade, individual ou coletiva, comunicar, de forma direta e confidencial, à Comissão de auditoria, qualquer prática ilícita ou alegada irregularidade contabilística ou financeira ocorrida no Grupo. O canal de denúncias pode ser consultado aqui:

http://www.mediacapital.pt/p/535/canal-de-den%C3%BAncias/

A atividade dos Media em Portugal é, por inerência das suas responsabilidades cívicas, fortemente regulada em todas as suas vertentes. Na Media Capital, o estrito cumprimento da lei é não só um dos traços característicos do nosso código de conduta, como um imperativo da nossa atuação diária.

O Grupo Media Capital está sujeito a uma série de leis, regulamentos e diretivas que limitam a forma como a Media Capital pode conduzir as suas operações. Este quadro legal disciplina, entre outros aspetos, a emissão, renovação, transferência e propriedade de licenças de difusão televisiva e radiofónica, a calendarização e o conteúdo da programação televisiva e radiofónica, a calendarização e o montante de publicidade comercial que pode ser transmitida num dado período e o conteúdo da publicidade comercial que pode ser transmitida ou exibida.

2. Regulação e Compliance

Seja por iniciativa própria ou das associações setoriais a que pertencemos, frequentemente fazemos parte do grupo de entidades que dão o seu contributo para a formulação de novas políticas e medidas públicas para o setor de atividade. Tal acontece através de tomadas de posição públicas, participação em fóruns de discussão ou através de respostas a consultas das entidades reguladoras. O cultivo de uma imagem de respeito pela legislação e o fomento das boas relações com as autoridades reguladoras têm caracterizado a nossa forma de atuar.

Em setembro de 2003, o Governo português, o canal de televisão público RTP e os dois canais privados SIC e TVI assinaram um Protocolo de Serviço Público com o objetivo de garantir o cumprimento de determinadas obrigações de serviço público nos canais privados. Podemos elencar o nosso desempenho em 2017 através de:

i. Apoio publicitário aos projetos do Instituto do Cinema e Audiovisual ("ICA"); Foram promovidos um total de 12 filmes financiados pelo ICA, e inseridos 121 spots publicitários.
ii. Transmissão de adaptações de ficção literária portuguesa; Transmitimos mais de 129 horas de obras adaptadas da ficção literária nacional.
iii. Transmissão de programas culturais e dedicados a minorias; Os nossos programas "Autores" e "Todos iguais" totalizaram um tempo de transmissão superior a 70 horas em 2017.
iv. Utilização de linguagem gestual e legendagem para os deficientes auditivos; Em 2017 foram emitidas mais de 1000 horas de programas com legendagem em teletexto, para além da emissão contínua e diária coberta por língua gestual dos programas "Você na TV", "Jornal das 8" na TVI e "Notícias" na TVI 24. Adicionalmente, foram transmitidas cerca de 13 horas de programas com áudio-descrição.
v. Investimentos mínimos em produção independente; Em 2017 foram apoiados e transmitidos 2 filmes de produção independente, produzidos pela Coral Europa: "Jacinta", que estreou a 13 de abril de 2017 e "As vozes do fado", que estreou a 3 de dezembro de 2017.

Numa ótica de monitorização do cumprimento das suas obrigações, os 3 canais obrigaram-se a enviar relatórios bimensais aos participantes, os quais serão avaliados duas vezes por ano por pessoa independente e credível, nomeada pelo Governo. Em 2017 o cumprimento dos requisitos do protocolo de serviço público representou um custo total associado superior a meio milhão de euros.

Cumprimos também os requisitos relativos ao tempo de antena dedicado aos partidos políticos, tendo em 2016 o tempo de emissão ultrapassado as 4 horas. Em 2017 não foram atribuídos tempos de antena.

Protocolo de Serviço Público

ANO	CANAL	TEMPO DE EMISSÃO TOTAL
2015	TVI	04:04:36
2016	TVI	04:01:15

TEMPOS DE ANTENA concedidos a partidos políticos

O Grupo Media Capital participa em diversas iniciativas de autorregulação, nomeadamente em termos de classificação etária de programas, sinalética, concursos televisivos, avaliação do valor comercial significativo e limitações à publicidade.

AUTORREGULAÇÃO NA CLASSIFICAÇÃO ETÁRIA DE PROGRAMAS (13 DE SETEMBRO DE 2006). Partes TVI, SIC e RTP. Objeto: Classificação Etária Programas de televisão.

Os operadores de televisão portugueses pautam a sua programação generalista por uma genuína preocupação com a proteção dos seus espectadores, em particular os mais jovens, face à transmissão de conteúdos suscetíveis de ferir a sua sensibilidade, de os perturbar emocionalmente ou de influir negativamente na sua formação e integração enquanto cidadãos. Procurando consolidar e aprofundar uma relação saudável com os espectadores, os operadores, de forma coletiva e concertada, decidiram criar e aplicar um sistema de classificação de conteúdos com recomendação etária de visionamento dos programas produzidos para difusão televisiva.

AUTORREGULAÇÃO SINALÉTICA (20 DE FEVEREIRO DE 2012) Partes TVI, SIC e RTP.

Objeto: Sistema comum e unívoco de classificação de programas de televisão.

A RTP, a SIC e a TVI adotaram uma sinalética comum, para efeitos de informação do espetador acerca das caraterísticas da respetiva programação, incluindo sobre a classificação etária dos programas, funcionalidades disponíveis em cada programa para públicos com necessidades especiais e, bem como, tipos de comunicação comercial de que beneficiam os programas. Alguns símbolos pretendem também possibilitar a correta identificação da natureza de alguns espaços comerciais na emissão. Por via da adoção destes símbolos — para além de se esclarecer o público — cumprem-se exigências legais e satisfazem-se preocupações destes operadores inerentes ao exercício socialmente responsável da atividade de televisão.

AUTORREGULAÇÃO EM MATÉRIA DE CONCURSOS COM PARTICIPAÇÃO TELEFÓNICA (1 DE JULHO DE 2014) Partes: RTP, SIC e TVI. Objeto: Serviços 760

Os operadores de televisão RTP, SIC e TVI acordam em estabelecer os princípios de promoção e os procedimentos a observar nos concursos que pressuponham a participação telefónica dos espectadores, desenvolvidos nas antenas dos serviços de programas generalistas de acesso não condicionado livre por si explorado «concursos com participação telefónica dos espetadores».

ACORDO DE AUTORREGULAÇÃO RESPEITANTE À DETERMINAÇÃO DO VALOR COMERCIAL SIGNIFICATIVO (6 DE SETEMBRO DE 2016) Partes: RTP/TVI/SIC, entre outros. Objeto: Produção e colocação de produto

Durante o ano de 2016 foi celebrado um acordo de autorregulação em matéria de definição de valor comercial significativo, para efeitos da distinção entre ajuda à produção e colocação de

Autorregulação

produto. Este acordo acabou por contar com a ratificação da ERC em 6 de setembro de 2016. Este acordo foi subscrito por 14 entidades de operadores de serviços de programas televisivos e de serviços audiovisuais, representativas da esmagadora maioria dos serviços de programas televisivos sujeitos à jurisdição do Estado português.

A Media Capital é ainda associada da Auto Regulação Publicitária (ex-ICAP), a entidade nacional responsável pelo sistema de autorregulação publicitária, que tem como objetivo a defesa da liberdade de expressão comercial e a promoção da dignificação da publicidade, assegurando os princípios legais, verídicos e honestos.

No que diz respeito ao quadro regulamentar fiscal do setor, no desenvolvimento da sua atividade, a Media Capital também tem contribuído significativamente para o Estado, tendo registado uma taxa de tributação média efetiva de imposto sobre o rendimento de cerca de 32% (2016) e 29% (2017). Anualmente, o setor dos Media é afetado por uma gama ampla de responsabilidades fiscais e contributivas, que adicionalmente às contribuições de segurança social e IRS, representam para a Media Capital um universo de impostos diretos que tem recorrentemente superado os 40 Milhões de euros anuais, totalizando 45,8 M€ em 2017.

Para além dos impostos comuns a todas as atividades empresariais existentes em Portugal (IRC, IVA, Imposto do Selo, ISV e IMI), o setor Media está obrigado a uma taxa de exibição a exercer sobre o preço pago por cada anunciante, entregue a ICAM / Cinemateca. O montante pago em imposto do selo deve-se maioritariamente à entrega de prémios aos participantes dos passatempos oferecidos pela TVI, que estão sujeitos ao um pagamento ao Estado de 45% sobre o valor ilíquido do prémio.

Adicionalmente, o Grupo está também sujeito ao pagamento a tributos regulatórios específicos do setor dos Media, através de taxas de regulação anuais pagas à ERC (Entidade Reguladora para a Comunicação Social) e ANACOM (Autoridade Nacional de Comunicações).

Denota-se ainda que vários tributos aqui referidos, não afetam as empresas de emissão televisiva em regime de pay tv, o que acaba por causar uma situação de desigualdade competitiva no mercado, afetando diretamente a atratividade do negócio.

Uma recente análise jurídico-tributária dos principais tributos aplicáveis ao setor dos Media, realizada pelo Grupo Media Capital, em 2017, revelou que em termos gerais e de imposto sobre o rendimento, as empresas do setor encontram-se sujeitas a uma carga tributária superior à média nacional. A nível europeu, Portugal é um dos países nos quais a tributação sobre o setor dos Media é mais significativa. Tanto no Reino Unido, como em Espanha e Itália, encontra-se definido um conjunto de deduções (ou benefícios) fiscais para as entidades que atuam no setor dos Media, importando considerar a viabilidade de introdução em Portugal de mais incentivos (fiscais) ao setor.

Contributos para o Estado

O setor é ainda tributado através das remunerações pagas a título de Direitos de Autor, que se traduzem em contribuições para a SPA (Sociedade Portuguesa de Autores) e Audiogest/GDA (Associação para a Gestão e Distribuição de Direitos). Numa perspetiva de proteção dos direitos de autor e combate à pirataria, o Grupo Media Capital faz parte da associação MAPINET, que tem o objetivo geral de promoção da cultura, da criatividade e a defesa dos Direitos de Propriedade Intelectual, em geral, e na Internet em particular:

http://www.mapinet.org/site/.

Através dos mecanismos de controlo definidos internamente e pelo cultivo interno da responsabilidade dos nossos colaboradores, temos apresentado nos últimos anos uma melhoria significativa nas infrações registadas. Um dos temas mais prementes e difíceis de controlar no contexto da atividade do setor são as violações ao direito de privacidade, bem como as questões relativas a perda informática de informações dos clientes. Neste contexto, e como resposta aos requisitos do novo RGPD (Regulamento Geral sobre Proteção de Dados), a Media Capital criou uma equipa de segurança informática no Grupo que está agora integrada na sua Política Geral de Segurança da Informação, em vigor desde 2008.

Atualmente a Media Capital tem 6 processos litigiosos a decorrer nos quais estão, direta ou indiretamente, em causa os direitos à privacidade (imagens ou informações pessoais). Nenhum dos referidos processos está associado com o Regulamento Geral sobre Proteção de Dados.

A abrangência da exposição mediática de uma notícia é determinante para a formação da opinião pública. O "Jornal das 8" na TVI é visto diariamente por mais de 1 Milhão de pessoas, tendo sido o noticiário mais visto em 322 dias do ano de 2017. Os serviços noticiosos do Grupo, através das suas várias plataformas, atingem uma plateia de dimensão ainda mais vasta. Temos consciência que os temas que tratamos não passam despercebidos na sociedade e é por isso que temos um serviço de informação universalista, abrangente e transversal, feito para todos e para o interesse de todos.

No Grupo Media Capital ter uma identidade líder é assumir a responsabilidade de tocar as pessoas. Para os serviços informativos da Media Capital, ter estatuto de líder não significa ter uma abordagem conservadora por receio de perda da liderança, significa descobrir em cada dia como se pode desafiar a plateia a inovar, a arriscar, a procurar respostas e a intervir em assuntos que de outra forma não entrariam na agenda pública.

A responsabilidade social do Grupo não se inicia na sua relação com os outros, mas em si mesmo, através da prática e da promoção dos valores pelos quais regemos a nossa atividade. Seja através das nossas diretrizes internas, vertidas nos códigos de conduta e ética e nos estatutos editoriais da TVI, das Rádios e área Digital da Media Capital, ou pelo estrito respeito do código deontológico do jornalista, que guia a criação e o tratamento de cada notícia.

Direitos de Autor

Proteção de dados e segurança da informação

Identidade jornalística

3. Ética jornalística e responsabilidade editorial

"Código Deontológico do Jornalista Aprovado em 4 de Maio de 1993

1. O jornalista deve relatar os factos com rigor e exactidão e interpretá-los com honestidade. Os factos devem ser comprovados, ouvindo as partes com interesses atendíveis no caso. A distinção entre notícia e opinião deve ficar bem clara aos olhos do público.
1. O jornalista deve combater a censura e o sensacionalismo e considerar a acusação sem provas e o plágio como graves faltas profissionais.
O jornalista deve lutar contra as restrições no acesso às fontes de informação e as tentativas de limitar a liberdade de expressão e o direito de informar. É obrigação do jornalista divulgar as ofensas a estes direitos.
O jornalista deve utilizar meios legais para obter informações, imagens ou documentos e proibir-se de abusar da boa-fé de quem quer que seja. A identificação como jornalista é a regra e outros processos só podem justificar-se por razões de incontestável interesse público.
O jornalista deve assumir a responsabilidade por todos os seus trabalhos e actos profissionais, assim como promover a pronta rectificação das informações que se revelem inexactas ou falsas. O jornalista deve também recusar actos que violentem a sua consciência.
O jornalista deve usar como critério fundamental a identificação das fontes. O jornalista não deve revelar, mesmo em juízo, as suas fontes confidenciais de informação, nem desrespeitar os compromissos assumidos, excepto se o tentarem usar para canalizar informações falsas. As opiniões devem ser sempre atribuídas.
O jornalista deve salvaguardar a presunção de inocência dos arguidos até a sentença transitar em julgado. O jornalista não deve identificar, directa ou indirectamente, as vítimas de crimes sexuais e os delinquentes menores de idade, assim como deve proibir-se de humilhar as pessoas ou perturbar a sua dor.
O jornalista deve rejeitar o tratamento discriminatório das pessoas em função da cor, raça, credos, nacionalidade, ou sexo.
O jornalista deve respeitar a privacidade dos cidadãos excepto quando estiver em causa o interesse público ou a conduta do indivíduo contradiga, manifestamente, valores e princípios que publicamente defende. O jornalista obriga-se, antes de recolher declarações e imagens, a atender às condições de serenidade, liberdade e responsabilidade das pessoas envolvidas.
O jornalista deve recusar funções, tarefas e benefícios susceptíveis de comprometer o seu estatuto de independência e a sua integridade profissional. O jornalista não deve valer-se da sua condição profissional para noticiar assuntos em que tenha Interesse."

Também em dezembro de 2017 foi divulgado caso "Raríssimas", uma série de reportagens que pôs em causa as práticas de gestão da presidente da associação solidária, que teve como consequência imediata a demissão da presidente e do secretário de Estado da Saúde.

Em 2015 a TVI alertou para o preço elevado do tratamento para pacientes com hepatite C, na reportagem "A Hepatite C tem cura", trazendo o tema para agenda pública, o que levou a um processo de renegociação dos acordos entre o Estado e o laboratório que comercializa um medicamento inovador para a doença a 17 de fevereiro de 2015. A TVI tem acompanhado os desenvolvimentos neste tema e desde essa data até ao final de 2017, mais de 8.000 doentes com hepatite C já foram salvos com recurso ao medicamento, representando uma taxa de cura de 97%.

"O negócio dos manuais escolares" foi uma reportagem de duas partes emitida pela TVI, em janeiro de 2017, que investigou a atividade das editoras e as práticas correntes de escolha dos manuais escolares obrigatórios. Em março de 2017 foi ainda emitida reportagem "Livro Aberto" que demonstrava uma série de boas práticas neste tema que já eram postas em prática na Região Autónoma de Açores. As reportagens da TVI aceleraram a política de reutilização dos manuais no continente e levaram à investigação das ofertas das editoras a escolas e alguns professores, por parte da Inspeção Geral de Educação.

Em dezembro de 2017 foi emitida a série informativa "O Segredo dos Deuses", com cinco episódios que denunciaram casos de adoções ilegais na Igreja Universal do Reino de Deus (IURD). Atualmente uma série de acusações neste tema estão a ser investigadas pelo Ministério Publico. A TVI lançou a campanha #NãoAdotoEsteSilêncio, ao qual já se associaram diversas personalidades, de modo a não deixar cair o tema no esquecimento.

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Reportagens de impacto

A criação de uma notícia passa por um rigoroso processo de escrutínio interno, que se inicia diariamente numa reunião de discussão aberta sobre o jornalismo do Grupo. Esta reunião é encabeçada pelo diretor e diretor adjunto da Informação e envolve todas as direções das secções temáticas noticiosas. Aqui é feito o balanço crítico dos temas abordados na véspera e discute-se a melhor abordagem a seguir por todos os serviços noticiosos do Grupo ao longo do dia, nas suas várias plataformas. Este novo modelo de governo de estrutura matricial possibilita um alinhamento estratégico dos temas a abordar, gerindo as prioridades de ação diária de forma integrada, garantindo uma abordagem articulada e eficiente tanto a nível da televisão, como da rádio ou das plataformas digitais.

A abordagem estratégica do Grupo é determinada pelo Conselho de Redação, um órgão transversal que reúne de 2 em 2 meses para avaliar as políticas de redação em curso e fazer um balanço do seu desempenho, salvaguardando que o conteúdo informativo divulgado está de acordo com os critérios éticos, e de posicionamento do Grupo. Estes processos têm contribuído para uma uniformização na aplicação dos critérios de qualidade na informação em todas as vertentes, valorizando não só o interesse do público mas a responsabilidade profissional de informar.

As reportagens do Grupo têm um impacto significativo na sociedade portuguesa. O dever de informar alia-se à responsabilidade de assegurar que agimos da forma mais correta, tentando encontrar um equilíbrio que se traduza no maior impacto positivo possível. Todos os anos, para além dos resultados obtidos ao nível das preferências dos espetadores, o Grupo e os seus jornalistas têm recebido diversos prémios individuais e coletivos que enaltecem o trabalho jornalístico em prol dos direitos humanos e das liberdades cívicas.

Em setembro, a jornalista Ana Leal foi distinguida pela UNESCO na categoria de televisão, desta feita pelo conjunto de quatro reportagens sobre as adoções forçadas no Reino Unido: "Love You Mom". No ano anterior, Ana Leal ganhou este prémio com a reportagem "Até Voares", que conta a história de um homem que não acredita em "pessoas más".

http://www.tvi24.iol.pt/sociedade/ana-leal/love-you-mom-jornalista-da-tvi-volta-a-vencer premio-direitos-humanos-e-integracao

Em abril, a grande reportagem "Um pedaço de ti", de Isabel Moiçó com uma imagem de Paula Fernandes e edição de imagem de João Pedro Ferreira, apresenta o mundo da doação e transplante de órgãos em Portugal e foi distinguida com o Prémio APIFARMA/ Clube de Jornalistas – Jornalismo em Saúde.

http://www.tvi24.iol.pt/sociedade/isabel-moico/reportagem-da-tvi-vence-premio-de jornalismo-na-area-da-saude

O prestígio do Grupo tem sido alcançado através de um esforço diário e permanente na divulgação de informação atual, pertinente e relevante, que acaba por se traduzir não só nas audiências registadas pelos jornais diários e programas informativos, mas também na diversidade de prémios individuais e coletivos que enaltecem o trabalho jornalístico em prol dos direitos humanos e das liberdades cívicas. Isto só acontece porque mais do que dar as notícias, na Media Capital, nós acompanhamos as histórias.

Modelo Editorial

Prémios e reconhecimento social

Notícias de proximidade

Através da emissão de uma série de reportagens dentro e fora de Portugal, o Grupo Media Capital deu visibilidade ao tema dos Refugiados, um drama que afeta milhões de pessoas em todo o Mundo. Desde 2015 que tem emitido reportagens especiais sobre o tema, associando-se também à Plataforma de Apoio aos Refugiados através de diversas iniciativas solidárias. Em 2017 acompanhou uma família síria refugiada em Portugal e já em 2018 ilustrou a sua situação um ano depois.

A reportagem "Grito de rua", emitida em abril de 2017, apresenta a dura realidade da vida de pessoas em situação de sem-abrigo em Portugal. A TVI acompanhou a jornada de Daniel Horta Nova que pedalou 2000 km demonstrando esta situação por todo o país. Daniel é um ex-jornalista, que ficou a viver nas ruas em 2003 e durante 5 anos foi mais um dos cerca de 4 mil sem-abrigo do país. A segunda parte da reportagem contou com uma entrevista exclusiva do Presidente da República Marcelo Rebelo de Sousa, sobre este tema, que apela a uma reação urgente da população.

Desde 2015 que a TVI tem assegurado a cobertura informativa das provas "Running Wonders", mas muito mais do que uma emissão das provas de atletismo, estes acontecimentos têm servido de motivo para a realização de várias reportagens e emissões especiais no local, que divulgam a herança cultural e natural de regiões do país que são consideradas património da UNESCO, como Vila Real, Guarda, Douro, Guimarães, Coimbra, Viseu, Évora e Castelo Branco.

https://www.runningwonders.com/

A tragédia dos incêndios de junho a outubro de 2017 levou a TVI a acompanhar de perto a situação, realizando emissões especiais dos noticiários no local, a partir de Castelo Branco e Pedrógão Grande. Nestas operações, mais do que o retrato da extensão da tragédia, a TVI tem providenciado um acompanhamento próximo das consequências e das necessidades das vítimas, com envolvimento das autarquias locais e de outros agentes económicos e ambientais. O tema dos incêndios foi ainda alvo de 3 grandes reportagens no "Repórter TVI".

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II. Ética e Valores

Em setembro o trabalho "Voluntários na Linha do Equador" da jornalista e editora de sociedade da TVI, Ana Candeias, com imagem de Gonçalo Prego e edição de João Pedro Ferreira, recebeu o prémio Harambee Comunicar África, que é atribuído de dois em dois anos e pretende contribuir para a difusão de uma informação mais real do continente africano. A reportagem retrata a experiência de voluntários portugueses da ONG Leigos para o Desenvolvimento em São Tomé e Príncipe.

http://www.tvi24.iol.pt/videos/sociedade/reportagem-tvi-recebe-mencao-honrosa/5a04c5fe0c f2a3bc49b45444

Desde 2012 que anualmente são abertas inscrições para a Pós-Graduação em Jornalismo ISCTE-IUL/Media Capital, uma iniciativa do Grupo Media Capital em parceria com o ISCTE-IUL, que vem reforçar o compromisso do Grupo com a educação e, mais especificamente, com a formação dos melhores profissionais do setor. Esta Pós-Graduação tem como objetivos constituir-se como a referência nacional na formação do jornalismo e preparar, no presente, os jornalistas do futuro em Portugal.

O curso, centrado no conceito de jornalismo em rede, baseia-se numa lógica de ensino inovadora, que inclui a criação de uma redação permanente durante o período letivo, aulas com a participação de jornalistas e profissionais do Grupo Media Capital em conjunto com docentes do ISCTE-IUL, seminários com especialistas da área do jornalismo e líderes de opinião nacionais e estrangeiros, e ainda estágios curriculares no Grupo Media Capital. A coordenação da Pós Graduação é assegurada por José Alberto Carvalho (TVI) e Gustavo Cardoso (ISCTE-IUL). Desde a sua criação que a Media Capital tem utilizado esta parceria como forma privilegiada de deteção de talento e recrutamento. Nos últimos 3 anos, mais de 20 pessoas passaram pelas várias secções de informação da TVI e da Rádio Comercial, criando oportunidades para uma renovação automática e natural nas redações do Grupo.

Pós-Graduação em Jornalismo em parceria com o ISCTE-IUL

	HOMENS	MULHERES
TELEVISÃO	57%	43%
PRODUÇÃO AUDIOVISUAL	71%	29%
DIGITAL	43%	57%
RÁDIOS	53%	47%
SERVIÇOS

Trabalhar no Grupo Media Capital significa fazer parte de uma empresa líder, dinâmica e inovadora, onde a criatividade é uma constante e o talento um ativo essencial para o seu crescimento.

A nível interno, encaramos a gestão de recursos humanos e o recrutamento como instrumentos chave para o crescimento e fortalecimento da nossa posição no mercado. Acreditamos que a diversidade nos enriquece e que a equidade social e a igualdade de oportunidades são centrais no desenvolvimento sustentável do Grupo.

A nível externo, agimos de forma metódica e sistemática, dando especial atenção às nossas iniciativas de responsabilidade social e colocamo-nos ao serviço da sociedade através do desenvolvimento, divulgação e colaboração com projetos de caráter solidário, juntamente com parceiros, clientes e colaboradores.

É por isso que, diariamente, milhões de pessoas em Portugal elegem os meios do Grupo Media Capital e é por elas que diariamente trabalhamos para dar o nosso melhor e continuar a crescer em Portugal e além-fronteiras.

O Grupo Media Capital tem acompanhado a evolução e o crescimento do mercado global, procurando atrair os melhores profissionais de diferentes áreas, de modo a proporcionar uma resposta rápida e eficaz aos desafios que enfrenta. Neste sentido, encara a gestão de recursos humanos e o recrutamento como instrumentos chave para o crescimento e fortalecimento da sua posição no mercado.

As políticas de recursos humanos que desenvolvemos refletem a nossa aposta no capital humano, como garantia para alcançar os nossos objetivos estratégicos, tanto a nível económico como social, pois entendemos que:

-

• Só com boas pessoas conseguimos informar, entreter, emocionar, tocar, outras pessoas • Para alcançarmos a liderança de mercado, temos de formar os melhores líderes internamente • Para sermos socialmente responsáveis, temos de contar com profissionais empenhados, responsáveis e comprometidos com o nosso projeto.

Pela sua atuação em áreas de negócio diferenciadas e pela sua dimensão, o Grupo Media Capital proporciona aos seus colaboradores a hipótese de, ao longo do seu percurso profissional, desenvolverem atividades em várias áreas funcionais e nas diversas unidades de negócio do Grupo.

Focus Group de perceção do clima social

Em 2014 iniciou-se um processo sistemático de avaliação do clima social interno. Com regularidade, o departamento de Recursos Humanos começou a promover a realização de Focus Group de colaboradores com o objetivo da entender de forma clara e direta a situação de satisfação das equipas de trabalho da Media Capital.

Gap Geracional: Diferentes gerações, diferentes necessidades

Implementar o novo Modelo de Gestão de Desempenho que permitirá a construção de Planos de Desenvolvimento Individuais na ótica da Gestão de Carreiras;
Implementar o Projeto de transição vida ativa para a reforma.

"As nossas pessoas" 1. Valorização do Capital Humano

Objetivos e metas 2018

Getting Digital: preparação do mindset para o futuro - Desenvolver iniciativas de formação aos colaboradores, orientadas para a adoção de um mindset digital;

Promover a utilização de novas ferramentas e novos processos de trabalho alinhados com a evolução digital do setor de Media que permitirão apoiar todas as áreas de negócio do Grupo;

Comunicação: Inside Out

Promover a adoção de medidas Work/Life Balance
Aumentar o número de Protocolos na área da Saúde e bem-estar
Adotar um novo formato do Programa de Férias para os filhos dos colaboradores
Promover a atratividade do Grupo enquanto empregador, junto de várias instituições de ensino através do investimento no Brand Media Capital, garantindo a não discriminação de género ou racial nos processos de recrutamento.
Elaborar um plano para a igualdade com medidas concretas tendentes a alcançar uma efetiva igualdade de tratamento e de oportunidades entre mulheres e homens.

Envolvimento na comunidade

Manter a Media Capital e as suas marcas como uma referência nas iniciativas de responsabilidade social, aproveitando o tema "25 anos de TVI" para desenvolver ações nas áreas de inclusão social, formação e outras iniciativas que decorram ao longo de 2018. - Promover e apoiar causas meritórias através do envolvimento ativo dos rostos das diferentes unidades de negócio, a fim de aumentar o alcance das mensagens e iniciativas do grupo Media Capital.
Realização periódica e sistemática de focus groups de avaliação de clima interno de recolha de feedback
Aproximadamente 5000 Horas de formação para os colaboradores em mais de 5 áreas distintas

A MEDIA CAPITAL ABERTA AO MUNDO:

• Mais de 70 horas de donativos em emissão publicitária televisiva em cada ano
27 Associações apoiadas e divulgadas em permanência na plataforma "Eu Ajudo"
Apoio a múltiplas iniciativas de solidariedade em 2017

O MUNDO MEDIA CAPITAL:

Estes Focus Group, inicialmente subordinados a temas específicos, rapidamente revelaram a necessidade de serem espaços de discussão abertos e abrangentes. Esta constatação levou à sua reformulação, através da organização de equipas e departamentos, onde se tratam todos os temas laborais num ambiente inclusivo, onde são levantadas as principais preocupações dos colaboradores e do qual surgem várias ideias, sugestões, propostas inovadoras, entre outros.

Este modelo tem-se revelado um sucesso, com adesão crescente dos colaboradores, o que tem contribuído para uma maior dinâmica interna no Grupo e para uma maior proximidade de todos ao seu Departamento de Recursos Humanos. Apenas no primeiro semestre de 2017, foram realizados 41 Focus Group sob o tema "satisfação laboral", envolvendo 134 colaboradores.

Trabalhar na Media Capital

Respondendo às necessidades das suas equipas, a Media Capital tem desenvolvido um conjunto de benefícios e protocolos com vista à melhoria da qualidade de vida pessoal e profissional dos seus colaboradores e familiares.

Atualmente, todos os colaboradores do Grupo têm direito a seguro de saúde, que abrange os seus familiares diretos. O mesmo se aplica no direito permanente a exames médicos e análises numa base preventiva e regular e acesso ao posto médico do Grupo (disponível 8h por semana).

No apoio à família destacam-se os workshops para crianças, filhos de colaboradores e os campos de férias de verão. É ainda autorizada a ausência dos colaboradores no dia de aniversário de cada filho, até aos 12 anos. Em 2017, 65 colaboradores do Grupo exerceram o seu direito de licença parental, tendo-se mantido a taxa de retorno dos colaboradores ao trabalho após licença, superior a 80% nos últimos 3 anos. Os indicadores detalhados sobre esta temática podem ser consultados no capítulo Tabelas e Notas Metodológicas.

Reconhecendo as exigências específicas das diversas funções no seio do Grupo, existem várias situações de isenção de horário e de horário flexível, de modo a promover o equilíbrio entre a vida pessoal e profissional dos nossos colaboradores.

Adicionalmente, todos os colaboradores têm ainda direito a serviços de bem-estar pessoal diversos como manicure, pédicure, yoga, natação, osteopatia, massagens e ainda ao usufruto de protocolos estabelecidos entre o grupo e instituições como bancos, ginásios, farmácias, clínicas especializadas, escolas de línguas, entre outras.

As principais apostas de formação em 2017 foram: • A digitalização em todas as áreas de atuação, desenvolvendo as competências de negócio, técnicas e comportamentais com o intuito de aumentar o desempenho individual e do Grupo Media Capital;

• Acompanhar as melhores práticas e tendências na área audiovisual/técnica;
Assegurar a formação contínua dos colaboradores;

Cada colaborador ainda pode propor, em qualquer altura do ano, uma determinada formação que considere relevante no âmbito das suas funções, sendo o pedido sujeito à aprovação da chefia e da Direção de Recursos Humanos.

Em 2017 foram promovidas 4956 horas de formação profissional, nas áreas comportamental, técnica e informática, bem como na produção audiovisual, onde foram dinamizadas iniciativas de formação técnica específica do setor, ao nível da direção, produção e edição de conteúdos. Estas iniciativas envolveram 358 colaboradores, que frequentaram cursos de formação internos (86%) ou foram apoiados financeiramente para participar em cursos de formação externos (14%).

Reconhecendo a necessidade de apoiar continuamente a formação dos seus colaboradores e de acompanhar as melhores práticas internacionais, o Grupo criou o programa INMOTION, onde anualmente é definido um plano de formação para os colaboradores do Grupo. Este plano é criado de modo a dar uma resposta customizada às necessidades identificadas por cada área, anualmente.

Formação profissional

LICENÇA PARENTAL	2015	2016	2017
N.º COLABORADORES QUE USUFRUÍRAM DE LICENÇA	81	77	65
TAXA DE RETORNO APÓS LICENÇA	85,2%	84,4%	87,7%
TAXA DE RETENÇÃO 12 MESES APÓS FIM DE LICENÇA	89,9%	87,7%	100,0%

Tendo em conta o processo de renovação, motivado pelo envelhecimento de quadros-chave no Grupo, em 2018 está prevista a implementação de um projeto, que consiste numa série de atividades de sensibilização para a fase de reforma e introdução sistemática de programas de apoio à transição para final de carreira.

Os dados detalhados do nosso desempenho a nível da constituição da nossa equipa, formação, saúde e segurança no trabalho, estão disponíveis no capítulo Tabelas e Notas Metodológicas.

http://expresso.sapo.pt/politica/2017-06-23-Empresas-prometeram-nomear-mais-mulheres mas-nao-cumpriram

Enquanto no total dos colaboradores do Grupo ainda subsiste um desequilíbrio histórico na representatividade de género (58% de homens de 42% mulheres em 2017), nos últimos anos tem-se verificado uma grande aproximação nos rácios de remuneração média entre homens e mulheres, para o total dos colaboradores e simultaneamente em todas as categorias profissionais, bem como a nível dos salários de entrada. O ano de 2017 foi o ano em que se registou maior proximidade salarial entre Mulheres e Homens.

Entendemos que a evolução profissional de cada colaborador do Grupo está intimamente ligada ao seu desenvolvimento pessoal. Por este motivo, promovemos a formação dos nossos colaboradores num ambiente em que a igualdade de oportunidades e a exclusão de todo o tipo de discriminação seja ela por motivos étnicos, ideológicos, de religião, nacionalidade, língua, género, estado civil, idade, orientação sexual ou deficiência física, são respeitados. Estas práticas estendem-se a todas as equipas de trabalho da Media Capital, que devem propiciar um ambiente de trabalho ótimo, saudável e seguro. Neste período de reporte, tal como em 2015 e 2016, não foram reportados ou denunciados quaisquer casos de discriminação no Grupo, através de comunicação com direta com o Departamento de Recursos Humanos do através do canal de denúncias existente para o efeito.

Na Media Capital a promoção é fundada no mérito, na capacidade e no desempenho das funções profissionais, mediante um processo de avaliação de desempenho estruturado e comunicado de forma transparente. O HORIZON é o sistema interno de avaliação de desempenho, que se enquadra no processo de melhoria contínua assente nos objetivos de qualidade e excelência e é integrado no ciclo anual de gestão de cada unidade de negócio, sendo composto por quatro dimensões:

Este sistema interage com as áreas de Gestão de Carreiras e de Remuneração/Benefícios, permitindo uma Gestão de Recursos Humanos global alinhada com a Missão, Visão e Valores do Grupo Media Capital. Todos os colaboradores do Grupo recebem regularmente a sua avaliação de desempenho e aconselhamento no desenvolvimento de carreira.

É um reconhecido flagelo da sociedade atual a dificuldade que as empresas têm em equilibrar a representação de género nos seus conselhos de administração e nos seus cargos superiores. Neste contexto, em 2015 o Governo assinou acordos de compromisso com 13 empresas cotadas em bolsa para aumentarem em 30% o género menos representado nos seus conselhos de administração. O Grupo Media Capital foi uma das únicas 3 empresas a cumprir com o compromisso voluntário. Desde 2017, com a entrada em vigor da Lei n.º 62/2017, de 1 de agosto que as empresas cotadas, como é o caso do Grupo Media Capital, estão sujeitas a assegurar uma representação equilibrada entre mulheres e homens nos órgãos de administração e de fiscalização, o que passa pelo cumprimento legal de quotas mínimas nesta matéria. Estas quotas estão fixadas em 20% já a partir de 2018 e pelo menos um terço a partir de 2020.

2. Igualdade de Género, diversidade e inclusão

1. Avaliação de Competências (Chave, Gestão e Liderança e Técnicas Específicas);
1. Avaliação de Objetivos (Corporativos, de Negócio e Departamento);
1. Definição do Plano de Desenvolvimento Individual;
1. Identificação de Potencial.

	2015		2016		2017

PESSOAL DIRETIVO	80%	20%	75%	25%	73%	27%
QUADROS INTERMÉDIOS	66%	34%	57%	43%	65%	35%
PESSOAL TÉCNICO	55%	45%	57%	43%	57%	43%
TOTAL DE COLABORADORES	57%	43%	58%	42%	58%	42%

% COLABORADORES POR CATEGORIA PROFISSIONAL E GÉNERO

	2015	2016	2017	var 2015/2017
PESSOAL DIRETIVO	1,40	1,30	1,21	-13%
QUADROS INTERMÉDIOS	0,95	0,85	0,91	-4%
PESSOAL TÉCNICO	0,88	0,89	0,92	4%
TOTAL	0,82	0,85	0,88	7%
ENTRE MULHERES/HOMENS	0,78	0,90	1,08	38%

RÁCIO DE REMUNERAÇÃO MÉDIA DE ENTRADA

RÁCIO DA REMUNERAÇÃO MÉDIA ENTRE MULHERES/HOMENS POR CATEGORIA PROFISSIONAL

Recrutamento e Seleção garantir a não discriminação de género ou racial nos processos de recrutamento.
Divulgar gozo de licença parental partilhada por parte do pai – conciliação da vida profissional e pessoal, promovendo a igualdade de oportunidades profissionais para homens e mulheres.
Implementação do dia para a igualdade do género – igualdade de oportunidades profissionais para homens e mulheres.
Implementação Teletrabalho igualdade de oportunidades profissionais para homens e mulheres; conciliação vida profissional e pessoal.
Garantir não existência de diferencial salarial entre homens e mulheres – igualdade de remuneração entre géneros.

Os esforços do Grupo na temática da igualdade de género não se esgotam na promoção de igualdade salarial. Em dezembro de 2016 a Media Capital assinou um acordo de adesão ao Fórum iGen - Fórum de Empresas para a Igualdade da CITE - Comissão para a Igualdade no Trabalho e no Emprego, juntando-se assim ao grupo de empresas portuguesas que querem assumir uma cultura coletiva de responsabilidade social, incorporando nas suas estratégias de gestão os princípios de igualdade entre mulheres e homens, num compromisso claro com a promoção da igualdade profissional e com o combate a todas as formas de discriminação de género no trabalho e no emprego. O acordo que começou a vigorar em 2017 e foi novamente renovado para 2018.

A presença institucional do GMC neste Fórum e nas iniciativas que o mesmo promove, expressa a orientação estratégica do Grupo no sentido de promover a igualdade de género em todas as empresas.

Neste sentido, temos atuado internamente, implementando algumas medidas das quais destacamos:

Desta forma, assumimos que devemos ser um agente dinamizador da sociedade porque:

TEMOS O CONHECIMENTO

• No nosso negócio, este é um dos nossos maiores trunfos: o conhecimento do país, da realidade nacional e internacional, do mercado, das necessidades, de quem precisa de ajuda e de quem pode ajudar.

TEMOS OS MEIOS

• As PESSOAS - trabalhadores, jornalistas, apresentadores, atores, atrizes, comentadores – que todos os dias representam a nossa marca, constituindo permanentes mais-valias, na promoção e divulgação das nossas iniciativas.

• As FERRAMENTAS - televisão, rádios, plataformas digitais, produção de conteúdos – nas nossas empresas, que asseguram uma grande abrangência na nossa capacidade de comunicação.

TEMOS A RESPONSABILIDADE

Assim, temos demonstrado o nosso compromisso através de um histórico rico e diversificado de projetos e iniciativas com que orgulhosamente nos envolvemos e que continuamos a acompanhar.

O Grupo Media Capital tem desenvolvido, implementado e apoiado diversos projetos no âmbito da sua Politica de Responsabilidade Social. São promovidas colaborações com o Estado Português, associações sem fins lucrativos ou entidades privadas, que resultam em iniciativas enquadradas em:

Solidariedade e projetos de apoio social
Promoção da educação, cultura, arte e valorização do património
Fomento de voluntariado para apoio a causas sociais entre os colaboradores do Grupo

Para além da recorrente divulgação dos projetos apoiados, o Grupo Media Capital tem muitas vezes um papel extremamente ativo no desenvolvimento dessas ações seja, entre outros, através do envolvimento de personalidades públicas conhecidas do grande público, abordagens editoriais sobre os temas em causa ou envolvimento dos seus recursos humanos na angariação de fundos.

Ao longo do ano, os colaboradores do Grupo são também chamados a participar e intervir nas diversas causas que o Grupo ou as suas unidades de negócio apoiam, como por exemplo o Instituto Português do Sangue, a AMI ou a Comunidade de Vida e Paz sempre com bons resultados de adesão e recetividade, contribuindo adicionalmente para a promoção do espírito de solidariedade e ajuda no seio do Grupo Media Capital, reforçando assim o seu compromisso com a comunidade.

Plataforma EU AJUDO

"EU AJUDO" é a plataforma de Solidariedade da Rádio Comercial, que divulga e apoia iniciativas e projetos de 27 associações de cariz social com regularidade. Existe uma presença ininterrupta destas associações no site da Rádio Comercial, onde se pode também encontrar o portal "Dar e Receber", um ponto de encontro entre quem tem alguma coisa para DAR e quem precisa de RECEBER:

3. Envolvimento na comunidade

Associações da plataforma:

Música nos Hospitais; Fundação O Século; Nuvem Vitória; Novamente; Just a Change; Acreditar; Ajuda de Berço; Ajuda de Mãe; Aldeias SOS; AMI; APAV; Asas; Banco Alimentar; Cais; Cáritas; Casa Sol; Comunidade Vida e Paz; Coração da Cidade; Fundação do Gil; Make a Wish; Operação Nariz Vermelho; Orquestra Geração; Par; Refood e União Zoófila.

O "EU AJUDO" aceita ainda os contributos da sociedade civil, onde todos podem sugerir outras associações que mereçam ser apoiadas na plataforma, através de [email protected].

Iniciativas solidárias

Em 2017, Portugal foi assolado por uma trágica vaga de incêndios florestais. Como resposta solidária foi criado um movimento social de apoio às pessoas e comunidades, que foram vítimas desta calamidade. O setor Media nacional respondeu com duas iniciativas inéditas em união por um bem maior.

Passa a Outro e Não ao Mesmo, Um disco de passa-apalavra solidário com 11 canções inéditas, ligadas entre si, que gerou uma receita superior a 30 000€ a favor de 11 associações. A última frase de cada música é a primeira frase da música seguinte. Editado em 2016, teve a participação de artistas como David Fonseca, Diogo Piçarra, Black Mamba, ÁTOA, Dengaz, Márcia, João Só, Amor Electro, AGIR, HMB e D.A.M.A..

Em Outubro de 2017, no mês de Prevenção do Cancro da Mama, a equipa da Rádio Comercial juntou-se à Liga Portuguesa Contra o Cancro, com uma iniciativa de sensibilização onde os seus vários animadores pintaram o cabelo de cor-de-rosa.

Consoada in the night, um jantar de natal solidário em 2016 para ajudar a Comunidade Vida e Paz, confecionada pela equipa da Comercial, com supervisão do Chef José Avillez e participação especial de vários convidados.

As Histórias da Beatriz, histórias escritas pelos animadores da Rádio Comercial em 2016, com ilustrações de Nuno Markl, com as receitas a reverter em parte para a Fundação do Gil. Livro:

http://radiocomercial.iol.pt/destaques/7620/eu-ajudo as-historias-da-beatriz.

Projetos "EU AJUDO"

O "Eu Ajudo" dinamiza também iniciativas solidárias, envolvendo os animadores da rádio, artistas e outras personalidades na promoção de causas sociais.

III. Capital Humano

41 Relatório de Sustentabilidade Media Capital 2017 Relatório de Sustentabilidade Media Capital 2017 42

Jogos da Seleção de Portugal – transmissão dos jogos solidários nos dias 10 e 14 novembro de 2017 com o valor dos bilhetes a reverter para a ajuda às vítimas dos incêndios.

Biggest Deal Solidário (2017) – em cada programa, o valor angariado revertia para um projeto da plataforma PPL (Crowdfunding Portugal). Entre os projetos apoiados destaca-se a construção de uma escola e de infraestruturas de saneamento em Moçambique.

Programas Especiais "Apanha se Puderes" (2017), com valor angariado a reverter para mais de 30 Instituições de Solidariedade Social, entre elas: Associação Ser Mulher, Casa da Plameira, Assoc. Solidária Soc. Gafana do Carmo, Casa dos Rapazes Viana do Castelo, Aldeia SOS, Acreditar, Refúgio Aboim Ascenção, Coração Amarelo, Casa das Cores, APATI, Fund. Santa Rafaela Maria, Apoio à Vida, Casa da Criança, CERCI Oeiras, Arrisca, Adenorma, Bagos de Ouro, BIPP, CAIS, Ajuda de Mãe, G.A.S. Porto, Cresaçor, Comunidade Vida e Paz, Liga dos Bombeiros Portugueses, Projeto Orquestra Geração, Associação Vida Norte, Fios e Desafios

ANGARIADOS 1 Milhão e 153 mil €

ANGARIADOS + de 700 mil €

ANGARIADOS PARA 4 PROJETOS DIFERENTES + de 15 mil €

ANGARIADOS PARA MAIS DE 30 INSTITUIÇÕES + de 70 mil €

Divulgação e promoção de causas

Numa ótica de responsabilidade social, os grupos de Media, pela sua projeção na sociedade têm simultaneamente o dever cívico de divulgar causas meritórias, com capacidade de influenciar positivamente cada um de nós. Em 2017 foi dado um apoio publicitário a iniciativas como:

Juntos por Todos – Concerto Solidário no MEO Arena, em Lisboa, a 27 junho de 2017 onde o valor angariado na venda de bilhetes foi entregue à União das Misericórdias Portuguesas. ver no

Campanha contra a violência da APAV e campanha "nem mais um minuto de silêncio"
Liga Portuguesa contra o Cancro,
Liga Portuguesa contra a SIDA,
Peditório Cáritas,
CAIS,
Concerto Novo Futuro,
Movimento ECO Prevenção de Incêndios,

ver no

PARCERIAS CULTURAIS

O Grupo Media Capital tem estabelecido parcerias com instituições que diariamente promovem de forma ativa a cultura, a arte e a cidadania com todos os Portugueses.

	2015	2016	2017
	9,1	26,5	38,4
	8,7	29,2	33,1
TOTAL	17,8	55,7	71,5

TEMPO DE EMISSÃO DE CAMPANHAS SOLIDARIAS/ANO (HORAS NORMAL+ BLOCO EXTRA)

Corrida Terry Fox,
Maio Mês do Coração,
Recolhas do Banco Alimentar,
Peditório Liga Portuguesa Contra o Cancro, cancro da pele,
Surf Social Wave,
Feira Rastrillo,
Cáritas,
Aldeias SOS

A TVI24 transmitiu em direto, no dia 21 de Maio a 12ª edição da "EDP Corrida da Mulher 2017", com o rosa a inundar as ruas da cidade do Porto, onde mais de 20.000 pessoas correram a favor do IPO Porto, numa angariação de fundos para o combate ao cancro da mama.

A TVI e a TVI24 associaram-se à 60ª edição da corrida "EDP Grande Prémio de Natal 2017", realizada no dia 10 de dezembro em Lisboa, e transmitida em direto e em exclusivo na TVI24. O percurso de 10 km de estrada, juntou desportistas profissionais, como Rui Silva, Paulo Guerra, Hermano Ferreira, Vanessa Fernandes (Triatlo), Miguel Arraiolos (Triatlo), Melanie Santos (Triatlo), entre outros, com muitos amadores, entre eles conhecidas caras do universo TVI. Por cada inscrição, 1€ reverteu a favor da Plataforma de Apoio aos Refugiados.

Adicionalmente, em 2017 a TVI e TVI24 registaram mais de 70 horas de donativos afetos à promoção publicitária de causas sociais. Ao nível das Rádios do Grupo, os donativos de publicidade para associações correspondem a valores entre 2% a 3% do tempo de emissão afeto a espaços comerciais.

http://www.corridadamulher.pt/

III. Capital Humano

Qualidade de conteúdos IV.

Destaques 2017

MAIOR GRUPO DE MEDIA EM PORTUGAL 6 CANAIS, 5 RÁDIOS, 17 SITES E 1 PLATAFORMA DIGITAL

PORTUGUESES CONTACTAM DIARIAMENTE COM A TVI

DISTRIBUÍDOS POR PORTUGAL EM 2016 E 2017 SÓ EM GRAVAÇÕES DAS PRODUÇÕES PLURAL

DESPESAS DO GRUPO EM

CONTEÚDOS TELEVISIVOS EMITIDOS EM LÍNGUA PORTUGUESA + de 4 milhões e 500 mil+ de 2 milhões de € + de 90 %

EMISSÕES LEGENDADAS EM TELETEXTO EM PORTUGUÊS + de 1000 horas

FORNECEDORES NACIONAIS EM 2017 NACIONAIS E INTERNACIONAIS RECEBIDOS EM 2017, NAS ÁREAS DA INFORMAÇÃO, FICÇÃO, ENTRETENIMENTO E DIGITAL + de 90% + de 40 prémios

VISITADAS PELO "SOMOS PORTUGAL" EM 2017 (144 DESDE 2011) + de 50 localidades

DISTRIBUIÇÃO INTERNACIONAL PRESENÇA ATIVA EM 22 países

PÚBLICO-ALVO DE + DE 4 Milhões de espectadores

DE PESSOAS OUVEM AS RÁDIOS DA MEDIA CAPITAL, TODAS AS SEMANAS + de 3,5 milhões

EMISSÃO DE MUSICA NA COMERCIAL E M80 É MUSICA PORTUGUESA + de ¼ do tempo

A visão do Grupo Media Capital, enquanto grupo de comunicação multimédia privado consiste em potenciar a comunicação social, impulsionar a educação, gerar bem-estar cultural no mundo e defender os direitos humanos, como pilares do desenvolvimento sustentável no enquadramento de uma sociedade global. Na sua atividade diária, o Grupo reconhece a responsabilidade que advém da sua influência sobre a opinião pública. Os conteúdos devem ser o reflexo dos valores da Empresa e, tal como os seus colaboradores, devem cumprir os princípios orientadores das atividades do Grupo:

Promoção dos Direitos Humanos e das liberdades públicas;
Promoção da igualdade de oportunidades e não discriminação;
Promoção da proteção do meio ambiente;
Cumprimento dos princípios deontológicos.

A qualidade de conteúdos é um valor transversal ao Grupo Media Capital, faz parte da nossa identidade. Quer seja na área da informação, do entretenimento ou da ficção, as audiências diárias e os prémios conquistados são prova do nosso investimento neste área e permitem-nos ir ao encontro das expectativas dos Portugueses.

Todos os dias as emissões do Grupo Media Capital continuam a ir ao encontro das preferências do público, oferecendo conteúdos relevantes, atuais e de qualidade em todas as vertentes do negócio. Milhões de portugueses diariamente sabem que é possível combinar a sensibilização para temas fraturantes da sociedade com o melhor entretenimento e ficção. É para nós importante que o público se identifique com os conteúdos que apresentamos diariamente, e por isso apostamos na produção nacional, aposta essa que tem sido uma das razões do nosso sucesso, sendo já parte integrante do ADN do Grupo.

Em todos os negócios da Media Capital existem equipas que regularmente se reúnem e avaliam o impacto dos nossos conteúdos. O feedback ativo do nosso público é a melhor ferramenta para monitorizar se estamos a agir da melhor forma. A liderança da TVI desde 2005 nas audiências diárias comprova a consistência da nossa abordagem. As recorrentes melhorias no desempenho de todas as nossas marcas dá-nos alento para continuar a melhorar.

A programação de qualidade e a informação com rigor e independência são uma garantia de futuro para uma cidadania responsável. Queremos que o nosso contributo para a sustentabilidade esteja refletido nos nossos conteúdos, demonstrando que agimos de acordo com os valores que defendemos:

O nosso contributo para a economia e cultura nacional está intimamente ligado, não só à produção descentralizada de conteúdos em todo o território nacional, mas também às boas relações que mantemos com os nossos fornecedores, clientes e consumidores. Estamos fortemente comprometidos em promover os conteúdos de língua portuguesa em Portugal e em todo o mundo.
A promoção da Literacia e da Cidadania está sempre presente nas nossas grelhas de programação. Arriscamoseabordamos temas sensíveisnanossaficção. Seguimosumapolíticaderigoreintegridade que nos leva a desenvolver reportagens pertinentes e fraturantes. Apoiamos regularmente eventos, conferências e acontecimentos na área da cultura, economia, música, desporto, moda e cinema e promovemo-los transversalmente nas nossas plataformas de comunicação.
Sabemos que o nosso público é vasto e com diferentes exigências, por isso desenvolvemos ações de proteção de audiências e públicos sensíveis nos nossos conteúdos. Interagimos com o nosso público constantemente e recolhemos o seu feedback de modo a alinharmos a nossa abordagem com as suas exigências de qualidade.

Objetivos e metas 2018

• Continuar a aposta na emissão de conteúdos informativos de carácter cultural, ambiental e

social.

• Permanecer um agente de referência na economia nacional e na distribuição territorial da riqueza, através de projetos e parcerias com entidades locais, decorrentes da programação

Aumentar o número de produções na Plural e diversificar o portefólio de clientes.
Estabelecer parcerias na promoção de música portuguesa e realização de eventos musicais.
Manter uma aposta nos conteúdos de língua portuguesa, permitindo que continuem a representar mais de 90% dos nossos programas.

"A qualidade nos nossos conteúdos"

Televisão nacional

Mantendo uma forte tradição de comunicação em língua portuguesa e defesa da cultura e valores nacionais, a TVI assegurou nos últimos 3 anos, que mais de 90% da sua grelha tenha sido difundida em português, valores muito acima do exigido pela Lei da televisão, que apenas obriga a que pelo menos 50% das emissões sejam dedicadas a programas originariamente de língua portuguesa e 20% dedicadas a obras criativas de produção originária em língua portuguesa.

1. Contributo para a economia e cultura nacionais

PERCENTAGENS	2015	2016	2017
PROGRAMAS ORIGINARIAMENTE EM LÍNGUA PORTUGUESA	86,40%	91,20%	90,40%
PROGRAMAS INTERNACIONAIS LEGENDADOS	13,60%	8,80%	9,60%

SOMOS PORTUGAL

O programa "Somos Portugal", emitido em direto nas tardes de domingo desde 2011, tem sido não só um sucesso recorrente na grelha da TVI, tendo alcançado ao longo de 2017 um share líder de 21% com base numa audiência média de 673 mil consumidores mas também um exemplo de dinamização das economias locais de todo o país, através da promoção das maiores e mais significativas festas que fazem parte da tradição popular portuguesa, ao mesmo tempo que divulgava a música, cultura, costumes, arquitetura e gastronomia locais. O "Somos Portugal" tem contribuído para a dinamização económica e social das localidades por onde passou:

2011	2012	2013	2014	2015	2016	2017	TOTAL
13	40	54	60	55	53	53	144

SOMOS PORTUGAL ESPECIAIS 2011-2017 NÚMERO DE LOCALIDADES POR ANO

PERCENTAGENS

Emissão de programas de cariz religioso

Todas as semanas, ao domingo de manhã e nos dias de feriados religiosos, a TVI tem também dado a volta ao país, na transmissão em direto do programa "Eucaristia Dominical". É o programa mais antigo da TVI e transmite cerimónias religiosas, transmitidas em cada semana de uma paróquia diferente, dando também visibilidade às festividades religiosas locais. Esta transmissão ajuda a fazer chegar esta celebração a todos os crentes que estão impossibilitados de a presenciar ao vivo. Anualmente são transmitidas cerca de 60 celebrações religiosas em paróquias de Norte a Sul de Portugal.

Produção audiovisual e produção independente

Com produções em várias regiões de Portugal, a Plural continua a contribuir de forma inequívoca para a promoção da cultura e costumes nacionais, fomentando um maior conhecimento do país e das populações locais. As produções da Plural contribuem de forma vincada para a dinamização das economias das regiões por onde passam, quer em Portugal, quer no resto do mundo com presença portuguesa (emigração ou histórica).

PRODUÇÃO PLURAL - LOCAIS DE GRAVAÇÕES
PRODUÇÃO	PORTUGAL	ESTRANGEIROS

Só em Portugal, nas produções da Plural de 2016 e 2017 foram distribuídos pelo país mais de 2 Milhões de euros em aluguer de espaços para filmagens, segurança e policiamento e pagamentos de taxas e licenças a Autarquias de Norte a Sul do País.

Produção independente

Reforçando a posição de liderança do grupo Plural na produção audiovisual, a Media Capital reconhece ainda a importância da promoção do trabalho de qualidade realizado na produção independente em Portugal. A Lei da Televisão (Lei nº 55/2012, artigo 14º) obriga a que pelo menos 10% da programação seja preenchida através da difusão de obras criativas de produção independente europeias, produzidas há menos de cinco anos. Estas obrigações são controladas pelo regulador independente ERC (Entidade Reguladora da Comunicação Social).

O nosso investimento nas parcerias com produtoras independentes tem sido cada vez mais significativo nos últimos anos. A aposta nas parcerias com produtoras independentes continuou visível em 2017, o que pela sua deslocalização geográfica, contribuiu também para o impacto da Media Capital na economia regional e para a descentralização da produção audiovisual nacional.

2015	2016	2017
32,40%	40,20%	35,40%

% EMISSÃO DE PRODUÇÃO INDEPENDENTE

Graças à produção de ficção nacional e às parcerias desenvolvidas com produtoras independentes, têm-se registado valores de investimento 3 a 4 vezes superiores aos requisitos legais, demonstrando o nosso compromisso na promoção das melhores produções audiovisuais, a par da nossa confiança nas capacidades da Plural. Este grupo, apesar de não usufruir do estatuto de produtora independente, tem recorrentemente sido solicitado para trabalhar com os mais diversos parceiros a nível nacional e internacional, principalmente através da EPC e da EMAV. Adicionalmente, através da presença da Plural no mercado espanhol e latino americano, contribuiu para produções premiadas internacionalmente como "Futbolín" (que conquistou um prémio Goya), o Grand Prize da New York International Children's Film Festival e os prémios para Melhor filme de Animação e Melhor música Original nos "Prémios Platino do Cinema Iberoamericano").

As vozes do fado - um filme documentário que não procura dar definições, nem ser uma lição da história do fado. É um filme que vai simplesmente ao encontro do Fado tal qual ele é, percorrendo os diferentes ambientes, acompanhando de forma espontânea e íntima os principais rostos da atualidade para deixar que, tal como o Fado, emerja a sua história e a sua essência, surgindo casualmente num café, numa conversa, no Museu do Fado, numa falua do Tejo.

Realizado por Ruben Alves, foi co-produzido com a TVI e contou com o apoio do ICA, do Museu do Fado e da Câmara Municipal de Lisboa.

Rádios e apoio à música nacional

Ao nível das rádios, todas as nossas emissoras cumpriram escrupulosamente as suas obrigações legais. Este meio de difusão tem a si associado uma grande regulamentação ao nível das emissoras, estabelecendo o nível da frequência dos serviços noticiosos, o tipo de conteúdo, a percentagem de música portuguesa e as restrições do tempo máximo de publicidade. Estas obrigações são monitorizadas pela ERC e integralmente cumpridas pela MCR.

Existem quotas de percentagem de música portuguesa diárias e para o período diurno (07h-19:59h) e sub-quotas para música em língua portuguesa e para música em língua portuguesa recente (produzida nos 12 meses anteriores). A regulação do cumprimento de quotas e sub-quotas de difusão de música portuguesa é feita por cada operador, sujeito ao seu próprio cluster musical. (Lei da Rádio - Artº 41º nº1; Artº 47º nº 2 e Artº 43.º)

	2015	2016	2017
M80	30,80%	25,81%	28,21%
COMERCIAL	26,01%	25,91%	25,75%
VODAFONE	26,51%	26,69%	26,36%

MÉDIA ANUAL DE TEMPO DE DIFUSÃO DIÁRIO DE MÚSICA PORTUGUESA

A Rádio Comercial e a Vodafone FM são obrigadas a cumprir todas as quotas e sub-quotas, para todos os seus emissores. A M80 está isenta da sub-quota de emissão de música recente, tendo em conta o cluster musical de emissão das melhores músicas dos anos 70,80 e 90. A Cidade e a Smooth FM estão à data isentas do cumprimento das quotas e sub-quotas.

As rádios estão naturalmente dependentes da criatividade dos artistas e qualidade da música produzida na atualidade. As músicas que passam na rádio são sujeitas a um processo de avaliação rigoroso que consiste essencialmente no feedback de focus groups e em estudos audiométricos. Existe assim uma necessidade da música difundida passar recorrentemente nos testes de qualidade, o que justifica as oscilações anuais de tempo de emissão de música nacional. Salienta-se ainda que as rádios em geral, e as rádios da Media Capital em particular, têm obrigações acrescidas de apoio à promoção da música nacional, obrigações essas não acompanhadas pelos restantes agentes da indústria musical.

Em 2017 A TVI apoiou 2 obras cinematográficas, produzidas pela Coral Europa:

Jacinta – Filme que conta a história de Jacinta Marto, a mais nova dos pastorinhos de Fátima. O filme aborda não tanto as aparições de Nossa Senhora em Fátima, mas o impacto que tiveram na vida dos três primos, sobretudo de Jacinta. Guião de Manuel Arouca.

Realizado por Jorge Paixão da Costa, o filme tem a participação de Dalila Carmo, António Pedro Cerdeira, Rita Salema e Paula Lobo Antunes. No papel de Jacinta está Matilde Serrão, de nove anos.

	DIÁRIO DE MÚSICA PORTUGUESA

53 Relatório de Sustentabilidade Media Capital 2017 Relatório de Sustentabilidade Media Capital 2017 54

Reputação, valorização da marca e internacionalização

Como parte da sua estratégia de aproximação às comunidades de língua portuguesa, algumas das mais recentes produções da Plural para a TVI (como "A Única Mulher", "A Impostora" ou "Ouro Verde") têm abordado a realidade dessas geografias, sendo os enredos das novelas resultado de uma fusão cultural de Portugal com essas regiões. Para além de proporcionar ao público português um maior conhecimento dessas realidades, o inverso também se verifica, como o comprova o nível de recetividade e popularidade destas produções nesses países.

Venda internacional de conteúdos

Recentemente, a novela "A Única Mulher" chegou às Honduras, que se torna o 13º país do mundo (além dos PALOP) a transmitir esta novela da TVI. Foi também estabelecida uma parceria com um canal de New Bedford (EUA) para emissão de novelas TVI. Desta forma, a ficção nacional da TVI já chegou a 27 países em todo o mundo. A Media Capital efetuou, nos últimos anos, 23 acordos de distribuição de conteúdos 100% nacionais em 18 territórios de todo o mundo.

Canais internacionais

Atualmente os 4 canais TVI já transmitem conteúdos 100% em português, em 22 países de todo o mundo, através de 35 operadoras que atingem um universo de mais de 4 milhões de espectadores, através de múltiplas plataformas. A TVI Internacional e a TVI ficção são os canais internacionais mais abrangentes, sendo distribuídas em 22 e 16 países respetivamente. Em 2017 foram fechados acordo para a transmissão dos canais TVI na Alemanha, Canadá e também nos Estados Unidos. No capítulo Media Capital é visível a abrangência do Universo Media Capital e da sua influência em todo o Mundo.

Produção audiovisual

Ao nível da produção, também a Plural está mais internacional. Na ficção, já foram realizadas gravações em Moçambique, Chile, Angola e Brasil e realizados castings internacionais. Por seu turno, a EMAV foi responsável pela captação e transmissão de jogos da Liga dos campeões em Espanha em 2016 e da seleção espanhola de futebol em 2017. Em Espanha, a Plural inclui na sua carteira histórica de clientes as cadeias privadas de televisão mais importantes do país (Cuatro, Antena 3 e Telecinco) e canais autónomos, tendo já produzido programas de todos os géneros audiovisuais como coach, reality shows, ficção, concursos, magazines, documentários, espaços de debate, programas de serviço público, transmissões desportivas, galas, programas de informação e espaços de humor.

Reconhecimento da qualidade e Prémios Conquistados

Todos os dias o trabalho efetuado no Grupo Media Capital tem um forte impacto no quotidiano do público e a liderança transversal nas audiências de todas as nossas plataformas é a maior prova disso. Nos últimos anos têm-nos sido atribuídos vários prémios em diversas áreas de especialidade, como marketing, tecnologia, informação, entretenimento, ficção, inovação, reputação da marca, entre outros. Estamos orgulhosos do que conquistámos até agora e queremos demonstrar aqui a nossa montra de prémios de 2017:

As rádios do Grupo têm ainda tido um papel central na promoção da música portuguesa através do apoio e promoção de espetáculos em Portugal. Em cada ano as rádios da Media Capital apoiam e promovem mais de 200 concertos em Portugal, onde mais de 75% destes são de artistas e músicos portugueses. Destacamos também aqui a articulação das várias atividades do Grupo na promoção da música nacional, com a emissão semanal de um concerto exclusivo e ao vivo, de uma banda portuguesa em "primetime" televisivo, no final do "Jornal das 8" da TVI, com seguimento no programa Estúdio 24 da TVI24, todos os domingos, em colaboração com a Rádio Comercial.

Em abril de 2017, a TVI e a Rádio Comercial foram galardoadas com um prémio de excelência corporativa, pela sua consistência reputacional. A Rádio Comercial foi ainda destacada como a marca mais reputada do setor dos media, com uma pontuação de 76,32 pontos, numa escala de 0-100, no estudo internacional Global RepScore Pulse realizado ao longo dos últimos 10 anos pela consultora Onstrategy.

Em Maio de 2017, os prémios Marketeer 2017 destacam os melhores do ano nas áreas de Marketing, Publicidade, Comunicação e Marcas. A TVI venceu o prémio TV-Media e a Radio comercial Radio-Media.

Em setembro de 2017, os prémios Meios & Publicidade 2017 elegem os melhores projectos, meios e personalidades do ano na área da publicidade: A Rádio do ano foi a Rádio Comercial e a Produtora de Televisão do ano, a Plural Entertainment.

Em novembro de 2017, o Grupo Media Capital foi distinguido em 3 categorias nos Prémios Comunicação Meios & Publicidade 2017:

Menção Honrosa pelos Prémios Blogs do Ano da Media Capital Digital, Patrocínio L'Óreal Portugal
Menção Honrosa pela Campanha TVI/APAV TVI, na categoria Responsabilidade Social • Prémio pelo Rebranding da marca - TVI, na categoria de Publicidade Institucional

Ainda em novembro de 2017 a TVI venceu prémio Bronze na categoria Distribuição e Restauração, com a Telepizza/Massa Fresca nos Prémios Eficácia.

2016 e anterior:

Em junho de 2017 a TVI e a Plural ganham 17 dos 25 troféus de televisão TV 7 Dias. Destaque para as categorias de Melhor Telenovela, Melhor Atriz, Melhor Ator, Melhores Apresentadores de Televisão e Melhor Apresentador de Informação.

Em agosto de 2017, a TVI recebeu 15 prémios Criatividade em Autopromoção e Inovação da revista Meios & Publicidade 2017, com cinco projectos a serem congratulados com Ouro:

Recebeu ainda 4 prémios prata e 5 prémios bronze. Pela primeira vez nesta edição dos prémios, foi também premiada a Inovação – o Grupo Media Capital arrecadou 2 prémios prata, 2 prémios bronze e uma menção em shortlist.

Rebrand TVI, Grafismo
24º aniversário TVI, Campanha institucional
Intervalo Hollywood, Spot de informação institucional
• Wonderland, Activação
APAV, Spot de responsabilidade social

A nível internacional a TVI e a Plural contam já com 4 nomeações para os Emmy Internacionais, a ultima delas em 2016, tendo vencido o prémio internacional com a novela "Meu Amor" em 2010.

Em 2015 TVI Player venceu o prémio de projeto mais inovador do ano e foi o representante português na categoria Media & News nos World Summit Awards, representando Portugal nesta iniciativa liderada pelas Nações Unidas.

Em 2016 foi também a vencedora de um dos mais importantes prémios atribuídos pela indústria a nível nacional, de melhor widget/app TV nos prestigiados prémios ACEPI Navegantes XXI. Foi também um dos case studies de sucesso em destaque no "Multi Screen Salon", que decorre a par da IBC – International Broadcasting Convention.

Outros prémios relevantes em 2016

Repórter TVI "Até Voares conquista prémio UNESCO (novembro 2016)

TVI distinguida com 8 prémios M&P - Criatividade em autopromoções (junho 2016)

Cristina Ferreira e Judite Sousa distinguidas com o prémio "Mulheres mais Influentes", atribuído pela revista Executiva.pt (junho 2016)

Alexandra Lencastre distinguida com o prémio Carreira, nos Prémios Mulher + Flash (maio 2016)

TVI com presença no júri dos International Emmy Awards (maio 2016)

TVI arrecada 10 dos 23 Trofeus de Televisão TV 7 Dias (abril 2016)

Fátima Lopes e Susana Bento Ramos distinguidas com o Prémio Arco-íris, uma iniciativa da Associação ILGA Portugal (janeiro 2016)

A obra de ficção "Única Mulher" da TVI abordava temas sensíveis como o racismo e a prostituição

Na história de "A Herdeira" na TVI discute-se a eutanásia, o tráfico de órgãos, o preconceito para com a etnia cigana, a adoção de crianças por casais homossexuais, entre outros temas.

Em "Ouro Verde" foram defendidos os direitos dos animais, as causas ambientais e ainda abordados temas da atualidade como a crise do setor bancário em Portugal.

Na Rádio Comercial é transmitido semanalmente os Magazines Cultural "Barulho das Luzes" com entrevistas, novidades e sugestões do mundo dos espetáculos.

O "M80 Magazine" é um programa de rádio semanal e abrangente que divulga as novidades no mundo da música, cinema, programas para a família, alimentação, boa forma, decoração, entre outros temas.

O programa "Autores", uma parceria com a SPA, dá destaque semanal na TVI e TVI24 a carreiras consolidadas, a novos talentos e às revelações do nosso panorama artístico.

Os debates do Governo Sombra na TVI 24 abordam os temas da atualidade, a partir de diferentes pontos de vista e com um toque humorístico dos intervenientes. Este programa tem também migrado um pouco por todo o País, com sessões gravadas ao vivo e em direto de conferências e eventos, onde se destacam as sessões de encerramento do encontro anual da Fundação Francisco Manuel dos Santos.

Política e atualidade

Espetáculos e Música

Ficção

Na Media Capital queremos ser uma referência na criação de conteúdos de qualidade. O nosso objetivo é chegar ao maior número de pessoas possível e envolvê-las com as nossas histórias e nos nossos programas. Sabemos que é possível apresentar ficção e entretenimento de qualidade, enquanto chamamos a atenção dos espectadores para temas atuais e sensíveis na sociedade. Temos um largo histórico de enredos com temas que nos orgulhamos de ter trazido à discussão pública. Sabemos que os nossos programas originaram um impacto positivo na comunidade.

Queremos ser uma referência na promoção dos direitos humanos e da diversidade, com uma programação abrangente e impactante, que promova a liberdade de opinião, o debate saudável e a troca de ideias, próprios de um estado democrático. A nossa atuação envolve não só a emissão de conteúdos relevantes, atuais e de qualidade, mas também uma participação ativa em parcerias e acontecimentos que dinamizam a sociedade, como conferências, espetáculos e debates, conjuntamente com universidades, fundações e outras entidades de cariz cultural e educacional.

2. Promoção da literacia e cidadania

Cultura e Cidadania nos nossos conteúdos

Os nossos conteúdos são a melhor prova do nosso compromisso:

GRI G4-M7 GRI G4-M7

59 Relatório de Sustentabilidade Media Capital 2017 Relatório de Sustentabilidade Media Capital 2017 60

"Ajuste de contas" é um programa semanal da TVI24 onde se dá a conhecer a experiência de líderes de reconhecida competência no mundo dos negócios. Em cada entrevista, procura-se apurar a inspiração que conduz o negócio e analisar de forma transparente as contas das empresas.

A TVI24 tem apostado numa programação desportiva eclética, transmitindo em direto partidas dos campeonatos nacionais de Andebol, Futsal, Hóquei em patins, Futebol feminino, bem como competições europeias e internacionais destas e de outras modalidades, onde se destacam os desportos motorizados, a vela, o ciclismo e o atletismo.

Assumindo o seu papel enquanto agente responsável na promoção da cultura e das artes, a Media Capital manteve a aposta na promoção de novos talentos, propósito que se manteve com a parceria com a Faculdade de Belas Artes de Lisboa e que se materializou na realização de exposições nos vários espaços do Meeting Point, espaço de convívio e reuniões localizado nas instalações do Grupo, em Queluz de Baixo. As exposições, de caráter temporário, têm como objetivo dar a conhecer os trabalhos dos alunos da FBA em áreas como a pintura, a escultura, a fotografia ou a comunicação multimédia, entre outros.

Parcerias e apoio a iniciativas

Parceria com a Faculdade de Belas Artes de Lisboa (FBA)

O programa "NXT - O próximo passo" traz-nos semanalmente as Notícias, histórias e reportagens sobre as novas tendências da tecnologia na TVI 24.

O programa "Empreendedores de impacto" que estreou em 2017 na TVI24 revela todas as semanas casos de empreendedores que criaram negócios e iniciativas que promovem a integração e inovação social. O programa tem a curadoria técnica do IES-SBS.

O "Cinebox" apresenta todos os destaques do cinema nacional, as novidades internacionais e muitas entrevistas exclusivas, semanalmente na TVI 24.

O programa "Todos Iguais", emitido semanalmente na TVI e TVI24 é dedicado à lusofonia e às minorias étnicas

No SOS 24 as equipas de reportagem da TVI 24 acompanham todos os que garantem a segurança e o bem-estar dos portugueses, desde forças de segurança no combate ao crime aos profissionais de saúde nas ruas e nas urgências, entre muitos outros heróis do dia-a-dia dos portugueses. Cidadania

e culturais.

O programa Maisfutebol é um programa de desporto semanal da TVI 24, produzido em conjunto com o jornal online maisfutebol.iol.pt e foi eleito pelo CNID em 2010, e pela Liga de Clubes em 2011, como o Melhor Programa de Desporto do Ano.

O programa "Ephemera", aos sábados à noite na TVI24, é uma colaboração regular com a Associação Cultural Ephemera e José Pacheco Pereira, que dá a conhecer aos espectadores o mais público dos arquivos privados de Portugal. Partindo dos mais variados objetos, panfletos, livros, filmes, fotografias, etc. que integram a preciosa coleção sediada na vila ribatejana da Marmeleira, é redescoberta a história do nosso país, assegurando um maior conhecimento de um património que é de todos.

Tecnologia

Empreendedorismo

Cinema

Desporto

Património

Economia

IV. Qualidade de Conteúdos

GRI G4-M7 GRI G4-M7

A Media Capital é parceira da Deloitte na organização dos Investor Relations & Governance Awards (IRGA) que anualmente premiam o que de melhor se fez no mercado financeiro e empresarial português durante o ano anterior.

1 de fevereiro de 2015 a 31 de janeiro de 2017 TVI - Você na Tv, das 10h às 13h (2ª a 6ª feira) TVI - Jornal das 8, das 20h às 21h30 (1 dia por semana) TVI 24 - Noticias, das 19h às 19h50 (2 ou 3 dias por semana)

1 de fevereiro de 2017 a 31 de janeiro de 2018 TVI - Você na Tv, das 10h às 13h (2ª a 6ª feira) TVI - Jornal das 8, das 20h às 21h30 (2ª feira) TVI 24 - Noticias, das 19h às 19h50 (2ª a 6ª feira) TVI 24 - Jornal das 8, das 20h às 21h00 (2ª feira)

Para além destes programas/horários, todos os debates com candidatos às eleições feitos durante os períodos da campanha e pré-campanha, tiveram cobertura em língua gestual.

Durante os últimos anos, o Grupo Media Capital participou na definição das políticas e medidas governamentais, legislativas e regulamentares, com impacto sobre o seu setor de atividade, designadamente através da contribuição para a tomada de posições públicas e da resposta a consultas públicas, desencadeadas mediante iniciativa das entidades reguladoras e do próprio Governo.

O respeito pela legislação setorial e a melhoria constante dos níveis de cumprimento da mesma, bem como o cultivo de uma atitude de bom relacionamento institucional com as autoridades reguladoras, têm sido traços característicos da atuação da Media Capital no mercado, justamente reconhecidos por todos os intervenientes.

A TVI24 associou-se à Conferência Internacional "Opening up to a new era of Social Innovation - Novas perspetivas para a Inovação Social", numa organização conjunta da Comissão Europeia, Governo Português e Fundação Calouste Gulbenkian, realizada em Lisboa.

http://ec.europa.eu/research/conferences/2017/era/index.cfm?lg=pt&pg=programme

Este Encontro reuniu cientistas, empreendedores sociais, decisores, investidores e representantes da sociedade civil e destacou a inovação social na Europa enquanto alternativa eficiente e eficaz de promoção de políticas inclusivas e de criação de riqueza. Foram transmitidas algumas das sessões mais emblemáticas via streaming em tvi24.pt e tviplayer.pt, bem como realizada a cobertura informativa através de reportagens e da emissão especial do programa " Empreendedores de Impacto" totalmente dedicado a este encontro.

Sabemos que o nosso público é abrangente, todos os dias milhões de pessoas em Portugal e em todo o mundo ouvem as nossas notícias, veem os nossos programas ou participam nos nossos concursos. Queremos chegar a toda a gente, independentemente das suas limitações e trabalhamos bastante para criar conteúdos inclusivos e acessíveis a todos.

Diariamente interagimos com o nosso público através de diversos canais de comunicação. Ouvimos com atenção o que nos transmitem, o que muitas vezes tem um papel fulcral na resolução de problemas e críticas que podem surgir. Tudo isto se reflete na preferência dos nossos espectadores, ouvintes e utilizadores das plataformas digitais.

3. Proteção de audiências sensíveis e Interação com o público

Língua Gestual

Proteção de audiências e públicos sensíveis

Prémios IRGA

Conferência europeia, "Opening up to a new era of Social Innovation - Novas perspetivas para a Inovação Social"

Tempo de emissão (HORAS:MIN:SEGS)	2015	2016	2017
LEGENDAGEM EM TELEXTO EMISSÃO EM PORTUGUÊS	641:31:50	853:11:39	1006:37:04
AUDIO DESCRIÇÃO			12:50:30

LEGENDAGEM EM TELETEXTO E ÁUDIO-DESCRIÇÃO

Ainda no âmbito da formação no setor da Comunicação Social, o Grupo Media Capital tem desenvolvido programas de estágios nas direções de Informação, Programas, Marketing e Relações Exteriores e Operações e Meios, entre os quais estudantes de cursos de Comunicação Social e de Marketing, provenientes, entre outras, da Escola Superior de Comunicação Social, Escola Superior de Educação de Viseu, ETIC, Faculdade de Belas Artes, Faculdade de Letras Universidade do Porto, Universidade Nova de Lisboa, IADE, Instituto Universitário da Maia, ISCTE, ISEG, Lisbon School of Design, Restart, Universidade Autónoma de Lisboa, Universidade Católica Portuguesa, Universidade da Beira Interior, Universidade de Trás os Montes e WorldAcademy.

Protocolos com Universidades

ATVI iniciou em outubro de 2005 um sistema próprio de classificação dos seus programas, com cinco limites de idade em conjunto com recomendação parental. O rating dos programas é definido por uma comissão interna multidisciplinar, baseada na análise objetiva de oito critérios diferentes. Todos os programas da TVI, à exceção dos serviços noticiosos, são classificados internamente e têm indicação no ecrã acerca dos limites de idade recomendados. Os noticiários são precedidos por um aviso destinado aos pais ou a outros adultos responsáveis pela educação de crianças acerca de eventuais conteúdos de natureza violenta.

Sistema de classificação de programas de televisão

A opinião dos nossos espectadores, ouvintes e utilizadores é fulcral para a melhoria da nossa atividade. É por isso que mantemos abertos diversos canais de comunicação diária com todos eles. Esta ampla gama de chamadas, e-mails, cartas, comentários nas redes sociais e outros são analisadas pelo nosso departamento de relações públicas e enviadas para as direções responsáveis, dando um seguimento apropriado a cada interação, garantido que todas são ouvidas.

Diariamente é feito um registo das queixas, elogios e críticas às várias áreas da TVI (Informação, Entretenimento, Canais internacionais, etc.) Todos os registos de feedback são enviados para análise nas respetivas direções. Este processo tem sido fulcral na resolução dos problemas, como nos casos de falhas de receção de sinal, falhas no conteúdo, entre outros. Em 2017 foram registadas cerca de 7000 interações através de telefone e e-mail.

Abaixo ilustra-se a oscilação na quantidade e tipologia das interações com os nossos expectadores. É visivelmente uma evolução bastante dinâmica ao longo do ano, associada à emissão de conteúdos específicos como reportagens ou episódios de ficção específicos. Em dezembro de 2017 o número de elogios superou o número de críticas ao nosso trabalho na área de informação, o que demonstra bem o impacto positivo das reportagens de investigação TVI no final do ano, nomeadamente "O Segredo dos Deuses" e "Raríssimas".

A participação pelos públicos na vida e nos projetos da Media Capital tem sido cada vez maior. O conhecimento digital dos portugueses tem aumentado exponencialmente e cada vez mais se torna no principal meio de interação com os consumidores. Nos últimos anos foram reforçadas as áreas de eSuporte e de Social Media, de modo a obter o feedback mais preciso e pertinente, reencaminhando-o às direções de conteúdos, marketing e comunicação do Grupo de forma expedita.

Temos mais de 6 Milhões de seguidores nas redes sociais e queremos continuar a cativar o nosso público no mundo digital. Temos 3 sites corporativos e 14 sites de produto onde é possível consultar e partilhar todos os nossos conteúdos.

Em cada mês:

Comunicação com a audiência

Métodos tradicionais

Redes sociais

Rede social	Nº de seguidores
FACEBOOK	5.650.000
INSTAGRAM	660.000
TWITTER	480.000

Com base nesta experiência, reconhecida de forma positiva pelos principais agentes do mercado televisivo, este projeto de autorregulação foi reforçado através da assinatura, em setembro de 2006, de um acordo entre as três televisões generalistas (RTP, SIC e TVI) que proporcionou um sistema comum e unívoco de classificação de programas de televisão para os três operadores. Esta política é muito semelhante à política previamente definida pela TVI e define quatro limites de idade, baseados na análise dos oito critérios. A TVI tem mantido e melhorado, do ponto de vista interno, o sistema comum e unívoco de classificação de programas de televisão, definido para os três operadores, facilitando a comunicação dos limites de programação à grande maioria dos espectadores.

VISITAS SITES MC UTILIZADORES DOWNLOADS + de 180 Milhões + de 9 Milhões + de 12 Milhões

Desde cedo que está identificado o potencial de aliar a tecnologia e a inovação ao quotidiano de uma empresa de Media. Em 2000 foi criada a marca IOL, com atividade dedicada ao setor das telecomunicações, e já aí se observavam as primeiras sinergias entre as várias atividades do Grupo. O acesso a conteúdos exclusivos de programas emblemáticos da TVI, como o Big Brother na altura logo da primeira edição, era oferecido aos novos clientes IOL, o que constituía à partida uma vantagem competitiva no ainda jovem mercado da internet.

Desde então, e após várias transformações nas empresas do grupo, a atividade digital da empresa tem deixado de ser apenas mais uma área de negócio e está cada mais integrada na génese do Grupo. Tem sido feito um forte investimento na evolução dos sistemas operacionais das áreas de negócio, de forma a torná-los, cada vez mais, em soluções integradas de planeamento, produção e emissão de conteúdos para multiplataformas. Ao longo deste processo têm sido desenvolvidas competências internas, de modo a manter a Media Capital na vanguarda das soluções digitais, procurando responder e antecipar os desafios do mercado.

A Media Capital reconhece que o futuro no digital apresenta grandes oportunidades para o setor, no entanto a evolução desta realidade traz também consigo uma maior responsabilidade ao nível da segurança, privacidade e gestão de dados dos clientes, nas suas várias atividades. Foi neste contexto que nasceu em 2008 a Política Geral de Segurança da Informação que tem vindo progressivamente a ser desenvolvida na Empresa.

É indispensável assegurar a todos os colaboradores do Grupo o acesso adequado à informação necessária para o desempenho das suas funções. Esta política define ainda que o acesso deverá ser independente do nível hierárquico, função e/ou vínculo contratual, exigindo destes o respeito pelos controlos de segurança implementados e o cumprimento dos seguintes valores:

Integridade prevenção contra a modificação e/ou destruição não autorizada de Informação, salvaguardando a respetiva fiabilidade e origem;
Confidencialidade prevenção contra o acesso e/ou divulgação não autorizados de Informação; e
Disponibilidade garantia no acesso autorizado à Informação sempre que necessário. Esta política regula a abordagem da organização e dos negócios das empresas do Grupo e está complementada com um conjunto de outros documentos de políticas específicas para as áreas de gestão operacional, nas quais são especialmente relevantes:
• Política de Segurança Organizacional medidas específicas relacionadas com o modelo de governo que suporta a gestão e operação da segurança da Informação;
• Política de Gestão de Informação medidas específicas relacionadas com a propriedade da Informação e com o modelo de classificação aplicável;
• Política de Segurança Física e Ambiental medidas específicas relacionadas com a classificação e acesso às instalações e/ ou áreas físicas e a correspondente segurança física e ambiental;
• Política de Controlo de Acessos Lógicos medidas específicas relacionadas com os acessos lógicos das tecnologias de informação (doravante designadas por TI) da MC;
Política de Segurança na Operação de Recursos e Gestão de Comunicações medidas específicas relacionadas com a operação e monitorização dos recursos e comunicações de TI; e
Política de Segurança na Implementação de Tecnologias de Informação medidas específicas relacionadas com os projetos de implementação de TI.

- Aumentar a abrangência e alcance dos nossos conteúdos. Em 2018 os nossos objetivos são: - Atingir as 395 Milhões de visitas aos nossos sites e os 1500 Milhões de pageviews - Atingir os 183 Milhões de vídeos vistos nas nossas plataformas

• Promover o desenvolvimento de competências digitais internas através de um maior número de iniciativas de formação aos colaboradores nas temáticas de informática e digital.

"Os nossos olhos postos no futuro"

A atividade Digital da Media Capital assenta essencialmente em 3 pilares de desenvolvimento, paralelos e em constante interação, e aos quais estão associados processos transversais de reflexão permanente:

1. Inovação digital e tecnologia

Objetivos e metas 2018

-

A atividade digital da Media Capital permite maximizar o impacto dos conteúdos de entretenimento, através de aplicações e plataformas, criar novas soluções de receitas publicitárias e oferecer conteúdos à medida aos seus utilizadores e espectadores, sempre numa perspetiva inovadora e muitas vezes disruptiva a nível nacional.

O IOL representa agora uma plataforma que agrega os websites geridos e mantidos pelo Grupo. Os últimos anos têm proporcionado uma evolução considerável na melhoria da experiência dos utilizadores, na consulta dos conteúdos digitais desenvolvidos pela Media Capital. Para esta evolução progressiva têm contribuído vários projetos inovadores no setor, como:

TVI - renovação do webdesign para formato responsive, com melhorias na formatação de conteúdos oferecidos;

TVI24 - melhoria nas recomendações personalizadas de conteúdos, por recurso a tecnologia inovadora baseada em processos de data mining;

MaisFutebol no Euro 2016 - cobertura noticiosa,jogos com resultados em tempo real e notificações push aos adeptos e fãs e melhoria do design do website;

LIVE Mentions - introdução de dinâmicas de cobertura em direto, sobretudo por via de Facebook, mas também Snapchat, para eventos da TVI e TVI24;

SELFIE- Criação do novo projeto editorial da MCD, um magazine digital em redor do lifestyle e do mundo do entretenimento, com forte aposta nas reportagens vídeo para digital e sinergias com o programa da TVI "Câmara Exclusiva".

Fruto de um trabalho sustentado de equipa entre a TVI, a Media Capital Digital e os seus parceiros, a forte aposta tecnológica da estação refletiu-se em toda a sua rede de sites. Assim, o conjunto de sites da TVI, consolidou o primeiro lugar entre os sites de televisão com shares de 45% em visitas e de 54,3% em páginas vistas.

É ainda relevante destacar a oferta reforçada da TVI24 nas plataformas digitais, que levou a estação a manter o seu posicionamento como o principal ecrã multimédia do país. Para além do site tvi24.pt registar números recorde de audiência, os conteúdos em vídeo do canal tiveram forte recetividade junto do público e as apps para diversos softwares e plataformas registaram igualmente, no período em análise, resultados expressivos em número de downloads. A TVI24 disponibiliza desde há mais de 10 anos a funcionalidade "EU VI", onde pela sua app ou pelo e-mail os cidadãos se tornam repórteres, enviando fotos, vídeos e dados que possam ser relevantes para a agenda do dia. Pelo seu website e no TVI Player alarga a oferta de emissões em direto, transmitindo num sinal autónomo e adicional ao da emissão concertos musicais relacionados com os eventos cobertos pelo canal ou desafios desportivos das modalidades que passam no canal.

Para atingir estes valores foram igualmente importantes os reforços tecnológicos na infraestrutura e redesenho na área de produção criativa, especialmente com vista aos formatos de entretenimento, ficção, informação e realities. Estas melhorias permitiram aumentar a produção de vídeos e o alcance dos mesmos, que ultrapassou os 150 milhões de vídeos vistos pela primeira vez, num só ano, dentro das propriedades da Media Capital Digital.

As plataformas de social media, como o Facebook, Instagram, YouTube e Snapchat foram igualmente alvo de uma atenção especial no vídeo, para onde versões específicas com grafismo adaptado foram criadas. O website da TVI foi ainda alvo de um redesenho para melhor acomodar o aumento de canais e programas, bem como uma maior rapidez de descarregamento, crítico em ambientes de acessos móveis.

Um dos principais desafios na era do Digital é a obsolescência constante da tecnologia e dependência de fornecedores com ferramentas informáticas up-to-date. De modo a possibilitar uma adaptação rápida das atividades do grupo às necessidades digitais futuras, a Media Capital Digital tem desenvolvido as suas plataformas de forma autónoma, com soluções open-source e dedicadas às suas atividades. Desta forma detém o máximo controlo sobre as infraestruturas de apoio digital às atividades do Grupo, como as plataformas online e as aplicações móveis.

Produção de conteúdos digitais

Desenvolvimento de plataformas digitais de suporte aos conteúdos desenvolvidos pelo Grupo

Desde a sua criação, em junho de 2015, o TVI Player já foi por diversas vezes reconhecido e premiado. A plataforma tem registado um crescimento sustentado, e assume-se já como um projeto de referência a nível nacional no consumo de conteúdos e programas em ambiente digital.

A plataforma reforçou a sua oferta ao longo do ano, com a introdução de novos conteúdos exclusivos, Em 2017, o TVI Player registou 170 mil novos utilizadores aos já existentes até então, tendo ainda obtido o maior tráfego entre os OTT´s (Over-The-Top) nacionais, sendo o único no mercado português no qual existe a oferta de conteúdos digitais exclusivos, como a transmissão de conteúdos do Festival NOS Primavera Sound, Live-streaming e reportagens no Wonderland Lisboa, momentos únicos do programa Biggest Deal,

TVI PLAYER

V. Criar o futuro

Demonstrando a cada vez maior ligação entre as várias unidades de negócio da Media Capital, as aplicações desenvolvidas pela Media Capital Digital promovem a divulgação e interatividade dos vários programas e canais do Grupo, cada vez com mais funcionalidades, mas com o propósito de manter uma simplicidade e rapidez, essenciais aos utilizadores de aplicações móveis. Todas as aplicações são disponibilizadas para sistemas iOS e Android, através da App Store e Play Store e são desenvolvidas in-house pela Media Capital Digital, com o apoio dos seus parceiros.

MaisFutebol (2011) - As notícias e o futebol ao vivo. Tudo em português e atualizado ao minuto.Informação detalhada sobre a Liga, as competições europeias, a seleção, os clubes de topo em Portugal e aqueles que representam o desporto português lá fora. Os melhores vídeos de desporto colocados no Youtube. Maisfutebol é também o programa de televisão emitido todas as sextas-feiras, no canal TVI24, com acesso a todas as notícias e vídeos do programa.

A Quinta – O Desafio (2015) – App second screen com acesso aos principais vídeos e fotos dos acontecimentos da quinta. Interação com a casa. Informação sobre os concorrentes e sobre os animais da quinta. Jogos diários relacionados com o programa.

TVI (2012) - Informação detalhada sobre a grelha de programação do canal TVI e emissão em direto.

TVI24 Eleições (2015) - Aplicação dedicada às eleições legislativas 2015. Apresentação de sondagens e dos resultados da noite eleitoral em tempo real. Informação sobre o historial eleitoral desde 1976.

TVI24 (2012) - Informação detalhada sobre a grelha do canal TVI24, possibilidade de ver programas que já foram emitidos e saber o que vai passar em antena. Partilha nas redes sociais Facebook, Twitter e outras aplicações. Acesso aos exclusivos TVI24 e às secções de sociedade, política, economia, internacional, desporto, tecnologia, música e cinebox.

Melhor do que Falecer (2014) – Aplicação do programa da TVI, da autoria de Ricardo Araújo Pereira.

Emissão dos canais TVI em directo ou repetição de programas.

TVI Player (2015) - Programas dos canais TVI, do passado, presente e futuro. Programação exclusiva do TVI Player: programas inéditos e estreias exclusivas. Melhor app/widget 2015 e Nomeado Nacional para os World Summit Awards

Secret Story 6 (2016) – Interação com os concorrentes durante o programa. Votações in-app em tempo real. Chat para falar com outras pessoas. Criação de

vídeos com vozes emblemáticas do programa.

Love on top (2016) – Rever, comentar e partilhar os melhores momentos. Candidaturas à participação no programa. Interação com os concorrentes e participação nas votações em tempo real. Oferta de uma experiência gamificada e com extensão na área de dating. Foi a primeira app a nível nacional a integrar 6 formas de pagamentos: in-app iOS, in-app Android, Multibanco, cartão de

Crédito, Premium SMS e Carrier Billing.

Biggest Deal (2017) - Aceder aos conteúdos do programa de uma forma interativa. Inscrições, destaques, feed de notícias, votações, concorrentes e negócios. Chat para comunicar com outros utilizadores sobre os concorrentes e negócios.

Let's Dance (2017) – app second-screen do programa. Permite participar nas votações, dá acesso a conteúdos exclusivos sobre dança, alimentação, fitness e moda. Permite a partilha de vídeos de atuações dos utilizadores ou de

performances dos melhores bailarinos em Portugal.

ou ainda acesso a séries informativas completas de jornalismo de investigação da TVI, como O Segredo dos Deuses.

O TVI Player é ainda o único fornecedor de conteúdos adaptados para mobile, como o formato digital "Novela Num Minuto", uma versão editada especialmente para distribuição digital em ambiente mobile, condensando num minuto os episódios emitidos no dia, no canal da TVI generalista. Esta abordagem é também adotada para um número crescente de conteúdos transmitidos pelos canais do grupo TVI, com a apresentação de recortes de momentos-chave de reportagens, debates, entrevistas e episódios de séries.

Recentemente foi ainda adicionado um espaço de Comédia à plataforma. Agora, o TVI Player serve também de palco para os canais vídeo de vários humoristas nacionais como António Raminhos, Carlos Coutinho Vilhena, entre muitos outros.

Também inédito foi o lançamento da aplicação TVI Player para as set-top boxes da Vodafone, a primeira de um operador português Free To Air de TV.

Aplicações móveis

Mas também muitos outros nas áreas da Moda& Beleza, Lifestyle, Família e Culinária:

O 3º pilar da abordagem aos conteúdos digitais da Media Capital centra-se no apoio à produção de conteúdos autorais, através do agenciamento e apoio de influenciadores sociais como bloggers, instagramers, youtubers, entre outros. Cada vez mais o trabalho nestes novos formatos de entretenimento e informação chama a atenção dos utilizadores, onde os hábitos de consumo de conteúdos estão a ser transformados a um ritmo bastante elevado, dispersando-se por várias plataformas.

Neste contexto, a Media Capital apoia vários projetos baseados em blogs e redes sociais, onde promove e potencia as visualizações dos conteúdos de autores nas suas plataformas digitais. Embora muitos dos conteúdos possam ser encontrados na plataforma iol.pt a Media Capital não exige destes projetos uma migração para domínios detidos pelo Grupo, o que permite que os autores não abdiquem das suas condições habituais de alojamento digital. São ainda estabelecidas parcerias nacionais com criativas web como N.I.T, BeachCam, Capazes, 4MEN, De Mãe Para Mãe, entre outros.

Entre os bloggers estão muitas caras conhecidas da TVI:

Apoio à produção de conteúdos de autor

Motivados pela necessidade de reconhecimento do trabalho e do potencial destes novos projetos, a Media Capital criou, em 2016, os Prémios Blogs do Ano, que vêm recompensar o talento na criação de conteúdos digitais ao nível nacional. A blogosfera e a vlogosfera nacionais, com o apoio da TVI, TVI24, IOL, Selfie, Rádio Comercial, Cidade, Lux e NIT, elegeram os melhores do ano, numa votação que teve a sua 2.ª edição em 2017. O evento recebe cerca de 4000 candidaturas/ ano e já registou quase meio milhão de votos no total das edições.

V. Criar o futuro

O NONIO é uma plataforma tecnológica única criada em 2017 pelos maiores grupos de comunicação do país, que entre si partilham 85% da audiência de internet em Portugal, que pretende oferecer conteúdos personalizados com mais segurança e qualidade. Agora basta registar-se apenas uma vez em qualquer um dos mais de 70 sites da plataforma para ter acesso a todos eles. Para fazer o registo é apenas solicitado o nome, e-mail, data de nascimento e género. Esta informação permite que todas as plataformas ofereçam conteúdos personalizados. Todos os seus dados são protegidos e confidenciais, podendo ser solicitada a sua eliminação a qualquer momento.

O NONIO pretende também dar capacidade aos agentes nacionais de ombrear com o domínio Google e Facebook no mercado da publicidade digital, que atualmente cativam cerca de 70% do investimento publicitário. O projeto em si, pelo seu caráter inovador é um pioneiro no setor e está já a ser seguido por núcleos de investigação internacionais.

Na vertente de gestão de dados, a MCD deu fortes passos ao longo dos últimos anos. Um deles no arranque da implementação da sua própria Data Management Platform, que permite recolher mais dados sobre a navegação e padrões de consumo de conteúdos, melhorando widgets de recomendação aos clientes, aumentando a fidelização e o tailoring de publicidade. A MCD faz parte do consórcio da Plataforma de Meios Privados (PMP) que deu origem ao projeto financiado pelo GOOGLE DNI Project denominado NONIO.

Tal como em anos anteriores, a Plural manteve a sua aposta na modernização e otimização do processo produtivo e de gestão de meios, de modo a acompanhar a evolução tecnológica na produção e transmissão de conteúdos. Esta atividade é bastante dependente da tecnologia, pelo que estes avanços são determinantes para a qualidade de produção e pós-produção. Em 2016, foi finalizada a passagem da área da Pós-Produção para a Quinta dos Melos, onde já se encontra implementado o novo sistema Nexis de edição AVID, que permite potenciar o workflow da pósprodução Audiovisual.

Digital na gravação e produção audiovisual

Grupos de media digital em Portugal unidos no nónio

Os Blogs e Vlogs foram nomeados por um painel de jurados especialista em cada uma das áreas e a votação final foi feita pelo público. Foram atribuídos 18 prémios nas áreas da Beleza, Culinária; Decoração, Desporto, Educação, Entretenimento, Família, Inovação & Tecnologia, Lifestyle, Moda, Negócios & Empreendedorismo, Política & Economia, Vlog de Entretenimento, Vlog de Lifestyle, Vlog de Moda&Beleza, Blog Revelação, Vlog do Ano e Blog do Ano. Em 2017 O evento "Blogs do Ano" recebeu menção honrosa nos Prémios de Comunicação Meios & Publicidade e o blog da rede IOL "Jessy James" foi um dos nomeados da noite na categoria Lifestyle.

Todas estas atividades continuam a gerar sinergias com os restantes negócios da Media Capital, com vários youtubers nacionais a participarem em projetos da TVI, como "Massa Fresca", em 2016, aos quais se alia uma constante promoção das séries e programas através do Youtube e Twitter.

V. Criar o futuro

V. Criar o futuro

77 Relatório de Sustentabilidade Media Capital 2017 Relatório de Sustentabilidade Media Capital 2017 78

ALTERAÇÃO DE GRANDE PARTE DAS LUMINÁRIAS DOS ESTÚDIOS E OPEN SPACE PARA LED

MONITORIZAÇÃO EM TEMPO REAL DOS CONSUMOS DE ELETRICIDADE DE TODOS OS ESTÚDIOS DE GRAVAÇÃO DA MEDIA CAPITAL

(2015-2017)

ENERGÉTICO TOTAL (2015-2017) -3% consumo

Como empresa do setor dos Media, os impactes ambientais da atividade do Grupo são limitados. No entanto, reconhecendo o seu papel como ator de relevo e com influência direta na sociedade, a Media Capital tem implementado medidas transversais a todas as unidades de negócio, com o objetivo melhorar a sua eficiência energética e na utilização de recursos. Como parte do seu código de conduta, todos os colaboradores do Grupo assumem o compromisso de desenvolver as suas atividades protegendo o ambiente, minimizando os impactes ambientais negativos e otimizando a utilização dos recursos disponíveis, em todas as áreas da sua atividade. Este compromisso é assumido não só internamente, mas com os nossos clientes, fornecedores e todas as pessoas com que estabelecemos relações no decorrer da nossa atividade.

Ao nível da organização, o consumo de eletricidade destaca-se como o impacte ambiental mais premente das atividades da Media Capital. No setor dos Media, as infraestruturas geridas são principalmente escritórios, estúdios e equipamentos de gravação e produção. Nestes, a iluminação e a climatização têm um peso significativo no consumo de eletricidade da empresa, seja a nível dos escritórios seja na utilização de geradores durante a gravação de cenas exteriores. O uso de combustível para o transporte dos colaboradores e das equipas de reportagem na frota da empresa representa também um consumo energético equiparado. O uso de gás natural e gás propano constituem a componente de aquecimento e arrefecimento, menos representativa dos consumos energéticos da Empresa. Os dados detalhados relativos ao consumo de energia podem ser consultados no capítulo Tabelas e Notas metodológicas.

Expandir o sistema de gestão energética a todas as infraestruturas do Grupo, criando condições para a deteção de oportunidades de redução de consumo
• Aumentar a reutilização de materiais na atividade de produção de cenários
• Continuar a implementação de medidas de eficiência energética ao nível da iluminação e dos equipamentos
Sensibilizar internamente os colaboradores do Grupo para a redução dos consumos de água e eletricidade nas instalações
• Promover ações de mobilidade sustentável, com vista à redução dos consumos de combustível na frota do Grupo

A monitorização regular das nossas atividades é a melhor forma de controlarmos e tentarmos minimizar os nossos impactos no ambiente ao longo do ano. Em 2012 foi posto em prática um projeto piloto de monitorização dos consumos de eletricidade em tempo real nas nossas instalações em Queluz de Baixo. Ao longo dos últimos anos o projeto evoluiu e permite-nos atualmente monitorizar o consumo das nossas instalações e estúdios em Queluz de Baixo e na Quinta dos Melos, onde se desenvolve a maior parte das atividades de gravação. Está atualmente em estudo o alargamento da iniciativa para as instalações da Media Capital Rádios, em Lisboa.

Paralelamente ao processo de monitorização foram desenvolvidas ainda iniciativas de eficiência energética nas nossas instalações, sobretudo na vertente de gestão dos consumos de eletricidade. Ao nível da iluminação temos vindo a substituir os equipamentos para lâmpadas LED, reduzindo em cada ponto de consumo cerca de 80% das necessidades de energia elétrica. Nesta primeira fase foi dada prioridade aos sistemas com maior intensidade de consumo diário e maior potência e foram até agora substituídas mais de 5000 lâmpadas, o que representa um universo de cerca de 25% dos equipamentos. Esperamos reforçar este investimento no próximo ano. Associado ao processo de substituição de equipamentos, houve ainda a instalação de sistemas de domótica na iluminação dos maiores open space das nossas instalações. Isto permite um controlo mais eficiente da nossa utilização da energia, economizando energia através da redução de intensidade luminosa ou ao desligar luzes desnecessárias.

Também ao nível da gestão de energia a modernização dos equipamentos tem tido um papel fulcral no nosso desempenho energético. Ao ampliarmos a quantidade de equipamentos sob alçada do sistema de Gestão Técnica Centralizada (GTC), principalmente ao nível da climatização, permitiunos introduzir uma otimização dos horários de utilização, enquanto foram ainda introduzidos sistemas de classe energética superior em substituição de equipamentos antigos. Com estas alterações tem sido possível verificar uma evolução da intensidade energética da empresa de 456 GJ/M€ em 2015, para 438,3 GJ/M€ em 2017. A distribuição detalhada dos nossos consumos e emissões pode ser consultada nas tabelas do capítulo Tabelas e Notas Metodológicas.

Objetivos e metas 2018

Produção eficiente e responsável VI. Ambiente

Energia e alterações climáticas

Gestão energética

81 Relatório de Sustentabilidade Media Capital 2017 Relatório de Sustentabilidade Media Capital 2017 82

Podemos verificar que as medidas de eficiência energética implementadas pela Empresa contribuíram para a redução da pegada carbónica. Consequentemente, a nossa intensidade carbónica baixou de 38,7 tonCO2e/M€ em 2015 para 37,4 tonCO2e/M€ em 2017. Cada vez mais este tema tem encabeçado a agenda internacional, revelando-se como um dos maiores riscos à vida humana na Terra. A Media Capital, como parte do seu contributo para a sociedade tem-se comprometido em aumentar os seus esforços no combate às alterações climáticas e na promoção das boas práticas ambientais, tanto ao nível da sua atividade interna, onde se têm discutido medidas como a instalação de painéis fotovoltaicos nas nossas instalações, como no que diz respeito à divulgação de conteúdos de informação de sensibilização à sociedade para os riscos climáticos e boas práticas de adaptação e mitigação.

Especificamente neste tema, destacamos a reportagem "Corrida contra o tempo" em 2015. No contexto da cimeira do clima em Paris, o trabalho dos jornalistas Isabel Loução Santos, Gonçalo Prego e Miguel Freitas olhou para os efeitos do aquecimento global no planeta. A reportagem foi reeditada em setembro de 2017, e leva-nos numa viagem por cinco países, que nos ajuda a compreender a complexa teia de efeitos das alterações climáticas, demonstrando a forma como a vida em Portugal poderá ser afetada nas próximas décadas.

http://www.tvi24.iol.pt/videos/internacional/reporter-tvi-corrida-contra-o tempo/59bd7d420cf21bc115741d5d

Adicionalmente à proporção de resíduos gerados nas atividades de escritório e redação jornalística (papel e cartão) maioritariamente a nossa atividade de produção audiovisual no Grupo Plural compreende um conjunto de operações de construção e transformação de cenários, que apresenta um elevado potencial de gerar resíduos, representando as atividades da EPC mais de 70% da produção de resíduos do Grupo em 2016 e 2017. Em 2017 foram produzidas 633 toneladas de resíduos na totalidade das atividades do Grupo, sendo que 99,7% foram enviados para atividades de preparação para valorização de resíduos e 0,3% para atividades de eliminação direta (na sua totalidade, resíduos perigosos). A diminuição abrupta de produção de resíduos entre 2016 e 2017 é justificada por 2016 ter sido um ano de grande atividade de produção de cenários e produção audiovisual. Em 2017, deu-se uma menor atividade de produção e muitos dos materiais utilizados no ano anterior foram reutilizados para as produções de 2017.

Resíduos

Na sequência da implementação destas iniciativas, a Media Capital, como empresa de abordagem e ação internacional, tem vindo a calcular as emissões de gases com efeito de estufa das suas atividades. Neste primeiro exercício foram mapeadas as emissões associadas ao consumo de combustíveis para geradores (1% das emissões totais), consumo de gás para aquecimento (1% das emissões totais), consumo de combustível na frota da empresa (39% das emissões totais), que no seu conjunto totalizam as emissões diretas (âmbito 1) e à compra de eletricidade para alimentação energética de todas as instalações do grupo (59% das emissões totais) que representa as emissões indiretas (âmbito 2). Neste primeiro exercício não foram calculadas as emissões indiretas de âmbito 3, relativas às emissões ao longo da cadeia de valor. Os dados detalhados relativos às emissões podem ser consultados no capítulo Tabelas e Notas metodológicas.

Alterações Climáticas

No Grupo existe uma política de reutilização de cenarização, sejam eles materiais em bruto como madeira, ferro e vidro, ou estruturas completas como escadas, mezaninos, painéis janelas e portas.

Estes materiais são utilizados para gerar novas estruturas e também é comum a reutilização de materiais de acabamento e revestimento como painéis de poliuretano, placas de esferovite, painéis de fibra de vidro, placas de cobertura e ainda pequenos elementos de ferragem como dobradiças, fechaduras e puxadores. O Grupo dá assim o seu contributo para a operacionalização da economia circular através da promoção do prolongamento da vida útil destes materiais, com impactos positivos a nível ambiental e económico.

Nos últimos 3 anos a Media Capital foi uma vez alvo de um processo de contraordenação ambiental relacionado com gestão de resíduos, encontrando o processo em fase de instrução. Foram tomadas medidas internas e revisitados os processos de gestão de resíduos, de modo a prevenir a repetição de situações semelhantes no futuro.

85 Relatório de Sustentabilidade Media Capital 2017 Relatório de Sustentabilidade Media Capital 2017 86

Tabelas e notas metodológicas VII. I. Tabelas e Notas metodológicas

Indicadores económicos

Valor económico direto gerado e distribuído

GRI	Valor Económico Direto Gerado e Distribuído	2015	2016	2017
201-1	Valor Económico Gerado	174.386.236 €	174.026.703 €	165.462.893 €
	Volume de negócios	126.101.646 €	132.286.643 €	126.910.992 €
	Outros rendimentos	48.284.590 €	41.740.060 €	38.551.901 €
	Valor Económico Distribuído	158.008.575 €	155.435.465 €	150.643.756 €
	Custos Operacionais	89.606.256 €	87.374.102 €	83.260.568 €
	Salários e benefícios de colaboradores	43.447.937 €	44.112.835 €	41.678.235 €
	Distribuição de dividendos	15.820.867 €	16.057.504 €	17.747.768 €
	Pagamentos ao Estado	9.018.123 €	7.751.207 €	7.904.604 €
	Donativos e outros investimentos na comunidade	115.391 €	139.816 €	52.581 €
	Valor Económico Acumulado	16.377.661 €	18.591.238 €	14.819.137 €
102-7	Total ativos	328.000.589 €	315.079.041 €	301.244.357 €
	Capital próprio	136.034.084 €	138.944.210 €	141.441.736 €
	Passivo	191.966.505 €	176.134.831 €	159.802.621 €
	Resultado operacional	30.957.324 €	33.285.172 €	32.174.055 €
	Resultado líquido	17.300.015 €	19.100.862 €	19.787.029 €

Notas:

Rubricas incluídas em cada item de reporte e alinhamento com os valores reportados no R&C:

Volume de negócios: Prestações de serviços e vendas

Pagamentos ao estado: Impostos sobre o rendimento no presente exercício

Donativos: Contribuições monetárias para associações e instituições

Distribuição de dividendos: Pagamento de dividendos a acionistas, rubrica não incluída nas demonstrações de resultados apresentadas no R&C

Salários e benefícios de colaboradores: Gastos com pessoal

Custos operacionais: Todos os restantes custos operacionais

Amortizações, depreciações e provisões não estão incluídas nos custos operacionais apresentados, de acordo com as diretrizes da Norma GRI 2016

Apoio financeiro recebido do Estado

GRI	Apoio financeiro significativo	2015	2016	2017
201-4	recebido do Estado	242.477,93 €	238.571,75 €	237.838,00 €
	Bolsas de estágio - IEFP	12.292,92 €	- €	- €
	Apoio atividade Radiofónica	7.598,01 €	733,75 €	- €
	Financiamento SI - Inovação nº 39666 do QREN	222.587,00 €	237.838,00 €	237.838,00 €

Notas:

A maior porção de financiamento recebido do Estado por parte da Media Capital está associada ao contrato de Concessão de Incentivos Financeiros no âmbito do Sistema de Incentivos à Inovação entre a Agência para o Investimento e Comércio Externo de Portugal e IOL Negócios - Serviços de Internet, S.A. e Media Capital Digital, S.A., de 10-03-2014.
O projeto financiado pelo QREN consistiu no desenvolvimento da plataforma Over-The-TOP ("OTT") do Grupo, o TVI Player. Esta plataforma permite o acesso aos conteúdos relevantes via internet com qualidade HD, a qualquer altura, em qualquer lugar. Associado ao OTT encontra-se um outro software, o BIGDATA, que funciona como um recurso no âmbito da injeção da publicidade segmentada no OTT e na criação de perfis de utilização.
Em 2015, após a primeira auditoria ao projeto, foi atribuído um prémio de realização, ou seja a conversão de parte do financiamento em subsídio não reembolsável, no montante de 54.478€. Em 2016 foi recebida a tranche final no montante de 15.251 €

Política Remuneratória e administrativa

GRI		2015		2016		2017
	Política Remuneratória	Homens	Mulheres	Homens	Mulheres	Homens	Mulheres
	Salário mais baixo praticado no Grupo Media Capital Portugal (euros)	505,00 €	505,00 €	530,00 €	530,00 €	557,00 €	557,00 €
202-1	Salário mínimo nacional (euros)	505,00 €	505,00 €	530,00 €	530,00 €	557,00 €	557,00 €
	Salário médio de entrada	1.280,41 €	1.002,46 €	1.156,94 €	1.042,78 €	1.007,77 €	1.086,04 €
	Rácio do salário de entrada entre homens e mulheres (M/H)	0,78		0,90		1,08

204-1

N.º total de Fornecedores 32510 35069 37054 Percentagem de Despesas com Fornecedores nacionais 90% 93% 93%

GRI	Proporção de Membros da Alta Direção Contratados na Comunidade Local em Unidade Operacionais Importantes		2015 2016 2017
	202-2 Percentagem de gestores de topo com origem em Portugal	77%	77%	77%
GRI	Proporção de Membros da Alta Direção Contratados na Comunidade Local em Unidade Operacionais Importantes	2015 2016 2017

202-2 Percentagem de gestores de topo com origem em Portugal 77% 77% 77% Despesas com fornecedoreslocais

GRI	Proporção de Despesas com Fornecedores Locais em Unidades Operacionais Importantes Despesas com fornecedoreslocais	2015	2016	2017
204-1 GRI	N.º total de Fornecedores		32510 35069 37054
	Percentagem de Despesas com Fornecedores nacionais Proporção de Despesas com Fornecedores Locais em Unidades Operacionais Importantes	90% 2015	93% 2016	93% 2017

Indicadoressociais Caracterização do capital humano

Caracterização do capital humano GRI Ano 2015 2016 2017 Total de colaboradores 1146 1033 1039

Notas:

Diversidade e igualdade de género

GRI		H 652	M 2015 494	Total 1146	H 595	M 2016 438	Total 1033	H M Total 2017 616 442 1058
	Tipo de	Total de colaboradores Full time	99,8%	1146			1033		1039 100,0% 99,9% 99,8% 100,0% 99,9% 99,8% 100,0% 99,9%
	trabalho Part time Género Contratos sem termo		H 0,2%	M 0,0%	Total 0,1%	H 0,2%	M 0,0%	Total 0,1%	H 0,2%	M 0,0%	Total 0,1%
			652	494	1146	595	438	1033	616	442	1058
	Tipo de	Full time (efetivos)	83,4%	76,5% 99,8% 100,0% 99,9% 99,8% 100,0% 99,9% 99,8% 100,0% 99,9%		80,5% 88,4%	84,0%		86,5% 81,5%	81,0%	81,3%
	Tipo de trabalho	Part time Contratos a termo	0,2%	0,0%	0,1%	0,2%	0,0%	0,1%	0,2%	0,0%	0,1%
	contrato	Contratos sem termo certo (efetivos) Freelance	16,6% 83,4% 0,0%	23,5% 76,5% 0,0%	80,5% 88,4% 0,0%	19,5% 11,6% 0,0%	16,0% 84,0% 0,0%	86,5% 81,5% 0,0%	13,5% 18,5% 0,0%	19,0% 81,0% 0,0%	18,7% 81,3% 0,0%
	Tipo de contrato Tipo de horário	Contratos a termo Flexível certo Fixo	1,7% 16,6% 34,2%	1,0% 23,5% 37,7%	1,4% 19,5% 11,6%	2,2% 35,7% 36,0%	1,1% 16,0% 39,0%	1,7% 13,5% 18,5%	1,9% 37,3% 38,8%	1,1% 19,0% 39,8%	1,6% 18,7% 39,2%
		Freelance Isenção de horário	0,0% 64,1%	0,0% 61,3%	0,0%	0,0% 62,9% 61,8%	0,0% 59,8%	0,0%	0,0% 61,0% 59,3%	0,0% 59,0%	0,0% 59,2%
		Flexível	1,7%	1,0%	1,4%	2,2%	1,1%	1,7%	1,9%	1,1%	1,6%
	Tipo de horário	Entre os 18 e os 34 Fixo anos	34,2% 20,7%	37,7% 28,9%	35,7% 36,0%	24,3% 15,0%	39,0% 22,1%	37,3% 38,8%	18,0% 18,2%	39,8% 23,1%	20,2% 39,2%
		Isenção de horário Entre 35 e os 44 anos	64,1% 51,4%	61,3% 46,0%	62,9% 61,8%	49,0% 53,1%	59,8% 46,8%	61,0% 59,3%	50,4% 48,9%	59,0% 45,5%	59,2% 47,4%
102-8	Faixa etária Faixa etária	Entre os 18 e os 34 Entre 45 e os 54 anos anos	20,7% 21,6%	28,9% 18,4%	24,3% 15,0%	20,2% 24,4%	22,1% 24,4%	18,0% 18,2%	24,4% 24,4%	23,1% 24,7%	20,2% 24,5%
102-8		Entre 55 e os 64 anos Entre 35 e os 44 anos	5,7% 51,4%	5,7% 46,0%	5,7% 49,0% 53,1%	7,1%	6,2% 46,8%	6,7% 50,4% 48,9%	8,1%	6,1% 45,5%	7,3% 47,4%
		Com mais de 65 anos Entre 45 e os 54 anos	0,6% 21,6%	1,0% 18,4%	0,8% 20,2% 24,4%	0,5%	0,5% 24,4%	0,5% 24,4% 24,4%	0,5%	0,7% 24,7%	0,6% 24,5%
		Média de idades por Entre 55 e os 64 anos	5,7% 41	5,7% 40	5,7% 40	7,1% 42	6,2% 41	6,7% 41	8,1% 42	6,1% 41	7,3% 41
		género Com mais de 65 anos	0,6%	1,0%	0,8%	0,5%	0,5%	0,5%	0,5%	0,7%	0,6%
		Até 1 ano Média de idades por De 1 a 3 anos género	17,6% 41 2,3%	19,6% 40 5,3%	40 3,6%	18,5% 11,3% 42 4,9%	13,7% 41 5,9%	41 5,3%	12,3% 17,4% 42 6,2%	17,4% 41 5,9%	17,4% 41 6,0%
	Antiguidade	De 3 a 8 anos Até 1 ano	23,9% 17,6%	21,3% 19,6%	18,5% 11,3%	22,8% 19,5%	18,7% 13,7%	12,3% 17,4%	19,2% 14,6%	15,8% 17,4%	15,1% 17,4%
		De 8 a 15 anos De 1 a 3 anos	33,1% 2,3%	34,4% 5,3%	3,6%	33,7% 29,6% 4,9%	32,0% 5,9%	5,3%	30,6% 26,6% 6,2%	28,3% 5,9%	27,3% 6,0%
		Mais de 15 anos De 3 a 8 anos	23,0% 23,9%	19,4% 21,3%	22,8% 19,5%	21,5% 34,8%	29,7% 18,7%	19,2% 14,6%	32,6% 35,2%	32,6% 15,8%	34,1% 15,1%
	Antiguidade	Média de antiguidade De 8 a 15 anos	33,1% 10	34,4% 10	33,7% 29,6% 10	12	32,0% 11	30,6% 26,6% 11	11	28,3% 11	27,3% 11
		por género Mais de 15 anos	23,0%	19,4%	21,5% 34,8%		29,7%	32,6% 35,2%		32,6%	34,1%
		Nacionalidades Nº de diferentes Média de antiguidade nacionalidades por género	6 10	6 10	12 10	5 12	6 11	11 11	5 11	6 11	11 11
	Colaboradores c/ deficiência	Nº de colaboradores Nacionalidades Nº de diferentes c/ deficiência nacionalidades	6 6	5 6	9 12	6 5	6 6	10 11	6 5	6 6	10 11
102-41	Direito de Colaboradores associação c/ deficiência	N.º de colaboradores Nº de colaboradores Sindicalizados c/ deficiência	6	40 5	9	6	37 6	10	6	35 6	10
Notas: 102-41 Notas:	Direito de associação	N.º de colaboradores - Para efeitos do relatório Portugal corresponde a "Região". A totalidade das atividades do GMC é baseada em Portugal, pelo que não Sindicalizados regista colaboradores com morada permanente no estrangeiro.		40			37			35

Indicadoressociais

Para efeitos do relatório Portugal corresponde a "Região". A totalidade das atividades do GMC é baseada em Portugal, pelo que não regista colaboradores com morada permanente no estrangeiro. - Entende-se por horário flexível as pessoas que não têm IHT mas não cumprem horário fixo - Os valores do nº de colaboradores e a sua respetiva distribuição difere do R&C da Média Capital, porque seguindo as recomendações da
Entende-se por horário flexível as pessoas que não têm IHT mas não cumprem horário fixo Norma GRI 2016, neste relatório os dados relativos aos colaboradores são extraídos à data do final do período de reporte.
Os valores do nº de colaboradores e a sua respetiva distribuição difere do R&C da Média Capital, porque seguindo as recomendações da Norma GRI 2016, neste relatório os dados relativos aos colaboradores são extraídos à data do final do período de reporte. - No R&C 2017 da Media Capital os valores divulgados representam a média anual de colaboradores que neste caso foram 1036 em 2017. -No R&C 2017 da Media Capital os valores divulgados representam a média anual de colaboradores que neste caso foram 1036 em 2017.

Diversidade e igualdade de género

Rotatividade

GRI				2015 2016					2017
			H	M	Total		H	M	Total	H		M	Total
	Distribuição do Número de colaboradores por categoria profissional	Pessoal diretivo	47	12	59		43	14	57	43		16	59
GRI		Quadros intermédios	33 H	2015 17 M	50 Total		26 H	2016 20 M	46 Total	26 H	2017 M	14	40 Total
	Distribuição do Número de colaboradores	Pessoal diretivo técnico	47 572	12 465	59 1037		43 526	14 404	57 930	43 547	16	412	59 959
	por categoria	Quadros	2015 33 17 50				2016 26 20 46				2017 26 14 40
	profissional	intermédios	H		M		H		M		H		M
	Género Género	Pessoal Pessoal técnico diretivo	572 80%	465	1037 20%		526 75%	404	930 25%	547	412 73%		959 27%
		Quadros intermédios	2015 66% H		34% M		57% H	2016	43% M		2017 65% H		35% M
405-1		Pessoal Pessoal diretivo técnico	80% 55%		20% 45%		75% 57%		25% 43%		73% 57%		27% 43%
		Quadros Total de intermédios colaboradores	66% 57%		34% 43%		57% 58%		43% 42%		65% 58%		35% 42%
405-1		Pessoal técnico	55% 45% 2015				57% 43%				57% 43% 2016			2017
	Faixa etária Faixa etária	Total de Faixa etária colaboradores	18- 57% 34	35- 44	45- 43% 54	55- 64	65 58% +	18- 34	35- 42% 44	45- 54	55- 58% 64	65 +	18- 42% 34	35- 44	45- 54	55- 64	65 +
		Pessoal diretivo	2% 18-	35-	2015 36% 39% 20% 3% 45-	55-	65	0% 18-	35-	2016 45-	32% 42% 23% 4% 55-	65	0% 18-	35-	2017 29% 36% 32% 3% 45-	55-	65
		Quadros Faixa etária intermédios Pessoal	34	44	54	64	+	34	44 14% 30% 44% 12% 0% 11% 35% 37% 17% 0% 10% 20% 48% 23% 0%	54	64	+	34	44	54	64	+
		Pessoal diretivo técnico Quadros	2%	26% 51% 18%	36% 39% 20% 3%	5%		0%	1% 19% 52% 23%		32% 42% 23% 4% 5%		0%	0% 22% 50% 23%	29% 36% 32% 3%	5%	0%
		Total de intermédios Colaboradores 24% 49% 20% Pessoal				6%			14% 30% 44% 12% 0% 11% 35% 37% 17% 0% 10% 20% 48% 23% 0% 1% 18% 50% 24%		7%			0% 20% 47% 24%		7%	1%
Notas:		técnico		26% 51% 18%		5%			1% 19% 52% 23%		5%			0% 22% 50% 23%		5%	0%

Não foram identificados grupos de minorias significativos de reporte Total de
As categorias utilizadas correspondem aos níveis de desagregação utilizados internamente Colaboradores 24% 49% 20% 6% 1% 18% 50% 24% 7% 0% 20% 47% 24% 7% 1%

GRI Rotatividade 2015 2016 2017 Rotatividade

Total Total	Rotatividade Nº total de saídas Nº total de entradas Taxa de entrada Nº total de saídas Taxa de saída		2015 131 195 17%	2016 309 196 19%	2017 185
					210 20%
			131 11%	309 30%	185 17%
	Taxa de entrada Taxa de rotatividade		17% 6%	19% -11%	20% 2%
	Taxa de saída		11%	30%	17%
					2% 74
Género				136
					74 79
					136
	Com menos de 30 anos		80	67	122 79
Idade					9 122
	Com mais de 50 anos		6	12	9
	Saídas				70
	Mulheres		62	156	115 70
	Homens		69	153	48 115
	Com menos de 30 anos		43	81	123 48
Idade	Entre 30 e os 50 anos		77	203	14 123
	Com mais de 50 anos		11	25	14
	Género Idade Género Género Idade	Entradas Taxa de rotatividade Mulheres Entradas Homens Mulheres Com menos de 30 anos Homens Entre 30 e os 50 anos Com mais de 50 anos Entre 30 e os 50 anos Saídas Mulheres Homens Com menos de 30 anos Entre 30 e os 50 anos Com mais de 50 anos		6% 94 101 94 80 101 109 6 109 62 69 43 77 11	-11% 100 96 100 67 96 117 12 117 156 153 81 203 25 - Para efeitos do relatório Portugal corresponde a "Região". A totalidade das atividades do GMC é baseada em Portugal, pelo que não

Notas:

regista colaboradores com morada permanente no estrangeiro. - Taxa de entrada=nº entradas/nº total colaboradores - Para efeitos do relatório Portugal corresponde a "Região". A totalidade das atividades do GMC é baseada em Portugal, pelo que não regista colaboradores com morada permanente no estrangeiro.

Taxa de saída= nº saídas/nº total colaboradores - Taxa entrada=nº entradas/nº total colaboradores
Taxa de rotatividade= taxa de entrada - taxa de saída - Taxa saída= nº saídas/nº total colaboradores

Notas:

Taxa de rotatividade= taxa de entrada - taxa de saída

GRI Proporção de Membros da Alta Direção Contratados na Comunidade Local em Unidade Operacionais

Importantes ²⁰¹⁵ ²⁰¹⁶ ²⁰¹⁷

202-2 Percentagem de gestores de topo com origem em Portugal 77% 77% 77%

Despesas com fornecedoreslocais

GRI Proporção de Despesas com Fornecedores Locais em Unidades Operacionais Importantes 2015 2016 2017

204-1

N.º total de Fornecedores 32510 35069 37054 Percentagem de Despesas com Fornecedores nacionais 90% 93% 93%

Indicadoressociais

Caracterização do capital humano

GRI Ano 2015 2016 2017

102-8

Total de colaboradores 1146 1033 1039

Género ^H ^M Total ^H ^M Total ^H ^M Total

652 494 1146 595 438 1033 616 442 1058

Tipo de trabalho Full time 99,8% 100,0% 99,9% 99,8% 100,0% 99,9% 99,8% 100,0% 99,9% Part time 0,2% 0,0% 0,1% 0,2% 0,0% 0,1% 0,2% 0,0% 0,1%

Tipo de contrato Contratos sem termo

(efetivos) 83,4% 76,5% 80,5% 88,4% 84,0% 86,5% 81,5% 81,0% 81,3%

Contratos a termo

certo 16,6% 23,5% 19,5% 11,6% 16,0% 13,5% 18,5% 19,0% 18,7% Freelance 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0% 0,0%

Tipo de horário

Flexível 1,7% 1,0% 1,4% 2,2% 1,1% 1,7% 1,9% 1,1% 1,6% Fixo 34,2% 37,7% 35,7% 36,0% 39,0% 37,3% 38,8% 39,8% 39,2% Isenção de horário 64,1% 61,3% 62,9% 61,8% 59,8% 61,0% 59,3% 59,0% 59,2%

Faixa etária

Entre os 18 e os 34

GRI GRI	- Não foram identificados grupos de minorias significativos de reporte - As categorias utilizadas correspondem aos níveis de desagregação utilizados internamente Rácio da remuneração média entre Rácio da remuneração média entre Mulheres/Homens por categoria profissional Mulheres/Homens por categoria profissional	2015	2015 2016	2016 2017 2017	var var 2015/2017 2015/2017
405-2 405-2 GRI	Pessoal diretivo Rácio da remuneração média entre Pessoal diretivo Quadros intermédios	1,40	1,40 1,30 0,95 2015	1,30 1,21 1,21 0,85 0,91 2016 2017	-13% -13% var -4%
	Mulheres/Homens por categoria profissional Pessoal técnico Quadros intermédios	0,95	0,85 0,88	0,91 0,89 0,92	2015/2017 -4% 4%
405-2	Pessoal diretivo Total Pessoal técnico Quadros intermédios	0,88	1,40 0,82 0,89 0,95	1,30 1,21 0,85 0,88 0,92 0,85 0,91	-13% 7% 4% -4%
Notas: - Rácio calculado através de:	Pessoal técnico Total	0,82	0,88 0,85	0,89 0,88 0,92	7% 4%
	Total		0,82	0,85 0,88	7%

Remuneração média das Mulheres por categoria profissional/Remuneração média dos Homens por categoria profissional, para cada Notas:

anos 20,7% 28,9% 24,3% 15,0% 22,1% 18,0% 18,2% 23,1% 20,2% Entre 35 e os 44 anos 51,4% 46,0% 49,0% 53,1% 46,8% 50,4% 48,9% 45,5% 47,4% Entre 45 e os 54 anos 21,6% 18,4% 20,2% 24,4% 24,4% 24,4% 24,4% 24,7% 24,5% Entre 55 e os 64 anos 5,7% 5,7% 5,7% 7,1% 6,2% 6,7% 8,1% 6,1% 7,3% Com mais de 65 anos 0,6% 1,0% 0,8% 0,5% 0,5% 0,5% 0,5% 0,7% 0,6%

categoria e para cada ano. Notas: - Rácio calculado através de:

Total: Remuneração média do total das Mulheres do Grupo/Remuneração média do total dos Homens do Grupo. - Rácio calculado através de: - Remuneração média das Mulheres por categoria profissional/Remuneração média dos Homens por categoria profissional, para cada - Remuneração média das Mulheres por categoria profissional/Remuneração média dos Homens por categoria profissional, para cada categoria e para cada ano.

Média de idades por

género ⁴¹ ⁴⁰ ⁴⁰ ⁴² ⁴¹ ⁴¹ ⁴² ⁴¹ ⁴¹

Antiguidade

Até 1 ano 17,6% 19,6% 18,5% 11,3% 13,7% 12,3% 17,4% 17,4% 17,4% De 1 a 3 anos 2,3% 5,3% 3,6% 4,9% 5,9% 5,3% 6,2% 5,9% 6,0% De 3 a 8 anos 23,9% 21,3% 22,8% 19,5% 18,7% 19,2% 14,6% 15,8% 15,1% De 8 a 15 anos 33,1% 34,4% 33,7% 29,6% 32,0% 30,6% 26,6% 28,3% 27,3% Mais de 15 anos 23,0% 19,4% 21,5% 34,8% 29,7% 32,6% 35,2% 32,6% 34,1%

Média de antiguidade

por género ¹⁰ ¹⁰ ¹⁰ ¹² ¹¹ ¹¹ ¹¹ ¹¹ ¹¹

Nacionalidades Nº de diferentes

nacionalidades ⁶ ⁶ ¹² ⁵ ⁶ ¹¹ ⁵ ⁶ ¹¹

Colaboradores c/ deficiência

Nº de colaboradores

c/ deficiência ⁶ ⁵ ⁹ ⁶ ⁶ ¹⁰ ⁶ ⁶ ¹⁰

102-41 Direito de

associação

N.º de colaboradores

Sindicalizados ⁴⁰ ³⁷ ³⁵

Notas:

Para efeitos do relatório Portugal corresponde a "Região". A totalidade das atividades do GMC é baseada em Portugal, pelo que não

regista colaboradores com morada permanente no estrangeiro.

Entende-se por horário flexível as pessoas que não têm IHT mas não cumprem horário fixo
Os valores do nº de colaboradores e a sua respetiva distribuição difere do R&C da Média Capital, porque seguindo as recomendações da

Norma GRI 2016, neste relatório os dados relativos aos colaboradores são extraídos à data do final do período de reporte.

No R&C 2017 da Media Capital os valores divulgados representam a média anual de colaboradores que neste caso foram 1036 em 2017.

categoria e para cada ano. - Total: Remuneração média do total das Mulheres do Grupo/Remuneração média do total dos Homens do Grupo. - Total: Remuneração média do total das Mulheres do Grupo/Remuneração média do total dos Homens do Grupo.

Diversidade e igualdade de género Formação

Média de horas de formação anual por colaborador

Categoria funcional

	Ano	2015	2016	2017
	Total	4,4	3,8	3,9
	Feminino	2,8	2,7	5,4
	Masculino	5,5	4,6	2,8
	Pessoal diretivo	9,6	3,0	3,6
Género	Quadros intermédios	14,5	5,8	11,0
	Pessoal técnico qualificado	3,6	3,8	3,0
	Média de horas de formação	4,4	3,8	3,7

Licença parental

GRI	Licença Parental	2015			2016			2017
		H	M	Total	H	M	Total	H	M	Total
	N.º de colaboradores com direito a licença parental no período	652	494	1146	595	438	1033	616	442	1058
	N.º de colaboradores que usufruíram da licença parental	37	44	81	46	31	77	35	30	65
401-3	N.º de colaboradores que regressaram após a licença parental	37	32	69	44	21	65	34	23	57
	N.º de colaboradores que permaneceram mais de 12 meses na Organização após a licença parental	32	30	62	40	17	57	34	23	57
	Taxa de retorno após licença	100,0% 72,7%		85,2%	95,7%	67,7%	84,4%	97,1%	76,7%	87,7%
	Taxa de retenção 12 meses após licença	86,5%	93,8%	89,9%	90,9%	81,0%		87,7% 100,0% 100,0% 100,0%

Notas:

Taxa de retorno é dada por: N.º de colaboradores que regressaram após a licença parental/N.º de colaboradores que usufruíram da licença parental - Taxa de retenção é dada por: N.º de colaboradores que permaneceram mais de 12 meses na Organização após a licença parental /

Nº de colaboradores que regressaram após licença parental no ano anterior) - Para os valores de 2017 é demonstrada a situação atual, pelo que a grande maioria das pessoas que usufruíram de licença em

2017, só irão registar 12 meses após o regresso durante 2018.

Assume-se, para efeitos de reporte das taxas, que a data de início da licença define o ano de reporte do indicador.

Saúde e segurança no trabalho

GRI	Acidentes de trabalho	2015			2016			2017
			Homens Mulheres Total Homens Mulheres Total Homens Mulheres Total
	Total	40	16	56	24	16	40	25	12	37
	No local de trabalho	37	14	51	22	8	30	22	10	32
	Nas deslocações casa/trabalho	3	2	5	2	8	10	3	2	5
403-2	N.º óbitos relacionados com o trabalho	0	0	0	0	0	0	0	0	0
	N.º de casos de doenças ocupacionais	0	0	0	0	0	0	0	0	0
	Taxa de acidentes	33,37	18,28	27,00	22,22	21,00	21,71	22,43	15,38	19,52
	Taxa de doenças ocupacionais	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00	0,00
	Taxa de dias perdidos		730,77 539,21 649,92 704,50 1307,29 953,81 566,03						42,29	350,38
	Taxa de absentismo	2,0%	5,3%	3,4%	3,1%	6,9%	4,7%	1,8%	3,9%	2,6%

Notas:

-A metodologia de calculo adotada está de acordo com as definições recomendadas pela GRI, que por sua vez está orientada pelas recomendações da ILO - Organização Internacional do Trabalho das Nações Unidas, disponível em: http://ilo.org/wcmsp5/groups/public/---dgreports/---stat/documents/normativeinstrument/wcms_087528.pdf

Para o cálculo do nº de horas não trabalhadas na taxa de absentismo foram incluídas todas as tipologias de absentismo registadas pelo Grupo e reportadas às entidades oficiais.
No âmbito deste indicador não foi incluído o universo de subcontratados do Grupo
Dias perdidos correspondem a dias de calendário
O registo de dias perdidos inicia-se no dia em que o colaborador se desloca ao hospital, podendo ou não incluir o dia em que o acidente ocorre
Todos os acidentes são reportados ao seguro, pelo que ferimentos leves estão contabilizados.

fugitivas decorrentes da utilização de gases para refrigeração, nomeadamente em equipamentos de ar condicionado

Indicadores ambientais

Energia e Emissões

	Consumo total de energia (GJ)	57.503	53.836
				55.621	-3%
		Por tipo de fonte
	Compra de eletricidade (GJ)	27.216,9	27.440,8	26.854,1	-1%
	Combustíveis fósseis (GJ)	30.286,3	26.395,0	28.766,6	-5%
	Gás natural (GJ)	587,3	411,0	425,6	-28%
	Gás propano (GJ)	985,8	1.013,8	468,8	-52%
302-1	Gasóleo (GJ)	27.724,8	24.209,0	26.984,8	-3%
	Gasolina (GJ)	988,5	761,2	887,4	-10%
	Por tipo de atividade
	Eletricidade (GJ)	27.724	28.213	27.542	-1%
	Aquecimento (GJ)	1.573	1.425	894	-43%
	Transportes (GJ)	28.206	24.198	27.184	-4%
	% de energia renovável
	% Energia Renovável	18%	20%	19%	2%
	% Energia Não Renovável	82%	80%	81%	0%
302-3	Intensidade energética (GJ/M€)	456,0	407,0	438,3	-4%
	Emissões GEE (ton CO2e)
305-1;305-2;	Âmbito 1 - Emissões Diretas (combustíveis)	2.041,4	1.779,9	1.945,4	-5%
	Âmbito 2 - Emissões indiretas (energia)	2.842,6	2.866,0	2.804,8	-1%
	Total emissões (tonCO2e)	4.884,1	4.645,9	4.750,2	-3%
305-4	Intensidade carbónica (tonCO2e/M€)	38,7	35,1	37,4	-3%
(€)	Volume de negócios	126.101.646,0	132.286.643,0	126.910.992,0	1%

Consumo de gás natural
Consumo de gás propano
Consumo de gasolina e gasóleo na frota de transportes detida pela organização, sem discriminação de uso pessoal e profissional dos veículos

Inclui-se no consumo indireto de energia:

Compra de eletricidade

-Estes consumos abrangem a totalidade das atividades detidas pelo Grupo, ao nível das infraestruturas detidas pela organização, incluindo o combustível utilizado durante a gravação de cenas exteriores

-As instalações de Porto e Lisboa (Rádios) não têm consumo de gás

Ao nível das atividades, o consumo de gasóleo dos geradores é considerado como "eletricidade", tal como a compra de eletricidade, o "gás natural" e "gás propano" estão englobados no aquecimento, os restantes combustíveis fosseis estão incluídos em "transportes". - No calculo de emissões a metodologia utilizada baseou-se nas diretrizes do GHG Protocol do WBCSD

As emissões de âmbito 1 incluem:

Emissões resultantes do consumo de energia direta

Os fatores de emissão adotados estão disponíveis na tabela abaixo. Por uma questão de comparabilidade e acompanhamento das melhores práticas internacionais, foram adotados os fatores de emissão associados aos combustíveis publicados pela DEFRA-UK em 2017, disponíveis em: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2017

As emissões de âmbito 2 incluem:

Emissões resultantes da compra de eletricidade

Para cálculo das emissões de âmbito 2 foi utilizado o método "market-based" com o fator de emissão a ser fornecido pela empresa distribuidora de eletricidade:

https://www.iberdrola.pt/02sicb/corporativa/iberdrola/sobre-nos/mercado-electrico/rotulagem-energia/iberdrola-portugal Para o cálculo da % de energia renovável, foi utilizada a informação disponibilizada pela Iberdrola sobre a Origem da eletricidade fornecida pela empresa para o ano de 2016. Estes valores foram aplicados a 2015,2016 e 2017. Neste exercício, para efeitos de contabilização "energia hídrica" foi considerada como renovável.

Neste primeiro exercício de contabilização de emissões do GMC não foram incluídas as emissões de âmbito 3, nem as emissões

Indicadores ambientais

Energia e Emissões

GRI Consumo de energia e

emissões de GEE ²⁰¹⁵ ²⁰¹⁶ ²⁰¹⁷ Var 2015-

2017

2015	2016	2017	Var 2015-2017
18495	18425	18455	-0,2%
44	49	49	10,1%

302-1

Consumo total de

energia (GJ) 57.503 53.836 55.621 -3% Por tipo de fonte

Compra de

eletricidade (GJ) 27.216,9 27.440,8 26.854,1 -1%

Fatores emissão	Unidade	Categoria	Fonte
	0,245226687 kg CO2e/kWh Assurance Tax Transactions Advisory	Diesel (average biofuel blend)	DEFRA- UK Government GHG conversion factors for company reporting DEFRA- UK Government GHG conversion factors for
	0,245226687 kg CO2e/kWh	Diesel (average biofuel blend)	company reporting DEFRA- UK Government GHG conversion factors for
About EY	0,23341355 kg CO2e/kWh	Petrol (average biofuel blend)	company reporting DEFRA- UK Government GHG conversion factors for
	Replace this text with boilerplate copy, found on The Branding Zone. 0,184163989 kg CO2e/kWh sit amet, consectetuer adipiscing elit, sed diam nonummy nibh euismod tincidunt ut	Lorem ipsum dolor Natural gas	company reporting DEFRA- UK Government GHG conversion factors for
	0,214509723 kg CO2e/kWh laoreet dolore magna aliquam erat volutpat. Ut wisi ad minim veniam, quis nostrud	LPG	company reporting
	0,376 kgCO2e/kWh exercitation ullam corper suscipit lobortis nisl ut aliquip ex ea duncai consequat.	Eletricidade	IBERDROLA

Combustíveis fósseis

(GJ) 30.286,3 26.395,0 28.766,6 -5% Gás natural (GJ) 587,3 411,0 425,6 -28% Gás propano (GJ) 985,8 1.013,8 468,8 -52% Gasóleo (GJ) 27.724,8 24.209,0 26.984,8 -3% Gasolina (GJ) 988,5 761,2 887,4 -10% Por tipo de atividade Eletricidade (GJ) 27.724 28.213 27.542 -1% Aquecimento (GJ) 1.573 1.425 894 -43% Transportes (GJ) 28.206 24.198 27.184 -4% % de energia renovável % Energia Renovável 18% 20% 19% 2%

Mix de renováveis 2016 divulgado pela empresa fornecedora de eletricidade, foi aplicado a 2015,2016 e 2017. [Optional sector or service line descriptor]

Dados sobre o mix energético e fator de emissão da eletricidade disponível em: https://www.iberdrola.pt/02sicb/corporativa/iberdrola/sobre-nos/mercado-electrico/rotulagem-energia/iberdrola-portugal Dados de fatores de emissão disponíveis em: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2017 © 20XX [insert member firm name] All Rights Reserved.

% Energia Não

Renovável 82% 80% 81% 0%

302-3 Intensidade

energética (GJ/M€) 456,0 407,0 438,3 -4%

305-1;305-2;

Emissões GEE (ton

CO2e)

Âmbito 1 - Emissões

Água [Optional reference number] ED YYMM

Diretas (combustíveis) 2.041,4 1.779,9 1.945,4 -5%

Âmbito 2 - Emissões

indiretas (energia) 2.842,6 2.866,0 2.804,8 -1%

Total emissões

(tonCO2e) 4.884,1 4.645,9 4.750,2 -3%

305-4 Intensidade carbónica

(tonCO2e/M€) 38,7 35,1 37,4 -3%

Volume de negócios

(€) 126.101.646,0 132.286.643,0 126.910.992,0 1%

Notas:

Inclui-se no consumo direto de energia: - Consumo de gasóleo de geradores

Consumo de gás natural - Consumo de gás propano

GRI	Consumo total de água, por fonte [Optional environmental statement]		2015	2016	2017	Var 2015-2017
	303-1 Consumo de água da rede pública de abastecimento (m3)		18495	18425	18455	-0,2%
	Consumo de água por colaborador (litros/dia) [Required legal disclaimer] Lorem ipsum dolor sit amet, consectetuer adipiscing elit, sed diam nonummy nibh		44	49	49	10,1%
Notas:	euismod tincidunt ut laoreet dolore magna aliquam erat volutpat. Ut wisi ad minim veniam, quis nostrud exercitation
	- Água de abastecimento da rede pública representa a totalidade dos consumos nas instalações da empresa. ullam corper suscipit lobortis nisl ut aliquip ex ea duncai consequat.
	- Para o cálculo do consumo de água por colaborador, em 2016 foram contabilizados 366 dias (ano bissexto)
ey.com
Fatores Resíduos emissão	Unidade Categoria	Fonte
GRI	Quantidade total de resíduos, por tipo e método de 0,245226687 kg CO2e/kWh Diesel (average biofuel blend) tratamento Quantidade total de resíduos, por tipo e método de		company reporting		DEFRA- UK Government GHG conversion factors for 2015 2015	2016	2017
GRI 306-2	tratamento		DEFRA- UK Government GHG conversion factors for Quantidade Total (ton)			2016 555,5 1217,8	2017 633,3
	0,245226687 kg CO2e/kWh Diesel (average biofuel blend)	company reporting Quantidade Total (ton) Resíduos urbanos ou Equiparados DEFRA- UK Government GHG conversion factors for				555,5 1217,8	633,3
	0,23341355 kg CO2e/kWh Petrol (average biofuel blend)	Resíduos urbanos ou Equiparados (RUB) company reporting			345,6	478,9	503,7
	Divisão por tipo de resíduo 0,184163989 kg CO2e/kWh Natural gas 0,214509723 kg CO2e/kWh LPG 0,376 kgCO2e/kWh Eletricidade Divisão por tipo de resíduo	(RUB)	DEFRA- UK Government GHG conversion factors for Materiais de construção		345,6 12,1	478,9 524,6	503,7 56,5
		Materiais de construção company reporting Madeiras		12,1 167,0	524,6 160,9	56,5 45,4
		Madeiras DEFRA- UK Government GHG conversion factors for Papel e cartão		167,0 21,5	160,9 41,0	45,4 19,3
		Papel e cartão company reporting Embalagens contaminadas Embalagens contaminadas IBERDROLA			21,5 2,3 2,3	41,0 5,1 5,1	19,3 3,7 3,7
		Vidro			3,5	2,6	2,5
	Mix de renováveis 2016 divulgado pela empresa fornecedora de eletricidade, foi aplicado a 2015,2016 e 2017.	Tintas, vernizes e absorventes			1,4	1,8	1,9
		Plástico		0,2	0,2	0,1
	Dados sobre o mix energético e fator de emissão da eletricidade disponível em:	Lâmpadas		0,1	0,2	0,1
306-2	https://www.iberdrola.pt/02sicb/corporativa/iberdrola/sobre-nos/mercado-electrico/rotulagem-energia/iberdrola-portugal	Equipamentos elétricos e
	Dados de fatores de emissão disponíveis em: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2017	eletrónicos		0,8	2,5	0,0
		Pesticidas			1,0	0,0	0,0
		EPC		315,4	955,9	452,9
Água	Divisão por empresa	Media Capital			136,1	111,1	104,9

Consumo de gasolina e gasóleo na frota de transportes detida pela organização, sem discriminação de uso pessoal e profissional dos

veículos

Inclui-se no consumo indireto de energia:

Compra de eletricidade

-Estes consumos abrangem a totalidade das atividades detidas pelo Grupo, ao nível das infraestruturas detidas pela organização,

incluindo o combustível utilizado durante a gravação de cenas exteriores -As instalações de Porto e Lisboa (Rádios) não têm consumo de gás

GRI	Quantidade total de resíduos, por tipo e método de 0,245226687 kg CO2e/kWh Diesel (average biofuel blend) tratamento Quantidade total de resíduos, por tipo e método de	DEFRA- UK Government GHG conversion factors for company reporting	2015	2016	2017
GRI	tratamento 0,245226687 kg CO2e/kWh Diesel (average biofuel blend)	DEFRA- UK Government GHG conversion factors for Quantidade Total (ton) company reporting	2015	2016 555,5 1217,8	2017 633,3
		Quantidade Total (ton) Resíduos urbanos ou Equiparados DEFRA- UK Government GHG conversion factors for	555,5 1217,8		633,3
	0,23341355 kg CO2e/kWh Petrol (average biofuel blend) Divisão por tipo de resíduo 0,184163989 kg CO2e/kWh Natural gas 0,214509723 kg CO2e/kWh LPG 0,376 kgCO2e/kWh Eletricidade Divisão por tipo de resíduo Mix de renováveis 2016 divulgado pela empresa fornecedora de eletricidade, foi aplicado a 2015,2016 e 2017. Dados sobre o mix energético e fator de emissão da eletricidade disponível em: https://www.iberdrola.pt/02sicb/corporativa/iberdrola/sobre-nos/mercado-electrico/rotulagem-energia/iberdrola-portugal Dados de fatores de emissão disponíveis em: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2017	Resíduos urbanos ou Equiparados (RUB) company reporting	345,6	478,9	503,7
		(RUB) Materiais de construção DEFRA- UK Government GHG conversion factors for	345,6 12,1	478,9 524,6	503,7 56,5
306-2		Materiais de construção company reporting Madeiras Madeiras	12,1 167,0 167,0	524,6 160,9 160,9	56,5 45,4 45,4
		DEFRA- UK Government GHG conversion factors for Papel e cartão Papel e cartão company reporting	21,5 21,5	41,0 41,0	19,3 19,3
		Embalagens contaminadas Embalagens contaminadas IBERDROLA	2,3 2,3	5,1 5,1	3,7 3,7
		Vidro	3,5	2,6	2,5
		Tintas, vernizes e absorventes	1,4	1,8	1,9
		Plástico	0,2	0,2	0,1
		Lâmpadas	0,1	0,2	0,1
		Equipamentos elétricos e
306-2		eletrónicos	0,8	2,5	0,0
		Pesticidas	1,0	0,0	0,0
		EPC	315,4	955,9	452,9
Água	Divisão por empresa	Media Capital	136,1	111,1	104,9
		Plural	103,9	150,8	75,5
GRI	Consumo total de água, por fonte Perigosidade	Resíduos perigosos 2015 2016	1,0% 2017	0,8% Var 2015-2017	0,9%
	303-1 Consumo de água da rede pública de abastecimento (m3)	18495 18425 Resíduos não perigosos	18455 99,0%	-0,2% 99,2%	99,1%
Notas: Resíduos	Consumo de água por colaborador (litros/dia) Destino Perigosos	44 49 Preparação para valorização	49 60,3%	10,1% 84,8%	67,5%
	- Água de abastecimento da rede pública representa a totalidade dos consumos nas instalações da empresa.	Eliminação	39,7%	15,2%	32,5%
	- Para o cálculo do consumo de água por colaborador, em 2016 foram contabilizados 366 dias (ano bissexto) Destino Não Perigosos	Preparação para valorização		96,4% 100,0%	100,0%
		Eliminação	3,6%	0,0%	0,0%
	Destino total	Preparação para valorização	96,0%	99,9%	99,7%
		Eliminação	4,0%	0,1%	0,3%

Ao nível das atividades, o consumo de gasóleo dos geradores é considerado como "eletricidade", tal como a compra de eletricidade, o "gás natural" e "gás propano" estão englobados no aquecimento, os restantes combustíveis fosseis estão incluídos em "transportes".
No calculo de emissões a metodologia utilizada baseou-se nas diretrizes do GHG Protocol do WBCSD

As emissões de âmbito 1 incluem:

Emissões resultantes do consumo de energia direta

2017, disponíveis em: https://www.gov.uk/government/publications/greenhouse-gas-reporting-conversion-factors-2017

As emissões de âmbito 2 incluem:

Emissões resultantes da compra de eletricidade

Para cálculo das emissões de âmbito 2 foi utilizado o método "market-based" com o fator de emissão a ser fornecido pela empresa

distribuidora de eletricidade:

contabilização "energia hídrica" foi considerada como renovável.

Neste primeiro exercício de contabilização de emissões do GMC não foram incluídas as emissões de âmbito 3, nem as emissões fugitivas decorrentes da utilização de gases para refrigeração, nomeadamente em equipamentos de ar condicionado

Resíduos Notas:

GRI Quantidade total de resíduos, por tipo e método de - Resíduos contabilizados incluem todas as operações do grupo e todas as instalações detidas e/ou operadas pelo grupo, abrangendo também as atividades de filmagens exteriores.

tratamento ²⁰¹⁵ ²⁰¹⁶ ²⁰¹⁷ Quantidade Total (ton) 555,5 1217,8 633,3 Resíduos urbanos ou Equiparados - Fonte dos dados: Resumos de estatísticas dos fornecedores de gestão de resíduos no âmbito do reporte ao SIRAPA - Discriminação de resíduos perigosos e destino final dos resíduos aferidos através do código LER respetivo de cada entrada no relatório de fornecedores

306-2 Divisão por tipo de resíduo No contexto deste indicador:

(RUB) 345,6 478,9 503,7 Materiais de construção 12,1 524,6 56,5 - Quantidade extraordinária de resíduos produzidos em 2016 está associada a um crescimento acentuado na atividade de produção de cenários da EPC, que não se sucedeu em 2017

Madeiras 167,0 160,9 45,4 Papel e cartão 21,5 41,0 19,3 - Media Capital inclui os negócios Media Capital Holding, TVI, MCRádios e MC Digital

Embalagens contaminadas 2,3 5,1 3,7 - Plural inclui Plural e EMAV -EPC está discriminada pela importância acrescida da sua atividade neste tema

TabelaGRI e correspondência como Decreto-Lei nº89/2017

Tabela GRI

Categoria	GRI Standard	Descrição	Capítulo Relatório	pag.	DL 89/2017 Questões relevantes	ODS
Conteúdos Gerais
GRI 102 -Divulgações gerais					Modelo empresarial
Perfil Organizacional
Gerais	102-01	Nome da organização	1. Media Capital	3
Gerais	102-02	Principais produtos e serviços	1. Media Capital	6-7
Gerais	102-03	Localização da sede da organização	8. Sobre o relatório	98
Gerais	102-04	Número de países em que a organização opera e localização das principais operações	1. Media Capital	9, 55		8. Trabalho digno e crescimento económico
Gerais	102-05	Tipo e natureza legal de propriedade	1. Media Capital	3
Gerais	102-06	Mercados servidos	1. Media Capital	9
Gerais	102-07	Dimensão da organização	1. Media Capital	5
Gerais	102-08	Número total de colaboradores, discriminados por contrato de trabalho, género e região.	3. Capital Humano	5, 86	Modelo empresarial
Gerais	102-09	Cadeia de fornecedores da organização	1. Media Capital	8
Gerais	102-10	Principais alterações ocorridas durante o período abrangido pelo relatório	8. Sobre o relatório	97
Gerais	102-11	Abordagem ao princípio da precaução	2. Ética e Valores	16
Gerais	102-12	Cartas, princípios ou outras iniciativas, desenvolvidas externamente, de carácter económico, ambiental e social, que a organização	Vários	23, 41-44
Gerais	102-13	subscreve ou defende. Participação significativa em associações (tais como associações industriais) e/ou organizações de defesa nacionais/internacionais	Vários	19-22, 37, 75
Estratégia
Gerais	102-14	Mensagem da CEO	1. Media Capital	1
Ética e integridade
Gerais	102-16	Valores, princípios, padrões e normas de comportamento da organização	2. Ética e Valores	16	Combate à corrupção, e tentativas de suborno Respeito dos direitos humanos	16. Paz, justiça e instituições eficazes
Governance
Gerais	102-18	Estrutura de governo da organização, incluindo comissões subordinadas ao órgão de governação hierarquicamente mais elevado	1. Media Capital	11	Modelo empresarial Modelo de gestão e principais riscos de sustentabilidade associados
Envolvimento com	stakeholders
Gerais	102-40	Lista de grupos de da organização stakeholders	1. Media Capital	12
Gerais	102-41	Percentagem de colaboradores abrangidos por acordos de contratação coletiva	6. Tabelas e Notas metodológicas	86
Gerais	102-42	Base para identificação e seleção de stakeholders	1. Media Capital	12	Modelo empresarial
Gerais	102-43	Abordagem adotada para envolvimento com , inclusive a frequência do stakeholders envolvimento por tipo e por grupo	1. Media Capital	12	Definição de temas materiais	8. Trabalho digno e crescimento económico
Gerais	102-44	Principais questões e preocupações apontadas pelos como resultado do processo de stakeholders envolvimento e as medidas adotadas pela organização no tratamento das mesmas	1. Media Capital	13

Categoria	GRI Standard	Descrição	Capítulo Relatório	pag.	DL 89/2017 Questões relevantes	ODS
Prática de reporte
		Entidades incluídas nas demonstrações
Gerais	102-45	financeiras consolidadas ou documentos equivalentes da organização não cobertas pelo relatório	1. Media Capital	3, 97	Modelo empresarial Definição das
Gerais	102-46	Definição de conteúdo e limites do relatório	1. Media Capital	14, 97	questões mais relevantes
Gerais	102-47	Lista dos temas materiais	1. Media Capital	13
Gerais	102-48	Explicação do efeito de quaisquer reformulações de informações existentes em relatórios anteriores e as razões para tais reformulações	8. Sobre o relatório	97
Gerais	102-49	Alterações significativas no reporte de sustentabilidade	8. Sobre o relatório	97
Gerais	102-50	Período abrangido para as informações apresentadas no relatório	8. Sobre o relatório	97
Gerais	102-51	Data do último relatório publicado	8. Sobre o relatório	97
Gerais	102-52	Ciclo de publicação de relatórios	8. Sobre o relatório	98
Gerais	102-53	Contacto para perguntas referentes ao relatório ou ao seu conteúdo	8. Sobre o relatório	98
Gerais	102-54	Referência à utilização dos Standards GRI	8. Sobre o relatório	97
Gerais	102-55	Tabela GRI	7.Tabela GRI	91
Gerais	102-56	Política e prática corrente adotadas pela organização para submeter o relatório a uma verificação externa	8. Sobre o relatório	97
					Descrição das políticas seguidas
GRI 103 - Abordagens de gestão					pela empresa e processos de diligência devida aplicados
					Combate à
Gestão	103-01	Explicação do tema material e dos seus limites	2. Ética e Valores	16	corrupção, e tentativas de suborno Respeito dos
Gestão	103-01	Explicação do tema material e dos seus limites	4. Qualidade Conteúdos	47	direitos humanos Respeito dos direitos humanos Questões
Gestão	103-01	Explicação do tema material e dos seus limites	5. Inovação Eficiência	67, 79	ambientais (p.63); Investigação, desenvolvimento e inovação (p.53) Diversidade nos órgãos de governo
Gestão	103-01	Explicação do tema material e dos seus limites	3. Capital Humano	31-32	Questões sociais e relativas aos trabalhadores Igualdade entre mulheres e homens e não discriminação Combate à corrupção, e
Gestão	103-02	Componentes da abordagem de gestão	2. Ética e Valores	16, 18, 22- 23	tentativas de suborno Respeito dos direitos humanos Descrição das	16. Paz, justiça e instituições eficazes
Gestão	103-02	Componentes da abordagem de gestão	4. Qualidade Conteúdos	49, 59,63	políticas seguidas pela empresa Respeito dos direitos humanos Descrição das políticas seguidas pela empresa
Gestão	103-02	Componentes da abordagem de gestão	5. Inovação Eficiência	67-68, 79- 82	Questões ambientais (p.63); Investigação, desenvolvimento e inovação (p.53)

VII. Tabelas e notas metodológicas

Categoria	GRI Standard	Descrição	Capítulo Relatório	pag.	DL 89/2017 Questões	ODS
Gestão	103-02	Componentes da abordagem de gestão	3. Capital Humano 32, 35, 37-	38	relevantes Descrição das políticas seguidas pela empresa Questões sociais e relativas aos trabalhadores Igualdade entre mulheres e homens e não discriminação Combate à corrupção, e
Gestão	103-03	Avaliação da abordagem de gestão	2. Ética e Valores	17	tentativas de suborno Respeito dos direitos humanos
Gestão	103-03	Avaliação da abordagem de gestão	4. Qualidade Conteúdos	48	Respeito dos direitos humanos
Gestão	103-03	Avaliação da abordagem de gestão	5. Inovação Eficiência	68,79	Questões ambientais (p.63); Questões sociais e relativas aos trabalhadores
Gestão	103-03	Avaliação da abordagem de gestão	3. Capital Humano	30-32	Igualdade entre mulheres e homens e não discriminação
Conteúdos específicos
GRI 200 - Divulgações económicas				indicadores relevantes	Resultados das políticas e
Económicos	201-01	Valor económico direto gerado e distribuído	6. Tabelas e Notas metodológicas	85		8. Trabalho digno e crescimento económico
Económicos	201-04	Apoio financeiro significativo recebido do Estado	6. Tabelas e Notas metodológicas	85	Questões sociais e
Económicos	202-01	Variação da Proporção do Salário mais baixo comparado ao Salário mínimo local, por género, em unidades operacionais importantes	6. Tabelas e Notas metodológicas	85	relativas aos trabalhadores Igualdade entre mulheres e homens e não discriminação	5. Igualdade de género 8. Trabalho digno e crescimento económico
Económicos	202-02	Proporção de Membros da Alta Direção Contratados na Comunidade Local em Unidade Operacionais Importantes	6. Tabelas e Notas metodológicas	86		8. Trabalho digno
Económicos	203-02	Impactos económicos indiretos significativos, incluindo a sua extensão	4. Qualidade Conteúdos	48,50		e crescimento económico 17. Parcerias para a implementação dos objetivos
Económicos	204-01	Proporção de Despesas com Fornecedores Locais em Unidades Operacionais Importantes	4. Qualidade Conteúdos	5, 50, 86		12. Produção e consumo sustentáveis
Económicos	205-01	Operações submetidas a avaliação por risco relacionado à corrupção	2. Ética e Valores	18	Combate à corrupção, e	16. Paz, justiça e instituições eficazes
Económicos	205-03	Casos confirmados de corrupção e ações tomadas	2. Ética e Valores	18	tentativas de suborno	16. Paz, justiça e instituições eficazes
GRI 300 - Divulgações ambientais
Ambientais	302-01	Consumo de Energia dentro da Organização	5. Inovação Eficiência	79, 89	Questões ambientais	7. Energia renovável e acessível 13. Ação climática 7. Energia
Ambientais	302-03	Intensidade Energética	5. Inovação Eficiência	80, 89		renovável e acessível 13. Ação climática

Categoria	GRI Standard	Descrição	Capítulo Relatório	pag.	DL 89/2017 Questões relevantes	ODS
Ambientais	302-04	Redução do consumo de energia	5. Inovação Eficiência	80		7. Energia renovável e acessível 13. Ação climática
Ambientais	303-01	Consumo total de água, por fonte	6. Tabelas e Notas metodológicas	90		6. Água potável e saneamento
Ambientais	305-01	Emissões GEE Diretas (âmbito1)	5. Inovação Eficiência	81, 89		13. Ação climática
Ambientais	305-02	Emissões GEE Indiretas (âmbito2)	5. Inovação Eficiência	81, 89		13. Ação climática
Ambientais	305-04	Intensidade Carbónica	5. Inovação Eficiência	81, 89		13. Ação climática
Ambientais	305-05	Iniciativas de redução de emissões GEE	5. Inovação Eficiência	80		13. Ação climática
Ambientais	306-02	Quantidade total de resíduos, por tipo e método de tratamento	5. Inovação Eficiência	82, 90		12. Produção e consumo sustentáveis
Ambientais	307-01	Incumprimento das leis e regulamentos ambientais	2. Ética e Valores	84		16. Paz, justiça e instituições eficazes
GRI 400 - Divulgações Sociais
Social	401-01	Novas contratações e taxa de rotatividade	3. Capital Humano	87		8. Trabalho digno e crescimento económico
Social	401-02	Benefícios assegurados aos funcionários a tempo inteiro que não são concedidos a funcionários temporários ou a tempo parcial, por região onde existe operação relevante	3. Capital Humano	33		8. Trabalho digno e crescimento económico
Social	401-03	Taxas de retorno ao trabalho e retenção após licença parental, por género	3. Capital Humano	33, 88		8. Trabalho digno e crescimento económico
Social	403-02	Tipo e Taxas de acidentes, doenças ocupacionais, dias perdidos, absentismo e óbitos relacionados com o trabalho, por região e por género.	6. Tabelas e Notas metodológicas	88	Questões sociais e relativas aos	3. Saúde de qualidade
Social	404-01	Média de horas de formação anual por colaborador, género e categoria funcional	6. Tabelas e Notas metodológicas	88	trabalhadores	4. Educação de qualidade 8. Trabalho digno e crescimento económico
Social	404-02	Programas para melhoria de competências dos colaboradores e programas de assistência à transição	3. Capital Humano	34 – 35
Social	404-03	Percentagem de colaboradores que recebem regularmente avaliação de desempenho e aconselhamento no desenvolvimento de carreira.	3. Capital Humano	35
Social	405-01	Diversidade dos órgãos de governação e dos colaboradores	6. Tabelas e Notas metodológicas	87	Diversidade nos órgãos de governo Questões sociais e relativas aos	5. Igualdade de género 8. Trabalho digno e crescimento económico 5. Igualdade de
Social	405-02	Rácio do salário base e remuneração das mulheres em relação aos homens	6. Tabelas e Notas metodológicas	87	trabalhadores Igualdade entre mulheres e homens e não discriminação	género 8. Trabalho digno e crescimento económico 10. Reduzir as desigualdades
Social	406-01	Número total de casos de discriminação registados e ações corretivas tomadas	3. Capital Humano	35	Igualdade entre mulheres e homens e não discriminação Respeito dos direitos humanos	5. Igualdade de género 8. Trabalho digno e crescimento económico 16. Paz, justiça e instituições eficazes
Social	408-01	Operações e fornecedores identificados com risco de ocorrência de trabalho infantil, e medidas tomadas para contribuir para a efetiva erradicação do trabalho infantil	2. Ética e Valores	17	Respeito dos direitos humanos	8. Trabalho digno e crescimento económico
Social	413-01	Percentagem de operações que implementaram planos de envolvimento com a comunidade local,	3. Capital Humano	37-44

VII. Tabelas e notas metodológicas

Categoria	GRI Standard	Descrição	Capítulo Relatório	pag.	DL 89/2017 Questões relevantes	ODS
		avaliações de impacte e programas de desenvolvimento local.
Social	417-01	Requisitos para informação e rotulagem dos produtos e serviços	4. Qualidade Conteúdos	62
Social	418-01	Número total de reclamações registadas relativas à violação da privacidade de clientes e perda de informação do cliente.	2. Ética e Valores	22	Respeito dos direitos humanos	16. Paz, justiça e instituições eficazes
GRI G4- Media		- Divulgações Setoriais específicas
Media	G4-M3	As medidas tomadas para garantir a qualidade, independência, pluralidade e criação de conteúdo diversificado	4. Qualidade Conteúdos	22-25, 47		11. Cidades e comunidades sustentáveis
Media	G4-M4	Ações para melhorar o conteúdo de divulgação em relação à acessibilidade, proteção da saúde pública vulnerável e tomada de decisão informada.	4. Qualidade Conteúdos	62		10. Reduzir as desigualdades
Media	G4-M5	Número e natureza de respostas obtidas relacionadas com a divulgação de conteúdos - incluído a proteção de dados de público vulneráveis e uma tomada de decisões informada e acessível, assim como processos par dar respostas à mesma	4. Qualidade Conteúdos	64		10. Reduzir as desigualdades
Media	G4-M6	Métodos para interagir com a audiência e resultados obtidos	4. Qualidade Conteúdos	63
Media	G4-M7	Medidas tomadas para fomentar o desenvolvimento da literacia de Media nas audiências e os seus resultados	4. Qualidade Conteúdos	57-61		4. Educação de qualidade

Tabela de correspondência com o Decreto-Lei nº 89/2017

Art. 66º - B e 508º - G do CSC
A demonstração não – financeira deve conter as informações bastantes para uma compreensão da evolução, do desempenho, da posição e do impacto das suas atividades, referentes, no mínimo, às questões ambientais, sociais e relativas aos trabalhadores, à igualdade entre homens e mulheres, à não discriminação, ao respeito dos direitos humanos, ao combate à corrupção e às tentativas de suborno, incluindo:
Secção	Capítulo	Pág.	Decreto – Lei nº 89/2017 de 28 de julho
I.B.	O Grupo Media Capital	3
I.B.1	Quem somos?	3-7	Breve descrição do modelo empresarial da empresa;
I.B.2	Como estamos a criar o Futuro?	8-14
II.B.	"Os nossos Valores"	16-17
III.B.	"As nossas pessoas"	31-32	Descrição das políticas seguidas pela empresa em relação a essas questões, incluindo os processos de diligência
IV.B.	"A qualidade nos nossos conteúdos" 47		devida aplicados;
V.B.	"Os nossos olhos postos no futuro"	67-69 e 79
II.C.1.	Conduta e Ética no negócio	17-18
II.C.2	Regulação e Compliance	18-22
II.C.3	Ética jornalística e responsabilidade editorial	22-27	Resultados obtidos:
III.C.1.	Valorização do Capital Humano	32-35
III.C.2	Igualdade de Género, diversidade e inclusão	35-37

III.C.3	Envolvimento na comunidade	37-44
IV.C.1.	Contributo para a economia e cultura nacionais	48-57
IV.C.2	Promoção da literacia e cidadania	57-61
IV.C.3	Proteção de audiências sensíveis e Interação com o público	62-64
V.C.1	Inovação digital e tecnologia	69-78
VI.C.1	Produção eficiente e responsável	79-84
I.2.	Como estamos a criar o Futuro?	11	nesses domínios e a forma como essesriscos são geridos pela empresa
III.A	Destaques 2017	30- 31
IV.A	Destaques 2017	46
	V.A e VI.A Destaques 2017	64, 78	Indicadores -chave de desempenho relevante para a sua atividade específica.
VII.	Tabelas e notas metodológicas	85
VII.	Tabela GRI	91

Principais riscos associados às questões relevantes, ligados às atividades da empresa, incluindo, se relevante e proporcionado, as suas relações empresariais, os seus produtos ou serviços suscetíveis de ter impactos negativos

VII. Tabelas e notas metodológicas Este relatório apresenta o desempenho do Grupo e subsequentemente engloba todas as suas empresas (ver capítulo I. Media Capital), incluindo assim no âmbito de reporte a totalidade das atividades desenvolvidas pelo Grupo. Para efeitos do relatório considera-se que a região onde se localizam as operações do Grupo corresponde a Portugal. O relatório não inclui dados referentes às atividades fora do âmbito do Grupo (fornecedores, parceiros, outros), apesar de ser mencionada e reconhecida a relevância dos impactos ao longo da sua cadeia de valor. Os dados reportados no relatório são respetivos ao ano de 2017, no entanto, sempre que possível é reportado o triénio 2015-2017. Por motivos de coerência na comparabilidade, quando são calculadas variações de desempenho, o ano de base assumido é 2015. Está prevista a atualização da informação e do desempenho de sustentabilidade do Grupo em 2018, a ser publicada em 2019. Neste primeiro exercício de publicação, o relatório não foi submetido a verificação externa por uma entidade independente.

A Media Capital pretende durante o ano de 2018 definir uma estratégia e modelo de governo de sustentabilidade, alinhada com a estratégia de negócio do Grupo para o próximo triénio. Neste primeiro exercício é feita uma abordagem inicial ao mapeamento do contributo do Grupo Media Capital para os Objetivos de Desenvolvimento Sustentável das Nações Unidas, no entanto, o Grupo irá desenvolver em 2018 a sua abordagem interna, bem como uma base de indicadoreschave, objetivos e metas para monitorização dos seus contributos para a concretização da Agenda 2030 das Nações Unidas.

O relatório de sustentabilidade da Media Capital 2017 constituí a primeira divulgação pública de um relato de sustentabilidade do Grupo Media Capital, constituindo simultaneamente a demonstração não financeira consolidada do Grupo Media Capital relativa ao ano de 2017, no formato de relatório separado, dando assim resposta ao artigo 508ºG do Código das Sociedades Comerciais. Resulta de um processo de reflexão interna sobre os tópicos mais relevantes para o negócio do Grupo e para as suas partes interessadas. A divulgação de informação foi feita de acordo com a Norma Global Reporting Initiative 2016 (GRI Reporting Standards) e com base no suplemento setorial Media da versão G4, para uma opção "de acordo - essencial". A informação constante neste relatório é complementada pela leitura do Relatório & Contas 2017 e pelo Relatório de Governo de Sociedade. Pretende-se desta forma acompanhar as melhores práticas e tendências de evolução do reporte, incluindo a Diretiva 2014/95/UE sobre divulgação de informações não financeiras e de informações sobre diversidade por parte de certas grandes empresas e grupos, transposta para a legislação nacional através do Decreto-Lei n.º 89/2017 de 28 de julho.

Conteúdo

Âmbito e perímetro

Desenvolvimentos futuros

Titulo:	Relatório de Sustentabilidade Media Capital 2017
Propriedade:	Grupo Media Capital, SGPS, SA
Consultoria técnica:	Ernst & Young Audit & Associados - SROC, SA
Referencial de relato:	Global Reporting Initiative (GRI) Reporting Standards 2016 e Suplemento sectorial Media G4
Período de relato:	(01/01/2017) – (31-12-2017)
Data prevista para o próximo relatório: 2019

Contactos:

Media Capital

Telefone:+351 21 434 7500

Representante para as Relações com o Mercado e a Comissão de Mercado de Valores Mobiliários Morada: Rua Mário Castelhano, 40 Queluz de Baixo 2734-502 Barcarena

Email: [email protected]

AI Terminal

Grupo Media Capital SGPS

1939_10-k_2018-04-30_1230991d-44cc-4bf6-b53f-7f0fc7113a46.pdf

Annual Report

2017

Grupo Média Capital, SGPS, S.A.

INDEX

ANNEX

SOLE MANAGEMENT REPORT OF THE BOARD OF DIRECTORS 2017 ACCOUNTS

INTRODUCTION

GROUP STRUCTURE

ECONOMIC ENVIRONMENT

Advertising market performance

MAIN FACTS IN 2017

BRIEF OVERVIEW OF THE CONSOLIDATED RESULTS

BRIEF OVERVIEW OF THE INDIVIDUAL RESULTS

EXPECTED EVOLUTION IN ACTIVITY FOR 2018

INTRODUCTION

ACTIVITY EVOLUTION IN 2017

2017 - LEADER FOR THE THIRTEENTH CONSECUTIVE YEAR

PROGRAMMING

Local Drama

Entertainment

News

Solidarity contents in 2017

Awards in 2017

International Drama

Programming

More contents, more views

DIGITAL – Other projects

OTHER REVENUE STREAMS

Content Sales

Interactivity

INNOVATION AND TECHNOLOGY

INTRODUCTION

ACTIVITY EVOLUTION IN 2017

PLURAL ENTERTAINMENT

AUDIOVISUAL PRODUCTION

Local Drama Contents

Entertainment Contents

Advertising Contents

EMAV – EMPRESA DE MEIOS AUDIOVISUAIS

EPC – EMPRESA PORTUGUESA DE CENÁRIOS

INNOVATION AND TECHNOLOGY

INTRODUCTION

ACTIVITY EVOLUTION IN 2017

AUDIENCE

DIVERSIFIED AND INNOVATIVE PORTFOLIO

Online

INTRODUCTION

ACTIVITY EVOLUTION IN 2017

MEDIA CAPITAL DIGITAL (MCD)

TVI PLAYER ON VODAFONE

DIGITAL VIDEO, SOCIAL VIDEO

TV

STRATEGIC AXES

Contents

Participation

Context

Data

Influence

REVENUES

B2B

PROJECTS IN 2017

Maisfutebol

Local Drama

Entertainment

TVI Player

Others

Autoportal

IOL Negocios

PRINCIPLES AND VALUES

PROJECTS

Post Graduation

Solidarity, Projects and News

Promotion of culture, art, education and heritage

VOLUNTARY INITIATIVES WITHIN THE GROUP

GOOD PRACTICES

TVI

Public Service Protocol