Please note, your browser is out of date.
For a good browsing experience we recommend using the latest version of Chrome, Firefox, Safari, Opera or Internet Explorer.
  • 11Industrial Plants
    Raw Material
  • 21Industrial Plants
    Cork Solutions
  • 52Distribution
    Companies
  • 10Joint
    Ventures
  • 254Main
    Agents

Corticeira Amorim

Tracing its roots back to the 19th century, Amorim has become the world’s largest cork and cork-derived company in the world, generating more than Euro 763 million in sales to more than 100 countries through a network of dozens of fully owned subsidiaries.

With a multi-million Euro R&D investment per year, Amorim has applied its specialist knowledge to this centuries-old traditional culture, developing a vast portfolio of 100% sustainable products that are used by blue-chip clients in industries as diverse and demanding as wines & spirits, aerospace, automotive, construction, sports, interior and fashion design.

Amorim’s responsible approach to raw materials and sustainable production illustrates the remarkable interdependence between industry and a vital ecosystem - one of the world’s most balanced examples of social, economic and environmental development.

View Corporate Video

Sales| EBITDA | Margin EBITDA / Sales

Sales| EBITDA | Margin EBITDA / Sales

Key Figures

Income Statement Unit 2018 2017 2016 2015
Sales M€ 763,1701,6641,4604,8
Gross Margin M€ 386,5373,5334,7315,6
Gross Margin / Prodution % 49,252,9%53,2%50,7%
External Supplies M€ 124,1116,5103,0100,5
Staff Costs M€ 134,2125,6113,3111,9
Other Operating Costs (includes depreciation) M€ 25,427,422,427,5
EBITDA M€ 134,0133,6122,3100,7
EBITDA / Sales % 17,619,0%19,1%16,7%
EBIT M€ 102,7104,096,075,7
Net Income M€ 77,473,0102,755,0
Consolidated Statment of Financial Position Unit 2018 2017 2015 2016
Net Goodwill M€ 14,09,80,00,0
Net Fixed Assets M€ 259,6227,9190,4199,4
Net Working Capital * M€ 414,5361,0268,2286,6
Other ** M€ 21,419,926,420,9
Invested Capital M€ 709,4618,7484,9507,0
        
Net Debt M€ 139,092,883,935,9
        
Share Capital M€ 133,0133,0133,0133,0
Reserves and Retained Earnings M€ 333,4297,5207,8278,1
Non Controlling Interests M€ 31,929,513,415,9
Agreement to Acquire Non-controlling Interests M€ 20,419,00,00,0
Taxes and Deferred Taxes M€ -12,6-17,0-2,7-1,6
Provisions M€ 43,441,332,230,7
Grants *** M€ 21,322,617,315,1
Equity and Other Sources M€ 570,7525,9401,0471,1
NOTES

* Inventories + Accounts receivables - Accounts payables + Other operating assets/(liabilities)
** Investment property + Investments in associates + Intangible assets + Other non-operating assets/(liabilities)
*** Non interest bearing grants (reimbursable and non-reimbursable)

Data per share Unit 2018 2017 2016 2015
Number of shares shares 133.000.000133.000.000133.000.000133.000.000
Earnings per share 0,5820,5490,7720,431
Book value per share 4,2913,4593,2102,662
Share price (period-end) 9,00010,3008,5005,948
Market Capitalisation (period-end) M€ 1.197,01.369,91.130,5791,1
Debt & Ratios Unit 2018 2017 2016 2015
Net Debt M€ 139,092,835,983,9
Net Debt/EBITDA X 1,040,690,290,83
EBITDA/Net Interest X 108,0135,9108,670,5
Gearing % 27,920,2%8,4%23,7%
Net Working Capital (NWC) M€ 414,5361,1286,6268,2
NWC / Market Capitalization % 34,626,4%25,4%33,9%
NWC / Sales x 360 X 195,5179,5160,9159,6
Free Cash Flow (FCF) M€ 11,234,086,922,1
Capex M€ 57,943,733,631,4
Return on Invested Capital (ROIC) % 11,815,0%16,9%14,3%
Average cost of debt % 1,091,67%1,8%2,05%
NOTES

Net Debt/EBITDA considering the EBITDA of the last four quarters
NWC = Inventories + Trade receivables + Other operating assets - Trade payables - Other operating liabilities
FCF = EBITDA - Non-current cash expenditures - Net financing expenses - Income tax - Capex - NWC variation

Analyst Coverage

Entity Analyst Price Target Recommendation Date
Ahorro Corporación
Beatriz Pérez, César Sánchez-Grande
bperez@ahorro.com; csbergon@ahorro.com
11,80 Buy 01-04-2019
Nau Securities
John Ferreira
johnferreira@nau-securities.com
13,50 Buy 04-03-2019
JB Capital Markets
João Pinto
jpinto@jbcm.com
12,80 Buy 26-02-2019
CaixaBank
Bruno Bessa
bruno.bessa@caixabank.com
11,00 Neutral 27-11-2018
Haitong
Nuno Estácio
nuno.estacio@haitongib.com
12,30 Buy 23-10-2018
Caixa BI
Carlos Jesus
carlos.jesus@caixabi.pt
12,30 Accumulate 19-06-2018

Corticeira Amorim, SGPS, S.A.

Rua de Meladas, 380 - P.O. Box 20
4536-902 MOZELOS VFR - PORTUGAL
Investor Relations
Tel.: +351 227 475 400
Fax.: +351 227 475 407
corticeira.amorim@amorim.com

LATEST DISCLOSURES

Sales grow 9.4% to more than €700 million

2018-04-13
  • EBITDA reaches €133.6 million, an increase of 9.2%
  • Net profit of €73 million, in line with the previous year (excluding the impact of the sale of US Floors in 2016)
  • Bourrassé contributed to the 2017 results with six months of activity
  • Proposal to distribute a gross dividend of €0.185 per share 

Consolidated Accounts