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  • 51Distribution
    Companies
  • 10Industrial Plants
    Raw Material
  • 23Industrial Plants
    Cork Solutions
  • 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 780 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.

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Sales by Business Unit (2019)

Sales by Business Unit

Sales by Geographical Area (2019)

Sales by Geographical Area

Sales| EBITDA | Margin EBITDA / Sales

Sales| EBITDA | Margin EBITDA / Sales

Key Figures

Income Statement Unit 2019 2018 2017 2016
Sales M€ 781,1763,1701,6641,4
Gross Margin M€ 387,4386,5373,5334,7
Gross Margin / Prodution % 49,149,252,953,2%
External Supplies M€ 124,8124,1116,5103,0
Staff Costs M€ 139,9134,2125,6113,3
Other Operating Costs (includes depreciation) M€ 297,825,427,422,4
EBITDA M€ 124,7134,0133,6122,3
EBITDA / Sales % 16,017,619,019,1%
EBIT M€ 89,8102,7104,096,0
Net Income M€ 74,977,473,0102,7
Consolidated Statment of Financial Position Unit 2019 2018 2017 2016
Net Goodwill M€ 13,714,09,80,0
Net Fixed Assets M€ 284,6259,6227,9199,4
Net Working Capital * M€ 427,4414,5361,0286,6
Other ** M€ 39,521,419,920,9
Invested Capital M€ 765,3709,4618,7507,0
        
Net Debt M€ 161,1139,092,835,9
        
Share Capital M€ 133,0133,0133,0133,0
Reserves and Retained Earnings M€ 376,5333,4297,5278,1
Non Controlling Interests M€ 30,131,929,515,9
Agreement to Acquire Non-controlling Interests M€ 15,020,419,00,0
Taxes and Deferred Taxes M€ 26,1-12,6-17,0-1,6
Provisions M€ 5,543,441,330,7
Grants *** M€ 18,121,322,615,1
Equity and Other Sources M€ 604,2570,7525,9471,1
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 2019 2018 2017 2016
Number of shares shares 133.000.000133.000.000133.000.000133.000.000
Earnings per share 0,5640,5820,5490,772
Book value per share 4,0573,7463,4593,210
Share price (period-end) 11,309,00010,3008,500
Market Capitalisation (period-end) M€ 1.502,91.197,01.369,91.130,5
Debt & Ratios Unit 2019 2018 2017 2016
Net Debt M€ 161,1139,092,835,9
Net Debt/EBITDA X 1,291,040,690,29
EBITDA/Net Interest X 88,2108,0135,9108,6
Gearing % 29,927,920,28,4%
Net Working Capital (NWC) M€ 427,4414,5361,1286,6
NWC / Market Capitalization % 28,434,626,425,4%
NWC / Sales x 360 X 197,0195,5179,5160,9
Free Cash Flow (FCF) M€ 37,511,234,086,9
Capex M€ 58,857,943,733,6
Return on Invested Capital (ROIC) % 10,811,815,016,9%
Average cost of debt % 1,141,091,671,8%
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
Berenberg
Fraser Donlon
fraser.donlon@berenberg.com
10,00 Buy 26-03-2020
Ahorro Corporación
Beatriz Pérez, César Sánchez-Grande
bperez@ahorro.com; csbergon@ahorro.com
10,40 Buy 13-03-2020
A|S Independent Research
António Seladas, CFA
aseladas@asindependentresearch.com
9,00 Neutral 10-03-2020
JB Capital Markets
João Pinto
jpinto@jbcm.com
13,30 Buy 05-02-2020
CaixaBank
Bruno Bessa
bruno.bessa@caixabank.com
13,00 Buy 25-11-2019
BBVA
Álvaro Sánchez López
alvaro.sanchez.lopez@bbva.com
12,20 Outperform 13-11-2019
Intermoney Valores SV
Begoña Alcalde Polo
balcalde@grupocimd.com
10,00 Hold 23-10-2019
Caixa BI
Carlos Jesus
carlos.jesus@caixabi.pt
12,30 Buy 08-10-2019
Nau Securities
John Ferreira
johnferreira@nau-securities.com
13,50 Buy 04-03-2019

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 increase 9% to €763 million

2019-04-12
  • Cork stoppers drive growth with sales increasing 12%;
  • EBITDA for stoppers and raw materials up 9%;
  • Net profit increases 6% to more than €77 million;
  • Stronger profit in a year of unfavourable impact from raw material prices and exchange rates.

Consolidated Accounts