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  • 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.

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Sales| EBITDA | Margin EBITDA / Sales

Sales| EBITDA | Margin EBITDA / Sales

Key Figures

Income Statement Unit 9M2019 9M2018 2018 2017
Sales M€ 602,6583,8763,1701,6
Gross Margin M€ 295,3297,7386,5373,5
Gross Margin / Prodution % 48,149,249,252,9
External Supplies M€ 93,890,6124,1116,5
Staff Costs M€ 106,5102,0134,2125,6
Other Operating Costs (includes depreciation) M€ 24,620,325,427,4
EBITDA M€ 96,8108.4134,0133,6
EBITDA / Sales % 16,118.617,619,0
EBIT M€ 70.584.8102,7104,0
Net Income M€ 54,458.677,473,0
Consolidated Statment of Financial Position Unit 9M2019 9M2018 2018 2017
Net Goodwill M€ 13,913,914,09,8
Net Fixed Assets M€ 275,5245,1259,6227,9
Net Working Capital * M€ 440,4402,9414,5361,0
Other ** M€ 36,419,921,419,9
Invested Capital M€ 766,2681,9709,4618,7
        
Net Debt M€ 161,3104,7139,092,8
        
Share Capital M€ 133,0133,0133,0133,0
Reserves and Retained Earnings M€ 367,4326,1333,4297,5
Non Controlling Interests M€ 28,833,131,929,5
Agreement to Acquire Non-controlling Interests M€ 15,020,120,419,0
Taxes and Deferred Taxes M€ 0,25,0-12,6-17,0
Provisions M€ 40,336,843,441,3
Grants *** M€ 20,323,221,322,6
Equity and Other Sources M€ 604,9577,2570,7525,9
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 9M2019 9M2018 2018 2017
Number of shares shares 133.000.000133.000.000133.000.000133.000.000
Earnings per share 0,4090,4410,5820,549
Book value per share 3,9783,4593,7463,459
Share price (period-end) 9,9711,5009,00010,300
Market Capitalisation (period-end) M€ 1.326,01.529,51.197,01.369,9
Debt & Ratios Unit 9M2019 9M2018 2018 2017
Net Debt M€ 161,3104,7139,092,8
Net Debt/EBITDA X 1,320,771,040,69
EBITDA/Net Interest X 91,3123,5108,0135,9
Gearing % 30,521,327,920,2
Net Working Capital (NWC) M€ 440,4402,9414,5361,1
NWC / Market Capitalization % 33,226,334,626,4
NWC / Sales x 360 X 202,7186,0195,5179,5
Free Cash Flow (FCF) M€ 28,122,911,234,0
Capex M€ 36,340,157,943,7
Return on Invested Capital (ROIC) % 10,614,011,815,0
Average cost of debt % 1,111,151,091,67
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
CaixaBank
Bruno Bessa
bruno.bessa@caixabank.com
13,00 Buy 25-11-2019
Berenberg
Fraser Donlon
fraser.donlon@berenberg.com
12,00 Buy 18-11-2019
BBVA
Álvaro Sánchez López
alvaro.sanchez.lopez@bbva.com
12,20 Outperform 13-11-2019
Ahorro Corporación
Beatriz Pérez, César Sánchez-Grande
bperez@ahorro.com; csbergon@ahorro.com
11,25 Buy 08-11-2019
A|S Independent Research
António Seladas, CFA
aseladas@asindependentresearch.com
9,00 Neutral 08-11-2019
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
JB Capital Markets
João Pinto
jpinto@jbcm.com
12,80 Buy 26-02-2019

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