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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 700 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 9M2018 9M2017 2017 2016
Sales M€ 583,8531,5701,6641,4
Gross Margin M€ 297,7284,4373,5334,7
Gross Margin / Prodution % 49,253,352,9%53,2%
External Supplies M€ 90,685,7116,5103,0
Staff Costs M€ 102,092,3125,6113,3
Other Operating Costs (includes depreciation) M€ 20,322,727,422,4
EBITDA M€ 108.4105,4133,6122,3
EBITDA / Sales % 18.619,819,0%19,1%
EBIT M€ 84.883,6104,096,0
Net Income M€ 58.656,473,0102,7
Consolidated Statment of Financial Position Unit 9M2018 2017 9M2017 2016
Net Goodwill M€ 13,99,89,50,0
Net Fixed Assets M€ 245,1227,9224,0199,4
Net Working Capital * M€ 402,9361,0353,4286,6
Other ** M€ 19,919,918,120,9
Invested Capital M€ 681,9618,7605,1507,0
        
Net Debt M€ 104,792,875,835,9
        
Share Capital M€ 133,0133,0133,0133,0
Reserves and Retained Earnings M€ 326,1297,5289,2278,1
Non Controlling Interests M€ 33,129,530,815,9
Agreement to Acquire Non-controlling Interests M€ 20,119,018,80,0
Taxes and Deferred Taxes M€ 5,0-17,03,0-1,6
Provisions M€ 36,841,330,530,7
Grants *** M€ 23,222,623,915,1
Equity and Other Sources M€ 577,2525,9529,3471,1
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 9M2018 9M2017 2017 2016
Number of shares shares 133.000.000133.000.000133.000.000133.000.000
Earnings per share 0,4410,4240,5490,772
Book value per share 3,4593,4023,4593,210
Share price (period-end) 11,50011,86510,3008,500
Market Capitalisation (period-end) M€ 1.529,51.578,51.369,91.130,5
Debt & Ratios Unit 9M2018 9M2017 2017 2016
Net Debt M€ 104,775,892,835,9
Net Debt/EBITDA X 0,770,570,690,29
EBITDA/Net Interest X 123,5173,3135,9108,6
Gearing % 21,316,7%20,2%8,4%
Net Working Capital (NWC) M€ 402,9353,4361,1286,6
NWC / Market Capitalization % 26,322,4%26,4%25,4%
NWC / Sales x 360 X 186,0119,7179,5160,9
Free Cash Flow (FCF) M€ 22,943,434,086,9
Capex M€ 40,127,143,733,6
Return on Invested Capital (ROIC) % 14,026,1%15,0%16,9%
Average cost of debt % 1,151,66%1,67%1,8%
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
CaixaBank
Bruno Bessa
bruno.bessa@caixabank.com
11,00 Neutral 27-11-2018
Caixa BI
Carlos Jesus
carlos.jesus@caixabi.pt
12,30 Accumulate 19-06-2018
JB Capital Markets
Maksym Mishyn
mmishyn@jbcm.com
12,80 Neutral 24-01-2019
Haitong
Nuno Estácio
nuno.estacio@haitongib.com
12,30 Buy 23-10-2018

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