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  • 11Industrial Plants
    Raw Material
  • 21Industrial Plants
    Cork Solutions
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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 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 3M2019 3M2018 2018 2017
Sales M€ 202,3185,4763,1701,6
Gross Margin M€ 102,7100,0386,5373,5
Gross Margin / Prodution % 48,152,8%49,252,9%
External Supplies M€ 31,729,8124,1116,5
Staff Costs M€ 37,035,1134,2125,6
Other Operating Costs (includes depreciation) M€ 8,46,325,427,4
EBITDA M€ 34,836,8134,0133,6
EBITDA / Sales % 17,219,9%17,619,0%
EBIT M€ 25,628,7102,7104,0
Net Income M€ 18,618,877,473,0
Consolidated Statment of Financial Position Unit 3M2019 3M2018 2018 2017
Net Goodwill M€ 13,914,414,09,8
Net Fixed Assets M€ 270,4223,3259,6227,9
Net Working Capital * M€ 432,8374,4414,5361,0
Other ** M€ 23,327,921,419,9
Invested Capital M€ 740,4640,0709,4618,7
        
Net Debt M€ 141,785,9139,092,8
        
Share Capital M€ 133,0133,0133,0133,0
Reserves and Retained Earnings M€ 353,2314,9333,4297,5
Non Controlling Interests M€ 33,531,531,929,5
Agreement to Acquire Non-controlling Interests M€ 20,519,020,419,0
Taxes and Deferred Taxes M€ -5,3-8,5-12,6-17,0
Provisions M€ 43,241,943,441,3
Grants *** M€ 20,522,321,322,6
Equity and Other Sources M€ 598,7554,1570,7525,9
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 3M2019 3M2018 2018 2017
Number of shares shares 133.000.000133.000.000133.000.000133.000.000
Earnings per share 0,1400,1420,5820,549
Book value per share 4,5023,364,2913,459
Share price (period-end) 10,64010,49,00010,300
Market Capitalisation (period-end) M€ 1415,11383,31.197,01.369,9
Debt & Ratios Unit 3M2019 3M2018 2018 2017
Net Debt M€ 141,792,8139,092,8
Net Debt/EBITDA X 1,070,691,040,69
EBITDA/Net Interest X 92,3135,9108,0135,9
Gearing % 27,3%20,2%27,920,2%
Net Working Capital (NWC) M€ 432,8361,1414,5361,1
NWC / Market Capitalization % 30,6%26,4%34,626,4%
NWC / Sales x 360 X 192,5179,5195,5179,5
Free Cash Flow (FCF) M€ 4,034,011,234,0
Capex M€ 11,643,757,943,7
Return on Invested Capital (ROIC) % 11,1%15,0%11,815,0%
Average cost of debt % 1,23%1,67%1,091,67%
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
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 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