Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
51Distribution Companies
10Industrial Plants RawMaterial
23Industrial Plants CorkSolutions
10Joint Ventures
254Main Agents
Tracing its roots back to the 19th century Amorim has become the worldrsquos largest cork and cork-derived company in the worldgenerating 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 RampD investment per year Amorim has applied its specialist knowledge to this centuries-old traditionalculture developing a vast portfolio of 100 sustainable products that are used by blue-chip clients in industries as diverse anddemanding as wines amp spirits aerospace automotive construction sports interior and fashion design
Amorimrsquos responsible approach to raw materials and sustainable production illustrates the remarkable interdependence betweenindustry and a vital ecosystem - one of the worldrsquos most balanced examples of social economic and environmental development
Business Units
Raw MaterialsCork Stoppers Floor amp Wall
Coverings
Composite Cork
Insulation Cork
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Sales by Business Unit (2019) Sales by Geographical Area (2019)
Sales| EBITDA | Margin EBITDA Sales
Key Figures
Income Statement Unit 2019 2018 2017 2016
Sales Meuro 7811 7631 7016 6414
Gross Margin Meuro 3874 3865 3735 3347
Gross Margin Prodution 491 492 529 532
External Supplies Meuro 1248 1241 1165 1030
Staff Costs Meuro 1399 1342 1256 1133
Other Operating Costs (includes depreciation) Meuro 2978 254 274 224
EBITDA Meuro 1247 1340 1336 1223
EBITDA Sales 160 176 190 191
EBIT Meuro 898 1027 1040 960
Net Income Meuro 749 774 730 1027
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Consolidated Statment of Financial Position Unit 2019 2018 2017 2016
Net Goodwill Meuro 137 140 98 00
Net Fixed Assets Meuro 2846 2596 2279 1994
Net Working Capital Meuro 4274 4145 3610 2866
Other Meuro 395 214 199 209
Invested Capital Meuro 7653 7094 6187 5070
Net Debt Meuro 1611 1390 928 359
Share Capital Meuro 1330 1330 1330 1330
Reserves and Retained Earnings Meuro 3765 3334 2975 2781
Non Controlling Interests Meuro 301 319 295 159
Agreement to Acquire Non-controlling Interests Meuro 150 204 190 00
Taxes and Deferred Taxes Meuro 261 -126 -170 -16
Provisions Meuro 55 434 413 307
Grants Meuro 181 213 226 151
Equity and Other Sources Meuro 6042 5707 5259 4711
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 133000000 133000000 133000000 133000000
Earnings per share euro 0564 0582 0549 0772
Book value per share euro 4057 3746 3459 3210
Share price (period-end) euro 1130 9000 10300 8500
Market Capitalisation (period-end) Meuro 15029 11970 13699 11305
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Debt amp Ratios Unit 2019 2018 2017 2016
Net Debt Meuro 1611 1390 928 359
Net DebtEBITDA X 129 104 069 029
EBITDANet Interest X 882 1080 1359 1086
Gearing 299 279 202 84
Net Working Capital (NWC) Meuro 4274 4145 3611 2866
NWC Market Capitalization 284 346 264 254
NWC Sales x 360 X 1970 1955 1795 1609
Free Cash Flow (FCF) Meuro 375 112 340 869
Capex Meuro 588 579 437 336
Return on Invested Capital (ROIC) 108 118 150 169
Average cost of debt 114 109 167 18
NOTES
Net DebtEBITDA 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
Fidentiis Equities Enrique Yaacuteguez CFAeyafidentiiscom 1070 - 1210 Buy 18-06-2020
BBVA Aacutelvaro Saacutenchez Loacutepezalvarosanchezlopezbbvacom 1160 Outperform 29-05-2020
CaixaBank BPI Bruno Bessabrunobessacaixabankcom 1210 Buy 14-05-2020
JB Capital Markets Joatildeo Pintojpintojbcmcom 1130 Buy 12-05-2020
Berenberg Fraser Donlonfraserdonlonberenbergcom 1000 Buy 26-03-2020
Ahorro Corporacioacuten Beatriz Peacuterez Ceacutesar Saacutenchez-Grandebperezahorrocom csbergonahorrocom 1040 Buy 13-03-2020
A|S Independent Research Antoacutenio Seladas CFAaseladasasindependentresearchcom 900 Neutral 10-03-2020
Intermoney Valores SV Begontildea Alcalde Polobalcaldegrupocimdcom 1000 Hold 23-10-2019
Caixa BI Carlos Jesuscarlosjesuscaixabipt 1230 Buy 08-10-2019
Nau Securities John Ferreirajohnferreiranau-securitiescom 1350 Buy 04-03-2019
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Sales by Business Unit (2019) Sales by Geographical Area (2019)
Sales| EBITDA | Margin EBITDA Sales
Key Figures
Income Statement Unit 2019 2018 2017 2016
Sales Meuro 7811 7631 7016 6414
Gross Margin Meuro 3874 3865 3735 3347
Gross Margin Prodution 491 492 529 532
External Supplies Meuro 1248 1241 1165 1030
Staff Costs Meuro 1399 1342 1256 1133
Other Operating Costs (includes depreciation) Meuro 2978 254 274 224
EBITDA Meuro 1247 1340 1336 1223
EBITDA Sales 160 176 190 191
EBIT Meuro 898 1027 1040 960
Net Income Meuro 749 774 730 1027
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Consolidated Statment of Financial Position Unit 2019 2018 2017 2016
Net Goodwill Meuro 137 140 98 00
Net Fixed Assets Meuro 2846 2596 2279 1994
Net Working Capital Meuro 4274 4145 3610 2866
Other Meuro 395 214 199 209
Invested Capital Meuro 7653 7094 6187 5070
Net Debt Meuro 1611 1390 928 359
Share Capital Meuro 1330 1330 1330 1330
Reserves and Retained Earnings Meuro 3765 3334 2975 2781
Non Controlling Interests Meuro 301 319 295 159
Agreement to Acquire Non-controlling Interests Meuro 150 204 190 00
Taxes and Deferred Taxes Meuro 261 -126 -170 -16
Provisions Meuro 55 434 413 307
Grants Meuro 181 213 226 151
Equity and Other Sources Meuro 6042 5707 5259 4711
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 133000000 133000000 133000000 133000000
Earnings per share euro 0564 0582 0549 0772
Book value per share euro 4057 3746 3459 3210
Share price (period-end) euro 1130 9000 10300 8500
Market Capitalisation (period-end) Meuro 15029 11970 13699 11305
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Debt amp Ratios Unit 2019 2018 2017 2016
Net Debt Meuro 1611 1390 928 359
Net DebtEBITDA X 129 104 069 029
EBITDANet Interest X 882 1080 1359 1086
Gearing 299 279 202 84
Net Working Capital (NWC) Meuro 4274 4145 3611 2866
NWC Market Capitalization 284 346 264 254
NWC Sales x 360 X 1970 1955 1795 1609
Free Cash Flow (FCF) Meuro 375 112 340 869
Capex Meuro 588 579 437 336
Return on Invested Capital (ROIC) 108 118 150 169
Average cost of debt 114 109 167 18
NOTES
Net DebtEBITDA 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
Fidentiis Equities Enrique Yaacuteguez CFAeyafidentiiscom 1070 - 1210 Buy 18-06-2020
BBVA Aacutelvaro Saacutenchez Loacutepezalvarosanchezlopezbbvacom 1160 Outperform 29-05-2020
CaixaBank BPI Bruno Bessabrunobessacaixabankcom 1210 Buy 14-05-2020
JB Capital Markets Joatildeo Pintojpintojbcmcom 1130 Buy 12-05-2020
Berenberg Fraser Donlonfraserdonlonberenbergcom 1000 Buy 26-03-2020
Ahorro Corporacioacuten Beatriz Peacuterez Ceacutesar Saacutenchez-Grandebperezahorrocom csbergonahorrocom 1040 Buy 13-03-2020
A|S Independent Research Antoacutenio Seladas CFAaseladasasindependentresearchcom 900 Neutral 10-03-2020
Intermoney Valores SV Begontildea Alcalde Polobalcaldegrupocimdcom 1000 Hold 23-10-2019
Caixa BI Carlos Jesuscarlosjesuscaixabipt 1230 Buy 08-10-2019
Nau Securities John Ferreirajohnferreiranau-securitiescom 1350 Buy 04-03-2019
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Consolidated Statment of Financial Position Unit 2019 2018 2017 2016
Net Goodwill Meuro 137 140 98 00
Net Fixed Assets Meuro 2846 2596 2279 1994
Net Working Capital Meuro 4274 4145 3610 2866
Other Meuro 395 214 199 209
Invested Capital Meuro 7653 7094 6187 5070
Net Debt Meuro 1611 1390 928 359
Share Capital Meuro 1330 1330 1330 1330
Reserves and Retained Earnings Meuro 3765 3334 2975 2781
Non Controlling Interests Meuro 301 319 295 159
Agreement to Acquire Non-controlling Interests Meuro 150 204 190 00
Taxes and Deferred Taxes Meuro 261 -126 -170 -16
Provisions Meuro 55 434 413 307
Grants Meuro 181 213 226 151
Equity and Other Sources Meuro 6042 5707 5259 4711
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 133000000 133000000 133000000 133000000
Earnings per share euro 0564 0582 0549 0772
Book value per share euro 4057 3746 3459 3210
Share price (period-end) euro 1130 9000 10300 8500
Market Capitalisation (period-end) Meuro 15029 11970 13699 11305
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Debt amp Ratios Unit 2019 2018 2017 2016
Net Debt Meuro 1611 1390 928 359
Net DebtEBITDA X 129 104 069 029
EBITDANet Interest X 882 1080 1359 1086
Gearing 299 279 202 84
Net Working Capital (NWC) Meuro 4274 4145 3611 2866
NWC Market Capitalization 284 346 264 254
NWC Sales x 360 X 1970 1955 1795 1609
Free Cash Flow (FCF) Meuro 375 112 340 869
Capex Meuro 588 579 437 336
Return on Invested Capital (ROIC) 108 118 150 169
Average cost of debt 114 109 167 18
NOTES
Net DebtEBITDA 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
Fidentiis Equities Enrique Yaacuteguez CFAeyafidentiiscom 1070 - 1210 Buy 18-06-2020
BBVA Aacutelvaro Saacutenchez Loacutepezalvarosanchezlopezbbvacom 1160 Outperform 29-05-2020
CaixaBank BPI Bruno Bessabrunobessacaixabankcom 1210 Buy 14-05-2020
JB Capital Markets Joatildeo Pintojpintojbcmcom 1130 Buy 12-05-2020
Berenberg Fraser Donlonfraserdonlonberenbergcom 1000 Buy 26-03-2020
Ahorro Corporacioacuten Beatriz Peacuterez Ceacutesar Saacutenchez-Grandebperezahorrocom csbergonahorrocom 1040 Buy 13-03-2020
A|S Independent Research Antoacutenio Seladas CFAaseladasasindependentresearchcom 900 Neutral 10-03-2020
Intermoney Valores SV Begontildea Alcalde Polobalcaldegrupocimdcom 1000 Hold 23-10-2019
Caixa BI Carlos Jesuscarlosjesuscaixabipt 1230 Buy 08-10-2019
Nau Securities John Ferreirajohnferreiranau-securitiescom 1350 Buy 04-03-2019
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Debt amp Ratios Unit 2019 2018 2017 2016
Net Debt Meuro 1611 1390 928 359
Net DebtEBITDA X 129 104 069 029
EBITDANet Interest X 882 1080 1359 1086
Gearing 299 279 202 84
Net Working Capital (NWC) Meuro 4274 4145 3611 2866
NWC Market Capitalization 284 346 264 254
NWC Sales x 360 X 1970 1955 1795 1609
Free Cash Flow (FCF) Meuro 375 112 340 869
Capex Meuro 588 579 437 336
Return on Invested Capital (ROIC) 108 118 150 169
Average cost of debt 114 109 167 18
NOTES
Net DebtEBITDA 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
Fidentiis Equities Enrique Yaacuteguez CFAeyafidentiiscom 1070 - 1210 Buy 18-06-2020
BBVA Aacutelvaro Saacutenchez Loacutepezalvarosanchezlopezbbvacom 1160 Outperform 29-05-2020
CaixaBank BPI Bruno Bessabrunobessacaixabankcom 1210 Buy 14-05-2020
JB Capital Markets Joatildeo Pintojpintojbcmcom 1130 Buy 12-05-2020
Berenberg Fraser Donlonfraserdonlonberenbergcom 1000 Buy 26-03-2020
Ahorro Corporacioacuten Beatriz Peacuterez Ceacutesar Saacutenchez-Grandebperezahorrocom csbergonahorrocom 1040 Buy 13-03-2020
A|S Independent Research Antoacutenio Seladas CFAaseladasasindependentresearchcom 900 Neutral 10-03-2020
Intermoney Valores SV Begontildea Alcalde Polobalcaldegrupocimdcom 1000 Hold 23-10-2019
Caixa BI Carlos Jesuscarlosjesuscaixabipt 1230 Buy 08-10-2019
Nau Securities John Ferreirajohnferreiranau-securitiescom 1350 Buy 04-03-2019
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
Corticeira Amorim
Corticeira Amorim SGPS SARua de Meladas 380 - PO Box 204536-902 MOZELOS VFR - PORTUGAL
Investor RelationsTel +351 227 475 400Fax +351 227 475 407
corticeiraamorimamorimcom
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