Corticeira Amorim · Corticeira Amorim. Corticeira Amorim, SGPS, S.A. Rua de Meladas, 380 - P.O....

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Corticeira Amorim 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 [email protected] 51 Distribution Companies 10 Industrial Plants Raw Material 23 Industrial Plants Cork Solutions 10 Joint Ventures 254 Main Agents 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. Business Units Raw Materials Cork Stoppers Floor & Wall Coverings Composite Cork Insulation Cork

Transcript of Corticeira Amorim · Corticeira Amorim. Corticeira Amorim, SGPS, S.A. Rua de Meladas, 380 - P.O....

Page 1: Corticeira Amorim · Corticeira Amorim. 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:

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

Page 2: Corticeira Amorim · Corticeira Amorim. 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:

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

Page 3: Corticeira Amorim · Corticeira Amorim. 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:

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

Page 4: Corticeira Amorim · Corticeira Amorim. 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:

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

Page 5: Corticeira Amorim · Corticeira Amorim. 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:

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