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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 2014 2015 2016 2017
Sales M€ 560,3604,8641,4701,6
Gross Margin M€ 283,6315,6334,7373,5
Gross Margin / Prodution % 49,8%50,7%53,2%52,9%
External Supplies M€ 96,4100,5103,0116,5
Staff Costs M€ 103,3111,9113,3125,6
Other Operating Costs (includes depreciation) M€ 19,527,522,427,4
EBITDA M€ 86,7100,7122,3133,6
EBITDA / Sales % 15,5%16,7%19,1%19,0%
EBIT M€ 64,475,796,0104,0
Net Income M€ 35,855,0102,773,0
Balance Sheet Unit 2014 2015 2016 2017
Total non-current assets M€ 213,3223,7231,7273,8
Inventories M€ 247,6271,7268,7359,1
Trade receivables M€ 122,6132,5141,9167,6
Other current assets M€ 33,939,384,671,7
Total current assets M€ 404,2443,5495,2598,5
Total Assets M€ 617,4667,2726,9872,3
Equity M€ 315,6354,1426,9459,0
Bank borrowings M€ 26,241,238,652,0
Provisions M€ 28,032,230,741,2
Other non-current liabilities M€ 18,516,816,942,7
Total non-current liabilities M€ 72,690,286,2135,8
Bank borrowings M€ 67,450,148,457,8
Trade payables M€ 115,3121,2110,0161,1
Other current liabilities M€ 46,451,655,458,7
Total current liabilities M€ 229,2222,9213,8277,5
Total Liabilities and Equity M€ 617,4667,2726,9872,3
Data per share Unit 2014 2015 2016 2017
Number of shares shares 133.000.000133.000.000133.000.000133.000.000
Earnings per share 0,2850,4310,7720,549
Book value per share 2,3732,6623,2103,451
Share price (period-end) 3,0205,9488,50010,300
Market Capitalisation (period-end) M€ 401,7791,11.130,51.369,9
Debt & Ratios Unit 2014 2015 2016 2017
Net Debt M€ 87,683,935,992,8
Net Debt/EBITDA X 1,010,830,290,69
EBITDA/Net Interest X 30,870,5108,6135,9
Equtity/Net Assets % 51,1%53,1%58,7%52,6%
Gearing % 27,7%23,7%8,4%20,2%
Net Working Capital (NWC) M€ 269,2268,2286,6361,1
NWC / Market Capitalization % 67,0%33,9%25,4%26,4%
NWC / Sales x 360 X 173,0159,6160,9179,5
Free Cash Flow (FCF) M€ 41,722,186,934,0
Capex M€ 21,231,433,643,7
Return on Invested Capital (ROIC) % 11,8%14,3%16,9%15,0%
Average cost of debt % 3,7%2,05%1,8%1,67%
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

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

Corticeira Amorim sales increase 6% to EUR 641 million

2017-04-07
  • EBITDA increased 22% to EUR 122 M

  • Sale of US Floors generates net gain of EUR 30 M

  • Net profit excluding sale of US Floors reaches EUR 73 M, up 32% on 2015

Consolidated Accounts