Consolidated Annual Report 2019

Net profit reaches €75 million

  • Sales in 2019 exceeded €780 million;
  • The EBITDA-Sales ratio increased 139 b.p. year-on-year in the last quarter;
  • The Cork Stopper BU registered strong annual sales growth (+4,7%);
  • Proposal to distribute a gross dividend of €0.185 per share.

Raise the levels of excellence of service, sales and results

Message from the Chairman

In 2019, the global economy recorded its lowest growth rate since the 2008 financial crisis. It was a year dominated by uncertainty, with a slowdown of international trade - for the second consecutive year – several protectionist measures and the trade dispute between the United States and China, which had a significant impact on business investment and economic growth. In Portugal, economic growth also slowed, but remained positive, primarily due to the upward evolution of private consumption and investment.

Corticeira Amorim is particularly exposed to international markets, since it records more than 90% of its consolidated sales to over 100 countries around the world. The complex macroeconomic environment and the rising consumer prices for cork meant made 2019 particularly demanding and challenging.

However, our entire Organisation aligned itself with the defined objectives and goals, and we strove, in a professional and enthusiastic manner, to raise the levels of excellence of service, sales and results. And we were successful. 

We are committed to meeting the Sustainable Development Goals, adopted by the United Nations in 2015, and have therefore designed and implemented programmes to support innovation, research and development, policies and initiatives which aim to help reduce our environmental impact. These initiatives include efficient energy management, optimisation of renewable energy sources, in particular biomass, promotion of wellbeing in the workplace and fostering good health and quality of life. 

Our long-term success is intrinsically linked to our teams’ dedication, passion and entrepreneurial capacity. The path ahead is an endless journey, with constant challenges on the horizon. However, it is precisely challenges such as these that inspire us, and lead us to strive to respond to the needs of our customers, the market and society as a whole. 

In 2020 we are celebrating 150 years of business activity. For this reason, the entire Organisation is paying tribute, not only to this historic milestone, but above all to the multigenerational entrepreneurial vision, which underpins our success, and the values that will shape our future. Over the past 150 years, cork and Corticeira Amorim have made countless friends: ranging from customers to suppliers, from investors to forest producers, from winemakers to astronauts, from architects to fashion designers and, of course, our Employees around the world, who are unconditional enthusiasts and constitute an integral part of cork’s continued renaissance. I would like to express my sincere gratitude to them all.

Aware that this is an unprecedented moment, we join the collective effort to contain the COVID-19 pandemic, with responsibility, solidarity and hope, protecting our Employees, their Families, Communities and all our Stakeholders. 

We may be distant, but we remain united.  

António Rios de Amorim
Chairman and CEO
Please note, your browser is out of date.
For a good browsing experience we recommend using the latest version of Chrome, Firefox, Safari, Opera or Internet Explorer.