Consolidated Annual Report 2021

Sales increase 13% to more than €830 million

  • EBITDA totalled €134 million, an increase of 10%;
  • Net profit rose 16% to €75 million;
  • Net debt fell €63 million to €48 million;
  • Proposed distribution of a gross dividend of € 0.20 per share (€ 0.185 in 2021).

We are committed to securing higher growth, while guaranteeing everyone’s safety and well-being.

Message from the Chairman

The world economy experienced major fluctuations in 2021, caused by the impact and management of the SARS-CoV-2 pandemic. The multiple waves of contagion, public health measures and mobility restrictions implemented over the course of the year continued to affect business evolution. Clear signs of economic recovery were nonetheless recorded. Vaccination led to a lower spread of serious infections, which in turn enabled economic agents to recover confidence, as the overall context became more favourable for the conduct of economic activity.

The global economic context posed a series of obstacles, some of which were unexpected, such as the disruption of logistics chains and the escalation of the costs of several productive factors. These challenges were overcome or managed with apparent success, albeit with increased costs, which made it possible to recover the general output levels that prevailed in 2019.

In this demanding framewoork, Corticeira Amorim has continued to develop its business activity in a resilient and committed manner and attained a remarkable level of consolidated sales in 2021 - €837.8 million, 13.2% higher than the previous year - for which all Business Units contributed. In operational terms, the company’s performance was marked by the effect of the exchange rate volatility and increasing inflationary pressures, especially the prices of non-cork raw materials, transport costs and energy. Through rigorous and prospective management of these factors, it was possible to end the year with a remarkable record level of consolidated net income: €74.8 million, 16.2% higher than in 2020.

We ended the year with confidence. We have a vast team of Men and Women who are prepared, determined and passionate about our business activity. Investment in R&D+i has delivered distinctive technological advances, in terms of processes, product quality and reliability and a vast and expanding portfolio of solutions and applications. We also assume our responsibility for the promotion and development of the cork oak tree: we support fundamental scientific research related to the cork oak tree and design and test new methods, systems and technologies for the development of this unique forest, promoting its profitability, biodiversity and sustainability.

We are committed to securing higher growth, while guaranteeing everyone’s safety and well-being, the development of our People, efficient resource management, protection of the balance of ecosystems and the circularity of processes and the economy. We are increasingly contributing to attaining a sustainable development model and a more cohesive and conscious society, prepared to face the multiple challenges that lie ahead, with ambition, perseverance and tenacity.

We view the situation in Eastern Europe with great concern, aware that peace is absolutely essential for the development of Humanity.

We therefore hope that 2022 may still be a year of peace and prosperity for all.

António Rios de Amorim
Chairman and CEO
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