Corticeira Amorim SGPS SA · EURONEXT:COR
Corticeira Amorim SGPS SA — H1 2016 Earnings Presentation
27 slides from Corticeira Amorim SGPS SA's earnings presentation, 2016
Slide 1: Corticeira Amorim, S.G.P.S., S.A. Consolidated results
CORTICEIRA AMORIM, S.G.P.S., S.A. Consolidated results June, 30
Slide 2: 1. Consolidated Results
1. CONSOLIDATED RESULTS Organizational chart Highlights Consolidated key indicators (thousand euros) 2
Slide 3: Integral Verticalisation
2016. ae Corticeira Amorim Floor and Wall Raw Material Cork Stoppers Coverings Cork Composites Insulation Cork
Slide 4: Highlights
HIGHLIGHTS • Consolidated sales reached 334 million euros (M€) plus 24.8 M€ (+8%); • Growth justified by the effect of volume and mix. Exchange rate effect with little impact on sales. All Business Units (BU) registered more quantities sold. Effect perimeter: 1%; • Sales growth in value in all BUs,
Slide 5: Consolidated Key Indicators
CONSOLIDATED KEY INDICATORS SALES EBITDA (current) +8.0% 120,000 25.0% 309,197 333,958 21.6% 19.7% 289,044 100,000 17.6% 17.6% 20.0% 80,000 15.1% * 65,854 54,379** 15.0% 156,691 177,267 60,000 *** 43,613 38,257 10.0% 40,000 27,597 5.0% 20,000 0 0.0% 1H 14 1H 15 1Q 2016 2Q 16 1H 16 1H 14 1H 15 1Q 201
Slide 6: 2. Highlights and Key Indicators by Business Unit
2. HIGHLIGHTS AND KEY INDICATORS BY BUSINESS UNIT (thousand euros) 6
Slide 7: Raw Materials BU
HIGHLIGHTS AND KEY INDICATORS 1H and 2Q: RAW MATERIALS BU SALES Activity increase 9.6% +9.6% • Sales for the value chain increased 7.8% (following the 79,828 increase of activity of the Cork Stoppers, its main 69,264 72,830 customer); 38,825 41,003 • EBITDA reached 10.6 M€, a slight decrease compare
Slide 8: Cork Stoppers BU highlights
HIGHLIGHTS AND KEY INDICATORS: CORK STOPPERS BU Increased sales by 9.3% (1Q16: + 7.8%; 2Q16: +10.7%) • Sales reached 220.6 M€ (1H15: 201.7 M€) driven by volume and mainly by the mix effect (more natural cork stoppers); perimeter effect: 1.4%; • Highlighting the performance of Natural and Neutrocork®
Slide 9: Cork Stoppers BU key indicators
HIGHLIGHTS AND KEY INDICATORS: CORK STOPPERS BU SALES Cork stoppers +9.3% 220,559 201,743 183,267 EBITDA (current) 118,191 Cork Stoppers + Raw Materials 102,368 70,000 24.3% 22.1% 21.0% 25.0% 19.6% * 60,000 17.8% 49,750 20.0% ** 50,000 43,090 1H 2014 1H 2015 1Q 2016 2Q 2016 1H 2016 15.0% 40,000 33,1
Slide 10: Floor & Wall Coverings BU
HIGHLIGHTS AND KEY INDICATORS: FLOOR & WALL COVERINGS BU SALES Sales increase of 6.3% (manufactured products: +7.1%) +6.3% (1Q16: +4.1%; 2Q16: +8.5%) 62,289 61,112 • Upturn in sales growth; 57,490 • Hydrocork as the event of the semester; 29,708 31,403 • Strong emphasis to Hydrocork sales, which rep
Slide 11: Cork Composites BU
HIGHLIGHTS AND KEY INDICATORS: CORK COMPOSITES BU SALES Increased sales: 6.2% +6.2% • Increase in sales is mainly due to volume effect, with 52,060 currency effects much lower than in recent quarters; 49,028 42,358 27,661 • Highlight for Retail, Industry and Construction and 24,399 Inlay (Hydrocork)
Slide 12: Insulation Cork BU
HIGHLIGHTS AND KEY INDICATORS: INSULATION CORK BU SALES Sales increase: +29.3% (final customers: +17.1%) +29.3% • Sales growth influenced by the supply of crushed cork 6,436 to Composite Cork BU; 5,196 4,976 3,493 • Sales increase of the main product (expanded 2,944 corkboard) justified by volume (+
Slide 13: 3. Appendices
3. APPENDICES Consolidated indicators (thousand euros) 13
Slide 14: Breakdown Sales by Business Unit
BREAKDOWN SALES BY BUSINESS UNIT Insulation Cork Composite Cork 2% Raw Materials 14% 1% Floor and Wall Coverings 18% Cork Stoppers 65% 1H 14 1H 15 1H 16 Raw Materials 1% 1% 1% Cork Stoppers 63% 65% 65% Floor and Wall Coverings 21% 18% 18% Composite Cork 14% 15% 14% Insulation Cork 1% 1% 1% 14
Slide 15: Breakdown Sales by Geographic Areas
BREAKDOWN SALES BY GEOGRAPHIC AREAS Rest of America Africa Australasia 7% 1% 5% USA 22% Rest of Europe 4% Portugal European Union 5% a) 56% 1H 14 1H 15 1H 16 European Union a) 57.6% 54.5% 56.3% Portugal 4.1% 5.5% 4.8% Rest of Europe 5.0% 4.2% 3.4% USA 19.2% 22.3% 22.0% Australasia 6.0% 5.1% 5.3% Res
Slide 16: Breakdown Sales by Currency
BREAKDOWN SALES BY CURRENCY GBP AUD ZAR DKK 1% 1% 1% 2% CLP USD 3% 22% Others 2% 1H 14 1H 15 1H 16 EUR 68% EUR 71.1% 67.3% 68.0% USD 19.5% 23.1% 22.5% GBP 0.8% 0.8% 0.8% AUD 1.0% 1.2% 1.0% ZAR 0.8% 0.9% 0.8% DKK 1.7% 1.7% 2.2% CLP 3.0% 2.8% 2.8% Others 2.1% 2.1% 2.0% 16
Slide 17: EBIT & EBITDA Evolution
EBIT & EBITDA EVOLUTION 21.6% 19.7% 17.6% 17.6% 20.0% 15.1% 15.0% 65,854 10.0% 54,379 52,702 5.0% 43,613 40,321 38,257 31,132 27,597 31,592 0.0% 1H 14 1H 15 1Q 2016 21,110 2Q 16 1H 16 -5.0% -10.0% 1H 14 1H 15 1Q 2016 2Q 16 1H 16 EBIT EBITDA EBITDA (%sales) 1H 14 1H 15 1Q 16 2Q 16 1H 16 Gross Margin
Slide 18: Breakdown EBITDA by Business Unit
BREAKDOWN EBITDA BY BUSINESS UNIT 9,779 65,854 6,782 10,577 1,490 2,616 39,842 Cork Stoppers Raw-Materials Insulation Cork Floor & Wall Composite Cork Other Consolidated EBITDA Coverings 18
Slide 19: Operating Costs Breakdown
OPERATING COSTS BREAKDOWN 200,000 39.6% 37.9% 38.4% 39.0% 180,000 36.7% 160,000 37.0% 35.2% 140,000 124,938 123,574 35.0% 120,000 115,487 33.0% 100,000 80,000 31.0% 61,295 62,278 60,000 29.0% 40,000 27.0% 20,000 0 25.0% 1H 14 1H 15 1Q 16 2Q 16 1H 16 Total Operating Costs (current) % Production 1H 14
Slide 20: Staff Costs
STAFF COSTS VALUE AND % (SALES) 80,000 18.8% 20.0% 18.5% 70,000 17.7% 18.0% 57,209 59,230 60,000 54,235 16.0% 50,000 14.0% 40,000 30,000 12.0% 20,000 10.0% 1H 14 1H 15 1H 16 NUMBER OF EMPLOYEES Staff Costs % Sales Average 3,763 June, 30 3,725 3,662 3,637 3,571 3,583 1H 14 1H 15 1H 16 20
Slide 21: Net Profit
NET PROFIT 65,854 941 13,152 3,730 952 35,145 13,079 737 EBITDA Depreciation Non-current Interest and Gains of Tax Non- Net Profit current costs other similar Associates controlling costs interests 1H 14 1H 15 1Q 16 2Q 16 1H 16 EBIT current 31,132 40,321 21,110 31,592 52,702 Net financial costs 2,14
Slide 22: Debt and Gearing
DEBT AND GEARING 55.0% 56.0% 190,000 52.5% 54.0% 170,000 52.0% 49.0% 150,000 47.4% 50.0% 130,000 48.0% 110,000 106,313 46.0% 91,865 87,123 44.0% 90,000 80,079 42.0% 70,000 40.0% 50,000 38.0% 1H 14 1H 15 1Q 16 1H 16 Net Debt Equity / Total Assets 1H 14 1H 15 1Q 16 1H 16 Net Debt 106,313 91,865 87,123
Slide 23: Total Assets
TOTAL ASSETS Other current assets 7% Non-current assets 32% Customers 6% 23% 32% 23% 39% 1H 14 1H 15 1H 16 Non-current assets 209,884 212,245 227,701 Inventories Inventories 241,148 261,928 264,641 38% Customers 147,006 155,821 163,190 1H 16 1H 15 Other current assets 45,288 36,030 46,759 Total Asse
Slide 24: Equity and Liabilities
EQUITY AND LIABILITIES Other non- current Trade liabilities payables Provisions 8% 17% 5% 12% Other current 20% 4% liabilities 18% 15% 49% 1H 14 1H 15 1H 16 Equity 52% Equity 305,142 326,509 368,449 Provisions 24,490 28,961 34,965 Other non-current liabilities 52,486 78,790 57,482 1H 16 1H 15 Trade
Slide 25: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION June 30, 2016 December 31, 2015 June 30, 2015 Non-current a s s ets 227,701 223,689 212,245 Current a s s ets Inventori es 264,641 271,705 261,928 Other current a s s ets 209,948 171,824 191,851 Total current a s s ets 474,589 443,530 453,778 Total As s e
Slide 26: Key Figures
KEY FIGURES 1H16 1H15 Variation 2Q16 2Q15 Variation Sa l es 333,958 309,197 8.0% 177,267 161,846 9.5% Gros s Ma rgi n – Va l ue 176,276 165,259 6.7% 93,871 86,083 9.0% 1) 52.4% 50.2% + 2.2 p.p. 50.6% 50.6% -0.01 p.p. Opera ti ng Cos ts - current 123,574 124,938 -1.1% 62,278 63,356 -1.7% EBITDA - cur
Slide 27: Corticeira Amorim, S.G.P.S., S.A.
CORTICEIRA AMORIM, S.G.P.S., S.A. Rua de Meladas, nº 380 Apartado 20 4536-902 MOZELOS VFR PORTUGAL Tel.: 22 747 54 00 Fax: 22 747 54 07 Email: corticeira.amorim@amorim.com www.corticeiraamorim.com 27
Corticeira Amorim, S.G.P.S. — H1 2016 Earnings Presentation on 6ix