Corticeira Amorim Sgps Sa · EURONEXT:COR
Corticeira Amorim Sgps Sa — Corticeira Amorim — H1 2019 Earnings Presentation
41 slides from Corticeira Amorim Sgps Sa's earnings presentation, Aug 1, 2019
Slide 1: Corticeira Amorim 1H2019
Corticeira Amorim 1H2019 August 1, 2019
Slide 2: NDtech Sparkling and Nielsen US market data
AMORIM ielsen Launch of NDtech Sparkling, a cutting-edge Data from Nielsen Scanning Statistics confirms quality control screening technology: the world’s rising dominance for cork-sealed brands for the Top first two-disc sparkling wine stopper with an 100 Premium Brands in the USA. Cork-sealed wines
Slide 3: In brief
@P In brief AMORIM AMORIM “Together Towards EVERY STEP Sustainability” LEAVES A MARK th tt oe of the 2nd AND OURS waren |S CLIMATE POSITIVE Architects@ Amorim
Slide 4: Launch of WISE, non-PVC sustainable flooring
Launch of WISE, anon PVC sustainable flooring with a negative carbon footprint. WISE has an innovative core (Cork Rigid Core), made of cork and recycled materials, 100% recyclable. > AMORIM WISE by Amorim cork flooring has won the Innovation Award for Architecture + Construction at BAU, the world’s
Slide 5: Cork in design projects: Chelsea Flower Show and Lisbon
Designed by Tom Dixon - Cork in the garden of the future of the Chelsea Flower Show, in London,. The project was awarded a silver medal by the Royal Horticultural Society AMORIM The summer with cork in the Square: 1.900 blocks of expanded cork agglomerate were used to create Gardens of Stone, design
Slide 6: Leonor Antunes and Nacho Carbonell at Venice Biennale 2019
Leonor Antunes and Nacho Carbonell take Portuguese cork to the 58th Venice Biennale 2019 Leonor Antunes Presents “A seam, a surface, a hinge, ora knot” acork flooring with drawings by Carlo Scarpa for the Palazzo Giustinian Lolin, the Official Portuguese Delegation | Pavilion of Portugal. AMORIM Nac
Slide 7: ARCO VIP Room and NYCxDesign 2019
ARCO VIP Room lined and decorated with cork as part of an artistic creation designed by Lazaro Rosa- Violan. NYCxDesign 2019 - Ligne 102, an installation created by Bernard DuBois for Ligne Roset, presents Portuguese cork in the New York Design Week AMORIM
Slide 8: Climate Change Leadership: Porto Protocol
Climate Change Leadership: as a founding member Solutions for the Solutions forthe of The Porto Protocol Corticeira Amorim is deeply ite Industry 2 Wine iedustiy, 5%) 7" March 2019 5%) 7% March 2019 committed to creating a sustainable future for PORTO : PORTO generations to come “By sharing best pra
Slide 9: Integral Verticalization
@P Integral Verticalization AMORIM Corticeira Amorim, SGPS, S.A. Floor and Wall Coverings \ a iw, Composite Cork Insulation Cork Raw Materials Cork Stoppers
Slide 10: Waste recovery rate and FSC certification
Waste recovery rate (non-cork) packaging company in the world with FSC certification units with FSC certification
Slide 11: Alignment with United Nations' SDG
Alignment with United Nations’ SDG AMORIM Sustainability Strategy aligned with 12 Sustainable Development Goals Promote the Circular Economy environmental features of the Product andthe — Energy Efficiency and Climate Change “Montado” Product Environmental Impact Promotion of the “Montado’, its Biod
Slide 12: 0. . 0% 0. . 0% 0. . 0% 0. 0. 40 5.0% 0.
0. 0 80 . 0% 20 0. 0 70 . 0% 15 0. 0 60 . 0% 10 0. 0 50 0. 0 40 5.0% 0. 0 30 0.0% 0. 0 20 -5. 0 % 0. 0 10 0.0 -10.0%
Slide 13: Slide 13
Slide 14: Key Facts & Figures
Key Facts & Figures > AMORIM Sales rose to 412.2 ME (+3.1%): Raw Materials: +12.0%; * Cork Stoppers: +4.7%; * Floor & Wall Coverings: -2.2%; * Composite Cork: +4.0%; * Insulation: +15.6%; Positive impact from FX: total impact of 4.5 M€ on sales; EBITDA/Sales: 16.6% (FY18: 17.6%) * EBITDA of 68.3 ME;
Slide 15: Subsequent Events — July 2019
Subsequent Events — July 2019 VINOLOK: acquisition of 50% for the amount of 11.0 ME; the seller will maintain ownership of the remaining 50%; In brief: * Owned by Preciosa Group and headquartered in the Czech Republic, * Produces and sells high-end glass and crystal closures for wine and spirits bot
Slide 16: 20,0% 15,0% 10,0% 200 200 150 150 5,0% 100 100 50 50 0 0
500 500 20,0% 450 450 400 400 350 350 15,0% 300 300 250 250 10,0% 200 200 150 150 5,0% 100 100 50 50 0 0 0,0%
Slide 17: 500,0 300% 500,0 3,00 450,0 450,0 250% 2,50 400,0 400,0 350,0 350,0 200% 2,00
500,0 300% 500,0 3,00 450,0 450,0 250% 2,50 400,0 400,0 350,0 350,0 200% 2,00 300,0 300,0 250,0 150% 250,0 1,50 200,0 200,0 100% 1,00 150,0 150,0 100,0 100,0 50% 0,50 50,0 50,0 0,0 0% 0,0 0,00
Slide 18: AMORIM
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Slide 19: 350,0 • 300,0 • 250,0 • 200,0 • 150,0 100,0 50,0 0,0 350,00 25,0%
350,0 • 300,0 • 250,0 • 200,0 • 150,0 100,0 50,0 0,0 350,00 25,0% 300,00 20,0% 250,00 15,0% 200,00 10,0% 150,00 5,0% 100,00 0,0% 50,00 0,00 -5,0%
Slide 20: 350,0 • 300,0 • • • 250,0 200,0 150,0 100,0 50,0 0,0 350,0 5,0%
350,0 • 300,0 • • • 250,0 200,0 150,0 100,0 50,0 0,0 350,0 25,0% 300,0 20,0% 250,0 15,0% 200,0 10,0% 150,0 5,0% 100,0 0,0% 50,0 0,0 -5,0%
Slide 21: 350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0 350,0 25,0% ,0 20,0% 250,0 15,0%
350,0 300,0 250,0 200,0 150,0 100,0 50,0 0,0 350,0 25,0% 300,0 20,0% 250,0 15,0% 200,0 10,0% 150,0 5,0% 100,0 0,0% 50,0 0,0 -5,0%
Slide 22: 350,0 300,0 250,0 200,0 150,0 100,0 • 50,0 • 0,0 • • • •
350,0 300,0 250,0 200,0 150,0 100,0 • 50,0 • 0,0 • • • • 320,0 • 25,0% 270,0 20,0% 220,0 15,0% 170,0 10,0% 120,0 5,0% 70,0 0,0% 20,0 -30,0 -5,0%
Slide 23: 350,00 300,00 250,00 200,00 150,00 100,00 50,00 0,00 • • • 50,0 25,0% •
350,00 300,00 250,00 200,00 150,00 100,00 50,00 0,00 • • • 350,0 25,0% • 300,0 20,0% • 250,0 • 15,0% 200,0 10,0% 150,0 5,0% 100,0 0,0% 50,0 0,0 -5,0%
Slide 24: 350,0 • 300,0 • 250,0 • 200,0 150,0 100,0 • 50,0 • 0,0 •
350,0 • 300,0 • 250,0 • 200,0 150,0 100,0 • 50,0 • 0,0 • 28,0% 320,0 23,0% 270,0 18,0% 220,0 13,0% 170,0 8,0% 120,0 3,0% 70,0 -2,0% 20,0 -30,0 -7,0%
Slide 25: AMORIM
SP) AMORIM
Slide 26: Sales by business unit
CorkStoppers ™ Floor and Wall Coverings Raw Materials + Cork Stoppers Floor and Wall Coverings Composite Cork Insulation Cork "Composite Cork ™ Insulation Cork ™ Raw Materials 68.2% 7.1% 13.2% 1.4% 12.3% 1.4% 2.2% 72.5% 13.9% 12.3% 1.3% 26
Slide 27: Sales by geographic areas and currency
@P Sales to more than 100 countries AMORIM Sales by geographic areas Sales by currency MEU * BUSA mRest of America MAustraldsia ™ Portugal ™ Rest of Europe ™ Africa MEUR SUSD MCLP DKK ZAR SAUD ®GBP Others a
Slide 28: 25,0% 20,0% 15,0% 10,0% 5,0% 50 0 0,0%
500 450 25,0% 400 20,0% 350 300 15,0% 250 200 10,0% 150 100 5,0% 50 0 0,0%
Slide 29: EBITDA by BU
EBITDA by BU AMORIM 61 55,7 ES «@ 68,3 a Y 21 3,3 12,2 Raw Materials Cork Stoppers Floor & Wall Coverings Composite Cork Insulation Cork Others Consolidated EBITDA Values in million euros. 29
Slide 30: EBITDA by business unit and margins
10,5 a -10 TH ee -25 aHi8 qHI8 33 Raw Materials ™ Cork Stoppers ™ Floor and Wall Coverings ™ Composite Cork ™ Insulation Cork "Others Raw Materials + Cork Stoppers Floor and Wall Coverings Composite Cork Insulation Cork Consolidated Values in million euros. 24.8% 6.8% 16.0% 18.8% 19.9% 24.5% 2.2% 10
Slide 31: Key P&L Figures
> e Key P&L Figures AMORIM 1H17 1H 18 1H19 yoy w/o _ ° IFRS 16 Sales 354,8 399,9 412,2 31% 412,2 - Gross Margin 192,1 207,0 204,2 -1,3% 204,2 - Operating Costs (incl. depreciation) 137,3 146,0 153,9 54% 153,9 - EBITDA 70,6 77,4 68,3 -11,8% 67,5 0,8 Depreciation 15,8 16,5 18,0 9,2% 17,2 0,8 EBIT 54,8
Slide 32: 500,0 60,0% 450,0 50,0% 400,0 350,0 40,0% 300,0 250,0 30,0% 200,0 20,0% 150,0 100,0
500,0 60,0% 450,0 50,0% 400,0 350,0 40,0% 300,0 250,0 30,0% 200,0 20,0% 150,0 100,0 10,0% 50,0 - 0,0%
Slide 33: 500,0 450,0 25,0% 400,0 20,0% 350,0 300,0 15,0% 250,0 200,0 10,0% 150,0 100,0 5,0%
500,0 450,0 25,0% 400,0 20,0% 350,0 300,0 15,0% 250,0 200,0 10,0% 150,0 100,0 5,0% 50,0 - 0,0% 6 000 5 000 4 000 3 000 2 000 1 000 -
Slide 34: Net Income
Net Income AMORIM 44 1 8,0 1 0 | | 109 Ee 40,4 4 2,4 EBITDA Depreciation Net financial costs Gains/(losses) of Income tax Non-controlling interests Net Income Associates Values in million euros.
Slide 35: Financial Position
Financial Position > AMORIM June 30, December 31, June 30, December 31, June 30, June 30, 2019 IFRS 16 2017 2017 2018 2018 2019 w/o IFRS 16 Net Goodwill 0.0 9.8 14.0 14.0 3.6 13.6 - Net Fixed Assets / Right of use 194.5 227.9 235.6 259.6 271.0 265.9 51 Net Working Capital * 299.5 359.0 388.9 414.5 4
Slide 36: Net Debt
Net De bt AMORIM 22,4 3,5 0,3 68,3 144,8 1499 - | Net Debt Capex Dividends Paid Working Capital Taxes Other EBITDA Net Debt IFRS 16 Net Debt (Dec. 31, 2018) Needs w/o IFRS 16 Gun. 30, 2019) (Jun. 30, 2019) 36 Values in million euros.
Slide 37: Ratios
Ratios 1H 17 2017 1H 18 2018 1H 19 Net Debt / EBITDA * 0.09 0.69 0.73 1.04 1.20 EBITDA / Net Interest 230.3 135.9 136.6 108.0 81.8 Gearing 2.5% 20.2% 21.5% 27.9% 29.0% NWC / Market capitalization 17.5% 26.4% 26.1% 34.6% 32.3% NWC / Sales x 360 152.0 179.5 189.0 195.5 190.7 Free cash flow (FCF) 40.3
Slide 38: 0.550 0. % 0. % 0.450 0. % 0.350 . 0% 0.250 70 .
0.550 15 0. 0 % 13 0. 0 % 0.450 11 0. 0 % 0.350 90 . 0% 0.250 70 . 0% 50 . 0% 0.150 30 . 0% 0.050 10 . 0% -0. 0 50 -10.0%
Slide 39: Stock Market CORA.LS
Stock Market|CORA.LS @P AMORIM char by erchars com 0 0s Price @ conss22% © PSD 530% eet uae chatty ata com 20.00% " Fevana —uarz019 eames Source: Euronext Source: Euronext 2013 2014 2015 2016 2017 2018 1H19 Qt. of shares traded 2,184,858 3,481,685 12,693,424 10,801,324 19,290,907 14,884,641 4,361,10
Slide 40: Shareholder Structure
Shareholder Structure Heirs of Américo Ferreira de Amorim Antonio Ferreira de Amorim Family Family 50% a) Amorim Investimentos e 50% a) Participacdes, SGPS, SA 10.32% CORTICEIRA AMORIM, SGPS, 28.59% a) held directly and indirectly 10.09% SA Free-Float AMORIM 40
Slide 41: Investor relations contacts
Cristina Amorim CFO tel.: +351 227 475 425 cristina.amorim@amorim.com Ana Negrais de Matos, CFA IRO tel.: +351 227 475 423 ana.matos@corticei ra.amorim.com Corticeira Amorim, SGPS, S.A. Rua de Meladas, n° 380 . PO BOX 20 . 4536-902 MOZELOS PORTUGAL tel.: +351 22 747 54 00 . Fax: +351 22 747 54 07 em