Corticeira Amorim Sgps Sa · EURONEXT:COR

Corticeira Amorim Sgps Sa — FY2014 Earnings Presentation

36 slides from Corticeira Amorim Sgps Sa's earnings presentation, 2015

  1. Slide 1: Consolidated results 2014 Fiscal Year

    Corticeira Amorim, S.G.P.S., S.A. Consolidated results 2014 Fiscal Year

  2. Slide 2: Summary

    Summary  Consolidated results  Composite Cork • Highlights • Key indicators • Consolidated key indicators • Highlights  Raw Materials  Insulation Cork • Key indicators • Key indicators • Highlights • Highlights  Cork Stoppers  Appendices • Key indicators • Consolidated indicators • Highlights

  3. Slide 3: Consolidated results

    Consolidated results • Highlights • Consolidated key indicators Unit: thousands of euros 3

  4. Slide 4: Highlights

    Highlights  CORTICEIRA AMORIM registered the best ever fiscal year during 2014;  Sales up 3,3% to 560.3 million euros (M€) (2013: 542.5M€);  Exchange rate impact on sales: -3.7M€ (mainly from ZAR and CLP);  Except Floor & Wall Coverings BU, all BU recorded sales growth of finished products to en

  5. Slide 5: Highlights

    Highlights  Reinforcement of actions and investments for improving operational efficiency led to a reduction in operating costs of € 2.5M while the value of production increased by € 6M;  Current EBITDA (86.7M€ = 15.5% of sales) and current EBIT (64.4M€) grew by 11% and 13.7%;  Provisions booked:

  6. Slide 6: Consolidated key indicators

    Consolidated key indicators Sales EBITDA current Net Profit +3.3% +11% +18% 560,340 86,722** 35,756 * 82,466 542,500 78,127 31,055 30,339 534,240 2012 2013 2014 2012 2013 2014 2012 2013 2014 * Excludes write-off Goodwill North Africa, land impairment and TVA Argentina (5.240) ** Excludes impairments

  7. Slide 7: Raw Materials

    Business Unit: Raw Materials • Key indicators • Highlights Unit: thousands of euros 7

  8. Slide 8: Raw Materials: Highlights and key indicators

    Highlights and key indicators Raw Materials  Sales up 18% • Major activity increase due to 2013 higher purchasing campaign; Sales 131,373 • Delivering of past investments in the modernization and technological approach of 120,156 the industrial sites, namely in the discs production; 111,120 • BU co

  9. Slide 9: Raw Materials: Outlook

    Highlights and key indicators Raw Materials  Outlook • Same level of activity; • Reduced profitability as a result of a 2014 campaign with more pressure on the purchase price; Total Assets* • Stability in cork purchasing activity: assurance of group needs easing possible 153,014 136,146 pressure on

  10. Slide 10: Cork Stoppers

    Business Unit: Cork Stoppers • Key indicators • Highlights Unit: thousands of euros 10

  11. Slide 11: Cork Stoppers: Sales totalled 357M€ (+7.1%)

    Highlights and key indicators Cork Stoppers  Sales totalled 357M€ (+7.1%) • For the first time, sales surpassed 4 billion units; Sales 357,302 • Growth in key markets, with an emphasis on the USA (+ 19%) and Italy (+ 17%); • Out of the top, we must note markets as the British, Chilean and Central A

  12. Slide 12: Cork Stoppers: Operating activity

    Highlights and key indicators Cork Stoppers  Operating activity EBITDA current • Gross margin increased in value (+ 10%), boosted by higher sales and improved * 46,830 product mix; 45,791 * • Operating costs with a 2.4% increase compared to a much higher activity of growth; 41,414 • EBITDA increase

  13. Slide 13: Cork Stoppers: Outlook

    Highlights and key indicators Cork Stoppers  Outlook • Wine market growth at a steady rate of 1% per annum; USA, Asia (India and China) and Brazil have the greatest potential; • Targeting leadership in terms of service; • Strengthening competitiveness for leadership in operational efficiency; • Rei

  14. Slide 14: Floor & Wall Coverings

    Business Unit: Floor & Wall Coverings • Key indicators • Highlights Unit: thousands of euros 14

  15. Slide 15: Floor & Wall Coverings: Sales down 4.6%

    Highlights and key indicators Floor & Wall Coverings  Sales down 4.6% (manufactured products -7%) • Reduction in sales to our associate in the US and a drop in Eastern European market; German market affected by changes in retail players (DIY); Sales • Good performance in the Scandinavian markets; 1

  16. Slide 16: Floor & Wall Coverings: Operating activity and Outlook

    Highlights and key indicators Floor & Wall Coverings  Operating activity • Optimization of operating and maintenance costs of the mark more than offset the EBITDA current effect of sales break; 15,520 * 15,177 • EBITDA reached 15.5 M € (+ 2.3%); 14,436 • New solutions: CorkTech enlarging installati

  17. Slide 17: Composite Cork

    Business Unit: Composite Cork • Key indicators • Highlights Unit: thousands of euros 17

  18. Slide 18: Cork Composites: Sales of finished products up 1.5%

    Highlights and key indicators Cork Composites  Sales of finished products to final costumers up 1.5% (total sales -14%) Sales • Improvement in the second half; good performance of the US market; 98,443 • Set-up of commercial joint ventures for the establishment in Turkey and China; 89,949 84,282 •

  19. Slide 19: Cork Composites: Operating activity and Outlook

    Highlights and key indicators Cork Composites  Operating activity EBITDA current 8,876 * • Gross margin and results favored by better sales mix and better prices in the 7,748 6,726 procurement of raw materials; • Granulation unit deactivation Drauvil (transfer to Coruche now belonging to Cork Stopp

  20. Slide 20: Insulation Cork

    Business Unit: Insulation Cork • Key indicators • Highlights Unit: thousands of euros 20

  21. Slide 21: Insulation Cork: Highlights and key indicators

    Highlights and key indicators Insulation Cork  Sales of manufactured products up 12% (total sales +23%) Sales 10,014 9,017 8,120 • Good performance of the markets in general, especially Asia (expanded agglomerated cork); • Significant sales growth of broken, regranulate and CorkSorb; 2012 2013 2014

  22. Slide 22: Appendices

    Appendices • Consolidated indicators • Financial statements Unit: thousands of euros 22

  23. Slide 23: Breakdown Sales by Business Unit

    Breakdown Sales by Business Unit Insulation Cork Composite Cork 2% Raw Materials 14% 1% Floor and Wall Coverings 20% Cork Stoppers 63% 2012 2013 2014 Raw Materials 1.4% 0.9% 0.9% Cork Stoppers 59.4% 60.7% 63.1% Floor and Wall Coverings 23.0% 21.9% 20.2% Composite Cork 14.5% 15.2% 14.2% Insulation Co

  24. Slide 24: Breakdown Sales by Geographic Areas

    Breakdown Sales by Geographic Areas Rest of America Africa 7% 2% Australasia 6% European Union a) USA 57% 19% Rest of Europe 5% Portugal 4% 2012 2013 2014 European Union a) 54.5% 55.7% 56.5% Portugal 5.0% 5.0% 4.4% Rest of Europe 7.1% 6.0% 4.9% USA 18.0% 18.3% 19.3% Australasia 6.8% 6.6% 6.4% Rest o

  25. Slide 25: Breakdown Sales by Currency

    Breakdown Sales by Currency USD GBP AUD ZAR DKK 20% 1% 1% 1% 2% CLP 3% Others 2% EUR 70% 2012 2013 2014 EUR 69.0% 71.8% 70.3% USD 19.5% 18.2% 19.6% GBP 0.7% 0.8% 0.8% AUD 2.0% 1.3% 1.2% ZAR 1.1% 0.9% 1.0% DKK 1.8% 1.7% 1.8% CLP 3.3% 3.1% 3.2% Others 2.7% 2.2% 2.2% 25

  26. Slide 26: EBIT & EBITDA evolution

    EBIT & EBITDA evolution 82,466 86,722 78,127 61,260 64,386 56,611 2012 2013 2014 EBIT EBITDA 2012 2013 2014 Gross Margin 273,960 277,483 283,583 1 Other operating costs (current) 212,700 220,872 219,197 EBIT 61,260 56,611 64,386 EBITDA 82,466 78,127 86,722 1 Excludes non current costs and severance

  27. Slide 27: Breakdown EBITDA by Business Unit

    Breakdown EBITDA by Business Unit 7,748 86,722 15,520 2,520 17,492 1,653 46,830 Cork Stoppers Raw-Materials Insulation Cork Floor & Wall Composite Cork Other Consolidated Coverings EBITDA 2012 2013 2014 Raw Materials 17% 20% 20% Cork Stoppers 54% 51% 52% Floor and Wall Coverings 17% 19% 17% Composit

  28. Slide 28: Operating Costs Breakdown

    Operating Costs Breakdown Value and % (production): 222.000 220,872 41% 220.000 219,197 41% 40.8% 40% 218.000 39.2% 40% 216.000 38.5% 39% 214.000 212,700 39% 212.000 38% 210.000 38% 208.000 37% 2012 2013 2014 Total Operating Costs (current) % Production 2012 2013 2014 External supplies 93,205 97,266

  29. Slide 29: Staff Costs

    Staff Costs Value and % (sales): Number of employees: Average December, 31 18.5% 103,315 104.000 19% 3,501 3,496 3,497 103.000 18% 102.000 3,468 101.000 100,154 18.4% 18% 3,454 100.000 18% 99.000 18.3% 98.000 18% 3,386 97.000 96.000 97,678 18% 95.000 18% 94.000 18% 2012 2013 2014 2012 2013 2014 Staf

  30. Slide 30: Net Profit

    Net Profit 86,722 1,280 22,336 6,354 3,866 1,990 35,756 16,776 924 EBITDA Depreciation Non-current Interest and Provisions Gains/(losses) Tax Non- Net Profit current costs other similar of Associates controlling costs interests 2012 2013 2014 EBIT current 61,260 56,611 64,386 Net financial costs 6,1

  31. Slide 31: Debt and Gearing

    Debt and Gearing Net debt and Equity/ Total Assets: 140.000 51,1% 52% 121.580 120.000 51% 104.447 50% 100.000 87.558 49% 80.000 48% 60.000 48,1% 47% 46% 40.000 45,9% 45% 20.000 44% 0 43% 2012 2013 2014 Net Debt Equity / Total Assets 2012 2013 2014 Net Debt 121,580 104,447 87,558 Equity and Minority

  32. Slide 32: Total Assets

    Total Assets Other current assets 5% Non-current assets Customers 35% 20% 8% 19% 34% FY2013 39% FY2014 Inventories 2012 2013 2014 40% Non-current assets 213,168 212,744 213,265 Inventories 231,211 244,063 247,633 Customers 124,108 121,069 122,606 Other current assets 75,279 49,431 33,942 Total Asset

  33. Slide 33: Equity and Liabilities

    Equity and Liabilities Other non- current liabilities Trade payables 7% 19% Provisions 5% 8% 20% Other current 4% liabilities 18% 20% 48% FY2013 FY2014 Equity 51% 2012 2013 2014 Equity 295,247 301,737 315,569 Provisions 21,038 25,085 27,951 Other non-current liabilities 72,080 51,353 44,727 Trade pa

  34. Slide 34: Consolidated Statement of Financial Position

    Consolidated Statement of Financial Position December 2014 December 2013 Non-current assets 213,265 212,744 Current assets Inventori es 247,633 244,063 Other current a s s ets 156,548 170,499 Total current assets 404,181 414,562 Total Assets 617,446 627,307 Equity (M. I. included) 315,569 301,737 No

  35. Slide 35: Key Figures

    Key Figures 2014 2013 Variation 4Q14 4Q13 Variation Sa l es 560,340 542,500 3.3% 130,655 123,359 5.9% Gros s Ma rgi n – Va l ue 283,583 277,483 2.2% 70,457 67,765 4.0% 1) 49.8% 51.2% -1.44 p.p. 50.5% 49.9% + 0.6 p.p. Opera ting Cos ts - current 219,197 220,872 -0.8% 55,468 54,332 2.1% EBITDA - curre

  36. Slide 36: Corticeira Amorim contact details

    CORTICEIRA AMORIM, S.G.P.S., S.A. Rua de Meladas, nº 380 P.O. Box 20 4536-902 MOZELOS VFR PORTUGAL Tel.: +351 22 747 54 00 Fax: +351 22 747 54 07 Email: corticeira.amorim@amorim.com www.corticeiraamorim.com/en 36

Corticeira Amorim, S.G.P.S. — FY2014 Earnings Presentation on 6ix