Corticeira Amorim Sgps Sa · EURONEXT:COR
Corticeira Amorim Sgps Sa — Corticeira Amorim — 9M 2022 Earnings Presentation
56 slides from Corticeira Amorim Sgps Sa's earnings presentation, 2022
Slide 1: Corticeira Amorim 9M2022
AMORIM Corticeira Amorim OM2022
Slide 2: In brief: Korko cork toys
In brief Korke Korko — ecological, safe and natural cork toys An innovative response to the growing demand for safe, ecological and natural toys. Amorim Cork Composites and Hape Holding AG, the world’s leading producer of wooden toys, joined expertise to explore the global market for cork-based toys
Slide 3: In brief: Amorim Academy 30th anniversary
In brief Prix de 'Académi ED ACADEMIE AMORIM i a vigne et! rent climatique défi majeur de la vig) gem ion des marches en’t - Défis et evolution Table ronde n° Modérateur Amorim Academy celebrates its 30th anniversary Founded in France, this international organisation created by Amorim, encourages re
Slide 4: In brief: Neutrocork Xpur negative carbon balance
In brief Neutrocork Xpur has a Negative Carbon Balance Independent study* conducted by PwC concluded that the microgranulated stopper produced using Xpiir has a -393g CO.eq carbon balance.** These results, in addition to providing relevant data on the environmental contribution of cork products, pro
Slide 5: In brief: NRT62 negative carbon balance
In brief Amorim's NRT®62 has a Negative Carbon Balance Independent study* conducted by EY revealed that the carbon balances of Amorim's NRT®62 cork components are of -11.8kg CO,zeq/me2 (without a vapour barrier) and of -10.5kg CO, eq/m2 (witha vapour barrier). Amorim's NRT®62 flooring components are
Slide 6: In brief: Artemis new space era with cork
In brief ARTEMIS |New space era with cork NASA begins a new cycle of missions to the Moon with a rocket coated with Corticeira Amorim’s cork. NASA's most powerful rocket to date will jump-start the Artemis | program which will land the first woman and first person of color on the Moon by 2026. 9M22
Slide 7: In brief: Westminster Chapel
In brief Walking on cork at Westminster Chapel The newly refurbished building includes a sustainable cork solution by Amorim Cork Flooring. Founded in 1840, in one of the most historical areas in Central London, this emblematic building is a free church that welcomes thousands of people every year.
Slide 8: In brief: Rose Garden at Serralves
In brief Rose Garden at Serralves One of the most iconic rose gardens in the world blooms in safety and sustainability. After four years of work, Serralves’ rose garden was restored. Having safety and sustainability as a motto, the ground was covered with granulated cork instead pine bark. Cork was
Slide 9: In brief: Sobreiras Country Hotel
In brief Sobreiras Country Hotel The perfect blend of nature and well-being. Located in Grandola, in the middle of a cork oak forest, the Sobreiras - Alentejo Country Hotel matches its beautiful surroundings with an inviting cork flooring by Amorim Cork Flooring, gathering performance, comfort, heal
Slide 10: In brief: AEP Sustainability Prize
In brief AEP Sustainability Prize Amorim Cork was awarded the Sustainable Company Prize by AEP, the Portuguese Business Association. As apart of AEP's 1734 anniversary celebrations, which have taken place in Porto last September, four companies and one entrepreneur were distinguished for their perfo
Slide 11: In brief: SACI stake, UN Global Compact, awards
In brief Acquisition of a 50% stake in SACI Corticeira Amorim has acquired a 50% stake in the Italian company SACI for 49 M&. The main activity of the Turin-based group is producing and selling wirehoods for sparkling wines. Read more Participant in UN Global Compact This UN voluntary initiative bri
Slide 12: In brief: Porto Climate Pact and partnerships
In brief A NE Porto Climate Pact The European Commission chose Porto to be one of the 100 European cities to lead the transition to climate neutrality in 2030 (EU Mission Programme - "Climate Neutral and Smart Cities by 2030"). A2porto Corticeira Amorim has become corporate partner of 42porto. “Rolh
Slide 13: In brief: Solar park, Go4cork Blend, Google store
In brief Solar Park in the Launch of Go4cork Google's first store Alqueva reservoir Blend with Nike Grind distinguished in the NYCxDESIGN Awards Set in a hydroelectric dam, this Amorim Cork Composites launched floating solar park willsupply athird anewunderlaymentcontainingNike Located in New York,
Slide 14: In brief: Walk on Amazing, NEYA Porto Hotel
In brief ott Kelly Walk on Amazing The latest global campaign from Amorim Cork Flooring invited NASA's Scott Kelly to walk ona cork surface that mimics walking on Mars. Read more NEYA Porto Hotel The first hotel in Portugal to receive LEED GOLD certification showcases Amorim cork solutions. Read mor
Slide 15: In brief: Rolls-Royce, Three Graces, Carrilho da Graça
In brief FLASH BACK CAPBILHO DAGRACA Rolls-Royce The Three Graces FLASHBACK Carrilho da Graga The Spirit of Innovation, Awork by the Portuguese artist Rolls-Royce's fastest all-electric Pedro Cabrita Reis that is being Anexhibition based on the archive plane, uses cork from AmorimCork —exhibitedinth
Slide 16: Consolidated Results
AMORIM Consolidated Results
Slide 17: 20.0% 800.0 700.0 15.0% 600.0 500.0 10.0% 400.0 300.0 5.0% 00.0 100.0 0.0 0.0%
20.0% 800.0 700.0 15.0% 600.0 500.0 10.0% 400.0 300.0 5.0% 200.0 100.0 0.0 0.0%
Slide 18: 60000 50000 1.2 6.0% 40000 0.8 5.0% 30000 4.0% 0.6 3.0% 000 0.4 2.0%
60000 50000 1.2 1 6.0% 40000 0.8 5.0% 30000 4.0% 0.6 3.0% 20000 0.4 2.0% 0.2 10000 1.0% 0 0.0% 0 40% 1 600 35% 1 400 30% 1 200 25% 1 000 20% 800 15% 600 10% 400 5% 200 0% - 0% 50% 21.0 40% 16.0 30% 120% 11.0 20% 70% 6.0 10% 20% 1.0 0% - 4.0 -30%
Slide 19: Key Figures
Key Figures Strong performance by SACI and organic sales growth, though at alower pace than at the beginning of the year; Sales increased 24.0% to 790.3 M€: * Raw Materials: +7.8% * Cork Stoppers: +28.2% * Floor & Wall Coverings: +14.2% * Composite Cork: +8.2% ° Insulation: 412.2% Positive FX impact
Slide 20: Key Figures
Key Figures Raw Materials + Cork Stoppers: 74% of sales (QM21: 71%): + Sales: +28.4% | +9.4% exc. SACI, EBITDA/Sales: 19.8% | 20.0% exe. SACI (9M21: 21.1%); Non-recurrent results of 2.1M€ (9M21:7.8 ME), resulting from the sale ofan investment property (3.2 M®), partially offset by the more prudent a
Slide 21: Key acquisition
Key acquisition (August 2022) Purchase of an additional part of Herdade de Rio Frio for 22.3 ME: «Aset of forestry assets with a total area of 1,855 hectares, «New assets adjacent to properties already owned, «Planto improve the productivity by increasing the tree density of this unique cork forest,
Slide 22: Acquisitions: 91M€
Acquisitions: 9IM€ (9M2022) January: 50% of SACI Group + Leading producer of wirehoods in the world; wide product range that also includes wire caps and cords, closures for wine and champagne industries, and technical support to the cellars, + Totalamount: 48.7 M&; June: remaining 50% of Cold River’
Slide 23: 100100 00 0.0%
800 800 700 700 600 600 500 500 400 400 300 300 200 200 100100 00 0.0%
Slide 24: 800.0 70% 800.0 1.40 700.0 700.0 60% 1.20 600.0 600.0 50% 1.00 500.0 500.0
800.0 70% 800.0 1.40 700.0 700.0 60% 1.20 600.0 600.0 50% 1.00 500.0 500.0 40% 0.80 400.0 400.0 30% 0.60 300.0 300.0 20% 0.40 200.0 200.0 0.20 10% 100.0 100.0 0.0 0.00 0.0 0%
Slide 25: Business Units
AMORIM Business Units
Slide 26: Vertical Integration
Vertical Integration CORTICETRA AMORIM AMORIM AMORIM AMORIM AMORIM AMORIM FLORESTAL CORK CORK CORK CORK FLOORING COMPOSITES INSULATION 9M22 AMORIM 26
Slide 27: 600.0 500.0 400.0 300.0 200.0 100.0 0.0 600.0 25.0% 500.0 .0% 400.0 15.0% 300.0
600.0 500.0 400.0 300.0 200.0 100.0 0.0 600.0 25.0% 500.0 20.0% 400.0 15.0% 300.0 10.0% 200.0 5.0% 100.0 0.0 0.0%
Slide 28: 600.0 500.0 400.0 300.0 200.0 100.0 0.0 600.0 500.0 20.0% 0.0 300.0 10.0% 200.0
600.0 500.0 400.0 300.0 200.0 100.0 0.0 600.0 500.0 20.0% 400.0 300.0 10.0% 200.0 100.0 0.0 0.0%
Slide 29: 600.0 500.0 400.0 300.0 200.0 100.0 0.0 600.0 40.0% 35.0% 0.0 30.0% 400.0 25.0%
600.0 500.0 400.0 300.0 200.0 100.0 0.0 600.0 40.0% 35.0% 500.0 30.0% 400.0 25.0% 300.0 20.0% 15.0% 200.0 10.0% 100.0 5.0% 0.0 0.0%
Slide 30: 450.0 400.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 .000 23.0% 500.000 18.0%
450.0 400.0 350.0 300.0 250.0 200.0 150.0 100.0 50.0 0.0 600.000 23.0% 500.000 18.0% 400.000 13.0% 300.000 8.0% 200.000 3.0% 100.000 0.000 -2.0%
Slide 31: 600.00 500.00 400.00 300.00 200.00 100.00 0.00 600.0 25.0% 00.0 20.0% 400.0 15.0% 300.0
600.00 500.00 400.00 300.00 200.00 100.00 0.00 600.0 25.0% 500.0 20.0% 400.0 15.0% 300.0 10.0% 200.0 5.0% 100.0 0.0 0.0%
Slide 32: EBITDA / Sales (%)
600.0 500.0 400.0 300.0 200.0 100.0 0.0 600.0 23.0% 500.0 18.0% 400.0 13.0% 300.0 8.0% 200.0 3.0% 100.0 0.0 -2.0% EBITDA / SALES (%)
Slide 33: Key Financials
AMORIM Key Financials
Slide 34: Sales by Business Unit
Sales by Business Unit 13.0% 11.7% 1.4/0 eee 1.2% ™Cork Stoppers Floor and Wall Coverings +™ Composite Cork Insulation Cork m Raw Materials 9M 20 9M 21 9M 22 Raw Materials + Cork Stoppers 71.6% 71.3% 74.0% Floor and Wall Coverings 14.7% 13.9% 13.0% Composite Cork 12.4% 13.3% 11.7% Insulation Cork 1.
Slide 35: 25.0% 20.0% 15.0% 10.0% 5.0% 0 0.0% 9M 20 9M 21 9M 22
800 25.0% 700 600 20.0% 500 15.0% 400 300 10.0% 200 5.0% 100 0 0.0% 9M 20 9M 21 9M 22
Slide 36: EBITDA by BU
EBITDA by BU 52 10 131.2 | 102.1 -5.1 -0.3 181 Raw Materials Cork Stoppers Floor & Wall Composite Cork Insulation Cork Others Consolidated Coverings EBITDA Valuesin million euros. om22 AMORIM 36
Slide 37: EBITDA by BU
EBITDA by BU 160 140 181 120 100 108 80 1021 60 783 40 20 9M21 9M 22 Insulation Cork m Composite Cork ™ FloorandWallCoverings ™Cork Stoppers RawMaterials 1 Others Values in million euros. EBITDA/Sales (%) 9M 20 9M 21 9M 22 Raw Materials + Cork Stoppers 21.4% 21.1% 19.8% Floor and Wall Coverings 1.2%
Slide 38: Key P&L Figures
Key P&L Figures 9M22 yoy 9M20 9M21 exe. SACI 9M22 yoy Sales 571.4 637.1 702.7 10.3% 790.3 24.0% Gross Margin 290.8 316.0 370.9 17.4% 412.4 30.5% Operating Costs (incl. depreciation) 223.0 236.7 288.8 22.0% 317.6 34.2% EBITDA 94.9 110.3 114.9 4.1% 131.2 18.9% Depreciation 27.1 31.0 32.8 5.6% 36.4 17.
Slide 39: 350.0 40.0% 300.0 35.0% 250.0 30.0% 200.0 25.0% 20.0% 150.0 15.0% 100.0 10.0% 50.0
350.0 40.0% 300.0 35.0% 250.0 30.0% 200.0 25.0% 20.0% 150.0 15.0% 100.0 10.0% 50.0 5.0% - 0.0%
Slide 40: 350.0 25.0% 300.0 250.0 20.0% 200.0 15.0% 150.0 10.0% 100.0 5.0% 50.0 - 0.0%
350.0 25.0% 300.0 250.0 20.0% 200.0 15.0% 150.0 10.0% 100.0 5.0% 50.0 - 0.0% 6,500 6,000 5,500 5,000 4,500 4,000 3,500 3,000
Slide 41: Net Income
Net Income 131.2 Q a io EBITDA Depreciation Non-recurrent costs Net financialresults Gains/(losses) of Income tax Non-controlling Net Income Associates interests Values in million euros. 9M22 AMORIM. 4
Slide 42: Financial Position
Financial Position December 31, September 30, December 31, September 30, December 31, September 2019 2020 2020* 2021 2021* 30,2022 Net Goodwill 13.7 13.6 13.7 98 98 21.2 Net Fixed Assets / Intangible Assets / Right of use 295.5 297.4 304.1 300.2 307.4 399.0 Net Working Capital* 4274 4148 407.7 352.2
Slide 43: Net Debt
Net Debt AAG 15.4 P| 26.6 ee 13.9 51.9 90.5 113.5 -131.2 48.1 NetDebt Acquisitions* Capex Dividends Working Taxes Other ** Non- EBITDA Net Debt (Dec. 31, Paid Capital Needs recurrent (Set. 30, 2021) results** 2022) * Reflecting essentially the acquisition of 50% of SACI, the acquisition of 50% of Co
Slide 44: Ratios
Ratios 9M 20 2020 9M21 2021 9M22 Net Debt / EBITDA * 0.96 0.90 0.22 0.36 0.73 EBITDA / Net Interest 114.8 105.7 213.9 167.7 189.4 Gearing 21.0% 19.2% 48% 7.7% 15.7% NWC / Market capitalization 29.7% 264% 224% 264% 36.2% NWC/ Sales x 360 * 199.1 198.3 157.3 154.0 159.2 Free cash flow (FOF) 75.0 90.0
Slide 45: 0.550 150.0% 130.0% 0.450 110.0% 0.350 90.0% 0.250 70.0% 50.0% 0.150 30.0% 0.050 10.0%
0.550 150.0% 130.0% 0.450 110.0% 0.350 90.0% 0.250 70.0% 50.0% 0.150 30.0% 0.050 10.0% -0.050 -10.0%
Slide 46: Stock Market
Stock Market rom: 2021-12-31 to 2022-10-29 From: 2021-12-31 to: 2022-10-29 zoom: 1D 5D 1M 3M IY SY YTD MAX Zoom: 1D 5D 1M 3M 1Y 5Y YTD MAX - Price J CORTICEIRA AMORIM 6400 200 pv p> : - a A Nam Yr VA ZL V\i \ . Spl = Avy sso PLA pA — nf \ f ; ve YS a : VY 200 8 000 Volume CORTICEIRA AMOR’ san Bb ae
Slide 47: Sustainable by nature
AMORIM Sustainable by nature
Slide 48: ESG Strategy
ESG Strategy Weare committed toa solid and dynamic future with sustainability . Ethics and Value Chain as the main reference Integrity Promote transparency andresponsibility Promote the . environmental Sustainable Development : : features of the 1 ? oduct and the Goals are an integral part of ate ou
Slide 49: ESG Strategy Goals
ESG Strategy Goals Ethics and Integrity Actin an appropriate and ethical way, with transparency and responsibility, stimulating competitiveness and the creation of long-term value Value Chain Reinforce responsible production and consumption, preferably selecting suppliers that adopt good ESG practic
Slide 50: ESG Targets: 2030
ESG Targets: 2030 | 100% workers accessing training =i) Zero gS discrimination 100% electricity from renewable sources DECENT WORK AND oo ZeTO work accidents ai 1 CLIMATE ACTION &} Zero impactin packaging 100% wasterecovery rate Zero carbon footprint (scope 1 and 2) JSTAINABLE VELOPMENT. 9M22 AMORIM
Slide 51: Balanced and Agile Governance Model
Balanced and Agile Governance Model Anglo-Saxon Model General Meeting Audit Committee Board of Directors - 4 Statutory Auditor Comp: antirely of independent members | L- Company’s Secretary | . , , ' Appointments, Evaluation & . Executive Committee Risk Committee Reentneration Garnrnittas ESG Commit
Slide 52: Integrated Management Model
Integrated Management Model A strategic-operational holding concept that promotes sound corporate frameworks and policies across all BU Executive Management of each BU composed of highly qualified and independent professional executives BU's separate Board of Directors, composed of executive and non
Slide 53: Shareholder Structure
Shareholder Structure "AMERICOFERREIRADEAMORIMFAMILYOFFICE —-—=~-ANTONIOFERREIRAAMORIMFAMILY OFFICE CORTICEIRA AMORIM, SGPS, SA FREE-FLOAT Held directly and indirectly. Free-float includes 3,045,823 shares (2.29%) held by fund managed by Santander Asset Management, SA, SGIIC (June 2019) 9M22 AMORIM
Slide 54: Environmental, Social and Economic Impact
Environmental, Social and Economic Impact The quantified indirect and induced impacts show that impact goes way beyond the financial statements total net value of the company’s 2.17x production multiplier in the 1175M€ contributions to society when Portuguese economy peryear considering ecosystem se
Slide 55: Contact and disclaimer
AMORIM Ana Negrais de Matos, CFA Corticeira Amorim, SGPS, S.A. IRO Rua Comendador Américo Ferreira Amorim, 380 T +351227 475 423 4535-186 Mozelos anamatos@amorim.com Portugal www.amorim.com T +351 22 747 54 00 F +35122 7475407 corticeira.amorim@amorim.com Disclaimer: This documenthas been prepared b
Slide 56: Sustainable by nature
AMORIM Sustainable by nature