CORTICEIRA AMORIM, SGPS, SA Consolidated results September, 30

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Sep 24, 2016 - All Business Units (BU) registered more sales. ..... proposal of the Board of Directors to the GSM amount
CORTICEIRA AMORIM, S.G.P.S., S.A. Consolidated results September, 30

1. CONSOLIDATED RESULTS Organizational chart Highlights Consolidated key indicators (thousand euros)

2

INTEGRAL VERTICALISATION

3

HIGHLIGHTS



Consolidated sales reached 491 million euros (M€) plus 28 M€ (+6%);



Growth justified by the effect of volume and mix. Exchange rate effect with little impact on sales. All Business Units (BU) registered more sales.



Highlight for Cork Stoppers BU (+9.3%) and Floor and Wall Coverings BU (+6.3%). This BU managed to regain the positive trend of its sales;



Slower growth rate in Q3 (1H16: 8% vs. 9M16: 6%): one-off destocking effect in the US in the Cork Stoppers BU and comparison difficult with 3Q15 in Cork Composites BU (3Q15 registered a sales increase of 27%);



NDTech® sales initiated (with materiality) in the semester;



Growing importance of Hydrocork® in Floor and Wall Coverings BU; promising start to Authentica® sales.

4

HIGHLIGHTS



Increased sales, more favorable mix, improves percentual gross margin and lower operating costs justify an increase of 19.1% in EBITDA (95.5 M€ vs. 80.2 M€);



EBITDA/Sales 9M16: 19.4% (9M16: 17.3%);



EBITDA/Sales 9M16 for Raw Materials + Cork Stoppers: 21.8% (9M15: 20.4%);



Positive effect of 1.8 M € in the financial function resulting from the favorable resolution of a tax dispute concerning the stamp duty;



Net Profit of 35.145 M€ (+34%);



The Board of Directors decided to propose to the Shareholders General Meeting the distribution of a dividend of € 0.08 per share, on the top of the €0.16 per share payed during 2016 first half;



Disclosure of the sale of US Floors associate, to be made during 4T16, without effect in 9M16 accounts. 5

CONSOLIDATED KEY INDICATORS

SALES

EBITDA (current) +6.0%

490.857

462.889

429.685

140,000 120,000

16.8%

15.4%

80,000

156.900

153.692

80,155

66,083 ***

20.0%

95,446

**

100,000

19.4%

18.9%

17.3%

9M 15

3Q 16

9M 16

14.0%

8.0%

29,592

25,776

6.0% 4.0% 2.0%

0

3Q 15

16.0%

10.0%

20,000

9M 14

18.0%

12.0%

60,000 40,000

*

0.0%

9M 14

3Q 15 EBITDA

9M 15

3Q 16

9M 16

EBITDA (%sales)

* excludes 3730 K€ due to non-current results ** excludes 2907 K€ due to a Goodwill impairment *** excludes 3514 K€ due to an industrial reorganization

ASSET

NET DEBT

+1.4%

-25.5%

716.871

727.063

94.754

86.277 64.255

655.457

9M 14

9M 15

9M 16

9M 14

9M 15

9M 16

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2. HIGHLIGHTS AND KEY INDICATORS BY BUSINESS UNIT (thousand euros)

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HIGHLIGHTS AND KEY INDICATORS: RAW MATERIALS BU

SALES

Activity increase 10.6% +10.6%



Sales for the value chain increased 9% slightly above the increase of activity of the Cork Stoppers, its main customer);



EBITDA reached 13.9 M€, a increase of 3.3% compared to 13.4 M€ in the 9M15;



Impact of increased price of the cork year 2014 and 2015 offset by increased activity and improving operating efficiency;



Campaign 2016 (Portugal / Spain) was held as planned;

112,506 101,696

98,490

9M 14

9M 15

9M 16

EBITDA (current) 30,000

25,000

16.0%

13.2%

11.9%

12.3%

12.0%

20,000

15,000

11,736

14.0%

**

13,407

*

13,851

10.0% 8.0%

* excludes 55 K€ due to non6.0% current results

10,000

4.0%

** excludes 303 K€ due to 2.0% non-current results

5,000

0

0.0%

9M 14 EBITDA

9M 15

9M 16 EBITDA (%sales)

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HIGHLIGHTS AND KEY INDICATORS: CORK STOPPERS BU

Increased sales by 7.4% •

Sales reached 324 M€ (9M15: 302 M€) driven by volume and by the mix effect (more natural cork stoppers + NDtech®);



One-off effect: destocking USA (wine industry consolidation) with a material impact in Q3;



Highlighting the favorable performance of Natural and Neutrocork® stoppers;



First sales, with materiality, of cork stoppers treated with the innovative NDtech® technology;



Relevant performance in the traditional European markets;



Sales growth higher than growth market pace;



EBITDA reached 58.6 M€ (+21%): increased sales and better mix led to EBITDA/Sales to move from 16% (9M15) to 18.1% (9M16);



EBITDA/Sales of Cork Stoppers + Raw Materials reached 21.7% (9M15: 20.4%).

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HIGHLIGHTS AND KEY INDICATORS: CORK STOPPERS BU

SALES Cork stoppers +7.4%

323,995

EBITDA (current)

301,756

Cork Stoppers + Raw Materials

275,841 100,000

80,000

9M 14

9M 15

40,000

Cork Stoppers

20,000

16.0%

80,000

13.9%

60,000 50,000 40,000

60,000

EBITDA (current) 90,000

70,000

9M 16

38,229 ***

48,419 **

18.1%

21.0% 19.0%

*

58,598

17.0%

17.9%

20.2% **

***

49,965

61,826

25.0%

21.7% *

20.0%

71,779

15.0% * excludes 3730K€ due to noncurrent costs 10.0% ** excludes 2907 K€ due to a Goodwill impairment 5.0% *** excludes 687 K€ due to noncurrent costs

0

0.0%

9M 14 EBITDA CS + RM

9M 15

9M 16 EBITDA (%sales)

15.0% 13.0% * excludes 3675K€ due to non11.0%costs current 9.0%

** excludes 2907 K€ due to a 7.0% Goodwill impairment ***5.0% excludes 384 K€ due to non3.0% costs current

30,000 20,000 10,000 0

1.0%

9M 14 EBITDA

9M 15

9M 16 EBITDA (%sales)

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HIGHLIGHTS AND KEY INDICATORS: FLOOR & WALL COVERINGS BU

SALES

Sales increase of 6.4% (manufactured products: +7.1%) +6.4%

89,831

88,800 84,465

9M 14

9M 15

9M 16

EBITDA (current) 18,000

13.6%

14.0%

16,000 14,000

12,064

12,000 10,000

10.4% 8.5%

Sales reached 89.8 M€;



Upturn confirmed in sales growth;



Hydrocork® increases weight in total sales and promising early Authentica® sales;



Recovery of sales in the US; negative impact on the Russian market continues;



Sales growth and reduced operating costs more than offset less favorable mix: EBITDA reaches 9.3 M€ (29.9% higher than 9M15).

10.0%

9,341

7,192

8,000

12.0%



8.0% 6.0%

6,000 4.0% 4,000 2.0%

2,000 0

0.0%

9M 14 EBITDA

9M 15

9M 16 EBITDA (%sales)

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HIGHLIGHTS AND KEY INDICATORS: CORK COMPOSITES BU

Increased sales: 2.4%

SALES +2.4%

76,957

75,136



Sales reached 77 M€;



Increase in sales is mainly due to volume effect, with currency effects much lower than in recent quarters;



Sales of 3Q16 decrease 3.4%, resulting from exceptional comparative 3Q15 (3Q15 sales: + 27%);



Highlight for Retail, Industry and Construction and Inlay (Hydrocork®);



Asian market and US with good performance;



Better percentual gross margin (lower price and better performance of some raw materials), stable operating costs and increased activity justify EBITDA growth (9M16: 14.8 M€ vs 9M15: 11.5 M€).

62,918

9M 14

9M 15

9M 16

EBITDA (current) 19.2% 20,000

15,000

10,000

15.3% 10.9%

14,812

20.0%

15.0%

11,495 10.0%

*

6,827

* excludes 2827 K€ 5.0% due to industrial reorganization

5,000

0

0.0%

9M 14 EBITDA

9M 15

9M 16 EBITDA (%sales)

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HIGHLIGHTS AND KEY INDICATORS: INSULATION CORK BU

Sales increase: +18.8%

SALES +18.8%

9,001

9M 14

9M 15

9M 16

EBITDA (current) 3,000

21.4%

16.8%

15.8%

2,000

1,927

25.0%



Sales growth influenced by the supply of crushed cork to Composite Cork BU;



Sales increase of the main product (expanded corkboard) justified by volume (+2%);



Increase in sales regranulates);



EBITDA reached 1.9 M€ (+61%), representing 21.4% of sales;

1,278



EBITDA/Sales: 21.4%, comparing to 15.8% registered on 9M15.

of

specialties

(MDFaçade

1,196 10.0%

1,000 5.0%

500

0

0.0%

9M 14 EBITDA

9M 15

9M 16 EBITDA (%sales)

+

20.0%

15.0% 1,500

Sales reached 9 M€;

7,577

7,622

2,500



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3. APPENDICES Consolidated indicators (thousand euros)

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BREAKDOWN SALES BY BUSINESS UNIT Composite Cork 14%

Insulation Cork 2%

Raw Materials 1%

Floor and Wall Coverings 18%

Cork Stoppers 65%

Raw Materials

9M 2014 1%

9M 2015 1%

9M 2015 1%

Cork Stoppers

64%

65%

65%

Floor and Wall Coverings

20%

18%

18%

Composite Cork

14%

15%

14%

Insulation Cork

1%

1%

1% 15

EBIT & EBITDA EVOLUTION

15.4%

17.3%

16.8%

18.9%

19.4%

20.0% 15.0%

95,446 80,155 66,083

77,385

61,441

5.0%

49,397 9M 14

25,776 21,120 3Q 15

10.0%

9M 15

24,682 29,592 3Q 16

0.0%

9M 16 -5.0%

9M 14

3Q 15

9M 15 EBIT

3Q 16

9M 16

-10.0%

EBITDA

EBITDA (%sales)

Gross Margin Other operating costs (current) EBIT EBITDA

9M 14 213,126 163,729 49,397 66,083

3Q 15 77,080 55,960 21,120 25,776

9M 15 242,339 180,898 61,441 80,155

3Q 16 79,899 55,217 24,682 29,592

9M 16 256,175 178,791 77,385 95,446 16

BREAKDOWN EBITDA BY BUSINESS UNIT

95,446

14,812 13,851

1,927

Raw-Materials

Insulation Cork

9,341

3,082

58,598

Cork Stoppers

Floor & Wall Coverings

Composite Cork

Other

Consolidated EBITDA

17

OPERATING COSTS BREAKDOWN

38.0%

37.7%

240,000 190,000

37.9%

37.6%

180,898

37.0% 178,791

163,729

39.0% 37.0% 35.0% 33.0%

140,000

31.0% 29.0%

90,000

55,960

55,217

27.0%

40,000

25.0%

9M 14

3Q 15

9M 15

Total Operating Costs (current)

3Q 16

9M 16

% Production

External supplies Staff costs Depreciation Provisions Other operating (-) expenses and (+) profits Total Operating Costs (current) % Production

9M 14 71,731 76,169 16,687 1,315 2,173 163,729 38.0%

3Q 15 25,012 23,918 4,657 1,865 -509 55,960 37.7%

9M 15 76,425 81,127 18,715 2,692 -1,940 180,898 37.9%

3Q 16 25,071 24,898 4,910 1,042 703 55,217 37.6%

9M 16 77,187 84,128 18,061 2,022 2,607 178,791 37.0% 18

STAFF COSTS

VALUE AND % (SALES) 20.0% 120,000

17.7%

100,000 80,000

76,169

17.5%

81,127

17.1%

18.0%

84,128

16.0%

60,000

14.0%

40,000

12.0%

20,000

10.0%

9M 2014

9M 2015 Staff Costs

NUMBER OF EMPLOYEES

9M 2016 % Sales

Average September, 30

3,657

3,697

3,674

3,716

3,521 3,459

9M 2014

9M 2015

9M 2016 19

NET PROFIT

95,446 453 18,061

EBITDA current

2,306 55,224

3,730

Depreciation Non-current Interest and costs other similar costs

Gains of Associates

EBIT current Net financial costs Non-current costs Gains of associates EBT Tax Minority interests Net Profit

20,179

1,011

Tax

Noncontrolling interests

Net Profit

9M 14 49,397 3,154 3,514 926 43,655 13,926 695 29,034

3Q 15 21,120 558 -5 956 21,522 6,006 128 15,388

9M 15 61,441 1,696 2,907 2,040 58,878 17,088 181 41,610

3Q 16 24,682 -1,405 0 1,365 27,453 7,100 274 20,078

9M 16 77,385 -453 3,730 2,306 76,414 20,179 1,011 55,224

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DEBT AND GEARING

190,000

52.1%

53.4%

170,000

150,000

48.3%

130,000

110,000

94,754

90,000

86,277 64,255

70,000 50,000

9M 14

3Q 15 Net Debt

56.0% 54.0% 52.0% 50.0% 48.0% 46.0% 44.0% 42.0% 40.0% 38.0%

9M 15 Equity / Total Assets

Net Debt Equity and Minority interests EBITDA / Net Interest Equity / Total Assets Gearing Net interest bearing debt /EBITDA

9M 15 9M 14 94,754 86,277 316,650 373,217 69.5 29.1 52.1% 48.3% 23.1% 29.9% 0.86 1.14

9M 16 64,255 388,455 105.6 53.4% 16.5% 0.55 21

TOTAL ASSETS Other current assets 7% Non-current assets 32% Customers 20%

10% 30% 20%

9M 15 9M 16

40%

Inventories 41%

Non-current assets Inventories Customers Other current assets Total Assets Capex

9M14 213,438 257,934 137,649 46,436 655,457

9M15 213,041 286,153 144,287 73,390 716,871

9M16 234,505 294,198 146,836 51,524 727,063

15,023

16,681

20,248 22

EQUITY AND LIABILITIES

Other noncurrent liabilities Provisions 8% 5%

4%

Trade payables 19%

11% 20%

13% 52%

Other current liabilities 15% 9M 15 9M 16

Equity 53%

9M 14

9M 15

9M 16

Equity Provisions Other non-current liabilities Trade payables

316,650 373,217 388,455 24,596 28,653 34,478 53,634 81,617 55,752 125,948 142,109 141,313

Other current liabilities Total Liabilities

134,629 91,275 107,065 338,807 343,654 338,607 23

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Non-current assets

September 2016

December 2016

September 2015

234,505

223,689

213,041

294,198 198,360 492,558 727,063 388,455

271,705 171,824 443,530 667,219 354,133

286,153 217,677 503,830 716,871 373,217

38,160 52,070 90,230

41,211 48,985 90,196

61,521 48,749 110,270

36,019 212,359 248,378 727,063

50,146 172,744 222,890 667,219

29,059 204,325 233,384 716,871

Current a s s ets Inventori es Other current a s s ets Total current assets Total Assets Equity (M. I. included) Non-current l i a bi l i ties Ba nk borrowi ngs Other non-current l i a bi l i ties Total non-current liabilities Current l i a bi l i ties Ba nk borrowi ngs Other current l i a bi l i ties Total current liabilities Total Liabilities and Equity

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KEY FIGURES

9M16

9M15

Variation

3Q16

3Q15

Variation

Sa l es

490,857

462,889

6.0%

156,900

153,692

2.1%

Gros s Ma rgi n – Va l ue

256,175

242,339

5.7%

79,899

77,080

3.7%

50.7% + 2.3 p.p.

54.4%

1)

Opera ting Cos ts - current EBITDA - current

53.0%

52.0% + 2.4 p.p.

178,790

180,899

-1.2%

55,217

55,961

-1.3%

95,446

80,155

19.1%

29,592

25,777

14.8%

17.3% + 2.1 p.p.

18.9%

EBITDA/Sa l es

19.4%

EBIT - current

77,385

61,440

26.0%

24,682

21,120

16.9%

3,730

2,907

N/A

0

-5

N/A

55,224

41,610

32.7%

20,078

15,388

30.5%

0.415

0.330

25.9%

0.151

0.122

23.8%

-

-

Non-current cos ts

2)

Net Income Ea rni ngs per s ha re

16.8% + 2.1 p.p.

Net Ba nk Debt

3)

64,255

86,277

-22,022

-

Net Ba nk Debt/EBITDA (x)

4)

0.55

0.86

-0.31 x

-

EBITDA/Net Interes t (x)

5)

105.6

69.5

36.12 x

46.5

62.5

-16.05 x

52.1% + 1.4 p.p.

-

-

-

Equi ty/Net As s ets 1)

53.4%

-

-

Related to Production

2) Figures refer to the provision for labor and customs litigation in Amorim Argentina, deferred costs concerning business started in the previous year and adjustments related to non-controlling interests (2016) and write-off of Goodwill (2015) 3) 9M 15: Excluding the value of the dividend proposal of the Board of Directors to the GSM amounting to 32.6 M €to be paid in November 4)

Current EBITDA of the last four quarters

5)

Net interest includes interest from loans deducted of interest from deposits (excludes stamp tax and commissions)

25

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: [email protected] www.corticeiraamorim.com

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