Corticeira Amorim

Earnings Release • Nov 5, 2020

9M2020 CorticeiraAmorim

150years of history and permanent renewal

We started 2020 debuting a renewed visual identity that included a new logo.

Both express AMORIM as a sober brand, cohesive and dynamic.

An affirmation full of Strength, Attitude, Nature, Cork and Portugal.

Reaffirming the values that represent us: longevity, ambition, pride, discretion, attitude and, above all, passion.

During 2020 we celebrate our achievements and restate our commitment towards a brighter future.

An extended series of initiatives were planned to gather all our Stakeholders, but unfortunately, they had to be cancelled due to COVID-19.

	18.0m
JANUARY	RENEWAL
FEBRUARY	CORK
MARCH	SUSTAINABILITY
APRIL	PEOPLE
MAY	HISTORY
JUNE	INNOVATION
JULY	COMMUNITY
AUGUST	FAMILY
SEPTEMBER	EDUCATION
OCTOBER	WINE
NOVEMBER	VALUES
DECEMBER	POTNORE

Rebranding Amorim

Revisiting a long history offers a unique opportunity for renewal.

To mark its 150th anniversary, Amorim challenged Eduardo Aires, a renowned design studio, to rethink the company's brand image, aiming to strike a balance between legacy and innovation.

The rebranding was presented in a special press conference, held in Amorim Cork's premises, attended by dozens of journalists.

The plan of events to mark the 150th anniversary was also presented.

Forestry Intervention Programme

Partnership with forestry producers, research institutions and local authorities.

Major Goal: to ensure the maintenance, preservation and enhancement of cork oak forests and guarantee continuous production of high-quality cork.

+50k ha new cork plantations

+7% national cork forest

+35% cork production

**Carbon balance considering sequestration in the cork oak forest and emissions associated with the production of the product

Negative Carbon Footprint

The results of the EY and PwC studies of 10 main products * of Amorim Cork concluded, without exception, that all stoppers analysed have a negative carbon balance**

The independent studies analysed the environmental footprint regarding the production of the stoppers, through a LCA and Cradle-to-Gate approaches and were based on the ISO 14040/44 standards.

* Study on Neutrocork conducted by PwC; all other products analysed by EY

> 1,300 € /ha/year

average value estimated of the ecosystem services associated with a cork oak forest properly managed

Ecosystem Services of the Cork Oak Forest

Corticeira Amorim commissioned an independent study of the cork oak forest's ecosystem services.

Using four case studies, EY monetized three regulation services that the cork oak forest provides:

1 | Climate regulation

2 | Extreme events regulation: fire prevention

3 | Water regulation and soil protection

World Finance Sustainability Award

Corticeira Amorim was distinguished in the category "Wine products industry".

World Finance Sustainability Awards celebrate the companies putting green values at the forefront of their business operations.

7

New premises in Australia

Amorim Australasia opened its new premises in Regency Park, South Australia.

Founded in May 2007 as a distribution company for the Amorim Group, Amorim Australasia is Australia's largest importer of cork for the wine industry, and supplies all of Asia Pacific's cork requirements with locally printed, branded and treated corks.

Helix is now available coast -to -coast in the US

Amorim Cork's innovative, twist -off, twist -on cork closure is now available coast -to -coast in the US, thanks to Longenvity Wines and their partnership with Bronco Wine Company, one of the 4 largest US wine producers.

Helix is a unique system that combines an ergonomically designed cork stopper and a bottle with glass threads inside the bottleneck, allowing the uncorking of the wine bottle without the need for a corkscrew.

Amorim Cork Flooring launches a new digital ecosystem

The new digital ecosystem is formed by 4 different websites, available in 11 different versions and 14 languages.

www.amorimcorkflooring.com www.amorimwise.com www.wicanders.com www.corklife.com

The main features include a State of the art digital simulator, where you can upload your own photos and see how the brand new flooring will look like in you living room.

Amorim Cork Flooring ´s products have a Negative Carbon Balance

The EY study revealed that Amorim Wise Inspire 700 HRT flooring solutions enable carbon sequestration of up to -101kg CO ² / m ² and Amorim Wise Inspire 700 SRT flooring solutions enable carbon sequestration of up to -93kg CO2 / m2.

This results take into consideration the carbon sequestration of the cork oak forest.

Amorim Cork Composites' products have a Negative Carbon Balance

All three studies conducted by EY concluded that the analysed products have a negative carbon balance, when considering the carbon sequestration of the cork oak forest.

The studies assessed the environmental impacts of forest management, transportation of raw materials and production.

Planet Cork at the WOW: a new museum entirely devoted to cork

Planet Cork is a new museum entirely dedicated cork, and its cutting -edge potential, which opened this summer at the World od Wine, Porto ´s new cultural district.

Developed and implemented in close partnership with Amorim Cork the museum is a major showcase for the unique features of cork and all its possibilities, from the forest to the stars!

An open-air auditorium in the COVID -19 era

Like a Greek amphitheater built with cork blocks, the new openair auditorium at CCB, designed by architect João Luís Carrilho da Graça, was specially made to comply with the COVID -19 security measures and social distancing.

While the 2-meter distance rule is strictly followed, and the 400 seats are individualized, audiences will experience a much-desired collective sense.

Corticeira Amorim wins Best Raw Materials Sustainability - Europe 2020

The award, attributed by Capital Finance International, highlights the company's pioneering attitude towards sustainable development.

The jury praised Corticeira Amorim's dedication to upholding best practices in terms of environmental, social and governance (ESG), while maintaining a high -level of profitability.

50 Sustainability & Climate Leaders

Corticeira Amorim is the only Portuguese company taking part in the 50 Sustainability & Climate Leaders campaign, a project of TBD Media Group.

It selects the organisations who are leading the fight against climate change worldwide. Sustainability, technology and innovation are the other drivers that led to the selection of the 50 Sustainability & Climate Leaders.

Groupe Rocher, Novartis , Ericsson, Heidelberg Cement, Prysmian Group or John Deere are just some of the companies taking part in the programme .

THE CORK BOOK distinguished in the 2020 Compasso d´Oro awards

The book published by Corticeira Amorim, with graphic design by Studio FM Milano, received an honorable mention in the iconic Compasso d'Oro one of the world's most prestigious design awards.

Published in 2018, The Cork Book proposes a multidimensional trip to the world of cork.

Cork at the London Design Festival 2020

The Hothouse, designed by British architecture practice, Studio Weave, is a Victorianinspired contemporary greenhouse, which incorporates cork, on the basis of its technical characteristics and sustainability credentials.

The project aims to draw attention to the effects of climate change.

Corticeira Amorim subscribes to act4nature

The initiative launched by the Business Council for Sustainable Development Portugal (BCSD) aims to raise awareness, mobilise and encourage companies to protect, promote and restore biodiversity.

The commitment is aligned with Corticeira Amorim's mission of adding value to cork in a competitive, differentiated and innovative manner in perfect harmony with nature.

design: @atelierdalves / photography: @oalvaromartino

"Traços de Gente", a book to celebrate our people.

In this milestone year in the Amorim Group's history, it's essential to remember each of our employees who since 1870 have helped us along the way.

This is just a small portion of our very large family but, we believe, a diverse and rich depiction of our culture and our spirit.

The book's title is a reference to the strips of cork from which cork stoppers are punched – called "traços" – a word that in Portuguese also means "trait", i.e a distinguishing characteristic or quality.

Integral Verticalization

Sales & EBITDA

Alignment with United Nations' SDG

Sustainable Development Goals are an integral part of our Sustainability Strategy

We are committed to a solid and dynamic future with sustainability as the main reference

Corticeira Amorim aligns its strategy with 12 Sustainable Development Goals

Sustainable by Nature

Environmental, Social and Economic Impact

The quantified indirect and induced impacts show that impact goes way beyond the financial statements

Consolidated Results

Key Facts & Figures

Sales totalled 571.4 M€ (-5.2%):

• Raw Materials: -10.9%;
• Cork Stoppers: -5.6%;
• Floor & Wall Coverings: +4.0%;
• Composite Cork: -7.8%;
• Insulation: -15.6%;

Negative impact on sales from FX:

• total impact of 4.4M€ (9M19: +6.1 M€);
• at constant exchange rates, sales -4.4%;

EBITDA/Sales: 16.6% (9M19: 16.1%)

• EBITDA: 94.9 M€;

• Lower cork prices, efficiency gains and price increases were the major reasons behind margin improvement;

Raw Materials + Cork Stoppers :

• Sales decreased 6.3% to 415.7 M€;
• EBITDA/Sales: 21.4% (9M19: 21.0%);
• 72% of consolidated sales (9M19: 73%);

Floor & Wall Coverings: continued to progress well, posting higher sales ;

Composite Cork: sales negatively impacted by disruptions caused by SAP implementation;

Non-recurrent results of –1.7 M€, due to restructuring costs (mostly staff indemnities);

Share of profit of Associates decreased to 1.8 M€

(9M19: 5.7 M€, reflecting the final distribution of 2.3 M€ of escrow funds from the sale of US Floors);

Net Income totalled 48.5M€ (9M19: 54.4 M€), a

decrease of 6.8% excluding the non-recurrent gain from US Floors in 2019;

Net debt totalled 117.8 M€ (FY19: 161.1 M€):

• Capex (29.0 M€);
• Dividends paid (24.6 M€);
• Lower NWC needs (decrease of 11.8 M€);
• Acquisition of 30% of Elfverson and 10% of Bourrassé (7.1 M€);

Dividends: the Board of Directors will not propose an extraordinary dividend in December (as it had previously done since 2012).

COVID -19 Update

• › Sequential improvement of sales variation in 3Q20 ( -5.5% vs. -10.5% in 2Q20), supported by a gradual return to normality, the opening up of markets and countries, and some recovery in proximity tourism;
• › Overall activity showed signs of resilience, despite continuing adverse market conditions, highlighting the benefits of geographic and product diversification;
• › Cork purchasing campaign concluded with no major disruptions; lower volumes than initially expected, with pricing adjusting downwards;
• › Adjustment of cost structure and rigorous cost control ;
• › Strengthening the B/S and cash preservation remained key priorities: capex revision and active management of working capital;
• › Cancellation of all 150-year celebration activities (including CMD);
• › Low visibility and high uncertainty: the evolution of the pandemic and the implementation of restrictive measures will determine the pace of recovery of the global economy and the improvement of activity levels.

Sales

EBITDA

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EBITDA / SALES (%)

Values in million euros.

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20.0%

25.0%

Net Working Capital

Net Debt

NET DEBT / EBITDA

Values in million euros.

Current EBITDA of the last four quarters

.0.0

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70%

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90%

100%

.100.0

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.600.0

0.0

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500.0

0.00

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0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

Business Units

Raw Materials

Sales

EBITDA

.0.0 .50.0 .100.0 .150.0 .200.0 .250.0 .300.0 .350.0 .400.0 .450.0 .500.0

Values in million euros.

Sales decreased 10.9% to 138.2 M€

Declining sales reflect adjustments in activity levels, decreased demand from the other BUs and lower cork prices;

Despite reduced operating costs and the consumption of cork purchased at lower prices (2019 harvest), EBITDA margins decreased due to:

• Lower cork yields,

0.0%

5.0%

10.0%

15.0%

20.0%

• Deteriorating sales;

New technology for producing natural discs already contributing positively to profitability, with improved cork yields and better margins;

CorkNova project will provide additional guarantees regarding natural disc treatment (eradication of TCA), constituting an important step towards achieving the highest standards in terms of sensorial quality;

2020 cork campaign concluded with price declining approximately 10%; volumes below initial expectations due to lower demand and prices;

Automation project expected to simplify preparation process (cork grading), resulting in a significant productivity increase in this segment.

Cork Stoppers

Sales

EBITDA

.0.0 .50.0 .100.0 .150.0 .200.0 .250.0 .300.0 .350.0 .400.0 .450.0 .500.0

Values in million euros.

Sales decreased 5.6% to 407.9 M€

Sales decreased due to a decline in overall wine consumption, product mix changes and unfavourable FX (at constant exchange rates, like-for-like sales decreased 4.6%);

Spirits segment showed signs of recovery with flat sales over the period; sparkling (-10%) and still wines (-4%) suffered most from the adverse environment; Neutrocork continued to show robust growth (+13%);

The most important wine markets performed negatively, except the US;

NDtech® sales of 50 million stoppers (9M19: 43 million); ramp-up of new 2.0 technology should support accelerated growth;

Increased profitability resulting from:

• Lower cork prices,
• Increased efficiency and grinding yields,
• Price increases;

-4.0%

6.0%

16.0%

26.0%

New technology aimed at guaranteeing eradication of TCA from all cork stoppers should support differentiation from other players from 2021.

Raw Materials + Cork Stoppers

-4.0% 1.0% 6.0% 11.0% 16.0% 21.0% 26.0%

Values in million euros.

Floor & Wall Coverings

EBITDA

Values in million euros.

Sales increased by 4.0% to 86.2 M€

Manufactured products remained the major source of sales growth, outperforming the growth of trade products;

Sales of Amorim WISE products continued to progress well, reaching 9.6 M€ (FY19: 5.7 M€);

Positive evolution of sales of new products (including the recently launched low cost water-resistant product), totalling 3.4 M€; encouraging signs from entering new markets such as Italy and the UK;

Robust sales performance in Scandinavia, North America and Portugal;

EBITDA margins negatively impacted by impairments, but more than offset by:

• Better product mix,

-4.0000% 1.0000% 6.0000% 11.0000% 16.0000% 21.0000% 26.0000%

• Lower cork prices and better grinding contribution,
• Strict control of operating costs (namely marketing, travelling and staff costs),
• Increased industrial efficiency.

-.40.000 .60.000 .160.000 .260.000 .360.000 .460.000

Composite Cork

EBITDA

Values in million euros.

Sales decreased 7.8% to 72.6 M€

Sales decreases in most countries and sectors, mostly due to:

• Temporary closure of some customers and markets,
• Implementation of SAP created some disruptions, impacting sales particularly in July and August;

Sales declines in Footwear and Construction & Speciality Retail segments; major sales increases in Home Improvement Retail and Sport Surfaces;

Positive contribution from the two recently created JVs: Amorim Sports for sports surfaces and Corkeen for children's playgrounds;

New Products and Applications continue to contribute positively to sales (9M20: 5.0 M€), showing profitability above portfolio's average;

Lower activity levels main reason for EBITDA margin decline, despite:

• Decreasing raw material prices (cork and non-cork),
• Better cork yields,

-4.0% 1.0% 6.0% 11.0% 16.0% 21.0% 26.0%

• Increased efficiency,
• Lower operating costs.

Insulation Cork

-8.0% -3.0% 2.0% 7.0% 12.0%

Values in million euros.

9M20 37

-.70.0 .30.0 .130.0 .230.0 .330.0

Key Financials

Raw Materials + Cork Stoppers	72.0%	72.6%	71.6%
Floor and Wall Coverings	14.0%	13.5%	14.7%
Composite Cork	12.7%	12.5%	12.4%
Insulation Cork	1.3%	1.4%	1.3%
	100%	100%	100%

Sales | Gross Margin | EBITDA | EBIT

Values in million euros.

0

100

200

300

400

500

600

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

EBITDA by BU

EBITDA by BU

9M 18	9M 19	9M 20
23.5%	21.0%	21.4%
3.2%	-2.7%	1.2%
10.7%	11.4%	9.8%
10.7%	-0.4%	6.9%
18.6%	16.1%	16.6%

Key P&L Figures

	9M 18	9M 19	9M 20	yoy
Sales	583.8	602.6	571.4	-5.2%
Gross Margin	297.7	295.3	290.8	-1.6%
Operating Costs (incl. depreciation)	212.9	224.9	223.0	-0.8%
EBITDA	108.4	96.8	94.9	-2.0%
Depreciation	23.6	26.3	27.1	3.0%
EBIT	84.8	70.5	67.8	-3.9%
Non-recurrent costs	-0.7	1.0	1.7	-
Net financial costs	2.2	1.3	1.2	-7.5%
Share of (loss)/profit of associates	2.1	5.7	1.8	-
Profit before tax	85.5	73.9	66.7	-9.6%
Income tax	21.9	16.0	15.3	-4.5%
Non-controlling interest	5.0	3.5	3.0	-14.8%
Net Income	58.6	54.4	48.5	-10.8%
Net Income (without US Floors)	58.6	52.0	48.5	-6.8%

	9M 18	9M 19	9M 20	yoy
Gross Margin / Production	49.2%	48.1%	51.4%	+ 328 b.p.
EBITDA / Sales	18.6%	16.1%	16.6%	+ 54 b.p.
Earnings per share (€)	0.441	0.409	0.365	-10.8%

Total Operating Costs (current) / Production (%)

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%

	9M 18	9M 19	9M 20	yoy
External supplies	90.6	93.8	94.4	0.7%
Transports	19.1	19.7	21.8	10.5%
Energy	11.1	10.8	11.0	2.0%
Staff costs	102.0	106.5	105.3	-1.1%
Depreciation	23.6	26.3	27.1	3.0%
Impairments	0.9	1.4	0.9	-31.8%
Others	-4.2	-3.1	-4.8	54.0%
Total Operating Costs (current)	212.9	224.9	223.0	-0.8%

Staff

.350.0 Staff costs

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Values in million euros.

-

1.000

2.000

3.000

4.000

5.000

7.000

• .50.0 .100.0 .150.0 .200.0 .250.0 .300.0

6.000 Number of employees

Net Income

Financial Position

	September 30, 2018	December 31, 2018	September 30, 2019	December 31, 2019	September 30, 2020
Net Goodwill	13.9	14.0	13.9	13.7	13.6
Net Fixed Assets / Right of use	245.1	259.6	275.5	284.6	287.0
Net Working Capital *	402.9	414.5	440.4	427.4	414.8
Other **	19.9	21.4	36.4	39.5	41.1
Invested Capital	681.9	709.4	766.2	765.3	756.6
Net Debt	104.7	139.0	161.3	161.1	117.8
Share Capital	133.0	133.0	133.0	133.0	133.0
Reserves and Retained Earnings	326.1	333.4	367.4	376.5	401.9
Non Controlling Interests	33.1	31.9	28.8	30.1	25.6
Agreement to acquire non-controlling interests	20.1	20.4	15.0	15.0	9.9
Taxes and Deferred Taxes ****	39.3	27.6	37.6	26.1	42.8
Provisions	2.5	3.2	2.9	5.5	5.5
Grants ***	23.2	21.3	20.3	18.1	20.2
Equity and other sources	577.2	570.7	604.9	604.2	638.8

* Inventories + accounts receivables - accounts payables + other operating assets/(liabilities)

** Investment property + Investments in associates + Intangible assets + Other non-operating assets/(liabilities)

*** Non interest bearing grants (reimbursable and non-reimbursable)

**** Includes Corporate Income Tax provision, according to IFRIC 23.

Net Debt

Ratios

	9M 18	2018	9M 19	2019	9M 20
Net Debt / EBITDA *	0.77	1.04	1.32	1.29	0.96
EBITDA / Net Interest	123.5	108.0	91.3	88.2	114.8
Gearing	21.3%	27.9%	30.5%	29.9%	21.0%
NWC / Market capitalization	26.3%	34.6%	33.2%	28.4%	29.7%
NWC / Sales x 360 *	192.4	195.5	202.7	197.0	199.1
Free cash flow (FCF)	22.9	11.2	28.1	37.5	75.0
Capex	40.1	57.9	36.3	58.8	29.0
Return on invested capital (ROIC) pre-tax	18.9%	16.4%	13.5%	12.5%	11.9%
Return on invested capital (ROIC)	14.0%	11.8%	10.6%	10.8%	9.2%
Average Cost of Debt	1.2%	1.1%	1.1%	1.1%	0.8%

* Current sales and EBITDA of the last four quarters FCF = EBITDA –Net financing expenses – Income tax – Capex –NWC variation ROIC = Annualized NOPAT / Capital employed (average)

Dividends

Attractive Dividend Payment

9% Compound Annual Growth Rate in the last 5 years;

In 2019, a total of 35.9 M€ was paid out in dividends, in line with 2018.

The Shareholders General Meeting held on June 26, approved the distribution of a gross dividend of €0.185 per share (paid in July 2020).

The Board of Directors will not propose an extraordinary dividend in December 2020 (as it previously had done since 2012).

		2014	2015	2016	2017	2018	2019	9M20
Issued shares	Qt.	133,000,000	133,000,000	133,000,000	133,000,000	133,000,000	133,000,000	133,000,000
Year-end close (N-1)	€	2.210	3.020	5.948	8.500	10.300	9.000	11.300
Earnings per share (N-1)	€	0.242	0.285	0.431	0.772	0.549	0.582	0.564
Payout	%	83.3%	143.2%	58.0%	33.7%	49.2%	46.4%	32.8%
Dividend per share	€	0.190	0.385	0.240	0.260	0.270	0.270	0.185
Total dividend	M€	23.9	50.2	31.9	34.6	35.9	35.9	24.6
Dividend Yield	%	9.3%	13.5%	5.5%	3.6%	2.4%	2.5%	1.8%

Dividend of year N-1 is payed in year N

Dividend yield = dividend per share/average share price (N-1)

2015: dividend of 0.385€ per share includes an additional dividend of 0.195€ per share (Nov. 2015) as an application of gains accrued in the ABB of treasury stock (5.62%)

1H20: dividend of 0,185€ per share was paid in July 20, 2020

-10.0%

10.0%

30.0%

50.0%

70.0%

90.0%

110.0%

130.0%

150.0%

Stock Market

	2014	2015	2016	2017	2018	2019	9M20
Qt. of shares traded	3,481,685	12,693,424	10,801,324	19,290,907	14,884,641	9,481,944	8,293,727
Share price (€):
Maximum	3.650	6.290	9.899	13.300	12.000	11.520	11.780
Average	2.850	4.340	7.303	11.067	10.604	10.062	9.864
Minimum	2.200	2.990	5.200	8.180	8.370	8.710	7.480
Period-end	3.020	5.948	8.500	10.300	9.000	11.300	10.500
Trading Frequency	96.1%	98.8%	100.0%	100.0%	100.0%	100.0%	100.0%
Stock market capitalisation at period-end (M€)	402	791	1,131	1,370	1,197	1,503	1,397

Source: Euronext | Corticeira Amorim

Qt. of shares traded in 2015 includes the ABB of 7,399,262 shares (17-09-2015)

Shareholder Structure

Ana Negraisde Matos, CFA IRO T +351 227 475 423 ana.matos@amorim.com

Corticeira Amorim, SGPS, S.A. Public Company Rua de Meladas, 380 · PO BOX 20 4536-902 Mozelos, Portugal

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