After losing 41 million euros in sales in 2020 due to the pandemic, Corticeira Amorim not only recovered that amount, but also closed 2021 above the 2019 turnover cap, smashing a new revenue record to 837.82 million euros, an increase of 837.82 million euros. % compared to the previous year and 7.3% compared to the pre-pandemic maximum figure.

With this supplementary data: “In 2021, sales were punished by an unfavorable exchange rate development – excluding this effect, they would have increased by 13.7%,” the company confirms, this Thursday, February 24, in a statement posted on the company’s website. Securities Market Authority (CMVM).

All Corticeira Amorim business units registered sales growth, with cork stoppers, representing more than 70% of total consolidated group sales, reaching €593.3 million, 12.5% ​​more than in 2020.

Profits amounted to €74.8 million in 2021, an increase of 16.2% over the previous year and approaching the €75 million obtained in 2019.

The result: A total dividend of 18.5 cents per share has been revised and ratified — as in 2017, 2018, 2019 and 2020 — with the company’s management led by Antonio Rios Amorim announcing that it will propose, at a general meeting to be held on April 28, a total dividend of 20 cents per share, at €26.6 million.

Also of note is Corticeira Amorim’s consolidated earnings before interest, tax, depreciation and amortization (EBITDA) of €134.4 million in 2021, which translates to a growth of 9.7% over the previous year, supported mainly by levels higher activity.

“However, operating results have been hit hard by mounting inflationary pressures, particularly from non-cork raw materials, transportation and energy,” the company notes, with the EBITDA/sales ratio declining to 16.0% (vs 16.6% in 2020).

Significant reduction in net interest-bearing debt to €48.1 million

Also of note is the strength of the Mozelos Group’s balance sheet, which continues to sharply reduce its liabilities – it ended the year with net interest-bearing debt of €48.1 million (versus 110.7 million a year earlier), the highest low. Since June 2017.

Cortesira Amorim notes that “this significant reduction mainly reflects the very positive development in cash flow generation and the exceptional reduction in working capital needs (a decrease of €49.5 million),” explaining that “the value of the debt already includes the net pay for the payment of dividends (35.9 million). Euro), and the acquisition of 50% of the stakes of Cold Rivers Homestead (15 million), which owns a part of the so-called Herdade de Rio Frio, and 10% in Borassi (5 million), also as an investment in fixed assets (44.0 million).