Consolidated Annual Report
2023
Index
Unofficial and unaudited version (pdf) of the Annual Report of Corticeira Amorim, S.G.P.S., S.A. - fiscal year 2023.
Official and audited version of the report in the format specified in the regulatory technical standard (RTS)
on ESEF (Delegated Regulation (EU) 2019/815) is available at HYPERLINK https://www.amorim.com/en.
In case of discrepancies between this version and the official ESEF report,the latter prevails.
Informal Translation
Chairman's Message | 04 | |
Governing Bodies | 08 | |
Worldwide Presence | 11 | |
Organisational Chart | 15 | |
01 | Main Events | 19 |
02 | Amorim Cork Composites 60 Years | 31 |
03 | Consolidated Management Report | 39 |
04 | Corporate Governance Report | 81 |
05 | Sustainability Report | 163 |
06 | Consolidated Financial Statements | 293 |
07 | Notes to the Consolidated | |
Financial Statements | 301 | |
08 | Report and Opinions of the Supervisory | |
and Auditing Bodies | 363 |
Chairman's
Message
CONSOLIDATED ANNUAL REPORT 2023 CORTICEIRA AMORIM, S.G.P.S., S.A. | 4 |
The global economy is expected to have grown
by approximately 3.1% in 2023, a slower rate than in the previous year and below average annual growth
in the decade prior to the pandemic. The pace of growth, however, was clearly stronger than expected, despite the slowdown registered in the most developed economies. Geopolitical instability, the ongoing war in Ukraine and the escalating conflict between Israel and Palestine, together with numerous other smaller but interconnected conflicts, placed additional pressure on the global economy, posing new challenges for trade and supply chain management. The economic climate was particularly demanding for companies, with inflation rates above desirable levels, restrictive monetary policies, rising interest rates and reduced global demand.
Corticeira Amorim's consolidated sales totalled €985.5 million in 2023, a slight decrease compared with the record value recorded in 2022, due mainly to lower activity levels, especially in the flooring sector, and the impact of unfavourable exchange rates. It is worth highlighting the remarkable performance of Amorim Cork (cork stoppers) in relation both
to the market and to the competitors, consolidating market share.
The performance overall was nevertheless highly positive in 2023, with a significant improvement in EBITDA and an increase in the EBITDA margin to 18%. Despite the negative impact of increased cork consumption prices, our operational performance was remarkable, reflecting a better sales mix
and significant cost savings, mainly due to lower electricity and transport prices and the implementation of production efficiency measures. The 2023 cork purchasing campaign provided for an improvement
in stocks that should stabilise future raw material supply. Consolidated net earnings totalled €88.9 million.
The year was also one of large investments. We planted more than 200,000 cork oaks and will plant another 250,000 in 2024, adopting a new science-based cork oak culture model that, we are confident, will radically increase the productivity and profitability of cork oak
forests. In the energy sector, we continue to implement photovoltaic projects, which will enable us to produce, already in 2024, energy for our own consumption corresponding to about 20% of our electricity needs. Our research and development programmes enable us to continue innovating and to bring to market applications and products that combine know-how, technology, and the natural, surprising and irreplaceable material that is cork. Continued investment in new technologies and applications has generated excellent results, demonstrating the potential of cork to move beyond its current uses.
More than ever, we have a vision and an approach based on the whole value chain of cork: from forest to the satisfaction of our more than 30,000 customers worldwide across a wide range of sectors. Ours is a responsible and committed approach, aligned with the expectations of our stakeholders and with 12
of the 17 Sustainable Development Goals set out by the United Nations.
Respect for the montado (cork oak forest) habitat and the invaluable services it offers humanity is a fundamental value of our culture, one that is especially expressed in the way we conduct our business activities: in perfect harmony with nature. Across the world,
our people work to protect the cork oak, to rigorously manage resources and impacts, to promote the use
of cork products and solutions to reduce carbon footprints and to embrace enthusiastically our common causes, that is, to improve social and environmental well-being and prosperity for all.
The outlook for 2024 is still uncertain, but we remain confident, aiming for another positive year. This will require resilience and hard work from all of us.
Taking into account the investments we have made, particularly in technologies used in different areas
of all our Business Units, we aspire to continue providing innovative products and solutions, to conquer new markets and to strengthen our profitability levels.
The challenges are immense, but our determination is even greater.
Kind regards,
António Rios de Amorim
Chairman and CEO
CHAIRMAN'S MESSAGE | 5 |
"And if we know the world and know
how to adapt to the world, we will be successful.
I had this happiness
of adapting to the world."
Joaquim
Ferreira de Amorim
1936 - 2023
With great regret, we said goodbye, in September 2023,
to Joaquim Ferreira de Amorim, to whom we pay
a heartfelt tribute.
A man with a great sense of duty and sensivity,
Joaquim Ferreira de Amorim contributed significantly to the success
and excellent reputation of Corticeira Amorim,
in Portugal and in the world.
His contribution to the development of Corticeira Amorim
and its People will forever remain in the memory of the Company,
its Directors and Employees.
From all of us, a longing "Farewell!"
GoverningBodies
Term of office 2021-2023
CONSOLIDATED ANNUAL REPORT 2023 CORTICEIRA AMORIM, S.G.P.S., S.A. | 8 |
Board of the General Meeting
Chairman | Paulo de Tarso da Cruz Domingues |
Secretary | Rui Paulo Cardinal Carvalho |
Board of Directors1
Chairman | António Rios Amorim |
Vice-Chairman | Nuno Filipe Vilela Barroca de Oliveira |
Member | Fernando José de Araújo dos Santos Almeida |
Member | Cristina Rios de Amorim |
Member | Luisa Alexandra Ramos Amorim |
Member | Juan Ginesta Viñas |
Member | José Pereira Alves |
Member | Marta Parreira Coelho Pinto Ribeiro |
Member | Maria Cristina Galhardo Vilão |
Member | António Manuel Mónica Lopes de Seabra |
Audit Committee
Chairman | José Pereira Alves |
Member | Marta Parreira Coelho Pinto Ribeiro |
Member | Maria Cristina Galhardo Vilão |
Member | António Manuel Mónica Lopes de Seabra |
Appointments, Evaluation
and Remuneration Committee2
Chairwoman | Maria Cristina Galhardo Vilão |
Member | Álvaro José da Silva |
Member | Rui Fernando Viana Pinto |
Statutory Auditor
Permanent | ERNST & YOUNG AUDIT |
& ASSOCIADOS - SROC, S.A., | |
representaded by | |
Rui Manuel da Cunha Vieira | |
Substitute | Pedro Jorge Pinto Monteiro da Silva e Paiva |
- The Board of Directors has an Audit Committee composed exclusively of independente members.
- The Appointments, Evaluation and Remuneration Committee was nominated at the Annual General Meeting held on April 28, 2023, pursuant to Article 399(1) of the Portuguese Companies Act and Article 19(4) of the Company's Articles of Association.
GOVERNING BODIES | 9 |
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Corticeira Amorim SGPS SA published this content on 22 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2024 13:59:05 UTC.