Corticeira Amorim Results, H1 2017, CMVM

Page created: Friday, 4 August 2017 16:21GMT

Press Release:  04 August 2017 - 4 Page(s)

Corticeira Amorim ended the first half of 2017 with a net result of
€37.7 million – 7.4% higher than the result recorded in the first half of
2016 (€35.1M).
This positive result was underpinned by an increase in sales, which
rose to €354.8M – 6.2% higher than the first half of 2016 (€334M).
Comparative sales growth was higher in the first quarter than in the
second quarter of 2017, (9.6% growth in the first quarter, versus 3.3%
growth in the second quarter). This had already been forecast and is
primarily due to the differential in the number of working days in the
respective periods.
The contribution to the growth of consolidated sales was primarily due
to sales growth in the Cork Stoppers BU (+ 8.6%), above all the volume
effect, accompanied by a favourable exchange rate impact of
approximately €3.8M.
EBITDA rose to €70.6M – 7.2% higher than the amount recorded in the
first half of 2016. This performance improved the EBITDA to sales
ratio, which increased from 19.7% to 19.9%.
Financial operations continued to benefit from lower interest rates
and reduced indebtedness. At the end of the first half of the year, net
interest-bearing debt was €11M, compared to €36 million at the end
of 2016.
The financial autonomy ratio was 57%

Original title:  Corticeira Amorim’s sales increased by 6.2% in the first half of 2017, reaching €355M

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