Message from the Chairman

Dear Shareholder,

In the early months of 2022, global economic activity was robust, but this was followed by a gradual slowdown, with a contraction in some countries by the end of the year. The sharp rise in energy prices had a negative impact on the global economy, triggering higher prices for consumers and producers, and dominating the economic environment and requiring incisive action to reverse inflationary pressures.

The deterioration of global relations, in particular the outbreak of war between Russia and Ukraine, has worsened the conditions for economic and social development, and highlighted the fragile international balances, both at a political level and in terms of the economy and supply chains.

In 2022, Corticeira Amorim’s consolidated sales exceeded €1 billion for the first time in the Company’s history. Sales grew by 21.9% growth, rising to € 1,021 million. This is the result of sound organic growth and inclusion of the activity of the SACI Group within the consolidated accounts. Notwithstanding the slowdown recorded throughout the year, all Business Units contributed to this performance, due to higher levels of business activity, an improved product mix and price increases.

Rigorous management, forward-looking action and the continuous improvements and production efficiency programmes implemented over recent years have been crucial to strengthening the company’s operating profits, even in such a demanding and uncertain context. Although inflationary
pressures penalised our results, especially due to higher energy costs and certain raw material prices, Corticeira Amorim finished the year with a margin similar to that of the previous year and with a higher result, also as a result of growth in turnover and the change in the perimeter.

We are proud of our results for the year, in particular the fact that we have surpassed one billion euros in consolidated sales. This result testifies to the professionalism, competence and dedication of our team of 5,000 Women and Men who, across all continents, place their knowledge and enthusiasm at the service of the cork oak forest, cork and the 1001 applications that we are developing for this noble raw material, that profoundly inspires us.

This achievement also implies a reinforced sense of commitment - because we know that our business activity is based on an intricate and comprehensive network of responsibilities, which we consciously assume: ranging from the well-being of our People and our communities, to the resilience and integrity of our supply chains; from propagation of new techniques and methodologies for ensuring the profitability of cork oak forests to promotion of the biodiversity of this unique ecosystem; from research, innovation and partnerships with the academic world to conceiving new opportunities to place cork at the service of fairer, more inclusive and sustainable societies, in harmony with the need to preserve the planet for future generations.

Our ambition is to continue this growth: in terms of knowledge, intervention in the cork oak forest, protection of ecosystems, circularity of processes, integration of operations, efficient resource management, and development of our People, thereby creating value ethically and sustainably for everyone.

The challenges are formidable, but so is our vision, dedication and passion.

We continue to follow armed conflicts around the world with great concern, and hope they will soon be resolved, opening up a path towards peace and prosperity.

Best regards,
Antonio Rios de Amorim
Chairman and CEO