Amer Sports - Interim report (Q1 and Q3)

Amer Sports Corporation Interim Report January-March 2015

Amer Sports Corporation
STOCK EXCHANGE RELEASE
April 23, 2015 at 1:00 pm

Amer Sports Corporation Interim Report January-March 2015

JANUARY-MARCH 2015
  * Net sales EUR 575.9 million (501.5). In local currencies, net sales
    increased by 5% driven particularly by Apparel and Footwear.
  * Gross margin 45.9% (44.3%).
  * EBIT excluding non-recurring items (NRI) EUR 33.6 million (20.6).
  * Earnings per share excluding NRI EUR 0.16 (0.07).
  * Net cash flow after investing activities EUR 43.0 million (44.2).
  * The operative improvement was further boosted by currencies.
  * Outlook for 2015 unchanged.
  * In March, Amer Sports announced the acquisition of a leading American
    baseball brand, Louisville Slugger. The acquisition had no impact on
    January-March 2015 financials. The acquisition was finalized on April 22.

OUTLOOK FOR 2015
In 2015, Amer Sports net sales in local currencies is expected to increase and
EBIT margin excluding non-recurring items to improve from 2014, despite
challenging market conditions. The company will continue to focus on apparel and
footwear growth, consumer-driven product and marketing innovation, commercial
expansion and operational excellence.

KEY FIGURES
 EUR million                           1-3/2015 1-3/2014    2014
----------------------------------------------------------------
 Net sales                                575.9    501.5 2,228.7

 Gross profit                             264.2    222.3   979.0

   Gross profit %                          45.9     44.3    43.9

 EBIT excluding NRI                        33.6     20.6   168.3

 EBIT % excluding NRI                       5.8      4.1     7.6

 NRI*)                                     -1.4        -   -54.2

 EBIT total                                32.2     20.6   114.1

 EBIT %                                     5.6      4.1     5.1

 Financing income and expenses             -8.3     -9.2   -37.1

 Earnings before taxes                     23.9     11.4    77.0

 Net result                                17.2      8.2    55.4

 Earnings per share excluding NRI, EUR     0.16     0.07    0.80

 Net cash flow after investing activities  43.0     44.2    53.5

 Equity ratio, % at period end             39.2     40.5    38.8

 Net debt/equity at period end             0.51     0.58    0.50

 Personnel at period end                  7,650    7,370   7,630

 Average rates used, EUR/USD               1.13     1.37    1.33

*) Non-recurring items (NRI) are exceptional transactions that are not related
to normal business operations. The most common non-recurring items are capital
gains, exceptional write-downs, provisions for planned restructuring and
penalties. Non-recurring items are normally specified individually if they have
a material impact on EBIT.


HEIKKI TAKALA, PRESIDENT AND CEO:
We started 2015 with solid growth and profit improvement, further boosted by
currencies. The growth was particularly strong in Apparel and Footwear as well
as in Sports Instruments, and the improved winter conditions drove re-orders in
Winter Sports Equipment. In Fitness we declined mainly due to moving from third-
party dealer model to in-house sales in the USA, resulting in de-stocking of the
current dealer inventories.

Our Ball Sports recovery continues. Whilst total sales declined behind our new
distribution strategy, we delivered solid growth across the focus growth areas,
especially performance tennis and baseball, and we continued to improve gross
margins and EBIT toward our mid-term targets. To accelerate profitable growth in
baseball and softball, we announced the acquisition of Louisville Slugger, which
makes us the global leader in baseball and softball equipment. The acquisition
supports our strategic glidepath and confirms that we have progressed to a level
where we can accelerate beyond organic growth, and we have the balance sheet
strength to do so. Importantly, we still prefer organic growth and expansion, as
we see significant potential to further leverage our current portfolio.


For further information, please contact:
Heikki Takala, President and CEO, tel. +358 20 712 2510
Jussi Siitonen, CFO, tel. +358 20 712 2511
Päivi Antola, Director, Corporate Communications and IR, tel. +358 20 712 2537

TELEPHONE CONFERENCE
An English-language conference call for investors and analysts will be held at
3:00 p.m. Finnish time. To participate in the conference call, please call +44
(0)20 3427 1908 (UK/international dial-in number), confirmation code
3869951.The conference can also be followed live via www.amersports.com or
http://edge.media-server.com/m/p/yv8a5yrf.

A replay of the conference call and a transcript will be available later at the
same internet address. The replay number is +44 (0)20 3427 0598, passcode
3869951#.

SECOND QUARTER RESULTS BULLETIN
Amer Sports will publish its Q2/2015 results bulletin on Wednesday, July
29, 2015 at approximately 1:00 pm Finnish time.
DISTRIBUTION
NASDAQ OMX Helsinki, main media, www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with
internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx,
Mavic, Suunto and Precor. The company's technically advanced sports equipment,
footwear and apparel improve performance and increase the enjoyment of sports
and outdoor activities. The Group's business is balanced by its broad portfolio
of sports and products and a presence in all major markets. Amer Sports shares
are listed on the NASDAQ Helsinki stock exchange (AMEAS).


[HUG#1913952]

Attachments:

Amer Sports Corporation Interim Report Q1 2015.pdf