Amer Sports - Financial Statement Release

Amer Sports Corporation Financial Statements Bulletin 2014

Amer Sports Corporation
FINANCIAL STATEMENTS BULLETIN
February 5, 2015 at 1:00 pm

Amer Sports Corporation Financial Statements Bulletin 2014

OCTOBER-DECEMBER 2014
  * Net sales were EUR 705.3 million (October-December 2013: 657.4). In local
    currencies, net sales increased by 6% with broad-based growth across the
    business areas. Winter Sports Equipment net sales decreased by 9% due to the
    late winter.
  * Gross margin was 43.0% (42.0).
  * EBIT excluding non-recurring items (NRI) was EUR 77.7 million (64.7),
    representing 11.0% of net sales (9.8).
  * Earnings per share excluding NRI were EUR 0.41 (0.33).
  * Net cash flow after investing activities was EUR 132.8 million (143.9).

JANUARY-DECEMBER 2014
  * Net sales were EUR 2,228.7 million (2013: 2,136.5). In local currencies, net
    sales increased by 6%.
  * Gross margin was 43.9% (43.6).
  * EBIT excluding NRI was EUR 168.3 million (154.9), 7.6% of net sales (7.3).
  * Earnings per share excluding NRI were EUR 0.80 (0.77).
  * Net cash flow after investing activities was EUR 53.5 million (42.5).
  * Net debt/EBITDA excluding NRI was 2.0 (December 31, 2013: 2.2).
  * Amer Sports Board of Directors is proposing a dividend of EUR 0.45 per share
    (0.40).

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
                          10-12/ 10-12/
 EUR million                2014   2013 Ch % Ch %*)    2014    2013 Ch % Ch %*)
-------------------------------------------------------------------------------
 Net sales                 705.3  657.4    7      6 2,228.7 2,136.5    4      6

 Gross profit              303.2  276.3   10          979.0   932.2    5

   Gross profit %           43.0   42.0                43.9    43.6

 EBIT excluding NRI**)      77.7   64.7   20          168.3   154.9    9

 EBIT % excluding NRI       11.0    9.8                 7.6     7.3

 NRI                       -34.7                      -54.2

 EBIT total                 43.0   64.7               114.1   154.9

 EBIT %                      6.1    9.8                 5.1     7.3

 Financing income and
 expenses                  -11.2  -10.1               -37.1   -28.6

 Earnings before taxes      31.8   54.6                77.0   126.3

 Net result                 23.0   38.7                55.4    90.3

 Earnings per share
 excluding NRI, EUR         0.41   0.33                0.80    0.77

 Earnings per share, EUR    0.20   0.33                0.47    0.77

 Net cash flow after
 investing activities      132.8  143.9                53.5    42.5

 Equity ratio, %                                       38.8    37.5

 Net debt/equity                                       0.50    0.57

 Personnel at year end                                7,630   7,330    4

 Average rates used,
 EUR/USD                                               1.33    1.33

*) In local currencies
**) 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 closed 2014 with a good fourth quarter, and we hereby delivered the 5(th)
consecutive year of profitable growth with record sales and operating profit.
The key drivers behind the improvement were our strategic acceleration areas:
Apparel and Footwear, Business to Consumer, and China. We also continued to
drive profitable growth in Fitness, Cycling and Sports Instruments.
Encouragingly, the Ball Sports restructuring started to yield results with gross
margins up, and operating expenses reduced and refocused to support the new
strategic growth pillars.

Throughout 2014 the market conditions were challenging. We faced significant
headwinds in Russia with adverse profit impact from the currency devaluation. We
also faced an exceptionally late and mild winter in Europe, resulting in a sales
decrease especially in cross-country skiing. Thanks to our flexible operating
model in Winter Sports Equipment, we managed to mitigate the impact and
sustained a satisfactory profitability.

Overall, we can be encouraged by our progress, as our strategies and execution
are delivering results. We do expect the challenging market conditions to
persist in 2015, with adverse impact from the late and mild winter and on-going
risks in Russia. We accelerate in the areas which are working, whilst putting in
place contingencies where we face challenges. With focus on improvement and
renewal, we continue to execute with confidence.

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
today at 1:00 pm GMT. To participate, please call +44(0)20 3427 1914
(UK/international dial-in number), confirmation code 8518181. The conference can
also be followed live at www.amersports.com. 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 8518181#.

Annual General Meeting
Amer Sports' Annual General Meeting will be held on Thursday, March 12, 2015
starting at 2 pm at Finlandia Hall, Congress Wing, Mannerheimintie 13 e,
Helsinki, Finland.

Q1/2015 Interim Report
Amer Sports will publish its Q1/2015 interim report on Thursday, April 23 at
approximately 11:00 am GMT.

[HUG#1892119]

Attachments:

Amer Sports Financial Statements 2014.pdf