2007-08-09 12:10:06 CEST
2007-08-09 12:10:06 CEST
REGULATED INFORMATION
Amer Sports - Half Year financial report
Amer Sports Corporation s interim report, January-June 2007
Amer Sports EBIT for the year 2007 is not expected to reach last
year's level.
- Amer Sports net sales decreased 6% to EUR 692.1 million (EUR 739.2
million in 2006). Net sales in local
currency terms declined 2%.
- Earnings before interest and taxes (EBIT) amounted to EUR -20.6
million (-7.4) and earnings per share to
EUR -0.30 (-0.19).
- The mild winter reduced winter sports pre-orders more than
expected. This is why the full-year result for winter
sports equipment will be in the red and Amer Sports EBIT for the
year 2007 is not expected to reach last year's
level. Other business areas are expected to develop positively in
the latter part of the year.
EUR million Q2/ Q2/ Change 1-6/ 1-6/ Change
2007 2006 % 2007 2006 % 2006
Net sales 310.3 321.8 -4 692.1 739.2 -6 1,792.7
Gross profit 126.2 131.2 -4 270.1 285.0 -5 697.4
EBIT -12.8 -9.0 -20.6 -7.4 120.2
Financing
income and
expenses -1.1 -6.4 -7.8 -11.3 -23.6
Earnings
before taxes -13.9 -15.4 -28.4 -18.7 96.6
Net result -10.4 -10.8 -21.3 -13.1 70.5
Earnings per
share, EUR -0.15 -0.16 -0.30 -0.19 0.98
Roger Talermo, President and CEO:"The uncommonly mild winter in 2006/2007 weakened this year's outlook
for the winter sports business. Pre-orders for the coming winter
season fell short of expectations. Re-orders in the latter part of
2007 will be much dependent on weather conditions in the early
winter.
We expect Salomon's and Atomic's product ranges to gain market share,
especially in alpine boots but also in cross-country equipment.
Alpine skis and bindings are expected to maintain their market share.
However, the decline in pre-orders by approximately one quarter
compared to last year will lead to a marked decrease in the
profitability of Atomic and Salomon's winter sports business. The
winter sports business as a whole will be unprofitable in 2007 under
these exceptional circumstances.
In early 2007 we began to adjust our winter sports business to match
the decrease in volumes by cutting costs and enhancing cooperation
between Atomic and Salomon. To ensure that our plans are carried out
efficiently, we set up a new business unit called Winter & Outdoor,
which encompasses Salomon, Atomic, Mavic, Arc'teryx, and Bonfire. We
will also take further measures to adjust our cost structure.
With the exception of winter sports equipment, our business units are
progressing as planned. Particularly good progress has been witnessed
in Salomon's Apparel and Footwear and in Precor's operations.
Wilson's Racquet Sports, Suunto, and Mavic reported continued
positive development."
For further information, please contact:
Mr Roger Talermo, President & CEO, tel. +358 9 7257 8210
Mr Pekka Paalanne, Senior Vice President & CFO, tel. +358 9 7257 8212
Mr Tommy Ilmoni, Vice President, Investor Relations, tel. +358 9 7257
8233
A combined news conference, conference call and live webcast
concerning the interim report will be held on August 9, 2007, at 3:00
pm Finnish time at Amer Sports headquarters (address: Mäkelänkatu 91,
Helsinki). The event will be held in English. For instructions on how
to participate in the conference call, visit the Amer Sports website
at www.amersports.com.
AMER SPORTS CORPORATION'S INTERIM REPORT, JANUARY-JUNE 2007 (IFRS)
Amer Sports net sales in January-June 2007 decreased 6% to EUR 692.1
million (EUR 739.2 million in 2006). Net sales in local currency
terms declined 2%.
Net sales by business segment were as follows: Wilson 45%, Salomon
27%, Precor 19%, Suunto 6%, and Atomic 3%. Salomon's sales declined
8%, Wilson's 7%, and Atomic's 41%. Precor's sales were on par with
the previous year and Suunto's net sales rose 9%. In local currency
terms, Salomon's sales were down 6% and Atomic's 40%. Wilson's sales
were on par with the previous year. Suunto's sales increased 12% and
Precor's 8%.
The geographical split of net sales is as follows: the Americas
(including South and Central America) 54%, EMEA (Europe, Middle East
and Africa) 36%, and Asia 10%. Sales in Asia decreased 11%, in the
Americas 7%, and in EMEA 5%. In local currency terms, net sales were
on par with the previous year in the Americas and declined 5% each in
EMEA and Asia.
The Group's EBIT was EUR -20.6 million (-7.4).
Earnings before taxes were EUR -28.4 million (-18.7). Earnings per
share stood at EUR -0.30 (-0.19). Net financial expenses totaled EUR
-7.8 million (-11.3), reduced by interest rate swaps executed in May,
which resulted in a gain of EUR 6.4 million.
NET SALES AND EBIT IN APRIL-JUNE
In April-June the Group's net sales decreased 4% to EUR 310.3 million
(321.8). In local currency terms, net sales were on par with the
previous year. Salomon's sales were down 3% and Atomic's 11% in local
currencies. Wilson's sales were at the previous year's level.
Precor's sales increased 7% and Suunto's 9%.
EBIT was EUR -12.8 million (-9.0). Net financial expenses totaled EUR
-1.1 million (-6.4) and earnings before taxes were EUR -13.9 million
(-15.4).
CAPITAL EXPENDITURE
The Group's capital expenditure on fixed assets totaled EUR 20.8
million (16.1) and depreciation was EUR 16.5 million (16.1).
RESEARCH AND DEVELOPMENT
R&D expenditure amounted to EUR 28.7 million (28.7), which represents
4.1% of net sales.
FINANCIAL POSITION AND CASH FLOW
The Group's net debt at the end of June was EUR 532.6 million (EUR
585.4 million on December 31, 2006). The decrease in net debt
resulted primarily from the seasonal nature of business: sales income
in the winter sports business largely comes in during the first
quarter.
Net cash flow from operating activities after interest and taxes was
EUR 95.2 million (135.4). The decrease is a result of sales in the
2006/07 winter season falling short of the preceding season. Net cash
flow from investing activities was EUR -18.3 million (-48.0).
Amer Sports Corporation issued two private placement bonds for
Finnish institutional investors in May. The total amount of the
bonds, with maturities of two and four years, was EUR 150 million.
Both bonds have a variable interest rate. They will not be listed on
the stock exchange.
Of the EUR 575 million credit facility agreed upon in December 2005,
EUR 165 million was paid in June. At the end of the period, USD 100
million had been drawn on the credit facility and the committed
unused portion was EUR 325 million. The credit facility will mature
at the end of 2011. Short-term financing is raised with a domestic
commercial paper program of EUR 500 million, of which EUR 325.8
million had been used by June 30, 2007.
Liquid assets totaled EUR 32.1 million (40.7) at the end of the
period.
The company's equity ratio was 33.5% (32.4%) and gearing was 108%
(106%).
AMER SPORTS SHARES AND SHAREHOLDERS
At the end of the review period Amer Sports had 13,619 registered
shareholders. Non-Finnish nationals owned 64.86% (54.66%) of the
shares.
A total of 64.0 million Amer Sports shares were traded on the
Helsinki Stock Exchange during the period. The value of trading was
EUR 1,064.7 million and share turnover was 88.84%.
The closing price of Amer Sports Corporation on the Helsinki Stock
Exchange was EUR 18.31. The high for the period on the Helsinki Stock
Exchange was EUR 18.49 and the low EUR 15.51. The average share price
was
EUR 16.63.
On June 30, 2007, the company's market capitalization was EUR 1,322.1
million (1,167.4).
On June 30, 2007, the company's registered share capital was EUR
288,823,728 and the total number of shares was 72,205,932. The 2002
warrants were used to subscribe for 386,880 shares at the end of
2006. The increases in share capital following these subscriptions
were entered in the Trade Register as follows: EUR 1,433,520 on
January 16, 2007, and EUR 114,000 on February 8, 2007. From March to
May, 121,428 shares were subscribed for with the 2002 warrants. The
increases in share capital following these subscriptions were entered
in the Trade Register as follows: EUR 26,760 on May 22, 2007, and EUR
458,952 on June 20, 2007.
On January 30, 2007, Franklin Resources Inc. announced that the total
number of shares held by the funds and individual investors under its
control represented 5.09% of Amer Sports Corporation's share capital
and votes. On June 11, 2007, Sports Direct International Plc
announced that the shares held by it represented 5.4% of Amer Sports
Corporation's share capital and votes. After the review period, on
July 31, 2007, Sport Direct announced that the shares held by it
represented 10.64% of Amer Sports Corporation's share capital.
PERSONNEL AND ORGANIZATION
Amer Sports announced its plans to reorganize the structure of its
executive management. The purpose of the change is to ensure
efficient implementation of development and change projects in the
winter sports equipment business. The changes will be effective as of
September 1, 2007. Further information is available in the stock
exchange release published on July 2, 2007, at 2:00 pm, which can be
found at www.amersports.com.
The Group had 6,626 employees (6,832) at the end of the period and an
average of 6,650 (6,824) employees. At the end of the period, 2,636
of the employees worked in the Americas, 3,341 in EMEA, and 649 in
Asia.
BUSINESS SEGMENTS
SALOMON
EUR million Q2/ Q2/ Change 1-6/ 1-6/ Change
2007 2006 % 2007 2006 % 2006
Net sales
Winter Sports
Equipment 10.1 13.8 -27 29.4 47.1 -38 324.6
Apparel and Footwear 36.4 30.1 21 96.8 80.1 21 205.6
Mavic 26.0 24.3 7 56.2 53.5 5 107.8
Discontinued
operations 0.5 8.2 -94 1.1 19.0 -94 23.4
Net sales, total 73.0 76.4 -4 183.5 199.7 -8 661.4
EBIT -19.1 -17.9 -7 -41.7 -40.3 -3 23.6
Salomon's net sales in January-June decreased 6% in local currency
terms. The breakdown of net sales was as follows: Winter Sports
Equipment 16%, Apparel and Footwear 53%, and Mavic 31%. EMEA
accounted for 68%, the Americas for 23%, and Asia for 9% of net
sales. Sales in local currencies were up 7% in the Americas and down
8% in EMEA and 16% in Asia.
In January-June Salomon's EBIT decreased 7% in local currency terms
to EUR -41.7 million. However, the synergies achieved in winter
sports coupled with enhanced cost control compensated for the
negative impact of the decrease in sales.
Business areas
Salomon's net sales from Winter Sports Equipment declined 37% in
local currency terms due to the exceptionally mild winter (including
discontinued operations -52%). Pre-orders for the 2007/08 winter
season fell short of expectations. Net sales this year may be
approximately 20% smaller than the year before. Salomon's alpine
boots and cross-country skis are expected to gain market share.
Alpine skis and bindings are expected to maintain their market share.
Decreased volumes, however, will lead to a significant cut in
profitability in the business area. To adjust its operations to the
decreasing markets, Salomon will enhance cooperation with Atomic and
cut costs.
Net sales of Apparel and Footwear increased 24% in local currency
terms, boosted by strong sales of Salomon's trail running shoes and
summer/spring apparel. The apparel and footwear orders for
fall/winter 2007/08 promise continued solid sales development.
Bicycle component manufacturer Mavic continued to develop positively,
its net sales increasing 7% in local currency terms. Profitability in
the latter part of the year will benefit from the relatively higher
sales of high-performance wheels.
WILSON
EUR million Q2/ Q2/ Change 1-6/ 1-6/ Change
2007 2006 % 2007 2006 % 2006
Net sales
Racquet Sports 71.1 69.2 3 136.2 134.9 1 235.3
Team Sports 45.5 51.5 -12 112.1 126.9 -12 219.6
Golf 33.8 38.8 -13 65.7 76.0 -14 114.7
Net sales, total 150.4 159.5 -6 314.0 337.8 -7 569.6
EBIT 15.0 17.2 -13 34.8 41.5 -16 54.6
Wilson's net sales were on par with the previous year in local
currency terms. The breakdown of net sales was as follows: Racquet
Sports 43%, Team Sports 36%, and Golf 21%. The Americas accounted for
65%, EMEA for 23%, and Asia for 12% of net sales. Sales in local
currencies were up 6% in EMEA and down 3% in the Americas and 7% in
Asia.
Wilson's EBIT declined 10% in local currency terms to EUR 34.8
million. This was caused by the shift in the timing of team sports
sales and by investments made in marketing and IT systems
development. Wilson's performance is expected to improve in the
latter part of the year.
Business areas
Racquet Sports continued to develop well, with net sales increasing
6% in local currencies. Deliveries of the [K]Factor tennis
collection, launched in early 2007, have started. The products have
been very well received on the market. Tennis racket sales were up
10% in local currency terms.
Net sales of Team Sports decreased 4% in local currencies, mainly due
to the lower demand for baseball bats and footballs in department
store distribution channels in the United States. Despite the weak
beginning of the year, pre-orders promise a good latter part of the
year.
Net sales of Golf declined, as expected, as sales focused on irons
and mid-priced golf balls. Net sales in local currencies decreased
9%. The profitability of Golf is expected to improve in 2007.
PRECOR
EUR million Q2/ Q2/ Change 1-6/ 1-6/ Change
2007 2006 % 2007 2006 % 2006
Net sales 59.7 59.3 1 133.5 132.2 1 275.6
EBIT 6.2 4.1 51 16.1 16.1 0 34.8
Precor's net sales continued to develop favorably, increasing 8% in
local currencies. The Americas accounted for 78%, EMEA for 15%, and
Asia for 7% of net sales. Sales in local currencies were up 20% in
Asia, 8% in EMEA and 7% in the Americas.
Despite its costs being more front-loaded than previously, Precor's
EBIT increased 9% in local currency terms, totaling EUR 16.1 million.
Precor's full-year outlook is good, and earnings are expected to
improve.
Precor's sales continued to grow. The company boosted its position in
the fitness club segment with an agreement to deliver cardio
equipment to the 24 Hour Fitness chain. Precor also signed an
agreement with SATS, Europe's biggest fitness club chain. Fitness
club sales were further boosted by the new launch of the Adaptive
Motion Trainer and Precor's ClubCom entertainment and media services.
Precor's hit products in the consumer segment include elliptical
cross-trainers and versatile strength systems. The company launched
three new treadmills for this segment in the second quarter.
ATOMIC
EUR million Q2/ Q2/ Change 1-6/ 1-6/ Change
2007 2006 % 2007 2006 % 2006
Net sales 4.8 5.6 -14 17.3 29.3 -41 204.8
EBIT -11.1 -12.2 9 -24.4 -21.6 -13 16.6
Atomic's net sales in local currencies decreased 40%. EMEA accounted
for 63%, the Americas for 22%, and Asia for 15% of net sales. Sales
in local currencies were up 11% in Asia and down 36% in the Americas
and 47% in EMEA.
EBIT in local currency terms was down 16% to EUR -24.4 million as a
result of decreased sales. Most of Atomic's deliveries are made in
the latter part of the year, September and October being the busiest
months.
Pre-orders for the 2007/08 winter season fell short of expectations
in all of Atomic's key market areas. Net sales this year may be more
than 20% smaller than the year before. Atomic's alpine boots and
cross-country equipment are expected to gain market share, while
alpine skis and bindings are expected to maintain their share.
Decreased volumes, however, will lead to a significant cut in
profitability in the business segment. In addition to its previous
measures, Atomic will continue to adapt its business to weaker
markets by cutting costs and enhancing cooperation with Salomon.
SUUNTO
EUR million Q2/ Q2/ Change 1-6/ 1-6/ Change
2007 2006 % 2007 2006 % 2006
Net sales 22.4 21.0 7 43.8 40.2 9 81.3
EBIT 1.4 3.7 -62 2.9 4.8 -40 7.0
Suunto's net sales increased 12% in local currencies. EMEA accounted
for 55%, the Americas for 34%, and Asia for 11% of net sales. Sales
in local currencies were up 13% in EMEA and 11% each in Asia and the
Americas.
Sales of wristop computers increased 29% in the review period,
boosted especially by solid demand for T-series products. Sales of
diving instruments were down 4%. Diving instruments and wristop
computers generated 69% (70%) of Suunto's net sales.
Suunto's EBIT in local currencies decreased 36% to EUR 2.9 million.
EBIT for the comparison period, 1-6/2006, included an insurance
payment of EUR 2.0 million.
In the summer of 2007 Suunto introduced its new Outdoor product line.
The new models will hi the market in the fall of 2007.
Suunto's net sales are expected to increase in 2007 following the new
product launches.
FUTURE OUTLOOK AND GUIDANCE
Amer Sports EBIT for the year 2007 is not expected to reach last
year's level. The mild winter reduced pre-orders for winter sports
more than expected and increased uncertainty about re-orders in the
latter part of the year. The result for winter sports equipment will
be in the red. Other business areas are expected to develop
positively in the latter part of the year.
The interim report has been prepared in compliance with IAS 34.
Accounting policies and the calculation of key figures have been
presented in the Group's 2006 Annual Report, and no amendments have
been made to these.
Unaudited
EUR million
CONSOLIDATED RESULTS
1-6/ 1-6/ Change 4-6/ 4-6/ Change 1-12/
2007 2006 % 2007 2006 % 2006
NET SALES 692.1 739.2 -6 310.3 321.8 -4 1,792.7
Cost of goods sold -422.0 -454.2 -184.1 -190.6 -1,095.3
GROSS PROFIT 270.1 285.0 -5 126.2 131.2 -4 697.4
License income 9.1 9.1 4.3 4.1 22.4
Other operating
income 1.4 4.7 0.3 3.5 7.2
R&D expenses -28.7 -28.7 -13.9 -13.9 -58.5
Selling and
marketing
expenses -206.8 -208.5 -96.7 -98.7 -416.5
Administrative and
other expenses -65.7 -69.0 -33.0 -35.2 -131.8
EARNINGS BEFORE
INTEREST AND TAXES -20.6 -7.4 -12.8 -9.0 120.2
% of net sales -3.0 -1.0 -4.1 -2.8 6.7
Financing income
and
expenses -7.8 -11.3 -1.1 -6.4 -23.6
EARNINGS BEFORE
TAXES -28.4 -18.7 -13.9 -15.4 96.6
Taxes 7.1 5.6 3.5 4.6 -26.1
NET RESULT -21.3 -13.1 -10.4 -10.8 70.5
Attributable to:
Equity holders of
the
parent company -21.5 -13.3 -10.6 -10.9 70.3
Minority interests 0.2 0.2 0.2 0.1 0.2
Earnings per
share,
EUR -0.30 -0.19 -0.15 -0.16 0.98
Earnings per
share,
diluted, EUR -0.30 -0.18 -0.15 -0.15 0.97
Adjusted average
number of shares
in
issue, million 72.1 71.5 72.1 71.5 71.5
Adjusted average
number of shares
in
issue, diluted,
million 72.5 72.4 72.5 72.4 72.4
Equity per share,
EUR 6.78 6.63 7.71
ROCE, % *) 10.5 4.7 12.0
ROE, % -8.2 -5.2 12.9
Average rates
used:
EUR 1.00 = USD 1.33 1.23 1.26
*) 12 months' rolling average
The relative proportion of the estimated tax charge for the full
financial year has been charged against the result for the period.
NET SALES BY BUSINESS SEGMENTS
1-6/ 1-6/ Change 4-6/ 4-6/ Change 1-12/
2007 2006 % 2007 2006 % 2006
Salomon 183.5 199.7 -8 73.0 76.4 -4 661.4
Wilson 314.0 337.8 -7 150.4 159.5 -6 569.6
Precor 133.5 132.2 1 59.7 59.3 1 275.6
Atomic 17.3 29.3 -41 4.8 5.6 -14 204.8
Suunto 43.8 40.2 9 22.4 21.0 7 81.3
Net sales, total 692.1 739.2 -6 310.3 321.8 -4 1,792.7
EBIT BY BUSINESS SEGMENTS
1-6/ 1-6/ Change 4-6/ 4-6/ Change 1-12/
2007 2006 % 2007 2006 % 2006
Salomon -41.7 -40.3 -3 -19.1 -17.9 -7 23.6
Wilson 34.8 41.5 -16 15.0 17.2 -13 54.6
Precor 16.1 16.1 0 6.2 4.1 51 34.8
Atomic -24.4 -21.6 -13 -11.1 -12.2 9 16.6
Suunto 2.9 4.8 -40 1.4 3.7 -62 7.0
Headquarters -8.3 -7.9 -5 -5.2 -3.9 -33 -16.4
EBIT, total -20.6 -7.4 -12.8 -9.0 -42 120.2
GEOGRAPHIC BREAKDOWN OF NET SALES
1-6/ 1-6/ Change 4-6/ 4-6/ Change 1-12/
2007 2007 % 2007 2006 % 2006
Americas 370.8 396.7 -7 163.6 176.3 -7 815.7
EMEA 250.9 263.0 -5 110.1 105.2 5 781.8
Asia Pacific 70.4 79.5 -11 36.6 40.3 -9 195.2
Total 692.1 739.2 -6 310.3 321.8 -4 1,792.7
CONSOLIDATED CASH FLOW STATEMENT
1-6/2007 1-6/2006 1-12/2006
EBIT -20.6 -7.4 120.2
Depreciation and adjustments
to cash flow from operating
activities 15.7 16.9 32.8
Change in working capital 121.0 163.2 -60.1
Cash flow from operating
activities before financing
items and taxes 116.1 172.7 92.9
Interest paid and received -7.3 -10.8 -19.8
Income taxes paid -13.6 -26.5 -27.6
Cash flow from operating
activities 95.2 135.4 45.5
Company acquisitions - -33.4 -33.4
Capital expenditure -20.8 -16.1 -41.3
Proceeds from sale of
non-current assets 2.5 1.5 2.8
Cash flow from investing
activities -18.3 -48.0 -71.9
Dividends paid -36.1 -35.9 -35.9
Issue of shares 1.3 0.2 6.5
Change in net debt and other
financial items -55.3 -58.7 54.1
Cash flow from financing
activities -90.1 -94.4 24.7
Liquid funds at 1 Jan 45.5 48.7 48.7
Translation differences -0.2 -1.0 -1.5
Change in liquid funds -13.2 -7.0 -1.7
Liquid funds at 30 Jun/31 Dec 32.1 40.7 45.5
CONSOLIDATED BALANCE SHEET
31 Jun 2007 31 Jun 2006 31 Dec 2006
Assets
Goodwill 285.3 296.9 290.3
Other intangible non-current
assets 209.5 212.5 209.9
Tangible non-current assets 120.4 109.0 118.8
Other non-current assets 53.0 72.4 55.5
Inventories and work in
progress 380.1 386.3 290.4
Receivables 390.6 353.6 647.1
Cash and cash equivalents 32.1 40.7 45.5
Assets 1,471.0 1,471.4 1,657.5
Shareholders' equity and
liabilities
Shareholders' equity 493.4 477.4 556.1
Long-term interest-bearing
liabilities 232.9 252.2 243.9
Other long-term liabilities 19.9 25.9 18.7
Current interest-bearing
liabilities 331.8 292.7 387.0
Other current liabilities 338.9 327.7 382.4
Provisions 54.1 95.5 69.4
Shareholders' equity and
liabilities 1,471.0 1,471.4 1,657.5
Equity ratio, % 33.5 32.4 33.6
Gearing, % 108 106 105
EUR 1.00 = USD 1.35 1.27 1.32
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Fair
va-
lue
and
ot- Re- Total
Trans- her tai- Mino- share-
Share Pre- lation re- ned rity hol-
capi- mium diffe- ser- ear- inte- ders'
tal fund rences ves nings Total rests equity
Balance at
1 Jan 2006 285.9 1.3 -14.2 -0.6 260.4 532.8 3.4 536.2
Translation
differences -17.9 -17.9 -17.9
Cash flow
hedges 7.2 7.2 7.2
Net income
recognized
directly in
equity -17.9 7.2 -10.7 -10.7
Net result -13.3 -13.3 0.2 -13.1
Other change
in minority
interests -0.2 -0.2
Total
recognized
income and
expense for
the period -17.9 7.2 -13.3 -24.0 0.0 -24.0
Dividend
distribution -35.7 -35.7 -35.7
Warrants 0.7 0.7 0.7
Warrants
exercised 0.2 0.2 0.2
0.2 -35.0 -34.8 0.0 -34.8
Balance at
30 Jun 2006 285.9 1.5 -32.1 6.6 212.1 474.0 3.4 477.4
Balance at
1 Jan 2007 286.8 6.9 -41.5 4.2 296.1 552.5 3.6 556.1
Translation
differences -5.9 -5.9 -5.9
Cash flow
hedges -0.8 -0.8 -0.8
Net income
recognized
directly in
equity -5.9 -0.8 -6.7 -6.7
Net result -21.5 -21.5 0.2 -21.3
Total
recognized
income and
expense for
the period -5.9 -0.8 -21.5 -28.2 0.2 -28.0
Dividend
distribution -36.0 -36.0 -36.0
Warrants
exercised 2.0 -0.7 1.3 1.3
2.0 -0.7 -36.0 -34.7 -34.7
Balance at
30 Jun 2007 288.8 6.2 -47.4 3.4 238.6 489.6 3.8 493.4
CONTINGENT LIABILITIES AND SECURED ASSETS, CONSOLIDATED
30 Jun 2007 30 Jun 2006 31 Dec 2006
Mortgages pledged 4.1 4.6 3.5
Guarantees 3.1 4.6 4.3
Liabilities for leasing and
rental agreements 114.3 60.0 103.0
Other liabilities 40.6 56.0 50.9
There are no guarantees of contingencies given for the management of
the company, the shareholders or the associated companies.
DERIVATIVE FINANCIAL INSTRUMENTS
30 Jun 2007 30 Jun 2006 31 Dec 2006
Nominal value
Foreign exchange forward
contracts 386.0 311.0 341.3
Forward rate agreements 400.0 300.0 275.9
Interest rate swaps 174.0 268.0 225.9
Fair value
Foreign exchange forward
contracts 0.7 3.5 4.3
Forward rate agreements 0.1 0.2 0.2
Interest rate swaps 2.0 7.6 5.7
QUARTERLY BREAKDOWNS OF NET SALES AND EBIT
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
2007 2007 2006 2006 2006 2006 2005 2005*)
NET SALES
Salomon 73.0 110.5 282.1 179.6 76.4 123.3 255.2 189.4
Wilson 150.4 163.6 111.5 120.3 159.5 178.3 119.7 126.1
Precor 59.7 73.8 83.0 60.4 59.3 72.9 80.7 57.9
Atomic 4.8 12.5 82.2 93.3 5.6 23.7 85.9 93.8
Suunto 22.4 21.4 22.8 18.3 21.0 19.2 17.0 16.4
Net sales,
total 310.3 381.8 581.6 471.9 321.8 417.4 558.5 483.6
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3
2007 2007 2006 2006 2006 2006 2005*) 2005*)
EBIT
Salomon -19.1 -22.6 40.3 23.6 -17.9 -22.4 37.9 28.0
Wilson 15.0 19.8 5.2 7.9 17.2 24.3 2.9 6.9
Precor 6.2 9.9 12.7 6.0 4.1 12.0 13.6 7.1
Atomic -11.1 -13.3 14.8 23.4 -12.2 -9.4 19.0 23.7
Suunto 1.4 1.5 1.2 1.0 3.7 1.1 -0.7 0.9
Head-
quarters -5.2 -3.1 -4.5 -4.0 -3.9 -4.0 -4.9 -3.1
EBIT,
total -12.8 -7.8 69.7 57.9 -9.0 1.6 67.8 63.5
*) Pro forma
All forecasts and estimates presented in this report are based on
management's current judgment of the economic environment. The actual
results may differ significantly.
Amer Sports' interim report for January 1 - September 30, 2007, will
be released on October 24, 2007.
AMER SPORTS CORPORATION
Board of Directors
For further information, please contact:
Mr Roger Talermo, President & CEO, tel. +358 9 7257 8210
Mr Pekka Paalanne, Senior Vice President & CFO, tel. +358 9 7257 8212
Mr Tommy Ilmoni, Vice President, Investor Relations, tel. +358 9 7257
8233
AMER SPORTS CORPORATION
Communications
Maarit Mikkonen
Communications Manager
tel. +358 9 7257 8306, e-mail: maarit.mikkonen@amersports.com
www.amersports.com
DISTRIBUTION
Helsinki Stock Exchange
Key media
www.amersports.com
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