2014-07-24 12:00:00 CEST
2014-07-24 12:00:32 CEST
REGULATED INFORMATION
Amer Sports - Interim report (Q1 and Q3)
Amer Sports Corporation Interim Report January-June 2014
Amer Sports Corporation
STOCK EXCHANGE RELEASE
July 24, 2014 at 1:00 pm
APRIL-JUNE 2014
* Net sales totaled EUR 376.1 million (April-June 2013: EUR 377.2 million). In
local currencies, net sales increased by 4%. Double-digit growth in Apparel,
Footwear and Cycling, offset by a minor decline in Ball Sports mainly due to
continuous clean-up of unprofitable sales.
* Gross margin 43.9% (43.6%).
* EBIT excluding non-recurring items was EUR -17.6 million (-18.7). Non-
recurring items were EUR -1.2 million (0) and were related to Ball Sports.
* Earnings per share were EUR -0.16 (-0.16).
* Net cash flow after investing activities EUR -38.7 million (-50.0).
* Pre-orders in Winter Sports Equipment declined by 4% indicating market share
increases.
* Outlook for 2014 unchanged.
* Amer Sports moves into the next phase of restructuring to further accelerate
profitable long-term growth towards 2020 (announced in a separate release
today).
JANUARY-JUNE 2014
* Net sales were EUR 877.6 million (January-June 2013: EUR 870.2 million). In
local currencies, net sales increased by 5%.
* Gross margin 44.1% (43.9%).
* EBIT excluding non-recurring items was EUR 3.0 million (7.7). Non-recurring
items were EUR -1.2 million (0).
* Earnings per share EUR -0.09 (-0.03).
* Net cash flow after investing activities EUR 5.5 million (17.9).
OUTLOOK FOR 2014
Amer Sports expects global trading conditions to remain challenging, with some
regional improvements. In 2014, Amer Sports' net sales growth in local
currencies is expected to meet at minimum the company's long-term annual 5%
growth target and EBIT excluding non-recurring items to improve from 2013. The
company will continue to focus on the growth of Apparel and Footwear, consumer-
driven product and marketing innovation, commercial expansion and operational
excellence.
KEY FIGURES
EUR million 4-6/2014 4-6/2013 1-6/2014 1-6/2013 2013
-------------------------------------------------------------------------------
Net sales 376.1 377.2 877.6 870.2 2,136.5
Gross profit 165.0 164.3 387.3 382.0 932.2
Gross profit % 43.9 43.6 44.1 43.9 43.6
EBIT excluding non-recurring items -17.6 -18.7 3.0 7.7 154.9
EBIT % excluding non-recurring
items 0.3 0.9 7.3
Non-recurring items*) -1.2 - -1.2 - -
EBIT total -18.8 -18.7 1.8 7.7 154.9
EBIT % 0.2 0.9 7.3
Financing income and expenses -7.9 -5.3 -17.1 -12.0 -28.6
Earnings before taxes -26.7 -24.0 -15.3 -4.3 126.3
Net result -19.1 -18.0 -10.9 -3.2 90.3
Earnings per share, EUR -0.16 -0.16 -0.09 -0.03 0.77
Net cash flow after investing -38.7 -50.0
activities 5.5 17.9 42.5
Equity ratio, % at period end 40.6 39.9 37.5
Gearing, % at period end 63 65 57
Personnel at period end 7,490 7,382 7,330
Average rates used, EUR/USD 1.37 1.31 1.37 1.31 1.33
*) Non-recurring items 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:
The second quarter is typically a low sales quarter for Amer Sports,
nevertheless we continued to deliver a solid 4% currency neutral growth, driven
by Apparel and Footwear, Business to Consumer, China as well as Cycling and
Fitness. We continued to define and execute a new strategy for Ball Sports, with
the objective to first improve the gross margins and then re-ignite profitable
growth. In this context, we discontinued some unprofitable Wilson product lines,
and this affected our Ball Sports sales.
The trading conditions have continued to be quite challenging, partially due to
the Winter Sports Equipment market being cautious and due to the political
uncertainties especially in Russia and Argentina. However, we continue to have
strong momentum in the majority of the businesses, with significant further
acceleration opportunities especially in Apparel and Footwear, Business to
Consumer, emerging markets, and increasingly in digital products and services.
To capitalize on these acceleration opportunities faster, and to speed up the
Ball Sports turnaround, we will start the next phase of our restructuring as
announced today.
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 3:00 pm Finnish time. To participate in the call, please dial +44 (0)20
3427 1904 (UK/international dial-in number), access code 2701668. The conference
can also be followed at www.amersports.com. A recorded version and a transcript
will be available later at the same web address. The replay number is +44 (0)20
3427 0598, and the access code 2701668#.
THIRD QUARTER RESULTS BULLETIN
Amer Sports will publish its Q3/2014 results bulletin on Thursday, October
23, 2014 at approximately 1:00 pm Finnish time.
CAPITAL MARKETS DAY
Amer Sports is hosting a Capital Markets Day for analysts and portfolio managers
on August 28, 2014 in Helsinki, Finland.
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 OMX Helsinki stock exchange (AMEAS).
[HUG#1836773]
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