2013-04-25 12:00:00 CEST
2013-04-25 12:01:15 CEST
REGLERAD INFORMATION
Amer Sports - Interim report (Q1 and Q3)
Amer Sports Corporation Interim Report January-March 2013
Amer Sports Corporation
INTERIM REPORT
April 25, 2013 at 1:00 pm
JANUARY-MARCH 2013
* Net sales EUR 493.0 million (489.8). In local currencies, net sales
increased by 2%. Strong growth in Apparel, Emerging Markets, and Business to
Consumer, offset especially by Team Sports decline due to ongoing trade
destocking in the US.
* Gross margin 44.2% (44.2%).
* EBIT EUR 26.4 million (29.6).
* Earnings per share EUR 0.13 (0.15).
* Net cash flow after investing activities EUR 67.9 million (97.4).
* Gearing 56% (December 31, 2012: 59%).
* Positive outlook for 2013
OUTLOOK FOR 2013
In 2013, 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 margin
excluding non-recurring items is expected to improve from 2012. Amer Sports
expects the trading environment to remain challenging in 2013. The company will
continue to focus on softgoods growth, consumer-driven product and marketing
innovation, commercial expansion and operational excellence.
KEY FIGURES
EUR million 1-3/2013 1-3/2012*) 2012*)
--------------------------------------------------------------------
Net sales 493.0 489.8 2,064.0
Gross profit 217.7 216.3 900.6
Gross profit % 44.2 44.2 43.6
EBIT excluding non-recurring items 26.4 29.6 138.7
EBIT % excluding non-recurring items 5.4 6.0 6.7
Non-recurring items**) - - -24.8
EBIT total 26.4 29.6 113.9
EBIT % 5.4 6.0 5.5
Financing income and expenses -6.7 -5.4 -31.5
Earnings before taxes 19.7 24.2 82.4
Net result 14.8 18.8 57.9
Earnings per share, EUR 0.13 0.15 0.48
Net cash flow after investing activities 67.9 97.4 71.8
Equity ratio, % at period end 40.5 39.4 39.1
Gearing, % at period end 56 58 59
Personnel at period end 7,236 7,158 7,186
Average rates used, EUR/USD 1.32 1.31 1.28
*) Restated in accordance with revised IAS 19 standard (postemployment benefit
plans).
**) 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:"We had a satisfactory start to the year amid very cautious trading conditions
in Western Europe, coupled with on-going customer destocking and late spring
season start in North America with adverse impact especially on Ball Sports. We
continued to make strong positive progress in our strategic growth areas, most
notably Apparel, emerging markets expansion (Russia and China) and Business to
Consumer. Fitness continued to improve with international sales growing at high
double-digit rate. Precor quarterly profitability was down partly due to
reporting changes with no full year impact. We continued to pursue scale and
synergies in areas such as third party distributor consolidation, with adverse
short term topline and profit impact, but with significant future upside
potential and a relative quick payout.
The first quarter is typically a low quarter for Amer Sports, and we are still
seeing a shift from pre-order based sales toward re-orders in several of our
categories. Whilst the external conditions remain challenging we remain well in
line with our growth and profitability improvement targets with a positive full
year outlook. We continue seeing strong ongoing improvement across the company,
and we are confident our strategies are working."
For further information, please contact:
Heikki Takala, President and CEO, tel. +358 9 7257 8210
Jussi Siitonen, CFO, tel. +358 9 7257 8212
Samppa Seppälä, Corporate Communications and IR, tel. +358 9 7257 8233
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
7136 2051 (UK/international dial-in number), and the access code 7248597. 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 of
the call is +44 (0)20 3427 0598, and the access code 7248597#.
SECOND QUARTER RESULTS BULLETIN
Amer Sports will publish its Q2/2013 results bulletin on Thursday, July
25, 2013 at approximately 1:00 pm Finnish time.
Interim Report January-March 2013
NET SALES AND EBIT
Amer Sports' net sales in January-March 2013 were EUR 493.0 million (January-
March 2012: 489.8). Net sales increased by 2% in local currencies. The fastest
growth took place in Apparel, up by 25%, in Fitness, up by 6% and in Sports
Instruments, up by 4%. Sales in Winter Sports Equipment, Footwear, Cycling and
Individual Ball Sports were at last year's level. Team Sports sales declined by
9%.
Net sales by business segment
1-3/ 1-3/ Change Change % of sales
EUR million 2013 2012 % %*) 2013 2012
---------------------------------------------------------------
Winter and Outdoor 266.5 256.5 4 5 54 1,221.2
Ball Sports 164.0 173.6 -6 -4 33 569.7
Fitness 62.5 59.7 5 6 13 273.1
---------------------------------------------------------------
Total 493.0 489.8 1 2 100 2,064.0
---------------------------------------------------------------
*) Change in local currencies
Geographic breakdown of net sales
1-3/ 1-3/ Change Change % of sales
EUR million 2013 2012 % %*) 2013 2012
---------------------------------------------------------
EMEA 240.5 226.7 6 6 49 962.7
Americas 195.3 205.7 -5 -4 40 834.1
Asia Pacific 57.2 57.4 0 6 11 267.2
---------------------------------------------------------
Total 493.0 489.8 1 2 100 2,064.0
---------------------------------------------------------
*) Change in local currencies
Gross margin was 44.2% (44.2). Gross margin continued to improve in Apparel and
Footwear, and was at same level in the other business areas compared to last
year, except in Fitness, where it declined due to adaptation of new timing for
vendor rebates recognition and due to a temporarily changed product mix.
Group EBIT was EUR 26.4 million (29.6). In local currencies, increased sales
volumes contributed approximately EUR 4 million to EBIT. Operating expenses
increased by approximately EUR 10 million driven by sales and distribution costs
in Apparel and Footwear. Other income and expenses and currencies impacted
positively by approximately EUR 3 million on EBIT.
EBIT excluding non-recurring items by business segment
1-3/ 1-3/ Change
EUR million 2013 2012 % 2012
---------------------------------------------------------
Winter and Outdoor 14.2 10.7 33 113.8
Ball Sports 17.4 19.9 -13 28.0
Fitness -0.4 3.9 17.0
Headquarters*) -4.8 -4.9 -20.1
---------------------------------------------------------
EBIT excluding non-recurring items 26.4 29.6 -11 138.7
---------------------------------------------------------
Non-recurring items - - -24.8
---------------------------------------------------------
EBIT total 26.4 29.6 -11 113.9
---------------------------------------------------------
*) Headquarters segment consists of Group administration, shared services
functions, other non-operational income and expenses and fair valuation of
share-based compensations.
Net financial expenses were EUR 6.7 million (5.4) including net interest
expenses of EUR 5.8 million (4.9). Net foreign exchange losses were EUR 0.4
million (0.5). Earnings before taxes totaled EUR 19.7 million (24.2) and taxes
were EUR 4.9 million (5.4). Earnings per share were EUR 0.13 (0.15).
CASH FLOW AND FINANCING
Net cash flow after investing activities (free cash flow) was EUR 67.9 million
(97.4) in January-March. Working capital in total decreased by EUR 51.8 million
(89.4). Inventories decreased by EUR 6.9 million (12.2), receivables by EUR
93.6 million (129.4). Payables increased by 48.7 million (increase 52.2).
At the end of March, the Group's net debt amounted to EUR 398.4 million
(December 31, 2012: 434.3).
Interest-bearing liabilities amounted to EUR 534.5 million (December
31, 2012: 576.8) consisting of short-term debt of EUR 206.7 million and long-
term debt of EUR 327.8 million. The average interest rate on the Group's
interest-bearing liabilities was 4.1% (December 31, 2012: 3.6%).
Short-term debt consists mainly of repayments of long-term loans of EUR 92.4
million (December 31, 2012: 42.3) and commercial papers of EUR 71.1 (151.6)
which Amer Sports had issued in the Finnish market. The total size of the
commercial paper program is EUR 500 million.
Cash and cash equivalents totaled EUR 136.1 million (December 31, 2012: 142.5).
Amer Sports had not used any of its EUR 240 million committed revolving credit
facilities at the end of the review period.
The equity ratio at the end of the March was 40.5% (December 31, 2012: 39.1%)
and gearing was 56% (December 31, 2012: 59%).
CAPITAL EXPENDITURE AND INVESTMENTS
The Group's capital expenditure totaled EUR 7.2 (10.9) million. Depreciation
totaled EUR 11.1 million (9.7). Capital expenditure for the whole year is
expected to be approximately EUR 50 million (49.2).
BUSINESS SEGMENT REVIEWS
WINTER AND OUTDOOR
Change Change
EUR million 1-3/2013 1-3/2012 % %*) 2012
------------------------------------------------------------------
Net sales
Winter Sports Equipment 42.8 43.7 -2 0 425.0
Footwear 102.3 104.1 -2 0 314.4
Apparel 63.1 51.2 23 25 248.6
Cycling 36.6 36.3 1 1 129.0
Sports Instruments 21.7 21.2 2 4 104.2
Net sales, total 266.5 256.5 4 5 1,221.2
EBIT excluding non-
recurring items 14.2 10.7 33 113.8
EBIT % excluding non-
recurring items 5.3 4.2 9.3
Non-recurring items - - -18.4
EBIT total 14.2 10.7 33 95.4
Personnel at period end 4,625 4,593 1 4,639
*) Change in local currencies
Winter and Outdoor's net sales in the review period were EUR 266.5 million
(256.5), an increase of 5% in local currencies.
Change Change
EUR million 1-3/2013 1-3/2012 % %*) 2012
----------------------------------------------------
EMEA 182.1 171.4 6 6 774.4
Americas 54.0 53.6 1 2 289.5
Asia Pacific 30.4 31.5 -3 2 157.3
----------------------------------------------------
Total 266.5 256.5 4 5 1,221.2
----------------------------------------------------
*) Change in local currencies
EBIT was EUR 14.2 million (10.7). Increased sales volumes improved EBIT by
approximately EUR 6 million and higher gross margins contributed approximately
EUR 4 million. Operating expenses increased by approximately EUR 6 million (all
in local currencies).
Winter Sports Equipment
Winter Sports Equipment's net sales were EUR 42.8 million (43.7), and were at
last year's level in local currencies. Net sales of alpine ski equipment
decreased while sales of cross country ski equipment and snowboards increased.
Net sales increased in EMEA by 2%, and decreased in the Americas by 2% and Asia
Pacific by 4%.
Footwear
Footwear's net sales were EUR 102.3 million (104.1), and were at last year's
level in local currencies. Sales of trail running and outdoor performance
products increased in North America, Russia and Japan, and decreased in Central
Europe.
Apparel
Apparel's net sales were EUR 63.1 million (51.2), an increase of 25% in local
currencies. Growth was generated by both main brands, Salomon and Arc'teryx, and
occurred in all geographical regions.
Cycling
Cycling's net sales were EUR 36.6 million (36.3), and were at last year's level
in local currencies. Sales of cycling helmets and footwear continued to grow.
Sports Instruments
Sports Instruments' net sales were EUR 21.7 million (21.2), an increase of 4% in
local currencies. The sales increase in outdoor instruments was driven by the
Suunto GPS watch and dive instruments range.
BALL SPORTS
Change Change
EUR million 1-3/2013 1-3/2012 % %*) 2012
---------------------------------------------------------------
Net sales
Individual Ball Sports 95.5 97.6 -2 -1 318.8
Team Sports 68.5 76.0 -10 -9 250.9
Net sales, total 164.0 173.6 -6 -4 569.7
EBIT excluding non-
recurring items 17.4 19.9 -13 28.0
EBIT % excluding non-
recurring items 10.6 11.5 4.9
Non-recurring items - - -5.5
EBIT total 17.4 19.9 -13 22.5
Personnel at period end 1,614 1,675 -4 1,592
*) Change in local currencies
Ball Sports' net sales in the review period were EUR 164.0 million (173.6), a
decrease of 4% in local currencies. The decrease was due to continued industry-
wide trade destocking in baseball bats, and late start of the spring season.
Change Change
EUR million 1-3/2013 1-3/2012 % %*) 2012
--------------------------------------------------
EMEA 42.0 41.9 0 1 118.0
Americas 101.2 110.3 -8 -7 370.1
Asia Pacific 20.8 21.4 -3 3 81.6
--------------------------------------------------
Total 164.0 173.6 -6 -4 569.7
--------------------------------------------------
*) Change in local currencies
EBIT was EUR 17.4 million (19.9), impacted by lower sales volumes. Operating
expenses remained at last year's level (all in local currencies).
Individual Ball Sports
Individual Ball Sports' net sales were EUR 95.5 million (97.6), and were at last
year's level in local currencies. Sales of tennis rackets were negatively
influenced by a change in cadence of product launches from the first quarter of
the year to the fourth quarter to better meet market demands, and late start of
the spring season. Golf's sales increased driven by new product launches and
expanded distribution.
Team Sports
Team Sports' net sales were EUR 68.5 million (76.0), a decrease of 9% in local
currencies. As a result of the industry-wide baseball bat destocking, sales of
DeMarini baseball bats declined by 33%.
FITNESS
Change Change
EUR million 1-3/2013 1-3/2012 % %*) 2012
-------------------------------------------------------------
Net sales 62.5 59.7 5 6 273.1
EBIT excluding non-
recurring items -0.4 3.9 17.0
EBIT % excluding non-
recurring items 6.5 6.2
Non-recurring items - - -0.1
EBIT total -0.4 3.9 16.9
Personnel at period end 848 784 8 821
*) Change in local currencies
Fitness' net sales in the review period were EUR 62.5 million (59.7), an
increase of 6% in local currencies. The commercial business (clubs and
institutions) sales were up by 5% and consumer business (home use) by 10% in
local currencies.
Change Change
EUR million 1-3/2013 1-3/2012 % %*) 2012
--------------------------------------------------
EMEA 16.4 13.4 22 24 70.3
Americas 40.1 41.8 -4 -3 174.5
Asia Pacific 6.0 4.5 33 41 28.3
--------------------------------------------------
Total 62.5 59.7 5 6 273.1
--------------------------------------------------
*) Change in local currencies
EBIT was EUR -0.4 million (3.9) mainly due to lower gross margin which declined
due to adaptation of new timing for vendor rebates recognition and more strength
equipment based sales mix. Increased sales volumes contributed approximately EUR
1 million to EBIT, offset by higher sales and distribution expenses (all in
local currencies).
Personnel
At the end of March, the number of Group employees was 7,236 (December
31, 2012: 7,186). The increase came mainly from personnel working in sales and
distribution. The increase in Headquarters and shared services was due to
establishing a shared financial service center in the EMEA region which will
bring scale and synergy benefits.
March 31, March 31, Change December 31,
2013 2012 % 2012
------------------------------------------------------------------------
Winter and Outdoor 4,625 4,593 1 4,639
Ball Sports 1,614 1,675 -4 1,592
Fitness 848 784 8 821
Headquarters and shared services 149 106 41 134
------------------------------------------------------------------------
Total 7,236 7,158 1 7,186
------------------------------------------------------------------------
March 31, March 31, Change December 31,
2013 2012 % 2012
----------------------------------------------------
EMEA 4,118 4,156 -1 4,135
Americas 2,399 2,367 1 2,366
Asia Pacific 719 635 13 685
----------------------------------------------------
Total 7,236 7,158 1 7,186
----------------------------------------------------
SHARES AND SHAREHOLDERS
The company's share capital totaled EUR 292,182,204 on March 31, 2013 and the
number of shares was 118,517,285. Each share entitles the holder to one vote at
the company's general meeting.
Authorizations
The Annual General Meeting held on March 8, 2012 authorized the Board of
Directors to decide on the repurchase of a maximum of 10,000,000 of the
company's own shares ("Repurchase Authorization"). The company's own shares
shall be repurchased otherwise than in proportion to the holdings of the
shareholders by using the non-restricted equity through public trading on the
Nasdaq OMX Helsinki at the market price prevailing at the time of acquisition.
The shares shall be repurchased and paid for in accordance with the rules of the
Nasdaq OMX Helsinki and Euroclear Finland Ltd. The Repurchase Authorization is
valid for 18 months from the decision of the Annual General Meeting. The Board
of Directors has not utilized the authorization.
The Annual General Meeting held on March 7, 2013 authorized the Board of
Directors to decide on the repurchase of a maximum of 10,000,000 of the
Company's own shares ("Repurchase Authorization"). The Company's own shares
shall be repurchased otherwise than in proportion to the holdings of the
shareholders by using the non-restricted equity through trading on regulated
market organized by NASDAQ OMX Helsinki Ltd at the market price prevailing at
the time of acquisition. The shares shall be repurchased and paid for in
accordance with the rules of the NASDAQ OMX Helsinki Ltd and Euroclear Finland
Ltd. The Repurchase Authorization is valid for eighteen months from the decision
of the Annual General Meeting.
The Annual General Meeting held on March 7, 2013 authorized the Board of
Directors to decide on issuing new shares and/or conveying the Company's own
shares held by the Company as follows: By virtue of the authorization, the Board
of Directors is entitled to decide on issuing new shares and/or on conveying the
Company's own shares at the maximum amount of 10,000,000 shares in aggregate.
The Board of Directors decides on all the conditions of the share issue. The
issuance or conveyance of shares may be carried out in deviation from the
shareholders' pre-emptive rights (directed issue). The authorization includes
the option to issue own shares to the Company for free. The authorization is
valid until two years from the date of the decision of the Annual General
Meeting, but the authorization to issue new shares and/or convey the Company's
own shares for purposes other than the Company's bonus schemes is valid until
fourteen months from the date of the decision of the Annual General Meeting.
Apart from the above, the Board of Directors has no other authorizations to
issue shares, convertible bonds or warrant programs.
Own shares
At the end of March, Amer Sports held a total of 560,465 shares (732,096) of
Amer Sports Corporation. The number of own shares corresponds to 0.47% (0.62) of
all Amer Sports shares. A total of 4,834 shares granted as share-based
incentives were returned to Amer Sports in accordance with the terms of the
incentive plan as the employment ended.
Trading in shares
A total of 15.5 million (20.1) Amer Sports shares with a value totaling
EUR 189.5 million (202.6) were traded on the NASDAQ OMX Helsinki Ltd in the
review period. Share turnover was 13.1% (17.1%) (expressed as a proportion of
the average number of shares, excluding own shares). The average daily volume in
January-March 2013 was 249,729 shares (314,083).
The closing price of the Amer Sports Corporation share on the NASDAQ OMX
Helsinki Ltd stock exchange on March 31, 2013 was EUR 12.87 (9.80). Shares
registered a high of EUR 13.48 (10.70) and a low of EUR 11.08 (9.03) during the
review period. The average share price was EUR 12.24 (10.08). On March
31, 2013, the company had a market capitalization of EUR 1,518.1 million
(1,154.3), excluding own shares.
At the end of March, Amer Sports Corporation had 14,580 registered shareholders
(15,988). Ownership outside of Finland and nominee registrations represented
43.7% (46.3) of the company's shares.
Notification of change in shareholding under the Finnish Securities Market Act
Amer Sports Corporation received on February 6, 2013 information to the effect
that owners of institutional investors and funds, who have given full discretion
over their investments to Silchester International Investors LLP, had fallen
below 5% on February 1, 2013. Silchester International Investors LLP owned then
5,819,555 shares, which represented 4.91% of Amer Sports Corporation's share
capital and voting rights.
DECISIONS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS
At the Amer Sports Corporation Annual General Meeting held on March 7, 2013, the
following resolutions were approved:
Adoption of the annual accounts
The Annual General Meeting (AGM) approved Amer Sports' financial statements for
2012.
Resolution on use of the profit shown on the balance sheet and the payment of
dividend
The AGM resolved to distribute a dividend of EUR 0.35 per share to be paid for
the financial year ended December 31, 2012. The dividends were paid to
shareholders who were registered on the list of shareholders maintained by
Euroclear Finland Ltd as of March 12, 2013, which was the record date for the
dividend payment. The dividend was paid on April 4, 2013.
Resolution on the discharge of the members of the Board of Directors and the CEO
from liability
The AGM granted the members of the Board of Directors and Company's President
and CEO a discharge from liability for the financial year 2012.
Resolution on the remuneration of the members of the Board of Directors
It was agreed that the annual remuneration payable to the members of the Board
of Directors to be elected at the Annual General Meeting for the term until the
close of the Annual General Meeting in 2014 shall remain unchanged from 2012 and
be as follows: Chairman EUR 100,000, Vice Chairman EUR 60,000, and other members
EUR 50,000. No extra remuneration is paid for attending meetings of the Board of
Directors or meetings of the Committees of the Board of Directors. Of the annual
remuneration, 40% is to be paid in the form of the Company's shares and 60% in
cash.
Resolution on the number of the members of the Board of Directors
The AGM confirmed that the number of the members of the Board of Directors is
seven (7).
Election of members of the Board of Directors
The AGM elected Ilkka Brotherus, Martin Burkhalter, Christian Fischer, Hannu
Ryöppönen, Bruno Sälzer, Anssi Vanjoki and Indra Åsander as members of the Board
of Directors. The Board of Directors' term of service will run until the close
of the 2014 Annual General Meeting.
Resolution on the remuneration of the auditor
The AGM decided that the auditor's fee will be paid as invoiced.
Election of auditor
The AGM elected the Authorized Public Accountants PricewaterhouseCoopers Oy to
act as auditor of the Company. PricewaterhouseCoopers Oy has advised that it
appoints Jouko Malinen, Authorized Public Accountant, as the principally
responsible auditor of the Company.
Authorizing the Board of Directors to decide on the repurchase of the Company's
own shares
The AGM authorized the Board of Directors to decide on the repurchase of a
maximum of 10,000,000 of the Company's own shares ("Repurchase Authorization").
The Company's own shares shall be repurchased otherwise than in proportion to
the holdings of the shareholders by using the non-restricted equity through
trading on the regulated market organized by NASDAQ OMX Helsinki Ltd at the
market price prevailing at the time of acquisition. The shares shall be
repurchased and paid for in accordance with the rules of the NASDAQ OMX Helsinki
Ltd and Euroclear Finland Ltd. The Repurchase Authorization is valid for
eighteen months from the decision of the Annual General Meeting.
Authorizing the Board of Directors to decide on the share issue
The AGM authorized the Board of Directors to decide on issuing new shares and/or
conveying the Company's own shares held by the Company as follows: By virtue of
the authorization, the Board of Directors is entitled to decide on issuing new
shares and/or on conveying the Company's own shares at the maximum amount of
10,000,000 shares in aggregate. The Board of Directors decides on all the
conditions of the share issue. The issuance or conveyance of shares may be
carried out in deviation from the shareholders' pre-emptive rights (directed
issue). The authorization includes the option to issue own shares to the Company
for free.
The authorization is valid until two (2) years from the date of the decision of
the Annual General Meeting, but the authorization to issue new shares and/or
convey the Company's own shares for purposes other than the Company's bonus
schemes is valid until fourteen (14) months from the date of the decision of the
Annual General Meeting.
BOARD OF DIRECTORS WORKING ARRANGEMENTS
At its organizing meeting immediately following the Annual General Meeting, the
Amer Sports Corporation's Board of Directors appointed Anssi Vanjoki as Chairman
and Ilkka Brotherus as Vice Chairman. From among its members, the Board
appointed the following members to the Board Committees:
* Compensation Committee: Bruno Sälzer, Chairman, Christian Fischer, Anssi
Vanjoki and Indra Åsander
* Nomination Committee: Ilkka Brotherus, Chairman, Martin Burkhalter and Anssi
Vanjoki
* Audit Committee: Hannu Ryöppönen, Chairman, Ilkka Brotherus and Martin
Burkhalter
GROUP-WIDE RESTRUCTURING PROGRAM
Amer Sports' restructuring program, started at the beginning of November 2012,
is continuing as planned. The program will drive further scale and synergies and
cost efficiencies, as well as sustain growth through resource allocation
especially into softgoods and expansion markets and channels. The program is
estimated to deliver an annual cost saving of EUR 20 million once fully executed
by the end of 2014. The program contributes to reaching the Group's long-term
profitability target of 10% EBIT. The expected headcount impact of the
restructuring program once fully implemented is approximately 250, mainly in
Winter and Outdoor.
SIGNIFICANT RISKS AND UNCERTAINTIES
Amer Sports' business is balanced by its broad portfolio of sports and brands,
the increasing share of softgoods in the company portfolio as well as the
company's presence in all major markets. Short-term risks for Amer Sports are
particularly associated with general economic conditions, consumer demand
development in Europe, North America and Japan, the ability to identify and
respond to constantly shifting trends and the ability to leverage advancements
in technologies and to develop new and appealing products.
Further information on the company's business risks and uncertainty factors is
available on the company's web site at www.amersports.com/investors.
OUTLOOK FOR 2013
In 2013, 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 margin
excluding non-recurring items is expected to improve from 2012. Amer Sports
expects the trading environment to remain challenging in 2013. The company will
continue to focus on softgoods growth, consumer-driven product and marketing
innovation, commercial expansion and operational excellence.
Outlook given in the Financial Statements Bulletin 2012, January 31, 2013
Amer Sports expects the trading environment to remain challenging in 2013. The
company will continue to focus on softgoods growth, consumer-driven product and
marketing innovation, commercial expansion and operational excellence. In 2013,
Amer Sports' net sales in local currencies and EBIT excluding non-recurring
items are expected to increase from 2012.
TABLES
The notes are an integral part of consolidated interim financial information.
Unaudited
1-3/2012 and full year 2012 figures are restated in accordance with the
amendments to IAS19 standard which came effective on Jan 1, 2013.
EUR million
CONSOLIDATED RESULTS
1-3/ 1-3/ Change
2013 2012 % 2012
--------------------------------------------------------------
NET SALES 493.0 489.8 1 2,064.0
Cost of goods sold -275.3 -273.5 -1,163.4
--------------------------------------------------------------
GROSS PROFIT 217.7 216.3 1 900.6
License income 1.4 2.0 7.5
Other operating income 1.9 0.5 6.0
R&D expenses -18.7 -17.0 -72.2
Selling and marketing expenses -139.2 -132.2 -526.8
Administrative and other
expenses -36.7 -40.0 -176.4
Non-recurring expenses - - -24.8
--------------------------------------------------------------
EARNINGS BEFORE
INTEREST AND TAXES 26.4 29.6 -11 113.9
% of net sales 5.4 6.0 5.5
Financing income and expenses -6.7 -5.4 -31.5
--------------------------------------------------------------
EARNINGS BEFORE TAXES 19.7 24.2 -19 82.4
Taxes -4.9 -5.4 -24.5
--------------------------------------------------------------
NET RESULT 14.8 18.8 -21 57.9
--------------------------------------------------------------
Attributable to:
Equity holders of the parent
company 14.8 18.8 57.9
Earnings per share, EUR 0.13 0.15 0.48
Earnings per share, diluted, EUR 0.13 0.15 0.48
Adjusted average number of
shares in issue less own shares,
million 117.8 117.6 117.7
Adjusted average number of
shares in issue less own shares,
diluted, million 118.2 117.8 118.1
Equity per share, EUR 6.77 5.96 6.21
ROCE, % *) 10.3 13.4 10.5
ROE, % 7.7 9.8 7.4
Average rates used:
EUR 1.00 = USD 1.3222 1.3098 1.2846
*) 12 months' rolling average
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1-3/ 1-3/
2013 2012 2012
---------------------------------------------------------------------------
Net result 14.8 18.8 57.9
Other comprehensive income
Items that will not be reclassified to profit or loss
Translation differences 3.9 -12.3 -8.7
Remeasurement effects of
postemployment benefit plans -2.7 -10.5
Income tax related to
remeasurement effects 0.9 3.5
Items that may be reclassified to profit or loss
Cash flow hedges 7.5 -8.8 -19.3
Income tax related to cash flow hedges -1.9 2.3 5.0
---------------------------------------------------------------------------
Other comprehensive income, net of tax 9.5 -20.6 -30.0
---------------------------------------------------------------------------
Total comprehensive income 24.3 -1.8 27.9
---------------------------------------------------------------------------
Total comprehensive income attributable to:
Equity holders of the parent company 24.3 -1.8 27.9
NET SALES BY BUSINESS SEGMENT
1-3/ 1-3/ Change
2013 2012 % 2012
---------------------------------------------
Winter and Outdoor 266.5 256.5 4 1,221.2
Ball Sports 164.0 173.6 -6 569.7
Fitness 62.5 59.7 5 273.1
---------------------------------------------
Total 493.0 489.8 1 2,064.0
---------------------------------------------
GEOGRAPHIC BREAKDOWN OF NET SALES
1-3/ 1-3/ Change
2013 2012 % 2012
---------------------------------------
EMEA 240.5 226.7 6 962.7
Americas 195.3 205.7 -5 834.1
Asia Pacific 57.2 57.4 0 267.2
---------------------------------------
Total 493.0 489.8 1 2,064.0
---------------------------------------
EBIT BY BUSINESS SEGMENT
1-3/ 1-3/ Change
2013 2012 % 2012
-----------------------------------------
Winter and Outdoor 14.2 10.7 33 95.4
Ball Sports 17.4 19.9 -13 22.5
Fitness -0.4 3.9 16.9
Headquarters -4.8 -4.9 -20.9
-----------------------------------------
Total 26.4 29.6 -11 113.9
-----------------------------------------
CONSOLIDATED CASH FLOW STATEMENT
1-3/ 1-3/
Note 2013 2012 2012
---------------------------------------------------------------
Earnings before interest and taxes 26.4 29.6 113.9
Adjustments to cash flow from
operating activities and depreciation 10.6 4.9 61.1
Change in working capital 51.8 89.4 -10.9
---------------------------------------------------------------
Cash flow from operating activities
before financing items and taxes 88.8 123.9 164.1
Interest paid and received -3.6 -2.2 -19.9
Income taxes paid and received -10.2 -11.1 -31.6
---------------------------------------------------------------
Net cash flow from operating activities 75.0 110.6 112.6
Sold operations - 1.1 1.1
Acquired non-controlling interests - -3.7 -3.7
Capital expenditure on non-current
tangible and intangible assets -7.2 -10.9 -49.2
Proceeds from sale of tangible non-
current assets 0.1 0.3 11.0
---------------------------------------------------------------
Net cash flow from investing activities -7.1 -13.2 -40.8
Net cash flow after investing activities
(free cash flow) 67.9 97.4 71.8
Interest on hybrid bond - -7.2 -7.2
Redemption of the hybrid bond 3 - -60.0 -60.0
Dividends paid 4 - -38.9 -38.9
Change in debt and other financing
items -74.2 122.3 98.9
---------------------------------------------------------------
Net cash flow from financing activities -74.2 16.2 -7.2
Cash and cash equivalents on
January 1 142.5 78.8 78.8
Translation differences -0.1 -0.8 -0.9
Change in cash and cash equivalents -6.3 113.6 64.6
---------------------------------------------------------------
Cash and cash equivalents on
March 31/December 31 136.1 191.6 142.5
CONSOLIDATED BALANCE SHEET
Note March 31, 2013 March 31, 2012 December 31, 2012
--------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------
Goodwill 294.7 287.1 289.1
Other intangible non-
current assets 210.2 213.7 211.4
Tangible non-current assets 161.9 153.3 162.9
Other non-current assets 122.7 109.0 119.9
Inventories and work in
progress 333.2 343.6 336.7
Receivables 513.6 481.4 607.8
Cash and cash equivalents 136.1 191.6 142.5
--------------------------------------------------------------------------------
Total assets 2 1,772.4 1,779.7 1,870.3
--------------------------------------------------------------------------------
Shareholders' equity and
liabilities
--------------------------------------------------------------------------------
Shareholders' equity 717.4 701.5 731.8
Long-term interest-bearing
liabilities 327.8 403.9 378.2
Other long-term liabilities 74.9 52.2 79.8
Current interest-bearing
liabilities 206.7 197.2 198.6
Other current liabilities 415.8 390.3 435.1
Provisions 29.8 34.6 46.8
--------------------------------------------------------------------------------
Total shareholders' equity
and liabilities 1,772.4 1,779.7 1,870.3
--------------------------------------------------------------------------------
Equity ratio, % 40.5 39.4 39.1
Gearing, % 56 58 59
EUR 1.00 = USD 1.2805 1.3356 1.3194
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Inves-
Fair ted
Fund value un-
Pre- for Trans- and Re- restric- Retai-
mi- own lation other mea- ted Hyb- ned
Share um sha- diffe- reser- sure- equity rid ear- To-
Note capital fund res rences ves ments reserve bond nings tal
--------------------------------------------------------------------------------
Pub-
lished
balance
at
Jan. 1,
2012 292.2 12.1 -36.9 -26.6 7.2 - 151.5 60.0 367.3 826.8
IAS 19
impact -20.5 -20.5
Re-
stated
balance
at
Jan. 1,
2012 292.2 12.1 -36.9 -26.6 7.2 -20.5 151.5 60.0 367.3 806.3
Other
comp-
rehen-
sive
income:
Trans-
lation
differ-
rences -12.3 -12.3
Re-
measu-
rement
effects
of post-
emp-
loyment
benefit
plans -2.7 -2.7
Cash
flow
hedges -8.8 -8.8
Income
tax
related
to
OCI 2.3 0.9 3.2
Net
result,
resta-
ted 18.8 18.8
Total
comp-
rehen-
sive
income,
restated -12.3 -6.5 -1.8 18.8 -1.8
Trans-
actions
with
owners:
Cancel-
lation
of own
shares 27.2 -27.2 -
Share-
based
incen-
tive
prog-
rams 2.7 2.9 -2.4 3.2
Hybrid
bond 3 -60.0 -7.2 -67.2
Divi-
dend
distri-
bution 4 -38.9 -38.9
--------------------------------------------------------------------------------
Balan-
ce at
March
31, 2012 292.2 12.1 -7.0 -38.9 0.7 -22.3 154.4 - 310.4 701.5
Publis-
hed
balance
at Jan.
1, 2013 292.2 12.1 -7.1 -35.3 -7.1 - 154.4 - 349.7 758.9
IAS 19
impact -27.5 0.4 -27.1
Resta-
ted
balance
at
Jan. 1,
2013 292.2 12.1 -7.1 -35.3 -7.1 -27.5 154.4 - 350.1 731.8
Other
comp-
rehen-
sive
income:
Trans-
lation
differ-
rences 3.9 3.9
Cash
flow
hedges 7.5 7.5
Income
tax
related
to cash
flow
hedges -1.9 -1.9
Net
result 14.8 14.8
Total
comp-
rehen-
sive
income 3.9 5.6 14.8 24.3
Trans-
actions
with
owners:
Share-
based
incen-
tive
prog-
rams 1.7 2.3 -1.4 2.6
Divi-
dend
distri-
bution 4 -41.3 -41.3
--------------------------------------------------------------------------------
Balan-ce
at
March
31,
2013 292.2 12.1 -5.4 -31.4 -1.5 -27.5 156.7 - 322.2 717.4
Total
Non- share- controlling holders'
Note interests equity
------------------------------------------
Published
balance at
Jan. 1, 2012 2.6 829.4
IAS 19 impact -20.5
Restated
balance at
Jan. 1, 2012 2.6 808.9
Other comp-
rehensive
income:
Translation
differences -12.3
Remeasurement
effects of
postemployment
benefit plans -2.7
Cash flow
hedges -8.8
Income tax
related to OCI 3.2
Net result,
restated 18.8
Total comp-
rehensive
income, restated -1.8
Transactions
with owners:
Share-based
incentive
programs 3.2
Hybrid bond 3 -67.2
Dividend
distribution 4 -38.9
Other change -2.6 -2.6
------------------------------------------
Balance at
March 31, 2012 - 701.5
QUARTERLY BREAKDOWN OF NET SALES AND EBIT
Q1/ Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/
NET SALES 2013 2012 2012 2012 2012 2011 2011 2011
------------------------------------------------------------------
Winter and Outdoor 266.5 402.8 411.0 150.9 256.5 375.0 395.7 133.4
Ball Sports 164.0 127.7 121.9 146.5 173.6 109.0 106.7 136.3
Fitness 62.5 88.0 69.0 56.4 59.7 72.9 56.8 45.9
------------------------------------------------------------------
Total 493.0 618.5 601.9 353.8 489.8 556.9 559.2 315.6
------------------------------------------------------------------
Q1/ Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/
EBIT 2013 2012 2012 2012 2012 2011 2011 2011
------------------------------------------------------------------
Winter and Outdoor 14.2 23.3 86.8 -25.4 10.7 45.0 79.3 -15.1
Ball Sports 17.4 -4.5 -2.6 9.7 19.9 -0.7 -1.1 9.1
Fitness -0.4 7.8 4.2 1.0 3.9 4.5 2.8 -0.3
Headquarters -4.8 -4.4 -7.1 -4.5 -4.9 -2.5 -6.6 -4.6
------------------------------------------------------------------
Total 26.4 22.2 81.3 -19.2 29.6 46.3 74.4 -10.9
------------------------------------------------------------------
THE NOTES TO THE FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
The interim financial information has been prepared in accordance with IAS 34
'Interim Financial Reporting' and in compliance with IFRS standards and
interpretations in force as at January 1, 2013, as adopted by the EU. The IFRS
recognition and measurement principles as described in the annual financial
statements for 2012 have also been applied in the preparation of the interim
financial information, with the changes mentioned below.
Standards, interpretations and amendments adopted from the beginning of 2013:
The following new standards, interpretations and amendments have been adopted
when applicable: IAS 19 (amendment), IAS 34 (amendment) in connection with IFRS
7 (amendment) and IFRS 13 (amendment), IAS 1 (amendment), IFRS 12 (amendment),
IAS 32 (amendment) and the annual improvements. The impacts of the amendments to
IAS 19 and IAS 34 have been described in the notes 8 and 9. The other amendments
did not have any material impact on the consolidated financial statements.
The relative proportion of the estimated tax charge for the full financial year
has been charged against the result for the period.
2. SEGMENT INFORMATION
Amer Sports has three business segments: Winter and Outdoor, Ball Sports and
Fitness.
The accounting policies for segment reporting do not differ from the Group's
accounting policies. The decisions concerning assessing the performance of
segments and allocation of resources to the segments are based on segments' net
sales and earnings before interest and taxes. The chief operating decision maker
of Amer Sports is the Executive Board.
There were no intersegment business operations during the reported periods.
Earnings Financing
before income Earnings
interest and and before
Net sales taxes expenses taxes Assets
---------------------------------------------------------------------
1-3/2013
Winter and Outdoor 266.5 14.2 780.6
Ball Sports 164.0 17.4 433.7
Fitness 62.5 -0.4 247.3
---------------------------------------------------------------------
Segments, total 493.0 31.2 1,461.6
---------------------------------------------------------------------
Unallocated items*) -4.8 -6.7 310.8
---------------------------------------------------------------------
Group total 493.0 26.4 -6.7 19.7 1,772.4
---------------------------------------------------------------------
1-3/2012
Winter and Outdoor 256.5 10.7 791.0
Ball Sports 173.6 19.9 414.3
Fitness 59.7 3.9 234.2
----------------------------------------------------
Segments, total 489.8 34.5 1,439.5
----------------------------------------------------
Unallocated items*) -4.9 -5.4 340.2
----------------------------------------------------
Group total 489.8 29.6 -5.4 24.2 1,779.7
----------------------------------------------------
1-12/2012
Winter and Outdoor 1,221.2 95.4 935.4
Ball Sports 569.7 22.5 376.9
Fitness 273.1 16.9 259.4
----------------------------------------------------
Segments, total 2,064.0 134.8 1,571.7
----------------------------------------------------
Unallocated items*) -20.9 -31.5 298.6
----------------------------------------------------
Group total 2,064.0 113.9 -31.5 82.4 1,870.3
----------------------------------------------------
*) Earnings before interest and taxes include income and expenses of corporate
headquarters.
GEOGRAPHIC BREAKDOWN OF NET SALES
1-3/ 1-3/
2013 2012 2012
--------------------------------
EMEA 240.5 226.7 962.7
Americas 195.3 205.7 834.1
Asia Pacific 57.2 57.4 267.2
--------------------------------
Total 493.0 489.8 2,064.0
--------------------------------
3. HYBRID BOND
On March 12, 2012 Amer Sports redeemed the EUR 60 million hybrid bond issued on
March 12, 2009.
4. DIVIDENDS
Relating to the year ending on December 31, 2012, the dividends distributed to
the shareholders of Amer Sports Corporation were EUR 0.35 per share and amounted
in total to EUR 41.3 million (2012: 0.33 per share, in total 38.9 million). The
dividends were paid out in April 2013.
5. CONTINGENT LIABILITIES AND SECURED ASSETS
March March December
31, 2013 31, 2012 31, 2012
------------------------------------------------------------------------
Guarantees 22.7 20.8 23.1
Liabilities for leasing and rental agreements 169.3 125.8 152.4
Other liabilities 47.0 37.0 43.6
There are no guarantees or contingencies given for the management of the
company, the shareholders or the associated companies.
6. ONGOING LITIGATIONS
The Group has extensive international operations and is involved in a number of
legal proceedings, including product liability suits. The Group does not expect
the outcome of any legal proceedings currently pending to have materially
adverse effect upon its consolidated results or financial position.
7. SEASONALITY
Although Amer Sports operates in a number of sporting goods segments during all
four seasons, its business is subject to seasonal fluctuations. Historically,
the third and fourth quarters of a financial year have been the strongest
quarters for Amer Sports in terms of both net sales and profitability, mainly
because sales of winter sports equipment ahead of the winter season typically
take place during the third and fourth quarters. The summer season for ball
sports balances seasonality to a certain extent, as the strongest quarters for
the Ball Sports segment are the first and second quarters. Usually the net cash
flow from operating activities is very strong in the first quarter when the
income from winter sports equipment realizes. Especially during the third
quarter, the net cash flow from operating activities is tied up in working
capital.
8. Derivative financial instruments and available-for-sale financial assets
measured at fair value
The fair values of financial assets and liabilities whose fair value is
recognized through income statement and derivative financial instruments used in
hedge accounting are presented in the following table. All derivatives are
classified as Level 2 instruments whose fair value is determined by using
valuation techniques from observable market data. Available-for-sale financial
assets are classified as Level 3 instruments and valued by using valuation
techniques without any observable market data.
The company's derivative financial instruments may include foreign exchange
forward contracts and options, interest rate swaps and interest rate options and
cross-currency swaps. Foreign exchange forward contracts and options are used to
hedge against changes in the value of receivables, liabilities and future cash
flows denominated in a foreign currency and interest rate swaps and interest
rate options to hedge against the interest rate risk. Cross-currency swaps are
used to hedge against changes in value of foreign currency denominated
receivables and liabilities and against the interest rate risk.
Derivative financial instruments are initially and subsequently recognized at
fair value. Fair values of foreign currency denominated derivatives are measured
by recognizing the exchange rate difference by using the closing rates quoted by
the European Central Bank on the reporting date. The future cash flows related
to forward contract's interest rate differential are discounted with the
relevant market interest rate yield curves on the reporting date and compared
with initial interest rate differential. The time value of foreign exchange
options is measured using commonly known option pricing models. The expected
future cash flows of the interest rate swaps and cross currency swaps are
discounted with the market interest yield curves of the currencies concerned.
Interest rate options are valued by using commonly known option pricing models.
The accrued interest of forward contracts, interest rate swaps and cross
currency swaps are periodized over the duration of the instruments on a net
basis.
The counterparty risk of the company hasn't materially changed and hence has no
material effect on the valuation of the company's derivative instruments.
Available-for-sale financial assets are Level 3 instruments whose exact fair
values can't be reliably measured. The fair values of available-for-sale assets
are presented at bookkeeping value or a lower value if they are impaired. The
fair values do not materially deviate from the bookkeeping value.
Financial assets/ Derivative
liabilities at fair financial instru-
value through ments Available-for-
income used in hedge sale financial
March 31, 2013 statement accounting assets
--------------------------------------------------------------------------------
Non-current
financial assets
Other non-current
financial assets 0.6
Foreign exchange
derivatives 0.6
Interest rate derivatives
and
cross currency swaps 4.8 0.2
Current financial assets
Foreign exchange
derivatives 0.6 6.2
Long-term financial
liabilities
Foreign exchange
derivatives 0.1
Interest rate derivatives
and
cross currency swaps 0.4 7.0
Current financial
liabilities
Foreign exchange
derivatives 10.3 1.8
Interest rate derivatives
and
cross currency swaps 1.3 0.2
Nominal value of foreign
exchange derivatives 412.0 384.3
Nominal value of interest
rate
derivatives 90.0 100.0
Nominal value of cross
currency swaps 71.5
Financial assets/ Derivative
liabilities at fair financial instru-
value through ments Available-for-
income used in hedge sale financial
March 31, 2012 statement accounting assets
--------------------------------------------------------------------------------
Non-current
financial assets
Other non-current
financial assets 0.6
Foreign exchange
Derivatives 0.1
Interest rate derivatives
and
cross currency swaps 1.2
Current financial assets
Foreign exchange
Derivatives 4.1 9.3
Long-term financial
liabilities
Foreign exchange
Derivatives 0.7
Interest rate derivatives
and
cross currency swaps 3.6
Current financial
liabilities
Foreign exchange
Derivatives 2.9 4.2
Interest rate derivatives
and
cross currency swaps 0.7
Nominal value of foreign
exchange derivatives 409.3 409.0
Nominal value of interest
rate
derivatives 100.0
Nominal value of cross
currency swaps 56.5
Financial assets/ Derivative
liabilities at fair financial instru-
value through ments Available-for-
income used in hedge sale financial
Dec 31, 2012 statement accounting assets
--------------------------------------------------------------------------------
Non-current
financial assets
Other non-current
financial assets 0.6
Foreign exchange
Derivatives 0.0
Interest rate derivatives
and
cross currency swaps 2.9
Current financial assets
Foreign exchange
derivatives 9.8 3.9
Long-term financial
liabilities
Foreign exchange
derivatives 0.4
Interest rate derivatives
and
cross currency swaps 7.3
Current financial
liabilities
Foreign exchange
derivatives 0.7 5.8
Interest rate derivatives
and
cross currency swaps 0.4
Nominal value of foreign
exchange derivatives 399.4 423.7
Nominal value of interest
rate
derivatives 40.0 100.0
Nominal value of cross
currency swaps 69.9
9. AMENDMENTS TO IAS 19 STANDARD
Amer Sports has adopted amendments to IAS 19 standard (Employee Benefits) as of
Jan 1, 2013.
Key changes in the standard for Amer Sports' defined benefit postemployment
plans are as follows:
1. Remeasurements
All actuarial gains and losses ("remeasurements") are recognized in full in
other comprehensive income. The "corridor" method and the option to recognize
immediately in the profit and loss statement is no longer available. This is
expected to increase balance sheet volatility.
2. New measurement of net interest expense
Net interest expense is determined based on the net defined benefit asset
(liability) and the discount rate at the beginning of the year. This is expected
to increase overall expense compared to previous accounting which required that
the interest expense on obligation and the expected return on plan assets were
recognised separately.
3. Past service cost
All past service cost are now recognized immediately in the profit and loss
statement.
4. Reporting in profit and loss statement
Under old IAS 19 all expenses related to defined benefit postemployment plans
were reported above EBIT. As of January 1, 2013 they are reported as follows:
- service cost: above EBIT
- net interest expense: in financing expenses
- remeasurement components: under other comprehensive income
Adaption of revised IAS 19 standard increased Amer Sports' pension liability by
EUR 40.6 million and decreased shareholders' equity by EUR 27.1 million as at
Dec 31, 2012.
Q1 and full year 2012 restated key financial statements:
CONSOLIDATED RESULTS
Publis-
Restated hed Publis-
1-3/ IAS 19 1-3/ Restated IAS 19 hed
2012 impact 2012 2012 impact 2012
--------------------------------------------------------------------------------
NET SALES 489.8 489.8 2,064.0 2,064.0
Cost of goods sold -273.5 -273.5 -1,163.4 -1,163.4
--------------------------------------------------------------------------------
GROSS PROFIT 216.3 216.3 900.6 900.6
License income 2.0 2.0 7.5 7.5
Other operating income 0.5 0.5 6.0 6.0
R&D expenses -17.0 -17.0 -72.2 -72.2
Selling and marketing expenses -132.2 0.4 -132.6 -526.8 1.0 -527.8
Administrative and other
expenses -40.0 0.2 -40.2 -176.4 1.2 -177.6
Non-recurring expenses - - -24.8 -24.8
--------------------------------------------------------------------------------
EARNINGS BEFORE
INTEREST AND TAXES 29.6 0.6 29.0 113.9 2.2 111.7
% of net sales 6.0 5.9 5.5 5.4
Financing income and expenses -5.4 -0.4 -5.0 -31.5 -1.6 -29.9
--------------------------------------------------------------------------------
EARNINGS BEFORE TAXES 24.2 0.2 24.0 82.4 0.6 81.8
Taxes -5.4 -0.1 -5.3 -24.5 -0.2 -24.3
--------------------------------------------------------------------------------
NET RESULT 18.8 0.1 18.7 57.9 0.4 57.5
--------------------------------------------------------------------------------
Attributable to:
Equity holders of the parent
company 18.8 0.1 18.7 57.9 0.4 57.5
Earnings per share, EUR 0.15 0.0 0.15 0.48 0.0 0.48
Earnings per share, diluted,
EUR 0.15 0.0 0.15 0.48 0.0 0.48
Equity per share, EUR 5.96 -0.18 6.14 6.21 -0.22 6.43
ROCE, % *) 13.4 0.1 13.3 10.5 0.5 10.0
ROE, % 9.8 0.1 9.7 7.4 0.2 7.2
*) 12 months' rolling average
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Resta-
ted Publis- Resta- Publis-
1-3/ IAS 19 hed ted IAS 19 hed
2012 impact 1-3/2012 2012 impact 2012
--------------------------------------------------------------------------------
Net result 18.8 0.1 18.7 57.9 0.4 57.5
Other comprehensive income
Items that will not be reclassified
to profit or loss
Translation differences -12.3 0.1 -12.4 -8.7 -8.7
Remeasurement effects of
postemployment benefit plans -2.7 -2.7 -10.5 -10.5
Income tax related to
remeasurement effects 0.9 0.9 3.5 3.5
Items that may be reclassified to
profit or loss
Cash flow hedges -8.8 -8.8 -19.3 -19.3
Income tax related to
cash flow hedges 2.3 2.3 5.0 5.0
--------------------------------------------------------------------------------
Other comprehensive income,
net of tax -20.6 -1.7 -18.9 -30.0 -7.0 -23.0
--------------------------------------------------------------------------------
Total comprehensive income -1.8 -1.6 -0.2 27.9 -6.6 34.5
--------------------------------------------------------------------------------
Total comprehensive income
attributable to:
Equity holders of the parent
company -1.8 -1.6 -0.2 27.9 -6.6 34.5
CONSOLIDATED BALANCE SHEET
Restated Published Restated Published
March IAS 19 March 31, Dec 31, IAS 19 Dec 31,
31, 2012 impact 2012 2012 impact 2012
--------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------
Goodwill 287.1 287.1 289.1 289.1
Other intangible non-
current assets 213.7 213.7 211.4 211.4
Tangible non-current assets 153.3 153.3 162.9 162.9
Other non-current assets 109.0 11.0 98.0 119.9 13.5 106.4
Inventories and work in
progress 343.6 343.6 336.7 336.7
Receivables 481.4 -4.8 486.2 607.8 -5.7 613.5
Cash and cash equivalents 191.6 191.6 142.5 142.5
--------------------------------------------------------------------------------
Total assets 1,779.7 6.2 1,773.5 1,870.3 7.8 1,862.5
--------------------------------------------------------------------------------
Shareholders' equity and
liabilities
--------------------------------------------------------------------------------
Shareholders' equity 701.5 -22.2 723.7 731.8 -27.1 758.9
Long-term interest-bearing
liabilities 403.9 403.9 378.2 378.2
Other long-term liabilities 52.2 37.8 14.4 79.8 45.4 34.4
Current interest-bearing
liabilities 197.2 197.2 198.6 198.6
Other current liabilities 390.3 -9.4 399.7 435.1 -10.5 445.6
Provisions 34.6 34.6 46.8 46.8
--------------------------------------------------------------------------------
Total shareholders' equity
and
liabilities 1,779.7 6.2 1,773.5 1,870.3 7.8 1,862.5
--------------------------------------------------------------------------------
Equity ratio, % 39.4 -1.4 40.8 39.1 -1.6 40.7
Gearing, % 58 1 57 59 2 57
CONSOLIDATED CASH FLOW STATEMENT
Publi-
shed
Restated IAS 19 1-3/ IAS 19 Published
1-3/ 2012 impact 2012 Restated 2012 impact 2012
--------------------------------------------------------------------------------
Earnings before interest
and taxes 29.6 0.6 29.0 113.9 2.2 111.7
Adjustments to cash flow
from operating activities
and
depreciation 4.9 -0.6 5.5 61.1 -2.2 63.3
Change in working capital 89.4 89.4 -10.9 -10.9
--------------------------------------------------------------------------------
Cash flow from operating
activities before
financing
items and taxes 123.9 123.9 164.1 164.1
Net cash flow from
operating
activities 110.6 110.6 112.6 112.6
Net cash flow from
investing
activities -13.2 -13.2 -40.8 -40.8
Net cash flow after
investing
activities
(free cash flow) 97.4 97.4 71.8 71.8
Net cash flow from
financing
activities 16.2 16.2 -7.2 -7.2
Cash and cash equivalents
on January 1 78.8 78.8 78.8 78.8
Translation differences -0.8 -0.8 -0.9 -0.9
Change in cash and cash
equivalents 113.6 113.6 64.6 64.6
--------------------------------------------------------------------------------
Cash and cash equivalents
on March 31/December 31 191.6 191.6 142.5 142.5
Remeasurement of pension liability as at March 31, 2013
Amer Sports remeasures its pension liability on quarterly basis. This is done by
utilizing sensitivity analysis provided by actuaries. Each quarter company
evaluates market etc. changes of key calculation components such as discount or
inflation rate to asses new liability. Material changes in liability are
recognized in other comprehensive income.
In Q1 2013 there was no material change in liability.
All forecasts and estimates presented in this report are based on the
management's current judgment of the economic environment. The actual results
may differ significantly.
AMER SPORTS CORPORATION
Board of Directors
[HUG#1696274]
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