2017-02-09 12:00:36 CET
2017-02-09 12:00:36 CET
REGLAMENTUOJAMA INFORMACIJA
Amer Sports - Annual Financial Report
Amer Sports Corporation Financial Statements Bulletin 2016
Amer Sports Corporation
STOCK EXCHANGE RELEASE
February 9, 2017 at 1:00 p.m.
Amer Sports Corporation Financial Statements Bulletin 2016
OCTOBER-DECEMBER 2016
* In a challenging market, net sales in local currencies decreased by 2% and
were EUR 772.4 million (October-December 2015: 783.7). Organic growth was
-2%. In Winter Sports Equipment and Footwear, deliveries peaked earlier in
the year. The planned Sports Instruments product launches were postponed to
2017 due to technical issues. There was also a delayed impact from some
Fitness product launches.
* Gross margin 44.7% (43.8).
* EBIT excluding items affecting comparability (IAC) EUR 81.3 million (84.0).
Items affecting comparability were EUR -8.2 million (-).
* Earnings per share excl. IAC EUR 0.45 (0.46). Earnings per share 0.41
(0.46).
* Free cash flow EUR 152.8 million (159.4).
JANUARY-DECEMBER 2016
* Record net sales, gross margin and EBIT:
* Net sales EUR 2,622.1 million (2015: 2,534.4). In local currencies, net
sales increased by 4%. Organic growth was 3%.
* Gross margin 46.3% (45.2).
* EBIT excl. IAC EUR 221.7 million (212.1), representing 8.5% of net
sales (8.4). Items affecting comparability were EUR -16.9 million (-
8.0).
* Earnings per share excl. IAC EUR 1.18 (1.09). Earnings per share 1.08 (1.04)
* Free cash flow EUR 64.4 million (121.7).
* Net debt/EBITDA excl. IAC 1.9 (December 31, 2015: 1.7).
* Amer Sports Board of Directors is proposing a capital repayment of EUR 0.62
per share (dividend 0.55).
* Due to the challenging market conditions, Amer Sports paces its short-term
growth and expands the on-going cost restructuring program initiated in
August 2016, with the objective to reduce operating expenses worth
approximately 100 EBIT margin basis points in the coming 24 months.
IMPACT OF NEW ESMA GUIDELINES
New ESMA (European Securities and Markets Authority) guidelines on Alternative
Performance Measures (APMs) were effective for the financial year 2016. Amer
Sports presents APMs to reflect the underlying business performance and to
enhance comparability between financial periods. APMs should not be considered
as a substitute for measures of performance in accordance with the IFRS. As of
Q1 2016, Amer Sports relabels the previously referenced "excluding non-recurring
items" with "excluding items affecting comparability" (IAC). Operating segments'
EBIT is reported excluding IAC. Items affecting comparability and APMs used by
Amer Sports are defined in note 10 of this report.
OUTLOOK
In 2017, Amer Sports' net sales in local currencies are expected to increase
from 2016, despite short-term market softness. The growth is expected to be
biased to the second half of the year. The company will continue to focus on
growing the core business and the five prioritized areas: Apparel and Footwear,
US, China, Business to Consumer, as well as digitally connected devices and
services.
KEY FIGURES
10-12/ 10-12/
EUR million 2016 2015 Ch % Ch %*) 2016 2015 Ch % Ch %*)
-------------------------------------------------------------------------------
Net sales 772.4 783.7 -1 -2 2,622.1 2,534.4 3 4
Gross profit 345.1 343.0 1 1,213.5 1,145.9 6
Gross profit % 44.7 43.8 46.3 45.2
EBITDA excl. IAC **) 96.6 98.5 281.7 263.2
EBIT excl. IAC 81.3 84.0 -3 221.7 212.1 5
EBIT % excl. IAC 10.5 10.7 8.5 8.4
IAC***) -8.2 - -16.9 -8.0
EBIT 73.1 84.0 204.8 204.1
EBIT % 9.5 10.7 7.8 8.1
Financing income and
expenses -7.9 -10.7 -31.8 -36.1
Earnings before taxes 65.2 73.3 173.0 168.0
Net result 47.9 53.3 126.9 121.6
Earnings per share excl.
IAC, EUR 0.45 0.46 1.18 1.09
Free cash flow****) 152.8 159.4 64.4 121.7
Equity ratio, % at
period end 36.9 37.2
Net debt/equity at
period end 0.53 0.48
Personnel at year end 8,526 7,954
Average rates used,
EUR/USD 1.11 1.11
*) In local currencies
**) EBITDA excl. IAC = EBIT excluding items affecting comparability and
depreciation and amortization
***) Items affecting comparability are material items or transactions, which are
relevant for understanding the financial performance of Amer Sports when
comparing profit of the current period with previous periods. These items can
include, but are not limited to, capital gains and losses, significant write-
downs, provisions for planned restructuring and other items that are not related
to normal business operations from Amer Sports' management view. A single item
affecting comparability has to represent more than one cent per share on annual
basis.
****) Cash flow from operating activities - net capital expenditures - change in
restricted cash (Net capital expenditures: Total capital expenditure less
proceeds from sale of assets).
HEIKKI TAKALA, PRESIDENT AND CEO:
In the fourth quarter, the market softened further, hence we pursued
sustainable, non-promotional growth. Due to issues with technical readiness, we
postponed some planned launches in Sports Instruments to 2017, and there was
also a delayed impact from some Fitness product launches. We improved gross
margins, and executed short-term expense reductions, whilst continuing to invest
into our 2020 acceleration priorities, most notably digitalization, retail
openings, and developing new products and technologies for future
commercialization.
2016 was another year of record sales and profit, despite a challenging trading
environment. Our strategic acceleration areas Footwear, Apparel, Business to
Consumer, and China continued the strong growth, and our gross margin was all
time high. With the continuously improving performance and the healthy balance
sheet, the Board of Directors is proposing yet another increased payout to the
shareholders.
We have now delivered seven consecutive years of profitable growth in line with
our Sustainable Growth Model. Going into 2017, our pipeline of new initiatives
is strong, and we continue to invest into the prioritized acceleration areas.
However, as the market is challenging, we adjust our short-term growth ambitions
and elevate our focus on profit, cash and asset efficiency. We proactively
expand the restructuring program started in August 2016, with the objective to
reduce our operating expenses worth approximately 100 EBIT margin basis points
in the coming 24 months.
We are looking forward to another year of growth and improvement.
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
CONFERENCE CALL
A conference call for investors and analysts will be held at 3:00 p.m. Finnish
time. To participate, please dial +44 20 7572 1187 or +49 69 2222 4998, PIN
26928255#.
The call can also be followed live via www.amersports.com and
https://amersports.videosync.fi/financialstatements2016.
A replay and a transcript will be available later. The replay number is
+44 20 3426 2807 or +49 69 2222 33985, conference number 681349#.
ANNUAL GENERAL MEETING
Amer Sports Annual General Meeting will be held on Thursday, March 9, 2017
starting at 2:00 p.m. at Messukeskus, Expo and Convention Centre Helsinki,
Messuaukio 1, 00520, Helsinki, Finland.
INTERIM REPORT Q1/2017
Amer Sports will publish its Q1/2017 interim report on Thursday, April 27, 2017
at approximately 1:00 p.m. Finnish time.
INVESTOR RELATIONS NEWSLETTER
Subscribe to Amer Sports Investor Relations Newsletter at
www.amersports.com/investors/subscribe.
DISTRIBUTION
Nasdaq Helsinki
Main media
www.amersports.com
AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with
internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx,
Mavic, Suunto, and Precor. The company's technically advanced sports equipment,
footwear, and apparel improve performance and increase the enjoyment of sports
and outdoor activities. The Group's business is balanced by its broad portfolio
of sports and products and a presence in all major markets. Amer Sports shares
are listed on the Nasdaq Helsinki stock exchange (AMEAS).
[]
© 2024 Nasdaq, Inc. All Rights Reserved |
| Slapukai |