2015-07-29 12:00:00 CEST
2015-07-29 12:00:48 CEST
BIRTINGARSKYLDAR UPPLÝSNINGAR
Amer Sports - Interim report (Q1 and Q3)
Amer Sports Corporation Interim Report January-June 2015
Amer Sports Corporation
STOCK EXCHANGE RELEASE
July 29, 2015 at 1:00 pm
Amer Sports Corporation Interim Report January-June 2015
APRIL-JUNE 2015
* Net sales EUR 461.1 million (April-June 2014: 376.1). In local currencies,
net sales increased by 9%. Excluding the Louisville Slugger acquisition, net
sales increased by 7%.
* Gross margin 44.1% (43.9).
* EBIT excluding non-recurring items (NRI) EUR -9.0 million (-17.6). Non-
recurring items were EUR -6.6 million (-1.2). All NRIs related to 2014
restructuring now recorded.
* Earnings per share excluding NRI EUR -0.11 (-0.16).
* Free cash flow EUR 11.5 million (-38.7).
* Outlook for 2015 unchanged.
JANUARY-JUNE 2015
* Net sales EUR 1,037.0 million (January-June 2014: 877.6). In local
currencies, net sales increased by 7%. Excluding the Louisville Slugger
acquisition, net sales increased by 6%.
* Gross margin 45.1% (44.1).
* EBIT excluding non-recurring items EUR 24.6 million (3.0). Non-recurring
items were EUR -8.0 million (-1.2). All NRIs related to 2014 restructuring
now recorded.
* Earnings per share excluding NRI EUR 0.04 (-0.09).
* Free cash flow EUR 54.5 million (5.5).
OUTLOOK
In 2015, Amer Sports net sales in local currencies is expected to increase and
EBIT margin excluding non-recurring items to improve from 2014, despite
challenging market conditions. The company will continue to focus on apparel and
footwear growth, consumer-driven product and marketing innovation, commercial
expansion and operational excellence.
KEY FIGURES
EUR million 4-6/2015 4-6/2014 1-6/2015 1-6/2014 2014
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Net sales 461.1 376.1 1,037.0 877.6 2,228.7
Gross profit 203.5 165.0 467.7 387.3 979.0
Gross profit % 44.1 43.9 45.1 44.1 43.9
EBIT excluding NRI -9.0 -17.6 24.6 3.0 168.3
EBIT % excluding NRI 2.4 0.3 7.6
NRI*) -6.6 -1.2 -8.0 -1.2 -54.2
EBIT total -15.6 -18.8 16.6 1.8 114.1
EBIT % 1.6 0.2 5.1
Financing income and expenses -9.4 -7.9 -17.7 -17.1 -37.1
Earnings before taxes -25.0 -26.7 -1.1 -15.3 77.0
Net result -18.0 -19.1 -0.8 -10.9 55.4
Earnings per share excluding NRI,
EUR -0.11 -0.16 0.04 -0.09 0.80
Free cash flow**) 11.5 -38.7 54.5 5.5 53.5
Equity ratio, % at period end 37.7 40.6 38.8
Net debt/equity at period end 0.68 0.63 0.50
Personnel at period end 7,880 7,490 7,630
Average rates used, EUR/USD 1.10 1.37 1.12 1.37 1.33
*) Non-recurring items (NRI) are exceptional transactions that are not related
to normal business operations. The most common non-recurring items are capital
gains, exceptional write-downs, provisions for planned restructuring, and
penalties. Non-recurring items are normally specified individually if they have
a material impact on EBIT.
**) Cash flow from operating activities - net capital expenditures (total
capital expenditure less proceeds from sale of assets)
HEIKKI TAKALA, PRESIDENT AND CEO:
We continued to deliver broad-based organic growth in the second quarter, driven
by our strategic growth areas. We also continued to drive profit improvement
especially in Ball Sports where our mix kept shifting toward higher margin items
such as performance tennis rackets showing strong topline momentum. The 2014
restructuring has contributed positively to Ball Sports which is significantly
healthier today than before.
On top of driving organic growth, we have this year concluded the acquisition of
Louisville Slugger for Baseball acceleration, and Sports Tracker for building a
scalable Amer Sports online sports service. In addition, we just acquired
Queenax, a functional training systems provider, to close a gap in our Fitness
offering vs an important consumer trend. These acquisitions follow our strategic
priorities, providing us platforms for further acceleration. Acceleration
continues to be the name of the game, as we see our strategies working as
planned and we can continue to execute with confidence.
For further information, please contact:
Heikki Takala, President and CEO, tel. +358 20 712 2510
Jussi Siitonen, CFO, tel. +358 20 712 2511
Päivi Antola, Director, Corporate Communications and IR, tel. +358 20 712 2537
TELEPHONE CONFERENCE
An English-language conference call for investors and analysts will be held at
3:00 p.m. Finnish time. To participate in the conference call, please call
+44(0)20 3427 1906 (UK/international dial-in number), confirmation code
6521059. The conference can also be followed live via http://edge.media-
server.com/m/p/eepbmgv2. A replay of the conference call and a transcript will
be available later. The replay number is +44 (0)20 3427 0598, passcode 6521059.
CAPITAL MARKETS DAY
Amer Sports is hosting a Capital Markets Day for analysts and portfolio managers
in Helsinki on August 27 and in London on September 7.
THIRD QUARTER RESULTS BULLETIN
Amer Sports will publish its Q3/2015 results bulletin on Thursday, October
22, 2015 at approximately 1:00 pm Finnish time.
INVESTOR RELATIONS NEWSLETTER
Subscribe to Amer Sports Investor Relations Newsletter at
www.amersports.com/investors/subscribe.
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 Helsinki stock exchange (AMEAS).
[HUG#1942025]
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