Amer Sports Corporation
FINANCIAL STATEMENTS BULLETIN
January 28, 2014 at 1:00 pm
* Net sales were EUR 657.4 million (618.5). In local currencies, net sales
increased by 12% with strong broad-based growth across the business areas.
Winter Sports Equipment increased by 8%.
* Gross margin was 42.0% (41.9%).
* EBIT was EUR 64.7 million (47.0 excluding non-recurring items, NRI),
representing 9.8% of net sales (7.6% excl. NRI).
* Earnings per share were EUR 0.33 (0.22 excl. NRI).
* Net cash flow after investing activities was EUR 143.9 million (96.7),
mainly driven by decreased working capital.
* Net sales were EUR 2,136.5 million (2,064.0). In local currencies, net sales
increased by 8%.
* Gross margin was 43.6% (43.6%).
* EBIT was EUR 154.9 million (138.7 excl. NRI). EBIT margin was 7.3% (6.7%
* Earnings per share were EUR 0.77 (0.65 excl. NRI).
* Net cash flow after investing activities was EUR 42.5 million (71.8).
* Gearing was 57% (December 31, 2012: 59%).
* Amer Sports Board of Directors is proposing a dividend of EUR 0.40 per share
(0.35 per share in 2012).
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 is expected to improve
from 2013. The company will continue to focus on softgoods growth, consumer-
driven product and marketing innovation, commercial expansion and operational
EUR million 2013 2012***) Ch % Ch %*) 2013 2012***) Ch % Ch %*)
Net sales 657.4 618.5 6 12 2,136.5 2,064.0 4 8
Gross profit 276.3 258.9 7 12 932.2 900.6 4 7
Â Â Gross profit % 42.0 41.9 Â Â 43.6 43.6
EBIT excluding non-
recurring items 64.7 47.0 38 Â 154.9 138.7 12
EBIT % excluding non-
recurring items 9.8 7.6 Â Â 7.3 6.7
Non-recurring items**) Â -24.8 Â Â Â -24.8
EBIT total 64.7 22.2 Â Â 154.9 113.9
EBIT % 9.8 3.6 Â Â 7.3 5.5
Financing income and
expenses -10.1 -9.9 Â Â -28.6 -31.5
Earnings before taxes 54.6 12.3 Â Â 126.3 82.4
Net result 38.7 5.4 Â Â 90.3 57.9
Earnings per share, EUR 0.33 0.05 Â Â 0.77 0.48
Net cash flow after
investing activities 143.9 96.7 Â Â 42.5 71.8
Equity ratio, % at
year end Â Â Â Â 37.5 39.1
Gearing, % at year end Â Â Â Â 57 59
Personnel at year end Â Â Â Â 7,330 7,186 1
Average rates used,
EUR/USD Â Â Â Â 1.33 1.28
*) In local currencies
**) 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.
***) Restated in accordance with the amendments to IAS 19 standard
HEIKKI TAKALA, PRESIDENT AND CEO:
"Amer Sports had a strong momentum in Q4 and we delivered double-digit growth
(12%) and improved profitability. Importantly, the growth and improvements were
broad-based across business areas, geographical regions, and channels. For the
full year 2013, we grew in all business areas except Individual Ball Sports
which was flat. While trading conditions remained challenging, we focused on our
own improvement programs and reached annual sales growth of 8% with all-time
high sales for the Group. We also improved profitability from the previous year.
Throughout 2013 and still in 2014, we have continued to invest in executing and
accelerating our growth strategy as we have identified significant further
business opportunities within our strategic priorities. Ongoing investments in
capability, softgoods growth, go-to-market expansion and consumer-driven product
and marketing innovation ensure that we have strong building blocks for future
growth, whilst we simultaneously target profit improvement thru further scale &
synergy and integration.
Since renewing the Amer Sports strategy in 2010, we have now delivered four
consecutive years of solid growth and improvement. Our strategies are working,
we see a lot of further opportunities, and we continue executing with
For further information, please contact:
Heikki Takala, President and CEO, tel. +358 9 7257 8210
Jussi Siitonen, CFO, tel. +358 9 7257 8212
Samppa SeppÃ¤lÃ¤, Corporate Communications and IR, tel. +358 9 7257 8233
An English-language conference call for investors and analysts will be held
today at 3:00 pm Finnish time. To participate, please call +44(0)20 3427 1907
(UK/international dial-in number) or +49(0)30 3001 90534 (Germany), confirmation
code 8911016. The conference can also be followed live at www.amersports.com. A
replay of the conference call and a transcript will be available later at the
same internet address. The replay number is +44 (0)20 3427 0598, passcode
Annual General Meeting
Amer Sports' Annual General Meeting will be held on Thursday, March 6, 2014
starting at 2:00pm at Messukeskus, Expo and Convention Centre Helsinki,
Messuaukio 1, FI-00520 Helsinki, Finland.
Q1/2014 Interim Report
Amer Sports will publish its Q1/2014 interim report on Thursday, April 24, 2014
at approximately 1:00 pm Finnish time.
NASDAQ OMX Helsinki, main media, www.amersports.com
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).
Amer Sports Financial Statements 2013:
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Source: Amer Sports Oyj via GlobeNewswire