Net sales by business segment
| EUR million | 4-6/ 2013 | 4-6/ 2012 | Change % | Change %*) | % of sales 4-6/2013 | % of sales 4-6/2012 | 2012 |
| Winter and Outdoor | 168.7 | 150.9 | 12 | 15 | 45 | 43 | 1,221.2 |
| Ball Sports | 144.2 | 146.5 | -2 | 1 | 38 | 41 | 569.7 |
| Fitness | 64.3 | 56.4 | 14 | 18 | 17 | 16 | 273.1 |
| Total | 377.2 | 353.8 | 7 | 9 | 100 | 100 | 2,064.0 |
*) In local currencies
Geographic breakdown of net sales
| EUR million | 4-6/ 2013 | 4-6/ 2012 | Change % | Change %*) | % of sales 4-6/2013 | % of sales 4-6/2012 | 2012 |
| EMEA | 144.5 | 133.1 | 9 | 10 | 38 | 38 | 962.7 |
| Americas | 177.6 | 167.4 | 6 | 8 | 47 | 47 | 834.1 |
| Asia Pacific | 55.1 | 53.3 | 3 | 13 | 15 | 15 | 267.2 |
| Total | 377.2 | 353.8 | 7 | 9 | 100 | 100 | 2,064.0 |
*) In local currencies
Gross margin improved 0.5 percentage points to 43.6 percent driven by Apparel, Cycling and Fitness.
Group EBIT was EUR -18.7 million (-19.2). In local currencies, increased sales volumes contributed approximately EUR 14 million to EBIT while higher gross margins contributed approximately EUR 2 million. Spending in strategic operating expenses in distribution was the main driver of the operating expenses increase of approximately EUR 15 million.
EBIT excluding non-recurring items by business segment
EUR million 4-6/ 4-6/ 2012
2013 2012
Winter and Outdoor -27.1 -25.4 113.8
Ball Sports 7.8 9.7 28.0
Fitness 4.3 1.0 17.0
Headquarters*) -3.7 -4.5 -20.1
EBIT excluding non-recurring items -18.7 -19.2 138.7
Non-recurring items - - -24.8
EBIT total -18.7 -19.2 113.9
*) 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 5.3 million (9.6) including net interest expenses of EUR 5.8 million (8.1). Net foreign exchange gains and other financial items were EUR 0.5 million (EUR 1.5 million losses). Earnings before taxes totaled EUR -24.0 million (-28.8) and taxes were EUR +6.0 million (+6.5). Earnings per share were EUR -0.16 (-0.19).
EUR million 4-6/2013 4-6/2012*) 1-6/2013 1-6/2012*) 2012*)
Net sales 377.2 353.8 870.2 843.6 2,064.0
Gross profit 164.3 152.5 382.0 368.8 900.6
Gross profit % 43.6 43.1 43.9 43.7 43.6
EBIT excluding non-recurring items -18.7 -19.2 7.7 10.4 138.7
EBIT % excluding non-recurring items 0.9 1.2 6.7
Non-recurring items**) - - - - -24.8
EBIT total -18.7 -19.2 7.7 10.4 113.9
EBIT % 0.9 1.2 5.5
Financing income and expenses -5.3 -9.6 -12.0 -15.0 -31.5
Earnings before taxes -24.0 -28.8 -4.3 -4.6 82.4
Net result -18.0 -22.3 -3.2 -3.5 57.9
Earnings per share, EUR -0.16 -0.19 -0.03 -0.04 0.48
Net cash flow after investing activities -50.0 -44.2 17.9 53.2 71.8
Equity ratio, % at period end 39.9 37.9 39.1
Gearing, % at period end 65 65 59
Personnel at period end 7,382 7,226 7,186
Average rates used, EUR/USD 1.31 1.29 1.31 1.30 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 delivered a solid quarter with several categories achieving double-digit growth, despite challenging trading conditions especially in Western Europe. Second quarter, however, is traditionally a low quarter for Amer Sports, representing less than 20% of our full year sales. Through the portfolio, we mitigated the late and cold spring/summer which impacted adversely especially Wilson's Individual Ball Sports (stable) and Cycling (-5%).
Our full year sales outlook is positive, driven by strong continuous momentum in Apparel, Footwear, Sports Instruments and Fitness, as well as business to consumers and emerging markets. Our Winter Sports Equipment pre-order growth at 4% is good in light of the cautious customer sentiment and prudent order approach especially in Europe. The full year profitability picture is also positive and in line with our plan, reflecting solid sales, gross margin and increasing OPEX efficiencies in the second half of the year.
All in all, I'm pleased with our business progress and especially the strong on-going momentum in our strategic growth areas."
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.
By press release
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