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| AmerSports© |
OCTOBER-DECEMBER 2014
- Net sales were EUR 705.3 million (October-December 2013: 657.4). In local currencies, net sales increased by 6% with broad-based growth across the business areas. Winter Sports Equipment net sales decreased by 9% due to the late winter.
- Gross margin was 43.0% (42.0).
- EBIT excluding non-recurring items (NRI) was EUR 77.7 million (64.7), representing 11.0% of net sales (9.8).
- Earnings per share excluding NRI were EUR 0.41 (0.33).
- Net cash flow after investing activities was EUR 132.8 million (143.9).
JANUARY-DECEMBER 2014
- Net sales were EUR 2,228.7 million (2013: 2,136.5). In local currencies, net sales increased by 6%.
- Gross margin was 43.9% (43.6).
- EBIT excluding NRI was EUR 168.3 million (154.9), 7.6% of net sales (7.3).
- Earnings per share excluding NRI were EUR 0.80 (0.77).
- Net cash flow after investing activities was EUR 53.5 million (42.5).
- Net debt/EBITDA excluding NRI was 2.0 (December 31, 2013: 2.2).
- Amer Sports Board of Directors is proposing a dividend of EUR 0.45 per share (0.40).
OUTLOOK FOR 2015
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 | 10-12/ 2014 | 10-12/ 2013 | Ch % | Ch %*) | 2014 | 2013 | Ch % | Ch %*) |
| Net sales | 705.3 | 657.4 | 7 | 6 | 2,228.7 | 2,136.5 | 4 | 6 |
| Gross profit | 303.2 | 276.3 | 10 | 979.0 | 932.2 | 5 | ||
| Gross profit % | 43.0 | 42.0 | 43.9 | 43.6 | ||||
| EBIT excluding NRI**) | 77.7 | 64.7 | 20 | 168.3 | 154.9 | 9 | ||
| EBIT % excluding NRI | 11.0 | 9.8 | 7.6 | 7.3 | ||||
| NRI | -34.7 | -54.2 | ||||||
| EBIT total | 43.0 | 64.7 | 114.1 | 154.9 | ||||
| EBIT % | 6.1 | 9.8 | 5.1 | 7.3 | ||||
| Financing income and expenses | -11.2 | -10.1 | -37.1 | -28.6 | ||||
| Earnings before taxes | 31.8 | 54.6 | 77.0 | 126.3 | ||||
| Net result | 23.0 | 38.7 | 55.4 | 90.3 | ||||
| Earnings per share excluding NRI, EUR | 0.41 | 0.33 | 0.80 | 0.77 | ||||
| Earnings per share, EUR | 0.20 | 0.33 | 0.47 | 0.77 | ||||
| Net cash flow after investing activities | 132.8 | 143.9 | 53.5 | 42.5 | ||||
| Equity ratio, % | 38.8 | 37.5 | ||||||
| Net debt/equity | 0.50 | 0.57 | ||||||
| Personnel at year end | 7,630 | 7,330 | 4 | |||||
| Average rates used, EUR/USD | 1.33 | 1.33 |
*) In local currencies
**) 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.
**) 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.
HEIKKI TAKALA, PRESIDENT AND CEO:
We closed 2014 with a good fourth quarter, and we hereby delivered the 5th consecutive year of profitable growth with record sales and operating profit. The key drivers behind the improvement were our strategic acceleration areas: Apparel and Footwear, Business to Consumer, and China. We also continued to drive profitable growth in Fitness, Cycling and Sports Instruments. Encouragingly, the Ball Sports restructuring started to yield results with gross margins up, and operating expenses reduced and refocused to support the new strategic growth pillars.
Throughout
2014 the market conditions were challenging. We faced significant
headwinds in Russia with adverse profit impact from the currency
devaluation. We also faced an exceptionally late and mild winter in
Europe, resulting in a sales decrease especially in cross-country
skiing. Thanks to our flexible operating model in Winter Sports
Equipment, we managed to mitigate the impact and sustained a
satisfactory profitability.
Overall, we can be
encouraged by our progress, as our strategies and execution are
delivering results. We do expect the challenging market conditions to
persist in 2015, with adverse impact from the late and mild winter and
on-going risks in Russia. We accelerate in the areas which are working,
whilst putting in place contingencies where we face challenges. With
focus on improvement and renewal, we 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
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 today at 1:00 pm GMT. To participate, please call +44(0)20 3427 1914 (UK/international dial-in number), confirmation code 8518181. 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 8518181#.
Annual General Meeting
Amer Sports' Annual General Meeting will be held on Thursday, March 12, 2015 starting at 2 pm at Finlandia Hall, Congress Wing, Mannerheimintie 13 e, Helsinki, Finland.
Q1/2015 Interim Report
Amer Sports will publish its Q1/2015 interim report on Thursday, April 23 at approximately 11:00 am GMT.
Source Amer Sports©
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