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 |
| 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
About 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).
Source Amer Sports ©
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