Pirjo Väliaho (Chairman of the Committee), Anssi Vanjoki, Bruno Sälzer and Christian Fischer were elected as members of the Compensation Committee.

 

Ilkka Brotherus (Chairman of the Committee), Anssi Vanjoki and Felix Björklund were elected as members of the Nomination Committee.

 

Felix Björklund (Chairman of the Committee), Ilkka Brotherus and Martin Burkhalter were elected as members of the Audit Committee.

 

 

AMER SPORTS CORPORATION

Communications

 

 

Ms Maarit Mikkonen

Communications Manager

Tel. +358 9 7257 8306, e-mail: maarit.mikkonen@amersports.com

 

DISTRIBUTION

Helsinki Stock Exchange

Principal media

 

 

AMER SPORTS CORPORATION

Amer Sports (www.amersports.com) is the world's leading sports equipment company with internationally recognized brands including Wilson, Atomic, Suunto, Precor and Salomon. All Amer Sports companies develop and manufacture technically advanced products that improve the performance of active sports participants. The Group's business is balanced by its broad portfolio of sports and presence in all major markets.

 

 

The Company's previous board members were released from their positions.

 

A new Board of Directors were elected.
Felix Björklund, Ilkka Brotherus, Anssi Vanjoki and Pirjo Väliaho were re-elected as members of the Board of Directors. Martin Burkhalter, Christian Fischer and Bruno Sälzer were appointed as new board members.

 

The Board's term of service will run until the 2009 Annual General Meeting.

 

 

AMER SPORTS CORPORATION

Communications

 

 

Ms Maarit Mikkonen

Communications Manager

Tel. +358 9 7257 8306, e-mail: maarit.mikkonen@amersports.com

 

DISTRIBUTION

Helsinki Stock Exchange

Principal media

 

 

AMER SPORTS CORPORATION

Amer Sports (www.amersports.com) is the world's leading sports equipment company with internationally recognized brands including Wilson, Atomic, Suunto, Precor and Salomon. All Amer Sports companies develop and manufacture technically advanced products that improve the performance of active sports participants. The Group's business is balanced by its broad portfolio of sports and presence in all major markets.

 

 

Mr. Wauters holds a Post Graduate degree in geopolitics from U:L:B Brussels University, Belgium. He is joining Amer Sports from Newell Rubbermaid (www.newellrubbermaid.com) in Paris, France, where he held the position of Vice President, Supply Chain, EMEA. Mr. Wauters will relocate to Helsinki, Finland and will be based at Amer Sports headquarters.

 

Mr. Wauters will report to Mr. Roger Talermo, Amer Sports' President and CEO and will be a member of the Executive Board.

 

Mr. Max Alfthan, Senior Vice President, Communications, Amer Sports Corporation,
tel. +358 9 7257 8216

 

AMER SPORTS CORPORATION

Communications

 

 

DISTRIBUTION

Helsinki Stock Exchange

Principal media

 

 

AMER SPORTS CORPORATION

Amer Sports (www.amersports.com) is the world's leading sports equipment company with internationally recognized brands including Wilson, Atomic, Suunto, Precor and Salomon. All Amer Sports companies develop and manufacture technically advanced products that improve the performance of active sports participants. The Group's business is balanced by its broad portfolio of sports and presence in all major markets.

 

In addition, Danske Bank A/S's Helsinki Branch has informed that according to the existing loan agreement, the shares will return to its possession on May 27, 2008, which will return its ownership rights to one-twentieth (1/20) of the company's share capital and voting rights. The Danske Bank A/S Helsinki Branch owns 7,000,000 shares, which represent 9.58% of the company's share capital and voting rights.

 

Amer Sports capital consists of 73,045,551 issued shares.

 

Mr Tommy Ilmoni, Vice President, Investor Relations, Amer Sports Corporation,

tel. +358 9 7257 8233

 

 

AMER SPORTS CORPORATION

Communications

 

 

DISTRIBUTION

Helsinki Stock Exchange

Principal media

 

 

AMER SPORTS CORPORATION

Amer Sports (www.amersports.com) is the world's leading sports equipment company with internationally recognized brands including Wilson, Atomic, Suunto, Precor and Salomon. All Amer Sports companies develop and manufacture technically advanced products that improve the performance of active sports participants. The Group's business is balanced by its broad portfolio of sports and presence in all major markets.

 

 

 

 

On March 19, 2008, Novator Finland Oy notified of a partial conversion of direct holdings in shares of Amer Sports Corporation into OMX market forwards. The period of the forward contracts has been extended to August 21, 2008. Furthermore, Novator Finland Oy has entered into a securities lending agreement, whereby Novator Finland Oy will hold directly the same amount of shares that are underlying of the OMX market forwards from May 23 through May 26, 2008.

 

Therefore, during this period, Novator Finland Oy's direct and potential holding in Amer Sports Corporation will temporarily exceed one-fourth (1/4) of the company's shares and voting rights. However, since the securities lending agreement concerns the same amount of shares that are underlying of the OMX market forwards, Novator Finland Oy's existing and potential holding in the company will not in practice change from the previous level of 20.11% of share capital and voting rights.

 

After settlement of the securities lending agreement concerning 7,000,000 shares in the company and for the period of the lending agreement, Novator Finland Oy will directly hold 14,688,900 shares, representing 20.11% of the company's shares and voting rights.

 

Amer Sports capital consists of 73,045,551 issued shares.

 

Mr Tommy Ilmoni, Vice President, Investor Relations, Amer Sports Corporation,

tel. +358 9 7257 8233

 

 

AMER SPORTS CORPORATION

Communications

 

 

DISTRIBUTION

Helsinki Stock Exchange

Principal media

 

 

AMER SPORTS CORPORATION

Amer Sports (www.amersports.com) is the world's leading sports equipment company with internationally recognized brands including Wilson, Atomic, Suunto, Precor and Salomon. All Amer Sports companies develop and manufacture technically advanced products that improve the performance of active sports participants. The Group's business is balanced by its broad portfolio of sports and presence in all major markets.

 

 

 

 

Mr Martin Burkhalter, 56, (Swiss nationality) is Chief Commercial Officer at Vizrt (www.vizrt.com), a Norwegian software company specializing in video production technology that is listed on the Oslo and Frankfurt Stock Exchanges.

 Formerly Mr Burkhalter worked as Senior Vice President and Managing Director for Reebok EMEA

     (www.reebok.com) in Paris and as CEO of Intersport International Corporation (www.intersport.com), Bern.

 He has experience from branded consumer goods wholesale and retail organizations, turnarounds, and

     implementing new strategic solutions for profit enhancement and business growth.

 

Mr Christian Fischer, 43, (Austrian nationality) is the founder and major shareholder of Accelate, Business Launch and Expansion GmbH (www.accelate.com) and previously served as a management consultant with A.T.Kearney (www.atkearney.com) in Munich. Mr Fischer is also the founder and major shareholder of Austria's leading security retail chain, Security Land (www.securityland.at).

 Mr Fischer is an experienced international management consultant with a background in the fields of sporting

     goods, branding, and in redesigning the marketing and sales organizations of leading international branded

     consumer goods companies.

 He has implemented growth strategies and has restructuring experience.

 

Mr Bruno Sälzer, 50, (German nationality) was Chairman and CEO of Hugo Boss AG (group.hugoboss.com) in Germany in 2002-2008 and has been a member of the Managing Board at Hugo Boss since 1995.

 Formerly Mr Sälzer worked for Schwarzkopf AG (www.schwarzkopf.com) and Beiersdorf AG

     (www.beiersdorf.com) in Germany.

 He is a strong, international manager with brand and retail knowledge as well as fashion and sports products

     knowledge. Mr Sälzer is a well know authority in metropolitan behavioral trends and their business impacts.

 

The Board's term of service will run through the 2009 Annual General Meeting.

 

It has been brought to the Committee's attention that shareholders representing approximately 55% of the Amer Sports Corporation's shares and votes will support the proposal on the Extraordinary Shareholders Meeting.

 

The Nomination Committee comprises of four independent members of the Board of Directors: Ilkka Brotherus (Chairman of the Committee), Anssi Vanjoki, Timo Maasilta and Felix Björklund.

 

Mr Anssi Vanjoki, Chairman of the Amer Sports Corporation Board, tel. +358 400 536 172

 

 

AMER SPORTS CORPORATION

Communications

 

 

Ms Maarit Mikkonen

Communications Manager

Tel. +358 9 7257 8306, e-mail: maarit.mikkonen@amersports.com

 

DISTRIBUTION

OMX Nordic Exchange Helsinki

Major media

 

The change in Nordea Bank AB's ownership and market forwards was previously announced on March 20, 2008.

 

Amer Sports capital consists of 73,045,551 issued shares.

 

Mr Tommy Ilmoni, Vice President, Investor Relations, Amer Sports Corporation,

tel. +358 9 7257 8233

 

 

AMER SPORTS CORPORATION

Communications

 

 

DISTRIBUTION

Helsinki Stock Exchange

Principal media

 

 

AMER SPORTS CORPORATION

Amer Sports (www.amersports.com) is the world's leading sports equipment company with internationally recognized brands including Wilson, Atomic, Suunto, Precor and Salomon. All Amer Sports companies develop and manufacture technically advanced products that improve the performance of active sports participants. The Group's business is balanced by its broad portfolio of sports and presence in all major markets.

 

 

In addition, Danske Bank A/S's Helsinki branch has announced that it holds forward market transactions, which according to the existing terms, will expire in June of 2008. If realized, the market forwards will lead to Danske Bank A/S Helsinki branch's ownership rights falling below one-twentieth by June 19, 2008, at the earliest.

 

 

 

Amer Sports capital consists of 73,045,551 issued shares.

 

Mr Tommy Ilmoni, Vice President, Investor Relations, Amer Sports Corporation,

tel. +358 9 7257 8233

 

 

AMER SPORTS CORPORATION

Communications

 

 

DISTRIBUTION

Helsinki Stock Exchange

Principal media

 

 

AMER SPORTS CORPORATION

Amer Sports (www.amersports.com) is the world's leading sports equipment company with internationally recognized brands including Wilson, Atomic, Suunto, Precor and Salomon. All Amer Sports companies develop and manufacture technically advanced products that improve the performance of active sports participants. The Group's business is balanced by its broad portfolio of sports and presence in all major markets.

 

 Amer Sports Q1 net sales decreased 5% to EUR 363.0 million. The results were particularly affected by the weakening of the U.S. dollar. Net sales in local currency terms increased 2%.

 Earnings before interest and taxes (EBIT) improved to EUR 0.0 million (-7.8). The Winter and Outdoor business drove the improvement of EBIT; its net sales increasing 15% in local currency terms. Earnings per share amounted to EUR -0.07 (-0.15).

 The restructuring of the winter sports equipment business is progressing as scheduled. These procedures will increase the company's cost competitiveness in the coming years. The general recovery of the winter sports equipment marketplace, based on received pre-orders, is progressing but inconsistently.

 The slowdown of North American consumer demand is creating uncertainty regarding the full-year outlook. The company's full-year result, before non-recurring items, is expected to improve compared with last year.

 

 

 

 

"Organic growth in the sports equipment market was minimal. In the United States, demand was two-sided: sales slowed down in major department store chains, while growth continued in specialty stores. Pre-orders for winter sports equipment have started. Judging from the orders already received, the recovery of the winter sports equipment market is inconsistent.

 

"Amer Sports Q1 sales fell somewhat short of target. Apparel and footwear as well as cycling achieved solid growth. The weakening of the U.S. economy was seen particularly in the decrease of demand for Precor's products for home use. Positive sales development of winter sports equipment compared to the previous year is not yet indicative of the full-year picture; the amount of pre-orders for the upcoming season will be the decisive factor.

 

"The integration of Salomon and Atomic is proceeding, and the restructuring will be completed according to the planned schedule, during Q2.

 

"In this challenging market situation, we will adjust our costs. At the same time, we will systematically continue to implement our long-term strategy, create the prerequisites for improving our competitiveness and profitability, and strengthen our market position."

 

Amer Sports Q1 net sales decreased 5% to EUR 363.0 million. The sales development was particularly affected by the weakening of the U.S. dollar. Net sales in local currency terms increased 2%.

 

Net sales by business segment were as follows:  Winter and Outdoor 44% (Winter Sports Equipment 23%), Ball Sports 40% and Fitness 16%. Winter and Outdoor sales increased 12%. Ball Sports sales decreased 12% and Fitness 23%. In local currency terms, net sales in Winter and Outdoor increased 15%. Ball Sports net sales decreased 4% and Fitness 13%.

 

The split of net sales by geographical segment was as follows: the Americas (North, South and Central America) 48%, EMEA (Europe, Middle East and Africa) 43%, and Asia Pacific 9%. Sales in EMEA increased 12% but declined by 16% in the Americas and by 5% in Asia Pacific. In local currency terms, net sales were up 13% in EMEA but down 6% in the Americas and 1% in Asia Pacific.

 

The Group's EBIT amounted to EUR 0.0 million (-7.8). The Winter and Outdoor business was behind the improvement of EBIT; its net sales increased 15% in local currencies.

 

Earnings before taxes were EUR -6.9 million (-14.6). Earnings per share came in at EUR -0.07 (-0.15). Net financial expenses amounted to EUR -6.9 million (-6.8).

 

 

The Group's capital expenditure on fixed assets totaled EUR 6.5 million (8.9). The Group's depreciation was EUR 7.6 million (8.1).

 

 

EUR 14.6 million (14.8) was invested in research and development, representing 4.0% of net sales.

 

 

The Group's net debt at the end of March was EUR 501.0 million (EUR 588.2 million on December 31, 2007).

 

Net cash flow from operating activities after interest and taxes was EUR 118.1 million (141.3). Net cash flow from investing activities was EUR -3.9 million (-7.1).

 

In 2007, Amer Sports issued two private placement bonds for Finnish institutional investors. The total amount of the bonds, with maturities of two and four years, is EUR 150 million.

 

Of the EUR 575 million credit facility agreed upon in 2005, EUR 165 million was paid in June 2007. At the end of March, USD 100 million had been drawn on the credit facility and the committed unused portion was EUR 325 million. The credit facility will mature in 2011 and 2012.

 

Short-term financing is raised with a domestic commercial paper program of EUR 500 million, of which EUR 314 million had been used at the end of the period.

 

Liquid assets amounted to EUR 34.4 million (41.7) at the end of the period.

 

The equity ratio was 31.4% (34.3%) and gearing was 112% (95%).

 

 

 

*) In local currency terms

 

Q1 net sales increased 15% in local currency terms. The breakdown of net sales was as follows: Winter Sports Equipment, 23%, Apparel and Footwear, 43%, Cycling, 21%, and Sports Instruments, 13%.  EMEA accounted for 69%, the Americas for 22%, and Asia Pacific for 9% of net sales. Sales in local currencies were up 35% in Asia Pacific, 13% in EMEA, and 10% in the Americas.

 

Earnings before interest and taxes (EBIT) improved to EUR -14.6 million (-34.4). The improvement was due to strong growth in the profitability of Apparel and Footwear and an increase in Winter Sports Equipment sales on the previous year.

 

 

Net sales of Winter Sports Equipment increased 22% in local currency terms. Sales of both Atomic and Salomon were fuelled by increased demand for alpine skiing equipment in Central Europe. The cross-country skiing equipment market was still extremely challenging. Positive sales development of winter sports equipment compared to the previous year is not indicative of the full-year picture; the amount of pre-orders for the upcoming season will be the decisive factor. These orders vary greatly, both geographically and by product category, and there are also great differences between customer segments.

 

The restructuring of the winter sports equipment business announced in January 2008 will streamline the industrial processes of Atomic and Salomon, as different sites will be specializing in their own strengths. The changes are estimated to reduce approximately 400 positions globally during 2008.  Labor negotiations with employees are underway, and they are expected to be complete during Q2. Annual cost savings are expected to amount to EUR 20 million, starting from 2009.

 

Sales of apparel and footwear continued to soar: net sales increased 18% in local currencies. The popularity of trail running continues to grow, and Salomon has strengthened its position as a manufacturer of technical trail running shoes. Indeed, Salomon's Wings running shoes have received a very favorable reception in the market. Judging from the pre-orders for apparel and footwear made for fall/winter 2008/09, continued solid sales development can be expected.

 

The number of cycling enthusiasts world-wide continues to increase. Bicycle component manufacturer Mavic had a good start for the year, its net sales increasing 13% in local currency terms.

 

Sports instruments net sales were on par with the previous year in local currency terms. Sales are expected to increase during Q2 with new product launches; for instance, Suunto's revised t-line wristop computers will be hitting the market. It is believed that these will help to return Suunto to a growth track.

 

 

*) In local currency terms

 

Q1 net sales decreased 4% in local currency terms. The breakdown of net sales was as follows: Racquet Sports 44%, Team Sports 40% and Golf 16%. The Americas accounted for 65%, EMEA for 25%, and Asia Pacific for 10% of net sales. Sales in local currencies were up 8% in EMEA and down 5% in the Americas. The decline of 21% in Asia was mainly due to licensing of the Golf business in Japan.

 

EBIT in local currency terms was down 12% to EUR 15.7 million.

 

 

Racquet Sports net sales increased 3% in local currencies. Wilson retained its solid position in the racquet market. Accessories and strings were the fastest-growing businesses.

 

Team Sports net sales declined 2% in local currency terms. Demand in large sports equipment chains softened, whereas sales in specialty stores saw favorable development.

 

Golf net sales decreased 21% in local currency terms. Wilson's sales were cut by the decision made in 2007 to license the golf business in Japan and close down golf ball production in the United States. In addition to this, the softening of the economy and increased share of private labels decreased Wilson's sales to department stores in the United States. In Europe, the Golf business developed favorably.

 

 

*) In local currency terms

 

Q1 net sales decreased 13% in local currency terms. The Americas accounted for 77%, EMEA for 17%, and Asia Pacific for 6% of net sales. In local currency terms, sales were up 29% in EMEA, and down 10% in Asia Pacific and 19% in the Americas.

 

Due to the considerable fall in sales, EBIT decreased to EUR 3.7 million (9.9).

 

The softening of consumer demand in the United States had a noticeable impact on the demand for Precor's products for home use.

 

Sales to health clubs continued to thrive in North America and EMEA. Sales were promoted by the successful launch of the AMT (Adaptive Motion Trainer) in EMEA and Asia Pacific.

 

 

At the end of the period, the Group had 6,351 employees (6,635). The Group had an average of 6,319 employees (6,612) during the review period.

 

 

 

AMER SPORTS SHARES AND SHAREHOLDERS

 

At the end of the review period Amer Sports had 12,300 registered shareholders. Non-Finnish nationals owned 47.7% (59.9%) of the shares.

 

During the period, a total of 57.2 million Amer Sports shares were traded on the Helsinki Stock Exchange to a total value of EUR 782.8 million. The share turnover was 79.2% (of the average number of shares excluding own shares).

 

At the close of the review period, the last trade in Amer Sports Corporation shares was completed at a price of EUR 12.75. The high for the period on the Helsinki Stock Exchange was EUR 19.00 and the low EUR 11.91. The average share price was EUR 13.67.

 

On March 31, 2008, the company had a market capitalization of EUR 925.7 million excluding own shares (1,182.9).

 

The company has 445,000 own shares. The number of own shares corresponds to 0.6% of all Amer Sports shares.

 

At the end of 2007, shares were subscribed for with warrants as follows.

 

 

The increases in share capital were entered in the Trade Register on February 13, 2008.

 

On March 31, 2008, the company's registered share capital was EUR 292,182,204 and the total number of shares was 73,045,551.

 

 

On January 11, 2008, Amer Sports received information to the effect that Orkla ASA (Norwegian business ID 910 747 711) had acquired 300,000 Amer Sports Corporation shares on January 10, 2008. The number of shares now held by Orkla is 3,887,880, corresponding to 5.4% of Amer Sports Corporation share capital and voting rights.

 

On January 23, 2008, the company received information to the effect that as a result of an agreement entered into between Novator Finland Oy, Ajanta Oy and its fully-owned subsidiary Ajanta N.V, these companies' shareholding in Amer Sports Corporation may exceed one-fifth (1/5) of the shares and voting rights in Amer Sports Corporation. On January 22, 2008, Novator Finland Oy, Ajanta Oy and Ajanta N.V. entered into an agreement regarding, among other things, the use of voting power in Amer Sports Corporation. The agreement is effective until June 30, 2009, or for as long as these companies own shares or forward contracts related to shares in Amer Sports Corporation, or until the agreement is terminated. The potential shareholding of Novator Finland Oy and Ajanta N.V. in Amer Sports Corporation was in total 20.31%, or 14,688,917 shares.

 

On January 24, 2008, Amer Sports Corporation received information to the effect that Novator Finland Oy's shareholding in Amer Sports Corporation may exceed one-fifth (1/5) of the shares and voting rights in Amer Sports Corporation as a result of forward contracts on January 23, 2008. As a result, the agreement regarding Amer Sports Corporation between Novator Finland Oy, Ajanta Oy and its fully-owned subsidiary Ajanta N.V. ceased to be effective, and Ajanta Oy's potential shareholding in Amer Sports Corporation fell below one-twentieth (1/20) of the shares and voting rights in Amer Sports Corporation.

 

On February 19, 2008, Amer Sports Corporation received information to the effect that Nordea Bank AB has notified that part of its forward market transactions has been closed and that Nordea Bank Finland Oyj has sold 12,748,100 Amer Sports Corporation shares. As a result, Nordea Group's and Nordea Bank Finland Oyj's holdings of Amer Sports Corporation have fallen below 1/20. Nordea Group holds in total 0.55% of Amer Sports Corporation share capital and voting rights (402,068 shares).

 

On February 20, 2008, Amer Sports Corporation received information to the effect that Novator Finland Oy's shareholding in Amer Sports Corporation exceeded on February 19, 2008 one-fifth (1/5) or 20.11% of Amer Sports Corporation share capital and voting rights (14,688,900 shares). On January 23, 2008, Novator Finland Oy notified that it holds forward contracts for 12,748,100 shares in Amer Sports Corporation that mature on June 19, 2008. Because Novator Finland Oy sold these forward contracts on February 19, 2008, the maturity of the above-mentioned forward contracts will not result in any changes in the shareholding of Novator Finland Oy in Amer Sports Corporation

 

On March 20, 2008, Amer Sports Corporation received information to the effect that Novator Finland Oy's shareholding in Amer Sports Corporation has fallen below 15% of Amer Sports Corporation share capital and voting rights. Novator Finland Oy's combined direct and indirect shareholding was still 20.11% of shares and voting rights. On March 19, 2008, Novator Finland Oy sold 7,000,000 shares and signed an OMX forward contract for 7,000,000 shares, corresponding to 9.58% of the company's shares. Novator Finland Oy's direct shareholding in Amer Sports was 7,668,900 shares, corresponding to 10.53% of shares and voting rights. When the OMX forward contracts mature on May 16, 2008, Novator Finland Oy's shareholding in Amer Sports will exceed 1/5 of the company's shares and voting rights.

 

On March 20, 2008, Amer Sports Corporation received information to the effect that the total number of shares held by the mutual funds and separate accounts managed by the affiliated investment adviser of Franklin Resources Inc. represents 4.96% of Amer Sports Corporation's share capital and voting rights.

 

On March 20, 2008, Amer Sports Corporation received information to the effect that Nordea Bank AB's (publ) (Swedish business ID 516406-0120) Finnish affiliated company Nordea Bank Finland Plc (1680235-8) had acquired 3,500,000 Amer Sports Corporation shares on March 19, 2008. With the shares acquired by Nordea Bank Finland Plc, Nordea Group holdings of Amer Sports Corporation exceeded one-twentieth (1/20) or 5.25% of Amer Sports Corporation share capital and voting rights (3,837,639 shares). Nordea Bank Finland Plc had also made forward market transactions involving Amer Sports Corporation. When the May 2008 forward market transactions mature, Nordea Bank Finland Plc and Nordea Group holdings of Amer Sports Corporation will fall below 1/20.

 

In accordance with Chapter 2, section 9 of the Securities Market Act, Amer Sports Corporation has reported the above-mentioned transactions in stock exchange releases, which are available on the company's website at www.amersports.com.

 

 

As decided by the Annual General Meeting on March 5, 2008, a dividend of EUR 0.50 was paid per share. The dividend payout date was March 18, 2008.

 

The AGM confirmed that the number of Board members shall be seven (7). Felix Björklund, Ilkka Brotherus, Tuomo Lähdesmäki, Timo Maasilta, Roger Talermo, Anssi Vanjoki and Pirjo Väliaho were re-elected members of the Board of Directors. The Board's term of service will run through the 2009 Annual General Meeting.

 

The annual remuneration paid to the members of the Board was approved as follows: Chairman EUR 80,000, Vice Chairman EUR 50,000 and other members EUR 40,000. 40% of the annual remuneration is paid in the form of Company shares and 60% in cash. A member of the Board is not allowed to sell or transfer any of these shares to any third party during the term of their respective Board membership. However, this limitation is only valid for, at most, five years after the acquisition of the shares. The President of Amer Sports Corporation does not receive any additional remuneration in respect of his Board membership.

 

The AGM elected Authorized Public Accountants PricewaterhouseCoopers Oy to act as the auditor of the Company, with Jouko Malinen, Authorized Public Accountant, as the auditor in charge of the audit. It was decided that the auditor's fee will be paid as per invoice.

 

 

At its first meeting immediately following the AGM, the Board of Directors elected Anssi Vanjoki Chairman and Ilkka Brotherus Vice Chairman. Anssi Vanjoki (Chairman of the Committee), Tuomo Lähdesmäki, Pirjo Väliaho and Felix Björklund were elected members of the Remuneration Committee. Ilkka Brotherus (Chairman of the Committee), Anssi Vanjoki, Timo Maasilta and Felix Björklund were elected members of the Nomination Committee. Tuomo Lähdesmäki (Chairman of the Committee), Felix Björklund and Timo Maasilta were elected members of the Audit Committee. Kristiina Huttunen, Vice President, Legal Affairs, acts as secretary to the Amer Sports Corporation Board.

 

As announced in the stock exchange release on March 3, 2008, the board's nomination committee immediately launched the process of determining the board's new composition.

 

 

On March 5, 2008, Amer Sports Corporation shareholder Novator Finland demanded, in accordance with chapter 5, section 4 of the Finnish Companies Act (624/2006), that an Extraordinary General Meeting of Amer Sports Corporation be convened as soon as possible to elect a new Board of Directors for the company and to replace the members of the Board of Directors elected in the Annual General Meeting held on March 5, 2008.

 

On April 4, 2008, Amer Sports Corporation Board of Directors summoned the Company's shareholders to an extraordinary general meeting to be held on June 4, 2008, in which the propositions by the Nomination Committee of the Amer Sports Corporation Board's Nomination Committee and Novator Finland Oy to release the Company's current Board members from their positions and to elect a new Board of Directors were heard. The invitation to the extraordinary general meeting is available on the company's website at www.amersports.com.

 

 

Amer Sports Corporation's short-term risks are particularly associated with consumer demand in North America and advance sales of winter sports equipment. Further information on the Company's business risks and uncertainty factors is available in the Company's Annual Report and website at www.amersports.com -> Investors.

 

 

Amer Sports Corporation sold its corporate headquarters building, located at Mäkelänkatu 91, to Catella Real Estate AG for 23 million euros on April 24, 2008. Amer Sports books a capital gain of approximately 13 million euros in its second quarter result. The company will remain in the building as its primary tenant.

 

 

The weakened U.S. dollar and the softening of North American consumer demand is creating uncertainty with regard to the full-year outlook. Based on received pre-orders, the development of the winter sports equipment market seems inconsistent. Full-year EBIT, excluding non-recurring other income, is estimated to improve on the previous year.

 

Guidance announced in February:

 In 2008 Amer Sports aims to achieve a 5% increase in net sales in local currencies. It is estimated that Amer Sports EBIT will amount to EUR 100-130 million (comparison EBIT for 2007 excluding non-recurring items amounted to EUR 92.2 million).

 Earnings per share are estimated to come in at EUR 0.75-1.00 (comparison earnings for 2007 excluding non-recurring items was EUR 0.70).

 

The Company will aim to specify its guidance further when publishing Q2 result.

 

 

The interim report has been prepared in compliance with IAS 34. Accounting policies and the calculation of key figures have been presented in the Group's 2007 Annual Report, and no amendments have been made to these.

 

Unaudited

 

EUR million

 

 

 

*) 12 months' rolling average

 

The relative proportion of the estimated tax charge for the full financial year has been charged against the result for the period.