Amer Sports Corporation has received information to the effect that Orkla ASA 's (Norwegian trade register no. 910 747 711) share capital and voting rights of Amer Sports has fallen below 5% on February 6, 2012. Orkla ASA now owns 3,891,352 shares, which represent 3.2% of Amer Sports Corporation's share capital and voting rights (previously 6,081,352 shares).

Amer Sports capital consists of 121,517,285 issued shares.

For further information, please contact:
Päivi Antola, Director, Corporate Communications and Investor Relations,
tel. +358 9 7257 8233

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

In accordance with the decision of the Board of Directors of Amer Sports Corporation on January 31, 2012, the company will redeem the EUR 60 million hybrid bond issued on March 12, 2009.

In accordance with the terms and conditions of the bond, the redemption will be made on March 12, 2012.

For further information, please contact:
Esko Heinälehto, Group Treasurer, tel. +358 9 7257 8258

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

Amer Sports Corporation's Board of Directors has decided to cancel altogether 3,000,000 own shares held by the Company, which totals about 2.5% of the registered number of shares. The cancellation does not affect the Company's share capital. After the cancellation the Company will hold 1 012 125 own shares.

The registered number of shares will be 118,517,285 after the cancellation.

The cancellation becomes valid after it has been registered at the Trade Register.

AMER SPORTS CORPORATION
Board of Directors

For further information, please contact:
Päivi Antola, Director, Corporate Communications and Investor Relations,
tel. +358 9 7257 8233

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

A. THE FOLLOWING MATTERS WILL BE ON THE AGENDA OF THE MEETING:

1. Opening of the Annual General Meeting

2. Calling the Annual General Meeting to order

3. Election of persons to scrutinize the minutes and to supervise the counting of votes

4. Recording the legality of the Annual General Meeting

5. Recording the attendance at the Annual General Meeting and adoption of the list of votes

6. Presentation of the annual accounts, the report of the Board of Directors and the auditor's report for the year 2011
Review by the President and CEO

7. Adoption of the annual accounts

8. Resolution on use of the profit shown on the balance sheet and the payment of dividend
The Board of Directors proposes to the Annual General Meeting a dividend of EUR 0.33 per share to be paid for the financial year ended December 31, 2011. The dividend will be paid to shareholders who are registered on the list of shareholders maintained by Euroclear Finland Ltd as of March 13, 2012, which is the record date for the dividend payment. The dividend will be paid on March 20, 2012.

9. Resolution on the discharge of the members of the Board of Directors and the CEO from liability

10. Resolution on the remuneration of the members of the Board of Directors
The Nomination Committee of the Board of Directors proposes to the Annual General Meeting that the remuneration payable to the members of the Board of Directors to be elected at the Annual General Meeting for the term until the close of the Annual General Meeting in 2013 be as follows: Chairman EUR 100,000, Vice Chairman EUR 60,000, and other members EUR 50,000. No extra remuneration is paid from attending meetings of the Board of Directors or meetings of the Committees of the Board of Directors. Of the annual remuneration, 40% is being paid in the form of the Company's shares and 60% in cash.

11. Resolution on the number of the members of the Board of Directors
The Nomination Committee of the Board of Directors proposes to the Annual General Meeting that the number of the members of the Board of Directors is confirmed to be seven (7).

12. Election of members of the Board of Directors
The Nomination Committee of the Board of Directors proposes to the Annual General Meeting that from the present members of the Board of Directors Anssi Vanjoki, Ilkka Brotherus, Martin Burkhalter, Christian Fischer, Bruno Sälzer and Hannu Ryöppönen be re-elected as members of the Board of Directors.

The present member of the Board of Directors, Pirjo Väliaho has announced with a short notice that she will not be available for the election of the members of the Board of Directors in the 2012 Annual General Meeting. The Nomination Committee of the Board of Directors will supplement its proposal for members of the Board of Directors without undue delay. The completed proposal will thereafter be announced with a separate stock exchange release.  

The Board of Directors' term of service will run until the close of the 2013 Annual General Meeting.

13. Resolution on the remuneration of the auditor
The Audit Committee of the Board of Directors proposes to the Annual General Meeting that the auditor's fee will be paid as invoiced.

14. Election of auditor
The Audit Committee of the Board of Directors proposes to the Annual General Meeting that Authorized Public Accountants PricewaterhouseCoopers Oy be elected to act as auditor of the Company. The Audit Committee of the Board of Directors proposes that auditor in charge of the audit is Jouko Malinen, Authorized Public Accountant.

15 Authorizing the Board of Directors to decide on the repurchase of the Company's own shares
The Board of Directors proposes to the Annual General Meeting the Board of Directors to be authorized to decide on the repurchase of a maximum of 10,000,000 of the Company's own shares ("Repurchase Authorization"). The Company's own shares shall be repurchased otherwise than in proportion to the holdings of the shareholders by using the non-restricted equity through public trading on the Nasdaq OMX Helsinki at the market price prevailing at the time of acquisition.

The shares shall be repurchased and paid for in accordance with the rules of the Nasdaq OMX Helsinki and Euroclear Finland Ltd.

The Repurchase Authorization is valid eighteen (18) months from the decision of the Annual General Meeting.

16. Closing of the Annual General Meeting

B. INSTRUCTIONS FOR THE PARTICIPANTS IN THE ANNUAL GENERAL MEETING

1. Documents for the Annual General Meeting
The proposals for the decisions on the matters on the agenda of the Annual General Meeting and this notice are available at the Company's web site at www.amersports.com as of the date of this notice. The annual accounts and the report of the Board of Directors of Amer Sports Corporation and the auditor's report are available on the above-mentioned website no later than February 14, 2012. The proposals for the decisions and other documents mentioned above will also be available at the Annual General Meeting. The Minutes of the Annual General Meeting will be available on the above mentioned web site no later than March 22, 2012.

2. Shareholders registered on the register of the Company's shareholders
Shareholders, who are registered on the register of the Company's shareholders maintained by Euroclear Finland Ltd on the record date of the Annual General Meeting, February 27, 2012, are entitled to attend the Annual General Meeting. A shareholder, whose shares have been recorded in his/her personal Finnish book-entry account, is registered in the Company's shareholders' register.

Shareholders, who are registered in the register of the Company's shareholders and who wish to participate in the Annual General Meeting, should register for the Annual General Meeting, through a notice of participation. Notification of participation can be made via the following ways:

• on the Company's web site www.amersports.com, as of February 14, 2012 at 9:00 am;
• by telephone (+358) 9 7257 8320 on February 14, 2012 from 9:00 to 4:00 pm and from February 15, 2012 to March 5, 2012 (on weekdays) between 8:00 am and 4:00 pm; or
• by sending a letter to Amer Sports Corporation, Share Register, P.O. Box 130, FI-00601 Helsinki.

The registration ends on March 5, 2012 at 4:00 pm Finnish time (GMT +2).
The notification of participation must arrive within the registration period.

In connection with the registration, a shareholder shall notify his/her/its name, personal identification number/ business ID, address, telephone number and the name of a possible assistant, authorized representative or statutory representative and its personal identification number. The personal data given to the Company will be used only in connection with the Annual General Meeting and the processing of related registration.

3. Holders of nominee registered shares
A holder of nominee registered shares has the right to participate in the Annual General Meeting by virtue of such shares, based on which he/she on the record date of the Annual General Meeting, February 27, 2012, would be entitled to be registered in the shareholders' register of the Company held by Euroclear Finland Ltd. The right to participate in the Annual General Meeting requires, in addition, that the shareholder on the basis of such shares has been registered into the temporary shareholders' register held by Euroclear Finland Ltd. at the latest by March 5, 2012, 10.00 am Finnish time (GMT +2). As regards nominee registered shares this constitutes due registration for the Annual General Meeting.

A holder of nominee registered shares is advised to request without delay necessary instructions regarding the registration in the shareholders' register of the Company, the issuing of proxy documents and registration for the Annual General Meeting from his/her custodian bank. The account management organization of the custodian bank will register a holder of nominee registered shares, who wants to participate in the Annual General Meeting, to be temporarily entered into the shareholders' register of the Company at the latest by the time stated above.

4. Proxy representative and powers of attorney
A shareholder may participate in the Annual General Meeting and exercise his/her rights at the meeting by way of proxy representation. Any proxy representative will be required to produce a dated proxy document or otherwise in a reliable manner demonstrate his/her right to represent the shareholder at the Annual General Meeting.

When a shareholder participates in the Annual General Meeting by means of several proxy representatives representing the shareholder with shares at different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the Annual General Meeting.

Proxy documents should be delivered in original to the above mentioned address of the Company before the last date for registration.

5. Other instructions and information
Pursuant to Chapter 5, Section 25 of the Finnish Companies Act, a shareholder who is present at the Annual General Meeting has the right to present questions with respect to the matters to be considered at the meeting.

On the date of this notice to the Annual General Meeting, January 31, 2012, the total number of shares and votes represented by such shares in the Company was 121,517,285.

Helsinki, January 31, 2012

AMER SPORTS CORPORATION
Board of Directors

For further information, please contact:
Päivi Antola, Director, Corporate Communications and Investor Relations,
tel. +358 9 7257 8233

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

Corrections to the Amer Sports Corporation's Finnish Financial Statements Bulletin 2011

Amer Sports Corporation published today its Financial Statements Bulletin. In the Finnish Financial Statements Bulletin, the geographical breakdowns of net sales were not correct. In the English version, the figures were correct and no changes have been made in the English bulletin.

For further information, please contact:
Päivi Antola, Director, Corporate Communications and IR, tel. +358 9 7257 8233

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

Amer Sports Corporation Financial Statements Bulletin 2011:
A record year with full-year net sales up by 9%, EBIT margin up by 1.0 percentage point 

OCTOBER-DECEMBER 2011

• Net sales EUR 556.9 million (583.4). In local currencies, net sales increased by 2%.
• Strong broad-based growth across the business areas, partially offset by Winter Sports Equipment due to the warm start of the winter and the third quarter focused shipment schedule.
• EBIT EUR 46.3 million (56.0, excluding non-recurring items) impacted by the high EBIT in the third quarter due to the shipment schedule in Winter Sports Equipment.  
• Earnings per share EUR 0.25 (0.30).
• Net cash flow after investing activities EUR 49.0 million (57.7) mainly driven by higher inventories and receivables in Winter Sports Equipment.

JANUARY-DECEMBER 2011

• Net sales EUR 1,880.8 million (1,740.4). In local currencies, net sales increased by 9%.
• EBIT up by 26% to EUR 135.5 million (107.9, excluding non-recurring items). EBIT margin 7.2% (6.2, excluding non-recurring items).
• Earnings per share EUR 0.71 (0.52).
• Net cash flow after investing activities EUR -21.4 million (50.1).
• Gearing 47% (December 31, 2010: 37%).
• Amer Sports Board of Directors is proposing a dividend of EUR 0.33 per share (0.30 per share in 2010).

OUTLOOK FOR 2012
In 2012, Amer Sports will continue to invest into executing its long-term strategy and sustaining profitable growth.

Amer Sports expects broad-based improvement across business areas in 2012. In Winter Sports Equipment, the slow start of the 2011/12 season due to the warm weather in key markets is expected to have an adverse impact on the 2012 pre-orders. Apparel and Footwear pre-orders for spring/summer are up by 28% and 14%, respectively. Overall, Amer Sports' 2012 net sales in local currencies are expected to increase from 2011.

KEY FIGURES

*) Comparable sales 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.

HEIKKI TAKALA, PRESIDENT AND CEO:
"2011 was a record year for Amer Sports. The company reached all-time high in sales and EBIT with net sales up by 9% and EBIT by 26%. Almost all of our business units and geographic regions are improving and we can see that the strategy announced in 2010 is proving to work. I continue to be especially pleased by the progress in softgoods, which in 2011 became our largest category, representing nearly 30% of the company sales. Equally, I'm delighted by the strong development in Fitness, up by 17%, in Cycling, up by 14%, and in Team Sports, up by 11%.

Looking into 2012, we continue to drive our strategy. We do see some new challenges: the Winter Sports Equipment market will be challenging due to the slow start of the season in key markets. Further, the economical environment remains cloudy. Despite these challenges, we will have strong performance and we will continue driving our development programs with focus on profitable growth and synergies."

For further information, please contact:
Heikki Takala, President and CEO, tel. +358 9 7257 8210
Jussi Siitonen, CFO, tel. +358 9 7257 8212
Päivi Antola, Director, Corporate Communications and IR, tel. +358 9 7257 8233

TELEPHONE CONFERENCE
An English-language conference call for investors and analysts will be held today at 3:00 pm Finnish time. To participate in the call, please dial +44 (0)20 7784 1036 (UK/international dial-in number). The conference can also be followed from a direct transmission via the internet at www.amersports.com. A recorded version will be available later at the same web address: the replay number is +44 (0)20 7111 1244, and the access code 3894089#.

Annual General Meeting
Amer Sports' Annual General Meeting will be held on Thursday, March 8, 2012 at Mäkelänkatu 91, Helsinki, Finland starting at 2:00 pm. Reception for persons who have registered for the Annual General Meeting and the distribution of voting tickets will commence at 1:30 pm.

First quarter results bulletin
Amer Sports will publish its Q1/2012 results bulletin on Friday, April 27, 2012 at approximately 1:00 pm Finnish time.

FINANCIAL RESULTS IN OCTOBER-DECEMBER

NET SALES AND EBIT IN OCTOBER-DECEMBER
Amer Sports' net sales in October-December 2011 totaled EUR 556.9 million (583.4). Comparable net sales in local currencies increased by 2%.

Sales in Winter Sports Equipment declined by 14% in local currencies due to the shipment schedule as more deliveries took place already in the third quarter. Also, the slow start of the season due to the warm weather impacted adversely on in-season orders in Winter Sports Equipment. This was offset by the strong 30% growth in Fitness and the continuously good development in Footwear, up by 18%, Cycling, up by 17%, Team Sports, up by 16% and Apparel, up by 12%. Comparable net sales decreased in EMEA by 9%, and increased in the Americas by 19% and in Asia Pacific by 6%.

Net sales by business segment

*) Comparable sales in local currencies

Geographic breakdown of net sales

*) Comparable sales in local currencies

Group EBIT was EUR 46.3 million (56.0, excluding non-recurring items). The decline was mainly due to the shipment schedule in Winter Sports Equipment.

Gross margin improved by 1.6 percentage points to 42.4% (40.8) mainly as a result of the operational efficiency program in Winter Sports Equipment.

EBIT excluding non-recurring items by business segment

*) Headquarters segment consists of Group administration, shared service functions, other non-operational income and expenses and fair valuation of share based compensations. In the fourth quarter, segment operating loss decreased by EUR 4.3 million due to decreased net operational expenses of EUR 1.7 million and a change in fair valuation of share based compensations and other adjustments of EUR 2.6 million.

Net financial expenses were EUR 6.1 million (5.7) including net interest expenses of EUR 5.9 million (5.6) and unrealized net foreign exchange gains totaling EUR 0.0 million (3.4). Earnings before taxes totaled EUR 40.2 million (42.7). Earnings per share were EUR 0.25 (0.30).

FINANCIAL RESULTS 2011

In 2011, there was good development in the sporting goods market and outdoor softgoods in particular continued the strong growth. However, the impacts of the uncertainty in the macro-economic conditions started to be visible in the sporting goods market towards the year end. In December, the industry was also adversely impacted by the slow start of the winter season 2011/2012 due to the warm weather in key markets.

Amer Sports continued to execute its strategic improvement programs and to sustain profitable growth guided by the company's long-term financial targets. During the year, the company invested especially into category based operations, sales and distribution including geographic expansion, customer service and own retail.

NET SALES AND EBIT IN 2011
Amer Sports' net sales in 2011 were EUR 1,880.8 million (2010: 1,740.4). Net sales increased by 9% in local currencies, particularly due to sales growth in Footwear, up by 31%, Apparel, up by 22%, Fitness, up by 17%, Cycling, up by 14% and Team Sports, up by 11%. In local currencies, EMEA increased by 8%, the Americas by 12% and Asia Pacific by 4%. The Group's long-term target is to deliver organic, currency-neutral annual growth of 5%.

Net sales by business segment

*) Comparable sales in local currencies

Geographic breakdown of net sales

*) Comparable sales in local currencies

Gross margin was 43.5% (42.6). The improvement was mainly a result of the growth in own retail in Apparel and operational efficiency improvements in Fitness and Winter Sports Equipment.

Group EBIT was EUR 135.5 million (107.9, excluding non-recurring items). Increased sales volumes contributed approximately EUR 67 million to EBIT growth, higher gross margins approximately EUR 15 million and changes in foreign exchange rates approximately EUR -5 million. Operating expenses increased by approximately EUR 49 million, driven by volume growth related sales and distribution costs, marketing and research and development.

EBIT margin improved by 1.0 percentage point and was 7.2% (6.2, excluding non-recurring items). The Group's long-term target is to have EBIT of at least 10% of net sales.

EBIT excluding non-recurring items by business segment

*) Headquarters segment consists of Group administration, shared service functions, other non-operational income and expenses and fair valuation of share based compensations. In 2011, segment operating loss decreased by EUR 5.6 million due to decreased net operational expenses of EUR 2.4 million and a change in fair valuation of share-based compensations and other adjustments of EUR 3.2 million.

Net financial expenses totaled EUR 20.5 million (21.3) which include net interest expenses of EUR 19.9 million (17.9). Net foreign exchange gains were EUR 0.7 million (losses of EUR 2.3 million). Earnings before taxes totaled EUR 115.0 million (75.5) and taxes were EUR -24.1 million (-6.6) resulting a tax rate of 21%. Earnings per share were EUR 0.71 (0.52).

OUTLOOKS GIVEN FOR 2011
In its financial statements for 2010, it was stated that Amer Sports expected its 2011 net sales to increase from 2010 and EBIT to improve. A more detailed view of the outlook was provided in the interim reports in April and August.

Increased visibility allowed a further revision of the guidance given and in the January-September interim report, the company estimated its full-year net sales in local currencies to grow by approximately 9% and EBIT margin excluding non-recurring items to improve by approximately one percentage point from 2010.

CASH FLOW AND FINANCING
In 2011, net cash flow after investing activities (free cash flow) was EUR -21.4 million (50.1). Compared to the end of 2010, inventories increased by EUR 57.6 million due to the higher order book and inventories in softgoods and low in-season deliveries in Winter Sports Equipment. Receivables increased by EUR 55.8 million. The increase was mainly in Winter Sports Equipment. Amer Sports' long-term financial target is to have annual free cash flow equal to net profit.

At the end of 2011, the Group's net debt amounted to EUR 391.6 million (294.8). The increase was due to negative net cash flow of EUR 21.4 million, share buy-backs of EUR 36.7 million and dividends of EUR 36.4 million. Amer Sports' long-term financial target for the balance sheet structure is the year-end Net Debt / EBITDA ratio to be 3 or less. At the end of 2011, the ratio was 2.3 (2.2).

Interest-bearing liabilities amounted to EUR 470.4 million (379.5) consisting of short-term debt of EUR 219.0 million and long-term debt of EUR 251.4 million. The average interest rate on the Group's interest-bearing liabilities was 3.6% (4.4).The EUR 60 million hybrid bond is accounted as equity.

Short-term debt consists mainly of repayments of long-term loans of EUR 23.4 million (97.0) and commercial papers of EUR 194.2 (0.0) which Amer Sports had issued in the Finnish market to fund seasonally high working capital. The total size of the commercial paper program is EUR 500 million.

Cash and cash equivalents totaled EUR 78.8 million (84.7).

In April, Amer Sports issued a SEK 500 million floating rate bond with a loan period of five years targeted at Nordic institutional investors.

In November, Amer Sports signed a new syndicated revolving credit facility of EUR 200 million refinancing the previous credit facility signed in 2005. Amer Sports had not used the credit facility at the end of 2011.

The equity ratio at the end of the year was 45.6% (47.8%) and gearing was 47% (37%).

The Group's most significant transaction risk arises from the US dollar. Amer Sports is a net buyer of USD due to sourcing operations in Asia. The next 12 month EUR/USD net flow is expected to be USD 270 million. Weakening of the euro against the US dollar has therefore a negative impact on the company's EBIT, with a delay due to hedging.

Amer Sports' hedging policy covers the transaction risk up to 12-18 months forward. Depending on the business area and its characteristics, hedge ratios are between 80-120% or 30-70%. A longer hedging horizon together with higher hedge ratio is applied in Winter and Outdoor. At the end of 2011, the Group had hedged 80% of the 2012 EUR/USD net cash flow at an average EUR/USD rate of 1.38. This covers over 80% of spring/summer 2012 and half of the fall/winter 2012 USD purchases in Apparel and Footwear, where the EUR/USD exposure is the highest.

Because Amer Sports' consolidated financial statements are presented in euros, Amer Sports is subject to currency translation risk when currency dominated result is converted into euros. Combining the transaction risk and translation risks of the EBIT, Amer Sports is a net buyer of USD. In all other currencies the company is a net seller. The most significant currencies after USD are CHF, GBP, CAD and JPY, with net flows varying from EUR 45 million to EUR 55 million.

A more detailed report on the Group's financial risks and how they are managed can be found in the notes to the financial statements.

CAPITAL EXPENDITURE AND INVESTMENTS
The Group's capital expenditure totaled EUR 51.4 (39.9) million. The increase is mainly due to investments into the operational efficiency program in Winter Sports Equipment. Depreciation totaled EUR 35.8 million (35.8).

Cash flow from acquisition was EUR -6.5 million (0.0) and from divestments EUR 5.3 million (0.0).

RESEARCH AND DEVELOPMENT
Amer Sports' strategy emphasizes excellence in consumer-centric product creation. Through continuous research and development, Amer Sports seeks to develop new and better sporting goods that appeal to consumers and its trade customers.

The Group has seven R&D and design sites globally serving different business areas as well as increasingly collaborating across units. A total of EUR 64.2 million was invested in research and development in 2011, accounting for 9.2% of all operating expenses (2010: 57.4 million, 8.8% of operating expenses; 2009: EUR 52.0 million, 9.0% of operating expenses). Winter and Outdoor's share of the R&D expenditure was 66%, while Ball Sports accounted for 13% and Fitness for 21%.

On December 31, 2011, 583 (514) persons were employed in the company's research and development activities, approximately 8% (8) of the total number of people employed by Amer Sports.

SALES AND MARKETING
Amer Sports sells its products to trade customers (including sporting goods chains, specialty retailers, mass merchants, fitness clubs and distributors) and directly to consumers through brand stores, factory outlets, and ecommerce.

Amer Sports' strategic priorities include strengthening the consumer understanding and consumer relevance (Win with Consumers) and strengthening the Group's commercial fundamentals through sales and distribution (Win in Go to Market).

In Winning with Consumers, Amer Sports established in 2011 regional consumer marketing operations in Shanghai for Asia and in Portland for the Americas to improve the brands' local consumer understanding and relevance.

In Winning in Go to Market, the focus was on expanding the distribution footprint both in developed and new expansion markets as well as growth in own retail and ecommerce. During the year, Amer Sports made several investments in its sales and distribution organization: it developed specific distribution tracking metrics, expanded its sales force to increase market coverage, developed its trade and co-marketing programs with retailers and distributors to drive broader coverage across the product portfolio and restructured its processes to proactively identify areas of joint benefits from collaboration across product portfolio. In the new expansion markets of Russia, China and Latin America, the growth was significant and in 2011, these markets accounted for 7% (5) of the Group's net sales.

At the end of 2011, Amer Sports had 172 (150) brand stores. The majority of the stores are operated by local, independent partners. In 2011, Amer Sports strengthened its ecommerce. Of the brands, Salomon, Suunto and Arc'teryx are selling on-line in selected countries.

On December 31, 2011, the Amer Sports shared sales network covered 33 countries. 2,454 (2,205) persons were employed in sales and distribution activities, representing approximately 35% (33) of the total number of people employed by Amer Sports. 560 (510) persons were employed in marketing activities.

SUPPLY CHAIN MANAGEMENT
Reliable, efficient and timely supply chain management is an important element in Amer Sports' strategy. In 2011 the main focus was to lead step change in customer service excellence.

To gain operational efficiencies and cost savings, Amer Sports is constantly reviewing both its make or buy strategy and the company's global production and sourcing footprint. Approximately 10% of Amer Sports' production value is in the Americas, 30% in EMEA and 60% in Asia, with China representing approximately 30% of the total.

Amer Sports manufactures approximately 20% of its products itself and approximately 15% is produced by partially outsourced vendors. Of Amer Sports' total production value, approximately 65% is outsourced. This includes manufacturing in all racquet sports and golf products, most team sports products and most of the apparel and footwear. The manufacturing of products and components for a variety of winter sports equipment, cycling, sports instruments and fitness equipment has also been outsourced.

Amer Sports most important own production facilities are located in Austria, France, Finland, Canada, Bulgaria and the United States.

HUMAN RESOURCES
Amer Sports' People Strategy is designed to support the company's strategy, strategic business initiatives and focus areas. The People Strategy goals in 2011 were as follows:

• Build capabilities and nourish engagement
• Enhance strong performance culture and coaching leadership
• Leverage strong HR partnership

In 2011, Amer Sports developed its talent management model further to enhance organizational capability building and talent rotation. A special program was established to build capabilities in Amer Sports sales force.

Employee engagement survey, which measures employee engagement and job satisfaction, showed an improvement of all survey items since the previous survey conducted in 2009. On the basis of the survey, 80% of the respondents are extremely satisfied with Amer Sports as a place to work. The response rate was 90%.

On December 31, 2011, the number of Group employees was 7,061 (December 31, 2010: 6,645, December 31, 2009: 6,331). The increase came mainly from personnel working in sales and distribution. The average number of personnel in 2011 was 6,921 (2010: 6,545; 2009: 6,362). At the end of 2011, men represented 62% (2010: 62%; 2009: 62%) of Amer Sports employees and women 38% (2010: 38%; 2009: 38%).

Salaries, incentives and other related costs paid in 2011 totaled EUR 358.7 million (2010: 336.4; 2009: 301.5). The Amer Sports' reward system is based on performance focusing on team and individual accountability. Basic pay is supplemented by performance-based bonus schemes and long-term incentive programs.

SOCIAL RESPONSIBILITY
Amer Sports is committed to implementing its business strategy in an ethically and socially responsible manner, striving to improve its performance and to meet the company's economic, social, and environmental goals as defined in the Amer Sports code of conduct.

All Amer Sports suppliers are required to meet the Group's standards for ethical operations, which are based on International Labor Organization (ILO) and SA8000 standards and the United Nations Universal Declaration of Human Rights.

Amer Sports has a third party audit program to help sourcing partners comply with industry standards, regulations, and Amer Sports' expectations in regards to quality, health and safety, social responsibility and environment. The audit process includes factory visits and training sessions with factory management to assist them in meeting the company standards. All new suppliers are audited before an order can be placed.

In 2011, the company participated for the first time in Carbon Disclosure Project (CDP) and positioned globally in the mid-range level.

BUSINESS SEGMENT REVIEWS

WINTER AND OUTDOOR

*) Comparable sales in local currencies

In 2011, Winter and Outdoor's net sales were EUR 1,137.6 million (1,015.0), an increase of 12% in local currencies. Net sales growth was driven by Footwear, with an increase of 31%, supported by Apparel, up by 22%, and Cycling, up by 14%. EMEA, the largest geographical area of Winter and Outdoor, increased by 9%, the Americas by 23% and Asia Pacific by 10%.

In October-December, Winter and Outdoor's net sales totaled EUR 375.0 million (416.5), a decrease of 4% in local currencies. Good growth continued in Footwear, up by 18%, Cycling, up by 17%, and Apparel, up by 12%. Sales in Winter Sports Equipment declined by 14% in local currencies due to the shipment schedule as more deliveries took place already in the third quarter. Also, the slow start of the winter season in key markets adversely impacted in-season orders.

*) Comparable sales in local currencies

In 2011, EBIT was EUR 118.5 million (96.9, excluding non-recurring items). Increased sales volumes contributed approximately EUR 53 million to the EBIT growth while higher gross margins contributed approximately EUR 18 million. Operating expenses increased by approximately EUR 48 million due to sales and distribution costs (all in local currencies).

In October-December, EBIT was EUR 45.0 million (61.2, excluding non-recurring items). Lower sales volumes were partly offset by higher gross margins.

Winter Sports Equipment
In 2011, Winter Sports Equipment's net sales totaled EUR 448.4 million (438.3) and were up by 2% in local currencies. The biggest product categories were alpine ski equipment, representing 75% of net sales, cross country 16%, and snowboards 9%. Net sales of alpine ski equipment increased in local currencies by 2% and cross country ski equipment by 6% and snowboards decreased by 5%. In 2011, 67% of the Winter Sports Equipment business area's net sales were derived from EMEA, 20% from the Americas, and 13% from Asia Pacific. Net sales increased in the Americas by 23% and in Asia Pacific by 3%, and decreased in EMEA by 4%. At the end of the year, in-season order intake was adversely impacted by the warm early season weather in key markets.

The operational efficiency program which started in 2010 continued to deliver increased margins and improved customer service throughout 2011. The main focus areas during the year were to increase flexibility by match supply to demand as well to increase standardization by reducing the number of stock-keeping units.

In October-December, Winter Sports Equipment's net sales were EUR 205.0 million (252.8) with a decline of 14% in local currencies. The decrease was mainly due to the shipment schedule as more deliveries took place already in the third quarter. In-season order intake was adversely impacted by the warm early season weather in key markets.

Footwear
In 2011, Footwear's net sales were EUR 287.7 million (219.6) and were up by 31% in local currencies. The growth came from all product segments. EMEA represented 80% of global sales, followed by the Americas with 16%, and Asia Pacific with 4%. Net sales increased in EMEA by 26%, in the Americas by 56% and in Asia Pacific by 4%.

In October-December, Footwear's net sales totaled EUR 51.0 million (47.3) and were up by 18% in local currencies. Pre-orders for spring/summer 2012 are up by 14%.

Apparel
In 2011, Apparel's net sales totaled EUR 191.6 million (156.6) and were up by 22% in local currencies. EMEA was 49% of global sales, Americas 38%, and Asia Pacific 13%. Net sales increased in EMEA by 15%, in the Americas by 26% and in Asia Pacific by 47%.

In October-December, Apparel's net sales totaled EUR 65.8 million (63.0) and were up by 12% in local currencies. Pre-orders for spring/summer 2012 are up by 28%.

Cycling
In 2011, Cycling's net sales were EUR 120.5 million (106.4) and were up by 14% in local currencies. Rims, wheels and pedals represented 83% of net sales, and cycling apparel and footwear 17%. Net sales of rims, wheels and pedals increased in local currencies by 11% and cycling apparel and footwear by 24%. Cycling's net sales by geographical region was as follows: EMEA 64%, Asia Pacific 19%, and the Americas 17%. Net sales increased in EMEA by 18% and in the Americas by 26% and decreased in Asia Pacific by 9%.

In October-December, Cycling's net sales totaled EUR 29.5 million (26.8) and were up by 17% in local currencies.

Sports Instruments
In 2011, Sports Instruments' net sales totaled EUR 89.4 million (94.0) and declined by 4% in local currencies. Underlying sales excluding the divested businesses increased by 6%. The biggest product categories were outdoor products, representing 47% of net sales, diving instruments 22% and training 20%. Outdoor products sales grew by 13% and diving instruments by 5%. The distribution of net sales by geographical region was as follows: EMEA 45%, Asia Pacific 31% and the Americas 24%. Net sales increased in Asia Pacific by 6%, were at previous year's level in EMEA% and decreased in the Americas by 16%.

In line with Suunto's new focused strategy, Amer Sports sold the diving suit company Fitz-Wright Holdings Ltd. to Huish Acquisition LLC in April 2011. In June 2011, Amer Sports sold TackTick Ltd to Raymarine, a subsidiary of the Flir Group. TackTick offers wireless solar powered instruments for the marine market. The divestments had no material impact on Amer Sports' financial results.

In October-December, Sports Instruments' net sales were EUR 23.7 million (26.6) and declined by 7% in local currencies. Underlying sales excluding the divested businesses were at previous year's level.

BALL SPORTS

*) Comparable sales in local currencies

In 2011, Ball Sports' net sales were EUR 511.0 million (520.6) and were at previous year's level in local currencies. Racquet Sports sales were down by 7% as the global tennis market declined and Japan was hit by the earthquake and tsunami in March. Team Sports continued its good performance and net sales in local currencies increased by 11%.

Geographically, Ball Sports' sales increased in the Americas by 3% in local currencies, were stable in EMEA and declined by 9% in Asia Pacific.

In October-December, Ball Sports' net sales totaled EUR 109.0 million (107.3). In local currencies, sales increased by 7% due to the strong growth in Team Sports.

*) Comparable sales in local currencies

In 2011, EBIT was EUR 25.0 million (32.2, excluding non-recurring items) and declined by EUR 7 million due to lower gross margins.

In October-December, EBIT was EUR -0.7 million (-2.7, excluding non-recurring items). The impact of increased sales volumes was partly offset by lower margins.

Racquet Sports
Racquet Sports' net sales in 2011 totaled EUR 213.8 million (232.5) and declined by 7% in local currencies. The Americas accounted for 41% of the net sales, EMEA 37% and Asia Pacific 22%. In local currencies, EMEA remained at previous year's level, Asia Pacific declined by 13% and the Americas declined by 7%. The decline in the Americas was driven by the United States, where the tennis racket market is estimated to have declined by 10% (source: Tennis Industry Association, TIA). The decline in Asia Pacific was driven by the aftermath of the earthquake and tsunami in Japan.

The biggest product categories were tennis rackets, representing 37% of net sales, and tennis balls 24%. Net sales of tennis rackets declined by 18% and sales of tennis balls grew by 5%. Tennis apparel achieved accelerated growth, an increase of 33% in local currencies.

In October-December, Racquet Sports' net sales were EUR 41.1 million (44.0) and were at previous year's level in local currencies. Changing the distribution model in China from a distributor to an in-house model had a temporary negative impact on sales.

Team Sports
Team Sports' net sales in 2011 were EUR 228.0 million (212.1) and were up by 11% in local currencies driven mainly by baseball. The breakdown of Team Sports sales by region was as follows: the Americas 93%, EMEA 2% and Asia Pacific 5%. In local currencies, the Americas grew by 11%, EMEA by 20% and Asia Pacific by 6%.

The biggest product categories were American footballs, representing 22% of net sales, baseball and softball bats with 19%, basketballs with 19%, and baseballs and gloves with 17%.

In October-December, Team Sports' net sales totaled EUR 57.1 million (51.0) and were up by 16% in local currencies. The fourth quarter growth was broad-based across the product categories.

Golf
Golf's net sales in 2011 were EUR 69.2 million (76.0) and declined by 7% in local currencies.

In October-December, net sales totaled EUR 10.8 million (12.3) and declined by 6% in local currencies.

FITNESS

*) Comparable sales in local currencies

In 2011, Fitness' net sales were EUR 232.2 million (204.8) and increased by 17% in local currencies. Geographically, the Americas accounted for 68% of the net sales, EMEA 23% and Asia Pacific 9%. In local currencies, the Americas increased by 16%, EMEA by 19% and Asia Pacific by 19%.

The commercial business (clubs and institutions) represented 87% (89%) of Fitness' net sales while consumer (home use) was 13% (11%). Commercial business was up by 15% in local currencies due to new products and strengthened distribution. Consumer business was up by 34% as a result of improved distribution in retail and online channels.

In 2011, Fitness' EBIT was EUR 10.3 million (2.7, excluding non-recurring items). Increased sales volumes contributed approximately EUR 12 million to the EBIT growth while higher gross margins contributed approximately EUR 5 million. Operating expenses increased by approximately EUR 10 million mainly due to increased sales and distribution costs (all in local currencies).

In October-December, Fitness' net sales totaled EUR 72.9 million (59.6) and were 30% up in local currencies. The Americas increased by 35%, EMEA by 20% and Asia Pacific by 16% (in local currencies).

In October-December, EBIT was EUR 4.5 million (4.3, excluding non-recurring items). The impact of increased sales volumes was offset mainly by spend on strengthening the distribution.

*) Comparable sales in local currencies

CHANGES IN GROUP STRUCTURE
Amer Sports sold the diving suit company Fitz-Wright Holdings Ltd. to Huish Acquisition LLC in April 2011. In June 2011, Amer Sports sold TackTick Ltd to Raymarine. TackTick offers wireless solar powered instruments for the marine market. The annual net sales of these businesses were approximately EUR 12 million.

Amer Sports acquired Nikita ehf, a snowboarding-inspired Action Sports apparel brand which focuses on female consumers, in December 2011. The annual net sales of Nikita are approximately EUR 8 million.

The transactions had no material impact on Amer Sports' 2011 financial results or balance sheet.

CORPORATE GOVERNANCE STATEMENT
In its decision making and administration, Amer Sports applies the Finnish Companies Act, the Finnish Securities Markets Act and the rules issued by the NASDAQ OMX Helsinki Stock Exchange, Amer Sports' Articles of Association, and the Finnish Corporate Governance Code 2010 for listed companies. Amer Sports complies with the code without exceptions.

The Amer Sports Corporate Governance statement has been issued as a separate report on the company's web site. It has been prepared pursuant to Recommendation 54 of the Finnish Corporate Governance Code 2010 for listed companies and the Securities Markets Act (Chapter 2, Section 6). Amer Sports' auditors have verified that the statement has been issued and that the description of the main features of the internal control and risk management systems in relation to the financial reporting process is consistent with Amer Sports' financial statements.

CHANGES IN TOP MANAGEMENT
On January 1, 2011, Jussi Siitonen, Senior Vice President, Finance, was appointed to the position of Chief Financial Officer (CFO) and also became a member of the Amer Sports Executive Board.

Victor Duran, Senior Vice President, Marketing and Business to Consumer, became a member of the Amer Sports Executive Board on January 1, 2011.

Additional details concerning members of the Amer Sports' Executive Board can be found at: www.amersports.com/about. Information on related parties can be found in the notes to the financial statements.

SHARES AND SHAREHOLDERS
The company's share capital totaled EUR 292,182,204 on December 31, 2011 and the number of shares was 121,517,285. Each share entitles the holder to one vote at the company's general meeting.

Authorizations
The Annual General Meeting held on March 10, 2011 authorized the Board of Directors to decide on the repurchase of a maximum of 10,000,000 of the company's own shares ("Repurchase Authorization"). The company's own shares shall be repurchased otherwise than in proportion to the holdings of the shareholders by using the non-restricted equity through public trading on the NASDAQ OMX Helsinki at the market price prevailing at the time of acquisition. The shares shall be repurchased and paid for in accordance with the rules of the NASDAQ OMX Helsinki and Euroclear Finland Ltd. The Repurchase Authorization is valid 18 months from the decision of the Annual General Meeting.

The Annual General Meeting held on March 10, 2010 authorized the Board of Directors to decide on the repurchase of a maximum of 7,000,000 of the company's own shares. The repurchase authorization was valid for 18 months from the date of the decision by the Annual General Meeting.

In the Annual General meeting in 2010, the Board of Directors was also authorized to decide on issuing new shares and/or conveying the company's own shares held by the company as follows: the Board of Directors is entitled to decide on issuing a maximum of 7,000,000 new shares or on conveying a maximum of 7,000,000 of the company's own shares held by the company. The Board of Directors decides on all the conditions of the issuance of shares. The issuance of shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorization includes the possibility to issue own shares to the company for free. The authorization to issue shares and to convey the company's own shares is valid for two (2) years from the date of the decision of the Annual General Meeting.

Apart from the above, the Board of Directors has no current authorization to issue shares, convertible bonds or warrant programs.

Own shares
Based on the authorization given by the AGM on March 10, 2010, the Amer Sports Board of Directors decided on February 15, 2011 to initiate a share repurchase program in order to implement a share-based incentive plan for 2011 and 2012 for the Group's key personnel. Repurchases on the NASDAQ OMX Helsinki Ltd stock exchange began on February 23, 2011 and ended on March 24, 2011. One (1) million shares were acquired during this period.

Amer Sports Board of Directors decided on August 15, 2011 to utilize the authorization given by the Annual General Meeting held on March 10, 2011 to repurchase Amer Sports shares. The repurchases were completed on November 24, 2011. The company repurchased a total of 3,000,000 own shares at an average price of EUR 9.18.

In 2011, Amer Sports acquired a total of 4 million own shares as follows:

On March 15, 2011, a total of 330,838 Amer Sports shares were transferred to the personnel involved in the company's Performance Share Plan 2010 and the Restricted Stock Plan 2010. The shares were transferred from the shares owned by Amer Sports International Oy.

Amer Sports held 4,012,125 (342,963) of its own shares at the end of 2011. Amer Sports Corporation owns 4,000,000 shares and Amer Sports International Oy 12,125 shares. The number of own shares corresponds to 3.30% (0.28) of all Amer Sports shares.

Trading in shares
In 2011, a total of 76.9 million (55.2) Amer Sports shares with a value totaling EUR 752.5 million (475.0) were traded on the NASDAQ OMX Helsinki Ltd. Share turnover was 64.2% (45.5%) (expressed as a proportion of the average number of shares, excluding own shares). The average daily volume in 2011 was 303,975 shares (218,941).

The closing price of the Amer Sports Corporation share on the NASDAQ OMX Helsinki Ltd stock exchange on December 31, 2011 was EUR 9.00 (2010: 10.43). The share price declined 14% during the year while OMX Helsinki Cap index declined by 28%. Shares registered a high of EUR 11.97 (10.70) and a low of EUR 7.52 (6.82). The average share price was EUR 9.78 (8.61). On December 31, 2011, the company had a market capitalization of EUR 1,057.5 million (1,263.8), excluding own shares.

In addition to NASDAQ OMX Helsinki, Amer Sports shares were traded on several alternative market places, for example at Chi-X, BATS and Turquoise. In 2011, a total of 17.4 million Amer Sports shares were traded on alternative market places, or approximately 18% of the total amount of traded shares.

At the end of December, Amer Sports Corporation had 15,351 registered shareholders (15,400). Ownership outside of Finland and nominee registrations represented 48.7% (51.3) of the company's shares. Public sector entities owned 14.3% (13.2), households 12.1% (12.4), financial and insurance corporations 11.5% (13.1), non-profit institutions 7.6% (7.5), private companies 2.5% (2.2), and Amer Sports 3.30% (0.28).

Major shareholders, December 31, 2011 (does not include nominee registrations nor shares held by the company)

Notification of change in shareholding under the Finnish Securities Market Act
On February 2, 2011, Amer Sports Corporation received information to the effect that the Governance for Owners LLP's share capital and voting rights of Amer Sports had fallen below 5% on February 1, 2011.

On October 27, 2011, Amer Sports Corporation received information to the effect that the owners of institutional investors and funds, who have given full discretion over their investments to Silchester International Investors LLP, had fallen below 10% on October 25, 2011. At the time of the notification, Silchester International Investors LLP owned 12,109,051 shares, representing 9.96% of Amer Sports Corporation's share capital and voting rights.

On November 30, 2011, Amer Sports Corporation received information to the effect that Varma Mutual Pension Insurance Company's share capital and voting rights of Amer Sports had exceeded 5% on November 29, 2011. At the time of the notification, Varma Mutual Pension Insurance Company owned 6,305,214 shares, representing 5.19% of Amer Sports Corporation's share capital and voting rights.

Disclosure of control
Amer Sports' Board of Directors is not aware of any natural or legal persons who have control over the company or has information on these persons' portion of the voting rights of the shares and of the total number of shares.

Agreements and arrangements relating to shareholdings and the use of voting rights
The Amer Sports' Board of Directors is not aware of any agreements or arrangements concerning the ownership of the company's shares and the use of their voting rights.

Shareholdings of Board of Directors and Executive Board on December 31, 2011

During the year, the Group had two cash-based long-term incentive plans and three share-based incentive plans for Group key personnel. The incentive plans are described in the notes to the financial statements.

RESOLUTIONS OF THE GENERAL MEETINGS OF SHAREHOLDERS
At the Amer Sports Corporation Annual General Meeting held on March 10, 2011, the following resolutions were approved:

Adoption of the annual accounts
The Annual General Meeting (AGM) approved Amer Sports Corporation's financial statements for 2010.

Resolution on use of the profit shown on the balance sheet and the payment of dividend
The AGM resolved to distribute a dividend of EUR 0.30 per share for the financial year ended December 31, 2010. The dividend was paid on March 22, 2011.

Resolution on the discharge of the members of the Board of Directors and the CEO from liability
The AGM granted the members of the Board of Directors and the company's President and CEO Heikki Takala and Acting President and CEO Pekka Paalanne (January 1 - March 31, 2010) a discharge from liability for the financial year 2010.

Resolution on the remuneration of the members of the Board of Directors
It was approved that the annual remuneration payable to the members of the Board of Directors be as follows: Chairman EUR 100,000, Vice Chairman EUR 60,000, and other members EUR 50,000. Remuneration is not paid for attending meetings of the Board of Directors or meetings of the Committees of the Board of Directors. Of the annual remuneration, 40% is being paid in the form of the company's shares and 60% in cash.

Resolution on the number of the members of the Board of Directors
The AGM confirmed that the number of the members of the Board of Directors is seven (7).

Election of members of the Board of Directors
The AGM re-elected Anssi Vanjoki, Ilkka Brotherus, Pirjo Väliaho, Martin Burkhalter, Christian Fischer, Bruno Sälzer and Hannu Ryöppönen as members of the Board of Directors. The Board of Directors' term of service will run until the close of the 2012 Annual General Meeting.

Resolution on the remuneration of the auditor
The AGM decided that the auditor's fee will be paid as invoiced.

Election of auditor
The AGM elected the Authorized Public Accountants PricewaterhouseCoopers Oy to act as auditor of the company. The auditor in charge of the audit was elected to be Jouko Malinen, Authorized Public Accountant.

Authorizing the Board of Directors to decide on the repurchase of the company's own shares
The AGM authorized the Board of Directors to decide on the repurchase of a maximum of 10,000,000 of the company's own shares ("Repurchase Authorization"). The company's own shares shall be repurchased otherwise than in proportion to the holdings of the shareholders by using the non-restricted equity through public trading on the NASDAQ OMX Helsinki at the market price prevailing at the time of acquisition. The shares shall be repurchased and paid for in accordance with the rules of the NASDAQ OMX Helsinki and Euroclear Finland Ltd. The Repurchase Authorization is valid 18 months from the decision of the Annual General Meeting.

BOARD OF DIRECTORS WORKING ARRANGEMENTS
At its organizing meeting immediately following the Annual General Meeting, the Amer Sports Corporation's Board of Directors appointed Anssi Vanjoki as Chairman and Ilkka Brotherus as Vice Chairman. From among its members, the Board appointed the following members to the Board Committees:

• Compensation Committee: Pirjo Väliaho (Chairman), Anssi Vanjoki, Bruno Sälzer and Christian Fischer
• Nomination Committee: Ilkka Brotherus (Chairman), Anssi Vanjoki and Martin Burkhalter
• Audit Committee: Hannu Ryöppönen (Chairman), Ilkka Brotherus and Martin Burkhalter

SIGNIFICANT RISKS AND UNCERTAINTIES
Amer Sports' business is balanced by its broad portfolio of sports and brands as well as its presence in all major markets. Short-term risks for Amer Sports are particularly associated with consumer demand development in North America, Europe and Japan, with labor and raw material price inflation, especially in China, and with Amer Sports' ability to manufacture, source and deliver products on a timely basis.

For example, the following risks could potentially have an impact on the company's development:

• The sporting goods industry is subject to risks related to consumer demand in various parts of the world. Amer Sports is particularly dependent on general economic conditions and consumer demand in North America, Europe and Japan.
• The sporting goods industry is highly competitive and includes many regional, national and global companies. Although Amer Sports has no competitors that challenge it across of all of its product categories, the company faces competition from a number of companies in most of the product categories. There cannot be any assurances that additional competitors will not enter Amer Sports' existing markets or that Amer Sports will be able to compete successfully against existing or new competitors.
• Sales of winter sports equipment are affected by snow conditions. Winter sports equipment represents 1/4 of Amer Sports' sales.
• A large part of Amer Sports' production is outsourced. Amer Sports is constantly reviewing the global production and sourcing footprint to gain operational efficiencies and cost savings. Although the business areas audit their subcontractors regularly, possible delivery problems or breaches of contract by subcontractors may have an impact on Amer Sports' operations.
• Labor costs are expected to increase in Asia, where Amer Sports sources a significant portion of its products. Amer Sports uses steel, rubber, and oil-based raw materials and components in its products and must obtain adequate supplies of these raw materials from the markets in competition with the other users of such materials. Increases in labor and raw material costs can have a negative impact on product costs.
• Amer Sports' most important production facilities are the Winter Sports Equipment's factories in Austria and Bulgaria, Precor's factory in the United States, and the Suunto's factory in Finland. In addition, Amer Sports has major factories in Eastern Europe, which are owned by subcontractors. Amer Sports' most important distribution centers are located in Germany, Austria, the United States and France. Any unexpected production or delivery breaks in these units would have a negative impact on the company's business.
• Amer Sports success is dependent on its ability to identify and respond to constantly shifting trends in consumer demand, its ability to leverage advancements in technologies and to develop new and appealing products. Sales of Amer Sports' products may be negatively affected if it is not successful in introducing innovative products in response to changes in consumer preferences, technology and industry trends.
• Growing the number of Amer Sports' own retail stores requires up-front investment. In addition, the maintenance of the stores and the personnel employed in own retail create more fixed costs than distribution to trade customers. A failure to execute Amer Sports retail growth plan as part of Amer Sports multi-channel sales strategy could have a negative impact on Amer Sports' results.
• Losing a significant client would affect Amer Sports' sales. However, this risk is limited because Amer Sports' client base is diversified.
• Despite extensive testing of its products before market launch, the company cannot completely rule out the risk of product recalls and legal actions related to product liability. Amer Sports has standard insurance cover against the financial consequences of product recalls and product liability cases. Product quality issues could harm Amer Sports' reputation and, as a result, could have an adverse effect on its sales.

·         A characteristic feature of the sporting goods industry is the need to protect intellectual property rights (IPR) and disputes connected with them. Amer Sports' success depends in part on its ability to protect its innovations, trademarks and other IPR from unauthorized use by others through obtaining relevant protection in the countries in which it operates and to enforce its IPRs. Any litigation to defend against claims or infringement could result in substantial costs and diversion of resources and could negatively affect results of operations or competitive position of Amer Sports. The material impacts on Amer Sports' financial position and operational result arising from pending litigation affecting the business areas and decisions of the authorities are assessed regularly, and current estimates are presented publicly when necessary.
·         Amer Sports sources a significant proportion of its products from subcontractors located throughout Asia, which exposes it to the political, economic, and regulatory conditions in that area, and to a variety of local business and labor practice issues. Although Amer Sports has third party audit programs in Asia, Amer Sports cannot fully control its' subcontractors actions. The violation of labor laws, regulations or standards by Amer Sports' subcontractors, or the divergence of those subcontractors' labor practices from those generally accepted as ethical in the European Union or the international community, could have a material adverse effect on Amer Sports' public image and the reputation of its brands.

• Amer Sports relies on data communications to operate its business, and it is in the process of integrating its IT platform globally and implementing further applications to better control its supply chain. System failures and service interruptions may occur as the result of a number of factors. Any of these factors could have a material adverse affect on Amer Sports' business.

Financial risks are described under "Cash flow and financing".

OUTLOOK FOR 2012
In 2012, Amer Sports will continue to invest into executing its long-term strategy and sustaining profitable growth.

Amer Sports expects broad-based improvement across business areas in 2012. In Winter Sports Equipment, the slow start of the 2011/12 season due to the warm weather in key markets is expected to have an adverse impact on the 2012 pre-orders. Apparel and Footwear pre-orders for spring/summer are up by 28% and 14%, respectively. Overall, Amer Sports' 2012 net sales in local currencies are expected to increase from 2011.

BOARD OF DIRECTORS' PROPOSAL FOR DISTRIBUTION OF EARNINGS
The parent company's distributable earnings amount to EUR 302,804,109.00 of which the net result for the period is EUR -23,571,703.99.

The Board of Directors proposes to the Annual General Meeting that the distributable earnings be used as follows:

- A dividend of EUR 0.33 per share, totaling EUR 40,100,704.05 to be paid to shareholders
- EUR 262,703,404.95 to be carried forward in distributable earnings
Totaling EUR 302,804,109.00

No dividend will be paid for own shares held by the company.

There have been no significant changes to the company's financial position since the close of the financial period. According to the Board of Directors, the proposed dividend distribution does not endanger the company's financial standing.

TABLES

The figures presented in this stock exchange release are based on the Group's audited financial statements, and it has been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by EU. The notes are an integral part of consolidated financial information.

EUR million

CONSOLIDATED RESULTS

	10-12/ 2011	10-12/ 2010	Change %	1-12/ 2011	1-12/ 2010	Change %
NET SALES	556.9	583.4	-5	1,880.8	1,740.4	8
Cost of goods sold	-321.0	-345.6		-1,063.4	-998.4
GROSS PROFIT	235.9	237.8	-1	817.4	742.0	10
License income	2.3	2.7		8.7	9.5
Other operating income	2.6	9.8		5.4	12.4
R&D expenses	-20.6	-16.7		-64.2	-57.4
Selling and marketing expenses	-138.3	-131.5		-475.9	-443.1
Administrative and other expenses	-35.6	-53.7		-155.9	-166.6
EARNINGS BEFORE INTEREST AND TAXES	46.3	48.4	-4	135.5	96.8	40
% of net sales	8.3	8.3		7.2	5.6
Financing income and expenses	-6.1	-5.7		-20.5	-21.3
EARNINGS BEFORE TAXES	40.2	42.7	-6	115.0	75.5	52
Taxes	-9.1	-4.6		-24.1	-6.6
NET RESULT	31.1	38.1	-8	90.9	68.9	32
Attributable to:
Equity holders of the parent company	31.1	38.1		90.8	68.8
Non-controlling interests	0.0	0.0		0.1	0.1
Earnings per share, EUR	0.25	0.30		0.71	0.52
Earnings per share, diluted, EUR	0.25	0.30		0.71	0.52
Adjusted average number of shares in issue less own shares, million				119.9	121.2
Adjusted average number of shares in issue less own shares, diluted, million				120.1	121.2
Equity per share, EUR				7.03	6.50
ROCE, % *)				13.2	10.0
ROE, %				11.2	9.0
Average rates used: EUR 1.00 = USD	1.3500	1.3637		1.3926	1.3289

*) 12 months' rolling average

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

			10-12/ 2011	10-12/ 2010	1-12/ 2011		1-12/ 2010
Net result			31.1	38.1	90.9		68.9
Other comprehensive income
Translation differences			12.5	10.5	7.7		28.7
Cash flow hedges			6.7	4.4	17.3		-0.2
Income tax related to    cash flow hedges			-1.7	-1.2	-4,5		0.0
Other comprehensive income, net of tax			17.5	13.7	20.5		28.5
Total comprehensive income			48.6	51.8	111.4		97.4
Total comprehensive income attributable to:
Equity holders of the parent company			48.6	51.8	111.3		97.3
Non-controlling interests			0.0	0.0	0.1		0.1

NET SALES BY BUSINESS SEGMENT

EBIT BY BUSINESS SEGMENT

GEOGRAPHIC BREAKDOWN OF NET SALES

CONSOLIDATED CASH FLOW STATEMENT

CONSOLIDATED BALANCE SHEET

	Note	December 31, 2011	December 31, 2010
Assets
Goodwill		295.7	286.7
Other intangible non-current assets		214.5	214.2
Tangible non-current assets		157.8	140.2
Other non-current assets		99.6	100.5
Inventories and work in progress		359.7	302.1
Receivables		611.9	525.4
Cash and cash equivalents		78.8	84.7
Total assets	2	1,818.0	1,653.8

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

QUARTERLY BREAKDOWN OF NET SALES AND EBIT

THE NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES
The interim financial information has been prepared in accordance with IAS 34 'Interim Financial Reporting' and in compliance with IFRS standards and interpretations in force as at January 1, 2011, as adopted by the EU. The IFRS recognition and measurement principles as described in the annual financial statements for 2010 have also been applied in the preparation of the interim financial information, with the changes mentioned below.

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

Standards, interpretations and amendments adopted from the beginning of 2011:
The following new standards, interpretations and amendments have been adopted when applicable: IFRS 3 (amendment), IFRS 7 (amendment), IAS 24 (amendment), IAS 32 (amendment), IFRIC 14 (amendment) and IFRIC 19 and the annual improvements. The amendments or interpretations did not have any material impact on the consolidated financial statements.

2. SEGMENT INFORMATION
Amer Sports has three business segments: Winter and Outdoor, Ball Sports and Fitness.

The accounting policies for segment reporting do not differ from the Group's accounting policies. The decisions concerning assessing the performance of segments and allocation of resources to the segments are based on segments' net sales and earnings before interest and taxes. The chief operating decision maker of Amer Sports is the Executive Board.

There were no intersegment business operations during the reported periods.

*) Earnings before interest and taxes include income and expenses of corporate headquarters.

GEOGRAPHIC BREAKDOWN OF NET SALES

	1-12/ 2011	1-12/ 2010
EMEA	917.6	845.7
Americas	742.1	687.9
Asia Pacific	221.1	206.8
Total	1,880.8	1,740.4

3. DERIVATIVE FINANCIAL INSTRUMENTS

	December 31, 2011	December 31, 2010
Nominal value
Foreign exchange derivatives	922.6	678.1
Interest rate swaps	50.0	169.8
Cross currency swaps	56.1	-
Fair value
Foreign exchange derivatives	2.0	-9.1
Interest rate swaps	-3.1	-2.8
Cross currency swaps	0.5	-

4. DIVIDENDS
Dividends distributed in March 2011 by Amer Sports to its shareholders and minority shareholders of its subsidiaries amounted to EUR 36.4 million relating to the year ending on December 31, 2010 (2010: 19.5). Dividends distributed to the shareholders of Amer Sports Corporation were EUR 0.30 per share and in total EUR 36.3 million (2010: EUR 0.16 per share and in total EUR 19.4 million).

5. CONTINGENT LIABILITIES AND SECURED ASSETS

There are no guarantees or contingencies given for the management of the company, the shareholders or the associated companies.

6. ONGOING LITIGATIONS
The Group has extensive international operations and is involved in a number of legal proceedings, including product liability suits. The Group does not expect the outcome of any legal proceedings currently pending to have materially adverse effect upon its consolidated results or financial position.

7. SEASONALITY
Although Amer Sports operates in a number of sporting goods segments during all four seasons, its business is subject to seasonal fluctuations. Historically, the third and fourth quarters of a financial year have been the strongest quarters for Amer Sports in terms of both net sales and profitability, mainly because sales of winter sports equipment ahead of the winter season typically take place during the third and fourth quarters. The summer season for ball sports balances seasonality to a certain extent, as the strongest quarters for the Ball Sports segment are the first and second quarters. Usually the net cash flow from operating activities is very strong in the first quarter when the income from winter sports equipment realizes. Especially during the third quarter, the net cash flow from operating activities is tied up in working capital.

All forecasts and estimates presented in this report are based on the management's current judgment of the economic environment. The actual results may differ significantly.

AMER SPORTS CORPORATION
Board of Directors

Amer Sports Corporation will publish its fourth quarter results 2011 on Tuesday, January 31 at around 1:00 pm Finnish time. An English-language telephone conference call for investors and analysts will be held the same day at 3:00 pm Finnish time. To participate in the conference call, please call +44 (0)20 7784 1036 (UK/international dial-in number), confirmation code 3894089. The conference can also be followed from a direct transmission on the internet, at www.amersports.com.

A recorded version and transcript will later be available at the same address. Replay number is +44 (0)20 7111 1244, and access code 3894089#.

For more information, please contact:
Maarit Mikkonen, Communications Manager, tel. +358 9 7257 8306,
maarit.mikkonen@amersports.com

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

Summary of the stock exchange releases and announcements published by Amer Sports in 2011 is available in pdf format at the company's website www.amersports.com. Some of the information included in the releases might be out of date.

AMER SPORTS CORPORATION
Communications

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

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

In line with Amer Sports strategic priority to grow faster in softgoods, Amer Sports is acquiring Nikita ehf (www.nikitaclothing.com), a snowboarding inspired Action Sports apparel brand which focuses on female consumers. Annual net sales of Nikita is approximately EUR 8 million.

"Action Sports apparel is a large and dynamic market driven by young people who skate, surf and snowboard and the acquisition complements Amer Sports portfolio in Action Sports. With Salomon snowboards, Bonfire apparel and now, Nikita, we have a great opportunity to expand our presence in Action Sports, bring a broader range of exciting, authentic products to market and reach new consumer groups", states Andy Towne, President of Amer Sports Apparel.

Nikita offers apparel "For Girls Who Ride" with a full year offering. Nikita sales are mostly in Europe and distributed selectively also in North America and Asia. Nikita originates from Iceland and the sellers are individual and institutional owners.

"Amer Sports Apparel category will bring benefits to Nikita as we can leverage the scale of our brands in design, sourcing and in go-to-market activities", Towne continues.

The transaction will not have a material impact on Amer Sports 2011 financial results or balance sheet.

For further information, please contact:
Päivi Antola, Director, Corporate Communications and Investor Relations,
tel. +358 9 7257 8233

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

Amer Sports has revised the publishing dates of Financial Statements Bulletin 2011 and Interim Report, January-March 2012. The financial calendar for 2012 is the following:

Amer Sports' results bulletin for the year ending December 31, 2011 will be published on Tuesday, January 31, 2012 (instead of February 2, 2012). Amer Sports will also publish a 2011 financial review including the CEO's review, Corporate Governance Statement and Financial statements. This report will be available in English and Finnish and can be downloaded as a pdf-file and ordered as a printed copy at www.amersports.com the week starting February 20, 2012.

Amer Sports Annual General Meeting will be held on Thursday, March 8, 2012. An announcement regarding the AGM resolutions will be released immediately following the meeting.

In 2012, Amer Sports will publish its interim results as follows:
- for the January to March period, on Friday, April 27 (instead of April 26)
- for the January to June period, on Thursday, August 2
- for the January to September period, on Thursday, October 25

For further information, please contact:
Päivi Antola, Director, Corporate Communications and Investor Relations,
tel. +358 9 7257 8233

DISTRIBUTION:
NASDAQ OMX Helsinki, major media, www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

Amer Sports capital consists of 121,517,285 issued shares.

For further information, please contact:
Päivi Antola, Director, Corporate Communications and Investor Relations,
tel. +358 9 7257 8233

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

Amer Sports Corporation has completed the repurchases of its own shares announced on August 15, 2011. The company repurchased a total of 3,000,000 own shares at an average price of EUR 9.18 through public trading on the NASDAQ OMX Helsinki Exchange. The shares were repurchased under the authorization granted by the Annual General Meeting 2011.

Nordea Bank Finland Plc acted as a stock broker in the repurchases.

In 2011, Amer Sports has acquired a total of 4 million own shares as follows:

The company currently holds a total of 4,012,125 own shares, corresponding to approximately 3.30 percent of the total shares and votes.

For further information, please contact:
Päivi Antola, Director, Corporate Communications and Investor Relations,
tel. +358 9 7257 8233

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

Share repurchase 24.11.2011

In the Helsinki Stock Exchange

Amer Sports Corporation now holds a total of 4.012.125 shares
including the shares repurchased on 24.11.2011.

On behalf of Amer Sports Corporation

NORDEA BANK FINLAND PLC

Petri Simberg         Julius Summanen

Amer Sports Corporation has signed a 5-year EUR 200 million syndicated revolving credit facility agreement on November 24, 2011. The facility will be used for general corporate purposes and for the refinancing of Amer Sports' existing syndicated loan.

"This arrangement further strengthens our liquidity which together with the strong balance sheet supports our growth plans in line with our strategic priorities," says Jussi Siitonen, CFO.

The credit facility was well received in the market and significantly oversubscribed. The mandated lead arrangers were Nordea Bank Finland Plc and Pohjola Bank plc.

For further information, please contact:
Esko Heinälehto, Group Treasurer, Amer Sports Corporation, tel. +358 9 7257 8258

DISTRIBUTION:
NASDAQ OMX Helsinki
Major media
www.amersports.com

AMER SPORTS
Amer Sports (www.amersports.com) is a sporting goods company with internationally recognized brands including Salomon, Wilson, Atomic, Arc'teryx, Precor, Suunto and Mavic. 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.

Share repurchase 23.11.2011

In the Helsinki Stock Exchange

Amer Sports Corporation now holds a total of 3.969.797 shares
including the shares repurchased on 23.11.2011.

On behalf of Amer Sports Corporation

NORDEA BANK FINLAND PLC

Petri Simberg         Julius Summanen

Share repurchase 22.11.2011

In the Helsinki Stock Exchange

Amer Sports Corporation now holds a total of 3.869.797 shares
including the shares repurchased on 22.11.2011.

On behalf of Amer Sports Corporation

NORDEA BANK FINLAND PLC

Petri Simberg         Julius Summanen

Share repurchase 21.11.2011

In the Helsinki Stock Exchange

Amer Sports Corporation now holds a total of 3.799.797 shares
including the shares repurchased on 21.11.2011.

On behalf of Amer Sports Corporation

NORDEA BANK FINLAND PLC

Petri Simberg         Julius Summanen

Share repurchase 17.11.2011

In the Helsinki Stock Exchange

Amer Sports Corporation now holds a total of 3.715.290 shares
including the shares repurchased on 17.11.2011.

On behalf of Amer Sports Corporation

NORDEA BANK FINLAND PLC

Petri Simberg         Julius Summanen

Share repurchase 16.11.2011

In the Helsinki Stock Exchange

Amer Sports Corporation now holds a total of 3.682.290 shares
including the shares repurchased on 16.11.2011.

On behalf of Amer Sports Corporation

NORDEA BANK FINLAND PLC

Petri Simberg         Julius Summanen