Amer Sports Corporation
FINANCIAL STATEMENTS BULLETIN
January 28, 2014 at 1:00 pm
Amer Sports Corporation Financial Statements Bulletin 2013
OCTOBER-DECEMBER 2013
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Net sales were EUR 657.4 million (618.5). In local currencies, net sales increased by 12% with strong broad-based growth across the business areas. Winter Sports Equipment increased by 8%.
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Gross margin was 42.0% (41.9%).
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EBIT was EUR 64.7 million (47.0 excluding non-recurring items, NRI), representing 9.8% of net sales (7.6% excl. NRI).
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Earnings per share were EUR 0.33 (0.22 excl. NRI).
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Net cash flow after investing activities was EUR 143.9 million (96.7), mainly driven by decreased working capital.
JANUARY-DECEMBER 2013
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Net sales were EUR 2,136.5 million (2,064.0). In local currencies, net sales increased by 8%.
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Gross margin was 43.6% (43.6%).
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EBIT was EUR 154.9 million (138.7 excl. NRI). EBIT margin was 7.3% (6.7% excl. NRI).
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Earnings per share were EUR 0.77 (0.65 excl. NRI).
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Net cash flow after investing activities was EUR 42.5 million (71.8).
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Gearing was 57% (December 31, 2012: 59%).
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Amer Sports Board of Directors is proposing a dividend of EUR 0.40 per share (0.35 per share in 2012).
OUTLOOK FOR 2014
Amer Sports expects global trading conditions to remain challenging, with some regional improvements. In 2014, Amer Sports’ net sales growth in local currencies is expected to meet at minimum the company’s long-term annual 5% growth target, and EBIT excluding non-recurring items is expected to improve from 2013. The company will continue to focus on softgoods growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence.
KEY FIGURES
| EUR million | 10-12/ 2013 |
10-12/ 2012***) |
Ch % | Ch %*) | 2013 | 2012***) | Ch % | Ch %*) |
| Net sales | 657.4 | 618.5 | 6 | 12 | 2,136.5 | 2,064.0 | 4 | 8 |
| Gross profit | 276.3 | 258.9 | 7 | 12 | 932.2 | 900.6 | 4 | 7 |
| Gross profit % | 42.0 | 41.9 | 43.6 | 43.6 | ||||
| EBIT excluding non- recurring items |
64.7 | 47.0 | 38 | 154.9 | 138.7 | 12 | ||
| EBIT % excluding non- recurring items |
9.8 | 7.6 | 7.3 | 6.7 | ||||
| Non-recurring items**) | -24.8 | -24.8 | ||||||
| EBIT total | 64.7 | 22.2 | 154.9 | 113.9 | ||||
| EBIT % | 9.8 | 3.6 | 7.3 | 5.5 | ||||
| Financing income and expenses |
-10.1 | -9.9 | -28.6 | -31.5 | ||||
| Earnings before taxes | 54.6 | 12.3 | 126.3 | 82.4 | ||||
| Net result | 38.7 | 5.4 | 90.3 | 57.9 | ||||
| Earnings per share, EUR | 0.33 | 0.05 | 0.77 | 0.48 | ||||
| Net cash flow after investing activities |
143.9 | 96.7 | 42.5 | 71.8 | ||||
| Equity ratio, % at year end |
37.5 | 39.1 | ||||||
| Gearing, % at year end | 57 | 59 | ||||||
| Personnel at year end | 7,330 | 7,186 | 1 | |||||
| Average rates used, EUR/USD |
1.33 | 1.28 |
*) 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.
***) Restated in accordance with the amendments to IAS 19 standard
HEIKKI TAKALA, PRESIDENT AND CEO:
“Amer Sports had a strong momentum in Q4 and we delivered double-digit growth (12%) and improved profitability. Importantly, the growth and improvements were broad-based across business areas, geographical regions, and channels. For the full year 2013, we grew in all business areas except Individual Ball Sports which was flat. While trading conditions remained challenging, we focused on our own improvement programs and reached annual sales growth of 8% with all-time high sales for the Group. We also improved profitability from the previous year.
Throughout 2013 and still in 2014, we have continued to invest in executing and accelerating our growth strategy as we have identified significant further business opportunities within our strategic priorities. Ongoing investments in capability, softgoods growth, go-to-market expansion and consumer-driven product and marketing innovation ensure that we have strong building blocks for future growth, whilst we simultaneously target profit improvement thru further scale & synergy and integration.
Since renewing the Amer Sports strategy in 2010, we have now delivered four consecutive years of solid growth and improvement. Our strategies are working, we see a lot of further opportunities, and we continue executing with confidence.”
For further information, please contact:
Heikki Takala, President and CEO, tel. +358 9 7257 8210
Jussi Siitonen, CFO, tel. +358 9 7257 8212
Samppa Seppälä, 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, please call +44(0)20 3427 1907 (UK/international dial-in number) or +49(0)30 3001 90534 (Germany), confirmation code 8911016. The conference can also be followed live at www.amersports.com. A replay of the conference call and a transcript will be available later at the same internet address. The replay number is +44 (0)20 3427 0598, passcode 8911016.
Annual General Meeting
Amer Sports’ Annual General Meeting will be held on Thursday, March 6, 2014 starting at 2:00pm at Messukeskus, Expo and Convention Centre Helsinki, Messuaukio 1, FI-00520 Helsinki, Finland.
Q1/2014 Interim Report
Amer Sports will publish its Q1/2014 interim report on Thursday, April 24, 2014 at approximately 1:00 pm Finnish time.
Amer Sports Corporation Financial Statements Bulletin 2013
DISTRIBUTION:
NASDAQ OMX Helsinki, main 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, Mavic, Suunto and Precor. The company’s technically-advanced sports equipment, footwear and apparel improve performance and increase the enjoyment of sports and outdoor activities. The Group’s business is balanced by its broad portfolio of sports and products and a presence in all major markets. Amer Sports shares are listed on the NASDAQ OMX Helsinki stock exchange (AMEAS).
