Amer Sports Corporation Interim Report January-June 2015

Amer Sports Corporation
STOCK EXCHANGE RELEASE
July 29, 2015 at 1:00 pm

Amer Sports Corporation Interim Report January-June 2015

APRIL-JUNE 2015

• Net sales EUR 461.1 million (April-June 2014: 376.1). In local currencies, net sales increased by 9%. Excluding the Louisville Slugger acquisition, net sales increased by 7%.
• Gross margin 44.1% (43.9).
• EBIT excluding non-recurring items (NRI) EUR -9.0 million (-17.6). Non-recurring items were EUR -6.6 million (-1.2). All NRIs related to 2014 restructuring now recorded.
• Earnings per share excluding NRI EUR -0.11 (-0.16).
• Free cash flow EUR 11.5 million (-38.7).
• Outlook for 2015 unchanged.

JANUARY-JUNE 2015

• Net sales EUR 1,037.0 million (January-June 2014: 877.6). In local currencies, net sales increased by 7%. Excluding the Louisville Slugger acquisition, net sales increased by 6%.
• Gross margin 45.1% (44.1).
• EBIT excluding non-recurring items EUR 24.6 million (3.0). Non-recurring items were EUR -8.0 million (-1.2). All NRIs related to 2014 restructuring now recorded.
• Earnings per share excluding NRI EUR 0.04 (-0.09).
• Free cash flow EUR 54.5 million (5.5).

OUTLOOK
In 2015, Amer Sports net sales in local currencies is expected to increase and EBIT margin excluding non-recurring items to improve from 2014, despite challenging market conditions. The company will continue to focus on apparel and footwear growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

KEY FIGURES

EUR million	4-6/2015	4-6/2014	1-6/2015	1-6/2014	2014
Net sales	461.1	376.1	1,037.0	877.6	2,228.7
Gross profit	203.5	165.0	467.7	387.3	979.0
Gross profit %	44.1	43.9	45.1	44.1	43.9
EBIT excluding NRI	-9.0	-17.6	24.6	3.0	168.3
EBIT % excluding NRI			2.4	0.3	7.6
NRI*)	-6.6	-1.2	-8.0	-1.2	-54.2
EBIT total	-15.6	-18.8	16.6	1.8	114.1
EBIT %			1.6	0.2	5.1
Financing income and expenses	-9.4	-7.9	-17.7	-17.1	-37.1
Earnings before taxes	-25.0	-26.7	-1.1	-15.3	77.0
Net result	-18.0	-19.1	-0.8	-10.9	55.4
Earnings per share excluding NRI, EUR	-0.11	-0.16	0.04	-0.09	0.80
Free cash flow**)	11.5	-38.7	54.5	5.5	53.5
Equity ratio, % at period end			37.7	40.6	38.8
Net debt/equity at period end			0.68	0.63	0.50
Personnel at period end			7,880	7,490	7,630
Average rates used, EUR/USD	1.10	1.37	1.12	1.37	1.33

*) Non-recurring items (NRI) are exceptional transactions that are not related to normal business operations. The most common non-recurring items are capital gains, exceptional write-downs, provisions for planned restructuring, and penalties. Non-recurring items are normally specified individually if they have a material impact on EBIT.