Amer Sports Corporation Interim Report January-March 2013

Thu Apr 25, 2013 6:01am EDT

* Reuters is not responsible for the content in this press release.

Amer Sports Corporation               
INTERIM REPORT
April 25, 2013 at 1:00 pm

JANUARY-MARCH 2013

  • Net sales EUR 493.0 million (489.8). In local currencies, net sales increased by 2%. Strong growth in Apparel, Emerging Markets, and Business to Consumer, offset especially by Team Sports decline due to ongoing trade destocking in the US.  

  • Gross margin 44.2% (44.2%).  

  • EBIT EUR 26.4 million (29.6).  

  • Earnings per share EUR 0.13 (0.15). 

  • Net cash flow after investing activities EUR 67.9 million (97.4). 

  • Gearing 56% (December 31, 2012: 59%). 

  • Positive outlook for 2013 

OUTLOOK FOR 2013
In 2013, 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 margin excluding non-recurring items is expected to improve from 2012. Amer Sports expects the trading environment to remain challenging in 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 1-3/2013 1-3/2012*) 2012*)
Net sales 493.0 489.8 2,064.0
Gross profit 217.7 216.3 900.6
   Gross profit % 44.2 44.2 43.6
EBIT excluding non-recurring items 26.4 29.6 138.7
EBIT % excluding non-recurring items 5.4 6.0 6.7
Non-recurring items**) - - -24.8
EBIT total 26.4 29.6 113.9
EBIT % 5.4 6.0 5.5
Financing income and expenses -6.7 -5.4 -31.5
Earnings before taxes 19.7 24.2 82.4
Net result 14.8 18.8 57.9
Earnings per share, EUR 0.13 0.15 0.48
Net cash flow after investing activities 67.9 97.4 71.8
Equity ratio, % at period end 40.5 39.4 39.1
Gearing, % at period end 56 58 59
Personnel at period end 7,236 7,158 7,186
Average rates used, EUR/USD 1.32 1.31 1.28

*) Restated in accordance with revised IAS 19 standard (postemployment benefit plans).
**) 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:
"We had a satisfactory start to the year amid very cautious trading conditions in Western Europe, coupled with on-going customer destocking and late spring season start in North America with adverse impact especially on Ball Sports. We continued to make strong positive progress in our strategic growth areas, most notably Apparel, emerging markets expansion (Russia and China) and Business to Consumer. Fitness continued to improve with international sales growing at high double-digit rate. Precor quarterly profitability was down partly due to reporting changes with no full year impact. We continued to pursue scale and synergies in areas such as third party distributor consolidation, with adverse short term topline and profit impact, but with significant future upside potential and a relative quick payout.

The first quarter is typically a low quarter for Amer Sports, and we are still seeing a shift from pre-order based sales toward re-orders in several of our categories. Whilst the external conditions remain challenging we remain well in line with our growth and profitability improvement targets with a positive full year outlook. We continue seeing strong ongoing improvement across the company, and we are confident our strategies are working."

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 in the call, please dial +44 (0)20 7136 2051 (UK/international dial-in number), and the access code 7248597. The conference can also be followed at www.amersports.com. A recorded version and a transcript will be available later at the same web address. The replay number of the call is +44 (0)20 3427 0598, and the access code 7248597#.

SECOND QUARTER RESULTS BULLETIN
Amer Sports will publish its Q2/2013 results bulletin on Thursday, July 25, 2013 at approximately 1:00 pm Finnish time.

Interim Report January-March 2013

NET SALES AND EBIT
Amer Sports' net sales in January-March 2013 were EUR 493.0 million (January-March 2012: 489.8). Net sales increased by 2% in local currencies. The fastest growth took place in Apparel, up by 25%, in Fitness, up by 6% and in Sports Instruments, up by 4%. Sales in Winter Sports Equipment, Footwear, Cycling and Individual Ball Sports were at last year's level. Team Sports sales declined by 9%.

Net sales by business segment

EUR million 1-3/
2013
1-3/
2012
Change
%
Change
%*)
% of sales
2013
2012
Winter and Outdoor 266.5 256.5 4 5 54 1,221.2
Ball Sports 164.0 173.6 -6 -4 33 569.7
Fitness 62.5 59.7 5 6 13 273.1
Total 493.0 489.8 1 2 100 2,064.0

*) Change in local currencies

Geographic breakdown of net sales

EUR million 1-3/
2013
1-3/
2012
Change
%
Change
%*)
% of sales
2013
2012
EMEA 240.5 226.7 6 6 49 962.7
Americas 195.3 205.7 -5 -4 40 834.1
Asia Pacific 57.2 57.4 0 6 11 267.2
Total 493.0 489.8 1 2 100 2,064.0

*) Change in local currencies

Gross margin was 44.2% (44.2). Gross margin continued to improve in Apparel and Footwear, and was at same level in the other business areas compared to last year, except in Fitness, where it declined due to adaptation of new timing for vendor rebates recognition and due to a temporarily changed product mix.

Group EBIT was EUR 26.4 million (29.6). In local currencies, increased sales volumes contributed approximately EUR 4 million to EBIT. Operating expenses increased by approximately EUR 10 million driven by sales and distribution costs in Apparel and Footwear. Other income and expenses and currencies impacted positively by approximately EUR 3 million on EBIT.

EBIT excluding non-recurring items by business segment

EUR million 1-3/
2013
1-3/
2012
Change
%
2012
Winter and Outdoor 14.2 10.7 33 113.8
Ball Sports 17.4 19.9 -13 28.0
Fitness -0.4 3.9 17.0
Headquarters*) -4.8 -4.9 -20.1
EBIT excluding non-recurring items 26.4 29.6 -11 138.7
Non-recurring items - - -24.8
EBIT total 26.4 29.6 -11 113.9

*) Headquarters segment consists of Group administration, shared services functions, other non-operational income and expenses and fair valuation of share-based compensations.

Net financial expenses were EUR 6.7 million (5.4) including net interest expenses of EUR 5.8 million (4.9). Net foreign exchange losses were EUR 0.4 million (0.5). Earnings before taxes totaled EUR 19.7 million (24.2) and taxes were EUR 4.9 million (5.4). Earnings per share were EUR 0.13 (0.15).

CASH FLOW AND FINANCING
Net cash flow after investing activities (free cash flow) was EUR 67.9 million (97.4) in January-March. Working capital in total decreased by EUR 51.8 million (89.4). Inventories decreased by EUR 6.9 million (12.2), receivables by EUR 93.6 million (129.4). Payables increased by 48.7 million (increase 52.2).

At the end of March, the Group's net debt amounted to EUR 398.4 million (December 31, 2012: 434.3).

Interest-bearing liabilities amounted to EUR 534.5 million (December 31, 2012: 576.8) consisting of short-term debt of EUR 206.7 million and long-term debt of EUR 327.8 million. The average interest rate on the Group's interest-bearing liabilities was 4.1% (December 31, 2012: 3.6%).

Short-term debt consists mainly of repayments of long-term loans of EUR 92.4 million (December 31, 2012: 42.3) and commercial papers of EUR 71.1 (151.6) which Amer Sports had issued in the Finnish market. The total size of the commercial paper program is EUR 500 million.

Cash and cash equivalents totaled EUR 136.1 million (December 31, 2012: 142.5).

Amer Sports had not used any of its EUR 240 million committed revolving credit facilities at the end of the review period.

The equity ratio at the end of the March was 40.5% (December 31, 2012: 39.1%) and gearing was 56% (December 31, 2012: 59%).

CAPITAL EXPENDITURE AND INVESTMENTS
The Group's capital expenditure totaled EUR 7.2 (10.9) million. Depreciation totaled EUR 11.1 million (9.7). Capital expenditure for the whole year is expected to be approximately EUR 50 million (49.2).

BUSINESS SEGMENT REVIEWS

WINTER AND OUTDOOR

EUR million 1-3/2013 1-3/2012 Change
%
Change
%*)
2012
Net sales
   Winter Sports Equipment 42.8 43.7 -2 0 425.0
   Footwear 102.3 104.1 -2 0 314.4
   Apparel 63.1 51.2 23 25 248.6
   Cycling 36.6 36.3 1 1 129.0
   Sports Instruments 21.7 21.2 2 4 104.2
Net sales, total 266.5 256.5 4 5 1,221.2
EBIT excluding non-
recurring items
14.2 10.7 33 113.8
EBIT % excluding non-
recurring items
5.3 4.2 9.3
Non-recurring items - - -18.4
EBIT total 14.2 10.7 33 95.4
Personnel at period end 4,625 4,593 1 4,639

*) Change in local currencies

Winter and Outdoor's net sales in the review period were EUR 266.5 million (256.5), an increase of 5% in local currencies.

EUR million 1-3/2013 1-3/2012 Change
%
Change
%*)
2012
EMEA 182.1 171.4 6 6 774.4
Americas 54.0 53.6 1 2 289.5
Asia Pacific 30.4 31.5 -3 2 157.3
Total 266.5 256.5 4 5 1,221.2

*) Change in local currencies

EBIT was EUR 14.2 million (10.7). Increased sales volumes improved EBIT by approximately EUR 6 million and higher gross margins contributed approximately EUR 4 million. Operating expenses increased by approximately EUR 6 million (all in local currencies).

Winter Sports Equipment
Winter Sports Equipment's net sales were EUR 42.8 million (43.7), and were at last year's level in local currencies. Net sales of alpine ski equipment decreased while sales of cross country ski equipment and snowboards increased. Net sales increased in EMEA by 2%, and decreased in the Americas by 2% and Asia Pacific by 4%.

Footwear
Footwear's net sales were EUR 102.3 million (104.1), and were at last year's level in local currencies. Sales of trail running and outdoor performance products increased in North America, Russia and Japan, and decreased in Central Europe.

Apparel
Apparel's net sales were EUR 63.1 million (51.2), an increase of 25% in local currencies. Growth was generated by both main brands, Salomon and Arc'teryx, and occurred in all geographical regions.

Cycling
Cycling's net sales were EUR 36.6 million (36.3), and were at last year's level in local currencies. Sales of cycling helmets and footwear continued to grow.

Sports Instruments
Sports Instruments' net sales were EUR 21.7 million (21.2), an increase of 4% in local currencies. The sales increase in outdoor instruments was driven by the Suunto GPS watch and dive instruments range.

BALL SPORTS

EUR million 1-3/2013 1-3/2012 Change
%
Change
%*)
2012
Net sales
   Individual Ball Sports 95.5 97.6 -2 -1 318.8
   Team Sports 68.5 76.0 -10 -9 250.9
Net sales, total 164.0 173.6 -6 -4 569.7
EBIT excluding non-
recurring items
17.4 19.9 -13 28.0
EBIT % excluding non-
recurring items
10.6 11.5 4.9
Non-recurring items - - -5.5
EBIT total 17.4 19.9 -13 22.5
Personnel at period end 1,614 1,675 -4 1,592

*) Change in local currencies

Ball Sports' net sales in the review period were EUR 164.0 million (173.6), a decrease of 4% in local currencies. The decrease was due to continued industry-wide trade destocking in baseball bats, and late start of the spring season.

EUR million 1-3/2013 1-3/2012 Change
%
Change
%*)
2012
EMEA 42.0 41.9 0 1 118.0
Americas 101.2 110.3 -8 -7 370.1
Asia Pacific 20.8 21.4 -3 3 81.6
Total 164.0 173.6 -6 -4 569.7

*) Change in local currencies

EBIT was EUR 17.4 million (19.9), impacted by lower sales volumes. Operating expenses remained at last year's level (all in local currencies).

Individual Ball Sports
Individual Ball Sports' net sales were EUR 95.5 million (97.6), and were at last year's level in local currencies. Sales of tennis rackets were negatively influenced by a change in cadence of product launches from the first quarter of the year to the fourth quarter to better meet market demands, and late start of the spring season. Golf's sales increased driven by new product launches and expanded distribution.

Team Sports
Team Sports' net sales were EUR 68.5 million (76.0), a decrease of 9% in local currencies. As a result of the industry-wide baseball bat destocking, sales of DeMarini baseball bats declined by 33%.

FITNESS

EUR million 1-3/2013 1-3/2012 Change
%
Change
%*)
2012
Net sales 62.5 59.7 5 6 273.1
EBIT excluding non-
recurring items
-0.4 3.9 17.0
EBIT % excluding non-
recurring items
6.5 6.2
Non-recurring items - - -0.1
EBIT total -0.4 3.9 16.9
Personnel at period end 848 784 8 821

*) Change in local currencies

Fitness' net sales in the review period were EUR 62.5 million (59.7), an increase of 6% in local currencies. The commercial business (clubs and institutions) sales were up by 5% and consumer business (home use) by 10% in local currencies.

EUR million 1-3/2013 1-3/2012 Change
%
Change
%*)
2012
EMEA 16.4 13.4 22 24 70.3
Americas 40.1 41.8 -4 -3 174.5
Asia Pacific 6.0 4.5 33 41 28.3
Total 62.5 59.7 5 6 273.1

*) Change in local currencies

EBIT was EUR -0.4 million (3.9) mainly due to lower gross margin which declined due to adaptation of new timing for vendor rebates recognition and more strength equipment based sales mix. Increased sales volumes contributed approximately EUR 1 million to EBIT, offset by higher sales and distribution expenses (all in local currencies).

Personnel
At the end of March, the number of Group employees was 7,236 (December 31, 2012: 7,186). The increase came mainly from personnel working in sales and distribution. The increase in Headquarters and shared services was due to establishing a shared financial service center in the EMEA region which will bring scale and synergy benefits.

March 31,
2013
March 31,
2012
Change
%
December 31,
2012
Winter and Outdoor 4,625 4,593 1 4,639
Ball Sports 1,614 1,675 -4 1,592
Fitness 848 784 8 821
Headquarters and shared services 149 106 41 134
Total 7,236 7,158 1 7,186

March 31,
2013
March 31,
2012
Change
%
December 31,
2012
EMEA 4,118 4,156 -1 4,135
Americas 2,399 2,367 1 2,366
Asia Pacific 719 635 13 685
Total 7,236 7,158 1 7,186

SHARES AND SHAREHOLDERS
The company's share capital totaled EUR 292,182,204 on March 31, 2013 and the number of shares was 118,517,285. Each share entitles the holder to one vote at the company's general meeting.

Authorizations
The Annual General Meeting held on March 8, 2012 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 for 18 months from the decision of the Annual General Meeting. The Board of Directors has not utilized the authorization.

The Annual General Meeting held on March 7, 2013 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 trading on regulated market organized by NASDAQ OMX Helsinki Ltd 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 Ltd and Euroclear Finland Ltd. The Repurchase Authorization is valid for eighteen months from the decision of the Annual General Meeting.

The Annual General Meeting held on March 7, 2013 authorized the Board of Directors to decide on issuing new shares and/or conveying the Company's own shares held by the Company as follows: By virtue of the authorization, the Board of Directors is entitled to decide on issuing new shares and/or on conveying the Company's own shares at the maximum amount of 10,000,000 shares in aggregate. The Board of Directors decides on all the conditions of the share issue. The issuance or conveyance of shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorization includes the option to issue own shares to the Company for free. The authorization is valid until two years from the date of the decision of the Annual General Meeting, but the authorization to issue new shares and/or convey the Company's own shares for purposes other than the Company's bonus schemes is valid until fourteen months from the date of the decision of the Annual General Meeting.

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

Own shares
At the end of March, Amer Sports held a total of 560,465 shares (732,096) of Amer Sports Corporation. The number of own shares corresponds to 0.47% (0.62) of all Amer Sports shares. A total of 4,834 shares granted as share-based incentives were returned to Amer Sports in accordance with the terms of the incentive plan as the employment ended.

Trading in shares
A total of 15.5 million (20.1) Amer Sports shares with a value totaling EUR 189.5 million (202.6) were traded on the NASDAQ OMX Helsinki Ltd in the review period. Share turnover was 13.1% (17.1%) (expressed as a proportion of the average number of shares, excluding own shares). The average daily volume in January-March 2013 was 249,729 shares (314,083).

The closing price of the Amer Sports Corporation share on the NASDAQ OMX Helsinki Ltd stock exchange on March 31, 2013 was EUR 12.87 (9.80). Shares registered a high of EUR 13.48 (10.70) and a low of EUR 11.08 (9.03) during the review period. The average share price was EUR 12.24 (10.08). On March 31, 2013, the company had a market capitalization of EUR 1,518.1 million (1,154.3), excluding own shares.

At the end of March, Amer Sports Corporation had 14,580 registered shareholders (15,988). Ownership outside of Finland and nominee registrations represented 43.7% (46.3) of the company's shares.

Notification of change in shareholding under the Finnish Securities Market Act
Amer Sports Corporation received on February 6, 2013 information to the effect that owners of institutional investors and funds, who have given full discretion over their investments to Silchester International Investors LLP, had fallen below 5% on February 1, 2013. Silchester International Investors LLP owned then 5,819,555 shares, which represented 4.91% of Amer Sports Corporation's share capital and voting rights.

DECISIONS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS
At the Amer Sports Corporation Annual General Meeting held on March 7, 2013, the following resolutions were approved:

Adoption of the annual accounts
The Annual General Meeting (AGM) approved Amer Sports' financial statements for 2012.

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 0.35 per share to be paid for the financial year ended December 31, 2012. The dividends were paid to shareholders who were registered on the list of shareholders maintained by Euroclear Finland Ltd as of March 12, 2013, which was the record date for the dividend payment. The dividend was paid on April 4, 2013.

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 Company's President and CEO a discharge from liability for the financial year 2012.

Resolution on the remuneration of the members of the Board of Directors
It was agreed that the annual 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 2014 shall remain unchanged from 2012 and be as follows: Chairman EUR 100,000, Vice Chairman EUR 60,000, and other members EUR 50,000. No extra remuneration is 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 to be 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 elected Ilkka Brotherus, Martin Burkhalter, Christian Fischer, Hannu Ryöppönen, Bruno Sälzer, Anssi Vanjoki and Indra Åsander as members of the Board of Directors. The Board of Directors' term of service will run until the close of the 2014 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. PricewaterhouseCoopers Oy has advised that it appoints Jouko Malinen, Authorized Public Accountant, as the principally responsible auditor of the Company.

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 trading on the regulated market organized by NASDAQ OMX Helsinki Ltd 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 Ltd and Euroclear Finland Ltd. The Repurchase Authorization is valid for eighteen months from the decision of the Annual General Meeting.

Authorizing the Board of Directors to decide on the share issue
The AGM authorized the Board of Directors to decide on issuing new shares and/or conveying the Company's own shares held by the Company as follows: By virtue of the authorization, the Board of Directors is entitled to decide on issuing new shares and/or on conveying the Company's own shares at the maximum amount of 10,000,000 shares in aggregate. The Board of Directors decides on all the conditions of the share issue. The issuance or conveyance of shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue). The authorization includes the option to issue own shares to the Company for free.

The authorization is valid until two (2) years from the date of the decision of the Annual General Meeting, but the authorization to issue new shares and/or convey the Company's own shares for purposes other than the Company's bonus schemes is valid until fourteen (14) months from the date of 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: Bruno Sälzer, Chairman, Christian Fischer, Anssi Vanjoki and Indra Åsander 

  • Nomination Committee: Ilkka Brotherus, Chairman, Martin Burkhalter and Anssi Vanjoki 

  • Audit Committee: Hannu Ryöppönen, Chairman, Ilkka Brotherus and Martin Burkhalter 

GROUP-WIDE RESTRUCTURING PROGRAM
Amer Sports' restructuring program, started at the beginning of November 2012, is continuing as planned. The program will drive further scale and synergies and cost efficiencies, as well as sustain growth through resource allocation especially into softgoods and expansion markets and channels. The program is estimated to deliver an annual cost saving of EUR 20 million once fully executed by the end of 2014. The program contributes to reaching the Group's long-term profitability target of 10% EBIT. The expected headcount impact of the restructuring program once fully implemented is approximately 250, mainly in Winter and Outdoor.

SIGNIFICANT RISKS AND UNCERTAINTIES
Amer Sports' business is balanced by its broad portfolio of sports and brands, the increasing share of softgoods in the company portfolio as well as the company's presence in all major markets. Short-term risks for Amer Sports are particularly associated with general economic conditions, consumer demand development in Europe, North America and Japan, the ability to identify and respond to constantly shifting trends and the ability to leverage advancements in technologies and to develop new and appealing products.

Further information on the company's business risks and uncertainty factors is available on the company's web site at www.amersports.com/investors.

OUTLOOK FOR 2013
In 2013, 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 margin excluding non-recurring items is expected to improve from 2012. Amer Sports expects the trading environment to remain challenging in 2013. The company will continue to focus on softgoods growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence.

Outlook given in the Financial Statements Bulletin 2012, January 31, 2013
Amer Sports expects the trading environment to remain challenging in 2013. The company will continue to focus on softgoods growth, consumer-driven product and marketing innovation, commercial expansion and operational excellence. In 2013, Amer Sports' net sales in local currencies and EBIT excluding non-recurring items are expected to increase from 2012.

TABLES

The notes are an integral part of consolidated interim financial information.

Unaudited

1-3/2012 and full year 2012 figures are restated in accordance with the amendments to IAS19 standard which came effective on Jan 1, 2013.

EUR million

CONSOLIDATED RESULTS

1-3/
2013
1-3/
2012
Change
%
2012
NET SALES 493.0 489.8 1 2,064.0
Cost of goods sold -275.3 -273.5 -1,163.4
GROSS PROFIT 217.7 216.3 1 900.6
License income 1.4 2.0 7.5
Other operating income 1.9 0.5 6.0
R&D expenses -18.7 -17.0 -72.2
Selling and marketing expenses -139.2 -132.2 -526.8
Administrative and other
expenses
-36.7 -40.0 -176.4
Non-recurring expenses - - -24.8
EARNINGS BEFORE
INTEREST AND TAXES
26.4 29.6 -11 113.9
% of net sales 5.4 6.0 5.5
Financing income and expenses -6.7 -5.4 -31.5
EARNINGS BEFORE TAXES 19.7 24.2 -19 82.4
Taxes -4.9 -5.4 -24.5
NET RESULT 14.8 18.8 -21 57.9
Attributable to:
Equity holders of the parent
company
14.8 18.8 57.9
Earnings per share, EUR 0.13 0.15 0.48
Earnings per share, diluted, EUR 0.13 0.15 0.48
Adjusted average number of
shares in issue less own shares,
million
117.8 117.6 117.7
Adjusted average number of
shares in issue less own shares,
diluted, million
118.2 117.8 118.1
Equity per share, EUR 6.77 5.96 6.21
ROCE, % *) 10.3 13.4 10.5
ROE, % 7.7 9.8 7.4
Average rates used:
EUR 1.00 = USD
1.3222 1.3098 1.2846

*) 12 months' rolling average

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

1-3/
2013
1-3/
2012
2012
Net result 14.8 18.8 57.9
Other comprehensive income
Items that will not be reclassified to  profit or loss
Translation differences 3.9 -12.3 -8.7
Remeasurement effects of    
postemployment benefit plans
-2.7 -10.5
Income tax related to  
remeasurement effects
0.9 3.5
Items that may be reclassified to  profit or loss
Cash flow hedges 7.5 -8.8 -19.3
Income tax related to cash flow hedges -1.9 2.3 5.0
Other comprehensive income, net of tax 9.5 -20.6 -30.0
Total comprehensive income 24.3 -1.8 27.9
Total comprehensive income attributable to:
Equity holders of the parent company 24.3 -1.8 27.9

NET SALES BY BUSINESS SEGMENT

1-3/
2013
1-3/
2012
Change
%
2012
Winter and Outdoor 266.5 256.5 4 1,221.2
Ball Sports 164.0 173.6 -6 569.7
Fitness 62.5 59.7 5 273.1
Total 493.0 489.8 1 2,064.0

GEOGRAPHIC BREAKDOWN OF NET SALES

1-3/
2013
1-3/
2012
Change
%
2012
EMEA 240.5 226.7 6 962.7
Americas 195.3 205.7 -5 834.1
Asia Pacific 57.2 57.4 0 267.2
Total 493.0 489.8 1 2,064.0

EBIT BY BUSINESS SEGMENT

1-3/
2013
1-3/
2012
Change
%
2012
Winter and Outdoor 14.2 10.7 33 95.4
Ball Sports 17.4 19.9 -13 22.5
Fitness -0.4 3.9 16.9
Headquarters -4.8 -4.9 -20.9
Total 26.4 29.6 -11 113.9

CONSOLIDATED CASH FLOW STATEMENT

Note 1-3/
2013
1-3/
2012
2012
Earnings before interest and taxes 26.4 29.6 113.9
Adjustments to cash flow from
operating activities and depreciation
10.6 4.9 61.1
Change in working capital 51.8 89.4 -10.9
Cash flow from operating activities
before financing items and taxes
88.8 123.9 164.1
Interest paid and received -3.6 -2.2 -19.9
Income taxes paid and received -10.2 -11.1 -31.6
Net cash flow from operating activities 75.0 110.6 112.6
Sold operations - 1.1 1.1
Acquired non-controlling interests - -3.7 -3.7
Capital expenditure on non-current
tangible and intangible assets
-7.2 -10.9 -49.2
Proceeds from sale of tangible non-
current assets
0.1 0.3 11.0
Net cash flow from investing activities -7.1 -13.2 -40.8
Net cash flow after investing activities
(free cash flow) 67.9 97.4 71.8
Interest on hybrid bond - -7.2 -7.2
Redemption of the hybrid bond 3 - -60.0 -60.0
Dividends paid 4 - -38.9 -38.9
Change in debt and other financing
items
-74.2 122.3 98.9
Net cash flow from financing activities -74.2 16.2 -7.2
Cash and cash equivalents on
January 1
142.5 78.8 78.8
Translation differences -0.1 -0.8 -0.9
Change in cash and cash equivalents -6.3 113.6 64.6
Cash and cash equivalents on
March 31/December 31
136.1 191.6 142.5

CONSOLIDATED BALANCE SHEET

Note March 31, 2013 March 31, 2012 December 31, 2012
Assets
Goodwill 294.7 287.1 289.1
Other intangible non-current assets 210.2 213.7 211.4
Tangible non-current assets 161.9 153.3 162.9
Other non-current assets 122.7 109.0 119.9
Inventories and work in progress 333.2 343.6 336.7
Receivables 513.6 481.4 607.8
Cash and cash equivalents 136.1 191.6 142.5
Total assets 2 1,772.4 1,779.7 1,870.3
Shareholders' equity and liabilities
Shareholders' equity 717.4 701.5 731.8
Long-term interest-bearing liabilities 327.8 403.9 378.2
Other long-term liabilities 74.9 52.2 79.8
Current interest-bearing liabilities 206.7 197.2 198.6
Other current liabilities 415.8 390.3 435.1
Provisions 29.8 34.6 46.8
Total shareholders' equity and liabilities 1,772.4 1,779.7 1,870.3
Equity ratio, % 40.5 39.4 39.1
Gearing, % 56 58 59
EUR 1.00 = USD 1.2805 1.3356 1.3194

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

Note Share
capital
Pre-
mi-
um
fund
Fund
for
own
sha-
res
Trans-
lation
diffe-
rences
Fair
value
and
other
reser-
ves
Re-
mea-
sure-
ments
Inves-
ted
un-
restric-
ted
equity
reserve
Hyb-
rid
bond
Retai-
ned
ear-
nings
To-
tal
Pub-
lished
balance at
Jan. 1,
2012
292.2 12.1 -36.9 -26.6 7.2 - 151.5 60.0 367.3 826.8
IAS 19
impact
-20.5 -20.5
Re-
stated
balance
at
Jan. 1,
2012
292.2 12.1 -36.9 -26.6 7.2 -20.5 151.5 60.0 367.3 806.3
Other
comp-
rehen-
sive
income:
Trans-
lation
differ-
rences
-12.3 -12.3
Re-
measu-
rement
effects
of post-
emp-loyment
benefit
plans
-2.7 -2.7
Cash
flow
hedges
-8.8 -8.8
Income
tax
related
to
OCI
2.3 0.9 3.2
Net
result,
resta-
ted
18.8 18.8
Total
comp-
rehen-
sive
income,
restated
-12.3 -6.5 -1.8 18.8 -1.8
Trans-
actions
with
owners:
Cancel-
lation
of own
shares
27.2 -27.2 -
Share-
based
incen-
tive
prog-
rams
2.7 2.9 -2.4 3.2
Hybrid
bond
3 -60.0 -7.2 -67.2
Divi-
dend
distri-
bution
4 -38.9 -38.9
Balan-
ce at
March
31, 2012
292.2 12.1 -7.0 -38.9 0.7 -22.3 154.4 - 310.4 701.5
Publis-
hed
balance
at Jan.
1, 2013
292.2 12.1 -7.1 -35.3 -7.1 - 154.4 - 349.7 758.9
IAS 19
impact
-27.5 0.4 -27.1
Resta-
ted
balance
at
Jan. 1,
2013
292.2 12.1 -7.1 -35.3 -7.1 -27.5 154.4 - 350.1 731.8
Other
comp-
rehen-
sive income:
Trans-
lation
differ-
rences
3.9 3.9
Cash
flow
hedges
7.5 7.5
Income
tax
related
to cash
flow
hedges
-1.9 -1.9
Net
result
14.8 14.8
Total
comp-
rehen-
sive
income
3.9 5.6 14.8 24.3
Trans-
actions
with
owners:
Share-
based
incen-
tive
prog-
rams
1.7 2.3 -1.4 2.6
Divi-
dend
distri-
bution
4 -41.3 -41.3
Balan-ce at
March
31,
2013
292.2 12.1 -5.4 -31.4 -1.5 -27.5 156.7 - 322.2 717.4

Note Non-
controlling
interests
Total
share-
holders'
equity
Published
balance at
Jan. 1, 2012
2.6 829.4
IAS 19 impact -20.5
Restated
balance at
Jan. 1, 2012
2.6 808.9
Other comp-
rehensive
income:
Translation
differences
-12.3
Remeasurement
effects of
postemployment
benefit plans
-2.7
Cash flow
hedges
-8.8
Income tax
related to OCI
3.2
Net result,
restated
18.8
Total comp-
rehensive
income, restated
-1.8
Transactions
with owners:
Share-based
incentive
programs
3.2
Hybrid bond 3 -67.2
Dividend
distribution
4 -38.9
Other change -2.6 -2.6
Balance at
March 31, 2012
- 701.5

QUARTERLY BREAKDOWN OF NET SALES AND EBIT

Q1/ Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/
NET SALES 2013 2012 2012 2012 2012 2011 2011 2011
Winter and Outdoor 266.5 402.8 411.0 150.9 256.5 375.0 395.7 133.4
Ball Sports 164.0 127.7 121.9 146.5 173.6 109.0 106.7 136.3
Fitness 62.5 88.0 69.0 56.4 59.7 72.9 56.8 45.9
Total 493.0 618.5 601.9 353.8 489.8 556.9 559.2 315.6
Q1/ Q4/ Q3/ Q2/ Q1/ Q4/ Q3/ Q2/
EBIT 2013 2012 2012 2012 2012 2011 2011 2011
Winter and Outdoor 14.2 23.3 86.8 -25.4 10.7 45.0 79.3 -15.1
Ball Sports 17.4 -4.5 -2.6 9.7 19.9 -0.7 -1.1 9.1
Fitness -0.4 7.8 4.2 1.0 3.9 4.5 2.8 -0.3
Headquarters -4.8 -4.4 -7.1 -4.5 -4.9 -2.5 -6.6 -4.6
Total 26.4 22.2 81.3 -19.2 29.6 46.3 74.4 -10.9

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, 2013, as adopted by the EU. The IFRS recognition and measurement principles as described in the annual financial statements for 2012 have also been applied in the preparation of the interim financial information, with the changes mentioned below.

Standards, interpretations and amendments adopted from the beginning of 2013:
The following new standards, interpretations and amendments have been adopted when applicable: IAS 19 (amendment), IAS 34 (amendment) in connection with IFRS 7 (amendment) and IFRS 13 (amendment), IAS 1 (amendment), IFRS 12 (amendment), IAS 32 (amendment) and the annual improvements. The impacts of the amendments to IAS 19 and IAS 34 have been described in the notes 8 and 9. The other amendments did not have any material impact on the consolidated financial statements.

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

 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.

Net sales Earnings
before
interest and
taxes
Financing
income
and
expenses
Earnings
before
taxes
Assets
1-3/2013
Winter and Outdoor 266.5 14.2 780.6
Ball Sports 164.0 17.4 433.7
Fitness 62.5 -0.4 247.3
Segments, total 493.0 31.2 1,461.6
Unallocated items*) -4.8 -6.7 310.8
Group total 493.0 26.4 -6.7 19.7 1,772.4

1-3/2012
Winter and Outdoor 256.5 10.7 791.0
Ball Sports 173.6 19.9 414.3
Fitness 59.7 3.9 234.2
Segments, total 489.8 34.5 1,439.5
Unallocated items*) -4.9 -5.4 340.2
Group total 489.8 29.6 -5.4 24.2 1,779.7
1-12/2012
Winter and Outdoor 1,221.2 95.4 935.4
Ball Sports 569.7 22.5 376.9
Fitness 273.1 16.9 259.4
Segments, total 2,064.0 134.8 1,571.7
Unallocated items*) -20.9 -31.5 298.6
Group total 2,064.0 113.9 -31.5 82.4 1,870.3

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

GEOGRAPHIC BREAKDOWN OF NET SALES

1-3/
2013
1-3/
2012
2012
EMEA 240.5 226.7 962.7
Americas 195.3 205.7 834.1
Asia Pacific 57.2 57.4 267.2
Total 493.0 489.8 2,064.0

3. HYBRID BOND
On March 12, 2012 Amer Sports redeemed the EUR 60 million hybrid bond issued on March 12, 2009.

4. DIVIDENDS
Relating to the year ending on December 31, 2012, the dividends distributed to the shareholders of Amer Sports Corporation were EUR 0.35 per share and amounted in total to EUR 41.3 million (2012: 0.33 per share, in total 38.9 million). The dividends were paid out in April 2013.

5. CONTINGENT LIABILITIES AND SECURED ASSETS

March
31, 2013
March
31, 2012
December
31, 2012
Guarantees 22.7 20.8 23.1
Liabilities for leasing and rental agreements 169.3 125.8 152.4
Other liabilities 47.0 37.0 43.6

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.    

8. Derivative financial instruments and available-for-sale financial assets measured at fair value

The fair values of financial assets and liabilities whose fair value is recognized through income statement and derivative financial instruments used in hedge accounting are presented in the following table. All derivatives are classified as Level 2 instruments whose fair value is determined by using valuation techniques from observable market data. Available-for-sale financial assets are classified as Level 3 instruments and valued by using valuation techniques without any observable market data.

The company's derivative financial instruments may include foreign exchange forward contracts and options, interest rate swaps and interest rate options and cross-currency swaps. Foreign exchange forward contracts and options are used to hedge against changes in the value of receivables, liabilities and future cash flows denominated in a foreign currency and interest rate swaps and interest rate options to hedge against the interest rate risk. Cross-currency swaps are used to hedge against changes in value of foreign currency denominated receivables and liabilities and against the interest rate risk.

Derivative financial instruments are initially and subsequently recognized at fair value. Fair values of foreign currency denominated derivatives are measured by recognizing the exchange rate difference by using the closing rates quoted by the European Central Bank on the reporting date. The future cash flows related to forward contract's interest rate differential are discounted with the relevant market interest rate yield curves on the reporting date and compared with initial interest rate differential. The time value of foreign exchange options is measured using commonly known option pricing models. The expected future cash flows of the interest rate swaps and cross currency swaps are discounted with the market interest yield curves of the currencies concerned. Interest rate options are valued by using commonly known option pricing models. The accrued interest of forward contracts, interest rate swaps and cross currency swaps are periodized over the duration of the instruments on a net basis.

The counterparty risk of the company hasn't materially changed and hence has no material effect on the valuation of the company's derivative instruments.

Available-for-sale financial assets are Level 3 instruments whose exact fair values can't be reliably measured. The fair values of available-for-sale assets are presented at bookkeeping value or a lower value if they are impaired. The fair values do not materially deviate from the bookkeeping value.

March 31, 2013 Financial assets/
liabilities at fair
value through
income
statement
Derivative
financial instru-
ments
used in hedge
accounting
Available-for-
sale financial
assets
Non-current
financial assets
Other non-current
financial assets
0.6
Foreign exchange
derivatives
0.6
Interest rate derivatives and
cross currency swaps
4.8 0.2
Current financial assets
Foreign exchange
derivatives
0.6 6.2
Long-term financial liabilities
Foreign exchange
derivatives
0.1
Interest rate derivatives and
cross currency swaps
0.4 7.0
Current financial liabilities
Foreign exchange
derivatives
10.3 1.8
Interest rate derivatives and
cross currency swaps
1.3 0.2
Nominal value of foreign
exchange derivatives
412.0 384.3
Nominal value of interest rate
derivatives
90.0 100.0
Nominal value of cross
currency swaps
71.5

March 31, 2012 Financial assets/
liabilities at fair
value through
income
statement
Derivative
financial instru-
ments
used in hedge
accounting
Available-for-
sale financial
assets
Non-current
financial assets
Other non-current
financial assets
0.6
Foreign exchange
Derivatives
0.1
Interest rate derivatives and
cross currency swaps
1.2
Current financial assets
Foreign exchange
Derivatives
4.1 9.3
Long-term financial liabilities
Foreign exchange
Derivatives
0.7
Interest rate derivatives and
cross currency swaps
3.6
Current financial liabilities
Foreign exchange
Derivatives
2.9 4.2
Interest rate derivatives and
cross currency swaps
0.7
Nominal value of foreign
exchange derivatives
409.3 409.0
Nominal value of interest rate
derivatives
100.0
Nominal value of cross
currency swaps
56.5

Dec 31, 2012 Financial assets/
liabilities at fair
value through
income
statement
Derivative
financial instru-
ments
used in hedge
accounting
Available-for-
sale financial
assets
Non-current
financial assets
Other non-current
financial assets
0.6
Foreign exchange
Derivatives
0.0
Interest rate derivatives and
cross currency swaps
2.9
Current financial assets
Foreign exchange
derivatives
9.8 3.9
Long-term financial liabilities
Foreign exchange
derivatives
0.4
Interest rate derivatives and
cross currency swaps
7.3
Current financial liabilities
Foreign exchange
derivatives
0.7 5.8
Interest rate derivatives and
cross currency swaps
0.4
Nominal value of foreign
exchange derivatives
399.4 423.7
Nominal value of interest rate
derivatives
40.0 100.0
Nominal value of cross
currency swaps
69.9

9. AMENDMENTS TO IAS 19 STANDARD
Amer Sports has adopted amendments to IAS 19 standard (Employee Benefits) as of Jan 1, 2013.

Key changes in the standard for Amer Sports' defined benefit postemployment plans are as follows:

1. Remeasurements
All actuarial gains and losses ("remeasurements") are recognized in full in other comprehensive income. The "corridor" method and the option to recognize immediately in the profit and loss statement is no longer available. This is expected to increase balance sheet volatility.

2. New measurement of net interest expense
Net interest expense is determined based on the net defined benefit asset (liability) and the discount rate at the beginning of the year. This is expected to increase overall expense compared to previous accounting which required that the interest expense on obligation and the expected return on plan assets were recognised separately.

3. Past service cost
All past service cost are now recognized immediately in the profit and loss statement.

4. Reporting in profit and loss statement
Under old IAS 19 all expenses related to defined benefit postemployment plans were reported above EBIT. As of January 1, 2013 they are reported as follows:
- service cost: above EBIT
- net interest expense: in financing expenses
- remeasurement components: under other comprehensive income

Adaption of revised IAS 19 standard increased Amer Sports' pension liability by EUR 40.6 million and decreased shareholders' equity by EUR 27.1 million as at Dec 31, 2012.

Q1 and full year 2012 restated key financial statements:

CONSOLIDATED RESULTS

Restated
1-3/
2012
IAS 19
impact
Publis-
hed
1-3/
2012
Restated
2012
IAS 19
impact
Publis-
hed
2012
NET SALES 489.8 489.8 2,064.0 2,064.0
Cost of goods sold -273.5 -273.5 -1,163.4 -1,163.4
GROSS PROFIT 216.3 216.3 900.6 900.6
License income 2.0 2.0 7.5 7.5
Other operating income 0.5 0.5 6.0 6.0
R&D expenses -17.0 -17.0 -72.2 -72.2
Selling and marketing expenses -132.2 0.4 -132.6 -526.8 1.0 -527.8
Administrative and other
expenses
-40.0 0.2 -40.2 -176.4 1.2 -177.6
Non-recurring expenses - - -24.8 -24.8
EARNINGS BEFORE
INTEREST AND TAXES
29.6 0.6 29.0 113.9 2.2 111.7
% of net sales 6.0 5.9 5.5 5.4
Financing income and expenses -5.4 -0.4 -5.0 -31.5 -1.6 -29.9
EARNINGS BEFORE TAXES 24.2 0.2 24.0 82.4 0.6 81.8
Taxes -5.4 -0.1 -5.3 -24.5 -0.2 -24.3
NET RESULT 18.8 0.1 18.7 57.9 0.4 57.5
Attributable to:
Equity holders of the parent
company
18.8 0.1 18.7 57.9 0.4 57.5
Earnings per share, EUR 0.15 0.0 0.15 0.48 0.0 0.48
Earnings per share, diluted, EUR 0.15 0.0 0.15 0.48 0.0 0.48
Equity per share, EUR 5.96 -0.18 6.14 6.21 -0.22 6.43
ROCE, % *) 13.4 0.1 13.3 10.5 0.5 10.0
ROE, % 9.8 0.1 9.7 7.4 0.2 7.2

*) 12 months' rolling average

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Resta-
ted
1-3/
2012
IAS 19
impact
Publis-
hed
1-3/2012
Resta-
ted
2012
IAS 19
impact
Publis-
hed
2012
Net result 18.8 0.1 18.7 57.9 0.4 57.5
Other comprehensive income
Items that will not be reclassified
to  profit or loss
Translation differences
-12.3 0.1 -12.4 -8.7 -8.7
Remeasurement effects of
postemployment benefit plans
-2.7 -2.7 -10.5 -10.5
Income tax related to
remeasurement effects
0.9 0.9 3.5 3.5
Items that may be reclassified to
profit or loss
Cash flow hedges -8.8 -8.8 -19.3 -19.3
Income tax related to
cash flow hedges
2.3 2.3 5.0 5.0
Other comprehensive income,
net of tax
-20.6 -1.7 -18.9 -30.0 -7.0 -23.0
Total comprehensive income -1.8 -1.6 -0.2 27.9 -6.6 34.5
Total comprehensive income attributable to:
Equity holders of the parent
company
-1.8 -1.6 -0.2 27.9 -6.6 34.5

CONSOLIDATED BALANCE SHEET

Restated
March
 31, 2012
IAS 19
impact
Published
March 31,
2012
Restated
Dec 31,
2012
IAS 19
impact
Published
Dec 31,
2012
Assets
Goodwill 287.1 287.1 289.1 289.1
Other intangible non-current assets 213.7 213.7 211.4 211.4
Tangible non-current assets 153.3 153.3 162.9 162.9
Other non-current assets 109.0 11.0 98.0 119.9 13.5 106.4
Inventories and work in progress 343.6 343.6 336.7 336.7
Receivables 481.4 -4.8 486.2 607.8 -5.7 613.5
Cash and cash equivalents 191.6 191.6 142.5 142.5
Total assets 1,779.7 6.2 1,773.5 1,870.3 7.8 1,862.5
Shareholders' equity and
liabilities
Shareholders' equity 701.5 -22.2 723.7 731.8 -27.1 758.9
Long-term interest-bearing
liabilities
403.9 403.9 378.2 378.2
Other long-term liabilities 52.2 37.8 14.4 79.8 45.4 34.4
Current interest-bearing liabilities 197.2 197.2 198.6 198.6
Other current liabilities 390.3 -9.4 399.7 435.1 -10.5 445.6
Provisions 34.6 34.6 46.8 46.8
Total shareholders' equity and
liabilities
1,779.7 6.2 1,773.5 1,870.3 7.8 1,862.5
Equity ratio, % 39.4 -1.4 40.8 39.1 -1.6 40.7
Gearing, % 58 1 57 59 2 57

CONSOLIDATED CASH FLOW STATEMENT

Restated
1-3/ 2012
IAS 19
impact
Publi-
shed
1-3/
2012
Restated 2012 IAS 19
impact
Published
2012
Earnings before interest
and taxes
29.6 0.6 29.0 113.9 2.2 111.7
Adjustments to cash flow
from operating activities and
depreciation
4.9 -0.6 5.5 61.1 -2.2 63.3
Change in working capital 89.4 89.4 -10.9 -10.9
Cash flow from operating
activities before financing
items and taxes
123.9 123.9 164.1 164.1
Net cash flow from operating
activities
110.6 110.6 112.6 112.6
Net cash flow from investing
activities
-13.2 -13.2 -40.8 -40.8
Net cash flow after investing
activities
(free cash flow) 97.4 97.4 71.8 71.8
Net cash flow from financing
activities
16.2 16.2 -7.2 -7.2
Cash and cash equivalents
on January 1
78.8 78.8 78.8 78.8
Translation differences -0.8 -0.8 -0.9 -0.9
Change in cash and cash
equivalents
113.6 113.6 64.6 64.6
Cash and cash equivalents
on March 31/December 31
191.6 191.6 142.5 142.5

Remeasurement of pension liability as at March 31, 2013
Amer Sports remeasures its pension liability on quarterly basis. This is done by utilizing sensitivity analysis provided by actuaries. Each quarter company evaluates market etc. changes of key calculation components such as discount or inflation rate to asses new liability. Material changes in liability are recognized in other comprehensive income.

In Q1 2013 there was no material change in liability.

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




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Amer Sports Oyj via Thomson Reuters ONE

HUG#1696274
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.