Amer Sports Corporation interim report January - June 2009 (IFRS)
(Thomson Reuters ONE) - STOCK EXCHANGE RELEASEAugust 6, 2009 at 1:00 pm- Amer Sports net sales of EUR 640.0 million were at last year'slevel. In local currencies net sales decreased by 7%. Net salesdecreased by 14% in the Americas, increased by 2% in EMEA anddecreased by 2% in Asia Pacific.- EBIT was EUR -36.3 million (-7.8). Earnings per share were EUR-0.49 (-0.23). The weakened results reflect the challenging marketconditions, particularly in the US. Last year's result includes acapital gain of EUR 13 million from selling the company's corporateheadquarters building.- Amer Sports' market outlook has not materially changed during thesecond quarter and the market will remain challenging during the restof the year.- Amer Sports' EBIT for the full-year 2009 will be below last year'slevel. The expected improvement in Winter Sports Equipment due topreviously implemented cost efficiency measures is more than offsetby weakness in Amer Sports' other businesses. (On June 17, 2009 AmerSports announced that its full-year result will weaken from lastyear.) Q2/ Q2/ Change 1-6/ 1-6/ ChangeEUR million 2009 2008 % %*) 2009 2008 % %*) 2008Net sales 284.7 285.1 0 -6 640.0 648.1 -1 -7 1,576.6Gross profit 108.4 116.9 -7 -13 252.2 262.5 -4 -9 633.0EBIT -29.4 -7.8 -36.3 -7.8 78.9Financing incomeandexpenses -1.5 -7.4 -9.0 -14.3 -33.3Earnings before -30.9 -15.2taxes -45.3 -22.1 45.6Net result -23.2 -11.4 -34.0 -16.6 34.0Earnings per share,EUR -0.34 -0.16 -0.49 -0.23 0.47*) Change in local currency termsROGER TALERMO, PRESIDENT AND CEO:"Market conditions in the sporting goods industry during the secondquarter remained as difficult as during the start of the year. The USmarket continued to suffer more than the European market and ingeneral, there is less demand for high-ticket items. This was evidentin both our Fitness and Golf businesses that saw the largest salesdecline within Amer Sports."Then again, the demand for low-ticket items has remained healthy. Wemanaged to improve our strong growth rate during the second quarterin our Apparel and Footwear business. Our pre-orders in Winter SportsEquipment for the next season are at last year's level thanks tomarket share gains in Europe."It's evident that in the current challenging times, we have tocontinue to adjust our structure in order to protect our bottom line.I'm convinced that we can create substantial efficiency gains byfurther reorganizing and developing our global sales and channelmanagement and by developing our global supply chain and ITplatforms. A new management model was introduced in June in order toensure a successful execution of this next step in our strategy."As we have stated earlier, our key priority in 2009 is onstrengthening our balance sheet, and in order to achieve this we areready to consider all necessary measures. Our programs in reducinginventories and receivables are progressing as planned."NET SALES AND EBIT IN APRIL-JUNEAmer Sports net sales of EUR 284.7 million were at last year's level(285.1). In local currencies, net sales decreased by 6%.Net sales by business segment were as follows: Winter and Outdoor37%, Ball Sports 48% and Fitness 15%. Sales in Winter and Outdoorincreased by 2% and in Ball Sports by 4%. Net sales of Fitnessdecreased by 15%. In local currency terms, Winter and Outdoor netsales were at last year's level, Ball Sports sales decreased by 4%and Fitness sales decreased by 23%.The split of net sales by geographical segment was as follows: theAmericas 49%, EMEA 38% and Asia Pacific 13%. Sales in the Americasand EMEA were at last year's level and increased 6% in Asia Pacific.In local currency terms, net sales decreased 12% in the Americas,increased by 2% in EMEA and decreased 4% in Asia Pacific.The Group's EBIT was EUR -29.4 million (-7.8). The weakened resultreflects more challenging market conditions, particularly in the US.Last year's result includes a capital gain of EUR 13 million fromselling the company's corporate headquarters building.Earnings before taxes were EUR -30.9 million (-15.2). Earnings pershare were EUR -0.34(-0.16). Net financial expenses amounted to EUR 1.5 million (7.4) andthey included EUR 3.9 million unrealized foreign exchange gains.NET SALES AND EBIT IN THE REVIEW PERIOD, JANUARY-JUNEAmer Sports net sales of EUR 640.0 million were at last year's level(648.1). In local currencies, net sales decreased by 7%.Net sales by business segment were as follows: Winter and Outdoor42%, Ball Sports 44% and Fitness 14%. Winter and Outdoor salesincreased by 2% and were at last year's level in Ball Sports. Netsales of Fitness decreased by 15%. In local currency terms, Winterand Outdoor net sales were at last year's level, Ball Sportsdecreased by 6% and Fitness decreased by 24%.The split of net sales by geographical segment was as follows: theAmericas 47%, EMEA 42% and Asia Pacific 11%. Sales decreased in theAmericas by 4%, were at last year's level in EMEA and increased 7% inAsia Pacific. In local currency terms, net sales decreased by 14% inthe Americas, increased by 2% in EMEA and decreased by 2% in AsiaPacific.The Group's EBIT was EUR -36.3 million (-7.8). The weakened resultreflects more challenging market conditions particularly in the US.Last year's result includes a capital gain of EUR 13 million fromselling the company's corporate headquarters building.Earnings before taxes were EUR -45.3 million (-22.1). Earnings pershare were EUR -0.49(-0.23). Net financial expenses amounted to EUR 9.0 million (14.3)and they included EUR 4.6 million unrealized foreign exchange gains.CAPITAL EXPENDITUREThe Group's capital expenditure on fixed assets totaled EUR 15.1million (15.4). The Group's depreciation was EUR 16.8 million (17.2).RESEARCH AND DEVELOPMENTEUR 26.4 million (28.2) was invested in research and development,representing 4.1% of net sales.FINANCIAL POSITION AND CASH FLOWAmer Sports' interest bearing liabilities at the end of June were EUR556.6 million (537.1), consisting of short-term debt of EUR 144.0million and long-term debt of EUR 412.6 million. Liquid assetsamounted to EUR 23.8 million (29.2) at the end of the period. TheGroup's net debt was EUR 532.8 million (507.9). Amer Sports' totalunused committed credit facilities amounted to EUR 150 million.Amer Sports has a EUR 325 million committed revolving creditfacility, maturing in 2011 and 2012, of which EUR 235 million hasbeen used. Furthermore, the company has, as of January 1, 2009,committed revolving credit facilities of EUR 60 million maturing in2010.Amer Sports long-term debt consists of EUR 75 million privateplacement bond maturing in 2011, USD 100 million loan as a part ofthe originally EUR 575 million loan syndicate of 2005, maturing in2011 and 2012, and a EUR 28.6 million pension loan.Short-term financing is mainly raised with a domestic commercialpaper program, of which EUR 135.9 million had been used at the end ofJune.In March, Amer Sports Corporation issued a EUR 60 million hybrid bondin order to strengthen the Group's capital structure and to repayexisting debt. The coupon rate of the bond is 12.0% per annum. Thebond has no maturity but the company may call the bond after threeyears. A hybrid bond is a bond that is subordinated to the company'sother debt obligations and will be treated as equity in the IFRSfinancial statements. The hybrid bond holding does not confer theright to vote at shareholder meetings and will not dilute theholdings of the current shareholders.The equity ratio at the end of June was 37.3% (31.9%) and gearing was103% (114%).Net cash flow from operating activities after interest and taxes wasEUR 58.7 million (94.4). Net cash flow from investing activities wasEUR -15.6 million (10.7).BUSINESS SEGMENTSWINTER AND OUTDOOR Q2/ Q2/ Change 1-6/ 1-6/ ChangeEUR million 2009 2008 % %*) 2009 2008 % %*) 2008Net sales Winter Sports 11.4 16.6 -31 -34 48.4 53.5 -12 378.9Equipment -11 Apparel and 49.2 39.4 25 24 131.6 110.5 20 277.9Footwear 19 Cycling 24.6 26.0 -5 -8 51.8 59.4 -13 -15 114.2 Sports Instruments 21.4 22.6 -5 -8 39.2 43.2 -9 -12 89.8Net sales, total 106.6 104.6 2 0 271.0 266.6 2 0 860.8EBIT -29.2 -26.7 -9 -11 -40.1 -41.3 3 4 41.1*) In local currency termsIn January-June, Winter and Outdoor's net sales were at last year'slevel in local currency terms. The breakdown of net sales was asfollows: Apparel and Footwear 49%, Winter Sports Equipment 18%,Cycling 19% and Sports Instruments 14%. The Americas accounted for22%, EMEA for 67% and Asia Pacific for 11% of net sales. Sales inlocal currencies were down 10% in both in the Americas and AsiaPacific, and were up 7% in EMEA.The EBIT of EUR -40.1 million improved by 4% in local currencies(-41.3).Business areasThe second quarter is dominated by the Apparel and Footwear business.In local currencies, Apparel and Footwear sales grew by 20% in thereview period, the growth being driven particularly by Salomon. Theorder book for the fall/winter season is now complete, indicating aslower pace than in the first half of the year. Inventory managementcontinues to improve according to targets.The second quarter is not material for Winter Sports Equipment salesas all focus is on order intake for the next season. Its salesdeclined by 12% in local currencies in the review period. Pre-ordersin Winter Sports Equipment for the next season are at last year'slevel, with strength in cross-country skiing and protectives.Regionally, North America continues to underperform while most keyEuropean markets show healthy progress in orders. The operatingexpenses continue to track down as planned.Bicycle component manufacturer Mavic's deliveries started tostabilize after a very low start for the year. The capacityconstraints in high-end wheels continued to negatively impact boththe sales and margins. The R-SYS recall is now almost complete. Thecustomer feedback on the execution of the recall has been positive.Mavic's sales declined by 15% in local currencies.Net sales of Sports Instruments were below last year's level. Inlocal currencies, sales decreased by 12%. Net sales declinedparticularly in the US and in the diving category globally. However,the training and outdoor categories were at last year's level despitethe difficult market environment. During the second quarter, Suuntolaunched new products in both watch and in diving categories. Theproducts have been well received by the trade. New cost savingsinitiatives have been made in order to adjust Suunto's cost base tothe current market conditions.BALL SPORTS Q2/ Q2/ Change 1-6/ 1-6/ ChangeEUR million 2009 2008 % %*) 2009 2008 % %*) 2008Net sales Racquet Sports 65.1 62.6 4 -2 129.0 125.2 3 -3 227.0 Team Sports 48.6 41.1 18 5 107.9 99.1 9 -3 189.9 Golf 22.0 27.2 -19 -22 41.7 50.6 -18 -20 78.6Net sales, total 135.7 130.9 4 -4 278.6 274.9 1 -6 495.5EBIT 7.4 11.3 -35 -39 18.9 27.0 -30 -36 37.0*) In local currency termsIn January-June, Ball Sports' net sales EUR 278.6 million were atlast year's level. In local currency terms, the net sales declined by6%. The breakdown of net sales was as follows: Racquet Sports 46%,Team Sports 39% and Golf 15%. Of the net sales, the Americasgenerated 63%, EMEA 24% and Asia Pacific 13%. In a local currencies,the Americas and EMEA declined by 9% and 4%, respectively. AsiaPacific grew by 11%.The EBIT of EUR 18.9 million (27.0) declined by 36% versus last yearin local currencies driven by volume declines and margin pressures.The unfavorable margin development is the result of challengingeconomic environment and consumer shift to the value product mix.Business areasIn local currencies, the Racquet Sports business declined by 3%. Inlocal currencies terms, Americas declined by 11%, EMEA declined by2%, and Asia Pacific grew by 15%. The growth in Asia Pacific isdriven by the expanded distribution in China and a strengtheningposition in the badminton throughout the region. Racquet Sportscontinues to focus on market share development as the #1 brand.In local currencies, Team Sports declined by 3%. Asia grew by 30% inlocal currencies. The EMEA and the Americas declined by 12% and 4%,respectively. 85% of the Team Sports business is performed in the US.Therefore, the overall net sales for Team Sports are being heavilyimpacted by the economic recession. In the current environment, theTeam Sports sales mix has shifted towards national retailers offsetby softness in the specialty segment as consumers gravitate to morevalue price points.The Golf business saw a 20% decline versus the previous year in localcurrencies. The net sales declines by region are the Americas 29%,EMEA 9% and Asia Pacific 20%. Based upon market data, golf hassuffered more from changes in consumer behavior than the othercategories in Ball Sports. The golf industry has reacted aggressivelywith new pricing and promotions.FITNESS Q2/ Q2/ Change 1-6/ 1-6/ ChangeEUR million 2009 2008 % %*) 2009 2008 % %*) 2008Net sales 42.4 49.6 -15 -23 90.4 106.6 -15 -24 220.3EBIT -2.2 -0.4 -5.6 3.3 3.8*) In local currency termsIn January-June, Fitness' net sales declined by 24% in localcurrencies to EUR 90.4 million. The Americas accounted for 74%, EMEAfor 18%, and Asia Pacific for 8% of net sales. In local currencyterms, sales were down 26% in the Americas, 14% in EMEA and 27% inAsia Pacific.EBIT decreased to EUR -5.6 million (3.3) due to the significant fallin sales and lower gross margins, resulting from a lower capacityutilization rate and pricing pressure. Precor will continue to focuson cost savings to return to profitability.The market situation is unchanged since the first quarter of the yearwith the general economic climate being the largest driver ofPrecor's performance.The commercial business decline is driven by tight credit marketswhich are making it more difficult for small customers to leaseequipment. Reports from customers suggest that gym membership has notdeclined dramatically; however, clubs are seeing reduced revenue dueto lower spending by members on extra services such as personaltraining. This revenue shortfall is driving a "wait and see" attitudetoward new equipment purchases as clubs are looking to reduceexpenses. Additionally, many customers are putting new projects onhold which is restricting the available business to replacement salesrather than the new facility sales that have driven the industry inthe last few years. Price competition between manufacturers hasremained fierce.Consumer sales are affected by both the overall withdrawal fromdiscretionary spending by many families and by a significantreduction in the number of specialty dealers compared to the prioryear. The distribution lost to the bankruptcy of two major dealershas not been replaced with a similar number of specialty fitnessstores. In June, Precor began equipment programs with Costco andAmazon.com to broaden the reach of Precor's consumer products.Construction is underway on a new strength equipment productionfacility in North Carolina. This facility will provide neededcapacity for the recently launched strength product lines and it willreduce manufacturing costs.PERSONNELAt the end of June, the Group employed 6,387 people (6,273). TheGroup employed an average of 6,300 people (6,294) during the reviewperiod. The increase is due to the acquisition of the Bulgarianproduction facility in 2008 (486 employees) and other insourcingactivities.+---------------------------------------------------------------+| | June 30, 2009 | June 30, 2008 | Change % ||--------------------+---------------+---------------+----------|| Winter and Outdoor | 3,917 | 3,608 | 9 ||--------------------+---------------+---------------+----------|| Ball Sports | 1,674 | 1,746 | -4 ||--------------------+---------------+---------------+----------|| Fitness | 721 | 857 | -16 ||--------------------+---------------+---------------+----------|| Headquarters | 75 | 62 | 21 ||--------------------+---------------+---------------+----------|| Total | 6,387 | 6,273 | 2 |+---------------------------------------------------------------++---------------------------------------------------------+| | June 30, 2009 | June 30, 2008 | Change % ||--------------+---------------+---------------+----------|| EMEA | 3,593 | 3,349 | 7 ||--------------+---------------+---------------+----------|| Americas | 2,241 | 2,375 | -6 ||--------------+---------------+---------------+----------|| Asia Pacific | 553 | 549 | 1 ||--------------+---------------+---------------+----------|| Total | 6,387 | 6,273 | 2 |+---------------------------------------------------------+NEW MANAGEMENT MODELAmer Sports Corporation reorganized its management model by creatingone group-wide Amer Sports management team. The purpose of the newExecutive Board is to strengthen the development and consistentexecution of Amer Sports Corporate strategy across all business areasand regions, driving group integration, common goals and the Group'soverall performance.The following new members were appointed to the Executive Board:Jean-Marc Pambet, President of Apparel and Footwear, Bernard Millaud,President of Cycling and Terhi Heikkinen, Senior Vice President HumanResources. Due to the change, the Amer Sports Executive Team ceasedto exist.Amer Sports Executive Board members are as of June 16, 2009:- Roger Talermo, President and CEO- Pekka Paalanne, Executive Vice President and CFO- Thomas Ehrnrooth, Senior Vice President Sales and ChannelManagement- Vincent Wauters, Senior Vice President Supply Chain and InformationTechnology- Terhi Heikkinen, Senior Vice President Human Resources- Chris Considine, President of Ball Sports- Paul Byrne, President of Fitness Equipment- Juha Pinomaa, President of Sports Instruments- Michael Schineis, President of Winter Sports Equipment- Jean-Marc Pambet, President of Apparel and Footwear- Bernard Millaud, President of CyclingAmer Sports Executive Board members are presented more in detail onwww.amersports.com/aboutSHARES AND SHAREHOLDERSAt the end of June Amer Sports had 12,239 registered shareholders(12,520). Nominee registered represented 42.7% (42.2%) of the shares.During the period, a total of 19.5 million Amer Sports shares weretraded on the NASDAQ OMX Helsinki to a total value of EUR 119.5million. The share turnover was 26.8% (of the average number ofshares excluding own shares).At the close of the review period, the last trade in Amer SportsCorporation shares was EUR 7.90. The high for the period on theNASDAQ OMX Helsinki was EUR 9.00 and the low EUR 4.69. The averageshare price was EUR 6.13.On June 30, 2009, the company had a market capitalization of EUR574.4 million excluding own shares. The company has 332,400 ownshares. The number of own shares corresponds to 0.5% of all AmerSports shares.Major changes in holdings, January-June 2009Amer Sports Corporation received information on February 19, 2009 tothe effect that Novator Finland Oy has converted all of its NASDAQOMX forward contracts into direct holdings in shares of Amer SportsCorporation on February 18, 2009. After settlement of the NASDAQ OMXforward contracts concerning 7,000,000 shares in Amer SportsCorporation, Novator Finland Oy then held 14,688,900 shares,representing 20.11% of the shares and voting rights in Amer SportsCorporation.Amer Sports Corporation received information on February 19, 2009 tothe effect that the Danske Bank A/S Helsinki Branch's share capitaland voting rights of Amer Sports fell under 5% (1/20) on February 23,2009 due to a transaction completed on February 18, 2009. The DanskeBank A/S Helsinki Branch then held 0 shares in Amer SportsCorporation.Amer Sports Corporation was notified on July 2, 2009 that NovatorFinland Oy has sold its entire holding of shares in the company.Prior to the sale of shares, Novator Finland Oy held 20.11% of theshares and voting rights in Amer Sports Corporation.The stock exchange announcements on major changes in shareholdingscan be found on Amer Sports' web pages, www.amersports.com/investors.RESOLUTIONS OF THE ANNUAL AND EXTRAORDINARY GENERAL MEETINGThe Amer Sports Corporation Annual General Meeting was held on March5, 2009. On April 17, 2009 the Board of Directors of Amer SportsCorporation decided to cancel the Extraordinary General Meetingsummoned to be held on April 28, 2009 after receiving notice ofNovator Finland Oy's cancellation of its demand for an ExtraordinaryGeneral Meeting. The documentation and press releases of the pressreleases and meetings are available on the company's websitewww.amersports.com.BUSINESS RISKS AND UNCERTAINTY FACTORSAmer Sports Corporation's short-term risks are particularlyassociated with consumer demand in North America and Europe. Furtherinformation on the company's business risks and uncertainty factorsis available at the company's web site onwww.amersports.com/investors.OUTLOOK FOR 2009Amer Sports' market outlook has not materially changed during thesecond quarter and the market will remain challenging during the restof the year.Amer Sports' EBIT for the full-year 2009 will be below last year'slevel. The expected improvement in Winter Sports Equipment due topreviously implemented cost efficiency measures is more than offsetby weakness in Amer Sports' other businesses. (On June 17, 2009 AmerSports announced that its full-year result will weaken from lastyear.)TABLESThe interim report has been prepared in compliance with IAS 34.Accounting policies have been presented in the Group's 2008 AnnualReport. The effects of adopting the new IFRS standards and amendmentsto the Group's financial statements are found in the accountingpolicies.In key figures, the hybrid bond has been included in shareholders'equity. Interest expenses on the hybrid bond have been accrued basedon its coupon rate of 12% and are debited directly to retainedearnings net of tax. In the calculation of earnings per share,interest expenses of the hybrid bond have been included in theearnings of the period.UnauditedEUR millionCONSOLIDATED RESULTS 1-6/ 1-6/ Change 4-6/ 4-6/ Change 2009 2008 % 2009 2008 % 2008NET SALES 640.0 648.1 -1 284.7 285.1 0 1,576.6Cost of goods sold -387.8 -385.6 -176.3 -168.2 -943.6GROSS PROFIT 252.2 262.5 -4 108.4 116.9 -7 633.0License income 4.6 6.9 2.2 2.9 14.3Other operatingincome 3.9 15.3 1.3 13.4 18.9R&D expenses -26.4 -28.2 -12.5 -13.6 -55.6Selling andmarketing expenses -197.2 -198.6 -92.4 -95.3 -406.2Administrative andotherexpenses -73.4 -65.7 -36.4 -32.1 -125.5EARNINGS BEFOREINTEREST AND TAXES -36.3 -7.8 -29.4 -7.8 78.9% of net sales -5.7 -1.2 -10.3 -2.7 5.0Financing incomeand expenses -9.0 -14.3 -1.5 -7.4 -33.3EARNINGS BEFORETAXES -45.3 -22.1 -30.9 -15.2 45.6Taxes 11.3 5.5 7.7 3.8 -11.6NET RESULT -34.0 -16.6 -23.2 -11.4 34.0Attributable to:Equity holders ofthe parentcompany -34.0 -16.6 -23.2 -11.4 33.9Minority interests 0.0 0.0 0.0 0.0 0.1Earnings per share,EUR -0.49 -0.23 -0.34 -0.16 0.47Earnings per share,diluted, EUR -0.49 -0.23 -0.34 -0.16 0.47Adjusted averagenumber ofshares in issueless own shares,million 72.7 72.4 72.7 72.4 72.5Adjusted averagenumber ofshares in issueless own shares,diluted, million 72.7 72.5 72.7 72.5 72.5Equity per share,EUR 7.10 6.08 6.95ROCE, % *) 4.9 6.2 7.9ROE, % -13.2 -7.0 6.7Average rates used:EUR 1.00 = USD 1.33 1.53 1.47*) 12 months' rolling averageThe relative proportion of the estimated tax charge for the fullfinancial year has been charged against the result for the period.STATEMENT OF COMPREHENSIVE INCOME 1-6/ 1-6/ 4-6/ 4-6/ 2009 2008 2009 2008 2008Net result -34.0 -16.6 -23.2 -11.4 34.0Other comprehensive income Translation differences -0.5 -16.6 -9.1 1.1 4.3 Cash flow hedges -1.6 5.1 -5.6 8.5 -4.7 Income tax related to components of other comprehensive income 0.4 -1.3 1.4 -2.2 1.2Other comprehensive income,net of tax -1.7 -12.8 -13.3 7.4 0.8Total comprehensive income -35.7 -29.4 -36.5 -4.0 34.8Total comprehensive incomeattributable to:Equity holders of the parentcompany -35.7 -29.4 -36.5 -4.0 34.7Minority interests 0.0 0.0 0.0 0.0 0.1NET SALES BY BUSINESS SEGMENT 1-6/ 1-6/ Change 4-6/ 4-6/ Change 2009 2008 % 2009 2008 % 2008Winter and Outdoor 271.0 266.6 2 106.6 104.6 2 860.8Ball Sports 278.6 274.9 1 135.7 130.9 4 495.5Fitness 90.4 106.6 -15 42.4 49.6 -15 220.3Total 640.0 648.1 -1 284.7 285.1 0 1,576.6EBIT BY BUSINESS SEGMENT 1-6/ 1-6/ Change 4-6/ 4-6/ Change 2009 2008 % 2009 2008 % 2008Winter and Outdoor -40.1 -41.3 3 -29.2 -26.7 -9 41.1Ball Sports 18.9 27.0 -30 7.4 11.3 -35 37.0Fitness -5.6 3.3 -2.2 -0.4 3.8Headquarters -9.5 3.2 -5.4 8.0 -3.0Total -36.3 -7.8 -29.4 -7.8 78.9GEOGRAPHIC BREAKDOWN OF NET SALES 1-6/ 1-6/ Change 4-6/ 4-6/ Change 2009 2008 % 2009 2008 % 2008Americas 302.3 313.3 -4 138.5 140.2 -1 677.8EMEA 264.9 266.9 -1 108.4 109.2 -1 723.0Asia Pacific 72.8 67.9 7 37.8 35.7 6 175.8Total 640.0 648.1 -1 284.7 285.1 0 1,576.6CONSOLIDATED CASH FLOW STATEMENT 1-6/2009 1-6/2008 2008EBIT -36.3 -7.8 78.9Adjustments to cash flow from operatingactivities and depreciation 16.8 3.9 20.6Change in working capital 108.0 118.5 -42.6Cash flow from operating activities beforefinancing items and taxes 88.5 114.6 56.9Interest paid and received -16.8 -14.4 -31.9Income taxes paid -13.0 -5.8 -14.5Cash flow from operating activities 58.7 94.4 10.5Company acquisitions -1.2 - -2.5Company divestments - 2.6 3.6Capital expenditure on non-current tangibleand intangible assets -15.1 -15.4 -43.1Proceeds from sale of tangible non-currentassets 0.7 23.5 27.4Cash flow from investing activities -15.6 10.7 -14.6Dividends paid -11.8 -36.3 -36.4Hybrid bond 60.0 - -Change in net debt and other financial items -139.3 -106.8 42.8Cash flow from financing activities -91.1 -143.1 6.4Liquid funds at 1 Jan 72.1 68.0 68.0Translation differences -0.3 -0.8 1.8Change in liquid funds -48.0 -38.0 2.3Liquid funds at 30 June/31 December 23.8 29.2 72.1CONSOLIDATED BALANCE SHEET 30 June, 30 June, 31 Dec, 2009 2008 2008AssetsGoodwill 277.0 259.8 279.3Other intangible non-current assets 207.8 204.3 207.5Tangible non-current assets 131.0 122.1 135.3Other non-current assets 62.6 65.6 65.9Inventories and work in progress 351.5 360.3 346.0Receivables 338.0 351.4 555.8Cash and cash equivalents 23.8 29.2 72.1Assets 1,391.7 1,392.7 1,661.9Shareholders' equity and liabilitiesShareholders' equity 519.0 443.8 508.1Long-term interest-bearing liabilities *) 412.6 206.4 434.9Other long-term liabilities 13.9 18.0 22.0Current interest-bearing liabilities *) 144.0 330.7 252.8Other current liabilities 271.4 315.3 389.0Provisions 30.8 78.5 55.1Shareholders' equity and liabilities 1,391.7 1,392.7 1,661.9Equity ratio, % 37.3 31.9 30.6Gearing, % 103 114 121EUR 1.00 = USD 1.41 1.57 1.39*) Used committed revolving credit facilities maturing in 2011 and2012 are presented under long-term interest-bearing liabilities.Comparative information for 2008 has been restated accordingly.CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY Fund Fair Total Pre- for Trans- value Retai- Mino- share- mi- own lation and ned rity Hyb- hol- Share um sha- diffe- other ear- inte- rid ders' capital fund res rences reserves nings Total rests bond equityBalance atJan 1, 2008 289.3 15.0 -7.5 -66.8 -2.7 278.9 506.2 -3.5 - 509.7Total comp-rehensiveincome -16.6 3.8 -16.6 -29.4 -29.4Dividenddistribution -36.3 -36.3 -36.3Warrants 0.7 0.7 0.7Warrantsexercised 2.9 -2.9 0.0 0.0Otherchange inminorityinterests 0.0 -0.9 -0.9Balance atJune 30,2008 292.2 12.1 -7.5 -83.4 1.1 226.7 441.2 2.6 - 443.8Balance atJan 1, 2009 292.2 12.1 -5.7 -62.5 -6.2 275.6 505.5 2.6 - 508.1Total comp-rehensiveincome -0.5 -1.2 -34.0 -35.7 -35.7Dividenddistribution -11.8 -11.8 -11.8Hybrid bond -1.6 -1.6 60.0 58.4Balance atJune 30,2009 292.2 12.1 -5.7 -63.0 -7.4 228.2 456.4 2.6 60.0 519.0CONTINGENT LIABILITIES AND SECURED ASSETS, CONSOLIDATED 30 June, 30 June, 31 Dec, 2009 2008 2008Mortgages pledged 0.0 0.0 0.0Guarantees 9.9 4.7 8.5Liabilities for leasing and rentalagreements 110.7 101.4 106.6Other liabilities 42.3 45.2 46.1There are no guarantees of contingencies given for the management ofthe company, the shareholders or the associated companies.DERIVATIVE FINANCIAL INSTRUMENTS 30 June, 30 June, 31 Dec, 2009 2008 2008Nominal valueForeign exchange forward contracts 623.5 443.3 604.3Forward rate agreements 0.0 0.0 0.0Interest rate swaps 145.9 213.5 221.9Fair valueForeign exchange forward contracts 12.1 9.1 -1.1Forward rate agreements 0.0 0.0 0.0Interest rate swaps -7.2 -0.1 -7.6QUARTERLY BREAKDOWNS OF NET SALES AND EBIT Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3NET SALES 2009 2009 2008 2008 2008 2008 2007 2007Winter and Outdoor 106.6 164.4 326.6 267.6 104.6 162.0 304.9 280.6Ball Sports 135.7 142.9 110.0 110.6 130.9 144.0 107.0 109.9Fitness 42.4 48.0 58.7 55.0 49.6 57.0 85.2 72.3Total 284.7 355.3 495.3 433.2 285.1 363.0 497.1 462.8 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3EBIT 2009 2009 2008 2008 2008 2008 2007 2007Winter and Outdoor -29.2 -10.9 36.7 45.7 -26.7 -14.6 35.2 48.9Ball Sports 7.4 11.5 3.4 6.6 11.3 15.7 8.0 5.4Fitness -2.2 -3.4 -2.3 2.8 -0.4 3.7 13.0 8.1Headquarters -5.4 -4.1 -2.6 -3.6 8.0 -4.8 -2.5 -3.3Total -29.4 -6.9 35.2 51.5 -7.8 0.0 53.7 59.1All forecasts and estimates presented in this report are based on themanagement's current judgment of the economic environment. The actualresults may differ significantly.AMER SPORTS CORPORATIONBoard of DirectorsFor further information, please contact:Tommy Ilmoni, Vice President, IR and Corporate Communications, tel.+358 9 7257 8233Pekka Paalanne, Executive Vice President & CFO, tel. +358 9 7257 8212Roger Talermo, President and CEO, tel. +358 9 7257 8210TELEPHONE CONFERENCEAn English-language telephone conference call for investors andanalysts will be held August 6, 2009 at 3:00 pm Finnish time. Toparticipate in the conference call, please call +44 (0)20 3003 2666(UK/international dial-in number). The conference can also befollowed from a direct transmission on the internet, atwww.amersports.com.A recorded version will later be available at the same address:replay number +44 (0)208 196 1998 and access code 8592329#.AMER SPORTS 2009 FINANCIAL CALENDAR- Q3 on Thursday, October 29AMER SPORTS CORPORATIONCommunicationsMs Maarit MikkonenCommunications ManagerTel. +358 9 7257 8306, e-mail: maarit.mikkonen(at)amersports.comwww.amersports.comDISTRIBUTIONNASDAQ OMX HelsinkiMajor mediawww.amersports.comhttp://hugin.info/3020/R/1333107/315885.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 06.08.2009 - 12:01 Uhr
Sprache: Deutsch
News-ID 4428
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London
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Business News
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