Amer Sports, Inc.

Earnings Release • Oct 22, 2015

Amer Sports Corporation Interim Report January-September 2015

Amer Sports Corporation Interim Report January-September 2015

Amer Sports Corporation
STOCK EXCHANGE RELEASE
October 22, 2015 at 1:00 pm

Amer Sports Corporation Interim Report January-September 2015

JULY-SEPTEMBER 2015
* Net sales EUR 713.7 million (July-September 2014: 645.8). In local
currencies, net sales increased by 5%. Excluding acquisitions, net sales
increased by 4%.
* Gross margin 47.0% (44.7).
* EBIT EUR 103.5 million (87.6 excluding non-recurring items, NRI).
* Earnings per share EUR 0.59 (0.49 excl. NRI).
* Free cash flow EUR -92.2 million (-84.8).
* Outlook for 2015 unchanged.

JANUARY-SEPTEMBER 2015
* Net sales EUR 1,750.7 million (January-September 2014: 1,523.4). In local
currencies, net sales increased by 6%. Excluding acquisitions, net sales
increased by 5%.
* Gross margin 45.9% (44.4).
* EBIT excluding non-recurring items EUR 128.1 million (90.6). Non-recurring
items were EUR -8.0 million (-19.5).
* Earnings per share excluding NRI EUR 0.63 (0.39). Earnings per share were
EUR 0.58 (0.27).
* Free cash flow EUR -37.7 million (-79.3).

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 7-9/2015 7-9/2014 1-9/2015 1-9/2014 2014

---

Net sales 713.7 645.8 1,750.7 1,523.4 2,228.7

Gross profit 335.2 288.5 802.9 675.8 979.0

Gross profit % 47.0 44.7 45.9 44.4 43.9

EBIT excluding NRI 103.5 87.6 128.1 90.6 168.3

EBIT % excluding NRI 14.5 13.6 7.3 5.9 7.6

NRI*) - -18.3 -8.0 -19.5 -54.2

EBIT total 103.5 69.3 120.1 71.1 114.1

EBIT % 14.5 10.7 6.9 4.7 5.1

Financing income and expenses -7.7 -8.8 -25.4 -25.9 -37.1

Earnings before taxes 95.8 60.5 94.7 45.2 77.0

Net result 69.1 43.3 68.3 32.4 55.4

Earnings per share excluding NRI,
EUR 0.59 0.49 0.63 0.39 0.80

Free cash flow**) -92.2 -84.8 -37.7 -79.3 53.5

Equity ratio, % at period end     36.6 39.2 38.8

Net debt/equity at period end     0.70 0.66 0.50

Personnel at period end     7,981 7,606 7,630

Average rates used, EUR/USD 1.11 1.33 1.12 1.36 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.
**) Cash flow from operating activities - net capital expenditures (total
capital expenditure less proceeds from sale of assets)

HEIKKI TAKALA, PRESIDENT AND CEO:
We continued to grow profitably in the 3(rd) quarter, driven again by Footwear,
Apparel, Business to Consumer and China. Also Ball Sports delivered strong
profitable growth behind healthier fundamentals following Ball Sports' new
strategy. Importantly, our quarterly cadence in 2015 is quite different compared
to 2014, with Footwear and Apparel deliveries peaking in Q3 in 2015, and Winter
Sports Equipment and Sports Instruments peaking in Q4. In Fitness we continued
to focus on profitability whilst preparing for acceleration in 2016 with
important new building blocks, for example Queenax functional training
acquisition, and our Spinning licensing deal.

In August we announced a new five-year strategic glidepath toward 2020 with
focus on accelerating profitable growth especially in the five prioritized
areas: Apparel and Footwear, US, China, Business to Consumer, and digitally
connected devices and services. We are already increasing our investment and
capability injection to enable the acceleration. As examples we have
strengthened our Retail opening pipeline, fueled investment into digital
products and services, and recruited critical talent, latest the Group Chief
Digital Officer. We see attractive upside potential for the company, and we now
put all our effort into realizing the potential, guided by our new strategic
glidepath.

For further information, please contact:
Heikki Takala, President and CEO, tel. +358 20 712 2510
Jussi Siitonen, CFO, tel. +358 20 712 2511
Päivi Antola, Director, Corporate Communications and IR, tel. +358 20 712 2537

TELEPHONE CONFERENCE

An English-language conference call for investors and analysts will be held at
3:00 pm Finnish time. To participate in the conference call, please call
+44(0)20 3427 1910 (UK/international dial-in number), confirmation code
3949676. The conference can also be followed live via http://edge.media-
server.com/m/p/f6fczf45.

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
3949676#.

FINANCIAL STATEMENTS BULLETIN 2015
Amer Sports will publish its financial statements bulletin 2015 on Wednesday,
February 3, 2016 at approximately 1:00 pm Finnish time.

INVESTOR RELATIONS NEWSLETTER
Subscribe to Amer Sports Investor Relations Newsletter at
www.amersports.com/investors/subscribe.

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 Helsinki stock exchange (AMEAS).

[HUG#1960759]

Attachments: