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Amer Sports
2015 – Sixth consecutive year of profitable growthFebruary 3, 2016 – Heikki Takala, President and CEO
Q4 2015: Solid growth continued
• Net sales EUR 783.7 million (705.3), +6%*. Excl. acquisitions +5%*.
– Broad-based growth
– Fitness and Cycling: business model renewal and restructuring
• Gross margin 43.8% (43.0%)
• EBIT EUR 84.0 million (77.7**)
• Free cash flow EUR 159.4 million (132.8)
3 February 2016 Amer Sports Financial Statements2
* In local currencies
** Excl. NRI
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2015: Another record year
• Net sales EUR 2,534.4 million (2,228.7), +6%*. Excl. acquisitions +5%*.
– Growth driven by Apparel +15%, Footwear +14%, Team Sports +15% and Sports
Instruments +7%
– EMEA +4%, Americas +6%, APAC +11%
– B2C +33%, e-commerce +49%
• Gross margin 45.2% (43.9%), OPEX 37.1% (36.6%)
• EBIT EUR 212.1 million (168.3), EBIT margin 8.4% (7.6%)**
– Acceleration costs absorbed in operational results
• Free cash flow EUR 121.7 million (53.5), 100% of net profit
• Dividend proposal EUR 0.55 per share (0.45)
3 February 2016 Amer Sports Financial Statements3
* In local currencies
** Excl. NRI
Balance sheet strengthening further
3 February 2016 Amer Sports Financial Statements4
EUR million Dec. 31, 2015 Dec. 31, 2014
Net debt 460.3 419.1
Shareholder’s equity 949.6 842.8
Capital employed 1,409.9 1,261.9
Working capital 508.9 495.4
Net debt/EBITDA 1.7 2.0
Net debt/equity 0.48 0.50
Equity ratio, % 37.2 38.8
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Progress vs. financial targets set in 2010
3 Feb, 2016 Amer Sports Financial Statements5
Target 2009 2010 2011 2012 2013 2014 2015
GrowthDelivering organic,
currency-neutral
annual growth of 5%
-4% 8% 9% 5% 8% 6% 5%
ProfitabilityEBIT of at least 10%
of net sales3.2% 6.2% 7.2% 6.7% 7.3% 7.6% 8.4%
Cash flowAnnual free cash
flow equal to net
profit
4.5 0.7 -0.2 0.9 0.5 0.6 1.0
Balance
sheet
Year-end Net Debt /
EBITDA ratio of 3
or less
3.6 2.2 2.3 2.5 2.2 2.0 1.7
We reached several milestones in 2015
• Company Gross Margin above 45%
• Softgoods EUR 900 million, up by EUR 600 million vs. 6 years ago
• Business to Consumer 7% of the Group (1% in 2010)
• Sales in China x5 since 2009
• Connected devices sales 7% of the Group (0% in 2010)
• Winter Sports Equipment profitability improved in a mild winter
• Wilson early turn-around
3 February 2016 Amer Sports Financial Statements6
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OUTLOOK
Outlook for 2016
3 February 2016 Amer Sports Financial Statements8
• In 2016, Amer Sports net sales in local currencies are expected
to increase and EBIT margin excluding non-recurring items to
improve from 2015, despite challenging market conditions.
• The company will focus on growing the core business and
accelerating five prioritized areas: Apparel and Footwear, US,
China, Business to Consumer, as well as digitally connected
devices and services.
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Accelerating toward 2020
Full speed ahead
• Grow the core
• Focus on accelerating profitable growth especially in the 5
prioritized areas:
– Apparel and Footwear (2020 target: MEUR ~1,500)
– US (MUSD ~1,500)
– China (MEUR ~200)
– Business to Consumer (MEUR ~400+)
– Digitally Connected Devices and Services (MEUR ~600+)
• Attractive returns behind profitable growth and ongoing
company transformation
3 February 201610 Amer Sports Financial Statements
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Prioritized, sequenced program continues
11
• Sustainable Growth Model
• Integration
• Acquisition readiness
• On-going renewal and
acceleration
Net sales ≥3.5 BEUR,
improving EBIT-%
Continuous portfolio
transformation toward:
• Faster growth
• Higher profitability
• Asset efficiency
~2010 – 2013 ~2014 – 2015 ~2016 – 2020
• New strategy
• Transformation from
Hardgoods to ”Hybrid”
• Drive organic growth
• Operational excellence
Net sales
1.5 BEUR,
EBIT-% 4%
Net sales 2+ BEUR,
EBIT-% 7%
Net sales ~2.5 BEUR,
EBIT-% toward 10%
Amer Sports Financial Statements
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APPENDIX
Record sales and operating profit
3 February 2016 Amer Sports Financial Statements14
EUR million 2015 2014 Ch % Ch %*
Net sales 2,534.4 2,228.7 14 6
Gross profit 1,145.9 979.0 17
Gross profit, % of net sales 45.2 43.9
EBIT excluding NRI 212.1 168.3 26
EBIT % excluding NRI 8.4 7.6
Non-recurring items, NRI -8.0 -54.2
EBIT total 204.1 114.1
Free cash flow 121.7 53.5
*) In local currencies
**) Cash flow from operating activities - net capital expenditures - restricted cash
(Net capital expenditures: total capital expenditure less proceeds from sale of assets)
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Broad-based growth
3 February 2016 Amer Sports Financial Statements15
MEUR 2015 2014
Ch
%
Ch
%*
Footwear 461.2 391.9 18 14
Apparel 387.2 328.5 18 15
Winter Sports Equipment 400.2 386.7 3 1
Cycling 138.5 138.5 0 -2
Sports Instruments 143.0 125.6 14 7
Individual Ball Sports 315.4 290.4 9 -2
Team Sports 331.6 246.3 35 15
Fitness 357.3 320.8 11 -3
Total 2,534.4 2,228.7 14 6
*In local currencies
Net sales and EBIT breakdown
3 February 201616
* Excluding non-recurring items
NET SALES
(MEUR) 2015
Q4/
2015
Q3/
2015
Q2/
2015
Q1/
2015 2014
Q4/
2014
Q3/
2014
Q2/
2014
Q1/
2014
Outdoor 1,530.1 501.9 476.6 209.7 341.9 1,371.2 456.7 452.2 174.8 287.5
Ball Sports 647.0 165.7 147.8 169.4 164.1 536.7 136.9 112.9 136.2 150.7
Fitness 357.3 116.1 89.3 82.0 69.9 320.8 111.7 80.7 65.1 63.3
Total 2,534.4 783.7 713.7 461.1 575.9 2,228.7 705.3 645.8 376.1 501.5
EBIT
(MEUR) 2015*
Q4/
2015
Q3/
2015
Q2/
2015*
Q1/
2015* 2014*
Q4/
2014*
Q3/
2014*
Q2/
2014*
Q1/
2014
Outdoor 161.2 65.6 92.9 -18.7 21.4 125.6 55.0 83.1 -22.0 9.5
Ball Sports 46.6 8.2 8.8 11.3 18.3 35.9 12.5 3.9 6.3 13.2
Fitness 31.2 15.7 9.1 5.1 1.3 29.7 14.9 7.3 4.1 3.4
Headquarters -26.9 -5.5 -7.3 -6.7 -7.4 -22.9 -4.7 -6.7 -6.0 -5.5
Total 212.1 84.0 103.5 -9.0 33.6 168.3 77.7 87.6 -17.6 20.6
Amer Sports Financial Statements
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3 February 201617
Outdoor 2015 (2014)
3 February 201617
Net sales +8% in local currencies
• Apparel +15%, Footwear +14%
• Winter Sports Equipment +1%, despite mild winters particularly in Europe
• Cycling -2%
• Sports Instruments +7%, driven by strengthened distribution supported by product
launches
EBIT excluding non-recurring items EUR 161.2 million (125.6)
-40
-20
0
20
40
60
80
100
EBIT excludingnon-recurring items
0
100
200
300
400
500
600
Net sales
MEURMEUR
375.041.745.0
Q4/11 Q4/11Q4/12
402.8
Q4/12
52.5
Q4/13
433.7
Q4/13Q4/14
456.7
Q4/14
55.0
Q4/15
501.9
Q4/15
65.6
Amer Sports Financial Statements
3 February 201618
Ball Sports 2015 (2014)
3 February 201618
Net sales +6% in local currencies. Excl. Louisville Slugger +1%
• Performance rackets delivered double-digit growth
• In Team Sports, strong growth across all main product categories
EBIT excluding non-recurring items EUR 46.6 million (35.9)
0
20
40
60
80
100
120
140
160
180
Net sales
-5
0
5
10
15
20
25
EBIT excludingnon-recurring itemsMEUR MEUR
-0.7
Q4/11Q4/11
126.1
Q4/12Q4/12 Q4/13
1.0
Q4/13
136.9
Q4/14
12.5109.0
127.7
Q4/14
3.9
Q4/15
165.7
8.2
Q4/15
Amer Sports Financial Statements
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3 February 201619
Fitness 2015 (2014)
3 February 201619
Net sales -3% in local currencies
• 2015 focus on business model renewal and restructuring as well as preparing for
acceleration in 2016 with important new building blocks Queenax and Spinning
EBIT excluding non-recurring items EUR 31.2 million (29.7)
0
20
40
60
80
100
120
140
Net salesMEUR
72.9
Q4/11
88.0
Q4/12 Q4/13 Q4/14
97.6
111.7
Q4/15
116.1
-2
0
2
4
6
8
10
12
14
16
18
EBIT excludingnon-recurring itemsMEUR
7.9
Q4/11 Q4/12
14.3 14.9
Q4/13 Q4/14
4.5
Q4/15
15.7
Amer Sports Financial Statements
Net sales by region
3 February 201620
MEUR 2015
Q4/
2015
Q3/
2015
Q2/
2015
Q1/
2015 2014
Q4/
2014
Q3/
2014
Q2/
2014
Q1/
2014
EMEA 1,114.7 356.8 319.3 168.0 270.6 1,064.0 336.9 321.9 156.1 249.1
Americas 1,070.1 313.2 302.0 224.7 230.2 874.3 270.1 249.0 166.0 189.2
Asia Pacific 349.6 113.7 92.4 68.4 75.1 290.4 98.3 74.9 54.0 63.2
Total 2,534.4 783.7 713.7 461.1 575.9 2,228.7 705.3 645.8 376.1 501.5
Amer Sports Financial Statements
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Sales development by region in 2015
3 February 201621
Outdoor Fitness Total
EMEA Americas APAC
Ball Sports
EMEA Americas APAC Total
MEUR Ch, %* MEUR Ch, %* MEUR Ch, %* MEUR Ch, %*
Outdoor 915.9 5 398.8 13 215.4 14 1,530.1 8
Ball Sports 114.4 -1 453.5 9 79.1 1 647.0 6
Fitness 84.4 2 217.8 -8 55.1 16 357.3 -3
Total 1,114.7 4 1,070.1 6 349.6 11 2,534.4 6
* Change in local currencies
1,530.1 647.0 357.3 2,534.4
14%60%
68%
26%
12%18%
70%
15%24%
61%
14%44%
42%
Amer Sports Financial Statements
Foreign currency translation difference
3 February 2016 Amer Sports Financial Statements22
EUR million 2015 2014
Business Area Reported ReportedLocal
Currency
Translation
Difference
Footwear 461.2 391.9 403.8 11.9
Apparel 387.2 328.5 337.3 8.8
Winter Sports Equipment 400.2 386.7 397.2 10.5
Cycling 138.5 138.5 141.7 3.2
Sports Instruments 143.0 125.6 133.3 7.7
Outdoor 1,530.1 1,371.2 1,413.3 42.1
Individual Ball Sports 315.4 290.4 320.6 30.2
Team Sports 331.6 246.3 289.1 42.8
Ball Sports 647.0 536.7 609.7 73.0
Fitness 357.3 320.8 366.8 46.0
Total 2,534.4 2,228.7 2,389.9 161.2
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Free cash flow
3 February 201623
-150
-100
-50
0
50
100
150
200
Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15
Free cash flow: Cash flow from operating activities - net capital expenditures - restricted cash
(Net capital expenditure = total capital expenditure less proceeds from sale of assets)
Amer Sports Financial Statements
Next refinancing needs in H1 2016
3 February 201624
• Cash EUR 331.4 million and
unused committed facilities
EUR 150 million (Dec 31,
2015)
• Commercial paper program
of EUR 500 million
completely unutilized
• Scheduled repayments of
long-term loans in 2016
EUR 157.2 million
• Average interest rate of loan
portfolio 2.7% (Dec 31, 2014
3.5%) 0,0
50,0
100,0
150,0
200,0
250,0
Bonds
Bank loans
CommercialPapers
Other
Amer Sports Financial Statements
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Contact information
• Heikki Takala, President and CEO
Tel. +358 20 712 2510
• Jussi Siitonen, CFO
Tel. +358 20 7122511
• Päivi Antola, Director, Corporate Communications and IR
Tel. +358 20 712 2537
www.amersports.com
3 February 201625 Amer Sports Financial Statements
DisclaimerStatements in this presentation, which are not historical facts, such as expectations, anticipations, beliefs and estimates,are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995.Such statements involve risks and uncertainties which may cause actual results to materially differ from those expressedin such forward-looking statements.Amer Sports assumes no responsibility to update any of the forward-looking statements contained herein.No representation or warranty, express or implied, is made or given by or on behalf of Amer Sports or its employees orany other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation.
www.amersports.com
3 February 201626 Amer Sports Financial Statements
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