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October 24, 2013, Heikki Takala, President and CEO

AMER SPORTS Q3/2013

Good momentum continued,

solid growth in strategic focus areas

Amer Sports Interim Report Presentation

• Net sales EUR 608.9 million (601.9), +7% in local currencies

- Apparel +19%, Sports Instruments +15%, Footwear +11% Fitness +10%

and Team Sports +10%, Winter Sports Equipment -3%

- EMEA +8%, Americas +4%, APAC +18%, Emerging markets +15%,

business to consumers +12 %

• Gross margin 45.0% (45.3%)

- Improvement in Winter Sports Equipment and Fitness was offset by

higher in-bound freight and negative FX impact, especially Japanese yen

• EBIT EUR 82.5 million or 13.5% of net sales (81.3 million or 13.5%)

- Sales volumes up EUR 17 million

- Gross margin down by 3 million

- OPEX up EUR 13 million related to higher distribution expenses and

investments

Good quarter, challenged by currencies

2


Business area net sales

MEUR Q3/ 2013 Q3/2012 Ch % Ch %* 2012

Winter Sports Equipment 151.6 163.7 -7 -3 425.0

Footwear 100.0 92.9 8 11 314.4

Apparel 105.4 95.0 11 19 248.6

Cycling 33.1 31.3 6 8 129.0

Sports Instruments 30.5 28.1 9 15 104.2

Individual Ball Sports 65.3 72.1 -9 -3 318.8

Team Sports 51.4 49.8 3 10 250.9

Fitness 71.6 69.0 4 10 273.1

Total 608.9 601.9 1 7 2,064.0

3

* Change in local currencies


Q3 cash flow reflects good topline momentum

EURm

4

-150

-125

-100

-75

-50

-25

0

25

50

75

100

125

150

Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13


Balance sheet remains healthy

EUR million Sep 30, 2013 Sep 30, 2012 Dec. 31, 2012

Net debt 573.4 539.3 434.3

Shareholders’ equity 729.4 740.2 731.8

Capital employed 1,302.8 1,279.5 1,166.1

Working capital 551,3 515,3 400.1

Gearing, % 79 73 59

Equity ratio, % 38 38 39

5


• Cash EUR 71.3 million and

unused committed facilities

EUR 240 million

(September 29, 2013)

• Commercial paper program

EUR 500 million, of which

EUR 172.8 million issued

• Scheduled long-term

payments in 2013 EUR 37.1

million and in 2014 EUR

62.7 million

• Average interest rate of the

loan portfolio 3.4% (3.6)

6

No significant long-term refinancing needs

0m

25m

50m

75m

100m

125m

150m

175m

2013 2014 2015 2016 2017=>

Pension Loan Bonds Bank loans Commercial Papers Other


Foreign currency impacts

• Net buyer of USD due to sourcing in

Asia (USD denominated)

• Weakening USD vs. EUR has a positive

transaction impact on EBIT, with a

certain delay due to the hedges

• The next 12 month net USD flow

exposed to EUR/USD differences is

approx. USD 400 million

• At the end of Q3/2013 all 2013

EUR/USD cash flows are hedged at

1.31 and 90% of 2014 flows at 1.33

• Net seller in all other main currencies

(CAD, CHF, GBP, RUB and JPY) with

net flows of EUR 30-50 million

Transaction difference Translation difference

• Translation differences mainly from

USD/EUR, recently also from YEN/EUR

and RUB/EUR

• Weakening USD, YEN and RUB vs.

EUR has a negative P&L translation

impact

• Change in local currency: Translation

impact eliminated

• Example: Japan YTD double-digit

growth in local currencies, negative in

reported currencies


Net sales +7% in local currencies

• Winter Sports Equipment -3% due to shift in pre-order shipments to Q4

• Footwear +11%, Apparel +19%, Cycling +8%, Sports Instruments +15%

EBIT EUR 87.4 million (86.8 million)

• Sales volumes up EUR 14 million offset by lower gross margin of EUR 4 million and higher

distribution driven operating expenses of EUR 10 million

• Gross margin negatively affected by higher in-bound freight costs and currency impact,

especially Japanese yen

Winter and Outdoor Q3/2013 (Q3/2012)

8

58.2

79.3 86.8 87.4

-50

-25

0

25

50

75

100

300.3

395.7 411.0 420.6

0

100

200

300

400

500

EURm EURm Net Sales EBIT excluding non-recurring items



• Individual Ball Sports -3%, driven by a decline in tennis racquets partially offset by strong growth in tennis balls

• Team Sports +10%, driven by strong growth in baseball bats (+28%)

EBIT EUR -2.1 million (-2.6 million )

Ball Sports Q3/2013 (Q3/2012)

9

3.5

-1.1 -2.6 -2.1 -5

0

5

10

15

20

25

114.0 106.7 121.9 116.7

0

50

100

150

200




• Sales growth was particularly strong in the Americas and Asia Pacific

• Commercial business +9%, consumer business +14%

EBIT EUR 6.2 million (4.2 million )

• Increased sales volumes and improved gross margins partially offset by

higher distribution expenses

Fitness Q3/2013 (Q3/2012)

10

2.8 2.8 4.2

6.2

-5

0

5

10

52.6 56.8

69.0 71.6

0

20

40

60

80

100


OUTLOOK


• 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 for 2013 unchanged

12


Prioritized, sequenced program

Clarify future direction &

deliver the year

Repeatable business model

Build critical capabilities,

allocate resources and

reignite growth

• Clarify priorities, set

direction

• Continue to drive profit

recovery, deliver the year

• Continue the work on

operational efficiency &

margins improvement

• Build capabilities:

• Softgoods

• Category-based

development

• Go to Market

• Drive organic growth:

Softgoods, Russia, China,

B2C, etc.

• Operational excellence, WSE

efficiency & profitability

• Grow the core

• Hardgoods

• Big countries

• Add more

• Softgoods

• Emerging markets

• Own retail

• Learn for future

• Next growth

categories

(accessories, action

sports, Digital)

~2010

~2011...2012

2013 –

APPENDIX


Key figures

EUR million Q3/13 Q3/12 1-9/13 1-9/12 2012

Net sales 608.9 601.9 1,479.1 1,445.5 2,064.0

Gross profit 273.9 272.9 655.9 641.7 900.6

Gross profit, % of net sales 45.0 45.3 44.3 44.4 43.6

EBIT excluding non-recurring items 82.5 81.3 90.2 91.7 138.7

EBIT % excluding non-recurring items 13.5 13.5 6.1 6.3 6.7

Non-recurring items - - - -24.8

EBIT 82.5 81.3 90.2 91.7 113.9

EBIT % 13.5 13.5 6.1 6.3 5.5

Net cash flow after investing activities -119.6 -78.1 -101.4 -24.9 71.8

16


Foreign currency translation difference

EUR million Q3-2013 Q3-2012

Business Area Reported Reported Local

currency

Translation

Difference

Winter Sports Equipment 151.6 163.7 156.4 -7.3

Footwear 100.0 92.9 89.8 -3.1

Apparel 105.4 95.0 88.4 -6.6

Cycling 33.1 31.3 30.6 -0.7

Sports Instruments 30.5 28.1 26.6 -1.5

Winter & Outdoor 420.6 411.0 391.9 -19.1

Individual Ball Sports 65.3 72.1 67.3 -4.8

Team Sports 51.4 49.8 46.6 -3.2

Ball Sports 116.7 121.9 113.9 -8.0

Fitness 71.6 69.0 65.2 -3.8

Total 608.9 601.9 571.0 -30.9


Net sales and EBIT breakdown (MEUR)

NET

SALES

Q3/

2013

Q2/

2013

Q1/

2013 2012

Q4/

2012

Q3/

2012

Q2/

2012

Q1/

2012 2011

Q4/

2011

Q3/

2011

Q2/

2011

Q1/

2011

Winter and

Outdoor 420.6 168.7 266.5 1,221.2 402.8 411.0 150.9 256.5 1,137.6 375.0 395.7 133.4 233.5

Ball Sports 116.7 144.2 164.0 569.7 127.7 121.9 146.5 173.6 511.0 109.0 106.7 136.3 159.0

Fitness 71.6 64.3 62.5 273.1 88.0 69.0 56.4 59.7 232.2 72.9 56.8 45.9 56.6

Total 608.9 377.2 493.0 2,064.0 618.5 601.9 353.8 489.8 1,880.8 556.9 559.2 315.6 449.1

EBIT

Q3/

2013

Q2/

2013

Q1/

2013 2012*

Q4/

2012*

Q3/

2012

Q2/

2012

Q1/

2012 2011

Q4/

2011

Q3/

2011

Q2/

2011

Q1/

2011

Winter and

Outdoor 87.4 -27.1 14.2 113.8 41.7 86.8 -25.4 10.7 118.5 45.0 79.3 -15.1 9.3

Ball Sports -2.1 7.8 17.4 28.0 1.0 -2.6 9.7 19.9 25.0 -0.7 -1.1 9.1 17.7

Fitness 6.2 4.3 -0.4 17.0 7.9 4.2 1.0 3.9 10.3 4.5 2.8 -0.3 3.3

Headquarters -9.0 -3.7 -4.8 -20.1 -3.6 -7.1 -4.5 -4.9 -18.3 -2.5 -6.6 -4.6 -4.6

Total 82.5 -18.7 26.4 138.7 47.0 81.3 -19.2 29.6 135.5 46.3 74.4 -10.9 25.7

18

* Excluding non-recurring items


Net sales by region

MEUR

Q3/

2013

Q2/

2013

Q1/

2013 2012

Q4/

2012

Q3/

2012

Q2/

2012

Q1/

2012 2011

Q4/

2011

Q3/

2011

Q2/

2011

Q1/

2011

EMEA 301.6 144.5 240.5 962.7 305.3 297.6 133.1 226.7 917.6 273.8 300.0 129.7 214.1

Americas 237.2 177.6 195.3 834.1 224.8 236.2 167.4 205.7 742.1 205.4 203.8 146.5 186.4

Asia Pacific 70.1 55.1 57.2 267.2 88.4 68.1 53.3 57.4 221.1 77.7 55.4 39.4 48.6

Total 608.9 377.2 493.0 2,064.0 618.5 601.9 353.8 489.8 1,880.8 556.9 559.2 315.6 449.1

19


Sales development by region in Q3/2013

Winter and Outdoor Ball Sports Fitness Total

65 %

20 %

15 %

116.7 58 %30 %

12 %

71.6 39 %

50 %

11 %

608.9

Americas EMEA Asia Pacific

20

EMEA Americas Asia Pacific Total

MEUR Ch, %* MEUR Ch, %* MEUR Ch, %* MEUR Ch, %*

Winter and Outdoor 256.8 4 119.6 9 44.2 26 420.6 7

Ball Sports 23.0 -2 76.4 4 17.3 0 116.7 3

Fitness 21.8 6 41.2 10 8.6 24 71.6 10

Total 301.6 8 237.2 4 70.1 18 608.9 7

* In local currencies

28 %

61 %

11 %

420.6


25 %

63 %

12 %

Sales development by region in 1–9/2013

Winter and Outdoor Ball Sports Fitness Total

855.8 64 %

23 %

13 %

424.9 61 %

27 %

12 %

198.4 41 %

47 %

12 %

1,479.1

Americas EMEA Asia Pacific

21

EMEA Americas Asia Pacific Total

MEUR Ch, %* MEUR Ch, %* MEUR Ch, %* MEUR Ch, %*

Winter and Outdoor 535.9 7 219.0 9 100.9 12 855.8 8

Ball Sports 96.6 -2 270.8 -1 57.5 2 424.9 -1

Fitness 54.1 13 120.3 5 24.0 52 198.4 11

Total 686.6 6 610.1 4 182.4 13 1,479.1 6

* In local currencies


Balance sheet

MEUR

Sep 30,

2013

Sep 30,

2012

Goodwill and other intangible non-current assets 492.2 503.0

Tangible non-current assets and other non-current assets 286.7 268.8

Inventories and work in progress 412.2 403.5

Receivables 662.0 639.8

Cash and cash equivalents 71.3 121.5

Shareholders’ equity 729.4 740.2

Interest bearing liabilities 644.7 660.8

- Long-term 373.6 414.8

- Current 271.1 246.0

Other liabilities 550.3 533.6

Total 1,924.4 1,936.6

22


• 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

www.amersports.com

Contact information

23

www.amersports.com Disclaimer Statements 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 expressed in 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 or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation.

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