Amer Sports Oyj : Amer Sports Corporation Interim Report January-June 2013

  Amer Sports Oyj : Amer Sports Corporation Interim Report January-June 2013

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

APRIL-JUNE 2013

  *Net sales totaled EUR377.2 million (April-June 2012: EUR 353.8 million).
    In local currencies, net sales increased by 9%. 

  *Gross margin 43.6% (43.1%).

  *EBIT EUR -18.7 million (-19.2). 

  *Earnings per share EUR -0.16 (-0.19). 

  *Net cash flow after investing activities EUR -50.0 million (-44.2).

  *Positive outlook for 2013 unchanged.

JANUARY-JUNE 2013

  *Net sales were EUR870.2 million (January-June 2012: EUR 843.6 million).
    In local currencies, net sales increased by 5%.

  *Gross margin 43.9% (43.7%).

  *EBIT EUR 7.7 million (10.4). 

  *Earnings per share EUR -0.03 (-0.04). 

  *Net cash flow after investing activities EUR 17.9 million (53.2).

  *Gearing 65% (December 31, 2012: 59%). 

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                    4-6/2013 4-6/2012*) 1-6/2013 1-6/2012*)  2012*)
Net sales                         377.2      353.8    870.2      843.6 2,064.0
Gross profit                      164.3      152.5    382.0      368.8   900.6
 Gross profit %                  43.6       43.1     43.9       43.7    43.6
EBIT excluding non-recurring      -18.7      -19.2
items                                                   7.7       10.4   138.7
EBIT % excluding non-recurring
items                                                   0.9        1.2     6.7
Non-recurring items**)                -          -        -          -   -24.8
EBIT total                        -18.7      -19.2      7.7       10.4   113.9
EBIT %                                                  0.9        1.2     5.5
Financing income and expenses      -5.3       -9.6    -12.0      -15.0   -31.5
Earnings before taxes             -24.0      -28.8     -4.3       -4.6    82.4
Net result                        -18.0      -22.3     -3.2       -3.5    57.9
Earnings per share, EUR           -0.16      -0.19    -0.03      -0.04    0.48
Net cash flow after investing     -50.0      -44.2
activities                                             17.9       53.2    71.8
Equity ratio, % at period end                          39.9       37.9    39.1
Gearing, % at period end                                 65         65      59
Personnel at period end                               7,382      7,226   7,186
Average rates used, EUR/USD        1.31       1.29     1.31       1.30    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 delivered a solid quarter with several categories achieving double-digit
growth, despite challenging trading conditions especially in Western Europe.
Second quarter, however, is traditionally a low quarter for Amer Sports,
representing less than 20% of our full year sales. Through the portfolio, we
mitigated the late and cold spring/summer which impacted adversely especially
Wilson's Individual Ball Sports (stable) and Cycling (-5%).

Our full year sales outlook is positive, driven by strong continuous momentum
in Apparel, Footwear, Sports Instruments and Fitness, as well as business to
consumers and emerging markets. Our Winter Sports Equipment pre-order growth
at 4% is good in light of the cautious customer sentiment and prudent order
approach especially in Europe. The full year profitability picture is also
positive and in line with our plan, reflecting solid sales, gross margin and
increasing OPEX efficiencies in the second half of the year.

All in all, I'm pleased with our business progress and especially the strong
on-going momentum in our strategic growth areas."

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. +358972578233

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 3427 1904 (UK/international dial-in number), and the access code
5133669. 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
5133669#.

THIRD QUARTER RESULTS BULLETIN
Amer Sports will publish its Q3/2013 results bulletin on Thursday, October 24,
2013 at approximately 1:00 pm Finnish time.

CAPITAL MARKETS DAY
Amer Sports is hosting a Capital Markets Day for analysts and portfolio
managers on August 29, 2013 in Helsinki, Finland.

INTERIM REPORT

NET SALES AND EBIT APRIL-JUNE 2013
Amer Sports' net sales in April-June 2013 were EUR377.2 million (April-June
2012: 353.8). Net sales increased by 9% in local currencies. The fastest
growth took place in Sports Instruments, up by 31%, Apparel, up by 22%,
Fitness, up by 18% and Footwear, up by 17%. Strong growth continued in
emerging markets and business to consumers.

Net sales by business segment

                    4-6/  4-6/ Change Change % of sales % of sales
EUR million         2013  2012      %    %*)   4-6/2013   4-6/2012    2012
Winter and Outdoor 168.7 150.9     12     15         45         43 1,221.2
Ball Sports        144.2 146.5     -2      1         38         41   569.7
Fitness             64.3  56.4     14     18         17         16   273.1
Total              377.2 353.8      7      9        100        100 2,064.0

*) In local currencies

Geographic breakdown of net sales

              4-6/  4-6/ Change Change % of sales % of sales
EUR million   2013  2012      %    %*)   4-6/2013   4-6/2012    2012
EMEA         144.5 133.1      9     10         38         38   962.7
Americas     177.6 167.4      6      8         47         47   834.1
Asia Pacific  55.1  53.3      3     13         15         15   267.2
Total        377.2 353.8      7      9        100        100 2,064.0

*) In local currencies

Gross margin improved 0.5 percentage points to 43.6% driven by Apparel,
Cycling and Fitness.

Group EBIT was EUR -18.7 million (-19.2). In local currencies, increased sales
volumes contributed approximately EUR 14 million to EBIT while higher gross
margins contributed approximately EUR 2 million. Spending in strategic
operating expenses in distribution was the main driver of the operating
expenses increase of approximately EUR 15 million.

EBIT excluding non-recurring items by business segment

                                    4-6/  4-6/
EUR million                         2013  2012  2012
Winter and Outdoor                 -27.1 -25.4 113.8
Ball Sports                          7.8   9.7  28.0
Fitness                              4.3   1.0  17.0
Headquarters*)                      -3.7  -4.5 -20.1
EBIT excluding non-recurring items -18.7 -19.2 138.7
Non-recurring items                    -     - -24.8
EBIT total                         -18.7 -19.2 113.9

*) 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 5.3 million (9.6) including net interest
expenses of EUR 5.8 million (8.1). Net foreign exchange gains and other
financial items were EUR 0.5 million (EUR 1.5 million losses). Earnings before
taxes totaled EUR-24.0 million (-28.8) and taxes were EUR +6.0 million
(+6.5). Earnings per share were EUR -0.16 (-0.19).

NET SALES AND EBIT JANUARY-JUNE 2013
Amer Sports' net sales in January-June 2013 were EUR 870.2 million
(January-June 2012: EUR 843.6 million). Net sales increased by 5% in local
currencies. The fastest growth took place in Apparel, up by 24%, Sports
Instruments, up by 18%, Fitness, up by 12% and Footwear, up by 5%.

Net sales by business segment

                    1-6/  1-6/ Change Change % of sales % of sales
EUR million         2013  2012      %    %*)   1-6/2013   1-6/2012    2012
Winter and Outdoor 435.2 407.4      7      8         50         48 1,221.2
Ball Sports        308.2 320.1     -4     -2         35         38   569.7
Fitness            126.8 116.1      9     12         15         14   273.1
Total              870.2 843.6      3      5        100        100 2,064.0

*) In local currencies

Geographic breakdown of net sales

              1-6/  1-6/ Change Change % of sales % of sales
EUR million   2013  2012      %    %*)   1-6/2013   1-6/2012    2012
EMEA         385.0 359.8      7      8         44         43   962.7
Americas     372.9 373.1      0      1         43         44   834.1
Asia Pacific 112.3 110.7      1      9         13         13   267.2
Total        870.2 843.6      3      5        100        100 2,064.0

*) In local currencies

Gross margin was 43.9% (43.7%).

Group EBIT was EUR 7.7 million (10.4). In local currencies, increased sales
volumes contributed approximately EUR 18 million to EBIT while higher gross
margins contributed approximately EUR 2 million. Spending in strategic
operating expenses in distribution was the main driver of the operating
expenses increase of approximately EUR 23 million.

EBIT excluding non-recurring items by business segment

                                    1-6/  1-6/
EUR million                         2013  2012  2012
Winter and Outdoor                 -12.9 -14.7 113.8
Ball Sports                         25.2  29.6  28.0
Fitness                              3.9   4.9  17.0
Headquarters*)                      -8.5  -9.4 -20.1
EBIT excluding non-recurring items   7.7  10.4 138.7
Non-recurring items                    -     - -24.8
EBIT total                           7.7  10.4 113.9

*) 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 totaled EUR 12.0 million (15.0) including net interest
expenses of EUR 11.6 million (13.0). Net foreign exchange losses and other
financial items totaled EUR 0.4 million losses (EUR 2.0 million losses).
Earnings before taxes totaled EUR-4.3 million (-4.6) and taxes were EUR +1.1
million (+1.1). Earnings per share were EUR -0.03 (-0.04).

CASH FLOW AND FINANCING
Net cash flow after investing activities (free cash flow) was EUR 17.9 million
(53.2) in January-June. Working capital in total decreased by EUR 37.3 million
(82.4). Inventories increased by EUR 80.7 million (59.6) and receivables
decreased by EUR 166.3 million (210.7). Payables decreased by 48.3 million
(68.7).

At the end of June, the Group's net debt amounted to EUR 453.7 million
(December 31, 2012: 434.3).

Interest-bearing liabilities amounted to EUR 550.6 million (December 31, 2012:
576.8) consisting of short-term debt of EUR177.5 million and long-term debt
of EUR373.1 million. The average interest rate on the Group's
interest-bearing liabilities was 3.8% (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 78.0 million
(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 96.9 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.

In April 2013, Amer Sports signed a 5-year EUR 50 million term loan facility
with Pohjola Bank plc. The proceeds of the term loan facility have been used
for the repayment of debt and general corporate purposes.

The equity ratio at the end of the June was 39.9% (December 31, 2012: 39.1%)
and gearing was 65% (December 31, 2012: 59%).

CAPITAL EXPENDITURE AND INVESTMENTS
The Group's capital expenditure totaled EUR 18.8 million (21.7). Depreciation
totaled EUR 21.6 million (20.0). Capital expenditure for the whole year is
expected to be approximately EUR 50 million (49.2).

BUSINESS SEGMENT REVIEWS

WINTER AND OUTDOOR

                            4-6/  4-6/ Ch  Ch  1-6/  1-6/ Ch  Ch
EUR million                 2013  2012  % %*)  2013  2012  % %*)    2012
Net sales
 Winter Sports Equipment  13.7  14.4 -5   4  56.5  58.1 -3   1   425.0
 Footwear                 65.5  56.7 16  17 167.8 160.8  4   5   314.4
 Apparel                  30.0  25.4 18  22  93.1  76.6 22  24   248.6
 Cycling                  27.7  29.6 -6  -5  64.3  65.9 -2  -1   129.0
 Sports Instruments       31.8  24.8 28  31  53.5  46.0 16  18   104.2
Net sales, total           168.7 150.9 12  15 435.2 407.4  7   8 1,221.2
EBIT excluding non-
recurring items            -27.1 -25.4        -12.9 -14.7          113.8
EBIT % excluding non-
recurring items                                                      9.3
Non-recurring items            -     -            -     -          -18.4
EBIT total                 -27.1 -25.4        -12.9 -14.7           95.4
Personnel at period end                       4,738 4,695  1       4,639

*) Change in local currencies

In April-June, Winter and Outdoor's net sales were EUR 168.7 million (150.9),
an increase of 15% in local currencies.

              4-6/  4-6/ Ch  Ch  1-6/  1-6/ Ch  Ch
EUR million   2013  2012  % %*)  2013  2012  % %*)    2012
EMEA          97.0  84.9 14  16 279.1 256.3  9   9   774.4
Americas      45.4  38.4 18  19  99.4  92.0  8   9   289.5
Asia Pacific  26.3  27.6 -5   4  56.7  59.1 -4   3   157.3
Total        168.7 150.9 12  15 435.2 407.4  7   8 1,221.2

*) Change in local currencies

In April-June, EBIT was EUR -27.1 million (-25.4). Increased sales volumes
contributed approximately EUR 11 million to the EBIT while higher gross
margins contributed approximately EUR 2 million. Operating expenses increased
by approximately EUR 16 million due to sales and distribution costs (all in
local currencies).

Winter Sports Equipment
In April-June, Winter Sports Equipment's net sales were EUR 13.7 million
(14.4), an increase of 4% in local currencies. The second quarter is
seasonally low in Winter Sports Equipment as all focus is on order intake.
Compared to last year, pre-orders for the next season are up by 4%.

Footwear
In April-June, Footwear's net sales were EUR 65.5 million (56.7), an increase
of 17% in local currencies with double-digit growth in all regions. US and
Russia were leading the growth.

Apparel
In April-June, Apparel's net sales were EUR 30.0 million (25.4), an increase
of 22% in local currencies. Growth was generated by Salomon in particular.
Sales increased in all geographical regions.

Cycling
In April-June, Cycling's net sales were EUR 27.7 million (29.6), a decrease of
5% in local currencies. Sales in US and Central Europe decreased due to the
late start of the season.

Sports Instruments
In April-June, Sports Instruments' net sales were EUR 31.8 million (24.8), an
increase of 31% in local currencies. Sales increase of outdoor and training
instruments was driven by Ambit2 family offering and dive instruments.

BALL SPORTS

                           4-6/  4-6/ Ch  Ch  1-6/  1-6/ Ch  Ch
EUR million                2013  2012  % %*)  2013  2012  % %*)  2012
Net sales
 Individual Ball Sports  85.5  87.3 -2   1 181.0 184.9 -2   0 318.8
 Team Sports             58.7  59.2 -1   1 127.2 135.2 -6  -4 250.9
Net sales, total          144.2 146.5 -2   1 308.2 320.1 -4  -2 569.7
EBIT excluding non-
recurring items             7.8   9.7         25.2  29.6         28.0
EBIT % excluding non-
recurring items             5.4   6.6          8.2   9.2          4.9
Non-recurring items           -     -            -     -         -5.5
EBIT total                  7.8   9.7         25.2  29.6         22.5
Personnel at period end                      1,618 1,611  0     1,592

*) Change in local currencies

In April-June, Ball Sports' net sales were EUR 144.2 million (146.5), and were
at last year's level in local currencies. Broad based growth in the segment
was mitigated by poor Individual Ball Sport market conditions in EMEA and by
the continued destocking trend in the US baseball bats market.

              4-6/  4-6/ Ch  Ch  1-6/  1-6/ Ch  Ch
EUR million   2013  2012  % %*)  2013  2012  % %*)  2012
EMEA          31.6  33.7 -6  -6  73.6  75.6 -3  -2 118.0
Americas      93.2  92.3  1   3 194.4 202.6 -4  -3 370.1
Asia Pacific  19.4  20.5 -5   3  40.2  41.9 -4   3  81.6
Total        144.2 146.5 -2   1 308.2 320.1 -4  -2 569.7

*) Change in local currencies

In April-June, EBIT was EUR 7.8 million (9.7). The EBIT was impacted by lower
gross margins in EMEA due to the weaker euro, and lower sales volumes and
margins of DeMarini bats. Operating expenses remained at last year's level
(all in local currencies).

Individual Ball Sports
In April-June, Individual Ball Sports' net sales were EUR 85.5 million (87.3),
and were at last year's level in local currencies. Asia Pacific and the
Americas grew by 8% and 4% respectively, offset by the poor market conditions
in EMEA declining by 7%. Sales of golf balls, tennis balls and tennis footwear
increased.

Team Sports
In April-June, Team Sports' net sales were EUR 58.7 million (59.2), and were
at last year's level in local currencies. Sales of DeMarini bats product
category declined by 17% due to the trade destocking trend.

FITNESS

                        4-6/ 4-6/ Ch  Ch  1-6/  1-6/ Ch  Ch
EUR million             2013 2012  % %*)  2013  2012  % %*)  2012
Net sales               64.3 56.4 14  18 126.8 116.1  9  12 273.1
EBIT excluding non-
recurring items          4.3  1.0          3.9   4.9         17.0
EBIT % excluding non-
recurring items          6.7  1.8          3.1   4.2          6.2
Non-recurring items        -    -            -     -         -0.1
EBIT total               4.3  1.0          3.9   4.9         16.9
Personnel at period end                    858   794  8       821

*) Change in local currencies

In April-June, Fitness' net sales were EUR 64.3 million (56.4), an increase of
18% in local currencies. Growth occurred in all geographical regions,
especially in Asia Pacific.

The commercial business (clubs and institutions) was up by 21% in local
currencies. Consumer business (home use) was down by 8%.

             4-6/ 4-6/ Ch  Ch  1-6/  1-6/ Ch  Ch
EUR million  2013 2012  % %*)  2013  2012  % %*)  2012
EMEA         15.9 14.5 10  12  32.3  27.9 16  18  70.3
Americas     39.0 36.7  6   9  79.1  78.5  1   2 174.5
Asia Pacific  9.4  5.2 81 106  15.4   9.7 59  75  28.3
Total        64.3 56.4 14  18 126.8 116.1  9  12 273.1

*) Change in local currencies

In April-June, EBIT was EUR 4.3 million (1.0). The improvement was due to
increased sales volumes and gross margin.

PERSONNEL
At the end of June, the number of Group employees was 7,382 (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.

                                 June 30, June 30, Change December 31,
                                     2013     2012      %         2012
Winter and Outdoor                  4,738    4,695      1        4,639
Ball Sports                         1,618    1,611      0        1,592
Fitness                               858      794      8          821
Headquarters and shared services      168      126     33          134
Total                               7,382    7,226      2        7,186

             June 30, June 30, Change December 31,
                 2013     2012      %         2012
EMEA            4,210    4,269     -1        4,135
Americas        2,434    2,306      6        2,366
Asia Pacific      738      651     13          685
Total           7,382    7,226      2        7,186

CHANGE IN GROUP MANAGEMENT
On May 13, 2013 Rob Barker was appointed President of Amer Sports' Fitness
business unit effective June 1, 2013. Paul Byrne, the former President Amer
Sport's Fitness, will retire from the company effective September 1, 2013.
Barker became a member of the Amer Sport's Executive Board, and he reports to
the President and CEO Heikki Takala.

SHARES AND SHAREHOLDERS
The company's share capital totaled EUR 292,182,204 on June 30, 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
Amer Sports' Board of Directors decided on April 25, 2013 to utilize the
authorization given by the Annual General Meeting held on March 7, 2013 to
repurchase Amer Sports shares. The company acquires its own shares in order to
implement share-based incentive plans for 2013-2015 for the group's key
personnel. The repurchases started on April 29, 2013 and will end on December
31, 2013 at the latest. The amount acquired by June 30, 2013 was 382,140. The
amount to be acquired is a maximum of 1 million shares.

At the end of June, Amer Sports held a total of 942,605 shares (732,096) in
Amer Sports Corporation. The number of own shares corresponds to 0.80% (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 26.7 million (38.8) Amer Sports shares with a value totaling
EUR340.6 million (381.6) were traded on the NASDAQ OMX Helsinki Ltd in the
review period. Share turnover was 22.7% (33.0%) (expressed as a proportion of
the average number of shares, excluding own shares). The average daily volume
in January-June 2013 was 217,058 shares (313,155).

The closing price of the Amer Sports Corporation share on the NASDAQ OMX
Helsinki Ltd stock exchange on June 30, 2013 was EUR 14.16 (8.99). Shares
registered a high of EUR 14.50 (11.0) and a low of EUR 11.08 (8.39) during the
review period. The average share price was EUR 12.76 (9.83). On June 30, 2013,
the company had a market capitalization of EUR 1,664.9 million (1,058.9),
excluding own shares.

At the end of June, Amer Sports Corporation had 14,217 registered shareholders
(15,178). Ownership outside of Finland and nominee registrations represented
44.2% (45.5%) of the company's shares.

Notification of change in shareholding under the Finnish Securities Market Act
On February 6, 2013, Amer Sports Corporation received 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 then owned 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
Documentation and press releases relating to the resolutions approved by the
Amer Sports Corporation Annual General Meeting held on March 7, 2013 are
available on the company's website at www.amersports.com/investors.

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.

TABLES

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

Unaudited

4-6/2012, 1-6/2012 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

                              4-6/   4-6/ Change   1-6/   1-6/ Change
                              2013   2012      %   2013   2012      %     2012
NET SALES                    377.2  353.8      7  870.2  843.6      3  2,064.0
Cost of goods sold          -212.9 -201.3        -488.2 -474.8        -1,163.4
GROSS PROFIT                 164.3  152.5      8  382.0  368.8      4    900.6
License income                 1.2    1.9           2.6    3.9             7.5
Other operating income         1.5    2.6           3.4    3.1             6.0
R&D expenses                 -19.2  -16.8         -37.9  -33.8           -72.2
Selling and marketing
expenses                    -130.3 -117.8        -269.5 -250.0          -526.8
Administrative and other
expenses                     -36.2  -41.6         -72.9  -81.6          -176.4
Non-recurring expenses           -      -             -      -           -24.8
EARNINGS BEFORE
INTEREST AND TAXES           -18.7  -19.2           7.7   10.4    -26    113.9
% of net sales                -5.0   -5.4           0.9    1.2             5.5
Financing income and
expenses                      -5.3   -9.6         -12.0  -15.0           -31.5
EARNINGS BEFORE TAXES        -24.0  -28.8          -4.3   -4.6            82.4
Taxes                          6.0    6.5           1.1    1.1           -24.5
NET RESULT                   -18.0  -22.3          -3.2   -3.5            57.9
Attributable to:
Equity holders of the
parent
company                      -18.0  -22.3          -3.2   -3.5            57.9
Earnings per share, EUR      -0.16  -0.19         -0.03  -0.04            0.48
Earnings per share,
diluted, EUR                 -0.16  -0.19         -0.03  -0.04            0.48
Adjusted average number of
shares in issue less own
shares,
million                                           117.8  117.7           117.7
Adjusted average number of
shares in issue less own
shares,
diluted, million                                  118.3  118.0           118.1
Equity per share, EUR                              5.86   5.96            6.21
ROCE, % *)                                         10.4   12.4            10.5
ROE, %                                             -0.9   -0.8             7.4
Average rates used:
EUR 1.00 = USD              1.3054 1.2851        1.3138 1.2975          1.2846

*) 12 months' rolling average

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                                     4-6/  4-6/ 1-6/ 1-6/
                                     2013  2012 2013 2012  2012
Net result                          -18.0 -22.3 -3.2 -3.5  57.9
Other comprehensive income
Items that will not be reclassified
to profit or loss
Remeasurement effects of
postemployment benefit plans          8.6  -2.6  8.6 -5.3 -10.5
Income tax related to
remeasurement effects                -3.0   0.9 -3.0  1.8   3.5
Items that may be reclassified to
profit or loss
Translation differences              -7.5  21.0 -3.6  8.7  -8.7
Cash flow hedges                      2.1   4.8  9.6 -4.0 -19.3
Income tax related to cash
flow hedges                          -0.5  -1.3 -2.4  1.0   5.0
Other comprehensive income,
net of tax                           -0.3  22.8  9.2  2.2 -30.0
Total comprehensive income          -18.3   0.5  6.0 -1.3  27.9
Total comprehensive income
attributable to:
Equity holders of the parent
company                             -18.3   0.5  6.0 -1.3  27.9

NET SALES BY BUSINESS SEGMENT

                    4-6/  4-6/ Change  1-6/  1-6/ Change
                    2013  2012      %  2013  2012      %    2012
Winter and Outdoor 168.7 150.9     12 435.2 407.4      7 1,221.2
Ball Sports        144.2 146.5     -2 308.2 320.1     -4   569.7
Fitness             64.3  56.4     14 126.8 116.1      9   273.1
Total              377.2 353.8      7 870.2 843.6      3 2,064.0

GEOGRAPHIC BREAKDOWN OF NET SALES

              4-6/  4-6/ Change  1-6/  1-6/ Change
              2013  2012      %  2013  2012      %    2012
EMEA         144.5 133.1      9 385.0 359.8      7   962.7
Americas     177.6 167.4      6 372.9 373.1      0   834.1
Asia Pacific  55.1  53.3      3 112.3 110.7      1   267.2
Total        377.2 353.8      7 870.2 843.6      3 2,064.0

EBIT BY BUSINESS SEGMENT

                    4-6/  4-6/ Change  1-6/  1-6/ Change
                    2013  2012      %  2013  2012      %  2012
Winter and Outdoor -27.1 -25.4        -12.9 -14.7         95.4
Ball Sports          7.8   9.7    -20  25.2  29.6    -15  22.5
Fitness              4.3   1.0          3.9   4.9    -20  16.9
Headquarters        -3.7  -4.5         -8.5  -9.4        -20.9
Total              -18.7 -19.2          7.7  10.4    -26 113.9

CONSOLIDATED CASH FLOW STATEMENT

                                               4-6/  4-6/  1-6/  1-6/
                                         Note  2013  2012  2013  2012  2012
Earnings before interest and taxes            -18.7 -19.3   7.7  10.3 113.9
Adjustments to cash flow from
operating activities and depreciation          11.7  10.3  22.3  15.2  61.1
Change in working capital                     -14.5  -7.0  37.3  82.4 -10.9
Cash flow from operating activities
before financing items and taxes              -21.5 -16.0  67.3 107.9 164.1
Interest paid and received                    -14.4 -12.8 -18.0 -15.0 -19.9
Income taxes paid and received                 -2.6  -4.7 -12.8 -15.8 -31.6
Net cash flow from operating activities       -38.5 -33.5  36.5  77.1 112.6
Sold operations                                   -     -     -   1.1   1.1
Acquired non-controlling interests                -     -     -  -3.7  -3.7
Capital expenditure on non-current
tangible and intangible assets                -11.6 -10.8 -18.8 -21.7 -49.2
Proceeds from sale of tangible non-
current assets                                  0.1   0.1   0.2   0.4  11.0
Net cash flow from investing activities       -11.5 -10.7 -18.6 -23.9 -40.8
Net cash flow after investing activities
(free cash flow)                              -50.0 -44.2  17.9  53.2  71.8
Repurchase of own shares                       -5.2     -  -5.2     -     -
Interest on hybrid bond                           -     -     -  -7.2  -7.2
Redemption of the hybrid bond               3     -     -     - -60.0 -60.0
Dividends paid                              4 -41.3     - -41.3 -38.9 -38.9
Change in debt and other financing
items                                          58.9  68.2 -15.3 190.5  98.9
Net cash flow from financing activities        12.4  68.2 -61.8  84.4  -7.2
Cash and cash equivalents on
April 1/January 1                             136.1 191.6 142.5  78.8  78.8
Translation differences                        -1.6   1.1  -1.7   0.3  -0.9
Change in cash and cash equivalents           -37.6  24.0 -43.9 137.6  64.6
Cash and cash equivalents on
June 30/December 31                            96.9 216.7  96.9 216.7 142.5

CONSOLIDATED BALANCE SHEET

                                         June 30, June 30, December 31,
                                    Note     2013     2012         2012
Assets
Goodwill                                    290.7    298.1        289.1
Other intangible non-current assets         211.4    213.1        211.4
Tangible non-current assets                 162.9    158.5        162.9
Other non-current assets                    121.3    111.3        119.9
Inventories and work in progress            413.7    424.1        336.7
Receivables                                 443.4    432.1        607.8
Cash and cash equivalents                    96.9    216.7        142.5
Total assets                           2  1,740.3  1,853.9      1,870.3

Shareholders' equity and liabilities
Shareholders' equity                          694.4   702.1   731.8
Long-term interest-bearing liabilities        373.1   414.6   378.2
Other long-term liabilities                    69.1    63.2    79.8
Current interest-bearing liabilities          177.5   259.1   198.6
Other current liabilities                     389.8   385.0   435.1
Provisions                                     36.4    29.9    46.8
Total shareholders' equity and liabilities  1,740.3 1,853.9 1,870.3
Equity ratio, %                                39.9    37.9    39.1
Gearing, %                                       65      65      59
EUR 1.00 = USD                               1.3080  1.2590  1.3194

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

                                          Fair        Inves-
                                 Trans-  value           ted
                    Pre-    Fund lation    and   Re- unrest-        Retai-
              Share  mi-     for diffe-  other  mea-  ricted           ned
              capi-   um     own  renc- reser- sure-  equity Hybrid   ear-   To-
         Note   tal fund sha-res     es    ves ments reserve   bond  nings   tal
Pub-
lished
balan-
ce 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
balan-
ce 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
diffe-
rences                              8.7                                      8.7
Re-
measu-
rement
effects
of post-
emp-
loyment
benefit
plans                                           -5.3                        -5.3
Cash
flow
hedges                                    -4.0                              -4.0
Income
tax
related
to
OCI                                        1.0   1.8                         2.8
Net
result,
restated                                                              -3.5  -3.5
Total
comp-
rehen-
sive
income,
restated                            8.7   -3.0  -3.5                  -3.5  -1.3
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
June
30,
2012          292.2 12.1    -7.0  -17.9    4.2 -24.0   154.4      -  288.1 702.1
Pub-
lished
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
Re-
stated
balan-
ce 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
diffe-
rences                             -3.6                                     -3.6
Cash
flow
hedges                                     9.6                               9.6
Income
tax
related
to
OCI                                       -2.4  -3.0                        -5.4
Re-
measu-
rement
effects
of post-
emp-
loyment
benefit
plans                                            8.6                         8.6
Net
result                                                                -3.2  -3.2
Total
comp-
rehen-
sive
income                             -3.6    7.2   5.6                  -3.2   6.0
Re-
purc-
hased
own
shares                      -5.1                                            -5.1
Trans-
actions
with
owners:
Share-
based
incen-
tive
prog-
rams                         1.7                         2.3          -1.0   3.0
Divi-
dend
distri-
bution      4                                                        -41.3 -41.3
Balan-
ce at
June
30,
2013          292.2 12.1   -10.5  -38.9    0.1 -21.9   156.7      -  304.6 694.4

                                        Total
                                Non-   share-
                         controlling holders'
                    Note   interests   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
comprehensive
income:
Translation
differences                           8.7
Remeasurement
effects of
postemployment
benefit plans                        -5.3
Cash flow hedges                     -4.0
Income tax
related to OCI                        2.8
Net result,
restated                             -3.5
Total
comprehensive
income, restated                     -1.3
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
June 30, 2012                -      702.1

QUARTERLY BREAKDOWN OF NET SALES AND EBIT

                     Q2/   Q1/   Q4/   Q3/   Q2/   Q1/   Q4/   Q3/
NET SALES           2013  2013  2012  2012  2012  2012  2011  2011
Winter and Outdoor 168.7 266.5 402.8 411.0 150.9 256.5 375.0 395.7
Ball Sports        144.2 164.0 127.7 121.9 146.5 173.6 109.0 106.7
Fitness             64.3  62.5  88.0  69.0  56.4  59.7  72.9  56.8
Total              377.2 493.0 618.5 601.9 353.8 489.8 556.9 559.2
                     Q2/   Q1/   Q4/   Q3/   Q2/   Q1/   Q4/   Q3/
EBIT                2013  2013  2012  2012  2012  2012  2011  2011
Winter and Outdoor -27.1  14.2  23.3  86.8 -25.4  10.7  45.0  79.3
Ball Sports          7.8  17.4  -4.5  -2.6   9.7  19.9  -0.7  -1.1
Fitness              4.3  -0.4   7.8   4.2   1.0   3.9   4.5   2.8
Headquarters        -3.7  -4.8  -4.4  -7.1  -4.5  -4.9  -2.5  -6.6
Total              -18.7  26.4  22.2  81.3 -19.2  29.6  46.3  74.4

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.

                                  Earnings Financing
                                    before    income Earnings
                              interest and       and   before
                    Net sales        taxes  expenses    taxes  Assets
1-6/2013
Winter and Outdoor      435.2        -12.9                      803.8
Ball Sports             308.2         25.2                      402.6
Fitness                 126.8          3.9                      246.7
Segments, total         870.2         16.2                    1,453.1
Unallocated items*)                   -8.5     -12.0            287.2
Group total             870.2          7.7     -12.0     -4.3 1,740.3

1-6/2012
Winter and Outdoor    407.4 -14.7              815.0
Ball Sports           320.1  29.6              403.1
Fitness               116.1   4.9              242.0
Segments, total       843.6  19.8            1,460.1
Unallocated items*)          -9.4 -15.0        393.8
Group total           843.6  10.4 -15.0 -4.6 1,853.9
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

              1-6/  1-6/
              2013  2012    2012
EMEA         385.0 359.8   962.7
Americas     372.9 373.1   834.1
Asia Pacific 112.3 110.7   267.2
Total        870.2 843.6 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

                                                  June     June December
                                              30, 2013 30, 2012 31, 2012
Guarantees                                        23.8     21.7     23.1
Liabilities for leasing and rental agreements    159.3    128.2    152.4
Other liabilities                                 40.1     37.5     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.

                                Financial assets/    Derivative
                              liabilities at fair     financial
                                    value through   instruments Available-for-
                                           income used in hedge sale financial
June 30, 2013                           statement    accounting         assets
Non-current
financial assets
Other non-current
financial assets                                                           0.6
Foreign exchange
derivatives                                                 0.6
Interest rate derivatives and
cross currency swaps                          1.7           0.0
Current financial assets
Foreign exchange
derivatives                                   7.2           5.9
Long-term financial
liabilities
Foreign exchange
derivatives                                                 0.0
Interest rate derivatives and
cross currency swaps                                        3.6
Current financial liabilities
Foreign exchange
derivatives                                   7.7           2.5
Interest rate derivatives and
cross currency swaps                          0.3           0.1
Nominal value of foreign
exchange derivatives                        357.8         436.3
Nominal value of interest
rate
derivatives                                  90.0         150.0
Nominal value of cross
currency swaps                                             68.7

                                Financial assets/    Derivative
                              liabilities at fair     financial
                                    value through   instruments Available-for-
                                           income used in hedge sale financial
June 30, 2012                           statement    accounting         assets
Non-current
financial assets
Other non-current
financial assets                                                           0.6
Foreign exchange
derivatives                                                 0.0
Interest rate derivatives and
cross currency swaps                          1.6
Current financial assets
Foreign exchange
derivatives                                   0.3          17.5
Long-term financial
liabilities
Foreign exchange
derivatives                                                 0.1
Interest rate derivatives and
cross currency swaps                                        4.5
Current financial liabilities
Foreign exchange
derivatives                                   4.9           6.2
Interest rate derivatives and
cross currency swaps                          0.8
Nominal value of foreign
exchange derivatives                        382.1         419.9
Nominal value of interest
rate
derivatives                                               100.0
Nominal value of cross
currency swaps                                             57.0

                                Financial assets/    Derivative
                              liabilities at fair     financial
                                    value through   instruments Available-for-
                                           income used in hedge sale financial
Dec 31, 2012                            statement    accounting         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 recognized 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.

4-6/2012, 1-6/2012 and full year 2012 restated key financial statements:

CONSOLIDATED RESULTS

                 Re-          Pub-    Re-          Pub-
              stated        lished stated        lished      Re-    IAS     Pub-
                4-6/ IAS 19   4-6/   1-6/ IAS 19   1-6/   stated     19   lished
                2012 impact   2012   2012 impact   2012     2012 impact     2012
NET SALES      353.8         353.8  843.6         843.6  2,064.0         2,064.0
Cost of
goods sold    -201.3        -201.3 -474.8        -474.8 -1,163.4        -1,163.4
GROSS
PROFIT         152.5         152.5  368.8         368.8    900.6           900.6
License
income           1.9           1.9    3.9           3.9      7.5             7.5
Other
operating
income           2.6           2.6    3.1           3.1      6.0             6.0
R&D
expenses       -16.8         -16.8  -33.8         -33.8    -72.2           -72.2
Selling and
marketing
expenses      -117.8    0.2 -118.0 -250.0    0.6 -250.6   -526.8    1.0   -527.8
Administ-
rative
and other
expenses       -41.6    0.4  -42.0  -81.6    0.6  -82.2   -176.4    1.2   -177.6
Non-recurring
expenses           -             -      -             -    -24.8           -24.8
EARNINGS
BEFORE
INTEREST
AND TAXES      -19.2    0.6  -19.8   10.4    1.2    9.2    113.9    2.2    111.7
% of net
sales           -5.4          -5.6    1.2           1.1      5.5             5.4
Financing
income and
expenses        -9.6   -0.4   -9.2  -15.0   -0.8  -14.2    -31.5   -1.6    -29.9
EARNINGS
BEFORE
TAXES          -28.8    0.2  -29.0   -4.6    0.4   -5.0     82.4    0.6     81.8
Taxes            6.5   -0.1    6.6    1.1   -0.2    1.3    -24.5   -0.2    -24.3
NET RESULT     -22.3    0.1  -22.4   -3.5    0.2   -3.7     57.9    0.4     57.5

Attributable to:
Equity
holders
of the parent
company          -22.3 0.1 -22.4  -3.5   0.2  -3.7 57.9   0.4 57.5
Earnings per
share, EUR       -0.19 0.0 -0.19 -0.04   0.0 -0.04 0.48   0.0 0.48
Earnings per
share,
diluted,
EUR              -0.19 0.0 -0.19 -0.04   0.0 -0.04 0.48   0.0 0.48
Equity per
share, EUR                        5.96 -0.20  6.16 6.21 -0.22 6.43
ROCE, % *)                        12.4   0.4  12.0 10.5   0.5 10.0
ROE, %                            -0.8   0.2  -1.0  7.4   0.2  7.2

*) 12 months' rolling average

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

                Re-          Pub-    Re-          Pub-
             stated        lished stated        lished    Re-
               4-6/ IAS 19   4-6/   1-6/ IAS 19   1-6/ stated IAS 19 Pub-lished
               2012 impact   2012   2012 impact   2012   2012 impact       2012
Net result    -22.3    0.1  -22.4   -3.5    0.2   -3.7   57.9    0.4       57.5
Other
comprehen-
sive income
Items that
will
not be
reclassified
to
profit or
loss
Remeasu-
rement
effects of
postemp-
loyment
benefit
plans          -2.6   -2.6          -5.3   -5.3         -10.5  -10.5
Income tax
related to
remeasu-
rement
effects         0.9    0.9           1.8    1.8           3.5    3.5
Items that
may be
reclassified
to
profit or
loss
Translation
differences    21.0   -0.1   21.1    8.7           8.7   -8.7              -8.7
Cash flow
hedges          4.8           4.8   -4.0          -4.0  -19.3             -19.3
Income tax
related to
cash flow
hedges         -1.3          -1.3    1.0           1.0    5.0               5.0
Other
comprehen-
sive income,
net of tax     22.8   -1.8   24.6    2.2   -3.5    5.7  -30.0   -7.0      -23.0
Total
comprehen-
sive income     0.5   -1.7    2.2   -1.3   -3.3    2.0   27.9   -6.6       34.5
Total
comprehen-
sive income
attributable
to:
Equity
holders
of the
parent
company         0.5   -1.7    2.2   -1.3   -3.3    2.0   27.9   -6.6       34.5

CONSOLIDATED BALANCE SHEET

                           Restated        Published Restated        Published
                           June 30, IAS 19  June 30,  Dec 31, IAS 19   Dec 31,
                               2012 impact      2012     2012 impact      2012
Assets
Goodwill                      298.1            298.1    289.1            289.1
Other intangible
non-current assets            213.1            213.1    211.4            211.4
Tangible non-current
assets                        158.5            158.5    162.9            162.9
Other non-current assets      111.3   11.9      99.4    119.9   13.5     106.4
Inventories and work in
progress                      424.1            424.1    336.7            336.7
Receivables                   432.1   -5.2     437.3    607.8   -5.7     613.5
Cash and cash equivalents     216.7            216.7    142.5            142.5
Total assets                1,853.9    6.7   1,847.2  1,870.3    7.8   1,862.5
Shareholders' equity and
liabilities
Shareholders' equity          702.1  -23.8     725.9    731.8  -27.1     758.9
Long-term
interest-bearing
liabilities                   414.6            414.6    378.2            378.2
Other long-term
liabilities                    63.2   40.2      23.0     79.8   45.4      34.4
Current interest-bearing
liabilities                   259.1            259.1    198.6            198.6
Other current liabilities     385.0   -9.7     394.7    435.1  -10.5     445.6
Provisions                     29.9             29.9     46.8             46.8
Total shareholders'
equity and
liabilities                 1,853.9    6.7   1,847.2  1,870.3    7.8   1,862.5
Equity ratio, %                37.9             39.3     39.1   -1.6      40.7
Gearing, %                       65               63       59      2        57

CONSOLIDATED CASH FLOW STATEMENT

                   Re-          Pub-    Re-          Pub-
                stated        lished stated        lished    Re-          Pub-
                  4-6/ IAS 19   4-6/   1-6/ IAS 19   1-6/ stated IAS 19 lished
                  2012 impact   2012   2012 impact   2012   2012 impact   2012
Earnings
before
interest
and taxes        -19.3    0.5  -19.8   10.3    1.1    9.2  113.9    2.2  111.7
Adjustments
to cash flow
from operating
activities and
depreciation      10.3   -0.5   10.8   15.2   -1.1   16.3   61.1   -2.2   63.3
Change in
working
capital           -7.0          -7.0   82.4          82.4  -10.9         -10.9
Cash flow
from operating
activities
before
financing
items and
taxes            -16.0         -16.0  107.9         107.9  164.1         164.1
Net cash flow
from operating
activities       -33.5         -33.5   77.1          77.1  112.6         112.6
Net cash flow
from investing
activities       -10.7         -10.7  -23.9         -23.9  -40.8         -40.8
Net cash flow
after investing
activities
(free cash
flow)            -44.2         -44.2   53.2          53.2   71.8          71.8
Net cash flow
from financing
activities        68.2          68.2   84.4          84.4   -7.2          -7.2
Cash and
cash
equivalents on
April 1/
January 1        191.6         191.6   78.8          78.8   78.8          78.8
Translation
differences        1.1           1.1    0.3           0.3   -0.9          -0.9
Change in
cash and cash
equivalents       24.0          24.0  137.6         137.6   64.6          64.6
Cash and
cash
equivalents on
June 30/
December 31      216.7         216.7  216.7         216.7  142.5         142.5

Remeasurement of pension liability as at June 30, 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.

10. ACQUIRED OPERATIONS
Amer Sports terminated the business with its previous Israeli distributor
Unisport Fitness Equipment (1977) Ltd ("Unisport") and acquired agreed assets
and liabilities of the company on June 28, 2013. Acquired assets totaled to
EUR 7.7 million, out of which EUR 4.2 million were related to intangible
assets (customer list, order book). No monetary consideration is paid to owner
of Unisport.

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

Amer Sports Corporation Interim Report January-June 2013

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Source: Amer Sports Oyj via Thomson Reuters ONE
HUG#1718765