RNS Number:3363O
Amer Group PLC
05 August 2003
5 August 2003
Amer Group Plc
AMER GROUP'S INTERIM REPORT JANUARY - JUNE 2003
For the period 1 January to 30 June 2003, Amer Group's net sales
were EUR 535.7 million (January - June 2002: EUR 552.2 million).
Operating profit amounted to EUR 24.8 million (2002: EUR 38.5
million). Profit before extraordinary items totalled EUR 20.7
million (2002: EUR 35.5 million) and earnings per share were EUR
0.61 (2002: EUR 1.10). Amer Group's net sales for 2003 as a whole
are expected to be similar to 2002's (2002: EUR 1,101.9 million),
whereas operating profit is expected to be around EUR 70-80 million
(2002: EUR 103.0 million).
Continued weak demand for sports equipment, especially in the USA,
negatively impacted Amer Group's operations during the first half of
2003. In particular, the Group's golf equipment sales were clearly
below expectations. Furthermore, the strong euro, especially against
the US dollar, is also having a negative impact on the Group's
growth. Foreign exchange rate movements reduced net sales by EUR 66
million but had no major impact on operating profit. The acquisition
of Precor increased net sales by EUR 85.8 million.
Q2 NET SALES AND RESULTS
The seasonality of the Group's businesses was clearly in evidence in
the second quarter, which is low season for Winter Sports and high
season for Golf. Thus the Winter Sports division is focusing on
producing its products for the coming winter sports season, for
which deliveries mainly take place in the latter part of the year.
Second quarter net sales were EUR 251.8 million (2002: EUR 262.8
million). Sales of golf equipment in particular were slower than
expected. Foreign exchange rate movements reduced net sales by EUR
34 million. Operating profit was EUR 9.5 million (2002: EUR 23.2
million). Profit before extraordinary items totalled EUR 7.6 million
(2002: EUR 20.8 million).
HALF YEAR NET SALES AND RESULTS
Amer Group's consolidated net sales during the first half of 2003
were EUR 535.7 million (2002: EUR 552.2 million). The Group's
operating profit was EUR 24.8 million (2002: EUR 38.5 million).
Profit before extraordinary items amounted to EUR 20.7 million
compared to EUR 35.5 million in the first half of 2002. Demand for
sports equipment remained weak, particularly in the USA. Foreign
exchange rate movements reduced net sales by EUR 66 million, due to
the strengthening of the euro especially against the US dollar, but
didn't have major impact on operating profit.
Geographically, sales were similar to 2002 in North America and in
Europe but declined by 22% in Japan and by 7% in Asia Pacific. Sales
in North America were boosted by the first time contribution of
Precor which was acquired at the end of 2002.
Across the Group's divisions between January and June, the Team
Sports Division continued to perform well. In the golf equipment
market, competition continued to be tough and the Golf Division's
sales were clearly down compared to last year. The Racquet Sports
Division's sales were also lower than 2002's. Sales of Sports
Instruments were reduced by a decline in sales of diving instruments
as well as sales of Suunto's non-core products. In Winter Sports,
deliveries mainly take place in the second half of the year. In
volume, pre-orders for the winter sports season 2003/2004 are nearly
approaching those of the previous season. Amer Tobacco's sales
declined as the Finnish cigarette market shrunk.
Return on capital employed (ROCE) was 15.2% (2002: 16.1%).
CAPITAL EXPENDITURE
The Group's gross capital expenditure amounted to EUR 8.4 million
(2002: EUR 9.6 million) during the period under review.
RESEARCH AND DEVELOPMENT
A total of EUR 14.4 million was invested in research and
development, representing 2.7% of net sales in the period (2002: EUR
10.7 million).
FINANCE
The Group's net financing expenses totalled EUR 4.1 million (2002:
EUR 3.0 million) in the first half of 2003.
The equity ratio decreased to 46.6% from 52.8% as at 30 June 2002
(45.6% as at 31 December 2002), while gearing increased from 20% to
46% (47% as at 31 December 2002).
The Group's net debt decreased to EUR 193.7 million at the period
end, compared to EUR 209.9 million as at 31 December 2002. Liquid
assets amounted to EUR 23.1 million at the period end.
PERSONNEL
The Group employed 4,155 people at the end of the period under
review compared to 3,939 at the year-end and an average of 4,115
during the period. At the end of the period, a total of 1,615 were
employed in the US, 700 in Finland, 649 in Austria and 1,191 in the
rest of the world.
SHARES AND SHAREHOLDERS
A total of 41.7% of the Group's shares in issue were traded during
the period under review, of which approximately 9.21 million were
traded on the Helsinki Exchanges and approximately 0.48 million on
the London Stock Exchange, totalling 9.69 million shares. In
Helsinki the share price low was EUR 26.03, the high EUR 36.50 and
the average EUR 29.55. The Company's market capitalisation stood at
EUR 623.6 million at the period end.
There were 11,566 registered shareholders at the end of June, whilst
nominees accounted for 47% of the shares in issue at the period end.
In June, Fidelity International Limited announced that it's holding
in Amer's share capital and voting rights had fallen to 9.90%.
During the period under review, a total of 196,550 new shares were
registered. The shares were subscribed for as a result of an
exercise of 1998 A/B/C warrants. As a result of the corresponding
increase in the Company's share capital, Amer Group Plc's share
capital totalled EUR 97,570,280 and the total number of shares in
issue was 24,392,570 at the period end. In addition, the Company's
share capital may increase further by 534,950 new shares as a result
of the 1998 warrant subscription.
Amer Group Plc's Annual General Meeting approved on 20 March 2003
that the registered share capital of Amer Group be decreased by EUR
3,873,200 by cancelling without payment those 968,300 of its own
shares the Company holds. However, the registration notification
regarding the decrease was delivered to the Trade Register after the
appropriate time period of one month had passed. Thus, according to
the Companies Act, the AGM resolution to decrease the Group's share
capital lapsed. Because the shares to be cancelled are held by the
Company, the failed registration has no impact whatsoever on the
operations of the Group or on its financial status. Therefore, the
Group's Board of Directors decided that the matter can be resolved
at the 2004 AGM and no extraordinary meeting is necessary prior to
then.
All 550,000 of Amer Group's 2003 warrants, approved by the AGM in
March 2003, were subscribed for by the end of the subscription
period, which ran from 10 April to 30 June 2003. One warrant
entitles the subscriber to subscribe for one Amer Group share. The
share subscription price is EUR 37.90 and the subscription period
will commence on 1 January 2006 and end on 31 December 2008.
At the end of the period the Board of Directors had no share issue
authorisations outstanding.
DIVISIONAL HIGHLIGHTS
RACQUET SPORTS
EUR million Jan- Jan- Change
June June %
2003 2002
Net sales 115.6 144.4 -20
Operating profit 10.7 15.8 -32
ROCE, 12 months' rolling
average, % 46.4 52.1
In local currencies, the Racquet Sports Division's net sales
declined 6% and operating profit declined 19%. In both Europe and in
Japan, sales were similar to 2002. Sales declined 10% in North
America.
The Company estimates that the overall tennis market continued to
decline. The average selling price of a tennis racquet also
continued to fall.
Sales of Wilson tennis balls decreased 4%, tennis racquets 10% and
footwear 3%. Wilson's position as the global market leader in tennis
racquets remained strong and in tennis balls Wilson remains number
three.
During the period under review, shipments of Wilson's new Triad
racquets as well as its new Pro Staff racquets started. Shipments of
the new Hammer racquet model, Series H, commenced in May.
New footwear was also brought to market during the period.
GOLF
EUR million Jan- Jan- Change
June June %
2003 2002
Net sales 103.7 145.6 -29
Operating profit 2.3 12.8 -82
ROCE, 12 months' rolling
average, % -5.8 3.9
In the Golf Division, net sales and operating profit were clearly
below expectations. Net sales in local currencies declined 17%.
Sales fell by 23% in North America, by 3% in Europe and by 10% in
Japan. Operating profit declined significantly due to declining
sales as well as lower prices, especially for golf balls.
During the second quarter of the year, which is the high season for
golf, net sales in local currencies declined 10% and operating
profit continued to decrease.
In the USA, although sales of golf clubs to the trade grew 5%, sales
of golf balls declined 13.5% (source: National Golf Foundation, July
2003). Also the number of rounds played declined in the USA. In
Europe the market remained flat whilst the Japanese market continued
to be challenging.
Sales of Wilson golf clubs decreased 16%. The golf ball market
continued to be extremely competitive and Wilson golf ball sales
declined 25% as a result.
In order to ensure its competitiveness and to increase efficiency,
Wilson was re-organised during the second quarter, which is expected
to lower Amer Group's overall cost base by approximately EUR 10
million in 2004 with most of the savings coming from the Golf
Division.
TEAM SPORTS
EUR million Jan- Jan- Change
June June %
2003 2002
Net sales 104.6 120.6 -13
Operating profit 14.9 18.3 -19
ROCE, 12 months' rolling
average, % 34.2 38.4
In local currencies, the Team Sports Division's net sales grew by
6%. Operating profit was similar to 2002's.
The fastest growing product categories in Team Sports were
basketballs (13%), and baseball and softball bats (23%). The bat
category sales growth comes from product line extension into the
youth baseball market. The basketball sales growth is being driven
by the new five-year National Collegiate Athletic Association (NCAA)
ball adoption, which took effect at the beginning of 2003. As a
result of this agreement, Wilson's basketballs are used as official
match balls in all NCAA tournament games.
During the period, a new NCAA Composite Basketball was introduced,
featuring Cushion Core Technology for outstanding grip and feel. The
Team Sports Division also shipped a new Wilson Youth Batting Helmet, a
one size fits all helmet for Baseball and Softball.
Wilson is the number one team sports company in the USA and its
position is especially strong in American football, basketball and
baseball.
WINTER SPORTS
EUR million Jan- Jan- Change
June June %
2003 2002
Net sales 33.2 42.4 -22
Operating loss -12.6 -8.3 -52
ROCE, 12 months' rolling
average, % 44.1 44.5
In line with the winter sports' business cycle, the Winter Sports'
Division focused on producing next season's lines during the second
quarter of the year. Due to such seasonality, Atomic's deliveries
are heavily weighted towards the latter part of the year, the
busiest months for deliveries being September and October. Due to
this, Winter Sports' operating losses during the first half of 2003
were EUR 12.6 million.
Net sales in local currencies declined 18% with reductions in all
major markets. Poor snow conditions in Austria and Germany resulted
in lower re-orders. Snow conditions got better towards the end of
the season 2002/2003, such that stock levels are now mostly at
normal levels.
In February Atomic presented the world's first microprocessor-
controlled ski bindings, Neox EBM 412.
The level of pre-orders suggests there will be a slight downturn in
the market in 2003, reflecting the cautious mood of the trade. In
addition, lower price point products have increased as a proportion
of total sales. The major part of Winter Sports' pre-orders for the
coming season have now been received and in volume the order book is
close to last year's level.
In 2003, Winter Sports' investment in its sales organisation is
planned to be higher than last year.
FITNESS EQUIPMENT
EUR million Jan- Jan- Change
June June %
2003 2002
(pro forma)
Net sales 85.8 100.7 -15
Operating profit 11.8 14.0 -16
Fitness Equipment's net sales and operating profit in local
currencies were similar to last year's level. Sales of treadmills
and cycles grew, whereas sales of elliptical cross-trainers declined
slightly.
North American commercial and consumer markets appear to be cooling.
Major club organisations are holding off on purchases, and consumers are
similarly cautious.
During the period, a new line of C846 and C842 upright and recumbent
cycles for club and commercial markets were brought to the market.
Despite general uncertainty, the fitness sector as a whole is
expected to continue growing. Further growth is also anticipated in
the popularity of elliptical fitness equipment. The Fitness
Equipment Division continues to have good growth opportunities
especially outside North America.
SPORTS INSTRUMENTS
EUR million Jan- Jan- Change
June June %
2003 2002
Net sales 39.5 44.1 -10
Operating profit 4.0 4.7 -15
ROCE, 12 months' rolling
average, % 33.0 29.6
In local currencies, Suunto's net sales declined 5%. Sales of
Suunto's wristop computers grew 6%. The global diving market
declined and sales of Suunto's diving instruments fell by 17%.
Wristop computers and diving instruments accounted for 58% of
Suunto's net sales.
In January, Suunto announced a partnership with Microsoft. This
cooperation will lead to a new Suunto n3 sports wristop being
launched in North America at the end of 2003.
In September, Suunto will bring its new Suunto X3HR wristop
computer, which features a heart rate monitor, to the market.
In March Suunto sold its wholly-owned subsidiary Ilotulitus Oy to
Truebell Plc. The net sales of Ilotulitus Oy in 2002 were EUR 2.8
million.
At the beginning of 2003, Suunto's European central warehousing
function was relocated to Amer Sports' new logistics centre in
sberherrn, Germany.
TOBACCO
EUR million Jan- Jan- Change
June June %
2003 2002
Net sales 53.3 55.1 -3
Operating profit 4.7 5.0 -6
Reflecting the decline in the Finnish tobacco product market, Amer
Tobacco's net sales decreased by 3% to EUR 53.3 million (2002: EUR
55.1 million). Also, the growing popularity of lower-priced brands
had a negative influence on Amer Tobacco's net sales. Operating
profit was EUR 4.7 million (2002: EUR 5.0 million).
Overall tobacco product deliveries to outlets in Finland declined by
3% in the period, mainly due to increased contraband trade.
Amer Tobacco's sales outside Finland increased. In addition to the
increase in sales volumes of its own brands in Estonia, tax-free
deliveries of Marlboro products to neighbouring markets contributed
to the improvement.
WILSON RE-ORGANISATION EXPECTED TO RESULT IN COST SAVINGS IN 2004
In April, Amer Group announced that it intended to re-organise its
Wilson businesses in the USA in order to ensure its competitiveness
and to increase efficiency. The re-organisation, together with related
adjustments in Wilson's cost base in line with its business and
current market situation, is expected to lower Amer Group's overall
cost base by approximately EUR 10 million in 2004. The restructuring
will not have a significant impact in the current financial year in
terms of additional costs.
In the new structure, the businesses are being divided into two
operations: Golf & Racquet Sports, and Team Sports. Wilson's central
administration functions have been discontinued and decentralised.
PRECOR PATENT LITIGATION
Amer Group's fitness equipment division, Precor, is in negotiations to
settle a patent litigation case. The litigation relates to an
exclusive right held by Precor to use technology for elliptical
fitness equipment. The other party to the litigation, the Life Fitness
division of Brunswick Corporation, has made a 25 million USD
provision, reflecting its estimate of the likely outcome of the
litigation. A final settlement has not been reached yet and
negotiations continue between the parties.
FINNISH SUPREME COURT RULING
In May, the Finnish Supreme Court issued a ruling that arbitrators
have to resolve quarrels between a company and its shareholders, if
the articles of association so determine. Based on this ruling, the
Court will not question the lawsuit where two small shareholders
Eternelli Oy and Ari Neuvonen are requesting that Amer Group Plc be
put into liquidation. According to the action, Amer's major
shareholders misused their authority when deciding on the redemption
of the Company's shares and the share class conversion in July 1997.
PROSPECTS FOR THE REMAINDER OF 2003
Demand for sports equipment did not recover during the first half of
2003 and is not expected to recover significantly during the remainder
of the year. In Amer Group's key markets, the US and Germany, both the
trade and consumers remain cautious.
Traditionally, in addition to the economic background, demand for
sports equipment is strongly influenced by sports-related factors like
trends in the active following of individual sports and new
innovations in sports equipment. Amer Group's operations are well
balanced by its broad portfolio of sports and its presence in all key
markets.
Amer Group has set itself the goal of becoming the world's No 1 sports
equipment company. With strong cash flows from operating activities
and a strong balance sheet combined with a good position in the sports
equipment market, Amer Group has a firm foundation to advance the
strategic development of its businesses. Amer Group's net sales for
2003 as a whole are expected to be similar to 2002's (2002: EUR
1,101.9 million), whereas operating profit is expected to be around
EUR 70-80 million (2002: EUR 103.0 million).
CONSOLIDATED RESULTS
Figures in EUR million. Unaudited.
Jan- Jan- Change Apr- Apr- Change Jan-
June June % June June % Dec
2003 2002 2003 2002 2002
NET SALES 535.7 552.2 -3 251.8 262.8 -4 1,101.9
Depreciation 19.2 16.7 9.4 8.3 34.4
OPERATING PROFIT 24.8 38.5 -36 9.5 23.2 -59 103.0
Net financing
expenses -4.1 -3.0 -1.9 -2.4 -7.4
PROFIT BEFORE
EXTRAORDINARY ITEMS 20.7 35.5 -42 7.6 20.8 -63 95.6
Extraordinary items - - - - -
PROFIT BEFORE TAXES 20.7 35.5 7.6 20.8 95.6
Taxes -6.2 -10.0 -2.3 -5.9 -26.5
Minority interest -0.2 0.0 -0.1 0.0 -0.6
PROFIT 14.3 25.5 5.2 14.9 68.5
Earnings per share,
EUR 0.61 1.10 0.22 0.64 2.95
Adjusted average
number of shares in
issue, million 23.3 23.2 23.3 23.2 23.2
Equity per share,
EUR 17.69 17.96 19.17
ROCE, % *) 15.2 16.1 18.3
ROE, % 6.6 11.7 15.5
Average rates used:
EUR 1.00 = USD 1.10 0.90 0.94
AVERAGE PERSONNEL 4,115 3,813 3,827
*) 12 months rolling average
The relative proportion of the estimated tax charge for the full
financial year has been charged against the results for the period.
In financial ratios shareholders' equity and number of shares
exclude own shares.
NET SALES BY BUSINESS AREAS
Jan- Jan- Change Apr- Apr- Change Jan-
June June % June June % Dec
2003 2002 2003 2002 2002
Racquet Sports 115.6 144.4 -20 58.7 70.6 -17 243.9
Golf 103.7 145.6 -29 61.1 79.4 -23 213.3
Team Sports 104.6 120.6 -13 41.5 48.6 -15 203.9
Winter Sports 33.2 42.4 -22 7.2 11.3 -36 201.6
Fitness
Equipment 85.8 - - 34.4 - - 39.5
Sports
Instruments 39.5 44.1 -10 19.4 22.6 -14 85.3
Tobacco 53.3 55.1 -3 29.5 30.3 -3 114.4
Total 535.7 552.2 -3 251.8 262.8 -4 1,101.9
OPERATING PROFIT BY BUSINESS AREAS
Jan- Jan- Change Apr- Apr- Change Jan-
June June % June June % Dec
2003 2002 2003 2002 2002
Racquet Sports 10.7 15.8 -32 6.9 9.5 -27 25.6
Golf 2.3 12.8 -82 4.4 12.9 -66 7.1
Team Sports 14.9 18.3 -19 4.0 6.6 -39 24.0
Winter Sports -12.6 -8.3 -52 -9.0 -6.8 -32 39.6
Fitness
Equipment 11.8 - - 2.9 - - 6.3
Sports
Instruments 4.0 4.7 -15 1.8 3.1 -42 10.5
Tobacco 4.7 5.0 -6 3.2 3.3 -3 9.2
Headquarters -3.5 -5.2 -1.0 -3.1 -9.2
Group goodwill -7.5 -4.6 -3.7 -2.3 -10.1
Total 24.8 38.5 -36 9.5 23.2 -59 103.0
GEOGRAPHIC BREAKDOWN OF NET SALES
Jan- Jan- Change Apr- Apr- Change Jan-
June June % June June % Dec
2003 2002 2003 2002 2002
North America 309.4 313.3 -1 143.2 144.4 -1 558.5
Finland 48.8 52.1 -6 26.9 28.2 -5 109.5
Rest of Europe 119.6 118.6 1 53.8 54.4 -1 296.0
Japan 23.8 30.6 -22 11.0 17.0 -35 56.2
Asia Pacific 16.7 17.9 -7 8.1 8.7 -7 34.8
Other 17.4 19.7 -12 8.8 10.1 -13 46.9
Total 535.7 552.2 -3 251.8 262.8 -4 1,101.9
CONSOLIDATED CASH FLOW STATEMENT
Jan-June Jan-June Jan-Dec
2003 2002 2002
Net cash from operating activities 24.5 37.5 90.0
Net cash from investing activities -4.9 -9.1 -177.8
Net cash from financing activities
Dividends paid -32.5 -25.9 -25.9
Issue of shares 2.5 0.9 1.4
Change in net debt 1.4 -8.4 119.7
Net increase/decrease in cash and cash
equivalents -9.0 -5.0 7.4
Cash and cash equivalents at 1 Jan 32,1 27,6 25,7
Cash and cash equivalents at
30 June/31 December 23,1 22,6 33,1
CONSOLIDATED BALANCE SHEET
Assets 30 June 30 June 31 Dec
2003 2002 2002
Goodwill 286.9 183.4 312.1
Other intangible fixed assets 18.9 18.1 20.9
Tangible fixed assets 116.5 141.3 126.5
Long-term investments 48.8 54.6 50.3
Inventories and work in
progress 171.6 167.8 156.4
Receivables 255.8 248.0 308.2
Marketable securities - 1.6 -
Cash and cash equivalents 23.1 21.0 33.1
Assets 921.6 835.8 1,007.5
Shareholders' equity and
liabilities
Shareholders' equity 439.4 442.1 470.2
Minority interest 3.3 11.3 3.2
Provision for contingent
losses 19.3 2.2 19.9
Long-term interest-bearing
liabilities 63.4 57.0 48.2
Other long-term liabilities 16.9 19.2 17.3
Short-term interest-bearing
liabilities 153.4 51.4 194.8
Other short-term liabilities 225.9 252.6 253.9
Shareholders' equity and
liabilities 921.6 835.8 1,007.5
Equity ratio, % 46.6 52.8 45.6
Gearing, % 46 20 47
EUR 1.00 = USD 1.14 1.00 1.05
CONTINGENT LIABILITIES AND SECURED ASSETS, CONSOLIDATED
30 June 30 June 31 Dec
2003 2002 2002
Charges on assets - - -
Mortgages pledged 18.2 19.7 18.2
Guarantees 5.1 - 1.4
Liabilities for leasing and
rental agreements 46.8 47.6 48.0
Other liabilities 35.6 38.7 32.0
There are no guarantees or contingencies given for the management of
the company, the shareholders or the associated companies.
DERIVATIVE FINANCIAL INSTRUMENTS
30 June 30 June 31 Dec
2003 2002 2002
Nominal value
Foreign exchange forward
contracts 292.4 348.2 217.9
Forward rate agreements - - -
Interest rate swaps 109.4 - 119.2
Fair value
Foreign exchange forward
contracts 13.6 13.8 12.9
Forward rate agreements - - -
Interest rate swaps -3.5 - -1.6
QUARTERLY BREAKDOWNS
NET SALES II I IV III II I IV III
2003 2003 2002 2002 2002 2002 2001 2001
EUR million
Racquet
Sports 58.7 56.9 39.3 60.2 70.6 73.8 48.2 73.1
Golf 61.1 42.6 28.5 39.2 79.4 66.2 38.0 47.5
Team Sports 41.5 63.1 41.9 41.4 48.6 72.0 41.9 45.6
Winter
Sports 7.2 26.0 65.4 93.8 11.3 31.1 68.2 91.6
Fitness
Equipment 34.4 51.4 39.5 - - - - -
Sports
Instruments 19.4 20.1 23.5 17.7 22.6 21.5 22.1 18.4
Tobacco 29.5 23.8 28.0 31.3 30.3 24.8 26.1 28.3
Total 251.8 283.9 266.1 283.6 262.8 289.4 244.5 304.5
OPERATING
PROFIT
Racquet
Sports 6.9 3.8 3.2 6.6 9.5 6.3 2.5 8.7
Golf 4.4 -2.1 -3.6 -2.1 12.9 -0.1 -6.3 -3.6
Team Sports 4.0 10.9 3.2 2.5 6.6 11.7 4.4 1.9
Winter
Sports -9.0 -3.6 16.6 31.3 -6.8 -1.5 16.8 28.4
Fitness
Equipment 2.9 8.9 6.3 - - - - -
Sports
Instruments 1.8 2.2 3.7 2.1 3.1 1.6 2.2 2.3
Tobacco 3.2 1.5 1.9 2.3 3.3 1.7 2.1 2.6
Headquarters -1.0 -2.5 -2.1 -1.9 -3.1 -2.1 -2.4 -4.3
Group
goodwill -3.7 -3.8 -3.4 -2.1 -2.3 -2.3 -2.3 -2.3
Total 9.5 15.3 25.8 38.7 23.2 15.3 17.0 33.7
All forecasts and estimates mentioned in this report are based on
the management's current judgement of the economic environment and
the actual results may be significantly different.
The interim report for the period January to September will be
published on 28 October 2003.
AMER GROUP PLC
Board of Directors
For further information, please contact:
Mr Roger Talermo, President & CEO, tel. +358 9 7257 8210
Mr Pekka Paalanne, Senior Vice President & CFO, tel. +358 9 7257
8212
AMER GROUP PLC
Communications
Paivi Antola
Communications Manager
Tel. +358 9 725 78 306, e-mail: firstname.lastname@amersports.com
www.amersports.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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