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—2014 ANNU AL REPORT — CORPORATE PROFILE Performance Sports Group Ltd. (NYSE: PSG) (TSX: PSG) (the “Company” or “PSG”), previously Bauer Performance Sports Ltd., is a leading developer and manufacturer of ice hockey, roller hockey, lacrosse, baseball and softball sports equipment, as well as related apparel and soccer apparel. The Company is the global leader in hockey with the strongest and most recognized brand, and it holds the No. 1 North American position in baseball and softball. Its products are marketed under the BAUER, MISSION, MAVERIK, CASCADE, INARIA, COMBAT and EASTON brand names and are distributed by sales representatives and independent distributors throughout the world. The Company is focused on building its leadership position by growing market share in all product categories and pursuing strategic acquisitions. KEY METRICS REVENUES ADJUSTED EBITDA ADJUSTED EPS (US$ MILLIONS) (US$ MILLIONS) (US$ PER SHARE) 446 69.0 0.98 1.00 400 62.3 375 0.81 306 51.5 257 0.55 30.7 43.5 0.15 ’10 ’11 ’12 ’13 ’14 ’10 ’11 ’12 ’13 ’14 ’10 ’11 ’12 ’13 ’14 FORWARD-LOOKING STATEMENTS: Certain statements in this Annual Report constitute forward-looking statements within the meaning of applicable securities laws. Actual results could differ materially from those expressed in this report. To learn more about these risk factors, please refer to the Forward-Looking Statements section in the Management’s Discussion and Analysis (MD&A) and in the Annual Information Form filed on SEDAR and EDGAR. Certain measures cited in this Annual Report, Adjusted EBITDA and Adjusted EPS, are non-IFRS measures. For the relevant definition and reconciliations to reported results, please see our MD&A for fiscal 2014, which is included in this Annual Report. CONTINUED GROWTH IN HOCKEY The No. 1 global brand in ice hockey continues to grow through innovation and gain market share, finishing FY14 at 54 percent globally. From the National Hockey League to more than 6 million kids and players around the world, BAUER means innovation and performance to consumers and it delivers game- changing technologies to athletes. Bauer Hockey’s winning record is a result of this brand strength and its industry-leading R&D which produces more than 300 new products each year. SIGNIFICANT EXPANSION INTO BASEBALL & SOFTBALL During FY14, Performance Sports Group completed its seventh acquisition in six years. The acquisition of Easton Baseball/Softball, the Company’s largest and most transformative in its history, positions PSG as the No. 1 diamond sports company in North America. With its EASTON and COMBAT brands, the Company plans to invest in product development to deliver innovative technologies across the diamond sports industry and expand market share. WELL-POSITIONED IN FAST-GROWING SPORT OF LACROSSE PSG lacrosse brands MAVERIK and CASCADE are targeting market leadership by 2016 in one of North America’s fastest-growing team sports. Through product innovation, quick-turn customization and expansion into new categories, such as women’s equipment, apparel and more, this business experienced a 19 percent increase in revenues year over year during FY14. LEVERAGING BRAND STRENGTH TO EXPAND TEAM UNIFORM BUSINESS The FY13 acquisition of INARIA gave PSG the ability to expand its existing apparel categories to include team uniforms and more, and during FY14 PSG established itself as a one-stop shop for its ice hockey, roller hockey, lacrosse, baseball and softball partners by offering a full line of equipment, performance apparel and team uniforms. The Bauer Hockey team apparel and uniform business – one of the first initiatives under the broader apparel offering – grew 85 percent year-- over year during FY14. PSG CONTINUES TO EXPAND PLATFORM AND GROWTH OPPORTUNITIES Fellow Shareholders, POSITIONED PLATFORM FOR CONTINUED GROWTH Fiscal Year 2014 (FY14) was a year of record financial Our company continues to grow and evolve. performance and transformative change for our We’ve completed seven successful acquisitions company. In addition to growing market share in all in six years, including our recent purchase of of our businesses, we completed the integration of Easton. The largest in our history, this deal has truly Inaria and Combat Sports (Combat) and closed the transformed our company from a business focused largest acquisition in our company’s history, Easton primarily on ice hockey to a multi-sport platform with Baseball/Softball (Easton). We also completed a public seven consumer-facing brands across six sports. Our offering that resulted in the listing of our shares on new name, Performance Sports Group, better aligns the New York Stock Exchange (NYSE) in June. These with our corporate multi-sport, multi-brand strategy. significant steps culminated in the change of our corporate name to Performance Sports Group (PSG). Our growth has also provided us with new opportunities to broaden our shareholder base. We grew revenues 12 percent and increased adjusted We listed on the NYSE in June and completed a EBITDA 11 percent during FY14 through organic, fully-subscribed US$126.5 million public offering, profitable growth in our existing businesses combined demonstrating the continued investor interest in our with six weeks of results from the Easton acquisition. company. As a dual-listed company on the NYSE Although our reported results fell just short of our and the TSX, we have access to a broader range continued goal of growing our bottom line faster than of capital and increased liquidity by trading on two our top line, our objectives were met when excluding of the world’s most prestigious stock exchanges. the impact of foreign currency exchange. When excluding this considerable impact, revenues grew 14 PERFORMANCE SPORTS GROUP percent and adjusted EBITDA increased 16 percent. IS A GROWTH COMPANY As a result of our strong results during FY14, FY14 was a year of record financial performance that our stock price was up 36 percent, significantly helped diversify and mature our business model. The outpacing the Toronto Stock Exchange acquisition of Easton has provided PSG with a more (TSX) average of just over 15 percent. consistent revenue stream across four quarters, while significantly reducing the seasonality of our income, profitability and balance sheet. It also provides us BAU/PSG STOCK PERFORMANCE with even more opportunities to leverage synergies through R&D, product development, supply chain, March 10, 2011 – August 26, 2014 distribution, material sourcing and other functions. price $CAD An essential component of our success is world-class 18 R&D, which remains a key competitive advantage that allows us to launch hundreds of new products each year. We announced in FY14 that we’re moving 14 our R&D facility from St. Jerome, Quebec, to the neighboring town of Blainville where we are building a 10 new facility, scheduled to be completed in early 2015, that will meet our growing needs while maintaining convenience for our employees and valued partners 6 in the region. This new, state-of-the-art research, design and development center will showcase our ’11 ’12 ’13 ’14 industry-leading team of engineers and designers and will enhance our competitive R&D advantage. GROWTH IN BASEBALL/SOFTBALL to the PSG platform. By accelerating investment in its BUSINESS WITH EASTON ACQUISITION industry-leading product development, instilling our In May 2013, we entered diamond sports with our category management discipline and further enhancing acquisition of Combat. This strengthened our platform our strong consumer connections, we believe we can with new technologies, expertise and valuable significantly expand Easton’s market share. Additionally, intellectual property. Less than one year later, we the brand’s position of strength in North America can completed our second diamond sports deal with the be leveraged to enter new international markets. acquisition of Easton, positioning PSG as the No. 1 diamond sports company in North America and GAINING PROFITABLE MARKET providing more collaborative leverage to our platform. SHARE IN ICE HOCKEY We continue to grow our hockey business and We could not be more excited about the addition of expand our market share across various categories. Easton and our integration of the Combat business During FY14, we faced considerable industry to our platform. Each of these brands holds a special headwinds, including deeply discounted excess place with consumers, and together they provide competitor inventory, an abrupt Canadian tariff PSG with strong, authentic and innovative brands change and a weakening Canadian dollar. Despite that we can grow in baseball, slow-pitch softball these challenges, which were beyond our control, and fast-pitch softball. We continue to integrate we executed our game plan and grew our hockey our diamond sports businesses into our world- business with a 4 percent increase in revenues, class R&D and product development process and adding market share to our already-strong position. will market, grow and fully support each brand. Each category continues to develop and deliver game- Both of our diamond sports companies already have changing products that players demand. The TUUK innovative technologies that are generating excitement LIGHTSPEED EDGE holder gained significant traction in the marketplace. The new COMBAT PORTENT over the last two seasons with about half of National G3 bat that launched in May 2014 features patented Hockey League athletes now using this technology one-piece technology and a 20 percent larger sweet to enhance their on-ice performance. This year we spot than the closest competitor. Showcasing extended this trigger-system holder to our NEXUS and demand for Combat’s technology at the highest SUPREME skate lines so that more players can quickly levels of play, Combat recently signed partnerships change out dull or broken steel without missing a shift. with Texas Tech University softball and Washington State University baseball to serve as the exclusive bat The stick category, which represents our largest growth supplier to these elite NCAA Division I programs.