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Amer Sports Capital Markets Day Bökars 15.8.2006 Jean-Luc Diard President OUR MARKETS

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Amer Sports Capital Markets Day Bökars 15.8.2006 Jean-Luc Diard President OUR MARKETS Amer Sports Capital Markets Day Bökars 15.8.2006 Jean-Luc Diard President OUR MARKETS 9 8 8 7 6 5 4 4 3,8 3 3 2 1,8 1 0,46 0 Outdoor Ftwr Fitness Golf Bike Winter equipt Tennis & App components SALOMON NET SALES 2005 Asia Other 10 % Cycling 4 % 16 % Americas Winter sports 26 % equipment 52 % EMEA Soft goods 64 % 28 % WINTER SPORTS EQUIPMENT SALOMON MARKET POSITION Alpine: 1 Snowboarding: 3 Nordic: 1 PRODUCT HIGHLIGHTS X-wing: ski test winner in Ski Magazin PRODUCT HIGHLIGHTS New Smartrak binding PRODUCT HIGHLIGHTS New reference in alpine boots PRODUCT HIGHLIGHTS A record year for Nordic WINTER SPORTS EQUIPMENT SALES 500 456 444 450 389 398 400 373 356 350 325 300 250 200 150 100 50 0 199 2000 200 2002 200 2004 200 9 1 3 5 SOFT GOODS SOFT GOODS - FOOTWEAR Adventure 7 - 1992 Exit 2 Low - 1998 Snow Clog - 1998 XA Pro - 2002 Tech Amphibian - 2002 Symbio - 2006 PRODCT HIGHLIGHTS Outdoor industry award for soft shell footwear SOFT GOODS - APPAREL P1 - Salomon Softgoods - May 2006 Technical outerwear, harnesses, layering systems and backpacks PRODUCT HIGHLIGHTS Award winning new generation of back bags SOFT GOODS SALES 200 180 169 171 160 157 160 144 140 134 120 110 100 80 60 40 20 0 99 2000 2001 2002 2003 2004 2005 * * 2005 Perimeter change reduced reported sales The cycling component business BIKE COMPONENTS MARKET 860 525 550 450 330 110 30 T ransmission Wheels & rims T ires Forks Pedals Mesure Other Core Mavic business #3 IN COMPONENTS, # 1 IN WHEELS 1200 1000 800 600 400 200 0 NO 1 No 2 Mavic No 4 No 5 No 6 No 7 No 8 SPORTS BIKES MARKET (VOLUME / YEAR) 20 Million units 12 M 6 M 48 % 2,8 M 2,2 M 2 M 24 % 11 % 8 % 9 % Road MTB City BMX others PRODUCT HIGHLIGHTS New range of wheels in volume price points CYCLING SALES 120 99 100 90 81 75 80 55 58 60 44 40 20 0 99 2000 2001 2002 2003 2004 2005 SALOMON TURNAROUND PLAN 2006 -2008 SALOMON TURNAROUND PLAN 2006 -2008 • In simpliest terms, it can be expressed this way … 20 19 EBIT 10% 18 17 16 15 14 13 3% 12 11 10 WINTER SPORTS EQUIPMENT Alpine Alpine Snowboard Nordic Skis / bind Boots By far our main issue SOFT GOODS Salomon Salomon Arc Teryx Bonfire Footwear App & gear Apparel Sales are growing very rapidly yet we need to improve profitability SALOMON TURNAROUND PLAN 3 KEY STEPS Restructuring Synergies Profitable Growth 2006 2007 2008 SALOMON TURNAROUND PLAN 2006 RESTRUCTURING 1. Focus on core activities 2. Raise margins through industrial restructuring 3. Lower OPEX base 4. Improve working capital management 5. Evolve / change the culture 2006 RESTRUCTURING FOCUS ON CORE ACTIVITIES • Exit from non-core activities • In-line skates •Surf • Focus on key activities • Winter sports equipment • Soft goods • Cycling 2006 RESTRUCTURING INDUSTRIAL COSTS AND OPEX BASE • Re-organisation of the ski production • Lower OPEX base • Reduction of 370 posts • Process completed in June for HQ, in October for the factory 2006 RESTRUCTURING IMPROVE WORKING CAPITAL MANAGEMENT • Our DSI is too high • Target to reduce working capital by 50 MEUR 250 200 150 DSI 100 50 0 Atomic Precor Salomon Suunto Wilson 2006 RESTRUCTURING EVOLVE / CHANGE THE CULTURE • Learn to work with less resources • Be more bottom line driven • Simplification and focus vs complexity 2006 BESIDES RESTRUCTURING …. Starting to get the benefits of prior action plans • New products in key categories • Improved margins in hardgoods • Expense reduction 2006 THE RESULTS • YTD sales are 12% up vs PY on pro forma basis • The product platform is solid as all brands and product lines show growth • EBIT for FY 06 should already show improvement SALOMON TURNAROUND PLAN 3 KEY STEPS Restructuring Synergies Profitable Growth 2006 2007 2008 2007 SYNERGIES SYNERGIES WITH AMER SPORTS • Industrial and product development • Sales & Distribution • Administrative & other 2007 SYNERGIES ATOMIC AND SALOMON UNTIL NOW… 2007 SYNERGIES ATOMIC AND SALOMON The challenge From respectful enemies to using our complementarities to help each other grow sales and margins 2007 SYNERGIES WINTER SPORTS SALES BENCHMARK Before After 350 600 300 500 250 400 200 300 150 200 100 50 100 0 0 Salomon Number 2 Number 3 Atomic Number 5 Number 6 Number 7 Number 8 A+S Number 2 Number 3 Number 4 Number 5 Number 6 Number 7 GENERAL ORGANISATIONAL PRINCPILES ATOMIC/SALOMON 1. Common industrialization and production 2. Gliding products led by Atomic 3. Boots led by Salomon 4. Joint effort on Alpine bindings 5. Brand identity through independend product design 2007 SYNERGIES ATOMIC AND SALOMON VOLUMES MARGIN ALPINE SKIS + ++++ AND BINDINGS ALPINE BOOTS ++ ++ SNOWBOARDING + + NORDIC ++ + 2007 SYNERGIES INDUSTRY AND PRODUCT DEVELOPMENT Alpine and XC skis = # 1 priority • Atomic know-how in efficient conception / manufacturing • Better buying power • Efficient production sites Alpine and XC boots = # 2 priority • Salomon know how and production facilities • Better buying power 2007 SYNERGIES SYNERGIES , NOT CANNIBALISATION !!! Maximize synergies on the unvisible part, Maintain brands appeal to the consumers Do not confuse the retailers Attractive, and clear brand identities and product personnalities are a must SAME APPEAL DISTINCT PERSONALITIES 2007 SYNERGIES SALES & DISTRIBUTION • Maximize back office synergies within the common sales organisation • Transfer means to the front office • Leverage Group weight toward key accounts • Implement synergies between complementary products and brands LONGER TERM SYNERGIES ADMINISTRATION • Global sourcing • Group logistics • Global IT platform • Global support functions SALOMON TURNAROUND PLAN 3 Key Steps Restructuring Synergies Profitable Growth 2006 2007 2008 2008 ONWARDS PROFITABLE GROWTH In addition to the turnaround, we need to start to prepare for the profitable growth • Brand revitalisation • Pockets of growth through improved competitiveness • Further opportunities in – Cycling – Soft goods –Retail CONCLUSION • There probably could not have been a better time for Amer Sports to acquire Salomon • Salomon group enables Amer Sports – to consolidate leading positions in Wintersports – enter the significant and interesting markets of Outdoor / Softgoods and Cycling equipment . • Target for 40 MEUR EBIT improvement is intact – Restructuring – Exit from unprofitable businesses – Alpine industrial reorganisation and product platforms • Process to decrease working capital by 50 MEUR has started • 2006 will already show some progress and 07 should confirm the trend . Thank you for your attention ! .
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