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Amer Sports Financial Statements 2011 “2011 Was a Good Year for Amer Sports and We Reached an All- CONTENTS Time High in Both Sales CEO’S REVIEW

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Amer Sports Financial Statements 2011 “2011 Was a Good Year for Amer Sports and We Reached an All- CONTENTS Time High in Both Sales CEO’S REVIEW amer sports financial statements Amer SportS finAnciAl StAtementS 2011 WorldReginfo - 43ed76f5-ac6f-454e-a7c7-0c3bb76b6015 “2011 wAS A good yeAr for Amer SportS And we reAched An All- CONTENTS time high in both SAleS CEO’S REVIEW ......................................................................................... 2 And operAting profit. BOARD OF DIRECTORS’ REPORT ........................................................... 4 FIVE-YEAR REVIEW ............................................................................... 14 looking At our buSineSS SHARE CAPITAL AND PER SHARE DATA ............................................. 15 AreAS, AppArel, CONSOLIDATED INCOME STATEMENT ................................................ 16 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ........... 16 footweAr, cycling And CONSOLIDATED CASH FLOW STATEMENT .......................................... 17 CONSOLIDATED BALANCE SHEET ....................................................... 18 teAm SportS delivered CONSOLIDATED STATEMENT OF CHANGES IN record SAleS.” SHAREHOLDERS’ EQUITY .....................................................................20 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .............. 21 (See pAge 2) CALCULATION OF KEY INDICATORS .................................................... 46 PARENT COMPANY INCOME STATEMENT .......................................... 47 PARENT COMPANY BALANCE SHEET ..................................................48 PARENT COMPANY CASH FLOW STATEMENT ..................................... 50 PARENT COMPANY ACCOUNTING POLICIES ......................................51 BOARD OF DIRECTORS’ REPORT’S AND FINANCIAL STATEMENTS’ SIGNATURES ............................................. 52 AUDITOR’S REPORT .............................................................................. 53 AMER SPORTS CORPORATE GOVERNANCE STATEMENT .................. 54 BOARD OF DIRECTORS ......................................................................... 60 EXECUTIVE BOARD ............................................................................... 62 REMUNERATION ................................................................................... 65 INFORMATION FOR INVESTORS ........................................................... 68 The Investor Relations section of the Amer Sports website contains, among other investor information, a share monitor, Amer Sports’ largest sha- reholders, a list of company insiders and their holdings, presentations and report archives as well as consensus estimates. Read more about Amer Sports as an investment at: www.amersports.com/investors. WorldReginfo - 43ed76f5-ac6f-454e-a7c7-0c3bb76b6015 AMER SPORTS 2011 | 1 “2011 wAS A good yeAr for Amer SportS And we reAched An All- CONTENTS time high in both SAleS CEO’S REVIEW ......................................................................................... 2 And operAting profit. BOARD OF DIRECTORS’ REPORT ........................................................... 4 FIVE-YEAR REVIEW ............................................................................... 14 looking At our buSineSS SHARE CAPITAL AND PER SHARE DATA ............................................. 15 AreAS, AppArel, CONSOLIDATED INCOME STATEMENT ................................................ 16 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ........... 16 footweAr, cycling And CONSOLIDATED CASH FLOW STATEMENT .......................................... 17 CONSOLIDATED BALANCE SHEET ....................................................... 18 teAm SportS delivered CONSOLIDATED STATEMENT OF CHANGES IN record SAleS.” SHAREHOLDERS’ EQUITY .....................................................................20 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS .............. 21 (See pAge 2) CALCULATION OF KEY INDICATORS .................................................... 46 PARENT COMPANY INCOME STATEMENT .......................................... 47 PARENT COMPANY BALANCE SHEET ..................................................48 PARENT COMPANY CASH FLOW STATEMENT ..................................... 50 PARENT COMPANY ACCOUNTING POLICIES ......................................51 BOARD OF DIRECTORS’ REPORT’S AND FINANCIAL STATEMENTS’ SIGNATURES ............................................. 52 AUDITOR’S REPORT .............................................................................. 53 AMER SPORTS CORPORATE GOVERNANCE STATEMENT .................. 54 BOARD OF DIRECTORS ......................................................................... 60 EXECUTIVE BOARD ............................................................................... 62 REMUNERATION ................................................................................... 65 INFORMATION FOR INVESTORS ........................................................... 68 The Investor Relations section of the Amer Sports website contains, among other investor information, a share monitor, Amer Sports’ largest sha- reholders, a list of company insiders and their holdings, presentations and report archives as well as consensus estimates. Read more about Amer Sports as an investment at: www.amersports.com/investors. AMER SPORTS 2011 | 1 WorldReginfo - 43ed76f5-ac6f-454e-a7c7-0c3bb76b6015 CEO’S REVIEW ON A PATH OF SUSTAINABLE, PROFITABLE GROWTH Following a strong performance in 2010 we continued to generate positive momentum throughout 2011. Net sales increased by 9%, operating profi t was up by 26%, and almost WIN WITH CONSUMERS – Free cash fl ow was negative due to higher working capital in Win- We’re becoming a more consumer-centric company with improved ter Sports Equipment and higher order book in softgoods. Th e all of our businesses and geographical regions brand management capabilities. In 2011, we established regional long-term fi nancial target is to have annual free cash fl ow equal to consumer marketing operations in Shanghai for Asia and in Portland net profi t; continued to progress towards their specifi c for the Americas in order to improve our brands’ local consumer – Net Debt/EBITDA was 2.3, well within our balance sheet ratio understanding and relevance. target of 3 or less. Importantly, we have our mid-term refi nancing targets. We made good progress in our fi ve In the business units, our approach is to put the consumer needs covered. “in the middle” and fulfi ll his or her needs in the chosen activity strategic priorities and we can see that the holistically, covering the entire activity. For example, we now focus IMPROVEMENT NEEDS on playing tennis instead of rackets, and skiing instead of skis. Th is As we strive to become a high-performance company, we continue to strategy we announced in 2010 is proving to approach gives us signifi cant growth opportunities as we continue to recognize opportunities we must capitalize on: grow the core business (e.g. in Winter Sports Equipment skis, boots, work. Today we are stronger and better focused, and bindings), whilst adding new business through logical adjacen- 1. FASTER GROWTH IN OUR NEW EXPANSION MARKETS cies (e.g. helmets, body protection, goggles, and skiwear). Last year we stated that we need to grow faster in selected new geo- and the company portfolio is increasingly graphical markets. In 2011, the growth in Russia, China, and Latin WIN IN GO TO MARKET America was 40% on average, which is encouraging. However, the balanced with softgoods, i.e. footwear and We continued to make good progress in our commercial expansion total revenue contribution still remains moderate. We will continue both in our established and new markets and channels. investing in resources to deliver further growth in these areas as we apparel, soon representing 30% of Group sales. Geographically, the vast majority of our countries showed posi- see that we have untapped growth potential there. tive growth, benefi ting from strong improvements in distribution with increased number of doors, i.e. stores where our products are 2. LEARNING FOR THE FUTURE: ACTION SPORTS being sold, and product categories per door, in-store excellence and Our portfolio is strong, but we do see further opportunities to progress in working with our key accounts. We have placed increased better meet the needs of the younger consumer. Action Sports is a focus on Russia, China, and Latin America, which were up by 42%, large and dynamic market driven by young people who skate, surf, 2011 – A RECORD YEAR example, the target of Fitness and Sports Instruments is to improve 37% and 40%, respectively, though still from a small base. and snowboard, or who are inspired by these activities and by the 2011 was a good year for Amer Sports and we reached an all-time profi tability, and that’s what they did. Correspondingly, the target On new channels, we continued to make strong progress in lifestyle. Th is market is becoming one of the key focus areas for high in both sales and operating profi t. Looking at our business areas, for Footwear and Apparel is to grow faster, and they delivered against Business to Consumer, with an additional 20 brand stores and an us, and in December 2011 we acquired Nikita, a snowboarding- Apparel, Footwear, Cycling and Team Sports delivered record sales. this target. expansion of our ecommerce platform. inspired Action Sports apparel brand which focuses on young female Geographically we had record sales in EMEA and Asia Pacifi c, As for scale and synergies, we continued the creation of category- consumers. Nikita complements our existing Salomon snowboarding which grew
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