RNS Number:3788R
Amer Group PLC
28 October 2003
28 October 2003
Amer Group Plc
AMER GROUP'S INTERIM REPORT JANUARY - SEPTEMBER 2003
For the period 1 January to 30 September 2003, Amer Group's net
sales were EUR 836.8 million (January - September 2002: EUR 835.8
million). Operating profit amounted to EUR 82.3 million (2002: EUR
77.2 million). Profit before extraordinary items totalled EUR 76.0
million (2002: EUR 72.0 million) and earnings per share were EUR
2.27 (2002: EUR 2.23). 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 90-100 million
(2002: EUR 103.0 million).
Foreign exchange rate movements reduced net sales by EUR 83 million
and had a slightly negative impact on operating profit. Operating
profit includes a gain of 23.0 million USD (EUR 20.5 million) from a
favorable patent litigation case, which the Company recently settled
in the USA.
In line with plan, Amer Group has continued its re-organisation of
Wilson, which started in the spring. Golf and Racquet Sports' sales
functions in the USA were re-organised during the summer. In
addition, the remaining own assembly of golf clubs and golf bags
will be outsourced at the beginning of 2004. Wilson's re-
organisation and new cost structure are expected to lower Amer
Group's overall cost base by approximately EUR 12 million in 2004.
In the guidance for the year as a whole, additional costs of
approximately EUR 4 million are included as a result.
Q3 NET SALES AND RESULTS
Third quarter net sales were EUR 301.1 million (2002: EUR 283.6
million). Foreign exchange rate movements reduced net sales by EUR
17 million during the quarter. Operating profit was EUR 57.5 million
(2002: EUR 38.7 million), which includes a gain of 23.0 million USD
(EUR 20.5 million) from a favorable patent litigation case the Group
settled in the USA. Foreign exchange rate movements had no major
impact on operating profit. Profit before extraordinary items
totalled EUR 55.3 million (2002: EUR 36.5 million).
Sales of racquet sports equipment started to pick up again during
the third quarter. In the USA, public sector organisations started
to invest in fitness equipment after a quieter first half of the
year. In Winter Sports, the peak delivery season to the trade
started in September and deliveries that month were similar to last
year's levels. In the golf business, by the end of the period under
review, the season was tailing off.
Quarterly net sales and operating profit breakdowns for both Amer
Group as a whole and its business areas are presented at the end of
this report.
JANUARY - SEPTEMBER NET SALES AND RESULTS
Amer Group's net sales in January - September 2003 were EUR 836.8
million (2002: EUR 835.8 million). Operating profit was EUR 82.3
million (2002: EUR 77.2 million), including the EUR 20.5 million
patent litigation gain. Profit before extraordinary items amounted
to EUR 76.0 million compared to EUR 72.0 million in January -
September 2002.
The sports equipment market continued to be challenging and demand
for sports equipment did not recover significantly. Foreign exchange
rate movements reduced net sales by EUR 83 million, due to the
strengthening of the euro especially against the US dollar. The
impact on operating profit was slightly negative.
The acquisition of Precor at the end of 2002 increased net sales by
EUR 128.6 million and operating profit by EUR 14.1 million (after
goodwill amortisation).
Geographically, sales were similar to 2002 in North America and in
Europe but grew by 4% in Asia Pacific and declined by 12% in Japan.
Sales in North America were boosted by the first time contribution
of Precor.
Reviewing the Group's divisions, the Team Sports Division continued
to perform well during the period. In the golf equipment market,
competition continued to be tough and the Golf Division's sales were
significantly 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 demand for diving
instruments as well as sales of non-core products. In Winter Sports,
the delivery season started in September and deliveries that month
were similar to last year's level. Amer Tobacco's sales declined as
the Finnish cigarette market shrunk.
Return on capital employed (ROCE) was 17.7% (2002: 17.5%).
CAPITAL EXPENDITURE
The Group's gross capital expenditure amounted to EUR 11.4 million
(2002: EUR 14.6 million) during the period under review.
RESEARCH AND DEVELOPMENT
A total of EUR 21.5 million was invested in research and
development, representing 2.6% of net sales in the period (2002: EUR
16.4 million).
FINANCE
The Group's net financing expenses totalled EUR 6.3 million (2002:
EUR 5.2 million).
The equity ratio increased to 49.3% from 45.6% as at the end of 2002
(54.8% as at 30 September 2002), while gearing decreased from 47% to
34% (15% as at 30 September 2002).
The Group's net debt decreased to EUR 153.8 million at the period
end, compared to EUR 209.9 million as at 31 December 2002. Liquid
assets amounted to EUR 23.8 million at the period end.
PERSONNEL
The Group employed 4,128 people at the end of the period under
review compared to 3,939 at the year-end and an average of 4,112
during the period. At the end of the period, a total of 1,546 were
employed in the US, 706 in Austria, 660 in Finland and 1,216 in the
rest of the world.
SHARES AND SHAREHOLDERS
A total of 58.7% of the Group's shares in issue were traded during
the period under review, of which approximately 13.15 million were
traded on the Helsinki Exchanges and approximately 0.53 million on
the London Stock Exchange, totalling 13.68 million shares. In
Helsinki the share price low was EUR 26.03, the high EUR 36.50 and
the average EUR 29.19. The Company's market capitalisation
(excluding the shares owned by the Company) stood at EUR 707.5
million at the period end.
There were 11,776 registered shareholders at the end of September,
whilst nominees accounted for 48% 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 198,550 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 97,578,280 and the total number of shares in
issue was 24,394,570 at the period end. In addition, the Company's
share capital may increase further by 532,950 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.
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
Sept Sept %
2003 2002
Net sales 173.1 204.6 -15
Operating profit 18.5 22.4 -17
ROCE, 12 months' rolling
average, % 48.8 51.7
In local currencies, the Racquet Sports Division's net sales
declined 3% and operating profit also declined 3% in January -
September. In both Europe and in Japan, sales were similar to 2002.
Sales declined 6% in North America. During the third quarter of the
year, sales picked up in all major markets and, in local currencies,
sales in July - September grew by 4% compared to the same period
last year.
The Company estimates that the global tennis market continued to
decline during the period under review. The average tennis racquet
selling price also continued to fall.
Sales of Wilson tennis racquets decreased 4%, tennis balls 4% and
footwear 5%. 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 and the
sales to date have been good in all markets. New footwear was also
introduced during the period under review.
In August, Wilson renewed its agreement with the United States
Tennis Association to provide the Official Ball of the U.S. Open
through 2009.
GOLF
EUR million Jan- Jan- Change
Sept Sept %
2003 2002
Net sales 135.9 184.8 -26
Operating profit -3.3 10.7 -
ROCE, 12 months' rolling
average, % -12.4 6.3
In the Golf Division, net sales and operating profit were
significantly below expectations in January - September. Net sales
in local currencies declined 16%. Sales fell by 24% in North
America, by 3% in Europe and by 4% in Japan. Operating profit also
declined due to lower prices, especially for golf balls.
In the US market, overall sales of golf clubs to the trade grew
slightly in January - September. The US golf ball market declined
but sales did start to grow again during the summer (source:
National Golf Foundation, October 2003). 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 14%. The golf ball market
continued to be extremely competitive and Wilson golf ball sales
declined 24% as a result.
The re-organisation of Wilson started in the spring, together with
related adjustments to Wilson's cost base in line with its business
and current market situation. This is expected to lower Amer Group's
overall cost base by approximately EUR 12 million in 2004 with most
of the savings coming from the Golf Division. As part of the re-
organisation, golf club assembly in Tullahoma, USA, and golf bag
assembly in Springfield, USA, will be outsourced. The actions will
result in additional costs of approximately EUR 4 million being
incurred by the Golf Division in 2003.
TEAM SPORTS
EUR million Jan- Jan- Change
Sept Sept %
2003 2002
Net sales 143.2 162.0 -12
Operating profit 17.5 20.8 -16
ROCE, 12 months' rolling
average, % 34.1 40.4
In local currencies, the Team Sports Division's net sales grew by
5%. Operating profit was similar to 2002's. Sales outside the US
grew by 3%.
The fastest growing product categories in Team Sports were baseball
and softball bats (18%) and basketballs (11%). Bat sales grew in
both the US and Japan due to product line extensions into the youth
baseball market and shipments of bats designed specifically for the
Japanese markets.
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. In addition, Wilson has entered into an agreement
with Major League Soccer (MLS) in the U.S. to be its official retail
soccer ball.
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
Sept Sept %
2003 2002
Net sales 116.5 136.2 -14
Operating profit 12.3 23.0 -47
ROCE, 12 months' rolling
average, % 35.1 46.1
Net sales in local currencies declined 11% with reductions in all
major markets during the first 9 months of the year. Sales of alpine
skis declined 8%. However, Atomic retained its position as the No. 1
alpine ski brand in Europe.
Poor snow conditions at the beginning of the winter sports season
2002/2003 in Austria and Germany resulted in lower re-orders at the
beginning of the current financial year.
The level of pre-orders for the 2003/2004 season was in volume terms
close to last year's level. Lower price point products increased as
a proportion of total sales. Deliveries are weighted towards the
last quarter of the year to a greater extent than usual. The busiest
period for deliveries started in September, continuing to the end of
October. Deliveries in September were similar to 2002 levels.
With effect from the 2004/2005 season, the distribution of Atomic's
products in Japan will be made through Amer Sports' local
organisation. Distribution is currently undertaken by ASICS Japan.
The Company is expecting that there will be a slight downturn in the
market in the 2003/2004 season. Sales during the remainder of the
current year depend on snow conditions, their influence on sell-
through and thus on supplementary orders from the trade. For the
year as a whole, Atomic's net sales are expected to decline slightly
compared to 2002. Profitability is expected to continue to be good.
FITNESS EQUIPMENT
EUR million Jan- Jan- Change
Sept Sept %
2003 2002
(pro forma)
Net sales 128.6 147.0 -13
Operating profit 19.3 18.6 4
Fitness Equipment's net sales in local currencies were similar to
last year's level. Operating profit grew by 24%. Sales of treadmills
and cycles grew, whereas sales of elliptical cross-trainers declined
slightly.
In North America, major club organisations are holding off on
purchases, and consumers are similarly cautious. Public Sector
organisations in the USA started to invest in fitness equipment
again, which resulted in increased sales in the third quarter of the
year following a quieter first half.
During the period, a new line of upright and recumbent cycles for
club and commercial markets were brought to market. The new cycles
pushed sales ahead in July-September.
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
Sept Sept %
2003 2002
Net sales 55.9 61.8 -10
Operating profit 5.9 6.8 -13
ROCE, 12 months' rolling
average, % 33.2 29.7
In local currencies, Suunto's net sales declined 5%. Operating
profit declined 12%.
Sales of Suunto's wristop computers grew 6%. The global diving
market declined and sales of Suunto's diving instruments fell by
12%. In contrast to market developments generally, sales of Suunto's
diving instruments picked up in the third quarter. Wristop computers
and diving instruments accounted for 61% of Suunto's net sales.
Suunto's sales in North America were similar to 2002 but declined in
Europe by 9%. In Europe, sales were affected by the general decline
in demand for diving instruments and also by the withdrawal of
intermediate business from the product range.
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 beginning of 2004.
In October, Suunto brought 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.
TOBACCO
EUR million Jan- Jan- Change
Sept Sept %
2003 2002
Net sales 83.6 86.4 -3
Operating profit 7.5 7.3 3
Reflecting the decline in the Finnish tobacco product market, Amer
Tobacco's net sales decreased by 3% to EUR 83.6 million (2002: EUR
86.4 million). Also, the growing popularity of lower-priced brands
had a negative influence on Amer Tobacco's net sales. Operating
profit was EUR 7.5 million (2002: EUR 7.3 million), benefiting from
lower raw material costs.
Overall tobacco product deliveries to outlets in Finland declined by
2% in the period, mainly due to increased grey market activity.
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
The re-organisation of Wilson's US businesses which started in April
has continued in line with plan. Golf and Racquet Sports' US sales
functions have been combined, whilst Wilson's central administration
functions have been discontinued and decentralised.
As a part of the re-organisation, the assembly of golf clubs will be
outsourced. Golf club assembly and the warehouse activity in
Tullahoma, USA will thus be discontinued at the beginning of 2004. The
warehouse functions will be shifted to Wilson's central warehouse in
Nashville. Golf bag assembly in Springfield, USA, is also being
discontinued and outsourced. Approximately 70 positions will be
affected. These actions will result in additional costs of
approximately EUR 4 million in 2003 being incurred by the Golf
Division.
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 12 million in 2004.
AMER GROUP GAINS 23 MILLION USD FROM PATENT LITIGATION SETTLEMENT
Operating profit for the January - September 2003 period includes a
gain of 23 million USD following the amicable settlement of a patent
litigation case in the USA. The other party to the litigation, the
Life Fitness division of Brunswick Corporation, will pay the
settlement amount in two annual installments in 2003 and 2004, in
return for a sublicense of the patent rights held by Precor, a part of
Amer Group, to use technology for elliptical fitness equipment. In
addition, Precor will receive royalties on future sales of products by
Life Fitness that are covered by the patent.
DEVELOPMENTS SINCE THE END OF THE THIRD INTERIM PERIOD
In October, Fidelity International Limited announced that it's
holding in Amer's share capital and voting rights had fallen to
4.97%.
2003 PROSPECTS
The world economy has shown some signs of recovery, however there is
still uncertainty about its sustainability. Demand for sports
equipment has stabilised, but is not expected to increase during the
remaining few weeks of the current financial year.
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 90-100 million (2002: EUR 103.0 million).
The Group's cashflow and balance sheet are expected to remain strong.
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.
CONSOLIDATED RESULTS
Figures in EUR million. Unaudited.
Jan- Jan- Change July- July- Change Jan-
Sept Sept % Sept Sept % Dec
2003 2002 2003 2002 2002
NET SALES 836.8 835.8 301.1 283.6 6 1,101.9
Depreciation 28.5 24.6 9.3 7.9 34.4
OPERATING PROFIT 82.3 77.2 7 57.5 38.7 49 103.0
Net financing
expenses -6.3 -5.2 -2.2 -2.2 -7.4
PROFIT BEFORE
EXTRAORDINARY ITEMS 76.0 72.0 6 55.3 36.5 52 95.6
Extraordinary items - - - - -
PROFIT BEFORE TAXES 76.0 72.0 55.3 36.5 95.6
Taxes -22.8 -20.2 -16.6 -10.2 -26.5
Minority interest -0.3 0.0 -0.1 0.0 -0.6
PROFIT 52.9 51.8 38.6 26.3 68.5
Earnings per share,
EUR 2.27 2.23 1.66 1.13 2.95
Adjusted average
number of shares in
issue, million 23.3 23.2 23.3 23.2 23.2
Equity per share,
EUR 19.19 19.12 19.17
ROCE, % *) 17.7 17.5 18.3
ROE, % 15.7 15.4 15.5
Average rates used:
EUR 1.00 = USD 1.11 0.93 0.94
AVERAGE PERSONNEL 4,112 3,794 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 July- July- Change Jan-
Sept Sept % Sept Sept % Dec
2003 2002 2003 2002 2002
Racquet Sports 173.1 204.6 -15 57.5 60.2 -4 243.9
Golf 135.9 184.8 -26 32.2 39.2 -18 213.3
Team Sports 143.2 162.0 -12 38.6 41.4 -7 203.9
Winter Sports 116.5 136.2 -14 83.3 93.8 -11 201.6
Fitness
Equipment 128.6 - - 42.8 - - 39.5
Sports
Instruments 55.9 61.8 -10 16.4 17.7 -7 85.3
Tobacco 83.6 86.4 -3 30.3 31.3 -3 114.4
Total 836.8 835.8 301.1 283.6 6 1,101.9
OPERATING PROFIT BY BUSINESS AREAS
Jan- Jan- Change July- July- Change Jan-
Sept Sept % Sept Sept % Dec
2003 2002 2003 2002 2002
Racquet Sports 18.5 22.4 -17 7.8 6.6 18 25.6
Golf -3.3 10.7 - -5.6 -2.1 - 7.1
Team Sports 17.5 20.8 -16 2.6 2.5 4 24.0
Winter Sports 12.3 23.0 -47 24.9 31.3 -20 39.6
Fitness
Equipment 19.3 - - 7.5 - - 6.3
Sports
Instruments 5.9 6.8 -13 1.9 2.1 -10 10.5
Tobacco 7.5 7.3 3 2.8 2.3 22 9.2
Headquarters -4.7 -7.1 -1.2 -1.9 -9.2
Group goodwill -11.2 -6.7 -3.7 -2.1 -10.1
Patent settlement 20.5 - - 20.5 - - -
Total 82.3 77.2 7 57.5 38.7 49 103.0
GEOGRAPHIC BREAKDOWN OF NET SALES
Jan- Jan- Change July- July- Change Jan-
Sept Sept % Sept Sept % Dec
2003 2002 2003 2002 2002
North America 444.9 435.7 2 135.5 122.4 11 558.5
Finland 76.6 80.9 -5 27.8 28.8 -3 109.5
Rest of Europe 217.3 215.1 1 97.7 96.5 1 296.0
Japan 40.4 46.1 -12 16.6 15.5 7 56.2
Asia Pacific 28.9 27.8 4 12.2 9.9 23 34.8
Other 28.7 30.2 -5 11.3 10.5 8 46.9
Total 836.8 835.8 301.1 283.6 6 1,101.9
CONSOLIDATED CASH FLOW STATEMENT
Jan-Sept Jan-Sept Jan-Dec
2003 2002 2002
Net cash from operating activities 63.8 60.7 90.0
Net cash from investing activities -5.1 -14.1 -177.8
Net cash from financing activities
Dividends paid -32.6 -25.9 -25.9
Issue of shares 2.6 0.9 1.4
Change in net debt -37.0 -24.9 119.7
Net increase/decrease in cash and cash
equivalents -8.3 -3.3 7.4
Cash and cash equivalents at 1 January 32.1 27.4 25.7
Cash and cash equivalents at
30 September/31 December 23.8 24.1 33.1
CONSOLIDATED BALANCE SHEET
Assets 30 Sept 30 Sept 31 Dec
2003 2002 2002
Goodwill 279.5 183.0 312.1
Other intangible fixed assets 18.0 17.9 20.9
Tangible fixed assets 113.6 142.3 126.5
Long-term investments 49.0 54.8 50.3
Inventories and work in
progress 139.0 140.1 156.4
Receivables 320.1 294.2 308.2
Marketable securities 0.5 - -
Cash and cash equivalents 23.3 24.1 33.1
Assets 943.0 856.4 1,007.5
Shareholders' equity and
liabilities
Shareholders' equity 474.6 469.0 470.2
Minority interest 3.4 11.3 3.2
Provision for contingent
losses 23.6 2.2 19.9
Long-term interest-bearing
liabilities 60.1 49.7 48.2
Other long-term liabilities 16.6 19.5 17.3
Short-term interest-bearing
liabilities 117.5 43.5 194.8
Other short-term liabilities 247.2 261.2 253.9
Shareholders' equity and
liabilities 943.0 856.4 1,007.5
Equity ratio, % 49.3 54.8 45.6
Gearing, % 34 15 47
EUR 1.00 = USD 1.17 0.99 1.05
CONTINGENT LIABILITIES AND SECURED ASSETS, CONSOLIDATED
30 Sept 30 Sept 31 Dec
2003 2002 2002
Charges on assets - - -
Mortgages pledged 18.2 22.8 18.2
Guarantees 3.7 - 1.4
Liabilities for leasing and
rental agreements 45.3 46.2 48.0
Other liabilities 35.2 38.3 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 Sept 30 Sept 31 Dec
2003 2002 2002
Nominal value
Foreign exchange forward
contracts 286.6 219.6 217.9
Forward rate agreements - 50.0 -
Interest rate swaps 107.3 - 119.2
Fair value
Foreign exchange forward
contracts 11.6 10.9 12.9
Forward rate agreements - - -
Interest rate swaps -2.5 - -1.6
QUARTERLY BREAKDOWNS
III II I IV III II I IV
EUR million 2003 2003 2003 2002 2002 2002 2002 2001
NET SALES
Racquet
Sports 57.5 58.7 56.9 39.3 60.2 70.6 73.8 48.2
Golf 32.2 61.1 42.6 28.5 39.2 79.4 66.2 38.0
Team Sports 38.6 41.5 63.1 41.9 41.4 48.6 72.0 41.9
Winter
Sports 83.3 7.2 26.0 65.4 93.8 11.3 31.1 68.2
Fitness
Equipment 42.8 34.4 51.4 39.5 - - - -
Sports
Instruments 16.4 19.4 20.1 23.5 17.7 22.6 21.5 22.1
Tobacco 30.3 29.5 23.8 28.0 31.3 30.3 24.8 26.1
Total 301.1 251.8 283.9 266.1 283.6 262.8 289.4 244.5
OPERATING
PROFIT
Racquet
Sports 7.8 6.9 3.8 3.2 6.6 9.5 6.3 2.5
Golf -5.6 4.4 -2.1 -3.6 -2.1 12.9 -0.1 -6.3
Team Sports 2.6 4.0 10.9 3.2 2.5 6.6 11.7 4.4
Winter
Sports 24.9 -9.0 -3.6 16.6 31.3 -6.8 -1.5 16.8
Fitness
Equipment 7.5 2.9 8.9 6.3 - - - -
Sports
Instruments 1.9 1.8 2.2 3.7 2.1 3.1 1.6 2.2
Tobacco 2.8 3.2 1.5 1.9 2.3 3.3 1.7 2.1
Headquarters -1.2 -1.0 -2.5 -2.1 -1.9 -3.1 -2.1 -2.4
Group
goodwill -3.7 -3.7 -3.8 -3.4 -2.1 -2.3 -2.3 -2.3
Patent
settlement 20.5 - - - - - - -
Total 57.5 9.5 15.3 25.8 38.7 23.2 15.3 17.0
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.
Amer Group's 2003 results will be published on 5 February 2004. The
Annual General Meeting will be held on 17 March 2004.
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
QRTFESFFASDSEFS