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View Annual Report BUSINESS AND SUSTAINABILITY REPORT Content 1 To our Shareholders 6 PUMA.Safe Humanity 58 Foreword 7 For Better Social and Working Standards The PUMA Share 9 in our Supplier Factories 58 2 PUMAVision 12 Our Constant Worry Cambodia 60 Impelling Freedom of Association 60 PUMAVision 13 Better Wages in the Supply Chain 61 Stakeholder Engagement 15 Factory Audit Results 63 People@PUMA 18 Bringing our Social Compliance and Performance Standards 3 PUMA.Safe 36 up to Speed 69 PUMA.Safe Ecology 37 Training our Suppliers in Social Issues 70 Improving PUMA‘s Environmental Footprint 37 4 PUMA.Peace 72 The PUMA Product Environmental Profit and Loss Account 39 For a More Peaceful World 73 More Sustainable Products 41 United Nations Youth Camp 73 S-INDEX 44 films4peace 74 Environmental Management of PUMA Operations One Young World 75 and our Supplier Factories 46 Content 5 PUMA.Creative 77 7 Management Report 106 Creative Art Network 78 2012 Overview 107 PUMA.Creative Film Program 79 General Economic Situation 109 The PUMA.Creative Impact Award 82 Strategy 110 HOME OCEANS 84 Business Development 112 Independent Assurance Report 85 Value Management 126 6 Brand 88 Product Development and Design 128 Brand Strategy 89 Procurement 129 Teamsport 90 Employees 131 Running 93 Compensation Report on the Managing Directors Motorsport 95 and the Administrative Board 133 Golf 97 Risk and Opportunity Management 135 Sailing 99 Disclosures Pursuant to Section 315(4) of the German Fitness 101 Commercial Code (HGB) 140 Lifestyle 103 Supplemental Report and Outlook 141 Content Corporate Governance Report / Statement on 10 GRI Index 201 Corporate Governance Pursuant to Section §289a 11 Further Information 217 of the German Commercial Code (HGB) 143 8 Consolidated Financial Statements 148 Consolidated Statement of Financial Position 149 Consolidated Income Statement 150 Consolidated Statement of Comprehensive Income 151 Consolidated Statement of Cash Flow 152 Consolidated Statement of Changes in Equity 153 Changes in Fixed Assets 154 Notes to the Consolidated Financial Statements 155 Statutory Auditor‘s Report 189 9 Managing Directors and Administrative Board of PUMA SE/ Report of the Administrative Board 191 Get the app here “OUR MISSION IS TO BECOME THE MOST DESIRABLE AND SUSTAINABLE SpORTlIfESTylE COMpaNy IN ThE wORld.“ - Franz Koch TO OUR ShaREhOldERS Foreword 7 The PUMA Share 9 1ChapTER p : 7 | C : 1 To our ShareholderS fOREwORd LETTER FROM YOUR CEO, FRANZ KOCH DEAR SHAREHOLDERS AND FRIENDS OF PUMA, and Mihara. We will continue to rejuvenate our Lifestyle category throughout 2013, con- 2012 was an exceptional year for PUMA in many ways. First of all, I am happy to see that we necting with a more youthful audience and shifting the focus from brand- to more product- finished the year with a satisfactory sales growth rate. PUMA’s full year consolidated sales oriented marketing campaigns. rose by almost 9 percent in Euro terms which enabled us to achieve the record sales mark In the area of sustainability we continue on our pioneering path. After a sneak peek into our just short of 3.3 billion Euros. In the light of the continuously challenging business environ- first collection of biodegradable and recyclable products last October, our PUMA InCycle ment, especially in Europe, we are pleased with that sales performance. So let’s delve into collection hit the stores at the beginning of this year. All these product and marketing ini- some of the highlights from an eventful sports year that fuelled PUMA’s sales growth. tiatives are aimed at increasing PUMA’s brand desirability to make further strides on our mission to become the most desirable and sustainable Sportlifestyle company in the world. “USAIN Bolt - THE BIGGEST Story OF THE Games” The success of our Running category was highlighted by the Olympic Games: The outstand- “PUMA’S TransformatION AND COST ing athletic performances of The Fastest Man on Earth, Usain Bolt, who finished his sec- ReductION PROGRAM IS already DELIVERING Results” ond successive Olympics with three gold medals, was undoubtedly the biggest story of 2012 was also an exceptionally busy year as we continued with the implementation of our the Games. In the World of Football we once again underlined our ambition to be the clear Transformation and Cost Reduction Program. I am pleased to see that the program is Number 3 brand. PUMA partnered “Squadra Azzurra” from Italy had an excellent tourna- already delivering its first results. The program entails the set up of a new business model ment at the 2012 Euro Cup reaching the final. in Europe. To reduce complexity and further harmonize structures, we have lowered the Our successful season in Formula 1 was crowned by PUMA sponsored Ferrari driver number of reporting entities from 23 countries to seven areas. The newly created Supply Fernando Alonso. With 278 points in the drivers’ standings the Spaniard belonged to the Chain Management function is fully up and running and has created new tools to manage dominating F1 drivers again falling just short of his third Formula One title. Our Golf cat- supply and demand more efficiently on a regional level, delivering immediate results. egory contained many highlights throughout 2012, making the past year a great success for COBRA PUMA GOLF. Ian Poulter was the undisputed player of the prestigious Ryder Cup, “ANNUAL Bottom LINE UNDER Pressure” and our iconic brand ambassador Rickie Fowler won his first PGA Tour title in May at the While our sales performance in 2012 met our expectations, our annual bottom line results, Wells Fargo Championship, cementing him as one of the top players of the world. however, took a major hit. PUMA’s lower profitability resulted mainly from increased In our Sailing category, our PUMA Ocean Racing team forged an amazing comeback at the pressure on our margins after we had to reduce inventory levels through discounting on around-the-world Volvo Ocean Race 2011-12, finishing in the third place at the beginning of our products in the second half of the year particularly. Furthermore, costs rose as we July. In our Lifestyle business, we did not only successfully introduce the evolution of our continued to make strategic investments into the growth drivers of our business such as PUMA Social Campaign TEAMMATES, but also continued to fuse the influences of Sport Research, Design and Development, Marketing, our supply chain and IT systems as well and Fashion with some of the world’s leading design houses such as Alexander McQueen as the expansion of our retail operations. In addition, the scope of the one-time expenses PuMa BuSiness and SuSTainaBiliTy rePorT 2012 p : 8 | C : 1 To our ShareholderS FRANZ KOCH Chief Executive Officer of PUMA SE that we had envisaged in the third quarter of last year increased due to the arbitral award sumer focused value propositions, which will make us more relevant and competitive in in December related to our trademark rights in Spain, the restructuring of our distribution each segment. set-up and operations in Greece, Cyprus and Bulgaria as well as the extended streamlining It will take some time for all of these measures to bear fruit but we are on the right path. of our endorsement portfolio. We have every reason to believe in the huge potential of the PUMA brand, as we have tak- In October last year, we decided to complement our Transformation with a short-term cost en decisive actions to overcome the challenging market issues we are currently facing. reduction program to shape a robust platform for sustainable, profitable growth. This pro- Fuelled by the repositioning of our brand and a revamped innovation pipeline, and sup- gram is necessary to realign our cost structure with market realities. It will make us more ported by our brand ambassadors such as Marco Reus, Rickie Fowler and Professor Green, competitive and powerful for the future and will enable us to return to profitable growth. I am very confident that we will gradually increase brand heat and re-connect with our One of the key elements of this program is the closure of unprofitable stores mainly in youthful target consumers. mature markets while we continue to selectively open new profitable stores, primarily in emerging markets. By the end of this year, we expect to operate 540 stores compared with “MY heartfelt THANKS GOES to MY TEAM” 590 stores at the end of 2012. I have to say that the close to two years as PUMA’s CEO were as exciting as they were To reduce costs further, we have also assessed our sponsorship portfolio and we decided challenging. Despite the fact that we had a tough year in 2012, especially in Europe, which to terminate endorsement contracts that are no longer part of PUMA’s core categories or forced us to react immediately by implementing a major restructuring program, I am proud strategic growth plans. Within this context, we have decided to focus our activities in the of what we as a team have achieved during my tenure. So I would really like to express my Sailing category on endorsing the America’s Cup and ORACLE TEAM USA for this year. heartfelt thanks to my team, my brilliant colleagues here at PUMA and to everyone, who Beyond 2013, PUMA will cease the production of sailing products. We have also decided to provided me with constant support throughout these last two years. Together we have laid exit all Rugby activities across Europe. the foundation, so that PUMA’s management can continue with the implementation of the Transformation Program to exploit the full potential of the brand in the long run. SHARPENING PUMA’S BRAND PROFILE Before leaving the company at the end of March 2013, I would like to thank you, our share- While we will stay true to our Sportlifestyle positioning as a holders, for your continued support and belief in the PUMA brand.
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