Financial Analysis of Q4 2011

1. Lindsy Cozijns

2.  Puma?
 Financial Analysis
 Puma vs. Adidas
 Conclusion
 Sources

3. Gebrüder Dassler Schuchfabrik
1924
PUMA 1948 Adidas
Rudolf Dassler Adolf Dassler

4.  German company
 Specialized in sportswear
 Headquarters:
▪ Herzogenaurach (Beieren)
▪ Boston
▪ London
▪ Hong Kong

5.  Sales growth
 Gross profit
 Net earnings

6. Sales by customers (€ millions)
800
720.5
700
623.4
600
500
EMEA
400 Americas 15,6%
Asia/Pacific
300
223.1216.3 236.8217.3212.4 Total
200
184
100
0
Q4 2010 Q4 2011

7. Q4 2011 Q4 2010
Sales* 720,5 623,4
Cost of sales* -384,2 -340,5
Gross profit* 336,3 282,9
Gross profit margin* 46,7% 45,4%
* € million

8. Net earnings € million)
33.1
35
30
25
20 Net earnings
14
15
10
5
0
Q4 2010 Q4 2011

9. Net earnings/EBT (€ million)
39.3
40
33.1
35
30
26.7
25
Net earnings
20 EBT
14
15
10
5
0
Q4 2010 Q4 2011

10. Financial Results 2011
PUMA Adidas
Net sales* 3009 13.344
Gross profit* 1493,4 6.344
EBT* 320,4 927
Net income* 230,1 670
* € million

11. +Great financial results
+Growth strategy => “Back on the attack”
- Small market share

12. Thank you for listening!

13.  http://about.puma.com/company/
 http://about.puma.com/category/investors/fi
nancial-report/
 http://adidas-group.corporate-
publications.com/2011/gb/en.html