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Lindsy Cozijns
   Puma?
   Financial Analysis
   Puma vs. Adidas
   Conclusion
   Sources
Gebrüder Dassler Schuchfabrik
           1924




PUMA             1948   Adidas
Rudolf Dassler          Adolf Dassler
   German company
   Specialized in sportswear
   Headquarters:
       ▪ Herzogenaurach (Beieren)
       ▪ Boston
       ▪ London
       ▪ Hong Kong
 Sales growth
 Gross profit
 Net earnings
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
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
Net earnings € million)


                                   33.1
35


30


25


20                                        Net earnings
           14
15


10


 5


 0
     Q4 2010                   Q4 2011
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
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
+Great financial results

+Growth strategy => “Back on the attack”

- Small market share
Thank you for listening!
   http://about.puma.com/company/
   http://about.puma.com/category/investors/fi
    nancial-report/
   http://adidas-group.corporate-
    publications.com/2011/gb/en.html

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Puma, Financial Analysis (Q4 2011)

  • 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