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P : 119 | C : 2<br />

Earnings bEforE taxEs (Ebt)<br />

Earnings before taxes dropped from € 320.4 million to € 112.3 million or in percentage terms<br />

from 10.6% to 3.4% of sales. This decrease is essentially the result of the special items<br />

already mentioned. Tax expenses decreased from von € 90.0 million to € 32.5 million. At<br />

28.9% the tax rate was just above the rate from the previous year of 28.1%.<br />

nEt Earnings<br />

Net earnings for the financial year amounted to € 70.2 million compared to € 230.1 million<br />

in the previous year. The net rate of return reached 2.1% compared to 7.6% in the previous<br />

year.<br />

Earnings per share as well as diluted earnings per share amounted to € 4.69 in comparison<br />

to € 15.36 in the previous year.<br />

pUMa BUsiness and sUstainaBility RepoRt 2012<br />

f.11<br />

t.1<br />

in €<br />

20.00<br />

16.00<br />

12.00<br />

8.00<br />

4.00<br />

0.00<br />

ManageMent RepoRt<br />

Earnings / DiviDEnD PEr sharE<br />

Earnings per share Dividend<br />

DiviDEnDs<br />

2008 2009 2010 2011 2012<br />

The Managing Directors will recommend to the Administrative Board and the shareholders at<br />

the Annual General Meeting on May 7, 2013 that a dividend of € 0.50 per share is distributed<br />

from <strong>PUMA</strong> SE’s retained earnings for financial year 2012. As a percentage of consolidated<br />

sales, the payout ratio amounts to 10.6%, compared to 13.0% in the previous year. The<br />

dividends will be distributed the day after the Annual General Meeting, when the resolution<br />

on the distribution is adopted.<br />

in €<br />

3.00<br />

2.50<br />

2.00<br />

1.00<br />

0.50<br />

0.00

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