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p : 133 | c : 2 managing directors Remuneration for the Managing Directors, which is stipulated by the Administrative Board, consists of base pay and performance-related components. The base pay components are a fixed salary and benefits in kind, while the performancerelated components are divided into bonuses and long-term incentives (stock appreciation rights). Along with job assignments and performance of each individual Managing Director, the criteria for calculating the total remuneration are the economic situation, long-term strategic planning and related targets, the longterm durability of targeted results, the Company’s long-term prospects as well as international benchmark comparisons. pUMa BUsiness and sUstainaBility RepoRt 2012 The base pay, which is a fixed component regardless of performance, is paid monthly as the salary. In addition, the Managing Directors receive benefits in kind, such as company cars and insurance premiums. In principle, all Managing Directors are equally entitled to the above benefits; they are included in the base pay. The bonus component of performancerelated compensation is mainly based on the PUMA Group’s operating income and free cash flow and is staggered according to the degree to which targets are met. The parties have also agreed to an upper limit. Performance-related components of remuneration with long-term incentives (stock appreciation rights) are basically set up in conjunction with the multiannual ManageMent RepoRt compensation report oF managing directors and the administrative Board plans, with the number of issued appreciation rights assessed as part of the overall remuneration. The number of stock appreciation rights issued is measured as a component of total compensation, based on the fair value of the stock appreciation rights on the allotment date. A cap is provided for to cover extraordinary, unforeseen developments. Please refer to item 19 of the Notes for details on the parameters for specific programs. In the financial year fixed compensation for the five Managing Directors totaled € 2.5 million (previous year: € 4.9 million) and variable performance-based compensation totaled € 0.4 million (previous year: € 2.6 million). After allocating expenses to the vesting period, expenses for new options and for options issued in previous years resulted in earnings totaling € 1.1 million (previous year: expense € 3.8 million). The income posted is because expense entries for options were rescinded in the reporting year due to the retirement of Managing Directors. Managing Directors were granted a total of 35,875 options from the “SOP 2008” Program in the financial year. Of these, 26,906 expired because Managing Directors retired. The fair value at the time of issue was € 44.60 per option. In the financial year 2012 a total of € 4.7 million was spent on financial settlements and in this context for promised performances for retiring Managing Directors. The Company has concluded reinsurance
p : 134 | c : 2 policies to cover existing pension commitments for Managing Directors. The portion of plan assets that has already been funded by the payment of premiums for the reinsurance coverage is counted as a vested claim. A contribution of € 0.2 million (previous year: € 0.4 million) was made for Managing Directors in financial year 2012. The present value of the defined benefit commitment to Managing Directors of € 0.4 million on December 31, 2011 (previous year: € 0.2 million) was netted against an equivalent amount for the pledged asset value of the reinsurance coverage. Pension obligations to former members of the Board of Management totaled € 10.2 million (previous year: € 9.4 million) and have been recorded as liabilities under pension provisions accordingly, provided they were not netted against asset values of an equal amount. Pension accruals totaled € 0.2 million (previous year: € 0.2 million). pUMa BUsiness and sUstainaBility RepoRt 2012 the administrative Board In accordance with the Articles of Association, the Administrative Board shall consist of at least three members; it currently has eight members. Compensation for the Administrative Board consists of fixed and performance-based compensation. Total remuneration for the fixed compensation totaled € 0.3 million (previous year: € 0.2 million). In accordance with the Articles of Association, each member of the Ad- ministrative Board receives fixed annual compensation of € 25.0 thousand. The fixed compensation is increased by an additional fixed annual amount of € 25.0 thousand for the Chairman of the Administrative Board, € 12.5 thousand for the Vice-Chairman of the Administrative Board, € 10.0 thousand for each committee chairman (excluding the Nominating Committee) and € 5.0 thousand for each committee member ManageMent RepoRt (excluding the Nominating Committee). In addition, each Administrative Board member receives performance-based compensation equal to € 20.00 for each € 0.01 by which the earnings per share figure exceeds a minimum amount of € 16.00 per share. The maximum performancebased compensation is € 10.0 thousand per year. The Chairman of the Administrative Board receives twice that amount of compensation (a maximum of € 20.0 thousand), while the Vice-Chairman receives 1.5 times that amount (a maximum of € 15.0 thousand). Because the EPS did not reach the minimum amount in the financial year, no performance-related compensation was paid.
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Business and sustainaBility RepoRt
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Content 5 PUMA.Creative 77 Creative
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“ OUR MISSION IS TO BECOME the mo
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p : 7 | C : 1 To our ShareholderS f
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p : 9 | C : 1 To our ShareholderS T
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PUMAVision “ ThE pROpER USE of sc
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p : 13 | C : 2 TM PUMAvision Fair H
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p : 15 | C : 2 PUMAVision STakEhOld
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p : 17 | C : 2 PUMAVision AwARDS AN
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p : 19 | C : 2 PUMAVision PUMA’s
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p : 21 | C : 2 f.5 t.1 > POTENTiAL
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p : 23 | C : 2 PUMAVision RETAiL TR
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p : 25 | C : 2 PUMAVision ORgANiZAT
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p : 27 | C : 2 PUMAVision CHARiTY C
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p : 29 | C : 2 PUMAVision SUSTAiNAB
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p : 31 | C : 2 PUMAVision TOTAL wOR
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p : 33 | C : 2 TURNOvER PUMAVision
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“ The world as we have creaTed iT
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p : 37 | c : 3 PUMA.SAfe puma.safe
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p : 39 | c : 3 PUMA.SAfe The puma p
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p : 41 | c : 3 PUMA.SAfe more susTa
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p : 43 | c : 3 PUMA.SAfe Prof. Dr.
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p : 45 | c : 3 PUMA.SAfe puma ends
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p : 47 | c : 3 PUMA.SAfe T.19 t.1 2
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p : 49 | c : 3 PUMA.SAfe t.20 T.22
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p : 51 | c : 3 PUMA.SAfe that decre
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p : 53 | c : 3 PUMA.SAfe tion durin
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p : 55 | c : 3 PUMA.SAfe chemicals
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p : 57 | c : 3 PUMA.SAfe and sustai
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p : 59 | c : 3 PUMA.SAfe PUMA audit
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p : 61 | c : 3 PUMA.SAfe Another ke
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p : 63 | c : 3 PUMA.SAfe facTory au
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p : 65 | c : 3 PUMA.SAfe For the fi
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p : 67 | c : 3 PUMA.SAfe T.25 t.1 2
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p : 69 | c : 3 PUMA.SAfe f.16 t.1 f
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“ Be the change that you wish to
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p : 73 | c : 4 PUMA BUsiness And sU
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p : 75 | c : 4 puma.peace PUMA.PeAc
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puma.creative Creative Art Network
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p : 79 | c : 5 PUMA BUsiness And sU
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p : 81 | c : 5 the oasis Pietra Bre
Page 84 and 85: p : 83 | c : 5 A large range of int
Page 86 and 87: P : 85 | C : 5 PUMAviSion PUMA BUSi
Page 88 and 89: “ At PUMA, we Are driven to look
Page 90 and 91: P : 89 | c : 6 brAnd StrAtegy FOLLO
Page 92 and 93: P : 91 | c : 6 PUMA BUsiness And sU
Page 94 and 95: P : 93 | c : 6 rUnning Exceptional
Page 96 and 97: P : 95 | c : 6 MotorSPort 1. puma u
Page 98 and 99: P : 97 | c : 6 PUMA BUsiness And sU
Page 100 and 101: P : 99 | c : 6 Spreading the puma v
Page 102 and 103: P : 101 | c : 6 FitneSS Join in the
Page 104 and 105: P : 103 | c : 6 LiFeStyLe 1. Spread
Page 106 and 107: Financial Year 2012 ManageMent Repo
Page 108 and 109: p : 107 | c : 2 overview 2012 2012
Page 110 and 111: p : 109 | c : 2 general economic co
Page 112 and 113: p : 111 | c : 2 These measures will
Page 114 and 115: p : 113 | c : 2 € million 3,500 3
Page 116 and 117: p : 115 | c : 2 F.7 t.1 € million
Page 118 and 119: p : 117 | c : 2 € million 1,600 1
Page 120 and 121: P : 119 | C : 2 Earnings bEforE tax
Page 122 and 123: p : 121 | c : 2 F.14 t.1 € millio
Page 124 and 125: p : 123 | c : 2 pUMa BUsiness and s
Page 126 and 127: p : 125 | c : 2 F.17 t.1 gross cash
Page 128 and 129: p : 127 | c : 2 t.4 t.1 pUMa BUsine
Page 130 and 131: p : 129 | c : 2 We are well positio
Page 132 and 133: P : 131 | C : 2 emPloyees number of
Page 136 and 137: p : 135 | c : 2 risk and opportunit
Page 138 and 139: p : 137 | c : 2 ensure that PUMA pr
Page 140 and 141: p : 139 | c : 2 main Features oF th
Page 142 and 143: p : 141 | c : 2 pUMa BUsiness and s
Page 144 and 145: p : 143 | c : 2 Effective implement
Page 146 and 147: p : 145 | c : 2 fied applicants. If
Page 148 and 149: 31 December 2012 Consolidated Finan
Page 150 and 151: p : 149 | c :8 t.1 assets consolIDa
Page 152 and 153: p : 151 | c :8 t.3 t.1 After tax Ta
Page 154 and 155: p : 153 | c :8 t.5 t.1 Subscribed R
Page 156 and 157: p : 155 | c :8 notes to the consolI
Page 158 and 159: p : 157 | c :8 The surplus of the a
Page 160 and 161: p : 159 | c :8 60. Brandon Services
Page 162 and 163: p : 161 | c :8 cash flow from that
Page 164 and 165: p : 163 | c :8 proDuct Development
Page 166 and 167: p : 165 | c :8 The age structure of
Page 168 and 169: p : 167 | c :8 9. propertY, plant a
Page 170 and 171: p : 169 | c :8 12. other non-curren
Page 172 and 173: p : 171 | c :8 The table below show
Page 174 and 175: p : 173 | c :8 Net income by measur
Page 176 and 177: p : 175 | c :8 Actuarial gains and
Page 178 and 179: p : 177 | c :8 capItal reserve The
Page 180 and 181: p : 179 | c :8 Changes in the “SO
Page 182 and 183: p : 181 | c :8 Income from associat
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p : 183 | c :8 Investments and depr
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p : 185 | c :8 Total expenses resul
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p : 187 | c :8 The following overvi
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p : 189 | c :8 statutorY auDItor’
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p : 192 | c : 9 managIng DIrectors
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p : 194 | c : 9 CFAO S.A., Sèvres/
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p : 196 | c : 9 report bY the aDmIn
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p : 198 | c : 9 4/24/2012), Jean-Fr
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grI InDex Global Reporting Initiati
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p : 203 | c : 10 Indicator (Core/Ad
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p : 218 | c : 11 puma Year-on-Year
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p : 220 | c : 11 puma group Develop
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