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p : 135 | c : 2 risk and opportunitY management Due to the global nature of its business, PUMA is constantly exposed to risks that must be monitored and limited. But where there are risks there are also opportunities, and it is important to identify, evaluate and continually monitor the risks as well as the opportunities by implementing effective risk and opportunity management policies. Monitoring and minimizing risks means making the future secure, while increasing globalization requires rapid responses to a wide variety of situations. In a dynamic world where product life cycles are short, businesses are exposed to both internal and external risks. The risk-management guidelines and organization at PUMA provide for methodical and systematic procedures throughout the pUMa BUsiness and sUstainaBility RepoRt 2012 Group. Responsibility for risk is directly assigned to operational employees; they in turn report the risks they identify by means of a “bottom-up” approach. To do so, risk managers have an EDP solution at their disposal as a uniform platform used by the entire Group. Risk managers provide information about major changes in the risk portfolio in the form of periodic and ad-hoc reports. This process ensures that risks are quickly and flexibly identified and forwarded to the Risk Management Committee (RMC). The RMC consists of a fixed group of managing executives from various corporate divisions. The position of RMC Chairman is filled by a Managing Director. The RMC Chairman reports the results from the RMC meetings ManageMent RepoRt to the other Managing Directors as well as to the Administrative Board. The RMC also regularly carries out a documented risk assessment as a critical review of the existing risk portfolio and to identify any possible changes. PUMA’s Group-wide internal audits and its comprehensive reporting and controlling system are essential components of its risk management approach. PUMA’s reporting and controlling system is based on monthly financial reporting as well as the review and plausibility reports on reported information issued by Controlling. Managers analyze opportunities and risks in annual planning discussions around the world, setting targets and defining courses of action based on the results. The comprehensive reporting system continuously monitors and generates reports on compliance with the set targets. This enables PUMA to promptly identify any deviations or negative developments, and to initiate any necessary countermeasures in a timely manner.
p : 136 | c : 2 risk categories macroeconomic risks As an international company, PUMA is directly exposed to macroeconomic risks. Developments in the broader economy can have a direct impact on consumer behavior. For example, political crises, changes to the legal framework and social influences may have a direct positive or negative effect on consumer behavior. PUMA counters these risks through geographic diversification and a balanced product portfolio that leaves its own creative mark and thus should set the Company apart from the competition in a positive manner. Brand image As a branded consumer products company, PUMA is well aware of the importance of a strong brand image. PUMA has created an enviable brand image through its innovative and compelling brand communication. Brand image is extremely important: it can have a positive impact on consumer behavior, but also a negative one. For example, counterfeit products can significantly hurt consumer confidence in a brand and lead to a negative brand image. The PUMA brand’s extremely high profile means that product counterfeiters are increasingly focusing on it. The fight against brand piracy is one of the top priorities at pUMa BUsiness and sUstainaBility RepoRt 2012 PUMA. PUMA’s intellectual property team does more than just protect a major global intellectual property portfolio of trademarks, designs and patents. Its global network of brand protection officers, external law firms and private investigation agencies also battles an increasing number of counterfeit products that damage PUMA’s image and sales. In order to effectively confront product piracy, PUMA also works closely with customs and other law-enforcement authorities around the world and provides input regarding the implementation of effective laws to protect intellectual property. Even a negative media report about PUMA, for instance over a product recall, infringement of date protection laws or disciplinary proceedings, can do significant damage to the brand and ultimately also result in the loss of sales and profit, regardless of whether these events actually happened or were assumed by the media. In addition to consistently sophisticated careful PR work, in the year under review PUMA decided to buy insurance policies to cover such consequential losses and any ensuing costs. personnel risks Creative potential, commitment and performance of its employees are important pillars and simultaneously significant opportunities for the success of any business. PUMA encourages independent thinking and acting, which is key in a trustbased corporate culture with a flat hierarchy. ManageMent RepoRt PUMA’s human-resources strategy seeks to ensure the long-term sustainability of this successful philosophy. To achieve this goal, a control process is in place to detect and assess human-resources risks. Accordingly, special attention has been paid to talent management, identifying key positions and talented individuals, as well as optimal talent placement and succession planning. PUMA has instituted additional national and global regulations and guidelines to ensure compliance with legal provisions. PUMA will continue to make targeted investments in the human resources need for particular functions or regions in order to meet the future requirement of its corporate strategy. procurement risks Most products are produced in the emerging markets of Asia. Production in these countries is associated with various risks. For instance, certain risks may result from factors such as fluctuations in exchange rates, changes in taxes and customs duties, trade restrictions, natural disasters and political instability. Risks may also result from an overdependence on individual manufacturers. The portfolio is regularly reviewed and adjusted to avoid creating a dependence on individual suppliers and procurement markets. In order to ensure that the necessary future production capacity will be available, framework agreements are generally concluded for extended periods. Applying the principles of sustainable development, the PUMA.Safe team was founded years ago to support the optimal integration of environmental protection and social responsibility into PUMA’s core business areas and to reconcile these two pillars of sustainable development with economic development. product and market environment Recognizing and taking advantage of relevant consumer trends early on is key to avoiding the risk posed by market-specific product influences, in particular the risk of substitutability in the increasingly competitive lifestyle market. Continuous development and implementation of new and innovative concepts are needed to adjust to continually shortening lifecycles. Only those companies that identify these trends at an early stage will be able to gain an edge over their competitors. PUMA’s heavy investment in product design and development ensures that the characteristic PUMA design and the targeted diversification of the entire product range are consistent with the overall brand strategy, thereby creating a unique level of brand recognition. Additionally, on the sales side, PUMA is pursuing a selective distribution strategy in order to maintain a distinctive brand identity and reduce dependence on particular distribution channels. The expansion of the Company’s own retail outlets is also intended to
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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
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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
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Page 94 and 95: P : 93 | c : 6 rUnning Exceptional
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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
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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 134 and 135: p : 133 | c : 2 managing directors
Page 138 and 139: p : 137 | c : 2 ensure that PUMA pr
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Page 148 and 149: 31 December 2012 Consolidated Finan
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Page 152 and 153: p : 151 | c :8 t.3 t.1 After tax Ta
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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
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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
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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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