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pUMa BUsiness and sUstainaBility RepoRt 2012
ManageMent RepoRt
supplemental report and outlook
supplemental
report
There were no events after the balance
sheet date that had any impact on the
assets, liabilities, financial position or profit
or loss of the Group.
outlook
gloBal economic situation
According to the winter forecast by the
Kiel Institute for the World Economy (IfW)
published on December 17, 2012, the low
point of the global economic dynamic had
passed. However, the outlook is riddled
with uncertainties especially relating to the
sovereign debt crisis in the eurozone and
the future stance of the United States with
regard to fiscal policy.
The experts at IfW believe that the situation
in the eurozone will gradually start to relax
and with regard to the fiscal policies in the
United States suggest that a compromise
can be achieved that will in fact dampen the
economy in the coming year but will improve
the medium-term prospects. Under these
conditions it is expected that production in
advanced national economies will only show
a slight increase in the 2012/2013 winter
semester, but will slowly gain in momentum
during the forecast period. Economic developments
in emerging countries are expected
to pick up speed in the coming year. According
to current forecasts, the world’s gross
domestic product (GDP) will rise by 3.4% in
2013, slightly more than in 2012 when the
worldwide GDP presumably expanded by
3.2%.
outlook
With the exception of Western Europe,
PUMA was able to increase sales and brand
identity in all regions, as it had in previous
years.
While 2012 was marked by two major sports
events with global impact, on the one hand
the European Football (Soccer) Championships
and other the Olympic Games in London,
there are no such sports events on the
schedule for 2013. Certainly the Track and
Field Championships in Moscow will provide
for positive stimuli.
The general global economic environment
for 2013 is currently overcast. Against this
backdrop and taking into consideration the
restructuring measures passed in 2012
including the closing of 90 retail stores and
the streamlining of the product portfolio,
the Group is not anticipating any significant
growth in revenue in 2013.
Ever rising material and wage costs as well
as foreign currency fluctuations will continue
to exert pressure on the gross profit
margin in 2013 as well.
Nevertheless we will continue to focus
on expanding core markets and above all
make corresponding investments in those
markets as well as continue to invest in
the appeal of the PUMA, Cobra and Tretorn
brands. In addition, the Company is also
planning selective investments in new
retail stores. Cost savings through the