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p : 159 | c :8 60. Brandon Services AB Sweden Gothenburg indirect 100% 61. Hunt Sport AB Sweden Helsingborg indirect 100% 62. Tretorn AB Sweden Helsingborg direct 100% 63. PUMA Nordic AB Sweden Helsingborg indirect 100% 64. Tretorn Sweden AB Sweden Helsingborg indirect 100% 65. Mount PUMA AG (Schweiz) Switzerland Oensingen direct 100% 66. PUMA Retail AG Switzerland Oensingen indirect 100% 67. PUMA Schweiz AG Switzerland Oensingen indirect 100% 68. Dobotex Switzerland AG Switzerland Oensingen indirect 100% 69. PUMA Spor Giyim Sananyi ve Ticaret A.S. Turkey Istanbul indirect 100% 70. PUMA Ukraine Ltd. Ukraine Kiew indirect 100% 71. PUMA Middle East FZ LLC 72. PUMA UAE LLC United Arab Emirates United Arab Emirates Dubai indirect 100% Dubai indirect 100% 1) 73. americas Unisol S.A. Argentina Buenos Aires direct 100% 74. PUMA Sports Ltda. Brazil Sao Paulo indirect 100% 75. PUMA Canada, Inc. Canada Montreal indirect 100% 76. PUMA CHILE S.A. Chile Santiago direct 100% 77. PUMA SERVICIOS SPA Chile Santiago indirect 100% 78. PUMA Mexico Sport S.A. de C.V. Mexico Mexico City direct 100% 79. Servicios Profesionales RDS S.A. de C.V. Mexico Mexico City indirect 100% 80. Importaciones RDS S.A. de C.V. Mexico Mexico City direct 100% 81. Dobotex de Mexico SA de C.V. Mexico Mexico City indirect 100% 82. Distruibuidora Deportiva PUMA S.A.C. Peru Lima indirect 100% 83. Distribuidora Deportiva PUMA Tacna S.A.C Peru Tacna indirect 100% 84. PUMA Retail Peru S.A.C Peru Lima indirect 100% 85. PUMA Sports LA S.A. Uruguay Montevideo direct 100% 86. PUMA Suede Holding, Inc. USA Westford indirect 100% 87. PUMA North America, Inc. USA Westford indirect 100% 88. Brandon USA, Inc. USA Chicago indirect 100% 89. Cobra Golf Inc. USA Carlsbad indirect 100% PUMA BUsiness And sUstAinABility RePoRt 2012 90. PUMA Wheat Accessories, Ltd USA San Diego indirect 51% 91. Janed LLC USA New York indirect 51% 92. asia/pacific PUMA Australia Pty. Ltd. Australia Moorabbin indirect 100% 93. White Diamond Australia Pty. Ltd. Australia Moorabbin indirect 100% 94. White Diamond Properties Australia Moorabbin indirect 100% 95. Kalola Pty Ltd. Australia Moorabbin indirect 100% 96. Liberty China Holding Ltd British Virgin Islands indirect 100% 97. PUMA China Ltd China Shanghai indirect 100% 98. Dobotex China Ltd. China Shanghai indirect 100% 99. Guangzhou World Cat Information Consulting Services Co., Ltd China Guangzhou indirect 100% 100. World Cat Ltd. China Hongkong direct 100% 101. Development Services Ltd. China Hongkong direct 100% 102. PUMA Asia Pacific Ltd. China Hongkong direct 100% 103. PUMA Hong Kong Ltd China Hongkong indirect 100% 104. Dobotex Ltd. China Hongkong indirect 100% 105. Brandon Hong Kong Ltd China Hongkong indirect 100% 106. PUMA Sports India Pvt Ltd. India Bangalore indirect 100% 107. PUMA India Retail Pvt Ltd. India Bangalore indirect 100% 1) 108. World Cat Sourcing India Ltd. India Bangalore indirect 100% 109. PUMA JAPAN K.K. Japan Tokio indirect 100% 110. PUMA Korea Ltd. Korea Seoul direct 100% 111. Dobotex Korea Ltd. Korea Seoul indirect 100% 112. PUMA Sports Goods Sdn. Bhd. Malaysia Kuala Lumpur direct 100% 113. PUMA New Zealand LTD New Zealand Auckland indirect 100% 114. PUMA Sports Singapore Pte. Ltd. Singapore Singapore direct 100% 115. PUMA Taiwan Sports Ltd. Taiwan Taipei indirect 100% 1) 116. World Cat Vietnam Co. Ltd. Vietnam Long An Province indirect 100% 117. World Cat Vietnam Sourcing & Development Services Co. Ltd CONsOlidated FiNaNCial statemeNts 1) subsidiaries that are to be 100% financially allocated to the PUMA Group Vietnam Ho Chi Minh City indirect 100%
p : 160 | c :8 currencY conversIon As a general rule, monetary items in foreign currencies are converted in the individual financial statements of the Group companies at the exchange rate valid on the balance sheet date. Any resulting currency gains and losses are immediately recognized in the income statement. Non-monetary items are converted at historical acquisition and manufacturing costs. The assets and liabilities of foreign subsidiaries, the functional currency of which is not the Euro, have been converted to Euro at the average exchange rates valid on the balance sheet date. Expenses and income have been converted at the annual average exchange rates. Any differences resulting from the currency conversion of net assets relative to exchange rates that had changed in comparison with the previous year were netted in equity capital, were adjusted against equity. The significant conversion rates per Euro are as follows: t.11 t.1 Currency Reporting date exchange rate 2012 2011 Average exchange rate Reporting date exchange rate Average exchange rate USD 1.3194 1.2854 1.2939 1.3918 HKD 10.2260 9.9711 10.0510 10.8346 JPY 113.6100 102.6091 100.2000 110.9989 GBP 0.8161 0.8110 0.8353 0.8679 CHF 1.2072 1.2053 1.2156 1.2335 DerIvatIve FInancIal Instruments/heDge accountIng Derivative financial instruments are recognized at fair value at the time a contract is entered into and thereafter. At the time when a hedging instrument is acquired, the Company classifies the derivatives as a hedge for a planned transaction (cash flow hedge). At the time when the transaction is concluded, the hedging relationship between the hedging instrument and the underlying transaction as well as the purpose of risk management and the underlying strategy are documented. In addition, assessments as to whether the derivatives used in the hedge accounting compensate effectively for a change in the fair value or the cash flow of the underlying transaction are documented at the beginning of and continuously after the hedge accounting. Changes in the market value of derivatives that are intended and suitable for cash flow hedges and that prove to be effective are adjusted against equity, taking into account de- PUMA BUsiness And sUstAinABility RePoRt 2012 CONsOlidated FiNaNCial statemeNts ferred taxes. If there is no complete effectiveness, the ineffective part is recognized in the income statement. The amounts recognized in equity are recognized in the income statement during the same period in which the hedged planned transaction affects the income statement. If, however, a hedged future transaction results in the recognition of a nonfinancial asset or a liability, gains or losses previously recorded in equity are included in the initial valuation of the acquisition costs of the respective asset or liability. The fair value of the derivative instruments used to hedge planned transactions are shown under other current financial asserts or other current financial liabilities. leasIng Leases are to be classified either as finance leases or operating leases in accordance with IAS 17. Leases where the Company, in its capacity as the lessee, is responsible for all significant opportunities and risks that arise from the use of the lease object are treated as finance leases. All other leases are classified as operating leases. The lease payments from operating leases are recorded as an expense over the term of the contract. cash anD cash eQuIvalents Cash and cash equivalents include cash and bank balances. To the extent that bank deposits are not immediately required to finance current assets, they are invested as risk-free fixed-term deposits, presently for a term of three months. The total amount of cash and cash equivalents is consistent with the cash and cash equivalents stated in the cash flow statement. InventorIes Inventories are valued at acquisition or manufacturing costs or at the lower net realizable values derived from the selling price on the balance sheet date. The prorated costs of product development are added to the acquisition or manufacturing costs of inventories. As a general rule, the acquisition cost of the merchandise is determined using the average cost method. Value adjustments are adequately recorded, depending on age, seasonality and realizable market prices, in a manner that is standard throughout the Group. receIvables anD other assets Receivables and other assets are initially stated at fair value, taking into account transaction costs, and subsequently valued at amortized costs after deduction of value adjustments. All identifiable risks with respect to value adjustments are sufficiently accounted for in the form of individual risk assessments based on historical values. Adjustments are conducted in principle, if after the entry record of the financial asset there are objective indications for an adjustment, which has effect on the expected future
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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
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P : 85 | C : 5 PUMAviSion PUMA BUSi
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“ At PUMA, we Are driven to look
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P : 89 | c : 6 brAnd StrAtegy FOLLO
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P : 91 | c : 6 PUMA BUsiness And sU
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P : 93 | c : 6 rUnning Exceptional
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P : 95 | c : 6 MotorSPort 1. puma u
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P : 97 | c : 6 PUMA BUsiness And sU
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P : 99 | c : 6 Spreading the puma v
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P : 101 | c : 6 FitneSS Join in the
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P : 103 | c : 6 LiFeStyLe 1. Spread
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Financial Year 2012 ManageMent Repo
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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 134 and 135: p : 133 | c : 2 managing directors
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 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
Page 184 and 185: p : 183 | c :8 Investments and depr
Page 186 and 187: p : 185 | c :8 Total expenses resul
Page 188 and 189: p : 187 | c :8 The following overvi
Page 190: p : 189 | c :8 statutorY auDItor’
Page 193 and 194: p : 192 | c : 9 managIng DIrectors
Page 195 and 196: p : 194 | c : 9 CFAO S.A., Sèvres/
Page 197 and 198: p : 196 | c : 9 report bY the aDmIn
Page 199 and 200: p : 198 | c : 9 4/24/2012), Jean-Fr
Page 202 and 203: grI InDex Global Reporting Initiati
Page 204 and 205: p : 203 | c : 10 Indicator (Core/Ad
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p : 209 | 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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