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p : 163 | c :8 proDuct Development The Company continuously develops new products in order to meet market requirements and market changes. Intangible assets are not capitalized since the criteria set forth in IAS 38 are not satisfied. FInancIal results The financial results include the results from associated companies as well as interest income from financial investments and interest expense from loans. Financial results also include interest expense from discounted non-current liabilities and pension provisions that are associated with acquisitions of business enterprises or arise from the valuation of pension commitments. Exchange rate effects that can be directly allocated to an underlying transaction are shown in the respective income statement item. Income taxes Current income taxes are determined in accordance with the tax regulations of the respective countries where the Company conducts its operations. DeFerreD taxes Deferred taxes resulting from temporary valuation differences between the IFRS and tax balance sheets of individual Group companies and from consolidation procedures are charged to each taxable entity and shown either as deferred tax assets or deferred tax liabilities. Deferred tax assets may also include claims for tax reductions that result from the expected utilization of existing losses carried forward to subsequent years and that is sufficiently certain to materialize. Deferred tax assets or liabilities may also result from accounting treatments that do not affect net income. Deferred taxes are calculated on the basis of the tax rates that apply to the reversal in the individual countries and that are in force or adopted as of the balance sheet date. Deferred tax assets are shown only to the extent that the respective tax advantage is likely to materialize. Value adjustments are recognized on the basis of the past earnings situation and the business expectations in the near future, if this criterion is not fulfilled. assumptIons anD estImates The preparation of the consolidated financial statements requires some assumptions and estimates that have an impact on the amount and disclosure of the recognized assets and liabilities, income and expenses, as well as contingent liabilities. The assumptions and estimates are based on premises, which in turn are based on currently available information. In individual cases, the actual values may deviate from the assumptions and estimates made. Consequently, future periods involve a risk of adjustment to the carrying amount of the assets and liabilities concerned. If the actual performance is different from the expected performance, the premises and, if necessary, the PUMA BUsiness And sUstAinABility RePoRt 2012 CONsOlidated FiNaNCial statemeNts carrying amounts of the assets and liabilities concerned will be adjusted and recognized in the income statement. All assumptions and estimates are continuously reassessed. They are based on historical experiences and other factors, including expectations regarding future global and industry-related trends that appear reasonable under the current circumstances. Assumptions and estimates concern, in particular, goodwill, pension obligations, derivative financial instruments and deferred taxes. The most significant forward-looking assumptions and sources of estimation uncertainty as of the reporting date concerning the above-mentioned items are discussed below. GOODWILL A review of the impairment of goodwill is based on the calculation of the value in use. In order to calculate the value in use, the Group must estimate the future cash flows from those cash-generating units to which the goodwill is allocated. To this end, the data used were from the three-year plan, which is based on forecasts of the overall economic development and the resulting industry-specific consumer behaviour. Another key assumption concerns the determination of an appropriate interest rate for discounting the cash flow to present value (discounted cash flow method). See paragraph 10 for further information, in particular regarding the assumptions used for the calculation. PENSION OBLIGATIONS Pension obligations are determined using an actuarial calculation. This calculation is contingent on a large number of factors that are based on assumptions and estimates regarding the discount rate, the expected return on plan assets, future wage and salary increases, mortality and future pension increases. Due to the long-term nature of the commitments made, the assumptions are subject to significant uncertainties. Any change in these assumptions has an impact on the carrying amount of the pension obligations. The Group determines at the end of each year the discount rate applied to determine the present value of future payments. This discount rate is based on the interest rates of corporate bonds with the highest credit rating that are denominated in the currency in which the benefits are paid and the maturity of which correspond to that of the pension obligations. See paragraph 15 for further information, in particular regarding the parameters used for the calculation. DEFERRED TAxES The recognition of deferred taxes, in particular with respect to tax losses carried forward, requires that estimates and assumptions be made concerning future tax planning strategies as well as expected date of initial recognition and the amount of future taxable income. For purposes of these estimates, the taxable income is derived from the respective corporate planning, taking into account the results of operations of ear-
p : 164 | c :8 lier years and the expected future business performance. Deferred tax assets on losses carried forward are recorded in the event of companies that incur a loss only if it is highly profitable that future positive income will be achieved that can be set off against these tax losses carried forward. Please see paragraph 8 for further information and detailed assumptions. DERIVATIVE FINANCIAL INSTRUMENTS The assumptions used for the estimation of derivative financial instruments are based on the prevailing market conditions as of the balance sheet date and thus reflect the fair value. See paragraph 24 for further information. 3. cash anD cash eQuIvalents As of December 31, 2012, the Company’s cash and cash equivalents amount to € 407.3 million (previous year: € 448.2 million). The average effective interest rate of financial investments was 1.0% (previous year: 1.0%). There are no restrictions on disposition. 4. InventorIes Inventories are allocated to the following main groups: t.12 t.1 2012 2011 € million € million Raw materials and supplies Finished goods and merchandise/inventory 11.4 9.4 Footwear 181.8 169.7 Apparel 163.5 164.6 Accessories/Other 82.8 77.0 Goods in transit 113.1 116.1 total 552.6 536.8 The table shows the carrying amount of the inventories net of value adjustments. Of value adjustments, which amount to € 78.2 million (previous year: € 83.5 million), about 74% was recorded under cost of sales in the income statement in financial year 2012 (previous year: about 73%). The amount of inventories recorded as an expense during the period mainly includes the cost of sales shown in the consolidated income statement. PUMA BUsiness And sUstAinABility RePoRt 2012 5. traDe receIvables This item consists of: t.13 t.1 2012 2011 € million € million Trade receivables, gross 564.1 581.4 less value adjustments -57.1 -48.3 trade receivables, net 507.0 533.1 Allowances for trade receivables developed as follows: t.14 t.1 CONsOlidated FiNaNCial statemeNts 2012 2011 € million € million status of value adjustments as of January 1 48.3 87.1 Exchange rate differences 0.0 -0.3 Allocations 23.3 23.5 Reclassifications 0.0 -23.1 Utilization -6.8 -26.9 Reversals -7.7 -12.0 status of value adjustments as of December 31 57.1 48.3
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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
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p : 109 | c : 2 general economic co
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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
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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 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
Page 182 and 183: p : 181 | c :8 Income from associat
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Page 186 and 187: p : 185 | c :8 Total expenses resul
Page 188 and 189: p : 187 | c :8 The following overvi
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Page 193 and 194: p : 192 | c : 9 managIng DIrectors
Page 195 and 196: p : 194 | c : 9 CFAO S.A., Sèvres/
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Page 204 and 205: p : 203 | c : 10 Indicator (Core/Ad
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p : 213 | c : 10 Indicator (Core/Ad
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p : 215 | 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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