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p : 167 | c :8 9. propertY, plant anD eQuIpment Property, plant and equipment at their carrying amount consist of: t.23 t.1 2012 2011 € million € million Land and buildings, including buildings on third-party land 126.2 133.5 Technical equipment and machinery 5.7 5.3 Other equipment, factory and office equipment 92.1 93.6 Assets under constructions 2.8 2.5 total 226.8 234.9 The carrying amount of property, plant and equipment is derived from the acquisition costs. Accumulated depreciation of property, plant and equipment amounted to € 269.4 million (previous year: € 253.7 million). Property, plant and equipment include lease assets (finance lease) in the amount of € 0.7 million (previous year: € 0.9 million). The changes in property, plant and equipment in financial year 2012 are shown in “Changes in Fixed Assets”. Impairment expenses that exceed current depreciation during the reporting year are included in the amount of € 14.9 million (previous year: € 5.4 million), mainly as a result of the optimization of the portfolio of the own operated retail businesses as part of the transformation and cost reduction program. PUMA BUsiness And sUstAinABility RePoRt 2012 10. IntangIble assets This item mainly includes goodwill, intangible assets with indefinite useful lives and assets associated with the Company’s own retail activities. Goodwill and intangible assets with indefinite useful lives are not amortized according to schedule. An impairment test was performed in the past financial year using the discounted cash flow method, using data from the respective three-year plan. The recoverable amount was determined on the basis of the value in use. This did not result in an impairment loss. The changes in intangible assets in financial year 2012 are shown in “Changes in Fixed Assets”. Other intangible assets include advance payments in the amount of € 19.8 million (previous year: € 11.5 million). The addition to other intangible assets with an indefinite useful life during the reporting year relates to the capitalization of the acquired PUMA trademark rights in Spain in connection with the termination of the arbitration proceedings with the former Spanish license holder. This item also includes the Cobra Golf trademark. The “Cobra” trademark with a carrying amount of € 107.8 million (previous year: € 109.9 million) is allocated to the cashgenerating unit “CPG – Cobra PUMA Golf” within the central units. Goodwill is allocated to the Group’s identifiable cash-generating units (CGUs) according to the country where the activity is carried out. Summarized by regions, goodwill is allocated as follows: t.24 t.1 CONsOlidated FiNaNCial statemeNts 2012 2011 € million € million EMEA 155.2 157.3 America 42.0 41.7 Asia/Pacific 92.2 100.0 total 289.4 299.0
p : 168 | c :8 Assumptions used in conducting the impairment test in 2012: t.25 t.1 EMEA America Asia/Pacific Tax rate (range) 20.0 % – 28.0 % 18.5 % – 39.5 % 17.0 % – 30.0 % WACC before tax (range) 9.4 % – 17.2 % 9.8 % – 33.7 % 9.6 % – 13.3 % WACC after tax (range) 7.6 % – 13.5 % 7.8 % – 22.6 % 6.8 % – 10.6 % Growth rate 3 % 3 % 3 % A growth rate of less than 3% was used in justified exceptional cases. Sensitivity analyses related to the performed impairment tests indicate that neither a 1% increase in the discount rate (WACC - “weighted average capital costs”), nor a 1% decrease of the growth rate have effect on the impairment of goodwill. However, the same sensitivity analysis with respect to Intangible Assets with an indefinite useful life yields with an impairment indication in the amount of € 14.8 million (previous year: € 0.0 million). The sensitivity analysis with a 1% increase in the discount rate and the sensitivity analysis with a 1% reduction of the growth rate do not show any indication of impairment. The following table contains the assumptions for the performance of the impairment test in 2011: t.26 t.1 EMEA America Asia/Pacific Tax rate (range) 20.0 %-28.0 % 17.0 %-40.0 % 17.0 %-40.7 % WACC before tax (range) 7.3 %-14.9 % 8.6 %-24.6 % 8.4 %-12.1 % WACC after tax (range) 6.1 %-12.2 % 6.9 %-16.5 % 5.1 %-11.2 % Growth rate 3 % 3 % 3 % PUMA BUsiness And sUstAinABility RePoRt 2012 11. holDIngs In assocIateD companIes The 20.1% interest in Wilderness Holdings Ltd. is shown under holdings in associated companies. As of December 31, 2012, the carrying amount of the shares amounts to € 24.0 million (previous year: € 24.8 million). The market value of the shares amounts to € 9.6 million (previous year: € 19.9 million). The Company’s multiannual plan reveals that the carrying amount of the shares is covered by the value in use. The following overview shows the aggregated benchmark data of the associated companies recognized at equity. The values represent the values based on the entire company and do not relate to the shares attributable to the PUMA Group. t.27 t.1 CONsOlidated FiNaNCial statemeNts 2012 2011 € million € million Total assets 81.8 81.9 Total liabilities 46.5 43.2 Equity 35.3 38.7 sales revenues 120.3 86.2 group earnings 3.0 3.2 PUMA’s share of the Group earnings of Wilderness Holdings Ltd. amounts to € 0.6 million (previous year: € 0.6 million). The balance sheet date of Wilderness Holdings Ltd. is February 28, 2013. The information on total assets, total liabilities and equity stated above relate to the Company’s financial information as of December 31.
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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 : 13 | C : 2 TM PUMAvision Fair H
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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 : 43 | c : 3 PUMA.SAfe Prof. Dr.
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p : 55 | c : 3 PUMA.SAfe chemicals
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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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P : 89 | c : 6 brAnd StrAtegy FOLLO
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P : 93 | c : 6 rUnning Exceptional
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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
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p : 113 | c : 2 € million 3,500 3
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p : 115 | c : 2 F.7 t.1 € million
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