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p : 179 | c :8 Changes in the “SOP” programs during the financial year: rent financial year amount to a total of € 1.5 million. A total of 84,963 options belong to t.49 t.1 sop 2008 2008 2008 2008 2008 Tranche I Tranche II Tranche III Tranche IV Tranche V Issue date 07.21.2008 04.14.2009 04.22.2010 04.15.2011 04.30.2012 Amount issued 113,000 139,002 126,184 151,290 145,375 Exercise price € 0.00 € 0.00 € 2.56 € 2.56 € 2.56 Residual term 0.58 years 1.25 years 2.25 years 3.25 years 4.25 years circulating as of January 1, 2012 10.900 7.000 116.193 138.837 0 Exercised -8.900 -4.000 0 0 0 Ø-share price upon exercise € 243.70 € 227.71 n. a. n. a. n. a. Expired -500 -500 -17,500 -35,374 -30,406 circulating as of December 31, 2012 1,500 2,500 98,693 103,463 114,969 Exercisable options as of the reporting date 0 0 0 0 0 Pursuant to Section 5 of the Option Terms and Conditions, every year the options are subject to a vesting period from December 15 for up to ten trading days after the Annual General Meeting. Accordingly, no options can be exercised as of the reporting date. As of the date of allocation, the average fair value per option is € 49.44 for “Tranche I -2008”. Taking into account the vesting period, there are no expenses for the current financial year. Of the outstanding options, 0 belong to the previous members of the Board of Management of PUMA AG or the current Managing Directors. Pursuant to the allocation, the average fair value per option is € 53.49 for “Tranche II - 2008”. Taking into account the vesting period, there are no expenses for the current financial year. As a result of the expiration of options, there was an income of € 0.1 million. Of the outstanding options, 0 belong to the previous members of the Board of Management of PUMA AG or the current Managing Directors. Pursuant to the allocation, the average fair value per option is € 61.81 for “Tranche III - 2008”. Taking into account the vesting period and the expiration, the income for the current financial year amounts to a total of € 0.3 million. Of the outstanding options, 82,193 options belong to the previous members of the Board of Management of PUMA AG or the current Managing Directors. Pursuant to the allocation, the average fair value per option is € 40.14 for “Tranche IV - 2008”. Taking into account the vesting period and the expiration, the expenses for the cur- PUMA BUsiness And sUstAinABility RePoRt 2012 the previous members of the Board of Management of PUMA AG or the current Managing Directors at the end of the year. Pursuant to the allocation, the average fair value per option is € 44.59 for “Tranche V - 2008”. Taking into account the vesting period and the expiration, the expenses for the current financial year amount to a total of € 1.7 million. A total of 8,969 options belong to the current Managing Directors at the end of the year. 20. other operatIng Income anD expenses According to the respective functions, other operating income and expenses include personnel, advertising, sales and distribution expenses as well as rental and leasing expenditures, travel costs, legal and consulting expenses and other general expenses. Typical operational income that is associated with operating expenses was offset. Rental and lease expenses associated with the Group’s own retail stores include sales-dependent rental components. Other operating income and expenses are allocated based on functional areas as follows: t.50 t.1 CONsOlidated FiNaNCial statemeNts 2012 2011 € million € million Sales and distribution expenses 1,152.4 937.7 Product development/design 93.9 77.0 Administrative and general expenses 261.5 195.3 other operating expenses 1,507.8 1,210.0 other operating income 22.8 32.2 total 1,485.0 1,177.8 Of which depreciation/amortization and impairment expenses 76.0 63.4 Within the sales and distribution expenses, marketing/retail expenses account for a large proportion of the operating expenses. In addition to advertising and promotional expenses, they also include expenses associated with the Group’s retail activities. Other sales and distribution expenses include warehousing expenses and other variable sales and distribution expenses. Administrative and general expenses include expenses for the statutory auditor of PUMA SE in the amount of € 0.7 million (previous year: € 0.7 million). Of these, € 0.5 million (previ-
p : 180 | c :8 ous year: € 0.5 million) are for statutory audit services, € 0.1 million (previous year: € 0.1 million) for tax advisory services and € 0.1 million (previous year: € 0.1 million) for other assurance services. Other operating income includes € 20.9 million (previous year: € 25.4 million) relating to income from the allocation of development costs and € 1.9 million (previous year: € 6.8 million) relating to other income. Overall, other operating expenses include personnel costs, which consist of: t.51 t.1 2012 2011 € million € million Wages and salaries 376.1 308.1 Social security contributions 53.7 42.2 Expenses from option programs 2.8 6.5 Expenses for old-age pension and other personnel expenses 43.4 37.1 total 476.0 393.8 In 2012, personnel costs include termination benefits in the amount of € 37.2 million. Personnel costs include expenses in the amount of € 6.1 million for the valuation of stock option programs. At the same time, personnel costs were reduced by the effects of the expired options rights of employees and managing directors that left the company during financial year 2012. Thus, in 2012, the balance of personnel costs was debited by € 2.8 million for the stock option programs. In addition, cost of sales includes personnel costs in the amount of € 16.4 million (previous year: € 11.4 million). PUMA BUsiness And sUstAinABility RePoRt 2012 The annual average number of full-time employees was as follows: t.52 t.1 2012 2011 Marketing/retail/sales 7,265 6,689 Product development/design 935 861 Administrative and general units 2,735 2,493 total annual average 10,935 10,043 As of the end of the year, a total of 11,290 individuals were employed (previous year: 10,836) on a full-time basis. 21. FInancIal results This financial result consists of: t.53 t.1 2012 2011 € million € million Income from associated companies 0.6 1.1 Interest income 4.4 5.2 Income from currency conversion differences, net 2.5 0.0 Financial income 6.9 5.2 Interest expense -7.2 -8.4 Interest accrued on purchase price liabilities from acquisitions of business entities CONsOlidated FiNaNCial statemeNts -0.2 -2.7 Valuation of pension plans -1.0 -1.1 Currency conversion differences expense, net 0.0 -6.9 Financial expenses -8.4 -19.1 Financial losses -0.9 -12.8
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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 : 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
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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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p : 117 | c : 2 € million 1,600 1
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P : 119 | C : 2 Earnings bEforE tax
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p : 121 | c : 2 F.14 t.1 € millio
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p : 123 | c : 2 pUMa BUsiness and s
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p : 125 | c : 2 F.17 t.1 gross cash
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p : 127 | c : 2 t.4 t.1 pUMa BUsine
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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
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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
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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 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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