PUMA SE

EANS-News: PUMA exceeds annual earnings expectations as it posts record sales of 3 billion Euros in 2011


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annual result


Herzogenaurach (euro adhoc) - PUMA exceeds annual earnings expectations as it
posts record sales of 3 billion Euros in 2011


2011 Fourth Quarter Highlights

    • Consolidated sales totaled in excess of EUR 720 million, a currency
adjusted
      increase of 15.8%
    • Gross profit margin improved  to  46.7%  despite  continuing  input  price
      pressure
    • EBIT rose by over 72% to EUR 48.1 million
    • Net earnings more than doubled to EUR 33.1 million
    • Consequently, EPS leapt from EUR 0.93 to EUR 2.21
    • Long-term sponsorship agreement  signed  with  German  football  champions
      Borussia Dortmund
    • Multi-year sponsorship of Mercedes GP Formula 1 team announced

2011 Full Year Highlights
    • PUMA delivers on its EUR 3 billion sales target for 2011
    • Gross profit margin continues to be in the upper echelons of the  industry
      at 49.6%
    • EBIT rose by 8.6% to EUR 333.2 million
    • Net earnings rose by nearly 14% to just over EUR 230 million
    • EPS increased from EUR 13.45 to EUR 15.36


Outlook for the Financial Year 2012


    • Management is targeting high single digit sales growth in 2012.
    • PUMA enters the  second  year  of  its  "Back  on  the  Attack"  strategy,
      continuing with the execution of selective  investments  into  the  growth
      drivers.
    • Management foresees an improvement of net earnings  in  mid  single-digits
      for the full year.


"I am pleased to see that our sales and earnings performance  in  the  financial
year 2011 bear testament to the fact that PUMA is  "Back  on  The  Attack",  and
that our 5-year growth plan is already having a  positive  impact",  said  Franz
Koch, CEO of PUMA SE. "We  managed  to  surpass  our  sales  target  this  year,
eclipsing EUR 3 billion in sales for the first time,  while  PUMA´s  net 
earnings
also beat management´s  expectations.  With  the  support  of  a  strong  sports
marketing portfolio we are well on track to explore  the  opportunities  of  the
sports year 2012 as well as achieve our 2015 goal of EUR 4 billion  in  sales. 
We
expect a sales increase in the high single digits for this year."

            Americas region drives sales growth in the fourth quarter

PUMA´s fourth-quarter consolidated sales rose strongly to over  EUR  720 
million,
up 15.8% currency adjusted and 15.6% in Euro terms when compared to  last  year,
and surpassing all of PUMA´s previous fourth quarter results.  This  exceptional
performance was once again underpinned by all  regions,  despite  the  continued
economic uncertainty stemming from the Euro-zone debt  crisis,  which  continued
unabated during the last three months of 2011.

Sales growth in the Americas driven by strong performance in Latin America
PUMA excelled again  in  the  Americas,  where  sales  grew  by  27.8%  currency
adjusted to EUR  271  million.  The  Latin  American  market  continued  to  be 
a
significant growth driver for PUMA, and Motorsport remains  the  top  performing
category in the region. The situation in the US improved, and sales  accelerated
during the  fourth  quarter,  while  PUMA´s  lifestyle  products  in  particular
resonated well with consumers.

Despite reluctant consumer behavior amid the Euro-zone debt crisis,  EMEA  sales
rose by 8.3% currency adjusted to EUR 237 million. The  UK  and  France 
performed
well, while Russia was at the  forefront  of  improved  performance  in  Eastern
Europe. Lifestyle products in particular continued to perform  well,  while  our
participation in the Volvo Ocean Race boosted sales in PUMA´s Sailing  category.
Fitness also posted significant growth rates.

Sales in Asia/Pacific improved by  11%  currency  adjusted  to  EUR  212 
million.
PUMA´s football shoes and lightweight  running  products,  especially  our  FAAS
range, continued to stand out, while growing demand came from  outdoor  products
in the region. Results in Japan, India and  Korea  remained  very  strong  while
China grew at the expected rate.

PUMA´s performance in terms of segments mirrors that of  the  regions,  in  that
all of them contributed strongly to the impressive performance.  Footwear  sales
came in at EUR 339 million, an increase of 11.4% currency adjusted.  Apparel 
grew
by 12.7% currency adjusted to EUR  275  million  and  Accessories,  including 
the
consolidation of Cobra Golf, performed very well, up 43.6% currency adjusted  to
EUR 107 million.

Gross Profit Margin improves
In the fourth quarter, PUMA´s gross profit margin was 46.7%, up from 45.4%  last
year. The gross profit margin  for  footwear  increased  from  43.4%  to  46.6%.
Apparel retreated from 47.0% to 45.9%, whereas Accessories rose  to  49.0%  from
48.4%. This increase stems from the overall product mix  and  an  acceptance  of
the selective price rises indicated previously by PUMA and  implemented  in  the
fourth quarter of 2011.

Fourth quarter operating expenses rose in line  with  our  growth  strategy,  by
18.4% to EUR 292.3 million, and was equivalent to 40.6% of sales,  up  from 
39.6%
for  the  same  period  last  year.  This  increase  derives  from  the  further
investments under the aegis of our "Back on the Attack" strategic  growth  plan.
Additional funding in IT, the supply chain, marketing and product has  grown  as
planned, as we continue to aim for the targets set out at the end of 2010.

EBIT was up 72.6% in the fourth quarter, at  EUR  48.1  million.  This 
represents
6.7% of consolidated sales and is above last year´s ratio of 4.5%.

The financial result declined from EUR -1.2 million to EUR -8.9 million, largely
 as
a result of foreign exchange impacts relating to financing activities.

EBT in the fourth quarter was up 47%, from EUR 26.7 million to EUR 39.3 million.

Net Earnings excel with a 137% improvement
Net earnings rose by EUR 19 million to EUR  33.1  million,  a  notable  increase
 of
137%, meaning that earnings per share followed suit, up to EUR 2.21  from  EUR 
0.93
(diluted earnings EUR 2.21 per share versus EUR 0.92 last year)

      PUMA achieves its goal of EUR 3 billion in sales for the Full Year 2011

"Back on the Attack" growth plan already having a positive impact
Much of PUMA´s success in 2011 can be  attributed  to  its  long-term  strategic
growth plan "Back on the Attack," launched in autumn 2010 and  implemented  from
the beginning of last year. PUMA´s annual  results  attest  that  this  roadmap,
which aims to unlock our long-term brand potential of EUR 4 billion  in  sales 
by
2015, has already had a positive impact  on  the  company´s  performance  during
2011. One aspect of this strategy is increasing  PUMA´s  brand  desirability  by
differentiating PUMA´s Performance and Lifestyle categories.

In 2011, we strengthened PUMA´s roots in performance, particularly in  football,
by significantly expanding the sports marketing portfolio of brand  ambassadors.
PUMA signed Sergio `Kun´ Agüero and  Yaya  Touré  of  Manchester  City,  Radamel
Falcao of Atlético Madrid and Cesc Fàbregas of Barcelona. They will all  feature
as central figures in our global marketing campaigns in the coming  years.  PUMA
signed up the reigning German football champions, Borussia Dortmund,  to  a  new
partnership as well as the South African Football Federation, the  host  of  the
next African Cup of Nations. With a portfolio of 12  African  teams,  we  remain
the leading football sponsor on  the  African  continent.  All  these  strategic
moves underline our ambition to be the clear number 3  brand  in  the  world  of
football.

Record sales increase to more than EUR 3 billion
Consolidated sales for the Full Year climbed 12.1% currency adjusted  (11.2%  in
Euro terms) to just over  EUR  3  billion.  With  this  record  result,  PUMA 
has
achieved its sales target for the full year.

Regions
Once again, all regions contributed to  this  excellent  performance.  Sales  in
EMEA rose by 7.7% currency adjusted to  over  EUR  1.31  billion.  EMEA 
therefore
accounted for 43.6% of total sales compared to the 2010 number of 45.1%. In  the
Americas, sales increased by 17.7% currency adjusted, equal  to  EUR  967 
million
and equal to 32.1% of total sales. Sales figures improved in  every  country  in
the region. Asia/ Pacific also recorded a  double  digit  increase,  with  sales
topping EUR  730  million,  a  currency  adjusted  increase  of  13.3%.  This 
was
equivalent to 24.3% of total sales.

Segments
In terms of segments,  Footwear  continued  to  thrive,  growing  9.9%  currency
adjusted to EUR 1.54 billion. Apparel rose at the  same  rate,  surpassing  the 
1
billion Euro mark for the first time. Accessories  posted  an  impressive  27.3%
currency adjusted increase, up to EUR 434  million,  after  Cobra  Golf  had 
been
integrated for a full year for the first time in the financial year 2011.

Retail sales rise by EUR 45 million
Of the total consolidated number, retail sales were  EUR  515  million  or 
17.1%.
This is an increase in absolute terms of EUR 45 million,  but  a  slight 
decrease
from 17.4% of total sales in 2010. As part of our growth strategy, we are  still
aiming for 20% of sales to be recorded in our own retail.

Gross profit margin remains stable
For the full year, gross profit margin is stable at 49.6% (prior  year:  49.7%).
This was achieved  in  the  face  of  higher  wage  pressures  and  increasingly
volatile commodity price movements.  The  Footwear  margin  rose  slightly  from
48.9% to 49.1%, Apparel dropped a percentage  point  to  49.6%  and  Accessories
moved up one percentage point, to 51.6%.

Operating expenses
Full year operating expenses were up, by 14.8% to EUR 1,178 million, in line 
with
the "Back on the Attack" growth strategy. Marketing & Retail rose by 9.8%  to 
EUR
550.7 million, but dropped slightly as a percentage of  sales  to  18.3%.  Other
Selling Expenses rose in line with sales  to  EUR  387.1  million.  As 
envisioned
under the plan, RD&D expenses rose by 21.0% to EUR 77.0 million, and  General 
and
Administrative expenses rose by 31.8% to  EUR  195.3  million,  due  to 
continued
investments in infrastructure and systems  to  build  the  platform  for  future
growth. This caused the expense ratio to rise from 5.5% to  6.5%.  In  addition,
the Company reported other operating income of EUR 32.2  million,  compared  to 
EUR
35.5 million in 2010.

Earnings
EBIT rose by 8.6% to EUR 333.2 million. As a percentage of sales, EBIT  was 
11.1%
for 2011, as compared to 11.3% for 2010.

The financial result for 2011 came in at EUR -12.8 million versus EUR  -5.3 
million
in 2010. Interest income rose by EUR 0.8 million to EUR 5.2 million,  while 
foreign
exchange rate fluctuations related to financing activities  led  to  a  negative
result of EUR 6.9 million which did not occur in  2010.  Other  financial 
expense
related items increased by EUR 1.4 million this year.

Full year EBT rose, by 6.3% from  EUR  301.5  million  to  EUR  320.4  million. 
Tax
expenses declined for the full year, by 9.4% to EUR 90.0 million.  The  tax 
ratio
was therefore at a normalized rate of 28.1%, compared to 32.9% in 2010.

For the full year of 2011, net earnings jumped 13.8% to EUR 230.1 million, from 
EUR
202.2 million last year. EPS increased strongly, by 14.2% to EUR 15.36.


                        Net Assets and Financial Position


Equity
Total assets (as of December 31, 2011) stood at EUR 2,581.8, an increase  of 
9.1%
from last year´s EUR 2,366.6 million. Inventories and trade receivables  were 
the
main contributors. The equity ratio rose from 58.6% to  62.2%,  which  indicates
continued improvement in our capital base. In  absolute  figures,  shareholders'
equity increased by 15.8% from EUR 1,386.4 million to EUR 1,605.2 million.

Working Capital
PUMA´s  overall  Working  Capital  increased  by  32.0%  to  EUR  534.0  
million.
Inventories rose by 22.1% from EUR 439.7 million to EUR  536.8  million,  which 
was
necessary to accommodate our planned sales growth, and  also  a  consequence  of
higher procurement prices which, amongst other things,  led  to  this  increase.
Trade receivables also increased, up 19.3% from  EUR  447.0  million  to  EUR 
533.1
million as a result of our strong sales performance, particularly in the  fourth
quarter. Trade payables also rose strongly by 25.3% to EUR 431.4  million, 
partly
balancing the increase in Working Capital.

Cashflow/ Capex
Free Cashflow for the full year dropped slightly to  EUR  16.8  million  versus 
EUR
17.1 million in 2010. With regards to our Capex, PUMA´s outgoings  increased  by
28.9% to EUR 71.1 million. As already discussed, this increase is almost 
entirely
derived from investments in line with our growth  strategy,  into  supply  chain
improvement,  IT  systems  and  the  ongoing  expansion  of  our  retail   store
portfolio. Payments for acquisitions fell by almost 60% to EUR  44.2  million, 
as
the 2010 number included PUMA´s purchase of Cobra  Golf.  The  purchase  of  the
outstanding  stake  in  our  China  business  from  our  joint  venture  partner
accounted for the majority of acquisition payments made in 2011.

Cash Position
Total cash (as of December 31, 2011) fell by  6.5%  to  EUR  448.2  million. 
Bank
debts were reduced by 18.0% to EUR 35.1 million. The net cash  position 
decreased
5.4%, from EUR 436.8 million to EUR 413.1 million.

Dividend
The Administrative Board will propose to the Annual  General  Meeting  on  April
24, 2012, that an increased dividend  of  EUR  2.00  per  share  (EUR  1.80  in 
the
previous year) be paid for the financial year 2011, due to  the  improvement  in
net earnings and in spite of a flat free cash flow.

Share buyback
PUMA did not activate its share buyback program during  the  fourth  quarter  of
2011.
As of the balance sheet date, PUMA owned 147.831 of its own shares, equal  to 
EUR
32.6 million.



                                     Outlook


Management believes that PUMA can  achieve  increases  in  sales  in  the  upper
single-digit range in each of the next two years. This growth  will  be  fuelled
by  further  investments  into  marketing,  product  design   and   development,
structure in  emerging  markets  as  well  as  the  optimization  of  processes,
organization and systems. Assuming moderate input cost inflation, combined  with
necessary operating expense increases, net earnings are expected to  improve  in
the mid-single digit range for both years.

Media Relations:


Kerstin Neuber - Corporate Communications - PUMA SE - +49 9132 81 2984 -
kerstin.neuber@puma.com


Investor Relations:

Carl Baker - Finance - PUMA SE - +49 9132 81 3188 - carl.baker@puma.com




Notes to the editors:
    • This press release and financial reports are posted on www.about.puma.com.
    • The detailed report of PUMA´s Environmental Profit and Loss  Account  2010
      is now available on www.about.puma.com
    • PUMA SE stock symbol:
      Reuters: PUMG.DE, Bloomberg: PUM GY,
      Börse Frankfurt: ISIN: DE0006969603- WKN: 6969603






Notes relating to forward-looking statements:
This  document  contains  forward-looking  information   about   the   Company´s
financial status and strategic initiatives. Such information  is  subject  to  a
certain level of risk and uncertainty that  could  cause  the  Company's  actual
results  to  differ  significantly  from  the  information  discussed  in   this
document. The forward-looking information is based on the  current  expectations
and prognosis of the  management  team.  Therefore,  this  document  is  further
subject to the risk that such expectations or prognosis, or the premise of  such
underlying expectations  or  prognosis,  become  erroneous.  Circumstances  that

could alter the Company's actual results and  procure  such  results  to  differ
significantly from those contained in forward-looking statements made by  or  on
behalf of the Company include, but are not limited to those discussed be above.



|PUMA                                                                          |


PUMA is one of the world´s leading Sportlifestyle  companies  that  designs  and
develops footwear, apparel and accessories. It is committed to working  in  ways
that contribute to the world by supporting Creativity, SAFE  Sustainability  and
Peace, and by staying true to the principles of  being  Fair,  Honest,  Positive
and Creative in decisions made and actions taken. PUMA starts in Sport and  ends
in Fashion. Its Sport Performance and Lifestyle labels include  categories  such
as Football, Running, Motorsports, Golf  and  Sailing.  Sport  Fashion  features
collaborations with renowned designer labels such as Alexander  McQueen,  Mihara
Yasuhiro and Sergio Rossi. The PUMA Group owns the brands PUMA, Cobra  Golf  and
Tretorn. The company, which was founded in 1948,  distributes  its  products  in
more than 120 countries, employs more  than  10,000  people  worldwide  and  has
headquarters in Herzogenaurach/Germany, Boston, London and Hong Kong.  For  more
information, please visit http://www.puma.com


Further inquiry note:
Kerstin Neuber

Telefon: +49 (0)9132 81-2984

E-Mail: Kerstin.Neuber@puma.com

end of announcement                               euro adhoc 
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company:     PUMA SE
             PUMA Way  1
             D-91074 Herzogenaurach
phone:       +49 (0)9132 81 0
FAX:         +49 (0)9132 81-2246
mail:     investor-relations@puma.com
WWW:      http://about.puma.com/?lang=de
sector:      Consumer Goods
ISIN:        DE0006969603
indexes:     Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX, Prime All
             Share
stockmarkets: free trade: Hannover, Berlin, Hamburg, Düsseldorf, Stuttgart,
             regulated dealing: München, regulated dealing/prime standard:
             Frankfurt 
language:   English
 

 

 



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