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PUMA AG Rudolf Dassler Sport

EANS-News: PUMA AG announces its consolidated financial results for the Second Quarter and First Half-Year of 2009

@@start.t1@@--------------------------------------------------------------------------------   Corporate news transmitted by euro adhoc. The issuer/originator is solely   responsible for the content of this announcement. --------------------------------------------------------------------------------@@end@@

balance/Results for the Second Quarter and First Half 2009

Herzogenaurach (euro adhoc) - Herzogenaurach, Germany, August 7, 2009
- PUMA AG announces its consolidated          financial results for the
Second Quarter and First Half-Year of 2009

Highlights Second Quarter:

@@start.t2@@. Consolidated sales up more than 4% in Euro terms and flat currency-adjusted
  . Gross profit margin at 50%
  . First impact of cost savings program: total operating expenses below last
      year's level
  . Operational result at EUR 63 million slightly above last year
  . EPS at EUR 2.55 compared to EUR 2.98
  . Strong improvement in inventories

Highlights First Six Months:
  . Global brand sales reach almost EUR 1.4 billion
  . Consolidated sales up almost 4% in Euro terms and slightly up currency-
  . Gross profit margin remains above 51%
  . Operating result before special items at EUR 177 million
  . EPS before restructuring at EUR 8.51 compared to EUR 8.74 last year@@end@@

Outlook 2009:

@@start.t3@@. Management expects that market environment  remains  challenging  for  the
      second half of 2009
  . The implemented reengineering and restructuring program will  continue  as
  . Continuing strong focus on working capital and cash flow improvement@@end@@

Jochen Zeitz, CEO: "Despite an ongoing challenging market environment and  the global economic recession, PUMA achieved a solid performance in the first  half of 2009. The restructuring and reengineering program has  already  shown  first effects and we will continue to strictly proceed while  focusing  on  efficient measures to strengthen the brand and its products in the coming quarters."

Sales and Earnings Development

Global branded sales Sales under the PUMA  brand,  which  include   consolidated  and  license  sales, reached EUR 636.5 million during the second quarter, a currency-adjusted decrease of 2.6% and an increase of 1.2% in Euro terms. Altogether, the quarter marked  a solid performance in a globally challenging environment.

During the first six months, branded sales declined  currency-neutral 2.9%.  In Euro terms, sales increased 0.3% reaching EUR  1,374.1   million.  On  a currency- neutral basis, Footwear sales were down by 1.1% to EUR 745.6 million  and Apparel 7.0% to EUR 460.9 million. Accessories increased by 1.3% to EUR 167.7 million.

Licensed business The licensed business decreased  in  the  second   quarter  by  32.2%  currency- adjusted to EUR 36.2 million and by 37.5% to EUR 76.4 million for  the  first half due to the take-over of a licensee. Based on licensed sales, the company realized a royalty and  commission  income of EUR 5.2 million in the second quarter versus EUR 6.4  million  in  the previous year's quarter and EUR 10.2 million versus EUR 13.4 million year-to-date.

Consolidated sales Currency-adjusted consolidated  sales  were  flat compared  to  last  year  but increased in Euro terms a solid 4.1% to EUR 600.3 million. On  a currency-neutral basis, Footwear was down 2.0% reaching EUR 330.0 million,  and  Apparel decreased 5.7% to EUR 203.8 million. Accessories improved  by  a  strong  41.2%  to  EUR 66.4 million, which is mainly due to first time consolidations.

After six months, consolidated sales were up 0.4% on a   currency-neutral  basis and 3.8% in Euro terms to EUR 1,297.7 million. In spite of a  challenging market environment,  sales  in   the  Americas  region    increased,whereas    EMEA    and Asia/Pacific were below last year's level. In  total,  Footwear  sales  were EUR 727.1 million, representing a currency-neutral decrease  of  1.4%   and  Apparel sales decreased 7.0% to EUR 426.3 million due to high comparables, which resulted from replica sales relating to the Football Euro  Cup  last  year.  Accessories were up a strong 49.1% to EUR 144.3 million.

Gross profit remains above 51% The overall market environment paired with a change in the  regional  sales  mix caused the reduction in gross profit margin in  the  second  quarter  from  last year's 52.5% to 50.0%. After six months, a gross  profit  margin  of  51.1%  was achieved compared to 53.0%. Footwear reported 49.7% versus 53.4%, Apparel  52.3% compared to 52.5% and Accessories increased to 54.9% versus 52.1% last year.

Operating expenses

Due  to  first  effects  from  the  reengineering  and  restructuring program, operating expenses decreased in the second quarter by 1.8% to  EUR  242.2 million or from 42.8% to 40.3% of sales.  During  the first  half,  operating  expenses increased only 1.8% to EUR 496.2 million,  representing  a  cost  ratio  of 38.2% versus last year's 39.0%.

Marketing/Retail expenses decreased 3.6% to  EUR  253.1  million  as last year's Olympic Games and Euro Cup required a higher spending level. As  a  result,  the cost ratio declined from  21.0%  to  19.5% of  sales.  Other  selling  expenses increased by 14.4% to EUR 158.9 million, or from 11.1% to 12.2% of  sales, mainly due to first time consolidations and  currency  impacts.  Expenses  for  product development and design were up 14.7% to EUR 28.9 million, or as  a   percentage of sales from 2.0% to 2.2%. Other general and administration expenses were  down  a strong 9.3% and totaled EUR 55.3 million, representing 4.3% of sales  versus 4.9% last year. Depreciation which is included in  operating  expenses  increased  by 16.3% to EUR 31.0 million due  to  full  year  effects  from  last   year's retail expansion.

Operational result before special items

PUMA achieved a solid operating result of EUR 63.1 million in the   second quarter versus EUR 62.3 million last year. As a percentage of sales  this  relates  to a margin of 10.5% compared to 10.8%. After six months the operating result was down 5.9% from EUR 188.1  million to EUR 177.1 million. The operating margin stood at 13.6% compared to 15.0% last year.

Special Items - Restructuring charge

The reengineering and restructuring program that led to  a  one-time charge  of 110 million in the first quarter will, for the most part, be  finalized  at  the end of 2010. The program should provide for a more efficient  business  platform aligned to an expectedly challenging environment in the upcoming quarters. Taking the special items into account, EBIT after six months amounted to EUR 67.1 million compared to EUR 188.1 million last year.

Financial result

The financial result reflects negative EUR 2.1  million  for  the   second quarter versus an income of EUR 0.1 million last year. Negative  EUR  3.7  million impacted the  first  half,  while  last   year  showed  an  income  of  EUR    1.0 million. Significantly lower interest rates and the accumulation of interest on  purchase price liabilities led to this negative impact on the financial result.

Earnings The company's pre-tax profit (EBT) accounts for EUR 61.0   million  in  the second quarter versus EUR 62.4 million last year. Net earnings  totaled  EUR  38.5 million versus EUR 45.6 million, a decline of 15.6%. This results in  earnings  per share of EUR 2.55 compared to EUR 2.98 in the quarter.

Before restructuring costs, EBT accounts for EUR  173.4  million   versus  EUR 189.2 million for the first half and net earnings for EUR 128.4 million versus  EUR 135.7 million, a decline of 5.4%. As a consequence, earnings per share were at EUR 8.51 compared to EUR 8.74. The operational tax ratio was  calculated  at  26.5% versus last year's 28.5%.

Taking into account the restructuring costs, EBT was at EUR 63.4 million  and net earnings at EUR 44.0 million in the first half of the  year.  Earnings  per share were at EUR 2.92 versus EUR 8.74 last year.

Regional Development

Sales in the EMEA region reached EUR  288.3  million  in  the  second quarter, a currency-adjusted decrease of 1.4%. Year-to-date, sales were down by 2.3%  to EUR 654.4 million, representing 50.4% of consolidated  sales.  Gross  profit  margin was at a strong 53.5% compared to 54.5% last year.

Second quarter sales in the Americas were up 6.9% currency-adjusted, reaching EUR 168.6 million. First half sales increased 9.2% to EUR 346.7  million.  The region now accounts for 26.7% of consolidated   sales.  Gross  profit  margin  stood  at 47.1% compared to 48.9% last year. In the US market, sales increased by 4.8% to  $  132.7  million in  the  second quarter and by 4.1% to $ 271.4 million after six months.

Sales in the Asia/Pacific  region  decreased  in  the  second   quarter  by  4.5% currency-adjusted to EUR 143.4 million and 2.8% after six months reaching EUR 296.7 million. The total region accounts for  22.9%  of  sales.  Gross  profit  margin reached 50.5% versus 53.6% last year.

Net Assets and Financial Position


As of June 30, 2009, total assets climbed by 15.0% to EUR 2,047.8 million. Due to the higher balance sheet total, the equity ratio stood at 56.6% after 60.7%  in the previous year.

Working capital

In reporting terms, inventories grew 3.0% to EUR 432.1 million.   Inventories were down 0.7% on a comparable basis, showing a strong improvement versus end of  Q1. Accounts receivables were up 6.2% (3.1%  on  a  comparable  basis),  reaching EUR

@@start.t4@@502.8 million. Working capital totaled EUR 540.6 million (ex acquisition  EUR 524.9 million)  compared  to  EUR  552.1  million  last  year,  manifesting    a strong improvement in this area from the first quarter.


For Capex, the company spent EUR 24.6 million in the first  half  versus  EUR 50.6 million last year. Due to the reduced capital expenditure as well  as  a  solid improvement in working capital, PUMA's free cashflow  reached  EUR  45.1 million@@end@@

compared  to  an  outflow  of  EUR  23.6  million  in  last  year's comparison, representing a strong improvement over last year. An outflow of EUR 61.0  million  (last  year:  EUR  19.7  million)  is   related to acquisition cost. Taking the acquisition cost into account, the  free  cashflow was EUR -15.8 million compared to EUR -43.3 million last year.

Cash position

Total cash end of June stood at EUR 302.7 versus EUR 288.2 million last  year. Bank debts were down from EUR 65.6 million to EUR 44.8 million.  As  a  result,  the net cash position increased from EUR 222.6 million to EUR 257.9 million year over year, underlying PUMA's strong focus on efficient cash management.

Outlook 2009 - Market environment remains challenging

A solid first half performance and a pro-active restructuring and   reengineering program, which has achieved improvements in operating expenses, working  capital and free cashflow, have enabled  PUMA  to protect  its  industry  leading  key- financial parameters. Further improvements should be realized over the  next  18 months as the program  continues  to  yield  additional  efficiencies  and  cost savings.  However,  we  remain  highly  cautious  and  anticipate  a continued challenging  and  volatile  retail  industry  due  to  the decline  of  private consumption as a result of  the  weakness  in   the  global  economy,  which  may negatively impact sales in second half.

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 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 values 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. The Black label features collaborations with  renowned   designers  such as Alexander McQueen, Yasuhiro Mihara and Sergio Rossi. The PUMA Group owns  the brands PUMA, Tretorn and Hussein Chalayan.  The company, which  was  founded  in 1948, distributes its products in more than 120  countries,  employs  more  than 9,000 people worldwide and has headquarters in  Herzogenaurach/Germany,   Boston, London and Hong Kong. For more information, please visit

Rounding differences may be observed in the percentage and numerical values expressed in millions of Euro since the underlying calculations are always based on thousands of Euro.

Rounding differences may be observed in the percentage and numerical values expressed in millions of Euro since the underlying calculations are always based on thousands of Euro.

Rounding differences may be observed in the percentage and numerical values expressed in millions of Euro since the underlying calculations are always based on thousands of Euro. -----------------------

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ots Originaltext: PUMA AG Rudolf Dassler Sport
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Telefon: +49 (0)9132 81-2984


Branche: Consumer Goods
ISIN:      DE0006969603
WKN:        696960
Index:    Midcap Market Index, MDAX, CDAX, Classic All Share, HDAX,
              Prime All Share
Börsen:  Frankfurt / regulated dealing/prime standard
              Berlin / free trade
              Hamburg / free trade
              Stuttgart / free trade
              Düsseldorf / free trade
              Hannover / free trade
              München / regulated dealing

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