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1、 1 Q4&FY 2024 PUMA grows currency-adjusted sales 4.4%in 2024 and provides outlook for 2025 Herzogenaurach,12 March 2025 Key developments Q4 2024 Currency-adjusted sales increase by 9.8%to 2,289 million(+15.5%reported)Gross profit margin increases by 30 basis points to 47.3%Operating expenses(OPEX)in

2、crease by 15.8%to 982 million,mainly due to the previous years lower base from the Argentine peso devaluation Operating result(EBIT)increases by 15.3%to 109 million Key developments FY 2024 Currency-adjusted sales increase by 4.4%to 8,817 million(+2.5%reported)Growth recorded across all regions,prod

3、uct divisions and distribution channels Gross profit margin up by 100 basis points to 47.4%despite currency headwinds Operating expenses(OPEX)increase by 5.2%to 3,580 million Operating result(EBIT)remains flat at 622 million with an EBIT margin of 7.1%Net income declines by 7.6%to 282 million,mainly

4、 driven by higher net interest expenses and non-controlling interests Inventories increase by 11.6%to 2,014 million to adequate levels,driven by a strong increase in goods in transit to serve the new product cycle in 2025 Free cash flow increases by 25.8%to 464 million Proposed dividend of 0.61 per

5、share and 2024 share buyback of 50 million will result in total payout of 50%of net income Outlook FY 2025:Currency-adjusted sales growth at low-to mid-single digit percentage rate Adjusted EBIT excluding one-time costs in a range between 520 million and 600 million CAPEX of around 300 million 2 Arn

6、e Freundt,Chief Executive Officer of PUMA SE:“I am pleased that we delivered a solid sales growth on a currency-adjusted basis and improved our gross profit margin in 2024.We made significant progress with our Brand Elevation Strategy,enhancing our brand perception among consumers and achieving stro

7、ng growth in our performance categories.Strengthening our brand and our performance credibility is crucial for PUMAs sustainable success as a sports brand.I am also encouraged that we made progress in the transition of our Sportstyle Prime business.We implemented our new product,go-to-market,and mar

8、keting strategies for the first time for our Speedcat which shows promising sales numbers in its current go-to-market phase before scaling up this summer.All these important achievements in line with our strategic priorities would not have been possible without the great dedication and commitment of

9、 the whole PUMA family and of its partners.However,despite these successes,I am not satisfied with our stagnant profitability.We must address our current cost trend and we have already been taking decisive actions to improve the situation with our nextlevel programme.Our outlook for 2025 is below th

10、e expectations we set a year ago,both in terms of top and bottom lines.We are fully aware of the root causes of our challenges and are addressing them with full focus and rigor.In this volatile environment,we remain committed to doing what is right for the company in the long term:elevating the bran

11、d,creating innovative and aspirational product franchises,being the best service partner to our retailers and investing in our infrastructure to achieve cost efficiencies over time.While 2025 will be a challenging year,I am particularly excited to see the impact of our new brand campaign,the launch

12、of our latest running innovations and the build-up of further traction with our exciting products offers in the low profile category.”3 Fourth Quarter 2024 Sales grew currency-adjusted(ca)by 9.8%to 2,289.4 million(+15.5%reported),showing an improvement throughout the year.Sales growth came from all

13、regions,product divisions,and distribution channels.As anticipated,currencies shifted from a headwind to a tailwind in the fourth quarter.Sales in the EMEA region increased by 14.6%(ca)to 796.5 million,driven by double-digit growth in Europe and EEMEA.In the Americas region,sales increased by 6.5%(c

14、a)to 986.3 million with both North America and Latin America contributing to the growth.Latin Americas growth during the quarter,however,was impacted by backlog constraints from warehouse operations in the previous quarter.The Asia/Pacific region recorded sales growth of 9.5%(ca)to 506.6 million,ref

15、lecting stronger growth when compared to the first nine months of 2024 despite an ongoing softness in Greater China.PUMAs Wholesale business grew by 6.9%(ca)to 1,525.8 million.The emphasis on sell-through in the first half of 2024 laid the foundation for increased sell-in during the second half of 2

16、024.Our Direct-to-Consumer(DTC)business grew by 16.1%(ca)to 763.5 million,which is in line with the year-to-date trend and reflects the continued brand momentum.Sales in owned&operated retail stores increased 12.8%(ca),while e-commerce grew 22.0%(ca).Consequently,the DTC share rose to 33.4%,up from

17、31.6%in Q4 2023.Sales in Footwear increased by 9.2%(ca)to 1,214.8 million,driven by growth in Performance,primarily in the Running category,and in Sportstyle driven by Core and Kids in millionQ4 2024Q4 2023Change in%Currency-adjusted change in%Group Sales2,289.4 1,982.2+15.5%+9.8%Sales by regions EM

18、EA796.5 667.9+19.3%+14.6%Americas986.3 846.0+16.6%+6.5%Asia/Pacific506.6 468.3+8.2%+9.5%Sales by product divisions Footwear1,214.8 1,031.9+17.7%+9.2%Apparel736.5 657.4+12.0%+8.8%Accessories338.0 292.9+15.4%+14.5%Sales by distribution channel Wholesale1,525.8 1,355.0+12.6%+6.9%Direct-to-Consumer763.5

19、 627.2+21.7%+16.1%4 business.Additionally,the elevated Sportstyle Select business also contributed to the growth.Sales in Accessories grew by 14.5%(ca)to 338.0 million and Apparel increased by 8.8%(ca)to 736.5 million.The gross profit margin improved by 30 basis points to 47.3%(Q4 2023:47.0%).Curren

20、cy effects and sourcing were a tailwind in the quarter,although this was partially offset by a generally more promotional environment.Operating expenses(OPEX)increased by 15.8%to 982.2 million(Q4 2023:848.0 million).The increase was primarily driven by a lower base resulting from the Argentine peso

21、devaluation in the previous years quarter,an increased DTC share,and investments in infrastructure.The OPEX ratio increased by 10 basis points to 42.9%(Q4 2023:42.8%).The operating result(EBIT)increased by 15.3%to 108.9 million(Q4 2023:94.4 million)due to sales growth and gross profit margin improve

22、ment.The EBIT margin came in at 4.8%(Q4 2023:4.8%).The financial result improved by 35.1%to -43.5 million(Q4 2023:-67.1 million).This improvement was mainly driven by a lower base in the fourth quarter last year,which was impacted by negative conversion effects from valuation losses related to the d

23、evaluation of the Argentine peso.Tax expenses increased to 20.7 million(Q4 2023:4.9 million)and the tax rate was at 31.7%(Q4 2023:18.0%)mainly due to a different regional profit mix and adjustments in tax rates.Consequently,net income came in at 24.5 million(Q4 2023:0.8 million)and earnings per shar

24、e amounted to 0.16(Q4 2023:0.01)5 Full Year 2024 Sales increased by 4.4%(ca)to 8,817.2 million,supported by growth in all regions,product divisions and distribution channels(+2.5%reported).As anticipated,currencies were a major headwind in 2024,negatively impacting sales in euro terms by approximate

25、ly 150 million.The Americas region recorded the highest growth with sales increasing by 7.0%(ca)to 3,536.0 million,driven by both Latin America and North America.This was followed by the Asia/Pacific region,which recorded a sales increase of 3.8%(ca)to 1805.5 million.All major markets within Asia/Pa

26、cific,including Greater China,Japan,and India,contributed to this growth.The EMEA region also saw a sales increase of 2.1%(ca),reaching 3,475.7 million,driven by Europe and EEMEA.PUMAs Wholesale business grew by 0.4%(ca)to 6,391.8 million due to a strong focus on sell-through in the first half of 20

27、24,setting up for better sell-in in the second half of 2024.The Direct-to-Consumer(DTC)business increased by 16.6%(ca)to 2,425.4 million,driven by brand demand and the opening of new stores.Owned&operated retail stores sales grew 14.2%(ca),while e-commerce increased 21.1%(ca).This resulted in a DTC

28、share of 27.5%(FY 2023:24.8%).Sales in Footwear increased by 5.4%(ca)to 4,733.6 million.This was driven by growth in the Sportstyle Core and Kids business as well as Performance categories,mainly Running and Teamsport.Meanwhile,Sportstyle Prime remained in transition throughout 2024.in million12M 20

29、2412M 2023Change in%Currency-adjusted change in%Group Sales8,817.2 8,601.7+2.5%+4.4%Sales by regions EMEA3,475.7 3,418.4+1.7%+2.1%Americas3,536.0 3,389.9+4.3%+7.0%Asia/Pacific1,805.5 1,793.4+0.7%+3.8%Sales by product divisions Footwear4,733.6 4,583.4+3.3%+5.4%Apparel2,813.9 2,763.0+1.8%+3.7%Accessor

30、ies1,269.7 1,255.3+1.1%+2.0%Sales by distribution channel Wholesale6,391.8 6,468.7-1.2%+0.4%Direct-to-Consumer2,425.4 2,133.0+13.7%+16.6%6 Apparel grew by 3.7%(ca)to 2,813.9 million,led by the Teamsport business,while Accessories increased by 2.0%(ca)to 1269.7 million.The gross profit margin increas

31、ed by 100 basis points to 47.4%(FY 2023:46.3%).Headwinds from currencies and promotional activities were more than offset by a favourable product and distribution channel mix as well as tailwinds from sourcing and freight.Operating expenses(OPEX)increased by 5.2%to 3,580.2 million(FY 2023:3,403.5 mi

32、llion),mainly due to growth in our DTC business and investments in warehouse and digital infrastructure.Consequently,the OPEX ratio increased by 100 basis points to 40.6%(FY 2023:39.6%).The operating result(EBIT)came in at 622.0 million which is at last years level(FY 2023:621.6 million).This result

33、ed in an EBIT margin of 7.1%(FY 2023:7.2%),as gross profit margin improvements were offset by increased OPEX.The financial result decreased by 11.4%to -159.7 million(FY 2023:-143.3 million)mainly due to an increase in net interest expenses and higher currency related losses.Tax expenses increased by

34、 1.9%to 120.0 million(FY 2023:117.8 million)and the tax rate was at 25.9%(FY 2022:24.6%).Net income attributable to non-controlling interests increased to 60.7 million(FY 2023:55.7 million)as a result of improved profits in the socks and bodywear business in the U.S.Consequently,net income decreased

35、 by 7.6%to 281.6 million(FY 2023:304.9 million)and earnings per share amounted to 1.89(FY 2023:2.03).Working Capital The working capital increased by 8.6%to 1,278.2 million(31 December 2023:1,177.3 million).Inventories increased by 11.6%to 2,013.7 million(31 December 2023:1,804.4 million),driven by

36、a strong increase in goods in transit to serve the new product cycle in 2025.The Groups total inventory remains at adequate levels,while quality has further 7 improved.Trade receivables increased by 11.5%to 1,246.5 million(31 December 2023:1,118.4 million).Trade payables increased by 26.2%to 1,893.5

37、 million(31 December 2023:1,499.8 million)due to an increase in goods in transit and a lower comparison base in the prior year.Cash Flow and Liquidity Situation The free cash flow increased by 25.8%to 464.3 million in 2024(FY 2023:369.0 million).On 31 December 2024,PUMA had cash and cash equivalents

38、 of 368.2 million,a decrease of 33.4%compared to 2023(31 December 2023:552.9 million).Net borrowings on 31 December 2024 were 119.8 million,up 100.7 million from 19.1 million on 31 December 2023.This increase is mainly driven by share buybacks,higher lease liability payments,and interest expenses pa

39、rtially offset by the improved free cash flow.In addition,the PUMA Group had credit lines totalling 1,842.9 million as of 31 December 2024(31 December 2023:1,552.8 million).Credit lines rose by 290.1 million due to an extended revolving credit facility until December 2029,which increased from 800 mi

40、llion to 1,200 million.Unutilised credit lines were at 1,360.2 million on the balance sheet date compared to 986.1 million at the end of 2023.Capital Expenditure Investments in fixed assets decreased to 263.0 million(FY 2023:300.4 million),driven by an increased focus to optimise the return on capit

41、al employed.In 2024,investments focused on owned&operated retail stores,warehouse and digital infrastructure to enable future growth.8 Share Buyback&Dividend Upon approval of the proposed dividend by the Annual General Meeting and in line with its policy,PUMA will have returned in total 50%of the ne

42、t income to its shareholders through dividends and share buybacks in the financial year 2024.The share buyback programme announced by PUMA SE on 29 February 2024 began on 06 March 2024.As of 31 December 2024,a total of 1,128,961 shares were repurchased for 50 million at an average price of 44.29 per

43、 share,representing 0.75%of the subscribed capital and 17.8%of the Groups net income in the financial year 2024.In total,under the current programme,PUMA plans to buy back own shares for up to 100 million between 06 March 2024 and 06 May 2025.The net income of 281.6 million in the financial year 202

44、4 and the execution of 50 million from the share buyback programme,enables the Management Board and the Supervisory Board of PUMA SE to propose to the Annual General Meeting on 21 May 2025 the distribution of a dividend of 0.61 per share for the financial year 2024(FY 2023:0.82).This corresponds to

45、a dividend payout ratio of 32.2%(FY 2023:40.3%)of the Groups net income and is in line with the dividend policy payout ratio of 25%-40%.The payment of the dividend is scheduled for the days following the Annual General Meeting when the dividend will be approved.Strategy Update As we continue to oper

46、ate in a challenging and volatile environment,which is expected to weigh on consumer sentiment and demand in key markets,we will fully focus on our controllables.This includes executing our brand elevation strategy to create the foundation for sustainable and accelerated growth,further improving our

47、 distribution quality,and taking decisive actions with our next level programme to address our cost basis.With our high organizational agility,we feel well prepared to manage the increased volatility of the market,react quickly to changing conditions,and find the best solutions to serve our retail p

48、artners,consumers,and brand ambassadors.9 Brand and Product In 2024,the Year of Sport with major events,including the Olympic Games and Euro 2024,we made good progress with our brand elevation strategy.This strategy is our basis to achieve long-term,sustainable growth and to grow faster than the mar

49、ket.PUMAs brand elevation strategy consists of three elements:establishing a distinctive brand DNA,strengthening PUMAs performance credibility,and strengthening our relevance in the Sportstyle Prime business.Establishing a distinctive brand DNA PUMAs first brand campaign in 10 years time“See the Gam

50、e Like We Do”establishes a strong connection with consumers,creates great brand visibility and improves brand awareness and consideration Unaided Brand Awareness increased globally since campaign launch in April particularly in USA PUMA will further increase its media spend in its upcoming brand cam

51、paign which will feature the sharpened brand DNA in 2025 Strengthening our Performance Credibility through Innovation Teamsport Eighth edition of the FUTURE football boot,made for creative players,offers new FUZIONFIT upper for an adaptive fit and a new FLEXGILITY outsole to enable enhanced rotation

52、 and flexibility in all directions Fifth edition of the ULTRA,made for the fastest football players,features a cutting-edge innovation with a full carbon fibre outsole inspired by the world of Formula 1 PUMA signs long-term agreement with the Portuguese Football Federation(FPF),one of the worlds mos

53、t popular national teams 10 Running&Training PUMA is back on the podium of World Marathon Majors with its Deviate NITROTM-Elite 3 and Fast-R2,featuring PUMAs award-winning NITROTM foam PUMA presents new innovation with MagMax,featuring 46mm stack of NITROTM foam,designed for runners who look for unr

54、ivalled underfoot comfort Paris Olympics 2024 were the most successful in PUMAs history with PUMA athletes winning 66 medals,including 19 Gold in Olympics and Paralympics,all of them wearing PUMA NITROTM-Technology Yaroslava Mahuchikh and Armand“Mondo”Duplantis crowned 2024 European Athletes of the

55、Year PUMA announces worldwide partnership with HYROX,the world series of fitness racing to tackle its opportunities in the training category Basketball Fourth edition of LaMelo Balls innovative signature shoe MB.04 continues to be a bestseller with the next generation of consumers PUMA signs NBA All

56、 Star Tyrese Haliburton,who is well recognized for his style of play and fashion by many fans in the U.S.and China Visionary designer Salehe Bembury joins PUMA to design next signature basketball shoe Motorsport PUMA announces long-term strategic partnership with F1 Scuderia Ferrari HP Team and sign

57、s endorsement deal with driver Charles Leclerc as global brand ambassador PUMA joins Aston Martin Aramco Formula One Team as official sportswear,athleisure,and technical gear partner 11 Golf PUMA reimagines the golf cleat with the Flexspike technology featured in the new PHANTOMCAT NITROTM shoe to o

58、ffer better grip and weight distribution LIMIT3D,the first commercially available set of innovative 3D-printed irons,becomes a sell-out success Tour wins for ambassadors Angel Hidalgo,Ewen Ferguson,Jesper Svensson und Chiara Tamburlini Strengthening our Relevance in Sportstyle Prime PUMA scaled mode

59、ls Palermo and Suede XL to maximize opportunities from the prevalent terrace and skate trends PUMA successfully establishes heat around low-profile trend and particularly the Speedcat with Lyst Index ranking the shoe as top 3 of“hottest products”in global fashion in third quarter Development of sell

60、 through and demand for Speedcat has continued to build up month over month Renowned K-Pop artist Ros joins PUMA as global brand ambassador to support classic franchises,including the Palermo and Speedcat,first collaboration with PUMA creates large social media stir in China Collaboration with music

61、 artist and designer A$AP Rocky named“Collaboration of the Year”by Footwear News PUMA hosted catwalk at New York Fashion Week to celebrate the return of the incomparable Mostro sneaker NBA-Star LaMelo Balls first lifestyle shoe LaFranc resonates strongly with consumers PUMA opens creative hub Studio

62、 48 in Los Angeles to create concepts for new products and campaigns with clear focus on US 12 Distribution In line with our brand elevation strategy,we aim to continuously enhance our distribution quality,both in wholesale and our own&operated retail.We remain committed to providing the best servic

63、e to our retail partners in the industry.We are pleased with the progress made in 2024,gaining market shares with our retail partners at the sharp end of performance and sportstyle.Winning with these strategic accounts is crucial for building our performance credibility and brand heat.With a clear g

64、o-to-market and segmentation strategy,we offer all retail partners the best service and collaborate closely with them on product strategies to excite consumers with newness and compelling product stories.In our own and operated retail,we also focus on elevating the brand.Our new flagship stores,such

65、 as the one in Las Vegas,allow us to showcase our brand fully and build further brand preference with our consumers.Additionally,we are investing in our e-commerce business,as it is an integral part of the consumer journey.Our outlet business provides an entry point to our brand for consumers and he

66、lps keep the market clean of excess inventories “Nextlevel”Efficiency Programme In February 2025,PUMA initiated the efficiency programme“nextlevel”to complement its brand elevation strategy in order to translate its growth into incremental profitability with the aim to achieve an EBIT margin of 8.5%

67、by 2027.“Nextlevel”focuses on three areas:Gross Margin:Improve its Gross Profit Margin by reducing the product complexity and realizing further sourcing efficiencies 13 OPEX:Optimize cost base,including personnel expenses,through indirect procurement improvements and better resource allocation in li

68、ne with our strategic growth areas to generate operational leverage Free Cash Flow:Improve our working capital and our capital allocation toward strategic investments that drive growth The programme will further strengthen PUMAs competitiveness as part of the freed-up resources will also be reinvest

69、ed into the brand and product.Sustainability Vision 2030 sustainability goals outline PUMAs strategy in Climate,Circularity and Human Rights and build on strong progress already made in the past years PUMAs ongoing progress as leader in the field of sustainability is recognized by many prestigious a

70、wards,among others from from CDP,Material Change Index,and Financial Times for Good Index PUMAs recycling Innovation RE:FIBRE successfully scaled up to make millions of replica football jerseys People PUMA becomes only company worldwide to be named Top Employer in 50 different countries and globally

71、 in 2025 PUMA independently certified as having no adjusted pay gap between men and women in several locations,including Canada,Germany,France,Italy,Spain,South Africa,Sweden the United States and the Middle East 14 Outlook 2025 In 2024,PUMA achieved sales growth across all regions and product divis

72、ions and improved its gross profit margin,while the operating result(EBIT)remained stable.PUMA focused on its strategic priorities of brand elevation to improve its full price realization in the future and on building the foundation for sustainable growth by strengthening its performance business an

73、d building consumer relevance in the Sportstyle Prime market.In 2025,PUMA anticipates that geopolitical tensions and macroeconomic challenges will continue,especially trade disputes and currency volatility,which is expected to weigh on consumer sentiment and demand in key markets.Against this backdr

74、op,PUMA expects currency adjusted sales to grow in the low-to mid-single-digit percentage range in the financial year 2025.While the environment remains volatile and challenging,the company will continue to focus on its controllables,executing its brand elevation strategy and taking decisive actions

75、 to address its cost basis with its nextlevel programme.The nextlevel cost efficiency programme is expected to incur one-time costs of up to 75 million in 2025,which are related to the closure of unprofitable owned&operated retail stores,restructuring expenses and other one-time non-operating costs.

76、In return,the company expects to generate additional EBIT of up to 100 million in 2025.The net contribution from the nextlevel cost efficiency programme to EBIT in 2025 is projected to be up to 25 million.In order to provide a reliable outlook for the underlying performance of the business,the compa

77、ny provides an adjusted EBIT outlook for 2025,excluding one-time costs.Considering the one-time costs and net contribution from the nextlevel programme,continued investments in marketing,retail stores and infrastructure,PUMA expects an adjusted EBIT in the range of 520 million to 600 million for the

78、 financial year 2025(2024:622.0 million).PUMA plans to continue investing in its retail store network and e-commerce business,along with warehouse and digital infrastructure,to enable its long-term growth objectives and 15 therefore anticipates capital expenditures(CAPEX)of around 300 million in 202

79、5(2024:263.0 million).OUTLOOK 2025 SALES GROWTH(CURRENCY ADJUSTED)low-to mid-single-digit ADJUSTED EBIT*520 million to 600 million CAPEX around 300 million PUMA is committed to addressing short-term challenges while continuing to prioritize investments into the brand and infrastructure as foundation

80、 for mid to long term success.*Excluding one-time costs such as restructuring expenses and other one-time non-operating costs 16 Income Statement Q4 2024 Rounding differences may be observed in the percentage and numerical values expressed in millions of Euro since the underlying calculations are al

81、ways based on thousands of Euro.Income Statement FY 2024 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.in millionQ4 2024Q4 2023Change in%Sales2,289.4 1,982.2 15.5%Cost

82、of sales-1,206.5-1,051.1 14.8%Gross profit1,082.9 931.1 16.3%-in%of sales47.3%47.0%+0.3 ppRoyalty and commission income8.2 11.3-27.7%Other operating income and expenses-982.2-848.0 15.8%Operating result(EBIT)108.9 94.4 15.3%-in%of sales4.8%4.8%0.0 ppFinancial result-43.5-67.1-35.1%Earnings before ta

83、xes(EBT)65.3 27.3 139.0%-in%of sales2.9%1.4%+1.5 ppTaxes on income-20.7-4.9 321.1%-Tax rate31.7%18.0%+13.7 ppNet income attributable to non-controlling interests-20.1-21.6-7.1%Net income24.5 0.8 2897.6%-in%of sales1.1%0.0%+1.1 ppEarnings per share()0.16 0.01 1500.0%Earnings per share()-diluted 0.16

84、0.01 1500.0%Weighted average shares outstanding(million shares)149.32149.85-0.4%Weighted average shares outstanding-diluted(million shares)149.38149.87-0.3%12M 202412M 2023Change in%Sales8,817.2 8,601.7 2.5%Cost of sales-4,639.2-4,615.1 0.5%Gross profit4,177.9 3,986.6 4.8%-in%of sales47.4%46.3%+1.0

85、ppRoyalty and commission income24.3 38.5-37.1%Other operating income and expenses-3,580.2-3,403.5 5.2%Operating result(EBIT)622.0 621.6 0.1%-in%of sales7.1%7.2%-0.2 ppFinancial result-159.7-143.3 11.4%Earnings before taxes(EBT)462.3 478.3-3.3%-in%of sales5.2%5.6%-0.3 ppTaxes on income-120.0-117.8 1.

86、9%-Tax rate25.9%24.6%-1.3 ppNet income attributable to non-controlling interests-60.7-55.7 9.0%Net income281.6 304.9-7.6%-in%of sales3.2%3.5%-0.3 ppEarnings per share()1.89 2.03-6.9%Earnings per share()-diluted 1.89 2.03-6.9%Weighted average shares outstanding(million shares)149.32149.85-0.4%Weighte

87、d average shares outstanding-diluted(million shares)149.38149.87-0.3%in million 17 Balance Sheet*included in working capital 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 Eu

88、ro.in millionDec.31,2024Dec.31,2023Change in%ASSETSCash and cash equivalents368.2 552.9-33.4%Inventories*2,013.7 1,804.4 11.6%Trade receivables*1,246.5 1,118.4 11.5%Other current assets*516.8 385.6 34.0%Other current assets160.0 69.8 129.3%Current assets4,305.2 3,931.1 9.5%Deferred tax assets243.6 2

89、96.1-17.7%Right-of-use assets 1,116.8 1,087.7 2.7%Other non-current assets1,475.0 1,325.6 11.3%Non-current assets2,835.4 2,709.3 4.7%Total Assets7,140.6 6,640.4 7.5%LIABILITIES AND EQUITYCurrent borrowings131.6 145.9-9.8%Trade payables*1,893.5 1,499.8 26.2%Other current liabilities*605.3 631.3-4.1%C

90、urrent lease liabilities 220.6 212.4 3.9%Other current liabilities19.9 47.7-58.3%Current liabilities2,870.9 2,537.2 13.2%Non-current borrowings356.4 426.1-16.4%Deferred tax liabilities14.2 12.4 14.4%Pension provisions27.3 22.5 21.3%Non-current lease liabilities 1,010.0 1,020.0-1.0%Other non-current

91、liabilities33.3 40.0-16.9%Non-current liabilities1,441.0 1,520.9-5.3%Equity2,828.6 2,582.3 9.5%Total Liabilities and Equity7,140.6 6,640.4 7.5%18 Cash Flow Statement Rounding differences may be observed in the percentage and numerical values expressed in millions of Euro since the underlying calcula

92、tions are always based on thousands of Euro.1-12/20241-12/2023 million millionEarnings before taxes(EBT)462.3 478.3 Financial result and non-cash effected expenses and income415.9 485.7 Gross cash flow878.2 964.1 Change in current assets,net-69.4-129.2 Payments for taxes on income-114.1-181.3 Net ca

93、sh from operating activities694.8 653.6 Payments for investing in fixed assets-263.0-300.4 Other investing and divestment activities incl.interest received32.4 15.8 Net cash used in investing activities-230.5-284.6 Free cash flow464.3 369.0 Free cash flow(before acquisitions)464.3 369.0 Dividends pa

94、id to shareholders of PUMA SE-122.8-122.8 Dividends paid to non-controlling interests-89.4-92.4 Proceeds from borrowings39.0 299.6 Cash repayments of borrowings-125.0-59.1 Repayments of lease liabilities-222.5-208.0 Repurchase of treasury shares-50.0 0.0 Payments of interest-127.2-94.3 Net cash used

95、 in financing activities-697.8-277.1 Exchange rate-related changes in cash and cash equivalents48.8-2.1 Changes in cash and cash equivalents-184.7 89.8 Cash and cash equivalents at the beginning of the financial year552.9 463.1 Cash and cash equivalents at the end of the financial year368.2552.9 19

96、Financial Calendar:08 May 2025 Quarterly Statement Q1 2025 21 May 2025 Annual General Meeting 31 July 2025 Interim Report Q2 2025 30 October 2025 Quarterly Statement Q3 2025 The financial releases and other financial information are available on the Internet at“.Media Relations:Robert-Jan Bartunek-T

97、eamhead Corporate Communications PUMA SE- Investor Relations:Gottfried Hoppe Director Investor Relations-PUMA SE- Notes to the editors:The financial reports are posted on PUMA SE stock symbol:Reuters:PUMG.DE,Bloomberg:PUM GY,Brse Frankfurt:ISIN:DE0006969603 WKN:696960 Notes relating to forwardNotes

98、relating to forward-looking statements:looking statements:This document contains statements about the future business development and strategic direction of the Company.The forward-looking statements are based on managements current expectations and assumptions.They are subject to certain risks and

99、fluctuations as described in other publications,in particular in the risk and opportunities management section of the combined management report.If these expectations and assumptions do not apply or if unforeseen risks arise,the actual course of business may differ significantly from the expected de

100、velopments.We therefore assume no liability for the accuracy of these forecasts.PUMAPUMA PUMA is one of the worlds leading sports brands,designing,developing,selling and marketing footwear,apparel and accessories.For more than 75 years,PUMA has relentlessly pushed sport and culture forward by creati

101、ng fast products for the worlds fastest athletes.PUMA offers performance and sport-inspired lifestyle products in categories such as Football,Running and Training,Basketball,Golf and Motorsports.It collaborates with renowned designers and brands to bring sport influences into street culture and fashion.The PUMA Group owns the brands PUMA,Cobra Golf and stichd.The company distributes its products in more than 120 countries,employs about 21,000 people worldwide and is headquartered in Herzogenaurach/Germany.For more information,please visit https:/.