Disclosure pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)
Disclosures pursuant to article 8 of regulation (EU) 2020/852 (Taxonomy Regulation)
Taxonomy regulation
The Taxonomy Regulation (EU) 2020/852, effective from 22 June 2020, defines sustainable economic activities with the aim of redirecting capital flows towards them. Companies must report on "environmentally sustainable" revenues, investments, and operating expenses. The six environmental objectives are:
Climate change mitigation (CCM)
Climate change adaptation (CCA)
Sustainable use and protection of water and marine resources (WTR)
Pollution prevention and control (PPC)
Protection and restoration of biodiversity and ecosystems (BIO)
Transition to a circular economy (CE).
Disclosure requirements
Non-financial undertakings must disclose the proportion of Taxonomy-eligible and non-eligible economic activities in their turnover, capital expenditure, and operational expenditure. From 1 January 2023, disclosures must include taxonomy alignment, meaning activities that significantly contribute to six environmental goals, do no significant harm, comply with minimum safeguards, and meet technical screening criteria.
PUMA's economic activities
The Taxonomy has identified eligible economic activities that substantially contribute to each of these environmental objectives. Linked to these eligible activities are technical screening criteria as well as do no significant harm criteria and minimum safeguards that define whether the activity is considered sustainable or not (aligned). To identify the activities that are covered by the Taxonomy, PUMA reviews its business activities annually while recognising that Taxonomy is a dynamic classification system, with technical screening criteria for new activities being added over time. The technical screening criteria in Delegated Regulations’ Annexes currently do not list any business activities that are directly linked to the design, marketing and sale of footwear, apparel and accessories. For the transition to a circular economy, activities related to apparel are listed but are limited to sales generated by services such as repair, remanufacturing or refurbishment, preparation for reuse, sale of second-hand goods, or product as a service business models, none of which are part of PUMA’s current revenue generating activities. As mentioned in the ESRS E5 Resource use and circular economy section of this Statement, PUMA and its partners are piloting fibre to fibre recycling technology and take-back systems. However, those activities have not generated any significant Taxonomy-eligible or aligned sales.
This means that PUMA’s business activities so far do not qualify as contributing substantially to environmental objectives. Therefore, PUMA’s business activities in this regard are not considered Taxonomy-eligible (so far). As a result, PUMA also cannot report any Taxonomy aligned sales.
Eligible capital expenditure
Some of PUMA’s capital expenditure is Taxonomy eligible as it supports the objective of climate change mitigation. Those investments in 2024 include two new solar PV stations totalling € 2.7 million (2023: € 0.3 million) and fast charging stations for electric cars € 0.1 million (2023: € 0.2 million), as well as investments into electric cars of € 4.1 million (2023: € 0.4 million) and installation, maintenance and repair of energy efficiency equipment of € 0.2 million. Investments in the acquisition and ownership of buildings are also Taxonomy-eligible but have not been considered for alignment due to the unclear technical screening criteria. The total amount of Taxonomy aligned capital expenditure in 2024 is € 7 million (2023: € 0.9 million).
The increase of taxonomy aligned investment in new solar capacity as well as electric cars is fully in line with PUMA’s science-based GHG reduction target and new Vision 2030 targets.
Eligible operational expenditure
Since PUMA’s sales activities are not defined as Taxonomy eligible, PUMA's operational expenditure related to Taxonomy-aligned economic activities is not material. The total Taxonomy eligible operational expenditure for 2024 is reported based on the denominator derived from the categories “research and development, building renovation measures, short-term lease, maintenance and repair and any other direct expenditures related to the day-to-day servicing of assets of property, plant and equipment by the undertaking or third party to whom activities are outsourced that are necessary to ensure the continued and effective functioning of such asset” amounting to€ 120.6 million (2023: € 113.4 million) for the 2024 financial year.
The increase in taxonomy eligible operational expenditure follows PUMA overall strategy to invest in research and development as well as expenditure related to the maintenance and servicing of buildings.
Outlook
PUMA will continue transitioning its car fleet to low or zero emission vehicles and investing in renewable energy capacity. In addition, we plan to analyse our buildings portfolio based on energy efficiency classes to prepare for a potential inclusion of buildings into taxonomy aligned CapEx and OpEx. Finally, we plan to explore activities related to the transition to a circular economy in terms of their technical and financial viability.
T.14Proportion of turnover from products or services associated with Taxonomy-aligned economic activities (2024)
2024
Substantial Contribution Criteria
DNSH criteria ('Does Not Significantly Harm')
Economic activities
Code
Turnover
Proportion of turnover
CCM
CCA
WTR
CE
PPC
BIO
CCM
CCA
WTR
CE
PPC
BIO
Minimum Safeguards
Proportion of Taxonomy aligned (A.1.) or eligible (A.2.) turnover, 2023
Taxonomy-aligned environmentally sustainable activities performed by PUMA
0
0
Y
Y
Y
Y
Y
Y
Y
0
OpEx of environmentally sustainable activities (Taxonomy-aligned) (A.1)
0
0
0%
0%
0%
0%
0%
0%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
Of which Enabling
0
0
0%
0%
0%
0%
0%
0%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
E
Of which Transitional
0
0
0%
N/A
N/A
N/A
N/A
N/A
N/A
N/A
0
T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
EL2; N/EL
EL2; N/EL
EL2; N/EL
EL2; N/EL
EL2; N/EL
EL2; N/EL
Taxonomy-eligible environmentally sustainable activities performed by PUMA
0
0
N/EL
N/EL
N/EL
N/EL
N/EL
N/EL
0
OpEx of Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities) (A.2)
0
0
0%
0%
0%
0%
0%
0%
0
A. OpEx of Taxonomy eligible activities (A.1+A.2)
0
0
0%
0%
0%
0%
0%
0%
0
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities (B)
120.6
100
TOTAL (A + B)
120.6
100
1 Y – Yes, Taxonomy-eligible and environmentally sustainable (Taxonomy-aligned) activity N – No, Taxonomy-eligible, but not environmentally sustainable (not Taxonomy-aligned) activityN/EL – (Not eligible) Taxonomy non-eligible activity
2 EL - (Eligible) Taxonomy eligible activity
T.17Proportion of Turnover of Total Turnover for Taxonomy-Eligible and Taxonomy-aligned activities per environmental objective
Proportion of turnover/Total turnover
Taxonomy-aligned per objective
Taxonomy-eligible per objective
CCM
0%
0%
CCA
0%
0%
WTR
0%
0%
CE
0%
0%
PPC
0%
0%
BIO
0%
0%
T.18Proportion of Capex of Total Capex for Taxonomy-Eligible and Taxonomy-aligned activities per environmental objective
Proportion of CapEx/Total CapEx
Taxonomy-aligned per objective
Taxonomy-eligible per objective
CCM
1.43%
54.9%
CCA
0%
0%
WTR
0%
0%
CE
0%
0%
PPC
0%
0%
BIO
0%
0%
T.19Proportion of Opex of Total Opex for Taxonomy-Eligible and Taxonomy-aligned activities per environmental objective
Proportion of OpEx/Total OpEx
Taxonomy-aligned per objective
Taxonomy-eligible per objective
CCM
0%
0%
CCA
0%
0%
WTR
0%
0%
CE
0%
0%
PPC
0%
0%
BIO
0%
0%
T.20Nuclear and fossil gas related activities
Activities
Yes/No
Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle
No
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies
No
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades
No
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels
No
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels
No
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels
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