Segment reporting is based on geographical areas of responsibility in accordance with the PUMA internal reporting structure, with the exception of stichd. The geographical area of responsibility corresponds to the business segment. Sales, the operating result (EBIT), earnings before taxes (EBT) and other segment information are allocated to the corresponding geographical areas of responsibility according to the registered office of the respective Group company.
The internal management reporting includes the following reporting segments: Europe, EEMEA (Eastern Europe, Middle East, Africa, India, Southeast Asia and Oceania), North America, Latin America, Greater China, rest of Asia/Pacific (excluding Greater China, Southeast Asia and Oceania) and stichd. These are reported as reportable business segments in accordance with the criteria of IFRS 8.
The reconciliation includes information on assets, liabilities, expenses and income in connection with centralised functions that do not meet the definition of business segments in IFRS 8. Central expenses and income include in particular central sourcing, central treasury, central marketing, impairment losses on non-current assets and other global functions of the Company headquarters.
The Company’s main decision-maker is defined as the entire Management Board of PUMA SE.
The external sales presented in the segment reporting are generated in each segment by the sale of footwear, apparel and accessories. They include both wholesale revenues and revenues from own retail activities. The percentage breakdown of sales revenues by wholesale business and own retail activities per segment essentially corresponds to the group-wide breakdown (see Chapter 19). The Greater China segment is an exception, with wholesale revenue accounting for around 50% of its sales. In the previous year, the stichd segment generated revenue almost exclusively from wholesale customers.
Business relations between the companies of the segments are based on prices that would also be agreed with third parties. With the exception of stichd's sales of goods in the amount of €57.8 million (previous year: €37.1 million), there are no significant internal revenues, which is why they are not included in the presentation.
The most important earnings indicator for the management and allocation of resources by the Management Board is the operating result (EBIT) of the business segments, which is defined as gross profit less attributable other operating expenses plus licence and commission income and other operating income, but excluding central costs and central marketing expenses.
The external sales, operating result (EBIT), inventories and trade receivables of the business segments are regularly reported to the main decision-maker. Amounts recognised by the Group from the intra-group profit elimination on inventories in connection with intra-group sales are not allocated to the business segments in the way that they are reported to the main decision-maker. Investments, depreciation and non-current assets at the level of the business segments are not reported to the main decision-maker. Intangible assets are allocated to the business segments in the manner described in Chapter 11. Liabilities, the financial result and income taxes are not allocated to the business segments and are therefore not reported to the main decision-maker at the business segment level.
Non-current assets and depreciation comprise the carrying amounts and depreciation of property, plant and equipment, right-of-use assets and intangible assets during the past financial year. The investments comprise additions to property, plant and equipment and intangible assets.
Since PUMA is only active in the sporting goods industry business field, a further breakdown is made according to the footwear, apparel and accessories product divisions in accordance with the internal reporting structure.
BUSINESS SEGMENTS
T.82Business segments(in € million)
Sales (third parties)
EBIT
Capital expenditure
1-12/2024
1-12/2023
1-12/2024
1-12/2023
1-12/2024
1-12/2023
Europe
2,061.0
2,016.0
268.9
251.4
41.5
25.8
EEMEA*
1,742.1
1,757.5
363.3
396.6
33.5
30.3
North America
2,124.9
2,095.9
323.6
295.0
49.4
75.5
Latin America
1,342.4
1,239.9
254.0
285.3
51.8
75.8
Greater China
604.0
582.2
98.0
84.5
13.8
10.3
Asia/Pacific (excluding Greater China)*
424.7
420.5
57.4
56.7
4.6
4.3
stichd
497.1
459.4
66.8
89.5
24.3
22.1
Total business segments
8,796.2
8,571.3
1,432.0
1,458.9
218.7
244.1
* Due to a change in the structure of the internal organisation, Oceania was assigned to the EEMEA region and the previous year's figures were adjusted accordingly
Depreciation and amortisation
Inventories
Trade receivables (third parties)
1-12/2024
1-12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
Europe
67.3
61.7
541.8
498.5
218.4
196.4
EEMEA*
65.3
62.2
463.3
371.2
340.1
298.8
North America
87.2
83.3
468.0
466.1
214.1
204.9
Latin America
50.7
39.2
314.7
306.9
227.0
223.7
Greater China
30.5
29.3
150.4
109.6
71.6
40.6
Asia/Pacific (excluding Greater China)*
21.9
21.5
56.4
65.0
75.5
79.3
stichd
15.3
11.2
134.0
104.8
93.8
72.1
Total business segments
338.2
308.3
2,128.7
1,922.0
1,240.6
1,115.7
* Due to a change in the structure of the internal organisation, Oceania was assigned to the EEMEA region and the previous year's figures were adjusted accordingly
Non-current assets
31/12/2024
31/12/2023
Europe
521.3
477.4
EEMEA*
225.0
211.7
North America
815.5
741.8
Latin America
256.0
221.5
Greater China
87.9
91.8
Asia/Pacific (excluding Greater China)*
97.8
96.2
stichd
238.3
226.0
Total business segments
2,241.9
2,066.4
* Due to a change in the structure of the internal organisation, Oceania was assigned to the EEMEA region and the previous year's figures were adjusted accordingly
T.83ProductNet sales (third parties in € million, Gross profit margin in %)
Sales (third parties)
Gross profit margin
1-12/2024
1-12/2023
1-12/2024
1-12/2023
Footwear
4,733.6
4,583.4
46.9%
45.4%
Apparel
2,813.9
2,763.0
48.1%
47.8%
Accessories
1,269.7
1,255.3
47.6%
46.6%
Total
8,817.2
8,601.7
47.4%
46.3%
Reconciliations
T.84Reconciliations(in € million)
Sales (third parties)
1-12/2024
1-12/2023
Total business segments
8,796.2
8,571.3
Central areas
20.9
30.4
Total
8,817.2
8,601.7
EBIT
1-12/2024
1-12/2023
Total business segments
1,432.0
1,458.9
Central areas
-323.4
-344.6
Central expenses marketing
-486.6
-492.7
Consolidation
0.0
0.0
Operating result (EBIT)
622.0
621.6
Financial result
-159.7
-143.3
Earnings before taxes (EBT)
462.3
478.3
Capital expenditure
Depreciation and amortisation
1-12/2024
1-12/2023
1-12/2024
1-12/2023
Total business segments
218.7
244.1
338.2
308.3
Central areas
41.4
55.5
32.0
43.4
Consolidation
0.0
0.0
0.0
0.0
Total
260.2
299.6
370.2
351.7
Inventories
Trade receivables (third parties)
Non-current assets
31/12/2024
31/12/2023
31/12/2024
31/12/2023
31/12/2024
31/12/2023
Total business segments
2,128.7
1,922.0
1,240.6
1,115.7
2,241.9
2,066.4
Central areas
3.7
1.6
6.0
2.8
226.3
237.7
Consolidation
-118.6
-119.3
0.0
0.0
0.0
0.0
Total
2,013.7
1,804.4
1,246.5
1,118.4
2,468.3
2,304.1
Geographical information
Sales revenue (with third parties) is reported in the geographical market in which it arises. Non-current assets are allocated to the geographical market based on the registered office of the relevant subsidiary, regardless of the segment structure.
T.85Geographical information by regions(in € million)
Sales (third parties)
Non-current assets
1-12/2024
1-12/2023
31/12/2024
31/12/2023
Germany, Europe
682.7
631.6
536.9
507.0
USA, North America
1,982.7
1,933.7
653.8
604.5
Other countries
6,151.7
6,036.5
1,277.6
1,192.6
Total
8,817.2
8,601.7
2,468.3
2,304.1
25.Notes to the cash flow statement
The cash flow statement was prepared in accordance with IAS 7 and is structured based on cash flows from operating, investing and financing activities. The indirect method is used to determine the cash outflow/inflow from operating activities. The gross cash flow, derived from earnings before income tax and adjusted for non-cash income and expense items, is determined within cash flow from operating activities. Cash outflow/inflow from operating activities less investments in property, plant and equipment as well as intangible assets is referred to as free cash flow.
The cash and cash equivalents reported in the cash flow statement include all cash and cash equivalents shown in the statement of financial position under the item "Cash and cash equivalents", i.e. cash on hand, checks and current bank balances including short-term financial investments.
The following table shows the cash and non-cash changes in financial liabilities in accordance with IAS 7.44A:
T.86Reconciliation of financial liabilities to the cash inflow/ outflow from financing activities 2024(in € million)
The lease liabilities totalling €1,230.6 million (previous year: €1,232.4 million) comprise short-term lease liabilities of €220.6 million (previous year: €212.4 million) and long-term leasing liabilities of €1,010.0 million (previous year: €1,020.0 million).
26.Other financial commitments and contingent liabilities
Other financial obligations
The Company has other financial obligations associated with license, promotional and advertising agreements, which give rise to the following financial obligations as of the balance sheet date:
T.88Commitments from license, promotional and advertising agreements(In € million)
2024
2023
From license, promotional and advertising agreements:
Due within one year
491.6
402.4
Due between one and five years
1,346.9
1,203.5
Due after five years
929.9
314.2
Total
2,768.4
1,920.2
As is customary in the industry, the promotional and advertising agreements provide for additional payments on reaching pre-defined goals (e.g. medals, championships). These are contractually agreed, but by their nature cannot be predicted exactly in terms of their timing and amount.
In addition, there are other financial obligations amounting to €278.8 million (previous year: €246.5 million), of which €153.3 million (previous year: €146.5 million) are long-term. In addition to service contracts totalling €276.7 million (previous year: €234.2 million), these also include other obligations amounting to €2.2 million (previous year: €12.3 million).
Contingent liabilities
Individual PUMA companies are involved in legal disputes arising from normal operating activities, e.g. relating to intellectual property rights and employee matters. If an outflow of resources from these legal disputes is classified as probable and the amount of the obligation can be reliably estimated, the risks arising from these legal disputes are included in the other provisions. However, if the probability of occurrence is classified as low, these legal disputes are recognised as contingent liabilities, which are estimated at € 0.3 million in this financial year (previous year: €0.8 million).
Contingent liabilities also exist due to uncertainties in the appraisal of the facts by the tax and customs authorities in India and the tax authorities in the Netherlands. Based on external reports, management currently assumes that the receivables of the Indian and Dutch tax and customs authorities will not result in any cash outflow.
Overall, the PUMA management considers that the impact of the total of the contingent liabilities on the net assets, financial position and results of operations of the Company is immaterial.
27.Compensation of the Management Board and Supervisory Board
Disclosures pursuant to Section 314(1) 6 HGB (German Commercial Code [Handelsgesetzbuch]) in conjunction with Section 315e HGB.
Compensation of the members of the Management Board
The total compensation of the members of the Management Board in financial year 2024 was €10.2 million (previous year: €10.3 million).
The total remuneration of the Management Board includes the share-based remuneration granted for the financial year with a fair value of €4.5 million (previous year: €4.2 million) and 81,382 performance shares issued (previous year: 81,279).
Total compensation of former members of the Management Board
The total compensation of former members of the Management Board and their surviving dependants amounted to €5.6 million in financial year 2024 (previous year: €0.7 million).
In addition, there were defined benefit pension obligations to former members of the Management Board and their widows/widowers amounting to €2.5 million (previous year: €2.4 million) as well as defined contribution plans from deferred compensation of former members of the Management Board and managing directors amounting to €47.3 million (previous year: €47.2 million). Both items are recognised accordingly within pension provisions to the extent they were not offset against plan assets of an equal amount.
Compensation of the Supervisory Board
The compensation paid to the Supervisory Board comprised fixed compensation and additional compensation for committee activities, and amounted to a total of €0.5 million (previous year: €0.4 million).
28.Disclosures relating to non-controlling interests
The summarised financial information about subsidiaries of the Group in which non-controlling interests exist is presented below. This financial information relates to all companies with non-controlling interests in which the identical non-controlling shareholder holds an interest. The figures represent the amounts before intercompany eliminations.
Evaluation of the control of companies with non-controlling interests:
The Group holds a 51% capital share in PUMA United North America LLC, PUMA United Canada ULC and Janed Canada LLC (inactive company). With these companies, there are profit-sharing arrangements in place which differ from the capital share for the benefit of the respective identical non-controlling shareholder. PUMA receives higher license fees in exchange.
In addition, there is a shareholding in the capital and the result, amounting to 70%, in the company PUMA United Aviation North America LLC.
The contractual agreements with these companies respectively provide PUMA with a majority of the voting rights at the shareholder meetings, and thus the right of disposal regarding these companies. PUMA is exposed to fluctuating returns from the sales-based license fees and from variable earnings. The Group also controls the key activities of these companies. The companies are accordingly included in the consolidated financial statements as subsidiaries with full consolidation with recognition of non-controlling interests.
The non-controlling interests existing on the balance sheet date relate to PUMA United North America LLC, PUMA United Canada ULC, Janed Canada, LLC (inactive) and PUMA United Aviation North America LLC at € 0.9 million (previous year: €28.9 million).
The following tables show a summary of the financial information for subsidiaries with non-controlling interests:
T.89Assets and Liabilities(in € million)
2024
2023
Current assets
235.5
112.9
Non-current assets
7.9
8.6
Current liabilities
235.5
85.3
Non-current liabilities
0.0
0.0
Net assets
7.9
36.3
Net assets attributable to non-controlling interests
0.9
28.9
T.90Income Statement(in € million)
2024
2023
Sales
427.9
411.8
Net income
61.7
56.8
Profit attributable to non-controlling interests
60.7
55.7
Other comprehensive income of non-controlling interests
0.6
4.3
Total comprehensive income of non-controlling interests
61.3
54.2
Dividends paid to non-controlling interests
89.4
92.4
T.91Cash(in € million)
2024
2023
Net cash from operating activities
80.3
101.8
Net cash used in investing activities
0.0
-0.3
Net cash used in financing activities
-80.3
-101.4
Changes in cash and cash equivalents
0.0
0.0
29.Related party relationships
In accordance with IAS 24, relationships with related companies and persons that control or are controlled by the PUMA Group must be reported. All natural persons and companies that can be controlled by PUMA, that can exercise relevant control over the PUMA Group or that are under the relevant control of another related party of the PUMA Group are considered to be related companies or persons within the meaning of IAS 24.
As of 31 December 2024, there was one shareholder in PUMA SE that held more than 20% of the voting rights. This shareholder was the Pinault family, through several companies controlled by them (in order of proximity to the Pinault family: Financière Pinault S.C.A., Artémis S.A.S. and Kering S.A.). According to information provided by Kering S.A., Kering S.A.'s interest in PUMA SE amounted to 0.0% of the share capital on 31 December 2024. Artémis S.A.S. held 28.7% of the share capital of PUMA SE on 31 December 2024 (after the capital reduction as a result of the share buyback programme). Since Artémis S.A.S. and Kering S.A. thus hold more than 20% of the voting rights in PUMA SE, there is a presumption of significant influence in accordance with IAS 28.5 and IAS 28.6. They and all other companies directly or indirectly controlled by Financière Pinault S.C.A. and which are not included in the consolidated financial statements of PUMA SE, are considered to be related parties in the following.
In addition, the disclosure obligation pursuant to IAS 24 extends to transactions with associated companies as well as transactions with other related companies and persons.
Transactions with related companies and persons largely concern sales of goods and licensing agreements under normal market conditions.
The following overview illustrates the scope of the business relationships:
T.92Deliveries and services rendered and received(In € million)
Deliveries and services rendered
Deliveries and services received
2024
2023
2024
2023
Companies included in the Artémis Group
0.8
2.1
0.0
0.0
Other related companies and persons
0.0
0.0
0.0
0.0
Total
0.8
2.1
0.0
0.0
T.93Net receivables and liabilities(In € million)
Net receivables from
Liabilities to
2024
2023
2024
2023
Companies included in the Artémis Group
0.2
0.3
0.0
0.0
Other related companies and persons
0.0
0.0
0.0
0.0
Total
0.2
0.3
0.0
0.0
Receivables from related companies and persons are not subject to value adjustments.
Classification of the remuneration of key management personnel in accordance with IAS 24.17:
The members of key management personnel in accordance with IAS 24 are the Management Board and the Supervisory Board. These are counted as related parties.
In financial year 2024, the remuneration of the members of the Management Board of PUMA SE for short-term benefits amounted to €5.7 million (previous year: €6.1 million), for termination benefits to €4.1 million (previous year: €0.0 million) and the share-based payment €2.4 million (previous year: €1.4 million). Furthermore, just like in the previous year, no remuneration was granted in the form of other long-term benefits or in the form of post-employment benefits in the reporting year. Accordingly, the total expenditure for the reporting year amounted to €12.2 million (previous year: €7.5 million).
In financial year 2024, the remuneration of the members of the Supervisory Board of PUMA SE for short-term benefits amounted to €0.5 million (previous year: €0.4 million).
30.Corporate governance
The Management Board and the Supervisory Board submitted the required compliance declaration with respect to the recommendations issued by the Government Commission German Corporate Governance Code pursuant to Section 161 of the German Stock Corporation Act (Aktiengesetz – AktG) and published it on the Company's website (https://about.puma.com/en/investor-relations/corporate-governance).
31.Events after the balance sheet date
As already announced in the publication of 22 January 2025, PUMA has initiated the comprehensive efficiency programme ‘nextlevel’, with the aim of translating sales growth into higher profitability growth in the future through cost optimisation. To this end, direct and indirect costs are to be optimised and personnel costs aligned with the strategic growth areas. The programme is expected to result in one-time costs, which will be offset by cost savings in 2025 and subsequent years.
No further events took place after the balance sheet date that had a material impact on the net assets, financial position and results of operations of the PUMA Group.
32.Date of release
The Management Board of PUMA SE released the consolidated financial statements on 11 March 2025 for distribution to the Supervisory Board. The task of the Supervisory Board is to review the consolidated financial statements and state whether it approves them.
Herzogenaurach, 11 March 2025
The Management Board
Freundt Neubrand Valdes
This is a translation of the German version. In case of doubt, the German version shall apply.
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