Analysis of Financial Report.pptVIP

PUMA  Step 2 Analysis of Cost structure/ Intensity of assets * PUMA  Cost of sales Selling, General and administrative expenses Depreciation Total cost Cost structure is the proportion of the every expense in total cost * PUMA Cost structure Cost of sales (M€) Selling, general and administrative expenses (M€) Depreciation (M€) Total cost (M€) amount proportion amount proportion amount proportion amount proportion 2006 1169.9 57.3% 831.8 40.8% 38.4 1.9% 2040.1 100% 2005 847.8 59.1% 563.5 39.3% 24.3 1.7% 1435.6 100% 2004 736.4 60.6% 459.4 37.8% 19.3 1.6% 1215.1 100% 2003 654.0 62.2% 377.1 35.9% 20.1 1.9% 1051.2 100% 2002 512.9 61.8% 304.3 36.7% 12.5 1.5% 829.7 100% * PUMA Trend analysis * PUMA Intensity of assets ﹠ ROA Intensity of assets is related to return on assets the lower the profit per euro of assets, the more asset-intensive a business is the higher the profit per euro of assets, the less asset-intensive a business is below 5% asset-heavy above 20% asset-light * PUMA ROA from 2006 to 2002 2006 2005 2004 2003 2002 Net profit before interest (M€) 266.0 286.9 260.4 179.9 84.7 Total assets (M€) 1714.8 1321.0 942.3 700.1 525.8 Return on assets (ROA) 0.155 0.217 0.276 0.257 0.161 ROA=Net profit before interest/Total assets * PUMA Conclusion The ROA of PUMA company is around 20% The character of intensity of assets is asset-light * PUMA Trend analysis * PUMA Comparison ROA: 2002 - 2004 2004 - 2006 Intensity of assets: 2002 - 2004 2004 - 2006 Conclusion: The tendency of intensity of assets is in agreement with the change of depreciation in the cost structure. * PUMA 3: Stock market info-positive Highlights First Nine Months Global brand sales increase 4% currency adjusted Consolidated sales up more than 3% currency adjusted Gross profit margin above 52% EBIT at € 320 million, representing 17% of sales EPS at € 14.40