Management Report Sustained Positive Development of Sales and Earnings 13 Development of the World Economy 14 Strategy of the PUMA Group 15 Sales 16 Results of Operations 19 Dividend 21 Regional Development 22 Net Assets and Financial Position 24 Cashflow 26 Value-Based Management 28 Product Development and Design 30 Sourcing 31 Employees 32 Risk Management 34 Orders Position 36 Outlook 37 11 Foreword | Mission |  Management Report  | Share | Marketing | Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management