PUMA Year-on-Year Comparsion Sales Brand sales 2,016.6 1,691.5 19.2% Consolidated net sales 1,530.3 1,274.0 20.1% Result of operations Gross profit 794.0 620.0 28.1% Earnings before interest and tax (EBIT) 365.0 263.2 38.7% Earnings before taxes (EBT) 370.7 264.1 40.4% Net earnings 257.3 179.3 43.5% Profitability Gross profit margin 51.9% 48.7% 3.2% Return on sales before tax 24.2% 20.7% 3.5% Return on sales after tax 16.8% 14.1% 2.7% Return on capital employed (RoCE) 167.8% 121.0% 46.8% Return on equity 48.0% 46.8% 1.2% Balance sheet information Shareholders’ equity 535.8 383.0 39.9% - Ratio of equity to total assets 57.6% 54.7% 2.9% Working capital 148.4 155.7 -4.7% - in % of Net sales 9.7% 12.2% -2.5% Cashflow and investments Gross cashflow 385.6 280.6 37.4% Free cashflow (before acquisiton) 256.6 137.7 86.3% Investments (before acquisiton) 43.1 27.0 59.8% Acquisition investment 0.0 30.3 Value management Cashflow return on invest 42.7% 43.5% -0.8% Absolute value contribution 222.3 166.3 33.6% Employees Employees on yearly average 3,475 2,826 23.0% Sales per employee 440.4 450.8 -2.3% PUMA share Stock exchange rate at year-end (in €) 202.30 140.00 44.5% Earnings per share (in €) 16.06 11.26 42.7% Free cashflow per share (in €) 16.01 6.74 137.5% Equity per share (in €) 33.37 23.85 39.9% Stock market value 3,308 2,248 47.1% Average trading volume (amount/day) 141,753 125,202 13.2% 2004 2003 € million € million Deviation