Stock price breaks the € 200 barrier PUMA Share The stock markets in 2004 were overshadowed by the  international political turmoil in the Near East, the development of oil prices, and the associated ripple effect on the world  economy. In view of these influencing factors, stock markets moved rather cautiously. The DAX managed to grow by 7%, while the MDAX climbed to 20%.  The appeal of the PUMA share reflects the desirability of the PUMA brand. In addition, the PUMA share is 100% publicly held. Once again, the trading volume was up from the previous year’s level and the average trading volume rose to 141.753 shares per day, or by 13.2%. The price of PUMA’s share continued to climb in 2004 line with the positive value development in recent years. In the course of twelve months, the value of the share rose by 44.5%, closing at € 202.30 at December 31, 2004 after € 140.00 in the previous year. The market capitalization was at € 3.25 billion, compared to € 2.25 billion in the previous year.  The development of the PUMA share during the year was once again steady, moving in the range between € 140.15 and  € 219.54 after € 59.15 and € 141.00 the year before. The share reached its lowest point for the year on January 14, 2004 at € 140.54. The high for the year was realized on October 4, 2004. As in previous years, PUMA maintained its top position in the DAX values (DAX and MDAX) through its superior performance. With a value increase of 44.5%, it again outpaced the DAX, while also topping value growth rates among the large sporting goods companies. 39 Foreword | Mission | Management Report |  Share | Marketing | Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management PUMA Share Performance Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 120 130 140 150 160 170 180 190 200 210 220 230 End of year price 202.30 140.00 65.03 34.05 12.70 Hightest price listed 219.54 141.00 73.34 34.05 21.00 Lowest price listed 140.15 59.15 33.00 12.45 12.50 Average daily trading volume (amount) 141.753 125.202 91.532 46.842 24.963 Earnings per share 16.06 11.26 5.44 2.58 1.14 Gross cashflow per share 24.06 17.61 8.65 4.53 2.20 Free cashflow per share 16.01 6.74 6.41 1.46 0.59 Shareholders’ equity per share 58.01 24.04 15.92 11.48 8.53 Key data per PUMA share in Euro 2004 2003 2002 2001 2000