Foreword 06 Mission 08 Management Report 11 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 Share 39 Marketing 41 Consolidated Financial Statements - IFRS - 59 Consolidated Balance Sheet 60 Consolidated Income Statement 61 Consolidated Cashflow Statement 62 Changes in Equity 63 Appendix to the Financial Statements 64 Consolidated Financial Statements 65 Auditor’s Report 91 Report of Supervisory Board 92 Board of Management 94 05 inhalt