1) including sales of licensees Sales Brand sales 1) 2,016.6 1,691.5 1,380.0 1,011.7 831.1 714.9 647.4 622.5 594.0 577.2 554.2 541.3 - Change in % 19.2% 22.6% 36.4% 21.7% 16.2% 10.4% 4.0% 4.8% 2.9% 6.6% 2.4% - Consolidated sales 1,530.3 1,274.0 909.8 598.1 462.4 372.7 302.5 279.7 250.5 211.5 199.5 210.0 - Change in % 20.1% 40.0% 52.1% 29.3% 24.1% 23.2% 8.1% 11.7% 18.4% 0.7% -5.0% - - Footwear 1,011.4 859.3 613.0 384.1 270.9 209.0 202.5 193.8 176.2 154.4 143.5 141.9 - Apparel 416.0 337.0 238.5 169.5 163.5 139.0 85.8 73.1 64.4 50.3 49.9 59.8 - Accessories 102.9 77.7 58.3 44.5 28.0 24.7 14.2 12.9 9.9 6.8 6.2 8.4 Result of operations Gross profit 794.0 620.0 396.9 250.6 176.4 141.7 108.2 102.3 94.0 79.0 69.5 62.8 - Gross profit margin 51.9% 48.7% 43.6% 41.9% 38.2% 38.0% 35.8% 36.6% 37.5% 37.4% 34.8% 29.9% License and commission income 43.7 40.3 44.9 37.2 28.9 23.9 24.5 25.9 25.5 26.0 27.1 21.4 Operating result / EBIT 365.0 263.2 125.0 59.0 22.8 16.3 4.7 36.3 33.3 31.0 23.1 -26.2 - EBIT Marge 23.9% 20.7% 13.7% 9.9% 4.9% 4.4% 1.5% 13.0% 13.3% 14.7% 11.6% -12.5% Result before taxes on income / EBT 370.7 264.1 124.4 57.4 21.2 14.4 3.4 37.4 33.2 26.5 17.3 -35.4 - EBT Marge (Return on sales before tax) 24.2% 20.7% 13.7% 9.6% 4.6% 3.9% 1.1% 13.4% 13.2% 12.5% 8.7% -16.8% Consolidated group profit 257.3 179.3 84.9 39.7 17.6 9.5 4.0 34.6 42.8 24.6 14.9 -36.9 - Marge (Return on sales after tax) 16.8% 14.1% 9.3% 6.6% 3.8% 2.6% 1.3% 12.4% 17.1% 11.7% 7.5% -17.6% Expenses Expenses for marketing and retail 214.6 163.9 125.1 86.9 67.0 61.0 47.9 29.0 - - - - Cost of product development and design 36.9 29.9 24.2 19.9 18.2 15.2 15.2 7.3 - - - - Personnel expenses 157.5 126.6 103.0 81.1 64.4 51.5 41.3 35.2 - - - - Balance sheet composition and ratios Total assets 929.6 700.1 525.8 395.4 311.5 266.6 222.9 176.6 147.7 106.5 100.0 121.9 - in % of total assets 57.6% 54.7% 48.0% 44.7% 42.1% 42.1% 43.8% 54.7% 41.7% -12.8% -38.1% -43.5% Net working capital 148.4 155.7 114.0 110.3 78.8 76.6 70.6 69.6 21.2 17.8 6.6 34.1 - thereof: inventories 201.1 196.2 167.9 144.5 95.0 85.1 63.4 58.4 41.9 36.9 33.3 44.0 Cashflow Free cashflow 256.6 107.4 100.1 3.0 9.1 0.8 -12.1 -8.6 39.5 17.7 39.7 -4.6 Net cash position 356.4 173.8 94.3 -7.8 4.8 1.1 7.8 22.0 34.5 4.7 2.5 -50.7 Investment (incl. Acquisitions) 43.1 57.3 22.5 24.8 9.4 14.3 15.7 4.1 2.9 1.8 1.4 2.9 Profitability Gross profit margin 48.0% 46.8% 33.7% 22.5% 13.4% 8.5% 4.1% 35.8% - - - - Return on sales before tax 167.8% 120.7% 81.1% 32.8% 20.6% 17.8% 6.8% 41.4% - - - - Return on sales after tax 42.7% 43.5% 32.2% 20.3% 13.8% 11.1% 4.6% 18.3% - - - - Additional information Orders on hand on Dec. 31  822.6 722.0 531.1 360.1 232.1 187.2 133.5 130.8 111.4 90.9 94.4 85.2 Number of employees on Dec. 31  3,910 3,189 2,387 2,012 1,522 1,424 1,145 1,078 807 745 703 714 Number of employees on yearly average 3,475 2,826 2,192 1,717 1,524 1,383 1,149 1,041 795 728 725 1,012 PUMA share Price of the PUMA share on Dec. 31 202.30 140.00 65.03 34.05 12.70 17.20 11.25 18.61 26.29 18.41 14.93 7.75 Earnings per share (in €) 16.06 11.26 5.44 2.58 1.14 0.62 0.26 2.25 1.98 1.76 1.06 -2.63 Average outstanding shares (in million) 16.025 15.932 15.611 15.392 15.390 15.390 15.390 15.390 15.390 14.000 14.000 14.000 Number of shares on Dec. 31 (in million) 16.062 16.059 15.846 15.429 15.390 15.390 15.390 15.390 15.390 14.000 14.000 14.000 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 €million €million €million €million €million €million €million €million €million €million €million €million Business phase Momentum Investment Restructuring PUMA Group Development