DGAP-News
PUMA SE: PUMA's Third Quarter Sales Improve - Seite 4
Improved Financial Result
PUMA's financial result improved from EUR -9.5 million to EUR -5.2 million.
The negative result was caused mainly by the impact of foreign currency
fluctuations.
Net Earnings / Earnings per share decline
Consolidated net earnings fell from EUR 121 million to EUR 69 million for
the first nine months of 2014, with earnings per share declining from EUR
8.07 to EUR 4.59.
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Net Assets and Financial Position
Focus on Working Capital continues
PUMA retained its focus on working capital management in the third quarter.
As a result, Inventories were broadly flat at EUR 573 million and trade
receivables increased by 4.6% to EUR 547 million, in line with the sales
growth.
Cashflow / Capex
PUMA's Free Cashflow (before acquisitions) moved from EUR -75 million to
EUR -91 million for the first nine months of 2014, due to lower Earnings
but supported by a much improved working capital position.
Capital expenditure rose from EUR 34 million to EUR 48 million as PUMA
continued to invest in the opening and refurbishment of selected retail
stores, as well as office and IT equipment.
Net Cash Position
PUMA's Net Cash Position at the end of September 2014 declined slightly
from EUR 246 million to EUR 231 million, also impacted by the payment for a
5.0% equity stake in Borussia Dortmund.
Brand Update
In September, PUMA participated in the capital increase of its strategic
partner Borussia Dortmund GmbH & Co. KGaA (BVB) by acquiring 4,600,000
shares of the club, representing 5.0% of the voting rights. As Borussia
Dortmund's technical supplier since July 2012, we look forward to
continuing our successful partnership with BVB as its close partner and
shareholder. As one of the top clubs in Germany and Europe, Borussia
Dortmund is a perfect fit for PUMA, increasing our brand awareness on a
national and international level.
In addition to Borussia Dortmund, PUMA also added top English Premier
League club Arsenal FC to its list of Teamsport partners at the start of
the quarter. Our sales of replica jerseys, fanwear and associated
accessories have been very satisfying since the new kits were launched in
July.
In Motorsports, the PUMA partnered Mercedes AMG Petronas F1 team showed
that they are truly Forever Faster, sealing the 2014 Constructor's
Championship with 3 races to go and thereby confirming their status as the
fastest team in the world's fastest sport. It has been a superb season for
the team, with Lewis Hamilton and Nico Rosberg dominating the sport. PUMA
has also extended its partnership with BMW Motorsport as the Official
Focus on Working Capital continues
PUMA retained its focus on working capital management in the third quarter.
As a result, Inventories were broadly flat at EUR 573 million and trade
receivables increased by 4.6% to EUR 547 million, in line with the sales
growth.
Cashflow / Capex
PUMA's Free Cashflow (before acquisitions) moved from EUR -75 million to
EUR -91 million for the first nine months of 2014, due to lower Earnings
but supported by a much improved working capital position.
Capital expenditure rose from EUR 34 million to EUR 48 million as PUMA
continued to invest in the opening and refurbishment of selected retail
stores, as well as office and IT equipment.
Net Cash Position
PUMA's Net Cash Position at the end of September 2014 declined slightly
from EUR 246 million to EUR 231 million, also impacted by the payment for a
5.0% equity stake in Borussia Dortmund.
Brand Update
In September, PUMA participated in the capital increase of its strategic
partner Borussia Dortmund GmbH & Co. KGaA (BVB) by acquiring 4,600,000
shares of the club, representing 5.0% of the voting rights. As Borussia
Dortmund's technical supplier since July 2012, we look forward to
continuing our successful partnership with BVB as its close partner and
shareholder. As one of the top clubs in Germany and Europe, Borussia
Dortmund is a perfect fit for PUMA, increasing our brand awareness on a
national and international level.
In addition to Borussia Dortmund, PUMA also added top English Premier
League club Arsenal FC to its list of Teamsport partners at the start of
the quarter. Our sales of replica jerseys, fanwear and associated
accessories have been very satisfying since the new kits were launched in
July.
In Motorsports, the PUMA partnered Mercedes AMG Petronas F1 team showed
that they are truly Forever Faster, sealing the 2014 Constructor's
Championship with 3 races to go and thereby confirming their status as the
fastest team in the world's fastest sport. It has been a superb season for
the team, with Lewis Hamilton and Nico Rosberg dominating the sport. PUMA
has also extended its partnership with BMW Motorsport as the Official
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