Paul Gautier, PUMA Czech and Slovak Republic General Manager said; “We are excited to work with the Slovak Football Association. The Slovak Republic has a rich football history and we believe a strong future. We are confident that this new partnership with the Slovak Football Association will contribute to the continued positive development of the PUMA brand in Slovakia.

Slovak Football Association president Ján Kováčik added: “This partnership agreement with PUMA is very important to us. PUMA has such a strong global reputation and expertise in developing technical apparel and distributing licensed product, and we are very happy to confirm this partnership. ”

Alongside the partnership announcement, PUMA unveiled the new Slovak National Home and Away kits. These new kits are part of the PUMA Power12 collection which also includes the PowerCat 1.12 football boots. The kits are based around the Slovak National flag colours; the Home shirt is designed in white with blue details and the Away shirt is blue with white details. Both kits include the Slovak National Emblem on the left chest side and PUMA branding. The design of the kit reflects the dynamic and modern character of the Slovak National Team.

The Kit´s POWER technology was developed using 3D motion analysis, a scientific method for detection and quantification of human movement. Details of this analysis are incorporated into the design of the outfits and ensure that the player moves with minimum power and energy.

The press conference was held in the EXIsport store in Eurovea Galleria, Bratislava before the Slovak Footballer of the Year declaration. The new kits were presented by Slovak National Football team players – Kamil Kopúnek, Juraj Kucka and Michal Brezanik. The press conference was also attended by Ján Kováčik (Slovak Football Association president) and Paul Gautier (PUMA Czech and Slovak Republic General Manager).

To reduce waste and keep products out of landfills, the Sportlifestyle company PUMA has installed recycling bins in PUMA Stores and outlets in Germany for customers to return used shoes, clothing and accessories of any brand.

The PUMA “Bring Me Back” program, which is run in cooperation with global recycling company I:CO, aims at encouraging the recycling and re-usability of sportlifestyle products among consumers by providing a convenient and simple process: Consumers bring used shoes, clothing and accessories from any manufacturer to a PUMA Store and deposit them in the designated Bring Me Back bins. The used products are then sent off to be re-used or recycled. This means they are either broken down and re-used to create raw materials, or they will be re-used in case they are still in a suitable condition, or they will be recycled into new products. With this new initiative PUMA helps to protect the environment, aspiring to eliminate waste by recycling used products to create new ones. This effort is one more step forward toward the long-term goal of transitioning to a closed cycle loop for materials usage.
“On our mission to become the most desirable and sustainable Sportlifestyle company in the world, we areconstantly working on solutions that aim at reducing the environmental impact that PUMA as a company leaves behind on our planet,” said Franz Koch, CEO of PUMA. “With our Bring Me Back-Program, we are pleased to target for the first time ever the massive amounts of waste sportlifestyle products leave behind at their end-of-life phase when consumers dispose them and they end up on landfills or in waste incineration plants.”

PUMA has implemented several initiatives and programs within its long-term sustainability program that foresees a reduction of 25% of carbon emissions, energy, water and waste in PUMA offices, stores, warehouses and direct supplier factories by 2015. With the innovative packaging system Clever Little Bag, that PUMA introduced in 2010 and that replaced traditional shoeboxes, the company already reached a milestone in reducing PUMA’s – and its consumers’ – environmental footprint significantly by saving more than 60% of paper and water annually.

In 2011, PUMA published the first-ever Environmental Profit and Loss Account that assessed and valued the environmental impacts of the company’s core operations (PUMA offices, stores and warehouses) and along its entire supply chain of production factories – from the level of raw material production to the final manufacturing of PUMA products. This analysis helped PUMA to determine the impacts that arise from the point of cotton or leather production to the point where PUMA products are sold in a PUMA store. However, a considerable part of PUMA’s environmental footprint comes about through the consumer disposal phase. The Bring Me Back program now addresses PUMA’s impact at that level, reducing the waste generation of sportlifestyle products.

The program furthermore sets the foundation for an initiative on products which are designed for recycling as PUMA is currently looking into solutions to develop recyclable or decompostable products. PUMA’s entire team is also working on achieving the company’s goal of having 50% of the international collections made of more sustainable materials by 2015. In 2011, about 16% of PUMA’s total apparel products were made of more sustainable materials such as recycled polyester, organic cotton and Cotton Made in Africa, proving that the company is right on track to reach this target.

Bring Me Back launches in PUMA Stores and Outlets across Germany from the 17 April 2012. PUMA Stores and Outlets include among others Berlin, Düsseldorf, Munich, Hamburg, Augsburg and Herzogenaurach. The program will roll out to a handful of additional markets in October 2012, with a full global roll-out slated for January 2013.

More information can be obtained on the soon to be launched website www.puma.com/bringmeback.

Notes to the Editors:

I:CO is a global recycling company that works in conjunction with retailers to house collection bins and give consumers a place where they can return old gear and help give valuable resources another life.

For further information and to find the nearest collection bin, visit puma.com/bringmeback (launched soon).

PROFITABILITY AFFECTED BY SLOW-DOWN IN EUROPE

Highlights First Quarter 2012

• Consolidated sales increase by 6.1% to € 820.9 million.
• Gross profit margin falls by 120 basis points to 51.2%.
• EBIT decline by 8.1% to € 102 million.
• Net earnings decrease slightly, by 4.9% to € 74 million.
• EPS decline from € 5.17 to € 4.92.
• Long-term contractual partnership with the Italian Football Federation extended.

Outlook for the Financial Year 2012

• Management reiterates full-year sales target of high single-digit growth for 2012.
• Management continues to see net earnings increasing in the mid-single digit range for 2012.

“After a strong finish in 2011, PUMA’s first-quarter sales growth could not keep pace with that of recent quarters, translating into weaker bottom line results, said Franz Koch, CEO of PUMA SE. “Our first quarter sales performance indicates that we are facing challenges in Europe. As a consequence, we have begun to respond to these challenges, optimizing the efficiency of our business model in the EMEA region. In addition, I am confident that the product innovations we have in the pipelines will contribute to achieving our full-year sales and earnings targets against the background of this extraordinary sports year.”

 

Sales Performance By Region

EMEA sales decline in a challenging consumer environment

With consumer spending remaining sluggish within the Eurozone, Sportlifestyle company PUMA’s first-quarter sales increased by 6.1% in Euro terms and 4.2% currency adjusted to € 820.9 million compared to last year.

Sales in the EMEA region softened by 1.4% currency adjusted to € 368 million, as restrained consumer spending in the wake of the financial crisis in the Eurozone continued to impact demand. In addition to the challenging overall business climate, the late arrival of winter in Europe dampened sales at wholesale accounts and retailers, which slowed the in-take of spring collections and therefore had an effect on PUMA’s first-quarter sales.

As a consequence, PUMA has begun to respond to these challenges, optimizing the efficiency of its business model in the EMEA region. To this end Sergio Bucher, formerly PUMA’s Head of Global Retail, was appointed the new General Manager for Europe. In line with the transformation outlined in the “Back on the Attack” growth strategy, the company is currently in the process of streamlining the country organizations and centralizing some of the back-office functions on a regional level.

A strong sales performance in Asia/Pacific and the Americas counterbalanced the softening sales in the EMEA region. Fuelled by growth in India, Korea and Japan, which all saw significant demand for PUMA’s Motorsport, Running and Lifestyle products, Asian sales climbed 10.2% currency adjusted to € 192.1 million.

Sales in the Americas improved by 8.5% currency adjusted to € 260.8 million. Within the Latin American region, Mexico, Argentina and Brazil in particular posted strong, double-digit growth rates. North America was up, supported by the new joint ventures Wheat Accessories and Janed socks and bodywear.

 

Sales Performance By Segment

Footwear sales soften primarily in mature markets
 

Footwear sales declined 2.1% currency adjusted to € 414.6 million in the first quarter. However, PUMA has seen promising results of some of its major recent footwear product launches.

For example, the ARCHIVE LITE, an ultralight shoe with a contemporary look, is generating a double-digit sell-through in key leading doors in various countries in Europe and Asia. These styles have a distinct unique selling point, are bold, young and colorful and are the proof that PUMA is heading in the right direction. PUMA has extended its Lightweight Concept, incorporating further styles for the fourth quarter to fully capitalize on this opportunity.

The relevance of the Lightweight concept also applies to PUMA’s Performance categories. In 2012, PUMA’s Year of Speed, the company will be launching a new performance collection at the end of May that for the first time encompasses all of PUMA’s sport categories. Inspired by Usain Bolt, the collection answers every athlete’s need for speed by taking performance technology and innovations, and incorporating them in footwear and apparel developed for various sports.

Sales in the Apparel segment climbed 8% currency adjusted to € 267.6 million. The Lifestyle and Performance collections resonated well with consumers in all markets. Running, Lifestyle and Golf apparel products in particular were in demand. PUMA further expects an increase in Apparel sales on the back of UEFA Euro 2012.

Accessories jumped 19% currency adjusted to € 138.7 million, where Cobra PUMA Golf continues to deliver an outstanding performance, while the new joint venture for socks and bodywear in the North American market follows suit.

PUMA’s Teamsport category was further strengthened in the first quarter by the signing of a long-term sponsorship contract with the Slovak Football Association, and the confirmation of a new long-term contractual partnership with the Italian Football Federation that sees PUMA now actively managing the entire licensing portfolio of the Federation’s assets on a global basis. PUMA also expanded its international club portfolio by signing the Brazilian Club Botafogo from Rio de Janeiro and the Italian Serie A club US Palermo. In addition, PUMA extended its partnership with French football club Girondins de Bordeaux. The Teamsport business is expected to benefit not only from these new acquisitions, but also from the UEFA Euro 2012 in Poland/ Ukraine in June.

PUMA Running was driven by the light-weight PUMA Faas range, which includes the ongoing best-seller PUMA Faas 300. The Running category will receive a further support in the second quarter with the unveiling of Olympic performance and lifestyle collections of the Jamaican athletics team designed by Cedella Marley, daughter of Reggae legend Bob Marley, at the beginning of June.

Motorsport remained active during the first quarter. PUMA boosted its Formula 1 portfolio by signing new contracts with Mercedes GP Petronas. Nico Rosberg then provided the perfect start to this partnership, scoring his maiden F1 victory in his Mercedes AMG Petronas car at the Chinese Grand Prix in Shanghai two weeks ago.

Sales in Sailing also continued to increase as the marketing activities around the Volvo Ocean Race and the press coverage of PUMA’s most recent success in this ocean marathon have been positive. In the current America’s Cup World Series PUMA, who serves as the exclusive licensee for the America’s Cup Event Authority and the PUMA-sponsored Team ORACLE Racing, are getting prepared for the next exciting regattas in Venice in May and Newport, Rhode Island in June.

Expenses and Profitability

Gross Profit Margin softens to 51.2% in the first quarter of 2012
 

Input price pressures were mainly responsible for the drop of the gross profit margin in the first quarter, which comprised 51.2% of group sales, down from 52.4% at the same point last year. Hedging also had a negative effect, as did the product and regional mix.

As a consequence, Footwear fell back from 51.3% to 49.5%, Apparel dropped slightly from 53.7% to 53.5% and Accessories declined from 54.0% to 51.9% which is mainly due to the first time inclusion of the newly added US sock and bodywear business, which carries lower margins.

 

Satisfying retail performance

Retail sales constituted € 122 million, or 14.9% of total sales, in the first three months of 2012, an improvement of 15.2% year on year, underlined by positive comparable sales in the current store portfolio and newly opened stores in 2012.

 

Operating Expenses rise as growth strategy is implemented

Operating expenses rose by 8.0% to € 322 million in the first quarter of 2012, as the “Back on the Attack” growth strategy continues to be implemented. This represents 39.3% of group sales compared to 38.6% in 2011. This increase was mostly due to rising marketing, research, design and development expenditures. Another component of the increase is the expansion of the retail store portfolio over the past twelve months.

 

Operating Result (EBIT) impacted by drop in gross profit margin

Operating profit declined in the first three months of 2012 from € 111.0 million to € 102.0 million, caused mainly by the drop in gross profit margin. The moderate increase in operating expenses was in line with PUMA’s plans. As a consequence, the EBIT ratio decreased from 14.4% last year to 12.4% this year.

 

Financial Result / Income from associated companies improves

The financial result improved from € -0.2 million to € 1.1 million in the first quarter due to positive currency developments.

Earnings before Taxes (EBT) lower

PUMA’s first-quarter EBT was lower at € 103.1 million in 2012 compared to € 110.8 million in 2011, representing 12.6% of group sales compared to 14.3% at this time last year. Tax expenses also fell from € 33.1 million to € 27.9 million, representing a tax rate of 27.1% versus 29.9% for the comparable period in 2011.

Net Earnings drop slightly

Consolidated net earnings dropped slightly by 4.9% from € 77.7 million to € 73.9 million. Earnings per share therefore also fell back from € 5.17 in 2011 to € 4.92 in the first quarter of 2012.


 

Net Assets and Financial Position

Equity rises
 

Total assets as of March 31st rose by 7.9% from € 2,303 million to € 2,486 million due to increases in both inventories and trade receivables. The equity ratio moved up from 60.6% to 66.4% when compared to the first quarter of 2011, once again strengthening the capital base. Shareholder’s equity is now equivalent to € 1,652 million, up from € 1,396 million.

 

Working Capital increases

PUMA’s overall Working Capital increased by 21.0% to € 723.7 million. Looking at assets, inventories rose by 26.4% to € 587.1 million. This is mainly due to anticipated sales growth in the upcoming quarters, continuous expansion of our retail store network and higher average prices per unit. Trade receivables also increased by 7.4% to € 620.5 million, broadly in line with sales growth.

 

Cashflow (before acquisitions) remains constant

The Free Cashflow (before acquisitions) remained constant at € -111.5 million. Outflows consisted mostly of working capital increases. The payments for acquisitions relate to the purchase of the outstanding Dobotex shares, effected on the 1st of January 2012.

Capex continued to increase by 28.1% to € -13.8 million and went mainly into Retail stores, supply chain initiatives and IT projects as “Back on the Attack” investments continued.

 

Cash Position reduced

The Total cash position was reduced by 18.3% from € 300.8 million to € 245.8 million, caused by the purchase of the remaining Dobotex shares. Including stable bank debts, the net cash position finished at € 203.2 million.

Outlook for the Financial Year 2012

PUMA’s management has taken actions to improve the company’s cost structure and strengthen product desirability to foster sales growth and profitability. PUMA is confident of achieving the full year targets as outlined in the 2011 annual report. Management continues to foresee sales increases in the high single-digit range and an increase in net earnings in the mid-single digit range for the full year.

Christian Voigt, Senior Head of Global Sports Marketing for PUMA commented: “This new relationship with RCD Espanyol is another positive move for PUMA, as we are actively working to expand our brand presence in Spain. La Liga also is considerably important within the global football market and a key focus for PUMA as we continue to grow our performance sport category portfolio in line with our ‘Back on the Attack’ strategy. This partnership with RCD Espanyol is a further step in asserting our position as the clear number three football brand.”

PUMA Spain General Manager Javier Ortega said; “PUMA and RCD Espanyol have a similar brand ethos and share many of the same values. RCD Espanyol defines itself by the strength of emotion (La Força Dún) a sentiment also embodied within PUMA through our brand values of joy, enthusiasm and passion. We are excited about this new partnership and the prospects it holds. RCD Espanyol will be a prominent focus in our marketing activations for the 2012/13 season and beyond.”

Joan Collet, CEO of RCD Espanyol added, “PUMA will supply all our teams, including the juniors, womens and veterans, enabling Espanyol to strengthen the licensing and merchandising opportunities that can only come from working with a world leading brand. As a club, we are very proud to have formed this partnership with PUMA”.

August Newton, RCD Espanyol Marketing and Communication Vice President further stated, “There is a great satisfaction within the Board of Directors, led by President Ramon Condal, to have confirmed this partnership with PUMA. We are confident it will be very fruitful. The ‘Perico’ fans have always shown great appreciation for PUMA and will welcome PUMA into their home, the home of those with a passion for football.

WORLD’S FASTEST MAN INSPIRES FASTEST PERFORMANCE

Products in the ‘Year of Speed’

PUMA is proud to introduce evoSPEED, the groundbreaking performance collection that for the first time in the Sportlifestyle brand’s history, features product offerings for all PUMA sport categories. Inspired by the Usain Bolt – the World’s Fastest Man, the collection answers every athlete’s need for speed by taking performance technology and innovations and incorporating them in footwear and apparel developed for running, football, motorsport, golf, cricket and indoor sports. evoSPEED will be available from 1 June 2012.

Designed under the criteria of “light, flex, and fit”, all evoSPEED footwear features lightweight materials, increased flexibility and an optimized fit that enables a greater freedom of movement without compromising support, to enhance speed. For the first time in PUMA’s history, the classic Formstripe has been changed and a new lightening version, a signature graphic that emphasizes speed and harkens back to Usain Bolt, will be featured on the complete evoSPEED footwear collection.

The evoSPEED styles will be worn by PUMA’s key athletes in running (e.g. Usain Bolt), football (e.g. Sergio Aguero), motorsport (e.g. Fernando Alonso), golf (e.g. Rickie Fowler), cricket (e.g. Yuvraj Singh) and indoor sports (e.g. Luc Abalo) this summer and beyond.

Running

Inspired by the competitive performance spikes that Usain Bolt will be wearing during the 2012 Diamond League and at the Olympic Games in London, the BOLT evoSPEED Runner is a light, breathable and flexible trainer built to enhance speed. Through evoFOAM, a lightweight midsole cushioning, this trainer offers a fast, responsive and smooth ride. The BOLT evoSPEED Runner upper also has a modern and fresh aesthetic, to bring a strong lifestyle appeal to the track.

 

Football

Part of this cross category collection is the evoSPEED 1 FG, which will be worn by PUMA’s top football players including Sergio Aguero, Radamel Falcao and Mario Gomez. The next generation in PUMA’s Speed silo, the evoSPEED 1 FG is one of the lightest boots in the market and is designed to help players achieve top speed. The upper features a soft and ultrathin microfiber material whilst stability is provided by the internal EverFit cage. The anatomically engineered lightweight one-piece outsole provides stability and support, utilising high-tech materials to minimize weight and to maximize its flexibility and reactivity. The evoSPEED 1 FG features an external heel counter which secures an excellent heel fit and the new PUMA evoAptoLast which provides an industry leading fit.

 

Motorsport

The evoSPEED Mid is the newest style in the PUMA Motorsport range, and took its inspiration directly from the Formula 1 race track and the performance of World Class drivers such as Fernando Alonso of the Scuderia Ferrari F1 Racing Team. The shoe features a full EVA comfort midsole, an internal EverFit cage for enhanced fit, and a heel wrap up for better grip. For extra durability, a rubber spray toe-cap has been added. The minimalistic pattern piecing and the asymmetrical lace system showcase the focus on function for this style.

 

Golf

For the golf category, speed is represented with the FAAS Trac evoSPEED. The latest PUMA Golf shoe will be worn by COBRA PUMA GOLF superstar Rickie Fowler at the U.S. Open and other 2012 golf tournaments. As with the other evoSPEED collection styles, the FAAS Trac evoSPEED provides maximum flexibility to enhance a 360° movement as well as very lightweight materials. These light and highly functional materials deliver unmatched protection through extremely durable waterproofing, taped seams and high breathability to shield the athlete from external forces. The outsole combines directionally molded S2Quill spikes with replaceable S2Quill spikes for ultimate grip on the course. The spikes are situated within a stepped outer frame with additional traction elements to provide a stable, supportive platform. The FAAS Trac evoSPEED further provides improved balance, feel and lateral stability.

 

Cricket

The evoSPEED Cricket Spike is one of the lightest Cricket spikes in the market. The upper features a soft and ultrathin material whilst stability is provided by the EverFit cage that is also being used for the football and motorsport evoSPEED Footwear styles. A mesh window gives breathability and the anatomically engineered one-piece outsole provides stability and support.

 

Indoor

An additional part of the evoSPEED collection is the evoSPEED Indoor 1 that will be worn by many international handball players such as Luc Abalo of the French national team. Matching the general evoSPEED criteria, the shoe features very light weight materials, a super flexible outsole and the EverFit cage that offers a perfect fit and support. A mesh tongue further adds breathability whilst the removable perforated sockliners provide additional comfort.

For more information, please visit www.puma.com .

The Guardian Sustainable Business Awards (GSBAs) reward best practice in sustainable business, showcasing innovative corporate initiatives that tackle the most pressing environmental and social challenges businesses face and that are part of a comprehensive sustainability strategy.

Both the “Biodiversity sponsored by Friends of the Earth” and the overall awards went to PUMA’s Environmental Profit and Loss Account (E P&L). Last year, the Sportlifestyle company published this worldwide unprecedented Environmental Profit and Loss Account for the first time, analyzing environmental factors such as water consumption and greenhouse gas emissions throughout its core business and supply chain operations. As part of PUMA’s long-term sustainability plan, the analysis was commissioned in recognition that producing and selling PUMA products has a wide impact along the entire supply chain. By identifying the most significant environmental impacts, PUMA will develop solutions to address these issues.

The designs will be worn by the entire team (men and women), including three-time Jamaican Olympic gold medallist, fastest man in the world and PUMA athlete Usain Bolt. PUMA’s partnership with Marley, the eldest daughter in the Jamaican family dynasty, underscores the brand’s long-time commitment to the Caribbean nation, with its rich cultural heritage, global music contributions and its unparalleled dedication to Athletics.

“It is truly an honor to design this collection for my home country and my home team,” said Cedella Marley. “It’s not even a dream come true because it’s something I never dreamed would be possible. I ran track in high school in Jamaica and I’m still a huge fan of Jamaican Athletics, so to have a role in creating the outfits for our Olympians is a thrill. I admire what PUMA has been doing in Jamaica over the years and the Marley family has the same type of give-back philosophy. I think this partnership is going to be legendary.”

Staying true to PUMA’s DNA of sportlifestyle, the collection incorporates high-tech fabrics and silhouettes engineered to enhance the performance of the athletes hailing from the fastest country in the world—Jamaica. Taking inspiration from the vibrant colors and patterns of the Caribbean nation as well as the African influences that have come to characterize that country, Cedella Marley’s unique designs are sure to make the world take notice in the summer of 2012.

“I can’t think of a better person to design our Olympic outfits than Cedella,” said Usain Bolt. “PUMA got that right…hooking up with a legendary Jamaican. She’s a great designer but also carries on the spirit of our nation through the legacy of the Marley family. It’s going to be inspirational to run in London with that energy surrounding me.”

PUMA’s Olympic wear will be accompanied by a lifestyle collection of apparel, footwear and accessories which will be available at PUMA retail stores globally in June 2012.

“We’ll go through a rigorous process of material selection and design to ensure the performance singlets, in particular, meet the needs of Jamaica’s world-class athletes,” continued Marley. They have to fit and feel like a second skin.”

“Cedella, the Marley family and their fun and laid back Jamaican nature are a perfect fit for the PUMA brand”, said Franz Koch, CEO of PUMA. “Cedella’s vibrant style and unique design will bring an authenticity to the Olympic PUMA collection for the entire world to see in London 2012, boosting the visibility of our brand significantly.”

Cedella Marley began designing clothes while she was on tour with Ziggy Marley and the Melody Makers, a band comprised of her brothers and sisters. Her fashion brand, Catch A Fire, named after her father’s first album, debuted in 2001 and encompasses a tailored bohemian style with vivid colors and prints. Her collections are available in upscale department stores throughout the United States. In addition to fashion design, Marley is a children’s book author and the CEO of Tuff Gong International—the record label founded by father Bob Marley in 1965. She is also the director of Marley and Company which manages Bob’s image and music rights and helms the merchandising conglomerate The House of Marley. A life-long philanthropist, Marley is currently overseeing operations for The Bob Marley Foundation and 1Love.org, which aligns well with PUMA’s own commitment to giving back.

PUMA’s investment in Track & Field in Jamaica is far and wide, with Usain Bolt being undeniably one of the brand’s greatest ambassadors. Since 2002, PUMA has sponsored the Jamaica Athletics Administrative Association (JAAA), which is the governing body for Track and Field in Jamaica, and the Jamaica Olympic Association. In addition to this, PUMA helps to foster young talent through sponsorship of seven high school track and field programs. This partnership also drives the annual ISSA Boys & Girls Track and Field Championships, dubbed “The Champs” which is lauded as the most popular sporting event in Jamaica and the place where many of the world-renowned sprinters got their start. PUMA is a partner of pre-Champs meets including the Gibson Relays and various Invitationals. Outside of the high school sphere, PUMA is the main partner of the Reggae Marathon, which takes place each December in Jamaica and draws distance runners from all over the world.

The world will be watching Usain Bolt in London 2012 to see if he will break his own record in the 100m and 200m relays, clad in Cedella Marley’s unique designs. At 25, Bolt has emerged as one of the world’s most talented Track and Field athletes in the modern era, winning three gold medals in the 2008 Beijing Olympics and smashing two world records in the 100m (9:58) and 200m (19:19) at the World Championships in Berlin in 2009. PUMA, like many Bolt enthusiasts, believes the best is yet to come.

The results of this testing confirmed that the PUMA Italy replica jersey is within all legal regulations and fully meets the standards of PUMA’s own Restricted Substances List. The amounts of nonylphenolethoxylates (NPEOs) found in the product are considerably below PUMA’s own limits laid out in the Restricted Substances List and are therefore not dangerous to health and do not represent any health hazards.

Furthermore, the report by European Consumer Organisation claims that the jersey would contain lead. PUMA’s independent testing did not detect any traces of lead.

The manufacturer of the PUMA Italy replica jersey holds a valid OEKO-TEX 100 Certificate, which indicates full compliance to the strict Oeko-Tex Standard.

PUMA considers product and environmental safety as a core priority of its business practices. Clear standards that follow the strictest local and international regulations and best practice standards for consumer care and safety are specified in the PUMA.Safe Handbook of Environmental Standards  which also includes PUMA’s Restricted Substances List. The company’s quality concept requires all products to be free of environmentally hazardous chemicals or harmful substances as defined by the Restricted Substances List which is updated on a frequent basis to ensure compliance to all relevant legislation and standards.

PUMA is an active member of the “Zero Discharge of Hazardous Chemicals” industry working group and has committed to zero discharge of hazardous chemicals for all products across all pathways in the supply chain by 2020. Alkylphenolethoxylates (APEOs) and NPEOs are similar to soaps and are being used during the dying process.

APEOs and NPEs are one of the eleven priority chemical groups, targeted by the roadmap of the ZDHC industry working group and PUMA has advised its suppliers to convert to APEO/NPE free formulations. For more information and updates on the joint roadmap projects, please visit www.roadmaptozero.com

The Management has therefore decided to speed up as well as significantly expand the scope of the company’s Transformation Program in order to streamline the cost bases and increase efficiencies in terms of organization, processes and systems. PUMA’s Management estimates that these actions will require one-time costs of up to approximately € 100 million, to be booked in the second half-year of 2012.

The Management therefore revises its previous guidance for PUMA’s 2012 net sales growth from a high-single digit to a mid-single digit rate and expects annual Net Earnings to decrease significantly from the € 230.1 million posted last year, impacted by the aforementioned one-off expense.

Further details of PUMA’s business performance during the second quarter and first half year of 2012 will be provided with the results announcement on 26 July 2012.