PUMA Annual Report 2023 | Quarterlytics

FY2023 Annual Report · PUMA
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Annual Report 2023

PLAY  
FASTER. 
FOREVER
PLAY. 

RIHANNATABLE OF CONTENTS458153031343536424849TO OUR SHAREHOLDERS CEO-Letter Report by the Supervisory Board OUR PEOPLE SUSTAINABILITYForeword Anne-Laure Descours, CSO Awards and Recognitions PUMA’s FOREVER.BETTER. Sustainability Strategy Sustainability Organisation and Governance StructureMost Material Aspects Scope of the Report Due Diligence and Risk Assessment Human Rights 53Fair Income 79Health and Safety 89Environment94Climate104Chemicals133Water and Air 142Plastics and the Oceans 153Circularity156Products165Biodiversity177Environmental Key Performance Data 184Reporting in accordance with the EU Taxonomy Regulation 188(cid:44)(cid:81)(cid:71)(cid:72)(cid:91)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:69)(cid:76)(cid:81)(cid:72)(cid:71)(cid:3)(cid:81)(cid:82)(cid:81)-(cid:1082)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)R(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)GRI content 198KPMG Assurance Statement 205PUMA Annual Report 2023Table of Contents2PUMA Annual Report 2023

Table of Contents

COMBINED MANAGEMENT  
REPORT OF PUMA SE FOR  
THE FINANCIAL YEAR 2023 

Overview 2023 

PUMA Group essential information 

CONSOLIDATED FINANCIAL 
STATEMENTS

Consolidated Statement of Financial Position 

Consolidated Income Statement 

274

275

277

Consolidated Statement of Comprehensive Income  278

208

210

214

Consolidated Statement of Cash Flows 

Statement of Changes in Equity 

Notes to the Consolidated Financial Statements 

Notes to the Consolidated Statement of 
Financial Position 

Notes to the Consolidated Income Statement 

Additional information 

Declaration by the Legal Representatives 

Independent Auditor‘s Report 

ADDITIONAL INFORMATION 

The PUMA Share 

PUMA Year-on-Year Comparison 

PUMA Group Development 

Imprint

Commercial activities and organisational structure  214

Targets and strategy 

Product development and design 

Sourcing

Employees

Management system 

(cid:44)(cid:81)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:85)(cid:72)(cid:74)(cid:68)(cid:85)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:81)(cid:82)(cid:81)-(cid:1082)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)

Economic report 

General economic conditions 

Sales development 

Results of operations 

Development of the segments 

Dividends

(cid:49)(cid:72)(cid:87)(cid:3)(cid:68)(cid:86)(cid:86)(cid:72)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:1082)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)

(cid:38)(cid:68)(cid:86)(cid:75)(cid:3)(cid:1083)(cid:82)(cid:90)(cid:3)

Statement regarding the business development 
and the overall situation of the Group 

Comments on the Financial Statements of 
PUMA SE in accordance with the German 
Commercial Code (HGB) 

Information concerning takeovers 

Corporate governance statement in accordance 
with section 289f and 315d HGB 

Risk and Opportunity Report 

Outlook report 

215

217

220

222

225

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228

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272

MONDO DUPLANTIS

279

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282

302

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390

3

PUMA Annual Report 2023

To our Shareholders

TO OUR SHAREHOLDERS

CEO-Letter 

Report by the Supervisory Board 

5

8

LAMELO BALL

4

PUMA Annual Report (cid:1180)(cid:1178)(cid:1180)(cid:1181) 

↗ To our Shareholders  

CEO-LETTER 

↗  ARNE FREUNDT 

CHIEF EXECUTIVE OFFICER PUMA 

DEAR SHAREHOLDERS, 

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(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:70)(cid:68)(cid:80)(cid:83)(cid:68)(cid:76)(cid:74)(cid:81)(cid:86)(cid:3)(cid:80)(cid:82)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:76)(cid:86)(cid:87)(cid:72)(cid:81)(cid:87)(cid:79)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:84)(cid:88)(cid:76)(cid:87)(cid:92). 

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(cid:75)(cid:72)(cid:68)(cid:71)(cid:84)(cid:88)(cid:68)(cid:85)(cid:87)(cid:72)(cid:85)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:43)(cid:72)(cid:85)(cid:93)(cid:82)(cid:74)(cid:72)(cid:81)(cid:68)(cid:88)(cid:85)(cid:68)(cid:70)(cid:75)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:68)(cid:81)(cid:81)(cid:82)(cid:88)(cid:81)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)R(cid:76)(cid:70)(cid:75)(cid:68)(cid:85)(cid:71)(cid:3)T(cid:72)(cid:92)(cid:86)(cid:86)(cid:76)(cid:72)(cid:85)(cid:3)(cid:68)(cid:86)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)V(cid:76)(cid:70)(cid:72)(cid:3)(cid:51)(cid:85)(cid:72)(cid:86)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)B(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:9)(cid:3)(cid:48)(cid:68)(cid:85)-
(cid:78)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74).(cid:3)T(cid:75)(cid:72)(cid:86)(cid:72)(cid:3)(cid:71)(cid:72)(cid:70)(cid:76)(cid:86)(cid:76)(cid:82)(cid:81)(cid:86)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:89)(cid:68)(cid:86)(cid:87)(cid:79)(cid:92)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:83)(cid:72)(cid:72)(cid:71)(cid:3)(cid:88)(cid:83)(cid:3)(cid:68)(cid:79)(cid:76)(cid:74)(cid:81)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:69)(cid:72)(cid:87)(cid:90)(cid:72)(cid:72)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:73)(cid:73)(cid:72)(cid:85)(cid:72)(cid:81)(cid:87)(cid:3)(cid:71)(cid:72)(cid:83)(cid:68)(cid:85)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:15)(cid:3)(cid:68)(cid:86)(cid:3)
(cid:74)(cid:79)(cid:82)(cid:69)(cid:68)(cid:79)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:86)(cid:76)(cid:87)(cid:3)(cid:81)(cid:72)(cid:91)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:15)(cid:3)(cid:74)(cid:79)(cid:82)(cid:69)(cid:68)(cid:79)(cid:3)(cid:74)(cid:82)-(cid:87)(cid:82)-(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:85)(cid:72)(cid:68)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:71)(cid:76)(cid:85)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81).(cid:3)(cid:44)(cid:81)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)(cid:86)(cid:72)(cid:87)(cid:88)(cid:83)(cid:3)
(cid:90)(cid:72)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:81)(cid:82)(cid:90)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:81)(cid:3)(cid:68)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:68)(cid:80)(cid:83)(cid:68)(cid:76)(cid:74)(cid:81)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:79)(cid:68)(cid:88)(cid:81)(cid:70)(cid:75)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:69)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:82)(cid:3)(cid:79)(cid:76)(cid:73)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:80)(cid:82)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)
(cid:69)(cid:72)(cid:81)(cid:72)(cid:73)(cid:76)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:80)(cid:72)(cid:85)(cid:86). 

(cid:36)(cid:81)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:70)(cid:82)(cid:85)(cid:81)(cid:72)(cid:85)(cid:86)(cid:87)(cid:82)(cid:81)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:3)(cid:76)(cid:86)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)F(cid:72)(cid:90)(cid:72)(cid:85)-B(cid:76)(cid:74)(cid:74)(cid:72)(cid:85)-B(cid:72)(cid:87)(cid:87)(cid:72)(cid:85)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:68)(cid:70)(cid:75).(cid:3)(cid:58)(cid:72)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)
(cid:72)(cid:73)(cid:73)(cid:82)(cid:85)(cid:87)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:73)(cid:72)(cid:90)(cid:72)(cid:85)(cid:3)(cid:69)(cid:88)(cid:87)(cid:3)(cid:80)(cid:82)(cid:85)(cid:72)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:70)(cid:87)(cid:73)(cid:88)(cid:79)(cid:3)T(cid:76)(cid:72)(cid:85)(cid:3)(cid:1179)(cid:3)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:80)(cid:69)(cid:68)(cid:86)(cid:86)(cid:68)(cid:71)(cid:82)(cid:85)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:82)(cid:83)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:73)(cid:88)(cid:79)(cid:79)-(cid:87)(cid:76)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:73)(cid:79)(cid:88)(cid:72)(cid:81)(cid:70)(cid:72)(cid:85)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:15)(cid:3)
(cid:68)(cid:81)(cid:71)(cid:3)(cid:69)(cid:76)(cid:74)(cid:74)(cid:72)(cid:85)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:70)(cid:68)(cid:80)(cid:83)(cid:68)(cid:76)(cid:74)(cid:81)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:76)(cid:81)(cid:70)(cid:85)(cid:72)(cid:68)(cid:86)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:88)(cid:80)(cid:72)(cid:85)(cid:86).(cid:3)(cid:58)(cid:72)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)

5 

PUMA Annual Report (cid:1180)(cid:1178)(cid:1180)(cid:1181) 

↗ To our Shareholders  

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(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:86)(cid:76)(cid:71)(cid:72). 

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(cid:70)(cid:72)(cid:85)(cid:3)(cid:83)(cid:79)(cid:68)(cid:92)(cid:72)(cid:85)(cid:3)(cid:60)(cid:68)(cid:82)(cid:3)(cid:58)(cid:72)(cid:76)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:69)(cid:85)(cid:72)(cid:68)(cid:78)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:85)(cid:3)(cid:52)(cid:76)(cid:3)(cid:59)(cid:76)(cid:68)(cid:81)(cid:74)(cid:92)(cid:88)(cid:3)(cid:68)(cid:80)(cid:82)(cid:81)(cid:74)(cid:3)(cid:82)(cid:87)(cid:75)(cid:72)(cid:85)(cid:86).(cid:3)(cid:58)(cid:72)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:80)(cid:68)(cid:78)(cid:72)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:72)(cid:91)(cid:70)(cid:76)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:81)(cid:82)(cid:88)(cid:81)(cid:70)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)
(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182). 

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(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:72)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:38)(cid:75)(cid:76)(cid:81)(cid:68)(cid:3)(cid:69)(cid:82)(cid:87)(cid:75)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:72)(cid:85)(cid:80)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:71)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:76)(cid:74)(cid:75)(cid:87)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:79)(cid:82)(cid:70)(cid:68)(cid:79)(cid:3)(cid:73)(cid:76)(cid:87)(cid:3)(cid:68)(cid:87)(cid:3)(cid:68)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:72)(cid:79)(cid:72)(cid:85)-
(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:86)(cid:83)(cid:72)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87). 

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(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:81)(cid:72)(cid:90)(cid:3)(cid:86)(cid:87)(cid:82)(cid:85)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:70)(cid:72)(cid:83)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181). 

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(cid:90)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:82)(cid:76)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:85)(cid:72)(cid:72)(cid:3)(cid:72)(cid:91)(cid:83)(cid:72)(cid:85)(cid:76)(cid:72)(cid:81)(cid:70)(cid:72)(cid:71)(cid:3)(cid:79)(cid:82)(cid:70)(cid:68)(cid:79)(cid:3)(cid:38)(cid:75)(cid:76)(cid:81)(cid:72)(cid:86)(cid:72)(cid:3)(cid:79)(cid:72)(cid:68)(cid:71)(cid:72)(cid:85)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:68)(cid:85)(cid:85)(cid:92)(cid:3)(cid:82)(cid:88)(cid:87)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:88)(cid:81)(cid:87)(cid:85)(cid:92). 

(cid:36)(cid:79)(cid:87)(cid:75)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:82)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:69)(cid:68)(cid:79)(cid:68)(cid:81)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)(cid:71)(cid:76)(cid:86)(cid:87)(cid:85)(cid:76)(cid:69)(cid:88)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:84)(cid:88)(cid:68)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:87)(cid:68)(cid:78)(cid:72)(cid:86)(cid:3)(cid:87)(cid:76)(cid:80)(cid:72)(cid:15)(cid:3)(cid:44)(cid:925)(cid:80)(cid:3)(cid:72)(cid:81)(cid:70)(cid:82)(cid:88)(cid:85)(cid:68)(cid:74)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:72)(cid:86)(cid:86)(cid:3)
(cid:90)(cid:72)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:68)(cid:79)(cid:85)(cid:72)(cid:68)(cid:71)(cid:92)(cid:3)(cid:80)(cid:68)(cid:71)(cid:72)(cid:3)(cid:69)(cid:82)(cid:87)(cid:75)(cid:3)(cid:76)(cid:81)(cid:3)(cid:38)(cid:75)(cid:76)(cid:81)(cid:68)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:56)(cid:54)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:68)(cid:86)(cid:87)(cid:3)(cid:80)(cid:82)(cid:81)(cid:87)(cid:75)(cid:86). 

O(cid:88)(cid:85)(cid:3)(cid:83)(cid:72)(cid:82)(cid:83)(cid:79)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:86)(cid:3)(cid:68)(cid:85)(cid:72)(cid:3)(cid:78)(cid:72)(cid:92)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:88)(cid:70)(cid:70)(cid:72)(cid:86)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:68)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92).(cid:3)T(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:87)(cid:68)(cid:81)(cid:87)(cid:79)(cid:92)(cid:3)(cid:76)(cid:80)(cid:83)(cid:85)(cid:82)(cid:89)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:74)(cid:79)(cid:82)(cid:69)(cid:68)(cid:79)(cid:3)(cid:71)(cid:76)(cid:86)-
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(cid:80)(cid:68)(cid:78)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:83)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:86)(cid:3)(cid:86)(cid:87)(cid:68)(cid:81)(cid:71)(cid:3)(cid:82)(cid:88)(cid:87)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:3)(cid:80)(cid:88)(cid:79)(cid:87)(cid:76)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71) (cid:72)(cid:81)(cid:89)(cid:76)(cid:85)(cid:82)(cid:81)(cid:80)(cid:72)(cid:81)(cid:87).(cid:3)B(cid:72)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:72)(cid:86)(cid:87)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:87)(cid:68)(cid:76)(cid:79)(cid:72)(cid:85)(cid:86)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:82)(cid:81)(cid:70)(cid:72)(cid:3)
(cid:68)(cid:74)(cid:68)(cid:76)(cid:81)(cid:3)(cid:70)(cid:85)(cid:88)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:15)(cid:3)(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:3)(cid:77)(cid:82)(cid:76)(cid:81)(cid:87)(cid:79)(cid:92)(cid:3)(cid:81)(cid:72)(cid:72)(cid:71)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:87)(cid:75)(cid:85)(cid:82)(cid:88)(cid:74)(cid:75)(cid:3)(cid:72)(cid:79)(cid:72)(cid:89)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:89)(cid:72)(cid:81)(cid:87)(cid:82)(cid:85)(cid:92)(cid:3)(cid:79)(cid:72)(cid:89)(cid:72)(cid:79)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:76)(cid:86)(cid:3)(cid:87)(cid:85)(cid:68)(cid:81)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85).(cid:3)(cid:44)(cid:3)
(cid:68)(cid:80)(cid:3)(cid:75)(cid:68)(cid:83)(cid:83)(cid:92)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:72)(cid:86)(cid:86)(cid:3)(cid:90)(cid:72)(cid:3)(cid:68)(cid:70)(cid:75)(cid:76)(cid:72)(cid:89)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:74)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:69)(cid:92)(cid:3)(cid:70)(cid:79)(cid:72)(cid:68)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:88)(cid:83)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:83)(cid:85)(cid:82)(cid:89)(cid:76)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
(cid:73)(cid:82)(cid:88)(cid:81)(cid:71)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:68)(cid:3)(cid:79)(cid:72)(cid:86)(cid:86)(cid:3)(cid:83)(cid:85)(cid:82)(cid:80)(cid:82)(cid:87)(cid:76)(cid:82)(cid:81)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182). 

6 

PUMA Annual Report (cid:1180)(cid:1178)(cid:1180)(cid:1181) 

↗ To our Shareholders  

O(cid:88)(cid:85)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:81)(cid:72)(cid:85)(cid:86)(cid:75)(cid:76)(cid:83)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:68)(cid:70)(cid:75)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:68)(cid:83)(cid:83)(cid:79)(cid:76)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:82)(cid:88)(cid:85)(cid:70)(cid:76)(cid:81)(cid:74)(cid:3)(cid:86)(cid:87)(cid:85)(cid:68)(cid:87)(cid:72)(cid:74)(cid:92)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:76)(cid:86)(cid:3)(cid:69)(cid:68)(cid:86)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:79)(cid:82)(cid:81)(cid:74)-(cid:87)(cid:72)(cid:85)(cid:80)(cid:3)(cid:70)(cid:82)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)-
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(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75).(cid:3)(cid:44)(cid:3)(cid:90)(cid:82)(cid:88)(cid:79)(cid:71)(cid:3)(cid:68)(cid:79)(cid:86)(cid:82)(cid:3)(cid:79)(cid:76)(cid:78)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:68)(cid:81)(cid:78)(cid:3)(cid:92)(cid:82)(cid:88)(cid:15)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:15)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:92)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:71)(cid:3)(cid:86)(cid:88)(cid:83)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:85)(cid:88)(cid:86)(cid:87). 

(cid:44)(cid:3)(cid:85)(cid:72)(cid:68)(cid:79)(cid:79)(cid:92)(cid:3)(cid:79)(cid:82)(cid:82)(cid:78)(cid:3)(cid:73)(cid:82)(cid:85)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:15)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:69)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:60)(cid:72)(cid:68)(cid:85)(cid:3)o(cid:73)(cid:3)(cid:54)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:76)(cid:80)(cid:83)(cid:82)(cid:85)(cid:87)(cid:68)(cid:81)(cid:87)(cid:3)(cid:86)(cid:83)(cid:82)(cid:85)(cid:87)(cid:86)(cid:3)(cid:72)(cid:89)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:86)(cid:88)(cid:70)(cid:75)(cid:3)(cid:68)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)O(cid:79)(cid:92)(cid:80)-
(cid:83)(cid:76)(cid:70)(cid:3)(cid:42)(cid:68)(cid:80)(cid:72)(cid:86)(cid:15)(cid:3)E(cid:88)(cid:85)(cid:82) (cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:38)(cid:82)(cid:83)(cid:68)(cid:3)(cid:36)(cid:80)(cid:72)(cid:85)(cid:76)(cid:70)(cid:68)(cid:3)(cid:90)(cid:75)(cid:76)(cid:70)(cid:75)(cid:3)(cid:74)(cid:76)(cid:89)(cid:72)(cid:3)(cid:88)(cid:86)(cid:3)(cid:74)(cid:85)(cid:72)(cid:68)(cid:87)(cid:3)(cid:69)(cid:85)(cid:68)(cid:81)(cid:71)(cid:3)(cid:89)(cid:76)(cid:86)(cid:76)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92).(cid:3)(cid:58)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:69)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:75)(cid:68)(cid:79)-
(cid:79)(cid:72)(cid:81)(cid:74)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:80)(cid:69)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:87)(cid:82)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:76)(cid:81)(cid:88)(cid:72)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:88)(cid:70)(cid:70)(cid:72)(cid:86)(cid:86)(cid:3)(cid:86)(cid:87)(cid:82)(cid:85)(cid:92)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:74)(cid:68)(cid:76)(cid:81)(cid:3)(cid:73)(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:80)(cid:68)(cid:85)(cid:78)(cid:72)(cid:87)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72). 

(cid:36)(cid:85)(cid:81)(cid:72)(cid:3)F(cid:85)(cid:72)(cid:88)(cid:81)(cid:71)(cid:87)(cid:3) 

(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)E(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)O(cid:73)(cid:73)(cid:76)(cid:70)(cid:72)(cid:85)(cid:3)(cid:51)(cid:56)(cid:48)(cid:36) 

7 

PUMA Annual Report (cid:1180)(cid:1178)(cid:1180)(cid:1181) 

↗ To our Shareholders 

REPORT BY THE SUPERVISORY BOARD 

↗  HÉLOÏSE TEMPLE-BOYER 

CHAIR OF THE  
SUPERVISORY BOARD 

DEAR SHAREHOLDERS, 

In a transition year for our industry, characterized by a challenging market environment, geopolitical con-
flict, macroeconomic headwinds and currency volatility, the PUMA Group sustained its strong momentum, 
gained market shares and delivered a profitability fully in line with its outlook. 

(cid:36)(cid:85)(cid:81)(cid:72)(cid:3)F(cid:85)(cid:72)(cid:88)(cid:81)(cid:71)(cid:87)(cid:15)(cid:3)(cid:90)(cid:75)(cid:82)(cid:3)(cid:87)(cid:82)(cid:82)(cid:78)(cid:3)(cid:82)(cid:89)(cid:72)(cid:85)(cid:3)(cid:68)(cid:86)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)E(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)O(cid:73)(cid:73)(cid:76)(cid:70)(cid:72)(cid:85)(cid:3)(cid:76)(cid:81)(cid:3)(cid:79)(cid:68)(cid:87)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1180)(cid:15)(cid:3)(cid:87)(cid:82)(cid:74)(cid:72)(cid:87)(cid:75)(cid:72)(cid:85)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:48)(cid:68)(cid:85)(cid:76)(cid:68)(cid:3)V(cid:68)(cid:79)(cid:71)(cid:72)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)
Product Officer, Anne-Laure Descours as Chief Sourcing Officer and Hubert Hinterseher as Chief Financial 
Officer, started to build a foundation for the future growth of the company with the strategic priorities of ele-
vating the brand, increasing product excellence, and improving the distribution quality. Within that strategic 
framework, PUMA put a special focus on the important US and China markets. As the Supervisory Board, 
we are convinced that these are the right priorities to ensure not only sustainable but also more profitable 
(cid:74)(cid:85)(cid:82)(cid:90)(cid:87)(cid:75).(cid:3)T(cid:75)(cid:72)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:72)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:80)(cid:68)(cid:71)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:80)(cid:68)(cid:71)(cid:72)(cid:3)(cid:88)(cid:86)(cid:3)(cid:70)(cid:82)(cid:81)(cid:73)(cid:76)(cid:71)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:75)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:51)(cid:56)(cid:48)(cid:36)(cid:3)(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:87)(cid:72)(cid:68)(cid:80)(cid:3)(cid:76)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
right track. We are particularly pleased to see that the Management Board acts as a team and that this team 
spirit not only motivates employees but is also recognized and appreciated by external stakeholders. We are 
also proud of the progress PUMA has made on its sustainability journey. Making our supply chains fair and 
sustainable has always been a matter close to PUMA's heart and we want to remain one of the leading 
brands in the industry. The topic will also have a strong influence on the work of the Supervisory Board in 
the future, which is why we are striving for further professionalization in this area.  

Another focus of the Supervisory Board's work was resolving the unfavourable (cid:89)(cid:82)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:85)(cid:72)(cid:86)(cid:88)(cid:79)(cid:87)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:36)(cid:81)-
nual General Meeting and deriving follow-(cid:88)(cid:83)(cid:3)(cid:80)(cid:72)(cid:68)(cid:86)(cid:88)(cid:85)(cid:72)(cid:86).(cid:3)F(cid:82)(cid:85)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:86)(cid:72)(cid:87)(cid:3)(cid:76)(cid:87)(cid:86)(cid:72)(cid:79)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:74)(cid:82)(cid:68)(cid:79)(cid:3)
of further professionalizing its own work and strengthening the diversity concept of the Supervisory Board. 
Especially, increasing independence at the Supervisory Board is our top priority going forward. The Supervi-
sory Board decided to actively engage with some of the Company’s largest investors and conduct a Govern-
ance Roadshow for the first time. In these conversations, I received valuable feedback which will shape the 

(cid:1186) 

PUMA Annual Report (cid:1180)(cid:1178)(cid:1180)(cid:1181) 

↗ To our Shareholders 

(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182).(cid:3)F(cid:82)(cid:85)(cid:3)(cid:72)(cid:91)(cid:68)(cid:80)(cid:83)(cid:79)(cid:72)(cid:15)(cid:3)(cid:90)(cid:72)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:83)(cid:85)(cid:82)(cid:83)(cid:82)(cid:86)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)(cid:42)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3)(cid:48)(cid:72)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:3)
that the number of Supervisory Board members will be increased from the current six to seven. After Thore 
Ohlsson has handed over the chair of the Audit Committee to Jean-Marc Duplaix and ensured a smooth 
(cid:87)(cid:85)(cid:68)(cid:81)(cid:86)(cid:76)(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:75)(cid:72)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:85)(cid:72)(cid:86)(cid:76)(cid:74)(cid:81)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:51)(cid:56)(cid:48)(cid:36)(cid:925)(cid:86)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:15)(cid:3)(cid:72)(cid:73)(cid:73)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:48)(cid:68)(cid:92)(cid:3)(cid:1180)(cid:1180)(cid:15)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:68)(cid:92)(cid:3)(cid:82)(cid:73)(cid:3)(cid:51)(cid:56)(cid:48)(cid:36)(cid:925)(cid:86)(cid:3)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)
General Meeting. Jean-Marc Duplaix is considered independent by the Supervisory Board because his func-
(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:68)(cid:86)(cid:3)(cid:39)(cid:72)(cid:83)(cid:88)(cid:87)(cid:92)(cid:3)(cid:38)EO(cid:3)(cid:82)(cid:73)(cid:3)(cid:46)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54).(cid:36).(cid:3)(cid:71)(cid:82)(cid:72)(cid:86)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:76)(cid:80)(cid:83)(cid:68)(cid:76)(cid:85)(cid:3)(cid:75)(cid:76)(cid:86)(cid:3)(cid:76)(cid:81)(cid:71)(cid:72)(cid:83)(cid:72)(cid:81)(cid:71)(cid:72)(cid:81)(cid:70)(cid:72)(cid:3)(cid:68)(cid:86)(cid:3)(cid:46)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:3)(cid:54).(cid:36).(cid:3)(cid:75)(cid:82)(cid:79)(cid:71)(cid:86)(cid:3)(cid:82)(cid:81)(cid:79)(cid:92)(cid:3)(cid:1179).(cid:1182)(cid:1185)(cid:8)(cid:3)(cid:82)(cid:73)(cid:3)
(cid:51)(cid:56)(cid:48)(cid:36)(cid:925)(cid:86)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:36)(cid:85)(cid:87)(cid:171)(cid:80)(cid:76)(cid:86)(cid:3)(cid:54).(cid:36).(cid:54).(cid:3)(cid:75)(cid:82)(cid:79)(cid:71)(cid:86)(cid:3)(cid:1182)(cid:1180).(cid:1180)(cid:8)(cid:3)(cid:82)(cid:73)(cid:3)(cid:46)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:925)(cid:86)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:3)(cid:70)(cid:68)(cid:83)(cid:76)(cid:87)(cid:68)(cid:79)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:82)(cid:3)(cid:46)(cid:72)(cid:85)(cid:76)(cid:81)(cid:74)(cid:925)(cid:86)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)
Annual Financial Report. Until Thore’s resignation becomes effective, he continues to contribute his exten-
sive knowledge and many years of experience as a member of the Audit Committee for the benefit of PUMA 
with great commitment. As a consequence, there will be two new vacancies on the Supervisory Board that 
need to be filled. To find the right candidates, the Supervisory Board has assigned the search to a leading 
global executive search consulting company. The search will focus on profiles with expertise in the areas of 
sustainability and retail and will comply with the required independence by investors. With this step, the Su-
pervisory Board aims to strengthen the structure of the Board, both in terms of skills and independence. A 
particular effort will be made in the next years to ensure that the chair of the Personnel Committee, who is 
in charge of remuneration topics, of the Nominating Committee and of the Audit Committee as well as the 
majority of the members of those Committees, are independent. 

At the last Annual General Meeting, the majority of our shareholders present voted against the proposed 
remuneration report. We have taken these voting results on the remuneration report very seriously and I am 
addressing them in the introduction to the remuneration report (see https://about.puma.com/en under In-
vestor Relations/Corporate Governance). Following the feedback that emerged during the engagement with 
the investors regarding the remuneration system, we are taking steps to review the remuneration system in 
(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:88)(cid:85)(cid:86)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:83)(cid:85)(cid:72)(cid:86)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:86)(cid:72)(cid:71)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:86)(cid:92)(cid:86)(cid:87)(cid:72)(cid:80) (cid:87)(cid:82)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1183)(cid:3)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)
General Meeting for approval.  

Although the current share price performance is not in line with our and your expectations, I am convinced 
that it does neither reflect the actual value of our company nor the good operating performance. The Super-
visory Board and the Management Board anticipate that the current challenging market environment is 
temporary and are confident that the long-term prospects of the company based on its strong brand, strong 
product, strong partnerships and strong team will lead to a sustainable growth.  

The Supervisory Board would like to thank PUMA’s Management Board, Leadership Team and the entire 
(cid:51)(cid:56)(cid:48)(cid:36)(cid:3)F(cid:68)(cid:80)(cid:76)(cid:79)(cid:92)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:76)(cid:85)(cid:3)(cid:71)(cid:72)(cid:71)(cid:76)(cid:70)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:75)(cid:68)(cid:85)(cid:71)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181). 

SUPERVISORY BOARD MEETINGS 

The meetings of the Supervisory Board and its committees generally take place in-person with the option of 
participation via a video link. Meetings are held exclusively as video conferences in exceptional circum-
(cid:86)(cid:87)(cid:68)(cid:81)(cid:70)(cid:72)(cid:86).(cid:3)(cid:44)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:70)(cid:82)(cid:81)(cid:89)(cid:72)(cid:81)(cid:72)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:73)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:85)(cid:3)(cid:80)eetings. In these meetings, it advised the 
Management Board on the management of the company and continuously supervised its conduct of busi-
ness. It discussed with the Management Board on the Company’s business policies, all relevant aspects of 
corporate development and corporate planning, the Company’s economic situation, including its net assets, 
financial position and results of operations, the adequacy of capital resources and all key decisions for the 
Group. The Management Board informed the Supervisory Board regularly, comprehensively, and in a timely 
manner in written and verbal form about the implementation of all decisions and about all major business 
transactions. The members of the Management Board took part in meetings of the Supervisory Board and 
its committees; the Supervisory Board also met regularly without the Management Board. 

F(cid:88)(cid:85)(cid:87)(cid:75)(cid:72)(cid:85)(cid:80)(cid:82)(cid:85)(cid:72)(cid:15)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:82)(cid:81)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:86)(cid:87)(cid:76)(cid:87)(cid:88)(cid:72)(cid:81)(cid:87)(cid:3)(cid:80)(cid:72)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:87)(cid:82)(cid:82)(cid:78)(cid:3)(cid:83)(cid:79)(cid:68)(cid:70)(cid:72)(cid:3)(cid:68)(cid:73)(cid:87)(cid:72)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:72)(cid:79)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
new Supervisory Board by the Annual General Meeting. Several matters were decided via circular resolu-
tions using electronic means of communication. All members participated in drawing up the resolutions. 
Whenever necessary, representatives of the shareholders and employees held separate preliminary discus-
sions prior to the meetings. 

(cid:1187) 

PUMA Annual Report (cid:1180)(cid:1178)(cid:1180)(cid:1181) 

↗ To our Shareholders 

Plenary Supervisory Board 

Héloïse Temple-Boyer 

Thore Ohlsson 

Jean-François Palus 
(until 24 May, 2023) 

Jean-Marc Duplaix (since 24 May, 2023) 

Fiona May 

Martin Köppel 

Bernd Illig 

Attendance at meetings (referring to 
regular and extraordinary meetings)  Attendance in % 

5/5 

5/5 

2/2 

3/3 

5/5 

5/5 

5/5 

100 

100 

100 

100 

100 

100 

100 

T(cid:75)(cid:72)(cid:3)(cid:68)(cid:87)(cid:87)(cid:72)(cid:81)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:68)(cid:87)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:3)(cid:80)(cid:72)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:86)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:1179)(cid:1178)(cid:1178)(cid:8)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:68)(cid:79)(cid:79)(cid:3)(cid:80)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:86)(cid:3)
as well.  

The Supervisory Board discussed in detail all of the Company’s key business transactions, based on the re-
ports by the Management Board and the Committees, and presented its own ideas. The Management Board 
provided the Supervisory Board with detailed information on any deviations of the business performance 
from the budgeted figures, both in writing and orally. The Supervisory Board verified these explanations us-
ing the supporting documents, which were always submitted in appropriate time before the meetings. The 
Supervisory Board was involved in all key decisions at an early stage. In addition, the Chair of the Supervi-
sory Board maintained, and continues to maintain, regular verbal or written contact with the CEO and keeps 
herself informed of all major developments. Overall, these discussions did not give any indication that the 
Management Board was managing the Group in anything other than a lawful and proper manner. 

The Supervisory Board members took part, on their own initiative, in the educational and training measures 
necessary for the performance of their duties. The Company supports the Supervisory Board members in 
their training activities, for example by having the Legal Department regularly prepare changes in the legal 
(cid:73)(cid:85)(cid:68)(cid:80)(cid:72)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:3)(cid:68)(cid:69)(cid:82)(cid:88)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:80)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:72)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:86).(cid:3)(cid:44)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)
received an update on the German Supply Chain Akt (“Lieferkettensorgfaltspflichtengesetz”, LkSG) and the 
Corporate Sustainability Reporting Directive (CSRD). There is an established onboarding process to familiar-
ize new Supervisory Board members with the PUMA business model, group structures and special topics. 

MAIN ADVISORY FOCUS 

(cid:44)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:76)(cid:81)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:3)(cid:90)(cid:68)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:82)(cid:79)(cid:79)(cid:82)(cid:90)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:86)(cid:86)(cid:88)(cid:72)(cid:86)(cid:29)(cid:3)(cid:85)(cid:72)(cid:89)(cid:76)(cid:72)(cid:90)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:89)(cid:68)(cid:79)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1180)(cid:3)(cid:70)(cid:82)(cid:81)-
(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:68)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1180)(cid:3)(cid:81)(cid:82)(cid:81)-financial report, dividend proposal, setting the 
agenda for the Annual General Meeting on (cid:48)(cid:68)(cid:92)(cid:3)(cid:1180)(cid:1182)(cid:15)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:15)(cid:3)(cid:85)(cid:72)(cid:68)(cid:79)(cid:76)(cid:93)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:83)(cid:72)(cid:85)(cid:86)(cid:82)(cid:81)(cid:81)(cid:72)(cid:79)(cid:3)(cid:68)(cid:71)(cid:77)(cid:88)(cid:86)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:48)(cid:68)(cid:81)-
(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:11)(cid:76)(cid:81)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:76)(cid:70)(cid:88)(cid:79)(cid:68)(cid:85)(cid:3)(cid:68)(cid:83)(cid:83)(cid:82)(cid:76)(cid:81)(cid:87)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:48)(cid:68)(cid:85)(cid:76)(cid:68)(cid:3)V(cid:68)(cid:79)(cid:71)(cid:72)(cid:86)(cid:3)(cid:68)(cid:86)(cid:3)(cid:80)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:11)(cid:38)(cid:75)(cid:76)(cid:72)(cid:73)(cid:3)
(cid:51)(cid:85)(cid:82)(cid:71)(cid:88)(cid:70)(cid:87)(cid:3)O(cid:73)(cid:73)(cid:76)(cid:70)(cid:72)(cid:85)(cid:3)(cid:11)(cid:38)(cid:51)O(cid:12)(cid:12)(cid:3)(cid:73)(cid:85)(cid:82)(cid:80)(cid:3)(cid:45)(cid:68)(cid:81)(cid:88)(cid:68)(cid:85)(cid:92)(cid:3)(cid:1179)(cid:15)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:72)(cid:91)(cid:87)(cid:72)(cid:81)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:85)(cid:68)(cid:70)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:43)(cid:88)(cid:69)(cid:72)(cid:85)(cid:87)(cid:3)(cid:43)(cid:76)(cid:81)(cid:87)(cid:72)(cid:85)(cid:86)(cid:72)(cid:75)(cid:72)(cid:85)(cid:3)(cid:68)s Chief 
Financial Officer (CFO)), follow-up of the new strategy of the Management Board regarding elevating the 
brand and growing the market share in the US and China, re-organization of the marketing organization, 
current business and revenue development, markets and trends, financial position of the Group, corporate 
(cid:68)(cid:81)(cid:71)(cid:3)(cid:69)(cid:88)(cid:71)(cid:74)(cid:72)(cid:87)(cid:3)(cid:83)(cid:79)(cid:68)(cid:81)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:3)(cid:68)(cid:86)(cid:3)(cid:90)(cid:72)(cid:79)(cid:79)(cid:3)(cid:68)(cid:86)(cid:3)(cid:80)(cid:72)(cid:71)(cid:76)(cid:88)(cid:80)-term planning, including investments, further improvement of 
the compliance management and the risk management and internal control system as well as material liti-
gation in the Group. In addition, the Supervisory Board regularly dealt with the development and implemen-
tation of sustainability topics. 

As every year, the Personnel Committee and the Supervisory Board determined the degree of achievement 
(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:68)(cid:85)(cid:74)(cid:72)(cid:87)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:81)(cid:71)(cid:76)(cid:89)(cid:76)(cid:71)(cid:88)(cid:68)(cid:79)(cid:3)(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:80)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:86)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:85)(cid:72)(cid:74)(cid:68)(cid:85)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1180).(cid:3)T(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)
decided on the individual targets for the variable M(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:85)(cid:72)(cid:80)(cid:88)(cid:81)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)
year upon recommendation of the Personnel Committee. 

(cid:1179)(cid:1178) 

PUMA Annual Report (cid:1180)(cid:1178)(cid:1180)(cid:1181) 

↗ To our Shareholders 

CONFLICTS OF INTEREST 

The members of the Supervisory Board are required to disclose to its Chair any conflicts of interest without 
undue delay. In the past year, no such disclosures were made. 

COMMITTEES 

T(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:72)(cid:86)(cid:87)(cid:68)(cid:69)(cid:79)(cid:76)(cid:86)(cid:75)(cid:72)(cid:71)(cid:3)(cid:73)(cid:82)(cid:88)(cid:85)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:86)(cid:3)(cid:87)(cid:82)(cid:3)(cid:83)(cid:72)(cid:85)(cid:73)(cid:82)(cid:85)(cid:80)(cid:3)(cid:76)(cid:87)(cid:86)(cid:3)(cid:71)(cid:88)(cid:87)(cid:76)(cid:72)(cid:86)(cid:29)(cid:3)the Personnel Committee, 
the Audit Committee, the Nominating Committee and the Sustainability Committee. The Personnel Commit-
tee, the Audit Committee and the Sustainability Committee each comprise two shareholder representatives 
and one employee representative. The Nominating Committee is composed only of shareholder representa-
tives. The composition of the committees can be found in the notes to the consolidated financial statements. 
The Supervisory Board receives regular reports on their work.  

PERSONNEL COMMITTEE 

The Personnel Committee has the task of preparing the conclusion and amendment of employment con-
tracts with the members of the Management Board, reviewing the remuneration report and establishing 
policies for human resources and personnel development. It m(cid:72)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:81)(cid:72)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:85)(cid:3)(cid:80)(cid:72)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:15)(cid:3)(cid:71)(cid:72)(cid:70)(cid:76)(cid:71)(cid:72)(cid:71)(cid:3)(cid:82)(cid:81)(cid:3)
(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:68)(cid:85)(cid:74)(cid:72)(cid:87)(cid:3)(cid:68)(cid:70)(cid:75)(cid:76)(cid:72)(cid:89)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:76)(cid:81)(cid:71)(cid:76)(cid:89)(cid:76)(cid:71)(cid:88)(cid:68)(cid:79)(cid:3)(cid:48)(cid:68)(cid:81)(cid:68)(cid:74)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:80)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:86)(cid:72)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:87)(cid:68)(cid:85)(cid:74)(cid:72)(cid:87)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181).(cid:3)(cid:44)(cid:81)(cid:3)(cid:68)(cid:71)(cid:71)(cid:76)-
(cid:87)(cid:76)(cid:82)(cid:81)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:85)(cid:82)(cid:89)(cid:68)(cid:79)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:47)T(cid:44)(cid:3)(cid:83)(cid:85)(cid:82)(cid:74)(cid:85)(cid:68)(cid:80)(cid:86)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:88)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:86).(cid:3)(cid:38)(cid:82)(cid:85)(cid:85)(cid:72)(cid:86)(cid:83)(cid:82)(cid:81)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:85)(cid:72)(cid:70)(cid:82)(cid:80)(cid:80)(cid:72)(cid:81)(cid:71)(cid:68)-
tions for resolutions were made to the Supervisory Board. 

Personnel Committee 

Attendance at meetings 

Attendance in % 

Héloïse Temple-Boyer (Chair) 

Fiona May 

Martin Köppel 

AUDIT COMMITTEE 

1/1 

1/1 

1/1 

100 

100 

100 

T(cid:75)(cid:72)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:3)(cid:75)(cid:72)(cid:79)(cid:71)(cid:3)(cid:73)(cid:82)(cid:88)(cid:85)(cid:3)(cid:85)(cid:72)(cid:74)(cid:88)(cid:79)(cid:68)(cid:85)(cid:3)(cid:80)(cid:72)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181).(cid:3)(cid:44)(cid:81)(cid:3)(cid:83)(cid:68)(cid:85)(cid:87)(cid:76)(cid:70)(cid:88)(cid:79)(cid:68)(cid:85)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)-
tee is responsible for the review of the accounting, particularly comprising the consolidated financial state-
ments and the group management report, group half year report, interim financial information and the sin-
gle entity financial statements in accordance with the German Commercial Code (HGB). It is furthermore 
responsible for monitoring the accounting process, the effectiveness of the internal control system, the risk 
management system, the internal audit system, compliance and the statutory audit of the financial state-
ments, with particular regard to the process of selecting an auditor. The Audit Committee is also responsi-
ble for conducting the selection process of the auditor. In addition, the Audit Committee monitors the inde-
pendence of the auditor and ensures that the non-audit services of the auditor commissioned by the Man-
agement Board do not give rise to any grounds for disqualification or partiality or any threat to independ-
ence. The Audit Committee issues the audit mandate on behalf of the Supervisory Board to the auditor 
elected by the general meeting, determines the audit areas of the audit, monitors the quality of the audit 
and the services additionally provided by the auditor and agrees the fee with the auditor. Heads of the corpo-
rate functions were also available for reports and questions on individual agenda items at the committee 
meetings. The Audit Committee meets regularly with the auditor, also without the Management Board. 

(cid:1179)(cid:1179) 

PUMA Annual Report (cid:1180)(cid:1178)(cid:1180)(cid:1181) 

↗ To our Shareholders 

Audit Committee 

Thore Ohlsson  
(Chair until 24 May, 2023) 

Héloïse Temple-Boyer 
(until 24 May, 2023) 

Jean-Marc Duplaix  
(since 24 May, 2023, Chair) 

Bernd Illig 

NOMINATING COMMITTEE 

Attendance at meetings (referring to 
regular and extraordinary meetings)  Attendance in % 

4//4 

2/2 

2/2 

4/4 

100 

100 

100 

100 

The Nominating Committee has the task of proposing suitable candidates to the Supervisory Board for its 
election proposals to the Annual General Meeting. It held two meetings in the last financial year. 

Nominating Committee 

Héloïse Temple-Boyer (Chair) 

Fiona May 

Jean-François Palus 
(until 24 May, 2023) 

Jean-Marc Duplaix (since 24 May, 2023) 

Attendance at meetings (referring to 
regular and extraordinary meetings)  Attendance in % 

2/2 

2/2 

1/1 

1/1 

100 

100 

100 

100 

(cid:44)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:80)(cid:68)(cid:76)(cid:81)(cid:3)(cid:73)(cid:82)(cid:70)(cid:88)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:49)(cid:82)(cid:80)(cid:76)(cid:81)(cid:68)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:86)(cid:925)(cid:86)(cid:3)(cid:90)(cid:82)(cid:85)(cid:78)(cid:3)(cid:90)(cid:76)(cid:79)(cid:79)(cid:3)(cid:79)(cid:76)(cid:72)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:88)(cid:70)(cid:70)(cid:72)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:83)(cid:79)(cid:68)(cid:81)(cid:81)(cid:76)(cid:81)(cid:74)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)T(cid:75)(cid:82)(cid:85)(cid:72)(cid:3)
Ohlsson and on finding the right candidate for the expansion of the Supervisory Board. 

SUSTAINABILITY COMMITTEE 

T(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:3)(cid:80)(cid:72)(cid:87)(cid:3)(cid:82)(cid:81)(cid:70)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:87)(cid:82)(cid:3)(cid:71)(cid:76)(cid:86)(cid:70)(cid:88)(cid:86)(cid:86)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:70)(cid:82)(cid:80)(cid:83)(cid:68)(cid:81)(cid:92)(cid:10)(cid:86)(cid:3)(cid:86)(cid:88)(cid:86)(cid:87)(cid:68)(cid:76)(cid:81)(cid:68)(cid:69)(cid:76)(cid:79)(cid:76)(cid:87)(cid:92)(cid:3)
strategies. The focus was emphasized on the evaluation of the "Conference of the People," sustainability-
related projects within the company and relevant, upcoming legislative projects. The Sustainability Commit-
tee consists of three members. 

Sustainability Committee 

Fiona May (Chair) 

Héloïse Temple-Boyer 

Martin Köppel 

CORPORATE GOVERNANCE 

Attendance at meetings (referring to 
regular and extraordinary meetings)  Attendance in % 

1/1 

1/1 

1/1 

100 

100 

100 

(cid:36)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:83)(cid:85)(cid:72)(cid:89)(cid:76)(cid:82)(cid:88)(cid:86)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:86)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:68)(cid:71)(cid:71)(cid:85)(cid:72)(cid:86)(cid:86)(cid:72)(cid:71)(cid:3)(cid:70)(cid:88)(cid:85)(cid:85)(cid:72)(cid:81)(cid:87)(cid:3)(cid:71)(cid:72)(cid:89)(cid:72)(cid:79)(cid:82)(cid:83)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:85)(cid:72)-
(cid:74)(cid:68)(cid:85)(cid:71)(cid:76)(cid:81)(cid:74)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:72)(cid:85)(cid:80)(cid:68)(cid:81)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:42)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:38)(cid:82)(cid:71)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:89)(cid:72)(cid:85)(cid:86)(cid:76)(cid:82)(cid:81)(cid:3)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:36)(cid:83)(cid:85)(cid:76)(cid:79)(cid:3)(cid:1180)(cid:1186)(cid:15)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1180)(cid:3)(cid:11)(cid:72)(cid:73)(cid:73)(cid:72)(cid:70)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:68)(cid:86)(cid:3)(cid:82)(cid:73)(cid:3)(cid:1180)(cid:1185)(cid:3)(cid:45)(cid:88)(cid:81)(cid:72)(cid:3)
(cid:1180)(cid:1178)(cid:1180)(cid:1180)(cid:12)(cid:3)(cid:11)(cid:42)(cid:38)(cid:42)(cid:38)(cid:12).(cid:3)T(cid:75)(cid:72)(cid:3)(cid:42)(cid:38)(cid:42)(cid:38)(cid:3)(cid:70)(cid:82)(cid:81)(cid:87)(cid:68)(cid:76)(cid:81)(cid:86)(cid:3)(cid:72)(cid:86)(cid:86)(cid:72)(cid:81)(cid:87)(cid:76)(cid:68)(cid:79)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)utory regulations and recommendations for the manage-
ment and supervision of listed companies and standards for responsible corporate governance. The corpo-
rate governance standards have long been a part of the corporate routine.  

(cid:51)(cid:88)(cid:85)(cid:86)(cid:88)(cid:68)(cid:81)(cid:87)(cid:3)(cid:87)(cid:82)(cid:3)(cid:51)(cid:85)(cid:76)(cid:81)(cid:70)(cid:76)(cid:83)(cid:79)(cid:72)(cid:3)(cid:1180)(cid:1181)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:38)(cid:42)(cid:38)(cid:15)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:54)(cid:88)(cid:83)(cid:72)(cid:85)(cid:89)(cid:76)(cid:86)(cid:82)(cid:85)(cid:92)(cid:3)B(cid:82)(cid:68)(cid:85)(cid:71)(cid:3)(cid:85)(cid:72)(cid:83)(cid:82)(cid:85)(cid:87)(cid:86)(cid:3)(cid:82)(cid:81)(cid:3)(cid:70)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:72)(cid:3)(cid:74)(cid:82)(cid:89)(cid:72)(cid:85)(cid:81)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:76)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)-
rate Governance Statement. The Company satisfies all requirements of the GCGC, to the extent required by 
(cid:76)(cid:87).(cid:3)T(cid:75)(cid:72)(cid:3)(cid:54)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:3)(cid:82)(cid:73)(cid:3)(cid:38)(cid:82)(cid:80)(cid:83)(cid:79)(cid:76)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:49)(cid:82)(cid:89)(cid:72)(cid:80)(cid:69)(cid:72)(cid:85)(cid:3)(cid:1187)(cid:15)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:76)(cid:86)(cid:3)(cid:68)(cid:89)(cid:68)(cid:76)(cid:79)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:87)(cid:82)(cid:3)(cid:82)(cid:88)(cid:85)(cid:3)(cid:86)(cid:75)(cid:68)(cid:85)(cid:72)(cid:75)(cid:82)(cid:79)(cid:71)(cid:72)(cid:85)(cid:86)(cid:3)(cid:68)(cid:87)(cid:3)(cid:68)(cid:81)(cid:92)(cid:3)(cid:87)(cid:76)(cid:80)(cid:72)(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)

(cid:1179)(cid:1180) 

PUMA Annual Report (cid:1180)(cid:1178)(cid:1180)(cid:1181) 

↗ To our Shareholders 

Company’s website under https://about.PUMA.com/en/investor-relations/corporate-governance at 
STATEMENT OF COMPLIANCE. 

ANNUAL FINANCIAL STATEMENTS ADOPTED 

The annual financial statements for PUMA SE prepared by the Management Board in accordance with the 
German Commercial Code (Handelsgesetzbuch/HGB), the consolidated financial statements for PUMA 
(cid:74)(cid:85)(cid:82)(cid:88)(cid:83)(cid:3)(cid:83)(cid:85)(cid:72)(cid:83)(cid:68)(cid:85)(cid:72)(cid:71)(cid:3)(cid:76)(cid:81)(cid:3)(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:54)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:1181)(cid:1179)(cid:1183)(cid:68)(cid:3)(cid:43)(cid:42)B(cid:3)(cid:82)(cid:81)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:69)(cid:68)(cid:86)is of the International Financial Reporting 
Standards (IFRS) and the combined management report for PUMA SE and the PUMA Group, each for the 
(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:15)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:69)(cid:72)(cid:72)(cid:81)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:88)(cid:87)(cid:82)(cid:85)(cid:92)(cid:3)(cid:68)(cid:88)(cid:71)(cid:76)(cid:87)(cid:82)(cid:85)(cid:86)(cid:15)(cid:3)(cid:46)(cid:51)(cid:48)(cid:42)(cid:3)(cid:36)(cid:42)(cid:3)(cid:58)(cid:76)(cid:85)(cid:87)(cid:86)(cid:70)(cid:75)(cid:68)(cid:73)(cid:87)(cid:86)(cid:83)(cid:85)(cid:190)(cid:73)(cid:88)(cid:81)(cid:74)(cid:86)(cid:74)(cid:72)(cid:86)(cid:72)(cid:79)(cid:79)(cid:86)(cid:70)(cid:75)(cid:68)(cid:73)(cid:87)(cid:15)(cid:3)
Nurember(cid:74)(cid:15)(cid:3)(cid:90)(cid:75)(cid:82)(cid:3)(cid:90)(cid:72)(cid:85)(cid:72)(cid:3)(cid:68)(cid:83)(cid:83)(cid:82)(cid:76)(cid:81)(cid:87)(cid:72)(cid:71)(cid:3)(cid:68)(cid:87)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)(cid:42)(cid:72)(cid:81)(cid:72)(cid:85)(cid:68)(cid:79)(cid:3)(cid:48)(cid:72)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:81)(cid:3)(cid:48)(cid:68)(cid:92)(cid:3)(cid:1180)(cid:1182)(cid:15)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)(cid:70)(cid:82)(cid:80)(cid:80)(cid:76)(cid:86)(cid:86)(cid:76)(cid:82)(cid:81)(cid:72)(cid:71)(cid:3)(cid:69)(cid:92)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)
Supervisory Board to audit the annual financial statements and the consolidated financial statements and 
have been given an unqualified auditor’s opinion. The lead auditor on the KPMG team is Matthias Koeplin 
(cid:68)(cid:81)(cid:71)(cid:3)(cid:75)(cid:72)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:69)(cid:72)(cid:72)(cid:81)(cid:3)(cid:68)(cid:86)(cid:86)(cid:76)(cid:74)(cid:81)(cid:72)(cid:71)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:85)(cid:82)(cid:79)(cid:72)(cid:3)(cid:86)(cid:76)(cid:81)(cid:70)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1180).(cid:3)(cid:51)(cid:56)(cid:48)(cid:36)(cid:3)(cid:75)(cid:68)(cid:86)(cid:3)(cid:81)(cid:82)(cid:87)(cid:3)(cid:83)(cid:68)(cid:76)(cid:71)(cid:3)(cid:81)(cid:82)(cid:81)-audit related fees in excess of audit 
related fees to its auditor. 

In their report, the statutory auditors conclude that PUMA’s institutionalized risk management system, in 
(cid:68)(cid:70)(cid:70)(cid:82)(cid:85)(cid:71)(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:54)(cid:72)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:1187)(cid:1179)(cid:11)(cid:1180)(cid:12)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:72)(cid:85)(cid:80)(cid:68)(cid:81)(cid:3)(cid:54)(cid:87)(cid:82)(cid:70)(cid:78)(cid:3)(cid:38)(cid:82)(cid:85)(cid:83)(cid:82)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:36)(cid:70)(cid:87)(cid:3)(cid:11)(cid:36)(cid:78)(cid:87)(cid:76)(cid:72)(cid:81)(cid:74)(cid:72)(cid:86)(cid:72)(cid:87)(cid:93)(cid:18)(cid:36)(cid:78)(cid:87)(cid:42)(cid:12)(cid:15)(cid:3)(cid:76)(cid:86)(cid:3)(cid:70)(cid:68)(cid:83)(cid:68)(cid:69)(cid:79)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:71)(cid:72)-
tecting at an early stage and countering any developments that might jeopardize the continuity of the Com-
pany as a going concern. The Supervisory Board has been updated by the Management Board regularly on 
all relevant risks in this regard, in particular its assessments of market and procurement risks, financial 
risks (including currency risks) and organizational risks. 

The accounting records, the audit reports from the statutory auditors and the Management Board’s and Su-
pervisory Board’s recommendation on the appropriation of net profit were made available to all members of 
the Supervisory Board in a timely manner. At th(cid:72)(cid:3)(cid:80)(cid:72)(cid:72)(cid:87)(cid:76)(cid:81)(cid:74)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:36)(cid:88)(cid:71)(cid:76)(cid:87)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:76)(cid:87)(cid:87)(cid:72)(cid:72)(cid:3)(cid:82)(cid:81)(cid:3)F(cid:72)(cid:69)(cid:85)(cid:88)(cid:68)(cid:85)(cid:92)(cid:3)(cid:1180)(cid:1184)(cid:15)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:3)(cid:68)(cid:81)(cid:71)(cid:3)
at the subsequent Supervisory Board meeting held on the same day, the statutory auditors reported on the 
key results of their audit and discussed them in detail with the Management Board and the members of the 
Supervisory Board. No discrepancies were detected.  

The Supervisory Board reviewed in detail the annual financial statements, the combined management re-
port for PUMA SE and the PUMA Group, the Management Board’s and the Supervisory Board’s recommen-
dation on the appropriation of net profit and the consolidated financial statements and raised no objections. 
In accordance with the recommendation of the Audit Committee, the Supervisory Board agreed with the re-
sults of the audit of both statements and approved the annual financial statements of PUMA SE and the con-
(cid:86)(cid:82)(cid:79)(cid:76)(cid:71)(cid:68)(cid:87)(cid:72)(cid:71)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:73)(cid:82)(cid:85)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:92)(cid:72)(cid:68)(cid:85)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181).(cid:3)T(cid:75)(cid:72)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181)(cid:3)(cid:68)(cid:81)(cid:81)(cid:88)(cid:68)(cid:79)(cid:3)(cid:73)(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:86)(cid:87)(cid:68)(cid:87)(cid:72)(cid:80)(cid:72)(cid:81)(cid:87)(cid:86)(cid:3)(cid:75)(cid:68)(cid:89)(cid:72)(cid:3)(cid:87)(cid:75)(cid:88)(cid:86)(cid:3)
been adopted.  

The Management Board and the Supervisory Board resolved to propose to the Annual General Meeting a 
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ket were discussed. The payout is conditional to an overall sound macroeconomic environment. A total 
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(cid:68)(cid:81)(cid:70)(cid:72)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:105)(cid:105)(cid:3)(cid:1181)(cid:1179)(cid:1183)(cid:70)(cid:3)(cid:76)(cid:81)(cid:3)(cid:70)(cid:82)(cid:81)(cid:77)(cid:88)(cid:81)(cid:70)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:90)(cid:76)(cid:87)(cid:75)(cid:3)(cid:105)(cid:105)(cid:3)(cid:1180)(cid:1186)(cid:1187)(cid:70)(cid:3)(cid:87)(cid:82)(cid:3)(cid:1180)(cid:1186)(cid:1187)(cid:72)(cid:3)(cid:82)(cid:73)(cid:3)(cid:87)(cid:75)(cid:72)(cid:3)(cid:42)(cid:72)(cid:85)(cid:80)(cid:68)(cid:81)(cid:3)(cid:38)(cid:82)(cid:80)(cid:80)(cid:72)(cid:85)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)(cid:38)(cid:82)(cid:71)(cid:72)(cid:3)(cid:11)(cid:43)(cid:42)B(cid:12).(cid:3)(cid:3) 

(cid:1179)(cid:1181) 

PUMA Annual Report (cid:1180)(cid:1178)(cid:1180)(cid:1181) 

↗ To our Shareholders 

THANKS 

We would like to express our gratitude and recognition to the Management Board, the management teams 
at the Group companies, the Works Council and all our employees for their hard work and their outstanding 
(cid:70)(cid:82)(cid:82)(cid:83)(cid:72)(cid:85)(cid:68)(cid:87)(cid:76)(cid:82)(cid:81)(cid:3)(cid:76)(cid:81)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1181).(cid:3)(cid:58)(cid:72)(cid:3)(cid:79)(cid:82)(cid:82)(cid:78)(cid:3)(cid:73)(cid:82)(cid:85)(cid:90)(cid:68)(cid:85)(cid:71)(cid:3)(cid:87)(cid:82)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:15)(cid:3)(cid:68)(cid:3)(cid:92)ear of sports in which PUMA will launch its largest-ever 
brand campaign and come to the market with an impressive portfolio of new and innovative products. 

Herzogenaurach, (cid:1180)(cid:1184)(cid:3)F(cid:72)(cid:69)(cid:85)(cid:88)(cid:68)(cid:85)(cid:92)(cid:15)(cid:3)(cid:1180)(cid:1178)(cid:1180)(cid:1182)(cid:3)

On behalf of the Supervisory Board  

Héloïse Temple-Boyer 
Chair 

(cid:1179)(cid:1182) 

PUMA Annual Report 2023 

↗ Our People 

OUR PEOPLE 

15 

 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Our People 

OUR PEOPLE* 

Our PUMA Family is the key to our success. Our people strategy is the foundation of PUMA’s unique work 
environment and corporate culture, which helps us attract the world’s best talent and shapes the future 
success of the company. Our people strategy is centred on three main pillars: People First, Sustainable 
People Practices and Digitalisation. 

People First means understanding employees' needs, values, and potential of our employees and putting 
them at the centre of our decision making. That helps us create an inclusive culture that respects diversity, 
promotes health and well-being, and encourages personal and professional growth.  

Sustainable people practices create a workplace culture that prioritises employee health and happiness, 
diversity, and inclusivity, and offers ample opportunities for career growth. Our sustainable people practices 
are central to building a resilient organisation. By thinking ahead and equipping our employees with the 
future skills and leadership qualities necessary, we ensure the long-term success of PUMA.  

Digital tools in Human Resources improve work experience and help us stay competitive and agile in the 
fast-changing business landscape. By using digital technology, we are improving efficiency, data-driven 
decision-making, candidate and employee experiences. We deploy easy-to-use digital tools that enhance 
collaboration and productivity and offer digital literacy programs to ensure all employees are equipped to 
thrive in a digital environment. 

Putting the human element first ensures that our pursuit of environmental and technological excellence is 
responsible and rewarding. The result is a sustainable future where innovation and well-being go hand in hand. 

PUMA LIFE CYCLE 

RECRUITING/ONBOARDING 

People are our most valuable asset. We adopt a data-driven approach to talent acquisition to ensure that 
PUMA remains the employer of choice in the minds of external applicants. We analyse previous trends in 
recruitment, identify the primary source of talent inflow, and tailor our talent acquisition approach accordingly. 

To complement our goal, we employ digital platforms, social media, and the PUMA career website to 
engage with talent around the world.  

To ensure a continuous talent pipeline, we cultivate links with universities through career events, company 
lectures and master classes. We also regularly participate in external professional events, panel 
discussions, and seminars to build a solid talent network. 

Over the past two years, we have fostered a deeper relationship with candidates by offering them the chance 
to participate in unique PUMA digital events. These events allowed candidates to speak with top officials at 
PUMA and offer suggestions on how to improve the brand. 

Our onboarding process should not only provide the new starters with a great first day experience but also 
guarantee that they will work effectively and feel a member of the PUMA family as soon as possible. This 
effective onboarding serves as the foundation for a successful employee journey, aligning our new team 
members with our culture, values, and mission. It ensures compliance, clarifies roles, and provides 
essential support, enabling a seamless integration. This process not only fosters productivity and teamwork 
but also enhances our employees' sense of belonging and growth within PUMA. 

*  Contains also all information related to company culture. 

16 

 
PUMA Annual Report 2023 

↗ Our People 

LEARNING AND DEVELOPMENT 

Talent management 
We believe that each employee is in charge of their own personal development. At PUMA, we foster a culture 
centred around feedback and results, coupled with a self-directed learning mindset through an integrated 
talent management approach. At least annually, we evaluate of all our employees, assessing their 
performance and potential. Personal development plans are crafted, and we identify the right individuals to 
prepare them for shaping the future of PUMA. 

Global talent conferences are held to assess the entire PUMA workforce, including all levels of 
management. Criteria such as individual performance, competencies, potential, learning agility, ambition, 
and mobility are used for evaluation. A targeted analysis of our employees' profiles allows us to align 
internal talent with upcoming career opportunities. This helps us build a strong succession pipeline and 
address future competency needs. 

Our unwavering focus on internal talent mobility provides our employees with opportunities for professional 
growth and cross-cultural experience, resulting in an enhanced learning curve on both professional and 
personal levels. Utilizing digital platforms, such as Workday's “Job Alert” and “Talent Marketplace” feature, 
our internal talents can easily find job opportunities. 

For instance, in 2023, a substantial number of internal moves, including relocations abroad, were reported. 
Overall, we successfully filled three out of four vacant key positions worldwide through internal promotions 
or horizontal transfers, with 60% of open positions filled by internal candidates. This accomplishment 
confirms the effectiveness of our talent and development strategy. 

Our overarching goal is to minimize voluntary turnover and maintain a permanent employment rate of over 
80% for our workforce. In 2023, 92% of our employees worldwide held permanent employment contracts, 
and over 31% were governed by collective agreements. The turnover rate is intricately linked to the share of 
retail business in respective markets and regions, with the employee-induced turnover rate standing at 24% 
(7% for non-retail employees and 39% for retail employees). The overall turnover rate, including retail 
employees, was 32% shows a decrease of 3% compared to last year. At the end of 2023, 22% of our 
employees were working part-time. 

↗ T.01 EMPLOYMENT CONTRACTS (PERMANENT/FIXED TERM) 

Total 

Total 

Female 

Male 

Diverse 

Total 

Female 

Male 

Diverse 

Permanent 

Fixed term 

Region 

Europe 

EEMEA 

4,982 

4,259 

2,206 

2,051 

3,876 

3,775 

1,391 

2,384 

North America 

3,788 

3,203 

1,640 

1,552 

Latin America 

3,775 

3,773 

1,666 

2,106 

Asia/Pacific 

4,743 

4,359 

2,667 

1,688 

2 

0 

11 

1 

4 

723 

101 

585 

2 

384 

Total 

21,164 

19,369 

9,570 

9,781 

18 

1,795 

419 

40 

266 

0 

215 

940 

304 

61 

318 

2 

168 

853 

0 

0 

1 

0 

1 

2 

17 

  
  
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Our People 

↗ T.02 EMPLOYMENT CONTRACTS (PERMANENT/FIXED TERM) (IN %) 

Employment contracts 

Female 

Male 

Diverse 

Full-time 

Part-time 

47 

58 

53 

42 

0 

0.2 

Total 

100 

100 

Development 
Our employees’ ongoing professional and personal development ensures they have the necessary skills to 
support internal growth and drive the company forward.  

Strategic workforce planning and the use of Workday help us to identify skill gaps and determine the 
capabilities of our employees. We provide a wide choice of training and development options, including 
courses, workshops, and coaching – both online and offline, standardised or tailored to specific needs. We 
offer a cutting-edge learning environment for both internal and external training classes, built into the 
Workday Human Capital Management system. This is based on the idea of lifelong learning, which fosters a 
self-driven learning culture. 

In 2023, 18,527 employees worldwide attended 160,481 hours of training and workshops. This averaged 9 
hours and € 226 per FTE for training activities. Compared to 2023, the average number of training hours per 
FTE increased by 2 hours. We achieved this by a proactive learner engagement strategy, including fun 
activations on various topics, a gamified approach, and internal learning competitions. The most engaged 
learners worldwide were rewarded quarterly with the “Top Learner Award”. Based on this strategy, PUMA 
was nominated for an “eLearning Journal” Award 2024 in the “Learner Engagement” category.  

LinkedIn Learning and GoodHabitz offer more than 23,000 online training courses in up to 13 languages for 
personal and professional growth. Additionally, PUMA employees actively generate product-specific 
learning content. 

Employees around the globe can access the language learning platform on any device. Speaking a second 
language helps people understand each other, makes connections, and increases diversity. It also enhances 
our internal mobility. While the global focus is on English, people can acquire or perfect any other language 
for business or travel. 

Our entire staff, including retail employees, can now learn a new language online, at their own pace and in a 
way that fits their needs. By offering weekly language training in an office classroom, PUMA helps 
employees integrate locally faster by eliminating the need to drive to external courses after work. 

To support our global workforce during challenging times, we focused on mental health, resilience, 
mindfulness, and emotional stability in 2023. All our current classroom training is based on hybrid concepts 
to ensure that our employees can learn in the way that is best for them. 

We continue to provide our digital agile coach programme to workers globally to establish an agile learning 
organisation and increase agile working practises. Since its launch, approximately 190 employees around 
the globe have completed the programme by 2023. We focus on need-based training at three levels – Agile 
Rookie, Agile Facilitator, and Agile Coach – to equip the right people with the right skills. Various business 
units are actively using agile ideas and frameworks such as Scrum, Kanban, Design Thinking, and OKRs, in 
their daily operations and strategic planning. 

18 

 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Our People 

Leadership Training ILP/ILP²/PLE 
Our leaders are vital for PUMA becoming FOREVER.FASTER. We highly value their skills and leadership 
expertise in mastering complex challenges in a volatile world while achieving our goals of excellence. 

Our International Leadership Programme (ILP & ILP²) provides staff with essential competencies and 
promotes a shared knowledge of our leadership culture. PUMA leaders receive comprehensive training and 
coaching, including interactive learning, roleplay, best-practice learning, and joint projects. Mindful 
leadership and agile work are emphasised. The programme's modular design allows managers to apply 
their newly acquired knowledge between seminars. 191 global leaders took part in this state of the art 
programme. 

We continued to promote healthy and sustainable leadership in 2023 with the PUMA Leadership Expedition 
programme. It is designed to teach leaders how to lead well in a VUCA world marked by volatility, 
uncertainty, complexity, and ambiguity. Self-driven learning, nugget-learning, learning sprints, and peer-
learning underpin this virtual, easily accessible course.  

Our leaders can choose what, when, and how to learn from over 130 one-hour learning nuggets with a 
balanced mix of trainer-led virtual sessions and self-directed learning. To maximise learning and transfer 
success, the programme is centred on Learning Sprints, which include trainer-led sessions, self-driven 
nugget learning, retrospective sessions with coaches, and group assignments. 67 talents completed the 
programme successfully in 2023. 

First-time managers get PUMA-tailored training “From employee to manager” to prepare them for their 
new role and ensure a common concept of leadership at PUMA. This programme includes training modules 
and individual coaching as well as online pre- and post-learning. Classroom trainings provide new 
executives with recruiting and appraisal skills. 

Speed Up/Speed Up² 
Retaining talent and speeding up their progress is important for the success of our business. Two selective 
development programmes, Speed Up and Speed Up², are designed to help us reach this goal by bringing out 
the best in our people.  

An intensive curriculum of cross-functional projects and tasks, coaching, mentoring, and specialised 
training prepares employees for their next career steps. Participants also get to meet top management and 
build strong networks around the world. 

Future Talent 
We are always looking for future talent we can develop and equip with the relevant skills to take on 
demanding PUMA Group responsibilities. We participate in various career fairs and university initiatives 
both locally and abroad to approach potential employees and identify suitable candidates. Plenty of options 
in an international work environment make PUMA an excellent place for career starters.  

Nine apprentices and six dual students joined the PUMA Headquarters in Herzogenaurach in 2023. Dual 
study programmes are available in International Business, Fashion Management, and Business Informatics. 
Students acquire theoretical grounding through partnerships with various universities and practical 
experience in different PUMA teams. Our apprentices either train as industrial clerks, IT specialists or retail 
sales manager. They work in various company departments to build personal and professional skills and 
increase their knowledge while attending vocational school. By the end of 2023, PUMA employed 41 trainees 
and dual students.  

Internships and working student positions are another way to become familiar with PUMA. Students from 
around the world get six months of work experience as well as the opportunity to build their network and 
hone their talents. By the end of 2023, roughly 140 interns and working students were part of the PUMA 
family. 

19 

PUMA Annual Report 2023 

↗ Our People 

Future talents at the PUMA Headquarter 

Feedback 
We value internal and external feedback at PUMA, as it reveals whether we are on track and helps us grow. 
We compare ourselves to other organisations and gain valuable insights from our employees. 

Our "listening strategy" includes surveys, pulse surveys, focus groups, interviews and sentiment analysis to 
gauge employee mood and understand their needs. For this, we use tools such as Amber, Leena AI, and 
Workday. Our Top Employer certification, Great Place to Work award, “berufundfamilie” audit, and other 
honours reflect regular industry benchmarking.  

Since 2009, we have conducted global employee opinion surveys regularly to monitor employee engagement 
and collect feedback on various topics. Overall, 15,339 employees participated in our 2023 global survey to 
share their workplace and work life opinions. This equates to an 85% participation rate (2021: 86%). Despite 
geopolitical tensions in Europe and their far-reaching social and economic effects, from 13 categories two 
categories saw an increase in favourable scores, four categories stayed at their high levels, and seven 
categories saw a slight 1% decrease from the last survey. Our poll results beat or match market data, 
including high-performance data, in all but four categories. High-performance companies outperform the 
market financially and consistently score excellently in surveys. This positive feedback inspires us to 
continue and further strengthen the measures we have implemented. We shared the survey results globally, 
locally, and at departmental level, and follow-up actions were devised. 

Engagement 
Outstanding performance and ongoing growth demand our employees' commitment and dedication. We 
monitor employee engagement by regular global employee opinion surveys. The most recent one achieved 
again an extraordinarily high engagement score of 91%, compared to 92% for the previous survey. This 
implies our engagement score over the last three surveys has remained strong, something we are very proud 
of. We value our employees' high level of engagement and brand loyalty and intend to retain this in the future. 
We started already to implement the action plan resulting from this year's global employee survey. 

20 

 
PUMA Annual Report 2023 

↗ Our People 

↗ G.01 EMPLOYEE ENGAGEMENT SCORE 

2013

2015

2019

2021

20232023

69%

71%

91%

92%

91%

REWARD, RECOGNITION & BENEFITS 

Compensation & Benefits 
The attractive performance-based compensation system at PUMA consists of fixed base salary, PUMA 
bonus schemes, profit-sharing programs and various social benefits and intangible benefits. We also offer 
long-term incentive programs to the senior management level that honours the sustainable development 
and performance of the business. The bonus system is transparent and globally standardised. Incentives 
are exclusively linked to company goals.  

Ensuring fair and non-discriminatory compensation at PUMA is one of our strategic priorities. Our 
compensation framework is based on analytical job evaluations and a global grading system. Since the 
criteria to be evaluated relate exclusively to characteristics of the job – not to the job holder – the 
remuneration system as such is gender-neutral. This enables us to rule out any gender-specific 
discrimination emanating from the compensation system.  

After becoming Universal Fair Pay Analyst in Germany in 2022, PUMA was certified as Universal Fair Pay 
Developer in Germany by FPI Fair Pay Innovation Lab as we successfully closed the adjusted pay gap in 
January 2023. We extended the gender pay analysis to our subsidiaries in Europe and EEMEA markets by 
using the consistent methodology. For Sweden and United Arabic Emirates we also closed the adjusted gap 
in 2023. Certain regression analysis results look optimistic, and we are confident to close the adjusted pay 
gap with the support of both local and global management in other European countries soon. For markets 
with highly diversified workforce, nationality does not have a significant impact in the analysis. In 2024, the 
gender pay gap analysis will be continuously conducted and introduced to our other regions to enhance 
internal fairness.  

In addition, we have continued our cooperation with the Fair Wage Network and are able to access 
benchmarks for all of our subsidiaries and analyse them in terms of living wages as defined by the Fair Wage 
Network. For the year 2023 we can confirm, with regards to the Living Wage Adjusted Mean benchmark as 
defined by the Fair Wage Network, that all of our employees are earning a living wage or more. 

Wellbeing 
At PUMA, we care about the well-being of our people. Through a variety of services and benefits, we strive 
to improve the health and happiness of our employees. We started the wellbeing approach at our 
headquarters in Herzogenaurach, Germany. All PUMA companies around the world have adopted it and 
adapted it to their local needs and regulations. It is now an important part of all PUMA subsidiaries around 
the world. 

There are four components to our wellbeing programme: Flex, Social, Financial and Athlete.  

As a sports company, we offer regular in-house sports classes and training, sporting events and free access 
to the gym. We provide outdoor facilities for football, volleyball, basketball, tennis, and paddle tennis. Our 

21 

 
PUMA Annual Report 2023 

↗ Our People 

exercise classes include meditation, yoga, Zumba, jumping fitness, and Pilates. We host bouldering, stand 
up paddling, trampolining, bowling, snowshoeing, and skiing events, among others. 

Our "Be Well Weeks", which promote healthy lifestyles, offered free health checks and nutritional advice, as 
well as the opportunity for employees to explore the latest fitness and sports trends. We provide access to 
health and wellness resources, such as ergonomic assessments, mental health days, and health-related 
information. To foster camaraderie and a sense of community, we organise team-building and social events 
for our employees. 

Flexible Working Conditions 
The wellbeing of our people goes hand in hand with excellent working conditions based on a unique culture. 
We offer a range of models, such as flexible working, mobile office, part-time and sabbaticals, to help our 
employees balance their work and personal lives and manage stress. They can choose from these models 
at different points in their lives.  

All our offices around the world have a hybrid working model, which is very flexible in terms of when and 
where people work. Employees in Germany can take advantage of free employee assistance services 
provided by one of our partners. Our headquarters in Herzogenaurach was awarded the German "audit 
berufundfamilie" certificate in 2015, which it has held ever since. The certificate recognises among other 
offers services such as a parent-child office, a nursing room, day care and summer camps for children 
during school holidays. 

PROGRESSION & PERFORMANCE 

Digitalised Infrastructure (Digitalisation) 
A big part of PUMA's plan to streamline processes and improve the employee experience is investing in our 
digital infrastructure. Since 2017, Workday has been our main human capital management (HCM) system. It 
covers HR tasks at all stages of the recruitment process, from candidate to employee experience, 
simplifying tasks such as recruitment, talent management and employee engagement. As a result, the 
workforce is seamlessly integrated throughout the candidate and employee lifecycle.  

Through this digital platform, our employees can access HR resources and data at any time, in a controlled 
and secure environment that protects data privacy and integrity. It gives both employees and managers the 
tools and processes they need to manage people effectively. 

Workday's easy-to-use dashboards give managers clear, actionable insights for strategic planning and 
decision-making. And because all of our global data is stored in one place in Workday, it enables 
comprehensive analytics that help us make evidence-based decisions and drive tangible results. 

By using such a digitalised infrastructure, we aim to maintain our focus on operational efficiency and 
improving our HR practices throughout the PUMA employee lifecycle. This supports PUMA's overall goal of 
improving workplace operations and the employee journey. It also helps us to prepare for the future to 
better deal with the dynamics of challenging labour markets. 

OCCUPATIONAL HEALTH & SAFETY 

We want our employees to be healthy and safe, so we make sure that health and safety issues in the 
workplace are taken seriously. Although the COVID-19 pandemic ceased in 2023, we continued to provide 
free masks, rapid tests and vaccines where needed. To help our employees cope with this politically and 
economically challenging environment and its increased mental stress, we focused on mental wellbeing, 
resilience, and mindfulness in 2023. 

Our global occupational health and safety policy underlines the importance of this issue. PUMA has a 
central Health and Safety Committee at our headquarters in Herzogenaurach, which meets every three 
months. The health and safety experts on this internal committee exchange information on health problems 

22 

PUMA Annual Report 2023 

↗ Our People 

and risks and carry out regular health and safety inspections. These are supplemented by inspections by 
official bodies such as the German Berufsgenossenschaft. Each of our major sites has local health and 
safety experts. Our Global Director People and Organisation, as part of our Executive Management Team, 
reports at least quarterly on health and safety issues to our Executive Committee.  

In our Headquarter in Herzogenaurach we got successfully certified for the ISO 45001 standard. ISO 45001 is 
an international standard that outlines the requirements for an occupational health and safety management 
system (OHSMS) and provides a framework to proactively manage and improve the occupational health and 
safety performance. This certification not only demonstrates our commitment to safety and compliance with 
health and safety law but also helps us to identify and address safety risks. 

We have set ourselves the bonus-related goals of zero fatalities and lowering the average injury rate year on 
year. For 2023, we set a goal to stay below a lost time injury rate of 0.50. The lost time injury rate expresses 
the number of lost time injuries per 200.000 worked hours. In addition to conducting safety training courses 
at all our sites, we also offer online training programs to prepare employees for potential emergency 
situations and thus reduce the number of accidents. In 2023, we promoted our digital OHS training course to 
all our sites, which included hygiene and proper mobile office behavior. Last year, we provided a total of 
27,764 hours of safety training, while 10,769 employees were trained in fire safety and 7,692 employees in first 
aid. In 2023, 98 workplace accidents requiring a work stoppage were recorded worldwide. This corresponds 
to a lost time injury rate of 0.46 compared to 0.45 in 2022. The lost time injury rate for PUMA SE was zero 
and zero in the previous year. Another indicator of employee engagement and the health of our workforce is 
the rate of absence due to sickness, which was 1.95% in 2023. We recorded no fatal accidents, and the rate 
of occupational diseases was zero at PUMA in the last 12 years, including 2023. 

↗ G.02 LOST TIME INJURE (FREQUENCY) RATE 

4.06

0.81

1.87

1.66

1.96

2.27

2.29

0.37

0.35

0.39

0.45

0.46

2018

2019

2020

2021

2022

2023

LOST TIME INJURY RATE per 200,000 working hours

LOST TIME INJURY FREQUENCY RATE per 1,000,000 working hours

SOCIAL ENGAGEMENT 

Community Engagement 
2023 was another good year for PUMA's community engagement. With the support of our employees, we 
engaged with local communities around the world through various projects. These ranged from beach 
clean-ups and tree planting to organising and participating in charity runs. Colleagues also helped 
underprivileged people, especially children, by donating food and school supplies and started many other 
wonderful initiatives. 

23 

 
 
 
PUMA Annual Report 2023 

↗ Our People 

Community engagement activities: Reforestation in Renca (from PUMA Chile) 

Here are two examples of how they have helped: 

PUMA Ukraine supports children affected by the war. Many of these children have lost everything -– their 
childhoods, their homes, and their friends. In collaboration with the Peace in Amour Shelter in Dnipro, 
PUMA Ukraine employees sought to bring joy and warmth to these youngsters. Corporate staff, store 
managers and warehouse staff personalised gifts for the children by printing their names on T-shirts, 
backpacks, and hoodies. 

The PUMA team in South Africa organised several projects. As part of a beach clean-up, they picked up litter 
from the beach and riverbanks. They also went to animal shelters and walked and played with the animals, 
bringing food and blankets for the pets. The biggest CSR events take place every year at the head office and 
in the stores: In 2023, the group prepared 2000 staple food parcels and 850 amenity kits for food banks, 
children's homes and elderly people who can not move around. South African retail workers across the 
country packed individual sandwiches to send to organisations in their local areas. 

We have set ourselves the ambitious goal of spending at least twice as many hours on social engagement as 
our average full-time equivalents (FTE) this year. We encouraged all of our employees around the world to 
participate and recorded projects and employee engagement on an online platform. In total, initiatives led 
by our subsidiaries on five continents contributed a total of 57,344 hours (3,113 for PUMA SE) of community 
engagement. With the projects, we helped protect the environment, promote health and fitness, fight 
discrimination or support education for children in need. Often these projects were carried out in 
cooperation with local non-profit organisations. Considering that the number of full-time employees (FTEs) 
in 2023 was 18,681 (1,255 for PUMA SE), we significantly exceeded our target. Since the start of our 
community engagement program in 2016, we have recorded now over 200,000 community engagement 
hours globally. 

24 

 
 
 
PUMA Annual Report 2023 

↗ Our People 

↗ G.03 COMMUNITY ENGAGEMENT 2023 

EEMEA
19,167
33%

Europe
13,089
23%

APAC
11,977
21%

LATAM
8,548
15%

North America
4,563
8%

CHARITY CAT 

Charity Cat organisation founded by employees continues to support projects near and far in 2023 

The members of Charity Cat have a huge heart for people in need – whether that is right next door or across 
the globe. The charitable organisation was founded by PUMA employees in 2004 and has been fundraising, 
supporting special causes, and partnering with different other charities ever since. There is Sozialtreff 
Erlangen, for example, in the next town over from PUMA’s headquarters in Germany. Charity Cat not only 
supports Sozialtreff Erlangen with the food donations, but members of the charity actually help out within 
that organisation.  

Further afield, on the Philippine island Samar to be precise, Charity Cat has been supporting the activities of 
the charity Herz zu Herz e.V. (which means “Heart to Heart” in English). The goal is to help the poorest 
families and children there to build a roof over their heads, make sure they have enough to eat and send 
them to school. This year’s success story from Samar was that several children were able to finish high 
school, while two young people went through culinary school, with one of them landing a job in a five-star 
hotel at the end! 

Another long-time partnered organisation of Charity Cat is FONMEH e.V. in Haiti, that has built an orphanage 
for a group of children and young people, keeping them off the streets and in education. In Haiti, the situation 
has gotten a lot worse: due to droughts and inflation, around 40% of the country’s population is suffering 
extreme hunger or does not have enough to eat. So, Charity Cat was glad to help at least the kids in 
FONMEH’s orphanage – who have been sharing their food with friends as neighbours – as well as other local 
people in Haiti with a special financial donation in 2023, on top of the usual clothes and financial support. 

Other Charity Cat activities included payments for food donations to be driven to the Ukraine, where the war 
that started over one year ago is still ongoing and affecting many people, as well as emergency financial 
donations for the victims of the huge earthquake in the already hard-hit area of south eastern Turkey in 
spring and the catastrophic flooding that struck eastern Libya in the summer via Aktion Deutschland Hilft 
e.V.  

Besides financial support, Charity Cat also gives away PUMA clothing and shoes to partnered projects. For 
example „Wir packen’s an e.V.“received several donations of clothing, underwear and especially shoes, that 
was distributed to refugees fleeing their countries via Greece, France or Bosnia. 

Charity Cat raises money through generous monetary donations from individuals, by fundraising during 
employee events and by organising internal sample give-aways of products provided by PUMA, during which 
employees can donate money for different Charity Cat projects. 

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PUMA Annual Report 2023 

↗ Our People 

DIVERSITY, EQUALITY & INCLUSION 

At PUMA, equality and non-discrimination are an important part of our culture. We encourage and support 
people of all genders and believe that diversity drives success. The different nationalities and backgrounds 
of our employees is one of our key strengths. We employ people from 143 countries and at our home base in 
Germany, we have people with more than 81 different passports. BE YOU, the central tenet of the PUMA 
family, is essential to creating a respectful and supportive work environment where each employee can be 
their true self. We want to create a culture that fosters collaboration and fairness. That is why we are 
listening to our PUMA family to address systemic barriers and identify areas for improvement. 

In 2023, we reviewed our diversity policy and included employee training on discrimination and injustice, 
intercultural communication, diversity, inclusion and belonging. We also hosted talks with internal and 
external speakers and published articles on our internal communication platforms to raise awareness. 

Celebrating diversity! 
We treat all our employees fairly and equally, regardless of their gender, nationality, ethnicity, religion, 
disability, age, or sexual orientation. These values are also part of our PUMA Code of Ethics (2005) and our 
2010 Diversity Charter.  

During Pride Month in June, for example, we celebrated our commitment to diversity and inclusion with a 
“Together Forever” summer party at our headquarters, complete with food trucks, a live band and a DJ set. 
Our partners from Christopher-Street-Day Nuremberg e.V. had their own stand with information about 
LGBTQ+ events in the area. We also put up rainbow flags at our headquarters and lit up the building in 
rainbow colours.  

We share our beliefs with the rest of the world and support various NGOs and groups around the world.  

For the fourth year running, PUMA worked with The Christopher-Street-Day Nürnberg e.V. to celebrate 
PRIDE month in the Nuremberg metropolitan area, support the local PRIDE parade and raise awareness. 
We were proud to organise our own information stand for the first time. This gave us the opportunity to 
connect with the PRIDE community and showcase PUMA’s diverse and inclusive workplace culture where 
employees can truly be themselves. 

In 2023, PUMA North America’s (PNA) Diversity, Equity and Inclusion (DEI) team designed strategies based 
on their five pillars: Environment, Talent, Learning, Advocacy, and Marketplace. PNA has four Employee 
Resource Groups: BBOLD for Black and Brown Employees + Allies, Puma Association of Women (PAW) for 
Women + Allies, PumALLiance for LGBTQ+ Employees + Allies, and ROAR for Asian-American and Pacific 
Islander Employees + Allies. Our efforts also included trainings for leaders to improve their resources and 
best-practices needed to act as an inclusive leader. 

PNA’s DEI team hosted several cultural celebrations throughout the year including a conversation with 
Black Panther’ Oscar winning costume designer Ruth Carter for Black History Month, Peloton instructor 
and PUMA ambassador Aditi Shah for AAPI Heritage Month, and PUMA Ambassadors Dapper Dan and Alex 
Toussaint for Juneteenth. 

“Culture Labs” quarterly conversations meant to build a culture of belonging for everyone and “Connect & 
Reflect” sessions which focus on providing safe space conversations were also offered by PNA. 

PNA officially kicked off our strategic talent partnership with Clark Atlanta University, a historically black 
university (HBCU), to foster talents among underrepresented groups in the industry and has, in addition, 
partnerships with ALPFA, Ascend, Boston While Black, the Black Footwear Forum, National Black MBA, 
College of Creative Arts and Pensole Lewis College of Business and Design, amongst other collegiate 
partners. To date, this partnership has allowed PNA to impact more than 100 students and PUMA will 
provide over $ 1 million in scholarships over a 5-year period. 

26 

PUMA Annual Report 2023 

↗ Our People 

Our efforts over the past year have been recognised with independent awards that we are delighted to 
receive. 

For the fourth year running, the Financial Times named us one of Leaders in Diversity, reflecting our 
commitment to creating a diverse, equal, and inclusive culture. In terms of diversity, we are proud to be 
included in the Pride Index and to be one of the top teams in the British Business Women Awards series. 
Integrating Diversity, Equality, and Inclusion (DE & I) into the fabric of our business will help us maintain and 
enhance our international competitiveness. 

Actions to promote gender equality 
We promote equality and are pleased that the PUMA Group has a balanced gender mix, with approximately 
50% women and 50% men working with us. 44% of our STEM (Science, Technology, Engineering and 
Mathematics) employees are female. Women held 43% of global leadership positions in 2023. Thanks to 
PUMA's equal opportunities work, this figure has been on a high level over the last few years (2018: 40%, 
2019: 41%, 2020: 43%, 2021: 44%, 2022: 44%, 2023: 43%). Due to the discontinuation of our Russian Operation 
this year’s figure decreased by 1%. However, in the rest of the world the share of female managers has 
increased by 0.2%. But there is still room for improvement. We are committed to increasing the number of 
women in leadership positions around the world in the coming years, especially at the highest levels of 
management. 

↗ T.03 PERCENTAGE OF WOMEN IN MANAGEMENT POSITIONS (IN %) 

Region 

Europe 

EEMEA 

North America 

Latin America 

Asia/Pacific 

Total 

2017 

2018 

2019 

2020 

2021 

2022 

2023 

31 

38 

46 

35 

41 

38 

31 

43 

48 

38 

44 

40 

35 

42 

50 

38 

43 

41 

34 

44 

48 

40 

48 

43 

37 

42 

48 

45 

49 

44 

37 

40 

48 

44 

50 

44 

39 

35 

47 

44 

50 

43 

In addition, the Supervisory Board of PUMA SE has set a target of at least two women (33%) for the 
proportion of women on the Supervisory Board. For the Management Board, the Supervisory Board has set 
the following targets for the proportion of women: (i) At least one woman (25%), on condition that PUMA SE 
has four Management Board members, (ii) at least one woman (20%), on condition that PUMA SE has five 
Management Board members, (iii) at least two women (33%), on condition that PUMA SE has six 
Management Board members. We set ourselves an implementation deadline by October 31, 2026. 

We want to continuously support the development of women in management positions. For this reason, we 
offer special training and access to inspiring networks. The exchange with experienced female managers is 
intended to encourage and motivate female employees to take on leading roles within the company 
themselves.  

We see the fact that PUMA has two women on the Management Board of four since January 1, 2023, with 
Anne-Laure Descours (CSO) and Maria Valdes (CPO), as a success of our efforts to achieve equal 
opportunities. 

The average age of our employees worldwide is 32. Our employees represent all working age groups.  

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PUMA Annual Report 2023 

↗ Our People 

↗ G.04 AGE GROUP 

Less than or equal to 20

21-25

26-30

31-35

36-40

41-45

46-50

51-55

56-60

61-65

66-70

above 70

11%

20%

21%

18%

12%

8%

5%

3%

2%

0.7%

0.1%

0%

61-65
0.70% 66-70
0.10%

56-60
2%

51-55
3%

46-50
5%

less than or equal to 20
11%

21-25
20%

41-45
8%

36-40
12%

31-35
18%

26-30
21%

BEING INCLUSIVE 

We prioritise creating an inclusive workplace where people with disabilities can work and grow. We adapt 
workplaces and training to meet their needs. In Germany, an elected works council member represents the 
interests of employees with disabilities. In some countries, legal issues prevent our companies from 
recording disability status and severity. Around 1% of our employees have told us that they have a severe 
disability, but the true number is probably higher. 

OFFBOARDING 

Our aim is to ensure that the employee’s last day is as positive as their first day at PUMA, signifying an 
appreciative end to the employment relationship. We facilitate a respectful and insightful offboarding 
process, allowing both PUMA and the employee to reflect on their time together, ensure knowledge transfer, 
and maintain a positive relationship post-employment. Employees are asked to complete an anonymous exit 
questionnaire on Workday to provide feedback about their work experience. We will conduct an in-depth exit 
interview to understand the reasons behind the decision to leave and propose to reapply in the future. We 
also ask the leaving employees to remain a part of the PUMA family by joining our Alumni Network. This way 
we keep in touch fostering professional networking opportunities as well as using this platform as talent 
pool for future rehires.  

AWARDS 

As a global employer, PUMA received many awards in 2023. One of our main goals is to provide our 
employees with a workplace where they can grow and take on new chances.  

Forbes, together with market research company Statista, created the “World's Best Employers” 
certification. We are proud to be included for the fourth year running in 2023. We were also awarded as one 
of the “World’s Top Companies for Women” 2023 by Forbes and Statista. In addition, we have also been 
recognised by Newsweek and Statista as one of the “World's Most Trustworthy Companies”. The Financial 
Times together with Statista appointed us as “Leader in Diversity” for the fourth year in a row.  

In addition to global recognition, we also received several regional awards. Focus magazine named PUMA 
Europe “Top Nationaler Arbeitgeber” 2023. This award reflects our efforts to create a diverse, equal, and 
inclusive culture. In terms of diversity, we are very proud to be listed in the Pride Index, and to have been 
named one of the top teams in the British Business Women Awards series. All of this demonstrates that 
PUMA supports and promotes diversity at all levels and around the world.  

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PUMA Annual Report 2023 

↗ Our People 

For five years in a row, we won India's Great Place to Work award. In addition, our Southeast Asian PUMA 
site in Taipeh received three prestigious awards: HR Asia Best Companies to Work for in Asia 2023, HR Asia 
Digital Transformation Awards 2023, and HR Asia Diversity, Equity & Inclusion Award 2023. 

For Germany PUMA was ranked among the TOP 100 companies by Statista and was appointed as kununu 
Top Company 2024 among the most popular 5% of the companies. Textilwirtschaft ranked us as number five 
of the Top Arbeitgeber in der Textilindustrie in Deutschland 2023. And FOCUS magazine rated PUMA Europe 
GmbH as Best National Employer 2023 in Germany. 

In the Netherlands our Dutch PUMA store at McArthur Glen Designer Outlet in Roermond was awarded 
Retail Store of the Year 2023. 

Austria PUMA Dassler GmbH was certified as LEADING EMPLOYERS Österreich 2023 and is one of the TOP 
1% of employers in Austria. 

On top of this, we have been recognised as a Top Employer in 24 PUMA countries, this counts for 87% of the 
PUMA population globally, including Germany, Austria, France, Italy, Spain, Poland, Ukraine, the United 
Kingdom, Turkey, South Africa, India, Japan, Vietnam, South Korea, China and Hong Kong, Australia, USA, 
Canada, Argentina, Chile, Brazil, Peru and Mexico, as well as in the four regions: Europe, Asia Pacific, North 
America, and Latin America. We are especially proud to be named one of the Global Top Employers 2024. 

Being recognised by various prestigious institutes and organisations around the world is not just an honour 
but a responsibility that we take very seriously. We are committed to continuing our journey of people 
excellence, ensuring that PUMA remains a place where talents are nurtured, achievements are celebrated, 
and diversity is embraced. 

29 

 
PUMA Annual Report 2023 

↗ Sustainability 

SUSTAINABILITY 

31 
Foreword Anne-Laure Descours, CSO 
34 
Awards and Recognitions 
PUMA’s FOREVER. BETTER. Sustainability Strategy  35 
Sustainability Organisation and Governance  
Structure 
Most Material Aspects 
Scope of the Report 
Due Diligence and Risk Assessment 
Human Rights 
Fair Income 
Health and Safety 
Environment 
Climate 
Chemicals 
Water and Air 

36 
42 
48 
49 
53 
79 
89 
94 
104 
133 
142 

Plastics and the Oceans 
Circularity 
Products 
Biodiversity 
Environmental Key Performance Data 
Reporting in Accordance with the EU Taxonomy 
Regulation 
Index for Combined Non-financial Report and GRI 
content 
KPMG Assurance Statement 

153 
156 
165 
177 
184 

188 

198 
205 

30 

 
  
 
 
PUMA Annual Report 2023 

↗ Sustainability 

FOREWORD ANNE-LAURE DESCOURS, CSO 

↗    ANNE-LAURE DESCOURS 

CHIEF SOURCING OFFICER (CSO) 

In 2023 we started preparing our sustainability vision for 2030 by asking our most important partners and 
internal decision-makers to give us feedback on the sustainability topics that are most relevant for PUMA. 
The results are included in the materiality assessment published in this report.  

In parallel, we accelerated the implementation of our FOREVER. BETTER. Sustainability Strategy, making 
progress towards achieving our 10FOR25 targets in Climate Action, Circularity, and Human Rights.  

From a products and materials perspective, we produced eight out of ten products* according to our PUMA 
Sustainability Index, which means these products are made with materials that are classified as preferred 
fibres by Textile Exchange or originate from certified sources. In 2023, 99.7% of all leather was sourced from 
Leather Working Group-certified tanneries, 99.2% of all cotton was sourced from Better Cotton licensed 
farms or recycled and 99.4% of all paper and cardboard packaging was FSC-certified or recycled paper and 
cardboard. 

In Circularity, we expanded take-back programmes in three new countries. Meanwhile, almost 65% of the 
polyester used for our apparel and accessories products came from recycled materials. We also started to 
scale up the use of recycled cotton, which reached 8.6% in 2023. 

We published the results of our RE:SUEDE project, an experiment to turn a new version of our iconic Suede 
sneaker, into compost (under tailor-made industrial composting conditions) and expanded our RE:FIBRE 
programme to transform textile waste and other used materials into new textiles. During the Women's 
World Cup in Australia, the Swiss National Team played in RE:FIBRE jerseys, and our club partners re-

*  Excluding products produced by PUMA Group company stichd and PUMA United. For further details on the reporting scope, 

please refer to the Scope of the Report section. 

31 

 
 
PUMA Annual Report 2023 

↗ Sustainability 

launched the RE:FIBRE initiative by deploying new take-back bins in additional locations. Overall, 46,000 
RE:FIBRE garments were produced in 2023. 

To help fight climate change, we continued to source 100% renewable electricity for PUMA’s own offices, 
stores, and warehouses, with either renewable electricity tariffs or renewable energy attribute certificates. 
We also invested over € 2 million to electrify our PUMA car fleet and the first low carbon shipment tariffs 
with our logistics service provider Maersk were implemented for our most important sea freight routes 
between Asia and Europe. This has helped us to reduce our own carbon emissions by 85% (market-based, 
including the purchase of RECs) compared to our 2017 baseline, as well as our logistics emissions from sea 
freight by almost 50% compared to 2022.   

In our supply chain, recycled material was up to 22% of the total material used for our products. Our core 
suppliers continued to transition to renewable energy with large-scale rooftop solar PV installations, REC 
purchases, and to transition boiler fossil fuels to renewable fuels. As a result, we reduced our absolute 
Greenhouse Gas emissions (for Scope 3 category 1) by 30% compared to our 2017 baseline and our core 
suppliers used 22% of renewable energy. 

In 2023, PUMA joined Zero 100, a cross-sector membership-based research and intelligence organisation, to 
accelerate progress on Digital Supply Chain Transformation and the path to zero carbon emissions.  

On the social side, more than 222,000 factory workers received training on sexual harassment at work, 
achieving our target three years ahead of schedule. As a long-term signatory to the Bangladesh 
International Accord on Building and Fire Safety, we also joined Accord Pakistan and a pilot to establish an 
Employment Injury Scheme in Bangladesh. Collectively, our PUMA employees contributed 57,000 hours of 
community engagement work around the globe to support educational, women empowerment, 
environmental, and sports activities. 

Our efforts were recognised in several rankings and ratings such as the Corporate Human Rights 
Benchmark, the Platform Living Wage Financials Benchmark, Know the Chain, the Carbon Disclosure 
Project and being a finalist of the German Sustainability Award.  

Despite this recognition, there are still many areas for improvement. We need to further strengthen our 
efforts in Human Rights, Climate Action and Circularity.   

Following our Conference of the People in 2022, we created our Voices of a RE:GENERATION initiative. 
Empowering a cohort of four Young Voices to help PUMA identify key areas for improvement. Through 
various projects, the Voices are helping us to communicate in a way that resonates with the next generation, 
bringing new perspectives and challenging PUMA to think differently. The Voices have met several times 
with key players at PUMA to discuss the progress and challenges surrounding our FOREVER. BETTER. 
Sustainability Strategy and produced PUMA RE:GEN Reports; a podcast series created to engage and better 
communicate with the younger generation on PUMA’s FOREVER. BETTER. 10FOR25 targets. The Voices have 
also produced RE:HACKS (a social content series sharing tips with consumers on how to extend the lifespan 
of clothing and kicks). The Voices participated in our materiality assessment, giving input into what will 
shape PUMA's 2030 Sustainability Strategy. 

There is only one Forever – Let’s Make it Better.  

32 

 
 
PUMA Annual Report 2023 

↗ Sustainability 

HIGHLIGHTS OF 2023 

We continued to implement our FOREVER. BETTER. Sustainability Strategy working towards our 10FOR25 
sustainability targets. We also started preparing for the Corporate Sustainability Reporting Directive (CSRD) 
and of our next target cycle for 2030 with a new double materiality analysis. 

Eight out of ten PUMA products globally were made with a significant part of recycled or certified materials, 
such as better cotton or recycled polyester. 

In Circularity, we re-launched product take-back initiatives at selected stores of our major football club 
partners. At PUMA, we now operate take-back bins at our Headquarters Store in Germany as well as stores 
in the USA, China/Hong Kong, and Australia. We equipped the Swiss National Women’s Football Team with 
jerseys made from our RE:FIBRE initiative for the Women’s World Cup in Australia and launched product 
take-back bins at our stores in Switzerland. 

In Climate Action, we agreed on a new more ambitious science-based greenhouse gas reduction target with 
the Science Based Targets initiative (SBTi) and published our first Climate Action Transition Plan. We 
continued to power our own offices, stores, and warehouses with 100% green electricity (including purchase 
of RECs) and added 92 electric cars to our PUMA car fleet. We decreased the air-freight ratio for the 
transport of our products to under 0.5% and started using biofuels for the shipping of PUMA products from 
Asia to Europe. We decreased our absolute Scope 3 emissions from the category purchased goods and 
services by 30% from 2017 to 2023, our core suppliers used 22% of renewable energy and almost 62% of the 
polyester used in our products is recycled. 

In Human Rights, we made the payment of a fair wage a bonus relevant topic for PUMA's own staff and 
continued to track the payment of wages at our core suppliers. For our core supplier Tier 1 factories, the 
average payment is 12.7% above minimum wage. 222,933 factory workers received training on sexual 
harassment and 83,089 were paid a living wage on average. Our PUMA employees donated 57,000 working 
hours to community engagement work and we continued to focus on diversity and inclusion, for example by 
increasing the percentage of women on our management board to 50% and by becoming a signatory of UN 
Women Empowerment Principles (UNWEPs). Finally, we appointed a Human Rights Officer and worked on a 
Human Rights Handbook for our employees to be published in 2024.  

In Biodiversity, we continued to partner with the Fashion Pact and Textile Exchange and supported the 
publication of a biodiversity landscape report for our industry. To ensure that the leather used for PUMA 
products does not contribute to deforestation, we joined the call to action launched by the Leather Working 
Group and Textile Exchange to source all bovine leather from deforestation-free supply chains by 2030 or 
earlier. Since 2022, almost all tanneries used for PUMA leather products have been certified by the Leather 
Working Group. For paper and cardboard, 99.4% are either FSC-certified and/or recycled, to avoid any link to 
deforestation. 

33 

PUMA Annual Report 2023 

↗ Sustainability 

AWARDS AND RECOGNITIONS 

Our sustainability efforts continued to be recognised in several external rankings and recognitions. In 2023, 
PUMA maintained its triple-A rating from MSCI, achieved a “good” rating from the critical consumer 
labeling organisation “Good on You”, and achieved the highest score in the Platform Financials for Living 
Wages benchmark report and Corporate Human Rights Benchmark for our industry, and maintained an A 
rating from CDP.  

PUMA once again topped the FTSE4Good sector ranking. We received a prime rating from ISS and were 
included in the Corporate Knights Global 100 Most Sustainable Companies list for the third year in a row, 
leading the textiles and clothing peer group. PUMA also had the highest score among all sports brands in 
the S&P Corporate Sustainability Assessment.  

At the same time, we continued to receive critical feedback in reports issued by Stand Earth on the use of 
biomass as a replacement for coal in our supply chain, the Changing Markets Foundation on the 
dependence on oil as a raw material for synthetic fibres and components, Labor Behind the Label on 
working conditions in Pakistan, and Clean Clothes Campaign and Action Aid on the wage gap during the 
COVID-19 pandemic in Cambodia. We consider these critical remarks as we develop our sustainability 
standards, process and strategy.  

34 

 
 
PUMA Annual Report 2023 

↗ Sustainability 

PUMA’S FOREVER. BETTER. SUSTAINABILITY 
STRATEGY 

Sustainability remains an integral part of the strategic priorities for PUMA under the leadership of our CEO 
Arne Freundt and our CSO Anne-Laure Descours. 

Our FOREVER. BETTER. Sustainability Strategy is based on our 10FOR25 targets, which were introduced in 
2019 following an extensive materiality analysis and stakeholder dialogue. In 2023, we updated our 
materiality analysis in preparation for our new target cycle until 2030. The results confirm that the areas of 
Human Rights, Circularity, and Climate Action (including Biodiversity) were ranked as a high priority. 

Until the end of our 10FOR25 targets period, we will still report on the 10 target areas to improve our 
sustainability performance: Human Rights, Climate Action, Circularity, Products, Water and Air, Biodiversity, 
Plastics and the Oceans, Chemicals, Health & Safety as well as Fair Income. 

For each of these target areas, which reference the related United Nations Sustainable Development Goals 
(SDG), we have defined a minimum of three concrete targets, as well as key performance indicators to 
follow the progress we have made. 

With our FOREVER. BETTER. Sustainability Strategy, we continue our path to fully integrate sustainability 
into all our core business functions. Sustainability targets are part of the bonus arrangements for every 
member of our global leadership team, from the CEO to Team Heads. 

PUMA’s Code of Conduct and our vendor compliance programme, which were introduced more than 20 
years ago, are still the basis for any contractual relationship with manufacturers globally and remain the 
foundation of our responsible sourcing strategy and programme. We revised the Code in 2023 and will 
publish the new version in 2024. 

35 

 
 
PUMA Annual Report 2023 

↗ Sustainability 

SUSTAINABILITY ORGANISATION AND 
GOVERNANCE STRUCTURE  

PUMA’s sustainability organisation is structured and governed in multiple ways: 

•  At the Supervisory Board level, with a Sustainability Committee. In 2023, we had several meetings to 

discuss the PUMA action plan related to the Corporate Sustainability Reporting Directive (including our 
plan to conduct a double materiality assessment in 2023). We had a deep dive discussion into Human 
Rights including PUMA work on fair income, responsible purchasing practices, the implementation plan 
of the German Supply Act and critical feedback received through NGO reports regarding factories' 
working conditions. We also had a deep dive discussion into circularity, including PUMA programmes 
and projects update, and into Climate actions including our 2030 decarbonisation pathway plan. 
•  At the Management Board level, the responsibility for sustainability is assigned to the Chief Sourcing 

Officer (CSO). 
-  There were several Management Board meetings in 2023 with dedicated sustainability updates and 
decision on topics like the 2022 sustainability target status and 2023 action plan, PUMA’s action plan 
related to the German Supply Chain Act and Corporate Sustainability Reporting Directive (including 
our plan to conduct a double materiality assessment in 2023), new minimum wage negotiation 
development in Bangladesh and PUMA’s position, circularity programmes and projects status and our 
2030 decarbonisation pathway plan.   

-  PUMA’s CEO, the Chair of the Supervisory Board and the Works Council all participated in our 

materiality assessment, which will lay the foundations of our new Sustainability Strategy for 2030. 

-  Our CSO has a monthly meeting with the Sustainability Leads for corporate and supply chain 

sustainability. Topics include Human Rights, Health and Safety, and chemical programmes, as well as 
climate and water projects in the supply chain. 

•  At the Functional Heads level, with an Executive Sustainability Committee.  

-  The Executive Sustainability Committee comprises of all Functional Heads of the company, such as 
the People & Organisation, Sourcing, Finance, IT, Marketing, Risk Management, Investor Relations, 
Retail, Logistics and Legal Affairs. The committee met twice in 2023 to provide an update on 
sustainability programmes and approved the 2023 Sustainability Bonus Targets. 

•  At the Product level, with a Cross-Functional Business working group and monthly updates on PUMA’s 

more sustainable product strategy and execution. 

•  At the Subsidiary level with nominated Sustainability Leads for each PUMA subsidiary (quarterly updates 
on PUMA Sustainability Strategy and performance, best practice sharing from individual subsidiaries). 

•  At the Sustainability Experts level, with a corporate sustainability department and a supply chain 

sustainability department. 

•  At the Legal and Compliance level, with a Human Rights Officer. In December 2023, PUMA appointed 
PUMA General Counsel Corporate Governance & Compliance as Human Rights Officer. The Human 
Rights Officer shall monitor PUMA’s risk management system, risk analysis relating to Human Rights 
and compliance with Human Rights due diligence regulations. 

•  PUMA has a Health and Safety Committee that operates in the headquarters and conducts quarterly 

meeting. This committee regularly reviews existing reports on known health and safety risks, conducts 
frequent health and safety inspections and exchanges documentation on health issues and risks. The 
Global Director People & Organisation, who is part of the Health and Safety Committee, informs the 
Management Board of PUMA SE about relevant health and safety matters at least quarterly. 

36 

 
 
PUMA Annual Report 2023 

↗ Sustainability 

↗ G.01 SUSTAINABILITY ORGANISATION CHART 

SUSTAINABILITY PERFORMANCE-RELATED REMUNERATION  

At PUMA, we link performance criteria in the remuneration of all leaders globally with clear and defined 
sustainability targets. The variable annual performance bonus is based on the achievement of PUMA’s 
FOREVER. BETTER. Sustainability Strategy targets.  

All PUMA leaders globally, from the CEO to the Team Head level, have clearly defined sustainability targets 
as part of their annual performance bonus. These targets are aligned with PUMA's FOREVER. BETTER. 
Sustainability Strategy and focus on our 10FOR25 sustainability target areas: Human Rights, Climate Action, 
Circularity, and Health and Safety. The targets cover 10% of the overall bonus for members of the 
Management Board and 5% for other leaders globally. 

↗ G.02 REMUNERATION CRITERIA BY WEIGHT 

For management board

For other leaders globally

10%

5%

90%

95%

ESG related indicators

Financial indicators

37 

 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

↗ T.01 2023 BONUS TARGETS 

Percentage 

of Bonus  Corporate & Subsidiaries Target 

Sourcing & Supply Chain Target 

Area 

Human 
Rights 

1.25% 
(2.5%) 

All PUMA employees are paid a living wage;  
2 hours community engagement per FTE 

No zero tolerance issues prevailing at year 
end 
180,000 workers training on women 
empowerment 

15% renewable energy for core suppliers 

Climate 
Action 

1.25% 
(2.5%) 

30% of all cars in PUMA's car fleet hit the EU 
Taxonomy definition of a low-emission car  
(<50 g CO2/km) 
Air freight ratio for transport of goods reduced 
to under 0.5% 

Health and 
Safety 

1.25% 
(2.5%) 

Zero fatal accidents; 
Injury rate below 0.5 

80% employees trained 

Zero fatal accidents;  
Injury rate below 0.5 

100,000 workers trained 

Circularity 

1.25% 
(2.5%) 

Increase percentage of recycled polyester to 
60% for apparel and accessories and 50% for 
footwear 
Take-back schemes rolled out in one country 
each in Americas, Europe and Asia 

Increase percentage of recycled polyester to 
60% for apparel and accessories and 50% for 
footwear 

STAKEHOLDER OUTREACH 

To ensure that the PUMA Sustainability Strategy covers the most relevant topics, we use a formal 
materiality analysis process combined with stakeholder dialogue and outreach. 

For our updated materiality assessment, we interviewed several non-profit stakeholders including the 
Global Trade Union Federation IndustriAll, Fair Labor Association, Textile Exchange, United Nations 
Framework Convention on Climate Change (UNFCCC), and the German Development Organization GIZ. 

Our first PUMA stakeholder dialogue dates back to 2003. Since then, we have organised 15 in-person 
stakeholder meetings and held one virtually. Our stakeholder dialogue includes representation in and 
contribution to several sustainability initiatives. In 2023, we actively participated in several sustainability 
initiatives and events, such as conferences by the UNFCCC (Global Stocktake and COP28), ZDHC (Board 
Meetings), Textile Exchange Annual Conference, Better Work Global Business Forum, OECD Forum on Due 
Diligence in the Garment and Footwear Sector, Better Cotton Initiative Annual Conference and the Global 
Fashion Agenda (Global Conference), to name just a few. Our overall investment in partnerships to 
accelerate sustainability efforts amounts to over € 1 million. Our next formal PUMA stakeholder dialogue 
meeting is planned for April 2024. 

In 2023, we developed a Civil Society Organisations (CSOs) engagement policy to engage with them 
reactively and proactively, further details are given in the Due Diligence and Risk Assessment section of this 
report. 

PUMA has placed a large emphasis on industry collaboration and, where possible, supporting existing 
industry initiatives. Collaboration with our peers is paramount to streamlining the sustainability efforts of 
our industry. We believe that encouraging the alignment of individual industry organisations, e.g., 
converging the use of tools and processes, makes the overall system more efficient. 

38 

 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

↗ G.03 MATRIX OF KEY PARTNERSHIP INITIATIVES 

CONFERENCE OF THE PEOPLE AND VOICES OF A RE:GENERATION 

In 2022, PUMA held the Conference of the People, a first-of-its-kind event for PUMA. Industry peers, 
activists, NGOs, experts, ambassadors, and consumers came together to discuss solutions for some of the 
fashion industry’s pressing sustainability challenges. With a special focus on Gen-Z, the conference 
highlighted the need for brands to improve transparency and communication more regarding sustainability.   

Following this event, in April 2023 PUMA launched its year-long Voices of a RE:GENERATION initiative, 
empowering a group of Young Voices to help PUMA identify key areas for improvement and giving them a 
seat at the table alongside leading stakeholders. 

Through various projects, the Voices are educating, engaging and co-creating with PUMA to help improve 
how PUMA communicates about sustainability in a way that resonates with the next generation, bringing 
new perspectives and challenging PUMA to think differently. In September 2023, PUMA expanded the reach 
of the initiative beyond Europe and the USA by adding Indian sustainable fashion advocate Aishwarya 
Sharma. Aishwarya joined PUMA’s current Voices, the USA-based upcycler Andrew Burgess, Germany-
based sustainable and healthy living vlogger Luke Jaque-Rodney and France-based visual artist and 
creative consultant Jade Roche. 

39 

 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

Voices of a RE:GENERATION: Aishwarya Sharma, Andrew Burgess, Jade Roche, Luke Jaque-Rodney (from left to right) 

To date, the Voices have met several times with key players at PUMA to discuss the brand’s progress and 
challenges surrounding its FOREVER. BETTER. Sustainability Strategy and produced PUMA RE:GEN 
Reports, a podcast series created to engage and better communicate with the younger generation on 
PUMA’s FOREVER. BETTER. 10FOR25 target areas.  

Since then, the Voices have also partnered with PUMA to produce RE:HACKS (a social content series 
sharing tips with consumers on how to care for and extend the lifespan of clothing and kicks) and 
participated in the PUMA 2023 sustainability materiality assessment, giving input into what will shape 
PUMA’s 2030 sustainability action plans. 

In October 2023, three of the Voices visited some of PUMA’s manufacturing partners in Bangladesh, 
Vietnam, and Turkey to get their impressions of PUMA’s supply chain and experience the realities, progress 
and challenges of sustainability at scale on the ground. Their learnings will be shared through their social 
channels in 2024. Building on these efforts and progress, PUMA will continue the RE:GENERATION initiative 
into 2024. 

40 

 
PUMA Annual Report 2023 

↗ Sustainability 

Voices of a RE:GENERATION visiting factories in Bangladesh, Turkey and Vietnam 

PUBLIC POLICY ADVOCACY ENGAGEMENT 

PUMA does not lobby as a separate entity. However, as part of our membership in industry federations and 
expert organisations like the Federation of the European Sporting Goods Industry (FESI) or the Policy Hub, 
our experts provide feedback on policy positions to those organisations and attend meetings with policy 
makers from time to time. We ensure that our feedback provided is aligned with our Sustainability Strategy 
and targets, such as limiting global warming to 1.5 degrees. In 2023, PUMA joined the Fashion Industry 
Charter for Climate Action (UNFCCC) policy dialogue event in Bangladesh. Membership fees paid by PUMA 
to the organisations involved in policy outreach are below € 300,000 per year in total. 

Organisations engaged in public policy outreach in which PUMA is a member: 

•  Policy Hub 
•  World Federation of the Sporting Goods Industry (WFSGI) 
•  Federation of the European Sporting Goods Industry (FESI) 
•  Bundesverband der Sportartikelindustrie (BSI) 
•  Fashion Industry Charter for Climate Action (UNFCCC) 
•  Stifung Klimawirtschaft 

41 

 
 
PUMA Annual Report 2023 

↗ Sustainability 

MOST MATERIAL ASPECTS 

PUMA performed a formal materiality analysis in 2018 – 2019 with the help of expert consultancy BSR. The 
methodology, list of consulted stakeholders, and results were reviewed and approved by PUMA’s Managing 
Directors. Materiality assessment results are also considered in the risk management process. Our risk 
management function assesses our most material topics and the risks related to those topics in 
collaboration with the risk owners. The 2019 materiality assessment formed the basis for our existing PUMA 
FOREVER. BETTER. Sustainability Strategy and 10FOR25 targets, as well as the structure of this 2023 report, 
and is outlined in the graph below. Further details on the methodology can be found in PUMA’s 2022 Annual 
Report. 

↗ G.04 PUMA’S MOST MATERIAL ASPECTS (2018 – 2023) 

DOUBLE MATERIALITY ANALYSIS – 2024 AND BEYOND 

In 2023, PUMA conducted an updated materiality analysis based on the principle of double materiality as 
requested by the Corporate Sustainability Reporting Directive (CSRD). The methodology, list of consulted 
stakeholders, and results were reviewed and approved by PUMA’s Managing Directors (CEO, Chief Financial 
Officer, Chief Product Officer and Chief Sourcing Officer). PUMA’s CEO, the Chair of the Supervisory Board, 
and a Workers Council representative participated in the materiality assessment.  

The 2023 materiality assessment was conducted by the expert consultancy Radley Yeldar and included:  

•  A horizon scanning stage, including peer benchmark assessment, legislation, sustainability frameworks 

and ratings, and media screening 

•  Development of CSRD-compliant impact assessment criteria 
•  Stakeholders interviews with 32 participants, including 16 PUMA and 16 external stakeholders as well as 

an online survey (37 responses)  

•  Out of the interviews, eight in-depth interviews for financial impact were conducted, including investor 

and lender views 

•  Results validation meetings between PUMA’s Sustainability Team and Radley Yeldar 
•  Managing Directors‘ approval 

A total of 25 sustainability topics were selected after the horizon scanning stage to be evaluated by 
stakeholders. Seven topics were identified by our stakeholders as being financially material to PUMA.  

42 

 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

Social topics 
•  Forced and Child Labor in the supply chain 
•  Gender Equity in the supply chain 
•  Worker Wages in the supply chain 
•  Labor Conditions in the supply chain 
•  Employee engagement and development of own workforce 

Other topics 
•  Circular Design and Production 
•  Supply Chain Traceability and Management 

Seven topics were assessed to have a significant outward impact. 

Social topics 
•  Worker Wages in the supply chain 
•  Labor Conditions in the supply chain 
•  Diversity, Equity, and Inclusion of own workforce 
•  Employee Engagement and Development of own workforce 

Environmental topics 
•  Water Use in the supply chain   
•  Biodiversity, Land Use and Deforestation in the supply chain 
•  Climate Actions in the value chain 

Notably, Labor Conditions, Worker Wages, and Employee Engagement and Development passed both the 
financial and outward impact threshold for materiality. All eleven topics, targets and achievements, 
identified as material (from a financial and outward impact perspective) are already included in this report. 
Going forward, we will transition from our 10FOR25 targets toward our 2030 strategy, which will be based on 
the new materiality assessment and the outcome of our stakeholder dialogue in 2024. 

43 

 
  
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

↗ G.05 PUMA’S DOUBLE MATERIALITY MATRIX 

44 

 
PUMA Annual Report 2023 

↗ Sustainability 

↗ G.06 PUMA’S 2025 SUSTAINABILITY TARGETS 

Human Rights
(SDG 3, 5, 8 and 10*)

Biodiversity
(SDG 14 and 15*)

Fair Income
(SDG 1, 2 and 10*)

Health and Safety
(SDG 3*)

Circularity
(SDG 9, 12, 14 and 15*)

PUMA
SUSTAINABILITY
TARGETS

2025

Products
(SDG 12*)

Chemicals
(SDG 3 and 6*)

Water and Air
(SDG 6, 14 and 15*)

Climate
(SDG 7 and 13*)

Plastics and the Oceans
(SDG 3, 14 and 15*)

*  SDG: United Nations Sustainable Development Goals 

45 

 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

↗ T.02 PUMA 10FOR25 SUSTAINABILITY TARGETS PERFORMANCE SUMMARY1 

  Not started  

In progress  

On track  

Achieved 

Target area 

Targets for 2025 

Performance 2023 

Status 

Target 1: Train 100,000 direct and indirect 
staff members on women’s empowerment 

222,933 factory workers and 3,727 PUMA 
employees trained 

01 

Target 2: Map subcontractors and Tier 2 
suppliers for Human Rights risks 

Tier 1 subcontractors mapped 
Tier 2 mapping completed (since 2022) 

Human 
Rights 

Target 3: 25,000 hours of global community 
engagement per year 

57,000 hours 

Target 1: Zero fatal accidents (PUMA and 
suppliers) 

Zero fatal accidents at PUMA 
1 fatal accident at suppliers 

02 

Target 2: Reduce accident rate to 0.5 (PUMA 
and suppliers) 

0.46 at PUMA 
0.2 injury rate at PUMA suppliers 

Target 3: Building safety policy operational 
in all high-risk countries 

Health and 
Safety 

Target 1: Ensure 100% of PUMA products 
are safe to use 

ACCORD Bangladesh: Progress rate 94% 
Signed ACCORD Pakistan 
Building safety assessments in 35 
factories in Indonesia, India, Bangladesh 
and Pakistan 

No product recall from the market 

03 

Target 2: Maintain RSL compliance rate 
above 90%* 

6,130 tests with RSL compliance rate at 
98.7% 

Chemicals 

Target 3: Reduce organic solvent usage to 
under 10 gr/pair 

VOC index at 12.5 g/pair 

04 

Water and 
Air 

Target 1: 90% compliance with ZDHC 
Wastewater Guidelines 

Conventional parameters: 99% 
Restricted chemicals: 98% 
Heavy metals: 99% 

Target 2: 90% compliance with ZDHC Air 
Emissions Guidelines 

Our core Tier 1 and Tier 2 follow local 
regulation 
Joined ZDHC pilot 

* 

Target 3: 15% water reduction per pair or 
piece based on 2020 baseline 

Target 1: Align PUMA’s climate target with 
1.5 degrees global warming scenario 

Textile: -4.9% per ton 
Leather: +11.7% per square meter 
Apparel: +9.4% per piece 
Footwear: -21.5% per pair 

SBTi approved our new 1.5 degree aligned 
target for absolute GHG emission 
reduction: Scope 1 and 2 by 90%, Scope 3 
by 33% in 2030. Our first 2019 SBT 
achieved in 2023. 

05 

Target 2: 100% renewable electricity for 
PUMA entities 

100% renewable electricity used for PUMA 
entities (including RECs purchase) 

Target 3: 25% renewable energy for core 
suppliers 

23.1% for Tier 1 (finished goods) 
21.7% for Tier 2 (materials) 
(including RECs purchase) 

Climate 

*  ZDHC air emission guidelines have not been yet released at the end of 2023. We have participated in a pilot in 

collaboration with ZDHC to test the draft standards. 

46 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

Target 1: Eliminate plastic bags from owned 
and operated PUMA stores 

As of 1 January 2023, plastic bags are no 
longer used in PUMA’s owned and 
operated stores 

06 

Target 2: Support scientific research on 
microfibres 

Signed 2030 commitment of microfiber 
consortium, 12 shedding tests conducted 

Target 3: Research biodegradable plastics 
options for products 

Plastics and 
the Oceans 

Target 1: Establish take-back schemes in all 
major markets 

Target 2: Reduce production waste to 
landfills by at least 50% compared to 2020 

07 

Circularity 

Target 3: Develop recycled material options 
for cotton, leather and rubber 

Target 1: Procure 100% cotton, polyester, 
leather and down from certified sources 

RE:SUEDE experiment as a test for 
biodegradability completed and results 
publicly shared 

Take-back schemes established in at least 
one country in each of Americas (the USA), 
Europe (Switzerland) and Asia (Australia) 

64.7% reduction of waste to landfill per 
footwear pair 
87.4% reduction of waste to landfill per 
apparel piece 

Recycled cotton used at scale 
Recycled rubber and reconstituted leather 
used in selected collections 

99.2% cotton 
85% polyester 
99.7% leather 
100% down 

08 

Target 2: Increase recycled polyester use to 
75% (apparel & accessories) 

64.9% recycled polyester used for apparel 
and accessories 

Target 3: 90% of apparel and accessories 
classified as more sustainable 
90% of all footwear contains at least one 
more sustainable component 

Products 

87% apparel volume 
40% accessories volume 
93% footwear volume 

Target 1: Fair wage assessments for the top 
five sourcing countries 

Target 2: Effective and democratically 
elected worker representatives at all core 
suppliers 

09 

Target 3: Ensure bank transfer payments 
for all core suppliers 

Five out of five assessments completed 
(Bangladesh, Cambodia, Indonesia, 
Vietnam, China) 

66% core Tier 1 factories have elected 
worker representatives 

100% core Tier 1 and Tier 2 suppliers use 
digital payment 
100% of workers are paid digitally in core 
factories 

Fair Income 

10 

Biodiversity 

Target 1: Support setting up a biodiversity SBT  Sponsored a biodiversity landscape 

analysis report with Textile Exchange and 
Fashion Pact 

Target 2: Procure 100% cotton, leather, and 
viscose from certified sources 

99.2% cotton 
99.7% leather 
84% viscose 

Target 3: Zero use of exotic skins or hides 

Phased out the usage of kangaroo leather 
during 2023 
No exotic skins or hides in use 

1  REC: Renewable Energy Attribute Certificates, RSL: Restricted Substances List, SBT: Science-Based Target, SLCP: Social 
and Labor Convergence Programme, Tier 1 (T1) suppliers: Supplier of finished goods, Tier 2 (T2) supplier: Supplier of 
materials or components, Tier 3 (T3) supplier: Supplier of yarn, hides, etc., VOC: Volatile Organic Compound, ZDHC: Zero 
Discharge of Hazardous Chemicals 

47 

 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

SCOPE OF THE REPORT 

DATA COLLECTION 

In the Sustainability report, we cover the PUMA Group data, excluding PUMA United. We collect data from 
our core suppliers of components, materials, and finished products. Our materials data excludes the 
materials used by stichd (mainly socks and bodywear) and PUMA United, as well as the materials used for 
Cobra Golf equipment, as these companies run their own sourcing. For social compliance data, PUMA 
United, stichd, and Cobra Golf factories producing PUMA products are included. For environmental data, we 
also report stichd own sites and factories according to PUMA’s Environmental Performance Rating System. 

We do not provide separate reports for PUMA SE and the Group in the Sustainability section.  

DATA SOURCES 

To ensure a high level of transparency and promote the sharing of environmental and social data with our 
industry peers, we have chosen to use external databases, most of which are publicly accessible: 

•  The Open Supply Hub, an open-source map and database of global apparel facilities  
•  The Fair Factories Clearinghouse for sharing social audit data with other brands  
•  The wastewater platform of the Zero Discharge of Hazardous Chemicals Foundation (ZDHC) for supplier 

data on wastewater testing reports (ClearStream reports) 
•  The ZDHC Chemicals Gateway for the use of safe chemicals 
•  ZDHC-approved chemical inventory platforms: BHive, CleanChain, E3 
•  RSL database Green Arrow 
•  The China-based NGO IPE for the publication of suppliers’ environmental data  
• 

IPE’s Green Supply Chain Map of environmental performance data of some of our core suppliers in 
China  

•  The Higg Index Platform Worldy  
•  The Fair Labor Association (FLA) fair compensation dashboard to benchmark factory workers’ income 

towards industry and/or living wage benchmark 

•  The Fair Wage Network database 
•  ACCORD Bangladesh inspections database: The Bangladesh Accord on Fire and Building Safety in 

Bangladesh 

•  Worker Complaints – third-party platforms: MicroBenefits CIQ, Labor Solution - WOVO, Amader Kotha 

We also use our own sustainability data collection tool to record social and environmental performance data 
from PUMA-owned and operated sites and from the core suppliers that manufacture our products or the 
material used in our products. 

48 

 
PUMA Annual Report 2023 

↗ Sustainability 

DUE DILIGENCE AND RISK ASSESSMENT 

PUMA conducts regular and industry-specific due diligence on human rights and labour, environmental, and 
integrity risks (listed in T.03) for its own activities and across its supply chain as per the recommendations of 
the UN Guiding Principles for Business and Human Rights, OECD Due Diligence Guidance for Responsible 
Supply Chains in the Garment and Footwear Sector, and other relevant responsible business conduct 
standards, such as the German Supply Chain Act. We embed responsible business conduct in our policies, 
training, and management systems and identify actual and potential harms in our own operations and 
supply chain. 

↗ T.03 HUMAN RIGHTS & LABOUR, ENVIRONMENTAL AND INTEGRITY RISKS 

Human Rights & Labour Risks  

Environmental Risks  

Integrity Risks  

Child labor   

Discrimination   

Forced labor   

Occupational health and safety (e.g., 
worker-related injury and ill health)   

Violations of the right of workers to 
establish or join a trade union and to 
bargain collectively   

Greenhouse gas (GHG) emissions 

Bribery and corruption 

Hazardous chemicals 

Water scarcity 

Water pollution 

Landuse change 

Non-compliance with minimum wage 
laws   

Waste 

Wages do not meet basic needs of 
workers and their families  

Air emissions 

Due diligence is an ongoing process, to identify, mitigate, and prevent risks and address their existing and 
potential adverse impacts (e.g. child labour, discrimination, hazardous chemicals, etc.).  

As stated in the “Corporate Governance Statement”, PUMA has a functioning Compliance Management 
System (CMS) to systematically prevent, detect and sanction violations in the areas of corruption, money 
laundering, conflicts of interest, antitrust law and fraud/embezzlement. 

In response to the possibility of future crises and/or upcoming regulations, our vendors are recommended 
to conduct their own due diligence. PUMA’s process of assessing the risk of potential harm to people 
(human rights and labour and environmental risks) includes: 
•  External sources: NGO reports, media, country indices and country regulation, PUMA partnerships with 

• 

Fair Labor Association, Better Work, Fashion Charter, ZDHC, AFIRM, etc.  
Internal sources: PUMA social, chemical and environmental audit findings/data analysis, grievances 
received per country, supply chain risk mapping, number of factories in countries with high risk, per 
commodity, also including non-core factories, material processing and raw material extraction. 

We prioritize risks based on: 

•  Severity: Scale (how serious the impact is), scope (how many people are or will be affected) and 

irremediability 

•  The likelihood of risk occurring based on the operating environment: Conflict zone, weak governance; 

mismatch between local practices and international standards 

49 

  
  
  
  
  
  
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

Our mitigation measures include the factory monitoring programme, grievance mechanism, supplier 
scorecard, business integration, goal-setting and internal and external reporting. The effectiveness of our 
measures is evaluated based on progress and compliance with our policies. 

PUMA’s policies are published on our website, as well as our factory monitoring programmes and 
standards defined in our Social, Environmental, Occupational Health and Safety and Chemical Handbooks.  

In 2023, we developed a Civil Society Organisations (CSOs) engagement policy, following Fair Labor 
Association guidelines and approval. It formalizes PUMA’s commitment to engage with CSOs reactively and 
proactively for information sharing (to understand concerns and to increase transparency about PUMA’s 
works, challenges and progress) and for consultation purposes (to make informed sourcing decisions to not 
impact people's rights) which can lead to collaboration to address a specific challenge or remediate an 
issue. 

It also defines the criteria below to plan the form and frequency of engagement: 
•  High-risk and high-production volume countries  
•  Severity and the likelihood of violations or risks 
•  Knowledge gaps regarding new or upcoming risks identified through a supply chain risk assessment  
•  Persistent issues identified through factory monitoring programme or risk assessment 
•  Concerns raised through PUMA grievance mechanisms and third-party reports 

Proactive engagement with CSOs aims to develop and review our sustainability-related goals, policies and 
standards, assess risks or get input for our double materiality assessment, develop remediation plans and 
improve access to remedy, inform about PUMA’s sustainability performance and open issues and evaluate 
the effectiveness of our due diligence processes, sustainability programmes and grievance mechanism. 

Reactive engagement takes place when a concern is raised to PUMA. PUMA and PUMA’s suppliers offer 
different grievance channels to any worker as well as third parties, including CSOs, to raise their concerns 
regarding human rights, environmental protection and violations of PUMA’s policies: such concerns can be 
raised through workers’ voice platforms, the PUMA hotline and Fair Labor Association third party 
complaints. 

PUMA also adopted ELEVATE intelligence (EiQ), a comprehensive suite of supply chain analytics, to: 
•  Assess our supply chain risks by geography, commodity and issue 
•  Complete a risk assessment for suppliers, factories and sites 
•  Manage risks that are material for each supplier, factory or site 

Our 10FOR25 targets are linked directly to the four main sustainability-related risks identified in our due 
diligence process:  
•  Potential human rights violations or incidents in our supply chain (Tier 1 and core Tier 2*) 
•  Potential incidents of environmental pollution in our supply chain (Tier 1 or core Tier 2) 
•  Potential non-compliance with chemical regulations during production (Tier 1 or core Tier 2)  
•  Negative effects of climate change (transition risks and physical risks) 

The four main sustainability-related risks are reflected in the Risk Management System that PUMA has 
established to identify and manage material risks or risks that could pose a threat to the company’s 
objectives at an early stage. The Risk Management function conducts formal interviews with selected risk 
owners (key function management responsible for identifying and addressing the risks) on a semi-annual 
basis set to identify, evaluate, and report risks. The risk owners of PUMA’s Sustainability Department review 
risks within their area of responsibility and report on the measures implemented to mitigate or reduce the 
potential impact of sustainability-related risks to the Risk Management function. 

*   Tier 1 manufacturers of PUMA products; Tier 2 manufacturers of materials and components  

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To mitigate and prevent sustainability risks, PUMA has set the 10FOR25 targets and implemented a due 
diligence process. PUMA reports internally and publicly (through annual sustainability reports) on the 
following activities and progress toward our 10FOR25 targets: 

•  Conducting regular complete and follow-up social audits based on International Labor Organization 
standards (including reaudits and capacity building projects) for all Tier 1 and core Tier 2 suppliers.  

•  Monitoring performance with factory environmental management system via Higg Index Facility 
Environmental Module (FEM), regular RSL (Restricted Substances List) testing of materials and 
products, input chemistry control via Manufacturing Restricted Substances List (MRSL) by ZDHC, output 
control via wastewater tests by independent and accredited laboratories.  

•  Following the status of new regulations via industry associations such as the Federation of the European 
Sporting Goods Industry (FESI), or the Policy Hub, and other key partners. A matrix listing PUMA's key 
partnership initiatives is maintained to track all relevant international and national sustainability 
organisations, and follow up on legal requirements (e.g. UK Modern Slavery Act, new German Supply 
Chain Due Diligence Act) in a timely manner.  
Implementation of an approval procedure for sustainability related product claims. 

• 
•  Conducting stakeholder dialogue with NGOs and other expert organisations.  
•  Regular updates of PUMA policies and sustainability standards (e.g. Code of Conduct, sustainability 

handbooks). 

•  Establishing of a functioning workers’ hotline (included in Code of Conduct) and employees’ hotline 

(included in Code of Ethics). 

•  Enhanced industry-wide collaboration with competitors in terms of human rights and environmental 
performance measurement tools, standards and certifications (e.g. Facility Environmental Module, 
Social Labour Convergence Programme, Material Restricted Substances List, Leather Working Group, 
Forest Stewardship Council). 

•  Regular internal training (for example e-learning accessible via Workday). 

Net risks as outlined in the CSR Directive Implementation Act (§ 315c in relation to § 289c, section 3, number 
3 German Commercial Code (HGB)), were not identified in 2023. 

Further details on PUMA’s overall risk management can be found in the Risk Management section. 

In 2023, as part of PUMA’s continuous review of Due Diligence policies and processes, we revised our Code 
of Conduct and will publish it in 2024. We will also revise PUMA FOREVER. BETTER. Sustainability 
Handbooks in 2024. 

The scope of the implementation of the Code, Policies and Handbooks has been expanded, mentioning all 
PUMA’s business partners within and beyond the supply chain, including business partners who represent 
PUMA (such as consultants and agents), and PUMA’s own organisation. 

The updates of the Code of Conduct include clarifying definitions regarding the worst forms of child labour 
and the prohibition of slavery. Provisions were added regarding supply chain traceability, the use of security 
forces without violating any Human Rights, provision on chemical and waste management in line with 
International Conventions, as well as unlawful eviction and taking of land. We also emphasize PUMA’s 
commitment to remediation of violations and similar expectations from our business partners; we also 
added how workers can use PUMA hotline for any grievance. 

Two new standards were added to the Code of Conduct: 
•  No harm when using security forces 
•  Respect of land rights 

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To ensure that our suppliers understand the requirements set by PUMA as well as international Due 
Diligence regulation and standards in the garment and footwear industry, PUMA organised multiple training 
sessions in 2023 including: 

•  Meetings with suppliers to share updates on PUMA standards and industry best practices, elaborate on 
the German Due Diligence Supply Chain Act by industry experts; CNTAC in China and VITAS in Vietnam. 

•  Training on Accident Prevention and Reporting with factory management, who will support us in 

achieving the goal of training 100,000 workers in this area. 

•  Root cause analysis training for strategic suppliers. 
•  Customised e-learning on Social Standards, to support existing and new suppliers with understanding 

PUMA's expectations. 

•  PUMA expectations for suppliers regarding our Code of Ethics. 

Fashion Revolution works towards a vision of a fashion industry that conserves and 
restores the environment and values people over growth and profit. The Fashion 
Transparency Index is an annual review of 250 fashion brands and retailers ranked 
according to their level of public disclosure on human rights and environmental policies, 
practices and impacts in their own operations and in their supply chains.   

PUMA ranks sixth out of the 250 fashion brands and retailers, our index improved from 58% in 2022 to 66% 
in 2023, because of our increased public disclosure on social and environmental policies, practices and 
impacts.  

The Corporate Human Rights Benchmark ranks 110 of the world’s largest apparel and 
extractives companies on their corporate human rights performance.  

PUMA ranks fourth out of 110 companies and first in the Apparel sector of the World 

Benchmarking Alliance 2023 Corporate Human Rights Benchmark, with a total score 53.4 of out of 100. We 
have embedded our policy commitments to respect human rights within our operations by allocating 
responsibility and resources for the day-to-day management of human rights, providing training on human 
rights issues, and establishing a global due diligence system to assess, mitigate and evaluate human rights 
risks and impacts.   

KnowTheChain benchmarks how companies address forced labor in corporate 
global supply chains to inform companies’ and investors’ decision-making and 
enable companies to operate more transparent and responsible supply chains.   

PUMA ranks second out of 65 companies in KnowTheChain 2023 Apparel & Footwear Benchmark. Compared 
to 2021, we improved our rank by six places. This is because we disclose the percentage of migrant workers 
at Tier 1 and core Tier 2 suppliers, recruitment fee remediation across four countries and responsible 
recruitment training for suppliers. We also increased information disclosure on our human rights risk 
assessment process. Notably, PUMA has the highest score on the theme of Traceability & Risk Assessment. 

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HUMAN RIGHTS 

TARGET DESCRIPTION: 

•  Train 100,000 direct and indirect staff on women’s empowerment 
•  Map subcontractors and Tier 2 suppliers 
•  Two hours of community engagement per FTE globally per year 

Relates to United Nations Sustainable Development Goals 3, 5, 8 and 10 

KPIs: 

•  Percentage of worker complaints resolved 
•  Number of factories with an A, B+, B-, C or D grade 
•  Number of Tier 2 suppliers and subcontractors included in our risk mapping 
•  Number of zero-tolerance issues prevailing at year end 
•  Number of employee hours spent on community engagement (KPI shared with Human Resources) 
•  Number of workers trained on women’s empowerment 

PUMA’s sustainability policies are aligned with the United Nations’ (UN) Declaration of Human Rights, the 
UN Guiding Principles (UNGPs) on Business and Human Rights, the International Labor Organization’s Core 
Labor Conventions, and the ten principles of the UN Global Compact (UNGC). Observing Human Rights was 
part of our first Code of Conduct developed in 1993 and has guided our business ethics ever since. It has 
been the long-standing practice of PUMA to monitor our supply chain and conduct Human Rights due 
diligence for our suppliers globally, including those in major production hubs, such as Vietnam, Bangladesh 
and China continuously and rigorously. 

HUMAN RIGHTS AT PUMA'S OWN ENTITIES 

Guided by our Code of Ethics and Code of Conduct, PUMA’s company culture of diversity and inclusion puts 
Human Rights at the centre of everything we do. Our commitment to employee well-being is also 
documented in numerous employee awards and top-employer rankings received all over the world. 

Our internal programmes to uphold Human Rights include measuring gender, nationality, and age distri-
bution among our colleagues, providing a safe work environment as well as elected worker representatives 
and collective bargaining agreements at selected larger offices, such as our German headquarters. In 
December 2023, PUMA appointed a Human Rights Officer to monitor PUMA’s risk management system, risk 
analysis relating to human rights and compliance with Human Rights due diligence regulations. In addition, 
we worked on a Human Rights Handbook for our own entities globally, to be published in 2024.  

All PUMA employees who feel that ethical standards in business may have been compromised can raise 
their voices. Various channels are in place to report any suspicions and/or observations related to modern 
slavery or other Human Rights aspects. In practice, all employees can address their requests regarding 
apparent failures to their line manager. They may also raise the matter with staff representatives, the Legal 
department, the Internal Audit department, or via a toll-free external whistleblower platform available 

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worldwide. Our Ethics Committees make sure that no action is taken against an employee who, in all good 
faith, reports a case of failure to comply with an ethical principle of the Code of Ethics, because of having 
reported the matter. In 2023, to meet its obligations under the German Act on Corporate Due Diligence 
Obligations in Supply Chains (LkSG), PUMA published its Rules for the Complaint Procedure. 

REFORM INITIATIVE 

As REFORM continues through its fifth year of existence, our partnership with The Trevor Project (TTP) 
continues to drive impact in our communities with a focus on supporting policies and practices that affirm 
and protect young LGBTQ athletes. In 2021, in partnership with TTP, we sought to build a well-researched 
and comprehensive training scheme to support equity in sports and promote gender inclusivity. In 2023, we 
launched the Reform the Locker Room programme, furthering our reach to locker rooms, classrooms, and 
offices alike. 

REFORM was also able to launch a new project and collection, called Icons of Unity. Icons of Unity honors 
PUMA ambassador and global Icon, Tommie Smith, and amplifies his message of Justice, Dignity, Equality 
and Peace. As we continue to build out this programme, we look forward to identifying athletes, colleagues, 
and community leaders who embody this characteristic of Tommie, being more than what is obvious and a 
beacon for a more united community. We kicked this off with an amazing interview with Tommie and 
Olympians, Felix Streng and Colin Jackson. 

In 2023, we educated and preserved culture and history through our work with BLACK FIVES and its NY 
RENS 100 collection launched in November with court refurbishments and street dedications. We have been 
able to advocate for and amplify a message of rebuilding communities in conjunction with our partner Game 
of Our Lives and football star and PUMA ambassador Oleksandr Zinchenko and his Game4Ukraine 
charitable celebrity soccer match that raised large amounts of money to support the rebuilding of Ukrainian 
schools. We supported the match with game balls and training gear for all participants. We also hosted a 
match viewing event at our Herzo HQ with many of the Ukrainian families that have been relocated during 
the time of war. 

REFORM continues to show up and show out for our broader communities and remains true to our brand 
vision; “…where all barriers to participation are removed so that everyone who wants to play can play.” 

More on our Reform Initiative can be found here.  

PUMA x BLACK FIVES collection which honours the 100th anniversary of the Harlem Rens 
A panel discussion on Gidra, an Asian-American student-led newspaper created to stop the anti-Asian sentiment in 1969 

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COMMUNITY ENGAGEMENT  

Our goal is to reach a total number of hours spent on community engagement equal to twice our annual 
average FTE (full-time equivalent). We encourage all our employees around the world to participate and 
record projects and employee engagement on an online platform. 

Our Community Engagement Programme has continued to create a positive impact locally by supporting 
social, health and environmental causes, and we were able to donate 57,000 community hours in 2023. Since 
2017, we have now recorded over 200,000 community engagement hours globally. 

For more information on PUMA's employee policies and philanthropic donations please refer to the Our 
People section. 

Community engagement activities from PUMA Chile: Reforestation in Renca  

HUMAN RIGHTS IN THE SUPPLY CHAIN 

RESPONSIBLE PURCHASING PRACTICE POLICY 

As a responsible business partner for our suppliers, we recognise that our business practices, and our 
trading terms and conditions can have a significant impact on the organisation at our suppliers’ factories. 
PUMA’s Responsible Sourcing Policy aims to reduce potential negative impacts. PUMA’s Responsible 
Purchasing Practice Policy was developed in 2019 to create a framework for guiding decisions and 
maintaining consistency through eight key principles: 

1.  Only working with suppliers that have signed a Manufacturing Agreement. 
2.  Payments to suppliers are made on time and in full. We only deduct payments and impose penalties 

when it is lawful to do so. 

3.  Price paid for the product to include reasonable labour costs, such as overtime premium payments, 

social insurance payments, and costs to comply with environmental standards. 

4.  Open production capacity must be declared by the supplier based on standard work weeks as per the 

law of the relevant production country. 

5.  Seasonal production plans are allocated considering the negotiated capacity with the supplier. 
6.  Sufficient production lead time must be provided. 
7.  Suppliers may not subcontract production without authorisation from PUMA. All subcontracting units 

should respect our Code of Conduct. 

8.  A minimum notice of six months must be given when ending a partnership or downscaling orders. 

Longer timeframes will be granted, based on the average production capacities used in the last two to 
three years, to reduce the impact on workers. 

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In 2022, 280 PUMA staff and 1,145 supplier participants received Responsible Sourcing Practice training. The 
training referred to the UN Guiding Principles on Business and Human Rights, to explain the link between 
the purchasing practices, potential impact on working conditions, and the risk of Human Rights violations.  

In 2023, as part of our Due Diligence Policy review, we added a clause on responsible disengagement into 
our responsible purchasing practices. Following the Fair Labor Association guidelines, PUMA commits to 
provide a minimum of six months of notice when significantly downscaling orders or terminating a business 
relationship with suppliers. To mitigate impact on workers’ jobs and give suppliers time to find new buyers, 
a longer timeframe shall be granted, depending on the average production capacities used over the last two 
to three years. 

BETTER BUYING SURVEY 

In 2023 we asked 32 strategic Tier 1 suppliers (11 accessories, 12 apparel, and nine footwear suppliers 
representing 69% of our business volume and 80% of our business value) to participate in the Better Buying 
survey to collect feedback from our core suppliers on the implementation status of PUMA’s responsible 
purchasing practices. 28 suppliers responded, and the response rate was 90.3%. 

Better Buying gathers data from suppliers to provide guidance to brands for improving purchasing 
practices. Brands voluntarily invite their suppliers to participate. Suppliers rate their brands anonymously 
according to the five principles of responsible purchasing which focus on the buyer purchasing practices 
that could have the biggest impact on suppliers’ businesses: 

1.  Visibility: Brands provide enough information about the planned business for suppliers to act 
2.  Stability: Brands give suppliers steady and predictable business across the year 
3.  Time: Brands provide enough time for suppliers to complete all processes 
4.  Financials: Brands use fair financial practices with suppliers 
5.  Shared Responsibility: Brands play their part in improving supply chain social and environmental 

sustainability 

We benchmarked our 28 suppliers' feedback with more than 800 suppliers' feedback from the 16 brands 
classified under sporting goods and discussed these results internally to set a clear focus area for 
improvement. PUMA’s overall score slightly increased in 2023, mainly due to the increased score on 
covering cost for compliant production, accountability for delays, regular forecast updates, and order 
cancellation percentage. The feedback is described below. 

VISIBILITY 

Design and development can play a significant role in improving supply chain sustainability. Choices made at 
this stage have significantly lower financial, social, and environmental impacts. While all our samples are 
based on a tech pack, tech packs have also been reviewed in 2023 to improve the accuracy of information. 
PUMA has also provided internal training on the importance of providing accurate information to suppliers. 
Our purchase order accuracy has improved compared to 2022. Our suppliers recognise our efforts in 
increasing the use of more sustainable materials, 3D sampling, industry certification, and setting target 
prices before product development. Our sample hit rate remains strong.  

All our suppliers confirmed that we provide them with a business forecast, enabling them to plan the 
workforce that is needed. In 2023, PUMA discussed its production capacity and the potential impact of 
forecast inaccuracies on suppliers. We also provided internal training for key business departments 
involved. PUMA has also been working with its suppliers to ensure their production capacity is accurate and 
there has been regular feedback on sales forecast to its sales division. Although the overall score has 
improved for 2023, we have identified the need to better communicate our overall forecasting and planning 
timelines and processes to our suppliers and improve in-season communication for some product divisions. 
Given the global macroeconomic situation in 2023, which has led to a change in customers' ordering 

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behaviour, the gap between the placed and planned capacity results in unutilised capacity and excess 
material increased according to our suppliers. 

STABILITY  

We value long term relationships with our suppliers. 40% of our suppliers have been working with PUMA for 
more than ten years. To help ensure stability, as a principle, we will not cancel orders and accommodate 
order placement to respond to suppliers’ difficulties such as lockdown periods. In the case of order 
cancellation which remains less than 1% for PUMA, we always pay our suppliers for any liability associated 
with cancellations. In 2023, 100% of suppliers from Accessories and Footwear reported no order 
cancellation, while some Apparel suppliers reported cancelled orders.  

TIME 

A large majority of our suppliers confirmed that we have an agreed time and action calendar for pre-
production and production deadlines. In 2022 we received feedback from our suppliers that PUMA missed 
some deadlines, however through better communication in 2023, our suppliers confirmed an improvement.  

FINANCIAL 

Most suppliers feel they have favourable financial terms through digital payment, the FOREVER. BETTER. 
Vendor Financing Programme and through receiving payment for samples and bulk production in a timely 
manner. PUMA International Trading and the vendors have enabled the digitisation of the supply chain 
creating transparency, operational efficiency, and reducing complexity. For example, all payments to 
vendors are automated and paper-free. 

We do not apply late penalties to our vendors, and suppliers confirmed we are flexible and accountable for 
delays. We will strengthen our communication of payment terms to suppliers. We also see opportunities to 
collaborate with our suppliers to increase their production efficiency related to style allocation, volume, 
standardisation of fabrics, labelling and packaging processes, etc. We made significant improvements in 
covering costs for compliant production compared to 2022, but suppliers also reported pressure in cost 
negotiation in 2023. Our suppliers also recognised our efforts to reduce audit duplication which benefits 
them in saving cost. 

SHARED RESPONSIBILITY 

All our suppliers recognise that sustainability is the precondition for doing business with PUMA. However, in 
2023, suppliers felt less incentivised to reach the sustainability goals compared to 2022 since we saw a 
decline in orders in the first half of the year and stabilisation during the second half. The majority of our 
suppliers acknowledge our effort to enforce our sustainability standards. 

FOREVER. BETTER. VENDOR FINANCING PROGRAMME 

The programme, established in 2016, allows suppliers with a good or very good compliance rating to benefit 
from PUMA’s high credit rating and preferred interest rates. The programme runs in partnership with IFC, 
BNP Paribas, HSBC, and Standard Chartered Bank. 

At the end of 2023, 72 vendors were registered users (compared to 71 at the end of 2022). The financed 
volumes in the full year 2023 amounted to $ 478 million (-$ 322 million compared to 2022), which reflects the 
massive interest rate and with this financing cost increases for our suppliers, who chose other sources or 
tried to avoid external financing. 

HUMAN RIGHTS RISK ASSESSMENT 

In previous years we have conducted Human Rights risk assessments at corporate and the supply chain 
level and shared the results in our 2016 and 2017 Annual Reports. In 2021 we commissioned and completed a 
Human Rights risk assessment, focusing on forced labour management in the supply chain.  

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In our Handbooks, we request our vendors to conduct due diligence. To increase transparency, we report on 
the most common audit findings, training, grievances, and mitigation measures as outcome-focused key 
performance indicators (KPIs) to track the effectiveness of our supplier programmes. 

The PUMA hotline is accessible to Civil Society Organisations (CSOs) and external stakeholders, including 
stakeholders representing vulnerable groups: women, children, migrant workers, indigenous people and 
national or ethnic, religious, and linguistic minorities. We also extend the scope of our social monitoring 
programmes to EMEA factories, high-risk countries warehouses, and to some non-core Tier 2 suppliers. 

In 2023, we conducted a review of our grievance mechanism, in line with the UNGP criteria for operational-
level grievance systems. To do this, we surveyed 14,823 workers at 45 factories in eight countries. The 
legitimacy of the PUMA hotline was acknowledged by 94% of workers, accessibility confirmed by 80% of 
participants together with 92% regarding the hotline's availability in a language they understand. 

In 2023, we developed a Civil Society Organisations (CSOs) engagement policy to engage with them 
reactively and proactively. Please refer to the Due Diligence and Risk Assessment section of this report for 
more information. 

RISKS 

The most salient risks to human rights are forced or bonded labour in the supply chain and, at the farm 
level, child labour. 

Freedom of association 
As per World Governance Indicators (WGI), PUMA’s main sourcing countries have been identified as risk 
countries on the Voice and Accountability indicator, which measures freedom of association. Social conflict 
and freedom of association breaches could be a risk due to a lack of social dialogue at factories. The risk 
could be more upstream in our supply chain when no audit programme is in place or when there is no 
monitoring programme at the raw material extraction stage. We support our core Tier 1 suppliers to set up 
effective social dialogue platforms in factories and adopt certification such as Better Cotton and the Forest 
Stewardship Council to address raw material extraction Human Rights risks.  

ILO Freedom of Association Committee has been investigating cases reported by International Trade 
Unions on allegations of retaliation, anti-union discrimination and dismissals, and the arrest and detention 
of workers for having participated in strike action, in a context where the legislative framework inadequately 
ensures the effective recognition of freedom of association, in Bangladesh and Cambodia. 

In Bangladesh and Cambodia, there were third-party complaints related to freedom of association 
(described in the grievance section). As a countermeasure, all our factories in Bangladesh and Cambodia 
are enrolled in the ILO Better Work programme, which provides advisory services and supports factory 
management to create a participation committee as a platform for social dialogue. 

Discrimination, sexual harassment, and gender-based violence 
The Global Gender Gap Index measures gender equality in 153 countries by tracking and ranking a range of 
gender-based gaps across society. East Asia is ranked as medium, while South Asia is ranked lower. While 
East Asia has been able to reduce educational gender gaps, South Asia is one of the regions where women 
are the most disadvantaged in the workplace. 

Social dialogue can be used as an effective tool to overcome the under-representation of women and 
promote gender equality at work. We support our core suppliers in setting up effective social dialogue 
platforms in factories that include women's voices. We also support them in conducting women 
empowerment training for factory workers. 

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Health and Safety 
South East Asia is prone to natural disasters, disease outbreaks, and health risks related to climate change. 
In addition, building and fire safety risks have been identified as major risks in the apparel sector, especially 
in Tier 1 and Tier 2 facilities. One of the World Health Organization’s key priorities is to strengthen 
emergency risk management for sustainable development and to promote health coverage and robust 
health systems. 

We maintain a high focus on the OHS performance of our core Tier 1 and Tier 2 factories through factory 
injury rate monitoring and OHS risk assessment training. 

Wage and benefits, living wage, and working hours 
Asian sourcing countries have been rated with low scores by the ITUC Global Rights Index.  

We support our core Tier 1 factories, with which we have direct business relationships, to provide a fair 
income for to their workforce, including all legal wages and benefits along with additional components 
which could increase workers' incomes according to fair wage assessments. We launch fair wage 
assessments and remediation in collaboration with the Fair Wage Network, for factories which fall short of 
paying a living wage and continue benchmarking all our core Tier 1 wage data through the Fair Labor 
Association (FLA) wage dashboard. 

We also conduct training on root cause analysis to strengthen working hours management at our core Tier 1 
factories, so the level of workers’ income depends less on overtime hours workers. 

Child and forced labour 
As per World Governance Indicators (WGI), PUMA’s main sourcing countries have been identified as risk 
countries on Regulatory Quality (RQ) and Rule of Law (RL). The risk could be more upstream in our supply 
chain when no audit programme is in place or when there is no monitoring programme at the raw material 
extraction stage. We adopt certification to address raw material extraction and Human Rights risks such as 
Better Cotton and the Forest Stewardship Council. 

In 2021, we conducted a risk assessment on forced labour management through a third party and have 
prioritised the traceability of our supply chain as a key focus. In addition, PUMA reviewed the severity 
grading of audit findings according to ILO 11 forced labour indicators to prioritize the remediation process. 

RISK ASSESSMENT FOR NEW FACTORIES 

EiQ is a risk assessment tool for new and existing suppliers. The EiQ Sentinel service scans online and 
media sources and provides alerts for supplier controversies relating to labour, health and safety, the 
environment, business ethics and management systems. Sentinel alerts provide near-real-time monitoring 
of supply chains from public news and information sources (in English and local languages), including local 
or international media, NGO reports, government reports, worker allegations and social media platforms. 
PUMA checks the EIQ Sentinel whenever it onboards a new factory. For China, we also use the IPE 
database to check if any of the new factories have a record of environmental violations. We would then 
ensure that factories comply with PUMA standards though a social audit. In 2023, one factory was not 
onboarded due to two Sentinel alerts related to potential risks of forced labour.  

IPE violations were found in three other factories. One factory was onboarded after it improved as per PUMA 
standards and corrected its excessive daily wastewater discharge. The second factory improved and passed 
the legally required environmental assessment but could not be onboarded in 2023 since we had not 
conducted our social audit, it will be done in 2024. The third factory started production before going through 
the legally required environmental assessment and without the approval of the local authorities; they 
improved, so these violations were removed from the IPE database, but they could not be onboarded since 
we had not completed our social audit within 2023.  

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For PUMA’s existing supplier factories, 15 Sentinel cases were found as of September 2023. Eight cases 
were from factories that had already been deactivated, and thus have no production for PUMA anymore. Five 
cases were related to insufficient payments, health and safety, and waste management, which were 
addressed through remediation action and the issues were resolved. The other two cases involve allegations 
that have not been confirmed by our investigations.  

RISK ASSESSMENT FOR EXISTING FACTORIES 

In 2021, PUMA adopted ELEVATE intelligence (EiQ), a comprehensive suite of supply chain analytics, to: 
•  Assess our supply chain risks by country, commodity and issue 
•  Complete risk assessments for suppliers, factories, and sites 
•  Manage risks that are material to each supplier, factory or site 

In 2023, we uploaded 676 audit results (2021-2022) to the EiQ tool. This tool shows the combined risk level 
based on geography, product, and audit result. We evaluated the countermeasures we have in place in the 
factories identified as high-risk facilities in this tool. 28 factories were identified as high-risk mainly due to 
legal violations such as missing building safety permits, systematic excessive overtime or working hours 
management. 16 factories are from Tier 1 suppliers, one is a warehouse, and 11 are Tier 2 factories. All of 
them are under regular social compliance monitoring. 29% (eight) of these factories are under the ILO 
Better Work Programme which offers a factory assessment and advisory services for remediation, 21% 
(six) of these factories are covered by Worker Voice mobile app, through which workers can raise their 
concerns to factory management (such concerns are escalated to PUMA when factories do not respond 
timeously). This mobile app has also the functions to conduct workers survey and launch e-learnings for 
workers. We also provided Root Causes Analysis training for 25% (seven) of the factories. One supplier in 
China has been going through a capacity building programme since 2022 at PUMA’s expense to strengthen 
its management system. In 2023 we saw a significant improvement as per the consultant company Elevate, 
which we further explained as a case study.  

In 2023, 75% (21 out of 28) of factories improved. Measures included obtaining building safety or fire safety 
certificates, installing sufficient fire safety equipment, and ensuring that emergency exits were 
unobstructed. Some factories improved working hours management after they joined the Root Cause 
Analysis training that we provided or paid back insufficient overtime compensation. As a result, these 21 
factories are no longer considered as high-risk. The four other factories are still implementing their 
improvement plan and working to obtain legally mandated certificates and improve working hours 
management. Three out of four factories have already joined ILO Better Work; for the one factory which is 
outside of scope of ILO Better Work, we expect them to remedy the critical violations by 2024. The other 
three factories are to be deactivated. 

In 2023, PUMA’s Supply Chain Sustainability Team added one full-time staff member in Brazil. We now have 
local team members in nearly all high-risk sourcing countries to support the implementation of our 
standards. In Pakistan, with the launch of the Better Work programme, we have registered all factories in 
scope to mitigate risks. We plan to add one full-time staff member to support Bangladesh and Pakistan in 
2024. For the rest of the high-risk countries such as the Philippines, Mexico, or South Africa, we do not have 
a local team member due to the total number of suppliers being less than ten. For these locations, we 
work with third-party auditing firms to conduct regular social compliance audits. 

Based on all these actions, we aim to mitigate the risks identified through this risk assessment. 

WORKERS SURVEY  

In 2020, PUMA launched the Worker Survey Programme to get workers’ feedback in eight countries and to 
assess their satisfaction with the factory work environment through a mobile survey app.   

PUMA operates multiple worker voice channels. The third-party worker engagement platforms cover 89 
suppliers and 201,579 workers. 29 non-strategic factories in three countries (Bangladesh, Vietnam and 

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PUMA Annual Report 2023 

↗ Sustainability 

China) also used the platforms in 2023. To review the design and efficiency of PUMA’s grievance system as 
per the criteria of the UN Guiding Principles on Business and Human Rights, we collected feedback 
from factory workers in 2023.  

The UN Guiding Principles on Business and Human Rights set the following criteria to assess the 
effectiveness of non-judicial operational-level grievance mechanisms: legitimacy, accessibility, 
predictability, equitability, transparency, rights-compatibility, a source of continuous learning, and based on 
engagement and dialogue. In 2023, to assess our hotline against these criteria, we surveyed 14,823 workers 
at 45 factories in China, Cambodia, Vietnam, Indonesia, the Philippines, Turkey, Pakistan and Brazil. 

•  Legitimacy (enabling trust from the hotline users): 94% of workers agreed they can trust the PUMA hotline 
•  Accessibility (no barrier to access for users): 80% of workers know where to find the PUMA hotline 

phone numbers and email, and 92% confirmed it is available in a language they understand 

•  Predictability (users are clear on the procedure): 75% of workers responded that they know what the 

complaint procedure is and 90% understand their complaint will be investigated  

•  Transparency (keeping parties informed about progress on the issue): 91% of workers with unresolved 
complaints (at the time they responded to the survey) said they were aware of the status of their cases 

The Rights-compatibility criteria (ensuring that outcomes and remedies accord with internationally 
recognised human rights) was not evaluated. We shall assess it in the future. 

The survey results also showed that workers in Brazilian factories did not know where to find the PUMA 
hotline, nor did they understand the procedure (only 25% responded positive). As a follow-up action, we will 
conduct further training for workers in Brazil about our grievance mechanism and translate our video 
material that explains the PUMA hotline procedure into Portuguese in 2024. 

Lastly, to evaluate the effectiveness of remedial action, workers were asked systematically whether their 
complaints were resolved. Of the 15% of surveyed workers who had used the hotline, 65% said they had filed 
a complaint, with a complaint resolution rate of 96%. 

↗ T.04 HOTLINE WORKER SURVEY - 2023 

China  Cambodia 

Vietnam 

Indonesia 

Philippines 

Turkey 

Pakistan 

Brazil  Global 

76% 

93% 

94% 

74% 

92% 

82% 

97% 

66% 

86% 

57% 

94% 

92% 

83% 

92% 

85% 

97% 

77% 

82% 

87% 

96% 

97% 

99% 

92% 

97% 

99% 

83% 

94% 

92% 

88% 

94% 

93% 

98% 

87% 

98% 

89% 

92% 

Can you access a 
phone in order to call the 
hotline?  

Do you have access to a 
phone or computer to 
send a complaint via 
email?  

Can you use Zalo, 
WeChat, Viber, QQ, 
Whatsapp etc?  

Is the hotline available in 
a language you 
understand?  

PUMA’s hotline processes and complaints' numbers, statuses and outcomes are publicly available for 
transparency. Our Rules for the Complaint Procedure is available for download on our website and details 
about workers and third-party complaints are shared in our Annual Reports. Through regular evaluation of 
our grievance mechanism, including feedback from factories' workers, we aim to collect information to 
support continuous improvement of our due diligence and grievance mechanism procedure, in line with 
these criteria that the mechanism should be a source of continuous learning and based on engagement and 

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↗ Sustainability 

dialogue. For equitability, we are seeking to ensure that complainants can access a network of public and 
private organisations or services to engage through the PUMA hotline on fair, informed and respectful 
terms. In 2024, we plan to map local relevant organisations and institutions together with our suppliers, to 
identify and share contacts of emergency care, psychological support or the judicial system, for any factory 
worker in need who has raised a complaint. 

↗ T.05 WORKER SURVEY 2021 – 20231 

Year  

2021 

2022  

2023 

Number of Factories 

Number of Workers   

48 

68 

45 

13,557 

21,526 

14,823 

1  From 2021 onwards we have used Gallup’s methodology to define the sample of production workers of each factory, based on 

a 95% confidence interval and a margin of error of plus or minus 5%.   

WOMEN’S EMPOWERMENT 

Training women about their rights and empowering them to advance their careers is key to achieving 
gender equality, where both men and women have equal power and opportunities for education, healthcare, 
economic participation and personal development.  

60% of workers producing PUMA goods are women and 50% of factory managerial positions at our core Tier 1 
suppliers are filled by women. PUMA initiatives support suppliers in reviewing existing policies and practices 
or establishing new ones for women’s empowerment. We believe that collaboration within the industry and 
with NGO experts in women’s empowerment is key to avoid duplication and provide the right expertise. 

Since 2021, the accumulated participants of sexual harassment prevention training amounts to 222,933 
workers, accounting for more than 148,642 training hours. 

In 2023, we expanded the e-learning course on Sexual Harassment Prevention at the Workplace via Micro 
Benefits to 50,478 workers in 37 factories in China and Vietnam. Another 4,418 workers at eight factories in 
Cambodia and Indonesia completed the Better Work e-learning course on Discrimination and Elimination of 
Violence and Harassment at Work via the mobile phone app WOVO, covering 51% of employees in these 
factories.  

China’s textile and apparel industry employs approximately 20 million people, over 60% of them female, 
comprising many domestic migrants at the age of marriage, childbirth, or childcare. These workers have 
limited education in personal development, childbirth and family care, and often must juggle their work at 
the same time. Therefore, the China National Textile and Apparel Council (CNTAC) has launched the 
initiative to build Family-Friendly Factories in the Chinese textile and apparel industry. This initiative is 
supported by UN Women and UNICEF. In 2023, we partnered with CNTAC, piloting the Family-Friendly 
Factories project at three core Tier 1 factories with 5,566 workers in total.  

The programme’s objectives are: 
•  Understand how Chinese textile and apparel companies implement family-friendly policies, as well as 

their challenges in implementing a gender equality system   

•  Develop guidance for these companies to promote family-friendly policies at the workplace 
•  Assist pilot companies in establishing family-friendly mechanisms in line with their existing human 

resources management system 

•  Promote and pilot best practices across the industry 

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In 2023, CNTAC conducted an onsite baseline assessment at three PUMA factories through workers surveys 
and interviews about their perception of their factory’s current policies and practices, and their challenges 
regarding family care. The project team also trained 207 workers (73% female) on gender equality, family-
friendly policies, work-life balance, and parent-child education. The three factories were provided with an 
improvement plan to review their internal policies. PUMA’s Sustainability Team is working closely with them 
to implement these improvement plans by the end of 2024. 

PUMA encourages suppliers to join the ILO Better Work programme. The Better Work’s factory 
improvement process includes three integrated services: assessments, follow-up advisory services and 15 
training days per year. In 2023, 32 management staff (72% female participants), from 17 factories in 
Bangladesh, Cambodia, Indonesia and Vietnam joined 19 training sessions on topics including gender 
equality, sexual harassment and prevention of discrimination and gender.  

The World Benchmarking Alliance (WBA) Gender Benchmark evaluates 112 of 
the largest apparel, food and agriculture companies globally on their 
responsibility to drive and promote gender equality in their entire value chain. 
In the 2023 Gender Benchmark PUMA ranked eighth out of 112 companies and 
sixth in the apparel sector with a score of 43.5 out of 100. 2023 was the first 
time PUMA participated in the Gender Benchmark.  

SUPPLIER SCORECARD 

In 2023, PUMA conducted calls with 58 core Tier 1 factories to review the social scorecards for each of their 
factories performance as of end of 2022, which included: 

•  Audit rating 
•  Participation in supplementary worker voice tools offered by third parties 
•  Workers’ training on women’s empowerment/sexual harassment 
•  Factory's injury rate compared to PUMA core Tier 1 factories’ average rate and 2023 goals 
•  Factory's average weekly overtime hours vs. PUMA core Tier 1 factories’ average 
•  Factory’s fair wage performance compared to living wage benchmark 
•  Whether the factory has freely elected worker representatives against 2025 goals 

During these meetings, we reviewed the scorecard and discussed next steps to address identified gaps. 
Most suppliers agreed with the scorecard and the action plan to achieve PUMA’s 2025 sustainability targets: 

•  Worker voice: 57 out of 58 factories are covered by third-party worker voice platforms (mobile app) and 
one supplier in Brazil was added to PUMA’s 2023 strategic partner list. We discussed launching a third-
party worker engagement platform. Some suppliers shared their concerns about the functionality 
of third-party worker engagement platforms, we are looking into it to further improve or find an 
alternative. 

•  Fair wage: The discussion was based on the factories 2021 wage data; three factories were suggested to 
conduct a Fair Wage Assessment as their wage level is below the industry or GLWC benchmark, which 
was conducted in 2023.  

•  Women’s empowerment: Except for our new strategic supplier in Brazil, the rest of our core suppliers 
provided sexual harassment prevention training to workers after the managerial staff had been trained 
by PUMA. In 2023, 41 out of 58 factories continued the sexual harassment e-learning via the third-party 
worker engagement platforms, and three Chinese factories joined a pilot led by CNTAC on promoting 
gender equity. 

•  Worker representation: During these meetings, we encouraged 20 factories which had not freely elected 
workers’ representatives, to either join the ILO Better Work programme, which help suppliers to set up a 
Worker-Management Committee or join PUMA’s programme when the factory is not under the scope of 
Better Work. Four of them joined the Better Work programme in 2023 or will join in 2024. In 2023, 
PUMA’s Sustainability Team members in China, Vietnam, Bangladesh and Indonesia had been trained by 
Timeline Consultancy, a China-based consultancy company, on guiding factories not in scope of the 

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PUMA Annual Report 2023 

↗ Sustainability 

Better Work programme to have freely elected worker representatives and to build a dialogue 
mechanism. The 16 factories agreed to join PUMA’s Worker Representation Programme. 

SOCIAL COMPLIANCE 

PUMA’s Code of Conduct is an integral part of our supply contracts. All PUMA suppliers sign a legally 
binding “Declaration of Principles” to comply with the PUMA Code of Conduct. PUMA requires all vendors, 
their subcontractors, and their suppliers to comply with this Code of Conduct, as well as PUMA’s Social and 
OHS handbooks. These compliance expectations are verified through regular audits. The frequency of audits 
is based on a factory’s previous audit results: A-graded factories are re-audited after 24 months, B+ after 
18 months, B- after 12 months and C-graded after six months. Warehouses graded A, B+, B- are re-audited 
after 24 months, C-grade after 12 months and D after six months. For factories with a D grade, including 
Better Work Factories, Zero Tolerance (ZT) issues need to be corrected between two and six months. 
Potential new factories will not be authorised to produce PUMA products until the factory can be rated 
A or B. Regardless of the factory grade, all issues identified during audits need to be remediated as part of a 
corrective action plan. 

Since 1999, all direct PUMA factories (Tier 1) have been frequently audited for compliance with the ILO Core 
Conventions and basic environmental standards. Each year we collect between 300 and 500 audits or 
assessment reports issued through PUMA’s compliance programme, the ILO Better Work Programme, our 
industry peers’ compliance programmes or independent experts accredited by the Social and Labour 
Convergence Programme (SLCP). We have also included our most relevant material and component 
suppliers (Tier 2) and key priority warehouses in our audit programme. Through collaborative efforts with 
the sourcing team, we mapped more than 200 non-core Tier 2 suppliers in 2022. While one-third use FEM 
(Facility Environmental Module) for other brands, only 13 have had a social audit. We converted these audit 
reports in our grading system. In 2023, we reminded all suppliers that the use of undeclared sub-
contractors is a Zero Tolerance issue, as per PUMA standards. We asked them to self-declare their Tier 1 
subcontractors used for PUMA production. 66 Tier 1 subcontractors were declared, 26 (19 for the first time) 
had an audit report that we converted into PUMA‘s grading system. 

In 2023, 454 Tier 1 suppliers, 92 Tier 2 suppliers and three warehouses were audited. 581 audit reports from 
these 549 factories were collected to safeguard workers’ rights to more than half a million workers 
(656,473).  

All PUMA suppliers are required to display our Code of Conduct in factories producing PUMA products, 
materials or components. This contains the contact details of the PUMA Sustainability Team as a whistle-
blower hotline. The number of grievances received and solved, as well as the most frequent type of 
grievances are shared in this report. 

Furthermore, PUMA is a member of the Fair Labor Association, which regularly audits and accredits 
PUMA’s compliance programme for compliance with the Fair Labor Association’s Code of Conduct. This 
ensures that PUMA has the systems and procedures in place to successfully uphold fair labour standards 
throughout its supply chains and mitigate and remediate violations. As an FLA member, PUMA has agreed 
to subject our supply chain to independent assessments and monitoring as part of an organisational 
commitment to upholding fair labour standards through transparency. FLA publishes the results of these 
assessments to encourage an open and honest dialogue about the conditions that workers face, ensure 
PUMA’s accountability, and help consumers make more informed decisions about the products they buy. 
View the public assessment results here: PUMA, SE – Fair Labor Association. 

A comprehensive explanation of our compliance programme for suppliers (including grievance mechanisms 
and case studies) can be found in our Sustainability Handbook for Social Standards. Our Social Handbook 
explains the procedure for factory monitoring programmes (section 3) and our standards. This handbook is 
reviewed on a regular basis and our suppliers receive regular training on our standards and monitoring 
process. We launched the e-learning via Elevate’s EiQ Learning platform in April 2023. All suppliers were 

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PUMA Annual Report 2023 

↗ Sustainability 

invited to complete the training course. 1,035 participants from 557 factories passed the e-learning in 2023, 
representing 85% of PUMA’s active factories. 

PUMA’s supplier factory list is disclosed on our website. It includes details such as the factory name, 
address, product category, headcount range, the percentage of female workers, percentage of foreign 
migrant workers and freely elected worker representation. PUMA also publishes its factory list in the Open 
Supply Hub platform. 

AUDIT PROCESS  

Our audit starts with briefing the factory management and worker or union representatives on PUMA 
standards, the audit process and its scope. In 2023, 94% of the audits conducted included a trade union 
representative or workers’ representative during the audit’s opening and closing meetings (when closing 
meetings take place during factory working hours).  

We have a team of compliance experts in all our major sourcing regions who regularly visit our core 
manufacturing partners. We work with external compliance auditors and with the ILO’s Better Work 
Programme. Each PUMA supplier factory must undergo a regular compliance audit every six to 24 months 
based on their audit rating and all issues identified need to be remedied as part of a corrective action plan. 

Interviews with workers, workers’ representatives or union representatives are crucial for understanding 
workers’ perspectives on workplace standards, the atmosphere at factories and protecting vulnerable 
workers from any work that is likely to cause harm. All interviews with workers are conducted on-site (no 
offsite interviews). 

Around 79% of active factories were audited in 2023. Factories not audited in 2023 either had an audit that was 
still valid because of their grading, were waiting for Better Work assessment or were located in Ukraine. 

To avoid duplication and prevent auditing fatigue, in 2023, we increased the percentage of shared 
assessments to 67% (59% in 2022). We will further increase our use of SLCP-based assessments 
to 350 factories in 2024. We believe that SLCP is an ideal tool for building long-term relationships with 
suppliers and supporting them to take ownership of their social and labour data. PUMA is a member of the 
ILO Better Work Programme and uses Better Work assessment reports in lieu of the PUMA compliance 
programme. PUMA also uses FLA-accredited brands' reports as well as some other brands’ audit reports in 
lieu of the PUMA compliance programme. We aim to use external reports converted to PUMA standards for 
up to 80% of our factories by the end of 2025.  

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PUMA Annual Report 2023 

↗ Sustainability 

↗ T.06 AUDIT RESULTS 2021 – 2023 

2023 

2022 

2021 

T2  Warehouse 

T2  Warehouse 

A (Pass) 

B+ (Pass) 

B- (Pass) 

C (Fail) 

D (Fail) 

Total Active+Inactive 
audited factories 

Total active factories as of 
Dec 31st, 2023 

T1 

T2  Warehouse 

120 

154 

152 

18 

10 

24 

27 

38 

2 

1 

454 

92 

564 

120 

1 

2 

3 

7 

T1 

63 

157 

144 

19 

9 

17 

41 

39 

11 

4 

T1 

75 

144 

155 

16 

2 

6 

23 

46 

7 

2 

1 

3 

6 

392 

112 

392 

82 

516 

128 

10 

445 

99 

Number of employees 

572,541  81,756 

2,176  546,286  82,070 

2,229 

Audit coverage % 

80% 

77% 

43% 

76% 

88% 

60% 

88% 

83% 

Total active+inactive 
audited factories 

549 

510 

2 

1 

3 

6 

50% 

477 

Pass/Fail % 

94/6 

97/3 

100 

93/7 

87/13 

33/67 

95/5 

91/9 

100 

↗ G.07 AUDIT RESULTS 2021 – 20231 

%
8
.
8
3

%
8
.
5
3

%
2
.
3
3

%
3
.
2
4

%
3
.
6
3

%
0
.
5
3

%
2
.
6
2

%
6
.
6
1

%
7
.
5
1

A

B+

B-

C

D

%
3
.
6

%
8
.
4

%
6
.
3

%
9
.
2

%
0
.
2

%
4
.
0

2021

2022

2023

1 

Total factories audited: 477 in 2021; 510 in 2022; 549 in 2023 

66 

  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

AUDIT RESULTS AND FINDINGS 

In 2023, we continued following up and training the factories with low performance; as a result, 67 factories 
were upgraded to A or B+. 144 factories were audited for the first time in 2023 as per our strategy to 
increase local-for-local production and to scale up our social monitoring programme to non-core Tier 
2 suppliers (11) and Tier 1 sub-contractors (19).  

In total, 36 factories failed the audit, (31 Tier 1, five Tier 2); 14 were deactivated due to low performance. Five 
were re-audited in 2023 and passed the audit; 17 factories will be re-audited in 2024 since they have six 
months to improve. 19 out of 36 were new factories, 12 factories were not onboarded so we did not enter into 
any business relationship with them, four were re-audited and improved to a passing grade, the three other 
factories (two non-core Tier 2, one retail furniture supplier) were audited for the first time in 2023 as we 
expanded our audit scope; they all committed to improve and they will be re-audited in 2024.   

Out of the 11 factories graded D in 2023, seven factories were deactivated. Four are still active as at the end 
of 2023, as progress is on-going. Two out of these four D-graded factories had Zero Tolerance issues on 
transparency and payment below minimum wage which were uncovered in late 2023. They corrected these 
issues within 2023, as one paid back minimum wages. The other factory stopped subcontracting home 
workers, recruited workers and communicated their policy change to all managerial staff and workers; 
several critical issues are still under remediation and should be corrected in 2024. For the other two D-
graded factories, since the factory management submitted reliable corrective action plans, we will follow up 
on the remediation by mid-2024.  

↗ G.08 2022-2023 NUMBER OF MOST FREQUENT FINDINGS1-2 

91

87

65

64

59

57

48

46

26

24

11

9

9

7

9

5

9

3

20

8

2022

2023

1 
2 

Top 10 findings in 2023 active factories only excluding newly audited factories in 2022 and 2023 
Including converted reports 

G.08 shows the 10 most frequent audit findings from PUMA’s audit programme, including both own and 
external converted reports.  

Initial assessments are excluded from this graph. 144 audits were initial assessments (meaning no audit 
was conducted previously) in 2023, 25% of the total number of audits performed over the course of the year. 
These suppliers are not yet familiar with our standards. In 2023, we provided an e-learning on our social 

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standards, which helped newly onboarded suppliers to better understand our expectations. As a result, the 
pass rate of newly onboarded suppliers in 2023 was 4% higher than in 2022 (2023: 87%; 2022: 83%). 

Working hours management: In 2022 we provided working hours management training for all Tier 1 
factories. A root cause analysis workshop was held with selected core suppliers in both 2022 and 2023 to 
explore opportunities for improvement. Factory management reviewed and strengthened their policy and 
working hours monitoring system. They gained a deep understanding of how to conduct a root 
cause analysis. We developed an action plan to address prioritised root causes of overtime hours. We 
noticed improvements as there was a decrease in the number of audit findings in systematic excessive 
overtime (reduced by 4.6%), overtime compensation (reduced by 3.2%), and working hours management 
(reduced by 0.6%). We notice a decrease in the average overtime hours at our core Tier 1 factories compared 
to 2022 from 7.7 to 5.3 hours in 2023, but it can be due to a decrease of our order book due to 2023 global 
macroeconomic situation, which led to a change in customers' ordering behaviour. 

Wages and overtime: Among issues related to wages and/or overtime, 31% of the corrective actions were 
implemented and these issues were resolved in 2023, which is 20% higher than the 11% rate in 2022. We 
expect more progress in 2024 as 31% of audits were conducted at the end of 2023, these factories involved 
will receive a follow-up audit in 2024 to validate their improvements.  

Social security: 100% of workers are covered under social security among all our core Tier 1 suppliers, 
except in China where this is the case for 80.4% of workers. We plan to further explore how to support 
suppliers to remedy those issues via in-person workshops in 2024. Improving working hours management, 
following up with suppliers to obtain legal permits, and increasing social security coverage will continue to 
be a focus of our efforts.  

Transparency: Four transparency issues were found in 2023. One new factory with one transparency issue 
along with other violations such as insufficient benefits and several OHS findings was not onboarded as a 
PUMA supplier; two factories with one transparency issue each provided consistent records for review after 
we emphasised PUMA’s zero tolerance policy on transparency. These records were verified by PUMA. One 
transparency issue in one factory detected in late 2023 remains open; we will follow up in early 2024. 

Freedom of association: The four open issues related to Freedom of association identified in 2022 were all 
closed through follow-up with the management or under the Better Work programme. Five audit findings 
related to Freedom of Association breaches were identified in 2023, such as the dismissal or poor treatment 
of union members and delayed union elections. As of today, three issues were closed; one is still open 
as there is an on-going mediation process between the management and trade union workers; the other 
issue remains open, and concerns the factory HR manager taking dual leadership roles in 
both management and union. This factory is working with Better Work Vietnam for remediation. 

Women’s rights: PUMA is committed to respecting women’s rights as per the Convention on the Elimination 
of Discrimination Against Women and expects suppliers to commit to and respect women’s rights. In this 
context, we carefully monitor working conditions for women. In 2023, we identified 38 women-related audit 
findings about missing benefits for nursing workers, unadopted conditions for pregnant workers or toilets 
not maintained in clean and sanitary conditions. 15 of them were closed through follow-up with the factories 
or via the Better Work programme, three findings will not be followed-up on because the factories 
have been deactivated, 20 are still under remediation and are being followed-up. One violation was related 
to unvoluntary overtime and has been corrected as per a Better Work progress report.  

Freedom of movement: One audit finding was identified related to restricted freedom of movement. As a 
result, the factory management issued warning letters to all relevant supervisors and conducted training to 
avoid similar situations in future. We will verify these actions onsite in 2024. No case was found related to 
workers' passports nor other identity and personal documents being retained. 

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Wage payments: We identified 16 violations regarding delayed wage payments, 12 of them were closed; two 
findings will not be followed-up because the factories were deactivated; for the two open findings, one 
factory is working with Better Work on remediation, and another factory took appropriate actions so no 
wage payments will be delayed. We will verify that proper actions were taken on-site in 2024.  

Beyond auditing, we track social key performance indicators such as average payments vs. minimum wage 
payments, overtime hours or coverage by collective bargaining agreements. This data is reported 
under the Fair Income target section. 

SUPPLIER TRAINING 

To ensure that our suppliers understand the requirements set by PUMA as well as international due 
diligence regulation and standards in the garment and footwear industry, PUMA organised multiple training 
sessions in 2023, including: 

• 

In-person or virtual suppliers round tables to share updates on PUMA standards and industry 
best practices, elaborate on the German Due Diligence Supply Chain Act by industry experts; CNTAC in 
China and VITAS in Vietnam. 

•  Training factory management on Accident Prevention and Reporting, who will then support us to achieve 

the goal of training 100,000 workers on this subject. 

•  Root cause analysis training for strategic suppliers, so that they can develop corrective actions to resolve 

their audit findings by addressing their root causes. 

•  Customised e-learning on Social Standards, to help suppliers, especially those newly onboarded, to 

better understand PUMA's expectations. 

•  PUMA’s expectations to suppliers regarding our Code of Ethics. 

We launched the e-learning via Elevate’s EiQ Learn platform in April 2023, and all suppliers were invited to 
complete the training. 1,035 participants from 557 factories passed the e-learning in 2023, representing 85% 
of PUMA’s active factories. We plan to add this e-learning to PUMA’s website, which will allow users, new 
factories and workers, to access the course at any time. 

↗ T.07 SUPPLIER TRAINING 

Meeting 

Topics 

Number of 
factories 

% of suppliers 
trained* 

Number of 
participants 

Supplier in-person round table or 
virtual meetings 

Sustainability updates, 
best practices sharing, German 
Supply Chain Act. etc. 

Average. 532 
per round 
(2 rounds) 

Code of Ethics** 

OHS Accident Prevention and 
Reporting training 

Root Cause Analysis training 

PUMA Social Standards e-learning 

Training of Trainer to core Tier 
1 supplier management on what 
and how to do OHS Accident 
Prevention and Reporting 

In depth review of root 
cause analysis methodology to new 
core Tier 1 and core Tier 2 factories 

PUMA social standard handbook e-
learning course via EiQ Learn 
platform to active factories’ 
management 

81% 

82% 

16% 

Average. 
1,122 per 
round 
(2 rounds) 

1,230 

290 

536 

102 

71 

11% 

169 

557 

85% 

1,035 

*  % of factories joined the training based on total 656 factories. The 656 factories include PUMA core Tier 1 and Tier 2, non-

core Tier 1, stichd factories and licensee factories. 

**  Included to second supplier in-person round table or virtual meetings. 

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↗ CASE STUDIES 

Capacity Building in China 
With Elevate as a partner, a one-year capacity building programme was carried out to help the 
supplier and its factory staff to identify key gaps in the factory’s management system and provide 
them with a toolkit and expertise to drive sustainability-related improvements. Through top 
management commitment, training and capacity building, regular review of metrics and impact 
assessments, the factory understood the importance of being transparent with PUMA; established a 
proper grievance mechanism, established an effective working time recording system; started to use 
internal inspection tools to manage CSR performance independently and corrected most (91.7%) of 
the EHS findings. 

To further improve it was recommended that the factory should enhance compensation and benefits 
payment systems, conduct follow-up investigations of workers’ suggestions and have a proper 
mechanism to answer these suggestions.  

GRIEVANCE CHANNELS 

PUMA works towards providing access to functioning grievance channels throughout its supply chain. 
Where we do not have direct operations, we seek out partners who can run such complaints mechanisms, 
according to the UN Guiding Principles. At the cotton farm level, the Better Cotton Grievance procedure 
provides a system for anyone, including third parties, who engages with its activities, people or programmes 
to raise a complaint relating to any aspect of Better Cotton and its activities. 

We operate multiple worker voice channels to reach more than half a million workers at our Tier 1 and core 
Tier 2 factories. If workers are not satisfied with the responses offered by the factories via their respective 
internal grievance system, we encourage them to use the PUMA hotline to raise complaints or request 
consultations. Hotline contact details are published on our Code of Conduct posters, displayed at every 
audited factory globally. We also use WeChat, Zalo, Facebook and other social media channels to connect 
with workers and have established more formalised compliance and human resources apps at selected core 
suppliers. 

The third-party worker engagement platforms cover 89 factories (201,579 workers), which represents more 
than 80% of our production volume. In 2023, 1,544 feedback messages were received through the 
MicroBenefits and the WOVO platforms in China, Indonesia, Pakistan, Philippines, Turkey, Cambodia and 
Vietnam, as well as the Amader Kotha Helpline in Bangladesh. Of the 1,544 messages, 41 cases were 
escalated to PUMA as the factory did not respond within the 48-hour timeline. PUMA engaged with the 
factories’ management to address workers’ concerns. All other concerns not escalated to PUMA were 
handled and resolved directly by the suppliers. 

In 2023, we engaged with a local hotline, Hamari Awaz who will provide all workers in factories producing 
for PUMA in Pakistan with access to a local hotline in early 2024. 

In 2023, 107 workers’ concerns were raised through PUMA’s hotline across eight countries. Together with 
our suppliers, our team was able to resolve all these cases. 

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In 2023, to meet its obligations under the German Act on Corporate Due Diligence Obligations in Supply 
Chains (LkSG), PUMA published its Rules for the Complaint Procedure. PUMA’s own employees and the 
employees of PUMA’s business partners can submit complaints in connection with human rights or 
environmental risks and violations, as well as violations of PUMA policies via the following channels: 

•  PUMA’s electronic whistleblowing platform 
•  Telephone numbers of the PUMA Sustainability Team (“PUMA Hotline”)   
•  Third-party platforms made available to factory workers by the factories  

Complaints may be made anonymously and all information regarding the complaint is treated as strictly 
confidential and only shared on a need-to-know basis or if required by law. All complaints received are 
acknowledged within seven days and PUMA shall conduct a comprehensive investigation without delay. 
PUMA will also share the outcome of the investigation with the party making the complaint.  

PUMA shall review the effectiveness of its complaint procedure at least once a year, or on an adhoc basis if 
PUMA expects a significant change or increase in risk exposure in PUMA’s own operations and at PUMA’s 
business partners. We aim to translate the Rules for the Complaint Procedure into 40 languages in 2024 to 
ensure it is accessible for end users in PUMA’s supply chain. 

↗ T.08 WORKERS’ COMPLAINTS 2020 – 2023 

Workers’ complaints 

2023 

2022 

2021 

2020 

Total received – external channels (third-party platforms) 

1,544 

2,006 

3,132 

1,021 

Total received – PUMA Hotline 

107 

159 

223 

Total confirmed- PUMA Hotline and third-party platforms 

1,443 

1,877 

3,165 

Total received – PUMA Hotline and escalated to PUMA via third-party 
platforms 

Resolved - PUMA Hotline and escalated to PUMA via third-party platforms 

148 

148 

173 

172 

262 

261 

101 

984 

127 

126 

Not resolved - PUMA Hotline and escalated to PUMA via third-party 
platforms 

Resolved (%) 

0 

1 

1 

1 

100% 

99.4% 

99.6% 

99.2% 

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↗ G.09 NUMBER OF MOST FREQUENT GRIEVANCES RAISED IN 2023 THROUGH PUMA HOTLINE 

AND THROUGH THIRD-PARTY PLATFORMS ESCALATED TO PUMA 

39

31

20

11

11

10

6

2

3

2

1

5

3

2

2

Resolved

Not-Resolved

Unaccepted

WORKER COMPLAINTS 

The most frequent areas of concern raised by workers remain as fair compensation, their employment 
relationship, and excessive working hours. Most workers’ concerns about wages and benefits are mainly 
due to their misunderstanding of wage and benefit calculations. We asked factories to proactively talk to and 
train workers on wage and benefits' calculation methods. Regarding the employment relationship topic, 
many cases are about workers wishing to resign without following the legally required notice period. 
We asked factory management to discuss solutions with their employees.  

In any country, when workers complain about working during public holidays or overtime hours, PUMA 
would engage with factory management, to adjust the production schedule and to make sure overtime is 
voluntary and properly communicated with workers. Furthermore, PUMA provided training to these 
factories on working hours management, and overtime root cause analysis to prevent excessive overtime. 

Below is a case study of the PUMA Hotline, which explains how we followed-up with our supplier to close 
the single remaining open case of 2022. 

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↗ CASE STUDIES 

PUMA Hotline 
A worker from a footwear factory in Vietnam called the PUMA Hotline in September 2022 regarding 
the subsidies sponsored by the government according to the Resolution No. 68/NQ-CP dated on 
July 1st, 2021. Under this regulation, employees who were under contract suspension or termination, 
or unpaid leave between May 1st, 2021 and December 31st 2021, and pregnant or taking care of children 
under six years old are entitled to one of government subsidies. The complainant submitted all the 
necessary documents to the factory to apply for this government subsidy but did not receive 
any updates. 

PUMA immediately contacted the factory. The factory explained that due to being busy with Covid 
prevention measures and high levels of absenteeism in January 2022, they missed the deadline to 
submit the documents to the local authority. In total 2,032 workers failed to receive a total amount of 
about $ 115,000. Despite the factory’s efforts to follow-up with the local authority for the payment, 
there was no positive response.  

PUMA encouraged the factory to discuss with the Trade Union representatives to find a solution. In 
July 2023, the Trade Union and the factory reached a consensus so the factory would pay 70% of the 
subsidy, $ 78,388 to make up for the unpaid subsidy. PUMA verified that an instalment of about 
$ 77,181 were paid to workers in 2023. A few workers could not be paid ($ 1,207) as they had left the 
factory. We are still engaged with the factory management regarding the remaining 30%.  

THIRD PARTY COMPLAINTS 

We continued following-up on the six open third-party complaints in 2022. Five related to freedom of 
association were resolved through active engagement with factories, union and other stakeholders, with 
union representatives reinstated or compensated in agreement with the unions involved. One of these five 
cases was settled in collaboration with the Fair Labor Association and other brands, more details can be 
found in case study below. Another complaint is about workers’ wages in Mauritius, which was followed-up 
under the umbrella of the Fair Labor Association and in collaboration with other brands: migrant workers in 
Mauritius received less than a minimum wage after the dormitory fees were deducted from their salary. 
Based on the inspection report of local labor authority the practice is legal. In 2024 we will continuously 
engage with the FLA and other stakeholders to find a collective solution. 

In 2023, we received 15 third-party complaints from external organisations, 11 of which have been resolved.  

Nine cases were related to freedom of association breaches, eight out of these nine cases were resolved 
through active engagement with factories, unions and other stakeholders. The union representatives were 
either reinstated or compensated in agreement with the unions involved. One case is still going through the 
mediation process between management and the trade union.  

Three cases involved wage and benefits issues; one of them is the request from the Bangladesh Union 
Federation to provide support on their minimum wage demands. Upon receipt, PUMA actively engaged with 
ILO Better Work and the Fair Labor Association. We published our Position on our website, and co-signed a 
letter to the prime minister with other brands, through Fair Labor Association in November, to support 
trade unions. Another two wage and benefits cases are still under investigation.  

Two cases relate to NGO reports on working conditions for supply chain workers in Pakistan and Cambodia. 
For both reports we engaged with ILO Better Work and the reporters. Details are provided under Pakistan 
and Cambodia paragraphs below. 

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In May 2023, a trade union requested the dismissal of two managers at a factory in Cambodia because they 
thought they were responsible for the reduction of orders, among other concerns. The management and 
union had several meetings to discuss the concerns. The management accepted all the trade union’s 
concerns and took action, except for the dismissal of the two factory managers, which the trade union 
agreed to retract.   

Pakistan 
In 2023, Labour Behind the Label published a Report on labour rights in Pakistan regarding issues such as 
no payment of living wage, no employment contract, leave being denied or unpaid, child labour, no social 
security, harassment, health and safety issues, fire safety risks and freedom of association breaches. 

PUMA has investigated the details of the report and engaged with the reporters to understand the 
methodology used. The report relates to factories located in Karachi, Faisalabad, and Lahore. While PUMA 
does not have a business relationship with any suppliers in these regions, our subsidiary stichd, does have a 
business relationship with four factories in this region, two of which are included in the report. 

Three out of the four factories in the mentioned areas were audited in 2023, while one factory was audited in 
2021 with a rating still valid in 2023. As a follow-up in 2023, PUMA conducted a full unannounced 
assessment of all four factories through a different third-party company. As a result, three of the factories 
were downgraded. We are closely following up on progress to address these newly identified violations 
and all factories producing PUMA products that fall within the scope of the Better Work programme are now 
enrolled in the Better Work programme. Additionally, all workers of factories producing for PUMA in 
Pakistan will have access to a local hotline, Hamari Awaz. 

Better Work Pakistan will also provide a social dialogue programme, as well as leadership capacity building 
initiatives and training for female workers. Other services will include the ILO’s occupational health and 
safety approaches, a factory improvement toolkit and productivity focused training. Additionally, PUMA 
signed the ACCORD Pakistan in March 2023 for all factories producing PUMA and stichd products. 

Cambodia 
In 2022 we received five complaints concerning three Cambodian factories, about potential breach of 
freedom of association rights. Three were resolved in 2022 and two in early 2023. We worked to find the best 
solution related to these concerns, facilitating mediation meetings between workers’ representatives and 
factory management, partnering with Better Work Factories Cambodia and/or with other brands producing 
in the same factories. It took three to five months to solve these complaints.  

Despite all our efforts, we received five complaints about freedom of association from Cambodia in 2023. 
Four cases were resolved through open dialogue and facilitated mediation meetings between factories and 
unions. One case is still under mediation or investigation.   

We continued to work with Better Factories Cambodia (BFC) and hosted a training series from April to 
August 2023 for all Cambodian factories producing PUMA products. 183 participants from 27 factories’ 
management teams, shop stewards and union representatives attended the training. As a lesson learned 
from training conducted in 2021, we added one exclusive session for factory decision-makers in Chinese in 
addition to a session conducted in Khmer for workers representatives and trade union leaders.  

The aim of the training was to provide participants with a better understanding of: 
•  Rights and obligations of the employer, unions and worker representatives  
•  Managing communication and employment contract termination such as: resignation, dismissal, and 

retrenchment.  

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As per the BFC feedback, as result of the training participants confirmed they gained a better understanding 
about Freedom of Association and their roles and responsibilities. All 27 factories submitted a Corrective 
Action Plan after the training. We will verify the implementation of each action plan in early 2024 according 
to the five KPIs established by BFC. They are described below: 

1.  Conduct regular meetings between the employer, union and shop stewards to raise and address any 

concerns in the workplace on weekly/biweekly/monthly basis. 

2.  Develop/review a Freedom of Association (FoA) policy in consultation with the unions and shop stewards 

and implement this policy accordingly. 

3.  Develop/review a Grievance Handling policy in consultation with the unions and shop stewards and 

implement this policy accordingly. 

4.  Develop/review a policy for Employment Contract Termination in consultation with the unions and shop 

stewards and implement this policy accordingly. 

5.  Provide internal/external training to more workers on relevant topics such as the roles and 

responsibilities of the employers, unions and shop stewards. 

In September 2023, the NGO Action Aid published an investigative report alleging that garment factories in 
Cambodia, supplying apparel and footwear to companies (including PUMA), reduced monthly wages 
compared to 2020 levels and failed to pay sufficient severance when the factories closed due to the COVID-19 
lockdown. The report, which interviewed 308 garment workers in 15 factories, also claimed that workers 
were unable to afford necessities even after the COVID-19 lockdown restrictions were lifted due to lower 
wages and fewer overtime hours, while overtime pay became a systemic dependency. 

Following the report, PUMA engaged with the Clean Clothes Campaign (CCC) and Action Aid to understand 
the methodology behind the allegations that were made. For PUMA, the allegations relate to six of PUMA’s 
suppliers, two of which PUMA had ended the business relationship with by mutual agreement in 2021. After 
further investigation, PUMA did not identify any wage gap as per the government’s instructions during the 
lockdown period in the remaining four factories. Although “no work, no pay” directives were in effect, PUMA 
ensured that workers would receive a regular income during 2021 lockdown through regular communication 
with our suppliers in collaboration with our sourcing team. 

Between 2019 and 2022, Cambodia represented around 13% of PUMA’s total sourcing volume. In 2020 and 
2021, PUMA focused on keeping suppliers in business and safeguarding workers’ health, employment, and 
income through several measures including: minimizing order cancellations (0.35% of orders were 
cancelled in 2020) and expanding our PUMA Vendor Financing Programme, with an increase in suppliers' 
participation from 21% in 2019 to 30% in 2020. As a responsible business partner for our suppliers, PUMA set 
up a responsible purchasing practices policy and engaged with Better Buying, an independent non-profit 
organisation, to collect feedback from our core suppliers related to our purchasing practices. We reported 
the key findings of the Better Buying survey in this report. 

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↗ CASE STUDIES 

Indonesia 
On July 7th, 2023, PUMA received complaints from a union related to union staff members at one of 
PUMA’s footwear suppliers who were terminated based on not passing their probation period. The 
union mentioned that the termination was considered illegal since it was without prior notice and no 
evaluation was performed by a respective supervisor and section manager. The union believed that 
this happened due to their union membership. The union leaders asked PUMA to support the 
reinstatement of the three workers. On July 13th, 2023, PUMA investigated and interviewed the factory 
management and union representatives. PUMA found that the termination of the three union 
members was not legal since there was no clear performance assessment from the respective of the 
section heads. This was explained to factory management who agreed to re-instate the three 
workers to the same position with the same wage. No wages were deducted for the period when the 
workers were laid off. The union leader acknowledged PUMA’s engagement in this case and 
recognised our commitment to respect freedom of association.  

Madagascar 
In June 2022, PUMA received a request from IndustriALL’s Sub-Saharan Africa regional office to 
support one of their trade union affiliates called SEMPIZOF in Madagascar. According to IndustriAll, 
about 350 machinists went on strike in a factory producing for PUMA and other brands from May 18th 
to 25th, 2022 to protest on wages and unfair skills’ assessments for experienced workers. The strikers 
also denounced sexual harassment against female workers and bribery during recruitment. 
SEMPIZOF approached the Labour Inspectorate and Labour Tribunal with another IndustriALL 
affiliate SVS to request the reinstatement of 50 workers (dismissed during the strike) and respect of 
workers’ rights. We immediately followed up with the supplier, who confirmed the unrest of 345 
workers (out of 1,550), the dismissal of 58 workers, and their willingness to collaborate 
for remediation. The four brands including PUMA producing in this factory had several meetings on 
collaborative actions and reached out to the Fair Labor Association (FLA) for support.  

In July 2022, during a first call with the FLA, the brands agreed to find an independent third party to 
conduct an in-depth investigation. The FLA interviewed several candidates and commissioned an 
independent third-party The Labour Hive in November 2022. It completed an investigation and 
provided a detailed report with suggested actions in February 2023. The report includes a thorough 
analysis of all allegations. The factory immediately suspended the manager related to 
sexual harassment allegations and dismissed him after the investigation. The investigation did not 
identify issues related to overtime, short-term contracts, unfair dismissals because of trade union 
activities nor bribery at recruitment. The FLA published the results of the investigation report. 
Brands studied the report and agreed on an action plan with the supplier in May 2023. During a 
follow-up verification of the remedial action plan in November 2023, it was confirmed and verified by 
The Labor Hive that factory management had engaged with various stakeholders such as 
local authorities, Better Work, trade union (FISEMA), and worker reps to take corrective actions. 

Various projects and programmes have been implemented, and improvements such as an increased 
meal allowance, adjusted salary as per government decree, regulating probation period 
for production workers, and removal of the dismissed workers from the blacklist (so that they can 
find jobs in other factories) were made. In partnership with ILO Better Work, the factory 
arranged several trainings on Freedom of Association, Harassment and Abuse, Compensation and 
Benefits and Hours of Work. Further improvements on workplace dialogue, workers’ 
satisfaction surveys, training effectiveness, renewal of workers’ representation election, and the 
implementation of a workers’ performance evaluation system are still on-going and aim to be 
completed by August 2024.  

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ZERO TOLERANCE ISSUES 

All issues identified during our auditing and hotline activities are classified as zero tolerance issues (such 
as child labour or forced labour), critical issues or other issues in our Sustainability Handbooks.  

Zero tolerance issues lead to the immediate failure of an audit. If these issues are reported for a new 
factory, the factory will not be allowed to produce PUMA goods. Established suppliers must remedy all zero 
tolerance issues immediately by conducting a root cause analysis and implementing preventive measures to 
prevent the issue reoccurring. As a last resort, a business relationship can be terminated if the factory fails 
to cooperate. Other issues are also followed up on by our Compliance team. 

In 2023, we identified 19 zero tolerance issues and were able to remedy eight on workers’ compensation in 
line with legal requirements, lack of transparency and wastewater discharge. Two zero tolerance issues 
remain open. One was related to a South Africa-based factory producing furniture for our retail stores 
paying 94% of the minimum wage, as they were granted an exemption by local authorities. After meeting the 
factory management, they committed to pay the full minimum wage from July 2024. Another example is 
a factory in Pakistan which was found to have transparency issues during an unannounced audit in late 2023 
conducted after the publication of a Report from Labour Behind the Label. The factory committed to 
improve and joined the Better Work programme in December 2023. We informed Better Work about this 
case and intend to resolve this issue during its first assessment. Nine factories were not onboarded or were 
deactivated in 2023. The increase in zero tolerance issues is due to the increased number of 
factories audited in 2023. 

↗ T.09 ZERO TOLERANCE ISSUES (ZTIS) 

Country 

India 

Bangladesh 

Cambodia 

Vietnam 

Canada 

Pakistan 

South Africa 

Brazil 

China 

Egypt 

Malaysia 

Philippines 

Spain 

Grand total 

2023 

2022 

2021 

5 

2 

2 

3 

2 

2 

1 

1 

1 

19 

3 

3 

1 

2 

1 

1 

1 

12 

2 

2 

4 

77 

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

FREEDOM OF ASSOCIATION PROTOCOL IN INDONESIA 

To ensure workers’ voices are heard, we want to foster Freedom of Association (FoA) and signed the 
Indonesia FoA Protocol.  

The main objectives of the Freedom of Association Protocol are: 
•  Eliminate the practice of union busting in the factory and to foster healthy industrial relationships 
•  Factory management and union leaders can identify violations and challenges around FoA that arise in 

the factory and are able to discuss solutions together 

•  Avoid victimisation of union representatives and members when disputes arise between union members 

and management 

•  Set up fair rules for the implementation of FoA by having a joint understanding and commitment 

between workers and the factory management 

•  To have extra layer of rules and regulations related to FoA practice that is not regulated in Law 

No. 21/2000 

As of end of 2023, seven Tier 1 factories have agreed to apply the FoA Protocol with 13 unions. Two factories 
are planning to sign up in 2024, while the remaining ten Tier 1 suppliers either do not have a union or their 
union is not a member of FoA Protocol. As of end of 2023, no FoA case within PUMA suppliers has been 
escalated to the FoA Protocol national committee. FoA cases are mainly resolved internally at a factory level 
without PUMA’s involvement.  

WAGE ISSUE IN KARNATAKA 

On February 19, 2020, the state government of Karnataka increased the Variable Dearness Allowance (VDA), 
requiring manufacturers to pay workers Rs. 417.56/month as a component of their wages, from April 2020 
onwards. The VDA is calculated based on the increase or decrease in the consumer price index (CPI) to help 
employees in the public and private sector to cope with the rising cost of living due to inflation. 

The Karnataka labour department deferred the payment of VDA (as per the VDA Hike Order) until 
March 2021 due to the financial hardships caused to employers during COVID-19. Two unions challenged the 
deferral order and filed two petitions in August 2020. On September 11, 2020, the Karnataka High Court 
announced that the Labor Department’s postponement of the wage increase was illegal as per Section 26(2) 
of the Minimum Wages Act. This means that non-payment could be seen as being in contempt of such a 
court order. In practice, factories paid Rs. 622.44/month VDA to workers from April 2021, but they did not pay 
Rs. 417.56/month to workers from March 2020.  

We have actively been working with our sourcing and suppliers in the region, informing our three suppliers 
that PUMA expects suppliers to pay the incremental minimum wages (considering both the 2020 and 2021 
VDA adjustment), including arrears to both existing and former workers. We aligned our expectations of 
suppliers with the Worker Rights Consortium and kept informing them on our progress. In 2023, $ 484,928 
was paid to 13,687 workers, including both existing and former workers. We verified payment on-site, except 
for one factory onboarded in April 2023, where a visit is scheduled in early 2024. 

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FAIR INCOME 

TARGET DESCRIPTION:  

•  Make sure all PUMA employees are paid a living wage 
•  Carry out fair wage assessments including mapping a specific wage ladder for top five sourcing 

countries to help improve their wage levels and practices 

•  Ensure bank transfer payment to workers at all core suppliers by 2022 
•  Ensure effective and freely elected worker representation at all core Tier 1 suppliers  

Relates to United Nations Sustainable Development Goals 1, 2 and 10 

KPIs: 

•  Percentage of average wages compared to minimum wage 
•  Percentage of workers with permanent contracts 
•  Percentage of workers with social insurance coverage 
•  Percentage of workers paid via bank transfer  
•  Percentage of factories with freely elected worker representation 
•  Percentage of factories with collective bargaining agreements 
•  Number of countries with fair wage assessments over the last five years 

For the definition of fair wages, PUMA follows the requirements for compensation set out in the Code of 
Conduct published by FLA. The Fair Wage Network conducts wage assessments and evaluates the wage 
systems of selected factories across 12 dimensions, focusing on five major areas: legal compliance, wage 
levels, wage adjustments, pay systems and social dialogue and communication. It also assesses the priority 
the wage policy takes within the company’s Human Resources policy and its Sustainability Strategy 
(considered as a thirteenth cross-cutting dimension). 

FAIR WAGES AT PUMA'S OWN ENTITIES 

The increasing cost of living is an emerging risk for PUMA. In 2021, we purchased a license for the living 
wage database of the Fair Wage Network. In 2021 and 2022, we used this database to check that a living 
wage was being paid to all PUMA employees globally. In 2022, our global leadership team implemented 
performance indicators - tied to bonuses - related to ensuring PUMA employees earned a living wage. The 
results of this internal assessment show that in 2022 all regular PUMA employees globally who were 
working full time were paid according to living wage thresholds at the regional/city level or above the Living 
Wage National Adjusted Mean as defined by the Fair Wage Network. This was also the case for 2023. See 
Our People section for further details. 

FAIR WAGES IN THE SUPPLY CHAIN 

As part of our efforts to ensure fair wage practices at the factories of our suppliers, we have defined 
the failure to make a full payment of at least the minimum wage as a zero-tolerance issue. This means that 
to be taken on as or to remain an active PUMA supplier, a company must pay minimum wages in full 
compliance with local regulations. 99.97% of workers in 2023 were paid at least minimum wage. Provisions 

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around the payment of overtime hours and social insurance are also clearly articulated in PUMA’s Code of 
Conduct and are scrutinised regularly as part of our Compliance Audit Programme. The performance of 
PUMA‘s suppliers in other Fair Wage dimensions is also assessed through fieldwork assessment surveys 
(among both the workers and management) carried out by the Fair Wage Network. 

DIGITAL PAYMENT 

In 2023, 100% of our core factories paid 224,444 employees digitally. We are further expanding the digital 
mapping to all Pakistan factories, where 1,742 employees from four suppliers are not yet paid digitally. We 
will follow up in 2024. 

FAIR COMPENSATION DASHBOARD 

We have collected wage data annually from our core Tier 1 factories for several years. We use this data to 
report S-KPIs (see table T. 12). In 2022, we used the FLA’s Fair Compensation Dashboard* to analyze 2021 
wage data for 59 strategic Tier 1 factories, and 2022 wage data for 60 strategic Tier 1 factories in 2023. We 
use the Dashboard to compare aggregated and anonymised data from industry peers and, where available, 
against living wage estimates of the Global Living Wage Coalition (GLWC), developed by the Anker Research 
Institute**. Where GLWC estimates are not available, namely in Indonesia, we used 2022 Fair Wage Network 
benchmarks***. 

Graph G.10 shows the results of our benchmarking for 60 core Tier 1 factories in local currency, covering 
wages in 2022. This data covers approximately 75% of PUMA’s global production volume for 145,834 
workers employed under those suppliers. 32 factories paid a living wage to 83,089 workers in Cambodia, 
China, Pakistan and Vietnam, covering 45% of PUMA’s global production volume. Those 83,089 workers 
represent 13% of our total supply chain workforce.  

Below is our analysis of the results:  
•  All of our five strategic factories in Cambodia, one out of two strategic factories in Pakistan, 13 out of 18 
strategic factories in China and 13 out of 20 strategic factories in Vietnam pay, on average, a living wage 
as set by the Global Living Wage Coalition. For Vietnam, as the GLWC provided a breakdown of the living 
wage benchmark into four different levels instead of two previously, seven Vietnam factories out of 20 fell 
below GLWC benchmarks. These seven factories now have a higher living wage level to reach. 
•  One supplier in the Philippines, which is below GLWC benchmark, will go through a Fair Wage 

• 

Assessment in 2024. 
In Indonesia, all strategic factories went through Fair Wage Assessments or Remediations. One of the 
factories received the Fair Wage Certificate. At two factories re-assessed after remediation, we saw 
improvements in their scores on the 12 Fair Wage Dimensions, especially on prevailing wage, real wages, 
communication and social dialogue. These actions were taken between 2022 and 2023, which explains 
why there is a wage gap towards a living wage. We will keep following the remediation actions of these 
four core factories in Indonesia. 

*    Industry average wage data from the FLA Fair Compensation Dashboard from November 2020 and October 2021. Users of the 
FLA’s Fair Compensation Dashboard have access to live anonymised monthly average net wage calculations based on all 
wage data uploaded per country and year. Averages are updated as wage data is uploaded into the dashboard and includes 
the Net Wage = Basic (Contracted) Wage + Cash Benefits + In-Kind Benefits – Mandatory Taxes and Legal Deductions. 
Payment of overtime is excluded. 

**  Global Living Wage Coalition: The GLWC estimates and reference values are developed by the Anker Research Institute. The 

methodology for these estimates uphold the definition of the living wage, which includes the standard remuneration received 
by a worker for a workweek, in a particular place, to afford a decent standard of living for the worker and his/her family. 
Elements of a decent standard of living include food, water, housing, education, healthcare, transportation, clothing and 
other essential needs, including provision for unexpected events.  

***Fair Wage Network methodology: It takes into account the minimum living wage necessary for a worker to cover his/her 

family's basic needs considering multiple income earners in the family (the necessary family budget being covered by the 
sum of income earners). FWN also proposes a more ambitious living wage threshold that would consider one income earner 
and not multiple income earners. PUMA used multiple income earners thresholds in our fair wage analysis. 

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•  The Turkey factory’s net pay has increased by 55% compared to 2021 due to the high inflation. We plan to 
enroll this factory for a Fair Wage assessment in 2024 to evaluate its wage system, so the factory can set 
up an action plan and workers’ income can increase. 

•  One supplier in Pakistan reached the Global Living Wage Coalition Benchmark. Another supplier 

reached 97% of the GLWC benchmark. We will launch Fair Wage Remediation with the latter in 2024. 
•  Wage payments in Bangladesh, despite being above industry average, fell well short of the Global Living 
Wage Coalition Benchmark and reached 67% of the Global Living Wage Coalition Benchmark in 2022; 
(70% in 2021, 69% in 2020). 

In 2023, we conducted Fair Wage Assessments with ten factories in Bangladesh, Pakistan, Indonesia, 
Cambodia and China, including seven re-assessments at factories in Bangladesh, Cambodia, Pakistan and 
Indonesia and three first-time assessments at two suppliers in China and one in Bangladesh. 

↗ G.10 FLA FAIR COMPENSATION DASHBOARD 2020 – 2022 

Turkey

Indonesia

China

Philippines

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

40000

35000

30000

25000

20000

15000

10000

5000

0

4,500,000

4,000,000

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

0

3500

3000

2500

2000

1500

1000

500

0

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

PUMA Average

PUMA Average

PUMA Average

PUMA Average

2020 (1)

2021 (1/14)

2020 (3)

2021 (5/15)

2020 (16)

2021 (18/122)

2022 (1/10)

2022 (4/31)

2022 (18/112)

2020 (1)

2022 (1)

Pakistan

Bangladesh

Vietnam Rural

Vietnam Urban

Cambodia

25000

20000

15000

10000

5000

0

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

0

9,000,000

8,000,000

7,000,000

6,000,000

5,000,000

4,000,000

3,000,000

2,000,000

1,000,000

0

350

300

250

200

150

100

50

0

PUMA Average

PUMA Average

PUMA Average

PUMA Average

PUMA Average

2020 (2)

2021 (2/2)

2020 (7)

2021 (8/31)

2020 (7)

2021 (11/122)

2020 (6)

2021 (9/122)

2020 (4)

2021 (5/36)

2022 (2/11)

2022 (9/57)

2022 (12/107)

2022 (8/107)

2022 (5/13)

Net Legal Minimum Wage 2022

Industry Average 2022

GLWC Benchmark

FWN living wage

FAIR WAGE ASSESSMENT 

Since 2018, we have asked Fair Wage Network (FWN) to conduct fair wage assessments at our core factories 
based in Bangladesh (2018), Cambodia (2019), Cambodia and Indonesia (2021), Bangladesh, 
Vietnam, Pakistan (2022), and China (2023) at 27 factories in total. Six factories obtained a Fair Wage 
Certificate, meaning that across the 13 dimensions of Fair Wage, wage and overtime payment, 
communication, and social dialogue for example, factories received at least 280 points out of 400 with no 
more than two dimensions below a 40% score, and workers are paid above the Fair Wage Network Living 
Wage threshold. 

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A positive outcome is that factories are strong in some institutional elements such as wage grids, 
monitoring the wages’ cost progression within the total production cost (including involving worker 
representatives to discuss and negotiate wage related issues and paying wages above competitors’ rates 
and above companies from other sectors located in the same area. However, similar developments were not 
always reported on in collective agreements, which have rarely been signed at the factory level, and 
monitoring process for moving towards the payment of a living wage. These insights still provide valuable 
information for follow-up and remediation in these factories. Worker satisfaction with wages and working 
conditions was found to be relatively good, with most workers being either ‘fully’ or ‘partly’ satisfied with 
their wages and working conditions. At one supplier, however, it was found that nearly half of the workforce 
were not satisfied with the working conditions, we will follow up on this in 2024. 

In 2023, out of 10 factories that went through a fair wage assessment, six were re-assessed after a nearly 
one-year remediation phase with the support of Fair Wage Network (three in Bangladesh, one in Cambodia 
and two in Indonesia). All six factories improved significantly in communication and social dialogue, wage 
structure and also competitiveness. Under the Fair Wage Network Remediation Framework, social dialogue 
activities took place at those six factories and the wage structure was jointly reviewed as a result. Although 
wage adjustment mechanisms were improved, there is still room for improvement as regards the living 
wage. At the three factories assessed for the first time, we will work with the Fair Wage Network to further 
improve their wage strategy and pay systems. One factory in Pakistan was re-assessed as they previously 
had reached the GLWC living wage threshold. The factory has not yet received fair wage certification 
although its score has improved. 

The Fair Wage Remediation programme provides a remediation plan to factories based on their individual 
assessments, and guides factories in setting up a Fair Wage Implementation Committee (consisting of 
workers and management representatives). The Committee is trained by the Fair Wage Network, on fair 
wage dimensions, wage grid, and how to a conduct living wage survey. The committee is responsible -under 
FWN guidance- for implementing the remediation plan.  

In Indonesia, both factories under the remediation programme opened a dialogue channel with trade unions 
to negotiate the pay systems. One supplier included a seniority bonus into its basic wage, 90% of workers 
had a 0.46%-1.15% wage increase since January 2023; the factory also provided 14% to 28% as skill bonuses 
to workers having the ability to operate more than one machine. Another supplier pays workers higher than 
the legal requirement, providing a seniority bonus of 0.42%-0.48% of the minimum wage to workers who 
have worked more than one year, and providing a skill bonus that ranges from 0.65% to 16.34% of the 
minimum wage. All of these measures improve not only the fairness but also the efficiency of pay systems. 

In Bangladesh, all three suppliers developed training modules and trained almost 100% of the workers 
using a skills matrix for all the designations. This ensures that workers’ wages increase in step with human 
capital developments (people skill development, working experience, creativity, strengths and attributes) 
and that the promotion system is fair and transparent. Training programmes were also provided to both 
management and workers on their roles and responsibilities based on the skills matrix and its connection to 
wage increases. Suppliers also looked at the gap between workers’ gross income and the living wage, and 
took initiative to minimize this gap. For example, one supplier introduced a fair price shop on the premises 
of the factory, so that the workers get the daily products they need at an affordable price, allowing workers 
to keep part of their wages for other needs. As a result of actions taken by our suppliers, we witnessed an 
improved dialogue between workers and factory management on the topic of wages. Workers, in one of 
three factories, formed a Trade Union during the remediation, so workers will be able to better coordinate 
their workforce concerns through this platform. We got to understand that the management of this 
particular supplier was highly supportive of the Trade Union’s creation, and it was found that their 
concerned parties are currently engaged in a congenial relationship.  

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In Cambodia, with the involvement of the Fair Wage Implementation Committee, the factory that started its 
remediation programme in mid-2022, reviewed its wage structure by creating more bonuses such as 
productivity bonuses and multi-skill bonuses. All of these are contributing to an almost 6% wage increase 
on average for about 3% (122) of qualified workers. This helped the factory to stabilize its workforce, with a 
14.8% reduction of annual staff turnover in 2022 and a further 68.5% reduction in 2023. 

↗ CASE STUDY 

Bangladesh 
A factory in Bangladesh was assessed by Fair Wage Network team in 2018 to evaluate its wage 
practices. The factory could not be certified, joined the Fair Wage Remediation Programme in 2022 
and was re-assessed at the end of the programme in 2023. The company has developed a rather 
comprehensive wage policy. 

One of the major improvements was in ‘Communication and social dialogue’. A committee, 
consisting of an equal number of representatives from management and workers, was formed to 
implement a remediation plan. The workers’ representatives on the committee were engaged in the 
decision-making process while developing and implementing the skills matrix, performance 
evaluation processes, for example. A robust communication strategy was set, ensuring that 
employees are well-informed about their wage levels and pay structures. The company set up a 
social dialogue policy, allowing representatives of workers to be involved in discussions and 
negotiations on wage matters. The intention is for these negotiations to lead to regular talks on 
wage issues and the possible endorsement of a collective agreement in future. The improved labour 
relations led to a 0.5% reduction in the staff turnover rate. 

In March 2023, while the remediation programme was underway, the workers at the factory created a 
Trade Union. This action suggests that the workers recognise the potential benefits of having a 
collective organisation to represent their interests. By establishing the Trade Union, the workers 
have created a structured platform that allows them to collaborate more effectively on matters of 
collective concern. Currently, approximately half of the workers of the factory are members of that 
Trade Union. The factory is working with Better Work Bangladesh, who provide training for both 
management and union members on their roles and responsibilities under the Labor Law.  

GENDER PAY GAP 

For the first time in 2023, we collected wage data by gender. There is no wage gap between female and male 
workers on a global average. We notice a difference of a few cents of Euros per hour in Pakistan, China, 
Cambodia and Turkey, mainly because factories are paying higher wages for working positions, such as 
polishing, or in warehouses that require the use of chemicals or heavy lifting and are positions 
predominantly filled by male workers. 

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PUMA Annual Report 2023 

↗ Sustainability 

↗ T.10 GENDER PAY GAP1-2 

2023 

Social KPI 

Hourly average gross 
wage excluding overtime 
and bonuses (%) 
(female-male)* 

Hourly average gross 
wage including overtime 
and bonuses (%) 
(female-male)* 

SOUTH ASIA 

SOUTHEAST ASIA 

EMEA 

2023 

Bangladesh 

Pakistan  China  Cambodia  Indonesia  Philippines  Vietnam 

Turkey  Average 

0.0 

-0.2 

0.0 

-0.1 

0.0 

0.0 

0.0 

0.0 

0.0 

-0.1 

-0.2 

-0.1 

0.0 

0.0 

0.0 

0.0 

-0.1 

0.0 

Number of factories 

8 

2 

18 

5 

4 

1 

18 

1 

57 

*  New KPI  
1  Data received from 57 PUMA core suppliers representing 72.1% of 2023 production volume, 72.4% of 2023 production value; 
reporting period for data collection: January 2023 – October 2023 (November and December 2023 were calculated based on 
the estimation method) 

2  Wage gap calculation – Average of total female workers’ hourly gross wage – Average of total male workers’ hourly gross 

wage 

RECRUITMENT FEES 

PUMA signed the Fair Labor Association/American Apparel and Footwear Association Commitment to 
Responsible Recruitment in 2018. Since then, we have been actively involved with suppliers, industry peers 
and the UN’s International Organization for Migration (IOM) to ensure that the labour rights of foreign and 
migrant workers are upheld in our supply chain. 

We map on a yearly basis if our factories employ foreign migrant workers and how much workers paid in 
recruitment fees. We then engage with our sourcing leaders, supplier top management, and in some cases 
other brands the supplier produces for, to come up with an agreement on a timeline to pay migrant workers 
back. The back payment could in certain cases be made in different instalments and not a lump sum to not 
disturb the factory as not all workers are entitled to this payment – an issue which could lead to 
misunderstandings between workers. 

Through the efforts of multi-stakeholder engagements, factories paid back more than $ 100,000 to 255 
foreign migrant workers at six factories in Japan, South Korea, China (Taiwan) and Thailand in 2022. PUMA 
has used e-learning from the International Organization for Migration in employer guidelines to train 36 
factories from Mauritius, China (Taiwan), South Korea, Thailand and Japan in 2022. In 2023, we kept 
monitoring factories’ recruitment practices.  

In May 2023, we found that eight foreign migrant workers had paid recruitment fees before starting to work 
at three factories (two core Tier 2, one non-core Tier 2) in Taiwan; through communication with factories and 
support from our sourcing team, over $ 16,000 in total was paid back to these workers.  

During an audit at one South Korea factory, we found that one worker had paid $ 370 for a flight ticket from 
their home country to South Korea. The factory immediately reimbursed this worker after the audit.  

During audits conducted at the end of 2023, we found that 12 migrant workers had paid a total of 
approximately $ 33,000 before they started to work at three factories in Japan. Two factories agreed to pay 
back a total of $ 23,109 to nine migrant workers in January 2024; we will terminate our business relationship 
with the third factory which refused to reimburse workers since it is in breach of PUMA’s standards. We will 
phase out this supplier by June 2025, so that they have sufficient time to find another customer to replace 
PUMA’s business and to avoid impacting workers’ employment.  

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↗ Sustainability 

In 2023, the IOM trained PUMA’s Sustainability Team in the following areas:  
•  How fair and ethical recruitment due diligence can help prevent and mitigate adverse human and labour 

rights for migrant workers. 

•  Practical knowledge on how to apply Ethical Recruitment Due Diligence Tools, particularly the supplier 

Self-Assessment Checklist, Corrective Action Plan, and the Interview Questionnaire for Migrant 
Workers. 

•  Features and functions of the Ethical Recruitment Due Diligence tools as a trainer. 

In 2024, the IOM will further support PUMA to develop suppliers’ guidelines regarding responsible migrant 
workers recruitment and working conditions. These will be included into our Social Standards and 
translated into all relevant languages. PUMA’s Sustainability Team will train our suppliers who employ 
foreign migrants on these new requirements. 

↗ T.11 FAIR INCOME TARGET STATUS 

Sub-targets 

Digital payment (% of core Tier 1 and Tier 2 suppliers) 

% of workers that are receiving wage payments digitally 

Percentage of core Tier 1 supplier facilities that have trade unions or 
freely elected worker representation (core Tier 1) 

Fair wage assessments 
(Mapping of a specific wage ladder for top five sourcing countries) 

*  No baseline in 2020 

2022-2023 PUMA PLWF REPORT: LEADING  

2023 

Baseline 2020 

Target 2025 

100% 

100% 

66% 

90% 

* 

33% 

100% 

100% 

100% 

5 out of 5 

2 out of 5 

5 out of 5 

The Platform Living Wage Financials (PLWF) is a coalition of 20 financial institutions 
that engage and encourage investee companies to enable living wages and incomes in 
their global supply chains. The 2022-2023 PLWF report presents the annual 
assessments of investee companies on living wage and responsible purchasing 
practices. In 2023, PUMA was the only company that reached the Leading category for 
its work on fair income, out of 31 companies from the Garment and Footwear sector. 

SUPPORTING LEGAL MINIMUM WAGE INCREASE IN BANGLADESH 

In 2023, PUMA received a letter from four Bangladeshi Unions calling for support for minimum wage to 
increase, through social dialogue, and by making a long-term commitment to continue sourcing from 
Bangladesh.  

PUMA answered through a public statement recognizing that the current legal minimum wage in the 
Ready-Made Garment sector is significantly below a living wage. In this statement, we share PUMA’s 
standards regarding legal minimum wage, overtime and social insurance payment-related issues, as well 
as our continuous monitoring and methodology, regarding living wage benchmarks and assessments. We 
reiterated the importance of freedom of association and collective bargaining as a key means through which 
employers, their organisations and trade unions can establish fair wages and working conditions. We also 
supported the FLA’s letter shared in August 2023, which appeals to the Chairman of the Minimum Wage 
Board to champion local union demands for increases in the minimum wage. 

In October 2023, PUMA also joined other FLA-affiliated brands to ask the government to consider that the 
minimum wage consultations should be made in an environment to support dialogue with relevant 
stakeholders and Unions, seek to raise the minimum wage to a level that is sufficient to cover workers’ 
basic needs and some discretionary income and takes into account inflationary pressures, while ensuring 

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↗ Sustainability 

that the minimum wage is reviewed annually. Signatory brands are AEO, Inc. Abercrombie & Fitch, adidas, 
Amer Sports, Burton, Gap Inc., Hugo Boss AG, KMD Brands, Levi Strauss & Co., lululemon, Patagonia, 
PUMA SE, PVH Corp, SanMar and Under Armour. 

In both letters, PUMA shared its commitment to implement Responsible Purchasing Practices to support 
negotiations and wage increases and to continue sourcing in Bangladesh. 

WORKER REPRESENTATIVES PROJECT  

Effective social dialogue and sound industrial relations are key components of achieving decent work. 
Ensuring effective and freely elected worker representation in all core Tier 1 suppliers is among our 
10FOR25 Sustainability Targets. PUMA encouraged our suppliers to join the ILO Better Work Programme, 
which coaches the factory management to create or work with an existing bipartite or worker/management 
committee to discuss and resolve workplace issues on an ongoing basis. 

For factories that are not part of the Better Work programme, we partnered with Timeline Consultancy, a 
China-based consultant experienced on improving worker-management cooperation, who trained PUMA’s 
Sustainability Team in 2022 and 2023. Our PUMA Sustainability Team gained the ability to independently 
promote the establishment of an effective Worker Representative Committee and to evaluate 
its effectiveness.  

Since 2022, 12 factories in China have established a Worker Representative Committee. 358 worker 
representatives were freely elected by production workers, 59% of which are female workers. For a better 
understanding of the worker-management dialogue mechanism, 380 representatives of factory 
management were trained by PUMA’s Sustainability Team on the Significance of Dialogue and Worker 
Representation before the worker representative election. After the election, all these factory management 
and worker representatives were trained on their roles and responsibilities, rights and obligations, how to 
conduct adequate information sharing and how to establish a dialogue mechanism, which enables open 
dialogue between factory management and worker representatives. 

In 2023, we expanded the programme to include two Vietnamese factories and one factory in Indonesia: 
worker representative elections will be held in three factories in 2024. 

SOCIAL-KPIS  

On average, our core suppliers paid basic wages that exceed minimum wage levels by 12.7% in 2023. When 
adding overtime and bonus payments, our core suppliers pay 62.7% above minimum wage. In view of the 
global macroeconomic situation, which has led to a change in customers' ordering behaviour, we saw a 
decline in the order book in the first half of 2023 and stabilisation during the second half of 2023; as a result, 
overtime working hours decreased on average by 2.4 hours per week compared with 2022, which explains 
why the percentage of gross wages (including overtime and bonuses) above minimum wage decreased 
compared with 2022. At the same time, in 2023, the minimum wage increased over a 12-month average by 
104% in Turkey, by 11% in Pakistan, by 2% in Indonesia, by 4% in the Philippines, by 3% in Cambodia and 0.3% 
in China. For Bangladesh the new minimum wage came into effect on the first of December 2023, and 
increased by 56%. 

100% of workers are covered by social insurance in all countries except for China where 80.4% are covered: 
this represents a 4.4% increase compared to 2022 due to factories making an effort to explain the benefits of 
the programme and convincing workers to join social insurance schemes. The total average coverage with 
social insurance increased from 97% to 97.5%. 

In 2023, 32.3% workers are covered by a collective bargaining agreement (in 2022 34.4%). This number 
decreased as one of our suppliers in Indonesia with a CBA dropped off our core supplier list. 

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PUMA Annual Report 2023 

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The percentage of women in managerial positions increased slightly to 50.4% (in 2022 49.1%) as some 
factories reached their goals of increasing the number of females in managerial roles.  

The percentage of permanent workers increased from 74.2% to 76.7% on average, mainly due to labour law 
changes in Cambodia, under which more workers get an Undetermined Duration Contract (UDC), after 
completing a two-year Fixed Duration Contract (FDC). In addition, since there was a decrease in orders 
during the first half of 2023, factory management teams recruited fewer temporary workers.  

The turnover rate decreased due to factories implementing worker retention programmes. However, in 
countries such as Pakistan, Indonesia and Turkey turnover rates increased due to downsizing business or 
workers entering into retirement.  

The average injury rate was reduced to 0.2% (0.3% in 2022). We followed up on action plan implementation 
after various OHS trainings, such as Accident Prevention and Reporting training, conducted by PUMA since 
2021. In view of the 2023 global macroeconomic situation, which led to a change in customers' ordering 
behaviour, we saw a decline in the order book in the first half of 2023 and stabilisation during the second 
half. This led to a downturn in working hours, fewer temporary workers being recruited and potentially 
fewer risks of injury. This could also explain why the injury rate decreased this year. 

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PUMA Annual Report 2023 

↗ Sustainability 

↗ T.12 SOCIAL KPIS PUMA CORE TIER 1 FACTORIES 2020-20231-3 

2023 

Social KPI 

Gross wage paid above minimum wage 
excluding overtime and bonuses (%) 

Gross wage paid above minimum wage 
including overtime and bonuses (%) 

SOUTH ASIA 

SOUTHEAST ASIA 

EMEA 

2023 

2022 

2021 

2020 

Bangladesh 

Pakistan 

China 

Cambodia 

Indonesia  Philippines 

Vietnam 

Turkey 

Average 

23.6 

33.2 

5.9 

6.1 

1.3 

0.0 

31.4 

0.4 

12.7 

13.4 

14.5 

13.0 

58.6 

38.9 

166.6 

63.3 

38.3 

18.0 

93.3 

24.9 

62.7 

71.0 

80.2 

54.7 

Workers covered by social insurance (%) 

100.0 

100.0 

Overtime (hours per week) 

Workers covered by a collective bargainning 
agreement 

Female managerial position (%) 

Female workers (%) 

6.0 

0.0 

7.4 

42.0 

0.3 

0.0 

7.7 

9.7 

Permanent workers (%) 

100.0 

100.0 

Annual turnover rate (%) 

Injury rate (%) 

Hourly average gross wage excluding 
overtime and bonuses (%) 
(Female-Male)* 

Hourly average gross wage including 
overtime and bonuses (%) 
(Female-Male)* 

27.3 

0.3 

0.0 

32.9 

0.0 

-0.2 

80.4 

13.5 

93.3 

56.3 

61.6 

28.6 

52.8 

0.4 

0.0 

100.0 

100.0 

100.0 

100.0 

100.0 

4.9 

40.0 

64.6 

83.1 

62.7 

41.9 

0.3 

-0.1 

4.5 

25.0 

73.8 

82.8 

99.2 

26.5 

0.3 

0.0 

6.0 

0.0 

76.9 

63.9 

77.2 

15.1 

0.0 

0.0 

3.5 

100.0 

71.2 

76.2 

45.6 

39.9 

0.1 

0.0 

3.8 

0.0 

45.3 

58.5 

100.0 

34.8 

0.5 

0.0 

97.5 

5.3 

32.3 

50.4 

59.7 

76.7 

33.9 

0.2 

0.0 

97.0 

7.7 

34.4 

49.1 

60.0 

74.2 

35.6 

0.3 

95.1 

8.3 

37.2 

NA 

59.5 

75.5 

34.0 

0.3 

95.6 

5.4 

26.9 

NA 

58.8 

74.4 

29.9 

0.4 

-0.1 

-0.2 

-0.1 

0.0 

0.0 

0.0 

0.0 

-0.1 

0.0 

Number of factories 

8 

2 

18 

5 

4 

1 

18 

1 

57 

65 

63 

58 

* New KPI 
1  Data received from 57 PUMA core suppliers representing 72.1% of 2023 production volume, 72.4% of 2023 production value; reporting period for data collection: January 2023 – October 2023 

(November and December 2023 were calculated based on the estimation method)  
Injury rate calculation – Number of OSHA Recordable cases X 200,000 / Number of Employee Labor hours worked 

2 
3  Wage gap calculation – Average of total female workers’ hourly gross wage – Average of total male workers’ hourly gross wage 

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↗ Sustainability 

HEALTH AND SAFETY 

TARGET DESCRIPTION: 

•  Zero fatal accidents  
•  Reduce accident rate to 0.5 at PUMA and at suppliers  
•  Building safety operational in high-risk countries* 

Relates to United Nations Sustainable Development Goal 3  

EXAMPLES OF THE 10FOR25 ACTION PLAN: 

•  Expand building safety projects to include Indonesia 
•  Ensure professional risk assessments are conducted regularly 

KPIs: 

•  Number of fatal accidents at Tier 1 and core Tier 2 factories 
•  Average injury rate at PUMA 
•  Average injury rate at core Tier 1 suppliers 
•  Number of factories subject to our Building Safety Assessment Programme 

Ensuring safe working conditions for our own employees and hundreds of thousands of indirect employees 
at our manufacturing partners is an ethical imperative. In 2015, we set a target of zero fatal accidents and 
aimed to reduce the number of work-related accidents. In 2021, we revised our Supplier OHS handbook, 
requiring our manufacturing partners to conduct an OHS risk assessment. We also published the PUMA 
OHS Policy for our own employees. Our health and safety targets are linked to the bonuses of our global 
leadership team.  

HEALTH AND SAFETY AT PUMA’S OWN ENTITIES 

At our headquarters, we operate an occupational Health and Safety Committee, that oversees our health 
and safety management system. The Committee includes a specialised labour physician, a health and safety 
technician and employee representatives. In 2023, we certified our OHS management system according to 
ISO 45001 at the headquarters level.  

To ensure a global implementation of our health and safety policy, our larger subsidiaries have their own 
health and safety committees or experts in place. For more than ten years, we have been able to record zero 
fatal accidents at our own entities globally. We have also kept the lost time injury rate below 0.5 since 2019, 
meaning that per 100 full-time employees, less than 0.5 accidents were recorded, in line with our targets. 

*  High-risk countries are defined by the building safety index which is based on instances of non-compliance associated 

with building approval, multi-tenant building, structural integrity, ventilation/ heating, and warehouses. 

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↗ Sustainability 

In 2023, this target was supported by continuing our Occupational Health and Safety e-learning. Over 80% of 
PUMA staff members globally participated in health and safety training to prevent injuries or work-related 
negative health effects. 

In addition, we offer sports facilities, canteens with balanced food and work-life balance courses at our 
major offices globally. For more information on employee wellbeing please refer to the Our People section 
of this report. 

HEALTH AND SAFETY IN THE SUPPLY CHAIN 

Apart from our ongoing auditing programme that includes occupational health and safety assessments, we 
implement our Building Safety Assessment Programme in countries where we have identified risks. We also 
set up professional risk assessments at all our major manufacturing partners. Despite these preventive 
measures, unfortunately, a work-related accident resulted in the death of an employee in one of our 
suppliers’ factories in India in 2023. We will keep our focus on Occupational Health Safety accident 
prevention. 

SUPPLIER TRAINING ON OHS RISK ASSESSMENT 

In 2021, we updated our OHS Handbook to guide the OHS risk assessment processes and tools for the 
factory management and OHS person in charge.  

PUMA provided training to core Tier 1 and Tier 2 suppliers on how to conduct Occupational Health and Safety 
(OHS) risk assessments in 2021 and 2022. We followed up on progress with an on-site visit by a third-party 
auditing company.  

In 2023, among the trained factories, we noticed fewer violations related to Chemical Safety Management (-
3%), and Electrical and Mechanical Safety Management (-2%) compared to 2022. However, we noticed more 
violations related to noise pollution. We will explore how to improve together with suppliers in 2024. 

In 2023, the PUMA Sustainability Team developed accident prevention and reporting training based on the 
ITC-ILO material and provided Train-the-Trainer sessions to 266 managerial staff at 102 factories (core Tier 1 
suppliers and all factories in India and Sri Lanka). Trained factory managers provided this training to 115,588 
workers in 59 factories. Training hours were 117,695 in total. Some of the factory managers received the 
training in late 2023, we will follow up on their workers’ training in 2024. 

4,364 workers from eight factories in Cambodia and Indonesia completed the Better Work e-learning course 
on Occupational Safety and Health via the WOVO mobile app, covering 51% of the employees in these 
factories.  

BUILDING SAFETY ASSESSMENT AND RISK ASSESSMENT 

A safe workplace is a top priority at PUMA and we continuously carry out building safety inspections among 
high-risk factories in our supply chain. From 2015 to the end of 2023, our Building Safety Assessment 
Programme covered Bangladesh, India, Indonesia and Pakistan.  

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↗ Sustainability 

↗ T.13 BUILDING SAFETY ASSESSMENT PROGRAMME 

Country 

Bangladesh 

India 

Indonesia 

Pakistan 

Number of factories  Comments 

21  Part of our ongoing membership of the Bangladesh Accord 

6  In partnership with AsiaInspection or Elevate 

5  In partnership with AsiaInspection 

3  In partnership with Elevate 

In 2023, we used EIQ to map all sourcing countries where building safety is considered as high risk. As a 
result, two factories in Indonesia and four factories in India were identified as high-risk. The four factories in 
India already went through a Building, Electrical and Fire Safety Assessment (BEFS) in 2022, conducted by 
ELEVATE. A similar assessment was conducted in the two Indonesian factories in 2023. Through active 
engagement with these four suppliers in India, 69% of the findings had been remediated by the end of 2023. 
We will keep following up to ensure all findings are taken care of.  

Five factories went through building safety inspections in Indonesia, two in 2023 and three in 2018. We 
continued following up on remediation at the three factories. Two factories obtained building safety 
certificates issued by the government, and one will be certified in early 2024.  

↗ CASE STUDIES 

Building Safety in India 
A factory under the largest footwear supplier in India, underwent the Building, Electrical and Fire 
Safety Assessment by a third-party inspection firm, Elevate, in 2022, as well as a follow-up 
inspection in 2023.  

75 findings were identified at the initial assessment, 22 of them categorised as Major Issues. PUMA 
conducted an onsite follow-up with factory management, who then agreed to engage with experts to 
conduct feasibility studies and implement corrective actions. Over $ 41,000 was invested to install 
fire-fighting equipment, strengthen the building structure, do panel modifications, etc. As a result, 
92% of findings had been corrected during the follow-up inspection in September 2023. The rest of 
the findings require more time to remediate. PUMA will follow up with the supplier in 2024.  

ACCORD 

As part of its continued commitment to the ACCORD international programme, PUMA signed the Pakistan 
ACCORD in early March 2023. Seven supplier factories joined the programme, including two of the three 
factories that were previously assessed by ELEVATE and other third parties. Another factory in scope of this 
programme was on-boarded in mid-2023, we are now applying for this factory to join the ACCORD.  

Two factories are not under the scope of Pakistan ACCORD programme, as these are not textile product 
manufacturers. One of these factories was on-boarded in the last quarter of 2022 and will go through an 
assessment in 2024. The second factory went through a Building, Electrical and Fire Safety Assessment 
(BEFS) conducted by ELEVATE in 2017 and 2021. Since then, the factory management has hired a 
professional third party to support the remediation of the open findings. In 2024, this factory will be re-
assessed to measure progress. 

Our factories in the ACCORD in Bangladesh have a completion rate (initial findings) of 94%, whereas the 
average rate of all factories in the RSC programme is 91%. Eight (out of 21 ACCORD active) factories 
achieved 100% remediation of the initial findings. Another seven factories achieved 90%-98% remediation of 

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the initial findings. Six out of 21 factories were at low completion rates (0%-89%): two did not receive a follow 
up inspection by ACCORD in 2023, two were newly onboarded to ACCORD, and two were delayed in 
remediation of the findings. We will keep working with those factories on ACCORD remediation plan in 2024. 

ACCIDENTS 

In 2023, we unfortunately reported an employee death resulting from a work-related incident at one of our 
suppliers’ factories in India. An electrician fell from the factory’s roof, as neither a secured ladder was used 
nor a harness rope was installed. After 55 days of hospitalisation, the worker’s health deteriorated, leading 
to his death. The factory paid all medical expenses and the legal compensation, as well as an additional 
lump sum to the worker's family. An investigation and Hazard Risk Assessment were conducted by an 
independent expert. Following this assessment, safety equipment including a harness hook was installed on 
the rooftop, staff training on hazards and risks was provided and enhanced monitoring of potential unsafe 
conditions was implemented to prevent similar accidents. We deeply regret this tragic accident which 
caused the loss of this employee’s life.  

INJURIES 

The average injury rate was reduced to 0.2%. We followed up on factories' action plan implementation after 
various OHS trainings, such as Accident Prevention and Reporting training, conducted by PUMA since 2021. 
Given 2023’s global macroeconomic situation, which led to a change in customers' ordering behavior, we 
saw a decline in the order book in the first half of the year and stabilisation in the second half. This led to 
fewer working hours, and fewer temporary workers recruitment, meaning less risks for injury, this could 
also explain why the injury rate decreased this year. 

↗ T.14 INJURY RATES AT CORE SUPPLIERS 

Country 

Bangladesh 

Cambodia 

China 

Indonesia 

Vietnam 

Average* 

Fatal accidents** 

2023 

2022 

2021 

2020 

0.3 

0.3 

0.4 

0.3 

0.1 

0.3 

1 

0.6 

0.4 

0.3 

0.2 

0.1 

0.3 

2 

0.5 

0.3 

0.3 

0.2 

0.1 

0.3 

0 

0.4 

0.2 

0.6 

0.2 

0.2 

0.4 

0 

*  Average of the five countries included in this table. Global average injury rate for PUMA’s core suppliers in 2023 was 0.2. 
**  Including non-core suppliers. 

BANGLADESH EMPLOYMENT INJURY SCHEME PILOT 

Despite significant progress on the way towards decent and safe working conditions in the ready-made 
garment industry in Bangladesh, it lacks a comprehensive Employment Injury Scheme (EIS) in accordance 
with international standards as defined in the ILO Employment Injury Benefits Convention. To mitigate that 
gap the Bangladesh Government initiated a pilot programme to provide income replacements for the 
permanently disabled and the dependents of deceased workers. The ILO and GIZ collaborated in the project 
and agreed on the implementation as well as the transition to a permanent EIS after three to five years. 

The EIS provides periodic payments/pensions as top-ups to the lump-sum payments of the Central Fund, 
rendering the level of benefits compatible with ILO Convention No. 121. These payments are financed by 
international brands.  

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PUMA signed the voluntary pledge for the Employment Injury Scheme pilot in Bangladesh to contribute to 
safeguarding decent living conditions for victims and their families. PUMA joined in early 2023, together with 
seven other brands. We are actively engaged with the project not only by providing financial support, but 
also by providing feedback for learning. 

According to EIS data on 31 December 2023, the pilot has responded to 13 death cases. The EIS committee 
has disbursed a total of 932,766 BDT, equivalent to 5,241 BDT as a monthly compensation, directly to the 
family members affected by this tragedy. The pilot has responded to eight permanent disability cases, with a 
total estimated lifelong benefit of 5,837,724 BDT. 

As per EIS policy, factory and workers are kept anonymous, so we have no way to know if the families of the 
two workers who passed away as reported in our 2022 Annual Report, have received such a benefit.   

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ENVIRONMENT 

The purpose of our environmental efforts is to ensure that PUMA and its suppliers are in full environmental 
compliance and that any negative impact on the environment is minimised. Over the last ten years, PUMA 
has not incurred any environmental violations or fines known to us. Ultimately, we are aiming for a positive 
environmental impact of PUMA and our supply chain on the environment. 

ENVIRONMENTAL MANAGEMENT AT PUMA’S OWN ENTITIES 

We conduct energy efficiency audits every four years at our own entities. In 2023, we commissioned 19 audits 
at PUMA offices, stores and warehouses in Germany, the Netherlands, France, Spain and Sweden. 
Compulsory in the European Union, these audits help us to identify energy-saving opportunities at our 
offices, stores and warehouses and roll them out globally. In 2023, for example, we replaced some lights at 
our headquarters with more energy-efficient LED lights. 

In 2022 we achieved the ISO 14001 Environmental Management certification for our headquarters and 
published a stand-alone environmental policy. We also compiled and published an environmental handbook 
specific to our own offices, stores and distribution centres. We continued our global data collection and 
management processes for our own entities and set up a quarterly subsidiaries call for peer learning and 
good practice sharing. These calls are also used to re-emphasize our Sustainability Strategy and goals with 
our PUMA countries worldwide. The progress towards those goals is reported in this report. 

ENVIRONMENTAL MANAGEMENT IN THE SUPPLY CHAIN 

ENVIRONMENTAL RISK ASSESSMENT 

In 2023, we developed a Civil Society Organisations (CSOs) engagement policy to engage with them 
reactively and proactively. Please refer to the Due Diligence and Risk Assessment section of this report. 

In 2023, we conducted an environmental risk assessment using EiQ platform by Elevate. EiQ is a data-driven 
supply chain ESG due diligence platform used by businesses to enhance Environmental, Social, and 
Governance (ESG) risk management. We focused on two risk areas; firstly, environmental country 
risk exposure for supply chain and secondly environmental material risk exposure.  

COUNTRY RISK EXPOSURE 

We evaluated the environmental risk profile of our key sourcing countries. In 2023, the six most important 
sourcing countries, comprising 90% of the total volume, are located in Asia. China is the biggest production 
country in 2023 with a total of 30%, followed by Vietnam is the second biggest production country with 26%, 
Cambodia with 13%, Bangladesh, which focuses on apparel, at 12%, Indonesia with 5% and India – only 
serving the local market at 3%. 

The parameters for the country risk include indexes such as air emission, environmental management, 
waste management, environment permits and wastewater violations. The supply chain risk environmental 
profile indicates that Indonesia and the Philippines are extreme-risk countries, whereas other key sourcing 
countries like Vietnam, China, Bangladesh, India and Cambodia are high-risk countries. Taiwan is a 
medium-risk country from supply chain environment risk. For environmental permits violations, Indonesia 
and Bangladesh are indicated as extreme-risk countries.   

The risks mitigation measures in place for extreme-risk and high-risk countries, excluding India include; 
factory performance evaluation through Higg FEM verification, chemical management following ZDHC 
guidelines, compliance to ZDHC Wastewater Guidelines and core factories’ participation in cleaner 

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production programmes, capacity building training programmes, supplier scorecard with E-KPIs followed 
by meetings with these core suppliers.  

Publicly disclosed goals on reduction in water consumption, reduction in production waste to landfill and 
increased use of renewable energy help to track the performance of core suppliers and hence help to 
mitigate environmental risks. In China, the country with the largest sourcing volume in 2023, our suppliers 
have been disclosing their environmental performance data on The Institute of Public & Environmental 
Affairs (IPE) platform.  

India production is only serving the local Indian market, and we have prioritised compliance with our Zero 
Tolerance Issues. We have not yet launched mitigation measures such as Higg FEM verification, 
chemical management following ZDHC guidelines, and compliance to ZDHC Wastewater Guidelines to all 
factories. We will gradually enroll these factories in these programmes in the coming years. In 2024, we will 
strengthen our existing measures to improve the environmental performance of supplier factories. We will 
focus on the transition to Higg FEM 4.0 which is a more exhaustive evaluation. It will help factories to 
further improve their performance and in turn help PUMA to manage its environmental risks. We plan to 
discuss the results of this risk assessment with our sourcing teams for business consideration.       

MATERIAL RISK 

We evaluated the environmental risk of our key materials such as cotton, polyester, leather & rubber. The 
environmental risk covers water use, non-GHG air pollutants, terrestrial ecosystem use, soil pollutants, 
solid waste and water pollutants. The results indicate that material environment risk is highest for natural 
rubber, followed by synthetic rubber and leather. Polyester has the lowest environmental risk. Furthermore, 
we mapped our sourcing share by country of these materials. 

Cotton: In 2023, we sourced 63% of cotton from the USA, followed by Brazil (15%), Australia (8%) and India 
(4%). The USA is a high-risk country while Brazil and India are extreme-risk countries; Australia is a 
medium-risk country. The risks are water use, air pollution and biodiversity and ecosystem.  

We have required our suppliers to source only cotton grown in farms that are licensed as having good 
farming and human rights standards (BCI), or recycled cotton from factories that are either Global Recycled 
Standard (GRS) or Recycled Claim Standard (RCS) certified by 2025. 

PUMA is taking steps to mitigate some of the environmental risks associated with cotton sourcing which 
includes the adoption of BCI cotton, increased usage of recycled cotton, innovation to increase the share of 
recycled cotton in our products, conducting Life Cycle Assessments of products and materials to evaluate 
the environmental impact in lifecycle stages and engaging with the industry such as Textile Exchange to stay 
informed on industry best practices.  

We collect material data consumption on an annual basis along with the country of origin and require our 
suppliers to keep all the supportive documentation available. We have also established an on-going due 
diligence programme with our partner laboratory in Germany where we regularly test samples of cotton-
finished garments before shipment. This further strengthens traceability and control across our supply 
chain, from the raw material to the finished products.  

Through our partnership with Better Cotton, we support farmers in developing a better understanding of 
Integrated Pest Management and phasing out the use of Highly Hazardous Pesticides (this helps to 
address improper disposal of used agrochemical containers which can contaminate air, soil, water and 
local ecosystems), to use water responsibly, to better protect the soil and to conserve and enhance 
biodiversity on their land. Better Cotton has set up goals to reduce greenhouse gas emissions by 50% per 
ton of Better Cotton lint produced by the end of the decade, ensure 100% of Better Cotton Farmers have 
improved the health of their soil and reduce the use and risk of synthetic pesticides by at least 50%. 

In 2023, the share of BCI cotton was 90.3% and recycled cotton was 8.6% of total cotton sourced by PUMA. 

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Polyester: We sourced 79% of our polyester from China in 2023, followed by Taiwan at 9.2% and Vietnam 
at 7.4%. China is a high-risk country. Risk profiles for polyester from Vietnam and Taiwan are not available 
on the EIQ platform. High-risks are air pollution, water use and solid waste. 

We have required our suppliers to source only polyester-certified by Bluesign/Oekotex, or recycled polyester 
from factories that are either Global Recycled Standard (GRS) or Recycled Claim Standard (RCS) certified by 
2025. PUMA has joined the Textile Exchange polyester challenge since our 2025 goal of 75% recycled 
polyester is aligned with this challenge. We engage our core fabric manufacturing plants in energy 
efficiency programmes and support them to the transition to 25% renewable energy processing in 2025. We 
monitor and report chemical discharges, and work to eliminate pollutant chemicals.  

In 2023, we sourced bio-based, high-performance polyester fibre known as Sorona, to up to 0.11% of our 
total polyester consumption. Sorona contains over 20% bio-based carbon content, which helps to reduce 
environmental impact, while maintaining quality and performance. Sorona is produced via a fermentation 
process that utilizes corn sugar as the main ingredient.  

In 2023, 61.8% of the polyester used in our products was recycled, 23.3% certified by Bluesign/Oekotex and 
0.11% biobased.  

Leather: In 2023, we sourced, 61% of our leather from the USA, followed by Argentina 27%, Australia 6% and 
Brazil 5%. The USA, Brazil and Argentina are high-risk countries, while Australia is a medium-risk 
country. High risks are air pollution, water use and impact on ecosystem. 

PUMA is taking several steps to mitigate environmental risks associated with leather sourcing. These 
include sourcing leather from Leather Working Group-rated tanneries, committing for sourcing 
deforestation-free bovine leather, and focusing on innovation for the development of recycled and other bio-
based alternatives. We engage with Fashion Pact, Textile Exchange and the Leather Working Group (LWG) 
to remain updated about industry best practices.  

We have committed to sourcing all the bovine leather used in our products from verified deforestation-free 
supply chains by 2030 or earlier. We have signed up for the Deforestation-Free Call to Action for 
Leather, launched by global non-profits Textile Exchange and LWG.  

99.7% of the leather that PUMA sourced in 2023 is from Leather Working Group-certified tanneries. This 
means that the leather used in PUMA products comes from manufacturers who are working to implement 
industry good practice standards of environmental management and traceability. PUMA currently monitors 
its LWG medal-rated tanneries’ upstream traceability performance. 

Around 76% of the leather used at PUMA is Suede, a byproduct of the full-grain leather business. The 
challenge faced currently by PUMA and others in the industry is that most suede tanneries work with agents 
and intermediaries alongside direct tanneries, to guarantee a stable supply which creates a challenge 
to have full traceability at the cattle ranch level. 

Our innovation team has worked to address the technological limitations of a shoe designed for composting 
and launched the RE:SUEDE experiment. The upper of the RE:SUEDE is made of Zeology tanned suede. 

Synthetic Rubber: We sourced, 74% of our synthetic rubber from China, followed by Vietnam 14% and South 
Korea 4%. China and South Korea are high-risk countries. The risk profile for synthetic rubber from Vietnam 
is not available on the EiQ platform. High risks are greenhouse gas emissions, water use and solid waste.  

We have not yet mapped the manufacturing plants supplying synthetic rubber to our outsole manufacturers. 
As part of our 10FOR25 targets, we work on developing recycled materials as alternatives to rubber. In 2023, 
5% of synthetic rubber was recycled. We engage our strategic outsole suppliers in Higg FEM (environmental 

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performance tool measurement of which includes energy use and greenhouse gas emissions, water use, 
wastewater, emissions to air and waste management) and work with them to eliminate pollutant chemicals. 

Natural Rubber: In 2023, we sourced 29% of natural rubber from Vietnam, followed by Brazil 25%, 
Pakistan 13%, and Thailand 5%. Vietnam is categorised as an extreme-risk country. Risk profiles for natural 
rubber from Brazil, Pakistan and Thailand are not available on the EiQ platform. High risks are mainly water 
use and impact on the ecosystem. 

In 2023, only 2% of the rubber used in our products was natural rubber. We aim in the future to only source 
FSC-certified rubber. The FSC certification includes standards to maintain, conserve, and/or restore the 
ecosystem and environmental values of managed forests and also avoid, repair, or mitigate negative 
environmental impacts. 

SUPPLIER ENVIRONMENTAL SCORECARD 

In 2023, we developed environmental performance scorecards for core supplier factories to visualize their 
progress towards our 10FOR25 targets and 2022 goals. During one-to-one meetings, we explained the need 
for setting Science Based Targets to 21 selected suppliers, we reviewed the 2022 Environmental KPIs (E-
KPIs) for 60 suppliers and discussed their 2023 plans; the need for participation in cleaner production and 
renewable energy programmes for some factories was also discussed. Environmental KPIs include Higg 
FEM score, FEM chemical module score, MRSL conformance rate, wastewater test results, percentage of 
renewable energy usage, greenhouse gas emission per product or volume of material, percentage of water 
consumption reduction (per product or volume of material), percentage of production waste sent to landfill 
(per product or volume of material). 

These meetings were useful for understanding the challenges of our suppliers and for prioritizing our 
actions to support them. Key meetings outcomes: 

•  Alignment on setting Science-Based Targets (SBT): In summer 2023, 20 out of 21 selected suppliers 

agreed to set climate goals based on SBT methodology. In these meetings, we followed up our suppliers 
decision to set up SBT. In October 2023, in partnership with Guidehouse, we launched a capacity 
development programme for eight suppliers called Leadership on Climate Transition (LoCT), to support 
suppliers in this journey. In 2024, this programme will be expanded to other suppliers who do not have 
sufficient in-house or external expertise. 

•  Enrolment in cleaner production programmes: Factories were nominated to participate in Cleaner 
Production programmes based on their performance through E-KPIs and the expertise of their team 
members. In August 2023, Clean by Design (CbD) program phase three was launched in the China and 
Taiwan region for seven factories. A new programme called Resource Efficiency (REF) in partnership 
with ENERTEAM was started in Vietnam in August 2023 for four factories. The Cambodia Decarbonization 
Programme (CaDP) with IFC will be launched in early 2024 for four factories in Cambodia.  

•  Enrolment in renewable energy programmess: Suppliers shared their plans to complete feasibility 
studies or install rooftop solar systems. In the absence of adequate rooftop solar capacity, RECs 
purchases were discussed. The suppliers also highlighted their challenges. Subsequently, GIZ-PDP 
programme phase II was rolled out in Cambodia in February 2023 for one factory and in Vietnam in 
March 2023 for four factories to support rooftop solar installation.   

•  Phase-out of coal-fired boilers: We discussed this challenging goal with the relevant suppliers to align 
on a phase-out plan. Suppliers raised their concerns about the unstable availability of biomass, the 
absence of sustainable biomass guidelines, and the increased cost of natural gas. We will bring these 
challenges to the Fashion Charter working group to find solutions to address them. 

•  Higg FEM Performance: Discussions focused on FEM (Facility Environmental Module) score. We also 
acknowledged improvements made by factories with an increased score in 2022 (2021 FEM score). We 
aligned on the need for additional training and/or support, such as one-to-one support for low 
performing factories to improve their score. 210 factories in total were provided training on Higg FEM in 

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2023. As a result, the average 2022 FEM score of core factories improved to 69% from 61% (2021 FEM 
score). 

•  Chemical Management: we focused on the factories with low compliance with MRSL standards and 
ZDHC Wastewater Guidelines. We aligned with factories on the need to bring in chemical suppliers 
disclosing their chemicals to the ZDHC gateway, a platform used to upload factory chemicals inventory 
lists and measure their MRSL conformance rate. In February 2023, we invited chemical suppliers to join 
the training session on ZDHC MRSL conformance. We also worked with some key chemical suppliers to 
support them in complying with ZDHC MRSL standards. As a result of the efforts, the MRSL 
conformance rate has increased from 68% in 2022 to 71% in 2023, and the average Higg FEM Chemical 
module score improved from 39% in 2022 to 51% in 2023. For factories with low ZDHC Wastewater pass 
rate tests, we discussed their corrective action plans. In 2024, we will continue to engage them to get 
more chemicals to comply with ZDHC MRSL. 

FACTORY ENVIRONMENTAL PERFORMANCE MONITORING 

Social compliance audits: For suppliers, our PUMA social compliance audits (detailed in the Human Rights 
section) contain a dedicated section on environmental and chemical compliance. For example, during each 
audit, we inspect environmental permits, waste management and effluent treatment plants. In general, 
PUMA social compliance audits are used for onboarding new factories. 

Monitoring tools: For monitoring the environmental performance of suppliers, PUMA has used an industry-
wide tool, the Higg Index Facility Environmental Module (FEM) 3.0. PUMA requires an annual external 
verification of the self-assessment FEM modules. This external verification may be completed by approved 
verifiers from PUMA’s internal team, other credited brands, or third-party organisations on the approved list 
from SAC. 100% of verification inspections are announced. 

PUMA’s Environmental Performance Rating System is based on the ratings developed from the factories’ 
Higg FEM score verified by SAC-approved verifiers: A, B+, B-, C and D. The minimum passing grade from 
the environmental perspective is 40% (i.e., only A, B+ and B- ratings are passing grades) and C and D are 
failure ratings. This rating system was presented to suppliers in 2022 and implemented gradually during 
2022 and 2023. Our environmental handbook has been updated accordingly. This rating system was included 
in our vendor supplier scorecard along with social and chemical ratings. 

↗ T.15 NUMBER OF CORE FACTORIES WITH FACILITY ENVIRONMENT MODULE (FEM) VERIFIED 

SCORE1 

Number of factories with FEM verified score 

Core T1 

Core T2  Core L&P 

Core T1 

Core T2  Core L&P 

2023 

2022 

A 

B+ 

B- 

C 

D 

Total 

14 

34 

9 

1 

1 

59 

12 

33 

11 

3 

0 

59 

3 

8 

2 

0 

0 

13 

8 

25 

30 

2 

0 

65 

10 

25 

22 

8 

0 

65 

Number of factories 

131 

142 

*  L&P: Labeling and packaging 
1  Excluding stichd and PUMA United 

2 

1 

7 

2 

0 

12 

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↗ T.16 NUMBER OF STICHD FACTORIES WITH FACILITY ENVIRONMENT MODULE (FEM) VERIFIED 

SCORE 

No. of factories with FEM verified score 

A  

B+  

B- 

C  

D  

Total 

stichd 2023 (FEM2022) 
Core T1* 

5 

15 

7 

2 

0 

29 

* 

stichd has 32 core Tier 1 factories of which 30 have completed verification. One core factory is a common factory between 
PUMA and stichd and hence counted once under PUMA 

Further data on the environmental performance of PUMA and our suppliers can be found in the Climate and 
Environmental Key Performance Data sections. 

↗ G.11 AGGREGATED VERIFIED FEM SCORE FOR PUMA FACTORIES BENCHMARKED WITH 

INDUSTRY1-3 

79

74

73

68

61

57

92

89

82

82

73

68

74

69

64

49

42

37

53

45

40

Total

Water

Air

WWT

Energy

EMS

Waste

FEM 2021 PUMA average

FEM 2022 PUMA & stichd average *

Industy median FEM 2022

*  Verification in 2023 is for FEM2022; Verification in 2022 is for FEM2021 
1  FEM 2022 PUMA and stichd average: 160 factories 
2  FEM 2021 PUMA average: 142 factories 
3 

Industry median FEM (6,980 factories): Filters used: Industry sector: Apparel; Footwear; Accessories (includes handbags, 
jewellery, belts, and similar products) and Facility Type: Final Product Assembly; Printing, Product Dyeing and Laundering; 
Material Production (textile, rubber, foam, insulation, pliable materials); Packaging Production 

The Higg FEM assesses: 
•  Environmental Management Systems 
•  Energy use and greenhouse gas emissions 
•  Water use 
•  Wastewater 
•  Emissions to air (if applicable) 
•  Waste management 
•  Chemical management (FEM chemical module is explained under the Chemicals section of this report) 

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Since 2020, we have communicated to our core factories our expectation for them to improve their score by 
setting up annual goals and using our new grading system. In 2021, 2022 and 2023 we facilitated training 
sessions conducted by FEM experts. This training was compulsory for low-performance factories and for 
those not familiar with this industry tool to attend. We closely monitor the factories to ensure completion of 
the verification of their self-assessment. 

Throughout 2023, we continued to provide customised training sessions by FEM experts for our existing core 
Tier 1 and Tier 2, as well as non-core Tier 1 suppliers. The training focused on how to improve the Higg FEM 
score on low-performing areas for each region. We also facilitated entry-level training sessions for factories 
new to the Higg FEM tool. These trainings have helped our suppliers improve their environmental 
performance as is visible from the improved average FEM score for PUMA and stichd factories moving from 
61% in 2022 up to 68% in 2023. We also facilitated for our suppliers to attend webinars and workshops on 
Higg FEM 4.0 to be launched in 2024, organised by SAC. In Vietnam, we facilitated for 61 factories to join the 
training programme, To The Finish Line (TFL) initiative, from GIZ for building capacity to transition to Higg 
FEM 4.0. The TFL initiative online sessions explained the changes made in this new tool and how to answer 
new questions. 26 core factories from six countries participated in a Higg FEM 4.0 pilot initiated by SAC, 
after which our suppliers provided valuable feedback to SAC on the new version of Higg FEM.   

In 2023, all 131 PUMA core Tier 1 and Tier 2 factories completed the verification of their FEM self-
assessment. We have set a target to achieve an annual 10% increase of the average verified score from 2021 
(the goal was to reach 64% FEM score in 2023). We exceeded this target by achieving an average FEM score 
of 69%. Improvements are visible in all the sections of Higg FEM as compared to the previous year. PUMA’s 
average FEM score is higher than the industry median in each section. In 2023, we included our group 
company stichd’s core Tier 1 Higg FEM score. The combined average of PUMA and stichd also exceeded by 
achieving the target with an average score of 68%.  

The number of C-rated PUMA factories came down from 12 in 2022 to four in 2023. However, one factory in 
Brazil which is a new core factory and new to FEM received a D rating. We will provide additional training 
and support to improve their performance next year.  

In 2023, we continued to closely track factories to ensure the timely completion of their verifications. We saw 
the positive impact of our continued efforts to scale up cleaner production and renewable energy projects, 
climate action training, chemical projects, chemical management training and wastewater treatment 
training on the FEM scores of factories that had joined these programmes. For 2024 we have shared a goal 
of an average FEM score of 71% with our PUMA core suppliers, which needs to be reviewed as the Higg FEM 
will be going through a transition to Higg FEM 4.0.   

Overall, our core factories have a score above 70% on wastewater, water, energy and GHG emissions, and 
environment management systems. We see topics like chemicals, air and waste as a key focus. In 2021, we 
conducted a risk assessment for chemical and waste and identified actions to be taken in the coming years. 
PUMA, as one of the signatory brands under ZDHC, follows up closely on the development and the progress 
of ZDHC air emission standards and guidelines and will apply them in the supply chain as applicable, once 
details are available. In 2023, we joined the ZDHC air emission pilot which we report in the Water and Air 
section of this report. 

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↗ T.17 NUMBER OF NON -CORE FACTORIES WITH FACILITY ENVIRONMENT MODULE (FEM) 

VERIFIED SCORE 

No. of factories with FEM verified score 

A  

B+  

B- 

C  

D  

Total 

2023 (FEM2022) verified  
Non Core T1* 

18 

36 

36 

15 

4 

109 

*  Scope for non-core FEM assessment includes only PUMA factories. Does not include stichd non-core factories.   

In 2022, we rolled out FEM/Facility Environmental Foundation (FEP) which is a lighter version of FEM, to 
non-core factories in our top three sourcing countries (Vietnam, China and Bangladesh) and to the factories 
which are participating in the PUMA Vendor Financing Programme. As a continuation, in 2023 we rolled out 
FEM/FEP to 154 of our non-core factories. The purpose is to also create a supplier scorecard for our non-
core factories.  

Out of 154 factories, 141 completed the self-assessment. Out of these 141 factories, 116 factories used the 
FEM tool, and 109 had their score verified by third party. 25 factories used the FEP tool, and 21 have 
completed the verification. Most of our non-core facilities that had a verified FEM achieved an A or B rating, 
while 15 factories got a C rating and four factories recorded a D rating. We will work with these C- and D-
rated factories to improve their performance by providing training and support in 2024.   

Further data on the environmental performance of PUMA and our suppliers can be found in the Climate and 
Environmental Key Performance Data sections. 

SUPPLIER TRAINING 

32% of supplier factories out of the total (656 factories) were provided with Higg FEM training. Currently we 
are providing training to core Tier 1 and Tier 2, for which we set goals to increase their FEM score and non-
core Tier 1 factories for which we just required the use of FEM/FEP tool to measure their environmental 
performance (in additional to their social performance) in 2023. We will expand the roll-out of the FEM/FEP 
tool to licensee factories in the future and will include FEM training for stichd factories in 2024.   

The Finish Line (TFL) training by GIZ for Higg FEM 4.0 was only available in Vietnam and hence the 
percentage of total supplier factories covered is only 9%.  

Similarly, the percentage of factories coverage is only 15% for sustainable material certification training, as 
we currently only invite PUMA Tier 1 and core Tier 2 factories supplying recycled and other sustainable 
materials/products. We need to expand the scope of this training to include all suppliers in the future to 
raise awareness of recycled and other sustainable materials, as we aim at increasing the use of more 
sustainable materials in our products. 

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↗ T.18 SUPPLIER TRAINING 

Training 

Training Scope 

Topics 

Supplier meetings 

All core and non-
core factories  

Sustainability updates, best 
practices sharing, etc. 

Higg FEM training 

PUMA core and non-
core Tier 1 
factories    

To The Finish Line 
(TFL) - GIZ 

PUMA core and non-
core factories in 
Vietnam  

Sustainable 
Material (TE, 
GRS/RCS, RWS) 

PUMA Tier 1 and 
Tier 2 factories 
supplying recycled 
and other 
sustainable 
materials and 
products   

Guiding existing factories to 
improve Higg FEM score and 
new factories to understand 
how to complete the Higg 
FEM/FEP module correctly 

Developing understanding 
about changes in Higg FEM 
4.0 and helping factories to 
transition into new standard  

Guiding suppliers how to 
apply for relevant 
certification 

Number of 
factories 

Number of 
participants 

% factories 
which joined 

559 average 
per round  
(2 rounds) 

1,048 
average per 
round 
(2 rounds) 

85%* 
average per 
round 
(2 rounds) 

210 

600 

32%* 

61 

294 

9%* 

96 

198 

15%* 

E-KPIs collection 
training 

Core Tier 1 and Tier 
2 factories 
in  Enablon scope  

For core factories how to 
correctly fill in the 
environmental data 

75 

188 

77%** 

*  % of factories joined the training based on total 656 factories. The 656 factories include PUMA core Tier 1 and Tier 2, non-

core Tier 1, stichd factories and licensee factories. 

**  % of factories joined the E-KPI training, based on a total of 98 factories which are in scope to submit E-KPIs.  

↗ CASE STUDIES 

Improvement in HIGG FEM Verified score 
Being a longtime partner to PUMA, Royal Footwear Group is producing PUMA products at three 
factories in Vietnam (Dai Loc Shoes, Sao Viet & Thien Loc Shoes). These three factories actively 
participated in different trainings on all sections of Higg FEM provided by PUMA and its training 
partner GIZ, and engaged in active consultation with PUMA’s Sustainability Team on its Performance 
Improvement Plan. As a result, these three factories significantly improved their verified Higg FEM 
total scores as compared to last year. Dai Loc increased its total verified score from 56% to 76%, Sao 
Viet from 40% to 77%, and Thien Loc from 46% to 75%. Significant improvements were made in 
sections like Environmental Management System, Chemical Management and Air Emissions.  

THE INSTITUTE OF PUBLIC & ENVIRONMENTAL AFFAIRS (IPE) IN CHINA 

PUMA is actively engaged with The Institute of Public & Environmental Affairs (IPE) which is a non-profit 
environmental research organisation based in Beijing, China. IPE is involved in collecting, arranging and 
analyzing government and corporate environmental information to build a database of environmental 
information. IPE has developed a database called Blue Map and an online platform called BlueEcochain and 
both are interconnected. Powered by IPE's Blue Map Database and AI technology, Blue EcoChain platform 
provides an efficient means of supply chain oversight for environmental risks in China. Blue EcoChain 
enables PUMA to track its suppliers in China for environmental compliance at scale, and sends automated 

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updates on regulatory violations and environmental remediation, as well as carbon emission and pollutant 
data disclosure continuously on a large scale. 

Since 2013, PUMA has used IPE’s Blue Map database to screen its China supply chain and pre-screen its 
potential new factories for any legal environmental violation and requires suppliers to improve on their 
environmental performance. PUMA also discloses its local supplier list via the IPE supply chain map 
platform. In these years, PUMA engaged and influenced its Tier 1 factories in China and their upstream 
suppliers, e.g. core Tier 2 and selected Tier 3 suppliers, chemical suppliers, centralised wastewater 
treatment plants, solid waste contractors, logistics partners, etc. to join “Blue EcoChain” to monitor and 
disclose their own environmental performance. These disclosures include their Pollutant Release and 
Transfer Register (PRTR) data, carbon emissions, targets for carbon emissions, and water consumption 
reduction. PUMA worked with its core Tier 1 and Tier 2 factories to reduce their greenhouse gas emissions 
and encourage them to disclose their action taken and progress made on the IPE platform.  

Through the Blue EcoChain platform and engagement with IPE, PUMA influenced its Tier 1 suppliers and 
their upstream suppliers to promptly issue public explanations regarding the reason for any environmental 
violations and encouraged them to adopt corrective actions and track their implementation. This 
supports PUMA Tier 1 factories in China to engage with their upstream suppliers for better practices and 
promote transparency.  

Since 2021, PUMA published its actions annually on the Brand Stories IPE webpage to communicate to the 
public in China about PUMA's activities related to environmental protection. 

2023 PUMA CITI & CATI RATINGS 

PUMA participated in the first CITI (Corporate Information Transparency Index) 
campaign in 2014 and first CATI (The Corporate Climate Action Transparency 
Index) campaign in 2018 to score and rank PUMA’s environmental management 
and climate action. 

In 2023, PUMA jumped seven places compared to 2022 and was ranked number five in CITI out of 742 
brands. In the CITI 2023 rating, PUMA did well in responsiveness to inquiries and engagement with IPE, 
supply chain transparency, environmental compliance and corrective actions for any violations, energy 
conservation and GHG emission reduction. PUMA’s strength is also in publicly disclosed targets on low 
carbon and recycled products.   

PUMA also jumped four places to be ranked number two in CATI out of 1,504 brands. In this rating, PUMA 
climate governance such as policy and board accountability, Scope 1, 2 and 3 emissions and progress 
disclosure and targets, as well as product carbon footprint disclosure and disclosures on decarbonisation 
actions of our value chain was evaluated as strong areas by IPE. Disclosure of climate action by affiliated 
companies, such as the PUMA subsidiary in China, was identified as a major improvement area. Other 
improvement areas include the disclosure of our performance against PUMA’s net-zero target and our 
action to decarbonize our own operations such as PUMA offices, stores and warehouses.   

The details on our climate actions are provided in the Climate section of this report.    

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CLIMATE  

1OFOR25 TARGETS 

•  Align PUMA’s CO2 emissions target with a 1.5-degree scenario (that is, what is required to limit global 

warming to 1.5 degrees) 

•  Move 100% of PUMA’s own entities to renewable electricity 
•  Expand the use of renewable energy at PUMA’s core suppliers to 25% 

TARGET DESCRIPTION: 

Old science-based CO2 emission target from 2019 aligned to well below 2 degrees: 
•  Reduce greenhouse gas emissions from PUMA’s own entities (Scope 1 and 2) by 35% by 2030 compared 

to the 2017 baseline (absolute reduction) 

•  Reduce emissions from PUMA’s supply chain (Scope 3: Purchased goods and services) by 60% relative to 

sales  

New and 1.5 degree aligned science-based CO2 emission reduction target (approved 2023): 
•  Reduce absolute Scope 1 and 2 greenhouse gas emissions by 90% by 2030 from a 2017 base year 
•  Continue active annual sourcing of 100% renewable electricity through 2030 
•  Reduce absolute greenhouse gas emissions from purchased goods and services and upstream 

transportation and distribution by 33% by 2030 from a 2017 base year* 

*  Target boundary includes land-related emissions and removals from bioenergy feedstocks 

Relates to United Nations Sustainable Development Goals 7 and 13 

EXAMPLES OF THE 10FOR25 ACTION PLAN: 
•  Work with industry peers on climate action through the Fashion Industry Charter for Climate Action and 

the Fashion Pact 

•  Join industry-level energy efficiency programmes for suppliers in our top five sourcing regions 
•  Join industry-level programmes for renewable energy in our top five sourcing regions 
•  Replace all coal-fired boilers at PUMA’s core suppliers 
•  Reduce emissions from the transport of goods by transitioning to more carbon-efficient modes of 

transport 

•  Gradually transition to materials with a lower carbon footprint such as recycled polyester  
•  Switch all PUMA offices, stores and warehouses to renewable electricity tariffs or renewable energy 

attribute certificates 

•  Gradually move PUMA’s fleet vehicles to alternative engines (electric or hydrogen) 

Indirect CO2 emissions from own entities (Scope 2*) 
Indirect CO2 emissions from manufacturing, business travel and transport of goods (Scope 3*) 

KPIs: 
•  Direct CO2 emissions from own entities (Scope 1*) 
• 
• 
•  Percentage of core suppliers covered by energy efficiency programmes 
•  Percentage of core suppliers covered by renewable energy programmes 
•  Percentage of core suppliers with coal-fired boilers (Tier 1 and Tier 2) 

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*  The GHG Protocol Corporate Standard classifies a company's GHG emissions into three scopes: 

•  Scope 1: Direct GHG emissions from sources that are owned or controlled by the company (offices, stores, warehouses) 

e.g. office building heating, car fleet emissions. 

•  Scope 2: Indirect GHG emissions from the generation of purchased electricity, steam and heating/cooling consumed by 

the company  

•  Scope 3: All other indirect emissions not covered in Scope 2, such as extraction and production of purchased materials; 
transportation of purchased goods and use of sold products and services, business travel, employee commuting, etc. 

During the UN Climate Conference in Paris in 2015, PUMA agreed to set a science-based CO2 emissions 
target. In 2018 PUMA co-founded the Fashion Industry Charter for Climate Action, an industry-wide coalition 
that aims to align the fashion industry’s emissions with the targets included in the Paris Agreement. One 
year later, PUMA agreed and published its first science-based emission target (SBT), which was aligned to a 
well below 2-degree emission scenario with the SBT Coalition and joined the Fashion Pact, which also 
includes a climate action commitment. 

With an 85% reduction of own emissions (market-based, incl. the purchase of RECs) and a 65% reduction of 
supply chain emissions relative to sales, we achieved our first science-based greenhouse gas reduction 
target in 2023, seven years ahead of the target year 2030. 

In 2022, we already prepared an updated and more ambitious science-based greenhouse gas reduction target 
and aligned the target with a 1.5-degree scenario. We also published a net zero target for 2050 and added a 
100% renewable electricity target to our SBT proposal since we already committed to net zero GHG emissions 
and 100% renewable electricity as part of our Fashion Industry Charter for Climate Action engagement. Our 
updated science-based target was formally submitted to and approved by the SBTi in 2023. 

With a 90% absolute reduction target for PUMA's own operations by 2030, the new target sets a much higher 
ambition level for Scope 1 and 2 emissions, after the first target of 35% reduction had already been achieved 
in 2020, mainly through the purchase of renewable energy and renewable energy attribute certificates. The 
SBTi has classified PUMA Scope 1 and 2 targets as in line with a 1.5-degree trajectory. 

For Scope 3 emissions, the new 2030 target marks the transition from a target relative to sales (-60%) to an 
absolute reduction target of 33%. Given PUMA's strong growth rates, the new target could even be 
considered more ambitious.  

TRANSITION PLAN TOWARD OUR 2030 SCIENCE-BASED GHG REDUCTION TARGET 

During the year 2023, PUMA also developed and published its first climate transition plan. The plan lists the 
planned actions and investments toward hitting our 2030 climate targets.  

In 2023, PUMA’s Chief Sourcing Officer joined Zero 100, a membership-based research and intelligence 
organisation, to accelerate progress on Digital Supply Chain Transformation and the path to zero carbon 
emissions. Forward-thinking Chief Operations and Supply Chain Officers of international companies partner 
up, sharing a common purpose – to harness new technology to re-invent the production, distribution 
and consumption of physical goods around the world. 

PUMA CDP CLIMATE SCORE: A 

The Carbon Disclosure Project (CDP) is an investor-led coalition that ranks global companies and cities for 
their climate strategies and disclosure. PUMA has been a long-term participant in the CDP, and we make 
our responses to the CDP questionnaire publicly available via the CDP website. In 2022, for the first time in 
PUMA’s history, we received an A score for our climate disclosure with CDP for the reporting year 2021. Until 
the end of January 2024, we retained our A score. 

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↗ G.12 PUMA CDP CLIMATE SCORES 

C
2017

B-
2018

B
2019

B
2020

A-
2021

A
2022

A
2023

↗ G.13 2022 CDP INDUSTRY AND GEOGRAPHICAL AVERAGE 

Average Performance

B

Textiles & Fabric

B

Europe

C

Global Average

PUMA’s rating is better than the average performance of the sector (textile and fabric goods) with an 
average rating of B. The overall global average rating stands at C. 

Over the last two years, we have made significant improvements in value chain engagement, Scope 3 
emissions, risk management processes and risk disclosure, leading to the highest possible rating of A. Our 
score increased as a result of a host of initiatives taken, including facilitating climate training programmes 
for our suppliers, the participation of our suppliers in industry-wide resource efficiency and renewable 
energy programmes, participation in Higg FEM, the recalculation of Scope 3 emissions, in line with the 
greenhouse gas protocol,  life cycle assessments (LCA) for our products, the preparation of a climate 
roadmap for 2030 and a risk assessment.  

For more information, please visit the PUMA sustainability website or the CDP website. 

CLIMATE ROADMAP AND RISK ASSESSMENT 

In 2021 we developed a climate roadmap and conducted a risk assessment using our risk assessment 
methodology. This roadmap laid the foundation for our climate transition plan, which was published in 2023. 
We see a regulatory landscape with unfavourable policies for renewables in some countries as a high risk. 
Furthermore, unstable business in our industry overall can restrain suppliers from investing in technologies 
and upgrading their facilities with low-carbon machinery. 

Below are some key focus areas for the coming years. Some actions taken since 2021 and continued in 2023 
are covered in this report. 

•  Raise awareness: We realised that suppliers need specific training to achieve the ambitious renewable 

energy targets and that challenges vary from region to region. We facilitated certain training 
programmes in partnership with industry experts as per the needs of suppliers, such as the possibility of 
purchasing renewable energy certificates in various regions. In 2023, we launched a new capacity 
development programme, called Supplier Leadership on Climate Transition (LOCT), to enable selected 
suppliers to set and achieve Science Based Targets. Our suppliers continued to attend the GIZ Climate 
Training programme at their own pace in 2023. The details of these training sessions are provided in the 
table in “Climate Training 2023”.  

•  Knowledge of impact: In 2023, we continued to conduct Life Cycle Assessments (LCA) for two top-selling 

products. We also conducted a comparative LCA of three types of polyester team sports jerseys to 
evaluate the environmental impacts of virgin polyester, recycled polyester made from PET bottles and 
recycled polyester made from recycled post-consumer waste and PET bottles. We also conducted a 
comparative LCA study of the environmental impacts of virgin cotton and blended cotton (75% virgin and 
25% recycled). We intend to use the outcomes of these LCA studies to increase internal awareness and 
improve the products' carbon footprint by increasing the use of low-carbon materials, improving 
resource efficiency, optimizing energy use, promoting renewable energy in the value chain and 
enhancing the circularity of our products. LCA results are reported in the Products section of this report. 

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• 

Internal action: We reviewed factories’ performance scorecards in 2023 based on their Higg FEM overall 
score and chemical score with our sourcing leaders. We also discussed with suppliers about their 
performance through one-to-one meetings and aligned on the next steps. We initiated a pilot to test a 
data platform, which will help us to measure progress more frequently. We will keep our focus on 
increasing the use of recycled materials in our products and explore opportunities to use more 
biosynthetic materials. In 2023, PUMA upgraded its near-term science-based emissions reduction target 
which includes our Scope 1 and Scope 2 emission targets in line with a 1.5-degree Celsius trajectory. We 
continue to enroll more factories in cleaner production programmes and renewable energy 
programmes. In 2023, the number of core factories with coal-fired boilers reduced from 21 in 2022 to 17 
due to our business priorities that implied the revision of our core factory list. Two factories out of 17 
have successfully phased out coal and 11 factories have partially replaced coal. The remaining four 
factories completed a feasibility study and will initiate replacement in 2024. We remain committed to 
phasing out coal from our core supply chain.  

•  Collaboration and partnership: We will keep our active engagement in the Fashion Charter to drive 

collaboration on climate actions and influence policymakers to enable access to affordable renewable 
energy. In 2023, we participated in a dialogue event organised by UN Fashion Charter with Bangladesh 
policymakers on renewable energy policy.  

TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD) 

Climate change has been a focus area for PUMA since the publication of the first Environmental Profit and 
Loss Account in 2011. As a long-term and A-ranked respondent of the investor-led CDP questionnaire and a 
founding member of the UN Fashion Industry Charter for Climate Action, PUMA has shown its commitment 
to combatting climate change. Subsequently, we recognise the importance of disclosing climate-related 
risks and opportunities in line with the recommendations of the TCFD, which are now being transitioned into 
the IFRS standards. 

The success of our business over the long term will depend on the social and environmental sustainability 
of our operations, the resilience of our supply chain and our ability to manage the potential impact of 
climate change on our business model and performance. 

Through the implementation of the recommendations set by the TCFD, we summarize the actions PUMA 
has taken to review its key climate-related risks and opportunities, and the potential impacts on its business 
and strategy. 

GOVERNANCE 

The PUMA Board of Management takes overall accountability for the management of all risks and 
opportunities, including climate change. PUMA’s CEO is responsible for the overall oversight of the group’s 
strategy, including the Sustainability Strategy. This includes climate-related targets as stated in PUMA’s 
10FOR25 sustainability targets. Besides the oversight of the CEO, PUMA’s Chief Sourcing Officer (CSO) 
oversees all sustainability-related topics at PUMA, including climate change, at the management board 
level. Responsibilities of the CSO include approving new climate-related targets, strategies and initiatives. 
Sustainability falls under the scope of the CSO because the vast majority of the environmental impact of 
PUMA’s activity is generated during the manufacturing of our products, which are sourced from 
independent third-party vendors. Therefore, to reduce our climate impact, our Sustainability Strategy needs 
to be driven through our supply chain into our vendors’ factories and into the components we procure. 
Responsibility for these two activities lies with the CSO. 

The Supervisory Board Sustainability Committee is handling sustainability at a Supervisory Board level. The 
Management Board receives updates on sustainability-related matters quarterly, including those related to 
climate change. The CSO has a monthly meeting with the sustainability leads for corporate and supply chain 
sustainability in which climate and all other sustainability-related topics are governed. The Executive 
Sustainability Committee meets twice a year to discuss and govern cross-functional sustainability-related 

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topics, like the sustainability bonus targets. It is comprised of all functional heads of the company, such as 
People & Organisation, Sourcing, Finance, IT, Marketing, Risk Management, Investor Relations, Retail, 
Logistics and Legal Affairs. Sustainability at a product level is governed in a cross-functional business units 
call, where updates on PUMA’s more sustainable product strategy are shared and discussed monthly. To 
engage with PUMA’s worldwide subsidiaries on climate change and other sustainability-related topics, the 
corporate sustainability department organises a quarterly call in which the nominated sustainability leads 
for each PUMA subsidiary take part. 

All PUMA leaders globally – from CEO to Team Head level – have clearly defined sustainability targets as 
part of their annual performance bonus. These targets are aligned with PUMA’s FOREVER. BETTER. 
Sustainability Strategy and focus on our 10FOR25 target areas, including climate change. Climate-related 
bonus targets include a reduction in air freight to 0.5% as well as a gradual shift of PUMA’s car fleet to zero 
or low-emission vehicles. Targets on recycled polyester also support our Scope 3 GHG reduction. The 
targets cover 10% of the overall bonus for members of the Management Board and 5% for other leaders 
globally., with climate-related targets accounting for 2,5% and 1.25% respectively. 

Our sustainability governance structure is referenced in the Sustainability Organisation and Governance 
Structure section. 

STRATEGY AND RISK MANAGEMENT 

PUMA has analysed risks and opportunities related to climate change for over 10 years and identified 
climate change as a material risk to PUMA during its last materiality analyses conducted in 2018 and 2023. 
Climate Change has the potential to impact PUMA’s business in the short (0-2 years), medium (2-5 years) 
and long term (5-10 years). The climate-related risks can be grouped into physical risks and transitional 
risks. Physical risks for PUMA include extreme weather events, such as flooding or heat waves, or water 
scarcity, which can influence raw material availability. Transitional risks include all risks related to the 
transition to a low-carbon economy, such as changing consumer preferences, policies and regulations, such 
as carbon taxes or rising energy prices. 

The process for assessing, identifying and managing climate-related risks is the same for all principal risks 
and is described in the Risk Management section. All risks are monitored and reported regularly 
throughout the year by the risk owners, who are the managers of the functional areas and the managing 
directors of the subsidiaries. The risk owners are also responsible for the operational management of the 
identified risks. For example, climate risks concerning manufacturing in the supply chain are managed by 
PUMA’s Supply Chain Sustainability team. 

To identify the impact of potential climate-related risks, a scenario-based analysis of climate-related risks 
was commenced in 2022 (see G.16). The analysis is in line with TCFD recommendations by taking into 
consideration two different climate-related scenarios: first, to analyse transitional risks, the Net Zero 
Emissions by 2050 Scenario (NZE) developed by the IEA was considered. This scenario represents the 
development of a low-carbon economy in line with global warming of 2°C or lower. It was also used to 
develop our 1.5°C aligned science-based target, which was submitted at the beginning of 2023. Second, the 
impact of physical risks was assessed using the SSP2 – RCP4.5 scenario. This scenario relies on the 
Representative Concentration Pathways (RCPs) and Shared Socioeconomic Pathways (SSPs) published by 
the IPCC and reflects the development of greenhouse gas emissions under current government policies, 
resulting in warming of about 2.7°C by 2100 (per Climate Action Tracker). The different risk categories 
shown in G.16 are taken from our CDP 2023 response. 

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↗ G.14 SCENARIO-BASED RISK ANALYSIS ALIGNED WITH TCFD RECOMMENDATIONS 

Climate-related risks and opportunities have influenced PUMA’s strategy in multiple areas. The demand for 
more sustainable products has influenced our product portfolio and sourcing practices to shift towards 
recycled and/or certified materials. On the supply chain side, PUMA invests in supplier programmes 
focused on energy efficiency and renewable energy to reduce the carbon footprint of its manufacturing 
process. PUMA is investigating and investing further in more sustainable material options, such as 
biodegradable or recyclable materials. Additionally, PUMA operates its Circular Lab, under which it 
collaborates with innovation partners on different pilot projects, such as a garment-to-garment recycling 
process and a biodegradable shoe. Within its own operations, PUMA reduces its carbon footprint by 
sourcing 100% renewable electricity since 2020 and by gradually shifting its car fleet to low- and zero-
emissions vehicles. 

Climate-related issues also had an impact on PUMA’s financial planning. Direct costs have been influenced 
by ESG-linked supplier financing programmes that have been in place since 2016. The programme provides 
access for PUMA suppliers to external financing resources with favourable financing conditions. 
Additionally, as part of the EU Taxonomy Regulations, PUMA is required to report on capital expenditures 
that lead to greenhouse gas reductions. PUMA’s sales are currently not eligible under the EU Taxonomy 
Regulation due to the nature of PUMA’s business (sale of footwear and apparel). In 2023, PUMA identified 

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investments in zero-emissions vehicles and infrastructure such as charging stations as well as solar PV 
installations to be aligned with Taxonomy criteria. The overall Taxonomy-aligned investment amounts to 
EUR 910,000. Further information on the EU Taxonomy can be found in the Reporting in Accordance with the 
EU Taxonomy Regulation section. Sustainability also influences PUMA’s access to capital as it becomes an 
increasingly important topic for attracting equity and investors. In 2023, PUMA received an AAA rating from 
MSCI for its sustainability efforts. PUMA is also listed in the FTSE4Good Index. Our Investor Relations and 
Sustainability teams are in an ongoing dialogue with investors on ESG topics. PUMA maintains a revolving 
credit facility and two promissory notes, which are linked to the achievements of five ESG targets as defined 
within our 10FOR25 ESG framework. The targets relate to the sourcing of renewable electricity (climate), 
sourcing of materials from certified sources (biodiversity), reduction of water consumption at core suppliers 
(water and air), elimination of plastic bags in stores (plastics and the oceans) and community engagement 
(human rights). 

The results of our scenario analysis are used to ensure the necessary mitigating controls are in place, 
support PUMA’s risk management activities and inform future business strategies. We will update our 
scenario modeling as more climate data becomes available and regularly reframe the risks and 
opportunities to PUMA presented by climate change. 

METRICS AND TARGETS 

PUMA has been measuring and reporting environmental key indicators for its own operations and its T1 and 
T2 suppliers for many years, including energy consumption, carbon emissions, water consumption and 
waste management. These are part of the Sustainability section of its Annual Report, which is published 
annually and audited by a third party. 

PUMA aligns its reporting on climate-related metrics with recognised standards, including the GHG Protocol. 
In addition, our 10FOR25 sustainability targets include absolute carbon reductions, renewable energy 
procurement and manufacturing of more sustainable products. Further information on our environmental 
KPIs can be found in the Environmental Key Performance Data section and throughout this report. 

Sourcing 100% renewable electricity for all PUMA entities from 2020 is one of the milestones of PUMA’s 
climate change mitigation efforts. For its suppliers, PUMA has a target of sourcing 25% renewable energy 
by 2025 (2023: 22.1%). During 2023, our 1.5 degree aligned near-term SBT was approved by the Science 
Based Target Initiative: reducing absolute Scope 1 and 2 GHG emissions by 90% (market-based*, including 
the purchase of RECs) by 2030 and reducing absolute Scope 3 GHG emissions by 33% by 2030, both from a 
2017 baseline year. 

•  Scope 1 and 2 targets focus on GHG emissions from our direct operations (including electricity and gas 

consumption at our stores, offices, internal manufacturing and distribution centres) 

•  Scope 3 targets relate to indirect GHG emissions in our extended supply chain and the transportation of 

finished goods 

By the end of 2023, PUMA had already reduced its combined Scope 1 and 2 emissions by 85% and its Scope 3 
emissions from purchased goods and services and transportation by 28%. Our efforts in sourcing more 
sustainable materials led to 99.2% cotton, 99,7% leather and 85% polyester coming from recycled or 
certified sources and eight out of ten products being more sustainable in line with our internal definition. We 
also reduced our GHG emissions from materials by 50%. 

*  A market-based method reflects emissions from electricity that companies have purposefully chosen. It derives emission 
factors from contractual instruments, which include any type of contract between two parties for the sale and purchase of 
energy bundled with attributes about the energy generation, or for unbundled attribute claims. 

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As part of its commitment to the UN convened Fashion Industry Charter for Climate Action, and according to 
PUMA’s Environmental Handbook, PUMA declared its ambitions to meet a net zero 2050 goal. PUMA 
recognises that meeting its climate-related targets is dependent on collective action and focus. Improving 
the market conditions for clean energy supply, such as the rate of installation of renewable electricity in 
many countries, reducing costs and the availability of power purchase agreements (PPAs) will help shift the 
rate of decarbonisation at scale. PUMA believes it has a role to play in helping to shape the policy and 
regulations required and is working collaboratively with partners, suppliers and other organisations to 
achieve its ambition, including the United Nations Global Compact, the UN Fashion Industry Charter for 
Climate Action, the Fashion Pact and Stiftung Klimawirtschaft. PUMA met with representatives of the 
delegations of Bangladesh, Indonesia and Vietnam during the UN COP 28 climate conference to promote the 
further expansion of renewable energy in those countries. 

SCOPE 1 EMISSIONS 

Our own direct CO2 emissions (Scope 1) are mainly caused by emissions from our PUMA car fleet and 
airplane, as well as emissions from the heating of buildings. We are tackling the emissions from our car 
fleet by gradually transitioning to zero-emission vehicles in those countries where the charging 
infrastructure is mature enough to support the transition. Starting in 2023, only electric vehicles are allowed 
as new additions to our car fleet in the region of Germany, Austria and Switzerland, which includes our 
Headquarters and 242 cars. At the end of 2023, 319 out of 905 cars (35%) globally were already low or zero -
emission battery electric or hydrogen fuel cell cars, in line with our bonus target of hitting 30%. 

We also significantly expanded the charging infrastructure at our headquarters and selected other offices 
and now have over 75 charging stations in operation, including twelve public charging stations at our 
headquarters stores that can be used by employees, business partners and customers free of charge. 

For the heating of buildings, we use natural gas in 8% of buildings globally and plan to transition these 
buildings to biogas or other renewable heat sources over time. Many PUMA buildings globally already use 
(renewable) electricity for heating. 

Overall we were able to reduce our Scope 1 GHG emissions by 17% between 2017 and 2023, and plan to 
reduce these emissions further by 2025. 

SCOPE 2 EMISSIONS 

PUMA’s indirect GHG emissions (Scope 2) are caused by the electricity used for running our offices, stores 
and warehouses, including the charging of electric cars, as well as thermal energy used from district 
heating. 

All of our offices, stores and warehouses have used renewable electricity via green electricity tariffs or 
renewable energy attribute certificates since 2020. This has led to a significant reduction of our Scope 2 
emissions (market-based). In addition, the closure of our stores in Russia, which were mostly heated by 
district heating, contributed further to the reduction of Scope 2 emissions. At our headquarters, which is by 
far the largest consumer of district heat among all PUMA entities, the district heat is created in co-
generation with electricity and by using over 50% biogas. In total, we were able to reduce our Scope 2 
emissions by 99% (market-based, incl. the purchase of RECs) since 2017. 

Further actions to reduce PUMA’s own greenhouse gas emissions include the use of energy-efficient heat 
pumps at our headquarters, frequent energy efficiency audits at our stores, a free public transport ticket for 
employees, job-bike-leasing and a meat-free Monday at canteens. 

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↗ T.19 SCOPE 1 AND SCOPE 2 CO2e EMISSIONS FROM PUMA1-4 

CO2e Emissions1-8 (t) 

2023 

2022 

2021 

2020 

2019 

2017 

% Change 
2023/2022 

% Change 
2023/2017 

Scope 1 – Direct CO2e-
Emissions Fossil fuels* 

    6,403    

    6,206    

    4,456    

    4,179    

    6,326    

    7,678    

3% 

-17% 

Vehicle Fleet 

     2,639          2,264          2,008          1,985          3,618          4,134    

17% 

-36% 

Heating 

Air Plane* 

Scope 2 – Indirect CO2e 
Emissions (location-based) 

Scope 2 – Indirect CO2e 
Emissions (market-based) 

     1,336          1,536          2,039          2,194          2,708          3,545    

-13% 

-62% 

     2,428          2,405             410             689          2,359    

          -      

1% 

  41,679    

  35,528    

  32,545    

  29,839    

  40,986    

  40,029    

17% 

4% 

       530    

       643    

    1,458    

    1,078    

  11,533    

  40,029    

-18% 

-99% 

Electricity (location-based) 

   41,149        34,885        31,087        28,761        39,282        38,914    

18% 

6% 

Electricity (market-based) 

          -      

          -      

          -      

          -           9,828        38,914    

-100% 

District heating 

        530             643          1,458          1,078          1,705          1,115    

-18% 

-52% 

Total Scope 1-2 (location-
based) 

Total Scope 1-2 (market-
based) 

Scope 1-2 Relative to Sales (t 
CO2e per € million sales) 
(location-based) 

Scope 1-2 Relative to Sales (t 
CO2e per € million sales) 
(market-based) 

  48,082    

  41,734    

  37,001    

  34,018    

  47,312    

  47,707    

15% 

1% 

    6,933    

    6,849    

    5,914    

    5,257    

  17,859    

  47,707    

1% 

-85% 

5.6  

4.9  

5.4  

6.5  

8.6  

11.5  

13% 

-51% 

0.8  

0.8  

0.9  

1.0  

3.2  

11.5  

0% 

-93% 

* 

In 2022, Scope 3 Upstream Leased Assets was restructured. Previously, this category included the emissions from PUMA Air 
Plane and well-to-tank emissions from PUMA Vehicle Fleet. Now, in line with GHG Protocol, emissions from PUMA Air Plane 
are included in Scope 1, well-to-tank emissions from PUMA Vehicle Fleet are included in Scope 3 Fuel- and energy-related 
activities and Scope 3 Upstream Leased assets includes the emissions from warehouses in PUMA’s value chain that are 
operated by a third party. 

**  A location-based method reflects the average emissions intensity of grids on which energy consumption occurs. 
*** A market-based method reflects emissions from electricity that companies have purposefully chosen. It derives emission 
factors from contractual instruments, which include any type of contract between two parties for the sale and purchase of 
energy bundled with attributes about the energy generation, or for unbundled attribute claims. PUMA has purchased such 
Energy Attribute Certificates in 2023. 

1.  PUMA’s greenhouse gas reporting is in line with the GHG Protocol International Accounting Standard. Fugitive emissions 

(emissions from unintentional releases or leaks) are not included in Scope 1 emissions. 

2.  Methodological changes over the last three years have influenced results. In 2020 updated emission factors were applied 

and the consolidated structure changed due to full alignment with the GHG Protocol. 

3.  The consolidation scope follows the operational control approach, including PUMA-owned or operated offices, warehouses, 

stores and own industrial sites (Argentina). 

4.  PUMA applied emission factors from internationally recognised sources, such as the International Energy Agency (IEA) 

(2019) and DEFRA conversion factors (2020). 

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PUMA Annual Report 2023 

↗ Sustainability 

↗ G.15 AGREED EMISSION TARGETS (SCOPE 1 AND 2*) (T CO2e) 2023 

50,000

40,000

30,000

20,000

10,000

0

2015

2018

2021

2024

2027

2030

PUMA‘s emission reduction

1.5 °C pathway

Well-below 2 °C pathway

Approved SBT

* 

Including renewable energy attribute certificates  

↗ T.20 E-KPIS PUMA – ENERGY1-3 

Energy (MWh) 

2023 

2022 

2021 

2020 

2019 

2017 

% Change 
2023/2022 

% Change 
2023/2017 

Total energy from electricity 

87,267  75,269  67,866  61,365  61,499  64,119 

16% 

36% 

Non-renewable electricity 
consumption 

Electricity consumption from 
renewable sources (green tariffs and 
on-site photovoltaic) 

Percentage of renewable electricity 
consumption (excluding EACs) 

Electricity consumption guaranteed 
with EACs 

Percentage of renewable electricity 
consumption (including EACs) 

Total energy from non-renewable fuels 
(oil, natural gas, etc.) 

0 

0 

0 

0  12,683 

52,508 

- 

-100% 

16,032  15,697  13,749 

10,839  11,547 

11,611 

2% 

38% 

18% 

21% 

20% 

18% 

16% 

18% 

71,235  59,572  54,117 

50,526  37,269 

0 

20% 

- 

100% 

100% 

100% 

100% 

79% 

18% 

6,555 

7,541  10,006 

10,739  10,975 

14,430 

-13% 

-55% 

Total energy from district heating 

4,828 

5,483  10,795 

6,247 

7,915 

5,155 

-12% 

Total energy consumption (PUMA own 
entities) 

98,651  88,462  88,666  78,350  80,389  83,704 

12% 

-6% 

18% 

1  Figures include PUMA owned or operated offices, warehouses and stores. Includes our own production sites in Argentina. 
All other production is outsourced to independent supplier factories, some warehouse operations are outsourced to 
independent logistics providers. Franchised stores are excluded. 

2  Data includes extrapolations or estimates where no real data could be provided. 
3  Methodological changes over the last three years have influenced results. 

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SCOPE 3 EMISSIONS 

↗ T.21 PUMA’S SCOPE 3 CO2E EMISSIONS FROM SELECTED VALUE CHAIN ACTIVITIES1-6 

CO2e emissions (t) 

2023 

2022 

2021 

2020 

2019 

2017 

% Change 
2023/2022 

% Change 
2023/2017 

Scope 3 – Indirect CO2e 
Emissions from 
corporate value chain 

Purchased goods and 
services* 

Fuel- and energy-
related activities** 

Upstream 
transportation and 
distribution 

1,089,971  1,430,690  1,355,633  1,486,324  1,762,087  1,502,162 

-24 % 

-27 % 

991,864  1,278,758  1,242,468  1,389,335  1,631,904  1,409,265 

-22 % 

-30 % 

4,736 

4,220 

3,700 

3,463 

3,712 

7,433 

12 % 

-36 % 

70,412 

127,474 

106,983 

91,775 

107,744 

71,070 

-45 % 

-1 % 

Inbound 

47,812 

99,724 

85,622 

67,842 

98,386 

64,076 

-52 % 

-25 % 

Outbound*** 

22,600 

27,750 

21,361 

23,933 

9,358 

6,994 

-19 % 

223 % 

Business travel 

11,499 

9,439 

2,482 

1,751 

18,727 

14,394 

22 % 

-20 % 

Upstream leased 
assets** 

Total Scope 1-3 
(market-based) 

Annual Sales PUMA 
(in € million) 

Total Scope 1-3 Relative 
to Sales (t CO2e per € 
million sales) (market-
based) 

Total Scope 3 Relative 
to Sales (t CO2e per € 
million sales) 

11,460 

10,799 

6 % 

- 

1,096,904  1,437,609  1,362,482  1,492,238  1,767,344  1,549,869 

-24 % 

-29 % 

8,602 

8,465 

6,805 

5,234 

5,502 

4,136 

2 % 

108 % 

127.5 

169.8 

200.2 

285.1 

321.2 

374.7 

-25 % 

-66 % 

126.7 

169.0 

199.2 

284.0 

320.3 

363.2 

-25 % 

-65 % 

*  The values for November and December 2023 were estimated by employing the Exponential Smoothing (ETS) algorithm in 
Microsoft Excel, utilizing data from January to October of 2023. This approach was chosen after comparing it to alternative 
methods, considering its performance against actual historical data, specifically in terms of deviation from the actual values 
in percentage terms. The ETS method displayed higher accuracy and higher precision compared to other methods, such as 
averaging the last 10/12 months or multiplying the estimated production by the average KPI (per production unit) from the 12 
months of data spanning from November 2021 to October 2022. 

**  In 2022, Scope 3 Upstream Leased Assets was restructured. Previously, this category included the emissions from PUMA Air 
Plane and well-to-tank emissions from PUMA Vehicle Fleet. Now, in line with GHG Protocol, emissions from PUMA Air Plane 
are included in Scope 1, well-to-tank emissions from PUMA Vehicle Fleet are included in Scope 3 Fuel- and energy-related 
activities and Scope 3 Upstream Leased assets includes the emissions from warehouses in PUMA’s value chain that are 
operated by a third party. 

*** In 2020, upstream outbound values were adjusted to fully cover the e-commerce business and exclude B2B express volumes. 
1.  PUMA’s greenhouse gas reporting is in line with the GHG Protocol International Accounting Standard. Fugitive emissions 

(emissions from unintentional releases or leaks) are not included in Scope 1 emissions. 

2.  Methodological changes over the last three years have influenced results. In 2020 updated emission factors were applied 

and the consolidated structure changed due to full alignment with the GHG Protocol. 

3.  The consolidation scope follows the operational control approach, including PUMA-owned or operated offices, warehouses, 

stores and own industrial sites (Argentina). 

4.  Outsourced Tier 1 production is accounted for in the Scope 3 emissions under purchased goods and services, covering CO 2 

emissions from all three product divisions (Accessories, Apparel and Footwear). 

5.    PUMA applied emission factors from internationally recognised sources, such as the International Energy Agency (IEA) 

(2019) and DEFRA conversion factors (2020). 

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6.    For sea freight transportation, PUMA follows the recommendation and new methodology of the Clean Cargo Working Group 
that has transitioned from the use of tank-to-wheel (TTW) CO2 to well-to-wheel (WTW) CO2-equivalent emission factors for 
all fuels. 

GREENHOUSE GAS EMISSIONS FROM PURCHASED GOODS AND SERVICES  

PUMA is determined to reduce its carbon emissions, water usage, waste and air pollution at its offices and 
in its supply chain. For materials, PUMA strives to use more sustainable materials, such as cotton, 
polyester, leather and cardboard. 

The purpose of PUMA’s environmental efforts is to ensure that its suppliers are in full environmental 
compliance and any negative impact on the environment is reduced. Ultimately, our goal is to achieve a 
positive environmental impact. We ask all of our core suppliers to complete the Facilities Environmental 
Module developed by the SAC. 

For climate, PUMA’s 10FOR25 action plan includes steps such as: 

•  Work with industry peers on climate action through the Fashion Industry Charter for Climate Action and 

the Fashion Pact. 

•  Joining industry-level energy efficiency programmes for suppliers in our top five sourcing regions. 
•  Joining industry-level programmes for renewable energy in our top five sourcing regions. 
•  Replacing all coal-fired boilers at PUMA’s core suppliers. 
•  Gradually transitioning to materials with a lower carbon footprint, such as recycled polyester. 

To reduce the emissions from the production of our PUMA products, we worked with our suppliers on 
programmes ranging from energy efficiency to installing on-site solar photovoltaic power plants to generate 
renewable energy.  

The reduction of our Scope 3 emissions at the factory level is complemented by using more sustainable 
(less carbon-intensive) raw materials. In 2023, we used 85% more sustainable polyester, of which 61.8% was 
recycled polyester; 99.2% more sustainable cotton, mainly from the Better Cotton Initiative (BCI) and 99.7% 
leather from Leather Working Group medal-rated tanneries. In addition, 99.4% of our paper and cardboard 
packaging was recycled or FSC-certified paper. By 2025 we aim to use 75% recycled polyester and 100% 
recycled and/or certified paper and cardboard. 

Supplier Training and Programme 
In 2021, PUMA joined hands with other brands and key suppliers under the UN-led Fashion Industry Charter 
for Climate Action to develop a standard training programme on climate action for apparel and footwear 
suppliers in Asia, in partnership with GIZ. This online training programme provides foundational knowledge 
for suppliers on global decarbonisation efforts, GHG emissions accounting, climate target-setting 
methodology and solutions to reduce emissions and achieve these targets. The training is available in 
English and other local languages such as Khmer, Mandarin, Bengali and Vietnamese. We encouraged our 
suppliers to participate in this training, available free of charge.  

The training provides foundational knowledge to suppliers on:  

•  Understanding global decarbonisation efforts  
•  How to account for GHG emissions 
•  How to implement available energy solutions to reduce emissions 

In 2023, we continued to encourage factories to join the GIZ’s Climate Action Training. 57 participants from 
42 factories completed the course and attempted the final exam. 100% of the participants successfully 
passed the exam and obtained the certificate from GIZ, with an average score of 75%.  Since 2021, 933 
participants from 284 factories have completed this course. 

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PUMA Annual Report 2023 

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In 2023, we provided training to our suppliers on Science Based Target setting, renewable energy 
procurement through RECs, carbon trading and energy efficiency. This climate-related training helped to 
accelerate the implementation of rooftop solar projects, increase the purchase of renewable energy 
attribute certificates and initiate coal phase-out measures. The progress made in these areas are described 
in this report.  

In 2023, we approached 21 selected supplier groups representing 40-50% of our business volume to suggest 
that they set Science-Based Targets at a company level (covering all of their factories, including the ones 
not producing for PUMA). In March 2023, 19 out of these 21 suppliers agreed to set up SBT; one supplier 
declined, and one supplier already had an approved target. In October 2023, we engaged with Guidehouse to 
launch the Supplier Leadership On Climate Transition (LOCT) capacity development programme. The 
programme provides a web-based platform to learn and implement a step-by-step approach for 
setting Science Based Targets and guidance on how to achieve those targets. Nine suppliers registered to 
join this programme in 2023. However, only eight suppliers joined, since one supplier selected a training 
available only after a supplier has set SBT. This supplier will join the programme in 2024. We expect more 
suppliers to join in early 2024. We do not expect all 20 suppliers to join this programme, since some 
suppliers have the required expertise in-house or are already engaged with a consultant to support them. 

The renewable energy procurement training conducted by Monsson Carbon for Vietnam, Cambodia, 
Indonesia and the Philippines focused on how to procure energy attribute certificates such as iRECs, while 
the training conducted by Envision in China and Taiwan focused on iREC procurement and other green 
energy procurement schemes available in the region like green electricity consumption certificate (GECC). 
The percentage of training participation for factories in renewable energy procurement is 53%; as it was a 
refresher training in 2023, the supplier factories which have already purchased iRECs, or other forms of 
green energy certificates did not join.  

In 2023, a training on carbon trading provided by IMPAQ (a third party organisation) was only relevant for 
textile/fabric core Tier 2 factories located in mainland China. However, all core Tier 1 and Tier 2 factories 
located in China and Taiwan regions were invited to attend for awareness about regulatory requirements in 
the area. As per these requirements, heavy industries in Guangdong province with greenhouse gas emissions 
of more than 10,000 tons per year or energy consumption of at least 5,000 tons of standard coal per year are 
required to be included in a carbon trading scheme. Although the textile sector is one of the potential sectors 
to be included, this regulation is still not enforced for the textile sector. Because of this, 53% of core Tier 2 
textile factories invited attended this training, whereas only 44% of non-textile core Tier 2 factories joined this 
session. However, 76% core Tier 1 factories joined this training due to better engagement with them. In total, 
59% of factories invited attended this training. If the scope of these regulatory requirements expands to other 
product divisions, we will continue to provide this training in the future.   

For the German Training Week on Energy Efficiency programme, organised by GIZ in Vietnam, PUMA was 
allocated only eight slots, and eight core factories joined the programme. Hence, the percentage of core 
factories which participated relative to the total number of core factories in Vietnam (47) is only 17%.  

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PUMA Annual Report 2023 

↗ Sustainability 

Trainer 

Guidehouse/ 
CDP/  
UNFCCC 

Guidehouse 

Number of 
suppliers 

Number of 
factories 

Number of 
participants 

% factories 
trained* 

21 

48 

215 

100% 

8 

36 

24 

52 

23 

94 

50% 

53% 

↗ T.22 SUPPLIER TRAINING 

Training Topic 

Scope  

Country 

Global 

Suppliers selected 
for SBT 

Suppliers selected 
for SBT 

Global 

Science Based 
Target networking 
sessions  

LOCT program 

Renewable 
Energy 
Procurement -  
iREC training/ 
Green Energy 

Carbon Trading 
Basic Introduction
 (for textile 
industry in China) 

German Training 
Week –  
Energy Efficiency 

All core factories 

Vietnam, China, 
Cambodia, 
Indonesia, 
Philippines, 
Taiwan  

Monsoon 
Carbon/
Envision 

All core factories   China, Taiwan 

IMPAQ 

27 

34 

48 

59% 

Selected 
core factories  

Vietnam 

GIZ 

8 

8 

8 

17%  

*  % of factories trained, calculated based on the total the factories in the scope for each subject matter training 

To improve the awareness level of PUMA employees, we developed a foundational e-learning training 
module on climate action for all employees which is expected to be rolled out in the first half of 2024. In 
2023, we launched phase 3 of Clean by Design (CbD) in the China-Taiwan region in partnership with Apparel 
Impact Institute (Aii) at two core Tier 1 and five core Tier 2 factories. We also kicked off a new resource 
efficiency programme called REF Programme at four core Tier 1 factories in Vietnam in partnership with 
ENERTEAM. In early 2024, we will launch an IFC cleaner production programme, called Decarbonization 
programme (CaDP) in Cambodia at three core Tier 1 and 1 core Tier 2 factories.   

In addition to this, four Tier 1 and three Tier 2 factories participated in various rooftop solar projects in 2023.  

The macroeconomic situation and overall uncertainty in the trade remained challenging during the first half 
of 2023. Recession fears in various markets, persistent high inflation and elevated interest rates led to 
muted consumer sentiment and volatile demand in retail. In addition, elevated inventory levels in the 
market contributed to a slower sell-in to the Wholesale channel. This created less demand from the 
markets, and we had to adjust our orders accordingly. This explains why we did not launch Renewable 
Energy programmes in 2023 to cover 76% sourcing volume of Tier 1, 75% sourcing volume of Tier 2, and 
cleaner production programme to cover 74% sourcing volume of Tier 1 and 75% sourcing volume of Tier 2, 
as reported in our 2022 annual report. 

The values below represent annual savings from completed and ongoing projects (PaCT programme in 
Bangladesh, CbD programme in China, Indonesia, Vietnam) from 2019 until the end of 2023: 

•  Greenhouse gas reduction: 90,182 tCO2e per year 
•  Renewable energy: 247 MWp of RE capacity (including offsite wind) added in 2021, 2022 and 2023 
•  Water saving: 2,401,002 m3 per year 
•  Energy saving: 177,168 MWh per year  

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PUMA Annual Report 2023 

↗ Sustainability 

↗ T.23 SUPPLIER CLIMATE ACTION PROGRAMMES 

Cleaner Production programmes 

Country 

Program/Partner 

Scope 

China-Taiwan 

Clean-by-Design (CbD)/aii 

Energy and water efficiency 

Low Carbon Manufacturing 
Program (LCMP)/WWF 

Energy and water efficiency 

Bangladesh 

Partnership for Cleaner Textile 
(PaCT)/IFC 

Energy and water efficiency 

Vietnam - 
Cambodia 

Clean-by-Design (CbD)/aii, 
FABRIC/GIZ 

Energy and water efficiency, 
Coal phase-out 

MSMA 

Energy and water efficiency 

Greening Textile Program 

Energy and water efficiency 

Indonesia 

Clean-by-Design (CbD)/aii 

Energy and water efficiency 

Mexico** 

Sustainable energy for all 

Energy efficiency 

Total 

Number of 
factories* 

% Sourcing volume 
(globally) 

2023 
Tier 1: 70% 
Tier 2: 56% 

To be Enrolled 
2024 
Tier 1: 71% 
Tier 2: 62% 

T1: 3 
T2: 16 

T1: 7  

T1: 6 
T2: 4 

T1: 8 
T2: 2 

T1: 6 
T2: 3 

T2: 2 

T1: 3 

T1; 2 

T1: 35 
T2: 27 

*  The number of factories represents completed and ongoing projects from 2019 until the end of 2023 
**  Non-core factories 

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PUMA Annual Report 2023 

↗ Sustainability 

↗ T.24 RENEWABLE ENERGY PROGRAMMES 

Country 

Programme/Partner 

Scope 

 Vietnam/ Cambodia  Project Development Programme 
(PDP)/ GIZ 

Rooftop Solar 

Self-initiative by factories 

Rooftop Solar 

Self-initiative by factories 

iREC/DPPA pilot 

 China-Taiwan 

Self-initiative by factories 

Rooftop Solar 

Offsite wind, DPPA, iREC 

 Bangladesh 

Partnership for Cleaner Textile 
(PaCT)/IFC 

Rooftop Solar 

Self-initiative by factories 

Rooftop Solar 

Project Development Programme 
(PDP)/ GIZ 

Rooftop Solar 

Clean-by-Design(CbD)/aii 

Rooftop Solar/ TIGR 

Project Development Programme 
(PDP)/ GIZ 

Rooftop Solar 

iREC, Geothermal 

Indonesia 

Pakistan 

Other (Argentina, 
Brazil, Mauritius, 
Philippines, Turkey) 

Total 

Number of 
factories* 

% Sourcing 
volume (globally) 

T1: 7 
T2: 2 

T1: 5 
T2: 8 

T1: 4 
T2: 3 

T1: 7 
T2: 9 

T1: 11 
T2: 9 

T1: 2 
T2: 1 

T1: 2 
T2: 2 

2023 
Tier 1: 65% 
Tier 2: 60% 

T1: 3   To be enrolled in 
2024 
Tier 1: 71% 
Tier 2: 73% 

T1: 3 

T1: 2 

T1: 3 
T2: 1 

T1: 49 
T2: 35 

*  The number of factories represents completed and ongoing projects from 2019 until the end of 2023 

Rooftop solar panels from our suppliers in Bangladesh and Vietnam 

119 

  
  
  
 
  
  
 
  
  
  
  
 
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

Coal-Fired Boiler Phase-Out 
We are committed to phasing out coal-fired boilers from our supply chain, mainly from the core Tier 1 and 
Tier 2 suppliers, by 2025. In 2022, we mapped our core suppliers and found that 21 of them have coal-fired 
boilers. In 2023, the number of core factories with coal fired boilers reduced to 17 due to revisions in the core 
factory list, out of which two factories have successfully phased out coal and 11 factories have partially 
replaced coal. In 2024, we plan to engage with remaining four factories which have not yet initiated the 
transition. We also plan to continue our tracking of factories which are under transition.  

↗ G.16 COAL-FIRED BOILER PHASE OUT STATUS 

Geographical Spread

Implementation Status

Turkey
6%

Cambodia
6%

Taiwan
18%

China
17%

Vietnam
53%

Not started
23%

Done
12%

Partially replaced
65%

In 2022 PUMA joined the Coal Phase Out Action Group under the UN’s Fashion Charter, with an objective to 
collaborate with other brands to expedite the phase-out of coal in our supply chain. We included a coal-fired 
boiler question in our on-boarding checklist for new factories in July 2022, to avoid on-boarding such 
factories with coal-fired boiler. 

As a first step the brands have mapped their supply chain to identify supplier factories with coal fired 
boilers, and also identified the overlapping suppliers to prioritize these factories. GIZ joined this programme 
as an implementation partner and offered a coal phase-out pilot in Vietnam. This programme has a 10-step 
approach to realize coal phase out. Currently we are exploring options to partner with other brands to test 
the programme in our supply chain.  

↗ CASE STUDY 

Coal phase-out 

In 2023, Chen Tai (Vietnam) Woven Tapes Enterprise Co., Ltd. successfully phased out the use of coal 
for its boiler by switching to rice husk biomass. Not only did this transition allow the facility to reduce  
their GHG emissions by 2,600 tCO2e, it also helped the facility to save 20% in fuel costs.   

Supplier Climate Targets 
Science based targets are ambitious and difficult to achieve. Only large suppliers with capacity and top 
management commitment will be able to succeed. Those suppliers are identified through a readiness 
survey, climate investment study, long term business potential and in alignment with sourcing leaders. For 
the remaining suppliers, we plan to implement a simplified target setting system and hence an in-house 
tool is being developed for these suppliers. 

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In 2021, we developed two training modules for our core suppliers with the objective of driving climate target 
setting. One module focuses on the group of suppliers that need to establish science-based targets, and the 
other is aimed at the group of suppliers that needs to establish climate targets based on a simplified tool 
developed in-house. 

In continuation of efforts made in 2021 regarding SBT for key suppliers, we conducted a climate investment 
survey for our top 20 suppliers and evaluated long-term business potential with them in alignment with our 
sourcing leaders. We evaluated their readiness level to set a SBT in future.  

In 2023, we approached 21 selected supplier groups representing 40-50% of our business volume, 
to suggest them to set Science-Based Targets on company level (covering all of their factories including the 
ones not producing for PUMA). In March 2023 we kicked it off through a meeting, to go in detail through SBT 
process with the help of CDP. 19 out of these 21 suppliers agreed to set up SBT, one supplier declined, and 
one supplier already had an approved target. To encourage peer learning and to learn from industry experts 
we launched regular networking sessions on SBT. So far, we have completed two this year after the kickoff 
meeting in March. One supplier has already an SBT approved by SBTi, one has science-aligned targets 
(Scope 1 and 2) approved by World Resources Institute (WRI), nine suppliers are in process of getting 
SBT approved. 

Supplier Leadership On Climate Transition (LOCT) Programme 
In October 2023, we engaged with Guidehouse to launch a capacity development programme called Supplier 
Leadership On Climate Transition (LOCT). The programme provides a web-based platform to learn and 
implement a step-by-step approach for setting Science Based Targets and guidance on how to achieve those 
targets. So far, nine suppliers registered to join this programme in fall 2023. However, only eight suppliers 
joined, since one supplier selected a training available only after a supplier has set a SBT. This supplier will 
join the programme in 2024. We expect some other suppliers to join in early 2024. 

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PUMA Annual Report 2023 

↗ Sustainability 

↗ CASE STUDIES 

Resource efficiency 
TST Group, which is one of our dyed fabrics suppliers, has implemented an innovative low-carbon 
coloration process, at its dyeing mills located in China and Cambodia. The supplier has installed 
advanced dyeing machines such as low liquor ratio dyeing machines, which require much less water 
than conventional dyeing machines. The factories also switched from batch to continuous 
pretreatment (preparation of fabric for dyeing) and continuous after-treatment (finishing of fabric) 
which are more efficient processes and hence consume less energy and water. These initiatives are 
estimated to reduce water usage by 70% and carbon footprint by 60% as compared to the 
conventional dyeing process in China. In Cambodia, it is estimated to reduce water usage by 40% and 
carbon footprint by 45% compared to the conventional process. TST has also gone for cold pad batch 
dyeing machines in its Chinese factory, which dye fabric in a cold condition, rather than in a heated 
condition in the conventional dyeing process. This technology, along with continuous pre-treatment 
and continuous after-treatment, is estimated to reduce water consumption by 75%, carbon footprint 
by 55% and chemical consumption by 90% compared to conventional dyeing process. The 
environmental benefit of these initiatives can be evidenced from water and energy data we collected. 
TST China’s GHG emissions are 54% lower, and the water consumption is 16% less than PUMA 
suppliers' average for textile mills. TST Cambodia’s GHG emissions are 50% lower and the water 
consumption is 10% less than PUMA suppliers’ average for the textile mills.  

Solar PV 
The Urmi Group, a renowned group of companies based in Bangladesh, has committed to reducing 
the greenhouse gas emissions from its business operations by 52.6% (intensity) by 2027 compared to 
the baseline year 2017. Therefore, Fakhruddin Textile Mills Ltd., one of the largest textile 
manufacturing units of the Urmi Group, installed roof-top solar panels in April 2022 and started to 
add renewable energy with a full design capacity of 2.5 MWp. As a result, solar PV is contributing to 
increasing the share of renewable energy and lessening GHG emissions into the atmosphere. In 
2023, renewable electricity consumption accounted for 10% of the total electricity consumption 
(purchased & captive) of the factory. At the same time, the factory lowered its emissions by 1,216 
tCO2e of greenhouse gas annually.  

Forest, Land and Agriculture (FLAG) emissions estimation  
As required by the Science Based Target Initiative (SBTi), in 2023 we undertook a study to estimate the 
greenhouse gas emissions from the Forest, Land and Agriculture (FLAG) sector of our supply chain. The 
SBT requirement states that we need to set a target for FLAG emissions, if the FLAG-related emissions total 
20% or more of our Scope 1, 2 and 3 emissions. PUMA engaged leading sustainability consultant Sphera to 
assess the FLAG footprint of our materials; the assessment indicates that FLAG emissions constitute 3% of 
the total emissions in 2022 and 4% in the baseline of 2017. Thus, there is no requirement for PUMA to set 
separate FLAG targets under SBT. Out of the total FLAG emissions cotton accounts for 55% of emissions 
followed by leather which contributes 26%. 

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↗ G.17 FLAG EMISSIONS 

Others
3%

Leather
26%

Cotton
55%

Paper and 
cardboard
14%

Rubber
2%

Polyester
0%

↗ T.25 FLAG EMISSIONS 

Total PUMA GHG emissions (Scope 1, 2 & 3)* 

Total FLAG emissions 

FLAG emissions % of total Scope 1, 2 & 3 

2022 

2017 

1,975,535 

1,836,272 

66,324 

3% 

74,408 

4% 

*  Emissions data contain further Scope 3 categories, e.g. the product use phase, which was not taken into account in the 

further Scope 3 considerations of this report, as PUMA has no influence on it 

Scope 3 Category 1 Emissions 
In 2023, we continued our assessment of Scope 3 emissions that come from PUMA’s indirect business 
activities, mainly in the supply chain, by lifecycle expert company Sphera in line with the Greenhouse Gas 
Protocol.  

As in 2022, they conducted a comprehensive assessment of our supply chain emissions beyond Tier 1 
manufacturing, including Tier 2 manufacturing of fabrics and components, estimated emissions from Tier 3 
suppliers and material production using emission factors from their LCA database known as the 
GaBi database.   

↗ T.26 PUMA’S SCOPE 3 CATEGORY-1 CO2E EMISSIONS FROM SELECTED VALUE CHAIN 

ACTIVITIES1 

Scope 3 
Emissions 
(Category -1)   

Absolute GHG 
emissions 
(tCO2 eq)  

2023 

2022 

2021 

2020 

2019 

2018 

2017 
(Baseline) 

% Change 
2017/2023 

 991,864 

1,278,758  

1,242,468 

1,389,335 

1,631,904 

1,484,935  1,409,265  

-30%  

1 

The values for November and December 2023 were estimated by employing the Exponential Smoothing (ETS) algorithm in 
Microsoft Excel, utilizing data from January to October of 2023. This approach was chosen after comparing it to alternative 
methods, considering its performance against actual historical data, specifically in terms of deviation from the actual values 
in percentage terms. The ETS method displayed both higher accuracy and higher precision compared to other methods, 
such as averaging the last 10/12 months or multiplying the estimated production by the average KPI (per production unit) 
from the 12 months of data spanning from November 2021 to October 2022.  
Note: Scope 3 category 1 estimation includes GHG emissions associated with goods and services purchased by PUMA from 

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its suppliers related to PUMA products and associated packaging. This excludes emissions associated with other goods and 
services acquired by PUMA offices, stores and warehouses. 

We can see that our absolute Scope 3 emissions from the purchased goods and services category have 
decreased by 30% from 2017 to 2023, while material consumption has in increased by 10% during the same 
period.  

In view of the global macroeconomic situation, which has led to a change in customers' ordering behaviour, 
and the normalisation of the supply chain, we saw a decline in the order book in the first half of the year and 
stabilisation during the second half, with a return to the pre-pandemic ordering practices. Therefore, we 
actively adjusted sourcing activities respectively and continued to provide transparency to our sourcing 
partners so they can adjust their capacities accordingly. This explains why material consumption and energy 
consumption decreased compared with 2022. This contributed to our absolute greenhouse gas emission 
reduction, alongside energy efficiency improvements and the increased use of renewable electricity at a 
factory level, as well as the usage of more sustainable materials. 

Scope 3 Category 1 emissions mainly originate from two sources; the raw materials and the energy 
consumed by our core Tier 1, Tier 2, Tier 3 (production of raw material) suppliers to produce finished 
materials and components as well as finished goods. A breakdown of total GHG emissions by source is 
presented below. 

↗ G.18 GHG EMISSIONS BY SOURCE 

Scope 3.1 Emissions (2017)

Scope 3.1 Emissions (2023)

Materials
58%

Tier 1&2
24%

Tier 3
18%

Materials
41%

Tier 1&2
34%

Tier 3
25%

Carbon footprint at a supply chain level 
Looking deeper into the emissions from our supply chain, we see that absolute GHG emissions from Tier 1 
and Tier 2 suppliers were 3% lower in 2023 than in 2017. 65% of greenhouse gas emissions are coming from 
Tier 2 factories while 35% of emissions are contributed by Tier 1 factories. Drilling down into product 
divisions, we can see that the Tier 2 textile/fabric mills contribute a maximum of 61% followed by Tier 1 
footwear factories with 26%. This is mainly due to the higher energy footprint of Tier 2 textile wet processing 
units. Further analysis indicates that absolute emissions from Textile Tier 2 factories have increased by 
18% while the production of textile/fabric for PUMA factories has increased by 23% in 2023 as compared to 
2017. The absolute emissions from Footwear Tier 1 factories have reduced by 17% in 2023 as compared to 
2017, while the PUMA production from Tier 1 Footwear factories has increased by 31%. This was achieved 
due to the participation of these factories in cleaner production, renewable energy programmes and the 
purchase of iRECs. 

Absolute GHG emissions from Tier 3 suppliers in 2023 saw a marginal increase of 0.3% compared to 2017. A 
closer look at the data indicates that this marginal increase in absolute emissions from Tier 3 suppliers is 
mainly due to a rise in the consumption of polyester and polyurethane during this period. Polyester and 

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polyurethane together increased by 27% in 2023 as compared to 2017; this was mainly due to an increase in 
sourcing volume but also because our material data quality and accuracy has improved since 2021.  

We see opportunities to further scale up cleaner production and renewable energy programmes to more 
Tier 1 and Tier 2 suppliers, and also to launch them at some of the spinners (Tier 3). 

In 2023, we mapped our core Tier 3 spinning mills for the Apparel division through our core Tier 1 and Tier 2 
suppliers. We could identify 20 spinning mills. We collected yarn volume supply for PUMA production in 2022 
for 19 mills. These 19 factories represented 25.8% of our total volume of yarns sourced in 2022. The objective 
was to engage these factories to collect primary energy data from Tier 3 suppliers to calculate greenhouse 
gas Scope 3 emissions rather than estimating the emissions from Tier 3 factories by using raw material 
data and subsequently to engage them on cleaner production and renewable energy programmes. We 
provided training to these Tier 3 suppliers on energy data questionnaires and asked them to provide the 
data. However, we faced many challenges, including a lack of willingness on the part of these Tier 3 
suppliers to provide energy data and supporting documents.  

Only eight factories submitted data. Out of these eight factories only three factories’ data could be validated. 
The remaining five factories did not provide supporting documents. In coming years, we will continue to 
encourage these suppliers to submit their data. The 2023 Tier 3 emissions are estimated by Sphera using 
its GaBi database. 

↗ T.27 GHG EMISSIONS BY SUPPLIERS1 

2023 

2022 

2021 

2020 

2019 

2018 

2017 
(Baseline) 

% Change 
2022/2023 

% Change 
2017/2023 

334,123  423,762  358,508  297,573  371,420  382,043 

345,361 

 -21% 

-3% 

Absolute GHG emissions 
from Tier 1 and Tier 2 
suppliers (t CO2e)  

Tier 3 suppliers (t CO2e) 

252,918  305,869  284,215  223,909  258,425  193,193 

252,251 

 -17% 

0.3% 

1 

The values for November and December 2023 were estimated by employing the Exponential Smoothing (ETS) algorithm in 
Microsoft Excel, utilizing data from January to October of 2023. This approach was chosen after comparing it to alternative 
methods, considering its performance against actual historical data, specifically in terms of deviation from the actual values 
in percentage terms. The ETS method displayed both higher accuracy and higher precision compared to other methods, 
such as averaging the last 10/12 months or multiplying the estimated production by the average KPI (per production unit) 
from the 12 months of data spanning from November 2021 to October 2022. 
Note: Tier 1 & Tier 2 emissions are estimated based on actual energy consumption collected from core Tier 1 and Tier 2 
factories and extrapolated to cover all Tier 1 and Tier 2 supplier factories. Tier 3 emissions are estimated by Sphera by using 
its GaBi database. 

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↗ G.19 GHG CONTRIBUTION BY PRODUCT DIVISION1-2 

2017

Apparel
9%

Textile
50%

Footwear
31%

Polyurethane
1%

Leather
3%

Accessories
6%

2023

Apparel
6%

Footwear
26%

Accessories
3%

Leather
1%

Textile
61%

Polyurethane
3%

Tier 1: Apparel, Footwear & Accessories factories 

1 
2  Tier 2: Leather, textile, polyurethane factories 

PROPORTION OF PRODUCTION POWERED BY COAL  
Out of the various product divisions, currently coal is only used in leather and textile production. For leather, 
around 24% of PUMA production is powered by coal, of which 7.6% in China and 17.0% in Vietnam. For textile, 
around 43% of PUMA production is powered by coal. Vietnam contributes the most with 31.8%; the remaining 
percentage is shared between Cambodia, China, Taiwan and Turkey. Aligning with PUMA strategies, all 
suppliers that are still using coal for their production have set targets and plan to phase out coal. 

↗ T.28 PERCENTAGE OF PRODUCTION POWERED BY COAL (CORE TIER 2)1 

Tier 2 - 
Leather* 

Tier 2  
Textile** 

China 

7.6% 

Vietnam 

17.0% 

Total 

24.6% 

Cambodia 

3.6% 

China 

1.7% 

Taiwan 

2.3% 

Turkey 

Vietnam 

3.8% 

31.8% 

Total 

43.2% 

*  Core Tier 2 Leather: 5 factories 
**  Core Tier 2 Textile: 32 factories 
1 

The values for November and December 2023 were estimated by employing the Exponential Smoothing (ETS) algorithm in 
Microsoft Excel, utilizing data from January to October of 2023. This approach was chosen after comparing it to alternative 
methods, considering its performance against actual historical data, specifically in terms of deviation from the actual values 
in percentage terms. The ETS method displayed both higher accuracy and higher precision compared to other methods, 
such as averaging the last 10/12 months or multiplying the estimated production by the average KPI (per production unit) 
from the 12 months of data spanning from November 2021 to October 2022. 

Carbon Footprint At A Raw Material Level 
Absolute GHG emissions from raw material consumption fell by 50% even as total material consumption 
increased by 10% since 2017. This was achieved due to our continuous endeavour to shift towards more 
sustainable materials and other measures. More sustainable cotton and polyester increased from 40% and 
47% in 2017 to 99.2% and 85% respectively in 2023. In view of the global macroeconomic situation, which has 
led to a change in customers' ordering behaviour, and the normalisation of the supply chain, we saw a 

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decline in the order book in the first half of the year and stabilisation during the second half. This explains 
why material consumption decreased compared with 2022. 

↗ T.29 GHG EMISSIONS FROM MATERIALS1 

2023 

2022 

2021 

2020 

2019 

2018 

2017 
(Baseline) 

% Change 
2022/2023 

% Change 
2017/2023 

Total raw materials (t)  

174,390  200,514  187,101  195,039 

200,936  179,995 

158,509 

-13% 

10% 

GHG emission from 
materials (tCO2e)   

404,822  549,127  599,849  867,853  1,002,059  549,127 

811,654 

-26% 

-50% 

1  Assumptions: During the Scope 3 assessment, it was observed that material data collection has improved over time and 

that, since 2021, we have been able to capture the material data comprehensively. For example, 2017, material data was not 
available for all types of materials and some material data were incomplete. In the absence of comprehensive raw material 
data for 2017, material data was extrapolated from 2020. Furthermore, we observed that the polyester consumption data for 
footwear was exceptionally high for 2020 and possibly erroneously overestimated. Therefore, the polyester data for footwear 
for 2017 and 2020 was extrapolated from 2019 data. 

A breakdown analysis as shown in the following chart indicates that polyurethane (23%) contributes the 
most, followed by leather (18%) and polyester (17%). The share of rubber has significantly reduced from 33% 
in 2017 to 15% in 2023, mainly due to a reduction in rubber consumption during the same period, while 
the share of polyurethane has significantly increased from 7% in 2017 to 23% in 2023, and polyester’s share 
has increased from 12% to 17% mainly due to significant increase in polyurethane and polyester 
consumption during the same period. The share of leather has fallen from 21% in 2017 to 18% in in 2023. This 
is due to a combination of strategies to replace leather with polyurethane and textile and the improved 
capture of leather data in 2023, as we collected suede leather and grain leather data separately and suede 
leather has a lower carbon footprint than full grain leather.  

The analysis for 2023 indicates that we need to focus more on sustainable alternatives for polyurethane, 
polyester, leather and synthetic rubber.  

↗ G.20 GHG CONTRIBUTIONS BY MATERIALS1-2 

2017

Other
13%

Cotton
8%

Paper packaging
0%

Polyurethane
7%

EVA
6%

Rubber
33%

Leather
21%

Polyester
12%

Plastic packaging
0%

Paper packaging
2%

Polyurethane
23%

2023

Other
4%

Cotton
11%

Leather
18%

EVA
9%

Rubber
15%

Polyester
17%
Plastic packaging
1%

1  Other include: acrylic, linen, lycra, metals, adhesives, etc.   
2  Leather is natural leather while polyurethane is imitation leather, also known as synthetic leather   

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↗ G.21 ENERGY AND WATER CONSUMPTION AT RAW MATERIAL LEVEL 

Energy Consumption (GJ)

Water Consumption (m³)

Paper packaging
1.5%

Other
5.0%

Cotton
2.7% Leather

10.0%

Polyurethane
21.2%

Polyester
20.9%

EVA
13.3%

Plastic packaging
0.2%

Rubber
25.1%

Polyurethane
1.2%

EVA
0.7%
Rubber
1.6%

Plastic packaging
0.0%

Polyester
12.6%

Leather
6.8%

Paper packaging
0.2%

Others
4.3%

Cotton
72.5%

↗ T.30 ENERGY AND WATER CONSUMPTION AT RAW MATERIAL LEVEL 

Material wise analysis 

Water Consumption (m3) 

Energy Consumption (GJ) 

Cotton 

Leather 

Polyester 

Plastic packaging 

Rubber 

EVA 

Polyurethane 

Paper packaging 

Others 

30,115,148 

2,824,342 

5,253,305 

7,520 

684,179 

282,703 

495,391 

77,727 

1,793,769 

255,981 

935,920 

1,950,459 

18,543 

2,338,201 

1,239,101 

1,977,494 

143,537 

469,798 

In 2023, we evaluated the energy and water footprint at a raw material level. The results indicates that the 
energy footprint of rubber is the highest (25.1%) followed by polyurethane (21.2%) and polyester (20.9%). 
When it comes to water cotton has the highest share (72.5%) followed by polyester (12.6%). We intend to use 
this analysis for material selection purposes to reduce the energy and water footprint of our products.    

Renewable Energy  
In line with our 10FOR25 target to achieve a 25% share of renewable energy for core Tier 1 and Tier 2 
suppliers, we have set a goal of 15% renewable energy share for 2023. The share of renewable energy 
consumption by Tier 1 suppliers increased from 11.3% in 2022 to 23.1% in 2023 and Tier 2 suppliers increased 
from 10.8% in 2022 to 21.7% in 2023. The increase in both tiers therefore has helped PUMA to reach an 
overall share of renewable energy of 22.1% in 2023, greatly exceeding our target. This was mainly achieved 
due to the participation of the core suppliers in renewable energy projects, followed by the installation of 
rooftop solar facilities, switching from coal to biomass and the purchase of energy attribute certificates 
by both core Tier 1 and Tier 2 suppliers.  

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↗ T.31 E-KPIS PUMA TIER 1 & TIER 2 PRODUCTION - ENERGY1 

Energy (MWh) 

2023 

2022 

2021 

2020 

2019 

2018 

2017 

% Change 
2020/2023 

PUMA production (Core Tier 1)* 

Non-renewable energy 
consumption from PUMA 
production (Core Tier 1) 

Renewable energy consumption 
from PUMA production (Core Tier 1) 

Percentage of renewable energy 
consumption from PUMA 
production (Core Tier 1) 

PUMA production (Core Tier 2)** 

Non-renewable energy 
consumption from PUMA 
production (Core Tier 2) 

Renewable energy consumption 
from PUMA production (Core Tier 2) 

Percentage of renewable energy 
consumption from PUMA 
production (Core Tier 2) 

PUMA production (Core Tier 1 and 2) 

Non-renewable energy 
consumption from PUMA 
production (Core Tier 1 and 2) 

Renewable energy consumption 
from PUMA production (Core Tier 1 
and 2) 

Percentage of renewable energy 
consumption from PUMA 
production (Core Tier 1 and 2) 

201,553 

292,459 

331,199  221,641  246,160  195,866 

194,881 

-9.1% 

60,662 

37,322 

17,763 

3,013 

294 

1,913.0% 

23.1% 

11.3% 

5.0% 

1.0% 

0.2% 

1,625.0% 

611,238 

744,940 

795,673  607,310 

586,986 

0.6% 

169,655 

90,333 

39,317 

3,393 

524 

4,901.0% 

21.7% 

10.8% 

5.0% 

0.6% 

0.1% 

3,811.0% 

812,792  1,037,399  1,126,872  828,951  246,160  195,866 

781,867 

-1.9% 

230,317 

127,655 

57,080 

6,406 

- 

818 

3,496.0% 

22.1% 

11.0% 

4.8% 

0.8% 

0.1% 

2,779.0% 

*  Core Tier 1 supplier factories Apparel, Footwear and Accessories (62 factories)) 
**  Core Tier 2 supplier factories Leather, PU and Textiles (40 factories) 
1  Data includes extrapolations or estimations where no real data could be provided. The values for November and 

December 2023 were estimated by employing the Exponential Smoothing (ETS) algorithm in Microsoft Excel, utilizing data 
from January to October of 2023. This approach was chosen after comparing it to alternative methods, considering its 
performance against actual historical data, specifically in terms of deviation from the actual values in percentage terms. The 
ETS method displayed both higher accuracy and higher precision compared to other methods, such as averaging the last 
10/12 months or multiplying the estimated production by the average KPI (per production unit) from the 12 months of data 
spanning from November 2021 to October 2022. 

Renewable electricity 
The share of renewable electricity sourcing by Tier 1 and Tier 2 suppliers has increased from 0.35% in 2017 
to 27.4% in 2023. Looking at the Tiers in the value chain, the share of renewable electricity has increased 
from 0.18% in 2017 to 18.0% in 2023 by Tier 1 suppliers, while it has increased from 0.74% to a 
significant 47.2% for Tier 2 suppliers during the same period including the purchase of RECs by suppliers.   

This progress is achieved due to publicly disclosed 2025 goals on renewable energy, one-to-one follow-up 
meetings with the suppliers, the participation of factories in renewable energy programmes which led to 
the installation of roof-top solar PV and the purchase of RECs. Support from the Sourcing department has 
played a major role in engaging with our core suppliers.       

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↗ T.32 SHARE OF RENEWABLE ELECTRICITY AS COMPARED TO GRID ELECTRICITY1-3 

Electricity (kWh) 

2023 

2022 

2021 

2020 

2017 
(Baseline) 

% Change 
2022/2023 

% Change 
2017/2023 

Total renewable  
electricity 

91,246,157 

64,624,534 

14,494,042 

3,588,937 

817,644 

41% 

11060% 

Total grid electricity 

241,651,096 

333,408,508 

324,910,084 

252,665,750 

234,323,351 

-28% 

3% 

Share of renewable 
electricity    

T-1 renewable  
electricity 

27.4% 

16.24% 

4.30% 

1.40% 

0.35% 

69% 

7783% 

40,660,939 

13,695,766 

11,149,103 

1,999,458 

298,283 

197% 

13532% 

T-1 grid electricity 

185,115,917 

266,321,305 

218,804,548 

169,593,745 

164,904,224 

-30% 

12% 

Share of renewable 
electricity (T-1)    

T-2 renewable  
electricity 

18.0% 

4.89% 

4.80% 

1.17% 

0.18% 

268% 

9874% 

50,585,218 

50,928,768 

3,344,939 

1,589,479 

519,361 

-1% 

9640% 

T-2 grid electricity 

56,535,179 

67,087,203 

106,105,536 

83,072,005 

69,419,127 

-16% 

-19% 

Share of renewable 
electricity (T-2)   

47.2% 

43.15% 

3.10% 

1.88% 

0.74% 

9% 

6259% 

1 

The values for November and December 2023 were estimated by employing the Exponential Smoothing (ETS) algorithm in 
Microsoft Excel, utilizing data from January to October of 2023. This approach was chosen after comparing it to alternative 
methods, considering its performance against actual historical data, specifically in terms of deviation from the actual values 
in percentage terms. The ETS method displayed both higher accuracy and higher precision compared to other methods, 
such as averaging the last 10/12 months or multiplying the estimated production by the average KPI (per production unit) 
from the 12 months of data spanning from November 2021 to October 2022.  

2  The total electricity does not include captive electricity generation from fossil fuels such as Natural Gas, Diesel etc.  
3  The renewable energy includes iREC certificates purchased by core leather, polyurethane, textile factories in the year 2023, 

but excludes renewable energy sourced by the Tier 2 core factories e.g., packaging and labelling, trims, footwear bottom and 
knitted uppers. 

Policy Advocacy 
As a part of Policy Engagement working group under Fashion Industry Charter for Climate Action. In 2023, 
the UNFCCC organised a policy dialogue event with stakeholders in Bangladesh. The purpose of this policy 
dialogue was to initiate an inclusive but focused discussion among key stakeholders in the fashion sector 
about how to jointly effect the required changes, identify actions that can be taken in the near-term future to 
accelerate renewable energy, support scaling renewable energy solutions, and connect existing efforts on 
the ground with best practice case studies. 

PUMA participated in this policy dialogue event on February 27th, 2023, along with other brands. The key 
outcomes were: 

•  The government of Bangladesh remains committed to accelerating transition to renewables.  
•  Discussions were focused on exploring direct Power Purchase Agreements (PPAs) as a solution for 

transiting to renewable energy in Bangladesh. 

•  The need for fiscal and tax incentives, including upgrade of tariffs were identified as key required policy 

interventions. 

•  Opportunities to identify financing for renewable energy were another key aspect which needs to be 

explore. 

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GREENHOUSE GAS EMISSIONS FROM THE TRANSPORT OF GOODS 

PUMA’s Logistics Team has been working on reducing greenhouse gas emissions from the transport of 
goods for several years. Key measures include the optimisation of container loads, as well as reducing 
airfreight to an absolute minimum. Air freight reduction is also part of PUMA’s annual bonus targets.   

2023 brought progress in several areas: 

•  We managed to further reduce our airfreight ratio to 0.3%, meaning that only 0.3% of all PUMA goods (by 

unit) are transported by air. This is a significant reduction compared to 2019 (before the COVID-19 
pandemic) where the value was close to 3%. 

•  Together with our main logistics service provider Maersk, we've integrated biofuels into our marine 
shipments as part of Maersk’s eco-friendly shipping initiative. Since February 2023, the utilisation of 
biofuels for transporting goods from our manufacturing sites to the European market has resulted in an 
impressive 84.6% reduction in GHG emissions along these routes. 

•  Our logistics team in the USA was able to expand the use of electric trucks from one to three trucks for 
the transport of PUMA goods between the port in Los Angeles and the warehouse in Torrance. We 
anticipate that more electric trucks will follow in other countries over the next years. 

An electric truck operates at PUMA’s warehouse in California, USA 

↗ G.22 SHARE OF GHG EMISSIONS BY TRANSPORT MODE IN 2019 AND 2023 

2019

Road
23.6%

Rail
1.0%

Sea
19.1%

Air
56.4%

2023

Air
10.1%

Sea
37.0%

Rail
3.1%

Road
49.7%

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↗ T.33 CO2e EMISSIONS PER TRANSPORT MODE 

CO2e emissions (t) 

2023 

2022 

2021 

2019 

Road freight 

Rail freight 

Sea freight 

Air freight 

33,665 

48,345 

38,815 

24,522 

2,103 

675 

3,153 

1,013 

25,070 

45,891 

44,698 

19,830 

6,864 

29,751 

17,731 

58,651 

The graph and table above illustrate the relative downturn in the use of air freight compared to other modes 
of transport. Our airfreight reduction target helped us reduce the share of emissions from airfreight from  
56.4% in 2019 to 10.1% in 2023. 

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CHEMICALS 

TARGET DESCRIPTION:  

•  100% of all PUMA products are safe to use 
•  Maintain RSL compliance rate above 90% 
•  Reduce organic solvent usage to under 10 gr/pair  

Relates to Sustainable United Nations Development Goals 3 and 6 

KPIs: 

•  RSL compliance rate per product division (as a percentage)  
•  Percentage of core suppliers with chemicals inventory and MRSL conformance report (ZDHC InCheck 

reports)   

•  Suppliers’ chemical performance (verified FEM scores under chemical management section) 
•  VOCs used in footwear production (VOC index for shoes) 

PUMA follows the precautionary principle and takes measures to prevent harm to human health and the 
environment from its products and operations. 

All the materials used in PUMA products are subject to our Restricted Substance List (RSL) Testing 
Programme to ensure compliance with global chemical regulations. Rather than applying internal testing 
standards for our tests, we rely on the AFIRM Group’s Product RSL and on the Manufacturing RSL 
developed by the Zero Discharge of Hazardous Chemicals Foundation (ZDHC). 

In 2021, we updated our target to RSL compliance rate above 90% considering the potential use of new 
chemicals in the new material development and innovation. No material with a failed RSL test can be used 
for PUMA products until the failure has been corrected and the material has successfully passed the test. In 
this way, we mitigate the risk of product-level RSL failures. We will still track our RSL failure rates to 
identify improvement opportunities and to prevent such failures from occurring in future.  

At the manufacturing level, as part of our Zero Discharge of Hazardous Chemicals commitment, we 
continued to ban the intentional use of priority chemical groups classified as particularly hazardous under 
ZDHC standards. This phase-out was supported by the widespread use of bluesign® and OEKO-TEX®-
certified materials. There was no intentional use of the priority chemical groups. Poly- and per-fluorinated 
chemicals (PFCs) were used until 2017 for water-repellent finishes on apparel and footwear products. In 
2021 we started using Gore-Tex bluesign®-certified membranes and finishes again, which are either 
completely PFC-free or free from PFCs of environmental concern. In February 2017, Gore announced the 
“Goal and Roadmap for Eliminating PFCs of Environmental Concern (PFCEC)” from the lifecycle of its 
consumer fabric products following discussions with Greenpeace. Gore Fabrics Division is still fully 
committed to the PFCEC-free goals for its consumer products and is now on track to transition most of its 
portfolio by the end of 2025. 

Our phase-out of hazardous substances is also reflected in the results of wastewater tests performed by 
our wet-processing suppliers. The tests show compliance levels of 98% among the 20 MRSL parameters 
listed in the ZDHC MRSL. Most parameters show compliance rates of 100% or close to 100%. Some MRSL 

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↗ Sustainability 

chemicals were still found in certain samples because we share production lines with other brands and 
retailers. Please see our Water and Air section for further details. 

A total of 283 ZDHC Gateway accounts are connected with PUMA: 45 are core Tier 1 and 64 core Tier 2 
factories and the remaining are non-core factories. These factories are part of different ZDHC programmes, 
depending on what applies to them: InCheck reports for MRSL conformance, ClearStream reports for 
wastewater conformance, and the Supplier To Zero programme for chemical management. 

CHEMICAL RISK ASSESSMENT AND NEXT STEPS  

In 2021, we conducted a risk assessment using our risk assessment methodology. We used the Higg FEM 
chemical management 2020 for our core suppliers and engaged with AFIRM and ZDHC foundation to review 
our risk assessment.  

We see a high level of risk in upcoming regulatory requirements. We will keep our engagement with AFIRM 
and FESI as a platform to engage with policymakers in different regions and countries such as EU and the 
USA, so that standards are achievable by the industry.  

PUMA has a long-lasting programme to ensure compliance with industry standards. 

We will keep using the China IPE database to screen any environmental violations by factories located in 
China producing PUMA products or materials. We will keep monitoring compliance with ZDHC Wastewater 
Guidelines, ZDHC MRSL and AFIRM RSL.  

We organised MRSL conformance training for PUMA Tier 1 and Tier 2 suppliers and also invited chemicals 
suppliers to engage on MRSL conformance engagement. In 2023 we initiated in-check report verification by 
an authorised third party to ensure the credibility and reliability of MRSL conformance data.  

The details of compliance with ZDHC Wastewater Guidelines, ZDHC MRSL, and Higg FEM chemical 
management are described in this report.   

2022 PUMA BRANDS TO ZERO – PROGRESSIVE LEVEL 

We reached the Progressive Level for the Brands to Zero Assessment 2023. Brands 
to Zero is ZDHC’s leader programme for contributor brands. ZDHC developed the 
questionnaire and scoring methodology to assess the brands.  

All participating contributors in the leader programmes are graded into three performance levels 
Foundational, Progressive, and Aspirational. Our rating dropped from aspirational level in 2022 to 
progressive level in 2023, due to changes in the rating criteria. Higher weightage is allocated to business 
decisions linked to chemical management performance. Though at PUMA, we have a procedure in place to 
link business decisions with factories’ chemical performance, we have not had such a case. We launched a 
factory scorecard that includes chemical performance in 2021, so far factories have improved their 
performance year after year. 

In the 2023 Brands to Zero Assessment, we achieved a 100% score for five out of ten performance areas 
such as Commitment, Internal Enablement, Supply Chain Engagement, ZDHC Gateway Chemical Module, 
and ZDHC Wastewater Guidelines, as a result of our strong commitment to enhancing sustainable chemical 
management in our supply chain. 

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FEM CHEMICAL MODULE 

PUMA has moved from individual brand chemical and environmental audits to using industry-wide tools, 
such as the Higg Index Facility Environmental Module (FEM) 3.0. PUMA requires an annual external 
verification of the self-assessment FEM modules (verification visits are announced). This external 
verification may be completed by approved verifiers from PUMA’s internal team, other brands, or third-party 
organisations on the approved list from SAC. The FEM Chemical Management Section measures factory 
performance from inventory and purchasing through production, storage, and waste. PUMA’s Chemical 
Performance Rating System is based on the ratings developed from the factories’ verified Higg FEM scores 
under the chemical management section as verified by SAC-approved verifiers: A, B+, B-, C and D. The 
minimum passing grade from a Chemicals perspective is 40% (i.e., only A, B+ and B- ratings are a passing 
score) and C and D are failure ratings. This rating system was presented during meetings of suppliers and 
sourcing teams in 2021 and was implemented gradually during 2022 and 2023. Our Chemicals handbook has 
been updated accordingly. The rating system was included in vendor supplier scorecards along with social 
and environmental ratings. 

The table shows the aggregated verified FEM 2022 chemical module scores (median) for PUMA core 
factories with industry benchmarking. Compared to the industry, the overall verified FEM score for our 
factories is higher than the industry median score. 

↗ G.23 AGGREGATED VERIFIED FEM CHEMICAL SCORE FOR PUMA FACTORIES BENCHMARKED 

WITH INDUSTRY1 

+26%

49%

39%

29%

32%

FEM 2020 PUMA average FEM 2021 PUMA average FEM 2022 PUMA & stichd

average*

FEM 2022 Industry
median**

*  FEM 2022 PUMA and Stichd average: 160 factories; FEM 2021 PUMA average: 142 factories; stichd has 32 core Tier 1 factories 
of which 30 have completed verification. One core factory is a shared factory between PUMA and stichd and hence counted 
once under PUMA 

**  Industry median FEM (6,980 factories): Filters used: Industry sector: Apparel; Footwear; Accessories (includes handbags, 
jewelry, belts, and similar products) and Facility Type: Final Product Assembly; Printing, Product Dyeing and Laundering; 
Material Production (textile, rubber, foam, insulation, pliable materials); Packaging Production 
Verification in 2023 is for FEM2022; Verification in 2022 is for FEM2021 

1 

In 2023, PUMA continued to use the Higg Facility Environmental Module (FEM), an industry tool, to measure 
chemical management performance through the Higg FEM Chemical Management Module, which tracks 
purchasing and inventory management, production, storage, and waste locations. This tool is also used to 
measure Chemical Management performance for stichd core factories.  

In 2022, we communicated our expectation to the PUMA core factories that they improve their verified FEM 
Chemical Management score to 46% in 2023. We exceeded this goal with a FEM Chemical Management 
score for PUMA of 51%. The combined average of PUMA and stichd’s chemical module score also exceeded 
by achieving the target with an average score of 49%. The industry median score is 32%.  

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During 2023, we continued to engage with our PUMA core Tier 1 and Tier 2 factories in capacity-building 
activities and projects in chemical management, for factories with a low Higg FEM Chemical Module score. 
We worked together with industry expert groups like ZDHC, AFIRM as well and ZDHC-approved laboratories 
to organise training webinars and develop training videos in local languages.  

PUMA also continued to join the Chemical Management Improvement (CMI) Programme of GIZ to improve 
the factories’ performance. We collaborated with other brands to nominate participating factories in 
Vietnam for a tutor-assisted and onsite consultancy programme. For other countries, the factories were 
invited to join online training on chemical management developed by GIZ.   

The improvement in the MRSL conformance rate also contributed to an increase in Higg FEM Chemical 
Management score. 

In 2024, we will continue to engage with our core Tier 1 and Tier 2 factories in capacity-building activities and 
projects in chemical management. We will organise customised training sessions by SAC-authorised 
trainers. The training sessions will focus on Higg FEM 4.0, such as key updates and their relevant impact on 
their facility for a smooth transition to the new version. 

SUPPLIER TRAINING 

A series of training sessions were conducted in 2023, covering chemical management in input, process and 
output phases, in collaboration with ZDHC, accredited third-party laboratories and external consultants. 

ZDHC SUPPLIER TO ZERO ASSESSMENT 

In 2023, our factories participated in the ZDHC Supplier To Zero programme, a ZDHC Chemical Management 
System (CMS) Framework that contains a chemical management checklist to help factories identify 
opportunities to improve their chemical performance. 77 core Tier 1 and core Tier 2 factories completed the 
ZDHC Supplier To Zero assessment. Almost all of them completed their assessment at the end of 2023 and 
we will monitor their improvement in 2024. As a result of this programme, the average Higg FEM Chemical 
Management score of the 58 factories which participated in this programme in 2022, improved from 36% in 
2022 to 55% in 2023.  

CHEMICAL MANAGEMENT IMPROVEMENT (CMI) 

Chemical Management Improvement (CMI) training course is an initiative by GIZ. The purpose is to 
develop the knowledge and capacity of the team in charge of chemicals at factories. In 2023, 40 
participants from 23 core factories completed and passed the course. 

In Vietnam, the training aims to develop a sound knowledge of the responsible management of chemicals, 
improving capacities for the corporate environment, safety and health, and resource management in 
relevant industries. Four core factories in Vietnam joined this programme and received onsite consulting 
from Chemical Management Advisors (CMA) assigned by GIZ, such as Leadership and Sustainability 
consultancy company. After the consulting, the factories were requested to submit an Action Plan to 
improve chemical management, CMA will review this and provide recommendations. 24 participants from 
these four factories joined and completed this programme in 2023. 100% of participating factories worked on 
improvement plans after these training sessions.   

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↗ Sustainability 

↗ T.34 SUPPLIER TRAINING 

Virtual training 

Training scope  

Topics 

Number of 
participants 

Number of 
factories 

% of factories 
which joined* 

MRSL 
(jointly organised with a 
ZDHC-approved laboratory) 

Core Tier 1 and 
core Tier 2 in 
MRSL scope 

• ZDHC MRSL V3.1 and 

258 

98 

92% 

ZDHC MRSL 
Conformance Guidance 
V2.0 

• How to improve MRSL 

conformance rate 

• PUMA Chemical 
Management 
Programme 

• Chemical Inventory 

Management / Bhive 
InCheck report 
introduction 

22 

11 

92%  

• ZDHC MRSL/InCheck 

168 

96 

91% 

report 

• ZDHC verified InCheck 

level 1 & PUMA 
InCheck Verification 
requirement 

Remaining core 
factories in MRSL 
scope don’t have 
InCheck Report 

Core Tier 1 and 
core Tier 2 in 
MRSL scope 

All Tier 1 and Tier 
2 

RSL standard and testing 
matrix update and 
implementation 

452  Approx. 160 

24% 

Conducted 3 sessions in 
3 different languages 

Chemical Inventory 
Management/Bhive 
(jointly organised with a 
ZDHC-approved solution 
provider) 
Conducted 4 sessions in 
4 different languages 

ZDHC InCheck verification 
(jointly organised with a 
ZDHC-approved solution 
provider and a ZDHC-
approved laboratory) 
Conducted 3 sessions in 
3 different languages 

RSL 
(Jointly organised with 
accredited third-party 
laboratory) 

*  % of factories joined the training, calculated based on the total the factories in the scope for each subject matter training 

In 2023, Chemical Management training sessions covered MRSL conformance and factory chemical 
management. Ten training sessions were conducted in four different languages. More than 200 factories 
and nearly 450 participants were invited. More than 90% of participants were satisfied with the training. 

These training programmes helped our suppliers to improve their understanding of PUMA and industry 
requirements and to improve the effectiveness of their Chemical Management Systems. After the training, 
the core factories with low MRSL conformance rates developed an Action Plan to improve MRSL 
conformance. We received and reviewed Action Plans from 13 factories to facilitate their implementation. 

We also encouraged the suppliers’ chemical management teams to attend training courses under ZDHC 
Academy as conducted by ZDHC-approved service providers. Examples of the training courses that PUMA 
suppliers attended include ZDHC Chemical Management System (CMS) and Technical Industry Guide (TIG) 
training. 

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↗ Sustainability 

RESTRICTED SUBSTANCE LIST (RSL) 

Between January and October 2023, we received 6,130 RSL tests and material certification submissions with 
an overall RSL compliance rate maintained above 98%. Materials found to be non-compliant with PUMA RSL 
cannot be used for PUMA products and suppliers need to arrange corrective actions, remediation and retest 
the materials. This is to ensure that PUMA products are compliant with our RSL requirements. 

↗ G.24 RSL COMPLIANCE RATE BY DIVISION 2023 (JAN-OCT) (%) 

92,7%

99.5%

99,1%

95,9%

98,7%

Accessories

Apparel

Footwear

Others

Overall (Jan-Oct)

↗ T.35 RSL TEST STATISTICS 2020-2023 (JAN-OCT) 

2023 (Jan-Oct) 

2022  

2021  

2020  

Product 
division   

No. of test 
submission  

Compliance 
rate (%)  

No. of test 
submission  

Compliance 
rate (%)  

No. of test 
submission  

Compliance 
rate (%)  

No. of test 
submission  

Compliance 
rate (%)  

Footwear   

Apparel   

Accessories 

Others 

Total   

4,622 

1,018 

441 

49 

99.1 

99.5 

92.7 

95.9 

5,350  

1,499  

846  

156  

98.6 

99.3 

96.5 

96.2 

5,847  

1,467  

737  

133  

98.8  

99.0  

94.4  

97.7  

5,117  

1,318  

878  

152  

6,130 

98.7 

7,851  

98.5 

8,184  

98.4  

7,465  

99.3  

98.9  

96.8  

91.4  

98.8  

RANDOM TESTING 

PUMA performs due diligence random RSL tests on high-risk materials of finished products. By 
October 2023, we had tested 130 materials in nine finished products across footwear, apparel and accessories 
from different suppliers in different sourcing regions, and the pass rate was 99% as of October 2023. 

All tested products are compliant with the legal requirements. The supplier took follow-up action to improve 
the failed component found.  

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MANUFACTURING RESTRICTED SUBSTANCE LIST (MRSL) 

Regarding MRSL conformance, we use ZDHC MRSL, an industry standard adopted by many brands/retailers 
at the supplier level. Out of 131 core factories, 25 factories do not use chemicals during the manufacturing 
process and therefore are out of the scope of MRSL. 

In 2023, 96 of our core factories used either BHive, CleanChain, or E3 tools to track MRSL compliance. 86% 
of Tier 1 factories and 94% of Tier 2 factories under the scope of our MRSL programme have an InCheck 
Report, issued by ZDHC-approved solution providers to track MRSL compliance. These are the chemical 
management platforms used to manage chemical inventory and generate Performance InCheck Reports, 
which provide a summary of the MRSL conformance of the factory’s chemical inventory. 

↗ T.36 MRSL STATUS* 

Core Tier 1 

Core Tier 2 

Total 

Number of factories 

In MRSL scope 

With Chemical Inventory List 

With Incheck Report 

43 

63 

106 

37 

59 

96 

37 

59 

96 

*  The data is based on the Aug/Sep/Oct InCheck Report and only includes factories with a complete Chemical Inventory List (CIL) 

The BHive app uses OCR technology to allow manufacturing facilities to take smartphone photos of 
chemical product labels, generate a full and accurate chemical inventory, and quickly identify which 
chemical products meet MRSL requirements used by many brands and retailers. Facilities can then see 
which chemicals they should keep using and which they should phase out. 

↗ CASE STUDIES 

Gold Emperor Group is a footwear manufacturer in China that developed an Action Plan to improve 
MRSL conformance in 2023. They analysed the MRSL conformance rate, based on the January to 
July 2023 InCheck reports to make a list of the top Non-conformance Chemicals. Then they engaged 
with the concerned chemical suppliers to request that they register in ZDHC Gateway platform and 
submit the evidence that their chemicals comply with ZDHC MRSL (at least level 1) on this platform. 
The factory improved its MRSL conformance rate from 31% in 2022 to 92% in 2023. This conformance 
rate is very high compared to PUMA's average MRSL conformance rate of 71%. 

Active Creation under DSC group is an insole factory in Vietnam that joined the Chemical 
Management Improvement (CMI) programme of GIZ to improve its Chemical Management 
performance. Under this programme, the factory completed training courses on chemical 
management systems through an online platform. As part of this programme, a Chemical 
Management Advisor visited the factory and prepared a Performance Improvement Plan. As a result, 
this factory has significantly improved its verified Higg FEM Chemical Management scores from 18% 
in 2022 to 60% in 2023.  

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↗ Sustainability 

↗ T.37 MRSL CONFORMANCE 

No. factory have InCheck report 

No. factory has achieved MRSL target 

% factory has achieved MRSL target 

Average MRSL conformance rate 

96 

59 

61% 

71% 

Based on a baseline of 45% in 2021, we set a goal of 70% MRSL conformance in 2023 for all factories with an 
InCheck report. We exceeded the 2023 Goal with an average MRSL conformance rate of 71% for 96 factories 
with an InCheck report. 59 out of 96 core factories reached a conformance rate higher than 70% MRSL 
conformance by weight. 37 factories did not reach 70% MRSL conformance rate. 

In 2024, we will strive for all core factories to have an InCheck report. We will organise customised training 
sessions together with ZDHC and ZDHC-approved third-party laboratories, to improve MRSL conformance 
rate for the factories. 2024’s MRSL conformance goal is 80% for all factories with an InCheck report.  

In 2023, we worked with ZDHC-approved verifiers to conduct a verification of InCheck. The Verified InCheck  
is an on-site review to establish credibility and trust in the chemical inventory that was used by the supplier 
to generate their Performance InCheck Reports. The verification is done by a ZDHC-approved third-party or 
second-party (brand representative) verifier who conduct “spot check” verification of specific parameters. 
To pass the verification ≥ 80% of the spot check parameters need to be validated, then the factory gets a 
passed Verified InCheck checkmark on their ZDHC Gateway account. Out of 96 core factories with InCheck 
report, 79 went through the verification process. 75 obtained a passed verified InCheck report. The four 
factories with a failed InCheck verification (less than 80% validation rate) were required to conduct a Root 
Cause Analysis, create a Corrective Action Plan and re-verify after at least three months. We will follow up 
on the implementation of their action plan and will re-verify in 2024.  

Besides using a chemical inventory to control input chemistry, we also use wastewater tests conducted by 
accredited independent laboratories to ensure no harmful chemicals are released through the wastewater 
of our manufacturer’s facilities with wet processing. The results of these tests show a compliance rate of 
over 90% for each parameter, with most parameters scoring 99 or 100% compliance.  

More details on wastewater testing are provided in the Water and Air section of this report. 

VOLATILE ORGANIC COMPOUNDS 

With much collaborative effort, we continue to edge closer toward our 2025 target of limiting volatile organic 
compounds (VOC) emissions to 10 g per pair of footwear produced. Although we faced certain supply chain 
difficulties in 2023, including the increased bonding requirements for our fast-growing performance 
categories, we have again managed to reduce our VOC and for 2023 we are reporting 12.5 g per pair. Looking 
towards 2025, we remain confident of achieving our 2025 target, through the increased use of water-based 
adhesives, as well as further innovations within our adhesive suppliers.  

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↗ Sustainability 

↗ G.25 VOC INDEX DEVELOPMENT OVER TIME1 

g / pair of shoes

70

66.7

56.2

46.8

43.0 42.2

39.8 41.2 40.2

37.0

33.1

30.7 28.7

60

50

40

30

20

10

0

24.1

21.2 20.9

17.7

15.6 14.7 13.6 13.2 12.5

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

2023

Year

Actual

EU Eco Label (18 gr/ pair)

2025 Target (10 gr/pair)

1  Since 2019 figure-based for core suppliers in alignment with the general reporting scope. 

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WATER AND AIR 

TARGET DESCRIPTION:  

• 

Industry good practice for effluent treatment is met by 90% of core PUMA suppliers with wet-processing 
facilities  
Industry good practice for air emissions is met by 90% of core PUMA suppliers with significant emissions  

• 
•  Reduce water consumption at PUMA core suppliers per pair or piece by 15% (based on 2020 baseline) 

Relates to United Nations Sustainable Development Goals 6, 14 and 15 

EXAMPLES OF THE 10FOR25 ACTION PLAN: 
•  Ensure regular wastewater testing at relevant suppliers 
•  Ensure regular air-quality assessments at relevant suppliers 
•  Support the development of an industry-wide air quality standard 

KPIs: 
•  Percentage of core suppliers meeting good practice standards for wastewater  
•  Percentage of core suppliers meeting good practice standards for air emissions 
•  Percentage of water saved per pair/piece 

WATER ROADMAP AND RISK ASSESSMENT  

In 2021 we developed a water roadmap and conducted a risk assessment using our risk assessment 
methodology. 

WATER ROAD MAP 

Below are some key focus areas for the coming years. The measures below are a continuation of the ones 
started in 2021. 

•  Raise awareness: As a part of Higg FEM training, we provided training to suppliers on how to improve 

their score in water and wastewater sections. The cleaner production programmes like Clean by Design 
(CbD), and PaCT provided support to suppliers to help them reduce water consumption in selected core 
factories. The targets on water consumption reduction and ZDHC wastewater compliance rate were 
communicated to the suppliers during supplier meetings. We also reviewed these KPIs in one-to-one 
meetings with our core suppliers.  

•  Knowledge of impact: We continued our Life Cycle Assessment (LCA) journey for our top selling 
products. In 2023 we conducted LCA of three types of sports jerseys made of virgin polyester, PET 
recycled polyester and RE:FIBRE polyester. We also completed an LCA to compare cotton fabric with a 
75/25 blend of virgin and recycled cotton. LCA results are reported under the Products section of this 
report. As a part of Higg FEM self-assessment the core suppliers and selected noncore suppliers have 
conducted water risk assessments by using either the WRI Aqueduct Tool or the WWF Water Risk 
Filter. In 2023, we conducted a waste governance mapping for our top three sourcing countries, 
summarised their water policy landscape and mapped key local stakeholders. We also conducted a 
water risk assessment for our wet processing core factories. 

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• 

Internal action: Our Material and Development teams continued to launch products with a reduced 
water footprint. We created a Microsoft excel tool for internal decision making which compares the 
environmental impact of alternative materials. Our suppliers improved their efforts to recycle treated 
wastewater, process optimisation, implement rainwater collection etc. to reduce the water footprint in 
the supply chain. Some of the case studies are presented in this report.  

•  Collaboration and partnership: We continue to participate in industry-wide cleaner production projects, 

which include water efficiency measures.  

WATER RISK ASSESSMENT 

WATER RISK ASSESSMENT AT OUR OWN OPERATIONS 

In 2022 we added a water risk mapping for our PUMA sites (offices, stores and logistic centres) globally. 
Using the WWF Water Risk Filter, we identified 164 sites in areas of water scarcity. For the sites, we 
identified the water consumption and compared it to the water consumption of similar sites (offices, stores 
and warehouses separately assessed). We also published an environmental handbook for our entities with 
recommendations for water-saving measures. In 2023 we followed up with the identified sites and asked for 
planned or implemented actions on water savings. 

At our headquarters in Herzogenaurach, we collect rainwater on our property and use it in the office and the 
surrounding green area. This helps us reduce our freshwater consumption and water costs. 

Most of the other PUMA-operated sites globally are rented and both, rented as well as non-rented, none of 
the sites use water for industrial processes. Therefore, our ability to reduce water consumption at our sites 
is limited to using water-efficient kitchen equipment and sanitary facilities. 

WATER RISK ASSESSMENT IN THE SUPPLY CHAIN 

DETOX.Live is a public disclosure platform operated by ZDHC that provides an overview of suppliers and 
their input and output control performance, including facility wastewater performance according to ZDHC 
Wastewater Guidelines. Factory performance, after uploading the test data to ZDHC Gateway Wastewater 
Module, is shown in three different colour codes on the public DETOX.Live map: green – facility meets the 
ZDHC requirements, red -  facility does not meet requirements, and orange - facility does not meet the 
requirements but a CAP (Corrective Action Plan) was submitted.  

We will use the DETOX.Live platform to check the wastewater performance of new factories that have not 
connected with PUMA on the ZDHC Gateway. We can know whether new factories have implemented ZDHC 
Wastewater Guidelines, and what their wastewater performance is like. 

PUMA has also adopted ELEVATE intelligence (EiQ), a comprehensive suite of supply chain analytics, to: 
•  Assess our supply chain risks by geography, commodity and issue. 
•  Complete a risk assessment for suppliers, factories and sites. 
•  Manage risks that are material for each supplier, factory or site. 

In 2023, we conducted a water risk assessment for 62 wet processing core Tier 1 and Tier 2 factories located 
in six sourcing countries: Vietnam, China, Bangladesh, Taiwan, Cambodia, Turkey and Indonesia. We used 
the WWF Risk Filter and WRI Aqueduct. With the WWF Risk Filter, we assessed basin risk covering water 
scarcity, water quality and regulatory risk. With WRI Aqueduct, we assessed physical risk quantity and 
quality, as regulatory and reputational risks.  

We identified which factories are located in high and very/extremely high-risk areas. Then we looked at their 
water KPIs, ZDHC wastewater standards conformance, MRSL compliance rate and their water consumption 
reduction initiatives to mitigate water risks. 

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Out of 62 wet processing factories, 50 have a high and extremely high-water risk level as per the WRI 
Aqueduct. Out of these 50 high and extremely high-water risk level factories, 26 have a FEM 2022 water 
module score higher than PUMA average, 31 factories have MRSL conformance rate higher than the PUMA 
goal, 35 factories comply with ZDHC wastewater compliance, 15 have water KPIs above PUMA average and 
13 factories have wastewater recycling practices. In the coming years, we plan to work with high and 
extremely high-risk factories that do not have adequate risk mitigation measures in place. These activities 
will include providing training and support in terms of improving MRSL conformance, corrective action 
plans for ZDHC wastewater failures, improving Higg FEM water module score, enrolment in resource 
efficiency programmes where possible, raising awareness of wastewater recycling and implementing water 
reduction initiatives.         

WATER GOVERNANCE 

In 2023, we conducted a water governance mapping for our top three sourcing countries, namely Vietnam, 
China and Bangladesh. We looked at the water policy landscape and identified key stakeholders. Challenges 
and opportunities in water and wastewater management were also identified for each of the regions. We 
found that water, wastewater policy and regulations are evolving with stringent requirements being 
introduced progressively. We also see that interesting water projects are being undertaken in these 
countries on water reduction and water recycling. 

Vietnam has a national strategy on water, regulations on water security, water protection and development. 
The five countries (Vietnam included) under the Mekong River Commission promote and coordinate the 
sustainable management and development of water, for the mutual benefit of these countries and their 
citizens’ well-being through a 2030 strategy. In addition, Vietnam has a national 2030 Water Resource 
Strategy with a view to 2045. There are some fiscal incentives in place, such as tax reduction or exemption 
schemes for the effective use of water. There are resource efficiency programmes such as FABRIC 
programme by GIZ, HSBC water programme, Clean by design by Aii and WWF’s Greater Mekong Delta, 
Vietnam improvement programme by IFC, and Race to Top by IDH. There is a need for more public-private 
partnership projects to develop further competence for green business or to encourage green 
production. There is also a legislation gap related to groundwater withdrawal. 

China has an elaborate regulation on water and wastewater. In 2019, the country introduced the Developed 
National Water Conservation Plan. The fourteenth five-year plan released in 2022 focuses on national water 
security over the next 100 years, to target flood control and drought relief, utilisation of water resources, 
optimal allocation of water resources to prevent uneven water distribution and aquatic ecology protection.  

Water/resource efficiency improvement programmes launched in China include WWF’s water stewardship 
programme, GIZ’s FABRIC programme, and the Clean by Design programme by Apparel Impact Initiative. 
The Institute of Public & Environmental Affairs (IPE) publishes a Water Map, to visualise China’s ground 
water and drinking water source quality over the years.  

China is still having critical issues with the unbalanced distribution of water resources which leads to water 
stress in specific areas, especially the east of the country where industries are blooming, and the population 
is rapidly growing.  

Bangladesh's latest regulation on water was introduced in 2013 and introduces amendments and new 
regulations to promote water conservation in the country. Legal frameworks need to be consistent and 
integrated, and account for all major water impacts and risks within Bangladesh. Falling groundwater 
tables combined with the projected increased water abstraction rates are likely to threaten industrial 
production. The cost of developing alternative water sources is substantial and could hinder growth. The 
country is prone to flooding with a very high-risk rating by the WWF Risk Filter. Water Partnership for 
Cleaner Textile (PaCT) by IFC and Sweden Textile Water Initiative (STWI) by Stockholm International Water 
Institute are a few successful resource/water efficiency improvement programmes implemented in the 
country.  

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We mapped our core factories in these three countries to evaluate the risks and determine if mitigation 
measures through our water-related goals and the factories' own initiative address these risks. 

In coming years, we will engage with relevant stakeholders to promote water conservation and recycling in 
these key sourcing countries.     

LCA WATER DATA 

In 2023, we did an analysis of Life Cycle Assessment (LCA) studies conducted during 2021 to 2023 with a 
focus on water footprint*. The objective was to come up with an actionable framework for material selection 
that would reduce our water footprint. Six footwear products, five apparel products, one accessory 
product** and three types of cotton fabrics were analysed. The outcome is summarised below.  

Among the three product divisions, the water footprint of apparel products was the highest, followed by 
footwear and accessories.  

Apparel: We found out that the consumer use phase of apparel products has the highest impact on the total 
water footprint (44 to 81% of total lifecycle water footprint), which is due to consumers washing garments at 
home. Since the use phase impact is not under our control, we excluded it from our water footprint 
analysis. We observed that the fabric dyeing process at Tier 2 factories has a larger water footprint (8 to 29% 
of the total lifecycle water footprint excluding the use phase) as compared to other manufacturing 
processes such as spinning, knitting, garment manufacturing and packaging. It was found that the water 
footprint of cotton is larger than that of polyester material. This is mainly due to the water consumption 
during cotton cultivation. This also explains why recycled cotton has a smaller water footprint than virgin 
cotton. From a water impact perspective, recycled polyester appears to be the best option. The analysis 
indicates that selecting materials with less water impact such as recycled cotton and polyester and 
materials made of Better Cotton fibre helps to reduce our water footprint. Better Cotton helps farmers to 
use water in a way that is environmentally sustainable, economically beneficial and socially equitable. This 
water stewardship approach can improve crop yields, strengthen resilience to climate change, minimise 
negative impacts on water quality and enable fair water access for all users in a catchment area. The 
analysis also indicates that we should focus on improving the water efficiency of the dyeing mills. This could 
include the installation of low-water ratio dyeing machines, waterless dyeing machines and recycling of 
wastewater.  

Footwear: The Life Cycle Assessment (LCA) of footwear highlights the various environmental implications 
connected with various materials and phases of manufacture. Notably, Ethyl Vinyl Acetate (EVA) which is 
generally used as a midsole, appears to be a low water footprint substance, providing a better 
option. Polyurethane (PU), leather, and natural rubber, on the other hand, have larger water footprints. This 
calls for our innovation and material team to focus on having more recycled materials such as recycled 
polyester, recycled PU, recycled rubber and recycled EVA. We mainly source leather from tanneries which 
are LWG certified. In 2021 LWG released a new version of the LWG audit standard, bringing major changes to 
how they assess leather manufacturers, this will help to further reduce the water footprint of leather 
footwear products.  

*  Water Footprint is expressed in terms of blue water consumption (BWC), which means freshwater consumption sourced 

from surface and ground water  

**  Since there is only one accessory product for which the LCA was conducted so far, there was not enough data to compare 
among accessories materials and reach a conclusion. Hence, the analysis on accessory materials was excluded from the 
above description. 

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MRSL WASTEWATER TESTING  

Since 2015 we have increased the number of wastewater tests from 33 to 153 factories and in 2023 we 
received 276 Wastewater test reports. 97% of all factories with wet-processing facilities (157 factories have 
wet processes) have been covered by tests, and tests show that all these factories have at least a 90% 
compliance rate with the ZDHC Wastewater Guidelines (Foundational level). ZDHC has created a three-level 
approach to the limits for heavy metals and conventional parameters to promote continuous improvement. 
The limits get more stringent as they move from Foundational, Progressive to Aspirational levels. 

All 153 suppliers have a ZDHC ClearStream report. ClearStream report, an easy-to-read facility 
performance report of ZDHC wastewater conformance, is automatically generated on the ZDHC gateway 
platform. To obtain a ZDHC ClearStream report, the factories must conduct wastewater testing following the 
ZDHC Wastewater Guidelines at one of ZDHC Accepted Laboratories, and all test results must be uploaded 
to the ZDHC Gateway Platform by the laboratory. 

Out of 153 factories, 117 factories are fully compliant with all ZDHC Wastewater Guidelines requirements. 
Where a wastewater test failed, we helped factories to conduct a root cause analysis and create corrective 
actions for wastewater and sludge, using the industry standard template. In 2023, we followed up with those 
factories that failed to fully comply with the Wastewater Guidelines, and received ten corrective action plans. 
We will continue to follow up through 2024 to obtain corrective action plans and we will evaluate further 
measures that need to be taken. We will also follow up on their implementation through wastewater testing 
in 2024.  

In 2023 we partnered with an accredited third-party laboratory to organise training on chemical 
management and wastewater conformance, as well as root cause analysis and corrective actions for non-
conformance. Case studies of conventional parameter failures have been presented in the training. 

The overall compliance rate for each category is: 

•  Conventional wastewater parameters: 99% 
•  Heavy metals: 99% 
•  Restricted chemicals (MRSL): 98% 

The overall compliance rate for conventional parameters increased by 1% in 2023 as compared to 2022, the 
compliance rate for heavy metals was maintained at 99%, and the compliance rate for restricted chemicals 
has fallen by 1%. The reason for the lower compliance rate for restricted chemicals this year is that 50% of 
the factories do not comply with new substances listed in ZDHC Wastewater Guidelines Version 2.1, which is 
a new version that came into effect in 2023. 

The conventional wastewater parameters, apply only to suppliers which discharge their wastewater directly 
into natural water bodies. Test results show over 90% compliance with the ZDHC Wastewater Guidelines 
(Foundational level). For heavy metals and restricted substances, the test results also show over 90% 
compliance for each parameter with the ZDHC Wastewater Guidelines. This means we have achieved our 
wastewater quality target as a part of our 10FOR25 sustainability goals.  

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↗ G.26 PERFORMANCE AGAINST  ZDHC WASTEWATER QUALITY GUIDELINE – CONVENTIONAL 

PARAMETERS 

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

2022

2023

↗ G.27 PERFORMANCE AGAINST  ZDHC WASTEWATER QUALITY GUIDELINE – HEAVY METALS 

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

2022

2023

*  Antimony is subject to an exemption for mills that produce or dye polyester fabric because the antimony is used as a catalyst 
for polyester production and it is natural to have antimony in the wastewater. This is acceptable as per ZDHC Guidelines. 

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↗ G.28 PERFORMANCE AGAINST ZDHC WASTEWATER QUALITY GUIDELINE – RESTRICTED 

CHEMICALS 

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

2022

2023

SUPPLIER TRAINING 

To help our suppliers better understand the requirements set by PUMA and the industry, we trained 
suppliers in standards, guidelines, tools as well as methodology for nonconformance investigation and 
remediation. Case studies of restricted chemicals and heavy metal parameter failures were used in the 
training. 

↗ T.38 SUPPLIER TRAINING 

Virtual Training 

ZDHC Wastewater and Root Cause 
Analysis & Corrective Actions  
Conducted 4 sessions in 3 different 
languages 

Training 
scope 

Topics 

Number of 
factories 

Number of 
participants 

% factories 
trained* 

All Tier 1 
and core 
Tier 2 with 
wet 
processing 

ZDHC WW guidelines V 
2.0 and implementation  
Root Cause Analysis & 
Corrective Actions for 
Non-conformance 
Wastewater 

95 

182 

61% 

*  % of factories joined the training, based on the total number of factories in the scope for this training. 61% of factories 

participated in the training as some of the factories are aware of these requirements and methodologies and hence did not 
join the training.  

In 2023, we partnered with an accredited third-party laboratory to organise a “Chemical Management on 
Wastewater Conformance Updates Training and Root Cause Analysis/Corrective Actions” for suppliers not 
conformant with the ZDHC Wastewater. Case studies of conventional parameter failures were used in the 
training. 

A total of four training sessions were conducted in three different languages. More than 180 participants from 
95 factories joined. More than 90% of participants were satisfied with the training arrangement and content. 

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The training helped the factories’ participants to understand the new ZDHC Wastewater Guidelines, along 
with implications and impacts on their facility of the key updates. It also clarified how to conduct a 
Wastewater Root Cause Analysis and take Corrective Actions in the event of a non-compliant test result.  

After the training, the factories which were not compliant with the ZDHC Wastewater Guidelines, were 
required to conduct a Wastewater Root Cause Analysis and provide Corrective Actions. We received ten 
Corrective Action Plans from ten factories. We will follow up on their implementation through wastewater 
testing in 2024.  

In addition, we encouraged suppliers’ chemical management teams to attend in-depth training courses as 
part of the ZDHC Academy, which is conducted by ZDHC-approved service providers.  

WATER SAVING 

In 2023, we expanded the participation of our core Tier 1 and Tier 2 suppliers in cleaner production 
programmes to improve energy and water efficiency.  

Below are the annual savings from completed and ongoing projects between 2019 and the end of 2023: 

•  Greenhouse gas reduction: 90,182 tCO2e per year 
•  Renewable energy: 247 MWp of RE capacity (including offsite wind) added in 2021, 2022 and 2023 
•  Water saving: 2,401,002 m3 per year 
•  Energy saving: 177,168 MWh per year  

Apart from our 10FOR25 targets, we have set a target to reduce water consumption by 15% per unit of 
products manufactured in 2025 compared to the 2020 baseline. 

For further data on water consumption, please refer to the Environmental Key Performance Data section of 
this report. 

↗ G.29  PUMA CDP WATER SCORE 

C

2020

B-

2021

B

2022

PUMA’s CDP water score improved from B- in 2021 to B in 2022. Until the end of January, 2024 we retained 
our B score. For more information, please visit the CDP website. 

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↗ CASE STUDY 

Water reduction at two suppliers 
Tai Hing Zipper, introduced an innovative wastewater treatment and recycling plant for its dying 
system in 2022 with an investment of $ 800,000. This advanced biological treatment along with a 
water recycling plant, helps in conserving 90% of water for every kilogram of fabric. From its early 
stage of implementation to the present, water usage and wastewater output have been significantly 
optimised. Previously, consuming 100 m3 of water per day in the dyeing workshop, the factory has 
progressively reduced its water consumption to an average of 10 m3 per day for the same production 
volume. The factory has adopted an innovative technology called the A/O process for the treatment of 
wastewater generated from its dyeing operation. This allows for the recycling of the treated 
wastewater back into the dyeing process. The factory has also installed a chemical index monitor to 
facilitate the monitoring of the treated wastewater quality.  

SQUARE Fashions Limited (SFL), a vertically integrated readymade garments manufacturing 
company has placed significant emphasis on sustainability and environmental responsibility. To 
further enhance these goals, SFL implemented various measures in 2023 to reduce its impact on 
water. These include the installation of a water reclamation plant, rainwater harvesting systems, 
reuse of steam condensate water, process optimisation, reuse of machine cooling water and raising 
awareness amongst employees. These initiatives resulted in a reduction of 36.3% as compared to 
2022 in groundwater consumption. This accounts for an absolute annual saving of 1,128,755 m3 and a 
financial savings of 10 million BDT ($ 97,785) in 2023. 

↗ T.39 E-KPIS – WATER1-6 

Water 

2023 

2022 

2021 

2020 

2019 

2018 

Change 
2020/2023 

Total Water from own operations (m³) 

142,565  147,227  116,829  96,569 

89,767  95,291 

47.6 % 

Public network consumption (m³) 

137,651  143,332  116,829  96,569 

89,767  95,291 

42.5 % 

Rainwater consumption (m³) 

4,914 

3,895 

Total Water from PUMA production (core Tier 1&2) 
(k m³) 

7,322 

8,507 

8,475 

7,128 

2,572 

2,030 

2.7 % 

Total Water from PUMA production (Tier 1) (k m³) 

2,157 

2,551 

2,706 

2,332 

2,572 

2,030 

-7.5 % 

Total Water from PUMA production (Tier 2) (k m³) 

5,164 

5,956 

5,769 

4,796 

7.7 % 

1  Figures include PUMA owned or operated offices, warehouses and stores. Includes our own production sites in Argentina. 
All other production is outsourced to independent supplier factories, some warehouse operations are outsourced to 
independent logistics providers. Franchised stores are excluded. 

2  Data includes extrapolations or estimations where no real data could be provided 
3  Methodological changes over the last three years have influenced results 
4  PUMA Production (Tier 1) includes core Tier 1 supplier factories, Apparel, Footwear & Accessories (54 factories) 
5  PUMA Production (core Tier 2) includes core Tier 2 supplier factories, Leather, PU & Textiles (40 factories) 
6  The values for November and December 2023 were estimated by employing the Exponential Smoothing (ETS) algorithm in 
Microsoft Excel, utilizing data from January to October of 2023. This approach was chosen after comparing it to alternative 
methods, considering its performance against actual historical data, specifically in terms of deviation from the actual values 
in percentage terms. The ETS method displayed both higher accuracy and higher precision compared to other methods, 
such as averaging the last 10/12 months or multiplying the estimated production by the average KPI (per production unit) 

from the 12 months of data spanning from November 2021 to October 2022. 

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Although we do not have any goal for absolute reduction in water consumption from our core suppliers, we 
continue to track their water consumption. In 2023, the absolute water consumption has decreased by 7.5% 
for Tier 1 suppliers, as compared to the baseline of 2020. This is achieved due to a decrease in production 
volume for apparel by 15% and an improvement in water usage efficiency per pair of footwear by 21.5% 
during the same period.  

For Tier 2 suppliers, absolute water consumption has increased by 7.7% compared to the baseline of 2020, 
despite a significant increase in production volume in all Tier 2 divisions (12% for textiles, 7.3% for leather, 
and 171% for PU). It is worth noting that water usage efficiency at textile production, the highest contributor 
to water usage, has improved by 4.9% (from 103 to 98.3 m3/ton of fabric), due to the water-saving measures 
taken by the suppliers including the installation of water recycling plants by some suppliers towards end of 
2022. The increased usage of recycled materials such as recycled cotton and recycled polyester has also 
contributed to less water consumption.  

AIR EMISSION 

AIR EMISSION AT OUR OWN OPERATIONS  

In terms of air emissions, there are no significant air emissions to report from our own sites. We have 
outsourced all manufacturing to external manufacturing partners and at our largest sites globally we do not 
have any industrial processes which could create air emissions. The only exception is our own 
manufacturing site in Argentina, which is covered by our supply chain efforts listed below. 

For our largest site, our global headquarters, we use district heating and heat pumps for heating, resulting 
in zero direct air emissions from the building. This fact was confirmed during our ISO 14001 certification 
audit in 2022. 

AIR EMISSION IN OUR SUPPLY CHAIN  

Since the publication of the ZDHC Air Emission Guidelines was still not been finalised in 2023, we decided to 
internally monitor our core supply chain’s performance regarding air emissions. We designed a set of 
questionnaires to gather the relevant air emission compliance information for our 131 core factories (Tier 1 
and Tier 2), towards local regulations (samples are selected by the factories and tested towards the 
requirements provided by the local environmental authorities). 

The result shows that 100% of the core factories sampled were compliant with the local regulation for air 
emission in 2023.  

ZDHC AIR EMISSION GUIDELINES PILOT  

In 2023, ZDHC circulated a draft air emission guideline V1.0 to the Air Emissions Task Team for review. We 
tested the draft guideline in our supply chain through a pilot study. The objective was to evaluate suppliers' 
readiness to comply with ZDHC draft guidelines and to provide feedback for review by the Task Team.    

We partnered with a third-party laboratory, Eurofins MTS, to collect chemical samples and conduct tests 
from six factories in Vietnam and two factories in China, out of which four are footwear factories and four 
are apparel factories. The tests include the measurement of total VOCs (TVOCs) and calculate the Potential 
to Emit (PTE), using the methodology referenced in the draft guidelines. We will share this data with ZDHC 
to help establish the Foundational limit value for TVOCs in the guidelines. We also tested Hazardous Air 
Pollutants/Toxic Air Pollutants (HAP/TAP). Out of 833 collected chemical samples, we detected HAP/TAP in 
132 samples accounting for around 15.8% of total samples. Further breakdown indicates 13.2% of samples 
are from footwear factories and 2.6% are from apparel factories. However, these factories have a high MRSL 
conformance rate which is verified by a third party and they provide appropriate personal protective 
equipment to their workers. ZHDC has not yet specified any limits for these air pollutants in the draft 
guidelines.   

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We also collected air emission samples from three factories (one apparel Tier 2, one footwear Tier 1, one 
footwear Tier 2) to test the air pollutants. Tests included air pollutants from point sources i.e. combustion of 
fuels and fugitive emissions from the production processes as per the draft guideline. The draft guidelines 
do not yet specify any limits for World Health Organization (WHO) pollutants like Particulate Matter (PM), 
Nitrous Oxides (NOx) Sulphur Oxides (SOx), and Ozone and globally regulated air pollutants like Carbon 
Monoxide (CO) and Volatile Organic Compounds (VOCs); they will be incorporated into future updates to the 
guidelines. In the absence of ZDHC limits, these results were compared with local regulation limits 
wherever available, and the test results show 100% compliance.  

We will communicate the test results with the factories and work to identify the root causes of test results 
with high values. We will also discuss our results with ZDHC to find solutions on how to address high values, 
particularly for TVOCs in footwear factories. 

Note: Since we are following Greenhouse Gas protocol for Greenhouse gas estimation, the calculation of greenhouse gas was 
excluded from the scope of this pilot study.  

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PLASTICS AND THE OCEANS 

Target description: 
•  Support initiative and scientific research on microfibres, work with core suppliers to reduce microfibre 

release 

•  Research biodegradable polyester for use in PUMA products 
•  Eliminate plastic bags from PUMA stores and review the impact of hangers and fixtures 

Relates to United Nations Sustainable Development Goals 3, 14 and 15 

KPIs: 
•  Tons of plastic bags used in PUMA stores 
•  Percentage of PUMA offices that have eliminated single-use plastic 
•  Percentage of plastic packaging recycled 

Plastic pollution in our oceans is one of the most urgent challenges to sustainability of our time. As a 
company that uses polymers for most of its products, we have a special responsibility to work on this issue. 
Avoiding plastic pollution is one of the three pillars of the Fashion Pact, of which PUMA is a founding 
member. Also, several countries and regions have formed initiatives to ban certain types of single-use 
plastics or plastic bags. 

Therefore, we have added Plastics and the Oceans to our 10FOR25 Sustainability Strategy as well as our 
sustainability bonus targets. 

↗ T.40 ELIMINATION OF SINGLE USE PLASTICS 

Sub-targets 

2021 

2022 

2023 

Plastic consumer shopping bags (stores, tons) 

189 

99 

Plastic consumer shopping bags recycled content (%) 

80% 

80% 

0 

NA 

Target 2025 

0 

 Zero plastic bags 

Plastic hangers used in stores (stores, tons) 

134 

160 

176  Switch to recycled content or wood 

Plastic hangers with 100% recycled content (%) 

97% 

99.9% 

99.9% 

100% 

Primary and transit* plastic packaging (tons)** 

558 

2,297 

3,057 

Switch to recycled content or 
paper 

Primary and transit* plastic packaging with recycled 
content (%) ** 

100% 

99.6% 

99.5% 

Offices that have eliminated single-use plastic cups 
and cutlery (%) 

88% 

91% 

92% 

*  Transit packaging from factory to warehouse 
**   2023 full year data is proliferated based on actual Q1-Q3 data and 2022 record. 

100% 

100% 

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Plastic shopping bags and single-use plastics aggravate the problem of plastic pollution significantly. By 
eliminating them from our stores and office environment, we have set a positive example for our consumers 
and colleagues and at the same time reduced our use of plastics by several hundred tons per year. 

In recent years we switched our shopping bags to FSC-certified paper bags.  

Our stores ordered 430 tons of consumer-facing polyethylene bags in 2019 and 400 tons in 2020. In 2021 our 
stores ordered 189 tons. Finally, in 2022 our stores ordered 99 tons of consumer-facing plastic bags. As of 
January 1st, 2023, we have replaced all polyethylene bags for consumer use with paper bags or durable 
multi-use bags for sale in our owned and operated PUMA stores. 

At the same time, we switched other plastic items in our retail stores, such as hangers and shoe fixtures, to 
recycled polymers or FSC-certified wood. We also started working on more environmentally friendly 
solutions for our B2B product packaging for apparel and accessories, which is also based on polyethylene 
bags. As a result of these efforts, we switched our transit packaging B2B plastic bags to 100% recycled 
content and also optimised the thickness to save on weight. Our labeling and packaging team is investing 
time and resources in exploring environmentally optimised packaging solutions. For example, we piloted 
transit bags made from paper in the USA. In 2023 we rolled out transit bags made from FSC-certified paper 
for selected products. 

According to our zero plastic target for primary product packaging, we also switched most B2C plastic 
primary packaging to paper. For the few remaining plastic items like hangtag strings, we worked on non-
plastic or recycled plastic alternatives. At our offices, we have challenged our catering partners and 
employees to avoid single-use plastics such as coffee cups, lids, stirring sticks, cutlery or straws. In 2021 
88% of our offices globally had already eliminated single-use plastic cups and cutlery. This figure increased 
slightly to 91% in 2022 and 92% in 2023. 

FSC certified packaging for apparel products  

On a product level we finished the pilot experiment of a compostable version of our most iconic sneaker, the 
PUMA SUEDE. The pilot included the use of a fully biodegradable outsole made from thermoplastic 
polyurethane (TPU). For more information on RE:SUEDE, please refer to the Circularity section of this 
report. 

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MICROFIBRES 

All types of fibres have a propensity to shed to some extent, and understanding the full impacts of their 
physical and toxicological presence is a growing area of research therefore we must not limit our focus to 
synthetic materials.  

Led by science, The Microfibre Consortium (TMC) seeks to understand both the drivers of fibre 
fragmentation and, through external sources of research, the impacts on human health and ecosystems, 
such that we can collectively take the right actions to mitigate negative impacts. PUMA joined The Microfibre 
Consortium (TMC) as one of the signatory members to understand and address the environmental concerns 
surrounding fibre fragments (microfibre) as generated from natural and synthetic clothing during 
manufacture and the consumer use phase in the industry.  

In 2023, we continued with microfibre shedding tests to measure microfibre release from our polyester 
products during washing. We conducted 12 tests on selected 100% polyester fabrics following the TMC test 
method to quantify fibre loss from fabrics that reflect that found in domestic laundering, during the initial 
washing cycle. Fibre release results are expressed as a percentage of mass. The tests results indicate that 
microfibre loss from PUMA's fabrics is lower than the average microfibre loss available on the Microfibre 
Data Portal. Specifically, PUMA's average 0.0579%, compared to the TMC database average of 0.0587%. For 
related definitions, please visit Static. 

We have received feedback from TMC regarding the shedding data, and we understand that analysing it is 
complex and ongoing. So far, there is not a clear trend showing which yarn or structure type sheds more 
among the signatories. TMC has requested more data entries, and we will continue to participate in and 
support this study as an industry. 

In October 2023, PUMA joined a field trip to King's College London with 40 other delegates. TMC teamed up 
with specialist test instrument manufacturer James Heal to hold the first public demonstration of the TMC 
Test Method for fibre fragmentation from fabric.   

PUMA remains committed to the TMC 2030 roadmap released in September 2021. PUMA has pledged to 
support this roadmap and its objectives, including increasing the understanding of fibre fragmentation 
through research, implementing mitigation strategies once they become available in the industry, and 
contributing to progress through active participation in task teams with a goal of global implementation.  

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CIRCULARITY 

TARGET DESCRIPTION: 
•  Set up or join product take-back schemes in major markets 
•  Reduce production waste to landfills by at least 50% (shared target) 
•  Develop recycled materials as alternatives to leather, rubber, cotton and polyurethane (shared targets) 

Relates to United Nations Sustainable Development Goals 9, 12, 14 and 15  

KPIs: 
•  Percentage of major markets with take-back scheme 
•  Amount of waste sent to landfills 
•  Percentage of recycled polyester, cotton, leather, rubber and polyurethane 

We are aware that the linear business model currently applied in our industry is far from the ideal concept 
of a circular economy. The growing amount of textile waste sent to landfills is an emerging risk. Rethinking 
the way we produce and moving towards a more circular business model is one of the priorities of our 
Sustainability Strategy over the coming years. 

We begin our journey with product design. Building on our Circular Design training with Circular Economy, 
we rolled out an e-learning tool on circularity for all PUMA colleagues globally. Based on the PUMA identity 
and our material toolboxes we identified circular design approaches around the longevity and cyclability of 
our products. The e-learning covers our Circularity Policy, as well as our circular design guidelines. 

During 2023, our largest business units held circularity workshops in which the options for transitioning 
iconic PUMA products into more circular products were discussed. 

CIRCULARITY INNOVATION 

In 2021 we launched PUMA Circular Lab, our platform for speaking and learning about circularity together 
with our customers. The first project was the RE:SUEDE, an experiment for a biodegradable shoe, made 
with chrome-free Zeology Leather, hemp, cotton and a biodegradable TPE sole. It launched in 2022 with a 
first batch of 500 pairs. The shoes were worn for six months by participants and then sent back to PUMA. In 
December 2022 over 400 pairs of RE:SUEDEs were sent to an industrial composting facility in the 
Netherlands, where they were prepared for the composting trial that was completed in 2023. The 
composting results were made public so that anyone interested in compostable footwear can use our 
lessons learned. 

In apparel, we expanded our textile-to-textile recycling programme, which we renamed from RE:JERSEY to 
RE:FIBRE. The initiative enables the recycling of fabric waste, as well as worn or unsellable polyester items 
(for example unsellable polyester items due to expired licensing contracts) through an innovative chemical 
recycling process into new textile items. We continue to partner with several teams for this project: 
Manchester United, AC Milan, Olympique de Marseille and Borussia Dortmund as well as the Swiss Football 
Federation. We collect used polyester products at the clubs’ fan shops and our own PUMA store in 
Herzogenaurach. These products are sorted, and – where possible – enter the recycling stream to make 
new polyester products. 

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RE:FIBRE activations with BVB, Manchester City and AC Milan  

During the Women’s Football World Cup in Australia, the Switzerland team played in jerseys made from 
fibre-to-fibre recycled polyester. For 2024 we plan a further and significant extension of the RE:FIBRE 
programme to cover the jerseys of all major football clubs and federations, scaling up the programme to 
over 1 million produced items.  

Swiss national women’s football RE:FIBRE jerseys  

In addition to our existing RE:FIBRE initiative on recycled polyester, we started looking into innovative 
processes of cotton recycling, such as using 100% (pre-consumer) recycled cotton in selected products and 
the opportunity to recycle cotton waste into viscose-like materials. 

RECYCLED MATERIALS USAGE 

We encourage all our suppliers to reuse and recycle the fabric waste they are creating for PUMA production, 
either through applications outside of our industry or ideally, by recycling offcuts into new polyester or 
cotton yarns. 

We have set circularity targets, for example, scaling up the use of recycled polyester and using recycled 
alternatives to leather, rubber and polyurethane (PU), the materials we use most frequently after cotton and 
polyester. Our material toolboxes include recycled material options for all these materials. In 2023, we also 

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started looking at the potential of using secondary raw materials from innovative footwear separation 
technologies. 

In 2023, we delivered a million pieces of our downtown collection, made with at least 20% recycled cotton. 

The percentage of recycled polyester increased for all product divisions from 14% in 2020 to almost 62% in 
2023. The percentage of recycled cotton for our apparel products increased from 0.6% in 2020 to 8.6% in 
2023, and for footwear, it increased from 0.5% to 1.6%.  

PRE AND POST-CONSUMER WASTE IN THE SUPPLY CHAIN 

Around 77% of pre-consumer waste was either reused or recycled by our core Tier 1 suppliers and around 
94% of waste was either reused or recycled by our core Tier 2 suppliers in 2023. Compared to 2022, we 
observed an increase of 20% in reused/recycled waste for core Tier 1 and an increase of around 4% for core 
Tier 2. This increase is mainly due to the adoption of better waste disposal practices by our suppliers to 
divert waste from landfills. For textile and fabric waste, 7.2% of waste was sent to incineration by core Tier 1 
factories while core Tier 2 factories sent only 1% of waste to incineration.  

↗ T.41 PRE AND POST-CONSUMER WASTE1 

Volume of recycled leather, from production waste 

Volume of recycled cotton, from production waste 

Volume of recycled polyester, from post & pre-consumer waste 

Volume of recycled nylon, from post-consumer waste 

1.5 tons 

2,901 tons 

27,042 tons 

168 tons 

Quantity of pre-consumer waste generated annually 

37,379 tons 

208,489 tons 

% of pre-consumer waste sent to reuse or recycling 

% of textiles and fabric destroyed (sent to incineration) 

76.9% 

7.2% 

94.3% 

1.0% 

Core T1* 

Core T2** 

*  Core Tier 1 Supplier factories Apparel, Footwear & Accessories (54 factories) 
**  Core Tier 2 Supplier factories Leather, PU and Textiles (40 factories) 
1 

The values for November and December 2023 were estimated by employing the Exponential Smoothing (ETS) algorithm in 
Microsoft Excel, utilizing data from January to October of 2023. This approach was chosen after comparing it to alternative 
methods, considering its performance against actual historical data, specifically in terms of deviation from the actual values 
in percentage terms. The ETS method displayed both higher accuracy and higher precision compared to other methods, 
such as averaging the last 10/12 months or multiplying the estimated production by the average KPI (per production unit) 
from the 12 months of data spanning from November 2021 to October 2022. 

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↗ T.42 FABRIC WASTE1-4 

Total 
Fabric 
Waste in 
Tons 

Year 

Reuse & 
Recycle 
(Tons) 

Reuse & 
Recycle 
(%) 

Incineration 
(Tons) 

Incineration 
(%) 

Landfill 
(Tons) 

Landfill 
(%) 

Footwear core Tier 1 

2023 

5,681.2 

2,503.1 

2022 

6,554.4 

2,348.0 

44 % 

36 % 

2,486.7 

4,184.2 

Apparel core Tier 1 

2023 

6,245.5 

6,222.2 

100 % 

23.4 

2022 

8.3 

8,145.0 

98 % 

179.0 

Accessories core Tier 1 

2023 

231.6 

231.5 

100 % 

Textile core Tier 2 

2023 

1,933.9 

1,838.7 

2022 

990.6 

236.4 

Synthetic Leather (PU) core 
Tier 2* 

2022 

2,073.8 

2,056.0 

2023 

170.3 

88.2 

2022 

182.8 

181.1 

24 % 

95 % 

99 % 

52 % 

99 % 

0.1 

0.1 

95.3 

17.9 

82.1 

1.7 

44 % 

64 % 

0 % 

2 % 

0 % 

0 % 

5 % 

1 % 

48 % 

1 % 

691.4 

12 % 

22.3 

0 % 

-               0 % 

-               0 % 

-               0 % 

754.3 

76 % 

-                0 % 

- 

0 % 

-                0 % 

-          

0 % 

Total 

2023  14,262.5  10,883.7 

76 % 

2,687.5 

19 % 

691.4 

2022  18,126.1  12,966.5 

72 % 

4,382.9 

24 % 

776.6 

5 % 

4 % 

*  Fabric waste originated from PU coated material with fabric backing (PU on top + fabric at bottom) 
1  Data includes extrapolations or estimations where no real data could be provided 
2  PUMA Production (Tier 1) includes core Tier 1 supplier factories, Apparel, Footwear & Accessories (54 factories) 
3  PUMA Production (core Tier 2) includes core Tier 2 supplier factories, Leather, PU & Textiles (40 factories)   
4  The values for November and December 2023 were estimated by employing the Exponential Smoothing (ETS) algorithm in 
Microsoft Excel, utilizing data from January to October of 2023. This approach was chosen after comparing it to alternative 
methods, considering its performance against actual historical data, specifically in terms of deviation from the actual values 
in percentage terms. The ETS method displayed both higher accuracy and higher precision compared to other methods, 
such as averaging the last 10/12 months or multiplying the estimated production by the average KPI (per production unit) 
from the 12 months of data spanning from November 2021 to October 2022. 

Except for Footwear production that still has fabric waste sent to landfills, 100% fabric waste from Apparel, 
Accessory, Textile, and Synthetic production was diverted from landfills. Compared to 2022, we observed an 
increase in reuse and recycle proportion and a decrease in incineration proportion while disposal in landfill 
percentage remains stable. This change was due to the adoption of better waste disposal practices and 
reflects a gradual shift towards a circular approach by our suppliers. 

In 2023, 95% of fabric waste resulting from PUMA production was diverted from landfill. This is evident as 
76% of total fabric waste was either reused or recycled and 19% was sent to incineration. Only 5% of  total 
fabric waste ended up in landfills. 

TAKE-BACK SCHEMES 

To demonstrate our responsibility as a producer and to secure options for more circular material flows in 
the future, we have set a target to join or offer take-back schemes in all our major markets by 2025.  

In 2023 we introduced a new take-back scheme in Switzerland, piloted take-back bins in selected stores in 
Argentina and China and expanded our existing take-back scheme in the USA into the category of apparel. 
These new expansions complement our existing take-back schemes in Australia, Hong Kong, the USA and 
the clubs taking part in the RE:FIBRE project. Our colleagues at PUMA North America continued to work 
with Soles for Souls and collected 4,348 kg of used shoes, an initiative where shoes can be donated for 
reuse in support of a charitable cause. Our colleagues in Australia were able to collect 3,900 kg of used 
products. 

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Since September 2019 PUMA customers in Hong Kong have been able to put their used sportswear to good 
use and support disadvantaged communities across the world, as we teamed up with the non-profit 
organisation, Crossroads Foundation. Hong Kong customers can donate used garments of all brands at 
PUMA recycling bins, which have been set up in four selected stores. During 2023, 1,442 kg of used products 
were collected. At our German headquarters we collected 385 kg of products through our take-back 
scheme, which means that in total we collected over 10 tons of products for recycling or donation with our 
take-back schemes globally for the first time. For 2024, we plan to expand our coverage of take-back 
schemes further, for example in India and Germany. 

SWAP SHOPS 

SWAP shops are a free and local exchange where people can pass on things they no longer want, in 
exchange for something they need. It helps people refresh their wardrobe without having to shop for 
something new. Products get a new chance to be worn again and it promotes sustainability in a fun way. In 
2023 the fourth PUMA SWAP Shop was held in Hong Kong to promote a “recycle and reuse” culture. It was a 
public event to swap clothes and accessories. More than 460 guests joined and more than 2,320 items were 
given away (more than four items per guest). 67 boxes of garments (1,013 kg) were donated to two NGOs: 
Crossroads and Redress. Another SWAP Shop took place for the second time at our Headquarters in 
Germany for our own employees. Over 400 items were swapped and the remaining ones were donated to 
our employees’ charity organisation, Charity Cat. PUMA North America organised its first SWAP shop and 
had a very positive response from over 130 employees swapping more than 1,000 articles. 

SWAP Shop in PUMA North America  

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PRODUCT CARE GUIDELINES 

In 2023 we initiated the publication of care and repair guidelines for consumers to help keep their products 
in good condition for a longer time. We focus on the most common reasons why people end up throwing 
away their sportswear and offer easy tips to treat these problems. We promote natural ways to treat stains 
and odours as well as conscious washing and drying practices to reduce user-phase impact.  

UNSELLABLE PRODUCTS 

We are aware that due to contractual restrictions, a certain number of unsold products must be occasionally 
discarded, for example when a license contract with a partner club expires. We have a process in place to 
ensure that this happens to PUMA products only in exceptional circumstances. Our production forecasts are 
as accurate as possible to actively prevent high product inventories and their intrinsic management costs. 
Unsold seasonal products are placed through different channels until they are sold. Returned products that 
have not been worn are placed on sale again. Returned products with small defects but in good condition 
are donated and only returned products that are very worn or severely damaged need to be discarded. No 
new product should be destroyed without the explicit demand of an expiring licensing partner nor a new 
product shall be destroyed as a solution for inventory management. We have created a reporting structure 
to identify with accuracy the quantity and reasons for such cases. In 2023, the amount of disposed articles 
was equivalent to 0.25% of our total material consumption. These products were sent to a recycling facility 
(where available). In countries where such recycling facilities do not exist, the products were shredded.  

WASTE ROADMAP AND RISK ASSESSMENT  

In 2021 we developed a waste reduction roadmap and conducted a risk assessment. 

WASTE AT OUR OWN OPERATIONS 

At our own operations, the most significant fractions of waste are paper and cardboard (notably from outer 
carton boxes, shoe boxes and office paper usage), poly bags used for transport product packaging and 
household waste such as organic waste from our canteens. Since we do not operate any industrial 
manufacturing facilities (with one exception in Argentina), the amount of hazardous waste created in 
PUMA’s own operations is very low at 36 tons. The 36 tons originate from our factory in Argentina (26 tons) 
and the exchange of old lighting systems to LED at the PUMA headquarters (9 tons). All hazardous waste is 
handled strictly in line with hazardous waste regulations. 

During 2023, we reminded our PUMA subsidiaries to engage in waste separation and recycling.  
Consequently, we could increase the rate of recycled waste from 44% in 2019 to 64% in 2023. 

WASTE IN THE SUPPLY CHAIN 

For our supply chain, the waste data published in our report includes material waste, along with factory and 
office operational waste: cardboard, paper, plastic, light bulbs, etc. to ensure a comprehensive scope for the 
waste generated on production sites. We see plastics, chemicals, oil lubricant waste and e-waste as high 
risk. To prioritize our actions, we analysed waste data collected in 2020 and the Higg FEM waste 
management score of our core factories. 

Below are the key focus areas for the coming years. Some actions were taken in 2023 and are covered below. 

•  Raise awareness: As a part of Higg FEM training, we have provided training to 210 suppliers factories on 
how to improve their score in waste management. As a result of these trainings, the average Higg FEM 
score for the waste module increased from 45% in 2022 to 53% in 2023, which was higher than the 
industry median of 40% in 2023. The target for reducing the amount of production waste going to landfills 
was communicated to the suppliers during the supplier meetings. We also conducted one-to-one 
meetings with our core suppliers to review their waste KPIs. 

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•  Knowledge of impact: Some of our apparel suppliers have initiated the recycling of pre-consumer 

cutting waste back into the spinning process. In 2023, we completed a Life Cycle Assessment to compare 
virgin cotton fabric with 75/25 blend of virgin and recycled cotton from cotton waste. The details of this 
LCA study are provided in the Product section. In 2023, we mapped a waste governance for our top three 
sourcing countries, summarised their waste policy landscape and identified key stakeholders.  
Internal action: In last three years i.e., starting in 2021 we focused on better data collection on waste 
from supplier’s facilities, and we observed that factories have started reporting comprehensive data on 
waste.  

• 

•  Collaboration and partnership: In 2022, we participated in a project named Closed Loop 2 Balance 
(CL2B) in Vietnam, for which the final report was published in 2023. The Global Fashion Agenda 
and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) launched The Circular 
Fashion Partnership: a cross-sectoral initiative to support the development of effective circular fashion 
systems in textile, garment and footwear manufacturing regions, by capturing and recycling post-
industrial fashion waste. This project is currently active in Bangladesh and Cambodia and is to 
be launched in Vietnam in 2024. We have had several internal discussions and communication with GFA 
and GIZ about this project in Vietnam. We will scale up our textile recycling innovation, RE:FIBRE, 
replacing recycled polyester with RE:FIBRE technology in all PUMA football Club and Federation replica 
jerseys from 2024 onwards. We also showed that we can successfully turn an experimental version of 
our classic SUEDE sneaker into compost under certain tailor-made industrial conditions, as we 
published the results of our two year-long RE:SUEDE experiment.  

WASTE GOVERNANCE 

In 2023, we conducted a waste governance mapping process for our top three sourcing countries, Vietnam, 
China and Bangladesh. We looked at the waste policy landscape and identified key stakeholders. Challenges 
and opportunities in waste management were also identified for each region. We found that the waste 
regulations are evolving with stringent requirements progressively. We also found that interesting projects 
are being undertaken in these countries on waste tracking, waste recycling/circularity etc.   

Vietnam - Waste regulation in Vietnam has been evolving since 2005, with stringent requirements being 
added progressively. Vietnam committed to address marine plastic waste, with a goal of eliminating plastic 
waste from both land and ocean-based sources by 2030. In addition, Vietnam has legal requirements for 
waste management, which includes the management of domestic solid waste, hazardous waste, and 
normal industrial solid waste. Specifically, enterprises are obliged to adopt resource- and energy-efficient 
solutions, use environmentally-friendly raw materials, fuels, and materials, apply cleaner production 
technologies and programmes, and implement measures to minimize waste generation (Environmental 
Protection Law, Chapter VI, Section 2, Article 72). 

Limited waste segregation at source, inadequate infrastructure for recycling, a lack of adequate data, 
access to financing, a lack of public awareness, and a lack of market for recyclables were identified as key 
challenges for waste management in Vietnam.  

The Global Fashion Agenda and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) have 
launched The Circular Fashion Partnership: a cross-sectoral initiative to support the development of 
effective circular fashion systems in textile, garment and footwear manufacturing regions, by capturing and 
recycling post-industrial fashion waste. This project will be launched in Vietnam in 2024. Through this 
project, we see opportunities to address the current challenges in collaboration with other brands, 
manufacturers, collectors, sorters and textile recyclers to segregate, digitally trace and recycle textile waste 
into the highest possible value output, ultimately being new products.   

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China introduced a regulation to promote the circular economy back in 2004. The country has a specific 
regulation to ban the import of waste, which involves penalties for violations such as the illegal dumping of 
waste. China also has a policy on textile waste recycling, which aims to achieve a 25% recycling rate for 
textiles waste by 2025 and 30% by 2030. It has also set specific targets to produce recycled fibres derived 
from 2 million tons of waste textiles by 2025 and 3 million tons by 2030. China provides fiscal incentives for 
suppliers under the Environmental Protection Tax Law in which tax on hazardous waste is determined 
based on the generation quantity and hence provides an opportunity for suppliers to save costs by adopting 
the 3R Principles (Reduce, Reuse Recycle). We see opportunities to engage with key local stakeholders to 
improve factories waste management. 

Bangladesh introduced specific regulation on the circular economy in 2022. The country has a goal to 
achieve recycling of plastic waste by 80% by 2030, cut single-use of plastic by 90% by 2026, reduce 
generation of plastic waste by 30% by 2030 and reduce virgin material consumption by 50% by 2030.  

PUMA suppliers' have developed cotton pre-consumer textile waste recycling. We increased the use of 
recycled cotton from 3.6% of total cotton volume in 2022 to 8.6% in 2023. 

The Circular Fashion Partnership has been active in Bangladesh since 2021. Key partners in this project are 
actively engaging with the Bangladeshi government to formalize the informal waste management sector. 
This includes introducing incentives and tax deductions to incentivize manufacturers to embrace recycling 
practices and establishing a comprehensive national policy for the sustainable management of post-
production fashion waste. Through this policy advocacy work, we see opportunities to further increase the 
use of recycled cotton in future. 

↗ CASE STUDY 

Zero waste to landfill  
Adhering to the three principles of "Reduction, Recycling, Detoxification", TST Group, is steadily 
moving towards the target of "Zero Landfill". TST has two facilities supplying to PUMA, one in China 
and the other one in Cambodia. TST has implemented processes for waste reduction such as energy 
recovery from sludge through Chip Mong INSEE Cement Corporation in Cambodia, using coal ash 
from boiler upcycling to produce bricks in Cambodia, reuse of fabric waste as mop and sending 
chemical drums back to chemical suppliers for refilling in both the China and Cambodia facilities. 
Through these initiatives along with strict classification and storage of waste, as well as cooperation 
with qualified third-party waste treatment companies, TST Group has achieved a 99% waste diversion 
rate of a total amount of 7,398 tons production waste generated annually from landfill.   

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↗ T.43 E-KPIS – WASTE1-6 

Waste (t) 

2023 

2022 

2021 

2020 

2019 

2018 

2017 

Change 
2022/2023 

Change 
2020/2023 

Total waste from own operations 

5,595 

4,991 

5,215 

 3,949*   3,644* 

4,877 

5,293 

12% 

42% 

Recycled waste 

3,598 

3,007 

2,220 

 1,436*   1,603* 

2,282 

3,419 

20% 

151% 

Share of recycled waste 

64% 

60% 

43% 

36% 

44% 

47% 

65% 

78% 

Total waste from PUMA 
production (core Tier 1 and 2) 

Share of production waste to 
landfill (core Tier 1 and 2) 

Total waste from PUMA 
production (Tier 1) 

Share of production waste to 
landfills (Tier 1) 

Total waste from PUMA 
production (core Tier 2) 

Share of production waste to 
landfills (core Tier 2) 

38,594  53,667  42,495 

29,466  24,205  16,682  31,824 

-28% 

31% 

4.6% 

9.7% 

10.0% 

13.5% 

-66% 

21,861  34,642  33,806 

23,498  24,205  16,682  14,686 

-37% 

-7% 

4.6% 

12.9% 

10.3% 

9.5% 

-51% 

16,733  19,025 

8,689 

5,968 

   17,138 

-12% 

180% 

4.7% 

4.0% 

9.1% 

17.6% 

-73% 

*  Waste data for PUMA’s own entities in 2019 and 2020 recalculated due to underreporting in these years 
1  Figures include PUMA owned or operated offices, warehouses and stores. Includes our own production sites in Argentina. 
All other production is outsourced to independent supplier factories, some warehouse operations are outsourced to 
independent logistics providers. Franchised stores are excluded. 

2  Data includes extrapolations or estimations where no real data could be provided 
3  Methodological changes over the last three years have influenced results 
4  PUMA Production (Tier 1) includes core Tier 1 supplier factories, Apparel, Footwear & Accessories (54 factories) 

5  PUMA Production (core Tier 2) includes core Tier 2 supplier factories, Leather, PU & Textiles (40 factories)  

6  The values for November and December 2023 were estimated by employing the Exponential Smoothing (ETS) algorithm in 
Microsoft Excel, utilizing data from January to October of 2023. This approach was chosen after comparing it to alternative 
methods, considering its performance against actual historical data, specifically in terms of deviation from the actual values 
in percentage terms. The ETS method displayed both higher accuracy and higher precision compared to other methods, 
such as averaging the last 10/12 months or multiplying the estimated production by the average KPI (per production unit) 
from the 12 months of data spanning from November 2021 to October 2022. 

Similar to water, even though we do not have any goal for absolute reduction in waste generation for our 
core suppliers, we continue to track them. It is also observed that only 0.5% of waste (material waste but 
also other factory wastes like boiler ash, sludge from wastewater treatment plants etc.) end up in landfills 
for apparel suppliers and 6.8% for footwear suppliers.  

We can see that there has been a 7% decrease in production waste for Tier 1 suppliers and 180% increase 
for Tier 2 suppliers from 2020. The high percentage increase in Tier 2 suppliers is mainly due to the 
improvement in waste data captured by the suppliers. Certain wastes such as residual ash from coal and 
biomass boilers that were not captured by the Tier 2 suppliers before are now being included. At the same 
time, the production volume has increased by 12% for textiles and 171% for synthetic leather. 76.3% of the 
production waste are reused or recycled, 18.8% are incinerated and 4.8% are sent to landfill. 

Regarding production waste sent to landfill, both core Tier 1 and Tier 2 suppliers have succeeded in reducing 
their landfill percentage compared to 2020 baseline. In 2023, Tier 1 and Tier 2 suppliers have achieved a 
reduction of 51% and 73% reduction respectively from the baseline and thus exceeded the PUMA goal of 50% 
reduction by 2025. This was achieved due to better waste management practices adopted by the suppliers 
and more accurate tracking and reporting of waste data. 

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PRODUCTS 

TARGET DESCRIPTION:  

•  90% of PUMA Apparel and Accessories products contain >50% recycled or certified material 
•  90% of our Footwear contains at least one component made of recycled or certified material 
• 

Increase use of recycled polyester (Apparel and Accessories) to 75% by 2025  

Relates to United Nations Sustainable Development Goal 12 

KPIs:  

•  Percentage of Apparel and Accessories with 50% recycled or certified material 
•  Percentage of Footwear with at least one recycled or certified component 
•  Percentage of recycled polyester used in Apparel and Accessories 

The PUMA Environmental Profit and Loss Account (EP&L) attributes more than 50% of our environmental 
impact to material and raw material production. Against this background, we have decided to prioritize the 
large-scale use of certified or recycled raw materials. In our 10FOR25 strategy, we have set 100% targets for 
the raw materials of cotton, polyester, leather, and cardboard. 

In addition to measuring the use of recycled or certified materials, we also determine the percentage of all 
products made of such materials. As defined in our PUMA Sustainability Index, or S-Index, S-Index-
approved apparel or accessories products contain at least 50% certified or recycled materials by weight. For 
footwear, we currently measure S-Index conformance by including one or more main components* made 
from certified or recycled materials. 

In 2021 we rolled out an e-learning toolkit on our PUMA S-Index for the PUMA family. The training allows 
designers, developers, and product managers to understand which materials qualify as more sustainable, 
how the PUMA S-Index is calculated, and which certifications need to be in place to externally communicate 
on a product level.  

In 2023, 85% of our product by volume met our S-Index definition. We are on track to meet our goals of 90% 
for 2025. 

*  Main component in the upper includes the visible upper and its components, linings, sockliner, and strobel as the only non-
visible component. They can be made of textile, leather, synthetic (PU) or TPU. It excludes trims such as eyelets, laces, 
counters, decorations, etc. Main components in the bottom includes outsoles, midsoles, and insoles. They can be made of 
Rubber, PU, TPU, EVA. It excludes trims and decorations. 

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↗ T.44 CERTIFIED OR RECYCLED PRODUCTS 

Product Category 

Styles 2023 

Volume 2023 

Target 2025 

Apparel with at least 50 % certified or recycled material 

Accessories with at least 50 % certified or recycled material 

Footwear with at least one certified or recycled component 

Total 

77 % 

20 % 

89 % 

75 % 

87 % 

40 %* 

93 % 

85 % 

90 % 

90 % 

90 % 

90 % 

*  Excluding products from stichd; for further details on the reporting scope please refer to the Scope of the Report section. 

In 2023 we continued to develop and design our collections and individual styles using recycled materials. 
Highlights include the use of our RE:FIBRE technology in our Teamsport jerseys. The jerseys made with 
RE:FIBRE are made from at least 95% of recycled textile waste and other used materials made of polyester. 
We also continued our Downtown collection from Sportstyle and accessories. The different styles in 
Downtown are made using 20-30% recycled cotton, while the accessories are made from at least 20% 
recycled content. Another highlight includes the scaling of our Caven shoe, which is made with at least 20% 
recycled materials in the upper and at least 10% recycled materials in the bottom. Our Downtown collection 
exceeded 1 million pieces in 2023 and we produced 3 million Caven shoes for the Spring Summer and 
Autumn Winter collections in 2023 combined. 

PUMA Caven contains at least 20% recycled content in the upper and 10% recycled content in bottom of the shoe. 

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PRODUCT LIFE CYCLE ASSESSMENT 

We continued the Life Cycle Assessment (LCA) studies of our product portfolios in 2023. The outcomes of an 
LCA act as a quantifiable measure of our efforts towards embedding sustainability in our products by 
exploring ways to make our product value chains safer, cleaner and more sustainable. It also encourages 
innovation in our products and processes so that we can meet increasing social and business expectations 
regarding sustainability and transparency. Sphera, a leading consulting organisation in the field of LCA, 
conducted LCA studies to consider all of the elements of the life cycle, from the overall manufacturing 
including supply of material and energy carriers through to the end of life, when analysing the 
environmental performance of the products. The LCAs were performed as per ISO 14040 and ISO 14044 
requirements. A third-party critical review panel was commissioned to peer review the work and ensure 
compliance with the mentioned standards. 

LCA OF TWO PRODUCTS 

We completed a screening LCA study for two of our top products, the PUMA POPCAT 20 sandals, and the 
PUMA Smash v2L shoes, to map the environmental footprint of these products across their entire value 
chains (cradle to grave), excluding the consumer use phase. This helped us to understand the hotspots in 
the value chain (the maximum impacts in terms of climate, energy and water), and to identify sustainable 
options in various phases to improve the product’s environmental footprint. 

Sandal PUMA POPCAT 20, gross 

weight 0.381 kg/pair  

Shoe PUMA SMASH V2 L, gross 

weight 0.955 kg/pair  

The results of the analysis can be summarised as follows:  

↗ G.30 GLOBAL WARMING POTENTIAL 

9.94%

0.29%

40.37%

49.07%

0.23%

8.78%

21.38%

69.61%

Sandals POPCAT20

Shoes SMASH V2L

Raw Material

Manufacturing

Use Phase

End of Life

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For the POPCAT20 sandals, the global warming potential (GWP) in kg CO2e was mainly influenced by raw 
materials which include polyester fabric, chemicals etc. (49.07%), manufacturing energy (40.37%) and End of 
Life (9.94%). Ethylene Vinyl Acetate (EVA) and PU Synthetic are the major contributing materials. 

For the SMASHv2L shoes, the global warming potential (GWP in kg CO2e) was mainly influenced by materials 
which include body material, parts and components (69.61%), manufacturing energy (21.38%), and end-of-
life (8.78%). Polyester fabric and rubber are the major contributing materials. 

Footwear usually does not require extensive cleaning during its lifetime, and hence the impact of the 
consumer use phase is negligible. Therefore, the GHG emissions of the use phase from both of the footwear 
is not considered. However, the end-of-life phase includes reuse, recycling, incineration, and landfilling 
based on European scenarios, which contributes to GWP impacts of 9.94% for the POPCAT20 sandals and 
8.78% for the SMASHv2L shoes. 

↗ G.31 PRODUCT ENVIRONMENTAL FOOTPRINT1-2 

Climate Change
[kg CO2e/product]

4.61

Primary Energy Demand (Net)
[MJ/product]

Blue Water Consumption
[kg/product]

90.38

41.33

31.02

1.61

32.36

Sandals
POPCAT20

Shoes
SMASHv2L

Sandals
POPCAT20

Shoes
SMASHv2L

Sandals
POPCAT20

Shoes
SMASHv2L

1  Primary energy is the energy that is harvested directly from natural resources: coal, oil, natural gas and uranium.  
2  Blue water is water that has been sourced from surface or groundwater resources and is either evaporated or incorporated 

into a product. 

For the POPCAT20 sandals, the total global warming potential is 1.61 kg CO2e. The total primary energy 
demand is 32.36 MJ with major contributions from ethylene vinyl acetate (EVA) (60.60%) and PU Synthetic 
(11.48%). The total blue water consumption is 31.02 kg with major contributions from the raw material PU 
Synthetic blend (51.85%) which contains 52% recycled polyester and 48% polyurethane. The remaining 
contribution comes from other materials, chemicals, electricity and fuel consumption.  

For the SMASHv2L shoes, the total global warming potential is 4.61 kg CO2e. The total primary energy 
demand is 90.38 MJ with major contributions from the polyester fabric (30.04%) and rubber (22.04%). The 
total blue water consumption is 41.33 kg with major contributions from PU-coated leather (33.41%). 

POPCAT 20 sandals have a significantly smaller (65%) carbon footprint than SMASH v2L shoes. One reason 
for this is the lower net weight of POPCAT 20, which is 60% lower. Looking at the carbon footprint of 
materials, in the case of POPCAT 20, 64.5% of climate impact comes from the Ethylene Vinyl Acetate (EVA) 
while for Smash V2L, the majority of the impact comes from polyester and rubber, which accounts for 65.4% 
of the carbon footprint of the raw material of the product. This indicates that low-carbon material such as 
EVA has also contributed to the lower carbon footprint of POPCAT 20. Looking at energy consumption during 

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production, POPCAT 20 consumed 52% less electricity than SMASH v2L. This can be attributed to the lower 
net weight and the simplicity of the POPCAT 20 product design.  

Though the SMASH v2L has a larger carbon footprint than the POPCAT 20, it is much smaller (4.61 kg CO2e) 
when compared to previously conducted LCAs of footwear products in 2021 i.e. the Future Rider Play on  
(9.49 kg CO2e) and Velocity Nitro (7.6 kg CO2e). Both the Future Rider Play on and Velocity Nitro have a lower 
net weight of 0.78 kg and 0.72 kg as compared to the SMASH v2L which has a net weight of 0.955 kg/pair. The 
SMASH v2L is made of recycled materials such as recycled polyester, recycled PU, and recycled rubber 
along with recycled packaging materials and the quantity of leather used is much lower, which explains the 
lower carbon footprint when compared to the Rider Play on and Velocity Nitro.  

The key takeaways from the LCA study are, to make future footwear products lighter, increase the usage of 
low-impact materials such as recycled polyester or recycled PU and reduce the use of high-impact 
materials such as virgin PU and virgin polyester. The supply chain for footwear products is complex and 
involves multiple stages such as raw material extraction, processing, finishing, assembly, distribution and 
end of life. The LCA study is used to understand the value chain environmental impacts of our products. 

PUMA intends to use the outcomes of the study to raise internal awareness and improve the product’s 
environmental footprint by increasing the use of more sustainable materials (recycled or biosynthetic), 
improving resource efficiency, optimizing energy use, promoting renewable energy in the value chain, and 
enhancing the circularity of our products. 

COMPARATIVE LCA VIRGIN POLYESTER VS. PET RECYCLED POLYESTER VS. RE:FIBRE POLYESTER 
PRODUCTS 

In 2023, PUMA engaged Sphera, Inc. to conduct a comparative Life Cycle Assessment (LCA) of three types of 
sports jerseys made from virgin polyester, PET recycled polyester and RE:FIBRE, in our Turkey supply chain. 
The RE:FIBRE process uses mainly polyester material from factory offcuts, faulty goods and 
used clothes. PET recycled polyester comes from PET plastic bottles. 

The LCAs were performed using the “cradle to grave” approach. The objective was to quantify the 
environmental impacts associated with the production of these three types of jerseys using the LCA 
approach. The products studied were:  

Virgin polyester jersey 
Net weight 1.316 kg 
(100% Virgin Polyester) 

PET recycled polyester jersey 
Net weight 0.964 kg 
(88% Mechanically Recycled 
Polyester and 12% Virgin Polyester) 

RE:FIBRE polyester jersey 
Net weight 0.904 kg 
(57% Chemically Recycled 
Polyester, 34% Mechanically 

Recycled Polyester, and 9% 
Virgin Polyester) 

The scope of this study includes raw material sourcing and extraction, transportation of raw materials to 
the manufacturing location, manufacturing of the jersey products, product distribution, product use phase 
and end of life (EoL) of product and packaging.  

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The LCA study indicates that per kg, the PET recycled polyester jersey has the smallest carbon footprint 
(13.19% lower as compared to virgin polyester jersey) among the three products compared in the study. 
Whereas, per kg, the RE:FIBRE polyester jersey has a 7.31% lower Global Warming Potential (GWP) impact 
when compared to the virgin polyester jersey. The RE:FIBRE polyester jersey has 57% chemically recycled 
fibre which has a higher GWP impact as compared to mechanically recycled fibre but a lower one than virgin 
recycled fibre.  

The total primary energy demand also exhibits a similar trend, due to same factor as the carbon 
footprint. The PET recycled polyester jersey and RE:FIBRE Polyester Jersey are 16.15% and 12.13% lower 
respectively per kg than the virgin polyester jersey.  

The LCA study also indicates that, the water consumption per kg of PET recycled polyester jersey and 
RE:FIBRE polyester jersey is 1.10% and 2.82% higher than per kg value of the virgin polyester jersey.  

Although textile-to-textile technology currently has a larger environmental footprint than mechanical 
recycling, through the RE:FIBRE programme, PUMA is keen to address the challenge of textile waste via a 
long-term solution for recycling. The technology also looks to diversify the fashion industry’s main source of 
recycled polyester in garments to make it less reliant on clear plastic bottles. We also believe that this 
technology has room to become more energy efficient in future. 

Managing waste has become a necessity, which is why PUMA is ramping up its investment into resource-
efficient manufacturing processes in a move to reduce textile waste. Textile waste build-up in landfills is an 
environmental risk. Rethinking the way we produce and moving towards a more circular business model is 
one of the main priorities of our Sustainability Strategy. 

To help make the technical process of RE:FIBRE more digestible for the everyday consumer who wants to 
know more, PUMA has created a RE:FIBRE process explainer video, which can be accessed here. 

The four-step process of RE:FIBRE: 

•  Collect and Sort: collecting and sorting textile waste and other previously wasteful materials. 
•  Shred and Mix: shredding and mixing the collected materials 
•  Dissolve, Filter and Polymerize: Dissolving the shredded polyester and removing dyes through a 

chemical recycling process. 

•  Melt, Spin, Knit and Sew: The melting makes the newly produced polymers ready to be spun and sewn 

into shape to create good as new RE:FIBRE fabric which can be recycled again and again. 

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↗ G.32 ENVIRONMENTAL FOOTPRINT OF POLYESTER JERSEYS1-2 

Climate Change
[kg CO2e/kg of product]

Primary Energy Demand 
[MJ/ kg of product]

Blue Water Consumption
[kg/kg of product]

22.46

20.81

19.49

606.31

508.39

532.79

964.28

974.88

991.49

GWP

PED

BWC

Virgin Polyster Jersey 

PET Recycled Jersey 

RE: FIBRE Polyester Jersey 

1  Primary energy is the energy that is harvested directly from natural resources: coal, oil, natural gas and uranium.  
2  Blue water is water that has been sourced from surface or groundwater resources and is either evaporated or incorporated 

into a product. 

COMPARATIVE LCA OF 3 TYPES OF COTTON FABRIC 

PUMA engaged Sphera to conduct a comparative Life Cycle Assessment (LCA) of one kilogramm of 100% 
virgin piece dyed cotton fabric, 75/25 virgin/undyed recycled piece dyed cotton fabric and 75/25 
virgin/coloured recycled piece dyed cotton fabric.  

Piece dyed fabric is fabric made of grey yarns which are dyed, and is different to yarn dyed fabric: a fabric 
that is knitted using dyed yarn.  

LCAs are performed using the “cradle to gate” approach. Since this is the “cradle to gate” approach, 
consumer use phase and fabric end-of-life impacts for the cotton fibre products were not considered in this 
LCA study.  

The main objective of the study is to quantify the environmental impacts associated with the production of 
these fabrics across various life cycle stages of the manufacturing process, including the supply of raw 
materials and energy carriers. The primary data considered for the study was collected from three PUMA 
suppliers stretched across two regions, Bangladesh (two factories) and Turkey (one factory). The data 
collected includes data for all the production processes such as collection and pre-processing, yarn 
spinning, knitting and inspection, pre-treatment, dyeing, compacting and drying. 

The LCA study indicates that for one kg of 75/25 virgin/undyed recycled piece dyed cotton fabric, the carbon 
footprint is 5.83% smaller compared to the 100% virgin piece dyed cotton fabric. This change was mainly 
influenced by the inclusion of 25% undyed recycled cotton material. For 1 kg of 75/25 virgin/coloured 
recycled piece dyed cotton fabric, the carbon footprint was smaller by 13% when compared to the 100% 
virgin piece dyed cotton fabric. This change was mainly influenced by the inclusion of 25% coloured recycled 
piece dyed cotton fabric. When comparing these three fabrics, the environmental impacts of 75/25 
virgin/coloured recycled piece dyed cotton fabric were found to be the lowest. This is due to the usage of 
25% recycled yarn which is recovered from a coloured fabric and hence requires fewer chemicals and less 
energy during the dyeing process.  

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↗ G.33 ENVIRONMENTAL FOOTPRINT OF COTTON FABRICS 

Climate Change
[kg CO2e/kg of Fabric]

Primary Energy Demand 
[MJ/kg of Fabric]

Blue Water Consumption
[kg/kg of Fabric]

8.67

8.16

7.53

190.81

1,216.26

170.42

160.20

942.48

912.84

GWP

PED

BWC

Virgin Piece Dyed
Cotton Fabric 

75/25 Virgin / Undyed Recycled
Piece Dyed Cotton Fabric

75/25 Virgin / Coloured Recycled
Piece Dyed Cotton Fabric

Additionally, it was found that the most significant carbon footprint impact is related to the conventional 
dyeing of fabric followed by the impacts of cotton cultivation and yarn spinning. Primary energy demand is 
largely driven by the cultivation of cotton, followed by conventional dyeing of fabric. Water consumption is 
largely driven by cotton cultivation followed by conventional dyeing, compacting and drying processes.  

In the study, we also evaluated the environmental impacts of different types of dyeing technologies such as 
conventional and Pad-Steam dyeing processes for the three types of fabrics. The Pad-Steam process is a 
textile finishing technique used to apply chemicals or dyes to fabric. It is a combination of two steps: 
padding and steaming. This process is employed to achieve uniform coloration, improved fabric properties, 
and enhanced performance characteristics. This study was conducted at a factory located in Turkey that 
uses both technologies. Conventional dyeing for knitted products is typically a batch process in which the 
fabric is loaded along with water, chemical and dyestuffs and processed for a fixed number of hours based 
on the type of fabric. Whereas, Pad-Steam dyeing is a continuous dyeing process, in which the fabric is dyed 
by immersing the fabric in the dye solution for a few seconds, immediately pressed through a roller and 
then steamed. Pad-Steam dyeing is more resource-efficient as compared to conventional dyeing. This was 
further corroborated by our LCA study. Pad-Steam dyeing was found to have a smaller environmental 
footprint than conventional dyeing. It was observed that the Pad-Steam dyeing process has 81.9% less 
energy and 80.5% less water consumption as compared to the conventional dyeing process.  

It was found that Pad-Steam dyeing for 100% virgin piece dyed cotton fabric has a 34.8% smaller carbon 
footprint as compared to conventional dyeing. The corresponding figure for 75/25 virgin/undyed recycled 
piece dyed cotton fabric was 36.9% and 25.02% for 75/25 virgin/coloured recycled piece dyed cotton fabric. 
Similar trends were also observed for primary energy demand and water consumption.  

The LCA study clearly indicates that the inclusion of recycled cotton fabrics has a smaller environmental 
footprint and hence is to be promoted for future product development. However, there are currently 
technological limitations surrounding increasing recycled cotton to more than 25% in a cotton fabric mix. 
This calls for a focus on future innovation in this area. Furthermore, our suppliers could adopt better dyeing 
technologies such as the Pad-Steam dyeing process which has a smaller environmental footprint.      

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MATERIAL ORIGIN 

Mapping and assessing risk and impact practices in the lower tiers of the supply chain helps us to identify 
opportunities for improvement.  

COTTON 
In 2023, we sourced approximately 34,000 tons of cotton. To reach our 100% targets for certified or recycled 
cotton, we require our suppliers to only source cotton from farms that are licensed or certified as having 
good farming and human rights standards, or recycled cotton. 96% of the cotton used in PUMA products 
comes from the USA, Brazil, Australia, India, Bangladesh, Vietnam, Indonesia and Turkey.  

LEATHER 
In 2023, we sourced approximately 3,500 tons of bovine leather. We are working on improving the traceability 
of the leather we use by recording the traceability score of our leather manufacturers certified by the 
Leather Working Group. The leather used in PUMA footwear mainly comes from the USA (61%), Argentina 
(27%), Australia (6%) and Brazil (5%). We also monitor our LWG (Leather Working Group) medal-rated 
tanneries' traceability performance. Most suede tanneries work with agents and intermediaries besides 
direct tanneries to guarantee a stable sourcing supply. Suede is a byproduct of the full-grain leather 
business. This creates a challenge to full traceability. This explains why our suede leather LWG tanneries 
have a worse traceability performance than full-grain LWG tanneries. We aim to increase all of our LWG 
medal-rated tanneries’ traceability performance over time. 

MATERIAL CONSUMPTION DATA 

↗ G.34 CERTIFIED OR RECYCLED MATERIALS DEVELOPMENT1-2 

100
90
80
70
60
50
40
30
20
10
0

2015

2016

2017

2018

2019

2020

2021

2022

2023

Year

Cotton

Polyester

Leather

Cardboard

1  Cotton and polyester including apparel and accessories material (including trims) 
2  Proliferation for 2023 based on actual data in January - September 2023 and previous data October - December 2022 

As in previous years, a significant percentage of our materials can be attributed to cotton either from the 
Better Cotton Initiative, recycled or organic cotton, to polyester that is either bluesign® or OEKO-TEX®-
certified, recycled or bio-based polyester, and to leather sourced from Leather Working Group (LWG)-
certified tanneries or recycled leather. In addition, we only use down feathers certified by the Responsible 
Down Standard and 84% of our man-made cellulosic (MMCF) is made by green shirt-rated MMCF suppliers 
with a proven track record on sustainability based on the Hot Button report from the NGO Canopy. 

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Therefore, more than 87% of our apparel, 40% of our accessories and 93% of our footwear products are 
already classified in line with the definition in our PUMA Sustainability Index.  

Coverage and calculations are more complex for footwear because all of our shoes are made from several 
components. The main materials we use are polyester, polyurethane, rubber, leather and nylon. In line with 
our earlier targets, we have achieved 99.7% coverage of leather sourced from LWG-certified tanneries.  

In 2023, 99.2% of the cotton used came from certified or recycled sources, as did 85% of our polyester.  

We hardly used wool in 2023 (6,566 kg). Nevertheless, we see an increased number of factories certified in 
line with the Responsible Wool Standard (RWS). We organised a RWS training for our in-scope suppliers in 
June 2023, and the positive results were shown by the six RWS-certified factories in our supply chain. We 
aim to reach 100% certified wool in 2025. 

↗ T.45 DEVELOPMENT OF CERTIFIED OR RECYCLED MATERIAL USAGE* 

Cotton 

Better Cotton 

Recycled 

Organic 

Conventional 

Polyester 

Recycled 

Oekotex® / bluesign® 

Sorona® 

Conventional 

Apparel  Accessories 

Footwear 

90.6 % 

8.6 % 

0.3 % 

0.6 % 

23.2 % 

16.7 % 

0.3 % 

8.0 % 

1.6 % 

59.7 % 

90.5 % 

Apparel  Accessories 

Footwear 

68.4 % 

30.3 % 

0.1 % 

1.2 % 

29.3 % 

54.5 % 

56.5 % 

8.1 % 

0.2 % 

Total 

90.3 % 

8.6 % 

0.3 % 

0.9 % 

Total 

61.8 % 

23.3 % 

0.1 % 

16.2 % 

35.2 % 

14.8 % 

Manmade cellulosics 

Apparel  Accessories 

Footwear 

Green Shirt-rated fiber producers** 

Ecovero® 

Conventional 

Polyamide (nylon) 

Recycled 

Oekotex® / bluesign® 

Conventional 

82.4 % 

12.7 % 

0.7 % 

4.9 % 

100.0 % 

99.3 % 

Apparel  Accessories 

Footwear 

26.4 % 

70.8 % 

2.8 % 

60.2 % 

38.2 % 

1.6 % 

2.0 % 

13.9 % 

84.2 % 

Total 

72.7 % 

11.3 % 

16.0 % 

Total 

19.3 % 

46.9 % 

33.8 % 

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Leather 

LWG medal-rated tannery 

Recycled 

Conventional 

Rubber 

Synthetic 

Natural 

Recycled 

PU 

Recycled 

Oekotex® / bluesign® 

Water-based 

Bio-based 

Conventional 

Down 

RDS certified 

Apparel  Accessories 

Footwear 

99.96 % 

0.04 % 

100.0 % 

Apparel  Accessories 

Footwear 

34.7 % 

65.3 % 

52.6 % 

32.5 % 

15.0 % 

93.9 % 

1.2 % 

4.9 % 

Apparel  Accessories 

Footwear 

2.4 % 

93.4 % 

1.5 % 

2.4 % 

0.02 % 

1.1 % 

0.4 % 

Total 

99.7 % 

0.04 % 

0.22 % 

Total 

93.0 % 

1.9 % 

5.1 % 

Total 

2.4 % 

0.8 % 

1.0 % 

0.4 % 

4.3 % 

98.48 % 

96.1 % 

95.4 % 

Apparel  Accessories 

Footwear 

100 % 

Total 

100 % 

*  Figures include trims and exclude licensee production as well as production from stichd. For further details on the reporting 

scope, please refer to the Scope of the Report section. 

**  Green Shirt-rated fiber producers, as set by the annual Canopy Hot Button report, encourage existing fiber suppliers to 

commit to CanopyStyle and a Canopy Audit.  

↗ T.46 CERTIFIED OR RECYCLED MATERIALS BY PRODUCT DIVISION* 

2023 

2025 target 

Apparel 

Certified or recycled cotton 

Certified or recycled polyester 

Certified or recycled MMCF 

Certified or recycled PU 

Accessories 

Certified or recycled cotton 

Certified or recycled polyester 

Certified or recycled MMCF 

Certified or recycled leather 

Certified or recycled PU 

99.4 % 

98.8 % 

95.1 % 

95.7 % 

40.3 % 

83.8 % 

0.0 % 

0.0 % 

1.5 % 

100 % 

100 % 

100 % 

NA 

100 % 

100 % 

100 % 

100 % 

NA 

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Footwear 

Certified or recycled cotton 

Certified or recycled polyester 

Certified or recycled MMCF 

Certified or recycled leather 

Certified or recycled PU 

L&P paper/cardboard products** 

Recycled and/or FSC-certified 

9.5 % 

64.8 % 

0.7 % 

100 % 

3.9 % 

100 % 

100 % 

100 % 

100 % 

NA 

99.4 % 

100 % 

*  Figures include trims and exclude licensee production as well as production from stichd. For further details on the reporting 

scope, please refer to the Scope of the Report section. 

**  Including outer cardboard boxes, which were excluded in previous years. 

In 2023, the total number of GRS/RCS certified factories has increased to 159 from 145 in 2022. This indicates 
a higher uptake of recycled material due to the launch of more sustainable products in our product mix.  
In 2023, we saw an increased number of factories certified by the Responsible Wool Standard. 

↗ T.47 NUMBER OF FACTORIES WITH CERTIFICATION1 

Number of factories certified 

GRS/RCS 

GOTS 

OCS 

RDS 

RWS 

LWG 

Apparel & Accessories Tier 1 
and Tier 2 

Footwear Tier 1 and Tier 2 

Leather Tanneries 

128 

31 

30 

0 

23 

1 

6 

NA 

6 

1 

NA 

NA 

32 Gold 

4 Silver 

1  GRS: Global Recycling Standard, RCS: Recycled Claim Standard, OCS: Organic Content Standard; GOTS: Global Organic 
Content Standard; RDS: Responsible Down Standard, RWS: Responsible Wool Standard, LWG: Leather Working Group. 

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BIODIVERSITY 

TARGET DESCRIPTION: 
•  Support the industry in setting a science-based target for biodiversity 
•  100% cotton, leather and down procured from certified sources (shared target) 
•  Zero use of exotic skins and hides 

Relates to United Nations Sustainable Development Goals 14 and 15 

The world’s biodiversity experts agreed to conserve 30% of the world’s land and oceans by 2030. Biodiversity 
is also inextricably linked to climate change. 

Consequently, we have dedicated one of our 10FOR25 sustainability target areas to biodiversity. Most of 
PUMA’s biodiversity impact is based in the supply chain, particularly to the usage of agricultural raw 
materials. However, we also include biodiversity checks in our annual environmental data collection for our 
own offices, stores and warehouses around the globe. 

BIODIVERSITY POLICY  

As part of the Fashion Pact, we are committed to supporting the development of science-based targets 
related to biodiversity.  

In 2021 we published the PUMA biodiversity policy and animal welfare policy- signed off by our Board of 
Management- to create a framework for our approach to biodiversity and animal welfare. These policies are 
available for download on our website. 

This includes our commitments: 

•  as a supporting partner of the CanopyStyle initiative, to only source our viscose from Green Shirt-rated 

• 

• 

suppliers in order to protect endangered forests and species.  
to source the leather used in PUMA products solely from manufacturers who implement industry best 
practice standards of environmental management and traceability, such as the leather working group. 
to source all our paper and paper-based packaging from recycled sources and/or Forest Stewardship 
Council-certified sources. PUMA acted as a partner of Canopy’s Pack4Good initiative to collectively 
reduce any risk of sourcing from ancient and endangered forests by 2022 and promoting next-generation 
solutions. 

At PUMA we care for the welfare of animals. We do not use animal products which originate from animals 
that have been treated inhumanely. Therefore, we aim to implement high welfare and traceability standards 
and have published an Animal Welfare Policy. PUMA consults animal protection organisations on a regular 
basis to review our policies and actions. As a sign of our commitment to animal welfare, we joined the Fur 
Free Retailer programme and phased out the use of kangaroo leather in 2023. 

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BIODIVERSITY IN OUR OWN OPERATION 

We checked via our annual environmental reporting campaign and confirmed that none of our PUMA sites 
are located within a protected area. We have identified one site in South Africa, as being located next to a 
protected area, which holds a rare species of the plant, Renosterveld Finbos. This site is an office location, 
and is fenced off from the protected area, so any negative impact on these plants can be ruled out. 

There are green roofs which offer additional habitats for insects as well as wildflower meadows and 
beehives on our headquarters in Herzogenaurach, as well as on our (outsourced) German central logistics 
centre. 

BIODIVERSITY IN OUR SUPPLY CHAIN 

Many species, including plants, animals, bacteria and fungi are being threatened with extinction due to 
human activities such as deforestation, putting Earth’s biodiversity at risk. Apparel supply chains are 
directly linked to soil degradation, conversion of natural ecosystems and waterway pollution. Two-thirds of 
apparel shoppers say that limiting the impact on climate change is now more important to them now than 
before COVID-19 (McKinsey: Biodiversity – The next frontier in sustainable fashion). 

PUMA is a signatory to the Fashion Pact, a global initiative of companies in the fashion and textile industry 
(ready-to-wear, sport, lifestyle and luxury), all committed to a common core of key environmental goals in 
three areas mitigating global warming, restoring biodiversity and protecting the oceans. 

Biodiversity loss and climate change are interdependent and mutually reinforcing. For example, protecting 
forests could help reduce greenhouse gas emissions. In turn, the rise of global temperatures increases the 
risk of species becoming extinct. In 2019 PUMA published its science-based emissions target (SBT) with the 
SBT Coalition and joined the Fashion Pact. In 2023 an updated and 1.5 degree aligned science-based 
emissions target was approved for Scope 1 and 2 by SBT Coalition.  

Please see the Climate section of this report to find out about our climate action and progress. 

↗ T.48 SUSTAINABLY SOURCED NATURAL MATERIALS 

Sub-targets 

2023* 

2022* 

2021 

Target 2025 

Science Based Target (SBT) 

Fund Biodiversity 
Landscape Report 

Fund Biodiversity 
Landscape Report 

Joined Fashion 
Pact activities on 
biodiversity 

SBT set 

Cotton (BCI** and/or recycled) 

Leather (LWG-certified tanneries) 

Down (RDS-certified) 

Sustainably sourced viscose / MMCF 

99.2% 

99.7% 

100% 

84% 

99.9% 

100% 

100% 

97% 

Cardboard and paper (FSC and/or recycled) 

99.4%*** 

99.4%*** 

99% 

99.9% 

100% 

38% 

99% (product 
packaging supply 
chain) 

100% 

100% 

100% 

100% 

100% 

Including trims and excluding licensee production 

* 
**  Better Cotton Initiative (BCI) principle: Biodiversity and Land Use is one of the seven Better Cotton Principles and Criteria. 
Management practices address identifying and mapping biodiversity resources, identifying and restoring degraded areas, 
enhancing populations of beneficial insects, ensuring crop rotation and protecting riparian areas. 

*** Including outer cardboard 

Most of the negative impact on biodiversity comes from three stages in the value chain – raw material 
production, material preparation and processing, and end of life. 

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To mitigate the risk of biodiversity loss due to the production process, we address environmental pollution 
risk through our targets and supplier programmes related to climate, chemicals, water and air. 

In 2021 we developed roadmaps for water and waste, which can be found in the Water and Air, and  
Circularity sections of this report. In 2022 we developed a biodiversity roadmap using the Fashion Pact 
Biodiversity Strategy Tool Navigator that is in line with SBTN recommendations. 

At cotton farming level, Regenerative Agriculture practices aim to reduce the impact of production on soils 
and promotes soil health by restoring the soil’s organic carbon. Through our partnership with Better Cotton, 
we support regenerative cotton farming practices. BCI farmers have to follow these two principles, among 
others: 

•  Care for the health of soil: This principle requires farmers to develop a Soil Management Plan. The plan 
should include practices that contribute to maintaining and enhancing soil structure and soil fertility, 
and continuously improving nutrient cycling.  

•  Enhance biodiversity and use land responsibly: This principle requires Better Cotton farmers to adopt a 
Biodiversity Management Plan to conserve biodiversity on and around their farm. This plan includes 
regenerative farming practices such as ensuring crop rotation, which helps with soil regeneration. 

BIODIVERSITY ROADMAP 

Scope: Cotton, Leather, Rubber, Paper, MMCF, Synthetics, Wool 

Below are some key focus areas for the coming years. Some measures were implemented in 2022 and 2023 
and are covered in this report. 

•  Raise awareness: We see the need to raise awareness internally and will be developing an e-learning on 
biodiversity for our staff. We also see the need to increase the awareness of our consumers. We aim to 
maintain transparency to keep a strong relationship with stakeholders while providing information about 
biodiversity actions. In 2022, PUMA sponsored the Biodiversity Landscape Analysis Report as an 
opportunity to foster collaboration and knowledge-sharing in biodiversity. Together with Textile 
Exchange, Conservation International and the Fashion Pact, the Biodiversity Landscape Analysis Report 
aims to provide a common reference point on the topic of biodiversity in the textile industry, and to offer 
concrete pathways for brands and retailers to deepen their engagement. The report, which was 
published in 2023 intends to help companies of all sizes and maturities to begin or continue their 
biodiversity journey.  

• 

•  Knowledge of impact: We will explore traceability tools and conduct impact assessments, starting with 
leather and rubber. We collect material and packaging consumption data on an annual basis for the 
country of origin. For example, only a small percentage of the total leather used in PUMA products 
originates from South America, where deforestation is occurring at a rapid pace. Our EP&L identifies 
how the environmental impact is distributed along our value chain, for example, land use change per 
country, material type and tier level. The potential financial impact on land use was estimated to be 
approximately € 100 million in our 2023 EP&L. 
Internal action: We will define a KPI to be included in a supplier scorecard (environmental and chemical) 
and set biodiversity targets as well as traceability targets, starting with leather. We set goals to reach 
100% cotton, leather, viscose, paper packaging and down-procured from certified sources in 2025. Both 
cotton farming and cattle ranching require extensive land use and are known to reduce biodiversity, 
99.2% of cotton used in PUMA products is BCI or recycled cotton. 99.7% of the leather used in our foot-
wear is sourced from Leather Working Group (LWG) medal-rated tanneries. Leather traceability is a first 
step towards reducing deforestation. We monitor our LWG medal-rated tanneries' traceability 
performance and have joined the LWG Traceability working group. We partner with the NGO, Canopy, a 
Canadian non-profit organisation with the mission to protect the world’s forests, species and climate, 
and to help advance indigenous communities’ rights. We aim to ensure that our sourcing of man-made 
cellulosic materials (such as viscose) as well as paper and cardboard, does not contribute to de-
forestation. 99.4% of our paper packaging is either recycled and/or FSC-certified. We commit to sourcing 

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100% of our viscose from suppliers committed to reducing the risk of sourcing from ancient and 
endangered forests. In 2023, 84% of viscose was sourced from Green Shirt-rated suppliers. We hardly 
used wool (6,566 kg in 2023), but we have initiated Responsible Wool Standards certification. We aim to 
reach 100% certified responsible wool by 2025. 

•  Collaboration and partnership: PUMA joined the Fashion Pact, a global coalition of companies in the 
fashion and textile industry that is committed to stopping global warming, restoring biodiversity and 
protecting the oceans. PUMA joined the Fashion Charter, and committed to sourcing 100% of priority 
materials as preferred materials by 2030 (material for which no natural ecosystems are converted or 
deforested). In 2021 we engaged with Canopy, who helped us develop our policy on forest protection. We 
also engaged with Canopy‘s initiatives: CanopyStyle and Pack4good. Through these initiatives, we started 
investigating the next generation of raw materials with a focus on biobased materials, such as wheat 
straw, as a partial substitute for paper in our shopping paper bags. 

BIODIVERSITY RISK ASSESSMENT  

In 2023, we conducted a biodiversity risk assessment for our key raw materials such as cotton, polyester 
and leather. For cotton and polyester, we used the Materials Impact Explorer tool provided by Textile 
Exchange.  For leather, we used the Biodiversity Risk and Impact Dashboard of Fashion Pact. PUMA is 
currently taking steps to mitigate biodiversity risks and address environmental pollution risks through our 
targets and supplier programmes related to the climate, chemicals, water and air.  

We evaluated the environmental risk of rubber using the EiQ platform from Elevate. EiQ is a data-driven 
supply chain Environmental, Social, and Governance (ESG) due diligence platform used by businesses to 
enhance ESG risk management. The environmental risk encompasses water use, non-GHG air pollutants, 
terrestrial ecosystem use, soil pollutants, solid waste and water pollutants. We also mapped our sourcing of 
these materials by country. 

For cotton and polyester, we mapped our material consumption by country of origin using the Materials 
Impact Explorer tool to evaluate the potential impact on biodiversity in terms of changes in the state of 
nature (quality or quantity) which may result in changes to the capacity of nature to sustain social and 
economic functions. We also evaluated the risk of dependency in terms of environmental assets and 
ecosystem services that an organisation relies on to function. The dependency risk rating for recycled cotton 
and recycled polyester is not applicable as per the tool used. The outcome of the assessment is 
summarised below. The risk profile of a few countries from which PUMA is sourcing cotton and polyester 
is not available in the tool. However, such countries represent less than 5% of our sourcing volume for 
cotton and 13% for polyester.   

As a next step, we will look at a collaborative approach and join programmes with third-party initiatives to 
understand governance challenges. 

Cotton: In 2023, we sourced 63% of cotton from the USA, followed by Brazil (15%) and Australia (8%). These 
three countries have high a risk rating for potential impact. 4% of cotton is sourced from India which a very 
high-risk country.  

In terms of dependency risk, the USA, Brazil and Australia are categorised as high-risk countries, whereas 
India is categorised as a very high-risk country.  

We have required our suppliers to source only cotton grown in farms that are licensed as having good 
farming and human rights standards or recycled cotton from factories that are either Global Recycled 
Standard (GRS) or Recycled Claim Standard (RCS) certified in 2025.  

PUMA is taking steps to mitigate the biodiversity risks associated with the cotton sourcing. These include 
the adoption of BCI cotton, increased usage of recycled cotton, focusing on innovation to increase the share 
of recycled cotton in our products, conducting Life Cycle Assessment of products and materials to evaluate 

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environmental impact in different lifecycle stages and engaging with textile exchange to stay informed on 
industry best practices.  

We collect material consumption data on an annual basis along with the country of origin and require our 
suppliers to keep all the supportive documentation at disposal. We have also established an on-going due 
diligence programme with our partner laboratory in Germany where we regularly test samples of cotton 
finished garments before shipment. This further strengthens traceability and control across our supply 
chain, from the raw material to the finished products. 

Through our partnership with Better Cotton, we support regenerative cotton farming practices. Better 
Cotton Soil Health principles require farmers to develop a Soil Management Plan. The plan should include 
practices that contribute to maintaining and enhancing soil structure and soil fertility, and continuously 
improving nutrient cycling.  

Better Cotton Biodiversity principles require Better Cotton farmers to adopt a Biodiversity Management 
Plan to conserve biodiversity on and around their farms. This Plan includes regenerative farming practices 
such as ensuring crop rotation, which helps with soil regeneration. Biodiversity loss and climate change are 
interdependent and mutually reinforcing. Protecting forests, for example, could help reduce greenhouse gas 
emissions. 

Through our partnership with Better Cotton, we also support cotton farmer producers for climate-friendly 
practices, Better Cotton has set the goal of reducing greenhouse gas emissions by 50% per ton of Better 
Cotton lint produced by the end of the decade.  

In 2023, the share of BCI cotton was 90% and recycled cotton made up 8.6% of all cotton sourced by PUMA. 

Polyester: We sourced 79% of our polyester from China in 2023, followed by Taiwan 9.2% and Vietnam 
7.4%. We sourced both virgin polyester and recycled polyester from China, whereas we sourced only 
recycled polyester from Taiwan and Vietnam. China has a very high-risk rating in terms of the potential 
impact of virgin polyester. Recycled polyester is rated as medium risk irrespective of country of origin by the 
Textile Exchange tool. 

In terms of risk related to dependency, China, Turkey, South Korea, Japan and Indonesia are rated as very 
high-risk countries for virgin polyester whereas the USA and Germany are considered as high-risk 
countries. However, apart from China, we source a negligible volume (around 1%) from high, and very high-
risk countries. 

We have required our suppliers to source only polyester-certified to Bluesign/ Oekotex, or recycled polyester 
from factories that are either Global Recycled Standard (GRS) or Recycled Claim Standard (RCS) certified in 
2025.  PUMA has joined the Textile Exchange polyester challenge, since our 2025 goal of 75% recycled 
polyester is aligned with this challenge. While most of our recycled polyester to date has been made 
from PET bottles, PUMA launched the innovative RE:FIBRE programme, and can repurpose collected textile 
waste and other used materials to create new textiles. We engaged our core fabric manufacturing plants in 
energy efficiency programmes and are helping them to transition to 25% renewable energy processing in 
2025. We monitor and report chemical discharges, and work to eliminate pollutant chemicals.  

In 2023, we sourced a bio-based, high-performance polyester fibre known as Sorona, which constitutes 
0.11% of our total polyester consumption. Sorona contains over 20% bio-based carbon, which helps reduce 
the environmental impact without sacrificing quality and performance. Sorona is produced using a 
fermentation process which utilizes corn sugar as the main ingredient.  

Leather: The Fashion Pact Dashboard allows us to assess overall risk in terms of biodiversity loss and land 
use area. However, biodiversity risk specific to leather usage by a brand or company cannot be evaluated by 
using this dashboard. We plan to explore a more specific tool for leather in future.  

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In 2023, we sourced 61% of our leather from the USA, followed by Argentina (27%), Australia (6%) and Brazil 
(5%). The risk assessment indicates that the USA has a risk rating of very high for land use impact and high 
risk for biodiversity loss, while Argentina has a very high-risk rating for land use impact and a medium risk 
rating for biodiversity loss. Australia has a medium-risk rating for both impact categories while Brazil has 
very high-risk rating for both impact areas.  

PUMA is taking several steps to mitigate the biodiversity risks associated with leather sourcing. These 
include sourcing leather from LWG-rated tanneries, setting goals for sourcing deforestation-free leather, 
and focusing on innovation in the development of recycled and other bio-based alternatives. We engage with 
Fashion Pact, Textile Exchange and the Leather Working Group to remain updated about industry best 
practices.  

We have committed to sourcing all the bovine leather used in our products from verified deforestation-free 
supply chains by 2030 or earlier launched by global non-profits Textile Exchange and the Leather Working 
Group. The initiative aims to create equitable, transparent, and deforestation-free leather supply chains. The 
cross-sector initiative is aimed at galvanizing brands into action to end the deforestation and conversion of 
natural ecosystems linked to leather sourcing. In doing so, it looks to protect wildlife habitats and 
biodiversity, preserve carbon stocks to mitigate climate change, and protect human rights. 

Close to 100% of the leather that PUMA currently sources comes from Leather Working Group-certified 
tanneries. This means that the leather used in PUMA products comes from manufacturers who are working 
to implement industry best practices of environmental management and traceability. PUMA currently 
monitors its LWG medal-rated tanneries’ upstream traceability performance. 

However, around 76% of the leather used at PUMA is suede, a byproduct of the full-grain leather business. 
The challenge faced currently by PUMA and others in the industry is that most suede tanneries work with 
agents and intermediaries alongside direct tanneries, to guarantee a stable supply which creates a 
challenge to have full traceability at the cattle ranch level. 

Our innovation team has worked to address the technological limitations of a shoe designed for composting 
and launched the RE:SUEDE experiment. In 2022, 500 participants were asked to wear their RE:SUEDEs for 
six months before returning them to PUMA for the next stage of the experiment. A total of 412 pairs of worn 
RE:SUEDEs were returned to PUMA and sent to our industrial composting partner Valor Composting – a 
family business that takes a different approach to waste. We discovered that it is possible to turn the 
RE:SUEDE into Grade A compost under specific industrial conditions provided by Ortessa. RE:SUEDE is 
mainly made up of zeolite-tanned suede leather, hemp fibres, biodegradable TPE and organic cotton. The 
zeolite tanning process is an innovative approach to in tanning chemicals, which use mineral zeolite and is 
free from toxic substances such as chrome, heavy metal and aldehyde. We will continue to innovate with our 
partners to determine the infrastructure and technologies needed to make the process viable for a 
commercial version of the RE:SUEDE, including a take-back scheme, in 2024. 

Synthetic Rubber: We sourced, 74% of our synthetic rubber from China, followed by Vietnam 14% and South 
Korea 4%. China and South Korea are high-risk countries, while the risk profile for synthetic rubber from 
Vietnam is not available on the EiQ platform. High risks are Greenhouse Gas emissions, water use and solid 
waste. 

We have not yet mapped the manufacturing plants supplying synthetic rubber to our outsole manufacturers.  
As part of our 10FOR25, we work on developing recycled materials as alternatives to rubber. In 2023, 5% of 
synthetic rubber was recycled.  We engage our strategic outsole suppliers in Higg FEM (environmental 
performance tool measurement which includes energy use and greenhouse gas emissions, water use, 
wastewater, emissions to air and waste management) and work with them to eliminate pollutant chemicals. 

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Natural Rubber: In 2023, we sourced 29% of natural rubber from Vietnam, followed by Brazil 25%, 
Pakistan 13%, and Thailand 5%. Vietnam is categorised as an extreme risk country, while risk profiles for 
natural rubber from Brazil, Pakistan and Thailand are not available on the EiQ platform. The main high risks 
are water use and impact on ecosystem. In 2023, only 2% of the rubber used in our products was natural 
rubber. We aim in future to only source FSC certified rubber. FSC certification include adopting standards to 
maintain, conserve, and/or restore the ecosystem and environmental values of managed forests and avoid, 
repair, or mitigate negative environmental impacts. 

↗ G.35 PUMA CDP FOREST SCORE 

C

2020

C

2021

B-

2022

PUMA’s CDP Forestry score improved from C in 2021 to B- in 2022. Until the end of January, 2024, we 
retained our B-score. PUMA’s rating is better than the average performance of the sector (textile and fabric 
goods) which has an average rating of C. The overall global average rating stands at C. For more 
information, please visit the CDP website.  

↗ T.49 E-KPIS - PAPER1-4 

Paper (tons) 

2023 

2022 

2021 

2020 

2019 

2017 

% Change 
2023/2022 

% Change 
2023/2017 

Paper and cardboard 
consumption PUMA* 

Certified or recycled paper and 
cardboard consumption PUMA 

Percentage of certified or 
recycled paper consumption 

Paper and cardboard 
consumption from PUMA 
production (shoe boxes, 
hangtags) 

Percentage of certified or 
recycled paper and cardboard 
consumption from PUMA 
production 

5,374 

5,021 

4,152 

2,638 

2,281 

2,756 

7% 

95% 

4,911 

4,393 

3,306 

1,848 

1,818 

2,025 

12% 

143% 

91% 

87% 

80% 

70% 

80% 

74% 

25,602**  30,656**  19,670**  18,538  14,863  14,129 

-16.5% 

81.2% 

99%** 

99%** 

88%** 

99% 

100% 

n/a 

Including paper bags, office paper and cardboard consumption 

* 
**  Including outer cardboard boxes 
1  PUMA figures include PUMA owned or operated offices, warehouses and stores. Includes our own production sites in 

Argentina. All other production is outsourced to independent supplier factories, some warehouse operations are outsourced 
to independent logistics providers. Franchised stores are excluded. 

2  PUMA production figures include core Tier 1 supplier factories, Apparel, Footwear & Accessories (54 factories) and core Tier 

2 supplier factories, Leather, PU and Textiles (40 factories). 

3  Data includes extrapolations or estimates where no real data could be provided. 
4  Methodological changes over the last three years have influenced results. 

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ENVIRONMENTAL KEY PERFORMANCE DATA  

Г 
The PUMA Environmental Profit and Loss Account, or EP&L, calculates the environmental impact of 
PUMA's activities in financial terms across six categories from raw material production to the PUMA store. 
While the EP&L is not a precise measurement tool, it helps to show the categories and stages of the value 
chain in which the impact is greatest and therefore gives a good indication of where we should focus our 
efforts. 

The EP&L methodology, was developed in 2011 by PWC and Truecost, and later refined by Kering with the 
help of PWC. It mainly relies on material input and spending data. 

Over the last years, we have added primary data for our Tier 1 and Tier 2 suppliers and developed specific 
EP&L emission factors for major materials used, such as Better Cotton. 

However, we are still in the process of fully aligning our EP&L methodology for Tiers 3 and 4 with internal 
and external standards. As a result, the table below differs from our Scope 3 emission calculation in the 
Climate section and also results in a high water value for Tier 3 due to some wet processing for leather and 
polyester being attributed to Tier 3. 

We will continue to work on the alignment of methodologies to strengthen the EP&L as a valuable risk 
assessment and information tool. 

↗ G.36 EP&L RESULTS 2023 

Tier 0
Own
operations

Tier 1
Product
manufacturing

Tier 2
Component
manufacturing

Tier 3
Raw material
processing

Tier 4
Raw material
production

2%

9%

14%

28%

48%

Air pollution

10%

GHG emission

33%

Land use

Waste

21%

4%

Water use

11%

Water pollution

22%

Total

100%

EP&L Value 2023: € 415 million

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↗ Sustainability 

↗ G.37 EP&L TREND 2020 – 2023 

800

700

600

500

400

300

200

100

0

530

549

441

415

10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0

2020

2021

2022

2023

EP&L Value

Revenue

From our EP&L results, we can conclude that the production (48%) and processing of raw materials (28%) is 
responsible for the vast majority of the environmental impact from a process point of view, while 
greenhouse gas emissions (33%), water pollution (22%) and land use (21%) are responsible for over half of 
all environmental impact measured by the EP&L in terms of impact categories. 

This confirms our strategy of transitioning to the use of low-impact materials at scale, while focusing on the 
reduction of greenhouse gas emissions across our supply chain.  

The EP&L trend over the last years shows that the EP&L value is growing slower than sales. This means 
that while the overall impact was growing, we were able to reduce the EP&L value relative to sales. In 2023, 
we achieved an absolute reduction. 
└ 

PRODUCT/MATERIAL-RELATED E-KPIS 

We have been measuring the average environmental key performance indicators (E-KPIs) from Textile and 
Leather manufacturing (Tier 2) and Apparel and Footwear manufacturing (Tier 1) since 2017. 

In 2023, the Greenhouse Gas emissions KPIs reduced across the product divisions, both Tier 1 and Tier 2, 
except for the footwear division, where it almost remained stable (increase by 0.2%) as compared to 2020. 
CO2 emissions per piece of garment reduced by 23.2%; per square metre of leather produced, CO2 emissions 
have reduced by 40.7% and per ton of textile produced, CO2 emissions reduced by 9.2%. This was mainly 
achieved due to various climate actions initiated as described in the report. The participation of core 
suppliers in cleaner production and renewable energy programmes, installation of rooftop solar projects, 
switching from coal to biomass, and the purchase of RECs are the main contributor for these reductions 
achieved in Greenhouse Gas emissions.  

In 2023, water consumption per pair/square metre reduced for footwear by 21.5% and 4.9% for textile as 
compared to the baseline of 2020 mainly due to the implementation of water efficiency measures including 
water recycling plants by a few textile mills towards the end of 2022.  

However, the water KPI increased for apparel by 9.4%, and for leather by 11.7%. For apparel, production 
reduced by 15% as compared to 2020 (which is 33% reduction from 2022). Most of the apparel factories use 
water for domestic purposes and hence water consumption depends on the number of workers. In 2023, the 
market environment and increased inventory levels resulted in a need for more cautious procurement from 

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our suppliers, so the number of workers in core apparel factories decreased by 9% and production fell by 
15% resulting in higher water consumption per piece of apparel as compared to 2020. 

Out of five leather factories, two were new core factories and have not participated in resource efficiency 
programmes. One of the tanneries in China has relatively high water consumption as they process raw hide 
in-house, whereas other leather tanneries process wet blue leather (tanned leather, but not dried, dyed nor 
finished). Also, one tannery in Vietnam started tracking and reporting rainwater usage in 2023.    

In 2023, production waste to landfills decreased by 87.4% for apparel and by 64.7% for the footwear division 
as compared to the 2020 baseline. This is mainly due to the adoption of better waste disposal practices by 
our suppliers and being able to achieve diversion from landfill. We also observed that factories were able to 
track and report waste data more accurately.  

↗ T.50 FOOTWEAR E-KPI RESULTS (TIER 1) 

Value 

2023 

2022 

2021 

2020 

2019 

2018 

2017 

Change 
2020-2023 

Number of 
suppliers 

Energy/pair (kWh) 

CO2/pair (kg) 

Water/pair (L) 

Waste/pair (g) 

Waste to 
landfills/pair (g) 

1.63 

0.75 

11.8 

122 

1.36 

0.7 

9.6 

134 

1.41 

0.68 

11.9 

141 

1.31 

0.74 

15.1 

145 

1.30 

0.96 

15.2 

127 

1.25 

0.93 

12.3 

109 

1.40 

24.8% 

1.00 

0.2% 

14.5 

-21.5% 

116 

-15.6% 

21 

8.36 

12.3 

19.0 

23.7 

- 

- 

- 

-64.7% 

↗ T.51 APPAREL E-KPI RESULTS (TIER 1) 

Value 

2023 

2022 

2021 

2020 

2019 

2018 

2017 

Change 
2020-2023 

Number of 
factories 

Energy/piece 
(kWh) 

CO2/piece (kg) 

Water/piece (l) 

Waste/piece (g) 

Waste to 
landfills/piece (g) 

0.58 

0.17 

5.03 

60.7 

0.52 

0.19 

3.83 

58.2 

0.55 

0.20 

4.23 

62.3 

0.56 

0.22 

4.60 

54.3 

0.57 

0.24 

4.39 

56.3 

0.57 

0.26 

4.20 

46.5 

0.72 

4.5% 

0.31 

-23.2% 

7.58 

9.4% 

19 

44.0 

11.8% 

0.33 

2.66 

2.40 

2.64 

- 

- 

- 

-87.4% 

↗ T.52 LEATHER E-KPI RESULTS (TIER 2) 

Value 

2023 

2022 

2021 

2020 

2019 

2018 

2017 

Change 
2020-2023 

Number of 
factories 

Energy/SqM (kWh) 

CO2/SqM (kg) 

Water/SqM (L) 

Waste/SqM (kg) 

7.37 

1.61 

76.4 

0.67 

7.55 

2.34 

56.9 

0.60 

6.46 

1.89 

60.9 

0.50 

7.05 

2.72 

68.3 

0.68 

8.19 

3.21 

74.7 

0.78 

8.65 

3.16 

9.10 

4.5% 

3.39 

-40.7% 

90.20 

91.80 

11.7% 

0.85 

1.56 

-1.4% 

5 

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↗ T.53 TEXTILES E-KPI RESULTS (TIER 2) 

Value 

2023 

2022 

2021 

2020 

2019 

2018 

2017 

Change 
2020-2023 

Number of 
factories 

Energy/ton (kWh) 

14,320 

13,122 

13,394 

13,049 

12,636 

13,387 

13,679 

9.7% 

CO2/ton (T) 

Water/ton (m3) 

Waste/ton (kg) 

4.06 

98.3 

276 

4.54 

98.5 

289 

4.58 

98.7 

121 

4.47 

103 

78.9 

4.37 

106 

62.1 

4.45 

123 

70.6 

4.45 

-9.2% 

119 

-4.9% 

300 

250.0% 

32 

For tables on E-KPI results, the values for November and December 2023 were estimated by employing the Exponential 
Smoothing (ETS) algorithm in Microsoft Excel, utilizing data from January to October of 2023. This approach was chosen after 
comparing it to alternative methods, considering its performance against actual historical data, specifically in terms of deviation 
from the actual values in percentage terms. The ETS method displayed both higher accuracy and higher precision compared to 
other methods, such as averaging the last 10/12 months or multiplying the estimated production by the average KPI (per 
production unit) from the 12 months of data spanning from November 2021 to October 2022. 

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REPORTING IN ACCORDANCE WITH THE EU 
TAXONOMY REGULATION 

TAXONOMY OBJECTIVES 

The Taxonomy Regulation (EU) 2020/852 (in the following “the Taxonomy”) entered into force on 22 June 2020. 
The purpose of this regulation is to provide a definition of what constitutes a sustainable economic activity 
and to redirect capital flows into companies that are aligning their business models towards such sustainable 
economic activities. To achieve this goal, companies must report on the proportion of “environmentally 
sustainable” revenues, investments (capital expenditure) and operating expenses.  

The focus of the Taxonomy lies on 6 environmental objectives: 

•  Climate change mitigation 
•  Climate change adaptation 
•  Sustainability and protection of water and marine resources 
•  Pollution prevention and control 
•  Protection and restoration of biodiversity and ecosystems 
•  Transition to a circular economy 

The Taxonomy has identified eligible economic activities that substantially contribute to each of these 
environmental objectives. Linked to these eligible activities are technical screening criteria as well as do no 
significant harm criteria and minimum safeguards that define whether the activity is considered sustainable 
or not (aligned).  

Delegated Regulation (EU) 2021/2178 as of July 6, 2021 on the climate objectives (climate change mitigation 
(Annex I) and climate change adaptation (Annex II)) (“the Climate Delegated Act”), was published in the 
Official Journal on December 9, 2021 and entered into force on January 1, 2022 ((EU) 2021/2139). Further 
delegated acts for the remaining objectives were published in 2023, namely EU 2022/1214 (Complementary 
Climate DA), EU 2023/2485 (amending EU 2021/2139), EU 2023/2486 (targets three to six), C(2023)3850 
(Amended Climate DA) and C(2023)3851 Environmental DA (targets three to six). 

DISCLOSURE REQUIREMENTS FOR NON-FINANCIAL UNDERTAKINGS 

According to Article 2 of the Climate Delegated Act and Article 8 of the Taxonomy any undertaking subject to 
the Non-Financial Reporting Directive (NFRD) must provide information on “environmentally sustainable” 
revenues, investments (capital expenditure) and operating expenses (OpEx).  

According to Article 10 of the Climate Delegated Act undertakings must disclose the proportion of 
Taxonomy-eligible and Taxonomy non-eligible economic activities in their total turnover, capital expenditure 
and operational expenditure. The eligibility of an activity implies that an activity is included in the Climate 
Delegated Act. Whether an activity is Taxonomy-eligible or not says nothing about the sustainability of that 
activity. Being Taxonomy-eligible is merely an indication that a certain activity makes a substantial 
contribution to one of the six environmental objectives of the Taxonomy. From January 1, 2023, the 
disclosure must also include information on taxonomy alignment, meaning only activities that are included 
in the “environmentally sustainable share” of the three performance indicators. An economic activity is 
environmentally sustainable if it: 

•  makes a significant contribution to the achievement of one or more environmental goals (significant 

contribution, SC) 

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PUMA Annual Report 2023 

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•  does not result in significant harm to one of more of the environmental objectives (do no significant 

• 

harm, DNSH) 
is carried out in compliance with a defined minimum level of protection (minimum safeguards, MS) and 
complies with technical screening criteria (TSC) of Annex I and Annex II. 

TAXONOMY-ELIGIBILITY OF PUMA’S ECONOMIC ACTIVITIES IN RESPECT TO THE 
ENVIRONMENTAL OBJECTIVES OF THE EU TAXONOMY 

The technical screening criteria in Annex I and Annex II of Delegated Regulation (EU) 2021/2139 of June 4, 
2021 for the first two environmental objectives, namely climate change mitigation and climate change 
adaptation, do not list any business activities that are linked to the production and sale of footwear, apparel 
and accessories. This means that PUMA’s business activities so far do not qualify as contributing 
substantially to climate change mitigation or climate change adaptation.  

Further technical screening criteria were published as Annexes I, III and IV of Delegated Regulation (EU) 
2023/2486 (supplementing EU 2020/852) of June 27, 2023, for the remaining environmental objectives, 
namely sustainable use and protection of water and marine resources, pollution prevention and control as 
well as restoration of biodiversity and ecosystems. Likewise, these do not list any business activities that are 
linked to the production and sale of footwear, apparel and accessories. 

For the remaining environmental objective published as Annex II, the transition to a circular economy, 
activities related to apparel are listed, but are limited to sales generated by services such as repair, 
remanufacturing or refurbishment, preparation for reuse, sale of second-hand goods, or product as a 
service business models, none of which are not part of PUMA current revenue generating activities. 

As mentioned in the Circularity section of this report, PUMA and its partners are piloting fibre to fibre 
recycling technology and take-back systems. However, those activities have not generated any significant 
Taxonomy-eligible or aligned sales under the definition of Annex II and had a project status in 2023.  

Therefore, PUMA’s business activities in this regard are not considered Taxonomy-eligible (so far). Since 
PUMA does not have any economic activities related to nuclear power or power generation from gas, PUMA 
will not report the related standard forms from the Delegated Act (EU 2022/1214). 

ELIGIBLE CAPITAL EXPENDITURE 

PUMA understands that the Taxonomy and the Climate Delegated Act as well as the Environmental 
Delegated Act including its Annexes nonetheless requires non-financial undertakings with non-Taxonomy 
eligible economic activities to report on the part of the capital expenditure related to the purchase of output 
from Taxonomy-aligned economic activities and individual measures enabling target activities to become 
low-carbon or to lead to greenhouse gas reductions.  

In this regard PUMA reviewed so-called cross-cutting activities that are not directly related to PUMA’s 
primary business activity and are not revenue-generating for PUMA but still are of relevance to support 
PUMA’s sustainability efforts. Taxonomy-eligible capital expenditure could be identified with regard to 
“Transport” and “Real Estate Activities”. 

The key figures are determined based on Delegated Regulations (EU) 2020/852, 2021/2139 and 2021/2178 as 
well as 2023/2385 and 2023/2086 in conjunction with the accounting policies to be applied to the 
consolidated financial statements. To avoid double counting, expenditure has been allocated to only one 
economic activity. 

189 

 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

In 2023 PUMA made investments in several buildings, including: 

•  A new solar PV station in Germany (planned completion in 2024) 
•  New charging stations in Germany 
•  Office space in Argentina 

The technical screening criteria of Annexes I and II define a taxonomy-aligned investment in buildings only 
for those buildings that are ranked among the top 15% of their regional building stock in terms of Primary 
Energy Demand (PED). 

Since there is no precise definition of this 15%, for example in terms of area covered or primary energy 
demand per m2, and as the rental of buildings is not material to PUMA’s business performance in terms of 
CO2 emissions, we have decided to report the Taxonomy-aligned investment in buildings for 2023 as zero. 

This does not mean that PUMA is not investing in lowering CO2 emissions from its own entities. As described 
in the Climate section of this report, our Scope 1 and 2 emissions have been reduced by 85% compared to 
our baseline in 2017, mainly through green electricity tariffs or renewable energy attribute certificates. 

In 2023 PUMA also invested in charging stations for electric cars, which do fall under the taxonomy 
alignment criteria for climate mitigation. The total investment in these charging stations was 241 TEUR 
(2022: 79 TEUR). 

Furthermore, PUMA started to invest in additional solar PV capacity at its headquarters in Germany. The 
investment in 2023 came to 262 TEUR (no investment in 2022). 

As part of PUMA’s 10FOR25 sustainability targets, PUMA is transitioning its car fleet to more sustainable 
transport vehicles. Therefore, in 2023 PUMA invested in the lease of 92 low or zero emission vehicles (2022: 
64 vehicles). 

Unlike buildings, the technical screening criteria for CO2 emissions for taxonomy alignments are clearly 
defined as below 50 g CO2/km. 

We can confirm that 92 cars added to our car fleet are Taxonomy-aligned with the technical screening 
criteria based on their CO2 emission footprint, equalling an investment of over 2,000 TEUR (2022: 1,521 TEUR) 

Considering the do-no-significant harm criteria of tires for passenger cars, not all those cars can be 
considered as fully Taxonomy-aligned, as many of the standard tires used for our new electric cars from 
Tesla, Volkswagen, Hyundai, Mercedes and BMW do not fulfil the criteria for noise emissions. As a result  
the reported  Taxonomy-aligned investment in vehicles for the year 2023 is 408 TEUR (2022: 372 TEUR). 

The total capital expenditure (IAS 16, 38 and IFRS 16) of the PUMA Group amounts to 599,874 TEUR for the 
year 2023 (2022: 669,382 TEUR). The eligible capital expenditure related to “Transport” amounts to 7,930 
TEUR (2022: 5,427 TEUR) and the amount related to“Real Estate Activities /Other” is 336,500 TEUR 
(2022:376,996 TEUR). The Taxonomy-aligned capital expenditure from investment in solar PV, low or zero 
emission cars and charging stations for electric cars was 910 TEUR (2022: 372 TEUR). 

ELIGIBLE OPERATIONAL EXPENDITURE 

PUMA understands that the Taxonomy and the Disclosure Delegated Regulation (EU 21/2178) nonetheless 
asks non-financial undertakings with non- Taxonomy eligible activities to report on the part of the 
operational expenditure related to the purchase of output from Taxonomy-aligned economic activities and 
individual measures enabling the target activities to become low-carbon or to lead to greenhouse gas 
reductions.  

190 

 
PUMA Annual Report 2023 

↗ Sustainability 

Due to the nature of our business model, which is the design, development, marketing and sale of footwear, 
apparel and accessories, the eligible operational expenditure is not material in the context of the  
environmental objectives of the Taxonomy, therefore  the numerator of our taxonomy-eligible operational 
expenditure is zero. 

For the denominator, Article 2, Section 1.1.3.1. of Annex 1 the Climate Delegated Act asks for reporting on the 
total operational expenditure derived from the categories “research and development, building renovation 
measures, short-term lease, maintenance and repair and any other direct expenditures related to the day-
to-day servicing of assets of property, plant and equipment by the undertaking or third party to whom 
activities are outsourced that are necessary to ensure the continued and effective functioning of such 
asset.” The total operational expenditure from these categories amounts to 113.4 TEUR (2022: 103.6 TEUR) 
for the 2023 financial year. 

OUTLOOK 

At PUMA, we will continue the transition of our car fleet to low or zero emission vehicles in those countries 
where the charging infrastructure can support running an electric car fleet. We also plan to continue 
investing in te renewable energy capacity of the buildings we own. In addition, we will explore the activities 
listed under “Transition to a circular economy” to assess their technical and financial viability over the next 
years. 

191 

 
 
PUMA Annual Report 2023 

↗ Sustainability 

Proportion of turnover from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2023 

Substantial contribution criteria 

DNSH criteria 
('Does Not Significantly Harm') 

Economic Activities 

Code 

A. TAXONOMY-ELIGIBLE ACTIVITIES 

A.1 Environmentally sustainable activities 
(Taxonomy-aligned) 

Taxonomy-aligned environmentally sustainable 
activities performed by PUMA 

Turnover of environmentally sustainable activities 
(Taxonomy-aligned) (A.1) 

Of which enabling 

Of which transitional 

A.2 Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy-aligned 
activities) 

Taxonomy-eligible environmentally sustainable 
activities performed by PUMA 

Turnover of Taxonomy-eligible but not environmentally 
sustainable activities 
(not Taxonomy-aligned activities) (A.2) 

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192 

  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
PUMA Annual Report 2023 

↗ Sustainability 

Substantial contribution criteria 

DNSH criteria 
('Does Not Significantly Harm') 

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Economic Activities 

Code 

A. Turnover of Taxonomy eligible activities (A.1+A.2) 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES 

Turnover of Taxonomy-non-eligible activities 

8,601,699,000  100 

TOTAL 

8,601,699,000  100 

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193 

  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

Proportion of CapEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2023 

Substantial contribution criteria 

DNSH criteria 
('Does Not Significantly Harm') 

Economic Activities 

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A. TAXONOMY-ELIGIBLE ACTIVITIES 

A.1 Environmentally sustainable activities 
(Taxonomy-aligned) 

Activity 1: Installation, maintenance and repair of 
charging stations for electric vehicles in buildings 
(and parking spaces attached to buildings) (7.4) 

Activity 2: Installation, maintenance and repair of 
renewable energy technologies (7.6) 

F42, 
F43, 
M71 

F42, 
F43, 
M71 

Currency (€) 

% 

Y;N; 
N/EL 

Y;N; 
N/EL 

Y;N; 
N/EL 

Y;N; 
N/EL 

Y;N; 
N/EL 

Y;N; 
N/EL  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N 

% 

E 

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240,000 

0.04 

Y 

Y  N/EL  N/EL  N/EL  N/EL 

Y  n.a.  n.a.  n.a.  n.a.  n.a. 

Y 

0.01 

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262,000 

0.05 

Y 

Y  N/EL  N/EL  N/EL  N/EL 

Y  n.a.  n.a. 

Y 

Y  n.a. 

Y 

0 

E 

Activity 3: Transport by motorbikes, passenger 
cars and light commercial vehicles (6.5) 

N77.11 

408,000 

0.07 

Y 

Y  N/EL  N/EL  N/EL  N/EL 

Y 

Y  n.a. 

Y 

Y  n.a. 

Y 

0.04 

E 

CapEx of environmentally sustainable activities (Taxonomy-
aligned) (A.1) 

910,000 

0.16 

0.16 

0.16 

Of which enabling 

Of which transitional 

910,000 

0.16 

0.16 

0.16 

0 

0 

0 

0 

0 

0 

0 

0 

0 

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0 

0 

0 

0 

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Y 

Y  n.a. 

Y 

E 

0  n.a.  n.a.  n.a.  n.a.  n.a.  n.a.  n.a. 

T 

194 

  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
PUMA Annual Report 2023 

↗ Sustainability 

Substantial contribution criteria 

DNSH criteria 
('Does Not Significantly Harm') 

Economic Activities 

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% 

Y;N; 
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Y;N; 
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Y;N; 
N/EL 

Y;N; 
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Y;N; 
N/EL  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N 

% 

E 

T 

A.2 Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy-aligned 
activities) 

Activity 1: Acquisition and ownership of buildings 
(7.7) 

Activity 2: Transport by motorbikes, passenger 
cars and light commercial vehicles (6.5) 

L68 

335,998,000  60.01 

EL 

EL  N/EL  N/EL  N/EL  N/EL 

N77.11 

7,522,000 

1.34 

EL 

EL  N/EL  N/EL  N/EL  N/EL 

CapEx of Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy-aligned activities) (A.2) 

343,520,000  61.36  61.36  61.36 

A. CapEx of Taxonomy eligible activities (A.1+A.2) 

344,430,000  61.52  61.52  61.52 

0 

0 

0 

0 

0 

0 

0 

0 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES 

CapEx of Taxonomy-non-eligible activities 

215,444,000  38.48 

TOTAL 

559,874,000 

100 

56.31 

0.77 

57.09 

57.13 

42.87 

195 

  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
     
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

Proportion of OpEx from products or services associated with Taxonomy-aligned economic activities – disclosure covering year 2023 

Substantial contribution criteria 

DNSH criteria 
('Does Not Significantly Harm') 

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% 

E 

T 

A. TAXONOMY-ELIGIBLE ACTIVITIES 

A.1 Environmentally sustainable activities (Taxonomy-
aligned) 

Taxonomy-aligned environmentally sustainable 
activities performed by PUMA 

OpEx of environmentally sustainable activities (Taxonomy-
aligned) (A.1) 

Of which enabling 

Of which transitional 

A.2 Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy-aligned activities) 

Taxonomy-eligible environmentally sustainable 
activities performed by PUMA 

0 

0  N/EL  N/EL  N/EL  N/EL  N/EL  N/EL  n.a.  n.a.  n.a.  n.a.  n.a.  n.a.  n.a. 

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0  n.a.  n.a.  n.a.  n.a.  n.a.  n.a.  n.a. 

0 

0  N/EL  N/EL  N/EL  N/EL  N/EL  N/EL 

OpEx of Taxonomy-eligible but not environmentally 
sustainable activities (not Taxonomy-aligned activities) (A.2) 

A. OpEx of Taxonomy eligible activities (A.1+A.2) 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

0 

196 

  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
PUMA Annual Report 2023 

↗ Sustainability 

Substantial contribution criteria 

DNSH criteria 
('Does Not Significantly Harm') 

Economic Activities 

e
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x
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N/EL 

Y;N; 
N/EL  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N  Y/N 

% 

E 

T 

B. TAXONOMY-NON-ELIGIBLE ACTIVITIES 

OpEx of Taxonomy-non-eligible activities 

TOTAL 

113,400,000  100 

113,400,000  100 

197 

  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

INDEX FOR COMBINED NON-FINANCIAL REPORT 
AND GRI CONTENT 

This report constitutes a separate combined non-financial report in accordance with Sections 289b to 289e 
and 315b, 315c in conjunction with Sections 289c to 289e of the German Commercial Code (HGB). This 
consolidated combined non-financial report consists of the "Sustainability" and "Culture" subsections in the 
"Our People"section as well as “Compliance Management System” and “Corporate Social Responsibility” in 
the chapter “Corporate Governance Statement in accordance with Section 289f and Section 315d HGB”. The 
reporting period covered is from January 1, 2023 to December 31, 2023. No restatements of information have 
been made in this report. We have provided separate reports for PUMA SE and the PUMA Group within the 
“Our People” section only. Separate reporting of other sustainability data would not add any meaningful new 
information or value and would require significant additional resources, so we have omitted it here. 
Information about PUMA’s business model is set out in the Financial section of this Annual Report. We have 
not identified any most significant non-financial performance indicators according to Article § 289c, section 
3, number 5 of the German Commercial Code (HGB). PUMA engaged KPMG AG Wirtschaftsprüfungs-
gesellschaft to perform a “limited assurance” audit of the combined sustainability report with a focus on 
accordance with the German CSR Implementation Act (CSR-RUG). 

Since 2003 PUMA’s sustainability reports are based on the guidelines of the Global Reporting Initiative (GRI), 
which developed detailed and widely recognised standards on sustainability reporting. PUMA SE has 
prepared this report with reference to the GRI Standards GRI 1: Foundation 2021. This option enables us to 
report on the impacts related to our economic, environmental, social and governance performance. It 
includes topics that are material to PUMA’s business and our key stakeholders, and that constitute our 
sustainability targets. These targets have been systematically developed in accordance with the feedback 
from PUMA’s stakeholders. 

198 

 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

GENERAL DISCLOSURES 

GRI 2: General 
Disclosures 2021 

2-1 Organisational details 

Commercial activities and organisational 
structure 

Location 

2-2 Entities included in the 
organisation’s sustainability reporting 

Scope of the Report 

2-3 Reporting period, frequency and 
contact point 

Index for combined non-financial report 
and GRI content, Imprint 

2-4 Restatements of information 

2-5 External assurance 

Index for combined non-financial report 
and GRI content 

Limited assurance report of the 
independent practitioner regarding the 
separate non-financial group report 

2-6 Activities, value chain and other 
business relationships 

Commercial activities and organisational 
structure; Sourcing 

2-7 Employees 

Our People; Employees 

2-9 Governance structure and 
composition 

2-10 Nomination and selection of the 
highest governance body 

2-11 Chair of the highest governance 
body 

Description of the working practices of 
the management board and the 
supervisory board 

Description of the working practices of 
the management board and the 
supervisory board 

Description of the working practices of 
the management board and the 
supervisory board 

2-12 Role of the highest governance 
body in overseeing the management of 
impacts 

Sustainability organisation and 
governance structure; Description of the 
working practices of the management 
board and the supervisory board 

2-13 Delegation of responsibility for 
managing impacts 

Sustainability organisation and 
governance structure 

2-14 Role of the highest governance 
body in sustainability reporting 

Sustainability committee 

2-15 Conflicts of interest 

Diversity concept for the supervisory 
board 

2-16 Communication of critical concerns  Risk and opportunity report 

2-17 Collective knowledge of the highest 
governance body 

2-19 Remuneration policies 

Compensation System 
https://about.puma.com/en/investor-
relations/corporate-governance 

Description of the working practices of 
the management board and the 
supervisory board 

2-20 Process to determine remuneration  Description of the working practices of 

the management board and the 
supervisory board. 
Compensation System 
https://about.puma.com/en/investor-
relations/corporate-governance 

Pages 

214 

48 

198 

198 

205 

214, 220 

16, 222 

254 

254 

254 

36, 254 

36 

8 

254 

255 

254 

254 

199 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 
  
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

GRI 2: General 
Disclosures 2021 

2-21 Annual total compensation ratio  Description of the working practices 

Location 

Pages 

254 

of the management board and the 
supervisory board. 
Compensation Report 
https://about.puma.com/en/investor-
relations/corporate-governance 

2-22 Statement on sustainable 
development strategy 

2-23 Policy commitments 

CEO Letter; Foreword 

5, 31 

https://about.puma.com/en/sustaina
bility/codes-policies-and-handbooks 

2-24 Embedding policy commitments  PUMA's FOREVER. BETTER. 

Sustainability Strategy; Human Rights 

2-25 Processes to remediate negative 
impacts 

Human Rights 

2-26 Mechanisms for seeking advice 
and raising concerns 

Compliance management system 

2-28 Membership associations 

Stakeholder outreach 

2-29 Approach to stakeholder 
engagement 

2-30 Collective bargaining 
agreements 

Stakeholder outreach 

Human Rights at own entities 

MATERIAL TOPICS 

3-1 Process to determine material 
topics 

Location 

Most material aspects 

GRI 3: Material 
Topics 2021 

3-2 List of material topics 

Most material aspects 

ANTI-CORRUPTION 

3-3 Management of material topics 

Location 

Relevant disclosures of corporate 
governance practices that are applied 
beyond the regulatory requirements 

GRI 3: Material 
Topics 2021 

205-2 Communication and training 
about anti-corruption policies and 
procedures 

Relevant disclosures of corporate 
governance practices that are applied 
beyond the regulatory requirements 

35, 53 

67-78 

254 

38-41 

38-41 

53 

Pages 

42-44 

42-44 

Pages 

263 

263 

200 

 
  
  
  
  
 
  
  
  
  
  
 
 
 
 
 
 
 
  
  
  
 
 
 
 
 
 
  
  
  
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

TAX 

 GRI 207: Tax 2019 

207-1 Approach to tax 

Location 

Pages 

“WE PAY OUR FAIR SHARE” is the 
core principle the PUMA Group is 
taking into consideration for its global 
tax strategy. In this regard, PUMA 
fully commits to act in accordance 
with all international tax regulations 
and to fulfill any tax obligations 
arising from its business activities.  
All information regarding PUMA’s tax 
approach can be found in the tax 
strategy 
(https://about.puma.com/en/investor-
relations/corporate-governance, see 
Tax Strategy) 

As it is a general principle for PUMA 
to follow tax rules and to pay 
applicable taxes, taxes as such are 
not a material issue within the 
sustainability approach. 
Consequently, PUMA does not report 
in detail on the GRI Standard in this 
regard. 

MATERIALS 

Location 

GRI 3: Material 
Topics 2021 

3-3 Management of material topics 

Recycled material usage; Material 
origin 

GRI 301: Materials 
2016 

301-1 Materials used by weight or 
volume 

Recycled material usage; Material 
consumption data 

301-2 Recycled input materials used  Recycled material usage 

ENERGY 

GRI 3: Material 
Topics 2021 

GRI 302: Energy 
2016 

3-3 Management of material topics 

Climate 

Location 

302-3 Energy intensity 

Climate 

Pages 

157, 173 

157, 173 

157, 173 

Pages 

104 

104 

201 

 
  
  
  
 
  
  
 
 
 
 
 
 
  
  
 
 
 
 
 
 
 
  
  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

WATER AND EFFLUENTS 

GRI 3: Material 
Topics 2021  

3-3 Management of material topics 

Water and air 

Location 

303-2 Management of water 
discharge-related impacts 

Water and air 

303-5 Water consumption 

Water and air 

BIODIVERSITY 

GRI 3: Material 
Topics 2021 

GRI 304: 
Biodiversity 2016 

EMISSIONS 

GRI 3: Material 
Topics 2021 

GRI 305: Emissions 
2016 

WASTE 

GRI 3: Material 
Topics 2021 

3-3 Management of material topics 

Biodiversity 

Location 

304-1 Operational sites owned, 
leased, managed in, or adjacent to, 
protected areas and areas of high 
biodiversity value outside protected 
areas 

Biodiversity 

3-3 Management of material topics 

Climate 

Location 

305-1 Direct (Scope 1) GHG emissions  Climate 

305-2 Energy indirect (Scope 2) GHG 
emissions 

Climate 

305-3 Other indirect (Scope 3) GHG 
emissions 

Climate 

305-4 GHG emissions intensity 

Climate 

305-5 Reduction of GHG emissions 

Climate 

3-3 Management of material topics 

Circularity 

Location 

306-1 Waste generation and 
significant waste-related impacts 

Circularity 

GRI 306: Waste 2020  306-2 Management of significant 

Circularity 

waste-related impacts 

Pages 

142 

142 

142 

Pages 

177 

177 

Pages 

104 

104 

104 

104 

104 

104 

Pages 

156 

156 

156 

202 

 
  
  
  
 
 
 
 
 
 
 
  
  
 
 
 
 
 
 
  
  
  
  
  
  
 
 
 
 
 
 
  
  
  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

OCCUPATIONAL HEALTH AND SAFETY 

GRI 3: Material 
Topics 2021 

3-3 Management of material topics 

403-2 Hazard identification, risk 
assessment, and incident 
investigation 

403-9 Work-related injuries 

Location 

Our people occupational health and 
safety 

Our people occupational health and 
safety 

Our people occupational health and 
safety 

DIVERSITY AND EQUAL OPPORTUNITY 

GRI 3: Material 
Topics 2021 

GRI 405: Diversity 
and Equal 
Opportunity 2016 

3-3 Management of material topics 

405-1 Diversity of governance bodies 
and employees 

Location 

Relevant disclosures of corporate 
governance practices that are applied 
beyond the regulatory requirements 

Relevant disclosures of corporate 
governance practices that are applied 
beyond the regulatory requirements 

FREEDOM OF ASSOCIATION AND COLLECTIVE BARGAINING 

Location 

GRI 3: Material 
Topics 2021 

3-3 Management of material topics 

Human Rights in the supply chain 

GRI 407: Freedom of 
Association and 
Collective 
Bargaining 2016 

407-1 Operations and suppliers in 
which the right to freedom of 
association and collective bargaining 
may be at risk 

Human Rights in the supply chain 

FORCED OR COMPULSORY LABOR 

Location 

GRI 3: Material 
Topics 2021 

3-3 Management of material topics 

Human Rights in the supply chain 

GRI 409: Forced or 
Compulsory Labor 
2016 

409-1 Operations and suppliers at 
significant risk for incidents of forced 
or compulsory labor 

Human Rights in the supply chain 

Pages 

22 

22 

22 

Pages 

254 

254 

Pages 

55 

55 

Pages 

55 

55 

203 

 
  
  
  
  
 
 
 
 
 
 
  
  
 
 
 
 
 
 
  
  
 
 
 
 
 
 
  
  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

SUPPLIER SOCIAL ASSESSMENT 

GRI 3: Material 
Topics 2021 

GRI 414: Supplier 
Social Assessment 
2016 

3-3 Management of material topics 

Human Rights in the supply chain 

Location 

414-1 New suppliers that were 
screened using social criteria 

Human Rights in the supply chain 

414-2 Negative social impacts in the 
supply chain and actions taken 

Human Rights in the supply chain 

Pages 

55 

55 

55 

204 

 
  
  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

KPMG ASSURANCE STATEMENT 

To the PUMA SE, Herzogenaurach 

We have performed a limited assurance engagement on the combined separate non-financial group report 
of PUMA SE, Herzogenaurach (hereinafter: “company”), which was combined with the non-financial report 
of the parent company for the period from January 1 to December 31, 2023 (hereinafter the “consolidated 
non-financial report”). This consolidated non-financial report consists of the chapter “Sustainability”, the 
section “Culture” in the chapter “Our People” and the sections “Compliance Management System” and 
“Corporate Social Responsibility” in the chapter “Corporate Governance Statement in accordance with 
Section 289f and Section 315d HGB” of the Annual Report 2023 of PUMA SE, Herzogenaurach. 

Not subject of our assurance engagement was the material audit of the external sources of documentation, 
interviews, case studies, expert opinions, the Environmental Profit & Loss figures as well as checking the 
content of links to internet pages mentioned in the non-financial report (see Annex 1 to the assurance 
report). 

Responsibilities of Management 
Management of PUMA SE, Herzogenaurach, is responsible for the preparation of the consolidated non-
financial report in accordance with Sections 315c in conjunction with 289c to 289e HGB and Article 8 of 
REGULATION (EU) 2020/852 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of June 18, 2020 on 
establishing a framework to facilitate sustainable investment and amending Regulation (EU) 2019/2088 
(hereinafter the “EU Taxonomy Regulation”) and the Delegated Acts adopted thereunder, as well as for 
making their own interpretation of the wording and terms contained in the EU Taxonomy Regulation and the 
delegated acts adopted thereunder as set out in section “Reporting in accordance with the EU taxonomy 
regulation” of the consolidated non-financial report. 

This responsibility of the legal representatives of the company includes the selection and application of 
appropriate non-financial reporting methods and making assumptions and estimates about individual non-
financial disclosures of the group that are reasonable in the circumstances. Furthermore, management is 
responsible for such internal control as they consider necessary to enable the preparation of a consolidated 
non-financial report that is free from material misstatement, whether due to fraud (manipulation of the 
non-financial group report) or error. 

The EU Taxonomy Regulation and the Delegated Acts issued thereunder contain wording and terms that are 
still subject to considerable interpretation uncertainties and for which clarifications have not yet been 
published in every case. Therefore, management has disclosed their interpretation of the EU Taxonomy 
Regulation and the Delegated Acts adopted thereunder in section “Reporting in accordance with the EU 
taxonomy regulation” of the consolidated non-financial report. They are responsible for the defensibility of 
this interpretation. Due to the immanent risk that indeterminate legal terms may be interpreted differently, 
the legal conformity of the interpretation is subject to uncertainties. 

Independence and Quality Assurance of the Assurance Practitioner 
We have complied with the independence and quality assurance requirements set out in the national legal 
provisions and professional pronouncements, in particular the Professional Code for German Public 
Auditors and Chartered Accountants (in Germany) and the IDW Standard on Quality Management 1: 
Requirements for Quality Management in Audit Firms (IDW QMS 1 (09.2022)). 

205 

 
 
 
PUMA Annual Report 2023 

↗ Sustainability 

Responsibility of the Assurance Practitioner 
Our responsibility is to express a conclusion with limited assurance on the consolidated non-financial report 
based on our assurance engagement. 

We conducted our assurance engagement in accordance with International Standard on Assurance 
Engagements (ISAE) 3000 (Revised): “Assurance Engagements other than Audits or Reviews of Historical 
Financial Information” issued by the IAASB. This standard requires that we plan and perform the assurance 
engagement to obtain limited assurance about whether any matters have come to our attention that cause 
us to believe that the company’s consolidated non-financial report, other than the external sources of 
documentation or expert opinions mentioned in the non-financial report, is not prepared, in all material 
respects, in accordance with Sections 315c in conjunction with 289c to 289e HGB and the EU Taxonomy 
Regulation and the Delegated Acts issued thereunder as well as the interpretation by management 
disclosed in section “Reporting in accordance with the EU taxonomy regulation” of the consolidated non-
financial report. 

In a limited assurance engagement, the procedures performed are less extensive than in a reasonable 
assurance engagement, and accordingly, a substantially lower level of assurance is obtained. The selection 
of the assurance procedures is subject to the professional judgment of the assurance practitioner. 

In the course of our assurance engagement we have, among other things, performed the following 
assurance procedures and other activities: 
•  Gain an understanding of the structure of the Group’s sustainability organisation and stakeholder 

• 

engagement. 
Inquiries of management and relevant employees involved in the preparation of the consolidated non-
financial report about the preparation process, about the internal control system related to this process, 
and about disclosures in the non-financial report. 

•  A risk analysis, including media research, to identify relevant information on PUMA SE’s sustainability 

performance in the reporting period. 
Identification of likely risks of material misstatement in the consolidated non-financial report. 

• 
•  Analytical procedures on selected disclosures in the consolidated non-financial report. 
• 

Inquiries of management and relevant employees that are responsible for determining disclosures about 
concepts, due diligence processes, results and risks, performing internal control procedures and 
consolidating disclosures in the preparation of the consolidated non-financial report. 
Inspection of selected internal and external documents. 

• 
•  Analytical procedures for the evaluation of data and of the trends of quantitative disclosures as reported 

at Group level by all sites. 

•  Evaluation of local data collection, validation and reporting processes as well as the reliability of 

reported data based on a sample taken at nine suppliers (remote site visits) and two offices (on-site and 
remote site visits). 

•  Assessment of the overall presentation of the disclosures. 
• 

Inquiries of Group level personnel in order to understand the processes for identifying relevant economic 
activities according to the EU Taxonomy Regulation. 

•  Evaluation of the process for the identification of taxonomy-eligible and taxonomy-aligned economic 

activities and the corresponding disclosures in the consolidated non-financial report. 

In determining the disclosures in accordance with Article 8 of the EU Taxonomy Regulation, management is 
required to interpret undefined legal terms. Due to the immanent risk that undefined legal terms may be 
interpreted differently, the legal conformity of their interpretation and, accordingly, our assurance 
engagement thereon are subject to uncertainties. 

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↗ Sustainability 

Assurance Opinion 
Based on the assurance procedures performed and the evidence obtained, nothing has come to our 
attention that causes us to believe that the consolidated non-financial report of PUMA SE, Herzogenaurach 
for the period from January 1 to December 31, 2023 has not been prepared, in all material respects, in 
accordance with Sections 315c in conjunction with 289c to 289e HGB and the EU Taxonomy Regulation and 
the Delegated Acts issued thereunder as well as the interpretation by management as disclosed in section 
“Reporting in accordance with the EU taxonomy regulation” of the consolidated non-financial report. 

We do not express an assurance opinion on the external sources of documentation, interviews, case studies, 
expert opinions, Environmental Profit & Loss as well as content of links to internet pages mentioned in the 
consolidated non-financial report (see Annex 1 to the assurance report). 

Restriction of Use 
This assurance report is solely addressed to the PUMA SE. 

Our assignment for PUMA SE and professional liability is governed by the General Engagement Terms for 
Wirtschaftsprüfer and Wirtschaftsprüfungsgesellschaften (German Public Auditors and Public Audit Firms) 
(Allgemeine Auftragsbedingungen für Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften) in the 
version dated January 1, 2017 (Appendix 2). By reading and using the information contained in this assurance 
report, each recipient confirms having taken note of provisions of the General Engagement Terms (including 
the limitation of our liability for negligence to EUR 4 million as stipulated in No. 9) and accepts the validity of 
the attached General Engagement Terms with respect to us. 

Nuremberg, February 1st, 2024 

KPMG AG 
Wirtschaftsprüfungsgesellschaft  

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@@rechtsunterzeichner--@@

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COMBINED MANAGEMENT REPORT OF  
PUMA SE FOR THE FINANCIAL YEAR 2023 

210 
Overview 2023 
214 
PUMA Group essential information 
Commercial activities and organisational structure  214 
215 
Targets and strategy 
217 
Product development and design 
220 
Sourcing 
222 
Employees 
225 
Management system 
227 
Information regarding the non-financial report 

Economic report 
General economic conditions 
Sales development 
Results of operations 
Development of the segments 
Dividends 
Net assets and financial position 
Cash flow 
Statement regarding the business development and 
the overall situation of the Group 

228 
228 
229 
233 
237 
238 
239 
242 

245 

Comments on the Financial Statements of 
PUMA SE in accordance with the German 
Commercial Code (HGB) 
Results of operations 
Net assets 
Financial position 
Outlook 

247 
247 
249 
250 
250 

Combined Management Report: This report 
combines the Management Report of the PUMA 
Group and the Management Report of PUMA SE 

Information concerning takeovers 
Corporate governance statement in accordance 
with section 289f and 315d HGB 
Risk and Opportunity Report 
Risk Management System 
Risks 
Opportunities 
Overall Assessment of the Risk and Opportunity 
Situation 
Main Features of the Internal Control and Risk 
Management System as it relates to the Group's 
Accounting Process 
Internal Control System 

Outlook report 
Global economy 
Sporting goods industry 
Outlook 2024 
Investments 
Foundation for Long-Term Growth 

251 

254 
255 
255 
258 
267 

268 

268 
269 

272 
272 
272 
272 
273 
273 

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Notes relating to forward-looking statements 

This document contains statements about the future business development and strategic direction of the 
Company. The forward-looking statements are based on management's current expectations and 
assumptions. They are subject to certain risks and fluctuations as described in other publications, in 
particular in the risk and opportunities management section of the combined management report. If these 
expectations and assumptions do not apply or if unforeseen risks arise, the actual course of business may 
differ significantly from the expected developments. We therefore assume no liability for the accuracy of 
these forecasts. 

┌  
These sections contain content or cross-references not required by law, which were not audited by the 
auditor, but were merely read critically. In the case of cross-references, the information to which the cross-
references refer was also not audited.  
└ 

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OVERVIEW 2023 

┌  
In 2023, we celebrated PUMA’s 75th anniversary with events around the world which highlighted our proud 
history with our employees and our brand ambassadors. PUMA’s founder Rudolf Dassler had the vision of 
making products that would provide athletes with the agility and speed of a puma and through this vision, 
PUMA has left a firm mark on sports and culture since 1948. 

Even though we faced many global uncertainties during the year, PUMA was able to sustain its strong brand 
momentum as we launched significant new products and initiatives. 

In Teamsport, the Women's World Cup in Australia and New Zealand was an important moment to 
emphasize our commitment to women’s football and to demonstrate our leading product offer for women: 
PUMA is the only sports brand to offer all boots in women’s specific fits. On pitch, PUMA supplied more than 
100 players and the fact that more than 90% of them chose our women’s fit shows that there is a real 
demand for these products.  

We introduced new versions of the successful boots ULTRA and FUTURE and redesigned the KING without 
kangaroo leather. Instead, PUMA uses K-BETTER, a completely new, vegan material for the upper which 
contains at least 20% recycled material. K-BETTER has proven to outperform the previous versions of the 
KING in testing for touch, comfort, and durability. The performance characteristics of K-BETTER were so 
convincing that PUMA committed to stop producing football boots with kangaroo leather altogether in 2023 
as the first company in the industry. 

In club football, PUMA team Manchester City won the treble for the first time in its history: the UEFA 
Champions League, the Premier League and the FA CUP, showcasing that it’s currently the best football 
team in the world. Manchester City was also the first team in PUMA’s history to win the Treble. 

Many PUMA teams were among the best in their respective countries: In Germany, Borussia Dortmund was 
a close runner up in the Bundesliga, in France, RC Lens and Olympique de Marseille finished second and 
third in Ligue 1, in Sweden, Malmö FF won the Allsvenskan and in the Netherlands, PSV Eindhoven once 
again won the KNVB Cup. Elsewhere, the young talents of PUMA team Uruguay became world champions at 
the FIFA U-20 World Cup in Argentina. 

To extend our global reach in football, we signed agreements with South American football federation 
CONMEBOL and the African football federation CAF. As part of these agreements, PUMA will become very 
visible during the tournaments organised by these federations, for example by supplying the official match 
ball, equipping referees and officials and also conducting exciting marketing campaigns which will engage 
with football fans on these continents. 

On the players’ side, PUMA welcomed some of the most inspirational talents of their generation as brand 
ambassadors in 2023 such as Kai Havertz, the Arsenal and Germany midfielder, Jack Grealish, the 
Manchester City and England playmaker, and Xavi Simons, the RB Leipzig and Netherlands midfielder.  

In track and field, the World Athletics Championships in Budapest were an immense success for us, as 
PUMA-sponsored athletes won 22 medals, including six gold medals, twice the medal count achieved in 
Eugene in 2022. PUMA athletes also won 17 medals at the European Indoor Championships in Istanbul. 
Armand “Mondo” Duplantis once again set a new pole vault world record of 6 meters 23. For his outstanding 
performances, Mondo was named Male Athlete of the Year 2023 – the third time he received this award in 
four years’ time.  At the World Para Athletics Championships in Paris, PUMA athletes took 13 medals, with 
Cuban sprinter Omara Durand adding to her status as one of the most successful para-athletes of her 
generation with three gold medals. 

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We built on our impressive portfolio of brand ambassadors by welcoming Marcell Jacobs, the current 
Olympic 100 m Champion, and Julien Alfred, the current NCAA 100m Champion to the PUMA Family. 

In our Running category, we continued to focus on establishing our NITRO™ foam technology in the market. 
With our supercritical NITRO™ foam, PUMA has one of the best foams in the industry and we are fully 
determined to become a sought-after brand in road running. We continue to see a strong growth trajectory 
in our third year after the launch of our first NITRO™ running shoes and further underlined our credibility 
with signings of new running ambassadors: European 5,000 m Champion Konstanze Klosterhalfen, 
marathon legend Edna Kiplagat and European marathon Champion Aleksandra Lisowska. 

In basketball, we introduced the third signature shoe for PUMA Hoops ambassador LaMelo Ball, the MB.03, 
following the tremendous success of his first signature products. The MB.03 launched in several colours, 
including a version inspired by the popular cartoon series Dexter’s Laboratory.  

PUMA teamed up with NBA rookie and the 3rd NBA Draft Pick Scoot Henderson to present the new All-Pro 
NITRO™, PUMA’s newest basketball silhouette, which features our NITRO™ foam technology. Later in the year, 
Scoot became the youngest player ever to receive his own signature shoe, the Scoot Zeros. Breanna Stewart, 
our WNBA ambassador, introduced several versions of her signature shoe Stewie 2 throughout the year. 

Our athletes also achieved tremendous success on court, as Breanna Stewart became the most valuable 
player for the WNBA for the second time and Dennis Schröder became the MVP of the tournament at the 
Basketball World Championships in Southeast Asia, when he led Germany to its first title. 

After the strong success of PUMA in basketball over the past years, we decided to broaden our reach and 
further strengthen our connection to the younger consumers. Partnering with NXTPRO gives PUMA access 
to one of the top 3 Amateur Basketball circuits with 15,000 players. 

In golf, we introduced the AEROJET family of clubs, which feature a raised skirt, symmetrical shaping and 
streamlined edges. Designed to achieve new levels of speed not believed to be possible until now, the 
AEROJET was named best driver for distance by Golf Monthly.  

To underscore our credibility in this sport, PUMA ambassador Rickie Fowler captured his sixth PGA Tour 
victory at the Rocket Mortgage Classic in Detroit, while Patricia Isabel Schmidt secured her maiden 
European Tour win at the Belgian Ladies Open. 

PUMA further added to its dominant position in motorsport by signing a landmark agreement with Formula 
1 to become the sport’s official licensing partner and exclusive trackside retailer. While PUMA will equip F1 
officials and our subsidiary stichd will operate the fan retail stores during race weekends, we will also 
produce exciting collections for the growing number of F1 fans around the world.  

The PUMA x F1 collections will be designed by A$AP Rocky, whom PUMA presented as the creative director 
for F1 in a game changing announcement. As one of the biggest cultural influencers of his day, A$AP has the 
vision and the talent to really provide a new perspective on this category. The first successful capsule 
collection was launched during the Las Vegas Grand Prix with many more products to come in 2024 and 
beyond. The extension of PUMA’s long-term partnership with Ferrari and a new contract with Williams 
Racing further increased our dominance in motorsport. 

In Sportstyle, global superstar Rihanna returned to PUMA in 2023 and the first joint product of the FENTY x 
PUMA collection, the Avanti, created a huge buzz and sold out on PUMA.com immediately. At the end of the 
year, she followed up on the Avanti with the launch of the Creeper Phatty, a remake of the plateau style she 
pioneered during her first collaboration with PUMA, which was named “Shoe of the Year” by Footwear News 
in 2016.  

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PUMA’s Sportstyle offering also benefited from our strong take on the terrace trend. We reintroduced our 
classics Palermo and Super Team to the market and saw strong demand for the first drops. To mark 50 
years of hip-hop, PUMA took a journey through time with the iconic Suede, and we created several versions 
which showed how hip-hop evolved and left its unmistakable impact on culture. On time with the ongoing 
skate trend in the market, we also launched the all-new Suede XL at the end of the year. 

With styles such as the CA Pro, Slipstream and Doublecourt, we continued to have the right proposition for 
the ongoing demand for white court shoes, with our RS-X and the Velophasis we further built on our 
Progressive Running offer and with our Mayze we continued to excite our female consumers. 

Our Sportstyle offer was complemented by several successful Select collaborations with partners such as 
Noah, Palomo Spain and Rhuigi.  
└ 

In financial year 2023, PUMA found itself in an increasingly difficult geopolitical and macroeconomic 
environment. The conflict in the Middle East, the war in Ukraine, persistent inflation and risks of recession 
had a negative impact on the consumer sentiment and led to volatile retail demand. For this reason, the 
Management saw 2023 as a transitional year in which PUMA focused entirely on the factors that could be 
directly influenced. The main focus was on operational flexibility, the normalisation of inventories and 
ongoing cost discipline. The purpose of this was to overcome the short-term challenges without 
compromising the medium and long-term success of PUMA. In this respect, sales growth and increasing 
market shares took priority over short-term profitability optimisation. 

Despite the difficult market environment, PUMA was able to further increase its sales and set a new sales 
record in financial year 2023, based on continued strong brand momentum, exciting product launches, 
strong partnerships in all areas of the value chain and a focus on flexibility in operating activities. Currency-
adjusted sales increased by 6.6%. Due to strong negative currency effects this corresponds to an increase in 
sales in the reporting currency, the euro, of 1.6% from € 8,465 million in the previous year to € 8,602 million 
in 2023. The positive sales development was achieved despite the significant devaluation of the Argentine 
peso and was therefore largely in line with the outlook of currency-adjusted sales growth in the high single-
digit percentage range. 

Unfavourable currency effects, industry-wide sales promotion measures and fluctuating sourcing prices 
and freight costs had a negative impact on the gross profit margin in 2023. These negative effects were more 
than offset by price adjustments and a favourable regional and distribution channel mix. Overall, this led to 
an improvement in the gross profit margin from 46.1% in the previous year to 46.3% in 2023. The net 
expenditure of other operating income and expenses increased by a total of 3.3% in financial year 2023 to 
€ 3,403 million (from € 3,296 million in the previous year). The increase was mainly due to higher sales-
related distribution and other variable costs, the strong growth in our direct-to-consumer sales and higher 
marketing investments. This development was partially offset by operational leverage in other cost areas 
and favourable exchange rate effects. Due to the continued cost control, the cost ratio increased only from 
38.9% in the previous year to 39.6% in 2023. 

Despite the sales growth and the improvement in the gross profit margin, the slight increase in the cost 
ratio during the past financial year led to a slight decline in operating result (EBIT) of 3.0% to € 621.6 million 
(from € 640.6 million in the previous year). Despite the significant devaluation of the Argentine peso, 
operating result was therefore well within the € 590 million to € 670 million range. However, the EBIT 
margin fell from 7.6% in the previous year to 7.2% in 2023. The devaluation of the Argentine peso had a 
particularly negative effect on the financial result. Because of this, consolidated net income amounted to 
€ 304.9 million compared to € 353.5 million in the previous year. This corresponds to a decrease of 13.7%. 
Earnings per share therefore decreased from € 2.36 in the previous year to € 2.03. 

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The positive net income enables the Management Board and the Supervisory Board of PUMA SE to propose 
the distribution of a dividend of € 0.82 per share for the financial year 2023 at the Annual General Meeting on 
22 May 2024. This corresponds to a payout ratio of 40.3% of consolidated net income according to IFRS. The 
higher payout ratio results from the strong improvement in free cash flow and reflects the underlying 
positive operating business development. In general, PUMA's dividend policy continues to provide for a 
payout of 25% to 35% of consolidated net income. In the previous year, a dividend of € 0.82 per share was 
paid out (payout ratio for previous year: 34.7%).  

The PUMA share had a negative performance in financial year 2023. Based on the share price at the end of 
the previous year, the PUMA share started 2023 at a price of € 56.70. In the following twelve months, the 
price of the PUMA share ranged between € 67.22 (February 2023) and € 44.36 (May 2023). At the end of 2023, 
the price of the PUMA share was € 50.52, which represents a decline of 10.8% compared to the previous 
year. The market capitalisation of the PUMA Group amounted to around € 7.6 billion at year-end 2023 
(previous year: € 8.5 billion). 

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PUMA GROUP ESSENTIAL INFORMATION 

COMMERCIAL ACTIVITIES AND ORGANISATIONAL STRUCTURE 

PUMA SE operates as a European stock corporation with Group headquarters in Herzogenaurach, Germany. 
In the internal reporting, our business activities are mapped according to three major regions (EMEA, the 
Americas and Asia/Pacific) and three product divisions (footwear, apparel and accessories). In addition, we 
consider seven segments for internal management purposes, as shown in the segment reporting.  

Our revenues are derived in particular from the sale of products from the PUMA and Cobra Golf brands via 
the wholesale and retail trade, as well as from sales directly to consumers in our own retail stores and 
online stores. We market and distribute our products worldwide primarily via our own subsidiaries. There 
are distribution agreements in place with independent distributors in a small number of countries. 

As of 31 December 2023, 99 subsidiaries were controlled directly or indirectly by PUMA SE. Our subsidiaries 
carry out various tasks at the local level, such as distribution, marketing, product development, sourcing 
and administration. A full list of all subsidiaries can be found in chapter 2 of the Notes to the Consolidated 
Financial Statements (in the subsection "Group of consolidated companies"). 

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TARGETS AND STRATEGY 

PUMA started 2023 by sharpening its strategic priorities. 

↗ G.01 STRATEGIC PRIORITIES 

Our strategic framework consists of a triangle: Elevate the Brand, Increase Product Excellence, and 
Improve Distribution Quality. Within this context, we placed a special emphasis on implementing this 
strategic framework in the US and China – two key countries where our current market shares are 
significantly too low. The strategic framework triangle is based on our three foundational pillars of focusing 
on people first, evolving sustainability and digitalizing PUMA’s infrastructure. 

┌  
By elevating the brand, we want to anchor PUMA more deeply in the hearts and minds of customers, to 
become more consumer centric and to focus our investments on fewer Tier 1 ambassadors with a bigger 
reach. Finally, we will also improve our focus and engage with consumers with fewer, bigger and better 
brand and product campaigns going forward. 

With our rich history of having served athletes since 1948, our PUMA brand has some of the best logos in the 
whole industry and a huge archive of the most iconic sport moments, athletes, and products in history. This 
unmatchable DNA gives our product designers and marketeers a unique opportunity to tell our brand and 
product stories with the authenticity and credibility of a true sports brand. 

We continuously focus on enhancing our product excellence and we put innovation and quality at the heart 
of our designs. All PUMA products will have 100% sports DNA. While we celebrate the sports roots of our 
shoes on the Sportstyle side, we push for new innovations on the performance side to make our athletes 
even faster. We keep on leveraging our NITRO™ foam technology in our key running styles Deviate, Velocity 
and ForeverRun and are continuously evolving to improve the cushioning, responsiveness and weight of our 
shoes. We are also continuously evolving our three strong football footwear franchises FUTURE, ULTRA and 

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KING, which is reflected in our ongoing market share gains in this highly competitive market. Finally, we 
also introduced the All-Pro, which we believe is one of the best basketball shoes in the industry and we will 
continue to evolve our All-Pro proposition going forward.  

PUMA is continuously improving the quality of its distribution in wholesale. Our retail partners are our key 
priority as we believe that the consumers enjoy a multi-branded retail environment to make the best 
product choices. To cater to the requirements of our retail partners and to build long-term partnerships 
with them, we provide our retail partners with the best and fastest service in the industry. PUMA continues 
to pursue its direct-to-consumer business as a complementary offering in its distribution strategy to realize 
the roles which our retail partners cannot fulfil, namely brand storytelling.  
└ 

In the United States, we see significant opportunities to enhance our market share in the world’s biggest 
sports market. To achieve this, we need to position ourselves as a credible performance brand. Our 
initiatives in basketball, motorsport and even football - as our new partner CONMEBOL will host the next 
Copa America in the US – will all contribute to this target. With our roster of athletes including LaMelo Ball, 
Scoot Henderson, and Breanna Stewart in basketball and Christian Pulisic in football, we have the right 
brand ambassadors in place to connect with our target audiences in a credible manner. Furthermore, we’re 
also focussing on creating more US-first products, improving our distribution quality in the US and 
strengthening our local US organisation. 

Next to the United States, we see significant opportunities to enhance our market shares in China, the 
world’s most dynamic sports market. PUMA also has a clear strategy in place when it comes to our rebound 
in the Chinese market. We want to position PUMA as a global sports brand in China, leverage our local-for-
local resources both in terms of design and sourcing to deliver the right product to the Chinese consumer, 
improve our distribution quality in this digital-first market and strengthen our local China organisation.  

Putting our people first is an important part of our corporate strategy. PUMA’s working culture is 
characterised by diversity, inclusion, and equality, as our employees have many different nationalities and 
backgrounds. We believe this diversity to be one of our key strengths and we were thrilled to be named a 
global Top Employer in 2023. Our commitment to equality was rewarded when an independent agency 
certified that we had closed the adjusted pay gap between women and men among our employees in 
Germany. We will continue to work hard to provide our employees with an inspiring place to work which 
reflects our values. 

The aim of our FOREVER.BETTER. sustainability strategy is to fully integrate sustainability into all our core 
business functions. By 2025, we want to make nine out of ten products with materials such as certified 
cotton and viscose or recycled polyester. We also want to become more circular. 

With our RE:SUEDE project, we showed in 2023 how we can successfully turn an experimental version of our 
classic Suede sneaker into compost under certain tailor-made industrial conditions. Going forward, we will 
continue to innovate with our partners to determine the infrastructure and technologies needed to make the 
process viable for a commercial version of the RE:SUEDE, including a takeback scheme. 

To reach younger audiences with our sustainability strategy, we started our “Voices of a RE:GENERATION” 
initiative. The Voices, who are GEN-Z activists and environmentalists, regularly join PUMA to give our senior 
management feedback on how we can further strengthen our sustainability strategy. The voices also visited 
the factories of our partners in Asia and Turkey and helped us communicate with younger audiences 
throughout the year. We believe that new ways of communication like this and transparency are essential for 
the journey towards a more sustainable world. 

To operate efficiently and to keep up with our growth momentum, we constantly improve our infrastructure 
and processes. This includes investments in our IT systems, distribution centres and offices around the world. 

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PRODUCT DEVELOPMENT AND DESIGN 

Enhancing the excellence of our products is one of PUMA’s strategic priorities. In order to accomplish this, 
we will focus on five key measures: authentic sports DNA across all our products, design and innovation 
excellence, focus on clear must-win priorities, creating product franchises as a brand, and a global-local 
(“glocal”) product creation approach. 

┌  
As a sports company, PUMA has 75 years of history and sports authenticity, created by writing history 
alongside the world’s fastest athletes. All PUMA products will have 100% sports DNA. While we celebrate 
the sport roots of our products and rich archive on the non-performance side, we push for new innovations 
on the performance side.  
└ 

In addition to the clear sports DNA of our products, we also place a special emphasis on design and 
innovation across all our categories. We have a strong pipeline of innovations across all our performance 
categories both on the footwear and apparel side. We have the clear ambition to make the fastest products 
for the fastest athletes and our innovative technologies such as NITRO™ will ensure that we live up to this 
ambition.  

┌  
Also on the design side, PUMA has a rich history of firsts and bests. We built on our legacy in 2023 by 
relaunching the Avanti with global icon Rihanna, a style which is based on the sneaker through which PUMA 
revolutionised the category in the 1990s. The Avanti is a perfect example of how we leverage our rich archive 
of iconic silhouettes while ensuring cutting-edge and on-trend design in the here and now.  

To sharpen our focus, we decided to implement fewer, bigger and better product stories and we defined four 
clear must-win priorities that we will focus on: classics, sports culture, our NITRO™ technology and 
creating the best product offer for women.   

Classics are one of PUMA’s biggest asset, given our rich history and our vast archive, which continues to 
inspire our designers today. PUMA was already an established brand when football transformed to terrace, 
skate became streetwear and when fashion embraced low profile styles. This means that PUMA has 
genuine credibility to respond to the return of such trends. 

Through its archive and history, PUMA will continue to incubate new trends, such as low profile, and 
capitalise on existing trends such as the prevalent terrace and skate trends.  

For PUMA, sports culture is about more than the game, as the influence of sport can be felt long after the 
final whistle or the chequered flag. In Football, the terrace trend first started in the football stadiums of the 
1980s and made its way into fashion and streetwear.  

Basketball also has a direct impact on culture and streetwear, for example when the players make strong 
fashion statements on their way into the venue of the game, or when celebrities show of their style as they 
sit courtside.  

Few players embody this spirit and cultural influence like our ambassador LaMelo Ball, with whom we will 
continue to work on his range of signature shoes which blend performance and style. 

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In Motorsport, some of the biggest names in sports, film and music regularly attend Formula 1 races and 
can be seen in the pits on race weekends. By hosting races across the planet and popular documentaries 
featuring the sport, F1’s global viewership has skyrocketed in recent years and the audience has become 
more female and diverse, further increasing its influence on culture. With our strong legacy and authenticity 
in motorsport, we’re well positioned to capitalise on this growing cultural influence and create relevant F1-
inspired streetwear. We already showcased this approach when we released a bespoke capsule collection 
with A$AP Rocky, our creative director for the PUMA X F1 partnership, during the Las Vegas Grand Prix. 

NITRO™, one of the best foam technologies in the industry, is at the core of our successful return to 
performance running and we will continue to invest significant resources into these performance products. 
PUMA has a long-term vision for the running category, with a pipeline of innovations going beyond the next 
four or five years.  

NITRO™ foam maximizes responsiveness and cushioning while being extremely lightweight, and while it 
was created as part of our performance running line up, it is also used in other categories, for example in 
basketball.  

PUMA has set up state of the art testing facilities in Germany and the US for our elite athletes, called 
NITRO™ LAB, which can gather full-body insights to develop bespoke and customised products, so they can 
perform at their best. 

NITRO™ is used in our award-winning running styles Deviate, Velocity and the latest addition ForeverRun. 
With these three styles, we have a clear product proposition for our consumers. 

Women have been a priority for PUMA for many years, and we are doubling down on our commitment to 
make the best products for her, whether it is female-specific fits for our footwear or other products 
specifically catering to the needs of women.  

We take her serious throughout our performance categories, for example in football, where following two 
years of research, PUMA is the only sports brand to offer all football boots in fits that are specifically 
developed for female feet, with a lower volume in the midfoot and a smaller instep compared to unisex 
sizes. More than 90% of PUMA’s professional female players choose their boots in women’s specific fits, 
which shows the real demand for such products.  
└ 

While PUMA is not afraid to combine performance and non-performance, our goal is not to be a fashion 
brand but make sports on trend. 

We will continue to create products for her and communicate to our female consumers through campaigns 
with our global ambassadors such as Rihanna and Dua Lipa, and Pamela Reif. 

Another clear area of product excellence is to create franchises as brands with well-defined consumer 
benefits such as Deviate, Velocity and ForeverRun in running, FUTURE, ULTRA, and KING in football as well 
as All-Pro and MB in basketball. In non-performance categories, we also see the opportunity to establish 
strong product franchises such as Suede, and Palermo on the Classics side or RS-X and Mostro on the 
Progressive side. Going forward, we will continue to focus on these key products and ensure a long-term 
strategy across all our categories. 

We have set up local creation centres in major markets such as the US, Europe, China, India, or Japan so 
they can design the products that best resonate with local consumers and we are active in regionally 
relevant sports such as cricket, handball, rugby, or netball. We believe that this glocal approach to product 
creation combining global Business Units and local creation centres ensures the perfect balance of global 
reach and consistency and local relevance of our products. 

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Research and product development at PUMA mainly comprise the areas of innovation (new technologies), 
product design and model and collection development. The research and product development activities 
range from the analysis of scientific studies and customer surveys through the generation of creative ideas 
to the implementation of innovations in commercial products. The activities in research and product 
development are directly linked to sourcing activities. 

As of 31 December 2023, a total of 1,406 people were employed in research and development/ product 
management (previous year: 1,307). In 2023, research and development/ product management expenses 
totalled € 171.5 million (previous year: € 153.1 million), of which € 89.0 million (previous year: € 82.2 million) 
related to research and development.  

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SOURCING 

THE SOURCING ORGANISATION 

PUMA Group’s sourcing functions, referred to as PUMA Group Sourcing (PGS), manages all sourcing related 
activities for PUMA and Cobra, including supplier selection, product development, price negotiation and 
production control. These activities are centrally managed by PUMA International Trading GmbH (PIT), the 
group’s global trading entity, with its head office in the Corporate headquarters in Herzogenaurach 
(Germany). In addition, PIT is responsible for procurement and supply into the PUMA distribution channels 
worldwide. PIT receives volume forecasts from PUMA subsidiaries and licensees worldwide, translates 
these forecasts into production plans which are subsequently distributed to the third-party vendors. The 
PUMA subsidiaries confirm their forecasts into purchase orders to PIT, which in turn consolidates these 
requirements and purchases from the vendors. There is a clear buy/sell relationship between the sales-
subsidiaries and PIT and between PIT and the vendors, for added transparency. 

The centralisation of the sourcing and procurement functions supported by a cloud-based purchase order 
management and payment platform has enabled the digitalisation of the supply chain creating 
transparency, operational efficiency and reducing complexity. For example, container fill rates are 
optimised, foreign currency risks are managed by PIT directly via a centralised currency hedging policy, and 
all payments to vendors are automated and paper free.  

To meet the needs of our customers in terms of service, quality, social and environmental sustainability, we 
focus on six core strategic pillars: partnership, product quality, growth management, margins, acquisition 
costs and sustainability. The integration of PUMA's sustainability function into the sourcing organisation 
ensures that industry standards, including social, environmental, chemical safety, as well as product 
compliance are closely integrated with all our sourcing activities. 

Another key aspect in our sourcing setup since 2016 has been the PUMA Forever Better Vendor Financing 
Program. The program allows suppliers to be paid earlier. The International Finance Corporation (IFC), 
banking group BNP Paribas, HSBC and Standard Chartered offer attractive financing terms to our suppliers, 
allowing them to maintain their own lines of credit. 

In 2023, no sourcing countries experienced material COVID restrictions. The lifting of restrictions enabled 
full normalisation of the supply chain to pre-pandemic levels. 

High inflation, fluctuating raw material cost and freight cost impacted the company's operations. In view of 
the global macroeconomic situation, which has led to a change in customers' ordering behavior and 
increased inventory levels resulted in a need for more cautious procurement from our suppliers. Hence, we 
actively adjusted sourcing activities respectively and continued to provide transparency to our sourcing 
partners so they can adjust their capacities accordingly. Despite these challenges, we remained committed 
to delivering value to our stakeholders and implemented strategies to mitigate the adverse effects of the 
prevailing market conditions. Together with sustained demand for PUMA products in 2023 this led to a 
further normalisation of PUMA inventory levels, in line with expectations. 

Our supplier partners form an integral part of the PUMA business. To recognise our suppliers, we organised 
a Supplier Summit in June 2023 at PUMA Headquarters in Herzogenaurach, bringing them together across 
all divisions for the first time in over six years. During the Summit, we shared recent and upcoming 
business developments and expressed gratitude for their partnership with PUMA. 

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THE SOURCING MARKETS  

During the financial year 2023, PIT purchased from 158 independent suppliers (previous year: 141) in 29 
countries worldwide. The strategic cooperation with long-term partners continues to be one of our key 
competitive advantages and was crucial in navigating through ongoing supply chain challenges of 2023.  

Asia is the strongest sourcing region overall with 95% of the total volume, followed by the Americas with 3% 
and EMEA with 2% (thereof Europe with 1% and Africa with 1%). 

As a result, the six most important sourcing countries (94% of the total volume) are all located in the Asian 
continent. China is the biggest production country in 2023 with a total of 32%. While the absolute volumes in 
China for apparel have decreased, it was further strengthened as a strategic origin for footwear in 2023. 
Vietnam – a key development and sourcing hub for all three divisions – is the second biggest production 
country with 30%. Cambodia is in third place at 13%, Bangladesh, which focusses on apparel, is in fourth 
place at 12%. Indonesia, with an initial focus on footwear production and increasing volumes for apparel, 
produces 4% of the total volume and is in fifth place. India – only serving the local market - is in sixth place 
at 3%. In the growth market of India, we see ourselves in a good competitive position due to local sourcing 
and are therefore also able to limit the impact of the government's protectionist measures on our business. 

Rising wage costs, fluctuating material prices, macroeconomic developments and evolving sustainability 
regulations, have continued to influence sourcing markets in 2023. Such impacts need to be considered in 
allocating the production to ensure a secure, sustainable, and competitive sourcing of products. In this 
regard sourcing continues to extend its local supply chain initiatives for markets such as China, India, Latin 
America, Türkye and others. Our sourcing activities resumed with business travel to key sourcing markets 
in order to visit our existing partners but also evaluate new vendors and opportunities in sourcing countries 
such as Indonesia.  

↗ G.02 SOURCING REGIONS OF PUMA (in %) 

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EMPLOYEES 

NUMBER OF EMPLOYEES 

The global number of employees on a yearly average was 18,023 in 2023, compared to 16,669 in the previous 
year. Personnel expenses increased by a total of 6.4% from € 846.5 million to € 900.6 million in 2023. On 
average, personnel expenses per employee amounted to € 50.0 thousand, compared to € 50.8 thousand in 
the previous year. 

↗ G.03 CHANGES IN EMPLOYEES (annual average / year-end) 

14,332

13,348

14,374

13,016

16,125

14,846

18,071

16,669

18,681

18,023

2019

2020

2021

2022

2023

Employees (annual average)

Employees (year-end)

As of 31 December 2023, the number of employees was 18,681, compared to 18,071 in the previous year. This 
corresponds to an overall increase in the number of employees of 3.4% compared to the previous year. The 
development in the number of employees per area is as follows: 

↗ G.04 EMPLOYEES (year-end) 

13,343

13,647

1,307

1,406

3,421

3,628

Marketing / retail / sales

Research & development / product
management

Administration and general units

2022

2023

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TALENT RECRUITMENT AND DEVELOPMENT 

┌  
Our PUMA family is the key to our success. Our human resources strategy forms the basis of our unique 
working environment and corporate culture. These help us to attract the best talent worldwide and secure 
the future success of the company. The three core elements of this strategy are "People First", sustainable 
human resources practices and digitalisation. 

People First means understanding employees' needs, values, and potential and putting them at the centre 
of our decision making. It helps us create an inclusive culture that respects diversity, promotes health and 
well-being, and encourages personal and professional growth. 

Sustainable people practises create a workplace culture that prioritises employee health and happiness, 
diversity, and inclusivity, and offers ample opportunities for career growth. Our sustainable people practices 
are central to building a resilient organisation. By thinking ahead and equipping our employees with the 
future skills and leadership qualities necessary, we ensure the long-term success of PUMA. 

Digital tools in Human Resources improve the work experience of our employees and help us stay 
competitive and agile in a fast-changing business landscape. By using digital technology, we are improving 
efficiency, data-driven decision-making, and candidate and employee experiences. We deploy easy-to-use 
digital tools that enhance collaboration and productivity and offer digital literacy programmes to ensure all 
employees are equipped to thrive in a digital environment.  
└ 

To attract external applicants, we use digital platforms and social media in addition to our careers website 
in order to pursue proactive recruitment strategies that are tailored to our specific target groups. Having a 
range of on-site and online initiatives at universities both in Germany and abroad creates opportunities to 
approach potential employees and identify suitable candidates. Our extensive networks and applicant pools 
enable us to fill vacancies quickly. In a competitive labour market, it's essential for us not only to present 
ourselves as an attractive employer, but to be viewed as such by our current and potential employees. 
PUMA's attractiveness is evidenced by its top rankings as an employer and numerous awards. We are very 
proud that 24 of our PUMA subsidiaries across the regions (Europe, APAC, LATAM and North America) won a 
coveted Top Employer award in the year under review in recognition of our outstanding corporate culture 
and working environment. We can therefore continue to call ourselves a "Global Top Employer". We were 
also named one of the "World's Best Employers" by Forbes and a "Leader in Diversity" by the Financial 
Times, and awarded the "Great Place to Work" seal in numerous countries. 

┌  
In 2023 we continued to work on simplifying, accelerating and harmonising our business processes 
worldwide, and intensified the digitalisation of our processes. We have been using the "Workday" software 
solution for a wide range of HR workflows since 2017. This gives our employees and managers the processes 
and tools they need to make everyday human resources management efficient. Furthermore, easy-to-use 
dashboards provide managers with important information and data-driven insights that are essential to 
their planning work and managerial duties. Analysing our centralised, globally available data provides a 
solid foundation for making strategic decisions and delivers measurable results. Our objective is to use this 
digitalised infrastructure to increase operational efficiency and continuously improve our HR practices 
throughout the employee life cycle at PUMA. This in turn facilitates PUMA's overarching goal of optimising 
workflows and employees' experiences. It also gives us the means to deal more effectively with the 
dynamics of demanding labour markets. 

We empower our employees to shape their own career paths proactively and independently, promoting their 
professional development both within Germany and internationally. This is how we succeed in inspiring their 
loyalty to the company in the long term. As part of our talent management initiative, we use Workday not 
only to assess performance and set targets, but also to make systematic and forward-looking succession 
plans for key positions. We identify talent within the company during annual performance reviews and global 

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talent conferences, and foster their development through tailored development plans. This approach to 
talent management opens up attractive career and development opportunities for our employees. As in the 
previous financial year, this year we were again able to fill the majority of key positions worldwide via 
internal promotions or horizontal moves, which confirms that our talent management and employee 
development strategy is solid. 

The ongoing personal and professional development of our employees is crucial to ensuring that our team 
has the skills they need to guarantee us continuous growth and market competence, particularly in times of 
great uncertainty and change. Workday helps us to avoid skills shortages and maintain a clear overview of 
the existing competencies in our team. In 2023 we examined this issue more closely, delving deeper in 
particular into the competencies that we will need in the future. The insights we gained from this deep dive 
are essential for us in terms of strategic human resources planning. They form the basis for our 
recruitment activities and for the development of new training programmes. 

The range of training that we provide includes a number of online and offline training courses and 
workshops, which are either standardised or tailored to individual needs. With "LinkedIn Learning" and "Good 
Habitz", there are now over 23,000 different training courses available for our employees. They also have a 
wide range of learning categories to choose from for self-directed personal and professional development. 
Like last year, we focused particularly on the topics of mental well-being, resilience and mindfulness this 
year, providing our employees with a wide range of services to best support them in dealing with the 
increased mental strain that can often arise in this politically and economically difficult environment.  

We have a proactive strategy for engaging learners. This includes putting on entertaining activities about 
various topics, gamification and internal learning competitions, not to mention the quarterly Top Learner 
Award for the most active learners worldwide. Thanks to this approach, PUMA was nominated for the 
"eLearning Journal" Award 2024 in the "Learner Engagement" category. We further expanded the Digital 
Agile Coach programmes that we offer to various target groups.   

We have a global Busuu licence that provides access to 13 languages. This enables all our employees, 
including retail staff, to learn new languages online in a flexible way that meets their needs. They are 
supported by live lessons with qualified trainers. Learning is undertaken both via an app and in direct 
contact with others. There is a particular focus on English, but Busuu also facilitates the learning of other 
languages for personal or professional purposes. 

With a range of dual-study programmes and apprenticeships, as well as study-related internships, we offer 
adequate entry-level and development opportunities for talented individuals at all levels.  

We offer our managers numerous training and development opportunities. All managers worldwide 
complete our internal global leadership training programme, consisting of the ILP (International Leadership 
Programme) and ILP² seminar series. The programme ensures a uniform understanding of leadership at 
PUMA and promotes development among participants over the longer term. It offers intensive training and 
coaching, including interactive learning, role play simulations, and best practice learning, as well as joint 
projects. The key topics include coaching, mindful leadership, and agile working methods. The PUMA 
Leadership Expedition training programme aims to empower our managers to lead effectively in the VUCA 
world (VUCA is an acronym for volatile, uncertain, complex, and ambivalent). The programme is completely 
virtual, easily accessible, and designed as a self-directed and tailor-made learning format. It includes self-
selected virtual training sessions with a trainer, regular communication with other international 
participants in smaller working groups, and coached sessions, as well as individual learning sprints and 
check-ins with the trainers. This innovative training programme received the eLearning AWARD 2023 in the 
"Agile Learning" category. 

Our training from employee to manager is intended to prepare employees who are taking on a management 
position for the first time specifically for their new role. In addition to the training module, the programme 
also offers individual coaching. 

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Our "Speed Up" and "Speed Up²" development programmes are aimed at employees across different levels 
of the organisation. These programmes help to fully prepare employees for the next stage of their career, 
covering interdisciplinary projects and deployments, targeted training, mentoring, coaching and job 
rotations. They are designed to actively promote selected top talent. Another essential aspect of these 
programmes is increasing the visibility of participants through to the highest level of management, 
promoting multi-disciplinary cooperation and developing a strong professional network. 

Feedback from our employees is of the utmost importance to us. Our listening strategy comprises various 
methods of receiving feedback and aims to capture and understand the opinions and needs of our workforce. 
To gather their views and suggestions, we prepare questionnaires, regular short surveys, focus groups, 
interviews and mood analyses, often using systems such as Amber and Workday. The resulting feedback 
affirms our commitment to continuing and further developing the initiatives that have been launched. 

Since 2009 we have been conducting regular global employee surveys to obtain feedback from our staff on a 
variety of topics and to measure their engagement. A total of 15,339 employees took part in the global survey 
we carried out in 2023 and took the opportunity to tell us what they think about their workplace and their 
day-to-day work. This equates to a participation rate of 85% (2021: 86%). We saw an increase in positive 
ratings in two categories. Four categories remained at their already high level and seven categories saw a 
slight decline of 1% compared to the previous survey. We compare our survey results with various sets of 
market data, including high-performance data that we surpass or are equal to in up to four categories. 
High-performing companies are those that outperform the market in financial terms and regularly achieve 
excellent employee survey results. This positive feedback encourages us to continue and strengthen the 
measures we have already introduced. The survey results were communicated at global, local and 
departmental level, and follow-up measures were defined. 

WORKS COUNCIL 

Our trust-based, constructive collaboration with the Works Councils is an important part of our corporate 
culture. In 2023, the European Works Council of PUMA SE represented employees from 14 European 
countries and had 18 members. The German Works Council of PUMA SE consisted of 17 members and 
represented the employees of the PUMA Group in Germany. A designated member of the Works Council in 
Germany represents the interests of employees with disabilities. 

COMPENSATION 

We at PUMA offer our employees a targeted and competitive compensation system, which consists of 
several components. In addition to a fixed base salary, the PUMA bonus system, profit-sharing programmes, 
and various social benefits form part of an attractive and performance-based compensation system. In 
addition, we offer our employees comprehensive services in the areas of further development, employee 
motivation, health management, and well-being. We also offer long-term incentive programmes for the 
senior management level that honour the sustainable development and performance of the business. The 
bonus system is transparent and globally standardised. Incentives are exclusively linked to company goals.  
└ 

MANAGEMENT SYSTEM 

We use a variety of indicators to manage our performance in relation to our top corporate goals. We have 
defined growth and profitability as key targets within finance-related areas. Our focus therefore is on 
improving our sales and operating result (EBIT). These are the most significant financial performance 
indicators. Moreover, we aim to minimise working capital and improve free cash flow. Our Group's Planning 
and Management System has been designed to provide a variety of instruments in order to assess current 
business developments and derive future strategy and investment decisions. This involves the continuous 
monitoring of key financial indicators within the PUMA Group and a monthly comparison with budget 
targets. Any deviations from the targets are analysed in detail and appropriate countermeasures are taken 
in the event such deviations have a negative impact. 

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Changes in sales are also influenced by currency exchange effects. This is why we also state any changes 
in sales in euros, the reporting currency, adjusted for currency exchange effects in order to provide 
information that is relevant to the decision-making process when assessing the revenue position. Currency-
adjusted sales are used for comparison purposes and are based on the values that would arise if the foreign 
currencies included in the consolidated financial statements were not converted at the average rates for the 
previous year, but were instead translated at the corresponding average rates for the current year. In the 
case of countries that are in a hyperinflationary environment, the previous year's amounts are not converted 
at the reporting date rates of the previous year, but at those of the current reporting year. As a result, 
currency-adjusted figures are not to be regarded as a substitute or as superior financial indicators, but 
should instead always be regarded as additional information. 

We use the indicator free cash flow in order to determine the change in cash and cash equivalents after 
deducting all expenses incurred to maintain or expand the organic business of the PUMA Group. Free cash 
flow is calculated from the cash flow from operating activities and investment activities. We also use the 
indicator free cash flow before acquisitions, which goes beyond free cash flow and includes an adjustment 
for incoming and outgoing payments that are associated with shareholdings. 

We use the indicator working capital in order to assess the financial position. Working capital is essentially 
the difference between current assets – including in particular inventories and trade receivables – and 
current liabilities. Cash and cash equivalents, the positive and negative market values of derivative financial 
instruments and current finance and lease liabilities are not included in working capital. 

Besides the above mentioned significant indicators, sustainability and creating stakeholder value is an 
important aspect of PUMA’s overall business performance. Acting in a responsible manner and continuously 
improving PUMAs impacts on the environment and people are not only expected by our employees, 
consumers and investors but also supports our financial performance. Since many years, and in line with 
our current 10FOR25 sustainability strategy, we use several indicators to assess PUMA’s performance 
against environmental and social criteria. Those indicators relate to climate action, human rights (including 
occupational health and safety) as well as circularity and are part of the performance bonus of our 
leadership team globally. Since a large portion of PUMAs impact on the environment and people is created 
in our supply chain, we also include supply chain specific sustainability performance indicators in our 
annual reporting. For further details, please refer to the sustainability section of this report and our 
corporate website. 

The calculation of the financial control parameters that PUMA uses is defined as follows: 

The recognition of sales is based on the provisions of IFRS 15 Revenue from contracts with customers. 

PUMA's gross profit is calculated as sales minus cost of sales. Cost of sales mainly comprise the carrying 
amounts of inventory that were recognised as expenses during the reporting period. The gross profit margin 
is calculated as gross profit divided by sales.  

PUMA's operating result (EBIT) is the sum of sales and royalty and commission income, minus cost of sales 
and other operating income and expenses (OPEX). EBIT is defined as operating result, less depreciation and 
amortisation, provisions and impairment loss, before interest (= financial result) and before taxes. The 
financial result includes interest income and interest expenses, currency conversion differences and the 
effects from the net position of monetary items in connection with hyperinflation accounting. The EBIT 
margin is calculated as EBIT divided by sales. 

PUMA's working capital is calculated based on the sum of current assets less the sum of current liabilities. 
In addition, cash and cash equivalents and positive and negative market values of derivative financial 
instruments are deducted. The market values of derivative financial instruments are recognised in the 
balance sheet in the items Other Current Assets and Other Current Liabilities not attributable to working 
capital. Current financial and lease liabilities are also not part of working capital. 

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We also use the EBITDA indicator, which represents the operating result before interest (= financial result), 
taxes and depreciation and amortisation, to assess the results of operations. EBITDA is calculated based on 
the operating result (EBIT) adding depreciation and amortisation, which may also contain any incurred im-
pairment expenses relating to non-current assets. The EBITDA margin is calculated as EBITDA divided by 
sales. 

INFORMATION REGARDING THE NON-FINANCIAL REPORT 

In accordance with Sections 289b and 315b of the German Commercial Code (Handelsgesetzbuch – HGB), 
we are required to make a non-financial declaration for PUMA SE and the PUMA Group within the combined 
management report or present a non-financial report external to the combined management report, in 
which we report on environmental, social and other non-financial aspects. PUMA has been publishing 
sustainability reports since 2003 under the provisions of the Global Reporting Initiative (GRI) and since 2010 
has published financial data and key sustainability indicators in a single report. In this context, we report the 
information required under Sections 289b and 315b of the HGB in the sustainability chapter of our annual 
report. The non-financial report for the financial year 2023 is published together with the combined 
management report and can be accessed at the following location on our website: 
https://about.PUMA.com/en/investor-relations/financial-reports 

┌  
Furthermore, important sustainability information can always be found in the sustainability section on 
PUMA's website: http://about.PUMA.com/en/sustainability  
└ 

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ECONOMIC REPORT 

GENERAL ECONOMIC CONDITIONS 

GLOBAL ECONOMY 

According to the winter forecast of the Kiel Institute for the World Economy (Kiel Institut für Weltwirtschaft – 
IfW Kiel) dated 13 December 2023, the global economy held up better than expected in view of the inflation 
shock and the massive tightening of monetary policy in 2023, even if economic expansion was only 
moderate. Industrial production and world trade remained without momentum until the end of the year. The 
experts at IfW Kiel expect global gross domestic product (GDP) to have risen by a total of 3.1% for the past 
financial year 2023. Major differences in economic momentum were recorded both in the advanced 
economies and in the emerging markets. With regard to China, IfW Kiel experts note that, by historical 
comparison, the pace of expansion is still low and that China has largely lost its role as the engine of global 
economic expansion. In addition, accelerated inflation in Argentina and Turkey had a negative impact on 
economic development.  

SPORTING GOODS INDUSTRY 

The sporting goods industry was faced with various challenges in 2023, which contributed to a difficult 
market environment. This was mainly due to the sharp rise in inflation, which led to a corresponding 
negative impact on consumer spending. In addition, excess inventory and sales-promoting measures were 
unfavourable to industry development. 

Major sporting events in 2023, such as the Athletics World Championships in Hungary and the FIFA Women's 
World Cup in Australia and New Zealand, had a positive effect on the sporting goods industry. To our 
knowledge, sporting activity and the pursuit of an increasingly healthy and sustainable lifestyle continued to 
gain in importance for an ever-increasing proportion of the world's population, following the COVID-19 
pandemic. Among other things, this resulted in the increased popularity of athletic footwear and 
leisure/athletic apparel as an integral part of everyday fashion ("athleisure"). 

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SALES DEVELOPMENT 

ILLUSTRATION OF SALES DEVELOPMENT IN 2023 COMPARED TO THE OUTLOOK 

In its combined management report for 2022, PUMA forecast a currency-adjusted increase in sales in the 
high single-digit percentage range for financial year 2023. Sales development was affected by the significant 
devaluation of the Argentine peso and the associated translation effects at the closing rate, which had an 
extraordinary impact in the fourth quarter and on the full-year 2023. Due to the extent and timing of these 
currency effects, we were unable to fully compensate for the overall negative impact at the end of the year. 
Nevertheless, sales development was largely in line with the outlook. More details on sales development in 
the financial year 2023 are provided below. 

SALES 

PUMA's sales in the reporting currency, the euro, increased by 1.6% to € 8,601.7 million in the financial year 
2023 (previous year: € 8,465.1 million). Currency-adjusted sales increased by 6.6%. This allowed PUMA to 
achieve record sales of € 8.6 billion in 2023, the year of the 75th anniversary of the company, despite the 
difficult market environment. 

↗ G.05 SALES (€ million)  

5,502.2

5,234.4

6,805.4

8,465.1

8,601.7

2019

2020

2021

2022

2023

In the footwear division, sales increased in the reporting currency, the euro, by 6.1% to € 4,583.4 million. 
Currency-adjusted sales increased by 12.4%. The footwear division continued to be the growth driver and the 
strongest growth was achieved in the Sportstyle, Teamsport and Basketball categories. The share of the 
footwear division in total sales rose from 51.0% in the previous year to 53.3% in 2023. 

Sales in the apparel division fell by 4.6% to € 2,763.0 million in the reporting currency, the euro. Adjusted for 
currency effects, sales fell only slightly by 0.3%. Higher sales in the categories Teamsport and Running & 
Training were compared to lower sales in the Sportstyle and Motorsport categories. The share of the 
apparel division decreased to 32.1% of Group sales (previous year: 34.2%). 

The accessories division reported an increase in sales in the reporting currency, the euro, of 0.3% to 
€ 1,255.3 million. This corresponds to a currency-adjusted sales growth of 3.1%. The growth in the 
Teamsport category was partly offset by slightly lower sales with Cobra golf clubs. In 2023, the share of the 
accessories division decreased to 14.6% of Group sales from 14.8% in the previous year. 

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↗ G.06 SALES BY PRODUCT DIVISIONS (€ million) 

5
.
2
5
5
,
2

7
.
8
6
0
,
2

6
.
7
6
3
,
2

1
.
4
7
9
,
1

1
.
1
8
8

7
.
2
9
8

6
.
3
6
1
,
3

3
.
7
1
5
,
2

5
.
4
2
1
,
1

9
.
7
1
3
,
4

3
.
6
9
8
,
2

0
.
1
5
2
,
1

4
.
3
8
5
,
4

0
.
3
6
7
,
2

3
.
5
5
2
,
1

2019

2020

2021

2022

2023

Accessories

Apparel

Footwear

OWN RETAIL ACTIVITIES 

PUMA's own retail activities include direct sales to our consumers ("Direct-to-consumer business"). This 
includes selling to our customers in PUMA's own retail stores, the so-called "Full Price Stores" and 
"Factory Outlets". Our e-commerce business on our own online platforms and on the platforms of online 
retailers, which we refer to as "marketplaces", is also part of the direct sales to our consumers. Our own 
retail businesses ensure regional availability of PUMA products and the presentation of the PUMA brand in 
an environment suitable to our brand positioning.  

PUMA's direct-to-consumer sales increased by 17.5% currency-adjusted to € 2,133.0 million in the financial 
year 2023. This corresponds to a share of 24.8% of total sales (previous year: 23.1%). Adjusted for currency 
effects, sales in PUMA's own full-price stores and factory outlets increased by 18.8% in 2023. In the e-
commerce business, sales increased by 15.0% in 2023, adjusted for currency effects. The continued strong 
sales growth in our DTC business was due to continued brand desirability, the opening of own retail stores 
and their increase in productivity. 

↗ G.07 DIRECT-TO-CONSUMER SALES 

1,951.4

2,133.0

1,724.8

1,395.3

1,424.5

25.4%

27.2%

25.3%

23.1%

24.8%

2019

2020

2021

2022

2023

Direct-to-consumer sales in € million

in % of sales

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LICENSING BUSINESS 

PUMA grants licenses to independent partners for various product divisions, such as watches, glasses, 
safety shoes, workwear and gaming accessories. In addition to design, development and manufacture, these 
companies are also responsible for product distribution. Income from license agreements also includes 
some distribution licenses for different markets. PUMA's royalty and commission income increased by 
14.0% to € 38.5 million in the financial year 2023 (previous year: € 33.8 million). The main reason for the 
increase was the granting of new licences in the golf and accessories segment. 

REGIONAL DEVELOPMENT 

In the following explanation of the regional development of sales, the sales are allocated to the customers' 
actual region ("customer site"). It is divided into three geographical regions (EMEA, Americas and 
Asia/Pacific).  

PUMA's sales in the reporting currency, the euro, increased by 1.6% in the financial year 2023. This 
corresponds to a currency-adjusted sales increase of 6.6% compared to the previous year. This currency-
adjusted growth resulted in particular from good sales performance in the EMEA and Asia/Pacific regions, 
which both achieved double-digit growth rates. In contrast, the Americas region recorded a slight decrease 
in sales. 

In the EMEA region, sales in the reporting currency, the euro, rose by 9.8% to € 3,418.4 million. Adjusted for 
currency effects, this corresponds to an increase in sales of 13.4%. Almost all countries in the region, with 
the exception of Great Britain and Sweden, contributed to this development with sales growth. Particularly 
strong growth came from Germany, Spain, Italy and Turkey. In terms of Group sales, the EMEA region's 
share rose from 36.8% in the previous year to 39.7% in 2023. 

With regard to product divisions, sales from footwear recorded a currency-adjusted increase of 21.7%. 
Currency-adjusted sales of apparel increased by 8.2%. Currency-adjusted sales of accessories rose by 2.5%. 

↗ G.08 EMEA SALES (€ million) 

2,001.4

1,982.9

2,531.7

3,113.8

3,418.4

2019

2020

2021

2022

2023

231 

 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

In the Americas region, sales in the reporting currency, the euro, decreased by 8.0% to € 3,389.9 million. The 
decline in sales in the reporting currency was impacted by negative exchange rate effects due to the strong 
devaluation of the Argentine peso against the euro. Currency-adjusted sales decreased by 2.4%. The 
currency-adjusted sales decline was mainly due to a difficult macroeconomic environment, high inventory 
levels in the trade and PUMA's relative dependence on the off-price wholesale business in the USA. The 
Americas region's share of Group sales decreased from 43.5% in the previous year to 39.4% in 2023. 

In terms of product divisions, both footwear (+1.5% currency-adjusted) and accessories (+4.8% currency-
adjusted) recorded sales growth compared to the previous year. In contrast, currency-adjusted sales in the 
apparel division fell by 13.3%. 

↗ G.09 AMERICAS SALES (€ million) 

3,685.9

3,389.9

2,636.9

1,944.0

1,775.2

2019

2020

2021

2022

2023

In the Asia/Pacific region, sales in the reporting currency, the euro, rose by 7.7% to € 1,793.4 million. Adjusted 
for currency effects, this corresponds to an increase in sales of 13.6%. While China, India and Singapore, 
among others, recorded double-digit sales growth, sales declined in South Korea and Australia. The share of 
the Asia/Pacific region in Group sales increased from 19.7% in the previous year to 20.8% in 2023. 

In terms of product divisions, both footwear (+22.6% currency-adjusted) and apparel (+5.9% currency-
adjusted) recorded sales growth compared to the previous year. In contrast, currency-adjusted sales in the 
accessories division fell by 1.4%. 

↗ G.10 ASIA/PACIFIC SALES (€ million)  

1,556.9

1,476.3

1,636.8

1,665.3

1,793.4

2019

2020

2021

2022

2023

232 

 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

RESULTS OF OPERATIONS 

↗ T.01 INCOME STATEMENT 

Sales 

Cost of sales 

Gross profit 

2023 

2022 

€ million

%

€ million

%

8,601.7

100.0%

8,465.1 

100.0%

-4,615.1

-53.7%

-4,562.3 

-53.9%

3,986.6

46.3%

3,902.7 

46.1%

Royalty and commission income 

38.5

0.4%

33.8 

0.4%

Other operating income and expenses 

-3,403.5

-39.6%

-3,295.9 

-38.9%

Operating Result (EBIT) 

Financial result 

Earnings before taxes (EBT) 

Taxes on income 

- Tax rate 

Net income attributable to non-controlling 
interests 

Net income 

Weighted average number of outstanding 
shares (million shares) 

Weighted average number of outstanding 
shares, diluted (million shares) 

Earnings per share (€) 

Earnings per share (€) - diluted 

621.6

-143.3

478.3

-117.8

24.6%

-55.7

304.9

149.85

149.87

2.03

2.03

7.2%

-1.7%

5.6%

-1.4%

-0.6%

3.5%

640.6 

-88.9 

551.7 

-127.4 

23.1%

-70.9 

353.5 

149.65

149.66

2.36 

2.36 

7.6%

-1.1%

6.5%

-1.5%

-0.8%

4.2%

+/-%

1.6% 

1.2% 

2.1% 

14.0% 

3.3% 

-3.0% 

61.2% 

-13.3% 

-7.5% 

-21.4% 

-13.7% 

0.1% 

0.1% 

-14.0% 

-14.0% 

233 

  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

ILLUSTRATION OF EARNINGS DEVELOPMENT IN 2023 COMPARED TO THE OUTLOOK 

In the outlook in the combined management report for 2022, PUMA forecast an operating result (EBIT) in the 
range between € 590 million and € 670 million for the financial year 2023 (2022: € 641 million). Thanks to 
continued strong brand momentum, exciting product launches, strong partnerships along the value chain, 
and supported by our operational flexibility, PUMA was able to fully achieve its forecast for operating result 
for the full-year 2023, despite the significant devaluation of the Argentine peso. 

More details on earnings development in the financial year under review are provided below. 

GROSS PROFIT MARGIN  

PUMA's gross profit in the financial year 2023 increased by 2.1% from € 3,902.7 million to € 3,986.6 million. 
The gross profit margin improved by 20 basis points from 46.1% to 46.3%. The increase was due to price 
adjustments, a more favourable regional and distribution channel mix, and positive currency effects. In 
contrast, a discount-intensive market environment with higher sales-promoting measures, fluctuating 
sourcing prices due to raw materials and fluctuating freight costs had a negative effect. 

The gross profit margin in the footwear division improved from 44.9% in the previous year to 45.4% in 2023. 
The gross profit margin for apparel increased from 47.3% to 47.8%. In contrast, the gross profit margin for 
accessories fell from 47.4% to 46.6%.  

↗ G.11 GROSS PROFIT/GROSS PROFIT MARGIN 

3,902.7

3,986.6

3,257.8

2,686.4

48.8%

2,458.0

47.0%

47.9%

46.1%

46.3%

2019

2020

2021

2022

2023

Gross profit in € million

Gross profit margin in %

234 

 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

OTHER OPERATING INCOME AND EXPENSES 

The net expense of other operating income and expenses (OPEX) increased by 3.3% in financial year 2023 to 
€ 3,403.5 million (from € 3,295.9 million in the previous year). The increase is due to sales-related 
distribution and other variable costs, the strong growth in our DTC sales channel and higher marketing 
investments. This development was partially offset by operational leverage in other cost areas and 
favourable exchange rate effects. The cost ratio increased from 38.9% in the previous year to 39.6% in 2023. 

↗ G.12 OPERATING EXPENSES (as a % of sales) 

43.3%

41.3%

40.0%

39.6%

38.9%

2019

2020

2021

2022

2023

Within selling expenses, marketing/retail expenses increased by 4.1% to € 1,643.2 million, while the cost 
ratio was 19.1% of sales in 2023, compared with a cost ratio of 18.6% in the previous year. Other selling 
expenses, which mainly include sales-related costs and costs for warehousing and logistics, increased by 
5.2% to € 1,155.8 million. The cost ratio of other selling expenses decreased to 13.4% of sales in 2023 
compared to a cost ratio of 13.0% in the previous year. 

Research and development/product management expenses increased by 12.0% to € 171.5 million compared 
to the previous year and the cost ratio rose slightly to 2.0%. Other operating income amounted to 
€ 17.8 million in the past financial year and essentially includes income from the sale of fixed assets and 
income from the disposal of finance leases. General and administrative expenses fell by 3.2% to 
€ 450.9 million in 2023. The cost ratio of general and administrative expenses improved to 5.2% of sales in 
2023. Depreciation and amortisation is included in the relevant costs and total € 351.7 million (previous year: 
€ 332.8 million). In addition, the respective costs include impairment expenses totalling € 5.7 million and 
corresponding reversals of impairment losses in the amount of € 11.9 million. 

235 

 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

RESULT BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION (EBITDA) 

The result before interest (= financial result), taxes, depreciation and amortisation (including impairment 
losses and reversals of impairment losses) (EBITDA) decreased by 3.2% to € 967.1 million in financial year 
2023 (from € 999.3 million in the previous year). The EBITDA margin decreased from 11.8% in the previous 
year to 11.2% in 2023. 

OPERATING RESULT (EBIT) 

In the 2023 financial year, operating result decreased by 3.0% to € 621.6 million (from € 640.6 million in the 
previous year). Despite higher sales and an improved gross profit margin, the slightly stronger increase in 
other operating income and expenses in comparison with sales led to this decline. The EBIT margin 
decreased from 7.6% in the previous year to 7.2% in 2023. 

↗ G.13 OPERATING RESULT 

640.6

621.6

557.1

8.2%

7.6%

7.2%

2021

2022

2023

440.2

8.0%

2019

209.2

4.0%

2020

Operating result in € million

as a % of sales

FINANCIAL RESULT 

The financial result in 2023 decreased from a total of € -88.9 million in the previous year to € -143.3 million. 
This development is mainly due to the sharp increase in expenses from currency conversion differences 
totalling € -69.4 million in 2023, compared to just € - 2.2 million in the previous year, and also includes 
valuation losses in connection with the devaluation of the Argentine peso. The increase in interest expenses 
in 2023 to a total of € -100.8 million (previous year: € - 54.4 million) also contributed significantly to this 
development. In contrast, interest income increased to a total of € 37.8 million in 2023 (previous year: 
€ 32.3 million) and expenses from hyperinflation effects fell to € - 23.7 million (previous year:  
€ - 27.8 million). The remaining other financial income and expenses, which in particular include interest 
components in connection with forward exchange contracts ("swap points"), improved to € 12.8 million 
compared to € - 36.8 million in the previous year. 

EARNINGS BEFORE TAXES (EBT) 

In the financial year 2023, PUMA generated earnings before taxes of € 478.3 million. This corresponds to a 
decrease of 13.3% compared to the previous year (€ 551.7 million). Tax expenses decreased to € 117.8 million, 
compared to € 127.4 million in the previous year. Accordingly, the tax rate rose from 23.1% to 24.6% in 2023.  

236 

 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

NET EARNINGS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS  

Net earnings attributable to non-controlling interests relate to companies in the North American market, in 
each of which the same shareholder holds a minority stake. The earnings attributable to these interests 
decreased by 21.4% to € 55.7 million in the financial year 2023 (previous year: € 70.9 million). The companies 
affected are PUMA United North America LLC, PUMA United Aviation North America LLC, PUMA United 
Canada ULC and Janed Canada LLC. The business purpose of these companies is mainly the sale of socks, 
bodywear, accessories and children's apparel in the North American market. 

CONSOLIDATED NET INCOME 

Consolidated net income decreased by 13.7% in financial year 2023 to € 304.9 million (from € 353.5 million). 
Despite higher sales and an improved gross profit margin, the slightly stronger increase in other operating 
income and expenses compared to sales and the declining financial result led to this development.  

Earnings per share and diluted earnings per share decreased from € 2.36 in the previous year to € 2.03 in 
the financial year 2023, in line with the development of the consolidated net income.  

DEVELOPMENT OF THE SEGMENTS 

Internal management of the PUMA Group is carried out across seven segments (Europe, EEMEA, North 
America, Latin America, Greater China, Asia/Pacific (excluding Greater China) and stichd), based on the 
registered office of the respective subsidiaries. The differences from the presented regional development of 
sales are essentially down to the separated "stichd" segment and India and Southeast Asia, which are 
allocated to the EEMEA segment. 

The operating segments developed in line with the trends already discussed. Exceptions were the EEMEA 
segment, which showed double-digit growth rates due to the comparatively strong growth of sales and 
operating result in several countries and especially in Turkey. In the North America segment, the difficult 
macroeconomic environment, high inventory levels in the trade and the relative dependence on wholesale 
business in the off-price segment led to a decline in sales and operating result. In the Latin America 
segment, operating result was only at the previous year's level, despite double-digit sales growth in Mexico, 
Chile and Brazil. This was mainly due to the negative currency exchange effects resulting from the sharp 
devaluation of the Argentine peso, which had a strong impact on profitability in the Latin America segment. 
In the Greater China segment, double-digit sales growth and a significant improvement in operating result 
were achieved due to the continued recovery and re-opening of the market. The stichd segment recorded a 
decline in operating result due to start-up costs in the Formula 1 business and due to expenses in 
connection with the implementation of SAP in 2023. 

237 

 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

DIVIDENDS 

The positive net income enables the Management Board and the Supervisory Board of PUMA SE to propose 
the distribution of a dividend of € 0.82 per share for the financial year 2023 at the Annual General Meeting on 
22 May 2024. This corresponds to a payout ratio of 40.3% of consolidated net income. The higher payout ratio 
results from the strong improvement in free cash flow and reflects the underlying positive operating 
business development. In general, PUMA's dividend policy continues to provide for a payout of 25% to 35% of 
consolidated net income. The payment of the dividend is to take place in the days after the Annual General 
Meeting at which the decision is made on the payout. In the previous year, a dividend of € 0.82 per share was 
paid out (payout ratio for previous year: 34.7%). 

↗ G.14 EARNINGS/DIVIDEND PER SHARE (in €) 

2.36

2.07

2.03

1.76

0.00

2019

0.53

0.16
2020

0.72

0.82

0.82

2021

2022

2023

Earnings per share

Dividend per share

238 

 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

NET ASSETS AND FINANCIAL POSITION 

↗ T.02 BALANCE SHEET 

Cash and cash equivalents 

Inventories * 

Trade receivables * 

Other current assets * 

Other current assets 

Current assets 

Deferred tax assets 

Right-of-use assets 

Other non-current assets 

Non-current assets 

Total assets 

Current borrowings 

Trade payables * 

Other current liabilities * 

Current lease liabilities 

Other current liabilities 

Current liabilities 

Non-current borrowings 

Deferred tax liabilities 

Pension provisions 

31 Dec. 2023 

31 Dec. 2022 

€ million

%

€ million

%

+/-%

552.9

1,804.4

1,118.4

385.6

69.8

8.3%

27.2%

16.8%

5.8%

1.1%

463.1 

2,245.1 

1,064.9 

304.1 

123.2 

6.8%

33.1%

15.7%

4.5%

1.8%

19.4% 

-19.6% 

5.0% 

26.8% 

-43.4% 

3,931.1

59.2%

4,200.4 

62.0%

-6.4% 

296.1

1,087.7

1,325.6

4.5%

16.4%

20.0%

295.0 

1,111.3 

1,166.0 

2,709.3

40.8%

2,572.3 

4.4%

16.4%

17.2%

38.0%

6,640.4

100.0%

6,772.7 

100.0%

145.9

2.2%

75.9 

1,499.8

22.6%

1,734.9 

631.3

212.4

47.7

9.5%

3.2%

0.7%

792.3 

200.2 

39.7 

1.1%

25.6%

11.7%

3.0%

0.6%

0.3% 

-2.1% 

13.7% 

5.3% 

-2.0% 

92.3% 

-13.6% 

-20.3% 

6.1% 

20.1% 

2,537.2

38.2%

2,843.0 

42.0%

-10.8% 

426.1

12.4

22.5

6.4%

0.2%

0.3%

251.5 

42.0 

22.4 

3.7%

0.6%

0.3%

15.2%

0.7%

20.5%

37.5%

69.4% 

-70.5% 

0.7% 

-1.0% 

-10.5% 

9.4% 

1.7% 

Non-current lease liabilities 

1,020.0

15.4%

1,030.3 

Other non-current liabilities 

Non-current liabilities 

Equity 

40.0

1,520.9

2,582.3

0.6%

22.9%

38.9%

44.7 

1,390.9 

2,538.8 

Total liabilities and equity 

6,640.4

100.0%

6,772.7 

100.0%

-2.0% 

Working Capital 

- in % of sales 

* included in working capital 

1,177.3

13.7%

1,086.8

12.8%

8.3%

239 

  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

EQUITY RATIO  

PUMA has a very solid capital base. As of the balance sheet date, the equity of the PUMA Group increased by 
1.7%, from € 2,538.8 million in the previous year to € 2,582.3 million as of 31 December 2023. Although the 
positive consolidated income contributed to the increase in Group equity, there was a negative impact of  
€ - 85.9 million from the other comprehensive income that is directly recorded in equity, mainly due to 
negative currency conversion differences. The balance sheet total decreased slightly by 2.0% as at the 
balance sheet date, to € 6,640.4 million (from € 6,772.7 million in the previous year). Overall, this resulted in 
an increase in the equity ratio of 1.4 percentage points from 37.5% in the previous year to 38.9% as at  
31 December 2023.  

↗ G.15 BALANCE SHEET TOTAL/EQUITY RATIO 

43.9%

4,378.2

4,684.1

5,728.3

39.8%

6,772.7

6,640.4

38.9%

37.7%

37.5%

2019

2020

2021

2022

2023

Total assets in € million

Equity ratio in %

WORKING CAPITAL  

As of the balance sheet date, working capital increased by 8.3% from € 1,086.8 million in the previous year to 
€ 1,177.3 million as of 31 December 2023. In relation to sales in the respective financial year, this corresponds 
to an increase in the working capital ratio from 12.8% in the previous year to 13.7% at the end of 2023. This 
development was mainly attributable to the decline of trade payables due to the adjusted sourcing volumes 
in 2023 and the decrease in other current liabilities and provisions included in working capital. In addition, 
higher trade receivables and higher other current assets attributable to working capital contributed to the 
increase. In contrast, the reduction in inventories had the opposite effect. 

On the assets side, inventories fell by 19.6% as at the balance sheet date, to € 1,804.4 million (from 
€ 2,245.1 million). This development shows that our previous measures to reduce inventories to an 
appropriate level were successful. Trade receivables increased due to longer customary payment terms by 
5.0% to € 1,118.4 million (from € 1,064.9 million) as at the balance sheet date. Other current assets, which are 
attributable to working capital rose by 26.8% to € 385.6 million (from € 304.1 million), primarily due to higher 
advance payments and tax refund claims.  

On the liabilities side, trade payables decreased by 13.6% to € 1,499.8 million (from € 1,734.9 million) due to 
the adjusted sourcing volumes. The other current liabilities and provisions, which are contained in working 
capital and include, among other things, customer bonus and warranty provisions, decreased by 20.3% to 
€ 631.3 million (from € 792.3 million). 

240 

 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

↗ G.16 WORKING CAPITAL 

1,086.8

1,177.3

727.9

10.7%

12.8%

13.7%

549.4

10.0%

465.8

8.9%

2019

2020

2021

2022

2023

Working capital in € million

Working capital as a % of sales

OTHER ASSETS AND OTHER LIABILITIES 

Other current assets outside of working capital include, in particular, the positive market value of derivative 
financial instruments and current receivables from leases. Overall, other current assets outside of working 
capital decreased to € 69.8 million, compared to € 123.3 million in the previous year.  

Right-of-use assets fell slightly by 2.1% to € 1,087.7 million (from € 1,111.3 million in the previous year). The 
decline was due to the ongoing depreciation of right-of-use assets and the effects of subleasing. In contrast, 
the additions to right-of-use assets in 2023 were mainly related to newly opened retail stores and extensions 
or contract amendments to existing retail stores as well as the opening of new warehouses or the expansion 
of existing warehouses. The right-of-use assets referred to own retail stores totalling € 464.2 million 
(previous year: € 430.9 million), warehouses and offices totalling € 557.7 million (previous year: 
€ 613.1 million) and other lease items, mainly technical equipment and machines and motor vehicles, 
totalling € 65.7 million as of 31 December 2023 (previous year: € 67.3 million). The associated current and 
non-current leasing liabilities remained virtually unchanged overall. 

Other non-current assets, which mainly comprise intangible assets and property, plant and equipment, 
increased by 13.7% to € 1,325.6 million (from € 1,166.0 million) in the past financial year. The increase is 
linked to the expansion of investment activities in 2023, following lower investments in non-current assets in 
previous years. In addition, the acquisition of investment property totaling € 21.1 million contributed to the 
increase. 

As at 31 December 2023, current borrowings include the current proportion of promissory note loans in the 
amount of € 125.0 million (previous year: € 60.0 million) and short-term bank liabilities amounting to 
€ 20.9 million (previous year: € 15.9 million). 

Other current liabilities, which exclusively include the negative market value of derivative financial 
instruments, increased from € 39.7 million to € 47.7 million compared to the previous year.  

Non-current borrowings include promissory note loans totalling € 426.1 million (previous year: 
€ 251.5 million). 

Pension provisions remained almost unchanged at € 22.5 million (previous year: € 22.4 million). 

241 

 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

Other non-current liabilities amounted to € 40.0 million as at the balance sheet date (previous year: 
€ 44.7 million). 

CASH FLOW 

↗ T.03 CASH FLOW STATEMENT 

1-12/2023

1-12/2022

€ million

€ million

+/-%

Earnings before taxes (EBT) 

Financial result and non-cash effected expenses and income 

Gross cash flow 

Change in current assets, net 

Payments for taxes on income 

Net cash from operating activities 

478.3 

485.7 

964.1 

-129.2 

-181.3 

653.6 

551.7 

367.2 

918.9 

-13.3% 

32.3% 

4.9% 

-343.3 

-62.4% 

-157.4 

418.3 

Payments for investing in fixed assets 

-300.4 

-263.6 

Other investing and divestment activities incl. interest received 

15.8 

22.9 

-31.1% 

Net cash used in investing activities 

-284.6 

-240.8 

18.2% 

Free cash flow 

Free cash flow (before acquisitions) 

Dividend payments to shareholders of PUMA SE 

Dividend payments to non-controlling interests 

Proceeds from borrowings 

Cash repayments of borrowings 

Repayments of lease liabilities 

Interest paid 

Net cash used in financing activities 

Exchange rate-related changes in cash and cash equivalents 

Changes in cash and cash equivalents 

Cash and cash equivalents at the beginning of the financial year 

Cash and cash equivalents at the end of the financial year 

15.2% 

56.3% 

13.9% 

107.9% 

107.9% 

14.0% 

26.2% 

369.0 

369.0 

177.5 

177.5 

-122.8 

-107.7 

-92.4 

299.6 

-59.1 

-73.3 

17.9 

1571.2% 

-69.5 

-14.9% 

-208.0 

-190.0 

9.4% 

-94.3 

-53.8 

75.3% 

-277.1 

-476.4 

-41.8% 

-2.1 

89.8 

463.1 

552.9

4.4 

-146.8% 

-294.4 

-130.5% 

757.5 

463.1 

-38.9% 

19.4% 

NET CASH FROM OPERATING ACTIVITIES 

Gross cash flow increased by 4.9% to € 964.1 million in financial year 2023 (from € 918.9 million in the 
previous year). This development was due to the increase in non-cash adjustments relating to the financial 
result and other non-cash expenses and income by 32.3% to € 485.7 million. In contrast, earnings before 
taxes decreased by 13.3% to € 478.3 million. 

242 

 
  
 
  
 
 
 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

↗ G.17 GROSS CASH FLOW (€ million) 

918.9

964.1

821.2

704.8

522.8

2019

2020

2021

2022

2023

As a result of the smaller increase in working capital compared to the previous year, there was a lower cash 
outflow from the change in net working capital* of € - 129.2 million in financial year 2023, compared to a 
cash outflow of € - 343.3 million in the previous year. The cash outflow from payments for income taxes 
increased from € - 157.4 million in the previous year to € - 181.3 million in financial year 2023. On balance, 
due to the improvement in gross cash flow and the lower cash outflows in connection with working capital, 
there was a significant improvement in cash inflow from operating activities, which rose by 56.3% to 
€ 653.6 million (from € 418.3 million). 

NET CASH USED IN INVESTING ACTIVITIES 

In the financial year 2023, cash outflow from investment activities increased from a total of € 240.8 million to 
€ 284.6 million. The investments in fixed assets included in this figure increased from € 263.6 million in the 
previous year to € 300.4 million in 2023 in line with our investment planning. The increase mainly related to 
investments in our own retail stores, in our logistics infrastructure and in investment properties. In addition, 
investments in the modernisation of the IT infrastructure continued to be made. The increase in capital 
expenditures relates in particular to the North America and Latin America segments and the central area, 
which is not allocated to the business segments. 

* Net current assets include working capital line items plus current assets and liabilities, which are not part of the working 

capital calculation. Current lease liabilities are not part of the net current assets. 

243 

 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

FREE CASH FLOW BEFORE ACQUISITIONS 

The free cash flow before acquisitions is the balance of the cash inflows and outflows from operating and 
investing activities. In addition, an adjustment is made for incoming and outgoing payments that relate to 
the purchase or sale of shareholdings, where applicable. No acquisitions or disposals of investments were 
made in 2022 and 2023. 

Free cash flow before acquisitions improved from € 177.5 million in the previous year to € 369.0 million in the 
financial year 2023. Free cash flow before acquisitions was 4.3% of sales compared to 2.1% in the previous year. 

↗ G.18 FREE CASH FLOW (BEFORE ACQUISITIONS) (€ million) 

331.2

276.0

276.2

369.0

177.5

2019

2020

2021

2022

2023

NET CASH USED IN FINANCING ACTIVITIES 

The net cash used in financing activities decreased overall from a cash outflow of € 476.4 million in the 
previous year to a cash outflow of € 277.1 million in 2023. The decline in cash outflow was mainly due to 
increased proceeds from taking on financial borrowings.  

A dividend payment of € 122.8 million was distributed to the shareholders of PUMA SE for the financial year 
2022. In the previous year, the dividend payment was € 107.7 million. The net cash used in financing activities 
also included payouts to non-controlling interests totalling € 92.4 million in 2023 (previous year: 
€ 73.3 million). Cash inflows from borrowings amounted to € 299.6 million, compared with cash inflows of 
€ 17.9 million in the previous year. In the financial year 2023, payments made for the repayment of financial 
borrowings totalled € 59.1 million (previous year: € 69.5 million). The cash outflows for the repayment of 
leasing liabilities and related interest expenses included in the cash outflow from financing activities 
increased from a total of € 228.7 million in the previous year to € 254.8 million in 2023. 

As of 31 December 2023, PUMA had cash and cash equivalents of € 552.9 million, an increase of 19.4% 
compared with the previous year (€ 463.1 million). The PUMA Group also had credit lines totalling 
€ 1,552.8 million as of 31 December 2023 (previous year: € 1,271.0 million). Unutilised credit lines amounted 
to € 986.1 million as at the balance sheet date, compared to € 943.7 million in the previous year.  

244 

 
 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

STATEMENT REGARDING THE BUSINESS DEVELOPMENT AND THE OVERALL 
SITUATION OF THE GROUP  

In financial year 2023, we were confronted with an increasingly difficult geopolitical and macroeconomic 
market environment. The conflict in the Middle East, the war in Ukraine, persistent inflation and risks of 
recession had a negative impact on the consumer sentiment and led to volatile retail demand. We therefore 
considered 2023 to be a transitional year. In 2023, we continued to focus on overcoming the short-term 
challenges without compromising the medium and long-term success of PUMA. Accordingly, we prioritised 
sales growth and increasing market share over short-term profitability optimisation. Despite the difficult 
market environment, we were able to further increase PUMA's sales based on our operating flexibility. In 
the past financial year, we were also able to fully achieve our target in terms of operating result.  

Our focus on the PUMA family is an important cornerstone of our corporate strategy. We want to offer our 
employees an attractive working environment and diversity plays an important role in our corporate culture. 
In 2023, PUMA received multiple awards for this successful strategy, including the "Top Employer Award" for 
24 PUMA subsidiaries in the Europe, Asia/Pacific and Latin and North America regions. We can therefore 
continue to call ourselves a "Global Top Employer". We were also named one of the "World's Best 
Employers" by Forbes and a "Leader in Diversity" by the Financial Times, and awarded the "Great Place to 
Work" seal in numerous countries. We were able to further optimise our processes by upgrading the 
logistics centres in our main markets, and by expanding existing warehouses and opening new ones. We 
also invested in improving our IT infrastructure, product development and ERP systems. 

We were able to achieve currency-adjusted sales growth of 6.6% in the financial year 2023. Sales 
development was affected by the significant devaluation of the Argentine peso, which had an extraordinary 
impact in the fourth quarter and on the full-year 2023. Due to the extent and timing of these currency 
effects, we were unable to fully compensate for all of the negative impacts at the end of the year. 
Nevertheless, sales development was mainly in the high single-digit percentage range, in line with the 
outlook for currency-adjusted sales growth. In addition to sales growth, the gross profit margin improved. 
However, these positive effects were offset by the slightly stronger increase in other operating income and 
expenses compared to sales. 

Operating result (EBIT) of € 621.6 million in the past financial year was in line with our forecast of a range 
between € 590 million and € 670 million. Despite the significant devaluation of the Argentine peso, we have 
therefore fully achieved our target in terms of operating result in the past financial year. The devaluation of 
the Argentine peso had a particularly negative effect on the financial result. Because of this, consolidated 
net income amounted to € 304.9 million compared to € 353.5 million in the previous year. This corresponds 
to a decrease of 13.7%. Earnings per share therefore decreased from € 2.36 in the previous year to € 2.03. 
Under the given circumstances of a challenging macroeconomic environment worldwide and the 
exceptional devaluation of the Argentine peso, we are very satisfied with the achievement of objectives in 
financial year 2023. We believe that, despite the exceptional devaluation of the Argentine peso, the business 
development of PUMA in 2023 reflects strong underlying operational development and strict cost discipline.  

With regard to the consolidated balance sheet, we believe that PUMA continues to have a very solid capital 
base. As of the balance sheet date, the PUMA Group's equity amounted to nearly € 2.6 billion and the equity 
ratio was 38.9%.  

Our measures to right-size inventories to an appropriate level contributed to limiting the increase in our 
working capital in 2023. This is also reflected in the improvement in the cash flow from operating activities 
and free cash flow. Our cash and cash equivalents amounted to € 552.9 million as of the balance sheet date. 
In addition, the PUMA Group has unutilised credit lines totalling € 986.1 million at its disposal. 

Consequently, the net assets, financial position and results of operations of the PUMA Group is overall very 
solid at the time the combined management report was prepared. This enables the Management Board and 
the Supervisory Board to propose to the Annual General Meeting on 22 May 2024 a dividend of € 0.82 per 
share for the financial year 2023. This corresponds to a payout ratio of 40.3% in relation to the consolidated 

245 

PUMA Annual Report 2023 

↗ Combined Management Report 

net income according to IFRS. The higher payout ratio results from the strong improvement in free cash 
flow and reflects the underlying positive operating business development. In general, PUMA's dividend 
policy continues to provide for a payout of 25% to 35% of consolidated net income. 

246 

PUMA Annual Report 2023 

↗ Combined Management Report 

COMMENTS ON THE FINANCIAL STATEMENTS OF  
PUMA SE IN ACCORDANCE WITH THE GERMAN 
COMMERCIAL CODE (HGB)  

The annual financial statements of PUMA SE are prepared in accordance with the rules of the German 
Commercial Code (German GAAP, HGB), taking into account the SEAG (German SE Implementation Act) and 
the German Stock Corporation Act (AktG). PUMA SE is the parent company of the PUMA Group. PUMA SE's 
results are to a large extent influenced by the directly and indirectly held subsidiaries and shareholdings. 
The business development of PUMA SE is essentially subject to the same risks and opportunities as the 
PUMA Group. In addition, the management of earnings before taxes (EBT) is affected by changes in the 
financial result. 

PUMA SE is responsible for wholesale business in the DACH area, consisting of the home market of 
Germany, Austria, and Switzerland. Furthermore, PUMA SE is also responsible for pan-European 
distribution for individual key accounts and for sourcing products from European production countries, as 
well as global licensing management. In addition, PUMA SE acts as a holding company within the PUMA 
Group and is as such responsible for international product development, merchandising, international 
marketing, the global areas of finance, operations and PUMA's strategic direction. 

RESULTS OF OPERATIONS 

↗ T.04 INCOME STATEMENT (GERMAN GAAP, HGB) 

Sales 

Other operating income 

Cost of sales 

Personnel expenses 

Depreciation 

2023 

2022 

€ million

%

€ million

%

1,243.7

100.0%

1,151.9

100.0%

83.7

-389.5

-130.8

-36.1

6.7%

-31.3%

-10.5%

-2.9%

84.0

-316.4

-120.2

-36.8

7.3%

-27.5%

-10.4%

-3.2%

Other operating expenses 

-898.8

-72.3%

-816.3

-70.9%

Total  expenses 

Financial result 

Income before Tax 

Income tax 

Net income 

-1,455.2

-117.0%

-1,289.7

-112.0%

258.8

131.0

-21.2

109.8

20.8%

10.5%

-1.7%

8.8%

189.5

135.8

-18.8

117.0

16.5%

11.8%

-1.6%

10.2%

+/- %

8.0%

-0.4%

23.1%

8.8%

-2.0%

10.1%

12.8%

36.6%

-3.5%

12.9%

-6.2%

In the financial year 2023, sales increased by a total of 8.0% to € 1,243.7 million. The increase resulted both 
from  higher  revenues  from  product  sales  and  from  higher  commission  income  in  the  context  of  licence 
management.  Revenues  from  PUMA SE  product  sales  rose  by  15.8%  to  € 589.4 million  (previous  year: 
€ 508.9 million).  Royalty  and  commission  income  included  in  sales  increased  by  1.7%  to  € 599.3 million 

247 

 
  
 
  
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

(previous  year:  € 589.1 million).  Other  sales,  which  mainly  consisted  of  recharges  of  costs  to  affiliated 
companies, totalled € 55.0 million in 2023 (previous year: € 53.9 million).  

Other operating income amounted to € 83.7 million in 2023 (previous year: € 84.0 million) and includes, in 
particular, realised and unrealised gains from currency conversion related to the measurement of 
receivables and liabilities in foreign currencies at the balance sheet date. 

The total expenditure from material expenses, personnel expenses, depreciation and other operating 
expenses increased by 12.8% to € 1,455.2 million compared to the previous year (previous year: a total of 
€ 1,289.7 million). The increase in material expenses compared to the previous year was mainly due to the 
increase in sales. The disproportionate growth in material expenses in comparison with sales resulted from 
intra-group sales of goods to PUMA Benelux, which were carried out without a surcharge. Personnel 
expenses increased due to a higher number of employees. Other operating expenses increased compared 
with the previous year, mainly due to increased administrative, marketing and sales expenses.  

The financial result increased, compared to the previous year, by 36.6% to € 258.8 million. The increase was 
mainly due to higher profit transfer from affiliated companies. The interest result and the income from 
dividends from investments in affiliated companies fell slightly. In addition, the investment in Borussia 
Dortmund GmbH & Co. KGaA (BVB), Dortmund, was written down in the financial year due to an impairment 
of € 0.5 million, which is expected to be permanent.  

The increase in sales was offset by the increase in expenses, which is why earnings before income taxes 
fell by 3.5% to € 131.0 million in 2023 (from € 135.8 million in the previous year). Taxes on income amounted 
to € 21.2 million (previous year: € 18.8 million). Accordingly, PUMA SE's net income under the German 
Commercial Code (German GAAP, HGB) decreased by 6.2% to € 109.8 million in the financial year 2023 
(previous year: € 117.0 million). 

248 

 
 
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↗ Combined Management Report 

NET ASSETS 

↗ T.05 BALANCE SHEET (GERMAN GAAP, HGB) 

Fixed Assets 

Inventory 

Receivables and other current assets 

Cash and cash equivalents 

Current Assets 

Others 

Total Assets 

Equity 

Accruals/Provision 

Liabilities 

Others 

31.12.2023 

31.12.2022 

€ million

%

€ million

1,648.9

63.3%

1,100.3 

85.7

680.9

165.8

932.4

23.7

3.3%

115.2 

26.1%

1,177.8 

6.4%

96.5 

35.8%

1,389.5 

0.9%

25.2 

%

43.7%

4.6%

46.8%

3.8%

55.2%

1.0%

2,605.0

100.0%

2,515.1 

100.0%

925.8

123.7

35.5%

4.7%

933.8 

141.9 

1,555.0

59.7%

1,438.9 

0.5

0.0%

0.5 

37.1%

5.6%

57.2%

0.0%

Total Equity & Liabilities 

2,605.0

100.0%

2,515.1 

100.0%

+/- %

49.9%

-25.6%

-42.2%

71.8%

-32.9%

-5.9%

3.6%

-0.9%

-12.8%

8.1%

0.0%

3.6%

Overall, fixed assets increased by 49.9% to € 1,648.9 million in 2023. The increase is mainly the result of the 
increase in shareholdings in the amount of € 521.9 million due to capital contributions to PUMA Sprint 
GmbH, Germany, as well as further investments in IT. 

The decline in inventories of current assets by 25.6% to € 85.7 million was mainly due to more conservative 
purchasing behaviour, especially at the end of the year. The consolidation of inventories for Central Europe, 
including Benelux, and the associated improvement in the management of purchases and sales supported 
the positive development of inventories. Receivables and other assets decreased by a total of 42.2% 
compared with the previous year to € 680.9 million. In particular, lower receivables from affiliated 
companies contributed to this development, which resulted in particular from the capital contribution. Cash 
and cash equivalents increased by 71.8% to € 165.8 million compared to the previous year, due to the cash 
inflow from financing and investing activities. 

On the liabilities side, equity fell slightly by 0.9% to € 925.8 million in 2023. In combination with the increase 
of the balance sheet total due to higher liabilities, this led to a decline in the equity ratio, which was 35.5% 
as at the balance sheet date of 31 December 2023 compared to 37.1% in the previous year. 

Provisions decreased by 12.8% compared to the previous year to € 123.7 million. This development was 
mainly due to lower provisions for outstanding invoices. Liabilities increased from € 1,438.9 million in the 
previous year to € 1,555.0 million as of 31 December 2023. This increase primarily resulted from the 
increased liabilities to banks due to the taking out of a promissory note loan and, in contrast, lower 
liabilities to affiliated companies. 

249 

  
 
  
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

FINANCIAL POSITION 

↗ T.06 CASH FLOW STATEMENT (GERMAN GAAP, HGB) 

Cash flow used in/ from operating activities 

Cash flow from/ used in investing activities 

Free Cash Flow 

Cash flow from financing activities 

Change in cash and cash equivalents 

Cash and cash equivalents at beginning of financial year 

Cash and cash equivalents at year-end 

2023

2022

€ million

€ million

+/- %

-92.6

66.3

-26.3

95.6

69.3

96.5

165.8

4.9

-441.2

-436.3

-

-

-94.0%

134.0

-28.7%

-302.3

>-100%

398.8

96.5

-75.8%

71.8%

In financial year 2023, cash outflow from operating activities amounted to € 92.6 million, compared to a 
cash inflow of € 4.9 million in the previous year. This development is mainly due to the decrease of 
receivables from affiliated companies. In contrast, the reduction in inventories had a positive effect. 

The cash inflow from investing activities in 2023 is mainly due to the reduction in cash pool and loan 
receivables from affiliated companies. These are offset by cash outflows from investments in fixed assets. 

Cash flow from financing activities showed a total cash inflow of € 95.6 million in 2023 (previous year: 
€ 134.0 million). The cash inflow primarily resulted from the taking out of promissory note loans. In contrast, 
reduced liabilities to affiliated companies and the payment of dividends to PUMA SE shareholders for 
financial year 2022 in the amount of € 122.8 million led to a cash outflow. 

OUTLOOK 

In PUMA SE's financial statements under German Commercial Code (German GAAP, HGB), we expect an 
increase in sales in the mid single-digit percentage range for the financial year 2024. Assuming dividends 
from investments in affiliated companies at the previous year's level, we expect earnings before tax for the 
financial year 2024 to be at the previous year's level. 

250 

  
 
  
 
 
 
 
 
 
 
 
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INFORMATION CONCERNING TAKEOVERS 

The following information, valid 31 December 2023, is presented in accordance with Art. 9 p. 1 c) (ii) of the SE 
Regulation in conjunction with Sections 289a, 315a German Commercial Code (HGB). Details under Sections 
289a, 315a HGB which do not apply at PUMA SE are not mentioned. 

Composition of the subscribed capital (Sections 289a [1][1], 315a [1][1] HGB)) 
On the balance sheet date, subscribed capital totaled € 150,824,640.00 and was divided into 150,824,640 no-
par value shares with a proportional amount in the statutory capital of € 1.00 per share. As of the balance 
sheet date, the Company held 980,096 treasury shares. 

Shareholdings exceeding 10% of the voting rights (Sections 289a [1][3], 315a [1][3] HGB) 
As of 31 December 2023, there was one shareholding in PUMA SE that exceeded 10% of the voting rights. It 
was held by the Pinault family via several companies controlled by them (ranked by size of stake held by the 
Pinault family: Financière Pinault S.C.A., Artémis S.A.S. and Kering S.A.). The shareholding of Kering S.A. in 
PUMA SE amounted to 1.47% of the share capital on 18 September 2023. The shareholding of Artémis S.A.S. 
and Kering S.A. together amounted to 29.99% of the share capital on18 September 2023. 

Statutory provisions and regulations of the Articles of Association on the appointment and  
dismissal of the members of the Management Board and on amendments to the Articles of Association 
(Sections 289a [1][6], 315a [1][6] HGB) 
Regarding the appointment and dismissal of the members of the Management Board, reference is made to 
the applicable statutory requirements of Section 84 German Stock Corporation Act (AktG). Moreover, Section 
7[1] of PUMA SE’s Articles of Association stipulates that Management Board shall consist of two members in 
the minimum; the Supervisory Board determines the number of members in the Management Board. The 
Supervisory Board may appoint deputy members of the Management Board and appoint a member of the 
Management Board as chairperson of the Management Board. Members of the Management Board may be 
dismissed only for good cause, within the meaning of Section 84[3] of the AktG or if the employment 
agreement is terminated, for which in each case a resolution must be adopted by the Supervisory Board 
with a simple majority of the votes cast. 

Amendments to the Articles of Association of the Company require a resolution by the Annual General 
Meeting. Resolutions of the Annual General Meeting require a majority according to Art. 59 SE Regulation 
and Sections 133[1], 179 [2] [1] AktG (i.e. a simple majority of votes and a majority of at least three quarters of 
the share capital represented at the time the resolution is adopted). The Company has not made use of 
Section 51 SEAG.  

Authority of the Management Board to issue or repurchase shares (Sections 289a [1][7], 315a [1][7] HGB) 
The authority of the Management Board to issue shares result from Section 4 of the Articles of Association 
and from the statutory provisions: 

AUTHORISED CAPITAL 
By resolution of the Annual General Meeting on 5 May 2021, the Management Board is authorised, with 
approval of the Supervisory Board, to increase the share capital of the Company by up to EUR 30,000,000.00 
by issuing, once or several times, new no par-value bearer shares against contributions in cash and/or kind 
until 4 May 2026 (Authorised Capital 2021). In case of capital increases against contributions in cash, the new 
shares may be acquired by one or several banks, designated by the Management Board, subject to the 
obligation to offer them to the shareholders for subscription (indirect pre-emption right). 

251 

 
 
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The shareholders shall generally be entitled to pre-emption rights. However, the Management Board shall 
be authorised with approval of the Supervisory Board, to partially or completely exclude pre-emption rights 

• 
• 

• 

• 

to avoid peak amounts; 
in case of capital increases against contributions in cash if the pro-rated amount of the share capital 
attributable to the new shares for which pre-emption rights have been excluded does not exceed 10% of 
the share capital and the issue price of the newly created shares is not significantly lower than the 
relevant exchange price for already listed shares of the same class, Section 186 (3) sentence 4 of the 
German Stock Corporation Act (Aktiengesetz, AktG). The 10% limit of the share capital shall apply at the 
time of the resolution on this authorisation by the Annual General Meeting as well as at the time of 
exercise of the authorisation. Shares of the Company (i) which are issued or sold during the term of the 
Authorised Capital 2021 excluding shareholders’ pre-emption rights directly or respectively applying 
Section 186 (3) sentence 4 AktG or (ii) which are or can be issued to service option and convertible bonds 
applying Section 186 (3) sentence 4 AktG while excluding shareholders’ pre-emption rights during the 
term of the Authorised Capital 2021, shall be counted towards said limit of 10%; 
in case of capital increases against contributions in cash insofar as it is required to grant pre-emption 
rights regarding the Company’s shares to holders of option or convertible bonds which have been or will 
be issued by the Company or its direct or indirect subsidiaries to such an extent to which they would be 
entitled after exercising option or conversion rights or fulfilling the conversion obligation as a 
shareholder; 
in case of capital increases against contributions in kind for carrying out mergers or for the direct or 
indirect acquisition of companies, participation in companies or parts of companies or other assets 
including intellectual property rights and receivables against the Company or any companies controlled 
by it in the sense of Section 17 AktG. 

The total amount of shares issued or to be issued based upon this authorisation while excluding 
shareholders’ pre-emption rights may neither exceed 10% of the share capital at the time of the 
authorisation becoming effective nor at the time of exercising the authorisation; this limit must include all 
shares which have been disposed of or issued or are to be issued during the term of this authorisation 
based on other authorisations while excluding pre-emption rights or which are to be issued because of an 
issue of option or convertible bonds during the term of this authorisation while excluding pre-emption 
rights. The Management Board shall be entitled, with approval of the Supervisory Board, to determine the 
remaining terms of the rights associated with the new shares as well as the conditions of the issuance of 
shares. The Supervisory Board is entitled to adjust the respective version of the Company’s Articles of 
Association with regard to the respective use of the Authorised Capital 2021 and after the expiration of the 
authorisation period.  

The Management Board of PUMA SE did not make use of the existing Authorised Capital in the current 
reporting period. 

CONDITIONAL CAPITAL 
The Annual General Meeting of 11 May 2022 has authorised the Management Board until 10 May 2027 with 
the approval of the Supervisory Board to issue once or several times, in whole or in part, and at the same 
time in different tranches bearer and/or registered convertible bonds and/or options and profit-participation 
rights and/or profit bonds or combinations thereof with or without maturity restrictions in the total nominal 
amount of up to € 1,500,000,000.00.  

The share capital is conditionally increased by up to € 15,082,464.00 by issue of up to 15,082,464 new no-par 
value bearer shares (Conditional Capital 2022). The conditional capital increase shall only be implemented 
to the extent that conversion/option rights are exercised, or the conversion/option obligations are 
performed, or tenders are carried out and to the extent that other forms of performance are not applied. 

No use has been made of this authorisation to date. 

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AUTHORISATION TO ACQUIRE TREASURY SHARES 
The Annual General Meeting of 7 May 2020 resolved under agenda item 6 to authorise PUMA SE to acquire 
and utilise treasury shares until 6 May 2025, including the authorisation to sell treasury shares while 
excluding shareholders' pre-emption rights and the authorisation to offer and transfer treasury shares to 
third parties against non-cash consideration. The authorisation from 2020 was extended by resolution of the 
Annual General Meeting on 5 May 2021 to the effect that the Supervisory Board was authorised to issue 
treasury shares to members of the Management Board as a component of Management Board 
remuneration, while excluding shareholders' pre-emption rights. In addition, the authorisation from 2020 
was extended by resolution of the Annual General Meeting on 11 May 2022 to the effect that the Management 
Board was authorised to issue shares acquired, excluding shareholders' subscription rights, in connection 
with share-based payment or employee share programs of the Company or its affiliated companies to 
persons who are or were employed by the Company or one of its affiliated companies or are a member of 
the management of a company affiliated with the Company. In all other aspects, the authorisation from 2020 
remained unchanged.  

No use has been made of the authorisation to acquire treasury shares in the reporting period. 

Significant agreements of the Company which are subject to a change of control as a result of a takeover 
bid and the resulting effects (Section 289a [1][8], 315a [1][8] HGB) 
Material financing agreements of PUMA SE with its creditors contain the standard change-of-control 
clauses. In the case of change of control the creditor is entitled to termination and early calling-in of any 
outstanding amounts. 

For more details, please refer to the relevant disclosures in chapter 17 of the Notes to the Consolidated 
Financial Statements. 

253 

 
 
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CORPORATE GOVERNANCE STATEMENT IN 
ACCORDANCE WITH SECTION 289F AND 315D HGB 

┌  
The corporate governance statement (in accordance with Sections 289f and 315d HGB) includes the 
declaration of compliance, information on corporate governance practices and a description of the working 
methods of the Management Board and Supervisory Board. It is available at 
https://about.puma.com/en/investor-relations/corporate-governance.  
└ 

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RISK AND OPPORTUNITY REPORT 

PUMA is continuously exposed to opportunities and risks in the competitive, fast-paced and international 
sport and lifestyle industry. The risk strategy is therefore to take business risks in a calculated manner in 
order to implement the corporate strategy with all its opportunities. For this purpose, effective risk and 
opportunity management is required so that opportunities can be recognised and utilised, and risks can be 
identified and managed at an early stage. We define risks as potential future developments or events that 
may lead to a negative deviation from targets for the company (see the "Risk Management System" section). 
Similarly, opportunities are potential future developments or events that may result in a positive deviation 
from targets. 

RISK MANAGEMENT SYSTEM 

PUMA takes a conscious and controlled approach to risks in order to achieve the company's goals. The aim 
of the risk management system is to identify and manage at an early-stage material risks or risks that could 
even jeopardise the company's existence and thus support the achievement of the company's objectives. In 
addition, compliance with the related laws, regulations and standards must be ensured, as well as 
transparency in relation to the risk situation from the perspective of partners such as customers, suppliers 
and investors. Therefore, PUMA has established an appropriate and effective risk management organisation 
which is able to identify risks at an early stage and manage them in accordance with the corporate strategy 
and promote risk awareness within the PUMA Group to facilitate risk-based decisions. As part of the 
organisation, risks are looked at Group-wide, unless explicitly stated to the contrary. As in the previous year, 
PUMA's risk management system is based on a comprehensive, interactive, and management-oriented 
approach to risk that is integrated into the company's organisation and is based on the globally recognised 
COSO standard (Committee of Sponsoring Organisations of the Treadway Commission). Opportunity 
management is not part of the risk management system and is the responsibility of operational 
management teams in the respective regions, markets, and departments (see the "Opportunities" section). 

The Management Board of PUMA SE bears overall responsibility for the risk management system in 
accordance with Section 91(3) AktG. The Management Board regularly updates the Audit Committee of the 
Supervisory Board of PUMA SE. In addition, pursuant to Section 107(4), the Audit Committee has a direct 
right to information from the operational management departments. The Risk Management Committee, 
which consists of the PUMA SE Management Board and selected managers, is responsible for the design, 
review, and adaptation of the risk management system. For the operational coordination of the risk 
management process and support of the risk officers, the risk management function of the Group Internal 
Audit, Risk Management & Internal Control department has been assigned to prepare the regular risk 
reporting to the Risk Management Committee. The responsibilities, tasks and processes of the risk 
management system are defined in PUMA’s enterprise risk guidelines. The structure and design of the risk 
management system are as follows: 

255 

 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

↗ G.19 RISK MANAGEMENT SYSTEM 

Supervisory Board / Audit Committee

Management Board / Risk Management Committee

Risk Strategy

Identification

s
n
o
i
t
c
n
u
F

Reporting

Risk Owner

Assessment

Management

Monitoring

Internal Audit

S
u
b
s
i
d
i
a
r
i
e
s

The risk owners are mainly the managers of the functional areas and the managing directors of the 
subsidiaries. Risks are identified company-wide by performing a bottom-up analysis within the risk owner's 
area of responsibility. These risks are regularly reported to the risk management function and/or the local 
monitoring bodies in structured interviews that take place every six months or during the year using 
established internal reporting channels. As a part of the risk culture at PUMA, general information for risk 
management as well as training materials are made available for all employees. 

The risks are evaluated and assessed in terms of probability of occurrence and extent of damage using 
quantitative criteria with the help of a systematic methodology. The quantitative criteria are represented in 
the form of risk classification ranges on a four-level scale: Low, Medium, Significant and High. While the 
risk assessment of the probability of occurrence is measured as a percentage rate, the extent of damage is 
based on the planned operating result for the upcoming financial year. We follow a net risk approach, 
addressing the risks that remain after existing control measures have been implemented. The resulting risk 
assessments are presented as an aggregated risk group ("overall risk situation"). Thus, for the materiality 
assessment, the quantified risks are combined from their extent of damage and probability of occurrence 
and are classified in a comprehensive risk matrix regarding their significance level (“Low”, “Moderate”, 
“Material” and “Critical”) for internal monitoring and to assess their viability (see graphic G.21). 

For example, a risk can be allocated within the most critical range, which may also include risks that could 
even jeopardise the company's existence, in the case that its assessment reflects a combination of highest 
bandwidth for extent of damage (“High > € 50 million”) and probability (“High > 50%”). The overview of the 
risk groups is presented in table T.7, summarised in the order of their relative importance and their change 
during the year. 

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↗ G.20 RISK MATRIX 

Likelihood in %

high

significant

medium

low

>50

≤50 ≥20

<20 ≥10

<10

≥2 <5
low

≥5 <20
medium

≥20 <50
significant

≥50
high

Impact in € million

Significance level

low

moderate

material

critical

Regular risk identification and assessment is carried out by the risk management function every six months 
with all major functional areas. The risks recorded and assessed are also reviewed with a top-down 
approach by the Risk Management Committee. This ensures that adequate consideration is given to 
interdependencies and the overall risk situation. 

The risk owners are responsible for the operational management of identified risks. Risks can be managed 
by avoiding, reducing, diversifying, or transferring the risk to achieve the targeted and acceptable residual 
risk. Within the reporting process, material risks or those which could even jeopardise the company’s 
existence are coordinated with and managed by the Risk Management Committee or the Management 
Board, considering the risk-bearing capacity, which is also based on the planned operating result. 

The methodology and structure of the risk management system are continuously monitored in terms of 
their appropriateness and effectiveness and adapted or improved when required. This is carried out on the 
one hand by the Internal Audit department, as an independent audit body within the PUMA Group, and on 
the other hand through the utilisation of the results of the auditor of PUMA SE, which assesses the early 
risk identification system annually for its fundamental suitability to be able to identify risks that endanger 
the company’s existence at an early stage. 

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RISKS 

The following explanations of risk groups are presented based on their relative importance from the Group 
perspective for the financial year 2023. 

MACROECONOMIC DEVELOPMENTS 

As an internationally operating enterprise, PUMA is exposed to challenges and uncertainties that affect the 
global economy and the associated risks may have an impact on our sales and sourcing markets. For 
example, macroeconomic risks because of economic recessions, changes in interest rates, or inflation and 
cost pressures, might have an impact on consumer behavior, production costs, sales, and profit margins. 
Likewise, global events such as political changes, social developments, geopolitical tensions, and natural 
disasters can disrupt supply chain activities or affect consumer sentiment, are also reflected in legal and 
macroeconomic conditions. 

In 2023, the macroeconomic and geopolitical environment remain challenging. The recent conflict in Middle 
East, the war in Ukraine, persistent inflation, and the risks of recession weights on consumer sentiment, 
resulting in volatile demand in the retail sector. The pattern of China’s economic recovery after COVID-19 
remains uncertain and competition with both local and global brands remains high.  

Overall, we manage these challenges by having close alignment and communication with regions and key 
markets to follow up and deal with critical developments affecting PUMA business environment (e.g., price 
increases, supply chain interruptions, geopolitical tensions) and develop alternative scenarios to analyse 
possible occurrence of events. Moreover, the Management Board is regularly updated about country and 
macroeconomic developments and defines action plans to quickly adapt to changing economic conditions. 

BUSINESS PARTNERS 

As an enterprise with global operations, managing sourcing and supply chain related risks is of key 
importance for PUMA. Most of our PUMA products are produced in Asia in countries like China, Vietnam, 
Cambodia, Bangladesh, Indonesia and India. In addition to the challenges, production in these countries 
continues to be associated with significant risks for us. These risks arise, for example, from changes in 
sourcing, wage and logistic costs, supply bottlenecks for raw materials or components, and quality issues, 
as well as from the possibility of overdependence on individual suppliers. Sourcing and the supply chain 
must also react to risks, such as changes in duties and tariffs as well as trade restrictions and government 
requirements. The transport of products to the distribution countries is also exposed to the risk of delays 
and failures by warehouse and logistics service providers due to extraordinary events and/or human or 
system error. 

To mitigate business partners related risks, we have implemented a functional framework for sourcing and 
supply chain processes. Our sourcing portfolio is regularly reviewed and adjusted to avoid creating a 
dependence on individual suppliers and sourcing markets. Generally, long-term master framework 
agreements are concerted to secure the required production capacities for the future. Regular 
communication with PUMA entities allows us to anticipate any price increase and strengthen our forecast 
activities. A quality control process and the direct and partnership-like collaboration with suppliers should 
permanently secure the quality and availability of our products. Moreover, we continuously analyse political, 
economic, and legal framework conditions and have further enhanced our close cooperation with our 
logistics partners to be able to react to changes in the supply chain early on and to continuously strengthen 
the supply chain. The collaboration with warehouse and logistics service providers is accordingly secured by 
selection processes, consistent contractual terms, and permanent monitoring of relevant indicators. 

In 2023 global sourcing markets normalised because of the end of COVID-related restrictions: However, 
there are continued supply chain and sourcing challenges regarding rising costs and the potential threat of 
a larger recession that could still cause disruptions and delays in the operations. To diminish these 
challenges, we have further intensified the cooperation with our suppliers and logistics partners to be able 
to act flexibly and base our actions around finding the right solutions. 

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CURRENCY RISKS 

As a group that operates internationally, PUMA is exposed to transactional foreign currency risks. The 
currency risks exist to the extent that the exchange rates of currencies in which purchase and sales 
transactions as well as lending transactions and receivables are carried out fluctuate against the functional 
currency of the PUMA Group - the euro. 

PUMA's biggest sourcing market is Asia, where most payments are settled in US dollars (USD), while sales 
of the PUMA Group are mostly invoiced in other currencies. PUMA manages currency risk in accordance 
with internal guidelines. Material risks are hedged, in accordance with the Group directive, up to a hedging 
ratio of 95% of the estimated foreign currency risks from expected purchase and sales transactions over the 
next 12 to 15 months. Forward exchange contracts and currency options, usually with a term of around 12 
months from the reporting date, are used to hedge the foreign currency risk. For significant risks that are 
subject to large hedging costs, high hedging ratios can only be achieved over shorter terms. 

To hedge signed or pending contracts against currency risk, PUMA only concludes currency forward 
contracts and currency options on customary market terms with reputable international financial 
institutions. As of the end of 2023, the net requirements for the 2024 planning period were adequately 
hedged against currency effects, if possible. 

Foreign exchange risks may also arise from intra-group loans granted for financing purposes. Currency 
swaps and currency forward transactions are used to hedge currency risks when converting intra-group 
loans denominated in foreign currencies into the functional currencies of the group companies (EUR). 

In addition, as an international group with its own presence in a large number of countries, PUMA is also 
exposed to translation risks. These arise in the course of consolidation when individual financial statements 
of foreign subsidiaries that do not prepare their accounts in euros are translated into the PUMA Group's 
functional currency, the euro. 

In countries with high interest and inflation rates, both transaction risks and translation risks can arise to a 
considerable extent. PUMA does not hedge these risks, as the hedging costs in high-interest countries - 
insofar as hedging is possible at all - in some cases significantly exceed the benefits of hedging. The 
negative effects of currency and inflation are generally compensated for by adjusting the prices of products 
in the respective market. 

In order to disclose market risks, IFRS 7 requires sensitivity analysis that show the effects of hypothetical 
changes in relevant risk variables on earnings and equity. The periodic effects are determined by relating 
the hypothetical changes caused by the risk variables to the balance of the financial instruments held as of 
the balance sheet date. The underlying assumption is that the balance as of the balance sheet date is 
representative for the entire year. 

Currency risks as defined by IFRS 7 arise on account of financial instruments that are denominated in a 
currency which differs from the functional currency and are monetary in nature. Differences resulting from 
the conversion of the individual financial statements to the group currency are not taken into account. All 
non-functional currencies in which the Group employs financial instruments are generally considered to be 
relevant risk variables. 

The currency sensitivity analysis is based on the net balance sheet risk denominated in foreign currencies. 
This also includes intra-company monetary assets and liabilities. Outstanding currency derivatives are also 
reassessed as part of the sensitivity analysis. It is assumed that all other influencing factors, including 
interest rates and raw material prices, remain constant. The effects of the forecasted operating cash flows 
are also ignored. 

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Currency forward contracts, used to hedge against payment fluctuations caused by exchange rates, are part 
of an effective cash-flow hedging relationship pursuant to IAS 39. Changes in the exchange rate of the 
currencies underlying these contracts have an effect on the hedge reserve in equity and on the fair value of 
these hedging contracts. 

PANDEMIC 

PUMA first identified the COVID-19 pandemic as a new risk in the financial year 2020 and accordingly estab-
lished the risk category "Pandemic”. Risks related to a pandemic event such as supply chain disruptions, 
economic and financial strains, lockdowns, retail store closings, cancellations of sport events or social 
restrictions could lead to severe business disruptions, reduced consumption, loss of sales, or liquidity 
shortfalls. For financial year 2023, the negative impacts of the pandemic have diminished as countries and 
regions ended pandemic-related restrictions and economic and life activities are normalising. In principle, 
uncertainties arise in relation to new variants that could lead to possible lockdowns or restrictions. 

To mitigate pandemic-related risks, different strategic approaches have been established to ensure and 
prioritise the health and safety of our employees and customers, as well as continuous monitoring of the 
situation and possible restrictions. There is continuous monitoring of the latest economic events and close 
alignment with our regions and key markets to manage critical developments and adapt to market 
conditions. Close cooperation with partners and suppliers is essential to implement and monitor 
contingency strategies. In addition to Direct-to-Consumer business, the e-commerce business and PUMA 
App are an essential part of our distribution structure. 

PRODUCT & MARKET ENVIRONMENT 

The sport and lifestyle markets are defined by intense competition, constant innovation, and changing 
consumer preferences. PUMA faces the challenge of continuously innovating and differentiating its product 
offering to capture consumer interest and gain and edge over its competitors. Product and market 
environment risks could arise from a non-anticipated or late response to consumer demand within the fast-
moving lifestyle and sports markets. Constant changes in consumer lifestyle/sports trends and long product 
lifecycles bear the risk of creating products that are not relevant to our consumers, launching them at the 
wrong time, launching them with the wrong marketing campaign or placing them in the wrong distribution 
channels. As a result, these risks could lead to a loss in market share, sales shortfalls, and lower brand 
attractiveness. Media reports about PUMA also play a key role in brand image. For example, reports about 
the infringement of laws or internal/external requirements, product recalls and exposure on social media 
as well as reports about workforce diversity and tolerance can cause significant damage to brand image and 
ultimately result in the loss of sales and profit. 

To mitigate these risks, we conduct market research and systemic monitoring of market environment for 
early recognition and taking advantage of relevant consumer trends. Targeted investments in product design 
and product development are to ensure that the characteristic PUMA design of the entire product range is 
consistent with the overall brand strategy ("Forever Faster"), thereby creating a unique level of brand 
recognition. Accordingly, we have set the guiding principle that "We want to become the fastest sports brand 
in the world" to underline the company's long-term direction and strategy. The "Forever Faster" brand 
promise does not just stand for PUMA's product range as a sports and lifestyle company, but also applies to 
all company processes. Brand image is particularly strengthened through cooperation with brand 
ambassadors who embody the core of the brand and PUMA's brand values ("brave," "confident," 
"determined" and "joyful") and have a large potential for influencing PUMA's target group. We additionally 
counter this risk through careful press, social media, and public relations work as well as by monitoring the 
press and social media environment. 

PROJECTS 

The strategic program portfolio of PUMA contains important and critical projects to ensure that the flow of 
goods and information is sufficiently supported by modern warehouse, logistics and IT infrastructure. These 
include, for example, the implementation of IT systems to enhance operations, such as centralised systems 

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or e-commerce platforms and systems in the warehouse and supply chain. Risk associated with projects 
include ineffective change management, lack of resources, high costs, exceeding budget, overrun time 
frames, non-acceptance of users due to weak communication, increase vulnerability to potential data 
breaches and disruption to business processes. 

To manage project-related risks effectively, PUMA has established group and regional project teams as well 
as policies to manage the roll-out of new and existing projects that have a significant impact on the core 
value chain. In addition, as part of project management practices, continuous alignment with stakeholders 
and steering meetings to monitor, provide support and guidance on strategic projects are implemented to 
ensure its execution is in line with pre-defined objectives and milestones such as time frames and budgets.  

INFORMATION TECHNOLOGY  

The ongoing digitalisation of business environments brings new challenges to PUMA in the field of 
information technology which – in case of incidents - may have an impact on our operations, data security 
and privacy, as well as overall performance. Key business procedures and processes such as supply chain 
management, e-commerce, and financial reporting depend on digital services, infrastructure, and their 
unimpaired availability. Interruptions of service availability can disrupt essential processes and cause 
operational problems. Moreover, information security is of outmost importance for PUMA, the risk of a data 
breach might lead to financial loss, brand damage, legal claims, and loss of customer trust. 

To mitigate these risks, we continuously carry out technical and organisational measures. Key business 
procedures, processes and infrastructure on information technology and security are established based on 
best -practice frameworks, regularly updated and controlled. These processes are subject to internal and 
external audits to ensure their reliability and the appropriateness of control mechanisms. Appropriate 
procedures and guidelines related to IT-incident response are in place and updated accordingly. Moreover, 
PUMA has an Information Security Committee which consistently updates the Management Board on the 
latest status and developments. In addition, trainings and information campaigns are conducted regularly to 
increase awareness and knowledge on information security related issues. 

DISTRIBUTION STRUCTURE 

PUMA relies on different distribution channels including the Wholesale business with our retail partners 
and the Direct-to-Consumer (DTC) business with our PUMA-owned and operated (O&O) retail stores and e-
commerce platforms. This diversified distribution mix enables PUMA to reduce its dependency on individual 
distribution channels and/or retail partners.  

The wholesale business represents the largest share of sales overall and is characterised by strong 
partnerships with all our retail partners. The company’s DTC business has a complementary role and is 
intended to ensure a better and more comprehensive presentation of PUMA products in a controlled brand 
environment, direct interaction with our end consumers and a higher gross profit margin. 

In the wholesale business, growing retailers, including those offering their own brands, and direct 
competitors pose the risk of intensified competition for market shares, price pressures or reduced profit 
margins. Consumer purchase behavior is also changing, focusing more on e-commerce and a combination 
of stationary and digital trade. This requires continuous adjustment of the distribution structure. 
Distribution through our O&O retail stores and e-commerce platforms is, however, also associated with 
various risks including the required investments in expansion and infrastructure, setting up and 
refurbishing stores, higher fixed costs, and leases with long-term lease obligations. This can have an 
adverse impact on profitability in the event of a business decline.  

To avoid risks, we carry out permanent monitoring of distribution channels and regular reporting by 
Controlling and the dedicated functions. We maintain strong collaborations with all our retail partners in line 
with our wholesale-focused strategy. The company's reporting and controlling system allows us to detect 
negative trends early on, and to take the countermeasures required to manage individual stores and overall 

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to monitor the evolution of the distribution landscape. A detailed location and profitability analysis is carried 
out in our DTC business before making any investment decision. In e-commerce, global activities are 
harmonised and investments in IT systems are carried out to further improve the shopping experience for our 
consumers and to drive conversion. This includes the continued global roll-out of the PUMA Shopping App. 

SUSTAINABILITY 

Sustainability topics are highly important for PUMA specially in sourcing as well as along the entire value 
chain. Natural resources crises and the resulting increase in customer requirements regarding 
sustainability have led to a stronger ecological focus in our product range, both at our own locations and 
along the production and supply chain. A more efficient use of resources, reduction in greenhouse gas 
emissions and compliance with environmental standards as well as the increased use of environmentally 
preferred materials and environmentally friendly chemicals in production are crucial parts of our 
sustainability strategy. The risk of not implementing an effective sustainability approach to our products and 
along the supply chain could lead to serious brand damage, loss of customer loyalty, supply chain 
disruptions, increased costs, and non-compliance with environmental regulations. 

PUMA’s efforts towards managing sustainability risks and efficient use of resources are reflected in the 
comprehensive “Forever Better” strategy which defines 10 target areas to improve sustainability 
performance: Human Rights, Climate Action, Circularity, Products, Water and Air, Biodiversity, Plastics and 
the Oceans, Chemicals, Health & Safety as well as Fair Income. For each of these target areas, which are 
aligned to the UN Sustainable Development Goals (SDGs), there are measurable targets and KPI’s which are 
regularly monitored and reported to Board Members, Supervisory Board, and stakeholders. Additionally, 
risk assessments and audits are performed to ensure our suppliers follow environmental standards. 
PUMA’s efforts to engage with stakeholder dialog through different events like “Conference of the People” 
or "Voices of a RE:GENERATION" allowed to discuss sustainability topics with generation Z representatives, 
industry peers, experts and activists. 

PUMA's sustainability report (the Non-financial Report) for the financial year 2023 is published together 
with the combined management report and can be accessed at the following page on our website: 
https://about.PUMA.com/en/investor-relations/financial-reports. 

MONITORING OF WORKING CONDITIONS 

An important aspect of corporate responsibility is maintaining and monitoring good working conditions and 
compliance with human rights in PUMA’s own operations and throughout the supply chain to ensure that 
employee’s rights and well-being are protected. This risk considers the event of human rights violation or 
social and environmental non-compliance (e.g., child labor, excessive overtime, forced labor, sexual 
harassment, gender-based violence, unsafe work environment, fair income) in PUMA’s own business and its 
supply chain.  

To mitigate these risks, PUMA has implemented clear policies that are aligned with all relevant legislation 
on sustainability like the German Supply Chain Act, United Nations’ (UN) Declaration of Human Rights, the 
UN Guiding Principles (UNGPs) on Business and Human Rights, the International Labor Organisation’s Core 
Labor Conventions, and the ten principles of the UN Global Compact (UNGC). Regular audits and human 
rights/environmental risk assessments are conducted at the corporate and the supply chain level to 
evaluate compliance with applicable standards. Stakeholder dialogue with NGOs and partnerships with 
organisations (e.g., Fair Labor Association) enable transparent communication channels to address 
concerns and share best practices regarding human rights and environmental standards.  

PUMA’s Sustainability Report (the Non-financial Report) for the financial year 2023 is available here: 
https://about.PUMA.com/en/investor-relations/financial-reports. 

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LEGAL 

As an internationally operating group, PUMA is exposed to various legal risks. These risks could arise from 
Intellectual Property (IP) infringements that involve using a trademark, patent or copyright without proper 
authorisation and resulting in legal disputes, brand damage or loss of exclusivity rights. Contractual risks or 
risks that a third party could assert claims and litigations for infringements of its trademark rights are also 
considered. Counterfeit products are often of inferior quality and may not meet safety standards which can 
undermine the PUMA’s brand reputation, reduce consumer trust and lead to legal disputes. 

The continuous monitoring of contractual obligations and the integration of internal and external legal 
experts in contractual matters should ensure that any legal risks reduced to the minimum. The legal team 
is responsible for protecting our intellectual property in order to act against brand piracy. This not only 
ensures that we have a strong global portfolio of property rights, such as trademarks, designs and patents, 
but also works closely with customs, police and other authorities and provides input to legislators regarding 
the implementation of effective measures to protect intellectual property. 

COMPLIANCE  

As an international group, PUMA is exposed to compliance risks resulting from the potential non-adherence 
to corporate governance rules, legal and regulatory requirements, or industry standards. These risks 
include fraud, conflict of interest, money laundering, antitrust law, corruption as well as deliberate 
misrepresentations in financial reporting which may lead to significant penalties, legal consequences, 
reputational damage, and disruption to business operations.  

PUMA has implemented various tools to manage such risks. This includes a functioning compliance 
management system, the internal control system, group controlling and the internal audit departments to 
prevent, detect and sanction compliance-related topics at an early stage. Through the compliance 
management system, clear roles and responsibilities are assigned to group and local compliance functions. 
To ensure PUMA employees comply with PUMA ‘s values there are ongoing trainings, communication and 
awareness campaigns for policies and procedures. PUMA employees also have access to a whistleblowing 
system for reporting illegal or unethical behavior. 

TAX  

As a global company PUMA is exposed to a complex tax environment in which main challenges arise from 
cross-border transactions involving intercompany transfer of goods, services, and intellectual property. To 
minimise tax exposure, it is essential to optimise tax planning activities and ensure compliance with local 
and international laws and reporting requirements. In addition to compliance with national tax regulations 
to which the individual group companies are subject, there are increasing risks related to intra-group 
transfer pricing, which must be applied for various internal business transactions in accordance with the 
arm's length principle between related parties. Different countries have implemented laws and guidelines 
for international taxes in alignment with the Organisation for Economic Co-operation and Development 
(OECD) recommendations to standardise requirements for transfer-pricing documentation and update 
global tax policy.  

In order to manage tax-related risks in an effective manner, PUMA established a solid tax governance 
framework. An adequate tax organisation with internal and external tax experts to comply with the relevant 
tax regulations and to be able to react to changes in the constantly changing tax environment. For the 
group-internal transfer pricing, corresponding documentation and policies are in place and aligned with 
international and national requirements and standards. There are guidelines and specifications for 
determining transfer prices for intra-group transactions that are common for foreign companies, which 
comply with the applicable internal procedural rules and are binding for employees who act on behalf of the 
group. By means of internal tax reporting, external and internal tax experts can control and monitor tax 
developments at PUMA on an ongoing basis. Training and awareness activities are performed on a regular 
basis to ensure relevant stakeholders are informed about current tax developments and acquire further 
expertise for tax treatment activities. Both, the Management Board, and the Supervisory Board, are 

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regularly informed about ongoing tax developments at PUMA to identify and avoid tax-related risks as early 
as possible. 

PERSONNEL DEPARTMENT 

The creative potential, commitment and performance of PUMA employees are essential factors for 
achieving our strategic and financial targets. Personnel-related risks involve the management of workforce, 
talent acquisition and retention, employee engagement and compliance with employment laws. Any 
shortfall in staffing may lead to inadequate performance of tasks and have a negative impact on operational 
efficiency. In addition, there is still strong global competition for highly qualified personnel. Therefore, loss 
of key personnel and difficulties in identifying, attracting, and retaining key talent could lead to loss of know-
how and decrease business performance. Likewise, non-compliance to health and safety laws and 
regulations could lead to accidents, penalties, employee dissatisfaction, business interruptions and 
reputational damage at Group level. 

Through our human resources strategy, we seek to encourage independent thinking and action, which are 
key in an open corporate culture with flat hierarchies on a long-term and sustainable basis. To achieve this 
goal, a control process is in place to detect and assess human-resource risks. PUMA pays particular 
attention to talent management, identifying key positions and talent, ensuring this talent is trained and 
positioned optimally, and succession planning. We have also instituted additional national and global 
regulations and guidelines to ensure compliance with legal provisions and safeguard the health and safety 
of our employees. Moreover, employee surveys are conducted to obtain feedback and measure employee 
engagement (e.g., “Great Place to Work”, “Diversity Leader”). During 2023, PUMA received several awards 
which recognised the ongoing efforts to create a diverse, inclusive, and equal workforce (e.g., “Top 
Employer”). We will continue to make targeted investments in the human resource needs of functions or 
regions to meet the future requirements of our corporate strategy.  

LIQUIDITY AND INTEREST RATE RISKS 

PUMA continually analyses short-term capital requirements by rolling cash flow planning at the level of the 
individual companies in coordination with the central Treasury department. In order to ensure the 
company's solvency, financial flexibility and a strategic liquidity buffer, PUMA maintains, for example, a 
liquidity reserve in the form of cash and confirmed credit facilities. In this respect, as of December 31, 2023, 
the PUMA Group had unused credit lines totaling € 896.1 million.  

Medium and long-term funding requirements that cannot be directly covered by net cash from operating 
activities are financed by taking out medium and long-term loans. For this purpose, various promissory note 
loans were issued in several tranches with fixed and variable coupons and different remaining terms. The 
utilised promissory note loans amount to a total of € 551.5 million as of December 31, 2023 and have a 
remaining term of between one and five years.  

Changes in market interest rates around the world have an impact on future interest payments for variable 
interest liabilities. As PUMA only has a limited amount of variable interest-bearing liabilities, interest rate 
hedging instruments are used to a limited extent. 

DEFAULT RISKS 

Due to its business activities, PUMA is exposed to default risk on trade receivables. These risks consider 
delayed payments and losses of accounts receivables (e.g., default of a customer) as well as default risks 
from counterparty's other contractual financial obligations (e.g., bank deposits, derivative financial 
instruments). This could lead to bad debt expenses and reduced liquidity and could have a negative impact 
on cash flow and profitability, as trade receivables are one of the most significant financial assets. 

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The default risk is managed by continuously monitoring outstanding receivables and recognising 
impairment losses, where appropriate. The default risk is limited, if possible, by credit insurance. The 
maximum default risk is reflected by the carrying amounts of the financial assets recognised in the balance 
sheet. In addition, default risks also arise to a lesser extent from other contractual financial obligations of 
the counterparty, such as bank balances and derivative financial instruments. 

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RISK OVERVIEW TABLE 

The following table summarises the risk groups described above based on their relative importance 
(significance level) and any changes during the year: 

↗ T.07 OVERVIEW OF RISK GROUPS  

Risk Groups 

Classification 

Description 

Significance level 

Change compared 
to previous year 

Macroeconomic 
Developments 

Strategic 

e.g., economic development, political 
situation, geopolitical tensions 

Critical 

Business Partners 

Operational 

e.g., raw material bottlenecks, supply 
chain disruptions, sourcing and 
logistic costs, quality problems 

Critical 

Currency Risk 

Financial 

e.g., exchange rate fluctuations 

Critical 

Pandemic 

Strategic 

e.g., store closures, supply problems, 
health of employees and customers 

Critical 

Product and Market 
Environment 

Strategic 

e.g., trends, customer requirements, 
brand image, media reports 

Material 

Projects 

Strategic 

e.g., IT infrastructure, construction 
projects 

Information 
Technology 

Operational 

e.g., cyberattacks, network and 
system failures 

Distribution Structure  Strategic 

e.g., change in the distribution 
landscape 

Material 

Material 

Material 

Sustainability 

Regulatory 

Working Conditions 

Regulatory 

e.g., climate change, environmental 
standards 

Material 

e.g., labor law, human rights, German 
Supply Chain Due Diligence Act 

Material 

e.g., trademark law, patent law, 

Legal 

Regulatory 

counterfeit products 

Compliance 

Regulatory 

e.g., fraud, corruption 

Tax 

Financial 

e.g., transfer prices 

Personnel Department  Operational 

e.g., key positions, employee 
retention, health & safety 

Material 

Material 

Material 

Moderate 

Liquidity and Interest 
Rate 

Financial 

e.g., cash, credit lines, custody fees, 
interest rate developments 

Moderate 

Default Risk 

Financial 

e.g., payment claims against 
customers 

Moderate 

↗ 

→ 

↗ 

↘ 

→ 

→ 

→ 

→ 

→ 

→ 

→ 

→ 

→ 

→ 

→ 

→ 

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OPPORTUNITIES 

Opportunities should be identified by PUMA at an early stage, assessed and - where possible - materialised. 
The operational management teams in the markets and departments are responsible for opportunity 
management. In course of the budget- and mid-term process, the identified opportunities are incorporated 
into PUMA’s overall planning approach. PUMA has identified and defined multiple key opportunity 
categories for the current planning period and beyond. 

PUMA is operating in an external environment that is characterised by increasing geo-political risks, 
continued macro-economic headwinds, a muted consumer sentiment and a strong volatility in foreign 
exchange rates. In addition, the speed of recovery in the important U.S. and Chinese markets remains 
uncertain. In response, PUMA will continue to focus on managing short-term challenges without 
compromising the mid- and long-term momentum of the brand, always prioritising sales growth and 
market share gains over short-term profitability. Therefore, PUMA will continue to focus on being the best 
partner to its wholesale accounts and end consumer, providing them with the best possible service. 

Within our corporate strategy, we have defined the following six strategic priorities which offer significant 
opportunities: elevate the brand, enhance product excellence, improve distribution quality, focus on people 
first, digitalise our infrastructure and evolve sustainability. Within this overarching framework, we’re 
currently placing a special focus on brand elevation, winning in the important U.S. market, and accelerating 
our rebound in China. PUMA will continue to invest into the brand and sees significant opportunities to 
increase market shares in all key markets. Supported by new landmark partnerships with brand 
ambassadors such as Rihanna and A$AP Rocky, our lifestyle products continue to enjoy strong relevance 
and demand across all age groups and regions. We have also made great progress in performance in recent 
years and have significantly improved our market position across football, running, fitness, basketball, golf, 
and motorsport. PUMA's product range is being continuously optimised and further developed across all 
categories with a special emphasis on innovation and franchise management. In 2024, multiple 
international sport events such as the UEFA Euro Cup in Germany, the Olympic & Paralympic Games in 
Paris, and the Copa America in the U.S. will give us a platform to underline our performance credibility and 
to increase brand heat and visibility. The major global interest in these events and sports in general will 
further support the growth of the sporting goods industry. We are also seeing a continued trend toward a 
healthier lifestyle, greater sports participation, and more casual clothing, which opens corresponding 
opportunities for our industry. Meaningful marketing campaigns supported by relevant brand ambassadors 
in all major markets are essential to anchor PUMA deeply in the hearts and minds of our consumers and 
create brand relevancy and loyalty. To further elevate the brand and strengthen our consumer connection, 
PUMA will also launch a big brand campaign in 2024.  

In terms of distribution, PUMA will continue to focus on the wholesale channel. The strong partnerships 
with our wholesale accounts offer opportunities for future market share gains and business growth. 
However, we also see significant opportunities in our Direct-to-Consumer (DTC) business with a special 
emphasis on PUMA’s e-commerce channels. Since 2022, we’re rolling out a dedicated PUMA shopping app 
which is showing strong results and significantly better KPIs compared to our traditional puma.com e-
commerce channels. The PUMA shopping app will be expanded to other markets in the coming years and 
will open further opportunities regarding customer loyalty and sales growth. New store formats and 
improvements to the overall shopping experience in our own retail stores can and should also lead to 
additional business opportunities. In China, we introduced a new store format that was developed by a local 
agency to fit the needs of the Chinese consumers and that is showing strong results. In terms of 
distribution, ensuring delivery excellence through new, state-of-the art multi-channel distribution centers 
in key markets also continues to support business development. 

In information technology, improved communication with wholesale accounts and consumers via digital 
channels also offers opportunities – e.g., through the increased use of 3D technology. In addition, new or 
more efficient processes supported by digital technology may add value or result in cost optimisation. The 
digitalisation of key business processes such as product design will continue to be advanced in order to 
increase efficiency and effectiveness.  

267 

PUMA Annual Report 2023 

↗ Combined Management Report 

With end consumers paying more attention to sustainability, there is an opportunity to improve 
sustainability-related communication and sell more sustainable products. PUMA’s strategic approach for 
sustainability is centered around creating maximum possible impact within the supply chain and final 
customer. Numerous initiatives are ongoing and aligned with the UN Sustainable Development Goals. For 
example, in 2023 PUMA reached another milestone: 7 out of 10 products were produced from better 
materials such as recycled polyester. PUMA started the "Voices of a RE:GENERATION" initiative which aims 
to have constant communication with GEN-Z activists and environmentalists and give feedback to our senior 
management on how PUMA can further strengthen its sustainability initiatives and communicate its 
sustainability efforts to young audiences. All these initiatives will help us to evolve sustainability within 
PUMA and leverage corresponding business opportunities. 

OVERALL ASSESSMENT OF THE RISK AND OPPORTUNITY SITUATION 

The assessment of the overall risk and opportunity situation of the Group and PUMA SE is the result of a 
consolidated view of the risk and opportunity categories described above for the financial year 2023. 
Following the description in our 2023 combined management report, our assessment of PUMA's overall risk 
situation this year is predominantly influenced by the macroeconomic environment and volatile retail 
demand specially in key markets, as described above, and is focused on the major challenges these pose. 
The Management Board is currently not aware of any material risks that, either individually, on an 
aggregated basis or in combination with other risks, could jeopardise the continued existence of the Group 
and PUMA SE. 

However, we cannot exclude the possibility that in the future influencing factors, of which we are currently 
unaware or which we currently do not consider to be material, could have a negative impact on the 
continued existence of the Group or PUMA SE or individual consolidated companies. Also due to the 
extremely solid balance sheet and the positive business outlook, the Management Board does not see any 
significant threat to the continued existence of the PUMA Group and PUMA SE. 

MAIN FEATURES OF THE INTERNAL CONTROL AND RISK MANAGEMENT SYSTEM AS IT 
RELATES TO THE GROUP'S ACCOUNTING PROCESS 

The Management Board of PUMA SE is responsible for the preparation and accuracy of the annual financial 
statements, the consolidated financial statements and the combined management report of PUMA SE. The 
consolidated financial statements were prepared in accordance with the International Financial Reporting 
Standards that apply in the EU, the requirements of the German Commercial Code (HGB), the German Stock 
Corporation Act (AktG) and the German SE Implementation Act (SEAG). Certain disclosures and amounts 
are based on current estimates by the Management Board and the management. 

The Management Board is responsible for maintaining and regularly monitoring a suitable internal control 
and risk management system covering the consolidated financial statements and the disclosures in the 
combined management report. This control and risk management system is designed to ensure the 
compliance and reliability of the internal and external accounting records, the presentation and accuracy of 
the consolidated financial statements, and the combined management report and the disclosures contained 
therein. It is based on a series of process-integrated monitoring steps and encompasses the measures 
necessary to accomplish these, such as internal instructions, organisational and authorisation guidelines, 
the relevant company guidelines and handbooks, a clear separation of functions within the Group and the 
dual-control principle. The adequacy and operating effectiveness of these measures are regularly reviewed 
by the Group Internal Audit, Risk Management & Internal Control Department. 

For monthly financial reporting and consolidation, PUMA has a group-wide reporting and controlling system 
that makes it possible to regularly and quickly detect deviations from projected figures and accounting 
irregularities and, where necessary, to take countermeasures. 

268 

 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

By means of established internal reporting channels, the risk management system can regularly identify 
events that could affect the Group's economic performance and its accounting process so that it can analyse 
and evaluate the resulting risks and take the necessary actions to counter them. 

In preparing the consolidated financial statements and the combined management report, it is sometimes 
necessary to make assumptions and estimates based on the information available at the time the financial 
statements and management report are prepared that affect the amount, presentation and explanation of 
recognised assets and liabilities, income and expenses, contingent liabilities, and other reportable 
information. 

The Audit Committee of the Supervisory Board meets on a regular basis with the independent statutory 
auditors, the Management Board and the Group Internal Audit, Risk Management & Internal Control 
Department to discuss the results of the internal audits and statutory audits with reference to the internal 
control and risk management system as it relates to the accounting process. At the annual meeting on the 
financial statements, the auditor reports to the Supervisory Board (including the Audit Committee) on the 
results of the audit of the annual and consolidated financial statements. 

INTERNAL CONTROL SYSTEM 

PUMA's internal control system applies to all employees throughout the Group as it incorporates the 
principles, procedures and measures established by PUMA Group management. All essential business 
processes that support the organisational implementation of management decisions must be taken into 
account. 

Within the PUMA Group, the methodology of the internal control system is based on the COSO Framework, 
which describes internal management and monitoring considerations for key processes within the company. 
Its purpose is to support the objectives of ensuring proper financial reporting, improving the efficiency and 
effectiveness of the processes and maintaining compliance with legal framework conditions.  

The PUMA control framework is applied uniformly to the entire Group. The requirement here is to manage 
the significant risks through appropriate control activities. The objective is to continuously improve the 
internal control system and to identify specific risks and potential for improvement in the control 
environment at process level in order to define appropriate recommendations for action and to 
systematically track their timely implementation. Independent monitoring bodies such as the Supervisory 
Board and the Audit Committee help ensure that the control environment remains up-to-date. The 
Management Board of PUMA SE bears overall responsibility for the internal control system. The 
Management Board regularly updates the Audit Committee of the Supervisory Board of PUMA SE. The 
internal control function of the Group Internal Audit, Risk Management & Internal Control Department has 
been tasked with preparing regular reports for the Management Board in order to help coordinate the 
internal control system from an operational perspective. The responsibilities, tasks and processes of the 
internal control system are defined in guidelines.  

With regard to the PUMA control framework, the following five core components must be kept in mind: 
control environment, risk assessment, control activities, information and communication, and monitoring 
activities. 

269 

 
PUMA Annual Report 2023 

↗ Combined Management Report 

↗ G.21 INTERNAL CONTROL SYSTEM 

Control 
Activities

Information & 
Communication

Risk 
Assessment

Monitoring 
Activities

The internal control system is based on the control environment established within the PUMA Group, in that 
it lays out principles for employee and management behavior within the company. The standards practiced 
are underpinned by internally formalised procedures and by clear guidelines on giving instructions and 
authorisations to do so. Together with external regulations, these internal standards form a control 
environment that applies to all employees of the PUMA Group, supported by the relevant management and 
the process manager in the entities. 

As described in the previous section headed "Risk Management," the PUMA Group is also subject to a large 
number of risks that may potentially impact on company goals. Risk identification and assessment is 
carried out every six months in order to manage material risks at Group level. Using the resulting risk 
portfolio, the objective of the internal control system is to ensure that the compensating control measures 
fully correspond to the risk assessment/evaluation. In addition, the internal control system's risk 
assessment also includes a large number of more detailed risks in day-to-day operations – for example, 
operational activities in accordance with compliance regulations. 

Control activities serve to counteract the identified business risks. In order to ensure that the control 
framework is continuously up-to-date and to monitor its application in business processes, an annual 
"Internal Control Self-Assessment" (ICSA) is completed by the key business units of the PUMA Group. The 
internal control function ensures that the key business units - at parent and subsidiary company level - are 
included in the ICSA. The managers of these business units evaluate the specified control objectives of the 
PUMA Group in relation to their business area. When doing so, the existing control framework is assessed 
based on internal and external guidelines and best-practice standards. Based on the responses, a level of 
implementation of the controls is determined, which undergoes independent verification by the Internal 
Control function and is then communicated to the Management Board using established reporting channels. 
The results of the ICSA are also reported to the Audit Committee and the statutory auditors and are used by 
the internal audit function of the Group Internal Audit, Risk Management & Internal Control Department in 
risk-oriented audit planning. 

The purpose of informing and communicating potential business risks and control activities is to help make 
sound business decisions, with the information required to do so being accessible within an appropriate and 
timely framework. Established communication channels are continuously used in the PUMA Group to 
achieve this. The internal control function coordinates awareness training and regular coordination 
meetings in order to continuously guarantee, and also strengthen, its cooperation with the Management 
Board and other managers of business units. 

270 

 
 
 
 
          
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

The use of a standardised software system as the basis for monitoring activities is intended to ensure the 
systematic and uniform implementation of ICSA across the entire company. The internal control function 
analyses the results of the ICSA and derives recommended actions, which are coordinated with the 
managers of the business units and the implementation status of which is reviewed and monitored 
continuously. 

┌  
The Management Board also monitors the effectiveness of the risk management and internal control 
system in a holistic manner. Accordingly, key aspects of the systems are reviewed on a quarterly basis as 
part of cyclical reporting. This is to ensure that material risks are managed with an appropriate level of 
transparency, that individual issues are discussed in an appropriate form and can be tracked, and that 
possible improvements to the systems are considered. Supported by an established control environment, 
the continuous system monitoring, and improvement reflects the PUMA Group's open risk culture. During 
the reporting period, PUMA SE was not aware of any relevant circumstances that cast doubt on the 
adequacy and effectiveness of the risk management and internal control systems nor that had not been 
rectified by the balance sheet date. Nevertheless, it is worth noting that even systems that have been 
characterised as appropriate and effective are subject to inherent limitations. As such, it is not possible to 
guarantee the complete prevention of any procedural violations and/or risks arising. 
└ 

271 

 
 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

OUTLOOK REPORT 

GLOBAL ECONOMY 

In their winter forecast dated 13 December 2023, experts at the Kiel Institute for the World Economy (Kiel 
Institut für Weltwirtschaft – IfW Kiel) expect global gross domestic product (GDP) to increase by 2.9% in 
2024, following growth of 3.1% in 2023. Meanwhile, inflation is rapidly on the decline, and central banks are 
expected to start cutting interest rates in the first half-year of 2024. However, there are currently no 
prospects of an economic upturn. A high level of uncertainty about the economic conditions is slowing 
things down in the advanced economies, and fiscal incentives are tapering out. In China, economic 
momentum remains subdued, in view of structural issues. According to experts at IfW Kiel, the risks to the 
economic forecast for 2024 are primarily financial and political in nature. Among other things, there is 
uncertainty about developments in China, where orderly consolidation in the property sector is still not 
guaranteed. In addition, geopolitical risks have stemmed from the increasingly prominent differences 
between China and the United States. Irrespective of this, the outcome of the upcoming presidential 
elections in the United States in November harbours considerable economic and political uncertainty. 

SPORTING GOODS INDUSTRY 

Unless the geopolitical environment has any significant negative impact on the overall economic 
environment, we expect growth in the sporting goods industry in 2024. We expect demand for sporting goods 
to increase in 2024 as the trend towards increased sports activities and healthier lifestyles continues and 
becomes even more significant following the COVID-19 pandemic. This applies equally to the increasing 
popularity of athletic footwear and leisure/athletic apparel as an integral part of everyday fashion 
("athleisure"). We also assume that major sporting events in the coming year, such as the Summer 
Olympics in Paris and the UEFA Euro 2024 men's football championship in Germany, will help to support 
growth in the sporting goods industry. 

OUTLOOK 2024  

We expect geopolitical and macroeconomic headwinds as well as currency volatility to persist in 2024. These 
conditions already led to muted consumer sentiment and volatile demand in 2023 and we expect these 
effects to continue in 2024, particularly in the first half of the year. 

In this continued challenging environment, we are fully focused on executing our strategic priorities: 
elevating the brand, increasing product excellence and improving our distribution quality - especially in the 
key markets US and China. For us, 2024 is not only the year of sport with major events such as the Olympic 
Games, Euro 2024 and the Copa America providing the perfect platform to showcase our strong product 
innovation and credibility as a performance brand. It is also the year in which PUMA will invest in a new 
global brand campaign to improve its positioning as the fastest sports brand in the world. 

Supported by the continued brand momentum and despite ongoing global geopolitical and macroeconomic 
challenges, PUMA expects to achieve mid-single-digit currency-adjusted sales growth and an operating 
result (EBIT) in the range of € 620 million to € 700 million for the financial year 2024 (2023: € 621.6 million). 
The outlook assumes that the future devaluation of the Argentine peso will be fully compensated by 
corresponding price increases in Argentina. 

272 

 
 
 
 
PUMA Annual Report 2023 

↗ Combined Management Report 

We expect net income (2023: € 304.9 million) to change in 2024 in line with the operating result.  

As in previous years, PUMA will continue to focus on managing short-term challenges without 
compromising the brand's medium- and long-term momentum. Our sales growth and market share gains 
will take priority over short-term profitability. The exciting product range for 2024 and the very good 
feedback from retail partners as well as consumers give us confidence for the medium- and long-term 
success and continued growth of PUMA. 

INVESTMENTS 

Investments in fixed assets of around € 300 million are planned for 2024. The majority of these investments 
will be in infrastructure in order to create the operating conditions required for the planned long-term 
growth. The investments mainly concern own distribution and logistics centers, investments in the 
expansion and modernisation of the Group's own retail stores and investments in IT infrastructure.  

FOUNDATION FOR LONG-TERM GROWTH  

The Management Board and the Supervisory Board have set long-term strategic priorities. Action plans are 
being implemented in a targeted and value-oriented manner. We believe that the corporate strategy 
"Forever Faster" provides the basis for mid- and long-term positive development.  

Herzogenaurach, 7 February 2024 

The Management Board 

Freundt  

Hinterseher 

Descours 

Valdes 

This is a translation of the German version. In case of doubt, the German version shall apply. 

273 

 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

CONSOLIDATED FINANCIAL STATEMENTS 

PUMA SE FOR FINANCIAL YEAR 2023  
– INTERNATIONAL FINANCIAL REPORTING STANDARDS – IFRS

275 
Consolidated Statement of Financial Position 
Consolidated Income Statement 
277 
Consolidated Statement of Comprehensive Income  278 
2(cid:26)(cid:28) 
Consolidated Statement of Cash Flows  
281 
Statement of Changes in Equity 
282 
Notes to the Consolidated F(cid:76)(cid:81)(cid:68)(cid:81)(cid:70)(cid:76)(cid:68)(cid:79)(cid:3)Statements 
Notes to the Consolidated Statement of  
Financial Position 
Notes to the Consolidated Income Statement 
Additional information 
Declaration by the Legal Representatives 
Independent Auditor's Report 

302 
351 
357 
372 
373

274 

PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

CONSOLIDATED FINANCIAL STATEMENTS 

↗ T.01 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 

ASSETS 

Cash and cash equivalents 

Inventories 

Trade receivables 

Income tax receivables 

Other current financial assets 

Other current assets 

Current assets 

Deferred tax assets 

Property, plant and equipment 

Right-of-use assets 

Intangible assets 

Other non-current financial assets 

Other non-current assets 

Non-current assets 

Total assets 

31 Dec. 2023

31 Dec. 2022

Notes

€ million

€ million

3

4

5

22

6

7

8

9

10

11

12

12

552.9 

463.1 

1,804.4 

2,245.1 

1,118.4 

1,064.9 

90.1 

94.9 

270.4 

54.0 

137.4 

235.9 

3,931.1 

4,200.4 

296.1 

685.6 

295.0 

592.2 

1,087.7 

1,111.3 

530.8 

506.5 

83.6 

25.6 

58.4 

8.8 

2,709.3 

2,572.3 

6,640.4 

6,772.7 

275 

  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

LIABILITIES AND EQUITY 

Current borrowings 

Trade payables 

Income tax liabilities 

Current lease liabilities 

Other current provisions 

Other current financial liabilities 

Other current liabilities 

Current liabilities 

Non-current borrowings1 

Non-current lease liabilities 

Deferred tax liabilities 

Pension provisions 

Other non-current provisions 

Other non-current financial liabilities 

Other non-current liabilities 

Non-current liabilities 

Subscribed capital 

Capital reserve 

Other reserves 

Treasury stock 

Equity attributable to the shareholders of PUMA SE 

Non-controlling interests 

Total equity 

Total liabilities and equity 

31 Dec. 2023

31 Dec. 2022

Notes

€ million

€ million

13

13

22

10

16

13

13

13

10

8

15

16

13

13

17

17

17

17

145.9 

75.9 

1,499.8 

1,734.9 

79.3 

212.4 

27.7 

78.6 

86.8 

200.2 

50.3 

76.1 

493.4 

618.9 

2,537.2 

2,843.0 

426.1 

251.5 

1,020.0 

1,030.3 

12.4 

22.5 

27.3 

11.4 

1.3 

42.0 

22.4 

29.5 

13.8 

1.4 

1,520.9 

1,390.9 

150.8 

93.8 

150.8 

90.8 

2,330.4 

2,253.6 

-21.6 

-23.5 

2,553.4 

2,471.7 

17, 28

28.9 

67.1 

2,582.3 

2,538.8 

6,640.4 

6,772.7 

1)  

In order to improve the communication of decision-relevant information, non-current borrowings are no longer 

reported under other non-current financial liabilities in the 2023 reporting year, but are reported in a separate 
balance sheet item. The previous year's figures have been adjusted accordingly. 

276 

 
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

↗ T.02 CONSOLIDATED INCOME STATEMENT 

Sales 

Cost of sales 

Gross profit 

Royalty and commission income 

Other operating income and expenses 

thereof impairment losses on trade receivables and other financial 
assets 

Operating Result (EBIT) 

Financial income 

Financial expenses 

Financial result 

Earnings before taxes (EBT) 

Taxes on income 

Consolidated net income of the year 

attributable to: 

Non-controlling interests 

Net income attributable to the shareholders of PUMA SE 

Earnings per share (€) 

Earnings per share (€) - diluted 

Weighted average number of outstanding shares (million shares) 

Weighted average number of outstanding shares, diluted (million shares) 

2023

2022

Notes

€ million

€ million

19, 24

8,601.7 

8,465.1 

24

24

-4,615.1 

-4,562.3 

3,986.6 

3,902.7 

38.5 

33.8 

20

-3,403.5 

-3,295.9 

21

21

-12.2 

621.6 

112.7 

-4.4 

640.6 

79.4 

-256.0 

-168.3 

-143.3 

478.3 

-88.9 

551.7 

22

-117.8 

-127.4 

360.6 

424.4 

17, 28

23

23

23

23

55.7 

304.9 

2.03 

2.03 

70.9 

353.5 

2.36 

2.36 

149.85 

149.65 

149.87 

149.66 

277 

  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

↗ T.03 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 

Consolidated net income of the year before attribution 

Currency translation differences 

Net gain/ loss on cash flow hedges, net after tax 

Items expected to be reclassified to the income statement in the future 

Remeasurements of the net defined benefit liability, net after tax 

Neutral effects financial assets through other comprehensive income (FVOCI), net after tax 

Items not expected to be reclassified to the income statement in the future 

Other comprehensive income 

Comprehensive income 

attributable to: 

Non-controlling interests 

Shareholders of PUMA SE 

2023

2022

€ million

€ million

360.6 

-87.6 

-18.0 

-105.6 

-0.8 

-0.5 

-1.3 

-106.9 

253.7 

54.2 

199.6 

424.4 

68.5 

-64.5 

4.0 

7.6 

-3.4 

4.2 

8.2 

432.6 

75.0 

357.6 

278 

  
  
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

↗ T.04 CONSOLIDATED STATEMENT OF CASH FLOWS 

Operating activities 

Earnings before tax (EBT) 

Adjustments for: 

Depreciation and impairment 

Reversal of impairment losses 

Non-realized currency gains/losses, net 

Financial income 

Financial expenses 

Gains/losses from the sale of fixed assets 

Changes to pension provision 

Other non cash effected expenses/income 

Gross cash flow 

Changes in receivables and other current assets 

5, 6, 7

Changes in inventories 

Changes in trade payables and other current liabilities 

Net cash from operational business activities 

Income taxes paid 

Net cash from operating activities 

4

13

22

25

2023

2022

Notes

€ million

€ million

478.3 

551.7 

9, 10, 11

9, 10, 11

21

21

15

25

357.5 

-11.9 

60.1 

-37.8 

100.7 

-3.9 

-1.5 

22.5 

964.1 

-153.4 

352.1 

-327.9 

834.9 

358.7 

0.0 

-43.6 

-32.3 

54.4 

1.0 

0.5 

28.6 

918.9 

-209.4 

-747.0 

613.1 

575.6 

-181.3 

-157.4 

653.6 

418.3 

279 

  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Investing activities 

Purchase of property and equipment 

9, 11

-300.4 

-263.6 

2023

2022

Notes

€ million

€ million

Proceeds from sale of property and equipment 

Payment for other assets 

Interest received 

Net cash used in investing activities 

Financing activities 

Repayment of lease liabilities 

Repayment of current borrowings 

Raising of current borrowings 

Repayment of non-current borrowings 

Raising of non-current borrowings 

Dividend payments to shareholders of PUMA SE 

Dividend payments to non-controlling interests 

Interest paid 

Net cash used in financing activities 

Exchange rate-related changes in cash and cash equivalents 

Change in cash and cash equivalents 

Cash and cash equivalents at beginning of the financial year 

12

21

10

13

13

13

13

17

17, 28

21

25

Cash and cash equivalents at the end of the financial year 

3, 25

14.3 

-36.3 

37.8 

1.3 

-10.8 

32.3 

-284.6 

-240.8 

-208.0 

-190.0 

-59.1 

0.0 

0.0 

299.6 

-9.5 

17.9 

-60.0 

0.0 

-122.8 

-107.7 

-92.4 

-94.3 

-73.3 

-53.8 

-277.1 

-476.4 

-2.1 

89.8 

463.1 

552.9 

4.4 

-294.4 

757.5 

463.1 

280 

  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

↗ T.05 STATEMENT OF CHANGES IN EQUITY (in € million) 

Other reserves 

Revenue
reserves incl.
retained
earnings

Difference
from currency
conversion

Subscribed
capital

Capital
reserve

Cash flow 

hedges Treasury stock

Shareholders' 
equity

1 January 2022 

150.8 

86.4

2,245.4

-320.6 

78.1 

-26.9 

2,213.3 

Consolidated net income of the year 

Other comprehensive income 

Comprehensive income 

Dividends paid to shareholders of PUMA SE / non-
controlling interests 

Share-based payment and Utilization/Issue of 
treasury stock 

Transaction with shareholders 

353.5

4.2

357.7

-107.7

0.9

4.4

63.8 

63.8 

-63.9 

-63.9 

353.5 

4.1 

357.6 

31 December 2022/ 1 January 2023 

150.8 

90.8

2,496.2

-256.8 

14.2 

-23.5 

2,471.7 

Non-
controlling 
interests

65.2 

70.9 

4.1 

75.0 

TOTAL equity

2,278.5 

424.4 

8.2 

432.6 

7.7 

3.1 

2,538.8 

360.6 

-106.9 

253.7 

2.2 

67.1 

55.7 

-1.5 

54.2 

-107.7 

-75.3 

-183.0 

3.4 

7.7 

0.9 

-85.9 

-85.9 

-18.1 

-18.1 

304.9 

-105.3 

199.6 

304.9

-1.3

303.6

-122.8

-122.8 

-92.4 

-215.3 

3.0

1.9 

4.9 

150.8 

93.8

2,677.0

-342.7 

-3.9 

-21.6 

2,553.4 

4.9 

0.1 

2,582.3 

0.1 

28.9 

281 

Consolidated net income of the year 

Other comprehensive income 

Comprehensive income 

Dividends paid to shareholders of PUMA SE / non-
controlling interests 

Share-based payment and Utilization/Issue of 
treasury stock 

Transaction with shareholders 

31 December 2023 

  
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

NOTES TO THE CONSOLIDATED FINANCIAL 
STATEMENTS 

1.  GENERAL 

Under the PUMA and Cobra Golf brand names, PUMA SE and its subsidiaries are engaged in the 
development and sale of a broad range of sports and sports lifestyle products, including footwear, apparel 
and accessories. The company is a European stock corporation (Societas Europaea/SE) and parent company 
of the PUMA Group; its registered office is on PUMA WAY 1, 91074 Herzogenaurach, Germany. The competent 
registry court is in Fürth (Bavaria), the register number is HRB 13085. 

The consolidated financial statements of PUMA SE and its subsidiaries (hereinafter referred to in short as 
the "Group" or "PUMA") were prepared in accordance with the "International Financial Reporting Standards 
(IFRS)" accounting standards issued by the International Accounting Standards Board (IASB), as they are to 
be applied in the EU, and the supplementary accounting principles to be applied in accordance with Section 
315e(1) of the German Commercial Code (HGB). All of the IASB standards and interpretations, as they are to 
be applied in the EU, which are mandatory for financial years as of 1 January 2023, have been applied. 

The items contained in the financial statements of the individual Group companies are measured based on 
the currency that corresponds to the currency of the primary economic environment in which the Company 
operates. The consolidated financial statements are prepared in euros (EUR or €). The presentation of 
amounts in millions of euros with one decimal place may lead to rounding differences since the calculation 
of individual items is based on figures presented in thousands. 

The cost of sales method is used for the consolidated income statement. 

The following new or amended standards and interpretations have been used for the first time in the 
current financial year: 

↗ T.06 NEW AND AMENDED STANDARDS AND INTERPRETATIONS 

Standard 

Title 

First-time adoption in the current financial 
year 

IFRS 17 (including amendment IFRS 17) 

Insurance contracts 

Amendments to IAS 1 

Amendments to IAS 8 

Disclosure of accounting policies 

Definition of accounting estimates 

Amendments to IAS 12 

Deferred taxes relating to assets and liabilities from a single transaction 

Amendments to IFRS 17 

First-time application of IFRS 17 and IFRS 9 – Comparative information 

Amendments to IAS 12 

International tax reform – Pillar Two model rules 

282 

 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The amendments to the standards and interpretations described below, which were to be initially adopted 
as of 1 January 2023, did not materially affect the PUMA consolidated financial statements.  

The IFRS 17 standard regulates the accounting treatment of insurance contracts and replaces the previously 
valid transitional standard IFRS 4. The scope of application includes insurance contracts, reinsurance 
contracts and investment contracts with discretionary participation features. The amendment to IFRS 17 
postponed the date of first mandatory application of IFRS 17 to 1 January 2023. These amendments have no 
effect on the PUMA consolidated financial statements. 

The amendments to IAS 1 and IFRS Guideline Document 2 are intended to assist preparers in deciding which 
accounting policies they must disclose in the financial statements. This requires an enterprise to disclose 
essential information relating to accounting policies rather than just its significant accounting policies. This 
change has no material effect on the PUMA consolidated financial statements. 

The amendment to IAS 8 is intended to help distinguish between accounting policies and accounting-related 
estimates. The definition of a change in accounting estimates has been replaced by a definition of 
accounting estimates. According to the new definition, accounting-related estimates are "monetary 
amounts in financial statements that are subject to measurement uncertainty". This change has no effect on 
the PUMA consolidated financial statements. 

The amendment to IAS 12 narrows the scope of the "initial recognition exemption" under which no deferred 
tax assets or liabilities are to be recognised at the time of recognition of an asset or liability. If temporary 
differences of the same amount are simultaneously deductible and taxable in a single transaction, they are 
no longer covered by the exception, meaning that deferred tax assets and liabilities must be recognised. 
This change does not materially affect PUMA's net assets, financial position and results of operations. 
However, the amendment to IAS 12 leads to a change in the disclosures to be made in the notes to the 
consolidated financial statements. 

The amendment to IFRS 17 concerns companies that apply IFRS 17 and IFRS 9 simultaneously for the first 
time. The amendment allows an entity to present comparative information about a financial asset in such a 
way that the IFRS 9 rules on classification and measurement would have been previously applied to that 
financial asset. This change has no effect on the PUMA consolidated financial statements. 

The amendments to IAS 12 introduce a temporary exemption for deferred tax accounting in the framework of 
the implementation of the global minimum taxation ("OECD Pillar Two Scheme"). This should help to ensure 
the consistency of financial statements while facilitating implementation of the rules. Targeted disclosure 
requirements will also be introduced to help investors better understand the impact of the reform on the 
company, especially before the country-specific legislation implementing minimum taxation enters into 
force. This change has no material effect on the PUMA consolidated financial statements. 

283 

 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

NEW, BUT NOT YET MANDATORY, STANDARDS AND INTERPRETATIONS 

The following standards and interpretations have been released but will only become effective in later 
reporting periods and are not applied earlier by the Group:  

↗ T.07 NEW, BUT NOT YET MANDATORY, STANDARDS AND INTERPRETATIONS 

Standard  

Endorsed 

Amendments to IFRS 16 

Endorsement pending 

Amendments to IAS 1 

Title 

Date of adoption* 

Planned adoption 

Lease liabilities as part of a 
sale and leaseback 
transaction 

01/01/2024 

01/01/2024 

Classification of liabilities as 
current or non-current 

01/01/2024 

01/01/2024 

Amendments to IAS 1 

Non-current liabilities with 
covenants 

01/01/2024 

01/01/2024 

Amendments to IAS 7 and 
IFRS 7 

Supplier financing 
agreements 

01/01/2024 

Amendments to IAS 21 

Lack of exchangeability 

01/01/2025 

01/01/2024 

01/01/2025 

Amendments to IFRS 10 and  
IAS 28 

Sale or contribution of 
assets 

Postponed indefinitely 

*  Adjusted by EU endorsement, if applicable 

PUMA does not expect that these amendments will have any significant effects on the net assets, financial 
position and results of operations. However, the amendments to IAS 7 and IFRS 17 concerning supplier 
financing agreements expand the scope of future disclosures in the notes to the consolidated financial 
statements. 

284 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

2.  SIGNIFICANT CONSOLIDATION, ACCOUNTING AND VALUATION PRINCIPLES 

CONSOLIDATION PRINCIPLES 

The consolidated financial statements were prepared as of 31 December 2023, the reporting date of the 
annual financial statements of the PUMA SE parent company, on the basis of uniform accounting and 
valuation principles according to IFRS, as applied in the EU.  

GROUP OF CONSOLIDATED COMPANIES  

In addition to PUMA SE, the consolidated financial statements include all subsidiaries in which PUMA SE 
directly or indirectly holds existing rights that give it the current ability to direct the relevant activities. At 
present, control of all Group companies is based on a direct or indirect majority of voting rights.  

Associated companies are generally accounted for in the Group using the equity method. As of 31 
December 2023, however, the Group does not hold any investments in associated companies. 

The changes in the number of Group companies (including the parent company PUMA SE) in the financial 
year 2023 were as follows: 

↗ T.08 GROUP OF CONSOLIDATED COMPANIES 

As of 

Formation of companies 

Disposal of companies 

As of 

31 Dec. 2022

31 Dec. 2023

100

1

-1

100

The addition to the group of consolidated companies relates to the formation of PUMA Card Services NA 
LLC, USA. 

The disposal in the group of consolidated companies concerns the merger of PUMA Sports SEA Trading Pte. 
Ltd., Singapore within the group of consolidated companies. 

The changes in the group of consolidated companies did not have a significant effect on the net assets, 
financial position and results of operations. 

285 

 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The Group companies are allocated to regions as follows: 

↗ T.09 LIST OF SHAREHOLDINGS 

AS OF 31 DECEMBER 2023 

No. 

Companies/Legal Entities 

Country 

City 

Shareholder 

Share of capital 

Parent company 

PUMA SE 

EMEA 

Austria Puma Dassler Gesellschaft m.b.H. 

stichd austria gmbh 

Puma Czech Republic s.r.o. 

PUMA DENMARK A/S 

PUMA Estonia OÜ 

PUMA Finland Oy 

PUMA FRANCE SAS 

stichd france SAS 

PUMA International Trading GmbH 

PUMA Europe GmbH 

PUMA Sprint GmbH 

PUMA Mostro GmbH 

PUMA Blue Sea GmbH 

stichd germany gmbh 

PUMA UNITED KINGDOM LTD 

PUMA PREMIER LTD 

STICHD UK LTD 

1. 

2. 

3. 

4. 

5. 

6. 

7. 

8. 

9. 

10. 

11. 

12. 

13. 

14. 

15. 

16. 

17. 

18. 

Germany 

Herzogenaurach 

Austria 

Austria 

Czech Republic 

Denmark 

Estonia 

Finland 

France 

France 

Germany 

Germany 

Germany 

Germany 

Germany 

Germany 

Great Britain 

Great Britain 

Salzburg 

Salzburg 

Prague 

Aarhus 

Tallinn 

Helsinki 

Strasbourg 

direct 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

Boulogne Billancourt 

indirect 

Herzogenaurach 

Herzogenaurach 

Herzogenaurach 

direct 

direct 

direct 

Herzogenaurach 

indirect 

Herzogenaurach 

indirect 

Düsseldorf 

London 

London 

indirect 

indirect 

indirect 

indirect 

Great Britain 

Mansfield 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

286 

 
 
  
 
 
  
  
  
  
  
  
  
  
  
  
  
  
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

AS OF 31 DECEMBER 2023 

STICHD SPORTMERCHANDISING UK LTD 

Great Britain 

London 

GENESIS GROUP INTERNATIONAL LIMITED 

Great Britain 

Manchester 

Sport Equipment Hellas S. A. of Footwear, Apparel and Sportswear u.Li. 

Greece 

PUMA ITALIA S.R.L. 

STICHD ITALY SRL 

Puma Sport Israel Ltd. In Liq 

Puma Benelux B.V. 

PUMA International Sports Marketing B.V. 

stichd group B.V. 

stichd international B.V. 

Italy 

Italy 

Israel 

Netherlands 

Netherlands 

Athens 

Assago 

Assago 

Hertzeliya 

Leusden 

Leusden 

Netherlands 

s-Hertogenbosch 

Netherlands 

s-Hertogenbosch 

indirect 

indirect 

direct 

direct 

indirect 

indirect 

indirect 

direct 

direct 

direct 

stichd sportmerchandising B.V. 

Netherlands 

s-Hertogenbosch 

indirect 

stichd B.V. 

stichd logistics B.V. 

stichd licensing B.V. 

PUMA NORWAY AS 

PUMA POLSKA sp. z o.o. 

PUMA SPORTS ROMANIA SRL 

PUMA-RUS o.o.o. 

PUMA SPORTS DISTRIBUTORS (PTY) LTD 

PUMA SPORTS S A (PTY) LTD 

PUMA IBERIA SLU 

STICHDIBERIA S.L. 

Nrotert AB 

PUMA Nordic AB 

Netherlands 

s-Hertogenbosch 

indirect 

Netherlands 

s-Hertogenbosch 

indirect 

Netherlands 

s-Hertogenbosch 

indirect 

Norway 

Poland 

Romania 

Russia 

South Africa 

South Africa 

Spain 

Spain 

Sweden 

Sweden 

Fornebu 

Warsaw 

Voluntari 

Moscow 

Cape Town 

Cape Town 

Madrid 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

direct 

Cornella de Llobregat 

indirect 

Helsingborg 

Helsingborg 

direct 

indirect 

19. 

20. 

21. 

22. 

23. 

24. 

25. 

26. 

27. 

28. 

29. 

30. 

31. 

32. 

33. 

34. 

35. 

36. 

37. 

38. 

39. 

40. 

41. 

42. 

100% 

100% 

100%1) 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

287 

 
 
  
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

AS OF 31 DECEMBER 2023 

43. 

44. 

45. 

46. 

47. 

48. 

49. 

50. 

51. 

52. 

53. 

54. 

55. 

56. 

57. 

58. 

59. 

60. 

61. 

62. 

63. 

64. 

65. 

Nrotert Sweden AB 

stichd nordic AB 

MOUNT PUMA AG 

Puma Retail AG 

stichd switzerland ag 

PUMA Spor Giyim Sanayi ve Ticaret A.S. 

PUMA UKRAINE LIMITED LIABILITY COMPANY 

PUMA Middle East FZ-LLC 

PUMA UAE (L.L.C) 

Americas 

Sweden 

Sweden 

Switzerland 

Switzerland 

Helsingborg 

Helsingborg 

Oensingen 

Oensingen 

Switzerland 

Egerkingen 

Türkiye 

Ukraine 

Istanbul 

Kiew 

United Arab Emirates  Dubai 

United Arab Emirates  Dubai 

PUMA Sports Argentina S.A. (former Unisol S.A.) 

Argentina 

Buenos Aires 

PUMA Sports Ltda. 

PUMA Canada, Inc. 

PUMA United Canada ULC 

PUMA CHILE SpA 

PUMA SERVICIOS SpA 

PUMA México Sport, S.A. de C.V. 

Importaciones RDS, S.A. de C.V. 

GLOBAL LICENSE STICHD GROUP MEXICO S.A. de C.V. 

Importationes Brand Plus Licensing S.A. de C.V. 

Distribuidora Deportiva PUMA S.A.C. 

Distribuidora Deportiva PUMA Tacna S.A.C. 

PUMA Sports LA S.A. 

PUMA Suede Holding, Inc. 

Brazil 

Canada 

Canada 

Chile 

Chile 

Mexico 

Mexico 

Mexico 

Mexico 

Peru 

Peru 

Uruguay 

USA 

Sao Paulo 

Toronto 

Vancouver 

Santiago 

Santiago 

Mexico City 

Mexico City 

Mexico City 

Mexico City 

Lima 

Tacna 

Montevideo 

Wilmington 

indirect 

indirect 

direct 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

direct 

indirect 

direct 

direct 

indirect 

indirect 

indirect 

indirect 

direct 

indirect 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

51% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

288 

 
 
  
 
 
  
  
  
  
  
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

AS OF 31 DECEMBER 2023 

66. 

67. 

68. 

69. 

70. 

71. 

72. 

73. 

74. 

75. 

76. 

77. 

78. 

79. 

80. 

81. 

82. 

83. 

84. 

85. 

86. 

87. 

88. 

PUMA North America, Inc. 

Cobra Golf Incorporated 

PUMA United Aviation North America LLC 

PUMA United Canada Holding, Inc. 

PUMA United North America LLC 

Janed Canada, LLC 

stichd NA, Inc. 

PUMA Card Services NA, LLC. 

Asia/Pacific 

PUMA Australia Pty. Ltd. 

White Diamond Australia Pty. Ltd. 

White Diamond Properties Pty. Ltd. 

PUMA China Ltd. (彪⻢（上海）商贸有限公司) 

stichd Trading (Shanghai) Co., Ltd.      (斯梯起特贸易（上海）有限公司) 

Guangzhou World Cat Information Consulting Services Company Ltd. (广州寰
彪信息咨询服务有限公司) 

World Cat Ltd. (寰彪有限公司) 

Development Services Ltd. 

PUMA International Trading Services Ltd. 

PUMA ASIA PACIFIC LTD (彪馬亞太區有限公司) 

PUMA Hong Kong Ltd. (彪馬香港有限公司) 

stichd Limited 

PUMA Sports India Private Ltd. 

PT PUMA Cat Indonesia 

PT PUMA Sports Indonesia 

USA 

USA 

USA 

USA 

USA 

USA 

USA 

USA 

Australia 

Australia 

Australia 

China 

China 

China 

China 

China 

China 

China 

China 

China 

India 

Indonesia 

Indonesia 

Wilmington 

Wilmington 

Wilmington 

Wilmington 

Dover 

Dover 

Lewes 

Plantation 

Melbourne 

Melbourne 

Melbourne 

Shanghai 

Shanghai 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

Guangzhou 

indirect 

Hong Kong 

Hong Kong 

Hong Kong 

Hong Kong 

Hong Kong 

Hong Kong 

Bangalore 

Jakarta 

Jakarta 

direct 

direct 

indirect 

direct 

indirect 

indirect 

indirect 

indirect 

indirect 

100% 

100% 

70% 

100% 

51% 

51% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

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PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

AS OF 31 DECEMBER 2023 

89. 

90. 

91. 

92. 

93. 

94. 

95. 

96. 

97. 

98. 

99. 

PUMA Japan K.K. (プーマ ジャパン株式会社) 

PUMA Korea Ltd. (푸마코리아 유한회사) 

Stichd Korea Ltd 

PUMA Sports Goods Sdn. Bhd. 

STICHD SOUTHEAST ASIA SDN. BHD. 

PUMA New Zealand Ltd. 

PUMANILA IT SERVICES INC. 

PUMA Sports Philippines Inc. 

PUMA SOUTH EAST ASIA PTE. LTD.  

Japan 

(South) Korea 

Tokyo 

Seoul 

(South) Korea 

Incheon 

Malaysia 

Malaysia 

Petaling Jaya 

Kuala Lumpur 

New Zealand 

Auckland 

Philippines 

Philippines 

Singapore 

City of Makati 

City of Makati 

PUMA Taiwan Sports Ltd. (台灣彪馬股份有限公司） 

China (Taiwan) 

Taipei 

PUMA Sports (Thailand) Co., Ltd. 

Thailand 

Bangkok 

indirect 

direct 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

indirect 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

100% 

World Cat Vietnam Sourcing & Development Services Company Limited 
(CÔNG TY TNHH D(cid:869)CH V(cid:895) PHÁT TRI(cid:861)N & NGU(cid:877)N CUNG (cid:899)NG WORLD CAT 
VI(cid:865)T NAM) 

100. 

1) 

subsidiaries which are assigned to be economically 100% PUMA Group 

Vietnam 

Ho Chi Minh City 

indirect 

100% 

PUMA Mostro GmbH, PUMA Blue Sea GmbH and PUMA Sprint GmbH have made use of the exemption provision under Section 264(3) of the German Commercial Code 
(HGB). PUMA Europe GmbH and PUMA International Trading GmbH have also made use of the exemption provision under Section 264(3) HGB, but waive the exemption 
from the third subsection. 

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PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

CURRENCY CONVERSION 

In general, monetary items in foreign currencies are converted in the individual financial statements of the 
Group companies at the exchange rate valid on the balance sheet date. Any resulting currency gains and 
losses are immediately recognised in the income statement. Non-monetary items are converted at 
historical acquisition and manufacturing cost. 

The assets and liabilities of foreign subsidiaries, whose functional currency is not the euro, have been 
converted to euros at the exchange rates valid on the balance sheet date. Expenses and income have been 
converted at the annual average exchange rates. Any differences resulting from the currency conversion of 
net assets relative to exchange rates that had changed in comparison with the previous year were adjusted 
directly in other comprehensive income.  

The significant conversion rates per euro are as follows: 

↗ T.10 SIGNIFICANT CONVERSION RATES 

Currency 

USD 

CNY 

JPY 

MXN 

ARS* 

GBP 

2023 

2022 

Reporting date
exchange rate

Average
exchange rate

Reporting date
exchange rate

Average 
exchange rate 

1.1050

7.8509

156.3300

18.7231

892.9166

0.8691

1.0813

7.6600

151.9903

19.1830

-

0.8698

1.0666

7.3582

140.6600

20.8560

188.7249

0.8869

1.0530 

7.0788 

138.0274 

21.1869 

- 

0.8528 

*  Due to the application of accounting for hyperinflationary economies in Argentina, all items in the financial 

statements are converted at the exchange rate applicable on the reporting date. 

Argentina and Türkiye are in a hyperinflation environment. In 2022, the subsidiaries whose functional 
currency is the Argentine peso or the Turkish lira applied the accounting for hyperinflationary economies in 
accordance with IAS 29 for the first time, with retroactive effect from 1 January 2022. The carrying amounts 
of non-monetary assets and liabilities, shareholders' equity and other comprehensive income are translated 
into the unit of measurement applicable at the balance sheet date and thus adjusted to reflect price 
changes. The financial statements are based on the concept of historical acquisition and/or production 
costs. The exchange rate as of 31 December 2023 was used for conversion into the reporting currency, the 
euro, for all items. 

Gains and losses on the net monetary position are included in the financial result. In the financial year 2023, 
the net profit from the monetary items amounted to € 7.7 million (previous year: € 0.9 million). The amount 
also includes interest income from invested liquid funds in accordance with IAS 29.28. 

The price index used for Türkiye as of 31 December 2023 was 1,859.4 (31 December 2022: 1,128.5) and is based 
on the consumer price index. The general price index used for Argentina as of 31 December 2023 was 
3,500.4 (31 December 2022: 1,134.3). 

291 

  
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

ACCOUNTING AND VALUATION PRINCIPLES 

FINANCIAL INSTRUMENTS 

Financial instruments are classified and recognised in accordance with IFRS 9. Acquisitions and disposals of 
financial assets, with the exception of trade receivables, are initially recognised on the settlement date and 
are recorded at fair value. 

For investments (equity instruments), IFRS 9 allows a measurement at fair value through other 
comprehensive income (FVOCI) under certain conditions. If these investments, however, are disposed of or 
adjusted in value, the gains and losses from these investments which were not realised up to this point are 
reclassified to retained earnings in accordance with IFRS 9. 

DERIVATIVE FINANCIAL INSTRUMENTS/HEDGE ACCOUNTING 

In relation to the accounting of hedge relationships, PUMA made use of the option to continue applying the 
rules of IAS 39 for hedge accounting. 

Derivative financial instruments are recognised at fair value at the time a contract is entered into and 
thereafter. At the time a hedging instrument is concluded, PUMA classifies the derivatives either as hedges 
of a planned transaction and hedging variable interest flows from the promissory note loans (cash flow 
hedge accounting), or as hedges of the fair value of a recognised asset or liability (fair value hedge).  

At the time when the transaction is concluded, the hedging relationship between the hedging instrument 
and the underlying transaction as well as the purpose of risk management and the underlying strategy are 
documented. In addition, assessments as to whether the derivatives used in the hedge accounting 
compensate effectively for a change in the fair value or the cash flow of the underlying transaction are 
documented at the beginning of the hedging relationship and continuously thereafter.  

The Group designates the spot rate for forward transactions and the intrinsic value for options contracts. 
The interest component and/or fair value are excluded from the designation of the hedging instrument and 
are recorded in the financial result through profit or loss. 

The Group determines the existence of an economic relationship between the hedging instrument and the 
hedged underlying transaction on the basis of the key valuation parameters, such as the reference interest 
rate, the currency, the amount and the time of their respective cash flows (critical terms match method). 
The Group uses the cumulative dollar offset method to assess whether the derivative designated in each 
hedging relationship is expected to be prospectively effective and retroactively effective in relation to 
offsetting changes in the cash flows of the hedged underlying transaction. 

The main reason for ineffectiveness is the decline or loss of hedged transactions in these hedging 
relationships.  

Changes in the market value of derivatives that are intended and suitable for cash flow hedging and that 
prove to be effective are adjusted directly in other comprehensive income, taking into account deferred 
taxes. If there is no complete effectiveness, the ineffective part is recognised in the income statement. The 
amounts recognised in other comprehensive income are recognised in the income statement during the 
same period in which the hedged planned transaction affects the income statement. If, however, a hedged 
future transaction results in the recognition of a non-financial asset or a liability, gains or losses previously 
recorded in other comprehensive income are included in the initial measurement of the acquisition costs of 
the respective asset or liability.  

Changes in the market value of derivatives that qualify for and are designated as fair value hedges are 
recognised directly in the consolidated income statement, together with changes in the fair value of the 
underlying transaction attributable to the hedged risk. The changes in the market value of the derivatives 

292 

PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

and the change in the underlying transaction attributable to the hedged risk are reported in the 
consolidated income statement under the item relating to the underlying transaction. 

The fair values of the derivative instruments used to secure planned transactions and for hedging the 
variable cash flows from the promissory note loans (cash flow hedge accounting) and to secure the fair 
value of a recognised asset or liability (fair value hedge) are shown under "Other current and non-current 
financial assets or liabilities". 

PUMA AS LESSEE 

The leases for which PUMA acts as a lessee are identified at the individual contract level. For these leases, 
PUMA recognises a right-of-use asset and a respective lease liability, with the exception of short-term 
leases (defined as leases with a term of no more than 12 months) and low-value lease agreements (with a 
value of less than € 5,000 at contract conclusion). In the case of a short-term lease or low-value lease, the 
Group recognises the lease payments on a straight-line basis over the term of the lease agreement as other 
operating expense. 

In addition, right-of-use assets are not recognised for intangible assets. PUMA has made use of the option 
and decided not to apply IFRS 16 with regard to leases for intangible assets. 

The lease liability at initial recognition is measured at the present value of the not yet paid lease payments 
at the beginning of the lease agreement. The present value is calculated using the incremental borrowing 
rate, as the interest rate implicit in the lease is usually not known.  

A number of lease agreements, particularly for real estate properties, contain extension and termination 
options. When determining agreement terms, all facts and circumstances are taken into account that offer a 
financial incentive to exercise the extension option or not to exercise the termination option. The changes in 
the term of a lease due to the exercise or non-exercise of such options are only taken into account for the 
agreement term if they are sufficiently certain. 

The lease liability is recognised as a separate line item on the consolidated balance sheet.  

The right-of-use assets comprise the respective lease liability as part of initial valuation. Lease instalments 
that are paid before or at the beginning of the lease are added. Lease incentives received from the lessor 
are deducted and initial direct costs are included. If dismantling obligations exist with regard to the leased 
assets, they are included in the valuation of the right-of-use assets. The subsequent valuation of the right-
of-use assets is at acquisition cost less accumulated depreciation and impairment losses. 

The right-of-use assets are generally depreciated over the term of the lease. If the useful life of the asset 
underlying the lease is shorter, this limits the depreciation period accordingly. Depreciation starts with the 
commencement of the lease. 

As part of the practical expedient, IFRS 16 permits dispensing with a separation between non-lease 
components and lease components. With regard to land and buildings, PUMA generally does not apply the 
practical expedient, meaning that the right-of-use assets relating to land and buildings only contain leasing 
components. With regard to other right-of-use assets (comprising technical equipment & machines and 
motor vehicles), the practical expedient is generally applied, the result of which is that the leasing 
components and non-leasing components are both recognised.  

The right-of-use assets are recognised as a separate line item in the consolidated balance sheet. 

The rights of use are subject to the impairment regulations pursuant to IAS 36. As a general rule, the right-
of-use assets are tested for impairment (impairment test) if there is any indication that the value of the 
asset could be impaired. The right-of-use assets, in particular in connection with the Group's own retail 
stores, are subjected to an impairment test if there are indicators or changes in planning assumptions that 

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suggest that the carrying amount of the assets may not be recoverable. To this end, a triggering event test 
of all retail stores, each of which is a separate cash-generating unit, is carried out after preparation of the 
annual budget planning or on an ad-hoc basis.  

For the purposes of the triggering event test, the recoverable amount of the respective retail stores is 
determined as a value in use using a simplified discounted cash flow method. The value in use is 
determined on the basis of the planned cash flows for the retail stores according to the budget, which is 
prepared on a bottom-up basis and approved by management. The forecast period is derived from the 
expected useful lives of the respective retail store and is reviewed annually. Following the bottom-up 
budget, revenue and cost developments are used as a basis for the remaining useful life, the growth rate of 
which is based on expected nominal retail growth. Growth rates in the single-digit percentage range are 
expected for all retail stores over the three-year detailed planning period. In calculating the value in use of 
retail transactions, cash flows in non-inflationary countries were measured at a weighted cost of capital 
rate of between 8.8% and 38.0% (previous year: between 8.2% and 25.3%) and the cash flows of retail 
transactions in the two high-inflation countries with a weighted cost of capital between 31.2% and 145.0% 
(previous year: between 20.0% and 62.7%). This was based on a risk-free interest rate on equivalent term 
structures of 3.1% (previous year: 2.3%) and a market risk premium of 7.0% (previous year: 7.3%) are used as 
a basis. 

If, in the triggering event test, the carrying amount of the retail store assets exceeds the simplified value in 
use, the recoverable amount of this cash-generating unit is calculated with the discounted cash flow 
method using the above cost of capital rates. This is based on the individual planning of cash flows for the 
retail store. If an impairment arises, the right of use is impaired first.  

If there are indications that retail stores for which impairment has been recorded in the past have been able 
to achieve a turnaround and that their rights of use are recoverable, the impairment is reversed up to a 
maximum of the amount of amortised costs.  

If there is an impairment loss or a reversal of an impairment loss, this is allocated to the central area in the 
segment reporting under IFRS 8. However, the impaired assets are reported in the relevant operating 
segments. 

PUMA AS LESSOR 

In financial year 2023, the accounting principles of IFRS 16 were applied for PUMA as a lessor for the first 
time. If PUMA acts as a lessor, it is determined at the beginning of the lease whether it is a finance lease or 
an operating lease. In order to classify the lease agreement, PUMA makes an overall assessment of 
whether the lease essentially transfers all the risks and benefits associated with ownership of the 
underlying asset. If this is the case, it is classified as a finance lease. If not, it is classed as an operating 
lease. Various indicators are taken into account as part of this assessment, such as whether the lease ratio 
comprises the majority of the economic useful life of the underlying asset. At our discretion, the leases in 
which PUMA acts as an intermediate lessor are in most cases finance leases, as subletting always covers 
most of the term of the main lease. If PUMA acts as an interim lessor, the shares in the main lease contract 
and the sub-lease contract are accounted for separately.   

In the case of finance leases, a net investment (receivable) equal to the discounted future rental payments 
to be received is recognised in the balance sheet and reported under other assets (without inclusion in 
working capital). The marginal debt interest rate is used to determine the discount, as the interest rate 
underlying the lease is generally unknown. Interest income from finance leases is reported in the cash flow 
from investing activities.  

If the lease is classified as operating leases, the lease payments are immediately recognised in profit or loss 
as rental income. 

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CASH AND CASH EQUIVALENTS 

Cash and cash equivalents include cash and bank balances. This also includes free cash and cash 
equivalents that are invested as a fixed-term deposit with a term of up to three months. The total amount of 
cash and cash equivalents is consistent with the cash and cash equivalents stated in the cash flow 
statement.  

Cash and cash equivalents are measured at amortised cost. They are subject to the impairment 
requirements in accordance with IFRS 9 "Financial Instruments". PUMA monitors the credit risk of these 
financial instruments taking into account the economic situation, external credit rating and/or premiums for 
credit default swaps (CDS) of other financial institutions. The credit risk from cash and cash equivalents is 
classified as immaterial, due to the relatively short terms and the investment-grade credit rating of the 
counterparty, which signals a low probability of default for the financial instruments. 

INVENTORIES 

The Group procures inventories primarily from third parties and these are reported as goods within 
inventories. To a small extent, footwear and golf clubs are produced in-house, which are reported as 
finished goods together with the goods within the inventories. 

Inventories are measured at acquisition or manufacturing cost or at the lower net realisable values derived 
from the selling price at the balance sheet date. The acquisition cost of merchandise is determined using an 
averaging method. Value adjustments are adequately recorded, depending on age, seasonality and 
realisable market prices. 

TRADE RECEIVABLES 

Trade receivables are initially measured at the transaction price and subsequently at amortised cost with 
deduction of value adjustments, in the form of a provision for risks. 

When determining the provision for risks for trade receivables, PUMA uniformly applies the simplified 
method in order to determine the expected credit losses over the remaining lifetime of the trade receivables 
(called "lifetime expected credit losses") in accordance with the provisions of IFRS 9 "Financial 
Instruments". For this, trade receivables are classified by geographic region into suitable groups with 
shared credit risk characteristics. The expected credit losses are calculated using a matrix that presents 
the age structure of the receivables and depicts a likelihood of loss for the individual maturity bands of the 
receivables on the basis of historic credit loss events and future-based factors. The percentage rates for the 
loss likelihoods are checked regularly to ensure they are up to date. If objective indications of a credit 
impairment are found regarding the trade receivables of a certain customer, a detailed analysis of this 
customer's specific credit risk is conducted and an individual provision for risks is established for the trade 
receivables with respect to this customer. If a credit insurance is in place, it is taken into account when 
determining the amount of the risk provision. 

The Group assumes that the default risk of a financial asset has increased significantly if it is more than 
30 days overdue. 

OTHER FINANCIAL ASSETS 

Other financial assets are classified based on the business model for control and the cash flows of the 
financial assets. In the Group, financial assets are generally held under a business model that provides for 
"holding" the asset until maturity, in order to collect the contractual cash flows. The second condition is that 
the terms and conditions of the financial asset result in cash flows at specified times, which exclusively 
represent repayments and interest payments on the outstanding nominal amount. 

The "trading" business model is used for financial assets in the form of derivatives without a hedging 
relationship. These are valued at fair value through profit or loss (FVPL). 

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Non-current financial assets include rental deposits and other assets. Non-interest-bearing non-current 
assets are discounted to present value if the resulting effect is significant. 

INVESTMENTS 

The investment recognised under non-current financial assets belongs to the category "measured at fair 
value through other comprehensive income" (FVOCI), since these investments are held over the long term 
for strategic reasons. 

All purchases and disposals of investments are recorded on the settlement date. Investments are initially 
recognised at fair value plus transaction costs. They are also recognised at fair value in subsequent periods. 
Unrealised gains and losses are recognised in other comprehensive income, taking into account deferred 
taxes. The gain or loss on disposal of investments is transferred to retained earnings.  

The category "measured at fair value through profit or loss" (FVPL) is not used with regard to investments. 

PROPERTY, PLANT AND EQUIPMENT 

Property, plant and equipment are measured at acquisition cost, net of accumulated depreciation. The 
depreciation period depends on the expected useful life of the respective item. The straight-line method of 
depreciation is applied. The useful life depends on the type of the assets involved. Buildings are subject to a 
useful life of between ten and fifty years, and a useful life of between three to ten years is assumed for 
movable assets. 

Repair and maintenance costs are recorded as an expense as of the date on which they were incurred. 
Substantial improvements and upgrades are capitalised to the extent that the criteria for capitalisation of an 
asset item apply. 

INVESTMENT PROPERTY 

In the financial year 2023, accounting for investment property was applied for the first time in accordance 
with IAS 40. These are accounted for in the same way as property, plant and equipment in accordance with 
the cost model, with their acquisition or production costs less scheduled depreciation and any necessary 
impairment losses. Depreciation is carried out on a straight-line basis and the useful lives are generally 
equivalent to those of property, plant and equipment used in-house. 

OTHER INTANGIBLE ASSETS (NOT INCLUDING GOODWILL) 

Acquired intangible assets largely consist of concessions, intellectual property rights and similar rights. 
These are measured at acquisition cost, net of accumulated amortisation. The useful life of intangible 
assets is between three and ten years. Scheduled depreciation is done on a straight-line basis.  

If the capitalisation requirements of IAS 38.57 "Intangible Assets" are met cumulatively, expenses in the 
development phase for internally generated intangible assets are capitalised at the time they arise. In 
subsequent periods, internally generated intangible assets and acquired intangible assets are measured at 
cost less accumulated amortisation and impairment losses. In the Group, internally generated intangible 
assets are generally depreciated on a straight-line basis over a useful life of 3 years. 

There are also trademark rights acquired for a fee in relation to Cobra Golf. Cobra Golf, founded in 1978, has 
a brand history spanning over 40 years in golf. The Cobra brand represents the core of the Golf business 
area and is continued through ongoing marketing investments by the PUMA Group in the Cobra brand. Due 
to the stability of the golf market and the continuation of the brand by PUMA, an indefinite useful life is 
assumed for the Cobra brand. 

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IMPAIRMENT OF ASSETS 

Intangible assets with an indefinite useful life are not amortised according to schedule but are subjected to 
an annual impairment test. Property, plant and equipment, right-of-use assets, and other intangible assets 
with finite useful lives are tested for impairment if there is any indication of impairment in the value of the 
asset concerned. In order to determine whether there is a requirement to record the impairment of an 
asset, the recoverable amount of the respective asset (the higher amount of the fair value less costs to sell 
and value in use) is compared with the carrying amount of the asset. If the recoverable amount is lower than 
the carrying amount, the difference is recorded as an impairment loss. The test for impairment is 
performed, if possible, at the level of the respective individual asset, otherwise at the level of the cash-
generating unit. Goodwill, on the other hand, is tested for impairment only at the level of a group of cash-
generating units. If it is determined within the scope of the impairment test that an asset needs to be 
impaired, then the goodwill, if any, of the group of cash-generating units is written down initially and, in a 
second step, the remaining amount is distributed proportionately over the remaining assets within the 
application scope of IAS 36. If the reason for the recorded impairment no longer applies, a reversal of 
impairment loss is recorded to the maximum amount of the amortised costs. There is no reversal of an 
impairment loss for goodwill. 

The recoverable amount is primarily calculated using the discounted cash flow method. For determining the 
fair value less costs to sell and value in use, the expected cash flows are based on corporate planning data. 
Expected cash flows are discounted using an interest rate in line with market conditions. As part of the fair 
value determination less cost to sell, no special synergies of cash-generating units are taken into account, 
and corporate planning data is adjusted to the assumptions of market participants, if required. Moreover, 
there is a difference between the fair value less costs to sell and the value in use because the costs to sell 
are also taken into account.  

Trademarks with an indefinite useful life are subjected to an impairment test based on the relief from 
royalty-method during the financial year or when the occasion arises. If there is evidence that the 
underlying Cobra business is insufficiently profitable, the trademark is not only valued individually using the 
relief from royalty-method, but the recoverable amount of the cash-generating units to which the trademark 
is attributable is determined.  

See chapter 11 for further details, in particular regarding the assumptions used for the calculation. 

BORROWINGS, OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES 

In general, these items are recognised at fair value, taking into account transaction costs, and subsequently 
recognised at amortised cost. Non-interest or low-interest-bearing liabilities with a term of at least one 
year are recognised at present value, taking into account an interest rate in line with market conditions, and 
are compounded until their maturity at their repayment amount.  

The "trading" business model is used for financial liabilities in the form of derivatives without a hedge 
relationship. These are valued at fair value through profit or loss (FVPL). 

Current borrowings also include those long-term loans that have a maximum residual term of up to one year. 

PUMA offers its suppliers a supplier financing programme. This is reverse factoring, the financing 
conditions of which are also linked to the achievement of sustainability targets by the suppliers in most 
cases. Participation in the programme is voluntary for the suppliers and helps them to already pre-finance 
the supplier invoices to PUMA from one of the partner banks against an interest discount significantly 
before the customary payment date. PUMA is not affected by the participation of the suppliers in the 
supplier financing programme (in particular no changes to the payment terms, no changes to the payment 
methods and/or no changes to the original contractual conditions). Accordingly, the liabilities are recognised 
in the balance sheet as trade payables, and cash outflows are allocated to the cash inflow from operating 
activities in the cash flow statement.  

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PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS 

In addition to defined benefit plans, some companies apply defined contribution plans, which do not result in 
any additional pension commitment other than the current contributions. The pension provision under 
defined benefit plans is generally calculated using the projected unit credit method. This method takes into 
account not only known pension benefits and pension rights accrued as of the reporting date, but also 
expected future salary and pension increases. The defined benefit obligation (DBO) is calculated by 
discounting expected future cash outflows at the rate of return on senior, fixed-rate corporate bonds. The 
currencies and maturity periods of the underlying corporate bonds are consistent with the currencies and 
maturity periods of the obligations to be satisfied. In some of the plans, the obligation is accompanied by a 
plan asset. In that case, the pension provision shown is reduced by the plan asset.  

Details regarding the assumed life expectancy, the mortality tables used and other assumptions are shown 
in chapter 15. 

OTHER PROVISIONS  

Provisions for the expected expenses from warranty obligations pursuant to the respective national sales 
contract laws are recognised at the time of sale of the relevant products, according to the best estimate in 
relation to the expenditure needed in order to fulfil the Group's obligation. 

Provisions are also made to account for onerous contracts. An onerous contract is assumed to exist where 
the unavoidable costs for fulfilling the contract exceed the economic benefit arising from this contract.  

MANAGEMENT INCENTIVE PROGRAMMES 

PUMA uses cash-settled share-based payments, share-based payments settled in cash or equities, and key 
performance indicator-based long-term incentive programmes. The share-based payments settled in cash 
or equities are accounted for in the same way as cash-settled share-based payments. 

Detailed information on the management incentive programmes is presented in Chapter 18. 

RECOGNITION OF SALES 

The Group recognises sales from the sale of sporting goods. The sales are measured at fair value of the 
consideration to which the Group expects to be entitled from the contract with customers, taking into 
account returns, discounts and rebates. Amounts collected on behalf of third parties (such as VAT) are not 
included in sales. The Group records sales at the time when PUMA fulfils its performance obligation to 
customers and has transferred the right of disposal over the product to customers. 

The Group sells footwear, apparel and accessories both to wholesalers and directly to customers through its 
own retail activities and online sales channels. Meanwhile, the sales-related warranty services cannot be 
purchased separately and do not lead to services that go beyond the assurance of the specifications at the 
time of the transfer of risk. Accordingly, the Group records warranties in the balance sheet in accordance 
with IAS 37 "Provisions, contingent liabilities and contingent assets". 

In the case of sales of products to wholesalers, the sales revenue is recorded at the date on which the right 
of disposal over the products is transferred to customers, in other words, when the products have been 
shipped to the specific location of the wholesaler (delivery). After delivery, the wholesaler bears the 
inventory risk and has full right of disposal over the manner and means of distribution and the selling price 
of the products. In the case of sales to end customers in the Group's own retail stores, the sales are 
recorded at the date when the right of disposal over the products is transferred to the end customer, in 
other words, the date on which the end customer buys the products in the retail store. The payment of the 
purchase price is due as soon as the customers purchase the products. In the case of sales of goods 
through our own online sales channels, sales are realised when the end customers have accepted the goods 
and the power of disposal over the goods has been passed to the end customer. The payment terms applied 
correspond to the standard industry payment terms for each country. 

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Under certain conditions and according to the contractual stipulations, customers have the option to 
exchange products or return them for a credit. The amount of the expected returns is estimated on the basis 
of past experience and is deducted from sales in the form of a liability based on refund obligations. The 
asset value of the right arising from the product return claim is recorded under inventories and leads to a 
corresponding reduction of cost of sales.  

ROYALTY AND COMMISSION INCOME 

The Group recognises license and commission income from the out-licensing of trademark rights to third 
parties in accordance with IFRS 15 Revenue from contracts with customers. Income from royalties is 
recognised in the income statement in accordance with the invoices to be submitted by the licensees. In 
certain cases, values must be estimated in order to permit accounting on an accrual basis. Commission 
income is invoiced if the underlying purchase transaction is classified as realised. 

ADVERTISING AND PROMOTIONAL EXPENSES 

Advertising expenses are recognised in the income statement at the time they are incurred. In general, 
promotional expenses stretching over several years are recognised as an expense over the contractual term 
on an accrual basis. Any expenditure surplus exceeding the economic benefit that results from this 
allocation of expenses after the balance sheet date is recognised in the financial statements in the form of 
an impairment of assets and, if necessary, a provision for anticipated losses. If promotional and advertising 
contracts provide for additional payments when predefined targets are achieved (e.g. medals, 
championships), which cannot be predicted exactly in terms of time and amount, they are recognised in full 
in profit or loss at the relevant date. 

FINANCIAL RESULT 

The financial result includes interest income from financial investments and interest expenses from loans, 
along with interest income and expenses in connection with derivative financial instruments. Financial 
results also include interest expenses from lease liabilities as well as discounted, non-current liabilities 
associated with acquisitions and those arising from the valuation of pension commitments, in addition to 
interest income from finance leases. 

Exchange rate effects that can be directly allocated to an underlying transaction are shown in the respective 
income statement item. 

INCOME TAXES 

Current income taxes are determined in accordance with the tax regulations of the respective countries 
where the individual Group companies conduct their operations. 

PUMA management regularly assesses individual tax issues to determine whether there is scope for 
interpretation in view of existing tax regulations. If appropriate, these issues are taken into account in 
income tax liabilities or deferred taxes. The income tax assessment is generally carried out at the level of 
the individual case, taking into account any possible interactions. Appropriate balance sheet provisions have 
been made for potential risks from uncertain tax positions, taking into account IFRIC 23. 

DEFERRED TAXES  

Deferred taxes resulting from temporary valuation differences between the IFRS and tax balance sheets of 
individual Group companies and from consolidation procedures, which are levied by the same taxation 
authority and can be netted, are charged to each taxable entity and recognised either as deferred tax assets 
or deferred tax liabilities.  

Deferred tax assets may also include claims for tax reductions that result from the expected utilisation of 
existing losses carried forward to subsequent years and which is likely to materialise. Deferred tax assets 
or liabilities may also result from accounting treatments that do not affect the income statement. 

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Deferred tax assets are recognised only to the extent that the respective tax advantage is likely to 
materialise. 

ESTIMATION UNCERTAINTY 

The preparation of the consolidated financial statements requires some assumptions and estimates that 
have an impact on the measurement and presentation of the recognised assets and liabilities, income and 
expenses, and contingent liabilities. The assumptions and estimates are based on premises, which in turn 
are based on currently available information. In individual cases, the actual values may deviate from the 
assumptions and estimates made. Consequently, future periods involve a risk of adjustment to the carrying 
amount of the assets and liabilities concerned. If the actual development differs from the expectation, the 
premises and, if necessary, the carrying amounts of the relevant assets and liabilities are adjusted with an 
effect on profit or loss.  

All assumptions and estimates are continuously reassessed. They are based on historical experiences and 
other factors, including expectations regarding future global and industry-related trends that appear 
reasonable under the current circumstances. Assumptions and estimates mainly relate to the valuation of 
goodwill and trademarks, inventories, liabilities from refund obligations, taxes and leases in which PUMA is 
the lessee. The most significant forward-looking assumptions and sources of estimation and uncertainty as 
of the reporting date concerning the above-mentioned items are discussed below. 

Goodwill and brands 
A review of the impairment of goodwill is based on the calculation of the value in use as a leading valuation 
concept. In order to calculate the value in use, the Group must estimate the future cash flows from those 
cash-generating units to which the goodwill is allocated. To this end, the data used were from the three-
year plan, which is based on forecasts of the overall economic development and the resulting industry-
specific consumer behaviour. Another key assumption concerns the determination of an appropriate 
interest rate for discounting the cash flow to present value (discounted cash flow method). The relief from 
royalty-method is used to value brands. See chapter 11 for further details, in particular regarding the 
assumptions used for the calculation. 

Inventories 
Inventories are measured at acquisition or manufacturing cost or at the lower net realisable values derived 
from the selling price at the balance sheet date. Value adjustments are adequately recorded, depending on 
age, seasonality and realisable market prices. Further details on the inventory valuation are provided in 
chapter 4. 

Liabilities from refund obligations 
The Group recognises sales from the sale of sporting goods. The sales are measured at fair value of the 
consideration to which the Group expects to be entitled from the contract with customers, taking into 
account returns, discounts and rebates. As customers have the opportunity to exchange goods under 
certain conditions and in accordance with the contractual agreements, the amount of expected return 
deliveries is estimated on the basis of experience. The accrual of sales takes place via the liability from 
refund obligations.  

Taxes 
Tax items are determined taking into account the various prevailing local tax laws and the relevant 
administrative opinions and, due to their complexity, may be subject to different interpretations by persons 
subject to tax on the one hand and the tax authorities on the other hand. Differing interpretations of tax laws 
may result in subsequent tax payments for past years; these are included based on the assessment of the 
management, using the most probable amount or the expected value for the individual case. 

The recognition of deferred taxes requires that estimates and assumptions be made concerning future tax 
planning strategies as well as expected dates of occurrence and the amount of future taxable income. The 
taxable income from the relevant corporate planning is derived for this assessment. It takes into account 

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the past financial position and the business development expected in the future. Deferred tax assets are 
recorded in the event of companies incurring a loss only if it is highly probable that future positive results 
will be achieved. See Chapter 8 for further information. 

PUMA as lessee 
The measurement of lease liabilities under leases in which PUMA is the lessee is based on assumptions for 
the discount rates used, the lease term and the determination of fixed lease payments. To determine the 
present value of future minimum lease payments, PUMA uses country- and currency-specific interest rates 
on borrowings with compatible terms. In addition to the basic lease period, the Group includes extension 
options in the determination of the lease term if management is sufficiently certain that such options will be 
exercised after taking into account all facts and circumstances. The fixed lease payments also include firmly 
agreed upon minimum amounts for agreements with a predominantly variable lease amount. 

DISCRETIONARY DECISIONS 

The preparation of the consolidated financial statements requires discretionary decisions relating to the 
application of accounting methods and the amounts of assets, liabilities, income and expenses reported. 
Information on the application of accounting policies that have the most material impact on the amounts 
recorded in the financial statements can be found in the following notes: 

Evaluation of the control of companies with non-controlling interests 
The determination as to whether the Group controls the companies with non-controlling interests is 
presented in chapter 28, Information on non-controlling interests. 

PUMA as lessee 
The accounting for leases in which PUMA is the lessee includes discretionary decisions, in particular in 
relation to the term of the lease agreements with regard to determining whether the exercise of extension 
options is sufficiently certain. 

Some real estate leases contain extension options that can only be exercised by PUMA and not by the lessor. 
If possible, the Group seeks to include extension options when concluding new leases in order to ensure 
operational flexibility. On the date of provision, the Group assesses whether it is sufficiently certain that the 
extension options will be exercised. The assessment is carried out individually for each contract and takes 
into account the amount of the company's own investments and the possibility of changing macroeconomic 
conditions in the future. If significant events or significant changes occur during the term of the contract 
that are within PUMA's control, it will be reassessed as to whether it is sufficiently certain that the extension 
option will be exercised. 

Significant discretionary decisions are made in the subsequent valuation of rights of use for retail stores in 
the context of assessing the existence of an impairment and determining the impairment requirement. 
Among other things, assumptions are made about the duration of the lease, the future economic 
development and profitability of the retail stores, and also the underlying interest rate. 

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NOTES TO THE CONSOLIDATED STATEMENT OF 
FINANCIAL POSITION 

3.  CASH AND CASH EQUIVALENTS 

As of 31 December 2023, the Group has € 552.9 million (previous year: € 463.1 million) in cash and cash 
equivalents. This includes bank balances, including short-term financial investments with an original term 
of up to three months. The average effective interest rate of the financial investments was 1.1% (previous 
year: 1.7%) for countries without hyperinflation. In countries with hyperinflation, the average effective 
interest rate of financial investments was 40.9% (previous year: 33.4%). Due to currency exchange controls, 
transfer restrictions of € 45.6 million (previous year: € 93.3 million) were placed on the cash and cash 
equivalents reported. 

4.  INVENTORIES 

Inventories are allocated to the following main groups: 

↗ T.11 INVENTORIES  (in € million) 

Goods/inventory and finished goods 

Footwear 

Apparel 

Accessories/Other 

Raw materials, consumables and supplies 

Prepayments made 

Goods in transit 

Inventory adjustments related to returns 

Total 

2023

2022

625.9

420.8

216.0

34.9

2.9

458.7

45.2

750.2

519.0

266.4

46.8

3.2

592.6

66.9

1,804.4

2,245.1

The raw materials, consumables and supplies mainly relate to raw materials for the production of golf clubs 
and footwear. 

The table shows the carrying amounts of the inventories net of value adjustments. Of the value adjustments 
in the amount of € 157.1 million (previous year: € 217.0 million) approx. 64.3% (previous year: approx. 67.5%) 
were recognised as an expense under cost of sales in financial year 2023. The volume of inventories 
recorded as an expense during the period mainly includes the cost of sales shown in the consolidated 
income statement. 

The inventory adjustments related to returns represents the historical acquisition or production costs of the 
inventories for which a return is expected. 

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5.  TRADE RECEIVABLES 

The trade receivables are broken down as follows: 

↗ T.12 TRADE RECEIVABLES  (in € million) 

Trade receivables, gross 

Less provision for risks 

Trade receivables, net 

2023

2022

1,183.4

1,122.8

-65.0

-57.9

1,118.4

1,064.9

The change in the provision for risks for financial assets in the "trade receivables" class measured at 
amortised cost relates to receivables in connection with revenues from contracts with customers and has 
developed as follows: 

↗ T.13 CHANGE OF RISK PROVISIONS FOR TRADE RECEIVABLES  (in € million) 

Status of provision for risks as of 1 January 

Exchange rate differences 

Additions 

Utilization 

Reversals of unused provision for risks 

Status of provision for risks as of 31 December 

The age structure of the trade receivables is as follows: 

↗ T.14 AGE STRUCTURE 2023  (in € million) 

2023 

Total

Not due

Gross carrying amount - 
Trade receivables 

Provision for risks 

Net carrying amount - 
Trade receivables 

Expected loss rate 

1,183.4

-65.0

1,118.4

952.3

-16.4

935.8

1.7%

2023

57.9

-1.6

26.7

-3.8

-14.3

65.0

2022

58.7

0.4

20.3

-5.6

-15.8

57.9

0-30
days

92.4

-4.0

88.4

4.3%

overdue 

31-90
days

83.4

-8.2

75.2

9.8%

90-180
days

Over 180
days

14.1

-4.5

9.6

41.4

-31.9

9.5

32.0%

77.1%

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↗ Consolidated Financial Statements 

↗ T.15 AGE STRUCTURE 2022  (in € million) 

2022 

Total

Not due

Gross carrying amount - 
Trade receivables 

Provision for risks 

Net carrying amount - 
Trade receivables 

Expected loss rate 

1,122.8

-57.9

1,064.9

986.7

-21.2

965.5

2.1%

overdue 

31-90
days

26.4

-2.7

23.7

10.2%

90-180
days

Over 180
days

11.6

-2.7

8.9

23.6%

39.7

-27.6

12.1

69.6%

0-30
days

58.5

-3.7

54.8

6.3%

With respect to the net carrying amounts of trade receivables, PUMA assumes that the debtors will satisfy 
their payment obligations or that, in the event of a default, the net carrying amount will be covered by 
existing credit insurance. There are no significant risk concentrations as the customer base is very broad 
and there are no correlations. 

6.  OTHER CURRENT FINANCIAL ASSETS 

Other current financial assets are broken down as follows: 

↗ T.16 OTHER CURRENT FINANCIAL ASSETS  (in € million) 

Fair value of derivative financial instruments 

Lease receivables 

Other financial assets 

Total 

2023

34.5

14.9

45.6

94.9

2022

115.9

0.0

21.6

137.4

The amount shown is due within one year. The fair value corresponds to the carrying amount. 

304 

  
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

7.  OTHER CURRENT ASSETS 

Other current assets are broken down as follows: 

↗ T.17 OTHER CURRENT ASSETS  (in € million) 

Prepaid expense relating to the subsequent period 

Other receivables 

Total 

2023

98.3

172.1

270.4

2022

86.2

149.8

235.9

The amount shown is due within one year. The fair value corresponds to the carrying amount.  

Other receivables mainly comprise receivables relating to VAT of € 98.9 million (previous year: € 97.9 million) 
and other taxes of € 25.6 million (previous year: € 30.3 million). 

8.  DEFERRED TAXES 

Deferred taxes relate to the items shown below: 

↗ T.18 DEFERRED TAXES1 (in € million) 

Tax loss carryforwards 

Inventories 

Remaining current assets 

Non-current assets 

Lease liabilities (current and non-current) 

Provisions and other liabilities 

Deferred tax assets (before netting) 

Current assets 

Intangible assets 

Right-of-use assets 

Remaining non-current assets 

Provisions and other liabilities 

Deferred tax liabilities (before netting) 

Deferred tax assets, net 

2023

76.9

74.5

13.5

56.3

290.8

118.1

630.1

17.4

42.1

258.2

24.6

4.1

346.4

283.7

2022

57.5

90.8

13.5

37.6

289.6

142.6

631.6

37.6

44.1

260.5

32.4

4.0

378.5

253.1

1  

In order to better provide decision-relevant information, the data – including the previous year's figures – has been 
adjusted. 

As of 31 December 2023, tax losses carried forward amounted to a total of € 447.9 million (previous year: 
€ 360.7 million). Deferred tax assets were recognised for these items in the amount at which the associated 
tax advantages are likely to be realised in the form of future profits for income tax purposes. In financial 
year 2023, no deferred tax items were recognised for the losses carried forward in the amount of  

305 

  
 
 
 
 
 
  
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

€ 102.9 million (previous year: € 93.5 million), of which € 94.5 million (previous year: € 88.2 million) are 
vested. The remaining tax losses carried forward, for which no deferred tax items were recognised, in the 
amount of € 8.3 million (previous year: € 5.3 million) will expire within the next six years1.  

In addition, no deferred tax items were recognised for temporary differences in the amount of € 27.0 million 
(previous year: € 22.6 million) because they were not expected to be realised as of the balance sheet date. 

For Group companies that achieved a negative tax result in this or the previous financial year, a total of 
deferred tax assets in the amount of € 157.1 million were recognised after deduction of any deferred tax 
liabilities (previous year: € 70.0 million) as sufficiently positive tax results can be expected in the future on 
the basis of the relevant projections. 

No deferred taxes on retained profits at subsidiaries were recognised where these gains are to be 
reinvested on an ongoing basis and there is no intention to make a distribution in this respect. 

Deferred tax assets and liabilities are netted if they relate to a taxable entity and can in fact be netted. 
Accordingly, they are shown in the balance sheet as follows: 

↗ T.19 DEFERRED TAX ASSETS AND LIABILITIES (in € million) 

Deferred tax assets 

Deferred tax liabilities 

Deferred tax assets, net 

The changes in deferred tax assets (net) were as follows: 

↗ T.20 MOVEMENT OF DEFERRED TAXES (in € million) 

Deferred tax assets, net as of 1 January 

Recognition in the income statement 

Adjustment related to remeasurements of the net defined benefit liability, 
recognised in other comprehensive income 

Adjustment related to the market value of hedging contracts, 
recognised in other comprehensive income 

Currency exchange effects 

2023

296.1

12.4

283.7

2023

253.1

22.8

0.2

10.1

-2.5

2022

295.0

42.0

253.1

2022

231.1

25.1

-2.5

-0.7

0.0

Deferred tax assets, net as of 31 December 

283.7

253.1

1 In order to better provide decision-relevant information, the data – including the previous year's figures – has been adjusted. 

306 

  
 
 
 
 
  
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

9.  PROPERTY, PLANT AND EQUIPMENT 

The development of property, plant and equipment is shown in the following tables: 

↗ T.21 MOVEMENTS PROPERTY, PLANT & EQUIPMENT 2023  (in € million) 

Technical
equipment and
machines

Other equipment, 
factory and office 
equipment

Payments on 
account and assets 
under construction

Real Estate

Purchase costs as of  
1 January 2023 

Additions 

Disposals 

Transfers 

Currency changes 

175.2 

170.8

23.9 

-4.8 

0.1 

-5.0 

16.6

-0.4

39.7

-4.1

As of 31 December 2023 

189.5 

222.5

Accumulated 
depreciation as of  
1 January 2023 

Depreciation 

Disposals 

Transfers 

Currency changes 

-54.5 

-6.2 

3.5 

0.0 

1.2 

-37.3

-15.0

0.4

-0.3

2.5

706.2 

118.4 

-41.0 

2.2 

-32.6 

753.2 

-443.2 

-84.4 

38.6 

-0.0 

20.3 

As of 31 December 2023 

-56.0 

-49.7

-468.7 

75.1 

66.5 

-2.8 

-42.3 

-1.8 

94.8 

-0.1 

0.0 

0.0 

0.0 

0.1 

0.0 

Total

1,127.3 

225.4 

-49.0 

-0.4 

-43.4 

1,260.0 

-535.2 

-105.7 

42.5 

-0.3 

24.2 

-574.4 

Net carrying amount as 
of 31 December 2023 

133.5 

172.8

284.6 

94.8 

685.6 

307 

  
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

↗ T.22 MOVEMENTS PROPERTY, PLANT & EQUIPMENT 2022  (in € million) 

Technical
equipment and
machines

Other equipment, 
factory and office 
equipment

Payments on 
account and assets 
under construction

Real Estate

Purchase costs as of  
1 January 2022 

Additions 

Disposals 

Transfers 

Currency changes 

168.6 

145.2

0.9 

-0.2 

-4.2 

10.1 

6.8

-0.5

12.8

6.5

As of 31 December 2022 

175.2 

170.8

Accumulated 
depreciation as of  
1 January 2022 

Depreciation 

Disposals 

Transfers 

Impairment 

Currency changes 

As of 31 December 2022 

Net carrying amount as 
of 31 December 2022 

-47.0 

-6.0 

0.1 

0.1 

0.0 

-1.7 

-54.5 

-19.5

-9.0

0.4

-4.1

0.0

-5.2

-37.3

574.1 

112.7 

-45.0 

44.9 

19.6 

706.2 

-391.1 

-78.7 

43.6 

-0.0 

-0.6 

-16.4 

-443.2 

42.1 

79.5 

-2.4 

-44.8 

0.8 

75.1 

0.0 

0.0 

0.0 

-0.1 

0.0 

0.0 

-0.1 

Total

930.0 

199.9 

-48.1 

8.5 

37.0 

1,127.3 

-457.6 

-93.7 

44.2 

-4.2 

-0.6 

-23.2 

-535.2 

120.7 

133.5

263.1 

75.0 

592.2 

Investment properties are included under real estate within property, plant and equipment with a carrying 
amount of € 21.1 million (previous year: € 0.0 million) as of 31 December 2023. The fair value of investment 
properties as of 31 December 2023 is € 23.3 million (previous year: € 0.0 million). This was determined by 
external, independent experts who have relevant professional qualifications and current experience with the 
location and type of properties to be valued. The fair value was determined on the basis of the market-
comparative approach, which reflects the most recent transaction prices for similar properties. 

The rental income generated by the Group from investment properties amounted to € 0.6 million in the 
financial year (previous year: € 0.0 million). Direct operating expenses for investment properties, which 
generated rental income in the financial year, amounted to € 0.0 million (previous year: € 0.0 million). 

308 

  
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

10.  LEASES 

PUMA AS LESSEE 

The Group rents and leases offices, warehouses, facilities, technical equipment and machinery, motor 
vehicles and sales rooms for its own retail business. As a rule, the lease agreements have a term of 
between one and fifteen years. Some agreements include renewal options and price adjustment clauses.  

The carrying amounts for right-of-use assets recognised in the balance sheet relate to the following asset 
classes:  

↗ T.23 RIGHT-OF-USE ASSETS 2023 (in € million) 

Depreciation 

Additions 

Net carrying amount as of  
31 December 2023 

Real Estate –
Retail stores

Real Estate –
Warehouses & offices

Others
(technical equipment
and machines and
vehicles)

107.1

174.1

464.2

89.7

71.9

557.7

12.2

14.3

65.7

↗ T.24 RIGHT-OF-USE ASSETS 2022 (in € million) 

Depreciation 

Additions 

Net carrying amount as of  
31 December 2022 

Real Estate –
Retail stores

Real Estate –
Warehouses & offices

110.1

187.1

430.9

82.1

188.8

613.1

Others
(technical equipment
and machines and
vehicles)

10.6

29.5

67.3

Total

209.0

260.3

1,087.7

Total

202.8

405.4

1,111.3

The following lease liabilities result: 

↗ T.25 LEASE LIABILITIES  (in € million) 

Current lease liabilities 

Non-current lease liabilities 

Total 

2023

212.4

2022

200.2

1,020.0

1,030.3

1,232.4

1,230.4

309 

 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The amounts recognised in the income statement are as follows: 

↗ T.26 RECOGNISED IN INCOME STATEMENT (in € million) 

Depreciation of right-of-use assets incl. impairment losses and reversal of 
impairment losses (included in operating expenses) 

Interest expense (included in financial expenses) 

Expenses short-term leases 
(included in operating expenses) 

Expenses leases of low-value assets 
(included in operating expenses) 

Expenses variable lease payments 
(included in operating expenses) 

Total 

2023

2022

202.8

46.8

228.1

38.6

11.3

10.1

1.2

1.0

35.4

297.5

29.7

307.6

Variable lease payments are incurred in connection with the Group's own retail stores. These are based on 
the sales amount and are therefore dependent on the overall economic development. 

Total cash outflows from lease liabilities in 2023 amounted to € 254.8 million (previous year: € 228.7 million). 

Due to reduced earnings prospects based on updated financial planning and estimates as well as retail 
store closures, impairment expenses in the total amount of € 5.7 million were recorded for the right of use 
of assets in connection with PUMA's own retail stores in financial year 2023 (previous year: € 25.4 million). 
To determine the impairment, the recoverable amount was calculated for the individual retail stores. This 
amounted to € 65.3 million for impaired retail stores (previous year: € 111.4 million). In the financial year, 
impairment reversals in the amount of € 11.9 million (previous year: € 0.0 million) were recorded for retail 
stores. There were no impairment losses or impairment reversals in the other categories of right-of-use 
assets. 

In 2023, PUMA entered into lease agreements that had not yet commenced by year-end. As a result, no 
lease liabilities and corresponding right-of-use assets had been recognised as of 31 December 2023. Future 
lease payments in connection with these agreements amount to € 2.0 million (previous year: € 2.6 million) 
for the next year, € 28.2 million for years two to five (previous year: € 13.7 million) and € 48.5 million for the 
subsequent period (previous year: € 8.7 million). The lease terms for these are up to 15 years. 

310 

  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The maturity analysis of lease liabilities is as follows: 

↗ T.27 MATURITY ANALYSIS OF LEASE LIABILITIES  (in € million) 

Due within one year 

Due between one and five years 

Due after five years 

Total (undiscounted) 

Interest expense (not yet realised) 

Total 

PUMA AS LESSOR 

2023

255.8

679.6

510.4

2022

234.0

665.3

541.2

1,445.8

1,440.6

-213.4

-210.2

1,232.4

1,230.4

PUMA rents out properties owned and leased as a lessor. From the lessor's point of view, these (sub)leases 
are classified as operating or finance leases. In the previous year, PUMA did not rent out any properties.  

The net investments from finance leases are shown as receivables in the balance sheet and are reduced by 
the repayment portion included in the lease payment. The interest portion included in the lease payment is 
reported as interest income in the financial result. 

The maturities of the existing receivables on lease payments against third parties classified as finance 
leases are as follows: 

↗ T.28 MATURITY ANALYSIS OF LEASE RECEIVABLES  (in € million) 

Due within one year 

Due between one and five years 

Due after five years 

Total (undiscounted) 

Interest income (not yet realised) 

Provision for risks 

Total 

2023

16.8

24.8

4.5

46.1

-5.4

-0.5

40.2

311 

  
 
 
 
 
  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The following income was recognised in the income statement in connection with leases: 

↗ T.29 RECOGNISED IN INCOME STATEMENT  (in € million) 

Operating leases 

Fixed rental income 

Finance leases 

Variable rental income 

Total rental income (included in other operating income) 

Selling profit (included in other operating income) 

Interest income (included in financial income) 

2023

1.0

0.4

1.4

8.0

1.2

Future lease payments from operating leases for the coming year amount to € 1.6 million (previous year:  
€ 0.0 million) and to € 5.1 million for years two to five (previous year: € 0.0 million). 

312 

  
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

11.  INTANGIBLE ASSETS 

Intangible Assets mainly include goodwill, intangible assets with indefinite useful lives (e.g. brands), assets 
associated with the Company's own retail activities and software licenses.  

The development of intangible assets is shown in the following table: 

↗ T.30  MOVEMENTS INTANGIBLE ASSETS 2023 (in € million) 

Purchase costs as of 1 January 2023 

Additions 

Disposals 

Transfers 

Currency changes 

As of 31 December 2023 

Accumulated depreciation as of  
1 January 2023 

Depreciation 

Disposals 

Transfers 

Currency changes 

Intangible assets 
with an indefinite 
useful life

Other 
intangible assets

Goodwill

289.3

0.0

0.0

0.0

-4.0

285.3

151.0

0.0

0.0

0.0

-4.6

146.3

-46.6

-17.6

0.0

0.0

0.0

0.4

0.0

0.0

0.0

0.0

341.0

74.2

-16.8

0.6

-1.5

397.5

-210.5

-37.0

11.9

-0.1

1.3

Total

781.2

74.2

-16.8

0.6

-10.1

829.1

-274.7

-37.0

11.9

-0.1

1.6

As of 31 December 2023 

-46.3

-17.6

-234.5

-298.2

Net carrying amount as of  
31 December 2023 

239.0

128.7

163.0

530.8

313 

  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

↗ T.31 MOVEMENTS INTANGIBLE ASSETS 2022 (in € million) 

Purchase costs as of 1 January 2022 

Additions 

Disposals 

Transfers 

Currency changes 

As of 31 December 2022 

Accumulated depreciation as of  
1 January 2022 

Depreciation 

Disposals 

Transfers 

Currency changes 

As of 31 December 2022 

Net carrying amount as of  
31 December 2022 

Intangible assets 
with an indefinite 
useful life

Other 
intangible assets

143.2

276.6

Goodwill

291.5

0.0

0.0

0.0

-2.2

289.3

-46.8

0.0

0.0

0.0

0.2

0.0

0.0

0.0

7.8

151.0

-17.6

0.0

0.0

0.0

0.0

Total

711.4

64.0

-2.4

1.3

6.9

64.0

-2.4

1.3

1.4

341.0

781.2

-175.1

-36.3

2.2

-0.2

-1.1

-239.5

-36.3

2.2

-0.2

-1.0

-46.6

-17.6

-210.5

-274.7

242.7

133.4

130.4

506.5

The item Other intangible assets includes advance payments in the amount of € 21.6 million (previous year: 
€ 5.6 million).  

The current amortisation of intangible assets in the amount of € 37.0 million (previous year: € 36.3 million) is 
included in the other operating expenses. Of this, € 11.5 million relate to sales and distribution expenses 
(previous year: € 7.7 million), € 0.1 million to expenses for product management/merchandising (previous 
year: € 0.1 million), € 0.0 to development expenses (previous year: € 1.9 million), and € 25.3 million to 
administrative and general expenses (previous year: € 26.5 million). 

INFORMATION ON PLANNING ASSUMPTIONS FOR IMPAIRMENT TESTS 

Goodwill and intangible assets with indefinite useful lives are not amortised according to schedule. 
Impairment tests with regard to goodwill were performed in the past financial year using the discounted 
cash flow method. The data from the three-year plan for the respective cash-generating unit or group of 
cash-generating units was used as a basis for this. Planning on the level of the cash-generating units was 
thereby derived from the PUMA Group's three-year plan. The following key assumptions have been made for 
the PUMA Group plans: 

Based on the basic assumptions regarding overall economic development, planning at Group level assumes 
that geopolitical tensions will not increase any further. Under these conditions, we expect our business to 
continue to grow profitably.  

Planned sales growth is based on the good future growth prospects in the sporting goods industry and on 
market share gains by PUMA. This is to be achieved, in particular, via the continued consistent 
implementation of the Forever Faster corporate strategy and the increase in PUMA's brand heat.  

The improvement in EBIT margin in the planning period is the result of a slight increase in gross profit 
margin due to, for example, a higher share of own retail sales as a result of above-average growth of the e-
commerce distribution channel. Furthermore, the slightly weaker percentage increase of other operating 

314 

  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

income and expenses compared to sales growth is also expected to contribute to the improvement of the 
EBIT margin; for example, the operating requirements for planned sales growth over the coming years have 
essentially been met, meaning that economies of scale can be realised.  

The planning of investments and working capital is based on historical experience and is carried out in 
accordance with strategic objectives.  

The future tax payments are based on current tax rates in the respective country. 

For periods beyond the three-year plan, an annual growth rate is determined and used to forecast future 
cash flows beyond the three-year period. The assumed growth rate is based on long-term expectations of 
inflation rates and does not exceed the long-term average growth rates for the business area in which the 
respective cash-generating unit, or group of cash-generating units, operates. 

The recoverable amount for the respective cash-generating unit or group of cash-generating units was 
determined on the basis of the value-in-use. This did not result in impairment losses for any cash-
generating units. 

INTANGIBLE ASSETS WITH AN INDEFINITE USEFUL LIFE 

In connection with the Golf business unit (CPG – Cobra PUMA Golf), the Cobra brand exists as an intangible 
asset with an indefinite useful life amounting to € 128.7 million (previous year: € 133.4 million). The carrying 
amount of the Cobra brand is significant in comparison to the overall carrying amount of the intangible 
assets with an indefinite useful life. It was assigned to the North America business segment, where the 
headquarters of Cobra PUMA Golf is located. The recoverable amount of the Cobra brand was determined 
using the relief from royalty-method (level 3 – see explanation in chapter 14). A discount rate of 10.6% p.a. 
(previous year: 9.4% p.a.), a royalty rate of 6.0% (previous year: 8.0%) and a sustainable 2.0% growth rate 
(previous year: 2.0%) was used. Cobra or CPG's three-year plan shows average revenue growth in the high 
single-digit percentage range. The Management's key assumptions about improvement in the EBIT margin 
in Cobra's or CPG's three-year plan are essentially in line with the fundamental assumptions in the plans at 
Group level.  

A reduction of the royalty rate to approximately 5.4% or a reduction of the average planned sales revenues 
by approx. 10.3% would not result in any impairment requirement for the Cobra brand, and the recoverable 
amount would correspond to the carrying amount. 

If there is evidence that the underlying Cobra business is insufficiently profitable, the trademark is not only 
valued individually using the relief from royalty-method, but the recoverable amount of the cash-generating 
units to which the trademark is attributable is determined. In 2023, there were no indications of an 
impairment. 

315 

 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

GOODWILL 

Goodwill is allocated to the Group's identifiable groups of cash-generating units (CGUs) according to the 
countries where the activities are carried out. Summarised by regions, goodwill is allocated as follows: 

↗ T.32 COMPOSITION OF GOODWILL (in € million) 

PUMA UK 

Genesis 

Subtotal Europe 

PUMA Canada 

PUMA United NA 

Subtotal North America 

PUMA Argentina 

PUMA Chile 

PUMA Mexico 

Subtotal Latin America 

PUMA China 

PUMA Taiwan 

Subtotal Greater China 

PUMA Japan 

Subtotal Asia/Pacific (excluding Greater China) 

stichd 

Total 

Assumptions used in conducting the impairment tests in 2023: 

↗ T.33 ASSUMPTIONS IMPAIRMENT TEST 2023 

2023

2022

1.6

7.0

8.7

9.7

2.0

11.7

15.8

0.5

12.2

28.5

2.5

13.3

15.8

35.0

35.0

1.6

6.9

8.5

9.9

2.1

11.9

16.4

0.5

10.9

27.8

2.5

13.7

16.2

38.9

38.9

139.4

239.0

139.4

242.7

Europe 

North America * 

Latin America 

Greater China 

Asia/Pacific (excluding Greater China) * 

stichd * 

Tax rate (range)

WACC before tax 
(range)

WACC after tax 
(range)

19.0%

26.2%

13.3%

12.7%

11.1%

10.3%

27.0%-35.0%

16.5%-64.1%

12.1%-51.7%

20.0%-25.0%

12.9%-14.0%

10.5%-11.2%

38.1%

25.0%

16.4%

13.1%

10.5%

10.2%

*  The information for North America, Asia/Pacific (excluding Greater China) and stichd relates in each case to only one cash-

generating unit (CGU) 

The tax rates used for the impairment test correspond to the actual tax rates in the respective countries. 
The weighted average cost of capital (WACC) was derived on the basis of the weighted average cost of total 

316 

  
 
 
 
 
  
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

capital, taking into account a standard market capital structure (ratio of debt to equity) and including the 
most important listed competitors (peer group).  

In addition, a growth rate of 2.0% (previous year: 2.0%) is generally assumed. A growth rate of less than 
2.0% (previous year: less than 2.0%) was applied only in justified exceptional cases, where the long-term 
expectations on inflation rate for the country in which the cash-generating unit operates were lower than 
the assumed growth rate; this applies, in particular, to the UK, Japan and Taiwan. 

The cash-generating unit stichd includes goodwill of € 139.4 million (previous year: € 139.4 million), which is 
significant in comparison to the overall carrying amount of goodwill. The recoverable amount was 
determined by a value-in-use calculation with a discount rate of 10.2% p.a. (previous year: 9.4% p.a.) and a 
growth rate of 2.0% (previous year: 2.0%). Stichd's three-year plan shows sales growth in the low double-
digit percentage range. In the three-year plan for stichd, a lower improvement in the EBIT margin is 
expected compared to the Group, as the EBIT margin of stichd is already higher than for the Group as a 
whole.  

The cash-generating unit PUMA Japan includes goodwill of € 35.0 million (previous year: € 38.9 million), 
which is significant in comparison to the overall carrying amount of goodwill. The recoverable amount was 
determined by a value-in-use calculation with a discount rate of 10.5% p.a. (previous year: 9.4% p.a.) and a 
growth rate of 1.2% (previous year: 1.0%). PUMA Japan's three-year plan shows sales growth in the high 
single-digit percentage range. PUMA Japan's three-year plan shows that the company expects a strong 
improvement in the EBIT margin and a return to the historical profitability level of PUMA Japan.  

The following table contains the assumptions for the performance of the impairment test in the previous 
year: 

↗ T.34 ASSUMPTIONS IMPAIRMENT TEST 2022 

Europe 

North America * 

Latin America 

Greater China 

Asia/Pacific (excluding Greater China) * 

stichd * 

Tax rate (range)

WACC before tax 
(range)

WACC after tax 
(range)

19.0%

12.3%-12.4%

26.2%

11.8%

10.4%

9.1%

27.0%-34.9%

14.8%-65.4%

11.2%-58.3%

20.0%-25.0%

12.1%-13.5%

10.0%-10.6%

38.1%

25.0%

14.3%

12.0%

9.4%

9.4%

*  The information for North America, Asia/Pacific (excluding Greater China) and stichd relates in each case to only one cash-

generating unit (CGU) 

317 

  
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

12.  OTHER NON-CURRENT ASSETS 

Other non-current financial and non-financial assets consist of: 

↗ T.35 OTHER NON-CURRENT ASSETS  (in € million) 

Investments 

Fair value of derivative financial instruments 

Lease receivables 

Other financial assets 

Total of other non-current financial assets 

Other non-current non-financial assets 

Other non-current assets, total 

2023

21.2

1.4

25.3

35.7

83.6

25.6

109.1

2022

21.7

2.5

0.0

34.2

58.4

8.8

67.2

The investments relate to the 5.32% shareholding in Borussia Dortmund GmbH & Co. Kommanditgesell-
schaft auf Aktien (BVB) with registered office in Dortmund, Germany. According to the audited IFRS 
consolidated financial statements 2022/2023 of Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf 
Aktien, equity as of 30 June 2023 amounted to € 282.7 million and the result of the last financial year was 
€ 9.6 million. 

Other financial assets mainly include rental deposits in the amount of € 31.9 million (previous year:  
€ 29.8 million). The other non-current non-financial assets mainly include accruals and deferrals in 
connection with promotional and advertising agreements. 

318 

  
 
 
 
 
 
 
PUMA Annual Report 2023 

13.  LIABILITIES 

The residual terms of liabilities are as follows: 

↗  T.36 LIABILITIES  (in € million) 

Borrowings 

Trade payables 

Other liabilities* 

Liabilities from other taxes 

Liabilities relating to social security 

Payables to employees 

Liabilities from refund obligations 

Liabilities from derivative financial instruments 

Remaining other liabilities 

Total 

*  The maturity analysis on lease liabilities is presented in chapter 10. 

↗ Consolidated Financial Statements 

2023 

Residual term of 

2022 

Residual term of 

Total

up to 1 year

1 to 5 years

over 5 years

Total

up to 1 year

1 to 5 years

over 5 years

572.0

145.9

426.1

1,499.8

1,499.8

110.0

10.6

123.6

236.9

58.2

45.4

110.0

10.6

123.6

236.9

47.7

43.2

0.0

0.0

0.0

0.0

0.0

0.0

10.5

2.0

2,656.5

2,217.7

438.5

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.2

0.2

327.4

75.9

1,734.9

1,734.9

251.5

0.0

82.6

10.0

137.2

373.9

52.4

54.0

82.6

10.0

137.2

373.9

39.5

51.6

0.0

0.0

0.0

0.0

12.9

2.0

2,772.5

2,505.8

266.3

The liabilities from refund obligations result from contracts with customers and essentially comprise obligations from customer return rights. 

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.3

0.3

319 

  
  
 
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

14.  FINANCIAL INSTRUMENTS 

CARRYING AMOUNTS OF FINANCIAL INSTRUMENTS AND ALLOCATION TO VALUATION CATEGORIES 

↗ T.37 CARRYING AMOUNTS OF FINANCIAL INSTRUMENTS AND THEIR FAIR VALUE (in € million) 

Measurement
categories
under IFRS 9

Carrying
amount

Fair value

Level 1

Level 2

Level 3

Carrying
amount

Fair value

Level 1

Level 2

Level 3

2023

2023

2022

2022

Assets 

Cash and cash equivalents 

Trade receivables 

Other current financial assets 

Derivatives - hedge accounting 

Derivatives - no hedge accounting 

Lease receivables 

Remaining current financial assets 

Other non-current financial assets 

Derivatives - hedge accounting 

Investments 

Lease receivables 

Remaining non-current financial assets 

Liabilities 

Current borrowings 

Bank liabilities 

Promissory note loans 

1)AC

AC

552.9

1,118.4

n/a

2)FVPL

n/a

AC

n/a

3)FVOCI

n/a

AC

AC

AC

22.8

11.6

1.4

21.2

21.2

22.8

11.6

1.4

22.8

11.6

14.9

45.6

1.4

21.2

25.3

35.7

15.2

130.8

124.9

124.9

463.1

1,064.9

56.1

59.8

0.0

21.6

2.5

21.7

0.0

34.2

15.9

60.0

56.1

59.8

2.5

21.7

21.7

56.1

59.8

2.5

59.3

59.3

320 

  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Measurement
categories
under IFRS 9

Carrying
amount

Fair value

Level 1

Level 2

Level 3

Carrying
amount

Fair value

Level 1

Level 2

Level 3

2023

2023

2022

2022

Trade payables 

Current lease liabilities 

Other current financial liabilities 

Derivatives - hedge accounting 

Derivatives - no hedge accounting 

Remaining current financial liabilities 

Non-current borrowings (promissory note loans) 

Non-current lease liabilities 

Other non-current financial liabilities 

Derivatives - hedge accounting 

Remaining non-current financial liabilities 

Total financial assets at amortised cost 

Total financial liabilities at amortised cost 

Total financial assets at fair value through profit 
or loss 

Total financial liabilities at fair value through 
profit or loss 

Total financial assets at FVOCI 

AC

n/a

1,499.8

212.4

n/a

2)FVPL

AC

AC

n/a

n/a

AC

1,734.9

200.2

23.6

15.9

36.5

23.6

15.9

23.6

15.9

22.6

25.1

22.6

25.1

30.9

22.6

25.1

426.1

427.4

427.4

251.5

239.5

239.5

10.5

10.5

1,020.0

10.5

0.9

1,752.6

2,103.6

11.6

25.1

21.2

12.9

12.9

1,030.3

12.9

1.0

1,583.8

2,099.8

59.8

15.9

21.7

1) AC = at amortised cost 
2) FVPL = fair value through PL 
3) FVOCI (fair value through OCI) = equity instruments at fair value through other comprehensive income 

321 

  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Financial instruments that are measured at fair value in the balance sheet were determined using the 
following hierarchy: 

Level 1: Use of prices quoted on active markets for identical assets or liabilities. 

Level 2: Use of input factors that do not involve the quoted prices stated under level 1, but can be observed 
for the asset or liability either directly (i.e. as the price) or indirectly (i.e. derived from the price). 

Level 3: Use of factors for the valuation of the asset or liability that are based on non-observable market 
data. 

Reclassification between different levels of the fair value hierarchy are recorded at the end of the reporting 
period in which the change occurred. 

The fair value of the investments held for strategic reasons only refers to equity instruments of the category 
"fair value through OCI" (FVOCI) and is determined on the basis of level 1. The market values of the 
derivative assets and liabilities as well as the fair value of the promissory note loans were determined in 
accordance with level 2. 

322 

 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The following table shows the measurement techniques used for determining Level 2 fair values for 
financial instruments. 

↗ T.38 FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE - LEVEL 2 

Material, non-
observable input 
factors 

Connection between 
material, non-
observable input 
factors and fair value 
measurement 

Not applicable 

Not applicable 

Type 

Measurement technique 

Currency forward 
transactions 

The fair values are determined on the basis of 
current market parameters, i.e., reference prices 
observable on the market, taking into account 
forward premiums and discounts. The discounted 
result of the comparison of the forward price on the 
reporting date with the forward price of the 
valuation date is included in the measurement.  
The fair values are also checked for the 
counterparty's non-performance risk. In doing this, 
PUMA calculates credit value adjustments (CVA) or 
debt value adjustments (DVA) on the basis of an 
up/down method, taking current market information 
into account, in particular the creditworthiness of 
the company's business partners. No material 
deviations were found, so that no adjustments were 
made to the fair value determined. 

Currency options 

The valuation is based on Garman Kohlhagen model, 
an extended version of the Black Scholes model. 

Not applicable 

Not applicable 

Promissory note 
loans 

The valuation takes into account the cash value of 
expected payments, discounted using a risk-
adjusted discount rate. 

Not applicable 

Not applicable 

Interest options 

The valuation is based on the Black Scholes model.  Not applicable 

Not applicable 

Of the fair value of the derivatives with a hedge relationship with positive market values of € 24.2 million 
(previous year: € 58.6 million), € 24.5 million (previous year: € 65.9 million) related to the valuation of the 
spot component. Of the fair value of the derivatives with a hedge relationship with negative market values of 
€ 33.1 million (previous year: € 36.5 million), € 40.7 million (previous year: € 46.9 million) related to the 
valuation of the spot component. 

Cash and cash equivalents, trade receivables and other receivables have short maturities. Accordingly, as of 
the reporting date, the carrying amount approximates fair value. Receivables are stated at nominal value, 
taking into account deductions for default risk. 

The fair values of other financial assets correspond to their carrying amount, as the interest calculation 
occurs at the prevailing market interest rates on the balance sheet date. Other (current and non-current) 
financial assets include € 40.3 million (previous year: € 37.8 million) that were pledged as rental deposits at 
usual market rates.  

Trade payables have short residual maturities; their carrying amounts therefore approximate fair value. 

The remaining financial liabilities have short residual maturities; the recognised amounts therefore 
approximate fair value. 

323 

 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

NET RESULT BY VALUATION CATEGORIES 

The following table shows the net result by valuation category: 

↗ T.39 NET GAINS/LOSSES FROM FINANCIAL INSTRUMENTS (in € million) 

Financial assets at amortised cost (AC) 

Financial liabilities at amortised cost (AC) 

Derivatives without hedging relationship measured at fair value through profit or loss 
(FVPL) 

Financial assets measured at fair value through other comprehensive income (FVOCI) 

2023

5.8

-89.3

7.7

-0.5

2022

26.0

-7.1

-47.6

-3.4

The net result was determined by taking into account interest income and expense, currency exchange 
effects, changes in provisions for risks as well as gains and losses from disposal. It also includes effects 
from the fair value measurement of derivatives without a hedging relationship. 

The net result includes interest income of € 36.6 million (previous year: € 31.8 million) and interest expenses 
of € 47.7 million (previous year: € 15.2 million) according to the effective interest method. 

General administrative expenses include changes in risk provisions for receivables. 

DISCLOSURES RELATING TO FINANCIAL RISKS 

The PUMA Group is exposed to the following risks from the use of financial instruments: 

•  Default risk 
•  Liquidity risk 
•  Market risk 

These risks and the principles of risk management are explained below. 

PRINCIPLES OF RISK MANAGEMENT 

The Management Board of PUMA SE is responsible for developing and monitoring risk management in the 
PUMA Group. To this end, the Management Board has set up a Risk Management Committee that is 
responsible for designing, reviewing and adapting the risk management system. The Risk Management 
Committee regularly reports to the Management Board on its work. 

The guidelines for the risk management system define the responsibilities, tasks and processes of the risk 
management system. The guidelines for the risk management system and the risk management system 
itself are reviewed regularly in order to be able to pick up on any changes in market conditions and PUMA's 
activities and incorporate them accordingly.  

The Audit Committee, on the one hand, monitors the Management Board's compliance with the guidelines 
and the Group risk management processes. On the other hand, the Audit Committee monitors the 
effectiveness of the risk management system with regard to the risks to which the PUMA Group is exposed. 
The Internal Audit department supports the Audit Committee in its monitoring tasks. To this end, regular 
audits and ad hoc audits are also carried out by the Internal Audit department. Their results are reported 
directly to the Audit Committee. 

324 

  
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

DEFAULT RISK 

Default risk is the risk of financial losses if a customer or party to a financial instrument fails to meet its 
contractual obligations. Default risk arises in principle from trade receivables and from other contractual 
financial obligations of the counterparty, such as bank deposits and derivative financial instruments. 

Without taking into account any existing credit insurance policies or other guarantees received, the 
maximum default risk is equal to the carrying amount of the financial assets. 

At the end of financial year 2023, there was no relevant concentration of default risk by customer type or 
region. Default risk is mainly influenced by individual customer characteristics. In accordance with our 
credit guidelines, new customers are checked for creditworthiness before we offer them our regular 
payment and delivery terms. In addition, we set specific receivables limits for each customer. In particular, 
the international credit insurance programme that PUMA has concluded for all major subsidiaries 
contributes to risk mitigation. The creditworthiness of our customers and the limits on receivables are 
monitored on an ongoing basis, which also includes requests for individual credit limits from credit 
insurance providers for all customers who have external accounts that exceed a certain value limit. The 
credit insurer's response to such credit limit requests always includes information on the creditworthiness. 
Customers with a credit rating that does not meet the minimum requirements set may, as a rule, only 
acquire products against advance payment. 

Further activities to reduce default risk include retention of title clauses, and also in individual cases the 
selective sale of trade receivables (without recourse) and the obtaining of bank guarantees or parent 
company guarantees for our customers. 

At the end of the financial year 2023, no individual customers accounted for more than 10% of trade 
receivables. 

The central Treasury department has a comprehensive overview of the banks involved in currency hedging 
instruments and the management of cash and cash equivalents. Business with banks is focused on core 
banks with the appropriate credit rating (currently a minimum rating of BBB+ or better), while maximum 
risk amounts are specified for banks that have also been engaged in addition to this. The counterparty risks 
resulting from this are reviewed at least once every six months.  

PUMA held derivative financial instruments with a positive market value of € 35.8 million in 2023 (previous 
year: € 118.3 million). The maximum default risk for an individual bank from such assets amounted to  
€ 7.5 million (previous year: € 24.8 million). 

In accordance with IFRS 7, the following table contains further information on the offsetting options for 
derivative financial assets and liabilities. Most agreements between financial institutions and PUMA include 
a mutual right to offsetting; the right to offsetting is only enforceable in the event of the default of a business 
partner. Therefore, the criteria for offsetting in the balance sheet are not met. 

325 

 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The carrying amounts of the derivative financial instruments affected by the aforementioned offsetting 
agreements are shown in the following table: 

↗ T.40 OFFSETTING POSSIBILITIES OF DERIVATIVE FINANCIAL INSTRUMENTS (in € million) 

Assets 

Gross amounts of financial assets recognised in the balance sheet 

Financial instruments that qualify for offsetting 

= Net book value of financial assets 

Offsettable on the basis of framework agreements 

Total net value of financial assets 

Liabilities 

Gross amounts of financial liabilities recognised in the balance sheet 

Financial instruments that qualify for offsetting 

= Net book value of financial liabilities 

Offsettable on the basis of framework agreements 

Total net value of financial liabilities 

2023

2022

35.8

0.0

35.8

-34.5

1.3

118.3

0.0

118.3

-50.6

67.7

2023

2022

58.2

0.0

58.2

-34.5

23.7

52.4

0.0

52.4

-50.6

1.8

LIQUIDITY RISK 

Liquidity risk is the risk that the Group may not be able to meet its financial liabilities by delivering cash or 
other financial assets in accordance with the agreement. The objective of the Group in managing liquidity is 
to ensure that, as far as possible, sufficient cash and cash equivalents are always available in order to meet 
the payment obligations upon maturity, under both normal and strained conditions. 

PUMA aims to maintain the amount of cash, cash equivalents and fixed loan commitments at a level that 
covers the effects of an assumed worst-case scenario. This scenario is based on the events and financial 
impact of the COVID-19 crisis in Q2 2020, which must be covered accordingly. 

PUMA has confirmed credit lines amounting to a total of € 1,552.8 million (previous year: € 1,271.0 million), of 
which € 986.1 million had not been used as at 31 December 2023 (previous year: € 943.7 million). 

No financial liabilities were utilised from credit lines granted only until further notice. 

The effective interest rate of the financial liabilities ranged from 0.0% to 1.3% (previous year: 0.0% to 0.9%). 

326 

  
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The following table shows the future cash outflows from the financial liabilities existing as at the reporting 
date, as well as the contractual cash flows in connection with derivatives with a negative market value. 
These are non-discounted gross amounts including expected interest payments, but exclude presentation of 
the effects of offsetting: 

↗ T.41 CONTRACTUAL CASH FLOWS FROM FINANCIAL LIABILITIES 2023 (in € million) 

Non-derivative financial liabilities 

Borrowings 

Trade payables 

Other liabilities 

Derivative financial liabilities 

Total

2024

2025

2026 et 
seq.

634.0

166.9

85.1

382.0

1,499.8

1,499.8

31.8

47.0

30.9

43.8

0.5

2.2

-479.5

481.8

0.4

1.0

1.0

Cash inflow derivative financial liabilities 

-2,876.6

-2,397.1

Cash outflow derivative financial liabilities 

2,923.6

2,440.8

The following values were determined for the previous year: 

↗ T.42 CONTRACTUAL CASH FLOWS FROM FINANCIAL LIABILITIES 2022 (in € million) 

Non-derivative financial liabilities 

Borrowings 

Trade payables 

Other liabilities 

Derivative financial liabilities 

Cash inflow derivative financial liabilities 

-1,905.7

-1,303.9

Cash outflow derivative financial liabilities 

1,940.2

1,338.1

1) The previous year's figures have been adjusted 

Total

2023

2024

2025 et seq.

332.7

78.3

126.6

127.8

1,734.9

1,734.9

37.5

34.5

36.5

34.2

0.2

0.8

0.3

-601.8

602.1

MARKET RISK 

Market risk is the risk that market prices, such as exchange rates, share prices or interest rates, may 
change, thereby affecting the income of the Group or the value of the financial instruments held. 

The aim of market risk management is to manage and control market risk within acceptable margins while 
optimising returns. 

To manage market risks, PUMA acquires and sells derivatives and also enters into financial liabilities. All 
transactions are carried out within the framework of the Group's risk management regulations. 

327 

  
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

CURRENCY RISK 

PUMA is exposed to transactional foreign currency risks such that the quoted currencies used for 
acquisition, disposal and credit transactions and for receivables do not match the functional currency of the 
Group companies.  

In financial year 2023, PUMA designated currency hedges in Cashflow Hedge Accounting in order to hedge 
the amount payable of purchases denominated in USD, and converted to euros, as well as for other currency 
risks resulting from internal resale to PUMA subsidiaries. 

Furthermore, currency swaps and forward exchange contracts are used to hedge foreign exchange risks 
when measuring intra-group loans denominated in foreign currencies. 

The estimated foreign currency risks are initially subjected to a quantitative materiality test, while 
simultaneously taking hedging costs into account. Material risks are then hedged, in accordance with the 
Group directive, up to a hedging ratio of up to 95% of the estimated foreign currency risks from expected 
acquisition and disposal transactions over the next 12 to 15 months. Forward exchange contracts and 
currency options, usually with a term of around 12 months from the reporting date, are used to hedge the 
foreign currency risk. For significant risks that are subject to large hedging costs, high hedging ratios can 
only be achieved over shorter terms. 

The summarised quantitative information about the Group's currency risk is as follows: 

↗ T.43 EXPOSURE TO FOREIGN CURRENCY RISK 2023 (in € million) 

as of 31 December 2023 

Risk from forecast transactions 

Balance sheet risk 

Total gross risk 

Hedged with currency options 

Hedged with currency forward contracts 

Net risk 

USD

-1,716.4

-628.3

-2,344.7

18.1

1,933.1

-393.5

↗ T.44 EXPOSURE TO FOREIGN CURRENCY RISK 2022 (in € million) 

as of 31 December 2022 

Risk from forecast transactions 

Balance sheet risk 

Total gross risk 

Hedged with currency forward contracts 

Net risk 

USD

-1,665.5

-307.1

-1,972.6

1,833.9

-138.7

MXN

269.1

78.8

347.9

0.0

-211.1

136.7

GBP

104.5

76.6

181.0

-171.9

9.1

JPY

190.0

13.4

203.4

-51.5

-110.3

41.6

JPY

205.2

28.3

233.4

-181.6

51.9

Currency forward contracts and the risk from forecast transactions were calculated on a one-year basis.  

328 

 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The nominal amounts of open exchange rate-hedging transactions refer primarily to currency forward 
contracts in a total amount of € 3,745.0 million (previous year: € 3,792.6 million).  

The market values of open exchange rate-hedging transactions on the balance sheet date consist of: 

↗ T.45 MARKET VALUE OF EXCHANGE RATE HEDGING CONTRACTS (in € million) 

Currency forward contracts 

Currency options 

Currency hedging contracts, assets 

Currency forward contracts 

Currency options 

Currency hedging contracts, liabilities 

Net 

2023

35.5

0.3

35.8

56.0

1.2

57.2

-21.4

2022

118.3

0.0

118.3

52.4

0.0

52.4

66.0

The net risk position and the average hedging rates are broken down as follows: 

↗ T.46 AVERAGE HEDGING RATES 

Currency risk 

Net risk position (€ million) 

1,076.5

504.2

1,167.5

508.2 

2023 

2022 

Current

Non-current

Current

Non-current 

Currency forward contracts 

Average EUR/USD exchange rate 

Average EUR/MXN exchange rate 

1.108

19.978

1.110

-

1.092

21.636

1.069 

- 

Average EUR/JPY exchange rate 

138.560

148.736

133.205

137.338 

Currency options 

Average EUR/USD exchange rate (Put/Call) 

1.050/1.144

1.039/1.131

Average EUR/MXN exchange rate (Put/Call) 

-

-

Average EUR/JPY exchange rate (Put/Call) 

140.198/157.850 143.733/161.366

-

-

-

- 

- 

- 

Currency sensitivity analysis 
In order to disclose market risks, IFRS 7 requires sensitivity analysis that show the effects of hypothetical 
changes in relevant risk variables on earnings and equity. The periodic effects are determined by relating 
the hypothetical changes caused by the risk variables to the balance of the financial instruments held as of 
the balance sheet date. The underlying assumption is that the balance as of the balance sheet date is 
representative for the entire year. 

Currency risks as defined by IFRS 7 arise on account of financial instruments that are denominated in a 
currency which differs from the functional currency and are monetary in nature. Differences resulting from 

329 

  
 
 
 
 
  
  
 
 
 
  
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

the conversion of the individual financial statements to the group currency are not taken into account. All 
non-functional currencies in which PUMA employs financial instruments are generally considered to be 
relevant risk variables. 

The currency sensitivity analysis is based on the net balance sheet risk denominated in foreign currencies. 
This also includes intra-company monetary assets and liabilities. Outstanding currency derivatives are also 
reassessed as part of the sensitivity analysis.  

The following table shows the increase or decrease of profit or loss or cash flow hedge reserve in equity in 
the event of a 10% appreciation or depreciation against the euro spot price. It is assumed that all other 
influencing factors, including interest rates and commodity prices, remain constant. The effects of the 
forecasted operating cash flows are also ignored. 

↗ T.47 SENSITIVITY ANALYSIS FOR FOREIGN EXCHANGE RATE CHANGES 2023 (in € million) 

as of 31 December 2023 

USD

MXN

JPY

Nominal amounts of outstanding currency forward contracts 

2,413.7

-211.1

-123.7

Equity 

Profit or loss 

Equity 

Profit or loss 

EUR +10%

EUR +10%

EUR +10%

-151.3

2.0

17.9

-0.6

-1.0

-0.1

EUR -10%

EUR -10%

EUR -10%

218.9

-2.4

-11.0

0.8

-23.7

0.1

↗ T.48 SENSITIVITY ANALYSIS FOR FOREIGN EXCHANGE RATE CHANGES 2022 (in € million) 

as of 31 December 2022 

USD

GBP

JPY

Nominal amounts of outstanding currency forward contracts 

2,428.2

-205.7

-233.8

Equity 

Profit or loss 

Equity 

Profit or loss 

EUR +10%

EUR +10%

EUR +10%

-186.6

5.7

7.7

-0.1

13.9

0.4

EUR -10%

EUR -10%

EUR -10%

221.0

-6.9

-18.8

0.1

-28.7

-0.5

Currency risks and other risk and opportunity categories are discussed in greater detail in the Combined 
Management Report in the Risk and Opportunity Report. 

INTEREST-RATE RISKS 

The interest rate risk in the PUMA Group is primarily attributable to variable-interest borrowings. Interest 
rate management is carried out centrally by the Treasury division on the basis of specified limits. Within this 
framework, the division manages and monitors interest rate risk through the use of interest rate 
derivatives. Transactions are only concluded with counterparties that are creditworthy. Derivatives financial 
instruments must not be used for speculative purposes, but only to hedge risks related to underlying 
transactions. 

330 

  
  
 
 
 
 
 
  
  
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

As of 31 December 2023, € 207.5 million (previous year: € 67.5 million) of the borrowings were subject to 
variable interest. 

Interest rate collars were also concluded at the same amount and with the same maturity to hedge the risk 
of interest rate changes for the variable interest-rate promissory note tranches in the amount of 
€ 150.0 million in May 2023. 

There is an economic relationship between the underlying and hedging transactions, since the terms of the 
interest-rate collars correspond to those of the floating-rate loans. This applies to the nominal amount, 
maturity, payment and interest adjustment dates. The underlying risk of interest rate collars is identical to 
that of the hedged risk components. A hedge ratio of 1:1 has therefore been established for the hedging 
relationship. 

The net risk position and the average hedged interest rate are as follows: 

↗ T.49 AVERAGE HEDGED INTEREST RATE 

Net risk position (€ million) 

Interest rate risk 

2023 

Current 

Non-current 

54.5

3.0

Average hedged interest rate in % based on current fixing (Cap/Floor) 

4.7%/1.5%

As there were no significant variable interest-bearing liabilities in the previous year and no interest hedging 
transactions were therefore used, the information for the previous year is not applicable. 

Interest sensitivity analysis 
The result in the Group depends on the development of the market interest rate level. A change in the 
interest rate level would have an impact on the Group's income and equity. The analysis carried out includes 
all interest-bearing financial instruments that are subject to interest rate risk. 

A change in the interest rate level of 100 basis points would have the following effects on profit or loss and 
the cash flow hedge reserve in equity  

↗ T.50 SENSITIVITY ANALYSIS FOR INTEREST RATE RISK (in € million) 

Equity 

Profit or loss 

2023 

+1.0%

-1.0%

0.8

0.4

0.0

-1.9

As there were no significant variable interest-bearing liabilities in the previous year, no interest-rate 
sensitivity analysis was prepared for the previous year. 

331 

  
  
 
 
 
 
 
 
 
  
  
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

INFORMATION ON HEDGING INSTRUMENTS THAT ARE IN A HEDGING RELATIONSHIP 

On the balance sheet date, the amounts relating to items designated as hedged underlying transactions with regard to exchange rate risks were as follows: 

↗ T.51 DESIGNATED HEDGE ITEMS (in € million) 

Change in value for the calculation of 
hedge ineffectiveness 

Reserve for cash flow hedges 

Balance remaining in the cash flow hedging 
reserve from hedging relationships to which 
hedge accounting is no longer applied 

as of 31 December 2023 

Currency risk –  
sales transactions 

Currency risk –  
sourcing transactions 

Interest rate risk 

as of 31 December 2022 

Currency risk –  
sales transactions 

Currency risk –  
sourcing transactions 

-8.2 

-5.4 

0.0 

-31.1 

188.1 

19.6

-23.5

0.0

29.8

-15.7

0.0

0.0

0.0

0.0

0.0

332 

  
  
 
 
  
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The amounts relating to items designated as hedging instruments have the following effects on the statement of financial position and income statement: 

↗ T.52 DESIGNATED HEDGE INSTRUMENTS (in € million) 

Nominal 
value 

Carrying amount 

in the financial year 2023 

Item in the balance
sheet, in which the
hedging instrument
is included

Assets

Liabilities

as of 31 December 2023 

Currency risk –  
sales transactions 

Currency risk –  
sourcing transactions 

Interest rate risk 

150.0

1,082.2

22.3

-6.2

1,996.4

2.3

0.0

-34.5

0.0

other current/
non-current
financial assets/
liabilities

Changes in the 
value of the 
hedging 
instrument, 
recognized in 
other 
comprehensive 
income 

8.2 

5.4 

0.0 

as of 31 December 2022 

Currency risk –  
sales transactions 

Currency risk –  
sourcing transactions 

1,097.7

44.0

-3.5

2,082.6

21.9

-43.4

other current/
non-current
financial assets/
liabilities

31.1 

-188.1 

Ineffectiveness
of the hedging
instrument,
recognized in the
income
statement

Items in the
income 
statement, 
containing the
ineffectiveness
of the hedging

Amount 
transferred
from the 
hedging reserve
to the inventory
acquisition cost

Amount 
reclassified 
from the 
hedging reserve
to the income 
statement

Items in the
income
statement
affected by the
reclassification

-

-

-

-

-

-

29.8

Sales

Financial 
expenses

-12.9

-5.1

Cost of sales

-

-

in the financial year 2022 

Financial 
expenses

0.0

Financial
expenses

-16.7

Sales

91.9

144.0

Cost of sales

333 

  
 
  
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The following table shows the reconciliation of the change in equity in relation to cash flow hedges: 

↗ T.53 CHANGES IN THE RESERVE FOR CASH FLOW HEDGE (in € million) 

Reserve for cash flow hedge as of 1 January 

Change in fair value 

Thereof currency risk 

Thereof interest rate risk 

Amount included in the acquisition cost of non-financial assets 

Amount reclassified to the income statement 

Thereof currency risk 

Thereof interest rate risk 

Tax effect 

Reserve for cash flow hedge as of 31 December 

2023

14.2

-13.6

0.0

12.9

2022

78.1

157.0

0.0

-91.9

-27.5

-128.2

0.0

10.1

-3.9

0.0

-0.7

14.2

A small portion of the originally planned sourcing and sales volume in foreign currencies did not transpire, 
leading to an excess of hedging transactions. Hedge accounting was terminated for those sourcing and 
sales transactions that were no longer expected to transpire, and the fair value was transferred as a profit 
or loss from the cash flow hedge reserve to the income statement. As soon as any highly likely sourcing or 
sales transaction is no longer expected to transpire, an offsetting transaction is concluded. Across all 
currency pairs, an amount of € 5.5 million (previous year: € -14.8 million) was recognised in the income 
statement. 

334 

  
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

15.  PENSION PROVISIONS 

Pension provisions result from employees' claims and, if applicable, their survivors, for benefits which are 
based on the statutory or contractual regulations applicable in the respective country in the event of 
invalidity, death or when a certain retirement age has been reached. Pension commitments in the PUMA 
Group include both benefit- and contribution-based pension commitments and include both obligations 
from current pensions and rights to pensions payable in the future. The pension entitlements are financed 
by both provisions and funds. 

The risks associated with the pension commitments mainly concern the usual risks of benefit-based 
pension plans in relation to possible changes in the discount rate and inflation trends, and recipient 
longevity. In order to limit the risks of changed capital market conditions and demographic developments, 
plans with the maximum obligations were agreed or insured for new hires a few years ago in Germany and 
Great Britain. The specific risk of obligations based on salary is low within the PUMA Group. The 
introduction of an annual cap for pensionable salary in the Great Britain plan in 2016 covers this risk for the 
highest obligations. The Great Britain plan is therefore classified as a non-salary obligation. 

↗ T.54 PRESENT VALUE OF PENSION OBLIGATION 2023  (in € million) 

Present value of pension obligation 31 December 2023 

Salary-based obligations 

Annuity 

One-off payment 

Non-salary based obligations 

Annuity 

One-off payment 

Total 

Germany

Great Britain

Other 
companies

PUMA Group

0.0

0.0

49.3

8.2

57.5

0.0

0.0

31.9

0.0

31.9

8.8

9.1

0.0

0.0

17.9

8.8

9.1

81.2

8.2

107.3

335 

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The following values were determined in the previous year: 

↗ T.55 PRESENT VALUE OF PENSION OBLIGATION 2022  (in € million) 

Present value of pension obligation 31 December 2022 

Salary-based obligations 

Annuity 

One-off payment 

Non-salary based obligations 

Annuity 

One-off payment 

Total 

Germany

Great Britain

Other 
companies

PUMA Group

0.0

0.0

48.9

7.9

56.8

0.0

0.0

29.6

0.0

29.6

8.6

9.3

0.0

0.0

17.9

8.6

9.3

78.5

7.9

104.3

The main pension arrangements are described below: 

The general pension scheme of PUMA SE essentially provides for pension payments to a maximum amount 
of € 127.82 per month and per eligible employee. It was closed for new members beginning in 1996. In 
addition, PUMA SE provides individual commitments (fixed sums in different amounts) as well as 
contribution-based individual benefits (in part from salary conversion). The contribution-based individual 
benefits are insured plans. There are no statutory minimum funding requirements. The scope of obligation 
for domestic pension claims amounts to € 57.5 million at the end of 2023 (previous year: € 56.8 million) and 
thus comprises 53.6% of the total obligation. The fair value of the plan assets relative to domestic 
obligations amounts to € 50.4 million. The corresponding pension provision amounts to € 7.1 million. 

The defined benefit plan in Great Britain has not been available to new hires since 2006. This defined benefit 
plan includes salary and length of service-based commitments to provide old age, invalidity and surviving 
dependents' retirement benefits. In 2016, a growth cap of 1% p.a. was introduced on the pensionable salary. 
Partial capitalisation of the old-age pension is permitted. There are statutory minimum funding 
requirements. The obligations regarding pension claims under the defined benefit plan in the UK amount to 
€ 31.9 million at the end of 2023 (previous year: € 29.6 million) and thus account for 29.7% of the total 
obligation. The obligation is covered by assets amounting to € 29.7 million. The provision amounts to  
€ 2.2 million. 

336 

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The present value of the pension obligation has developed as follows:  

↗ T.56 DEVELOPMENT OF PRESENT VALUE OF PENSION OBLIGATION  (in € million) 

Present value of pension obligation 1 January  

Cost of the pension obligation earned in the reporting year 

Interest expense on pension obligation 

Employee contributions 

Benefits paid 

Effects from transfers 

Actuarial gains (-) and losses 

Currency exchange effects 

Present value of pension obligation 31 December  

The changes in the plan assets are as follows:  

↗ T.57 DEVELOPMENT OF PLAN ASSETS  (in € million)  

Plan assets 1 January  

Interest income on plan assets 

Actuarial gains and losses (-) 

Employer contributions 

Employee contributions 

Benefits paid 

Currency exchange effects 

Plan assets 31 December  

2023

104.3

2.0

4.4

0.6

-4.5

0.0

0.1

0.5

107.3

2023

82.4

3.5

-0.9

1.2

0.6

-2.2

0.6

85.2

2022

122.3

2.5

1.9

8.3

-3.4

0.0

-25.1

-2.2

104.3

2022

90.7

1.4

-15.0

1.0

8.3

-2.3

-1.7

82.4

337 

  
 
 
 
 
  
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The pension provision for the Group is derived as follows: 

↗ T.58 PENSION PROVISION  (in € million) 

Present value of pension obligation from benefit plans 

Fair value of plan assets 

Financing status 

Pension provision 31 December  

Thereof assets 

Thereof liabilities 

2023

107.3

-85.2

22.1

22.1

0.4

22.5

2022

104.3

-82.4

21.9

21.9

0.5

22.4

In 2023, benefits paid amounted to € 4.5 million (previous year: € 3.4 million). Contributions in 2024 are 
expected to amount to € 3.0 million. Of this, € 0.9 million is expected to be paid directly by the employer. 
Employer contributions to external plan assets amounted to € 1.2 million in 2023 (previous year:  
€ 1.0 million). Employer contributions in 2024 are expected to amount to € 0.8 million. 

The changes in pension provisions are as follows: 

↗ T.59 DEVELOPMENT OF THE PENSION PROVISION  (in € million) 

Pension provision 1 January  

Pension expense 

Actuarial gains (-) and losses recorded in other comprehensive income 

Employer contributions 

Direct pension payments made by the employer 

Transfer values 

Currency exchange differences 

Pension provision 31 December  

Thereof assets 

Thereof liabilities 

2023

21.9

2.8

1.0

-1.2

-2.3

0.0

-0.2

22.1

0.4

22.5

2022

31.6

3.0

-10.1

-1.0

-1.1

0.0

-0.5

21.9

0.5

22.4

338 

  
 
 
 
 
  
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The expenses in financial year 2023 are structured as follows: 

↗ T.60 EXPENSES FOR DEFINED BENEFIT PLANS  (in € million) 

Cost of the pension obligation earned in the reporting year 

Interest expense on pension obligation 

Interest income on plan assets 

Administration costs 

Expenses for defined benefit plans 

Thereof personnel costs 

Thereof financial costs 

2023

2.0

4.4

-3.5

0.0

2.8

1.9

0.9

2022

2.5

1.9

-1.4

0.0

3.0

2.5

0.5

In addition to the defined benefit pension plans, PUMA also makes contributions to defined contribution 
plans. Payments for financial year 2023 amounted to € 19.8 million (previous year: € 18.5 million). 

Actuarial gains and losses recorded in Other Comprehensive Income:  

↗ T.61 GAINS AND LOSSES RECORDED IN OTHER COMPREHENSIVE INCOME  (in € million) 

Revaluation of pension commitments 

Actuarial gains (-) and losses resulting from changes in demographic assumptions 

Actuarial gains (-) and losses resulting from changes in financial assumptions 

Actuarial gains (-) and losses due to adjustments based on experience 

Revaluation of plan assets 

Amounts not recorded due to the maximum limit applicable to assets 

Adjustment of administration costs 

Total revaluation amounts recorded directly in other comprehensive income 

2023

0.1

-0.7

0.0

0.8

0.9

0.0

0.0

1.0

2022

-25.1

-0.1

-30.3

5.3

15.0

0.0

0.0

-10.1

339 

  
 
 
 
 
  
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Plan assets investment classes:  

↗ T.62 PLAN ASSETS INVESTMENT CLASSES  (in € million) 

Cash and cash equivalents 

Equity instruments 

Bonds 

Investment funds 

Derivatives 

Real estate 

Insurance 

Other 

Total plan assets 

Of which, investment classes with a quoted market price: 

↗ T.63 PLAN ASSETS WITH A QUOTED MARKET PRICE  (in € million) 

Cash and cash equivalents 

Equity instruments 

Bonds 

Investment funds 

Derivatives 

Real estate 

Insurance 

Other 

2023

2022

0.3

6.0

7.4

3.2

10.0

2.9

50.6

4.9

85.2

0.1

5.5

3.5

3.0

11.6

2.9

49.4

6.4

82.4

2023

2022

0.3

6.0

7.4

3.2

0.1

5.5

3.5

3.0

10.0

11.6

2.1

0.0

4.7

2.1

0.0

6.3

Plan assets with a quoted market price 

33.7

32.1

Plan assets still do not include the Group's own financial instruments or real estate used by Group 
companies.  

The plan assets are used exclusively to meet defined pension commitments. Legal requirements exist in 
some countries for the type and amount of financial resources that can be chosen; in other countries (for 
example Germany) the financing of pension commitments can be chosen freely. In Great Britain, a board of 
trustees made up of company representatives and employees is in charge of asset management. Its 
investment strategy is aimed at long-term profits and tolerable volatility. It was last revised in 2022 to 
reduce the risk profile. In 2023, the trustees continued to monitor the investment strategy. 

340 

  
 
 
 
 
  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The following assumptions were used to determine pension obligations and pension expenses: 

↗ T.64 ASSUMPTIONS USED TO DETERMINE THE PENSION OBLIGATIONS 

Discount rate 

Future pension increases 

Future salary increases 

2023

4.55%

1.93%

2.05%

2022

4.35%

2.00%

2.06%

The indicated values are weighted average values. A standard interest rate of 4.45% was applied for the 
eurozone (previous year: 4.00%). 

The 2018 G Heubeck guideline tables were used as mortality tables for Germany. For Great Britain, the 
mortality was assumed based on basic table series S2 taking into account life expectancy projections in 
accordance with CMI2021 with a long-term trend of 1%. 

The following overview shows how the present value of pension obligations from benefit plans would have 
been affected by changes to significant actuarial assumptions. 

↗ T.65 SENSITIVITY ANALYSIS FOR PENSION OBLIGATION  (in € million) 

Effect on present value of pension obligations if 

the discount rate were 50 basis points higher 

the discount rate were 50 basis points lower 

2023

2022

-3.7

4.2

-3.7

4.1

Salary and pension trends have only a negligible effect on the present value of pension obligations due to 
the structure of the benefit plans. 

The weighted average duration of pension obligations is around 12 years (previous year: around 11 years). 

341 

  
 
 
 
 
  
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

16.  OTHER PROVISIONS 

↗ T.66 OTHER PROVISIONS  (in € million) 

Provisions for: 

Warranties 

Purchasing risks 

Litigation risks 

Restoration obligations 

Personnel provisions 

Other 

Total 

2022

2.7

7.1

26.6

17.0

7.0

19.3

79.8

Currency 
adjustments, 
retransfers 

Additions

Utilization

Reversal

thereof non-
current

thereof non-
current

2023 

2022

-0.1 

-0.1 

-0.7 

-0.8 

0.4 

-0.2 

-1.4 

0.5

5.9

6.1

1.9

2.6

5.5

-0.6

-4.6

-15.2

-0.8

-4.1

-6.1

-0.3

-0.9

-2.8

-0.5

0.0

-9.8

22.3

-31.5

-14.3

2.1

7.4

13.9

16.9

5.9

8.7

55.0

0.0

0.0

7.5

13.9

5.9

0.0

27.3

0.0

0.0

8.4

14.1

7.0

0.0

29.5

The warranty provision is determined on the basis of the historical value of sales generated during the past six months. It is expected that the majority of these expenses 
will fall due within the first six months of the next financial year. Purchasing risks relate primarily to materials and moulds that are required for the manufacturing of 
shoes. 

Personnel provisions mainly relate to non-current variable compensation components. The risks arising from legal disputes relate to any form of legal dispute, including 
those relating to trademark and patent rights. The other provisions relate to other risks, in particular those associated with sourcing.  

Current provisions are expected to be paid out in the following year, non-current provisions are expected to be paid out in a period of up to ten years. There are no 
significant compounding effects. The recognition and valuation of provisions is based on past experience of similar transactions. All events until the preparation of the 
consolidated financial statements are taken into account here.

342 

  
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

17.  EQUITY 

SUBSCRIBED CAPITAL 

The subscribed capital corresponds to the subscribed capital of PUMA SE.  

As of the balance sheet date, the subscribed capital in accordance with the Articles of Association 
corresponds to € 150,824,640.00 and is divided into 150,824,640 no-par value voting shares. This corresponds 
to a proportional amount of € 1.00 per share.  

Changes in the outstanding shares: 

↗ T.67 CHANGE IN OUTSTANDING SHARES 

Outstanding shares as of January 1, share 

Issue of Treasury Stock, share 

Outstanding shares as of December 31, share 

2023

2022

149,758,644

149,605,600

85,900

153,044

149,844,544

149,758,644

The issue of treasury stock relates to compensation in connection with promotional and advertising 
agreements. 

CAPITAL RESERVE 

The capital reserve includes the premium from issuing shares, as well as amounts from the grant, 
conversion and expiration of share options. 

REVENUE RESERVES INCL. RETAINED EARNINGS 

The revenue reserves incl. retained earnings include the net earnings of the financial year as well as the 
earnings achieved in the past by the companies included in the consolidated financial statements to the 
extent that it was not distributed. In addition, the valuation effects from the pension provision recognised in 
other comprehensive income are recognised in retained earnings. 

DIFFERENCE FROM CURRENCY CONVERSION 

The equity item for currency conversion serves to record the foreign exchange differences from the 
conversion of the financial statements of subsidiaries with non-euro accounting. 

CASH FLOW HEDGES 

The "cash flow hedges" item includes the market valuation of derivative financial instruments. The item 
amounting to € -3.9 million (previous year: € 14.2 million) is offset by deferred taxes of € 5.3 million (previous 
year: € -4.8 million).  

343 

 
  
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

TREASURY STOCK 

The resolution adopted by the Annual General Meeting on 7 May 2020 authorised the Company to purchase 
treasury shares up to a value of 10% of the share capital until 6 May 2025. By resolution of the Annual 
General Meeting of 5 May 2021, the Supervisory Board was authorised to issue the acquired shares to the 
members of the Management Board of the Company, excluding the shareholders' subscription rights. By 
resolution of the Annual General Meeting of 11 May 2022, the Management Board was, moreover, authorised 
to issue the acquired shares, excluding the shareholders' subscription rights, as part of the Company's or 
its affiliated companies' share-based payments or employee share programmes to individuals currently or 
formerly in an employment relationship with the Company or one of its affiliated companies or to members 
of the management of one of the Company's affiliated companies. If purchased through the stock exchange, 
the purchase price per share must not exceed 10% or fall below 20% of the average closing price for the 
Company's shares with the same attributes in the XETRA trading system (or a comparable successor 
system) during the last three trading days prior to the date of purchase.  

The Company did not make use of the authorisation to purchase treasury stock during the reporting period.  

As of the balance sheet date, the Company holds a total of 980,096 PUMA shares in its own portfolio, which 
corresponds to 0.65% of the subscribed capital. 

AUTHORISED CAPITAL 

As of 31 December 2023, the Company's Articles of Association provide for authorised capital totalling  
€ 30,000,000.00:  

Pursuant to Section 4.2. of the Articles of Association, the Management Board is authorised, with the 
consent of the Supervisory Board, to increase the Company's share capital by 4 May 2026 by up to  
€ 30,000,000.00 (Authorised Capital 2021) by issuing new no-par value bearer shares against cash and/or 
non-cash contributions on one or more occasions. In the case of capital increases against contributions in 
cash, the new shares may be acquired by one or several banks, designated by the Management Board, 
subject to the obligation to offer them to the shareholders for subscription (indirect subscription right). The 
shareholders shall generally be entitled to subscription rights. However, the Management Board is 
authorised, with the consent of the Supervisory Board, to exclude shareholders' subscription rights in whole 
or in part in the cases specified in Section 4.2. of the Articles of Association.  

The Management Board of PUMA SE did not make use of the existing authorised capital in the current 
reporting period. 

CONDITIONAL CAPITAL 

By resolution of the Annual General Meeting of 11 May 2022, the Management Board was authorised until  
10 May 2027, with the consent of the Supervisory Board, through one or more issues, altogether or in parts 
and in various tranches at the same time, to issue bearer or registered convertible and/or option bonds, 
profit-sharing rights or participation bonds or a combination of these instruments with or without a term 
limitation in a total nominal amount of up to € 1,500,000,000.00.  

The share capital was conditionally increased by up to € 15,082,464.00 by issuing up to 15,082,464 new no-par 
value bearer shares (Conditional Capital 2022). The conditional capital increase shall only be implemented 
to the extent that conversion/option rights are exercised, or the option/conversion obligations are met or 
tenders are carried out and to the extent that other forms of performance are not applied.  

No use has been made of this authorisation to date. 

344 

 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

DIVIDENDS 

The amounts eligible for distribution relate to the retained earnings of PUMA SE, which are determined in 
accordance with German Commercial Law. 

The Management Board and the Supervisory Board will propose to the Annual General Meeting that a 
dividend of € 0.82 (previous year: € 0.82) per circulating share, or a total of € 122.9 million (with respect to 
the circulating shares as of 31 December 2023), be distributed to the shareholders from the retained 
earnings of PUMA SE for financial year 2023. 

Proposed appropriation of the retained earnings of PUMA SE: 

↗ T.68 PROPOSED APPROPRIATION OF THE RETAINED EARNINGS OF PUMA SE 

Retained Earnings of PUMA SE as of December 31, € million 

Retained earnings available for distribution, € million 

Dividend per share, € 

Number of outstanding shares*, share 

Total dividend*, € million 

Carried forward to the new accounting period*, € million 

*  Previous year's values adjusted to the outcome of the Annual General Meeting 

2023

486.4

486.4

0.82

2022

499.4

499.4

0.82

149,844,544

149,758,644

122.9

363.6

122.8

376.6

NON-CONTROLLING INTERESTS  

This item comprises non-controlling interests. The composition is shown in chapter 28.  

CAPITAL MANAGEMENT 

The Group's objective is to retain a strong equity base in order to maintain both investor and market 
confidence, and to strengthen future business performance. 

Capital management relates to the consolidated equity of PUMA. This is presented in the consolidated 
statement of financial position and in the consolidated statement of changes in equity.  

345 

  
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

18.  MANAGEMENT INCENTIVE PROGRAMMES 

Virtual shares with cash settlement and other global long-term incentive programmes are used at PUMA to 
tie the management to the Company with a long-term incentive effect.  

The current programmes are described below: 

EXPLANATION OF "VIRTUAL SHARES", TERMED "MONETARY UNITS" (FULL TERM: MONETARY UNITS 
PLAN – MUP) 

Monetary units were granted on an annual basis to members of the Management Board beginning in 2013 as 
part of a management incentive programme. Monetary units are based on the PUMA share performance. 
Each of these monetary units entitles the holder to a cash payment at the end of the term. The entitled cash 
payment compares the performance using the average virtual appreciation rights of the last thirty trading 
days before the start of the year of issue with the virtual appreciation rights of the last thirty trading days 
before the exercise date. The maximum increase in value (cap) is limited to 300% of the amount allocated. 
Monetary units are subject to a vesting period of three years. After that, there is an exercise period 
beginning 30 days after each quarterly publication date for a period of two years which can be freely used by 
participants for the purposes of execution. Virtual shares are reduced on a "pro rata" basis in the event of 
withdrawal during the vesting period. This programme will expire and be replaced by the Performance 
Share Plan. As a result, no more shares were issued from this programme in financial year 2023. 

EXPLANATION OF "VIRTUAL SHARES" (FULL TERM: PERFORMANCE SHARE PLAN – PSP) 

Virtual shares were granted on an annual basis to members of the Management Board beginning in 2021 as 
part of a management incentive programme. The virtual shares are based on the PUMA share performance. 
Each of these virtual shares entitles the holder to a cash payment at the end of the term. However, the 
Supervisory Board reserves the right to make the payment in PUMA shares instead of cash. This cash 
payout is based on the PUMA closing prices for the last thirty trading days before the exercise date. The final 
number of virtual shares is between 50% and 150%, depending on the relative "Total Shareholder Returns" 
(TSR) compared to the MDAX index. The PUMA and MDAX index TSRs are calculated using the arithmetic 
means of each of the TSR values on the 30 trading days before the start and end of the performance period. 
The averages calculated in this way for PUMA and the MDAX index are then compared with each other. The 
difference in percentage points between the PUMA TSR and the MDAX index TSR is then calculated (= TSR 
outperformance in percentage points). The maximum increase in value (cap) is limited to 300% of the 
amount allocated. Virtual shares are subject to a vesting period of four years. They are generally paid out 
within the first quarter of the fifth year after their issue. Virtual shares are reduced on a "pro rata" basis in 
the event of withdrawal during the vesting period. For the programmes issued in the financial years 2021 
and 2022, the DAX acts as the basis for calculating virtual shares, while the MDAX index is used starting 
financial year 2023. 

346 

 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

In financial year 2023, income of € 2.4 million was recorded for this purpose on the basis of the employment contract commitments to the Management Board members 
(previous year: income of € 0.9 million).  

↗ T.69 VIRTUAL SHARES, MEMBERS OF THE MANAGEMENT BOARD 

Plan 

Issue date 

Term 

Vesting period 

Base price PUMA share at issue 

Reference value PUMA share at the end of the financial year 

Weighted share price at the time of exercise 

Participants in the year of issue 

Participants at the end of the financial year 

MUP

MUP

PSP

MUP

PSP

PSP

1/1/2020

1/1/2021

1/1/2021

1/1/2022

1/1/2022

1/1/2023

5

3

67.69

0

62.03

3

3

5

3

86.23

55.46

0

3

3

4.25

4

86.23

49.25

0

2

2

5

3

106.95

55.46

0

1

1

4.25

4

106.95

46.3

0

3

3

Number of monetary units/virtual shares as of 1 January 2023 

62,743

34,548

7,070

10,323

16,458

81,279

Number of monetary units/virtual shares exercised in the financial year 

-62,743

Number of monetary units/virtual shares expired in the financial year 

Final number of monetary units/virtual shares as of 31 December 2023 

0

0

0

0

0

0

0

0

0

0

0

0

34,548

7,070

10,323

16,458

81,279

Shares

4.25

4

Years

Years

51.86

EUR/share

50.62

EUR/share

0

4

4

EUR/share

Persons

Persons

Shares

Shares

Shares

This commitment consisting of share-based remuneration transactions with cash compensation is recorded as personnel provisions and remeasured at fair value on 
every balance sheet date, provided it has not been exercised yet. The expenses are recorded pro rata over the vesting period. Based on the prorated average market price 
over the last thirty trading days in 2023 and taking into account the intra-year exercises in 2023, the provisions for these programmes amounted to € 4.4 million at the end 
of the financial year (previous year: € 5.8 million).  

347 

 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

EXPLANATION OF THE "GAME CHANGER 2.0" PROGRAMME 

In 2018, the Long-Term Incentive Programme (LTIP) "Game Changer 2.0" was launched. Participants in this 
programme consist mainly of top executives reporting to the Management Board and individual key 
positions in the PUMA Group. The objective of this programme is to retain these employees in the Company 
on a long-term basis and to allow them to share in the medium-term success of the Company. 

The LTIP "Game Changer 2.0" consists of two plan parts, a Performance Cash Plan and a Performance 
Share Plan, each with a 50% share. The Performance Cash Plan gives a reward for the PUMA Group's 
financial performance, while the Performance Share Plan gives a reward for the performance of the 
PUMA SE share in the capital market.  

The performance period of the Performance Cash Plan is three years and is based on the average medium-
term targets of the PUMA Group in terms of EBIT, sales and cash flow or working capital as a percentage of 
sales. Payment is made in cash and is limited to a maximum of 200% of the granted proportionate target 
amount (cap). 

The Performance Share Plan uses virtual shares to manage the incentive. The term is up to five years. This 
is divided into a three-year performance period and a two-year exercise period in which the virtual shares 
are paid out in cash. A payout is only possible at the four exercise times (6, 12, 18 or 24 months after the end 
of the performance period). The average share price of the last 30 trading days before the exercise date 
determines the value of a virtual share. The payout is limited to a maximum of 300% of the granted prorated 
target amount (cap) and is only made if an exercise hurdle of +10% share-price appreciation is exceeded 
once during the performance period. 

EXPLANATION OF THE "GAME CHANGER 2.0 – 2023" PROGRAMME 

In 2020, the global "Game Changer 2.0 – 2023" programme, as outlined above, was launched. The 
Performance Cash Plan is based on the following targets: EBIT (70%), cash flow (15%) and sales (15%). As 
part of the Performance Share component, payment is limited to a maximum of 300% of the granted 
proportionate target amount (cap).  

In the reporting year, an amount of € 2.2 million (of which, € 0.8 million from the Performance Share Plan) 
was paid out to the participants. The payment was subject to the condition that the individual participants 
were in an unterminated employment relationship with a company in the PUMA Group as at 31 
December 2022. Furthermore, € -0.1 million was released for this programme in the year under review 
(previous year: release of € 0.2 million). This resulted in a provision for this programme at the end of the 
financial year of  
€ 0.5 million (previous year: € 2.8 million). The Performance Share Plan portion accounted for € 0.5 million 
(previous year: € 1.3 million). 

EXPLANATION OF THE "GAME CHANGER 2.0 – 2024" PROGRAMME 

In 2021, the global "Game Changer 2.0 – 2024" programme, as outlined above, was launched. The 
Performance Cash Plan is based on the following targets: EBIT (45%), working capital as a percentage of 
sales (15%), and sales (40%). As part of the Performance Share component, payment is limited to a 
maximum of 300% of the granted proportionate target amount (cap). An employment relationship until  
31 December 2023 is required. In the reporting year, € 0.2 million was released for this programme (previous 
year: € 0.0 million) and a proportionate amount of € 1.1 million (previous year: € 0.5 million) was set aside for 
this programme. This resulted in a provision for this programme at the end of the financial year of  
€ 3.4 million (previous year: € 2.5 million). The Performance Share Plan portion accounted for € 1.2 million 
(previous year: € 0.8 million). 

348 

 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

EXPLANATION OF THE "GAME CHANGER 2.0 – 2026" PROGRAMME 

In 2023, the global "Game Changer 2.0 – 2026" programme, as outlined above, was launched. The 
Performance Cash Plan is based on the following targets: EBIT (70%), cash flow (15%) and sales (15%). As 
part of the Performance Share component, payment is limited to a maximum of 300% of the granted 
proportionate target amount (cap). An employment relationship until 31 December 2024 is required. In the 
reporting year, a prorated amount of € 1.8 million (previous year: € 0.0 million) was set aside for this 
programme. This resulted in a provision for this programme at the end of the financial year of € 1.8 million 
(previous year: € 0.0 million). The Performance Share Plan portion accounted for € 1.0 million (previous year: 
€ 0.0 million). 

EXPLANATION OF THE "ROAD 2 10B" PROGRAMME 

In 2022, the "Game Changer 2.0" programme was replaced by the long-term incentive programme (LTIP) 
"Road 2 10B". Participants in this programme consist of important professionals and managers within the 
PUMA Group. The objective of this programme is to retain these employees in the Company on a long-term 
basis and to allow them to share in the medium-term success of the Company.  

The LTIP "Road 2 10B" consists of two plan parts, a Performance Cash Plan and a Performance Share Plan, 
each with a 50% share. The Performance Cash Plan gives a reward for the PUMA Group's financial 
performance, while the Performance Share Plan gives a reward for the performance of the PUMA SE share 
in the capital market. 

The Performance Cash Plan is focused on the following targets: EBIT, sales and working capital as a 
percentage of sales based on the three-year plan set by the Management Board of PUMA SE. For 
participants in the programme with an employment relationship at Group level, the target achievement is 
based on the following Group targets: EBIT (45%), sales (40%), and working capital as a percentage of sales 
(15%). For participants in the programme with an employment relationship at the national or regional level, 
50% of the target achievement is based on achieving the Group targets. The remaining 50% is based on 
achieving the following targets at the national or regional level: EBIT (22.5%), sales (20%) and working 
capital as a percentage of sales (7.5%). Payment is limited to a maximum of 200% of the granted 
proportionate target amount (cap). 

The Performance Share Plan is based on the performance of the PUMA share price. The term is up to five 
years, divided into a three-year performance period and a subsequent two-year exercise period, in which 
the virtual shares are paid out in cash. A payout is only possible at the four exercise times (6, 12, 18 or 24 
months after the end of the performance period). The average share price of the last 30 trading days before 
the exercise date determines the payout value of a virtual share. The payout is limited to a maximum of 
300% of the granted prorated target amount (cap) and is only made if an exercise hurdle of +10% share-price 
appreciation is exceeded once during the performance period.  

In the reporting year, € 0.6 million was released for this programme (previous year: € 0.0 million) and a 
proportionate amount of € 0.8 million (previous year: € 4.7 million) was set aside for this programme. This 
resulted in a provision for this programme at the end of the financial year of € 6.0 million (previous year:  
€ 5.8 million). The Performance Share Plan portion accounted for € 0.4 (previous year: € 0.6 million). 

349 

 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

↗ T.70 VIRTUAL SHARES, NON-MANAGEMENT BOARD MEMBERS 

Program addendum 

Issue date 

Term 

Vesting period 

Base price at program start 

Reference value at the end of the financial year 

Weighted share price at the time of exercise 

Participants in the year of issue 

Participants at the end of the financial year 

Number of virtual shares as of 1 January 2023 

Number of virtual shares expired in the financial year 

Number of virtual shares added in the financial year (new participants) 

Number of virtual shares exercised in the financial year 

Final number of virtual shares as of 31 December 2023 

Game Changer
2023

Game Changer
2024

Road 2.10b

Game Changer 
2026

1/1/2020

1/1/2021

1/1/2022

1/1/2023

5

3

67.69

55.46

51.43

60

19

24,547

-222

0

-15,334

8,991

5

3

86.23

55.46

0

76

65

23,340

-2,370

470

0

21,440

5

3

106.95

5.73

0

486

467

103,352

-10,467

2,674

0

95,559

5

3

51.86

55.46

0

84

84

55,167

0

0

0

55,167

Years

Years

EUR/share

EUR/share

EUR/share

Persons

Persons

Shares

Shares

Shares

Shares

Shares

350 

 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

NOTES TO THE CONSOLIDATED INCOME 
STATEMENT 

19.  SALES 

The following table shows the Group's sales broken down by distribution channel and division: 

↗ T.71 BREAKDOWN BY DISTRIBUTION CHANNEL (in € million) 

Wholesale 

Direct-to-consumer (DTC) 

Total 

↗ T.72 BREAKDOWN BY PRODUCT DIVISION (in € million) 

Footwear 

Apparel 

Accessories 

Total 

2023

2022

6,468.6

6,513.7

2,133.0

1,951.4

8,601.7

8,465.1

2023

2022

4,583.4

4,317.9

2,763.0

2,896.3

1,255.3

1,251.0

8,601.7

8,465.1

20. OTHER OPERATING INCOME AND EXPENSES  

According to the respective functions, other operating income and expenses include personnel, advertising, 
sales and distribution expenses as well as rental and leasing expenditure, travel costs, legal and consulting 
expenses and other general expenses. Rental and lease expenses associated with the Group's own retail 
stores include revenue-based rental components. 

351 

  
 
 
 
 
  
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Other operating income and expenses are allocated based on functional areas as follows: 

↗ T.73 OTHER OPERATING INCOME AND EXPENSES (in € million) 

Sales and distribution expenses 

Product management/merchandising 

Research and development 

Administrative and general expenses 

Other operating expenses 

Other operating income 

Total 

Thereof personnel expenses 

Thereof scheduled depreciation 

Thereof impairment losses 

Thereof reversal of impairment losses 

2023

2022

2,799.0

2,677.2

82.5

89.0

70.9

82.2

450.9

465.8

3,421.3

3,296.0

-17.8

-0.1

3,403.5

3,295.9

894.4

351.7

5.7

-11.9

836.3

332.8

26.0

0.0

Within the sales and distribution expenses, marketing/retail expenses account for a large proportion of the 
operating expenses. In addition to advertising and promotional expenses, they also include expenses 
associated with the Group's own retail activities. Other sales and distribution expenses include logistics 
expenses and other variable sales and distribution expenses. 

Impairment expenses in the reporting year amounted to € 5.7 million and related exclusively to right-of-use 
assets (previous year: € 25.4 million). There were no impairment expenses for property, plant and 
equipment (previous year: € 0.6 million). In contrast, there were reversals of impairment losses on  
right-of-use assets amounting to € 11.9 million (previous year: € 0.0 million).  

In the consolidated financial statements of PUMA SE, fees of € 2.0 million (previous year: € 1.9 million) are 
recorded as operating expenses for the auditor of the consolidated financial statements, KPMG AG 
Wirtschaftsprüfungsgesellschaft, Nuremberg, Germany. The audit fee is divided into fees for audit services 
for the annual and consolidated financial statements as well as the audit review of the half-year financial 
report in the amount of € 1.8 million (previous year: € 1.8 million) and other assurance services amounting to 
€ 0.2 million (previous year: € 0.1 million) mainly for the audit of information in the sustainability report and 
other minor services in the amount of € 0.0 million (previous year: none). In addition to expenses for 
PUMA SE, the fees also include the fees of the domestic and foreign subsidiaries audited directly by the 
Group auditor. 

In financial year 2023, government grants amounted to a mid single-digit (previous year: low double-digit) 
million euro amount. Government grants are deducted from the corresponding expenses. 

Other operating income comprises income from the sale of fixed assets in the amount of € 8.5 million 
(previous year: € 0.1 million), selling profit from finance leases totalling € 8.0 million (previous year:  
€ 0.0 million), and rental income totalling € 1.4 million (previous year: € 0.0 million). 

352 

  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Overall, other operating expenses include personnel costs, which consist of: 

↗ T.74 PERSONNEL COSTS  (in € million) 

Wages and salaries 

Social security contributions 

Expenses from share-based payments with cash compensation 

Expenses for retirement pension and other personnel expenses 

Total 

2023

688.7

101.2

5.2

99.3

2022

649.8

91.9

5.1

89.5

894.4

836.3

In addition, cost of sales includes personnel costs in the amount of € 6.2 million (previous year:  
€ 10.2 million). 

The average number of employees for the year was as follows: 

↗ T.75 EMPLOYEES 

Marketing/retail/sales 

Research & development/product management 

Administrative and general units 

Total annual average 

2023

2022

13,092

12,229

1,360

3,570

1,228

3,213

18,023

16,669

As of the end of the year, a total of 18,681 individuals were employed (previous year: 18,071). 

353 

  
 
 
 
 
  
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

21.  FINANCIAL RESULT 

The financial result consists of: 

↗ T.76 FINANCIAL RESULT  (in € million) 

Interest income 

Interest income - lease receivables 

Other 

Financial income 

Interest expense 

Interest expense - lease liabilities 

Interest expense of valuation of pension plans 

Expenses from currency-conversion differences, net 

Other 

Financial expenses 

Financial result 

2023

36.6

1.2

74.9

112.7

-53.1

-46.8

-0.9

-69.4

-85.9

-256.0

-143.3

2022

32.3

0.0

47.1

79.4

-15.2

-38.6

-0.6

-2.2

-111.7

-168.3

-88.9

The "Other" item in the financial income of € 74.9 million (previous year: € 47.1 million) includes interest 
components in connection with currency derivatives as well as hedging gains from freestanding derivatives. 

The item "Other" in financial expenses includes, among other things, interest components in connection 
with currency derivatives in the amount of € 58.1 million (previous year: € 69.9 million) and the loss on the 
net monetary position associated with hyperinflation in the amount of € 23.7 million (previous year:  
€ 27.8 million). 

22.  INCOME TAXES 

↗ T.77 INCOME TAXES (in € million) 

Current income taxes 

Deferred taxes 

Total 

2023

140.6

-22.8

117.8

2022

152.5

-25.1

127.4

Current income taxes include € 0.8 million in out-of-period income. Deferred taxes include tax income of  
€ 0.3 million (tax income in previous year: € 39.2 million), which is attributable to the occurrence or 
resolution of temporary differences. 

In general, PUMA SE and its German subsidiaries are subject to corporate income tax, plus a solidarity 
surcharge and trade tax. Thus, a weighted mixed tax rate of 27.22% continued to apply for the financial year. 

354 

  
 
 
 
 
 
  
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Reconciliation of the theoretical tax expense with the effective tax expense: 

↗ T.78 TAX RATE RECONCILIATION (in € million) 

Earnings before income tax 

Theoretical tax expense 

Tax rate of the SE = 27.22% (previous year: 27.22%) 

Tax rate difference with respect to other countries 

Other tax effects: 

Income tax for previous years 

Losses and temporary differences for which no tax claims were recognized 

Changes in tax rates 

Non-deductible expenses for tax purposes and non-taxable income and other effects 

Effective tax expense 

Effective tax rate 

2023

478.3

130.2

-21.0

3.7

6.4

-0.4

-1.1

117.8

24.6%

2022

551.7

150.2

-6.9

-9.7

4.8

-0.6

-10.4

127.4

23.1%

For the financial year 2023, the total tax advantage from previously uncapitalised tax losses, tax credits or 
temporary differences from previous years which led to a reduction in deferred tax expenses, amounted to  
€ 7.5 million (previous year: € 7.0 million). Deferred tax expenses due to an impairment of deferred tax 
assets amounted to € 11.3 million in the financial year (previous year: € 5.0 million). 

The tax effect resulting from items that were directly included in other comprehensive income can be found 
in chapter 8. 

INFORMATION ON THE EFFECTS OF GLOBAL MINIMUM TAXATION (PILLAR II) 

On 23 May 2023, the IASB published amendments to IAS 12, which require companies subject to global 
minimum taxation regulations to provide additional information on the impact of the global minimum 
taxation in their annual financial statements for financial years beginning on or after 1 January 2023.  

The PUMA Group falls within the scope of application of the global minimum taxation. The relevant 
legislation entered into force on 28 December 2023 in Germany, the country in which the parent company of 
the PUMA Group is based, and applies to financial years beginning after 31 December 2023. As the Minimum 
Tax Act ("MinStG") applies to the financial year of the PUMA Group beginning on 1 January 2024, but was not 
yet applicable to the financial year beginning on 1 January 2023, the PUMA Group has no associated ongoing 
tax risk in financial year 2023. Taking into account the fact that the PUMA Group will be affected by the 
minimum tax legislation, a preliminary valuation of the potential risk was carried out. 

The valuation of the potential risk of Pillar II taxes is based on the most recent country-related reports and 
financial statements available to the Group's business units. The Group has identified a potential risk of the 
suspension of Pillar II taxes on profits made in Hong Kong and the United Arab Emirates. The potential risk 
arises from the business units (mainly operating subsidiaries) in these countries, where the effective tax 
rate is likely to be less than 15%. 

If the MinStG had been applied for this financial year ending on 31 December 2023, the amount of the tax 
increase determined according to the MinStG would have totalled approx. € 12 million. However, the actual 
amounts of tax increases in the countries concerned in 2024 will depend on various factors. 

355 

  
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The PUMA Group makes use of the exemption under IAS 12.88A for the recognition of deferred taxes that 
result from the introduction of global minimum taxation. 

23. EARNINGS PER SHARE 

The earnings per share are determined in accordance with IAS 33 by dividing the consolidated annual 
surplus (consolidated net earnings) attributable to the shareholders of the parent company by the weighted 
average number of outstanding shares.  

The calculation is shown in the table below: 

↗ T.79 EARNINGS PER SHARE  

Net income attributable to the shareholders of PUMA SE (€ million) 

2023

304.9

2022

353.5

Weighted average number of outstanding shares (shares) 

149,852,251

149,649,158

Earnings per share (€) 

2.03

2.36

Net income for calculating the diluted earnings per share (€ million) 

304.9

353.5

Weighted average number of outstanding shares (shares) 

149,852,251

149,649,158

Dilutive effect of conditionally issuable shares in connection with service agreements 

Dilutive effect from share-based payments 

0

19,651

12,107

2,573

Weighted average number of outstanding shares, diluted (shares) 

149,871,901

149,663,837

Earnings per share (€) - diluted 

2.03

2.36

356 

 
  
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

ADDITIONAL INFORMATION 

24. SEGMENT REPORTING 

Segment reporting is based on geographical areas of responsibility in accordance with the PUMA internal 
reporting structure, with the exception of stichd. The geographical area of responsibility corresponds to the 
business segment. Sales, the operating result (EBIT) and other segment information are allocated to the 
corresponding geographical areas of responsibility according to the registered office of the respective Group 
company.  

The internal management reporting includes the following reporting segments: Europe, EEMEA (Eastern 
Europe, Middle East, Africa, India and Southeast Asia), North America, Latin America, Greater China, rest of 
Asia/Pacific (excluding Greater China and Southeast Asia) and stichd. These are reported as reportable 
business segments in accordance with the criteria of IFRS 8.  

The reconciliation includes information on assets, liabilities, expenses and income in connection with 
centralised functions that do not meet the definition of business segments in IFRS 8. Central expenses and 
income include in particular central sourcing, central treasury, central marketing, impairment losses on 
non-current assets and other global functions of the Company headquarters. 

The Company's main decision-maker is defined as the entire Management Board of PUMA SE.  

The external sales presented in the segment reporting includes sales from both the wholesale business and 
own retail activities (direct-to-consumer business). The percentage breakdown of sales by wholesale 
business and direct-to-consumer business at the segment level mainly aligns with the breakdown at the 
Group level (see chapter 19). Exceptions to this are the Greater China segment, where wholesale sales 
represent approximately 50%, and the stichd segment, which almost exclusively generates wholesale sales. 

The business relationships between the companies in the segments are essentially based on prices that are 
also agreed with third parties. With the exception of sales of goods by stichd amounting to € 37.1 million 
(previous year: € 38.3 million), there are no significant internal sales, which is why they are not included in 
the presentation.  

The operating result (EBIT) of the business segments is defined as gross profit less the attributable other 
operating expenses plus royalty and commission income and other operating income, but not considering 
the costs of the central departments and the central marketing expenses. 

The external sales, operating result (EBIT), inventories and trade receivables of the business segments are 
regularly reported to the main decision-maker. Amounts recognised by the Group from the intra-group 
profit elimination on inventories in connection with intra-group sales are not allocated to the business 
segments in the way that they are reported to the main decision-maker. Investments, depreciation and non-
current assets at the level of the business segments are not reported to the main decision-maker. 
Intangible assets are allocated to the business segments in the manner described in chapter 11. Liabilities, 
the financial result and income taxes are not allocated to the business segments and are therefore not 
reported to the main decision-maker at the business segment level. 

Non-current assets and depreciation comprise the carrying amounts and depreciation of property, plant and 
equipment, right-of-use assets and intangible assets during the past financial year. The investments 
comprise additions to property, plant and equipment and intangible assets. 

357 

PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Since PUMA is active in only one business area, the sporting goods industry, products are additionally 
allocated according to the Footwear, Apparel and Accessories product segments in accordance with the 
internal reporting structure. 

SEGMENT REPORTING JAN-DEC 2023 

↗ T.80 BUSINESS SEGMENTS (in € million) 

Europe 

EEMEA 

North America 

Latin America 

Greater China 

Asia/Pacific (excluding 
Greater China) 

stichd 

External Sales 

EBIT 

Investments 

1-12/2023

1-12/2022

1-12/2023

1-12/2022

1-12/2023

1-12/2022

2,016.0

1,922.5

1,626.2

1,333.3

2,095.9

2,531.4

1,239.9

1,098.3

582.2

521.3

551.7

459.4

588.5

469.8

251.4

392.1

295.0

285.3

84.5

61.2

89.5

242.0

308.5

398.9

285.2

20.2

73.4

113.2

25.8

28.1

75.5

75.8

10.3

6.5

22.1

33.6

30.2

67.6

34.6

20.3

7.2

21.2

Total business segments 

8,571.3

8,465.1

1,458.9

1,441.2

244.1

214.7

Depreciation and amortization 

Inventories 

Trade Receivables (third 
parties) 

1-12/2023

1-12/2022

1-12/2023

1-12/2022

1-12/2023

1-12/2022

61.7

55.6

83.3

39.2

29.3

28.1

11.2

58.5

55.8

71.2

23.1

39.7

31.6

8.3

498.5

338.4

466.1

306.9

109.6

97.8

104.8

602.5

378.5

739.3

253.1

179.1

114.7

93.9

196.4

286.5

204.9

223.7

40.6

91.5

72.1

190.3

189.4

259.2

200.7

44.5

111.4

66.1

Europe 

EEMEA 

North America 

Latin America 

Greater China 

Asia/Pacific (excluding 
Greater China) 

stichd 

Total business segments 

308.3

288.2

1,922.0

2,361.1

1,115.7

1,061.6

358 

  
  
  
 
 
 
 
 
 
 
 
  
  
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

↗ T.81 CONTINUATION BUSINESS SEGMENTS  (in € million) 

Europe 

EEMEA 

North America 

Latin America 

Greater China 

Asia/Pacific (excluding Greater China) 

stichd 

Total business segments 

Non-current assets 

1-12/2023

1-12/2022

477.4

186.1

741.8

221.5

91.8

121.7

226.0

477.1

198.1

750.4

128.2

86.2

149.4

209.6

2,066.4

1,999.1

↗ T.82 PRODUCT External Sales (€ million) Gross Profit Margin (in %) 

Footwear 

Apparel 

Accessories 

Total 

External Sales 

Gross Profit Margin 

1-12/2023

1-12/2022

1-12/2023

1-12/2022

4,583.4

4,317.9

2,763.0

2,896.3

1,255.3

1,251.0

8,601.7

8,465.1

45.4%

47.8%

46.6%

46.3%

44.9%

47.3%

47.4%

46.1%

359 

  
  
 
 
 
 
  
  
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

RECONCILIATIONS 

↗ T.83 RECONCILIATIONS (in € million) 

Total business segments 

Central Areas 

Total 

Total business segments 

Central Areas 

Central expenses Marketing 

Consolidation 

EBIT 

Financial Result 

EBT 

External Sales 

1-12/2023

1-12/2022

8,571.3

8,465.1

30.4

0.0

8,601.7

8,465.1

EBIT 

1-12/2023

1-12/2022

1,458.9

1,441.2

-344.6

-492.7

0.0

621.6

-143.3

478.3

-364.4

-436.2

0.0

640.6

-88.9

551.7

Investments 

Depreciation and amortization 

1-12/2023

1-12/2022

1-12/2023

1-12/2022

Total business segments 

244.1

214.7

308.3

288.2

Central Areas 

Consolidation 

Total 

55.5

0.0

49.3

0.0

43.4

0.0

44.6

0.0

299.6

263.9

351.7

332.8

Inventories 

Trade Receivables (third 
parties) 

Non-current assets 

1-12/2023

1-12/2022

1-12/2023

1-12/2022

1-12/2023

1-12/2022

Total business segments 

1,922.0

2,361.1

1,115.7

1,061.6

2,066.4

1,999.1

Not allocated to the business 
segments 

-117.7

-116.0

2.8

3.3

237.7

211.0

Total 

1,804.4

2,245.1

1,118.4

1,064.9

2,304.1

2,210.1

360 

  
  
 
 
 
 
  
  
 
 
 
 
  
  
 
 
 
 
 
 
  
  
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

GEOGRAPHICAL INFORMATION 

Sales revenue (with third parties) is reported in the geographical market in which it arises. Non-current 
assets are allocated to the geographical market based on the registered office of the relevant subsidiary, 
regardless of the segment structure.  

↗ T.84 GEOGRAPHICAL INFORMATION BY COUNTRY (in € million) 

Germany, Europe 

USA, North America 

External Sales 

Non-current assets 

1-12/2023

1-12/2022

1-12/2023

1-12/2022

631.6

586.3

1,933.7

2,334.2

507.0

604.5

488.3

604.7

25. NOTES TO THE CASH FLOW STATEMENT 

The cash flow statement was prepared in accordance with IAS 7 and is structured based on cash flows from 
operating, investing and financing activities. The indirect method is used to determine the cash 
outflow/inflow from operating activities. The gross cash flow, derived from earnings before income tax and 
adjusted for non-cash income and expense items, is determined within the cash flow from operating 
activities. Cash outflow/inflow from operating activities less investments in property, plant and equipment 
as well as intangible assets is referred to as free cash flow. 

The cash and cash equivalents reported in the cash flow statement include all cash and cash equivalents 
shown in the statement of financial position under the item "Cash and cash equivalents", i.e. cash on hand, 
checks and current bank balances including short-term financial investments. 

The following table shows the cash and non-cash changes in financial liabilities in accordance with IAS 7.44 
A: 

↗ T.85 RECONCILIATION OF FINANCIAL LIABILITIES TO THE CASH INFLOW/ OUTFLOW FROM 

FINANCING ACTIVITIES 2023  (in € million) 

Financial liabilities 

Lease liabilities 

Current borrowings 

Non-current borrowings 

Total 

Non-cash changes 

Notes

Balance
01/01/2023

Currency
changes

Other 

Cash changes

Balance
31/12/2023

10

13

13

1,230.4

75.9

251.5

1,557.8

-44.9

-0.6

0.0

-45.6

254.9 

129.8 

-125.0 

259.7 

-208.0

1,232.4

-59.1

299.6

32.5

145.9

426.1

1,804.4

361 

  
  
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

↗ T.86 RECONCILIATION OF FINANCIAL LIABILITIES TO THE CASH INFLOW/ OUTFLOW FROM 

FINANCING ACTIVITIES 2022  (in € million) 

Financial liabilities 

Lease liabilities 

Current borrowings 

Non-current borrowings 

Total 

Non-cash changes 

Notes

Balance
01/01/2022

Currency
changes

Other 

Cash changes

Balance
31/12/2022

10

13

13

1,023.4

68.5

311.5

1,403.4

12.1

-1.1

0.0

11.1

385.0 

-190.0

1,230.4

0.0 

0.0 

8.4

-60.0

75.9

251.5

385.0 

-241.6

1,557.8

The lease liabilities of € 1,232.4 million (previous year: € 1,230.4 million) break down into current lease 
liabilities of € 212.4 million (previous year: € 200.2 million) and non-current lease liabilities of  
€ 1,020.0 million (previous year: € 1,030.3 million). 

26.  OTHER FINANCIAL COMMITMENTS AND CONTINGENT LIABILITIES 

OTHER FINANCIAL OBLIGATIONS 

The Company has other financial obligations associated with license, promotional and advertising 
agreements, which give rise to the following financial obligations as of the balance sheet date: 

↗ T.87 COMMITMENTS FROM LICENSE, PROMOTIONAL AND ADVERTISING AGREEMENTS  

(in € million) 

From license, promotional and advertising agreements: 

Due within one year 

Due between one and five years 

Due after five years 

Total 

2023

2022

402.4

1,203.5

314.2

348.6

781.1

130.8

1,920.2

1,260.5

As is customary in the industry, the promotional and advertising agreements provide for additional 
payments on reaching pre-defined goals (e.g. medals, championships). These are contractually agreed, but 
by their nature cannot be predicted exactly in terms of their timing and amount. 

In addition, there are other financial obligations totalling € 246.5 million, of which, € 146.5 million relate to 
the years from 2025. These include service agreements of € 234.2 million as well as other obligations of  
€ 12.3 million. 

362 

  
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

CONTINGENT LIABILITIES 

Individual PUMA companies are involved in legal disputes arising from normal operating activities, e.g. 
relating to intellectual property rights and employee matters. If an outflow of resources from these legal 
disputes is classified as probable and the amount of the obligation can be reliably estimated, the risks 
arising from these legal disputes are included in the other provisions. However, if the probability of 
occurrence is classified as low, these legal disputes are recognised as contingent liabilities, which are 
estimated at € 0.8 million in this financial year (previous year: € 3.1 million).  Contingent liabilities also exist 
due to uncertainties in the appraisal of the facts by the tax and customs authorities in India. Based on 
external reports, the Management currently assumes that the receivables of Indian tax and customs 
authorities will not result in any cash outflow. Overall, the PUMA Management considers that the impact of 
the total of the contingent liabilities on the net assets, financial position and results of operations of the 
Company is immaterial. 

27.  COMPENSATION OF THE MANAGEMENT BOARD AND SUPERVISORY BOARD 

Disclosures pursuant to Section 314(1) 6 HGB (German Commercial Code [Handelsgesetzbuch]) in 
conjunction with Section 315e HGB. 

COMPENSATION OF THE MEMBERS OF THE MANAGEMENT BOARD 

The total compensation of the members of the Management Board in financial year 2023 was € 10.3 million 
(previous year: € 11.9 million). 

The total remuneration of the Management Board includes the share-based remuneration granted for the 
financial year with a fair value of € 4.2 million (previous year: € 1.7 million) and 81,279 performance shares 
were issued (previous year: 16,457). The total remuneration for the previous year also includes the issue of 
30,968 virtual shares of the PUMA Monetary Unit Plan with a fair value of € 3.0 million. 

TOTAL COMPENSATION OF FORMER MEMBERS OF THE MANAGEMENT BOARD 

The total remuneration of former members of the Management Board and their surviving dependents 
amounted to € 2023 million in financial year 0.7 (previous year: € 0.7 million). 

In addition, there were defined benefit pension obligations to former members of the Management Board 
and their widows/widowers amounting to € 2.4 million (previous year: € 2.5 million) as well as defined 
contribution plans from deferred compensation of former members of the Management Board and 
Managing Directors amounting to € 47.2 million (previous year: € 17.3 million). Both items are recognised 
accordingly within pension provisions to the extent they were not offset against plan assets of an equal 
amount.  

COMPENSATION OF THE SUPERVISORY BOARD 

The compensation paid to the Supervisory Board comprised fixed compensation and additional 
compensation for committee activities, and amounted to a total of € 0.4 million (previous year:  
€ 0.2 million). 

363 

 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

28. DISCLOSURES RELATED TO NON-CONTROLLING INTERESTS 

The summarised financial information about subsidiaries of the Group in which non-controlling interests 
exist is presented below. This financial information relates to all companies with non-controlling interests in 
which the identical non-controlling shareholder holds an interest. The figures represent the amounts before 
intercompany eliminations. 

Evaluation of the control of companies with non-controlling interests: 

The Group holds a 51% capital share in PUMA United North America LLC, PUMA United Canada ULC and 
Janed Canada LLC (inactive company). With these companies, there are profit-sharing arrangements in 
place which differ from the capital share for the benefit of the respective identical non-controlling 
shareholder. PUMA receives higher license fees in exchange.  

In addition, there is a shareholding in the capital and the result, amounting to 70%, in the company PUMA 
United Aviation North America LLC. 

The contractual agreements with these companies respectively provide PUMA with a majority of the voting 
rights at the shareholder meetings, and thus the right of disposal regarding these companies. PUMA is 
exposed to fluctuating returns from the sales-based license fees and from variable earnings. The Group 
also controls the key activities of these companies. The companies are accordingly included in the 
consolidated financial statements as subsidiaries with full consolidation with recognition of non-controlling 
interests. 

The non-controlling interests existing on the balance sheet date relate to PUMA United North America LLC, 
PUMA United Canada ULC, Janed Canada, LLC (inactive) and PUMA United Aviation North America LLC at  
€ 28.9 million (previous year: € 67.1 million). 

The following tables show a summary of the financial information for subsidiaries with non-controlling 
interests: 

↗ T.88 ASSETS AND LIABILITIES (in € million) 

Current assets 

Non-current assets 

Current liabilities 

Non-current liabilities 

Net assets 

Net assets attributable to non-controlling interests 

2023

112.9

8.6

85.3

0.0

36.3

28.9

2022

105.8

10.3

40.4

0.0

75.7

67.1

364 

  
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

↗ T.89 INCOME STATEMENT (in € million) 

Sales 

Net income 

Profit attributable to non-controlling interests 

Other comprehensive income of non-controlling interests 

Total comprehensive income of non-controlling interests 

Dividends paid to non-controlling interests 

↗ T.90 CASH (in € million) 

Net cash from operating activities 

Net cash used in investing activities 

Net cash used in financing activities 

Changes in cash and cash equivalents 

2023

411.8

56.8

55.7

4.3

54.2

92.4

2023

101.8

-0.3

-101.4

0.0

2022

452.2

72.0

70.9

4.1

75.0

73.3

2022

79.4

0.0

-80.1

-0.4

29.  RELATED PARTY RELATIONSHIPS 

In accordance with IAS 24, relationships to related companies and persons that control or are controlled by 
the PUMA Group must be reported. All natural persons and companies that can be controlled by PUMA, that 
can exercise relevant control over the PUMA Group or that are under the relevant control of another related 
party of the PUMA Group are considered to be related companies or persons within the meaning of IAS 24. 

As of 31 December 2023, there was one shareholding in PUMA SE that exceeded 20% of the voting rights. 
This is held by the Pinault family via several companies that the family controls (in order of proximity to the 
Pinault family: Financière Pinault S.C.A., Artémis S.A.S. and Kering S.A.). The share of Kering S.A. in 
PUMA SE amounted to 1.47% of the share capital at 18 September 2023. Combined, the shareholdings of 
Artémis S.A.S. and Kering S.A. amounted to 29.99% of the share capital of PUMA SE at 18 September 2023. 
Since Artémis S.A.S. and Kering S.A. hold more than 20% of the voting rights in PUMA SE, they are 
presumed to have significant influence according to IAS 28.5 and IAS 28.6. They and all other companies 
directly or indirectly controlled by Financière Pinault S.C.A. that are not included in the consolidated 
financial statements of PUMA SE are considered as related parties in the following.  

In addition, the disclosure obligation pursuant to IAS 24 extends to transactions with associated companies 
as well as transactions with other related companies and persons.  

Transactions with related companies and persons largely concern sales of goods and licensing agreements. 

365 

  
 
 
 
 
  
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

The following overview illustrates the scope of the business relationships: 

↗ T.91 DELIVERIES AND SERVICES RENDERED AND RECEIVED (in € million) 

Companies included in the Artémis Group 

Other related companies and persons 

Total 

Deliveries and services rendered 

Deliveries and services received 

2023

2022

2023

2022

2.1

0.0

2.1

1.7

0.0

1.7

0.0

0.0

0.0

0.1

0.0

0.1

↗ T.92 NET RECEIVABLES AND LIABILITIES (in € million) 

Companies included in the Artémis Group 

Other related companies and persons 

Total 

Net receivables from 

Liabilities to 

2023

2022

2023

2022

0.3

0.0

0.3

0.3

0.0

0.3

0.0

0.0

0.0

0.0

0.0

0.0

Receivables from related companies and persons are not subject to value adjustments. 

Classification of the remuneration of key management personnel in accordance with IAS 24.17: 

The members of key management personnel in accordance with IAS 24 are the Management Board and the 
Supervisory Board. These are counted as related parties. 

In financial year 2023, the remuneration of the members of the Management Board of PUMA SE for short-
term benefits amounted to € 6.1 million (previous year: € 7.2 million), for termination benefits to  
€ 0.0 million (previous year: € 0.0 million) and the share-based payment € 1.4 million (previous year:  
€ -0.5 million). Furthermore, just like in the previous year, no remuneration was granted in the form of 
other long-term benefits or in the form of post-employment benefits in the reporting year. Accordingly, the 
total expenditure for the reporting year amounted to € 7.5 million (previous year: € 6.7 million). 

In financial year 2023, the remuneration of the members of the Supervisory Board of PUMA SE for short-
term benefits amounted to € 0.4 million (previous year: € 0.2 million). 

366 

  
  
 
 
 
 
 
 
  
  
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

30. CORPORATE GOVERNANCE  

In November 2023, the Management Board and the Supervisory Board submitted the required compliance 
declaration with respect to the recommendations issued by the Government Commission German Corporate 
Governance Code pursuant to Section 161 of the German Stock Corporation Act (Aktiengesetz – AktG) and 
published it on the Company's website (https://about.PUMA.com). Please also refer to the corporate 
governance statement in accordance with section 289f and section 315d HGB (Handelsgesetzbuch, German 
Commercial Code) in the Combined Management Report. 

31.  EVENTS AFTER THE BALANCE SHEET DATE 

No events with any significant effect on the net assets, financial position and results of operations of the 
PUMA Group occurred after the balance sheet date. 

367 

 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

32. DATE OF RELEASE  

The Management Board of PUMA SE released the consolidated financial statements on 7 February 2024 for 
distribution to the Supervisory Board. The task of the Supervisory Board is to review the consolidated 
financial statements and state whether it approves them.  

Herzogenaurach, 7 February 2024 

The Management Board 

Freundt  

Hinterseher 

Descours 

Valdes 

This is a translation of the German version. In case of doubt, the German version shall apply. 

368 

 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

APPENDIX 1 OF THE CONSOLIDATED FINANCIAL STATEMENT 

MEMBERS OF THE MANAGEMENT BOARD AND SUPERVISORY BOARD AND THEIR MANDATES   
STATUS: 31 DECEMBER 2023 

MEMBERS OF THE MANAGEMENT BOARD AND THEIR MANDATES 

Arne Freundt  
Chief Executive Officer (CEO) 

Hubert Hinterseher  
Chief Financial Officer (CFO) 

Anne-Laure Descours 
Chief Sourcing Officer (CSO)  

Maria Valdes (since 1 January 2023) 
Chief Product Officer (CPO) 

MEMBERS OF THE SUPERVISORY BOARD AND THEIR MANDATES 

Héloïse Temple-Boyer (first elected on 18 April 2019) 
(Chair) 
Paris, France 

Deputy CEO of ARTÉMIS S.A.S., Paris/France 

Membership in other statutory supervisory boards in Germany: None  

Membership in comparable domestic and foreign controlling bodies of commercial enterprises2 

•  Kering S.A., Paris/France 
•  Christie's International Plc., London/ United Kingdom 
•  CAA LL.C., Los Angeles/USA 
•  Giambattista Valli S.A.S., Paris/France 
•  Société d'exploitation de l’hebdomadaire le Point S.A., Paris/France 
•  Pinault Collection, Paris/France 

2 

All mandates are mandates within the ARTÈMIS/KERING-Group. Only Kering S.A. is a listed company. 

369 

 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Thore Ohlsson (first elected on 21 May 1993) 
(Deputy Chair) 
Falsterbo, Sweden 

President of Elimexo AB, Falsterbo/Sweden 

Membership in other statutory supervisory boards in Germany: None  

Membership in comparable domestic and foreign controlling bodies of commercial enterprises: 

•  Tomas Frick AB, Vellinge/Sweden 
•  Orrefors Kosta Boda AB, Kosta/Sweden 
• 
•  Friskvårdcenter AB, Malmö/Sweden 
•  Totestories AB, Vellinge/Sweden 

Infinitive AB, Malmö/Sweden 

Jean-Marc Duplaix (first elected on 24 May 2023) 
Paris, France 

Deputy CEO of Kering S.A., Paris/France 

Membership in other statutory supervisory boards in Germany: None  

Membership in comparable domestic and foreign controlling bodies of commercial enterprises3: 

•  Balenciaga S.A., Paris/Frankreich  

Jean-François Palus (first elected on 16 June 2007, until 24 May 2023) 
Paris, France 

Managing Director of Guccio Gucci S.p.A., Florence/Italy 

Membership in other statutory supervisory boards in Germany: None  

Membership in comparable domestic and foreign controlling bodies of commercial enterprises: 

•  Financière Pinault S.C.A., Paris/France 
•  Sonova Management S.A.S., Paris/France 
•  Bureau Veritas S.A., Paris/France 

Fiona May (first elected on 18 April 2019) 
Calenzano, Italy 

Independent Management Consultant 

Membership in other statutory supervisory boards in Germany: None  

Membership in comparable domestic and foreign controlling bodies of commercial enterprises: None 

3 

The mandate is a mandate within the Kering Group. Kering S.A. is a listed company. Balenciaga S.A. is not listed 

370 

 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Martin Köppel (first elected on 25 July 2011) 
(Employees‘ Representative) 
Adelsdorf, Germany 

Chair of the Works Council of PUMA SE 

Membership in other statutory supervisory boards in Germany: None  

Membership in comparable domestic and foreign controlling bodies of commercial enterprises: None 

Bernd Illig (first elected on 9 July 2018) 
(Employees‘ Representative) 
Bechhofen, Germany 

Teamhead IT Endpoint Management of PUMA SE 

Membership in other statutory supervisory boards in Germany: None  

Membership in comparable domestic and foreign controlling bodies of commercial enterprises: None 

SUPERVISORY BOARD COMMITTEES 

Personnel Committee 
•  Héloïse Temple-Boyer (Chair) 
•  Fiona May 
•  Martin Köppel  

Audit Committee 
•  Jean-Marc Duplaix (Chair since 24 May 2023) 
•  Thore Ohlsson (Chair until 24 May 2023) 
•  Héloïse Temple-Boyer (until 24 May 2023) 
•  Bernd Illig 

Nominating Committee 
•  Héloïse Temple-Boyer (Chair) 
•  Jean-François Palus (until 24 May 2023) 
•  Fiona May 
•  Jean-Marc Duplaix (since 24 May 2023) 

Sustainability Committee 
•  Fiona May (Chair) 
•  Héloïse Temple-Boyer 
•  Martin Köppel 

371 

 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

DECLARATION BY THE LEGAL REPRESENTATIVES 

We state to the best of our knowledge that the consolidated financial statements give a true and fair view of 
the net assets, financial position and results of operations of the Group in accordance with the applicable 
accounting principles, and that the Group management report, which is combined with the Management 
report of PUMA SE for the financial year 2023, provides a true and fair view of the course of the development 
and performance of the business and the position of the Group, together with a description of the principal 
risks and opportunities associated with the expected performance of the Group. 

Herzogenaurach, 7 February 2024 

The Management Board 

Freundt  

Hinterseher 

Descours 

Valdes 

372 

 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

INDEPENDENT AUDITOR’S REPORT 

For the Consolidated Financial Statements and Group Management Report we have issued an unqualified 
auditor’s report. The English language text below is a translation of the auditor’s report. The original 
German text shall prevail in the event of any discrepancies between the English translation and the 
German original. We do not accept any liability for the use of, or reliance on, the English translation or for 
any errors or misunderstandings that may derive from the translation. 

To PUMA SE, Herzogenaurach 

REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE 
COMBINED MANAGEMENT REPORT 

OPINIONS 

We have audited the consolidated financial statements of PUMA SE, Herzogenaurach, and its subsidiaries 
(the Group), which comprise the consolidated statement of financial position as of December 31, 2023, the 
consolidated income statement, the consolidated statement of comprehensive income, the consolidated 
statement of changes in equity and the consolidated statement of cash flows for the financial year from 
January 1 to December 31, 2023, and notes to the consolidated financial statements, including a summary of 
significant accounting policies. In addition, we have audited the management report of the Company and the 
Group (combined management report) of PUMA SE for the financial year from January 1 to 
December 31, 2023. 

In accordance with German legal requirements, we have not audited the content of those components of the 
combined management report specified in the "Other Information" section of our auditor's report. 

The combined management report contains cross-references that are not provided for by law and which are 
marked as unaudited. In accordance with German legal requirements, we have not audited the cross-
references and the information to which the cross-references refer. 

In our opinion, on the basis of the knowledge obtained in the audit, 

• 

• 

the accompanying consolidated financial statements comply, in all material respects, with the IFRSs as 
adopted by the EU, and the additional requirements of German commercial law pursuant to Section 
315e (1) HGB [Handelsgesetzbuch: German Commercial Code] and, in compliance with these 
requirements, give a true and fair view of the assets, liabilities, and financial position of the Group as of 
December 31, 2023, and of its financial performance for the financial year from January 1 to 
December 31, 2023, and 
the accompanying combined management report as a whole provides an appropriate view of the Group's 
position. In all material respects, this combined management report is consistent with the consolidated 
financial statements, complies with German legal requirements and appropriately presents the 
opportunities and risks of future development. Our opinion on the combined management report does 
not cover the content of those components of the combined management report specified in the "Other 
Information" section of the auditor's report. The combined management report contains cross-
references that are not provided for by law and which are marked as unaudited. Our audit opinion does 
not extend to the cross-references and the information to which the cross-references refer. 

Pursuant to Section 322 (3) sentence 1 HGB, we declare that our audit has not led to any reservations 
relating to the legal compliance of the consolidated financial statements and of the combined management 
report. 

373 

 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

BASIS FOR THE OPINIONS 

We conducted our audit of the consolidated financial statements and of the combined management report in 
accordance with Section 317 HGB and the EU Audit Regulation No 537/2014 (referred to subsequently as 
"EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial 
Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] 
(IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's 
Responsibilities for the Audit of the Consolidated Financial Statements and of the Combined Management 
Report" section of our auditor's report. We are independent of the group entities in accordance with the 
requirements of European law and German commercial and professional law, and we have fulfilled our 
other German professional responsibilities in accordance with these requirements. In addition, in 
accordance with Article 10 (2)(f) of the EU Audit Regulation, we declare that we have not provided non-audit 
services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the evidence we have 
obtained is sufficient and appropriate to provide a basis for our opinions on the consolidated financial 
statements and on the combined management report. 

KEY AUDIT MATTERS IN THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS 

Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements for the financial year from January 1 to December 31, 2023. 
These matters were addressed in the context of our audit of the consolidated financial statements as a 
whole, and in forming our opinion thereon, we do not provide a separate opinion on these matters. 

Revenue recognition cut-off for wholesale customers 
For information on the accounting policies applied, please refer to Sections 2 and 19 in the notes to the 
consolidated financial statements. 

THE FINANCIAL STATEMENT RISK 
The consolidated financial statements of PUMA SE for financial year 2023 report revenue of 
EUR 8,601.7 million. Revenue includes revenue of EUR 6,468.6 million from the sale of goods to wholesale 
customers. 

The Group recognizes revenue from the sale of goods to wholesale customers when it fulfils a performance 
obligation through the transfer of a promised asset to a customer. An asset is transferred when (or as) the 
customer obtains control of that asset. In accordance with the transfer of control, revenue from wholesale 
customers is recognized at a point in time in the amount to which the Group is entitled. 

The Management Board of PUMA SE has defined the criteria for the recognition of revenue at a point in time 
in a group-wide accounting policy and implemented processes for correct recognition and cut-off. 

In the final weeks prior to the reporting date, a range of transactions with wholesale customers take place 
with individual contractual agreements on the transfer of risk. In addition, there are internally defined and 
externally communicated revenue targets for the financial year, which represent a key benchmark for 
measuring corporate success. 

There is the risk for the consolidated financial statements that revenue in the reporting year is overstated 
due to it being recognized in the wrong period, meaning that it is not recorded on an accrual basis. 

374 

 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

OUR AUDIT APPROACH 
In order to audit revenue recognition cut-off for wholesale customers, we assessed the design, setup and 
effectiveness of the internal controls relating to outgoing goods and the acceptance of goods and invoicing, 
in particular the determination and verification of the correct transfer of control. In addition, we reviewed 
the presentation of revenue recognition in the group-wide accounting policy to ensure compliance with 
IFRS 15. 

Furthermore, we assessed revenue recognition cut-off for wholesale customers by reconciling invoices with 
the related orders, underlying contracts and external delivery records. This was based on revenue 
recognized at the end of December 2023 and selected using a mathematical/statistical procedure. 

OUR OBSERVATIONS 
PUMA SE's approach to revenue recognition cut-off with wholesale customers is appropriate. 

Impairment testing of right-of-use assets for retail stores 
For information on the accounting policies applied, please refer to Sections 2 and 10 in the notes to the 
consolidated financial statements. 

THE FINANCIAL STATEMENT RISK 
As of December 31, 2023, right-of-use assets of EUR 1,087.7 million are recognized in the consolidated 
financial statements of PUMA SE. A significant portion of the right-of-use assets is attributable to retail 
stores (EUR 464.2 million). Right-of-use assets amount to 16.4% of total assets and thus have a material 
influence on the Company's net assets. 

Owing to the large number of leases and the resulting transactions, the Company has set up group-wide 
processes and controls for the measurement of leases. 

Right-of-use assets for retail stores are tested for impairment at the level of the individual retail stores as 
cash-generating units. The impairment test compares the carrying amount of the cash-generating unit with 
its recoverable amount. The Company determines the recoverable amount for the retail stores indicating 
potential impairment by using the discounted cash flow method. If the carrying amount exceeds the 
recoverable amount, an impairment loss is recognized for the right-of-use asset of the cash-generating 
unit. The recoverable amount is the higher of an asset's fair value less costs to sell and its value in use.  

Impairment testing of right-of-use assets for retail stores is complex and based on a range of assumptions 
that require judgment. Among others, these include the business and earnings performance of the retail 
store for the next year, the assumed growth rates, the applied discount rate and the use of extension 
options. The Company recognized impairment losses in the amount of EUR 5.7 million for right-of-use 
assets for retail stores during the financial year. 

In particular owing to the judgments for measuring right-of-use assets for retail stores, there is the risk for 
the consolidated financial statements that an impairment of right-of-use assets may not be identified. 

375 

 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

OUR AUDIT APPROACH 
Using the information obtained during our audit, we assessed whether there were any indicators of 
impairment for right-of-use assets for retail stores. In doing so, we thoroughly examined the Company's 
approach to determining the need to recognize impairment losses and, based on the information obtained in 
the course of our audit, assessed whether there were any indications of impairment that had not been 
identified by the Company. 

With the involvement of our valuation specialists, for a sample of retail stores selected based on risk, we 
then assessed (among other things) the appropriateness of the Company's calculation method. For this 
purpose we discussed the expected business and earnings development for the retail stores selected in this 
sample and the assumed growth rates with those responsible for planning. Where accounting judgments 
were made for determining the lease term, we examined these judgments to determine whether the 
underlying assumptions were comprehensible in light of the prevailing market conditions and risks in the 
industry. 

We also assessed the accuracy of the Company's previous forecasts for the affected right-of-use assets by 
comparing the budgets from the previous financial year for the selected retail stores in the sample with the 
actual results, and we analyzed any deviations. Further, we compared the assumptions and data underlying 
the discount rates with our own assumptions and publicly available data. We also assessed whether the 
calculation method for the discount rate was appropriate. 

We verified the computational accuracy of the carrying amount of the right-of-use assets determined by 
PUMA SE for the retail stores included in the sample. 

In order to take forecast uncertainty into account, we examined the impact of potential changes in the 
discount rate, earnings performance and long-term growth rates on the value in use by calculating 
alternative scenarios for the selected sample and comparing these with the values stated by the Company 
(sensitivity analysis). 

OUR OBSERVATIONS 
The calculation method used for impairment testing of right-of-use assets for retail stores is appropriate 
and in line with the accounting policies to be applied. 

The Company's assumptions and data used for the measurement of the right-of-use assets for retail stores 
are appropriate. 

OTHER INFORMATION 

The Management Board and/or the Supervisory Board is responsible for the other information. The other 
information comprises the following components of the combined management report, whose content was 
not audited: 

• 

• 

• 

the Company's and Group's separate combined non-financial report, which is referred to in the 
combined management report, and 
the combined corporate governance statement for the Company and Group, which is included in a 
separate section of the combined management report, and 
information extraneous to combined management reports and marked as unaudited. 

The other information also includes the annual report, which is expected to be made available to us after 
the date of this independent auditor's report. The other information does not include the consolidated 
financial statements, the combined management report information audited for content and our auditor's 
report thereon. 

376 

 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Our opinions on the consolidated financial statements and on the combined management report do not 
cover the other information, and consequently we do not express an opinion or any other form of assurance 
conclusion thereon. 

In connection with our audit, our responsibility is to read the other information and, in so doing, to consider 
whether the other information 

• 

is materially inconsistent with the consolidated financial statements, with the combined management 
report information audited for content or our knowledge obtained in the audit, or 

•  otherwise appears to be materially misstated. 

RESPONSIBILITIES OF THE MANAGEMENT BOARD AND THE SUPERVISORY BOARD FOR THE 
CONSOLIDATED FINANCIAL STATEMENTS AND THE COMBINED MANAGEMENT REPORT 

The Management Board is responsible for the preparation of consolidated financial statements that comply, 
in all material respects, with IFRSs as adopted by the EU and the additional requirements of German 
commercial law pursuant to Section 315e (1) HGB and that the consolidated financial statements, in 
compliance with these requirements, give a true and fair view of the assets, liabilities, financial position, 
and financial performance of the Group. In addition, the Management Board is responsible for such internal 
control as it has determined necessary to enable the preparation of consolidated financial statements that 
are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and 
misappropriation of assets) or error. 

In preparing the consolidated financial statements, the Management Board is responsible for assessing the 
Group's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, 
matters related to going concern. In addition, they are responsible for financial reporting based on the going 
concern basis of accounting unless there is an intention to liquidate the Group or to cease operations, or 
there is no realistic alternative but to do so. 

Furthermore, the Management Board is responsible for the preparation of the combined management 
report that, as a whole, provides an appropriate view of the Group’s position and is, in all material respects, 
consistent with the consolidated financial statements, complies with German legal requirements, and 
appropriately presents the opportunities and risks of future development. In addition, the Management 
Board is responsible for such arrangements and measures (systems) as they have considered necessary to 
enable the preparation of a combined management report that is in accordance with the applicable German 
legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the 
combined management report. 

The Supervisory Board is responsible for overseeing the Group's financial reporting process for the 
preparation of the consolidated financial statements and of the combined management report. 

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF 
THE COMBINED MANAGEMENT REPORT 

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a 
whole are free from material misstatement, whether due to fraud or error, and whether the combined 
management report as a whole provides an appropriate view of the Group’s position and, in all material 
respects, is consistent with the consolidated financial statements and the knowledge obtained in the audit, 
complies with the German legal requirements and appropriately presents the opportunities and risks of 
future development, as well as to issue an auditor’s report that includes our opinions on the consolidated 
financial statements and on the combined management report. 

377 

 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Section 317 HGB and the EU Audit Regulation and in compliance with German Generally 
Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) 
will always detect a material misstatement. Misstatements can arise from fraud or error and are considered 
material if, individually or in the aggregate, they could reasonably be expected to influence the economic 
decisions of users taken on the basis of these consolidated financial statements and this combined 
management report. 

We exercise professional judgment and maintain professional skepticism throughout the audit. We also: 

• 

Identify and assess the risks of material misstatement of the consolidated financial statements and of 
the combined management report, whether due to fraud or error, design and perform audit procedures 
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis 
for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than 
the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, 
forgery, intentional omissions, misrepresentations, or the override of internal controls. 

•  Obtain an understanding of internal control relevant to the audit of the consolidated financial statements 
and of arrangements and measures (systems) relevant to the audit of the combined management report 
in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of 
expressing an opinion on the effectiveness of these systems. 

•  Evaluate the appropriateness of accounting policies used by the Management Board and the 
reasonableness of estimates made by the Management Board and related disclosures. 

•  Conclude on the appropriateness of the Management Board's use of the going concern basis of 

accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to 
events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. 
If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's 
report to the related disclosures in the consolidated financial statements and in the combined 
management report or, if such disclosures are inadequate, to modify our respective opinions. Our 
conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, 
future events or conditions may cause the Group to cease to be able to continue as a going concern. 

•  Evaluate the overall presentation, structure and content of the consolidated financial statements, 

including the disclosures, and whether the consolidated financial statements present the underlying 
transactions and events in a manner that the consolidated financial statements give a true and fair view 
of the assets, liabilities, financial position and financial performance of the Group in compliance with 
IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to 
Section 315e (1) HGB. 

•  Obtain sufficient appropriate audit evidence regarding the financial information of the entities or 

business activities within the Group to express opinions on the consolidated financial statements and on 
the combined management report. We are responsible for the direction, supervision and performance of 
the group audit. We remain solely responsible for our opinions. 

•  Evaluate the consistency of the combined management report with the consolidated financial 
statements, its conformity with [German] law, and the view of the Group's position it provides. 

•  Perform audit procedures on the prospective information presented by the Management Board in the 
combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in 
particular, the significant assumptions used by the Management Board as a basis for the prospective 
information, and evaluate the proper derivation of the prospective information from these assumptions. 
We do not express a separate opinion on the prospective information and on the assumptions used as a 
basis. There is a substantial unavoidable risk that future events will differ materially from the 
prospective information. 

We communicate with those charged with governance regarding, among other matters, the planned scope 
and timing of the audit and significant audit findings, including any significant deficiencies in internal 
control that we identify during our audit. 

378 

PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

We also provide those charged with governance with a statement that we have complied with the relevant 
independence requirements, and communicate with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and where applicable, the actions taken or safeguards 
applied to eliminate independence threats. 

From the matters communicated with those charged with governance, we determine those matters that 
were of most significance in the audit of the consolidated financial statements of the current period and are 
therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation 
precludes public disclosure about the matter. 

OTHER LEGAL AND REGULATORY REQUIREMENTS 

REPORT ON THE ASSURANCE ON THE ELECTRONIC RENDERING OF THE CONSOLIDATED FINANCIAL 
STATEMENTS AND THE COMBINED MANAGEMENT REPORT PREPARED FOR PUBLICATION PURPOSES IN 
ACCORDANCE WITH SECTION 317 (3A) HGB 

We have performed assurance work in accordance with Section 317 (3a) HGB to obtain reasonable 
assurance about whether the rendering of the consolidated financial statements and the combined 
management report (hereinafter the "ESEF documents") contained in the electronic file „PUMA KA 2023.zip“ 
(SHA256-Hashwert: 3d9c82efdcc3657b21661fc4c90debfbfafac65be5b3f152055611b47a544d9b) made available 
and prepared for publication purposes complies in all material respects with the requirements of 
Section 328 (1) HGB for the electronic reporting format ("ESEF format"). In accordance with German legal 
requirements, this assurance work extends only to the conversion of the information contained in the 
consolidated financial statements and the combined management report into the ESEF format and 
therefore relates neither to the information contained in these renderings nor to any other information 
contained in the file identified above. 

In our opinion, the rendering of the consolidated financial statements and the combined management 
report contained in the electronic file made available, identified above and prepared for publication 
purposes complies in all material respects with the requirements of Section 328 (1) HGB for the electronic 
reporting format. Beyond this assurance opinion and our audit opinion on the accompanying consolidated 
financial statements and the accompanying combined management report for the financial year from 
January 1 to December 31, 2023, contained in the "Report on the Audit of the Consolidated Financial 
Statements and the Combined Management Report" above, we do not express any assurance opinion on the 
information contained within these renderings or on the other information contained in the file identified 
above. 

We conducted our assurance work on the rendering of the consolidated financial statements and the 
combined management report contained in the file made available and identified above in accordance with 
Section 317 (3a) HGB and the IDW Assurance Standard: Assurance Work on the Electronic Rendering of 
Financial Statements and Management Reports Prepared for Publication Purposes in Accordance with 
Section 317 (3a) HGB (IDW AsS 410 (06.2022)). Our responsibility in accordance therewith is further described 
below. Our audit firm applies the IDW Standard on Quality Management 1: Requirements for Quality 
Management in Audit Firms (IDW QMS 1) (09.2022). 

Owing to the conversion process selected by the Company concerning the information in the notes in iXBRL 
format (block tagging), the consolidated financial statements converted into the ESEF format are not 
machine-readable in a fully meaningful respect. There is significant legal uncertainty regarding the legal 
conformity of the Management Board's interpretation that meaningful machine-readability of the structured 
information in the notes is not explicitly required by Commission Delegated Regulation (EU) 2019/815 for the 
block tagging of the notes, which thus also constitutes an inherent uncertainty of our audit. 

The Company's Management Board is responsible for the preparation of the ESEF documents including the 
electronic rendering of the consolidated financial statements and the combined management report in 

379 

 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

accordance with Section 328 (1) sentence 4 item 1 HGB and for the tagging of the consolidated financial 
statements in accordance with Section 328 (1) sentence 4 item 2 HGB. 

In addition, the Company's Management Board is responsible for such internal control that they have 
considered necessary to enable the preparation of ESEF documents that are free from material intentional 
or unintentional non-compliance with the requirements of Section 328 (1) HGB for the electronic reporting 
format. 

The Supervisory Board is responsible for overseeing the process of preparing the ESEF documents as part 
of the financial reporting process. 

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material 
intentional or unintentional non-compliance with the requirements of Section 328 (1) HGB. We exercise 
professional judgment and maintain professional skepticism throughout the assurance work. We also: 

• 

Identify and assess the risks of material intentional or unintentional non-compliance with the 
requirements of Section 328 (1) HGB, design and perform assurance procedures responsive to those 
risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our 
assurance opinion. 

•  Obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to 

design assurance procedures that are appropriate in the circumstances, but not for the purpose of 
expressing an assurance opinion on the effectiveness of these controls. 

•  Evaluate the technical validity of the ESEF documents, i.e. whether the file made available containing the 

ESEF documents meets the requirements of Commission Delegated Regulation (EU) 2019/815, as 
amended as of the reporting date, on the technical specification for this electronic file. 

•  Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the 

audited consolidated financial statements and the audited combined management report. 

•  Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in accordance 
with the requirements of Articles 4 and 6 of the Commission Delegated Regulation (EU) 2019/815, as 
amended as of the reporting date, enables an appropriate and complete machine-readable XBRL copy of 
the XHTML rendering. 

FURTHER INFORMATION PURSUANT TO ARTICLE 10 OF THE EU AUDIT REGULATION 

We were elected as group auditor at the Annual General Meeting on May 24, 2023. We were engaged by the 
Supervisory Board on November 21, 2023. We have been the group auditor of PUMA SE without interruption 
since financial year 2022. 

We declare that the opinions expressed in this auditor's report are consistent with the additional report to 
the Audit Committee pursuant to Article 11 of the EU Audit Regulation (long-form audit report). 

OTHER MATTER – USE OF THE AUDITOR'S REPORT 

Our auditor's report must always be read together with the audited consolidated financial statements and 
the audited combined management report as well as the examined ESEF documents. The consolidated 
financial statements and combined management report converted to the ESEF format – including the 
versions to be entered in the German Company Register [Unternehmensregister] – are merely electronic 
renderings of the audited consolidated financial statements and the audited combined management report 
and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are 
to be used solely together with the examined ESEF documents made available in electronic form. 

380 

 
 
 
 
PUMA Annual Report 2023 

↗ Consolidated Financial Statements 

GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT 

The German Public Auditor responsible for the engagement is Matthias Koeplin. 

Nuremberg, February 9, 2024 

KPMG AG 

Wirtschaftsprüfungsgesellschaft 

Koeplin 
Wirtschaftsprüfer 
[German Public Auditor] 

Behrendt 
Wirtschaftsprüferin 
[German Public Auditor] 

381 

 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Additional Information 

ADDITIONAL INFORMATION 

The PUMA Share 
PUMA Year-on-Year Comparison 
PUMA Group Development 

383 
385 
387 

382 

 
 
PUMA Annual Report 2023 

↗ Additional Information 

THE PUMA SHARE 

The PUMA share had a negative performance in financial year 2023. The closing price of the PUMA share on the last trading day in 2023 (30 December) was € 50.52 and 
thus 10.8% lower than the closing price of the previous year. The market capitalisation of the PUMA Group fell accordingly from € 8.5 billion at the end of 2022 to 
€ 7.6 billion at the end of 2023. The PUMA share started 2023 at a price of € 56.70 and fluctuated between € 67.22 (3 February 2023 / +18.6%) and € 44.36 (26 May 2023 / -
21.8%) in the following twelve months. The daily trading volume of PUMA shares decreased from an average of 519 thousand shares in the previous year to an average of 
423 thousand shares in financial year 2023. 

↗ T.01 KEY DATA PER SHARE* 

End of year price 

Highest price listed 

Lowest price listed 

Daily trading volume (Ø) 

Earnings per share 

Gross cashflow per share 

Free cashflow (before acquisitions) per 
share 

Shareholders' equity per share 

Dividend per share 

€

€

€

amount in 
thousands

€

€

€

€

€

2023

50.52

67.22

44.36

423

2.03

6.43

2.46

17.23

0.82

2022

56.70

108.00

43.85

519

2.36

6.14

1.19

16.97

0.82

2021

107.50

114.70

80.42 

281 

2.07 

5.49 

1.85 

15.23 

0.72 

2020

92.28 

92.28 

42.14 

423 

0.53 

3.50 

1.85 

11.79 

0.16 

2019

68.35 

72.95 

43.00 

387 

1.76 

4.71 

2.22 

12.84 

0.50 

2018

42.70 

52.50 

31.70 

444 

1.25 

2.66 

1.00 

11.52 

0.35 

*  Disclosures for the prior periods were adjusted retroactively to the 1:10 stock split carried out in the second quarter of 2019 
**  one time/special dividend 

2017

36.30

39.14

24.35

67

9.09

2.21

0.86

11.09

1.25**

383 

 
  
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Additional Information 

↗ G.01 PUMA SHARE PERFORMANCE / TRADING VOLUME 

↗ G.02 SHARE DEVELOPMENT - REBASED 

The PUMA share has been registered for the regulated market on German stock exchanges since 1986. It is 
listed in the Prime Standard Segment and the Mid-Cap Index MDAX of the German Stock Exchange 
(Deutsche Börse). Moreover, membership in the FTSE4Good index was once again confirmed. 

384 

 
 
 
 
 
PUMA Annual Report 2023 

↗ Additional Information 

PUMA YEAR-ON-YEAR COMPARISON 

↗ T.02 PUMA  YEAR-ON-YEAR COMPARISON (in € million) 

Sales 

Consolidated sales 

- Footwear 

- Apparel 

- Accessories 

Result of operations 

Gross profit 

EBIT 

EBT 

Net earnings attributable to shareholders of PUMA SE 

Profitability 

Gross profit margin 

EBT margin 

Net earnings margin 

Return on capital employed (ROCE) 

Return on equity (ROE) 

Balance sheet 

Total equity 

- Equity ratio 

Working capital 

- in % of consolidated sales 

Cash flow and investments 

Gross cash flow 

Free cash flow 

Investments (before acquisitions) 

2023

2022

Deviation

8,601.7 

8,465.1 

4,583.4 

4,317.9 

2,763.0 

2,896.3 

1,255.3 

1,251.0 

3,986.6 

3,902.7 

621.6 

478.3 

304.9 

640.6 

551.7 

353.5 

1.6%

6.1%

-4.6%

0.3%

2.1%

-3.0%

-13.3%

-13.7%

46.3% 

46.1% 

0.2%pt

5.6% 

3.5% 

25.1% 

11.8% 

6.5% 

4.2% 

-1.0%pt

-0.6%pt

28.4% 

-3.3%pt

13.9% 

-2.1%pt

2,582.3 

2,538.8 

1.7%

38.9% 

37.5% 

1.4%pt

1,177.3 

1,086.8 

8.3%

13.7% 

12.8% 

0.8%pt

964.1 

369.0 

300.4 

918.9 

177.5 

263.6 

4.9%

107.9%

13.9%

385 

 
  
 
 
 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
  
 
 
 
 
 
 
  
  
  
  
PUMA Annual Report 2023 

↗ Additional Information 

Employees 

Number of employees (annual average) 

Sales per employee (k€) 

PUMA share 

Share price (in €) 

2023

2022

Deviation

18,023 

16,669 

477.3 

507.8 

8.1%

-6.0%

50.52 

56.70 

-10.8%

Average outstanding shares (in million) 

149.85 

149.65 

Number of shares outstanding as of 31 Dec. (in million shares) 

149.84 

149.76 

0.1%

0.1%

Earnings per share (in €) 

Market capitalization 

2.03 

7,570 

2.36 

-14.0%

8,491 

-10.8%

Average trading volume (amount/day) 

423,200 

519,477 

-18.5%

386 

 
  
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Additional Information 

PUMA GROUP DEVELOPMENT 

↗ T.03 PUMA GROUP DEVELOPMENT (in € million) 

Sales 

Consolidated sales 

- Change in % 

- Footwear 

- Apparel 

- Accessories 

Result of operations 

Gross profit 

- Gross profit margin 

Royalty and commission income 

EBIT 

- EBIT margin 

EBT 

- EBT margin 

Net earnings attributable to shareholders of PUMA SE 

- Net margin 

2023 

2022

2021

2020

2019 

2018 

2017 

2016 

2015 

2014 

8,601.7

8,465.1

6,805.4

5,234.4

5,502.2

4,648.3

4,135.9

3,626.7

3,387.4

2,972.0

1.6%

24.4%

30.0%

-4.9%

18.4%

12.4%

14.0%

7.1%

14.0%

-0.4%

4,583.4

4,317.9

3,163.6

2,367.6

2,552.5

2,184.7

1,974.5

1,627.0

1,506.1

1,282.7

2,763.0

2,896.3

2,517.3

1,974.1

2,068.7

1,687.5

1,441.4

1,333.2

1,244.8

1,103.1

1,255.3

1,251.0

1,124.5

892.7

881.1

776.1

719.9

666.5

636.4

586.3

3,986.6

3,902.7

3,257.8

2,458.0

2,686.4

2,249.4

1,954.3

1,656.4

1,540.2

1,385.4

46.3%

46.1%

47.9%

47.0%

48.8%

48.4%

47.3%

45.7%

45.5%

46.6%

38.5

621.6

7.2%

478.3

5.6%

304.9

3.5%

33.8

640.6

7.6%

551.7

6.5%

353.5

4.2%

23.9

557.1

8.2%

505.3

7.4%

309.6

4.5%

16.1

209.2

4.0%

162.3

3.1%

78.9

1.5%

25.1

440.2

8.0%

417.6

7.6%

262.4

4.8%

16.3

337.4

7.3%

313.4

6.7%

187.4

4.0%

15.8

244.6

5.9%

231.2

5.6%

135.8

3.3%

15.7

127.6

3.5%

118.9

3.3%

62.4

1.7%

16.5

96.3

2.8%

85.0

2.5%

37.1

1.1%

19.4

128.0

4.3%

121.8

4.1%

64.1

2.2%

387 

  
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Additional Information 

Expenses 

Marketing/retail 

Personnel 

Balance sheet 

Total assets 

Total equity 

- Equity ratio 

Working capital 

2023 

2022

2021

2020

2019 

2018 

2017 

2016 

2015 

2014 

1,643.2

1,578.5

1,309.1

1,050.2

1,112.1

900.6

846.5

712.4

583.7

640.5

931.2

553.8

822.9

549.1

732.3

493.1

697.6

483.8

599.7

425.3

6,640.4

6,772.7

5,728.3

4,684.1

4,378.2

3,207.2

2,853.8

2,765.1

2,620.3

2,549.9

2,582.3

2,538.8

2,278.5

1,763.9

1,902.3

1,722.2

1,656.7

1,722.2

1,619.3

1,618.3

38.9%

37.5%

39.8%

37.7%

43.4%

53.7%

58.1%

62.3%

61.8%

63.5%

- thereof: inventories 

1,804.4

2,245.1

1,492.2

1,138.0

1,110.2

1,177.3

1,086.8

727.9

465.8

549.4

503.9

915.1

493.9

778.5

536.6

718.9

532.9

657.0

455.7

571.5

Cash flow 

Free cash flow 

Investments (incl. acquisitions) 

Profitability 

Return on equity (ROE) 

Return on capital employed (ROCE) 

369.0

300.4

177.5

263.6

276.2

202.4

276.0

151.0

330.0

218.4

172.9

130.2

128.5

122.9

49.7

91.1

-98.9

79.5

39.3

96.4

11.8%

25.1%

13.9%

28.4%

13.6%

31.9%

4.5%

15.1%

13.8%

29.6%

10.9%

25.8%

8.2%

3.6%

20.7%

10.3%

2.3%

7.9%

4.0%

11.5%

388 

  
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Additional Information 

Additional information 

Number of employees (year-end) 

18,681

18,071

16,125

14,374

14,332

12,894

11,787

11,495

11,351

11,267

Number of employees (annual average) 

18,023

16,669

14,846

13,016

13,348

12,192

11,389

11,128

10,988

10,830

2023 

2022

2021

2020

2019 

2018 

2017 

2016 

2015 

2014 

PUMA share* 

Share price (in €) 

Earnings per share (in €) 

50.52

2.03

56.70

107.50

2.36

2.07

92.28

0.53

68.35

1.76

42.70

1.25

36.30

0.91

24.97

0.42

19.87

0.25

17.26

0.43

Average outstanding shares (in million) 

149.85

149.65

149.59

149.56

149.52

149.47

149.43

149.40

149.40

149.40

Number of shares outstanding as of 31 Dec. 
(in million shares) 

149.84

149.76

149.61

149.58

149.55

149.51

149.46

149.40

149.40

149.40

Market capitalization 

7,570

8,491

16,083

13,804

10,222

6,384

5,426

3,730

2,968

2,578

*  Disclosures for the prior periods were adjusted retroactively to the 1:10 stock split carried out in the second quarter of 2019 

389 

  
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PUMA Annual Report 2023 

↗ Imprint 

IMPRINT 

PUBLISHER 

PUMA SE 

PUMA Way 1 

91074 Herzogenaurach 

Germany 

+49 (0)9132 81-0 

www.about.puma.com 

CORPORATE COMMUNICATIONS 

Kerstin Neuber 

SUSTAINABILITY 

Stefan Seidel 

Senior Director Corporate Sustainability 

stefan.seidel@puma.com 

Veronique Rochet 

Senior Director Sustainability 

veronique.rochet@puma.com 

DESIGN AND LAYOUT 

Senior Director Corporate Communications 

3st kommunikation GmbH 

kerstin.neuber@puma.com 

www.3st.de 

INVESTOR RELATIONS 

REALISATION 

Gottfried Hoppe 

Produced inhouse with firesys  

Director Investor Relations & Finance Strategy 

www.firesys.de 

gottfried.hoppe@puma.com 

PEOPLE & ORGANIZATION 

Dietmar Knoess 

Vice President People & Organization 

dietmar.knoess@puma.com 

390