EANS-News: PUMA AG announces its consolidated financial results for the Second Quarter and First Half-Year of 2009

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balance/Results for the Second Quarter and First Half 2009

Herzogenaurach (euro adhoc) - Herzogenaurach, Germany, August 7, 2009
- PUMA AG announces its consolidated financial results for the
Second Quarter and First Half-Year of 2009

Highlights Second Quarter:

. Consolidated sales up more than 4% in Euro terms and flat currency-adjusted
. Gross profit margin at 50%
. First impact of cost savings program: total operating expenses below last
year's level
. Operational result at EUR 63 million slightly above last year
. EPS at EUR 2.55 compared to EUR 2.98
. Strong improvement in inventories

Highlights First Six Months:
. Global brand sales reach almost EUR 1.4 billion
. Consolidated sales up almost 4% in Euro terms and slightly up currency-
adjusted
. Gross profit margin remains above 51%
. Operating result before special items at EUR 177 million
. EPS before restructuring at EUR 8.51 compared to EUR 8.74 last year

Outlook 2009:

. Management expects that market environment remains challenging for the
second half of 2009
. The implemented reengineering and restructuring program will continue as
planned
. Continuing strong focus on working capital and cash flow improvement

Jochen Zeitz, CEO: "Despite an ongoing challenging market environment
and the global economic recession, PUMA achieved a solid performance
in the first half of 2009. The restructuring and reengineering
program has already shown first effects and we will continue to
strictly proceed while focusing on efficient measures to
strengthen the brand and its products in the coming quarters."

Sales and Earnings Development

Global branded sales Sales under the PUMA brand, which include
consolidated and license sales, reached EUR 636.5 million during
the second quarter, a currency-adjusted decrease of 2.6% and an
increase of 1.2% in Euro terms. Altogether, the quarter marked a
solid performance in a globally challenging environment.

During the first six months, branded sales declined currency-neutral
2.9%. In Euro terms, sales increased 0.3% reaching EUR 1,374.1
million. On a currency- neutral basis, Footwear sales were down by
1.1% to EUR 745.6 million and Apparel 7.0% to EUR 460.9 million.
Accessories increased by 1.3% to EUR 167.7 million.

Licensed business The licensed business decreased in the second
quarter by 32.2% currency- adjusted to EUR 36.2 million and by
37.5% to EUR 76.4 million for the first half due to the take-over
of a licensee. Based on licensed sales, the company realized a
royalty and commission income of EUR 5.2 million in the second
quarter versus EUR 6.4 million in the previous year's quarter and
EUR 10.2 million versus EUR 13.4 million year-to-date.

Consolidated sales Currency-adjusted consolidated sales were flat
compared to last year but increased in Euro terms a solid 4.1% to
EUR 600.3 million. On a currency-neutral basis, Footwear was down
2.0% reaching EUR 330.0 million, and Apparel decreased 5.7% to EUR
203.8 million. Accessories improved by a strong 41.2% to EUR
66.4 million, which is mainly due to first time consolidations.

After six months, consolidated sales were up 0.4% on a
currency-neutral basis and 3.8% in Euro terms to EUR 1,297.7
million. In spite of a challenging market environment, sales in
the Americas region increased,whereas EMEA and Asia/Pacific
were below last year's level. In total, Footwear sales were EUR
727.1 million, representing a currency-neutral decrease of 1.4%
and Apparel sales decreased 7.0% to EUR 426.3 million due to high
comparables, which resulted from replica sales relating to the
Football Euro Cup last year. Accessories were up a strong 49.1%
to EUR 144.3 million.

Gross profit remains above 51% The overall market environment paired
with a change in the regional sales mix caused the reduction in
gross profit margin in the second quarter from last year's 52.5%
to 50.0%. After six months, a gross profit margin of 51.1% was
achieved compared to 53.0%. Footwear reported 49.7% versus 53.4%,
Apparel 52.3% compared to 52.5% and Accessories increased to 54.9%
versus 52.1% last year.

Operating expenses

Due to first effects from the reengineering and restructuring
program, operating expenses decreased in the second quarter by 1.8%
to EUR 242.2 million or from 42.8% to 40.3% of sales. During the
first half, operating expenses increased only 1.8% to EUR 496.2
million, representing a cost ratio of 38.2% versus last year's
39.0%.

Marketing/Retail expenses decreased 3.6% to EUR 253.1 million as
last year's Olympic Games and Euro Cup required a higher spending
level. As a result, the cost ratio declined from 21.0% to 19.5%
of sales. Other selling expenses increased by 14.4% to EUR 158.9
million, or from 11.1% to 12.2% of sales, mainly due to first time
consolidations and currency impacts. Expenses for product
development and design were up 14.7% to EUR 28.9 million, or as a
percentage of sales from 2.0% to 2.2%. Other general and
administration expenses were down a strong 9.3% and totaled EUR
55.3 million, representing 4.3% of sales versus 4.9% last year.
Depreciation which is included in operating expenses increased by
16.3% to EUR 31.0 million due to full year effects from last
year's retail expansion.

Operational result before special items

PUMA achieved a solid operating result of EUR 63.1 million in the
second quarter versus EUR 62.3 million last year. As a percentage of
sales this relates to a margin of 10.5% compared to 10.8%. After
six months the operating result was down 5.9% from EUR 188.1 million
to EUR 177.1 million. The operating margin stood at 13.6% compared to
15.0% last year.

Special Items - Restructuring charge

The reengineering and restructuring program that led to a one-time
charge of 110 million in the first quarter will, for the most part,
be finalized at the end of 2010. The program should provide for a
more efficient business platform aligned to an expectedly
challenging environment in the upcoming quarters. Taking the special
items into account, EBIT after six months amounted to EUR 67.1
million compared to EUR 188.1 million last year.

Financial result

The financial result reflects negative EUR 2.1 million for the
second quarter versus an income of EUR 0.1 million last year.
Negative EUR 3.7 million impacted the first half, while last
year showed an income of EUR 1.0 million. Significantly lower
interest rates and the accumulation of interest on purchase price
liabilities led to this negative impact on the financial result.

Earnings The company's pre-tax profit (EBT) accounts for EUR 61.0
million in the second quarter versus EUR 62.4 million last year.
Net earnings totaled EUR 38.5 million versus EUR 45.6 million, a
decline of 15.6%. This results in earnings per share of EUR 2.55
compared to EUR 2.98 in the quarter.

Before restructuring costs, EBT accounts for EUR 173.4 million
versus EUR 189.2 million for the first half and net earnings for EUR
128.4 million versus EUR 135.7 million, a decline of 5.4%. As a
consequence, earnings per share were at EUR 8.51 compared to EUR
8.74. The operational tax ratio was calculated at 26.5% versus
last year's 28.5%.

Taking into account the restructuring costs, EBT was at EUR 63.4
million and net earnings at EUR 44.0 million in the first half of
the year. Earnings per share were at EUR 2.92 versus EUR 8.74 last
year.

Regional Development

Sales in the EMEA region reached EUR 288.3 million in the second
quarter, a currency-adjusted decrease of 1.4%. Year-to-date, sales
were down by 2.3% to EUR 654.4 million, representing 50.4% of
consolidated sales. Gross profit margin was at a strong 53.5%
compared to 54.5% last year.

Second quarter sales in the Americas were up 6.9% currency-adjusted,
reaching EUR 168.6 million. First half sales increased 9.2% to EUR
346.7 million. The region now accounts for 26.7% of consolidated
sales. Gross profit margin stood at 47.1% compared to 48.9% last
year. In the US market, sales increased by 4.8% to $ 132.7 million
in the second quarter and by 4.1% to $ 271.4 million after six
months.

Sales in the Asia/Pacific region decreased in the second
quarter by 4.5% currency-adjusted to EUR 143.4 million and 2.8%
after six months reaching EUR 296.7 million. The total region
accounts for 22.9% of sales. Gross profit margin reached 50.5%
versus 53.6% last year.

Net Assets and Financial Position

Equity

As of June 30, 2009, total assets climbed by 15.0% to EUR 2,047.8
million. Due to the higher balance sheet total, the equity ratio
stood at 56.6% after 60.7% in the previous year.

Working capital

In reporting terms, inventories grew 3.0% to EUR 432.1 million.
Inventories were down 0.7% on a comparable basis, showing a strong
improvement versus end of Q1. Accounts receivables were up 6.2%
(3.1% on a comparable basis), reaching EUR

502.8 million. Working capital totaled EUR 540.6 million (ex acquisition EUR
524.9
million) compared to EUR 552.1 million last year, manifesting a
strong
improvement in this area from the first quarter.

Capex/Cashflow

For Capex, the company spent EUR 24.6 million in the first half versus EUR
50.6
million last year. Due to the reduced capital expenditure as well as a solid
improvement in working capital, PUMA's free cashflow reached EUR 45.1
million

compared to an outflow of EUR 23.6 million in last year's
comparison, representing a strong improvement over last year. An
outflow of EUR 61.0 million (last year: EUR 19.7 million) is
related to acquisition cost. Taking the acquisition cost into
account, the free cashflow was EUR -15.8 million compared to EUR
-43.3 million last year.

Cash position

Total cash end of June stood at EUR 302.7 versus EUR 288.2 million
last year. Bank debts were down from EUR 65.6 million to EUR 44.8
million. As a result, the net cash position increased from EUR
222.6 million to EUR 257.9 million year over year, underlying PUMA's
strong focus on efficient cash management.

Outlook 2009 - Market environment remains challenging

A solid first half performance and a pro-active restructuring and
reengineering program, which has achieved improvements in operating
expenses, working capital and free cashflow, have enabled PUMA to
protect its industry leading key- financial parameters. Further
improvements should be realized over the next 18 months as the
program continues to yield additional efficiencies and cost
savings. However, we remain highly cautious and anticipate a
continued challenging and volatile retail industry due to the
decline of private consumption as a result of the weakness in
the global economy, which may negatively impact sales in second
half.

This document contains forward-looking information about the
Company's financial status and strategic initiatives. Such
information is subject to a certain level of risk and uncertainty
that could cause the Company's actual results to differ
significantly from the information discussed in this document.
The forward-looking information is based on the current
expectations and prognosis of the management team. Therefore,
this document is further subject to the risk that such
expectations or prognosis, or the premise of such underlying
expectations or prognosis, become erroneous. Circumstances that
could alter the Company's actual results and procure such results
to differ significantly from those contained in forward-looking
statements made by or on behalf of the Company include, but are not
limited to those discussed be above.

###

PUMA is one of the world's leading sportlifestyle companies that
designs and develops footwear, apparel and accessories. It is
committed to working in ways that contribute to the world by
supporting Creativity, SAFE Sustainability and Peace, and by
staying true to the values of being Fair, Honest, Positive and
Creative in decisions made and actions taken. PUMA starts in Sport
and ends in Fashion. Its Sport Performance and Lifestyle labels
include categories such as Football, Running, Motorsports, Golf
and Sailing. The Black label features collaborations with renowned
designers such as Alexander McQueen, Yasuhiro Mihara and Sergio
Rossi. The PUMA Group owns the brands PUMA, Tretorn and Hussein
Chalayan. The company, which was founded in 1948, distributes its
products in more than 120 countries, employs more than 9,000
people worldwide and has headquarters in Herzogenaurach/Germany,
Boston, London and Hong Kong. For more information, please visit
www.puma.com

Rounding differences may be observed in the percentage and numerical
values expressed in millions of Euro since the underlying
calculations are always based on thousands of Euro.

Rounding differences may be observed in the percentage and numerical
values expressed in millions of Euro since the underlying
calculations are always based on thousands of Euro.

Rounding differences may be observed in the percentage and numerical
values expressed in millions of Euro since the underlying
calculations are always based on thousands of Euro.
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end of announcement euro adhoc
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ots Originaltext: Puma AG Rudolf Dassler Sport
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Kerstin Neuber

Telefon: +49 (0)9132 81-2984

E-Mail: Kerstin.Neuber@puma.com

Branche: Consumer Goods
ISIN: DE0006969603
WKN: 696960
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