PUMA Annual Report 2021

Annual Report 2021
Annual Report 2021 ↗ Table of Contents
TABLE OF CONTENTS
04 TO OUR SHAREHOLDERS 28 SUSTAINABILITY

05 CEO Letter 29 Foreword
09 Report by the Supervisory Board 31 PUMA’s Forever Better sustainability strategy
46 Social Aspects
65 Health and Safety
14 OUR PEOPLE 67 Environment
15 Only See Great 126 Summary and Outlook
18 Culture 128 Index for separate Combined
26 Personal Journey Non-Financial Report and GRI Content
142 Deloitte Assurance Statement
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Annual Report 2021 ↗ Table of Contents
145 COMBINED MANAGEMENT REPORT 215 CONSOLIDATED FINANCIAL

FOR THE FINANCIAL YEAR 2021 STATEMENTS
146 Overview 2021 216 Consolidated Statement of Financial Position
150 PUMA Group Essential Information 218 Consolidated Income Statement
150 Commercial Activities and 219 Consolidated Statement of
Organizational Structure Comprehensive Income
150 Targets and Strategy 220 Consolidated Statement of Cash Flows
154 Product Development and Design 222 Statement of Changes in Equity
156 Sourcing 224 Notes to the Consolidated
158 Employees Financial Statements
162 Management System 247 Notes to the Consolidated Balance Sheet
163 Information regarding the 279 Notes to the Consolidated Income Statement
Non-Financial Report 286 Additional Information
164 Economic Report 304 Declaration by the Legal Representatives
164 General Economic Conditions 305 Independent Auditor’s Report
165 Sales
167 Regional Development
170 Results of Operations 314 ADDITIONAL INFORMATION
174 Dividends 315 The PUMA Share
175 Net Assets and Financial Position 317 PUMA Year-on-Year Comparison
179 Cash Flow 319 PUMA Group Development
182 Statement regarding the Business 322 Imprint
Development and the Overall Situation
of the Group
183 Comments on the Financial Statements of
PUMA SE in accordance with the German
Commercial Code (HGB)
187 Information concerning takeovers
190 Corporate Governance Statement in
accordance with Section 289f and Section
315d HGB
200 Risk and Opportunity Report
213 Outlook Report
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Annual Report 2021 ↗ To our Shareholders
TO OUR SHAREHOLDERS
05 CEO Letter
09 Report by the Supervisory Board
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CEO-LETTER
↗ BJØRN GULDEN
CHIEF EXECUTIVE OFFICER PUMA
DEAR SHAREHOLDERS,
I hope this letter finds you well despite the current challenges around the world. After more than
two years, the COVID-19 pandemic still has a negative impact on our daily lives and business and
now we’re also facing a conflict in the heart of Europe that is causing terrible human suffering.
We’re in constant dialogue with all our stakeholders in Ukraine and we do our utmost to support
our local employees and their families as well as all our partners, ambassadors, and athletes
wherever we can. Ensuring the health and safety of our people continues to be our number one
priority, as we have already demonstrated throughout the COVID-19 pandemic. We have set up a
safe house in Ukraine, we are delivering food, water, and other necessities directly to our people
and we are helping women and children who want to leave the country. We currently have 40
women and children in accommodation in Poland and about 120 here in Germany. Many of the
adults have already started working and most of the children are already attending schools and
kindergarten. Their positive attitude and mindset, as well as their willingness to work and
integrate, is remarkable. They are strong and positive people. I sincerely hope that this conflict
will be solved diplomatically as soon as possible, that further bloodshed can be avoided and that
peace will be restored.
While we are most concerned about the lives and livelihoods of the people who are directly
affected in Ukraine and by the COVID-19 pandemic, the conflict as well as the pandemic also have
a significant business impact on our sector and on PUMA. In addition to the impact on our
operations in Russia and Ukraine, we continue to face some of the challenges that we already
saw during the course of 2021: COVID-19 related lockdowns and restrictions in different parts of
the world, a weak consumer sentiment in some key markets, significant challenges in our supply
chain, strong inflationary pressures, and geopolitical tensions.
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Despite all these challenges, 2021 was a very successful year for us. To be specific, it was the
best year in PUMA’s history. Due to our continued brand momentum combined with high
operational flexibility and a fantastic effort from our employees, our sales grew by 32% to
EUR 6,805m and EBIT grew by 166% to EUR 557m. Compared to the pre-pandemic level of 2019,
our sales increased by 30%, resulting in a two-year CAGR of around 15% during these
challenging times. Our strategy of working closely together with all our suppliers and retail
partners to manage short-term issues without hindering our mid-term momentum continued to
pay off. Our external partners supported us in an extraordinary way and the dedication and
commitment of all our employees during such a challenging year was truly exceptional. A lot of
our employees went far beyond what a company can expect from them and in the name of the
entire PUMA Board, I would like to thank everyone for their contribution towards making these
results possible. People make the difference and our PUMA family is our biggest strength and
asset.
Throughout 2021, we continued to focus on the three main areas that we defined in early 2020 in
reaction to the COVID-19 pandemic: Deal with COVID, continue to drive the business and continue
to do the right thing in areas such as social responsibility and environmental sustainability.
Dealing with COVID first and foremost meant ensuring the health and safety of our people and
everyone in our value chain. We continued to adopt and comply with very strict health and safety
measures across our operations and rolled out vaccination programs for our employees in
countries where this was possible. This helped us achieve a vaccination rate of more than 90% at
our headquarters in Herzogenaurach by mid-July. At the end of the year, we followed up with
booster vaccinations. I would once again like to thank our People & Organization teams (formerly
known as Human Resources) around the world for successfully managing a second year of
COVID-19 and supporting our employees in the best way possible.
Until around the first quarter 2021, the COVID-19 pandemic mainly impacted the store operations
of our own retail organization and of our retail partners due to mandatory store closures and
other restrictions. This was followed by significant disruptions in our supply chain due to
lockdowns and factory closures in key sourcing countries such as Bangladesh, Cambodia, China
and Vietnam. Especially, the lockdown in the third quarter in 2021 in the south of Vietnam, one of
our most important sourcing destinations, had a very negative impact on our supply chain. Due to
strict local lockdown measures, the production at our footwear, apparel and accessories
suppliers in the south of Vietnam was suspended for about ten weeks, affecting approximately
15% of our global sourcing volumes. We tried to minimize delays as much as possible and shifted
part of the volumes to other sourcing locations where possible. Thanks to the quick rollout of the
vaccination program in the south of Vietnam, the factories gradually reopened during October
and ramped up to full production by the end of year. After our suppliers resumed normal
operations, we saw fewer and very localized factory closures in some parts of Asia, which did not
significantly impact our product supply. We’re very thankful to our suppliers for being a part of
the PUMA family. The strong collaboration, long-term partnership and all their incredible support
ensured the continued supply of products under very difficult circumstances.
The COVID-19 pandemic also had a major impact on other parts of our supply chain, and we had
to deal with capacity constraints, container shortages and harbor congestion in ocean freight, but
also significant challenges in air freight and land-based transportation. All these constraints led
to a strong increase in freight costs, which further fueled inflationary pressures, in addition to
rising costs for energy, raw materials and labor.
As manifested in our strong sales growth, we also continued to drive the business in 2021. After
the end of the COVID-19 related lockdowns, we witnessed a certain “normalization” of buying
patterns, with more consumers shopping offline again instead of online. In our Direct-to-
Consumer business, we therefore saw a higher growth rate in our brick & mortar stores
compared to our eCommerce sites. However, both channels grew by double-digits last year, and
we continued to invest in the optimization of our store portfolio, the consumer experience on our
existing sites as well as the launch of new eCommerce sites. During a time of limited supply, we
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continued to prioritize our retail partners in terms of product allocation. We strongly believe in a
multi-brand retail environment and will therefore strengthen the relationship with all our retail
partners around the world and do everything we can to service them in the best way possible.
After a year without any major sporting events in 2020, we were also excited to see sports
leagues, tournaments and other competitions resume in the course of 2021, for the most part
including live spectators.
The summer of 2021 was exceptional for our teams and athletes, who delivered world class
performances on track and on the pitch. We underlined our credibility and high ambitions in
football with the victory of the PUMA-sponsored national team Italy at UEFA Euro 2020, several
league and cup titles of our PUMA-sponsored club teams and great on-pitch visibility of our
products. At the Tokyo Olympics and Paralympics, our athletes won more than 70 medals,
demonstrating the performance credentials of our products on the world stage, including our
new NITRO running shoes that I personally am exceptionally proud of. We also continued our
successful re-entry into basketball, especially for the North American market and launched our
first signature shoe with LaMelo Ball at the end of the year. The strengthening of our
performance credibility has always been important to us and I’m very happy about the great
progress that we’ve seen across football, running, fitness, golf, motorsport, basketball and other
locally relevant sports. In Sportstyle, we also continued to build brand heat through exciting new
products and collaborations and by offering a comprehensive collection across all relevant price
points, including a strong focus on comfort. We are very happy to see that our classics business
is growing strongly. Our PUMA Archive is full of footwear and apparel from the 70s, 80s and 90s,
for which there is currently a lot of demand in youth culture. We’re also very satisfied to see the
continued momentum in our women’s business, following the launch of our “She Moves Us”
brand platform, and we will keep capitalizing on our truly inclusive product offering across
genders, age groups etc.!
We also continued to focus on what we call “Doing the right thing”. We want to be a good
corporate citizen and embed our social responsibility and our environmental sustainability into all
our business practices. With regards to social responsibility, we continued with multiple
initiatives under our #REFORM platform to promote universal equality. We strongly believe that
people should be treated equally irrespective of their gender, age, skin color, religious believes,
sexual orientation or any other factor. Together with our brand ambassadors and partner
organizations, we want to do our part to promote universal equality and fight any form of
discrimination in sports and society as a whole. As part of our ambitious 10FOR25 sustainability
targets, we implemented more sustainable business practices in all our business operations
from sourcing to retail and further increased the usage of more sustainable materials and the
overall share of more sustainable products in our collections. We also increased our focus on
circularity, with several pilot projects and strengthened our consumer-facing sustainability
communication through our FOREVER BETTER brand platform. I, together with my team,
attended the COP26 climate conference in Glasgow to emphasize our commitment in the fight
against climate change and to work towards limiting the global temperature rise to 1.5 degrees
Celsius above pre-industrial levels. We have all these initiatives because we really believe in
them, as part of PUMA’s core values, and we will continue to do the right thing.
Given our strong performance in 2021 and good momentum in the first months of 2022, we’re
also optimistic for the future of our industry in general and for PUMA in particular, despite the
external challenges. The underlying dynamics in our sector remain very strong given the
increasing participation in sports, the ongoing sneaker trend and the continued casualization
among consumers all around the world. We also see PUMA’s brand momentum continuing and
we will ensure operational flexibility in an increasingly volatile and unpredictable marketplace.
As we have already done during the past years, we will continue to work very closely with all our
retail partners to further increase our shelf space and support the sell-through of our products in
their stores. We have focused on building strong partnerships with all our key stakeholders such
as suppliers, retailers, ambassadors and athletes, helping them as well as us through the
ongoing challenges. We will continue to foster these partnerships in the future. We therefore
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expect 2022 to be another record year for PUMA, with a net sales growth of at least 10%, with
upside potential, and an EBIT of EUR 600 – 700 million. The objective is not to maximize short-
term EBIT, but to continue to have healthy long-term growth in both sales and EBIT. We will also
keep on putting our people first and take care of all our partners.
Let’s stay positive and hope that peace in Ukraine will be restored as soon as possible and that
the impact of the COVID-19 pandemic will continue to decrease.
Thank you for being part of the PUMA family!

Stay strong, healthy and optimistic!
Bjørn Gulden
Chief Executive Officer PUMA
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REPORT BY THE SUPERVISORY BOARD
↗ JEAN-FRANÇOIS PALUS
↗ JEAN-FRANÇOIS PALUS
CHAIRMAN OF THE
CHAIRMAN OF BOARD
SUPERVISORY THE
SUPERVISORY BOARD
DEAR SHAREHOLDERS,
The 2021 financial year was again heavily impacted by the COVID 19 pandemic. Despite the associated
uncertainties, supply chain bottlenecks due to container shortages, port congestion and pandemic-related
factory closures in key sourcing regions, as well as political tensions in key markets, we managed to start
2021 with high growth momentum. Due to the continued decisive and consistent actions of our Management
Board and the outstanding performance of our employees, we were able to maintain our market
momentum and operational flexibility throughout the year. As a result, we were able to raise our outlook for
2021 during the year and end the year with the highest sales and profit in PUMA's history. At the same time,
it was of utmost importance for us to protect the safety and health of our employees in the best possible
way through the resolute development and implementation of hygiene and occupational safety concepts
and the implementation of vaccination campaigns. We were once again a flexible and reliable business
partner for our suppliers and customers. We worked as closely as possible with them to stabilize our
supply chains and increase sales of our products. By appointing Hubert Hinterseher and Arne Freundt to
the Management Board, we were able to further strengthen our organization and thus lay the foundations
for a successful 2022.
In the financial year 2021, the Supervisory Board has exercised all its duties under the law, statutes and
company rules. The Supervisory Board has dealt extensively with the status and the development of PUMA,
particularly continuing with a special focus on the COVID-19 pandemic, and has regularly advised and
supervised the Management Board in its management of the Company.
In this regard, the Supervisory Board has in its four regular meetings discussed and resolved 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 has informed the
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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. Furthermore, in 2021 one
extraordinary meeting of the Supervisory Board took place. Urgent matters were decided via circular
resolutions using electronic means of communication. All members participated in drawing up the
resolutions. Whenever necessary, representatives of the shareholders and employees held separate
preliminary discussions prior to the meetings.
Attendance at meetings
(referring to regular and extraordinary
Plenary Supervisory Board meetings) Attendance in %
Jean-François Palus 5/5 100
Thore Ohlsson 5/5 100
Héloïse Temple-Boyer 5/5 100
Fiona May 5/5 100
Martin Köppel 5/5 100
Bernd Illig 5/5 100
The Supervisory Board discussed in detail all of the Company’s key business transactions, based on the
reports by the Management Board and the Committees, and presented its own ideas. The Management
Board has 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 using 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 Supervisory Board maintained, and continues to maintain, regular verbal or written contact with the
CEO and keeps himself 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 review changes in the legal
framework for the Supervisory Board and report about them in the meetings. In 2021, the Supervisory
Board received a training on the sustainability strategy of the Company and the challenges in the supply
chain. The Supervisory Board dealt with the Act on Corporate Due Diligence in Supply Chains (Supply Chain
Due Diligence Act) and the EU Regulation on the Establishment of a Framework to Facilitate Sustainable
Investment (EU Taxonomy Regulation).
MAIN ADVISORY FOCUS
In the 2021 financial year, the main focus was on the following issues: review and approval of the 2020
consolidated and annual financial statements and the non-financial report, dividend proposal, resolution of
the new remuneration system for the Management Board and submission to the 2021 Annual General
Meeting for approval, ongoing assessment of the impact and handling of the COVID 19 pandemic, setting the
agenda for the Annual General Meeting on 5 May 2021, approval of the Management Board’s decisions to
hold the Annual General Meeting as a virtual Annual General Meeting without the physical presence of
shareholders or their proxies, appointment of Hubert Hinterseher to the Management Board to succeed
Michael Lämmermann and appointment of Arne Freundt to the Management Board, establishment of a
Sustainability Committee, setting of new targets for the proportion of women to be achieved on the
Supervisory Board and Management Board, self-assessment of the Supervisory Board, current business
and revenue development, markets and trends, financial position of the Group, corporate and budget
planning 2022 as well as medium-term planning, including investments, further improvement of the
compliance management and internal control system as well as material litigation in the Group.
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The Audit Committee submitted a recommendation to the Supervisory Board for the election of the auditor,
which was prepared following a selection process within the meaning of Art. 16 (3) Regulation (EU) No.
537/2014, comprised two candidates and was substantiated.
As every year, the Personnel Committee and the Supervisory Board determined the degree of achievement
of the targets for the individual Management Board members with regard to 2020. The Supervisory Board
decided on the targets for the variable Management Board remuneration for the 2021 financial year upon
recommendation of the Personnel Committee.
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
The Supervisory Board has established four committees to perform its duties: The Personnel Committee,
the Audit Committee, the Nominating Committee and the Sustainability Committee which was established
in April 2021. The Personnel Committee, the Audit Committee and the Sustainability Committee each
comprise two shareholder representatives and one employee representative. The Nominating Committee is
composed only of shareholder representatives. 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
contracts with the members of the Management Board and establishing policies for human resources and
personnel development. It met to one regular meeting and to one extraordinary meeting in 2021 and mainly
dealt with the compensation system for the Management Board, which has been approved by the Annual
General Meeting in 2021. Furthermore, the determination of target achievement for the individual
Management Board members and the setting of targets for 2021 were the focus of the discussions.
Corresponding recommendations for resolutions were made to the Supervisory Board.
Personnel Committee Attendance at meetings Attendance in %
Jean-François Palus 2/2 100
Fiona May 2/2 100
Martin Köppel 2/2 100
AUDIT COMMITTEE
The Audit Committee held four regular meetings in the financial year 2021. Furthermore, one extraordinary
meeting of the Audit Committee took place in 2021. In particular, the Audit Committee is responsible for the
review of the accounting, particularly comprising the consolidated financial statements and the group
management report, group half year report, interim financial information and the single 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 statements, with
particular regard to the process of selecting an auditor. The Audit Committee is also responsible for
conducting the selection process of the auditor. In addition, the Audit Committee monitors the
independence of the auditor and ensures that the non-audit services of the auditor commissioned by the
Management Board do not give rise to any grounds for disqualification or partiality or any threat to
independence. The Audit Committee issues the audit mandate on behalf of the Supervisory Board to the
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auditor elected by the general meeting, determines the audit areas of the audit and agrees the fee with the
auditor. Heads of the corporate 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.
Attendance at meetings
(referring to regular and extraordinary
Audit Committee meetings) Attendance in %
Thore Ohlsson 5/5 100
Héloïse Temple-Boyer 5/5 100
Bernd Illig 5/5 100
NOMINATING COMMITTEE
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 no meeting in the last financial year.
SUSTAINABILITY COMMITTEE
The Sustainability Committee was established in April 2021 and met once in the 2021 financial year to
discuss the company's sustainability strategies. The Sustainability Committee consists of three members.
CORPORATE GOVERNANCE
As in previous years, the Supervisory Board addressed current developments in the financial year 2021
regarding the German Corporate Governance Code in the version dated December 16, 2019 (effective as of
March 20, 2020) (GCGC). The GCGC contains essential statutory regulations and recommendations for the
management and supervision of listed companies and standards for responsible corporate governance. The
corporate governance standards have long been a part of the corporate routine.
Pursuant to Principle 22 of the GCGC, the Supervisory Board reports on corporate governance in the
Corporate Governance Statement. The Company satisfies all requirements of the GCGC, to the extent
required by it. The Statement of Compliance of November 9, 2021 is available to our shareholders at any
time on the 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 and the
combined management report for PUMA SE and the PUMA Group, each for the financial year 2021,
prepared in accordance with Section 315a HGB on the basis of the International Financial Reporting
Standards (IFRS) have been audited by the statutory auditors, Deloitte GmbH
Wirtschaftsprüfungsgesellschaft, Munich, who were appointed at the Annual General Meeting on May 5,
2021 and commissioned by the Supervisory Board to audit the annual financial statements and the
consolidated financial statements and have been given an unqualified auditor’s opinion.
In their report, the statutory auditors conclude that PUMA’s institutionalized risk management system, in
accordance with Section 91(2) of the German Stock Corporation Act (Aktiengesetz/AktG), is capable of
detecting at an early stage and countering any developments that might jeopardize the continuity of the
Company as a going concern. The Supervisory Board has been updated by the Management Board regularly
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on all relevant risks in this regard, in particular its assessments of market and procurement risks, financial
risks (including currency risks as well as risks due to the COVID-19 pandemic) and organizational risks.
The accounting records, the audit reports from the statutory auditors and the Management Board’s and
Supervisory Board’s recommendation on the appropriation of net profit were made available to all
members of the Supervisory Board in a timely manner. At the meeting of the Audit Committee on February
22, 2022 and 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
report for PUMA SE and the PUMA Group, the Management Board’s and the Supervisory Board’s
recommendation 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 results of the audit of both statements and approved the annual financial statements of PUMA SE
and the consolidated financial statements for the financial year 2021. The 2021 annual financial statements
have thus been adopted.
The Management Board and the Supervisory Board resolved to propose to the Annual General Meeting a
distribution of a dividend of € 0.72 per dividend entitled share to the shareholders for the financial year
2021. In this context, the liquidity situation of the Company, the financing and the effects on the capital
market were discussed. The payout is conditional to an overall sound macroeconomic environment. A total
amount of around € 107.7 million will be paid out in dividends from PUMA SE’s retained earnings. The
remaining retained earnings of around € 382.4 million will be carried forward.
In its meeting on February 22, 2022, the Supervisory Board was presented the state of data collection for
the non-financial report in accordance with §§ 315c in conjunction with §§ 289c to 289e of the German
Commercial Code (HGB). As soon as the non-financial report is finalized, it will be submitted to the
Supervisory Board for approval and will be published on the website of the Company by April 30, 2022.
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
cooperation in 2021.
Herzogenaurach, February 22, 2022
On behalf of the Supervisory Board
Jean-François Palus
Chairman
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Annual Report 2021 ↗ Our People
OUR PEOPLE
15 Only See Great
18 Culture
26 Personal Journey
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ONLY SEE GREAT
Effective communication and prioritizing the health and wellbeing of our employees were the main pillars of
our People & Organization strategy in 2021, as we moved into the second year of the COVID-19 pandemic.
We monitored the global development of the COVID-19 pandemic, communicated transparently, and took
the right actions to keep our employees safe and healthy, minimizing the financial impact, while ensuring
our business continued to operate effectively.
At the same time, we lived up to the values of our brand campaign “Only See Great” by preparing our
company for future growth. To achieve this, we need dedicated and creative employees, and to endorse our
diverse and inclusive work environment. This fosters agile thinking, creativity and interaction. By putting
our employees at the center of everything we do, we are committed to promoting their professional and
personal development and helping them maintain a good work-life balance.
COMPENSATION & BENEFITS
The attractive performance-based compensation system at PUMA includes a fixed base salary, the PUMA
bonus system, profit-sharing programs and various social benefits and intangible benefits. We also offer
long-term incentive programs for the senior management level that honors the sustainable development
and performance of the business. The bonus system is transparent and globally standardized. Incentives
are exclusively linked to company goals.
Our goal is to ensure a transparent and fair compensation structure. Therefore, we have been
implementing a more specific, unified salary banding structure around the world and have reassessed our
roles.
In addition, we also started a cooperation with the Fair Wage Network. It means we can access benchmarks
for all our subsidiaries and analyze them in terms of living wages as defined by the Fair Wage Network. For
2021 we can confirm with regards to the Living Wage Adjusted Mean benchmark as defined by the Fair
Wage Network that all our employees are earning a living wage or above.
DIGITALIZATION
In 2021 the focus was again on simplifying, accelerating, and harmonizing business processes worldwide
and on further digitalization. Since 2017 we have been using the “Workday” software solution for a lot of our
HR processes. This provides employees and managers with the necessary processes and tools to carry out
day-to-day HR management. In addition, user-friendly dashboards also provide managers with the
information and data-driven insights they need for planning and controlling. The analysis of our centralized
global data provides a sound basis for strategic decisions and measurable results. Digital signatures and
chatbots contributed to further digitalization and optimization of key processes worldwide.
COMMUNITY ENGAGEMENT
Thanks to our employees around the world, we were able to continue our engagement with local
communities. Due to local regulations resulting in the reduction of social contacts as well as social
distancing, they often had to find new ways of engaging, but despite this they were still able to conduct a
wide range of projects.
Here are some examples:
PUMA´s North America Headquarter partnered with The Wonderfund, a nonprofit organization dedicated to
supporting children engaged with the Massachusetts Department of Children and Families (DCF), to
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refurbish family visiting rooms at DCF’s Metro North location. Our employees put furniture together, hung
artwork and assembled toys in six meeting rooms and three conference rooms.
For the Cultiva Reforestation project, our employees in Chile worked with the Cultiva Foundation to help
reforest Cerro Renca and planted 316 trees to give something back to the environment. PUMA Vietnam
successfully organized the delivery of Christmas gifts for orphans hit by Covid at Tan Binh’s Children
House. PUMA’s China team spent a week of community engagement at the Nanling Primary School in
Lancang County, Yunnan Province. PUMA employees brought the children PUMA products, uniforms,
writing utensils, and most importantly, the spirit of sport. Our PUMA China management team attended
along with other volunteers.
Our goal for community engagement was to reach a total number of hours that multiplies by 1.5 our
average FTE (Full Time Equivalent) per year. On an online platform, we encouraged all our employees
around the world to participate in projects and employee engagement. In total, initiatives led by our
subsidiaries on five continents contributed a total of 39,320 hours (2,582 for PUMA SE) of community
engagement. Projects ranged from protecting the environment, promoting health and fitness and fighting
discrimination, to supporting education for children in need. Often these projects were done in collaboration
with local non-profit organizations. Considering that the number of FTEs in 2021 was 14,846 (1,083 for
PUMA SE), we far exceeded our target.
↗ G.01 COMMUNITY ENGAGEMENT 2021
CHARITY CAT
Charity Cat e.V., founded by PUMA employees in 2004, continued to support various projects in Germany
and across the globe. Unfortunately, the global COVID-19 pandemic had the worst impact on those who
already have very little. Generous donations from PUMA and individual supporters allowed our non-profit
organization Charity Cat to support those in need, both financially and with the donations.
An example:
Charity Cat partners, among others with “von Herz zu Herz e.V.”, which is active in remote areas of the
island of Samar in the Philippines. These reported on the devastating impact that the COVID-19 pandemic
had on the small village of Lucerdoni. With Charity Cat’s continued financial support, “von Herz zu Herz
e.V.” was able to supply food for poor villagers, begin to build new houses for two families and work on
bringing internet access to the community by supplying three computers.
On the other side of the world, in the rural mountainous area of Bambamarca in Peru, “Asociación José
Dammert Bellido” was able to complete an operating theatre at a local clinic thanks to Charity Cat’s
financial support. Previously locals had to drive for five hours to the next city, which often meant help came
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too late in the case of an emergency. The project in Peru is supported by Charity Cat’s partner, “Förderkreis
Cajamarca e.V”.
In Germany Charity Cat donated to “Lauf gegen Krebs” in Erlangen, an initiative raising funds for cancer
research and treatment. The group also supported a sports fundraiser for the “Elterninitiative
krebskranker Kinder” that helps families of children with cancer. In Berlin Charity Cat continued to help
finance a youth center and the “Straßenkinder e.V.” organization, which makes sure that children living on
the streets – and those in danger of landing on the streets – have a place to turn to, stay healthy and keep
up with their education.
Learn more about Charity Cat e.V., get to know its members and its many projects and initiatives at
www.charity-cat.de.
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CULTURE
The work culture at PUMA is unique and driven by our employees. Especially during the COVID-19
pandemic, our culture clearly helped us to make fast decisions, be agile, and have the resilience and trust
in one another to find new solutions and ways of working. A key factor is the diversity of our teams and the
ongoing effort to ensure that communication with all our employees is transparent and swift.
DIVERSITY, EQUALITY & INCLUSION
As a global sports company, PUMA creates products that are on trend and relevant for consumers around
the world. Our employees have many different nationalities and backgrounds, and we recognize that this is
one of our key strengths. Diverse teams with different skillsets and backgrounds are a crucial resource
when it comes to creative thinking, decision-making and driving innovation forward. Worldwide we employ
people from 134 countries, which represents 2/3 of nationalities. At our homebase in Germany we have
people with more than 76 different passports.
In 2021 we evaluated our diversity policies and provided our global directors with diversity training. We
introduced new training courses for our staff to help them recognize and deal with microaggressions,
intercultural communication, diversity, inclusion and belonging. To raise further awareness for these
issues, we also held talks with internal and external speakers and posted articles on our internal
communication platforms. During our Stronger Together Days, a week of virtual and in-person events for
our employees, we took the opportunity to offer many different activities to highlight the issue of diversity
and inclusion.
One of PUMA’s employer values is “BE YOU”. It means that you do not have to bring an office personality to
work, we simply want you to BE YOU. We provide a fair work environment and equal opportunities for all our
employees, regardless of their gender, nationality, ethnicity, religion, disability, age or sexual orientation.
These commitments are also a part of our PUMA Code of Ethics (2005) and our Diversity Charter (2010). We
highlighted our commitment to diversity and inclusion during Pride Month in June, by supporting
Christopher Street Day in Nuremberg with events and a live DJ Set, which was streamed from our
headquarters. As part of our LGBTQ+ celebrations, we also welcomed a rainbow-colored shipping container
in front of our headquarters in Herzogenaurach from our logistics partner Maersk. Once again we
illuminated our Brand Center with the colors of the rainbow.
In our global opinion survey in 2021, a positive response rate of 85% confirmed that we are on the right
track as an employer when it comes to diversity and inclusion. 91% of our staff believe that “people are
treated with respect here”, 92% agreed with the statement that PUMA provides a work environment free of
discrimination, and we reached a positive response rate of 88% for, “I can be myself at PUMA without
worrying about how I will be accepted”. We also received external awards for our efforts, such as Europe’s
Leader in Diversity for the second year in a row by The Financial Times. This mirrors our efforts to create a
diverse, equal and inclusive company culture.
We constantly strive to be an attractive place to work for people of all genders. The male-to-female ratio of
our employees was 49/51 in 2021. Of all our employees who work in STEM (Science, Technology,
Engineering and Mathematics) roles, 46% are women.
It is part of our strategy to ensure that this gender balance is also reflected in management positions. We
encourage our female employees to take on leadership positions at PUMA. That is why we also used our
SHE MOVES US platform for internal communications. We published several interviews in our employee
magazine “CATch Up” to highlight the careers of successful women at PUMA and to inspire other
colleagues. We joined Catalyst, a global nonprofit organization, to continue our journey and accelerate our
progress in building an even more attractive diverse work environment at PUMA.
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In 2021, 44% of management positions across the group were held by women.
↗ T.01 PERCENTAGE OF WOMEN IN MANAGEMENT POSITIONS (in %)
Region 2016 2017 2018 2019 2020 2021
Europe 30 31 31 35 34 37
EEMEA 40 38 43 42 44 42
North America 45 46 48 50 48 48
Latin America 34 35 38 38 40 45
Asia/Pacific 43 41 44 43 48 49
Total 38 38 40 41 43 44
For 2021 we reached our target of at least 30% female representation on the Supervisory Board and 20% on
the Management Board. With 40% women at the second management level, we also achieved our goal for
the PUMA Group to have 40% female representation at the second management level below the
Management Board. Unfortunately, with 20% female representation at the first management level below
the Management Board we did not reach our ambitious target of 30% on PUMA Group level. This is due to
the fact that our management team at the first management level below the Management Board has
remained stable in recent years and no significant new positions have been created at this level. However,
because of the strong development at the second management level below the Management Board, the
Management Board of PUMA SE is very confident that the new target for the first management level will be
achieved naturally as part of internal succession promotions.
Our new targets to be reached by 2026 are to have at least two women (33%) female representation on the
Supervisory Board and for the Management Board to have at least one woman (25%). If the Management
Board is composed of four or five members, at least one woman (20%) on the Management Board, and at
least two women (33%) on the Management Board if it is composed of six members. At PUMA Group level
the target for the share of women for the first management level below the Management Board remains at
30% and for second management level at 40%.
The average age of our employees worldwide is 31. Our employees represent all working age groups.
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↗ G.02 AGE GROUP
It is very important to us to provide an inclusive work environment where employees with disabilities can
fulfill their roles while also developing their potential. Therefore, we adapt workplaces to meet their special
needs and offer suitable training. In Germany the interests of employees with disabilities are represented
by an elected member of the works council. Depending on the different legal situations in our entities, in
some countries it is not permitted to track disability status, as well as the various definitions of a severely
disabled employee. Around 1% of our employees informed us about being severely disabled, while the
actual number is probably higher.
WELLBEING
At PUMA fostering the wellbeing of our people is a top priority. Therefore, we are dedicated to constantly
improving the health and wellbeing of our employees by offering a wide range of services and benefits.
While the Wellbeing concept started at our headquarters in Herzogenaurach, it has now been embraced by
all our PUMA subsidiaries around the world, adapted to local needs and regulations.
Our wellbeing approach focuses on four aspects: Flex, Social, Finance and Athlete. As a sports brand we
focus on giving our employees as many opportunities as possible to enjoy their passion for sports.
Therefore, we offer different courses such as yoga, jumping fitness or krav maga. Apart from our huge
variety of courses, we provide free gym access, sports courts for football, basketball and tennis, as well as
beach volleyball.
As the COVID-19 pandemic developed at a different pace in different regions of the world, we had to adapt
our wellbeing offer when needed, and expanded the number of online options. This included the PUMA
Home Academy, which provided helpful resources about nutrition, sports and mental health.
During our “Be Well Weeks”, where we promote a healthy lifestyle, we offered free health checks and
nutritional advice and gave our employees the opportunity to try the latest trends in fitness and sport.
FLEXIBLE WORKING CONDITIONS
Being committed to our people’s wellbeing, we offer great working conditions on the fundament of a unique
culture. To enable our employees to balance their professional and personal life for whatever reason, we
have a multitude of models, such as flexible working hours, mobile office, part-time employment and
sabbaticals they can choose from at different stages of their life. In respect of the Covid-19 pandemic, we
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can respond with maximum flexibility regarding the time and place of our employees' work activities. To
adapt to the new circumstances, we have also made our regular working time models even more flexible.
In Germany employees can take advantage of free employee assistant services provided by one of our
partners. Offering a parent-child office, a nursing room, daycare spots and summer camps for children
during school breaks, our headquarters in Herzogenaurach was awarded the German “Audit Beruf &
Familie” (audit work and family) certificate, which we hold since 2015. During the past year we also provided
virtual childcare by introducing online classes for children during school holidays to support our employees
working from home.
Our goal is to minimize voluntary turnover and to keep the number of employees in permanent employment
above 80%. In 2021, 89% of our employees worldwide had a permanent contract and the employment of
over 28% of our employees was covered by a collective bargaining agreement. The turnover rate is heavily
dependent on the share of the retail business in the respective markets and regions. The employee-
initiated turnover rate was 26% (9% for non-retail employees and 38% for retail employees). The total
turnover rate was 34% including retail employees. The percentage of employees working part-time was
22% at the end of 2021.
21
↗ T.02 EMPLOYMENT CONTRACTS (PERMANENT/FIXED TERM)
Permanent Fixed Term
Total Total Female Male Diverse Total Female Male Diverse
EUROPE 4,200 3,440 1,751 1,688 1 760 445 315 0
EEMEA 4,098 4,011 1,622 2,389 0 87 55 32 0
North
America 3,159 2,388 1,290 1,094 4 771 393 374 4
Latin
America 2,501 2,501 1,024 1,477 0 0 0 0 0
Asia/Pacific 4,362 3,935 2,454 1,481 0 427 263 164 0
Total 18,320 16,275 8,141 8,129 5 2,045 1,156 885 4
↗ T.03 EMPLOYMENT CONTRACTS (FULL-TIME/PART-TIME) (in %)
Employment contracts Female Male Diverse Total
Full-time 48 52 0 100
Part-time 61 39 0 100
OCCUPATIONAL HEALTH AND SAFETY
Providing a work environment that keeps our employees healthy and safe is a key priority. The COVID-19
pandemic continued to be a challenge in 2021. We kept our strict hygiene and safety concept, which
complied with all applicable health and safety regulations, i.e. distancing rules, installing hand-sanitizer
dispensers and a requirement to wear masks. In addition, we are also providing protective gloves and
masks, as well as rapid tests for free for all our employees. This way we keep the risk of infection to an
absolute minimum.
PUMA motivated and educated all employees to get themselves vaccinated and organized vaccination
campaigns in our offices worldwide where possible. We consequently achieved a vaccination rate of over
85% in the majority of our entities, and in some locations even 100%.
In 2021 we updated our global Occupational Health and Safety Policy to underline the importance of this
issue. PUMA has a central Health & Safety Committee which operates in our headquarters in
Herzogenaurach. This internal committee includes health and safety specialists who conduct frequent
health and safety inspections. These are complemented by external inspections by official bodies, such as
the German “Berufsgenossenschaft”, for example. In addition, dedicated local Health and Safety experts
also operate in all our larger entities. Our Global Director People & Organization is part of our Executive
Management Team and frequently updates our Management Board on relevant health and safety matters.
During the COVID-19 pandemic our Management Board was informed daily of the latest global health
status.
We set ourselves the bonus-related goals of zero fatalities and consistently reducing the average injury rate
year by year. In 2021 our goal was to stay below an injury rate of 0.50 according to the Occupational Safety
and Health Administration (OSHA). As well as 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 2021 we launched a new digital OHS training course for all our sites, including
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hygiene and correct behavior during mobile office. Last year we conducted a total of 20,595 hours of safety
training. Over the past year 6,355 employees were trained in fire safety and 4,852 in first aid.
On a global scale, 66 occupational accidents which required work to be stopped were recorded in 2021.
According to the Occupational Safety and Health Administration (OSHA), this equates to an injury rate of
0.39 compared to 0.35 in 2020. The (OSHA) injury rate for PUMA SE stood at 0.31 and was at 0.13 in the
previous year.
A further indicator of employee engagement and the health of our workforce is the rate of absence due to
sickness, which was 1.98% in 2021.
We did not record any fatal accidents and the rate of occupational diseases has been zero at PUMA in the
last 10 years, including 2021.
↗ G.03 INJURY RATE ACCORDING TO OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION

(OSHA rate)
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FEEDBACK
Feedback is an essential part of our PUMA culture and internal and external feedback enables us to
constantly improve. Since 2009 we regularly conduct global employee opinion surveys to get feedback from
our employees on a variety of topics as well as measure their level of engagement. All in all, 12,875
employees took part in our 2021 global survey and used the opportunity to tell us what they think about
their workplace and their work life. This represents a participation rate of 86% (2019: 85%). Despite the
difficult circumstances caused by COVID-19, we saw an increase of favorable scores in all categories
compared to the last survey. We compare our survey results with various market data, including high-
performance data, which we outperform in all but one category. High-performance companies are defined
as those that outperform the market financially and regularly achieve excellent survey results. This positive
feedback encourages us to continue and further strengthen the measures we have implemented. The
survey results were communicated at global, local and departmental level and follow-up measures have
been defined.
During the year, pulse surveys were also conducted to quickly obtain employee feedback on current issues
and thereby gain valuable insights from our employees. Through Workday, all our employees can also ask
for or get 360° feedback quickly and easily. In addition, regular industry benchmarking is also carried out,
and this is reflected, for example, in our Top Employer certification, our Great Place to Work award, and the
“berufundfamilie” audit, as well as other awards we have received.
ENGAGEMENT
It is only with a high level of employee engagement that we can achieve excellent performance and reach
our goals. We measure our employee´s engagement through regular global employee opinion surveys and
are particularly proud of increasing our employee engagement score to 92% compared to 91% in our last
survey. We appreciate the high level of commitment of our employees as well as their loyalty to the brand
and aim to keep employee engagement at this high level in the years ahead.
↗ G.04 EMPLOYEE ENGAGEMENT SCORE
AWARDS
In 2021 we received several awards recognizing the PUMA brand as a global employer. Offering a
workplace where our employees can develop, grow and take on new opportunities, is one of our top
priorities. Forbes partnered up with market research company Statista to create the World's Best
Employers certification. We are proud to be recognized among the Top 25 companies in 2021.
Together with our global efforts, we also received several awards on a regional level.
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Being recognized as one of Europe's Leaders in Diversity for the second year in a row by The Financial
Times mirrors our efforts to create a diverse, equal and inclusive company culture. Our dedication to
provide the best work environment for our employees has also been awarded with receipt of “Top
Employer” in sixteen PUMA subsidiaries, including Germany, France, the United Kingdom, Spain, Italy and
South Africa, as well as Europe and Asia Pacific as a whole. Our PUMA family in the United States was also
listed as one of “America's Best Large Employers” by Forbes and Statista. More than 50,000 American
employees working for companies with more than 1,000 employees in the United States were asked to give
their vote for this. We also received the “Great Place to Work” award in Argentina for the second year in a
row.
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PERSONAL JOURNEY
As a company we can only reach our goals if we attract, recruit and retain talent at PUMA. Competing for
the best suitable talent on the market, our intention is to raise awareness of PUMA as an employer of
choice which offers challenging roles, while providing professional talent management and unique
development opportunities.
RECRUITING
It is crucial that we are perceived as an employer of choice and attract external candidates who want to join
the unique PUMA work culture. To connect with these potential candidates, we use our career website,
digital platforms and social media for our target group-specific, individual, pro-active recruiting measures.
Extensive networks of qualified applicants and up-to-date candidate pools help us to quickly fill vacancies.
In 2021 we put efforts into the launch of a culture pre-check, which is a voluntary pre-test for candidates to
find out if our unique PUMA culture is suitable for them.
TALENT MANAGEMENT
We believe that our employees are the drivers of their personal career journey. With an integrated approach
to talent management, we foster a feedback and results-driven culture at PUMA and a self-driven learning
attitude. We regularly evaluate all our employees, set up personal development plans, and identify the right
people to prepare them to shape PUMA’s future.
Talent conferences are conducted globally to assess the entire PUMA workforce, including all levels of
management. Employees are evaluated on criteria such as individual performance and competencies,
potential, ambition and mobility. The targeted analysis of our employees’ profiles allows us to match
internal talent with upcoming vacancies. This helps us to find potential successors within the company and
to foresee and address our organization’s future competency needs. Internal mobility supports the career
development of our employees, especially cross-border. This is why our employees can upload their
personal career profile on Workday, proactively set up targeted job alerts and apply for internal job postings
with just one click. The “job alert” function in Workday allows us to display vacancies to employees
automatically, which supports the visibility of career opportunities within the PUMA Group. As a result, we
can see a significant number of internal moves including relocation abroad. Overall, in 2021 we were again
able to fill 4 out of 5 of our vacant key positions worldwide through internal promotions or horizontal
transfers and filled 29% of open positions with internal candidates. We see this as confirmation of our talent
and development strategy.
DEVELOPMENT
Our employees’ ongoing professional and personal development also ensures that our staff has the
necessary competencies to guarantee internal growth and to drive the business. Strategic workforce
planning as well as Workday helps us to avoid skill gaps and gain transparency about the skills of our
employees.
We offer a wide range of options for training and development, including courses and workshops, both
online and offline, standardized or specially tailored to individual needs. Based on a lifelong learning
approach fostering a self-driven learning culture, we provide a state-of-the-art learning infrastructure
integrated into the Workday Human Capital Management system for internal and external training courses.
With LinkedIn Learning and Good Habitz, more than 18,000 different online training courses are available
for personal and professional development across a broad variety of learning categories. In 2021 we
received the award for the best soft skills e-learning offer in Germany together with GoodHabitz.
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Learning content such as mental wellbeing, resilience, mindfulness and emotional stability helped us to
provide our employees worldwide with the best possible support during the COVID-19 pandemic. We
continued to adapt our training to the challenges resulting from the COVID-19 pandemic and developed
hybrid concepts for all our previous classroom training courses. In 2021, 18,983 employees worldwide
participated in training courses and workshops over a total of 436,734 hours. Therefore, we had an average
of 29 hours training per FTE and spent € 201 per FTE on training, although most of our trainings are digital.
To achieve the goal of building an agile learning organization and expand the use of agile working methods
even further, we offer digital agile coach programs for various target groups.
LEADERSHIP TRAINING ILP/ILP2./PLE
Our PUMA leaders play an important role in fulfilling our mission to become forever faster. To meet the
new complex challenges in a volatile work environment, especially those presented by the COVID-19
pandemic, while still reaching our goals of delivering great performance, we highly depend on their skills
and leadership expertise. To equip our staff with the necessary competencies and ensure a common
understanding of leadership throughout the organization, we designed the International Leadership
Program (ILP & ILP2). PUMA leaders receive intensive training and coaching, including interactive learning,
roleplay simulations and best practice learning, as well as joint projects. Particular areas of focus are
mindful leadership and agile working methods. This program consists of different modules providing the
leaders opportunities to apply the newly acquired knowledge in between the seminars.
To rethink leadership in 2021 we introduced the PUMA Leadership Expedition, a new program designed to
enable leaders to lead effectively in a VUCA (Volatility, Uncertainty, Complexity and Ambiguity) world. It is
fully virtual, easily accessible and designed in a self-driven and self-tailored learning format with self-
chosen Virtual Training sessions with a trainer and regular contact with other international participants in
smaller work groups. Coached sessions are also included, as well as individual learning sprints with self-
chosen Learning Nuggets and check ins with the trainers.
Our training from employee to manager is designed to specifically prepare employees who will be taking on
a management role for the first time. In addition to the training module, this program also includes
individual coaching, as well as pre- and post-learnings.
SPEED UP/SPEED UP2
Accelerating our employees’ progress is essential for organizational success. Driving this ambition, two
selective development programs, Speed Up and Speed Up², are designed to unlock the potential of our
talent. To prepare them for the next steps in their career, we provide an intense curriculum, including
cross-functional projects and tasks, coaching, mentoring, job swaps and targeted training courses.
Participants also benefit from exposure to top management and establish strong networks globally. In 2021
the third global group started their Speed Up/Speed Up² journey with a first virtual module.
FUTURE TALENT
We are constantly looking for future talent we can develop successfully and equip with the relevant skills to
take over prospective challenging roles in the PUMA Group. A varied range of initiatives at universities, both
locally and internationally, gives us the opportunity to approach potential employees and identify suitable
candidates. We offer a lot of options within an international work environment, creating the ideal conditions
for people starting their careers. In 2021, 15 dual-program students and trainees joined the PUMA
Headquarters in Herzogenaurach. In total PUMA had 39 apprentices and dual-program students by the end
of 2021, majoring in a range of subjects, from International Business to IT. Another way candidates can get
to know PUMA is through our internship for students, in which they are given the opportunity to gain six
months’ work experience.
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Annual Report 2021 ↗ Sustainability
SUSTAINABILITY
29 Foreword
31 PUMA’s Forever Better sustainability strategy
46 Social Aspects
65 Health and Safety
67 Environment
126 Summary and Outlook
128 Index for separate Combined Non-Financial Report and GRI Content
142 Deloitte Assurance Statement
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“MAKING OUR BUSINESS FOREVER BETTER”

- Foreword Anne-Laure Descours, CSO
↗ ANNE-LAURE DESCOURS
CHIEF SOURCING OFFICER (CSO)
In 2021 the COVID-19 pandemic was still the most prevalent and challenging topic for PUMA and our
industry as a whole. The resurgence of the virus in major sourcing countries like Vietnam, China and
Bangladesh disrupted freight routes and temporarily closed factories. Workers feared for their health as
well as their income and the virus also threatened our PUMA colleagues in countries like India or South
Africa, which were hit particularly hard.
We continued our strategy of partnering with our suppliers and customers and we reacted flexibly to shift
orders while avoiding cancellations. We also supported our suppliers by increasing the reach of PUMA’s
Forever Better Financing program.
In addition, we also made sure that the safety of all staff was prioritized by following strict hygiene
standards. We ensured the health of factory workers was equally protected and that they continued to
receive compensation when factories were closed.
29
In 2021 sustainability became increasingly important as a topic. As the world's leaders gathered for global
conventions on biodiversity and climate change, they discussed important milestones for decarbonization
and the protection of the environment.
Despite these efforts, greenhouse gas emissions and the pace of biodiversity loss continue to increase.
Many of our employees, customers, consumers and business partners are eager to be part of the solution
and ask for more sustainable product initiatives and ways to decouple consumption from emissions.
To respond to such concerns, we executed our 10FOR25 sustainability strategy, which is linked to the
United Nations Sustainable Development Goals.
Highlights of this strategy include ensuring fair working conditions in all factories that produce PUMA
goods, powering all PUMA entities globally with renewable energy, switching all major materials to more
sustainable alternatives as well as building up our a more sustainable product offering.
Our social compliance program remains the bedrock of our sustainability efforts and has been accredited
by the Fair Labor Association since 2007. We purchase 99% of our cotton and leather as well as 80% of our
polyester from accredited or certified sources, such as BCI, bluesign or the Leather Working Group,
To tackle the biodiversity loss, we introduced a biodiversity and forest protection policy and partnered with
the NGO Canopy to ensure our sourcing of man-made cellulosic materials (such as viscose) as well as
paper and carboard does not contribute to deforestation.
We expanded the usage of recycled polyester to 43%, in line with our target to have 75% recycled polyester
in our apparel and accessories by 2025. We are also on track to remove plastic shopping bags from our
stores in 2023 at the latest.
We continued to build our consumer-facing sustainability platform, “Forever Better”, and launched our
Re:Gen collection, which is made from regenerated materials such as industry offcuts. We also presented
the Exhale collection with Cara Delevingne, for which we offset carbon emissions from product
manufacturing and transport. In our RE:Suede experiment, we will test whether we can make a
biodegradable version of our most iconic sneaker, the PUMA Suede.
We ended the year with our first ever virtual stakeholder dialog meeting, discussing the important topics of
Circularity and Climate Action where much remains to be done by PUMA and the entire apparel and
footwear industry, to move from the current linear production model to more circular business models and
to further reduce CO2 emissions from our supply chain.
There is only one Forever – Let’s make it Better.
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PUMA’S FOREVER BETTER SUSTAINABILITY

STRATEGY
PUMA’s Code of Conduct and our vendor compliance program, which were introduced more than 20 years
ago, are still the basis for any contractual relationship with manufacturers globally, and remain as the
foundation of our responsible sourcing strategy and program.
Our Forever Better sustainability strategy is based on our 10FOR25 targets, which were introduced in 2019,
following an extensive materiality analysis and stakeholder dialog.
As a result, we have identified 10 target areas: Human Rights, Climate Action, Circularity, Products, Water
and Air, Biodiversity, Plastic and the Oceans, Chemicals, Health & Safety as well as Fair Wages to improve
our sustainability performance.
For each of these target areas, which reference the United Nations Sustainable Development Goals, 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 on our path to fully integrate sustainability into
all our core business functions. Sustainability targets are part of the bonus arrangements of every member
of our global leadership team, from the CEO to team heads.
Sustainability and the communication of our efforts have also been integrated into the strategic priorities
for PUMA.
AWARDS AND RECOGNITIONS
Our long-term sustainability efforts continue to be externally recognized in various benchmarks and
indices.
In 2021 PUMA remained a member of the FTSE4Good Sustainability Index (sector lead), received a Triple A
rating from MSCI ESG ratings as well as an ESG Prime rating from ISS. PUMA was also awarded Climate
Leader status by the Financial Times.
For the first time in our history, PUMA received Climate Leader status from the CDP (A- and A for Supplier
Engagement) and was included in the Global Top 100 most sustainable company Index by Corporate
Knights.
PUMA was also awarded an Industry Mover Status by S&P on sustainability and a Material Change Index
Leader Status from Textile Exchange.
We will continue to collaborate with the most relevant industry benchmarks and aim to improve our ratings
for these benchmarks further, particularly where our performance is not yet among the leaders of our
industry.
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STAKEHOLDER DIALOG
Our first PUMA stakeholder dialog dates back to 2003. Since then we have organized 15 in-person
stakeholder meetings. Last year (2021), we conducted our first ever virtual stakeholder dialog meeting.
More than 100 participants including suppliers, customers, investors, sports clubs, NGOs, industry peers,
sustainability experts and representatives of the younger generation met for 1.5 days to discuss the key
topics of Circularity and Climate Action. All members of the PUMA Management Board, as well as selected
members of PUMA’s Supervisory Board, attended the meeting. The results from these intense talks and
discussions will help us shape PUMA’s future strategy and action plan for Circularity and Climate Action. As
a concrete first step from the stakeholder dialog meeting, we have decided to evaluate our future products
for their readiness regarding circularity and to roll out a Circular Design guideline. The meeting informed
the further focus of our PUMA Circular Lab and emphasized the need for increased consumer
communication on the topic of Circularity.
On Climate Action we decided to calculate a product carbon footprint for each of PUMA’s top selling
products. We confirmed our intention to upgrade our science-based CO2 emissions target to a 1.5 degree
pathway and we want to enhance our consumer communication on climate topics.
We also continued our regional responsible sourcing dialog meetings in the form of 3 regional supplier
virtual meetings, which we held in all major sourcing regions, covering social, environmental and chemical
topics.
Our PUMA CEO Bjørn Gulden attended the UN Climate Summit in Glasgow and discussed with industry
peers the increased ambition level of the Fashion Industry Charter for Climate Action and how the Fashion
Industry can align to a 1.5-degree climate pathway.
Our stakeholder dialog includes active participation in several sustainability initiatives. In 2021,we
partnered with Canopy, a Canadian NGO which focuses on the protection of forests and biodiversity and we
joined the International Safety Accord, an agreement with International Trade Union Federations following
the Bangladesh Accord on Fire and Building Safety, which expired in 2021. We also became a member of
econsense, a German partner of the World Business Council for Sustainable Development. This
membership became effective in January 2022.
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↗ G.01 MATRIX OF KEY PARTNERSHIP INITIATIVES
AFIRM: Apparel and Footwear International RSL Management, BCI: Better Cotton Initiative, CDP: Carbon Disclosure Project,
FESI: Federation of the European Sporting Industry, FFC: Fair Factories Clearinghouse, FSC: Forest Stewardship Council, FLA:
Fair Labor Association, GIZ: German Corporation for International Cooperation, IFC: International Finance Corporation, ILO:
International Labour Organization, IPE: Institute of Public and Environmental Affairs, ITC: International Training Center, RMG:
Ready Made Garments, SAC: Sustainable Apparel Coalition, SLCP: Social and Labor Convergence Program, UNFCCC: United
Nations Framework Convention Climate Change, WRI: World Resource Institute, WWF: World Wide Fund for Nature, ZDHC: Zero
Discharge of Hazardous Chemicals Foundation
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MOST MATERIAL ASPECTS

For the current 10FOR25 target period, we reviewed our most material aspects based on a detailed
materiality analysis conducted in 2018/2019, including external and internal stakeholder interviews, a
survey and a stakeholder dialog meeting. Coordinated by Business for Social Responsibility (BSR), the
process resulted in the materiality matrix displayed in graph G.02 below. Although the Water and Air target
was not specifically identified in the formal materiality analysis process, we retained this target area.
Honoring our commitment to the Fashion Pact as well as the growing importance of the issue, we also
included Biodiversity as a target area. Please refer to graphic G.02 for the results of our materiality matrix,
and the transfer of these results into our 10FOR25 targets.
↗ G.02 MOST MATERIAL ASPECTS
34
↗ G.03 PUMA’S 2025 SUSTAINABILITY TARGETS
*SDG: United Nations Sustainable Development Goals
35
PUMA 10FOR25 SUSTAINABILITY TARGETS PERFORMANCE SUMMARY
↗ T.01 PUMA 10FOR25 SUSTAINABILITY TARGETS PERFORMANCE SUMMARY
Not started In progress On track Achieved
Target Area Targets for 2025 Performance 2021 Status
Target 1: Train 100,000 direct and indirect staff members on Pilot of train of the trainer session conducted
women’s empowerment Pilot to upload Better Work video in MicroBenefit platform
01 Target 2: Map subcontractors and T2 suppliers for Human Rights

risks T2 mapping completed
Human
Rights
Target 3: 25,000 hours of global community engagement per year 39,000 hours
Target 1: Zero fatal accidents (PUMA and suppliers) Zero fatal accidents at PUMA supplier and at PUMA
02 0.3 injury rate at PUMA suppliers

Target 2: Reduce accident rate to 0.5 (PUMA and suppliers) 0.4 at PUMA
Health and
Safety
Signed international ACCORD
Target 3: Building safety policy operational in all high-risk countries Building safety assessments in Bangladesh, India and Pakistan
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Target 1: Ensure 100% of PUMA products are safe to use No product recall from the market
Target 2: Maintain RSL compliance rate above 90%

03 (Target changed since 2020) RSL compliance rate of 98.4%
Chemicals
Target 3: Reduce organic solvent usage to under 10 gr/pair VOC index at 13.6 g/pair
Target 1: 90% compliance with ZDHC Wastewater Guidelines 93.2% compliance (at parameter level)
Target 2: 90% compliance with ZDHC Air Emissions Guidelines Our Core T1 and T2 suppliers follow local regulations
04
Textile: -4%
Water and Leather: -11%
Air Target 3: 15% water reduction per pair or piece based on 2020 Apparel: -8%
baseline Footwear: -21%
Scope 1&2
Target 1: Align PUMA’s Climate target with 1.5 degrees global

warming scenario Committed to upgraded Fashion Industry Charter on Climate Action Scope 3
05
Climate Target 2: 100% renewable electricity for PUMA entities 100% renewable electricity used for PUMA entities (including RECs)
5% for T1 (finished goods)

5% for T2 (materials)
Target 3: 25% renewable energy for core suppliers (including RECs)
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Target 1: Eliminate plastic bags from PUMA Stores 50% reduction compared to 2020 (189 tons)
Engaged TMC on 2030 roadmap, wastewater & biodegradable

06 Target 2: Support scientific research on microfibers guidelines development. 17 shedding tests conducted
Plastics and
the Oceans Target 3: Research biodegradable plastics options for products Launch RE:Suede as a test for biodegradability
Pilot take back scheme, Hong Kong take back scheme on going
Target 1: Establish takeback schemes in all major markets since 2019
Target 2: Reduce production waste to landfills by at least 50% -19% waste to landfill per footwear pair
07 compared to 2020 -9% waste to landfill per apparel piece
Circularity Target 3: Develop recycled material options for cotton, leather, and
rubber Recycled cotton and leather used in PUMA ReGen collection
99% cotton
80% polyester
Target 1: Procure 100% cotton, polyester, leather, and down from 99.9% leather
certified sources 100% down
Target 2: Increase recycled polyester use to 75% (apparel &

08 accessories) 48% recycled polyester for Apparel and Accessories
Products Target 3:
90% of apparel and accessories classified as more sustainable 67% Apparel styles
30% Accessories styles
90% of all footwear contains at least one more sustainable
component 52% Footwear styles
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Target 1: Fair-wage assessments for the top 5 sourcing countries 3 out of 5 (Bangladesh, Cambodia, Indonesia)
Target 2: Effective and democratically elected worker

09 representatives at all core suppliers 35.4% Core T1 factories
Fair Income
Target 3: Ensure bank transfer payments for all core suppliers 96.7% Core T1 & T2 use digital payment
Target 1: Support setting up a biodiversity SBT Not started yet
99% cotton
Target 2: Procure 100% cotton, leather, and viscose from certified 99.9% leather
10 sources 38% viscose
Biodiversity
Target 3: Zero use of exotic skins or hides New Animal Welfare Policy published
TMC: The Microfiber Consortium, REC: Renewable Energy Attribute Certificates, RSL: Restricted Substances List, SBT: Science-Based Target, T1: supplier of finished goods, T2: supplier of materials or
components, etc., VOC: Volatile Organic Compound, ZDHC: Zero Discharge of Hazardous Chemicals Foundation
39
SUSTAINABILITY ORGANIZATION AND GOVERNANCE STRUCTURE

PUMA’s sustainability organization is structured and governed in multiple ways:
• At the Supervisory Board level, with a Sustainability Committee.

- One of the meetings included a training of the full Supervisory Board on sustainability topics and the
PUMA 10FOR25 sustainability strategy.
• At the Management Board level, with the responsibility for sustainability assigned to the Chief Sourcing
Officer
- There were several Management Board Meetings in 2021 with dedicated sustainability updates, for
example on the sustainability target achievement status and more sustainable product initiatives.
- The complete PUMA Management Board participated in our global Stakeholder Dialog Meeting
focusing on Circularity and Climate Action.
- Our Chief Sourcing Officer has a monthly meeting with the sustainability leads for corporate and
supply chain sustainability. Topics include, for example, Human Rights, Health and Safety and
Chemical Programs, 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 is comprised of all Functional Heads of the company such
as the Global Directors for Retail, Logistic, Legal Affairs, etc. The committee met twice in 2021, and
approved, for example, the Sustainability Bonus Targets.
• At the Product level, with a Cross-Functional Business Unit Call (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, as well as a sustainability function in the strategy department.
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 PUMAs Forever Better
Sustainability Strategy and focus on our 10FOR25 target areas Human Rights, Climate Action, Plastic and
the Oceans, Health & Safety. The targets cover 5% of the overall bonus.
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↗ G.04 PUMA SUSTAINABILITY ORGANIZATION 2021
SCOPE OF DATA COLLECTION
In this report we cover the PUMA Group. We have provided separate reports for PUMA SE and the
PUMA Group within the “Governance and our People” section only. Our materiality analysis and EP&L
clearly indicate that a major aspect of our impact originates in the manufacturing of materials and
components, not in the assembly of finished goods. We therefore have extended our data collection to
include our core suppliers of components and materials. Our materials data so far excludes the materials
used by Stichd and for Cobra Golf equipment, as those companies run their own sourcing. For social
compliance data, Stichd and Cobra factories are included.
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 Fair Factories Clearinghouse for sharing compliance-audit data with other brands
• The wastewater platform from the Zero Discharge of Hazardous Chemicals Foundation (ZDHC) for
sharing supplier data on wastewater testing (ClearStream reports)
• The ZDHC Chemicals Gateway for the use of safe chemicals
• 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 http://wwwen.ipe.org.cn/GreenSupplyChain/Main.html
• The HIGG Index Platform from the Sustainable Apparel Coalition
https://apparelcoalition.org/the-higg-index/
Also, we 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.
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DUE DILIGENCE AND RISK ASSESSMENT
PUMA conducts regular due diligence on Human Rights & Labor, Environmental and Integrity risks (listed
in table) on its own activities and on its suppliers across its supply chain as per the recommendations of the
UN Guiding Principles for Business and Human Rights as well as the OECD Due Diligence Guidance for
Responsible Supply Chains in the Garment and Footwear Sector | en | OECD and other relevant responsible
business conduct standards. We embed responsible business conduct through our own policies, training
and management system. We identify actual and potential harms in our own operations and supply chain
through our monitoring programs and risk assessment. We aim to cease, prevent or mitigate harm in own
operations and supply chain, keep tracking and communicating with relevant stakeholders as well as
cooperating in remediation when appropriate.
Human Rights & Labor Risks Environmental Risks Integrity Risks
Child labor Hazardous chemicals Bribery and corruption
Discrimination Water consumption
Forced labor Water pollution
Occupational health and safety (e.g.,

worker related injury and ill health) Greenhouse Gas (GHG) emissions
Violations of the right of workers to

establish or join a trade union and to
bargain collectively
Non-compliance with minimum wage

laws
Wages do not meet basic needs of

workers and their families
Due diligence is an ongoing process, in which we can identify, mitigate, prevent and account for how to
address existing and potential adverse impacts (e.g., child labor, discrimination, hazardous chemicals etc.).
In response to the COVID-19 pandemic, the possibility of future crises and implementing our policies, our
vendors are recommended to conduct their due diligence, virtually when necessary.
Our risk assessment process of potential harm to people (Human Rights & Labor and Environmental risks)
includes:
• External sources: NGO reports, media, countries indexes, country regulation, PUMA partnerships: FLA,
BW, Fashion Charter, ZDHC, AFIRM etc. and stakeholder dialog
• Internal sources: PUMA social, chemical and environmental audit findings/data analysis and grievances
received per country, supply chain risk mapping, number of factories in countries with high risk, per
commodity, including non-core, T3, T4 and raw material extraction
We prioritize risks based on:
• Severity: Scale (How grave the impact is), Scope (How many people are or will be affected) and
Irremediability
• Likelihood of risk occurring based on operating environment: conflict zone, weak governance; mismatch
between local practices and international standards
Our mitigation measures include factory monitoring program, grievance mechanism, supplier score card,
business integration, goal-setting and internal and external reporting. The effectiveness of our measures is
evaluated based on progress and compliance with our policies.
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PUMA policies are published on our website. Our factory monitoring programs and standards are defined
in Social, Environmental, Occupational Health and Safety and Chemical handbooks. PUMA® - Sustainability
handbook and codes of conduct
PUMA also adopted the ELEVATE intelligence or “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.
The 10FOR25 targets are linked directly to the four main sustainability-related risks identified in our due
diligence process:
A. Potential Human Rights violations or incidents in our supply chain (T1 and T2*)
B. Potential incidents of environmental pollution in our supply chain (T1 or T2)
C. Potential non-compliance with chemical regulations during production (T1 or T2)
D. Negative effects of climate change
Further details on PUMA’s overall risk management can be found in the Risk Management section.
Net risks as outlined in the CSR Directive Implementation Act (§315c in relation to §289c, section 3,
number 3 and 3 of the German Commercial Code (HGB), were not identified in 2021.
PUMA BRAND AND RETAILER MODULE VERIFIED SCORE
As part of our risk assessment and industry benchmarking, we use the Brand and Retailer Module of the
Sustainable Apparel Coalition (HIGG BRM). The Higg Brand & Retail Module (Higg BRM) guides brands and
retailers on their sustainability journeys and identifies hotspots and opportunities for improvement along
their global value chain.
From more sustainable materials sourcing to a product’s end of use, the Higg BRM assesses the following
lifecycle stages for their sustainability coverage:
• Management System
• Product
• Supply Chain
• Packaging
• Use & End of Use
• Retail Stores
• Offices
• Transportation
• Distribution Centers
*T1 manufacturers of PUMA products; T2 manufacturers of materials and components
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In 2021, for the first time, we engaged an external and accredited verification body to verify our HIGG BRM
score based on our 2020 HIGG data. The results of our first verified BRM scores are displayed in graph G.05
and G.06 below. While our overall scores are clearly above the sector average, we have also identified some
areas where more focus is needed, as logistics operations, for example.
G.05 PUMA BRM ENVIRONMENTAL VERIFIED SCORE

2020 PUMA BRM environmental verified score: 74.3%
G.06 PUMA BRM SOCIAL VERIFIED SCORE

2020 PUMA BRM social verified score: 76.4%
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QUOTE BY AMINA RAZVI, EXECUTIVE DIRECTOR, SUSTAINABLE APPAREL COALITION:

PUMA has been an active member of the Sustainable Apparel Coalition (SAC) for the past decade and
remains committed to partnering with intent and collaboration to drive collective action and positive
change. Since joining the SAC, PUMA has rolled out our Higg Index tools, integrating them into their day-
to-day business, demonstrating the kind of leadership needed to tackle the climate crisis and addressing
social justice across our industry. Leveraging the Higg Facility Environmental Module (FEM), the
company has scaled the use of the tool across all its strategic suppliers. PUMA has also participated in
the Higg Brand and Retailer module (BRM) and in 2021 was among the first companies to get its score
externally verified. It is also one of the brands to have piloted an environmental product label based on
the Higg Material Sustainability Index (MSI). The SAC is proud of PUMA’s achievements and leadership
within the industry and looks forward to continuing to support them on their journey, as we work towards
an inclusive, equitable and sustainable future for people and the planet.
45
SOCIAL ASPECTS
Our highlights in 2021 included:
• Zero fatal accidents at PUMA and its direct suppliers for the fourth year in a row
• Capturing 13,557 workers’ feedback from 8 countries concerning their satisfaction with management
via a mobile APP survey, worker hotline promotion activities covered 34,009 workers – PUMA hotline
received 223 cases, 121% increase compared to 101 cases in 2020, 99.6% are resolved, 3rd party
platforms 3,132 cases, 207% increase compared to 1021 cases in 2020
• Accelerated pace towards shared industry compliance-assessment tools; increase in the percentage of
converted external compliance reports from 54% to 59%.
• 508 audit reports from 477 factories despite travel restrictions and partial lockdowns
• Closer engagement with suppliers through open dialog including annual COVID survey and frequent
webinars
• Benchmarked 46 Core T1 suppliers’ wage level through the Fair Labor Association’s Fair Compensation
Dashboard, aligned on approaches to close wage gaps
HUMAN RIGHTS
Relates to United Nations Sustainable Development Goals 3, 5, 8 and 10
Target Description:
• Train 100,000 direct and indirect staff on women’s empowerment
• Map subcontractors and T2 suppliers
• 25,000 hours of community engagement globally per year
KPIs:
• Percentage of worker complaints resolved
• Number of factories with an A, B+, B-, C or D grade
• Number of T2 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 HR)
• Number of workers trained on women’s empowerment
PUMA’s sustainability policies are aligned with the United Nations’ Declaration of Human Rights, the UN
Guiding Principles for Business and Human Rights, the International Labour Organization’s Core Labour
Conventions, and the ten principles of the United Nations Global Compact. 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 continuously and rigorously monitor our supply chain and
conduct Human Rights due diligence on all our suppliers globally, including those in major production hubs
such as Vietnam, Bangladesh and China.
46
2021 was still heavily impacted by the COVID-19 pandemic, although the impacts varied from country to
country. We continued our focus on the following to safeguard our supplier business and workers’
employment and income.
1. Order and Production Management
• Minimizing order cancellations; 0.40% of orders were canceled in 2021.

• The cancelled orders were not yet in production, we compensated for raw material costs.
• Agreeing on order delays with our customers during the difficult lockdown period.
• Through our dialog with suppliers, we have been able to accommodate order placement to facilitate
more flexibility along the supply chain, thus we did not extend our production lead time to the same
extent as 2020.
2. Financing and Payments
• While the absolute financed volume of our FOREVER BETTER Vendor Financing Program increased by
9.4% compared to last year to €534 million in 2021, the financed ratio (= financed volume vs. invoice
volume) fell from 28% to 24% due to the increased annual invoice volume.
• Payment terms for our suppliers remained stable.
• Paying for all orders in full and on time.
• No late-delivery penalties.
3. Guidance and Monitoring
Throughout the whole lock-down period, PUMA kept in close communication with the suppliers, and
provided them comprehensive guidance including legal decisions, local government and Better Work
guidance, and good practices from some suppliers.
From our survey, 36% of factories in Vietnam answered that their workers’ payment was impacted, followed
by Turkey with 7%. We followed up with these suppliers and verified that workers have received their
payment as per local legislation. In Vietnam our team provided comprehensive guidance to suppliers on re-
opening and monitoring the COVID situation throughout the whole lockdown period.
Globally, workers’ layoff rate decreased from 1% to 0.05% (2020 vs. 2021), all workers were paid severance
payment.
↗ T.02 ORDER CANCELLATIONS DUE TO COVID-19
Cancellations (%) FTW APP ACC Total
Full Year 2020 0.43% 0.34% 0.10% 0.35%
Full Year 2021 0.84% 0.09% 0.01% 0.40%
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RESPONSIBLE PURCHASING PRACTICE POLICY
As a responsible business partner to our suppliers, we recognize that our own business practices, as well
as our trading terms and conditions can have a significant impact on the organization at our suppliers’
factories. The aim of this PUMA Responsible Sourcing Policy is to reduce potential negative impacts.
PUMA’s responsible purchasing practice was developed in 2019, to create a framework for guiding
decisions and maintaining consistency through key principles:
i. Only working with suppliers who have signed a Manufacturing Agreement.
ii. Payments to suppliers are made on time and in full. We only deduct payments and impose penalties
when it is lawful to do so.
iii. Price paid for product to include reasonable labor costs, such as overtime premium payments, social
insurance payments.
iv. Open Production Capacity must be declared by the supplier based on standard work weeks as per the
law of the relevant production country.
v. Seasonal production plans are allocated considering the negotiated capacity with the supplier.
vi. Sufficient production lead time must be provided.
vii. Suppliers may not subcontract production without authorization from PUMA. All subcontracting units
should respect our Code of Conduct.
In 2021, 143 PUMA colleagues from development, sourcing, production joined Responsible Sourcing
Practice training, the same topic also covered 1,145 supplier participants through virtual webinars. 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 risk of Human Rights violations.
In 2022 we will ask strategic T1 suppliers to participate in the Better Buying survey (collecting core
suppliers' feedback on the implementation status of PUMA responsible purchasing practices), further
training and discussions on the results with sourcing team members will also take place.
FOREVER BETTER VENDOR FINANCING PROGRAM
We use our PUMA Forever Better Vendor Financing Program to incentivize suppliers, with a better scoring
in our social and environmental compliance audits with lower interest rates.
The program, founded in 2016, allows suppliers with a good or very compliance rating to benefit from
PUMA’s high credit rating and preferred interest rates.
The program runs in partnership with IFC, BNP Paribas, HSBC and Standard Chartered Bank.
At the end of 2021, 62 vendors are registered users (57 at end of 2020) and the financed volumes in the full
year 2021 was €534 m (+ € 46 m compared to 2020).
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HUMAN RIGHTS RISK ASSESSMENT
In previous years we had conducted Human Rights risk assessments at the corporate and the supply chain
level and communicated the results in our 2016 and 2017 Annual Reports. In 2021 we commissioned and
completed a Human Rights risk assessment focusing on forced labor management in the supply chain. The
most salient risks to Human Rights are forced or bonded labor in our supply chain and, at the farm level,
child labor.
SUPPLY CHAIN FORCED LABOUR MANAGEMENT APPROACH REVIEW
In 2021 supply chain services company ELEVATE supported PUMA by conducting an evaluation of its Human
Rights risk assessment approach, with specific focus on forced labor. The evaluation framework utilized
has drawn on the expectations of the UN Guiding Principles for Business and Human Rights (UNGPs) with
specific focus on risks of forced labor, based on the definition of forced labor specified in the ILO Forced
Labour Convention, 1930 (No. 29) as “all work or service which is exacted from any person under the
menace of any penalty and for which the said person has not offered themself voluntarily”. ELEVATE has
also utilized ILO’s 11 indicators of forced labor in this analysis.
Policy Commitment and Embedding
As a result of the assessment, PUMA scores highly regarding policy commitment and internal alignment.
ELEVATE recommended strengthening existing human rights-related policies to explicitly reference the ILO
Forced Labor Convention, and all eleven forced labor indicators. We are in the process of developing a
Human Rights policy which will include this as a specific element. We are also developing Human Rights
eLearning to provide further guidance materials for internal teams on mitigating risks. In 2022 we plan to
publish the policy and train our suppliers accordingly.
Forced Labor Due Diligence Procedures and Processes
As a response to the ELEVATE recommendation, we refreshed our risk assessment for supply chain and
published it in this report. This includes both risk exposure and business leverage insights to prioritize
suppliers.
PUMA reviewed the severity grading of audit findings linked to the forced labor indication, which will then
also increase escalation and prioritized investigation, and remediation processes. We revised our social
handbook and trained our suppliers and sourcing colleagues respectively.
At the end of 2021 PUMA also adopted the ELEVATE intelligence or “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 our revised handbooks, we request our vendors to conduct due diligence. We will facilitate our supplier
training in due diligence through the International Training Center (ITC) platform of the International Labor
Organization (ILO).
To increase transparency, we now report on the most common audit findings, training, grievances and
mitigation measures as outcome focused KPIs (Key Performance Indicators) to track the effectiveness of
our supplier programs.
While the PUMA hotline is accessible to Civil Society Organizations (CSOs) and external stakeholders, we
will review our stakeholder engagement methodology, especially CSO stakeholders representing
vulnerable groups: women, children & migrant workers.
49
Stakeholder outreach, we will translate our updated handbooks and create videos for suppliers in different
languages.
We will conduct regular reviews of the grievance mechanisms available to stakeholders, in line with the UN
Guiding Principles (UNGP) effectiveness criteria. We also review how stakeholder groups that are likely to
use the grievance mechanism are engaged in the performance of the mechanism.
RUBBER MAPPING
An example of our supply chain due diligence efforts at farm level is the rubber mapping project in
collaboration with the Fair Labor Association. In 2019, the Fair Labor Association partnered with the
International Organization for Migration and three global footwear and three major sporting goods
companies including PUMA, which source shoes and sporting goods from Vietnam, on a project to map
natural rubber. The project report was published in 2021: Natural Rubber Supply Chain Mapping in Vietnam
| Fair Labor Association
The project had two primary objectives:
1. Map the natural rubber value chain in Vietnam to understand supply chain structure, worker
demographics, the process of recruiting workers, and working conditions across the tiers of the natural
rubber supply chain.
2. Inform participating companies about supply chain mapping through an action-based learning approach
to help companies identify gaps in the internal supply chain management systems and understand
internal and external practices that can streamline mapping in the future.
At the plantation and rubber farm level, the research team found a general lack of awareness of legal
requirements and a lack of government labor inspections. The project highlighted the challenges to
addressing labor issues in the rubber supply chain. Most industry stakeholders have not considered
upstream supply chain mapping as a core operational activity. The scope of the supply chains, which often
span borders, makes mapping a resource-intensive exercise that is a challenge for any single company to
undertake, while collective approaches to mapping have not yet been developed.
This research was a first step towards mapping Human Rights and labor risks in the supply chain of natural
rubber. This exploratory exercise has highlighted issues with working conditions at rubber production level.
The project developed an understanding of purchasing practices at different tiers, how the factories
engaged with upstream suppliers and evaluated the worker demographic at the facility level. Moving
forward, PUMA will continuously explore the opportunity to engage with stakeholders on lower tier
monitoring.
WORKERS SURVEY 2020 & 2021
In 2020 PUMA launched the Worker Survey Program with 17,551 workers from 20 suppliers, in China and
Vietnam, through the APP-based technology Microbenefit. In 2021 the program was extended to 48
suppliers and 13,557 workers from all our major sourcing countries. Overall workers’ satisfaction
increased by 6% compared to 2020 (average score in 2020: 3.93; average score in 2021: 4.17; workers score
each survey question from 0-the least satisfied- to 5-the most satisfied).
In China we see increased workers satisfaction on Fair Compensation, Health and Safety and Working
Hours, only the rating of Stress Management declined slightly (-0.02) compared with 2020.
However, in Vietnam due to the adverse impact of the COVID lockdowns, and the increased number of
factories in this survey, the overall satisfaction dropped: Fair Compensation (-0.54) dropped the most. The
reduction of working hours caused by the lockdown is very likely to be the main reason for this. Grievance
50
Mechanism (-0.38) dropped compared with 2020. We will engage with the factories to provide training to
raise workers’ awareness and confidence on factories’ grievance channels.
We had one-on-one communication with all participating factories to understand their challenges and
agreed on key priorities to improve in the coming year.
WOMEN’S EMPOWERMENT
On international women’s day, Guy Rider, the Director General of the International Labour Organization
said: “Humanity can only be at its best when gender equality becomes a reality for all, everywhere. We must
and will make it happen.”
Training women on their rights and empowering them to advance their careers further is key to achieving
gender equality, where both men and women have equal power and opportunities for education, healthcare,
economic participation and personal development.
PUMA initiatives support suppliers in reviewing existing policies and practices or establishing new ones to
realize women’s empowerment.
Already today, 59% of workers producing PUMA goods are women and 54% of factory managerial positions
at our Core Tier 1 suppliers are filled with women.
We believe that collaboration among the industry and with NGO experts in women’s empowerment is key
to avoid duplication and provide the right expertise.
PUMA cooperated with International Center for Research on Women (ICRW) to run a Gender Equity Project
in Indonesia, Vietnam, India and Bangladesh. In 2021 a total of 9 PUMA factories used the Gender Equity
Self – Diagnostic Tool to understand the condition of gender equity. By using this tool, suppliers can
determine where there are opportunities to enhance gender integration through their policies and practices
and then improve gender equity within their factories. They can identify actions they can take to open and
strengthen women’s pathways to leadership and operations. In 2022 we will follow up with actions taken by
these 9 factories. As of now, PUMA together with ICRW and other brands are still working on the
development of the tools and a scale up plan.
In 2021 we conducted a pilot: The video from Better Work Course related to Sexual Harassment Prevention
was uploaded to the MicroBenefit Platform from late 2021 in Vietnam. 175 employees in 6 factories finished
the training online.
The International Training Centre (ITC) has been at the forefront of learning and training since 1964. As
part of the International Labour Organization, it is dedicated to achieving decent work while exploring the
frontiers of the future of work. To strengthen PUMA’s commitment to promote responsible business
conduct (RBC), fundamental principles and rights at work, and occupational safety and health (OSH)
throughout our operations and network of business partners, ITC-ILO created customized online training
packages for our sustainability team. After completing courses (10 RBC modules plus 18 OSH modules,
topics are listed below) and successfully passing the technical exams with the ITC-ILO and learning about
effective training methodologies both for online and face-to-face delivery, PUMA Social Sustainability team
members were certified by ITC-ILO as Trainers on RBC and OSH in 2021. The PUMA team is training and
certifying the factory management team to deliver training to workers on RBC and OSH. One of the topics is
Harassment and Violence at the workplace. We conducted a pilot to train 10 factory managerial staff, who
extended the training to 570 workers, counting for more than 386 hours of training, at 4 factories in China,
Bangladesh, Vietnam and Indonesia.
PUMA extended women’s empowerment outreach beyond factory female workers and in 2021, we signed a
long-term agreement with Women Win, an organization which empowers girls and women around the
world through sports.
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Through the partnership with Women Win, we aim to increase the visibility of female athletes and sports
role models and support initiatives that tear down obstacles to girls’ and women’s access to sports.
Through projects supported directly by PUMA, Women Win will reach 5,000 girls and women. Furthermore,
as a core funding partner, we will contribute towards Women Win reaching another 1 million girls and
women by the end of 2023.
For women and girls, sport is a powerful tool to challenge gender norms and stereotypes, to regain
ownership of their bodies, to experience joy, freedom and pleasure. Giving girls and women access to
sports can create opportunities for them to team up, speak out and get active – in sports and in their
communities – which in turn can create more equal societies.
Picture by Soccer Without Borders
COMMUNITY ENGAGEMENT
Our goal is to reach a total number of hours spent on community engagement equal to our annual average
times 1.5 FTE (full-time equivalent). We encouraged all our employees around the world to participate and
record projects and employee engagement on an online platform.
Our Community Engagement Program has continued to create positive impact locally by supporting social,
health and environmental causes, and we were able to donate 39,000 community hours in 2021.
For more information on our community engagement program, please visit the P&O section of this report.
SOCIAL COMPLIANCE
Compliance with our Vendor Code of Conduct remains the foundation of our human rights' due diligence
process. Since 1999 all direct PUMA suppliers have been frequently audited for compliance with ILO Core
Labour Standards, internationally accepted Health and Safety provisions, and basic environmental
standards. In recent years we have also included our most relevant material and component suppliers in
our audit program. Our Social Monitoring Program has been accredited by the Fair Labor Association since
2007 and was re-accredited most recently in 2019.
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Each year, we collect between 300 and 500 audit or assessment reports issued by PUMA’s Compliance
team, the ILO Better Work Program, our industry peers, or independent experts accredited by the Social
and Labour Convergence Program (SLCP). To avoid duplication and prevent auditing fatigue, in 2021, we
increased the percentage of shared assessments to 59% from 54% in 2020. As part of our commitment to
the Industry Summit and the Social and Labor Convergence Program (SLCP), we will further increase our
adoption of SLCP-based assessments to at least 50% in 2022. We believe that SLCP is an ideal tool for
building long-term relationships with suppliers. We support them to own their social and labor data. This
year we have added three warehouses into the audit program.
We employ a team of compliance experts spread across all our major sourcing regions. They regularly visit
and audit our core manufacturing partners. We also work with external compliance auditors and with the
International Labor Organization’s Better Work Program. Each PUMA supplier factory must undergo one
mandatory compliance audit per year and all issues identified need to be remedied as part of a corrective-
action plan.
Despite travel restrictions and partial lockdowns, in 2021 we were able to collect 508 audit reports from 477
factories. 73.7% PUMA audits included a trade union representative or workers representative during audit
opening and closing meeting. All workers interviews are conducted on site during the audit (no offsite
interview).
4.6% of our T1 factories and 8.5% of T2 failed to meet our requirements in 2021. If the company in question
was an active PUMA supplier, we worked together to improve the situation. A pass grade was awarded to
100% of companies subjected to a second audit. Six factories did not manage to sufficiently improve their
performance and were consequently removed from our active supplier factory base.
↗ T.03 AUDIT RESULTS 2018-2021
2021 2020 2019 2018
Number of
factories
audited T1 T2 Warehouse T1 T2 T1 T2 T1 T2
A (Pass) 75 6 82 5 107 10 82 15
B+ (Pass) 144 23 2 116 26 126 17 148 29
B- (Pass) 155 46 1 125 35 121 10 128 42
C (Fail) 16 7 11 2 19 2 17 7
D (Fail) 2 4 4 0 5 0
Total 392 82 3 338 68 377 39 380 93
Total
number of
factories 477 406 418 473
Pass/Fail
(%) 95/5 91/9 100 96/4 97/3 94/6 95/5 94/6 91/9
Compared with 2019 and 2020, the number of A rated factories decreased in 2021 mainly because systematic excessive
working hours have been addressed as a critical issue and the extensive nature of the SLCP verified data set has helped
to identify additional findings for remediation. Nevertheless, the percentage of passed audits remained above 90%.
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↗ G.07 AUDIT RESULTS 2019-2021
G.08 NUMBER OF MOST FREQUENT FINDINGS (EXCLUDING CONVERTED REPORTS) 2020-2021
Some factories have non-conformity on social security benefit and legal obligations, such as missing
required sub-licenses. 95% of workers are covered under social security among all our Core T1 suppliers.
Systemic overtime has remained a challenge for both years and we plan to conduct working hours
management training to all T1 suppliers in 2022 and conduct a root cause analysis workshop with selected
Core T1 suppliers to explore opportunities for improvement and engage with sourcing team to follow up on
improvement.
54
There were 8 records identified in 2021 about risk of Freedom of Association breach, mainly related to the
election process of union or worker representation committees. 6 of these have been rectified and 2 remain
open. We will continue our engagement with the factory management to close these cases.
There was 1 violation identified in 2021 with the Better Work report regarding factory management’s
behavior. The issue was remediated.
PUMA is committed to respecting women’s rights as per the Convention on the Elimination of
Discrimination Against Women and expect suppliers to commit to and respect women’s rights. In this
context we carefully monitor working conditions for pregnant women. 16 audit findings related to pregnant
workers, mainly about insufficient breaks, 2 of them are closed and 14 are still under follow-up at the date
of reporting. Pregnant women were not found restrained to bathroom breaks from 2021 assessment.
There was no violation found on forced overtime and restricted freedom of movement or retaining workers'
passports or other identity/personal documents. 21 violations were identified on delayed payment, 6 of
them are closed and we are still following up the 13 pending findings, for the remaining 2 open findings, the
factories were inactivated.
17% of corrective actions pertaining to wages and/or overtime were implemented, and these issues were
resolved within 2021. We noticed improvements in occupational health and safety, risk management and
transparency. Reducing overtime and increasing social security coverage remains a focus of our efforts.
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 discussed under
the Fair Income target.
SUPPLIER TRAINING
Beyond auditing we increased our engagement through capacity building activities:
Meeting Topics Number of factories Number of participants
Sustainability updates, best Approx. 466 per round Approx. 1,083 per round
Supplier Virtual Meetings practices sharing, etc. (3 rounds) (3 rounds)
Code of Ethics 459 1,029
143 internal sourcing

Responsible Sourcing Policy 492 1,145 factory participants
Guiding Core T2 suppliers

on what and how to do OHS
OHS Risk Assessment Risk Assessment 94 249
GRIEVANCE CHANNELS
We operate multiple worker voice channels. If workers are not satisfied with the responses offered by
factories via their respective internal grievance system, we encourage the use of the PUMA Hotline to raise
complaints or request consultations. Phone numbers and email addresses for this hotline are published on
our Code of Conduct posters displayed at every factory globally. We also use WeChat, Zalo, Facebook and
other social media to connect with workers and have established more formalized compliance and human
resources apps at selected core suppliers.
55
The third-party platforms are accessible at 71 strategic suppliers, representing more than 60% of our
sourcing volume, to 147,341 workers. In 2021 we received 3,132 workers’ feedbacks through the
MicroBenefits and the WOVO platforms in China, Indonesia, Pakistan, Philippines and Vietnam, and the
Amader Kotha Helpline in Bangladesh, which is a 207% increase compared to 2020. Among these
thousands of feedbacks, 39 cases were escalated to PUMA as the factory did not respond within the agreed
timeline. PUMA engaged with factory management to address the workers' concerns. All the other
concerns not escalated to PUMA were handled and resolved directly by the factory management.
To promote the PUMA Hotline, in 2021 we developed a video translated into nine languages to cover our
major sourcing countries. We used MicroBenefits and WOVO platforms to reach 34,009 workers. After a
worker watches the video related to the PUMA Hotline and then they complete a quiz to test their
knowledge; this worker is then eligible for a lucky draw to win a prize offered by PUMA. According to the
quiz, 99% of workers know the PUMA Hotline, and 84% workers in China could remember our 11-hotline
phone number.
223 workers’ concerns were raised through PUMA’s Hotline across eight countries, 121% more than 2020.
Our team resolved 99% of them.
We also received six third-party complaints from external organizations related to PUMA’s manufacturing
partners. They focused on freedom of association and fair compensation. Two complaints about freedom of
association were resolved in 2021, the union representatives were either reinstated or compensated in
agreement with the unions involved. Four are still under follow-up.
↗ T.04 WORKERS’ COMPLAINTS 2018 – 2021
Workers’ complaints 2021 2020 2019 2018
Total received – external channels (3rd party platforms) 3,132 1,021
Total received – PUMA Hotline 223 101 70 55
Total confirmed 3,165 984 61 44
Total Received - PUMA Hotline & escalated to PUMA via

3rd party platforms 262 127
Resolved - PUMA Hotline & escalated to PUMA via

3rd party platforms 261 126 61 44
Not resolved - PUMA Hotline & escalated to PUMA via

3rd party platforms 1 1 0 0
Resolved (%) 99.6% 99.2% 100% 100%
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↗ G.09 NUMBER OF MOST FREQUENT GRIEVANCES RAISED IN 2021
Through PUMA own Hotline, “Employment Relationship" and “Fair Compensation" are the most frequent
concerns raised by workers in 2021. We maintain our focus on resolving the pending issue raised in 2021.
CAMBODIA
In early 2021 we received three complaints from one of the local unions in Cambodia. The allegation was
about factories’ potential breach of Freedom of Association. While we worked to find the best solution
related to these concerns, PUMA partnered with Better Factory Cambodia to provide a customized
workshop to factory management, shop stewards and union representatives. 109 participants from 20
factories attended the training.
The training covered
• Rights and obligations of employer, unions and worker representatives and workplace relations.
• Employment contract termination: Resignation, dismissal, retrenchment as per the Cambodian labour
law, and policies & procedures.
• Compensation in case of employment contract termination.
The end line survey shows that factories have increased their awareness by 21% / 16% / 11% respectively
on resignation/retrenchment/termination process and scenario.
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↗ CASE STUDIES
Cambodia
In early January of 2021, we received a letter from one of the local trade unions, to seek brand
intervention to rectify violations of a worker's right at a Cambodia factory producing for PUMA. We
immediately contacted the trade union, factory management and the ILO Better Factories Program
(BFC) to understand the situation better. PUMA as brand played a vital role in organizing several
meetings with the factory and the union for dialog. The factory became gradually more aware of
Freedom of Association. After 8 months of efforts, this case came to a successful resolution: the
union was officially registered at the factory, and the factory had meetings with the trade union to
reach a mutual agreement to resolve issues related to workers rights.
Indonesia
In August 2021 PUMA received a concern from a trade union related to a subcontractor of one of
PUMA Footwear’s suppliers. The allegation related to the employment termination of five union
representatives due to decreased orders. We took immediate actions to engage with both the
Footwear supplier and the subcontractor, the subcontractor agreed to reinstate the union leaders.
All issues identified during our auditing and hotline activities are classified as zero-tolerance issues (such
as child labor or forced labor), critical issues or other issues.
As the name implies, 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 avoid the issue from recurring in the future. As a last resort, business relationships
will be terminated if the factory fails to cooperate. Other issues are also followed up by our Compliance
team.
During 2021 we identified and were able to remedy four zero-tolerance issues (workers’ compensation
below legal requirement).
↗ T.05 ZERO TOLERANCE ISSUES (ZTIS) FOR THE LAST THREE YEARS
Country 2021 2020 2019
Bangladesh 2 4 0
Cambodia 2 0 0
China 0 1
Indonesia 0 1
Vietnam 0 1
Total 4 4 3
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“PUMA has demonstrated a strong and consistent commitment to worker’s rights through their longtime
partnership with Fair Labor Association. An FLA accredited company since 2007, PUMA is an established
social compliance leader, developing sustainable approaches and implementing robust systems
designed to protect workers in their global supply chain.”
SHARON WAXMAN
President & CEO, Fair Labor Association
59
FAIR INCOME
Target description:
• Carry out fair wage assessments including mapping of a specific wage ladder for top five sourcing
countries to help improve their wage levels and practices
• Ensure bank transfer payment to workers by all core suppliers by 2022
• Ensure effective and freely elected worker representation at all Core T1 suppliers through collaboration
with other brands
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 the Fair Labor Association (FLA):
https://www.fairlabor.org/our-work/labor-standards
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 dialog and communication.
https://fair-wage.com/12-dimensions/
As part of our efforts to ensure fair wage practices at the factories of our suppliers, we have defined the full
payment of at least the minimum wage as a zero-tolerance issue. This means that to be taken on as or to
remain active PUMA suppliers, companies must pay minimum wages in full compliance with local
regulations. Provisions around payment of overtime hours and social insurance are also clearly articulated
in the PUMA Code of Conduct and are scrutinized regularly based on our Compliance Audit Program.
60
FAIR WAGE ASSESSMENT

For other dimensions of fair wages, we asked the Fair Wage Network (FWN) to conduct formal fair wage
assessments at our core suppliers based in Bangladesh (2018), Cambodia (2019) and Indonesia (2021).
During 2021 we purchased a license to the living wage database of the Fair Wage Network.
PUMA together with Fair Wage Network conducted a fair wage assessment in 3 factories in Indonesia, one
Footwear supplier scored 299/400, which means the factory received a Fair Wage Certificate. Among the 12
dimensions of Fair Wage, the factory achieved a ‘FAIR’ score in 8 dimensions: wage and overtime payment,
communication, and social dialog, for example.
In 2021 we asked the FWN to reconduct fair wage assessments among the same key suppliers in
Bangladesh and Cambodia. It was positive that a number of factories had continued to strengthen some
institutional elements such as wage grids and schemes relating pay to performance.
At the same time, similar developments were not always reported on social dialog, with workers’
representatives not always involved in wage discussions, and with collective agreements being rarely
signed at factory level, something that gives valuable information for follow-up and remediation in these
specific factories but also for our 10FOR25 goals to ensure our Core T1 factories should have freely elected
workers representatives.
Overall, workers’ satisfaction with wages and working conditions was found to be relatively good, with
almost all workers being either ‘fully’ or ‘partly’ satisfied with their wages and working conditions.
The performance of 4 factories (3 Apparel factories, 2 in Bangladesh, 1 in Cambodia, 1 Footwear factory in

Indonesia), including on the living wage front, were particularly outstanding so they were granted the Fair
Wage certification. The other remaining factories in the 3 countries are asked to engage in a remediation
process for improving their performance in the wage areas that were found to be less strong.
FAIR COMPENSATION DASHBOARD

At PUMA we have been collecting wage data annually from our Core T1 factories for several years. We use
these data to report S-KPIs (table T.07). In 2021 we took the next step and uploaded the 2020 wage data of
46 strategic T1 suppliers into the Fair Labor Association (FLA) Fair Compensation Dashboard* for
comparison with our industry peers and, where available, against living wage estimates of the Global Living
Wage Coalition (GLWC)***. For this purpose, the Anker Methodology** was used to calculate workers
wages and the gap to a living wage.
Graph G.10 below indicates the results of our benchmarking for 46 Core T1 factories, in local currency,
covering 2020. These data cover approximately 71% of PUMA’s global production volume.
* Industry average wage data from FLA Fair Compensation Dashboard from November 2019 and October 2020. Users of the
FLA’s Fair Compensation Dashboard have access to live average net wage calculations based on all wage data uploaded per
country and year. Averages are adjusted as wage data is uploaded into the dashboard.
** Anker’s living wage methodology: Net Wage = Basic (Contracted) Wage + Cash Benefits + In-Kind Benefits – Mandatory
Taxes and Legal Deductions. Payment of overtime is excluded.
*** https://globallivingwage.org/
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↗ G.10 FLA FAIR COMPENSATION DASHBOARD
We can see that our strategic suppliers in China, Vietnam, Bangladesh, Cambodia and Turkey pay clearly
above the FLA’s industry average. For rural areas in Vietnam, the average salaries also exceed the living
wage set by the Global Living Wages Coalition.
On the other hand, we also see that our suppliers in Indonesia are falling short of the average industry
payments, and that the payments in Bangladesh, despite being above industry average, fall well short of the
Global Living Wage Coalition Benchmark. Our suppliers in Pakistan reach 83% of the Global Living Wage
Coalition Benchmark. In Indonesia, China and Turkey country-level GLWC benchmarks were not available
in 2020.
In 2022 we will start fair wage assessments or remediation with low performance factories in Bangladesh,
Cambodia, Pakistan, Indonesia and Vietnam (Urban).
RECRUITMENT FEES
PUMA signed the Fair Labor Association /American Apparel and Footwear Association Commitment to
Responsible Recruitment in 2018.
Since then we have actively engaged with suppliers, industry peers and with the United Nation’s
International Organization for Migration with the objective of ensuring that the labor rights of foreign and
migrant workers are upheld in our supply chain. Through the efforts of multi-stakeholder engagements,
factories paid back 42% of previously paid recruitment fees to 193 foreign migrant workers; we aim for the
remaining 58% of payment to be covered in 2022.
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↗ T.06 FAIR INCOME TARGET STATUS
Sub-targets 2021 Baseline 2020 Target 2025
Digital payment (% of Core T1 and T2 suppliers) 96.7% 90% 100%
% of workers that are receiving wage payments digitally 98.2%
Percentage of Core T1 supplier facilities that have trade unions or freely

elected worker representation (Core T1) 35.4% 33% 100%
Fair wage assessments

(mapping of a specific wage ladder for top five sourcing countries) 3 out of 5 2 out of 5 5 out of 5
↗ CASE STUDY
Getting the full sustainability picture: Fair wage assessments by the Fair Wage Network (FWN)
Beyond the close cooperation with the FLA, fair wage assessments carried out by the FWN represent
a way to get the full picture in terms of wage practices: on the payment of wages, in full (without
under-payments) and without delays but also on pay systems, on wage levels (compared to the legal
minimum wage, compared to living wage benchmarks, compared to market rates) and also on wage
adjustment mechanisms to ensure that wages are adjusted on a regular basis, notably through
social dialog with workers’ representatives.
Our lessons learned from these wage assessments are that it was difficult in a factory in Indonesia to
dissociate the payment of a living wage from the need to reduce the number of overtime hours, as
workers should not be in a position to systematically accept OT hours to be able to cover their family
basic needs. Systemic overtime has remained a challenge in recent years, and we plan to conduct
working hours management training to all T1 suppliers in 2022 and conduct a root cause analysis
workshop with selected Core T1 suppliers to explore opportunities for improvement and engage with
sourcing teams to follow up on improvement. Another example in Bangladesh showed that an
important lever to pay wages up to a living wage was to somehow relate wages more closely to skills
and to professional experience. In 2022 we will start fair wage assessment or remediation with low
performance factories in Bangladesh, Cambodia, Vietnam (Urban) and Indonesia.
PUMA case study – Fair (fair-wage.com)
Table T.07 confirms that most of our core suppliers pay basic wages that exceed minimum wage
significantly, 14.5% on average. When adding overtime and bonus payment, this figure increases to 80.2%, a
strong increase compared to 2020. Social insurance coverage decreased slightly due to some factories not
being legally obliged to pay workers’ social security if their attendance was less than 14 days during the
lockdown period. Notably, the percentage of workers being covered by a collective bargaining agreement
also increased significantly from 26.9% in 2020 to 37.2% in 2021.
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↗ T.07 SOCIAL KPIS PUMA CORE SUPPLIERS 2018-2021*

2020 SOUTH ASIA SOUTHEAST ASIA EMEA 2021 2020 2019 2018
KPI Bangladesh India Pakistan China Cambodia Indonesia Philippines Vietnam Turkey Average Average Average Average
Gross wage paid above minimum

wage excluding overtime and
bonuses (%) 17.1 NA 33.4 8.9 5.7 3.0 NA 31.1 2.5 14.5 13.0 17.6 20.9
Gross wage paid above minimum

wage including overtime and
bonuses (%) 69.3 NA 40.0 202.0 69.5 36.3 NA 111.1 33.2 80.2 54.7 73.1 83.7
Workers covered by social

insurance (%) 100.0 NA 100.0 78.1 99.4 92.9 NA 95.1 100.0 95.1 95.6 93.6 95.3
Overtime (hours per week) 13.6 NA 0.3 18.0 6.6 6.4 NA 6.5 6.9 8.3 5.4 7.1 6.1
Workers covered by a collective

bargaining agreement (%) 0.0 NA 0.0 90.5 39.6 30.9 NA 99.2 0.0 37.2 26.9 25.4 26.7
Female workers (%) 38.2 NA 9.0 63.3 84.3 88.3 NA 77.6 56.0 59.5 58.8 59.4 56.0
Permanent workers (%) 100.0 NA 100.0 36.0 52.3 99.4 NA 41.1 100.0 75.5 74.4 69.1 68.0
Annual turnover rate (%) 36.6 NA 18.6 53.4 47.8 21.6 NA 32.7 27.3 34.0 29.9 38.2 36.8
Injury rate (%) 0.5 NA 0.0 0.3 0.3 0.2 NA 0.1 0.4 0.3 0.4 0.5 0.6
Number of suppliers 9 NA 2 21 5 5 NA 20 1 63 58 59 50
*Data received from 63 PUMA core suppliers representing 77.36% of 2021 production volume and 80.22% production value; reporting period for data collection: November 2020 – October 2021
64
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 (reported in the Our People section)
• Average injury rate at Core Tier 1 suppliers
• Number of factories subject to our Building Safety Assessment Program
Ensuring safe working conditions for our own employees and hundreds of thousands of indirect employees
at our manufacturing partners is an ethical imperative but also makes good business sense. 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 suppliers OHS handbook, requiring them to conduct an OHS risk assessment. We also
published the PUMA OHS policy and rolled out an online training course for our own employees.
Apart from our ongoing auditing program that includes occupational health and safety assessments, we
implement our Building Safety Assessment Program in countries where we identified risks. We also set up
professional risk assessments at all our major manufacturing partners.
SUPPLIER TRAINING ON OHS RISK ASSESSMENT

In 2021, OHS Risk Assessment Training was conducted with 249 participants from 94 T2 factories, focusing
on the importance of OHS risk assessments, main elements of such an assessment, and PUMA’s
expectation on OHS management in general.
Following the training, our suppliers conducted their own risk assessment. We see the need to further
increase their knowledge and understanding. Therefore, we updated our OHS Handbook to provide
guidance on processes and tools for OHS risk assessment to the factory management and OHS person in
charge. We will support our Core T2 suppliers to setup respective policies and procedures, as this has been
the area where most need for improvment was indentified.
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BUILDING SAFETY ASSESSMENTS
From 2015 onwards, our Building Safety Assessment Program covered the following countries:
↗ T.08 BUILDING SAFETY ASSESSMENT PROGRAM
Country No. of factories Comments
Part of our ongoing membership

Bangladesh 22 of the Bangladesh Accord
In partnership with Asia

India 6 Inspection and Elevate
In partnership with Asia

Indonesia 4 Inspection
Pakistan 7 In partnership with Elevate
A safe workplace is a top priority at PUMA. Bearing in mind that we continuously carry out building safety
inspections among high-risk factories in our supply chain, in 2021 we were able to conduct the
structural/fire/electrical safety inspection with three suppliers from Pakistan and India. Two of them have
been assessed in the past. We saw improvements in electricity safety, however structural safety findings
increased due to the extended audit scope. Going forward we will follow up with these factories in their
remediation.
None of our suppliers have been involved in any structural building safety incidents or factory fires since
2015.
We are happy to report that we recorded zero fatal accidents at our suppliers for 2018, 2019, 2020 and 2021,
as well as slightly reduced accident rates at our core suppliers.
↗ T.09 INJURY RATES AT CORE SUPPLIERS
Injury rate Injury rate Injury rate Injury rate

Country 2021 2020 2019 2018
Bangladesh 0.5 0.4 0.3 0.3
Cambodia 0.3 0.2 0.5 3.2
China 0.3 0.6 0.5 0.5
Indonesia 0.2 0.2 0.2 0.3
Vietnam 0.1 0.2 0.3 0.3
Average 0.3 0.4 0.5 0.6
Fatal accidents 0 0 0 0
* Average of the 5 countries included in this table. Global average injury rate for PUMA’s core suppliers in 2021 was 0.3
As we believe that the health and safety of the people working for PUMA and in PUMA production always
come first, we will continue to work with our own entities and suppliers to avoid infections and accidents.
For more information on PUMA’s own Health and Safety efforts, please refer to the Our People section.
66
ENVIRONMENT
The purpose of our environmental efforts is to ensure that PUMA and its suppliers are in full environmental
compliance and any negative impact on the environment is minimized.
We frequently conduct efficiency audits at our own entities. Compulsory in the European Union, these audits
help us identify energy saving opportunities at our offices, stores and warehouses and roll them out on a
global basis.
As far as our suppliers are concerned, our PUMA 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.
PUMA has moved from individual brand environmental audits to the use of 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. This external verification may be completed by approved verifiers from
PUMA’s internal team, other credited brands, or third-party organizations on the approved list from SAC.
100% of verifications are announced.
↗ T.10 NUMBER OF FACTORIES WITH FACILITY ENVIRONMENT MODULE (FEM) VERIFIED SCORE
2021
Core T1 Core T2 Core L&P*
A 5 3 1
B+ 21 23 5
B- 27 24 4
C 12 17 1
D 2 1
Total 65 69 12
Number of factories 146
*L&P: Label and Packaging
PUMA’s Environmental Performance Rating System is based on the ratings developed from the factories’
Higg FEM scores 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 passable) and C and D are failure
ratings. This rating system was presented during suppliers and sourcing team meetings in 2020 and will be
implemented gradually from 2022. Our environmental handbook has been updated accordingly. This rating
system will be included in our vendor supplier scorecard along with social and chemical ratings in the
future.
Further data on the environmental performance of PUMA and our suppliers can be found in the Climate and
Environmental KPI sections.
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↗ G.11 AGGREGATED VERIFIED FEM SCORE FOR PUMA FACTORIES BENCHMARKED WITH
INDUSTRY
* FEM 2020 PUMA average: 146 factories

Industry median FEM (4409 factories): filter 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 including textile, rubber, foam, insulation, pliable materials)
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 Chemical section of this report)
In 2020 and 2021 we communicated to our core factories our expectation to improve their score by 10 points
and use our new grading system. In 2021 we facilitated a training session conducted by SAC certified
trainers. This training was compulsory to attend for low performance factories and for those not familiar
with this industry tool. We then monitored closely to make sure the factories would complete the
verification of their self-assessment timely.
We saw the positive impact of cleaner production and renewable energy projects, wastewater treatment
training and chemical management training on the scores of factories that joined these programs.
Overall, our core factories have a score above 60% on wastewater, water, energy and environment
management system. This has been aligned with our focus and work for many years. The highest score
increase was observed in the area of target and improvement plan setting.
We see topics such as chemicals, air and waste as a key focus. In 2021 we conducted a risk assessment for
chemicals and waste and identified actions to be taken in the coming years. As a founding signatory of
ZDHC, we follow up closely on the development and the progress of ZDHC air emission standards and
guidelines and will apply these in the supply chain as applicable, once details are available.
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SUPPLIER TRAINING
Meeting Topics Number of factories Number of participants
Sustainability updates, best Approx. 466 per round Approx. 1,083 per round
Supplier virtual meetings practices sharing, etc. (3 rounds) (3 rounds)
For core factories to

understand how to complete
the Higg FEM module
Higg FEM training correctly 103 192
For suppliers who were not

fully compliant, focus on
Wastewater training remediation 18 18
For core factories how to

Enablon eKPI collection correctly fill in the operation
training data 105 251
Guiding suppliers who

produce products with
recycled content for PUMA
on how to apply relevant
GRS/RCS training certificates 278
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CLIMATE
Target description:
Existing science-based CO2 emission target:
• Reduce greenhouse gas emissions from PUMA’s own entities (Scope 1 and 2) by 35% 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
Additional 1OFOR25 targets

• Align PUMA’s CO2 emission 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%
Relates to United Nations Sustainable Development Goals 7 and 13

• Work with industry peers on climate action through the Fashion Industry Charter for Climate Action and
the Fashion Pact
• Join industry-level energy efficiency programs for suppliers in our top five sourcing regions
• Join industry-level programs 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)
KPIs:
• Direct CO2 emissions from own entities (Scope 1*)
• Indirect CO2 emissions from own entities (Scope 2*)
• Indirect CO2 emissions from manufacturing, business travel and transport of goods (Scope 3*)
• Percentage of core suppliers covered by energy efficiency programs
• Percentage of core suppliers covered by renewable energy programs
• Percentage of core suppliers with coal-fired boilers (Tier 1 and Tier 2)
* The GHG Protocol Corporate Standard classifies a company's GHG emissions into three “scopes" as below.
Scope 1: Direct GHG emissions occur 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 fuels; and use of sold products and services, business travel, employee commuting etc.
70
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 which aims to align the fashion industry’s emissions with the targets included in the Paris
Agreement.
One year later, PUMA agreed and published its science-based emission target (SBT) with the SBT Coalition
and joined the Fashion Pact, which also includes a climate action commitment.
We combined our SBT agreement with an increased effort to support the use of renewable electricity by
purchasing RECs for countries where PUMA has a major presence and renewable electricity cannot be
purchased directly. We purchased RECs worth 50% of PUMA’s emissions from electricity for 2018
retroactively and increased that figure to 74% in 2019 and to 100% in 2020 as well as 2021.
In this way, we managed to reduce our combined Scope 1 and 2 emissions significantly, despite an
increased business volume. Compared to our baseline 2017 our combined Scope 1 and 2 emissions were
reduced 88% (market-based). Taking our RECs purchase into account, we already have exceeded our
science-based emissions target of 35% for Scope 1 and 2 emissions. We also exceeded the absolute 50%
reduction required to align our target with a 1.5-degree scenario.
PUMA CEO Bjørn Gulden at the UN Climate Conference COP 26 in Glasgow
After having achieved 100% renewable electricity for the offices, stores and warehouses under our control,
we continued to source only green electricity in 2021 through renewable energy tariffs and the purchase of
renewable energy attribute certificates (RECs).
71
To further reduce our Scope 1 emissions, which can be attributed largely to the vehicles in our fleet, we
increased the number of zero or low emission cars globally to 108, or 15% of our global PUMA car fleet. For
the future we plan to increase the number of cars with alternative engines by 10% each year.
During the UN Climate Conference in Glasgow, PUMA CEO Bjørn Gulden confirmed PUMA’s commitment to
the new targets of the Fashion Industry Charter for Climate Action, released on the 5th of November 2021.
UNITED NATIONS (unfccc.int)
Over the coming years we will aim to replace the RECs certificates with renewable energy tariffs and/or
power purchase agreements where possible, and, as mentioned above, expand the percentage of cars
equipped with alternative engines by 10% each year.
For our Scope 3 emissions, we decided to focus on purchased goods and services, since this is also the
category in which most of our indirect emissions are created. In addition, we set a target to reduce
emissions from the transport of goods by 20% relative to the volume transported, mainly through reducing
our air-freight ratio by 5% each year on a 2019 baseline.
To reduce the emissions from the production of our PUMA goods, we worked with our suppliers on several
programs ranging from energy efficiency to installing on-site solar photovoltaic power plants to generate
renewable energy.
PUMA CDP SCORE

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 with the CDP and we make
our answers to the CDP questionnaire publicly available via the CDP website. In 2021, for the first time in
our PUMA history, we received an A- score for our climate disclosure with CDP for the reporting year 2020,
as well as a supply chain score of A.
↗ PUMA CDP CLIMATE SCORES
↗ 2021 CDP INDUSTRY AND GEOGRAPHICAL AVERAGE
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PUMA’s rating is better than the average performance of the sector (textile and fabric goods) with an
average rating of C. The overall global average rating stands at B-.
Our improvement in the CDP rating came as recognition of various climate actions initiated during 2020 and
2021. This includes various emission reduction initiatives undertaken, including a detailed climate action
roadmap, expansion of cleaner production projects in key sourcing countries, feasibility studies for onsite
renewable energy opportunities and subsequent adoption of renewable energy by some of the PUMA core
suppliers. Furthermore, we also received higher ratings in our improved governance system for climate
action, risk disclosure and reduction in Scope 1 and 2 emissions.
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURE (TCFD)

The Taskforce for Climate Related Financial Disclosures (TCFD) is an international financial initiative,
aiming for more transparency between companies and investors on climate- related topics. At PUMA, we
have mapped our existing climate disclosures against the TCFD recommendations, and provided a
summary in table T.11 below.
↗ T.11 TCFD CROSS-REFERENCE TABLE
Source of information in
Thematic area Recommanded disclosures PUMA reporting Focus in 2021
Governance
a) Describe the board’s

oversight of climate-related AR p. 40-41 Created supervisory board
risks and opportunities. CDP C1.1 sustainability committee.
Disclose the organization’s b) Describe management’s

governance around climate- role in assessing and
related risks and managing climate-related AR p. 40-41 Started regular updates to
opportunities. risks and opportunities. CDP C1.2 board of management.
Strategy
a) Describe the climate-

related risks and
opportunities the
organization has identified
over the short, medium, and
long term. CDP C2
b) Describe the impact of Climate-related risks and

climate-related risks and opportunities are part of the
opportunities on the PUMA corporate risk
organization’s businesses, AR p. 75 assessment process and
strategy, and financial CDP C2.3 published in detail in our
Disclose the actual and planning. CDP C2.4 answer to the Carbon
potential impacts of climate- Disclosure Project.
related risks and c) Describe the resilience of The consideration of the
opportunities on the the organization’s strategy, resilience of the
organization’s businesses, taking into consideration organization’s strategy for
strategy, and financial different climate-related well-below 2 °C scenario is
planning where such scenarios, including a 2°C part of our existing science-
information is material. or lower scenario. AR p. 80 based target.
73
Risk Management
a) Describe the
organization’s processes for
identifying and assessing AR p. 42-43
climate-related risks. CDP C2.2
b) Describe the
organization’s processes for
managing climate-related AR p. 42-43, 75
risks CDP C2.2
c) Describe how processes Climate-related risks are

for identifying, assessing, part of the PUMA corporate
Disclose how the and managing climate- risk assessment process
organization identifies, related risks are integrated and are managed as part of
assesses, and manages into the organization’s our climate targets and
climate-related risks. overall risk management. AR p. 42-43 climate-action program.
Metrics and Targets
a) Disclose the metrics used

by the organization to
assess climate-related risks
and opportunities in line
with its strategy and risk AR p. 79-86
management process. CDP C6, C10
b) Disclose Scope 1, Scope

2, and, if appropriate, Scope
3 greenhouse gas (GHG)
emissions, and the related AR p. 79-86
risk CDP C6, C10
PUMA has precise metrics
Disclose the metrics and c) Describe the targets used and targets concerning its
targets used to assess and by the organization to greenhouse gas emissions.
manage relevant climate- manage climate-related In 2022, PUMA is working on
related risks and risks and opportunities and aligning its science-based
opportunities where such performance against AR p. 70-72 target with a 1.5 °C
information is material. targets. CDP C4.1, C4.2 scenario.
74
CLIMATE ROADMAP AND RISK ASSESSMENT

In 2021 we developed a climate roadmap and conducted a risk assessment using our risk assessment
methodology.
We see a regulatory landscape with unfavorable 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 key focus areas for the coming years. Some actions have been taken in 2021 and are reported in
this report.
• Raise awareness: We see the need to increase internal awareness and thus are developing eLearning
on climate action for our staff. We have already started to train 50 sourcing leaders. We will continue to
conduct further basic GHG accounting to suppliers.
• Knowledge of impact: We conduct Life Cycle assessment of our top 5 products, 3 LCA results are
reported under the product section of this report. We selected some core suppliers to set up science-
based targets and developed climate target tools for the remaining core suppliers.
• Internal action: We translated Higg FEM into a PUMA grading system to include our supplier
environmental performance in our vendor score card used by our sourcing leaders. We will strengthen
climate data collection by increasing the frequency. We will maintain our focus on increasing the use of
recycled material in our products and explore opportunities to use more biosynthetics. We aligned
Scope 3 calculation with the GHG protocol. We will align our science-based targets with a 1.5-degree
scenario. We will enroll more factories in cleaner production programs and renewable energy
programs.
• Collaboration and partnership: We will keep our active engagement in the Fashion Charter to drive
climate action and influence policy makers for our suppliers to source renewable energy.
SUPPLIER TRAINING
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 program on climate action for Apparel and
Footwear suppliers in Asia, in partnership with the German Development Agency, GIZ. This online training
program provides foundational knowledge to suppliers on global decarbonization 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 self-paced online training course
available free of cost.
We also nominated 36 participants from 13 core suppliers in Vietnam, Cambodia, Bangladesh and Pakistan
to join a tutor-assisted training program by GIZ; 92% of participants obtained a certificate with an average
score of 72% with the final exam.
In addition to the above 34 participants for the tutor-guided course, so far 30 participants from 25 supplier
factories have completed the course and attempted the final exam. 86% of the participants have
successfully passed the exam and obtained the certificate from GIZ, with an average score of 75%.
We developed a training module with the objective of creating awareness among PUMA sourcing colleagues
so that we can integrate climate change into business discussions with suppliers. 50 of our sourcing
colleagues learned the basics of climate change, international agreements, PUMA’s climate change targets
and roadmap, and suppliers’ target-setting. Refresh training will be conducted in 2022.
75
During 2021 we developed two training modules for our core suppliers to drive forward climate target-
setting. One module focuses on the group of suppliers which need to establish science-based targets, and
the other one targets the group of suppliers which need to establish climate targets based on a simplified
tool developed in-house. To identify each group, we conducted a readiness level mapping of Core T1 and T2
suppliers with a survey based on the following criteria:
• The supplier works with other brands with commitments to climate change similar to ours.
• The supplier already has ambitious climate change targets (but not SBT).
• The supplier participated/participates in a cleaner production program.
In line with the survey outcome, we identified 10 T1 suppliers which contribute towards 60% of business
volume and 23 T2 suppliers, which account for 51% business volume to join our climate action programs in
2022.
Furthermore, to improve the awareness level of employees, we have developed a foundational eLearning
training module for all employees. This module is in the final stage of development and is expected to be
rolled out in the first half of 2022.
Our core suppliers are involved in different climate action programs (details in the table T.12 below).
Overall achievements are:
• Greenhouse gas reduction: 72,745 tCO2e per year

• Renewable energy: 66 MW (including renewable energy procurement through Direct Purchase
Agreement and off-site wind power)
• Water saving: 2,424,800 m3 per year
• Energy saving: 156,160 MWh per year
76
↗ T.12 SUPPLIER CLIMATE ACTION PROGRAMS

Cleaner Production / Coal phase out programs
% Sourcing volume
Country Program/Partner Scope Number of factories (globally)
Clean-by- Energy and water

Design(CbD)/aii efficiency T2: 4
Low Carbon
Manufacturing Energy and water
China-Taiwan Program (LCMP)/WWF efficiency T1: 10
Partnership for
2021
Cleaner Textile Energy and water T1: 7
Tier 1 – 51%
Bangladesh (PaCT)/IFC efficiency T2: 3
Tier 2 – 63%
Clean-by- Energy and water
Design(CbD)/aii, efficiency, Coal phase T1: 6 Enrolled in 2022
FABRIC/GIZ out T2: 9 Tier 1 – 69%
Tier 2 – 71%
Vietnam Improvement Energy and water T1: 4
Vietnam, Cambodia Program (VIP)/IFC efficiency T2: 6
Sustainable energy for

Mexico all Energy efficiency T1: 2*
T1: 43
Total T2: 27
* Non-core factories
Renewable energy programs

% Sourcing volume
Country Program/Partner Scope Number of factories (globally)
Project Development T1: 6

Program (PDP)/ GIZ Rooftop Solar T2: 1
Self-initiative by T1: 3
Vietnam, Cambodia factories Rooftop Solar T2: 2
Self-initiative by Rooftop Solar, T1: 4

China-Taiwan factories Offsite wind T2: 6
2021
Partnership for Tier 1 – 48%
Cleaner Textile T1: 2 Tier 2 – 18%
(PaCT)/IFC Rooftop Solar T2: 3
Self-initiative by Enrolled in 2022

factories Rooftop Solar T1: 1 Tier 1 – 69%
Tier 2 – 70%
Project Development
Bangladesh Program (PDP)/ GIZ Rooftop Solar T1: 3
Project Development
Pakistan Program (PDP)/ GIZ Rooftop Solar T1: 2
T1: 21
Total T2: 12
77
CASE STUDY
In Bangladesh, DBL Group’s sustainability is based on five pillars: People, Process, Product,
Community and Environment. Environment is a high priority for DBL Group, and they work to
decrease carbon footprint, water consumption and waste from their manufacturing processes. DBL
used 10,730 tons of recycled cotton in 2021. By increasing renewable energy use, it reduced its CO2
emissions by 1,934 tons per year. DBL collects water from rainwater, this water is used as process
water for dyeing, finishing, printing and washing, saving 100,850 cubic meters of groundwater up to
2021.
In Turkey, SLN is a founding signatory of the UNFCCC Fashion Industry Charter for Climate Action
since 2018 as the first manufacturer. In January 2021 all SLN facilities started to use I REC certified
clean and renewable electricity. The market-based carbon emissions from the electricity
consumption of all SLN facilities is therefore 0 (zero) as of January 2021.
PUMA CLIMATE ACTION PROGRAM

In a time when the global COVID pandemic has wreaked havoc in the fashion sector, the climate crisis has
only become more urgent and serious. The support and visible commitment demonstrated by PUMA’s
CEO, Björn Gulden’s participation in the Charter’s event at COP 26 in Glasgow, therefore sent a strong
and positive signal of commitment that also helped the wider fashion sector to join hands in moving
faster into a climate smart future. Stefan Seidel, PUMA’s Head of Corporate Sustainability, has also
competently and with great passion guided the Charter’s work in his role as co-chair of the Fashion
Charters steering committee. PUMA is one of many leading fashion companies that have now made an
ambitious, and necessary, commitment to align its operations with the Paris Agreement goal to keep
global warming below 1.5 degrees C. The eyes of the world will now look to PUMA and is peers in the
Fashion Charter to continue to show leadership and make good on those commitments. UNFCCC is
looking forward to continuing working with one of the truly leading fashion brands in the area of real
climate action.
NICLAS SVENNINGSEN
Manager, Global Climate Action, United Nations Climate Change
78
↗ T.13 SCOPE 1 AND SCOPE 2 CO E EMISSIONS FROM PUMA

2
CO e emissions
2
1-6
% Change % Change
(absolute figures) 2021 2020 2019 2018 2017 2020/2021 2017/2020
Scope 1 – direct CO2e emissions

fossil fuels 4,046 4,179 6,326 6,918 7,678 -3% -47%
Vehicle fleet 2,008 1,985 3,618 4,073 4,134 1% -51%
Heating 2,039 2,194 2,708 2,845 3,545 -7% -42%
Scope 2 – indirect CO2e emissions

(location-based) 32,545 29,839 40,986 43,366 40,029 9% -19%

(market-based) 1,458 1,078 11,533 22,128 40,029 35% -96%
Electricity (location-based) 31,087 28,761 39,282 42,145 38,914 8% -20%
Electricity (market-based) 0 0 9,828 20,907 38,914 - -100%
District Heating 1,458 1,078 1,705 1,221 1,115 35% 31%
Total Scope 1 and 2 (location-

based) 36,591 34,018 47,312 50,284 47,707 8% -23%
Total Scope 1 and 2 (market-

based) 5,504 5,257 17,858 29,046 47,707 5% -88%
Scope 1 and 2 relative to sales

(t CO2e per € million sales)
(location-based) 5.4 6.5 8.6 10.8 11.5 -17% -53%
Scope 1 and 2 relative to sales

(market-based) 0.8 1.0 3.2 6.2 11.5 -19% -93%
79
↗ G.12 AGREED EMISSION TARGETS (SCOPE 1 AND 2*) (T CO E) 2021 2
* Including renewable energy attribute certificates
As indicated in T12 and G12, PUMAs own emissions from Scope 1 and 2 (market based) have been reduced
by 88% between our baseline year 2017 and 2021. Therefore, we already exceeded our Science Based
Target of 35% reduction until 2030. The reduction is mainly due to purchasing renewable electricity where
available, and renewable energy attribute certificates where no renewable energy tariffs are available.
80
↗ T.14 PUMA’S SCOPE 3 CO E EMISSIONS FROM SELECTED VALUE CHAIN ACTIVITIES

2
CO e emissions
2
1-6
% Change % Change
(absolute figures) 2021 2020 2019 2018 2017 2020/2021 2017/2020

from corporate value chain 264,005 211,108 250,240 222,315 208,525 25% 27%
Purchased goods and services –

Tier 1 suppliers 150,509 113,561 123,769 126,590 123,061 33% 22%
Fuel- and energy-related activities* 3,136 2,855 10%
Upstream transportation and

distribution 106,983 91,775 107,744 80,143 71,070 17% 51%
Inbound 85,622 67,842 98,386 74,182 64,076 26% 34%
Outbound** 21,361 23,933 9,358 5,961 6,994 -11% 205%
Business travel (rail and air) 2,482 1,751 18,727 15,582 14,394 42% -83%
Upstream leased assets* 895 1,166 -23%
Total Scope 1-3 (market-based) 269,509 216,365 268,098 251,361 256,232 25% 5%
Annual sales PUMA (in € million) 6,805 5,234 5,502 4,648 4,136 30% 65%
Total Scope 1-3 relative to sales

(market-based) 39.6 41.3 48.7 54.1 62.0 -4% -36%
Total Scope 3 relative to sales

(t CO2e per € million sales) 38.8 40.3 45.5 47.8 50.4 -4% -23%
* Emissions from the respective Scope 3 categories were reported under Scope 1 and 2 before 2020.
** In 2020 upstream outbound values were adjusted to fully cover e-commerce business and exclude B2B express volumes.
1. PUMA’s greenhouse gas reporting is in line with the GHG Protocol International Accounting Standard.
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 recognized sources, such as the International Energy Agency (IEA)
(2019) and DEFRA Conversion Factors (2020). For some Scope 3 emissions, emission factors are based on supplier and
industry-specific emission factors.
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) CO to well-to-wheel (WTW) CO -equivalent emission factors for
2 2
all fuels.
81
SCOPE 3 EMISSIONS BEYOND TIER 1 MANUFACTURING

Scope 3 emissions come from PUMA’s indirect business activities, mainly in the supply chain.
In previous years we reported our Scope 3 emissions for the production of PUMA goods by our suppliers
only at Tier 1 supplier level in our Annual Report. In addition, we also used the PUMA EP&L calculations
and results for our science-based CO2 target setting and tracking.
In 2021 we engaged lifecycle expert company Sphera to conduct a comprehensive assessment of our supply
chain emissions beyond Tier 1 manufacturing, including Tier 2 manufacturing of fabrics and components as
well as material production. With this data we aim to set a new baseline for our most important Scope 3
category 1, “purchased goods and services”.
We can therefore see in the table below that our absolute emissions from the purchased goods and
services category have decreased by 12% from 2017 to 2021 while our business has grown by 65%. Due to
efficiency improvements and the use of renewable electricity at factory level, as well as the usage of more
sustainable materials, our emissions relative to sales have decreased by 46% in the same period, in line
with our Science based target of 60% reduction relative to sales until 2030.
↗ T.15 PUMA’S SCOPE 3 CATEGORY-1 CO E EMISSIONS FROM SELECTED VALUE CHAIN

2
ACTIVITIES
2017 % Change
Scope 3 Emissions (Category -1) (Baseline) 2020 2021 2017/2021
Absolute GHG emissions (t CO2 eq) 1,409,265 1,389,335 1,242,468 -12%
Annual sales turnover (€ m) 4,136 5,234 6,805 65%
GHG intensity (tCO2e/€ m turnover) 341 265 183 -46%
Note:
Scope 3 category 1 estimation includes GHG emissions associated with goods and services purchased by PUMA from 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.
Scope 3 category-1 emissions mainly originate from two sources; the raw materials and the energy
consumed by our Core T1, T2, T3 (production of raw material) suppliers to produce finished materials and
components, as well as finished goods. The breakdown of total GHG emissions by sources is presented
below.
82
↗ G.13 SCOPE 3 EMISSION - CATEGORY 1
We are currently working with the Sphera team to also quantify the GHG emissions for the years 2018 and
2019 as well as additional Scope 3 categories.
ENERGY USE COMING FROM RENEWABLE SOURCES IN THE SUPPLY CHAIN (E.G. AT MANUFACTURING
AND PROCESSING FACILITIES, FIBRE PRODUCTION LEVEL)
The share of renewable electricity sourcing by Tier-1 and Tier-2 suppliers has increased from 0.35% in 2017 to
4.3% in 2021, which marks a 1673% jump in renewable electricity sourcing. Looking at the tiers in the value chain
the share of renewable electricity has increased from 0.18% in 2017 to 4.8% in 2021 by T1 suppliers, while it has
increased from 0.74% to 3.1% for T2 suppliers during the same period.
↗ T.16 SHARE OF RENEWABLE ELECTRICITY AS COMPARED TO GRID ELECTRICITY
% Change
2017 2020 2021 2017/2021
Total Renewable Electricity (kWh) 817,644 3,588,937 14,494,042 1673%
Total Grid Electricity (kWh) 234,323,351 252,665,750 324,910,084 39%
Share of Renewable Electricity 0.35% 1.40% 4.3% 1128%
Core T-1 Renewable Electricity (kWh) 298,283 1,999,458 11,149,103 3638%
Core T-1 Grid Electricity (kWh) 164,904,224 169,593,745 218,804,548 33%
Share of Renewable Electricity (Core T-1) 0.18% 1.17% 4.8% 2585%
Core T-1 Renewable Electricity (kWh) 519,361 1,589,479 3,344,939 544%
Core T-2 Grid Electricity (kWh) 69,419,127 83,072,005 106,105,536 53%
Share of Renewable Electricity (Core T-2) 0.74% 1.88% 3.1% 312%
Note:
The total electricity does not include captive electricity generation from fossil fuels such as natural gas, diesel etc.
The renewable energy includes iREC certificates purchased by core leather, polyurethane, textile factories in 2021, but excludes
renewable energy sourced by the Tier 2 core factories e.g., packaging & labelling, trims, footwear bottom and knitted upper
83
CARBON FOOTPRINT IN THE SUPPLY CHAIN
↗ T.17 CARBON FOOTPRINT IN THE SUPPLY CHAIN (E.G., AT MANUFACTURING AND

PROCESSING FACILITIES, TEXTILE PRODUCTION)
% Change
Scope 3 Emissions (category-1) 2017 2020 2021 2017/2021
Absolute GHG Emissions from Tier 1 and Tier 2 suppliers

(t CO2e) 345,361 297,573 358,404 4%
Annual sales turnover (€ m) 4,136 5,234 6,805 65%
GHG Intensity (tCO2e/ turnover in millions) 83.5 56.8 52.7 -37%
Absolute GHG emissions from Tier 3 suppliers (t CO2e) 252,251 223,909 284,215 13%
GHG Intensity (tCO2e/ turnover in millions) 61.0 42.8 41.8 -32%
Note:
T1 & T2 emissions are estimated based on actual energy consumption collected from Core T1 and T2 factories and extrapolated
to cover all T1 and T2 supplier factories.
T3 emissions are estimated by Sphera by using its GaBi database
With a closer look at the emissions from our supply chain, we see that absolute GHG emissions from T-1 and T-2
suppliers have been increasing by 4%, while the GHG intensity relative to the sale turnover has declined by 37%
from 2017 to 2021.
Absolute GHG emissions from T-3 suppliers increased by 13%, while the GHG intensity relative to sales turnover
declined by 32% from 2017 to 2021. This is mainly achieved through better material selection by gradually
switching to more sustainable materials and probably due to better material efficiency. Starting in 2022, we plan
to closely track the material efficiency of our products.
We see opportunities to further scale up cleaner production and renewable energy programs to more T1 and T2
suppliers, and also to launch them at some of the spinners (T3).
Drilling down into product divisions, the absolute emissions are reduced at the leather tanneries by 33%, followed
by Footwear T1 factories by 14%. Whereas the emissions from synthetic leather and Textile T2 factories is
increasing by 214% and 15% respectively. The increase in emissions from synthetic leather factories and
decrease in emissions from leather tanneries is mainly due to the increasing replacement of leather with
synthetic leather. The GHG contribution by product divisions is presented below.
84
↗ G.14 GHG CONTRIBUTION 2017 AND 2021 SUPPLY CHAIN
Note:
T1: Apparel, Footwear & Accessories factories
T2: Leather, textile, polyurethane factories
CARBON FOOTPRINT AT MATERIAL LEVEL
Absolute GHG emissions from raw material consumption are decreasing by 26% as the total material
consumption itself is increasing by 19%, while the GHG intensity of materials is reducing by 55% since 2017.
This is achieved due to our continuous endeavours to shift towards more sustainable materials, for
example. More sustainable cotton and polyester increased from 40% and 47% respectively in 2017 to 99%
and 80% respectively in 2021.
T.18 CARBON FOOTPRINT AT A RAW MATERIAL LEVEL
% Change
2017 2020 2021 2017/2021
Total raw materials (T) 158,509 195,039 187,996 19%
GHG emissions from materials (tCO2e) 811,654 867,853 599,849 -26%
Annual sales turnover (Mio €) 4,136 5,234 6,805 65%
GHG intensity (tCO2e/turnover in millions) 196.2 165.8 88.1 -55%
Assumptions: During the Scope 3 assessment, it was observed that the material data collection has improved over time and
recently we are able to comprehensively collect material data. For example, for 2017 material data was not available for all type
of materials and some material data were incomplete. In the absence of comprehensive raw material data for 2017, material
data is 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 are
extrapolated from 2019 data.
85
A breakdown analysis as shown in the chart below indicates that rubber contributes the most, followed by
leather and polyester. The emissions share of polyesters has reduced from 12% in 2017 to 8% in 2021 and
that of leather has reduced from 21% to 20%, whereas the share of rubber has decreased from 33% to 27%.
Hence it confirms that our focus on increasing the usage of recycled polyester and offering recycled
alternatives to conventional rubber and leather, as defined in our 10FOR25 targets, will help to reduce
greenhouse gas emissions.
We started collecting data for transit plastic packaging from 2021, and 100% are recycled.
Downstream impacts are not covered in category 1 (purchased goods and services) and will be reported in
our 2022 annual report.
↗ G.15 GHG CONTRIBUTION BY MATERIAL (2017- 2021)
Note:
Others include viscose, acrylic, linen, lycra, metals, adhesives etc.
Leather is natural leather while polyurethane is imitation leather, also known as synthetic leather.
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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:
• Percentage of RSL compliance rate per product division
• 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
Program to ensure compliance with global chemicals 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 changed our target from less than 1% RSL failure rate to maintain the RSL compliance rate
above 90%, to allow for increased new material development and innovation, where each material is tested,
and hence more failures can happen. In any case, 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 prevent such failures from occurring in the 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. While the use of most of these chemical groups was never intentional, poly-fluorinated
and per-fluorinated chemicals (PFCs) were used until 2017 for water repellent finishes on Apparel and
Footwear products. In 2021 we re-started to use Gore-Tex bluesign®-certified membranes and finishes
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 fabrics 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 the
vast majority 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 over 93% for the 14 MRSL parameters
listed in the ZDHC MRSL. Most parameters show compliance rates of 100% or close to 100%. Some MRSL
chemicals were still found in certain samples because we share production lines with other brands and
retailers.
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There is a total of 179 ZDHC Gateway accounts connected with PUMA. 34 are Core T1 and 65 Core T2
factories and the remaining are non-core factories. These factories are part of different ZDHC programs,
depending on what applies to them: InCheck reports for MRSL conformance, ClearStream reports for
wastewater conformance and the Supplier To Zero program 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 score with our core suppliers and engaged with AFIRM
and the ZDHC foundation to review our risk assessment.
We see a high risk for upcoming regulatory requirements. We will keep our engagement with AFIRM and
FESI as the platforms to engage with policy makers in different regions and countries, such as the EU and
US.
PUMA has had a long-lasting program to ensure compliance with industry standards, we also updated our
chemical handbook and increased the number of supplier trainings in 2021. These are the reasons why we
see a low risk to factory workers’ and communities' health and medium risk of product claim.
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 the compliance with the ZDHC
wastewater guideline, ZDHC MRSL and AFIRM RSL. We developed a tailored-made program for factories
with lower RSL compliance rate, to improve their efficiency for materials to pass tests and optimize their
testing procedure.
FEM CHEMICAL MODULE

PUMA has moved from individual brand chemical and environmental audits to the use of 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 or other brands, or third-
party organizations on the approved list from SAC. The FEM Chemical Management Section measures
factory performance from inventory and purchasing, to production, storage and waste. PUMA’s Chemical
Performance Rating System is based on the ratings developed from the factories’ verified Higg FEM scores
under Chemical Management Section as verified by SAC approved verifiers: A, B+, B-, C and D.
This rating system was presented during suppliers and sourcing team meetings in 2021 and will be
implemented gradually from 2022. Our chemical handbook has been updated accordingly. This rating
system will be included in vendor supplier score cards along with social and environmental ratings in the
future.
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AGGREGATED VERIFIED FEM SCORE FOR PUMA FACTORIES BENCHMARKED WITH

INDUSTRY
The table below shows the aggregated verified FEM2020 chemical module scores (median) for PUMA core
factories with industry benchmarking. Compared to the industry, the verified FEM score overall for our
factories is higher than the industry score.
↗ G.16 VERIFIED FEM SCORE % - CHEMICAL MANAGEMENT
* FEM 2020 PUMA average: 146 factories

Industry median FEM 2020 (4409 factories): filter 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 including textile, rubber, foam, insulation, pliable materials)
In 2021 PUMA also facilitated our core factories to participate in the ZDHC Supplier To Zero program, which
contains a chemical management checklist to help factories identify opportunities to improve their
chemical performance. A total of 50 Core T1 and Core T2 factories have completed the ZDHC Supplier To
Zero assessment: 48 are at foundational level while 2 are at progressive level. PUMA will continue
reviewing progress and map good practice to share with our suppliers. In addition, we have conducted a
good practice sharing session in chemical management at a suppliers’ meeting.
In 2022 we will continue to engage with our PUMA Core T1 & T2 factories in capacity building activities and
projects in chemical management. Our target is to improve each factory’s verified FEM score for the
chemical module to above 40%. We will continue together with industry expert groups like ZDHC and AFIRM
to organize training webinars and to develop training videos in local languages. Supported by organizations
such as GIZ (The Deutsche Gesellschaft für Internationale Zusammenarbeit – German Corporation for
International Cooperation), and chemical experts, we will deliver more practical training and one-on-one
coaching sessions. In 2022 PUMA will join the PIE (Program for Improvement of Environmental
performance of factories) of GIZ in countries such as Vietnam, Pakistan and Bangladesh. PUMA will partner
with other external consultants in China.
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SUPPLIER TRAINING
To help our suppliers better understand the requirements set by PUMA and the industry, we trained
suppliers in standards, guidelines and tools, as well as methodology for nonconformance investigation and
remediation. Case studies of conventional parameter failures have been used in the training.
In 2021, chemical management training sessions covered MRSL, factory chemical management (FEM), RSL,
Wastewater and corrective actions for non-conformance. A total of 17 training sessions were conducted in 6
different languages. More than 470 factories and 1,400 participants were invited. More than 80% of
participants were satisfied with the training arrangement and content.
Here are training sessions that have been organized in 2021:
Virtual training Topics Number of factories Number of participants
Industry chemical Chemical inventory and

management standards, InCheck Report, Supplier To
guidelines and platforms Zero (Chemical
Management), Wastewater
(Jointly organized with ZDHC) ClearStream Report, ZDHC
Gateway, Conformance
Conducted in 2 different improvement with case
languages study Approx. 132 Approx. 430
RSL
(Jointly organized with ZDHC

and accredited third-party
laboratory)
RSL standard and testing
Conducted in 6 different matrix update and
languages implementation Approx. 118 Approx. 375
RSL
Since 2019 we have increased the number of RSL tests from 6,605 to 8,184 with the overall RSL compliance
rate maintained at above 98%. When materials fail an RSL test, they cannot be used for PUMA products
until the failure has been corrected and they successfully pass the test. In this way we mitigate the risk of
product-level RSL failures.
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↗ G.17 2021 RSL COMPLIANCE RATE BY DIVISION (%)
↗ T.19 RSL TEST STATISTICS 2019-2021
2021 2020 2019
No. of test Compliance No. of test Compliance No. of test Compliance

Product Division reports rate (%) reports rate (%) reports rate (%)
Footwear 5,847 98.8 5,117 99.3 4,668 99.2
Apparel 1,467 99.0 1,318 98.9 1,239 99.1
Accessories 737 94.4 878 96.8 639 96.2
Others 133 97.7 152 91.4 59 100.0
Total 8,184 98.4 7,465 98.8 6,605 98.9
RANDOM TESTING
Every year, PUMA performs random RSL testing for high-risk materials on finished products. In 2021 we
tested 160 materials from 23 finished products from Footwear, Apparel, and Accessories from different
suppliers in different sourcing regions. The pass rate was 96.9%.
In case of RSL failures, we check all products met all legal requirements in the selling countries. We also
ask factories’ management to trace the concerned material to segregate it, so it is not used for production.
To prevent further test failure, we work with our T1 factories to increase material test frequency for high-
risk test failure before product manufacturing, and to improve the manufacturing process at T2 factories.
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RSL ZERO FAILURE RATE PROGRAM

This program has been formulated based on the industry standards and PUMA requirements, focusing on
input, process and output as defined in chemical management. Through this program we monitor closely
the factory chemical management system (based on SAC FEM and ZDHC Supplier To Zero) and materials
test protocol (especially for material with a high risk of RSL test failure). Factory materials’ testing process
is then reviewed and optimized.
↗ G.18 PROCESS OVERVIEW
In 2021 the program was piloted with 7 suppliers (5 Footwear and 2 Accessories). In 2022 we will keep
monitoring the performance of these 7 suppliers and expand the program to more suppliers.
MRSL
In addition to testing materials and products via the RSL from the AFIRM Group, we also adopted the ZDHC
Manufacturing RSL at supplier level.
GoBlu International has created an easy-to-use app (BHive) for chemical management in the supply chain.
This app uses OCR technology which allows manufacturing facilities to take smart phone photos of
chemical product labels, in order to generate a full and accurate chemical inventory. Within seconds, it
identifies which chemical products meet MRSL requirements adopted by many brands/retailers. Facilities
management can then see which chemicals they should keep using and which they should phase out — all
at a glance.
During 2020 we successfully piloted BHive. As of end of 2021, 66 of our core factories used either BHive,
CleanChain or E3 tools to track MRSL compliance.
Out of 146 core factories, 18 factories do not use chemical and/or water during the manufacturing process.
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This means that 55% of T1 factories and 44% of T2 factories within the scope of our MRSL program have an
Incheck report. We will follow up and support those factories to improve their MRSL conformance rate.
In 2022 we will focus on the remaining core factories. We will map if they use CleanChain or E3 tools to
track their MRSL compliance, and if not, we will request them to use BHive by Goblu. We will also start
launching this tool with non-Core T2 factories with wet processes.
VOLATILE ORGANIC COMPOUNDS

With the help of our Footwear suppliers, we managed to further reduce the volatile organic compounds
(VOCs) in grams per pair of shoes to 13.6 grams in line with our target for 2025. This reduction was a direct
result of our long-standing VOC Program, which saw the first targets achieved as early as 2003. We are
confident that the increase in use of hotmelt or water-based adhesives, and less VOC content in the
products of major adhesive suppliers will help us achieve our VOC target of below 10gr/pair by 2025.
↗ G.19 VOC INDEX DEVELOPMENT OVER TIME*
* 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)

• 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 risk across PUMA supply chains was assessed referring to the WWF water stewardship criteria:
Basin Risk and Operational Risk. Basin Risk was analyzed by the WWF Water Risk Filter. The Operational
Risk was based on the water management in Higg FEM water management 2020 by our core suppliers.
Those scoring under 50% were ranked with a high level of operational risk.
According to the analysis from WRI Aqueduct and WWF Water Risk Filter, some of our core suppliers in
China, Vietnam and Bangladesh have some risks such as flooding, poor water quality or water depletion.
Below are key focus areas for the coming years. Some actions were taken in 2021 and are reported in this
report.
• Raise awareness: We see the need to increase internal awareness and thus will develop an eLearning
on water for our staff.
• Knowledge of impact: We conduct a Life Cycle assessment of our top 5 products. 3 LCA results are
reported under the product section of this report, 2 LCAs are still being finalized. PUMA also adopted
the ELEVATE intelligence or “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.
We will prioritize core suppliers for further action by using the Water Risk Analysis tool.
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environmental performance in the future in our vendor score card used by our sourcing leaders. We will
strengthen water data collection by increasing the frequency. We will maintain our focus on increasing
the use of recycled material in our products. We will continue to enroll more factories in cleaner
production programs to improve their water efficiency. We asked our core suppliers to set their own
water reduction targets.
• Collaboration and partnership: We will map further water governance in our key sourcing countries
and conduct local key stakeholder mapping to explore opportunities for a collaborative approach.
Since 2015 we have increased the number of wastewater tests from 33 to 117 suppliers and 207 test
reports, covering approximately 98% of our core wet-processing facilities.
The test results confirm that priority hazardous chemicals have been phased out as planned. Regarding the
conventional wastewater parameters that apply only to suppliers which discharge their wastewater directly
into natural water bodies. In 2021, test results show over 90% compliance with the ZDHC Wastewater
Guidelines (foundational level). Seven parameters hit a 100% compliance level. This means we have
achieved our wastewater target for 10FOR25 cycle. PUMA has continued to adopt the ZDHC ClearStream
report for wastewater testing. For 2021, 113 out of 117 suppliers have a ZDHC ClearStream report.
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↗ G.20 SUPPLIER PERFORMANCE TO ZDHC WASTEWATER QUALITY GUIDELINE –

CONVENTIONAL PARAMETERS
In terms of heavy metals and the chemical parameters regulated in the ZDHC MRSL, the suppliers we
tested were able to keep their high compliance rates above 90% for each parameter. The only exemption is
antimony. As suggested by ZDHC, antimony was tested for reference only, considering the exemption of
polyester manufacturing during which antimony is used as a catalyst. PUMA closely follows up the
development progress with the ZDHC Task Team and the supply chain for better alternatives.
When a wastewater test fails, we support factories to conduct a wastewater and sludge root cause analysis
and create corrective actions, using the industry standard template. In 2021 we received 4 action plans. We
will follow up on their implementation through wastewater testing in 2022. In 2021 we conducted good
practice sharing during the capacity building training to support factories to improve.
87 out of 117 factories are 100% compliant for all parameters as per ZDHC Wastewater Guidelines. Those
that are not compliant are requested to improve.
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↗ G.21 SUPPLIER PERFORMANCE TO ZDHC WASTEWATER QUALITY GUIDELINE – HEAVY

METALS
* Antimony is exempt for mills that produce or dye polyester fabric.
↗ G.22 SUPPLIER PERFORMANCE TO ZDHC WASTEWATER QUALITY GUIDELINE –

RESTRICTED CHEMICALS
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SUPPLIER TRAINING
To help our suppliers better understand the requirements set by PUMA and the industry, we trained
suppliers in standards, guidelines and tools, as well as methodology for nonconformance investigation and
remediation. Case studies of conventional parameter failures have been used in the training.
Here are 2021 training sessions that have been organized:
Virtual Training Topics Number of factories Number of participants
MRSL and Wastewater

and accredited third-party MRSL standard and
laboratory) wastewater guideline
update and implementation
Conducted in 5 different (use of industry platform
languages and reporting) Approx. 86 Approx. 268
Root Cause Analysis and

Corrective Actions

and accredited third-party Non-conformance
laboratory) investigation and
remediation for MRSL, RSL
Conducted in 3 different and wastewater
languages conformance Approx. 136 Approx. 330
In addition, we also encouraged the suppliers’ chemical management teams to attend in-depth training
courses under ZDHC Academy as conducted by ZDHC approved service providers. These have been
developed by industry experts and can be available in local languages. Examples of the training courses
that have been attended by PUMA suppliers were ZDHC Top 10 Issues & best practices and the newly
launched Chemical Management System (CMS) and Technical Industry Guide (TIG) training in 2021.
We see water savings of 2,424,800 m3 per year as a result of our core suppliers enrolled in a cleaner
production program, which includes water efficiency action. Our Core Tier 1 suppliers have been able to
reduce the amount of water per piece of apparel significantly by 44%, due to actions taken by our core
factories in water efficiency through the Cleaner Production Program. We will now focus on our core
footwear suppliers.
For data on water consumption, please refer to the Environmental Key Performance Indicator Section of
this report.
The publication of the ZDHC Air Emission Guidelines was not finalized in 2021, so 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 on top of our online Enablon data collection
campaign for our core factories (T1 and T2). The result shows that 100% of the core factories sampled were
compliant with the local regulation for air emission in 2021.
2021 PUMA CDP WATER SCORE: B-

PUMA’s CDP water score improved from C in 2020 to B- in 2021. Besides our consistent improvement on
supply chain water efficiency, we clearly set up the water target to 15% water efficiency (water consumption
reduction per unit of products manufactured) in 2025 compared to the baseline 2020.
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PLASTIC AND THE OCEANS

Target description:
• Support initiative and scientific research on microfibers, work with core suppliers to reduce microfiber
release
• Research biodegradable polyester for use in PUMA products
• Eliminate plastic bags from PUMA stores and review the impact of hangers and fixtures
KPIs:
• Tons of plastic bags used in PUMA stores
• Percentage of PUMA offices that have eliminated single-use plastic
• Percentage of plastic packaging recycled
↗ T.20 ELIMINATION OF SINGLE USE PLASTICS
Sub-targets 2020 2021 Target 2025
Plastic consumer shopping bags (stores, tons) 400 190 0
Plastic consumer shopping bags recycled content (%) 80% 80% Zero plastic bags
Switch to recycled
Plastic hangers used in stores (stores, tons) 112 134 content or wood
Plastic hangers with 100% recycled content (%) 51% 97% 100%
Zero plastic
Primary product plastic packaging (tons) 245 4.7 packaging
Switch to recycled
Plastic transit packaging (factory to warehouse) * (tons) 557.7 content or paper
Plastic transit packaging recycled content (%) * 100% 100%
Offices that have eliminated single-use plastic cups and cutlery (%) 0% 88% 100%
* We started to collect transit packaging (from factory to warehouse) data since 2021
Plastic pollution of 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 also 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 Oceans to our 10FOR25 sustainability strategy as well as our
sustainability bonus targets.
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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 can set a positive example for our consumers
and colleagues and at the same time reduce our use of plastics by several hundred tons per year.
In recent years we switched our shopping bags to FSC-certified paper bags or polyethylene bags with 80%
recycled content. During 2020 our Retail division devised a detailed plan to completely phase out plastic
bags from our global stores.
Our stores ordered 430 tons of polyethylene bags in 2019 and 400 tons in 2020. In 2021 our stores ordered
189 tons. By 2023 at the latest, we will replace all polyethylene bags for consumers with paper bags or
durable multi-use bags for sale.
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. In addition we are also piloting transit bags made from paper in the USA.
During 2021 we also switched most plastic primary packaging B2C to paper (we reported 245 tons of plastic
primary packaging used in 2020). 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 have already eliminated single use plastic cups and cutlery.
MICROFIBERS
PUMA joined TMC (The Microfibre Consortium) to understand and address the environmental concerns for
fibre fragments (microfibre) as generated from natural and synthetic clothing during manufacturing and the
consumer use phase in the industry.
Microfibers originating from synthetic fibers can have an environmental impact and are a challenge for the
industry. With this, PUMA has put more focus on testing synthetic materials, such as polyester. In 2021 we
conducted 17 shedding tests (with 12 polyester 100%, 5 blended compositions) per TMC test method. In
view of the test results analytics from TMC on 100% polyester, the average on filter mass change from
PUMA fabrics was less than compared with that of the overall database average (PUMA = 0.0029g vs Overall
= 0.0033g). This means that PUMA tested fabrics released less microfibers in mass compared to those
tested fabrics from the TMC Microfibre Data Portal.
As feedback from TMC, we understand that analysis of the shedding data is complex and is to be on-going.
At present there is no clear trend with the signatory’s data across the members from TMC in terms of yarn
type or structure type. More data entries have been a call-out from TMC. PUMA will continue to participate
and support the industry in the shedding study.
PUMA’s representative worked in the TMC task team with other industry representatives to develop a
guideline: “Control of fiber fragmentation, within textile manufacturing wastewater”. The final draft is
awaiting open consultation by different stakeholders, such as the ZDHC Foundation, prior to public release.
PUMA will review the official version of the guideline upon release. PUMA has also participated in the
development of a biodegradability report on the available test methods and claims. This could support
alignment within the industry.
In September 2021 TMC released the 2030 roadmap. It has laid down its committee with clear accountable
outputs - enabling signatories from across the industry to take meaningful, science-based, coordinated
action on fiber fragmentation from natural and synthetic textiles. PUMA will continue to support the TMC
roadmap and commitment, including building understanding by contributing to research data on fiber
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fragmentation, reducing fiber fragmentation by adopting mitigation actions once practically available from
the industry, drive progress by participating in Task Teams and scaling global uptake.
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CIRCULARITY
Target description:
• Set up or join product takeback 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 takeback scheme
• Amount of waste sent to landfills
• Percentage of recycled polyester, cotton, leather, rubber and polyurethane
In 2021 we launched our PUMA Circular Lab and announced as first concrete project the RE:SUEDE, an
experiment for a biodegradable shoe, made with chrome-free Zeology leather, hemp, cotton and
biodegradable TPE sole, which will launch in 2022 with a first batch of 500 pairs.
PUMA® - No Time for Waste: PUMA pilots testing for biodegradable RE:SUEDE version of its most iconic
sneaker
RE:SUEDE RE.GEN collection
PUMA’s exploration of the issue of circularity dates back to 2011 when we partnered with Cradle-to-Cradle
co-founder Michael Braungart. Our rich history as the first company in our industry to develop a Cradle-to-
Cradle-certified collection – our InCycle collection launched in 2013 – led us to put circularity back on the
agenda with our 10FOR25 sustainability strategy.
We are aware that the linear business model currently applied in our industry is far from the ideal concept
of a circular economy. Rethinking the way we produce and moving towards a more circular business model
is one of the priorities of our sustainability strategy.
Therefore we have set circularity targets for PUMA, for example, scaling up the use of recycled polyester
and cotton and using recycled alternatives to leather, rubber and polyurethane (PU), the materials we use
most frequently after cotton and polyester.
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We have also started to encourage our suppliers to reuse and recycle the fabric waste they are creating for
production, either through applications outside of our industry or ideally, by recycling offcuts into new
polyester or cotton yarns.
At the end of 2021 our material toolboxes included recycled options for all the above materials and nylon.
For recycling and recycled PU, we have started a research project with chemical company Covestro and
shared first insights during our stakeholder dialog in 2021. Our Circularity Strategy was one of the two main
topics discussed during our stakeholder dialog.
During 2021, building on our training with Circle Economy, we rolled out an e-learning tool on Circularity
for the global PUMA colleagues. 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 focuses ont
our new Circularity Policy, as well as our circular design guidelines.
Regarding Apparel products, we developed a textile-to-textile recycling opportunity with partners in

Europe. The initiative enables the recycling of unsellable polyester items (for example due to expired
licensing contracts) through an innovative chemical recycling process into new textile items.
To communicate our use of recycled materials, we continued our First Mile collection made from recycled
plastic bottles and expanded the concept into all our Business Units. In 2021 we also launched our Re.Gen
collection made from recycled cotton, recycled leather straps and recycled polyester.
The use of recycled cotton for our Apparel products increased from 0.6% in 2020 to 2.3% in 2021, and for
Footwear it increased from 0.5% to 4%.
The use of recycled polyester increased for all product divisions from 14% in 2020 to 43% in 2021.
More than 60% of pre-consumer waste is either reused or recycled by our Core T1 and T2 suppliers as of
2021, with only 4% of waste ending up in landfills for Apparel suppliers and 14% for Footwear suppliers.
Volume of recycled leather, from production waste 1.2 tons
Volume of recycled cotton, from production waste 1,147 tons
Volume of recycled polyester, from post-consumer waste 16,799 tons
Volume of recycled nylon, from post-consumer waste 159 tons
Core T1* Core T2**
Quantity of pre-consumer waste generated annually 43,459 tons 78,210 tons
% of pre-consumer waste sent to reuse or recycling 62.4% 79.4%
% of textiles and fabric destroyed (sent to incineration) 7% 0.4%
* Includes Core Tier 1 suppliers, apparel, footwear, and accessory (62 factories), not including Cobra
** Includes Core Tier 2 suppliers, leather, synthetic and textile (43 factories)
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TAKEBACK SCHEME PILOT
To demonstrate our responsibility as a producer and to secure options for more circular material streams
in the future, we also have set the target to offer takeback schemes in all our major markets by 2025.
In our efforts to extend the lifespan of our products and re-integrate used materials into our production, we
operate a project group headed by our Retail division.
Since September 2019, PUMA customers in Hong Kong have the possibility to put their used sportswear to
good use and support disadvantaged communities across the world, as the sports company teams up with
non-profit organization Crossroads Foundation. Hong Kong customers can donate used garments of all
brands at PUMA recycling bins, which have been set up in 4 selected stores. For every bag of clothing that is
donated, customers receive a 20% discount voucher for their next purchase. 130 kg and 104 kg of garments
were donated to the Cross Foundation in 2020 and 2021 respectively.
PUMA SWOP Shops opened from July 9 to 11, 2021 and from July 15 to 17, 2021 in Hong Kong to promote
“recycle and reuse”, earth lovers and fashionistas were invited to grant their sport style garment a second
life by donating them at PUMA SWOP SHOP, while swapping for the same number of clothes items or
accessories. 555 kg of garments were donated to the Cross Foundation.
During 2021 we developed a take back scheme for Ecom, complementing our existing takeback pilot
scheme in Hong Kong. Our colleagues at PUMA North America continued to work with Soles for Souls and
collected 522kg of used shoes, an initiative where shoes can be donated for reuse in support of a charitable
cause.
Soles 4 Souls takeback bin in the USA
WASTE ROADMAP AND RISK ASSESSMENT
In 2021 we developed a waste reduction roadmap and conducted a risk assessment.
The waste data published in our report cover both material waste and factory & office operation waste:
cardboard, paper, plastic, light bulbs etc., to ensure a comprehensive scope to cover the waste generated
on production sites. We see plastic, chemical, oil lubricant waste and e-waste as high risk. To prioritize
these risks, we engaged with other brands and INSEE (a cement company that offers waste treatment
services using co-processing technology in Vietnam, Cambodia, Bangladesh & Indonesia). To prioritize our
actions we analyzed waste data collected in 2020 and the Higg FEM waste management score of our core
factories.
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Below are key focus areas for the coming years. Some actions were taken in 2021 and are reported in this
report.
• Raise awareness: We will engage our suppliers in FEM waste management training with peer learning
sessions.
• Knowledge of impact: We conduct a Life Cycle assessment of our Top 5 products, including end of life. 3
LCA results are reported under the product section of this report.
environmental performance in future in our vendor score card used by our sourcing leaders. We
improved waste data collected in 2021 and will increase the data collection frequency. We require our
core supplier to set up waste reduction targets. We will maintain our focus on increasing the use of
recycled material in our products.
• Collaboration and partnership: We will map further waste governance in our key sourcing countries
and conduct local key stakeholder mapping to explore opportunities for a collaborative approach.
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PRODUCTS
Target description:
• 90% of PUMA Apparel and Accessories products contain >50% more sustainable materials
• 90% of our Footwear contains at least one more sustainable component
• Increase use of recycled polyester (Apparel and Accessories) to 75% by 2025 (shared target)
Relates to United Nations Sustainable Development Goal 12
KPIs:
• Percentage of Apparel and Accessories with 50% more sustainable material
• Percentage of Footwear with at least one more sustainable 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 more sustainable raw materials. In our 10FOR25 strategy we have set 100% targets for
more sustainable raw materials such as cotton, polyester, leather and cardboard.
In addition to measuring the use of more sustainable materials, we now also determine the percentage of
more sustainable products, that is, products made with a significant proportion of more sustainable
materials. As defined in our PUMA Sustainability Index, or S-Index, more sustainable Apparel or
Accessories products contain at least 50% more sustainable materials by weight. For Footwear we
currently measure sustainability by including one or more main components made from more sustainable
materials.
During 2021 we developed and rolled out an E-Learning toolkit on more sustainable products and 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 product level. The training was completed
by over 1,000 PUMA colleagues in 2021.
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↗ G.23 PUMA FOREVER BETTER PYRAMID
↗ T.21 MORE SUSTAINABLE PRODUCTS
Product Category Styles 2021 Volume 2021 Volume 2020 Target 2025
Apparel with at least 50% more

sustainable material
67% 79% * 81% 90%
Accessories with at least 50% more

sustainable material
30% 60%* 47% 90%
Footwear with at least one more

sustainable component
52% 46% 24% 90%
TOTAL 58% 64% 90%
Number of Vegan Styles 29 styles 16 styles
* In 2021 we implemented a calculation of 50% more sustainable material by weight, which is stricter than the calculation
used in 2020.
Our long-term efforts to scale up more sustainable materials in partnership with our material suppliers
have helped us to increase the use of more sustainable material. With 99% more sustainable cotton, 80%
polyester, 99.9% leather, 100% certified accross all product divisions (Apparel, Footwear and Accessories),
we are coming close to achieving our targets of 100% more sustainable materials for all these categories.
In 2021 we used 94% more sustainable cotton and 37% more sustainable polyester for our Footwear, which
is a significant increase compared with 2020. This explains why the volume of more sustainable Footwear
products has almost doubled since 2020.
To respond to an increased demand of our consumers, in 2021 we also offered 29 vegan certified styles,
after 16 styles in 2020.
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In 2021 we successfully launched multiple more sustainable collections such the EXHALE yoga collection
co-created with Cara Delevingne which uses recycled polyester and natural dyes, and offsets the carbon
footprint and the RE.GEN collection made from regenerated materials from our own industry waste. Other
highlights include our new BETTER FOAM in Footwear, a material partly made from sugarcane. We also
officially announced the launch of the RE:SUEDE, an experimental version of our most iconic sneaker, the
SUEDE, to test for a biodegradable product and expanded our PUMA x FIRST MILE collection with products
made from recycled polyester to further business units.
PUMA Exhale collection
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PRODUCT LIFE CYCLE ASSESSMENT

In light of enhancing the sustainability performance of our products, we have decided to undertake Life
Cycle Assessments (LCA) of our top product portfolios. Outcomes of an LCA act as a quantifiable measure
of our efforts towards a safer, cleaner and more sustainable value chain. LCAs also encourage innovation.
This year we have completed a screening LCA study for three of our best selling products (Footwear
products such as Lifestyle shoes, performance shoes and Apparel products such as Cotton Pants) to map
their environmental footprint on greenhouse gases and water consumption across their entire value chains
(cradle to grave) as per ISO 14040 and 14044 standards.
Sphera, a leading consulting organization in the LCA domain, has conducted these Life Cycle Assessments,
including all elements of these product life cycles, from the overall manufacturing including supply of
material and energy carriers to the end of life. The data and methodology was peer-reviewed by an external
expert.
The products studied are:
Performance shoes - Velocity Nitro net weight 0.72 kg
Lifestyle shoes - Future Rider Play on net weight 0.78 kg
Apparel pants - Modern Basic Pants (66% BCI cotton/34% polyester) with
30 wash cycles net weight 0.68 kg
Results of the analysis can be summarized as follows:
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↗ G.24 BREAKUP OF GWP IMPACT
For performance shoes the global warming potential (GWP) (kg CO2e) has been influenced by materials
which include base material, midsole, outsole, etc. (38.9%) and manufacturing energy (54.4%). While for
lifestyle shoes, global warming potential (kg CO2e) has been influenced by materials by 58% and
manufacturing energy by 35.1%. The lifestyle shoes are made of leather, which explains why the global
warming potential for material is 58%. Leather in the lifestyle shoes has a higher contribution than other
materials. EVA, polyester, hotmelt glue and glue adhesives have high contributions in both Footwear styles.
Energy impact is lower in the case of lifestyle shoes (3.3 kg CO2), whereas performance shoes have a higher
impact (4.14 kg CO2) mainly because the data is considered for the whole factory that produces the
performance shoes (not specifically for the product as such). We see opportunities to improve
manufacturing energy efficiency in the factory in question.
Materials, adhesive and water used for production as well as packaging all together have a significant
global warming potential for both Footwear styles (38.9% for performance shoes and 58% for lifestyle
shoes).
For Apparel pants, global warming potential (kg CO2e) has been influenced by cotton farming (11%), yarn
spinning (34%), dyeing and finishing (44%) and use stage (37%). Primary energy* demand has major
contributions from cotton farming (23%), yarn spinning (37%), dyeing and fabric finishing (28%) and use
stage (35%). Blue water** consumption has higher contributions from cotton (91%) than other materials
such as polyester, chemicals (13%), electricity and fuel (4%).
Footwear products usually don’t require extensive cleaning during their lifetime, and hence the impact of
the use phase is negligible. Therefore the GHG emission of use phase from Footwear is not considered .
1
However, for Apparel products about ~37% GWP impact lies in the use phase where washing and drying are
required and result in respective emissions from energy consumption.
End of life phase includes reuse, recycling, incineration and landfilling based on European scenarios, which
contributes to about 2-7% in global warming potential (GWP) impacts.
1
Source : Quantis “Draft product environmental footprint category rules (PEFCR), Apparel and Footwear”
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↗ G.25 3 PRODUCTS ENVIRONMENTAL FOOTPRINT
Apparel and Footwear products supply chain is quite complex and vast, which involves multiple stages such
as cultivation, processing, finishing, assembly, distribution, use and end of life. The LCA study is used as a
lens to understand the value chain environmental impacts of our products.
PUMA now intends to use the outcomes of the study to increase internal awareness and improve the
Product 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 circularity of our products.
MATERIAL ORIGIN
Mapping and assessing risk and impact practices in the lower tiers of the supply chain identify opportunities
for improvement to be better integrated at the strategic level.
We have required our suppliers to source more sustainable cotton, grown in farms which are licensed or
certified as having good farming and Human Rights standards, or recycled cotton. More than 90% of the
cotton comes from the USA, Australia, India and Brazil.
In parallel, we work on improving the traceability of the leather we use via the traceability system of the
Leather Working Group. The leather used in PUMA Footwear comes from the USA (47%), Argentina (15%),
Australia (15%), Italy (8%), Brazil (2%), Uruguay (0.4%) and Paraguay (0.3%).
* Primary energy is the energy that is harvested directly from natural resources: coal, oil, natural gas and uranium.
** Blue water is water that has been sourced from surface or groundwater resources and is either evaporated or incorporated
into a product.
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We monitor our LWG (Leather Working Group) medal rated tanneries' traceability performance. Most suede
tanneries work with agents and intermediaries along with direct tanneries to guarantee a stable sourcing
supply, suede being a byproduct of the full grain business. This creates a challenge to have full traceability.
This explains why our suede leather LWG tanneries have a lower traceability performance than full grain
LWG tanneries. We nevertheless aim to increase all our LWG medal rated tanneries’ traceability
performance over time.
We also keep track of the origin of the down and recycled polyester used in PUMA products. 97% of the
down used in our products comes from China, 3% from Vietnam. 90% of our recycled polyester comes from
Vietnam, China, Taiwan (China) and Korea.
MATERIAL CONSUMPTION DATA
↗ G.26 MORE SUSTAINABLE MATERIALS DEVELOPMENT
Cotton & polyester including Apparel and Accessories material (excluding trims)
As in previous years, a significant percentage of our more sustainable materials can be attributed to cotton
from the Better Cotton Initiative, bluesign® and/or OEKO-TEX®-certified polyester, and Leather Working
Group (LWG)-certified tanneries. In addition, we only use down feathers certified by the Responsible Down
Standard, and 38% of our viscose is made by the world’s leading viscose suppliers with proven track record
on sustainability. Therefore more than 67% of our Apparel, 30% of Accessories and 52% of Footwear
products are already classified as more sustainable products, in line with the definition in our PUMA
Sustainability Index.
Coverage and calculation are more complex for Footwear because all our shoes are made from several
components. As main materials we use polyester, polyurethane, rubber, leather and nylon. In line with our
earlier targets, we have achieved 99.9% coverage of LWG-certified leather. For the other materials, in 2021
our sourcing teams worked to find more sustainable solutions that are also cost-efficient. For example, we
now are using recycled materials for all our counters and many of our linings and have replaced the
polyester-based backing of most polyurethane (PU) materials, which we use as an alternative to leather,
with recycled polyester.
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In 2021 we started reporting our material data including trims, such as threads, zippers, ribbons,
interlining, etc. We see opportunities to increase the use of more sustainable material in trims in 2022,
along with fabrics/materials. This explains why the percentage of more sustainable cotton for Apparel
seems to decrease compared with 2020, but the use of more sustainable cotton in volume increased by
around 45%. In our effort to improve our material data quality, this year we included material data for
headwear (in addition to trims) under accessories. Fabric (99% of total volume) is made of more sustainable
cotton, while trims are made with conventional cotton (1% of total volume). We used dope dye technology
for the lining of our bags. Dope dye technology eliminates the need for the yarn dyeing process. In 2021 we
conducted a Life Cycle Assessment on dope dyed polyester (as per international standards ISO 14040 and
ISO14044) through a third party for the dyeing and finishing process, and we found: Energy saving: 29.69%,
Water saving: 13.84%, Chemical use saving: 34.41%.
↗ T.22 COMPARISON BETWEEN POLYESTER FABRIC, REGULAR DYED AND POLYESTER

FABRIC DOPE DYED, AVERAGE
Cumulative
Water Energy
GHG Consumption Demand
difference (%) difference (%) difference (%)
Raw material -0.72% -0.72% -0.72%
Yarn processing -19.51% -0.58% -11.66%
Weaving process -0.72% -0.72% -0.72%
Dyeing and finishing process -29.37% -13.84% -29.69%
Finishing process 0.00% 0.00% 0.00%
Final fabric packaging 0.00% 0.00% 0.00%
Final fabric transportation 0.00% 0.00% 0.00%
Total -9.22% -3.67% -6.89%
In 2021 we used 94% more sustainable cotton and 37% more sustainable polyester for our Footwear, which
is a significant increase compared with 2020, which explained why the volume of Footwear products with
more sustainable material doubled.
In 2021 we included outer cardboard data into the Paper & Cardboard section below. Our focus remains on
increasing Paper & Cardboard FSC certified or recycled.
We hardly used wool throughout 2021, thus we have not yet initiated responsible wool standards, but we
still aim to reach 100% certified wool in 2025.
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↗ T.23 DEVELOPMENT OF MORE SUSTAINABLE MATERIAL USAGE*
Apparel Accessories Footwear Total
Cotton
Conventional 1% 0.7% 6% 1.2%
Recycled 2.3% 4% 2.3%
Better Cotton 96.7% 99.3% 90% 96.4%
Polyester
Conventional 1% 63% 20%
Dope dye 23% 2%
Recycled 55% 6% 32% 43%
Bluesign 21% 28% 15%
Oekotex 22% 42% 5% 19%
Manmade Cellulosics
Green-shirt rated fiber

producers** 38% 38%
Conventional 62% 62%
Polyamide (nylon)
Conventional 15.3% 85.5% 97.4% 74.1%
Bluesign 60.3% 2.5% 18.4%
Recycled 24.4% 14.5% 0.1% 7.5%
Leather
Conventional 0.1%
LWG medal rated

tannery 99.9% 99.9%
Recycled 0.03% 0.03%
Rubber
Synthetic 69% 69%
Natural 31% 31%
PU
Conventional 100% 100% 99% 99%
Water-based 1% 1%
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Apparel Accessories Footwear Total
Down
Certified RDS 100% 100%
* Figures including trims and excluding licensee production

** 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 (https://hotbutton.canopyplanet.org/).
↗ T.24 MORE SUSTAINABLE MATERIAL USAGE PER PRODUCT DIVISION
2021* 2020 2019 2025 target
Apparel
More sustainable cotton 99% 100% 82% 100%
More sustainable polyester 99% 99.5% 98% 100%
Accessories
More sustainable cotton 99% 100% 100%
More sustainable polyester 100% 100% 100% 100%
Footwear
More sustainable cotton 94% 0.18% 100%
More sustainable polyester 37% 12.1% 6% 100%
More sustainable leather 99.9% 97.9% NA
More sustainable PU 1% NA
L&P paper/cardboard products
Recycled and/or FSC certified 88%** 99% 98.9% 100%
* 2021 figures including trims and excluding licensee production – 2020 figures excluding trims and licensee production
** Including outer cardboard boxes, which were excluded in previous years.
↗ T.25 NUMBER OF FACTORIES CERTIFIED
Number of factories certified GRS/RCS GOTS OCS RDS LWG
Apparel & Accessories T1 & T2 63 21 6 6 NA
Footwear T1 & T2 15 NA NA
27 gold
Leather Tanneries 2 silver
We are working to complete the GRS/RCS certification of our T1 Footwear factories and Footwear T2 manufacturers of insole,
outsole or midsole.
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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
↗ T.26 SUSTAINABLY SOURCED NATURAL MATERIALS*
Sub-targets 2021* 2020 Target 2025
Joined Fashion Pact activities on

Science Based Target (SBT) Not started biodiversity SBT set
Cotton (BCI** and/or recycled) 99% 100% 100%
Leather (LWG-certified tanneries) 99.9% 98% 100%
Down (RDS-certified) 100% 100% 100%
Sustainably sourced viscose / MMCF 38% 100% 100%
99% (product packaging supply

Cardboard and paper (FSC and/or recycled) 88%*** chain) 100%
Number of vegan styles 29 16 NA
* 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.
https://bettercotton.org/wp-content/uploads/2019/06/Better-Cotton-Principles-Criteria-V2.1.pdf
*** Including outer cardboard
Scientific reports point to the fact that the loss of biodiversity has increased over the last decade. Once
extinct, species can never be brought back and are lost forever. Not only because our logo features a wild
animal, but we have also decided to dedicate one of our 10FOR25 targets to biodiversity.
PUMA is a signatory of the Fashion Pact, a global coalition of companies in the fashion and textile industry
(ready-to-wear, sport, lifestyle and luxury) including their suppliers and distributors, all committed to a
common core of key environmental goals in three areas: stopping global warming, restoring biodiversity
and protecting the oceans.
Our biodiversity blueprints are described below:
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 extinction. In 2019 PUMA published its science-based emission target (SBT) with the SBT
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Coalition and joined the Fashion Pact. PUMA climate action and progress are reported in the Climate
section of this report.
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.
To mitigate the risk of biodiversity loss due to the production process, we address environmental pollution
risk through our targets and suppliers’ program on Climate, Chemicals, Water and Air.
In 2021 we developed roadmaps for water and waste, which can be found in Water and Air, Plastic and
Ocean sections of this report.
100% of our transit packaging is made of recycled plastic, we work on eliminating plastic product primary
packaging and plastic shopping bags. Our targets and progress are described in the Plastic and Ocean
section of this report.
We use approximately 50,000 tons of cotton and 4,300 tons of leather per year for our products. Both cotton
farming and cattle ranching require extensive land use and have been cited to reduce biodiversity. 99% of
cotton used in PUMA products are BCI or recycled. 99% of the leather used in our footwears are sourced
from LWG rated tanneries. Leather traceability is a first step towards reduced deforestation. We monitor
our LWG (Leather Working Group) medal rated tanneries' traceability performance.
In addition, our annual paper and cardboard consumption amounts to 19,500 tons (shoebox, hangtags and
outer cardboard). As of end of 2021, 88% are FSC certified or recycled. In 2021 we engaged with Canopy, a
Canadian non-profit organization with a mission to protect the world’s forests, species and climate, and to
help advance indigenous communities’ rights. They helped us to develop our policy on forest protection. We
engaged in Canopy‘s initiatives: CanopyStyle and Pack4good; through these initiatives we started
investigating into next generation raw materials with a focus on biobased material, such as wheat, as a
partial substitute for paper in our shopping paper bags.
In addition, in 2020 we mapped out our viscose supply chain with the goal of procuring 100% of our viscose
from suppliers committed to reducing the risk of sourcing from ancient and endangered forests. In June,
PUMA formally joined the CanopyStyle initiative to support this goal. In 2021, 38% of viscose was sourced
from Canopy’s 2021 Hot Button Report green-shirt rated suppliers; we prioritized sourcing new fabrics
containing viscose to replace polyester in our Apparel products. To implement our new strategy, we used
not only fabrics from green-shirt rated viscose, but also old carry-over fabrics developed over the past 5-10
years. The volume of viscose used in 2021 is 4 times higher than in 2020. In 2022 we aim at only sourcing
green-shirt rated viscose as per our Biodiversity and Forest protection policy launched in April 2021 and
also to prefer viscose made from recycled textiles.
We hardly used wool throughout 2021, thus we have not yet initiated Responsible Wool Standards, but we
still aim to reach 100% certified wool in 2025.
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POLICIES
In 2021 we published the PUMA biodiversity policy and animal welfare policy, to create a framework on our
approach related to biodiversity and animal welfare. These policies are published on our website.
As part of the Fashion Pact, we commit to support the development of science-based targets on
biodiversity.
To help the protection of endangered forests and species, PUMA commits not to use any wood or wood-
derived fabrics made from ancient and endangered forests.
• PUMA engages as a supporting partner of the CanopyStyle Initiative, aiming to source our viscose only
from green-shirt rated suppliers.
• We commit to sourcing the leather used in PUMA products only from manufacturers who implement
industry good practice standards of environmental management and traceability, such as the leather
working group.
• We commit to sourcing all our paper and paper-based packaging from recycled sources and/or Forest
Stewardship Council certified sources. PUMA is engaging 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 accept the use of animal products which originate
from animals which have been inhumanely treated. Therefore we aim at implementing high welfare and
traceability standards. PUMA consults on a regular basis with animal protection organizations to review our
policy and actions.
“We are delighted to have PUMA as part of our CanopyStyle and Pack4Good initiatives to end sourcing
from ancient and endangered forests. Keeping forests standing is 30% of the climate solution, and PUMA
– a company named after a majestic forest creature – is showing leadership on their behalf. We look
forward to working with the PUMA team to get them to 100% green shirts, accelerate production of
circular alternatives and secure ambitious levels of forest conservation.”
NICOLE RYCROFT
Canopy’s Founder and Executive Director, Canopy
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ENVIRONMENTAL KEY PERFORMANCE DATA

During 2021 we revisited the methodology of our PUMA Environmental Profit and Loss Account, or EP&L.
The methodology, which was developed in 2011 by PWC and Truecost, and later further refined by Kering
with the help of PWC, mainly relies on material input and spend data.
During our review, we realized that many savings made by our Tier 1 and Tier 2 suppliers had not been
captured by the EP&L methodology, and for some of our major materials used, such as BCI Cotton, no
specific EP&L emission factors have been developed.
Therefore we decided to pause the publication of our EP&L for 2021 and rework the methodology to more
accurately reflect our environmental performance in the future.
As in previous years, we are reporting the underlying datasets as Environmental Key Performance
Indicators in this chapter.
↗ T.27 E-KPIS PAPER 1-3
% Change % Change
Paper 2021 2020 2019 2018 2017 2020/2021 2017/2021
PUMA own entities
Paper and cardboard

consumption (tons)* 4,152 2,638 2,281 2,292 2,756 57% 51%
Certified or recycled paper

and cardboard consumption
(tons) 3,306 1,848 1,818 1,120 2,025 79% 63%
Percentage of certified or
recycled paper and
cardboard consumption (%) 79.6% 70% 80% 49% 74%
PUMA production
Paper and cardboard

consumption from PUMA
production (shoe boxes,
hangtags) (tons) 19,670** 18,538 14,863 13,607 14,129 25% 31%
Percentage of certified or
recycled paper and
cardboard consumption
from PUMA production (%) 88%** 99% 100% 98% n/a
* Including paper bags, office paper and cardboard consumption of offices, warehouses and stores
** Including outer cardboard boxes
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 logistic 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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↗ T.28 E-KPIS PUMA AND TIER 1 & TIER 2 PRODUCTION – ENERGY 1-3
% Change % Change
Energy 2021 2020 2019 2018 2017 2020/2021 2017/2021
PUMA own entities
Non-renewable electricity
consumption (MWh) 0 0 12,683 29,766 52,508 - -100%
Electricity consumption from
renewable sources (green tariffs
and on-site photovoltaics) (MWh) 13,749 10,839 11,547 11,695 11,611 27% 18%
Electricity consumption
guaranteed with EACs (MWh) 54,117 50,526 37,269 25,051 0 7% n/a
Total electricity consumption (MWh) 67,866 61,365 61,499 66,512 64,119 11% 6%
Percentage of renewable
electricity consumption
(excluding EACs) (%) 20% 18% 16% 15% 18%
Percentage of renewable
electricity consumption (including
EACs) (%) 100% 100% 79% 55% 18%
Energy from non-renewable fuels
(oil, natural gas, etc.) (MWh) 10,006 10,739 10,975 11,724 14,430 -7% -31%
Energy from district heating (MWh) 10,795 6,247 7,915 5,734 5,155 73% 109%
Total energy consumption (MWh) 88,666 78,350 80,389 83,970 83,704 13% 6%
PUMA production (Tier 1)*
Non-renewable energy
consumption (MWh) 331,199 221,641 246,160 195,866 194,881 52% 67%
Renewable energy consumption
(MWh) 17,763 3013 294 492% 5950%
Percentage of renewable energy
consumption (%) 5% 1% 0.1% 400% 4900%
PUMA production (Core Tier 2)**
Non-renewable energy
consumption (MWh) 795,673 607,310 586,986 31% 36%
Renewable energy consumption
(MWh) 39,317 3,393 524 1059% 7399%
Percentage of renewable energy
consumption (%) 5% 0.6% 0.1% 233% 4900%
* Includes Tier 1 suppliers, Apparel, Footwear and Accessories (181 factories)

** Includes Core Tier 2 suppliers, leather, synthetic and textile (43 factories)
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
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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↗ T.29 E-KPIS PUMA AND TIER 1 & TIER 2 PRODUCTION - WASTE & WATER 1-3
% Change % Change
Waste & Water 2021 2020 2019 2018 2017 2020/2021 2017/2021
PUMA own entities
Total waste (tons) 5,215 3,949* 3,644* 4,877 5,293 32% -1%
Recycled waste PUMA own

entities (tons) 2,220 1,436* 1,603* 2,282 3,419 55% -35%
Recycled waste PUMA own

entities (%) 43% 36% 44% 47% 65%
Water PUMA own entities (m ) 3

116,829 96,569 89,676 95,291 106,397 21% 10%
PUMA production (Tier 1) **
Total waste (tons) 33,806 23,498 24,205 16,682 14,686 44% 130%
Percentage production waste to

landfill (%) 10% 9% 11%
Water consumption (k m³) 2,706 2,332 2,572 2,030 2,149 16% 26%
PUMA production (Core Tier 2) ***
Total waste (tons) 8,689 5,968 46%
Percentage production waste to

landfill (%) 9% 18% 50%
Water consumption (k m³) 5,769 4,796 20%
* Waste data for PUMA’s own entities in 2019 and 2020 restated due to an underreporting in those years.
** Includes Tier 1 suppliers, Apparel, Footwear and Accessories (181 factories)
*** Includes Core Tier 2 suppliers, leather, synthetic and textile (43 factories)
1 Figures include PUMA-owned or operated offices, warehouses and stores. Includes own production sites in Argentina. All
other production is outsourced to independent supplier factories, some warehouse operations are outsourced to
2 Data includes extrapolations or estimations where no real data could be provided.
3 Methodological changes over the last three years have influenced results.
As we can see from T.29, our own waste creation and water consumption increased, over the last years.
This increase can partially be attributed to our increased sales volume, as waste creation in our stores in
directly linked to sales turnover, with the main waste created from shoeboxes or apparel packaging. We
will take those increases as an opportunity to focus on our own entities waste and water performance as
well within the next three years.
We continue to work with our core suppliers to reduce their environmental footprint. In 2021 we continued
the cooperation with the Apparel Impact Institute’s Clean by Design Program and with the International
Finance Corporation’s PaCT Project on resource efficiency and renewable energy in Bangladesh. We also
continue to joint forces with the German Development Agency, GIZ, to conduct solar photovoltaic feasibility
studies at 22 suppliers across Asia. We have developed an internal training module on climate change for
our internal stakeholders (branch managers and production teams) to provide them a clearer idea about
our targets and our requirement for suppliers, so that they would be able to better support us when we
work with suppliers on climate change topics.
121
We also prepared an e-learning module for other colleagues who are interested in knowing more about our
targets and our work on carbon footprint reduction. This e-learning module will be completed and made
available online in 2022.
For our suppliers’ engagement we created an in-house tool to guide core suppliers to set up their climate
change target following different ambition levels (their own SBTs or at least as ambitious as the one PUMA
set for supply chain). A training workshop that will be conducted in 2022 February to give instructions for
suppliers on how to better use this target setting tool.
There is an overall trend of carbon emission reduction (within our Core Tier 1 suppliers) per pair of
footwear (-32%) or piece of apparel product (-34%) since 2017, as an outcome of our core factories which
joined cleaner production and renewable energy projects promoted by PUMA. During the same period, our
Core Tier 1 suppliers have been able to reduce the amount of water per piece of apparel significantly by
44%, due to actions taken by our core factories in water efficiency with the cleaner production program,
while water consumption at Tier 1 Footwear suppliers increased by 18%.
Apparel and Footwear suppliers reported an increase in production waste of 34% and 30% respectively
since 2017. Since we launched our goals in 2020 to reduce production waste to landfill by 50% by 2025, we
have worked on securing the data quality to secure our baseline. The waste data published in this report
cover both material waste and factory & office operation waste: cardboard, paper, plastic, light bulbs etc., to
ensure a comprehensive scope covered for the waste generated on production sites. This is an increased
scope compared to the measure for capturing the waste data in 2017, which partially explains the increase.
We also added 10 new core factories for Apparel, which have not yet been engaged in cleaner production
programs. For Footwear we increased the number of more complicated styles, which implies that the
number of components and overlays has increased. The more components and overlays we have, the more
waste is generated. The list of core factories for Footwear was stable between 2020 and 2021, which
explains why Footwear factories decreased their waste per pair by 3%, while Apparel factories increased
their waste per piece by 15%.
Most of our Tier 1 production waste is recycled, with only 4% of waste ending up in landfills for Apparel
suppliers and 14% for Footwear suppliers.
↗ T.30 FOOTWEAR E-KPI RESULTS (T1)
Summary of supplier e-KPIs Weights Change
Number of
Value 2021 2020 2019 2018 2017 2020-2021 2017-2021 Suppliers
Energy/pair (kWh) 1.41 1.31 1.30 1.25 1.40 8% 1% 21
CO2/pair (kg) 0.68 0.74 0.96 0.93 1.00 -8% -32% 21
Water/pair (l) 11.95 15.08 15.21 12.30 14.50 -21% -18% 21
Waste/pair (g) 140.88 144.80 126.66 108.51 115.90 -3% 22% 21
Waste to landfills/pair (g) 19 24 -19%
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↗ T.31 APPAREL E-KPI RESULTS (T1)
Number of
Value 2021 2020 2019 2018 2017 2020-2021 2017-2021 Suppliers
Energy/piece (kWh) 0.55 0.56 0.57 0.57 0.72 -1% -24% 26
CO2/piece (kg) 0.20 0.22 0.24 0.26 0.31 -9% -34% 26
Water/piece (l) 4.23 4.60 4.39 4.20 7.58 -8% -44% 26
Waste/piece (g) 62.33 54.27 56.33 46.50 44.00 15% 42% 26
Waste to landfills/piece (g) 2.4 2.6 -9%
Since 2017 we have also been measuring average environmental key performance indicators (E-KPIs) from
textile and leather manufacturing. We have included our main material suppliers in our energy and water
efficiency programs and other brands also have expanded their cleaner production programs to include our
shared material suppliers. Some of the CO2 emissions reductions can be attributed to coal and oil for
boilers being replaced with less polluting fuel sources such as biomass fuel.
The CO2 emissions indicator for textile supply chain in 2021 when compared to 2017 is observed with a 3%
increase, not in line with our expectations. This is mainly because of our textile strategy: 14 new core
factories were added, for which we had not engaged in a cleaner production program. When we compare
improvement in carbon efficiency like-for-like with the 19 suppliers which were core factories for PUMA in
2020 and 2021 we record a 7% reduction in their carbon footprints per unit of textile produced for PUMA in
2021.
↗ T.32 LEATHER E-KPI RESULTS (T2)
Number of
Value 2021 2020 2019 2018 2017 2020-2021 2017-2021 factories
Energy/m2 (kWh) 6.5 7.0 8.2 8.7 9.1 -8% -29% 6
CO2/m2 (kg) 1.9 2.7 3.2 3.2 3.4 -30% -44% 6
Water/m (l) 2
60.9 68.3 74.7 90.2 91.8 -11% -34% 6
Waste/m2 (kg) 0.5 0.7 0.8 0.8 1.6 -32% -70% 6
↗ T.33 TEXTILES E-KPI RESULTS (T2)
Number of
Value 2021 2020 2019 2018 2017 2020-2021 2017-2021 factories
Energy/t (kWh) 13,393.6 13,049.1 12,636.3 13,386.80 13,679.11 3% -2% 32
CO2/t (t) 4.58 4.47 4.37 4.45 4.45 3% 3% 32
Water/t (m ) 3
98.7 103.4 105.5 122.78 119.30 -4% -17% 32
Waste/t (kg) 121.38 78.9 62.08 70.63 299.59 54% -59% 32
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REPORTING IN ACCORDANCE WITH THE EU TAXONOMY REGULATION
Taxonomy objectives
The Taxonomy Regulation (EU) 2020/852 (in the following “Taxonomy”) entered into force on 22 June 2020.
The purpose of this new regulation is to provide a definition of what constitutes a sustainable economic
activity and to redirect capital flows into companies who are aligning their business models on such
sustainable economic activities. 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 that define
whether the activity is considered sustainable or not (aligned).
The first two Delegated Acts on the climate objectives (climate change mitigation (Annex I) and climate
change adaptation (Annex II)) (in the following “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 will be published in 2022.
New disclosure requirements for non-financial undertakings

According to Articles 2 Climate Delegated Act and 8 of the Taxonomy Directive EU2020/852 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 of the Taxonomy Directive EU2020/852 from January 1,
2022 until December 31, 2022, non-financial undertakings shall only disclose the proportion of Taxonomy-
eligible and Taxonomy non-eligible economic activities in their total turnover, capital and operational
expenditure. Eligibility of activities implies that an activity is included in the Climate Delegated Act. Whether
an activity is Taxonomy-eligible or not says nothing about the (un)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.
Taxonomy-eligibility of PUMA’s sales in respect of climate change mitigation and climate change
adaptation
The technical screening criteria in Annex I and Annex II of the Delegated Regulation (EU) 2021/2139 as 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 related to sales are not included in
the Climate Delegated Act. This is not surprising due to the fact that currently the EU has prioritized
economic activities that can make the most relevant contribution to the two environmental objectives of
climate adaptation and mitigation. Therefore PUMA’s business activities in this regard are not considered
Taxonomy-eligible (so far).
Eligible capital expenditure

PUMA understands the Taxonomy and the Delegated Act to Article 8 of the Taxonomy Directive nonetheless
require non-financial undertakings with Taxonomy non-eligible sales 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 the target activities to become low-carbon or to lead to greenhouse gas
reductions.
124
In this regard PUMA reviewed the 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 relevant to support
PUMA’s sustainability efforts. Taxonomy-eligible capital expenditure could be identified in regard to
“Transport” and “Real Estate Activities”.
In 2021 PUMA started operations in several newly rented buildings with high requirements on energy-
efficiency, such as, for example:
• Logistics center in Geiselwind, Germany

• Office building in Strasbourg, France
• Office building in Stockholm, Sweden
• Office building in Boston, USA
As part of PUMA’s 10FOR25 sustainability targets, PUMA is transitioning its car fleet to more sustainable
transport vehicles. Therefore in 2021 PUMA invested in the lease of a number of low or zero emission
vehicles.
The total capital expenditure as defined by the taxonomy (IAS 16, 38 and IFRS 16) of the PUMA Group
amounts to 449,445 TEUR for the financial year 2021. The eligible capital expenditure as definded by the
taxonomy regarding “Transport” and “Real Estate Activities” amounts to 244,023 TEUR.
Eligible operational expenditure

PUMA understands the Taxonomy and the Delegated Act to Article 8 of the Taxonomy Directive including its
Annexes to nonetheless require non-financial undertakings with Taxonomy non-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.
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
first two environmental objectives of the Taxonomy, therefore we report the numerator of our taxonomy
eligible operational expenditure as zero.
For the denominator, Article 2, Annex 1 Section 1.1.3.1. of the Climate Delegated Act requires 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
assets”. The total operational expenditure from these categories amounts to 78 TEUR for the financial year
2021.
Outlook
PUMA expects that its business activities will be defined to contribute significantly to the “Transition to a
circular economy” objective. Therefore we anticipate a more detailed Taxonomy reporting for 2022.
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SUMMARY AND OUTLOOK
With the start of the Forever Better platform, our sustainability journey accelerated further in 2021.
While our strategy to move the most important materials of all our products to more sustainable sources
continued, for example with nearly 100% (99.9%) LWG certified leather, we also launched some exciting
sustainability focused collections in 2021.
Our Exhale collection in collaboration with Cara Delevingne also uses recycled input materials. In addition,
we also calculated the carbon footprint of the collection and offset all CO2e emissions, making the collection
effectively carbon-neutral.
Our Re.gen collection is inspired by the principles of circularity and maximizes the usage of recycled input
materials and contains products made from recycled cotton, polyester and leather scraps.
To expand on circularity, we started our Circular Lab and announced the RE:SUEDE, an experiment for a
biodegradable version of our iconic suede sneaker.
We also started working on garment-to-garment recycling and transformed 3 tons of unsellable garments
into new fabrics using an innovative chemical recycling process.
Our takeback scheme in Hong Kong continued, and together with a Swop Shop event, we collected 660kg of
secondhand garments. Our Soles 4 Souls program in the USA was able to collect another 522kg of
footwear. The expansion of our takeback scheme to Ecom was prepared laying the foundation for further
expansions in line with our 10FOR25 target to have takeback schemes ready in all major markets by 2025.
During the UN Climate Conference in Glasgow, our CEO Bjørn Gulden reiterated PUMA’s full support of the
UN Fashion Charter for Climate Action and the ambitious new commitments set by this industry-led
coalition under the umbrella of the UN Climate Secretariat.
We live our climate commitment by using 100% renewable energy for our owned and operated offices,
stores and warehouses worldwide, mainly through the purchase of renewable energy attribute certificates.
In addition, we have also started to transition our car fleet to zero emission vehicles. As of December 2021,
our fleet includes 24 electric vehicles and 7 hydrogen vehicles, which make up 15% of our cars used in our
home country Germany. Globally, 108 cars in our fleet are already classified as low or zero emission cars.
At the supply chain level, we continued and expanded our efforts to enroll more suppliers in cleaner
production programs, feasibility studies to install rooftop solar panels and to phase out coal fired boilers,
and engaged lifecycle experts from Sphera to calculate our supply chain emissions more precisely.
To reduce CO2 emissions at material stage, we focused on increasing the usage of recycled polyester in all
product divisions, 43% among polyester usage is recycled in 2021.
To support our Human Rights goals, we commissioned a risk assessment on forced labor management in
our supply chain and used the results to upgrade our due diligence process by implementing stricter
standards.
An important element of Human Rights is fair compensation. During 2021 our People and Organization
Team (HR department) used the Living Wage Database provided by the Fair Wage Network to screen [and
confirm] the payment of living wages for all PUMA staff globally.
126
At the supplier level we used the Fair Wage Benchmark tools of our long-term partner Fair Labor
Association to assess the wage levels paid by our core suppliers in 7 major sourcing countries. While we
see that our suppliers are paying above industry average in the countries, China, Cambodia, Turkey,
Bangladesh and Vietnam, we also realized that in Bangladesh and Pakistan our manufacturing partners
still need to improve wages.
In terms of new regulations, 2021 saw the introduction of the EU Green Taxonomy Delegated Act. As part of
the EU Green Deal, this regulation will enable investors to have clarity on the sustainability of their
investment portfolios. For publicly listed companies like PUMA, this means the tracking and publishing of
Taxonomy aligned sales, capital expenditure and operational expenditure.
The first two topics targeted by the Taxonomy (Climate Change Mitigation and Adaptation) focus on major
greenhouse gas emitting industries such as utilities, the car industry or heavy industries. The
manufacturing and sale of Apparel and Footwear were excluded in this first round.
Nevertheless, we screened our owned and operated buildings and car fleet for taxonomy eligibility and
share first numbers in this report. We anticipate a more detailed reporting once the other taxonomy
criteria, such as circularity, are published.
Finally, we are happy to report that our long-term sustainability engagement continues to be recognized
with an increasing number of awards and recognitions. Highlights during 2021 include our first ever A-
rating from the Carbon Disclosure Project, a Triple A rating from MSCI, a leading rating agency for
sustainability topics, our continued inclusion in the FTSE4Good and ISS Prime Rating, as well as our first
inclusion in the Corporate Knights 100 most sustainable companies worldwide.
We are well aware that our sustainability journey is ongoing, and much remains to be done to transition our
company on the path towards being Forever Better.
There is only one Forever. Let’s make it Better!
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INDEX FOR SEPARATE 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 289c to 289e of the German Commercial Code (HGB). This consolidated
combined non-financial report consists of the chapter "Sustainability", the section "Culture" in the chapter
"Our People" as well as the Corporate Governance Statement in the chapter “Group Essential Information”.
The reporting period covered is January 1, 2021 to December 31, 2021. No restatements of information have
been made in this report. We did recalculate the waste figures for PUMA in 2019 and 2020, which were
corrected due to underreporting in those years. 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 §289c, section 3, number 5 of the German Commercial Code (HGB). This combined sustainability report
has undergone a voluntary “limited assurance” with focus on accordance with the German CSR
Implementation Act (CSR-RUG) by Deloitte.
Since 2003 PUMA’s sustainability reports are based on the guidelines of the Global Reporting Initiative
(GRI), which developed detailed and widely recognized standards on sustainability reporting. This report has
been prepared in accordance with the GRI Standards: Core option. 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.
128
GENERAL DISCLOSURES
ORGANIZATIONAL PROFILE
CSR Directive
Implementation* Page
102-1 Name of the organization x 150
102-2 Activities, brands, products and services x 150
102-3 Location of headquarters x 150
102-4 Location of operations x 156-157
102-5 Ownership and legal form x 150
102-6 Markets served x 167-169
102-7 Scale of the organization x 158, 220
102-8 Information on employees and other workers x 20, 22, 158
102-9 Supply chain x 203-204
102-10 Significant changes to the organization and its supply chain x 165-169
102-11 Precautionary principle or approach x 87
102-12 External initiatives x 32-33
102-13 Membership of associations x 32-33
STRATEGY
CSR Directive
* Implementation* Page
102-14 Statement from senior decision-maker x 5-8
102-15 Key impacts, risks, and opportunities x 42-43, 75, 203-212
ETHICS AND INTEGRITY
CSR Directive
102-16 Values, principles, standards and norms of behavior x 52-53
GOVERNANCE
CSR Directive
102-18 Governance structure x 12
* CSR Directive Implementation Act: Index for Non-Financial Statement
129
STAKEHOLDER ENGAGEMENT
CSR Directive
102-21 Consulting stakeholders on economic, environmental and social topics x 32
102-40 List of stakeholder groups x 32-33
102-41 Collective bargaining agreements x 60-64
102-42 Identifying and selecting stakeholders x 32-33
102-43 Approach to stakeholder engagement x 32-33
102-44 Important topics and concerns x 32-33
REPORTING PRACTICE
CSR Directive
102-45 Entities included in the consolidated financial statements x 229-234
102-46 Defining report content and topic boundaries x 34-35, 41
102-47 List of material topics x 34-35
102-48 Restatements of information x 128
102-49 Changes in reporting x 128
102-50 Reporting period x 128
102-51 Date of most recent report x 128
102-52 Reporting cycle x 128
102-53 Contact point for questions regarding the report x 322
102-54 Claims of reporting in accordance with the GRI Standards x 128
102-55 GRI content index x 128-141
102-56 External assurance x 142-144
130
SPECIFIC STANDARD DISCLOSURES
ENVIRONMENTAL TOPICS
MANAGEMENT APPROACH
Materials
CSR Directive
103-1 Explanation of the material topic and its boundary x 111-112
103-2 The management approach and its components x 111-112
103-3 Evaluation of the management approach x 111-112
301-1 Materials used by weight or volume x 111-115

Part omitted:
Materials used by
weight or volume
Reason:
Confidentiality
constraints
Explanation: The
total materials’
weights are
obtained to
calculate the
target progress.
For confidentiality
reasons, only the
percentages
reached are
disclosed.
131
MANAGEMENT APPROACH
Energy
CSR Directive
302-3 Energy intensity 79, 81-82, 84-85,

x 120
132
MANAGEMENT APPROACH
Emissions
CSR Directive
305-1 Direct (Scope 1) GHG emissions x 79
305-2 Energy indirect (Scope 2) GHG emissions x 79
305-3 Other indirect (Scope 3) GHG emissions x 81-86
305-4 GHG emissions intensity x 79-86
305-5 Reduction of GHG emissions x 79-86
133
SOCIAL TOPICS
MANAGEMENT APPROACH
Supplier Social Assessment
CSR Directive
103-1 Explanation of the material topic and its boundary x 46
103-2 The management approach and its components x 46
103-3 Evaluation of the management approach x 46
414-1 New suppliers that were screened using social criteria x 46, 54
414-2 Negative social impacts in the supply chain and actions taken x 54
134
MANAGEMENT APPROACH
Freedom of Association and Collective Bargaining
CSR Directive
407-1 Operations and suppliers in which the right to freedom of association

and collective bargaining may be at risk x 57, 64
135
MANAGEMENT APPROACH
Forced or Compulsory Labor
CSR Directive
409-1 Operations and suppliers at significant risk for incidents of forced or

compulsory labor x 57, 64
136
MANAGEMENT APPROACH
Human Rights Assessment
CSR Directive
412-1 Operations that have been subject to Human Rights reviews or impact
assessments x 53
137
MANAGEMENT APPROACH
Occupational Health and Safety
CSR Directive
103-1 Explanation of the material topic and its boundary x 22, 65
103-2 The management approach and its components x 22, 65
103-3 Evaluation of the management approach x 22, 65
403-2 Types of injury and rates of injury, occupational diseases, lost days,
and absenteeism, and number of work-related fatalities x 23, 66
138
MANAGEMENT APPROACH
Diversity and Equal Opportunity
CSR Directive
103-1 Explanation of the material topic and its boundary 18-20, 195-199
103-2 The management approach and its components 18-20, 195-199
103-3 Evaluation of the management approach 18-20, 195-199
405-1 Diversity of governance bodies and employees 18-20, 195-199
139
ECONOMIC TOPICS
MANAGEMENT APPROACH
Anti-Corruption
CSR Directive
205-2 Communication and training about anti-corruption policies and

procedures x 191-192
140
MANAGEMENT APPROACH
Tax
207-1 Approach to tax “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.
PUMA is not following artificial structures solely to save

taxes with these. Of course, taxes play a role in business
decisions to know what these are and so to do the right thing,
however, tax consequences are not the relevant drivers for
failing a final sign off on business strategies in this regard.
It is key for PUMA to pay an appropriate portion of its pre-tax

profit to tax administrations in the respective countries.
Paying tax is accepted as a general business principle of
PUMA. An effective tax rate of around 25% over recent years
confirms this. 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.
141
DELOITTE ASSURANCE STATEMENT
LIMITED ASSURANCE REPORT OF THE INDEPENDENT PRACTITIONER REGARDING THE

SEPARATE NON-FINANCIAL GROUP REPORT
Translation – German version prevails
To PUMA SE, Herzogenaurach
Our Engagement
We have performed a limited assurance engagement on the Separate Non-Financial Group Report of PUMA
SE (hereinafter: “the Company”) in accordance with Section 315b German Commercial Code (HGB), which
was combined with the Non-Financial Report of the parent company, PUMA SE, Herzogenaurach, in
accordance with Section 289b German Commercial Code (HGB) for the period from January 1 to December
31, 2021 (hereinafter: “Combined Non-Financial Report”). This Combined 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 2020 of
PUMA SE, Herzogenaurach.
The external documentation sources, interviews or expert opinions mentioned in the non-financial
reporting are not the subject of our audit.
Responsibilities of the Executive Directors

The executive directors of the Company are responsible for the preparation of the non-financial report in
accordance with §§ 315c in conjunction with 289c to 289e German Commercial Code (HGB) and Article 8 of
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the
establishment of a framework to facilitate sustainable investment, and amending Regulation (EU)
2019/2088 (hereafter referred to as “EU Taxonomy Regulation”) and the delegated acts adopted thereon, as
well as with their own interpretation of the wording and terminology contained in the EU Taxonomy
Regulation and the delegated acts adopted thereon, as is presented in section “EU-Taxonomy” of the
consolidated non-financial report.
The responsibility of the Company’s legal representatives includes the selection and application of
appropriate methods for preparing the Combined Non-Financial Report as well as making assumptions and
estimates related to individual non-financial disclosures, which are reasonable in the circumstances. In
addition, the legal representatives are responsible for such internal control they have determined
necessary to enable the preparation of the Combined Non-Financial Report that is free from material
misstatements, whether intentional or unintentional.
Some of the wording and terminology contained in the EU Taxonomy Regulation and the delegated acts
adopted thereon are still subject to considerable interpretation uncertainty and have not yet been officially
clarified. Therefore, the executive directors have laid down their own interpretation of the EU Taxonomy
Regulation and of the delegated acts adopted thereon in section “EU-Taxonomy” of the consolidated non-
financial report. They are responsible for the selection and reasonableness of this interpretation. As there
is the inherent risk that indefinite legal concepts may allow for various interpretations, evaluating the legal
conformity is prone to uncertainty.
The accuracy and completeness of environmental data in the non-financial report is thus subject to
inherent restrictions resulting from the way how the data was collected and calculated and from
assumptions made.
142
Independence and Quality Assurance of the Firm

We have complied with the German professional requirements on independence and other professional
rules of conduct.
Our firm applies the national statutory rules and professional announcements – particularly of the
“Professional Charter for German Public Auditors and German Sworn Auditors” and of the IDW Quality
Assurance Standard “Quality Assurance Requirements in Audit Practices” (IDW QS 1) promulgated by the
Institut der Wirtschaftsprüfer (IDW) and does therefore maintain a comprehensive quality assurance
system comprising documented regulations and measures in respect of compliance with professional rules
of conduct, professional standards, as well as relevant statutory and other legal requirements.
Responsibilities of the Practitioner

Our responsibility is to express a conclusion on the non-financial report based on our work performed
within our limited assurance engagement.
We conducted our work in accordance with the International Standard on Assurance Engagements 3000
(Revised) “Assurance Engagements Other than Audits or Reviews of Historical Financial Information” (ISAE
3000 (Revised)), adopted by the IAASB. This Standard requires that we plan and perform the assurance
engagement so that we can conclude with limited assurance whether matters have come to our attention to
cause us to believe that the non-financial report of the Company has not been prepared, in all material
respects, in accordance with §§ 315c in conjunction with 289c to 289e HGB and the EU Taxonomy
Regulation and the delegated acts adopted thereon, as well as with the interpretation by the executive
directors presented in section “EU-Taxonomy” of the consolidated non-financial report.
The procedures performed in a limited assurance engagement are less in extent than for a reasonable
assurance engagement; consequently, the level of assurance obtained in a limited assurance engagement
is substantially lower than the assurance that would have been obtained had a reasonable assurance
engagement been performed. The choice of assurance work is subject to the practitioner’s professional
judgment.
Within the scope of our limited assurance engagement, which was performed from January to April 2022,
we conducted, amongst others, the following audit procedures and other activities:
• Obtaining an understanding of the structure of the sustainability organization and of the stakeholder
engagement
• Interview of the legal representatives and relevant employees that participated in the preparation of the
Combined Non-Financial Report about the process of preparation, the measures on hand and
precautionary measures (system) for the preparation of the Combined Non-Financial Report as well as
about the information within the Combined Non-Financial Report
• Identification of the risks of material misstatement within the Combined Non-Financial Report
• Analytical evaluation of selected disclosures within the Combined Non-Financial Report
• Reconciliation of the disclosures within the Combined Non-Financial Report with the respective data
within the consolidated financial statements as well as the management report
• Evaluation of the presentation of the disclosures
• Assessment of the process for identifying taxonomy-capable economic activities and the corresponding
information in non-financial reporting.
As the EU Taxonomy Regulation and the delegated acts adopted thereon contain indefinite legal concepts, it
is necessary that the executive directors make an interpretation. The executive directors’ assessment of
their interpretation’s legal conformity is prone to uncertainty, which, in this respect, is also true for our
assurance engagement.
143
Practitioner’s Conclusion
Based on the work performed and the evidence obtained, nothing has come to our attention that causes us
to believe that the non-financial report of the company for the period from January 1, to December 31, 2021
has not been prepared, in material respects, in accordance with Sections. 315c in conjunction with 289c to
289e HGB and the EU Taxonomy Regulation and the delegated acts adopted thereon, as well as with the
interpretation by the executive directors presented in section “EU-Taxonomy” of the consolidated non-
financial report.
We do not provide an audit opinion on the external sources of documentation, interviews or expert opinions
mentioned in the non-financial reporting.
Restriction of Use and Liability

We would like to point out that the assurance engagement was carried out for the purposes of the company
and the report is only intended to inform the company about the findings of the assurance engagement.
Consequently, it may not be suitable for any purpose other than the above. The note is therefore not
intended for third parties to make (financial) decisions based on it.
Our responsibility is solely towards the company and is also limited according to the "General Terms and
Conditions for Auditors and Auditing Firms" of January 1, 2017 of the Institut der Wirtschaftsprüfer in
Deutschland e.V. However, we do not accept or assume liability to third parties. Our conclusion of the
assurance engagement is not modified in this respect.
Munich/Germany, April 26, 2022
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
Dr. Thomas Reitmayr Sebastian Dingel

German Public Auditor
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Annual Report 2021 ↗ Combined Management Report
COMBINED MANAGEMENT REPORT OF

PUMA SE FOR THE FINANCIAL YEAR 2021
146 Overview 2021
150 PUMA Group Essential Information
150 Commercial Activities and
Organizational Structure
150 Targets and Strategy
154 Product Development and Design
156 Sourcing
158 Employees
162 Management System
163 Information regarding the
Non-Financial Report
164 Economic Report
164 General Economic Conditions
165 Sales
167 Regional Development
170 Results of Operations
174 Dividends
175 Net Assets and Financial Position
179 Cash Flow
182 Statement regarding the Business Development
and the Overall Situation
of the Group
183 Comments on the Financial Statements of PUMA SE
in accordance with the German Commercial Code (HGB)
187 Information concerning takeovers
190 Corporate Governance Statement in accordance
with Section 289f and Section 315d HGB
200 Risk and Opportunity Report
213 Outlook Report
Combined Management Report:

This report combines the Management Report
of the PUMA Group and the Management Report
of PUMA SE.
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OVERVIEW 2021
2021 was a year full of exceptional successes for PUMA’s athletes and teams and also an excellent year for
PUMA’s business. However, the year was once again marked by the COVID-19 pandemic, which had
different consequences in different countries around the world. This forced us to react quickly to lockdowns
and restrictions, especially in our supply chain. We successfully continued our strategy of working together
with all of our partners to manage the short-term challenges, such as store and factory closures, without
hindering our mid-term momentum.
Factories for footwear, apparel and accessories in the south of Vietnam, one of our most important
sourcing countries, were closed because of strict local lockdown measures. Because of this, production
was suspended for about 10 weeks, and this affected approximately 15% of our global sourcing volumes.
We tried to minimize production delays as much as possible and, where feasible, we shifted production to
other sourcing locations. Given the quick rollout of the vaccination program and increasing vaccination
rates in Southern Vietnam, the factories gradually reopened starting at the end of September.
Throughout the year, we prioritized the health and safety of our partners, customers and employees and we
rolled out vaccination programs for our employees in countries where this was possible. This is how we
achieved a vaccination rate above 90% at our headquarters in Herzogenaurach already by mid-July and
followed up with booster vaccinations at the end of the year. In countries that were hit exceptionally hard by
the pandemic, such as India, we also assisted employees and their families in getting access to medical
care when necessary.
For our efforts to provide an attractive workplace, we were named Top Employer Europe for the second
time in a row.
By partnering with some of the best athletes and teams in the world, we gain credibility as a sports brand
and stay true to our roots in performance, which also boosts our brand heat. We expanded our PUMA family
of ambassadors with several new signings in 2021. In Teamsport, we welcomed French national team
players Raphaël Varane and Kingsley Coman as well as U.S. player Christian Pulisic. NHL All-Star Leon
Draisaitl became the first NHL ice hockey player to join PUMA as a brand ambassador for training and
fitness. In Basketball, we signed the most valuable player in the WNBA Breanna “Stewie” Stewart as well
as French NBA guard Killian Hayes. PUMA athlete LaMelo Ball, who presented his first signature shoe this
year, was voted Rookie of the Year in the NBA.
The summer of 2021 was exceptional for our teams and athletes, who delivered world class performances
on the track and on the pitches.
Italy’s national football team, which is sponsored by PUMA, won the UEFA Euro 2020, which was held in
2021, and with Giovanni Di Lorenzo, Giorgio Chiellini, Harry Maguire, Kyle Walker and Jordan Pickford we
had five players wearing PUMA’s latest football boots in the final. All four PUMA federations (Austria, Czech
Republic, Italy and Switzerland) progressed to the knock-out stages and PUMA had three teams in the
quarterfinals - more than any other sports brand.
At the Tokyo Olympics, PUMA athletes won a total of 22 Gold, 24 Silver, and 20 Bronze medals. Norwegian
hurdler Karsten Warholm entered the history books when he won gold and set a new 400m hurdles world
record in what was described as the “Best Race in Track&Field History”. For his performance, Karsten was
crowned World Athlete of the Year in December. Karsten wore PUMA’s new EvoSPEED Future FASTER+
spike, which was created together with Formula 1 team MERCEDES AMG PETRONAS. Other PUMA athletes
who won a gold medal in Tokyo included Canadian Sprinter Andre De Grasse (200m), pole vaulter Armand
“Mondo” Duplantis, Italian high jumper Gianmarco Tamberi and Jamaican hurdler Hansle Parchment
(110m). U.S. runner Molly Seidel wore shoes with PUMA’s latest NITRO running technology, when she took
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the bronze in the women’s marathon. At the Paralympic Games, PUMA’s athletes also showed a strong
performance, as Cuban sprinter Omara Durand won 3 Gold medals and set a new world record.
In football, our club teams also performed at the top of their game. Manchester City won the Premier
League for the third time in four years and reached the Champions League final. In Germany, Borussia
Dortmund won the DFB Cup and our Brazilian team Palmeiras won the Copa Libertadores twice in a row.
We also signed additional top clubs including Fenerbahce Istanbul in Turkey or Shakhtar Donetsk in
Ukraine.
In Golf, PUMA player Bryson DeChambeau won the Arnold Palmer Invitational in March 2021, while in
Motorsport, PUMA teams Mercedes AMG Petronas, Red Bull Racing Honda and Scuderia Ferrari secured
the top three spots in the Formula 1 Constructors’ Championship. Red Bull driver Max Verstappen won the
Drivers’ Championship. To celebrate his first title, PUMA gave him a special pair of golden Speedcat Pro
shoes.
As both the Olympic Games and Euro2020 were delayed by a year due to the pandemic, we sought to
capture the spirit of our successful athletes in 2021 and celebrate optimism and self-believe with our ONLY
SEE GREAT campaign. Inspired by cultural icon, entrepreneur and philanthropist Shawn “JAY-Z” Carter,
PUMA ambassadors such as Boris Becker and Neymar Jr. told their story of how they achieved greatness in
a series of media interviews and content on PUMA’s digital channels.
In 2021, we made a big step towards establishing PUMA as a credible running brand by launching a
completely new line-up of performance running shoes made with our new cushioning technology NITRO.
The DEVIATE, DEVIATE ELITE, VELOCITY, LIBERATE, and ETERNITY received very positive reviews from
runners and the media alike. The success of athletes such as Molly Seidel, Nils Voigt and Precious Machele
added to the new products’ appeal.
As part of our efforts to create a leading product offer for women, we launched our SHE MOVES US
platform, which featured our top female brand ambassadors such as Dua Lipa, Cara Delevingne,
Magdalena Eriksson and Jodie Williams to celebrate the women who have moved culture and sports
forward and inspire other women around the world. The SHE MOVES US campaign also included a
partnership with Women Win, an organization which organizes sports events for women and girls around
the world, and founding PUMA’s own team in the W Series, the international motor racing series for female
drivers.
In 2021, PUMA North America and our international marketing organization moved into their new offices in
the Boston suburb of Somerville, Massachusetts. The new building offers 150,000 square feet of flexible
office space. In Germany, we opened our new logistics center in Geiselwind, which was ramped up
gradually in the second half of the year. We also launched new PUMA.com online stores in the United Arab
Emirates and Mexico.
PUMA’s belief in the importance of local decision making was confirmed by the COVID-19 pandemic, which
developed at a different pace across the world. That’s why PUMA gives its local management the tools to
react quickly to changes in the markets they know best.
PUMA’s reentry into basketball continued and helped us become a credible sports brand in the North
American market. PUMA athlete LaMelo Ball, who won the NBA’s Rookie of the Year Award, created his
first signature shoe with PUMA. We followed up on last year’s success of the RS-DREAMER Basketball
sneaker, designed by J.Cole, with the RS-DREAMER 2. The Basketball business launched several
successful collaborations this year such as with the Black Fives Foundation, cartoon series Rugrats or
video game NBA 2K.
Sustainability played an important part in our strategy in 2021. With our FOREVER BETTER communications
platform, we educated consumers about our sustainability efforts. To signal a move towards a more
circular business model, we announced the RE:SUEDE experiment. As part of this project, we developed an
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experimental version of our most iconic sneaker, the SUEDE, to test whether we can make it biodegradable.
As sustainability matters throughout our product range, we introduced a new shoebox design, which will
save 2,800 tonnes of cardboard each year. We also became a partner of not-for-profit environmental
organization Canopy and committed to protect forests around the world when sourcing paper, cardboard
and viscose.
As PUMA has grown strongly over the past years, we further strengthened our organization and expanded
our Board of Management from three members to four by creating the new role of Chief Commercial
Officer. Arne Freundt took on this new role on June 1 and he oversees Sales, including Retail & E-
Commerce, and Logistics. Also, effective June 1, 2021, Hubert Hinterseher was named as the new Chief
Financial Officer, taking over from Michael Lämmermann who retired after 28 years with the company.
Hubert Hinterseher is responsible for Finance, Legal, IT and Business Solutions.
Despite the negative impact of the COVID-19 pandemic, 2021 was an excellent financial year for PUMA. Our
operational flexibility in dealing with a wide range of challenges contributed significantly to PUMA's strong
sales development and financial performance in 2021. The year 2021 began with an all-time high of COVID-
19 cases worldwide and continuing restrictions on our operations in numerous markets. Furthermore,
supply bottlenecks caused by container shortages and port congestion had a negative impact on product
availability. In addition to the impact of the COVID-19 pandemic, difficult market conditions in some of our
key markets also had a significant impact on our business. Despite these uncertainties, in the past financial
year PUMA managed to exceed € 6 billion in sales for the first time in the company's history. Currency-
adjusted sales increased by 31.7%. In the reporting currency, the euro, this corresponds to an increase in
sales of 30.0% from € 5,234 million in the previous year to € 6,805 million in 2021. The strong growth in
sales was achieved primarily as a result of sustained brand momentum, successful product launches with
high sell-through rates, and a strong focus on flexibility in our operations. PUMA thus succeeded in
surpassing its sales forecast of at least 25% currency-adjusted sales growth in financial year 2021, which
had already been adjusted upward during the year.
In addition to the strong sales growth, the improvement in the gross profit margin also significantly
contributed to the increase in profitability in the financial year 2021. PUMA's gross profit margin increased
by 90 basis points from 47.0% in the previous year to 47.9% in 2021. This was driven by better sell-through
and less promotional activity. By contrast, exchange rate effects, regional and distribution channel mix
effects, and cost increases for inbound freight had a negative impact on the gross profit margin
development.
Other operating income and expenses increased by a total of 20.3% in the 2021 financial year. The increase
was mainly due to higher marketing expenses, an increase in the number of PUMA's own retail stores, and
higher sales-related distribution and warehousing costs. In addition, PUMA continued to be faced with
operational inefficiencies, particularly in the supply chain, due to COVID-19. The weaker increase in other
operating income and expenses compared to sales growth reflects the operating leverage achieved. As a
result of continued cost control, it was possible to achieve a significant reduction in the cost ratio from
43.3% in the previous year to 40.0% in 2021. This also contributed significantly to the improvement in
profitability in the 2021 financial year.
During the financial year under review, the operating result (EBIT) rose by 166.3% from € 209.2 million to
€ 557.1 million, thus exceeding the outlook, which had already been adjusted upward during the year to a
range between € 450 million and € 500 million. Overall, the significant improvement in profitability in the
2021 financial year is attributable to the strong growth in sales combined with an improved gross profit
margin and the operating leverage achieved. As a result, the EBIT margin increased from 4.0% in the
previous year to 8.2% in 2021.
The significant improvement in profitability is also reflected in the development of consolidated net
earnings and earnings per share, both of which improved by more than 292% compared to the previous
year. Consolidated net earnings increased from € 78.9 million in the previous year to € 309.6 million, while
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earnings per share rose accordingly from € 0.53 in the previous year to € 2.07. As a result, PUMA was able
to achieve or even outperform its financial targets in the past financial year.
The positive net earnings enable the Management Board and the Supervisory Board to propose a dividend
payout of € 0.72 per share for the financial year 2021 to the Annual General Meeting on May 11, 2022. This
corresponds to a payout ratio of 34.8% of consolidated net earnings according to IFRS and is in accordance
with PUMA's dividend policy, which foresees a payout ratio of 25% to 35% of consolidated net earnings. In
the previous year, a dividend of € 0.16 per share was paid out (payout ratio for previous year: 30.3%).
In the course of the expansion of the DAX from 30 to 40 members, PUMA's shares have been included in the
stock market index of the largest companies on the German stock market since September 2021. After
starting 2021 at a price of € 92.28, PUMA's share price fell to a low of € 80.42 at the end of January 2021.
PUMA's share price then recovered significantly by the end of the year, rising to € 107.50 — an increase of
16.5% on the previous year. The market capitalization of the PUMA Group increased accordingly to around
€ 16.1 billion at year-end 2021 (previous year: € 13.8 billion).
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PUMA GROUP ESSENTIAL INFORMATION
COMMERCIAL ACTIVITIES AND ORGANIZATIONAL 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 regions (EMEA, the
Americas and Asia/Pacific) and three product divisions (footwear, apparel and accessories). A detailed
description can be found in the segment reporting in chapter 25 of the Notes to the Consolidated Financial
Statements.
Our revenues are derived 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 December 31, 2021, 100 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”).
TARGETS AND STRATEGY

PUMA has continued its brand mission to become the fastest sports brand in the world and continued to
focus on its existing eight strategic priorities: create brand heat, develop product ranges that are right for
the consumers, build a comprehensive offer for women, improve the quality of our distribution, increase the
speed and efficiency of our organizational infrastructure, strengthen our positioning in the North American
market by leveraging our re-entry into basketball and an even stronger focus on local relevance and
sustainability.
For more than 70 years, PUMA has created brand heat by working with the most famous and successful
athletes in history: Usain Bolt, Sir Lewis Hamilton, Pelé, Maradona, Tommie Smith, Boris Becker, Linford
Christie, Serena Williams, Heike Drechsler and Martina Navratilova, just to name a few. Today, PUMA
continues to strengthen its position as a sports brand through partnerships with some of the most famous
ambassadors. In football, we continue to work with star players such as Antoine Griezmann, Neymar Jr.
and Nikita Parris, top football manager Pep Guardiola, world-leading federations such as the Italian
National team and international top clubs such as Manchester City, Borussia Dortmund, Valencia CF,
Olympique Marseille, AC Milan, and Palmeiras São Paulo. In 2021, we also added French national team
players Raphaël Varane and Kingsley Coman as well as U.S. player Christian Pulisic to our roster of world-
class assets, underlining our continued focus on the football category. In track & field, we have also
established a strong line-up of world-leading athletes including Norwegian hurdler and world record
holder Karsten Warholm, Canadian sprinter André De Grasse, Swedish pole vault world record holder
Mondo Duplantis, American long-distance runner Molly Seidel and the Jamaican Olympic Federations who
all stood out at this year’s Summer Olympics in Tokyo. In Motorsport, our Formula 1 teams Mercedes AMG
Petronas, Red Bull Racing Honda and Scuderia Ferrari dominated yet another season. We continued to
work closely with seven-time world champion and PUMA brand ambassador Sir Lewis Hamilton and
established our own team in the W Series, the international single seater championship for female drivers
only. In golf, we ensured continued brand heat through our long-term partnerships with iconic players such
as Lexi Thompson, Rickie Fowler and Bryson DeChambeau. Teaming up with the best athletes, teams and
federations is key in keeping the credibility and relevance of the PUMA brand at the highest levels.
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To connect with young, trend-setting consumers, PUMA also drives brand heat by working with icons of
culture and fashion such as Jay-Z, J. Cole, Cara Delevingne, Winnie Harlow and Dua Lipa. This has made
PUMA one of the hottest sports brands for young consumers around the world.
PUMA aims to design “cool stuff that works” and in 2021, we significantly improved our product offering
across all our business units. In performance footwear, we keep on moving forward with our innovative
PUMA ULTRA and FUTURE Z football boots as well as our running & training shoes featuring our
proprietary NITRO cushioning technology. Our new lineup of running shoes offer an effortless run and
received very positive reviews from runners and the media alike and featured prominently at this year’s
Summer Olympics in Tokyo.
In Sportstyle, we continued to see strong sell-through of our key footwear product families such as RS,
RIDER, and CALI. The demand from our consumers for these product families was maintained through the
launch of successful new models in 2021 and we also added a lot of newness with the introduction of styles
such as the MAYZE or the MAYU. The Classics pillar of our business, with models such as the iconic PUMA
SUEDE, also continued to perform strongly throughout the year.
In apparel and accessories, we also saw a good development across all of our business units, with strong
sell-through of our performance and Sportstyle products, including multiple successful collaborations with
companies such as French-Japanese fashion label Maison Kitsuné or Chinese high-end designer brand
PRONOUNCE.
Our COBRA Golf and PUMA Golf business had another successful year with strong sales of our innovative
COBRA Golf clubs as well as PUMA Golf Footwear, Apparel and Accessories. We also extended our golf club
offering by introducing our first generation of putters, including our first 3D-printed putter.
The women's category remains a key strategic priority for PUMA, manifested in our continued vision to be
the most fashion forward sports brand. With increasing female sports participation worldwide and the
combination of sportswear and fashion being more popular than ever, PUMA meets the female consumer
with a comprehensive product offer across performance and Sportstyle, as well as inclusive product
initiatives like extended sizing and maternity wear. The launch of our new women’s communications
platform SHE MOVES US in March 2021, represents the evolved positioning of “PUMA owns the space
where the gym meets the runway”. Our new SHE MOVES US communications platform, celebrates women
who move together to achieve and connect – through sport, culture, and values. Led by global pop
superstar Dua Lipa, PUMA has brought together its top female brand ambassadors to generate inspiring
content over the course of 2021, such as talks, videos and interviews. By connecting its ambassadors with
female consumers around the world, we created a global network, which sparks a conversation around
issues important to girls and women. PUMA will continue to empower girls and young women through its
partnership with Women Win, a global women’s fund which uses sport to advance gender equality from the
bottom up. PUMA will continue to use its communications channels to spotlight the joint efforts to impact
girls and women’s rights globally. An increased focus on women in sports will mark the year 2022. Together
with our female ambassadors this has been identified as a key area for girls and young women to achieve
health and prosper as individuals and team members.
Our re-entry into basketball, with an approach that resonates well on and off the court, was an important
step towards increasing our credibility as a sports brand in North America. With the support of JAY-Z, our
Creative Director for basketball, we developed a strong product offering across footwear, apparel and
accessories over the past seasons that can be worn on and off the court. We also continued to partner with
highly talented NBA players across several teams and signed additional players such as Killian Hayes.
PUMA player LaMelo Ball was voted Rookie of the year in the NBA. In close collaboration with LaMelo Ball,
we developed and launched the PUMA MB.01 – his first personal PUMA signature shoe. We also signed
Breanna “Stewie” Stewart, the most valuable player in the WNBA, who will get her own signature shoe in
2022. In order to further strengthen our position in women’s basketball, we created and launched our first
women’s basketball collection in close collaboration with stylist and designer June Ambrose, who joined
PUMA as a creative director in 2020. Our basketball business continues to grow beyond the key North
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American market, and we onboarded national teams like the Russian and Turkish basketball federations
and the Israeli double holder Maccabi Tel Aviv. Our basketball inspired Sportstyle products, such as the
PUMA CLYDE and RALPH SAMPSON, continued to resonate well with our consumers.
While basketball is especially important for North America, we also focused on ensuring strong local
relevance in all our other markets worldwide. As the PUMA brand and products continue to resonate very
well around the world, we see an increased need to focus on the trends, sports, ambassadors, collaboration
partners and communication platforms that are most relevant in the different markets. Therefore, we
further strengthened our regional creation centers, which are located in important markets such as the US,
Europe, China, India, and Japan and create locally relevant products. In parallel, we increased our local-
for-local sourcing setup in key markets such as China to react faster to changes in local consumer
preferences. We also continued to strengthen our position in several locally relevant sports such as cricket,
handball, netball, rugby, or Australian rules football. Over the years, we have established a strong portfolio
of locally relevant brand ambassadors and influencers such as Pamela Reif in Germany, Virat Kohli in India
or Danna Paola in Mexico, who complement our roster of top global ambassadors. The COVID-19 pandemic,
which impacted our markets very differently in the course of 2021, has confirmed PUMA’s belief to
empower our local teams and give them the freedom and tools to react quickly to changes in the markets
they know best.
PUMA improved the quality of its distribution and expanded its presence in leading sports performance and
Sportstyle accounts around the world. We continued to strengthen the relationships with our retailers by
being a flexible and service-oriented business partner. At a time of limited product supply due to COVID-19-
related lockdowns in key sourcing countries, we prioritized our retailers and worked very closely together
with them to improve the sell-through of our products and gain more shelf space in their stores. In parallel,
we also continued to invest in our direct-to-consumer business, which includes our owned-and-operated
retail stores as well as our e-commerce business. Our e-commerce business continued to grow by double-
digits and we invested in our respective front-end and back-end capabilities. We continued to improve the
user experience and product offering of our existing e-commerce channels and launched new e-commerce
sites in important markets such as Mexico, Argentina, and the United Arab Emirates. We also developed our
first-ever PUMA shopping app, which we will launch in pilot markets in early 2022 and we increased our
investments in performance marketing to drive traffic and conversion across all our e-commerce channels.
Furthermore, PUMA continued to upgrade its owned-and-operated retail store network and opened
selective new Full-Price Stores and Factory Outlet Centers around the world, as consumer traffic and
demand rebounded and stores re-opened after COVID-19-related lockdowns.
Operationally, we continued to improve the infrastructure, processes and systems that are required to
support our overall growth ambition for the upcoming years. In 2021, a strong focus was put on expanding
our logistics network in key markets. We successfully opened our highly automated multi-channel
distribution center in Geiselwind, Germany. New state-of-the-art distribution centers like the one in
Geiselwind provide us with the required back-end infrastructure to support our future growth in the
Wholesale and Direct-to-Consumer channels. Our teams in the Unites States moved into a new
headquarter in Somerville, MA and we inaugurated new modern offices in several countries such as France
and Sweden.
Moreover, we continued to focus on further developing our ERP systems and enhancing our product
development tools. This, combined with improvements of the overall IT infrastructure, enabled faster and
better communication and information exchange with internal and external stakeholders. Due to continued
travel restrictions related to the COVID-19 pandemic, we also invested in additional digital capabilities along
the go-to-market process, from virtual product development to virtual sell-in meetings.
The long-term collaboration with our valued suppliers remains the key component of our sourcing strategy.
It ensures a stable sourcing base, consistent quality of our products and prepares us for future growth and
changes in the trading environment. The strong collaboration with our suppliers, who are mainly based in
Asia, has helped us during the COVID-19 pandemic and has contributed to a very resilient supply chain
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situation throughout the year, despite several lockdowns in key sourcing countries such as Vietnam and
Bangladesh.
Sustainability remains one of our strategic priorities and we continue to fully integrate sustainable
practices into every aspect of our business with a special focus on increasing the number of sustainable
products in our ranges and stronger consumer-facing communication. In 2021, we continued to build on our
FOREVER BETTER communication platform, which serves as the overarching umbrella for all consumer-
facing communication on sustainability. All of our sustainability efforts are connected and are measured
against our 10FOR25 targets, which are aligned with the United Nations’ Sustainable Development Goals
and outline our ambitious objectives until the year 2025. One of these ambitious targets is to increase the
share of products with more sustainable materials from 5 out of 10 products in 2020 to 9 out of 10 products
in 2025. In order to reach these targets, we successfully launched several more sustainable collections
such as PUMA x FIRST MILE with products made from recycled polyester, the EXHALE yoga collection co-
created with Cara Delevingne, which uses recycled polyester, natural dyes, and offsets unavoidable carbon
emissions and the RE.GEN collection, which is made from regenerated materials from our own industry
waste. Other highlights include our new BETTER FOAM in footwear, a material partly made from
sugarcane. In 2021, PUMA committed to protecting forests around the world when sourcing paper,
cardboard, and viscose, as part of its new partnership with not-for-profit environmental organization
Canopy. We continued our leading role at the Fashion Charter for Climate Action, which at the climate
conference COP26 in Glasgow announced more ambitious climate action, to limit the global temperature
rise to 1.5 degrees Celsius above pre-industrial levels. PUMA worked with other key stakeholders on all
levels to promote more sustainable business practices in our industry. In relation to human rights, we took
the necessary actions to safeguard our suppliers and workers during the COVID-19 pandemic by honoring
all of our purchasing commitments. We also ensured that all workplace safety and legal standards were
met through our long-standing social compliance program.
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PRODUCT DEVELOPMENT AND DESIGN

At PUMA, we have a history of more than 70 years of moving sports and culture forward. Our archive offers
a vast database from which our designers can draw inspiration when they create new styles. In 2021, one
example of how we blend the new and the old came in the shape of the MAYZE, our newest franchise, which
is selling very well.
Presented by pop superstar Dua Lipa, the MAYZE is ready to become the next PUMA classic and was
launched in several colors and executions throughout the year, such as the MAYZE Classic and the MAYZE
Chelsea, a twist on the classic Chelsea Boot.
We continued with our successful women’s franchise CALI and added a men’s model, the CA Pro. The RS
franchise resonated well with consumers, with new versions of the RS-X and the RS-Z.
Our classics such as the PUMA SUEDE performed well in 2021, especially in North America, and we
successfully re-introduced the SUEDE in kids’ sizes.
The SUEDE also played a major role in our collaboration with Brooklyn-based artist collective KIDSUPER
STUDIOS. KIDSUPER won the prestigious Lagerfeld Prize, which is awarded to up-and-coming talents in
the fashion industry.
Other successful collaborations in 2021 included a collection with London-based female fashion brand
Liberty, which combined the brand’s iconic floral prints with PUMA’s most recognizable footwear styles.
We also teamed up with Australian skater brand Butter Goods for a 1990s-inspired collection, which
featured high-quality materials and classic silhouettes, combined with sports-inspired graphics.
In 2021, we overhauled our line-up of running products and introduced our proprietary NITRO foam,
following years of research and testing. Our new running range also included products specifically
engineered for female runners, based on a brand-new last which was optimized for the female foot. The
success of our athletes, such as US marathon runner Molly Seidel, underscored the performance of these
products.
Together with Formula 1 team MERCEDES AMG PETRONAS, PUMA designed its fastest, lightest and most
propulsive track & field spike ever as part of the FASTER+ program. The EvoSPEED Future FASTER+ spike
was worn by Norwegian hurdler Karsten Warholm when he won the Gold medal and set a new 400m
hurdles world record. Canadian sprinter Andre De Grasse wore the EVOSPEED TOKYO FUTURE NITRO
FASTER+ when he took the Gold medal in the 200m race. Technological advances from the FASTER+
program were also passed down and integrated into other track and field spikes.
In Teamsport, the innovative FUTURE franchise continued in 2021 with the new FUTURE Z, which was
launched in January. In June, we designed a special version of the FUTURE for our ambassador Neymar Jr.
ahead of the Copa America. In July, PUMA showed its commitment to women’s football by launching its
ULTRA boots for the first time in both a Unisex and Women-specific fit, as part of its FASTER FOOTBALL
campaign. Together with Neymar Jr., PUMA launched several Teamsport products throughout the year,
including his first ever lifestyle collection. PUMA also introduced ULTRAWEAVE, a completely new
performance apparel technology, which allowed us to create our lightest-ever football jersey.
In Golf, lifestyle-inspired golf apparel and footwear such as the GRYLBL, Arnold Palmer and Excellent
Golfwear collections as well as the RS-G and Fasten8 shoes performed well. Additionally, collaborations
with Kygo’s Palm Tree Crew created brand heat for PUMA Golf.
For COBRA Golf, the RADSPEED family was a commercial success, which also resonated well with the
media. COBRA also launched two new putter families, the KING Vintage Series and the KING 3D Printed
Series.
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Our Motorsport offering for the first time included footwear co-created with our long-term partner Scuderia
Ferrari. This marks the start of a new strategy for PUMA and Ferrari to enter the high-fashion segment.
Our successful SPEEDCAT low-profile franchise was expanded this year with the introduction of the
SPEEDCAT LS. Together with Red Bull Racing Honda driver Max Verstappen, we created a special edition of
the SPEEDCAT PRO, which celebrated the return of Formula 1 to the Netherlands.
We also introduced several collections with a sustainability focus. Our RE.GEN collection was made with
PUMA’s own industry waste and other recycled materials. Together with model, actress and activist Cara
Delevingne, PUMA also created EXHALE, a yoga collection, which was made of at least 70% recycled
polyester and for which PUMA offset all unavoidable CO2 emissions.
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 December 31, 2021, a total of 1,136 people were employed in research and development/ product
management (previous year: 1,049). In 2021, research and development/ product management expenses
totaled € 114.5 million (previous year: € 102.6 million), of which € 61.7 million (previous year: € 56.6
million) related to research and development.
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SOURCING
THE SOURCING ORGANIZATION
PUMA Group’s sourcing functions, referred to as PUMA Group sourcing (PGS), manages all sourcing
related activities for PUMA and Cobra, including vendor 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 referenced 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 centralization of both the sourcing and procurement functions, along with the rollout of a cloud-based
purchase order collaboration and payment platform, linking the sales-subsidiaries, PIT and the vendors,
has enabled the digitalization of the supply chain creating transparency, operational efficiency and reducing
complexity. For example, container fill rates are optimized, foreign currency risks are managed by PIT
directly via a centralized currency hedging policy, and all payments to vendors are automated and paper
free.
In order to meet our customers’ requirements concerning service, quality, social and environmental
compliance we focus on six core strategic pillars of collaboration, product, quality, growth management,
margins and landed cost, and sustainability. The centralization of sourcing and procurement allows for
continuous improvements in all of these areas. Furthermore, the integration of the PUMA sustainability
function (social, environmental and chemical) into PGS, ensures these focus areas are part of our day-to-
day business.
Another key aspect in our sourcing setup since 2016 has been the PUMA Vendor Financing Program. The
program allows vendors to be paid earlier and is based on PUMA’s credit rating. The International Finance
Corporation (IFC), banking group BNP Paribas and HSBC as well as Standard Chartered offer attractive
financing terms to our suppliers, which are able to maintain their own lines of credit.
The year 2021 saw the resumption of demand in our key markets after extended lockdowns in Europe,
America and other parts of the world in 2020. As a result, our focus shifted to building capacity across our
supply base in all product divisions. Starting from the second quarter of this year, we started to experience
significant challenges on the supply side due to regional COVID-19 related lockdowns. Bangladesh and
certain parts of China were exposed to temporary production disruptions. More notably, South Vietnam
suffered from a twelve-week extended lockdown resulting in office restrictions, manufacturing closures
and curfews. During this time our suppliers had to keep factories closed or could only operate at reduced
capacity. We immediately focused on supporting our suppliers during this time, while health and safety of
the employees was our top priority. To mitigate capacity constrains in South Vietnam, we rebalanced
production allocation to other areas such as China, Cambodia and North Vietnam; this also applied for
products still in development and sampling stage. At the same time, we prioritized our orders in alignment
with the sales subsidiaries. Once the lockdown situation started to ease, we shifted our efforts to tracking
and restoring capacities with our partners.
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THE SOURCING MARKETS
During the financial year 2021, PIT purchased from 134 independent suppliers (previous year: 139) in 27
countries worldwide. The strategic cooperation with long-term partners did not only remain to be one of the
key competitive advantages, but it was also crucial in navigating through the supply chain challenges of
2021.
Asia remains 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 (93% of the total volume) are all located on the Asian
continent. Vietnam remained to be the strongest production country with a total of 32%. Due to lock downs
during the third quarter Vietnam saw a minor decrease of global production share by three percentage
points compared to last year. Mainly China compensated for the situation in Vietnam and increased its
share by three percentage points to 29%. Bangladesh, with a focus on apparel, was in third place at 14%
and Cambodia was in fourth place at 13%. Indonesia, which focuses on footwear production, produced 4% of
the total volume and was in fifth place. India was in sixth place at 2%.
Rising wage costs, fluctuating material prices and macroeconomic developments, have continued to
influence sourcing markets in 2021. Such impacts need to be taken into account in allocating the production
to ensure a secure, sustainable and competitive sourcing of products. In this regard sourcing has extended
its local supply chain initiatives for markets such as China, India, Latin America, Turkey and others.
↗ G.01 SOURCING REGIONS OF PUMA (in %)
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EMPLOYEES
NUMBER OF EMPLOYEES
The global number of employees on a yearly average was 14,846 in 2021, compared to 13,016 in the
previous year. Personnel expenses increased by a total of 22.0% from € 583.7 million to € 712.4 million in
2021. On average, personnel expenses per employee amounted to € 48.0 thousand, compared to € 44.8
thousand in the previous year.
↗ G.02 DEVELOPMENT EMPLOYEES (annual average / year-end)
As of December 31, 2021, the number of employees was 16,125, compared to 14,374 in the previous year.
This corresponds to an overall increase in the number of employees of 12.2% compared to the previous
year. The development in the number of employees per area is as follows:
↗ G.03 EMPLOYEES (Year-end)
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TALENT RECRUITMENT AND DEVELOPMENT
The global COVID-19 pandemic continued to influence our business operations in 2021, in particular in the
various phases that in some cases saw governments worldwide take extensive measures to restrict
contact. As mobile working and virtual collaboration were already common practice at PUMA, we were able
to respond with maximum flexibility in terms of where and when our employees did their work. To adapt to
these new circumstances, we have increased the flexibility of our regular working time models and have
developed hybrid concepts for all training courses that were previously classroom-based. We have
continued to place particular emphasis on creating a safe working environment and avoiding financial cuts
for our employees. Their high level of commitment has meant that we have been able to continue our
business operations as smoothly as possible, and we feel well prepared for our further growth path.
To ensure our competitiveness in an increasingly complex environment and to promote growth, it is

essential that we have highly qualified and motivated personnel whom we can retain for the long term at
our Group companies.
To attract external candidates, in addition to our careers website we use digital platforms and social media
for our target-group-specific, individual, and proactive recruiting measures. Having a range of initiatives at
universities gives us the opportunity to approach potential employees and identify suitable candidates.
Extensive networks of qualified applicants and candidate pools help us to quickly fill vacancies. In the
competitive labor market, being an attractive employer and being perceived as such by current and
potential employees are of critical importance. PUMA's attractiveness is evidenced by its top rankings as an
employer and numerous awards. We are very proud of the fact that in 2021, a total of sixteen PUMA
subsidiaries around the world received a coveted Top Employer Award, which honors our outstanding
corporate culture and working environment.
In 2021, the focus was again on simplifying, accelerating, and harmonizing business processes worldwide,
as well as on further digitalization. Since 2017, we have been using the "Workday" software solution for a
variety of human resources processes. This software provides employees and managers with the processes
and tools required for daily human resources management. In addition, easy-to-use dashboards provide
managers with the information and data-driven insights they need for planning and management. The
analysis of our centrally available global data provides a solid basis for strategic decisions and measurable
results. Digital signatures and chatbots contributed to the further digitalization and optimization of key
processes worldwide.
Our aim is to nurture our employees both on an individual basis and in an international environment while
successfully retaining them at PUMA for the long term. Based on the Workday software, a systematic
succession plan is created as part of talent management in addition to performance assessment and
target-setting. We identify the talent available within the Group as part of annual performance reviews and
global talent conferences and foster talent development based on individual development plans. This type
of talent management means that we can offer our employees attractive career and development
opportunities. In this reporting year, we continued to fill the majority of our key positions through internal
promotions or horizontal moves around the world. This strengthens our talent and development strategy.
In order to be successful in the long term, it is essential that our workforce has the necessary skills to
ensure continuous growth and market competence, especially in times of extensive change. We guarantee
this by means of the ongoing and systematic professional and personal development of our employees.
Workday helps us to avoid skills gaps and gain transparency about the skills available in the workforce.
The range of training that we provide includes a number of online and offline training courses and
workshops, which are either standardized or tailored to individual needs. In 2021, we expanded this
offering. With "LinkedIn Learning" and "Good Habitz," there are now almost 18,000 different training
courses available for our employees. A wide range of learning categories are available for self-directed
personal and professional development. Furthermore, learning content covering topics such as mental
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well-being, resilience, mindfulness, and emotional stability in particular helped us as an employer to

provide the best possible support to our employees around the world in the exceptional situation caused by
the COVID-19 pandemic. We want to expand the use of agile working methods even further and therefore
offer Digital Agile Coach programs for different target groups.
With a range of apprenticeships and dual-study programs, 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 program, consisting of the ILP ("International Leadership
Program") and ILP². The program helps participants to develop over a long period of time and includes
intensive training and coaching units—including interactive learning, role plays, and best practice
learning—as well as joint projects. The digitalization and the changing work environment have posed new
challenges for managers in particular. The key topics are therefore coaching, mindful leadership, and agile
working methods. In 2021, we also introduced a new training program: the PUMA Leadership Expedition,
which aims to empower our managers to lead effectively in the VUCA world (VUCA is an acronym for
volatile, uncertain, complex, and ambivalent). The program 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.
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 program also
offers individual coaching.
Our personnel development programs "Speed Up" and "Speed Up²" target employees at different hierarchal
levels. Various groups consisting of top talent receive intensive preparation for the next step in their
careers by taking on interdisciplinary projects and tasks, targeted training courses, mentoring and
coaching, as well as job rotations. Increased visibility to upper management, the creation of cross-
functional collaborations and establishing a strong network are also important components of this
program.
Feedback from our employees is very important to us. This is why, in addition to regular pulse checks, we
conduct global surveys every two years. In 2021, 12,875 employees participated in our employee survey and
took the opportunity to share their opinions about their workplace and professional life. This equates to a
participation rate of 86% (2019: 85%). Despite the difficult circumstances caused by the COVID-19
pandemic, we have achieved higher approval levels in all categories. We are particularly proud that our 92%
(2019: 91%) employee engagement rate has increased once again, which is a testimony to the high level of
our employees' commitment and loyalty to the PUMA brand. These results encourage us to continue and
further strengthen the measures that have been implemented. The results of the survey were
communicated at global, local, and departmental level and any follow-up measures were defined.
WORKS COUNCIL
The trust-based and constructive collaboration with the Works Councils is an important part of our corporate
culture. In 2021, the European Works Council of PUMA SE represented employees from 13 European
countries and had 16 members. The German Works Council of PUMA SE was made up of 15 members and
represents the employees of the PUMA Group in Germany. A designated member of the Works Councils in
Germany represents the interests of employees with disabilities.
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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 programs, 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 wellbeing. We also offer long-term incentive programs for the senior management level
that honor the sustainable development and performance of the business. The bonus system is transparent
and globally standardized. Incentives are exclusively linked to company goals.
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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 sales and operating result (EBIT). These are the financial control parameters that are of
particular significance. Moreover, we aim to minimize 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 analyzed in detail and appropriate
countermeasures are taken in the event such deviations have a negative impact.
Changes in net sales are also influenced by currency exchange effects. This is why we also state any
changes in sales in Euro, 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 translated at the average
rates for the previous reporting year, but were instead translated at the corresponding average rates for
the current 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.
Non-financial performance indicators are of only minor importance at PUMA.
The calculation of the key financial control parameters that PUMA uses is defined as follows:
The recognition of net sales is based on the provisions of IFRS 15 Revenue from contracts with customers.
PUMA’s gross profit margin is calculated as cost of sales divided by net sales. Cost of sales mainly
comprise the carrying amounts of inventory that were recognized as expenses during the reporting period.
PUMA’s operating result (EBIT) is the sum of net 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 amortization, provisions and impairment loss, before interest (= financial result) and
before taxes. The financial result includes interest income and interest expenses as well as currency
conversion differences. The EBIT margin is calculated as EBIT divided by net 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 recognized 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.
We also use the EBITDA indicator, which represents the operating result before interest (= financial result),
taxes and depreciation and amortization, to assess the results of operations. EBITDA is calculated based on
the operating result (EBIT) adding depreciation and amortization, which may also contain any incurred
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impairment expenses relating to fixed assets and financial assets. The EBITDA margin is calculated as
EBITDA divided by net 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 one 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 2021 will be available by April 30, 2022,
at the latest on the following page of our website: https://about.PUMA.com/en/investor-relations/financial-
reports
Furthermore, important sustainability information can always be found in the Sustainability section of
PUMA’s website: https://about.puma.com/en/forever-better
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ECONOMIC REPORT
GENERAL ECONOMIC CONDITIONS
GLOBAL ECONOMY
According to the winter forecast published by the Kiel Institute for the World Economy (IfW Kiel) on
December 15, 2021, the global economic recovery has lost momentum since the middle of the year. In many
parts of the world, renewed increases in the number of COVID-19 cases inhibited economic activity, supply
bottlenecks hampered the upturn in industrial production, and growth in the Chinese economy appears to
have slowed. Following the drastic economic slump caused by the COVID-19 pandemic in the previous year,
experts at IfW Kiel expect global gross domestic product (GDP) to increase by 5.7% overall in 2021. Global
industrial production recovered swiftly from the severe slump at the start of the pandemic and had already
returned to pre-crisis levels by the fall of 2020. However, supply bottlenecks and capacity issues in
logistics, especially in maritime transport, have played a more prominent role in slowing down global trade
and industrial production since mid-2021. In terms of fiscal policy, economic development in developed
economies—and to a lesser extent in many emerging economies—continued to be supported for the time
being, and extensive additional spending and tax deferral approaches were adopted to mitigate the
economic impact of the pandemic.
SPORTING GOODS INDUSTRY
2021 was a challenging year for the sporting goods industry, with a variety of operational issues needing to
be addressed. For example, the problematic situation in the freight sector throughout the year, with high
freight rates, insufficient capacity and congested ports, as well as production downtime due to a COVID-19
lockdown in South Vietnam in the third quarter, contributed to limited product availability. Despite this, in
2021, the sporting goods industry recovered from the shock caused by the COVID-19 pandemic in the
previous year and was able to build on the growth of previous financial years once again.
The resumption of amateur and professional sporting events and the staging of major sporting events in
2021, such as the European Football Championships and the Summer Olympics in Tokyo, had a positive
impact on the sporting goods industry. Moreover, as a result of the COVID-19 pandemic, more sporting
activity and an increasingly healthy and sustainable lifestyle, continued to gain in importance for an ever-
increasing proportion of the world's population. 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
ILLUSTRATION OF SALES DEVELOPMENT IN 2021 COMPARED TO THE OUTLOOK
In the 2020 Combined Management Report, PUMA had forecasted at least a moderate currency-adjusted
increase in sales for the financial year 2021, due to the negative impact of the COVID-19 pandemic. This
outlook was increased several times during the year and, at the end of the third quarter, PUMA anticipated
a currency-adjusted increase in sales of at least 25% for the financial year 2021. Thanks to continued brand
momentum, successful product launches and a strong focus on flexibility in business operations, PUMA
was able to outperform the adjusted outlook for the full-year 2021, significantly exceeding the original sales
target.
More details on sales development in the financial year 2021 are provided below.
SALES
PUMA's net sales in the reporting currency, the euro, increased by 30.0% to € 6,805.4 million in the
financial year 2021 (previous year: € 5,234.4 million). Adjusted for currency exchange effects, sales
increased by 31.7%. PUMA thus succeeded in continuing the sales growth of previous financial years after a
decline in sales in 2020 caused by the COVID-19 pandemic. All regions and all product divisions contributed
to this development in 2021 with double-digit growth rates.
↗ G.04 SALES (in € million)
In the Footwear division, sales in the reporting currency, the euro, rose by 33.6% to € 3,163.6 million.
Currency-adjusted sales increased by 36.0%. The strongest growth was achieved in the Sportstyle and
Running & Training categories. The share of the Footwear division in total net sales rose from 45.2% in the
previous year to 46.5% in 2021.
Sales in the Apparel division in the reporting currency, the euro, increased by 27.5% to € 2,517.3 million.
Currency-adjusted sales grew by 28.6%. The Sportstyle category was the main driver of sales growth. The
Running & Training and Teamsport categories also contributed to this growth. The share of the Apparel
division decreased slightly to 37.0% of Group sales (previous year: 37.7%).
The Accessories division recorded a 26.0% growth in sales in the reporting currency, the euro, to
€ 1,124.5 million, equivalent to currency-adjusted sales growth of 27.2%. The growth in sales was in
particular driven by higher sales of socks and bodywear and of Cobra golf clubs. The division's share of
Group sales fell from 17.1% in the previous year to 16.5% in 2021.
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↗ G.05 SALES BY PRODUCT DIVISIONS (€ million)
RETAIL BUSINESSES
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 retail sales increased by 22.8% currency-adjusted to € 1,724.8 million in the financial year 2021.
This corresponds to a share of 25.3% in total sales (previous year: 27.2%). Sales in PUMA's own retail
stores recorded a currency-adjusted increase of 30.3% in 2021 following the temporary closure of stores in
numerous countries around the world due to restrictions to mitigate the COVID-19 pandemic in the previous
year. In contrast, there were only isolated retail store closures in 2021. In the e-commerce business,
currency-adjusted sales increased by 11.3% in 2021, following extremely strong sales growth of over 60% in
the previous year. This development in 2021 reflects the fact that consumers still value the shopping
experience in retail stores, following a shift in consumer shopping behavior towards increased online
shopping in the previous year. Notwithstanding, our e-commerce activities were particularly successful on
special days in the online business, such as Singles' Day in China on November 11, the world's largest
online shopping day, as well as on Black Friday on November 26 and Cyber Monday on November 29.
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↗ G.06 RETAIL SALES
LICENSING BUSINESS
PUMA grants licenses to independent partners for various product divisions, such as watches, glasses,
safety shoes and gaming accessories such as the Playseat. 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. After PUMA's royalty and
commission income fell in the previous year due to the COVID-19 pandemic, the 2021 financial year saw a
48.2% increase in royalty and commission income to € 23.9 million (previous year: € 16.1 million).
REGIONAL DEVELOPMENT
In the following explanation of the regional distribution 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). A more detailed regional presentation of the sales according to the registered office of the
respective Group company can be found in chapter 25 of the Notes to the Consolidated Financial
Statements.
PUMA's net sales in the reporting currency, the euro, increased by 30.0% in the financial year 2021. This
corresponds to a currency-adjusted sales increase of 31.7% compared to the previous year. All regions
contributed to this development with double-digit growth rates.
In the EMEA region, sales in the reporting currency, the euro, rose by 27.7% to € 2,531.7 million. Adjusted
for currency effects, this corresponds to an increase in sales of 28.2%. Almost all countries in the region
contributed to this development with double-digit growth rates. Particularly strong growth came from
France, Italy, Russia and South Africa. In terms of Group sales, the share of the EMEA region nevertheless
decreased from 37.9% in the previous year to 37.2% in 2021.
With regard to product divisions, sales revenue from Footwear recorded a currency-adjusted increase of
31.0%. Currency-adjusted sales of apparel increased by 29.2%. Currency-adjusted sales of accessories
rose by 20.6%.
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↗ G.07 EMEA SALES (€ million)
In the Americas region, sales in the reporting currency, the euro, increased by 48.5% to € 2,636.9 million,
thus exceeding the € 2 billion mark for the first time in this region. Currency-adjusted sales increased by
53.9%. Latin America in particular suffered negative exchange rate effects, as the weakness of the
Argentine peso against the euro had a significant negative impact on sales in Latin America denominated in
the reporting currency, the euro. Due to the strong growth in sales, the Americas region's share of Group
sales rose to 38.7% in 2021 (previous year: 33.9%).
In terms of product divisions, both footwear (+63.8% currency-adjusted) and apparel (+52.1% currency-
adjusted) recorded particularly strong year-on-year sales growth. Sales in the Accessories division saw a
currency-adjusted increase of 35.1%, in particular due to an increase in sales of Cobra golf clubs, socks and
bodywear.
↗ G.08 AMERICAS SALES (€ million)
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In the Asia/Pacific region, sales rose in the reporting currency, the euro, by 10.9% to € 1,636.8 million. This
corresponds to a currency-adjusted sales increase of 10.6%. While there was a single-digit percentage
decline in sales in Greater China in 2021 due to the difficult market environment, India, Japan and Australia,
among others, recorded double-digit percentage sales growth. The Asia/Pacific region's share of Group
sales decreased from 28.2% in the previous year to 24.1% in 2021.
Looking at the product divisions, currency-adjusted sales of footwear increased by 9.4%. Sales of apparel
increased by 9.6% and currency-adjusted sales in the accessories division grew by 24.7%.
↗ G.09 ASIA/PACIFIC SALES (€ million)
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RESULTS OF OPERATIONS
↗ T.01 INCOME STATEMENT
2021 2020
€ million % € million % +/- %
Net Sales 6,805.4 100.0% 5,234.4 100.0% 30.0%
Cost of sales -3,547.6 -52.1% -2,776.4 -53.0% 27.8%
Gross profit 3,257.8 47.9% 2,458.0 47.0% 32.5%
Royalty and commission income 23.9 0.4% 16.1 0.3% 48.2%
Other operating income and expenses -2,724.6 -40.0% -2,264.9 -43.3% 20.3%
Operating result (EBIT) 557.1 8.2% 209.2 4.0% 166.3%
Financial result -51.8 -0.8% -46.8 -0.9% 10.5%
Earnings before taxes (EBT) 505.3 7.4% 162.3 3.1% 211.2%
Income taxes -128.5 -1.9% -39.2 -0.7% 227.8%
Tax rate 25.4% 24.2%
Net earnings attributable to non-controlling

interests -67.2 -1.0% -44.2 -0.8% 51.9%
Net earnings 309.6 4.5% 78.9 1.5% 292.4%
Weighted average shares outstanding

(million) 149.59 149.56 0.0%
Weighted average shares outstanding,

diluted (million) 149.59 149.56 0.0%
Earnings per share in € 2.07 0.53 292.3%
Earnings per share, diluted in € 2.07 0.53 292.3%
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ILLUSTRATION OF EARNINGS DEVELOPMENT IN 2021 COMPARED TO THE OUTLOOK
In the outlook of the 2020 Combined Management Report, PUMA forecasted a significant improvement in
operating result (EBIT) and consolidated net earnings for the 2021 financial year. The outlook for the
operating result (EBIT) had already been raised several times during the year and, at the end of the third
quarter, an operating result (EBIT) in the range of € 450 million to € 500 million was anticipated. Thanks to
continued brand momentum, successful product launches and a strong focus on flexibility in business
operations, PUMA was able to outperform the adjusted earnings outlook for the full-year 2021, significantly
exceeding the original profitability target.
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 2021 increased by 32.5% from € 2,458.0 million to
€ 3,257.8 million. The gross profit margin rose by 90 basis points from 47.0% to 47.9%. This was in
particular due to better sell-through and less promotional activity. By contrast, exchange rate effects,
regional and distribution channel mix effects, and cost increases for inbound freight had a negative impact
on the gross profit margin development.
The gross profit margin in the Footwear division increased from 45.7% in the previous year to 47.3% in
2021. The Apparel gross profit margin increased from 48.5% to 48.9%, and in Accessories it increased from
47.0% to 47.1%.
↗ G.10 GROSS PROFIT/GROSS PROFIT MARGIN
171
OTHER OPERATING INCOME AND EXPENSES
Other operating income and expenses (OPEX) increased by 20.3% to € 2,724.6 million in the financial year
2021 from a total of € 2,264.9 million in the previous year. Higher expenses for marketing, a higher number
of PUMA-owned retail stores, higher sales-related distribution and warehousing costs as well as
operational inefficiencies due to the ongoing negative impact of the COVID-19 pandemic contributed to this
development. Meanwhile, continued cost control resulted in a significantly weaker increase in other
operating income and expenses compared to sales growth. The operating leverage achieved is also
reflected in the decrease in the expense ratio from 43.3% in the previous year to 40.0% in 2021, which
contributed significantly to the improvement in profitability in the financial year 2021.
↗ G.11 OPERATING EXPENSES (as a % of sales)
Within sales expenses, marketing/retail expenses increased by 24.7% to € 1,309.1 million, while the cost
ratio was 19.2% of sales in 2021, compared with a cost ratio of 20.1% in the previous year. Other sales
expenses, which mainly include sales-related costs and costs for warehousing and logistics, increased by
20.8% to € 898.2 million. The cost ratio of other sales expenses decreased to 13.2% of sales in 2021
compared to a cost ratio of 14.2% in the previous year.
Research and development/product management expenses increased by 11.6% to € 114.5 million

compared to the previous year and the cost ratio fell slightly to 1.7%. Other operating income in the past
financial year amounted to € 2.6 million and consisted primarily of income arising from the sale of fixed
assets. General and administrative expenses increased by 9.9% to € 405.2 million in 2021. The cost ratio of
general and administrative expenses fell to 6.0% of sales in 2021. Depreciation and amortization is included
in the relevant costs and total € 287.3 million (previous year: € 275.7 million). In addition, the respective
costs include impairment losses relating to right-of-use assets totaling € 18.5 million (previous year:
impairment losses relating to goodwill and right-of-use assets totaling € 18.0 million).
172
RESULT BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA)
The result before interest (= financial result), taxes, depreciation and amortization (EBITDA) increased by
71.6%, from € 502.9 million to € 862.8 million, in the financial year 2021. The EBITDA margin improved
accordingly from 9.6% in the previous year to 12.7% in 2021.
OPERATING RESULT (EBIT)
In the financial year 2021, the operating result increased by 166.3% from € 209.2 million in the previous
year to € 557.1 million. The significant improvement in profitability in the financial year 2021 is attributable
to the strong sales growth combined with the improvement in the gross profit margin and the significantly
smaller increase in other operating income and expenses compared to sales growth. Accordingly, the EBIT
margin increased from 4.0% in the previous year to 8.2%.
↗ G.12 OPERATING RESULT - EBIT
FINANCIAL RESULT
The financial result decreased in 2021 from a total of € -46.8 million in the previous year to € -51.8 million.
This development is due, among other things, to higher expenses from foreign currency exchange
differences totaling € -9.0 million in 2021 compared to € -3.9 million in the previous year. An increase in
expenses from interest components in connection with forward exchange transactions ("swap points") to a
total of € -9.0 million in 2021 compared to € -3.9 million in the previous year also contributed to this
development. By contrast, the interest result (the net balance of interest income and interest expenses)
increased to a total of € -1.0 million in 2021 compared with € -5.7 million in the previous year.
EARNINGS BEFORE TAXES (EBT)
In the financial year 2021, PUMA generated earnings before taxes of € 505.3 million. This represents a
significant increase of 211.2% compared to the previous year (€ 162.3 million). Tax expenses increased to
€ 128.5 million compared to € 39.2 million in the previous year. The tax rate increased slightly from 24.2%
to 25.4% in 2021.
173
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
increased by 51.9% to € 67.2 million in the 2021 financial year (previous year: € 44.2 million). These
companies concern PUMA United North America and PUMA United Canada. The business purpose of these
companies is the sale of socks, bodywear, accessories and children's apparel in the North American
market.
NET EARNINGS
Net earnings improved by 292.4% from € 78.9 million to € 309.6 million in the 2021 financial year,
representing the highest consolidated net earnings in PUMA's corporate history to date. The significant
increase in consolidated net earnings was mainly the result of strong growth in sales combined with the
improvement in gross profit margin and the operating leverage achieved. By contrast, the slight increase in
the tax rate in 2021 resulted in a negative effect on the development of consolidated net earnings.
Earnings per share and diluted earnings per share increased from € 0.53 in the previous year to € 2.07 in
the financial year 2021, in line with the development of the consolidated net earnings.
DIVIDENDS
Based on the positive net earnings, the Management Board and the Supervisory Board propose to the
Annual General Meeting on May 11, 2022, that a dividend of € 0.72 per share be paid out from retained
earnings of PUMA SE for the financial year 2021. The payout ratio for financial year 2021 is 34.8% of
consolidated net earnings. This is in accordance with PUMA SE's dividend policy, which foresees a payout
ratio of 25% to 35% of consolidated net earnings according to IFRS. 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 € 0.16 per share was paid out and the payout ratio was 30.3% of consolidated
net earnings.
↗ G.13 EARNINGS/DIVIDEND PER SHARE (in €)
174
NET ASSETS AND FINANCIAL POSITION
↗ T.02 BALANCE SHEET
12/31/2021 12/31/2020
Cash and cash equivalents 757.5 13.2% 655.9 14.0% 15.5%
Inventories 1,492.2 26.1% 1,138.0 24.3% 31.1%
Trade receivables 848.0 14.8% 621.0 13.3% 36.5%
Other current assets (working capital) 268.7 4.7% 174.5 3.7% 54.0%
Other current assets 123.3 2.2% 23.7 0.5% 420.4%
Current assets 3,489.8 60.9% 2,613.0 55.8% 33.6%
Deferred taxes 279.9 4.9% 277.5 5.9% 0.9%
Right-of-use assets 940.5 16.4% 877.6 18.7% 7.2%
Other non-current assets 1,018.0 17.8% 916.0 19.6% 11.1%
Non-current assets 2,238.4 39.1% 2,071.0 44.2% 8.1%
Total assets 5,728.3 100.0% 4,684.1 100.0% 22.3%
Current financial liabilities 68.5 1.2% 121.4 2.6% -43.6%
Trade payables 1,176.5 20.5% 941.5 20.1% 25.0%
Other current liabilities (working capital) 704.6 12.3% 526.2 11.2% 33.9%
Current lease liabilities 172.4 3.0% 156.5 3.3% 10.1%
Other current liabilities 42.6 0.7% 127.2 2.7% -66.5%
Current liabilities 2,164.5 37.8% 1,872.8 40.0% 15.6%
Deferred taxes 48.8 0.9% 40.6 0.9% 20.1%
Pension provisions 31.9 0.6% 38.2 0.8% -16.3%
Non-current lease liabilities 851.0 14.9% 775.2 16.6% 9.8%
Other non-current liabilities 353.5 6.2% 193.4 4.1% 82.8%
Non-current liabilities 1,285.3 22.4% 1,047.4 22.4% 22.7%
Shareholders’ equity 2,278.5 39.8% 1,763.9 37.7% 29.2%
Total liabilities and shareholders’ equity 5,728.3 100.0% 4,684.1 100.0% 22.3%
Working capital 727.9 465.8 56.3%
- in % of net sales 10.7% 8.9%
175
EQUITY RATIO
PUMA has a very solid capital base. As of the balance sheet date, the shareholders' equity of the PUMA
Group increased by 29.2%, from € 1,763.9 million in the previous year to € 2,278.5 million as of
December 31, 2021. In addition to the positive consolidated net earnings, positive effects of changes in value
recognized directly in equity from the fair value measurement of derivative financial instruments in
connection with cash flow hedging and the currency conversion of financial statements of foreign
subsidiaries that do not prepare their account in the reporting currency, the euro, also contributed to the
increase in consolidated shareholders' equity. As of the balance sheet date, the balance sheet total
increased by 22.3%, from € 4,684.1 million in the previous year to € 5,728.3 million. Overall, this resulted in
a 2.1 percentage points increase in the equity ratio, from 37.7% in the previous year to 39.8% as of
December 31, 2021.
↗ G.14 TOTAL ASSETS/EQUITY RATIO
WORKING CAPITAL
As of the balance sheet date, working capital increased by 56.3% from € 465.8 million in the previous year
to € 727.9 million as of December 31, 2021. In relation to net sales in the respective financial year, this
corresponds to an increase in the working capital ratio from 8.9% in the previous year to 10.7% at the end of
2021. This development is mainly due to the stronger increase in inventories and trade receivables
compared to the increase in trade payables.
Due to ongoing delivery delays, which, as of the balance sheet date, contributed to an increase in goods in
transit by more than half compared to the previous year, there was an overall increase in inventories by
31.1% from € 1,138.0 million to € 1,492.2 million as of December 31, 2021. In addition, an increase in the
number of PUMA-owned retail stores led to the rise in inventories. Trade receivables increased by 36.5%
from € 621.0 million to € 848.0 million as a result of strong growth in sales and lower receivables factoring
as of the balance sheet date. Other current assets, which are attributable to working capital, increased by
54.0% from € 174.5 million to € 268.7 million, mainly due to higher tax refund claims.
176
On the liabilities side, trade payables increased by 25.0%, from € 941.5 million to € 1,176.5 million due to
higher inventories. Other current liabilities, which are included in working capital and include, among other
things, customer bonus and warranty provisions, rose by 33.9% from € 526.2 million to € 704.6 million as a
result of the strong increase in sales.
↗ G.15 WORKING CAPITAL
177
OTHER ASSETS AND OTHER LIABILITIES
Other current assets, which exclusively include the positive market value of derivative financial
instruments, increased from € 23.7 million in the previous year to € 123.3 million. This development
resulted from the increase in the U.S. dollar closing rate as of December 31, 2021, compared with the
respective U.S. dollar rate when the hedging transactions were concluded.
Right-of-use assets increased by 7.2% year-on-year from € 877.6 million to € 940.5 million, mainly as a
result of the move into new office buildings in the USA, France and Sweden and the increase in the number
of PUMA-owned retail stores. The right-of-use assets referred to own retail stores totaling € 382.9 million
(previous year: € 355.2 million), warehouses and offices totaling € 505.8 million (previous year:
€ 464.3 million) and other lease items, mainly technical equipment and machines and motor vehicles,
totaling € 51.9 million as of December 31, 2021 (previous year: € 58.1 million). On the liabilities side, this
led to an increase in current and non-current lease liabilities.
Other non-current assets, which mainly comprise intangible assets and property, plant and equipment,
increased by 11.1% from € 916.0 million to € 1,018.0 million in the past financial year. The increase is
linked to the significant expansion of investment activities in 2021, following the pandemic-related
reduction in investments in non-current assets in the previous year aimed at reducing cash outflows.
As of 31 December 2021, current financial liabilities include the current portion of the promissory note
loans in the amount of € 68.5 million. In the previous year, current liabilities to banks in the amount of
€ 21.4 million were also included in current financial liabilities in addition to the current portion of the
promissory note loans in the amount of € 100.0 million.
Other current liabilities, which include the negative market value of derivative financial instruments, fell
from € 127.2 million to € 42.6 million compared to the previous year.
Pension provisions decreased from € 38.2 million in the previous year to € 31.9 million. This development is
primarily related to an increase in plan assets.
Other non-current liabilities, which mainly include promissory note loans totaling € 311.5 million (previous
year: € 145.0 million), amounted to € 353.5 million (previous year: € 193.4 million).
178
CASH FLOW
↗ T.03 CASH FLOW STATEMENT
2021 2020
€ million € million +/- %
Earnings before taxes (EBT) 505.3 162.3 211.2%
Financial result and non-cash expenses and income 315.9 360.4 -12.4%
Gross cash flow 821.2 522.8 57.1%
Change in net current assets -214.3 -11.9 -
Payments for taxes on income -146.9 -89.3 64.4%
Net cash from operating activities 460.1 421.5 9.2%
Payments for acquisitions 0.0 0.0 -
Payments for investing in fixed assets -202.4 -151.0 34.1%
Other investing and divestment activities incl. interest received 18.6 5.5 -
Net cash used in investing activities -183.8 -145.5 26.3%
Free cash flow 276.2 276.0 0.1%
Free cash flow (before acquisitions) 276.2 276.0 0.1%
- in % of net sales 4.1% 5.3%
Dividend payments to equity holders of the parent company -23.9 0.0 -
Dividend payments to non-controlling interests -47.8 -45.6 5.0%
Proceeds from borrowings 235.0 94.2 149.4%
Cash repayments of borrowings -121.9 0.0 -
Repayments of lease liabilities -160.9 -135.0 19.2%
Payments of interest -44.4 -43.0 3.3%
Net cash used in financing activities -164.0 -129.2 26.9%
Exchange rate-related changes in cash and cash equivalents -10.5 -8.9 18.4%
Change in cash and cash equivalents 101.7 137.8 -26.2%
Cash and cash equivalents at the beginning of the financial year 655.9 518.1 26.6%
Cash and cash equivalents at the end of the financial year 757.5 655.9 15.5%
179
NET CASH FROM OPERATING ACTIVITIES
The significant increase in profit before tax (EBT +211.2%) in the financial year 2021 was the main reason
for the 57.1% increase in gross cash flow from € 522.8 million to € 821.2 million.
↗ G.16 GROSS CASH FLOW (€ million)
As a result of the increase in working capital, there was a cash outflow from the change in net working
capital* of € -214.3 million in the financial year 2021 compared to a cash outflow of only € -11.9 million in
the previous year. The cash outflow from payments for income taxes increased from € -89.3 million in the
previous year to € -146.9 million in the financial year 2021 due to the increase in profitability. Overall, this
led to a 9.2% increase in cash inflow from operating activities from € 421.5 million to € 460.1 million,
enabling PUMA to improve cash inflow from operating activities in the financial year 2021, despite the
increase in working capital.
NET CASH USED IN INVESTING ACTIVITIES
In the financial year 2021, cash outflow from investment activities increased from a total of € 145.4 million
to € 183.8 million. The investments in fixed assets included in this figure increased from € 151.0 million in
the previous year to € 202.4 million in 2021 in line with our investment planning. The increase was primarily
attributable to investments in our own retail stores, in our logistics infrastructure and in new administrative
buildings. In addition, investments in the modernization of the IT infrastructure continued to be made.
* 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.
180
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
shareholdings, where applicable. No acquisitions were made in 2020 and 2021.
Free cash flow before acquisitions remained constant in the financial year 2021 at € 276.2 million compared
to the previous year (€ 276.0 million). Free cash flow before acquisitions was 4.1% of net sales compared to
5.3% in the previous year.
↗ G.17 FREE CASH FLOW (BEFORE ACQUISITIONS) (€ million)
NET CASH USED IN FINANCING ACTIVITIES
The net cash used in financing activities increased overall from a cash outflow of € 129.2 million in the
previous year to a cash outflow of € 164.0 million in 2021. The increase in cash outflow resulted mainly
from the dividend payment to the shareholders of PUMA SE for the financial year 2020 in the amount of
€ 23.9 million, after the dividend payment was suspended in the previous year due to the COVID-19
pandemic to limit the cash outflow.
The net cash used in financing activities also included payouts to non-controlling interests totaling
€ 47.8 million in 2021 (previous year: € 45.6 million). Cash inflows from borrowings amounted to € 235.0
million, compared with cash inflows of € 94.2 million in the previous year. In the financial year 2021,
payments made for the repayment of financial liabilities totaled € 121.9 million (previous year: € 0.0
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 € 164.2 million in the previous year to
€ 192.4 million in 2021.
As of December 31, 2021, PUMA had cash and cash equivalents of € 757.5 million, an increase of 15.5%
compared to the previous year (€ 655.9 million). The PUMA Group also had credit lines totaling
€ 1,322.0 million as of December 31, 2021 (previous year: € 1,639.1 million). Unutilized credit lines totaled
€ 942.0 million on the balance sheet date, compared to € 1,372.7 million in the previous year.
181
STATEMENT REGARDING THE BUSINESS DEVELOPMENT AND THE OVERALL

SITUATION OF THE GROUP
Despite the numerous operational challenges, 2021 was an excellent financial year for PUMA. Although the
negative effects of the COVID-19 pandemic continued in 2021, we were able to achieve the highest sales
volume to date and, at the same time, the best net earnings in PUMA's corporate history. This was only
possible thanks to the extraordinary commitment of our employees, who coped admirably with this difficult
time through their flexibility, determination and positive attitude. Our approach to deal with the COVID-19
pandemic was to manage the crisis in the short-term without hindering PUMA’s mid-term momentum.
Accordingly, our primary goal was to survive the crisis together with our partners, to recover and then to
emerge stronger from the crisis with growth. The health and safety of our employees, business partners
and customers were our top priority. We have also worked hard to limit as much as possible the delays in
our supply chain and the production losses at our suppliers' sites caused, for example, by the COVID-19
lockdown in South Vietnam. In addition, we had to deal with a very difficult market situation in China this
year. The long-standing, close and trusting cooperation with our customers, manufacturers, logistics
partners and other partners was one of the most important success factors for us in dealing with the
pandemic.
With regard to our organizational development, we made important progress this year. Our Central
European logistics center in Geiselwind, Germany started operations this year, and we have also been
working intensively on expanding the logistics centers in our main markets. Our North America and
international marketing organization in the USA and our administrative functions in France and Sweden
have moved to new, modern office buildings. Likewise, we continued to improve our processes and systems
and invested, for example, in the modernization of our IT infrastructure and the further development of our
product development and ERP systems.
We were able to achieve currency-adjusted sales growth of 31.7% in the financial year 2021. All regions and
all product divisions contributed to this development with double-digit growth rates. We were also able to
make significant improvements in terms of profitability in 2021, achieving the best operating result (EBIT)
and consolidated net earnings in PUMA's corporate history. In addition to the strong growth in sales, this
development is also attributable to the improvement in the gross profit margin and to the operating
leverage achieved. At € 557.1 million, operating result in the past financial year exceeded our outlook of
€ 450 million to € 500 million, which we had already revised upward during the year. Earnings per share
almost quadrupled compared to the previous year, from € 0.53 to € 2.07. This means that we have
exceeded our profitability targets in the past financial year.
With regard to the 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 almost € 2.3 billion, and the equity ratio was
just under 40%.
Our consistent focus on working capital management made a significant contribution in the past financial
year to limiting the negative impact on our working capital despite the delays in the supply chain, which led
to a significant increase in goods in transit. Our cash and cash equivalents increased to € 757.5 million as of
the balance sheet date. In addition, the PUMA Group has unutilized credit lines totaling € 942.0 million at its
disposal.
Consequently, the net asset, financial and income situation 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 May 11, 2022, a dividend of € 0.72 per
share for the financial year 2021. This corresponds to a payout ratio of 34.8% in relation to the consolidated
net earnings according to IFRS and is in line with our dividend policy.
182
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.
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 PROFIT AND LOSS STATEMENT (GERMAN GAAP, HGB)
2021 2020
Net Sales 948.7 100.0% 709.7 100.0% 33.7%
Other operating income 31.4 3.3% 40.4 5.7% -22.3%
Material expenses -270.8 -28.5% -237.2 -33.4% 14.2%
Personnel expenses -120.4 -12.7% -94.2 -13.3% 27.8%
Depreciation -29.4 -3.1% -25.4 -3.6% 15.4%
Other operating expenses -630.8 -66.5% -512.1 -72.2% 23.2%
Total expenses -1,051.4 -110.8% -868.9 -122.4% 21.0%
Financial result 208.6 22.0% 359.5 50.7% -42.0%
Income before taxes 137.3 14.5% 240.7 33.9% -43.0%
Taxes on income -13.7 -1.4% -11.0 -1.6% 23.7%
Net income 123.6 13.0% 229.7 32.4% -46.2%
In the financial year 2021, net sales increased by a total of 33.7% to € 948.7 million. The increase resulted
both from higher revenues from product sales and from higher commission income in the context of license
management. Revenue from PUMA SE product sales increased by 17.7% to € 412.5 million. The royalty and
commission income included in net sales increased by 50.4% to € 495.1 million. Other revenue, which
mainly consisted of recharges of costs to affiliated companies, totaled € 41.2 million in 2021 (previous year:
€ 30.0 million).
183
Other operating income amounted to € 31.4 million in 2021 (previous year: € 40.4 million) and includes, in
particular, realized and unrealized 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 21.0% to € 1,051.4 million compared to the previous year (previous year: total of
€ 868.9 million). The increase in material expenses compared to the previous year was mainly due to the
increase in sales. The increase in personnel expenses is related in particular to the higher number of
employees and increased provisions for bonuses. Other operating expenses were up compared to the
previous year due, among other things, to increased marketing and sales expenses.
As forecasted in our financial planning for 2021, the financial result fell by 42.0% year-on-year to € 208.6
million. The decline was mainly due to significantly lower dividends from shareholdings in affiliated
companies. In addition, there were higher expenses from loss transfers from affiliated companies. By
contrast, income from profit transfers from affiliated companies increased and improved net interest
income, the balance of interest expense and interest income, had a positive impact on the financial result.
Despite a significant increase in sales, the rise in expenses and the decline in the financial result led to a
43.0% decrease of earnings before taxes, from € 240.7 million in the previous year to € 137.3 million in
2021. Taxes on income amounted to € 13.7 million (previous year: € 11.0 million). Accordingly, PUMA SE's
net income under German Commercial Code (German GAAP, HGB) decreased by 46.2% to € 123.6 million in
the financial year 2021 (previous year: € 229.7 million).
NET ASSETS
↗ T.05 BALANCE SHEET (GERMAN GAAP, HGB)
12/31/2021 12/31/2020
Total fixed assets 1,087.0 50.3% 1,072.0 58.5% 1.4%
Inventories 53.9 2.5% 65.5 3.6% -17.7%
Receivables and other current assets 607.2 28.1% 424.3 23.1% 43.1%
Cash and cash equivalents 398.8 18.4% 260.2 14.2% 53.3%
Total current assets 1,059.9 49.0% 750.0 40.9% 41.3%
Others 15.1 0.7% 11.5 0.6% 31.2%
Total assets 2,162.0 100.0% 1,833.5 100.0% 17.9%
Shareholders’ equity 916.9 42.2% 815.1 44.5% 12.5%
Accruals/provisions 117.6 5.4% 89.0 4.9% 32.0%
Liabilities 1,127.0 52.1% 929.4 50.7% 21.3%
Others 0.5 0.0% 0.0 0.0% -
Total liabilities and shareholders’ equity 2,162.0 100.0% 1,833.5 100.0% 17.9%
184
Fixed assets increased by a total of 1.4% to € 1,087.0 million in 2021. The increase is due to further
investments in the IT infrastructure and the acquisition of additional shares in the amount of € 6.0 million
as part of the capital increase of Borussia Dortmund GmbH & Co. KGaA (BVB).
In terms of current assets, inventories fell by 17.7% to € 53.9 million as a result of the strong growth in
sales. By contrast, receivables and other assets rose by a total of 43.1% to € 607.2 million compared with
the previous year. Both increased receivables from affiliated companies and higher trade receivables
contributed to this development. Cash and cash equivalents increased by 53.3% to € 398.8 million
compared to the previous year.
On the liabilities side, equity rose by 12.5% to € 916.9 million, as a result of the net income in 2021. Despite
this, an increase in total assets due to higher provisions and liabilities led to a reduction in the equity ratio
at the balance sheet date from 44.5% in the previous year to 42.4% as of December 31, 2021.
Provisions increased by 32.0% year-on-year to € 117.6 million. This development resulted from higher
provisions for personnel, customer bonuses and for outstanding invoices. Liabilities increased from € 929.4
million in the previous year to € 1,127.0 million as of December 31, 2021. This increase was primarily due to
higher liabilities to banks, as further promissory note loans were taken out, and to increased liabilities to
affiliated companies.
FINANCIAL POSITION
↗ T.06 CASH FLOW STATEMENT (GERMAN GAAP, HGB)
2021 2020
€ million € million +/- %
Net cash from operating activities 124.0 24.9 >100%
Net cash used in investing activities -206.7 -194.7 6.2%
Free cash flow -82.7 -169.9 -51.3%
Net cash from financing activities 221.4 382.8 -42.2%
Change in cash and cash equivalents 138.6 213.0 -34.9%
Cash and cash equivalents at the beginning of the financial year 260.2 47.2 >100%
Cash and cash equivalents at the end of the financial year 398.8 260.2 53.3%
The cash inflow from operating activities increased from € 24.9 million to € 124.0 million in the 2021
financial year. This development resulted primarily from the improvement in the operating result (= net
sales minus operating expenses and income). Furthermore, the slight decrease in the working capital of
PUMA SE also had a positive effect on the cash inflow from operating activities.
The net cash used in investing activities in 2021 includes investments in fixed assets and cash outflows
from the granting of receivables to affiliated companies. In addition, the cash outflow from investment
activities in 2021 includes the cash outflow for the acquisition of additional BVB shares as part of the capital
increase.
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Net cash from financing activities showed a total cash inflow of € 221.4 million in 2021 (previous year:
€ 382.8 million). The cash inflow was mainly attributable to the increase in liabilities to banks resulting
from the issue of new promissory note loans and to an increase in liabilities to affiliated companies. In
contrast, the dividend payment to the shareholders of PUMA SE for the financial year 2020 in the amount of
€ 23.9 million, after the dividend payment was suspended in the previous year due to the COVID-19
pandemic to limit the cash outflow, resulted in a cash outflow.
OUTLOOK
In PUMA SE's financial statements under German Commercial Code (German GAAP, HGB), we expect an
increase in net sales in the low double-digit percentage range for the financial year 2022. Assuming
increasing dividends from investments in affiliated companies, we expect a slight increase of income before
taxes for the 2022 fiscal year.
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INFORMATION CONCERNING TAKEOVERS
The following information, valid December 31, 2021, 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 1,219,040 treasury shares.
Shareholdings exceeding 10% of the voting rights (Sections 289a [1][3], 315a [1][3] HGB)
As of December 31, 2021, 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 4.0% of the share capital according to Kering’s press release from May 27, 2021. The
shareholding of Artémis S.A.S. and Kering S.A. together amounts to 32.5% of the share capital.
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 § 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:
Authorized Capital
By resolution of the Annual General Meeting on May 5, 2021, the Management Board is authorized, 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 May 4, 2026 (Authorized 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).
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The shareholders shall generally be entitled to pre-emption rights. However, the Management Board shall
be authorized 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 authorization by the Annual General Meeting as well as at the time of
exercise of the authorization. Shares of the Company (i) which are issued or sold during the term of the
Authorized 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 Authorized 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 authorization while excluding
shareholders’ pre-emption rights may neither exceed 10% of the share capital at the time of the
authorization becoming effective nor at the time of exercising the authorization; this limit must include all
shares which have been disposed of or issued or are to be issued during the term of this authorization
based on other authorizations 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 authorization 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 Authorized Capital 2021 and after the expiration of the
authorization period.
The Management Board of PUMA SE did not make use of the existing Authorized Capital in the current
reporting period.
Conditional Capital
The Annual General Meeting of April 12, 2018 has authorized the Management Board until April 11, 2023
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 option and/or convertible bonds, and participation
rights and/or participating bonds or combinations thereof with or without maturity restrictions in the total
nominal amount of up to € 1,000,000,000.00.
The share capital is conditionally increased by up to € 30,164,920.00 by issue of up to 30,164,920 new no-par
value bearer shares (Conditional Capital 2018). The conditional capital increase shall only be implemented
to the extent that option/conversion rights are exercised, or the option/conversion 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 authorization to date.
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Authorization to acquire treasury shares
The Annual General Meeting of May 7, 2020 resolved under agenda item 6 to authorize PUMA SE to acquire
and utilize treasury shares until May 6, 2025, including the authorization to sell treasury shares while
excluding shareholders' pre-emption rights. The authorization from 2020 was extended by resolution of the
Annual General Meeting on May 5, 2021 to the effect that the Supervisory Board was authorized to issue
treasury shares to members of the Management Board as a component of Management Board
remuneration, while excluding shareholders' pre-emption rights. In all other aspects, the authorization
from 2020 remained unchanged.
No use has been made of the authorization 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.
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CORPORATE GOVERNANCE STATEMENT IN

ACCORDANCE WITH SECTION 289F
AND SECTION 315D HGB
Effective implementation of the principles of corporate governance is an important aspect of PUMA's

corporate policy. Transparent and responsible corporate governance is a key prerequisite for achieving
corporate targets and for increasing the Company’s value in a sustainable manner. The Management and
the Supervisory Board work closely with each other in the interests of the entire Company to ensure that
the Company is managed and monitored in an efficient way that will ensure sustainable added value
through good corporate governance. In the following the Management Board and the Supervisory Board
report on the corporate governance at PUMA SE in accordance with Principle 22 of the German Corporate
Governance Code (DCGK). This section also includes the Statement of Compliance in accordance with Art.
9(1)c(ii) of the SE Regulation (SE-VO) in conjunction with Section 289f and Section 315d German Commercial
Code (HGB). Pursuant to Section 317(2) Sentence 6 of the HGB, the purpose of the audit of the statements
pursuant to Section 289f (2) and (5) and Section 315d of the HGB is limited to determining whether such
statements have actually been provided.
PUMA SE has the legal form of a European company (Societas Europaea, or SE). Being a SE headquartered
in Germany, PUMA SE is subject to European and German law for SEs while remaining subject to German
stock corporation law. As a company listed in Germany, PUMA SE adheres to the German Corporate
Governance Code.
PUMA SE has a dual management system featuring strict personal and functional separation between the
Management Board and the Supervisory Board (two-tier board). Accordingly, the Management Board
manages the company while the Supervisory Board monitors and advises the Management Board.
STATEMENT OF COMPLIANCE PURSUANT TO SECTION 161 AKTG FOR 2021
The Management Board and the Supervisory Board of PUMA SE declare that - since the last Statement of
Compliance from November 9, 2020 - PUMA SE has complied, and will continue to comply, with the
recommendations of the “Government Commission on the German Corporate Governance Code” in the
version dated December 16, 2019 (effective as of March 20, 2020, “Code 2020”), to the extent required by the
Code 2020.
Herzogenaurach, November 9, 2021
PUMA SE
For the Management Board For the Supervisory Board

Bjørn Gulden Hubert Hinterseher Jean-François Palus
The Statement of Compliance can be downloaded on the Company's homepage (http://about.PUMA.com

under “INVESTOR RELATIONS / CORPORATE GOVERNANCE”). The Statements of Compliance of the past
five years are also accessible on this website.
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RELEVANT DISCLOSURES OF CORPORATE GOVERNANCE PRACTICES THAT ARE APPLIED BEYOND

THE REGULATORY REQUIREMENTS
CORPORATE SOCIAL RESPONSIBILITY
In order to fulfill our ecological and social responsibility as a global sporting goods manufacturer, PUMA
has developed group-wide guidelines on environmental management and on compliance with workplace
and social standards as well as human rights. PUMA is convinced that only on such a foundation can a
lasting and sustainable corporate success be achieved. That is why PUMA is committed to the principles of
the UN Global Compact. The PUMA Code of Ethics and the PUMA Code of Conduct prescribe ethical and
environmental standards with which both employees and suppliers are required to comply. Detailed
information on the Company's sustainability strategy can be found in the Sustainability section of the
Annual Report or on the Company's homepage (http://about.PUMA.com under “FOREVER BETTER”).
COMPLIANCE MANAGEMENT SYSTEM
PUMA’s management acts in compliance with laws and self-imposed standards of conduct. PUMA has set
up a Compliance Management System (CMS) to systematically prevent, detect and sanction violations in the
areas of corruption, money laundering, conflicts of interest, antitrust law, fraud and embezzlement.
Violations of the law or internal guidelines will not be tolerated.
The PUMA Code of Ethics is an important building block of the CMS and is binding for employees of all
subsidiaries worldwide. It defines the guidelines and values that shape PUMA's identity. PUMA expects all
employees to be aware of these values and to act accordingly. The Code of Ethics contains rules, among
other things, on dealing with conflicts of interest and personal data and prohibits insider trading, anti-
competitive behavior and corruption in any form. In order to familiarize employees with the rules of the
Code of Ethics and to establish uniform behavioral guidelines, the Code of Ethics is supplemented by
specific group-wide guidelines. Employees sign a statement that they familiarize and will comply with the
Code of Ethics and other internal policies.
All employees are familiarized with the regulatory areas of the Code of Ethics through ongoing mandatory
e-learning. In addition, employees selected on the basis of risk-based principles are given in-depth
knowledge through suitable communication measures, classroom training or more comprehensive e-
learnings. In 2021, the annual e-learning on the Code of Ethics covered the topics of anti-bribery and anti-
corruption, conflict of interest and reporting of compliance violations (“speak up culture”). The Compliance
Department developed the content of the training itself in order to achieve the greatest possible learning
success with case studies that PUMA employees could relate to. The CEO of PUMA SE encouraged all
PUMA employees to complete the e-learning on the Code of Ethics. The clear tone from the top resulted in
98.8% of PUMA employees (98.4% PUMA SE) across the Group successfully completing the Code of Ethics
e-learning. At the beginning of 2021, the Business Partner Due Diligence Policy developed in the previous
year was implemented. In it, existing processes for the identification and treatment of business partner
risks were consolidated and partly redefined. The process includes a risk assessment to identify business
partners with a high-risk profile and describes the due diligence steps to be applied to such business
partners. The due diligence steps include, for example, a compliance screening and compliance and
financial (payment method, market conformity of remuneration) health checks. A structured approval
process defines when the local compliance officer can approve a high-risk business partner and when the
chief compliance officer must be involved in the approval process. 684 employees were trained Group-wide
on the due diligence steps.
The Management Board is responsible for the proper functioning of the CMS. It is supported by a
compliance organization consisting of the Chief Compliance Officer and compliance officers in the main
operating Group companies. The Chief Compliance Officer of PUMA SE reports directly to the CEO of
PUMA SE. The local compliance officers also serve as direct contact persons for employees and support
them by appropriate communication measures as well as in dealing with and processing compliance
incidents. The Chief Compliance Officer and the local compliance officers regularly exchange information
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on the results of their risk analyses and make any necessary adjustments to the compliance management
system. The internal audit department audits the compliance controls on a yearly basis. To facilitate
cooperation within the global compliance organization, regular virtual meetings are held with the local
compliance officers. These provide an opportunity to exchange experience and knowledge. This informal
exchange of information is supplemented by a compliance reporting process. The Chief Compliance Officer
reports to the Audit Committee of the Supervisory Board of PUMA SE about the outcome of this reporting
process. Thereby, the current status of the implementation of compliance structures and serious
compliance violations are addressed. The Chief Compliance Officer works closely with the Legal
Department and the Internal Audit.
PUMA has a Group-wide electronic whistleblower platform, which is operated by an external provider and
to which employees and third parties can safely and confidentially report illegal or unethical conduct in a
protected manner. Violations from all risk areas can be reported. Insofar as they do not fall within the
competence of the compliance organization, the responsible specialist departments are responsible for
identifying and taking measures. The introduction of the platform was communicated throughout the Group
by the CEO and the communication was flanked by appropriate information material. Every year, the local
compliance officers expressly draw attention to the whistleblower system through appropriate
communication measures or in face-to-face training sessions. Whistleblowers who report misconduct in
good faith are protected from retaliation. All reports are followed up immediately and, if confirmed,
appropriate measures are taken. In 2021, the Compliance department at headquarters received 69 reports
of alleged violations. The majority of cases did not fall within the remit of the Compliance department. In
addition to the whistleblower platform, there is a global hotline for whistleblowers from the supply chain.
DESCRIPTION OF THE WORKING PRACTICES OF THE MANAGEMENT BOARD AND

THE SUPERVISORY BOARD
PUMA SE has three bodies – the Management Board, the Supervisory Board and the Annual General
Meeting.
MANAGEMENT BOARD
The Management Board of PUMA SE manages the Company on its own responsibility with the goal of
sustainable value creation. It develops PUMA's strategic orientation and coordinates it with the Supervisory
Board. In addition, it ensures group-wide compliance with legal requirements and an effective risk
management and internal control system.
The members of the Management Board are appointed by the Supervisory Board. The Supervisory Board
has set a general age limit of 70 years for the members Management Board. The Management Board
currently consists of four members and has a CEO. Further information on the areas of responsibility of the
members of the Management Board and their mandates can be found in the Notes to the Consolidated
Financial Statements (last chapter). No member of the Management Board has, in aggregate, more than
two Supervisory Board mandates in non-group listed companies or comparable functions.
The members of the Management Board are obliged to disclose conflicts of interest to the Chair of the
Supervisory Board and to the CEO without undue delay and to inform the other members of the
Management Board accordingly. They may only assume sideline activities, in particular supervisory board
and comparable mandates outside the PUMA Group, with the prior consent of the Supervisory Board. In the
past fiscal year, the members of the Management Board of PUMA SE did not report any conflicts of interest.
The principles of cooperation of the Management Board of PUMA SE are set out in the Rules of Procedure
for the Management Board, which can be viewed at http://about.PUMA.com under “INVESTOR RELATIONS /
CORPORATE GOVERNANCE”.
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SUPERVISORY BOARD
The German Codetermination Act does not apply to PUMA SE as a European company. Rather, the size and
composition of the Supervisory Board are determined by the Articles of Association of PUMA SE and the
Agreement on the Involvement of Employees in PUMA SE dated July 11, 2011 and its amendment dated
February 7, 2018. The Supervisory Board of PUMA SE consists of six members, four of whom are
shareholder representatives and two of whom are employee representatives. Shareholder representatives
are being elected individually. CVs of the individual Supervisory Board members are available on the
Internet and are updated annually. The term of office of the current Supervisory Board members ends at
the end of the Annual General Meeting which resolves on the discharge of the members of the Supervisory
Board for the financial year 2022. Further information on the members of the Supervisory Board, their
mandates and the term of their membership can be found in the Notes to the Consolidated Financial
Statements (last chapter). Supervisory Board members who are not a member of any Management Board of
a listed company have not accepted more than five Supervisory Board mandates at non-group listed
companies or comparable functions.
The Supervisory Board appoints the members of the Management Board and may dismiss them at any time
for good cause. Initial appointments are for three years. The Supervisory Board adopts a clear and
understandable remuneration system for the Management Board. In case of any significant change, at
least every four years, it shall submit the remuneration system to the Annual General Meeting for approval.
The Annual General Meeting on May 5, 2021 approved a further developed Management Board
remuneration system submitted by the Supervisory Board, which complies with the requirements of the Act
Implementing the Second Shareholders' Directive (ARUG II), follows the recommendations of the Code 2020
and is even more strongly aligned with shareholder interests. Further information on the remuneration of
the Management Board is summarized in the Compensation Report (see
https://about.puma.com/en/investor-relations/corporate-governance).
The Supervisory Board monitors and advises the Management Board on the implementation of the strategy.
The Management Board informs the Supervisory Board regularly, promptly and comprehensively about all
issues of relevance to the Company relating to strategy, planning, business development, the risk situation,
risk management and compliance management system. It deals with deviations in the course of business
from the established plans and targets, stating the reasons. The Supervisory Board is involved by the
Management Board in decisions of paramount importance for the Company or beyond the ordinary course
of business of PUMA SE and the PUMA Group and the Supervisory Board needs to approve those decisions.
Together with the Management Board, the Supervisory Board ensures succession planning for future
Management Board positions and key functions in the PUMA Group. On the basis of group-wide talent
conferences, the Management Board develops recommendations for potential internal successor
appointments, which it discusses regularly with the Supervisory Board. In making its recommendations, the
Management Board takes into account the Diversity Concept adopted by the Supervisory Board for the
composition of the Management Board (see below).
Between the meetings, the Chair of the Supervisory Board is in regular contact with the CEO in order to
discuss issues of strategy, business development, the risk situation, risk management and compliance of
PUMA. Prior to Supervisory Board meetings, the CEO or the CFO speak separately to the employee
representatives and the shareholder representatives, if need be. At the end of the regular meetings, the
Supervisory Board always has the opportunity to discuss issues in the absence of the Management Board. It
also makes regular use of this opportunity. The members of the Supervisory Board also participate in the
meetings by telephone or video conference.
The Supervisory Board regularly reviews the efficiency of its activities. The last efficiency review was
initiated at the end of 2021. With the support of external experts, a comprehensive questionnaire has been
prepared, which was answered by each of the Supervisory Board members. In early 2022, the results will be
evaluated, discussed by the Supervisory Board and any improvement measures will be defined.
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No Supervisory Board member is a member of a governing body of, or exercises advisory functions at,
significant competitors of the Company; no Supervisory Board member holds any personal relationships
with a significant competitor of the Company.
The Company supports the Supervisory Board in its training activities, for example by having the Legal
Department regularly review changes in the legal framework for the Supervisory Board and address them
in the meetings. In an onboarding program, new members of the Supervisory Board not only receive
training from the legal department on their rights and duties, but also have the opportunity in particular to
meet the members of the Management Board and other executives for a bilateral exchange on current
management issues and thus gain an overview of relevant topics of the Company. In addition, the
Supervisory Board was trained on the topic of sustainability and supply chain in 2021.
The principles of cooperation of the Supervisory Board of PUMA SE are set out in the Rules of Procedure for
the Supervisory Board, which can be viewed at http://about.PUMA.com under “INVESTOR RELATIONS /
CORPORATE GOVERNANCE”.
SHAREHOLDERS AND ANNUAL GENERAL MEETING
The shareholders of PUMA SE exercise their rights, in particular their information and voting rights, at the
Annual General Meeting. Each share has one vote. Our shareholders can exercise their voting rights
themselves or through a proxy appointed by the Company and bound by instructions. All documents and
information on the Annual General Meeting are available on the website of PUMA SE.
As part of our comprehensive investor relations and public relations work, we are in close contact with our
shareholders. We inform shareholders, financial analysts, shareholders' associations, the media and the
interested public comprehensively and regularly about the situation of the Company and inform them
without undue delay about significant business changes. The Chair of the Supervisory Board is also
prepared to discuss Supervisory Board-specific issues with investors within an appropriate framework.
In addition to other communication channels, we make intensive use of the Company's website for our
investor relations work. At http://about.PUMA.com/en/investor-relations, all material information
published in the 2021 financial year, including annual, quarterly and half-yearly financial reports, press
releases, voting rights announcements by major shareholders, presentations and the financial calendar,
can be accessed.
DESCRIPTION OF THE WORKING PRACTICES AND THE COMPOSITION OF THE COMMITTEES OF THE
SUPERVISORY BOARD
The Supervisory Board meets at least every three months. Meetings must also be held if the best interests
of the Company so require or if a member of the Supervisory Board requests that the meeting be convened.
The Supervisory Board has established four committees to perform its duties and receives regular reports
on their work. The principles of cooperation of the Supervisory Board of PUMA SE and the duties of the
committees are set out in the Rules of Procedure for the Supervisory Board, which can be viewed at
http://about.PUMA.com under “INVESTOR RELATIONS / CORPORATE GOVERNANCE”.
The Personnel Committee consists of three members. The Personnel Committee is responsible for
entering into and making changes to the Management Board members’ employment contracts and for
establishing policies for Human Resources and personnel development. The entire Supervisory Board
decides on issues involving the Management Board members’ compensation based on recommendations
from the Personnel Committee. The members of the Personnel Committee are Jean-François Palus
(Chair), Fiona May and Martin Koeppel.
The Audit Committee consists of three members. The Chair of the Audit Committee must be an independent
shareholder representative and must have expertise in the fields of accounting and auditing in accordance
with Section 100(5) AktG. In particular, the Audit Committee is responsible for the review of the accounting
194
comprising particularly of the consolidated financial statements and the group management report
(including CSR reporting), interim financial information and the single 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 statements, with particular regard
to the selection and the required independence of the statutory auditors, issuing the audit mandate to the
statutory auditors, defining the audit areas of focus, the quality of the audit, any additional services to be
performed by the auditors and the fee agreement. The recommendation of the Supervisory Board on the
selection of the statutory auditors must be based on a corresponding recommendation by the Audit
Committee. Once the Annual General Meeting has appointed the statutory auditors, and the Supervisory
Board has issued the audit assignment, the Audit Committee shall work with the statutory auditors to
specify the scope of the audit and the audit areas of focus. The statutory auditors shall attend the meeting
to review the annual financial statements, the consolidated financial statements as well as the consolidated
interim report and shall report on the key findings of their audit. They shall also inform the Committee
about other services they have provided in addition to auditing services and shall confirm their
independence. Each month, the Audit Committee shall receive financial data on the PUMA Group, which will
allow the tracking of developments in net assets, financial position, results of operations and the order
books on a continual basis. The Audit Committee shall also deal with issues relating to the balance sheet
and income statement and shall discuss these with the Management Board. In addition, when the internal
audit projects are completed, the Audit Committee shall receive the audit reports, which must also include
any actions taken. The members of the Audit Committee are Thore Ohlsson (Chair, expertise in the field of
accounting/auditing), Héloïse Temple-Boyer (expertise in the field of accounting/auditing) and Bernd Illig.
The Nominating Committee has three members, who are representatives of the shareholders on the
Supervisory Board. The Nominating Committee proposes suitable shareholder candidates to the
Supervisory Board for its voting recommendations to the Annual General Meeting. The members of the
Nominating Committee are Jean-François Palus (Chair), Héloïse Temple-Boyer and Fiona May.
The Sustainability Committee consists of three members. It was established in April 2021 and meets once a
year. In its area of responsibility, the Sustainability Committee advises and monitors the sustainability
strategy of the Management Board. The members of the Sustainability Committee are Fiona May (Chair),
Héloïse Temple-Boyer and Martin Köppel.
The current composition of the committees can further be found in Appendix 2 of the Notes to the
Consolidated Financial Statements.
DIVERSITY CONCEPT FOR THE SUPERVISORY BOARD
A) OBJECTIVES FOR THE COMPOSITION OF THE SUPERVISORY BOARD
The Supervisory Board of PUMA SE is composed in such a way that its members as a group possess the
appropriate knowledge, skills and professional experience necessary for the proper performance of their
duties. The composition of the Supervisory Board is primarily determined by appropriate qualification,
taking into account diversity and the appropriate involvement of women. Based on Section C.1 of the Code
2020, the Supervisory Board has set targets for its composition that have been fulfilled. In detail:
• The members of the Supervisory Board as a group have the experience and knowledge in the field of
management and/or monitoring market-oriented companies as well as in the business segments and
sales markets of PUMA. Details of this are presented under lit. B) of this chapter.
• A sufficient number of members have strong international backgrounds. This target has been clearly
surpassed simply because of the international origins of Jean-François Palus, Héloïse Temple-Boyer,
Thore Ohlsson and Fiona May.
The Supervisory Board has an appropriate number of independent members. With Jean-François Palus,
Héloïse Temple-Boyer, Thore Ohlsson and Fiona May four out of six members of the Supervisory Board
are considered independent.
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The Code 2020 does not contain a conclusive definition of independence regarding the shareholder
representatives in the supervisory board, but rather lists examples of circumstances that may indicate a
lack of independence. It is the task of the supervisory board to assess the independence of the
members of the supervisory board on the basis of these indications and evaluate whether a member
has a personal or business relationship with the Company or its management board that may cause a
substantial – and not merely temporary – conflict of interest. Against this backdrop, PUMA’s
Supervisory Board believes that there are currently no specific indications of relevant circumstances or
relationships for any member of the Supervisory Board that could constitute a material and not merely
temporary conflict of interest and that would therefore interfere with their independence.
With regard to Supervisory Board members Jean-François Palus and Héloïse Temple-Boyer, the
Supervisory Board is of the opinion that their functions as Directeur Général Délégué of Artémis S.A.S.
do not impair their independence within the meaning of the Code 2020. Artémis S.A.S. is not a
controlling shareholder, as Artémis S.A.S. is neither a majority shareholder nor does it have a de facto
majority at the Annual General Meeting.
With regard to the members of the Supervisory Board Mr. Jean-François Palus and Mr. Thore Ohlsson,
the Supervisory Board believes that the length of their tenure as members of the Supervisory Board,
which each exceeds 12 years, does not interfere with their independence within the meaning of the Code
2020 as it does not give rise to a material conflict of interest. This is due to the fact that Mr. Palus and
Mr. Ohlsson currently hold positions in the management and supervisory boards of several other
companies. They both have demonstrated a high level of professionalism during their long experience in
the management of various companies and the Supervisory Board believes that both would avoid any
circumstances that may give rise to conflict of interest. There are no other indications of a conflict of
interest in Mr. Palus’ and Mr. Ohlsson’s person.
Jean-François Palus as the Chair of the Supervisory Board, Thore Ohlsson as the Chair of the Audit
Committee and Jean-François Palus as the Chair of the Personnel Committee are all considered
independent from the Management Board, the Company and a controlling shareholder. No former
member of the Management Board is member of the Supervisory Board.
• Thore Ohlsson, the Chair of the Audit Committee has specific knowledge and experience in applying
accounting principles and internal control procedures, is familiar with audits and is independent. Jean-
François Palus and Héloïse Temple-Boyer also bring this specific knowledge with them.
• The members have sufficient time to perform his/her mandate in the Supervisory Board. Prior to each
election proposal, the Supervisory Board examines whether the candidates concerned are able to
complete the time required for the office.
• The Supervisory Board prevents potential significant and not only temporary conflicts of interest of its
members by regularly monitoring and critically scrutinizing its members' other activities. There were
no indications of actual conflicts of interest in the 2021 financial year. If a conflict of interest would
occur each member of the Supervisory Board informs the Chair of the Supervisory Board without undue
delay.
• According to Section 1(4) of the Rules of Procedure for the Supervisory Board, Supervisory Board
members may, in principle, not be over 70 years of age and their maximum term of office may not
exceed three terms. In setting this age limit, the Supervisory Board deliberately decided against a rigid
maximum age limit and in favor of a flexible rule limit that provides the necessary leeway for an
appropriate assessment of the circumstances of the individual case, sufficiently broadly defines the
circle of potential candidates and also allows re-election. Thore Ohlsson has reached the statutory age
limit. After careful consideration, he was nevertheless proposed by the Supervisory Board for re-
election in 2018 in order to ensure the necessary continuity after the spin-off from Kering S.A. in the
best interests of the Company. All other Supervisory Board members did not reach the standard age
limit at the time of their election.
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B) PROFILE OF SKILLS AND EXPERTISE
The Supervisory Board has determined a competence profile for the entire Board. It stipulates that the
members of the Supervisory Board as a whole must cover the following professional competencies:
• Managing of large or mid-sized international companies (Jean-François Palus, Héloïse Temple-Boyer,

Thore Ohlsson)
• Leadership experience in the sporting or luxury goods industry (Jean-François Palus, Héloïse Temple
Boyer, Thore Ohlsson, Fiona May)
• International corporate background (Jean-François Palus, Héloïse Temple-Boyer, Thore Ohlsson, Fiona
May)
• Leadership experience with various distribution channels, including e-commerce (Jean-François Palus,
Thore Ohlsson)
• Expertise in building strong international brands (Jean-François Palus, Héloïse Temple-Boyer, Thore
Ohlsson, Fiona May)
• Marketing, sales and digital know-how (Jean-François Palus, Héloïse Temple-Boyer, Thore Ohlsson)
• Financial expertise (accounting, treasury, risk management, corporate governance) (Jean-François
Palus, Thore Ohlsson, Héloïse Temple-Boyer)
• Expertise in serving on the Administrative or Supervisory boards of publicly listed companies (Jean-
François Palus, Heloise Temple-Boyer)
• Experience with mergers & acquisitions (Jean-François Palus, Thore Ohlsson)
• Understanding of the industrial constitution law and advocating the interests of the employees (Martin
Koeppel, Bernd Illig)
• HR expertise (Jean-François Palus)
• IT expertise (Bernd Illig).
The Supervisory Board of PUMA SE is currently composed in such a way that it has the competence profile
as an overall body.
C) COMMITMENTS TO PROMOTE THE PARTICIPATION OF WOMEN IN MANAGEMENT POSITIONS IN

ACCORDANCE WITH ART. 9(1)C(II) OF THE SE REGULATION (SE-VO) IN CONNECTION WITH
SECTION 76(4), SECTION 111(5) AKTG
The Supervisory Board shall define a target figure for the proportion of women on the Supervisory Board
and the Management Board. The Management Board, for its part, shall set target figures for the proportion
of women in the two management levels below the Management Board.
Target figures 2017
In 2017, the Supervisory Board of PUMA SE had set a target figure of 30% for the proportion of women on
the Supervisory Board to be achieved by October 31, 2021. This target figure was achieved as of this date.
For the Management Board, the Supervisory Board had set a target in 2017 for the proportion of women of
20%, provided that PUMA SE has five or more Management Board members; the target to be achieved by
October 31, 2021. This target figure was achieved as of this date.
In 2017, the Management Board had set a target figure of 25% for PUMA SE and 30% at Group level for the
proportion of women at the first management level below the Management Board, the targets to be
achieved by October 31, 2021. These targets were not achieved. The management team at the first
management level below the Management Board has remained fairly stable in recent years and no
significant new positions have been created at this level. However, due to the strong development at the
second management level below the Management Board, the Management Board is very confident that the
new target figure for the first management level will be achieved naturally as part of internal succession
appointments.
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For the second management level below the Management Board, the proportion of women was to increase
to 30% for PUMA SE and to 40% at Group level by October 31, 2021. These targets were achieved.
Target figures 2021
The Supervisory Board of PUMA SE has set a target figure of at least 2 women (33%) for the proportion of
women on the Supervisory Board to be achieved by October 31, 2026.
For the Management Board, the Supervisory Board has set a target for the proportion of women
• of at least 1 woman (25%), provided that PUMA SE has four Management Board members;
• of at least 1 woman (20%), provided that PUMA SE has five Management Board members;
• of at least 2 women (33%), provided that PUMA SE has six Management Board members.
The implementation period for this target is October 31, 2026.
For PUMA SE, the Management Board has set a target of 30% for the first management level below the
Management Board and 35% for the second management level below the Management Board. At Group
level, the proportion of women is to amount to 30% for the first management level below the Management
Board and to 40% for the second management level. The implementation deadline here, too, is October 31,
2026.
DIVERSITY CONCEPT FOR THE MANAGEMENT BOARD
The Supervisory Board and the Management Board promote an agile, open corporate culture in which the
advantages of diversity are consciously utilized, and everyone can freely unfold their potential for the best of
the Company. PUMA strives to fill Management Board positions and senior management positions primarily
with people developed within the Company.
The Supervisory Board's decision regarding a particular appointment to the Management Board is always
taken in consideration of the Company's best interests based on the professional and personal suitability of
the candidate. It must be ensured that the members of the Management Board as a whole have the
knowledge, skills and experience required for the best possible fulfillment of the tasks of a member of the
Management Board of a sporting goods manufacturer such as PUMA. It is not necessary for every member
of the Management Board to reflect the technical requirements laid out in the following. The diversity
concept for the Management Board therefore stipulates that gender, internationality, age, educational
background and experience must be taken into account in its composition:
- Gender
Until October 31, 2026, PUMA aims to have 25% women on the Management Board, provided that the Board
has four Management Board members; 20% women on the Management Board, provided that the Board
has five Management Board members; and 33% women on the Management Board, provided that the Board
has six Management Board members. In order to achieve this goal, the Supervisory Board ensures that an
appropriate proportion of female candidates are included on the succession lists within the framework of
the internal global management structure for the development of junior staff for the Management Board. In
the future, the participation of women in the Management Board is to be guaranteed in the event of a
necessary replacement, in particular by giving special consideration to women in various equally qualified
candidates. Insofar as external candidates are to be appointed, suitably qualified female candidates shall be
considered in particular. The same applies to the filling of management functions. In order to involve
women even more in management functions in the future, PUMA promotes the compatibility of family and
career, for example through part-time and half-day models as well as flexible working hours and the
provision of childcare places. With Anne-Laure Descours a woman is represented on the Management
Board. The proportion of women on the Management Board is therefore currently 25%.
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- Internationality
PUMA is a globally operating company. An appropriate number of board members must therefore have
international experience either due to their origin or due to their many years of professional experience
abroad. Notwithstanding the several years of international experience of all board members, this goal has
been exceeded simply because of the international origins of Bjørn Gulden and Anne-Laure Descours.
- Age
The Supervisory Board ensures a balanced age structure in the Management Board. This is important to
ensure the continuity of the Management Board's work and to facilitate smooth succession planning. In
principle, members of the Management Board may not be older than 70 years. All members of the
Management Board are below the standard age limit.
- Training and experience background
With regard to the educational and professional background, the selection of Management Board members
should be based on the competencies required in the PUMA Management Board in general as well as for
the respective Management Board with regard to corporate management, strategy development, finance
and accounting, supply chain, sales and People & Organization. The same criteria apply here as were
developed for the competence profile of the Supervisory Board. These competencies do not have to be
acquired as part of university studies or other educational training, but may also have been acquired in
other ways within or outside PUMA. The members of the board have all the above-mentioned competences.
The current composition of the Management Board implements the diversity concept.
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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 recognized and utilized, 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. 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 jeopardize 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 risk management organization 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. PUMA's risk
management system is based on a comprehensive, interactive and management-oriented approach to risk
that is integrated into the company's organization and is based on the globally recognized COSO standard
(Committee of Sponsoring Organizations of the Treadway Commission). Opportunity management is not
part of the risk management system and is the responsibility of operational management teams.
The Management Board of PUMA SE bears overall responsibility for the risk management system. The
Management Board regularly updates the Audit Committee of the Supervisory Board of PUMA SE. 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 guidelines. The structure and design of the risk
management system are as follows:
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↗ G.18 RISK MANAGEMENT SYSTEM
Monitoring
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.
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. 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
income. 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. 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 with regard to their significance
level (see graphic G.19), for internal monitoring.
For example, a risk can be allocated within the most critical range in case its assessment reflects a
combination of highest bandwidth for extent of damage and probability. The overview of the risk groups is
presented in table T.7, summarized in the order of their relative importance and their change during the
year.
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↗ G.19 RISK MATRIX
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 in order to achieve the targeted and acceptable
residual risk. Within the reporting process, material or even existence-threatening risks are coordinated
and managed with the Risk Management Committee or the Management Board.
The methodology and structure of the risk management system are continuously assessed in terms of their
effectiveness, and adapted or improved when required. This is done, on the one hand, by the Internal Audit
department acting as an independent review body within the PUMA Group and, on the other hand, by the
PUMA SE statutory auditor, who annually assesses the early risk detection system in terms of its
fundamental suitability to detect existence-threatening risks at an early stage, and the operating
effectiveness of the early risk detection and monitoring system in accordance with Section 317 (4) HGB. The
auditor also verifies if an early risk detection system, in line with Section 91 (2) AktG, is in place.
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RISKS
The following explanations of risk groups are presented based on their relative importance.
PANDEMIC (COVID-19)
PUMA first identified the COVID-19 pandemic as a new risk in the financial year 2020 and accordingly
established the risk category "pandemic (COVID-19)". This risk was considered to be the most significant
business risk for the PUMA Group. The impact of this pandemic (COVID-19) continued to be assessed as a
significant business risk in the financial year 2021. This risk relates to the macroeconomic and social
impacts of the pandemic, caused for example by lockdowns, government-ordered closures of
administrative buildings, production sites and retail stores, restrictions on store opening hours, a reduction
in store traffic, travel restrictions and social distancing measures, the cancelation or postponement of
major sporting events, and the exclusion or limitation in the numbers of spectators. These consequences
have led or may in the future lead to declines in revenue and challenges in maintaining business
operations. Furthermore, we are faced with new requirements, regulations and further measures in
relation to the health and safety of our employees and customers. The pandemic (COVID-19) has also had a
negative impact on existing sourcing and supply chain risks, and implications on the probability of default
risks from receivables.
In the previous financial year, the pandemic (COVID-19) developed rapidly and dynamically, specifically in
light of the rise of new virus variants, and the extent and duration of the resulting impact on our business
was and remains extremely difficult to predict. However, on the basis of the progress made in the
vaccination campaign, we assume that the situation created by the COVID-19 pandemic will not be long
term. We are constantly reviewing information from the World Health Organization (WHO), the centers for
disease control and prevention at our respective locations, the Robert Koch Institute (RKI) in Germany and
other institutions to identify epidemic or pandemic risks at an early stage and to establish and initiate
appropriate defense and protective measures as early as possible.
Despite the ongoing challenges and uncertainties resulting from the pandemic (COVID-19), we are
continuing to pursue the objective of surviving the crisis without hindering PUMA's mid-term growth. Our
approach is local, as different markets are going through these phases at different times. Our main focus is
on the health and safety of our employees and customers, safeguarding the liquidity of the PUMA Group by
securing credit lines, maintaining close and reliable cooperation with our partners, suppliers and
customers, strengthening and expanding the supply chain, digitalizing key business processes and further
strengthening our e-commerce business. To that end, we strengthened the partnership with our suppliers
by continuing to cancel only a very small proportion of orders and agreeing to extended payment terms in
return, in particular during the temporary closure of production sites mandated by government
requirements.
SOURCING AND SUPPLY CHAIN BUSINESS PARTNERS
The majority of PUMA products are produced in selected Asian countries, in particular in Vietnam, China,
Bangladesh, Cambodia, Indonesia and India. In addition to the aforementioned challenges resulting from
the pandemic (COVID-19), 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.
The portfolio is regularly reviewed and adjusted to avoid creating a dependence on individual suppliers and
sourcing markets. Generally, long-term master framework agreements are agreed upon to secure the
required production capacities for the future. A quality control process and the direct and partnership-like
collaboration with suppliers should permanently secure the quality and availability of our products.
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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.
We therefore continuously analyze political, economic and legal framework conditions and have further
enhanced our close cooperation with our logistics partners in order 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 the financial year 2021, the pandemic (COVID-19) caused disruptions and delays in sourcing and supply
chain operations, leading to an increase in individual risks. To counter this risk, we have intensified our
cooperation with suppliers and logistics partners in order to be able to react to the circumstances in a
flexible and solution-oriented manner.
MACROECONOMIC DEVELOPMENTS
As an internationally operating group, PUMA is exposed to global macroeconomic developments and the
associated risks having an impact on our sales and sourcing markets. For example, economic
developments in important sales markets may have an effect on consumer behavior. This can have positive
or negative effects on the planned sales and consolidated net earnings. Likewise, political changes, social
developments and environmental events (such as natural disasters) can also be reflected in changes in
legal and macroeconomic conditions.
Overall, we manage these challenges with geographic diversification and the development of alternative
scenarios for the possible occurrence of serious events. This applies in particular to political developments
and possible changes in legal framework conditions, which are continuously monitored by PUMA and
incorporated into appropriate measures.
PRODUCT AND MARKET ENVIRONMENT
The risk posed by market-specific product influences, in particular the risk of substitutability in the highly
competitive sport and lifestyle market, is countered by the early recognition and taking advantage of
relevant consumer trends. Only those companies that identify these trends at an early stage will be able to
gain an edge over their competitors. Brand image and brand desirability are of key importance for us, as
consumer behavior can have a negative effect on the brand as well as a positive one. Accordingly, we have
set the guiding principle that "We want to become the fastest sports brand in the world" in order 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.
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.
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.
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.
This is managed from the Group headquarters in Herzogenaurach, Germany, and the subsidiary in the U.S.
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Furthermore, PUMA continuously seeks an open dialog with key external stakeholders, such as suppliers,
NGOs and industry initiatives, and has institutionalized this as part of regularly held "Sustainability
Stakeholder Meetings."
PROJECTS
The organizational structure of PUMA, with its group headquarters in Herzogenaurach, having a central
sourcing organization and globally positioned distribution companies, underlines the group’s global
orientation. This results in a risk for us that the flow of goods and information are not sufficiently supported
by modern warehouse, logistics and IT infrastructure. For this reason, existing business processes must be
continually optimized and aligned with business needs. This is carried out systematically through targeted
optimization projects, which are planned and managed centrally by the specialized departments.
INFORMATION TECHNOLOGY
The ongoing digitalization of the business environment exposes PUMA to risks in information technology.
Key business procedures and processes have the potential to be significantly disrupted by the failure of IT
systems and networks, and external attacks (cyberattacks) or incorrect conduct may result in the loss of
confidential and sensitive data as well as high costs, loss of revenue and reputational damage.
To mitigate these risks, we continuously carry out technical and organizational measures and invest in the
renewal and security of our IT landscape. IT systems are regularly checked, maintained and undergo
security tests. In addition, all employees are continuously sensitized using guidelines and performing
training courses and information campaigns.
DISTRIBUTION STRUCTURE
PUMA utilizes various distribution channels, such as the traditional wholesale business with our retail
partners and the PUMA-owned and operated retail and e-commerce business to reduce its dependency on
individual distribution channels. The wholesale business is defined by strong partnerships and represents
the largest revenue share overall. The company's own retail and e-commerce business is intended to
ensure a higher gross profit margin, better control on distribution and presentation of PUMA products
exclusively in the desired brand environment.
In the wholesale business, growing retailers, including those offering their own brands, and competitors
pose the risk of intensified competition for consumers and market shares. 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 the company's own retail
stores and e-commerce channels is, however, also associated with various risks for us. These include the
necessary 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 case
of a business decline.
In order to avoid risks, we carry out permanent monitoring of distribution channels and regular reporting by
the Controlling and specialized departments. A detailed location and profitability analysis is carried out in
our distribution channels before making any investment decision. 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. In e-commerce, global activities are harmonized and investments in the IT platform are
made to further optimize purchase transaction settlement and further improve the shopping experience for
consumers.
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SUSTAINABILITY
Sustainability topics in in sourcing as well as amongst the entire value chain are highly important. Climate
change and the resulting increase in customer requirements with regard to 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 sustainable materials and environmentally
friendly chemicals in production are crucial parts of our sustainability strategy.
PUMA's sustainability report (the Non-financial Report) for the financial year 2021 will be available by
April 30, 2022 at the latest on the following page of 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: https://about.puma.com/en/forever-better
MONITORING OF WORKING CONDITIONS
An important aspect of corporate responsibility is maintaining and monitoring working conditions and
human rights along the entire value chain. ILO (International Labor Organization) core labor standards form
an essential part of this; however, monitoring our suppliers to ensure they do not use hazardous chemicals
in production is just as important. Non-compliance by suppliers would also violate our requirements and
lead to negative media reports and potentially to a loss of revenue.
Adherence to applicable standards is ensured through regular audits of supplier companies.
LEGAL RISKS
As an internationally operating group, PUMA is exposed to various legal risks. These include contractual
risks or the risk that a third party could assert claims and litigation for infringement of its trademark rights,
patent rights or other rights. Counterfeit products in particular can undermine consumer confidence in the
brand and damage PUMA's brand image.
The continuous monitoring of contractual obligations and the integration of internal and external legal
experts in contractual matters is to ensure that any legal risks are avoided. To fight brand piracy, the PUMA
team responsible for the protection of intellectual property not only ensures that we have a strong global
portfolio of property rights, such as brands, designs and patents, but also works closely with customs and
police forces, and provides input regarding the implementation of effective legislation to protect intellectual
property.
COMPLIANCE
PUMA is exposed to the risk that employees violate laws, directives and company standards (compliance
violations). These risks, such as theft, fraud, breach of trust, embezzlement and corruption, as well as
deliberate misrepresentations in financial reporting, may lead to significant monetary and reputational
damage.
Therefore, we use various tools to manage these risks. This includes an integrated compliance
management system, the internal control system, group controlling and the internal audit department. As
part of the compliance management system, awareness measures are carried out regarding critical
compliance topics, such as corruption prevention and cartel law, and corresponding guidelines and a global
network of compliance officers are introduced in the group. PUMA employees also have access to a
whistleblowing system for reporting unethical behavior.
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TAX RISKS
In an international business environment, applicable tax regulations must be met. By means of appropriate
internal rules of conduct, employees are required to comply with and adhere to the relevant tax regulations.
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 individual group companies.
In all tax areas PUMA has taken adequate precautions with internal and external tax experts in order to
comply with the relevant tax regulations, but also to be able to react to changes in the constantly changing
tax environment. For the group-internal transfer prices a corresponding documentation exists, which was
prepared according to international and national requirements and standards. There are guidelines and
specifications for determining transfer prices for intra-group transactions that are customary for foreign
companies, which comply with the applicable 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 are able to control
and monitor tax developments at PUMA on an ongoing basis. Both, the Management Board and the
Supervisory Board, are continuously informed about tax developments at PUMA in order to identify and
avoid tax risks as early as possible.
PERSONNEL DEPARTMENT
The creative potential, commitment and performance of PUMA employees are important factors for
successful business development. We encourage independent thinking and action, which are key in an open
corporate culture with flat hierarchies.
Our human resources strategy seeks to ensure this successful philosophy on a long-term and sustainable
basis. To achieve this goal, a control process is in place to detect and assess human-resource risks.
Accordingly, special attention has been paid to talent management, identifying key positions and high-
potential individuals, and optimizing talent placement 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. We will continue to make targeted investments in the
human-resource needs of particular functions or regions in order to meet the future requirements of our
corporate strategy.
CURRENCY RISKS
As an international company, PUMA is subject to currency risks resulting from the disparity between the
respective amounts of currency used on the purchasing and sales sides and from exchange-rate
fluctuations.
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. Currency forward contracts are used to hedge existing and future financial
liabilities in foreign currencies.
To hedge signed or pending contracts against currency risk, PUMA only concludes currency forward
contracts on customary market terms with reputable international financial institutions. As of the end of
2021, the net requirements for the 2022 planning period were adequately hedged against currency effects.
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).
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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 PUMA employs financial instruments are generally considered to be
relevant risk variables.
Currency sensitivity analysis are based on the following assumptions: Material original monetary financial
instruments (cash and cash equivalents, receivables, interest-bearing and non-interest-bearing liabilities)
are either denominated in the functional currency or are transferred into the functional currency using
currency forward transactions.
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.
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, 2021,
the PUMA Group had unused credit lines totaling € 942.0 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 utilized promissory note loans amount to a total of € 380.0 million as of December 31, 2021 and have a
remaining term of between one and five years.
Changes in interest rates do not have a significant impact on PUMA’s interest rate sensitivity and therefore
do not require the use of interest rate hedging instruments.
DEFAULT RISKS
Due to its business activities, PUMA is exposed to a default risk on receivables, which is managed by
continuous monitoring of outstanding receivables and by recognizing 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 recognized 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.
208
RISK OVERVIEW TABLE
The following table summarizes the risk groups described above based on their relative importance
(significance level) and any changes during the year:
↗ T.07 OVERVIEW OF RISK GROUPS (Order according to relative importance)
Change
Significance compared to
Risk groups * Classification Description level previous year
e.g., store closures, supply problems,

Pandemic (COVID-19) Strategic Critical →
health of employees and customers
e.g., raw material bottlenecks, supply
↗
Business Partners Operational chain disruptions, sourcing and logistic Critical
(pandemic)
costs, quality problems
Macroeconomic e.g., economic development, political

Strategic Critical ↗
Developments situation, legal framework conditions
Product and Market e.g., trends, customer requirements,

Strategic Material →
Environment brand image, media reports
e.g., IT infrastructure, construction

Projects Strategic Material →
projects
e.g., cyberattacks, network and system

Information Technology Operational Material →
failures
e.g., change in the distribution

Distribution Structure Strategic Material →
landscape
e.g., climate change, environmental

Sustainability Regulatory Material →
standards
e.g., labor law, human rights, German

Working Conditions Regulatory Material →
Supply Chain Due Diligence Act
e.g., trademark law, patent law,

Legal Regulatory Material →
counterfeit products
Compliance Regulatory e.g., fraud, corruption Material →
Tax Financial e.g., transfer prices Material →
e.g., key positions, employee retention,

Personnel Department Operational Moderate →
health & safety
Currency Financial e.g., exchange rate fluctuations Moderate →
Liquidity and Interest e.g., cash, credit lines, custody fees,

Financial Moderate →
Rate interest rate developments
Default Financial e.g., payment claims against customers Moderate →
* Wording adjustments of individual risk groups compared to the previous year
209
OPPORTUNITIES
Opportunities should be identified by PUMA at an early stage, assessed and—where possible—used. Due to
the close connection to the relevant goals, identified opportunities are incorporated into planning by
Controlling. Operational management teams in the respective regions, markets and departments are
responsible for opportunity management. PUMA has identified or rather defined the following key
opportunity categories for the planning period and beyond.
In terms of macroeconomic conditions, the ongoing effects of the COVID-19 pandemic are currently seen as
a strengthening factor for the sport and lifestyle sector. If PUMA succeeds in achieving its mid-term growth
potential, the company has an opportunity to increase its market share. In times of increased remote
working and indoor and team sports being limited, items such as running, fitness, golf and lounge products
have become more relevant. Therefore, the product range in these areas is being expanded and further
developed. In addition, due to advancing vaccination campaigns and easing restrictions, an increase in
attendance at national sporting competitions and international sporting events, such as the Football World
Cup in Qatar, could help support growth in the sporting goods industry.
In terms of the distribution structure, the COVID-19 pandemic has significantly accelerated the growth of
the e-commerce business, particularly with regard to local market coverage. Stronger partnerships in the
wholesale business also offer opportunities for future business development. New sales formats and
improvements to the shopping experience in our own retail stores can also lead to positive business
prospects. In this area, new and state-of-the-art multi-channel distribution centers in key markets will also
support the further optimization of delivery capacity in the future.
In information technology, improved, tailored communication with customers via digital channels and new
ways of presenting products, for example, offer opportunities. In addition, new or more efficient processes
may add value or result in cost optimization. Here, the COVID-19 pandemic has also accelerated the
digitalization of important business processes, for example with regard to product design and the
purchasing process for our wholesale customers. It has also contributed to the further development of the
IT environment.
With end customers paying more attention to sustainability, there is an opportunity to make further
progress with existing PUMA activities and improve communication in this area, which could increase
demand for sustainable products.
Furthermore, in the area of finance, for example, favorable exchange rate developments offer the
opportunity to positively influence the group's financial results.
OVERALL ASSESSMENT OF THE RISK AND OPPORTUNITY SITUATION

The assessment of the overall risk situation of the Group and PUMA SE is the result of a consolidated view
of the risk and opportunity categories described above. Similar to the description in our Annual Report
2020, our assessment of PUMA's overall risk situation this year is again predominantly influenced by the
impact of the COVID 19 pandemic on the economy as a whole, as described above, and is focused on the
major challenges this poses. 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 jeopardize 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 structure and equity ratio, as well as the strong liquidity position 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.
210
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, organizational and authorization guidelines,
the relevant company guidelines (e.g., "Anti-Corruption/Anti-Bribery,” "Cyber Fraud"), 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.
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
analyze 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 that are based on the information available at the time the
financial statements and management report are prepared, that affect the amount, presentation and
explanation of recognized 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.
In addition to the measures described, the Group Internal Audit, Risk Management & Internal Control
Department conducts annual Internal Control Self-Assessments (ICSA) for all essential business processes
across the Group. In this way, the internal control system is expanded beyond the accounting process, in
line with the framework of the Committee of Sponsoring Organizations of the Treadway Commission
(COSO), to support the objectives of ensuring proper financial reporting, improving the efficiency and
effectiveness of the processes, and ensuring compliance with legal framework conditions. The use of a
standardized software system (GRC tool) is intended to ensure the systematic and uniform implementation
of ICSA across the entire company. Within the GRC tool, process owners evaluate the existing control
framework based on internal and external guidelines and best-practice standards. 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 enable these to be implemented timely by the process owners. The results of the ICSA are
211
reported to the Audit Committee and the statutory auditors and are used specifically by the Group Internal
Audit, Risk Management & Internal Control Department in risk-oriented audit planning.
212
OUTLOOK REPORT
GLOBAL ECONOMY
In their winter forecast dated December 15, 2021, experts at the Kiel Institute for the World Economy (IfW
Kiel) expect global gross domestic product (GDP) to increase by 4.5% in 2022, following growth of 5.7% in
2021. This development is based on the assumption that the recovery of the global economy will be
temporarily dampened by the COVID-19 pandemic and persistent supply bottlenecks. However, the experts
at IfW Kiel also expect the influence of these negative effects to diminish in 2022 and to be gradually
overcome. There is significant uncertainty about the impact of the new Omicron variant on the economy.
However, the economic impact is likely to diminish over time, as either vaccination rates are high or a
significant proportion of the population has already come into contact with the virus, thus limiting the health
impact. The supply bottlenecks have proven to be an increasingly strong burdening factor in recent months,
but should gradually be overcome in the course of 2022 with the increasing adjustment of production
capacities and value chains.
SPORTING GOODS INDUSTRY

Provided that the continued course of the COVID-19 pandemic does not result in a renewed significant
negative impact on the macroeconomic conditions, we expect the sporting goods industry to grow in 2022.
We expect demand for sporting goods to increase in 2022 as the trend toward increased sports activities
and healthier lifestyles continues and becomes even more significant as a result of 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 2022, such as
the Olympic Winter Games in Beijing and the World Cup in Qatar, will help to support growth in the sporting
goods industry.
OUTLOOK 2022
In the financial year 2021, PUMA recorded a very strong sales and operating result (EBIT) growth due to a
positive general development in our sector, a continued brand momentum of PUMA and strong global
demand for our products as well as our focus on operational flexibility. Both, sales and operating result
(EBIT) are the highest PUMA has ever achieved in its history.
Despite the very strong growth in 2021, we continue to face a high degree of uncertainty in our global
business environment. The year 2022 has started with an all-time high of COVID-19 cases and
consequently, several governments have implemented regional or country-wide restrictions which affect
our entire value chain from manufacturing to retail store operations. Political tensions in key markets as
well as supply chain constraints due to container shortages and port congestion are also unfortunately
continuing in the new year.
Despite the uncertainties lasting into 2022, we expect a strong currency-adjusted sales growth of at least
ten percent in the financial year 2022. We anticipate our operating result (EBIT) to be in a range of € 600
million and € 700 million (2021: € 557 million) and net earnings to improve correspondingly. The
development of our gross profit margin and our OPEX-ratio in 2022 will continue to depend highly on the
degree and duration of the negative impact of the COVID-19 pandemic on our sales. While we will continue
to focus on our growth momentum by servicing our retail partners and consumers in the best possible way,
we expect inflationary pressure from higher freight rates and raw material prices, in addition to the
operating inefficiencies due to COVID-19, to have a dilutive effect on our profitability in 2022.
213
The achievement of this outlook is subject to continued manufacturing operations in our key sourcing
countries in Asia and no major business interruptions due to COVID-19. In line with the previous years,
PUMA will continue to maneuver through these challenges by building on its brand momentum, strong
partnerships with suppliers and retailers as well as operational flexibility. The strong and profitable growth
in the financial year 2021, an exciting product line up as well as very good feedback from retailers and
consumers make us confident for the mid-term success and growth of PUMA.
INVESTMENTS
Investments in fixed assets of around € 220 million are planned for 2022. 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 and further investments in
the expansion and modernization of the Group’s own retail stores.
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.
The Management Board
Gulden Descours Freundt Hinterseher
214
Annual Report 2021 ↗ Consolidated Financial Statements
CONSOLIDATED FINANCIAL
STATEMENTS
PUMA SE for the financial year 2021

– International Financial Reporting Standards – IFRS
216 Consolidated Statement of Financial Position

218 Consolidated Income Statement
219 Consolidated Statement of
Comprehensive Income
220 Consolidated Statement of Cash Flows
222 Statement of Changes in Equity
224 Notes to the Consolidated
Financial Statements
247 Notes to the Consolidated Balance Sheet
279 Notes to the Consolidated Income Statement
286 Additional Information
304 Declaration by the Legal Representatives
305 Independent Auditor’s Report
215
CONSOLIDATED FINANCIAL STATEMENTS
↗ T.01 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
12/31/2021 12/31/2020
Notes € million € million
ASSETS
Cash and cash equivalents 3 757.5 655.9
Inventories 4 1,492.2 1,138.0
Trade receivables 5 848.0 621.0
Income tax receivables 22 37.8 21.3
Other current financial assets 6 153.4 52.9
Other current assets 7 200.9 124.1
Current assets 3,489.8 2,613.0
Deferred tax assets 8 279.9 277.5
Property, plant and equipment 9 472.4 406.9
Right-of-use assets 10 940.5 877.6
Intangible assets 11 471.9 443.5
Other non-current financial assets 12 64.4 58.8
Other non-current assets 12 9.1 6.8
Non-current assets 2,238.4 2,071.0
Total assets 5,728.3 4,684.1
216
12/31/2021 12/31/2020
LIABILITIES AND SHAREHOLDERS' EQUITY
Current financial liabilities 13 68.5 121.4
Trade payables 13 1,176.4 941.5
Income taxes 22 85.7 89.2
Current lease liabilities 10 172.3 156.5
Other current provisions 16 47.9 35.3
Other current financial liabilities 13 64.4 151.1
Other current liabilities 13 549.0 377.8
Current liabilities 2,164.5 1,872.8
Non-current lease liabilities 10 851.0 775.2
Deferred tax liabilities 8 48.8 40.6
Pension provisions 15 31.9 38.2
Other non-current provisions 16 37.9 38.9
Other non-current financial liabilities 13 314.1 153.7
Other non-current liabilities 13 1.5 0.7
Non-current liabilities 1,285.3 1,047.4
Subscribed capital 17 150.8 150.8
Capital reserve 17 86.4 84.8
Other reserves 17 2,002.9 1,514.2
Treasury stock 17 -26.9 -27.4
Equity attributable to the shareholders of the parent 2,213.3 1,722.4
Non-controlling interests 17, 29 65.2 41.5
Shareholders' equity 2,278.5 1,763.9
Total liabilities and shareholders' equity 5,728.3 4,684.1
217
↗ T.02 CONSOLIDATED INCOME STATEMENT
2021 2020
Sales 19, 25 6,805.4 5,234.4
Cost of sales 25 -3,547.6 -2,776.4
Gross profit 25 3,257.8 2,458.0
Royalty and commission income 23.9 16.1
Other operating income and expenses 20 -2,724.6 -2,264.9
thereof impairment losses on trade receivables

and other financial assets 5 0.2 -30.7
Operating result (EBIT) 557.1 209.2
Financial income 21 29.9 35.4
Financial expenses 21 -81.7 -82.3
Financial result -51.8 -46.8
Earnings before taxes (EBT) 505.3 162.3
Taxes on income 22 -128.5 -39.2
Consolidated net earnings for the year 376.8 123.1
attributable to:
Non-controlling interests 17, 29 67.2 44.2
Equity holders of the parent (net earnings) 309.6 78.9
Earnings per share (€) 23 2.07 0.53
Earnings per share (€) – diluted 23 2.07 0.53
Weighted average shares outstanding (million) 23 149.59 149.56
Weighted average shares outstanding, diluted (million) 23 149.59 149.56
218
↗ T.03 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2021 2020
€ million € million
Consolidated net earnings before attribution 376.8 123.1
Currency changes 43.8 -138.9
Cash flow hedge

Release to the income statement, net after tax 85.8 8.1
Market value for cashflow hedges, net after tax 79.8 -87.7
Items expected to be reclassified to the income statement in the future 209.4 -218.5
Remeasurements of the net defined benefit liability, net after tax 4.2 -3.3
Neutral effects financial assets through other comprehensive income (FVTOCI),

net after tax -6.2 -14.7
Items not expected to be reclassified to the income statement in the future -2.0 -18.0
Other result 207.4 -236.5
Comprehensive income 584.1 -113.4
attributable to: Non-controlling interests 71.5 40.4
Equity holders of the parent 512.6 -153.8
219
↗ T.04 CONSOLIDATED STATEMENT OF CASH FLOWS
2021 2020
Operating activities
Earnings before taxes (EBT) 505.3 162.3
Adjustments for:
Depreciation and impairment 9, 10, 11 305.8 293.8
Non-realized currency gains/losses, net -29.6 26.3
Financial income 21 -29.9 -35.4
Financial expenses 21 72.6 78.4
Changes from the sale of fixed assets 5.1 2.4
Changes to pension provisions 15 -3.7 -1.0
Other non-cash effected expenses/income -4.5 -4.0
Gross cash flow 26 821.2 522.8
Changes in receivables and other current assets 5, 6, 7 -283.2 -50.0
Changes in inventories 4 -304.3 -109.7
Changes in trade payables and other current liabilities 13 373.2 147.7
Net cash from operational business activities 606.9 510.8
Income taxes paid 22 -146.9 -89.3
Net cash from operating activities 26 460.1 421.5
220
2021 2020
Investing activities
Purchase of property and equipment 9, 11 -202.4 -151.0
Proceeds from sale of property and equipment 18.3 1.6
Payment for other assets 12 -11.6 -4.5
Interest received 21 11.9 8.4
Net cash used in investing activities -183.8 -145.5
Financing activities
Repayment of lease liabilities 10 -160.9 -135.0
Repayment of current financial liabilities 13 -53.4 0.0
Raising of current financial liabilities 13 0.0 112.5
Repayment of non-current financial liabilities 13 -68.5 -18.3
Raising of non-current financial liabilities 13 235.0 0.0
Dividend payments to equity holders of the parent 17 -23.9 0.0
Dividend payments to non-controlling interests 17, 29 -47.8 -45.6
Interest paid 21 -44.4 -43.0
Net Cash used in financing activities 26 -164.0 -129.2
Exchange rate-related changes in cash and cash equivalents -10.5 -8.9
Change in cash and cash equivalents 101.7 137.8
Cash and cash equivalents at beginning of the financial year 655.9 518.1
Cash and cash equivalents at end of the financial year 3, 26 757.5 655.9
221
↗ T.05 STATEMENT OF CHANGES IN EQUITY (€ million)
Other reserves
Revenue Equity
reserves incl. Difference before non- Non-
Subscribed Capital Retained from currency Cash flow Treasury controlling controlling TOTAL
capital reserve Earnings conversion hedges stock interests interests equity
12/31/2019 150.8 83.0 1,900.9 -224.2 -8.8 -28.1 1,873.6 46.7 1,920.3
Consolidated net earnings of the year 78.9 78.9 44.2 123.1
Net income directly recognized in equity -18.0 -135.9 -78.8 -232.7 -3.9 -236.5
Total comprehensive income 60.9 -135.9 -78.8 -153.8 40.4 -113.4
Dividends paid to equity holders of the parent 0.0 -45.6 -45.6

company / non-controlling interests
Utilization / Issue of treasury stock 1.8 0.8 2.5 2.5
12/31/2020 150.8 84.8 1,961.8 -360.0 -87.6 -27.4 1,722.4 41.5 1,763.9
222
Other reserves
Revenue Equity
reserves incl. Difference before non- Non-
Subscribed Capital Retained from currency Cash flow Treasury controlling controlling TOTAL
capital reserve Earnings conversion hedges stock interests interests equity
12/31/2020 150.8 84.8 1,961.8 -360.0 -87.6 -27.4 1,722.4 41.5 1,763.9
Consolidated net earnings of the year 309.6 309.6 67.2 376.8
Net income directly recognized in equity -2.0 39.4 165.6 203.1 4.3 207.4
Total comprehensive income 307.6 39.4 165.6 512.6 71.5 584.1
Dividends paid to equity holders of the parent

company / non-controlling interests -23.9 -23.9 -47.8 -71.8
Utilization / Issue of treasury stock 1.7 0.5 2.2 2.2
12/31/2021 150.8 86.4 2,245.4 -320.6 78.1 -26.9 2,213.3 65.2 2,278.5
223
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 shortly referred to 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). The IASB standards and interpretations, as they are to be
applied in the EU, which are mandatory for financial years as of January 1, 2021, 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
Amendments to IFRS 16 COVID-19 related Rent Concessions after June 30, 2021
Amendments to IFRS 9, IAS 39, IFRS 7, Interest Rate Benchmark Reform (Phase 2)
IFRS 4 and IFRS 16
Amendments to IFRS 4 Extension of the temporary exemption from the Application of IFRS 9 in
IFRS 4
224
The standards and interpretations used for the first time as of January 1, 2021 had the following effects on
the consolidated financial statements:
AMENDMENTS TO IFRS 16 COVID-19-RELATED RENT CONCESSIONS AFTER JUNE 30, 2021
The practical expedient granted in IFRS 16 for the recognition of rent concessions due to the COVID-19
pandemic was extended. The practical expedient previously only applied to payments that would have been
due on or before June 30, 2021 pursuant to the original contractual agreement. Following the latest
amendment of IFRS 16, this period has now been extended to payments with an original maturity of up to
June 30, 2022.
The amendments to IFRS 16 in respect of COVID-19-related rent concessions enable lessees to make use
of a practical recognition exemption. This means that PUMA, as a lessee, may waive the evaluation of
whether COVID-19-related rent concessions – e.g., a deferral of or exemption from rent/lease payments for
a specific period of time – constitute lease modifications as defined in IFRS 16. PUMA has decided to make
use of this option for all rent concessions that fall within the scope of this practical expedient.
This practical recognition exemption applies only to rent concessions that are a direct consequence of the
COVID-19 pandemic and that meet the following requirements cumulatively:
a) The change to the lease payments may only result in a change to the consideration that is
substantively equal to or less than the consideration before the rent concessions were granted.
Accordingly, a (net) increase to the consideration would not fall within the scope of the practical
recognition exemption.
b) The provision may only be exercised for payments that would have been due on or before June 30,
2022 pursuant to the original contractual agreement.
c) The changes must not be accompanied by any additional material changes to the terms and
conditions of the contract. For example, a three-month suspension of lease payments before June 30,
2022, combined with a three-month lease extension at the end of the agreement term under practically
the same conditions, does not constitute a material change to the contractual terms or conditions.
Where the above conditions are met, PUMA may account for the rent concessions as if they were variable
lease payments and recognize them in the income statement in the period in which the rent concessions
were granted. In the case of finally waived lease payments, it must be checked whether a derecognition of
the lease liability is to be carried out in accordance with the requirements of IFRS 9 “Financial
Instruments”. This represents a simplification of the accounting treatment of the rent concessions, as it is
no longer necessary to check whether the conditions for a contractual modification apply and any changes
do not need to be accounted for as a contractual modification.
As a result of this practical recognition exemption, in the financial year 2021 PUMA recognized € 7.1 million
in rent concessions (previous year: € 13.7 million) as variable lease payments in the income statement. This
also led to a reversal of lease liabilities in almost the same amount. Furthermore, lease payments were
deferred and, for some contracts, the underlying lease term was extended by a period of up to three
months. In these cases, no adjustment was made to the amount of lease liabilities.
The information regarding leases in financial year 2021 is presented in chapter 10.
225
CHANGES IN OTHER STANDARDS AND INTERPRETATIONS
The amendments to the other standards and interpretations described below, which were to be initially
adopted as of January 1, 2021, did not affect the PUMA consolidated financial statements.
The interest rate benchmark reform (phase 2, amendments to IFRS 9, IAS 39 and IFRS 7) concerns specific
requirements for the accounting of hedge relationships of interest rate hedge instruments. This change has
no effect on the PUMA consolidated financial statements.
The extension of the temporary exemption from the application of IFRS 9 (Financial Instruments) in IFRS 4
(Insurance Contracts) has no effect on the PUMA consolidated financial statements.
226
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
Standard Title Date of adoption * Planned adoption
Endorsed
References to the
Amendments to IFRS 3 Conceptual Framework 1/1/2022 1/1/2022
Onerous contracts: Contract

Amendments to IAS 37 performance costs 1/1/2022 1/1/2022
Property, plant and

equipment: Proceeds before
Amendments to IAS 16 intended use 1/1/2022 1/1/2022
Annual Improvements Improvements to IFRS 1,

2018 – 2020 IFRS 9, IFRS 16 and IAS 41 1/1/2022 1/1/2022
IFRS 17 (including
amendment IFRS 17) Insurance contracts 1/1/2023 1/1/2023
Endorsement pending
Classification of liabilities as
Amendments to IAS 1 current or non-current 1/1/2023 1/1/2023
Disclosure of accounting
Amendments to IAS 1 policies 1/1/2023 1/1/2023
Definition of accounting
Amendments to IAS 8 estimates 1/1/2023 1/1/2023
Deferred taxes relating to

assets and liabilities from a
Amendments to IAS 12 single transaction 1/1/2023 1/1/2023
Amendments to IFRS 10 Sale or contribution of

and IAS 28 assets postponed indefinitely
* Adjusted by EU endorsement, if applicable
PUMA does not expect any significant effects on the consolidated financial statements from these
amendments.
227
2. SIGNIFICANT CONSOLIDATION, ACCOUNTING AND VALUATION PRINCIPLES
CONSOLIDATION PRINCIPLES
The consolidated financial statements were prepared as of December 31, 2021, 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.
Subsidiaries are companies in which the Group has existing rights that give it the current ability to direct
the relevant activities. The main activities are those that have a significant influence on the profitability of
the company. Control is therefore considered to exist if the Group is exposed to variable returns from its
relationship with a company and has the power to govern those returns through its control of the relevant
activities. As a rule, control is based on PUMA’s direct or indirect majority of the voting rights. Consolidation
begins at the point in time from which control is possible. It ends when this no longer exists.
The recognition of business combinations is based on the acquisition method. The assets, debts and
contingent liabilities that can be identified as part of a business combination are generally stated at their
fair value as of the acquisition date, regardless of the size of non-controlling interests. For each acquisition,
there is a separately exercisable option whether the non-controlling interests are measured at fair value or
at the proportionate share of net assets.
The surplus of the consideration transferred that exceeds the Group’s share in the net assets stated at fair
value is recognized as goodwill. If the consideration transferred is lower than the amount of the net assets
stated at fair value, the difference is recognized directly in the income statement.
In individual cases, PUMA is the economic owner of shareholdings when it has a majority stake due to the
contractual arrangements with shareholders who hold non-controlling interests in individual companies in
the Group. These companies are included in the consolidated financial statements at 100% and without
disclosure of non-controlling interests (the respective companies are marked in table T09). The present
value of the capital shares attributable to the non-controlling interests and the present value of the residual
purchase prices expected due to corporate performance are included in the capital consolidation as
acquisition costs for the holdings. The costs directly attributable to the purchase and later differences in
the present values of the expected residual purchase prices are recognized in the income statement in
accordance with IFRS 3.
With respect to the remaining controlling interests, losses attributable to non-controlling interests are
allocated to the latter even if this results in a negative balance in non-controlling interests.
Intra-group receivables and liabilities are offset against each other. Offsetting differences resulting from
exchange rate effects are generally recognized in the income statement to the extent that they arose in the
reporting period. Insofar as receivables and liabilities are of a long-term nature and have a capital-
replacing character, the currency difference is recognized directly in equity and in other comprehensive
income.
In the course of the expense and income consolidation, inter-company sales and intra-group income are
offset against the expenses attributable to them. Interim profits not yet realized within the Group as well as
intra-group investment income are eliminated.
228
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 December
31, 2021, 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 2021 were as follows:
↗ T.08
As of 12/31/2020 102
Formation of companies 4
Disposal of companies 5
As of 12/31/2021 101
The additions to the group of consolidated companies are due to the foundation of:
• PUMA Sports Philippines Inc., Philippines

• PUMA Sports (Thailand) Co., Ltd., Thailand
• STICHD SOUTHEAST ASIA SDN. BHD., Malaysia
• PT PUMA SPORTS INDONESIA, Indonesia
The disposals from the group of consolidated companies are due to mergers of the following companies
within the group of consolidated companies:
• PUMA Logistik-Verwaltungs GmbH, Germany

• PUMA Retail Peru S.A.C., Peru
• Servicios Profesionales RDS, S.A. de C.V., Mexico
In addition, during the financial year, PUMA Teamwear Benelux B.V., Netherlands and PUMA Slovakia s.r.o.
v likvidácii, Slovakia were liquidated.
The changes in the group of consolidated companies did not have a significant effect on the net assets,
financial position and results of operations.
229
The Group companies are allocated to regions as follows:
↗ T.09
as of Dec. 31, 2021

No. Companies/Legal Entities Country City Shareholder Share in Capital
- parent company -
1. PUMA SE Germany Herzogenaurach

EMEA
2. Austria Puma Dassler Gesellschaft m.b.H. Austria Salzburg direct 100%

3. stichd austria gmbh Austria Salzburg indirect 100%
4. Puma Czech Republic s.r.o. Czech Republic Prague indirect 100%
5. PUMA DENMARK A/S Denmark Arhus indirect 100%
6. PUMA Estonia OÜ Estonia Tallinn indirect 100%
7. PUMA Finland Oy Finland Helsinki indirect 100%
8. PUMA FRANCE SAS France Strasbourg indirect 100%
9. stichd france SAS France Boulogne Billancourt indirect 100%
10. PUMA International Trading GmbH Germany Herzogenaurach direct 100%
11. PUMA Europe GmbH Germany Herzogenaurach direct 100%
12. PUMA Sprint GmbH Germany Herzogenaurach direct 100%
13. PUMA Mostro GmbH Germany Herzogenaurach indirect 100%
14. stichd germany gmbh Germany Düsseldorf indirect 100%
15. PUMA UNITED KINGDOM LTD Great Britain London indirect 100%
16. PUMA PREMIER LTD Great Britain London indirect 100%
17. STICHD UK LTD Great Britain Mansfield indirect 100%
18. STICHD SPORTMERCHANDISING UK LTD Great Britain London indirect 100%
230
as of Dec. 31, 2021

19. GENESIS GROUP INTERNATIONAL LIMITED Great Britain Manchester direct 100%
20. Sport Equipment Hellas S. A. of Footwear, Apparel and Sportswear u.Li. Greece Athens direct 100%*
21. PUMA ITALIA S.R.L. Italy Assago indirect 100%
22. STICHD ITALY SRL Italy Assago indirect 100%
23. Puma Sport Israel Ltd. In Liq Israel Hertzeliya indirect 100%
24. PUMA MALTA LIMITED Malta St.Julians indirect 100%
25. Puma Benelux B.V. Netherlands Leusden direct 100%
26. PUMA International Sports Marketing B.V. Netherlands Leusden direct 100%
27. stichd group B.V. Netherlands 's-Hertogenbosch direct 100%
28. stichd international B.V. Netherlands 's-Hertogenbosch indirect 100%
29. stichd sportmerchandising B.V. Netherlands 's-Hertogenbosch indirect 100%
30. stichd B.V. Netherlands 's-Hertogenbosch indirect 100%
31. stichd logistics B.V. Netherlands 's-Hertogenbosch indirect 100%
32. stichd licensing B.V. Netherlands 's-Hertogenbosch indirect 100%
33. PUMA NORWAY AS Norway Fornebu indirect 100%
34. PUMA POLSKA sp. z o.o. Poland Warsaw indirect 100%
35. PUMA SPORTS ROMANIA SRL Romania Voluntari indirect 100%
36. PUMA-RUS o.o.o. Russia Moscow indirect 100%
37. PUMA SPORTS DISTRIBUTORS (PTY) LTD South Africa Cape Town indirect 100%
38. PUMA SPORTS S A (PTY) LTD South Africa Cape Town indirect 100%
39. PUMA IBERIA SLU Spain Madrid direct 100%
40. STICHDIBERIA S.L. Spain Cornella de Llobregat indirect 100%
41. Nrotert AB Sweden Helsingborg direct 100%
* subsidiaries which are assigned to be economically 100% PUMA Group
231
as of Dec. 31, 2021

42. PUMA Nordic AB Sweden Helsingborg indirect 100%

43. Nrotert Sweden AB Sweden Helsingborg indirect 100%
44. stichd nordic AB Sweden Helsingborg indirect 100%
45. MOUNT PUMA AG Switzerland Oensingen direct 100%
46. Puma Retail AG Switzerland Oensingen indirect 100%
47. stichd switzerland ag Switzerland Egerkingen indirect 100%
48. PUMA Spor Giyim Sanayi ve Ticaret A.S. Turkey Istanbul indirect 100%
49. PUMA UKRAINE LIMITED LIABILITY COMPANY Ukraine Kiew indirect 100%
50. PUMA Middle East FZ-LLC United Arab Emirates Dubai indirect 100%
51. PUMA UAE (L.L.C) United Arab Emirates Dubai indirect 100%*
Americas
52. PUMA Sports Argentina S.A. (former Unisol S.A.) Argentina Buenos Aires indirect 100%
53. PUMA Sports Ltda. Brazil Sao Paulo indirect 100%
54. PUMA Canada, Inc. Canada Toronto indirect 100%
55. PUMA United Canada ULC Canada Vancouver indirect 51%
56. PUMA CHILE SpA Chile Santiago direct 100%
57. PUMA SERVICIOS SpA Chile Santiago indirect 100%
58. PUMA México Sport, S.A. de C.V. Mexico Mexico City direct 100%
59. Importaciones RDS, S.A. de C.V. Mexico Mexico City direct 100%
60. GLOBAL LICENSE STICHD GROUP MEXICO S.A. de C.V. Mexico Mexico City indirect 100%
61. Importationes Brand Plus Licensing S.A. de C.V. Mexico Mexico City indirect 100%
* subsidiaries which are assigned to be economically 100% PUMA Group
232
as of Dec. 31, 2021

62. Distribuidora Deportiva PUMA S.A.C. Peru Lima indirect 100%

63. Distribuidora Deportiva PUMA Tacna S.A.C. Peru Tacna indirect 100%
64. PUMA Sports LA S.A. Uruguay Montevideo direct 100%
65. PUMA Suede Holding, Inc. USA Wilmington indirect 100%
66. PUMA North America, Inc. USA Wilmington indirect 100%
67. Cobra Golf Incorporated USA Wilmington indirect 100%
68. PUMA United Canada Holding, Inc. USA Wilmington indirect 100%
69. PUMA United North America LLC USA Dover indirect 51%
70. Janed Canada, LLC USA Dover indirect 51%
71. stichd NA, Inc. USA Wilmington indirect 100%
Asia/ Pacific
72. PUMA Australia Pty. Ltd. Australia Melbourne indirect 100%

73. White Diamond Australia Pty. Ltd. Australia Melbourne indirect 100%
74. White Diamond Properties Pty. Ltd. Australia Melbourne indirect 100%
75. PUMA China Ltd. (彪马（上海）商贸有限公司) China Shanghai indirect 100%
76. stichd Trading (Shanghai) Co., Ltd. (斯梯起特贸易（上海）有限公司) China Shanghai indirect 100%
77. Guangzhou World Cat Information Consulting Services Company Ltd.
(广州寰彪信息咨询服务有限公司) China Guangzhou indirect 100%
78. World Cat Ltd. (寰彪有限公司) China Hongkong direct 100%
79. Development Services Ltd. China Hongkong direct 100%
80. PUMA International Trading Services Ltd. China Hongkong indirect 100%
81. PUMA ASIA PACIFIC LTD (彪馬亞太區有限公司) China Hongkong direct 100%
82. PUMA Hong Kong Ltd. (彪馬香港有限公司) China Hongkong indirect 100%
83. stichd Limited China Hongkong indirect 100%
233
as of Dec. 31, 2021

84. PUMA Sports India Private Ltd. India Bangalore indirect 100%
85. PUMA India Corporate Services Private Ltd. India Bangalore indirect 100%
86. World Cat Sourcing India Private Ltd. India Bangalore indirect 100%
87. PT. PUMA Cat Indonesia Indonesia Jakarta indirect 100%
88. PT PUMA Sports Indonesia Indonesia Jakarta indirect 100%
89. PUMA Japan K.K. (プーマジャパン株式会社) Japan Tokyo indirect 100%
90. PUMA Korea Ltd. (푸마코리아 유한회사) Korea (South) Seoul direct 100%
91. Stichd Korea Ltd Korea (South) Incheon indirect 100%
92. PUMA Sports Goods Sdn. Bhd. Malaysia Petaling Jaya indirect 100%
93. STICHD SOUTHEAST ASIA SDN. BHD. Malaysia Kuala Lumpur indirect 100%
94. PUMA New Zealand Ltd. New Zealand Auckland indirect 100%
95. PUMANILA IT SERVICES INC. Philippines City of Makati indirect 100%
96. PUMA Sports Philippines Inc. Philippines City of Makati indirect 100%
97. PUMA Sports SEA Trading Pte. Ltd. Singapore indirect 100%
98. PUMA SEA Holding Pte. Ltd. Singapore indirect 100%
99. PUMA Taiwan Sports Ltd. (台灣彪馬股份有限公司） China (Taiwan) Taipei indirect 100%
100. PUMA Sports (Thailand) Co., Ltd. Thailand Bangkok indirect 100%
World Cat Vietnam Sourcing & Development Services Company Limited
(CÔNG TY TNHH DỊCH VỤ PHÁT TRIỂN & NGUỒN CUNG ỨNG WORLD CAT
101. VIỆT NAM) Vietnam Ho Chi Minh City indirect 100%
PUMA Mostro GmbH, PUMA Sprint GmbH, PUMA International Trading GmbH and PUMA Europe GmbH have made use of the exemption provision under Section 264 (3) of
the German Commercial Code (HGB).
234
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 recognized in the income statement. Non-monetary items are converted at
historical acquisition and manufacturing costs.
The assets and liabilities of foreign subsidiaries, the functional currency of which 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
against equity.
The significant conversion rates per euro are as follows:
↗ T.10
2021 2020
Reporting date Reporting date

Currency exchange rate Average exchange rate exchange rate Average exchange rate
USD 1.1326 1.1827 1.2271 1.1422
CNY 7.1947 7.6282 8.0225 7.8747
JPY 130.3800 129.8767 126.4900 121.8458
GBP 0.8403 0.8596 0.8990 0.8897
The currency area Argentina has been in a hyperinflationary environment since 2018. The effects on the
consolidated financial statements were analyzed in accordance with IAS 29 and IAS 21.42. The application of
the aforementioned standards to the PUMA SE consolidated financial statements as of December 31, 2021
would have resulted in an increase in assets of € 17.5 million (previous year: € 14.7 million) (mainly
property, plant and equipment, intangible assets and inventories), a decrease in liabilities of € 3.1 million
(previous year: € 0.0 million) and an adjustment of equity of € 20.6 million (previous year: € 14.7 million).
Furthermore, the operating result (EBIT) would have decreased by € 1.2 million (previous year: € 4.4
million). The effects on the consolidated financial statements were considered insignificant and did not lead
to an adjustment in the context of the group accounting.
235
ACCOUNTING AND VALUATION PRINCIPLES
FINANCIAL INSTRUMENTS
Financial instruments are classified and recognized in accordance with IFRS 9. Under IFRS 9, the
subsequent measurement of financial instruments is carried out according to the classification at
“amortized cost” (AC), at “fair value through profit or loss” (FVPL) or at “fair value through other
comprehensive income” (FVOCI). The classification is based on two criteria: the Group’s business model for
asset management and the question of whether the contractual cash flows of the financial instruments
represent “exclusively payments of principal and interest” toward the outstanding principal amount.
For investments (equity instruments), IFRS 9 allows a measurement at fair value through other
comprehensive income (FVOCI) under certain conditions. If these interests, however, are disposed of or
written off, the gains and losses from these interests which were not realized 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 recognized 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 (cash flow hedge) or as hedges of the fair value of a recognized 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 hedge accounting and continuously thereafter.
Changes in the market value of derivatives that are intended and suitable for cash flow hedges and that
prove to be effective are adjusted against equity, taking into account deferred taxes. If there is no complete
effectiveness, the ineffective part is recognized in the income statement. The amounts recognized in equity
are recognized 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 equity are included in the initial
measurement of the acquisition costs of the respective asset or liability.
Changes in the fair value of derivatives that qualify for and are designated as fair value hedges are
recognized 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 fair value of the derivatives 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 hedge planned transactions and to hedge the fair value
of a recognized asset or liability are shown under other short-term and long-term financial assets or
liabilities.
236
LEASES
PUMA has concluded leases exclusively as lessee.
The leases are respectively identified on an individual contract level. PUMA recognizes for all leases 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 an acquisition value
of the assets of less than € 5,000). In the case of a short-term lease or low-value lease, the Group
recognizes 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 recognized 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 underlying the lease contract is usually not known.
The following lease payments are included in the measurement of the lease liability:
• Fixed lease payments (including in-substance fixed payments), less any incentive payments received;
• Variable lease payments based on an index or rate, initially measured based on the index or rate at the
start of the lease agreement; as a result, future adjustments after changes in the index or interest rate
remain unrecognized;
• Exercise price of purchase options, if PUMA is sufficiently certain that it will exercise them;
• Expected payments from residual value guarantees; and
• Penalties for the early termination of lease agreements, if PUMA is sufficiently certain that it will
exercise this termination option and if this is taken into account when determining the term of the lease
agreement.
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
an economic incentive to exercise the extension option or not 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 recognized as a separate line item on the consolidated balance sheet.
As described in chapter 1 above, PUMA applies the practical recognition exemption for COVID-19-related
rent concessions to all rent concessions falling within the scope of this measure. Where the conditions are
met, the rent concessions will be represented on the balance sheet as if they were variable lease payments.
Consequently, the rent concessions will be recognized in the income statement in the period in which they
were granted.
The subsequent measurement of the lease liability is done by increasing the carrying amount by adding the
accrued interest of the lease liability (using the effective interest method) and by reducing the carrying
amount of the lease liability by the lease payments made. Where COVID-19-related rent concessions involve
exemption from lease payments, the carrying amount of the lease liability is reduced by the exempted lease
payments.
If the term of the lease has changed and this is not a COVID-19-related rent concession, or if a material
event has led to a change in the assessment relating to the exercise of a purchase option, PUMA will
remeasure the lease liability by discounting the adjusted lease payments using an updated interest rate and
will adjust the corresponding right-of-use asset accordingly.
237
If lease payments have changed due to index or interest rate changes or due to a change in the expected
payments to be made due to a residual value guarantee, PUMA will remeasure the lease liability by
discounting the adjusted lease payments using an unchanged discount rate. The corresponding right-of-use
asset is adjusted accordingly.
If a lease is changed and this is not a COVID-19-related rent concession, and the change in the lease is not
recognized as a separate lease, PUMA will remeasure the lease liability based on the lease term for the
new lease. As part of this, the changed lease payments are discounted using the updated interest rate at
the time the change becomes effective.
The right-of-use assets comprise the respective lease liability as part of initial measurement. Lease
installments that are paid before or at the beginning of the lease must be added. Lease incentives received
from the lessor must be deducted and initial direct costs must be included. If dismantling obligations exist
with regard to the leased assets, they are included in the measurement of the right-of-use assets. The
subsequent measurement 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.
Variable lease payments that are not dependent on an index or interest rate are not included in the
valuation of the lease liabilities and the right-of-use. These payments are recognized in the income
statement as other expenses as soon as PUMA has received the underlying benefit. This applies primarily to
turnover-based rents for retail stores.
As part of the practical expedient, IFRS 16 allows to dispense with a separation between non-lease
components and lease components. With regard to land and buildings, PUMA generally does not apply the
practical expedient so 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 recognized.
The right-of-use assets are recognized as a separate line item in the consolidated balance sheet.
The right-of-use assets are subject to impairment of assets in accordance with 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 suggest that the carrying amount of the assets may not be recoverable. For this purpose,
a so-called “triggering event test” is carried out after the annual budget planning has been prepared or on
an occasional basis.
The value in use is determined for each retail store using the 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. With reference to the bottom-
up budget, country- and CGU-specific sales and cost developments are used as a basis for the remaining
useful life. The growth rates used are based on the expected nominal retail growth in the respective market
for the respective planning year. All retail stores are experiencing growth rates in a single-digit to low
double-digit percentage range. Cash flows were discounted at a weighted average cost of capital rate of
between 4.7% and 19.7% (previous year: between 3.7% and 18.9%) when determining the value in use of
retail stores. This was based on a risk-free interest rate on equivalent term structures of 0.1% (previous
238
year: 0.4%) and a market risk premium of 7.8% (previous year: 7.8%). The value in use is compared with the
carrying amount of the net assets allocated to the retail store (in particular, right-of-use assets from the
lease, tenant fixtures, net working capital and proportionate corporate assets allocated to the central
areas). If the carrying amount of the assets of the retail stores exceeds the determined value in use, the fair
value of the cash-generating unit is also calculated. If an impairment occurs, the fair value of the right-of-
use asset is determined separately, taking into account materiality aspects, using internal or external data
sources.
If there are indications that stores that have previously been written down have achieved a turnaround and
are again recoverable, an additional triggering event test is carried out and, where applicable, a reversal of
impairment loss is recorded up to the amount of the amortized costs.
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash and bank balances. To the extent that bank deposits are not
immediately required to finance current assets, they are invested as fixed-term deposits for 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 amortized 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.
INVENTORIES
Inventories are measured at acquisition or manufacturing costs or at the lower net realizable values
derived from the selling price on 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
realizable market prices, in a manner that is standard throughout the Group.
TRADE RECEIVABLES
Trade receivables are initially measured at the transaction price and subsequently at amortized cost with
deduction of value adjustments, in the form of a provision for risks. The transaction price according to IFRS
15 “Revenue from Contracts with Customers” is the amount of the consideration expected by the Company
for the delivery of goods or the provision of services to customers, not taking into account the amounts
collected on behalf of third parties.
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.
239
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 subsequent
measurement of the other financial assets is therefore always carried out at amortized cost, taking into
account the respective impairment losses. The business model “trading” is not used.
The non-current assets contain loans and other assets. Non-interest-bearing non-current assets are
discounted to present value if the resulting effect is significant.
INVESTMENTS
The investments recognized under non-current financial assets belong 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 trade date. Investments are initially
recognized at fair value plus transaction costs. They are also recognized at fair value in subsequent periods
if this can be reliably determined. Unrealized gains and losses are recognized in the 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 costs, 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. The acquisition costs of property, plant and equipment also include interest on borrowings
in accordance with IAS 23, insofar as these accrue and the effect is significant.
Repair and maintenance costs are recorded as an expense as of the date on which they were incurred.
Substantial improvements and upgrades are capitalized to the extent that the criteria for capitalization of an
asset item apply.
GOODWILL
Goodwill resulting from a business combination is calculated based on the difference between the
transferred consideration and the Group’s share in the fair value of the acquired assets and liabilities.
Goodwill amounts are allocated to the Group’s cash-generating units that are expected to benefit from the
synergy effects resulting from the business combination.
An impairment test of goodwill per group of cash-generating units (usually the smallest company level at
which goodwill is monitored) is performed once a year and whenever there are indicators of impairment
and can result in an impairment loss. There is no reversal of an impairment loss for goodwill. See chapter
11 for further details, in particular regarding the assumptions used for the calculation.
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OTHER INTANGIBLE ASSETS
Acquired intangible assets largely consist of concessions, intellectual property rights and similar rights.
These are measured at acquisition costs, net of accumulated amortization. The useful life of intangible
assets is between three and ten years. Scheduled depreciation is done on a straight-line basis.
If the capitalization requirements of IAS 38.57 “Intangible Assets” are met cumulatively, expenses in the
development phase for internally generated intangible assets are capitalized at the time they arise. In
subsequent periods, internally generated intangible assets and acquired intangible assets are measured at
cost less accumulated amortization 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.
The item also includes acquired trademark rights, which are assumed to have an indefinite useful life in
light of the history of the brands and due to the fact that the brands are continued by PUMA.
IMPAIRMENT OF ASSETS
Intangible assets with an indefinite useful life are not amortized 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
written down, 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 amortized costs. There is no reversal of an
impairment loss for goodwill.
Impairment tests are performed 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. Should indications of a value
impairment of a self-used trademark arise, the recoverability of the trademark is not only measured
individually using the relief-from-royalty method, but the recoverable amount of the group of cash-
generating units to which the trademark is to be allocated is also determined.
See chapter 11 for further details, in particular regarding the assumptions used for the calculation.
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FINANCIAL DEBT, OTHER FINANCIAL LIABILITIES AND OTHER LIABILITIES
In general, these items are recognized at their acquisition cost, taking into account transaction costs and
subsequently recognized at amortized cost. Non-interest or low-interest-bearing liabilities with a term of at
least one year are recognized 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 category “measured at fair value through profit or loss” (FVPL) is not used with regard to financial
liabilities.
Current financial liabilities also include those long-term loans that have a maximum residual term of up to
one year.
PUMA offers its suppliers a supplier financing program. This is a kind of reverse factoring, the financing
conditions of which are also linked to the achievement of sustainability targets by the suppliers.
Participation in the program is voluntary for the suppliers and helps the suppliers to pre-finance the
supplier invoices to PUMA from one of the partner banks against an interest discount already considerably
before the customary payment date. PUMA is not affected by the participation of the suppliers in the
supplier financing program (in particular no changes to the payment terms, no changes to the payment
methods and/or no changes to the original contractual conditions). There are therefore also no
discretionary decisions to be made with regard to the balance sheet and cash flow statement.
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.
Revaluations, consisting of actuarial profits and losses, changes resulting from use of the asset ceiling and
return on plan assets (without interest on the net debt) are immediately recorded under Other
Comprehensive Income. The revaluations recorded in Other Comprehensive Income are part of the retained
earnings and are no longer reclassified into the income statement. Past service costs are recorded as an
expense if changes are made to the plan.
Details regarding the assumed life expectancy and the mortality tables used are shown in chapter 15.
OTHER PROVISIONS
Provisions are recognized if the Group, as a result of a past event, has a current obligation and this
obligation is likely to result in an outflow of resources with economic benefits, the amount of which can be
reliably estimated. The provisions are recognized at their settlement value as determined on the basis of
the best possible estimate and are not offset by income. Non-current provisions are discounted.
Provisions for the expected expenses from warranty obligations pursuant to the respective national sales
contract laws are recognized at the time of sale of the relevant products, according to the best estimate in
relation to the expenditure needed in order to fulfill the Group’s obligation.
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Provisions are also recognized 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.
Provisions for restructuring measures are also recorded if a detailed, formal restructuring plan has been
prepared, which has created a justified expectation that the restructuring measures will be carried out by
those concerned due to its implementation starting or its major components being announced.
TREASURY STOCK
Treasury stock is deducted from equity at its market price as of the date of acquisition, plus incidental
acquisition costs. Pursuant to the authorization of the Annual General Meeting, treasury stock can be
repurchased for any authorized purpose, including the flexible management of the Company’s capital
requirements.
MANAGEMENT INCENTIVE PROGRAMS
PUMA uses cash-settled share-based payments and key performance indicator-based long-term incentive
programs.
For cash-settled share-based payments, a liability is recorded for the services received and measured with
its fair value upon recognition. Until the debt is cleared, its fair value is recalculated on every balance sheet
date and on the settlement date and all changes to the fair value are recognized in the income statement.
During the three-year term of the respective programs, the medium-term targets of the PUMA Group with
regard to sales growth, operating result (EBIT), cash flow and gross profit margin are determined for key
figure-based compensation processes and recognized in the income statement as Other Provisions with
their respective degree of target achievement.
RECOGNITION OF SALES REVENUES
The Group recognizes sales revenues from the sale of sporting goods. The sales revenues 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 the sales revenues. The Group records sales revenues at the time when PUMA
fulfills 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. 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 conformity 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 revenues
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 shop. The payment of the
purchase price is due as soon as the customers purchase the products.
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
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basis of past experience and is deducted from sales revenues by a provision for returns. 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 records royalty and commission income from the licensing of trademark rights to third parties.
Income from royalties is recognized 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
realized.
ADVERTISING AND PROMOTIONAL EXPENSES
Advertising expenses are recognized in the income statement at the time they are incurred. In general,
promotional expenses stretching over several years are recognized as an expense over the contractual
term on an accrual basis. Any expenditure surplus resulting from this allocation of expenses after the
balance sheet date are recognized in the form of an impairment of assets or a provision for anticipated
losses in the financial statements.
PRODUCT DEVELOPMENT
PUMA continuously develops new products in order to meet market requirements and market changes.
Research costs are expensed in full at the time they are incurred. Development costs are also recognized
as an expense when they do not meet the recognition criteria of IAS 38 “Intangible Assets”.
GOVERNMENT GRANTS
Starting in the financial year 2020, PUMA has received government grants related to income on a global
level as a result of the COVID-19 pandemic; these have then been deducted from the corresponding
expenses in the income statement. Grants are received via country-specific, one-off emergency aid
schemes relating to the global COVID-19 pandemic and via country-specific short-time work programs,
provided that they meet the requirements of IAS 20 and other comparable measures.
Pursuant to IAS 20.7, government grants related to income are recognized when there is reasonable
assurance that the entity will comply with the conditions attached to them and the grants will be received.
Grants related to income are deducted from the corresponding expenses in the income statement (net
presentation).
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 measurement of pension commitments.
Exchange rate effects that can be directly allocated to an underlying transaction are shown in the
respective income statement item.
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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.
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 recognized either as deferred tax assets
or deferred tax liabilities.
With regard to the leases that were capitalized, tax deduction potential is allocated to the respective right-
of-use asset. If temporary differences arise during subsequent valuation from a netting perspective of
right-of-use asset and lease liability, deferred tax items will be created, provided the requirements under
IAS 12 are met.
Deferred tax assets may also include claims for tax reductions that result from the expected utilization of
existing losses carried forward to subsequent years and which is sufficiently certain to materialize.
Deferred tax assets or liabilities may also result from accounting treatments that do not affect the income
statement. Deferred taxes are calculated on the basis of the tax rates that apply to the reversal in the
individual countries and that are in force or adopted as of the balance sheet date.
Deferred tax assets are recognized only to the extent that the respective tax advantage is likely to
materialize. Value adjustments are recognized on the basis of the past earnings situation and the business
expectations for the foreseeable future, if this criterion is not fulfilled.
ASSUMPTIONS AND ESTIMATES
The preparation of the consolidated financial statements requires some assumptions and estimates that
have an impact on the measurement and presentation of the recognized assets and liabilities, income and
expenses, as well as 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. PUMA applies scenarios that assume that the situation
created by the COVID-19 pandemic will not be long term. Accordingly, PUMA does not expect that the
impact on the consolidated financial statements will be significant or serious. Assumptions and estimates
are made in particular with regard to evaluating the control of companies with non-controlling interests,
the measurement of goodwill and brands, pension obligations, derivative financial instruments, leases and
taxes. 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 behavior. As it is currently difficult to predict what the global consequences of the
COVID-19 pandemic will be in the short and medium term, these assumptions and estimates are generally
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subject to increased uncertainty. However, it is assumed that the global economy will gradually return to
normal in 2022 due to the availability of vaccines against COVID-19 and the progress made with immunizing
large parts of the population in PUMA’s key markets. 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.
Pension Obligations
Pension obligations are determined using an actuarial calculation. This calculation is contingent on a large
number of factors that are based on assumptions and estimates regarding the discount rate, the expected
return on plan assets, future wage and salary increases, mortality and future pension increases. Due to the
long-term nature of the commitments made, the assumptions are subject to significant uncertainties. Any
change in these assumptions has an impact on the carrying amount of the pension obligations. The Group
determines at the end of each year the discount rate applied to determine the present value of future
payments. This discount rate is based on the interest rates of corporate bonds with the highest credit rating
that are denominated in the currency in which the benefits are paid and the maturity of which corresponds
to that of the pension obligations. See chapter 15 for further details, in particular regarding the parameters
used for the calculation.
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; depending on the management’s assessment, these
differing opinions may be taken into account using the most probable amount for the respective case.
The recognition of deferred taxes, in particular with respect to tax losses carried forward, 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 judgment. This takes into account the past financial position and the business
development expected in the future. Due to the currently difficult to predict short- and medium-term
consequences of the global COVID-19 pandemic, these assumptions and estimates are generally subject to
increased uncertainty. Deferred tax assets on losses carried forward are recorded in the event of
companies incurring a loss only if it is highly probable that future positive income will be achieved that can
be offset against these tax losses carried forward in the next 5 years. See chapter 8 for further information
and detailed assumptions.
Derivative Financial Instruments

The assumptions used for estimating derivative financial instruments are based on the prevailing market
conditions as of the balance sheet date and thus reflect the fair value. See chapter 24 for further
information.
Leases
The measurement of the lease liabilities 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 an option 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.
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NOTES TO THE CONSOLIDATED BALANCE SHEET
3. CASH AND CASH EQUIVALENTS

As of December 31, 2021, the Group has € 757.5 million (previous year: € 655.9 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 financial investments was 1.5% (previous year:
1.5%). There are no restrictions on disposition.
4. INVENTORIES
Inventories are allocated to the following main groups:
↗ T.11 (€ million)
2021 2020
Raw materials, consumables and supplies 30.2 15.4
Finished goods and merchandise/inventory
Footwear 356.2 324.7
Apparel 325.5 273.9
Accessories/Other 154.9 128.3
Prepayments made 25.9 0.0
Goods in transit 535.6 351.7
Inventory adjustments related to returns 64.0 43.9
Total 1,492.2 1,138.0
The table shows the carrying amounts of the inventories net of value adjustments. Of the value adjustments
in the amount of € 169.3 million (previous year: € 115.7 million), approx. 58.1% (previous year approx.
69.6%) were recognized as an expense under cost of sales in the financial year 2021.
The volume of inventories recorded as an expense during the period mainly includes the cost of sales
shown in the consolidated income statement.
The right to return goods represents the merchandise value of the products where a return is expected.
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5. TRADE RECEIVABLES
This item consists of:
2021 2020
Trade receivables, gross 906.7 682.9
Less provision for risks -58.7 -61.9
Trade receivables, net 848.0 621.0
The change of the provision for risks for financial assets in the “trade receivables” class measured at
amortized cost relates to receivables in connection with sales revenues from contracts with customers and
has developed as follows:
2021 2020
Status of provision for risks as of January 1 61.9 36.8
Exchange rate differences 1.5 -2.7
Additions 11.8 33.9
Utilization -4.9 -3.1
Reversals -11.5 -2.9
Status of provision for risks as of December 31 58.7 61.9
The age structure of the trade receivables is as follows:
0-30 31-90 91-180 Over 180

2021 Total Not due days days days days
Gross carrying amount –

Trade receivables 906.7 771.5 63.6 19.0 14.5 38.0
Provision for risks 58.7 18.6 3.2 1.2 4.4 31.4
Net carrying amount –

Expected loss rate 2.4% 5.0% 6.1% 30.5% 82.6%
Receivables due for more than 60 days are allocated to Level 3 as “objectively impaired,” the remaining
receivables are allocated to Level 2.
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0-30 31-90 91-180 Over 180

2020 Total Not due days days days days
Gross carrying amount –

Provision for risks 61.9 15.2 4.1 2.6 2.8 37.2
Net carrying amount –

Expected loss rate 2.8% 7.3% 16.4% 23.9% 78.9%
With respect to the net carrying amount 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

2021 2020
Fair value of derivative financial instruments 123.2 23.6
Other financial assets 30.2 29.3
Total 153.4 52.9
The amount shown is due within one year. The fair value corresponds to the carrying amount.
The increase in derivative financial instruments is mainly attributable to a rise in the US dollar exchange
rate.
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7. OTHER CURRENT ASSETS

2021 2020
Prepaid expense relating to the subsequent period 90.2 50.4
Other receivables 110.7 73.6
Total 200.9 124.1
The amount shown is due within one year. The fair value corresponds to the carrying amount. The increase
in prepaid expense relating to the subsequent period is primarily due to prepaid advertising and
promotional expenses.
Other receivables mainly comprise receivables relating to VAT of € 55.4 million (previous year:
€ 38.9 million) and other taxes of € 21.3 million (previous year: € 16.2 million).
8. DEFERRED TAXES
Deferred taxes relate to the items shown below:
2021 2020
Tax loss carryforwards 74.1 103.4
Non-current assets 51.4 39.2
Current assets 76.8 60.1
Provisions and other liabilities 109.5 97.5
Deferred tax assets (before netting) 311.8 300.3
Provisions and other liabilities 6.3 5.4
Deferred tax liabilities (before netting) 80.7 63.4
Deferred tax assets, net 231.1 236.9
Of the deferred tax assets, € 174.4 million (previous year: € 141.6 million) are current, and of the deferred
tax liabilities € 13.2 million (previous year: € 9.7 million) are current.
As of December 31, 2021, tax losses carried forward amounted to a total of € 489.4 million (previous year:
€ 571.7 million). This results in a deferred tax asset of € 117.9 million (previous year: € 145.4 million).
Deferred tax assets were recognized for these items in the amount at which the associated tax advantages
are likely to be realized in the form of future profits for income tax purposes. Accordingly, deferred tax
assets for tax loss carryforwards in the amount of € 43.8 million (previous year: € 41.9 million) were not
250
recognized; of these, € 42.2 million (previous year: € 39.9 million) cannot expire, of which, however,
€ 11.5 million (previous year: € 11.3 million) will never be usable due to a lack of future profits. The
remaining unrecognized deferred tax assets of € 1.6 million (previous year: € 2.1 million) will expire within
the next six years.
In addition, no deferred taxes were recognized for deductible temporary differences amounting to
€ 7.2 million (previous year: € 6.3 million) because their realization was not expected as of the balance
sheet date.
Deferred tax liabilities for withholding taxes from possible dividends on retained earnings of subsidiaries
that serve to cover the financing needs of the respective company were not accumulated, since it is most
likely that such temporary differences will not be cleared in the near future.
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:
2021 2020
Deferred tax assets 279.9 277.5
Deferred tax liabilities 48.8 40.6
Deferred tax assets, net 231.1 236.9
The changes in deferred tax assets (net) were as follows:
2021 2020
Deferred tax assets, net as of January 1 236.9 184.8
Recognition in the income statement -2.7 56.7
Adjustment related to remeasurements of the net defined benefit liability,

recognized in other comprehensive income 0.3 1.1
Adjustment related to the market value of currency hedging contracts,

recognized in other comprehensive income
thereof released to profit and loss for the period -4.7 0.1
thereof fair value measurement of cash flow hedges -4.5 5.1
Exchange rate differences 5.8 -11.0
Deferred tax assets, net as of December 31 231.1 236.9
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9. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment at their carrying amounts consist of:
2021 2020
Land and buildings, including buildings on third-party land 121.6 131.9
Technical equipment and machinery 125.7 8.4
Other equipment, factory and office equipment 183.0 154.6
Assets under construction 42.1 112.0
Total 472.4 406.9
The carrying amount of property, plant and equipment is derived from the acquisition costs. Accumulated
depreciation of property, plant and equipment amounted to € 457.6 million (previous year: € 411.4 million).
The changes in property, plant and equipment in the financial year 2021 are shown in “Changes in Fixed
Assets” in Appendix 1 to the notes of the consolidated financial statements.
10. LEASES
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 options to renew and price adjustment clauses.
The carrying amounts for right-of-use assets recognized on the balance sheet relate to the following asset
classes:
2021 2020
Land and buildings – Retail stores 382.9 355.2
Land and buildings – Warehouses & Offices 505.8 464.3
Others (Technical equipment & machines and motor vehicles) 51.9 58.1
Total 940.5 877.6
The changes in right-of-use assets in the financial year 2021 are shown in “Changes in Fixed Assets” in
Appendix 1 to the notes to the consolidated financial statements.
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The following lease liabilities result:
2021 2020
Current lease liabilities 172.3 156.5
Non-current lease liabilities 851.0 775.2
Total 1,023.4 931.7
The amounts recognized in the income statement are as follows:
2021 2020
Depreciation of right-of-use assets (incl. impairment losses)

(included in operating expenses) 194.7 186.4
Profit (-)/loss (+) from disposal/revaluation -1.0 0.0
Interest expense (included in financial expenses) 31.5 29.3
Short-term leases (included in operating expenses) 6.3 5.6
Leases of low-value assets (included in operating expenses) 0.7 0.6
Variable lease payments (included in operating expenses) 24.5 11.5
Total 256.7 233.4
Variable lease payments are incurred in connection with the Group’s own retail stores. These are based on
the sales revenue amount and are therefore dependent on the overall economic development.
As a result of the COVID-19 pandemic, PUMA was exempted – by agreement with the lessors – from rent
payments of € 7.1 million (previous year: € 13.7 million), which were recognized as variable lease payments
in the income statement.
Due to reduced earnings prospects, impairment expenses totaling € 18.5 million were incurred in the
financial year 2021 (previous year: € 16.1 million) relating to right-of-use assets in connection with the
Group’s own retail stores. There were no impairments to the other categories of right-of-use assets.
Total cash outflows from lease liabilities in 2021 amounted to € 192.4 million (previous year:
€ 164.2 million).
In 2021, 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 recognized as of December 31, 2021.
Future lease payments in connection with these agreements amount to € 2.4 million (previous year:
€ 4.7 million) for the next year, € 14.3 million for years two to five (previous year: € 24.1 million) and
€ 6.4 million for the subsequent period (previous year: € 9.0 million). The lease terms for these are up to 10
years.
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The maturity analysis of lease liabilities is as follows:
2021 2020
Residual term of:
1 to 2 years 197.3 180.5
2 to 5 years 545.7 463.3
more than 5 years 432.4 435.6
Total (undiscounted) 1,175.4 1,079.4
Interests -152.0 -147.7
Total 1,023.4 931.7
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.
Goodwill and intangible assets with indefinite useful lives are not amortized 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 central assumptions applied in Group-level
planning are that the global economy will gradually return to normal in 2022 due to the availability of
vaccines against COVID-19 and the progress made with immunizing large parts of the population in PUMA’s
key markets. On this basis, and assuming that COVID-19 will not have a long-term negative impact on the
global economy, further sales growth and a further improved EBIT margin are expected in subsequent
financial years. Alongside the normalization of business activities, planned sales growth is based on the
good future growth prospects in the sporting goods industry and on gains of market shares 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 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 realized. 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.
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 on
inflation rate and may 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.
254
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.
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 € 125.6 million (previous year: € 115.9 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
7.4% p.a. (previous year: 6.4% p.a.), a royalty rate of 8.0% (previous year: 8.0%) and a 1.7% growth rate
(previous year: 1.7%) was used.
If indications of a value impairment of a self-used trademark should arise, the trademark is not only valued
individually using the relief-from-royalty method, but the recoverable amount of the group of cash-
generating units to which the trademark is to be allocated is also determined. In 2021, there were no
indications of an impairment.
In the financial year, development costs in connection with Cobra brand golf clubs amounting to
€ 1.7 million (previous year: € 1.8 million) were capitalized. Development costs are allocated to the item
Other Intangible Assets in “Changes in Fixed Assets”. Current amortization of development costs amounted
to € 1.1 million in the financial year (previous year: € 2.3 million).
The changes in intangible assets in the financial year are shown in “Changes in Fixed Assets” of Appendix 1
to the notes to the consolidated financial statements. The item other intangible assets includes advance
payments in the amount of € 5.7 million (previous year: € 22.8 million).
The current amortization of intangible assets in the amount of € 27.8 million (previous year: € 24.4 million)
is included in the other operating expenses. Of this, € 5.8 million relate to sales and distribution expenses
(previous year: € 3.8 million), € 0.1 million to expenses for product management/ merchandising (previous
year: € 0.1 million), € 1.1 million to development expenses (previous year: € 2.3 million), and € 20.8 million
to administrative and general expenses (previous year: € 18.3 million). There were no impairment expenses
exceeding current depreciation (previous year: € 1.9 million).
Goodwill is allocated to the Group’s identifiable groups of cash-generating units (CGUs) according to the
countries where the activities are carried out. Summarized by regions, goodwill is allocated as follows:
255
2021 2020
PUMA UK 1.7 1.6
Genesis 7.3 6.8
Subtotal Europe 9.0 8.4
PUMA Canada 9.9 9.1
PUMA United 1.9 1.8
Subtotal North America 11.8 10.9
PUMA Argentina 15.4 14.2
PUMA Chile 0.5 0.5
PUMA Mexico 9.8 9.3
Subtotal Latin America 25.7 24.1
PUMA China 2.5 2.5
PUMA Taiwan 14.3 13.0
Subtotal Greater China 16.8 15.5
PUMA Japan 42.0 43.3
Subtotal Asia/ Pacific (without Greater China) 42.0 43.3
stichd 139.4 139.4
Total 244.7 241.5
Assumptions used in conducting the impairment tests in 2021:
↗ T.27
Tax rate WACC before tax WACC after tax

(range) (range) (range)
Europe 19.0% 8.9%-9-0% 7.6%
North America* 26.7% 9.4% 7.3%
Latin America 27.0%-30.0% 11.5%-40.9% 8.8%-54.4%
Greater China 20.0%-25.0% 7.8%-10.3% 6.4%-8.1%
Asia/ Pacific
(without Greater China)* 31.8% 9.8% 7.1%
stichd* 25.0% 9.0% 7.1%
* The information for North America, Asia/ Pacific (without Greater China) and stichd relates in each case to only one cash-
generating unit (CGU)
256
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
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 1.7% (previous year: 1.7%) is generally assumed. A growth rate of less than
1.7% (previous year: less than 1.7%) 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 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 7.1% p.a. (previous year: 6.1% p.a.) and a
growth rate of 1.7% (previous year: 1.7%).
Sensitivity analyses with regard to the impairment tests carried out as of the balance sheet date show that
neither an increase in discount rates by one percentage point, respectively, nor a reduction in growth rates
by one percentage point, respectively, results in any indication of impairment. Due to the ongoing increased
uncertainty as a result of the COVID-19 pandemic, in the financial year 2021 additional sensitivity analyses
were also carried out with regard to the impairment tests. Alongside an increase in discount rates by one
percentage point, respectively, and a simultaneous reduction in growth rates by one percentage point,
respectively, these analyses also assume a reduction in operating result (EBIT) of 10% respectively in the
underlying three-year plan. This resulted in an overall indication of impairment in the amount of
€ 8.1 million (previous year: € 1.6 million).
The following table contains the assumptions for the performance of the impairment test in the previous
year:
↗ T.28
Tax rate WACC before tax WACC after tax

(range) (range) (range)
Europe 19.0% 8.0%-8.1% 6.8%
EEMEA* 28.0% 16.3% 12.4%
North America* 26.3% 8.0% 6.3%
Latin America 27.0%-30.0% 10.7%-51.3% 8.2%-60.3%
Greater China 20.0%-25.0% 7.0%-9.5% 5.7%-7.5%
Asia/ Pacific
(without Greater China)* 31.8% 8.7% 6.3%
stichd* 25.0% 7.6% 6.1%
* The information for EEMEA, North America, Asia/ Pacific (without Greater China) and stichd relates in each case to only one
cash-generating unit (CGU)
257
12. OTHER NON-CURRENT ASSETS

Other non-current financial and non-financial assets consist of:
2021 2020
Investments 25.2 25.3
Fair value of derivative financial instruments 6.8 2.5
Other financial assets 32.6 30.9
Total of other non-current financial assets 64.6 58.8
Other non-current non-financial assets 9.1 6.8
Other non-current assets, total 73.7 65.6
The investments relate to the 5.32% shareholding in Borussia Dortmund GmbH & Co. Kommandit-
gesellschaft auf Aktien (BVB) with registered office in Dortmund, Germany.
The other financial assets mainly include rental deposits of € 30.5 million (previous year: € 26.8 million).
The other non-current non-financial assets mainly include accruals and deferrals in connection with
promotional and advertising agreements.
258
13. LIABILITIES
The residual terms of liabilities are as follows:
2021 2020
Residual term of 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
Financial liabilities 380.0 68.5 311.5 266.4 121.4 145.0
Trade payables 1,176.4 1,176.4 941.5 941.5
Other liabilities*
Liabilities from other taxes 54.0 54.0 50.5 50.5
Liabilities relating to social security 8.5 8.5 9.9 9.9
Payables to employees 127.4 127.4 79.0 79.0
Refund liabilities 351.2 351.2 227.4 227.4
Liabilities from derivative financial instruments 44.5 42.4 2.1 135.2 126.9 8.3
Other liabilities 31.5 29.9 1.1 0.5 36.0 35.1 0.8
Total 2,173.7 1,858.4 314.8 0.5 1,745.9 1,591.8 154.1
* The maturity analysis on lease liabilities is presented in chapter 10.
PUMA has confirmed credit lines amounting to a total of € 1,322.0 million (previous year: € 1,639.1 million). The syndicated credit line of € 200.0 million from 11
commercial banks and the Kreditanstalt für Wiederaufbau (KfW) existing as of December 31, 2020, which was concluded as “bridge financing” against possible cash
shortfalls due to the COVID-19 pandemic, was terminated on February 1, 2021. The termination took place because PUMA was already able to refinance itself in the 2020
financial year through a new promissory note loan (€ 250.0 million) with a term of 3 respectively 5 years and an increase in the syndicated credit facility previously
259
amounting to € 350.0 million to a new € 800.0 million. Moreover, the first tranche of € 100.0 million from the promissory note issued in 2018, which matured in July 2021,
was repaid.
No financial liabilities were utilized from credit lines granted only until further notice. Unutilized credit lines totaled € 942.0 million as of December 31, 2021, compared to
€ 1,372.7 million in the previous year.
The effective interest rate of the financial liabilities ranged between 0.0% and 0.9% (previous year: 0.1% to 14.8%).
The liabilities from refund obligations result from contracts with customers and include obligations from customer return rights as well as obligations linked to customer
bonuses.
The table below shows the cash flows of the non-derivative financial liabilities and of the derivative financial instruments with a positive and negative fair value:
↗ T.31 CASH FLOWS FROM NON-DERIVATIVE AND DERIVATIVE FINANCIAL LIABILITIES (€ million)
Cashflow 2022 Cashflow 2023 Cashflow 2024 et seq.

Carrying
amount 2021 Interest Repayment Interest Repayment Interest Repayment
Non-derivative financial liabilities
Financial liabilities 380.0 2.4 68.5 2.1 60.0 2.8 251.5
Trade payables 1,176.4 1,176.4
Other liabilities 22.5 22.1 0.2 0.2
Derivative financial liabilities and assets
Cash-Inflow from derivative financial instruments 3,730.6 674.1
Cash-Outflow from derivative financial instruments 3,658.9 665.3
260
The following values were determined in the previous year:
↗ T.32 CASH FLOWS FROM NON-DERIVATIVE AND DERIVATIVE FINANCIAL LIABILITIES (€ million)
Cashflow 2021 Cashflow 2022 Cashflow 2023 et seq.

Carrying
amount 2020 Interest Repayment Interest Repayment Interest Repayment
Non-derivative financial liabilities
Financial liabilities 266.4 0.8 121.4 0.7 1.6 145.0
Trade payables 941.5 941.5
Other liabilities 24.6 24.2 0.1 0.3
Derivative financial liabilities and assets
Cash-Inflow from derivative financial instruments 2,893.7 495.3
Cash-Outflow from derivative financial instruments 2,999.4 502.0
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14. ADDITIONAL DISCLOSURES ON FINANCIAL INSTRUMENTS
Measurement Carrying Carrying

categories amount Fair value amount Fair value
under IFRS 9 2021 2021 2020 2020
Assets
Cash and cash equivalents 1)

AC 757.5 757.5 655.9 655.9
Trade receivables AC 848.0 848.0 621.0 621.0
Other current financial assets AC 30.2 30.2 29.3 29.3
Derivatives with hedging relationship

(fair value) (current and non-current) n.a. 127.2 127.2 25.7 25.7
Derivatives without hedging relationship

(fair value) 2)
FVPL 2.9 2.9 0.4 0.4
Other non-current financial assets AC 32.6 32.6 30.9 30.9
Investments 3)
FVOCI 25.2 25.2 25.3 25.3
Liabilities
Financial liabilities (current and non-current) AC 380.0 380.0 266.4 266.4
Trade payables AC 1,176.4 1,176.4 941.5 941.5
Other financial liabilities (current and non-

current) AC 22.5 22.5 24.6 24.6
Derivatives with hedging relationship

(fair value) (current and non-current) n.a. 39.1 39.1 134.9 134.9
Derivatives without hedging relationship

(fair value) 2)
FVPL 5.4 5.4 0.3 0.3
Total financial assets at amortised cost 1,668.3 1,668.3 1,337.1 1,337.1
Total financial liabilities at amortised cost 1,579.0 1,579.0 1,232.5 1,232.5
Total financial assets at FVOCI 25.2 25.2 25.3 25.3
1) AC = at amortised cost
2) FVPL = fair value through PL
3) FVOCI = fair value through OCI
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 price) or indirectly (i.e., derivation of prices).
Level 3: Use of factors for the valuation of the asset or liability that are based on non-observable market
data.
262
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 derivative
assets or liabilities were determined on the basis of level 2.
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 € 36.7 million (previous year: € 34.2 million) that were pledged as rental deposits at
usual market rates.
In December 2021, due to the good liquidity situation, PUMA decided to repay € 68.5 million in variable-
interest promissory note loan tranches early on the next interest-rate assessment date of January 12, 2022,
and these are therefore reported as current financing instruments as of the reporting date. As of the
reporting date, the carrying amount approximates fair value. The non-current bank liabilities consist of
fixed-interest and variable-interest loans. The carrying amount represents a reasonable approximation of
their fair value as the interest rate differential is not significant at the reporting date.
Trade payables have short residual maturities; their carrying amounts therefore approximate fair value.
The remaining financial liabilities have short residual maturities; the recognized amounts therefore
approximate fair value.
The fair values of derivative financial instruments at the balance sheet date 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 on 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. No material deviations were found, so that no adjustments were made to
the fair value determined.
Net result by measurement categories:
2021 2020
Financial assets at amortised cost -3.9 -21.0
Financial liabilities at amortised cost -6.5 -8.5
Derivatives without hedging relationship -4.0 1.6
Financial assets at FVOCI -6.2 -14.7
Total -20.5 -42.6
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 sales.
General administrative expenses include changes in risk provisions for receivables.
263
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, to a minor degree, 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 a few years ago in Germany and
the UK for new hires. 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 UK plan in 2016 covers this risk for the highest
obligations. The UK plan is therefore classified as a non-salary obligation.
Other PUMA
Germany UK Companies Group
Present Value of Pension Claims 12/31/2021
Salary-based obligations
Annuity 0.0 0.0 10.0 10.0
One-off payment 0.0 0.0 9.7 9.7
Non-salary-based obligations
Annuity 43.5 51.4 0.0 94.9
Total 51.2 51.4 19.7 122.3
264
The following values were determined in the previous year:
Other PUMA
Germany UK Companies Group
Present Value of Pension Claims 12/31/2020
Salary-based obligations
Annuity 0.0 0.0 10.2 10.2
One-off payment 0.0 0.0 10.0 10.0
Non-salary-based obligations
Annuity 35.0 49.0 0.0 84.0
Total 42.5 49.0 20.2 111.7
The main pension arrangements are described below:
The general pension scheme of PUMA SE generally 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 commitments (in part from salary conversion). The contribution-based
commitments are insured plans. There are no statutory minimum funding requirements. The scope of
obligation for domestic pension claims amounts to € 51.2 million at the end of 2021 (previous year:
€ 42.5 million) and thus comprises 42.0% of the total obligation. The fair value of the plan assets relative to
domestic obligations amounts to € 40.7 million. The corresponding pension provision amounts to
€ 10.5 million.
The defined benefit plan in the United Kingdom 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 capitalization 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 € 51.4 million at the end of 2021 (previous year: € 49.0 million) and thus accounts for 42.0% of
the total obligation. The obligation is covered by assets amounting to € 45.5 million. The provision amounts
to € 5.9 million.
265
The changes in the present value of pension claims are as follows:
2021 2020
Present Value of Pension Claims January 1 111.7 98.7
Cost of the pension claims earned in the reporting year 2.6 2.7
Past service costs 0.0 0.0
(Profits) and losses from settlements 0.0 0.0
Interest expense on pension claims 1.4 1.5
Employee contributions 8.3 6.7
Benefits paid -3.3 -3.4
Effects from transfers 0.1 0.9
Actuarial gains (-) and losses -2.0 7.4
Currency exchange effects 3.5 -2.8
Present Value of Pension Claims December 31 122.3 111.7
The changes in the plan assets are as follows:
2021 2020
Plan Assets January 1 73.5 64.6
Interest income on plan assets 0.9 1.0
Actuarial gains and losses (-) 1.9 3.0
Employer contributions 5.6 1.9
Employee contributions 8.3 6.7
Benefits paid -2.3 -1.6
Effects from transfers 0.0 0.0
Currency exchange effects 2.8 -2.2
Plan Assets December 31 90.7 73.5
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The pension provision for the Group is derived as follows:
2021 2020
Present value of pension claims from benefit plans 122.3 111.7
Fair value of plan assets -90.7 -73.5
Financing Status 31.6 38.2
Amounts not recorded due to the maximum limit applicable to assets 0.0 0.0
Pension Provision December 31 31.6 38.2
of which assets 0.3 0.0
of which liabilities 31.9 38.2
In 2021, benefits paid amounted to € 3.3 million (previous year: € 3.4 million). Contributions in 2022 are
expected to amount to € 2.5 million. Of this, € 0.9 million is expected to be paid directly by the employer.
Employer contributions to external plan assets amounted to € 5.6 million in 2021 (previous year:
€ 1.9 million). Employer contributions in 2022 are expected to amount to € 0.6 million.
The changes in pension provisions are as follows:
2021 2020
Pension Provision January 1 38.2 34.1
Pension expense 3.1 3.2
Actuarial gains (-) and losses recorded in Other Comprehensive Income -3.9 4.4
Employer contributions -5.6 -1.9
Direct pension payments made by the employer -1.0 -1.8
Transfer values 0.1 0.9
Currency exchange differences 0.7 -0.7
Pension Provision December 31 31.6 38.2
of which assets 0.3 0.0
of which liabilities 31.9 38.2
267
The expenses in the 2021 financial year are structured as follows:
2021 2020
Cost of the pension claims earned in the reporting year 2.6 2.7
Past service costs 0.0 0.0
Income (-) and expenses from plan settlements 0.0 0.0
Interest expense on pension claims 1.4 1.5
Interest income on plan assets -0.9 -1.0
Administration costs 0.0 0.0
Expenses for Defined Benefit Plans 3.1 3.2
of which personnel costs 2.6 2.7
of which financial costs 0.5 0.5
In addition to the defined benefit pension plans, PUMA also makes contributions to defined contribution
plans. Payments for the financial year 2021 amounted to € 15.0 million (previous year: € 13.6 million).
Actuarial gains and losses recorded in Other Comprehensive Income:
2021 2020
Revaluation of Pension Commitments -2.0 7.4
Actuarial gains (-) and losses resulting from changes in demographic assumptions 0.5 0.2
Actuarial gains (-) and losses resulting from changes in financial assumptions -2.7 6.8
Actuarial gains (-) and losses due to adjustments based on experience 0.2 0.4
Revaluation of Plan Assets -1.9 -3.0
Amounts not recorded due to the maximum limit applicable to assets 0.0 0.0
Adjustment of administration costs 0.0 0.0
Total Revaluation Amounts recorded directly in Other Comprehensive Income -3.9 4.4
268
Plan assets investment classes:
2021 2020
Cash and cash equivalents 6.6 3.0
Equity instruments 0.8 0.8
Bonds 7.1 7.3
Investment funds 14.0 12.4
Derivatives 9.2 8.0
Real estate 4.8 3.7
Insurance 40.8 31.6
Others 7.4 6.5
Total Plan Assets 90.7 73.5
Of which investment classes with a quoted market price:
2021 2020
Cash and cash equivalents 6.6 3.2
Equity instruments 0.8 0.8
Bonds 7.1 7.3
Investment funds 14.0 12.4
Derivatives 9.2 8.0
Real estate 4.3 3.1
Insurance 0.0 0.0
Others 7.3 6.4
Plan Assets with a quoted Market Price 49.3 41.2
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 fulfill 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) they can be chosen freely. In the UK, 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 2020 to reduce the risk profile.
269
The following assumptions were used to determine pension obligations and pension expenses:
↗ T.45
2021 2020
Discount rate 1.62% 1.28%
Future pension increases 2.28% 2.08%
Future salary increases 1.66% 1.65%
The indicated values are weighted average values. A standard interest rate of 1.10% was applied for the
eurozone (previous year: 1.00%).
The 2018 G Heubeck guideline tables were used as mortality tables for Germany. For the UK, the mortality
was assumed based on basic table series S2 taking into account life expectancy projections in accordance
with CMI2019 with a long-term trend of 1%.
The following overview shows how the present value of pension claims from benefit plans would have been
affected by changes to significant actuarial assumptions.
2021 2020
Effect on present value of pension claims if
the discount rate were 50 basis points higher -7.1 -7.3
the discount rate were 50 basis points lower 8.1 8.4
Salary and pension trends have only a negligible effect on the present value of pension claims due to the
structure of the benefit plans.
The weighted average duration of pension commitments is around 16 years (previous year: around 18
years).
270
16. OTHER PROVISIONS
2020 2021 2021 2020
Currency
adjustments, Thereof Thereof
Provisions for: retransfers Addition Utilization Reversal non-current non-current
Warranties 1.3 0.0 1.3 -0.8 -0.1 1.7 0.0 0.0
Purchasing risks 5.6 3.0 3.8 -3.3 -2.2 6.8 0.0 0.0
Litigation risks 28.3 -0.1 9.1 -2.1 -4.2 31.0 9.1 10.5
Personnel 18.7 0.0 9.0 -8.9 0.0 18.7 18.7 18.7
Others 20.3 5.5 5.3 -2.2 -1.3 27.6 10.1 9.7
Total 74.2 8.4 28.5 -17.4 -7.8 85.9 37.9 38.9
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 molds that are required for the manufacturing of
shoes.
Other provisions comprise in particular provisions in relation with dismantling obligations and other risks.
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 measurement of provisions is based on past experience from similar transactions. All events until the preparation of
the consolidated financial statements are taken into account here.
271
17. SHAREHOLDERS’ 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 circulating shares:
↗ T.48
2021 2020
Circulating shares as of January 1, share 149,583,859 149,547,801
Issue of Treasury Stock 21,741 36,058
Circulating shares as of December 31, share 149,605,600 149,583,859
The issue of treasury stock relates to compensation payments 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 income of the financial year as well as the
income achieved in the past by the companies included in the consolidated financial statements to the
extent that it was not distributed.
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 € 78.1 million (previous year: € -87.6 million) is offset by deferred taxes of € -4.1 million
(previous year: € 5.1 million).
272
TREASURY STOCK
The resolution adopted by the Annual General Meeting on May 7, 2020 authorized the Company to purchase
treasury shares up to a value of 10% of the share capital until May 6, 2025. By resolution of the Annual
General Meeting of May 5, 2021 the Supervisory Board was authorized to issue the acquired shares to the
members of the Management Board of the Company, also excluding the shareholders' subscription rights.
If purchased through the stock exchange, the purchase price per share may not exceed 10% or fall below
20% of the 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 authorization to purchase treasury stock during the reporting period.
As of the balance sheet date, the Company holds a total of 1,219,040 PUMA shares in its own portfolio,
which corresponds to 0.81% of the subscribed capital.
AUTHORIZED CAPITAL
As of December 31, 2021, the Company’s Articles of Association provide for authorized capital totaling
€ 30,000,000.00:
Pursuant to Section 4.2. of the Articles of Association, the Management Board is authorized with the
consent of the Supervisory Board to increase the Company’s share capital by May 4, 2026 by up to
€ 30,000,000.00 (Authorized Capital 2021) by issuing new no-par value bearer shares against cash and/or
non-cash contributions on one or more occasions. 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 subscription right). The
shareholders shall generally be entitled to subscription rights. However, the Management Board is
authorized 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 authorized capital in the current
reporting period.
CONDITIONAL CAPITAL
By resolution of the Annual General Meeting of April 12, 2018, the Management Board was authorized until
April 11, 2023, 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 options and/or convertible
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 € 1,000,000,000.00.
In this connection, the share capital was increased conditionally by up to € 30,164,920.00 by the issue of up
to 30,164,920 new units of registered stock (Conditional Capital 2018). The conditional capital increase will
be performed only insofar as use is made of options or conversion rights or a conversion or option
obligation is fulfilled or insofar as deliveries are made and if other forms of fulfillment are not used for
servicing.
No use has been made of the authorization to date.
273
DIVIDENDS
The amounts eligible for distribution relate to the retained earnings of PUMA SE, which is 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 € 0.72 per circulating share, or a total of € 107.7 million (with respect to the circulating shares
as of December 31, 2021), be distributed to the shareholders from the retained earnings of PUMA SE for the
financial year 2021.
Proposed appropriation of the retained earnings of PUMA SE:
↗ T.49
2021 2020
Retained earnings of PUMA SE as of December 31, € million 490.1 390.4
Retained earnings available for distribution, € million 490.1 390.4
Dividend per share, € 0.72 0.16
Number of circulating shares* 149,605,600 149,583,859
Total dividend*, € million 107.7 23.9
Carried forward to the new accounting period*, € million 382.4 366.5
* Previous year's values adjusted to the outcome of the Annual General Meeting
NON-CONTROLLING INTERESTS
This item comprises non-controlling interests. The composition is shown in chapter 29.
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 shown in the consolidated balance
sheet as well as the reconciliation statement concerning “Changes in Equity”.
274
18. MANAGEMENT INCENTIVE PROGRAMS

In order to bind the management to the company by a long-term incentive, virtual shares with cash
settlement and other long-term incentive programs are used at PUMA.
The current programs are described below.
EXPLANATION OF “VIRTUAL SHARES”, TERMED “MONETARY UNITS” (FULL TERM: MONETARY UNITS
PLAN – MUP)
Monetary units were granted on an annual basis beginning in 2013 as part of a management incentive
program. 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 of two years (starting with each
quarterly publication date for a period of 30 days) which can be freely used by participants for the purposes
of execution. The fundamental exercise condition after the vesting period is the existence of an active
employment relationship with PUMA for all or part of the vesting period. Virtual shares are reduced on a
“pro rata” basis in the event of withdrawal during the vesting period.
EXPLANATION OF “VIRTUAL SHARES” (FULL TERM: PERFORMANCE SHARE PLAN – PSP)
Virtual shares were granted on an annual basis beginning in 2021 as part of a management incentive
program. 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. 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
and the total shareholder return (TSR) relative 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. These mean values calculated for PUMA and for the MDAX index are then
positioned in relation to each other in order to calculate the percentage TSR performance over the four-
year performance period of each tranche. 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.
The fundamental exercise condition after the vesting period is the existence of an active employment
relationship with PUMA for all or part of the vesting period. Virtual shares are reduced on a “pro rata” basis
in the event of withdrawal during the vesting period.
In the financial year 2021, an expense of € 8.7 million was recorded for this purpose on the basis of the
employment contract commitments to the Management Board members.
275
↗ T.50 VIRTUAL SHARES
Plan MUP MUP MUP MUP PSP
Issue date 1/1/2018 1/1/2019 1/1/2020 1/1/2021 1/1/2021
Term 5 5 5 5 4.25 Years
Vesting period 3 3 3 3 4 Years
Base price PUMA share at issue 37.10 44.40 67.69 86.23 86.23 EUR/share
Reference value PUMA-share at the end of the financial year 106.93 106.93 71.29 35.64 26.73 EUR/share
Participants in year of issue 3 3 3 3 2 Persons
Participants at the end of the financial year 1 3 3 3 2 Persons
Number of monetary units/virtual shares as of 1/1/2021 102,630 97,320 65,993 47,351 7,070 Shares
Number of monetary units/virtual shares exercised in the FY -100,630 0 0 0 0 Shares
Number of monetary units/virtual shares expired in the FY 0 0 -3,250 0 0 Shares
Final number of monetary units as of 12/31/2021 2,000 97,320 62,743 47,351 7,070 Shares
In the financial year 2019, a stock split was performed with a ratio of 1:10. As a result of this, all past share values were divided by a factor of 10 and all monetary units
were multiplied by a factor of 10.
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 over the vesting period. Based on the prorated average share price of the last
thirty trading days in 2021 and taking into account the intra-year exercise date in 2021, the provisions for this program amounted to € 17.0 million at the end of the
financial year.
276
EXPLANATION OF THE “GAME CHANGER 2.0” PROGRAM
In 2018, the Long-Term Incentive Program (LTIP) “Game Changer 2.0” was launched. Participants in this
program consist mainly of top executives reporting to the Management Board and individual key positions
in the PUMA Group. The objective of this program 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 PUMA’s financial
performance, while the Performance Share Plan gives a reward for its performance 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 for EBIT, cash flow or working capital as a percentage of net sales, and net
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,
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 three exercise times (6, 12 or 18 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 200% or 300%
of the granted prorated target amount (cap) and is only performed if an exercise hurdle of +10% share-price
appreciation was exceeded once during the performance period.
EXPLANATION OF THE “GAME CHANGER 2.0 – 2021” PROGRAM
In 2018, the global “Game Changer 2.0 – 2021” program, as outlined above, was launched. The Performance
Cash Plan is based on the following targets: EBIT (70%), cash flow (15%) and net sales (15%). As part of the
Performance Share component, payment is limited to a maximum of 200% of the granted proportionate
target amount (cap).
In the year under review, an amount of € 3.7 million was paid out to the participants. The payment was
subject to the condition that the individual participant was in an unterminated employment relationship with
a company of the PUMA Group as of December 31, 2020. No further expenses were incurred and no
amounts released for this program in the year under review. No further provision exists for this program.
target amount (cap). It requires employment up to December 31, 2021. In the reporting year, a prorated
amount of € 2.2 million was set aside as a provision for this program and € 0.1 million was released.
target amount (cap). It requires employment up to December 31, 2022. In the reporting year, a prorated
amount of € 2.2 million was set aside as a provision for this program and € 0.1 million was released.
277
In 2021, the global “Game Changer 2.0 – 2024” program, as outlined above, was launched. The Performance Cash Plan is based on the following targets: EBIT (45%),
working capital as a percentage of net sales (15%) and net sales (40%). As part of the Performance Share component, payment is limited to a maximum of 300% of the
granted proportionate target amount (cap). It requires employment up to December 31, 2023. In the reporting year, a prorated amount of € 2.0 million was set aside as a
provision for this program.
↗ T.51 GAME CHANGER 2.0 (PERFORMANCE SHARE PLAN)
Program addendum 2021 2022 2023 2024
Issue date 1/1/2018 1/1/2019 1/1/2020 1/1/2021
Term 5 5 5 5 Years
Vesting period 3 3 3 3 Years
Base price at program start 37.10 44.40 67.69 86.23 EUR/share
Reference value at the end of the financial year 74.20 88.80 71.29 35.64 EUR/share
Participants in year of issue 48 64 60 76 Persons
Participants at the end of the financial year 39 55 59 76 Persons
Number of “virtual shares” as of 1/1/2021 36,250 39,240 28,201 24,809 Shares
Number of “virtual shares” expired in the FY 0 -1,715 -1,249 0 Shares
Number of “virtual shares” exercised in the FY -36,250 0 0 0 Shares
Final number of “virtual shares” as of 12/31/2021 0 37,525 26,952 24,809 Shares
In the financial year 2019, a stock split was performed with a ratio of 1:10. As a result of this, all past share values were divided by a factor of 10 and all virtual shares
were multiplied by a factor of 10.
278
NOTES TO THE CONSOLIDATED

INCOME STATEMENT
19. SALES
The net sales of the Group are broken down by product divisions and distribution channels as follows:
↗ T.52 BREAKDOWN BY DISTRIBUTION CHANNELS (€ million)
2021 2020
Wholesale 5,080.6 3,809.9
Retail 1,724.8 1,424.5
Total 6,805.4 5,234.4
↗ T.53 BREAKDOWN BY PRODUCT DIVISIONS (€ million)
2021 2020
Footwear 3,163.6 2,367.6
Apparel 2,517.3 1,974.1
Accessories 1,124.5 892.7
Total 6,805.4 5,234.4
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. Typical operating income that is associated with operating expenses
was offset. Rental and lease expenses associated with the Group’s own retail stores include turnover-based
rental components.
279
Other operating income and expenses are allocated based on functional areas as follows:
2021 2020
Sales and distribution expenses 2,207.4 1,794.0
Product management / merchandising 52.8 46.0
Research and development 61.7 56.6
Administrative and general expenses 405.2 368.7
Other operating expenses 2,727.2 2,265.3
Other operating income 2.6 0.4
Total 2,724.6 2,264.9
Of which personnel expenses 704.3 578.5
Of which scheduled depreciation 287.3 275.7
Of which impairment expenses 18.5 18.0
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 € 18.5 million and related exclusively to right-of-use assets. In the previous year, impairment
expenses for right-of-use assets amounted to € 16.1 million and impairment expenses of € 1.9 million were
related to intangible assets.
In the consolidated financial statements of PUMA SE, fees of € 0.9 million (previous year: € 0.8 million) are
recorded as operating expenses for the auditor of the consolidated financial statements. The fees are
broken down into costs for audit services of € 0.8 million (previous year: € 0.7 million) and other assurance
services amounting to € 0.1 million (previous year: € 0.1 million), in particular for EMIR audits and the
review of the combined non-financial report as well as for tax consultancy services of less than
€ 0.1 million (previous year: less than € 0.1 million).
Other operating income comprises income from the sale of fixed assets in the amount of € 2.6 million
(previous year: € 0.4 million).
280
Overall, other operating expenses include personnel costs, which consist of:
2021 2020
Wages and salaries 542.0 441.9
Social security contributions 78.6 63.2
Expenses from share-based remuneration with cash compensation 15.1 14.1
Expenses for retirement pension and other personnel expenses 68.6 59.3
Total 704.3 578.5
In the financial year 2021, the personnel costs presented above include government grants amounting to a
figure in the mid-single-digit millions (previous year: low double-digit millions) granted in connection with
the global COVID-19 pandemic; this amount was deducted from the corresponding expenses.
In addition, cost of sales includes personnel costs in the amount of € 8.1 million (previous year:
€ 5.2 million).
The average number of employees for the year was as follows:
↗ T.56 EMPLOYEES
2021 2020
Marketing/ retail/ sales 10,945 9,654
Research & development/ product management 1,097 1,002
Administrative and general units 2,804 2,361
Total annual average 14,846 13,016
As of the end of the year, a total of 16,125 individuals were employed (previous year: 14,374).
281
21. FINANCIAL RESULT

The financial result consists of:
2021 2020
Interest income 11.9 8.4
Others 18.0 27.0
Financial income 29.9 35.4
Interest expense -12.9 -14.1
Interest expense – Leasing liability -31.5 -29.3
Valuation of pension plans -0.5 -0.5
Expenses from currency-conversion differences, net -9.0 -3.9
Others -27.7 -34.5
Financial expenses -81.7 -82.3
The item “Others” in financial income exclusively comprises interest components (SWAP points) of
€ 18.0 million (previous year: € 27.0 million) from financial instruments in connection with currency
derivatives.
In addition, expenses from currency conversion differences of € 9.0 million (previous year: € 3.9 million) are
included, which are to be allocated to the financing area.
The item “Others” in financial expenses includes interest components (SWAP points) of € 27.7 million
(previous year: € 34.5 million) from financial instruments in connection with currency derivatives.
282
22. INCOME TAXES
2021 2020
Current income taxes

Germany 13.6 11.0
Other countries 112.3 84.9
Total current income taxes 125.9 95.9
Deferred taxes 2.7 -56.7
Total 128.5 39.2
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.
Reconciliation of the theoretical tax expense with the effective tax expense:
2021 2020
Earnings before income tax 505.3 162.3
Theoretical tax expense

Tax rate of the SE = 27.22% (previous year: 27.22%) 137.5 44.2
Tax rate difference with respect to other countries -15.8 -7.1
Other tax effects:

Income tax for previous years 0.5 -4.7
Losses and temporary differences for which no tax claims were recognized 2.2 6.8
Changes in tax rates -2.4 -0.4
Non-deductible expenses for tax purposes and non-taxable income and other effects 6.5 0.4
Effective tax expense 128.5 39.2
Effective tax rate 25.4% 24.2%
The tax effect resulting from items that are directly credited or debited to equity is shown in chapter 8.
283
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 average
number of circulating shares.
The calculation is shown in the table below:
↗ T.60
2021 2020
Consolidated net earnings € million 309.6 78.9
Average number of circulating shares 149,588,684 149,561,440
Average number of circulating shares, diluted 149,591,763 149,561,440
Earnings per share in € 2.07 0.53
Earnings per share, diluted in € 2.07 0.53
24. MANAGEMENT OF THE CURRENCY RISK

In the financial year 2021, PUMA designated currency hedges as cash flow hedges in order to hedge the
amount payable of purchases denominated in USD, which is converted to euros, as well as for other
currency risks resulting from internal resale to PUMA subsidiaries.
Furthermore, currency swaps and currency forward transactions are used to hedge foreign exchange risks
when measuring intra-group loans denominated in foreign currencies.
The nominal amounts of open exchange rate-hedging transactions, which relate mainly to cash flow
hedges, refer primarily to currency forward transactions in a total amount of € 3,730.4 million (previous
year: € 3,026.5 million). These underlying transactions are expected to generate cash flows in 2022 and
2023. For further information, please refer to the explanations in chapter 13.
The market values of open exchange rate-hedging transactions on the balance sheet date consist of:
2021 2020
Currency hedging contracts, assets (see chapters 6 and 12) 130.1 26.1
Currency hedging contracts, liabilities (see chapters 13 and 14) -44.5 -135.2
Net 85.5 -109.1
The changes in effective cash flow hedges are shown in the schedule of changes in shareholders’ equity and
the statement of comprehensive income.
284
In order to disclose market risks, IFRS 7 requires sensitivity analyses 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 that is not 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 PUMA employs financial instruments are generally considered to be relevant
risk variables.
Currency sensitivity analyses are based on the following assumptions:
Material non-derivative monetary financial instruments (cash and cash equivalents, receivables, interest-
bearing debt, lease liabilities, non-interest-bearing liabilities) are either denominated directly in the
functional currency or transferred into the functional currency through the use of currency hedging
contracts.
Currency hedging 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 the fair value of
these hedging contracts.
If, as of December 31, 2021, the USD had appreciated (devalued) against all other currencies by 10%, the
hedge reserve in equity and the fair value of the hedging contracts would have been € 208.6 million higher
(lower) (December 31, 2020: € 151.9 million higher (lower)).
Currency risks and other risk and opportunity categories are discussed in greater detail in the Combined
Management Report in the Risk and Opportunity Report as well as in chapters 2 and 13 of the Notes to the
consolidated financial statements.
285
ADDITIONAL INFORMATION
25. 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 revenue, 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
centralized 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 and other global
functions of the Company headquarters.
The Company’s main decision-maker is defined as the entire Management Board of PUMA SE.
With the exception of sales of goods by stichd amounting to € 39.2 million (previous year: € 30.0 million),
there are no significant internal sales between the business segments, which are therefore 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 recognized 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. Segment
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.
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.
286
SEGMENT REPORTING 1-12/ 2021
↗ T.62 BUSINESS SEGMENTS (€ million)
External Sales EBIT Investments
1-12/2021 1-12/2020 1-12/2021 1-12/2020 1-12/2021 1-12/2020
Europe 1,523.6 1,229.3 146.1 104.4 58.5 44.7
EEMEA 975.1 688.0 214.6 129.1 34.8 11.8
North America 1,969.2 1,349.5 394.8 160.6 20.1 23.3
Latin America 630.9 403.2 151.6 59.2 14.1 3.3
Greater China 766.9 788.9 137.8 209.6 15.9 17.0
Asia/ Pacific
(without Greater China) 533.4 460.0 61.2 33.3 7.3 7.4
stichd 406.2 315.5 101.7 79.0 20.9 3.3
Total business segments 6,805.4 5,234.4 1,207.7 775.2 171.6 110.8
Depreciation Inventories Trade Receivables (3rd)
1-12/2021 1-12/2020 12/31/2021 12/31/2020 12/31/2021 12/31/2020
Europe 54.4 48.3 364.6 343.0 164.3 117.4
EEMEA 43.7 42.5 221.0 176.9 126.2 85.6
North America 56.0 52.1 469.9 260.5 187.1 112.2
Latin America 14.8 14.1 140.3 96.8 120.4 101.5
Greater China 39.4 41.6 200.5 156.3 65.9 56.8
Asia/ Pacific
(without Greater China) 32.2 32.6 84.5 89.7 119.5 83.9
stichd 7.8 8.0 79.1 75.4 61.7 47.0
Total business segments 248.4 239.2 1,559.8 1,198.7 845.1 604.5
287
↗ T.62 CONTINUATION T.62 BUSINESS SEGMENTS (€ million)
Long-term Assets
12/31/2021 12/31/2020
Europe 474.6 421.5
EEMEA 164.8 114.6
North America 534.4 495.1
Latin America 75.0 63.7
Greater China 79.1 86.1
Asia/Pacific (without Greater China) 158.3 162.2
stichd 194.1 176.8
Total business segments 1,680.4 1,520.1
↗ T.63 PRODUCT External Sales (€ million) Gross Profit Margin (in %)
External Sales Gross Profit Margin
1-12/2021 1-12/2020 1-12/2021 1-12/2020
Footwear 3,163.6 2,367.6 47.3% 45.7%
Apparel 2,517.3 1,974.1 48.9% 48.5%
Accessories 1,124.5 892.7 47.1% 47.0%
Total 6,805.4 5,234.4 47.9% 47.0%
288
RECONCILIATIONS
↗ T.64 RECONCILIATIONS (€ million)
EBIT
1-12/2021 1-12/2020
Total business segments 1,207.7 775.2
Central areas -280.4 -262.3
Central expenses Marketing -370.2 -303.8
Consolidation 0.0 0.0
EBIT 557.1 209.2
EBT 505.3 162.3
Investments Depreciation
1-12/2021 1-12/2020 1-12/2021 1-12/2020
Total business segments 171.6 110.8 248.4 239.2
Central areas 35.9 36.9 39.0 36.5
Consolidation 0.0 0.0 0.0 0.0
Total 207.5 147.7 287.3 275.7
Inventories Trade Receivables (3rd) Long-term assets
12/31/2021 12/31/2020 12/31/2021 12/31/2020 12/31/2021 12/31/2020
Total business segments 1,559.8 1,198.7 845.1 604.5 1,680.4 1,520.1
Not allocated to the

business segments -67.6 -60.7 2.9 16.5 204.4 207.9
Total 1,492.2 1,138.0 848.0 621.0 1,884.8 1,728.0
289
26. 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, reduced by 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 balance sheet under the item "Cash and cash equivalents", i.e. cash on hand, cheques 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 7.44A:
↗ T.65 RECONCILIATION OF FINANCIAL LIABILITIES TO THE CASH INFLOW/

OUTFLOW FROM FINANCING ACTIVITIES 2021 (€ million)
Non-cash changes
As of Currency As of
Notes Jan. 1, 2021 changes Others Cash changes Dec. 31, 2021
Financial liabilities
Lease liabilities 10 931.7 38.9 213.7 -160.9 1,023.4
Current financial liabilities 13 121.4 0.5 0.0 -53.4 68.5
Non-current financial
liabilities 13 145.0 0.0 0.0 166.5 311.5
Total 1,198.1 39.4 213.7 -47.8 1,403.4
↗ T.66 RECONCILIATION OF FINANCIAL LIABILITIES TO THE CASH INFLOW/

OUTFLOW FROM FINANCING ACTIVITIES 2020 (€ million)
Non-cash changes
As of Currency As of
Notes Jan. 1, 2020 changes Others Cash changes Dec. 31, 2020
Financial liabilities
Lease liabilities 10 745.3 -60.5 381.8 -135.0 931.7
Current financial liabilities 13 10.2 -1.3 0.0 112.5 121.4
Non-current financial
liabilities 13 163.3 0.0 0.0 -18.3 145.0
Total 918.8 -61.7 381.8 -40.7 1,198.1
290
The lease liabilities of € 1,023.4 million (previous year: € 931.7 million) are broken down into current lease
liabilities of € 172.3 million (previous year: € 156.5 million) and non-current lease liabilities of
The non-current financial liabilities of € 311.5 million (previous year: € 145.0 million) are part of the other
non-current financial liabilities.
27. CONTINGENCIES
CONTINGENCIES
As in the previous year, there were no reportable contingencies.
28. 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:
2021 2020
From license, promotional and advertising agreements:
2022 (2021) 301.3 286.1
2023 – 2026 (2022 – 2025) 650.4 617.6
from 2027 (from 2026) 205.4 244.4
Total 1,157.1 1,148.1
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 totaling € 160.8 million, of which € 129.5 million relate to
the years from 2023. These include service agreements of € 157.9 million as well as other obligations of
€ 2.8 million.
291
29. COMPENSATION OF THE MANAGEMENT BOARD AND SUPERVISORY BOARD

Disclosures pursuant to Section 314 (1) No. 6 HGB (German Commercial Code [Handelsgesetzbuch])
COMPENSATION OF THE MEMBERS OF THE MANAGEMENT BOARD
The total compensation paid to the members of the Management Board in the financial year 2021 was
For other share-based payments, please refer to chapter 18.
TOTAL COMPENSATION PAID TO FORMER MEMBERS OF THE MANAGEMENT BOARD
The total remuneration of former members of the Management Board and their surviving dependents
amounted to € 1.1 million in the financial year 2021 (previous year: € 0.2 million).
In addition, there were defined benefit pension obligations to former members of the Management Board
and their widows/widowers amounting to € 2.8 million (previous year: € 3.2 million) as well as defined
contribution-based pension obligations from deferred compensation of former members of the
Management Board and Managing Directors amounting to € 17.2 million (previous year: € 11.3 million).
Both items were recognized as liabilities within pension provisions to the extent they were not offset against
asset values of an equal amount.
SUPERVISORY BOARD COMPENSATION
The compensation paid to the Supervisory Board comprised fixed compensation and additional
compensation for committee activities, and amounted to a total of € 0.2 million (previous year:
€ 0.1 million).
30. DISCLOSURES RELATED TO NON-CONTROLLING INTERESTS

The summarized 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.
The contractual agreements with these companies respectively provide for PUMA 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 turnover-based license fees and controls the relevant 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 and Janed Canada, LLC (inactive) with € 65.2 million (previous year:
€ 41.5 million).
292
The following tables show a summary of the financial information for subsidiaries with non-controlling
interests:
↗ T.68 ASSETS AND LIABILITIES (€ million)
12/31/2021 12/31/2020
Current liabilities 39.5 14.6
Non-current liabilities 0.0 0.0
Net assets 69.5 40.8
Net assets attributable to non-controlling interests 65.2 41.5
↗ T.69 INCOME STATEMENT (€ million)
2021 2020
Sales 422.9 258.0
Net income 67.9 40.1
Profit attributable to non-controlling interests 67.2 44.2
Other comprehensive income of non-controlling interests 4.3 -3.9
Total comprehensive income of non-controlling interests 71.5 40.4
Dividends paid to non-controlling interests 47.8 45.6
↗ T.70 CASH (€ million)
2021 2020
Net cash from operating activities 52.8 48.4
Net cash used in investing activities 0.0 0.0
Net cash used in financing activities -52.4 -49.2
Changes in cash and cash equivalents 0.4 -0.8
293
31. 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 as related companies or persons within the meaning of IAS 24.
As of December 31, 2021, there was one shareholding in PUMA SE that exceeded 10% 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 shareholding of Kering S.A. in
PUMA SE amounts to approximately 4.0% of share capital according to Kering S.A.’s press release from
May 27, 2021. Together, Artémis S.A.S. and Kering S.A. hold 32.5% of the share capital. 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 Artémis S.A.S. 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. These include non-controlling interests
in particular.
Transactions with related companies and persons largely concern the sale of goods and services. These
were concluded under normal market conditions that are also customary with third parties.
The following overview illustrates the scope of the business relationships:
Deliveries and services Deliveries and services

rendered received
2021 2020 2021 2020
Companies included in the Artémis Group 0.0 0.0 0.0 0.0
Companies included in the Kering Group 1.8 1.7 0.1 0.2
Other related companies and persons 0.0 0.0 23.0 17.1
Total 1.8 1.7 23.1 17.3
Net receivables from Liabilities to
2021 2020 2021 2020
Companies included in the Artémis Group 0.0 0.0 0.0 0.0
Companies included in the Kering Group 0.4 0.0 0.0 0.0
Other related companies and persons 0.0 0.0 15.0 5.5
Total 0.4 0.0 15.0 5.5
294
In addition, dividend payments of € 47.8 million were made to non-controlling interests in the financial year
2021 (previous year: € 45.6 million).
Receivables from related companies and persons are, with one exception, not subject to value adjustments.
Only with respect to the receivables from a non-controlling shareholder and its group of companies were
gross receivables in the amount of € 52.2 million adjusted in value for a subsidiary of PUMA SE in Greece as
of December 31, 2021 (previous year: € 52.2 million). As in the previous year, no expenses were recorded in
this respect in the financial year 2021.
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 the financial year 2021, the remuneration of the members of the Management Board of PUMA SE for
short-term benefits amounted to € 5.4 million (previous year: € 1.8 million), for post-employment benefits
to € 0.4 million (previous year: € 0.4 million) and the share-based remuneration to € 4.7 million (previous
year: € 4.3 million). Furthermore, no remuneration was granted in the form of other long-term benefits or
in the form of termination benefits in the reporting year (previous year: € 0.0 million). Accordingly, the total
expense for the financial year 2021 amounts to € 10.5 million (previous year: € 6.5 million).
In the financial year 2021, the remuneration of the members of the Supervisory Board of PUMA SE for
short-term benefits amounted to € 0.2 million (previous year: € 0.1 million).
32. CORPORATE GOVERNANCE
In November 2021, 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 AktG (Aktiengesetz, German Stock Corporation
Act) and published it on the Company’s website (www.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.
33. 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.
295
34. DATE OF RELEASE

The Management Board of PUMA SE released the consolidated financial statements on February 1, 2022 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.
This is a translation of the German version. In case of doubt, the German version shall apply.
296
APPENDIX 1 OF THE CONSOLIDATED FINANCIAL STATEMENTS
↗ T.73 CHANGES IN FIXED ASSETS 2020 (€ million)
Purchase costs Accumulated depreciation Carrying amounts
Currency Changes Currency Changes

changes in group of changes in group of
Balance and other Additions/ consolidated Balance Balance and other Additions/ consolidated Balance Balance Balance
1/1/2020 changes retransfers companies Disposals 12/31/2020 1/1/2020 changes retransfers
1)
companies Disposals 12/31/2020 12/31/2020 12/31/2019
PROPERTY, PLANT
AND EQUIPMENT
Land, land rights
and buildings
including buildings
on third party land 171.3 13.2 6.4 -0.6 190.3 -53.4 0.9 -6.5 0.5 -58.3 131.9 117.9
Technical equipment
and machines 21.3 -1.0 0.9 -0.1 21.1 -11.5 0.6 -2.0 0.1 -12.8 8.4 9.8
Other equipment,
factory and office
equipment 488.7 -18.5 51.8 -27.1 494.9 -313.4 20.1 -72.4 25.3 -340.4 154.6 175.3
Payments on
account and assets
under construction 91.7 -31.8 53.6 -1.5 112.0 112.0 91.7
773.1 -38.1 112.7 -29.3 818.3 -378.3 21.7 -80.9 25.9 -411.4 406.9 394.8
297

1)
RIGHT-OF-USE
ASSETS
Real Estate –
Retail stores 509.0 -42.7 84.1 -13.2 537.2 -89.3 10.8 -114.4 10.9 -182.0 355.2 419.6
Real Estate –
Warehouses &
offices 332.0 -76.2 321.1 -10.4 566.5 -50.3 8.8 -64.3 3.6 -102.2 464.3 281.7
Others (technical
equipment
and machines and
vehicles) 24.8 45.4 6.0 -2.7 73.4 -7.0 -3.2 -7.7 2.6 -15.3 58.1 17.7
865.7 -73.4 411.2 -26.3 1,177.2 -146.7 16.5 -186.4 17.1 -299.6 877.6 719.0
INTANGIBLE
ASSETS
Goodwill 294.6 -6.3 288.3 -44.9 -1.9 -46.8 241.4 249.7
Intangible assets
with an indefinite
useful life 144.2 -10.6 133.6 -17.7 -17.7 115.9 126.5
Other intangible
assets 216.1 -3.9 34.8 -6.4 240.6 -137.8 3.0 -24.4 4.7 -154.6 86.1 78.3
654.9 -20.8 34.8 -6.4 662.5 -200.4 3.0 -26.3 4.7 -219.1 443.4 454.5
1) In the financial year 2020 there was no impairment on property, plant and equipment (previous year: € 0.0 million, see chapter 9), impairment on right-of-use assets of € 16.1 million (previous year: € 0.0 million, see
chapter 10) and impairment on intangible assets of € 1.9 million (previous year: € 0.0 million, see chapter 11).
298
↗ T.74 CHANGES IN FIXED ASSETS 2021 (€ million)

1)
PROPERTY, PLANT
AND EQUIPMENT
Land, land rights
and buildings
including buildings
on third party land 190.3 5.8 6.3 -33.8 168.6 -58.3 -0.3 -6.4 18.0 -47.0 121.6 131.9
Technical equipment
and machines 21.1 89.5 35.3 -0.8 145.2 -12.8 -1.2 -6.1 0.6 -19.5 125.7 8.4
Other equipment,
factory and office
equipment 494.9 36.6 78.5 -35.9 574.1 -340.3 -14.7 -70.7 34.6 -391.1 183.0 154.6
Payments on
account and assets
under construction 112.0 -108.3 40.5 -2.1 42.1 42.1 112.0
818.3 23.7 160.6 -72.6 930.0 -411.4 -16.2 -83.2 53.3 -457.6 472.4 406.9
299

1)
RIGHT-OF-USE
ASSETS
Real Estate –
Retail stores 537.2 26.5 130.9 -41.1 653.5 -182.0 -8.6 -115.1 35.1 -270.6 382.9 355.2
Real Estate –
Warehouses &
offices 566.5 18.6 100.7 -18.8 667.0 -102.2 -4.1 -70.3 15.4 -161.2 505.8 464.3
Others (technical
equipment and
machines and
vehicles) 73.4 4.1 10.3 -18.8 69.1 -15.3 -0.5 -9.3 7.9 -17.2 51.9 58.1
1,177.2 49.2 241.9 -78.7 1,389.5 -299.6 -13.2 -194.7 58.5 -449.0 940.5 877.6
INTANGIBLE
ASSETS
Goodwill 288.3 3.2 291.5 -46.8 -46.8 244.7 241.4
Intangible assets
with an indefinite
useful life 133.6 9.7 143.3 -17.7 -17.7 125.6 115.9
Other intangible
assets 240.6 4.0 46.9 -15.0 276.5 -154.6 -0.8 -27.8 8.1 -175.1 101.6 86.1
662.5 16.9 46.9 -15.0 711.4 -219.1 -0.8 -27.8 8.1 -239.6 471.9 443.4
1) In the financial year 2021 there was no impairment on property, plant and equipment (previous year: € 0.0 million, see chapter 9), impairment on right-of-use assets of € 18.5 million (previous year: € 16.1 million, see
chapter 10) and impairment on intangible assets of € 0.0 million (previous year: € 1.9 million, see chapter 11).
300
APPENDIX 2 OF THE CONSOLIDATED FINANCIAL STATEMENTS
MEMBERS OF THE MANAGEMENT BOARD AND SUPERVISORY BOARD AND THEIR MANDATES
STATUS: DECEMBER 31, 2021
MEMBERS OF THE MANAGEMENT BOARD AND THEIR MANDATES

Bjørn Gulden
Chief Executive Officer (CEO)
Membership of other supervisory boards and controlling bodies:
• Salling Group A/S, Brabrand/Denmark (Chair)

• Borussia Dortmund GmbH & Co. KGaA, Dortmund
• Tchibo GmbH, Hamburg
Michael Lämmermann (member until May 31, 2021)

Chief Financial Officer (CFO)
Hubert Hinterseher (member since June 1, 2021)

Chief Financial Officer (CFO)
Anne-Laure Descours
Chief Sourcing Officer (CSO)
Arne Freundt (member since June 1, 2021)

Chief Commercial Officer (CCO)
MEMBERS OF THE SUPERVISORY BOARD AND THEIR MANDATES
Jean-François Palus (member since June 16, 2007)

(Chair)
Paris, France
Group Managing Director and member of the Board of Directors of Kering S.A., Paris/France, responsible
for Strategy, Operations and Organization
Membership of other supervisory boards and controlling bodies:1)
• Kering Americas, Inc., New York/USA

• Kering Tokyo Investment Ltd., Tokyo/Japan
• Sowind Group S.A., La Chaux-de-Fonds/Switzerland
• Guccio Gucci S.p.A., Florence/Italy
• Gucci America, Inc., New York/USA
• Kering Eyewear S.p.A., Padua/Italy
• Yugen Kaisha Gucci LLC, Tokyo/Japan
• Birdswan Solutions Ltd., Haywards Heath/West Sussex/United Kingdom
• Paintgate Ltd., Haywards Heath/West Sussex/United Kingdom
• Kering Asia Pacific Ltd., Hong-Kong/China
1) All mandates of Mr Palus are mandates within the Kering-Group. Kering S.A. is a listed company.
All other companies within the Kering-Group are not listed.
301
• Kering South East Asia Pte Ltd., Singapore

• Boucheron S.A.S., Paris/France
• Kering Beauté SAS, Paris/France
• Kering Canada Services Inc, Vancouver/Canada
• Vestiaire Collective SA, Paris/France
Thore Ohlsson (member since May 21, 1993)

(Deputy Chair)
Falsterbo, Sweden
President of Elimexo AB, Falsterbo/Sweden
• Elite Hotels AB, Stockholm/Sweden

• Tomas Frick AB, Vellinge/Sweden
• Dofab AB, Malmö/Sweden
• Orrefors Kosta Boda AB, Kosta/Sweden
• Infinitive AB, Malmö/Sweden
Héloïse Temple-Boyer (member since April 18, 2019)

Paris, France
Deputy CEO of ARTÉMIS S.A.S., Paris/France
Membership of other supervisory boards and controlling bodies 2):
• Kering S.A., Paris/France

• Giambattista Valli S.A.S., Paris/ France
• Société d’exploitation de l’hebdomadaire le Point S.A., Paris/France
• Royalement Vôtre Editions S.A.S., Paris/France
• ACHP Plc, London/United Kingdom
• Christie’s International Plc, London/United Kingdom
• Palazzo Grassi S.p.A., Venice/Italy
• Compagnie du Ponant S.A.S., Marseille/France
Fiona May (member since April 18, 2019)

Calenzano, Italy
Independent Management Consultant
• R.C.S. Media Group Active Team Srl, Milano/Italy
Martin Köppel (member since July 25, 2011)

(Employees’ Representative)
Weisendorf, Germany
Chair of the Works Counsel of PUMA SE
2) All mandates are mandates within the ARTÈMIS-Group. Kering S.A. is a listed company.
302
Bernd Illig (member since July 9, 2018)

(Employees’ Representative)
Bechhofen, Germany
Senior Administrator IT Systems of PUMA SE
SUPERVISORY BOARD COMMITTEES

Personnel Committee
• Jean-François Palus (Chair)
• Fiona May
• Martin Köppel
Audit Committee
• Thore Ohlsson (Chair)
• Héloïse Temple-Boyer
• Bernd Illig
Nominating Committee
• Jean-François Palus (Chair)
• Fiona May
Sustainability Committee (since October 26, 2021)

• Fiona May (Chair)
• Martin Köppel
303
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 2021, 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.
304
INDEPENDENT AUDITOR’S REPORT
To PUMA SE, Herzogenaurach/Germany
REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS AND OF THE

COMBINED MANAGEMENT REPORT
AUDIT OPINIONS
We have audited the consolidated financial statements of PUMA SE, Herzogenaurach/Germany, and its
subsidiaries (“PUMA” or “the Group”) which comprise the consolidated statement of financial position as at
December 31, 2021, 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, 2021, and the notes to the consolidated financial
statements, including the presentation of the recognition and measurement policies. In addition, we have
audited the combined management report on the parent and the group (“combined management report”) of
PUMA SE, Herzogenaurach/Germany, for the financial year from January 1 to December 31, 2021. In
accordance with the German legal requirements, we have not audited the content of the consolidated
corporate governance statement included in the section “Corporate Governance Statement in accordance
with Section 289f and Section 315d HGB” of the combined management report.
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
International Financial Reporting Standards (IFRS) as adopted by the EU and the additional requirements
of German commercial law pursuant to Section 315e (1) German Commercial Code (HGB) and, in
compliance with these requirements, give a true and fair view of the assets, liabilities and financial
position of the Group as at December 31, 2021 and of its financial performance for the financial year from
January 1 to December 31, 2021, 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 audit opinion on the combined management report
does not cover the content of the consolidated corporate governance statement included in the section
“Corporate Governance Statement in accordance with Section 289f and Section 315d HGB” of the
combined management report.
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.
BASIS FOR THE AUDIT 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 (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
305
responsibilities in accordance with these requirements. In addition, in accordance with Article 10 (2)
point (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 audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit 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, 2021.
These matters were addressed in the context of our audit of the consolidated financial statements as a
whole and in forming our audit opinion thereon; we do not provide a separate audit opinion on these
matters.
In the following we present the key audit matters we have determined in the course of our audit:
1. Recoverability of goodwill
2. Recoverability of the Cobra brand
Our presentation of these key audit matters has been structured as follows:
a) description (including reference to corresponding information in the consolidated financial

statements)
b) auditor’s response
1. RECOVERABILITY OF GOODWILL
a) The consolidated financial statements of PUMA SE show goodwill in the amount of mEUR 244.7
corresponding to approximately 4.3% of total assets or 10.7% of the group equity.
Each financial year or in case of signs of impairment, goodwill is subject to impairment tests. The
impairment tests are performed by PUMA SE applying the “discounted cash flow method”. The
valuations are based on the present values of the future cash flows which are in turn based on the
three-year plan (detailed planning horizon) valid at the date of the impairment test. This detailed
planning horizon is subsequently extended assuming long-term growth rates. Discounting is performed
using the weighted average cost of capital (WACC). Here, the recoverable amount is determined on the
basis of the value in use and a possible need for impairment is determined by comparing the value in
use with the carrying amount.
The outcome of this valuation highly depends on the executive directors’ assessment of future cash
inflows, the long-term growth rates as well as the WACC rates applied for discounting and therefore
involves uncertainties and discretion. Thus, the assessment of the recoverability of the goodwill was
classified as a key audit matter within the scope of our audit.
Information on the goodwill, provided by the executive directors, is disclosed in note 2 “Significant
Consolidation, Accounting and Valuation Principles” and in note 11 “Intangible Assets” of the notes to
the consolidated financial statements.
b) Within the scope of our risk-based audit approach, we particularly gained an understanding of the
systematic approach applied when performing the impairment tests. We satisfied ourselves, that the
valuation model used adequately presents the requirements of the relevant standards, whether the
necessary input data are completely and accurately determined and taken over and whether the
306
calculations within the model are performed correctly. We assured ourselves of the appropriateness of
the future cash inflows used for the computation by particularly reconciling these cash flows with the
current three-year plan, as well as by interviewing the executive directors or persons appointed by them
with regard to the material assumptions underlying this plan. In addition, we performed a critical
assessment of the planning assumptions under consideration of general and industry-specific market
expectations.
Since a material portion of the respective value in use results from the forecast cash inflows for the
period after the three-year planning horizon (phase of perpetuity), we in particular performed a critical
assessment of the sustainable growth rate used within the perpetuity phase by means of general and
industry-specific market expectations. Since relatively low changes of the discount rate used may
already have a material effect on the amount of the recoverable amount, we also validated the
parameters used for determining the discount rate (WACC = weighted average cost of capital) involving
internal experts from the financial advisory sector and reproduced the computation scheme.
Due to the possibly material significance and taking into account the fact that the valuation of the
goodwill also depends on the economic framework conditions that cannot be influenced by the Group,
we additionally performed a critical assessment of the sensitivity analyses performed by PUMA SE for
the cash-generating units (CGUs) with low headroom (present values compared to the carrying amount)
in order to be able to assess a possible impairment risk in case of change of a material valuation
assumption.
2. RECOVERABILITY OF THE COBRA BRAND
a) For the Cobra brand, the consolidated financial statements of PUMA SE disclose a brand value in the
amount of mEUR 125.6 with an indefinite useful life, which corresponds to approximately 2.2% of total
assets or 5.5% of the group equity.
The Cobra brand is subject to an impairment test conducted annually or in case of a triggering event.
The impairment test is conducted by PUMA SE based on the relief from royalty method. According to
this approach, the value of a brand results from future royalties that a company would have to pay for
the use of the brand if they had to license it. The approach uses forecast revenue generated from the
Cobra brand based on the effective three-year plan (detailed planning horizon) valid at the time the
impairment test is conducted. This detailed planning horizon is subsequently extended assuming long-
term growth rates. Discounting is performed using the weighted average cost of capital (WACC). Here,
the recoverable amount is determined on the basis of the value in use and a possible need for
impairment is determined by comparing the value in use with the carrying amount. If there are
indications of impairment of the brand used by the Group itself, the recoverability of the brand is
evaluated by reference to the recoverable amount of the cash-generating unit to which the brand is
allocated.
The outcome of this valuation highly depends on the executive directors’ assessment of the future
revenue generated from the Cobra brand, the royalty rate, the long-term growth rate as well as the
WACC rate applied for discounting and therefore involves uncertainties and discretion. Thus, the
recoverability of the Cobra brand was classified as key audit matter within the scope of our audit.
Information on the Cobra brand, provided by the executive directors, is disclosed in chapter 2
“Significant consolidation, accounting and valuation principles” and in chapter 11 “Intangible assets” of
the notes to the consolidated financial statements.
b) Using our risk-based audit approach, we firstly examined the executive board’s system for measuring
the Cobra brand value on the basis of the information available to us and in discussions with the
executive directors and with persons appointed by them, assessing that there are no indications of
impairment of the brand used by the Group itself and that the recoverability of the brand can be
evaluated separately by use of the relief-from-royalty method as part of the impairment test. We have
307
followed the methodological procedure for performing the impairment test using the relief-from-royalty
method. In this regard, we analyzed whether the valuation model adequately reflects the conceptual
requirements of the relevant standards, whether the necessary input data are completely and
accurately determined and whether the calculations applied to the model are made correctly. We
satisfied ourselves of the appropriateness of the assumed future revenue (Cobra branded sales) on
which the computation is based by reconciling these sales particularly with the effective three-year plan
as well as by interviewing the executive directors and persons appointed by them with regard to the
plausibility of material assumptions underlying this plan. In addition, we performed a critical
assessment of the plan under consideration of general and industry-specific market expectations. Since
a material portion of the value in use results from the forecast revenue for the period following the
three-year plan (phase of perpetuity), we particularly reviewed the sustainable growth rate applied to
the perpetuity phase for plausibility by means of general and industry-specific market expectations. As
even relatively small changes of the expected royalty rate and the used discount rate may have a
material effect on the value in use, we also assessed the parameters involved in the assumed royalty
rate and determination of the discount rate involving internal valuation experts from the financial
advisory sector and recalculated the computation scheme. Additionally, we critically assessed the used
royalty rate using average industry rates based on generally available industry information.
Due to the potential material significance and as the measurement of the brand also depends on
general economic conditions that are beyond the Group’s control, we additionally critically assessed the
sensitivity analyses concerning the Cobra brand conducted by PUMA SE in order to be able to determine
a potential impairment risk in case a material assumption underlying the measurement changes.
OTHER INFORMATION
The executive directors and/or the supervisory board are responsible for the other information. The other
information comprises
• the report of the supervisory board,

• the consolidated corporate governance statement included in the section “Corporate governance
statement in accordance with Section 289f and Section 315d HGB” of the combined management report,
• the separate combined non-financial report to which reference is made in the combined management
report and which is expected to be presented to us after the date of this auditor’s report,
• the executive directors’ confirmation regarding the consolidated financial statements and the combined
management report pursuant to Section 297 (2) sentence 4 and Section 315 (1) sentence 5 HGB, and
• all other parts of the annual report which will be published after the issuance of this auditor’s report,
• but not the consolidated financial statements, not the audited content of the group management report
and not our auditor’s report thereon.
The supervisory board is responsible for the report of the supervisory board. The executive directors and
the supervisory board are responsible for the statement according to Section 161 German Stock
Corporation Act (AktG) concerning the German Corporate Governance Code, which is part of the
consolidated corporate governance statement in section “Corporate Governance Statement in accordance
with Section 289f and Section 315d HGB” of the combined management report. Otherwise, the executive
directors are responsible for the other information.
Our audit 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 audit opinion or any other form of
assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information identified above and, in doing
so, to consider whether the other information
• is materially inconsistent with the consolidated financial statements, with the audited content of the
combined management report or our knowledge obtained in the audit, or
308
• otherwise appears to be materially misstated.
RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE SUPERVISORY BOARD FOR THE
CONSOLIDATED FINANCIAL STATEMENTS AND THE COMBINED MANAGEMENT REPORT
The executive directors are responsible for the preparation of the consolidated financial statements that
comply, in all material respects, with IFRS 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 executive directors are responsible for such internal
control as they have determined necessary to enable the preparation of consolidated financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the executive directors are 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 executive directors are 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 executive
directors are 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 audit opinions on the
consolidated financial statements and on the combined management report.
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 audit opinions. The risk of not detecting a material misstatement resulting from fraud is higher
309
than for one 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 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 audit opinion on the effectiveness of these systems.
• evaluate the appropriateness of accounting policies used by the executive directors and the
reasonableness of estimates made by the executive directors and related disclosures.
• conclude on the appropriateness of the executive directors’ 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 audit 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
IFRS as adopted by the EU and with 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 audit 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 audit 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 executive directors in the
combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in
particular, the significant assumptions used by the executive directors 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 audit 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.
We 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 related safeguards.
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 for the current period and
are therefore the key audit matters. We describe these matters in the auditor’s report unless law or
regulation precludes public disclosure about the matter.
310
OTHER LEGAL AND REGULATORY REQUIREMENTS
REPORT ON THE AUDIT OF THE ELECTRONIC REPRODUCTIONS OF THE CONSOLIDATED FINANCIAL

STATEMENTS AND OF THE COMBINED MANAGEMENT REPORT PREPARED FOR PUBLICATION PURSUANT
TO SECTION 317 (3A) HGB
AUDIT OPINION
We have performed an audit in accordance with Section 317 (3a) HGB to obtain reasonable assurance
whether the electronic reproductions of the consolidated financial statements and of the combined
management report (hereinafter referred to as “ESEF documents”) prepared for publication, contained in
the provided file, which has the SHA-256 value
6682208690E515B6958422383E9C78A7F585F6F7D64E36E2C2DCC02B864AC646, meet, in all material
respects, the requirements for the electronic reporting format pursuant to Section 328 (1) HGB (“ESEF
format”). In accordance with the German legal requirements, this audit only covers the conversion of the
information contained in the consolidated financial statements and the combined management report into
the ESEF format, and therefore covers neither the information contained in these electronic reproductions
nor any other information contained in the file identified above.
In our opinion, the electronic reproductions of the consolidated financial statements and of the combined
management report prepared for publication contained in the provided file identified above meet, in all
material respects, the requirements for the electronic reporting format pursuant to Section 328 (1) HGB.
Beyond this audit opinion and our audit opinions on the accompanying consolidated financial statements
and on the accompanying combined management report for the financial year from January 1 to
December 31, 2021 contained in the “Report on the Audit of the Consolidated Financial Statements and of
the Combined Management Report” above, we do not express any assurance opinion on the information
contained within these electronic reproductions or on any other information contained in the file identified
above.
BASIS FOR THE AUDIT OPINION
We conducted our audit of the electronic reproductions of the consolidated financial statements and of the
combined management report contained in the provided file identified above in accordance with Section 317
(3a) HGB and on the basis of the IDW Auditing Standard: Audit of the Electronic Reproductions of Financial
Statements and Management Reports Prepared for Publication Purposes Pursuant to Section 317 (3a) HGB
(IDW AuS 410 (10.2021)). Our responsibilities in this context are further described in the “Group Auditor’s
Responsibilities for the Audit of the ESEF Documents” section. Our audit firm has applied the IDW Standard
on Quality Management: Requirements for Quality Management in the Audit Firm (IDW QS 1).
RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE SUPERVISORY BOARD FOR THE ESEF
DOCUMENTS
The executive directors of the parent are responsible for the preparation of the ESEF documents based on
the electronic files of the consolidated financial statements and of the combined management report
according to Section 328 (1) sentence 4 no. 1 HGB and for the tagging of the consolidated financial
statements according to Section 328 (1) sentence 4 no. 2 HGB.
In addition, the executive directors of the parent are responsible for such internal controls 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 for the electronic reporting format pursuant to
Section 328 (1) HGB.
The supervisory board is responsible for overseeing the process for preparing the ESEF documents as part
of the financial reporting process.
311
GROUP AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE ESEF DOCUMENTS
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 audit. 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 audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our audit opinion.
• obtain an understanding of internal control relevant to the audit on the ESEF documents in order to
design audit 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 provided file containing the ESEF
documents meets the requirements of the Delegated Regulation (EU) 2019/815, in the version in force at
the reporting date, on the technical specification for this electronic file.
• evaluate whether the ESEF documents enable a XHTML reproduction with content equivalent to the
audited consolidated financial statements and to 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 Delegated Regulation (EU) 2019/815, in the version in
force at the reporting date, enables an appropriate and complete machine-readable XBRL copy of the
XHTML reproduction.
FURTHER INFORMATION PURSUANT TO ARTICLE 10 OF THE EU AUDIT REGULATION
We were elected as Group auditor by the annual general meeting on May 5, 2021. We were engaged by the
supervisory board on May 26, 2021. We have been the Group auditor of PUMA SE,
Herzogenaurach/Germany, without interruption since the financial year 2012.
We declare that the audit 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).
312
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 with the audited ESEF documents. The consolidated
financial statements and the combined management report converted into the ESEF format – including the
versions to be published in the Federal Gazette – are merely electronic reproductions 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 audit opinion contained therein are to be used solely together
with the audited ESEF documents made available in electronic form.
GERMAN PUBLIC AUDITOR RESPONSIBLE FOR THE ENGAGEMENT
The German Public Auditor responsible for the engagement is Dr Thomas Reitmayr.
Munich/Germany, February 2, 2022
Deloitte GmbH
Wirtschaftsprüfungsgesellschaft
(Dr. Thomas Reitmayr) (Stefan Otto)
Wirtschaftsprüfer Wirtschaftsprüfer
(German Public Auditor) (German Public Auditor)
313
Annual Report 2021 ↗ Additional Information
ADDITIONAL INFORMATION
315 The PUMA Share
317 PUMA Year-on-Year Comparison
319 PUMA Group Development
322 Imprint
314
THE PUMA SHARE
The PUMA share had a very positive performance in the financial year 2021. The closing price of PUMA shares on the last trading day in the financial year 2021
(December 30) was € 107.50, which was 16.5% higher than the closing price of the previous year. The market capitalization of the PUMA Group rose accordingly from
€ 13.8 billion at the end of the financial year 2020 to € 16.1 billion at the end of the financial year 2021. PUMA shares started into 2021 at a price of € 92.28. In the
following twelve months, the price ranged between € 80.42 (January 27, 2021 / -12.8%) and € 114.70 (November 19, 2020 / +24.3%). The daily trading volume of PUMA
shares decreased from an average of 423 thousand shares in the previous year to an average of 281 thousand shares in the financial year 2021. Compared to the MDAX,
which rose 13.5% in the financial year 2021, the PUMA share performed better. In the course of the expansion of the DAX from 30 to 40 members, PUMA’s shares have
been included in the stock market index of the largest companies on the German stock market since September 2021.
↗ T.01 KEY DATA PER SHARE*
2021 2020 2019 2018 2017 2016 2015
End of year price € 107.50 92.28 68.35 42.70 36.30 24.97 19.87
Highest price listed € 114.70 92.28 72.95 52.50 39.14 24.97 21.29
Lowest price listed € 80.42 42.14 43.00 31.70 24.35 16.82 14.19
Daily trading volume (Ø) amount in thousands 281 423 387 444 67 34 94
Earnings per share € 2.07 0.53 1.76 1.25 9.09 4.17 2.48
Gross cashflow per share € 5.49 3.50 4.71 2.66 2.21 1.22 0.90
Free cashflow (before acquisitions) per share € 1.85 1.85 2.22 1.00 0.86 0.38 -0.66
Shareholders' equity per share € 15.23 11.79 12.84 11.52 11.09 11.53 10.84
Dividend per share € 0.72 0.16 0.50 0.35 1.25** 0.08 0.05
* 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
315
↗ 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 Large-Cap Index DAX of the German Stock Exchange
(Deutsche Börse). Moreover, membership in the FTSE4Good index was once again confirmed.
316
PUMA YEAR-ON-YEAR COMPARISON
↗ T.02 PUMA YEAR-ON-YEAR COMPARISON (in € million)
2021 2020 Deviation
Sales
Consolidated sales 6,805.4 5,234.4 30.0%
– Footwear 3,163.6 2,367.6 33.6%
– Apparel 2,517.3 1,974.1 27.5%
– Accessories 1,124.5 892.7 26.0%
Result of operations
Gross profit 3,257.8 2,458.0 32.5%
EBIT 557.1 209.2 166.3%
EBT 505.3 162.3 211.2%
Net earnings 309.6 78.9 292.4%
Profitability
Gross profit margin 47.9% 47.0% 0.9%pt
EBT margin 7.4% 3.1% 4.3%pt
Net earnings margin 4.5% 1.5% 3.0%pt
Return on capital employed (ROCE) 31.9% 15.1% 16.8%pt
Return on equity (ROE) 13.6% 4.5% 9.1%pt
Balance sheet information
Shareholders' equity 2,278.5 1,763.9 29.2%
– Equity ratio 39.8% 37.7% 2.1%pt
Working capital 727.9 465.8 56.3%
– in % of consolidated sales 10.7% 8.9% 1.8%pt
Cash flow and investments
Gross cash flow 821.2 522.8 57.1%
Free cash flow 276.2 276.0 0.1%
Investments (before acquisition) 202.4 151.0 34.1%
Acquisition investments 0.0 0.0 -
317
2021 2020 Deviation
Employees
Number of employees (annual average) 14,846 13,016 14.1%
Sales per employee (k€) 458.4 402.2 14.0%
PUMA share
Share price (in €) 107.50 92.28 16.5%
Average outstanding shares (in million) 149.59 149.56 0.0%
Number of shares outstanding as of Dec, 31 (in million) 149.61 149.58 0.0%
Earnings per share (in €) 2.07 0.53 292.3%
Market capitalization 16,083 13,804 16.5%
Average trading volume (amount/day) 281,047 422,629 -33.5%
318
PUMA GROUP DEVELOPMENT
↗ T.03 PUMA GROUP DEVELOPMENT (in € million)
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Sales
Consolidated sales 6,805.4 5,234.4 5,502.2 4,648.3 4,135.9 3,626.7 3,387.4 2,972.0 2,985.3 3,270.7
– Change in % 30.0% -4.9% 18.4% 12.4% 14.0% 7.1% 14.0% -0.4% -8.7% 8.7%
– Footwear 3,163.6 2,367.6 2,552.5 2,184.7 1,974.5 1,627.0 1,506.1 1,282.7 1,372.1 1,595.2
– Apparel 2,517.3 1,974.1 2,068.7 1,687.5 1,441.4 1,333.2 1,244.8 1,103.1 1,063.8 1,151.9
– Accessories 1,124.5 892.7 881.1 776.1 719.9 666.5 636.4 586.3 549.4 523.6
Result of operations
Gross profit 3,257.8 2,458.0 2,686.4 2,249.4 1,954.3 1,656.4 1,540.2 1,385.4 1,387.5 1,579.0
– Gross profit margin 47.9% 47.0% 48.8% 48.4% 47.3% 45.7% 45.5% 46.6% 46.5% 48.3%
Royalty and commission income 23.9 16.1 25.1 16.3 15.8 15.7 16.5 19.4 20.8 19.2
EBIT1) 557.1 209.2 440.2 337.4 244.6 127.6 96.3 128.0 191.4 290.7
– EBIT margin 8.2% 4.0% 8.0% 7.3% 5.9% 3.5% 2.8% 4.3% 6.4% 8.9%
EBT 505.3 162.3 417.6 313.4 231.2 118.9 85.0 121.8 53.7 112.3
– EBT margin 7.4% 3.1% 7.6% 6.7% 5.6% 3.3% 2.5% 4.1% 1.8% 3.4%
Net earnings 309.6 78.9 262.4 187.4 135.8 62.4 37.1 64.1 5.3 70.2
– Net margin 4.5% 1.5% 4.8% 4.0% 3.3% 1.7% 1.1% 2.2% 0.2% 2.1%
319
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Expenses
Marketing/retail 1,309.1 1,050.2 1,112.1 931.2 822.9 732.3 697.6 599.7 544.1 609.3
Personnel 712.4 583.7 640.5 553.8 549.1 493.1 483.8 425.3 415.7 438.8
Balance sheet
Total assets 5,728.3 4,684.1 4,378.2 3,207.2 2,853.8 2,765.1 2,620.3 2,549.9 2,308.5 2,530.3
Shareholders' equity 2,278.5 1,763.9 1,902.3 1,722.2 1,656.7 1,722.2 1,619.3 1,618.3 1,497.3 1,597.4
– Equity ratio 39.8% 37.7% 43.4% 53.7% 58.1% 62.3% 61.8% 63.5% 64.9% 63.1%
Working capital 727.9 465.8 549.4 503.9 493.9 536.6 532.9 455.7 528.4 623.7
– thereof: inventories 1,492.2 1,138.0 1,110.2 915.1 778.5 718.9 657.0 571.5 521.3 552.5
Cash flow
Free cash flow 276.2 276.0 330.0 172.9 128.5 49.7 -98.9 39.3 29.2 -8.2
Investments (incl. acquisitions) 202.4 151.0 218.4 130.2 122.9 91.1 79.5 96.4 76.3 172.9
Profitability
Return on equity (ROE) 13.6% 4.5% 13.8% 10.9% 8.2% 3.6% 2.3% 4.0% 0.4% 4.4%
Return on capital employed (ROCE) 31.9% 15.1% 29.6% 25.8% 20.7% 10.3% 7.9% 11.5% 5.6% 8.6%
Additional information
Number of employees (year-end) 16,125 14,374 14,332 12,894 11,787 11,495 11,351 11,267 10,982 11,290
Number of employees (annual average) 14,846 13,016 13,348 12,192 11,389 11,128 10,988 10,830 10,750 10,935
320
2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
PUMA share*
Share price (in €) 107.50 92.28 68.35 42.70 36.30 24.97 19.87 17.26 23.50 22.49
Earnings per share (in €) 2.07 0.53 1.76 1.25 0.91 0.42 0.25 0.43 0.04 0.47
Average outstanding shares (in million) 149.59 149.56 149.52 149.47 149.43 149.40 149.40 149.40 149.40 149.67
Number of shares outstanding as of Dec, 31 149.61 149.58 149.55 149.51 149.46 149.40 149.40 149.40 149.40 149.39
(in million)
Market capitalization 16,083 13,804 10,222 6,384 5,426 3,730 2,968 2,578 3,511 3,359
1) EBIT before special items
* Disclosures for the prior periods were adjusted retroactively to the 1:10 stock split carried out in the second quarter of 2019
321
Annual Report 2021 ↗ Imprint
IMPRINT
PUBLISHER SUSTAINABILITY
Stefan Seidel
PUMA SE
Head of Corporate Sustainability
PUMA Way 1
[email protected]
91074 Herzogenaurach
Germany
+49 (0)9132 81-0
www.about.puma.com DESIGN AND
REALISATION
3st kommunikation GmbH
CORPORATE www.3st.de
COMMUNICATIONS
Kerstin Neuber
Senior Head of Communications
[email protected]
INVESTOR RELATIONS
Gottfried Hoppe
Teamhead Investor Relations & Finance Strategy
[email protected]
PEOPLE & ORGANIZATION

Dietmar Knoess
Global Director People & Organization
[email protected]
322

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Annual Report 2021

Annual Report 2021 ↗ Table of Contents

04 TO OUR SHAREHOLDERS 28 SUSTAINABILITY

145 COMBINED MANAGEMENT REPORT 215 CONSOLIDATED FINANCIAL

Thank you for being part of the PUMA family!

REPORT BY THE SUPERVISORY BOARD

Jean-François Palus 5/5 100

Thore Ohlsson 5/5 100

Héloïse Temple-Boyer 5/5 100

Fiona May 5/5 100

Martin Köppel 5/5 100

Bernd Illig 5/5 100

MAIN ADVISORY FOCUS

Personnel Committee Attendance at meetings Attendance in %

Jean-François Palus 2/2 100

Fiona May 2/2 100

Martin Köppel 2/2 100

Thore Ohlsson 5/5 100

Héloïse Temple-Boyer 5/5 100

Bernd Illig 5/5 100

ANNUAL FINANCIAL STATEMENTS ADOPTED

Herzogenaurach, February 22, 2022

On behalf of the Supervisory Board

ONLY SEE GREAT

COMPENSATION & BENEFITS

Here are some examples:

↗ G.01 COMMUNITY ENGAGEMENT 2021

DIVERSITY, EQUALITY & INCLUSION

↗ T.01 PERCENTAGE OF WOMEN IN MANAGEMENT POSITIONS (in %)

Region 2016 2017 2018 2019 2020 2021

↗ G.02 AGE GROUP

FLEXIBLE WORKING CONDITIONS

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

Permanent Fixed Term

Total Total Female Male Diverse Total Female Male Diverse

EUROPE 4,200 3,440 1,751 1,688 1 760 445 315 0

EEMEA 4,098 4,011 1,622 2,389 0 87 55 32 0

Asia/Pacific 4,362 3,935 2,454 1,481 0 427 263 164 0

Total 18,320 16,275 8,141 8,129 5 2,045 1,156 885 4

↗ T.03 EMPLOYMENT CONTRACTS (FULL-TIME/PART-TIME) (in %)

Employment contracts Female Male Diverse Total

OCCUPATIONAL HEALTH AND SAFETY

↗ G.03 INJURY RATE ACCORDING TO OCCUPATIONAL SAFETY AND HEALTH ADMINISTRATION

↗ G.04 EMPLOYEE ENGAGEMENT SCORE

LEADERSHIP TRAINING ILP/ILP2./PLE

SPEED UP/SPEED UP2

“MAKING OUR BUSINESS FOREVER BETTER”

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

PUMA’S FOREVER BETTER SUSTAINABILITY

AWARDS AND RECOGNITIONS

↗ G.01 MATRIX OF KEY PARTNERSHIP INITIATIVES

MOST MATERIAL ASPECTS

↗ G.02 MOST MATERIAL ASPECTS

↗ G.03 PUMA’S 2025 SUSTAINABILITY TARGETS

*SDG: United Nations Sustainable Development Goals

PUMA 10FOR25 SUSTAINABILITY TARGETS PERFORMANCE SUMMARY

↗ T.01 PUMA 10FOR25 SUSTAINABILITY TARGETS PERFORMANCE SUMMARY

Not started In progress On track Achieved

Target Area Targets for 2025 Performance 2021 Status