In the 2004 financial year PUMA continued the positive development of previous years and expanded its position as an desirable Sportlifestyle brand even further. The financial targets set at the beginning of the year were significantly exceeded. The financial year closed with double-digit growth for the sixth consecutive year. For the first time, worldwide brand 

sales reached the € 2 billion mark with a currency-adjusted increase of over 21%. Consolidated sales rose to 23% and 

reached a new record high of over € 1.5 billion. In addition to the extraordinary sales growth, the gross profit margin likewise climbed to a new record high of almost 52%. Pre-tax profit reached € 371 million, growing faster than sales for the sixth consecutive year. Earnings per share jumped from € 11.26 to € 16.06. At year-end, PUMA’s share was listed at € 202.30. This corresponds to another significant value increase of 45% compared to the price at the end of the previous year. 

## Sustained Positive Development of Sales and Earnings 

