Is there any risk to consolidating financial statements

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It also calls for more informative and relevant information to be provided to the target audience of the annual financial statements than before.Detailed analyses with respect to the first-time application of IFRS 15 are still being conducted.As a rule, the possibility of control is based on PUMA‘s holding a direct or indirect majority of the voting rights.The company is included from the time when the possibility of control exists. The capital consolidation of the subsidiaries acquired after January 1, 2005 is based on the acquisition method.

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The PUMA Group is included in the consolidated financial statements of Kering S.

This includes, among other things, a new impairment model based on the expected credit defaults.

IFRS 9 also contains new rules for the application of hedge accounting.

A., Paris; these financial statements are available on the website well as from the “Autorité des Marchés Financiers (AMF)”.

The consolidated financial statements of PUMA SE and its subsidiaries (hereinafter 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 315a (1) of the German Commercial Code (Handelsgesetzbuch, HGB).

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