Earnings per share During the second quarter, earnings per share jumped 11 percent to €3.64 or €3.61 diluted. Year-to-date earnings per share rose by 12.6 percent to €9.32 and to €9.24 diluted.
Net Assets and Financial Position
Equity ratio greater 60 percent
The capital structure improved once again. Despite the 36.6 percent increase in the balance sheet total to €1,187 million, equity ratio was up to a new record level of 63.2 percent. This development underscores the strong financial position of the PUMA Group.
Net cash position increased
Cash and cash equivalents jumped from €225 million to €370 million and bank debts increased from €14 million to €37 million. Therefore, net cash position rose with a strong double-digit growth of 58.2 percent from €210 million to €332 million.
Regional expansion affected working capital
Inventories increased by 15 percent to €242 million and receivables were up by 26.2 percent to €319 million. Total working capital at the end of June increased 57 percent and amounted to €320 million compared with €204 million last year. The increase was mainly due to the regional expansion during the first half of 2005.
Capex/Cashflow
Capex increased as anticipated from €16 million to €38 million. Tax payments rose from €28 million to €65 million. Due to these effects as well as the inventory shift from December to January cash-outflow was €8 million in first half of 2005. At the end of June, PUMA held 685,000 own shares or 4.1 percent of total share capital.
marketing@alchempro.com
