*PUMA*

1) Must include an introductory paragraph with a succinct thesis statement.

2) Must address the topic of the paper with critical thought in a seperate paragrah.

Below is the information that I have already and I am in great need of these two answers please. Please make both at least 250-300 words. Thank you fo rthe help.....

Puma Performance

Puma SE (Puma) (PINX: PMMAF on MSN) was established in 1924 by Gebrder Dassler Schuhfabrik. They are one of the worlds leaders in sports brands designing, developing, selling and marketing footwear, apparel and accessories. (Puma, 2015) They focus on Football, Running, Training and Fitness, Golf, and Motorsports. The also own the brands Cobra Golf, Dobotex and Brandon. They distribute all over the world including 120 countries and employs more than ten thousand people worldwide. They are based out of Herzogenaurach, Germany.

Puma is officially listed under the Frankfurt and Munich stock exchanges. It is trading in the Prime Standard Segment and the Index SDAX of the German Stock Exchange (Deutsche Brse) and they are listed as PMMAF on NASDAQ. Their main sells are their footwear, which brings in 1,282.7 million a year making up 43.2% of their sells. Apparel is second, bringing in 1,103.1 million and 37.1% of sells. Last is Accessories bringing in 586.3 million and 19.7% of sells. The total sells are 2,972. Million.

Pro Forma financial statements (Balance Sheet and Income Statement) for the next two fiscal years, assuming a 10% growth rate in sales and Cost of Goods Sold (COGS) for each of the next two years.

		Q1 15	Whole Year	2016	2017
		$	*12
Sales		8,214.00	98,568.00	108,424.80	119,267.28
Cost of goods		-4,365.00	-52,380.00	-57,618.00	-63,379.80
Gross profit		3,849.00	46,188.00	50,806.80	55,887.48
Royalty & commission income	Assumed growth 10%	37.00	444.00	488.40	537.24
Other operating income & expenses	Assumed fixed except for 5% inflation growth	-3,511.00	-42,132.00	-44,238.60	-46,450.53
EBIT		375.00	4,500.00	7,056.60	9,974.19
Income from Associated company	Assumed 10%	9.00	108.00	118.80	130.68
EBIT		384.00	4,608.00	7,175.40	10,104.87
Taxes on income		-108.00	-1,296.00	-2,018.08	-2,841.99
Net earnings to non-controlling interest		-28.00	-336.00	-523.21	-736.81
Balance Sheet
Assets		Q1 2015	Rep as % sales	2016	2017
Sales			98,568.00	108,424.8	119,267.28
Cash & Cash equil.		2,950.00	3$	3,245.00	3,569.50
inventories		6,480.00	6.6%	7,128.00	7,840.80
Trade Receivables		5,964.00	6.1%	6,560.40	7,216.44
Other current assets (working capital)		2,003.00	2%	2,203.30	2,423.63
Other current assets		1,045.00	1.1%	1,149.50	1,264.45
Current assets		18,442.00	18.7%	20,286.20	22,314.82
Deferred tax assets		1,954.00	2%	2,149.40	2,364.34
Other non-current assets		7,340.00	704%	8,074.00	8,881.40
Non-current assets		9,294.00	9.4%	10,223.40	11,245.74
Total Assets		27,736.00	28.1%	30,509.60	33,560.56
Liabilities & Equity
Current financial liabilities		599.00	0.6%	658.90	724.79
Trade payable		4,667.00	4.7%	5,133.70	5,647.07
Other current liabilities (working capital related)		2,332.00	2.4%	2,565.20	2,821.72
Other current liabilities		1,516.00	1.5%	1,667.60	1,834.36
Current liabilities		3,114.00	9.2%	10,025.40	11,027.64
Deferred taxes		698.00	0.7%	767.80	844.58
Pension provisions		270.00	0.3%	297.00	326.70
Other non-current liabilities		281.00	0.3%	297.00	326.70
Non-current liabilities		1,249.00	1.3%	1,373.90	1,511.29
Shareholder equity		17,373.00	17.6%	19,110.30	21,021.33
Total		27,736.00	28.1	30,509.60	33,560.56

Income statement for 2013-2014

Income Statement	Q4/ 20144 million	Q4/ 2013 million	Deviation	1-12/2014 million	1-12/2013 million	Deviation
Sales Cost of sales	750,8 -413,0	698,3 -396,7	7.5% 4.1%	2,972.0 -1,586.7	2,985.3 -1,597.8	-0.4% -0.7%
Gross Profit - in % of consolidated sales Royalty and commission income Other operating income and expenses	337.8 45.0% 5.2 -332.5	301.6 4302% 5.7 -306.2	12.0% 7.7 8.6%	1,385.4 46.6% 19.4 -1,276.8	1,387.5 46.5% 20.8 -1.216.9	-0.2% -6.7% 4.9%
Operating result before special items - in % of consolidated sales Special items	10.6 1.4% 0.0	1.1 0.2% -129.0	892.2% -100.0%	128.0 4.3% 0.0	191.4 6.4% -129.0	-33.1% -100.0%
Operating result (EBIT) - in % of consolidated sales Financial result / Income from associated companies	10.6 1.4% -1.0	-127.9 -83.3% 0.8	-108.3% -223.5%	128.0 4.3% -6.2	62.5 2.1% -8.7%	104.9% -28.8%
Earnings before ---taxes (EBT) - in % of -------------consolidated sales Taxes on income--- - Tax rate------------- Net earnings ------attributable to non-controlling interests	9.6 1.3% -4.7% 48.6% -9.5	-127.1 -18.2% 18.6 14.6% -6.7	-107.5% -125.0% 42.0%	121.8 4.1% -37.0 30.4% -20.8	53.7 1.8% -32.5 60.5% -15.9	126.6% 13.7% 30.5%
Net earnings	-4.6	-115.2	-96.0%	64.1	5.3	1,103.0%
Earnings per share () Earnings per share () - diluted	-0,30 -0,30	-7,71 -7,71	-96,0% -96,0%	4,29 4,29	0,36 0,36	1.103.0% 1.103,1%
Weighted average shares outstanding Weighted average shares outstanding - diluted				14,940 14,940	14,940 14,941	0,0% 0,0%

Balance Sheet 2013-2014

Balance Sheet	Dec 31,2014 million	Dec 31, 2013 million	Deviation
Assets
Cash and cash equivalents	401,5	390,1	2,9%
Inventories	571,5	521,3	9,6%
Trade receivables	449,2	423,4	6,1%
Other current assets (Working Capital related)	202,4	167,8	20,6%
Other current assets	58,0	11,6	400,9%
Current Assets	1.682,5	1.514,2	11,1%
Deferred taxes	178,8	164,2	8,9%
Other non-current assets	688,7	630,1	9,3%
Non-current assets	867,5	794,3	9,2%
Total Assets	2.549,9	2.308,5	10,5%
LIABILITIES AND SHAREHOLDERS' EQUITY
Current financial liabilities	19,8	25,1	-21,1%
Trade payables	515,2	373,1	38,1%
Other current liabilities (Working Capital related)	252,1	211,1	19,4%
Other current liabilities	35,5	81,6	-56,5%
Current liabilities	822,6	690,8	19,1%
Deferred taxes	54,6	50,3	8,5%
Pension provisions	26,0	28,1	-7,3%
Other non-current liabilities	28,4	42,1	-32,5%
Non-current liabilities	109,0	120,4	-9,4%
Shareholders' equity	1.618,3	1.497,3	8,1%
Total Liabilities and Shareholders' equity	2.549,9	2.308,5	10,5%

Puma Liquidity: Working Capital Ratio: Current Assets/Current Labilities = Current Assets-16826 & Current Liabilities-8226. Working Capital Ratio- 16826/8226=2.045. Quick Ratio: Cash + Marketable Securities + Accounts Receivables/ Current Liabilities = (4015+0+4492)/8226=1.034

Profitability: Net Profit Margin = Net Income/Net Sales*100; 64.1/2972*100 = 2.157%. Operating Income Margin = Operating income / Net Sales; 121.8 (EBT) / 2972*100 = 4.098%. Return on Equity (Using Du Pont). Net Income/Sales, Sales/Assets x Assets/Equity; Net Income- 64.1, Sales- 2972, Assets-23085, Equity-16183. 64.1/2972 x 2972/23085 x 23085/16183= 0.02156 x 0.12874 x 1.42649 = 0.00428*100= 0.4%.

Performance assessment using EVA: EVA = Net Operating Profit after taxes - (Capital Invested x Cost of Capital) Net Operating Profits after taxes = 121.8 - (121.8*30.4%) = 84.77 Cost of capital or return on equity - Net Income / Equity - 64.1 / 16183 = 0.4% Capital Invested - 16183 x 0.4% = 16118.27

A major portion of Pumas financing includes shareholders equity and it increases in comparison to the previous year. It indicates more reliance of firm on

equity capital than on the debt capital. Pumas risk on their firm is low. Their portion of debt is lower and it is reduced in the current year as compared to the previous year. Pumas leverage is low as well. This would mean that less reliance on external capital and less long-term solvency. Also, Pumas stock is shows a tremendous increase compared to the year before. All of these factors would push towards their stock bring a win, win situation.