La evaluación en los modelos mixtos de enseñanza

The subscribed capital corresponds to the subscribed capital of PUMA SE. As of the balance sheet date, the subscribed capital amounted to €38.6 million and is divided into 15,082,464 bearer shares. Each no-par- value share corresponds to €2.56 of the subscribed capital (share capital).

Changes in the circulating shares:

2015 2014

Circulating shares as of January 1 share 14,939,913 14,939,913

Conversion from Management Incentive Program share 0 0

Share buy-back share 0 0

Circulating shares as of December 31 share 14,939,913 14,939,913

Capital Reserve

The capital reserve includes the premium from issuing shares, as well as amounts from the grant, conversion and expiration of share options.

Retained Earnings and Net Profit

Retained earnings and net profit include the net income of the financial year as well as the income of the companies included in the consolidated financial statements achieved in the past to the extent that it was not distributed.

Reserve from the Difference Resulting From Currency Conversion

The equity item for currency conversion serves to record the differences from the conversion of the financial statements of subsidiaries with non-Euro accounting compared to the date of first-time consolidation of the subsidiaries.

Cash Flow Hedges

The Cash flow hedges item includes the market valuation of derivative financial instruments. The item includes €21.2 million (previous year: €34.6 million), which is offset against deferred taxes amounting to €- 5.3 million (previous year: €-13.5 million).

Treasury Shares

The resolution adopted by the Annual General Meeting on May 6, 2015 authorized the company to purchase its own shares up to a value of ten percent of the share capital until May 5, 2020. If purchased through the stock exchange, the purchase price per share may not exceed or fall below 10% of the average 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 shares during the reporting period. As in the previous year, as of the balance sheet date, the Company holds a total of 142,551 PUMA shares in its own portfolio, which corresponds to 0.95% of the subscribed capital.

Authorized Capital

Pursuant to the resolution of the Annual General Meeting dated April 24, 2012, the Administrative Board is authorized to increase the share capital by April 23, 2017 as follows:

A) By issuing up to €7.5 million worth of up to 2,929,687 new no-par bearer shares on one or more occasions with a pro-rata amount of the share capital of €2.56 per share in exchange for cash contributions. The new shares can also be acquired by one or several banks as determined by the Administrative Board, subject to the obligation to offer these to the shareholders for subscription (indirect subscription right). The shareholders are basically entitled to a subscription right, whereby the shareholders' subscription right may be barred to avoid fractional amounts (Authorized Capital I).

B) By issuing up to €7.5 million worth of up to 2,929,687 new no-par bearer shares on one or more occasions with a pro-rata amount of the share capital of €2.56 per share in exchange for cash contributions. The new shares can also be acquired by one or several banks as determined by the Administrative Board, subject to the obligation to offer these to the shareholders for subscription (indirect subscription right). Shareholders have, in principle, a subscription right whereby the shareholders' subscription right may be wholly or partially barred to avoid fractional shares (Subscribed Capital II).

Conditional Capital

Pursuant to the resolution passed by the Annual General Meeting of April 22, 2008, the share capital could be increased by up to €1.5 million through the issuance of up to 600,000 new shares. The contingent capital increase was meant to be used exclusively for granting subscription rights (stock options) to former members of the Board and the Managing Directors of the Company as well as other executives of the company and subordinate associated companies. The authorization period has expired. Section 4.4. of the Articles of Association of the Company will be deleted upon a respective resolution of the Administrative Board of the Company.

Dividends

The amounts eligible for distribution relate to the net income of PUMA SE, which is determined in accordance with German commercial law.

The Managing Directors recommend to the Administrative Board and the Annual General Meeting that a dividend of €0.50 per circulating share, or a total of €7.5 million (with respect to the circulating shares as of December 31), be distributed to the shareholders from the net income of PUMA SE for financial year 2015. This corresponds to a payout ratio of 20.2% relative to consolidated net income compared to 11.7% in the previous year.

Appropriation of the Net Income of PUMA SE:

2015 2014

Net income of PUMA SE as of December 31 € million 134.3 60.7

Dividend per share € 0.50 0.50

Number of circulating shares * share 14,939,913 14,939,913

Total dividend * € million 7.5 7.5

Carried forward to the new accounting period * € million 126.8 53.2

* Previous year's values adjusted to the outcome of the Annual General Meeting

Non-controlling Interests

The non-controlling interest remaining as of the balance sheet date relates to PUMA Wheat Accessories, LLC with €-0.5 million (previous year: €0.1 million), Janed, LLC with €7.2 million (previous year: €22.6 million) and PUMA Kids Apparel North America, LLC, with €1.3 million (previous year: €0.4 million).

Capital Management

The Group’s objective is to retain a strong equity base in order to both maintain investor and market confidence and 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 under Changes in equity.