Based on management’s definition, cash from operations was a negative €37m in 2015. This is the first negative number in the current century with the previous low of a positive €44m generated in 2001. As a result, net cash fell from €382m at the end of 2014 to €325m. Puma’s revenue was up by 14% to slightly less than €3.4bn in the last year, while EBIT fell by 25% to €96m. Net profit after minorities was down by 42% to €37m. Management proposes a
