Comparative Analysis Case Adidas and Puma The financial statements of adidas (DEU) and Puma (DEU) are presented in Appendices B and C, respectively.

The complete annual reports, including the notes to the financial statements, are available online.

Instructions Use the companies’ financial information to answer the following questions.

(a) Which company had the greater percentage increase in revenues from 2011 to 2012?

(b) Did either company report the effect of a discontinued operation in its income statement? Briefly describe how the reporting of a discontinued operation can affect comparisons between two companies.

(c) Which company had more depreciation and amortization expense, as a percentage of operating cash flow for 2012? What are some reasons that there would be a difference in these amounts between the two companies?

(d) Did either company report profit attributed to minority interests? If so, which company has the more significant non-controlling (minority) interest?