| 12/31/2020 | 12/31/2019 | ||||
|---|---|---|---|---|---|
| € million | % | € million | % | +/- % | |
| Cash and cash equivalents | 655.9 | 14.0% | 5128.1 | 11.8% | 26.6% |
| Inventories | 1,138.0 | 24.3% | 1,110.2 | 25.4% | 2.5% |
| Trade receivables | 621.0 | 13.3% | 611.7 | 14.0% | 1.5% |
| Other current assets (working capital) | 174.5 | 3.7% | 196.0 | 4.5% | -11.0% |
| Other current assets | 23.7 | 0.5% | 45.2 | 1.0% | -47.6% |
| Current assets | 2,613.0 | 55.8% | 2,481.2 | 56.7% | 5.3% |
| Deferred taxes | 277.5 | 5.9% | 237.7 | 5.4% | 16.7% |
| Right-of-use assets | 877.6 | 18.7% | 719.0 | 16.4% | 22.1% |
| Other non-current assets | 916.0 | 19.6% | 940.3 | 21.5% | -2.6% |
| Non-current assets | 2,071.0 | 44.2% | 1,897.0 | 43.3% | 9.2% |
| Total assets | 4,684.1 | 100.0% | 4,378.2 | 100.0% | 7.0% |
| Current financial liabilities | 121.4 | 2.6% | 10.2 | 0.2% | - |
| Trade payables | 941.5 | 20.1% | 843.7 | 19.3% | 11.6% |
| Other current liabilities (working capital) | 526.2 | 11.2% | 524.9 | 12.0% | 0.3% |
| Current lease liabilities | 156.5 | 3.3% | 144.8 | 3.3% | 8.0% |
| Other current liabilities | 127.2 | 2.7% | 35.3 | 0.8% | - |
| Current liabilities | 1,872.8 | 40.0% | 1,558.9 | 35.6% | 20.1% |
| Deferred taxes | 40.6 | 0.9% | 53.0 | 1.2% | -23.3% |
| Pension provisions | 38.2 | 0.8% | 34.1 | 0.8% | 11.8% |
| Non-current lease liabilities | 775.2 | 16.6% | 600.5 | 13.7% | 29.1% |
| Other non-current liabilities | 193.4 | 4.1% | 211.4 | 4.8% | -8.6% |
| Non-current liabilities | 1047.4 | 22.4% | 899.0 | 20.5% | 16.5% |
| Shareholders' equity | 1,763.9 | 37.7% | 1,920.3 | 43.9% | -8.1% |
| Total liabilities and shareholders' equity | 4,684.1 | 100.0% | 4,378.2 | 100% | 7.0% |
| Working capital | 465.8 | 549.4 | -15.2% | ||
| - in % of sales | 8.9% | 10.0% | |||
PUMA continues to have an extremely solid capital base. As of the balance sheet date, the shareholders’ equity of the PUMA Group decreased by 8.1%, from €1,920.3 million in the previous year to €1,763.9 million as of December 31, 2020. Despite positive consolidated net earnings in the past financial year, negative effects of the changes in value recognized directly in equity - particularly in connection with the currency conversion of financial statements of foreign subsidiaries that do not prepare their accounts in the reporting currency, the Euro, and the market valuation of derivative financial instruments in connection with cash flow hedging - contributed to a decrease in the Group’s equity. As of the balance sheet date, the balance sheet total rose by 7.0%, from €4,378.2 million in the previous year to €4,684.1 million. This resulted in a decrease of the equity ratio, from 43.9% in the previous year to 37.7% as of December 31, 2020.
Despite the significant negative impact of the COVID-19 pandemic on our sales development in 2020, we managed to reduce working capital by 15.2% from €549.4 million in the previous year to €465.8 million as of December 31, 2020. In relation to net sales in the respective financial year, this corresponds to a decrease in the working capital ratio from 10.0% in the previous year to 8.9% at the end of 2020.
As a result of sales promotions over the past financial year aimed at limiting the decline in sales as far as possible and to optimize inventory levels, inventories increased only slightly by 2.5% from €1,110.2 million to €1,138.0 million as of the balance sheet date. Despite sales growth in the third and fourth quarters of 2020, trade receivables increased only slightly by 1.5%, from €611.7 million to €621.0 million. In contrast, other current assets included in working capital decreased by 11.0% from €196.0 million to €174.5 million.
On the liabilities side, trade payables increased by 11.6%, from €843.7 million to €941.5 million, due to extended payment terms with our suppliers. Other current liabilities, which are included in working capital and include, among other things, customer bonus and warranty provisions, increased only slightly by 0.3% from €524.9 million to €526.2 million in 2020.
Other current assets, which only include the positive market value of derivative financial instruments, decreased compared to the previous year from €45.2 million to €23.7 million.
Right-of-use assets increased by 22.1% compared to the previous year, from €719.0 million to €877.6 million. This increase was mainly due to the expansion of our logistics network and the opening of our new distribution center in Indianapolis, USA. The right-of-use assets referred to own retail stores totaling €355.2 million (previous year: €419.6 million), warehouses and offices totaling €464.3 million (previous year: €281.7 million) and other lease items, mainly technical equipment and machines and motor vehicles, totaling €58.1 million as of December 31, 2020 (previous year: €17.7 million). On the liabilities side, this led to an increase in current and non-current lease liabilities.
Other non-current assets, which mainly comprise intangible assets and property, plant and equipment, decreased slightly by 2.6% from €940.3 million to €916.0 million in 2020. This decline was due to lower investment in fixed assets in order to limit cash outflows as far as possible during the course of the COVID-19 pandemic.
The current financial liabilities, which include both current liabilities to banks and the current portion of the promissory note loans (€100.0 million; previous year: €0.0 million), increased from €10.2 million in the previous year to €121.4 million as of December 31, 2020.
Other current liabilities, which include the negative market value of derivative financial instruments, increased from €35.3 million to €127.2 million, due to the weaker US Dollar exchange rate on reporting date December 31, 2020 compared to the balance sheet date in the previous year.
Pension provisions increased from €34.1 million in the previous year to €38.2 million.
Other non-current liabilities, which mainly include promissory note loans totaling €145.0 million (previous year: €160.0 million), amounted to €193.4 million (previous year: €211.4 million) as of the balance sheet date.
