|
|
2021 |
2020 |
|
|
|
€ million |
€ million |
+/- % |
|
Earnings before taxes (EBT) |
505.3 |
162.3 |
211.2% |
|
Financial result and non-cash expenses and income |
315.9 |
360.4 |
-12.4% |
|
Gross cash flow |
821.2 |
522.8 |
57.1% |
|
Change in net current assets |
-214.3 |
-11.9 |
- |
|
Payments for taxes on income |
-146.9 |
-89.3 |
64.4% |
|
Net cash from operating activities |
460.1 |
421.5 |
9.2% |
|
Payments for acquisitions |
0.0 |
0.0 |
- |
|
Payments for investing in fixed assets |
-202.4 |
-151.0 |
34.1% |
|
Other investing and divestment activities incl. interest received |
18.6 |
5.5 |
- |
|
Net cash used in investing activities |
-183.8 |
-145.5 |
26.3% |
|
Free cash flow |
276.2 |
276.0 |
0.1% |
|
Free cash flow (before acquisitions) |
276.2 |
276.0 |
0.1% |
|
4.1% |
5.3% |
|
|
|
Dividend payments to equity holders of the parent company |
-23.9 |
0.0 |
- |
|
Dividend payments to non-controlling interests |
-47.8 |
-45.6 |
5.0% |
|
Proceeds from borrowings |
235.0 |
94.2 |
149.4% |
|
Cash repayments of borrowings |
-121.9 |
0.0 |
- |
|
Repayments of lease liabilities |
-160.9 |
-135.0 |
19.2% |
|
Payments of interest |
-44.4 |
-43.0 |
3.3% |
|
Net cash used in financing activities |
-164.0 |
-129.2 |
26.9% |
|
Exchange rate-related changes in cash and cash equivalents |
-10.5 |
-8.9 |
18.4% |
|
Change in cash and cash equivalents |
101.7 |
137.8 |
-26.2% |
|
Cash and cash equivalents at the beginning of the financial year |
655.9 |
518.1 |
26.6% |
|
Cash and cash equivalents at the end of the financial year |
757.5 |
655.9 |
15.5% |
|
|
|
|
|
The significant increase in profit before tax (EBT +211.2%) in the financial year 2021 was the main reason for the 57.1% increase in gross cash flow from € 522.8 million to € 821.2 million.
As a result of the increase in working capital, there was a cash outflow from the change in net working capital* of € -214.3 million in the financial year 2021 compared to a cash outflow of only € -11.9 million in the previous year. The cash outflow from payments for income taxes increased from € -89.3 million in the previous year to € -146.9 million in the financial year 2021 due to the increase in profitability. Overall, this led to a 9.2% increase in cash inflow from operating activities from € 421.5 million to € 460.1 million, enabling PUMA to improve cash inflow from operating activities in the financial year 2021, despite the increase in working capital.
* Net current assets include working capital line items plus current assets and liabilities, which are not part of the working capital calculation. Current lease liabilities are not part of the net current assets.
In the financial year 2021, cash outflow from investment activities increased from a total of € 145.4 million to € 183.8 million. The investments in fixed assets included in this figure increased from € 151.0 million in the previous year to € 202.4 million in 2021 in line with our investment planning. The increase was primarily attributable to investments in our own retail stores, in our logistics infrastructure and in new administrative buildings. In addition, investments in the modernization of the IT infrastructure continued to be made.
The free cash flow before acquisitions is the balance of the cash inflows and outflows from operating and investing activities. In addition, an adjustment is made for incoming and outgoing payments that relate to shareholdings, where applicable. No acquisitions were made in 2020 and 2021.
Free cash flow before acquisitions remained constant in the financial year 2021 at € 276.2 million compared to the previous year (€ 276.0 million). Free cash flow before acquisitions was 4.1% of net sales compared to 5.3% in the previous year.
The net cash used in financing activities increased overall from a cash outflow of € 129.2 million in the previous year to a cash outflow of € 164.0 million in 2021. The increase in cash outflow resulted mainly from the dividend payment to the shareholders of PUMA SE for the financial year 2020 in the amount of € 23.9 million, after the dividend payment was suspended in the previous year due to the COVID-19 pandemic to limit the cash outflow.
The net cash used in financing activities also included payouts to non-controlling interests totaling € 47.8 million in 2021 (previous year: € 45.6 million). Cash inflows from borrowings amounted to € 235.0 million, compared with cash inflows of € 94.2 million in the previous year. In the financial year 2021, payments made for the repayment of financial liabilities totaled € 121.9 million (previous year: € 0.0 million). The cash outflows for the repayment of leasing liabilities and related interest expenses included in the cash outflow from financing activities increased from a total of € 164.2 million in the previous year to € 192.4 million in 2021.
As of December 31, 2021, PUMA had cash and cash equivalents of € 757.5 million, an increase of 15.5% compared to the previous year (€ 655.9 million). The PUMA Group also had credit lines totaling € 1,322.0 million as of December 31, 2021 (previous year: € 1,639.1 million). Unutilized credit lines totaled € 942.0 million on the balance sheet date, compared to € 1,372.7 million in the previous year.
