The annual financial statements of PUMA SE are prepared in accordance with the rules of the German Commercial Code (German GAAP, HGB), taking into account the SEAG (German SE Implementation Act) and the German Stock Corporation Act (AktG).

PUMA SE is the parent company of the PUMA Group. PUMA SE’s results are to a large extent influenced by the directly and indirectly held subsidiaries and shareholdings. The business development of PUMA SE is essentially subject to the same risks and opportunities as the PUMA Group.

PUMA SE is responsible for wholesale business in the DACH area, consisting of the home market of Germany, Austria, and Switzerland. Furthermore, PUMA SE is also responsible for pan-European distribution for individual key accounts and for sourcing products from European production countries, as well as global licensing management. In addition, PUMA SE acts as a holding company within the PUMA Group and is as such responsible for international product development, merchandising, international marketing, the global areas of finance, operations and PUMA’s strategic direction.

In the financial year 2021, net sales increased by a total of 33.7% to € 948.7 million. The increase resulted both from higher revenues from product sales and from higher commission income in the context of license management. Revenue from PUMA SE product sales increased by 17.7% to € 412.5 million. The royalty and commission income included in net sales increased by 50.4% to € 495.1 million. Other revenue, which mainly consisted of recharges of costs to affiliated companies, totaled € 41.2 million in 2021 (previous year: € 30.0 million).

Other operating income amounted to € 31.4 million in 2021 (previous year: € 40.4 million) and includes, in particular, realized and unrealized gains from currency conversion related to the measurement of receivables and liabilities in foreign currencies at the balance sheet date.

The total expenditure from material expenses, personnel expenses, depreciation and other operating expenses increased by 21.0% to € 1,051.4 million compared to the previous year (previous year: total of € 868.9 million). The increase in material expenses compared to the previous year was mainly due to the increase in sales. The increase in personnel expenses is related in particular to the higher number of employees and increased provisions for bonuses. Other operating expenses were up compared to the previous year due, among other things, to increased marketing and sales expenses.

As forecasted in our financial planning for 2021, the financial result fell by 42.0% year-on-year to € 208.6 million. The decline was mainly due to significantly lower dividends from shareholdings in affiliated companies. In addition, there were higher expenses from loss transfers from affiliated companies. By contrast, income from profit transfers from affiliated companies increased and improved net interest income, the balance of interest expense and interest income, had a positive impact on the financial result.

Despite a significant increase in sales, the rise in expenses and the decline in the financial result led to a 43.0% decrease of earnings before taxes, from € 240.7 million in the previous year to € 137.3 million in 2021. Taxes on income amounted to € 13.7 million (previous year: € 11.0 million). Accordingly, PUMA SE's net income under German Commercial Code (German GAAP, HGB) decreased by 46.2% to € 123.6 million in the financial year 2021 (previous year: € 229.7 million).


Fixed assets increased by a total of 1.4% to € 1,087.0 million in 2021. The increase is due to further investments in the IT infrastructure and the acquisition of additional shares in the amount of € 6.0 million as part of the capital increase of Borussia Dortmund GmbH & Co. KGaA (BVB).

In terms of current assets, inventories fell by 17.7% to € 53.9 million as a result of the strong growth in sales. By contrast, receivables and other assets rose by a total of 43.1% to € 607.2 million compared with the previous year. Both increased receivables from affiliated companies and higher trade receivables contributed to this development. Cash and cash equivalents increased by 53.3% to € 398.8 million compared to the previous year.

On the liabilities side, equity rose by 12.5% to € 916.9 million, as a result of the net income in 2021. Despite this, an increase in total assets due to higher provisions and liabilities led to a reduction in the equity ratio at the balance sheet date from 44.5% in the previous year to 42.4% as of December 31, 2021.

Provisions increased by 32.0% year-on-year to € 117.6 million. This development resulted from higher provisions for personnel, customer bonuses and for outstanding invoices. Liabilities increased from € 929.4 million in the previous year to € 1,127.0 million as of December 31, 2021. This increase was primarily due to higher liabilities to banks, as further promissory note loans were taken out, and to increased liabilities to affiliated companies.