|
|
12/31/2021 |
12/31/2020 |
|
||
|
|
€ million |
% |
€ million |
% |
+/- % |
|
Cash and cash equivalents |
757.5 |
13.2% |
655.9 |
14.0% |
15.5% |
|
Inventories |
1,492.2 |
26.1% |
1,138.0 |
24.3% |
31.1% |
|
Trade receivables |
848.0 |
14.8% |
621.0 |
13.3% |
36.5% |
|
Other current assets (working capital) |
268.7 |
4.7% |
174.5 |
3.7% |
54.0% |
|
Other current assets |
123.3 |
2.2% |
23.7 |
0.5% |
420.4% |
|
Current assets |
3,489.8 |
60.9% |
2,613.0 |
55.8% |
33.6% |
|
Deferred taxes |
279.9 |
4.9% |
277.5 |
5.9% |
0.9% |
|
Right-of-use assets |
940.5 |
16.4% |
877.6 |
18.7% |
7.2% |
|
Other non-current assets |
1,018.0 |
17.8% |
916.0 |
19.6% |
11.1% |
|
Non-current assets |
2,238.4 |
39.1% |
2,071.0 |
44.2% |
8.1% |
|
Total assets |
5,728.3 |
100.0% |
4,684.1 |
100.0% |
22.3% |
|
Current financial liabilities |
68.5 |
1.2% |
121.4 |
2.6% |
-43.6% |
|
Trade payables |
1,176.5 |
20.5% |
941.5 |
20.1% |
25.0% |
|
Other current liabilities (working capital) |
704.6 |
12.3% |
526.2 |
11.2% |
33.9% |
|
Current lease liabilities |
172.4 |
3.0% |
156.5 |
3.3% |
10.1% |
|
Other current liabilities |
42.6 |
0.7% |
127.2 |
2.7% |
-66.5% |
|
Current liabilities |
2,164.5 |
37.8% |
1,872.8 |
40.0% |
15.6% |
|
Deferred taxes |
48.8 |
0.9% |
40.6 |
0.9% |
20.1% |
|
Pension provisions |
31.9 |
0.6% |
38.2 |
0.8% |
-16.3% |
|
Non-current lease liabilities |
851.0 |
14.9% |
775.2 |
16.6% |
9.8% |
|
Other non-current liabilities |
353.5 |
6.2% |
193.4 |
4.1% |
82.8% |
|
Non-current liabilities |
1,285.3 |
22.4% |
1,047.4 |
22.4% |
22.7% |
|
Shareholders’ equity |
2,278.5 |
39.8% |
1,763.9 |
37.7% |
29.2% |
|
Total liabilities and shareholders’ equity |
5,728.3 |
100.0% |
4,684.1 |
100.0% |
22.3% |
|
|
|
|
|
|
|
|
Working capital |
727.9 |
|
465.8 |
|
56.3% |
|
10.7% |
|
8.9% |
|
|
|
|
|
|
|
|
|
|
PUMA has a very solid capital base. As of the balance sheet date, the shareholders' equity of the PUMA Group increased by 29.2%, from € 1,763.9 million in the previous year to € 2,278.5 million as of December 31, 2021. In addition to the positive consolidated net earnings, positive effects of changes in value recognized directly in equity from the fair value measurement of derivative financial instruments in connection with cash flow hedging and the currency conversion of financial statements of foreign subsidiaries that do not prepare their account in the reporting currency, the euro, also contributed to the increase in consolidated shareholders' equity. As of the balance sheet date, the balance sheet total increased by 22.3%, from € 4,684.1 million in the previous year to € 5,728.3 million. Overall, this resulted in a 2.1 percentage points increase in the equity ratio, from 37.7% in the previous year to 39.8% as of December 31, 2021.
As of the balance sheet date, working capital increased by 56.3% from € 465.8 million in the previous year to € 727.9 million as of December 31, 2021. In relation to net sales in the respective financial year, this corresponds to an increase in the working capital ratio from 8.9% in the previous year to 10.7% at the end of 2021. This development is mainly due to the stronger increase in inventories and trade receivables compared to the increase in trade payables.
Due to ongoing delivery delays, which, as of the balance sheet date, contributed to an increase in goods in transit by more than half compared to the previous year, there was an overall increase in inventories by 31.1% from € 1,138.0 million to € 1,492.2 million as of December 31, 2021. In addition, an increase in the number of PUMA-owned retail stores led to the rise in inventories. Trade receivables increased by 36.5% from € 621.0 million to € 848.0 million as a result of strong growth in sales and lower receivables factoring as of the balance sheet date. Other current assets, which are attributable to working capital, increased by 54.0% from € 174.5 million to € 268.7 million, mainly due to higher tax refund claims.
On the liabilities side, trade payables increased by 25.0%, from € 941.5 million to € 1,176.5 million due to higher inventories. Other current liabilities, which are included in working capital and include, among other things, customer bonus and warranty provisions, rose by 33.9% from € 526.2 million to € 704.6 million as a result of the strong increase in sales.
Other current assets, which exclusively include the positive market value of derivative financial instruments, increased from € 23.7 million in the previous year to € 123.3 million. This development resulted from the increase in the U.S. dollar closing rate as of December 31, 2021, compared with the respective U.S. dollar rate when the hedging transactions were concluded.
Right-of-use assets increased by 7.2% year-on-year from € 877.6 million to € 940.5 million, mainly as a result of the move into new office buildings in the USA, France and Sweden and the increase in the number of PUMA-owned retail stores. The right-of-use assets referred to own retail stores totaling € 382.9 million (previous year: € 355.2 million), warehouses and offices totaling € 505.8 million (previous year: € 464.3 million) and other lease items, mainly technical equipment and machines and motor vehicles, totaling € 51.9 million as of December 31, 2021 (previous year: € 58.1 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, increased by 11.1% from € 916.0 million to € 1,018.0 million in the past financial year. The increase is linked to the significant expansion of investment activities in 2021, following the pandemic-related reduction in investments in non-current assets in the previous year aimed at reducing cash outflows.
As of 31 December 2021, current financial liabilities include the current portion of the promissory note loans in the amount of € 68.5 million. In the previous year, current liabilities to banks in the amount of € 21.4 million were also included in current financial liabilities in addition to the current portion of the promissory note loans in the amount of € 100.0 million.
Other current liabilities, which include the negative market value of derivative financial instruments, fell from € 127.2 million to € 42.6 million compared to the previous year.
Pension provisions decreased from € 38.2 million in the previous year to € 31.9 million. This development is primarily related to an increase in plan assets.
Other non-current liabilities, which mainly include promissory note loans totaling € 311.5 million (previous year: € 145.0 million), amounted to € 353.5 million (previous year: € 193.4 million).
