Under the PUMA and Cobra Golf brand names, PUMA SE and its subsidiaries are engaged in the development and sale of a broad range of sports and sports lifestyle products, including footwear, apparel and accessories. The company is a European stock corporation (Societas Europaea/SE) and parent company of the PUMA Group; its registered office is on PUMA WAY 1, 91074 Herzogenaurach, Germany. The competent registry court is in Fürth (Bavaria), the register number is HRB 13085.
The consolidated financial statements of PUMA SE and its subsidiaries (hereinafter shortly referred to as the “Group” or “PUMA”) were prepared in accordance with the “International Financial Reporting Standards (IFRS)” accounting standards issued by the International Accounting Standards Board (IASB), as they are to be applied in the EU, and the supplementary accounting principles to be applied in accordance with Section 315e (1) of the German Commercial Code (HGB). The IASB standards and interpretations, as they are to be applied in the EU, which are mandatory for financial years as of January 1, 2021, have been applied.
The items contained in the financial statements of the individual Group companies are measured based on the currency that corresponds to the currency of the primary economic environment in which the Company operates. The consolidated financial statements are prepared in euros (EUR or €). The presentation of amounts in millions of euros with one decimal place may lead to rounding differences since the calculation of individual items is based on figures presented in thousands.
The cost of sales method is used for the consolidated income statement.
The following new or amended standards and interpretations have been used for the first time in the current financial year:
|
Standard |
Title |
|
First-time
adoption in the |
|
|
Amendments to IFRS 16 |
COVID-19 related Rent Concessions after June 30, 2021 |
|
Amendments
to IFRS 9, IAS 39, IFRS 7, |
Interest Rate Benchmark Reform (Phase 2) |
|
Amendments to IFRS 4 |
Extension
of the temporary exemption from the Application of IFRS 9 in |
|
|
|
The standards and interpretations used for the first time as of January 1, 2021 had the following effects on the consolidated financial statements:
The practical expedient granted in IFRS 16 for the recognition of rent concessions due to the COVID-19 pandemic was extended. The practical expedient previously only applied to payments that would have been due on or before June 30, 2021 pursuant to the original contractual agreement. Following the latest amendment of IFRS 16, this period has now been extended to payments with an original maturity of up to June 30, 2022.
The amendments to IFRS 16 in respect of COVID-19-related rent concessions enable lessees to make use of a practical recognition exemption. This means that PUMA, as a lessee, may waive the evaluation of whether COVID-19-related rent concessions – e.g., a deferral of or exemption from rent/lease payments for a specific period of time – constitute lease modifications as defined in IFRS 16. PUMA has decided to make use of this option for all rent concessions that fall within the scope of this practical expedient.
This practical recognition exemption applies only to rent concessions that are a direct consequence of the COVID-19 pandemic and that meet the following requirements cumulatively:
Where the above conditions are met, PUMA may account for the rent concessions as if they were variable lease payments and recognize them in the income statement in the period in which the rent concessions were granted. In the case of finally waived lease payments, it must be checked whether a derecognition of the lease liability is to be carried out in accordance with the requirements of IFRS 9 “Financial Instruments”. This represents a simplification of the accounting treatment of the rent concessions, as it is no longer necessary to check whether the conditions for a contractual modification apply and any changes do not need to be accounted for as a contractual modification.
As a result of this practical recognition exemption, in the financial year 2021 PUMA recognized € 7.1 million in rent concessions (previous year: € 13.7 million) as variable lease payments in the income statement. This also led to a reversal of lease liabilities in almost the same amount. Furthermore, lease payments were deferred and, for some contracts, the underlying lease term was extended by a period of up to three months. In these cases, no adjustment was made to the amount of lease liabilities.
The information regarding leases in financial year 2021 is presented in chapter 10.
The amendments to the other standards and interpretations described below, which were to be initially adopted as of January 1, 2021, did not affect the PUMA consolidated financial statements.
The interest rate benchmark reform (phase 2, amendments to IFRS 9, IAS 39 and IFRS 7) concerns specific requirements for the accounting of hedge relationships of interest rate hedge instruments. This change has no effect on the PUMA consolidated financial statements.
The extension of the temporary exemption from the application of IFRS 9 (Financial Instruments) in IFRS 4 (Insurance Contracts) has no effect on the PUMA consolidated financial statements.
The following standards and interpretations have been released but will only become effective in later reporting periods and are not applied earlier by the Group:
|
Standard |
Title |
Date of adoption * |
Planned adoption |
|
Endorsed |
|
|
|
|
Amendments to IFRS 3 |
References to the Conceptual Framework |
1/1/2022 |
1/1/2022 |
|
Amendments to IAS 37 |
Onerous contracts: Contract performance costs |
1/1/2022 |
1/1/2022 |
|
Amendments to IAS 16 |
Property, plant and equipment: Proceeds before intended use |
1/1/2022 |
1/1/2022 |
|
Annual
Improvements |
Improvements to IFRS 1, IFRS 9, IFRS 16 and IAS 41 |
1/1/2022 |
1/1/2022 |
|
IFRS 17 (including amendment IFRS 17) |
Insurance contracts |
1/1/2023 |
1/1/2023 |
|
|
|
|
|
|
Endorsement pending |
|
|
|
|
Amendments to IAS 1 |
Classification of liabilities as current or non-current |
1/1/2023 |
1/1/2023 |
|
Amendments to IAS 1 |
Disclosure of accounting policies |
1/1/2023 |
1/1/2023 |
|
Amendments to IAS 8 |
Definition of accounting estimates |
1/1/2023 |
1/1/2023 |
|
Amendments to IAS 12 |
Deferred taxes relating to assets and liabilities from a single transaction |
1/1/2023 |
1/1/2023 |
|
Amendments
to IFRS 10 |
Sale or contribution of assets |
postponed indefinitely |
|
|
|
|
|
|
* Adjusted by EU endorsement, if applicable
PUMA does not expect any significant effects on the consolidated financial statements from these amendments.
