The net sales of the Group are broken down by product divisions and distribution channels as follows:
|
|
2021 |
2020 |
|
Wholesale |
5,080.6 |
3,809.9 |
|
Retail |
1,724.8 |
1,424.5 |
|
Total |
6,805.4 |
5,234.4 |
|
|
2021 |
2020 |
|
Footwear |
3,163.6 |
2,367.6 |
|
Apparel |
2,517.3 |
1,974.1 |
|
Accessories |
1,124.5 |
892.7 |
|
Total |
6,805.4 |
5,234.4 |
According to the respective functions, other operating income and expenses include personnel, advertising, sales and distribution expenses as well as rental and leasing expenditure, travel costs, legal and consulting expenses and other general expenses. Typical operating income that is associated with operating expenses was offset. Rental and lease expenses associated with the Group’s own retail stores include turnover-based rental components.
Other operating income and expenses are allocated based on functional areas as follows:
|
|
2021 |
2020 |
|
Sales and distribution expenses |
2,207.4 |
1,794.0 |
|
Product management / merchandising |
52.8 |
46.0 |
|
Research and development |
61.7 |
56.6 |
|
Administrative and general expenses |
405.2 |
368.7 |
|
Other operating expenses |
2,727.2 |
2,265.3 |
|
Other operating income |
2.6 |
0.4 |
|
Total |
2,724.6 |
2,264.9 |
|
Of which personnel expenses |
704.3 |
578.5 |
|
Of which scheduled depreciation |
287.3 |
275.7 |
|
Of which impairment expenses |
18.5 |
18.0 |
Within the sales and distribution expenses, marketing/retail expenses account for a large proportion of the operating expenses. In addition to advertising and promotional expenses, they also include expenses associated with the Group’s own retail activities. Other sales and distribution expenses include logistics expenses and other variable sales and distribution expenses. Impairment expenses in the reporting year amounted to € 18.5 million and related exclusively to right-of-use assets. In the previous year, impairment expenses for right-of-use assets amounted to € 16.1 million and impairment expenses of € 1.9 million were related to intangible assets.
In the consolidated financial statements of PUMA SE, fees of € 0.9 million (previous year: € 0.8 million) are recorded as operating expenses for the auditor of the consolidated financial statements. The fees are broken down into costs for audit services of € 0.8 million (previous year: € 0.7 million) and other assurance services amounting to € 0.1 million (previous year: € 0.1 million), in particular for EMIR audits and the review of the combined non-financial report as well as for tax consultancy services of less than € 0.1 million (previous year: less than € 0.1 million).
Other operating income comprises income from the sale of fixed assets in the amount of € 2.6 million (previous year: € 0.4 million).
Overall, other operating expenses include personnel costs, which consist of:
|
|
2021 |
2020 |
|
Wages and salaries |
542.0 |
441.9 |
|
Social security contributions |
78.6 |
63.2 |
|
Expenses from share-based remuneration with cash compensation |
15.1 |
14.1 |
|
Expenses for retirement pension and other personnel expenses |
68.6 |
59.3 |
|
Total |
704.3 |
578.5 |
In the financial year 2021, the personnel costs presented above include government grants amounting to a figure in the mid-single-digit millions (previous year: low double-digit millions) granted in connection with the global COVID-19 pandemic; this amount was deducted from the corresponding expenses.
In addition, cost of sales includes
personnel costs in the amount of € 8.1 million (previous year:
€ 5.2 million).
The average number of employees for the year was as follows:
|
|
2021 |
2020 |
|
Marketing/ retail/ sales |
10,945 |
9,654 |
|
Research & development/ product management |
1,097 |
1,002 |
|
Administrative and general units |
2,804 |
2,361 |
|
Total annual average |
14,846 |
13,016 |
|
|
|
|
As of the end of the year, a total of 16,125 individuals were employed (previous year: 14,374).
The financial result consists of:
|
|
2021 |
2020 |
|
Interest income |
11.9 |
8.4 |
|
Others |
18.0 |
27.0 |
|
Financial income |
29.9 |
35.4 |
|
Interest expense |
-12.9 |
-14.1 |
|
Interest expense – Leasing liability |
-31.5 |
-29.3 |
|
Valuation of pension plans |
-0.5 |
-0.5 |
|
Expenses from currency-conversion differences, net |
-9.0 |
-3.9 |
|
Others |
-27.7 |
-34.5 |
|
Financial expenses |
-81.7 |
-82.3 |
|
Financial result |
-51.8 |
-46.8 |
The item “Others” in financial income exclusively comprises interest components (SWAP points) of € 18.0 million (previous year: € 27.0 million) from financial instruments in connection with currency derivatives.
In addition, expenses from currency conversion differences of € 9.0 million (previous year: € 3.9 million) are included, which are to be allocated to the financing area.
The item “Others” in financial expenses includes interest components (SWAP points) of € 27.7 million (previous year: € 34.5 million) from financial instruments in connection with currency derivatives.
|
|
2021 |
2020 |
|
Current income taxes |
|
|
|
Germany |
13.6 |
11.0 |
|
Other countries |
112.3 |
84.9 |
|
Total current income taxes |
125.9 |
95.9 |
|
Deferred taxes |
2.7 |
-56.7 |
|
Total |
128.5 |
39.2 |
In general, PUMA SE and its German subsidiaries are subject to corporate income tax, plus a solidarity surcharge and trade tax. Thus, a weighted mixed tax rate of 27.22% continued to apply for the financial year.
Reconciliation of the theoretical tax expense with the effective tax expense:
|
|
2021 |
2020 |
|
Earnings before income tax |
505.3 |
162.3 |
|
Theoretical tax expense |
|
|
|
137.5 |
44.2 |
|
|
Tax rate difference with respect to other countries |
-15.8 |
-7.1 |
|
Other tax effects: |
|
|
|
0.5 |
-4.7 |
|
|
2.2 |
6.8 |
|
|
-2.4 |
-0.4 |
|
|
Non-deductible expenses for tax purposes and non-taxable income and other effects |
6.5 |
0.4 |
|
Effective tax expense |
128.5 |
39.2 |
|
Effective tax rate |
25.4% |
24.2% |
The tax effect resulting from items that are directly credited or debited to equity is shown in chapter 8.
The earnings per share are determined in accordance with IAS 33 by dividing the consolidated annual surplus (consolidated net earnings) attributable to the shareholders of the parent company by the average number of circulating shares.
The calculation is shown in the table below:
|
|
2021 |
2020 |
|
Consolidated net earnings € million |
309.6 |
78.9 |
|
Average number of circulating shares |
149,588,684 |
149,561,440 |
|
Average number of circulating shares, diluted |
149,591,763 |
149,561,440 |
|
Earnings per share in € |
2.07 |
0.53 |
|
Earnings per share, diluted in € |
2.07 |
0.53 |
|
|
|
|
In the financial year 2021, PUMA designated currency hedges as cash flow hedges in order to hedge the amount payable of purchases denominated in USD, which is converted to euros, as well as for other currency risks resulting from internal resale to PUMA subsidiaries.
Furthermore, currency swaps and currency forward transactions are used to hedge foreign exchange risks when measuring intra-group loans denominated in foreign currencies.
The nominal amounts of open exchange rate-hedging transactions, which relate mainly to cash flow hedges, refer primarily to currency forward transactions in a total amount of € 3,730.4 million (previous year: € 3,026.5 million). These underlying transactions are expected to generate cash flows in 2022 and 2023. For further information, please refer to the explanations in chapter 13.
The market values of open exchange rate-hedging transactions on the balance sheet date consist of:
|
|
2021 |
2020 |
|
Currency hedging contracts, assets (see chapters 6 and 12) |
130.1 |
26.1 |
|
Currency hedging contracts, liabilities (see chapters 13 and 14) |
-44.5 |
-135.2 |
|
Net |
85.5 |
-109.1 |
|
|
|
|
The changes in effective cash flow hedges are shown in the schedule of changes in shareholders’ equity and the statement of comprehensive income.
In order to disclose market risks, IFRS 7 requires sensitivity analyses that show the effects of hypothetical changes in relevant risk variables on earnings and equity. The periodic effects are determined by relating the hypothetical changes caused by the risk variables to the balance of the financial instruments held as of the balance sheet date. The underlying assumption is that the balance as of the balance sheet date is representative for the entire year.
Currency risks as defined by IFRS 7 arise on account of financial instruments that are denominated in a currency that is not the functional currency and are monetary in nature. Differences resulting from the conversion of the individual financial statements to the group currency are not taken into account. All non-functional currencies in which PUMA employs financial instruments are generally considered to be relevant risk variables.
Currency sensitivity analyses are based on the following assumptions:
Material non-derivative monetary financial instruments (cash and cash equivalents, receivables, interest-bearing debt, lease liabilities, non-interest-bearing liabilities) are either denominated directly in the functional currency or transferred into the functional currency through the use of currency hedging contracts.
Currency hedging contracts used to hedge against payment fluctuations caused by exchange rates are part of an effective cash-flow hedging relationship pursuant to IAS 39. Changes in the exchange rate of the currencies underlying these contracts have an effect on the hedge reserve in equity and the fair value of these hedging contracts.
If, as of December 31, 2021, the USD had appreciated (devalued) against all other currencies by 10%, the hedge reserve in equity and the fair value of the hedging contracts would have been € 208.6 million higher (lower) (December 31, 2020: € 151.9 million higher (lower)).
Currency risks and other risk and opportunity categories are discussed in greater detail in the Combined Management Report in the Risk and Opportunity Report as well as in chapters 2 and 13 of the Notes to the consolidated financial statements.
