| 2022 | 2021 | ||
|---|---|---|---|
| € million | € million | +/- % | |
| Earnings before taxes (EBT) | 551.7 | 505.3 | 9.2% |
| Financial result and non-cash expenses and income | 367.2 | 315.9 | 16.2% |
| Gross cash flow | 918.9 | 821.2 | 11.9% |
| Change in net current assets | -343.3 | -214.3 | 60.2% |
| Payments for taxes on income | -157.4 | -146.9 | 7.2% |
| Net cash from operating activities | 418.3 | 460.1 | -9.1% |
| Payments for acquisitions | 0.0 | 0.0 | - |
| Payments for investing in fixed assets | -263.6 | -202.4 | 30.2% |
| Other investing and divestment activities incl. interest received | 22.8 | 18.6 | 22.7% |
| Net cash used in investing activities | -240.8 | -183.8 | 31% |
| Free cash flow | 177.5 | 276.2 | -35.7% |
| Free cash flow (before acquisitions) | 177.5 | 276.2 | -35.7% |
| – in % of sales | 2.1 | 4.1 | |
| Dividend payments to shareholders of PUMA SE | -107.7 | -23.9 | - |
| Dividend payments to non-controlling interests | -73.3 | -47.8 | 53.3% |
| Proceeds from borrowings | 17.9 | 235.0 | -92.4% |
| Cash repayments of borrowings | -69.5 | -121.9 | -43.0% |
| Repayments of lease liabilities | -190.0 | -160.9 | 18.1% |
| Payments of interest | -53.8 | -44.4 | 21.2% |
| Net Cash used in financing activities | -476.4 | -164.0 | - |
| Exchange rate-related changes in cash and cash equivalents | 4.4 | -10.5 | - |
| Changes in cash and cash equivalents | -294.4 | 101.7 | - |
| Cash and cash equivalents at the beginning of the financial year | 757.5 | 655.9 | 15.5% |
| Cash and cash equivalents at the end of the financial year | 463.1 | 757.5 | -38.9% |
Gross cash flow increased by 11.9% from € 821.2 million to € 918.9 million in the financial year 2022. This development was due to the increase in earnings before tax (EBT +9.2%) and the increase in non-cash adjustments in relation to the financial result and other non-cash expenses and income.
As a result of the increase in working capital, there was a cash outflow from the change in net working capital* of € -343.3 million in the financial year 2022 compared with a cash outflow of € -214.3 million in the previous year. The cash outflow from payments for income taxes increased from € -146.9 million in the previous year to € -157.3 million in the financial year 2022 due to the increase in profitability. In total, this resulted in a decline in cash inflow from operating activities of 9.2% from € 460.1 million to € 418.3 million.
In the financial year 2022, cash outflow from investment activities increased from a total of € 183.8 million to € 240.8 million. The investments in fixed assets included in this figure increased from € 202.4 million in the previous year to € 263.6 million in 2022 in line with our investment planning. The increase was primarily attributable to investments in 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 increase in capital expenditures relates in particular to the North America and Latin America segments and the central areas, which are not allocated to the business segments.
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 the purchase or sale of shareholdings, where applicable. No acquisitions were made in 2021 and 2022.
Free cash flow before acquisitions decreased from € 276.2 million in the previous year to € 177.5 million in the financial year 2022. Free cash flow before acquisitions was 2.1% of sales compared to 4.1% in the previous year.
The net cash used in financing activities increased overall from a cash outflow of € 164.0 million in the previous year to a cash outflow of € 476.4 million in 2022. The increase in cash outflows resulted mainly from higher dividend payments and lower proceeds from borrowing.
A dividend payment of € 107.7 million was distributed to the shareholders of PUMA SE for the financial year 2021. In the previous year, the dividend payment was € 23.9 million. The net cash used in financing activities also included payouts to non-controlling interests totaling € 73.3 million in 2022 (previous year: € 47.8 million). Cash inflows from borrowings amounted to € 17.0 million, compared with cash inflows of € 235.0 million in the previous year. In the financial year 2022, payments made for the repayment of financial liabilities totaled € 68.5 million (previous year: € 121.9 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 € 192.4 million in the previous year to € 228.7 million in 2022.
As of December 31, 2022, PUMA had cash and cash equivalents of € 463.1 million, a decrease of 38.9% compared with the previous year (€ 757.5 million). The PUMA Group also had credit lines totaling € 1,271.0 million as of December 31, 2022 (previous year: € 1,322.0 million). Unutilized credit lines totaled € 943.7 million on the balance sheet date, compared to € 942.0 million in the previous year.
