| 12/31/2022 | 12/31/2021 | ||||
|---|---|---|---|---|---|
| € million | % | € million | % | +/- % | |
| Cash and Cash Equivalents | 463.1 | 6.8% | 757.5 | 13.2% | -38.9% |
| Inventories * | 2,245.1 | 33.1% | 1,492.2 | 26.1% | 50.4% |
| Trade receivables * | 1,064.9 | 15.7% | 848.0 | 14.8% | 25.6% |
| Other Current Assets * | 304.1 | 4.5% | 268.7 | 4.7% | 13.1% |
| Other Current Assets | 123.2 | 1.8% | 123.3 | 2.2% | -0.1% |
| Current assets | 4,200.4 | 62.0% | 3,489.8 | 60.9% | 20.4% |
| Deferred taxes | 295.0 | 4.4% | 279.9 | 4.9% | 5.4% |
| Right-of-use assets | 1,111.3 | 16.4% | 940.5 | 16.4% | 18.2% |
| Other non-current assets | 1,166.0 | 17.2% | 1,018.0 | 17.8% | 14.5% |
| Non-current assets | 2,572.3 | 38.0% | 2,238.4 | 39.1% | 14.9% |
| Total assets | 6,772.7 | 100.0% | 5,728.3 | 100.0% | 18.2% |
| Current financial liabilities | 75.9 | 1.1% | 68.5 | 1.2% | 10.8% |
| Trade payables * | 1,734.9 | 25.6% | 1,176.5 | 20.5% | 47.5% |
| Other current liabilities * | 792.3 | 11.7% | 704.6 | 12.3% | 12.5% |
| Current lease liabilities | 200.2 | 3.0% | 172.4 | 3.0% | 16.1% |
| Other current liabilities | 39.7 | 0.6% | 42.6 | 0.7% | -6.7% |
| Current liabilities | 2,843.0 | 42.0% | 2,164.5 | 37.8% | 31.3% |
| Deferred taxes | 42.0 | 0.6% | 48.8 | 0.9% | -14.0% |
| Pension provisions | 22.4 | 0.3% | 31.9 | 0.6% | -30% |
| Non-current lease liabilities | 1,030.3 | 15.2% | 851.0 | 14.9% | 21.1% |
| Other non-current liabilities | 296.2 | 4.4% | 353.5 | 6.2% | -16.2% |
| Non-current liabilities | 1,390.9 | 20.5% | 1,285.3 | 22.4% | 8.2% |
| Equity | 2,538.8 | 37.5% | 2,278.5 | 39.8% | 11.4% |
| Total liabilities and equity | 6,772.7 | 100.0% | 5,728.3 | 100.0% | 18.2% |
| Working capital | 1,086.8 | 727.9 | 49.3% | ||
| – in % of sales | 12.8% | 10.7% | |||
PUMA has a very solid capital base. As of the balance sheet date, the equity of the PUMA Group increased by 11.4%, from € 2,278.5 million in the previous year to € 2,538.8 million as of December 31, 2022. In addition to the positive consolidated net earnings, the positive other comprehensive income of € 8.2 million directly recorded in equity also contributed to the increase in equity. As at the balance sheet date, total assets increased by 18.2% from € 5,728.3 million in the previous year to € 6,772.7 million. Overall, this resulted in a decline in the equity ratio by 2.3 percentage points from 39.8% in the previous year to 37.5% as of December 31, 2022.
As of the balance sheet date, working capital increased by 49.3% from € 727.9 million in the previous year to € 1,086.8 million as of December 31, 2022. In relation to sales in the respective financial year, this corresponds to an increase in the working capital ratio from 10.7% in the previous year to 12.8% at the end of 2022. This development was mainly due to the overall stronger increase in inventories and trade receivables compared to the increase of trade payables.
On the assets side, inventories rose by 50.4% as at the balance sheet date from € 1,492.2 million to € 2,245.1 million. Higher raw material prices and cost increases for incoming freight, unfavorable exchange rate effects and earlier product purchases to improve the availability of goods contributed significantly to this increase. In addition, a higher number of own retail stores led to an increase of inventories. Trade receivables increased by 25.6% from € 848.0 million to € 1,064.9 million as of the balance sheet date as a result of strong sales growth. Other current assets, which are attributable to working capital, increased by 13.1% from € 268.7 million to € 304.1 million, mainly due to higher tax refund claims.
On the liabilities side, trade payables increased by 47.5%, from € 1,176.5 million to € 1,734.9 million due to higher inventories. Other current liabilities, which are contained in working capital and include, among other things, customer bonus and warranty provisions, rose by 12.5% from € 704.6 million to € 792.3 million as a result of the sales increase.
At € 123.2 million, other current assets outside of working capital, which exclusively include the positive market value of derivative financial instruments, remained almost constant compared with the previous year (€ 123.3 million).
Right-of-use assets increased by 18.2% year-on-year from € 940.5 million to € 1,111.3 million, mainly as a result of the opening of new warehouses (USA and Canada) and the move into new office buildings (Japan), as well as the increase in the number of own retail stores. The right-of-use assets referred to own retail stores totaling € 430.9 million (previous year: € 382.9 million), warehouses and offices totaling € 613.1 million (previous year: € 505.8 million) and other lease items, mainly technical equipment and machines and motor vehicles, totaling € 67.3 million as of December 31, 2022 (previous year: € 51.9 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 14.5% from € 1,018.0 million to € 1,166.0 million in the past financial year. The increase is linked to the expansion of investment activities in 2022, following the lower pandemic-related reduction in investments in non-current assets in previous years.
As of December 31, 2022, current financial liabilities included the current portion of the promissory note loans in the amount of € 60.0 million and current liabilities to banks in the amount of € 15.9 million. In the previous year, the current portion of the promissory note loans in the amount of € 68.5 million was also included.
Other current liabilities, which include the negative market value of derivative financial instruments, declined from € 42.6 million to € 39.7 million compared to the previous year.
Pension provisions fell from € 31.9 million in the previous year to € 22.4 million. This development was mainly due to the increase in interest rates, which led to a positive effect in the revaluation of the net debt from defined benefit plans.
Other non-current liabilities, which mainly include promissory note loans totaling € 251.5 million (previous year: € 311.5 million), amounted to € 296.2 million (previous year: € 353.5 million).
