As of December 31, 2022, the Group has € 463.1 million (previous year: € 757.5 million) in cash and cash equivalents. This includes bank balances, including short-term financial investments with an original term of up to three months. The average effective interest rate of financial investments was 1.7% (previous year: 1.5%) for countries without hyperinflation. The average effective interest rate of financial investments was 33.4% in countries with hyperinflation. Due to currency exchange controls, transfer restrictions of € 93.3 million were placed on the cash and cash equivalents reported.
Inventories are allocated to the following main groups:
| 2022 | 2021 | |
|---|---|---|
| Goods/inventory and finished goods | ||
| Footwear | 750.2 | 356.2 |
| Apparel | 519.0 | 325.5 |
| Accessories/Other | 266.4 | 154.9 |
| Raw materials, consumables and supplies | 46.8 | 30.2 |
| Prepayments made | 3.2 | 25.9 |
| Goods in transit | 592.6 | 535.6 |
| Inventory adjustments related to returns | 66.9 | 64.0 |
| Total | 2,245.1 | 1,492.2 |
The raw materials, consumables and supplies mainly relate to raw materials for the production of golf clubs and footwear.
The table shows the carrying amounts of the inventories net of value adjustments. Of the value adjustments in the amount of € 217.0 million (previous year: € 169.3 million), approx. 67.5% (previous year approx. 58.1%) were recognized as an expense under cost of sales in the financial year 2022.
The volume of inventories recorded as an expense during the period mainly includes the cost of sales shown in the consolidated income statement.
The inventory adjustments related to returns represents the historical acquisition or production costs of the inventories for which a return is expected.
This item consists of:
| 2022 | 2021 | |
|---|---|---|
| Trade receivables, gross | 1,122.8 | 906.7 |
| Less provision for risks | -57.9 | -58.7 |
| Trade receivables, net | 1,064.9 | 848.0 |
The change in the provision for risks for financial assets in the “trade receivables” class measured at amortized cost relates to receivables in connection with revenues from contracts with customers and has developed as follows:
| 2022 | 2021 | |
|---|---|---|
| Status of provision for risks as of January 1 | 58.7 | 61.9 |
| Exchange rate differences | 0.4 | 1.5 |
| Additions | 20.3 | 11.8 |
| Utilization | -5.6 | -4.9 |
| Reversals of unused provision for risks | -15.8 | -11.5 |
| Status of provision for risks as of December 31 | 57.9 | 58.7 |
The age structure of the trade receivables is as follows:
| 2022 | Total | Not due | 0-30 days | 31-90 days | 91-180 days | Over 180 days |
|---|---|---|---|---|---|---|
| Gross carrying amount – Trade receivables | 1,122.8 | 986.7 | 58.5 | 26.4 | 11.6 | 39.7 |
| Provision for risks | 57.9 | 21.2 | 3.7 | 2.7 | 2.7 | 27.6 |
| Net carrying amount – Trade receivables | 1,064.9 | 965.5 | 54.8 | 23.7 | 8.9 | 12.1 |
| Expected loss rate | 2.1% | 6.3% | 10.2% | 23.6% | 69.6% |
| 2021 | Total | Not due | 0-30 days | 31-90 days | 91-180 days | Over 180 days |
|---|---|---|---|---|---|---|
| Gross carrying amount – Trade receivables | 906.7 | 771.5 | 63.6 | 19.0 | 14.5 | 38.0 |
| Provision for risks | 58.7 | 18.6 | 3.2 | 1.2 | 4.4 | 31.4 |
| Net carrying amount – Trade receivables | 848.0 | 752.9 | 60.6 | 17.9 | 10.1 | 6.6 |
| Expected loss rate | 2.4% | 5.0% | 6.1% | 30.5% | 82.6% |
With respect to the net carrying amount of trade receivables, PUMA assumes that the debtors will satisfy their payment obligations or that, in the event of a default, the net carrying amount will be covered by existing credit insurance. There are no significant risk concentrations as the customer base is very broad and there are no correlations.
This item consists of:
| 2022 | 2021 | |
|---|---|---|
| Fair value of derivative financial instruments | 115.9 | 123.2 |
| Other financial assets | 21.6 | 30.2 |
| Total | 137.4 | 153.4 |
The amount shown is due within one year. The fair value corresponds to the carrying amount.
This item consists of:
| 2022 | 2021 | |
|---|---|---|
| Prepaid expense relating to the subsequent period | 86.2 | 90.2 |
| Other receivables | 149.8 | 110.7 |
| Total | 235.9 | 200.9 |
The amount shown is due within one year. The fair value corresponds to the carrying amount.
Other receivables mainly comprise receivables relating to VAT of € 97.9 million (previous year: € 55.4 million) and Other taxes of € 30.3 million (previous year: € 21.3 million).
Deferred taxes relate to the items shown below:
| 2022 | 2021 | |
|---|---|---|
| Tax loss carryforwards | 57.5 | 74.1 |
| Non-current assets | 37.6 | 51.4 |
| Current assets | 104.3 | 76.8 |
| Provisions and other liabilities | 171.0 | 109.5 |
| Deferred tax assets (before netting) | 370.5 | 311.8 |
| Non-current assets | 75.9 | 62.6 |
| Current assets | 37.6 | 11.9 |
| Provisions and other liabilities | 4.0 | 6.3 |
| Deferred tax liabilities (before netting) | 117.4 | 80.7 |
| Deferred tax assets, net | 253.1 | 231.1 |
As of December 31, 2022, tax losses carried forward amounted to a total of € 407.7 million (previous year: € 489.4 million). Deferred tax assets were recognized for these items in the amount at which the associated tax advantages are likely to be realized in the form of future profits for income tax purposes. In the financial year 2022, no deferred tax items were recognized for the losses carried forward in the amount of € 140.5 million (previous year: € 164.4 million); of which, € 135.2 million (previous year: € 158.3 million) cannot expire, of which, however, € 47.0 million (previous year: € 47.4 million) will never be utilizable due to a lack of future profits. The remaining tax losses carried forward, for which no deferred tax items were recognized, in the amount of € 5.3 million (previous year: € 6.2 million) will expire within the next six years.
In addition, no deferred tax items were recognized for temporary differences in the amount of € 22.6 million (previous year: € 28.1 million) because they were not expected to be realized as of the balance sheet date.
For Group companies that achieved a negative tax result in this or the previous financial year, a total of deferred tax assets in the amount of € 70.0 million were recognized after deduction of any deferred tax liabilities (previous year: € 49.9 million) as sufficiently positive tax results can be expected in the future on the basis of the relevant projections.
No deferred taxes on retained profits at subsidiaries were recognized where these gains are to be reinvested on an ongoing basis and there is no intention to make a distribution in this respect.
Deferred tax assets and liabilities are netted if they relate to a taxable entity and can in fact be netted. Accordingly, they are shown in the balance sheet as follows:
| 2022 | 2021 | |
|---|---|---|
| Deferred tax assets | 295.0 | 279.9 |
| Deferred tax liabilities | 42.0 | 48.8 |
| Deferred tax assets, net | 253.1 | 231.1 |
The changes in deferred tax assets (net) were as follows:
| 2022 | 2021 | |
|---|---|---|
| Deferred tax assets, net as of January 1 | 231.1 | 236.9 |
| Recognition in the income statement | 25.1 | -2.7 |
| Adjustment related to remeasurements of the net defined benefit liability, recognized in other comprehensive income | -2.5 | 0.3 |
| Adjustment related to the market value of currency hedging contracts, recognized in other comprehensive income | -0.7 | -9.2 |
| Currency exchange effects | 0.0 | 5.8 |
| Deferred tax assets, net as of December 31 | 253.1 | 231.1 |
Property, plant and equipment at their carrying amounts consist of:
| 2022 | 2021 | |
|---|---|---|
| Land and buildings, including buildings on third-party land | 120.7 | 121.6 |
| Technical equipment and machines | 133.5 | 125.7 |
| Other equipment, factory and office equipment | 263.1 | 183.0 |
| Payments on account and assets under construction | 75.0 | 42.1 |
| Total | 592.2 | 472.4 |
The carrying amount of property, plant and equipment is derived from the acquisition costs. Accumulated depreciation of property, plant and equipment amounted to € 535.2 million (previous year: € 457.6 million).
The changes in property, plant and equipment in the financial year 2022 are shown in “Changes in Fixed Assets” in Appendix 1 to the notes of the consolidated financial statements.
The Group rents and leases offices, warehouses, facilities, technical equipment and machinery, motor vehicles and sales rooms for its own retail business. As a rule, the lease agreements have a term of between one and fifteen years. Some agreements include options to renew and price adjustment clauses.
The carrying amounts for right-of-use assets recognized on the balance sheet relate to the following asset classes:
| 2022 | 2021 | |
|---|---|---|
| Land and buildings – Retail stores | 430.9 | 382.9 |
| Real Estate – Warehouses & offices | 613.1 | 505.8 |
| Others (Technical equipment & machines and motor vehicles) | 67.3 | 51.9 |
| Total | 1,111.3 | 940.5 |
The changes in right-of-use assets in the financial year 2022 are shown in “Changes in Fixed Assets” in Appendix 1 to the notes to the consolidated financial statements.
The following lease liabilities result:
| 2022 | 2021 | |
|---|---|---|
| Current lease liabilities | 200.2 | 172.3 |
| Non-current lease liabilities | 1,030.3 | 851.0 |
| Total | 1,230.4 | 1,023.4 |
The amounts recognized in the income statement are as follows:
| 2022 | 2021 | |
|---|---|---|
| Depreciation of right-of-use assets (incl. impairment losses) (included in operating expenses) | 228.1 | 194.7 |
| Profit (-)/loss (+) from disposal/revaluation | -0.9 | -1.0 |
| Interest expense (included in financial expenses) | 38.6 | 31.5 |
| Short-term leases (included in operating expenses) | 10.1 | 6.3 |
| Leases of low-value assets (included in operating expenses) | 1.0 | 0.7 |
| Variable lease payments (included in operating expenses) | 29.7 | 24.5 |
| Total | 306.8 | 256.7 |
Variable lease payments are incurred in connection with the Group’s own retail stores. These are based on the sales amount and are therefore dependent on the overall economic development.
As a result of the COVID-19 pandemic, PUMA was exempted—by agreement with the lessors—from rent payments of € 1.8 million (previous year: € 7.1 million), which were recognized as variable lease payments in the income statement.
Due to reduced earnings prospects based on updated financial planning and estimates as well as retail store closures, impairment expenses in the amount of € 25.4 million were recorded for the right of use of assets in connection with PUMA's own retail stores in the 2022 financial year (previous year: € 18.5 million). To determine the impairment, the recoverable amount was calculated for the individual retail stores. This amounted to € 111.4 million for impaired retail stores (previous year: € 79.6 million). As in the previous year, no impairments were reversed. There were no impairments to the other categories of right-of-use assets.
Total cash outflows from lease liabilities in 2022 amounted to € 228.7 million (previous year: € 192.4 million).
In 2022, PUMA entered into lease agreements that had not yet commenced by year-end. As a result, no lease liabilities and corresponding right-of-use assets had been recognized as of December 31, 2022. Future lease payments in connection with these agreements amount to € 2.6 million (previous year: € 2.4 million) for the next year, € 13.7 million for years two to five (previous year: € 14.3 million) and € 8.7 million for the subsequent period (previous year: € 6.4 million). The lease terms for these are up to 10 years.
The maturity analysis of lease liabilities is as follows:
| 2022 | 2021 | |
|---|---|---|
| Residual term of: | ||
| up to 2 years | 234.0 | 197.3 |
| from 2 to 5 years | 665.3 | 545.7 |
| more than 5 years | 541.2 | 432.4 |
| Total (undiscounted) | 1,440.6 | 1,175.4 |
| Interests | -210.2 | -152.0 |
| Total | 1,230.4 | 1,023.4 |
Intangible Assets mainly include goodwill, intangible assets with indefinite useful lives (e.g. brands), assets associated with the Company’s own retail activities and software licenses.
Goodwill and intangible assets with indefinite useful lives are not amortized according to schedule. Impairment tests with regard to goodwill were performed in the past financial year using the discounted cash flow method. The data from the three-year plan for the respective cash-generating unit or group of cash-generating units was used as a basis for this. Planning on the level of the cash-generating units was thereby derived from the PUMA Group’s three-year plan. The following key assumptions have been made for the PUMA Group plans:
The central assumptions applied in Group-level planning in relation to macroeconomic developments are that the global economy will gradually return to normal in 2023 due to the availability of vaccines against COVID-19 and the progress made with immunizing large parts of the population in PUMA’s key markets. On this basis, and assuming that COVID-19 will not have a long-term negative impact on the global economy, further sales growth and a further improved EBIT margin are expected in subsequent financial years.
Alongside the normalization of business activities, planned sales growth is based on the good future growth prospects in the sporting goods industry and on market share gains by PUMA. This is to be achieved, in particular, via the continued consistent implementation of the Forever Faster corporate strategy and the increase in PUMA’s brand heat.
The improvement in EBIT margin in the planning period is the result of a slight increase in gross profit margin due to, for example, a higher share of own retail sales as a result of above-average growth of the e-commerce distribution channel. Furthermore, the slightly weaker percentage increase of other operating income and expenses compared to sales growth is also expected to contribute to the improvement of the EBIT margin; for example, the operating requirements for planned sales growth over the coming years have essentially been met, meaning that economies of scale can be realized.
The planning of investments and working capital is based on historical experience and is carried out in accordance with strategic objectives.
The future tax payments are based on current tax rates in the respective country.
For periods beyond the three-year plan, an annual growth rate is determined and used to forecast future cash flows beyond the three-year period. The assumed growth rate is based on long-term expectations of inflation rates and may not exceed the long-term average growth rates for the business area in which the respective cash-generating unit, or group of cash-generating units, operates.
The recoverable amount for the respective cash-generating unit or group of cash-generating units was determined on the basis of the value-in-use. This did not result in impairment losses for any cash-generating units.
In connection with the Golf business unit (CPG – Cobra PUMA Golf), the Cobra brand exists as an intangible asset with an indefinite useful life amounting to € 133.4 million (previous year: € 125.6 million). The carrying amount of the Cobra brand is significant in comparison to the overall carrying amount of the intangible assets with an indefinite useful life. It was assigned to the North America business segment, where the headquarters of Cobra PUMA Golf is located. The recoverable amount of the Cobra brand was determined using the relief from royalty-method (level 3 – see explanation in chapter 14). A discount rate of 9.4% p.a. (previous year: 7.4% p.a.), a royalty rate of 8.0% (previous year: 8.0%) and a sustainable 2.0% growth rate (previous year: 1.7%) was used. The management's key assumptions about sales growth and improvement in the EBIT margin in Cobra's or CPG's three-year plan are essentially in line with the fundamental assumptions in the plans at Group level.
If there is evidence that the underlying Cobra business is insufficiently profitable, the trademark is not only valued individually using the relief from royalty-method, but the recoverable amount of the cash-generating units to which the trademark is attributable is determined. In 2022, there were no indications of an impairment.
In the financial year, development costs in connection with Cobra brand golf clubs amounting to € 1.9 million (previous year: € 1.7 million) were capitalized. Development costs are allocated to the item Other Intangible Assets in “Changes in Fixed Assets.” Current amortization of development costs amounted to € 1.9 million in the financial year (previous year: € 1.1 million).
The changes in intangible assets in the financial year are shown in “Changes in Fixed Assets” of Appendix 1 to the notes to the consolidated financial statements. The item other intangible assets includes advance payments in the amount of € 5.6 million (previous year: € 5.7 million).
The current amortization of intangible assets in the amount of € 36.3 million (previous year:€ 27.8 million) is included in the other operating expenses. Of this, € 7.7 million relate to sales and distribution expenses (previous year: € 5.8 million), € 0.1 million to expenses for product management/ merchandising (previous year: € 0.1 million), € 1.9 million to development expenses (previous year: € 1.1 million), and € 26.5 million to administrative and general expenses (previous year: € 20.8 million). There were no impairment expenses exceeding current depreciation (previous year: € 0.0 million).
Goodwill is allocated to the Group’s identifiable groups of cash-generating units (CGUs) according to the countries where the activities are carried out. Summarized by regions, goodwill is allocated as follows:
| 2022 | 2021 | |
|---|---|---|
| PUMA UK | 1.6 | 1.7 |
| Genesis | 6.9 | 7.3 |
| Subtotal Europe | 8.5 | 9.0 |
| PUMA Canada | 9.9 | 9.9 |
| PUMA United | 2.1 | 1.9 |
| Subtotal North America | 11.9 | 11.8 |
| PUMA Argentina | 16.4 | 15.4 |
| PUMA Chile | 0.5 | 0.5 |
| PUMA Mexico | 10.9 | 9.8 |
| Subtotal Latin America | 27.8 | 25.7 |
| PUMA China | 2.5 | 2.5 |
| PUMA Taiwan | 13.7 | 14.3 |
| Subtotal Greater China | 16.2 | 16.8 |
| PUMA Japan | 38.9 | 42.0 |
| Subtotal Asia/Pacific (excluding Greater China) | 38.9 | 42.0 |
| stichd | 139.4 | 139.4 |
| Total | 242.7 | 244.7 |
Assumptions used in conducting the impairment tests in 2022:
| Tax rate (range) | WACC before tax (range) | WACC after tax (range) | |
|---|---|---|---|
| Europe | 19.0% | 12.3%-12.4% | 10.4 % |
| North America* | 26.2% | 11.8% | 9.1% |
| Latin America | 27.0%-34.9% | 14.8%-65.4% | 11.2%-58.3% |
| Greater China | 20.0%-25.0% | 12.1%-13.5% | 10.0%-10.6% |
| Asia/ Pacific (excluding Greater China)* |
38.1% | 14.3% | 9.4% |
| stichd* | 25.0% | 12.0% | 9.4% |
The tax rates used for the impairment test correspond to the actual tax rates in the respective countries. The weighted average cost of capital (WACC) was derived on the basis of the weighted average cost of total capital, taking into account a standard market capital structure (ratio of debt to equity) and including the most important listed competitors (peer group).
In addition, a growth rate of 2.0% (previous year: 1.7%) is generally assumed. A growth rate of less than 2.0% (previous year: less than 1.7%) was applied only in justified exceptional cases, where the long-term expectations on inflation rate for the country in which the cash-generating unit operates were lower than the assumed growth rate; this applies, in particular, to Japan, Taiwan and Canada.
The cash-generating unit stichd includes goodwill of € 139.4 million (previous year: € 139.4 million), which is significant in comparison to the overall carrying amount of goodwill. The recoverable amount was determined by a value-in-use calculation with a discount rate of 9.4% p.a. (previous year: 7.1% p.a.) and a growth rate of 2.0% (previous year: 1.7%). The three-year plan of stichd shows sales growth in the high single-digit percentage range. In the three-year plan for stichd, a lower improvement in the EBIT margin is expected compared to the Group, as the EBIT margin of stichd is already higher than for the Group as a whole.
The cash-generating unit PUMA Japan includes goodwill of € 38.9 million (previous year: € 42.0 million), which is significant in comparison to the overall carrying amount of goodwill. The recoverable amount was determined by a value-in-use calculation with a discount rate of 9.4% p.a. (previous year: 7.1% p.a.) and a growth rate of 1.0% (previous year: 1.2%). PUMA Japan's three-year plan shows sales growth in the low double-digit percentage range. PUMA Japan's three-year plan shows that the company expects a strong improvement of the EBIT margin and a return to the historical profitability level of PUMA Japan.
The following table contains the assumptions for the performance of the impairment test in the previous year:
| Tax rate (range) | WACC before tax (range) | WACC after tax (range) | |
|---|---|---|---|
| Europe | 19.0% | 8.9%-9.0% | 7.6 % |
| North America* | 26.2% | 9.4% | 7.3% |
| Latin America | 27.0%-30.0% | 11.5%-40.9% | 8.8%-54.4% |
| Greater China | 20.0%-25.0% | 7.8%-10.3% | 6.4%-8.1% |
| Asia/ Pacific (excluding Greater China)* |
31.8% | 9.8% | 7.1% |
| stichd* | 25.0% | 9.0% | 7.1% |
Other non-current financial and non-financial assets consist of:
| 2022 | 2021 | |
|---|---|---|
| Investments | 21.7 | 25.2 |
| Fair value of derivative financial instruments | 2.5 | 6.8 |
| Other financial assets | 34.2 | 32.6 |
| Total of other non-current financial assets | 58.4 | 64.6 |
| Other non-current non-financial assets | 8.8 | 9.1 |
| Other non-current assets, total | 67.2 | 73.7 |
The investments relate to the 5.32% shareholding in Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien (BVB) with registered office in Dortmund, Germany. According to the audited IFRS consolidated financial statements 2021/2022 of Borussia Dortmund GmbH & Co. Kommanditgesellschaft auf Aktien, equity as of June 30, 2022 amounted to € 280.5 million and the result of the last financial year was € -35.1 million.
The other financial assets mainly include rental deposits of € 29.8 million (previous year: € 30.5 million). The other non-current non-financial assets mainly include accruals and deferrals in connection with promotional and advertising agreements.
The residual terms of liabilities are as follows:
| 2022 | 2021 | |||||||
|---|---|---|---|---|---|---|---|---|
| Residual term of | Residual term of | |||||||
| Total | up to 1 year | 1 to 5 years | over 5 years | Total | up to 1 year | 1 to 5 years | over 5 years | |
| Financial liabilities | 327.4 | 75.9 | 251.5 | 380.0 | 68.5 | 311.5 | ||
| Trade payables | 1,734.9 | 1,734.9 | 1,176.4 | 1,176.4 | ||||
| Other liabilities * | ||||||||
| Liabilities from other taxes | 82.6 | 82.6 | 54.0 | 54.0 | ||||
| Liabilities relating to social security | 10.0 | 10.0 | 8.5 | 8.5 | ||||
| Payables to employees | 137.2 | 137.2 | 127.4 | 127.4 | ||||
| Liabilities from refund obligations | 373.9 | 373.9 | 351.2 | 351.2 | ||||
| Liabilities from derivative financial instruments | 52.4 | 39.5 | 12.9 | 44.5 | 42.4 | 2.1 | ||
| Other liabilities | 54.0 | 51.7 | 2.0 | 0.3 | 31.5 | 29.9 | 1.1 | 0.5 |
| Total | 2,772.5 | 2,505.8 | 266.3 | 0.3 | 2,173.7 | 1,858.4 | 314.8 | 0.5 |
The liabilities from refund obligations result from contracts with customers and essentially comprise obligations from customer return rights.
As of December 31, 2022, € 67.5 million (previous year: € 136.0 million) of the financial liabilities were subject to variable interest.
Additional Disclosures on Financial Instruments
| Measurement categories under IFRS 9 | Carrying amount 2022 | Fair value 2022 | Level 1 | Level 2 | Level 3 | Carrying amount 2021 | Fair value 2021 | Level 1 | Level 2 | Level 3 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||||
| Cash and cash equivalents | 1)AC | 463.1 | 757.5 | ||||||||
| Trade receivables | AC | 1,064.9 | 848.0 | ||||||||
| Other Current Financial Assets | |||||||||||
| Derivatives with a hedging relationship | n.a. | 56.1 | 56.1 | 56.1 | 105.3 | 105.3 | 105.3 | ||||
| Derivatives without hedging relationship | 2)FVPL | 59.8 | 59.8 | 59.8 | 17.9 | 17.9 | 17.9 | ||||
| Remaining current financial assets | AC | 21.6 | 30.2 | ||||||||
| Other non-current financial assets | |||||||||||
| Derivatives with a hedging relationship | n.a. | 2.5 | 2.5 | 2.5 | 6.8 | 6.8 | 6.8 | ||||
| Investments | 3)FVOCI | 21.7 | 21.7 | 21.7 | 25.2 | 25.2 | 25.2 | ||||
| Remaining non-current financial assets | AC | 34.2 | 32.6 | ||||||||
| Liabilities | |||||||||||
| Current financial liabilities | |||||||||||
| Bank liabilities | AC | 15.9 | 0.0 | ||||||||
| Promissory note loans | AC | 60.0 | 59.3 | 59.3 | 68.5 | 68.5 | 68.5 | ||||
| Trade payables | AC | 1,734.9 | 1,176.4 | ||||||||
| Current lease liabilities | n.a. | 200.2 | 172.3 | ||||||||
| Other current financial liabilities | |||||||||||
| Derivatives with a hedging relationship | n.a. | 23.6 | 23.6 | 23.6 | 30.0 | 30.0 | 30.0 | ||||
| Derivatives without hedging relationship | 2)FVPL | 15.9 | 15.9 | 15.9 | 12.3 | 12.3 | 12.3 | ||||
| Remaining current financial liabilities | AC | 36.5 | 22.1 | ||||||||
| Non-current lease liabilities | n.a. | 1,030.3 | 851.0 | ||||||||
| Other non-current financial liabilities | |||||||||||
| Non-current financial liabilities (promissory note loans) | AC | 251.5 | 239.5 | 239.5 | 311.5 | 311.5 | 311.5 | ||||
| Derivatives with a hedging relationship | n.a. | 12.9 | 12.9 | 12.9 | 2.1 | 2.1 | 2.1 | ||||
| Remaining non-current financial liabilities | AC | 1.0 | 0.4 | ||||||||
| Total financial assets at amortized cost | 1,583.8 | 1,668.3 | |||||||||
| Total financial liabilities at amortized cost | 2,099.8 | 1,578.9 | |||||||||
| Total financial assets at fair value through profit or loss | 59.8 | 17.9 | |||||||||
| Total financial liabilities at fair value | 15.9 | 12.3 | |||||||||
| Total financial assets at fair value through other comprehensive income | 21.7 | 25.2 |
Financial instruments that are measured at fair value in the balance sheet were determined using the following hierarchy:
Level 1: Use of prices quoted on active markets for identical assets or liabilities.
Level 2: Use of input factors that do not involve the quoted prices stated under level 1, but can be observed for the asset or liability either directly (i.e., as the price) or indirectly (i.e., derived from the price).
Level 3: Use of factors for the valuation of the asset or liability that are based on non-observable market data.
Reclassification between different levels of the fair value hierarchy are recorded at the end of the reporting period in which the change occurred.
The fair value of the investments held for strategic reasons only refers to equity instruments of the category “fair value through OCI” (FVOCI) and is determined on the basis of level 1. The fair value of the derivative assets and liabilities as well as the fair value of the promissory note loans were determined in accordance with level 2.
The following table shows the measurement techniques used for determining level 2 fair values for financial instruments.
| Type | Measurement technique | Material, non-observable input factors |
Connection between material, non-observable input factors and fair value measurement |
|---|---|---|---|
| Currency forward transactions | The fair values are determined on the basis of current market parameters, i.e., reference prices observable on the market, taking into account forward premiums and discounts. The discounted result of the comparison of the forward price on the reporting date with the forward price on the valuation date is included in the measurement. The fair values are also checked for the counterparty’s non-performance risk. In doing this, PUMA calculates credit value adjustments (CVA) or debt value adjustments (DVA) on the basis of an up/down method, taking current market information into account, in particular the creditworthiness of the company’s business partners. No material deviations were found, so that no adjustments were made to the fair value determined. | Not applicable | Not applicable |
| Currency options | The valuation is based on the Garman Kohlhagen model, an extended version of the Black Scholes model. | Not applicable | Not applicable |
| Promissory note loans | The valuation takes into account the cash value of expected payments, discounted using a risk-adjusted discount rate. | Not applicable | Not applicable |
Of the fair value of the derivatives with a hedge relationship with positive market values of € 58.6 million (previous year: € 112.1 million), € 65.9 million (previous year: € 107.8 million) related to the valuation of the spot component. Of the fair value of the derivatives with a hedge relationship with negative market values of € 36.5 million (previous year: € 32.2 million), € 46.9 million (previous year: € 25.7 million) related to the valuation of the spot component.
Cash and cash equivalents, trade receivables and other receivables have short maturities. Accordingly, as of the reporting date, the carrying amount approximates fair value. Receivables are stated at nominal value, taking into account deductions for default risk.
The fair values of other financial assets correspond to their carrying amount as the interest calculation occurs at the prevailing market interest rates on the balance sheet date. Other (current and non-current) financial assets include € 37.8 million (previous year: € 36.7 million) that were pledged as rental deposits at usual market rates.
Trade payables have short residual maturities; their carrying amounts therefore approximate fair value.
The remaining financial liabilities have short residual maturities; the recognized amounts therefore approximate fair value.
Net result by measurement categories:
| 2022 | 2021 | |
|---|---|---|
| Financial assets at amortized cost (AC) | 26.0 | -5.8 |
| Financial liabilities at amortized cost (AC) | -7.1 | -6.5 |
| Derivatives without hedge relationship measured at fair value through profit or loss (FVPL) | -47.6 | -10.0 |
| Financial assets measured at fair value through other comprehensive income (FVOCI) | -3.4 | -6.2 |
| Total | -32.1 | -28.5 |
The net result was determined by taking into account interest income and expense, currency exchange effects, changes in provisions for risks as well as gains and losses from disposal.
The net result includes interest income of € 31.8 million (previous year: € 11.4 million) and interest expenses of € 15.2 million (previous year: € 12.9 million) according to the effective interest method.
General administrative expenses include changes in risk provisions for receivables.
The PUMA Group is exposed to the following risks from the use of financial instruments:
These risks and the principles of risk management are explained below.
The Management Board of PUMA SE is responsible for developing and monitoring risk management in the PUMA Group. To this end, the Management Board has set up a Risk Management Committee that is responsible for designing, reviewing and adapting the risk management system. The Risk Management Committee regularly reports to the Management Board on its work.
The guidelines for the risk management system define the responsibilities, tasks and processes of the risk management system. The guidelines for the risk management system and the risk management system itself are reviewed regularly in order to be able to pick up on any changes in market conditions and PUMA’s activities and incorporate them accordingly.
The Audit Committee, on the one hand, monitors the Management Board's compliance with the guidelines and the Group risk management processes. On the other, the Audit Committee monitors the effectiveness of the risk management system with regard to the risks to which the PUMA Group is exposed. The Internal Audit department supports the Audit Committee in its monitoring tasks. To this end, regular audits and ad hoc audits are also carried out by the Internal Audit department. Their results are reported directly to the Audit Committee.
Default risk is the risk of financial losses if a customer or party to a financial instrument fails to meet its contractual obligations. Default risk arises in principle from trade receivables and from other contractual financial obligations of the counterparty, such as bank deposits and derivative financial instruments.
Without taking into account any existing credit insurance policies or other guarantees received, the maximum default risk is equal to the carrying amount of the financial assets.
At the end of the financial year 2022, there was no relevant concentration of the default risk by customer type or region. Default risk is mainly influenced by individual customer characteristics. In accordance with our credit guidelines, new customers are checked for creditworthiness before we offer them our regular payment and delivery terms. In addition, we set specific receivables limits for each customer. In particular, the international credit insurance program that PUMA has concluded for all major subsidiaries contributes to risk mitigation. The creditworthiness of our customers and the limits on receivables are monitored on an ongoing basis, which also includes the requesting of individual credit limits from credit insurance providers for all customers who have external accounts that exceed a certain value limit. The credit insurer's response to such credit limit requests always includes information on the creditworthiness. Customers with a credit rating that does not meet the minimum requirements set may, as a rule, only acquire products against advance payment.
Further activities to reduce default risk include retention of title clauses, and also in individual cases the selective sale of trade receivables (without recourse) and the obtaining of bank guarantees or parent company guarantees for our customers.
At the end of the financial year 2022, no individual customers accounted for more than 10% of trade receivables.
The central Treasury department has a comprehensive overview of the banks engaged in this context for currency hedging instruments and for the management of cash and cash equivalents. Business with banks is focused on core banks with the appropriate credit rating (currently a minimum rating of BBB+ or better), while maximum risk amounts are specified for banks that have also been engaged in addition to this. The counterparty risks resulting from this are reviewed at least once every six months.
PUMA held currency-related derivative financial instruments with a positive market value of € 118.3 million in 2022 (previous year: € 130.1 million). The maximum default risk for an individual bank from such assets amounted to € 24.8 million (previous year: € 22.4 million).
In accordance with IFRS 7, the following table contains further information on the offsetting options for derivative financial assets and liabilities. Most agreements between financial institutions and PUMA include a mutual right to offsetting; the right to offsetting is only enforceable in the event of the default of a business partner. The criteria for offsetting them in the balance sheet are therefore not met.
The carrying amounts of the derivative financial instruments affected by the aforementioned offsetting agreements are shown in the following table:
| 2022 | 2021 | |
|---|---|---|
| Assets | ||
| Gross amounts of financial assets recognized in the balance sheet | 118.3 | 130.1 |
| Financial instruments that qualify for offsetting | 0.0 | 0.0 |
| = Net book value of financial assets | 118.3 | 130.1 |
| Offsettable on the basis of framework agreements | -50.6 | -43.0 |
| Total net value of financial assets | 67.7 | 87.1 |
| 2022 | 2021 | |
|---|---|---|
| Liabilities | ||
| Gross amounts of financial liabilities recognized in the balance sheet | 52.4 | 44.5 |
| Financial instruments that qualify for offsetting | 0.0 | 0.0 |
| = Net book value of financial liabilities | 52.4 | 44.5 |
| Offsettable on the basis of framework agreements | -50.6 | -43.0 |
| Total net value of financial liabilities | 1.8 | 1.5 |
Liquidity risk is the risk that the Group may not be able to meet its financial liabilities by delivering cash or other financial assets in accordance with the agreement. The objective of the Group in managing liquidity is to ensure that, as far as possible, sufficient cash and cash equivalents are always available in order to meet the payment obligations upon maturity, under both normal and strained conditions.
PUMA aims to maintain the amount of cash, cash equivalents and fixed loan commitments at a level that covers the effects of an assumed worst-case scenario. This scenario is based on the events and financial impact of the COVID-19 crisis in Q2 2020, which must be covered accordingly.
PUMA has confirmed credit lines amounting to a total of € 1,271.0 million (previous year: € 1,322.0 million).
No financial liabilities were utilized from credit lines granted only until further notice. Unutilized credit lines totaled € 943.7 million as of December 31, 2022, compared to € 942.0 million in the previous year.
The effective interest rate of the financial liabilities ranged between 0.0% and 0.9% (previous year: 0.0% to 0.9%).
The following table shows the contractual residual maturities of the financial liabilities as of the reporting date, including estimated interest payments. These are non-discounted gross amounts, but exclude presentation of the effects of offsetting:
| Cashflow 2023 | Cashflow 2024 | Cashflow 2025 et seq. | |||||
|---|---|---|---|---|---|---|---|
| Carrying amount 2022 | Interest | Repayment | Interest | Repayment | Interest | Repayment | |
| Non-derivative financial liabilities | |||||||
| Financial liabilities | 327.4 | 2.4 | 75.9 | 1.6 | 125.0 | 1.3 | 126.5 |
| Trade payables | 1,734.9 | 1,734.9 | |||||
| Other liabilities | 37.5 | 36.5 | 0.8 | 0.2 | |||
| Derivative financial liabilities and assets | |||||||
| Cash inflow from derivative financial instruments | 4,346.0 | 792.6 | |||||
| Cash outflow from derivative financial instruments | 4,258.9 | 789.7 | |||||
The following values were determined in the previous year:
| Cashflow 2022 | Cashflow 2023 | Cashflow 2024 et seq. | |||||
|---|---|---|---|---|---|---|---|
| Carrying amount 2021 | Interest | Repayment | Interest | Repayment | Interest | Repayment | |
| Non-derivative financial liabilities | |||||||
| Financial liabilities | 380.0 | 2.4 | 68.5 | 2.1 | 60.0 | 2.8 | 251.5 |
| Trade payables | 1,176.4 | 1,176.4 | |||||
| Other liabilities | 22.5 | 22.1 | 0.2 | 0.2 | |||
| Derivative financial liabilities and assets | |||||||
| Cash inflow from derivative financial instruments | 3,730.6 | 674.1 | |||||
| Cash outflow from derivative financial instruments | 3,658.9 | 665.3 | |||||
Market risk is the risk that market prices, such as exchange rates, share prices or interest rates, may change, thereby affecting the income of the Group or the value of the financial instruments held.
The objective of market risk management is to manage and control the market risk within acceptable bandwidths while optimizing returns.
To manage market risks, PUMA acquires and sells derivatives and also enters into financial liabilities. All transactions are carried out within the framework of the Group's risk management regulations.
PUMA is exposed to transactional foreign currency risks such that the quoted currencies used for acquisition, disposal and credit transactions and for receivables do not match the functional currency of the Group companies.
In the financial year 2022, PUMA designated currency hedges as cash flow hedges in order to hedge the amount payable of purchases denominated in USD, and 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 estimated foreign currency risks are initially subjected to a quantitative materiality test, while simultaneously taking hedging costs into account. Material risks are then hedged, in accordance with the Group directive, up to a hedging ratio of up to 95% of the estimated foreign currency risks from expected acquisition and disposal transactions over the next 12 to 15 months. Currency forward transactions and currency options, usually with a term of around 12 months from the reporting date, are used to hedge the foreign currency risk. For significant risks that are subject to large hedging costs, high hedging ratios can only be achieved over shorter terms.
To hedge the currency risk of currency forward transactions, the Group designates the spot rate and, in the case of options contracts, the intrinsic value. The interest component and/or fair value are excluded from the designation of the hedging instrument and are recorded in the financial result through profit or loss.
The Group determines the existence of an economic relationship between the hedging instrument and the hedged underlying transaction on the basis of the currency, amount and time of their respective cash flows (critical terms match method). The Group uses the cumulative dollar offset method to assess whether the derivative designated in each hedging relationship is expected to be prospectively effective and retrogradely effective in relation to offsetting changes in the cash flows of the hedged underlying transaction.
The main reason for ineffectiveness is the decline or loss of hedged transactions in these hedging relationships.
The summarized quantitative information about the Group's currency risk is as follows:
| as of December 31, 2022 | USD | GBP | JPY |
|---|---|---|---|
| Risk from forecast transactions | -1,665.5 | 104.5 | 205.2 |
| Balance sheet risk | -307.1 | 76.6 | 28.3 |
| Total gross risk | -1,972.6 | 181.0 | 233.4 |
| Hedged with currency forward transactions | 1,833.9 | -171.9 | -181.6 |
| Net risk | -138.7 | 9.1 | 51.9 |
| as of December 31, 2021 | USD | GBP | JPY |
|---|---|---|---|
| Risk from forecast transactions | -1,562.3 | 168.7 | 166.2 |
| Balance sheet risk | -380.2 | 39.0 | 39.7 |
| Total gross risk | -1,942.5 | 207.7 | 206.0 |
| Hedged with currency forward transactions | 1,902.4 | -197.2 | -194.8 |
| Net risk | -40.1 | 10.5 | 11.1 |
Currency forward transactions and the risk from forecast transactions were calculated on a one-year basis.
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 € 3,792.6 million (previous year: € 3,730.4 million). These underlying transactions are expected to generate cash flows in 2023 and 2024.
The market values of open exchange rate-hedging transactions on the balance sheet date consist of:
| 2022 | 2021 | |
|---|---|---|
| Currency forward transactions | 118.3 | 129.0 |
| Currency options | 0.0 | 1.1 |
| Currency hedging contracts, assets (see chapters 6 and 12) | 118.3 | 130.1 |
| Currency forward transactions | 52.4 | 44.5 |
| Currency hedging contracts, liabilities (see chapter 13) | 52.4 | 44.5 |
| Net | 66.0 | 85.5 |
The net risk position and the average hedged rates of the currency forward transactions are as follows:
| 2022 | 2021 | |||
|---|---|---|---|---|
| Current | Non-current | Current | Non-current | |
| Currency risk | ||||
| Net risk position (€ million) | 1,167.5 | 508.2 | 1,246.7 | 420.7 |
| Currency forward transactions | ||||
| Average EUR/USD exchange rate | 1.092 | 1.069 | 1.206 | 1.161 |
| Average EUR/GBP exchange rate | 0.864 | 0.880 | 0.865 | 0.858 |
| Average EUR/JPY exchange rate | 133.205 | 137.338 | 128.957 | 130.577 |
On the balance sheet date, the amounts relating to items designated as hedged underlying transactions with regard to exchange rate risks were as follows:
| Change in value for the calculation of hedge ineffectiveness |
Reserve for cash flow hedges |
Balances remaining in the cash flow hedging reserve from hedging relationships to which hedge accounting is no longer applied | |
|---|---|---|---|
| As of December 31, 2022 | |||
| Currency risk – sales transactions | -31.1 | 29.8 | 0.0 |
| Currency risk – sourcing transactions | 188.1 | -15.7 | 0.0 |
| As of December 31, 2021 | |||
| Currency risk – sales transactions | 5.0 | -8.2 | 0.0 |
| Currency risk – sourcing transactions | 123.5 | 86.3 | 0.0 |
The amounts relating to items designated as hedging instruments and the ineffectiveness of the hedging relationships are as follows:
| Nominal value | Carrying amount | In financial year 2022 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | Liabilities | Items in the balance sheet, in which the hedging instrument is included | Changes in the value of the hedging instrument, recognized in other comprehensive income | Ineffectiveness of the hedging relationship, recognized in the income statement | Items in income statement containing the ineffectiveness of the hedging | Amount transferred from the hedging reserve to the inventory acquisition cost | Amount reclassified from the hedging reserve to the income statement | Items in the income statement affected by the reclassification | ||
| As of December 31, 2022 | ||||||||||
| Currency risk – sales transactions | 1,097.7 | 44.0 | -3.5 | Other current/non-current financial assets/liabilities | 31.1 | - | Financial expenses | - | -16.7 | Sales |
| Currency risk – sourcing transactions | 2,082.6 | 21.9 | -43.4 | -188.1 | - | 91.9 | 144.0 | Cost of sales | ||
| In financial year 2021 | ||||||||||
| As of December 31, 2021 | ||||||||||
| Currency risk – sales transactions | 1,306.9 | 17.0 | -25.2 | Other current/non-current financial assets/liabilities | -5.0 | - | Financial expenses | - | 11.2 | Cost of sales |
| Currency risk – sourcing transactions | 2,150.3 | 90.8 | -0.5 | -123.5 | - | 9.8 | -68.2 | Cost of sales | ||
The following table shows the reconciliation of the change in equity in relation to cash flow hedges:
| 2022 | 2021 | |
|---|---|---|
| Cash flow hedging reserve as of Jan 1 | 78.1 | -87.6 |
| Change in fair value | 157.0 | 128.4 |
| Amount included in the acquisition cost of non-financial assets | -91.9 | -9.8 |
| Amount reclassified to the income statement | -128.2 | 56.2 |
| Tax effect | -0.7 | -9.2 |
| Cash flow hedging reserve as of Dec 31 | 14.2 | 78.1 |
A small portion of the originally planned sourcing and sales volume in foreign currencies did not transpire, leading to an excess of hedging transactions. Hedge accounting was terminated for those sourcing and sales transactions that were no longer expected to transpire, and the fair value was transferred as a profit or loss from the hedging reserve to the income statement. As soon as any highly likely sourcing or sales transaction is no longer expected to transpire, an offsetting transaction is concluded. In 2022, this primarily concerned the EUR/RUB currency pair. An amount of € -14.8 million across all currency pairs (previous year: € -2.9 million) was recognized as a loss in the income statement.
In order to disclose market risks, IFRS 7 requires sensitivity analysis 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 which differs from 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.
The currency sensitivity analysis is based on the net balance sheet risk denominated in foreign currencies. This also includes intra-company monetary assets and liabilities. Outstanding currency derivatives are also reassessed as part of the sensitivity analysis.
The following table shows the increase or decrease of profit or loss or hedging reserve in equity in the event of a 10% appreciation or depreciation against the euro spot price. It is assumed that all other influencing factors, including interest rates and commodity prices, remain constant. The effects of the forecasted operating cash flows are also ignored.
| As of December 31, 2022 | USD | GBP | JPY |
|---|---|---|---|
| Nominal amounts of outstanding currency forward transactions | 2,428.2 | -205.7 | -233.8 |
| Net risk position | EUR +10% | EUR +10% | EUR +10% |
| Equity | -186.6 | 7.7 | 13.9 |
| Profit or loss | 5.7 | -0.1 | 0.4 |
| EUR -10% | EUR -10% | EUR -10% | |
| Equity | 221.0 | -18.8 | -28.7 |
| Profit or loss | -6.9 | 0.1 | -0.5 |
| As of December 31, 2021 | USD | GBP | JPY |
|---|---|---|---|
| Nominal amounts of outstanding currency forward transactions | 2,404.6 | -234.2 | -253.6 |
| Net risk position | EUR +10% | EUR +10% | EUR +10% |
| Equity | -280.9 | 22.5 | 15.6 |
| Profit or loss | 7.2 | -0.3 | -0.3 |
| EUR -10% | EUR -10% | EUR -10% | |
| Equity | 136.4 | -18.0 | -24.3 |
| Profit or loss | -8.7 | 0.4 | 0.3 |
Currency risks and other risk and opportunity categories are discussed in greater detail in the Combined Management Report in the Risk and Opportunity Report.
Changes in market interest rates around the world have an impact on future interest payments for variable interest liabilities. As PUMA does not have any significant variable interest liabilities, any significant interest-rate increases are not likely to have a material negative impact on the business development of PUMA. Interest rate hedging instruments are therefore not required.
Pension provisions result from employees’ claims and, if applicable, their survivors, for benefits which are based on the statutory or contractual regulations applicable in the respective country in the event of invalidity, death or when a certain retirement age has been reached. Pension commitments in the PUMA Group include both benefit- and contribution-based pension commitments and include both obligations from current pensions and rights to pensions payable in the future. The pension entitlements are financed by both provisions and funds.
The risks associated with the pension commitments mainly concern the usual risks of benefit-based pension plans in relation to possible changes in the discount rate and inflation trends, and recipient longevity. In order to limit the risks of changed capital market conditions and demographic developments, plans with the maximum obligations were agreed or insured for new hires a few years ago in Germany and Great Britain. The specific risk of obligations based on salary is low within the PUMA Group. The introduction of an annual cap for pensionable salary in the Great Britain plan in 2016 covers this risk for the highest obligations. The Great Britain plan is therefore classified as a non-salary obligation.
| Germany | Great Britain | Other Companies |
PUMA Group |
|
|---|---|---|---|---|
| Present Value of Pension Obligation 12/31/2022 | ||||
| Salary-based obligations | ||||
| Annuity | 0.0 | 0.0 | 8.6 | 8.6 |
| One-off payment | 0.0 | 0.0 | 9.3 | 9.3 |
| Non-salary-based obligations | ||||
| Annuity | 48.9 | 29.6 | 0.0 | 78.5 |
| One-off payment | 7.9 | 0.0 | 0.0 | 7.9 |
| Total | 56.8 | 29.6 | 17.9 | 104.3 |
The following values were determined in the previous year:
| Germany | Great Britain | Other Companies |
PUMA Group |
|
|---|---|---|---|---|
| Present Value of Pension Obligation 12/31/2021 | ||||
| Salary-based obligations | ||||
| Annuity | 0.0 | 0.0 | 10.0 | 10.0 |
| One-off payment | 0.0 | 0.0 | 9.7 | 9.7 |
| Non-salary-based obligations | ||||
| Annuity | 43.5 | 51.4 | 0.0 | 94.9 |
| One-off payment | 7.7 | 0.0 | 0.0 | 7.7 |
| Total | 51.2 | 51.4 | 19.7 | 122.3 |
The main pension arrangements are described below:
The general pension scheme of PUMA SE essentially provides for pension payments to a maximum amount of € 127.82 per month and per eligible employee. It was closed for new members beginning in 1996. In addition, PUMA SE provides individual commitments (fixed sums in different amounts) as well as contribution-based individual benefits (in part from salary conversion). The contribution-based individual benefits are insured plans. There are no statutory minimum funding requirements. The scope of obligation for domestic pension claims amounts to € 56.8 million at the end of 2022 (previous year: € 51.2 million) and thus comprises 54.5% of the total obligation. The fair value of the plan assets relative to domestic obligations amounts to € 49.2 million. The corresponding pension provision amounts to € 7.6 million.
The defined benefit plan in Great Britain has not been available to new hires since 2006. This defined benefit plan includes salary and length of service-based commitments to provide old age, invalidity and surviving dependents’ retirement benefits. In 2016, a growth cap of 1% p.a. was introduced on the pensionable salary. Partial capitalization of the old-age pension is permitted. There are statutory minimum funding requirements. The obligations regarding pension claims under the defined benefit plan in Great Britain amount to € 29.6 million at the end of 2022 (previous year: € 51.4 million) and thus accounts for 28.4% of the total obligation. The obligation is covered by assets amounting to € 28.5 million. The provision amounts to € 1.1 million.
The changes in the present value of pension obligaton are as follows:
| 2022 | 2021 | |
|---|---|---|
| Present Value of Pension Obligation January 1 | 122.3 | 111.7 |
| Cost of the pension obligation earned in the reporting year | 2.5 | 2.6 |
| Interest expense on pension obligation | 1.9 | 1.4 |
| Employee contributions | 8.3 | 8.3 |
| Benefits paid | -3.4 | -3.3 |
| Effects from transfers | 0.0 | 0.1 |
| Actuarial gains (-) and losses | -25.1 | -2.0 |
| Currency exchange effects | -2.2 | 3.5 |
| Present Value of Pension Obligation December 31 | 104.3 | 122.3 |
The changes in the plan assets are as follows:
| 2022 | 2021 | |
|---|---|---|
| Plan Assets January 1 | 90.7 | 73.5 |
| Interest income on plan assets | 1.4 | 0.9 |
| Actuarial gains and losses (-) | -15.0 | 1.9 |
| Employer contributions | 1.0 | 5.6 |
| Employee contributions | 8.3 | 8.3 |
| Benefits paid | -2.3 | -2.3 |
| Currency exchange effects | -1.7 | 2.8 |
| Plan Assets December 31 | 82.4 | 90.7 |
The pension provision for the Group is derived as follows:
| 2022 | 2021 | |
|---|---|---|
| Present value of pension obligation from benefit plans | 104.3 | 122.3 |
| Fair value of plan assets | -82.4 | -90.7 |
| Financing Status | 21.9 | 31.6 |
| Pension Provision December 31 | 21.9 | 31.6 |
| of which, assets | 0.5 | 0.3 |
| of which, liabilities | 22.4 | 31.9 |
In 2022, benefits paid amounted to € 3.4 million (previous year: € 3.3 million). Contributions in 2023 are expected to amount to € 2.8 million. Of this, € 1.0 million is expected to be paid directly by the employer. Employer contributions to external plan assets amounted to € 1.0 million in 2022 (previous year: € 5.6 million). Employer contributions in 2023 are expected to amount to € 0.4 million.
The changes in pension provisions are as follows:
| 2022 | 2021 | |
|---|---|---|
| Pension Provision January 1 | 31.6 | 38.2 |
| Pension expense | 3.0 | 3.1 |
| Actuarial gains (-) and losses recorded in Other Comprehensive Income | -10.1 | -3.9 |
| Employer contributions | -1.0 | -5.6 |
| Direct pension payments made by the employer | -1.1 | -1.0 |
| Transfer values | 0.0 | 0.1 |
| Currency exchange differences | -0.5 | 0.7 |
| Pension Provision December 31 | 21.9 | 31.6 |
| of which, assets | 0.5 | 0.3 |
| of which, liabilities | 22.4 | 31.9 |
The expenses in the 2022 financial year are structured as follows:
| 2022 | 2021 | |
|---|---|---|
| Cost of the pension obligation earned in the reporting year | 2.5 | 2.6 |
| Past service costs | 0.0 | 0.0 |
| Income (-) and expenses from plan settlements | 0.0 | 0.0 |
| Interest expense on pension obligation | 1.9 | 1.4 |
| Interest income on plan assets | -1.4 | -0.9 |
| Administration costs | 0.0 | 0.0 |
| Expenses for Defined Benefit Plans | 3.0 | 3.1 |
| of which, personnel costs | 2.5 | 2.6 |
| of which, financial costs | 0.5 | 0.5 |
In addition to the defined benefit pension plans, PUMA also makes contributions to defined contribution plans. Payments for the financial year 2022 amounted to € 18.5 million (previous year: € 15.0 million).
Actuarial gains and losses recorded in Other Comprehensive Income:
| 2022 | 2021 | |
|---|---|---|
| Revaluation of Pension Commitments | -25.1 | -2.0 |
| Actuarial gains (-) and losses resulting from changes in demographic assumptions | -0.1 | 0.5 |
| Actuarial gains (-) and losses resulting from changes in financial assumptions | -30.3 | -2.7 |
| Actuarial gains (-) and losses due to adjustments based on experience | 5.3 | 0.2 |
| Revaluation of Plan Assets | 15.0 | -1.9 |
| Amounts not recorded due to the maximum limit applicable to assets | 0.0 | 0.0 |
| Adjustment of administration costs | 0.0 | 0.0 |
| Total Revaluation Amounts recorded directly in Other Comprehensive Income | -10.1 | -3.9 |
Plan assets investment classes:
| 2022 | 2021 | |
|---|---|---|
| Cash and cash equivalents | 0.1 | 6.6 |
| Equity instruments | 5.5 | 0.8 |
| Bonds | 3.5 | 7.1 |
| Investment funds | 3.0 | 14.0 |
| Derivatives | 11.6 | 9.2 |
| Real estate | 2.9 | 4.8 |
| Insurance | 49.4 | 40.8 |
| Other | 6.4 | 7.4 |
| Total Plan Assets | 82.4 | 90.7 |
Of which, investment classes with a quoted market price:
| 2022 | 2021 | |
|---|---|---|
| Cash and cash equivalents | 0.1 | 6.6 |
| Equity instruments | 5.5 | 0.8 |
| Bonds | 3.5 | 7.1 |
| Investment funds | 3.0 | 14.0 |
| Derivatives | 11.6 | 9.2 |
| Real estate | 2.1 | 4.3 |
| Insurance | 0.0 | 0.0 |
| Other | 6.3 | 7.3 |
| Plan Assets with a quoted Market Price | 32.1 | 49.3 |
Plan assets still do not include the Group’s own financial instruments or real estate used by Group companies.
The plan assets are used exclusively to meet defined pension commitments. Legal requirements exist in some countries for the type and amount of financial resources that can be chosen; in other countries (for example Germany) the financing of pension commitments can be chosen freely. In Great Britain, a board of trustees made up of company representatives and employees is in charge of asset management. Its investment strategy is aimed at long-term profits and tolerable volatility. It was last revised in 2022 to reduce the risk profile.
The following assumptions were used to determine pension obligations and pension expenses:
| 2022 | 2021 | |
|---|---|---|
| Discount rate | 4.35% | 1.62% |
| Future pension increases | 2.00% | 2.28% |
| Future salary increases | 2.06% | 1.66% |
The indicated values are weighted average values. A standard interest rate of 4.00% was applied for the eurozone (previous year: 1.10%).
The 2018 G Heubeck guideline tables were used as mortality tables for Germany. For Great Britain, the mortality was assumed based on basic table series S2 taking into account life expectancy projections in accordance with CMI2021 with a long-term trend of 1%.
The following overview shows how the present value of pension obligations from benefit plans would have been affected by changes to significant actuarial assumptions.
| 2022 | 2021 | |
|---|---|---|
| Effect on present value of pension obligations if | ||
| the discount rate were 50 basis points higher | -3.7 | -7.1 |
| the discount rate were 50 basis points lower | 4.1 | 8.1 |
Salary and pension trends have only a negligible effect on the present value of pension obligations due to the structure of the benefit plans.
The weighted average duration of pension commitments is around 11 years (previous year: around 16 years).
| 2021 | 2022 | 2022 | 2021 | |||||
| Provisions for: | Currency adjustments, retransfers |
Addition | Utilization | Reversal | Of which, non-current |
Of which, non-current |
||
| Warranties | 1.7 | 0.5 | 1.1 | -0.6 | 0.0 | 2.7 | 0.0 | 0.0 |
| Purchasing risks | 6.8 | -0.3 | 5.8 | -5.0 | -0.3 | 7.1 | 0.0 | 0.0 |
| Litigation risks | 31.0 | -0.9 | 6.8 | -3.2 | -7.0 | 26.6 | 8.4 | 9.1 |
| Restoration obligations | 13.1 | 0.2 | 4.3 | -0.3 | -0.3 | 17.0 | 14.1 | 9.9 |
| Personnel provisions | 18.7 | -0.1 | 0.2 | -10.9 | -1.0 | 7.0 | 7.0 | 18.7 |
| Other | 14.5 | 0.2 | 15.6 | -6.6 | -4.5 | 19.3 | 0.0 | 0.2 |
| Total | 85.9 | -0.3 | 33.7 | -26.4 | -13.1 | 79.8 | 29.5 | 37.9 |
The warranty provision is determined on the basis of the historical value of sales generated during the past six months. It is expected that the majority of these expenses will fall due within the first six months of the next financial year. Purchasing risks relate primarily to materials and molds that are required for the manufacturing of shoes.
Personnel provisions mainly relate to short- and long-term variable compensation components. The risks arising from legal disputes relate to any form of legal dispute, including those relating to trademark and patent rights. The other provisions relate to other risks, in particular those associated with sourcing.
Current provisions are expected to be paid out in the following year, non-current provisions are expected to be paid out in a period of up to ten years. There are no significant compounding effects. The recognition and measurement of provisions is based on past experience of similar transactions. All events until the preparation of the consolidated financial statements are taken into account here.
The subscribed capital corresponds to the subscribed capital of PUMA SE.
As of the balance sheet date, the subscribed capital in accordance with the Articles of Association corresponds to € 150,824,640.00 and is divided into 150,824,640 no-par value voting shares. This corresponds to a proportional amount of € 1.00 per share.
Changes in the outstanding shares:
| 2022 | 2021 | |
|---|---|---|
| Outstanding shares as of January 1, share | 149,605,600 | 149,583,859 |
| Issue of Treasury Stock | 153,044 | 21,741 |
| Outstanding shares as of December 31, share | 149,758,644 | 149,605,600 |
The issue of treasury stock relates to compensation in connection with promotional and advertising agreements.
The capital reserve includes the premium from issuing shares, as well as amounts from the grant, conversion and expiration of share options.
The revenue reserves incl. retained earnings include the net earnings of the financial year as well as the earnings achieved in the past by the companies included in the consolidated financial statements to the extent that it was not distributed. In addition, the valuation effects from the pension provision recognized in other comprehensive income are recognized in retained earnings.
The equity item for currency conversion serves to record the foreign exchange differences from the conversion of the financial statements of subsidiaries with non-euro accounting.
The “cash flow hedges” item includes the market valuation of derivative financial instruments. The item amounting to € 14.2 million (previous year: € 78.1 million) is offset by deferred taxes of € -4.8 million (previous year: € -4.1 million).
The resolution adopted by the Annual General Meeting on May 7, 2020 authorized the Company to purchase treasury shares up to a value of 10% of the share capital until May 6, 2025. By resolution of the Annual General Meeting of May 5, 2021 the Supervisory Board was authorized to issue the acquired shares to the members of the Management Board of the Company, excluding the shareholders' subscription rights. By resolution of the Annual General Meeting of May 11, 2022 the Management Board was, moreover, authorized to issue the acquired shares, excluding the shareholders' subscription rights, as part of the Company's or its affiliated companies' share-based payments or employee share programs to individuals currently or formerly in an employment relationship with the Company or one of its affiliated companies or to members of the management of one of the Company's affiliated companies. If purchased through the stock exchange, the purchase price per share may not exceed 10% or fall below 20% of the closing price for the Company’s shares with the same attributes in the XETRA trading system (or a comparable successor system) during the last three trading days prior to the date of purchase.
The Company did not make use of the authorization to purchase treasury stock during the reporting period.
As of the balance sheet date, the Company holds a total of 1,065,996 PUMA shares in its own portfolio, which corresponds to 0.71% of the subscribed capital.
As of December 31, 2022, the Company’s Articles of Association provide for authorized capital totaling € 30,000,000.00:
Pursuant to Section 4.2. of the Articles of Association, the Management Board is authorized, with the consent of the Supervisory Board, to increase the Company’s share capital by May 4, 2026 by up to € 30,000,000.00 (Authorized Capital 2021) by issuing new no-par value bearer shares against cash and/or non-cash contributions on one or more occasions. In the case of capital increases against contributions in cash, the new shares may be acquired by one or several banks, designated by the Management Board, subject to the obligation to offer them to the shareholders for subscription (indirect subscription right). The shareholders shall generally be entitled to subscription rights. However, the Management Board is authorized, with the consent of the Supervisory Board, to exclude shareholders’ subscription rights in whole or in part in the cases specified in Section 4.2. of the Articles of Association.
The Management Board of PUMA SE did not make use of the existing authorized capital in the current reporting period.
By resolution of the Annual General Meeting of May 11, 2022, the Management Board was authorized until May 10, 2027, with the consent of the Supervisory Board, through one or more issues, altogether or in parts and in various tranches at the same time, to issue bearer or registered convertible and/or option bonds, profit-sharing rights or participation bonds or a combination of these instruments with or without a term limitation in a total nominal amount of up to € 1,500,000,000.00.
The share capital was conditionally increased by up to € 15,082,464.00 by issuing up to 15,082,464 new no-par value bearer shares (Conditional Capital 2022). The conditional capital increase shall only be implemented to the extent that conversion/option rights are exercised, or the option/conversion obligations are met or tenders are carried out and to the extent that other forms of performance are not applied.
No use has been made of this authorization to date.
The amounts eligible for distribution relate to the retained earnings of PUMA SE, which is determined in accordance with German Commercial Law.
The Management Board and the Supervisory Board will propose to the Annual General Meeting that a dividend of € 0.82 (previous year: € 0.72) per circulating share, or a total of € 122.8 million (with respect to the circulating shares as of December 31, 2022), be distributed to the shareholders from the retained earnings of PUMA SE for the financial year 2022.
Proposed appropriation of the retained earnings of PUMA SE:
| 2022 | 2021 | |
|---|---|---|
| Retained earnings of PUMA SE as of December 31, € million | 499.4 | 490.1 |
| Retained earnings available for distribution, € million | 499.4 | 490.1 |
| Dividend per share, € | 0.82 | 0.72 |
| Number of outstanding shares* | 149,758,644 | 149,608,861 |
| Total dividend*, € million | 122.8 | 107.7 |
| Carried forward to the new accounting period*, € million | 376.6 | 382.4 |
This item comprises non-controlling interests. The composition is shown in chapter 28.
The Group’s objective is to retain a strong equity base in order to maintain both investor and market confidence, and to strengthen future business performance.
Capital management relates to the consolidated equity of PUMA. This is shown in the consolidated balance sheet as well as the reconciliation statement concerning “Changes in Equity.”
In order to bind the management to the company by a long-term incentive, virtual shares with cash settlement and other long-term incentive programs are used at PUMA.
The current programs are described below.
Monetary units were granted on an annual basis to members of the Management Board beginning in 2013 as part of a management incentive program. Monetary units are based on the PUMA share performance. Each of these monetary units entitles the holder to a cash payment at the end of the term. The entitled cash payment compares the performance using the average virtual appreciation rights of the last thirty trading days before the start of the year of issue with the virtual appreciation rights of the last thirty trading days before the exercise date. The maximum increase in value (cap) is limited to 300% of the amount allocated. Monetary units are subject to a vesting period of three years. After that, there is an exercise period beginning 30 days after each quarterly publication date for a period of two years which can be freely used by participants for the purposes of execution. Virtual shares are reduced on a “pro rata” basis in the event of withdrawal during the vesting period. This program will expire and be replaced by the Performance Share Plan. In the financial year 2022, only one member of the Management Board received shares from this program, doing so for the last time.
Virtual shares were granted on an annual basis to members of the Management Board beginning in 2021 as part of a management incentive program. The virtual shares are based on the PUMA share performance. Each of these virtual shares entitles the holder to a cash payment at the end of the term. However, the Supervisory Board reserves the right to make the payment in PUMA shares instead of cash. This cash payout is based on the PUMA closing prices for the last thirty trading days before the exercise date. The final number of virtual shares is between 50% and 150%, depending on the relative "Total Shareholder Returns" (TSR) compared to the MDAX index. The PUMA and MDAX index TSRs are calculated using the arithmetic means of each of the TSR values on the 30 trading days before the start and end of the performance period. The averages calculated in this way for PUMA and the MDAX index are then compared with each other. The difference in percentage points between the PUMA TSR and the MDAX index TSR is then calculated (= TSR outperformance in percentage points). The maximum increase in value (cap) is limited to 300% of the amount allocated. Virtual shares are subject to a vesting period of four years. They are generally paid out within the first quarter of the fifth year after their issue. Virtual shares are reduced on a “pro rata” basis in the event of withdrawal during the vesting period. For the financial year 2022, the DAX index acts as the basis for calculating virtual shares.
In the financial year 2022, income of € 0.9 million was recorded for this purpose on the basis of the employment contract commitments to the Management Board members (previous year: expense of € 8.7 million).
| Plan | MUP | MUP | MUP | MUP | PSP | MUP | PSP | |
|---|---|---|---|---|---|---|---|---|
| Issue date | 01/01/2018 | 01/01/2019 | 01/01/2020 | 01/01/2021 | 01/01/2021 | 01/01/2022 | 01/01/2022 | |
| Term | 5 | 5 | 5 | 5 | 4.25 | 5 | 4.25 | Years |
| Vesting period | 3 | 3 | 3 | 3 | 4 | 3 | 4 | Years |
| Base price PUMA share at issue | 37.10 | 44.40 | 67.69 | 86.23 | 86.23 | 106.95 | 106.95 | EUR/share |
| Reference value PUMA share at the end of the financial year | 0 | 0 | 51.86 | 51.86 | 56.34 | 51.86 | 53.61 | EUR/share |
| Weighted share price at the time of exercise | 102.88 | 102.88 | 0 | 0 | 0 | 0 | 0 | EUR/share |
| Participants in year of issue | 3 | 3 | 3 | 3 | 2 | 1 | 3 | Persons |
| Participants at the end of the financial year | 0 | 0 | 3 | 3 | 2 | 1 | 3 | Persons |
| Number of monetary units/virtual shares as of 1/1/2022 | 2,000 | 97,320 | 62,743 | 47,351 | 7,070 | 30,968 | 16,458 | Shares |
| Number of monetary units/virtual shares exercised in the FY | -2,000 | -97,320 | 0 | 0 | 0 | 0 | 0 | Shares |
| Number of monetary units/virtual shares expired in the FY | 0 | 0 | 0 | -12,803 | 0 | -20,645 | 0 | Shares |
| Final number of monetary units as of 12/31/2022 | 0 | 0 | 62,743 | 34,548 | 7,070 | 10,323 | 16,458 | Shares |
In the financial year 2019, a stock split was performed with a ratio of 1:10. As a result of this, all past share values were divided by a factor of 10 and all monetary units were multiplied by a factor of 10.
This commitment consisting of share-based remuneration transactions with cash compensation is recorded as personnel provisions and remeasured at fair value on every balance sheet date, provided it has not been exercised yet. The expenses are recorded pro rata over the vesting period. Based on the prorated average share price of the last thirty trading days in 2022 and taking into account the intra-year exercises in 2022, the provisions for these programs amounted to € 5.8 million at the end of the financial year (previous year: € 17.0 million).
In 2018, the Long-Term Incentive Program (LTIP) “Game Changer 2.0” was launched. Participants in this program consist mainly of top executives reporting to the Management Board and individual key positions in the PUMA Group. The objective of this program is to retain these employees in the Company on a long-term basis and to allow them to share in the medium-term success of the Company.
The LTIP “Game Changer 2.0” consists of two plan parts, a Performance Cash Plan and a Performance Share Plan, each with a 50% share. The Performance Cash Plan gives a reward for the PUMA Group's financial performance, while the Performance Share Plan gives a reward for the performance of the PUMA SE share in the capital market.
The performance period of the Performance Cash Plan is three years and is based on the average medium-term targets of the PUMA Group for EBIT, cash flow or working capital as a percentage of sales, and sales. Payment is made in cash and is limited to a maximum of 200% of the granted proportionate target amount (cap).
The Performance Share Plan uses virtual shares to manage the incentive. The term is up to five years, divided into a three-year performance period and a two-year exercise period, in which the virtual shares are paid out in cash. A payout is only possible at the four exercise times (6, 12, 18 or 24 months after the end of the performance period). The average share price of the last 30 trading days before the exercise date determines the value of a virtual share. The payout is limited to a maximum of 200% or 300% of the granted prorated target amount (cap) and is only made if an exercise hurdle of +10% share-price appreciation is exceeded once during the performance period.
In 2019, the global “Game Changer 2.0 – 2022” program, as outlined above, was launched. The Performance Cash Plan is based on the following targets: EBIT (70%), cash flow (15%) and sales (15%). As part of the Performance Share component, payment is limited to a maximum of 200% of the granted proportionate target amount (cap).
In the reporting year, an amount of € 5.1 million (of which, € 3.3 million from the Performance Share Plan) was paid out to the participants. The payment was subject to the condition that the individual participant was in an unterminated employment relationship with a company in the PUMA Group as of December 31, 2021. No further expenses were incurred and no amounts released for this program in the reporting year. No further provision exists for this program.
In 2020, the global “Game Changer 2.0 – 2023” program, as outlined above, was launched. The Performance Cash Plan is based on the following targets: EBIT (70%), cash flow (15%) and sales (15%). As part of the Performance Share component, payment is limited to a maximum of 300% of the granted proportionate target amount (cap). It requires employment up to December 31, 2022. In the reporting year, a prorated amount of € 0.2 million was released as a provision for this program (previous year: € 2.1 million addition). This resulted in a provision for this program at the end of the financial year of € 2.8 million (previous year: € 3.0 million). The Performance Share Plan portion accounted for € 1.3 million (previous year: € 1.9 million).
In 2021, the global “Game Changer 2.0 – 2024” program, as outlined above, was launched. The Performance Cash Plan is based on the following targets: EBIT (45%), working capital as a percentage of sales (15%), and sales (40%). As part of the Performance Share component, payment is limited to a maximum of 300% of the granted proportionate target amount (cap). It requires employment up to December 31, 2023. In the reporting year, a prorated amount of € 0.5 million (previous year: € 2.0 million) was set aside for this program. This resulted in a provision for this program at the end of the financial year of € 2.5 million (previous year: € 2.0 million). The Performance Share Plan portion accounted for € 0.8 million (previous year: € 0.9 million).
In 2022, the "Game Changer 2.0" program was replaced by the long-term incentive program (LTIP) “Road 2 10B”. Participants in this program consist of important professionals and managers within the PUMA Group. The objective of this program is to retain these employees in the Company on a long-term basis and to allow them to share in the medium-term success of the Company.
The LTIP “Road 2 10B” consists of two plan parts, a Performance Cash Plan and a Performance Share Plan, each with a 50% share. The Performance Cash Plan gives a reward for the PUMA Group's financial performance, while the Performance Share Plan gives a reward for the performance of the PUMA SE share in the capital market.
The Performance Cash Plan is focused on the following targets: EBIT, sales and working capital as a percentage of sales based on the three-year plan set by the Management Board of PUMA SE. For participants in the program with an employment relationship at Group level, the target achievement is based on the following Group targets: EBIT (45%), sales (40%), and working capital as a percentage of sales (15%). For participants in the program with an employment relationship at the national or regional level, 50% of the target achievement is based on achieving the Group targets. The remaining 50% is based on achieving the following targets at the national or regional level: EBIT (22.5%), sales (20%) and working capital as a percentage of sales (7.5%). Payment is limited to a maximum of 200% of the granted proportionate target amount (cap).
The performance share plan is based on the performance of the PUMA share price. The term is up to five years, divided into a three-year performance period and a subsequent two-year exercise period, in which the virtual shares are paid out in cash. A payout is only possible at the four exercise times (6, 12, 18 or 24 months after the end of the performance period). The average share price of the last 30 trading days before the exercise date determines the payout value of a virtual share. The payout is limited to a maximum of 300% of the granted prorated target amount (cap) and is only made if an exercise hurdle of +10% share-price appreciation is exceeded once during the performance period.
In the reporting year, € 4.7 million (of which, € 0.6 million for the Performance Share Plan) was set aside for this program on a pro rata basis.
| Program addendum | Game Changer 2022 | Game Changer 2023 | Game Changer 2024 | Road 2 10b | |
|---|---|---|---|---|---|
| Issue date | 01/01/2019 | 01/01/2020 | 01/01/2021 | 01/01/2022 | |
| Term | 5 | 5 | 5 | 5 | Years |
| Vesting period | 3 | 3 | 3 | 3 | Years |
| Base price at program start | 44.40 | 67.69 | 86.23 | 106.95 | EUR/share |
| Reference value at the end of the financial year | 0 | 51.86 | 51.86 | 18.56 | EUR/share |
| Weighted share price at the time of exercise | 88.80 | 0 | 0 | 0 | EUR/share |
| Participants in year of issue | 64 | 60 | 76 | 486 | Persons |
| Participants at the end of the financial year | 0 | 55 | 70 | 486 | Persons |
| Number of “virtual shares” as of 1/1/2022 | 37,525 | 26,952 | 24,809 | 103,352 | Shares |
| Number of “virtual shares” expired in the FY | 0 | -2,405 | -1,469 | 0 | Shares |
| Number of “virtual shares” exercised in the FY | -37,525 | 0 | 0 | 0 | Shares |
| Final number of “virtual shares” as of 12/31/2022 | 0 | 24,547 | 23,340 | 103,352 | Shares |
In the financial year 2019, a stock split was performed with a ratio of 1:10. As a result of this, all past share values were divided by a factor of 10 and all virtual shares were multiplied by a factor of 10.
