The following table shows the Group's sales broken down by distribution channel:


2022 2021
Wholesale 6,513.7 5,080.6
Direct-to-consumer (DTC) 1,951.4 1,724.8
Total 8,465.1 6,805.4

Sales are also broken down by product division as follows:


2022 2021
Footwear 4,317.9 3,163.6
Apparel 2,896.3 2,517.3
Accessories 1,251.0 1,124.5
Total 8,465.1 6,805.4


According to the respective functions, other operating income and expenses include personnel, advertising, sales and distribution expenses as well as rental and leasing expenditure, travel costs, legal and consulting expenses and other general expenses. Rental and lease expenses associated with the Group’s own retail stores include revenue-based rental components.

Other operating income and expenses are allocated based on functional areas as follows:

T.65 (€ million)

2022 2021
Sales and distribution expenses 2,677.2 2,207.4
Product management/merchandising 70.9 52.8
Research and development 82.2 61.7
Administrative and general expenses 465.8 405.2
Other operating expenses 3,296.0 2,727.2
Other operating income 0.1 2.6
Total 3,295.9 2,724.6
Of which, personnel expenses 836.3 704.3
Of which, scheduled depreciation 332.8 287.3
Of which, impairment expenses 26.0 18.5

Within the sales and distribution expenses, marketing/retail expenses account for a large proportion of the operating expenses. In addition to advertising and promotional expenses, they also include expenses associated with the Group’s own retail activities. Other sales and distribution expenses include logistics expenses and other variable sales and distribution expenses. Impairment losses in the reporting year were attributable to right-of-use assets in the amount of € 25.4 million and to property, plant and equipment in the amount of € 0.6 million. In the previous year, impairment losses amounted to € 18.5 million and were attributable exclusively to right-of-use assets.

In the consolidated financial statements of PUMA SE, fees of € 1.9 million are recorded as operating expenses for the auditor of the consolidated financial statements, KPMG AG Wirtschaftsprüfungsgesellschaft, Nuremberg, Germany. The audit fee is divided into fees for auditing services for the annual and consolidated financial statements and for the review of the half-year financial report in the amount of € 1.8 million and other audit opinion services in the amount of € 0.1 million. In addition to the expenses for PUMA SE, the fees also include the fees for the domestic and foreign subsidiaries audited directly by the auditor of the consolidated financial statements.

In the financial year 2022, government grants amounted to a sum in the low double-digit (previous year: mid-single-digit) millions, of which, a small proportion relates to grants associated with the global COVID-19 pandemic. Government grants are deducted from the corresponding expenses.

Other operating income comprises income from the sale of fixed assets in the amount of € 0.1 million (previous year: € 2.6 million).

Overall, other operating expenses include personnel costs, which consist of:

T.66 (€ million)

2022 2021
Wages and salaries 649.8 542.0
Social security contributions 91.9 78.6
Expenses from share-based payments with cash compensation 5.1 15.1
Expenses for retirement pension and other personnel expenses 89.5 68.6
Total 836.3 704.3

In addition, cost of sales includes personnel costs in the amount of € 10.2 million (previous year: € 8.1 million).

The average number of employees for the year was as follows:


2022 2021
Marketing/retail/sales 12,229 10,945
Research & development/product management 1,228 1,097
Administrative and general units 3,213 2,804
Total annual average 16,669 14,846

As of the end of the year, a total of 18,071 individuals were employed (previous year: 16,125).


The financial result consists of:

T.68 (€ million)

2022 2021
Interest income 32.3 11.9
Other 47.1 18.0
Financial income 79.4 29.9
Interest expense -15.2 -12.9
Interest expense – Leasing liability -38.6 -31.5
Valuation of pension plans -0.6 -0.5
Expenses from currency-conversion differences, net -2.2 -9.0
Other -111.7 -27.7
Financial expenses -168.3 -81.7
Financial result -88.9 -51.8

The item “Other” in financial income exclusively comprises interest components relating to currency derivatives of € 47.1 million (previous year: € 18.0 million).

The item “Expenses from currency-conversion differences” includes expenses from currency-conversion differences in the amount of € 2.2 million (previous year: € 9.0 million), which are to be allocated to the financing area.

The item “Other” in financial expenses includes, among other things, interest components in connection with currency derivatives in the amount of € 69.9 million (previous year: € 27.7 million) and the loss on the net monetary position associated with hyperinflation in the amount of € 27.8 million.


T.69 (€ million)

2022 2021
Current income taxes
Germany 19.4 13.6
Other countries 133.2 112.3
Total current income taxes 152.5 125.9
Deferred taxes -25.1 2.7
Total 127.4 128.5

In general, PUMA SE and its German subsidiaries are subject to corporate income tax, plus a solidarity surcharge and trade tax. Thus, a weighted mixed tax rate of 27.22% continued to apply for the financial year.

Reconciliation of the theoretical tax expense with the effective tax expense:

T.70 (€ million)

2022 2021
Earnings before income tax 551.7 505.3
Theoretical tax expense
Tax rate of the SE = 27.22% (previous year: 27.22%) 150.2 137.5
Tax rate difference with respect to other countries -6.9 -15.8
Other tax effects:
Income tax for previous years -9.7 0.5
Losses and temporary differences for which no tax claims were recognized 4.8 2.2
Changes in tax rates -0.6 -2.4
Non-deductible expenses for tax purposes and non-taxable income and other effects -10.4 6.5
Effective tax expense 127.4 128.5
Effective tax rate 23.1% 25.4%

For the financial year 2022, the total tax advantage from previously uncapitalized tax losses, tax credits or temporary differences from previous years which led to a reduction in deferred tax expenses, amounted to € 7.0 million (previous year: € 0.0 million). Deferred tax expenses due to an impairment of deferred tax assets amounted to € 5.0 million in the financial year (previous year: € 2.5 million).

The tax effect resulting from items that were directly included in other comprehensive income can be found in chapter 8.

Various agreements have been reached at the global level to address concerns about the unequal distribution of profits and the unequal tax levies on large multinational companies, including an agreement reached by over 135 countries on the introduction of a global minimum tax rate of 15%. In December 2021, the OECD published a draft legal framework, followed by detailed guidelines in March 2022. These are to be used by the individual countries that have signed the agreement to amend their local tax laws. As soon as the changes to the tax laws in the countries in which the Group operates start to apply, or is scheduled to apply shortly, the Group may be subject to the minimum tax. At the time of the approval of the consolidated financial statements for publication, the tax legislation relating to the minimum tax either does not apply in one of the countries in which the Group operates, nor is it scheduled to apply there shortly. The Management Board is closely following the progress of the legislative process in each country in which the Group operates. As of December 31, 2022, the Group did not have sufficient information to determine the potential quantitative impact.


The earnings per share are determined in accordance with IAS 33 by dividing the consolidated annual surplus (consolidated net earnings) attributable to the shareholders of the parent company by the weighted average number of outstanding shares.

The calculation is shown in the table below:


2022 2021
Net earnings € million 353.5 309.6
Weighted average number of outstanding shares, shares 149,649,158 149,598,722
Earnings per share (€) 2.36 2.07
Consolidated net earnings for calculating the diluted earnings per share (€ million) 353.5 309.6
Weighted average number of outstanding shares, shares 149,649,158 149,598,722
Dilutive effect of conditionally issuable shares in connection with service agreements 12,107 2,841
Dilutive effect from share-based payments 2,573 809
Weighted average number of outstanding shares, diluted 149,663,837 149,602,372
Earnings per share, diluted (€) 2.36 2.07