2023

2022

Notes

€ million

€ million

Operating activities

Earnings before tax (EBT)

478.3

551.7

Adjustments for:

Depreciation and impairment

9, 10, 11

357.5

358.7

Reversal of impairment losses

9, 10, 11

-11.9

0.0

Non-realized currency gains/losses, net

60.1

-43.6

Financial income

21

-37.8

-32.3

Financial expenses

21

100.7

54.4

Gains/losses from the sale of fixed assets

-3.9

1.0

Changes to pension provision

15

-1.5

0.5

Other non cash effected expenses/income

22.5

28.6

Gross cash flow

25

964.1

918.9

Changes in receivables and other current assets

5, 6, 7

-153.4

-209.4

Changes in inventories

4

352.1

-747.0

Changes in trade payables and other current liabilities

13

-327.9

613.1

Net cash from operational business activities

834.9

575.6

Income taxes paid

22

-181.3

-157.4

Net cash from operating activities

25

653.6

418.3

Investing activities

Purchase of property and equipment

9, 11

-300.4

-263.6

Proceeds from sale of property and equipment

14.3

1.3

Payment for other assets

12

-36.3

-10.8

Interest received

21

37.8

32.3

Net cash used in investing activities

-284.6

-240.8

Financing activities

Repayment of lease liabilities

10

-208.0

-190.0

Repayment of current borrowings

13

-59.1

-9.5

Raising of current borrowings

13

0.0

17.9

Repayment of non-current borrowings

13

0.0

-60.0

Raising of non-current borrowings

13

299.6

0.0

Dividend payments to shareholders of PUMA SE

17

-122.8

-107.7

Dividend payments to non-controlling interests

17, 28

-92.4

-73.3

Interest paid

21

-94.3

-53.8

Net cash used in financing activities

25

-277.1

-476.4

Exchange rate-related changes in cash and cash equivalents

-2.1

4.4

Change in cash and cash equivalents

89.8

-294.4

Cash and cash equivalents at beginning of the financial year

463.1

757.5

Cash and cash equivalents at the end of the financial year

3, 25

552.9

463.1