Net assets and financial position

    Net assets and financial position

    T.04 BALANCE SHEET

     

    31/12/2024

    31/12/2023

     

     

    € million

    %

    € million

    %

    +/-%

    Cash and cash equivalents

    368.2

    5.2%

    552.9

    8.3%

    -33.4%

    Inventories *

    2,013.7

    28.2%

    1,804.4

    27.2%

    11.6%

    Trade receivables *

    1,246.5

    17.5%

    1,118.4

    16.8%

    11.5%

    Other current assets *

    516.8

    7.2%

    385.6

    5.8%

    34.0%

    Other current assets

    160.0

    2.2%

    69.8

    1.1%

    129.3%

    Current assets

    4,305.2

    60.3%

    3,931.1

    59.2%

    9.5%

     

     

     

     

     

     

    Deferred tax assets

    243.6

    3.4%

    296.1

    4.5%

    -17.7%

    Right-of-use assets

    1,116.8

    15.6%

    1,087.7

    16.4%

    2.7%

    Other non-current assets

    1,475.0

    20.7%

    1,325.6

    20.0%

    11.3%

    Non-current assets

    2,835.4

    39.7%

    2,709.3

    40.8%

    4.7%

    Total assets

    7,140.6

    100.0%

    6,640.4

    100.0%

    7.5%

    Current borrowings

    131.6

    1.8%

    145.9

    2.2%

    -9.8%

    Trade payables *

    1,893.5

    26.5%

    1,499.8

    22.6%

    26.2%

    Current lease liabilities

    220.6

    3.1%

    212.4

    3.2%

    3.9%

    Other current liabilities *

    605.3

    8.5%

    631.3

    9.5%

    -4.1%

    Other current liabilities

    19.9

    0.3%

    47.7

    0.7%

    -58.3%

    Current liabilities

    2,870.9

    40.2%

    2,537.2

    38.2%

    13.2%

     

     

     

     

     

     

    Non-current borrowings

    356.4

    5.0%

    426.1

    6.4%

    -16.4%

    Deferred tax liabilities

    14.2

    0.2%

    12.4

    0.2%

    14.4%

    Pension provisions

    27.3

    0.4%

    22.5

    0.3%

    21.3%

    Non-current lease liabilities

    1,010.0

    14.1%

    1,020.0

    15.4%

    -1.0%

    Other non-current liabilities

    33.3

    0.5%

    40.0

    0.6%

    -16.9%

    Non-current liabilities

    1,441.0

    20.2%

    1,520.9

    22.9%

    -5.3%

    Equity

    2,828.6

    39.6%

    2,582.3

    38.9%

    9.5%

    Total liabilities and equity

    7,140.6

    100.0%

    6,640.4

    100.0%

    7.5%

     

     

     

     

     

     

    Working Capital

    1,278.2

     

    1,177.3

     

    8.6%

    - in % of sales

    14.5%

     

    13.7%

     

     

    * included in working capital

    Equity ratio

    According to its own assessment, the PUMA Group has a very solid capital base. As of the balance sheet date, the equity of the PUMA Group increased by 9.5%, from € 2,582.3 million in the previous year to € 2,828.6 million as of 31 December 2024. In addition to the positive consolidated net income, mainly due to positive currency conversion differences and gains on cash flow hedges, the positive other comprehensive income that is directly recorded in equity of € 168.2 million also contributed to the increase in Group equity. As of the balance sheet date, total assets increased by 7.5% from € 6,640.4 million in the previous year to € 7,140.6 million. Overall, this resulted in an increase in the equity ratio of 0.7 percentage points from 38.9% in the previous year to 39.6% as of 31 December 2024.

    G.11 BALANCE SHEET TOTAL/EQUITY RATIO

    Grafik 11

    Working capital

    As of the balance sheet date, working capital increased by 8.6% from € 1,177.3 million in the previous year to € 1,278.2 million as of 31 December 2024. In relation to sales in the respective financial year, this corresponds to an increase in the working capital ratio from 13.7% in the previous year to 14.5% at the end of 2024. This development was mainly due to the increase in inventories, trade receivables and other current assets attributable to working capital. In contrast, the increase in trade payables had a positive effect on working capital.

    On the assets side, inventories increased by 11.6% from € 1,804.4 million to € 2,013.7 million as of the balance sheet date. This development is primarily related to an increase in goods in transit compared to the previous year. Trade receivables increased by 11.5% from € 1,118.4 million to € 1,246.5 million, largely as a result of the sales growth in the fourth quarter. Other current assets, which are attributable to working capital, increased by 34.0% from € 385.6 million to € 516.8 million.

    On the liabilities side, trade payables increased by 26.2% to € 1,893.5 million (previous year: € 1,499.8 million) partly as a result of the higher purchasing volume including the increase in goods in transit compared to the previous year. The other current liabilities and provisions, which are contained in working capital and include, among other things, customer bonus and warranty provisions, decreased slightly by 4.1% from € 631.3 million to € 605.3 million.

    G.12 WORKING CAPITAL

    Grafik 12

    Other assets and other liabilities

    Other current assets outside of working capital include the positive market value of derivative financial instruments and current receivables from leases. Other current assets outside working capital increased to € 160.0 million (compared to € 69.8 million in the previous year) as a result of higher positive market values of derivative financial instruments.

    Right-of-use assets increased slightly by 2.7% from € 1,087.7 million to € 1,116.8 million compared to the previous year. The increase was mainly due to additions to right-of-use assets in 2024, mostly in connection with newly opened own retail stores. The right-of-use assets refer to own retail stores totalling € 528.9 million (previous year: € 464.2 million), warehouses and offices totalling € 522.5 million (previous year: € 557.7 million) and other lease items, mainly technical equipment and machinery and motor vehicles, totalling € 65.4 million as of 31 December 2024 (previous year: € 65.7 million). The associated current and non-current leasing liabilities remained virtually unchanged overall.

    Other non-current assets, which mainly comprise intangible assets and property, plant and equipment, increased by 11.3% to € 1,475.0 million (previous year: € 1,325.6 million) in the past financial year. The increase in other non-current assets is primarily due to investments in IT infrastructure and software, as well as technical equipment and machinery.

    As of 31 December 2024, current financial liabilities include the current proportion of promissory note loans in the amount of € 70.0 million (previous year: € 125.0 million) and short-term bank liabilities amounting to € 61.6 million (previous year: € 20.9 million).

    Other current liabilities, which exclusively include the negative market value of derivative financial instruments, fell from € 47.7 million to € 19.9 million compared to the previous year.

    Non-current financial liabilities include promissory note loans totalling € 356.4 million (previous year: € 426.1 million).

    Pension provisions increased to € 27.3 million (previous year: € 22.5 million).

    Other non-current liabilities fell to € 33.3 million as of the balance sheet date (previous year: € 40.0 million).

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