2024

2023

Notes

€ million

€ million

Operating activities

Earnings before taxes (EBT)

462.3

478.3

Adjustments for:

Depreciation and impairment losses

9, 10, 11

386.9

357.5

Reversal of impairment losses

9, 10, 11

-29.4

-11.9

Non-realized currency gains/losses, net

-57.4

60.1

Financial income

21

-31.7

-37.8

Financial expenses

21

128.4

100.7

Gains/losses from the sale of fixed assets

0.2

-3.9

Changes to pension provision

15

0.2

-1.5

Other non cash effected expenses/income

18.7

22.5

Gross cash flow

25

878.2

964.1

Changes in receivables and other current assets

5, 6, 7

-231.5

-153.4

Changes in inventories

4

-218.2

352.1

Changes in trade payables and other current liabilities

13

380.3

-327.9

Net cash from operational business activities

808.9

834.9

Dividends received

12

0.4

0.0

Income taxes paid

22

-114.4

-181.3

Net cash from operating activities

25

694.8

653.6

Investing activities

Purchase of property and equipment

9, 11

-263.0

-300.4

Proceeds from sale of property and equipment

8.7

14.3

Payments for other assets

12

-7.6

-36.3

Interest received

21

31.4

37.8

Net cash used in investing activities

-230.5

-284.6

Financing activities

Repayment of lease liabilities

10

-222.5

-208.0

Repayment of current borrowings

13

-125.0

-59.1

Raising of current borrowings

13

39.0

0.0

Raising of non-current borrowings

13

0.0

299.6

Dividend payments to shareholders of PUMA SE

17

-122.8

-122.8

Dividend payments to non-controlling interests

17, 28

-89.4

-92.4

Repurchase of own shares

17

-50.0

0.0

Interest paid

21

-127.2

-94.3

Net cash used in financing activities

25

-697.8

-277.1

Exchange rate-related changes in cash and cash equivalents

48.8

-2.1

Change in cash and cash equivalents

-184.7

89.8

Cash and cash equivalents at the beginning of the financial year

552.9

463.1

Cash and cash equivalents at the end of the financial year

3, 25

368.2

552.9