The net financial position is measured as the total of all financial and lease liabilities less cash and cash equivalents. Excluding the impact of IFRS 16, the net financial position of HUGO BOSS at the end of fiscal year 2021 totaled plus EUR 167 million, representing the strongest net financial position in the Company’s history (2020 excluding IFRS 16: minus EUR 141 million). This mainly reflects the strong free cash flow development in fiscal year 2021 as well as the related lower utilization of the syndicated loan and other credit lines. Including the impact of IFRS 16, the net financial position at the end of fiscal year 2021 was minus EUR 628 million (December 31, 2020: minus EUR 1,004 million). This represents a significant decrease of 37%. Financial Position, Capital Structure and Financing Notes to the Consolidated Financial Statements, Note 9