Annual Report 2021

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Statement of cash flows (in EUR million)






Cash flow from operating activities





Cash flow from investing activities





Cash flow from financing activities





Change in cash and cash equivalents





Cash and cash equivalents at the beginning of the period





Cash and cash equivalents at the end of the period





As the statement of cash flows is presented on a currency-adjusted basis, the values cannot be derived from the statement of financial position.

As a result of the significant recovery of its global business, in fiscal year 2021, HUGO BOSS achieved the strongest free cash flow in its history. At EUR 559 million, free cash flow more than tripled compared to the prior year (2020: EUR 164 million). Free cash flow is calculated as the sum of cash flow from operating activities and cash flow from investing activities.

Change in cash and cash equivalents

(in EUR million)

Cash flowfromoperatingactivities Cash andcash equivalentsDec. 31, 2020 Cash flowfrominvestingactivities Cash flowfromfinancingactivities Exchange-raterelatedchanges Cash andcash equivalentsDec. 31, 2021 Free cash flow: 559 125 +658 +9 285 (99) (408)

At EUR 658 million, the cash flow from operating activities was significantly above the prior-year level (2020: EUR 240 million). The strong increase mainly reflects the significant sales and earnings growth as well as the noticeable improvement in trade net working capital (TNWC). The increase in cash flow from investing activities to EUR 99 million is primarily attributable to the gradual normalization of investing activities in fiscal year 2021 (2020: EUR 76 million). Financial Position, Capital Expenditure

At EUR 408 million, cash flow from financing activities more than doubled as compared to the prior year (2020: EUR 167 million), mainly reflecting the repayment of financial and leasing obligations in the reporting period. Financial Position, Capital Structure and Financing