Annual Report 2021

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Increase in total assets reflects positive business performance

Currency-neutral inventories 7% below the prior-year level

Significant improvement in TNWC as a percentage of sales

Total assets increased by 6% year-on-year to EUR 2,736 million at the end of the year (December 31, 2020: EUR 2,570 million). This mainly reflects an increase in cash and cash equivalents as well as higher trade receivables. Both developments are directly related to the noticeable business recovery of HUGO BOSS in the course of 2021. Notes to the Consolidated Financial Statements, Note 10 and 13

Statement of financial position as of December 31

(in %)

2020 2021 47 22 9 12 10 51 24 13 7 5 2021 2020 30 12 7 11 34 34 5 7 8 17 7 29 Property, plant,and equipment,intangibleassets, and right-of-use assets Assets Lease liabilities Financial liabilities Other liabilities Trade payables Provisions anddeferred taxes Shareholders' equity Equity and liabilities 2,570 2,736 2,736 2,570 Inventories Trade receivables Other assets Cash and cashequivalents (in EUR million)

The share of current assets increased to 47% as of December 31, 2021 (December 31, 2020: 41%), primarily reflecting higher cash and cash equivalents as well as the increase in trade receivables. Accordingly, the share of non-current assets was 53% at the end of the year (December 31, 2020: 59%). The equity ratio amounted to 34% by year-end (December 31, 2020: 30%). Consolidated Financial Statements, Consolidated Statement of Financial Position

Trade net working capital as of December 31 (in EUR million)







Change in %


Currency-adjusted change in %










Trade receivables









Trade payables









Trade net working capital









At year-end, currency-adjusted inventories were 7% below the prior-year level, mainly reflecting the acceleration in sales momentum in fiscal year 2021. The significant increase in trade receivables is particularly related to the noticeable recovery in the wholesale business. Trade payables were also significantly above the prior-year level, primarily reflecting an increased utilization of the supplier financing program established by HUGO BOSS in 2020. As a result, trade net working capital (TNWC) decreased by 31% on a currency-adjusted basis. The moving average of TNWC as a percentage of sales based on the last four quarters amounted to 17.2%, reflecting a significant improvement compared to the prior-year level (2020: 28.7%). In addition to the decrease in inventories and the increase in trade payables, this development mainly reflects the significant top-line growth in fiscal year 2021. Notes to the Consolidated Financial Statements, Note 12 and 13

Property, plant and equipment, intangible assets, and right-of-use assets decreased by 3% compared to the prior-year level, totaling EUR 1,277 million (2020: EUR 1,322 million). The decrease mainly reflects the lower level of capital expenditure as well as non-cash impairment charges in the reporting period. Cash and cash equivalents amounted to EUR 285 million, significantly exceeding the prior-year level (2020: EUR 125 million). Other assets were slightly above the prior-year level, amounting to EUR 334 million (2020: EUR 333 million). Notes to the Consolidated Financial Statements, Notes 8, 11 and 14

The total of current and non-current lease liabilities declined by 8% to EUR 795 million as of the reporting date (December 31, 2020: EUR 862 million). This development is directly related to a 7% decrease in the right-of-use assets. At year-end, current and non-current financial liabilities were 52% below the prior-year level, totaling EUR 135 million (December 31, 2020: EUR 281 million), mainly reflecting the lower utilization of the syndicated loan and other credit lines compared to the prior year in light of the strong business performance. This more than offset an increase in financial liabilities of EUR 26 million recorded in connection with the first-time full consolidation of the leasing property company GRETANA Grundstücks-Vermietungsgesellschaft mbH & Co. Objekt D 19 KG in 2021. Provisions and deferred tax liabilities increased 16 % to EUR 212 million compared to the prior-year level (2020: EUR 185 million). Other liabilities amounted to EUR 190 million at the end of the fiscal year, 3 % above the prior-year level (2020: EUR 185 million). Notes to the Consolidated Financial Statements, Notes 9, 17, 19 and 20