Annual Report 2022

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Net assets

Increase in total assets reflects strong business performance in 2022

Higher inventory position aims at supporting robust top-line momentum

Significant improvement in TNWC as a percentage of sales

Total assets increased by 14% to EUR 3,127 million at the end of fiscal year 2022 (December 31, 2021: EUR 2,736 million). This development mainly reflects an increase in inventories, aimed at supporting the robust top-line momentum across all regions. Notes to the Consolidated Financial Statements, Note 12

Statement of financial position as of December 31

(in %)

202120224331813547221291020222021341775293648720726AssetsLease liabilitiesOther liabilitiesTrade payablesProvisions and deferred taxesShareholders' equityEquity and liabilities2,7363,1273,1272,736InventoriesTrade receivablesOther assetsCash and cash equivalents(in EUR million)

The share of current assets increased modestly to 51% as of December 31, 2022 (December 31, 2021: 47%), largely reflecting the higher inventory position. Accordingly, the share of non-current assets declined to 49% at the end of the year (December 31, 2021: 53%). The equity ratio increased slightly to 36% by year-end (December 31, 2021: 34%). Consolidated Financial Statements, Consolidated Statement of Financial Position

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







in %


Currency­adjusted change
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Trade receivables









Trade payables









Trade net working capital









Currency-adjusted inventories were up 58% year over year, with the increase aimed at supporting our strong top-line momentum across regions. In this context, HUGO BOSS looks back at a very successful order intake from its wholesale partners for the Spring and Summer 2023 collections. In addition, we intentionally accepted earlier receipts of merchandise to ensure sufficient product availability for upcoming seasons, with the vast majority of the intentional build-up in inventories being related to core merchandise that can be sold over several future seasons. While trade receivables only increased moderately, trade payables were well above the prior-year level, mainly reflecting a higher utilization of our supplier financing program. As a result, trade net working capital (TNWC) increased by 61% on a currency-adjusted basis. The moving average of TNWC as a percentage of sales based on the last four quarters, however, amounted to 15.0%, reflecting a strong improvement compared to the prior-year level (December 31, 2021: 17.2%). This development mainly reflects the significant top-line growth in fiscal year 2022 as well as the increase in trade payables, thus more than compensating for the higher inventory position. Notes to the Consolidated Financial Statements, Notes 12 and 13

Property, plant and equipment, intangible assets, and right-of-use assets increased by 6% compared to the prior-year level, totaling EUR 1,356 million at year-end (December 31, 2021: EUR 1,277 million). The increase mainly reflects the overall higher level of capital expenditure in fiscal year 2022. Cash and cash equivalents amounted to EUR 147 million, reflecting a decrease in free cash flow (December 31, 2021: EUR 285 million). Other assets were 18% above the prior-year level, amounting to EUR 393 million (December 31, 2021: EUR 334 million), mainly due to higher tax refunds as well as increased current prepaid expenses. Notes to the Consolidated Financial Statements, Notes 8, 11, and 14

The total of current and non-current lease liabilities increased by 1% to EUR 804 million as of the reporting date (December 31, 2021: EUR 795 million). At year-end, current and non-current financial liabilities were 10% below the prior-year level, totaling EUR 122 million (December 31, 2021: EUR 135 million). This development is due to a lower utilization of the Company’s credit lines compared to the prior year, largely reflecting the strong business performance in 2022. Provisions and deferred tax liabilities increased by 6% to EUR 225 million compared to the prior-year level (December 31, 2021: EUR 212 million). The increase is mainly attributable to higher provisions for personnel expenses. Other liabilities amounted to EUR 223 million at the end of the fiscal year, and were thus 18% above the prior-year level (December 31, 2021: EUR 190 million), mainly reflecting an increase in current personnel liabilities as well as right-of-return liabilities. Notes to the Consolidated Financial Statements, Notes 9, 17, 19, and 20