Cover
Cover | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document type | 20-F |
Document registration statement | false |
Document annual report | true |
Document transition report | false |
Document shell company report | false |
Current fiscal year end date | --12-31 |
Document period end date | Dec. 31, 2021 |
Entity file number | 001-40795 |
Entity registrant name | On Holding AG |
Entity incorporation, state or country code | V8 |
Entity address, address line one | Pfingstweidstrasse 106 |
Entity address, postal zip code | 8005 |
Entity address, city or town | Zurich |
Entity address, country | CH |
Title of 12(b) security | Class A ordinary shares, par value CHF 0.10 per share |
Trading symbol | ONON |
Security exchange name | NYSE |
Entity common stock, shares outstanding (in shares) | 276,863,619 |
Entity well-known seasoned issuer | No |
Entity voluntary filers | No |
Entity current reporting status | Yes |
Entity interactive data current | Yes |
Entity filer category | Non-accelerated Filer |
Entity emerging growth company | true |
Entity ex transition period | false |
ICFR auditor attestation flag | false |
Document accounting standard | International Financial Reporting Standards |
Entity shell company | false |
Amendment flag | false |
Entity central index key | 0001858985 |
Document fiscal year focus | 2021 |
Document fiscal period focus | FY |
Business contact | |
Document Information [Line Items] | |
Entity address, address line one | Pfingstweidstrasse 106 |
Entity address, postal zip code | 8005 |
Entity address, city or town | Zurich |
Entity address, country | CH |
Contact personnel name | Martin Hoffmann |
City area code | +41 |
Local phone number | 44 225 1555 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Firm ID | 1358 |
Auditor Name | PricewaterhouseCoopers AG |
Auditor Location | Zurich, Switzerland |
Consolidated statements of inco
Consolidated statements of income (loss) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements Of Income (Loss) [Line Items] | |||
Net sales | SFr 724,591 | SFr 425,295 | SFr 267,120 |
Cost of sales | (294,305) | (194,190) | (124,003) |
Gross profit | 430,286 | 231,105 | 143,117 |
Selling, general and administrative expenses | (571,375) | (248,199) | (137,428) |
Operating result | (141,089) | (17,094) | 5,689 |
Financial income | 25 | 27 | 47 |
Financial expenses | (3,574) | (940) | (697) |
Foreign exchange result | (14,949) | (6,434) | (1,893) |
Income / (loss) before taxes | (159,588) | (24,441) | 3,147 |
Income taxes | (10,640) | (3,083) | (4,620) |
Net loss | SFr (170,228) | SFr (27,524) | SFr (1,473) |
Class A | |||
Earnings per share | |||
Basic EPS (CHF) (in CHF per share) | SFr (0.59) | SFr (0.10) | SFr (0.01) |
Diluted EPS (CHF) (in CHF per share) | (0.59) | (0.10) | (0.01) |
Class B | |||
Earnings per share | |||
Basic EPS (CHF) (in CHF per share) | (0.06) | 0 | 0 |
Diluted EPS (CHF) (in CHF per share) | SFr (0.06) | SFr 0 | SFr 0 |
Consolidated statements of comp
Consolidated statements of comprehensive income / (loss) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of comprehensive income [abstract] | |||
Net loss | SFr (170,228) | SFr (27,524) | SFr (1,473) |
Net actuarial result from defined benefit plans | 907 | (1,620) | (1,392) |
Taxes on net actuarial result from defined benefit plans | (179) | 319 | 269 |
Items that will not be reclassified to income statement | 728 | (1,301) | (1,123) |
Exchange differences | (1,041) | 37 | 38 |
Items that will be reclassified to income statement when specific conditions are met | (1,041) | 37 | 38 |
Other comprehensive loss, net of tax | (312) | (1,264) | (1,085) |
Total comprehensive loss | SFr (170,540) | SFr (28,788) | SFr (2,559) |
Consolidated balance sheets
Consolidated balance sheets - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of financial position [abstract] | ||
Cash and cash equivalents | SFr 653,081 | SFr 90,642 |
Trade receivables | 99,264 | 51,631 |
Inventories | 134,178 | 102,878 |
Other current financial assets | 30,054 | 17,135 |
Other current operating assets | 48,024 | 19,979 |
Current assets | 964,601 | 282,264 |
Property, plant and equipment | 34,399 | 17,004 |
Right-of-use assets | 177,890 | 22,719 |
Intangible assets | 57,464 | 54,667 |
Deferred tax assets | 2,171 | 5,915 |
Non-current assets | 271,923 | 100,305 |
Assets | 1,236,524 | 382,569 |
Trade payables | 45,939 | 41,543 |
Other current financial liabilities | 20,097 | 7,276 |
Other current operating liabilities | 121,673 | 36,113 |
Current provisions | 14,903 | 376 |
Income tax liabilities | 2,400 | 1,054 |
Current liabilities | 205,011 | 86,363 |
Employee benefit obligations | 5,853 | 5,630 |
Non-current provisions | 4,442 | 20,645 |
Other non-current financial liabilities | 167,228 | 19,174 |
Deferred tax liabilities | 5,611 | 5,664 |
Non-current liabilities | 183,133 | 51,114 |
Share capital | 33,454 | 2,172 |
Treasury shares | (25,035) | 0 |
Capital reserves | 1,043,987 | 276,408 |
Other reserves | (3,422) | (3,110) |
Accumulated losses | (200,604) | (30,377) |
Equity | 848,379 | 245,093 |
Equity and liabilities | SFr 1,236,524 | SFr 382,569 |
Consolidated statements of cash
Consolidated statements of cash flows - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of cash flows [abstract] | |||
Net loss | SFr (170,228) | SFr (27,524) | SFr (1,473) |
Share-based compensation | 192,436 | 48,631 | 18,838 |
Employee benefit expenses | 1,121 | 957 | (143) |
Depreciation and amortization | 31,413 | 12,091 | 5,342 |
Interest income and expenses | 2,777 | 602 | 502 |
Net exchange differences | 15,183 | 6,666 | 1,518 |
Income taxes | 10,625 | 3,083 | 4,620 |
Change in provisions | 4,368 | 1,674 | 1,099 |
Change in working capital | |||
Trade receivables | (46,993) | (13,482) | (21,481) |
Inventories | (31,771) | (61,305) | (12,353) |
Trade payables | 4,327 | 25,564 | 3,154 |
Change in other current operating assets / liabilities | 8,095 | (6,511) | (2,677) |
Income taxes paid | (4,407) | (5,174) | (2,163) |
Cash inflow / (outflow) from operating activities | 16,946 | (14,728) | (5,218) |
Purchase of tangible assets | (24,639) | (10,986) | (7,432) |
Purchase of intangible assets | (11,604) | (7,612) | (1,785) |
Investment in subsidiary, net of cash acquired | 0 | 0 | (321) |
Payment of contingent considerations | (200) | (26) | 0 |
Cash (outflow) from investing activities | (36,443) | (18,624) | (9,538) |
Proceeds from financial liabilities | 0 | 0 | 3,000 |
Repayments of financial liabilities | 0 | (3,000) | (1,200) |
Payments of lease liabilities | (13,311) | (3,399) | (2,000) |
Proceeds from issue of shares | 71 | 133,266 | 0 |
Net proceeds from the IPO | 618,191 | 0 | 0 |
Equity transaction costs | (6,836) | (1,476) | 0 |
Sale of treasury shares related to share-based compensation | 500 | 0 | 0 |
Interests paid | (2,764) | (595) | (491) |
Cash inflow / (outflow) from financing activities | 595,851 | 124,796 | (690) |
Change in net cash and cash equivalents | 576,354 | 91,444 | (15,447) |
Net cash and cash equivalents at January 1 | 90,595 | 120 | 15,762 |
Net impact of foreign exchange rate differences | (13,868) | (969) | (195) |
Net cash and cash equivalents at December 31 | SFr 653,081 | SFr 90,595 | SFr 120 |
Consolidated statements of chan
Consolidated statements of changes in equity - CHF (SFr) SFr in Thousands | Total | Share capital | Treasury shares | Capital reserves | Other reserves | Accumulated losses |
Equity at beginning of period at Dec. 31, 2018 | SFr 49,712 | SFr 1,870 | SFr 0 | SFr 49,982 | SFr (760) | SFr (1,379) |
Net loss | (1,473) | (1,473) | ||||
Other comprehensive (loss) income | (1,085) | (1,085) | ||||
Total comprehensive loss | (2,559) | (1,085) | (1,473) | |||
Capital increase | 1,344 | 4 | 1,341 | |||
Share-based compensation | 15,917 | 15,917 | ||||
Equity at end of period at Dec. 31, 2019 | 64,414 | 1,874 | 0 | 67,239 | (1,846) | (2,853) |
Net loss | (27,524) | (27,524) | ||||
Other comprehensive (loss) income | (1,264) | (1,264) | ||||
Total comprehensive loss | (28,788) | (1,264) | (27,524) | |||
Capital increase | 133,266 | 298 | 132,968 | |||
Equity transaction costs | (1,476) | (1,476) | ||||
Share-based compensation | 77,676 | 77,676 | ||||
Equity at end of period at Dec. 31, 2020 | 245,093 | 2,172 | 0 | 276,408 | (3,110) | (30,377) |
Net loss | (170,228) | (170,228) | ||||
Other comprehensive (loss) income | (312) | (312) | ||||
Total comprehensive loss | (170,540) | (312) | (170,228) | |||
Capital increase | 618,262 | 2,997 | 615,265 | |||
Equity transaction costs | (6,836) | (6,836) | ||||
Share capital reorganization | 0 | 28,286 | (2,500) | (25,786) | ||
Current tax benefits on equity transaction costs | 1,256 | 1,256 | ||||
Share-based compensation | 183,187 | 183,187 | ||||
Sale of treasury shares related to share-based compensation | 735 | 242 | 493 | |||
Purchase of treasury shares | (22,777) | (22,777) | ||||
Equity at end of period at Dec. 31, 2021 | SFr 848,379 | SFr 33,454 | SFr (25,035) | SFr 1,043,987 | SFr (3,422) | SFr (200,604) |
Corporate information
Corporate information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Basis Of Preparation [Abstract] | |
Corporate information | 1.1 Corporate information On is engaged in developing and distributing innovative premium performance sports products, sold worldwide through independent retailers and global distributors, an own online presence, and its own high-end stores. On September 15, 2021 On became a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON". These IFRS consolidated financial statements (“the financials”) present the financial position and the results of operations of On Holding AG, as ultimate parent company, and its subsidiaries. On Holding AG is a limited company incorporated in accordance with Swiss law under a private statue and is domiciled at Pfingstweidstrasse 106, Zurich, Switzerland. These annual consolidated financial statements for the year ended December 31, 2021 were authorized for issue by the board of directors of the Company on March 18, 2022. 1.2 About the financials The financials of On • Have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations (together “IFRS”) as issued by the International Accounting Standards Board (IASB). • Include the values of On Holding AG and its domestic and foreign subsidiaries as at December 31, 2021 over which On Holding AG exercised direct or indirect control. • The fiscal year corresponds to the calendar year. • Present note disclosures related to the consolidated balance sheets as at December 31 and consolidated statements of income / (loss), comprehensive income / (loss), cash flows, and changes in equity for the respective year. • Are published in Swiss Francs (CHF), the presentation currency of On Holding AG, rounded to thousands ("k"), unless otherwise stated. Due to rounding, figures in the financials may not add up exactly to the sum given. • Use the historical cost convention except for items that are required to be accounted for at fair value. • Classify assets as current if they are expected to be recovered within twelve months from the reporting date. • Classify liabilities as current if they are expected to be settled within twelve months from the reporting date. • Presents the applicable accounting policy within the respective note disclosures. |
About the financials
About the financials | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Basis Of Preparation [Abstract] | |
About the financials | 1.1 Corporate information On is engaged in developing and distributing innovative premium performance sports products, sold worldwide through independent retailers and global distributors, an own online presence, and its own high-end stores. On September 15, 2021 On became a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON". These IFRS consolidated financial statements (“the financials”) present the financial position and the results of operations of On Holding AG, as ultimate parent company, and its subsidiaries. On Holding AG is a limited company incorporated in accordance with Swiss law under a private statue and is domiciled at Pfingstweidstrasse 106, Zurich, Switzerland. These annual consolidated financial statements for the year ended December 31, 2021 were authorized for issue by the board of directors of the Company on March 18, 2022. 1.2 About the financials The financials of On • Have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations (together “IFRS”) as issued by the International Accounting Standards Board (IASB). • Include the values of On Holding AG and its domestic and foreign subsidiaries as at December 31, 2021 over which On Holding AG exercised direct or indirect control. • The fiscal year corresponds to the calendar year. • Present note disclosures related to the consolidated balance sheets as at December 31 and consolidated statements of income / (loss), comprehensive income / (loss), cash flows, and changes in equity for the respective year. • Are published in Swiss Francs (CHF), the presentation currency of On Holding AG, rounded to thousands ("k"), unless otherwise stated. Due to rounding, figures in the financials may not add up exactly to the sum given. • Use the historical cost convention except for items that are required to be accounted for at fair value. • Classify assets as current if they are expected to be recovered within twelve months from the reporting date. • Classify liabilities as current if they are expected to be settled within twelve months from the reporting date. • Presents the applicable accounting policy within the respective note disclosures. |
Oniverse
Oniverse | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Oniverse | 1.3 Oniverse Equity interest Entity Domicile 12/31/2021 12/31/2020 On Holding AG Zurich, CH On AG Zurich, CH 100% 100% On Brazil Ltda. Sao Paulo, BR 100% 100% On Cloud Service GmbH Berlin, DE 100% 100% On Clouds GmbH Zurich, CH 100% 100% On Europe AG Zurich, CH 100% 100% On Experience 1 LLC New York, USA 100% - On Experience 2 LLC New York, USA 100% - On Experience 3 LLC Miami, USA 100% - On Hong Kong Ltd. Hong Kong, HK 100% - On Inc. Portland, USA 100% 100% On Japan K.K. Yokohama, JP 100% 100% On Oceania Pty Ltd. Docklands, AU 100% 100% On Running Canada Inc. Vancouver, CA 100% 100% On Running UK Ltd. London, UK 100% - On Running Sports Products (Shanghai) Company Ltd. Shanghai, CN 100% 100% On Vietnam Co. Ltd. Ho Chi Minh City, VN 100% 100% Brunner Mettler GmbH Zurich, CH 100% 100% Accounting policies “Oniverse” represents the legal group structure of the On group. Entities are fully consolidated from the date on which control is transferred to On Holding AG, the parent company of the group. Control is achieved when On is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. For the consolidated entities, all assets, liabilities, income, and expenses are included in the financial statements. All intercompany balances and transactions (including unrealized profits on inventories) are fully eliminated in the process of consolidation. |
New and amended standards and i
New and amended standards and interpretations | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
New and amended standards and interpretations | 1.4 New and amended standards and interpretations On has adopted the following amendments for fiscal year 2021. The amendments did not have a material impact on the consolidated financial statements. Description Standard Reference IASB Effective Date IFRS 16 - COVID-19 related rent concessions Amendments to IFRS 16 April 1, 2021 Interest rate benchmark reform Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 January 1, 2021 In April 2021, IFRS Interpretations Committee published the conclusion related to a request about how a customer accounts for costs of configuring or customizing a supplier’s application software in a Software as a Service (SaaS) arrangement. On has assessed the impact on the accounting policies and determined this to not have a material impact on the consolidated financial statements in the current or future reporting periods. Further, at the date of authorization of these consolidated financial statements, On has not applied the following new and revised IFRS Standards that have been issued by the IASB but are not yet effective: Description Standard Reference IASB Effective Date Property, plant and equipment – proceeds before intended use Amendments to IAS 16 January 1, 2022 Onerous contracts – cost of fulfilling a contract Amendments to IAS 37 January 1, 2022 Amendments to IFRS 1, IFRS 9, IFRS 16, and IAS 41 Annual improvements to IFRS standards 2018-2020 cycle January 1, 2022 Reference to the conceptual framework Amendments to IFRS 3 January 1, 2022 Insurance contracts IFRS 17 January 1, 2023 Classification of liabilities as current or non-current Amendments to IAS 1 January 1, 2023 Presentation of Financial Statements, Amendments to IAS 1 January 1, 2023 Income Taxes- Deferred tax related to assets and liabilities arising from a single transaction Amendments to IAS 12 January 1, 2023 Accounting Policies, Changes in Accounting Estimates and Errors Amendment to IAS 8 January 1, 2023 On does not expect that the adoption of the standards listed above will have a material impact on the financials of On in the current or future reporting periods. |
Significant accounting judgment
Significant accounting judgments, estimates, and assumptions | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of changes in accounting estimates [abstract] | |
Significant accounting judgments, estimates, and assumptions | 1.5 Significant accounting judgments, estimates, and assumptions The preparation of financials in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. This includes judgments, estimates, and assumptions in the ordinary course of business as well as non-operating events. Uncertainty about these judgments, assumptions, and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The judgments, estimates, and assumptions are continuously evaluated and are based on experience and other factors, including expectations of future events that are believed to be reasonable. Actual results may differ from these judgments, estimates, and assumptions. The main judgments, estimates, and assumptions with a significant risk of resulting in a material adjustment are described in the following notes: • 3.4 Right-of-use assets • 3.5 Intangible assets • 6.1 Share-based compensation • 6.2 Employee benefit obligations • 6.3 Provisions • 6.4 Income taxes The global spread of the coronavirus (COVID-19) since February 2020 and the resulting and recurring lockdown measures implemented by Governments across the world led to store closures and reduced economic activity within certain businesses such as retail. During the third quarter of 2021 the majority of our production partners in Vietnam were affected by government mandated closures to combat the spread of COVID-19. Since early November, all factories reopened and ramped up to full production capacity over the fourth quarter of 2021. In total, we had lost approximately twelve weeks of production as a result of the closures. To mitigate the impact of the lost production on our business, we took actions in the fourth quarter of 2021 which primarily involved: i) leveraging inventories on hand to fulfil net sales; ii) optimizing different product styles within inventories to match sales orders; and iii) increasing our use of airfreight to balance production against strong demand. This limited the impact of the supply constraints on our business and we were able to fulfil all sales orders during the fourth quarter of 2021 and achieve our net sales outlook for the fiscal year 2021. Our balanced sales mix across channels and geographies in 2021 and 2020 provided us with net sales resiliency, evidenced by our strong financial performance across the respective periods. However, the increased use of airfreight, coupled with the increase in sea and airfreight rates and labor rates, increas ed our cost of sales and our selling, general and administrative expenses. On had sufficient liquidity and access to overdraft facilities to meet all short-term financial obligations. Counterparty and foreign exchange risk continue to be actively managed, in line with On’s normal risk management approach as described in notes 5 Risk management. On has assessed the consequences of the COVID-19 pandemic on the financials, specifically considering the impacts on key judgments and significant estimates and assumptions as detailed above. Based on this assessment, COVID-19 did not have a significant impact on the key judgements and significant estimates and assumptions. In 2021, On did not receive any COVID-19 related government assistance. Although the future outlook remains uncertain, we continue to monitor the ongoing impacts of COVID-19 and proactively take actions as appropriate. Continued disruptions across international supply chains, including factory closures, port congestion, labor shortages and increased logistics costs, may materially impact our net sales, net income and Adjusted EBITDA outlook for 2022. |
Net sales
Net sales | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Net sales | 2.1 Net sales Net sales by sales channels: Year ended December 31, (CHF in thousands) 2021 2020 2019 Wholesale 448,778 264,819 200,716 Direct-to-Customer 275,813 160,476 66,404 Net sales 724,591 425,295 267,120 Net sales by product groups: Year ended December 31, (CHF in thousands) 2021 2020 2019 Shoes 683,288 406,390 255,612 Apparel 36,343 15,750 9,570 Accessories 4,960 3,155 1,938 Net sales 724,591 425,295 267,120 On generates net sales primarily from the sale of premium performance shoes, apparel, and accessories. On has two sales channels being Wholesale (WHS) and Direct-to-Consumer (DTC). The WHS sales channel involves larger volumetric sales to wholesale customers (e.g. large retailers or retail associations) and international distributors (in markets where On does not have local sales teams) and which have the intention of re-selling the goods. The DTC sales channel includes sales to end customers directly through On’s e-commerce platform as well as through own retail stores. Net sales by geographic regions (based on location of customers): Year ended December 31, (CHF in thousands) 2021 2020 2019 Europe 260,357 187,510 128,344 thereof Switzerland 55,105 51,837 31,348 North America 409,530 208,089 111,761 Asia-Pacific 42,730 22,999 17,867 Rest of World 11,973 6,697 9,148 Net sales 724,591 425,295 267,120 Due to its fragmented customer base, there is no single customer who accounts for more than 10% of total net sales. For details on assets and liabilities related to contracts with customers refer to 3.1 Trade receivables and 3.6 Other current operating assets and liabilities , respectively. Trade receivables as shown in the balance sheet relate to the sale of produ cts and other revenue. Accounting policies Revenue is measured based on the consideration to which On expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. On recognizes revenue when it transfers control of a product to a customer. All contracts with customers have an original expected duration of one year or less. Consideration promised in On’s contracts with customers is variable due to anticipated reductions from sales returns, discounts and volume rebates. Significant estimate is not required when recognizing revenue on contracts containing discounts and volume rebates as the reduction in revenue is largely known by year end. On sells innovative premium performance sports products through its Wholesales (WHS) and Direct-to-Consumer (DTC) sales channels. Sales within the WHS sales channel For sales of goods to the wholesale market, revenue is recognized at a point in time when control of the goods has transferred, being when the goods have been shipped to the customer’s specific location (delivery). Following delivery, the customer has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility when onselling the goods and bears the risks of obsolescence and loss in relation to the goods. A receivable is recognized by On when the goods are delivered to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. Payment terms for wholesale transactions depend on the country of sale or agreement with the customer and payment is generally required within 30 to 90 days or less of shipment to or receipt by the wholesale customer. On has several consignment arrangements with wholesale customers whereby control of the goods is retained by On. For such arrangements, revenue will only be recognized when the goods have been sold by the wholesale customer to the final consumer. Certain wholesale customers are part of wider associations which comprise of various independent retailing groups. These associations have a dedicated entity to provide an administrative service to the respective retailing groups within the association. The corresponding fee for this administrative service is passed to On and is expensed to selling expenses. Sales within the DTC sales channel For sales of goods to end consumers and retail customers, revenue is recognized when control of the goods has transferred, being upon shipment for e-commerce customers or at the point the customer purchases the goods at the retail store. Payment of the transaction price is due immediately at the point the customer purchases the goods. Under On’s standard contract terms, retail customers have a right of return within 30 days. At the point when the control of goods has transferred, a refund liability (other current financial liabilities) and a corresponding adjustment to revenue is recognized for those products expected to be returned. At the same time, On has a right to recover the product when customers exercise their right of return so consequently recognizes a right to returned goods asset (other current operating assets) and a corresponding adjustment to cost of sales. Relevant judgments Estimation is required to determine the expected amount On will be entitled to receive in connection with contracts containing a right of return. Estimates of sales returns are based on (1) accumulated historical experience within the respective geographical markets, and (2) specific identification of estimated sales returns not yet finalized with customers. Actual returns in any future period are inherently uncertain and thus may differ from On reviews and refines these estimates on an annual basis. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Segment information | 2.2 Segment information Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment. On’s CODM is the On Executive Team which consists of the three Co-Founders and the two Co-CEOs. The CODM does not regularly review financial information for any individual component, such as sales channels, geographic regions or product groups that would allow decisions to be made about allocation of resources or performance. On operates as single-brand consumer products business and therefore has a single reportable segment. This is primarily due to On’s business activities which focus on driving sales growth by increasing overall brand awareness and market share. The key operating expenditures related to cost of sales, distribution, selling, marketing and general and administrative expenses, are either not differentiated across individual components, or are managed to benefit the entire On brand irrespective of the impact on the potential profitability of a particular component. The following table reports the carrying amount of On’s non-current assets by geographic area: (CHF in thousands) 12/31/2021 12/31/2020 Europe 176,191 83,383 thereof Switzerland 168,864 82,288 North America 82,377 9,826 Asia-Pacific 12,326 6,067 Rest of World 1,030 1,030 Non-current assets 271,923 100,305 |
Selling, general and administra
Selling, general and administrative expenses | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Selling, general and administrative expenses | 2.3 Selling, general and administrative expenses Year ended December 31, (CHF in thousands) 2021 2020 2019 Distribution expenses (96,429) (51,089) (28,564) Selling expenses (52,612) (35,614) (23,487) Marketing expenses (100,539) (45,626) (28,553) Share-based compensation (198,456) (54,765) (18,838) General and administrative expenses (123,338) (61,105) (37,987) Selling, general and administrative expenses (571,375) (248,199) (137,428) In 2021, selling, general and administrative expenses include depreciation and amortization of non-current assets in the amount of CHF 28,668k (2020: CHF 9,716k, 2019: CHF 3,744k). In addition, depreciation charges for production tools in the amount of CHF 2,747k (2020: CHF 2,377k, 2019: CHF 1,599k) are reported in cost of sales. Total personnel expenses, excluding any costs related to share-based compensation, amount to CHF 87,338k in 2021, CHF 57,643k in 2020 and CHF 35,998k in 2019, respectively. |
Trade receivables
Trade receivables | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Trade receivables | 3.1 Trade receivables Trade receivables are generally due within a payment period of between 30 to 90 days. Due to the short-term nature, their carrying amount is considered to be the same as their fair value. (CHF in thousands) 12/31/2021 12/31/2020 Not yet due 64,436 37,695 Past due 1 - 90 days 32,812 12,921 Past due 91 - 180 days 3,278 513 Past due 181 - 360 days 204 820 Past due > 361 days 1,087 1,490 Gross Carrying Amount 101,817 53,439 Individual loss allowance (1,998) (1,750) Expected credit loss (555) (58) Loss allowance (2,553) (1,807) Trade receivables 99,264 51,631 At the end of each reporting period, no single customer accounted for more than 10% of total trade receivables. Certain trade receivables have been pledged as collateral in relation to debt financing, refer to 5.4 Liquidity risk . The recorded loss allowance for trade receivables reconciles as follows: (CHF in thousands) 2021 2020 Individual loss allowance at January 1 1,750 547 Addition 1,492 1,405 Usage (23) (6) Release (1,263) (59) Exchange differences 42 (137) Individual loss allowance at December 31 1,998 1,750 (CHF in thousands) 2021 2020 Expected credit loss at January 1 58 194 Change 502 (129) Exchange Difference (5) (7) Expected credit loss at December 31 555 58 Refer to 5.3 Credit risk for additional information. Accounting policies Trade receivables represent On’s right to an amount of consideration that is unconditional and only a passage of time is required before payment of the consideration is due. Trade receivables are initially recorded at original invoice amount and subsequently measured at amortized cost less loss allowance calculated based on the expected credit loss (ECL) model. On applies the simplified approach to measure credit losses, which uses a lifetime expected loss allowance for trade receivables. This approach considers historical credit loss experience as well as future expectations. Trade receivables are written off when there is no reasonable expectation of recovery. The charges to the income statement are included in selling, general and administrative expenses. Relevant judgments and accounting estimates Expected credit losses (ECL’s) on trade receivables are calculated based on historical loss rates per region and adjusted by forward-looking quantitative and qualitative adjusted by forward-looking quantitative and qualitative information such as the global economy outlook (real GDP growth). In addition, appraisals and data used by the internal planning department are taken into consideration. Individual allowances and write-offs (partially or fully) on trade receivables are applied if there are objective indications for missing collectability such as legal procedures, insolvency or bankruptcy. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Inventories | 3.2 Inventories (CHF in thousands) 12/31/2021 12/31/2020 Shoes 118,943 95,630 Apparel 14,359 6,700 Accessories 1,769 919 Allowances (894) (371) Inventories 134,178 102,878 In 2021, inventories of CHF 215,953k (2020: CHF 132,045k) and valuation allowances of CHF (473)k (2020: CHF 53k) were recognized in cost of sales. At reporting date, inventories held on consignment amounted to CHF 9,899 k (2020: CHF 4,112k). Certain inventories have been pledged as collateral in relation to debt financing, refer to 5.4 Liquidity risk . Accounting policies Inventories only include finished goods purchased from third parties. Cost of inventories include expenditures incurred in acquiring the products and bringing them to their current location and condition. Subsequent measurement of the inventory items is made at the lower of cost or net realizable value. Net realizable value is the estimated selling price of each specific item in the ordinary course of business less freight and selling expenses. If the net realizable value is below the cost, an allowance is recognized for the remaining items on stock. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 3.3 Property, plant and equipment (CHF in thousands) Leasehold improvements Trade tools Production tools Other Total Cost at January 1, 2020 2,713 4,365 4,879 2,851 14,808 Additions 4,101 2,324 2,913 1,647 10,986 Currency Translation (161) (129) — (63) (354) Cost at December 31, 2020 6,652 6,561 7,792 4,435 25,440 Additions 14,296 2,785 4,104 3,455 24,639 Disposals 52 (1,946) — (89) (1,983) Currency Translation (123) (81) — (42) (246) Cost at December 31, 2021 20,877 7,319 11,896 7,758 47,850 Accumulated Depreciation at January 1, 2020 (440) (949) (2,033) (756) (4,177) Depreciation (311) (1,842) (1,453) (706) (4,312) Currency Translation 4 35 — 14 53 Accumulated Depreciation at December 31, 2020 (747) (2,755) (3,486) (1,448) (8,436) Depreciation (1,095) (2,721) (2,100) (1,147) (7,063) Disposals (52) 1,946 — 87 1,981 Currency Translation 15 43 — 9 67 Accumulated Depreciation at December 31, 2021 (1,879) (3,488) (5,586) (2,498) (13,451) Net Value at January 1, 2020 2,273 3,417 2,846 2,095 10,631 at December 31, 2020 5,905 3,806 4,306 2,987 17,004 at December 31, 2021 18,998 3,832 6,310 5,259 34,399 Other comprises IT and office equipment as well as vehicles. As at December 31, 2021, leasehold improvements in the amount of CHF 9,314k (December 31, 2020: CHF 1,409k) are not yet in use. Accounting policies Property, plant and equipment (PPE) is valued at purchase cost less accumulated depreciation and any impairment in value. Leasehold improvements include costs incurred to enhance and expand offices, own retail stores and showrooms within the feasibility of the respective lease agreement. Depreciation is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: • Leasehold improvements: In line with the term of the property lease • Trade tools (e.g. point-of-sale and exhibition installations): 3 years • Production tools (e.g. molds at the factory sites): 4 years • Other (e.g. IT and office equipment and vehicles): 3 to 4 years At each reporting date, the residual values, useful lives and method of depreciation are reviewed and adjusted prospectively, if applicable. Furthermore, On assesses whether there is any indication, that an asset may be impaired. If any such indication exists, the recoverable amount (being the higher of fair value less cost of disposal or value in use) of the individual asset is determined. If the recoverable amount is lower than carrying amount, an impairment loss is recognized. PPE is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition is included in the income statement. |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Right-of-use assets | 3.4 Right-of-use assets (CHF in thousands) Storage Stores & showrooms Offices Cars Total Cost at January 1, 2020 — 793 4,258 3,290 8,341 Additions 9,782 7,350 4,513 995 22,640 Disposals — (42) — — (42) Currency translation — (724) (160) (141) (1,025) Cost at December 31, 2020 9,782 7,377 8,611 4,144 29,914 Additions 68,397 7,587 95,039 818 171,842 Disposals — — (130) (326) (456) Currency translation (302) (128) (628) (90) (1,147) Cost at December 31, 2021 77,878 14,836 102,892 4,547 200,153 Accumulated Depreciation at January 1, 2020 — (53) (1,649) (1,559) (3,261) Depreciation (244) (1,107) (1,666) (1,113) (4,131) Disposals — — 8 69 77 Currency translation — 73 48 76 197 Accumulated Depreciation at December 31, 2020 (244) (1,088) (3,267) (2,596) (7,195) Depreciation (4,801) (1,859) (7,917) (968) (15,544) Disposals — — 87 189 276 Currency translation 57 (16) 133 27 200 Accumulated Depreciation at December 31, 2021 (4,988) (2,963) (10,964) (3,348) (22,263) Net Value at January 1, 2020 — 739 2,609 1,732 5,080 at December 31, 2020 9,538 6,289 5,344 1,548 22,719 at December 31, 2021 72,889 11,873 91,928 1,199 177,890 The corresponding lease liabilities are reported in other current financial liabilities and other non-current financial liabilities, respectively. Refer to 4.3 Financial liabilities for additional information. Accounting policies On leases storage space, various offices, retail stores (including pop-ups), showrooms and cars. Lease contracts typically run for up to ten years, some include extension options. At inception of a contract, On assesses whether it is a lease or contains a lease component. A right-of-use asset and a lease liability is recognized at the lease commencement date considering any relevant contractual condition. Short-term leases with a lease term of 12 months or less and low-value leases are recognized as an expense in the income statement on a straight-line basis over the lease term. The right-of-use asset is initially measured at cost and, subsequently, at cost less accumulated depreciation and impairment losses as well as certain lease liability remeasurements. These costs comprise discounted and unpaid lease payments adjusted by initial direct cost, prepaid expenses, dismantling cost, and lease incentives received. Depreciation is calculated on a straight-line basis over the shorter of the assets or asset categories’ useful life and the respective lease term: • Storage: 10 years • Offices: 2 to 15 years • Stores and showrooms: 3 to 10 years • Cars: 1 to 3 years • The lease liability is initially measured at the present value of any lease payments that are not paid at the commencement date and are discounted using On’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by the lease payments made. It is remeasured when there is a change in an input parameter or in the underlying estimates and assessments. On only acts as lessee, not as lessor. For future lease obligations refer to 4.3 Financial liabilities Significant judgments and accounting estimates On uses judgement to determine the lease term for some lease contracts which include extension and or termination options. The assessment of whether On is reasonably certain to exercise such options impacts the lease term which significantly affects the amount of right-of-use assets and lease liabilities recognized. A reassessment only happens when a significant event or change in circumstance occurs that is within the control of On and affects whether it is reasonably certain to exercise an option. Furthermore, judgement is required to determine an appropriate incremental borrowing rate. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Intangible assets | 3.5 Intangible assets (CHF in thousands) Patents and other rights Software Goodwill Total Cost at January 1, 2020 6,649 3,566 1,791 12,006 Additions 45,123 7,284 — 52,407 Currency translation (1) — — (2) Cost at December 31, 2020 51,771 10,850 1,791 64,411 Additions 1,015 10,589 — 11,604 Currency translation 1 (2) — (1) Cost at December 31, 2021 52,787 21,436 1,791 76,014 Accumulated Amortization at January 1, 2020 (4,383) (1,713) — (6,096) Amortization (2,666) (982) — (3,648) Accumulated Amortization at December 31, 2020 (7,049) (2,695) — (9,744) Amortization (3,876) (4,930) — (8,806) Accumulated Amortization at December 31, 2021 (10,924) (7,625) — (18,550) Net Value at January 1, 2020 2,266 1,853 1,791 5,911 at December 31, 2020 44,722 8,155 1,791 54,667 at December 31, 2021 41,862 13,811 1,791 57,464 As at December 31, 2021, software includes capitalized IT development costs not yet in use in the amount of CHF 604k (December 31, 2020: CHF 364k). In 2021, costs recognized in general and administrative expenses within the income statement for innovation and development amount to CHF (5,334)k (2020: CHF (1,852)k). In 2020, Patents and other rights include a non-cash addition related to license rights for trademarks in the amount of CHF 44,795k. As part of the SLIA transaction (refer to 6.1 Share-based compensation for additional information), an intangible asset related to the license rights and corresponding equity instruments were determined at fair value. The intangible asset and corresponding increase in capital reserves were recognized at the signing date of the agreement. The fair value of the intangible asset was determined by applying the relief from royalty methodology. The intangible asset is amortized over the useful life of 15 years. Goodwill is allocated and monitored on segment level. Based on the annual impairment assessments performed, there was no need to recognize any impairment of goodwill in 2021 nor 2020. None of the goodwill is expected to be deductible for tax purposes. Accounting policies Intangible assets acquired are valued at purchase cost less accumulated amortization and any impairment in value. On only capitalizes certain IT development costs if the identifiable asset is cumulatively commercially and technically feasible, can and will be completed, its costs can be measured reliably, and will generate probable future economic benefits. All other research and development costs are expensed as incurred. Goodwill acquired in a business combination is measured at cost less any impairment in value. Goodwill is not amortized but is assessed for impairment annually or whenever events or changes in circumstances indicate that its value might be impaired. Except for goodwill, On has no intangible assets with an indefinite useful life. Amortization is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: • Patents and other rights: 4 years • License rights for trademarks: 15 years • Software acquired: 4 years • IT development costs capitalized: Determined separately for each asset, varies from 1.5 to 3 years For capitalized IT development costs, amortization starts when the asset is ready for use. Capitalized IT development costs not yet in use are tested annually for impairment or whenever events or changes in circumstances indicate that its value might be impaired. At each reporting date, the residual values, useful lives and method of amortization are reviewed and adjusted prospectively, if applicable. Furthermore, On assesses whether there is any indication, that an asset may be impaired. If any such indication exists, the recoverable amount (the higher of fair value less cost of disposal or value in use) of the asset is estimated. If the recoverable amount is lower than carrying amount, an impairment loss is recognized. Intangible assets are derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition is included in the income statement. Significant judgments and accounting estimates On uses judgement to determine commercial and technical feasibility when capitalizing certain IT development costs. In calculating the respective costs, both planning and actual data are taken into consideration. The determinants are reviewed on a regular basis. The intangible asset corresponding to the SLIA transaction was calculated using the relief from royalty method, based on royalty data for comparable license agreements and businesses in the sporting goods and sports apparel sector. To validate the appropriateness of the royalty rate, the Knoppe formula was applied. When determining the fair value, a discount rate of 9.3% was used. The entity approach in terms of the weighted average cost of capital was applied. The saved license expenses (after tax) where calculated based on the estimated revenue multiplied with the relevant royalty rate. For the purpose of impairment testing, the recoverable amount of the respective intangible asset is compared to its carrying amount. The recoverable amounts (the higher of fair value less cost of disposal or value in use) are measured on the basis of value-in-use calculations and as such are significantly impacted by the projected cash flows, the discount rates, and other parameters applied. These projections, estimates and input parameters subject to management judgment could vary significantly from future actuals. |
Other current operating assets
Other current operating assets and liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current operating assets | 3.6 Other current operating assets and liabilities (CHF in thousands) 12/31/2021 12/31/2020 Prepaid expenses 16,492 5,213 Indirect taxes (VAT/GST) receivables 26,934 12,442 Other current assets 4,598 2,324 Other current operating assets 48,024 19,979 (CHF in thousands) 12/31/2021 12/31/2020 Accrued expenses 54,921 24,284 Indirect taxes (VAT/GST) payables 19,233 6,115 Social security payables 40,837 3,097 Other current liabilities 6,682 2,617 Other current operating liabilities 121,673 36,113 |
Other current operating liabilities | 3.6 Other current operating assets and liabilities (CHF in thousands) 12/31/2021 12/31/2020 Prepaid expenses 16,492 5,213 Indirect taxes (VAT/GST) receivables 26,934 12,442 Other current assets 4,598 2,324 Other current operating assets 48,024 19,979 (CHF in thousands) 12/31/2021 12/31/2020 Accrued expenses 54,921 24,284 Indirect taxes (VAT/GST) payables 19,233 6,115 Social security payables 40,837 3,097 Other current liabilities 6,682 2,617 Other current operating liabilities 121,673 36,113 |
Net cash and cash equivalents
Net cash and cash equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Net cash and cash equivalents | 4.1 Net cash and cash equivalents (CHF in thousands) 12/31/2021 12/31/2020 Cash on hand 3 5 Current bank accounts 419,546 88,567 Digital wallets 5,761 2,070 Fixed deposit 227,771 — Cash and cash equivalents 653,081 90,642 Current bank overdrafts — (46) Net cash and cash equivalents 653,081 90,595 Digital wallets mainly include deposit account balances at online payment platforms such as PayPal. Current bank overdrafts are repayable on demand and are reported in other current financial liabilities on the balance sheet. Accounting policies Cash and cash equivalents include short-term highly liquid assets with a maturity of three months or less. On measures cash and cash equivalents at amortized costs. On does not recognize any credit impairment losses on these assets as the related credit risk is considered to be insignificant due to their short-term maturity and the external counterparties’ credit ratings. |
Other current financial assets
Other current financial assets | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial assets [abstract] | |
Other current financial assets | 4.2 Other current financial assets (CHF in thousands) 12/31/2021 12/31/2020 Credit cards 6,417 7,271 Deposits 14,814 4,864 Other current financial assets 8,823 5,000 Other current financial assets at amortized cost 30,054 17,135 Other current financial assets at fair value through profit and loss — — Other current financial assets 30,054 17,135 Due to their short-term nature, the carrying amount of other current financial assets at amortized cost correspond to their fair value . As of December 31, 2021, other current financial assets include prepayments made to customs authorities in the amount o f CHF 4,474k (December 31, 2020: CHF 3,467k). Refer to 5.2 Foreign currency risk for additional information on derivatives. 4.3 Financial liabilities (CHF in thousands) 12/31/2021 12/31/2020 Current bank overdrafts — 46 Current lease liabilities 13,631 4,308 Short-term debt — 200 Other financial liabilities 6,458 1,351 Other current financial liabilities at amortized cost 20,089 5,905 Negative fair value from derivatives 8 1,371 Other current financial liabilities at fair value through profit or loss 8 1,371 Other current financial liabilities 20,097 7,276 Non-current lease liabilities 167,228 19,174 Other non-current financial liabilities at amortized cost 167,228 19,174 Due to their short-term nature, the carrying amount of other current financial liabilities at amortized cost correspond to their fair value. The carrying amount of long-term debt is a reasonable approximation of fair value. Certain assets have been pledged in relation to current bank overdrafts, refer to 5.4 Liquidity risk for additional information. For additional information on derivatives refer to 5.2 Foreign currency risk . Accounting policies On’s financial liabilities include trade payables, current bank overdrafts repayable on demand, short-term debts incl. bank loans, and other financial liabilities, which initially are recognized at fair value. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement. A financial liability is only classified as at fair value through profit or loss if it is a derivative. Reconciliation of liabilities arising from financing activities: (CHF in thousands) Short-term debt Long-term debt Lease liabilities Total Balance at January 1, 2020 3,026 200 5,162 8,388 thereof current 3,026 — 2,049 5,075 thereof non-current — 200 3,113 3,313 Payments (3,026) — (3,399) (6,425) Interest expenses paid — — (281) (281) Additions to lease liabilities — — 22,598 22,598 Reclassifications 200 (200) — — Exchange differences — — (599) (599) Balance at December 31, 2020 200 — 23,482 23,682 thereof current 200 — 4,308 4,508 thereof non-current — — 19,174 19,174 Payments (200) — (13,311) (13,511) Interest expenses paid — — (2,428) (2,428) Additions to lease liabilities — — 174,089 174,089 Exchange differences — — (973) (973) Balance at December 31, 2021 — — 180,859 180,859 thereof current — — 13,631 13,631 thereof non-current — — 167,228 167,228 |
Financial liabilities
Financial liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial liabilities [abstract] | |
Financial liabilities | 4.2 Other current financial assets (CHF in thousands) 12/31/2021 12/31/2020 Credit cards 6,417 7,271 Deposits 14,814 4,864 Other current financial assets 8,823 5,000 Other current financial assets at amortized cost 30,054 17,135 Other current financial assets at fair value through profit and loss — — Other current financial assets 30,054 17,135 Due to their short-term nature, the carrying amount of other current financial assets at amortized cost correspond to their fair value . As of December 31, 2021, other current financial assets include prepayments made to customs authorities in the amount o f CHF 4,474k (December 31, 2020: CHF 3,467k). Refer to 5.2 Foreign currency risk for additional information on derivatives. 4.3 Financial liabilities (CHF in thousands) 12/31/2021 12/31/2020 Current bank overdrafts — 46 Current lease liabilities 13,631 4,308 Short-term debt — 200 Other financial liabilities 6,458 1,351 Other current financial liabilities at amortized cost 20,089 5,905 Negative fair value from derivatives 8 1,371 Other current financial liabilities at fair value through profit or loss 8 1,371 Other current financial liabilities 20,097 7,276 Non-current lease liabilities 167,228 19,174 Other non-current financial liabilities at amortized cost 167,228 19,174 Due to their short-term nature, the carrying amount of other current financial liabilities at amortized cost correspond to their fair value. The carrying amount of long-term debt is a reasonable approximation of fair value. Certain assets have been pledged in relation to current bank overdrafts, refer to 5.4 Liquidity risk for additional information. For additional information on derivatives refer to 5.2 Foreign currency risk . Accounting policies On’s financial liabilities include trade payables, current bank overdrafts repayable on demand, short-term debts incl. bank loans, and other financial liabilities, which initially are recognized at fair value. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement. A financial liability is only classified as at fair value through profit or loss if it is a derivative. Reconciliation of liabilities arising from financing activities: (CHF in thousands) Short-term debt Long-term debt Lease liabilities Total Balance at January 1, 2020 3,026 200 5,162 8,388 thereof current 3,026 — 2,049 5,075 thereof non-current — 200 3,113 3,313 Payments (3,026) — (3,399) (6,425) Interest expenses paid — — (281) (281) Additions to lease liabilities — — 22,598 22,598 Reclassifications 200 (200) — — Exchange differences — — (599) (599) Balance at December 31, 2020 200 — 23,482 23,682 thereof current 200 — 4,308 4,508 thereof non-current — — 19,174 19,174 Payments (200) — (13,311) (13,511) Interest expenses paid — — (2,428) (2,428) Additions to lease liabilities — — 174,089 174,089 Exchange differences — — (973) (973) Balance at December 31, 2021 — — 180,859 180,859 thereof current — — 13,631 13,631 thereof non-current — — 167,228 167,228 |
Financial result
Financial result | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Financial result | 4.4 Financial result Year ended December 31, (CHF in thousands) 2021 2020 2019 Interest income employee benefits 25 27 47 Financial income 25 27 47 Bank charges and interest expenses (1,113) (625) (577) Interest expenses leases (2,428) (281) (61) Interest expenses employee benefits (33) (33) (58) Financial expenses (3,574) (940) (697) Foreign exchange losses (16,312) (5,088) (1,738) Change in fair value of foreign exchange derivatives 1,363 (1,347) (155) Foreign exchange result (14,949) (6,434) (1,893) Financial result (18,499) (7,347) (2,542) Bank charges and interest expenses mainly include commitment fees paid for bank overdraft facilities, refer to 5.4 Liquidity risk for additional information. |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Share capital | 4.5 Share capital The share capital amounts to CHF 33,454k and is divided into 299,998,125 registered shares with a nominal value of CHF 0.10 each (the "Class A Shares") and in 345,437,500 registered shares with a nominal value of CHF 0.01 each (voting right shares) (the "Class B Shares"). No preference shares and no restrictions with Class A ordinary shares exist. The share capital is paid in at 100%. Class A Class A Class A Class B Authorized registered shares Shares held by On in treasury Outstanding shares Authorized and outstanding registered shares Balance at January 1, 2021 (1) 271,438,750 — 271,438,750 — Capital increase from conditional capital (1) 8,845,000 — 8,845,000 — Introduction of a new share class with a 1:10 share split of 27,635 Class A shares with a nominal value of CHF10 each converting into Class B voting rights shares with a nominal value of CHF1 each (1) (34,543,750) — (34,543,750) 345,437,500 Ordinary increase of share capital (1) 25,000,000 (25,000,000) — — Capital increase from authorized capital 29,258,125 — 29,258,125 — Sale of treasury shares related to share-based compensation — 2,419,985 2,419,985 — Purchase of On shares from employees (sell-to-cover) at market price and held in treasury — (554,491) (554,491) — Balance at December 31, 2021 299,998,125 (23,134,506) 276,863,619 345,437,500 (1) Original share numbers have been multiplied by 1,250 to give effect to the Share Capital Reorganization. On April 21, 2021, our shareholders approved the creation of a second share class (“Class B voting rights shares”). The Class B voting rights shares are held by the members of the extended founder team and cannot be sold in the market nor can they be transferred to others, including family members. The holders of the Class B voting rights shares commit themselves to several sunset rules in order to ensure that, if pre-defined sunset events are triggered, the Class B voting rights shares are converted back into Class A ordinary shares. During the extraordinary shareholder's meeting in August 2021 the Class B voting right shares were created and the members of the extended founder team exchanged 34,543,750 Class A ordinary shares into 345,437,500 Class B voting rights shares. Each Class B voting rights share carries one voting right; therefore, this transaction increased the holders of the Class B voting rights shares by a ratio of 10:1. The par value and dividend and distribution rights of a Class B voting rights share are each 1/10 that of a Class A ordinary share. This transaction did not result in any economic dilution of the Class A ordinary shares. Immediately prior to the completion of the IPO, On has given effect to i) an increase of the par value of each of our Class A ordinary shares and Class B voting rights shares from (x) CHF 10 par value per share to CHF 125 par value per share and (y) CHF 1 par value per share to CHF 12.50 par value per share, respectively, by converting capital reserves into share capital (the “Par Value Increase”) and (ii) a 1:1,250 share split of all issued shares (and outstanding awards under our equity incentive plans) resulting in a par value per share for our Class A ordinary shares and Class B voting rights shares of CHF 0.1 and 0.01, respectively (the “Share Split” and, together with the Par Value Increase, the “Share Capital Reorganization”). The Capital Reorganization was effected on August 19, 2021 and at that date increased Class A shares to 245,740,000 and Class B shares to 345,437,500. In addition to the Share Capital Reorganization, we issued 25,000,000 Class A ordinary shares that are held by the Company in treasury and therefore are not outstanding. On September 15, 2021, the Company completed an IPO on the New York Stock Exchange in which the Company issued an aggregate of 29,258,125 Class A ordinary shares at USD 24.00 per share, including the Class A ordinary shares issued and sold pursuant to the underwriters’ exercise in full of their option to purchase additional Class A ordinary shares. The gross proceeds from the IPO were CHF 652.5 million (USD 702.2 million) for us before deducting underwriting discounts and commissions, fees and expenses payable. The IPO resulted in a net increase of CHF 615.3 million (USD 662.2 million) to the share premium account prior to fees and expenses payable associated with the IPO share issuance of CHF 14.1 million (USD 15.2 million), of which CHF 7.2 million (USD 7.8 million) has been recorded as an expense for the period ended September 30, 2021 and the remainder recorded in equity. In 2021, 2,419,985 Class A shares held in treasury have been issued to employees and members of the Board of Directors. This transaction resulted in a cash inflow of CHF 500k. To cover the cost for the resulting individual social security and personal tax obligations, respective employees and members of the Board of Directors were offered the option to either pay cash or sell-back shares for the same value at market price ("sell-to-cover"). As part of this transaction, On re-purchased 554,491 Class A shares, held in treasury, in the amount of CHF 22,777k. |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Earnings per share | 4.6 Earnings per share Basic earnings per share (EPS) is calculated by dividing On’s net income or loss for the period by the weighted average number of ordinary shares outstanding during the year. Original share numbers have been multiplied by 1,250 to give effect to the Share Capital Reorganization. Diluted EPS is calculated by dividing On’s net income or loss for the period by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued at conversion of all the dilutive potential ordinary shares into ordinary shares. Dilutive effects arise from equity settled shares from the Company's share-based plans. These shares are included even if the service conditions are not met, or respective performance conditions were fulfilled at the end of the reporting period. The Company excluded 4,982,486 and 9,586,250 shares from the Class A diluted EPS calculation, as the impact of the shares are considered anti-dilutive for the period ending December 31, 2021 and 2020, respectively. Similarly, the Company excluded 8,329,740 shares from the Class B diluted EPS calculation, as the impact of the shares are considered antidilutive for the period ending December 31, 2021. 2021 2021 2020 2019 Class A Class B Class A Class A Weighted number of outstanding shares 264,171,208 241,333,048 265,684,627 233,957,500 Number of shares with dilutive effects — — — — Weighted number of outstanding shares (diluted and undiluted) 264,171,208 241,333,048 265,684,627 233,957,500 Net loss (kCHF) (155,978) (14,249) (27,524) (1,473) Basic EPS (CHF) (0.59) (0.06) (0.10) (0.01) Diluted EPS (CHF) (0.59) (0.06) (0.10) (0.01) |
Capital and other reserves
Capital and other reserves | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Capital and other reserves | 4.7 Capital and other reserves (CHF in thousands) 12/31/2021 12/31/2020 Share premium 756,883 175,224 Legal reserves 10,976 2,662 Equity transaction costs (8,712) (1,876) Current tax benefits on equity transaction costs 1,256 — Share-based compensation 283,584 100,397 Capital reserves 1,043,987 276,408 Exchange differences (922) 119 Actuarial gains and losses (3,123) (4,030) Taxes on actuarial gains and losses 623 802 Other reserves (3,422) (3,110) |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Commitments and contingencies | 4.8 Commitments and contingencies As at December 31, 2021, guarantees in the amount of CHF 2,917k (December 31, 2020: CHF 497k) were provided in favor of third parties. The Swiss On entities form a VAT group and, hence, every entity participating in the group is jointly and severally liable for VAT debt other group participants. Further On group entities participating in central cash pooling are jointly and severally liable for any debit position or outstanding overdraft in connection with them. In that context, gross balances in the amount of CHF 87,592k have been offset as at December 31, 2021 ( December 31, 2020 : CHF 25,939k). On has committed itself to several new lease contracts, which have not yet commenced as at December 31, 2021, and are therefore not yet recognized on balance sheet. The total committed future outflow resulting of these lease contracts amounts to: (CHF in thousands) 12/31/2021 12/31/2020 Due < 1 year 644 3,640 Due 1 - 5 years 9,181 24,456 Due > 5 years 11,989 60,976 Commitments for future lease obligations 21,814 89,071 The majority of the future lease commitments relate to new retail stores and offices contracts amounting to CHF 18,188k |
Risk management
Risk management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Financial Risk Management [Abstract] | |
Risk management | 5 Risk management On is exposed to market risk, foreign currency risk, credit risk and liquidity risk. On’s senior management oversees and monitors these risks supported by the Audit Committee that assures proper identification, measurement and management of these financial risks by implementing and maintaining a financial governance framework. The Board of Directors reviews and agrees policies for managing each of these risks at least once a year. 5.2 Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. On’s exposure to the risk of changes in foreign currency rates is a direct result of multi-currency cash flows within the company. The vast majority of the transactional risk arises from product sourcing in USD, while sales are typically denominated in the local currency of the respective companies and sales markets. The currencies in which these transactions are mainly denominated are USD, EUR, CHF, GBP, JPY, CNY, BRL, and AUD. The main exchange rates at the closing dates were the following: Currency 12/31/2021 12/31/2020 AUD 1 0.66 0.68 BRL 100 16.36 17.02 CAD 1 0.72 0.69 CNY 100 14.33 13.51 EUR 1 1.04 1.08 GBP 1 1.23 1.21 JPY 100 0.79 0.86 USD 1 0.91 0.88 The main annual average exchange rates were the following: Currency 2021 2020 AUD 1 0.70 0.65 BRL 100 17.23 19.28 CAD 1 0.73 0.71 CNY 100 14.23 13.79 EUR 1 1.10 1.08 GBP 1 1.27 1.23 JPY 100 0.85 0.89 USD 1 0.92 0.96 Accounting policies On’s consolidated financial statements are presented in CHF, which is On’s functional and presentation currency. For each group entity, On determines its functional currency based on the primary economic environment in which the entity operates (normally the local currency). Items included in the financial statements of each group entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. When translating foreign currency financial statements into CHF, closing exchange rates are applied to asset and liabilities, while average exchange rates are applied to income and expenses. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rates at the reporting date. • Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. • All resulting exchange differences are recognized in other comprehensive income in equity. • On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement. On regularly assesses its exposure to foreign currency risks and manages these risks by using a combination of different derivative financial instruments on a rolling basis up to twelve months. These instruments are exclusively used for managing the exposure to fluctuations in foreign exchange rates connected with future cash flows and not for speculative positions. No hedge accounting is applied. Derivative instruments are recorded as financial assets or liabilities at fair value through profit or loss. On offsets positive and negative fair values of derivative instruments and reports the net amount in either current financial assets or current financial liabilities. The respective gross amounts are as follows: (CHF in thousands) 12/31/2021 12/31/2020 Fair value of financial assets from derivative instruments (gross) — — Fair value of financial liabilities from derivative instruments (gross) (8) (1,371) Fair value of derivative instruments (net) (8) (1,371) In 2021, fair value profit / (loss) on derivatives at fair value through profit or loss in the amount of CHF 1,363k (2020: CHF (1,347)k) have been recognized in financial result. Accounting policies On’s derivative financial instruments only include foreign exchange forward contracts. Derivatives are initially recognized in the balance sheet at fair value and are remeasured as to their current fair value at the end of each subsequent reporting period. Derivatives are derecognized upon settlement. Positive and negative fair values of derivative instruments are offset if they are concluded with the same counterparty and are regularly settled simultaneously. Based on foreign currency sensitivity analysis of the consolidated balance sheets, financial result and net income are impacted as follows by a 10% fluctuation in On’s main currencies (excluding the impact of derivative financial instruments): (CHF in thousands) 12/31/2021 12/31/2020 12/31/2019 Change in USD/CHF +10% (65,564) (6,752) (2,162) Change in USD/CHF -10% 80,133 8,253 2,630 Change in EUR/CHF +10% (1,687) 221 (181) Change in EUR/CHF -10% 2,062 (270) 221 5.5 Capital risk management To uphold investor, creditor, and market confidence and to sustain future development of the business, On focuses on maintaining a strong capital base. On manages its capital structure and makes adjustments in line with changes in general economic conditions and according to its strategic objectives. |
Market risk
Market risk | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Financial Risk Management [Abstract] | |
Market risk | 5.1 Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices. Market risk comprises of three types of risk: interest risk, currency risk and other price risk. Financial instruments affected by market risk include cash and cash equivalents. On has no significant exposure to interest rate changes and other price risk. In order to minimize the risks related to a potential unavailability of products, production capacity, and raw materials in the time required by production, On adopts a multi-sourcing strategy of diversifying suppliers and purchase plans with a medium-term time horizon. The price for raw materials and products and the corresponding fixed price period are generally agreed with business partners prior to the purchase order issuance and remains firm and unchanged for a six-month period in the absence of significant exchange rate and commodity price fluctuation (resulting in excess of ±3% of originally confirmed fixed price). There were no material changes in the Group’s market risk exposures or changes in the way risk is managed and valued during the period. |
Foreign currency risk
Foreign currency risk | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Financial Risk Management [Abstract] | |
Foreign currency risk | 5 Risk management On is exposed to market risk, foreign currency risk, credit risk and liquidity risk. On’s senior management oversees and monitors these risks supported by the Audit Committee that assures proper identification, measurement and management of these financial risks by implementing and maintaining a financial governance framework. The Board of Directors reviews and agrees policies for managing each of these risks at least once a year. 5.2 Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. On’s exposure to the risk of changes in foreign currency rates is a direct result of multi-currency cash flows within the company. The vast majority of the transactional risk arises from product sourcing in USD, while sales are typically denominated in the local currency of the respective companies and sales markets. The currencies in which these transactions are mainly denominated are USD, EUR, CHF, GBP, JPY, CNY, BRL, and AUD. The main exchange rates at the closing dates were the following: Currency 12/31/2021 12/31/2020 AUD 1 0.66 0.68 BRL 100 16.36 17.02 CAD 1 0.72 0.69 CNY 100 14.33 13.51 EUR 1 1.04 1.08 GBP 1 1.23 1.21 JPY 100 0.79 0.86 USD 1 0.91 0.88 The main annual average exchange rates were the following: Currency 2021 2020 AUD 1 0.70 0.65 BRL 100 17.23 19.28 CAD 1 0.73 0.71 CNY 100 14.23 13.79 EUR 1 1.10 1.08 GBP 1 1.27 1.23 JPY 100 0.85 0.89 USD 1 0.92 0.96 Accounting policies On’s consolidated financial statements are presented in CHF, which is On’s functional and presentation currency. For each group entity, On determines its functional currency based on the primary economic environment in which the entity operates (normally the local currency). Items included in the financial statements of each group entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. When translating foreign currency financial statements into CHF, closing exchange rates are applied to asset and liabilities, while average exchange rates are applied to income and expenses. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rates at the reporting date. • Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. • All resulting exchange differences are recognized in other comprehensive income in equity. • On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement. On regularly assesses its exposure to foreign currency risks and manages these risks by using a combination of different derivative financial instruments on a rolling basis up to twelve months. These instruments are exclusively used for managing the exposure to fluctuations in foreign exchange rates connected with future cash flows and not for speculative positions. No hedge accounting is applied. Derivative instruments are recorded as financial assets or liabilities at fair value through profit or loss. On offsets positive and negative fair values of derivative instruments and reports the net amount in either current financial assets or current financial liabilities. The respective gross amounts are as follows: (CHF in thousands) 12/31/2021 12/31/2020 Fair value of financial assets from derivative instruments (gross) — — Fair value of financial liabilities from derivative instruments (gross) (8) (1,371) Fair value of derivative instruments (net) (8) (1,371) In 2021, fair value profit / (loss) on derivatives at fair value through profit or loss in the amount of CHF 1,363k (2020: CHF (1,347)k) have been recognized in financial result. Accounting policies On’s derivative financial instruments only include foreign exchange forward contracts. Derivatives are initially recognized in the balance sheet at fair value and are remeasured as to their current fair value at the end of each subsequent reporting period. Derivatives are derecognized upon settlement. Positive and negative fair values of derivative instruments are offset if they are concluded with the same counterparty and are regularly settled simultaneously. Based on foreign currency sensitivity analysis of the consolidated balance sheets, financial result and net income are impacted as follows by a 10% fluctuation in On’s main currencies (excluding the impact of derivative financial instruments): (CHF in thousands) 12/31/2021 12/31/2020 12/31/2019 Change in USD/CHF +10% (65,564) (6,752) (2,162) Change in USD/CHF -10% 80,133 8,253 2,630 Change in EUR/CHF +10% (1,687) 221 (181) Change in EUR/CHF -10% 2,062 (270) 221 5.5 Capital risk management To uphold investor, creditor, and market confidence and to sustain future development of the business, On focuses on maintaining a strong capital base. On manages its capital structure and makes adjustments in line with changes in general economic conditions and according to its strategic objectives. |
Credit risk
Credit risk | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Financial Risk Management [Abstract] | |
Credit risk | 5.3 Credit risk Credit risk is the possibility of a loss resulting from a counterparty’s failure to meet its contractual obligation. On is exposed to credit risks from its operating activities and from certain financing activities. A potential concentration in credit risk mainly arise from trade receivables and other financial assets such as credit cards and deposits. The maximum exposure is limited to the respective carrying amounts. Due to its fragmented customer base (no relevant concentration of credit risk by type of customer or geography), On’s credit risk exposure is mainly influenced by individual customer characteristics. Core banking relationships are maintained with investment grade rated financial institutions only. New customers are assessed for creditworthiness before standard payment and delivery terms and conditions are offered, and individual tolerance limits are established. Creditworthiness as well as customers receivable limits are monitored on an ongoing basis. Customers that fail to meet On’s minimum creditworthiness may, in general, order only on a prepayment basis. Other activities to mitigate credit risks are risk-based credit insurances for the majority of On’s third-party distributors. |
Liquidity risk
Liquidity risk | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Financial Risk Management [Abstract] | |
Liquidity risk | 5.4 Liquidity risk Liquidity risks arise from not having the necessary resources available to meet maturing liabilities with regard to timing, volume and currency structure. On’s finance department is centrally managing the net cash and cash equivalent position to mitigate liquidity risk and to ensure On’s obligations can be settled on time. Main procedures in place to mitigate liquidity risks comprise: • Centralized control system to manage the net financial position of On and its subsidiaries; • Obtaining and maintaining forward-looking credit lines to create an adequate debt structure optimizing the liquidity provided by the credit system; • Continuous monitoring of future cash flows based on rolling forecast and budget data. Contractual maturities of On’s financial liabilities: (CHF in thousands) Due Due Due Due 12/31/2021 Trade payables 45,939 — — — 45,939 Current lease liabilities 4,163 13,035 — — 17,198 Other financial liabilities 4,246 — — — 4,246 Other current financial liabilities 8,409 13,035 — — 21,444 Non-current lease liabilities — — 78,826 108,383 187,209 Other non-current financial liabilities — — 78,826 108,383 187,209 (CHF in thousands) Due Due Due Due 12/31/2020 Trade payables 41,543 — — — 41,543 Current bank overdrafts 46 — — — 46 Current lease liabilities 1,282 3,639 — — 4,921 Short-term debt 200 — — — 200 Other financial liabilities 2,722 — — — 2,722 Other current financial liabilities 4,250 3,639 — — 7,890 Non-current lease liabilities — — 10,672 9,062 19,734 Other non-current financial liabilities — — 10,672 9,062 19,734 As of December 31, 2021, we had three bank overdraft facilities with different lenders with credit limits of up to CHF 100.0 million, CHF 25.0 million and USD 35.0 million, respectively, which expire in 2024 and 2025. All facilities are fully committed. The maximum amounts that can be drawn under the respective facilities are determined quarterly based on our Net Working Capital. Any amounts drawn in excess of the committed amounts are repayable on demand. The following assets have been pledged in relation to the financial liabilities resulting from the three facilities: (CHF in thousands) 12/31/2021 12/31/2020 Trade receivables 23,335 12,400 Inventory 74,013 56,483 Assets pledged 97,348 68,882 As at December 31, 2021, no amounts had been drawn under the overdraft facilities (December 31, 2020: CHF 46k). |
Capital risk management
Capital risk management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Financial Risk Management [Abstract] | |
Capital risk management | 5 Risk management On is exposed to market risk, foreign currency risk, credit risk and liquidity risk. On’s senior management oversees and monitors these risks supported by the Audit Committee that assures proper identification, measurement and management of these financial risks by implementing and maintaining a financial governance framework. The Board of Directors reviews and agrees policies for managing each of these risks at least once a year. 5.2 Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. On’s exposure to the risk of changes in foreign currency rates is a direct result of multi-currency cash flows within the company. The vast majority of the transactional risk arises from product sourcing in USD, while sales are typically denominated in the local currency of the respective companies and sales markets. The currencies in which these transactions are mainly denominated are USD, EUR, CHF, GBP, JPY, CNY, BRL, and AUD. The main exchange rates at the closing dates were the following: Currency 12/31/2021 12/31/2020 AUD 1 0.66 0.68 BRL 100 16.36 17.02 CAD 1 0.72 0.69 CNY 100 14.33 13.51 EUR 1 1.04 1.08 GBP 1 1.23 1.21 JPY 100 0.79 0.86 USD 1 0.91 0.88 The main annual average exchange rates were the following: Currency 2021 2020 AUD 1 0.70 0.65 BRL 100 17.23 19.28 CAD 1 0.73 0.71 CNY 100 14.23 13.79 EUR 1 1.10 1.08 GBP 1 1.27 1.23 JPY 100 0.85 0.89 USD 1 0.92 0.96 Accounting policies On’s consolidated financial statements are presented in CHF, which is On’s functional and presentation currency. For each group entity, On determines its functional currency based on the primary economic environment in which the entity operates (normally the local currency). Items included in the financial statements of each group entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. When translating foreign currency financial statements into CHF, closing exchange rates are applied to asset and liabilities, while average exchange rates are applied to income and expenses. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rates at the reporting date. • Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. • All resulting exchange differences are recognized in other comprehensive income in equity. • On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement. On regularly assesses its exposure to foreign currency risks and manages these risks by using a combination of different derivative financial instruments on a rolling basis up to twelve months. These instruments are exclusively used for managing the exposure to fluctuations in foreign exchange rates connected with future cash flows and not for speculative positions. No hedge accounting is applied. Derivative instruments are recorded as financial assets or liabilities at fair value through profit or loss. On offsets positive and negative fair values of derivative instruments and reports the net amount in either current financial assets or current financial liabilities. The respective gross amounts are as follows: (CHF in thousands) 12/31/2021 12/31/2020 Fair value of financial assets from derivative instruments (gross) — — Fair value of financial liabilities from derivative instruments (gross) (8) (1,371) Fair value of derivative instruments (net) (8) (1,371) In 2021, fair value profit / (loss) on derivatives at fair value through profit or loss in the amount of CHF 1,363k (2020: CHF (1,347)k) have been recognized in financial result. Accounting policies On’s derivative financial instruments only include foreign exchange forward contracts. Derivatives are initially recognized in the balance sheet at fair value and are remeasured as to their current fair value at the end of each subsequent reporting period. Derivatives are derecognized upon settlement. Positive and negative fair values of derivative instruments are offset if they are concluded with the same counterparty and are regularly settled simultaneously. Based on foreign currency sensitivity analysis of the consolidated balance sheets, financial result and net income are impacted as follows by a 10% fluctuation in On’s main currencies (excluding the impact of derivative financial instruments): (CHF in thousands) 12/31/2021 12/31/2020 12/31/2019 Change in USD/CHF +10% (65,564) (6,752) (2,162) Change in USD/CHF -10% 80,133 8,253 2,630 Change in EUR/CHF +10% (1,687) 221 (181) Change in EUR/CHF -10% 2,062 (270) 221 5.5 Capital risk management To uphold investor, creditor, and market confidence and to sustain future development of the business, On focuses on maintaining a strong capital base. On manages its capital structure and makes adjustments in line with changes in general economic conditions and according to its strategic objectives. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Payment Arrangements [Abstract] | |
Share-based compensation | 6.1 Share-based compensation Over the previous years, On granted various kinds of share-based compensation plans for selected employees including group executive team and senior management team. The purpose of the various plans is to reward long-term and valued employees for their individual performance by giving them the opportunity to benefit from the involvement of On by receiving a bonus in the form of share-based payment awards. All awards granted under the different share-based compensation plans were classified as equity-settled share-based payments. The grants under the different plans are valued using a Cox-Rubinstein binomial tree model in order to take into account the complexity of their structure. In addition to the share-based compensation plans for selected employees, On granted share-based compensation in connection with a service, license, and investment agreement. As at December 31, 2021, On has recognized an increase in equity in the balance sheet of CHF 183,187k (December 31, 2020: CHF 77,676k) for share-based compensation. The expense for 2021 amounts to CHF 198,456k (2020: CHF 54,765k). Overview of the different programs: On Employee Phantom shares under the OEPP 2018 may be granted on an annual basis based on a calculation amount of 0% – 30% of a participant’s annual compensation. Vesting of the phantom shares depends on the occurrence of an exit scenario. If the exit event is a listing (IPO), 100% of the phantom shares shall vest upon exit. In an exit event other than a listing (IPO), 1/3 of the phantom shares shall vest upon exit; 1/3 of the phantom shares shall vest at the first anniversary of the exit, and 1/3 of the phantom shares shall vest at the second anniversary of the exit. However, if the exit event occurs after the third anniversary of the granting date, 100% of the phantom shares shall vest upon exit. Vested phantom shares shall be settled in either cash or shares (decision right is with On). Two third of the shares acquired upon settlement of phantom shares shall be subject to lock-up periods. In 2021, due to the share capital reorganization, the program was amended as follows: • 1 phantom share (originally granted) = 1,250 phantom shares (adjusted) • Vesting due to exit: In case of a successful completion of the IPO, all phantom shares granted under the OEPP 2018 (including any rolled-over phantom shares 2013) shall vest no later than 75 days since the first trading day ("vesting date"). Such vesting shall, however, solely apply to participants whose employment with a subsidiary has not been terminated as of the first trading day ("IPO date"). Due to the IPO in 2021, grants under the OEPP 2018 vested fully and the Phantom Shares were largely settled in Class A ordinary shares of the Company, subject to lock-up period. Long Term Participation Plan (LTPP) 2018 LTPP 2018 awards may be granted on an annual basis based on a calculation amount of 0% – 30% of a participant’s annual compensation. Awards under the LTPP 2018 may be granted either as options or as phantom shares. Awards under the LTPP shall vest on the third anniversary of the contractual granting date. Vested awards may be exercised until the tenth anniversary of the contractual granting date. Two third of the shares acquired upon exercise of vested awards shall be subject to lock-up periods. In 2021, due to the share capital reorganization, the program was amended as follows: • 1 option (originally granted) = 1,250 options (adjusted) • 1 phantom share (originally granted) = 1,250 phantom shares (adjusted) • Original exercise price CHF 10 = adjusted exercise price USD 0.11 In 2021, all Phantom Shares were exchanged for RSUs. Long Term Incentive Plan (LTIP) 2018 Options under the LTIP 2018 shall vest on the earlier of the occurrence of an exit or, in case of business continuation, on 1 April 2021. If vesting occurs due to an exit, the compensation committee will determine the number of options vested based on the vesting scale depending on the level of achievement of IRR at exit. In case of business continuation, the compensation committee will determine the number of options vested based on the vesting scale depending on the level of achievement of net sales, gross profit and EBITDA, whereby net sales, gross profit and EBITDA shall be determined on the basis of the audited consolidated financial statements 2020 of On. Two third of the shares acquired upon exercise of vested options shall be subject to lock-up periods. In 2019, the terms and conditions of the LTIP 2018 were amended. The amendment allows for accelerated vesting of the options under the amendment in case of a successful capital increase specified in the terms and conditions of the amendment. In case of the accelerated vesting the vesting scale will be set to 100% for the corresponding options. In 2021, due to the share capital reorganization, the program was amended as follows: • 1 option (originally granted) = 1,250 options (adjusted) • Original exercise price CHF 10 = adjusted exercise price USD 0.11 • Original exercise price CHF 4,557 = adjusted exercise price USD 3.96 • Original exercise price CHF 9,125 = adjusted exercise price USD 7.93 The two initial grants in LTIP 2018 fully vested due to the exit valuation achieved as part of the private capital round in February 2020. The remaining LTIP 2018 grant fully vested by achieving the business continuation thresholds set out at the initiation of the plan. Long Term Incentive Plan (LTIP) 2020 Options or RSUs under the LTIP 2020 shall vest on the earlier of the occurrence of an exit or, in case of business continuation, on April 1, 2024. If vesting occurs due to an exit, the compensation committee shall determine the number of options vested based on the level of achievement of IRR at exit. In case of business continuation, the compensation committee shall determine the number of options vested based on the level of achievement of net sales, gross profit and EBITDA based on the audited consolidated financial statements 2023 of On. Vested options can be exercised until the seventh anniversary of the contractual granting date. Shares acquired upon exercise of vested options shall be subject to lock-up periods. In consideration of the IPO, the compensation committee decided in the following clarifications with respect to the LTIP 2020: • Such IPO will qualify as a listing in accordance with the rules of the LTIP 2020; • A listing constitutes an exit event and leads to a full vesting of the options granted under the LTIP 2020; • The number of options vested is determined based on the level of achievement of IRR at exit in accordance with Annex 1 of the LTIP 2020; • Upon occurrence of an exit event, option grants may be accelerated and the terms and conditions of the LTIP 2020 may be amended. In 2021, the program was furthermore amended as follows: • For the options already granted, the exercise price shall be switched from CHF into USD and fixed at the exchange rate of 1 USD = 0.92 CHF. • For the options already granted, number of options as well as exercise price will be changed as follows due to the share capital reorganization: ◦ 1 Option (originally granted) = 1,250 options (adjusted) ◦ Original exercise price CHF 8,884 = adjusted exercise price USD 7.73 ◦ Original exercise price CHF 9,125 = adjusted exercise price USD 7.93 • Acceleration of option Grant 2022/ 2023 and 2024: ◦ The option grant scheduled for 31 March 2022, 2023 and 2024 shall be accelerated to a date no later than 75 days since the IPO Date; ◦ Such options shall be vested options as of the granting date; ◦ The exercise price shall be set at USD 7.73 for previous participants, at USD 12.36 for participants who joined in 2021 (before July 1, 2021), and at the US Valuation Price for US Participants; ◦ Shares acquired upon exercise of vested options shall be subject to a lock-up period until the first anniversary of the IPO Date for the 2022 options, until the second anniversary of the IPO date for the 2023 options and until the third anniversary of the IPO date for the 2024 options. Long Term Incentive Plan (LTIP) 2021 In 2021, the LTIP 2021 was implemented. LTIP 2021 provides grants in either Restricted Stock Units (RSUs) or Performance Stock Units (PSUs). Subject to the participant's continuous employment and the non-occurrence of a bad leaver event in respect of such participant, 33 1/3% of the RSUs granted shall vest on the granting date and on the first anniversary of the granting date so that on the second anniversary of the granting date the last 33 1/3% RSUs shall vest. Subject to the participant's continuous employment and the non-occurrence of a bad leaver event in respect of such participant, the PSUs granted shall vest on the third anniversary of the Granting Date, subject to the achievement of the performance conditions, measured over the performance cycle, and the resulting vesting factor. Performance cycle shall mean a three years' time period, beginning at January 1 of the year (n) in which an award is granted and ending at December 31 of year (n+2). RSUs and PSUs will be settled in On shares. In 2021, no RSUs or PSUs were granted under the LTIP 2021. Service, License, and Investment Agreement (SLIA) 2019 At the end of 2019, a “service, license and investment agreement” was negotiated between On and third parties. The parties enter into an agreement under which On shall be granted the right to use trademarks and other intangible assets in connection with the development, advertisement, promotion, and sale of certain products (the license”) as well as promotional services (the “services”) by the third parties in return for shares at a preferential price and options to purchase On shares. The number of exercisable options depends on the revenues of the fiscal years 2024 and 2025. The increase in equity related to the SLIA transaction regarding the fair value of the license intangible asset was determined by the relief from royalty method (refer to 3.5 Intangible assets for additional information). The remaining share options for services received were measured indirectly as the difference between the fair value of the intangible asset and the fair value of the equity instruments granted. The fair value of the equity instruments is measured at the grant date in May 2020. However, as the rendering of service already began in November 2019, the related vesting period started in 2019. Subsequently, the performance condition and the number of shares to be issued at settlement date is assessed. The difference between the equity instruments recognized at grant date and the settlement date is recognized in the income statement over the vesting period (shared-based compensation). For award valuation, the contractual life of the options and the possibility of early exercise were considered in the binominal model. The valuation model uses time congruent risk-free interest rates. The expected volatility was determined based on the time congruent historical volatility of peer group companies. The expected volatility taken into account builds on the assumption that future trends can be inferred from historical volatility, which means that the volatility that actually occurs may differ from the assumptions made. Compensation of non-executive members of the Board of Directors of On (BoD) 2019 In 2019, a share-based compensation program for non-executive members of the Board of Directors of On was initiated. Within the compensation program the non-executive board members are granted a certain amount of RSUs for their services as board members. Since within the compensation for the non-executive board members RSUs were granted, no option pricing model was applied. Founders Plan 2021 In 2021, certain employees of On who were not eligible under one of the existing share-based compensation plans, were granted RSUs free of charge as a "thank you" for their contribution to a successful IPO. The value of the RSUs granted to individual employees under the Founders Plan equaled to USD 8k for each six months of continued employment during which the employee was not eligible to participate under one of On's employee participation and incentive plans. The RSUs under the Founders Plan were granted no later than 75 days after the date of the IPO with the number of RSUs delivered based on the IPO price of the corresponding shares. The distributed shares (after sell-to-cover the tax withholding) are subject to the lockup/market stand-off provisions as required by and agreed with the underwriter(s)/joint global coordinator(s). A summary of activity under the plans as of December 31, 2021 , December 31, 2020, and changes during the years ending on those dates is presented below: Program OEPP 2018 LTPP 2018 LTIP 2018 SLIA 2019 BoD 2019 Awards outstanding at January 1, 2020 1,298,750 3,785,000 17,160,000 4,700,000 — Awards granted 326,250 241,250 2,095,000 — 25,326 Awards forfeited — — (75,000) — — Awards exercised (400,000) — (13,608,750) — — Awards outstanding at December 31, 2020 1,225,000 4,026,250 5,571,250 4,700,000 25,326 with maximum term (years) — — — 5 — thereof exercisable — — 606,250 — — Awards outstanding at January 1, 2021 1,225,000 4,026,250 5,571,250 4,700,000 25,326 Awards granted — — 2,373,750 — 16,833 Awards forfeited (22,500) — — — — Awards exercised (1,072,500) (2,000,000) (7,080,000) — (25,326) Awards outstanding at December 31, 2021 130,000 2,026,250 865,000 4,700,000 16,833 with maximum term (years) — — — 5 — thereof exercisable 130,000 1,483,750 865,000 — — Program LTIP 2020 Class A shares LTIP 2020 Class B shares LTIP 2020 RSUs Founders' Plan 2021 Awards outstanding at January 1, 2020 — — — — Awards granted — — — — Awards forfeited — — — — Awards exercised — — — — Awards outstanding at December 31, 2020 — — — — with maximum term (years) — — — — thereof exercisable — — — — Awards outstanding at January 1, 2021 — — — — Awards granted 5,757,296 10,552,670 285,818 699,648 Awards forfeited (10,000) — — — Awards exercised (59,485) — (284,230) (576,320) Awards outstanding at December 31, 2021 5,687,811 10,552,670 1,588 123,328 with maximum term (years) — — — — thereof exercisable 5,687,811 10,552,670 712 123,328 Parameters taken into account in the valuation: OEPP 2018 Grant date 03/31/2020 Share price on the measurement date (CHF) 7.10 Expected life of the award on the grant date (years) 3.1 Contractual life remaining (years) 1.3 Exercise price (CHF) — Expected dividend yield (%) — Risk-free interest rate (%) (0.68) Expected volatility of the share price (%) 38.72 Option value (CHF) 7.09 LTPP 2018 Grant date 03/31/2020 Share price on the measurement date (CHF) 7.10 Expected life of the award on the grant date (years) 10.0 Contractual life remaining (years) 7.3 - 8.3 Exercise price (CHF) 0.10 Expected dividend yield (%) — Risk-free interest rate (%) (0.38) Expected volatility of the share price (%) 37.03 Option value (CHF) 7.09 LTIP 2018 2/28/2021 2/28/2021 3/1/2020 3/1/2020 Grant date (non-US) (US) (non-US) (US) Share price on the measurement date (CHF) 7.30 7.30 7.11 7.11 Expected life of the award on the grant date (years) 5.0 5.0 5.0 5.0 Contractual life remaining (years) 4.2 4.2 3.2 3.2 Exercise price (CHF) 0.10 7.30 — 3.65 Expected dividend yield (%) — — — — Risk-free interest rate (%) (0.60) (0.60) (0.80) (0.80) Expected volatility of the share price (%) 40.73 40.73 37.61 37.61 Option value (CHF) 7.29 2.49 7.10 3.47 LTIP 2020 2/28/2021 10/1/2021 10/1/2021 10/1/2021 Grant date Class A shares Class A shares Class B shares RSUs Share price on the measurement date (CHF) 7.30 28.33 2.83 28.33 Expected life of the award on the grant date (years) 7.0 0.2 0.2 0.2 Contractual life remaining (years) 6.2 — — — Exercise price (CHF) 7.11 - 7.30 7.18 - 1.48 0.71 — Expected dividend yield (%) — — — — Risk-free interest rate (%) (0.41) 0.04 0.04 0.04 Expected volatility of the share price (%) 40.51 31.00 31.00 31.00 Option value (CHF) 2.92 - 2.97 16.85 - 21.15 2.12 28.33 Founders' Plan 2021 10/1/2021 Grant date Class A shares Share price on the measurement date (CHF) 28.33 Expected life of the award on the grant date (years) 0.2 Contractual life remaining (years) — Exercise price (CHF) — Expected dividend yield (%) — Risk-free interest rate (%) 0.04 Expected volatility of the share price (%) 31.00 Option value (CHF) 28.33 SLIA 2019 Measurement date 4/28/2020 Share price on the measurement date (CHF) 7.11 Expected life of the award on the grant date (years) 4.7 - 5.7 Contractual life remaining (years) 3.0 - 4.0 Exercise price (CHF) 0.10 Expected dividend yield (%) — Risk-free interest rate (%) (0.67) - (0.65) Expected volatility of the share price (%) 34.0 - 34.6 Option value (CHF) 7.10 Accounting policies Employees and others providing similar services to On receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Furthermore, employees and others providing similar services to On are granted share appreciation rights, which are settled in cash (cash-settled transactions). All share-based plans of On have been identified to be equity-settled. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized as personnel expenses, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expenses recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the On’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Significant judgments and accounting estimates For award valuation the contractual life of the options and the possibility of early exercise are considered in the binomial model. The valuation model uses time congruent risk-free interest rates. For estimating the time congruent risk-free interest rates, yields of “Switzerland Sovereigns” were used. For the purposes of the valuation of the awards, the expected volatility of the On share was determined based on the time congruent historical volatility of peer group companies. The expected volatility taken into account builds on the assumption that future trends can be inferred from historical volatility, which means that the volatility that actually occurs may differ from the assumptions made. The expense resulting from the share-based payment transactions is recognized during the vesting period on a pro-rata-basis with a corresponding increase in equity. Furthermore, the amount recognized is based on the best available estimate of the number of equity instruments expected to vest and is revised, if subsequent information indicates that the number of equity instruments expected to vest differs from previous estimates. The expected dividend yield relies on management estimates. When determining the expense recognition as at December 31, 2021, an average expected fluctuation of 7.5% p.a. was determined by On based on historical fluctuation and management estimates. The expected fluctuation for the remaining part of the respective vesting period will be adjusted on future reporting dates based on current information. |
Employee benefit obligations
Employee benefit obligations | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of defined benefit plans [abstract] | |
Employee benefit obligations | 6.2 Employee benefit obligations On globally maintains different pension plans based on the respective legislation in each country. Current pension arrangements for On employees in Switzerland are made through plans governed by the Swiss Federal Occupational Old Age, Survivors and Disability Pension Act (BVG). These plans are funded by regular employee and employer contributions and are administered by an independent third party. Final benefits are contribution-based with certain minimum guarantees. Due to these minimum guarantees, On’s Swiss plans are treated as defined benefit plans for the purposes of these financial statements, although it has many of the characteristics of a defined contribution plan. The plans are invested in a diversified range of assets in accordance with law, the investment strategy, and the common criteria of an asset and liability management. All other plans outside of Switzerland are treated as defined contribution plans. The contributions of those plans are recognized as personnel expenses in the period during which the related services are rendered by employees. The result of the Swiss defined benefit plans is summarized in the tables below: Employee benefit obligations (CHF in thousands) 12/31/2021 12/31/2020 Present value of defined benefit obligation (22,842) (16,751) Fair value of plan assets 16,989 11,121 Employee benefit obligations (5,853) (5,630) As of December 31, 2021, the defined benefit obligation has a weighted average duration of 18.1 years (December 31, 2020: 20.5 years). There is no effect from asset ceiling in any reporting period. Employee benefit obligations reconciles as follows: (CHF in thousands) 2021 2020 Employee benefit obligations at January 1 (5,630) (3,045) Amounts recognized in income statement (2,601) (1,625) Amounts recognized in other comprehensive income 907 (1,620) Contributions by the employer 1,471 661 Employee benefit obligations at December 31 (5,853) (5,630) Amounts recognized in income statement (CHF in thousands) 2021 2020 2019 Current service cost (2,592) (1,619) (955) Past service cost — — 326 Net interest cost (9) (7) (11) Employee benefit expenses (2,601) (1,625) (640) Remeasurements recognized in equity (other comprehensive income) (CHF in thousands) 2021 2020 2019 Actuarial losses/(gains) from changes in demographic assumptions (1,831) — — changes in financial assumptions (641) (242) 1,229 changes in experience adjustments 2,336 1,797 697 Return on plan assets excl. interest income (771) 65 (534) Net actuarial result from defined benefit plans (907) 1,620 1,392 Defined benefit obligation (CHF in thousands) 2021 2020 Present value of defined benefit obligation at January 1 16,751 11,283 Current service cost 2,592 1,619 Contributions by the employees 1,474 983 Interest expenses 33 33 Past service cost — — Benefits paid 2,128 1,278 Actuarial losses/(gains) from changes in demographic assumptions (1,831) — changes in financial assumptions (641) (242) changes in experience adjustments 2,336 1,797 Present value of defined benefit obligation at December 31 22,842 16,751 Plan assets (CHF in thousands) 2021 2020 Fair value of plan assets at January 1 11,121 8,238 Contributions by the employer 1,471 661 Contributions by the employees 1,474 983 Interest income 24 27 Benefits paid 2,128 1,278 Return on plan assets excl. interest income 771 (65) Fair value of plan assets at December 31 16,989 11,121 The plan assets consist of (all with quoted market prices): 12/31/2021 12/31/2020 Cash and equivalent 2.5 % 2.9 % Debt instruments 24.9 % 24.5 % Equity instruments 32.9 % 33.7 % Real estate 19.6 % 18.5 % Mortgages 4.7 % 5.2 % Alternative assets 15.4 % 15.2 % Total 100.0 % 100.0 % Principal actuarial assumptions 12/31/2021 12/31/2020 Discount rate 0.4 % 0.2 % Expected rate of salary increase 1.5 % 1.5 % Expected rate of pension increase 0.0 % 0.0 % Demographic assumptions BVG 2020 generation table BVG 2015 generation table Sensitivity analysis: Impact on defined benefit obligation (CHF in thousands) 12/31/2021 12/31/2020 Discount rate - 0.5% 2,259 1,900 + 0.5% (1,879) (1,548) Expected rate of salary increase - 0.5% (451) (382) + 0.5% 462 392 Life expectancy - 1 year (304) (267) + 1 year 297 262 Accounting policies Accounting and reporting of the Swiss defined benefit plans are based on annual actuarial valuations. Defined benefit obligations and service costs are assessed using the projected unit credit method, with the cost of providing pensions charged to the income statement so as to spread the regular cost over the service lives of employees participating in these plans. The pension obligation is measured as the present value of the estimated future outflows using interest rates of government securities, which have terms to maturity approximating the terms of the related liability. Service cost from defined benefit plans are charged to the income statement within the operating result. If the fair value of the plan assets exceeds the present value of the defined benefit obligation, only a net pension asset is recorded, taking account of the asset ceiling. The net interest component is calculated by applying the discount rate to the employee benefit obligations (net defined benefit asset or liability) and is recognized in the income statement in the financial result. Actuarial gains and losses, resulting from changes in actuarial assumptions and differences between assumptions and actual experiences, are recognized the equity (other comprehensive income) in the period in which they occur. Significant judgments and accounting estimates The carrying amounts of defined benefit pension plans are based on actuarial valuations. These valuations are calculated based on statistical data and assumptions about discount rates, expected rates of return on plan assets, future salary increases, mortality rates and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Provisions [abstract] | |
Provisions | 6.3 Provisions (CHF in thousands) Social charges Long-service leave Asset retirement obligation Total Balance at January 1, 2020 4,357 590 — 4,947 thereof current — 246 — 246 thereof non-current 4,357 344 — 4,701 Additions 15,702 349 — 16,051 Exchange differences 16 9 — 24 Balance at December 31, 2020 20,074 947 — 21,022 thereof current — 376 — 376 thereof non-current 20,074 571 — 20,645 Additions 15,571 1,140 3,650 20,362 Release — (422) — (422) Utilization (21,570) — — (21,570) Exchange differences (28) (8) (10) (46) Balance at December 31, 2021 14,048 1,657 3,640 19,345 thereof current 14,048 721 135 14,903 thereof non-current — 936 3,506 4,442 Provisions for social charges consider any costs related to local legal requirements related to share-based compensation. In 2019, On introduced a jubilee bonus to reward long-serving employees. The provision for asset retirement obligations mainly relates to the dismantling costs for the new headquarter in Zurich and the flagship store in New York. Accounting policies Provisions are recognized when On has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resource will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows. Significant judgments and accounting estimates Provisions are based upon best estimates, taking into consideration past experience |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Income taxes | 6.4 Income taxes (CHF in thousands) 2021 2020 2019 Current income taxes 7,051 4,107 4,200 Deferred income taxes 3,589 (1,024) 420 Income taxes 10,640 3,083 4,620 The income taxes reflected in the financial statements and the amount calculated at the expected tax rate reconcile as follows: (CHF in thousands) 2021 2020 2019 (Loss)/Income before taxes (159,588) (24,441) 3,147 Expected tax rate / tax expense 19.7 % (31,439) 19.7 % (4,815) 19.7 % 620 Income and expenses not subject to tax, net -0.2 % 280 0.7 % (167) 6.4 % 201 Effects of (de-)recognition of tax losses -0.4 % 565 — % — — % — Local actual tax rate different to On’s expected average tax rate -0.6 % 963 -3.1 % 759 (1.1) % (34) Non-deductible expenses -25.4 % 40,590 -30.5 % 7,444 117.9 % 3,711 Prior year adjustments and other items, net 0.2 % (318) 0.6 % (139) 6.9 % 218 Effective tax rate / tax benefit -6.7 % 10,640 -12.6 % 3,083 146.8 % 4,620 The effective tax rate in 2021, 2020 and 2019 is significantly impacted by non-deductible expenses mainly related to share-based compensation. On May 19, 2019, t he Swiss electorate passed the Federal Act on Tax Reform and AHV Financing (TRAF). The tax reform abolished the tax regimes for holding, domiciliary and mixed companies as of January 1, 2020 and introduced new tax measures. To the extent that the tax reform requires cantonal and communal tax law changes, these had to be implemented through modification of the cantonal tax law. On September 1, 2019, in a public vote, the electorate of the canton of Zurich accepted the respective revision of the cantonal tax law. The TRAF and tax practice also foresee measures to ease the transition between the old and new tax regime. The relevant changes to On include a decrease in the statutory income tax rate in the canton of Zurich, effective from January 1, 2021 and a corresponding decrease in the expected average tax rate. Change of net deferred tax assets and liabilities: (CHF in thousands) 2021 2020 Net amount at January 1 251 (1,001) thereof deferred tax assets 5,915 1,849 thereof deferred tax liabilities (5,664) (2,849) Taxes charged to income statement (3,589) 1,024 to other comprehensive income (179) 319 Exchange differences 77 (92) Net amount at December 31 (3,440) 251 thereof deferred tax assets 2,171 5,915 thereof deferred tax liabilities (5,611) (5,664) Deferred tax assets and liabilities relate to the following items: 12/31/21 12/31/20 (CHF in thousands) Assets Liabilities Net amount Assets Liabilities Net amount Trade receivables 80 (977) (896) — (817) (817) Inventories 619 (3,927) (3,308) 3,393 (3,777) (384) Other current assets 716 — 716 1,008 (4) 1,004 Property, plant and equipment — (120) (120) 4 (506) (502) Right-of-use assets — (3,771) (3,771) — (2,445) (2,445) Intangible assets — (3,073) (3,073) — (3,194) (3,194) Other current financial liabilities 837 — 837 566 (47) 519 Other current operating liabilities — (855) (855) — (83) (83) Current provisions 82 — 82 80 — 80 Employee benefit obligations 1,153 — 1,153 1,109 — 1,109 Non-current provisions 136 — 136 128 (2) 126 Other non-current financial liabilities 3,105 — 3,105 2,106 (2) 2,104 Tax loss carryforwards 2,555 — 2,555 2,732 — 2,732 Deferred tax assets (liabilities) 9,283 (12,723) (3,440) 11,127 (10,877) 250 Offsetting (7,113) 7,113 (5,212) 5,213 Deferred tax assets (liabilities) on balance sheet 2,171 (5,611) (3,440) 5,915 (5,664) 251 As of each reporting date, all tax loss carryforwards are capitalized as deferred tax assets. Accounting policies Income taxes include all current and deferred taxes which are based on income. Taxes which are not based on income, such as taxes on wealth and capital, are recorded as other operating expenses. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax is recorded on the valuation differences (temporary differences) between the tax bases of assets and liabilities and their carrying values in the consolidated balance sheet. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences and tax losses can be offset. Deferred income tax liabilities are provided for on taxable temporary differences arising from investments in subsidiaries, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by On and it is probable that the temporary difference will not reverse in the foreseeable future. Significant judgments and accounting estimates On is subject to income taxes in numerous jurisdictions and significant judgment is required in determining the worldwide provision for income taxes. The multitude of transactions and calculations implies estimates and assumptions. On recognizes liabilities on the basis of amounts expected to be paid to the tax authorities. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Related parties | 6.5 Related parties A legal or natural person is related to an On entity if the party directly or indirectly controls, is controlled by, or is under common control with the entity, has an interest in the entity that gives it significant influence over the entity, has joint control over the entity or is an associate or a joint venture of the entity. On has identified the following related parties: • Members of the On Executive Team • Members of the Board of Directors of On • Shareholders that have significant influence by delegating a member into the Board of Directors of On No related party exercise control ove r On. In 2021, total share-based compensation of the non-executive members of the Board of Directors of On amounts to CHF 295k (2020: CHF 95k, 2019: CHF 575k). In connection with our IPO, at our request, the underwriters reserved up to 5% of the Class A ordinary shares at the initial public offering price of $24.00 through a directed share program to certain individuals, including our directors, officers, employees and certain friends and family members of these persons. Pursuant to such directed share program, certain members and immediate family members of the Board of Directors of On purchased an aggregate of 56,667 Class A ordinary shares. In 2020, a related party participated at the ordinary capital increase and purchased 861 shares for the amount of CHF 7,649k. There were no further transactions with related parties for the relevant financial years except for the following transactions with the five members of On’s executive team: (CHF in thousands) 2021 2020 2019 Short-term employee benefits 1,922 1,825 2,556 Post-employment benefits 14,373 2,072 273 Share-based compensation 67,328 10,044 9,568 On Executive Team 83,623 13,940 12,397 |
Government grants
Government grants | 12 Months Ended |
Dec. 31, 2021 | |
Government Grants [Abstract] | |
Government grants | 6.6 Government grants On is entitled to two investment grants within a framework of improving the regional economic structure by providing jobs in the Berlin region from Germany’s national government authorities. The entitlement depends on various conditions, including the number and types of jobs created and local investments spent within three years until 2021 for the first and within three years from 2021 until 2024 for the second grant, respectively. As at December 31, 2021 and 2020, these conditions were not yet entirely fulfilled. However, On assumes to meet the grant’s requirements by the end of the project. On did not benefit from any other form of government assistance. In 2021, the income accrued from government grants is reported as a deduction from the related expenses and amounts to CHF 640k (2020: CHF 464k, 2019: CHF 400k). Accounting policies On only recognizes government grants relating to income if it is reasonably certain that the conditions attached to the grants will be fulfilled. The grants actually awarded are recognized at their fair value. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. |
Events after the balance sheet
Events after the balance sheet date | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the balance sheet date | 6.7 Events after the balance sheet dateThere were no material events after the balance sheet date |
New and amended standards and_2
New and amended standards and interpretations (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
Basis of consolidation | These IFRS consolidated financial statements (“the financials”) present the financial position and the results of operations of On Holding AG, as ultimate parent company, and its subsidiaries. |
Statement of IFRS compliance | The financials of On • Have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC) interpretations (together “IFRS”) as issued by the International Accounting Standards Board (IASB). |
Oniverse | “Oniverse” represents the legal group structure of the On group. Entities are fully consolidated from the date on which control is transferred to On Holding AG, the parent company of the group. Control is achieved when On is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. For the consolidated entities, all assets, liabilities, income, and expenses are included in the financial statements. All intercompany balances and transactions (including unrealized profits on inventories) are fully eliminated in the process of consolidation. |
Net sales | Revenue is measured based on the consideration to which On expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. On recognizes revenue when it transfers control of a product to a customer. All contracts with customers have an original expected duration of one year or less. Consideration promised in On’s contracts with customers is variable due to anticipated reductions from sales returns, discounts and volume rebates. Significant estimate is not required when recognizing revenue on contracts containing discounts and volume rebates as the reduction in revenue is largely known by year end. On sells innovative premium performance sports products through its Wholesales (WHS) and Direct-to-Consumer (DTC) sales channels. Sales within the WHS sales channel For sales of goods to the wholesale market, revenue is recognized at a point in time when control of the goods has transferred, being when the goods have been shipped to the customer’s specific location (delivery). Following delivery, the customer has full discretion over the manner of distribution and price to sell the goods, has the primary responsibility when onselling the goods and bears the risks of obsolescence and loss in relation to the goods. A receivable is recognized by On when the goods are delivered to the customer as this represents the point in time at which the right to consideration becomes unconditional, as only the passage of time is required before payment is due. Payment terms for wholesale transactions depend on the country of sale or agreement with the customer and payment is generally required within 30 to 90 days or less of shipment to or receipt by the wholesale customer. On has several consignment arrangements with wholesale customers whereby control of the goods is retained by On. For such arrangements, revenue will only be recognized when the goods have been sold by the wholesale customer to the final consumer. Certain wholesale customers are part of wider associations which comprise of various independent retailing groups. These associations have a dedicated entity to provide an administrative service to the respective retailing groups within the association. The corresponding fee for this administrative service is passed to On and is expensed to selling expenses. Sales within the DTC sales channel For sales of goods to end consumers and retail customers, revenue is recognized when control of the goods has transferred, being upon shipment for e-commerce customers or at the point the customer purchases the goods at the retail store. Payment of the transaction price is due immediately at the point the customer purchases the goods. Under On’s standard contract terms, retail customers have a right of return within 30 days. At the point when the control of goods has transferred, a refund liability (other current financial liabilities) and a corresponding adjustment to revenue is recognized for those products expected to be returned. At the same time, On has a right to recover the product when customers exercise their right of return so consequently recognizes a right to returned goods asset (other current operating assets) and a corresponding adjustment to cost of sales. Estimation is required to determine the expected amount On will be entitled to receive in connection with contracts containing a right of return. Estimates of sales returns are based on (1) accumulated historical experience within the respective geographical markets, and (2) specific identification of estimated sales returns not yet finalized with customers. Actual returns in any future period are inherently uncertain and thus may differ from On reviews and refines these estimates on an annual basis. |
Trade receivables | Trade receivables represent On’s right to an amount of consideration that is unconditional and only a passage of time is required before payment of the consideration is due. Trade receivables are initially recorded at original invoice amount and subsequently measured at amortized cost less loss allowance calculated based on the expected credit loss (ECL) model. On applies the simplified approach to measure credit losses, which uses a lifetime expected loss allowance for trade receivables. This approach considers historical credit loss experience as well as future expectations. Trade receivables are written off when there is no reasonable expectation of recovery. The charges to the income statement are included in selling, general and administrative expenses. Expected credit losses (ECL’s) on trade receivables are calculated based on historical loss rates per region and adjusted by forward-looking quantitative and qualitative adjusted by forward-looking quantitative and qualitative information such as the global economy outlook (real GDP growth). In addition, appraisals and data used by the internal planning department are taken into consideration. Individual allowances and write-offs (partially or fully) on trade receivables are applied if there are objective indications for missing collectability such as legal procedures, insolvency or bankruptcy. |
Inventories | Inventories only include finished goods purchased from third parties. Cost of inventories include expenditures incurred in acquiring the products and bringing them to their current location and condition. Subsequent measurement of the inventory items is made at the lower of cost or net realizable value. Net realizable value is the estimated selling price of each specific item in the ordinary course of business less freight and selling expenses. If the net realizable value is below the cost, an allowance is recognized for the remaining items on stock. |
Property, plant and equipment | Property, plant and equipment (PPE) is valued at purchase cost less accumulated depreciation and any impairment in value. Leasehold improvements include costs incurred to enhance and expand offices, own retail stores and showrooms within the feasibility of the respective lease agreement. Depreciation is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: • Leasehold improvements: In line with the term of the property lease • Trade tools (e.g. point-of-sale and exhibition installations): 3 years • Production tools (e.g. molds at the factory sites): 4 years • Other (e.g. IT and office equipment and vehicles): 3 to 4 years At each reporting date, the residual values, useful lives and method of depreciation are reviewed and adjusted prospectively, if applicable. Furthermore, On assesses whether there is any indication, that an asset may be impaired. If any such indication exists, the recoverable amount (being the higher of fair value less cost of disposal or value in use) of the individual asset is determined. If the recoverable amount is lower than carrying amount, an impairment loss is recognized. PPE is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition is included in the income statement. |
Right-of-use assets | On leases storage space, various offices, retail stores (including pop-ups), showrooms and cars. Lease contracts typically run for up to ten years, some include extension options. At inception of a contract, On assesses whether it is a lease or contains a lease component. A right-of-use asset and a lease liability is recognized at the lease commencement date considering any relevant contractual condition. Short-term leases with a lease term of 12 months or less and low-value leases are recognized as an expense in the income statement on a straight-line basis over the lease term. The right-of-use asset is initially measured at cost and, subsequently, at cost less accumulated depreciation and impairment losses as well as certain lease liability remeasurements. These costs comprise discounted and unpaid lease payments adjusted by initial direct cost, prepaid expenses, dismantling cost, and lease incentives received. Depreciation is calculated on a straight-line basis over the shorter of the assets or asset categories’ useful life and the respective lease term: • Storage: 10 years • Offices: 2 to 15 years • Stores and showrooms: 3 to 10 years • Cars: 1 to 3 years • The lease liability is initially measured at the present value of any lease payments that are not paid at the commencement date and are discounted using On’s incremental borrowing rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by the lease payments made. It is remeasured when there is a change in an input parameter or in the underlying estimates and assessments. On only acts as lessee, not as lessor. For future lease obligations refer to 4.3 Financial liabilities On uses judgement to determine the lease term for some lease contracts which include extension and or termination options. The assessment of whether On is reasonably certain to exercise such options impacts the lease term which significantly affects the amount of right-of-use assets and lease liabilities recognized. A reassessment only happens when a significant event or change in circumstance occurs that is within the control of On and affects whether it is reasonably certain to exercise an option. Furthermore, judgement is required to determine an appropriate incremental borrowing rate. |
Intangible assets | Intangible assets acquired are valued at purchase cost less accumulated amortization and any impairment in value. On only capitalizes certain IT development costs if the identifiable asset is cumulatively commercially and technically feasible, can and will be completed, its costs can be measured reliably, and will generate probable future economic benefits. All other research and development costs are expensed as incurred. Goodwill acquired in a business combination is measured at cost less any impairment in value. Goodwill is not amortized but is assessed for impairment annually or whenever events or changes in circumstances indicate that its value might be impaired. Except for goodwill, On has no intangible assets with an indefinite useful life. Amortization is calculated on a straight-line basis over the expected useful life of the individual assets or asset categories: • Patents and other rights: 4 years • License rights for trademarks: 15 years • Software acquired: 4 years • IT development costs capitalized: Determined separately for each asset, varies from 1.5 to 3 years For capitalized IT development costs, amortization starts when the asset is ready for use. Capitalized IT development costs not yet in use are tested annually for impairment or whenever events or changes in circumstances indicate that its value might be impaired. At each reporting date, the residual values, useful lives and method of amortization are reviewed and adjusted prospectively, if applicable. Furthermore, On assesses whether there is any indication, that an asset may be impaired. If any such indication exists, the recoverable amount (the higher of fair value less cost of disposal or value in use) of the asset is estimated. If the recoverable amount is lower than carrying amount, an impairment loss is recognized. Intangible assets are derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition is included in the income statement. On uses judgement to determine commercial and technical feasibility when capitalizing certain IT development costs. In calculating the respective costs, both planning and actual data are taken into consideration. The determinants are reviewed on a regular basis. The intangible asset corresponding to the SLIA transaction was calculated using the relief from royalty method, based on royalty data for comparable license agreements and businesses in the sporting goods and sports apparel sector. To validate the appropriateness of the royalty rate, the Knoppe formula was applied. When determining the fair value, a discount rate of 9.3% was used. The entity approach in terms of the weighted average cost of capital was applied. The saved license expenses (after tax) where calculated based on the estimated revenue multiplied with the relevant royalty rate. For the purpose of impairment testing, the recoverable amount of the respective intangible asset is compared to its carrying amount. The recoverable amounts (the higher of fair value less cost of disposal or value in use) are measured on the basis of value-in-use calculations and as such are significantly impacted by the projected cash flows, the discount rates, and other parameters applied. These projections, estimates and input parameters subject to management judgment could vary significantly from future actuals. |
Cash and cash equivalents | Cash and cash equivalents include short-term highly liquid assets with a maturity of three months or less. On measures cash and cash equivalents at amortized costs. On does not recognize any credit impairment losses on these assets as the related credit risk is considered to be insignificant due to their short-term maturity and the external counterparties’ credit ratings. |
Other current financial assets | On’s financial assets include cash and cash equivalents, trade receivables, and other current financial assets, which initially are recognized at fair value. Depending on the business model for managing these assets and the contractual terms of the resulting cash flows, On classifies financial assets as follows: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in financial result. Any gain or loss arising on derecognition is recognized directly in the income statement. Assets that do not meet the criteria above for amortized cost are measured at fair value through profit and loss. Any gain or loss on these assets is recognized immediately in the income statement. |
Financial liabilities | On’s financial liabilities include trade payables, current bank overdrafts repayable on demand, short-term debts incl. bank loans, and other financial liabilities, which initially are recognized at fair value. Subsequently, financial liabilities are measured at amortized cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognized in the income statement. A financial liability is only classified as at fair value through profit or loss if it is a derivative. |
Foreign exchange translation | On’s consolidated financial statements are presented in CHF, which is On’s functional and presentation currency. For each group entity, On determines its functional currency based on the primary economic environment in which the entity operates (normally the local currency). Items included in the financial statements of each group entity are measured using that functional currency. Foreign currency transactions are translated into the respective functional currency using the exchange rate at the transaction date. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate at the reporting date. The resulting exchange differences are recorded in the local income statements of the group entity and included in the financial result. Non-monetary items that are measured based on historical cost in a foreign currency are translated using the historical exchange rate. When translating foreign currency financial statements into CHF, closing exchange rates are applied to asset and liabilities, while average exchange rates are applied to income and expenses. The group entities’ foreign currency financial statements are translated into On’s presentation currency CHF as follows: • Assets and liabilities for each balance sheet presented are translated at the closing rates at the reporting date. • Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates. • All resulting exchange differences are recognized in other comprehensive income in equity. • On disposal of a group entity, the related cumulative translation adjustment is transferred from equity to the income statement. |
Derivative financial instruments | On’s derivative financial instruments only include foreign exchange forward contracts. Derivatives are initially recognized in the balance sheet at fair value and are remeasured as to their current fair value at the end of each subsequent reporting period. Derivatives are derecognized upon settlement. Positive and negative fair values of derivative instruments are offset if they are concluded with the same counterparty and are regularly settled simultaneously. |
Share-based compensation | Employees and others providing similar services to On receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Furthermore, employees and others providing similar services to On are granted share appreciation rights, which are settled in cash (cash-settled transactions). All share-based plans of On have been identified to be equity-settled. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model. That cost is recognized as personnel expenses, together with a corresponding increase in equity (other capital reserves), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expenses recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the On’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the income statement for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. For award valuation the contractual life of the options and the possibility of early exercise are considered in the binomial model. The valuation model uses time congruent risk-free interest rates. For estimating the time congruent risk-free interest rates, yields of “Switzerland Sovereigns” were used. For the purposes of the valuation of the awards, the expected volatility of the On share was determined based on the time congruent historical volatility of peer group companies. The expected volatility taken into account builds on the assumption that future trends can be inferred from historical volatility, which means that the volatility that actually occurs may differ from the assumptions made. The expense resulting from the share-based payment transactions is recognized during the vesting period on a pro-rata-basis with a corresponding increase in equity. Furthermore, the amount recognized is based on the best available estimate of the number of equity instruments expected to vest and is revised, if subsequent information indicates that the number of equity instruments expected to vest differs from previous estimates. The expected dividend yield relies on management estimates. When determining the expense recognition as at December 31, 2021, an average expected fluctuation of 7.5% p.a. was determined by On based on historical fluctuation and management estimates. The expected fluctuation for the remaining part of the respective vesting period will be adjusted on future reporting dates based on current information. |
Employee benefit obligations | Accounting and reporting of the Swiss defined benefit plans are based on annual actuarial valuations. Defined benefit obligations and service costs are assessed using the projected unit credit method, with the cost of providing pensions charged to the income statement so as to spread the regular cost over the service lives of employees participating in these plans. The pension obligation is measured as the present value of the estimated future outflows using interest rates of government securities, which have terms to maturity approximating the terms of the related liability. Service cost from defined benefit plans are charged to the income statement within the operating result. If the fair value of the plan assets exceeds the present value of the defined benefit obligation, only a net pension asset is recorded, taking account of the asset ceiling. The net interest component is calculated by applying the discount rate to the employee benefit obligations (net defined benefit asset or liability) and is recognized in the income statement in the financial result. Actuarial gains and losses, resulting from changes in actuarial assumptions and differences between assumptions and actual experiences, are recognized the equity (other comprehensive income) in the period in which they occur. |
Provisions | Provisions are recognized when On has a present obligation (legal or constructive) as a result of a past event, where it is probable that an outflow of resource will be required to settle the obligation, and where a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows. Provisions are based upon best estimates, taking into consideration past experience |
Income taxes | Income taxes include all current and deferred taxes which are based on income. Taxes which are not based on income, such as taxes on wealth and capital, are recorded as other operating expenses. Where the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Deferred tax is recorded on the valuation differences (temporary differences) between the tax bases of assets and liabilities and their carrying values in the consolidated balance sheet. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the temporary differences and tax losses can be offset. Deferred income tax liabilities are provided for on taxable temporary differences arising from investments in subsidiaries, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by On and it is probable that the temporary difference will not reverse in the foreseeable future. |
Government grants | On only recognizes government grants relating to income if it is reasonably certain that the conditions attached to the grants will be fulfilled. The grants actually awarded are recognized at their fair value. When the grant relates to an expense item, it is recognized as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. When the grant relates to an asset, it is recognized as income in equal amounts over the expected useful life of the related asset. |
Oinverse (Tables)
Oinverse (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of Subsidiaries | Equity interest Entity Domicile 12/31/2021 12/31/2020 On Holding AG Zurich, CH On AG Zurich, CH 100% 100% On Brazil Ltda. Sao Paulo, BR 100% 100% On Cloud Service GmbH Berlin, DE 100% 100% On Clouds GmbH Zurich, CH 100% 100% On Europe AG Zurich, CH 100% 100% On Experience 1 LLC New York, USA 100% - On Experience 2 LLC New York, USA 100% - On Experience 3 LLC Miami, USA 100% - On Hong Kong Ltd. Hong Kong, HK 100% - On Inc. Portland, USA 100% 100% On Japan K.K. Yokohama, JP 100% 100% On Oceania Pty Ltd. Docklands, AU 100% 100% On Running Canada Inc. Vancouver, CA 100% 100% On Running UK Ltd. London, UK 100% - On Running Sports Products (Shanghai) Company Ltd. Shanghai, CN 100% 100% On Vietnam Co. Ltd. Ho Chi Minh City, VN 100% 100% Brunner Mettler GmbH Zurich, CH 100% 100% |
New and amended standards and_3
New and amended standards and interpretations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
Disclosure of Initial application of Standards or Interpretations | Description Standard Reference IASB Effective Date IFRS 16 - COVID-19 related rent concessions Amendments to IFRS 16 April 1, 2021 Interest rate benchmark reform Phase 2 Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 January 1, 2021 |
New and amended standards and interpretations | In April 2021, IFRS Interpretations Committee published the conclusion related to a request about how a customer accounts for costs of configuring or customizing a supplier’s application software in a Software as a Service (SaaS) arrangement. On has assessed the impact on the accounting policies and determined this to not have a material impact on the consolidated financial statements in the current or future reporting periods. Further, at the date of authorization of these consolidated financial statements, On has not applied the following new and revised IFRS Standards that have been issued by the IASB but are not yet effective: Description Standard Reference IASB Effective Date Property, plant and equipment – proceeds before intended use Amendments to IAS 16 January 1, 2022 Onerous contracts – cost of fulfilling a contract Amendments to IAS 37 January 1, 2022 Amendments to IFRS 1, IFRS 9, IFRS 16, and IAS 41 Annual improvements to IFRS standards 2018-2020 cycle January 1, 2022 Reference to the conceptual framework Amendments to IFRS 3 January 1, 2022 Insurance contracts IFRS 17 January 1, 2023 Classification of liabilities as current or non-current Amendments to IAS 1 January 1, 2023 Presentation of Financial Statements, Amendments to IAS 1 January 1, 2023 Income Taxes- Deferred tax related to assets and liabilities arising from a single transaction Amendments to IAS 12 January 1, 2023 Accounting Policies, Changes in Accounting Estimates and Errors Amendment to IAS 8 January 1, 2023 On does not expect that the adoption of the standards listed above will have a material impact on the financials of On in the current or future reporting periods. |
Net sales (Tables)
Net sales (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disclosure of Net Sales | Net sales by sales channels: Year ended December 31, (CHF in thousands) 2021 2020 2019 Wholesale 448,778 264,819 200,716 Direct-to-Customer 275,813 160,476 66,404 Net sales 724,591 425,295 267,120 Net sales by product groups: Year ended December 31, (CHF in thousands) 2021 2020 2019 Shoes 683,288 406,390 255,612 Apparel 36,343 15,750 9,570 Accessories 4,960 3,155 1,938 Net sales 724,591 425,295 267,120 Net sales by geographic regions (based on location of customers): Year ended December 31, (CHF in thousands) 2021 2020 2019 Europe 260,357 187,510 128,344 thereof Switzerland 55,105 51,837 31,348 North America 409,530 208,089 111,761 Asia-Pacific 42,730 22,999 17,867 Rest of World 11,973 6,697 9,148 Net sales 724,591 425,295 267,120 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Disclosure of Operating Segments | The following table reports the carrying amount of On’s non-current assets by geographic area: (CHF in thousands) 12/31/2021 12/31/2020 Europe 176,191 83,383 thereof Switzerland 168,864 82,288 North America 82,377 9,826 Asia-Pacific 12,326 6,067 Rest of World 1,030 1,030 Non-current assets 271,923 100,305 |
Selling, general and administ_2
Selling, general and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of Selling, General and Administrative Expenses | Year ended December 31, (CHF in thousands) 2021 2020 2019 Distribution expenses (96,429) (51,089) (28,564) Selling expenses (52,612) (35,614) (23,487) Marketing expenses (100,539) (45,626) (28,553) Share-based compensation (198,456) (54,765) (18,838) General and administrative expenses (123,338) (61,105) (37,987) Selling, general and administrative expenses (571,375) (248,199) (137,428) |
Trade receivables (Tables)
Trade receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade Receivables | (CHF in thousands) 12/31/2021 12/31/2020 Not yet due 64,436 37,695 Past due 1 - 90 days 32,812 12,921 Past due 91 - 180 days 3,278 513 Past due 181 - 360 days 204 820 Past due > 361 days 1,087 1,490 Gross Carrying Amount 101,817 53,439 Individual loss allowance (1,998) (1,750) Expected credit loss (555) (58) Loss allowance (2,553) (1,807) Trade receivables 99,264 51,631 |
Schedule of Allowance for Credit Loss | The recorded loss allowance for trade receivables reconciles as follows: (CHF in thousands) 2021 2020 Individual loss allowance at January 1 1,750 547 Addition 1,492 1,405 Usage (23) (6) Release (1,263) (59) Exchange differences 42 (137) Individual loss allowance at December 31 1,998 1,750 (CHF in thousands) 2021 2020 Expected credit loss at January 1 58 194 Change 502 (129) Exchange Difference (5) (7) Expected credit loss at December 31 555 58 (CHF in thousands) 12/31/2021 12/31/2020 Credit cards 6,417 7,271 Deposits 14,814 4,864 Other current financial assets 8,823 5,000 Other current financial assets at amortized cost 30,054 17,135 Other current financial assets at fair value through profit and loss — — Other current financial assets 30,054 17,135 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventories [Abstract] | |
Schedule of Inventories | (CHF in thousands) 12/31/2021 12/31/2020 Shoes 118,943 95,630 Apparel 14,359 6,700 Accessories 1,769 919 Allowances (894) (371) Inventories 134,178 102,878 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | (CHF in thousands) Leasehold improvements Trade tools Production tools Other Total Cost at January 1, 2020 2,713 4,365 4,879 2,851 14,808 Additions 4,101 2,324 2,913 1,647 10,986 Currency Translation (161) (129) — (63) (354) Cost at December 31, 2020 6,652 6,561 7,792 4,435 25,440 Additions 14,296 2,785 4,104 3,455 24,639 Disposals 52 (1,946) — (89) (1,983) Currency Translation (123) (81) — (42) (246) Cost at December 31, 2021 20,877 7,319 11,896 7,758 47,850 Accumulated Depreciation at January 1, 2020 (440) (949) (2,033) (756) (4,177) Depreciation (311) (1,842) (1,453) (706) (4,312) Currency Translation 4 35 — 14 53 Accumulated Depreciation at December 31, 2020 (747) (2,755) (3,486) (1,448) (8,436) Depreciation (1,095) (2,721) (2,100) (1,147) (7,063) Disposals (52) 1,946 — 87 1,981 Currency Translation 15 43 — 9 67 Accumulated Depreciation at December 31, 2021 (1,879) (3,488) (5,586) (2,498) (13,451) Net Value at January 1, 2020 2,273 3,417 2,846 2,095 10,631 at December 31, 2020 5,905 3,806 4,306 2,987 17,004 at December 31, 2021 18,998 3,832 6,310 5,259 34,399 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Schedule of Right-of-use assets | (CHF in thousands) Storage Stores & showrooms Offices Cars Total Cost at January 1, 2020 — 793 4,258 3,290 8,341 Additions 9,782 7,350 4,513 995 22,640 Disposals — (42) — — (42) Currency translation — (724) (160) (141) (1,025) Cost at December 31, 2020 9,782 7,377 8,611 4,144 29,914 Additions 68,397 7,587 95,039 818 171,842 Disposals — — (130) (326) (456) Currency translation (302) (128) (628) (90) (1,147) Cost at December 31, 2021 77,878 14,836 102,892 4,547 200,153 Accumulated Depreciation at January 1, 2020 — (53) (1,649) (1,559) (3,261) Depreciation (244) (1,107) (1,666) (1,113) (4,131) Disposals — — 8 69 77 Currency translation — 73 48 76 197 Accumulated Depreciation at December 31, 2020 (244) (1,088) (3,267) (2,596) (7,195) Depreciation (4,801) (1,859) (7,917) (968) (15,544) Disposals — — 87 189 276 Currency translation 57 (16) 133 27 200 Accumulated Depreciation at December 31, 2021 (4,988) (2,963) (10,964) (3,348) (22,263) Net Value at January 1, 2020 — 739 2,609 1,732 5,080 at December 31, 2020 9,538 6,289 5,344 1,548 22,719 at December 31, 2021 72,889 11,873 91,928 1,199 177,890 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Schedule of Intangible Assets | (CHF in thousands) Patents and other rights Software Goodwill Total Cost at January 1, 2020 6,649 3,566 1,791 12,006 Additions 45,123 7,284 — 52,407 Currency translation (1) — — (2) Cost at December 31, 2020 51,771 10,850 1,791 64,411 Additions 1,015 10,589 — 11,604 Currency translation 1 (2) — (1) Cost at December 31, 2021 52,787 21,436 1,791 76,014 Accumulated Amortization at January 1, 2020 (4,383) (1,713) — (6,096) Amortization (2,666) (982) — (3,648) Accumulated Amortization at December 31, 2020 (7,049) (2,695) — (9,744) Amortization (3,876) (4,930) — (8,806) Accumulated Amortization at December 31, 2021 (10,924) (7,625) — (18,550) Net Value at January 1, 2020 2,266 1,853 1,791 5,911 at December 31, 2020 44,722 8,155 1,791 54,667 at December 31, 2021 41,862 13,811 1,791 57,464 |
Other current operating asset_2
Other current operating assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Current Operating Assets and Liabilities | (CHF in thousands) 12/31/2021 12/31/2020 Prepaid expenses 16,492 5,213 Indirect taxes (VAT/GST) receivables 26,934 12,442 Other current assets 4,598 2,324 Other current operating assets 48,024 19,979 (CHF in thousands) 12/31/2021 12/31/2020 Accrued expenses 54,921 24,284 Indirect taxes (VAT/GST) payables 19,233 6,115 Social security payables 40,837 3,097 Other current liabilities 6,682 2,617 Other current operating liabilities 121,673 36,113 |
Net cash and cash equivalents (
Net cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents | (CHF in thousands) 12/31/2021 12/31/2020 Cash on hand 3 5 Current bank accounts 419,546 88,567 Digital wallets 5,761 2,070 Fixed deposit 227,771 — Cash and cash equivalents 653,081 90,642 Current bank overdrafts — (46) Net cash and cash equivalents 653,081 90,595 |
Other current financial assets
Other current financial assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial assets [abstract] | |
Schedule of Other Current Financial Assets | The recorded loss allowance for trade receivables reconciles as follows: (CHF in thousands) 2021 2020 Individual loss allowance at January 1 1,750 547 Addition 1,492 1,405 Usage (23) (6) Release (1,263) (59) Exchange differences 42 (137) Individual loss allowance at December 31 1,998 1,750 (CHF in thousands) 2021 2020 Expected credit loss at January 1 58 194 Change 502 (129) Exchange Difference (5) (7) Expected credit loss at December 31 555 58 (CHF in thousands) 12/31/2021 12/31/2020 Credit cards 6,417 7,271 Deposits 14,814 4,864 Other current financial assets 8,823 5,000 Other current financial assets at amortized cost 30,054 17,135 Other current financial assets at fair value through profit and loss — — Other current financial assets 30,054 17,135 |
Financial liabilities (Tables)
Financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial liabilities [abstract] | |
Schedule of Financial Liabilities | (CHF in thousands) 12/31/2021 12/31/2020 Current bank overdrafts — 46 Current lease liabilities 13,631 4,308 Short-term debt — 200 Other financial liabilities 6,458 1,351 Other current financial liabilities at amortized cost 20,089 5,905 Negative fair value from derivatives 8 1,371 Other current financial liabilities at fair value through profit or loss 8 1,371 Other current financial liabilities 20,097 7,276 Non-current lease liabilities 167,228 19,174 Other non-current financial liabilities at amortized cost 167,228 19,174 Reconciliation of liabilities arising from financing activities: (CHF in thousands) Short-term debt Long-term debt Lease liabilities Total Balance at January 1, 2020 3,026 200 5,162 8,388 thereof current 3,026 — 2,049 5,075 thereof non-current — 200 3,113 3,313 Payments (3,026) — (3,399) (6,425) Interest expenses paid — — (281) (281) Additions to lease liabilities — — 22,598 22,598 Reclassifications 200 (200) — — Exchange differences — — (599) (599) Balance at December 31, 2020 200 — 23,482 23,682 thereof current 200 — 4,308 4,508 thereof non-current — — 19,174 19,174 Payments (200) — (13,311) (13,511) Interest expenses paid — — (2,428) (2,428) Additions to lease liabilities — — 174,089 174,089 Exchange differences — — (973) (973) Balance at December 31, 2021 — — 180,859 180,859 thereof current — — 13,631 13,631 thereof non-current — — 167,228 167,228 |
Financial result (Tables)
Financial result (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Analysis of income and expense [abstract] | |
Schedule of Financial Result | Year ended December 31, (CHF in thousands) 2021 2020 2019 Interest income employee benefits 25 27 47 Financial income 25 27 47 Bank charges and interest expenses (1,113) (625) (577) Interest expenses leases (2,428) (281) (61) Interest expenses employee benefits (33) (33) (58) Financial expenses (3,574) (940) (697) Foreign exchange losses (16,312) (5,088) (1,738) Change in fair value of foreign exchange derivatives 1,363 (1,347) (155) Foreign exchange result (14,949) (6,434) (1,893) Financial result (18,499) (7,347) (2,542) |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital Outstanding | Class A Class A Class A Class B Authorized registered shares Shares held by On in treasury Outstanding shares Authorized and outstanding registered shares Balance at January 1, 2021 (1) 271,438,750 — 271,438,750 — Capital increase from conditional capital (1) 8,845,000 — 8,845,000 — Introduction of a new share class with a 1:10 share split of 27,635 Class A shares with a nominal value of CHF10 each converting into Class B voting rights shares with a nominal value of CHF1 each (1) (34,543,750) — (34,543,750) 345,437,500 Ordinary increase of share capital (1) 25,000,000 (25,000,000) — — Capital increase from authorized capital 29,258,125 — 29,258,125 — Sale of treasury shares related to share-based compensation — 2,419,985 2,419,985 — Purchase of On shares from employees (sell-to-cover) at market price and held in treasury — (554,491) (554,491) — Balance at December 31, 2021 299,998,125 (23,134,506) 276,863,619 345,437,500 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Schedule of Earnings per share | 2021 2021 2020 2019 Class A Class B Class A Class A Weighted number of outstanding shares 264,171,208 241,333,048 265,684,627 233,957,500 Number of shares with dilutive effects — — — — Weighted number of outstanding shares (diluted and undiluted) 264,171,208 241,333,048 265,684,627 233,957,500 Net loss (kCHF) (155,978) (14,249) (27,524) (1,473) Basic EPS (CHF) (0.59) (0.06) (0.10) (0.01) Diluted EPS (CHF) (0.59) (0.06) (0.10) (0.01) |
Capital and other reserves (Tab
Capital and other reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reserves within equity [abstract] | |
Schedule of Reserves Within Equity | (CHF in thousands) 12/31/2021 12/31/2020 Share premium 756,883 175,224 Legal reserves 10,976 2,662 Equity transaction costs (8,712) (1,876) Current tax benefits on equity transaction costs 1,256 — Share-based compensation 283,584 100,397 Capital reserves 1,043,987 276,408 Exchange differences (922) 119 Actuarial gains and losses (3,123) (4,030) Taxes on actuarial gains and losses 623 802 Other reserves (3,422) (3,110) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies [Abstract] | |
Schedule of Contractual Obligation of Leases | The total committed future outflow resulting of these lease contracts amounts to: (CHF in thousands) 12/31/2021 12/31/2020 Due < 1 year 644 3,640 Due 1 - 5 years 9,181 24,456 Due > 5 years 11,989 60,976 Commitments for future lease obligations 21,814 89,071 Contractual maturities of On’s financial liabilities: (CHF in thousands) Due Due Due Due 12/31/2021 Trade payables 45,939 — — — 45,939 Current lease liabilities 4,163 13,035 — — 17,198 Other financial liabilities 4,246 — — — 4,246 Other current financial liabilities 8,409 13,035 — — 21,444 Non-current lease liabilities — — 78,826 108,383 187,209 Other non-current financial liabilities — — 78,826 108,383 187,209 (CHF in thousands) Due Due Due Due 12/31/2020 Trade payables 41,543 — — — 41,543 Current bank overdrafts 46 — — — 46 Current lease liabilities 1,282 3,639 — — 4,921 Short-term debt 200 — — — 200 Other financial liabilities 2,722 — — — 2,722 Other current financial liabilities 4,250 3,639 — — 7,890 Non-current lease liabilities — — 10,672 9,062 19,734 Other non-current financial liabilities — — 10,672 9,062 19,734 |
Foreign currency risk (Tables)
Foreign currency risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Financial Risk Management [Abstract] | |
Disclosure of Exchange Rates | The main exchange rates at the closing dates were the following: Currency 12/31/2021 12/31/2020 AUD 1 0.66 0.68 BRL 100 16.36 17.02 CAD 1 0.72 0.69 CNY 100 14.33 13.51 EUR 1 1.04 1.08 GBP 1 1.23 1.21 JPY 100 0.79 0.86 USD 1 0.91 0.88 The main annual average exchange rates were the following: Currency 2021 2020 AUD 1 0.70 0.65 BRL 100 17.23 19.28 CAD 1 0.73 0.71 CNY 100 14.23 13.79 EUR 1 1.10 1.08 GBP 1 1.27 1.23 JPY 100 0.85 0.89 USD 1 0.92 0.96 |
Disclosure of Derivative Financial Instruments | The respective gross amounts are as follows: (CHF in thousands) 12/31/2021 12/31/2020 Fair value of financial assets from derivative instruments (gross) — — Fair value of financial liabilities from derivative instruments (gross) (8) (1,371) Fair value of derivative instruments (net) (8) (1,371) |
Disclosure of Effect of Changes in Foreign Exchange Rates | Based on foreign currency sensitivity analysis of the consolidated balance sheets, financial result and net income are impacted as follows by a 10% fluctuation in On’s main currencies (excluding the impact of derivative financial instruments): (CHF in thousands) 12/31/2021 12/31/2020 12/31/2019 Change in USD/CHF +10% (65,564) (6,752) (2,162) Change in USD/CHF -10% 80,133 8,253 2,630 Change in EUR/CHF +10% (1,687) 221 (181) Change in EUR/CHF -10% 2,062 (270) 221 |
Liquidity risk (Tables)
Liquidity risk (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Financial Risk Management [Abstract] | |
Maturity Analysis for Non-Derivative Financial Liabilities | The total committed future outflow resulting of these lease contracts amounts to: (CHF in thousands) 12/31/2021 12/31/2020 Due < 1 year 644 3,640 Due 1 - 5 years 9,181 24,456 Due > 5 years 11,989 60,976 Commitments for future lease obligations 21,814 89,071 Contractual maturities of On’s financial liabilities: (CHF in thousands) Due Due Due Due 12/31/2021 Trade payables 45,939 — — — 45,939 Current lease liabilities 4,163 13,035 — — 17,198 Other financial liabilities 4,246 — — — 4,246 Other current financial liabilities 8,409 13,035 — — 21,444 Non-current lease liabilities — — 78,826 108,383 187,209 Other non-current financial liabilities — — 78,826 108,383 187,209 (CHF in thousands) Due Due Due Due 12/31/2020 Trade payables 41,543 — — — 41,543 Current bank overdrafts 46 — — — 46 Current lease liabilities 1,282 3,639 — — 4,921 Short-term debt 200 — — — 200 Other financial liabilities 2,722 — — — 2,722 Other current financial liabilities 4,250 3,639 — — 7,890 Non-current lease liabilities — — 10,672 9,062 19,734 Other non-current financial liabilities — — 10,672 9,062 19,734 |
Disclosure of Assets Pledged as Collateral | The following assets have been pledged in relation to the financial liabilities resulting from the three facilities: (CHF in thousands) 12/31/2021 12/31/2020 Trade receivables 23,335 12,400 Inventory 74,013 56,483 Assets pledged 97,348 68,882 |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Payment Arrangements [Abstract] | |
Schedule of Other Equity Instruments | A summary of activity under the plans as of December 31, 2021 , December 31, 2020, and changes during the years ending on those dates is presented below: Program OEPP 2018 LTPP 2018 LTIP 2018 SLIA 2019 BoD 2019 Awards outstanding at January 1, 2020 1,298,750 3,785,000 17,160,000 4,700,000 — Awards granted 326,250 241,250 2,095,000 — 25,326 Awards forfeited — — (75,000) — — Awards exercised (400,000) — (13,608,750) — — Awards outstanding at December 31, 2020 1,225,000 4,026,250 5,571,250 4,700,000 25,326 with maximum term (years) — — — 5 — thereof exercisable — — 606,250 — — Awards outstanding at January 1, 2021 1,225,000 4,026,250 5,571,250 4,700,000 25,326 Awards granted — — 2,373,750 — 16,833 Awards forfeited (22,500) — — — — Awards exercised (1,072,500) (2,000,000) (7,080,000) — (25,326) Awards outstanding at December 31, 2021 130,000 2,026,250 865,000 4,700,000 16,833 with maximum term (years) — — — 5 — thereof exercisable 130,000 1,483,750 865,000 — — |
Schedule of Share Options | A summary of activity under the plans as of December 31, 2021 , December 31, 2020, and changes during the years ending on those dates is presented below: Program OEPP 2018 LTPP 2018 LTIP 2018 SLIA 2019 BoD 2019 Awards outstanding at January 1, 2020 1,298,750 3,785,000 17,160,000 4,700,000 — Awards granted 326,250 241,250 2,095,000 — 25,326 Awards forfeited — — (75,000) — — Awards exercised (400,000) — (13,608,750) — — Awards outstanding at December 31, 2020 1,225,000 4,026,250 5,571,250 4,700,000 25,326 with maximum term (years) — — — 5 — thereof exercisable — — 606,250 — — Awards outstanding at January 1, 2021 1,225,000 4,026,250 5,571,250 4,700,000 25,326 Awards granted — — 2,373,750 — 16,833 Awards forfeited (22,500) — — — — Awards exercised (1,072,500) (2,000,000) (7,080,000) — (25,326) Awards outstanding at December 31, 2021 130,000 2,026,250 865,000 4,700,000 16,833 with maximum term (years) — — — 5 — thereof exercisable 130,000 1,483,750 865,000 — — |
Valuation Inputs, Other Equity Instruments | Parameters taken into account in the valuation: OEPP 2018 Grant date 03/31/2020 Share price on the measurement date (CHF) 7.10 Expected life of the award on the grant date (years) 3.1 Contractual life remaining (years) 1.3 Exercise price (CHF) — Expected dividend yield (%) — Risk-free interest rate (%) (0.68) Expected volatility of the share price (%) 38.72 Option value (CHF) 7.09 LTPP 2018 Grant date 03/31/2020 Share price on the measurement date (CHF) 7.10 Expected life of the award on the grant date (years) 10.0 Contractual life remaining (years) 7.3 - 8.3 Exercise price (CHF) 0.10 Expected dividend yield (%) — Risk-free interest rate (%) (0.38) Expected volatility of the share price (%) 37.03 Option value (CHF) 7.09 |
Valuation Inputs, Share Options | LTPP 2018 Grant date 03/31/2020 Share price on the measurement date (CHF) 7.10 Expected life of the award on the grant date (years) 10.0 Contractual life remaining (years) 7.3 - 8.3 Exercise price (CHF) 0.10 Expected dividend yield (%) — Risk-free interest rate (%) (0.38) Expected volatility of the share price (%) 37.03 Option value (CHF) 7.09 LTIP 2018 2/28/2021 2/28/2021 3/1/2020 3/1/2020 Grant date (non-US) (US) (non-US) (US) Share price on the measurement date (CHF) 7.30 7.30 7.11 7.11 Expected life of the award on the grant date (years) 5.0 5.0 5.0 5.0 Contractual life remaining (years) 4.2 4.2 3.2 3.2 Exercise price (CHF) 0.10 7.30 — 3.65 Expected dividend yield (%) — — — — Risk-free interest rate (%) (0.60) (0.60) (0.80) (0.80) Expected volatility of the share price (%) 40.73 40.73 37.61 37.61 Option value (CHF) 7.29 2.49 7.10 3.47 SLIA 2019 Measurement date 4/28/2020 Share price on the measurement date (CHF) 7.11 Expected life of the award on the grant date (years) 4.7 - 5.7 Contractual life remaining (years) 3.0 - 4.0 Exercise price (CHF) 0.10 Expected dividend yield (%) — Risk-free interest rate (%) (0.67) - (0.65) Expected volatility of the share price (%) 34.0 - 34.6 Option value (CHF) 7.10 |
Employee benefit obligations (T
Employee benefit obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of defined benefit plans [abstract] | |
Defined Benefit Plans | The result of the Swiss defined benefit plans is summarized in the tables below: Employee benefit obligations (CHF in thousands) 12/31/2021 12/31/2020 Present value of defined benefit obligation (22,842) (16,751) Fair value of plan assets 16,989 11,121 Employee benefit obligations (5,853) (5,630) (CHF in thousands) 2021 2020 Present value of defined benefit obligation at January 1 16,751 11,283 Current service cost 2,592 1,619 Contributions by the employees 1,474 983 Interest expenses 33 33 Past service cost — — Benefits paid 2,128 1,278 Actuarial losses/(gains) from changes in demographic assumptions (1,831) — changes in financial assumptions (641) (242) changes in experience adjustments 2,336 1,797 Present value of defined benefit obligation at December 31 22,842 16,751 12/31/2021 12/31/2020 Discount rate 0.4 % 0.2 % Expected rate of salary increase 1.5 % 1.5 % Expected rate of pension increase 0.0 % 0.0 % Demographic assumptions BVG 2020 generation table BVG 2015 generation table |
Net Defined Benefit Obligation | Employee benefit obligations reconciles as follows: (CHF in thousands) 2021 2020 Employee benefit obligations at January 1 (5,630) (3,045) Amounts recognized in income statement (2,601) (1,625) Amounts recognized in other comprehensive income 907 (1,620) Contributions by the employer 1,471 661 Employee benefit obligations at December 31 (5,853) (5,630) |
Defined Benefit Plan Expense Recognized in Profit or Loss | Amounts recognized in income statement (CHF in thousands) 2021 2020 2019 Current service cost (2,592) (1,619) (955) Past service cost — — 326 Net interest cost (9) (7) (11) Employee benefit expenses (2,601) (1,625) (640) |
Defined Benefit Plan Expense Recognized in Other Comprehensive Income | Remeasurements recognized in equity (other comprehensive income) (CHF in thousands) 2021 2020 2019 Actuarial losses/(gains) from changes in demographic assumptions (1,831) — — changes in financial assumptions (641) (242) 1,229 changes in experience adjustments 2,336 1,797 697 Return on plan assets excl. interest income (771) 65 (534) Net actuarial result from defined benefit plans (907) 1,620 1,392 |
Fair Value of Plan Assets | Plan assets (CHF in thousands) 2021 2020 Fair value of plan assets at January 1 11,121 8,238 Contributions by the employer 1,471 661 Contributions by the employees 1,474 983 Interest income 24 27 Benefits paid 2,128 1,278 Return on plan assets excl. interest income 771 (65) Fair value of plan assets at December 31 16,989 11,121 The plan assets consist of (all with quoted market prices): 12/31/2021 12/31/2020 Cash and equivalent 2.5 % 2.9 % Debt instruments 24.9 % 24.5 % Equity instruments 32.9 % 33.7 % Real estate 19.6 % 18.5 % Mortgages 4.7 % 5.2 % Alternative assets 15.4 % 15.2 % Total 100.0 % 100.0 % |
Sensitivity Analysis for Actuarial Assumptions | (CHF in thousands) 12/31/2021 12/31/2020 Discount rate - 0.5% 2,259 1,900 + 0.5% (1,879) (1,548) Expected rate of salary increase - 0.5% (451) (382) + 0.5% 462 392 Life expectancy - 1 year (304) (267) + 1 year 297 262 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Provisions [abstract] | |
Schedule of Provisions | (CHF in thousands) Social charges Long-service leave Asset retirement obligation Total Balance at January 1, 2020 4,357 590 — 4,947 thereof current — 246 — 246 thereof non-current 4,357 344 — 4,701 Additions 15,702 349 — 16,051 Exchange differences 16 9 — 24 Balance at December 31, 2020 20,074 947 — 21,022 thereof current — 376 — 376 thereof non-current 20,074 571 — 20,645 Additions 15,571 1,140 3,650 20,362 Release — (422) — (422) Utilization (21,570) — — (21,570) Exchange differences (28) (8) (10) (46) Balance at December 31, 2021 14,048 1,657 3,640 19,345 thereof current 14,048 721 135 14,903 thereof non-current — 936 3,506 4,442 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes [Abstract] | |
Disclosure of Major Components of Income Tax Expense | (CHF in thousands) 2021 2020 2019 Current income taxes 7,051 4,107 4,200 Deferred income taxes 3,589 (1,024) 420 Income taxes 10,640 3,083 4,620 |
Disclosure of Tax Rate Reconciliation | The income taxes reflected in the financial statements and the amount calculated at the expected tax rate reconcile as follows: (CHF in thousands) 2021 2020 2019 (Loss)/Income before taxes (159,588) (24,441) 3,147 Expected tax rate / tax expense 19.7 % (31,439) 19.7 % (4,815) 19.7 % 620 Income and expenses not subject to tax, net -0.2 % 280 0.7 % (167) 6.4 % 201 Effects of (de-)recognition of tax losses -0.4 % 565 — % — — % — Local actual tax rate different to On’s expected average tax rate -0.6 % 963 -3.1 % 759 (1.1) % (34) Non-deductible expenses -25.4 % 40,590 -30.5 % 7,444 117.9 % 3,711 Prior year adjustments and other items, net 0.2 % (318) 0.6 % (139) 6.9 % 218 Effective tax rate / tax benefit -6.7 % 10,640 -12.6 % 3,083 146.8 % 4,620 |
Disclosure of Deferred Tax Assets and Liabilities | Change of net deferred tax assets and liabilities: (CHF in thousands) 2021 2020 Net amount at January 1 251 (1,001) thereof deferred tax assets 5,915 1,849 thereof deferred tax liabilities (5,664) (2,849) Taxes charged to income statement (3,589) 1,024 to other comprehensive income (179) 319 Exchange differences 77 (92) Net amount at December 31 (3,440) 251 thereof deferred tax assets 2,171 5,915 thereof deferred tax liabilities (5,611) (5,664) Deferred tax assets and liabilities relate to the following items: 12/31/21 12/31/20 (CHF in thousands) Assets Liabilities Net amount Assets Liabilities Net amount Trade receivables 80 (977) (896) — (817) (817) Inventories 619 (3,927) (3,308) 3,393 (3,777) (384) Other current assets 716 — 716 1,008 (4) 1,004 Property, plant and equipment — (120) (120) 4 (506) (502) Right-of-use assets — (3,771) (3,771) — (2,445) (2,445) Intangible assets — (3,073) (3,073) — (3,194) (3,194) Other current financial liabilities 837 — 837 566 (47) 519 Other current operating liabilities — (855) (855) — (83) (83) Current provisions 82 — 82 80 — 80 Employee benefit obligations 1,153 — 1,153 1,109 — 1,109 Non-current provisions 136 — 136 128 (2) 126 Other non-current financial liabilities 3,105 — 3,105 2,106 (2) 2,104 Tax loss carryforwards 2,555 — 2,555 2,732 — 2,732 Deferred tax assets (liabilities) 9,283 (12,723) (3,440) 11,127 (10,877) 250 Offsetting (7,113) 7,113 (5,212) 5,213 Deferred tax assets (liabilities) on balance sheet 2,171 (5,611) (3,440) 5,915 (5,664) 251 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related party transactions [abstract] | |
Disclosure of Related Party Transactions | There were no further transactions with related parties for the relevant financial years except for the following transactions with the five members of On’s executive team: (CHF in thousands) 2021 2020 2019 Short-term employee benefits 1,922 1,825 2,556 Post-employment benefits 14,373 2,072 273 Share-based compensation 67,328 10,044 9,568 On Executive Team 83,623 13,940 12,397 |
Oniverse (Details)
Oniverse (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
On AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
On Brazil Ltda. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
On Cloud Service GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
On Clouds GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
On Europe AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
On Experience 1 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
On Experience 2 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
On Experience 3 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
On Hong Kong Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
On Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
On Japan K.K. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
On Oceania Pty Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
On Running Canada Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
On Running UK Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 0.00% |
On Running Sports Products (Shanghai) Company Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
On Vietnam Co. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Brunner Mettler GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | 100.00% |
Net sales - Disaggregation of R
Net sales - Disaggregation of Revenue (Details) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021CHF (SFr)salesChannel | Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | SFr 724,591 | SFr 425,295 | SFr 267,120 |
Number of sales channels | salesChannel | 2 | ||
Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | SFr 260,357 | 187,510 | 128,344 |
thereof Switzerland | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | 55,105 | 51,837 | 31,348 |
North America | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | 409,530 | 208,089 | 111,761 |
Asia-Pacific | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | 42,730 | 22,999 | 17,867 |
Rest of World | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | 11,973 | 6,697 | 9,148 |
Shoes | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | 683,288 | 406,390 | 255,612 |
Apparel | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | 36,343 | 15,750 | 9,570 |
Accessories | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | 4,960 | 3,155 | 1,938 |
Wholesale | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | 448,778 | 264,819 | 200,716 |
Direct-to-Customer | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net sales | SFr 275,813 | SFr 160,476 | SFr 66,404 |
Segment information (Details)
Segment information (Details) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021CHF (SFr)numberOfCo-ceoco-founderReporting_Segment | Dec. 31, 2020CHF (SFr) | |
Disclosure of operating segments [line items] | ||
Number of Co-Founders | co-founder | 3 | |
Number of Co-CEOs | numberOfCo-ceo | 2 | |
Number of reporting segments | Reporting_Segment | 1 | |
Non-current assets | SFr 271,923 | SFr 100,305 |
Europe | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 176,191 | 83,383 |
thereof Switzerland | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 168,864 | 82,288 |
North America | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 82,377 | 9,826 |
Asia-Pacific | ||
Disclosure of operating segments [line items] | ||
Non-current assets | 12,326 | 6,067 |
Rest of World | ||
Disclosure of operating segments [line items] | ||
Non-current assets | SFr 1,030 | SFr 1,030 |
Selling, general and administ_3
Selling, general and administrative expenses (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of attribution of expenses by nature to their function [line items] | |||
Distribution expenses | SFr (96,429) | SFr (51,089) | SFr (28,564) |
Selling expenses | (52,612) | (35,614) | (23,487) |
Marketing expenses | (100,539) | (45,626) | (28,553) |
Share-based compensation | (198,456) | (54,765) | (18,838) |
General and administrative expenses | (123,338) | (61,105) | (37,987) |
Selling, general and administrative expenses | (571,375) | (248,199) | (137,428) |
Other long-term employee benefits | 87,338 | 57,643 | 35,998 |
Selling, general and administrative expense | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation and amortisation expense | 28,668 | 9,716 | 3,744 |
Cost of sales | |||
Disclosure of attribution of expenses by nature to their function [line items] | |||
Depreciation expense | SFr 2,747 | SFr 2,377 | SFr 1,599 |
Trade receivables - Schedule of
Trade receivables - Schedule of Trade Receivables (Details) - Trade receivables - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | SFr 99,264 | SFr 51,631 |
Gross carrying amount | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 101,817 | 53,439 |
Gross carrying amount | Not yet due | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 64,436 | 37,695 |
Gross carrying amount | Past due 1 - 90 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 32,812 | 12,921 |
Gross carrying amount | Past due 91 - 180 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 3,278 | 513 |
Gross carrying amount | Past due 181 - 360 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 204 | 820 |
Gross carrying amount | Past due > 361 days | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 1,087 | 1,490 |
Accumulated impairment | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | (2,553) | (1,807) |
Individual loss allowance | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | 1,998 | 1,750 |
Expected credit loss | ||
Disclosure of financial assets that are either past due or impaired [line items] | ||
Financial assets | SFr 555 | SFr 58 |
Trade receivables - Schedule _2
Trade receivables - Schedule of Allowance for Credit Losses (Details) - Trade receivables - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Individual loss allowance | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | SFr 1,750 | SFr 547 |
Addition | 1,492 | 1,405 |
Usage | (23) | (6) |
Release | (1,263) | (59) |
Exchange differences | 42 | (137) |
Ending balance | 1,998 | 1,750 |
Expected credit loss | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Beginning balance | 58 | 194 |
Change | 502 | (129) |
Exchange differences | (5) | (7) |
Ending balance | SFr 555 | SFr 58 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Inventory [Line Items] | ||
Inventories | SFr 134,178 | SFr 102,878 |
Gross carrying amount | Shoes | ||
Disclosure Of Inventory [Line Items] | ||
Inventories | 118,943 | 95,630 |
Gross carrying amount | Apparel | ||
Disclosure Of Inventory [Line Items] | ||
Inventories | 14,359 | 6,700 |
Gross carrying amount | Accessories | ||
Disclosure Of Inventory [Line Items] | ||
Inventories | 1,769 | 919 |
Accumulated impairment | ||
Disclosure Of Inventory [Line Items] | ||
Inventories | SFr 894 | SFr 371 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Inventory [Line Items] | ||
Consignment inventory | SFr 9,899 | SFr 4,112 |
Cost of sales | ||
Disclosure Of Inventory [Line Items] | ||
Cost of inventories recognised as expense during period | 215,953 | 132,045 |
Write-downs (reversals of write-downs) of inventories | SFr (473) | SFr 53 |
Property, plant and equipment -
Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | SFr 17,004 | SFr 10,631 |
Property, plant and equipment at the end of period | 34,399 | 17,004 |
Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 5,905 | 2,273 |
Property, plant and equipment at the end of period | 18,998 | 5,905 |
Trade tools | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 3,806 | 3,417 |
Property, plant and equipment at the end of period | 3,832 | 3,806 |
Production tools | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 4,306 | 2,846 |
Property, plant and equipment at the end of period | 6,310 | 4,306 |
Other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 2,987 | 2,095 |
Property, plant and equipment at the end of period | 5,259 | 2,987 |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 25,440 | 14,808 |
Additions | 24,639 | 10,986 |
Disposals | (1,983) | |
Currency Translation | (246) | (354) |
Property, plant and equipment at the end of period | 47,850 | 25,440 |
Cost | Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 6,652 | 2,713 |
Additions | 14,296 | 4,101 |
Disposals | 52 | |
Currency Translation | (123) | (161) |
Property, plant and equipment at the end of period | 20,877 | 6,652 |
Cost | Trade tools | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 6,561 | 4,365 |
Additions | 2,785 | 2,324 |
Disposals | (1,946) | |
Currency Translation | (81) | (129) |
Property, plant and equipment at the end of period | 7,319 | 6,561 |
Cost | Production tools | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 7,792 | 4,879 |
Additions | 4,104 | 2,913 |
Disposals | 0 | |
Currency Translation | 0 | 0 |
Property, plant and equipment at the end of period | 11,896 | 7,792 |
Cost | Other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 4,435 | 2,851 |
Additions | 3,455 | 1,647 |
Disposals | (89) | |
Currency Translation | (42) | (63) |
Property, plant and equipment at the end of period | 7,758 | 4,435 |
Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (8,436) | (4,177) |
Disposals | 1,981 | |
Depreciation | (7,063) | (4,312) |
Currency Translation | 67 | 53 |
Property, plant and equipment at the end of period | (13,451) | (8,436) |
Accumulated depreciation | Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (747) | (440) |
Disposals | (52) | |
Depreciation | (1,095) | (311) |
Currency Translation | 15 | 4 |
Property, plant and equipment at the end of period | (1,879) | (747) |
Accumulated depreciation | Trade tools | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (2,755) | (949) |
Disposals | 1,946 | |
Depreciation | (2,721) | (1,842) |
Currency Translation | 43 | 35 |
Property, plant and equipment at the end of period | (3,488) | (2,755) |
Accumulated depreciation | Production tools | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (3,486) | (2,033) |
Disposals | 0 | |
Depreciation | (2,100) | (1,453) |
Currency Translation | 0 | 0 |
Property, plant and equipment at the end of period | (5,586) | (3,486) |
Accumulated depreciation | Other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (1,448) | (756) |
Disposals | 87 | |
Depreciation | (1,147) | (706) |
Currency Translation | 9 | 14 |
Property, plant and equipment at the end of period | SFr (2,498) | SFr (1,448) |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | SFr 34,399 | SFr 17,004 | SFr 10,631 |
Construction in progress | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | 9,314 | 1,409 | |
Trade tools | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | SFr 3,832 | 3,806 | 3,417 |
Useful life measured as period of time, property, plant and equipment | 3 years | ||
Production tools | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | SFr 6,310 | 4,306 | 2,846 |
Useful life measured as period of time, property, plant and equipment | 4 years | ||
Other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property, plant and equipment | SFr 5,259 | SFr 2,987 | SFr 2,095 |
Other | Minimum | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 3 years | ||
Other | Maximum | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Useful life measured as period of time, property, plant and equipment | 4 years |
Right-of-use assets - Schedule
Right-of-use assets - Schedule of Right-of-Use Assets (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | SFr 22,719 | SFr 5,080 |
Right-of-use assets ending balance | 177,890 | 22,719 |
Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 29,914 | 8,341 |
Additions | 171,842 | 22,640 |
Disposals | (456) | (42) |
Currency translation | (1,147) | (1,025) |
Right-of-use assets ending balance | 200,153 | 29,914 |
Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | (7,195) | (3,261) |
Disposals | (276) | (77) |
Depreciation | (15,544) | (4,131) |
Currency translation | 200 | 197 |
Right-of-use assets ending balance | (22,263) | (7,195) |
Storage | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 9,538 | 0 |
Right-of-use assets ending balance | 72,889 | 9,538 |
Storage | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 9,782 | 0 |
Additions | 68,397 | 9,782 |
Disposals | 0 | 0 |
Currency translation | (302) | 0 |
Right-of-use assets ending balance | 77,878 | 9,782 |
Storage | Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | (244) | 0 |
Disposals | 0 | 0 |
Depreciation | (4,801) | (244) |
Currency translation | 57 | 0 |
Right-of-use assets ending balance | (4,988) | (244) |
Stores & showrooms | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 6,289 | 739 |
Right-of-use assets ending balance | 11,873 | 6,289 |
Stores & showrooms | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 7,377 | 793 |
Additions | 7,587 | 7,350 |
Disposals | 0 | (42) |
Currency translation | (128) | (724) |
Right-of-use assets ending balance | 14,836 | 7,377 |
Stores & showrooms | Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | (1,088) | (53) |
Disposals | 0 | 0 |
Depreciation | (1,859) | (1,107) |
Currency translation | (16) | 73 |
Right-of-use assets ending balance | (2,963) | (1,088) |
Offices | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 5,344 | 2,609 |
Right-of-use assets ending balance | 91,928 | 5,344 |
Offices | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 8,611 | 4,258 |
Additions | 95,039 | 4,513 |
Disposals | (130) | 0 |
Currency translation | (628) | (160) |
Right-of-use assets ending balance | 102,892 | 8,611 |
Offices | Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | (3,267) | (1,649) |
Disposals | (87) | (8) |
Depreciation | (7,917) | (1,666) |
Currency translation | 133 | 48 |
Right-of-use assets ending balance | (10,964) | (3,267) |
Cars | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 1,548 | 1,732 |
Right-of-use assets ending balance | 1,199 | 1,548 |
Cars | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 4,144 | 3,290 |
Additions | 818 | 995 |
Disposals | (326) | 0 |
Currency translation | (90) | (141) |
Right-of-use assets ending balance | 4,547 | 4,144 |
Cars | Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | (2,596) | (1,559) |
Disposals | (189) | (69) |
Depreciation | (968) | (1,113) |
Currency translation | 27 | 76 |
Right-of-use assets ending balance | SFr (3,348) | SFr (2,596) |
Right-of-use assets - Accountin
Right-of-use assets - Accounting Policy (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Storage | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Useful life measured as period of time, right-of-use-assets | 10 years |
Offices | Minimum | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Useful life measured as period of time, right-of-use-assets | 2 years |
Offices | Maximum | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Useful life measured as period of time, right-of-use-assets | 15 years |
Stores & showrooms | Minimum | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Useful life measured as period of time, right-of-use-assets | 3 years |
Stores & showrooms | Maximum | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Useful life measured as period of time, right-of-use-assets | 10 years |
Cars | Minimum | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Useful life measured as period of time, right-of-use-assets | 1 year |
Cars | Maximum | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Useful life measured as period of time, right-of-use-assets | 3 years |
Intangible assets -Schedule of
Intangible assets -Schedule of Intangible Assets (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | SFr 54,667 | SFr 5,911 |
Intangible assets and goodwill at end of the period | 57,464 | 54,667 |
Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 64,411 | 12,006 |
Additions | 11,604 | 52,407 |
Currency translation | (1) | (2) |
Intangible assets and goodwill at end of the period | 76,014 | 64,411 |
Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | (9,744) | (6,096) |
Amortization | (8,806) | (3,648) |
Intangible assets and goodwill at end of the period | (18,550) | (9,744) |
Patents and other rights | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 44,722 | 2,266 |
Intangible assets and goodwill at end of the period | 41,862 | 44,722 |
Patents and other rights | Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 51,771 | 6,649 |
Additions | 1,015 | 45,123 |
Currency translation | 1 | (1) |
Intangible assets and goodwill at end of the period | 52,787 | 51,771 |
Patents and other rights | Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | (7,049) | (4,383) |
Amortization | (3,876) | (2,666) |
Intangible assets and goodwill at end of the period | (10,924) | (7,049) |
Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 8,155 | 1,853 |
Intangible assets and goodwill at end of the period | 13,811 | 8,155 |
Software | Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 10,850 | 3,566 |
Additions | 10,589 | 7,284 |
Currency translation | (2) | 0 |
Intangible assets and goodwill at end of the period | 21,436 | 10,850 |
Software | Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | (2,695) | (1,713) |
Amortization | (4,930) | (982) |
Intangible assets and goodwill at end of the period | (7,625) | (2,695) |
Goodwill | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 1,791 | 1,791 |
Intangible assets and goodwill at end of the period | 1,791 | 1,791 |
Goodwill | Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 1,791 | 1,791 |
Additions | 0 | 0 |
Currency translation | 0 | 0 |
Intangible assets and goodwill at end of the period | 1,791 | 1,791 |
Goodwill | Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Amortization | 0 | 0 |
Intangible assets and goodwill at end of the period | SFr 0 | SFr 0 |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - CHF (SFr) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | SFr 57,464,000 | SFr 54,667,000 | SFr 5,911,000 |
Research and development expense | (5,334,000) | (1,852,000) | |
Impairment loss recognised in profit or loss, goodwill | 0 | 0 | |
Goodwill expected to be deductible for tax purposes | SFr 0 | ||
SLIA 2019 | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rate applied to cash flow projections | 9.30% | ||
Intangible assets under development | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | SFr 604,000 | 364,000 | |
Patents and other rights | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | SFr 41,862,000 | 44,722,000 | 2,266,000 |
Useful life measured as period of time, intangible assets other than goodwill | 4 years | ||
Patents and other rights | SLIA 2019 | |||
Disclosure of detailed information about intangible assets [line items] | |||
Additions | SFr 44,795,000 | ||
Useful life measured as period of time, intangible assets other than goodwill | 15 years | ||
License rights for trade marks | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 15 years | ||
Software | |||
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets | SFr 13,811,000 | SFr 8,155,000 | SFr 1,853,000 |
Useful life measured as period of time, intangible assets other than goodwill | 4 years | ||
IT development cost capitalized | Minimum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 1 year 6 months | ||
IT development cost capitalized | Maximum | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful life measured as period of time, intangible assets other than goodwill | 3 years |
Other current operating asset_3
Other current operating assets (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Prepaid expenses | SFr 16,492 | SFr 5,213 |
Indirect taxes (VAT/GST) receivables | 26,934 | 12,442 |
Other current assets | 4,598 | 2,324 |
Other current operating assets | SFr 48,024 | SFr 19,979 |
Other current operating liabili
Other current operating liabilities (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accrued expenses | SFr 54,921 | SFr 24,284 |
Indirect taxes (VAT/GST) payables | 19,233 | 6,115 |
Social security payables | 40,837 | 3,097 |
Other current liabilities | 6,682 | 2,617 |
Other current operating liabilities | SFr 121,673 | SFr 36,113 |
Net cash and cash equivalents_2
Net cash and cash equivalents (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subclassifications of assets, liabilities and equities [abstract] | ||||
Cash on hand | SFr 3 | SFr 5 | ||
Current bank accounts | 419,546 | 88,567 | ||
Digital wallets | 5,761 | 2,070 | ||
Fixed deposit | 227,771 | 0 | ||
Cash and cash equivalents | 653,081 | 90,642 | ||
Current bank overdrafts | 0 | (46) | ||
Net cash and cash equivalents | SFr 653,081 | SFr 90,595 | SFr 120 | SFr 15,762 |
Other current financial asset_2
Other current financial assets - Schedule of Other Current Financial Assets (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | ||
Other current financial assets | SFr 30,054 | SFr 17,135 |
Other current financial assets at amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 30,054 | 17,135 |
Other current financial assets at amortized cost | Credit cards | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 6,417 | 7,271 |
Other current financial assets at amortized cost | Deposits | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 14,814 | 4,864 |
Other current financial assets at amortized cost | Other current financial assets | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 8,823 | 5,000 |
Other current financial assets at fair value through profit and loss | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | SFr 0 | SFr 0 |
Other current financial asset_3
Other current financial assets - Narrative (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial assets [line items] | ||
Other current financial assets | SFr 30,054 | SFr 17,135 |
Other current financial assets at amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 30,054 | 17,135 |
Other current financial assets at amortized cost | Prepaid expense | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | SFr 4,474 | SFr 3,467 |
Financial liabilities - Schedul
Financial liabilities - Schedule of Financial Liabilities (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | SFr 20,097 | SFr 7,276 |
Other non-current financial liabilities at amortized cost | 167,228 | 19,174 |
Financial liabilities at amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | 20,089 | 5,905 |
Other non-current financial liabilities at amortized cost | 167,228 | 19,174 |
Financial liabilities at amortized cost | Bank overdrafts | ||
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | 0 | 46 |
Financial liabilities at amortized cost | Lease liabilities | ||
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | 13,631 | 4,308 |
Other non-current financial liabilities at amortized cost | 167,228 | 19,174 |
Financial liabilities at amortized cost | Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | 0 | 200 |
Financial liabilities at amortized cost | Other financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | 6,458 | 1,351 |
Financial liabilities at fair value through profit or loss | ||
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | 8 | 1,371 |
Financial liabilities at fair value through profit or loss | Derivatives | ||
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | SFr 8 | SFr 1,371 |
Financial liabilities - Reconci
Financial liabilities - Reconciliation of Liabilities from Financing Activities (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities at beginning of period | SFr 23,682 | SFr 8,388 | |
thereof current | 13,631 | 4,508 | SFr 5,075 |
thereof non-current | 167,228 | 19,174 | 3,313 |
Payments | (13,511) | (6,425) | |
Interest expenses paid | (2,428) | (281) | |
Additions to lease liabilities | 174,089 | 22,598 | |
Reclassifications | 0 | ||
Exchange differences | (973) | (599) | |
Liabilities arising from financing activities at end of period | 180,859 | 23,682 | |
Short-term debt | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities at beginning of period | 200 | 3,026 | |
thereof current | 0 | 200 | 3,026 |
thereof non-current | 0 | 0 | 0 |
Payments | (200) | (3,026) | |
Interest expenses paid | 0 | 0 | |
Additions to lease liabilities | 0 | 0 | |
Reclassifications | 200 | ||
Exchange differences | 0 | 0 | |
Liabilities arising from financing activities at end of period | 0 | 200 | |
Long-term debt | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities at beginning of period | 0 | 200 | |
thereof current | 0 | 0 | 0 |
thereof non-current | 0 | 0 | 200 |
Payments | 0 | 0 | |
Interest expenses paid | 0 | 0 | |
Additions to lease liabilities | 0 | 0 | |
Reclassifications | (200) | ||
Exchange differences | 0 | 0 | |
Liabilities arising from financing activities at end of period | 0 | 0 | |
Lease liabilities | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities at beginning of period | 23,482 | 5,162 | |
thereof current | 13,631 | 4,308 | 2,049 |
thereof non-current | 167,228 | 19,174 | SFr 3,113 |
Payments | (13,311) | (3,399) | |
Interest expenses paid | (2,428) | (281) | |
Additions to lease liabilities | 174,089 | 22,598 | |
Reclassifications | 0 | ||
Exchange differences | (973) | (599) | |
Liabilities arising from financing activities at end of period | SFr 180,859 | SFr 23,482 |
Financial result (Details)
Financial result (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Analysis of income and expense [abstract] | |||
Interest income employee benefits | SFr 25 | SFr 27 | SFr 47 |
Financial income | 25 | 27 | 47 |
Bank charges and interest expenses | (1,113) | (625) | (577) |
Interest expenses leases | (2,428) | (281) | (61) |
Interest expenses employee benefits | (33) | (33) | (58) |
Financial expenses | (3,574) | (940) | (697) |
Foreign exchange losses | (16,312) | (5,088) | (1,738) |
Change in fair value of foreign exchange derivatives | 1,363 | (1,347) | (155) |
Foreign exchange result | (14,949) | (6,434) | (1,893) |
Financial result | SFr (18,499) | SFr (7,347) | SFr (2,542) |
Share capital - Narrative (Deta
Share capital - Narrative (Details) SFr / shares in Units, $ / shares in Units, SFr in Thousands, $ in Millions | Sep. 15, 2021CHF (SFr)shares | Sep. 15, 2021USD ($)$ / sharesshares | Aug. 19, 2021SFr / sharesshares | Apr. 21, 2021SFr / shares | Sep. 30, 2021CHF (SFr) | Sep. 30, 2021USD ($) | Dec. 31, 2021CHF (SFr)SFr / sharesshares | Dec. 31, 2020CHF (SFr)shares | Dec. 31, 2019CHF (SFr) | Aug. 18, 2021SFr / shares |
Disclosure of classes of share capital [line items] | ||||||||||
Share capital | SFr | SFr 33,454 | SFr 2,172 | ||||||||
Share capital, paid-in percentage | 100.00% | |||||||||
Share spilt, conversion ratio | 0.80% | 10.00% | ||||||||
Proceeds from issue of shares | SFr | SFr 71 | 133,266 | SFr 0 | |||||||
Equity transaction costs | SFr | 6,836 | 1,476 | ||||||||
Sale of treasury shares related to share-based compensation | SFr | 500 | SFr 0 | SFr 0 | |||||||
Purchase of treasury shares | SFr | 22,777 | |||||||||
Initial Public Offering | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Share price (in USD per share) | SFr / shares | SFr 24 | |||||||||
Proceeds from issue of shares | SFr 652,500 | $ 702.2 | ||||||||
Equity transaction costs | SFr 14,100 | $ 15.2 | ||||||||
Expense related to the issue of shares | 7,200 | 7.8 | ||||||||
Share premium | Initial Public Offering | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Issue of equity | SFr 615,300 | $ 662.2 | ||||||||
Treasury shares | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Purchase of treasury shares | SFr | SFr 22,777 | |||||||||
Class A | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of shares registered (in shares) | 245,740,000 | 299,998,125 | 271,438,750 | |||||||
Par value per share (in CHF per share) | SFr / shares | SFr 0.1 | SFr 10 | SFr 0.10 | 125 | ||||||
Treasury shares issued (in shares) | 25,000,000 | |||||||||
Share price (in USD per share) | $ / shares | $ 24 | |||||||||
Class A | Share capital | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Capital increase from authorized capital (in shares) | 29,258,125 | 29,258,125 | ||||||||
Class A | Treasury shares | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Share split (in shares) | 0 | |||||||||
Capital increase from authorized capital (in shares) | 0 | |||||||||
Sale of shares held by On in treasury (in shares) | 2,419,985 | |||||||||
Purchase of On shares from employees (sell-to-cover) at current market price (in shares) | 554,491 | |||||||||
Class B | ||||||||||
Disclosure of classes of share capital [line items] | ||||||||||
Number of shares registered (in shares) | 345,437,500 | 345,437,500 | 0 | |||||||
Par value per share (in CHF per share) | SFr / shares | SFr 0.01 | SFr 1 | SFr 0.01 | SFr 12.50 | ||||||
Number of votes per share | 1 | |||||||||
Percentage increase in voting rights | 1000.00% | |||||||||
Par value, dividend and distribution rights as a percentage of ordinary share rights | 10.00% |
Share capital - Schedule of Sha
Share capital - Schedule of Shares Outstanding (Details) - SFr / shares | Apr. 21, 2021 | Dec. 31, 2021 | Aug. 19, 2021 | Aug. 18, 2021 |
Increase (decrease) in number of shares [Roll forward] | ||||
Share spilt, conversion ratio | 10.00% | 0.80% | ||
Class A | ||||
Increase (decrease) in number of shares [Roll forward] | ||||
Number of shares authorized at beginning of period (in shares) | 271,438,750 | |||
Number of shares held in treasury at beginning of period (in shares) | 0 | |||
Number of shares outstanding at beginning of period (in shares) | 271,438,750 | |||
Number of shares authorized at end of period (in shares) | 299,998,125 | |||
Number of shares held in treasury at end of period (in shares) | (23,134,506) | |||
Number of shares outstanding at end of period (in shares) | 276,863,619 | |||
Par value per share (in CHF per share) | SFr 10 | SFr 0.10 | SFr 0.1 | SFr 125 |
Number of shares split in stock split (in shares) | 1 | |||
Class B | ||||
Increase (decrease) in number of shares [Roll forward] | ||||
Number of shares authorized at beginning of period (in shares) | 0 | |||
Number of shares outstanding at beginning of period (in shares) | 0 | |||
Number of shares authorized at end of period (in shares) | 345,437,500 | |||
Number of shares outstanding at end of period (in shares) | 345,437,500 | |||
Par value per share (in CHF per share) | SFr 1 | SFr 0.01 | SFr 0.01 | SFr 12.50 |
Authorized registered shares | Class A | ||||
Increase (decrease) in number of shares [Roll forward] | ||||
Capital increase from conditional capital (in shares) | 8,845,000 | |||
Share split (in shares) | 27,635 | (34,543,750) | ||
Ordinary increase of share capital (in shares) | 25,000,000 | |||
Capital increase from authorized capital (in shares) | 29,258,125 | |||
Sale of shares held by On in treasury (in shares) | 0 | |||
Purchase of On shares from employees (sell-to-cover) at current market price (in shares) | 0 | |||
Authorized registered shares | Class B | ||||
Increase (decrease) in number of shares [Roll forward] | ||||
Capital increase from conditional capital (in shares) | 0 | |||
Share split (in shares) | 345,437,500 | |||
Ordinary increase of share capital (in shares) | 0 | |||
Capital increase from authorized capital (in shares) | 0 | |||
Sale of shares held by On in treasury (in shares) | 0 | |||
Purchase of On shares from employees (sell-to-cover) at current market price (in shares) | 0 | |||
Shares held by On in treasury | Class A | ||||
Increase (decrease) in number of shares [Roll forward] | ||||
Capital increase from conditional capital (in shares) | 0 | |||
Share split (in shares) | 0 | |||
Ordinary increase of share capital (in shares) | (25,000,000) | |||
Capital increase from authorized capital (in shares) | 0 | |||
Sale of shares held by On in treasury (in shares) | 2,419,985 | |||
Purchase of On shares from employees (sell-to-cover) at current market price (in shares) | 554,491 | |||
Outstanding shares | Class A | ||||
Increase (decrease) in number of shares [Roll forward] | ||||
Capital increase from conditional capital (in shares) | 8,845,000 | |||
Share split (in shares) | (34,543,750) | |||
Ordinary increase of share capital (in shares) | 0 | |||
Capital increase from authorized capital (in shares) | 29,258,125 | |||
Sale of shares held by On in treasury (in shares) | 2,419,985 | |||
Purchase of On shares from employees (sell-to-cover) at current market price (in shares) | (554,491) | |||
Outstanding shares | Class B | ||||
Increase (decrease) in number of shares [Roll forward] | ||||
Capital increase from conditional capital (in shares) | 0 | |||
Share split (in shares) | 345,437,500 | |||
Ordinary increase of share capital (in shares) | 0 | |||
Capital increase from authorized capital (in shares) | 0 | |||
Sale of shares held by On in treasury (in shares) | 0 | |||
Purchase of On shares from employees (sell-to-cover) at current market price (in shares) | 0 |
Earnings per share - Narrative
Earnings per share - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings per share [line items] | ||
Multifaction ratio applied to original share amounts | 125000.00% | |
Class A | ||
Earnings per share [line items] | ||
Anti-dilutive share options excluded from calculation of diluted earnings per share (in shares) | 4,982,486 | 9,586,250 |
Class B | ||
Earnings per share [line items] | ||
Anti-dilutive share options excluded from calculation of diluted earnings per share (in shares) | 8,329,740 |
Earnings per share - Schedule o
Earnings per share - Schedule of Earnings per Share (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [line items] | |||
Net loss | SFr (170,228) | SFr (27,524) | SFr (1,473) |
Class A | |||
Earnings per share [line items] | |||
Weighted number of outstanding shares (in shares) | 264,171,208 | 265,684,627 | 233,957,500 |
Number of shares with dilutive effects (in shares) | 0 | 0 | 0 |
Weighted number of outstanding shares (diluted and undiluted) (in shares) | 264,171,208 | 265,684,627 | 233,957,500 |
Net loss | SFr (155,978) | SFr (27,524) | SFr (1,473) |
Basic EPS (CHF) (in CHF per share) | SFr (0.59) | SFr (0.10) | SFr (0.01) |
Diluted EPS (CHF) (in CHF per share) | SFr (0.59) | SFr (0.10) | SFr (0.01) |
Class B | |||
Earnings per share [line items] | |||
Weighted number of outstanding shares (in shares) | 241,333,048 | ||
Number of shares with dilutive effects (in shares) | 0 | ||
Weighted number of outstanding shares (diluted and undiluted) (in shares) | 241,333,048 | ||
Net loss | SFr (14,249) | ||
Basic EPS (CHF) (in CHF per share) | SFr (0.06) | ||
Diluted EPS (CHF) (in CHF per share) | SFr (0.06) |
Capital and other reserves - Sc
Capital and other reserves - Schedule of Capital and Other Reserves (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of reserves within equity [line items] | ||||
Equity | SFr 848,379 | SFr 245,093 | SFr 64,414 | SFr 49,712 |
Capital reserves | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | 1,043,987 | 276,408 | 67,239 | 49,982 |
Share premium | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | 756,883 | 175,224 | ||
Legal reserves | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | 10,976 | 2,662 | ||
Equity transaction costs | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | (8,712) | (1,876) | ||
Current tax benefits on equity transaction costs | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | 1,256 | 0 | ||
Share-based compensation | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | 283,584 | 100,397 | ||
Other reserves | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | (3,422) | (3,110) | SFr (1,846) | SFr (760) |
Exchange differences | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | (922) | 119 | ||
Actuarial gains and losses | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | (3,123) | (4,030) | ||
Taxes on actuarial gains and losses | ||||
Disclosure of reserves within equity [line items] | ||||
Equity | SFr 623 | SFr 802 |
Commitments and contingencies -
Commitments and contingencies - Narrative (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Gross lease liabilities | SFr 21,814 | SFr 89,071 |
Office leases | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Gross lease liabilities | 18,188 | 84,021 |
Contingent liability for guarantees | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Estimated financial effect of contingent liabilities | 2,917 | 497 |
Group cash pool participants | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Gross bank balances before cash pooling offset | SFr 87,592 | SFr 25,939 |
Commitments and contingencies_2
Commitments and contingencies - Schedule of Future Lease Commitments (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | SFr 21,814 | SFr 89,071 |
Due less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | 644 | 3,640 |
Due 1 - 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | 9,181 | 24,456 |
Due > 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | SFr 11,989 | SFr 60,976 |
Market risk (Details)
Market risk (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Financial Risk Management [Abstract] | |
Percentage increase (decrease) from originally confirmed fixed price, which triggers cost of materials and products to be revised | 3.00% |
Foreign currency risk - Schedul
Foreign currency risk - Schedule of Foreign Exchange Rates (Details) | 12 Months Ended | |
Dec. 31, 2021$ / SFr | Dec. 31, 2020$ / SFr | |
AUD 1 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Closing foreign exchange rate | 0.66 | 0.68 |
Average foreign exchange rate | 0.70 | 0.65 |
BRL 100 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Closing foreign exchange rate | 16.36 | 17.02 |
Average foreign exchange rate | 17.23 | 19.28 |
CAD 1 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Closing foreign exchange rate | 0.72 | 0.69 |
Average foreign exchange rate | 0.73 | 0.71 |
CNY 100 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Closing foreign exchange rate | 14.33 | 13.51 |
Average foreign exchange rate | 14.23 | 13.79 |
EUR 1 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Closing foreign exchange rate | 1.04 | 1.08 |
Average foreign exchange rate | 1.10 | 1.08 |
GBP 1 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Closing foreign exchange rate | 1.23 | 1.21 |
Average foreign exchange rate | 1.27 | 1.23 |
JPY 100 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Closing foreign exchange rate | 0.79 | 0.86 |
Average foreign exchange rate | 0.85 | 0.89 |
USD 1 | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Closing foreign exchange rate | 0.91 | 0.88 |
Average foreign exchange rate | 0.92 | 0.96 |
Foreign currency risk - Sched_2
Foreign currency risk - Schedule of Derivative Instruments (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Financial Risk Management [Abstract] | |||
Fair value of financial assets from derivative instruments (gross) | SFr 0 | SFr 0 | |
Fair value of financial liabilities from derivative instruments (gross) | (8) | (1,371) | |
Fair value of derivative instruments (net) | (8) | (1,371) | |
Change in fair value of foreign exchange derivatives | SFr 1,363 | SFr (1,347) | SFr (155) |
Foreign currency risk - Sched_3
Foreign currency risk - Schedule of Sensitivity of Foreign Exchange Rates (Details) - Currency risk - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Sensitivity analysis for types of market risk, reasonably possible Change in risk variable, percent | 10.00% | ||
United States of America, Dollars | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD/CHF and EUR CHF +10% | SFr (65,564) | SFr (6,752) | SFr (2,162) |
Change in USD/CHF and EUR CHF -10% | 80,133 | 8,253 | 2,630 |
Euro Member Countries, Euro | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Change in USD/CHF and EUR CHF +10% | (1,687) | 221 | (181) |
Change in USD/CHF and EUR CHF -10% | SFr 2,062 | SFr (270) | SFr 221 |
Liquidity risk - Contractual Ma
Liquidity risk - Contractual Maturities of Financial Liabilities (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade payables | SFr 45,939 | SFr 41,543 |
Current bank overdrafts | 46 | |
Current lease liabilities | 17,198 | 4,921 |
Short-term debt | 200 | |
Other financial liabilities | 4,246 | 2,722 |
Other current financial liabilities | 21,444 | 7,890 |
Non-current lease liabilities | 187,209 | 19,734 |
Other non-current financial liabilities at amortized cost | 187,209 | 19,734 |
Due less than 3 months | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade payables | 45,939 | 41,543 |
Current bank overdrafts | 46 | |
Current lease liabilities | 4,163 | 1,282 |
Short-term debt | 200 | |
Other financial liabilities | 4,246 | 2,722 |
Other current financial liabilities | 8,409 | 4,250 |
Non-current lease liabilities | 0 | 0 |
Other non-current financial liabilities at amortized cost | 0 | 0 |
Due 4 to 12 months | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade payables | 0 | 0 |
Current bank overdrafts | 0 | |
Current lease liabilities | 13,035 | 3,639 |
Short-term debt | 0 | |
Other financial liabilities | 0 | 0 |
Other current financial liabilities | 13,035 | 3,639 |
Non-current lease liabilities | 0 | 0 |
Other non-current financial liabilities at amortized cost | 0 | 0 |
Due 1 - 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade payables | 0 | 0 |
Current bank overdrafts | 0 | |
Current lease liabilities | 0 | 0 |
Short-term debt | 0 | |
Other financial liabilities | 0 | 0 |
Other current financial liabilities | 0 | 0 |
Non-current lease liabilities | 78,826 | 10,672 |
Other non-current financial liabilities at amortized cost | 78,826 | 10,672 |
Due > 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Trade payables | 0 | 0 |
Current bank overdrafts | 0 | |
Current lease liabilities | 0 | 0 |
Short-term debt | 0 | |
Other financial liabilities | 0 | 0 |
Other current financial liabilities | 0 | 0 |
Non-current lease liabilities | 108,383 | 9,062 |
Other non-current financial liabilities at amortized cost | SFr 108,383 | SFr 9,062 |
Liquidity risk - Narrative (Det
Liquidity risk - Narrative (Details) SFr in Thousands, $ in Millions | Dec. 31, 2021CHF (SFr) | Dec. 31, 2021USD ($) | Dec. 31, 2020CHF (SFr) |
Disclosure of detailed information about borrowings [line items] | |||
Current bank overdrafts | SFr 0 | SFr (46) | |
Bank overdraft facility one, CHF | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility, maximum borrowing capacity | 100,000 | ||
Bank overdraft facility two, CHF | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility, maximum borrowing capacity | SFr 25,000 | ||
Bank overdraft facility three, USD | |||
Disclosure of detailed information about borrowings [line items] | |||
Credit facility, maximum borrowing capacity | $ | $ 35 |
Liquidity risk - Assets Pledged
Liquidity risk - Assets Pledged as Security (Details) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021CHF (SFr)creditFacility | Dec. 31, 2020CHF (SFr) | |
Disclosure of Financial Risk Management [Abstract] | ||
Number of credit facilities | creditFacility | 3 | |
Trade receivables | SFr 23,335 | SFr 12,400 |
Inventory | 74,013 | 56,483 |
Assets pledged | SFr 97,348 | SFr 68,882 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) SFr / shares in Units, $ / shares in Units, SFr in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CHF (SFr)employeeyrSFr / sharesshares | Dec. 31, 2021USD ($)employeeyr$ / sharesshares | Dec. 31, 2020CHF (SFr)yr | Dec. 31, 2019CHF (SFr) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Share-based compensation | SFr | SFr 183,187 | SFr 77,676 | SFr 15,917 | |
Expense from equity-settled share-based payment transactions | SFr | SFr 198,456 | SFr 54,765 | ||
Average expected fluctuation in expense recognition | 7.50% | 7.50% | ||
OEPP 2018 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of shares subject to lock-up period | 67.00% | 67.00% | ||
OEPP 2018 | Upon exit | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 33.00% | 33.00% | ||
OEPP 2018 | First anniversary of exit | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 33.00% | 33.00% | ||
OEPP 2018 | Second anniversary of exit | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 33.00% | 33.00% | ||
OEPP 2018 | Phantom shares | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 75 days | 75 days | ||
Maximum term of awards granted | yr | 0 | |||
Number of phantom shares granted before capital reorganization (in shares) | 1 | 1 | ||
Number of phantom shares, adjusted after capital reorganization (in shares) | 1,250 | 1,250 | ||
OEPP 2018 | Phantom shares | Listing IPO, upon exit | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 100.00% | 100.00% | ||
OEPP 2018 | Phantom shares | Upon exit, exit event after third anniversary | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 100.00% | 100.00% | ||
OEPP 2018 | Phantom shares | Minimum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of annual compensation | 0.00% | 0.00% | ||
OEPP 2018 | Phantom shares | Maximum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of annual compensation | 30.00% | 30.00% | ||
LTPP 2018 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of shares subject to lock-up period | 67.00% | 67.00% | ||
Vesting period | 3 years | 3 years | ||
Maximum term of awards granted | yr | 10 | 10 | ||
Number of phantom shares granted before capital reorganization (in shares) | 1 | 1 | ||
Number of phantom shares, adjusted after capital reorganization (in shares) | 1,250 | 1,250 | ||
Number of share options granted before capital reorganization (in shares) | 1,000 | 1,000 | ||
Number of share options, adjusted after capital reorganization (in shares) | 1,250 | 1,250 | ||
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares | SFr 10 | |||
Exercise price, share options granted (in USD per share) | $ / shares | $ 0.11 | |||
LTPP 2018 | Minimum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of annual compensation | 0.00% | 0.00% | ||
LTPP 2018 | Maximum | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of annual compensation | 30.00% | 30.00% | ||
LTIP 2018 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of shares subject to lock-up period | 67.00% | 67.00% | ||
Number of share options granted before capital reorganization (in shares) | 1 | 1 | ||
Number of share options, adjusted after capital reorganization (in shares) | 1,250 | 1,250 | ||
Accelerated vesting percentage | 100.00% | 100.00% | ||
LTIP 2018 | Exercise price range 1 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares | SFr 10 | |||
Exercise price, share options granted (in USD per share) | $ / shares | $ 0.11 | |||
LTIP 2018 | Exercise price range 2 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares | 4,557 | |||
Exercise price, share options granted (in USD per share) | $ / shares | 3.96 | |||
LTIP 2018 | Exercise price range 3 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares | SFr 9,125 | |||
Exercise price, share options granted (in USD per share) | $ / shares | $ 7.93 | |||
LTIP 2020 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting period | 75 days | 75 days | ||
Number of share options granted before capital reorganization (in shares) | 1 | 1 | ||
Number of share options, adjusted after capital reorganization (in shares) | 1,250 | 1,250 | ||
LTIP 2020 | Acceleration of option grant 2022/2023 and 2024, previous participants | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price, share options granted (in USD per share) | $ / shares | $ 7.73 | |||
LTIP 2020 | Acceleration of option grant 2022/2023 and 2024, participants who joined in 2021, before 1 July 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price, share options granted (in USD per share) | $ / shares | $ 12.36 | |||
LTIP 2020 | USD to CHF | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Closing foreign exchange rate | employee | 0.92 | 0.92 | ||
LTIP 2020 | Exercise price range 1 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares | SFr 8,884 | |||
Exercise price, share options granted (in USD per share) | $ / shares | $ 7.73 | |||
LTIP 2020 | Exercise price range 2 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercise price, share options granted before capital reorganization (in CHF per share) | SFr / shares | SFr 9,125 | |||
Exercise price, share options granted (in USD per share) | $ / shares | $ 7.93 | |||
LTIP 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting Requirements For Share-Based Payment Arrangement, Performance Cycle | 3 years | 3 years | ||
LTIP 2021 | RSUs | Granting date | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 33.33% | 33.33% | ||
LTIP 2021 | RSUs | First anniversary of granting date | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 33.33% | 33.33% | ||
LTIP 2021 | RSUs | Second anniversary of granting date | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 33.33% | 33.33% | ||
LTIP 2021 | PSUs | Third anniversary of the granting date | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Vesting percentage | 100.00% | 100.00% | ||
Founders Plan 2021 | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Value of shares granted | $ | $ 8 |
Share-based compensation - Sche
Share-based compensation - Schedule of Share Options and Other Equity Instruments (Details) | 12 Months Ended | |
Dec. 31, 2021sharesyr | Dec. 31, 2020sharesyr | |
LTPP 2018 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Maximum term of awards granted | yr | 10 | |
LTIP 2018 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Share options outstanding at beginning of period (in shares) | 5,571,250 | 17,160,000 |
Share options granted (in shares) | 2,373,750 | 2,095,000 |
Share options forfeited (in shares) | 0 | (75,000) |
Share options exercised (in shares) | (7,080,000) | (13,608,750) |
Share options outstanding at end of period (in shares) | 865,000 | 5,571,250 |
Share options exercisable (in shares) | 865,000 | 606,250 |
SLIA 2019 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Other equity instruments outstanding at beginning of period (in shares) | 4,700,000 | 4,700,000 |
Instruments granted (in shares) | 0 | 0 |
Other equity instruments forfeited (in shares) | 0 | 0 |
Other equity instruments exercised (in shares) | 0 | 0 |
Other equity instruments outstanding at end of period (in shares) | 4,700,000 | 4,700,000 |
Maximum term of awards granted | yr | 5 | 5 |
Other equity instruments exercisable (in shares) | 0 | 0 |
BoD 2019 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Other equity instruments outstanding at beginning of period (in shares) | 25,326 | 0 |
Instruments granted (in shares) | 16,833 | 25,326 |
Other equity instruments forfeited (in shares) | 0 | 0 |
Other equity instruments exercised (in shares) | (25,326) | 0 |
Other equity instruments outstanding at end of period (in shares) | 16,833 | 25,326 |
Other equity instruments exercisable (in shares) | 0 | 0 |
LTIP 2020 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Other equity instruments outstanding at beginning of period (in shares) | 0 | 0 |
Instruments granted (in shares) | 285,818 | 0 |
Other equity instruments forfeited (in shares) | 0 | 0 |
Other equity instruments exercised (in shares) | (284,230) | 0 |
Other equity instruments outstanding at end of period (in shares) | 1,588 | 0 |
Other equity instruments exercisable (in shares) | 712 | 0 |
LTIP 2020 | Class A | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Share options outstanding at beginning of period (in shares) | 0 | 0 |
Share options granted (in shares) | 5,757,296 | 0 |
Share options forfeited (in shares) | (10,000) | 0 |
Share options exercised (in shares) | (59,485) | 0 |
Share options outstanding at end of period (in shares) | 5,687,811 | 0 |
Share options exercisable (in shares) | 5,687,811 | 0 |
LTIP 2020 | Class B | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Share options outstanding at beginning of period (in shares) | 0 | 0 |
Share options granted (in shares) | 10,552,670 | 0 |
Share options forfeited (in shares) | 0 | 0 |
Share options exercised (in shares) | 0 | 0 |
Share options outstanding at end of period (in shares) | 10,552,670 | 0 |
Share options exercisable (in shares) | 10,552,670 | 0 |
Founders Plan 2021 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Other equity instruments outstanding at beginning of period (in shares) | 0 | 0 |
Instruments granted (in shares) | 699,648 | 0 |
Other equity instruments forfeited (in shares) | 0 | 0 |
Other equity instruments exercised (in shares) | (576,320) | 0 |
Other equity instruments outstanding at end of period (in shares) | 123,328 | 0 |
Other equity instruments exercisable (in shares) | 123,328 | 0 |
Phantom shares | OEPP 2018 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Other equity instruments outstanding at beginning of period (in shares) | 1,225,000 | 1,298,750 |
Instruments granted (in shares) | 0 | 326,250 |
Other equity instruments forfeited (in shares) | (22,500) | 0 |
Other equity instruments exercised (in shares) | (1,072,500) | (400,000) |
Other equity instruments outstanding at end of period (in shares) | 130,000 | 1,225,000 |
Maximum term of awards granted | yr | 0 | |
Other equity instruments exercisable (in shares) | 130,000 | 0 |
Phantom shares and share options | LTPP 2018 | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||
Share options and other equity instruments outstanding at beginning of period (in shares) | 4,026,250 | 3,785,000 |
Instruments granted (in shares) | 0 | 241,250 |
Share options and other equity instruments forfeited (in shares) | 0 | 0 |
Share options and other equity instruments exercised (in shares) | (2,000,000) | 0 |
Share options and other equity instruments outstanding at end of period (in shares) | 2,026,250 | 4,026,250 |
Share options and other equity instruments exercisable (in shares) | 1,483,750 | 0 |
Share-based compensation - Sc_2
Share-based compensation - Schedule of Valuation Inputs (Details) | Apr. 28, 2021employeeSFr / shares | Feb. 28, 2021yrSFr / shares | Jan. 10, 2021yrSFr / shares | Dec. 31, 2021 | Mar. 31, 2021yrSFr / shares | Mar. 31, 2020yrSFr / shares |
OEPP 2018 | Phantom shares | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price on the measurement date (CHF) (in CHF per share) | SFr 7.10 | |||||
Expected life of the award on the grant date (years) | yr | 3.1 | |||||
Contractual life remaining (years) | 1 year 3 months 18 days | |||||
Exercise price (CHF) (in CHF per share) | SFr 0 | |||||
Expected dividend yield (%) | 0.00% | |||||
Risk-free interest rate (%) | (68.00%) | |||||
Expected volatility of the share price (%) | 3872.00% | |||||
Option value (CHF) (in CHF per share) | SFr 7.09 | |||||
LTPP 2018 | Minimum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Contractual life remaining (years) | 7 years 3 months 18 days | |||||
LTPP 2018 | Maximum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Contractual life remaining (years) | 8 years 3 months 18 days | |||||
LTPP 2018 | Phantom shares and share options | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price on the measurement date (CHF) (in CHF per share) | SFr 7.10 | |||||
Expected life of the award on the grant date (years) | yr | 10 | |||||
Exercise price (CHF) (in CHF per share) | SFr 0.10 | |||||
Expected dividend yield (%) | 0.00% | |||||
Risk-free interest rate (%) | (38.00%) | |||||
Expected volatility of the share price (%) | 3703.00% | |||||
Option value (CHF) (in CHF per share) | SFr 7.09 | |||||
LTIP 2018 | Non-US | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price on the measurement date (CHF) (in CHF per share) | SFr 7.30 | SFr 7.11 | ||||
Contractual life remaining (years) | 4 years 2 months 12 days | 3 years 2 months 12 days | ||||
Expected life of the award on the grant date (years) | yr | 5 | 5 | ||||
Exercise price (CHF) (in CHF per share) | SFr 0.10 | SFr 0 | ||||
Expected dividend yield (%) | 0.00% | 0.00% | ||||
Risk-free interest rate (%) | (60.00%) | (80.00%) | ||||
Expected volatility of the share price (%) | 40.73% | 37.61% | ||||
Weighted Average Fair Value Price At Measurement Date, Share Options Granted | SFr 7.29 | SFr 7.10 | ||||
LTIP 2018 | US | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price on the measurement date (CHF) (in CHF per share) | SFr 7.30 | SFr 7.11 | ||||
Contractual life remaining (years) | 4 years 2 months 12 days | 3 years 2 months 12 days | ||||
Expected life of the award on the grant date (years) | yr | 5 | 5 | ||||
Exercise price (CHF) (in CHF per share) | SFr 7.30 | SFr 3.65 | ||||
Expected dividend yield (%) | 0.00% | 0.00% | ||||
Risk-free interest rate (%) | (60.00%) | (80.00%) | ||||
Expected volatility of the share price (%) | 40.73% | 37.61% | ||||
Weighted Average Fair Value Price At Measurement Date, Share Options Granted | SFr 2.49 | SFr 3.47 | ||||
SLIA 2019 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price on the measurement date (CHF) (in CHF per share) | SFr 7.11 | |||||
Exercise price (CHF) (in CHF per share) | SFr 0.10 | |||||
Expected dividend yield (%) | 0.00% | |||||
Weighted Average Fair Value Price At Measurement Date, Share Options Granted | SFr 7.10 | |||||
SLIA 2019 | Minimum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expected life of the award on the grant date (years) | employee | 4.7 | |||||
Contractual life remaining (years) | 3 years | |||||
Risk-free interest rate (%) | (0.67%) | |||||
Expected volatility of the share price (%) | 34.00% | |||||
SLIA 2019 | Maximum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Expected life of the award on the grant date (years) | employee | 5.7 | |||||
Contractual life remaining (years) | 4 years | |||||
Risk-free interest rate (%) | (0.65%) | |||||
Expected volatility of the share price (%) | 34.60% | |||||
LTIP 2020 | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price on the measurement date (CHF) (in CHF per share) | SFr 28.33 | |||||
Expected life of the award on the grant date (years) | yr | 0.2 | |||||
Contractual life remaining (years) | 0 years | |||||
Exercise price (CHF) (in CHF per share) | SFr 0 | |||||
Expected dividend yield (%) | 0.00% | |||||
Risk-free interest rate (%) | 4.00% | |||||
Expected volatility of the share price (%) | 31.00% | |||||
Option value (CHF) (in CHF per share) | SFr 28.33 | |||||
LTIP 2020 | Class A | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price on the measurement date (CHF) (in CHF per share) | SFr 7.30 | SFr 28.33 | ||||
Contractual life remaining (years) | 6 years 2 months 12 days | 0 years | ||||
Expected life of the award on the grant date (years) | yr | 7 | 0.2 | ||||
Expected dividend yield (%) | 0.00% | 0.00% | ||||
Risk-free interest rate (%) | (41.00%) | 4.00% | ||||
Expected volatility of the share price (%) | 40.51% | 31.00% | ||||
LTIP 2020 | Class A | Minimum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price (CHF) (in CHF per share) | SFr 7.11 | SFr 7.18 | ||||
Weighted Average Fair Value Price At Measurement Date, Share Options Granted | 2.92 | 16.85 | ||||
LTIP 2020 | Class A | Maximum | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Exercise price (CHF) (in CHF per share) | 7.30 | 1.48 | ||||
Weighted Average Fair Value Price At Measurement Date, Share Options Granted | SFr 2.97 | 21.15 | ||||
LTIP 2020 | Class B | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price on the measurement date (CHF) (in CHF per share) | SFr 2.83 | |||||
Contractual life remaining (years) | 0 years | |||||
Expected life of the award on the grant date (years) | yr | 0.2 | |||||
Exercise price (CHF) (in CHF per share) | SFr 0.71 | |||||
Expected dividend yield (%) | 0.00% | |||||
Risk-free interest rate (%) | 4.00% | |||||
Expected volatility of the share price (%) | 31.00% | |||||
Weighted Average Fair Value Price At Measurement Date, Share Options Granted | SFr 2.12 | |||||
Founders Plan 2021 | Class A | ||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Share price on the measurement date (CHF) (in CHF per share) | SFr 28.33 | |||||
Expected life of the award on the grant date (years) | yr | 0.2 | |||||
Contractual life remaining (years) | 0 years | |||||
Exercise price (CHF) (in CHF per share) | SFr 0 | |||||
Expected dividend yield (%) | 0.00% | |||||
Risk-free interest rate (%) | 4.00% | |||||
Expected volatility of the share price (%) | 3100.00% | |||||
Option value (CHF) (in CHF per share) | SFr 28.33 |
Employee benefit obligations -
Employee benefit obligations - Net Employee Benefit Obligation (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [abstract] | |||
Present value of defined benefit obligation | SFr (22,842) | SFr (16,751) | |
Fair value of plan assets | 16,989 | 11,121 | |
Employee benefit obligations | SFr (5,853) | SFr (5,630) | SFr (3,045) |
Weighted average duration of defined benefit obligation | 18 years 1 month 6 days | 20 years 6 months |
Employee benefit obligations _2
Employee benefit obligations - Reconciliation of Employee Benefit Obligation (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [abstract] | ||
Employee benefit obligations at January 1 | SFr (5,630) | SFr (3,045) |
Amounts recognized in income statement | (2,601) | (1,625) |
Amounts recognized in other comprehensive income | 907 | (1,620) |
Contributions by the employer | 1,471 | 661 |
Employee benefit obligations at December 31 | SFr (5,853) | SFr (5,630) |
Employee benefit obligations _3
Employee benefit obligations - Employee Benefit Expense (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [abstract] | |||
Current service cost | SFr (2,592) | SFr (1,619) | SFr (955) |
Past service cost | 0 | 0 | 326 |
Net interest cost | (9) | (7) | (11) |
Employee benefit expenses | SFr (2,601) | SFr (1,625) | SFr (640) |
Employee benefit obligations _4
Employee benefit obligations - Net Actuarial Results From Defined Benefit Plans (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Actuarial losses/(gains) from | |||
changes in demographic assumptions | SFr (1,831) | SFr 0 | SFr 0 |
changes in financial assumptions | (641) | (242) | 1,229 |
changes in experience adjustments | 2,336 | 1,797 | 697 |
Return on plan assets excl. interest income | (771) | 65 | (534) |
Amounts recognized in other comprehensive income | SFr (907) | SFr 1,620 | SFr 1,392 |
Employee benefit obligations _5
Employee benefit obligations - Present Value Defined Benefit Obligation (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||
Employee benefit obligations at January 1 | SFr 5,630 | SFr 3,045 | |
Actuarial losses/(gains) from | |||
changes in demographic assumptions | (1,831) | 0 | SFr 0 |
Employee benefit obligations at December 31 | 5,853 | 5,630 | 3,045 |
Present value of defined benefit obligation | |||
Disclosure of defined benefit plans [line items] | |||
Employee benefit obligations at January 1 | 16,751 | 11,283 | |
Current service cost | 2,592 | 1,619 | |
Contributions by the employees | 1,474 | 983 | |
Interest expenses | 33 | 33 | |
Past service cost | 0 | 0 | |
Benefits paid | 2,128 | 1,278 | |
Actuarial losses/(gains) from | |||
changes in demographic assumptions | (1,831) | 0 | |
changes in financial assumptions | (641) | (242) | |
changes in experience adjustments | 2,336 | 1,797 | |
Employee benefit obligations at December 31 | SFr 22,842 | SFr 16,751 | SFr 11,283 |
Employee benefit obligations _6
Employee benefit obligations - Plan Assets (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans [line items] | ||
Employee benefit obligations at January 1 | SFr 5,630 | SFr 3,045 |
Contributions by the employer | 1,471 | 661 |
Employee benefit obligations at December 31 | 5,853 | 5,630 |
Plan assets | ||
Disclosure of defined benefit plans [line items] | ||
Employee benefit obligations at January 1 | 11,121 | 8,238 |
Contributions by the employer | 1,471 | 661 |
Contributions by the employees | 1,474 | 983 |
Interest income employee benefits | 24 | 27 |
Benefits paid | 2,128 | 1,278 |
Return on plan assets excl. interest income | 771 | (65) |
Employee benefit obligations at December 31 | SFr 16,989 | SFr 11,121 |
Employee benefit obligations _7
Employee benefit obligations - Plan Asset Composition (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefit plans [abstract] | ||
Cash and equivalent | 2.50% | 2.90% |
Debt instruments | 24.90% | 24.50% |
Equity instruments | 32.90% | 33.70% |
Real estate | 19.60% | 18.50% |
Mortgages | 4.70% | 5.20% |
Alternative assets | 15.40% | 15.20% |
Total | 100.00% | 100.00% |
Employee benefit obligations _8
Employee benefit obligations - Actuarial Assumptions (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefit plans [abstract] | ||
Discount rate | 0.40% | 0.20% |
Expected rate of salary increase | 1.50% | 1.50% |
Expected rate of pension increase | 0.00% | 0.00% |
Employee benefit obligations _9
Employee benefit obligations - Sensitivity Analysis for Actuarial Assumptions (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Discount rate | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 0.50% | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | SFr 2,259 | SFr 1,900 |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr (1,879) | (1,548) |
Expected rate of salary increase | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Percentage of reasonably possible decrease in actuarial assumption | 0.50% | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | SFr (451) | (382) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr 462 | 392 |
Life expectancy | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Period of reasonably possible decrease in actuarial assumption | 1 year | |
Period of reasonably possible increase in actuarial assumption | 1 year | |
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | SFr (304) | (267) |
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | SFr 297 | SFr 262 |
Provisions (Details)
Provisions (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Provisions [Line Items] | |||
Beginning balance | SFr 21,022 | SFr 4,947 | |
Additions | 20,362 | 16,051 | |
Release | (422) | ||
Utilization | (21,570) | ||
Exchange differences | (46) | 24 | |
Ending balance | 19,345 | 21,022 | |
thereof current | 14,903 | 376 | SFr 246 |
thereof non-current | 4,442 | 20,645 | 4,701 |
Social charges | |||
Disclosure of Provisions [Line Items] | |||
Beginning balance | 20,074 | 4,357 | |
Additions | 15,571 | 15,702 | |
Release | 0 | ||
Utilization | (21,570) | ||
Exchange differences | (28) | 16 | |
Ending balance | 14,048 | 20,074 | |
thereof current | 14,048 | 0 | 0 |
thereof non-current | 0 | 20,074 | 4,357 |
Long-service leave | |||
Disclosure of Provisions [Line Items] | |||
Beginning balance | 947 | 590 | |
Additions | 1,140 | 349 | |
Release | (422) | ||
Utilization | 0 | ||
Exchange differences | (8) | 9 | |
Ending balance | 1,657 | 947 | |
thereof current | 721 | 376 | 246 |
thereof non-current | 936 | 571 | 344 |
Asset retirement obligation | |||
Disclosure of Provisions [Line Items] | |||
Beginning balance | 0 | 0 | |
Additions | 3,650 | 0 | |
Release | 0 | ||
Utilization | 0 | ||
Exchange differences | (10) | 0 | |
Ending balance | 3,640 | 0 | |
thereof current | 135 | 0 | 0 |
thereof non-current | SFr 3,506 | SFr 0 | SFr 0 |
Income taxes - Major Components
Income taxes - Major Components of Income Tax (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Current income taxes | SFr 7,051 | SFr 4,107 | SFr 4,200 |
Deferred income taxes | 3,589 | (1,024) | 420 |
Income taxes | SFr 10,640 | SFr 3,083 | SFr 4,620 |
Income taxes - Tax Rate Reconci
Income taxes - Tax Rate Reconciliation (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
(Loss)/Income before taxes | SFr (159,588) | SFr (24,441) | SFr 3,147 |
Expected tax rate | 19.70% | 19.70% | 19.70% |
Expected tax expense | SFr (31,439) | SFr (4,815) | SFr 620 |
Income and expenses not subject to tax, net | (0.20%) | 0.70% | 6.40% |
Income and expenses not subject to tax, net | SFr 280 | SFr (167) | SFr 201 |
Effects of (de-)recognition of tax losses | (0.40%) | 0.00% | 0.00% |
Effects of (de-)recognition of tax losses | SFr (565) | SFr 0 | SFr 0 |
Local actual tax rate different to On’s expected average tax rate | (0.60%) | (3.10%) | (1.10%) |
Local actual tax rate different to On’s expected average tax rate | SFr 963 | SFr 759 | SFr (34) |
Non-deductible expenses | (25.40%) | (30.50%) | 117.90% |
Non-deductible expenses | SFr (40,590) | SFr (7,444) | SFr (3,711) |
Prior year adjustments and other items, net | 0.20% | 0.60% | 6.90% |
Prior year adjustments and other items, net | SFr (318) | SFr (139) | SFr 218 |
Effective tax rate | (6.70%) | (12.60%) | 146.80% |
Income taxes | SFr 10,640 | SFr 3,083 | SFr 4,620 |
Income taxes - Net Deferred Tax
Income taxes - Net Deferred Tax Assets and Liabilities (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Abstract] | |||
Net amount at January 1 | SFr (3,440) | SFr 251 | SFr (1,001) |
thereof deferred tax assets | 2,171 | 5,915 | 1,849 |
thereof deferred tax liabilities | (5,611) | (5,664) | (2,849) |
Taxes charged | |||
to income statement | (3,589) | 1,024 | SFr (420) |
to other comprehensive income | (179) | 319 | |
Exchange differences | 77 | (92) | |
Net amount at December 31 | SFr 251 | SFr (1,001) |
Income taxes - Components of De
Income taxes - Components of Deferred Tax Assets and Liabilities (Details) - CHF (SFr) SFr in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | SFr 2,171 | SFr 5,915 | SFr 1,849 |
Liabilities | (5,611) | (5,664) | (2,849) |
Net amount | (3,440) | 251 | SFr (1,001) |
Before offset amount | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 9,283 | 11,127 | |
Liabilities | (12,723) | (10,877) | |
Net amount | (3,440) | 250 | |
Offset amount | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 7,113 | 5,212 | |
Liabilities | (7,113) | (5,213) | |
Trade receivables | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 80 | 0 | |
Liabilities | (977) | (817) | |
Net amount | (896) | (817) | |
Inventories | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 619 | 3,393 | |
Liabilities | (3,927) | (3,777) | |
Net amount | (3,308) | (384) | |
Other current assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 716 | 1,008 | |
Liabilities | 0 | (4) | |
Net amount | 716 | 1,004 | |
Property, plant and equipment | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 0 | 4 | |
Liabilities | (120) | (506) | |
Net amount | (120) | (502) | |
Right-of-use assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 0 | 0 | |
Liabilities | (3,771) | (2,445) | |
Net amount | (3,771) | (2,445) | |
Intangible assets | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 0 | 0 | |
Liabilities | (3,073) | (3,194) | |
Net amount | (3,073) | (3,194) | |
Other current financial liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 837 | 566 | |
Liabilities | 0 | (47) | |
Net amount | 837 | 519 | |
Other current operating liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 0 | 0 | |
Liabilities | (855) | (83) | |
Net amount | (855) | (83) | |
Current provisions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 82 | 80 | |
Liabilities | 0 | 0 | |
Net amount | 82 | 80 | |
Employee benefit obligations | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 1,153 | 1,109 | |
Liabilities | 0 | 0 | |
Net amount | 1,153 | 1,109 | |
Non-current provisions | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 136 | 128 | |
Liabilities | 0 | (2) | |
Net amount | 136 | 126 | |
Other non-current financial liabilities | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 3,105 | 2,106 | |
Liabilities | 0 | (2) | |
Net amount | 3,105 | 2,104 | |
Tax loss carryforwards | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Assets | 2,555 | 2,732 | |
Liabilities | 0 | 0 | |
Net amount | SFr 2,555 | SFr 2,732 |
Related parties - Narrative (De
Related parties - Narrative (Details) - CHF (SFr) SFr / shares in Units, SFr in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 18, 2021 | |
Disclosure of transactions between related parties [line items] | |||||
Share-based compensation | SFr 67,328 | SFr 10,044 | SFr 9,568 | ||
Capital increase | 618,262 | 133,266 | 1,344 | ||
Short-term employee benefits | 1,922 | 1,825 | 2,556 | ||
Post-employment benefits | 14,373 | 2,072 | 273 | ||
Key management personnel compensation | 83,623 | 13,940 | 12,397 | ||
Capital reserves | |||||
Disclosure of transactions between related parties [line items] | |||||
Capital increase | SFr 615,265 | 132,968 | 1,341 | ||
Initial Public Offering | |||||
Disclosure of transactions between related parties [line items] | |||||
Percentage of shares reserved by underwriters | 5.00% | ||||
Share price (in USD per share) | SFr 24 | ||||
Non-executive directors | |||||
Disclosure of transactions between related parties [line items] | |||||
Share-based compensation | SFr 295 | SFr 95 | SFr 575 | ||
Board of directors and their immediate family members | Initial Public Offering | |||||
Disclosure of transactions between related parties [line items] | |||||
Number of shares issued in transaction (in shares) | 56,667 | ||||
Related parties | |||||
Disclosure of transactions between related parties [line items] | |||||
Ordinary capital increase (in shares) | 861 | ||||
Related parties | Capital reserves | |||||
Disclosure of transactions between related parties [line items] | |||||
Capital increase | SFr 7,649 |
Related parties - Schedule of T
Related parties - Schedule of Transactions (Details) - CHF (SFr) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related party transactions [abstract] | |||
Short-term employee benefits | SFr 1,922 | SFr 1,825 | SFr 2,556 |
Post-employment benefits | 14,373 | 2,072 | 273 |
Share-based compensation | 67,328 | 10,044 | 9,568 |
On Executive Team | SFr 83,623 | SFr 13,940 | SFr 12,397 |
Government grants (Details)
Government grants (Details) SFr in Thousands | 12 Months Ended | ||
Dec. 31, 2021CHF (SFr)grant | Dec. 31, 2020CHF (SFr) | Dec. 31, 2019CHF (SFr) | |
Government Grants [Abstract] | |||
Number of grants | grant | 2 | ||
Investment term | 3 years | ||
Income from government grants | SFr | SFr 640 | SFr 464 | SFr 400 |