Cover
Cover | 6 Months Ended |
Jun. 30, 2024 | |
Document Information [Line Items] | |
Document type | 6-K |
Document fiscal year focus | 2024 |
Entity registrant name | On Holding AG |
Amendment flag | false |
Document fiscal period focus | Q2 |
Entity central index key | 0001858985 |
Current fiscal year end date | --12-31 |
Document period end date | Jun. 30, 2024 |
Unaudited interim condensed con
Unaudited interim condensed consolidated statements of income - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Consolidated Statements Of Income (Loss) [Line Items] | ||||
Net sales | SFr 567.7 | SFr 444.3 | SFr 1,075.9 | SFr 864.5 |
Cost of sales | (227.4) | (179.8) | (432.3) | (355.1) |
Gross profit | 340.2 | 264.5 | 643.6 | 509.4 |
Selling, general and administrative expenses | (292.9) | (225.1) | (557.7) | (427.7) |
Operating result | 47.3 | 39.4 | 85.8 | 81.7 |
Financial income | 5.8 | 4.3 | 11.2 | 6.4 |
Financial expenses | (5.9) | (1.9) | (10.8) | (3.6) |
Foreign exchange gain / (loss) | (4.5) | (48.5) | 72.3 | (39.7) |
Income / (loss) before taxes | 42.7 | (6.7) | 158.5 | 44.8 |
Income tax benefit / (expense) | (11.8) | 10 | (36.3) | 2.9 |
Net income | SFr 30.8 | SFr 3.3 | SFr 122.2 | SFr 47.7 |
Class A | ||||
Earnings per share | ||||
Basic EPS (CHF) (in CHF per share) | SFr 0.10 | SFr 0.01 | SFr 0.38 | SFr 0.15 |
Diluted EPS (CHF) (in CHF per share) | 0.09 | 0.01 | 0.37 | 0.15 |
Class B | ||||
Earnings per share | ||||
Basic EPS (CHF) (in CHF per share) | 0.01 | 0 | 0.04 | 0.01 |
Diluted EPS (CHF) (in CHF per share) | SFr 0.01 | SFr 0 | SFr 0.04 | SFr 0.01 |
Unaudited interim condensed c_2
Unaudited interim condensed consolidated statements of comprehensive income / (loss) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of comprehensive income [abstract] | ||||
Net income | SFr 30.8 | SFr 3.3 | SFr 122.2 | SFr 47.7 |
Net actuarial result from defined benefit plans | 1.4 | (1.1) | 1.4 | (1.1) |
Taxes on net actuarial result from defined benefit plans | (0.3) | 0.2 | (0.3) | 0.2 |
Items that will not be reclassified to income statement | 1.1 | (0.9) | 1.1 | (0.9) |
Foreign currency translation effect | (0.6) | (3.2) | 4.2 | (2.8) |
Taxes on foreign currency translation effect | 0 | 0 | 0 | 0 |
Items that will be reclassified to income statement when specific conditions are met | (0.6) | (3.2) | 4.2 | (2.8) |
Other comprehensive income / (loss), net of tax | 0.5 | (4) | 5.4 | (3.6) |
Total comprehensive income / (loss) | SFr 31.3 | SFr (0.7) | SFr 127.6 | SFr 44 |
Unaudited interim condensed c_3
Unaudited interim condensed consolidated balance sheets - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of financial position [abstract] | ||
Cash and cash equivalents | SFr 652.4 | SFr 494.6 |
Trade receivables | 314 | 204.8 |
Inventories | 401.3 | 356.5 |
Other current financial assets | 38.2 | 34.2 |
Other current operating assets | 95.5 | 61.2 |
Current assets | 1,501.5 | 1,151.3 |
Property, plant and equipment | 111.7 | 93.6 |
Right-of-use assets | 319.1 | 214 |
Intangible assets | 61.7 | 64.6 |
Deferred tax assets | 51.7 | 69.5 |
Non-current assets | 544.3 | 441.7 |
Assets | 2,045.8 | 1,593 |
Trade payables | 148.2 | 65.1 |
Other current financial liabilities | 76.4 | 53.4 |
Other current operating liabilities | 249.9 | 156.4 |
Current provisions | 16.8 | 7.1 |
Income tax liabilities | 12.9 | 23.5 |
Current liabilities | 504.1 | 305.6 |
Employee benefit obligations | 1.6 | 2.2 |
Non-current provisions | 11.4 | 10 |
Other non-current financial liabilities | 288.1 | 190.3 |
Deferred tax liabilities | 9.7 | 10.5 |
Non-current liabilities | 310.8 | 212.9 |
Share capital | 33.5 | 33.5 |
Treasury shares | (26.7) | (26.7) |
Capital reserves | 1,169.7 | 1,140.8 |
Other reserves | (4.4) | (9.8) |
Retained earnings / (losses) | 58.9 | (63.3) |
Equity | 1,231 | 1,074.5 |
Equity and liabilities | SFr 2,045.8 | SFr 1,593 |
Unaudited interim condensed c_4
Unaudited interim condensed consolidated statements of cash flows - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of cash flows [abstract] | ||
Net income | SFr 122.2 | SFr 47.7 |
Adjustments for: | ||
Share-based compensation | 22.9 | 8.5 |
Employee benefit expenses | 0.9 | (1.7) |
Depreciation and amortization | 48.5 | 28 |
Loss on disposal of assets | 0 | 0.4 |
Interest income and expenses | (3.6) | (3.8) |
Net exchange differences | (61.3) | 35.3 |
Income taxes | 36.3 | (2.9) |
Change in working capital | (32.2) | (164.6) |
Trade receivables | (98) | (84.3) |
Inventories | (16.8) | (60) |
Trade payables | 82.7 | (20.3) |
Change in other operating assets / liabilities | 57.3 | 57.2 |
Change in provisions | 10.5 | 4.7 |
Interest received | 10.9 | 6.1 |
Income taxes paid | (28.9) | (11.6) |
Cash inflow from operating activities | 183.5 | 3.3 |
Purchase of tangible assets | (23.7) | (19) |
Purchase of intangible assets | (2.3) | (2) |
Cash (outflow) from investing activities | (26) | (21) |
Payments of lease liabilities | (23.7) | (10.2) |
Proceeds on sale of treasury shares related to share-based compensation | 5.2 | 5.7 |
Interest paid | (7.3) | (2.3) |
Cash (outflow) from financing activities | (25.8) | (6.7) |
Change in net cash and cash equivalents | 131.7 | (24.3) |
Net cash and cash equivalents at January 1 | 494.6 | 371 |
Net impact of foreign exchange rate differences | 26.2 | (9.6) |
Net cash and cash equivalents at June 30 | SFr 652.4 | SFr 337.1 |
Unaudited interim condensed c_5
Unaudited interim condensed consolidated statements of changes in equity - CHF (SFr) SFr in Millions | Total | Share capital | Treasury shares | Capital reserves | Other reserves | Retained earnings / (losses) |
Equity at beginning of period at Dec. 31, 2022 | SFr 969.5 | SFr 33.5 | SFr (26.1) | SFr 1,105.1 | SFr 0 | SFr (142.9) |
Net income | 47.7 | 47.7 | ||||
Other comprehensive (loss) income | (3.6) | (3.6) | ||||
Total comprehensive income / (loss) | 44 | (3.6) | 47.7 | |||
Share-based compensation | 8.5 | 8.5 | ||||
Sale of treasury shares | 6.3 | 0.1 | 6.1 | |||
Tax impact on transactions with treasury shares | (1.1) | (1.1) | ||||
Purchase of treasury shares | (0.5) | (0.5) | ||||
Equity at end of period at Jun. 30, 2023 | 1,026.7 | 33.5 | (26.4) | 1,118.6 | (3.7) | (95.2) |
Equity at beginning of period at Mar. 31, 2023 | 1,018.7 | 33.5 | (26.1) | 1,109.6 | 0.4 | (98.5) |
Net income | 3.3 | 3.3 | ||||
Other comprehensive (loss) income | (4) | (4) | ||||
Total comprehensive income / (loss) | (0.7) | (4) | 3.3 | |||
Share-based compensation | 6.2 | 6.2 | ||||
Sale of treasury shares | 3.5 | 0.1 | 3.5 | |||
Tax impact on transactions with treasury shares | (0.7) | (0.7) | ||||
Purchase of treasury shares | (0.4) | (0.4) | ||||
Equity at end of period at Jun. 30, 2023 | 1,026.7 | 33.5 | (26.4) | 1,118.6 | (3.7) | (95.2) |
Equity at beginning of period at Dec. 31, 2023 | 1,074.5 | 33.5 | (26.7) | 1,140.8 | (9.8) | (63.3) |
Net income | 122.2 | 122.2 | ||||
Other comprehensive (loss) income | 5.4 | 5.4 | ||||
Total comprehensive income / (loss) | 127.6 | 5.4 | 122.2 | |||
Share-based compensation | 22.9 | 22.9 | ||||
Sale of treasury shares | 6.2 | 0.1 | 6 | |||
Purchase of treasury shares | (0.1) | (0.1) | ||||
Equity at end of period at Jun. 30, 2024 | 1,231 | 33.5 | (26.7) | 1,169.7 | (4.4) | 58.9 |
Equity at beginning of period at Mar. 31, 2024 | 1,182.8 | 33.5 | (26.7) | 1,152.9 | (4.9) | 28 |
Net income | 30.8 | 30.8 | ||||
Other comprehensive (loss) income | 0.5 | 0.5 | ||||
Total comprehensive income / (loss) | 31.3 | 0.5 | 30.8 | |||
Share-based compensation | 13.1 | 13.1 | ||||
Sale of treasury shares | 3.5 | 0.1 | 3.4 | |||
Tax impact on transactions with treasury shares | 0.3 | 0.3 | ||||
Purchase of treasury shares | (0.1) | (0.1) | ||||
Equity at end of period at Jun. 30, 2024 | SFr 1,231 | SFr 33.5 | SFr (26.7) | SFr 1,169.7 | SFr (4.4) | SFr 58.9 |
Corporate information
Corporate information | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Basis Of Preparation [Abstract] | |
Corporate information | 1.1 Corporate information On Holding AG and its consolidated subsidiaries (together "On" or "the Company") is engaged in developing and distributing innovative premium performance sports products, sold worldwide through independent retailers and global distributors, and through the Company's online presence and high-end stores. On is a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON". These unaudited interim condensed consolidated financial statements (“the financial statements”) present the financial position and the results of operations of On Holding AG, as ultimate parent company, and its consolidated subsidiaries. On Holding AG is a limited company incorporated in accordance with Swiss law and its principal offices are located at Förrlibuckstrasse 190 , Zurich, Switzerland. The financial statements for the period ended June 30, 2024 were authorized for issuance by the board of directors of the Company on August 13, 2024. 1.2 About the financials The financial statements as of June 30, 2024 and for the three months and six months ended June 30, 2024 have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board ("IASB"). The financial statements comprise the Company's financial statements as of and during three months and six months ended June 30, 2024 and are presented in Swiss Francs (CHF), the legal currency of Switzerland. The financial statements are not necessarily indicative of the results for a full year and do not include all the notes typically included in an annual financial report prepared in accordance with International Financial Reporting Standards ("IFRS") and interpretations developed by the IFRS Interpretations Committee ("IFRIC Interpretations"), or its predecessor body, the Standing Interpretations Committee ("SIC Interpretations"), together “IFRS Accounting Standards”, as issued by the International Accounting Standards Board ("IASB"). Accordingly, this report is to be read in conjunction with the Company’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 12, 2024 (the “Annual Report”), which has been prepared in accordance with IFRS Accounting Standards, as issued by the IASB. The material accounting policies, methods of computation, and presentation applied in the preparation of the financial statements are consistent with those applied in the Company’s Annual Report for the year ended December 31, 2023 except where specifically described. |
About the financials
About the financials | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure Of Basis Of Preparation [Abstract] | |
About the financials | 1.1 Corporate information On Holding AG and its consolidated subsidiaries (together "On" or "the Company") is engaged in developing and distributing innovative premium performance sports products, sold worldwide through independent retailers and global distributors, and through the Company's online presence and high-end stores. On is a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON". These unaudited interim condensed consolidated financial statements (“the financial statements”) present the financial position and the results of operations of On Holding AG, as ultimate parent company, and its consolidated subsidiaries. On Holding AG is a limited company incorporated in accordance with Swiss law and its principal offices are located at Förrlibuckstrasse 190 , Zurich, Switzerland. The financial statements for the period ended June 30, 2024 were authorized for issuance by the board of directors of the Company on August 13, 2024. 1.2 About the financials The financial statements as of June 30, 2024 and for the three months and six months ended June 30, 2024 have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board ("IASB"). The financial statements comprise the Company's financial statements as of and during three months and six months ended June 30, 2024 and are presented in Swiss Francs (CHF), the legal currency of Switzerland. The financial statements are not necessarily indicative of the results for a full year and do not include all the notes typically included in an annual financial report prepared in accordance with International Financial Reporting Standards ("IFRS") and interpretations developed by the IFRS Interpretations Committee ("IFRIC Interpretations"), or its predecessor body, the Standing Interpretations Committee ("SIC Interpretations"), together “IFRS Accounting Standards”, as issued by the International Accounting Standards Board ("IASB"). Accordingly, this report is to be read in conjunction with the Company’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 12, 2024 (the “Annual Report”), which has been prepared in accordance with IFRS Accounting Standards, as issued by the IASB. The material accounting policies, methods of computation, and presentation applied in the preparation of the financial statements are consistent with those applied in the Company’s Annual Report for the year ended December 31, 2023 except where specifically described. |
Oniverse
Oniverse | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of subsidiaries [abstract] | |
Oniverse | 1.3 Oniverse Equity interest Entity Jurisdiction of incorporation 6/30/2024 12/31/2023 On Holding AG Switzerland On AG Switzerland 100% 100% On Brazil Ltda. Brazil 100% 100% On Cloud Service GmbH Germany 100% 100% On Clouds GmbH Switzerland 100% 100% On Clouds Inc. Delaware, USA 100% 100% On Europe AG Switzerland 100% 100% On Experience 1 LLC Delaware, USA 100% 100% On Experience 2 LLC Delaware, USA 100% 100% On Experience 3 LLC Delaware, USA 100% 100% On Experience 4 LLC Delaware, USA 100% 100% On Experience 5 LLC Delaware, USA 100% 100% On Experience 6 LLC Delaware, USA 100% 100% On Experience 7 LLC Delaware, USA 100% 100% On Experience 8 LLC Delaware, USA 100% 100% On Experience 9 LLC Delaware, USA 100% —% On Experience 10 LLC Delaware, USA 100% —% On Hong Kong Limited Hong Kong, SAR of China 100% 100% On Inc. Delaware, USA 100% 100% On Italy S.r.l. Italy 100% 100% On Japan K.K. Japan 100% 100% On Korea Ltd. South Korea 100% 100% On Oceania Pty Ltd. Australia 100% 100% On Running Canada Inc. Canada 100% 100% On Running Sports Products (Shanghai) Company Ltd. China 100% 100% On Running UK Ltd. United Kingdom 100% 100% On Vietnam Co. Ltd. Vietnam 100% 100% Brunner Mettler GmbH Switzerland 100% 100% |
New and amended standards and i
New and amended standards and interpretations | 6 Months Ended |
Jun. 30, 2024 | |
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 A number of amended standards became applicable for the current period, none of which have had a material impact on the financial statements for the three month and six month periods ended June 30, 2024. On May 2023, the IASB issued amendments to IAS 12 Income taxes, International Tax Reform - Pillar Two Model Rules. The amendments include a temporary and mandatory exception to the requirements to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The Company has applied this exception. Further, at the date of authorization of these 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 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability Amendments to IAS 21 January 1, 2025 Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 January 1, 2026 Presentation and Disclosure in Financial Statements IFRS 18 January 1, 2027 Subsidiaries without Public Accountability: Disclosures IFRS 19 January 1, 2027 On does not expect that the adoption of the standards listed above, excluding IFRS 18, will have a material impact on the financial statement and disclosures of On in the current or future reporting periods. |
Net sales
Net sales | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Net sales | 2.1 Net sales Net sales by sales channels: Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Wholesale 358.2 280.8 675.9 564.0 Direct-to-Consumer 209.4 163.5 399.9 300.5 Net sales 567.7 444.3 1,075.9 864.5 Net sales by product groups: Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Shoes 542.5 428.2 1,027.1 828.7 Apparel 21.9 13.4 41.6 30.3 Accessories 3.3 2.7 7.1 5.4 Net sales 567.7 444.3 1,075.9 864.5 On generates net sales primarily from the sale of premium performance shoes, apparel, and accessories. On has two sales channels: Wholesale and Direct-to-Consumer (DTC). The wholesale sales channel involves sales to wholesale customers (e.g., large retailers or retail associations) and international distributors (i.e., in markets where On does not have local sales teams) with the intention of re-selling the goods. The DTC sales channel includes sales to end customers directly through On’s e-commerce platform and retail stores. Net sales by geographic regions (based on the location of the counterparty): Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Europe, Middle East and Africa 138.4 113.6 264.6 232.2 Americas 370.0 296.6 699.7 566.8 Asia-Pacific 59.2 34.1 111.6 65.5 Net sales 567.7 444.3 1,075.9 864.5 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 |
Segment information
Segment information | 6 Months Ended |
Jun. 30, 2024 | |
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. |
Selling, general and administra
Selling, general and administrative expenses | 6 Months Ended |
Jun. 30, 2024 | |
Analysis of income and expense [abstract] | |
Selling, general and administrative expenses | 2.3 Selling, general and administrative expenses Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Distribution expenses (71.1) (61.5) (142.0) (120.7) Selling expenses (41.2) (31.8) (75.6) (59.5) Marketing expenses (70.3) (51.5) (131.8) (96.0) Share-based compensation (17.1) (9.1) (33.9) (14.0) General and administrative expenses (93.1) (71.2) (174.4) (137.5) Selling, general and administrative expenses (292.9) (225.1) (557.7) (427.7) The overall increase in marketing expenses during the three and six-month comparative periods are in line with the higher net sales, with additional increases primarily due to higher marketing spend on upper funnel brand building initiatives and brand partnerships. The overall increase in general and administrative expenses during the three and six-month comparative periods are in line with the higher net sales, with additional increases primarily due to higher expenses for software development projects and higher personnel related expenses. The overall increase in share-based compensation during the three and six-month comparative periods was driven by grants issued during the year ended December 31, 2023, as well as the three and six-month periods ended June 30, 2024, with ongoing vesting periods, as well as increased provisions for equity related social charges. In the six-month period ended June 30, 2024, selling, general and administrative expenses include depreciation and amortization of non-current assets in the amount of CHF 44.0 million (six-month period ended June 30, 2023: CHF 24.4 million). In addition, depreciation charges for production tools in the amount of CHF 4.4 million (six-month period ended June 30, 2023: CHF 3.5 million) are reported in cost of sales. Total personnel expenses, excluding any costs related to share-based compensation, amount to CHF 131.4 million in the six-month period ended June 30, 2024 and CHF 100.0 million in the six-month period ended June 30, 2023, respectively. |
Trade receivables
Trade receivables | 6 Months Ended |
Jun. 30, 2024 | |
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 their short-term nature, the carrying amount is considered to be the same as their fair value. (CHF in millions) 6/30/2024 12/31/2023 Gross carrying amount 327.3 218.1 Expected credit loss (13.4) (13.3) Trade receivables 314.0 204.8 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Inventories [Abstract] | |
Inventories | 3.2 Inventories (CHF in millions) 6/30/2024 12/31/2023 Shoes 370.9 321.4 Apparel 37.7 34.5 Accessories 4.7 8.0 Allowances (12.0) (7.4) Inventories (1) 401.3 356.5 (1) Inventories are comprised of finished goods. |
Property, plant and equipment
Property, plant and equipment | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | 3.3 Property, plant and equipment (CHF in millions) Leasehold improvements Trade tools Production equipment Furniture and fixtures Other Total Cost at January 1, 2023 49.7 10.7 12.9 13.5 11.0 97.8 Accumulated Depreciation at January 1, 2023 (5.0) (5.4) (5.3) (1.4) (3.4) (20.6) Net book value at January 1, 2023 44.7 5.3 7.5 12.1 7.6 77.2 Six month period ended June 30, 2023 Opening net book value 44.7 5.3 7.5 12.1 7.6 77.2 Additions 8.4 0.5 4.1 3.7 2.1 19.0 Disposals (0.2) — — — — (0.3) Depreciation (3.4) (1.2) (3.2) (0.9) (1.4) (10.1) Currency Translation (1.0) (0.1) — (0.3) (0.1) (1.5) Net book value at June 30, 2023 48.6 4.5 8.5 14.6 8.2 84.3 Cost at June 30, 2023 56.6 10.9 17.0 16.9 12.9 114.3 Accumulated Depreciation at June 30, 2023 (8.0) (6.4) (8.5) (2.3) (4.8) (30.0) Net book value at June 30, 2023 48.6 4.5 8.5 14.6 8.2 84.3 Cost at January 1, 2024 61.2 13.6 21.7 19.9 18.1 134.5 Accumulated Depreciation at January 1, 2024 (11.6) (7.5) (12.3) (3.4) (6.2) (41.0) Net book value at January 1, 2024 49.6 6.1 9.4 16.5 11.9 93.6 Six month period ended June 30, 2024 Opening net book value 49.6 6.1 9.4 16.5 11.9 93.6 Additions 17.4 0.4 5.4 3.8 3.5 30.5 Depreciation (5.7) (1.5) (4.3) (1.4) (1.5) (14.4) Currency Translation 1.3 0.2 — 0.5 0.2 2.1 Net book value at June 30, 2024 62.5 5.3 10.6 19.4 14.0 111.7 Cost at June 30, 2024 80.1 14.4 27.1 24.3 21.8 167.6 Accumulated Depreciation at June 30, 2024 (17.6) (9.1) (16.5) (4.9) (7.8) (55.9) Net book value at June 30, 2024 62.5 5.3 10.6 19.4 14.0 111.7 The additions of CHF 30.5 million in the six-month period ended June 30, 2024 relate to leasehold improvements for our warehouse in Belgium and Luxembourg and various other additions across retail stores, production equipment, and offices. During the six-month periods ended June 30, 2024 and June 30, 2023, non-cash additions of property, plant and equipment amounted to CHF 6.8 million and CHF 0.0 million, respectively. |
Right-of-use assets
Right-of-use assets | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Right-of-use assets | 3.4 Right-of-use assets (CHF in millions) Storage Stores & showrooms Offices Cars Total Cost at January 1, 2023 28.7 45.6 111.0 7.4 192.7 Accumulated Depreciation at January 1, 2023 (11.9) (7.7) (16.8) (4.6) (41.1) Net book value at January 1, 2023 16.8 37.9 94.2 2.8 151.6 Six month period ended June 30, 2023 Opening net book value 16.8 37.9 94.2 2.8 151.6 Lease modification (4.1) 0.1 0.7 — (3.3) Additions — 12.3 6.6 1.3 20.2 Disposals (0.1) — — (0.2) (0.2) Depreciation (2.8) (4.2) (5.0) (1.0) (13.0) Currency Translation (0.2) (1.5) (0.7) (0.1) (2.5) Net book value at June 30, 2023 9.6 44.6 95.8 2.9 152.9 Cost at June 30, 2023 23.9 55.9 117.4 7.9 205.0 Accumulated Depreciation at June 30, 2023 (14.3) (11.2) (21.6) (4.9) (52.1) Net book value at June 30, 2023 9.6 44.6 95.8 2.9 152.9 Cost at January 1, 2024 87.5 70.5 116.9 8.1 283.1 Accumulated Depreciation at January 1, 2024 (22.1) (15.4) (26.1) (5.4) (69.1) Net book value at January 1, 2024 65.3 55.1 90.8 2.8 214.0 Six month period ended June 30, 2024 Opening net book value 65.3 55.1 90.8 2.8 214.0 Lease modification 3.0 — 0.2 — 3.2 Additions 57.4 49.2 13.8 0.5 121.0 Disposals — (0.1) — — (0.1) Depreciation (14.2) (8.2) (5.5) (0.9) (28.8) Currency Translation 5.2 3.1 1.5 0.1 9.9 Net book value at June 30, 2024 116.7 99.2 100.7 2.5 319.1 Cost at June 30, 2024 154.4 123.3 132.7 8.8 419.2 Accumulated Depreciation at June 30, 2024 (37.7) (24.1) (31.9) (6.3) (100.1) Net book value at June 30, 2024 116.7 99.2 100.7 2.5 319.1 The additions of CHF 121.0 million in the six-month period ended June 30, 2024 relate to the highly-automated warehouse in the United States ("Atlanta Warehouse"), which became partially operational during the six-months ended June 30, 2024, and other additional warehouse, retail store, and office leases. 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. |
Intangible assets
Intangible assets | 6 Months Ended |
Jun. 30, 2024 | |
Intangible assets and goodwill [abstract] | |
Intangible assets | 3.5 Intangible assets (CHF in millions) Patents, licenses and other rights Software Goodwill Total Cost at January 1, 2023 69.2 25.9 1.8 96.9 Accumulated Depreciation at January 1, 2023 (15.0) (11.6) — (26.6) Net book value at January 1, 2023 54.2 14.4 1.8 70.3 Six month period ended June 30, 2023 Opening net book value 54.2 14.4 1.8 70.3 Additions 0.1 1.9 — 2.0 Depreciation (2.2) (2.7) — (4.9) Net book value at June 30, 2023 52.1 13.5 1.8 67.4 Cost at June 30, 2023 69.3 27.8 1.8 98.9 Accumulated Depreciation at June 30, 2023 (17.2) (14.2) — (31.5) Net book value at June 30, 2023 52.1 13.5 1.8 67.4 Cost at January 1, 2024 70.4 29.0 1.8 101.2 Accumulated Depreciation at January 1, 2024 (19.6) (17.1) — (36.6) Net book value at January 1, 2024 50.9 11.9 1.8 64.6 Six month period ended June 30, 2024 Opening net book value 50.9 11.9 1.8 64.6 Additions 0.5 1.8 — 2.3 Depreciation (2.3) (2.9) — (5.2) Net book value at June 30, 2024 49.0 10.9 1.8 61.7 Cost at June 30, 2024 70.9 30.9 1.8 103.6 Accumulated Depreciation at June 30, 2024 (21.9) (20.0) — (41.9) Net book value at June 30, 2024 49.0 10.9 1.8 61.7 As of June 30, 2024, patents, licenses and other rights include patents, domain names and license rights for trademarks. As of June 30, 2024 , software includes capitalized IT development costs not yet in use in the amount of CHF 0.7 million (December 31, 2023: CHF 0.3 million). In the six-month period ended June 30, 2024, costs recognized in general and administrative expenses within the income statement for research and development amount to CHF 3.2 million compared to CHF 4.8 million in the six-month period ended June 30, 2023. Goo dwill is allocated and monitored at the segment level. As of June 30, 2024 and December 31, 2023, there have been no goodwill impairments recognized. None of the goodwill is expected to be deductible for tax purposes. |
Other current operating assets
Other current operating assets and liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Other current operating assets | 3.6 Other current operating assets and liabilities (CHF in millions) 6/30/2024 12/31/2023 Prepaid expenses 29.4 20.8 Indirect taxes (VAT/GST) receivables 36.3 26.6 Other current assets 29.8 13.7 Other current operating assets 95.5 61.2 (CHF in millions) 6/30/2024 12/31/2023 Accrued expenses 163.4 81.2 Accrued personnel expenses 10.4 20.0 Indirect taxes (VAT/GST) payables 30.6 24.0 Social security payables 17.5 6.7 Other payables 17.1 16.5 Other current operating liabilities 10.7 8.0 Other current operating liabilities 249.9 156.4 |
Other current operating liabilities | 3.6 Other current operating assets and liabilities (CHF in millions) 6/30/2024 12/31/2023 Prepaid expenses 29.4 20.8 Indirect taxes (VAT/GST) receivables 36.3 26.6 Other current assets 29.8 13.7 Other current operating assets 95.5 61.2 (CHF in millions) 6/30/2024 12/31/2023 Accrued expenses 163.4 81.2 Accrued personnel expenses 10.4 20.0 Indirect taxes (VAT/GST) payables 30.6 24.0 Social security payables 17.5 6.7 Other payables 17.1 16.5 Other current operating liabilities 10.7 8.0 Other current operating liabilities 249.9 156.4 |
Cash and cash equivalents
Cash and cash equivalents | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Cash and cash equivalents | 4.1 Cash and cash equivalents (CHF in millions) 6/30/2024 12/31/2023 Current bank accounts 393.8 210.3 Digital wallets 10.6 11.4 Fixed deposits 248.1 272.9 Cash and cash equivalents (1) 652.4 494.6 (1) Net cash and cash equivalents as of December 31, 2023 includes restricted cash in the amount of CHF 0.2 million. There is no restricted cash as of June 30, 2024. |
Other current financial assets
Other current financial assets | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of financial assets [abstract] | |
Other current financial assets | 4.2 Other current financial assets (CHF in millions) 6/30/2024 12/31/2023 Credit cards 18.7 16.4 Deposits 13.9 14.6 Other current financial assets 5.6 3.2 Other current financial assets at amortized cost 38.2 34.2 Other current financial assets at fair value through profit and loss — — Other current financial assets 38.2 34.2 Due to their short-term nature, the carrying amount of other current financial assets at amortized cost corresponds to their fair value. 4.3 Financial liabilities (CHF in millions) 6/30/2024 12/31/2023 Current lease liabilities 55.1 38.7 Other financial liabilities 21.3 14.8 Total other current financial liabilities at amortized cost 76.4 53.4 Non-current lease liabilities 284.4 190.3 Other non-current financial liabilities 3.7 — Total other non-current financial liabilities at amortized cost 288.1 190.3 Total current and non-current financial liabilities 364.5 243.7 Due to their short-term nature, the carrying amount of other current financial liabilities at amortized cost corresponds to their fair value. As of June 30, 2024, other current financial liabilities include customer return refunds in the amount of CHF 15.9 million (December 31, 2023: CHF 12.4 million). Contractual maturities of On’s undiscounted financial liabilities: (CHF in millions) Due Due Due Due 6/30/2024 Trade payables 148.2 — — — 148.2 Current lease liabilities 17.4 53.9 — — 71.3 Other financial liabilities 21.3 — — — 21.3 Other current financial liabilities 38.8 53.9 — — 92.7 Non-current lease liabilities — — 201.9 127.0 328.8 Other non-current financial liabilities — — 3.7 3.7 Other non-current financial liabilities — — 205.6 127.0 332.5 (CHF in millions) Due Due Due Due 12/31/2023 Trade payables 65.1 — — — 65.1 Current lease liabilities 11.7 35.2 — — 46.9 Other financial liabilities 14.8 — — — 14.8 Other current financial liabilities 26.5 35.2 — — 61.7 Non-current lease liabilities — — 135.1 81.3 216.4 Other non-current financial liabilities — — 135.1 81.3 216.4 The increase to current and non-current lease liabilities as of June 30, 2024 compared to December 31, 2023 relates primarily to the Atlanta Warehouse and other additional warehouse, office and retail store leases. On July 7, 2023 , On entered into a CHF 700.0 million multicurrency credit facility agreement ("credit facility"). On has an option to increase the total availabi lity of borrowings under the credit facility in an aggregate amount of up to CHF 200.0 million, subject to the satisfaction of certain customary conditions. The credit facility had an initial term of three years, which has been extended for a period of one year, and may be extended again for a period of one year. As of June 30, 2024 and December 31, 2023, no amounts had been drawn under the new credit facility. Of the total guarantees and letters of credit outstanding as of June 30, 2024 and December 31, 2023, which are discussed in 4.8 Commitments and contingencies , CHF 167.9 million and CHF 155.3 million, respectively, relate to the credit facility. The credit facility also contains financial covenants that depend on our consolidated equity as well as our net debt to adjusted EBITDA ratio. As of and during the six-month period ending June 30, 2024, we were in compliance with all covenants under the credit facility. The following assets have been pledged in relation to the credit facility: (CHF in millions) 6/30/2024 12/31/2023 Trade receivables 270.3 145.8 Inventory 232.9 285.2 Assets pledged 503.2 431.0 |
Financial liabilities
Financial liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of financial liabilities [abstract] | |
Financial liabilities | 4.2 Other current financial assets (CHF in millions) 6/30/2024 12/31/2023 Credit cards 18.7 16.4 Deposits 13.9 14.6 Other current financial assets 5.6 3.2 Other current financial assets at amortized cost 38.2 34.2 Other current financial assets at fair value through profit and loss — — Other current financial assets 38.2 34.2 Due to their short-term nature, the carrying amount of other current financial assets at amortized cost corresponds to their fair value. 4.3 Financial liabilities (CHF in millions) 6/30/2024 12/31/2023 Current lease liabilities 55.1 38.7 Other financial liabilities 21.3 14.8 Total other current financial liabilities at amortized cost 76.4 53.4 Non-current lease liabilities 284.4 190.3 Other non-current financial liabilities 3.7 — Total other non-current financial liabilities at amortized cost 288.1 190.3 Total current and non-current financial liabilities 364.5 243.7 Due to their short-term nature, the carrying amount of other current financial liabilities at amortized cost corresponds to their fair value. As of June 30, 2024, other current financial liabilities include customer return refunds in the amount of CHF 15.9 million (December 31, 2023: CHF 12.4 million). Contractual maturities of On’s undiscounted financial liabilities: (CHF in millions) Due Due Due Due 6/30/2024 Trade payables 148.2 — — — 148.2 Current lease liabilities 17.4 53.9 — — 71.3 Other financial liabilities 21.3 — — — 21.3 Other current financial liabilities 38.8 53.9 — — 92.7 Non-current lease liabilities — — 201.9 127.0 328.8 Other non-current financial liabilities — — 3.7 3.7 Other non-current financial liabilities — — 205.6 127.0 332.5 (CHF in millions) Due Due Due Due 12/31/2023 Trade payables 65.1 — — — 65.1 Current lease liabilities 11.7 35.2 — — 46.9 Other financial liabilities 14.8 — — — 14.8 Other current financial liabilities 26.5 35.2 — — 61.7 Non-current lease liabilities — — 135.1 81.3 216.4 Other non-current financial liabilities — — 135.1 81.3 216.4 The increase to current and non-current lease liabilities as of June 30, 2024 compared to December 31, 2023 relates primarily to the Atlanta Warehouse and other additional warehouse, office and retail store leases. On July 7, 2023 , On entered into a CHF 700.0 million multicurrency credit facility agreement ("credit facility"). On has an option to increase the total availabi lity of borrowings under the credit facility in an aggregate amount of up to CHF 200.0 million, subject to the satisfaction of certain customary conditions. The credit facility had an initial term of three years, which has been extended for a period of one year, and may be extended again for a period of one year. As of June 30, 2024 and December 31, 2023, no amounts had been drawn under the new credit facility. Of the total guarantees and letters of credit outstanding as of June 30, 2024 and December 31, 2023, which are discussed in 4.8 Commitments and contingencies , CHF 167.9 million and CHF 155.3 million, respectively, relate to the credit facility. The credit facility also contains financial covenants that depend on our consolidated equity as well as our net debt to adjusted EBITDA ratio. As of and during the six-month period ending June 30, 2024, we were in compliance with all covenants under the credit facility. The following assets have been pledged in relation to the credit facility: (CHF in millions) 6/30/2024 12/31/2023 Trade receivables 270.3 145.8 Inventory 232.9 285.2 Assets pledged 503.2 431.0 |
Financial result
Financial result | 6 Months Ended |
Jun. 30, 2024 | |
Analysis of income and expense [abstract] | |
Financial result | 4.4 Financial result Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Interest income 5.8 4.3 11.2 6.4 Financial income 5.8 4.3 11.2 6.4 Bank charges (1.6) (0.5) (3.2) (1.0) Interest expenses leases (4.1) (1.3) (7.3) (2.3) Interest expenses on employee benefits (0.1) (0.1) (0.2) (0.3) Financial expenses (5.9) (1.9) (10.8) (3.6) Foreign exchange gain/(losses) (4.5) (48.5) 72.3 (39.7) Foreign exchange gain / (loss) (4.5) (48.5) 72.3 (39.7) Financial result (4.6) (46.1) 72.7 (36.9) |
Share capital
Share capital | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of classes of share capital [abstract] | |
Share capital | 4.5 Share capital The share capital amounts to CHF 33.5 million 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 voting rights shares with a nominal value of CHF 0.01 each (the "Class B Shares"). The share capital is paid in at 100%. Class A Shares Class B Shares Shares issued and outstanding as of January 1, 2024 284,215,277 345,437,500 Sale of treasury shares related to share-based compensation 1,364,663 — Purchase of treasury shares (3,402) — Shares issued and outstanding as of June 30, 2024 (1) 285,576,538 345,437,500 Awards granted under various incentive plans not yet exercised or distributed as of June 30, 2024 (2) 2,969,207 — Awards granted under various incentive plans with dilutive effects as of June 30, 2024 3,335,706 12,467,091 (1) As of June 30, 2024 there were 14,421,587 treasury shares held by On (December 31, 2023: 15,782,848). (2) These awards require little or no further consideration to be exercised, and as such, have been included in the weighted average number of ordinary shares outstanding used to calculate basic EPS at June 30, 2024. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 2024 | |
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 for the period by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by dividing On’s net income 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 awards 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. Three-month period ended June 30, 2024 2024 2023 2023 Class A Class B Class A Class B Weighted number of outstanding shares 288,082,955 345,437,500 284,127,877 345,437,500 Weighted number of shares with dilutive effects 3,430,738 12,467,091 3,464,956 11,792,673 Weighted number of outstanding shares (diluted and undiluted) 291,513,693 357,904,591 287,592,833 357,230,173 Net profit (CHF in millions) 27.5 3.3 2.9 0.4 Basic EPS (CHF) 0.10 0.01 0.01 0.00 Diluted EPS (CHF) 0.09 0.01 0.01 0.00 Six-month period ended June 30, 2024 2024 2023 2023 Class A Class B Class A Class B Weighted number of outstanding shares 287,985,587 345,437,500 283,859,171 345,437,500 Weighted number of shares with dilutive effects 3,366,411 12,174,230 3,335,726 11,203,866 Weighted number of outstanding shares (diluted and undiluted) 291,351,998 357,611,730 287,194,897 356,641,366 Net profit (CHF in millions) 109.1 13.1 42.5 5.2 Basic EPS (CHF) 0.38 0.04 0.15 0.01 Diluted EPS (CHF) 0.37 0.04 0.15 0.01 |
Capital and other reserves
Capital and other reserves | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of reserves within equity [abstract] | |
Capital and other reserves | 4.7 Capital and other reserves (CHF in millions) 6/30/2024 12/31/2023 Share premium 756.9 756.9 Legal reserves 48.3 42.3 Equity transaction costs (8.7) (8.7) Tax impact on equity transaction costs 1.3 1.3 Share-based compensation 372.0 349.1 Capital reserves 1,169.7 1,140.8 Exchange differences (3.9) (8.1) Actuarial gains and losses (0.7) (2.1) Taxes on actuarial gains and losses 0.1 0.4 Other reserves (4.4) (9.8) |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies [Abstract] | |
Commitments and contingencies | 4.8 Commitments and contingencies As of June 30, 2024, guarantees in the amount of CHF 168.2 million (December 31, 2023: CHF 155.6 million) 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 of 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 57.7 million have been offset as of June 30, 2024 (December 31, 2023: CHF 112.6 million). On has signed several new lease contracts, which have not yet commenced as of June 30, 2024, and are therefore not yet recognized on the balance sheet. The total committed future outflow resulting of these lease contracts amounts to: (CHF in millions) 6/30/2024 12/31/2023 Due < 1 year 10.6 15.8 Due 1 - 5 years 121.4 145.4 Due > 5 years 186.0 224.5 Commitments for future lease obligations 318.0 385.7 The majority of the future lease commitments relate to contracts for the Atlanta Warehouse and the warehouse in Belgium ("Beringen Warehouse"). The Atlanta Warehouse became partially operational during the six-months ended June 30, 2024, and is expected to be fully operational by 2025. The remaining future lease commitment is CHF 190.1 million (December 31, 2023: CHF 245.8 million). The Beringen Warehouse began partially operating in 2024 during the six-months ended June 30, 2024, and is expected to be fully operational by 2026. The remaining future lease commitment is CHF 106.4 million (December 31, 2023: CHF 122.5 million). |
Provisions
Provisions | 6 Months Ended |
Jun. 30, 2024 | |
Provisions [abstract] | |
Provisions | 5.1 Provisions (CHF in millions) Social charges Long-service leave Asset retirement obligation Total Balance as of January 1, 2023 4.3 3.8 4.0 12.1 thereof current 4.3 0.5 0.2 5.0 thereof non-current — 3.3 3.8 7.2 Additions 4.2 1.8 — 6.0 Release — (0.7) — (0.8) Utilization (0.6) — — (0.6) Exchange differences — (0.1) (0.1) (0.1) Balance as of June 30, 2023 7.9 4.8 4.0 16.7 thereof current 7.9 0.5 0.1 8.6 thereof non-current — 4.3 3.8 8.1 Balance as of January 1, 2024 6.8 5.8 4.5 17.1 thereof current 6.3 0.7 0.1 7.1 thereof non-current 0.5 5.1 4.3 10.0 Additions 13.0 1.4 0.3 14.6 Release (0.4) (0.1) — (0.4) Utilization (3.2) — — (3.2) Exchange differences (0.1) 0.1 — — Balance as of June 30, 2024 16.1 7.2 4.9 28.2 thereof current 15.6 1.0 0.2 16.8 thereof non-current 0.5 6.2 4.6 11.4 Provisions for social charges include any costs related to local legal requirements related to share-based compensation. Provisions for asset retirement obligations mainly relates to the dismantling costs for the new headquarter in Zurich and retail stores. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Taxes [Abstract] | |
Income taxes | 5.2 Income taxes Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Current income tax benefit/(expense) (8.1) (18.0) (18.6) (33.6) Deferred income tax benefit/(expense) (3.8) 28.0 (17.7) 36.5 Income tax benefit / (expense) (11.8) 10.0 (36.3) 2.9 Income tax benefit / (expense) during the three-month and six-month period ended June 30, 2024 resulted in an income tax expense of CHF (11.8) million and CHF (36.3) million, respectively, compared to CHF 10.0 million and CHF 2.9 million income tax benefit for the same period in 2023. The effective tax rate ("ETR") for the three and six-month periods ended June 30, 2024 is 27.7% and 22.9%, respectively, compared to the ETR for the three and six-month periods ended June 30, 2023 of 149.3% and (6.5)%, respectively. The changes in income tax benefit / (expense) are mainly due to deferred income tax benefits during the three and six-month periods ended June 30, 2023, related to the elimination of intercompany profits in inventory as well as higher effectiveness of certain tax incentives. |
Events after the balance sheet
Events after the balance sheet date | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events after the balance sheet date | 5.3 Events after the balance sheet date There were no material events after the balance sheet date. |
Oniverse (Tables)
Oniverse (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of Subsidiaries | Equity interest Entity Jurisdiction of incorporation 6/30/2024 12/31/2023 On Holding AG Switzerland On AG Switzerland 100% 100% On Brazil Ltda. Brazil 100% 100% On Cloud Service GmbH Germany 100% 100% On Clouds GmbH Switzerland 100% 100% On Clouds Inc. Delaware, USA 100% 100% On Europe AG Switzerland 100% 100% On Experience 1 LLC Delaware, USA 100% 100% On Experience 2 LLC Delaware, USA 100% 100% On Experience 3 LLC Delaware, USA 100% 100% On Experience 4 LLC Delaware, USA 100% 100% On Experience 5 LLC Delaware, USA 100% 100% On Experience 6 LLC Delaware, USA 100% 100% On Experience 7 LLC Delaware, USA 100% 100% On Experience 8 LLC Delaware, USA 100% 100% On Experience 9 LLC Delaware, USA 100% —% On Experience 10 LLC Delaware, USA 100% —% On Hong Kong Limited Hong Kong, SAR of China 100% 100% On Inc. Delaware, USA 100% 100% On Italy S.r.l. Italy 100% 100% On Japan K.K. Japan 100% 100% On Korea Ltd. South Korea 100% 100% On Oceania Pty Ltd. Australia 100% 100% On Running Canada Inc. Canada 100% 100% On Running Sports Products (Shanghai) Company Ltd. China 100% 100% On Running UK Ltd. United Kingdom 100% 100% On Vietnam Co. Ltd. Vietnam 100% 100% Brunner Mettler GmbH Switzerland 100% 100% |
New and amended standards and_2
New and amended standards and interpretations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of expected impact of initial application of new standards or interpretations [abstract] | |
New and amended standards and interpretations | Further, at the date of authorization of these 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 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability Amendments to IAS 21 January 1, 2025 Amendments to the Classification and Measurement of Financial Instruments Amendments to IFRS 9 and IFRS 7 January 1, 2026 Presentation and Disclosure in Financial Statements IFRS 18 January 1, 2027 Subsidiaries without Public Accountability: Disclosures IFRS 19 January 1, 2027 On does not expect that the adoption of the standards listed above, excluding IFRS 18, will have a material impact on the financial statement and disclosures of On in the current or future reporting periods. |
Net sales (Tables)
Net sales (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Disclosure of Net Sales | Net sales by sales channels: Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Wholesale 358.2 280.8 675.9 564.0 Direct-to-Consumer 209.4 163.5 399.9 300.5 Net sales 567.7 444.3 1,075.9 864.5 Net sales by product groups: Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Shoes 542.5 428.2 1,027.1 828.7 Apparel 21.9 13.4 41.6 30.3 Accessories 3.3 2.7 7.1 5.4 Net sales 567.7 444.3 1,075.9 864.5 Net sales by geographic regions (based on the location of the counterparty): Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Europe, Middle East and Africa 138.4 113.6 264.6 232.2 Americas 370.0 296.6 699.7 566.8 Asia-Pacific 59.2 34.1 111.6 65.5 Net sales 567.7 444.3 1,075.9 864.5 |
Selling, general and administ_2
Selling, general and administrative expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Analysis of income and expense [abstract] | |
Schedule of Selling, General and Administrative Expenses | Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Distribution expenses (71.1) (61.5) (142.0) (120.7) Selling expenses (41.2) (31.8) (75.6) (59.5) Marketing expenses (70.3) (51.5) (131.8) (96.0) Share-based compensation (17.1) (9.1) (33.9) (14.0) General and administrative expenses (93.1) (71.2) (174.4) (137.5) Selling, general and administrative expenses (292.9) (225.1) (557.7) (427.7) |
Trade receivables (Tables)
Trade receivables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Trade Receivables | Trade receivables are generally due within a payment period of between 30 to 90 days. Due to their short-term nature, the carrying amount is considered to be the same as their fair value. (CHF in millions) 6/30/2024 12/31/2023 Gross carrying amount 327.3 218.1 Expected credit loss (13.4) (13.3) Trade receivables 314.0 204.8 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventories [Abstract] | |
Schedule of Inventories | (CHF in millions) 6/30/2024 12/31/2023 Shoes 370.9 321.4 Apparel 37.7 34.5 Accessories 4.7 8.0 Allowances (12.0) (7.4) Inventories (1) 401.3 356.5 (1) Inventories are comprised of finished goods. |
Property, plant and equipment (
Property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property, Plant and Equipment | (CHF in millions) Leasehold improvements Trade tools Production equipment Furniture and fixtures Other Total Cost at January 1, 2023 49.7 10.7 12.9 13.5 11.0 97.8 Accumulated Depreciation at January 1, 2023 (5.0) (5.4) (5.3) (1.4) (3.4) (20.6) Net book value at January 1, 2023 44.7 5.3 7.5 12.1 7.6 77.2 Six month period ended June 30, 2023 Opening net book value 44.7 5.3 7.5 12.1 7.6 77.2 Additions 8.4 0.5 4.1 3.7 2.1 19.0 Disposals (0.2) — — — — (0.3) Depreciation (3.4) (1.2) (3.2) (0.9) (1.4) (10.1) Currency Translation (1.0) (0.1) — (0.3) (0.1) (1.5) Net book value at June 30, 2023 48.6 4.5 8.5 14.6 8.2 84.3 Cost at June 30, 2023 56.6 10.9 17.0 16.9 12.9 114.3 Accumulated Depreciation at June 30, 2023 (8.0) (6.4) (8.5) (2.3) (4.8) (30.0) Net book value at June 30, 2023 48.6 4.5 8.5 14.6 8.2 84.3 Cost at January 1, 2024 61.2 13.6 21.7 19.9 18.1 134.5 Accumulated Depreciation at January 1, 2024 (11.6) (7.5) (12.3) (3.4) (6.2) (41.0) Net book value at January 1, 2024 49.6 6.1 9.4 16.5 11.9 93.6 Six month period ended June 30, 2024 Opening net book value 49.6 6.1 9.4 16.5 11.9 93.6 Additions 17.4 0.4 5.4 3.8 3.5 30.5 Depreciation (5.7) (1.5) (4.3) (1.4) (1.5) (14.4) Currency Translation 1.3 0.2 — 0.5 0.2 2.1 Net book value at June 30, 2024 62.5 5.3 10.6 19.4 14.0 111.7 Cost at June 30, 2024 80.1 14.4 27.1 24.3 21.8 167.6 Accumulated Depreciation at June 30, 2024 (17.6) (9.1) (16.5) (4.9) (7.8) (55.9) Net book value at June 30, 2024 62.5 5.3 10.6 19.4 14.0 111.7 |
Right-of-use assets (Tables)
Right-of-use assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Schedule of Right-of-use assets | (CHF in millions) Storage Stores & showrooms Offices Cars Total Cost at January 1, 2023 28.7 45.6 111.0 7.4 192.7 Accumulated Depreciation at January 1, 2023 (11.9) (7.7) (16.8) (4.6) (41.1) Net book value at January 1, 2023 16.8 37.9 94.2 2.8 151.6 Six month period ended June 30, 2023 Opening net book value 16.8 37.9 94.2 2.8 151.6 Lease modification (4.1) 0.1 0.7 — (3.3) Additions — 12.3 6.6 1.3 20.2 Disposals (0.1) — — (0.2) (0.2) Depreciation (2.8) (4.2) (5.0) (1.0) (13.0) Currency Translation (0.2) (1.5) (0.7) (0.1) (2.5) Net book value at June 30, 2023 9.6 44.6 95.8 2.9 152.9 Cost at June 30, 2023 23.9 55.9 117.4 7.9 205.0 Accumulated Depreciation at June 30, 2023 (14.3) (11.2) (21.6) (4.9) (52.1) Net book value at June 30, 2023 9.6 44.6 95.8 2.9 152.9 Cost at January 1, 2024 87.5 70.5 116.9 8.1 283.1 Accumulated Depreciation at January 1, 2024 (22.1) (15.4) (26.1) (5.4) (69.1) Net book value at January 1, 2024 65.3 55.1 90.8 2.8 214.0 Six month period ended June 30, 2024 Opening net book value 65.3 55.1 90.8 2.8 214.0 Lease modification 3.0 — 0.2 — 3.2 Additions 57.4 49.2 13.8 0.5 121.0 Disposals — (0.1) — — (0.1) Depreciation (14.2) (8.2) (5.5) (0.9) (28.8) Currency Translation 5.2 3.1 1.5 0.1 9.9 Net book value at June 30, 2024 116.7 99.2 100.7 2.5 319.1 Cost at June 30, 2024 154.4 123.3 132.7 8.8 419.2 Accumulated Depreciation at June 30, 2024 (37.7) (24.1) (31.9) (6.3) (100.1) Net book value at June 30, 2024 116.7 99.2 100.7 2.5 319.1 |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Intangible assets and goodwill [abstract] | |
Schedule of Intangible Assets | (CHF in millions) Patents, licenses and other rights Software Goodwill Total Cost at January 1, 2023 69.2 25.9 1.8 96.9 Accumulated Depreciation at January 1, 2023 (15.0) (11.6) — (26.6) Net book value at January 1, 2023 54.2 14.4 1.8 70.3 Six month period ended June 30, 2023 Opening net book value 54.2 14.4 1.8 70.3 Additions 0.1 1.9 — 2.0 Depreciation (2.2) (2.7) — (4.9) Net book value at June 30, 2023 52.1 13.5 1.8 67.4 Cost at June 30, 2023 69.3 27.8 1.8 98.9 Accumulated Depreciation at June 30, 2023 (17.2) (14.2) — (31.5) Net book value at June 30, 2023 52.1 13.5 1.8 67.4 Cost at January 1, 2024 70.4 29.0 1.8 101.2 Accumulated Depreciation at January 1, 2024 (19.6) (17.1) — (36.6) Net book value at January 1, 2024 50.9 11.9 1.8 64.6 Six month period ended June 30, 2024 Opening net book value 50.9 11.9 1.8 64.6 Additions 0.5 1.8 — 2.3 Depreciation (2.3) (2.9) — (5.2) Net book value at June 30, 2024 49.0 10.9 1.8 61.7 Cost at June 30, 2024 70.9 30.9 1.8 103.6 Accumulated Depreciation at June 30, 2024 (21.9) (20.0) — (41.9) Net book value at June 30, 2024 49.0 10.9 1.8 61.7 |
Other current operating asset_2
Other current operating assets and liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Other Current Operating Assets and Liabilities | (CHF in millions) 6/30/2024 12/31/2023 Prepaid expenses 29.4 20.8 Indirect taxes (VAT/GST) receivables 36.3 26.6 Other current assets 29.8 13.7 Other current operating assets 95.5 61.2 (CHF in millions) 6/30/2024 12/31/2023 Accrued expenses 163.4 81.2 Accrued personnel expenses 10.4 20.0 Indirect taxes (VAT/GST) payables 30.6 24.0 Social security payables 17.5 6.7 Other payables 17.1 16.5 Other current operating liabilities 10.7 8.0 Other current operating liabilities 249.9 156.4 |
Net cash and cash equivalents (
Net cash and cash equivalents (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Cash and Cash Equivalents | (CHF in millions) 6/30/2024 12/31/2023 Current bank accounts 393.8 210.3 Digital wallets 10.6 11.4 Fixed deposits 248.1 272.9 Cash and cash equivalents (1) 652.4 494.6 (1) Net cash and cash equivalents as of December 31, 2023 includes restricted cash in the amount of CHF 0.2 million. There is no restricted cash as of June 30, 2024. |
Other current financial assets
Other current financial assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of financial assets [abstract] | |
Schedule of Other Current Financial Assets | (CHF in millions) 6/30/2024 12/31/2023 Credit cards 18.7 16.4 Deposits 13.9 14.6 Other current financial assets 5.6 3.2 Other current financial assets at amortized cost 38.2 34.2 Other current financial assets at fair value through profit and loss — — Other current financial assets 38.2 34.2 |
Financial liabilities (Tables)
Financial liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of financial liabilities [abstract] | |
Schedule of Financial Liabilities | (CHF in millions) 6/30/2024 12/31/2023 Current lease liabilities 55.1 38.7 Other financial liabilities 21.3 14.8 Total other current financial liabilities at amortized cost 76.4 53.4 Non-current lease liabilities 284.4 190.3 Other non-current financial liabilities 3.7 — Total other non-current financial liabilities at amortized cost 288.1 190.3 Total current and non-current financial liabilities 364.5 243.7 |
Schedule of Contractual Obligation of Leases | Contractual maturities of On’s undiscounted financial liabilities: (CHF in millions) Due Due Due Due 6/30/2024 Trade payables 148.2 — — — 148.2 Current lease liabilities 17.4 53.9 — — 71.3 Other financial liabilities 21.3 — — — 21.3 Other current financial liabilities 38.8 53.9 — — 92.7 Non-current lease liabilities — — 201.9 127.0 328.8 Other non-current financial liabilities — — 3.7 3.7 Other non-current financial liabilities — — 205.6 127.0 332.5 (CHF in millions) Due Due Due Due 12/31/2023 Trade payables 65.1 — — — 65.1 Current lease liabilities 11.7 35.2 — — 46.9 Other financial liabilities 14.8 — — — 14.8 Other current financial liabilities 26.5 35.2 — — 61.7 Non-current lease liabilities — — 135.1 81.3 216.4 Other non-current financial liabilities — — 135.1 81.3 216.4 |
Assets, collateralized security | The following assets have been pledged in relation to the credit facility: (CHF in millions) 6/30/2024 12/31/2023 Trade receivables 270.3 145.8 Inventory 232.9 285.2 Assets pledged 503.2 431.0 |
Financial result (Tables)
Financial result (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Analysis of income and expense [abstract] | |
Schedule of financial result | Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Interest income 5.8 4.3 11.2 6.4 Financial income 5.8 4.3 11.2 6.4 Bank charges (1.6) (0.5) (3.2) (1.0) Interest expenses leases (4.1) (1.3) (7.3) (2.3) Interest expenses on employee benefits (0.1) (0.1) (0.2) (0.3) Financial expenses (5.9) (1.9) (10.8) (3.6) Foreign exchange gain/(losses) (4.5) (48.5) 72.3 (39.7) Foreign exchange gain / (loss) (4.5) (48.5) 72.3 (39.7) Financial result (4.6) (46.1) 72.7 (36.9) |
Share capital (Tables)
Share capital (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital Outstanding | Class A Shares Class B Shares Shares issued and outstanding as of January 1, 2024 284,215,277 345,437,500 Sale of treasury shares related to share-based compensation 1,364,663 — Purchase of treasury shares (3,402) — Shares issued and outstanding as of June 30, 2024 (1) 285,576,538 345,437,500 Awards granted under various incentive plans not yet exercised or distributed as of June 30, 2024 (2) 2,969,207 — Awards granted under various incentive plans with dilutive effects as of June 30, 2024 3,335,706 12,467,091 (1) As of June 30, 2024 there were 14,421,587 treasury shares held by On (December 31, 2023: 15,782,848). (2) These awards require little or no further consideration to be exercised, and as such, have been included in the weighted average number of ordinary shares outstanding used to calculate basic EPS at June 30, 2024. |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings per share [abstract] | |
Schedule of Earnings per share | Three-month period ended June 30, 2024 2024 2023 2023 Class A Class B Class A Class B Weighted number of outstanding shares 288,082,955 345,437,500 284,127,877 345,437,500 Weighted number of shares with dilutive effects 3,430,738 12,467,091 3,464,956 11,792,673 Weighted number of outstanding shares (diluted and undiluted) 291,513,693 357,904,591 287,592,833 357,230,173 Net profit (CHF in millions) 27.5 3.3 2.9 0.4 Basic EPS (CHF) 0.10 0.01 0.01 0.00 Diluted EPS (CHF) 0.09 0.01 0.01 0.00 Six-month period ended June 30, 2024 2024 2023 2023 Class A Class B Class A Class B Weighted number of outstanding shares 287,985,587 345,437,500 283,859,171 345,437,500 Weighted number of shares with dilutive effects 3,366,411 12,174,230 3,335,726 11,203,866 Weighted number of outstanding shares (diluted and undiluted) 291,351,998 357,611,730 287,194,897 356,641,366 Net profit (CHF in millions) 109.1 13.1 42.5 5.2 Basic EPS (CHF) 0.38 0.04 0.15 0.01 Diluted EPS (CHF) 0.37 0.04 0.15 0.01 |
Capital and other reserves (Tab
Capital and other reserves (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Disclosure of reserves within equity [abstract] | |
Schedule of Reserves Within Equity | (CHF in millions) 6/30/2024 12/31/2023 Share premium 756.9 756.9 Legal reserves 48.3 42.3 Equity transaction costs (8.7) (8.7) Tax impact on equity transaction costs 1.3 1.3 Share-based compensation 372.0 349.1 Capital reserves 1,169.7 1,140.8 Exchange differences (3.9) (8.1) Actuarial gains and losses (0.7) (2.1) Taxes on actuarial gains and losses 0.1 0.4 Other reserves (4.4) (9.8) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies [Abstract] | |
Schedule of Contractual Obligation of Leases | The total committed future outflow resulting of these lease contracts amounts to: (CHF in millions) 6/30/2024 12/31/2023 Due < 1 year 10.6 15.8 Due 1 - 5 years 121.4 145.4 Due > 5 years 186.0 224.5 Commitments for future lease obligations 318.0 385.7 |
Provisions (Tables)
Provisions (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Provisions [abstract] | |
Schedule of Provisions | (CHF in millions) Social charges Long-service leave Asset retirement obligation Total Balance as of January 1, 2023 4.3 3.8 4.0 12.1 thereof current 4.3 0.5 0.2 5.0 thereof non-current — 3.3 3.8 7.2 Additions 4.2 1.8 — 6.0 Release — (0.7) — (0.8) Utilization (0.6) — — (0.6) Exchange differences — (0.1) (0.1) (0.1) Balance as of June 30, 2023 7.9 4.8 4.0 16.7 thereof current 7.9 0.5 0.1 8.6 thereof non-current — 4.3 3.8 8.1 Balance as of January 1, 2024 6.8 5.8 4.5 17.1 thereof current 6.3 0.7 0.1 7.1 thereof non-current 0.5 5.1 4.3 10.0 Additions 13.0 1.4 0.3 14.6 Release (0.4) (0.1) — (0.4) Utilization (3.2) — — (3.2) Exchange differences (0.1) 0.1 — — Balance as of June 30, 2024 16.1 7.2 4.9 28.2 thereof current 15.6 1.0 0.2 16.8 thereof non-current 0.5 6.2 4.6 11.4 |
Income taxes (Tables)
Income taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Taxes [Abstract] | |
Schedule of Income Tax Expense | Three-month period ended June 30, Six-month period ended June 30, (CHF in millions) 2024 2023 2024 2023 Current income tax benefit/(expense) (8.1) (18.0) (18.6) (33.6) Deferred income tax benefit/(expense) (3.8) 28.0 (17.7) 36.5 Income tax benefit / (expense) (11.8) 10.0 (36.3) 2.9 |
Oniverse (Details)
Oniverse (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
On AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Brazil Ltda. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Cloud Service GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Clouds GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Clouds Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Europe AG | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Experience 1 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Experience 2 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Experience 3 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Experience 4 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Experience 5 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Experience 6 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Experience 7 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Experience 8 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Experience 9 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 0% |
On Experience 10 LLC | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 0% |
On Hong Kong Limited | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Italy S.r.l. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Japan K.K. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Korea Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Oceania Pty Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Running Canada Inc. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Running Sports Products (Shanghai) Company Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Running UK Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
On Vietnam Co. Ltd. | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Brunner Mettler GmbH | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100% | 100% |
Net sales - Disaggregation of R
Net sales - Disaggregation of Revenue (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net sales | SFr 567.7 | SFr 444.3 | SFr 1,075.9 | SFr 864.5 |
Europe, Middle East and Africa | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net sales | 138.4 | 113.6 | 264.6 | 232.2 |
Americas [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net sales | 370 | 296.6 | 699.7 | 566.8 |
Asia Pacific [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net sales | 59.2 | 34.1 | 111.6 | 65.5 |
Shoes | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net sales | 542.5 | 428.2 | 1,027.1 | 828.7 |
Apparel | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net sales | 21.9 | 13.4 | 41.6 | 30.3 |
Accessories | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net sales | 3.3 | 2.7 | 7.1 | 5.4 |
Wholesale | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net sales | 358.2 | 280.8 | 675.9 | 564 |
Direct-to-Consumer | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Net sales | SFr 209.4 | SFr 163.5 | SFr 399.9 | SFr 300.5 |
Net sales - Narrative (Details)
Net sales - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 salesChannel | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Number of sales channels | 2 |
Segment information - Narrative
Segment information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2024 salesChannel Reporting_Segment | |
Disclosure of operating segments [line items] | |
Number of co-founders | 3 |
Number of co-CEOs | 2 |
Number of reporting segments | Reporting_Segment | 1 |
Selling, general and administ_3
Selling, general and administrative expenses - Schedule of expenses (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Analysis of income and expense [abstract] | ||||
Distribution expenses | SFr (71.1) | SFr (61.5) | SFr (142) | SFr (120.7) |
Selling expenses | (41.2) | (31.8) | (75.6) | (59.5) |
Marketing expenses | (70.3) | (51.5) | (131.8) | (96) |
Share-based compensation | (17.1) | (9.1) | (33.9) | (14) |
General and administrative expenses | (93.1) | (71.2) | (174.4) | (137.5) |
Selling, general and administrative expenses | SFr (292.9) | SFr (225.1) | SFr (557.7) | SFr (427.7) |
Selling, general and administ_4
Selling, general and administrative expenses - Narrative (Details) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of attribution of expenses by nature to their function [line items] | ||
Other long-term employee benefits | SFr 131.4 | SFr 100 |
Selling, general and administrative expense | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Depreciation and amortisation expense | 44 | 24.4 |
Cost of sales | ||
Disclosure of attribution of expenses by nature to their function [line items] | ||
Depreciation expense | SFr 4.4 | SFr 3.5 |
Trade receivables - Schedule of
Trade receivables - Schedule of Trade Receivables (Details) - Trade receivables - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets | SFr 314 | SFr 204.8 |
Gross carrying amount | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets | 327.3 | 218.1 |
Expected credit loss | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Financial assets | SFr (13.4) | SFr (13.3) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure Of Inventory [Line Items] | ||
Inventories | SFr 401.3 | SFr 356.5 |
Gross carrying amount | Shoes | ||
Disclosure Of Inventory [Line Items] | ||
Inventories | 370.9 | 321.4 |
Gross carrying amount | Apparel | ||
Disclosure Of Inventory [Line Items] | ||
Inventories | 37.7 | 34.5 |
Gross carrying amount | Accessories | ||
Disclosure Of Inventory [Line Items] | ||
Inventories | 4.7 | 8 |
Allowances | ||
Disclosure Of Inventory [Line Items] | ||
Inventories | SFr 12 | SFr 7.4 |
Property, plant and equipment -
Property, plant and equipment - Schedule of Property, Plant and Equipment (Details) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | SFr 93.6 | SFr 77.2 |
Additions | 30.5 | 19 |
Disposals | (0.3) | |
Depreciation | (14.4) | (10.1) |
Currency Translation | 2.1 | (1.5) |
Property, plant and equipment at the end of period | 111.7 | 84.3 |
Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 49.6 | 44.7 |
Additions | 17.4 | 8.4 |
Disposals | (0.2) | |
Depreciation | (5.7) | (3.4) |
Currency Translation | 1.3 | (1) |
Property, plant and equipment at the end of period | 62.5 | 48.6 |
Trade tools | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 6.1 | 5.3 |
Additions | 0.4 | 0.5 |
Disposals | 0 | |
Depreciation | (1.5) | (1.2) |
Currency Translation | 0.2 | (0.1) |
Property, plant and equipment at the end of period | 5.3 | 4.5 |
Production equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 9.4 | 7.5 |
Additions | 5.4 | 4.1 |
Disposals | 0 | |
Depreciation | (4.3) | (3.2) |
Currency Translation | 0 | 0 |
Property, plant and equipment at the end of period | 10.6 | 8.5 |
Furniture and fixtures | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 16.5 | 12.1 |
Additions | 3.8 | 3.7 |
Disposals | 0 | |
Depreciation | (1.4) | (0.9) |
Currency Translation | 0.5 | (0.3) |
Property, plant and equipment at the end of period | 19.4 | 14.6 |
Other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 11.9 | 7.6 |
Additions | 3.5 | 2.1 |
Disposals | 0 | |
Depreciation | (1.5) | (1.4) |
Currency Translation | 0.2 | (0.1) |
Property, plant and equipment at the end of period | 14 | 8.2 |
Cost | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 134.5 | 97.8 |
Property, plant and equipment at the end of period | 167.6 | 114.3 |
Cost | Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 61.2 | 49.7 |
Property, plant and equipment at the end of period | 80.1 | 56.6 |
Cost | Trade tools | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 13.6 | 10.7 |
Property, plant and equipment at the end of period | 14.4 | 10.9 |
Cost | Production equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 21.7 | 12.9 |
Property, plant and equipment at the end of period | 27.1 | 17 |
Cost | Furniture and fixtures | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 19.9 | 13.5 |
Property, plant and equipment at the end of period | 24.3 | 16.9 |
Cost | Other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 18.1 | 11 |
Property, plant and equipment at the end of period | 21.8 | 12.9 |
Accumulated depreciation | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (41) | (20.6) |
Property, plant and equipment at the end of period | (55.9) | (30) |
Accumulated depreciation | Leasehold improvements | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (11.6) | (5) |
Property, plant and equipment at the end of period | (17.6) | (8) |
Accumulated depreciation | Trade tools | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (7.5) | (5.4) |
Property, plant and equipment at the end of period | (9.1) | (6.4) |
Accumulated depreciation | Production equipment | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (12.3) | (5.3) |
Property, plant and equipment at the end of period | (16.5) | (8.5) |
Accumulated depreciation | Furniture and fixtures | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (3.4) | (1.4) |
Property, plant and equipment at the end of period | (4.9) | (2.3) |
Accumulated depreciation | Other | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | (6.2) | (3.4) |
Property, plant and equipment at the end of period | SFr (7.8) | SFr (4.8) |
Property, plant and equipment_2
Property, plant and equipment - Narrative (Details) - CHF (SFr) SFr in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | SFr 30.5 | SFr 19 | |
Non-cash additions of property, plant and equipment | 6.8 | 0 | |
Other | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 3.5 | SFr 2.1 | |
Other, fixed assets not yet in use | SFr 3.9 | SFr 2.4 |
Right-of-use assets - Schedule
Right-of-use assets - Schedule of Right-of-Use Assets (Details) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | SFr 214 | SFr 151.6 |
Lease modification | 3.2 | (3.3) |
Additions | 121 | 20.2 |
Disposals | (0.1) | (0.2) |
Depreciation | (28.8) | (13) |
Currency Translation | 9.9 | (2.5) |
Right-of-use assets ending balance | 319.1 | 152.9 |
Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 283.1 | 192.7 |
Right-of-use assets ending balance | 419.2 | 205 |
Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | (69.1) | (41.1) |
Right-of-use assets ending balance | (100.1) | (52.1) |
Storage | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 65.3 | 16.8 |
Lease modification | 3 | (4.1) |
Additions | 57.4 | 0 |
Disposals | 0 | (0.1) |
Depreciation | (14.2) | (2.8) |
Currency Translation | 5.2 | (0.2) |
Right-of-use assets ending balance | 116.7 | 9.6 |
Storage | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 87.5 | 28.7 |
Right-of-use assets ending balance | 154.4 | 23.9 |
Storage | Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | (22.1) | (11.9) |
Right-of-use assets ending balance | (37.7) | (14.3) |
Stores & showrooms | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 55.1 | 37.9 |
Lease modification | 0 | 0.1 |
Additions | 49.2 | 12.3 |
Disposals | (0.1) | 0 |
Depreciation | (8.2) | (4.2) |
Currency Translation | 3.1 | (1.5) |
Right-of-use assets ending balance | 99.2 | 44.6 |
Stores & showrooms | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 70.5 | 45.6 |
Right-of-use assets ending balance | 123.3 | 55.9 |
Stores & showrooms | Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | (15.4) | (7.7) |
Right-of-use assets ending balance | (24.1) | (11.2) |
Offices | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 90.8 | 94.2 |
Lease modification | 0.2 | 0.7 |
Additions | 13.8 | 6.6 |
Disposals | 0 | 0 |
Depreciation | (5.5) | (5) |
Currency Translation | 1.5 | (0.7) |
Right-of-use assets ending balance | 100.7 | 95.8 |
Offices | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 116.9 | 111 |
Right-of-use assets ending balance | 132.7 | 117.4 |
Offices | Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | (26.1) | (16.8) |
Right-of-use assets ending balance | (31.9) | (21.6) |
Cars | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 2.8 | 2.8 |
Lease modification | 0 | 0 |
Additions | 0.5 | 1.3 |
Disposals | 0 | (0.2) |
Depreciation | (0.9) | (1) |
Currency Translation | 0.1 | (0.1) |
Right-of-use assets ending balance | 2.5 | 2.9 |
Cars | Gross carrying amount | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | 8.1 | 7.4 |
Right-of-use assets ending balance | 8.8 | 7.9 |
Cars | Accumulated depreciation | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Right-of-use assets beginning balance | (5.4) | (4.6) |
Right-of-use assets ending balance | SFr (6.3) | SFr (4.9) |
Right-of-use assets - Narrative
Right-of-use assets - Narrative (Details) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Additions | SFr 121 | SFr 20.2 |
Intangible assets -Schedule of
Intangible assets -Schedule of Intangible Assets (Details) - CHF (SFr) SFr in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | SFr 64.6 | SFr 70.3 |
Additions | 2.3 | 2 |
Depreciation | (5.2) | (4.9) |
Intangible assets and goodwill at end of the period | 61.7 | 67.4 |
Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 101.2 | 96.9 |
Intangible assets and goodwill at end of the period | 103.6 | 98.9 |
Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | (36.6) | (26.6) |
Intangible assets and goodwill at end of the period | (41.9) | (31.5) |
Patents, licenses and other rights | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 50.9 | 54.2 |
Additions | 0.5 | 0.1 |
Depreciation | (2.3) | (2.2) |
Intangible assets and goodwill at end of the period | 49 | 52.1 |
Patents, licenses and other rights | Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 70.4 | 69.2 |
Intangible assets and goodwill at end of the period | 70.9 | 69.3 |
Patents, licenses and other rights | Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | (19.6) | (15) |
Intangible assets and goodwill at end of the period | (21.9) | (17.2) |
Software | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 11.9 | 14.4 |
Additions | 1.8 | 1.9 |
Depreciation | (2.9) | (2.7) |
Intangible assets and goodwill at end of the period | 10.9 | 13.5 |
Software | Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 29 | 25.9 |
Intangible assets and goodwill at end of the period | 30.9 | 27.8 |
Software | Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | (17.1) | (11.6) |
Intangible assets and goodwill at end of the period | (20) | (14.2) |
Goodwill | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 1.8 | 1.8 |
Additions | 0 | 0 |
Depreciation | 0 | 0 |
Intangible assets and goodwill at end of the period | 1.8 | 1.8 |
Goodwill | Gross carrying amount | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 1.8 | 1.8 |
Intangible assets and goodwill at end of the period | 1.8 | 1.8 |
Goodwill | Accumulated depreciation | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets and goodwill at beginning of period | 0 | 0 |
Intangible assets and goodwill at end of the period | SFr 0 | SFr 0 |
Intangible assets - Narrative (
Intangible assets - Narrative (Details) - CHF (SFr) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | SFr 61,700,000 | SFr 67,400,000 | SFr 64,600,000 | SFr 70,300,000 |
Research and development expense | 3,200,000 | SFr 4,800,000 | ||
Impairment loss recognised in profit or loss, goodwill | 0 | 0 | ||
Goodwill expected to be deductible for tax purposes | 0 | |||
Intangible assets under development | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Intangible assets | SFr 700,000 | SFr 300,000 |
Other current operating asset_3
Other current operating assets (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Prepaid expenses | SFr 29.4 | SFr 20.8 |
Indirect taxes (VAT/GST) receivables | 36.3 | 26.6 |
Other current assets | 29.8 | 13.7 |
Other current operating assets | SFr 95.5 | SFr 61.2 |
Other current operating liabili
Other current operating liabilities (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Accrued expenses | SFr 163.4 | SFr 81.2 |
Accrued personnel expenses | 10.4 | 20 |
Indirect taxes (VAT/GST) payables | 30.6 | 24 |
Social security payables | 17.5 | 6.7 |
Other payables | 17.1 | 16.5 |
Other current operating liabilities | 10.7 | 8 |
Other current operating liabilities | SFr 249.9 | SFr 156.4 |
Other current operating asset_4
Other current operating assets and liabilities - Narrative (Details) SFr in Millions | 6 Months Ended |
Jun. 30, 2024 CHF (SFr) | |
Subclassifications of assets, liabilities and equities [abstract] | |
Accrued expense increase | SFr 82.2 |
Net cash and cash equivalents_2
Net cash and cash equivalents (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Current bank accounts | SFr 393.8 | SFr 210.3 |
Digital wallets | 10.6 | 11.4 |
Fixed deposits | 248.1 | 272.9 |
Cash and cash equivalents | 652.4 | 494.6 |
Restricted cash and cash equivalents | SFr 0 | SFr 0.2 |
Other current financial asset_2
Other current financial assets - Schedule of Other Current Financial Assets (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial assets [line items] | ||
Other current financial assets | SFr 38.2 | SFr 34.2 |
Other current financial assets at amortized cost | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 38.2 | 34.2 |
Other current financial assets at amortized cost | Credit cards | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 18.7 | 16.4 |
Other current financial assets at amortized cost | Deposits | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 13.9 | 14.6 |
Other current financial assets at amortized cost | Other current financial assets | ||
Disclosure of financial assets [line items] | ||
Other current financial assets | 5.6 | 3.2 |
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 |
Financial liabilities - Schedul
Financial liabilities - Schedule of Financial Liabilities (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | SFr 76.4 | SFr 53.4 |
Total other non-current financial liabilities at amortized cost | 288.1 | 190.3 |
Total current and non-current financial liabilities | 364.5 | 243.7 |
Financial liabilities at amortized cost | ||
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | 76.4 | 53.4 |
Total other non-current financial liabilities at amortized cost | 288.1 | 190.3 |
Financial liabilities at amortized cost | Current lease liabilities | ||
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | 55.1 | 38.7 |
Total other non-current financial liabilities at amortized cost | 284.4 | 190.3 |
Financial liabilities at amortized cost | Other financial liabilities | ||
Disclosure of financial liabilities [line items] | ||
Other current financial liabilities | 21.3 | 14.8 |
Total other non-current financial liabilities at amortized cost | SFr 3.7 | SFr 0 |
Financial liabilities - Narrati
Financial liabilities - Narrative (Details) - CHF (SFr) SFr in Millions | Jul. 07, 2023 | Jun. 30, 2024 | Dec. 31, 2023 |
Contingent liability for guarantees | |||
Disclosure of financial liabilities [line items] | |||
Estimated financial effect of contingent liabilities | SFr 168.2 | SFr 155.6 | |
Bank overdraft facility four, CHF | |||
Disclosure of financial liabilities [line items] | |||
Credit facility, maximum borrowing capacity | SFr 700 | ||
Line of credit facility option to increase amount | SFr 200 | ||
Initial term of facility agreement | 3 years | ||
Borrowings maturity extension | 1 year | ||
Borrowings | 0 | 0 | |
Bank overdraft facility four, CHF | Contingent liability for guarantees | |||
Disclosure of financial liabilities [line items] | |||
Estimated financial effect of contingent liabilities | 167.9 | 155.3 | |
Other, Customer Refund Liabilities | |||
Disclosure of financial liabilities [line items] | |||
Liabilities arising from financing activities | SFr 15.9 | SFr 12.4 |
Financial liabilities - Contrac
Financial liabilities - Contractual maturities (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial liabilities [line items] | ||
Trade payables | SFr 148.2 | SFr 65.1 |
Current lease liabilities | 71.3 | 46.9 |
Other financial liabilities | 21.3 | 14.8 |
Other current financial liabilities | 92.7 | 61.7 |
Non-current lease liabilities | 328.8 | 216.4 |
Other non-current financial liabilities | 3.7 | |
Other non-current financial liabilities | 332.5 | 216.4 |
Due within 3 months | ||
Disclosure of financial liabilities [line items] | ||
Trade payables | 148.2 | 65.1 |
Current lease liabilities | 17.4 | 11.7 |
Other financial liabilities | 21.3 | 14.8 |
Other current financial liabilities | 38.8 | 26.5 |
Non-current lease liabilities | 0 | 0 |
Other non-current financial liabilities | 0 | |
Other non-current financial liabilities | 0 | 0 |
Due 4 to 12 months | ||
Disclosure of financial liabilities [line items] | ||
Trade payables | 0 | 0 |
Current lease liabilities | 53.9 | 35.2 |
Other financial liabilities | 0 | 0 |
Other current financial liabilities | 53.9 | 35.2 |
Non-current lease liabilities | 0 | 0 |
Other non-current financial liabilities | 0 | |
Other non-current financial liabilities | 0 | 0 |
Due 1 to 5 years | ||
Disclosure of financial liabilities [line items] | ||
Trade payables | 0 | 0 |
Current lease liabilities | 0 | 0 |
Other financial liabilities | 0 | 0 |
Other current financial liabilities | 0 | 0 |
Non-current lease liabilities | 201.9 | 135.1 |
Other non-current financial liabilities | 3.7 | |
Other non-current financial liabilities | 205.6 | 135.1 |
Due > 5 years | ||
Disclosure of financial liabilities [line items] | ||
Trade payables | 0 | 0 |
Current lease liabilities | 0 | 0 |
Other financial liabilities | 0 | 0 |
Other current financial liabilities | 0 | 0 |
Non-current lease liabilities | 127 | 81.3 |
Other non-current financial liabilities | ||
Other non-current financial liabilities | SFr 127 | SFr 81.3 |
Financial liabilities - Assets
Financial liabilities - Assets pledged as security (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of financial liabilities [line items] | ||
Trade receivables | SFr 270.3 | SFr 145.8 |
Inventory | 232.9 | 285.2 |
Assets pledged | SFr 503.2 | SFr 431 |
Financial result (Details)
Financial result (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Analysis of income and expense [abstract] | ||||
Interest income | SFr 5.8 | SFr 4.3 | SFr 11.2 | SFr 6.4 |
Financial income | 5.8 | 4.3 | 11.2 | 6.4 |
Bank charges | (1.6) | (0.5) | (3.2) | (1) |
Interest expenses leases | (4.1) | (1.3) | (7.3) | (2.3) |
Interest expenses on employee benefits | (0.1) | (0.1) | (0.2) | (0.3) |
Financial expenses | (5.9) | (1.9) | (10.8) | (3.6) |
Foreign exchange gain/(losses) | (4.5) | (48.5) | 72.3 | (39.7) |
Financial result | SFr (4.6) | SFr (46.1) | SFr 72.7 | SFr (36.9) |
Financial result - Additional I
Financial result - Additional Information (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Analysis of income and expense [abstract] | ||||
Decrease in foreign exchange loss | SFr 44 | |||
Foreign exchange gain/(losses) | SFr (4.5) | SFr (48.5) | SFr 72.3 | SFr (39.7) |
Share capital - Narrative (Deta
Share capital - Narrative (Details) - CHF (SFr) SFr / shares in Units, SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of classes of share capital [line items] | ||
Share capital | SFr 33.5 | SFr 33.5 |
Share capital, paid-in percentage | 100% | |
Class A | ||
Disclosure of classes of share capital [line items] | ||
Number of shares registered (in shares) | 299,998,125 | |
Par value per share (in CHF per share) | SFr 0.10 | |
Class B | ||
Disclosure of classes of share capital [line items] | ||
Number of shares registered (in shares) | 345,437,500 | |
Par value per share (in CHF per share) | SFr 0.01 |
Share capital - Schedule of Sha
Share capital - Schedule of Shares Outstanding (Details) | 6 Months Ended | |
Jun. 30, 2024 shares shares | Dec. 31, 2023 shares | |
Disclosure of classes of share capital [line items] | ||
Treasury shares held (in shares) | 14,421,587 | 15,782,848 |
Class A | ||
Disclosure of classes of share capital [line items] | ||
Number of shares outstanding (in shares) | 285,576,538 | 284,215,277 |
Sale of treasury shares related to share-based compensation (in shares) | 1,364,663 | |
Purchase of treasury shares (in shares) | (3,402) | |
Share options granted (in shares) | 2,969,207 | |
Awards granted under various incentive plans with dilutive effects at June 30, 2023 (in shares) | 3,335,706 | |
Class B | ||
Disclosure of classes of share capital [line items] | ||
Number of shares outstanding (in shares) | 345,437,500 | 345,437,500 |
Sale of treasury shares related to share-based compensation (in shares) | 0 | |
Purchase of treasury shares (in shares) | 0 | |
Share options granted (in shares) | 0 | |
Awards granted under various incentive plans with dilutive effects at June 30, 2023 (in shares) | 12,467,091 |
Earnings per share - Schedule o
Earnings per share - Schedule of Earnings per Share (Details) - CHF (SFr) SFr / shares in Units, SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings per share [line items] | ||||
Net income | SFr 30.8 | SFr 3.3 | SFr 122.2 | SFr 47.7 |
Class A | ||||
Earnings per share [line items] | ||||
Weighted number of outstanding shares (in shares) | 288,082,955 | 284,127,877 | 287,985,587 | 283,859,171 |
Weighted number of shares with dilutive effects (in shares) | 3,430,738 | 3,464,956 | 3,366,411 | 3,335,726 |
Weighted number of outstanding shares (diluted and undiluted) (in shares) | 291,513,693 | 287,592,833 | 291,351,998 | 287,194,897 |
Net income | SFr 27.5 | SFr 2.9 | SFr 109.1 | SFr 42.5 |
Basic EPS (CHF) (in CHF per share) | SFr 0.10 | SFr 0.01 | SFr 0.38 | SFr 0.15 |
Diluted EPS (CHF) (in CHF per share) | SFr 0.09 | SFr 0.01 | SFr 0.37 | SFr 0.15 |
Class B | ||||
Earnings per share [line items] | ||||
Weighted number of outstanding shares (in shares) | 345,437,500 | 345,437,500 | 345,437,500 | 345,437,500 |
Weighted number of shares with dilutive effects (in shares) | 12,467,091 | 11,792,673 | 12,174,230 | 11,203,866 |
Weighted number of outstanding shares (diluted and undiluted) (in shares) | 357,904,591 | 357,230,173 | 357,611,730 | 356,641,366 |
Net income | SFr 3.3 | SFr 0.4 | SFr 13.1 | SFr 5.2 |
Basic EPS (CHF) (in CHF per share) | SFr 0.01 | SFr 0 | SFr 0.04 | SFr 0.01 |
Diluted EPS (CHF) (in CHF per share) | SFr 0.01 | SFr 0 | SFr 0.04 | SFr 0.01 |
Capital and other reserves - Sc
Capital and other reserves - Schedule of Capital and Other Reserves (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Disclosure of reserves within equity [line items] | ||||||
Equity | SFr 1,231 | SFr 1,182.8 | SFr 1,074.5 | SFr 1,026.7 | SFr 1,018.7 | SFr 969.5 |
Capital reserves | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | 1,169.7 | 1,152.9 | 1,140.8 | 1,118.6 | 1,109.6 | 1,105.1 |
Share premium | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | 756.9 | 756.9 | ||||
Legal reserves | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | 48.3 | 42.3 | ||||
Equity transaction costs | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | (8.7) | (8.7) | ||||
Tax impact on equity transaction costs | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | 1.3 | 1.3 | ||||
Share-based compensation | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | 372 | 349.1 | ||||
Other reserves | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | (4.4) | SFr (4.9) | (9.8) | SFr (3.7) | SFr 0.4 | SFr 0 |
Exchange differences | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | (3.9) | (8.1) | ||||
Actuarial gains and losses | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | (0.7) | (2.1) | ||||
Taxes on actuarial gains and losses | ||||||
Disclosure of reserves within equity [line items] | ||||||
Equity | SFr 0.1 | SFr 0.4 |
Commitments and contingencies -
Commitments and contingencies - Narrative (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
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 318 | SFr 385.7 |
Belgium | ||
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 | 106.4 | 122.5 |
United States | ||
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 | 190.1 | 245.8 |
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 | 57.7 | 112.6 |
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 | SFr 168.2 | SFr 155.6 |
Commitments and contingencies_2
Commitments and contingencies - Schedule of Future Lease Commitments (Details) - CHF (SFr) SFr in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | SFr 318 | SFr 385.7 |
Due within 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | 10.6 | 15.8 |
Due 1 to 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | 121.4 | 145.4 |
Due > 5 years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Gross lease liabilities | SFr 186 | SFr 224.5 |
Provisions (Details)
Provisions (Details) - CHF (SFr) SFr in Millions | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of Provisions [Line Items] | ||||
Beginning balance | SFr 17.1 | SFr 12.1 | ||
Additions | 14.6 | 6 | ||
Release | (0.4) | (0.8) | ||
Utilization | (3.2) | (0.6) | ||
Exchange differences | 0 | (0.1) | ||
Ending balance | 28.2 | 16.7 | ||
thereof current | 16.8 | 8.6 | SFr 7.1 | SFr 5 |
thereof non-current | 11.4 | 8.1 | 10 | 7.2 |
Social charges | ||||
Disclosure of Provisions [Line Items] | ||||
Beginning balance | 6.8 | 4.3 | ||
Additions | 13 | 4.2 | ||
Release | (0.4) | 0 | ||
Utilization | (3.2) | (0.6) | ||
Exchange differences | (0.1) | 0 | ||
Ending balance | 16.1 | 7.9 | ||
thereof current | 15.6 | 7.9 | 6.3 | 4.3 |
thereof non-current | 0.5 | 0 | 0.5 | 0 |
Long-service leave | ||||
Disclosure of Provisions [Line Items] | ||||
Beginning balance | 5.8 | 3.8 | ||
Additions | 1.4 | 1.8 | ||
Release | (0.1) | (0.7) | ||
Utilization | 0 | 0 | ||
Exchange differences | 0.1 | (0.1) | ||
Ending balance | 7.2 | 4.8 | ||
thereof current | 1 | 0.5 | 0.7 | 0.5 |
thereof non-current | 6.2 | 4.3 | 5.1 | 3.3 |
Asset retirement obligation | ||||
Disclosure of Provisions [Line Items] | ||||
Beginning balance | 4.5 | 4 | ||
Additions | 0.3 | 0 | ||
Release | 0 | 0 | ||
Utilization | 0 | 0 | ||
Exchange differences | 0 | (0.1) | ||
Ending balance | 4.9 | 4 | ||
thereof current | 0.2 | 0.1 | 0.1 | 0.2 |
thereof non-current | SFr 4.6 | SFr 3.8 | SFr 4.3 | SFr 3.8 |
Income taxes - Major Components
Income taxes - Major Components of Income Tax (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes [Abstract] | ||||
Current income tax benefit/(expense) | SFr (8.1) | SFr (18) | SFr (18.6) | SFr (33.6) |
Deferred income tax benefit/(expense) | (3.8) | 28 | (17.7) | 36.5 |
Income tax benefit / (expense) | SFr (11.8) | SFr 10 | SFr (36.3) | SFr 2.9 |
Income taxes - Narrative (Detai
Income taxes - Narrative (Details) - CHF (SFr) SFr in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Taxes [Abstract] | ||||
Income tax benefit / (expense) | SFr (11.8) | SFr 10 | SFr (36.3) | SFr 2.9 |
Effective tax rate | 27.70% | 149.30% | 22.90% | (6.50%) |