FENIX OUTDOOR
ANNUAL REPORT 2023
2 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
CONTENTS
OPERATIONS
02 Annual General Meeting
02 This is Fenix Outdoor
04 Executive Chairman’s report
07 Five-Year Summary, Group
08 Fenix Outdoor Group at a glance
13 Fjällräven
14 Royal Robbins
16 Tierra
18 Hanwag
20 Frilufts
ANNUAL REPORT
24 Management report including Corporate
Governance Report
26 Consolidated income statement
27 Consolidated statement of financial position
28 Consolidated statement of changes in equity
29 Consolidated cash flow statement
30 Notes to the consolidated financial statements
44 Audit report consolidated financial statements
46 Income statement, parent company
47 Balance sheet, parent company
48 Notes to the parent company financial statement
50 Audit report, parent company
52 Compensation report
54 Audit report, compensation report
55 Fenix Outdoor share data
56 Annual General Meeting
57 Board of Directors, Senior Executives
and Auditors
58 Addresses
Annual General Meeting 2024-05-02
The Annual General Meeting of the shareholders of Fenix Outdoor International AG will be
held at 2 p.m. on Thursday, May 2, 2024, at Hemvärnsgatan 9, Solna. The announcement
regarding the Annual General Meeting will be issued through the Ocial Swedish Gazette
(Post och Inrikes Tidningar) and by publication on the Company’s website
www.fenixoutdoor.com, The fact that notification has been issued is announced in
Svenska Dagbladet and Örnsköldsviks Allehanda.
Shareholders who wish to attend the Annual General Meeting must notify the Company
of their intention no later than 1 p.m. on Friday, April 26, 2024 at the following address:
Fenix Outdoor International AGM, Hemvärnsgatan 15, SE - 171 54 Solna or by e-mail at
info@ fenixoutdoor.se. Notification must include the shareholder’s name, address, person
-
al identity number /corporate identity number, phone number (daytime) and the number
of shares he or she holds. Shareholders who, through a bank or another trustee, have
trustee-registered shares must re-register the shares in their own names to be entitled
to participate in the Annual General Meeting. To ensure that this registration is entered in
the shareholder register on Tuesday, April 23, 2024 shareholders must request that their
trustees conduct such registration well in advance of this date. The re-registration may be
temporary.
%
OPERATING MARGIN
OPERATING PROFIT EBIT/MEUR
NET SALES MEUR
THIS IS FENIX OUTDOOR
2019
0
4
8
12
16
2023202220212020
2019
0.0
22.5
45.0
67.5
90.0
2023202220212020
2019
0
200
400
600
800
2023202220212020
Frilufts
MEUR
Jan–Dec
2023
Jan–Dec
2022
External net sales 352.1 347.7
EBITDA 30.7 35.0
EBIT 0.4 6.4
Stores 106 101
Brands
MEUR
Jan–Dec
2023
Jan–Dec
2022
External net sales 198.3 206.0
EBITDA 53.0 72.9
EBIT 38.0 58.7
Stores 48 39
GLOBETROTTER
TREKITT
THE FRILUFTS SEGMENT
This segment consists of six outdoor retail chains
in Sweden, Norway, Germany, Finland, Denmark
and the United Kingdom. In total, there are 106
shops and additional e-com business.
Global sales
MEUR
Jan–Dec
2023
Jan–Dec
2022
External net sales 188.5 205.5
EBITDA 27.9 33.3
EBIT 25.7 31.0
Stores 36 32
THE BRAND AND GLOBAL SALES SEGMENTS
These segments consist of four brands, a network
of distribution companies around the world, brand
retail shops and additional e-com business in North
America, Asia, and Europe.
• THE BUSINESS CONCEPT
e business concept of Fenix Outdoor
is to develop and market high-quality,
durable lightweight outdoor products
through a selected retail network with
a high level of service and profession
-
alism, to end users with high expecta-
tions.
• THE CEO AND EXECUTIVE CHAIRMAN
is Martin Nordin, eldest son of the
founder, Åke Nordin.
The business concept of Fenix Outdoor is to develop and market
high-quality, durable outdoor products through a selected
retail network with a high level of service and professionalism,
to end users with high expectations.
• THE PARENT COMPANY of the group is
Fenix Outdoor International AG. e
company is listed on Nasdaq Stock
-
holm, Large Cap.
• THE GROUP sells its products around
the world. e major markets are
Germany, Americas and the Nordic
countries.
• THE GROUP has three operating seg
-
ments: Brands, Global Sales and Frilus.
THIS IS FENIX OUTDOOR
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 3
4 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
Another interesting
year has passed
As I/we predicted it was a challenging year,
even more than we/I anticipated. e rst
half started out well, but as we anticipated
the inventory in the retail part of the indus
-
try meant that reordering/resupply demand
was very weak, and we saw unusual cancel
-
lation of products as retailers realized their
over inventory positions. e second half of
the year started quite well as the demand in
the retail increased due to sales in the retail
sector starting similarly to 2022, and the in
-
ventory situation improved. Just as it looked
that some kind of stability occurred, the
heatwave hit Europe, especially in August,
coinciding with the winter merchandise for
colder temperatures arriving in the stores.
is meant that reordering for winter mer
-
chandise never really took o as the inven-
tory situation in retail became worse again.
We have also seen that a lot of retailers
have faced challenging nancial situations.
For example, Sport Scheck in Germany as
well the Internet Stores group, with retailers
like Campz in Germany, was caught in the
Signa Group restructuring and had to face
restructuring. e picture is similar in many
other countries. is also led to a signicant
price pressure in the market as retailers had
to liquidate inventory. Christmas trade was
hampered by this as Black Monday in some
markets became Black week and the same
for Cybermonday. We also need to keep in
mind that we came out of an industrial re
-
cord year in sales 2022. e eects will go
on into 2024 in which we still see substan
-
tial risks with inventory as well as liquidity
problems in the retail segment.
We also believe it will make our business
riskier, as we think that retailers will be more
cautious in placing large preorders depend
-
ing more on “in season deliveries” from of
the suppliers. We see that already on the or
-
derbooks for Spring 2024. On top we need
to keep in mind that the Covid years gave a
huge boom in volume in the industry, and
therefore we do not think that the funda
-
mental Outdoor segment will see any growth
this year. e new customers gained during
Covid are not necessarily going to be prone
to the same retention and behavior of histo
-
ry, which can even mean decrease. A change
we have seen however is that outdoor life
-
style, being more fashionable in design, has
kept its momentum a bit more aer Covid.
is could prove a trojan horse for the clas
-
sical outdoor brands that mix this up with
fundamental growth. An example of this is
when we, in the early 2000s, had a boom of
waterproof garments at Naturkompaniet as
a lifestyle item in Sweden. We over prepared
for this, the boom ended quickly, and we
ended up with 5,000 waterproof garments in
inventory, which in turn took us quite an ef
-
fort to solve.
From the brighter side we do have a few
markets that have been outperforming
2023 though. Our JV in China had an all-
time high in sales and result and now it is
not Kånken, but a much wider assortment.
Canada also had a record year showing a
great improvement on the struggles from
last year. e rest of Asia, especially Korea
and Taiwan, was still outperforming.
Given all this, 2023 ended up with net
sales of 739.4 MEUR, down from 759.2
MEUR last year. Brands was down 3.8%
and Global sales 8.3%. e exception was
Frilus which was up 1.2%. Another in
-
teresting fact is that the direct-to-consum-
er sale in Global sales and Brands was up
2.9%, which means that our brands, from a
consumer perspective, had an OK year. is
is in particular true for Fjällräven. Hanwag,
who had an amazing growth during Cov
-
id, is facing tougher challenges as it is more
hardcore in its model program. A prod
-
uct segment that shows an overall decrease
when observing the segment sales in our
Frilus operation. e “New customers” are
not buying these heavier models that oen
and there is a trend towards light shoes.
Operating prot was down to 55.0
MEUR vs 83.5 MEUR the year before. e
operating margin decreased due to the gen
-
erally increasing costs from ination as well
as through that we have still not gotten full
eciency out of our logistics investments.
We also made reservations for measures to
decrease costs and increase our eciency as
mentioned in the Q4 report.
e digital business was at. Digital sales
amounted to 146.9 MEUR, up from 146.4
MEUR. e sales gure represents 19.9% of
total net sales and 31.8% of our net sales di
-
rect to consumers.
What can we expect from 2024? e rst
quarter will be weaker than last year, es
-
pecially in Global sales and Brands. We
do however expect/believe in an improve
-
ment in sales, in those segments, in Q2, as
we believe that as the lower inventory and
the reasonable sales among our retail cus
-
tomers will mean that we should improve
on last year’s weak number. In terms of the
rest of the year, I refrain to comment due
to our experience last year with the weath
-
er combined with the inventory and liquid-
ity problems in the industry and given the
last years experiences anything can hap
-
pen both nancially, politically and weath-
erwise. I do however believe that a full re-
covery will l take place earliest 2025. In the
US major retailers do not expect a return to
“business as usual” until 2025
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 5
What are we doing in 2024 to improve
our performance.
• We have launched a cost savings program
saving us around 7.0 MEUR for 2024 as
earlier stated.
• We are continuing reevaluating all projects
and investments based on lower expecta
-
tion of growth as well as on higher interest
rates to ensure a better cost control.
• We are taking tougher measure to im
-
prove cost control.
• We are on track to improve our liquidi
-
ty by improving our purchase systems. We
believe our currently high inventory levels
will start improving on a like for like ba
-
sis end of Q1.
• It is also very likely that we can reenter the
acquisition mode as the asset prices seem
to be coming down due to the higher in
-
terest rates.
• We are continuing to improve our logis
-
tic operational. Our automated small or-
der system in Ludwigslust is now running
and will be scaled up during 2024. We be
-
lieve the full eect will come in 2025, with
lower operational expenses of 2-4 MEUR.
is is expected to substantially decrease
our cost for delivering, especially for the
digital business in Europe.
• We are also continuing investing in a new
ERP system for the Brands and Glob
-
al sales segments in 2024 to enable us to
work more ecient.
We are also expanding our focus on our
marketing eorts, especially in our two
largest markets as we have been too strin
-
gent in spending in this area during and af-
ter Covid.
e new year has started in a reasonable
way according to plan. We have been able to
deliver in good way to our retailers. Despite
the challenges, I believe we are very well po
-
sitioned with our initiatives to counteract.
All the best,
Martin Nordin
Chairman of the Board
6 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 7
MEUR
2023 2022 2021 2020 2019
INCOME STATEMENT
Net sales
739.4 759.2 649.9 563.0 607.1
Depreciation/amortisation
−58.7 −55.2 −51.5 −48.9 −43.1
EBITDA
113.6 138.7 135.4 110.0 128.0
Operating profit
54.9 83.5 83.9 61.1 84.9
Net financial income
−7.4 −0.7 −2.1 −7.6 −0.6
Profit/loss after financial items
47.5 82.8 81.7 53.5 84.4
Income tax
−15.6 −21.8 −25.1 −19.6 −23.1
Net profit for the year
31.9 61.0 56.7 33.9 61.3
BALANCE SHEET
Fixed assets
290.6 265.0 265.4 255.0 250.4
Inventories
272.6 246.5 152.6 153.8 159.7
Accounts receivable - trade
51.6 55.8 60.9 38.2 45.1
Other current assets
9.3 12.9 8.2 13.7 10.3
Cash and cash equivalents, current investments
119.1 81.0 181.9 191.1 88.9
Assets held for sale
- 13.3 - - -
Total assets
743.2 674.6 668.9 651.7 554.4
Equity attributable to the Parent Company´s shareholders
417.2 405.0 381.4 353.7 319.1
Minority shareholdings
0.0 0.0 0.0 0.1 0.1
Provisions etc
11.5 13.5 15.4 16.1 15.9
Non-current liabilities, interest-bearing
138.4 109.3 126.3 138.8 100.4
Other non-current liabilities
0.2 0.3 0.2 0.7 1.4
Current liabilities
Interest-bearing
67.0 40.4 37.7 56.5 47.8
Non-interest-bearing
108.8 103.9 107.9 85.8 69.7
Liabilities directly associated with the assets held for sale
- 2.2 - - -
Total equity and liabilities
743.2 674.6 668.9 651.7 554.4
CASH FLOW
Cash flow from operating activities
75.9 −7.0 118.7 110.0 61.4
Cash flow from investments activities
−24.8 −27.0 −34.4 −21.6 −23.1
Cash flow after investments
51.1 −34.0 84.3 88.4 38.3
KEY RATIOS
Change in sales, %
−2.6 16.8 15.4 −7.3 6.1
Profit margin, %
6.4 10.9 12.6 9.5 13.9
Return on total assets, %
7.8 12.7
12.8 9.3 18.3
Return on equity, %
7.6 15.5 15.4 10.1 20.3
Equity/assets ratio, %
56.1 60.0 57.0 54.3 57.6
Average number of FTE employees
2,972 2,837 2,446 2,439 2,476
DATA PER SHARE
Number of shares, thousands, as of December 31
35,060 35,060 35,060 35,060 35,060
Gross cash flow per B-share, EUR
8.29 10.62 8.11 6.21 7.76
Earnings per B-share, EUR
2.92 5.58 4.25 2.54 4.55
Equity per B-share, EUR
38.18 37.02 28.59 26.51 23.71
Market value as of December 31, EUR
102 102 120 102 112
P/E ratio
35 18 28 40 25
Dividend per B-share
1
)
1.35 1.35 1.95 2.38 -
DEFINITIONS: EBITDA: operating profit, excluding depreciation and write-downs of tangible and intangible assets, PROFIT MARGIN: Profit/loss after financial items as a
percentage of net sales, RETURN ON TOTAL ASSETS: Profit/loss after financial items plus interest expenses as a percent of average total assets, RETURN ON EQUITY: Net
income as a percent of average equity, EQUITY/ASSETS RATIO: Equity as a percent of total assets, GROSS CASH FLOW PER SHARE: Profit after tax plus depreciation/amorti
-
zation divided by average number of shares, EARNINGS PER SHARE: Net profit divided by average number of shares, EQUITY PER SHARE: Equity divided by average number
of shares, P/E RATIO: Market value at year-end divided by profit per average number of shares.
1)
To be approved by the AGM
FIVE-YEAR SUMMARY, GROUP
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 7
Making adventure last: 1960
In 1950, 14-year-old Åke Nordin from Örn-
sköldsvik in northern Sweden spent more time
outdoors than he did indoors. Aer many long
mountain treks, Åke decided that the back
-
packs of that time were unsatisfactory. He took
matters into his own hands, building a wood
-
en frame. With this frame the weight was even-
ly spread across his back so that the pack did
not end up uneven, uncomfortable and pear
-
shaped. It also meant he could carry more
weight with ease. Åke’s innovation quickly
caught on, and in 1960 his new company Fjäll
-
räven became the rst to make and distribute
framed backpacks for commercial use. Fjäll
-
räven is Swedish for Arctic Fox, honoring the
small and highly adaptable predator that lives
in the Swedish mountains under the harshest
conditions. From the small town of Örnskölds
-
vik, Fjällräven and Fenix Outdoor have now
expanded to every corner of the world. e
fundamental idea of the company remains the
same: To provide functional, durable and time
-
less equipment that makes the outdoors more
enjoyable for all. We continue to nd smart, in
-
novative solutions to make every adventure un-
forgettable.
An idea that carried weight
Åke made his rst framed backpack in his
basement with his mother’s sewing machine.
Using strong cotton fabric for the pack, he at
-
tached the wooden frame using leather straps,
with calfskin for the support straps. Not only
was the pack more comfortable and distribut
-
ed weight evenly, but it also increased ventila-
tion between his back and the pack. Soon aer-
ward, during a trip up north, Åke’s invention
caught the attention of the indigenous Sami
people, who spend weeks at a time high up in
the mountains. ey asked Åke to build them
a backpack and aer that a tent. Fjällräven was
born.
Functionality
e brands of Fenix Outdoor work hard to de-
velop functional equipment by carefully con-
sidering everything from new, smarter solu-
tions to improved material. Our goal is to oer
outdoor equipment that allows you to spend
more time enjoying nature.
Durability
A Fenix Outdoor product is a guarantee that
you will not need to buy a new product for
a long time. Our users know that our prod
-
ucts live up to strict requirements and last for
many years, oen for generations. is long
life cycle depends on many factors, such as
production experience, superior choice of
material, product assembly and strict quality
controls during the production process.
Dependability
When we design our products, we choose
material and solutions that combine to give
you a safe, dependable product you will be
able to use outdoors. We are aware that our
equipment might be used in situations where
there is not a lot of room for error.
Our responsibility
Fenix Outdoor is growing and constant-
ly moving into new markets. is makes it
even more important for us to take responsi
-
bility for every decision we make, whether we
are in our home in Örnsköldsvik in northern
Sweden or another corner of the world. One
of the most important aspects of this is our
responsibility toward everyone who works
in the development and production of our
equipment.
Business
e Fenix Outdoor Group’s business was orig-
inally based on the development and sale of
products from Fjällräven, the group’s rst
brand. In 2001 the group acquired Naturkom
-
paniet. In addition, the group acquired the
brand Tierra, which develops and sells inno
-
vative, high-tech garments for outdoor ac-
tivities. In 2002 Fenix Outdoor acquired the
brand Primus, a world-leading developer and
producer of outdoor stoves and accessories,
and in September 2004 the group acquired the
German footwear brand Hanwag. e Brand
segment was in 2018 complemented with the
US-based outdoor and travel apparel brand
Royal Robbins. In April 2022 Fenix Out
-
door divested Primus to Silva Group. Fenix
Outdoor believes that Primus has signicant
growth and development potential in the fu
-
ture together with Silva, a company that also
operates in the technical segment of outdoor
products. Silva being focused within outdoor
hardware and technical equipment makes it a
natural t with the long technical legacy of the
Primus brand.
In 2011 the retail segment Frilus expand
-
ed with the acquisition of the Finnish retail
chain Partioaitta. In 2014 the German retail
-
Fenix Outdoor group at a glance
1950
The wooden frame.
14-year-old Åke
Nordin creates his
own wooden frame
for a mountain tour.
The Sami people are
impressed and start
placing orders.
1968
The Greenland Jacket
and G-1000.
1960
Fjällräven. Åke
starts Fjällräven and
launches the revo-
lutionary backpack
frames in aluminum.
1978
Kånken. Launched
to protect school
children’s backs.
In 2008 the Kånken
becomes the world’s
first climate-compen-
sated backpack.
1983
The company is list ed
on the OTC list of the
Stockholm Stock
Exchange.
2001
Fjällräven
acquires Tierra AB,
Friluftsbolaget AB
and Naturkompaniet
AB.
IMPORTANT DATES IN FENIX HISTORY
2002
The Fjällräven group
changes its name
to Fenix Outdoor
and Primus AB is
acquired.
NATURKOMPANIET
8 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 9ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 9
er Globetrotter was acquired. e expansion
of Frilus continued in 2017 and 2021 when
the Danish retailer Frilusland and the Brit
-
ish retailer Trekitt were acquired. Frilus has
also, since 2021, expanded the Naturkom
-
paniet brand to Norway. In addition, the
group has acquired and started up distribu
-
tion companies all over the world, including
in Europe,Asia and North America.
Parent company
e parent company is Fenix Outdoor In-
ternational AG, based in Zug, Switzerland.
e company is listed on Nasdaq Stockholm,
Large Cap.
Business idea and goals
e business of Fenix Outdoor is to devel-
op and market high-quality, durable outdoor
products through a selected retail network
with a high level of service and professional
-
ism, to end consumers with high expectations.
Goal
• To be a global leader in the development and
sale of equipment and clothes for an active
outdoor life.
Financial Goal
• To achieve annual growth of at least 10 per-
cent, aligned with the company’s long-term
plan.
• To achieve long-term prot before tax of at
least 10 percent.
Strategies
Fenix Outdoor Group will achieve its goals
through:
• Continued expansion within the segment
Brands, through organic growth and acqui
-
sitions.
• Organic growth based on a strong global re
-
tail network with strong brands. Owning and
operating a retail network increases control
of the value chain through close contact with
the end user, which enables a faster response
to trends and changing consumer demands.
e retail network also showcases the brands’
assortments.
Brand strategy, marketing and
sponsoring
e group works actively to protect and de-
velop its brands and retail operations, which
are described in more detail on pages 12–25.
Brand management includes active brand pro
-
tection through legal activities to preserve and
strengthen the brands. Activities to strengthen
the brands include several outdoor events all
over the world, but also a global operation of
Brand retail shops. Since 1986, Fjällräven has
been a royal warrant holder from His Majesty
the King of Sweden.
Innovation and product
development
Åke Nordin’s invention of the framed back-
pack was the beginning of both Fjällräven and
Fenix Outdoor. e group has since continued
developing products for an active outdoor life
based on the customer’s needs.
Common services
e Fenix Outdoor Group’s organization aims
to achieve economies of scale within adminis
-
tration and to centrally coordinate the activi-
ties within its business units. is entails real-
izing synergies through central core functions
such as IT, nance, HR, corporate social re
-
sponsibility (CSR), legal and shared logistical
services from four major central warehous
-
es in the Netherlands, Germany, Canada and
the US. In the German warehouse, the largest
one, we are currently investing in an automat
-
ic sorter to make the outbound process more
ecient.
Number of employees
e average number of fulltime equivalent
employees in the group totaled 2,972 in 2023.
Products
e range includes apparel, daypacks,
backpacks,sleeping bags, tents, stoves, bags,
outdoor shoes and boots. e products are
highquality, durable, light weight and classi
-
cally designed. Product development adapts
to the demands of consumers and profession
-
al users. e brands are also trusted names,
with considerable expertise and history in
product design, materials and production.
e philosophy is to oer optimal and func
-
tional products based on functional design.
In addition to continuous development of the
brands’ product ranges, Fenix Outdoor focus
-
es on investing in the brands.
Distribution
e Brands segment operates distribution
companies concentrated in sales of one brand
and operates business-to-consumer sales
through brand retail stores in Europe and
North America. e Brands segment also op
-
erates online sales in all major markets. e
Global Sales segment consists of Fenix Out
-
door multiband distribution companies rep-
resented globally, mainly buying its products
from the Brands segment. e Asian distri
-
bution companies also run retail operations,
primarily brand retail. Frilus Retail Europe
AB – the Frilus segment – runs its business
through six subsidiaries/brands: Naturkom
-
paniet (Sweden and Norway), Partioaitta
(Finland), Globetrotter (Germany), Frilu
-
sland (Denmark) and Trekitt (UK). e Fri-
lus segment has a total of 106 stores in addi-
tion to its E-com operation run by each local
brand.
2011
The Finnish
outdoor retail chain
Partioaitta Oy is
acquired.
2004
Hanwag is acquired.
2013
Death of Fjällräven
founder Åke Nordin,
at the age of 77.
2014-15
The Frilufts group
is established.
Globetrotter Ausrüstung
GmbH is acquired.
2017
The Danish out-
door retail chain
Friluftsland A/S is
acquired,
2018
The US-based
outdoor and
travel apparel
company Royal
Robbins is
acquired.
GLOBETROTTER
PARTIOAITTA
FRILUFTSLAND
2021
Frilufts acquires
Trekitt and starts
Naturkompaniet
in Norway.
ORGANIZATIONAL STRUCTURE
HANWAG TIERRAFJÄLLRÄVEN
NATURKOMPANIET PARTIOAITTA FRILUFTSLAND GLOBETROTTER
ROYAL ROBBINS
PRESIDENT
Alex Koska, COO and Global Sales
EXEC. VICE PRESIDENT
Martin Axelhed, Brands
VICE PRESIDENT
Henrik Homan, Frilufts
VICE PRESIDENT
Nathan Dopp, Fenix Outdoor,
American Operations
VICE PRESIDENT
Per Wååg, Operations
CFO
Thomas Lindberg, Finance
BOARD REPRESENTATIVE
Susanne Nordin
EXECUTIVE CHAIRMAN
AND CEO
Martin Nordin
FINANCE HR
FRILUFTS
CORPORATE SERVICES
(COMMON)
GLOBAL SALES
LEGAL
BRANDS
TREKITT
FRILUFTS RETAIL
EUROPE AB
FRILUFTSLAND
NATURKOMPANIET
GLOBETROTTER
PARTIOAITTA
TREKITT
IT
LOGISTICS
AND SUPPLY
CHAIN
CSR
10 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 11ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 11
Brands
Our Brands Division comprises four brands: Fjällräven, Hanwag,
Royal Robbins, and Tierra. is portfolio enables us to cater to all
the diverse apparel and footwear needs of our outdoor consumers.
While our brands share numerous characteristics, three key attri
-
butes stand out across all four:
1. Strong Heritage
2. Premium Products
3. Sustainability at its Core
e strong heritage of our brands fosters unwavering consumer trust
in our products. Trust is essential when relying on outdoor gear in
challenging environments, and our collective 250+ years of experi
-
ence in developing outdoor equipment forms a solid foundation.
Our commitment to premium products underscores a focus on
quality and durability, ensuring that our products last a lifetime, if
not longer. is commitment not only builds trust with our consum
-
ers - it is simply good business.
ese principles culminate in our third shared characteristic: sus
-
tainability. As producers of products designed for use in nature, it is
imperative that we play our part in preserving our environment.
For further insights into each of our four individual brands, please
explore the following pages.
BRANDS
External sales per market,
MEUR
Jan-Dec
2023
Jan-Dec
2022
Switzerland 0.7 0
Sweden 11.4 18.3
Other Nordic countries 2.4 2.1
Germany 64.1 67.4
Benelux 17 18.4
Other Europe 20 17.3
Americas 80.3 79.9
Other World 2.4 2.6
Total 198.3 206
GLOBAL SALES
External sales per market,
MEUR
Jan-Dec
2023
Jan-Dec
2022
Switzerland 10.7 11.2
Sweden 0 0
Other Nordic countries 34.1 40.6
Germany 0 0
Benelux 10.8 11.6
Other Europe 42.2 45.4
Americas 54.8 55.9
Other World 36.8 40.7
Total 188.5 205.5
Global Sales
Our Global Sales division is our owned and operated network of
wholesale distributors spanning Europe, the Americas, and Asia.
Owning and operating our global wholesale distribution network
provides numerous advantages.
Operating our own local wholesale companies aords us the
advantage of deep and direct insights into key markets. Our global
sales organization comprises both single- and multi-country mar
-
kets, and we consistently evolve our structure to ensure optimal
coverage for each country or market. When a market reaches a size
that allows it to sustain itself, we make the strategic decision to es
-
tablish distribution companies. Examples of this include Fenix Out-
door Poland and Fenix Outdoor Czech/Slovakia, both stemming
from Fenix Outdoor Emerging Markets. is agile setup enables us
to respond to market demands eectively and allocate resources to
areas with the highest return on investment.
All distribution companies within our Global Sales segment sell
multiple brands from our portfolio, with the local portfolio ad
-
justed to align seamlessly with our other business areas. Operating
a multi-brand distribution system empowers our smaller brands
to leverage the strength of our larger ones, fostering growth and
visibility.
12 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
FRILUFTS
External sales per market,
MEUR
Jan-Dec
2023
Jan-Dec
2022
Switzerland 0 0
Sweden 73.9 74.7
Other Nordic countries 68.5 63.9
Germany 197.1 193.8
Benelux 0.3 0.4
Other Europe 12.7 14.9
Americas 0 0
Other World 0 0
Total 352.5 347.7
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 13
History
Nature enthusiast Åke Nordin started Fjäll-
räven in 1960 in the Swedish town of Örn-
sköldsvik. Motivated by his ambition to make
outdoor recreation easier, more comfortable
and more inclusive, he developed a business
that grew and continues to grow today. Fjäll
-
räven’s successful history rests on a series of
highly innovative products that are bestsellers
to this day, including the Expedition Down
Jacket, the Greenland Jacket, the Kånken
backpack and the Bergtagen range of moun
-
tain apparel and equipment.
Brand characteristics
Fjällräven continues to be an industry-lead-
ing outdoor brand, always striving to create
long-lasting products of the highest quality,
produced with the lowest possible environ
-
mental impact, simultaneously encouraging
customers and advancing the ongoing move
-
ment away from fast fashion and toward out-
door.
Fjällräven’s primary goal is to become the
world’s most sustainable and durable outdoor
brand, oering clothes and equipment with
unrivaled quality and functionality, while be
-
ing at the forefront of innovation and sustain-
ability.
Key products
Well-performing products in 2023 conrm
the brand’s deep-rooted outdoor expertise
and unique long-term approach to durabil
-
ity, timeless design and sustainability. With-
in core product groups – jackets, trousers and
backpacks – notable key products are the Ex
-
pedition Down Jackets that continue to grow
in sales, followed closely by the trousers cate
-
gory where we see both a strong growing in-
terest and growing sales. Within the backpack
segment, the iconic Kånken backpack contin
-
ues to gain ground, and in the markets where
sales are slowing down other daypacks have
picked up considerably.
Our investments in the biking segment
have created both buzz and sales, and we’re
condently looking forward to growing more
in this area moving forward.
Activities in 2023
Having a high awareness of ongoing glob-
al economic challenges has been a prerequi-
site this year. Although we and the industry
as a whole have been busy managing invento
-
ry levels, we have continued to focus on inno-
vation and product development. e launch
of the Singi X range, for example – fresh from
the leading-edge, hands-on part of our R&D
department – is an important signal to all that
innovation is an uncompromising part of our
brand DNA. We’ve also continued to rene
and promote our unique outdoor events of
-
ferings with Fjällräven Classic and Fjällräven
Polar. is year Fjällräven Polar created a re
-
cord-breaking number of applicants and tar-
get reach within designated audiences in all
our key markets.
We see a growing awareness among con
-
sumers that high-quality products used longer
are a lot more sustainable than low-cost prod
-
ucts that need to be replaced regularly. is is
an ongoing mass shi in perception that Fjäll
-
räven is helping to accelerate.
The outlook for 2024
e ongoing global movement toward a
healthier, more sustainable lifestyle, where
long-lasting, high-quality products play a ma
-
jor role, shows great promise where Fjällräven
products and brand values are concerned. It is
an opportunity that we will work diligently to
utilize fully.
Our ever-popular events, both global and
local, are all excellent moments for the brand
to spread outdoor knowledge and expertise, at
the same time as creating a growing loyal con
-
sumer base.
Retail stores are also a prioritized space for
guidance from competent sta who will con
-
tinue to do a great job conveying product ad-
vantages and brand values.
We are continuing to drive sales and aware
-
ness through all available digital channels while
also growing our network of outdoor profes
-
sionals and public heroes who see the advantag-
es of collaborating with the Fjällräven brand.
Focus on our long heritage and time-prov
-
en reliability is key to winning customer trust.
Appropriately, 2024 celebrates the 50-year an
-
niversary of the iconic Expedition Down Jack-
et, truly proving that focus on timeless design,
functionality and durability creates products
that last a lifetime.
Overall, we believe that through our com
-
mitment to producing the best, most long-
lasting outdoor clothing and equipment, with
the least possible environmental impact, sup
-
ported by inclusive and inspiring events and
experiences, we can stand out as a unique out
-
door brand – well worth the trust of nature
enthusiasts all over the world.
Quality equipment for
a lifetime of use.
The growing global movement towards
a healthier lifestyle and demand in sustainably produced,
high quality outdoor products.
14 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
Brand Characteristics
Conceived on Half Dome. Born in basecamp.
Our story begins in the 1960s when Royal
Robbins met Liz Burkner, his future wife, in
Yosemite’s Camp 4.
Royal was one of the world’s best climbers.
His skill and curiosity shaped the sport and
helped usher in the golden age of climbing.
Together with Liz, they began the Royal Rob
-
bins company as way to help others seeking to
live adventurous lives.
Climbers had few options for durable,
comfortable clothes that lived up to their de
-
mands. What you found at the local Army-
Navy surplus store was the norm. Liz be
-
lieved climbers deserved better. She and Royal
ditched their worn-down garb, leaned into
years of experience and went into the cloth
-
ing business.
As one of the original US outdoor brands,
our brand revolutionized the industry by
launching the rst climbing shorts, the Billy
Goat. Our commitment to innovation sparked
the Desert Pucker, a category leader made
with wood from sustainably sourced trees.
Additionally, our wool sweaters showcase our
preference for natural bers and our commit
-
ment to durable, versatile and comfortable
clothes made with the highest sustainability,
social and environmental standards.
Liz and Royal’s climbing legacy and bold vi
-
sion for life inuence everything we do. Roy-
al had a rm belief that nature and adventure
are good for the soul—a belief that continues
to guide us today.
Activities in 2023
2023 was an exciting year as the team on-
boarded a new Global Brand President and a
new Head of Sales in the US e leadership
team quickly developed and rolled out a ro
-
bust growth strategy, encompassing Brand,
Product, Distribution and Marketing to allow
the brand and business to compete eectively
over the coming years.
We redened our brand position around
the belief that “nature and adventure are
good for the soul”. Established are invigo
-
rated marketing strategy and launched a fo-
cused go-to-market plan, centered on our
core consumers, the Natural Adventurers.
Public relations eorts generated a seven-
fold increase in site trac. e creation of a
dedicated digital marketing role allowed us
to launch into social and aliate inuenc
-
er programs. Continued emphasis on paid
media creative resulted in marked improve
-
ments in ad performance and ROAS. And
we strengthened our commitment to pro
-
tecting the places where our fans adventure
through our partners at e Conservation
Alliance and the Yosemite Climbing Asso
-
ciation.
We also strengthened our product en
-
gine and processes while rening our prod-
uct oering with an emphasis on serving
our fans through comfort, versatility and
sustainability. is allowed us to cra and
streamline our 2024 collection preparing us
to compete more eectively in a challeng
-
ing market.
Born in Basecamp
Our mission is to help people feed their soul
through nature and adventure.
For 55+ years, Royal Robbins has been trusted and worn
by climbers and those seeking a life of adventure.
Key Products
Our products are rooted in our brand. e
Desert Pucker shirt is an industry icon, hav
-
ing sold more than a million shirts ahead of
its 25th anniversary in 2024. Our Spotless
dresses set the standard for adventure and
have achieved a leadership position for key re
-
tailers in Europeand the US. In spring 2024
we’re launching our Basecamp collection fea
-
turing time-tested designs that emphasize nat-
ural bers. FW24 focuses on natural bers in-
cluding the launch of our 100 percent wool
sweaters, now RWS certied.
Outlook 2024
We will launch the new brand campaign
“Born in Basecamp” across all markets and
platforms, and will celebrate the Desert Puck
-
er’s 25th anniversary, which will be Certied
Carbon Neutral from 2024 onward. Along
with Spotless dresses and the Basecamp Col
-
lection, we will be integrating brand and
product in our consumer storytelling as we
drive awareness and recruit new consumers to
our brand.
In the fall we look forward to launching
what could be our nest 100 percent merino
wool sweater collection ever, led by the Arch
Rock, and our new hemp shacket, the Clouds
Rest.
We will continue to emphasize a direct con
-
nection with our fans through digital and af-
liate marketing programs, and though our
products, reinforcing the truth that nature
and adventure are good for the soul!
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 15
16 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
Brand characteristics
Tierra draws on more than 40 years of ex-
perience developing outdoor apparel for de-
manding conditions. Our mission is to devel-
op technical outdoor apparel with a long life
span, by sourcing the best materials and solu
-
tions, providing a sustainable path forward for
both brand and end user.
e company was founded 1983 and ad
-
opted the use of technical fabrics and materi-
als from the very start. e brand really came
into its own when asked in 1991 to supply the
rst all-Swedish Mount Everest Expedition
with clothing. Despite having no previous ex
-
perience in developing clothing for high-al-
titude summit expeditions, the project was a
great success. Tierra has since continued to
supply clothing for countless expeditions, ad
-
ventures and professional outdoor. Innova-
tion, an urge to constantly improve and a
mindset that nothing is impossible have be
-
come a part of the Tierra brand DNA.
Key products
e Tierra range is focused on technical out-
door apparel for demanding mountain con-
ditions. Key products include the Roc Blanc,
Nevado, Östra and Västra jackets.
For the past seven years Tierras 2FS So
Shell pants have been a core addition to the
shell garment range.
While the Ace Pants and Lite Track Pants are
oriented toward the colder seasons, the lighter
Pace pants, O-Course pants and Tarfala pants
are better suited for the warmer months.
In 2019 Tierra launched the Belay series of
insulated garments. In 2022 the Belay fami
-
ly was updated, now featuring 100 percent re-
purposed materials and Swedish wool, saved
from being thrown away and used as landll.
Wool has a unique combination of properties
that include superior warmth-to-weight ratio
and moisture transport. It maintains warmth
when it is wet and is naturally antibacterial
and odor-resistant.
Activities in 2023
In 2023 Tierra launched its own e-com, reach-
ing six countries in Europe. is gives the
brand an opportunity to reach end users in
markets where Frilus has little or no pres
-
ence. Going forward this will enable Tierra
to control the presentation of the brand to a
greater extent.
For SS23 we made a lighter version of Tier
-
ra’s popular Backup series, called the Liddo
Jacket and Pant. e name comes from Lid
-
dopakte, a remote peak in the Swedish moun-
tains. It has a cleaner design, is lighter and is
more packable. Liddo was well received on
the Tierra e-com platform and shows that we
are on the right path when it comes to the as
-
sortment. A new, lighter 2FS So Shell pant
was also introduced, Tarfala, made for al
-
pine adventures, climbing or hiking in sum-
mer temperatures. For spring 2023 Tierra also
launched a new base layer system, Utilana,
made from high-quality merino wool.
Tierra has been a close partner with Gore
since the launch in 1983, and for fall 2023 Tier
-
ra was one of only eight brands worldwide
to be a part of the Gore-Tex ePE-membrane
launch. is new membrane is 100 percent free
from uorocarbons and is used in Tierra gar
-
ments made from 100 percent recycled poly-
ester. We continue our focus on sustainability
and technical materials with uorocarbon-free
three-layer Gore-Tex: the Östra jacket, Västra
jacket, Svolvaer coat and Mörviken pant.
Tierra is also reaching out to new outdoor
users by launching two styles in the new, and
more sustainable, uorocarbon-free two-lay
-
er Gore-Tex ePE-membrane with styles such as
the Aktse jacket and the insulated Nikka parka.
Among the new uorocarbon-free Gore-
Tex styles mentioned above, the Östra jack-
et is the agship. It’s a shell jacket that has
been missing from our collection for some
time. Our design and R&D team together
with our test team have tweaked the design
for increased functionality, making the jack
-
et even more suited to the modern skier and
ski tourer.
Fall 2023 also saw the introduction of the
Tierra brand in North America through 10
Fjällräven brand stores, six in the US and four
in Canada. Albeit with a small assortment,
the brand has been well received by sta and
end users.
Outlook 2024
For spring 2024 we are introducing our new
midlayer Nallo, a eece jacket with gridded
backer. is is as versatile as a midlayer can
get. Perfect for year-round use, it comes with
and without a hood.
For fall 2024 we are introducing a down
program with two warm and light down jack
-
ets. Kebnepakte is a box constructed thick
down jacket for activity in arctic cold or at
high altitude. It’s like a warm cloud. Tarrekaise
a quilted down jacket that will keep ice climb
-
ers and ski alpinists warm. It has extreme
warmth for its weight.
We are also continuing our close partner
-
ship with Gore and will introduce our new al-
pinist and ski alpinist jacket Tolpa in the new
PFC-free C-knit fabric.
During fall 2024 we will expand our mid
-
layer program with the new eece called
Kvalöya, made in a thicker fabric than Nallo,
perfect for colder days or everyday use.
To reach the hiking users we have devel
-
oped Stensdalen, a more or less indestructible
hiking pant in polycotton that has seen good
pre-orders.
Continued focus on technical materials
and designs for life above the tree line
Tierra continues to streamline the assortment with a clear focus on technical apparel
and sustainable solutions made for demanding mountain conditions.
– Long lasting, durable materials and easy-to-repair constructions are priorities when we
develop new styles or refine existing ones, says Brand Manager Jim Bakerød.
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 17
18 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 19
Brand characteristics
Aer celebrating its best years ever in its an-
niversary year 2021 and 2022, Hanwag con-
tinues on a successful track. In 2023, despite
the challenging market situation, Hanwag was
able to achieve very strong results. Our prof
-
it margin has never been so high, while our
costs were lower than planned. Given the loss
-
es sustained across the international footwear
industry last year, our positive results are all
the more signicant. An important contribu
-
tion was made here by Progressz, our produc-
tion facility in Hungary. Once again, we were
able to deliver our pre-orders on time, give
our customers planning security and consoli
-
date our reputation as a reliable business part-
ner – with high-quality footwear, 100 per-
cent “Made in Europe.” A high point was our
performance on the German market, where
last year we were able to position our brand
strongly and distinguish ourselves from our
competitors.
Key products
At a product level, in 2023 Hanwag embarked
on new paths, while simultaneously relying on
its brand values and classic models. e suc
-
cessful launch of the Rotpunkt LL in Septem-
ber helped Hanwag take the rst steps toward
reaching new markets and a younger, au
-
ent target group interested in fashion and her-
itage. Our authentic brand values and com-
pany history are well appreciated by these
retailers and customers, just as they are in the
outdoor industry. Timeless Hanwag classics
such as the Alaska, Yukon and Tatra also per
-
formed solidly last year. We had a success-
ful start to the season with the launch of the
Makra product family, which received good
feedback from the markets and saw good
turnover. In 2024, the Makra models will con
-
tinue to play an important role in our Trek-
king segment.
Activities in 2023
For the launch of the Rotpunkt LL in 2023
there was a substantial marketing campaign
with, among other things, international prod
-
uct seeding, retail assets and PR resourc-
es, plus a launch event that set new internal
standards and brought us increased growth
in social media. Hanwag again exhibited its
products at the Paris Fashion Week with a
showroom for its consecutive models, the
Rotpunkt Low GTX and the Alaska XC GTX
2024, and attracted lots of attention. Our val
-
ues and history are what continue to set us
apart – across industries and target groups.
As an authentic brand and transparent man
-
ufacturer, we position ourselves with our pro-
duction website, which went online in 2023
in nine languages. With the support of vid
-
eo and text, users can follow our production
step by step and see for themselves how much
handcraed quality, t and functionality goes
into a Hanwag boot. We are leading the way
among our competitors with this transpar
-
ent approach. It oers signicant added value
for B2C and B2B and also increases apprecia
-
tion for our products, reinforcing that quality
is worth paying for.
Outlook for 2024
Despite the challenging market situation, we
look back at a successful year. For 2024, we
expect the market situation to remain chal
-
lenging, but reckon nevertheless with con-
tinuing high demand for our products. Our
cemented construction and genuine double-
stitched models represent a solid product base
and a steady market. In addition, we will con
-
tinue to pursue new target groups and plan
to be present at the Paris Fashion Week once
again this summer. e courage that we have
shown in exploring new paths is well per
-
ceived in the outdoor industry, while for our
business partners we remain a strong and re
-
liable partner. By deploying a diverse range of
marketing campaigns and marketing initia
-
tives in 2024, we intend to further our grow-
ing brand recognition, boosting sales and re-
tail. We are positive about the future and look
forward to continuing our success story.
Hanwag continues on successful track
and exceeds own expectations
Despite the challenging market situation, 2023 was once again very successful for the traditional
Bavarian bootmaker. As an authentic brand with strong values, Hanwag has been able to do
well in both the world of fashion and classic outdoor retail. Thanks to its increasing brand recognition,
strong product base and reliable partnerships, Hanwag is positive about the future.
20 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
November 03. 2023 opening of new Friluftsland store in Herning. New 500 m
2
box store outside city center in regional shopping mall area. First Friluftsland
store in the western part of Denmark where brand knowledge is very limited.
Above. Frilufts store in Västerås. Opening March
24. 2023. The existing store moved from Västerås
city to a trading area called Erikslund around 7
km from city center. Some reused materials is
used in the store, such as old doors are rebuilt to
tables, frames for pictures (storyltelling) is old
second hand frames.
The RE:think store in Bonn, Germany.
Virually everything from the previous tennant, Conrad Electronics, was reused to
furnishe the shop in a creative manner. Anything else that was needed either came
from leftover supplies from the Globetrotter stores or was second-hand. The goal:
to reduce our environmental footprint to a minimum while furnishing the new store.
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 21
FRILUFTS RETAIL
EUROPE AB
FRILUFTSLAND
NATURKOMPANIET
GLOBETROTTER
PARTIOAITTA
TREKITT
Vision
To globally dene premium outdoor retail and
be the rst choice for customers and partners
Mission
In a personal way, we share our experience
and passion for nature. We inspire and equip
people to spend time outdoor in the most sus
-
tainable way
Frilufts Retail Europe AB
Frilus Retail Europe AB consists of six retail
chains operating within the outdoor segment:
Naturkompaniet AB Sweden, Naturkompani
-
et AS Norway, Partioaitta OY Finland, Glo-
betrotter GmbH Germany, Frilusland A/S
Denmark and Trekitt Ltd UK.
e company has a total of 104 stores: 37
in Sweden (including one franchise store), 11
in Norway, 21 in Finland, 22 in Germany (in
-
cluding one franchise store), 14 in Denmark
and one in the UK. Each company also has
its own e-commerce store. Frilus Retail Eu
-
rope AB (Frilus AB), is a subsidiary compa-
ny that has been 100 percent owned by Fenix
Outdoor International AG (Fenix AG) since
June 1, 2015.
Activities 2023
We have done many good things during the
year. We acquired a company with two stores
Frilufts continues to work
strategically according
to our long term vision
and mission
Frilufts have taken many short term actions to manage
the challenging retail landscape in 2023. But there has also
been a lot of focus on continuing to work according to our long
term vision; to globally define premium outdoor retail and be the
first choice for customers and partners. We have also continued
with a lot of staff trainings to ensure that we stay true to our
mission; in a personal way, we share our experience and
passion for nature. We inspire and equip people to spend
time outdoor in the most sustainable way.
and e-com in Norway, opened some new
stores, launched a secondhand “rethink” store
in Germany, won several sustainability awards
and kept working on our market positioning
and branding. e work with our IT systems
also continues, with good performance and
results, and we launched a 2.0 version of our
e-com platform in Norway.
But 2023 was another challenging year for
retail with overstock in the market, at both
retailers and suppliers. is put a lot of pres
-
sure on pricing at the same time as consum-
ers kept their wallets tight. What we can see
overall is that consumers are buying when
the need occurs and closer to their activi
-
ties. Cost increases in general and on rent
levels in particular have been something we
have put a lot of focus on. e weather has,
as always, a big impact on us, and this year
we saw very changing and rather extreme
weather. At times it has been very good for
us, but also the opposite. In general, I would
say that we have managed to handle all chal
-
lenges in a good way but with increased pres-
sure on our margins.
Outlook 2024
Heading into 2024 we still believe that the
markets will be about the same and will con
-
tinue with the same challenges. Germany
and the UK were the most challenging mar
-
The RE:think
store in Bonn,
Germany.
Customers are flocking to
the new Friluftsland store
in Herning, Denmark.
22 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
kets during the nal part of 2023, and it is
likely that these markets continue to strug
-
gle the most in 2024. e market overstock
hopefully will balance out during the spring
and summer, and from the fall we expect
a more normal situation. ere are many
bankruptcies ongoing within retail and e-
com, and that over time should also support
a better market.
Our main target group is aected by ev
-
erything going on, but it seems that service,
knowledge, quality and sustainability are still
important and that our customers are will
-
ing to invest in long-lasting products. Trav-
el is still a growing category, it seems that
customers have a backlog aer the pandem
-
ic years and that demand and activity are
increasing. e travel trend was also visi
-
ble in our domestic sales in 2023. In Sweden
and Norway we saw a big increase in foreign
tourist shopping due to the weak currencies.
is partly compensated for likely weaker
domestic sales.
Some product categories took a big hit in
2023, due to the big sales boost and increased
demand of the last years, price pressure and
a kind of saturation. We expect some of these
categories to stabilize and start to recover. We
saw signs of that during the nal months of
the year.
e focus on cost and stock levels contin
-
ues in 2023. Some cost increases are hard to
mitigate, but there are many areas where we
are negotiating and actively working hard on
reducing them. We are focusing a lot on our
margins, and we have many initiatives that
should have a positive impact. We are also
ne-tuning our concept, marketing plans and
digital strategy. We have launched our new
loyalty club and CRM system in Germany and
that should start to pay o. ere are plenty of
good initiatives in the pipeline.
Partioaitta celebrated the 2023 Nature
Bonus of 132440 € in Nuuksio, Finland
together with the recipients and some 365
club members making the Nature Bonus pos-
sible. The event consisted of wintery forest
bathing, open fire crepes and the organiza-
tions sharing information about their projects
on environmental conversation and making
nature accessible to more groups of people.
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 23
COMPANY FACTS
GLOBETROTTER AUSRÜSTUNG GMBH
In 1979 two outdoor enthusiasts founded Germany’s
first store for outdoor pursuits and expedition equip
-
ment. From the outset they looked for the best, most
functional products for outdoor life and for travel to
the most far-flung corners of the world. Their shop in
Hamburg’s Wandsbek district quickly became a meet
-
ing point for globetrotters and adventurers. Today,
Globetrotter has a big e-commerce business and 22
stores (one franchise).
NATURKOMPANIET AB
Naturkompaniet’s oldest subsidiary, Scoutvaror AB,
was founded in 1931 by the Swedish Scouts. In 1951,
the name was changed to Friluftsmagasinets Scoutva
-
ror AB, and in 1991 the stores changed their name to
Naturkompaniet. Today, Naturkompaniet is Sweden’s
largest outdoor retailer, with 37 stores (one franchise)
and a fully operational e-commerce site. Naturkom
-
paniet sells equipment for outdoor and travel activi-
ties from the world’s leading brands. The vision is to
promote outdoor recreation and health by providing
equipment to facilitate and enrich outdoor life.
PARTIOAITTA OY
Partioaitta OY was founded in 1928 by the Finnish
Scouts, and in English the company’s name means
Scout Shops. Partioaitta was established through a
merger of several dierent scout organizations and to
-
day is Finland’s largest outdoor retailer, with 21 stores
and an e-commerce site. Fenix Outdoor acquired the
company in May 2011.
FRILUFTSLAND A/S
Friluftsland was established in Denmark in 1980 by two
19-year-old boy scouts who were dissatisfied with the
service and range of outdoor products on oer. The first
store had a sales area of 16 square meters and during
the winter it was only open in the afternoon. Nowadays,
Friluftsland is an omnichannel chain with 14 stores and
a web shop that focuses on premium quality products,
sta and services. This profile means the company fits
very well with Frilufts Retail Europe AB, which acquired
the company in October 2017.
TREKITT
Trekitt was established by the Trepte family at the
foot of the Black Mountains in Abergavenny, Wales,
in 1986. The company has remained family-owned
ever since and consists of one store in Hereford, as
well as a fast-growing and hugely successful special
-
ized e-com business. Trekitt’s motto is “LIVE THE
OUTDOORS” and ever since its inception, the compa
-
ny has prided itself in providing top-quality equipment
and clothing for mountaineers, hill walkers, climbers
and travelers, allowing them to do just that.
24 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT – MANAGEMENT REPORT
MANAGEMENT REPORT
The Board of Directors of Fenix Outdoor International AG, Corporate Identity Num-
ber CHE-206.390.054, with its registered oces in Zug, Switzerland, hereby present
the annual report and consolidated financial statements for the financial year 2023.
Fenix Outdoor International AG is listed on Nasdaq OMX Stockholm, Large Cap.
Fenix Outdoor International AG publishes annual reports in English and Swedish. The
English version is legally binding.
OPERATIONS
The group is organized into three business segments: Brands, Global Sales and Frilufts.
• Brands include Fjällräven, Tierra, Hanwag and Royal Robbins. It also includes
Brandretail (the e-com and brand retail shops) and the distribution companies con
-
centrated in sales of only one brand.
• Global Sales includes distribution companies selling more than one Fenix Outdoor
brand.
• Frilufts includes the retailers Naturkompaniet AB, Naturkompaniet AS, Partioaitta
Oy, Globetrotter Ausrüstung GmbH, Friluftsland A/S, Trekitt and Exist.
The three business segments are supported by common functions for management,
CSR/CSO, finance,legal, IT and logistics.
LARGEST OWNER
The main owner of Fenix Outdoor International AG is Martin Nordin, holding 52.9%
of the total voting rights and 15.4% of the total capital.
SIGNIFICANT EVENTS
The trading and performance in our industry was, during 2023, driven by large
inventories.
SALES AND PROFIT
The group’s net sales decreased by 2.6% to MEUR 739.4 (MEUR: 759.2). The oper-
ating profit decreased to MEUR 55.0 (MEUR: 83.5).
PROSPECTS FOR 2024
We are facing a very challenging market in 2024. A lot of retailers have financial chal-
lenges, which means somewhat lower preorders than normal. The order books are
OK, but growth will have to come from reorders as well as our own DTC channels. We
have taken measures and costs in Q4/2023 enable us to save costs in 2024. We are
also refining our operations by investing in an ERP system for the Brands and Global
Sales segments, which we think will finetune and make our operation more ecient.
The inventories are still too high. We believe we will start to see a decrease in inven
-
tory end of Q1.
EMPLOYEES
The average number of employees, as well as salaries, remuneration and social
security contributions, are reported in Note 5 in the annual report. The board’s pro
-
posal to the Annual General Meeting regarding remuneration to Senior Executives is
declared in the compensation report on pages 53-54.
LIQUIDITY AND FINANCIAL POSITION
The group’s total cash and cash equivalents totalled MEUR 119.1 (MEUR: 81.0) as
of December 31, 2023. The group’s interest-bearing liabilities including lease liabili
-
ties, increased to MEUR 205.5 (MEUR: 149.7). The group’s total equity attribut-
able to the Parent Company’s shareholders at the end of the year was MEUR 417.2
(MEUR: 405.0), which corresponds to an equity ratio of 56.1% (60.0%).
RISK FACTORS
• Cyclical risks. Historically, upswings and downturns in the economy have not had
any significant impact on the group’s sales or earnings trend, even though the
risk may have increased by the larger retail share of the operations, including the
changing retail environment.
• Weather-related and seasonal risks. Certain parts of the group’s product range and
sales are aected by weather conditions. Portions of the winter collection, mainly
available in the markets with a colder climate, are negatively aected by warm and
late winters.
• Trend risks. The group does not consider itself to be a group of fashion products,
but the business is aected by long-term trends such as the positive active and
outdoor life trend. Some markets in warmer climates which have a dierent prod
-
uct mix are still more impacted by single product trends compared to other more
traditional outdoor markets.
• Currency risks. The group’s net sales in dierent currencies are distributed as fol
-
lowing: SEK 11.5%, EUR 58.3% including DKK, USD 17.0% and other currencies
13.2%. A major portion of the Brand segment's purchases take place in USD, even
though certain brands make a large share of purchases in EUR. The Frilufts and
Global Sales companies mainly buy in local currency. The group’s policy is to hedge
its short USD position from purchase orders, through forward contracts lasting up
to a year. Further information regarding the group’s risk management can be found
in the section Accounting Principles and in Notes 3 and 28 in the annual report.
The group had outstanding currency forwards as per December 31, 2023, where
USD had been purchased against EUR, at a value of MUSD 40.0. If no hedge was
made, a 5% change of the USD/EUR rate would result in an annual eect of MEUR
3.2.
• Vendor risk. The group is not totally dependent on any major single vendor even
though some brands are more exposed in the short run.
RESEARCH AND DEVELOPMENT
The group does not engage in research in the traditional sense. Since its beginning,
one of the brands' primary success factors has been the ability to continually devel
-
op new products and improve existing ones. This holds true for each of the group’s
brands. The products are tested in both laboratory environments and in authentic
conditions through regular events, such as the Fjällräven Classic, Fjällräven Polar
and Hanwag’s Alpine experience.
Principles applied in the reporting of development costs and information regarding
monetary amounts are presented in a separate section in Note 2, Accounting and
Valuation Principles.
CAPITAL EXPENDITURES
The group’s capital expenditures totaled MEUR 27.0 (MEUR: 27.1). The investments
are primarily attributable to the digital environment and investments in new and
more automatized warehouse capacity in Europe.
CORPORATE GOVERNANCE REPORT
The company’s corporate governance complies with the NASDAQ OMX listing agree-
ment and the Swedish Code of Corporate Governance, with the exceptions stated
below. The Articles of Association defines the company’s business name, operations,
registered oces, number of board members, amount of share capital, etc.
THE SWEDISH CODE OF CORPORATE GOVERNANCE
This report complies with the Swedish Code of Corporate Governance. Exceptions to
the code are explained in the relevant sections.
Annual General Meeting
The Group’s highest decision-making body is the Annual General Meeting, which
usually takes place at the end of April or the beginning of May. The Board of Direc
-
tors, the Chairman, the Compensation Committee, Auditors and independent prox-
ies are elected at each Annual General Meeting. The annual financial statements
are adopted and resolutions are undertaken regarding discharge from liability. In
addition, the appropriation of profits and compensation to the Senior Executives and
the Board of Directors are approved. Each shareholder, listed in the shareholders’
register on a specified date prior to the meeting, and who has also registered to at
-
tend the Annual General Meeting, is entitled to attend the meeting and vote for their
combined ownership of shares. Shareholders may be represented by proxy. Fenix
Outdoor International AG complies with Swiss company laws and regulations.
The Nomination Committee and proposals for the Annual General Meeting
Fenix Outdoor International AG intends to deviate from the code’s provisions regard-
ing the Nomination Committee. The reason for doing so is that the Nordin family,
along with its related companies, represents 61.3% of the company nominal share
value, corresponding to 85.1% of the votes at the Annual General Meeting, if all their
shares are represented at the meeting. In light of this concentration of sharehold
-
ers, having a Nomination Committee has not been seen as necessary. However, the
company strives for gender balance on the board. Proposals regarding Chairman of
the Board at the Annual General Meeting, board elections, the appointment of the
auditor are thus submitted by the company’s larger shareholders and presented in
the notice of the Annual General Meeting and on the company’s website. The remu
-
nerations paid to the members of the board are stated in the compensation report.
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 25
MANAGEMENT REPORT
Duties of the board
The board of Fenix Outdoor International AG consists of six members elected individ-
ually at the Annual General Meeting. Information about the board and the Managing
Director can be found on the website and in the compensation report. The board has
held five minuted meetings. At the board meeting following the election, resolutions
are adopted regarding the formal work plan of the board and the Managing Director,
aiming to ensure that the board has the information required. Financial reports are
submitted at each regular meeting. The board of directors convenes twice annually
with the company’s auditors in order to review the audit, the audit process and the
activities undertaken during the year. As there are no special committees, except
for the Compensation Committee, within Fenix Outdoor International AG; thus, the
Board, in its entirety, addresses all matters except for matters relating to remunera
-
tion. The members of the remuneration committee are Ulf Gustafsson and Susanne
Nordin. Total remuneration to members of the board is determined by the Annual
General Meeting according to the proposals submitted by the company’s largest
shareholders. Over the course of the year, the board has monitored the company’s
financial reporting, as well as its systems for internal control, to ensure that the
operations are ecient and in line with laws and regulations, and that the financial
reporting is reliable. The board has examined and evaluated the accounting and
financial reporting procedures, and has followed up and evaluated the work, qualifi
-
cations and independence of the external auditors.
Risk assessment
The board and management work continuously with risk assessment and risk man-
agement in order to ensure that the risks to which the company is exposed are taken
care of within the framework ultimately established by the board.
Control activities
The board and management have determined a set of control activities for opera-
tional processes. These are based on risk assessments and on ensuring that there is
a satisfactory process for monitoring the company’s compliance with laws and other
regulations relevant to its operations, as well as the application of internal guidelines.
Included in the control structure are such measures as the authorization hierarchy,
the delegation of responsibilities and the company management’s review of financial
information. The controls are also there to ensure that any material errors are recti
-
fied.
Information and communication
The internal dissemination of information and external communication are regulated
on an overall level.
Evaluations
The internal control of financial reporting is evaluated on a continuous basis. The
board receives quarterly reports showing financial outcomes and comments on the
operations provided by the management. At each board meeting, the financial situa
-
tion is addressed and the board checks that the internal controls relating to financial
reports and reporting to the board are functioning adequately. A board evaluation is
conducted on annual basis to secure that the board is receiving adequate material
and information to take the best possible decisions.
Attendance at Board meetings Fenix Outdoor International AG in 2023
Directors Attendance, regular and extraordinary meetings
Martin Nordin, Chairman 5
Mats Olsson 5
Ulf Gustafsson 5
Sebastian von Wallwitz 5
Susanne Nordin 5
Rolf Schmid 5
INFORMATION
The company’s information to shareholders and other stakeholders is provided in
the annual report, the interim reports, press releases and via the company’s website,
www.fenixoutdoor.se. Financial reports and press releases from the past years and
information regarding corporate governance are also available on the website.
NUMBER OF SHARES AND VOTES
The total number of shares in the company are 35,060,000, of which 24,000,
000 are Class A shares, nominal value 0.1 CHF/share and 11,060,000 are Class B
shares, nominal value 1.0 CHF/share. The company’s largest shareholders are listed
on the website. As per 2023-12-31 the company held 132,337 B-shares in its own
books (per 2023-12-31 the company held 132,337 B-shares). There are 66,000 per
-
sonnel options outstanding as per 2023-12-31 (per 2022-12-31 22,000 personnel
options).
OWNERSHIP STRUCTURE
Fenix Outdoor International AG had 8,742 shareholders at the end of 2023. The
ownership participation of the ten largest shareholders constituted 81.2% of the
total capital. A list of the major shareholders can be found on page 56.
RESULTS AND FINANCIAL POSITION
For information regarding the Group’s and the parent company’s results and finan-
cial position, we refer to the consolidated and parent income statement, balance
sheet, cash flow statement and notes on pages 26-43.
PROPOSED APPROPRIATION OF PROFITS IN PARENT COMPANY
31.12.2023 TEUR
Profit reserves at the beginning of the period 175,234
Dividend on own shares 172
Net profit of the year 32,724
Profit reserves at the end of the period 208,130
Allocation to the general legal profit reserves -
Profit to be carried forward 208,130
PROPOSAL FOR DISTRIBUTION OF DIVIDENDS
Capital contribution reserves TEUR 304.625
Dividends TEUR* 18,196
Capital contribution reserves TEUR 286,429
* SEK (Swedish Kronor) 1.5 per A-share and SEK 15.0 per B-Share calculated at
11.096 EUR/ SEK. 24,000,000 x 1.5 + 11,060,000 x 15.0 = SEK 201,908,00 = EUR
18,195,746.
THE BOARD’S STATEMENT ON THE PROPOSED DIVIDEND
The board’s opinion is that the total proposed dividend of SEK 1.5 (1.5) per A-share
and SEK 15.0 (15.0) per B-share will not hinder the company from fulfilling its short
and long-term obligations, nor from making any necessary investments. The liquidity
position is being maintained at a satisfactory level.
26 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT
Amounts in TEUR | Note | 2023 | 2022 |
Net sales | 4 | ||
Other operating income | 6 | ||
Income | |||
Cost of goods | − | − | |
Other external expenses | − | − | |
Personnel expenses | 5 | − | − |
Depreciation/amortisation | 10,11,12 | − | − |
Result from investments in joint ventures | 7 | ||
Operating profit | 4 | ||
Financial income | 8 | ||
Financial expenses | 8 | − | − |
Profit/loss before tax | |||
Income tax expense | 9 | − | − |
Net profit for the year | |||
| Net profit for the year attributable to: | |||
Parent Company's shareholders | |||
Non-controlling interests | |||
Earnings per share attributable to the Parent Company's shareholders after dilution and before dilution in EUR | |||
A shares, before dilution | |||
A shares, after dilution | |||
B shares, before dilution | |||
B shares, after dilution | |||
Weighted average of outstanding shares, A | |||
Weighted average of outstanding shares, B | |||
Proposed dividend per share (EUR) - A shares | |||
Proposed dividend per share (EUR) - B shares |
Amounts in TEUR | 2023 | 2022 |
Net profit for the year | ||
| Not to be reclassified in the income statement in the future: | ||
Re-measurements of post employment benefit obligations | − | |
Taxes | − | |
| To be reclassified in the income statement in the future: | ||
Change in translation reserve during the period | − | − |
Cash flow hedges | − | |
Taxes | - | |
Total other comprehensive income for the year: | − | − |
Total comprehensive income for the year | ||
| Total comprehensive income attributable to: | ||
Parent Company's shareholders | ||
Non-controlling interests |
STATEMENT OF OTHER COMPREHENSIVE INCOME
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 27
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of 31 December, Amounts in TEUR | Note | 2023 | 2022 |
| ASSETS | |||
| Non-current assets | |||
Intangible fixed assets | 10 | ||
Tangible fixed assets | 11 | ||
Right-of-use assets | 12 | ||
Investments in joint ventures | 7 | ||
Deferred tax assets | 9 | ||
Other non-current financial assets | 13 | ||
Other non-current receivables | 13 | ||
Total non-current assets | |||
| Current assets | |||
Inventories | 14 | ||
Accounts receivable trade and other receivables | 15 | ||
Tax receivables | |||
Prepaid expenses and accrued income | 17 | ||
Cash and cash equivalents | 28 | ||
Total current asset exc. assets held for sale | |||
Assets held for sale | 32 | ||
Total current assets | |||
TOTAL ASSETS |
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
| Equity and reserves attributable to the Parent Company's shareholders | |||
Share capital | |||
Other contributed capital | |||
Other components of equity | − | − | |
Treasury shares | – | − | |
Retained earnings | |||
Total equity attributable to the Parent Company’s shareholders | |||
Non-controlling interest | - | - | |
Total equity | |||
| LIABILITIES | |||
| Non-current liabilities | |||
Deferred tax liabilities | 9 | ||
Employee benefits | 18 | ||
Other non-current provisions | 19 | ||
Non-current lease liabilities | 12,20 | ||
Interest bearing liabilities | 20 | ||
Other non-current liabilities | |||
Total non-current liabilities | |||
| Current liabilities | |||
Other current liabilities | 21 | ||
Current tax liabilities | |||
Current lease liabilities | 12,20 | ||
Interest bearing liabilities | 20 | ||
Accrued expenses and deferred income | 22 | ||
Total current liabilities exc liabilities directly associated with the assets held for sale | |||
Liabilities directly associated with the assets held for sale | 32 | ||
Total current liabilities | |||
Total liabilities | |||
TOTAL EQUITY AND LIABILITIES |
28 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Total eq - | |||||||||
| uity attrib- | |||||||||
| utable to | |||||||||
| Foreign | the Parent | ||||||||
| Other | Cash flow | currency | Compa - | Non- | |||||
| Share | contributed | hedge | translation | Treasury | Retained | ny's share- | controlling | Total | |
| Amounts in TEUR | capital | capital | reserve*) | reserve*) | shares**) | earnings | holders | interest | Equity |
01-01-2022 | – | – | |||||||
Net Profit for the year | |||||||||
Other comprehensive income for the year | – | − | – | – | |||||
Total comprehensive income for the year | - | - | – | - | |||||
Transactions with non-controlling interests ***) | – | − | – | – | |||||
Share based payments****) | |||||||||
Purchase of own shares | − | − | – | ||||||
Dividends resolved at Annual General Meeting | − | − | – | ||||||
Transfer of cash flow hedge reserve to inventories | − | − | – | ||||||
31-12-2022 | − | – | |||||||
Total eq - | |||||||||
| uity attrib- | |||||||||
| utable to | |||||||||
| Foreign | the Parent | ||||||||
| Other | Cash flow | currency | Compa - | Non- | |||||
| Share | contributed | hedge | translation | Treasury | Retained | ny's share- | controlling | Total | |
| Amounts in TEUR | capital | capital | reserve*) | reserve*) | shares**) | earnings | holders | interest | Equity |
01-01-2023 | – | – | |||||||
Net Profit for the year | |||||||||
Other comprehensive income for the year | – | – | – | – | – | – | |||
Total comprehensive income for the year | - | - | – | – | - | ||||
Transactions with non-controlling interests ***) | – | – | |||||||
Share based payments****) | - | - | - | ||||||
Dividends resolved at Annual General Meeting | – | – | – | ||||||
Transfer of cash flow hedge reserve to inventories | – | – | – | ||||||
31-12-2023 | – | − | – | ||||||
*) Other components of Equity
**) Per 31-12-2023 and 31-12-2022 the company held 132,337 B-shares.
***) Change in option liability, Alpen International Ltd and Fenix Outdoor Taiwan Co Ltd.
****) Options program for Senior Managers was introduced 31-12-2022, see also Note 33.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 29
CONSOLIDATED CASH FLOW STATEMENT
Amounts in TEUR Note 2023 2022
| OPERATING ACTIVITIES | |||
Net profit for the year | |||
Income tax expense | |||
Financial result net | |||
Depreciation for right-of-use assets | |||
Depreciation/amortisation tangible and intangible assets | |||
Adjustment for items not included in the cash flow | 25 | − | − |
Interest received | − | ||
Interest paid | − | − | |
Income Tax paid | − | − | |
Cash flow from operating activities before changes in working capital | |||
Change in inventories | − | − | |
Change in operating receivables | − | ||
Change in operating liabilities | |||
Cash flow from operating activities | − | ||
| INVESTING ACTIVITIES | |||
Purchase of intangible fixed assets | − | − | |
Purchase of tangible fixed assets | − | − | |
Sale of tangible fixed assets | |||
Acquisition of subsidiaries, net of cash acquired | − | ||
Sale of business, net of cash disposed | |||
Change in non-current receivables | − | ||
Cash flow from investing activities | − | − | |
| FINANCING ACTIVITIES | |||
Borrowings | |||
Repaid borrowings | − | − | |
Payment of lease liabilities | − | − | |
Purchase of own shares | − | ||
Dividends paid | − | − | |
Cash flow from financing activities | − | − | |
Change in cash and cash equivalents | − | ||
Cash and cash equivalents at beginning of year | |||
Eect of exchange rate dierences on cash and cash equivalents | − | ||
Cash and cash equivalents at year-end | 27 |
CONSOLIDATED CASH FLOW STATEMENT
30 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 GENERAL INFORMATION
BUSINESS ACTIVITY
Fenix Outdoor International AG (the parent company) and its subsidiaries (collec-
tively, the group) is a group whose business idea is to develop and market highqual-
ity, low-weight outdoor products through a selected retail network with a high degree
of service to customers with high demands. The group conducts development,
production and sales in a large number of subsidiaries throughout Europe, Asia and
North America. The parent company is a Swiss Corporation (AG) with its registered
206.390.054 and is listed on the Nasdaq OMX Stockholm, Large Cap.
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 31
NOTES
32 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 3 SIGNIFICANT ESTIMATES AND JUDGEMENTS
The preparation of financial statements in accordance with IFRS Accounting Stan-
dards requires significant judgments and accounting estimates to be made by manage-
on the balance sheet date. Income and expenses are also aected by the estimates. Income and expenses are also affected by the estimates.
have been made are presented below.
Estimates
TESTING OF GOODWILL FOR IMPAIRMENT
The value of the group’s goodwill is tested each year. In conjunction with this assess-
ment, usually the value in use is calculated with a discounted cash flow model. Certain
assumptions required to be made in such a valuation, such as forecast of free cash
flows, growth rates and discount rates have material impact on the result of the valua
-
tion. Refer also to Note 10.
VALUATION OF INVENTORY
Continuous controls are undertaken to identify and determine the amount of any obso-
lescence in the inventory. An individual assessment is made to the largest possible ex-
tent. In Retail, a model is used where goods are written down depending on from which
season the products are. In Brands, a margin analysis is made to define the extent of
potential write-down requirements.
TAX
Current income taxes are calculated on the basis of the net profit for the fiscal year.
initially due to the final tax assessment being finalized several years after the end of the
-
responding provisions are recorded if necessary. Deferred tax assets are recorded on
the basis of estimated future profits. The underlying forecasts cover a period of up to
five years and include tax planning opportunities. Deferred tax assets are only reported
to the extent it is probable that these will result in lower tax payments in the future.
NOTE 4 SEGMENT REPORTING
SEGMENT REPORTING
Operating segments are reported as in the internal reporting to the Board of Directors,
who are also defined as the Chief Operating Decision Maker of the group. The Chief
Operating Decision Maker is responsible for the allocation of resources and the assess
-
ment of the profit from the operating segments.
The group is organized in three business segments: Brands, Global sales and Frilufts.
• Brands includes the brands Fjällräven, Tierra, Hanwag and Royal Robbins. It also
includes Brandretail (Brand Online sales and Brand Retailshops) and distribution
companies concentrated on sales of only one brand.
• Global Sales includes distribution companies selling more than one Fenix brand.
• In Frilufts, the retailers Naturkompaniet AB, Naturkompaniet AS, Partioaitta Oy, Fri
-
luftsland A/S, Trekkitt, Exist and Globetrotter Ausrüstung GmbH are included.
The three business segments are supported by common functions for management,
CSR/CSO, finance, HR, IT and logistics.
EBITDA per segment, MEUR 2023 2022
Brands 53.0 72.9
Global Sales*) 27.9 33.3
Frilufts 30.7 35.0
Common 2.0 −2.6
Group 113.7 138.6
Operating profit per segment, MEUR 2023 2022
Brands 38.0 58.7
Global Sales*) 25.7 31.0
Frilufts 0.4 6.4
Common −9.2 −12.6
Group 55.0 83.5
The negative result in Common mainly comes from central costs for administration.
*) Segment Global Sales EBITDA and Operating Profit including MEUR 1.2 (MEUR 0.4) as result
from participating in joint venture accounted for by the equity method.
Capital Expenditures per segment, MEUR 2023 2022
Brands 7.8 7.3
Global Sales 1.1 1.1
Frilufts 3.7 6.9
Common 14.4 11.8
Group 27.0 27.1
Depreciation and amortization per segment, MEUR 2023 2022
Brands –15.0 −14.3
Global Sales −2.2 −2.3
Frilufts –30.3 −28.7
Common –11.2 −10.0
Group –58.7 −55.2
Net sales per geographic market, MEUR 2023 2022
Switzerland 11.4 11.2
Sweden 85.3 93.0
Other Nordic countries 96.0 102.2
Germany 261.7 261.3
Benelux 28.1 30.4
Other Europe 82.6 82.0
Americas 135.2 135.8
Other markets 39.2 43.4
Total 739.4 759.2
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 33
NOTES
Intangible, tangible and right-of-use assets per
market, MEUR 2023 2022
Switzerland 4.9 1.1
Sweden 38.2 40.7
Other Nordic countries 28.7 20.5
Germany 125.2 119.8
Benelux 6.3 6.2
Other Europe 14.0 11.9
Americas 39.9 41.0
Other markets 2.4 4.9
Total 259.6 246.1
2022
Gross
salary
Benefits
and other
remunera
-
tions
Pension
contribu-
tions
Total fixed
compensa
-
tion
Executive chairman 500 30 6 536
President 420 62 - 482
Other Senior
Executives and
Susanne Nordin 1,366 44 273 1,690
Total 2,286 136 279 2,708
2023 2022
Total
Of whom
men Total
Of whom
men
President and other
Senior Executives
7 6 6 5
In addition to the fixed compensation, the senior executives are also eligible to
receive variable compensation, which is based on sales and profitability targets. For
senior executives, variable remuneration is a maximum of 50 percent of the basic
annual salary. Except for the Executive Chairman and Susanne Nordin, no variable
NOTE 6 OTHER OPERATING INCOME
Other operation income 2023 2022
Royalty and licensing income 167 160
Franchise income 28 34
Marketing contribution 3,490 3,290
Other *) 6,981 7,403
Total 10,720 10,905
*) Other mainly refer to resolving of maintenance accruals, expired gift cards, gains
from sales of tangible assets and insurance compensations.
NOTE 7 INVESTMENTS JOINT VENTURES
The Group’s interest in Jiang Su Fenix is accounted for using the equity method in
the consolidated financial statements. The company sells Fenix Outdoor brands in
the Chinese market through Fjällräven shop in shops and through online channels.
Investments in joint venture 2023 2022
At beginning of the year 3,456 3,306
Share of equity change, excluding dividends 1,224 427
Translation dierence ranslation difference 51 −277
Closing balance 4,731 3,456
Carrying amount
Country
Participating
interest 2023 2022
Jiang Su Fenix China 50% 50 % 4,731 3,456
34 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
NOTES
Summarised balance sheet 2023 2022
Fixed assets 29 529
Inventories 4,191 6,069
Other short term receivables 3,528 1,729
Cash and cash balances 5,716 2,021
Current liabilities −4,003 −3,436
Net assets 9,462 6,912
Reconciliation to carrying amounts 2023 2022
Opening net assets 1 January 6,912 6 ,611
Operating profit 3,654 729
Financial result 1 −49
Tax -1,012 −132
Other comprehensive result -93 −247
Closing net assets 9,462 6,912
Group's share in % 50% 50 % 50% 50 %
Group's share in CU 4,731 3,456
Goodwill - -
Carrying amount 4,731 3,456
NOTE 8 FINANCIAL INCOME AND EXPENSES
*) See also note 32.
NOTE 10 INTANGIBLE FIXED ASSETS
Capitalised expenditure for computer software 2023 2022
Opening acquisition cost 46,066 44,876
Sales and disposals −2,265 -
Transfer of classes *) 9,848 4,243
Translation dierences ranslation differences 92 −3,054
Closing acquisition cost 53,741 46,066
Opening amortisation −36,475 −32,626
Amortisation for the year –7,572 −6,287
Sales and disposals 2,238 -
Translation dierences ranslation differences −336 2,439
Closing amortisation −42,145 −36,475
Closing balance 11,598 9,591
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 35
NOTES
NOTE 11 TANGIBLE FIXED ASSETS
Land, buildings and land improvement 2023 2022
Opening acquisition cost 36,457 34,637
Purchases 1,826 2,199
Sales and disposals −26 −122
Transfer of classes - −41
Assets held for sale - −205
Translation dierences ranslation differences –63 −10
Closing acquisition cost 38,193 36,457
Opening depreciation –7,385 −6,154
Amortisation for the year –1,826 −1,536
Sales and disposals 26 95
Transfer of classes - 25
Assets held for sale - 160
Translation dierences ranslation differences 56 25
Closing depreciation −9,129 −7,385
Closing balance 29,064 29,072
Cost of leasehold improvements 2023 2022
Opening acquisition cost 74,741 67,393
Purchases 6,841 6,772
Purchase through acqusition of subsidiary 15 -
Sales and disposals –3,273 −262
Transfer of classes 45 199
Translation dierences ranslation differences –920 639
Closing acquisition cost 77,448 74,741
Opening depreciation –55,333 −46,127
Depreciation for the year –7,072 −6,956
Sales and disposals 3,155 259
Transfer of classes - −193
Translation dierences ranslation differences 628 −315
Closing depreciation −56,621 −53,333
Closing balance 20,828 21,408
36 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
NOTES
Equipment, tools, fixtures and fittings 2023 2022
Opening acquisition cost 62,711 59,657
Purchases 6,021 7,015
Purchase through acquisition of subsidiary 44 -
Sales and disposals −4,269 −1,221
Transfer of classes 12,732 107
Assets held for sale - −1,728
Translation dierences ranslation differences –97 −1,119
Closing acquisition cost 77,141 62,711
Opening depreciation –40,639 −37,323
Depreciation for the year −6,981 −6,287
Sales and disposals 3,946 538
Transfer of classes 54 169
Assets held for sale - 1,488
Translation dierences ranslation differences −9 777
Closing depreciation -43,629 −40,639
Closing balance 33,512 22,072
Constructions in progress *) 2023 2022
Opening aquisition cost 7,295 2,064
Purchases 7,224 5,501
Transfer of classes −13,262 −266
Translation dierences ranslation differences –51 −5
Closing balance 1,206 7,295
Total tangible fixed assets 84,610 79,487
*) The Group has finished new constructions during the year. The finalizing of new
constructions is reported as transfer of classes, whereof investment in warehouse is
most significant.
No material acquisitions have been financed through leasing or instalment plans or
remain unpaid at the reporting date.
NOTE 12 RIGHT OF USE ASSETS
Rental contracts are typically made for 3 months up to 10 years, depending on leas-
ing object and market circumstances. Rental contracts may have extension options
and variable lease payments. Rental contracts are for vehicles, equipment, oces, Rental contracts are for vehicles, equipment, offices,
warehouses and retail stores. Lease extensions are included as right-of-use assets
and liabilities if the Group is reasonably certain to extend the contract at contract
inception.
liability, as the group can replace the assets without significant cost or business
disruption.
During 2023 the Group has added new lease contracts, the most significant are for
new stores in Switzerland and Norway.
The total cash flow for leasing agreements including payment of lease liabilities,
interest and payments for low and short term leases in 2023 was TEUR -38,850
(TEUR: -36,077).
2023 Brands Frilufts
Global
sales Common Total
Right-of-use assets 30,294 98,143 1,365 628 130,430
Lease liabilities −32,569 −99,475 −1,324 −501 −133,870
Leases and right-of use
Global
sales Common Total
Depreciation −8,963 −23,233 −1,195 −830 −34,221
Interest cost −776 −1,469 −24 −15 −2,284
Short term lease cost −28 −27 −33 −16 −104
Low value lease cost - - −5 −3 −8
Right-of-use assets
divided to Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouse 28,849 97,796 780 86 127,466
vehicles
544 243 211 221 1,219
Sum right-of-use assets 30,294 98,143 1,365 628 130,430
Depreciation on right-
of-use assets divided to
Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouse −8,021 −22,506 −772 −82 −31,381
vehicles
−356 −317 −237 −145 −1,055
Sum Depreciation –8,963 –23,233 –1,195 –830 –34,221
Brands Frilufts
Global
sales Common Total
Opening balance 29,517 86,921 1,536 1,184 119,158
Additions 10,548 34,684 1,029 319 46,581
Reclass and cancelled –371 –1,889 –697 –106 –3,062
Translation dierences ranslation differences –437 1,660 691 61 1,975
Depreciation –8,963 –23,233 –1,195 –830 –34,221
Closing balance 30,294 98,143 1,365 628 130,430
2022 Brands Frilufts
Global
sales Common Total
Right-of-use assets 29,517 86,921 1,536 1,184 119,158
Lease liabilities –31,539 –88,586 –1,500 –1,077 –122,701
Leases and right-of use
Global
sales Common Total
Depreciation –10,024 –21,746 –1,052 –1,097 –33,919
Interest cost –670 –1,410 −29 –24 –2,133
Short term lease cost −171 −63 −12 - −246
Low value lease cost - −1 −4 - −5
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 37
NOTES
Right-of-use assets di-
vided to Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouse 27,831 86,268 864 104 115,067
Oces 1,143 348 451 907 2,849
Oce equipments and
vehicles
542 305 222 173 1,242
Sum right-of-use assets 29,517 86,921 1,536 1,184 119,158
Depreciation on right-
of-use assets divided to
Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouse –8,937 –21,046 –566 –370 –30,919
Oces –581 –393 –243 –594 –1,812
Oce equipments and
vehicles
–506 –306 –243 –132 –1,187
Sum Depreciation –10,024 −21,745 −1,052 −1,097 −33,919
Brands Frilufts
Global
sales Common Total
Opening balance 22,743 98,246 2,093 1,942 125,024
Additions 15,368 11,515 590 447 27,919
Assets held for sale –36 - - - –36
Reclass and cancelled –1,630 –381 68 –518 –2,461
Translation dierences 3,096 –713 –162 409 2,630
Depreciation –10,024 –21,746 –1,052 −1,097 −33,919
Closing balance 29,517 86,921 1,536 1,184 119,158
NOTE 13 OTHER NON-CURRENT FINANCIAL ASSETS AND
OTHER NON-CURRENT RECEIVABLES
Other financial assets 2023 2022
Opening fair value 341 424
Assets held for sale - −40
Reclassified - −43
Closing balance fair values 341 341
Other non-current receivables 2023 2022
Opening 3,628 2,283
Disposals/Repayments –300 −41
Additions *) 6,505 193
Reclassification from/to current receivables 357 1,144
Translation dierence ranslation difference –90 49
Closing balance 10,100 3,628
*) Whereof TEUR 6,100 for sale of Primus, see note 32.
NOTE 14 INVENTORIES
2023 2022
Goods for resale 261,068 225,971
Raw materials 9,749 16,904
Advance payments to suppliers 1,805 3,674
Total 272,622 246,549
Write-downs have reduced the book value in the Group in an amount of TEUR
11,509 (TEUR 10,024).
NOTE 15 ACCOUNTS RECEIVABLES,
OTHER RECEIVABLES
2023 2022
Accounts receivables 39,920 43,711
Right of return assets 1,051 1,382
Other receivables*) 10,602 10,726
Total 51,573 55,819
*) Other receivables include VAT receivables, receivables at tax account.
2023 2022
Accounts receivable
- Trade
Gross
receivables
Expected
credit loss
Gross
receivables
Expected
credit loss
Not yet due 29,537 −29 35,288 −36
Overdue
0-30 days 4,118 −123 4,981 −153
31-60 days 3,297 −318 2,193 −224
61-90 days 1,061 −258 1,171 −285
More than 90 days 4,648 −2,014 2,839 −2,064
Total 42,661 −2,741 46,473 −2,761
NOTE 16 CUSTOMER CONTRACT BALANCES
Customer contract balance 2023 2022
NOTE 17 PREPAID EXPENSES AND ACCRUED INCOME
2023 2022
Advertising expenses 559 201
Licensing income 9 9
Leases charges 722 570
Accrued interest income for non-current receivable 318 -
Insurance premiums 393 254
Other items *) 5,168 4,820
Total 7,169 5,854
*) Other items contains variable positions, each of low values.
38 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 18 EMPLOYEE BENEFITS
2023 2022
Endowment insurance with pension-commitments
Pension commitments in funds 709 632
Total 709 632
2023 2022
Opening balance 632 1,088
Included in the income statement:
Current service cost 211 16
Past service cost and gains and loss on settlements -5 -
Interest cost and income 31 12
Taxes and administrative expenses 23 22
Total included in the income statement 260 50
Remeasurements:
Return on plan assets excluding amounts in interest
expense and income
−19 −242
Actuarial gains and losses arising from changes in
demographic assumptions
−3 6
Actuarial gains and losses arising from changes in
financial assumptions
138 −241
Experience gains and losses −54 130
Total Remeasurments 62 −347
Other changes
Contributions and payments from
Employers −165 −80
Payments from plans: −14 -
Benefit payments −9 −20
Translation dierences ranslation differences 57 -59
Sum of Other changes −245 −159
Closing balance 709 632
Within the group there are both defined contribution and defined benefit pension
plans. For defined contribution plans and for pension plans in Alecta, the premiums
referring to the year are reported as the year´s expenses. The extent of defined ben
-
efit plans in the group, Alecta excluded, is very limited.
The group report defined benefit pensions in Norway, Germany and Switzerland. Life
expectancy assumptions are based on public statistics and experience from mortal
-
ity surveys in each country and are determined in consultation with actuaries.
The principal assumptions used in determining pension plans are shown below:
2023 2022
Discount rate:
Switzerland pension plan 1.50 % 2.25 %
Germany pension plan 3.85 % 3.35 %
Norway pension plan 3.00 % 1.90 %
Future salary increase:
Switzerland pension plan 2.00 % 2.00 %
Germany pension plan 0.00 % 0.00 %
Norway pension plan 3.50 % 2.75 %
NOTE 19 OTHER NON-CURRENT PROVISIONS
Warranty provision 2023 2022
Opening balance 383 415
Additional provisions during the year 42 42
Used warranty provision −42 −74
Translation dierences ranslation differences −1 −1
Total warranty provision 383 383
Other provisions
Opening balances 2,635 1,749
Additional provisions 1,235 1,560
Used other provisions −997 −677
Translation dierences ranslation differences −275 3
Total Other provisions 2,598 2,635
Total Other non-current provisions 2,981 3,017
The warranty provision is based on commitments which had not been terminated as
per balance sheet date. The calculation of the amount is based on previous experi
-
ence. The Other provisions contains mainly of dismantling and restoring provision
for rented shops. The actual future cost will be based on the need for restoring when
leaving the store after contract end.
Present value funded obligations 2023 2022
Norway 1,343 1,379
Switzerland 1,352 884
Germany 856 1,418
3,550 3,681
Fair value of plan assets 2023 2022
Norway –1,210 –1,329
Switzerland –1,057 –543
Germany –574 –1,176
Fair value of plan assets –2,841 –3,049
Liability in the balance sheet 709 632
Pensions benefit plans per country 2023 2022
Norway 133 50
Switzerland 295 241
Germany 282 341
709 632
For Switzerland (the most significant benefit plans) a quantitative sensitivity analysis
for one assumption as at 31 December is as shown below.
Assumptions for Switzerland pensions plan:
Discount rate: 2023 2022
0.25% increase –18 –21
0.25% decrease 13 17
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 39
NOTES
NOTE 20 INTEREST-BEARING LIABILITIES
*) As per 2023-12-31 and per 2022-12-31 the Group had a 64,000 TEUR 3 years
revolving facility, whereof TEUR 30,000 was used per 2023-12-31 (nothing was
used per 2022-12-31). The Group also had a loan that fall due during four years from
Svensk Exportkredit of TEUR 41,629 (TEUR 27,000), whereof TEUR 36,425 (TEUR
18,000) was long term.
NOTE 21 OTHER CURRENT LIABILITIES
Other current liabilities 2023 2022
Accounts payable trade 34,652 33,900
Advance payments from customers 14,315 13,162
Refund liabilities 2,537 2,743
Other liabilities *) 15,783 16,966
Total Other current liabilities 67,286 66,771
*) Other liabilities mainly related to VAT liabilities and put option liabilities (for Alpen
International Ltd and Fenix Outdoor Taiwan Co Ltd).
NOTE 22 ACCRUED EXPENSES
NOTE 23 PLEDGED ASSETS
For interest bearing- and contingent liabilities 2023 2022
Chattels, as corporate mortgages 14,542 15,798
Land and Buildings, as property mortgages 910 908
Total 15,452 16,706
The pledges made per 2023-12-31 are securing leases and guarantees of TEUR
2,517 (TEUR 2,653).
NOTE 24 CONTINGENT LIABILITIES
2023 2022
Other contingent liabilities 1,729 1,703
Total 1,729 1,703
None of the above items is expected to impact future cash flows. The group’s contin
-
gent liabilities primary refer to guarantee commitments to customers authorities and
for lease agreements.
NOTE 26 FINANCIAL RISK MANAGEMENT
Purpose
The Fenix Group is exposed to various financial risks, primarily comprised of foreign
currency exchange risk, interest rate risk and liquidity risk. The Group’s risk man
-
Finance and risk management is handled centrally by the Parent Company’s finance
function, in accordance with principles approved by the Board. The main cash hedge
positions taken are related to future currency flows. A description of the eects can A description of the effects can
be found in Note 28, Hedge accounting.
Currency risk
Transaction exposure
Group is, therefore, exposed to risks with regards to exchange rate fluctuations. This
risk is referred to as transaction exposure. The most significant aspect of the hedges
made is to fix the exchange rate against EUR for purchases made in USD. Company
management can decide on hedging up to 12 months of future cash flows, as long as
hedge position is in balance with planned order book. Hedging is undertaken by hold
-
ing liquidity in actual currency and/or making forward contracts. The most important
sales currency is EUR, which accounts for approximately 58% (58%) of the Group’s
net sales. The Group does not have a significant net exposure to foreign exchange
disclosed.
Translation exposure
sidiaries’ balance sheet is translated into EUR. This exposure is not hedged.
Interest rate risk
-
cember 2023, all loans are entered into variable interest rates (loan excluding leases
amount to TEUR 71,629). An increase in the short-term interest rate of one percent
-
ment continuously monitors the interest rate market in order to assess any possible
changes in the fixed interest terms but given the total volume of loans in relation to
the net profit and total assets of the group, the risk is seen as limited.
Liquidity risk
The Group’s interest-bearing liabilities including leases liabilities amounted to TEUR
205,499 (TEUR: 149,702) at year-end, which is approximately 27.7 (22.2) percent
of total assets. As per 31 December 2023, the Group’s interest-bearing liabilities,
excluding leases liabilities, was denominated in USD (58%) and EUR (42%).
Contractually agreed cash flow of non-derivate financial liabilities.
40 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 27 FINANCIAL INSTRUMENTS BY CATEGORY
Definition “level” 1: Quoted market prices, 2: Fair value directly or indirectly
observable, 3: Fair value Unobservable.
Financial assets 2023 2022
Derivatives designated as hedging instruments
Foreign exchange forwards contracts - 424
Financial assets at FVTPL
Equity instruments, level 3 341 381
Financial instruments at amortised costs
Other non-current receivables 10,100 3,628
Trade receivables 39,920 44,769
Cash and cash equivalents 119,102 81,009
Total financial assets 169,463 130,211
Financial liabilities 2023 2022
Derivates not designated as hedging instruments
Foreign exchange forward contracts, level 2 −667 -
Other financial liabilities at amortised cost
Put option liabilities for purchase of Alpen International −690 −568
Put option liabilities for purchase of Fenix Outdoor Taiwan
−2,307 −2,583
Accounts payable −34,652 −35,195
Refund liabilities −2,537 −2,743
Interest-bearing loans and borrowings –71,629 −27,000
Lease liabilities –133,870 −122,752
Accrued interest −323 −280
Total financial liabilities −246,675 −191,121
Fenix Outdoor International AG acquired 2017 Alpen International. The agreement
from 2017 includes put/call arrangements for the 25% non-controlling interests, ex
-
ercisable in the period between 2020 and 2029. The present value of the redemption
amount was recognized as a short- and long-term liability and the non-controlling
interests were derecognized. In June 2020 16,38 % were exercised. The remaining
put option liability is recognized as short term liability, TEUR 690 (TEUR: 568). The
position is valued at each quarter closing.
From the acquisition of the Taiwanese distributor, 2019, Fenix Outdoor International
AG has a right and an obligation through a put and call arrangement, where the price
is based on a profit multiple, to acquire the remaining 30% of the company. The
exercise period started on 30 June 2022 and ends 30 June 2027. The present value
of the redemption was recognized as a long-term liability and the non-controlling in
-
terests were derecognized. The remaining put option liability are recognized as short
term liability, TEUR 2,307 (TEUR: 2,583) and is valued at each quarter closing.
Changes in the put options liabilities are recognized in equity.
2023
<6
months
<12
months
<24
months
>24
months Total
Accounts payable 34,652 - - - 34,652
Refund liabilities 2,537 - - - 2,537
Other payables –
financial 2,997 - - - 2,997
Lease liabilities 16,676 15,145 20,953 81,096 133,870
Interest lease liabilities 1,447 2,657 2,019 3,611 9,734
Interest bearing loans 32,602 2,602 5,204 31,221 71,629
Interest payment from
loans 1,199 1,043 1,539 1,093 4,874
92,110 21,446 29,715 117,022 260,293
Above lease liabilities > 24 months amount TEUR 81,096 fall due as follows: approxi
-
mately TEUR 51,933 until > 5 years and TEUR 29,163 after 5 years.
2022
<6
months
<12
months
<24
months
>24
months Total
Accounts payable 35,195 - - - 35,195
Refund liabilities 2,743 - - - 2,743
Other payables –
financial
3,151 - - - 3,151
Lease liabilities 15,909 14,698 25,230 66,864 122,701
Interest lease liabilities 1,007 1,893 1,388 2,063 6,351
Interest bearing loans 4,500 4,500 9,000 9,000 27,000
Interest payment from
loans
562 459 614 205 1,840
63,067 21,550 36,232 78,132 198,981
Above lease liabilities > 24 months amount TEUR 66,864 fall due as follows: approxi
-
mately TEUR 46,035 until > 5 years and TEUR 20,829 after 5 years.
Credit risk
Client credit risk
The group does not have any significant concentration of credit risks. The group has
established policies to ensure that sales of products are made to clients with a suit
-
able credit standing. The accounts receivable risk is regarded to be limited, as each
separate account is relatively small and the group’s credit policy is restrictive.
Financial institutions credit risk
Cash and cash equivalents are deposited in major merchant banks, where the credit
risk is limited.
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 41
NOTES
NOTE 28 HEDGE ACCOUNTING
Foreign Exchange Risk
The group hedges the major part of its committed purchase orders stated in USD
within the coming 12-month period. The reason for the USD hedging mainly being
undertaken against EUR is that a major portion of the group’s sales are invoiced in
EUR. The group’s primary hedging instrument is currency forwards. The market val
-
rate and the rate of a similar forward as per the closing date, 31 Dec 2023.
The fair value changes for the forwards, designated in the hedges, are recorded
in OCI and taken to equity. The rates of the forwards are used when the goods are
accounted into inventory. The eect is thereby transferred from equity to inventor The effect is thereby transferred from equity to inventory
value. The eect in the income statement is realized when the goods are sold. The effect in the income statement is realized when the goods are sold.
Net outstanding forward agreements 2023 2022
FX Forwards per balance date
Purchased TUSD 40,000 21,500
Sold TEUR 36,688 19,847
Rate 1.0903 1.0833
Purchased TUSD - 1,400
Sold TNOK - 12,289
Rate - 8.7779
The market value of outstanding forward agreements per 31 Dec 2023 TEUR −667
(TEUR 424), is reported in full as a change in the hedging reserve under Equity.
NOTE 30 TRANSACTIONS WITH RELATED PARTIES
DISCLOSURE REGARDING RELATED PARTIES WITH CONTROLLING INFLUENCE
The majority shareholder, the Nordin family, controls approximately 85,1% of the
voting rights for the company’s shares. Martin Nordin, of the Nordin family, is the
Chairman of the Board. Susanne Nordin, of the Nordin family, is a Director of the
Board. Details about their total remunerations, including salaries and bonuses, see
note 5.
Purchases of goods and services from related parties 2023 2022
Purchases of services:
Martin Nordin, Rent 10 10
RS Mandate AG (Rolf Schmid), consultant services 84 89
Consilia AB (Ulf Gustafsson), consultant services 72 73
Total 166 172
NOTE 31 TREASURY SHARES
As at 31 December 2018, the company itself held 6,700 B-shares. During 2019 the
company has repurchased 112,898 B-shares and during 2022 the company has
repurchased 12,739 shares. As at 31 December 2022 and 31 December 2023 the
company held a total of 132,337 of B-shares.
NOTE 32 CHANGES IN GROUP COMPOSITION
2023
Acquisition of Exist AS
In June 2023 Naturkompaniet AS, a subsidiary within the Fenix Outdoor group
acquired the Norwegian e-commerce site Exist Internet AS and its two subsidiaries
Fjellshop AS and Fjellshop Tromso AS, including two stores, one in Lillehammer and
one in Tromso. The consideration was in NOK and recalculated to EUR it amounted
to TEUR 2,034 and net cash acquired of TEUR 324 resulted in a cash outflow of
TEUR 1,710. The provisional acquisition resulted in a preliminary goodwill position of
TEUR 1,135 and is not expected to be tax deductible. The acquisition has a limited
TEUR
Tangible Fixed Assets 54
Inventories 793
Short Term receivables 119
Cash and cash equivalents 324
Total Assets 1,290
Other liabilities –392
Total liabilities –392
Purchased net assets 898
Goodwill arising on acquisition 1,135
Payment –2,034
Purchased cash and cash equivalents 324
Cash outflow –1,710
Sale of business - Primus AB
In December 2022 Fenix Outdoor signed an agreement to divest Primus AB and its
subsidiary Primus Eesti Ou to Silva Sweden AB. Fenix Outdoor will, during a transition
period, continue to sell Primus in certain markets, through our Global Sales organiza
-
tion, the products will also continue to be an obvious part of Frilufts Retail Europe’s
product assortment.
The divestment of Primus AB and its subsidiary Primus Eesti Ou took place on April
28, 2023. Primus AB and Primus Eesti Ou had EUR as functional currency and was
consolidated as a subgroup in Fenix.
The sales price amounted to TEUR 6,893, out of which TEUR 3,728 was paid in net
of cash as repayment of Group internal loans and payment of salesprice. TEUR 6,100
of the purchase price are reported as Non-current receivables (interest-bearing) as it
will be paid according to a payment plan the coming three years, 1/3 of the loan are
due 28.04.2025, 28.04.2026 and 28.04.2027.
2023-04-28 2022-12-31
Tangible assets 294 286
Goodwill 332 -
Right-of-use assets 30 36
Other non-current financial assets 40 40
Deferred tax assets 10 3
Inventory 9,619 11,406
Accounts receivable trade and other receivables 3,391 1,490
Prepaid expenses and accrued income 651 68
Cash and cash equivalents 1,771 -
Total assets 16,140 13,329
NOTE 29 CAPITAL MANAGEMENT
For the purpose of the Group’s capital management, capital includes issued capital
and all other equity reserves attributable to the equity holders of the parent. The
group strives to keep a strong equity ratio to secure a high degree of financial inde
-
pendence.
The Group includes within net debt, interest bearing loans and borrowings, trade and
other payables, less cash and short-term deposits.
In order to achieve this overall objective, the Group’s capital management, among
other things, aims to ensure that it meets financial covenants attached to the inter
-
est-bearing loans. There have been no breaches of the financial covenants of any
interest-bearing loans and borrowing in the current period. No changes were made in
the objectives, policies or processes for managing capital during the years ended 31
December 2023 and 2022.
42 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 35 EVENTS AFTER THE REPORTING PERIOD
In March 2024 Fenix Outdoor acquired 30 % of its local Fjällräven Brand Retail
partner, Artic Fox s.r.o. It runs six Fjällräven Stores and online business in the Czech
Republic and Slovakia. Fenix Outdoor has an option to increase its ownership over
time, besides this no events.
-
dated accounts.
Deferred tax liabilities 6 11
Non-current lease liabilities 13 14
Other current liabilities 7,487 1,462
Current lease liabilities - 37
Current tax liabilities 425 298
Accrued expenses and deferred income 223 413
Total liabilities 8,153 2,233
Net assets disposed of 7,986 11,507
Salesprice 6,893
Loss recognised in Financial income P/L −1,093
Sales proceeds
Sales price 6,893
Sales price as Non-current receivables 6,100
Short term liability for reduction of sales price 96
Received part of sales price 793
Cash disposed of −1,771
Settlements of loans to Primus 4,610
Cash flow from Sale of business 3,632
OPTION PROGRAM Option program 3
Number of options
per exercised
period
Grant date 2023-03-20
Exercise rate SEK 834
Number of options*) 22,000
Market value at grant day in TEUR**) 676
Exercise period 1 March 2028 7,333
Exercise period 2 March 2029 7,333
Exercise period 3 March 2030 7,334
*) Each giving a right to purchasing 1 B-share of Fenix Outdoor International AG
**) The valuation is based on market values and calculated through Black-Scholes
model
34 EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit for the year attributable to ordi-
nary equity holders of the parent by the weighted average number of ordinary shares
outstanding during the year.
Diluted earnings per share is calculated by dividing the profit attributable to ordinary
equity holders of the parent by the weighted average number of ordinary shares
outstanding during the year plus weighted average of the number of ordinary shares
that would be issued on conversion of all the dilutive potential ordinary shares into
ordinary shares.
2023 2022
Profit attributable to ordinary equity
holders of the parent company
31,572 60,585
Weighted average number of ordinary shares:
A-shares 24,000,000 24,000,000
B-shares 10,927,663 10,932,956
Weighted eects of dilution from Share options calculated for part of the year from eighted effects of dilution from Share options calculated for part of the year from
Grant date
B-shares 60,500 3,667
Weighted average number of ordinary shares adjusted for the eects of dilution: y shares adjusted for the effects of dilution:
A-shares 24,000,000 24,000,000
B-shares 10,988,163 10,936,623
NOTES
44 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
AUDIT REPORT CONSOLIDATED FINANCIAL STATEMENT
BOARD APPROVAL
The consolidated financial statements were approved for publication by the Board of Directors of Fenix Outdoor International AG
on March 28, 2024, and will be presented to the Annual General Meeting for approval on May 2, 2024.
Martin Nordin Susanne Nordin Mats Olsson
Ulf Gustafsson Rolf Schmid Sebastian von Wallwitz
Statutory auditor’s report on the audit
of the consolidated financial statements
OPINION
We have audited the consolidated financial statements of Fenix Outdoor International AG and its subsidiaries (the Group), which comprise the consolidated
statement of financial position as at 31 December 2023, the consolidated income statement, the consolidated statement of other comprehensive income,
the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and notes to the consolidated financial
statements, including material accounting policy information.
In our opinion, the consolidated financial statements (pages 26 to 43) give a true and fair view of the consolidated financial position of the Group as at 31
December 2023 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting
Standards and comply with Swiss law.
BASIS FOR OPINION
We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and Swiss Standards on Auditing (SA-CH). Our
responsibilities under those provisions and standards are further described in the “Auditor's responsibilities for the audit of the consolidated financial
statements” section of our report. We are independent of the Group in accordance with the provisions of Swiss law, together with the requirements of
the Swiss audit profession, as well as those of the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these
requirements.
We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of
the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided
in that context.
We have fulfilled the responsibilities described in the “Auditor's responsibilities for the audit of the consolidated financial statements” section of our report,
including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks
of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the
matters below, provide the basis for our audit opinion on the consolidated financial statements.
VALUATION AND EXISTENCE OF INVENTORY
Area of focus
The Fenix Group develops and markets outdoor products. The inventory balance represents 36.7% of the Group’s total assets and 65.3% of the Group’s
total equity as at 31 December 2023. The Fenix Group measures the carrying value of its inventory by using the first-in, first-out method, at the lower of
acquisition cost or net realisable value on balance sheet date. Determining net realisable value involves judgment in estimating future revenues and margins
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 45
AUDIT REPORT CONSOLIDATED FINANCIAL STATEMENT
and assessing appropriate provisions for potential obsolescence as the values can be subject to rapidly changing consumer demands and weather conditions.
Refer also to notes 2 and 14 of the consolidated financial statements. The valuation, in combination with the significant amount of inventory compared to
total assets, made us conclude that the existence and valuation of inventory is a key audit matter of our audit.
Our audit response
We observed the inventory counts at major locations of warehouses and shops to understand the process and accuracy of the group’s inventory count
procedures and to validate physical counts performed by the group through our own test counts. We assessed the Group’s internal controls over its
inventory accounting process and the development of the key assumptions applied in the valuation. We tested a sample of inventory items at significant
components to assess the cost basis and net realisable value of inventory. Further, we compared the inventory obsolescence provision against the Group’s
policy and assessed management’s judgment of the adequacy of this by considering the overall level of provisions on an aggregate and by unit basis as well
as understanding the expected levels of future demand for significant items, including the inventory turnover to identify slow moving items. We assessed
the historical accuracy of the Group’s estimates and considered its ability to produce accurate forecasts, such as seasonality, ability to clear inventory in
subsequent periods and anticipated price reductions.
Our audit procedures did not lead to any reservations concerning valuation and existence of inventory.
ACCOUNTING FOR LEASES
Area of focus
As of the balance sheet date, right-of use assets and lease liabilities represent 17.5% and 41.1% of Fenix Group’s total assets and total liabilities, respectively.
Details concerning lease accounting are disclosed in the notes (notes 2, 12 and 26). Due to the significance of the carrying amount of right-of-use assets and
lease liabilities, the number and complexity of single lease contract details to be considered in the valuation and the judgement involved in performing lease-
type assessments, this matter is considered significant to our audit.
Our audit response
We obtained an understanding of Fenix Group’s accounting policies and processes for leases. We examined Fenix Group’s calculation methodology for
right-of use assets and lease liabilities and reperformed the calculation on a sample basis. In particular, we agreed the following input parameters to
supporting documents on a sample basis: monthly lease payments, lease terms, discount rates and extension options. For extension options, we analyzed
Fenix Group’s exercise assessment. In addition, we audited the completeness and the reconciliation of the lease contract population considered for IFRS
16 to the number of point of sales at designated components. For agreements signed in 2023, we analyzed Fenix Group’s assessment whether these
represent lease modifications or should be accounted for as separate leases.
Our audit procedures did not lead to any reservation concerning the accounting for leases.
OTHER INFORMATION
The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not
include the consolidated financial statements, the stand-alone financial statements, the compensation report and our auditor’s reports thereon.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Board of Directors’ responsibilities for the consolidated financial statements
The Board of Directors is responsible for the preparation of the consolidated financial statements, which give a true and fair view in accordance with
IFRS Accounting Standards and the provisions of Swiss law, and for such internal control as the Board of Directors determines is necessary to enable the
preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to
liquidate the Group or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with Swiss law, ISA and SA-CH will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements is located on EXPERTsuisse’s website at: https://www.
expertsuisse.ch/en/audit-report. This description forms an integral part of our report.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the
preparation of the consolidated financial statements according to the instructions of the Board of Directors.
We recommend that the consolidated financial statements submitted to you be approved.
Zurich, 28 March 2024
Ernst & Young Ltd, Zurich
Roger Müller Roman Ottiger
Licensed audit expert Licensed audit expert
(Auditor in charge)
46 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
PROFIT AND LOSS STATEMENT, PARENT COMPANY
INCOME STATEMENT, PARENT COMPANY
TEUR TCHF TEUR TCHF
2023 2023 2022 2022
Dividend income from investments 34,954 33,946 19,161 19,173
Interest income group loans 122 118 170 170
Interest income banks 4,006 3,890 1,924 1,925
Other income 13 13 - -
Total income 39,095 37,967 21,255 21,268
Interest expenses bank loans −539 −524 −277 −277
Interest expenses group loans 361 350 - -
Costs for own shares −43 −42 −53 −53
Currency gain 4,190 4,069 7,372 7,377
Currency loss −4,108 −3,990 −5,647 −5,650
Bank charges −211 −205 -282 -282
Write-downs of investments −1,078 −1,047 - -
Operating result 37,666 36,580 22,368 22,383
Personnel expenses −1,541 −1,496 −2,424 −2,425
Group services −1,950 −1,894 −1,426 −1,427
Other operating expenses −882 −856 −912 −912
Marketing expenses −129 −126 −245 −248
Write-downs of receivables groups companies −381 −370 −6,709 −6,713
Depreciation property, plant and equipment −18 −18 −30 −30
Result before tax 32,765 31,820 10,622 10,628
Direct taxes -41 -40 –10 –10
Net profit of the year 32,724 31,780 10,612 10,618
BALANCE SHEET, PARENT COMPANY
31/12/2023 31/12/2023 31/12/2022 31/12/2022
ASSETS
TEUR TCHF TEUR TCHF
CURRENT ASSETS
Cash at bank 92,478 85,635 59,632 58,720
Other receivables 111 102 127 125
-third parties 111 102 127 125
Short-term interest bearing receivables 3,123 2,892 2,733 2,691
-group companies 3,123 2,892 2,733 2,691
Accruals and prepaid expenses 275 254 272 268
-third parties 275 254 272 268
TOTAL CURRENT ASSETS 95,986 88,883 62,764 61,804
NON-CURRENT ASSETS
Investments 547,513 594,128 546,483 593,205
Property, plant and equipment 49 46 - -
TOTAL NON-CURRENT ASSETS 547,562 594,173 546,483 593,205
TOTAL ASSETS 643,548 683,057 609,247 655,009
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 47
PROFIT AND LOSS STATEMENT, PARENT COMPANY
BALANCE SHEET, PARENT COMPANY
31/12/2023 31/12/2023 31/12/2022 31/12/2022
LIABILTIES AND SHAREHOLDERS' EQUITY
TEUR TCHF TEUR TCHF
SHORT-TERM LIABILITIES
Short-term interest bearing liabilities 30,000 27,780 520 512
-group companies 30,000 27,780 520 512
Other short-term liabilities 62,665 58,028 73,803 72,675
-third parties 20 19 135 134
-group companies 62,645 58,009 73,668 72,541
Accrued expenses and deferred income 1,765 1,635 849 836
-third parties 1,765 1,635 259 255
-Shareholders - - 590 581
TOTAL SHORT-TERM LIABILITIES 94,431 87,443 75,172 74,023
SHAREHOLDERS' EQUITY
Share capital 12,378 13,460 12,378 13,460
Own shares −11,188 −12,112 −11,188 −12,112
Legal capital reserves 337,409 386,614 355,262 404,113
-reserves from capital contributions 304,624 349,049 322,478 367,456
-other capital reserves 26,620 30,502 26,620 29,999
- merger reserves 6,164 7,063 6,164 6,658
Legal profit reserves 2,389 2,692 2,389 2,692
Retained earnings 175,406 195,952 164,622 185,165
Net profit of the year 32,724 31,780 10,612 10,618
Currency translation adjustments - −22,771 - −22,950
TOTAL SHAREHOLDERS' EQUITY 549,117 595,614 534,075 580,986
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 643,548 683,057 609,247 655,009
48 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
NOTES, PARENT COMPANY
NOTES TO THE PARENT STATEMENTS
1. Accounting principles applied in the preparation of the
financial statements (in TEUR)
These financial statements have been prepared in accordance with the provisions of
commercial accounting as set out in the Swiss Code of Obligations (Art. 957 to 963b
CO), eective since 1 January 2013. As there is a consolidated financial report in ac
-
cordance with IFRS on group level the stand-alone financial statements of Fenix Out-
door International AG comprise only the following elements: Balance sheet, Income
statement and Notes. All amounts are presented in 000 EUR if not otherwise stated.
1.1. INVESTMENTS
Investments in subsidiaries are reported in the Company in accordance with the cost
method. Reported values are tested individually at each balance sheet date to assess
whether there is an indication for impairment.
1.2. INCOME RECOGNITION
Total income comprises mostly of dividend income as well as interest from loans
granted to group companies. Dividends are recognised when the right to receive
dividends is established. Interest income is recognised on an accrual basis. Other
income is recognised on an accrual basis.
1.3. EXPENSES
Interest on financial liabilities and exchange rate gains and losses are included in the
operating result. Administrative expenses mainly comprise of expenses on infrastruc
-
ture, personnel costs, consulting, purchased group services and other administrative
expenses. The expenses are recognised on an accrual basis.
1.4. PRESENTATION CURRENCY / FOREIGN CURRENCY TRANSLATION
The Swiss Francs (CHF) values are reported for Swiss compliance purpose (Swiss
Code of Obligation article 958d).
Transactions in foreign currencies during the period have been converted at the cur-
rent exchange rates of the transactions using the published daily rates. All monetary
assets and liabilities, denominated in the foreign currencies have been translated
at the exchange rates as of the balance sheet date. Any gains or losses arising from
these conversions are credited or charged to the income statement. The Investments
denominated in the foreign currencies are shown with the historical exchange rates
ruling on the date of purchase of such investment.
The balances in EUR as of December 31, 2023 were translated to CHF considering
the following exchange rates and historic opening equity values:
2023 2022
CHF/EUR CHF/EUR
Assets and liabilities except equity 1.07991 1.01554
Profit & loss accounts (average rate) 1.02970 0.9994
2. Information Balance Sheet and Income Statement
2.1. Other receivables
The position other receivables in the current assets of TEUR 111 comprises mainly of
tax deducted TEUR 65 and value added tax credits of TEUR 38.
2.2. Investments in subsidiaries
As of December 31, 2023 the company holds the following participations:
Participations (direct) 31/12/2023 31/12/2022
Name, Domicile Purpose Capital Capital Votes Capital Votes
Fenix Outdoor AB, Sweden Trading SEK 26,547,462 100% 100% 100% 100%
Frilufts Retail Europe AB, Sweden
1), 4)
Holding EUR 8,833,333 70% 64.50% 70% 64.50%
Fenix Outdoor Development and CSR AG, Switzerland
2)
Services CHF 100,000 100% 100% 100% 100%
Fenix Outdoor Brand Retail AG, Switzerland Dormant CHF 100,000 100% 100% 100% 100%
Alpen International Ltd, South Korea Trading KRW 2,803,800,000 91.80% 91.80% 91.80% 91.80%
RR Acquisition Company, USA
3)
Holding USD 1 100% 100% 100% 100%
Fenix Outdoor Asia Pacific ptc Ltd Trading USD 10,000 100% 100% 100% 100%
Fenix Outdoor Import Asia, Hong Kong Holding HKD 1 100% 100% 100% 100%
Fenix Outdoor Taiwan Co Ltd Trading TWD 35,000,000 70% 70% 70% 70%
1) In connection with the authorized capital increase of June 1, 2015, Fenix Outdoor
International AG acquired 1,200,000 shares of category A with a nominal value of EUR
0.20 each and 16,466,667 shares of category B with a nominal value of EUR 0.20
each in Frilufts Retail Europe AB at a total value of EUR 9,720,000 whereby, as consid
-
eration for the contributors in kind, 210,000 fully paid-up registered shares of category
B with a par value of CHF 1.00 were issued plus a total amount of EUR 500,000 was
paid in cash. Consequently, Fenix Outdoor International AG directly holds 70% of the
capital and 64.5% of the voting rights of Frilufts Retail Europe AB.
2) Shares in the dormant company Fenix Outdoor Development and CSR AG were fully
written down in the end of 2020.
3) Shares in RR Acquisition Company were fully written down in end of 2020.
Participations (indirect)
4) Fenix Outdoor AB holds 30% of the capital and 35.50% of the voting rights in Frilufts
Retail Europe AB.
For matrix showing the entirety of the Company’s subsidiaries as well as respective in
-
terest therein, both direct and indirect, see Consolidated financial statements Note 36.
Amounts in TEUR Share capital Legal capital
reserves
Legal profit
reserves
Retained
earnings
Net profit
of the year
Own shares Total
Balance as per 31.12.2022 12,378 355,262 2,389 175,234 - –11,188 534,075
Dividends
*)
–17,853 172 –17,681
Net profit of the year 2023 32,724 32,724
Balance as per 31.12.2023 12,378 337,409 2,389 175,406 32,724 –11,188 549,118
*) Net dividend, dividend payment of TEUR 17,853 minus dividend on own shares TEUR 172.
2.3. Equity
During 2023 the nominal share capital and the legal capital reserves showed the following several transactions:
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 49
NOTES, PARENT COMPANY
2.4. Own shares
As per November 14th 2016 the company purchased 12,900 B-shares in its own
company at a price of 595 Swedish Kronor per share. During 2017, options for 6,200
B-shares were exercised by the senior Executives. During 2019 the company did pur
-
chase additional 112,898 B-shares and held 119,598 shares B-shares. During 2022
the company purchased additional 12,739 B-shares and held 132,337 B-shares.
During 2023 no additional shares were purchased and the company per 31.12.2023
held 132,337 B-shares.
2.5. Dividend income from investments
In 2023, dividend from Fenix Outdoor Taiwan was distributed of TEUR 618 and divi
-
dend from Fenix Outdoor AB was distributed of TEUR 34,336.
2.6. Financial income and expenses
The currency gain of TEUR 84 is mainly resulting from valuation of liquid assets,
short-term bank loans and various loans granted to and received from subsidiaries
and group companies which are balanced at their nominal values (SEK/EUR and
USD/EUR).
2.7. Group services
Group services of TEUR 1,950 mainly comprise of the Company’s share of costs for
services provided by other group companies, such as board and shareholder costs,
administration, legal costs and marketing costs.
3. Additional disclosures in accordance with Art. 959c
(Swiss Code of Obligations)
3.1. Number of employees
Fenix Outdoor International AG has employed 3 fulltime employees (2022: 3).
3.2. Guarantees, contingent liabilities, assets pledged in favour of third parties
Fenix Outdoor International AG has taken over guarantee obligations of Fenix group
companies as follows:
Amounts in TEUR 31.12.2023 31.12.2022
Guarantees, contingent liabilities, assets pledged
in favour of third parties
47,301 34,431
thereof used 47,301 34,431
4. Mandatory disclosures in accordance with Art. 663c
(Swiss Code of Obligations)
4.1. Significant Shareholdings in Fenix Outdoor International AG
The Family Nordin, along with its related companies, represents 61.3% (61.3%) of
the Company’s nominal share value, corresponding to 85.1% (85.1%) of the votes at
the Annual General Meeting. See Consolidated financial report, page 57.
4.2. Shareholdings of members of the board of directors as per 31.12.2023
(31.12.2022)
2023 2022
Martin Nordin,
Executive chairman
18,300,000 A-shares
and 242,568 B-shares
18,300,000 A-shares
and 242,568 B-shares
Susanne Nordin (Nidmar Invest AB) 20,000 B-shares 20,000 B-shares
Mats Olsson No shares No shares
Ulf Gustafsson No shares No shares
Sebastian von Wallwitz 100 B-shares 100 B-shares
Rolf Schmid No shares No shares
4.3. Shareholding of Senior Executives as per 31.12.2023 (31.12.2022)
2023 2022
Alex Koska, President 1,000 B-shares 1,000 B-shares
Martin Axelhed, Vice President 6,000 B-shares 6,000 B-shares
Henrik Homan, Vice President 10,250 B-shares 10,250 B-shares
Thomas Lindberg, CFO 1,100 B-shares 1,100 B-shares
Nathan Dopp, Vice President 1,200 B-shares 1,200 B-shares
Per Wååg, Vice President No shares No shares
5. Events after the reporting period
There were no material subsequent events, that would have changed the judgement
and analysis by management of the financial condition of the Company at 31 Decem
-
ber 2023, or the result for 2023.
Dividend proposal
The Board of Directors proposes a dividend of 15.00 SEK per B-share (15.00) and a
dividend of 1.50 SEK per A-share (1.50) for 2023 as repayment out of capital reserve
• Final day of trading Fenix Outdoor shares, including the right to the dividend: May
2, 2024
• Record date for payment of the dividend: May 6, 2024
• Payment date for the dividend: Earliest May 10, 2024
in TEUR in TCHF in TEUR in TCHF
Retained earnings 31/12/2023 31/12/2023 31/12/2022 31/12/2022
Profit reserves at the beginning of the period 175,234 195,783 164,391 184,927
Dividend own shares 172 169 231 238
Net loss/profit of the year 32,724 31,780 10,612 10,618
Profit reserves at the end of the period 208,130 227,732 175,234 195,783
Allocation to the legal profit reserves - - - -
Profit to be carried forward 208,130 227,732 175,234 195,783
PROPOSAL OF THE APPROPRIATION:
Capital contribution reserve carried forward 322,478 367,456 348,425 394,155
Impact exchange rate on previous year estimated dividend in SEK - 873 - 29
Dividend at General Meeting −17,853 −19,280 −25,947 −26,728
Capital contribution reserves attributable for disbursement 304,625 349,049 322,478 367,456
Dividend proposal −18,196 −19,650 −18,154 -17,876
Capital contribution reserves 286,429 329,399 304,324 349,580
PROPOSED APPROPRIATION OF THE AVAILABLE EARNINGS
50 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS
Report of the statutory auditor on the financial statements
OPINION
We have audited the financial statements of Fenix Outdoor International AG, (the Company), which comprise the statement of financial position as at 31
December 2023, the income statement for the year then ended, and notes to the financial statements, including a summary of significant accounting
policies.
In our opinion, the financial statements (pages 46 to 49) comply with Swiss law and the Company’s articles of incorporation.
BASIS FOR OPINION
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards
are further described in the “Auditor's responsibilities for the audit of the financial statements” section of our report. We are independent of the Company
in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our opinion.
KEY AUDIT MATTER
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the “Auditor's responsibilities for the audit of the financial statements” section of our report, including in
relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material
misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the
basis for our audit opinion on the financial statements.
IMPAIRMENT ASSESSMENT OF INVESTMENTS IN SUBSIDIARIES
Area of Focus
Fenix Outdoor International AG assesses the valuation of its investments in subsidiaries on an annual basis, considering the performance of the investments
in subsidiaries and their operations as well as the market capitalization of the entire group. Investments in subsidiaries are recorded using the cost method
net of valuation adjustments. Reported values are tested individually at each balance sheet date, to assess whether there is an indication for impairment,
by calculating the value in use with a discounted cash flow model. The impairment assessment requires estimates and assumptions, such as budgets and
forecast earnings, cash flows and discount rates in order
to determine the value in use for the investments. The principal consideration for our determination that the impairment assessment of investments in
subsidiaries is a focus area of our audit is the subjectivity in the assessment of the value in use amounts which requires estimation and the use of subjective
assumptions. Refer to note 2.2 of the financial statements of Fenix Outdoor International AG.
Our audit response
We assessed the Company’s procedures to test the valuation of its investments in subsidiaries. We evaluated the budget and forecast information on both
earnings and related cash flows. We performed inquiries of management to corroborate our understanding about the estimated performance and future
developments in the markets including the estimation of growth rates or the forecast of future free cash flows of the coming five years. We further evaluated
how the Company derived the applied discount rate to the free cash flows in
the valuation model, assessed it against observable market data and involved valuation specialists.
Our audit procedures did not lead to any reservations concerning valuation of investments in subsidiaries.
OTHER INFORMATION
The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not
include the consolidated financial statements, the stand-alone financial statements, the compensation report and our auditor’s reports thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
BOARD OF DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of Swiss law and the Company's
articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 51
REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/
audit-report. This description forms an integral part of our report.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the
preparation of the financial statements according to the instructions of the Board of Directors.
Furthermore, we confirm that the proposed appropriation of available earnings complies and the proposed repayment of legal capital reserve comply with
Swiss law and the Company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.
Zurich, 28 March 2024
Ernst & Young Ltd, Zurich
Roger Müller Roman Ottiger
Licensed audit expert Licensed audit expert
(Auditor in charge)
52 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
COMPENSATION REPORT
COMPENSATION REPORT
The Compensation Report contains details of the total compensation paid to mem-
bers of the Board of Directors and the Senior Executives. In accordance with the
Ordinance against Excessive Compensation in Stock Exchange Listed Companies,
the Annual General Meeting of Shareholders votes to approve the compensation of
the members of the Board of Directors and the Senior Executives.
PRINCIPLES
The Board of Directors of Fenix Outdoor International AG determines guidelines for
remuneration to Senior Executives at market terms, enabling the company to recruit,
develop and retain Senior Executives. The remuneration consists of fixed salary, pen
-
sion and other benefits. Total remuneration is to be at market rate and competitive
and is also to reflect the areas of responsibility of the Senior Executive and the com
-
plexity of his or her role. In addition to the fixed salary component, Senior Executives
are eligible to receive variable compensation, which is related to the achievement of
sales and profitability targets. For Senior Executives, variable remuneration normally
is a maximum of 50 percent of base annual salary.
BASIC PRINCIPLES
The disclosed compensation of the Board of Directors and the Senior Executives
comprise the compensation for the full reporting year, subject to the following addi
-
tions and limitations:
– The compensation paid to new members of the Board of Directors or Senior
Executives is included from the date on which the member takes over the relevant
functions.
– If a member transfers from the Senior Executives to the Board of Directors, or vice
versa, the full compensation is taken into account and reported under the new func
-
tion.
– If a member resigns from or steps down from the Board of Directors or the Senior
Executives position, the compensation paid up to the date on which the member
stepped down plus any compensation paid in the reporting year in connection with
his or her former activities is included.
– The Board of Directors’ remuneration is paid by Fenix Outdoor International AG.
Senior Executives are paid by the company they are employed by.
FIXED COMPENSATION (BASIC COMPENSATION)
The basic compensation to the members of the Board of Directors is the Board
Remuneration. Martin Nordin and Susanne Nordin gets no Board remuneration but
a fixed salary. The basic compensation to the Senior Executives comprises an annual
fixed salary, pension and other benefits. The total fixed compensation is decided by
the Annual General Meeting (AGM).
VARIABLE COMPENSATION
In addition to the fixed compensation, the Senior Executives are also eligible to
receive variable compensation, which is based on sales and profitability targets. For
Senior Executives, variable remuneration normally is a maximum of 50 percent of the
basic annual salary. The Directors of the Board which are getting Board remunera
-
tion get no variable compensation. The AGM is asked to vote on the total variable
compensation retrospectively for the Senior Executives and the executive chairman,
i.e., variable compensation proposed by the Board of Directors to be payable for
2023 is subsequently confirmed by the annual general meeting in April 2024.
RESPONSIBILITIES AND DETERMINATION PROCESS
The compensation system is confirmed by the Compensation Committee before
being submitted to the Board of Directors for approval. Individual members of the
Board of Directors are not present when decisions are made on their respective
compensation awards.
MEMBERS OF THE COMPENSATION COMMITTEE
Ulf Gustafsson (member of the board) and Susanne Nordin (member of the board).
THE BOARD OF DIRECTORS
Approves, at the request of the Compensation Committee, the terms of the employ-
ment contract for the Senior Executives.
COMPENSATION FOR THE REPORTING YEAR (audited)
Board of Directors compensation overview:
At the AGM held in April 2022 the AGM approved a maximum total compensation for
2023 to the Board of Directors of TEUR 1,600 (TEUR 1,400).
Fixed compensation
The compensation paid in 2023 totaled TEUR 1,282, compared with TEUR 1,089
the previous year. Two Directors of the Board, Rolf Schmid and Ulf Gustafsson,
invoiced consultant fees for support given to the Fenix Outdoor Group – Mr. Schmid
through a company controlled by himself, RS Mandate AG, and Mr. Gustafsson
through a company controlled by himself, Consilo AB.
Variable compensation
In 2023 there was no variable compensation paid to the Board of Directors. In 2022
executive chairman Martin Nordin received a bonus of TEUR 167.
The Executive Chairman is entitled to a bonus, based on return on total assets for
the Fenix Outdoor Group (income after financial items plus interest expenses, as
a percentage of average total assets). The base is the average repo rate, set by the
European Central Bank, for the relevant calendar year plus 10 percent. The base
+1 percent gives an extra monthly salary; the base +2 percent gives a further month
-
ly salary, up to six monthly salaries. In 2023 the average repo rate was 3.3 percent.
The return on total assets in year 2023 was 8.6 percent. Total assets are defined as
total assets excluding eects from IFRS 16 adjustments.
SENIOR EXECUTIVES
Fixed compensation
At the AGM held in April 2022 the AGM approved a maximum total fixed compensa
-
tion for 2023 to the Senior Executives of TEUR 2,500. A total of TEUR 2,525 was
paid out in fixed compensation in 2023, compared with TEUR 2,208 the previous
year.
Variable compensation
In 2023 a total variable compensation of TEUR 0.0 was given to the Senior Executives.
The variable compensation for 2023 needs to be confirmed by the Annual General
Meeting in May 2024. In 2022 a variable compensation of TEUR 446 was given.
In 2022 and 2023 an option program to four defined Senior Executives has been
released. 60,000 options, each giving a right to buy one B-share in Fenix Outdoor In
-
ternational AG, have been granted to them. The exercise price was set to the market
price of the shares on the day of grant. The options vest if the person is still employed
on such date. If this is not met, the options lapse.
HIGHEST COMPENSATION (audited)
The highest total individual compensation was given to Martin Nordin.
COMPENSATION TO FORMER MEMBERS (audited)
No compensation was paid to former Directors of the Board or Senior Executives.
LOANS, CREDITS AND GUARANTEES IN 2023 (audited)
No loans or credits were granted by Fenix Outdoor International AG or any other
Group company to Senior Executives or the Directors of the Board, and no such loans
were outstanding as of December 31, 2023. In the reporting year no collateral or
guarantees were granted to Senior Executives or Directors of the Board.
SHAREHOLDING IN FENIX OUTDOOR INTERNATIONAL AG (audited)
Board of Directors as of December 31, 2023 (for more details see page 57)
Martin Nordin 18,300,000 A-shares and
242,568 B-shares
Mats Olsson No shares
Ulf Gustafsson No shares
Susanne Nordin 20,000 B-Shares (through company)
Sebastian von Wallwitz 100 B-shares
Rolf Schmid No shares
(Sven Stork, No shares, Permanent Honorary member of the Board)
Senior Executives as of December 31, 2023
Alex Koska, President 1,000 B-shares
Martin Axelhed, Executive Vice President 6,000 B-shares
Henrik Homan, Vice President 10,250 B-shares
Nathan Dopp, Vice President 1,200 B-shares
Thomas Lindberg, CFO 1,100 B-shares
Per Wååg, Vice President 0 B-Shares
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 53
COMPENSATION REPORT
COMPENSATION BOARD OF
DIRECTORS 2023 TEUR (audited)
Base
salary
Benefits and
other remu
-
neration
Consultant
fee
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2023, incl. soc. cost Total
Total in TCHF
EUR/CHF
0,9711551
Martin Nordin, Executive Chairman 721 36 - 7 70 - 833 809
Susanne Nordin 200 13 - 7 20 - 240 233
Ulf Gustafsson - 27 46 - - - 72 70
Mats Olsson - 26 - - - - 26 25
Sebastian Von Wallwitz - 26 - - - - 26 25
Rolf Schmid - 26 59 - - - 86 83
Total 921 153 104 13 90 - 1,282 1,245
Total fixed compensation 921 153 104 13 90 - 1,282 1,245
COMPENSATION BOARD OF
DIRECTORS 2022 TEUR (audited)
Base
salary
Benefits and
other remu
-
neration
Consultant
fee
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2022, incl. soc. cost Total
Total in TCHF
EUR/CHF
1,0794
Martin Nordin, Executive Chairman 500 30 - 6 86 485 1,107 1,107
Susanne Nordin 194 10 - 6 45 318 574 574
Ulf Gustafsson - 25 48 - - - 73 73
Mats Olsson - 25 - - - - 25 25
Sebastian Von Wallwitz - 25 - - - - 25 25
Rolf Schmid - 25 64 - - - 89 89
Total 694 140 112 12 131 803 1,892 1,893
Total fixed compensation 694 140 112 12 131 - 1,089 1,090
COMPENSATION SENIOR
EXECUTIVES 2023 TEUR
(audited) Base salary
Benefits and other
remuneration
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2023, incl. soc. cost
Value of options
at grant date Total
Total in TCHF
EUR/CHF
0,9711551
President 432 64 - - - 345 841 817
Senior Executives 1,304 174 261 291 - 1,037 3,066 2,978
Total 1,736 237 261 291 - 1,382 3,907 3,795
Total fixed compensation 1,736 237 261 291 - - 2,525 2,452
COMPENSATION SENIOR
EXECUTIVES 2022 TEUR
(audited) Base salary
Benefits and other
remuneration
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2022, incl. soc. cost
Value of options
at grant date Total
Total in TCHF
EUR/CHF 1,0006
President 420 62 - - 140 142 764 764
Senior Executives 1,172 34 267 254 306 424 2,457 2,458
Total 1,592 96 267 254 446 566 3,220 3,222
Total fixed compensation 1,592 96 267 254 - - 2,208 2,210
OPTION PROGRAM (audited)
In 2022 and 2023 Alex Koska, Martin Axelhed, Henrik Homan and Nathan Dopp were granted a personnel option program as below.
The option program is valid as long as these persons are employed. There are no other vesting conditions to be met.
OPTION PROGRAM Grant date Exercise rate
Number of *)
options
Value of options
at grant date TEUR Exercise period 1 Exercise period 2 Exercise period 3
Option program 1 2022-11-02 SEK 845 20,000 566 2025 11 2026 11 2027 11
Senior Exec. 6,666 6,667 6,667
Option program 2 2023-02-27 SEK 953 20,000 706 2027 02 2028 02 2029 02
Senior Exec. 6,666 6,667 6,667
Option program 3 2023-03-20 SEK 834 20,000 676 2028 03 2029 03 2030 03
Senior Exec. 6,666 6,667 6,668
*)each giving a right to purchasing 1 B-share of Fenix Outdoor International AG
54 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS
Report of the statutory auditor on the compensation report
Opinion
We have audited the compensation report of Fenix Outdoor International AG (the Company) for the year ended 31 December 2023. The audit was limited to
the information pursuant to Art. 734a-734f of the Swiss Code of Obligations (CO) in the information marked “audited” on pages 52 to 53 of the compensation
report.
In our opinion, the information pursuant to Art. 734a-734f CO in the compensation report complies with Swiss law and the Company’s articles of
incorporation.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards
are further described in the “Auditor’s responsibilities for the audit of the compensation report” section of our report. We are independent of the Company
in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
We believe that the audit evidence we have obtained is sucient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not
include the information marked ”audited” in the compensation report, the consolidated financial statements, the stand-alone financial statements and our
auditor’s reports thereon.
Our opinion on the compensation report does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the compensation report, our responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the audited financial information in the compensation report or our knowledge obtained in the audit or otherwise
appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report in this regard.
Board of Directors’ responsibilities for the compensation report
The Board of Directors is responsible for the preparation of a compensation report in accordance with the provisions of Swiss law and the Company's
articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the preparation of a compensation report
that is free from material misstatement, whether due to fraud or error. It is also responsible for designing the compensation system and defining individual
compensation packages.
Auditor's responsibilities for the audit of the compensation report
Our objectives are to obtain reasonable assurance about whether the information pursuant to Art. 734a-734f CO is free from material misstatement, whether
due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of this compensation report.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
• Identify and assess the risks of material misstatement in the compensation report, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sucient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the eectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made.
We communicate with the Board of Directors or its relevant committee regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Board of Directors or its relevant committee with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where
applicable, actions taken to eliminate threats or safeguards applied.
Zurich, 28 March 2024
Ernst & Young Ltd, Zurich
Roger Müller Roman Ottiger
Licensed audit expert Licensed audit expert
(Auditor in charge)
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 55
FENIX OUTDOOR SHARE DATA
THE SHARE AND SHAREHOLDERS
FENIX OUTDOOR SHARE PRICE NASDAQ OMX, 2019–2023
2019-07-02
2020-11-02
2019-09-02
2021-01-02
2019-11-02
2021-03-02
2020-01-02
2021-05-02
2022-03-02
2020-03-02
2021-07-02
2022-05-02
2019-01-02
2020-05-02
2021-09-02
2022-07-02
2019-03-02
2020-07-02
2021-11-02
2022-09-02
2019-05-02
2020-09-02
2022-01-02
2022-11-02
2023-03-02
2023-05-02
2023-07-02
2023-09-02
2023-01-02
2023-11-02
SHARE PERFORMANCE 2023
Fenix Outdoor has been listed on the stock market since 1983
and is traded on Nasdaq OMX Stockholm’s Large Cap list.
The share is included in the Consumer Products and Services
sector.
The symbol is FOI-B and ISIN code is CH0242214887. Based
on the last price paid on December 29, 2023, which was 774.00
SEK, Fenix Outdoors market capitalization was 10.4 billion SEK
(11.5).
Fenix Outdoor’s share price declined by 10.7 percent in
2023, while the total index, OMX PI Stockholm, increased by
15.6 percent. The highest closing price paid during the year was
999.00 SEK, quoted in February 16th, and the lowest closing
price paid was 610.00 SEK, quoted in August 4th.
SHARE CAPITAL
At the end of 2023, Fenix Outdoor’s share capital equaled TCHF
13,460 divided among 11,060,000 B-shares with a nominal
value of 1 CHF, 24,000,000 A-shares with a nominal value of
0.1 CHF. The A-shares carry 1/10 of the B-shares entitlement to
the company’s profit and equity.
SHARE DATA
Listing: Nasdaq Stockholm OMX Large Cap
Ticker: FOI-B
Industry: 4020 Consumer Products and Services
ISIN: CH0242214887
SHAREHOLDING STRUCTURE
The number of shareholders was 8,742 (9,284) at 2023. The
ten largest shareholders held 81.2 percent of the capital and
92.8 percent of the votes.
DIVIDEND
For the 2023 financial year, the Board of Directors has proposed
a dividend of 15.00 (15.00) SEK per B-share and a dividend of
1.50 (1.50) SEK per A-Share, corresponding to 55.6 percent of
profit after tax.
Based on the last price paid on December 29th 2023 (SEK
774.00), the proposed dividend represents a dividend yield of
1.9 percent.
Since 2019, Fenix Outdoor has paid out an average of 30.8
percent of profit after tax in yearly dividends.
Fenix Outdoor OMX PI
71.7%
-9.2%
56 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION 2024
Shareholder
Number of
A-shares
Number of
B-shares
Percentage of
capital, %
Percentage of
votes, %
NORDIN, MARTIN 18,300,000 242,568 15.4% 52.9%
HAK HOLDINGS 1,900,000 1,948,767 15.9% 11.0%
LISELORE AB 1,900,000 1,663,767 13.8% 10.2%
PINKERTON HOLDING AB 1,900,000 1,628,767 13.5% 10.1%
NORDEA NORDIC SMALL CAP FUND - 959,930 7.1% 2.7%
BESTSELLER UNITED A/S - 814,345 6.0% 2.3%
VERDIPAPIRFONDET ODIN SVERIGE - 722,000 5.4% 2.1%
VON DER ESCH, STINA - 200,000 1.5% 0.6%
NORDEA SMABOLAGSFOND SVERIGE - 191,322 1.4% 0.5%
PICTET AND CIE (EUROPE) AG, SUCCURS, ALE DE LUX - 164,696 1.2% 0.5%
NORDIN FORSMAN, ANNA - 149,452 1.1% 0.4%
NORDEA INSTITUTIONELLA SMABOLAGSFON - 97,419 0.7% 0.3%
NORDEA 1 SICAV - 84,822 0.6% 0,2%
WALL, KARL JOHAN - 70,000 0.5% 0.2%
STIFTELSE, MÄRTA - 60,000 0.5% 0.2%
Other - 1,929,768 15.4% 5.9%
TOTAL 24,000,000 10,927,623 100.0% 100.0%
OWNED BY FENIX OUTDOOR INTERNATIONAL AG - 132,337
The Annual General Meeting of the shareholders of Fenix Out-
door International AG will be held at 14.00 pm on Thursday,
May 2, 2024, at Hemvärnsgatan 9, Solna.
NOTICE OF ANNUAL GENERAL MEETING
The announcement regarding the Annual General Meeting will
be issued through the Ocial Swedish Gazette (Post och Inrikes
Tidningar) and by publication on the Company’s website www.
fenixoutdoor.com. The fact that notification has been issued is
announced in Svenska Dagbladet and Örnsköldsviks Allehanda.
NOTIFICATION AND PARTICIPATION AT THE
MEETING
Shareholders who wish to attend the Annual General Meeting
must notify the Company of their intention no later than 1 p.m.
on Friday, April 26, 2024 at the following address: Fenix
Outdoor International AGM, Hemvärnsgatan 15, SE - 171 54
Solna or by e-mail at info@ fenixoutdoor.se.
Notification must include the shareholder’s name, address,
personal identity number /corporate identity number, phone
number (daytime) and the number of shares he or she holds.
Shareholders who, through a bank or another trustee, have
trustee-registered shares must re-register the shares in their
own names to be entitled to participate in the Annual General
Meeting.
To ensure that this registration is entered in the shareholder
register on Tuesday, April 23, 2024 shareholders must request
that their trustees conduct such registration well in advance of
this date. The re-registration may be temporary.
DIVIDEND PROPOSAL
The Board of Directors proposes a dividend of 15.00 SEK per
B-share (15.00) and a dividend of 1.50 SEK per A-share (1.50)
for 2023.
• Final day of trading Fenix Outdoor shares, including the right
to the dividend: May 2, 2024
• Record date for payment of the dividend: May 6, 2024
• Payment date for the dividend: Earliest May 10, 2024
FINANCIAL CALENDAR
Interim report January–March, May 2, 2024
Interim report April–June, July 22, 2024
THE MAJOR SHAREHOLDERS 2023–12–31
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 57
BOARD OF DIRECTORS, SENIOR EXECUTIVES
BOARD OF DIRECTORS, SENIOR EXECUTIVES
AUDITORS
AUDITOR IN CHARGE
Roger Müller
Licensed audit expert
Ernst & Young Ltd
Auditor at Fenix Outdoor
International AG since 2018
AUDITOR
Roman Ottiger
Licensed audit expert
Ernst & Young Ltd
Auditor at Fenix Outdoor
International AG since 2018
SVEN STORK
Born 1940 Permanent Honorary Member since 2018
Member of the Board between 1989 and 2018, D Sc
OTHER ASSIGNMENTS:
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
MARTIN NORDIN
Born 1962 Executive Chairman Fenix Outdoor
employee since 2002
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
18,300,000 A-
SHARES AND 242,568 B-SHARES
MATS OLSSON
Born 1948
Member of the Board since 1986, Director
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
ULF GUSTAFSSON
Born 1955
Member of the Board since 2013
OTHER ASSIGNMENTS:
Blåkläder Workwear AB,
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
SEBASTIAN VON WALLWITZ
Born 1965 Member of the Board since 2016
OTHER ASSIGNMENTS:
Partner in SKW Schwarz in Munchen.
Chairman in Your Family Entertainment AG
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
100 B-
SHARES
ROLF SCHMID
Born 1959 Member of the Board since 2018
OTHER ASSIGNMENTS:
Mobiliar Genossenschaft, Competec Holding AG,
Mobility Genossenschaft and Ulrich Jüstrich Holding AG
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
SUSANNE NORDIN
Born 1966
Member of the Board since 2016.
OTHER ASSIGNMENTS: —
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
20,000 B-SHARES
ALEXANDER KOSKA
Born 1966 President
Fenix Outdoor employee since 2007
1,000 B-
SHARES
MARTIN AXELHED
Born 1976 Vice President
Fenix Outdoor employee since 1997
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
6,000 B-SHARES
HENRIK HOFFMAN
Born 1978 Vice President
Fenix Outdoor employee since 2003
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
10,250 B-SHARES
NATHAN DOPP
Born 1966 Vice President
Fenix Outdoor employee since 2012
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
1,200 B-SHARES
PER WÅÅG
Born 1976 Vice President
Fenix Outdoor employee since 2012
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
0 B-SHARES
THOMAS LINDBERG
Born 1963 CFO
Fenix Outdoor employee since 2008
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
1,100 B-SHARES
58 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
ADDRESSES
FENIX OUTDOOR
INTERNATIONAL AG
Weidstrasse 1a
6300 ZUG
SWITZERLAND
Phone +46 (0) 660-26 62 00
www.fenixoutdoor.se
ADMINISTRATION
Fenix Outdoor AB
Box 209
SE-891 25 ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-26 62 00
www.fenixoutdoor.se
info@fenixoutdoor.se
FENIX OUTDOOR LOGISTICS B.V.
Koningsbeltsweg 12 NL-1329
AG ALMERE
THE NETHERLANDS
Phone +31-36-53 59 400
FENIX OUTDOOR LOGISTICS GMBH
Am Alten Flugplatz 5 D-19288
LUDWIGSLUST GERMANY
Phone +49 3874 62 00 100
TIERRA PRODUCTS AB
Box 209
SE-891 25 ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-26 62 00
www.tierra.se,
info@tierra.se
ROYAL ROBBINS
575 Sutter S.
SAN FRANCISCO
CA. 94102
USA
Phone +1 415 587 9044
www.royalrobbins.com
HANWAG DEUTSCHLAND
VERTRIEBS GMBH
Wiesenfeldstrasse 7
DE-852 56 VIERKIRCHEN
GERMANY
Phone +49-8139-935 60
www.hanwag.de
FJÄLLRÄVEN INTERNATIONAL AB
Box 209
SE-891 25 ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-26 62 00
www.fjallraven.se
info@fjallraven.se
FJÄLLRÄVEN GMBH
Wiesenfeldstrasse 7
DE-852 56 VIERKIRCHEN
GERMANY
Phone +49-8139-802 30
FJÄLLRÄVEN B.V.
Torenzicht 23A
3755 CA EEMNES
THE NETHERLANDS
FENIX OUTDOOR BENELUX B.V.
Plesmanstraat 1
3833 LEUSDEN LA
THE NETHERLANDS
FENIX OUTDOOR NORGE AS
Serviceboks 827
2626 LILLEHAMMER
NORWAY
Phone +47-61-24 69 00
FENIX OUTDOOR FINLAND OY
Pakkalankuja 6
FIN-01510 VANTAA
FINLAND
Phone +358-98-77 11 33
FENIX OUTDOOR DANMARK APS
Bremårevej 3
DK-8520 LYSTRUP
DENMARK
Office +45 86 20 20 75
FENIX OUTDOOR UK LTD
13 Quay Lane GOSPORT
Hants. PO 124LJ , UK
Phone +42-39 25 28 711
FENIX OUTDOOR AUSTRIA
ITALY GMBH
Valiergasse 60, Top 0-05
6020 INNSBRUCK
AUSTRIA
Phone: (+43) 512 79 34 18
FENIX OUTDOOR EMERGING
MARKETS GMBH
Wiesenfeldstrasse 7
DE-852 56 VIERKIRCHEN
GERMANY
Phone +49-8139-802 30
FENIX OUTDOOR CHECH SRO
Na okraji 335/42
Veleslavin
162 00 PRAHA 6
CHECH REPUBLIC
BUS SPORT AG
Schingasse 4a
CH 9470 BUCHS
SWITZERLAND
FJÄLLRÄVEN USA LLC
1795 Dogwood St #400
LOUISVILLE
CO 800 27, USA
Phone +8004434871
FENIX OUTDOOR ASIA PACIFIC
PTE LTD
1 Harbourfront Avenue
#14-08 Keppel Bay Tower
SINGAPORE 098632
ALPEN INTERNATIONAL CO LTD
135-896 Daemyung B/D 6E
637-15 Shinsa-dong
Gangnam-Gu SEOUL
SOUTH KOREA
www.alpen-international.com
FENIX OUTDOOR TAIWAN CO. LTD.
10F.-5, No. 112, Sec. 2,
Zhongshan N. Rd., Zhongshan
Dist.,
TAIPEI CITY 104,
TAIWAN (R.O.C.)
Tel +886-2-2523-3871
GLOBETROTTER AUSRÜSTUNG
GMBH
Fuhlsbüttlerstrasse 29
D-22305 HAMBURG
GERMANY
www.globetrotter.de
NATURKOMPANIET AB
Box 177
SE-891 24, ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-29 35 50
PARTIOAITTA OY
Nuijamiestentie 5C
00400 HELSINKI
FINLAND
www.partioaitta.fi
FRILUFTSLAND A/S
Frederiksborggade 52
1360 COPENHAGEN
DENMARK
Phone +45-33 14 51 50
www.friluftsland.dk
TREKITT
51 Eign Gate
HEREFORD
HR4 0AB
GREAT BRITAIN
Phone +44 1432 263335
www.trekitt.co.uk
ADDRESSES
ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG 59