FENIX OUTDOOR
ANNUAL REPORT 2024
2 ANNUAL REPORT 2024 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
12 Fjällräven
14 Royal Robbins
16 Tierra
18 Hanwag
20 Frilufts
24 EU Taxonomy regulation
ANNUAL REPORT
26 Management report including Corporate
Governance Report
29 Consolidated income statement
30 Consolidated statement of financial position
31 Consolidated statement of changes in equity
32 Consolidated cash flow statement
33 Notes to the consolidated financial statements
48 Audit report consolidated financial statements
50 Income statement, parent company
50 Balance sheet, parent company
52 Notes to the parent company financial statement
55 Audit report, parent company
57 Compensation report
60 Audit report, compensation report
61 Fenix Outdoor share data
62 Annual General Meeting
63 Addresses
Annual General Meeting 2025-05-05
The Annual General Meeting of the shareholders of Fenix Outdoor International AG
will be held at 2 p.m. on Monday, May 5, 2025, at Solna Strandvag 128 B, 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 Tuesday, April 29, 2025 at the following address:
Fenix Outdoor International AGM, Solna Strandvag 128 B, 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 Thursday April 24, 2025 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
2020
0
200
400
600
800
2024202320222021
2020
0.0
22.5
45.0
67.5
90.0
2024202320222021
2020
0
4
8
12
16
2024202320222021
Frilufts
MEUR
Jan–Dec
2024
Jan–Dec
2023
External net sales
347.5
352.1
EBITDA
24.7
30.7
EBIT
−5.7
0.4
Stores
106
106
Brands
MEUR
Jan–Dec
2024
Jan–Dec
2023
External net sales
173.2
198.3
EBITDA
52.8
53.0
EBIT
37.9
38.0
Stores
42
48
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
2024
Jan–Dec
2023
External net sales
164.6
188.5
EBITDA
14.1
27.9
EBIT
12.1
25.7
Stores
41
36
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 2024 FENIX OUTDOOR INTERNATIONAL AG 3
A challenging year
has passed
It was a challenging year, even more than we/I anticipated. e
very strong market during Covid and eects from a low growth
in many countries and other diculties arising from the po
-
litical and macroeconomic situation in the world aected our
business. In earlier periods of low growth and recessions usu
-
ally the outdoor industry and Fenix Outdoor especially has
gained from people buying more goods doing local outdoor ac
-
tivities and travelling less, but in 2024 the situation was dier-
ent. People travelled more than ever and were also, to some ex-
tent, already equipped with goods and equipment purchased
during the covid.
The quarters
-10
-5
0
5
10
15
20
25
30
35
40
2023 2024
17,1
12,8
Q1 Q2 Q3 Q4
EBIT in MEUR per Quarter
0
50
100
150
200
250
180
163,8
156,2
149,6
223
197,5
180,2
174,6
Net sales in MEUR per Quarter
Q1 Q2 Q3 Q4
2023 2024
2024 started very much as we expected it. We entered Q1
with a lower order book compared to the year before. is was
mainly due to the inventory situation in the spring of 2023,
which caused high insecurity among our retailers. e lower
sales were also an eect from the divestment of Primus in 2023.
e second quarter was more challenging than assumed. e
retail market still faced a situation with higher-than-normal in
-
ventory, as well as a volatile trading because of the weather.
ere were also indications that several retailers were facing
some liquidity/nancial problems, limiting their ability to serve
the market. e period was aected by a price pressure in the
market.
e third quarter continued as the second quarter. e re
-
tail market continued to be driven by price pressure and warm
weather. e supply chain was aected negatively by the cri
-
sis in the middle east. is were, not only creating delays to Eu-
rope, the following lack of containers also hurt deliveries to the
US. e were some lights. China, where Fenix Outdoor oper
-
ates a JV, performed very well not only in the Q3, but over the
full year.
e 4th quarter started promising, but a delay in winter
weather meant it slowed down before improving again towards
the latter part of the quarter. We did run into shortage of some
winter merchandise due to more conservative purchasing be
-
cause of the large inventory the year before.
Other observations from the year passed
A trend globally, valid for all periods, was that the digital sales
channels in general underperformed compared to brick and
mortar. Despite a total loss of sales vs 2023 of 7.3%. e brick-
and-mortar business stand-alone showed was stable com
-
pared to the year before, that including the close of some non-
protable addresses. So, on a like for like basis a growth was
achieved. e cost saving actions decided in 2023 took some ef
-
fect already in 2024 lowering the total OPEX by 2%.
e downsizing on inventory to a more relevant level and
the cut in OPEX drove the cash ow of the year in a very posi
-
tive direction.
During the year the group made some investments to
strengthen its operations. In June Fenix Outdoor entered a
partnership with the German outdoor brand Maloja to operate
apparel production at their existing production facility, Viomo
-
da, in Plovdiv, Bulgaria. is is the rst step toward establishing
apparel production in Europe at Fenix Outdoor, following our
earlier announce change in production strategy.
In March 2024 Fenix Outdoor acquired 30% of its local Fjäll
-
räven Brand retail partner, Arctic Fox s.r.o. Artic Fox runs six
Fjällräven Stores and online business in the Czech Republic and
250
200
150
100
50
0
0,1
-6,5
37,4
28,6
0,4
2,6
4 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
Slovakia. Fenix Outdoor has an option to increase its owner-
ship over time.
In March 2025 another important and strategic important in
-
vestment was made. Fenix Outdoor acquired 65% of the shares
in Devold of Norway AS, a pioneer in wool clothing for out
-
door activities and protective workwear. Following completion
of the transaction, Devold will become Fenix Outdoor’s num
-
ber one wool brand. Fenix Outdoor also has an option to in-
crease its ownership over time.
Quoting Martin Axelhed Executive Vice President of Fenix
Outdoor and responsible for the Brands segment of the group
“We have searched extensively for a premium wool brand to
complement our portfolio and have now found the right part
-
ner. Honoring Devold’s heritage and high-quality standards, we
are eager to introduce outdoor enthusiasts and adventurers to
Devold’s high-performance garments and build a leading glob
-
al wool brand.”
2025 and forward – possibilities, but also
remained risks
We are still facing a challenging market in 2025. In terms of or-
derbooks for 2025 we do see an improvement for both fall and
winter. ere are still signs of retailers being cautious of taking
risks in inventory. ey are counting more on reorders from
the brands. is means there is an increase of risk in our busi
-
ness, especially in purchasing, as we must take a larger risk to
enable us to capitalize more in reordering. e supply chain as
well as the political environment is also factors playing in.
We have improved our inventory situations overall, even
though we have not achieved the optimal level everywhere in
the group. We are now focusing more on optimizing the lev
-
els which might mean increasing inventory in some parts of the
operations to optimize sales. We will also work hard to integrate
Devold in our Brand and distribution network.
We are still facing a cost challenge going forward, both inter
-
nally as well as externally. Internally we are facing extra costs
from implementing the new ERP system, while keeping old sys
-
tems running, as well as higher than normal costs running our
logistics until we have fully implemented our warehouse oper
-
ation in Ludwigslust. We are also contemplating increasing our
marketing spend for the next 18 months given the positive ex
-
perience we had last fall with the two larger campaigns we did
in Germany and in the US (New York). Externally we are fac-
ing a volatile supply chain, both in speed and cost, as well as po-
litical challenges from potential trade wars, need to note tough
that we have a limited exposure to the US vs China part of it.
Thanks for all support
I nalize by repeating my message from the Q4 report and
give a big anks to our management, all employees, board,
shareholders and not the least customers for their eorts and
loyalty in helping us.
All the best,
Martin Nordin
Chairman of the Board
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 5
6 ANNUAL REPORT 2023 FENIX OUTDOOR INTERNATIONAL AG
MEUR
2024 2023 2022 2021 2020
INCOME STATEMENT
Net sales
685.6 739.4 759.2 649.9 563.0
Depreciation/amortisation
−57.9 −58.7 −55.2 −51.5 −48.9
EBITDA
95.3 113.6 138.7 135.4 110.0
Operating profit
37.4 54.9 83.5 83.9 61.1
Net financial income
−2.1 −7.4 −0.7 −2.1 −7.6
Profit/loss after financial items
35.3 47.5 82.8 81.7 53.5
Income tax
−20.7 −15.6 −21.8 −25.1 −19.6
Net profit for the year
14.6 31.9 61.0 56.7 33.9
BALANCE SHEET
Fixed assets
275.7 277.3 265.0 265.4 255.0
Inventories
227.5 272.6 246.5 152.6 153.8
Accounts receivable - trade
59.2 51.6 55.8 60.9 38.2
Other current assets
12.7 9.3 12.9 8.2 13.7
Cash and cash equivalents, current investments
111.8 119.1 81.0 181.9 191.1
Assets held for sale
- - 13.3 - -
Total assets
686.9 729.9 674.6 668.9 651.7
Equity attributable to the Parent Company´s shareholders
413.2 417.2 405.0 381.4 353.7
Minority shareholdings
0.0 0.0 0.0 0.0 0.1
Provisions etc
8.8 11.5 13.5 15.4 16.1
Non-current liabilities, interest-bearing
129.4 126.5 109.3 126.3 138.8
Other non-current liabilities
0.7 0.2 0.3 0.2 0.7
Current liabilities
Interest-bearing
37.5 65.7 40.4 37.7 56.5
Non-interest-bearing
97.3 108.8 103.9 107.9 85.8
Liabilities directly associated with the assets held for sale
- 2.2 - -
Total equity and liabilities
686.9 729.9 674.6 668.9 651.7
CASH FLOW
Cash flow from operating activities
96.6 75.7 −7.0 118.7 110.0
Cash flow from investments activities
−16.6 −24.7 −27.0 −34.4 −21.6
Cash flow after investments
80.0 51.0 −34.0 84.3 88.4
KEY RATIOS
Change in sales, %
−9.7 −2.6 16.8 15.4 −7.3
Profit margin, %
5.1 6.4 10.9 12.6 9.5
Return on total assets, %
6.1 7.8 12.7
12.8 9.3
Return on equity, %
3.6 7.6 15.5 15.4 10.1
Equity/assets ratio, %
60.2 57.2 60.0 57.0 54.3
Average number of FTE employees
2,790 2,972 2,837 2,446 2,439
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
6.63 8.29 10.62 8.11 6.21
Earnings per B-share, EUR
1.08 2.37 5.58 4.25 2.54
Equity per B-share, EUR
37.81 38.18 37.02 28.59 26.51
Market value as of December 31, EUR
102 102 102 120 102
P/E ratio
76 35 18 28 40
Dividend per B-share
1
)
2.62 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 2024 FENIX OUTDOOR INTERNATIONAL AG 7
It all started in Örnsköldsvik
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 backpacks of that time were unsatisfacto
-
ry. He took matters into his own hands, build-
ing a wooden frame. With this frame, the
weight was evenly spread across his back so
that the pack did not end up uneven, uncom
-
fortable and pear-shaped. It also meant he
could carry more weight with ease. Åke’s in
-
novation quickly caught on, and in 1960 his
new company Fjällräven became the rst to
make and distribute framed backpacks for
commercial use. Fjällräven is Swedish for Arc
-
tic Fox, honoring the small and highly adapt-
able predator that lives in the Swedish moun-
tains under the harshest conditions. From the
small town of Örnsköldsvik, Fjällräven and
Fenix Outdoor have now expanded to every
corner of the world. e fundamental idea
of the company remains the same: To pro
-
vide functional, durable and timeless equip-
ment that makes the outdoors more enjoyable
for all. We continue to nd smart, innova
-
tive solutions to make every adventure unfor-
gettable.
Growing into a global outdoor
leader
Åke had a growth mindset. Producing back-
packs for Swedes was not enough – early on,
he began expanding Fjällräven beyond Swe
-
den’s borders while also diversifying the product
range to include tents, sleeping bags and apparel.
In the early 1990s, Åke’s son Martin Nor
-
din joined the board and worked as a consul-
tant for the group. With a strong background
in management and nancial consulting,
he introduced a more M&A-driven strate
-
gy. is approach led to the acquisition of
two Swedish outdoor retail stores, form
-
ing the foundation of what would become
Naturkompaniet – now Sweden’s leading
outdoor retail chain.
e acquisition was driven by the need to
secure a strong, premium distribution network
for Fjällräven in Sweden. Around this time, the
company rebranded from Fjällräven Group
to Fenix Outdoor, reecting its broader ambi
-
tions. In the early 2000s Martin ocially joined
the management team, further strengthening
the company’s strategic direction.
is marked the beginning of a series of ac
-
quisitions, expanding both the brand and re-
tail portfolios:
• In 2001, the group acquired Naturkompani
-
et and the outdoor brand Tierra, known for
its innovative, high-tech garments.
• In 2004, the German footwear brand
Hanwag joined the portfolio.
• In 2011, the retail segment Frilus expanded
with the acquisition of the Finnish outdoor
retailer Partioaitta.
• In 2014, the group acquired the German
outdoor retailer Globetrotter.
• e expansion of Frilus continued with the
acquisition of the Danish retailer Frilusland
in 2017 and the British retailer Trekitt in 2021.
• In 2018, the U.S.-based outdoor and travel
apparel brand Royal Robbins was added to
the brand portfolio.
• Since 2021, Naturkompaniet has expanded
into Norway.
• In 2025 Fenix Outdoor acquired the Norwe
-
gian wool specialist brand Devold.
Beyond these acquisitions, the group has es
-
tablished distribution companies across Eu-
rope, Asia and North America, reinforcing its
position as a global outdoor leader.
Products and Innovation
Åke Nordin’s invention of the framed back-
pack was the beginning of both Fjällräven and
Fenix Outdoor. e group has since contin
-
ued developing products for an active outdoor
life based on the customer’s needs.
e range includes apparel, daypacks, back
-
packs, sleeping bags, tents, bags, outdoor shoes
and boots. e products are high-quality, dura
-
ble and classically designed. Product develop-
ment adapts to the demands of consumers and
professional users. e brands are also trusted
names, with considerable expertise and histo
-
ry in product design, materials and production.
e philosophy is to oer optimal and func
-
tional products based on functional design.
Functionality
e brands of Fenix Outdoor work hard to
develop functional equipment by careful
-
ly considering everything from new, smart-
er solutions to improved material. Our goal is
to oer outdoor equipment that allows you to
spend more time enjoying nature.
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 2024 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 9ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 9
Durability
A Fenix Outdoor product is a guarantee
that you will not need to buy a new prod
-
uct for a long time. Our users know that our
products live up to strict requirements and
last for many years, oen for generations.
is long-life cycle depends on many fac
-
tors, such as production experience, superi-
or choice of material, product assembly and
strict quality controls during the produc
-
tion process.
Dependability
When we design our products, we choose ma-
terial and solutions that combine to give you
a safe, dependable product you will be able to
use outdoors. We are aware that our equip
-
ment might be used in situations where there
is not a lot of room for error.
Our responsibility
Fenix Outdoor is growing and constantly
moving into new markets. is makes it even
more important for us to take responsibility
for every decision we make, whether we are in
our home in Örnsköldsvik in northern Swe
-
den or in 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.
Parent company
e parent company is Fenix Outdoor Inter-
national 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 professionalism, 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 glob
-
al retail network with strong brands. Own-
ing and operating a retail network increases
control of the value chain through close con
-
tact 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 sponsor
-
ing. e group works actively to protect and
develop its brands and retail operations,
which are described in more detail on pag
-
es 12–25. Brand management includes ac-
tive brand protection through legal activities
to preserve and strengthen the brands. Activ
-
ities to strengthen the brands include sever-
al 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.
Common services
e Fenix Outdoor Group’s organization
aims to achieve economies of scale within
the administration and to centrally coordi
-
nate the activities within its business units.
is entails realizing synergies through cen
-
tral core functions such as IT, nance, HR,
corporate social responsibility (CSR), legal,
communications and shared logistical ser
-
vices from four major central warehouses in
the Netherlands, Germany, Canada and the
United States. In the German warehouse, the
largest one, we have recently invested in an
automatic sorter to make the outbound pro
-
cess more ecient.
Number of employees
e average number of full-time equiva-
lent employees in the group totaled 2,972
in 2024.
Distribution
e Brands segment operates distribution
companies concentrated on sales of a sin
-
gle brand and operates business-to-consum-
er sales through brand retail stores in Europe
and North America. e Brands segment also
operates online sales in all major markets. e
Global Sales segment consists of Fenix Out
-
door multibrand 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-commerce operation run by each
local brand.
2011
The Finnish
outdoor retail chain
Partioaitta Oy is
acquired.
2004
Hanwag is acquired.
2013
Passing 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.
2025
In 2025 Fenix
Outdoor
acquired the
Norwegian wool
specialist brand
Devold
10 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
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
CFO
Thomas Lindberg,
Finance
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
DEVOLD*
*65%, aquired March 4, 2025
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 11ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 11
Brands
Our Brands Division comprises ve brands: Fjällräven, Hanwag,
Royal Robbins, Devold and Tierra. is portfolio enables us to cater
to all the diverse apparel and footwear needs of our outdoor con
-
sumers. While our brands share numerous characteristics, three key
attributes stand out across all ve:
Strong Heritage
Premium Products
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 400+ 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 brands, please
explore the following pages.
BRANDS FRILUFTS GLOBAL SALES
External sales per market,
MEUR
Jan-Dec
2024
Jan-Dec
2023
Jan-Dec
2024
Jan-Dec
2023
Jan-Dec
2024
Jan-Dec
2023
Switzerland
1.2
0.7
-
-
7.9
10.7
Sweden 9.3 11.4 73.2 73.9 - -
Other Nordic countries 1.8 2.4 62.6 60.5 31.5 33.2
Germany 52.4 64.1 189.9 197.1 - -
Benelux 18.4 17.0 0.3 0.3 10.7 10.8
Other Europe 16.4 20.0 21.5 20.3 39.2 42.2
Americas 67.3 80.3 - - 44.7 54.8
Other World 6.4
2.4
- - 30.6 36.8
Total 173.2
198.3
347.5 352.1 164.6 188.5
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 2024 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2024 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 continues to grow today. Fjällräven’s suc
-
cessful history rests on a series of highly inno-
vative products that are bestsellers to this day,
including the Expedition Down Jacket, the
Greenland Jacket, the Kånken backpack and
the Bergtagen range of mountain apparel and
equipment.
Brand characteristics
Fjällräven continues to be an industry-leading
outdoor brand, always striving to create long-
lasting products of the highest quality, pro
-
duced with the lowest possible environmental
impact, simultaneously encouraging custom
-
ers and advancing the ongoing movement
away from fast fashion and toward outdoor.
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
Noteworthy products in 2024 are a versatile
mix of iconic successes, rising stars and new
initiatives, all showcasing Fjällräven’s clear fo
-
cus on functionality, durability and timeless
design. e iconic Expedition Down Jacket,
rst created in 1974, celebrated its 50th anni
-
versary this year, generating more buzz, more
awareness and more sales. In the daypack seg
-
ment, High Coast backpacks and Skule back-
packs continued to grow in popularity across
all major markets. And a new family, Färden,
successfully launched a number of state-of-
the-art travel products for land, sea and air.
Activities in 2024
As always, product development and inno-
vation have been core areas of focus for the
company. Distribution of our updated trou
-
ser ts have reached almost all global mar-
kets, catering for and attracting more diering
body types and sizes. Management of inven
-
tory levels has been successful throughout the
year, and all positions remain reduced. Mar
-
keting has focused on creating more glob-
al awareness around the importance of prod-
uct durability and long-term use for a reduced
environmental footprint, through Fjällräven’s
proactive values and long-lasting products. A
substantial and successful eort was made to
create more awareness and grow revenue in
Germany, with good learnings and great re
-
sults.
is year our popular and inclusive event
Fjällräven Classic introduced multiday trek
-
king and good trail ethics to more than 4,000
people in seven dierent countries as part of
our ongoing mission to inspire, educate and
make people ambassadors of nature. Our pin
-
nacle winter event Fjällräven Polar, which
takes place in the Arctic Circle, created a re
-
cord number of applicants and target reach
within designated audiences in all our key
markets.
Outlook for 2025
Important new initiatives and launches will
bring Fjällräven top-of-mind for nature en
-
thusiasts and those new to nature at multi-
ple times during the year. e launch of our
new product family Hoja – cycling equip
-
ment for the long ride – introduces a new area
of expertise and energy for the brand, oer
-
ing high-quality, multifunctional products
custom-made for bikepacking and gravel rid
-
ing with a contemporary “saddle-to-table”
approach. Our versatile collection of appar
-
el and equipment developed for life above the
treeline, during the challenging ascent, the ex
-
hilarating ride down and the moments in be-
tween in the valley, will attract a wide audi-
ence, both professionals and fun-seekers, in
the alpine community.
We are also working with Gore-Tex again,
who have now developed waterproof technol
-
ogy and DWR that is made without PFAS – a
group of harmful chemicals that we banned
back in 2009 – and can oer customers Fjäll
-
räven shells that are even more Fjällräven:
more functional, more durable, still timeless
and repairable, and Guaranteed to keep you
dry®. We are also launching a new lightweight
backpack in the trekking category – a wel
-
come addition to the acclaimed Kajka assort-
ment of backpacks developed to cater to those
who want to carry a light trekking backpack,
without compromising on durability, com
-
fort or the functional cleverness of the Kaj-
ka series.
Overall, we believe that through our com
-
mitment to innovation and producing the
best, most long-lasting outdoor clothing and
equipment, with the least possible environ
-
mental impact, supported by inclusive and in-
spiring events and experiences, we will con-
tinue to stand out as a unique and reliable
outdoor brand – well worth the trust of nature
enthusiasts all over the world.
Quality equipment for
a lifetime of use.
Our decades-long outdoor expertise and a steadfast
commitment to innovation continue to meet the
growing demand for sustainably produced, high-quality
equipment that stands the test of time.
14 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
Brand Characteristics
Conceived on Half Dome. Born in base camp.
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, com
-
fortable clothes that lived up to their demands.
What you found at the local Army-Navy sur
-
plus store was the norm. Liz believed climb-
ers deserved better. She and Royal ditched their
worn-down garb, leaned into years of experi
-
ence and went into the clothing business.
As one of the original U.S. outdoor brands,
Royal Robbins 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. Addi
-
tionally, our wool sweaters showcase our pref-
erence for natural bers and our commitment
to durable, versatile and comfortable clothes
made with the highest sustainability, social and
environmental standards.
Liz and Royal’s climbing legacy and bold
vision for life inuence everything we do.
Royal had a rm belief that nature and adven
-
ture are good for the soul – a belief that con-
tinues to guide us today.
Activities in 2024
2024 was an exciting year as the team be-
ganexecuting ourgrowth strategy and stra-
tegic plan.
Wehoned ourbrand position around the
belief that “nature and adventure are good for
the soul,” established a reinvigorated marketing
strategy and launched a focused go-to-market
plan centered on our core consumers, the nat
-
ural adventurers. Public relations eorts con-
tinued to strengthen. We garnered a spot on
Popular Science magazine’s “Top 50 Greatest
Innovations” for our new Mosquito Protection
Technology (MPT), while generating aneight-
foldincrease in reach.Our launch into social
and aliate inuencer programs created stron
-
ger connections with our fans, generated excit-
ing user-generated-content and contributed to
a signicant li in brand reach. We strength
-
ened our commitment to protecting the places
where our fans adventure through our partners
at the Conservation Alliance and Yosemite
Climbing Association. We also launched the
Royal Robbins Hangboard Challenge at con
-
sumer and trade events, directly engaging with
more than 1,500 consumers.
We also strengthened our product oering
with an emphasis on serving our fans through
performance apparel that emphasizes com
-
fort, versatility and sustainability. Our2024
collection was focused and energized and
drove excitement with retailers and consum
-
ers. Our2025 line builds on that momentum
and positions us well for growth.
Key Products
Our products are rooted in our brand. We
celebrated the 25th anniversary of the Des
-
ert Pucker shirt, an industry icon, having sold
more than a million shirts. Our Spotless dress
-
es continued to set the standard for adventure
and have achieved a leadership position for
key retailers in Europe and the United States.
And our RWS-certied merino wool sweaters,
led by Westland’s Fairisle, led the way to strong
sell-throughs at retail, making Royal Robbins a
favorite of consumers and retailers.
Outlook 2025
2025 will be the rst year our growth strategy
is fully materialized across product, distribu
-
tion and marketing areas.
In spring we will launch an expanded col
-
lection, bringing new styles and exciting col-
ors and heritage prints to this iconic brand.
By popular demand, we will also expand the
collection to include women’s Puckers while
continuing to lead with Spotless adventure
dresses. Our new Mosquito Protection Tech
-
nology (MPT) is already generating interest
and expectations ahead of its March launch.
In the fall we look forward to deliver
-
ing what could be one of our strongest col-
lections ever, led by our 100 percent merino
wool sweaters and our enhanced Shacket col
-
lection, featuring the El Cap Shacket in both
men’s and women’s.
We will continue to emphasize direct con
-
nections with our fans through our prod-
ucts, consumer events and expanded digital
and aliate marketing programs, while add
-
ing even more energy to our PR eorts – al-
waysreinforcing the truth that nature and
adventure are good for the soul.
Born in Yosemite
Our mission is to help people feed their soul through
nature and adventure.For more than 55 years,
Royal Robbins has been trusted and worn by climbers
and those seeking a life of adventure.
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 15
16 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
Brand Characteristics
With more than 40 years of experience devel-
oping outdoor apparel for demanding con-
ditions, Tierra is committed to creating tech-
nical outdoor apparel with longevity by
sourcing the best materials and solutions, en
-
suring a sustainable path forward for both the
brand and the end user.
Founded in 1983, Tierra embraced techni
-
cal fabrics from the start. e brand gained
prominence in 1991 when it supplied cloth
-
ing for the rst successful all-Swedish Mount
Everest expedition. Despite having no pri
-
or experience in designing for high-altitude
expeditions, the project was a success. Since
then, Tierra has outtted countless expedi
-
tions and outdoor professionals. Innovation,
a drive for constant improvement and a belief
that nothing is impossible have become inte
-
gral to Tierra’s DNA.
Key Products
Tierra specializes in technical outdoor apparel
for challenging mountain environments. Core
products include the Roc Blanc, Tolpa and
Östra jackets, along with the versatile Back Up
Jacket. ese are complemented by Roc Blanc,
Mörviken and Back Up pants.
Soshell pants continue to be an important
segment. e Ace Pants and Lite Track Pants
cater to colder seasons, while lighter options
suit warmer months.
Activities in 2024
For Spring Summer, “SS”,24, Tierra intro-
ducedNallo, a lightweight technical eece de-
signed for year-round use as a mid- or out-
er layer for high-intensity activities. Nallo
has been well received both through Tier
-
ra’s e-commerce platform and in Frilus re-
tail channels. In Fall Winter, “FW”, 24 it was
joined byKvaløya, a heavier-weight eece of
-
fering increased insulation.
Tierra also launched theTolpa Jacket, fea
-
turingePE (PFC-free) Gore-Tex, replacing the
popular Nevado and marking a near-complete
transition to the new Gore-Tex ePE technol
-
ogy. A close partner with Gore since 1983,
Tierra continues to integrate this 100 percent
uorocarbon-free membrane into garments
made from 100 percent recycled polyester.
FW24 saw Tierra’sre-entry into the down
categorywith the launch of theKebnepak
-
te and Tarrekaise down jackets, both receiv-
ing strong market feedback. eKebnepak-
teis a high-performance jacket for extreme
conditions, while theTarrekaiseis a versatile
all-rounder.
Tierra’s e-commerce has experiencedsteady
growth since its launch in early 2024, with
Sweden and Germany driving the majori
-
ty of sales.
Outlook for 2025
In Q1 2025, Tierra will showcase itsfull as-
sortment in a pop-up storein collaboration
withNaturkompaniet at Mall of Scandinavia.
is initiative oers an excellent opportunity
to engage with both customers and retail sta.
For FW25, Tierra will introduce the latest
iterations of theiconic Roc Blanc jacket and
pants, alongside updated versions of the best-
sellingBack Up jacket and pants—complet
-
ing the transition toPFC-free Gore-Tex ePE
membranes.
E-commerce will remain a key focus area,
with eorts to increase both turnover and brand
awareness in existing and new markets.
Apparel Made for Life
Above the Tree Line
Over the past few years, Tierra has refined its assortment,
phasing out styles that did not align with the brand’s identity.
Now we are focused on building for the future with
the right products and categories.
"Functional designs built on technical materials with
key sustainability properties are at the core of our continued
development and evolution,"says Brand Manager Jim Bakerød.
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 17
18 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 19
Brand characteristics
Despite continuing and signicant market
turbulence, Hanwag’s 2024 results were pos
-
itive, even if they fell short of the previous
year’s. e sector faces costs that are rising
unabatedly, a decline in consumer consump
-
tion and retailer reluctance to make purchas-
es. ese factors aect Germany, Hanwag’s
key market, and therefore had a big impact
on earnings. Nevertheless, the company only
narrowly missed its target for 2024. Howev
-
er, above all, it quickly realized how the year
would pan out and took steps to cut costs. As
a result, margins were higher than planned,
while prot was above the budget forecast.
e rm’s own production facility, Progressz
in Hungary, again made a valuable contribu
-
tion. Hanwag delivered pre-orders on time
and gave customers a reliable basis on which
to plan. It also positioned itself as a business
partner to be trusted, with high-quality, 100
percent made-in-Europe footwear.
Key products
Last year, Hanwag took another step toward
new markets and a younger, auent target
group with a love of fashion and heritage. Fol
-
lowing the Rotpunkt LL, which was launched
in 2023, the company is consistently adding
more models to the Rotpunkt family. e Rot
-
punkt Low GTX has returned to the collec-
tion and marries climbing history and brand
heritage with style. Directed at the same target
group, the Alaska XC was launched in stylish
and customizable color combinations – it’s a
Hanwag classic and has been in the collection
since 1996. Last year, Hanwag also launched
three models as part of exclusive fashion col
-
laborations: Bergler Unownedspaces, the Ber-
gler eye_C II and the Gritstone II eye_C GTX.
What’s more, the Kalixfors SF Extra GTX was
the rst Hanwag boot custom-developed for
hunting and marked the start of a planned
hunting collection.
Activities in 2024
From a marketing perspective, Hanwag con-
centrated on women as a target group in
2024. is focus involved the successful roll
-
out of an extensive marketing campaign with
Katharina Krepold, brand ambassador and
one of the Hanwag Sole People. Hanwag por
-
trayed the young alpine dweller on You-
Tube. e video was outstandingly popu-
lar, with 147,000 views over a short time. It
was anked by social media posts, which
were also some of the most successful in a
year-on-year comparison. As part of the Fe
-
male Explorer outdoor camp for FLINTA, a
Hanwag boot-care workshop was held in the
summer. Multiple collaborations with inu
-
encers also steadily positioned Hanwag with
a female target group. In summer, the brand
held an event at Paris Fashion Week where
its Bergler Unownedspaces boots attracted a
lot of interest. e boots were then launched
with a major marketing campaign on the
German online retailer Zalando. Products
such as our double-stitched footwear, which
reect crasmanship, quality, history and
brand values, are still popular across all sec
-
tors and target groups.
Outlook for 2025
In 2025, the market will remain challenging
overall. However, Hanwag still expects con
-
tinued healthy demand for its products. e
company will continue to shore up its posi
-
tion as a supplier of high-quality footwear and
tap into new target groups with signicant po
-
tential. For instance, in summer 2025 it will
launch the Kaduro Light GTX. is light
-
weight, well-cushioned and durable low-cut
hiking shoe is impressive. It comes with GO
-
RE-TEX Invisible Fit technology and an inno-
vative midsole made from eTPU particles and
PU. Hanwag collaborated with BASF to de
-
velop this technology, which is unique in the
outdoor footwear sector. While the compe
-
tition only makes boots of this type in Asia,
Hanwag stands apart for producing them in
Europe. We’re aiming to attract the grow
-
ing long-distance hiker target group, which is
new for us. e Kaduro Light GTX is the rst
product in a family that we hope will help us
do so. Hunters are another target group that is
growing, but not one we focused on previous
-
ly. Nevertheless, it has long signaled huge po-
tential for Hanwag. From 2025 Hanwag aims
to increasingly expand this segment, invest
-
ing time and money to establish its own hunt-
ing collection in the long term. ese plans
make us optimistic about the future, and we
look forward to writing further chapters of
our success story.
Hanwag weathers challenges
and taps into new, high-potential
target groups
Considering market volatility, 2024 was a good year for the tradition-steeped Bavarian
shoemaker. As an authentic brand with robust values, Hanwag again performed well in the life-
style sector as well as the traditional outdoor sector. Because it drew on new, high-potential target
groups, a robust product base and reliable partnerships, Hanwag’s future looks bright.
20 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
Focus on Care & Repair. Pop-up repair stores in
selected stores to promote introduction of repair
service in corporation with an external partner.
Greenland Wax and Hanwag boot care event in all Fri-
luftsland stores in corporation with Fenix Denmark.
10 years, 1 Million
Euros – Partioaitta
Celebrates Nature
Bonus
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 21
FRILUFTS RETAIL
EUROPE AB
FRILUFTSLAND
NATURKOMPANIET
GLOBETROTTER
PARTIOAITTA
TREKITT
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 1 franchise stores) and
11 in Norway, 21 in Finland, 21 in Germa
-
ny (including 1 franchise store), 14 in Den-
mark and 1 in 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 2024
During the year we kept reinforcing our pre-
mium position in each market and we won
several sustainability awards, such as inclu
-
sion on the Sustainable Brand Index in both
Sweden and Finland. We relocated two stores
in Sweden in Uppsala and Täby, and by ac
-
quiring a company we added one more store
in Kristiansand in Norway. Due to low prot
-
ability we also closed two stores, Karlsruhe in
Germany and Kongsberg in Norway. We also
undertook organizational and cost-cutting ac
-
Frilufts retail continues to
reinforce the premium market
position in each market
and we have won several
sustainability awards
Frilufts have taken many short term actions to manage
the challenging retail landscape in 2024. 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.
tions, mainly in Germany, to ensure that we
are leaner and faster going into 2025.
e work with our IT systems contin
-
ues, and the systems will soon be ready to
be launched in Sweden and Finland. We
have also nalized a big project to create and
share master data within the Frilus group.
e system for this was launched in Febru
-
ary 2025.
2024 was another challenging year for re
-
tail. Consumers kept their wallets tight, and
big overstocks in the markets led to a lot of
price pressure. e weather continues to be
unpredictable. We have seen heat records in
the “wrong periods,” and this has been visi
-
ble in trac both in the stores and on e-com-
merce. In some markets we have been able to
handle the situation, with stable sales and im
-
proving margins, while the situation in other
markets has been tougher.
Outlook 2025
Heading into 2025 we are carefully optimistic.
Some markets are still having a tough time,
and many factors including geopolitical devel
-
opments can aect consumption. But we be-
lieve that the worst hangover and saturation
from the Covid period is over, and overstocks
at both suppliers and retailers are going down.
We also see fewer price increases and lower
Relocate to a new location in Täby Centrum, with
better visibility in the shopping mall.
22 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
interest rates, which should normally be good
for consumption.
Another positive signal is that some of the
product categories that had the biggest peaks
during the pandemic, followed by the biggest
saturation and dip aerward, are starting to
bounce back, so that is promising.
e strong travel trend and desire to see
other parts of the world is still robust, and we
have a perfect assortment for that. Our stores
in tourist locations are doing well, especially
in Sweden and Norway, where currencies are
still weak. We think we will continue to bene
-
t from strong tourism.
Bringing the new IT systems to life, espe
-
cially in Sweden and Finland, is a big proj-
ect for 2025. We look forward to the benets
from the new systems. We continue to focus
on costs and to run eective operations in all
markets. We took many actions in 2024 and
we will continue with more in 2025.
Freiluft Testival: Globetrotters an-
nual testival attracted over 50.000
visitors in the Big7 Cities (Hamburg,
Berlin, Dresden, Cologne, Munich,
Stuttgart, Frankfurt). Second Hand
played a major role in the event with
a dedicated area and tent and over
1100 2nd Hand items sold.
Summit Days: Our an
-
nual seasonal kick o in
march in Hamburg with
the product team and
the sa les sta from all
stores. Educating on new
products, honing not only
sa les skills and of course
continuing building the
Globetrotter team.
Following successful rental schemes run by other
Frilufts retailers, Trekitt launched their own oer in
November 2024. Recognising that 'cost' can often be a
barrier to people enjoying the full range of what the out
-
doors has to oer, Trekitt's new ren tal service provides
customers with a convenient and cost-eective way
to try out outdoor gear. Trekitt are currently the only
retailer in the UK who oer this kind of 'cross brand,'
door-to-door ren tal service, and we're excited to see
a new group of customers benefit from high quality
equipment, without the long-term commitment.
ANNUAL REPORT 2024 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 21
stores (including 1 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 Scout
-
varor AB and in 1991 the stores changed their name
to Naturkompaniet. Today, Naturkompaniet is Swe
-
den’s largest outdoor retailer, with 37 stores (includ-
ing 1 franchise) and a fully operational e-commerce
site. Naturkompaniet sells equipment for outdoor and
travel activities 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. Established through a merger of several dier
-
ent scouting organizations, Partioaitta (“Scout Shops”
in English) is now 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 of
-
fer. The first store had a sales area of 16 square me-
ters, and in winter it was only open in the afternoon.
Nowadays, Friluftsland is an omnichannel chain with
14 stores and a web shop focusing on premium-quali
-
ty 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 specialized e-
commerce business. Trekitt’s motto is “Live the Out
-
doors” and ever since its inception the company 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 2024 FENIX OUTDOOR INTERNATIONAL AG
Under Article 8 of the Taxonomy Regulation large undertakings
that are required to publish non-nancial information pursuant to
theCorporate Sustainability Reporting Directive(CSRD) have to dis
-
close information on how and to what extent their activities are as-
sociated with environmentally sustainable economic activities. For
this, the Disclosures Delegated Act species key performance indica
-
tors (KPIs) related to turnover, capital expenditure (CapEx) and op-
erational expenditure (OpEx) that non-nancial undertakings must
disclose.
An activity is considered environmentally sustainable if it makes a sub
-
stantial contribution to at least one of the following environmental ob-
jectives:
1. Climate change mitigation
2. Climate change adaptation
3. e sustainable use and protection of water and marine resources
4. e transition to a circular economy
5. Pollution prevention and control
6. e protection and restoration of biodiversity and ecosystems
– while doing no signicant harm (DNSH) to any of them.
e business concept of Fenix Outdoor is to develop and market
high-quality, durable lightweight outdoor products through a selected
retail network. e main activity of Fenix Outdoor is not considered
included in the EU Taxonomy scope. However, Fenix Outdoor can list
a couple of activities that generate nancial streams and are EU Taxon
-
omy eligible business activities. We deem none of the below described
activities as taxonomy-aligned, since they don’t fully align with the
technical screening criteria.
Business activities contributing to climate adaptation and climate
change mitigation
1. Acquisition and ownership of buildings
Fenix Outdoor have not acquired any new buildings during 2024,
but have signicant right of use assets (stores, warehouses, cars, oc
-
es etc). New or renegotiated right of use assets for stores, warehouses
and oces are threaten as Acquisition of owner ship of buildings, but
for the validation of necessary data for alignment it has been chal
-
lenging and therefore reported as not environmentally sustainable
activities.
2. Installation, maintenance and repair of charging stations for elec
-
tric vehicles in buildings (and parking spaces attached to build-
ings) – details are given in the CSR Report 2024
3. Data processing, hosting and related activities
4. Transport by motorbikes, passenger cars and light commercial ve
-
hicles
Business activities contributing to the transition to a Circular Economy
1. Repair, refurbishment and remanufacturing
2. Sale of second-hand goods
Fenix Outdoor have provided services for repair of shoes etc for a long
time. Rental services and secondhand oering have started on a small
-
er scale recent years.
e CSR Report 2024 describes in detail Fenix Outdoor’s contribu
-
tion to sustainable development and species in Chapter 2 of the CSR
Report our approach to environmental, in Chapter 3 our approach to
economical and in Chapters 4 and 5 our approach to social and soci
-
etal sustainability.
EU Taxonomy regulation
Netsales KPI Substancial contribution Do no significant harm
ECONOMIC ACTIVITIES
A
Taxonomy-Eligible Activities
A.1 Environmental sustainable activities
Taxonomy-aligned
Net sales from sustainable activities
of which Enabling N/EL N/EL N/EL N/EL N/EL N/EL - - - - - -
of which Transitional - - - - - -
A.2 Net sales from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
Sales of repars and second-Hand goods
3,709
Net sales from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
3,709 0.54% 0.54%
A
Net sales from taxonomi-eligible
activities
3,709
B
Taxonomi-non-eligible activities
Net sales from non eligible activities
681,873
Total
685,582
Code
Net sales
% of revenue
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Circular Economy
Biodiversity
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Code
Biodiversity
Y = Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant enviormental objective
N = No, taxonomy-eligble but not taxonomy-aligned activity with the relevant enviormental objective
N/EL = Not eligible, taxonomy non-eligble activity for the relevant enviormental objective
EU TAXONOMY REGULATION
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 25
Capex KPI Substancial contribution Do no significant harm
ECONOMIC ACTIVITIES
A
Taxonomy-Eligible Activities
A.1 Environmental sustainable activities
Taxonomy-aligned
Capex from sustainable activities
of which Enabling N/EL N/EL N/EL N/EL N/EL N/EL
of which Transitional
A.2 Capex from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
Acquisition and ownership of buildings
43,573*)
Capex from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
43,573 6.36%
N/EL N/EL N/EL N/EL N/EL N/EL
A
Capex from taxonomi-eligible
activities
43,573
B
Taxonomi-non-eligible activities
Capex from non eligible activities
**)
Total
43,573
Code
Capex
% of revenue
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Circular Economy
Biodiversity
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Circular Economy
Biodiversity
Y = Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant enviormental objective
N = No, taxonomy-eligble but not taxonomy-aligned activity with the relevant enviormental objective
N/EL = Not eligible, taxonomy non-eligble activity for the relevant enviormental objective
*) Additional Right of use assets 2024
**) Purchased intangible and tangible assets 2024
Opex KPI Substancial contribution Do no significant harm
ECONOMIC ACTIVITIES
A
Taxonomy-Eligible Activities
A.1 Environmental sustainable activities
Taxonomy-aligned
Capex from sustainable activities
of which Enabling N/EL N/EL N/EL N/EL N/EL N/EL
of which Transitional
A.2 Capex from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
Sales of repars and second-Hand goods
0
Capex from eligible but not enviromental
sustainable activites (not Taxonomy-aligned
activites)
0 0.00%
A
Capex from taxonomi-eligible
activities
0
B
Taxonomi-non-eligible activities
Capex from non eligible activities
368140
Total
368140
Code
Capex
% of revenue
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Circular Economy
Biodiversity
Climate cahnge
mitigation
Climate change
adaptation
Water
Pollution
Circular Economy
Biodiversity
Y = Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant enviormental objective
N = No, taxonomy-eligble but not taxonomy-aligned activity with the relevant enviormental objective
N/EL = Not eligible, taxonomy non-eligble activity for the relevant enviormental objective
EU TAXONOMY REGULATION
26 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
Taxonomy-aligned
per objective
Taxonomy-eligible
per objective
CCM 0% 0%
CCA 0% 0%
WTR 0% 0%
CE 0% 0%
PPC 0% 0%
BIO 0% 0%
PROPORTION OF NET SALES / TOTAL NET SALES
Taxonomy-aligned
per objective
Taxonomy-eligible
per objective
CCM 0% 0%
CCA 0% 0%
WTR 0% 0%
CE 0% 0%
PPC 0% 0%
BIO 0% 0%
PROPORTION OF CAPEX / TOTAL CAPEX
Taxonomy-aligned
per objective
Taxonomy-eligible
per objective
CCM 0% 0%
CCA 0% 0%
WTR 0% 0%
CE 0% 0%
PPC 0% 0%
BIO 0% 0%
PROPORTION OF OPEX / TOTAL OPEX
CCM– Climate Change Mitigation
CCA – Climate Change Adaptation
WTR – Water and Marine Resources
CE – Circular Economy
PPC – Pollution Prevention and Control
BIO – Biodiverity and ecosystems
Row Nuclear energy related activities
1 The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electric-
ity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.
No
2 The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well
as their safety upgrades, using best available technologies.
No
3 The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or
process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy,
as well as their safety upgrades.
No
Row Nuclear energy related activities
4 The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce
electricity using fossil gaseous fuels.
No
5 The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/ cool and power
generation facilities using fossil gaseous fuels.
No
6 The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that
produce heat/cool using fossil gaseous fuels.
No
EU TAXONOMY REGULATION
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 27
MANAGEMENT REPORT
ANNUAL 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 2024.
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 brand.
• Frilufts includes the retailers Naturkompaniet AB, Naturkompaniet AS, Partioaitta
Oy, Globetrotter Ausrüstung GmbH, Friluftsland A/S, Trekitt and Exist A/S.
The three business segments are supported by common functions for management,
CSR/CSO, finance, HR, IT, legal 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 market situation in 2024 was challenging and the retailers were cautious of tak-
ing risks in inventory. The supply chain, not at least to Europe, was aected by the
middle east situation.
The inventory position in total was impoved to a relevant level, even though, we have
not achieved the optimal level everywhere in the group.
SALES AND PROFIT
The group’s net sales decreased/increased by 7.3% to MEUR 685.6 (MEUR: 739.4).
The operating profit decreased to MEUR 37.4 (MEUR: 55.0).
PROSPECTS FOR 2025
We are still facing a challenging market in 2025. In terms of orderbooks for 2025 we
do see an improvement for both fall and winter. The retailers are still more counting
on reorders from the brands. This means there is an increase of risk in our business,
especially in purchasing, as we must take a larger risk to enable us to capitalize more
in reordering.
EMPLOYEES
The average number of employees, as well as salaries, remuneration and social
security contributions, are reported in Note 5. The board’s proposal to the Annual
General Meeting regarding remuneration to Senior Executives is declared in the
compensation report on pages 53-55.
LIQUIDITY AND FINANCIAL POSITION
The group’s total cash and cash equivalents totalled MEUR 111.8 (MEUR: 119.1) as
of December 31, 2024. The group’s interest-bearing liabilities, including lease liabili
-
ties, decreased to MEUR 166.9 (MEUR: 205.4). The group’s total equity attribut-
able to the Parent Company’s shareholders at the end of the year was MEUR 413.2
(MEUR: 417.2), which corresponds to an equity ratio of 60.2% (56.1%).
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. On the shorter perspective also the “Covid outdoor
boom” disturbed the more normal trends.
• 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 outdoor life trend.
Some markets in warmer climates, which have a dierent product mix, are still
more impacted by single product trends compared to other more traditional out
-
door markets.
• Pandemic risks. The group has shown that it is well prepared to handle crisis like that.
• Currency risks. The group’s net sales in dierent currencies are distributed as fol
-
lowing: SEK 12%, EUR 54% including DKK, USD 18% and other currencies 16%.
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. The group had out
-
standing currency forwards as per December 31, 2024, where 36 MUSD had been
purchased against 33.4 MEUR. If no hedge made, a 5% change of the USD/EUR
rate would result in an annual eect of MEUR 3.4.
• 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 totalled MEUR 23.1 (MEUR: 27.0). Around 50% of
the investments were attributable to the digital environment.
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, the independent proxies and Au-
ditors 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 61.5% of the company nominal share
value, corresponding to 85.2% 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
auditors 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.
28 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
MANAGEMENT REPORT
Duties of the board
The board of Fenix Outdoor International AG consists of six members elected
individually 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 seven minuted meetings, where o two hold on digital basis. 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. An economic and financial report is submitted at each
regular meeting. The board convenes annually with the company’s auditors in order
to review the audit 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 mat
-
ters relating to remuneration. The members of the remuneration committee are Ulf
Gustafsson and Susanne Nordin. The 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 moni
-
tored 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 ac
-
counting and financial reporting procedures, and has followed §28up and evaluated
the work, qualifications 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 company management’s review of financial information and the compliance
management reporting. The controls are also there to ensure that any material errors
are rectified.
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 2024
Directors Attendance, regular and extraordinary meetings
Martin Nordin, Chairman 7
Mats Olsson 7
Ulf Gustafsson 7
Sebastian von Wallwitz 7
Susanne Nordin 7
Rolf Schmid 7
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 2024-12-31 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 personnel
options outstanding as per 2024-12-31 (per 2023-12-31 66,000 personnel options).
OWNERSHIP STRUCTURE
Fenix Outdoor International AG had 8,118 shareholders at the end of 2024. The
ownership participation of the ten largest shareholders constituted 84.1% of the
total capital. A list of the major shareholders can be found on page 62.
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 29-47.
PROPOSED APPROPRIATION OF PROFITS IN PARENT
31.12.2024 TEUR
Profit reserves at the beginning of the period 208,130
Dividend on own shares 169
Net profit of the year 147,929
Profit reserves at the end of the period 356,228
Allocation to the general legal profit reserves -
Profit to be carried forward 356,228
PROPOSAL FOR DISTRIBUTION OF DIVIDENDS
Capital contribution reserves TEUR 287,348
Dividends TEUR* -35,239
Capital contribution reserves TEUR 252,109
* SEK (Swedish Kronor) 1.5 per A-share and SEK 15.0 per B-Share calculated at
11.459 EUR/ SEK and an extra dividend of SEK 1.5 per A-share and SEK 15.0 per
B-Share. 24,000,000 x (1.5 + 1.5) + 11,060,000 x (15.0 + 15.0) = SEK 403,800,000
= EUR 35,238,677.
THE BOARD’S STATEMENT ON THE PROPOSED DIVIDEND
The board’s opinion is that the total proposed dividend, including the extra dividend,
of SEK 3.0 (1.5) per A-share and SEK 30.0 (15.0) per B-share will not hinder the
company from fulfilling its short and long-term obligations, nor from making any nec
-
essary investments. The liquidity position is being maintained at a satisfactory level.
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 29
CONSOLIDATED INCOME STATEMENT
| CONSOLIDATED INCOME STATEMENT | ||
Amounts in TEUR | 2024 | 2023 |
Net profit for the year | 14,615 | 31,970 |
| Not to be reclassified in the income statement in the future: | ||
Re-measurements of post employment benefit obligations | –9 | −62 |
Taxes | –18 | 3 |
| To be reclassified in the income statement in the future: | ||
Change in translation reserve during the period | –4,447 | −1,049 |
| Exchange dierences on translation of discountinued operations | ||
Cash flow hedges | 3,152 | −762 |
Taxes | –694 | 168 |
Total other comprehensive income for the year: | –2,015 | −1,702 |
Total comprehensive income for the year | 12,600 | 30,268 |
| Total comprehensive income attributable to: | ||
Parent Company's shareholders | 12,497 | 29,943 |
Non-controlling interests | 103 | 325 |
STATEMENT OF OTHER COMPREHENSIVE INCOME
Amounts in TEUR | Note | 2024 | 2023 |
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 and associated companies | 7 | ||
Operating profit | 4 | ||
Financial income | 8 | ||
Financial expenses | 8 | – | − |
Profit 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 |
30 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of 31 December, Amounts in TEUR | Note | 2024 | 2023 |
| ASSETS | |||
| Non-current assets | |||
Intangible fixed assets | 10 | ||
Tangible fixed assets | 11 | ||
Right-of-use assets | 12 | ||
Investments in joint ventures and associated companies | 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 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 | |||
Total liabilities | |||
TOTAL EQUITY AND LIABILITIES |
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 31
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Foreign | |||||||||
| Other | Cash flow | currency | Non- | ||||||
| Share | contributed | hedge | translation | Treasury | Retained | controlling | Total | ||
| Amounts in TEUR | capital | capital | reserve*) | reserve*) | shares**) | earnings | Total | interests | Equity |
01-01-2023 | – | – | 0 | ||||||
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 | – | − | – | 0 | |||||
| Foreign | |||||||||
| Other | Cash flow | currency | Non- | ||||||
| Share | contributed | hedge | translation | Treasury | Retained | controlling | Total | ||
| Amounts in TEUR | capital | capital | reserve*) | reserve*) | shares**) | earnings | Total | interests | Equity |
01-01-2024 | – | – | – | 0 | |||||
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 | – | – | – | ||||||
31-12-2024 | – | – |
*) Other components of Equity
**) Per 31-12-2024 and 31-12-2023 the company held 132,337 B-shares. Per 04-03-2025 112,898 B-shares were used as payment when acquire 65 % of Devold of
Norway AS, see also note 35.
***) Change in option liability, Alpen International Ltd and Fenix Outdoor Taiwan Co Ltd.
****) Options program for Senior Managers, see also note 33.
32 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
CONSOLIDATED CASH FLOW STATEMENT
CONSOLIDATED CASH FLOW STATEMENT
Amounts in TEUR | Note | 2024 | 2023 |
| 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 | |||
Purchase of associated companies | − | – | |
Loan granted | 35 | ||
Change in non-current receivables | |||
Cash flow from investing activities | – | − | |
| FINANCING ACTIVITIES | |||
Borrowings | |||
Repaid borrowings | – | − | |
Payment of lease liabilities | – | − | |
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 |
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 33
NOTES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 GENERAL INFORMATION
BUSINESS ACTIVITY
ly, the group) is a group whose business purpose 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
oces in Weidstrasse 1a, 6300 Zug , Switzerland
206.390.054 and is listed on the Nasdaq OMX Stockholm, Large Cap.
34 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
NOTES
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 35
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.
In July 2024, the IFRS Interpretations Committee (IFRS IC) issued a agenda deci-
sion on clarifying certain requirements for segment disclosures. IFRS 8 'Operating
segments' requires an entity to disclose the specified amounts for each reportable
segment when those amounts are included in the measure of segment profit or loss
reviewed by the Chief Operating Decision Maker (CODM), even if they are not sepa
-
rately reviewed by the CODM.
Changes in segment reporting
The Group has added additional line items in its segment reporting for internal sales
and total sales per segment. The information for 2023 has been added as well.
Future changes in IFRS Accounting Standards
The Group has not early adopted any standards, interpretations or amendments that
In April 2024, the International Accounting Standards Board (IASB) published IFRS 18
-
ary 2027, replacing IAS 1. The new standard is to be applied retrospectively. IFRS 18
introduces new requirements for information presented in the primary financial state
-
ments and disclosed in the notes, with a particular focus on the income statement with
new categories and subtotals. The group expects to adopt the new standard in 2027
and is currently assessing the impact. No other IFRS Accounting Standards that have
36 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 5 PERSONNEL EXPENSES
Full-time average number of employees
2024 2023
Number of
employees
Of whom
men
Number of
employees
Of whom
men
Sweden 496 206 582 256
Norway 66 30 128 52
Denmark 110 61 110 63
Finland 153 60 147 55
Germany 1,099 619 1,097 625
Austria 5 3 6 4
Holland 91 53 91 61
England 43 29 45 31
Switzerland 15 6 21 8
Hungary 70 12 78 14
Americas 430 221 461 233
China 25 10 27 11
Other countries 187 84 179 82
Total, Group 2,790 1,394 2,972 1,491
Benelux 29.4 28.1
Other Europe 77.1 82.6
Americas 112.3 135.2
Other markets 37.0 39.2
Total 685.6 739.4
Intangible, tangible and right-of-use assets per
market, MEUR 2024 2023
Switzerland 4.1 4.9
Sweden 45.0 38.2
Other Nordic countries 27.4 28.7
Germany 117.8 125.2
Benelux 2.8 6.3
Other Europe 13.6 14.0
Americas 34.8 39.9
Other markets 2.9 2.4
Total 248.4 259.6
2024
Gross
salary
Benefits
and other
remunera
-
tions
Pension
contribu-
tions Total
Executive chairman, Martin Nordin 734 37 18 789
President, Alexander Koska 441 65 - 506
Other Senior Executives and
Susanne Nordin 1,858 78 378 2,313
Total 3,032 180 396 3,608
2023
Gross
salary
Benefits
and other
remunera
-
tions
Pension
contribu-
tions Total
Executive chairman, Martin Nordin 721 36 7 763
President, Alexander Koska 432 64 - 496
Other Senior Executives and
Susanne Nordin 1,504 187 268 1,958
Total 2,657 286 274 3,218
2024 2023
Total
Of whom
men Total
Of whom
men
President and other
Senior Executives
8 6 5 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 an
-
nual salary. Except for the Executive Chairman, no variable compensation is oered Except for the Executive Chairman, no variable compensation is offered
to the Board of Directors. The senior executive team also includes two members from
the board (one man) not included in FTE above.
NOTE 6 OTHER OPERATING INCOME
Other operation income 2024 2023
Royalty and licensing income - 167
Franchise income 31 28
Marketing contribution 4,769 3,490
Other *) 8,356 6,981
Total 13,219 10,720
*) Other mainly refer to resolving of maintenance accruals, expired gift cards, gains
from sales of tangible assets and insurance compensations.
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 37
NOTES
INVESTMENT IN JOINT VENTURE
Participations in joint venture 2024 2023
At beginning of the year 4,731 3,456
Share of equity change, excluding dividends 2,015 1,224
Translation dierence ranslation difference −152 51
Closing balance 6,594 4,731
Summarised balance sheet 2024 2023
Fixed assets 37 29
Inventories 7,224 4,191
Other short term receivables 3,915 3,528
Cash and cash balances 6,962 5,716
Current liabilities −4,950 −4,003
Net assets 13,189 9,462
Reconciliation to carrying amounts 2024 2023
Opening net assets 1 January 9,462 6,912
Operating profit 4,516 3,654
Financial result –10 1
Tax −1,175 –1,012
Other comprehensive result 396 -93
Closing net assets 13,189 9,462
Group's share in % 50% 50 % 50% 50 %
Group's share in CU 6,594 4,731
Goodwill - -
Carrying amount 6,594 4,731
INVESTMENTS IN ASSOCIATED COMPANY
38 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 10 INTANGIBLE FIXED ASSETS
*) The Group has finished several implementations during the year reported as
transfer of classes. Those implementations mainly consist of new investments in IT
infrastructure.
**) At end of 2023 there was a write-down of part of the value of the lossmaking
trademark Royal Robbins.
***) Sales of business, sale of Primus.
****) Purchase of Regntoyspesialisten AS, Norway, in 2024 and Exist Internet AS,
Norway, in 2023.
The recoverable amount of the Group’s goodwill is determined annually by means of
an impairment test. As part of this assessment, the estimated value in use of the cash
generating units (same as operating segment) is calculated by discounting future
cash flows that have been estimated on the basis of an internal assessment of the
coming five years, after which an unchanged cash flow is assumed, e.g. a zero growth
is assumed. The internal assessment is based on historical income and expense
trends, with adjustments made for any changes in circumstances, the competitive
situation, etc., as deemed suitable by Group management. The discount rate applied
is equivalent to the required return on the market, the risk free rate and the relevant
Beta variables. The discount factor is calculated using a pre-tax weighted average
cost of capital (WACC) model. The discount rates for each cash generating units used
tests for the year have indicated that no impairment of goodwill or trademarks are
necessary.
NOTE 11 TANGIBLE FIXED ASSETS
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 39
NOTES
Constructions in progress *) 2024 2023
Opening acquisition cost 1,206 7,295
Purchases 2,219 7,224
Transfer of classes –1,520 −13,262
Translation dierences ranslation differences 1 –51
Closing balance 1,906 1,206
Total tangible fixed assets 76,662 84,610
*) The Group has finished new constructions during the year. The finalizing of new
constructions are 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.
40 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 13 OTHER NON-CURRENT FINANCIAL ASSETS AND
OTHER NON-CURRENT RECEIVABLES
Other financial assets 2024 2023
Opening fair value 341 341
Translation dierence ranslation difference 4 -
Closing balance fair values 345 341
Other non-current receivables 2024 2023
Opening 10,100 3,628
Disposals/Repayments –1,864 –300
Additions *) - 6,505
Reclassification from/to current receivables –816 357
Translation dierence ranslation difference 112 –90
Closing balance 7,532 10,100
*) Whereof for 2023 TEUR 6,100 for sale of Primus.
NOTE 14 INVENTORIES
2024 2023
Goods for resale 216,602 261,068
Raw materials 7,762 9,749
Advance payments to suppliers 3,118 1,805
Total 227,482 272,622
Write-downs have reduced the book value in the Group in an amount of TEUR
12,177 (TEUR 11,509).
NOTE 16 CUSTOMER CONTRACT BALANCES
Customer contract balance 2024 2023
Right of return assets 1,335 1,051
Refund liabilities from Rights of return −2,697 −2,537
Accounts receivables 36,993 39,920
Advance payments from customers and Gift Cards −14,713 −14,315
Loyalty points −2,948 −3,023
Total 17,970 21,096
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 41
NOTES
NOTE 19 OTHER NON-CURRENT PROVISIONS
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 experience.
2024 2023
Discount rate:
Switzerland pension plan 1,00% 1,00 % 1.50 %
Germany pension plan 3.50% 3.50 % 3.85 %
Norway pension plan 3.10% 3.10 % 3.00 %
Future salary increase:
Switzerland pension plan 2.00% 2.00 % 2.00 %
Germany pension plan 0.00% 0.00 % 0.00 %
Norway pension plan 3.50% 3.50 % 3.50 %
Present value funded obligations 2024 2023
Norway 1,317 1,343
Switzerland 1,532 1,352
Germany 872 856
3,721 3,550
Fair value of plan assets 2024 2023
Norway –1,307 –1,210
Switzerland –1,152 –1,057
Germany –594 –574
Fair value of plan assets –3,053 –2,841
Liability in the balance sheet 668 709
Pensions benefit plans per country 2024 2023
Norway 10 133
Switzerland 380 295
Germany 278 282
668 709
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: 2024 2023
0.25% increase –27 –18
0.25% decrease 28 13
NOTE 17 PREPAID EXPENSES AND ACCRUED INCOME
2024 2023
Advertising expenses 1,172 559
Licensing income 92 9
Lease charges 366 722
Accrued interest income for non-current receivable 119 318
Insurance premiums 438 393
Other items *) 5,928 5,168
Total 8,116 7,169
*) Other items contains variable positions, each of low values.
42 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 21 OTHER CURRENT LIABILITIES
Other current liabilities 2024 2023
Accounts payable trade 30,528 34,652
Advance payments from customers and gift cards 14,713 14,315
Refund liabilities 2,697 2,537
Other liabilities *) 12,723 15,783
Total Other current liabilities 60,661 67,286
*) Other liabilities mainly related to put option liabilities (for Alpen International Ltd
and Fenix Outdoor Taiwan Co Ltd) and VAT liabilities.
NOTE 22 ACCRUED EXPENSES
NOTE 25 ADJUSTMENTS FOR ITEMS NOT INCLUDED IN THE
CASH FLOW
2024 2023
Result from investments in joint ventures and associ
-
ated companies
–2,010 −1,224
Other items not aecting cash flow 1,059 844
Total –951 −380
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 43
NOTES
44 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 28 HEDGE ACCOUNTING
Foreign Exchange Risk
The group hedges a major part of its committed purchase orders stated in USD with
-
in the coming 12-month period. The reason for the USD hedging mainly being under-
taken 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 value of
and the rate of a similar forward as per the closing date, 31 Dec 2024.
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 2024 2023
FX Forwards per balance date
Purchased TUSD 36,000 40,000
Sold TEUR 32,379 36,688
Average FX rate 1.1118 1.0903
The market value of outstanding forward agreements per 31 Dec 2024 TEUR 2,099
(TEUR -667), 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 85.2% 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
Compensation report page 57-59.
Purchases of goods and services from related parties 2024 2023
Purchases of services:
Martin Nordin, Rent 10 10
RS Mandate AG (Rolf Schmid), consultant services 91 84
Consilio AB (Ulf Gustafsson), consultant services 82 72
Total 183 166
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. Thus, as at 31 December 2020 and 31
December 2021, the company held a total of 119,598 of B-shares. During 2022 the
company purchased additional 12,739 B-shares. As at 31 December 2023 and 31
December 2024 the company held a total of 132,337 of B-shares.
NOTE 32 CHANGES IN GROUP COMPOSITION
2024
Artic Fox s.r.o.
In March 2024 Fenix Outdoor acquired 30 % of its local Fjällräven brand retail
partner, Artic Fox s.r.o. Artic Fox runs six Fjallraven Stores and online business in the
Czech Republic and Slovakia. The purchase price was MEUR 0.4. Fenix Outdoor has
an option to increase its ownership over time. The transaction is not expected to have
Regntoyspesialisten AS
In February 2024 Fenix Outdoor acquired 100 % of the shares in Regntoyspeciali
-
sten AS. As the company then were lossmaking the purchase price was NOK 1 (one).
No (limited) amount of cash were acquired. The acquisition resulted in a goodwill of
TEUR 150 and is not expected to be tax deductible. The acquisition has a limited ef
-
fect on the total financial figures of the Group.
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
interest-bearing loans. There have been no breaches of the financial covenants of
any interest-bearing loans and borrowing in the current period. the covenants are
covering targets for net debt/EBITDA, EBITDA/Total intetest expense and solvency.
No changes were made in the objectives, policies or processes for managing capital
during the years ended 31 December 2024 and 2023.
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 45
NOTES
NOTE 35 EVENTS AFTER THE REPORTING PERIOD
Viomoda
In 2024 Fenix Outdoor entered into a partnership with the German outdoor brand
Maloja to operate apparel production at their subsidiary production facility, Viomoda,
in Plovdiv, Bulgaria. In 2024, as part of this agreement Fenix Outdoor provided con
-
vertible loans of 1.5 MEUR to Viomoda Austria maturing latest 31 December 2025.
The loan is convertible into up to 40% of Viomoda shares at the option of Fenix Out
-
door and 49% at the option of Maloja. The loan was converted into 49% of Viomoda
shares per 30 January 2025.
Cancellation of shares
Per 11-02-2025 an Extra General Meeting approved to the Board of Directors a
cancellation of 112,898 B-shares, limiting the holding of own shares to 19,439
B-shares representing 0.15% of the capital of A-shares and B-shares. The Board of
Directors revoke its resolution and the shares were used for the acquisition of Devold
of Norway AS.
Devold
Per 04-03-2025 acquire 65 % of Devold of Norway AS. The transaction is expected
to contribute positively to Fenix’s profitability already in 2025. Fenix paid 35 MEUR
for the 65 % stake in Devold of Norway through a combination of cash and 112,898
Fenix Outdoor treasury shares. The seller is Flakk Group, a Norwegian based family-
owned business with investments in private and public companies across multiple
industries. Flakk Group retains a 35 % stake in Devold. The parties have an mutual
put/call arrangement, starting four years from signing per 04-03-2025, whereby
Fenix Outdoor has the right to buy and the Flakk Group has the right to sell the 35%
of Devold shares held by the Flakk Group.
46 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 36 PARTICIPATIONS IN SUBSIDIARIES
Subsidiary Corporate Identity Number Registered oces gistered offices Number of shares Share of equity
Alpen International Co Ltd 220-88-25317 Seoul 210285 210 285 91,8%'
Fenix Outdoor AB 556110-6310 Örnsköldsvik 13273731 13 273 731 100% 100 %
AB Raven Incorporate (Inc) 556603-5662 Örnsköldsvik 1000 1 000 100% 100 %
Bus Sport AG CH-320.3.032.659-8 Buchs 100 100% 100 %
Fenix Outdoor Austria Italy GmbH FN387475t Innsbruck 1 100% 100 %
Fenix Outdoor Benelux BV 69763208 Almere 1 100% 100 %
Fenix Outdoor Import Canada BC1158235 British Columbia 100 100% 100 %
Fenix Outdoor Danmark ApS 25894383 Århus 1 100% 100 %
Fenix Outdoor Finland Oy 1068339-4 Helsingfors 100 100% 100 %
Fenix Outdoor Import AS 916 916 145578 145 578 Lillehammer 100 100% 100 %
Fenix Outdoor Norge A/S 920417280 920 417 280 Lillehammer 100 100% 100 %
Fenix Outdoor s.r.o, Czech 6484212 Praha 1 100% 100 %
Fenix Outdoor s.r.o, Slovakia 51435608 Bratislawa 2 100% 100 %
Fenix Outdoor Global sales AB 559424-3783 Örnsköldsvik 100 100 %
Fenix Outdoor Poland Soo 1038396 Polzan 1 100 %
Fjällräven AB 556605-9795 Örnsköldsvik 1000 1 000 100% 100 %
Fjällräven B.V. 24251858 Almere 140 100% 100 %
Fenix Epic BV 57902585 Almere 1 100% 100 %
Fenix Outdoor Import BV 34127188 Almere 140 100% 100 %
Fjällräven Canada Retail Inc BC0997845 British Columbia 100 100% 100 %
Fenix Outdoor Logistics B V 64755177 Amsterdam 40 100% 100 %
Fenix Outdoor Logistics GmbH HRB12963 Ludwigslust 1 100% 100 %
Fjällräven International AB 556725-7471 Örnsköldsvik 1000 1 000 100% 100 %
Fjällräven Germany GmbH HRB56169 München 1 100% 100 %
Hanwag GmbH HRB153419 Vierkirchen 1 100% 100 %
Hanwag Deutschland Vertriebs GmbH GRB220690 Vierkirchen 1 100% 100 %
Progressz Kft 09-09-000101 Kinizsi 1 100% 100 %
Fenix Outdoor Emerging Markets GmbH HRB182742 Vierkirchen 1 100% 100 %
Fjällräven Sverige AB 556413-5548 Örnsköldsvik 100 100% 100 %
Fenix Outdoor E-com AB 556080-3362 Örnsköldsvik 6080 6 080 100% 100 %
Fjällräven Wholesale Canada BC1158256 British Columbia 100 100% 100 %
Friluftsbolaget Ekelund & Sagner AB 556543-0229 Örnsköldsvik 1294000 1 294 000 100% 100 %
Jiangsu Leader Outdoor Technology
Development Company Limited
91321000694454655G Yangzhou 1 100% 100 %
Fenix Outdoor UK 2091967 Gosport 10000 10 000 100% 100 %
Tierra Products AB 556095-1526 Örnsköldsvik 1010 1 010 100% 100 %
Fenix Outdoor Common Service AB 556018-8392 Örnsköldsvik 800 100% 100 %
Fenix Outdoor Common GmbH HRB 185 112 Hamburg 100% 100 %
Fenix Outdoor Brand Retail AG CHE-115.678.335 Zug 100 100% 100 %
Fenix Outdoor Import Asia 66355568 Hong Kong 1 100% 100 %
Fenix Outdoor Taiwan Co. Ltd 82808707 Taipei City 5000000 5 000 000 70% 70 %
Fenix Outdoor Asia Pacific Ptc Ltd 202012641H Singapore 10000 10 000 100% 100 %
Fenix Outdoor R&D and CSR AG CHE-145.043.963 Luzern 100 100% 100 %
Frilufts Retail Europe AG CHE-487.105.927 Zug 13460000 13 460 000 100% 100 %
Frilufts Retail Europe AB 556788-3375 Örnsköldsvik 13250000 13 250 000 100% 100 %
Friluftsland A/S 76470316 Copenhagen 5000 5 000 100% 100 %
Globetrotter GmbH HRB23422 Hamburg 38 100% 100 %
Naturkompaniet AB 556433-7037 Örnsköldsvik 8835528 8 835 528 100% 100 %
Naturkompaniet AS 912893030 912 893 030 Lillehammer 100 100% 100 %
Regntoyspesialisten AS 912791351 912 791 351 Kristiansand 300 100% 100 %
Exist Internet AS 982191939 982 191 939 Lillehammer 10000 10 000 100% 100 %
Fjellshop AS 918983015 918 983 015 Lillehammer 30000 30 000 100% 100 %
Fjellshop Tromso AS 927830140 927 830 140 Lillehammer 30000 30 000 100% 100 %
Frilufts Service GmbH HRB 14856 Hamburg 25000 25 000 100% 100 %
Partioaitta Oy 0201830-0 Helsingfors 94 94 285 100% 100 %
Trekit Holding Ltd 13096750 Hereford 2200 2 200 100% 100 %
Trekit Hereford Ltd 05668115 Hereford 1100 1 100 100% 100 %
Fenix Outdoor Americas Holding Inc C3596965 Delaware 736263 736 263 100% 100 %
Royal Robbins LLC 201221310331 201 221 310 331 Delaware 1000 1 000 100% 100 %
Royal Robbins Hong Kong Limited 1887476 1 887 476 Hong Kong 100 100% 100 %
RR Canada Inc 450672910 450 672 910 Montreal 1 100% 100 %
Fjällräven USA Llc 27-0611578 NY 1 100% 100 %
Fenix USA Retail US 38-3937088 Denver 1 100% 100 %
Fenix Outdoor Technical North America Llc 27-1437119 Denver 100 100% 100 %
Fenix Outdoor Import LLC 27-2473714 Riverton 1 100% 100 %
(Operating companies marked in bold)
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 47
BOARD APPROVAL
BOARD APPROVAL
The consolidated financial statements were approved for publication by the Board of Directors of Fenix Outdoor International AG
on April 1, 2025, and will be presented to the Annual General Meeting for approval on May 5, 2025.
Martin Nordin Susanne Nordin Mats Olsson
Ulf Gustafsson Rolf Schmid Sebastian von Wallwitz
48 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
AUDIT REPORT CONSOLIDATED FINANCIAL STATEMENT
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 2024, the consolidated income
statement, the 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 29-47) give a true and fair view of the consolidated financial position of the Group as at 31
December 2024 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 33.1% of the Group’s total assets and 55.1% of the Group’s
total equity as at 31 December 2024. 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
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 17.9% and 46.8% 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
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 49
AUDIT REPORT CONSOLIDATED FINANCIAL STATEMENT
16 to the number of point of sales at designated components. For agreements signed in 2024, 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, 1 April, 2025
Ernst & Young Ltd, Zurich
Roger Müller Patrick Bächtold
Licensed audit expert Licensed audit expert
(Auditor in charge)
50 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
PROFIT AND LOSS STATEMENT, PARENT COMPANY
INCOME STATEMENT, PARENT COMPANY
TEUR TCHF TEUR TCHF
2024 2024 2023 2023
Dividend income from investments 169,402 161,469 34,954 33,946
Interest income group loans 0 0 122 118
Interest income banks 9,217 8,786 4,006 3,890
Other income 0 0 13 13
Total income 178,619 170,255 39,095 37,967
Interest expenses bank loans –3,772 –3,596 −539 −524
Interest expenses group loans 665 634 361 350
Costs for own shares −41 −39 −43 −42
Currency gain 3,588 3,420 4,190 4,069
Currency loss –2,422 –2,308 −4,108 −3,990
Bank charges −173 −165 −211 −205
Write-downs of investments –23,477 –22,377 −1,078 −1,047
Operating result 152,987 145,824 37,666 36,580
Personnel expenses –1,825 –1,740 −1,541 −1,496
Group services –1,471 –1,402 −1,950 −1,894
Other operating expenses –1,232 –1,174 −882 −856
Marketing expenses −400 −381 −129 −126
Write-downs of receivables groups companies 0 0 −381 −370
Depreciation property, plant and equipment −17 −16 −18 −18
Result before tax 148,042 141,111 32,765 31,820
Direct taxes −53 −50 -41 -40
Net profit of the year
147,989
141,059 32,724 31,780
BALANCE SHEET, PARENT COMPANY
31/12/2024 31/12/2024 31/12/2023 31/12/2023
ASSETS
TEUR TCHF TEUR TCHF
CURRENT ASSETS
Cash at bank 151,869 142,939 92,478 85,635
Other receivables 92 87 111 102
-third parties 92 87 111 102
Short-term interest bearing receivables 2,983 2,807 3,123 2,892
-group companies 2,983 2,807 3,123 2,892
Accruals and prepaid expenses 86 81 275 254
-third parties 86 81 275 254
TOTAL CURRENT ASSETS 155,030 145,914 95,986 88,883
NON-CURRENT ASSETS
Investments 574,678 620,084 547,513 594,128
Property, plant and equipment 32 30 49 46
TOTAL NON-CURRENT ASSETS 574,710 620,114 547,562 594,173
TOTAL ASSETS 729,740 766,228 643,548 683,057
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 51
PROFIT AND LOSS STATEMENT, PARENT COMPANY
BALANCE SHEET, PARENT COMPANY
31/12/2024 31/12/2024 31/12/2023 31/12/2023
LIABILTIES AND SHAREHOLDERS' EQUITY
TEUR TCHF TEUR TCHF
SHORT-TERM LIABILITIES
Short-term interest bearing liabilities - - 30,000 27,780
-group companies - - 30,000 27,780
Other short-term liabilities 49,282 46,384 62,665 58,028
-third parties 173 163 20 19
-group companies 49,108 46,221 62,645 58,009
Accrued expenses and deferred income 460 433 1,765 1,635
-third parties 460 433 1,765 1,635
TOTAL SHORT-TERM LIABILITIES 49,742 46,817 94,431 87,443
SHAREHOLDERS' EQUITY
Share capital 12,378 13,460 12,378 13,460
Legal capital reserves 320,131 369,661 337,409 386,614
-reserves from capital contributions 287,347 333,005 304,624 349,049
-other capital reserves 26,620 29,999 26,620 30,502
- merger reserves 6,164 6,658 6,164 7,063
Legal profit reserves 2,389 2,692 2,389 2,692
Own shares against reserves from capital contributions –11,188 –12,112 −11,188 −12,112
Retained earnings 208,299 227,905 175,406 195,952
Net profit of the year 147,989 141,059 32,724 31,780
Currency translation adjustments - –23,253 - −22,771
TOTAL SHAREHOLDERS' EQUITY 679,999 719,412 549,117 595,614
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 729,740 766,228 643,548 683,057
52 ANNUAL REPORT 2024 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 964),
eective since 1 January 2013. As there is a consolidated financial report in accor
-
dance 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 OWN SHARES
Any potential sale of treasury shares is recognized with no impact on profit or loss
directly in equity. Thus, in case of future sales transactions of treasury shares, any
resulting profit or loss is credited or debited directly against the legal reserve from
capital contributions. If treasury shares are canceled as part of a capital reduction,
the minus item (historic acquisition costs) is derecognized to the extent of the nomi
-
nal value against the share capital. The dierence between the minus item and the
nominal value is derecognized against the legal reserve from capital contributions.
Any allocation of treasury shares for employee share participation programs or, as
in this case, option plans, is shown in the notes in the form of a separate disclosure
indicating the reason for the obligation.
1.5. PRESENTATION CURRENCY / FOREIGN CURRENCY TRANSLATION
The Swiss Francs (CHF) values are reported for Swiss compliance purpose (Art. 958d
CO).
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, 2024 were translated to CHF considering
the following exchange rates and historic opening equity values:
2024 2023
CHF/EUR CHF/EUR
Assets and liabilities except equity 1.06247 1.07991
Profit & loss accounts (average rate) 1.04913 1.02970
2. Information Balance Sheet and Income Statement
2.1. OTHER RECEIVABLES
The position other receivables in the current assets of TEUR 92 comprises mainly of pre-
paid expenses towards third parties TEUR 59 and value added tax credits of TEUR 33.
2.2. INVESTMENTS IN SUBSIDIARIES
As of December 31, 2024 the company holds the following participations:
Participations (direct) 31/12/2024 31/12/2023
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)
Holding EUR 8,833,333 100% 100% 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
5)
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%
Fenix Outdoor Americas Holding Inc, USA
3)
Holding USD 1 100% 100% 100% 100%
Fenix Outdoor Asia Pacific Trading USD 10,000 100% 100% 100% 100%
Fenix Outdoor Import Asia, Hong Kong
4)
Holding HKD 1 - - 100% 100%
Fenix Outdoor Taiwan 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 30% of the voting rights of Frilufts Retail Europe AB.
Fenix Outdoor AB held 30% of the capital and 35.50 % of the voting rights in Frilufts
Retail Europe AB but all was distributed to Fenix Outdoor International AG as a divi
-
dend valued to EUR 24.828.405,84 in 2024.
2) Shares in the dormant company Fenix Outdoor Development and CSR AG were fully
written down in the end of 2020. In 2024 a capital contribution of EUR 211.595,40
was given to Fenix Outdoor Development and CSR AG
3) Shares in RR Acquisition Company were fully written down in end of 2020.
RR Acquisition Company has previous changed name to Royal Robbins Holdings Inc
and have now change name again to Fenix Outdoor Americas Holding Company.
In 2024 a first capital contribution of EUR 29,646,929.32 was given to Royal Rob
-
bins Holdings Inc. The value of the first capital contribution was written down EUR
29,646,000. In 2024 also a second capital contribution of EUR 1,859,681 was given to
Royal Robbins Holding Inc.
4) Fenix Outdoor Import Asia was liquidated in 2024.
5) Shares in Fenix Outdoor Brand Retail AG were written down in 2024 with EUR
1,120,000.
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 53
NOTES, PARENT COMPANY
Amounts in TEUR Share capital Own shares Legal capital
reserves
Legal profit
reserves
Retained
earnings
Net profit
of the year
Total
Balance as per 31.12.2023 12,378 –11,188 337,409 2,389 208,130 - 549,118
Dividends *) –17,277 169 –17,108
Net profit of the year 2024 147,929 147,929
Balance as per 31.12.2024 12,378 –11,188 320,132 2,389 208,299 147,929 679,939
*) Net dividend, dividend payment of TEUR 17,277 minus dividend on own shares TEUR 169.
2.3. EQUITY
During 2024 the nominal share capital and the legal capital reserves showed the following several transactions:
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 Crowns 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 2024 no additional shares were purchased and the company per 31.12.2024
held 132,337 B-shares.
2.5. LIQUIDATION INCOME AND DIVIDEND INCOME FROM INVESTMENTS
In 2024 Fenix Outdoor Import Asia were liquidated. The liquidation result was TEUR
4,507.
In 2024, dividend from Fenix Outdoor Asia Pacific ptc Ltd was distributed of TEUR
7,579 and dividend from Fenix Outdoor AB was distributed of TEUR 156,876,
whereof 24828 TEUR as shares in Frilufts Retail Europe AB.
2.6. FINANCIAL INCOME AND EXPENSES
The currency gain of TEUR 1,166 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 1,471 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 (2023: 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 31.12.2024 31.12.2023
Guarantees, contingent liabilities, assets pledged
in favour of third parties
41,263 47,301
thereof used 41,263 47,301
4. Events after the reporting period
Viomoda
In 2024 Fenix Outdoor AB entered into a partnership with the German outdoor brand
Maloja to operate apparel production at their subsidiary production facility, Viomoda,
in Plovdiv, Bulgaria. In 2024, as part of this agreement Fenix Outdoor AB provided
convertible loans of MEUR 1.5 to Viomoda Austria maturing latest 31 December
2025. The loan is convertible into up to 40% of Viomoda shares at the option of Fenix
Outdoor AB and 49% at the option of Maloja. The loan was converted into 49% of
Viomoda shares per 30 January 2025.
Cancellation of shares
Per 11-02-2025 an Extra General Meeting approved to the Board of Directors a
cancellation of 112,898 B-shares, limiting the holding of own shares to 19,439
B-shares representing 0.15% of the capital of A-shares and B-shares. The Board of
Directors revoke its resolution and the shares were used for the acquisition of Devold
of Norway AS.
Devold
Per 04-03-2025 acquire 65 % of Devold of Norway AS. The transaction is expected
to contribute positively to Fenix’s profitability already in 2025. Fenix paid 35 MEUR
for the 65 % stake in Devold of Norway through a combination of cash and 112,898
Fenix Outdoor treasury shares. The seller is Flakk Group, a Norwegian based family-
owned business with investments in private and public companies across multiple
industries. Flakk Group retains a 35 % stake in Devold. The parties have an mutual
put/call arrangement, starting four years from signing per 04-03-2025, whereby
Fenix Outdoor has the right to buy and the Flakk Group has the right to sell the 35%
of Devold shares held by the Flakk Group.
Dividend proposal
The Board of Directors proposes a dividend of SEK 30.00 per B-share (15.00) and a
dividend of SEK 3.00 per A-share (1.50) for 2024 as repayment out of capital reserve
- Final day of trading Fenix Outdoor shares, including the right to the dividend: May
5, 2025
- Recorded date for payment of the dividend: May 7, 2025
- Payment date for the dividend: Earliest May 12, 2025
54 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
PROPOSED APPROPRIATION OF THE AVAILABLE EARNINGS
in TEUR in TCHF in TEUR in TCHF
Retained earnings 31/12/2024 31/12/2024 31/12/2023 31/12/2023
Profit reserves at the beginning of the period 208,130 227,740 175,234 195,783
Dividend own shares 169 165 172 169
Net loss/profit of the year 147,929 141,002 32,724 31,780
Profit reserves at the end of the period 356,228 368,907 208,130 227,732
Allocation to the legal profit reserves - - - -
Profit to be carried forward 356,228 368,907 208,130 227,732
PROPOSAL OF THE APPROPRIATION:
Capital contribution reserve carried forward 304,624 349,049 322,478 367,456
Impact exchange rate on previous year estimated dividend in SEK - 832 - 873
Dividend at General Meeting –17,277 –16,876 –17,853 –19,280
Capital contribution reserves attributable for disbursement 287,348 333,005 304,625 349,049
Repayment of legal capital reserves –35,239 –33,167 –18,196 –19,650
Capital contribution reserves 252,109 299,838 286,429 329,399
PROPOSED APPROPRIATION OF THE AVAILABLE EARNINGS
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 55
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 2024, 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 50-53) 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.
REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS
56 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
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.
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.
Based on our audit in accordance with Art. 728a para. 1 item 2 CO, we confirm that the proposed appropriation of the available earnings by the Board of
Directors complies with Swiss law and the Company’s articles of incorporation. We recommend that the financial statements submitted to you be approved.
Zurich, 1 April, 2025
Ernst & Young Ltd, Zurich
Roger Müller Patrick Bächtold
Licensed audit expert Licensed audit expert
(Auditor in charge)
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 57
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 considered and reported under the new function.
– 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
2024 is subsequently confirmed by the annual general meeting in May 2025.
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 2023 the AGM approved a maximum total compensation for
2024 to the Board of Directors of TEUR 1,700 (TEUR 1,600).
Fixed compensation
The compensation paid in 2024 totaled TEUR 1,297, compared with TEUR 1,282
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
The Directors of the Board which are getting Board remuneration get no variable
compensation.
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
monthly salary, up to six monthly salaries. In 2024 the average repo rate was 4.0 per
-
cent. The return on total assets in year 2024 was 7.1 percent. For 2024 the Executive
Chairman is thereby not entitled to any bonus. Total assets are defined as total assets
excluding eects from IFRS 16 adjustments.
SENIOR EXECUTIVES
Fixed compensation
At the AGM held in April 2023 the AGM approved a maximum total fixed compensa
-
tion for 2024 to the Senior Executives of TEUR 3,000. A total of TEUR 3,004 was
paid out in fixed compensation in 2024, compared with TEUR 2,525 the previous
year. The reason for the increase, and the overdraft, is the expansion of the Senior
Executive team from 7 to 9 persons.
Variable compensation
In 2024 a total variable compensation of TEUR 304 was given to the Senior Execu
-
tives. The variable compensation paid for 2024 needs to be confirmed by the Annual
General Meeting in April 2025. In 2023 a no variable compensation was given.
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 2024 (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, 2024. 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, 2024
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, 2024
Alex Koska, President 1,000 B-shares
Martin Axelhed, Executive Vice President 6,000 B-shares
Thomas Lindberg, CFO 1,100 B-shares
6 other members 111,489 B Shares
58 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
COMPENSATION REPORT
COMPENSATION BOARD OF
DIRECTORS 2024 TEUR (audited)
Base
salary
Benefits and
other remu
-
neration
Consultant
fee
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2024, incl. soc. cost Total
Total in TCHF
EUR/CHF
0,9531729
Martin Nordin, Executive Chairman 734 37 - 18 66 - 855 815
Susanne Nordin 204 13 - - 27 - 244 232
Ulf Gustafsson - 28 54 - - - 82 78
Mats Olsson - 28 - - - - 28 27
Sebastian Von Wallwitz - 28 - - - - 28 27
Rolf Schmid - 28 63 - - - 91 87
Total 938 162 117 18 93 - 1,328 1,265
Total fixed compensation 938 162 117 18 93 - 1,328 1,265
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
0,9531729
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
SENIOR EXECUTIVES 2024
TEUR (audited) Base salary
Benefits and other
remuneration
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2024, incl. soc. cost
Value of options
at grant date Total
Total in TCHF
EUR/CHF
0,9711551
President 441 65 - - 92 - 598 570
Senior Executives 1,654 65 378 401 212 - 2,710 2,583
Total 2,094 131 378 401 304 - 3,308 3,153
Total fixed compensation 2,094 131 378 401 304 - 3,004 2,863
COMPENSATION BOARD
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
OPTION PROGRAM
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, for each
person, as long as they are employed. There are no other vesting conditions to be met.
The four managers were granted 60000 options (15000 options per person). Each option with a right to buy one B-share in Fenix Outdoor International AG
Grant date Exercise price (SEK) Exercise period 1 Exercise period 2 Exercise period 3 Total of options
2022 11 02 845 11/2/25 11/2/26 11/2/27
6,667 6,667 6,666 20,000
2023 02 07 953 2/27/27 2/27/28 2/27/29
6,666 6,667 6,6667 20,000
2023 03 20 834 3/20/28 3/20/29 3/20/30
6,667 6,667 6,6668 20,000
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 59
BOARD OF DIRECTORS, SENIOR EXECUTIVES
BOARD OF DIRECTORS, SENIOR EXECUTIVES
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 2023 AND 2024:
Blåkläder Workwear AB,
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
SEBASTIAN VON WALLWITZ
Born 1965 Member of the Board since 2016
OTHER ASSIGNMENTS 2023 AND 2024:
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 2023 AND 2024:
Mobiliar Genossenschaft, Competec Holding AG,
Ulrich Jüstrich Holding AG, (Mobility Genossenschaft 2023)
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
SUSANNE NORDIN
Born 1966
Member of the Board since 2016.
OTHER ASSIGNMENTS 2023 AND 2024: —
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
EEFJE JACQUES
Born 1981 CTO
Fenix Outdoor employee since 2020
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
0 B-share.
DONNA BURNS
Born 1967 Global Product Director Fjällräven.
Fenix Outdoor employee since 2003
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
39 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
60 ANNUAL REPORT 2024 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 2024. The audit was limited
to the information pursuant to Art. 734a-734f of the Swiss Code of Obligations (CO) in the tables marked “audited” on pages 57 to 59 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 remuneration system and defining individual
remuneration 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, 1 April, 2025
Ernst & Young Ltd, Zurich
Roger Müller Patrick Bächtold
Licensed audit expert Licensed audit expert
(Auditor in charge)
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 61
FENIX OUTDOOR SHARE DATA
THE SHARE AND SHAREHOLDERS
FENIX OUTDOOR SHARE PRICE NASDAQ OMX, 2020–2024
2020-07-02
2021-11-02
2020-09-02
2022-01-02
2020-11-02
2022-03-02
2021-01-02
2022-05-02
2023-03-02
2021-03-02
2022-07-02
2023-05-02
2020-01-02
2021-05-02
2022-09-02
2023-07-02
2020-03-02
2021-07-02
2022-11-02
2023-09-02
2020-05-02
2021-09-02
2023-01-02
2023-11-02
2024-03-02
2024-05-02
2024-07-02
2024-09-02
2024-01-02
2024-11-02
SHARE PERFORMANCE 2024
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 30, 2024, which was 703.00 SEK, Fenix Outdoors market capi
-
talization was 9.5 billion SEK (10.4).
Fenix Outdoor’s share price declined by 6.5 percent in 2024, while the total index,
OMX PI Stockholm, increased by 6.0 percent. The highest closing price paid dur
-
ing the year was 770.00 SEK, quoted in January 9th, and the lowest closing price
paid was 587.00 SEK, quoted in November 1st.
SHARE CAPITAL
At the end of 2024, 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 entitle
-
ment 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 8,118 (8,742) at 2024. The ten largest share-
holders held 84.1 percent of the capital and 93.9 percent of the votes.
DIVIDEND
For the 2024 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.
The Board also propose an extra dividend of SEK 15.00 per B-share and SEK
1.50 per A-share, based on the strong cash flow related to a more normalized
inventory level. The dividends corresponding to 241.2 percent of profit after tax.
Based on the last price paid on December 30th 2024 (SEK 703.00), the pro
-
posed dividend represents a dividend yield of 4.3 percent.
Since 2020, Fenix Outdoor has paid out an average of 59.4 percent of profit after
tax in yearly dividends.
Fenix Outdoor OMX PI
37.5%
-39.1%
62 ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION 2025
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 Holding Ltd 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 Funds AB - 1,369,087 10.2% 3.9%
Bestseller United A/S - 1,206,540 9.0% 3.4%
Odin Fonder - 350,000 2.6% 1.0%
von der Esch, Mait Stina Birgitta - 201,000 1.5% 0.6%
Pictet and Cie (Europe) AG, Succurs, Ale de Lux - 164,696 1.2% 0.5%
Nordin Forsman, Anna - 149,452 1.1% 0.4%
Fondita Fund Management Company - 93,238 0.7% 0.3%
Wall, Karl Johan - 70,000 0.5% 0.2%
Aktia Rahastoyhtiö Oy - 68,971 0.5% 0.2%
J.P. Morgan SE, Luxembourg Branch, W8IMY/NQI - 65,931 0.5% 0.2%
Märta Christina och Magnus Vahlquists Stiftelse - 60,000 0.4% 0.2%
Other - 1,644,879 13.2% 4.9%
TOTAL 24,000,000 10,927,663 100% 100%
Owned by Fenix Outdoor International AG 132,337
TOTAL 11,060,000
The Annual General Meeting of the shareholders of Fenix Outdoor International
AG will be held at 14.00 pm on Monday, May 5, 2025, at Solna Strandvägen 128
B, 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 is
-
sued 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 Tuesday, April 29, 2025 at the
following address: Fenix Outdoor International AGM, Solna Strandväg 128 B, 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 Thurs
-
day, April 24, 2025 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 2024. The Board also propose an
extra dividend of SEK 15.00 per B-share and SEK 1.50 per A-share.
• Final day of trading Fenix Outdoor shares, including the right to the dividend:
May 5, 2025
• Record date for payment of the dividend: May 7, 2025
• Payment date for the dividend: Earliest May 12, 2025
FINANCIAL CALENDAR
Interim report January–March, May 5, 2025
Interim report April–June, July 22, 2025
THE MAJOR SHAREHOLDERS 2024–12–31
ANNUAL REPORT 2024 FENIX OUTDOOR INTERNATIONAL AG 63
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
AUDITORS
AUDITOR IN CHARGE
Roger Müller
Licensed audit expert
Ernst & Young Ltd
Auditor at Fenix Outdoor
International AG since 2018
AUDITOR
Patrick Bächtold
Licensed audit expert
Ernst & Young Ltd
Auditor at Fenix Outdoor
International AG since 2024
Fenix Outdoor International AG, Weidstrasse 1a, 6300 Zug, Switzerland
Phone: +46-(0)-660-26 62 00, www.fenixoutdoor.se, E-mail info@fenixoutdoor.se
www.fjallraven.se www.tierra.se www.devold.com www.hanwag.de royalrobbins.com www.naturkompaniet.se www.partioaitta.fi www.globetrotter.de www.friluftsland.dk
OUTDOOR International AG