FENIX OUTDOOR
ANNUAL REPORT 2021
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 Primus
22 Frilufts
ANNUAL REPORT
26 Management report including Corporate
Governance Report
28 Consolidated income statement
29
30 Consolidated statement of changes in equity
31
32
45
47 Income statement, parent company
47 Balance sheet, parent company
49
52 Audit report, parent company
53 Compensation report
55 Audit report, compensation report
56 Fenix Outdoor share data
57 Annual General Meeting
58 Board of Directors, Senior Executives
and Auditors
59 Addresses
OPERATING PROFIT/EBIT MEUR
NET SALES MEUR
OPERATING MARGIN
%
2 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
Annual General Meeting
The Annual General Meeting of the shareholders of Fenix Outdoor International AG will
be held at 14 00 pm on Wednesday, April 27 2022, at Hemvärnsgatan 9, Solna. The
Swedish Gazette (Post och Inrikes Tidningar) and by publication on the Company’s
in Svenska Dagbladet and Örnsköldsviks Allehanda.
Shareholders who wish to attend the Annual General Meeting must notify the Company
of their intention no later than 1 p.m. on Friday, April 22, 2022 at the following address:
Fenix Outdoor International AGM, Hemvärnsgatan 15, SE - 171 54 Solna or by e-mail
personal identity number /corporate identity number, phone number (daytime) and
the number of shares he or she holds. Shareholders who, through a bank or another
trustee, have trustee-registered shares must re-register the shares in their own names to
be entitled to participate in the Annual General Meeting. To ensure that this registration
is entered in the shareholder register on Tuesday, April 19, 2022 shareholders must
request that their trustees conduct such registration well in advance of this date. The
re-registration may be temporary.
THIS IS FENIX OUTDOOR
• THE BUSINESS CONCEPT of Fenix
Outdoor is to develop and market high-
quality, lightweight outdoor products
through a selected retail network with
a high level of service and professional
-
ism, to end consumers with high expec-
tations.
• THE CEO AND EXECUTIVE CHAIRMAN is
Martin Nordin, eldest son of the found
-
er, 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.
THIS IS FENIX OUTDOOR
Global sales
MEUR
Jan–Dec
2021
Jan–Dec
2020
External net sales 172,4 149,6
EBITDA 29,2 26,6
EBIT 26,7 24,4
Stores 32 28
Frilufts
MEUR
Jan–Dec
2021
Jan–Dec
2020
External net sales 309,0 264,0
EBITDA 41,0 22,7
EBIT 12,9 -1,6
Stores 95 81
Brands
MEUR
Jan–Dec
2021
Jan–Dec
2020
External net sales 168,5 149,4
EBITDA 63,3 61,3
EBIT 52,0 50,5
Stores 38 41
THE FRILUFTS SEGMENT
THE BRAND AND GLOBAL SALES SEGMENTS
This segment consists of six outdoor retail chains
in Sweden, Norway, Germany, Finland, Denmark
and the United Kingdom. In total, there are 95
shops and additional e-com business.
of distribution companies around the world, brand
retail shops and additional e-com business in
North America, Asia, and Europe.
• THE OPERATION was started in 1960.
From 2000 to now, net sales have
increased sharply from MEUR 27.7
to MEUR 607.1.
• THE PARENT COMPANY of the group is Fe
-
nix Outdoor International AG. The com-
pany is listed on Nasdaq Stockholm,
Large Cap.
• THE GROUP sells its products around the
world. The major markets are Germany,
North America and the Nordic countries.
• THE GROUP has three operating
segments: Brands, Global Sales and Fri-
lufts.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 3
GLOBETROTTER
TREKITT
4 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
Comments by the
Executive Chairman
Over the past two years, it seems that
whenever I am prepared to declare that
we have reached a new normal, some
-
thing new happens to change the envi-
ronment! When I wrote my ‘letter from the
Chairman’ the previous two years, I have
stated “Normally I use this forum to recap
the year that just passed and for talking
about the future. I nd that the situation
this year warrants a dierent approach.”
Given the circumstances, I have decid
-
ed that I will take a similar approach this
year. I want to focus more on the current
situation and the possible impacts.
On my own and the company’s behalf
I wish to begin by expressing how sad
and concerned we are about the human
-
itarian situation in Europe/Ukraine right
now. Furthermore, I would like to give
an update on our exposure to the mar
-
kets mostly eected by the conict. In
terms of Russia, we have very limited ex
-
posure from a sales perspective. In 2014
we launched a plan to enter Russia in
full, however following the annexation of
Crimea we cancelled those plans and have
not seen any reason to reevaluate that de
-
cision since.
Thus, our sales in Russia have been at a
minimum and with a limited representa
-
tion. As of February, this year, these oper-
ations have been suspended complete-
ly. This will have a very limited eect on
our overall business. I addition, our sales
in Ukraine are also very limited. We do
have a minor exposure in manufacturing
in Ukraine. Our only potential larger ex
-
posure could come if any of our subcon-
tractors in terms of IT and digital devel-
opment have people working for them in
Russia or Ukraine.
The new year has started well. Our
wholesale and Brands divisions have been
able to mitigate the supply chain prob
-
lems and enabled us to deliver goods to
the market without too many delays. As
almost all markets are open there is a dis
-
tinct recovery in brick-and-mortar sales,
especially in Germany which faced a long
closure period last year.
I strongly believe my comments in our
Q4 release covers almost everything that
is to be said about last year, however I
have added a short recap below.
2021 ended very positive and in to
-
tal we ended up with 649.9. MEUR in Net
sales, to compare with MEUR 563.0 in
2020 and 607.1 in 2019.
All segments showed strong increase
in external Net sales, where Brands was
up +13%, Global Sales +15% and Frilufts
+17%. The growth for Brands and Glob
-
al Sales where mainly concentrated to Q2
and Q4, where Q4 got an extra push from
the late deliveries from the quarter before.
Despite the long period of close downs
in Germany (January until May), Frilufts
showed growth compared to last year, in
all quarters excluding the rst one.
For Brands and Global Sales, the growth
was 100% organic. In Frilufts 3% of the an
-
nual growth was related to Trekitt, an UK
outdoor multi-brand retailer with its ma
-
jor focus in Digital sales, acquired in the
early fall.
In 2021 the impressive recovery in
North America continued, which means
that we for the rst time reached over 100
MUSD sales for the year.
Even though higher costs for logistics,
with extra costs of 4.0 MEUR only in Q4, as
well as for the digital
infrastructure, the Operating prot in-
creased to MEUR 83.9 vs 61.1 the year be-
fore and was at the same level as in 2019.
The operating margin recovered to 12.6%.
The digital business continued to grow.
Our annual digital sales amounted to 149.9
MEUR, representing 23% of total Net sales
and 37% of our Net sales direct to users.
The increase in digital sales was at 38%
compared to last year. At the end of the
year, we noted a move back of business
from digital to brick-and-mortar retail,
based on a need for people to get back to
in-person shopping. I, however, still be
-
lieve that we will see a monetary growth
in the digital sales going forward as we
believe that digital sales will continue to
outpace brick-and-mortar sales in growth
over time.
As I also stated in the Q4 report, I notice
some challenges in the upwards trend
costs. We are in particularly
facing some pressures in a couple of areas.
Firstly, our IT costs are increasing due to a
couple of factors; a need to upgrade sys
-
tems, the development of our digital busi-
ness and increasing salaries and retention
of people in this area. Secondly, due to
having been acting in a crisis environ
-
ment, in which salary increases have been
small, there is back load of salary increases
in general. In addition we are still
4 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 5
facing the cost of the logistic issues in
terms of transportation and believe that
we probably will not reach normalization
during this year.
Coming back to the overall good per
-
formance in 2021 I want to rephrase my -
nal comment in the Q4 report. Once
again, I would like to take the opportunity
to thank our management, employees,
board, shareholders and not the least cus
-
tomers for their eorts and loyalty in help-
ing us to get through the last two years of
the pandemic. But even more I would like
to thank our ‘frontline workers’ in the
stores, warehouses, and manufacturing.
These groups have not had the opportu
-
nity to work from home during the pan-
demic. So once again, a big thank you to
our factory workers, store sta and ware
-
house personnel who have all put in an
enormous eort during the last years.
All the best
Martin Nordin,
Chairman of the Board
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 5
6 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 7
FIVE-YEAR SUMMARY, GROUP
MEUR
2021 2020 2019 2018 2017
INCOME STATEMENT
Net sales 649,9 563,0 607,1 572,4 539,9
Depreciation/amortization -51,5 -48,9 -43,1 -14,2 -12,7
EBITDA 135,4 110,0 128,0 102,6 97,6
83,9 61,1 84,9 88,4 84,9
-2,1 -7,6 -0,6 0,1 -2,7
81,7 53,5 84,4 88,5 82,2
Tax -25,1 -19,6 -23,1 -21,1 -21,5
56,7 33,9 61,3 67,4 60,7
BALANCE SHEET
Fixed assets 265,4 255,0 250,4 119,2 100,6
Inventories 152,6 153,8 159,7 133,3 132,7
Accounts receivable - trade 60,9 38,2 45,1 42,9 39,8
Other current assets 8,2 13,7 10,3 5,4 4,9
Cash and cash equivalents, current investments 181,9 191,1 88,9 101,9 93,7
Total assets 668,9 651,7 554,4 402,7 371,7
*) From 2019 Fixed assets includes Right-of-use assets from adopting IFRS 16
Equity attributable to the Parent Company´s
shareholders
381,4 353,7 319,1 285,6 230,8
Minority shareholdings - 0,1 0,1 0,1 0,0
Provisions etc 15,4 16,1 15,9 13,0 13,8
Non-current liabilities, interest-bearing 126,3 138,8 100,4 12,0 1,9
Other non-current liabilities 0,2 0,7 1,4 1,0 1,0
Current liabilities
Interest-bearing 37,7 56,5 47,8 12,9 50,7
Non-interest-bearing 107,9 85,8 69,7 78,1 73,5
668,9 651,7 554,4 402,7 371,7
*) From 2019 Interest-bearing includes Lease liabilities from adopting IFRS 16
CASH FLOW
118,7 110,0 61,4 79,1 68,6
-34,4 -21,6 -23,1 -31,6 -36,6
84,3 88,4 38,3 47,5 32,0
KEY RATIOS
Change in sales, % 15,4 -7,3 6,1 6,0 11,0
12,6 9,5 13,9 15,5 15,2
12,8 9,3 18,3 23,3 24,6
Return on equity, % 15,4 10,1 20,3 26,1 29,1
Equity/assets ratio, % 57,0 54,3 57,6 70,9 62,1
AVERAGE NUMBER OF FTE EMPLOYEES 2 439 2 476 2 492 2 270
DATA PER SHARE
Number of shares, thousands, as of December 31 35 060 35 060 35 060 35 060
8,11 6,21 7,76 6,06 5,45
Earnings per B-share, EUR 4,25 2,54 4,55 5,01 4,51
Equity per B-share, EUR 28,59 26,51 23,71 21,43 17,15
Market value as of December 31, EUR 120 102 112 84 99
P/E ratio 28 40 25 17 22
Dividend per B-share
1)
1,95 2,38 - 1,17 1,02
DEFINITIONS:-
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
number of shares.
1)
To be approved by the AGM
*)
*)
*)
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 7
8 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
2021 2020
Net sales 168,5 149,4
EBITDA 63,3 61,3
52,0 50,5
Investments 3,9 5,5
Average number of FTE employees 745 746
Sweden 17,6 14,0
Other Nordic countries 2,5 1,7
Germany 53,6 56,1
Benelux 16,2 14,6
Other Europe 14,8 17,8
Americas 61,7 44,4
Other markets 2,1 0,8
Total 168,5 149,4
2021 2020
Net sales 172,4 149,6
EBITDA 29,2 26,6
26,7 24,4
Investments 1,3 1
Average number of FTE employees 267 258
Switzerland 10,6 12,7
Other Nordic countries 40,4 33,8
Benelux 8,9 5,8
Other Europe 34,8 34,2
Americas 41,0 33,8
Other markets 36,7 29,3
Total 172,4 149,6
2021 2020
Net sales 309,0 264,0
EBITDA 41,0 22,7
12,9 -1,6
Investments 7,0 5,9
Average number of FTE employees 1 196
Sweden 80,3 64,0
Other Nordic countries 60,0 50,7
Germany 159,0 147,9
Benelux 0,3 0,3
Other Europe 9,4 1,1
Total 309,0 264,0
2021 2020
EBITDA 1,9 -0,7
Operating loss -7,7 -12,1
Investments 12,2 8,8
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 9
Fenix Outdoor group at a glance
Making adventure last: 1960
In 1950, 14-year-old Åke Nordin from Örn-
sköldsvik in northern Sweden spent more
time outdoors than he did indoors. Af
-
ter many long mountain treks, Åke decid-
ed that the backpacks of that time were un-
satisfactory. He took matters into his own
hands, building a wooden frame. With this
frame the weight was evenly spread across
his back so that the pack did not end up
uneven, uncomfortable and pear-shaped.
It also meant he could carry more weight
with ease. Åke’s innovation quickly caught
on, and in 1960 his new company Fjällräven
became the rst to make and distribute
framed backpacks for commercial use. Fjäll
-
räven is Swedish for Arctic Fox, honoring the
small and highly adaptable predator that
lives in the Swedish mountains under the
harshest conditions. From the small town of
Örnsköldsvik, Fjällräven and Fenix Outdoor
have now expanded to every corner of the
world. The fundamental idea of the compa
-
ny remains the same: To provide functional,
durable and timeless equipment that makes
the outdoors more enjoyable for all. We con
-
tinue to nd smart, innovative solutions to
make every adventure unforgettable.
An idea that carried weight
Åke made his rst framed backpack in his
basement with his mother’s sewing ma
-
chine. Using strong cotton fabric for the
pack, he attached the wooden frame using
leather straps, with calfskin for the support
straps. Not only was the pack more comfort
-
able and distributed weight evenly, but it
also increased ventilation between his back
and the pack. Soon afterward, during a trip
up north, Åke’s invention caught the atten
-
tion of the indigenous Sami people, who
spend weeks at a time high up in the moun
-
tains. They asked Åke to build them a back-
pack and after that a tent. Fjällräven was
born.
Functionality
The brands of Fenix Outdoor work hard to
develop functional equipment by careful
-
ly considering everything from new, smarter
solutions to improved material. Our goal is
to oer outdoor equipment that allows you
to spend more time enjoying nature.
Durability
A Fenix Outdoor product is a guarantee that
you will not need to buy a new product for a
long time. Our users know that our products
live up to strict requirements and last for
many years, often for generations. This long
life cycle depends on many factors, such as
production experience, superior choice of
material, product assembly and strict quali
-
ty controls during the production process.
Dependability
When we design our products, we choose
material and solutions that combine to give
you a safe, dependable product you will
be able to use outdoors. We are aware that
our equipment might be used in situations
where there is not a lot of room for error.
Our responsibility
Fenix Outdoor is growing and constant-
ly moving into new markets. This makes it
even more important for us to take respon
-
sibility for every decision we make, whether
we are in our home in Örnsköldsvik in north
-
ern Sweden or another corner of the world.
One of the most important aspects of this
is our responsibility toward everyone who
works in the development and production
of our equipment.
Business
The Fenix Outdoor Group’s business was
originally based on the development and
sale of products from Fjällräven, the group’s
rst brand. In 2001 the group acquired
Naturkompaniet. In addition, the group ac
-
quired the brand Tierra, which develops and
sells innovative, high-tech garments for out
-
door activities. In 2002 Fenix Outdoor ac-
quired the brand Primus, a world-leading
developer and producer of outdoor stoves
and accessories. In September 2004 the
group acquired the German footwear brand
Hanwag. In 2011 the retail segment Frilufts
expanded with the acquisition of the Finn
-
ish retail chain Partioaitta. In 2014 the Ger-
man retailer Globetrotter was acquired, and
the expansion of Frilufts continued in 2017
and 2021 when the Danish retailer Frilufts
-
land and the British retailer Trekitt were ac-
quired. Furthermore, Frilufts introduced a
new market penetration strategy in 2021,
when expanding the Naturkompaniet brand
to Norway. In 2018 the US-based outdoor
and travel apparel brand Royal Robbins was
added to the group. In addition, the group
has acquired and started up distribution
companies all over the world, including in
Europe, Asia and North America.
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
10 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG10 ANNUAL REPORT 2020 FENIX OUTDOOR INTERNATIONAL AG
Parent company
The parent company is Fenix Outdoor Inter-
national AG, based in Zug, Switzerland. The
company is listed on Nasdaq Stockholm,
Large Cap.
Business idea and goals
The business 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 profession
-
alism, to end consumers with high expec-
tations.
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
percent, 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 increas-
es control of the value chain through close
contact with the end user, which enables
a faster response to trends and changing
consumer demands. The retail network
also showcases the brands’ assortments.
Brand strategy, marketing and
sponsoring
The group works actively to protect and de-
velop its brands and retail operations, which
are described in more detail on pages 12–
25. Brand management includes active
brand protection through legal activities to
preserve and strengthen the brands. Activ
-
ities to strengthen the brands include sev-
eral outdoor events all over the world. Since
1986, Fjällräven has been a royal warrant
holder from His Majesty the King of Sweden.
According to a TNSSIFO survey of “Super
Brands,” Fjällräven is one of Sweden’s stron
-
gest brands.
Innovation and product
development
Åke Nordin’s invention of the framed back-
pack was the beginning of both Fjällräven
and Fenix Outdoor. The group has since con
-
tinued developing products for an active
outdoor life based on the customer’s needs.
An example of this is Primus’s stove devel
-
opment. The Primus OmniFuel™ camping
stove can be used with almost any type of
fuel, and the stove systems with Primus Eta
Technology have an eciency of 80 percent,
which halves fuel consumption compared
with other camping stoves. The Fjällräven
Thermo™ tent was the rst tent in the world
made of synthetic fabric and the double-
weave principle. The iconic Fjällräven Kånk
-
en® backpack is one of the world’s best-
selling backpacks and is considered and
protected as a piece of art by the Swedish
Society of Craft and Design. Fjällräven’s own
Eco-Shell is a high-function shell material
giving complete protection in wet weather
and tough conditions. Its functionality with
-
out the use of harmful peruorinated com-
pounds (PFCs) in the impregnation has led
to industry awards and recognition. Other
innovations include the G-1000® fabric and
the TubeTec sole from Hanwag.
Organization and employees
The Fenix Outdoor Group’s organization
aims to achieve economies of scale within
administration and to centrally coordinate
the activities within its business units. This
entails realizing synergies through central
core functions such as IT, nance, HR, corpo
-
rate social responsibility (CSR) and shared
logistical services from three major central
warehouses in the Netherlands, Germany
and the US. The average number of full-time
equivalent employees in the group totaled
2,446 in 2021.
Products
The range includes apparel, daypacks, back-
packs, sleeping bags, tents, stoves, bags,
outdoor shoes and boots. The products are
high-quality, durable, lightweight and clas
-
sically designed. Product development
adapts to the demands of consumers and
professional users. The brands are also trust
-
ed names, with considerable expertise and
history in product design, materials and pro
-
duction. The philosophy is to oer optimal
and functional products based on function
-
al design. In addition to continuous devel-
IMPORTANT DATES IN FENIX HISTORY
2011
The Finnish
outdoor retail chain
Partioaitta Oy is
acquired
2004
Hanwag is acquired.
2013
Death of Fjällräven
founder Åke Nordin,
at the age of 77.
2014-15
The Frilufts group is
established. Globetrotter
Ausrüstung GmbH is
acquired.
2017
The Danish out-
door retail chain
Friluftsland A/S is
acquired.
2018
The US-based
outdoor and
travel apparel
company Royal
Robbins is
acquired.
GLOBETROTTER
PARTIOAITTA
FRILUFTSLAND
2021
Frilufts acquires
Trekitt and starts
Naturkompaniet
in Norway.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 11
opment of the brands’ product ranges, Fenix
Outdoor focuses on investing in the brands.
The products are primarily sold to external
and internal outdoor retailers through fully
owned distribution companies.
Distribution
The Brands segment runs distribution com-
panies concentrated in sales of one brand
and operates business-to-consumer sales
through brand retail stores in Europe and
North America. The Brands segment also
operates online sales in all major markets.
The Global Sales segment consists of Fenix
multiband distribution companies repre
-
sented globally. The Asian distribution com-
panies also run retail operations, primari-
ly brand retail. Frilufts Retail Europe AB – the
Frilufts segment – runs its business through
ve subsidiaries/brands: Naturkompaniet
(Sweden and Norway), Partioaitta (Finland),
Globetrotter (Germany), Friluftsland (Den
-
mark) and Trekitt (UK). The Frilufts segment
has a total of 95 stores in addition to its e-
com operation run by each local brand.
ORGANIZATIONAL STRUCTURE
HANWAG TIERRA PRIMUSFJÄLLRÄVEN
CSR IT LOGISTICS
NATURKOMPANIET PARTIOAITTA FRILUFTSLAND GLOBETROTTER
ROYAL ROBBINS
DEVELOPMENT AND INFRASTRUCTURE
PRESIDENT
Alex Koska, COO
and Global Sales
EXEC. VICE PRESIDENT
Martin Axelhed, Brands
VICE PRESIDENT
Henrik Hoffman, Frilufts
VICE PRESIDENT
Nathan Dopp, Fenix Outdoor,
American Operations
EXECUTIVE CHAIRMAN
AND CEO
Martin Nordin
FINANCE HR
FRILUFTS
CORPORATE SERVICES
GLOBAL SALES
LEGAL
BRANDS
TREKITT
FRILUFTS RETAIL
EUROPE AB
FRILUFTSLAND
NATURKOMPANIET
GLOBETROTTER
PARTIOAITTA
TREKITT
12 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2021 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 desire to make
outdoor recreation easier, more comforta
-
ble and more inclusive, Nordin developed a
business that continues to grow today. Fjäll
-
räven’s successful history rests on a series
of best-selling and highly innovative prod
-
ucts, including the classic Greenland Jack-
et, the Expedition Down Jacket, the Kånken
backpack and the Bergtagen Mountaineer
-
ing range.
Long Term
The long-term goal for Fjällräven is to be-
come the most sustainable and premium
global outdoor brand, oering clothing and
equipment with unrivaled quality and func
-
tionality while being at the forefront of sus-
tainability. Being the best at outdoor cloth-
ing and equipment, in harmony with nature,
means identifying ever more innovative and
sustainable solutions. No matter how much
time and eort it takes, Fjällräven is in it for
the long haul, with the aim of keeping na
-
ture in business forever.
Reflections 2021
Although the start of the year took both vig-
ilance and adaptability due to shutdowns
in Europe and global logistics upheavals
caused by the pandemic, it was followed by
positive developments.
There was a considerable global increase
in the number of people drawn to nature
and life outdoors, which not only proved
our predictions right – the worldwide move
-
ment toward a healthier lifestyle in connec-
tion with nature – but also gave us the op-
portunity to fully take advantage of our
skills and long experience of creating ex
-
citing new product innovations to support
Increasing the demand for our authentic,
sustainably focused and time-proven brand.
A growing outdoor
movement
that movement. We have even expanded
our product innovation into new and previ
-
ously unchartered activity areas.
We also saw a return of interest in
Kånkens, as restrictions were lifted and
movement back to life in general became
a reality for the rst time since 2019. The
launch of Kånken Me – the color-custom
-
izable Kånken – also contributed to this in-
terest.
Our core products – jackets, trousers and
backpacks, with functionality and outdoor
activity in focus – performed very well too.
Online business has increased and con
-
tinues to do so.
As for distribution, developments are
positive, with a healthy mix of direct-to-user
and capable and competent resellers doing
an excellent job. At the same time, the inter
-
est of physical retail stores with highly com-
petent sta has returned and we’ve con-
tinued to open brand stores, brand corners
and shop-in-shop solutions globally.
We strengthened the organization great
-
ly too, adding new competence and new
capabilities across multiple departments –
digital, marketing and sourcing & produc
-
tion. Product development has made in-
dustry-changing progress when it comes to
digital tools and digital work methods.
Worthy of special mention is the contin
-
ued renaissance of the iconic Expedition
Down Jacket from 1974, recently evolved
into a whole series of versatile winter cloth
-
ing possibilities, enabling more nature en-
thusiasts far and wide to enjoy the cold sea-
sons fully.
As always, sustainability continues to
be a major priority across all Fjällräven op
-
erations, driving developments and in-
dustry-leading initiatives with regard to
low-impact, long-life material choices, an
unmatched timeless design philosophy and
strictly regulated sourcing, production and
distribution processes, together with clear
and ambitious goals for the future.
A look forward
We see a bright future ahead, with the de-
mand for an authentic, sustainably focused
and reliable outdoor brand stronger than
ever. Not only is the growing outdoor move
-
ment increasing the number of users glob-
ally, but we see a clear correlation in values
between the Fjällräven brand and that move
-
ment. We therefore continue to increase
our commitment to creating the best cloth
-
ing and equipment and oering more op-
portunities for people to discover nature
through our events. Fjällräven Classic, our
yearly recurring event that promotes “spec
-
tacular trekking for everyone,” is now availa-
ble in six countries. Fjällräven Polar, another
yearly event for which all are welcome to ap
-
ply, is a life-transforming experience north
of the Arctic Circle, teaching all who partic
-
ipate to fully appreciate even the harshest
winter conditions of northern Scandinavia.
Our Campre Events, organized by local retail
stores to teach and practice outdoor knowl
-
edge and ethics, are growing in number in all
our markets. We see strong potential in driv
-
ing even more outdoor experiences through
new digital platforms that are in the making.
All in all, we are condent that we can strong
-
ly contribute to enabling more people to dis-
cover and enjoy life in nature and the out-
doors.
14 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
Brand Characteristics:
Royal Robbins and his wife Liz were iconic
Yosemite Valley rock climbers in the 1960s
when they founded our beloved brand.
They belonged to a scrappy band of mod
-
ern climber/philosophers who coined and
embraced the term “clean climbing,” a set of
practices and techniques that enabled them
to climb big walls with little or no damage
to the rock. This approach was a literal rep
-
resentation of their lived ethos of deep re-
spect for the natural world.
Royal was one of the best climbers in the
world when he and his friends forged this
new outdoors ethic in the late 1960s, giv
-
ing birth to a technical foundation that is the
norm in the climbing community today. Roy
-
al went on to climb and kayak throughout
the world, always coming home to the birth
-
place of our brand in Northern California and
the gateway to the Yosemite Valley.
Activities in 2021
We believe the investments we have made
in 2021 in our evolved product strategy and
modernized aesthetic are sparking consum
-
er and retailer interest. Looking at the 2022
order book, strong growth at key whole
-
sale accounts as well as meaningful new
distribution demonstrates retailers are em
-
bracing the brand’s direction. We also add-
ed greater focus and expansion of our di-
rect-to-user omni-channel approach with
the opening of two new next-generation
brick-and-mortar stores, the rst on New
-
Adventure more, with less
For more than 50 years, Royal Robbins has inspired and
enabled people to live a life full of adventure, with care
and respect for the outdoors. We pride ourselves in
creating versatile, long-lasting clothes that allow you to
live a sustainable outdoor lifestyle.
bury Street in Boston and another at a ag-
ship location in downtown Seattle. True to
our brand aesthetic, we designed a custom
build-out and xture program accompa
-
nied by artifacts and photographs from our
brand’s iconic heritage that fully embodies
our brand’s unique storytelling ability.
We also made great progress toward our
sustainability goals in 2021. Focused on re
-
ducing the carbon footprint of our products,
we transitioned many key styles to lower-im
-
pact materials. Polyester and cotton are our
largest ber categories, and we are targeting
80 percent recycled polyester and 100 per
-
cent preferred cotton by 2025. In 2021 we
reached 59 percent and 67 percent respec
-
tively, with a strategy to continually increase
uptake year over year. Our progress was rec
-
ognized in the Textile Exchange’s Materi-
al Change Index, where we moved from Lev-
el 2 (Establishing) to Level 3 (Maturing), which
identies the brand as an emerging leader in
uptake of lower-impact bers. Following Liz
and Royal’s example, we are committed to re
-
ducing our impact while growing our busi-
ness.
Key Products
Our product promise is to design with pur-
pose. We make versatile, timeless and high-
quality products that take you from trail to
table with rened style. The key product fo
-
cus in 2021 was to build on our legacy fam-
ily of styles including the Expedition Series,
Discovery styles and Spotless collections.
Next, we continued our category expansion
oensive with the addition of underwear
when we launched the ReadyDry® Essentials
collection. These key initiatives along with
the global expansion of our wholesale and
direct-to-user businesses are destined to
drive accelerated growth for years to come.
Outlook 2022
2022 provides key opportunities for growth
driven by the massive amount of ground
-
work completed in 2021. Our increased
2022 order book will be fueled with key new
product initiatives and cohesive global sto
-
rytelling with greater marketing investment.
From a product perspective we continue to
bring innovation to market and build on our
strength in the sweater category with our
new SeaWool series, a Winter Active collec
-
tion and our new Tree Tech socks made of
eco-conscious fabric that blends responsi
-
bly harvested TENCEL Lyocell™ with durable
hemp. These eorts and more in 2022 will
see our brand achieve new heights as we
advance to become one of the world’s lead
-
ing outdoor brands.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 15
16 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
Key products
Tierra’s collection is divided in two parts,
Mountain and Apparel. In the Mountain line
we nd products made for serious moun
-
taineering. Key products are Roc Blanc, Tem-
plet 3L and Nevado. For the past six years,
our 2FS stretch pants have been an impor
-
tant addition to our selection of shell gar-
ments. Ace pants and Lite Track pants are
most popular during winter, and Pace pant
and O-Course pants are appreciated dur
-
ing summer activities. In 2019 Tierra has
launched a program with insulated jackets,
parkas, shorts and skirts called the Belay se
-
ries. The material used in Belay series is part-
ly biobased polyester fabric, insulated with
Swedish wool.
Activities in 2021
For 2021 we are continuing to streamline
our collection. We have replaced our cor
-
respondent series with a more sustain-
able and modern collection in hemp. Hemp
grows quickly and can grow in nutrient-
poor soils. It also binds the soil with its long
roots, which prevents soil erosion. Hemp
does not require pesticides or chemical fer
-
tilizers, and the amount of water needed to
produce hemp is lower than for cotton. In
short, conventional hemp has less environ
-
mental impact than organic cotton.
For the more active users we introduced
a bad weather shell system, Transpose – a
lightweight, versatile and packable jack
-
et and pant in Gore-Tex Innium with taped
seams. Very breathable, perfect for high-
pulse outdoor activities in rainy weather.
Functionality gives
growing sales
Tierra has had two of its best years ever by streamlining its
collection and focusing on getting more technical, functional
and sustainable. “We are focusing on what we are good at
and that gives result” says brand manager Jim Bakerød.
We also introduced a relaxed t in our su-
per popular Back Up jacket. Back Up is nor-
mally quite athletic in its design, and with
the relaxed t we wanted to reach out to a
wider outdoor user audience both in t and
in body shape.
When the temperature dropped, we in
-
troduced Sastrugi jacket, waterproof and
padded with Swedish wool, perfect for
those cold skiing days. Sastrugi was also
introduced for our younger users. A red
marked seam that you can unstitch, make
arms and legs longer, perfect when your kid
is growing. To reach out to new Tierra cus
-
tomers we introduced Välliste Jacket in 2L
Gore-Tex, a year-round shell jacket with very
attractive price point.
2021 has been a record-breaking year for
sales on all markets for Tierra, from Rock
-
lands in Taiwan to Naturkompaniet in Swe-
den.
Outlook 2022
During spring 2022 Tierra continues to in-
troduce high-quality outdoor pants by up-
dating our popular O-Course pant. A
well-proven pant for hiking and mountain
activities. Yet again reaching out to new out
-
door users, Tierra is launching Välliste 2L
pant, a two-layer Gore-Tex rain pant with a
very attractive price point.
Tierra is also widening our wool program
with a new wool midlayer, Midlana. For the
winter we are introducing a baselayer line
in wool, the Utilana system, a soft, function
-
al baselayer in merino wool. When the tem-
perature once again drops in autumn, we
are launching a new lighter and more tech-
nical update version of the popular Belay
series. The new Belay 120 Hood Jacket is
warmer, lighter and more function-specif
-
ic. The new feather-light and durable outer
fabric is made of 100 percent recycled poly
-
amide. The wool we use for the Belay series,
“Lavalan – Swedish wool,” is collected on the
Swedish island of Gotland. Until now most
wool produced and sheared in Sweden has
been regarded as waste and is dug down
into the soil. Together with Ullkontoret and
Lavalan we nd and collect the wool that
would otherwise be thrown away and trans
-
form it into highly functional and sustain-
able outdoor clothes.
Tierra has always had a close partnership
with Gore-Tex since we started in 1983, and
for fall/winter 2022 we are updating the Ne
-
vado 3L, a light technical jacket in Gore-Tex.
Our designer and R&D team have tweaked
the design and functionality to make it even
more suited for skiing and adventure in al
-
pine environments.
In 2022 Tierra is continuing to grow and
for fall/winter 2022 Tierra has entered two
new markets, South Korea and Britain.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 17
18 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG18 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 19
100 Years of Hanwag
– and the best year ever
Brand characteristics
The year 2021 was a very special histor-
ic milestone for Hanwag. And the compa-
ny topped o its 100-year anniversary by
enjoying its most successful year ever –
the timing could not have been any bet
-
ter. However, due to the pandemic, the
celebrations and marketing activities re
-
mained predominantly digital in nature,
which prompted important developments
in terms of digitalization. Hanwag certainly
numbers among those companies to have
beneted from the pandemic. Over the
last two years, we have seen a massive in
-
crease in people enjoying nature and dis-
covering outdoor activities, such as hiking.
As such, there has been a strong increase
in demand for functional footwear – which
has beneted Hanwag. An important fac
-
tor in this success is the fact the brand
stands for high quality “Made in Europe”. To
ensure maximum sustainability, the sup
-
ply chains for nearly all Hanwag’s raw ma-
terials are in Europe. From 1921 to this day
Hanwag stands for traditional handcrafted
workmanship combined with technical ex
-
pertise, continuous innovation, durability,
and tradition. The company’s success and
the way it is developing shows that its val
-
ues continue to hold true today as they did
100 years ago.
Key products
During the pandemic, the ‘hikers’ target group
has grown signicantly – at both a nation
-
In 2021, Hanwag celebrated its anniversary and its best year ever.
The demand for hiking boots remains high,and the brand continues to pursue
healthy growth. With a new manufacturing technique, greater focus
on the user and high-quality footwear ‘Made in Europe’, Hanwag
finished the year in a strong position, and is optimistic about the future.
al and international level. This has led to in-
creased demand for hiking and trekking foot-
wear, such as our new, updated classic ‘Banks’
boot, which sold well in 2021. In addition, with
the new Blueridge Line, Hanwag has creat
-
ed a series of products that are 100% PFC-free
and completely “sourced in Europe”. Following
extensive research and development, these
lightweight hiking models hit the market in
Spring 2022. With direct soling technology -
where plasticized sole material is directly in
-
jectedpenetrating the shoe upper - we are us-
ing a new manufacturing technique here that
will open new possibilities for us as a brand
in future. A further highlight of the anniversa
-
ry year was the Hans Wagner Heritage Collec-
tion. These limited-edition models pay hom-
age to Hanwag’s founder and were designed
as an anniversary present for users – made us
-
ing exactly the same traditional construction
techniques as in the past. We also support
-
ed the collection with an extensive marketing
package.
Activities in 2021
Due to the pandemic, the Hanwag 100-year
anniversary campaign was mainly activated
and communicated at a digital level – with a
strong focus on our users and their require
-
ments. In future, it will continue to be our
goal to oer our users added value, by ex
-
tending ‘Hanwag Stories’ – the digital home
of the brand – and sharing inspiring and rel
-
evant content with our growing community.
We are delighted to already be able to report
that this change in orientation has driv
-
en exceptionally successful and sustainable
growth and increased our brand recognition.
We plan to continue this course.
Outlook 2022
Following our 100-year anniversary year, the
most successful year ever in the history of the
brand, we are very optimistic about the fu
-
ture. For 2022, we expect continuing high de-
mand for our products. Due to the high-qual-
ity nature of our footwear, it is not possible
for Hanwag to rapidly adapt production vol
-
umes to respond to increased demand – af-
ter all, growing in a steady and healthy man-
ner is essential for us to remain the brand
that we are. In addition, we predict that the
outdoor activities and hiking trend is set to
continue and that our ‘Made in Europe’ focus
will become more and more important. As
such, we end this particularly successful year
in a strong position and look forward to the
next 100 years of Hanwag. One thing is cer
-
tain: we will remain true to ourselves and true
to our values.
20 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
Brand Characteristics
Primus has powered expeditions and fueled
pioneers since 1892, including the rst as
-
cent of Mount Everest in 1953 by Sir Ed-
mund Hillary and Tensing Norgay. Primus
products are engineered in Sweden with an
emphasis on technology, innovation, and
sustainability, resulting in reliable equip
-
ment that serve as life-long companions on
any outdoor adventure—from summit bids
to weekend picnics. We live to innovate,
challenge boundaries, and provide energy
to conscious adventurers across the globe.
The bulk of the Primus assortment is de
-
signed inhouse then is secured and pro-
duced by our own factory in Estonia. This
way we control the quality, the competence,
and the supply chain.
We design premium products for peo
-
ple who share passion for cooking outdoors,
respect nature, are mindful of resources,
and are heedful of their impact on the envi
-
ronment. By oering continuous improve-
ment, our customers can take their outdoor
adventures to the next level. High perfor
-
mance technology combined with attractive
design, inspire them to explore new chal
-
lenges and achieve their outdoor dreams.
Because there is always a better way!
Key Products
Primus provides stoves, lanterns, fuel, and
accessories for outdoor cooking with a wide
assortment for Expedition, Trekking, and
Campground users. The 2021 assortment
focused on upgrades to make successful
stoves even better and more sustainable.
Trusted by pioneers and
explorers worldwide
Primus puts innovative, reliable, and sustainable products
in the hands of today’s conscious adventurers
We also released a series of products under
the concept “Guldkant” or translated from
Swedish “Silver lining”. This line includes
drinkware and accessories to make outdoor
moments, like sipping a cup of coee, even
more enjoyable.
Despite changes in user behavior over
the past two years, all product categories
have performed beyond expectation and
previous year’s numbers. The decision to ex
-
pand the collection of drinking and eating
accessories, including the Klunken collec
-
tion, has made Primus a competitive play-
er in the bottle segment in several markets.
Even as accessories is growing, it is still the
core assortment of Stoves, Pots & Pans, and
Fuel that is attracting most attention.
Activities in 2021
2021 was very much about nding ways to
meet the high demand for Primus products
and interest in the brand. This is not only re
-
lated to how we source, produce, and sell
our goods, but also how connect and inter
-
act with our end-consumers.
Primus experienced good develop
-
ment and high demand on all markets and
through all product categories and seg
-
ments. Despite a globally challenged sup-
ply chain that drove us to implement a more
selective distribution strategy over the past
year, increasingly accurate forecasting, and
careful production planning put Primus on
track for admirable growth.
Outlook 2022
2021 was all about meeting the high de-
mand for Primus products and the com-
mitment to never compromise quality and
performance of our services and products.
Primus focused on continuous develop
-
ment and product improvements from our
team of hungry individuals. Leveraging the
strength and exibility of the team, we con
-
trol design, development, sourcing, and
production that meets the market's demand
for well designed, functional, and high-qual
-
ity products.
2022 will build upon the foundation set
in 2021 but will prioritize on minimizing our
impact on the earth. We will introduce Pri
-
mus SIP (Sustainable Improvement Pro-
gram), focusing on not only sustainable
products but also an umbrella program that
includes all initiatives that target sustainable
development. Our rst product launched in
this program will be SIP Power Fuel available
through select partners. SIP Power Gas is
the most sustainable canister gas program
available for camp stoves, inserting biogas
into the market to replace some of the cur
-
rent fossil alternatives. With the launch of
SIP, sustainable and lifelong products will
strengthen Primus as a global brand and
supplier of outdoor hardgoods.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 21
22 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
Store
Opening
Partioaitta 2nd
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 23
Frilufts Retail Europe AB
Frilufts Retail Europe AB consists of 5 re-
tail chains operating within the outdoor
segment: Naturkompaniet in Sweden and
Norway, Partioaitta in Finland, Globetrot
-
ter in Germany, Friluftsland in Denmark and
Trekitt in the United Kingdom.
The company has a total of 94 stores: 36
in Sweden (including 1 franchise stores), 4
in Norway, 21 in Finland, 20 in Germany (in
-
cluding 1 franchise store), 12 in Denmark
and 1 in UK. Each company also has its own
e-com store. Frilufts Retail Europe AB (Fri
-
lufts AB) is a subsidiary company that since
1st June 2015 has been 100 percent owned
by Fenix Outdoor International AG (Fenix
AG).
Activitie in 2021
The second year of Covid made also 2021
into a dierent and unpredictable year. Our
focus was as in 2020 to keep our sta and
customers safe. The year started with full
lockdown in Germany and Denmark with all
stores closed, in the other markets we had
some regional lockdowns. Common for all
markets was constantly changing restric
-
tions that in many ways had impact on our
trac and turnover. Overall, we have had
a continued strong growth on e-com, but
we have also seen many new records in the
stores and an overall positive retail come
-
back once regulations have been lifted.
Overall, the general interest for outdoor was
strong and we also in many months had fa
-
vorable weather.
During the year we launched 2 new
stores in Germany, 2 in Norway, 1 in Sweden
and 1 in Finland. We acquired Trekitt in UK,
Fjeld og Fritid in Denmark and we launched
Naturkompaniet in Norway, both stores and
e-com.
Globetrotter and Germany was the mar
-
ket with the biggest impact of restrictions.
Due to the lockdown many actions and ini
-
tiatives was focusing on the handling of
closures and openings and to shift over as
much sales as possible to e-com.
Naturkompaniet´s positive trend contin
-
ued during 2021. The store network was ex-
tended with one new store in Åre. A lot of
focus was also put on launching Naturkom
-
paniet in Norway, two stores was launched,
one in Kristiansand and one in Kongsberg,
Naturkompaniet also took over the opera
-
tion of the two Fjällräven stores in Oslo and
Stavanger. In the end of the year e-com in
Norway was launched on a new platform.
Partioaitta had another strong year. The
21st store was opened in Tapiola and in that
store we successfully tested both a second
hand and a care a repair department.
Friluftsland was the country in the Nor
-
dics with the highest impact of Covid as
all stores initially was closed. After the lock
down was lifted, we saw an impressive and
very fast return to the stores. In the fall Fri
-
luftsland acquired Fjeld and Fritid, a Danish
outdoor retailer and distributor operating
FRILUFTS RETAIL
EUROPE AB
FRILUFTSLAND
NATURKOMPANIET
GLOBETROTTER
PARTIOAITTA
TREKITT
Frilufts Retail is growing
by the acquisition of Trekitt
The second year of Covid was challenging
but also in many ways a good year with the acquisition of
Trekitt and increasing interest for the outdoors
24 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
two stores in Copenhagen and e-com.
Trekitt was acquired in the fall and de
-
spite travel restrictions we have managed to
onboard the company to the Frilufts group
in a good way. The business model is slight
-
ly dierent versus the other companies as
it is mainly e-com driven and we only have
one store.
Outlook 2022
We still expect impacts on 2022 due to Co-
vid. Hopefully not as much as the two pre-
vious years. We believe that the biggest
impacts will be within supply chain. The in
-
terest in nature, sustainability and outdoor
activities has grown during the pandem
-
ic and we think many of the new users will
continue to spend time in nature.
We are continuing setting up our new
IT systems and improvements in our dig
-
ital channels and at the same time con-
tinuing to grow our retail footprint. We
have signed contracts and will open 4 new
stores; we are searching and are ready
to open several new stores in Norway
and we will renovate and extend sever
-
al stores. The onboarding of Trekitt and to
form strategies in UK is ongoing, we have
strengthened the organization and are
looking forward to taking the next steps
in UK.
VR Pop Up Europapassage Hamburg Germany.
Wiesbaden
Store Opening
Friluftsland – Danish Outdoor Festival.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 25
COMPANY FACTS
GLOBETROTTER
In 1979 two outdoor enthusiasts founded Ger
-
-
tion equipment. From the outset they looked for the
best, most functional products for outdoor life and
world. Their shop in Hamburg’s Wandsbek district
quickly became a meeting point for globetrotters
and adventurers. Today, Globetrotter has a big e-
NATURKOMPANIET
Naturkompaniet’s oldest subsidiary, Scoutvaror AB,
was founded in 1931 by the Swedish Scouts. In
1951, the name was changed to Friluftsmagasinets
Scoutvaror AB and in 1991 the stores changed
their name to Naturkompaniet. Today, Naturkom
-
paniet is Sweden’s largest outdoor retailer, with 36
site. Naturkompaniet sells equipment for out
-
door 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
Partioaitta OY was founded in 1928 by the Finnish
Scouts and in English the company’s name means
Scout Shops. Partioaitta was established through a
merger of several different scout organizations and
today is Finland’s largest outdoor retailer, with 21
stores and an e-com site. Fenix Outdoor acquired
the company in May 2011.
FRILUFTSLAND
Friluftsland was established in Denmark in 1980
with the service and range of outdoor products on
meters and during winter it was only open in the
afternoon. Nowadays, Friluftsland is an omnichan
-
nel chain with 12 stores and a web shop which
focuses on premium quality products, staff, and
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-com 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.
26 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT – MANAGEMENT REPORT
MANAGEMENT REPORT
The Board of Directors of Fenix Outdoor International AG, Corporate Identity Number
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.
brand retail shops) and the distribution companies concentrated in sales of only
one brand.
• Global Sales includes distribution companies selling more than one Fenix Out
-
door brand.
• Frilufts includes the retailers Naturkompaniet AB, Partioaitta Oy, Globetrotter
Ausrüstung GmbH, Friluftsland A/S and Trekitt.
The three business segments are supported by common functions for management,
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
Also this year, 2021, has been heavily affected by the Covid-19 situation, with
closed downs in Germany from January to May. On total basis the Group was still
sales in North America. The costs for logistics were on a very high level.
SALES AND PROFIT
extra ordinary costs of MEUR 4,7 in the fourth quarter.
The Frilufts segment, not at least Germany, recovered very well in the last two quar
-
ters. The gross margin, hit by higher freight costs, was still slightly higher than the
year before due to the larger portion of direct to consumer sales, not at least from
the online channels. The annual online sales amounted to an estimated value of
PROSPECTS FOR 2022
In terms of our order book for brands and global sales the picture is very bright,
indicating some nice growth in 2022, but a challenge is the upwards pushing
costs. We are in particularly facing some pressures in a couple of areas. Firstly, our
IT costs are increasing due to a couple of factors; a need to upgrade systems, the
development of our digital business and increasing salaries and retention of people
in this area. Secondly, due to having been acting in a crisis environment, in which
salary increases have been small, there is backlog of salary increases in general.
We also believe that we probably will not reach normalization regarding logistics in
general and freight rates during this year. Another reason for concern is of course
the potential effects from the current war in Ukraine. Fenix does not conduct any
-
cerning, but in the bigger picture the region is not a major part of our sales.
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 53-54.
LIQUIDITY AND FINANCIAL POSITION
as of December 31, 2021. The group’s interest-bearing liabilities, including IFRS
attributable to the Parent Company’s shareholders at the end of the year was MEUR
RISK FACTORS
• Cyclical risks. Historically, upswings and downturns in the economy have not had
risk may have increased by the larger retail share of the operations, including the
changing retail environment.
• Weather-related and seasonal risks. Certain parts of the group’s product range
and sales are affected by weather conditions. Portions of the winter collection,
mainly available in the markets with a colder climate, are negatively affected by
warm and late winters.
• Trend risks. The group does not consider itself to be a group of fashion products,
but the business is affected by long-term trends such as the positive active and
outdoor life trend. Some markets in warmer climates which have a different prod
-
uct mix are still more impacted by single product trends compared to other more
traditional outdoor 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 different currencies are distributed as fol
-
lowing: SEK 14%, EUR 60% including DKK, USD 16% and other currencies 10%.
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 29. The group had outstand
-
ing currency forwards as per December 31, 2021, where USD had been purchased
against EUR, at a value of MUSD 47,2. The effect of a 5 % change in USD would,
by these forwards, be neutralized by an amount of MEUR 2,0.
• 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
-
ments are primarily attributable to the digital environment and investments in new
and more automatized warehouse capacity in Europe.
CORPORATE GOVERNANCE REPORT
The company’s corporate governance complies with the NASDAQ OMX listing
agreement and the Swedish Code of Corporate Governance, with the exceptions
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 and independent proxies are
elected at each Annual General Meeting. Auditors are elected.
-
tion to the Senior Executives and the Board of Directors are approved. Each share-
and who has also registered to attend 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.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 27
MANAGEMENT REPORT
Fenix Outdoor International AG intends to deviate from the code’s provisions re
-
garding the Nomination Committee. The reason for doing so is that the Nordin fam-
ily, along with its related companies, represents 61,3% of the company nominal
share value, corresponding to 85,1% of the votes at the Annual General Meeting,
if all their shares are represented at the meeting. In light of this concentration of
shareholders, 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 ap
-
pointment of the auditor are thus submitted by the company’s larger shareholders
and presented in the notice of the Annual General Meeting and on the company’s
website. The remunerations paid to the members of the board are stated in the
compensation report.
The board of Fenix Outdoor International AG consists of six members elected indi
-
vidually at the Annual General Meeting. Information about the board and the Manag-
ing Director can be found on the website and in the compensation report. The board
has held six minuted meetings, all expect one 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
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 com
-
mittees, except for the Compensation Committee, within Fenix Outdoor International
AG; thus the Board, in its entirety, addresses all matters except for matters relating to
remuneration. The members of the remuneration committee are Ulf Gustafsson and
Susanne Nordin. Total remuneration to members of the board is determined by the
Annual General Meeting according to the proposals submitted by the company’s larg
-
est shareholders. Over the course of the year, the board has monitored the company’s
reporting is reliable. The board has examined and evaluated the accounting and
-
tions and independence of the external auditors.
The board and management work continuously with risk assessment and risk
management 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.
The board and management have determined a set of control activities for opera
-
tional processes. These are based on risk assessments and on ensuring that there
is a satisfactory process for monitoring the company’s compliance with laws and
other regulations relevant to its operations, as well as the application of internal
guidelines. Included in the control structure are such measures as the authorization
hierarchy, the delegation of responsibilities and the company management’s review
-
The internal dissemination of information and external communication are regu-
lated on an overall level.
situation is addressed and the board checks that the internal controls relating to
evaluation is conducted on annual basis to secure that the board is receiving ad
-
equate material and information to take the best possible decisions.
Directors Attendance, regular and extraordinary meetings
Martin Nordin, Chairman 6
Mats Olsson 6
Ulf Gustafsson 6
Sebastian von Wallwitz 6
Susanne Nordin 6
Rolf Schmid 6
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 web-
site, 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. The company held, as per 2021-12,31, 119 598 B-shares
options as per 2021-12-31.
OWNERSHIP STRUCTURE
Fenix Outdoor International AG had 8 384 shareholders at the end of 2021. The
ownership participation of the ten largest shareholders constituted 80,7% of the
total capital. A list of the major shareholders can be found on page 57.
RESULTS AND FINANCIAL POSITION
-
cial position, we refer to the consolidated and parent income statement, balance
PROPOSED APPROPRIATION OF PROFITS IN PARENT
163 796
Dividend on own shares 283
312
164 391
-
164 391
PROPOSAL FOR DISTRIBUTION OF DIVIDENDS
348 425
Dividends TEUR* -26 263
322 162
10,2503 EUR/ SEK and an extra dividend of SEK 0,5 per A-share and SEK 5,0 per
THE BOARD’S STATEMENT ON THE PROPOSED DIVIDEND
investments. The liquidity position is being maintained at a satisfactory level.
28 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
CONSOLIDATED INCOME STATEMENT
CONSOLIDATED INCOME STATEMENT
Note 2021 2020
Net sales 4 649 947
Other operating income 6 8 273
658 220
Cost of goods
Other external expenses
Personnel expenses 5
Depreciation/amortisation 10,11,12
Result from participations in joint ventures 7 813 211
Other operating expenses 6
4 83 859
Financial income 8 861 155
Financial expenses 8
81 740
Income tax 9
56 662
Parent Company's shareholders 56 206
Non-controlling interests 456 262
Earnings per share after tax attributable to the Parent Company's shareholders during
the year after dilution and before dilution in EUR
A shares 0,425 0,254
B shares 4,25 2,54
Weighted average of outstanding shares, A 24 000 000
Weighted average of outstanding shares, B 10 940 402
0,195 0,149
1,951 1,495
2021 2020
56 662 33 865
350 -213
Taxes 47
Change in translation reserve during the period 716 2 194
- -138
Taxes - 23
989 1 913
57 651 35 778
Parent Company's shareholders 57 112 35 516
Non-controlling interests 539 262
STATEMENT OF OTHER COMPREHENSIVE INCOME
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 29
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Note 2021 2020
ASSETS
Non-current assets
10 49 650 38 077
11 74 147 70 600
Right-of-use assets 12 125 024 127 474
Investments in joint ventures 7 3 306 3 838
Deferred tax assets 9 10 523 13 956
13 424 424
Other non-current receivables 13 2 283 662
Total non-current assets 265 357 255 031
Current assets
Inventories 14 152 609 153 832
Accounts receivable trade and other receivables 15 60 917 38 170
Tax receivables 1 266 7 162
Prepaid expenses and accrued income 17 6 869 6 452
Cash and cash equivalents 28 181 900 191 064
Total current assets 403 561 396 680
TOTAL ASSETS 668 918 651 711
EQUITY AND LIABILITIES
EQUITY
Share capital 12 378
Other contributed capital 39 765 39 765
Other components of equity -1 370 -4 560
Retained earnings 330 677 306 103
381 450 353 686
Non-controlling interest - 120
381 450 353 806
LIABILITIES
Non-current liabilities
Deferred tax liabilities 9 12 067 11 722
18 1 088 1 470
Other non-current provisions 19 2 164 2 883
Non-current lease liabilities 12,20 99 257 102 810
Interest bearing liabilities 20 27 000 36 000
Other non-current liabilities 215 713
Total non-current liabilities 141 791 155 598
Current liabilities
Other current liabilities 21 63 569 49 207
Current tax liabilities 12 958 11 945
Current lease liabilities 12,20 28 583 26 278
Interest bearing liabilities 20 9 122 30 186
Accrued expenses and deferred income 22 31 445 24 691
Total current liabilities 145 677 142 307
TOTAL EQUITY AND LIABILITIES 668 918 651 711
30 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
**) Change in put option liability, Alpen International Ltd and Fenix Outdoor Taiwan Co Ltd.
Share
capital
Other
contributed
capital
hedge
reserve
Foreign
currency
translation
reserve
Treasury
shares*)
Retained
earnings Total
Non-
controlling
interest
Total
Equity
01-01-2020 12 378 39 765 71 -5 468 -10 164 282 539 319 121 149 319 270
33 603 33 603 262 33 865
Other comprehensive income for the year -115 2 194 -166 1 913 1 913
Total comprehensive income for the year - - -115 2 194 - 33 437 35 516 262 35 778
Transactions with non-controlling interests 290 290 -290 -
-1 242 -1 242 -1 242
31-12-2020 12 378 39 765 -1 286 -3 274 -10 164 316 267 353 687 120 353 806
01-01-2021 12 378 39 765 -1 286 -3 274 -10 164 316 267 353 687 120 353 806
56 206 56 206 456 56 661
Other comprehensive income for the year 633 273 906 83 989
Total comprehensive income for the year - - - 633 - 56 479 57 112 539 57 651
Transactions with non-controlling interests **) -28 -489 -517 -659 -1 176
Dividends resolved at Annual General Meeting -19 627 -19 627 -19 627
Dividends resolved at Extra General Meeting -11 789 -11 789 -11 789
2 656 -71 2 585 2 585
31-12-2021 12 378 39 765 1 370 -2 740 -10 164 340 841 381 452 0 381 450
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 31
CONSOLIDATED CASH FLOW STATEMENT
CONSOLIDATED CASH FLOW STATEMENT
Note 2021 2020
OPERATING ACTIVITIES
56 662 33 865
Tax expense 25 078 19 638
Financial result net 2 119 7 591
Depreciation for right-of-use assets 31 409 28 016
Depreciation/amortisation tangible and intangible assets 20 047 21 310
25 164 -1 356
Interest -317 155
Interest paid -2 577
Income tax paid -18 173
117 792 88 469
Change in inventories 2 875 6 430
Change in operating receivables 7 669
Change in operating liabilities 19 687 7 419
118 671 109 987
INVESTING ACTIVITIES
-5 488
-15 669
390 38
Acquisition of subsidiaries, net of cash acquired -430
Settlement of loans -
441 -
Dividend from joint venture 1 269 -
Change in non-current receivables -
-21 549
FINANCING ACTIVITIES
Borrowings - 45 391
Repaid borrowings -273
Payment of lease liabilities -26 134
Repayment of other long term liabilities -1 125 -
Acquisition of non-controlling interests - -132
Dividends paid -
18 852
107 290
88 943
1 178 -5 169
28 181 900 191 064
32 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 GENERAL INFORMATION
BUSINESS ACTIVITY
tively, the group) is a group whose business idea is to develop and market highqual-
production and sales in a large number of subsidiaries throughout Europe, Asia and
206.390.054 and is listed on the Nasdaq OMX Stockholm, Large Cap.
NOTE 2 ACCOUNTING AND VALUATION PRINCIPLES
COMPLIANCE WITH STANDARDS AND LEGISLATION
-
issued by the IASB and compliant with IFRS as adopted by the EU. The consoli
-
consistent with those applied in prior year, except as stated under “New or revised
and writedowns, where applicable. Fixed assets and non-current liabilities essen
-
tially consist of the amounts expected to be recovered, or paid, at a date more than
twelve months after balance sheet date.
make estimates and assumptions that impact the application of accounting princi
-
ples and the reported amounts of assets, liabilities, income and expenses. These es-
timates and assumptions are based on historical experience and various other factors
that, under current circumstances, seem reasonable. The results of these estimates
and assumptions are used to assess the reported values of assets and liabilities that
are readily apparent from other sources. Actual results may differ from these esti
-
mates and assessments. Areas involving a higher degree of judgment or complexity,
CONSOLIDATED FINANCIAL STATEMENTS
subsidiaries in which the parent company, directly or indirectly, controls more
-
transactions and associated unrealized gains are, thus, eliminated.
BUSINESS COMBINATIONS, GOODWILL AND NON-CONTROLLING
INTERESTS
Business combinations are accounted for using the acquisition method. Acquisi-
tion costs comprise the consideration paid either in cash or other assets which are
measured at fair value. Transaction costs are recognized as operating expenses. Net
and are recognized at fair value. The difference between the acquisition costs and
the fair value of the proportionate interest in the net assets acquired is recognized
as goodwill. Non-controlling interests are recognized in the balance sheet at their
acquisition date fair value. Goodwill and changes in the fair value of the net assets
are recognized in the assets and liabilities of the acquiree in its functional cur
-
rency. Intangible assets and goodwill are recognized in those cash-generating units
stages), the previously held interests are measured at fair value at the acquisition
date. Any gain or loss resulting from the remeasurement is recognized in other in
-
cash and cash equivalents are deducted from the purchase price paid. Divested
sale and/or loss of control. Companies acquired during the year are included in the
options and acquired call options in connection with the remaining shares held by
the non-controlling shareholders of Alpen International Co., Ltd and Fenix Outdoor
Taiwan Ltd. As the Group has not acquired a present ownership interest as part of
the business combination, the non-controlling interest continues to receive an al
-
date as if the acquisition took place at that date. Any excess over the reclassi
-
TRANSLATION OF FOREIGN CURRENCY
The functional currency of group companies is generally the currency used in
the primary economic environment in which they operate. Transactions in foreign
currencies are translated at the exchange rate that applied on the transaction
date. Exchange rate gains and losses resulting from such transactions or from the
revaluation of foreign currency assets and liabilities at the balance sheet date are
recognized in the income statement.
currencies are translated into EUR as follows; balance sheet at closing rates at the
date of the balance sheet, Equity at historical rates and the income and expenses
for each income statement are translated at average exchange rates.
The change in accumulated exchange rate differences from the translation of for
-
eign companies is reported in other comprehensive income. If the company is sold,
or if part of it is sold and control is lost, the cumulative exchange differences are
Historical rates are recalculated with rates as in the matrix below.
2021 2020 2021 2020
SEK/EUR 10,1562 10,4815 10,2503 10,0343
CHF/EUR 1,0794 1,0707 1,0331 1,0802
USD/EUR 1,1808 1,1441 1,1326 1,2271
SEK/CHF 9,4094 9,7898 9,9219 9,2893
Goodwill and fair-value adjustments arising on the acquisition of the foreign entity
are treated as assets and liabilities of foreign entity and translated at the closing
rate. Exchange differences arising are recognized in other comprehensive income.
SEGMENT REPORTING
Operating segments are reported as in the internal reporting to the Board of Direc-
Chief Operating Decision Maker is responsible for the allocation of resources and
REVENUE
Revenue is measured excluding trade discounts, returns and VAT. The group sells
through a retail network of own stores, online sales and to a network of external
retailers. Revenue is recognized at the point in time control of the goods transfers
to customers, which for retail customers is when they take possession of the goods
at the point-of-sale, to online customers upon shipment, and wholesale customers
upon shipment or when the products are delivered, depending on the agreed con
-
tractual terms. The transaction revenue is determined based on invoiced amounts
less anticipated sales returns and discounts.
The group has, in some companies, loyalty points programs that allows customers
to accumulate points that can be redeemed for free products.
As the loyalty points give rise to a separate performance obligation a portion of the
transaction price is allocated to the loyalty points awarded to customers based on
relative stand-alone selling price and recognized as a contract liability until the
points are redeemed. The stand-alone selling price is estimated on the likelihood
that the customer will redeem the points.
Certain contracts provide a customer with a right to return the goods within a
on the expected return of goods. For the goods that are expected to be returned an
expected right of return asset is estimated.
NOTES
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 33
INCOME TAX
Reported income tax includes tax to be paid or received regarding the current year,
adjustments regarding previous years’ current taxes and changes in deferred tax.
All tax assets and liabilities are measured at their nominal amount according to
the tax regulations based on tax rates that have been enacted, or that have been
announced and are substantially enacted. In the case of items reported in the in
-
come statement, associated tax effects are also reported in the income statement.
The tax effects of items that are accounted for in other comprehensive income or
directly against equity are also reported in other comprehensive income or equity,
respectively. Deferred tax is calculated according to the balance sheet method on
all temporary differences arising between the reported values and the tax values of
assets and liabilities. Temporary differences have primarily arisen as a result of the
losses carried forward.
Deferred tax assets relating to incurred loss carry-forwards, or other future tax
deductions, are reported to the extent that it is probable that the deduction can be
offset against taxable gains in future periods. Deferred tax liabilities related to tem
-
porary differences, attributable to investments in subsidiaries, are not reported in
company can, in all cases, control the date of reversal of the temporary differences
and it is not considered probable that a reversal will take place within the foresee
-
able future.
INTANGIBLE FIXED ASSETS
Goodwill is comprised of the amount by which the acquisition value exceeds the
fair value of the group’s participation in the acquired subsidiary’s net assets at the
time of the acquisition. Goodwill arising from the acquisition of subsidiaries is rec
-
ognized as an intangible asset. Goodwill is tested each year to assess whether there
is an indication of a write down requirement and is reported at acquisition cost,
less accumulated write-downs. Goodwill is allocated to cash generating segments
for the purpose of testing to assess write-down requirements.
exceed the cost beyond one year. Capitalized expenditure for purchased software
is amortized over the useful life of the software, but not exceeding four years. The
amortization of capitalized expenditure for software is recognized in the income
statement under Depreciation/Amortization. The straight-line method of amortiza
-
tion is used for all types of intangible assets.
Assets in trademarks have arisen from the acquisition of new businesses and
domains. The estimated useful life of the trademark Brunton brand, Primus Brand
and Hanwag brand have been estimated at 15 years and the trademark Royal Rob
-
a writedown requirement.
TANGIBLE FIXED ASSETS
-
ture for repairs and maintenance is expensed. Borrowing costs are expensed as
useful lifetimes. If applicable, the residual value of the assets is taken into con
-
sideration when determining the depreciable amount. The straight-line method of
depreciation is used for all types of tangible assets.
The following periods of depreciation are applied:
Buildings 20–40 years
IT / ERP systems 4 years
Leasehold improvements 5 years
3–20 years
For cases in which the reported value exceeds the asset’s estimated recoverable
amount, the asset is written down to its recoverable amount.
RIGHT-OF-USE ASSETS
The right-of-use assets for lease contracts is depreciated on a straight-line method
over the shorter of the asset’s useful life and the length of the lease.
IMPAIRMENT OF NON-FINANCIAL ASSETS
for impairment requirements. Assets subject to depreciation and amortization are
tested for any write-down requirement whenever events or changes in circumstanc
-
es indicate that the reported carrying amount may not be recoverable. When the
carrying amount exceeds the estimated recoverable amount, the carrying amount is
written down to the recoverable amount. The recoverable amount is the higher of an
asset’s fair value less costs of disposal and the asset’s value in use. For the purpose
of assessing write-down requirements, assets are grouped at the lowest level at
FINANCIAL INSTRUMENTS
Financial assets
Financial assets are recognized when the Group becomes a party to the contractual
recognized on the settlement date. Financial assets are derecognized when the
-
ferred and the Group has transferred substantially all risks and rewards of owner-
ship. Separate assets or liabilities are recognized if any rights and obligations are
following categories at amortized cost, at fair value through other comprehensive
depends on the characteristics of the asset and the business model in which it is
held. Financial assets are initially recognized at fair value plus transaction costs
-
ceivables, which are recognised at the transaction price. Financial assets carried at
investments and derivatives are based on quoted market prices or rates. Interest
income is recognized as income using the effective interest method. Dividends are
recognized when the right to receive dividends is established.
to payments that are solely payments of principal and interest on the principal
assets are subsequently measured at amortized cost, minus impairment allow
-
at an approximation of the original effective interest rate. For trade receivables the
not track changes in credit risk, but instead determines a loss allowance based on
lifetime ECLs at each reporting date.
designated as hedging instruments for the purpose of hedge accounting. Assets held
or losses arising from changes in the fair values of the FVTPL category are presented
Dividends are recognized when the right to receive dividends is established.
Financial liabilities
Financial liabilities are recognized when the Group becomes bound to the contrac-
tual obligations of the instrument. Financial liabilities are derecognized when they
cancelled or expires.
Borrowings are initially recognized at fair value, net of transaction costs incurred.
These borrowings are subsequently stated at amortized cost. Borrowings are classi
-
-
tlement of the liability for at least 12 months after the balance sheet date.
Trade payables are recognized initially at fair value and subsequently measured at
amortized cost.
INVENTORIES
-
-
NOTES
34 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
NOTES
tured by the Group, the acquisition cost is comprised of the direct manufacturing
cost and directly attributable indirect costs. Appropriate write-downs have been
made for obsolescence. For Retail a model is used where goods are written down
depending on from which season the products are. In Brands, a margin analysis is
PROVISIONS
-
-
ligation can be reliably estimated. Existing provisions are reassessed at least every
timing cannot be reliably estimated are reported as provisions.
PENSION COMMITMENTS
contribution pension plan is a pension plan according to which the Group pays
further contributions. For such plans, the Group pays contributions to publicly or
privately administered pension insurance plans on a mandatory, contractual or
voluntary basis. The Group has no further payment obligations once the bligations
once the contributions have been paid. The contributions are recognized as pension
costs in the period during which they arise.
an employee receives during retirement, usually based on one or several factors
such as age, years of service or salary.
CONTINGENT LIABILITIES
A contingent liability is reported when there is a possible obligation that is at-
one or several uncertain future events, or when there is an obligation that is not
be required.
CASH FLOW STATEMENT
-
payments.
LEASES
The Group applies the short-term lease recognition exemption to its short-term
leases, those leases that have a lease term of 12 months or less from the com
-
mencement date. It also applies the lease of low-value assets recognition exemp-
tion to leases that are considered of low value, below TEUR 5. Lease payments on
short-term leases and leases of low-value assets are recognized as expenses over
the lease term.
At the commencement date of a lease, the group recognises lease liabilities for the
use assets.
The right-of-use assets for lease contracts are depreciated on a straight-line method
over the short of the asset´s useful life and the length of the lease.
GOVERNMENT GRANT
Government grants are accounted as reduction of expenses.
NEW OR REVISED STANDARDS APPLIED BY THE GROUP
year beginning 1 January 2021 and have been applied in the preparation of this
Covid-19-Related Rent Concessions – amendment to IFRS 16 and Covid-19-Relat
-
ed Rent Concessions beyond 30 June 2021.
which the lessee has applied the practical expedient in paragraph 46A.
The Group has not early adopted any standards, interpretations or amendments that
have been issued but not yet effective.
New standards, amendments and interpretations that have not yet come into effect
No IFRS and IFRIC interpretations that have not yet come into effect are expected
NOTE 3 SIGNIFICANT ESTIMATES AND JUDGMENTS
-
cant judgments and accounting estimates to be made by management regard-
ing the future, which affect the reported amounts of assets and liabilities on the
balance sheet date. Income and expenses are also affected by the estimates. The
have been made are presented below.
Estimates
TESTING OF GOODWILL FOR IMPAIRMENT
Goodwill and certain trademarks are not amortized but are subject to annual tests
for impairment. The impairment tests are based on a review of the recoverable
amount, which is estimated based on management’s projections of future cash
rates have a material impact on the result of the valuation. Further comments in
Note 10.
VALUATION OF INVENTORY
Continuous controls are undertaken to identify and determine the amount of any
obsolescence in the inventory. An individual assessment is made to the largest pos
-
sible extent. The high share of products valid for many seasons, “carry over prod-
ucts”, limit the total risk. 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
TAX
The actual amount of income taxes may differ from the amount that was calculated
and the corresponding provisions are recorded if necessary. Deferred tax assets
reported to the extent it is probable that these will result in lower tax payments in
the future.
NOTE 4 SEGMENT REPORTING
The group is organized in three business segments: Brands, Global sales and Frilufts.
• Brands includes the brands Fjällräven, Tierra, Primus, Hanwag and Royal Rob
-
distribution companies concentrated on sales of only one brand.
• Global Sales includes distribution companies selling more than one Fenix outdoor
brand.
• In Frilufts, the retailers Naturkompaniet AB, Partioaitta Oy, Friluftsland A/S,
Trekitt and Globetrotter Ausrüstung GmbH are included.
The three business segments are supported by common functions for management,
2021 2020
Brands 168,5 149,4
Global Sales 172,4 149,6
Frilufts 309,0 264,0
Common - -
Group 649,9 563,0
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 35
2021 2020
Brands 63,3 61,3
Global Sales 29,2 26,6
Frilufts 41,0 22,7
Common 1,9 -0,7
Group 135,4 109,0
2021 2020
Brands 52,0 50,5
Global Sales 26,7 24,4
Frilufts 12,9 -1,6
Common -7,7 -12,1
Group 83,9 61,2
The negative result in Common mainly comes from central costs for administration,
2020 also a cost relating to write down of old IT infrastructure.
2021 2020
Brands 3,9 5,5
Global Sales 1,3 1,0
Frilufts 7,0 5,9
Common 12,2 8,8
Group 24,4 21,2
2021 2020
Brands -11,3 -10,8
Global Sales -2,5 -2,3
Frilufts -28,1 -24,3
Common -9,6 -11,4
Group -51,5 -48,8
2021 2020
Switzerland 10,6 12,7
Sweden 97,9 78,1
Other Nordic countries 103,0 86,2
Germany 212,6 203,9
Benelux 25,5 20,7
Other Europe
59,0 53,1
Americas 102,7 78,2
Other markets 38,7 30,1
Total 650 563,0
MEUR 2021 2020
Switzerland 1,3 1,4
Sweden 45,4 44,5
Other Nordic countries 21,7 22,2
Germany 125,3 127,3
Benelux 5,0 4,8
Other Europe
13,7 3,3
Americas 32,3 30,3
Other markets 4,1 2,3
Total 248,8 236,2
NOTES
NOTE 5 PERSONNEL EXPENSES
Full-time average number of employees
2021 2020
Number of
employees
Of whom
men
Number of
employees
Of whom
men
Sweden 406 198 382 191
Norway 35 22 27 16
Denmark 96 62 86 55
Finland 123 43 128 46
Estonia 46 7 33 5
Germany 937 559 1 011 577
Austria 5 3 5 3
Holland 86 52 94 55
England 48 23 16 14
Switzerland 14 8 13 7
Hungary 90 13 81 12
Americas 364 172 356 158
China 29 13 53 26
Other countries 167 82 154 72
Total, Group 2 446 1 257 2 439 1 237
SALARIES, OTHER REMUNERATION AND SOCIAL SECURITY CONTRIBUTIONS
2021
personnel
costs Total
Total 89 278 25 296 4 682 119 256
During year 2021 the Group has received TEUR 6 165 in wage compensation from
various local goverments.
2020
personnel
costs Total
Total 83 380 20 647 4 621 108 648
various local goverments.
2021
Pension
contributions Total
Executive
chairman
463 27 6 496
President 334 46 11 391
Other Senior
Executives, incl
Susanne Nordin
1 095 51 226 1 362
Total 1 882 124 243 2 249
2020
Pension
contributions Total
Executive
chairman
467 29 8 504
President 336 41 377
Other Senior
Executives, incl
Susanne Nordin
1 095 43 215 1 353
Total 1 899 113 223 2 235
36 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
2021 2020
Total of whom men Total of whom men
President and other
Senior Executives
6 5 6
5
For senior executives, variable remuneration is a maximum of 50 percent of the
basic annual salary. Except for the Executive Chairman, no variable compensation
is offered to the Board of Directors. For more please see compensation report page
53-54.
NOTE 6 OTHER OPERATING INCOME AND EXPENSES
2021 2020
Exchange rate differences 905 -
Royalty and licensing income 284 52
Franchise income 36 41
Marketing contribution 2 305 2 930
Other*) 4 743 5 516
Total 8 273 8 539
*) Other operating income mainly refer to resolving of maintenance accruals, ex
-
pired gift cards, gains from sales of tangible assets and insurance compensations.
2021 2020
Exchange rate differences - -787
Other -677 -1 579
Total -677 -2 366
NOTE 7 RESULT FROM JOINT VENTURES
The Group’s interest in Jiang Su Fenix is accounted for using the equity method in
the Chinese market through Fjällräven shop in shops and through online channels.
2021 2020
At beginning of the year 3 838 3 345
Share of equity change, excluding dividends 813 211
Dividends from Joint Ventures -1 269 -
Translation difference -76 282
Closing balance 3 306 3 838
Participating
interest 2021
2020
Jiang Su Fenix China
50% 3 306 3 838
2021 2020
Fixed assets 511 417
Inventories 2 710 3 418
Other short term receivables 2 153 1 531
Cash and cash balances 4 052 4 592
Current liabilities -2 815 -2 282
Net assets 6 611 7 676
2021 2020
Opening net assets 1 January 7 676 6 690
912 1 108
Financial result 28 3
Tax -108 -210
Other comprehensive result 641 -85
Dividend paid -2 538 -
Closing net assets 6 611 7 506
Group's share in % 50% 50%
Group's share in CU 3 306 3 838
Goodwill - -
3 306 3 838
NOTE 8 FINANCIAL INCOME AND EXPENSES
2021 2020
Interest income -317 155
Exchange rate differences 1 178 -
Total 861 155
2021 2020
Interest expenses -797 -416
Interest expenses for lease contracts -2 178 -2 149
Exchange rate differences - -5 169
-5 -12
Total -2 980 -7 746
NOTE 9 TAX
2021 2020
-24 551 -19 473
Adjustments in respect of prior years -40 -895
-24 591 -20 368
Deferred tax:
Origination and reversal of temporary differences -532 730
Impact of change in local tax rate
45 -
-487 730
-25 078 -19 638
-
dated entities as follows:
NOTES
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 37
2021 2020
81 740 53 503
in the respective countries -20 530 -11 856
Tax effects of:
- Income not subject to tax 222 136
- Expenses not deductible for tax purposes -1 364 -951
- Utilisation of previously unrecognised tax losses 26 -
- Tax losses for which no deferred income tax assets
was recognized -3 347 -5 721
Re-measurment of deferred tax - change in the local
tax rate -45 -
Exchange rate difference in untaxed reserves - -351
Adjustment in respect of prior years -40 -895
-25 078 -19 638
2021 2020
Temporary differences regarding inventories 4 757 3 917
Temporary differences between book value and tax value
on other assets and liabilities 972 1 489
Loss carry-forwards 4 794 8 549
10 523 13 956
Total unused tax losses amounted to TEUR 61 553. The tax losses can be carried
These tax losses are not recoginsed as deferred tax assets as forecasted not prob
-
ably to be usable for the Group within a reliable forecast period.
2021 2020
Temporary differences between book value and tax value
on other assets and liabilities 1 225 488
Temporary differences regarding untaxed reserves 10 842 11 234
12 067 11 722
NOTE 10 INTANGIBLE FIXED ASSETS
2021 2020
Opening acquisition cost 41 953 35 329
Expenditure capitalised during the year 13 140
Sales and disposals - -1 704
Transfer of classes *) 3 669 7 055
Translation differences -759 1 133
Closing acquisition cost 44 876 41 953
Opening amortisation -27 023 -18 930
Amortisation for the year -6 195 -8 910
Sales and disposals - 1 704
Transfer of classes 3 -
Translation differences 589 -887
-32 626 -27 023
Closing balance 12 250 14 930
2021 2020
Opening amortisation 4 329 6 033
Purchases Installation in progress 7 729 5 348
Transfer of classes -3 719 -7 300
Translation differences -91 248
Closing balance 8 248 4 329
2021 2020
Opening acquisition cost 10 869 10 681
Acquisition 250 -
Sales and disposals - -5
Transfer of classes 50 245
Translation differences 56 -52
Closing acquisition cost 11 225 10 869
Opening amortisation -8 835 -8 811
Amortisation for the year -56 -60
Sales and disposals - 5
Transfer of classes -2 -
Translation differences -62 31
-8 955 -8 835
Closing balance 2 270 2 034
2021 2020
Opening acquisition cost 18 881 18 620
Acquisitions 10 226 28
Translation differences -97 233
Closing acquisition cost 29 010 18 881
Opening write-downs -2 097 -2 103
Translation differences -31 6
-2 128 -2 097
Closing balance 26 882 16 784
49 650 38 077
implementations is reported as transfer of classes. Those implementations mainly
consist of new investments in IT infrastructure.
2021 2020
Brands 4 486 4 603
Frilufts 19 309 9 048
Global sales 3 087 3 134
Book value 26 882 16 784
In 2001 and 2002, Fenix acquired the shares in Naturkompaniet, generating total
goodwill of TEUR 7 842. In line with past accounting practices, this amount was
reported as goodwill for Naturkompaniet and amortized over a period of 20 years.
When new accounting regulations came into effect in 2005, the goodwill was di
-
vided between Fjällräven and Naturkompaniet.
The changes in goodwill for the year are attributable to translation differences and
the acquisition of Trekitt, see also note 32.
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 of current
e.g. a zero growth is assumed. The internal assessment is based on the manag
-
-
casts. 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
being the same for all three segments. The impairment tests for the year has indi
-
cated that no impairment of goodwill or trademarks are necessary.
NOTES
38 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
NOTE 11 TANGIBLE FIXED ASSETS
2021 2020
Opening acquisition cost 27 604 19 765
Purchases 314 1 538
Purchases through acquisition of subsidiary 610 -
Sales and disposals -7 -416
Transfer of classes 6 029 6 883
Translation differences 87 -166
Closing acquisition cost 34 637 27 604
Opening depreciation -4 876 -4 246
Amortisation for the year -1 257 -1 023
Sales and disposals 7 301
Translation differences -28 92
Closing depreciation -6 154 -4 876
Closing balance 28 483 22 728
2021 2020
Opening acquisition cost 61 008 60 214
Purchases 6 131 5 114
Sales and disposals -1 218 -3 218
Transfer of classes 303 -
Translation differences 1 169 -1 102
Closing acquisition cost 67 393 61 008
Opening depreciation -40 765 -38 546
Depreciation for the year -6 615 -5 878
Sales and disposals 907 2 958
Transfer of classes 1 069 -11
Translation differences -723 712
Closing depreciation -46 127 -40 765
Closing balance 21 266 20 243
2021 2020
Opening acquisition cost 47 097
Purchases 5 412
Purchase through acquisition of subsidiary 151 -
Sales and disposals -581 -3 143
Transfer of classes 1 452 3 188
Translation differences -69 80
Closing acquisition cost 52 634
Opening depreciation -28 931
Depreciation for the year -4 985
Sales and disposals 518 3 008
Transfer of classes -984 11
Translation differences 73 -109
Closing depreciation -31 006
Closing balance 22 334 21 628
2021 2020
Opening aquisition cost 6 001 12 421
Purchases 3 876 3 605
Transfer of classes -7 869 -10 071
Translation differences 56 46
Closing balance 2 064 6 001
74 147 70 600
constructions are reported as transfer of classes, whereof investment in warehouse
NOTE 12 RIGHT OF USE ASSETS
Rental contracts are typically made for 3 months up to 10 years, depending on
leasing object and market circumstances. Rental contracts may have prolonged
options and variable lease payments. Rental contracts are for vehicles, equipment,
assets and liabilities if the extension option will take effect within a limited time
after period end and the Group is reasonably sure to extend the contract. During
the current Covid-19 situation the Group have decided to be restrictive to include
extensions as the Group is less sure to extend contracts.
disruption.
for new stores in Germany and in USA.
As a result of the Covid-19 pandemic, rent concessions have been granted. The
Group applies the practical expendient for all rent concessions. During 2021 the
-
corded as a reduction of expenses.
2021 Brands Frilufts
Global
sales Total
Right-of-use assets
Lease liabilities
assets affected P&L Brands Frilufts
Global
sales Total
Rent concessions - 665 - - 665
Depreciation -7 575 -21 667 -1 088 -1 079 -31 409
Interest cost -545 -1 575 -29 -30 -2 179
Short term lease cost -174 -304 -59 - -537
Low value lease cost - -6 -3 - -9
Brands Frilufts
Global
sales Total
Stores and warehouse 21 060 97 243 1 137 363 119 802
1 191 649 597 1 465 3 901
vehicles
493 355 360 114 1 322
22 743 98 246 2 093 1 942 125 024
to Asset class Brands Frilufts
Global
sales Total
Stores and warehouse -6 760 -21 048 -613 -419 -28 840
-502 -372 -257 -564 -1 695
and vehicles
-313 -247 -218 -96 -874
-7 575 -21 667 -1 088 -1 079 -31 409
Brands Frilufts
Global
sales Total
Opening balance 22 071 101 492 1 774 2 136 127 474
Additionals 9 498 18 981 1 347 924 30 750
Reclass and cancelled -1 336 -4 852 174 110 -5 905
Translation differences 85 4 292 -114 -148 4 116
Depreciation -7 575 -21 667 -1 088 -1 079 -31 409
Closing balance 22 743 98 246 2 093 1 942 125 024
NOTES
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 39
2020 Brands Frilufts
Global
sales Total
Right-of-use assets 22 071 101 492 1 774 2 136 127 473
Lease liabilities -23 273 -102 082 -1 730 -2 003 -129 088
assets affected P&L Brands Frilufts
Global
sales Total
Rent concessions 583 1 476 - - 2 059
Depreciation -7 155 -19 076 -839 -947 -28 017
Interest cost -664 -1 435 -27 -23 -2 149
Short term lease cost -168 -304 -11 - -483
Low value lease cost -2 -34 -8 - -44
Brands Frilufts
Global
sales Total
Stores and warehouse 20 280 100 276 1 102 96 121 754
1 407 959 429 1 950 4 745
vehicles
384 257 243 90 974
22 071 101 492 1 774 2 136 127 474
to Asset class Brands Frilufts
Global
sales Total
Stores and warehouse -6 468 -18 523 -307 -396 -25 694
-397 -366 -263 -495 -1 521
and vehicles
-290 -187 -268 -56 -801
-7 155 -19 076 -838 -947 -28 016
Brands Frilufts
Global
sales Total
Opening balance 25 285 95 240 2 538 1 648 124 711
Additionals 3 941 25 328 76 1 435 30 780
Depreciation -7 155 -19 076 -839 -947 -28 016
Closing balance 22 071 101 492 1 774 2 136 127 474
NOTE 13 OTHER NON-CURRENT FINANCIAL ASSETS
AND OTHER NON-CURRENT RECEIVABLES
2021 2020
Opening fair value 424 300
- 124
424 424
2021 2020
Opening 662 1 042
Disposals/Repayments -55 -415
Additions *) 1 672 61
Translation difference 4 -26
Closing balance 2 283 662
*) includes receivable from divestment of the Brunton operation and rental deposits.
NOTES
NOTE 14 INVENTORIES
2021 2020
Goods for resale 137 086 142 461
Raw materials 11 834 8 441
Advance payments to suppliers 3 689 2 930
Total 152 609 153 832
Write-downs have reduced the book value in the Group in an amount of TEUR 12
NOTE 15 ACCOUNTS RECEIVABLE,
OTHER RECEIVABLES
2021 2020
Accounts receivables
40 695 31 756
Right of return assets
1 024
948
Other receivables *)
19 198 5 466
Total
60 917 38 170
*) Increase in Other receivables are mainly related to increase in VAT receivables,
receivables at tax account and receivables for government grants.
2021
2020
Trade
Gross
credit loss
Gross
credit loss
Not yet due 33 211
-33
24 336
-306
Overdue
0-30 days 3 962
-118
5 704
-517
31-60 days 2 419
-245
2 248
-631
61-90 days 866
-201
904
-153
More than 90 days 2 985
-2 151
1 605
-1 435
Total 43 443 -2 748 34 797
-3 042
2021 2020
Opening loss allowance
-3 042 -2 166
and loss during the year
-243 -2 187
Receivables written off during the year as un-
collectible
537 1 311
-2 748 -3 042
NOTE 16 CUSTOMER CONTRACT BALANCES
2021 2020
Right of return assets 1 024 948
Refund liabilites from Rights of return -2 205 -2 272
Trade receivables 40 695 31 756
Advance payments from customers and Gift Cards -11 875 -9 375
Loyalty points -2 932 -2 899
Total 24 707 18 158
40 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
NOTE 17 PREPAID EXPENSES AND ACCRUED INCOME
2021
2020
Advertising expenses 100 248
Licensing income 9 18
Leases Charges 520 1 620
Insurance premiums 274 354
Other items *) 5 966 4 212
Total 6 869 6 452
*) Other items contains variable positions, each of low value.
NOTE 18 PENSION COMMITMENTS
2021 2020
Endowment insurance with pension-commitments
Pension commitments in funds 1 088 1 470
Total 1 088 1 470
2021 2020
Opening balance 1 470 1 269
Included in the income statement:
Current service cost 134 232
Past service-cost and gains and losses on settlements - -20
Interest cost and income 7 10
Taxes and administrative expenses - 4
141 226
Remeasurments:
Return on plan assets excluding amounts in interest
expence and income
-42 21
Acturial gains and losses arising from changes in
demographic assumptions
-151 106
Acturials gains and losses arising from changes in
-53 81
Experience based gains and losses -104 5
-350 213
Other changes:
Contributions and payments from
Employers and plan participants -163 -228
Payments from plans:
13 -9
Translation difference -23 -1
Total Other changes -173 -238
Closing balance 1 088 1 470
-
NOTES
NOTE 19 OTHER NON-CURRENT PROVISIONS
2021 2020
Opening balance 409 415
Translation differences 6 -6
415 409
Opening balances 2 474 1 315
Additional provisions 752 771
Used other provisions -1 238 -61
Translation differences -239 449
1 749 2 474
2 164 2 883
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.
The balance as of 31 December 2021 for other provisions mainly consists of restore
costs for rented premises.
NOTE 20 INTEREST-BEARING LIABILITIES
2021 2020
Lease liabilities 99 257 102 810
Liabilities to credit institutions *) 27 000 36 000
126 257 138 810
Lease liabilities 28 583 26 278
Liabilities to credit institutions *) 9 122 30 186
37 705 56 464
Total interest-bearing liabilities 163 962 195 274
2021 2020
Opening interest-bearing liabilities 195 274 148 235
Borrowings *) - 45 391
Additions of new leases/remeasurements 29 266 30 780
Repaid borrowings -30 449 -273
Repaid lease liabilities **) -32 253 -28 193
Additions from acquisition of subsidiaries 806 -
Leases liabilities from acquisition of subsidiaries 90 -
Settlement of loans -596 -
Translation differences leases 1 648 457
Translation differences 176 -1 122
Closing balance 163 962 195 274
-
reduces lease liabilities.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 41
NOTES
NOTE 21 OTHER CURRENT LIABILITIES
2021 2020
Accounts payable trade 33 103 24 909
Advance payments from customers 11 875 9 375
Refund liabilities 2 205 2 272
Other liabilities*) 16 386 12 651
63 569 49 207
*) Other liabilities mainly related to VAT liabilities.
NOTE 22 ACCRUED EXPENSES
2021 2020
Holiday pay and salary liabilities 9 461 8 434
Accrued social security contributions 2 405 2 074
Other items *) 19 579 14 183
Total 31 445 24 691
*) Including accrued loyalty points to customers.
NOTE 23 PLEDGED ASSETS
For interest bearing- and contingent liabilities 2021 2020
Chattels, as corporate mortgages 16 722 17 221
Land and Buildings, as property mortgages 985 1 007
Total 17 707 18 228
NOTE 24 CONTINGENT LIABILITIES
2021 2020
Other contingent liabilities 1 750 2 112
Total 1 750 2 112
-
tingent liabilities primary refer to guarantee commitments to customers authorities
and for lease agreements.
NOTE 25 ADJUSTMENTS FOR ITEMS NOT INCLUDED
IN THE CASH FLOW
2021 2020
Result joint venture -813 -211
Rent concessions -665 -2 059
1 642 914
Total 164 -1 356
NOTE 26 ACQUISITION OF TANGIBLE FIXED ASSETS
remain unpaid at the reporting date.
NOTE 27 FINANCIAL RISK MANAGEMENT
Purpose
currency exchange risk and interest rate risk. The Group’s risk management aims
accordance with principles approved by the Board. The main cash hedge positions
in Note 29, Hedge accounting.
The Group’s companies make and receive payments in different currencies and
Company management can decide on hedging up to 12 months of future cash
undertaken by holding liquidity in actual currency and/or making forward contracts.
The most important sales currency is EUR, which accounts for approximately 58%
foreign exchange rates including the effects from hedging made and thus no sensi
-
tivity analysis is disclosed.
The Group’s equity is affected by changes in exchange rate when the foreign sub-
sidiaries’ balance sheet is translated into EUR. This exposure is not hedged.
leases amount TEUR 36 122). An increase in the short-term interest rate of one
Group management continuously monitors the interest rate market in order to as
-
limited.
The Group’s interest-bearing liabilities including leases liabilities amounted to
percent of total assets. As per 31 December 2021, the Group’s interest-bearing
liabilities, excluding leases liabilities, was denominated in EUR. The Group has
2021
<6
<12
<24
>24
Total
Accounts payable 33 103 - - - 33 103
Refund liabilities 2 205 - - - 2 205
2 174 - - - 2 174
Lease liabilities 14 479 13 881 24 968 74 512 127 840
Interest lease liabilities 992 1 878 1 416 2 220 6 506
Interest bearing loans 4 622 4 500 9 000 18 000 36 122
Interest payment from loans 263 228 354 304 1 149
57 838 20 487 35 738 95 036 209 099
Lease payments > 24 months fall due as follows: approximately TEUR 50 232
until > 5 years and TEUR 24 280 after 5 years.
42 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
NOTES
2020
<6
<12
<24
>24
Total
Accounts payable 24 909 24 909
Refund liabilities 2 272 - - 2 272
1 423 1 027 487 41 2 978
Lease liabilities 13 420 12 856 22 719 80 093 129 088
Interest lease liabilities 1 020 1 941 1 510 3 468 7 940
Interest bearing loans 25 686 4 500 9 000 27 000 66 186
Interest payment from loans 159 675 540 807 2 181
68 889 21 000 34 256 111 409 235 554
Except that the groups cash and cash equivalents are mainly concentrated at one
has established policies to ensure that sales of products are made to clients with a
suitable credit standing. The accounts receivable risk is regarded to be limited, as
each separate account is relatively small and the group’s credit policy is restrictive.
Cash and cash equivalents are deposited in major merchant banks, where the
credit risk is limited.
NOTE 28 FINANCIAL INSTRUMENTS BY CATEGORY
observable, 3: Fair value Unobservable.
Financial assets 2021 2020
Foreign exchange forwards contracts 79 -
Foreign exchange forwards contracts 1 370 -
Financial assets at FVTPL:
Equity instruments, level 3 424 424
Other non-current receivables 2 283 662
Trade receivables 40 695 31 756
Cash and cash equivalents 181 900 191 064
226 751 223 906
Financial liabilities 2021 2020
Foreign exchange forward contracts, level 2 - -1 913
Put option liabilities for purchase of Alpen International -378 -285
Put option liabilities for purchase of Fenix Outdoor Taiwan -1 796 -713
Accounts payable -33 103 -24 909
Refund liabilites -2 205 -2 272
Interest-bearing loans and borrowings -36 122 -66 186
Lease liabilities -127 840 -129 088
Accrued interest -194 -319
-201 638 -225 685
Fenix Outdoor International AG acquired 2017 Alpen International. The agreement from
2017 includes put/call arrangements for the 25% non-controlling interests, exercisable
in the period between 2020 and 2029. The present value of the redemption amount
was recognized as a short- and long-term liability for the amount of TEUR 656 and the
non-controlling interests are derecognized at each reporting date. In June 2020 16,38 %
were exercised. The remaining put option liability are recognized as short term liability,
From the acquisition of the Taiwanese distributor, 2019, Fenix Outdoor Internation
-
al AG has a right and an obligation through a put and call arrangement, where the
The exercise period starts on 30 June 2022 and ends 30 June 2027. The present
value of the redemption was recognized as a long-term liability for the amount of
TEUR 474 and the non-controlling interests are derecognized at each reporting
date. The remaining put option liability are recognized as short term liability, TEUR
Changes in the put options liabilities are recognized in equity.
NOTE 29 HEDGE ACCOUNTING
The group hedges the major part of its committed purchase orders stated in USD
within the coming 12-month period. The reason for the USD hedging mainly being
undertaken against EUR is that a major portion of the group’s sales are invoiced
in EUR. The group’s primary hedging instrument is currency forwards. The market
-
ward rate and the rate of a similar forward as per the closing day, 31 Dec 2021.
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 effect is thereby transferred from equity to inventory
value. The effect in the income statement is realized when the goods are sold.
2021 2020
Purchased TUSD 47 200 34 700
Sold TEUR 40 175 30 087
Rate 1,1749 1,1533
Purchased TUSD 1 500 -
Sold TNOK 13 049 -
Rate 8,6993 -
NOTE 30 TRANSACTIONS WITH RELATED PARTIES
DISCLOSURE REGARDING RELATED PARTIES WITH CONTROLLING INFLUENCE
The majority shareholder, the Nordin family, controls approximately 85,1% of the
voting rights for the company’s shares. Martin Nordin, of the Nordin family, is the
Chairman of the Board. Susanne Nordin, of the Nordin family, is a Director of the
Board. Details about their total remunerations, including salaries and bonuses, see
Compensation report page 53-54.
2021 2020
Purchases of services:
Martin Nordin, rent 33 28
67 48
67 53
Total 167 129
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.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 43
NOTES
NOTE 32 CHANGES IN GROUP COMPOSITION
2021
TREKITT
In August 2021, Frilufts Retail Europe AB, a subsidiary of Fenix Outdoor Inter-
national AG, acquired the UK outdoor retail specialist Trekitt. Trekitt provides top
quality equipment and clothing for mountaineers, hill walkers, climbers and travelers.
The consideration amounted to TEUR 11 834 and net cash acquired of TEUR 429
goodwill position of TEUR 10 226 and is not expected to be tax deductible. Transac
-
tion costs amounted to TEUR 243 and have been recognized as expenses.
TEUR
Tangible Fixed Assets 714
Right-of-use assets 95
Financial assets 4
813
Inventories 2 844
Short Term receivables 107
Cash and cash equivalents 429
Total Current assets 3 380
Total Assets 4 193
Loans 806
Lease liabilities 90
Other liablities 1 690
Total liabilities 2 586
Purchased net assets 1 607
Goodwill arising on acquistion 10 226
Payment -11 834
Purchased cash and cash equivalents 429
-11 405
BRUNTON OPERATIONS
Brunton Outdoor Inc have been running both Brunton and Primus operation. In
November 2021, the Brunton operations was divested from Brunton Outdoor Inc.
option to be sold to the purchaser after this period. Brunton Outdoor Inc still runs
the Primus operation.
-
vided in an immediately payment and a long term receivable. The amortization will
be made by annual repayments related to Brunton net sales performed by buyer.
The net sale for the Brunton operation was 2021, until the sale of the operation,
TEUR
Fixed assets 27
Inventory 1 192
Booked value of sold assets 1 219
Sales price:
Paid sales price 441
Long term receivable 778
Result from sale -
NOTE 33 EVENTS AFTER THE REPORTING PERIOD
There were no material subsequent events, that would have changed the judgement
December 2021, or the result for 2021.
Ukraine. Not to say that this situation is not concerning, but in the bigger picture
the region is not a major part of our sales. The effects which may come from the
actual situation are rather related to indirect effects from potential major downturns
in the economies where Fenix Outdoor is present.
44 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 34 PARTICIPATIONS IN SUBSIDIARIES
Subsidiary Corporate Identity Number Number of shares Share of equity
Alpen International Co Ltd 220-88-25317 Seoul 210 285 75%
556110-6310 Örnsköldsvik 13 273 731 100%
556603-5662 Örnsköldsvik 1 000 100%
27-1437119 Denver 1 100%
27-2473714 Riverton - 100%
Bus Sport AG CH-320.3.032.659-8 Buchs 100 100%
FN387475t Innsbruck 1 100%
69763208 Almere 1 100%
BC1158235 British Columbia 100 100%
25894383 Århus 1 100%
1068339-4 Helsingfors 100 100%
916 145 578 Lillehammer 100 100%
920 417 280 Lillehammer 100 100%
6484212 Praha 100%
51435608 Bratislawa 100%
Fjällräven AB 556605-9795 Örnsköldsvik 1 000 100%
24251858 Almere 140 100%
57902585 Almere 1 100%
34127188 Almere 140 100%
BC0997845 British Columbia 100 100%
64755177 Amsterdam 40 100%
Ludwigslust 100%
556725-7471 Örnsköldsvik 1 000 100%
HRB56169 München 450 100%
HRB153419 Vierkirchen 1 100%
GRB220690 Vierkirchen 1 100%
Progress Kft 09-09-000101 Kinizsi 1 100%
HRB182742 Vierkirchen 1 100%
556413-5548 Örnsköldsvik 100 100%
556080-3362 Örnsköldsvik 6 080 100%
27-0611578 NY 1 100%
38-3937088 Denver 100%
BC1158256 British Columbia 100 100%
Friluftsbolaget Ekelund & Sagner AB 556543-0229 Örnsköldsvik 1 294 000 100%
91321000694454655G Yangzhou 1 100%
556152-5766 Örnsköldsvik 1 000 100%
10848501 Tartu 1 100%
2091967 Gosport 10 000 100%
Tierra Products AB 556095-1526 Örnsköldsvik 1 010 100%
Turima Jakt AB 556018-8392 Örnsköldsvik 800 100%
CHE-115.678.335 100 100%
Fenix Outdoor Import Asia 66355568 Hong Kong 1 100%
62384460 Hong Kong 1 100%
82808707 Taipei City 5 000 000 70%
202012641H Singapore 10 000 100%
Fenix Outdoor R&D and CSR AG CHE-145.043.963 Luzern 100 100%
Frilufts Retail Europé AB 556788-3375 Örnsköldsvik 13 250 000 100%
76470316 Copenhagen 5 000 100%
HRB23422 Hamburg 38 100%
556433-7037 Örnsköldsvik 8 835 528 100%
912 893 367 Lillehammer 100 100%
0201830-0 Helsingfors 94 285 100%
13096750 Hereford 2 200 100%
05668115 Hereford 1 100 100%
RR Acquisition Corporation C3596965 Delaware 100%
201 221 310 331 Delaware 100%
1 887 476 Hong Kong 100%
RR Canada Inc 450 672 910 Montreal 100%
operating companies marked in bold,
*) New subsidiary 2021
During the year the subsidiaries Globetrotter Academie GmbH and Ronmar AG have been merged and the subsidiary Jiangsu Leader Outdoor Company Limited, Äventyrs
-
butiken i Gävle AB, Outlet-Outdoor.com GmbH and Fenix Outdoor Italy s.r.l have been liquidated.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 45
AUDIT REPORT CONSOLIDATED FINANCIAL STATEMENT
on April 4, 2022, and will be presented to the Annual General Meeting for approval on April 27, 2022.
BOARD APPROVAL
Martin Nordin Susanne Nordin Mats Olsson
Ulf Gustafsson Rolf Schmid Sebastian von Wallwitz
OPINION
-
solidated statement of income, consolidated statement of comprehensive income,
consolidated statement of changes in equity and consolidated statement of cash
-
BASIS FOR OPINION
We conducted our audit in accordance with Swiss law, International Standards on
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
and the requirements of the Swiss audit profession, as well as the
International
STATUTORY AUDITOR’S REPORT ON THE AUDIT
OF THE CONSOLIDATED FINANCIAL STATEMENTS
Code)
these requirements.
to provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of
current period. These matters were addressed in the context of our audit of the
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.
Auditor’s responsibilities for
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 misstate
-
including the procedures performed to address the matters below, provide the basis
VALUATION AND EXISTENCE OF INVENTORY
Area of focus
The Fenix Group develops and markets outdoor products. The inventory balance
46 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
AUDIT REPORT CONSOLIDATED FINANCIAL STATEMENT
represents 22.8% of the Group’s total assets and 40.0% of the Group’s total equity
as at 31 December 2021. The Fenix Group measures the carrying value of its in
-
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 chang
-
ing consumer demands and weather conditions. Refer also to notes 2 and 14 of
-
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 company 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
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
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.
INCOME AND DEFERRED TAXES
Area of focus
-
ances. The assessment is complex, since the Group engages in intercompany
transactions and arrangements concerning multiple tax jurisdictions. Due to the
judgment involved in determining the recoverability of the deferred tax assets, this
-
Group’s disclosures on income taxes.
Our audit response
We assessed the Group’s internal controls over its taxation processes and key as-
sumptions applied. We assessed the Group’s correspondence with tax authorities
and inquired regarding ongoing tax audits and potential disputes. We considered
the Group’s assumptions. In particular, we evaluated whether the key assumptions
applied in the Group’s assessment of recoverability of deferred tax assets is consist
-
ent with management’s budgets and forecasts. We involved tax specialists locally to
assist in examining the Group’s tax calculations and analysing the underlying key
Our audit procedures did not lead to any reservations concerning income and de
-
ferred taxes.
ACCOUNTING FOR LEASES
Area of focus
As of the balance sheet date, right-of use assets and lease liabilities represent
18.7% and 44.5% of Fenix Group’s total assets and total liabilities, respectively.
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
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. We
assessed the migration to the new system. In particular, we agreed the following
input parameters to supporting documents on a sample basis: monthly lease pay
-
ments, lease terms, discount rates and extension options. For extension options, we
analyzed Fenix Group’s exercise assessment. In addition, we audited the complete
-
ness and the reconciliation of the lease contract population considered for IFRS 16
to the number of point of sales at designated components. For agreements signed
in 2021, we analyzed Fenix Group’s assessment whether these represent lease
Our audit procedures did not lead to any reservation concerning the accounting for
leases.
OTHER INFORMATION IN THE ANNUAL REPORT
The Board of Directors is responsible for the other information in the annual report.
The other information comprises all information included in the annual report, but
statements, compensation report and our auditor’s reports thereon.
information in the annual report and we do not express any form of assurance con
-
clusion thereon.
-
bility is to read the other information in the annual report and, in doing so, consider
-
nancial 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.
Responsibility of the Board of Directors
The Board of Directors is responsible for the preparation of the consolidated
the provisions of Swiss law, and for such internal control as the Board of Directors
-
ments that are free from material misstatement, whether due to fraud or error.
-
-
ing, 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
Our objectives are to obtain reasonable assurance about whether the consolidated
to fraud or error, and to issue an auditor’s report that includes our opinion. Reason
-
able assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with Swiss law, ISAs and Swiss Auditing Standards 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
-
cial statements is located at the website of EXPERTsuisse: http://www.expertsuisse.
ch/en/audit-report-for-public-companies. This description forms part of our audi
-
tor’s report.
In accordance with article 728a para. 1 item 3 CO and the Swiss Auditing
instructions of the Board of Directors.
approved.
Ernst & Young Ltd
Roger Müller Roman Ottiger
Licensed audit expert Licensed audit expert
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 47
INCOME STATEMENT, PARENT COMPANY
TEUR TCHF TEUR TCHF
2021 2021 2020 2020
Dividend income from investments 4 914 5 304 - -
Interest income group loans 166 179 239 256
Interest income banks 1 137 1 228 1 145 1 226
1 384 1 482
Interest expenses bank loans -393 -424 -164 -176
Interest expenses group loans - - -62 -66
Costs for own shares -41 -44 -37 -40
Currency gain 2 268 2 448 1 610 1 723
Currency loss -2 222 -2 399 -2 292 -2 454
Bank charges -100 -108 -95 -102
Writedown of investments - - -1 802 -1 929
Operating result 5 728 -1 459 -1 562
Personnel expenses -2 312 -1 029 -1 101
Group services -1 609 -1 737 -1 260 -1 349
Other operating expenses -1 158 -1 250 -2 579 -2 760
Marketing expenses -469 -506 -512 -548
Depreciation property, plant and equipment -39 -42 - -
312 336 -6 839 -7 320
Direct taxes - -2 -2
312 336 -6 841 -7 322
PROFIT AND LOSS STATEMENT, PARENT COMPANY
BALANCE SHEET, PARENT COMPANY
31-12-2021
31-12-2021
31-12-2020
31-12-2020
ASSETS
TEUR
TCHF
TEUR
TCHF
CURRENT ASSETS
Cash at bank
150 097 155 065 160 226 173 077
Other receivables 62 64
46 50
-third parties 62 64 46 50
Short-term interest bearing receivables 8 343 8 619 7 541 8 145
-group companies 8 343 8 619 7 541 8 145
Accruals and prepaid expenses 408 422 773 837
-third parties 408 422 773 837
TOTAL CURRENT ASSETS 168 587 182 108
NON-CURRENT ASSETS
Investments 546 483 593 205 546 512 593 205
Property, plant and equipment 30 31 68 74
TOTAL NON-CURRENT ASSETS 546 513 593 236 546 580 593 279
TOTAL ASSETS 705 422 757 405 715 167 775 387
48 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
PROPOSED APPROPRIATION OF THE AVAILABLE EARNINGS
BALANCE SHEET, PARENT COMPANY
in TEUR in TCHF in TEUR in TCHF
31-12-2021 31-12-2021 31-12-2020 31-12-2020
RETAINED EARNINGS
163 796 184 282 170 637 191 604
Dividend own shares 283 309 - -
312 336 -6 841 -7 322
164 391 184 927 163 796 184 282
- - - -
164 391 184 927 163 796 184 282
PROPOSAL OF THE APPROPRIATION:
360 003 407 087 380 124 428 822
Impact exchange rate on previous year estimated
dividend in SEK
50 -278 - -
Dividend at Extra General Meeting -11 911 -12 934 - -
Dividend own shares 283 309 - -
348 425 394 184 380 124 428 822
Dividend proposal -26 263 -27 132 -20 121 -21 735
322 162 367 052 360 003 407 087
31-12-2021 31-12-2021 31-12-2020 31-12-2020
TEUR TCHF TEUR TCHF
SHORT-TERM LIABILITIES
Short-term interest bearing liabilities 667 689 7 139 7 712
-group companies 7 139 7 712
Other short-term liabilities 153 245 158 317 132 708 143 351
-third parties 287 310
-group companies 158 181 132 421 143 041
Accrued expenses and deferred income 1 289 1 331 157 170
-third parties 628 649 157 170
-shareholders 661 682 0 0
TOTAL SHORT-TERM LIABILITIES 155 200 160 337 140 005 151 233
TOTAL LIABILITIES 155 200 140 005 151 233
Share capital 12 378 13 460 12 378 13 460
Own shares -10 145 -11 023 -10 145 -11 023
Legal capital reserves 381 209 430 841 406 744 458 820
-reserves from capital contributions 380 124 428 792
-other capital reserves 26 620 30 028
-merger reserves 6 164 6 658 0 0
2 389 2 692 2 389 2 692
164 391 184 927
163 796 184 282
-retained earnings 164 080 191 604 170 637 191 604
-net loss of the year 312 - 7 322 6 481 -7 322
Currency translation adjustment -23 830 -24 077
550 222 597 068 575 162 624 154
705 422 757 405 715 167 775 387
BALANCE SHEET, PARENT COMPANY
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 49
NOTES
NOTES TO THE PARENT STATEMENTS
1. Accounting principles applied in the preparation of
of Fenix Outdoor International AG comprise only the following elements: Balance
sheet, Income statement and Notes. All amounts are presented in 000 EUR if not
otherwise stated.
Investments in subsidiaries are reported in accordance with the cost method. Re-
ported values are tested individually at each balance sheet date to assess whether
there is an indication for impairment.
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.
in the operating result. Administrative expenses mainly comprise of expenses on
infrastructure, personnel costs, consulting, purchased group services and other
administrative expenses. The expenses are recognised on an accrual basis.
Code of Obligation article 958d).
Transactions in foreign currencies during the period have been converted at the
current 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 histori
-
cal exchange rates ruling on the date of purchase of such investment.
The balances in EUR as of December 31, 2021 were translated to CHF considering
the following exchange rates and historic opening equity values:
2021 2020
Assets and liabilities except equity 0,9679619 0,9257547
0,9264686 0,9340077
TCHF TCHF
January in TCHF)
Share capital 13 460 13 460
Own shares -11 023 -11 023
2 692 2 692
184 927 165 598
Legal capital reserves 430 841 458 820
50 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
NOTES
As of December 31, 2021 the company holds the following participations:
Purpose Capital Capital Votes Capital Votes
RONMAR AG, Switzerland
2)
Merged CHF 100 000 - - 100% 100%
Fenix Outdoor AB, Sweden
1)
Trading SEK 26 547 462 100% 100% 100% 100%
Frilufts Retail Europe AB, Sweden
3), 6)
Holding EUR 8 833 333 70% 64.50% 70% 64.50%
Fenix Outdoor Development and CSR AG, Switzerland
5)
Services CHF 100 000 100% 100% 100% 100%
Fenix Outdoor Brand Retail AG, Switzerland Dormant CHF 100 000 100% 100% 100% 100%
Alpen International Ltd, South Korea Trading KRW 2 803 800 000 75% 75% 91,8% 91,8%
RR Acquisition Company, USA
4)
Holding USD 1 100% 100% 100% 100%
Trading USD 10 000 100% 100% 100% 100%
Fenix Outdoor Import Asia, Hong Kong Holding HKD 1 100% 100% 100% 100%
Fenix Outdoor Taiwan Trading TWD 35 000 000 70% 70% 70% 70%
1) RONMAR AG held 20.71% of the capital and 44.79% of the voting rights in
Fenix Outdoor AB until October 1, 2015. On October 1, 2015, Fenix Outdoor Inter
-
national AG acquired these shares from RONMAR AG. Consequently, Fenix Outdoor
International AG holds 100% of the shares of Fenix Outdoor AB, Sweden.
2) RONMAR AG, were merged into Fenix Outdoor International AG in 2021.
3) In connection with the authorized capital increase of June 1, 2015, Fenix Outdoor
as consideration 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.
4) Shares in RR Acquisition Company were written down in end of 2020.
5) Shares in the dormant company Fenix Outdoor Development and CSR AG were
written down in the end of 2020.
6) Fenix Outdoor AB holds 30% of the capital and 35.50% of the voting rights in
Frilufts Retail Europe AB.
For matrix showing the entirety of the Company’s subsidiaries as well as respective
Note 34
Legal capital
General legal
Total
Balance as per 31.12.2020 12 378 406 744 2 389 163 796 -10 145 575 162
Merger reserves 6 164 6 164
Dividends *) -31 699 283 -31 416
312
312
12 378 381 209 2 389 164 391 -10 145 550 222
During 2021 the nominal share capital and the legal capital reserves showed the following several transactions:
The position other receivables in the current assets of TEUR 62 comprises mainly
of prepaid expenses towards third parties TEUR 12 and value added tax credits of
TEUR 50.
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 51
company at a price of 595 Swedish Kronor per share. During 2017, options for 6
200 B-shares were exercised by the senior Executives. During 2019 the company
did purchase additional 112 898 B-shares and held 119 598 shares B-shares.
During 2021 no share has been purchased by the company. The holding of B-
shares totals to 119 598 as per 31 December 2021 as in the previous year.
In 2021, dividend from Fenix Outdoor Import Asia was distributed of TEUR 4 914.
short-term bank loans and various loans granted to and received from subsidiaries
USD/EUR).
services provided by other group companies, such as board and shareholder costs,
administration, IT-costs,legal costs and marketing costs.
3 Additional disclosures in accordance with Art. 959c
OF THIRD PARTIES
Fenix Outdoor International AG has taken over guarantee obligations of Fenix group
companies as follows:
Guarantees, contingent liabilities, assets
pledged in favour of third parties
45 071 63 916
thereof used 45 071 63 916
4 Mandatory disclosures in accordance with Art. 663c
The Family Nordin, along with its related companies, represents 61,4% of the
Company’s nominal share value, corresponding to 85,2% of the votes at the Annual
2021 2020
Martin Nordin,
Executive chairman
18 300 000 A-shares
and 242 568 B-shares
18 300 000 A-shares
and 242 568 B-shares
Susanne Nordin
20 000 B-shares 20 000 B-shares
Mats Olsson No shares No shares
Ulf Gustafsson No shares No shares
Sebastian von Wallwitz 100 B-shares 100 B-shares
Rolf Schmid No shares No shares
2021 2020
Alex Koska,
President
1 000 B-shares 1 000 B-shares
Martin Axelhed,
Vice President
6 000 B-shares 6 000 B-shares
Henrik Hoffman,
Vice President
10 250 B-shares 10 250 B-shares
Thomas Lindberg,
CFO
1 100 B-shares 1 100 B-shares
Nathan Dopp 1 200 B-shares 1 200 B-shares
5 Events after the reporting period
There were no material subsequent events, that would have changed the judgement
December 2021, or the result for 2021.
The Board has based on the balances per 31 December 2021 and the result for
15,0 per B-Share and an extra dividend of SEK 0,5 per A-share and SEK 5,0
-
lated at SEK/EUR 10,2503 and SEK/CHF 9,9219.
NOTES
52 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
REPORT OF THE STATUTORY AUDITOR
ON THE FINANCIAL STATEMENTS
-
nix Outdoor International AG, which comprise the balance sheet, income statement
BOARD OF DIRECTORS’ RESPONSIBILITY
-
ments in accordance with the requirements of Swiss law and the company’s
articles of incorporation. This responsibility includes designing, implementing
statements that are free from material misstatement, whether due to fraud or
error. The Board of Directors is further responsible for selecting and applying
appropriate accounting policies and making accounting estimates that are reason
-
able in the circumstances.
AUDITOR’S RESPONSIBILITY
our audit. We conducted our audit in accordance with Swiss law and Swiss Auditing
Standards. Those standards require that we plan and perform the audit to obtain
-
statement.
An audit involves performing procedures to obtain audit evidence about the
depend on the auditor’s judgment, including the assessment of the risks of mate
-
making those risk assessments, the auditor considers the internal control system
audit procedures that are appropriate in the circumstances, but not for the pur
-
pose of expressing an opinion on the effectiveness of the entity’s internal control
system. An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of accounting estimates made, as well as
basis for our audit opinion.
OPINION
comply with Swiss law and the company’s articles of incorporation.
REPORT ON KEY AUDIT MATTERS BASED ON THE CIRCULAR 1/2015
OF THE FEDERAL AUDIT OVERSIGHT AUTHORITY
Key audit matters are those matters that, in our professional judgment, were of
-
ments 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.
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
audit procedures, including the procedures performed to address the matters be
-
IMPAIRMENT ASSESSMENT OF INVESTMENTS IN SUBSIDIARIES
AREA OF FOCUS
Fenix Outdoor International AG assesses the valuation of its investments in sub-
sidiaries 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
requires estimates and assumptions, such as budgets and forecast earnings, cash
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
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
understanding about the estimated performance and future developments in the
markets including the estimation of growth rates or the forecast of future free cash
against observable market data and involved valuation specialists.
Our audit procedures did not lead to any reservations concerning valuation of in
-
vestments in subsidiaries.
REPORT ON OTHER LEGAL REQUIREMENTS
-
that there are no circumstances incompatible with our independence.
In accordance with article 728a para. 1 item 3 CO and Swiss Auditing Standard
Board of Directors.
with Swiss law and the company’s articles of incorporation. We recommend that the
Ernst & Young Ltd
Roger Müller Roman Ottiger
Licensed audit expert Licensed audit expert
REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 53
REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS
in 2021 totaled TEUR 899, compared with TEUR 921 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.
There is no variable compensation paid to the Board of Directors, except for Martin
Nordin as Executive Chairman and Susanne Nordin. In 2021 Martin Nordin
received a bonus of TEUR 232. In 2020 no bonus was given. In 2021 Susanne
was given to Susanne Nordin.
The Executive Chairman is entitled to a bonus, based on return on total assets for
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
monthly salary, up to six monthly salaries. In 2021 the average repo rate was -0,5
percent. The return on total assets in year 2021 was 15,9 percent. For 2021 Mar
-
total assets excluding effects from IFRS 16 adjustments.
Fixed compensation
-
previous year.
In 2021 a total variable compensation of TEUR 1 231 was given to the Senior
-
nual General Meeting in April 2022. In 2020 no variable compensation was given.
The highest total individual compensation was given to Martin Axelhed.
COMPENSATION TO FORMER MEMBERS
No compensation was paid to former Directors of the Board or Senior Executives.
LOANS, CREDITS AND GUARANTEES IN 2021
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, 2021. In the reporting year no collat
-
eral or guarantees were granted to Senior Executives or Directors of the Board.
SHAREHOLDING IN FENIX OUTDOOR INTERNATIONAL AG
Martin Nordin 18 300 000 A-shares and
242 568 B-shares
Mats Olsson No shares
Ulf Gustafsson No shares
Sebastian von Wallwitz 100 B-shares
Rolf Schmid No shares
Alex Koska, President 1 000 B-shares
Martin Axelhed, Executive Vice President 6 000 B-shares
Henrik Hoffman, Vice President 10 250 B-shares
Nathan Dopp, Vice President 1 200 B-shares
Thomas Lindberg, CFO 1 100 B-shares
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
Senior Executives are eligible to receive variable compensation, which is related to
remuneration normally is a maximum of 50 percent of base annual salary.
BASIC PRINCIPLES
The disclosed compensation of the Board of Directors and the Senior Executives
comprise the compensation for the full reporting year, subject to the following addi
-
tions and limitations:
– The compensation paid to new members of the Board of Directors or Senior
Executives is included from the date on which the member takes over the relevant
functions.
– If a member transfers from the Senior Executives to the Board of Directors, or
vice versa, the full compensation is taken into account and reported under the new
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.
The basic compensation to the members of the Board of Directors is the Board Re-
muneration. Martin Nordin and Susanne Nordin gets no Board remuneration but a
VARIABLE COMPENSATION
Senior Executives, variable remuneration normally is a maximum of 50 percent of
the basic annual salary. The Directors of the Board getting Board remuneration get
no variable compensation. The AGM is asked to vote on the total variable compen
-
sation retrospectively for the Senior Executives and the executive chairman, i.e.,
variable compensation proposed by the Board of Directors to be payable for 2021 is
RESPONSIBILITIES AND DETERMINATION PROCESS
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
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
Fixed compensation
At the AGM held in May 2020 the AGM approved a maximum total compensa
-
tion for 2021 to the Board of Directors of TEUR 1 400. The compensation paid
COMPENSATION REPORT
54 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
COMPENSATION BOARD OF
DIRECTORS 2021 TEUR
Base salary
other remu-
neration
Consultant
fee
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2021
Total Total in TCHF
EUR/CHF
1,0794
Martin Nordin, Executive Chairman 463 27 - 6 41 232 769 830
Susanne Nordin 150 10 - 6 25 102 292 315
Ulf Gustafsson - 19 48 - - - 67 72
Mats Olsson - 19 - - - - 19 20
Sebastian Von Wallwitz - 19 - - - - 19 20
Rolf Schmid - 19 48 - - 67 72
Total 613 113 96 12 66 334 1 233 1 331
613 113 96 12 66 899 970
COMPENSATION BOARD OF
DIRECTORS 2020 TEUR
Base salary
other remu-
neration
Consultant
fee
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2020
Total Total in TCHF
EUR/CHF
1,0707
Martin Nordin, Executive Chairman 467 29 - 14 58 - 568 609
Susanne Nordin 154 5 - 5 13 - 177 188
Ulf Gustafsson - 19 48 - - - 67 71
Mats Olsson - 19 - - - - 19 20
Sebastian Von Wallwitz - 19 - - - - 19 20
Rolf Schmid - 19 53 - - 72 77
Total 621 110 101 19 71 - 921 985
621 110 101 19 71 921 985
COMPENSATION BOARD SENIOR
EXECUTIVES 2021 TEUR
Base salary
remuneration
Pension
contributions
Social costs Variable compensation
related to and accrued
in 2021, incl. soc. cost
Total Total in TCHF
EUR/CHF
1,0794
President 334 46 11 1 269 661 713
Senior Executives 935 42 220 211 963 2 371 2 560
Total 1 269 88 231 212 1 231 3 032 3 273
1 269 88 231 212 1 800 3 273
COMPENSATION BOARD SENIOR
EXECUTIVES 2020 TEUR
Base salary
remuneration
Pension
contributions
Social costs Variable compensation
related to and accrued
in 2020, incl. soc. cost
Total Total in TCHF
EUR/CHF
1,0707
President 336 41 - 5 - 382 410
Senior Executives 941 39 215 203 - 1 398 1 497
Total 1 277 80 215 208 - 1 780 1 907
1 277 80 215 208 1 780 1 907
COMPENSATION REPORT
FENIX OUTDOOR SHARE DATA
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 55
FENIX OUTDOOR SHARE DATA
REPORT OF THE STATUTORY AUDITOR
ON THE COMPENSATION REPORT
We have audited the accompanying compensation report of Fenix Outdoor
International AG for the year ended 31 December 2021. The audit was limited to
the information according to articles 14–16 of the Ordinance against Excessive
of the compensation report.
BOARD OF DIRECTORS’ RESPONSIBILITY
The Board of Directors is responsible for the preparation and overall fair
presentation of the compensation report in accordance with Swiss law and
the Ordinance. The Board of Directors is also responsible for designing the
AUDITOR’S RESPONSIBILITY
Our responsibility is to express an opinion on the accompanying compensation
report. We conducted our audit in accordance with Swiss Auditing Standards.
Those standards require that we comply with ethical requirements and plan and
perform the audit to obtain reasonable assurance about whether the compensation
report complies with Swiss law and articles 14–16 of the Ordinance.
An audit involves performing procedures to obtain audit evidence on the disclosures
made in the compensation report with regard to compensation, loans and credits
in accordance with articles 14–16 of the Ordinance. The procedures selected
depend on the auditor’s judgment, including the assessment of the risks of material
misstatements in the compensation report, whether due to fraud or error. This
audit also includes evaluating the reasonableness of the methods applied to value
components of compensation, as well as assessing the overall presentation of the
compensation report.
to provide a basis for our opinion.
OPINION
In our opinion, the compensation report for the year ended 31 December 2021 of
Fenix Outdoor International AG complies with Swiss law and articles 14–16 of the
Ordinance.
Ernst & Young Ltd
Roger Müller Roman Ottiger
Licensed audit expert Licensed audit expert
56 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
FENIX OUTDOOR SHARE DATA
FENIX OUTDOOR SHARE PRICE NASDAQ OMX, 2017–2021
84,4%
92,6%
2017-03-02
2017-01-02
2018-07-02
2019-11-02
2017-05-02
2018-09-02
2020-01-02
2017-07-02
2018-11-02
2020-03-02
2017-09-02
2019-01-02
2020-05-02
2021-03-02
2017-11-02
2019-03-02
2020-07-02
2021-05-02
2018-01-02
2019-05-02
2020-09-02
2021-07-02
2018-03-02
2019-07-02
2020-11-02
2021-09-02
2018-05-02
2019-09-02
2021-01-02
2021-11-02
Fenix Outdoor OMX PI
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION 2021
SHARE PERFORMANCE 2021
Fenix Outdoor was listed on the stock market in 1983 and is
traded on Nasdaq OMX Stockholm’s Large Cap list. The shares
symbol is FOI-B and ISIN code is CH0242214887. Based
on the last price paid on December 30, 2021, which was
1 226,00 SEK, Fenix Outdoors market capitalization was
Fenix Outdoor’s share price raise 15,0 percent in 2021,
while the total index, OMX PI Stockholm, raise 33,8 percent.
The highest closing price during the year was 1 544,00 SEK,
on September 23rd, and the lowest closing price was
1 062,00 SEK, on January 5th.
SHARE CAPITAL
At the end of 2021, 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 enti
-
SHAREHOLDING STRUCTURE
The ten largest shareholders held 80,7 percent of the capital
and 92,6 percent of the votes.
DIVIDEND
-
-
1 226,00), the proposed dividend represents a dividend yield
of 1,6 percent.
Since 2017, Fenix Outdoor has paid out an average of 26,3
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 57
THE MAJOR SHAREHOLDERS 2021–12–31
Percentage of
capital, %
Percentage of
NORDIN, MARTIN 18 300 000 242 568 15,4% 52,9%
HAK HOLDINGS 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 NORDIC SMALL CAP FUND 0 832 702 6,2% 2,4%
BESTSELLER UNITED A/S 0 814 345 6,1% 2,3%
VERDIPAPIRFONDET ODIN SVERIGE 0 793 800 5,9% 2,3%
VON DER ESCH, STINA 0 200 000 1,5% 0,6%
NORDEA SMABOLAGSFOND SVERIGE 0 191 322 1,4% 0,5%
0 150 881 1,1% 0,4%
NORDIN, ANNA 0 149 452 1,1% 0,4%
FENIX OUTDOOR INTERNATIONAL AG 0 119 598 0,9% 0,3%
NORDEA 1 SICAV 0 97 081 0,7% 0,3%
NORDEA INSTITUTIONELLA SMABOLAGSFOND 0 72 054 0,5% 0,2%
WALL, KARL JOHAN 0 70 000 0,5% 0,2%
OTHER 0 2 084 896 15,5% 5,9%
TOTAL 24 000 000 11 060 000 100,0% 100,0%
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION 2022
The Annual General Meeting of the shareholders of Fenix
Outdoor International AG will be held at 2 pm on Wednesday
April 27, 2022, at Hemvärnsgatan 9, Solna.
NOTICE OF ANNUAL GENERAL MEETING
The announcement regarding the Annual General Meeting
Inrikes Tidningar) and by publication on the Company’s website
issued is announced in Svenska Dagbladet and Örnsköldsviks
Allehanda.
NOTIFICATION AND PARTICIPATION AT THE MEETING
Shareholders who wish to attend the Annual General Meeting
must notify the Company of their intention no later than
1 p.m. on Friday, April 22, 2022, at the following address:
Fenix Outdoor International AGM, Hemvärnsgatan 15,
by e-mail at info@fenixoutdoor.se
personal identity number/corporate identity number, phone
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 Tuesday, April 19th, 2022, shareholders
must request that their trustees conduct such registration well
in advance of this date. The re-registration may be temporary.
PROPOSED DIVIDEND
The Board of Directors proposes a dividend of 15,00 SEK
0,90) per A-share.
• Final day of trading Fenix Outdoor shares, including the right
to the dividend: April 27, 2022
• Record date for payment of the dividend: April 29, 2022
• Payment date for the dividend: Earliest May 4, 2022
FINANCIAL CALENDAR
Interim report January–March, April 27, 2022
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION 2021
58 ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG
BOARD OF DIRECTORS, SENIOR EXECUTIVES
BOARD OF DIRECTORS, SENIOR EXECUTIVES
AUDITORS
AUDITOR IN CHARGE
Roger Müller
Licensed audit expert
Ernst & Young Ltd
Auditor at Fenix Outdoor
International AG since 2018
AUDITOR
Roman Ottiger
Licensed audit expert
Ernst & Young Ltd
Auditor at Fenix Outdoor
International AG since 2018
SVEN STORK
Born 1940 Permanent Honorary Member since 2018
Member of the Board between 1989 and 2018, D Sc
OTHER ASSIGNMENTS:
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
MARTIN NORDIN
Born 1962 Executive Chairman Fenix Outdoor
employee since 2002
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
18 300 000 A-
SHARES AND 242 568 B-SHARES
MATS OLSSON
Born 1948
Member of the Board since 1986, Director
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
ULF GUSTAFSSON
Born 1955
Member of the Board since 2013
OTHER ASSIGNMENTS:
Blåkläder Workwear AB,
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
SEBASTIAN VON WALLWITZ
Born 1965 Member of the Board since 2016
OTHER ASSIGNMENTS:
Partner in SKW Schwarz in Munchen.
Chairman in Your Family Entertainment AG
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
100 B-
SHARES
ROLF SCHMID
Born 1959 Member of the Board since 2018
OTHER ASSIGNMENTS:
Mobiliar Genossenschaft, Competec Holding AG,
Mobility Genossenschaft and Ulrich Jüstrich Holding AG
CURRENT SHAREHOLDING IN FENIX OUTDOOR: —
SUSANNE NORDIN
Born 1966
Member of the Board since 2016.
OTHER ASSIGNMENTS: —
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
20 000 B-SHARES
ALEXANDER KOSKA
Born 1966 President
Fenix Outdoor employee since 2007
1 000 B-
SHARES
MARTIN AXELHED
Born 1976 Vice President
Fenix Outdoor employee since 1997
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
6 000 B-SHARES
HENRIK HOFFMAN
Born 1978 Vice President
Fenix Outdoor employee since 2003
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
10 250 B-SHARES
NATHAN DOPP
Born 1966 Vice President
Fenix Outdoor employee since 2012
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
1 200 B-SHARES
THOMAS LINDBERG
Born 1963 CFO
Fenix Outdoor employee since 2008
CURRENT SHAREHOLDING IN FENIX OUTDOOR:
1 100 B-SHARES
ANNUAL REPORT 2021 FENIX OUTDOOR INTERNATIONAL AG 59
HUVUD
ADDRESSES
ADDRESSES
FENIX OUTDOOR
INTERNATIONAL AG
Weidstrasse 1a
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
FENIX OUTDOOR LOGISTICS
GMBH
Am Alten Flugplatz 5
D-19288 LUDWIGSLUST
GERMANY
PRIMUS AB
Hemvärnsgatan 15
Box 6041
SE-171 54 SOLNA
SWEDEN
Phone 08-564 842 30
www.primus.se
PRIMUS EESTI OÜ
Ravila 53
EE-510 14 TARTU
ESTONIA
TIERRA PRODUCTS AB
Box 209
SE-891 25 ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-26 62 00
www.tierra.se,
ROYAL ROBBINS
575 Sutter S.
SAN FRANCISCO
CA. 94102
USA
www.royalrobbins.com
HANWAG DEUTSCHLAND
VERTRIEBS GMBH
Wiesenfeldstrasse 7
DE-852 56 VIERKIRCHEN
GERMANY
www.hanwag.de
BRUNTON OUTDOOR INC
1795 Dogwood St #400
LOUISVILLE
CO 80027
USA
www.brunton.com
FJÄLLRÄVEN INTERNATIONAL AB
Box 209
SE-891 25 ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-26 62 00
www.fjallraven.se
FJÄLLRÄVEN GMBH
Wiesenfeldstrasse 7
DE-852 56 VIERKIRCHEN
GERMANY
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
FENIX OUTDOOR FINLAND OY
Mikkolantie 1 A
FIN-00640 HELSINKI
FINLAND
FENIX OUTDOOR DANMARK APS
Norddigesvej 4
DK-8240 RISSKOV
DENMARK
FENIX OUTDOOR UK LTD
13 Quay Lane Gosport
Hants. PO 124LJ , UK
FENIX OUTDOOR AUSTRIA
ITALY GMBH
Grabenweg 69, Top 1-20
6020 INNSBRUCK
AUSTRIA
FENIX OUTDOOR EMERGING
MARKETS GMBH
Wiesenfeldstrasse 7
DE-852 56 VIERKIRCHEN
GERMANY
BUS SPORT AG
Schingasse 4a
CH 9470 BUCHS
FJÄLLRÄVEN USA LLC
1795 Dogwood St #400
LOUISVILLE
CO 800 27, USA
FENIX OUTDOOR ASIA PACIFIC
PTE LTD
6 Temasek Boulevard 29th floor
Suntec Tower IV
SINGAPORE 038 986
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.
TAIPEI CITY 104,
GLOBETROTTER AUSRÜSTUNG
GMBH
Suhrenkamp 71-77
D-22335 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
www.friluftsland.dk
TREKITT
51 Eign Gate
HEREFORD
HR4 0AB
GREAT BRITAIN
www.trekitt.co.uk
Fenix Outdoor International AG, Weidstrasse 1a, 6300 Zug, Switzerland
www.fjallraven.sewww.tierra.sewww.hanwag.dewww.partioaitta.fiwww.globetrotter.dewww.friluftsland.dk
OUTDOOR International AG