FENIX OUTDOOR
ANNUAL REPORT 2022
2 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
CONTENTS
OPERATIONS
02 Annual General Meeting
02 This is Fenix Outdoor
04 Executive Chairman’s report
07 Five-Year Summary, Group
08 Fenix Outdoor Group at a glance
12 Fjällräven
14 Royal Robbins
16 Tierra
18 Hanwag
20 Primus
22 Frilufts
ANNUAL REPORT
26 Management report including Corporate
Governance Report
28 Consolidated income statement
29 Consolidated statement of financial position
30 Consolidated statement of changes in equity
31 Consolidated cash flow statement
32 Notes to the consolidated financial statements
46 Audit report consolidated financial statements
48 Income statement, parent company
49 Balance sheet, parent company
50 Notes to the parent company financial statement
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
Annual General Meeting
The Annual General Meeting of the shareholders of Fenix Outdoor International AG will be
held at 2 p.m. on Friday, April 21, 2023, at Hemvärnsgatan 9, Solna. The announcement
regarding the Annual General Meeting will be issued through the Ocial Swedish Gazette
(Post och Inrikes Tidningar) and by publication on the Company’s website
www.fenixoutdoor.com, The fact that notification has been issued is announced in
Svenska Dagbladet and Örnsköldsviks Allehanda.
Shareholders who wish to attend the Annual General Meeting must notify the Company
of their intention no later than 1 p.m. on Tuesday, April 18, 2023 at the following address:
Fenix Outdoor International AGM, Hemvärnsgatan 15, SE - 171 54 Solna or by e-mail at
info@ fenixoutdoor.se. Notification must include the shareholder’s name, address, per
-
sonal identity number /corporate identity number, phone number (daytime) and the num-
ber of shares he or she holds. Shareholders who, through a bank or another trustee, have
trustee-registered shares must re-register the shares in their own names to be entitled to
participate in the Annual General Meeting. To ensure that this registration is entered in
the shareholder register on Thursday, April 13, 2023 shareholders must request that their
trustees conduct such registration well in advance of this date. The re-registration may be
temporary.
%
OPERATING MARGIN
OPERATING PROFIT EBIT/MEUR
NET SALES MEUR
THIS IS FENIX OUTDOOR
2018
0
200
400
600
800
2022202120202019
2018
0
4
8
12
16
2022202120202019
2018
0,0
22.5
45.0
67.5
90.0
2022202120202019
NOTES
Frilufts
MEUR
Jan–Dec
2022
Jan–Dec
2021
External net sales 347.7 309.0
EBITDA 35.0 41.0
EBIT 6.4 12.9
Stores 101 95
Brands
MEUR
Jan–Dec
2022
Jan–Dec
2021
External net sales 206.0 168.5
EBITDA 72.9 63.3
EBIT 58.7 52.0
Stores 39 38
GLOBETROTTER
TREKITT
THE FRILUFTS SEGMENT
This segment consists of six outdoor retail chains
in Sweden, Norway, Germany, Finland, Denmark
and the United Kingdom. In total, there are 101
shops and additional e-com business.
Global sales
MEUR
Jan–Dec
2022
Jan–Dec
2021
External net sales 205.5 172.4
EBITDA 33.3 29.2
EBIT 31.0 26.7
Stores 32 32
THE BRAND AND GLOBAL SALES SEGMENTS
These segments consist of five brands, a network
of distribution companies around the world, brand
retail shops and additional e-com business in North
America, Asia, and Europe.
• THE BUSINESS CONCEPT 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 professionalism, to end consum
-
ers with high expectations.
• THE CEO AND EXECUTIVE CHAIRMAN
is Martin Nordin, eldest son of the
founder, Åke Nordin.
The business concept of Fenix Outdoor is to develop and market
high-quality, durable outdoor products through a selected
retail network with a high level of service and professionalism,
to end users with high expectations.
• THE OPERATION was started in 1960.
From 2000 to now, net sales have
increased sharply from MEUR 27.7
to MEUR 759.2.
• THE PARENT COMPANY of the group
is Fenix Outdoor International AG.
e company is listed on Nasdaq
Stockholm, Large Cap.
• THE GROUP sells its products around
the world. e major markets are
Germany, North America and the
Nordic countries.
• THE GROUP has three operating
segments: Brands, Global Sales and
Frilus.
THIS IS FENIX OUTDOOR
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 3
Comments by the
Executive Chairman
ANOTHER YEAR HAS PASSED, and we are
still facing some signicant challenges. Just
as we thought we had managed the pan
-
demic, we got political instability, a war in
Europe and a recession. is, while still fac
-
ing the challenges of the changes the pan-
demic created. On the positive side, the
supply chain has returned to a more normal
status, and container prices are down to a
more reasonable level.
We, like many companies, are facing
the challenges of the paradigm shi in the
working environment. is has been fur
-
ther impacted by our growth as a company
during covid and with this our investment
in new people. Since many of these people
were recruited in and worked on distance
and from home, we have had challenges to
manage them from a culture perspective.
A distance rst meeting culture has aris
-
en, which leads to long and frequent meet-
ings have too oen replaced a short discus-
sion over coee.
Furthermore, we have started many proj
-
ects to better enable us to support our glob-
al organization both organizationally as well
as on the digital side. All these have, at least
in the short term, increased costs in an un
-
satisfactory way. is is being reinforced, es-
pecially in Europe, by the recession and the
strong dollar driving ination. Our USD po
-
sition for “priced” seasons are hedged but
from a general perspective the stronger USD
will continue to drive the ination also for
2023 in Europe. For many non-euro coun
-
tries the prices for both the fall/winter 2022
season and the spring/summer 2023 season
were xed in a period when these curren
-
cies were at other levels. is will put further
pressure on gross margins in these markets.
We are also facing an over inventory situ
-
ation in the industry. As a result of the covid
boom and the uncertain supply chain situ
-
ation, many competitors as well as custom-
ers have over-invested in inventory. is has
created a need to liquidate, and many com
-
panies have been lowering prices to sell o
goods. We have chosen NOT to join that
trend in any major way. Because our bal
-
ance sheet is strong, and a large percentage
of our products have a longer life and sales
cycle, we have not felt compelled to par
-
ticipate. Cutting prices now might have a
major impact on future margins given the
challenges involved in raising prices.
Given all this 2022 still ended up with net
sales of 759.1 MEUR, up from 649.9 MEUR
last year. All segments showed increas
-
es in their external net sales, where Brands
was up 22.3%, Global Sales 12.5% and Fri
-
lus 19.2%. e growth was mainly support-
ed by the American business which showed
growth of 32.2%, 17.3% in local currency.
We did however experience some unexpect
-
ed logistic problems in Canada which meant
we were not able to service the market as we
would have wished losing out on sales.
Operating prot was stable, 83.5 MEUR
vs 83.9 MEUR the year before and at the
4 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
same level as in 2019. Operating margin
decreased due to the increased costs within
personnel as well as IT and some unexpected
costs mentioned in the Q4 report.
e digital business continued to grow. Our
annual digital sales amounted to 146.4 MEUR,
down from 149.9 MEUR. e sales gure rep
-
resents 19.3% of total net sales and 32.2 % of
our net sales direct to consumers. Digital sales
were down 2.4% compared with last year. e
trend of consumers returning from digital to
brick-and-mortar retail continued during the
year. Still, I believe we might have entered a
new normal business and that the trend from
pre-covid of migration to digital will continue,
but at a slower rate.
What can we expect from 2023
As I have written earlier, I am not condent
the markets will behave in the same way as
they have in previous recessions. It is possi
-
ble that the pandemic has created a behavior
among consumers very similar to earlier re
-
cessions. Furthermore, we also must contem-
plate that we have not seen a recession for 14
years and have seen very low interest rates
during the same period. A very dierent en
-
vironment and almost a generation of con-
sumers are experiencing something that we
who are bit older have seen before.
I have now described a rather dark pic
-
ture, but I am not worried. In my view this
new environment creates opportunities. I be
-
lieve we will return to a more stable market
dealing with more traditional matters. What
we have done and are doing is the following
to prepare us for the future:
• As earlier stated, we are aiming to move
the supply chain closer to our markets.
• We are again reevaluating all projects
and investments based on lower expecta
-
tion of growth as well as on higher inter-
est rates to ensure a better cost control.
• We are aiming to return people to work
-
ing physically together and thereby
enabling better communication as well
as better culture and by that improving
cost control.
• We are NOT panicking and liquidating
high inventory as we believe that it only
will jeopardize future margin.
• We can build up margin quicker and
more permanent as the dierence
between the value of our inventory can
be weighed against higher replacement
costs on existing products.
• It is also very likely we can reenter the
acquisition mode as the asset prices
seem to be coming down due to the
higher interest rates.
• We are also working on our logistics op
-
eration and expect to start up our auto-
mated small order system in Ludwigslust
during the early fall of 2023. is is ex
-
pected to substantially decrease our cost
for delivering, especially for the digital
business in Europe.
• We are also investing in a new ERP sys
-
tem for the Brands and global sales divi-
sions in 2023 to enable us to work more
ecient.
e new year has started in a reasonable
way. We have been able to deliver in good
way to our retailers, but there is a trend of
taking delivery a little bit later due to their
inventory levels. Frilus has also started the
year in an OK way. It is also clear that the
trend from Q4 is continuing in that brick-
and-mortar is performing somewhat better
than digital.
Despite the challenges, I believe we are
very well positioned with our initiatives to
counteract.
All the best,
Martin Nordin
Chairman of the Board
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 5
MEUR
2022 2021 2020 2019 2018
INCOME STATEMENT
Net sales
759.2 649.9 563.0 607.1 572.4
Depreciation/amortization
−55.2 −51.5 −48.9 −43.1 −14.2
EBITDA
138.7 135.4 110.0 128.0 102.6
Operating profit
83.5 83.9 61.1 84.9 88.4
Financial net
−0.7 −2.1 −7.6 −0.6 0.1
Profit/loss after financial items
82.8 81.7 53.5 84.4 88.5
Tax
−21.8 −25.1 −19.6 −23.1 −21.1
Net profit for the year
61.0 56.7 33.9 61.3 67.4
BALANCE SHEET
Fixed assets *)
265.0 265.4 255.0 250.4 119.2
Inventories
246.5 152.6 153.8 159.7 133.3
Accounts receivable - trade
55.8 60.9 38.2 45.1 42.9
Other current assets
12.9 8.2 13.7 10.3 5.4
Cash and cash equivalents, current investments
81.0 181.9 191.1 88.9 101.9
Assets held for sale
13.3 - - - -
Total assets
674.6 669.0 651.7 554.4 402.7
*) Fixed assets 2019 includes Right-of-use assets from adopting IFRS 16
Equity attributable to the Parent Company´s shareholders
405.0 381.4 353.7 319.1 285.6
Minority shareholdings
0.0 0.0 0.1 0.1 0.1
Provisions etc
13.5 15.4 16.1 15.9 13.0
Non-current liabilities, interest-bearing *)
109.3 126.3 138.8 100.4 12.0
Other non-current liabilities
0.3 0.2 0.7 1.4 1.0
Current liabilities
Interest-bearing *)
40.4 37.7 56.5 47.8 12.9
Non-interest-bearing
103.9 107.9 85.8 69.7 78.1
Liabilities directly associated with the assets held for sale
2.2 - - - -
Total equity and liabilities
674.6 668.9 651.7 554.4 402.7
*) Interest-bearing 2019 includes Lease liabilities from adopting IFRS 16
CASH FLOW
Cash flow from operating activities
−7.0 118.7 110.0 61.4 79.1
Cash flow from investments activities
−27.0 −34.4 −21.6 −23.1 −31.6
Cash flow after investments
−34.0 84.3 88.4 38.3 47.5
KEY RATIOS
Change in sales, %
16.8 15.4 −7.3 6.1 6.0
Profit margin, % (From 2019 including IFRS 16 eects)
10.9 12.6 9.5 13.9 15.5
Return on total assets, % (From 2019 including IFRS 19 eects)
12.7
12.8 9.3 18.3 23.3
Return on equity, %
15.5 15.4 10.1 20.3 26.1
Equity/assets ratio, %
60.0 57.0 54.3 57.6 70.9
Average number of FTE employees
2,837 2,446 2,439 2,476 2,492
DATA PER SHARE
Number of shares, thousands, as of December 31
35,060 35,060 35,060 35,060 35,060
Gross cash flow per B-share, EUR
10.62 8.11 6.21 7.76 6.06
Earnings per B-share, EUR
5.58 4.25 2.54 4.55 5.01
Equity per B-share, EUR
37.02 28.59 26.51 23.71 21.43
Market value as of December 31, EUR
102 120 102 112 84
P/E ratio
18 28 40 25 17
Dividend per B-share 1)
1.35 1.95 2.38 - 1.17
DEFINITIONS: EBITDA: operating profit, excluding depreciation and write-downs of tangible and intangible assets, PROFIT MARGIN: Profit/loss after financial items as a
percentage of net sales, RETURN ON TOTAL ASSETS: Profit/loss after financial items plus interest expenses as a percent of average total assets, RETURN ON EQUITY: Net
income as a percent of average equity, EQUITY/ASSETS RATIO: Equity as a percent of total assets, GROSS CASH FLOW PER SHARE: Profit after tax plus depreciation/amorti
-
zation divided by average number of shares, EARNINGS PER SHARE: Net profit divided by average number of shares, EQUITY PER SHARE: Equity divided by average number
of shares, P/E RATIO: Market value at year-end divided by profit per average number of shares.
1)
To be approved by the AGM
FIVE-YEAR SUMMARY, GROUP
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 7
8 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
Segment Frilufts, MEUR 2022 2021
Net sales 347.7 309.0
EBITDA 35.0 41.0
Operating profit 6.4 12.9
Investments 6.9 7.0
Average number of FTE
employees
1,410 1,155
Common, MEUR 2022 2021
EBITDA -2.6 1.9
Operating loss -12.6 -7.7
Investments 11.8 12.2
Segment Brands, MEUR 2022 2021
Net sales 206.0 168.5
EBITDA 72.9 63.3
Operating profit 58.7 41.0
Investments 7.3 3.9
Number of FTE 808 745
Segment Global Sales, MEUR 2022 2021
Net sales 205.5 172.4
EBITDA 33.3 29.2
Operating profit 31.0 26.7
Investments 1.1 1.3
Average number of FTE
employees
270 267
0
20
40
60
80
Sweden Other
Nordic
countries
BeneluxGermany Other
Europe
Americas Other
World
External Net sales
Brands MEUR
0
15
30
45
60
Switzerland Other
Nordic
countries
Benelux Other
Europe
Americas Other
World
External Net sales
Global sales MEUR
0
50
100
150
200
Sweden Other
Nordic
countries
Germany Benelux Other
Europe
External Net sales
Frilufts MEUR
2022
2021
Making adventure last: 1960
In 1950, 14-year-old Åke Nordin from Örn-
sköldsvik in northern Sweden spent more time
outdoors than he did indoors. Aer many long
mountain treks, Åke decided that the back
-
packs of that time were unsatisfactory. He took
matters into his own hands, building a wood
-
en frame. With this frame the weight was even-
ly spread across his back so that the pack did
not end up uneven, uncomfortable and pear-
shaped. It also meant he could carry more
weight with ease. Åke’s innovation quickly
caught on, and in 1960 his new company Fjäll
-
räven became the rst to make and distribute
framed backpacks for commercial use. Fjäll
-
räven is Swedish for Arctic Fox, honoring the
small and highly adaptable predator that lives
in the Swedish mountains under the harshest
conditions. From the small town of Örnskölds
-
vik, Fjällräven and Fenix Outdoor have now
expanded to every corner of the world. e
fundamental idea of the company remains the
same: To provide functional, durable and time
-
less equipment that makes the outdoors more
enjoyable for all. We continue to nd smart, in
-
novative solutions to make every adventure un-
forgettable.
An idea that carried weight
Åke made his rst framed backpack in his
basement with his mother’s sewing machine.
Using strong cotton fabric for the pack, he at
-
tached the wooden frame using leather straps,
with calfskin for the support straps. Not only
was the pack more comfortable and distrib
-
uted weight evenly, but it also increased ven-
tilation between his back and the pack. Soon
aerward, during a trip up north, Åke’s inven
-
tion caught the attention of the indigenous
Sami people, who spend weeks at a time high
up in the mountains. ey asked Åke to build
them a backpack and aer that a tent. Fjäll
-
räven was born.
Functionality
e brands of Fenix Outdoor work hard to
develop functional equipment by careful
-
ly considering everything from new, smart-
er solutions to improved material. Our goal is
to oer outdoor equipment that allows you to
spend more time enjoying nature.
Durability
A Fenix Outdoor product is a guarantee that
you will not need to buy a new product for
a long time. Our users know that our prod
-
ucts live up to strict requirements and last for
many years, oen for generations. is long
life cycle depends on many factors, such as
production experience, superior choice of
material, product assembly and strict quality
controls during the production process.
Dependability
When we design our products, we choose ma-
terial and solutions that combine to give you
a safe, dependable product you will be able to
use outdoors. We are aware that our equip
-
ment might be used in situations where there
is not a lot of room for error.
Our responsibility
Fenix Outdoor is growing and constantly mov-
ing into new markets. is makes it even more
important for us to take responsibility for every
decision we make, whether we are in our home
in Örnsköldsvik in northern Sweden or anoth
-
er corner of the world. One of the most impor-
tant aspects of this is our responsibility toward
everyone who works in the development and
production of our equipment.
Business
e Fenix Outdoor Group’s business was orig-
inally based on the development and sale of
products from Fjällräven, the group’s rst
brand. In 2001 the group acquired Naturkom
-
paniet. In addition, the group acquired the
brand Tierra, which develops and sells inno
-
vative, high-tech garments for outdoor ac-
tivities. In 2002 Fenix Outdoor acquired the
brand Primus, a world-leading developer and
producer of outdoor stoves and accessories,
and in September 2004 the group acquired the
German footwear brand Hanwag. e Brand
segment was in 2018 complemented with the
US-based outdoor and travel apparel brand
Royal Robbins.
In 2011 the retail segment Frilus expand
-
ed with the acquisition of the Finnish retail
chain Partioaitta. In 2014 the German retail
-
er Globetrotter was acquired. e expansion
of Frilus continued in 2017 and 2021 when
the Danish retailer Frilusland and the British
retailer Trekitt were acquired. In 2021 Frilus
also introduced a new market penetration
strategy by expanding the Naturkompaniet
brand to Norway. In addition, the group has
acquired and started up distribution compa
-
nies all over the world, including in Europe,
Asia and North America.
Fenix Outdoor group at a glance
1950
The wooden frame.
14-year-old Åke
Nordin creates his
own wooden frame
for a mountain tour.
The Sami people are
impressed and start
placing orders.
1968
The Greenland Jacket
and G-1000.
1960
Fjällräven. Åke
starts Fjällräven and
launches the revo-
lutionary backpack
frames in aluminum.
1978
Kånken. Launched
to protect school
children’s backs.
In 2008 the Kånken
becomes the world’s
first climate-compen-
sated backpack.
1983
The company is list ed
on the OTC list of the
Stockholm Stock
Exchange.
2001
Fjällräven
acquires Tierra AB,
Friluftsbolaget AB
and Naturkompaniet
AB.
IMPORTANT DATES IN FENIX HISTORY
2002
The Fjällräven group
changes its name
to Fenix Outdoor
and Primus AB is
acquired.
NATURKOMPANIET
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 9
10 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
In December 2022 Fenix Outdoor signed
an agreement to divest Primus to Silva Group.
e closing of the agreement is planned for
April 28, 2023. Fenix Outdoor believes that
Primus has signicant growth and develop
-
ment potential in the future together with Sil-
va, a company that also operates in the techni-
cal segment of outdoor products. Silva being
focused within outdoor hardware and techni
-
cal equipment makes it a natural t with the
long technical legacy of the Primus brand.
Parent company
e parent company is Fenix Outdoor In-
ternational AG, based in Zug, Switzerland.
e company is listed on Nasdaq Stockholm,
Large Cap.
Business idea and goals
e business of Fenix Outdoor is to devel-
op and market high-quality, durable outdoor
products through a selected retail network with
a high level of service and professionalism, to
end consumers with high expectations.
Goal
• To be a global leader in the development and
sale of equipment and clothes for an active
outdoor life.
Financial Goal
• To achieve annual growth of at least 10 per-
cent, aligned with the company’s long-term
plan.
• To achieve long-term prot before tax of at
least 10 percent.
Strategies
Fenix Outdoor Group will achieve its goals
through:
• Continued expansion within the segment
Brands, through organic growth and acqui
-
sitions.
• Organic growth based on a strong glob
-
al retail network with strong brands. Own-
ing and operating a retail network increases
control of the value chain through close con
-
tact with the end user, which enables a faster
response to trends and changing consumer
demands. e retail network also showcases
the brands’ assortments.
Brand strategy, marketing
and sponsoring
e group works actively to protect and de-
velop its brands and retail operations, which
are described in more detail on pages 12–
25. Brand management includes active brand
protection through legal activities to pre
-
serve and strengthen the brands. Activities
to strengthen the brands include several out
-
door events all over the world, but also a glob-
al operation of Brand retail shops. Since 1986,
Fjällräven has been a royal warrant holder
from His Majesty the King of Sweden.
Innovation and product
development
Åke Nordin’s invention of the framed back-
pack was the beginning of both Fjällräven and
Fenix Outdoor. e group has since contin
-
ued developing products for an active outdoor
life based on the customer’s needs.
Common services
e Fenix Outdoor Group’s organization aims
to achieve economies of scale within adminis
-
tration and to centrally coordinate the activi-
ties within its business units. is entails real-
izing synergies through central core functions
such as IT, nance, HR, corporate social re
-
sponsibility (CSR), legal and shared logistical
services from four major central warehous
-
es in the Netherlands, Germany, Canada and
the US. In the German warehouse, the largest
one, we are currently investing in an automat
-
ic sorter to make the outbound process more
ecient.
Number of employees
e average number of fulltime equivalent
employees in the group totaled 2,837 in 2022.
Products
e range includes apparel, daypacks, back-
packs, sleeping bags, tents, stoves, bags, out-
door shoes and boots. e products are high-
quality, durable, light weight and classically
designed. Product development adapts to the
demands of consumers and professional us
-
ers. e brands are also trusted names, with
considerable expertise and history in product
design, materials and production. e philos
-
ophy is to oer optimal and functional prod-
ucts based on functional design. In addition
to continuous development of the brands’
product ranges, Fenix Outdoor focuses on in
-
vesting in the brands.
Distribution
e Brands segment operates distribution
companies concentrated in sales of one brand
and operates business-to-consumer sales
through brand retail stores in Europe and
North America. e Brands segment also op
-
erates online sales in all major markets. e
Global Sales segment consists of Fenix Out
-
door multiband distribution companies rep-
resented globally, mainly buying its products
from the Brands segment. e Asian distribu
-
tion companies also run retail operations, pri-
marily brand retail. Frilus Retail Europe AB –
the Frilus segment – runs its business through
six subsidiaries/brands: Naturkompaniet (Swe
-
den and Norway), Partioaitta (Finland), Globe-
trotter (Germany), Frilusland (Denmark) and
Trekitt (UK). e Frilus segment has a total
of 101 stores in addition to its E-com operation
run by each local brand.
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.
ORGANIZATIONAL STRUCTURE
HANWAG TIERRA PRIMUSFJÄLLRÄVEN
CSR LOGISTICS
NATURKOMPANIET PARTIOAITTA FRILUFTSLAND GLOBETROTTER
ROYAL ROBBINS
DEVELOPMENT AND INFRASTRUCTURE
(COMMON)
PRESIDENT
Alex Koska, COO
and Global Sales
EXEC. VICE PRESIDENT
Martin Axelhed, Brands
VICE PRESIDENT
Henrik Homan, Frilufts
VICE PRESIDENT
Nathan Dopp, Fenix Outdoor,
American Operations
EXECUTIVE CHAIRMAN
AND CEO
Martin Nordin
FINANCE HR
FRILUFTS
CORPORATE SERVICES
(COMMON)
GLOBAL SALES
LEGAL
BRANDS
TREKITT
FRILUFTS RETAIL
EUROPE AB
FRILUFTSLAND
NATURKOMPANIET
GLOBETROTTER
PARTIOAITTA
TREKITT
IT
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 11
12 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2022 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 comfortable
and more inclusive, Nordin developed a busi
-
ness that continues to grow today. Fjällräven’s
successful history rests on a series of bestsell
-
ing and highly innovative products, including
the classic Greenland Jacket, the Expedition
Down Jacket, the Kånken backpack and the
Bergtagen mountaineering range.
Brand characteristics
Fjällräven continues to be an industry-lead-
ing outdoor brand, always striving for solu-
tions that ensure the highest quality products
are made with the lowest environmental im
-
pact possible.
Fjällräven’s primary goal remains: to be
-
come the most sustainable, premium outdoor
brand, oering clothes and equipment with
unrivalled quality and functionality, while be
-
ing at the forefront of innovation and sustain-
ability.
Key products
In 2022, our core product groups, jackets,
trousers and backpacks, all performed well.
Jackets did particularly well, specically down
jackets. We also saw signicant growth in the
mid layers category, which expanded in 2022.
And there is a continued return of interest
across the Kånken collection.
At Fjällräven, development never stops –
even on our long-running, best-selling prod
-
ucts. ere have been exciting innovations in
our range of Keb Trousers with the release of
the lighter-weight Keb Agile Trousers, as well
A continuing
curiosity for nature
Despite industry-wide challenges, global interest
in the great outdoors sees an increasing demand for
sustainable equipment and inspiring experiences.
as the continued expansion of the success-
ful Expedition series. Both these examples
are based on iconic, heritage design, but with
continued focus and development, are now
satisfying dierent demands from both estab
-
lished and new nature enthusiasts.
Activities in 2022
As interest in spending time in nature con-
tinues to grow post-pandemic, we’re seeing
higher demand than ever for both our core
products and new products. is includes an
exciting and well-received new product seg
-
ment by Fjällräven and Specialized, which in-
troduced a unique collection of garments that
combines the best of hiking and biking.
As for distribution, there was a healthy mix
between online and physical stores, with in
-
creased sales in physical stores. With the vast
majority of covid restrictions lied global
-
ly in 2022, users are, once again, searching for
guidance from competent sta who are con
-
tinuing to do an excellent job.
Ongoing global economic challenges have
led to challenges across the whole industry.
Warehouse management system changes took
place in Europe in Q4, while the reorganiza
-
tion and subsequent strengthening of the dig-
ital direct-to-consumer, marketing, sourcing,
and production teams have ensured a more
streamlined and well-prepared setup.
The outlook for 2023
We see demand for, and interest in, activities
that align with Fjällräven brand values: more
people are discovering nature, going on vaca
-
tion close to home, and striving to lead a more
sustainable lifestyle, which is encouraging.
Elsewhere, the value chain has started to
stabilize aer post-covid turbulence. As a re-
sult, specic focus will be given to expanding
physical stores and growth in both physical
and digital channels. is includes commu
-
nity growth and events, such as our Camp-
re Events, which are growing across all our
markets.
In addition to our established retail stores,
we are continuing the rollout program with
openings of retail stores in North America,
such as Chicago and Palo Alto, as well as in
European key cities, such as Zurich and Am
-
sterdam.
In order to capture full product demand,
the expansion of product groups such as mid
layers and base layers as well as biking-based
products will continue to be a focus area. On
a wider scale, signicant developments will be
made in continued digital transformation.
Finally, worth noting is the growth of our
hugely successful pinnacle events, which have
gained traction across the globe. Over 3,000
people participated in a Fjällräven Classic trek
in 2022, our annual event series which pro
-
vides ‘‘spectacular trekking for everyone’’ in
six countries. Fjällräven Polar made a fan
-
tastic return aer a break due to covid. With
a new application process, it attracted over
14,000 people from 97 countries to apply for
the journey of a lifetime: a six-day expedition
north of the arctic circle.
As interest in the outdoors increases, so
too is the need for guidance, inspiration, and
community. We are condent that through
our commitment to making the best outdoor
clothing and equipment, supported by in
-
spiring events and experiences, we can en-
able more people to go outdoors and discov-
er nature.
14 ANNUAL REPORT 2022 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. ey
belonged to a scrappy band of modern climb
-
er/philosophers who coined and embraced
the term “clean climbing,” a set of practic
-
es and techniques that enabled them to climb
big walls with little or no damage to the rock.
is approach was a literal representation of
their lived ethos of deep respect for the natu
-
ral 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 birthplace
of our brand in Northern California and the
gateway to the Yosemite Valley.
Activities in 2022
2022 brought increased investments in both
the marketing team and our eorts to cre
-
ate demand to support an increased order
book. To drive increased ROI on our market
-
ing spend, we focused our initiatives on mar-
kets with an emphasis on email and in-home
consumer catalogs, social media and instore
marketing. We saw particularly strong results
across catalog and email where our ecien
-
cy signicantly outpaced the prior year. We
also continued to make great progress toward
our sustainability goals. Focused on reducing
the carbon footprint of our products, we tran
-
sitioned a signicant number of key styles to
lower-impact materials helping us to achieve
targeted use of environmentally preferred
fabrics. Following Liz and Royal’s ethos, we
are committed to reducing our impact while
growing our business.
Key products
Our product promise is to design with pur-
pose. e focus for Spring 2022 was the intro-
duction of the Royal Remastered collection
and an adventure tested, guide approved of
-
fering of essentials included Tech Travel, Al-
pine Mountain Pro and Expedition Pro series.
For Fall 2022, we focused on guide inspired
products in the Venture Layer series and
sweaters featuring merino wool, and those
boasting SeaWool™ yarns made with recycled
water bottles and pulverized oyster shells.
Outlook 2023
2023 provides key opportunities for growth
and investments in the future. Our 2023 order
book will be fueled with key new product ini
-
tiatives and cohesive global storytelling. From
a product perspective we continue to bring in
-
novation to market and build on our strength
in the sweater category with our Winter Ac
-
tive collection, featuring SeaWool™. In ad-
dition, we’re pleased to announce that we’ve
made several key hires at the start of 2023, in
-
cluding our new Brand President, Erik Bur-
bank, who brings 20+ years of successful lead-
ership to the team. ese eorts and more
will help our brand achieve new heights as we
progress toward our goal of becoming one of
the world’s leading outdoor brands.
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 an environmentally conscious outdoor lifestyle.
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 15
16 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
NOTES
Brand characteristics
Tierra draws on 40 years of experience when
it comes to developing apparel designed to
keep users warm and comfortable while expe
-
riencing the outdoors regardless of the con-
ditions.
Tierra's mission is to develop technical out
-
door wear with a long life span by sourcing
the best materials and solutions, providing a
sustainable path forward for both brand and
end user.
e company was founded 1983, 40 years
ago, and was an early adopter of technical
fabrics. e brand really came into its own
when it was asked to supply the rst all Swed
-
ish Mount Everest Expedition with clothing
despite having no experience in developing
clothing for high altitude summit expeditions.
e project was a great success and Tierra has
continued to supply clothing for countless ex
-
peditions, adventures and professional out-
door users ever since. Innovation, an urge to
constantly improve, and a mindset that noth
-
ing is impossible have since become a part of
the Tierra brand DNA.
Key products
e Tierra range is focused around techni-
cal outdoor apparel for serious mountain use.
Key products include Roc Blanc, Templet 3L
and the recently updated Nevado Jacket.
For the past seven years Tierra's 2FS So
Shell pants have been a core addition to the
shell garment range.
While the Ace Pants and Lite Track Pants
are oriented towards the colder seasons, the
lighter Pace Pants and O-Course pants are
better suited for the warmer months.
In 2019 Tierra launched the Belay series of
insulated garments. In 2022 the Belay family
was updated, now featuring 100% repurposed
materials and Swedish wool, saved from being
thrown away and used as landll. Wool has a
unique combination of properties that include
good warmth-to-weight ratio, moisture trans
-
port, the ability to cool when it's hot, maintain
warmth when it is wet, and be naturally anti
-
bacterial and odor-resistant. e Belay series
consists of insulated jackets, pants and shorts.
Activities in 2022
Tierra continued its eorts to streamline the
collection and in 2022 released an update
to the popular Nevado 3L, a light technical
Gore-Tex shell jacket. Our Design and R&D
team tweaked the design for increased func
-
tionality making the jacket even more suited
for skiing and alpine adventures.
As mentioned above, the Belay range of in
-
sulated garments was updated with 100% re-
purposed materials. e outer fabric consists
of recycled polyamide, featherlight but dura
-
ble, and the insulation is made of Swedish wool
that would otherwise have been destined for
use as landll (which incidentally is the least
preferable option according to the European
Commission). In collaboration with the Wool
Oce in Gotland and German based company
Lavalan, Tierra transforms this would-be-waste
product into a highly functional and 100% re
-
newable insulation. By using Swedish wool,
German technology for wool preparation and
European production, carbon emissions and
transport costs are kept to a minimum.
In 2022 Tierra introduced updates to en
-
hance the popular outdoor O-Course pants,
a well-proven model for hiking and mountain
activities. New “short” versions of the popular
Ace pants, Lite Track and O-Course pants
were also introduced. e “short” versions
have shorter legs and a wider t.
e popular BackUp series with relaxed t
for jacket and a shorter version of pants was
also introduced to suit a wider range of body
types.
During 2022 Tierra continued to grow and
for fall/winter 2022 Tierra entered two new
markets: South Korea and Great Britain.
Outlook 2023
In February 2023 Tierra launched their own
E-com in Sweden, Germany, Finland and
Denmark as well as Belgium and the Nether
-
lands. is gives the brand new a way to com-
municate and sell directly to the end user who
is not a Frilus store customer. With new E-
com platform the Tierra brand can now be in
-
troduced to new customers and markets.
For spring 2023 Tierra is launching a new
base layer system – Utilana, made from high
quality merino wool.
Tierra has been a close partner to Gore
since the launch in 1983 and for fall 2023
Tierra is one of only seven brands world-
wide to be a part of the Gore-Tex EPE mem
-
brane launch. is new membrane is free
from uorocarbons and will be used in
Tierra garments made from 100% recycled
polyester. For this launch we have created
the Östra Jacket for the conscious skier, the
Västra Jacket for the conscious outdoor
enthusiast and Mörviken, the only ski pants
you will ever need.
Yet again Tierra is reaching out to new out
-
door users by launching a series of 2L Gore
Tex jacket and pants but this time in the new
2L EPE, which is free from uorocarbons.
Using uorocarbon-free GoreTex membranes
is a big step for the outdoor industry and
Tierra is in the forefront of this change.
In 2023 Tierra will continue to grow with
the new E-com and for fall/winter 2023 Tierra
is entering the US market.
A clear focus on technical designs and
sustainability yields continued growth
By streamlining the collection and focusing on technical, functional and
sustainable designs, Tierra has had three of its best years.
By reaching out to the Tierra core customer and focusing on our strengths, we have
seen growth these past few years, says brand manager Jim Bakerød.
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 17
NOTES
18 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 19
Brand characteristics
In 2021, Hanwag celebrated its 100th anniver-
sary and the brand’s best year ever. It has re-
peated the success story because 2022 was,
once again, the most successful since the com
-
pany’s foundation. e demand for function-
al footwear is still strong. Hanwag also has
a competitive edge vis à vis some competi
-
tors because we only produce in Europe. As
a result, we delivered our pre-orders in time,
gave our customers a reliable basis on which
to plan and positioned ourselves as a business
partner to be trusted. To guarantee maximum
sustainability, the supply chain for nearly all
Hanwag materials is in Europe. Quality that’s
100% made in Europe plays a key role in the
success of the brand. It’s one of the values that
Hanwag stands for. Quality, traditional cras
-
manship, t and functionality are all core to
the brand.
Key products
Over the past few years, the hiker target group
has grown enormously, both at home and
abroad. Consequently, the call for hiking and
trekking footwear is enormous. With growth
in sales of 16 percent compared with the pre
-
vious year, our classic Banks hiking boot was
the bestseller in 2022. Our Tatra boot comes
second with growth in sales of 27 percent.
e Blueridge/Bluestrait product family takes
third place. It sold particularly well in 2022
and will be expanded over the coming sea
-
sons. All of this family’s models are PFC free
and almost exclusively sourced in Europe. We
use direct injection technology for this range.
is production method will allow us to tap
into new opportunities as a brand in future
because we’ll be able to operate in a price seg
-
ment that’s new for us.
Activities in 2022
Going forward, our priority will still be to
oer consumers added value by increas
-
ing our Hanwag stories, our ‘‘digital home
of the brand’’, and sharing relevant content
with a ourishing community. e manage
-
ment team believes that the past two years’ re-
sults prove that this new strategy has trans-
lated into very successful and sustainable
growth and a rise in brand awareness. Which
is why Hanwag will press ahead with this ap
-
proach.e popularity of our social media
channels is further evidence that we’re head
-
ing in the right direction. In 2022, our wide-
spread ‘100% Made in Europe’ campaign was
the core element of Hanwag brand communi
-
cations and will continue to be so in future.
Outlook for 2023
2022 was the most successful year in the
company’s history. We continue to be opti
-
mistic about the future. However, the di-
cult economic and political situation in Eu-
rope and the associated increase in costs for
energy, raw materials, wages, etc. means we’re
not expecting any further rise in prots for
2023. Hanwag is known for its top quality,
which is still our number one priority. ere
-
fore, we will not be picking quantity over
quality to save costs. In 2023, we’re expecting
demand for our ranges to be as buoyant as
ever. What’s more, we believe that the trend
for outdoor activities and hiking will persist
and that customers will increasingly want our
‘‘100% Made in Europe’’ products. Alongside
the launch of our new Makra product range
and our campaign concerning our footwear’s
t, 2023 is an opportunity to reach a new tar
-
get group. We’ll be reissuing a footwear mod-
el from the 1980s. In this case, the focus will
be to boost brand awareness among a young
-
er, fashion-forward, and well-o target group.
e Rotpunkt model was presented at Paris
Fashion Week in January 2023 and will be
launched in autumn 2023. One thing’s for
sure, we’ll be sticking to the values that make
our brand what it is.
Hanwag eclipses past results
– best year in its history again
2022 surpassed the year of the brand’s centenary as the most successful ever.
The demand for hiking boots continues unabated, but Hanwag will continue to opt for
quality over quantity. With a third production method, even more focus on users and
100% made-in-Europe, Hanwag’s optimistic about the future.
20 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
Brand characteristics
Primus has powered expeditions and fueled
pioneers since 1892, including the rst ascent
of Mount Everest in 1953 by Sir Edmund Hill
-
ary and Tenzing Norgay. Primus products are
engineered in Sweden with an emphasis on
technology, innovation, and sustainability, re
-
sulting in reliable equipment that serve as life-
long companions on any outdoor adventure—
from summit bids to weekend picnics. We live
to innovate, challenge boundaries, and pro
-
vide energy to conscious adventurers across
the globe.
e bulk of the Primus assortment is de
-
signed inhouse, then is secured and pro-
duced by our own factory in Estonia where
we control quality, competence, and the sup
-
ply chain.
We design premium products for people
who share passion for cooking outdoors, re
-
spect nature, are mindful of resources, and are
heedful of their impact on the environment.
By oering continuous improvement, our
customers can take their outdoor adventures
to the next level. High performance technol
-
ogy combined with attractive design inspires
them to explore new challenges and achieve
their outdoor dreams. Because there is always
a better way!
Key products
Primus provides stoves, lanterns, fuel, and ac-
cessories for outdoor cooking with a wide
assortment for Expedition, Trekking, and
Campground users. e 2022 assortment was
focused on the release of a more sustainable
camping fuel, SIP Power gas, and the social
aspect of cooking and eating together.
SIP (Sustainable Improvement Program) is
Primus eort to deliver products and servic
-
es with minimum impact on our planet. With
the SIP Power Gas, we support the production
of gas made from bio waste instead of fossil
raw material. With European production we
can oer a camping fuel with drastically re
-
duced carbon footprint compared to other fu-
els on the outdoor market.
Despite changes in user behavior over the
past two years, all product categories have
performed beyond expectation and previous
year’s numbers. Even as accessories is grow
-
ing, it is still the core assortment of Stoves,
Pots & Pans, and Fuel that is attracting most
attention.
Activities in 2022
2022 was very much about nding ways to
meet the high demand for Primus products
and interest in the brand. is is not only re
-
lated to how we source, produce, and sell our
goods, but also how connect and interact with
our end-consumers.
Primus experienced good development
and high demand on all markets and through
all product categories and segments. Despite
a slight cool down of the “Outdoor Trend”
it is obvious that Primus has gained market
share and strengthened its position as a global
hardware outdoor brand, making for another
strong year with growth.
Outlook 2023
At the end of 2022 Fenix signed a contract
with Silva Sweden AB that in 2023 will initiate
a new chapter in Primus 130-year history. e
closing is planned to take place in the spring
of 2023. During the period until closing, Pri
-
mus will be migrated from Fenix Outdoor’s IT
environment, which will take some time to ar
-
range and carry out.
Primus was acquired by Fenix Outdoor
back in 2002 and has since then been an im
-
portant part of the portfolio of premium
outdoor products that Fenix Outdoor sells.
In recent years we have seen strong growth,
increased global presence and a strong in
-
crease in direct-to-consumer sales within
the Fenix Outdoor Brands Segment. us,
in the long term, the Fenix Outdoor Man
-
agement does not feel that they can give a
smaller brand like Primus the attention it
deserves.
Fenix Outdoor believes that Primus has
signicant growth and development potential
in the future together with Silva, a company
that also operates in the technical segment of
outdoor products. Silva being focused with
-
in outdoor hardware and technical equipment
makes it a natural t with the long technical
legacy of the Primus brand.
Fenix Outdoor will, during a transition pe
-
riod, continue to sell Primus in certain mar-
kets, through our Global Sales organization.
Primus will also continue to be an obvious
part of Frilus Retail Europe’s product assort
-
ment.
Trusted by pioneers
and explorers worldwide
Primus puts innovative, reliable, and sustainable products
in the hands of today’s conscious adventurers
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 21
22 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
Store façade of Naturkom-
paniet Ålesund. Opened
April 28, 2022.
Second hand concept in Tapiola store launched
in January 2022. It was the first second hand
departement in Partioaitta.
Globetrotter store opening
in Augsburg, April 28, 2022.
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 23
FRILUFTS RETAIL
EUROPE AB
FRILUFTSLAND
NATURKOMPANIET
GLOBETROTTER
PARTIOAITTA
TREKITT
Frilufts Retail Europe AB
Frilus Retail Europe AB consists of six retail
chains operating within the outdoor segment:
Naturkompaniet AB Sweden and Naturkom
-
paniet AS Norway, Partioaitta OY Finland,
Globetrotter GmbH Germany, and Frilus
-
land A/S Denmark, Trekitt Ltd UK.
e company has a total of 99 stores: 37
in Sweden (including 1 franchise store) and
7 in Norway, 21 in Finland, 22 in Germa
-
ny (including 1 franchise store), 13 in Den-
mark and 1 in UK. Each company also has
its own e-commerce store. Frilus Retail Eu
-
rope AB (Frilus AB) is a subsidiary compa-
ny that since June 1, 2015, has been 100 per-
cent-owned by Fenix Outdoor International
AG (Fenix AG).
Activities 2022
Step by step the restrictions and limitations
from the pandemic were removed and busi
-
ness went back more and more to normal. e
start of the war in Ukraine during Q1 more
or less took over the focus of covid and start
-
ed a lot of other, for us, negative things with
All markets and stores
are open again
Customers returned to our stores despite the new
geopolitical challenges, especially in Germany. The huge outdoor
trend, especially in the Nordics, slowed down. But overall we see
a more extensive customer base, many new outdoor enthusiasts
and a higher level of e-com share than pre-pandemic.
impact on our business, such as more careful
consumer spending, price and cost increases
and supply chain problems.
Heading into 2022 we expected that the
strong outdoor trend from the pandemic
would slow down and that our e-com busi
-
ness would also slowdown in favor of more
customers returning to our retail stores. All of
this happened. We saw a shi in sales per cat
-
egory and back to more normal buying pat-
terns. Even if e-com sales dropped versus the
record years we have stabilised our e-com
sales on a much higher level than pre-cov
-
id. Both due to a general paradigm shi but
also due to the strengthened e-com organi
-
zation and the investments we have done. As
during the previous year we continued to in
-
vest in both refurbishing some existing stores
and opening new stores, and we launched
new stores in Norway, Sweden, Denmark and
Germany.
Germany which was the market with most
restrictions during the pandemic returned
more and more back to normal the longer
the year went by, Globetrotter had some good
Store opening in
Næstved, Denmark,
November 4, 2022.
Fjällräven brandstore
Trondheim, Norway.
Opened November
24, 2022.
Outdoor clubhütte on display
at Globetrotter store opening
in Trier, Mars 31, 2022.
24 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
momentum in the end of the year and we
hope to bring that with us into 2023. For the
Nordics the pandemic eects were not that
present in 2022, but we still had less interna
-
tional tourism, especially from Asia and Rus-
sia, and some city centers also still suered
from home oce. is together with a gen
-
eral weaker outdoor trend had an impact on
Naturkompaniet, Partioaitta and Frilus
-
land. But we managed to mitigate that rath-
er well in all markets and aer a strong Q4 we
can look back on 2022 as a rather successful
year. UK was at least from Q2 and onwards
the most challenging market with the biggest
impact of the geopolitical and economic situ
-
ation. As Trekitt is more or less a pure e-com
company the impact of a general drop in e-
com aer a few boosted years was challeng
-
ing. Naturkompaniet Norway is still in a start
up phase. As we continued to develop the IT
systems, the concept and we opened up more
stores, we ended the year strong and we are
looking forward to 2023.
Outlook 2023
Despite a general overstock on the market
and the “recession” we are looking forward to
2023. Germany is still in a comeback mode af
-
ter the pandemic, and we still see an increase
in visitors and that things are getting more
back to normal. Despite the normalization
of the outdoor trend and recession there are
still a lot of people that could not travel dur
-
ing the last years that now are going to trav-
el and explore new places. And there are a lot
of customers that were “new beginners” with
-
in outdoor during the last years and that will
continue to spend time in nature. All of this
is positive for Frilus. We are also netuning
our concept, marketing plans and digital strat
-
egy, and there are plenty of good initiatives in
the pipeline.
Fjällräven brandstore
Trondheim, Norway.
Opened November
24, 2022.
Næstved, Denmark, November 4, 2022.Globetrotter workshop in Augsburg, Germany.
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 25
COMPANY FACTS
GLOBETROTTER AUSRÜSTUNG GMBH
In 1979 two outdoor enthusiasts founded Germany’s
first store for outdoor pursuits and expedition equip
-
ment. From the outset they looked for the best, most
functional products for outdoor life and for travelling to
the most far-flung corners of the world. Their shop in
Hamburg’s Wandsbek district quickly became a meet
-
ing point for globetrotters and adventurers. Today,
Globetrotter has a big e-commerce business and 22
stores (1 franchise).
NATURKOMPANIET AB
Naturkompaniet’s oldest subsidiary, Scoutvaror AB,
was founded in 1931 by the Swedish Scouts. In 1951,
the name was changed to Friluftsmagasinets Scout-
varor AB and in 1991 the stores changed their name
to Naturkompaniet. Today, Naturkompaniet is Sweden’s
largest outdoor retailer, with 37 stores (1 franchise)
and a fully operational e-commerce site. Naturkom
-
paniet sells equipment for outdoor and travel activi-
ties from the world’s leading brands. The vision is to
promote outdoor recreation and health by providing
equipment to facilitate and enrich outdoor life.
PARTIOAITTA OY
Partioaitta OY was founded in 1928 by the Finnish
Scouts and in English the company’s name means
Scout Shops. Partioaitta was established through a
merger of several dierent scout organizations and to
-
day is Finland’s largest outdoor retailer, with 21 stores
and an e-commerce site. Fenix Outdoor acquired the
company in May 2011.
FRILUFTSLAND A/S
Friluftsland was established in Denmark in 1980 by
two 19-year-old boy scouts who were dissatisfied with
the service and range of outdoor products on oer.
The first store had a sales area of 16 square meters
and during winter it was only open in the afternoon.
Nowadays, Friluftsland is an omnichannel chain with
13 stores and a web shop which focuses on premium
quality products, sta and services. This profile means
the company fits very well with Frilufts Retail Europe
AB, which acquired the company in October 2017.
TREKITT
Trekitt was established by the Trepte family at the foot
of the Black Mountains in Abergavenny, Wales in 1986.
The company has remained family owned ever since
and consists of one store in Hereford, as well as a fast
growing and hugely successful specialized e-com busi
-
ness. Trekitt’s motto is “LIVE THE OUTDOORS” and
ever since its inception, the company has prided it
-
self in providing top quality equipment and clothing for
mountaineers, hill walkers, climbers and travellers –
allowing them to do just that.
Test lane for boots, Næstved,
Denmark, November 4, 2022.
26 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
ANNUAL REPORT – MANAGEMENT REPORT
MANAGEMENT REPORT
The Board of Directors of Fenix Outdoor International AG , Corporate Identity Num-
ber CHE-206.390.054, with its registered oces in Zug, Switzerland , hereby present
the annual report and consolidated financial statements for the financial year 2022.
Fenix Outdoor International AG is listed on Nasdaq OMX Stockholm, Large Cap.
Fenix Outdoor International AG publishes annual reports in English and Swedish. The
English version is legally binding.
OPERATIONS
The group is organized into three business segments: Brands, Global Sales and
Frilufts.
• Brands include Fjällräven, Tierra, Primus, Hanwag and Royal Robbins. It also
The three business segments are supported by common functions for management,
CSR/CSO, finance, IT and logistics.
LARGEST OWNER
The main owner of Fenix Outdoor International AG is Martin Nordin, holding 53.1%
of the total voting rights and 15.6% of the total capital.
SIGNIFICANT EVENTS
Given its strong balances the group took an active decision to increase its inventory
balances. It was done to position us well for inflation and further potential supply
chain disruptions.
In December Fenix Outdoor AB signed an agreement to divest Primus AB and its
subsidiary Primus Eesti Ou to Silva Sweden AB. The closing is planned to take place
in the spring of 2023. During the period until closing, Primus will be separated from
Fenix Outdoors' IT environment, which will take some time to arrange and carry out.
SALES AND PROFIT
The group’s net sales increased by 17.0% to MEUR 770.1 (MEUR: 649.9). The oper-
ating profit increased to MEUR 83.5 (MEUR: 83.9).
PROSPECTS FOR 2023
The orderbook looks reasonable, but there is some higher degree of insecurity in it
due to the economic development as well as the political situations. The American
business will probably continue to grow in a healthy way as it will be less eected
by the recession as well as the political situation. Europe in general looks good with
some exceptions, for instance Sweden, where we have already had some negative
eects due to the exchange rate etc. The focus will be on sales and cost control.
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
The group’s total cash and cash equivalents totaled MEUR 81.0 (MEUR: 181.9) as
of December 31, 2022. The group’s interest-bearing liabilities decreased to MEUR
149.7 (MEUR: 164.0). The group’s total equity attributable to the Parent Company’s
shareholders at the end of the year was MEUR 405.0 (MEUR: 381.4), which corre
-
sponds to an equity ratio of 60.0% (57.0%).
RISK FACTORS
• Cyclical risks. Historically, upswings and downturns in the economy have not had
any significant impact on the group’s sales or earnings trend, even though the
risk may have increased by the larger retail share of the operations, including the
changing retail environment.
• Weather-related and seasonal risks. Certain parts of the group’s product range and
sales are aected by weather conditions. Portions of the winter collection, mainly
available in the markets with a colder climate, are negatively aected by warm and
late winters.
• Trend risks. The group does not consider itself to be a group of fashion products,
but the business is aected by long-term trends such as the positive active and
outdoor life trend. Some markets in warmer climates which have a dierent prod
-
uct mix are still more impacted by single product trends compared to other more
traditional outdoor markets.
• Pandemic risks. The group has shown that it is well prepared to handle crisis like that.
• Currency risks. The group’s net sales in dierent currencies are distributed as fol
-
lowing: SEK 12%, EUR 56% including DKK, USD 16% and other currencies 16%.
A major portion of the Brand segment's purchases take place in USD, even though
certain brands make a large share of purchases in EUR. The Frilufts and Global
Sales companies mainly buy in local currency. The group’s policy is to hedge its
short USD position from purchase orders, through forward contracts lasting up to
a year. Further information regarding the group’s risk management can be found in
the section Accounting Principles and in Notes 3 and 28. The group had outstand
-
ing currency forwards as per December 31, 2022, where USD had been purchased
against EUR, at a value of MUSD 21.5. If no hedge made, a 5% change of the USD/
EUR rate would result in an annual eect of MEUR 3.9.
• Vendor risk. The group is not totally dependent on any major single vendor even
though some brands are more exposed in the short run.
RESEARCH AND DEVELOPMENT
The group does not engage in research in the traditional sense. Since its beginning,
one of the brands' primary success factors has been the ability to continually devel
-
op new products and improve existing ones. This holds true for each of the group’s
brands. The products are tested in both laboratory environments and in authentic
conditions through regular events, such as the Fjällräven Classic, Fjällräven Polar
and Hanwag’s Alpine experience.
Principles applied in the reporting of development costs and information regarding
monetary amounts are presented in a separate section in Note 2, Accounting and
Valuation Principles.
CAPITAL EXPENDITURES
The group’s capital expenditures totaled MEUR 27.1 (MEUR: 24.4). The investments
are primarily attributable to the digital environment and investments in new and
more automatized warehouse capacity in Europe.
CORPORATE GOVERNANCE REPORT
The company’s corporate governance complies with the NASDAQ OMX listing agree-
ment and the Swedish Code of Corporate Governance, with the exceptions stated
below. The Articles of Association defines the company’s business name, operations,
registered oces, number of board members, amount of share capital, etc.
THE SWEDISH CODE OF CORPORATE GOVERNANCE
This report complies with the Swedish Code of Corporate Governance. Exceptions to
the code are explained in the relevant sections.
Annual General Meeting
The Group’s highest decision-making body is the Annual General Meeting, which usu-
ally takes place at the end of April or the beginning of May. The Board of Directors, the
Chairman, the Compensation Committee and independent proxies are elected at each
Annual General Meeting. Auditors are elected. The annual financial statements are
adopted and resolutions are undertaken regarding discharge from liability. In addition,
the appropriation of profits and compensation to the Senior Executives and the Board
of Directors are approved. Each shareholder, listed in the shareholders’ register on a
specified date prior to the meeting, and who has also registered to attend the Annual
General Meeting, is entitled to attend the meeting and vote for their combined owner
-
ship of shares. Shareholders may be represented by proxy. Fenix Outdoor International
AG complies with Swiss company laws and regulations.
The Nomination Committee and proposals for the Annual General Meeting
Fenix Outdoor International AG intends to deviate from the code’s provisions regard-
ing the Nomination Committee. The reason for doing so is that the Nordin family,
along with its related companies, represents 61.9% of the company nominal share
value, corresponding to 85.5% of the votes at the Annual General Meeting, if all their
shares are represented at the meeting. In light of this concentration of sharehold
-
ers, having a Nomination Committee has not been seen as necessary. However, the
company strives for gender balance on the board. Proposals regarding Chairman of
the Board at the Annual General Meeting, board elections, the appointment of the
auditor are thus submitted by the company’s larger shareholders and presented in
the notice of the Annual General Meeting and on the company’s website. The remu
-
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 27
MANAGEMENT REPORT
nerations paid to the members of the board are stated in the compensation report.
Duties of the board
The board of Fenix Outdoor International AG consists of six members elected
individually at the Annual General Meeting. Information about the board and the
Managing Director can be found on the website and in the compensation report.
The board has held 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 information required. An economic and financial report is submitted at each
regular meeting. The board convenes annually with the company’s auditors in order
to review the audit and the activities undertaken during the year. As there are no
special committees, except for the Compensation Committee, within Fenix Outdoor
International AG; thus the Board, in its entirety, addresses all matters except for
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 largest shareholders. Over the course of the year, the board has moni
-
tored the company’s financial reporting, as well as its systems for internal control,
to ensure that the operations are ecient and in line with laws and regulations, and
that the financial reporting is reliable. The board has examined and evaluated the ac
-
counting and financial reporting procedures, and has followed up and evaluated the
work, qualifications and independence of the external auditors
Risk assessment
The board and management work continuously with risk assessment and risk man-
agement in order to ensure that the risks to which the company is exposed are taken
care of within the framework ultimately established by the board.
Control activities
The board and management have determined a set of control activities for opera-
tional processes. These are based on risk assessments and on ensuring that there is
a satisfactory process for monitoring the company’s compliance with laws and other
regulations relevant to its operations, as well as the application of internal guidelines.
Included in the control structure are such measures as the authorization hierarchy, the
delegation of responsibilities and the company management’s review of financial infor
-
mation. The controls are also there to ensure that any material errors are rectified.
Information and communication
The internal dissemination of information and external communication are regu-
lated on an overall level.
Evaluations
The internal control of financial reporting is evaluated on a continuous basis. The
board receives quarterly reports showing financial outcomes and comments on the
operations provided by the management. At each board meeting, the financial situa
-
tion is addressed and the board checks that the internal controls relating to financial
reports and reporting to the board are functioning adequately. A board evaluation is
conducted on annual basis to secure that the board is receiving adequate material
and information to take the best possible decisions.
Attendance at Board meetings Fenix Outdoor International AG in 2022
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. As per 2022-12-31 the company held 132,337 B-shares in its own
books (per 2021-12-31 119,598 B-shares). There are 22,000 personnel options
outstanding as per 2022-12-31.
OWNERSHIP STRUCTURE
Fenix Outdoor International AG had 9,284 shareholders at the end of 2022. The
ownership participation of the ten largest shareholders constituted 82.1% of the
total capital. A list of the major shareholders can be found on page 57.
RESULTS AND FINANCIAL POSITION
For information regarding the Group’s and the parent company’s results and finan-
cial position, we refer to the consolidated and parent income statement, balance
sheet, cash flow statement and notes on pages 28-51.
PROPOSED APPROPRIATION OF PROFITS IN PARENT
31.12.2022 TEUR
Profit reserves at the beginning of the period 164,391
Dividend on own shares 231
Net profit of the year 10,612
Profit reserves at the end of the period 175,234
Allocation to the general legal profit reserves -
Profit to be carried forward 175,234
PROPOSAL FOR DISTRIBUTION OF DIVIDENDS
Capital contribution reserves TEUR 322,478
Dividends TEUR* -18,154
Capital contribution reserves TEUR 304,324
* SEK (Swedish Kronor) 1.5 per A-share and SEK 15.0 per B-Share calculated at
11.1218 EUR/ SEK. 24,000,000 x 1.5 + 11,060,000 x 15.0 = SEK 201,900,000 =
EUR 18,153,536.
THE BOARD’S STATEMENT ON THE PROPOSED DIVIDEND
The board’s opinion is that the total proposed dividend of SEK 1.5 (2.0) per A-share
and SEK 15.0 (20.0) per B-share will not hinder the company from fulfilling its short
and long-term obligations, nor from making any necessary investments. The liquidity
position is being maintained at a satisfactory level.
28 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
CONSOLIDATED INCOME STATEMENT
| CONSOLIDATED INCOME STATEMENT | |||
Amounts in TEUR | Note | 2022 | 2021 |
Net sales | 4 | ||
Other operating income | 6 | ||
Income | |||
Cost of goods | − | − | |
Other external expenses | − | − | |
Personnel expenses | 5 | − | − |
Depreciation/amortisation | 10,11,12 | − | − |
Result from participations in joint ventures | 7 | ||
Operating profit | 4 | ||
Financial income | 8 | ||
Financial expenses | 8 | − | − |
Profit/loss before tax | |||
Income tax | 9 | − | − |
Net profit for the year | |||
| Net profit for the year attributable to: | |||
Parent Company's shareholders | |||
Non-controlling interests | |||
Earnings per share after tax attributable to the Parent Company's shareholders during the year after dilution and before dilution in EUR | |||
A shares | |||
B shares | |||
Weighted average of outstanding shares, A | |||
Weighted average of outstanding shares, B | |||
Proposed dividend per share (EUR) - A shares | |||
Proposed dividend per share (EUR) - B shares | |||
Amounts in TEUR | 2022 | 2021 |
Net profit for the year after tax | ||
| Not to be reclassified in the income statement in the future: | ||
Re-measurements of post employment benefit obligations | ||
Taxes | − | − |
| To be reclassified in the income statement in the future: | ||
Change in translation reserve during the period | − | |
Cash flow hedges | ||
Taxes | - | |
Total other comprehensive income for the year: | − | |
Total comprehensive income for the year | ||
| Total comprehensive income attributable to: | ||
Parent Company's shareholders | ||
Non-controlling interests |
STATEMENT OF OTHER COMPREHENSIVE INCOME
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 29
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of 31 December, Amounts in TEUR | Note | 2022 | 2021 |
| ASSETS | |||
| Non-current assets | |||
Intangible fixed assets | 10 | ||
Tangible fixed assets | 11 | ||
Right-of-use assets | 12 | ||
Investments in joint ventures | 7 | ||
Deferred tax assets | 9 | ||
Other non-current financial assets | 13 | ||
Other non-current receivables | 13 | ||
Total non-current assets | |||
| Current assets | |||
Inventories | 14 | ||
Accounts receivable trade and other receivables | 15 | ||
Tax receivables | |||
Prepaid expenses and accrued income | 17 | ||
Cash and cash equivalents | 27 | ||
Total current asset exc. assets held for sale | |||
Assets held for sale | 34 | ||
Total current assets | |||
TOTAL ASSETS |
| EQUITY AND LIABILITIES | |||
| EQUITY | |||
| Equity and reserves attributable to the Parent Company's shareholders | |||
Share capital | |||
Other contributed capital | |||
Treasury shares | − | − | |
Other components of equity | − | − | |
Retained earnings | |||
Total equity attributable to the Parent Company’s shareholders | |||
Non-controlling interest | - | - | |
Total equity | |||
| LIABILITIES | |||
| Non-current liabilities | |||
Deferred tax liabilities | 9 | ||
Employee benefits | 18 | ||
Other non-current provisions | 19 | ||
Non-current lease liabilities | 12,20 | ||
Interest bearing liabilities | 20 | ||
Other non-current liabilities | |||
Total non-current liabilities | |||
| Current liabilities | |||
Other current liabilities | 21 | ||
Current tax liabilities | |||
Current lease liabilities | 12,20 | ||
Interest bearing liabilities | 20 | ||
Accrued expenses and deferred income | 22 | ||
Total current liabilities exc Liabilities directly associated with the assets held for sale | |||
Liabilities directly associated with the assets held for sale | 34 | ||
Total current liabilities | |||
Total liabilities | |||
TOTAL EQUITY AND LIABILITIES |
30 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Statement of changes in Equity TEUR | capital | capital | reserve | reserve | shares*) | earnings | Total | interest | Equity |
01-01-2021 | – | – | – | ||||||
Net Profit for the year | |||||||||
Other comprehensive income for the year | |||||||||
Total comprehensive income for the year | - | - | - | - | |||||
Transactions with non-controlling interests **) | – | – | – | – | – | ||||
Dividends resolved at Annual General Meeting | – | – | – | ||||||
Dividends resolved at Extra General Meeting | – | – | – | ||||||
Transfer of cash flow hedge reserve to inventories | – | ||||||||
31-12-2021 | – | – | |||||||
01-01-2022 | – | – | |||||||
Net Profit for the year | |||||||||
Other comprehensive income for the year | – | − | – | – | |||||
Total comprehensive income for the year | - | - | – | - | |||||
Transactions with non-controlling interests **) | – | − | – | – | |||||
Share based payments***) | |||||||||
Purchase of own shares *) | − | − | – | ||||||
Dividends resolved at Annual General Meeting | − | − | – | ||||||
Transfer of cash flow hedge reserve to inventories | − | − | – | ||||||
31-12-2022 | − | – |
Share
Other
contributed
Cash flow
hedge
Foreign
currency
translation
Treasury
Retained
Non-
controlling
Total
*) Per 31-12-2022 the company held 132,337 B-shares and per 31-12-2021 the company held 119,598 of B-shares.
**) Change in put option liability, Alpen International Ltd and Fenix Outdoor Taiwan Co Ltd.
***) Options program for Senior Managers has been introduced, see also Note 33.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 31
CONSOLIDATED CASH FLOW STATEMENT
Amounts in TEUR | Note | 2022 | 2021 |
| OPERATING ACTIVITIES | |||
Net profit for the year | |||
Income tax expense | |||
Financial result net | |||
Depreciation for right-of-use assets | |||
Depreciation/amortisation tangible and intangible assets | |||
Adjustment for items not included in the cash flow | 25 | − | |
Interest | − | – | |
Interest paid | − | − | |
Income tax paid | − | − | |
Cash flow from operating activities before changes in working capital | |||
Change in inventories | − | ||
Change in operating receivables | − | ||
Change in operating liabilities | |||
Cash flow from operating activities | − | ||
| INVESTING ACTIVITIES | |||
Purchase of intangible fixed assets | − | − | |
Purchase of tangible fixed assets | − | − | |
Sale of tangible fixed assets | |||
Acquisition of subsidiaries, net of cash acquired | − | ||
Settlement of loans | − | ||
Sale of business (net of cash) | |||
Dividend from joint venture | |||
Change in non-current receivables | − | − | |
Cash flow from investing activities | − | − | |
| FINANCING ACTIVITIES | |||
Repaid borrowings | − | − | |
Payment of lease liabilities | − | − | |
Repayment of other long term liabilities | – | ||
Purchase of own shares | − | ||
Dividends paid | − | − | |
Cash flow from financing activities | − | − | |
Change in cash and cash equivalents | − | − | |
Cash and cash equivalents at beginning of year | |||
Eect of exchange rate dierences on cash and cash equivalents | |||
Cash and cash equivalents at year-end | 27 |
CONSOLIDATED CASH FLOW STATEMENT
32 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 GENERAL INFORMATION
BUSINESS ACTIVITY
Fenix Outdoor International AG (the parent company) and its subsidiaries (collec-
tively, the group) is a group whose business idea is to develop and market highqual-
ity, low-weight outdoor products through a selected retail network with a high degree
of service to customers with high demands. The group conducts development,
production and sales in a large number of subsidiaries throughout Europe, Asia and
North America. The parent company is a Swiss Corporation (AG) with its registered
oces in Weidstrasse 1a, 6300 Zug, Switzerland , Corporate Identity Number CHE-
206.390.054 and is listed on the Nasdaq OMX Stockholm, Large Cap.
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 33
NOTES
34 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
NOTES
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, Brunton and Royal
Robbins. It also includes Brandretail (Brand Online sales and Brand Retailshops)
and distribution companies concentrated on sales of only one brand.
• Global Sales includes distribution companies selling more than one Fenix brand.
• In Frilufts, the retailers Naturkompaniet AB, Naturkompaniet AS, Partioaitta Oy,
Friluftsland A/S, Trekkitt and Globetrotter Ausrüstung GmbH are included.
The three business segments are supported by common functions for management,
CSR/CSO, finance, HR, IT and logistics.
NEW OR REVISED STANDARDS APPLIED BY THE GROUP
Standards that have been adopted as of 1 January 2022.
January 2022 and have been applied in the preparation of this financial report. The
Standards that have been early-adopted by the Group
The Group has not early adopted any standards, interpretations or amendments that
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 35
NOTES
EBITDA per segment, MEUR 2022 2021
Brands 72.9 63.3
Global Sales 33.3 29.2
Frilufts 35.0 41.0
Common −2.6 1.9
Group 138.6 135.4
The negative result in Common mainly comes from central costs for administration,
IT, the trainee program and internal profits in inventory between the segments.
Capital Expenditures per segment, MEUR 2022 2021
Brands 7.3 3.9
Global Sales 1.1 1.3
Frilufts 6.9 7.0
Common 11.8 12.2
Group 27.1 24.4
Intangible, tangible and right-of-use assets per
market, MEUR 2022 2021
Switzerland 1.1 1.3
Sweden 40.7 45.4
Other Nordic countries 20.5 21.7
Germany 119.8 125.3
Benelux 6.2 5.0
Other Europe 11.9 13.7
Americas 41.0 32.3
Other markets 4.9 4.1
Total 246.1 248.8
36 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
NOTES
2022 2021
Total
Of whom
men Total
Of whom
men
President and other
Senior Executives
6 5 6 5
In addition to the fixed compensation, the senior executives are also eligible to
receive variable compensation, which is based on sales and profitability targets. For
senior executives, variable remuneration is a maximum of 50 percent of the basic
annual salary. Except for the Executive Chairman and Susanne Nordin, no variable
-
tion report page 53-54.
NOTE 6 OTHER OPERATING INCOME
Other operation income 2022 2021
Royalty and licensing income 160 284
Franchise income 34 36
Marketing contribution 3,290 2,305
Other *) 7,403 4,743
Total 10,905 8,273
*) Other operating income mainly refer to resolving of maintenance accruals, expired
gift cards, gains from sales of tangible assets and insurance compensations.
NOTE 8 FINANCIAL INCOME AND EXPENSES
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 37
NOTES
NOTE 10 INTANGIBLE FIXED ASSETS
Capitalised expenditure for computer software 2022 2021
Opening acquisition cost 44,876 41,953
Expenditure capitalised during the year - 13
Transfer of classes *) 4,243 3,669
Translation dierences ranslation differences −3,054 −759
Closing acquisition cost 46,066 44,876
Opening amortisation −32,626 −27,023
Amortisation for the year −6,287 −6,195
Transfer of classes - 3
Translation dierences ranslation differences 2,439 589
Closing amortisation −36,475 −32,626
Closing balance 9,591 12,250
38 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 11 TANGIBLE FIXED ASSETS
Land, buildings and land improvement 2022 2021
Opening acquisition cost 34,637 27,604
Purchases 2,199 314
Purchases through acquisition of subsidiary - 610
Sales and disposals −122 −7
Transfer of classes −41 6,029
Assets held for sale −205 -
Translation dierences ranslation differences −10 87
Closing acquisition cost 36,457 34,637
Opening depreciation −6,154 −4,876
Amortisation for the year −1,536 −1,257
Sales and disposals 95 7
Transfer of classes 25 -
Assets held for sale 160 -
Translation dierences ranslation differences 25 −28
Closing depreciation −7,385 −6,154
Closing balance 29,072 28,483
Cost of leasehold improvements 2022 2021
Opening acquisition cost 67,393 61,008
Purchases 6,772 6,131
Sales and disposals −262 −1,218
Transfer of classes 199 303
Translation dierences ranslation differences 639 1,169
Closing acquisition cost 74,741 67,393
Opening depreciation −46,127 −40,765
Depreciation for the year −6,956 −6,615
Sales and disposals 259 907
Transfer of classes −193 1,069
Translation dierences ranslation differences −315 −723
Closing depreciation −53,333 −46,127
Closing balance 21,408 21,266
Equipment, tools, fixtures and fittings 2022 2021
Opening acquisition cost 59,657 52,634
Purchases 7,015 6,070
Purchase through acquisition of subsidiary - 151
Sales and disposals −1,221 −581
Transfer of classes 107 1452 1 452
Assets held for sale -1,728 -
Translation dierences ranslation differences −1,119 −69
Closing acquisition cost 62,711 59,657
Opening depreciation −37,323 −31,006
Depreciation for the year −6,287 −5,924
Sales and disposals 538 518
Transfer of classes 169 −984
Assets held for sale 1,488 -
Translation dierences ranslation differences 777 73
Closing depreciation −40,639 −37,323
Closing balance 22,072 22,334
Constructions in progress *) 2022 2021
Opening aquisition cost 2,064 6,001
Purchases 5,501 3,876
Transfer of classes −266 −7,869
Translation dierences ranslation differences −5 56
Closing balance 7,295 2,064
Total tangible fixed assets 79,487 74,147
*) The Group has finished new constructions during the year. The finalizing of new
constructions are reported as transfer of classes, whereof investment in warehouse
is most significant.
been financed through leasing or instalment plans or remain unpaid at the reporting
date.
NOTE 12 RIGHT OF USE ASSETS
Rental contracts are typically made for 3 months up to 10 years, depending on leas-
ing object and market circumstances. Rental contracts may have prolonged options
and variable lease payments. Rental contracts are for vehicles, equipment, oces, Rental contracts are for vehicles, equipment, offices,
warehouses and retail stores. Leases extensions are included as right-of-use assets
end and the Group is reasonably sure to extend the contract. During the Covid-19
situation the Group have decided to be restrictive to include extensions as the Group
is less sure to extend contracts.
liability, as the group can replace the assets without significant cost or business
disruption.
During 2022 the Group has added new lease contracts, the most significant are for a
new warehouse in Canada and new stores in USA.
The total cash flow for leasing agreements in 2022 was TEUR -33,693 (TEUR:
-32,253).
As a result of the Covid-19 pandemic, rent concessions have been granted. The
Group applies the practical expendient for all rent concessions. No rent concessions
were granted 2022 but during 2021 the Group were granted rent concessions of
TEUR 665 and recorded those as a reduction of expenses.
2022 Brands Frilufts
Global
sales Common Total
Right-of-use assets 29,517 86,921 1,536 1,184 119,158
Lease liabilities −31,539 −88,586 −1,500 −1,077 −122,701
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 39
NOTES
Leases and right-of use
Global
sales Common Total
Depreciation −10,024 −21,746 −1,052 −1,097 −33,919
Interest cost −670 −1,410 −29 −24 −2,133
Short term lease cost −171 −63 −12 - −246
Low value lease cost - −1 −4 - −5
Right-of-use assets
divided to Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouse 27,831 86,268 864 104 115,067
vehicles
542 305 222 173 1,242
Sum right-of-use assets 29,517 86,921 1,536 1,184 119,158
Depreciation on right-
of-use assets divided to
Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouse −8,937 −21,046 −566 −370 −30,919
vehicles
−506 −306 −243 −132 −1,187
Sum Depreciation −10,024 −21,746 −1,052 −1,097 −33,919
Brands Frilufts
Global
sales Common Total
Opening balance 22,743 98,246 2,093 1,942 125,024
Additionals 15,368 11,515 590 447 27,919
Assets held for sale −36 - - - −36
Reclass and cancelled −1,630 −381 68 −518 −2,461
Translation dierences ranslation differences 3,096 −713 −162 409 2,630
Depreciation −10,024 −21,746 −1,052 −1,097 −33,919
Closing balance 29,517 86,921 1,536 1,184 119,158
2021 Brands Frilufts
Global
sales Common Total
Right-of-use assets 22,743 98,246 2,093 1,942 125,024
Lease liabilities −24,562 −99,411 −2,014 −1,853 −127,840
Leases and right-of use
Global
sales Common 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
Right-of-use assets di-
vided to Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouse 21,060 97,243 1,137 363 119,802
vehicles
493 355 360 114 1,322
Sum right-of-use assets 22,743 98,246 2,093 1,942 125,024
Depreciation on right-
of-use assets divided to
Asset class Brands Frilufts
Global
sales Common Total
Stores and warehouse −6,760 −21,048 −613 −419 −28,840
vehicles
−313 −247 −218 −96 −874
Sum Depreciation −7,575 −21,667 −1,088 −1,079 −31,409
Brands Frilufts
Global
sales Common 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 dierences ranslation 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
NOTE 13 OTHER NON-CURRENT FINANCIAL ASSETS AND
OTHER NON-CURRENT RECEIVABLES
NOTE 14 INVENTORIES
2022 2021
Goods for resale 225,971 137,086
Raw materials 16,904 11,834
Advance payments to suppliers 3,674 3,689
Total 246,549 152,609
Write-downs have reduced the book value in the Group in an amount of TEUR
10,024 (TEUR 12,261).
40 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 16 CUSTOMER CONTRACT BALANCES
Customer contract balance 2022 2021
Right of return assets 1,382 1,024
Refund liabilites from Rights of return −2.743 −2,205
Accounts receivables 43,711 40,695
Advance payments from customers and Gift Cards −13,162 −11,875
Loyalty points −3,242 −2,932
Total 25,946 24,707
NOTE 17 PREPAID EXPENSES AND ACCRUED INCOME
2022 2021
Advertising expenses 201 100
Licensing income 9 9
Leases charges 570 520
Insurance premiums 254 274
Other items *) 4,820 5,966
Total 5,854 6,869
*) Other items contains variable positions, each of low values.
NOTE 18 EMPLOYEE BENEFITS
2022 2021
Endowment insurance with pension-commitments
Pension commitments in funds 632 1,088
Total 632 1.088
2022 2021
Opening balance 1,088 1,470
Included in the income statement:
Current service cost 16 134
Interest cost and income 12 7
Taxes and administrative expenses 22 -
Total included in the income statement 50 141
Remeasurments:
Return on plan assets excluding amounts in interest
expence and income
−242 −42
Actuarial gains and losses arising from changes in
demographic assumptions
6 −151
Acturials gains and losses arising from changes in
financial assumptions
−241 −53
Experience based gains and losses 130 −104
Total Remeasurments −347 −350
Other changes
Contributions and payments from
Employers −80 −163
Payments from plans:
Benefit payments −20 13
Translation dierence -59 −23
Sum of Other changes -159 −173
Closing balance 632 1,088
Within the group there are both defined contribution and defined benefit pension
plans. For defined contribution plans and for pension plans in Alecta, the premiums
referring to the year are reported as the year´s expenses. The extent of defined ben
-
efit plans in the group, Alecta excluded, is very limited.
The group report defined benefit pensions in Norway, Germany and Switzerland. Life
expectancy assumptions are based on public statistics and experience from mortality
surveys in each country and are determined in consultation with actuarial expertise.
The principal assumptions used in determining pension plans are shown below:
2022 2021
Discount rate:
Switzerland pension plan 2.25 % 0.35%
Germany pension plan 3.35 % 1.10%
Norway pension plan 1.90 % 1.70%
Future salary increase:
Switzerland pension plan 2.00 % 2.00%
Germany pension plan 0.00 % 0.00%
Norway pension plan 2.75 % 2.25%
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 41
NOTES
NOTE 19 OTHER NON-CURRENT PROVISIONS
Warranty provision 2022 2021
Opening balance 415 409
Additional provisions during the year 42 -
Used waranty provision −74 -
Translation dierences ranslation differences −1 6
Total warranty provision 383 415
Other provisions
Opening balances 1,749 2,474
Additional provisions 1,560 752
Used other provisions −677 −1,238
Translation dierences ranslation differences 3 −239
Total Other provisions 2,635 1,749
Total Other non-current provisions 3,017 2,164
The warranty provision is based on commitments which had not been terminated as
per balance sheet date. The calculation of the amount is based on previous experi
-
ence.
NOTE 20 INTEREST-BEARING LIABILITIES
Long term liabilities 2022 2021
Lease liabilities 91,334 99,257
Liabilities to credit institutions *) 18,000 27,000
Total long term liabilities 109,334 126,257
Short term liabilities 2022 2021
Lease liabilities 31,367 28,583
Liabilities to credit institutions *) 9,000 9,122
Total short term liabilities 40,367 37,705
Total interest-bearing liabilities 149,702 163,962
Interest-bearing liabilities 2022 2021
Opening interest-bearing liabilities 163,962 195,274
Additions of new leases/remeasurements/cancellation 28,583 29,266
Repaid borrowings −8,749 −30,449
Repaid lease liabilities **) −33,693 −32,253
Liabilities directly associated with assets held for sale −50 -
Additional from acquisition of subsidiaries - 806
Additional leases liabilites from acquisition of sub
-
sidiares
- 90
Settlement of loans - −596
Translation dierence leases ranslation difference leases 22 1,648
Translation dierences ranslation differences −373 176
Closing balance 149,702 163,962
*) Mainly 5 year loan from Svensk Export Kredit of TEUR 45,000 signed in December
2020.
**) During 2021 the payment of lease liabilities was TEUR 31,588 and the Group
received rent concessions of TEUR 665 which reduced lease liabilities. During 2022
no rent concessions were received.
NOTE 22 ACCRUED EXPENSES
Accrued expenses 2022 2021
Holiday pay and salary liabilities 9,669 9,461
Accrued social security contributions 2,691 2,405
Other items *) 18,721 19,579
Total 31,081 31,445
*) Including also accrued loyalty points to customers.
NOTE 24 CONTINGENT LIABILITIES
2022 2021
Other contingent liabilities 1,703 1,750
Total 1,703 1,750
None of the above items is expected to impact future cash flows. The group’s contin
-
gent liabilities primary refer to guarantee commitments to customers authorities and
for lease agreements.
NOTE 25 ADJUSTMENTS FOR ITEMS NOT INCLUDED IN THE
CASH FLOW
2022 2021
Result joint venture −427 −813
Rent concessions - −665
Other items not aecting cash flow −5,390 1,642
Total −5,817 164
NOTE 26 FINANCIAL RISK MANAGEMENT
Purpose
The Fenix Group is exposed to various financial risks, primarily comprised of foreign
currency exchange risk and interest rate risk. The Group’s risk management aims
risk management is handled centrally by the Parent Company’s finance function, in
accordance with principles approved by the Board. The main cash hedge positions
taken are related to future currency flows. A description of the eects can be found A description of the effects can be found
in Note 28, Hedge accounting.
42 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
NOTES
Credit risk
Client credit risk
The group does not have any significant concentration of credit risks. The group has
established policies to ensure that sales of products are made to clients with a suit
-
able credit standing. The accounts receivable risk is regarded to be limited, as each
separate account is relatively small and the group’s credit policy is restrictive.
Financial institutions credit risk
Cash and cash equivalents are deposited in major merchant banks, where the
credit risk is limited.
Currency risk
Transaction exposure
Group is, therefore, exposed to risks with regards to exchange rate fluctuations. This
risk is referred to as transaction exposure. The most significant aspect of the hedges
made is to fix the exchange rate against EUR for purchases made in USD. Company
management can decide on hedging up to 12 months of future cash flows, as long as
hedge position is in balance with planned order book. Hedging is undertaken by hold
-
ing liquidity in actual currency and/or making forward contracts. The most important
sales currency is EUR, which accounts for approximately 58% of the Group’s net
sales. The Group does not have a significant net exposure to foreign exchange rates
Translation exposure
sidiaries’ balance sheet is translated into EUR. This exposure is not hedged.
Interest rate risk
-
cember 2022, all loans are entered into variable interest rates (loan excluding leases
amount to TEUR 27,000). An increase in the short-term interest rate of one percent
-
ment continuously monitors the interest rate market in order to assess any possible
changes in the fixed interest terms, but given the total volume of loans in relation to
the net profit and total assets of the group, the risk is seen as limited.
Financial and liquidity risk
The Group’s interest-bearing liabilities including leases liabilities amounted to TEUR
149,702 (TEUR: 163,962) at year-end, which is approximately 22.2 (24.5) percent
of total assets. As per 31 December 2022, the Group’s interest-bearing liabilities,
excluding leases liabilities, was denominated in EUR. The Group has found it accept
-
able, in terms of risk exposure, to use short-term external financing.
Contractually agreed cash flow of non-derivate financial liabilities.
2022
<6
months
<12
months
<24
months
>24
months Total
Accounts payable 35,195 - - - 35,195
Refund liabilities 2,743 - - - 2,743
Other payables - fi
-
nancial
3,151 - - - 3,151
Lease liabilities 15,909 14,698 25,230 66,864 122,701
Interest lease liabilities 1,007 1,893 1,388 2,063 6,351
Interest bearing loans 4,500 4,500 9,000 9,000 27,000
Interest payment from
loans
562 459 614 205 1,840
63,067 21,550 36,232 78,132 198,981
Lease payments > 24 months fall due as follows: approximately TEUR 46,035 until >
5 years and TEUR 20,829 after 5 years.
2021
<6
months
<12
months
<24
months
>24
months Total
Accounts payable 33,103 - - - 33,103
Refund liabilities 2,205 - - - 2,205
Other payables - fi
-
nancial
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 20,488 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.
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 43
NOTES
NOTE 30 TRANSACTIONS WITH RELATED PARTIES
DISCLOSURE REGARDING RELATED PARTIES WITH CONTROLLING INFLUENCE
The majority shareholder, the Nordin family, controls approximately 85,5% 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.
Purchases of goods and services from related parties 2022 2021
Purchases of services:
Martin Nordin, Rent 10 33
RS Mandate AG (Rolf Schmid), consultant services 89 67
Consilia AB (Ulf Gustafsson), consultant services 73 67
Total 172 167
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. As at 31 Decem
-
ber 2022 the company held a total of 132,337 of B-shares.
NOTE 32 CHANGES IN GROUP COMPOSITION
2021
Trekkitt
In August 2021, Frilufts Retail Europe AB, a subsidiary of Fenix Outdoor Interna
-
tional AG, acquired the UK outdoor retail specialist Trekkitt. Trekkit 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
resulted in a cash outflow of TEUR 11,405. The acquisition resulted in a goodwill
position of TEUR 10,226 and is not expected to be tax deductible. Transaction costs
amounted to TEUR 243 and have been recognized as expenses.
TEUR
Tangible Fixed Assets 714
Right-of-use assets 95
Financial assets 4
Total Fixed assets 813
Inventories 2,844
Short Term receivables 107
Cash and cash equivalens 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 equivalens 429
Cash outflow −11,405
Brunton operations
Brunton Outdoor Incs’ operation have been running both Brunton and Primus opera
-
tion. In November 2021, the Brunton operations was divested from Brunton Outdoor
Inc. Only the operation was sold and the trademark Brunton are still owned by the
Group with an option to be sold to the operation purchaser after five years. Brunton
Outdoor Inc still run Primus operation.
The sales price of the Brunton Operation was set to booked value of fixed assets and
inventory and have no result from the sale. The sales price was divided in an immedi
-
ately payment and a long term loan.
The net sale for the Brunton operation was 2021 until the sale of the operation
TEUR 1,831. The sale have not a significant impact on Fenix Outdoors’ financial key
figures.
TEUR
Fixed assets 27
Inventory 1,192
Booked value of sold assets 1,219
Sales price:
Paid sales price 441
Long term loan to buyer 778
Result from sale 0
NOTE 29 CAPITAL MANAGEMENT
For the purpose of the Group’s capital management, capital includes issued capital
and all other equity reserves attributable to the equity holders of the parent. The
group strives to keep a strong equity ratio to secure a high degree of financial inde
-
pendence.
The Group includes within net debt, interest bearing loans and borrowings, trade and
other payables, less cash and short-term deposits.
In order to achieve this overall objective, the Group’s capital management, among
other things, aims to ensure that it meets financial covenants attached to the inter
-
est-bearing loans. There have been no breaches of the financial covenants of any
interest-bearing loans and borrowing in the current period. No changes were made in
the objectives, policies or processes for managing capital during the years ended 31
December 2022 and 2021.
44 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
NOTES
NOTE 34 EVENTS AFTER THE REPORTING PERIOD
2022
In December 2022 Fenix Outdoor signed an agreement to divest Primus AB and its
subsidiary Primus Eesti Ou to Silva Sweden AB. The closing is planned to take place
in spring of 2023. Fenix Outdoor will, during a transition period, continue to sell Pri
-
mus in certain markets, through our Global Sales organization, the products will also
continue to be an obvious part of Frilufts Retail Europe’s product assortment.
The divest of Primus AB and its subsidiary Primus Eesti Ou will have no significant
Assets and liabilities of Primus AB and Primus Eesti Ou are classified as held for sale
31 December 2022 as follows:
Tangible assets 286
Right of use assets 36
Other non-current financial assets 40
Deferred tax assets 3
Inventory 11,406
Accounts receivable trade and other receivables 1,490
Prepaid expenses and accrued income 68
Total assets 13,329
Deferred tax liabilities 11
Non-current lease liabilities 14
Other current liabilities 1,462
Current lease liabilities 37
Current tax liabilities 298
Accrued expenses and deferred income 413
Total liabilties 2,233
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 45
NOTES
NOTE 35 PARTICIPATIONS IN SUBSIDIARIES
Subsidiary Corporate Identity Number Registered oces Registered offices Number of shares Share of equity
Alpen International Co Ltd 110111-46955495 Seoul 210,285 91,8% 91,8 %
Fenix Outdoor AB 556110-6310 Örnsköldsvik 13,273,731 100% 100 %
AB Raven Incorporate (Inc) 556603-5662 Örnsköldsvik 1,000 100% 100 %
Primus North America LLC. 27-1437119 Denver 100 100% 100 %
Fenix Outdoor Import LLC 27-2473714 Riverton 1 100% 100 %
Bus Sport AG CH-320.3.032.659-8 Buchs 100 100% 100 %
Fenix Outdoor Austria Italy GmbH FN387475t Innsbruck 1 100% 100 %
Fenix Outdoor Benelux BV 69763208 Almere 1 100 100 %
Fenix Outdoor Import Canada BC1158235 British Columbia 100 100% 100 %
Fenix Outdoor Danmark ApS 25894383 Århus 1 100% 100 %
Fenix Outdoor Finland Oy 1068339-4 Helsingfors 100 100% 100 %
Fenix Outdoor Import AS 916145578 916 145 578 Lillehammer 100 100% 100 %
Fenix Outdoor Norge A/S 920417280 920 417 280 Lillehammer 100 100% 100 %
Fenix Outdoor s.r.o, Czech 6484212 Praha 1 100% 100 %
Fenix Outdoor s.r.o, Slovakia 51435608 Bratislawa 2 100% 100 %
Fjällräven AB 556605-9795 Örnsköldsvik 1,000 100% 100 %
Fjällräven B.V. 24251858 Almere 140 100% 100 %
Fenix Epic BV 57902585 Almere 1 100% 100 %
Fenix Outdoor Import BV 34127188 Almere 400 100% 100 %
Fjällräven Canada Retail Inc BC0997845 British Columbia 100 100% 100 %
Fenix Outdoor Logistics B V 64755177 Amsterdam 40 100% 100 %
Fenix Outdoor Logistics GmbH HRB12963 Ludwigslust 1 100% 100 %
Fjällräven International AB 556725-7471 Örnsköldsvik 1,000 100% 100 %
Fjällräven GmbH HRB56169 München 450 100% 100 %
Hanwag GmbH HRB153419 Vierkirchen 1 100% 100 %
Hanwag Sales GmbH GRB220690 Vierkirchen 1 100% 100 %
Progress Kft 09-09-000101 Kinizsi 1 100% 100 %
Fenix Emerging Markets GMBH HRB182742 Vierkirchen 1 100% 100 %
Fjällräven Sverige AB 556413-5548 Örnsköldsvik 100 100% 100 %
Fenix Outdoor E-com AB 556080-3362 Örnsköldsvik 6,080 100% 100 %
Fjällräven USA Llc 27-0611578 NY 1 100% 100 %
Fenix USA Retail US LLC 38-3937088 Denver 1 100% 100 %
Fjällräven Wholesale Canada Inc BC1158256 British Columbia 100 100% 100 %
Friluftsbolaget Ekelund & Sagner AB 556543-0229 Örnsköldsvik 1,294,000 100% 100 %
Jiangsu Leader Outdoor Technology
Development Company Limited
91321000694454655G Yangzhou 1 100% 100 %
Primus AB 556152-5766 Örnsköldsvik 1.000 100% 100 %
Primus Eesti OÜ 10848501 Tartu 1 100% 100 %
Fenix Outdoor UK Ltd 2091967 Gosport 10,000 100% 100 %
Tierra Products AB 556095-1526 Örnsköldsvik 1,010 100% 100 %
Turima Jakt AB 556018-8392 Örnsköldsvik 800 100% 100 %
Fenix Outdoor Brand Retail AG CHE-115.678.335 Zug 100 100% 100 %
Fenix Outdoor Import Asia 66355568 Hong Kong 1 100% 100 %
Fenix Outdoor Asia 62384460 Hong Kong 1 100% 100 %
Fenix Outdoor Taiwan Co. Ltd 82808707 Taipei City 5,000,000 70% 70 %
Fenix Outdoor Asia Pacific Ptc Ltd 202012641H Singapore 10,000 100% 100 %
Fenix Outdoor R&D and CSR AG CHE-145.043.963 Luzern 100 100% 100 %
Frilufts Retail Europe AB 556788-3375 Örnsköldsvik 13,250,000 100% 100 %
Friluftsland A/S 76470316 Copenhagen 5,000 100% 100 %
Globetrotter GmbH HRB23422 Hamburg 38 100% 100 %
Naturkompaniet AB 556433-7037 Örnsköldsvik 8,835,528 100% 100 %
Outlet-Outdoor.com GmbH Hamburg 1 100% 100 %
Partioaitta Oy 0201830-0 Helsingfors 94,285 100% 100 %
Naturkompaniet AS 912893030 Lillehammer 100 100 %
Trekit Holding Ltd 13096750 Hereford 2,200 100% 100 %
Trekit Hereford Ltd 05668115 Hereford 1,100 100% 100 %
RR Acquisition Corporation C3596965 Delaware 736,263 100% 100 %
Royal Robbins LLC 201221310331 201 221 310 331 Delaware 1,000 100% 100 %
Royal Robbins Hong Kong Limited 1887476 1 887 476 Hong kong 100 100% 100 %
RR Canada Inc 450672910 450 672 910 Montreal 1 100% 100 %
(Operating companies marked in bold)
46 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
AUDIT REPORT CONSOLIDATED FINANCIAL STATEMENT
BOARD APPROVAL
STATUTORY AUDITOR’S REPORT ON THE AUDIT
OF THE CONSOLIDATED FINANCIAL STATEMENTS
The consolidated financial statements were approved for publication by the Board of Directors of Fenix Outdoor International AG
on March 28, 2023, and will be presented to the Annual General Meeting for approval on April 21, 2023.
Martin Nordin Susanne Nordin Mats Olsson
Ulf Gustafsson Rolf Schmid Sebastian von Wallwitz
OPINION
We have audited the consolidated financial statements of Fenix Outdoor Internation-
al AG and its subsidiaries (the Group), which comprise the consolidated statement of
financial position as at 31 December 2022, the consolidated statement of income,
the consolidated statement of other comprehensive income, the consolidated state
-
ment of changes in equity and the consolidated statement of cash flows for the year
then ended, and notes to the consolidated financial statements, including a sum
-
mary of significant accounting policies.
In our opinion, the consolidated financial statements (pages 28 to 45) give a true and
fair view of the consolidated financial position of the Group as at 31 December 2022
and of its consolidated financial performance and its consolidated cash flows for the
year then ended in accordance with International Financial Reporting Standards
(IFRS) and comply with Swiss law.
BASIS FOR OPINION
We conducted our audit in accordance with Swiss law, International Standards on
Auditing (ISA) and Swiss Standards on Auditing (SA-CH). Our responsibilities under
those provisions and standards are further described in the “Auditor's responsibili
-
ties for the audit of the consolidated financial statements” section of our report.
We are independent of the Group in accordance with the provisions of Swiss law,
together with the requirements of the Swiss audit profession, as well as those of the
International Ethics Standards Board for Accountants’ International Code of Ethics
for Professional Accountants (including International Independence Standards)
(IESBA Code), and we have fulfilled our other ethical responsibilities in accordance
with these requirements.
We believe that the audit evidence we have obtained is sucient and appropriate to
provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the consolidated financial statements of the current
period. These matters were addressed in the context of our audit of the consolidated
financial statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. For each matter below, our description
of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the “Auditor's responsibilities for
the audit of the consolidated financial statements” section of our report, including in
relation to these matters. Accordingly, our audit included the performance of proce
-
dures designed to respond to our assessment of the risks of material misstatement of
the consolidated financial statements. The results of our audit procedures, including
the procedures performed to address the matters below, provide the basis for our
audit opinion on the consolidated financial statements.
VALUATION AND EXISTENCE OF INVENTORY
Area of focus
The Fenix Group develops and markets outdoor products. The inventory balance
represents 36.5% of the Group’s total assets and 60.9% of the Group’s total equity as
at 31 December 2022. The Fenix Group measures the carrying value of its inventory
by using the first-in, first-out method, at the lower of acquisition cost or net realisable
value on balance sheet date. Determining net realisable value involves judgment in
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 47
AUDIT REPORT CONSOLIDATED FINANCIAL STATEMENT
estimating future revenues and margins and assessing appropriate provisions for
potential obsolescence as the values can be subject to rapidly changing consumer
demands and weather conditions. Refer also to notes 2 and 14 of the consolidated
financial statements. The valuation, in combination with the significant amount of in
-
ventory compared to total assets, made us conclude that the existence and valuation
of inventory is a key audit matter of our audit.
Our audit response
We observed the inventory counts at major locations of warehouses and shops to
understand the process and accuracy of the group’s inventory count procedures and
to validate physical counts performed by the group through our own test counts. We
assessed the Group’s internal controls over its inventory accounting process and the
development of the key assumptions applied in the valuation. We tested a sample
of inventory items at significant components to assess the cost basis and net realis
-
able value of inventory. Further, we compared the inventory obsolescence provision
against the Group’s policy and assessed management’s judgment of the adequacy
of this by considering the overall level of provisions on an aggregate and by unit basis
as well as understanding the expected levels of future demand for significant items,
including the inventory turnover to identify slow moving items. We assessed the
historical accuracy of the Group’s estimates and considered its ability to produce ac
-
curate forecasts, such as seasonality, ability to clear inventory in subsequent periods
and anticipated price reductions.
Our audit procedures did not lead to any reservations concerning valuation and
existence of inventory.
ACCOUNTING FOR LEASES
Area of focus
As of the balance sheet date, right-of use assets and lease liabilities represent 17.7%
and 45.5% of Fenix Group’s total assets and total liabilities, respectively. Details
concerning lease accounting are disclosed in the notes (notes 2, 12 and 26). Due to
the significance of the carrying amount of right-of-use assets and lease liabilities, the
number and complexity of single lease contract details to be considered in the valua
-
tion and the judgement involved in performing lease-type assessments, this matter is
considered significant to our audit.
Our audit response
We obtained an understanding of Fenix Group’s accounting policies and processes
for leases. We examined Fenix Group’s calculation methodology for right-of use
assets and lease liabilities and reperformed the calculation on a sample basis. In
particular, we agreed the following input parameters to supporting documents on a
sample basis: monthly lease payments, lease terms, discount rates and extension
options. For extension options, we analyzed Fenix Group’s exercise assessment. In
addition, we audited the completeness and the reconciliation of the lease contract
population considered for IFRS 16 to the number of point of sales at designated
components. For agreements signed in 2022, we analyzed Fenix Group’s assess
-
ment whether these represent lease modifications or should be accounted for as
separate leases.
Our audit procedures did not lead to any reservation concerning the accounting for
leases.
OTHER INFORMATION
The Board of Directors is responsible for the other information. The other information
comprises the information included in the annual report, but does not include the
consolidated financial statements, the stand-alone financial statements, the com
-
pensation report and our auditor’s reports thereon.
Our opinion on the consolidated financial statements does not cover the other infor
-
mation and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our respon
-
sibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the consolidated financial statements
or our knowledge obtained in the audit or otherwise appears to be materially mis
-
stated.
If, based on the work we have performed, we conclude that there is a material mis
-
statement of this other information, we are required to report that fact. We have noth-
ing to report in this regard.
BOARD OF DIRECTORS’ RESPONSIBILITIES FOR THE CONSOLIDATED
FINANCIAL STATEMENTS
The Board of Directors is responsible for the preparation of the consolidated financial
statements, which give a true and fair view in accordance with IFRS and the provi
-
sions of Swiss law, and for such internal control as the Board of Directors determines
is necessary to enable the preparation of consolidated financial statements that are
free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is respon
-
sible for assessing the Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern, and using the going concern basis of
accounting unless the Board of Directors either intends to liquidate the Group or to
cease operations, or has no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE CONSOLIDATED
FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with Swiss law, ISA and SA-CH will always detect a material misstate
-
ment when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these consolidated
financial statements.
A further description of our responsibilities for the audit of the consolidated financial
statements is located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/
audit-report. This description forms an integral part of our report.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that
an internal control system exists, which has been designed for the preparation of
the consolidated financial statements according to the instructions of the Board of
Directors.
We recommend that the consolidated financial statements submitted to you be ap
-
proved.
Ernst & Young Ltd
Roger Müller Roman Ottiger
Licensed audit expert Licensed audit expert
(Auditor in charge)
48 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
PROFIT AND LOSS STATEMENT, PARENT COMPANY
INCOME STATEMENT, PARENT COMPANY
TEUR TCHF TEUR TCHF
2022 2022 2021 2021
Dividend income from investments 19,161 19,173 4,914 5,304
Interest income group loans 170 170 166 179
Interest income banks 1,924 1,925 1,137 1,228
Total income 21,255 21,268 6,217 6,710
Interest expenses bank loans −277 −277 -393 -424
Costs for own shares −53 −53 -41 -44
Currency gain 7,372 7,377 2,268 2,448
Currency loss −5,647 −5,650 -2,222 -2,399
Bank charges −282 −282 -100 -108
Operating result 22,368 22,383 5,728 6,183
Personnel expenses −2,424 −2,425 -2,142 -2,312
Group services −1,426 −1,427 -1,609 -1,737
Other operating expenses −912 −912 -1,158 -1,250
Marketing expenses −245 −248 -469 -506
Write-downs of receviables groups companies −6,709 −6,713 - -
Depreciation property, plant and equipment −30 −30 -39 -42
Result before tax 10,622 10,628 312 336
Direct taxes -10 -10 - -
Net profit of the year 10,612 10,618 312 336
BALANCE SHEET, PARENT COMPANY
31/12/2022 31/12/2022 31/12/2021 31/12/2021
ASSETS
TEUR TCHF TEUR TCHF
CURRENT ASSETS
Cash at bank 59,632 58,720 150,097 155,065
Other receivables 127 125 62 64
-third parties 127 125 62 64
Short-term interest bearing receivables 2,733 2,691 8,343 8,619
-group companies 2,733 2,691 8,343 8,619
Accruals and prepaid expenses 272 268 408 422
-third parties 272 268 408 422
TOTAL CURRENT ASSETS 62,764 61,804 158,909 164,169
NON-CURRENT ASSETS
Investments 546,483 593,205 546,483 593,205
Property, plant and equipment - - 30 31
TOTAL NON-CURRENT ASSETS 546,483 593,205 546,513 593,236
TOTAL ASSETS 609,247 655,009 705,422 757,405
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 49
PROFIT AND LOSS STATEMENT, PARENT COMPANY
BALANCE SHEET, PARENT COMPANY
PROPOSED APPROPRIATION OF THE AVAILABLE EARNINGS
31/12/2022 31/12/2022 31/12/2021 31/12/2021
LIABILTIES AND SHAREHOLDERS' EQUITY
TEUR TCHF TEUR TCHF
SHORT-TERM LIABILITIES
Short-term interest bearing liabilities 520 512 667 689
-group companies 520 512 667 689
Other short-term liabilities 73,803 72,675 153,245 158,317
-third parties 135 134 131 136
-group companies 73,668 72,541 153,113 158,181
Accrued expenses and deferred income 849 836 1,289 1,331
-third parties 259 255 628 649
-Shareholders 590 581 661 682
TOTAL SHORT-TERM LIABILITIES 75,172 74,023 155,200 160,337
SHAREHOLDERS' EQUITY
Share capital 12,378 13,460 12,378 13,460
Own shares −11,188 −12,112 −10,145 −11,023
Legal capital reserves 355,262 404,113 381,209 430,841
-reserves from capital contributions 322,478 367,456 348,425 394,155
-other capital reserves 26,620 29,999 26,620 30,028
- merger reserves 6,164 6,658 6,164 6,658
General legal profit reserves 2,389 2,692 2,389 2,692
Voluntary profit reserves 175,234 195,783 164,391 184,927
-retained earnings 164,622 185,165 164,080 184,591
-net profit of the year 10,612 10,618 312 336
Currency translation adjustments - −22,950 - −23,830
TOTAL SHAREHOLDERS' EQUITY 534,075 580,986 550,222 597,068
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 609,247 655,009 705,422 757,405
in TEUR in TCHF in TEUR in TCHF
RETAINED EARNINGS
31/12/2022 31/12/2022 31/12/2021 31/12/2021
Profit reserves at the beginning of the period 164,391 184,927 163,796 184,282
Dividend own shares 231 238 283 309
Net loss/profit of the year 10,612 10,618 312 336
Profit reserves at the end of the period 175,234 195,783 164,391 184,927
Allocation to the general legal profit reserves - - - -
Profit to be carried forward 175,234 195,783 164,391 184,927
PROPOSAL OF THE APPROPRIATION:
Capital contribution reserve carried forward 348,425 394,155 380,124 428,822
Impact exchange rate on previous year estimated dividend in SEK - 29 - −30
Dividend at General Meeting −25,947 −26,728 −19,805 −21,720
Dividend at extraordinary general meeting - - −11,894 −12,917
Capital contribution reserves attributable for disbursement 322,478 367,456 348,425 394,155
Dividend proposal −18,154 -17,876 −26,263 −27,132
Capital contribution reserves 304,324 349,580 322,162 367,023
50 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
NOTES, PARENT COMPANY
NOTES TO THE PARENT STATEMENTS
1. Accounting principles applied in the preparation of the
financial statements (in TEUR)
These financial statements have been prepared in accordance with the provisions of
commercial accounting as set out in the Swiss Code of Obligations (Art. 957 to 963b
CO), eective since 1 January 2013. As there is a consolidated financial report in ac
-
cordance with IFRS on group level the stand-alone financial statements of Fenix Out-
door International AG comprise only the following elements: Balance sheet, Income
statement and Notes. All amounts are presented in 000 EUR if not otherwise stated.
1.1. INVESTMENTS
Investments in subsidiaries are reported in the Company in accordance with the cost
method. Reported values are tested individually at each balance sheet date to assess
whether there is an indication for impairment.
1.2. INCOME RECOGNITION
Total income comprises mostly of dividend income as well as interest from loans
granted to group companies. Dividends are recognised when the right to receive
dividends is established. Interest income is recognised on an accrual basis. Other
income is recognised on an accrual basis.
1.3. EXPENSES
Interest on financial liabilities and exchange rate gains and losses are included in the
operating result. Administrative expenses mainly comprise of expenses on infrastruc
-
ture, personnel costs, consulting, purchased group services and other administrative
expenses. The expenses are recognised on an accrual basis.
1.4. PRESENTATION CURRENCY / FOREIGN CURRENCY TRANSLATION
The Swiss Francs (CHF) values are reported for Swiss compliance purpose (Swiss
Code of Obligation article 958d).
Transactions in foreign currencies during the period have been converted at the cur
-
rent exchange rates of the transactions using the published daily rates. All monetary
assets and liabilities, denominated in the foreign currencies have been translated
at the exchange rates as of the balance sheet date. Any gains or losses arising from
these conversions are credited or charged to the income statement. The Investments
denominated in the foreign currencies are shown with the historical exchange rates
ruling on the date of purchase of such investment.
The balances in EUR as of December 31, 2022 were translated to CHF considering
the following exchange rates and historic opening equity values:
2022 2021
EUR/CHF EUR/CHF
Assets and liablities except equity 1.01554 0.9679619
Profit & loss accounts (average rate) 0.9994 0.9264686
2. Information Balance Sheet and Income Statement
2.1. Other receivables
The position other receivables in the current assets of TEUR 127 comprises mainly of prepaid expenses towards third parties TEUR 47 and value added tax credits of TEUR
80.
2.2. Investments in subsidiaries
As of December 31, 2022 the company holds the following participations:
Participations (direct) 31/12/2022 31/12/2021
Name, Domicile Purpose Capital Capital Votes Capital Votes
RONMAR AG, Switzerland
1)
Merged CHF 100,000 - - - -
Fenix Outdoor AB, Sweden
2)
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
4)
Services CHF 100,000 100% 100% 100% 100%
Fenix Outdoor Brand Retail AG, Switzerland Dormant CHF 100,000 100% 100% 100% 100%
Alpen International Ltd, South Korea Trading KRW 2,803,800,000 91,8% 91,8% 91,8% 91,8%
RR Acquisition Company, USA
5)
Holding USD 1 100% 100% 100% 100%
Fenix Outdoor Asia Pacific Trading USD 10,000 100% 100% 100% 100%
Fenix Outdoor Import Asia, Hong Kong Holding HKD 1 100% 100% 100% 100%
Fenix Outdoor Taiwan Trading TWD 35,000,000 70% 70% 70% 70%
1) RONMAR AG, was merged into Fenix Outdoor International AG in 2021.
2) 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 International
AG acquired these shares from RONMAR AG. Consequently, Fenix Outdoor Interna
-
tional AG holds 100% of the shares of Fenix Outdoor AB, Sweden.
3) In connection with the authorized capital increase of June 1, 2015, Fenix Outdoor
International AG acquired 1,200,000 shares of category A with a nominal value of EUR
0.20 each and 16,466,667 shares of category B with a nominal value of EUR 0.20
each in Frilufts Retail Europe AB at a total value of EUR 9,720,000 whereby, as consid
-
eration for the contributors in kind, 210,000 fully paid-up registered shares of category
B with a par value of CHF 1.00 were issued plus a total amount of EUR 500,000 was
paid in cash. Consequently, Fenix Outdoor International AG directly holds 70% of the
capital and 30% of the voting rights of Frilufts Retail Europe AB.
4) Shares in the dormant company Fenix Outdoor Development and CSR AG were
fully written down in the end of 2020.
5) Shares in RR Acquisition Company were fully written down in end of 2020.
Participations (indirect)
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 in
-
terest therein, both direct and indirect, see Consolidated financial statements Note 36.
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 51
NOTES, PARENT COMPANY
Amounts in TEUR Share capital Legal capital
reserves
General legal
profit reserves
Voluntary profit
reserves
Own shares Total
Balance as per 31.12.2021 12,378 381,209 2,389 164,391 -10,145 550,222
Dividends
*)
-25,947 231 -25,716
Purchase of own shares -1,043 -1,043
Net profit of the year 2022 10,612 10,612
Balance as per 31.12.2022 12,378 355,262 2,389 175,234 -11 188 534,075
*) Net dividend, dividend payment of TEUR 25,947 minus dividend on own shares TEUR 231.
2.3. Equity
During 2022 the nominal share capital and the legal capital reserves showed the following several transactions:
2.4. Own shares
As per November 14th 2016 the company purchased 12,900 B-shares in its own
company at a price of 595 Swedish Kronor per share. During 2017, options for 6,200
B-shares were exercised by the senior Executives. During 2019 the company did pur
-
chase additional 112,898 B-shares and held 119,598 shares B-shares. During 2022
the company purchased additional 12,739 B-shares and held 132,337 B-shares.
2.5. Dividend income from investments
In 2022, dividend from Fenix Outdoor Taiwan was distributed of TEUR 538 and divi
-
dend from Fenix Outdoor AB was distributed of TEUR 18,623.
2.6. Financial income and expenses
The currency gain of TEUR 1,726 is mainly resulting from valuation of liquid assets,
short-term bank loans and various loans granted to and received from subsidiaries
and group companies which are balanced at their nominal values (SEK/EUR and
USD/EUR).
2.7. Group services
Group services of TEUR 1,426 mainly comprise of the Company’s share of costs for
services provided by other group companies, such as board and shareholder costs,
administration, legal costs and marketing costs.
3. Additional disclosures in accordance with Art. 959c
(Swiss Code of Obligations)
3.1. Number of employees
Fenix Outdoor International AG has employed 3 fulltime employees (2021: 3).
3.2. Guarantees, contingent liabilities, assets pledged in favour of third parties
Fenix Outdoor International AG has taken over guarantee obligations of Fenix group
companies as follows:
Amounts in TEUR 31.12.2022 31.12.2021
Guarantees, countingent liablities, assets pledged
in favour of third parties
34,431 45,071
thereof used 34,431 45,071
4. Mandatory disclosures in accordance with Art. 663c
(Swiss Code of Obligations)
4.1. Significant Shareholdings in Fenix Outdoor International AG
The Family Nordin, along with its related companies, represents 61.4% of the
Company’s nominal share value, corresponding to 85.2% of the votes at the Annual
General Meeting, See Consolidated financial report, page 57.
4.2. Shareholdings of members of the board of directors as per 31.12.2022
(31.12.2021)
2022 2021
Martin Nordin,
Executive chairman
18,300,000 A-shares
and 242,568 B-shares
18,300,000 A-shares
and 242,568 B-shares
Susanne Nordin (Nidmar Invest AB) 20,000 B-shares 20,000 B-shares
Mats Olsson No shares No shares
Ulf Gustafsson No shares No shares
Sebastian von Wallwitz 100 B-shares 100 B-shares
Rolf Schmid No shares No shares
4.3. Shareholding of Senior Executives as per 31.12.2022 (31.12.2021)
2022 2021
Alex Koska, President 1,000 B-shares 1,000 B-shares
Martin Axelhed, Vice President 6,000 B-shares 6,000 B-shares
Henrik Homan, Vice President 10,250 B-shares 10,250 B-shares
Thomas Lindberg, CFO 1,100 B-shares 1,100 B-shares
Nathan Dopp 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
and analysis by management of the financial condition of the Company at 31 Decem
-
ber 2022, or the result for 2022.
In December 2022 Fenix Outdoor signed an agreement to divest Primus AB and its
subsidiary Primus Eesti Ou to Silva Sweden AB. The closing is planned to take place
in spring of 2023. Fenix Outdoor will, during a transition period, continue to sell Pri
-
mus in certain markets, through our Global Sales organization, the products will also
continue to be an obvious part of Frilufts Retail Europe’s product assortment.
The divest of Primus AB and its subsidiary Primus Eesti Ou will have no significant
eect on Fenix Outdoor’s consolidated accounts.
52 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
REPORT OF THE STATUTORY AUDITOR ON THE FINANCIAL STATEMENTS
REPORT OF THE STATUTORY AUDITOR
ON THE FINANCIAL STATEMENTS
OPINION
We have audited the financial statements of Fenix Outdoor International AG, (the
Company), which comprise the statement of financial position as at 31 December
2022, the statement of income for the year then ended, and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the financial statements (pages 48 to 51) comply with Swiss law and
the Company’s articles of incorporation.
BASIS FOR OPINION
We conducted our audit in accordance with Swiss law and Swiss Standards on Audit-
ing (SA-CH). Our responsibilities under those provisions and standards are further
described in the “Auditor's responsibilities for the audit of the financial statements”
section of our report. We are independent of the Company in accordance with the
provisions of Swiss law and the requirements of the Swiss audit profession, and we
have fulfilled our other ethical responsibilities in accordance with these require
-
ments.
We believe that the audit evidence we have obtained is sucient and appropriate to
provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the financial statements of the current period. These
matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. For each matter below, our description of how our audit addressed
the matter is provided in that context.
We have fulfilled the responsibilities described in the “Auditor's responsibilities for
the audit of the financial statements” section of our report, including in relation
to these matters. Accordingly, our audit included the performance of procedures
designed to respond to our assessment of the risks of material misstatement of the
financial statements. The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis for our audit opinion on
the financial statements.
IMPAIRMENT ASSESSMENT OF INVESTMENTS IN SUBSIDIARIES
Area of Focus
Fenix Outdoor International AG assesses the valuation of its investments in subsidiar-
ies on an annual basis, considering the performance of the investments in subsid-
iaries and their operations as well as the market capitalization of the entire group.
Investments in subsidiaries are recorded using the cost method net of valuation
adjustments. Reported values are tested individually at each balance sheet date, to
assess whether there is an indication for impairment, by calculating the value in use
with a discounted cash flow model. The impairment assessment requires estimates
and assumptions, such as budgets and forecast earnings, cash flows and discount
rates in order
to determine the value in use for the investments. The principal consideration for our
determination that the impairment assessment of investments in subsidiaries is a fo
-
cus area of our audit is the subjectivity in the assessment of the value in use amounts
which requires estimation and the use of subjective assumptions. Refer to note 2.2 of
the financial statements of Fenix Outdoor International AG.
Our audit response
We assessed the Company’s procedures to test the valuation of its investments in
subsidiaries. We evaluated the budget and forecast information on both earnings and
related cash flows. We performed inquiries of management to corroborate our under
-
standing about the estimated performance and future developments in the markets
including the estimation of growth rates or the forecast of future free cash flows of
the coming five years. We further evaluated how the Company derived the applied
discount rate to the free cash flows in
the valuation model, assessed it against observable market data and involved valua
-
tion specialists.
Our audit procedures did not lead to any reservations concerning valuation of invest
-
ments in subsidiaries.
OTHER INFORMATION
The Board of Directors is responsible for the other information. The other information
comprises the information included in the annual report, but does not include the
consolidated financial statements, the stand-alone financial statements, the com
-
pensation report and our auditor’s reports thereon.
Our opinion on the financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is ma
-
terially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material mis
-
statement of this other information, we are required to report that fact. We have noth-
ing to report in this regard.
BOARD OF DIRECTORS’ RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS
The Board of Directors is responsible for the preparation of the financial state-
ments in accordance with the provisions of Swiss law and the Company's articles of
incorporation, and for such internal control as the Board of Directors determines is
necessary to enable the preparation of financial statements that are free from mate
-
rial misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for
assessing the Company’s ability to continue as a going concern, disclosing, as ap
-
plicable, matters related to going concern, and using the going concern basis of
accounting unless the Board of Directors either intends to liquidate the Company or
to cease operations, or has no realistic alternative but to do so.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL
STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial state-
ments as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a
high level of assurance, but is not a guarantee that an audit conducted in accor
-
dance with Swiss law and SA-CH will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is
located on EXPERTsuisse’s website at: https://www.expertsuisse.ch/en/audit-report.
This description forms an integral part of our report.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an
internal control system exists, which has been designed for the preparation of the
financial statements according to the instructions of the Board of Directors.
Furthermore, we confirm that the proposed appropriation of available earnings
complies with Swiss law and the Company’s articles of incorporation. We recommend
that the financial statements submitted to you be approved.
Ernst & Young Ltd
Roger Müller Roman Ottiger
Licensed audit expert Licensed audit expert
(Auditor in charge)
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 53
COMPENSATION REPORT
COMPENSATION REPORT
The Compensation Report contains details of the total compensation paid to mem-
bers of the Board of Directors and the Senior Executives. In accordance with the
Ordinance against Excessive Compensation in Stock Exchange Listed Companies,
the Annual General Meeting of Shareholders votes to approve the compensation of
the members of the Board of Directors and the Senior Executives.
PRINCIPLES
The Board of Directors of Fenix Outdoor International AG determines guidelines for
remuneration to Senior Executives at market terms, enabling the company to recruit,
develop and retain Senior Executives. The remuneration consists of fixed salary, pen
-
sion and other benefits. Total remuneration is to be at market rate and competitive
and is also to reflect the areas of responsibility of the Senior Executive and the com
-
plexity of his or her role. In addition to the fixed salary component, Senior Executives
are eligible to receive variable compensation, which is related to the achievement of
sales and profitability targets. For Senior Executives, variable remuneration normally
is a maximum of 50 percent of base annual salary.
BASIC PRINCIPLES
The disclosed compensation of the Board of Directors and the Senior Executives
comprise the compensation for the full reporting year, subject to the following addi
-
tions and limitations:
– The compensation paid to new members of the Board of Directors or Senior
Executives is included from the date on which the member takes over the relevant
functions.
– If a member transfers from the Senior Executives to the Board of Directors, or vice
versa, the full compensation is taken into account and reported under the new func
-
tion.
– If a member resigns from or steps down from the Board of Directors or the Senior
Executives position, the compensation paid up to the date on which the member
stepped down plus any compensation paid in the reporting year in connection with
his or her former activities is included.
– The Board of Directors’ remuneration is paid by Fenix Outdoor International AG.
Senior Executives are paid by the company they are employed by.
FIXED COMPENSATION (BASIC COMPENSATION)
The basic compensation to the members of the Board of Directors is the Board
Remuneration. Martin Nordin and Susanne Nordin gets no Board remuneration but
a fixed salary. The basic compensation to the Senior Executives comprises an annual
fixed salary, pension and other benefits. The total fixed compensation is decided by
the Annual General Meeting (AGM).
VARIABLE COMPENSATION
In addition to the fixed compensation, the Senior Executives are also eligible to
receive variable compensation, which is based on sales and profitability targets. For
Senior Executives, variable remuneration normally is a maximum of 50 percent of the
basic annual salary. The Directors of the Board which are getting Board remunera
-
tion get no variable compensation. The AGM is asked to vote on the total variable
compensation retrospectively for the Senior Executives and the executive chairman,
i.e., variable compensation proposed by the Board of Directors to be payable for
2022 is subsequently confirmed by the annual general meeting in April 2023.
RESPONSIBILITIES AND DETERMINATION PROCESS
The compensation system is confirmed by the Compensation Committee before
being submitted to the Board of Directors for approval. Individual members of the
Board of Directors are not present when decisions are made on their respective
compensation awards.
MEMBERS OF THE COMPENSATION COMMITTEE
Ulf Gustafsson (member of the board) and Susanne Nordin (member of the board).
THE BOARD OF DIRECTORS
Approves, at the request of the Compensation Committee, the terms of the employ-
ment contract for the Senior Executives.
COMPENSATION FOR THE REPORTING YEAR
Board of Directors compensation overview:
At the AGM held in April 2021 the AGM approved a maximum total compensation for
2022 to the Board of Directors of TEUR 1,400.
Fixed compensation
The compensation paid in 2022 totaled TEUR 1,089, compared with TEUR 899 the
previous year. Two Directors of the Board, Rolf Schmid and Ulf Gustafsson, invoiced
consultant fees for support given to the Fenix Outdoor Group – Mr. Schmid through
a company controlled by himself, RS Mandate AG, and Mr. Gustafsson through a
company controlled by himself, Consilo AB.
Variable compensation
There is no variable compensation paid to the Board of Directors, except for Martin
Nordin as Executive Chairman and Susanne Nordin. In 2022 Martin Nordin received
a bonus of TEUR 167. In 2021 he received a bonus of TEUR 232. Susanne Nordin
received no bonus in 2022, but in 2021 she received a gratification of TEUR 102. In
2022 the compensation committee and the Board of Directors proposed an extra sal
-
ary of TEUR 318 to Susanne and Martin Nordin each. These extra salaries resulted in
an overdraft of the total compensation approved (TEUR 1,400) by the AGM in 2021
of TEUR 492. This overdraft was approved by the majority of the votes.
The Executive Chairman is entitled to a bonus, based on return on total assets for
the Fenix Outdoor Group (income after financial items plus interest expenses, as
a percentage of average total assets). The base is the average repo rate, set by the
European Central Bank, for the relevant calendar year plus 10 percent. The base
+1 percent gives an extra monthly salary; the base +2 percent gives a further month-
ly salary, up to six monthly salaries. In 2022 the average repo rate was 0,6 percent.
The return on total assets in year 2022 was 15.2 percent. For 2022 the Executive
Chairman is entitled a bonus of four months of salary. Total assets are defined as total
assets excluding eects from IFRS 16 adjustments.
Senior Executives
Fixed compensation
At the AGM held in May 2021 the AGM approved a maximum total fixed compensa
-
tion for 2022 to the Senior Executives of TEUR 2,500. A total of TEUR 2,208 was
paid out in fixed compensation in 2022, compared with TEUR 1,800 the previous
year.
Variable compensation
In 2022 a total variable compensation of TEUR 446 was given to the Senior Execu
-
tives. The variable compensation paid for 2022 needs to be confirmed by the Annual
General Meeting in April 2023. In 2021 a variable compensation of TEUR 1,231 was
given.
In November 2022 an option program to four defined Senior Executives has been
released. 20,000 options, each giving a right to buy one B-share in Fenix Outdoor
International AG, have been granted to them. The exercise price was set to SEK 845
and was equal to the market price of the shares on the day of grant. The exercise
period starts in November 2025 and ends in November 2027. The options vest if the
person is still employed on such date. If this is not met, the options lapse.
HIGHEST COMPENSATION
The highest total individual compensation was given to Martin Nordin.
COMPENSATION TO FORMER MEMBERS
No compensation was paid to former Directors of the Board or Senior Executives.
LOANS, CREDITS AND GUARANTEES IN 2022
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, 2022. In the reporting year no collateral or
guarantees were granted to Senior Executives or Directors of the Board.
54 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
COMPENSATION REPORT
COMPENSATION BOARD OF
DIRECTORS 2022 TEUR
Base
salary
Benefits and
other remu
-
neration
Consultant
fee
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2022, incl. soc. cost Total
Total in TCHF
EUR/CHF
1,0006
Martin Nordin, Executive Chairman 500 30 - 6 86 485 1,107 1,107
Susanne Nordin 194 10 - 6 45 318 574 574
Ulf Gustafsson - 25 48 - - - 73 73
Mats Olsson - 25 - - - - 25 25
Sebastian Von Wallwitz - 25 - - - - 25 25
Rolf Schmid - 25 64 - - - 89 89
Total 694 140 112 12 131 803 1,892 1,893
Total fixed compensation 694 140 112 12 131 - 1,089 1,090
COMPENSATION BOARD OF
DIRECTORS 2021 TEUR
Base
salary
Benefits and
other remu
-
neration
Consultant
fee
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2021, incl. soc. cost Total
Total in TCHF
EUR/CHF
1,0794
Martin Nordin, Executive Chairman 463 27 - 6 41 232 769 830
Susanne Nordin 150 9 - 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 613 112 96 12 66 334 1,233 1,331
Total fixed compensation 613 112 96 12 66 - 899 970
COMPENSATION SENIOR
EXECUTIVES 2022 TEUR Base salary
Benefits and other
remuneration
Pension
contributions
Social
costs
Variable compensation
related to and accrued
in 2022, incl. soc. cost
Value of options
at grant date Total
Total in TCHF
EUR/CHF 1,0006
President 420 62 - - 140 142 764 764
Senior Executives 1,172 34 267 254 306 424 2,457 2,458
Total 1,592 96 267 254 446 566 3,220 3,222
Total fixed compensation 1,592 96 267 254 - - 2,208 2,210
COMPENSATION SENIOR
EXECUTIVES 2021 TEUR Base salary
Benefits and other
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
Total fixed compensation 1,269 88 231 212 - 1,800 1,943
OPTION PROGRAM
In 2022 Alex Koska, Martin Axelhed, Henrik Homan and Nathan Dopp were granted
a personnel option program as below. The option program is valid as long as these
persons are employed. There are no other vesting conditions to be met.
SHAREHOLDING IN FENIX OUTDOOR INTERNATIONAL AG
Board of Directors as of December 31, 2022
Martin Nordin 18,300,000 A-shares and
242,568 B-shares
Mats Olsson No shares
Ulf Gustafsson No shares
Susanne Nordin 20,000 B-Shares (through company)
Sebastian von Wallwitz 100 B-shares
Rolf Schmid No shares
(Sven Stork, No shares, Permanent Honorary member of the Board)
OPTION PROGRAM Grant date Exercise rate
Number of *
options Value grant date Exercise period 1 Exercise period 2 Exercise period 3
Option program 1 2022-11-02 SEK 845 20,000 566 2025 11 2026 11 2027 11
Senior Exec. 6,666 6,666 6,668
*each giving a right to purchasing 1 B-share of Fenix Outdoor International AG
Senior Executives as of December 31, 2022
Alex Koska, President 1,000 B-shares
Martin Axelhed, Executive Vice President 6,000 B-shares
Henrik Homan, Vice President 10,250 B-shares
Nathan Dopp, Vice President 1,200 B-shares
Thomas Lindberg, CFO 1,100 B-shares
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 55
AUDIT REPORT COMPENSATION REPORT
REPORT OF THE STATUTORY AUDITOR
ON THE COMPENSATION REPORT
OPINION
We have audited the compensation report of Fenix Outdoor International AG (the
Company) for the year ended 31 December 2022. The audit was limited to the
information on remuneration, loans and advances pursuant to Art. 14-16 of the Ordi
-
nance against Excessive Remuneration in Listed Companies Limited by Shares (Ver-
ordnung gegen übermässige Vergütungen bei börsenkotierten Aktiengesellschaften,
VegüV) in the tables on pages 53 to 54 of the compensation report.
In our opinion, the information on remuneration, loans and advances in the compen
-
sation report complies with Swiss law and Art. 14-16 VegüV.
BASIS FOR OPINION
We conducted our audit in accordance with Swiss law and Swiss Standards on Audit-
ing (SA-CH). Our responsibilities under those provisions and standards are further
described in the “Auditor’s responsibilities for the audit of the compensation report”
section of our report. We are independent of the Company in accordance with the
provisions of Swiss law and the requirements of the Swiss audit profession, and we
have fulfilled our other ethical responsibilities in accordance with these require
-
ments.
We believe that the audit evidence we have obtained is sucient and appropriate to
provide a basis for our opinion.
OTHER INFORMATION
The Board of Directors is responsible for the other information. The other information
comprises the information included in the annual report, but does not include the
tables in the compensation report, the consolidated financial statements, the stand-
alone financial statements and our auditor’s reports thereon.
Our opinion on the compensation report does not cover the other information and we
do not express any form of assurance conclusion thereon.
In connection with our audit of the compensation report, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the audited financial information in the compensation
report or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
If, based on the work we have performed, we conclude that there is a material mis
-
statement of this other information, we are required to report that fact. We have noth-
ing to report in this regard.
BOARD OF DIRECTORS’ RESPONSIBILITIES FOR THE COMPENSATION
REPORT
The Board of Directors is responsible for the preparation of a compensation report in
accordance with the provisions of Swiss law and the Company's articles of incorpora
-
tion, and for such internal control as the Board of Directors determines is necessary
to enable the preparation of a compensation report that is free from material mis
-
statement, whether due to fraud or error. The Board of Directors is also responsible
for designing the remuneration system and defining individual remuneration pack
-
ages.
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE COMPENSATION
REPORT
Our objectives are to obtain reasonable assurance about whether the information on
remuneration, loans and advances pursuant to Art. 14-16 VegüV is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not
a guarantee that an audit conducted in accordance with Swiss law and SA-CH will
always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on
the basis of this compensation report.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional
judgment and maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement in the compensation
report, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sucient and ap
-
propriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to de
-
sign audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the eectiveness of the Company’s internal
control.
• Evaluate the appropriateness of accounting policies used and the reasonable
-
ness of accounting estimates and related disclosures made.
We communicate with the Board of Directors or its relevant committee regarding,
among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the Board of Directors or its relevant committee with a statement
that we have complied with relevant ethical requirements regarding independence,
and to communicate with them all relationships and other matters that may reason
-
ably be thought to bear on our independence, and where applicable, actions taken to
eliminate threats or safeguards applied.
Ernst & Young Ltd
Roger Müller Roman Ottiger
Licensed audit expert Licensed audit expert
(Auditor in charge)
56 ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG
FENIX OUTDOOR SHARE DATA
FENIX OUTDOOR SHARE DATA
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
FENIX OUTDOOR SHARE PRICE NASDAQ OMX, 2018–2022
2018-07-02
2019-11-02
2018-09-02
2020-01-02
2018-11-02
2020-03-02
2019-01-02
2020-05-02
2021-03-02
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
2022-03-02
2022-05-02
2022-07-02
2022-09-02
2022-01-02
2022-11-02
SHARE PERFORMANCE 2022
Fenix Outdoor was listed on the stock market in 1983 and is
traded on Nasdaq OMX Stockholm’s Large Cap list. The shares
are classified in the Consumer Products and Services sector.
The symbol is FOI-B and ISIN code is CH0242214887. Based
on the last price paid on December 30, 2022, which was 852.00
SEK, Fenix Outdoors market capitalization was 11.5 billion SEK
(16.5).
Fenix Outdoor’s share price fall 30.7 percent in 2022, while
the total index, OMX PI Stockholm, fall 24.6 percent. The high
-
est closing price during the year was 1,290.00 SEK, on February
15th, and the lowest closing price was 753.00 SEK, on Septem
-
ber 28th.
SHARE CAPITAL
At the end of 2022, Fenix Outdoor’s share capital equaled TCHF
13,460 divided among 11,060,000 B-shares with a nominal
value of 1 CHF, 24,000,000 A-shares with a nominal value of
0.1 CHF. The A-shares carry 1/10 of the B-shares entitlement to
the company’s profit and equity.
SHAREHOLDING STRUCTURE
The number of shareholders was 9,284 (8,384) at 2022. The
ten largest shareholders held 82.1 percent of the capital and
93.2 percent of the votes.
DIVIDEND
For the 2022 financial year, the Board of Directors has proposed
a dividend of 15.00 (15.00) SEK per B-share and a dividend of
1.50 (1.50) SEK per A-Share, corresponding to 29.2 percent of
profit after tax.
Based on the last price paid on December 30th 2022 (SEK
852.00), the proposed dividend represents a dividend yield of
1.7 percent.
Since 2018, Fenix Outdoor has paid out an average of 27.8
percent of profit after tax in yearly dividends.
Fenix Outdoor OMX PI
37.2%
-14.9%
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 57
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION 2022
ANNUAL GENERAL MEETING, FINANCIAL INFORMATION 2023
Shareholder
Number of
A-shares
Number of
B-shares
Percentage of
capital, %
Percentage of
votes, %
NORDIN, MARTIN 18,300,000 242,568 15.6% 53.1%
HAK HOLDINGS 1,900,000 1,948,767 16.0% 11.0%
LISELORE AB 1,900,000 1,663,767 13.9% 10.2%
PINKERTON HOLDING AB 1,900,000 1,628,767 13.6% 10.1%
NORDEA NORDIC SMALL CAP FUND - 928,688 7.0% 2.7%
BESTSELLER UNITED A/S - 814,345 6.1% 2.3%
VERDIPAPIRFONDET ODIN SVERIGE - 775,000 5.8% 2.2%
VON DER ESCH, STINA - 200,000 1.5% 0.6%
NORDEA SMABOLAGSFOND SVERIGE - 191,322 1.4% 0.5%
BANQUE PICTET & CIE (EUROPE) SA, W8IMY - 150,881 1.1% 0.4%
NORDIN, ANNA - 149,452 1.1% 0.4%
NORDEA 1 SICAV - 104,142 0.8% 0.3%
NORDEA INSTITUTIONELLA SMABOLAGSFON - 90,721 0.7% 0.3%
WALL, KARL JOHAN - 70,000 0.5% 0.2%
STIFTELSE, MÄRTA - 60,000 0.5% 0.2%
Other - 1,909,243 14.3% 5.5%
TOTAL 24,000,000 10,927,663 100.0% 100.0%
OWNED BY FENIX OUTDOOR INTERNATIONAL AG - 132,337
Annual General Meeting The Annual General Meeting of the
shareholders of Fenix Outdoor International AG will be held at
14.00 pm on Friday, April 21, 2023, at Hemvärnsgatan 9, Solna.
NOTICE OF ANNUAL GENERAL MEETING
The announcement regarding the Annual General Meeting will
be issued through the Ocial Swedish Gazette (Post och Inrikes
Tidningar) and by publication on the Company’s website www.
fenixoutdoor.com. The fact that notification has been issued is
announced in Svenska Dagbladet and Örnsköldsviks Allehanda.
NOTIFICATION AND PARTICIPATION AT THE
MEETING
Shareholders who wish to attend the Annual General Meeting
must notify the Company of their intention no later than 1 p.m.
on Tuesday, April 18, 2023 at the following address: Fenix Out
-
door International AGM, Hemvärnsgatan 15, SE - 171 54 Solna
or by e-mail at info@ fenixoutdoor.se.
Notification must include the shareholder’s name, address,
personal identity number /corporate identity number, phone
number (daytime) and the number of shares he or she holds.
Shareholders who, through a bank or another trustee, have
trustee-registered shares must re-register the shares in their
own names to be entitled to participate in the Annual General
Meeting. To ensure that this registration is entered in the share
-
holder register on Thursday, April 13, 2023 shareholders must
request that their trustees conduct such registration well in ad
-
vance of this date. The re-registration may be temporary.
PROPOSED DIVIDEND
The Board of Directors proposes a dividend of 15.00 SEK per
B-share (15.00) and a dividend of 1.50 SEK per A-share (1.50)
for 2022.
• Final day of trading Fenix Outdoor shares, including the right
to the dividend: April 21, 2023
• Record date for payment of the dividend: April 25, 2023
• Payment date for the dividend: Earliest April 28, 2023
FINANCIAL CALENDAR
Interim report January–March, April 21, 2023
THE MAJOR SHAREHOLDERS 2022–12–31
58 ANNUAL REPORT 2022 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
ADDRESSES
FENIX OUTDOOR
INTERNATIONAL AG
Weidstrasse 1a
6300 ZUG
SWITZERLAND
Phone +46 (0) 660-26 62 00
www.fenixoutdoor.se
ADMINISTRATION
Fenix Outdoor AB
Box 209
SE-891 25 ÖRNSKÖLDSVIK
SWEDEN
Phone 0660-26 62 00
www.fenixoutdoor.se
info@fenixoutdoor.se
FENIX OUTDOOR LOGISTICS B.V.
Koningsbeltsweg 12 NL-1329
AG ALMERE
THE NETHERLANDS
Phone +31-36-53 59 400
FENIX OUTDOOR LOGISTICS GMBH
Am Alten Flugplatz 5 D-19288
LUDWIGSLUST GERMANY
Phone +49 3874 62 00 100
PRIMUS AB
Hemvärnsgatan 15
Box 6041
SE-171 54 SOLNA
SWEDEN
Phone 08-564 842 30
www.primus.se
PRIMUS EESTI OÜ
Saalungi 14
50411 TARTU
ESTONIA
Phone +372-74-24 903
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
Phone +1 415 587 9044
www.royalrobbins.com
HANWAG DEUTSCHLAND
VERTRIEBS GMBH
Wiesenfeldstrasse 7
DE-852 56 VIERKIRCHEN
GERMANY
Phone +49-8139-935 60
www.hanwag.de
PRIMUS NORTH AMERICA INC
1795 Dogwood St #400
LOUISVILLE
CO 80027
USA
Phone +8004434871
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
Phone +49-8139-802 30
FJÄLLRÄVEN B.V.
Torenzicht 23A
3755 CA EEMNES
THE NETHERLANDS
FENIX OUTDOOR BENELUX B.V.
Plesmanstraat 1
3833 LEUSDEN LA
THE NETHERLANDS
FENIX OUTDOOR NORGE AS
Serviceboks 827
2626 LILLEHAMMER
NORWAY
Phone +47-61-24 69 00
FENIX OUTDOOR FINLAND OY
Pakkalankuja 6
FIN-01510 VANTAA
FINLAND
Phone +358-98-77 11 33
FENIX OUTDOOR DANMARK APS
Bremårevej 3
DK-8520 LYSTRUP
DENMARK
Office +45 86 20 20 75
FENIX OUTDOOR UK LTD
13 Quay Lane GOSPORT
Hants. PO 124LJ , UK
Phone +42-39 25 28 711
FENIX OUTDOOR AUSTRIA
ITALY GMBH
Valiergasse 60, Top 0-05
6020 INNSBRUCK
AUSTRIA
Phone: (+43) 512 79 34 18
FENIX OUTDOOR EMERGING
MARKETS GMBH
Wiesenfeldstrasse 7
DE-852 56 VIERKIRCHEN
GERMANY
Phone +49-8139-802 30
BUS SPORT AG
Schingasse 4a
CH 9470 BUCHS
SWITZERLAND
FJÄLLRÄVEN USA LLC
1795 Dogwood St #400
LOUISVILLE
CO 800 27, USA
Phone +8004434871
FENIX OUTDOOR ASIA PACIFIC
PTE LTD
1 Harbourfront Avenue
#14-08 Keppel Bay Tower
SINGAPORE 098632
ALPEN INTERNATIONAL CO LTD
135-896 Daemyung B/D 6E
637-15 Shinsa-dong
Gangnam-Gu SEOUL
SOUTH KOREA
www.alpen-international.com
FENIX OUTDOOR TAIWAN CO. LTD.
10F.-5, No. 112, Sec. 2,
Zhongshan N. Rd., Zhongshan
Dist.,
TAIPEI CITY 104,
TAIWAN (R.O.C.)
Tel +886-2-2523-3871
GLOBETROTTER AUSRÜSTUNG
GMBH
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
Phone +45-33 14 51 50
www.friluftsland.dk
TREKITT
51 Eign Gate
HEREFORD
HR4 0AB
GREAT BRITAIN
Phone +44 1432 263335
www.trekitt.co.uk
ANNUAL REPORT 2022 FENIX OUTDOOR INTERNATIONAL AG 59
ADDRESSES