- On delivers its sixth consecutive record top-line quarter,
reaching net sales of CHF 444.3 million in Q2 2023. This
corresponds to a year-over-year growth rate of 52.3% and over 60%
on a constant currency basis. Driven by the high end-consumer
demand, net sales in the direct-to-consumer ("DTC") channel outgrew
the wholesale channel, increasing by 54.7% year-over-year.
- Supported by the resulting increased DTC share of 36.8% and a
high share of full-price sales, On achieves a strong second quarter
gross profit margin of 59.5%. The increase versus the 55.1% gross
profit margin in the prior year period further reflects the
discontinuation of extraordinary air freight usage, which had
weighed on profitability during the first half of 2022.
- On continues on its path to combine strong growth with
increasing profitability, achieving a positive net income in the
quarter of CHF 3.3 million despite significant unrealized FX
losses. Adjusted EBITDA reached CHF 62.7 million, nearly doubling
from CHF 31.4 million in the prior year period.
- As a result of the achievements in the first half of the year,
ongoing momentum in the start of the third quarter and continued
positive feedback from its retail partners, On is raising its
outlook for net sales to reach at least CHF 1.76 billion in the
fiscal year 2023, implying a full year growth rate of 44% and
second half year growth rate of close to 30%.
- The increased outlook for the full year includes consideration
of the persistent CHF strength that On faces in relation to its
other meaningful currencies. On a constant currency basis, the
increased outlook implies a growth rate of 44% for the second half
of the year.
- On continues to deliver innovative, differentiated products
that enable world-class performances on the road, tracks, trails
and courts. In recent months, Iga Świątek won the women's singles
French Open title and On athletes achieved 24 podium finishes in
their respective national athletics championships, further
enhancing On's credibility in the performance space.
On Holding AG (NYSE: ONON) (“On,” “On Holding AG,” the
“Company,” “we,” “our,” “ours,” or “us”), has announced its
financial results for the second quarter and six-month period ended
June 30, 2023.
Martin Hoffmann, Co-CEO and CFO of On, said: “The very strong
first six months of the year and now six consecutive record
quarters is a testament to the incredible work and dedication our
team continues to showcase every day. The strength of the On brand
and continued exceptional growth is visible across channels,
regions and products. We are thrilled that we are visibly
progressing further on our strategy and ambition to win credibility
and market share in the performance space. In particular, we are
extremely pleased with the feedback on our Cloudboom Echo 3, which
was more broadly launched in Q2 and is our fastest long-distance
running shoe yet. On the Tennis side, we saw Iga Świątek take the
victory at the French Open at Roland Garros in early June – we are
so proud to have kicked off On’s presence on the grand slam courts
with such an incredible and emotional debut."
David Allemann, Co-Founder and Executive Co-Chairman of On,
said: “We are coming closer to our two-year anniversary since our
IPO. Our life as a public company has been an incredible
continuation of our journey, marked by significant progress and
huge achievements. Our product innovation engine has delivered six
all-new performance shoes within the 24-month period, as we
continue to take market share in the specialty run channel. We have
opened the door for future regional growth and category expansion,
while also improving our operational backbone. After a great first
half of 2023, we are excited and energized for the second half of
the year, starting with the upcoming World Athletics Championships
in Budapest, where numerous On athletes will be participating."
Second Quarter 2023 Financial and Operating Metrics
Key highlights for the three-month period ended June 30, 2023
compared to the three-month period ended June 30, 2022 include:
- net sales increased 52.3% to CHF 444.3 million;
- net sales through the DTC sales channel increased 54.7% to CHF
163.5 million;
- net sales through the wholesale sales channel increased 51.0%
to CHF 280.8 million;
- net sales in Europe, Middle East and Africa (“EMEA”), Americas
and Asia-Pacific increased 28.9% to CHF 113.6 million, 59.8% to CHF
296.6 million and 90.2% to CHF 34.1 million, respectively;
- net sales from shoes, apparel and accessories increased 52.6%
to CHF 428.2 million, 45.9% to 13.4 million and 45.4% to 2.7
million, respectively;
- gross profit increased 64.4% to CHF 264.5 million from CHF
160.8 million;
- gross profit margin increased to 59.5% from 55.1%;
- net income decreased 93.3% to CHF 3.3 million from CHF 49.1
million;
- net income margin decreased to 0.7% from 16.9%;
- basic earnings per share (“EPS”) Class A (CHF) decreased to
0.01 from 0.16;
- diluted EPS Class A (CHF) decreased to 0.01 from 0.15;
- adjusted EBITDA increased 99.6% to CHF 62.7 million from CHF
31.4 million;
- adjusted EBITDA margin increased to 14.1% from 10.8%;
- adjusted net income decreased to CHF 11.7 million from CHF 44.8
million;
- adjusted basic EPS Class A (CHF) decreased to 0.04 from 0.14;
and
- adjusted diluted EPS Class A (CHF) decreased to 0.04 from
0.14.
Key highlights for the six-month period ended June 30, 2023
compared to the six-month period ended June 30, 2022 include:
- net sales increased 63.9% to CHF 864.5 million;
- net sales through the DTC sales channel increased 58.9% to CHF
300.5 million;
- net sales through the wholesale sales channel increased 66.7%
to CHF 564.0 million;
- net sales in the EMEA, Americas and Asia-Pacific increased
39.4% to CHF 232.2 million, 73.6% to CHF 566.8 million and 90.5% to
CHF 65.5 million, respectively;
- net sales from shoes, apparel and accessories increased 64.7%
to CHF 828.7 million, 47.6% to CHF 30.3 million and 48.9% to CHF
5.4 million, respectively;
- gross profit increased 80.1% to CHF 509.4 million from CHF
282.9 million;
- gross profit margin increased to 58.9% from 53.6%;
- net income decreased 24.9% to CHF 47.7 million from CHF 63.5
million;
- net income margin decreased to 5.5% from 12.0%
- basic EPS Class A (CHF) decreased to 0.15 from 0.20;
- diluted EPS Class A (CHF) decreased to 0.15 from 0.20;
- adjusted EBITDA increased 162.5% to CHF 123.7 million from CHF
47.1 million;
- adjusted EBITDA margin increased to 14.3% from 8.9%;
- adjusted net income decreased to CHF 60.5 million from CHF 61.8
million;
- adjusted basic EPS Class A (CHF) decreased to 0.19 from 0.20;
and
- adjusted diluted EPS Class A (CHF) remained unchanged at
0.19.
Key highlights as of June 30, 2023 compared to December 31, 2022
include:
- cash and cash equivalents decreased by 9% to CHF 337.1 million
from CHF 371.0 million; and
- net working capital was CHF 598.6 million as of June 30, 2023
which reflects an increase of 30.4% compared to December 31,
2022.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income,
adjusted basic EPS, adjusted diluted EPS and net working capital
are non-IFRS measures used by us to evaluate our performance.
Furthermore, we believe adjusted EBITDA, adjusted EBITDA margin,
adjusted net income, adjusted basic EPS, adjusted diluted EPS and
net working capital enhance investor understanding of our financial
and operating performance from period to period because they
enhance the comparability of results between each period, help
identify trends in operating results and provide additional insight
and transparency on how management evaluates the business. Adjusted
EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic
EPS, adjusted diluted EPS and net working capital should not be
considered in isolation or as a substitute for other financial
measures calculated and presented in accordance with IFRS. For a
detailed description and a reconciliation to the nearest IFRS
measure, see the section below titled “Non-IFRS Measures”.
Outlook
Following two consecutive record quarters in 2023, On remains
confident in the strength of the brand and in the ability to
continue carrying out its growth strategy. The strong second
quarter results serve as a proof point for the strength of the On
brand and the strong demand that persists across all channels,
regions and products.
Supported by an exciting product pipeline, encouraging feedback
from wholesale partners, and a strong start into Q3, On is again
raising its outlook for the full fiscal year ending December 31,
2023, and now expects to reach net sales of CHF 1.76 billion. This
implies a year-over-year growth rate of 44.0% and a second half
year growth rate of close to 30%. Based on the current foreign
exchange rates and in comparison to the previous outlook in May,
this incorporates an additional negative FX impact of approximately
3% on On's US Dollar net sales for the second half of the year,
equivalent to approximately 20 million Swiss Francs. The guidance
for the second half of the year further implies a constant currency
growth rate of 44%.
On is maintaining its previous outlook on gross profit margin
and adjusted EBITDA margin of 58.5% and 15.0% respectively. As it
relates to gross profit margin, On sees the potential to exceed the
58.5% mark in the case of an ongoing US Dollar weakness versus the
Swiss Franc and absent any significant offsets from other
currencies. This is further supported by the strong gross profit
margin of 58.9% in the first half of the year, and the expectation
for a continued high share of full-price sales in the remainder of
the year.
Other than with respect to IFRS net-sales and gross profit
margin, On only provides guidance on a non-IFRS basis. The Company
does not provide a reconciliation of forward-looking adjusted
EBITDA to IFRS net income due to the inherent difficulty in
forecasting and quantifying certain amounts that are necessary for
such reconciliation. As a result, we are not able to forecast with
reasonable certainty all deductions needed in order to provide a
reconciliation to net income. The above outlook is based on current
market conditions and reflects the Company’s current and
preliminary estimates of market and operating conditions and
customer demand, which are all subject to change. Actual results
and the timing of events could differ materially from those
anticipated in these forward-looking statements as a result of
risks and uncertainties, including those stated below and in our
filings with the U.S. Securities and Exchange Commission (the
"SEC").
Conference Call Information
A conference call to discuss second quarter results is scheduled
for August 15, 2023 at 8 a.m. U.S. Eastern time (2 p.m. Central
European Time). Those interested in participating in the call are
invited to dial the following numbers:
United States: +1 646 307 19 63 United Kingdom: +44 203 481 42
47 Switzerland: +41 43 210 51 63
No access code necessary.
Additionally, a live webcast of the conference call will be
available on the Company's investor relations website and under the
following link. Following the conclusion of the call, a replay of
the conference call will be available on the Company's website.
About On
On was born in the Swiss Alps with one goal: to revolutionize
the sensation of running by empowering all to run on clouds.
Thirteen years after market launch, On delivers industry-disrupting
innovation in premium footwear, apparel, and accessories for
high-performance running, outdoor, and all-day activities. Fueled
by customer-recommendation, On’s award-winning CloudTec®
innovation, purposeful design and groundbreaking strides in
sportswear’s circular economy have attracted a fast-growing global
fanbase — inspiring humans to explore, discover and dream on.
On is present in more than 60 countries globally and engages
with a digital community on www.on.com.
Non-IFRS Measures
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income,
adjusted basic EPS, adjusted diluted EPS and net working capital
are financial measures that are not defined under IFRS. We use
these non-IFRS measures when evaluating our performance, including
when making financial and operating decisions, and as a key
component in the determination of variable incentive compensation
for employees. We believe that, in addition to conventional
measures prepared in accordance with IFRS, these non-IFRS measures
enhance investor understanding of our financial and operating
performance from period to period, because they enhance the
comparability of results between each period, help identify trends
in operating results and provide additional insight and
transparency on how management evaluates the business. In
particular, we believe adjusted EBITDA, adjusted EBITDA margin,
adjusted net income and net working capital are measures commonly
used by investors to evaluate companies in the sportswear
industry.
However, adjusted EBITDA, adjusted EBITDA margin, adjusted net
income, adjusted basic EPS, adjusted diluted EPS and net working
capital should not be considered in isolation or as a substitute
for other financial measures calculated and presented in accordance
with IFRS and may not be comparable to similarly titled non-IFRS
measures used by other companies. The tables below reconcile each
non-IFRS measure to its most directly comparable IFRS measure.
As noted above, we do not provide a reconciliation of
forward-looking adjusted EBITDA to IFRS net income due to the
inherent difficulty in forecasting and quantifying certain amounts
that are necessary for such reconciliation. The amount of these
deductions may be material and, therefore, could result in
projected net income being materially less than projected adjusted
EBITDA. These statements represent forward-looking information and
may represent a financial outlook, and actual results may vary.
Please see the risks and assumptions referred to in the
Forward-Looking Statements section of this news release.
We also present certain information related to our current
period results of operations through “constant currency,” which is
a non-IFRS financial measure and should be viewed as a supplement
to our results of operations under IFRS. Constant currency
represents current period results that have been retranslated using
exchange rates used in the prior year comparative period to enhance
the visibility of the underlying business trends excluding the
impact of foreign currency exchange rate fluctuations.
Forward-Looking Statements
This press release includes estimates, projections, statements
relating to the Company's business plans, objectives, and expected
operating results that are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. In many cases, you can identify
forward-looking statements by terms such as "may," "will,"
"should," "expects," "plans," "anticipates," "outlook," "believes,"
"intends," "estimates," "predicts," "potential" or the negative of
these terms or other comparable terminology. These forward-looking
statements also include the Company's guidance and outlook
statements. These statements are based on management's current
expectations but they involve a number of risks and uncertainties.
Actual results and the timing of events could differ materially
from those anticipated in the forward-looking statements as a
result of risks and uncertainties, which include, without
limitation: the strength of our brand and our ability to maintain
our reputation and brand image; our ability and the ability of our
independent manufacturers and other suppliers to follow responsible
business practices; our ability to implement our growth strategy;
the concentration of our business in a single, discretionary
product category, namely footwear, apparel and accessories; our
ability to continue to innovate and meet consumer expectations;
changes in consumer tastes and preferences including in products
and sustainability, and our ability to connect with our consumer
base; our generation of net losses in the past and potentially in
the future; our limited operating experience in new markets; our
ability to open new stores at locations that will attract customers
to our premium products; our ability to compete and conduct our
business in the future; health epidemics, pandemics and similar
outbreaks, including the COVID-19 pandemic; general economic,
political, demographic and business conditions worldwide, including
geopolitical uncertainty and instability, such as the
Russia-Ukraine conflict; the success of operating initiatives,
including advertising and promotional efforts and new product and
concept development by us and our competitors; our ability to
strengthen our DTC channel; our ability to execute on our
sustainability strategy and achieve our sustainability-related
goals and targets, including sustainable product offerings; our
third-party suppliers, manufacturers and other partners, including
their financial stability and our ability to find suitable partners
to implement our growth strategy; supply chain disruptions,
inflation and increased costs in supplies, goods and
transportation; the availability of qualified personnel and the
ability to retain such personnel, including our extended founder
team; our ability to accurately forecast demand for our products
and manage product manufacturing decisions; our ability to
distribute products through our wholesale channel; changes in
commodity, material, labor, distribution and other operating costs;
our international operations; our ability to protect our
intellectual property and defend against allegations of violations
of third-party intellectual property by us; security breaches and
other disruptions to our IT systems; increased hacking activity
against the critical infrastructure of any nation or organization
that retaliates against Russia for its invasion of Ukraine; our
reliance on complex IT systems; financial accounting and tax
matters; any material weaknesses identified in our internal control
over financial reporting and remediation efforts; the potential
impact of, and our compliance with, new and existing laws and
regulations; other factors that may affect our financial condition,
liquidity and results of operations; and other risks and
uncertainties set out in filings made from time to time with the
SEC and available at www.sec.gov, including, without limitation,
our most recent reports on Form 20-F and Form 6-K. You are urged to
consider these factors carefully in evaluating the forward-looking
statements contained herein and are cautioned not to place undue
reliance on such forward-looking statements, which are qualified in
their entirety by these cautionary statements. The forward-looking
statements made herein speak only as of the date of this press
release and the Company undertakes no obligation to publicly update
such forward-looking statements to reflect subsequent events or
circumstances, except as may be required by law.
Source: On
Category: Earnings
Consolidated Financial Information
Unaudited interim condensed consolidated statements of
income
Three-month period ended June
30,
Six-month period ended June
30,
(CHF in millions)
2023
2022
2023
2022
Net sales
444.3
291.7
864.5
527.3
Cost of sales
(179.8)
(130.8)
(355.1)
(244.4)
Gross profit
264.5
160.8
509.4
282.9
Selling, general and administrative
expenses
(225.1)
(134.5 )
(427.7)
(253.2)
Operating result
39.4
26.3
81.7
29.7
Financial income
4.3
1.1
6.4
1.4
Financial expenses
(1.9)
(1.5)
(3.6)
(3.0)
Foreign exchange result
(48.5)
32.3
(39.7)
49.5
Income / (loss) before taxes
(6.7)
58.2
44.8
77.6
Income tax benefit / (expense)
10.0
(9.0)
2.9
(14.1)
Net income
3.3
49.1
47.7
63.5
Earnings per share
Basic EPS Class A (CHF)
0.01
0.16
0.15
0.20
Basic EPS Class B (CHF)
0.00
0.02
0.01
0.02
Diluted EPS Class A (CHF)
0.01
0.15
0.15
0.20
Diluted EPS Class B (CHF)
0.00
0.02
0.01
0.02
Unaudited interim condensed consolidated balance
sheets
(CHF in millions)
6/30/2023
12/31/2022
Cash and cash equivalents
337.1
371.0
Trade receivables
252.7
174.6
Inventories
435.9
395.6
Other current financial assets
43.1
33.2
Other current operating assets
86.8
77.0
Current assets
1,155.6
1,051.5
Property, plant and equipment
84.3
77.2
Right-of-use assets
152.9
151.6
Intangible assets
67.4
70.3
Deferred tax assets
76.9
31.7
Non-current assets
381.5
330.9
Assets
1,537.1
1,382.4
Trade payables
90.0
111.0
Other current financial liabilities
33.7
31.2
Other current operating liabilities
159.8
81.7
Current provisions
8.6
5.0
Income tax liabilities
37.0
13.9
Current liabilities
329.1
242.7
Employee benefit obligations
5.8
6.3
Non-current provisions
8.1
7.2
Other non-current financial
liabilities
140.9
138.8
Deferred tax liabilities
26.6
17.9
Non-current liabilities
181.4
170.2
Share capital
33.5
33.5
Treasury shares
(26.4)
(26.1)
Capital reserves
1,118.6
1,105.1
Other reserves
(3.7)
—
Accumulated losses
(95.2)
(142.9)
Equity
1,026.7
969.5
Equity and liabilities
1,537.1
1,382.4
Unaudited interim condensed consolidated statements of cash
flows
Six-month period ended June
30,
(CHF in millions)
2023
2022
Net income
47.7
63.5
Share-based compensation
8.5
1.8
Employee benefit expenses
(1.7)
0.8
Depreciation and amortization
28.0
20.0
Loss / (gain) on disposal of assets
0.4
1.5
Interest income and expenses
(3.8)
1.2
Net exchange differences
35.3
(60.5)
Income taxes
(2.9)
14.1
Change in provisions
4.7
(8.8)
Change in working capital
(164.6)
(129.8)
Trade receivables
(84.3)
(53.4)
Inventories
(60.0)
(74.6)
Trade payables
(20.3)
(1.8)
Change in other current assets /
liabilities
57.2
(24.0)
Interest received
6.1
1.4
Income taxes paid
(11.6)
(6.1)
Cash inflow / (outflow) from operating
activities
3.3
(124.9)
Purchase of tangible assets
(19.0)
(23.7)
Purchase of intangible assets
(2.0)
(3.6)
Cash (outflow) from investing
activities
(21.0)
(27.3)
Payments of lease liabilities
(10.2)
(6.8)
Proceeds on sale of treasury shares
related to share-based compensation
5.7
20.5
Interest paid
(2.3)
(2.5)
Cash inflow / (outflow) from financing
activities
(6.7)
11.2
Change in net cash and cash
equivalents
(24.3)
(141.0)
Net cash and cash equivalents at January
1
371.0
653.1
Net impact of foreign exchange rate
differences
(9.6)
45.6
Net cash and cash equivalents at June
30
337.1
557.7
Reconciliation of Non-IFRS measures
Adjusted EBITDA and Adjusted EBITDA Margin
The table below reconciles net income to adjusted EBITDA for the
periods presented. Adjusted EBITDA margin is equal to adjusted
EBITDA for the period presented as a percentage of net sales for
the same period.
Three-month period ended June
30,
Six-month period ended June
30,
(CHF in millions)
2023
2022
% Change
2023
2022
% Change
Net income
3.3
49.1
(93.3)%
47.7
63.5
(24.9)%
Exclude the impact of:
Income taxes
(10.0)
9.0
(210.5)%
(2.9)
14.1
(120.6)%
Financial income
(4.3)
(1.1)
282.4%
(6.4)
(1.4)
346.1%
Financial expenses
1.9
1.5
22.2%
3.6
3.0
18.2%
Foreign exchange result
48.5
(32.3)
250.3%
39.7
(49.5)
180.3%
Depreciation and amortization
14.2
10.6
33.3%
28.0
20.0
40.2%
Share-based compensation(1)
9.1
(5.6)
263.6%
14.0
(2.5)
653.5%
Adjusted EBITDA
62.7
31.4
99.6%
123.7
47.1
162.5%
Adjusted EBITDA Margin
14.1%
10.8%
31.1%
14.3%
8.9%
60.1%
(1) Represents non-cash share-based compensation expense.
Adjusted Net Income, Adjusted Basic EPS and Adjusted Diluted
EPS
We use adjusted net income, adjusted basic EPS and adjusted
diluted EPS as measures of operating performance in conjunction
with related IFRS measures.
Adjusted basic EPS is used in conjunction with other non-IFRS
measures and excludes certain items (as listed below) in order to
increase comparability of the metric from period to period, which
we believe makes it useful for management, our audit committee and
investors to assess our financial performance over time.
Diluted EPS is calculated by dividing net income by the weighted
average number of ordinary shares outstanding during the period on
a fully diluted basis. For the purpose of operational performance
measurement, we calculate adjusted net income, adjusted basic EPS
and adjusted diluted EPS in a manner that fully excludes the impact
of any costs related to share-based compensation and includes the
tax effect on the tax deductible portion of the non-IFRS
adjustments.
The table below provides a reconciliation between net income to
adjusted net income, adjusted basic EPS and adjusted diluted EPS
for the periods presented:
Three-month period ended June
30,
(CHF in millions, except per share
data)
2023
2023
2022
2022
Class A
Class B
Class A
Class B
Net income
2.9
0.4
43.8
5.4
Exclude the impact of:
Share-based compensation(1)
8.1
1.0
(5.0)
(0.6)
Tax effect of adjustments(2)
(0.6)
(0.1)
1.1
0.1
Adjusted net income
10.5
1.3
39.9
4.9
Weighted number of outstanding
shares
284,127,877
345,437,500
282,182,571
345,437,500
Weighted number of shares with dilutive
effects
3,464,956
11,792,673
2,241,734
6,782,573
Weighted number of outstanding shares
(diluted and undiluted)(3)
287,592,833
357,230,173
284,424,305
352,220,073
Adjusted basic EPS (CHF)
0.04
0.00
0.14
0.01
Adjusted diluted EPS (CHF)
0.04
0.00
0.14
0.01
(1) Represents non-cash share-based compensation expense.
(2) The tax effect has been calculated by applying the local tax
rate on the tax deductible portion of the respective
adjustments.
(3) Weighted number of outstanding shares (diluted and
undiluted) are presented herein in order to calculate Adjusted EPS
as Adjusted net income for such periods.
Six-month period ended June
30,
(CHF in millions, except per share
data)
2023
2023
2022
2022
Class A
Class B
Class A
Class B
Net income
42.5
5.2
56.6
6.9
Exclude the impact of:
Share-based compensation(1)
12.5
1.5
(2.3)
(0.3)
Tax effect of adjustments(2)
(1.1)
(0.1)
0.7
0.1
Adjusted net income
53.9
6.6
55.0
6.8
Weighted number of outstanding
shares
283,859,171
345,437,500
281,519.63
345,437.50
Weighted number of shares with dilutive
effects
3,335,725
11,203,866
2,868.57
7,135.50
Weighted number of outstanding shares
(diluted and undiluted)(3)
287,194,897
356,641,366
284,388.20
352,573.00
Adjusted basic EPS (CHF)
0.19
0.02
0.20
0.02
Adjusted diluted EPS (CHF)
0.19
0.02
0.19
0.02
(1) Represents non-cash share-based compensation expense.
(2) The tax effect has been calculated by applying the local tax
rate on the tax deductible portion of the respective
adjustments.
(3) Weighted number of outstanding shares (diluted and
undiluted) are presented herein in order to calculate Adjusted EPS
as Adjusted net income for such periods.
Net Working Capital
Net working capital is a financial measure that is not defined
under IFRS. We use, and believe that certain investors and
analysts, use this information to assess liquidity and management
use of net working capital resources. We define net working capital
as trade receivables, plus inventories, minus trade payables. This
measure should not be considered in isolation or as a substitute
for any standardized measure under IFRS. Other companies in our
industry may calculate this measure differently than we do,
limiting its usefulness as a comparative measure.
As of June 30,
As of December 31,
(CHF in millions)
2023
2022
% Change
Accounts receivables
252.7
174.6
44.7%
Inventories
435.9
395.6
10.2%
Trade payables
(90.0)
(111.0)
(18.9)%
Net working capital
598.6
459.2
30.4%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230815660084/en/
For investor and media inquiries Investor Contact:
On Holding AG Jerrit Peter investorrelations@on.com or ICR, Inc.
Brendon Frey brendon.frey@icrinc.com Media Contact: On
Holding AG Vesna Stimac press@on.com
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