On Holding AG Files 20-F for Fiscal Year Ended December 31, 2023

Ticker: ONON · Form: 20-F · Filed: Mar 12, 2024 · CIK: 1858985

Sentiment: neutral

Topics: On Holding AG, 20-F Filing, Annual Report, Financials, Footwear

TL;DR

<b>On Holding AG submitted its 2023 annual report on Form 20-F, detailing its financial performance and business operations.</b>

AI Summary

On Holding AG (ONON) filed a Foreign Annual Report (20-F) with the SEC on March 12, 2024. On Holding AG filed its annual report on Form 20-F for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is Forrlibuckstrasse 190, 8005 Zurich, Switzerland. On Holding AG is classified under SIC code 3021 (Rubber & Plastics Footwear). The filing includes financial data for the years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking On Holding AG, this filing contains several important signals. This filing provides investors with a comprehensive overview of On Holding AG's financial health and strategic direction for the fiscal year 2023. As a 20-F filing, it is a crucial document for understanding the company's operations, risks, and financial position as required by the SEC for foreign private issuers.

Risk Assessment

Risk Level: medium — On Holding AG shows moderate risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant negative news, but the nature of annual filings means it consolidates a full year's performance which could reveal underlying trends.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F to assess On Holding AG's performance and outlook for the upcoming year.

Key Numbers

Key Players & Entities

FAQ

When did On Holding AG file this 20-F?

On Holding AG filed this Foreign Annual Report (20-F) with the SEC on March 12, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by On Holding AG (ONON).

Where can I read the original 20-F filing from On Holding AG?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by On Holding AG.

What are the key takeaways from On Holding AG's 20-F?

On Holding AG filed this 20-F on March 12, 2024. Key takeaways: On Holding AG filed its annual report on Form 20-F for the fiscal year ending December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal business address is Forrlibuckstrasse 190, 8005 Zurich, Switzerland..

Is On Holding AG a risky investment based on this filing?

Based on this 20-F, On Holding AG presents a moderate-risk profile. The filing is a standard annual report (20-F) and does not contain immediate, significant negative news, but the nature of annual filings means it consolidates a full year's performance which could reveal underlying trends.

What should investors do after reading On Holding AG's 20-F?

Review the detailed financial statements and risk factors within the 20-F to assess On Holding AG's performance and outlook for the upcoming year. The overall sentiment from this filing is neutral.

How does On Holding AG compare to its industry peers?

On Holding AG operates in the athletic footwear and apparel industry, a competitive market driven by innovation, brand perception, and consumer trends.

Are there regulatory concerns for On Holding AG?

As a foreign private issuer, On Holding AG is subject to SEC regulations, including the requirement to file annual reports on Form 20-F, which outlines financial performance and business operations.

Industry Context

On Holding AG operates in the athletic footwear and apparel industry, a competitive market driven by innovation, brand perception, and consumer trends.

Regulatory Implications

As a foreign private issuer, On Holding AG is subject to SEC regulations, including the requirement to file annual reports on Form 20-F, which outlines financial performance and business operations.

What Investors Should Do

  1. Analyze the financial statements within the 20-F for revenue, profitability, and balance sheet health.
  2. Review the 'Risk Factors' section to understand potential challenges and threats to the company's business.
  3. Examine management's discussion and analysis (MD&A) for insights into the company's strategy and outlook.

Key Dates

Year-Over-Year Comparison

This is the initial filing of the 20-F for the fiscal year 2023, providing the first comprehensive look at the company's performance for this period.

Filing Stats: 4,417 words · 18 min read · ~15 pages · Grade level 13.8 · Accepted 2024-03-12 07:13:10

Filing Documents

financial statements of the registrant included in the filing reflect the correction of an error to

financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP International Financial Reporting Standards as issued by the International Accounting Standards Board Other If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No Ta ble of Contents 2023 Memorable Moments On athlete Hellen Obiri claims the winning title in both the New York and the Boston Marathon. Ta ble of Contents On introduces its latest cushioning technology CloudTec Phase with the launch of the Cloudsurfer. The first On flagship store in the United Kingdom opens on Regent Street, in the heart of London. Ta ble of Contents Tennis athletes Iga witek and Ben Shelton achieve remarkable success in major Grand Slam tournaments wearing On. On takes a significant leap in its sustainability mission by introducing the CleanCloud technology in the Pace Collection, featuring 20% recycled carbon emissions. Ta ble of Contents On hosts its first Investor Day as a public company in Zurich, Switzerland. On expands its product offering with the launch of its first-ever footwear collection for kids and pre-teens. Ta ble of Contents The On team surpasses 2,000 team members globally. Ta ble of Contents TABLE OF CONTENTS PRESENTATION O

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness C. Reason for the Offer and Use of Proceeds D. Risk Factors

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY A. History and Development of the Company B. Business Overview C. Organizational Structure D. Property, Plants and Equipment

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS A. Operating Results B. Liquidity and Capital Resources C. Research and Development, Patents and Licenses D. Factors Affecting Performance and Trend Information E. Critical Accounting Estimates

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES A. Directors and Senior Management B. Compensation C. Board Practices D. Employees E. Share Ownership F. Disclosure of a Registrants Action to Recover Erroneously Awarded Compensation

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS A. Major Shareholders B. Related Party Transactions C. Interests of Experts and Counsel

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION A. Consolidated Statements and Other Financial Information Ta ble of Contents B. Significant Changes

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING A. Offer and Listing Details B. Plan of Distribution C. Markets D. Selling Shareholders E. Dilution F. Expenses of the Issue

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION A. Share Capital B. Memorandum and Articles of Association C. Material Contracts D. Exchange Controls E. Taxation F. Dividends and Paying Agents G. Statement by Experts H. Documents on Display I. Subsidiary Information J. Annual Report to Security Holders

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES A. Debt Securities B. Warrants and Rights C. Other Securities D. American Depositary Shares PART II

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE Ta ble of Contents

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

INSIDER TRADING POLICIES

ITEM 16J. INSIDER TRADING POLICIES

CYBERSECURITY

ITEM 16K. CYBERSECURITY PART III

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Ta ble of Contents PRESENTATION OF FINANCIAL AND OTHER INFORMATION Certain Definitions Unless otherwise indicated or the context otherwise requires, all references in this Annual Report on Form 20-F ("Annual Report") to the terms "On," "On Holding AG," the "Company," "we," "our," "ours," "us" or similar terms refer to On Holding AG and its consolidated subsidiaries. References to our "extended founder team" or our "executive officers" are to (i) our "co-founders," which consists of (a) our co-founders and executive co-chairmen, David Allemann and Caspar Coppetti, and (b) our co-founder and executive director Olivier Bernhard, (ii) our chief financial officer and co-chief executive officer, Martin Hoffmann, and (iii) our co-chief executive officer, Marc Maurer. All references to "U.S. dollars," "dollars" or "USD" are to the lawful currency of the United States of America. All references to "CHF" or "Swiss francs" are to the lawful currency of Switzerland. In this Annual Report, amounts that are converted from CHF to U.S. dollars are converted at an exchange rate of USD 1.19 per CHF, the exchange rate as of December 31, 2023.

Financial Statements

Financial Statements We maintain our books and records in Swiss francs and prepare our consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS") and International Financial Reporting Interpretations Committee (IFRIC) interpretations (together "IFRS Accounting Standards"), as issued by the International Accounting Standards Board (IASB). Rounding We have made rounding adjustments to some of the figures included in this Annual Report Accordingly, numerical figures, including percentages shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them. With respect to financial information set out in this Annual Report, a dash ("—") signifies that the relevant figure is not available or not applicable, while a zero ("0.0") signifies that the relevant figure is available but is or has been rounded to zero. Trademarks and Trade Names We own registered and unregistered rights in trademarks, service marks, and trade names used in connection with the manufacturing, distribution and sale of our products, including, among others, On, the On Logo, On Running, Run On Clouds, Dream On, CloudTec, Speedboard, Helion, Missiongrip, Cyclon, Cloud, the Cloud Logo, CleanCloud, Cloud X, Cloudalpine, Cloudaway, Cloudboom, Cloudeclipse, Cloudflow, Cloudflyer, Cloudmonster, Cloudsurfer, Cloudwander, Cloudvista, Cloudultra, Cloudhero, Cloudroam, Cloudrock, Cloudventure, Cloudvista, Cloudswift, Cloudgo, Cloudstratus, Cloudrunner, Cloudneo, Cloudtilt, Cloudnova, Cloudrift, Cloudaway, Cloudspike, Cloudswift, Cloudeasy, and Cloudcombo. Solely for convenience, some of the trademarks, service marks, and trade names referred to in this Annual Report are listed without the and symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights in and to such trademarks, service marks and trade names. CAUTIONARY STATEMENT REG

IDENTIFY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTIFY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness Not applicable. C. Reason for the Offer and Use of Proceeds Not applicable. Ta ble of Contents D. Risk Factors In addition to the other information contained in this Annual Report on Form 20-F, the following risk factors, as well as additional factors not presently known to us or that we currently deem to be immaterial, should be considered in evaluating our business. Our business, financial condition, or results of operations could be materially adversely affected as a result of any of these risks. Summary of Risk Factors The following is a summary of the material risk factors associated with an investment in our Class A ordinary shares, which are more fully described below: I. Risks Related to Our Business Industry and Economic Environment i. Brand resilience ii. Business strategy iii. Innovation iv. Competitors v. Economic, political and market conditions II. Risks Related to Our Operations, Distribution Network and Suppliers i. Business operations ii. Supply chain and distribution iii. Third-party partners and suppliers iv. Human capital v. Climate III. Risks Related to Our Intellectual Property and Information Technology i. Protection of intellectual property and litigation ii. Information technology security, laws, and systems IV. Risks Related to Financial, Accounting and Tax Matters i. Additional investments of our resources ii. Financial reporting and internal controls iii. Foreign currency exchange rates iv. Taxes V. Risks Related to Legal and Regulatory Compliance i. Trade policies, tariffs and import/export regulations ii. Data protection laws iii. Compliance with legal or regulatory requirements, proceedings and audits VI. Risks Associated with Securities Markets and Ownership of our Class A Ordinary Shares i. Dual class structure of our shares ii. Foreign private issuer status iii. Pricing volatility, dividends, and dilution iv. Swiss

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