CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Millions |
Share capital |
Cash flow hedge reserve |
Accumulated deficit and other |
Translation differences |
Remeasurements |
Other reserves |
Accumulated deficit |
Non-controlling interests |
Total |
|---|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2020 | $ 640.4 | $ (37.4) | $ (755.9) | $ (293.9) | $ 7.9 | $ (469.9) | $ (152.9) | ||
| Other comprehensive income: | |||||||||
| Translation differences | 255.6 | 255.6 | 255.6 | ||||||
| Remeasurement effects of postemployment benefit plans | 23.2 | 23.2 | 23.2 | ||||||
| Cash flow hedges | 54.5 | 54.5 | |||||||
| Income tax related to OCI | (10.9) | (5.2) | (5.2) | (16.1) | |||||
| Loss for the period | (126.3) | (126.3) | (126.3) | ||||||
| Total comprehensive income, net of tax | 43.6 | 147.3 | 255.6 | 18.0 | (126.3) | 190.9 | |||
| Balance at Dec. 31, 2021 | 640.4 | 6.2 | (608.6) | (38.3) | 25.9 | (596.2) | 38.0 | ||
| Other comprehensive income: | |||||||||
| Translation differences | 148.1 | 148.1 | 148.1 | ||||||
| Remeasurement effects of postemployment benefit plans | 14.1 | 14.1 | 14.1 | ||||||
| Cash flow hedges | (11.6) | (11.6) | |||||||
| Income tax related to OCI | 2.3 | (3.0) | (3.0) | (0.7) | |||||
| Writedown of other investments through OCI | (10.9) | $ (10.9) | (10.9) | ||||||
| Loss for the period | (252.7) | (252.7) | (252.7) | ||||||
| Total comprehensive income, net of tax | (9.3) | (104.4) | 148.1 | 11.1 | (10.9) | (252.7) | (113.7) | ||
| Transactions with owners: | |||||||||
| Capital increase | 1.8 | 1.8 | |||||||
| Balance at Dec. 31, 2022 | 642.2 | (3.1) | (713.0) | 109.8 | 37.0 | (10.9) | (848.9) | (73.9) | |
| Other comprehensive income: | |||||||||
| Translation differences | (116.3) | (116.3) | (116.3) | ||||||
| Remeasurement effects of postemployment benefit plans | 4.4 | 4.4 | 4.4 | ||||||
| Cash flow hedges | (9.4) | (9.4) | |||||||
| Income tax related to OCI | 1.9 | (0.8) | (0.8) | 1.1 | |||||
| Loss for the period | (208.6) | (208.6) | $ (0.2) | (208.8) | |||||
| Total comprehensive income, net of tax | (7.5) | (321.3) | (116.3) | 3.6 | (208.6) | (0.2) | (329.0) | ||
| Transactions with owners: | |||||||||
| Share-based payments | 10.7 | 10.7 | 10.7 | ||||||
| Income tax related to share-based payments | (2.5) | (2.5) | (2.5) | ||||||
| Capital contribution | 234.3 | 7.1 | 227.2 | 234.3 | |||||
| Initial investment from non-controlling owners | 3.6 | 3.6 | |||||||
| Balance at Dec. 31, 2023 | $ 642.2 | $ (10.6) | $ (791.8) | $ 0.6 | $ 40.6 | $ 224.5 | $ (1,057.5) | $ 3.4 | $ (156.8) |
THE COMPANY |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 | |||
| THE COMPANY | |||
| THE COMPANY |
Background and description of the business Amer Sports, Inc. (formerly Amer Sports Management Holding (Cayman) Limited) (the “Company”) was founded on January 3, 2020 and is incorporated and domiciled in Grand Cayman, the Cayman Islands. The Company’s registered office is Cricket Square, Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111, Cayman Islands. Hereinafter, the Company and its consolidated subsidiaries are referred to as the “Group” or “Amer Sports”. The ultimate parent company of the Group is Amer Sports Holding (Cayman) Limited (the “parent company”). Amer Sports is a global platform of sport and outdoor brands, including Arc’teryx, Salomon, Wilson, Atomic and Peak Performance. Amer Sports manufactures, markets and sells sports equipment, apparel, and footwear through wholesale and direct to consumer channels globally and has a sales network in 34 countries, with North America, Europe, Asia and China being the main market areas. Amer Sports Corporation, our wholly-owned subsidiary, was founded in 1950. On April 1, 2019, Amer Sports Corporation was acquired by a consortium consisting of ANTA Sports Products Limited (a sportswear company in China, “ANTA Sports”), FountainVest Partners (private equity firm in Asia), Anamered Investments Inc. (an investment vehicle owned by Chip Wilson) and Tencent Holdings Limited (a technology company in Asia), each of which initially owned their interests in Amer Sports Holding (HK) Limited, an indirect parent of Amer Sports Corporation following the acquisition, through Amer Sports Holding (Cayman) Limited (the “Acquisition”). In 2022, in preparation for the initial public offering, that took place February 1, 2024 (the “IPO”), the Group undertook a reorganization pursuant to which Amer Sports Holding (Cayman) Limited exchanged its shares of Amer Sports Holding (HK) Limited for new shares of Amer Sports Management Holding (Cayman) Limited, the new holding company parent of Amer Sports Holding (HK) Limited. Amer Sports Holding (HK) Limited is the immediate parent of Amer Sports Holding 3 Oy, the predecessor entity of the Company (the “predecessor entity”). Amer Sports Corporation is a wholly-owned indirect subsidiary of the predecessor entity. |
SIGNIFICANT ACCOUNTING POLICIES |
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| SIGNIFICANT ACCOUNTING POLICIES |
Basis of preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements are presented in millions of U.S. dollars (USD). The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals. The figures have been prepared under the historical cost basis except for the revaluation of financial instruments that are measured at revalued amounts or fair values at the end of each reporting period as well as derivative financial instruments at fair value, as explained in the accounting policies below. The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of the business. The preparation of consolidated financial statements requires the use of certain accounting estimates. The areas that require a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed below. The consolidated financial statements for the Group have been authorized for issue by the Board of Directors on March 18, 2024. Principles of consolidation The consolidated financial statements comprise the financial statements of the parent company and include all subsidiaries over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Companies acquired during the financial year have been included in the consolidated financial statements from the date when control was obtained. Similarly, divested subsidiaries are included up to the date when control has been relinquished. The ownership of the subsidiary shares within the Group are eliminated using the acquisition method. The transferred consideration and all the identifiable assets and liabilities of an acquired company are measured at fair values at the date of acquisition. Goodwill is recognized as the amount by which the total transferred consideration exceeds the fair value of the acquired net assets. Intercompany transactions, profit distribution as well as intercompany receivables, liabilities and unrealized gains between Group companies are eliminated in consolidation. Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation. Macroeconomic environment The major events that impacted the business of the Group during the reporting periods were the Russia-Ukraine war, price inflation and increased interest rates. Russia-Ukraine conflict As a result of the conflict between Russia and Ukraine and the sanctions imposed against Russia, the Group put all its shipments to Russia on hold on February 26, 2022 and suspended all significant commercial activities in Russia by the end of fiscal year 2022 indefinitely, including store, e-commerce channels, and shipments to the Company’s wholesale partners. The Group’s sales in Russia were USD 56.0 million in 2021 and decreased to USD 18.7 million in 2022 and USD 6.9 million in 2023. The total assets of our Russian subsidiary ASRUS ZAO Amer Sports amounted to USD 22.4 million as of December 31, 2022 and USD 15.1 million as of December 31, 2023. The Company maintains a leased office space in Russia and a limited number of employees to safeguard the operations of the entity, file statutory financial statements and monitor the local market to secure the Company’s global brand assets. Price inflation and increased interest rates Amer Sports encountered rising costs in energy, logistics, labor, and other aspects of its business model. Furthermore, macro-economic factors such as increasing interest rates may contribute to a potential recession in specific markets. These uncertainties could temporarily impact overall customer demand. Nonetheless, the Company addresses inflation by adjusting customer prices, aligning them with expected increases in recommended retail prices from suppliers when determining its own price adjustments. Assets held for sale and discontinued operations Assets or a disposal group of assets and liabilities is categorized as held for sale when the economic benefits gained from it will be accrued primarily from its sale rather than from continuous use. Assets or disposal groups held for sale are measured at the lower of carrying amount or fair value less costs to sell and disclosed as a separate line item in the consolidated statement of financial position. These assets are not amortized or depreciated. An impairment loss is recognized for any initial or subsequent write-down of the asset or a disposal group to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset or a disposal group, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset or a disposal group is recognized at the date of derecognition. A discontinued operation is a component of the Group’s business that has been disposed of or will be disposed of in accordance with a coordinated plan. It represents a separate major line of business or geographical area of operations. Any gain or loss from disposal, together with the profit or loss of a discontinued operation until the date of disposal, is reported separately from income and expenses of the continuing operations in the consolidated statement of loss and other comprehensive income and loss. The prior periods in these statements are presented on a comparative basis. Intercompany income and expenses between continuing and discontinued operations are eliminated. More details on the assets held for sale and discontinued operations are disclosed under note 29. New and amended standards and interpretations The Group has applied the following new and revised standards, amendments and interpretations that are required to be applied as of January 1, 2023:
New IFRS standards not yet effective The following standards that are issued but not yet effective will be adopted in 2024 or later:
Management has concluded that the adoption of any of the above accounting pronouncements, that were issued but not effective for the period ended December 31, 2023, will not have a material impact on the Group’s consolidated financial statements. Foreign currency transactions and translation The Company’s consolidated financial statements are presented in USD. The functional currency of the parent company is EUR, while the functional currency for each subsidiary is its local currency or the currency in which the subsidiary mainly operates. Transactions involving the translation to the respective functional currencies of values denominated in foreign currencies are classified as monetary or non-monetary, thereby defining the measurement and recognition of foreign currency translation gains and losses applicable to a transaction. The Group companies record transactions in foreign currencies at the rate on the transaction date or at an estimated rate sufficiently close to the rate on the transaction date. Assets and liabilities denominated in foreign currencies that are outstanding at the end of the financial year are translated at the closing rate of exchange in effect on the balance sheet date. Foreign exchange gains and losses related to operational transactions are presented within operating expenses above Operating profit. Exchange rate gains and losses on foreign currency-denominated loans and other receivables and liabilities connected with financing transactions are recorded at their net values as finance income and expenses. The consolidated statement of loss and other comprehensive income and loss is translated into U.S. dollars by consolidating each calendar month separately using the actual daily average for the month, whereby the sum of the twelve calendar months represents the whole year. Translation differences arising from the translation of the net investment in non-U.S. operations are booked to translation differences in other comprehensive income. On disposal of a foreign operation, the accumulated amount of translation differences relating to the disposed foreign operation is reclassified to profit or loss. Financial instruments A financial instrument is a contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party. These include both non-derivative financial instruments, such as accounts receivables and payables, and derivative financial instruments, such as foreign exchange contracts. Financial assets Categorization and measurement In accordance with IFRS 9 Financial Instruments, financial assets are categorized as: I.financial assets at fair value through profit or loss II.financial assets measured at amortized cost III.financial assets at fair value through other comprehensive income and loss (OCI) The classification of financial assets at initial recognition depends on the contractual cash flow characteristics of the financial asset and the Group’s business model for managing them. All purchases or sales of financial assets are recognized on the settlement date. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Derivatives are classified at fair value through profit and loss unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the consolidated statement of loss and other comprehensive income and loss. Assets in this category are classified as current assets, except for maturities over 12 months after the balance sheet date. The Group measures financial assets at amortized cost if both of the following conditions are met:
Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. Financial assets are included in current assets, except for maturities over 12 months after the balance sheet date. The Group’s financial assets at amortized cost include accounts receivables, other non-current financial assets and other non-interest yielding receivables. The Group measures financial assets at fair value through OCI (FVOCI) if both of the following conditions are met:
For financial assets at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the consolidated statement of loss and other comprehensive income and loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Financial assets at fair value through OCI are measured at their fair value by applying the market prices at the balance sheet date or some other determination of value used by the Company. The change in fair value is presented in fair value and other reserves under shareholders’ equity. Fair value changes are transferred from shareholders’ equity to the consolidated statement of loss when the asset is sold or its value has been impaired such that an impairment loss must be recognized. Financial assets at fair value through OCI whose fair value cannot be determined reliably are measured at cost or a lower value if they are impaired. Financial assets at fair value through OCI are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months after the balance sheet date. Derecognition A financial asset is derecognized when the contractual rights to receive cash flows from the financial assets have expired or have been transferred and the Group substantially transferred all rewards and risks associated with the ownership. In the case of sales of trade receivables, essentially all rewards and risks are transferred to the buyer of the receivables. Impairment Loss allowances are recognized for expected credit losses (ECL) on a financial asset that is measured at amortized cost or at fair value through OCI. For trade receivables, the Group adopts the so-called simplified approach, which does not require the recognition of periodic changes in credit risk, but rather the accounting of an expected credit loss calculated over the entire life of the credit (lifetime ECL) according to the provision matrix approach. ECLs of accounts receivable are measured on a collective basis. The grouping is based on geographical region, customer rating, the type of collateral or whether the receivables are covered by trade credit insurance as well as the type of customer. The ECL model is forward-looking and the expected default rates are based on the realized losses in the past based on the previous three years considering the time value of money, probability-weighted outcome, supportable information available without undue cost or effort about the past events, current conditions and forecasts of future economic conditions. The lifetime ECL allowances are calculated using the gross carrying amounts of the outstanding trade receivables and the expected default rates with probability-weighted outcomes. The historically observed default rates are updated annually. In addition, forward-looking specific provision is prepared in cases where the basic ECL allowance based on the historical loss data does not cover expected losses, which includes the impact of expected changes in the economic, regulatory and technological environment (such as industry outlook, GDP, employment, politics), and external market indicators. The estimates are based on a systematic, on-going review and evaluation performed as part of the credit-risk evaluation process. The specific provision is updated on a quarterly basis. Financial liabilities In accordance with IFRS 9 Financial Instruments, financial liabilities are categorized as:
II.financial liabilities measured at amortized cost Financial liabilities at fair value through profit or loss include derivatives that are classified at fair value through profit and loss unless they are designated as effective hedging instruments. Financial liabilities measured at amortized cost are initially carried at fair value. Transaction costs are included in the original carrying amount of financial liabilities. All financial liabilities are subsequently carried at amortized cost using the effective interest rate method. Financial liabilities are classified as current liabilities, except for maturities over 12 months after the balance sheet date, in which case they are classified as long-term liabilities. Current financial liabilities include current interest-bearing liabilities, accounts payables and other current liabilities. Accounts payables correspond primarily to trade payables. They also include payables that have been transferred to a vendor financing program, as there is no material difference in the nature or terms of the liabilities compared to other trade payables. Long-term financial liabilities include long-term loans from financial institutions, loans from related parties and other liabilities. Derivatives The Group’s derivative instruments may include foreign exchange forward contracts and options, interest rate swaps, interest rate options and cross-currency swaps. Foreign exchange forward contracts and options are used to hedge against changes in the value of receivables and liabilities denominated in a foreign currency, and interest rate swaps and interest rate options to hedge against interest rate risk. Cross-currency swaps are used to hedge against changes in value of foreign currency denominated receivables and liabilities and against interest rate risk. Foreign exchange forward contracts and options, interest rate swaps and options and cross currency swaps are measured at fair value on the day that the Group becomes a party to the contract. Subsequent measurement is also at fair value. Foreign exchange derivatives are measured at fair value using the closing rates quoted by the European Central Bank on the reporting date together with common pricing models that are used for valuation of foreign exchange forward contracts and options. The fair values of interest rate and cross currency swaps are calculated as the current value of future cash flows. Interest rate options are valued with year-end interest rates together with common option pricing models. Gains and losses from fair value measurement are treated in accordance with the purpose of the derivative financial instrument. For maturities below 12 months after the balance sheet date, the fair value of the derivatives is presented in prepaid expenses and other receivables or other liabilities. For maturities over 12 months, the fair value is presented in other non-current assets or other liabilities. Changes in the value of derivative instruments, which do not qualify for hedge accounting are recorded as finance income and expenses, except for when they are associated with hedging the cash flow from operating activities, in which case they are recorded in other operating income and expenses. Hedge accounting The Group applies cash flow hedge accounting to foreign exchange derivatives that hedge material cash flows from operating activities. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges, in accordance with IFRS 9 Financial Instruments, is recognized in the fair value and other reserves under shareholders’ equity. Any ineffective component, however, will be immediately recognized in the consolidated statement of loss and other comprehensive income and loss. The cumulative change in gains or losses for the effective hedges is transferred to the income statement for the period when the hedged item is recorded in the consolidated statement of loss and other comprehensive income and loss. When a hedging instrument expires, is sold, or if the hedge does not meet the requirements set for hedge accounting under IFRS 9 Financial Instruments, any cumulative gain or loss recorded in equity remains in equity until the forecasted transaction is recorded in the consolidated statement of loss and other comprehensive income and loss. When the forecasted cash flow is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately recorded in other operating income and expenses in the case of an operating cash flow hedge. When initiating hedge accounting, the Group documents the correlation between the hedged item and the hedging instruments, as well as the Group’s risk management objective and hedge initiation strategy. The Group documents and evaluates the effectiveness of hedges when initiating hedging and on a quarterly basis by examining the degree to which the hedging instrument offsets changes in the fair value and cash flow of the hedged item. The Group does not hedge the net investment in foreign subsidiary operations with derivatives. Cash and cash equivalents Cash and cash equivalents comprise cash in hand and deposits held at call with banks. Revenue recognition Revenue comprises sale of products and services, and license fees. Revenue is presented net of value added tax, discounts, incentives, rebates earned by customers, and estimated returns. Management applies the following five step model when determining the timing and amount of revenue recognition:
Revenue is recognized at the point in time when control of the products and services are transferred to the customer in accordance with the terms of delivery at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those products and services in the ordinary course of the Group’s activities. Revenue recognized from services comprises mainly freight services in the Group’s operating segments. The revenue from the freight services is recognized at a point in time upon the delivery of the goods when the control has been transferred to the customer. The Group sells products and services through three channels: wholesale, own retail and ecommerce, with the latter two belonging to direct-to-consumer (DTC). In wholesale, volume rebates, performance bonuses and payment term discounts are offered to certain major customers. The Group typically applies the expected value method to estimate the variable consideration for the expected future rebates and performance bonuses. Certain contracts provide wholesale customers with a right to return goods within a specified period. The Group recognizes a refund liability as a reduction of revenue and a corresponding right of return asset as reduction of cost of goods sold based on the expected future return rates derived from historical data. In own retail and ecommerce, revenue is recognized when control of the products is transferred to the customer, which occurs upon delivery to the customer or point of sale for sales in own retail stores. In ecommerce, the products sold online can be returned within 14-30 days of receipt of the products. For expected returns, the Group recognizes a refund liability as a reduction of revenue and a corresponding right of return asset as reduction of cost of goods sold based on the expected future return rates derived from historical data. A contract liability is recognized from the sale of gift cards in own retail and ecommerce. The Group expects to be entitled to a breakage amount. It recognizes breakage amount as revenue in proportion to the pattern of rights exercised by customers based on historical data. The Group provides warranties that promise the customer that the delivered product is as typically specified in the contract and covers general repairs for defects that existed at the time of sale, as required by law. These assurance-type warranties are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Revenue obtained from other companies is booked to license income when such companies manufacture or sell products bearing the Group’s trademarks. License income based on fixed license agreements is recognized evenly throughout the financial year, while license income determined by sales volumes is recognized during the financial year as the licensee generates sales revenue. The non-refundable minimum guarantees related to certain licensing agreements are for functional intellectual properties, while the guarantee revenue is recognized at the point in time the control of the license is transferred to the customer. Pension plans The Group’s pension arrangements comply with the local rules and practices of the countries where the Group operates. The Group’s pension arrangements are either defined contribution or defined benefit plans. Under defined contribution based plans, the Group pays fixed contributions into a separate entity (a fund) and does not have any legal or constructive obligation to pay further contributions. Under defined contribution plans, the Group’s contributions are recorded as an expense in the period to which they relate. Defined benefit plans are post-employment benefit plans other than defined contribution plans. The defined benefit plans are partially or fully funded through payments to insurance companies or contributions to trustee-administered funds. In defined benefit plans, the pension expenses recognized in the consolidated statement of loss and other comprehensive income and loss are determined using the projected unit credit method, which calculates the present value of the obligation and the related service costs. The pension liability is measured by calculating the present value of future pension obligations, discounted using the market yield on high quality corporate bonds or government bonds in countries where there is no deep market for such bonds. The defined benefit plan asset is measured at fair market value as of the reporting date. The net liability (asset) recognized in the consolidated statement of financial position is the present value of the pension obligation less the fair value of the plan assets. All actuarial gains and losses relating to post-employment benefits are recognized in full in other comprehensive income and loss. For other long-term employee benefits, the Group recognizes actuarial gains and losses immediately in the consolidated statement of loss. All past service costs are recognized immediately in the consolidated statement of loss when the plan amendment, curtailment or settlement occurs. Net interest expense (income) is determined based on the net defined benefit liability (asset) and the discount rate at the beginning of the year. Expenses related to defined benefit post-employment plans are reported as follows:
Share-based payments The Group’s key employees have been granted options under two share-based incentive plans - the Employee Stock Ownership Plan 2019 and Employee and Stock Ownership Plan 2023. Options settled in shares only are measured on the grant date. Options settled in cash or shares at the election of certain employees are remeasured to fair value at the end of each reporting period until settlement. The share-based payments expense is recognized over the requisite service period with the offsetting credit to equity for options that are settled in shares, and with the offsetting credit to liabilities for options that are settled in cash or shares at the election of certain employees, when it is probable that the service vesting condition and non-market performance condition, if applicable, will be met. When the terms or conditions of options granted to employees have been modified, the effect of modifications that increase the total fair value of the share-based payment arrangement or are otherwise beneficial to the employees would be recognized. The incremental fair value granted is the difference between the fair value of the modified options and that of the original options, both estimated as at the date of the modification. When modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified options vest, in addition to the amount based on the grant date fair value of the original options, which is recognized over the remainder of the original vesting period. When a modification changes the classification of a share-based payment transaction from cash-settled award to equity-settled award, the liability for the cash-settled award is remeasured until the modification date and is reclassified to equity. Income taxes Current income taxes Current income taxes comprise the taxes for the financial year calculated based on the result for the period and in accordance with the tax legislation of each company’s local domicile as well as assessed or returned taxes for previous financial periods. Deferred taxes Deferred tax assets and liabilities are calculated on all temporary differences between the book and tax base of assets in accordance with the tax rate at the balance sheet date or with the substantially enacted future tax rate. Temporary differences arise from factors such as unused tax losses, depreciation differences, provisions, defined benefit pension plans, the fair valuation of derivative financial instruments, the internal inventory margin as well as measurements to fair value of assets in connection with business acquisitions. Deferred tax liabilities are not recognized for unremitted earnings of subsidiaries to the extent that they are expected to be permanently invested in international operations. These earnings, the amount of which cannot be practicably computed, could become subject to additional tax if they were remitted as dividends or if the Company were to sell the shareholdings in the subsidiaries. A deferred tax asset is recognized as a result of unused tax losses and other temporary differences to the extent that it is probable that these can be utilized in future financial periods. For the assessment of probability, in addition to past performance and the respective prospects for the foreseeable future, appropriate tax structuring measures are also taken into consideration. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the same taxable entity, and are expected to reverse in a period or periods in which the tax loss or credit can be utilized. Segment information The Group’s organizational structure comprises the following reportable segments for financial reporting purposes: Technical Apparel consisting of the brands Arc’teryx and Peak Performance, Outdoor Performance consisting of the brands Salomon, Atomic, Armada and ENVE, and Ball & Racquet Sports consisting of the brands Wilson, Demarini, Louisville Slugger, Evoshield and ATEC. The Group reports revenue for four geographical areas: EMEA, Americas, Greater China and Asia Pacific excluding Greater China. The CEO is the chief operating decision-maker who monitors the operating results of the segments to assess performance and make decisions about resource allocation. Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured as the aggregate of the fair values of the assets transferred, and liabilities incurred towards the former owners of the acquired entity. Acquisition-related costs are recognized as expenses in the consolidated statement of loss and other comprehensive income and loss in the period in which the costs are incurred and the related services are received. Intangible assets The Group’s intangible assets and goodwill primarily result from the acquisition of Amer Sports Corporation and its subsidiaries by Amer Sports Holding Oy on April 1, 2019. Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of intangible assets is assessed as either finite or indefinite. Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives comprise brand names and trademarks. As the brand names and trademarks are core to the business and as there is no foreseeable limit to the future cash flows generated by the intangible assets, brand names and trademarks are assessed as indefinitely lived. Brand names and trademarks with indefinite useful lives are not amortized but tested for impairment at least on an annual basis (see impairment of assets below). Impairment testing is performed by comparing the recoverable amount of the asset to its carrying value. Any resulting impairment loss is recorded in the consolidated statement of loss and other comprehensive income and loss. Intangible assets with finite useful lives Intangible assets with a finite useful life consist of patents and software licenses, and are amortized on a straight-line basis over the useful life of 3 to 15 years. Patents and software licenses are reviewed at the end of each reporting period to determine whether there is any indication of impairment and if any impairment indication exists, the asset is then tested for impairment. Development expenses are capitalized when they meet the recognition criteria in IAS 38 Intangible Assets and amortized during their useful lives. The Group capitalizes development costs as intangible assets only when the following criteria are met:
Goodwill Goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets measured at the date of acquisition. Goodwill is stated at historical cost less any accumulated impairment losses and is not amortized. Goodwill has been allocated to the cash-generating units (CGU) and are tested for impairment annually and if there are triggering events by comparing the recoverable amount of a CGU to its carrying value. An impairment loss is recognized in the consolidated statement of loss and other comprehensive income and loss, if the carrying amount of the CGU exceeds its recoverable amount. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is calculated on a straight-line basis in order to write down the cost of the assets to their residual values over their expected useful lives, adjusting for any impairment. The depreciation periods are:
Land areas are not depreciated. Property, plant and equipment are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset is then tested for impairment by comparing its recoverable amount to its carrying value. Impairment losses are recorded in the consolidated statement of loss and other comprehensive income and loss. Leases At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. The contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease contracts, where the Group acts as a lessee under IFRS 16 Leases consist mainly of real estate (e.g. retail stores, offices, warehouses) and cars. The Group recognizes a right- of-use asset and a lease liability at the lease commencement date. The Group has elected to use the exemptions proposed by the standard on lease contracts for which the lease term is shorter than 12 months and on lease contracts for which the underlying asset is of low-value (e.g. laptops, mobile phones; below USD 5 thousand). The lease expenses for short-term and low-value contracts as well as for lease contracts with variable leases based on net sales of the leased premises are recognized as rent expenses over the lease term in the consolidated statement of loss and other comprehensive income and loss. Lease liabilities The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the incremental borrowing rate is applied. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and the type of the leased asset. Lease payments included in the measurement of the lease liability comprise the fixed payments (including the in-substance fixed payments), variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The Group applies judgment in evaluating whether it is reasonably certain to exercise or not to exercise the option to extend or terminate the lease. It considers all relevant factors that create an economic incentive for it to exercise either the extension or termination. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. A corresponding adjustment is done to the carrying amount of the right-of-use asset, or it is recorded in the consolidated statement of loss and other comprehensive income and loss if the carrying amount of the right-of-use asset has been reduced to zero. Right-of-use assets The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying assets or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case, the right-of-use asset is depreciated over the useful life of the underlying asset, which is determined on the same basis as for the property, plant and equipment. In addition, the right-of-use asset is reduced by potential impairment losses, and adjusted for certain remeasurements of the lease liability. In 2022, the Group applied the amendments to IFRS 16 Leases as an optional practical expedient to allow lessees not to account for rent concessions as lease modifications if they are a direct consequence of COVID-19 and meet certain conditions. The practical expedient applies only if the revised consideration is substantially the same or less than the original consideration, the reduction in lease payments relates to payments due on or before June 30, 2022, and no other substantive changes have been made to the terms of the lease. All those rent concessions that met the aforementioned conditions were recognized as variable lease payment reductions in the consolidated statement of loss and other comprehensive income and loss. In 2023 the amendment to IFRS 16 was no longer valid. Impairment of non-financial assets The Group’s operations have been divided into cash generating units (CGU) representing the Group’s brands and reflecting the lowest level at which goodwill is monitored for internal management purposes. A cash generating unit determined for the impairment testing purposes is the smallest group of assets generating cash inflows largely independent of the cash inflows from other assets or groups of assets. At each reporting date, the Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. Impairment testing is performed by comparing the recoverable amount of an asset or CGU to its carrying amount. The recoverable amount of an asset or CGU is the higher of its fair value less costs of disposal and value in use (“VIU”). VIU has been calculated using the discounted cash flow method for each CGU (refer to note 9 for further details). An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in the consolidated statement of loss and other comprehensive income and loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Inventories Inventories are measured at the lower of cost calculated according to the first-in-first-out principle or the net realizable value. For self-manufactured products, the cost includes direct wages and raw material costs as well as a portion of the indirect costs. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in realizable value, the amount of the write-down previously recorded is reversed. Provisions Obligations arising as the consequence of a past event, which are legal or which the Company has an actual obligation to settle and are considered certain or likely to occur, are recognized in the consolidated statement of loss and other comprehensive income and loss. They are presented in the consolidated statement of financial position as provisions when it is probable that the resources will be transferred out of the Group but the precise amount or timing is not known. The most important regular provisions are due to the repair or replacement of products during the warranty period. These provisions are determined on the basis of historical experience. A provision for reorganization is made when the Group has drawn up a detailed reorganization plan and announced the reorganization. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized in the consolidated statement of loss and other comprehensive income and loss. Significant accounting judgments, estimates, and assumptions When preparing the consolidated financial statements, the Group’s management makes judgments and estimates influencing the content of the consolidated financial statements and it must exercise its judgment regarding the application of accounting policies. The judgments and estimates are based on a set of underlying data that may include management’s historical experience, knowledge of current event and conditions, and other factors that are believed to be reasonable under the circumstances. Management continuously evaluates the judgments and estimates it uses. These estimates have been applied in a manner that is consistent with prior periods. There are no known trends, commitments, events or uncertainties that the Group believes will materially affect the methodology or assumptions used in making these judgments and estimates in the consolidated financial statements. The following are the accounting policies subject to judgments and estimates that the Group believes could have the most significant impact on the amounts recognized in the consolidated financial statements. Actual results may differ from these estimates. Any changes in the estimates and assumptions are recognized in the period in which the estimate or assumption is revised. Impairment of non-financial assets The carrying amounts of non-current tangible and intangible assets are assessed by means of impairment tests whenever there is an indication of impairment. Any impairment of goodwill and other intangible assets having an indefinite useful life are nevertheless assessed at least once a year. More details of the impairment are disclosed under note 9. Provisions Provisions are recognized in the consolidated statement of financial position when there is a legal or actual obligation for the Company to settle an obligation arising as the consequence of a past event that is considered certain or likely to occur. The most important regular provisions are due to the repair or replacement of products during the warranty period. These provisions are determined on the basis of historical experience. The provisions recognized represent management’s best estimate of the present value of the future costs assumed to be incurred. The actual costs may differ from the estimated. More details on the provisions are disclosed in note 21. Accounts receivable The Group has a significant number of customers which minimizes the concentration of credit risks. Ongoing estimates are done related to the ability to collect the Group’s accounts receivables and maintain an allowance for estimated credit losses resulting from the ability of the Group’s customers to make the required payments. The historical levels of credit losses are considered to make judgments about the creditworthiness of the customers based on ongoing credit evaluations. More details on the aging and valuation provisions of the accounts receivables are disclosed in note 28. Inventories Inventory is carried at the lower of cost calculated according to the first-in-first-out principle or the net realizable value. The net realizable value requires an estimate of the products’ future selling prices. When assessing the net realizable value of the inventories, the Group considers multiple factors and uses estimates related to fluctuations in inventory levels, aging of inventory, customer behavior and anticipated sales volume, seasonality, expected selling prices and selling costs. More details on the inventory provisions are disclosed in note 16. Income taxes Management judgment is required in determining provisions for income taxes, deferred tax assets and liabilities and the extent to which deferred tax assets can be recognized. The Group is also subject to income taxes in various jurisdictions. Judgment is required in determining the Group’s provision for income taxes. There may be transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group anticipates questions arising in tax audits and recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. More details on the income taxes are disclosed under note 12. Pension plans The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost (or income) for pensions include the discount rate. Any changes in these assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. Other key assumptions for pension obligations are based in part on current market conditions. More details on the pension plans are disclosed under note 8. Share-based payments Options granted will vest upon satisfaction of service and performance conditions, and an exit event (a public offering of the shares of the Company or a sale of the controlling majority of the shares in the Company or business assets) (the “exit event”), which is a non-market performance condition. For options with service and/or performance conditions, the amount of compensation expense recognized is based on the number of awards expected to vest, reflecting estimated expected forfeitures, and is adjusted to reflect those awards that do ultimately vest. The forfeiture rate is based on management’s best estimate of expected forfeitures, taking into consideration historical trends and expected future behavior. For options with a non-market performance condition (i.e. exit event), the Company recognizes the expense if and when the Company concludes that it is probable that the exit event will be achieved. The Company deemed the exit event probable as of December 28, 2023. The fair values of the options at grant date, at modification date and at the end of the reporting period are estimated using the Monte Carlo simulation model including any market performance conditions and excluding the impact of any service and non-market performance vesting conditions. |
SEGMENT REPORTING |
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| SEGMENT REPORTING | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT REPORTING |
The Group’s Chief Operating Decision Maker (“CODM”) reviews results of operations to make decisions about allocating resources and assessing performance. Based on the current reporting structures, decision-making processes and considering the aggregation criteria in IFRS 8.12, the Company identified three reportable segments: Technical Apparel, Outdoor Performance as well as Ball & Racquet Sports. Operating and reportable segments The Company has four operating segments: Technical Apparel, Salomon, Winter Sports Equipment and Ball & Racquet Sports. As permitted by IFRS 8 Operating segments, the Company assessed, based on the qualitative aggregation criteria mentioned in IFRS 8.12 and on a quantitative analysis based on gross margins, if Salomon and Winter Sports Equipment are similar and could be aggregated to one reportable segment. The following aggregation criteria were analyzed by the Company: Nature of the products and services, nature of the production processes, type or class of customer for the products and services and methods used to distribute the products or provide the service. Based on the Company’s assessment, the Company concluded that the operating segments Salomon and Winter Sports Equipment are similar and can be aggregated into the reportable segment Outdoor Performance. Therefore, the Company identified three reportable segments: Technical Apparel, Outdoor Performance as well as Ball & Racquet Sports. The Company measures each operating segment’s performance based on revenue and adjusted operating profit as these are the measures used by the CODM for assessing the performance of operating segments. Each of the segments includes different brands and comprises a range of products. Technical Apparel Technical Apparel includes outdoor apparel, footwear and accessories and consists of the Arc’teryx and Peak Performance brands. Outdoor Performance Outdoor Performance includes outdoor apparel, footwear, accessories and winter sports equipment and consists of our Salomon, Atomic, Armada and ENVE brands. While the operating segments Salomon and Winter Sports Equipment are separately managed and reported, the operating segments have been aggregated into one reportable segment as they have similar products, production processes, type of customers, methods used to distribute as well as average gross margins and similar expected growth rates. Ball & Racquet Sports Ball & Racquet Sports includes sports equipment, apparel and accessories and consists of our Wilson, Louisville Slugger, DeMarini, EvoShield and Atec brands, all of which comprise the Wilson Sporting Goods portfolio. Information on reportable segments For the fiscal year ended December 31, 2023
For the fiscal year ended December 31, 2022
For the fiscal year ended December 31, 2021
The Company does not present other items of the consolidated statement of loss and other comprehensive income and loss as well as assets and liabilities per segment as such information is not evaluated or used by the CODM for decision-making purposes on a regular basis. The majority (77.5%, 80.5% and 79.0% as of December 31, 2023, December 31, 2022 and December 31, 2021, respectively) of non-current assets, comprising of goodwill, other intangible assets, property, plant and equipment as well as right-of-use assets are located in Finland. There is no other country, in which more than 8% of the total non-current assets are located, so that no other country is deemed individually material for the Group in all years presented for the purpose of this disclosure. |
REVENUE FROM CONTRACTS WITH CUSTOMERS |
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| REVENUE FROM CONTRACTS WITH CUSTOMERS |
Amer Sports operates primarily in one industry - the design, manufacturing, distribution, selling and marketing of sporting goods, apparel and footwear. The Group is managed through its global brands supported by regional sales organizations and group wide platforms such as global operations and sourcing, IT and finance. Amer Sports brands operate in the following key categories: Technical Apparel. Technical Apparel includes Arc’teryx and Peak Performance. Outdoor Performance. Outdoor Performance includes Salomon, Atomic, Armada and ENVE. Ball & Racquet Sports. Ball & Racquet Sports includes Wilson, Demarini, Louisville Slugger, Evoshield, and ATEC. Geographic revenues are presented according to customers’ location. GEOGRAPHIC BREAKDOWN OF REVENUES
BREAKDOWN OF REVENUES BY SEGMENT
BREAKDOWN OF REVENUES BY CHANNEL
The Company did not recognize 10% or more of total revenue with one single customer in any of the periods presented. CONTRACT BALANCES Contract liabilities amounted to USD 25.0 million as of December 31, 2023 and USD 20.8 million as of December 31, 2022, and primarily relate to advance payments received as well as accrued discounts and rebates. The Company expects that these contract liabilities will result in revenue within one year. RIGHT OF RETURN ASSETS AND REFUND LIABILITIES
Right of return assets represent Amer Sports’ right to recover the products expected to be returned by customers. The asset is measured at the former carrying amount of the inventory less any expected costs to recover the products, including any potential decreases in the value of the returned products. Refund liabilities represent the obligation to refund some or all of the consideration receivable from the customer and is measured at the amount Amer Sports expects it will have to return to the customer. |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
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| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 5.SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
The Company has reclassified certain amounts presented on the face of the consolidated statement of loss and other comprehensive income and loss for 2022 and 2021 to conform to the presentation for 2023. The line items Selling and marketing expenses and Administrative and other expenses were previously presented as separate amounts and are now combined into one line item named Selling, general and administrative expenses on the consolidated statement of loss and other comprehensive income and loss, for all periods presented. The Company elected to make this reclassification as they believe it provides a more meaningful presentation to investors of the costs by function, and improves comparability to peers. |
OTHER OPERATING INCOME |
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| OTHER OPERATING INCOME | 6.OTHER OPERATING INCOME
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EMPLOYEE BENEFITS |
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| EMPLOYEE BENEFITS |
Employee benefit expenses
In countries where social expenditure paid to the government cannot be divided between pensions and other social security, the expenses are presented under the heading social security expenses. The Group has share-based incentive plans (ESOP) in place. They are presented in note 10. Salaries and other compensation of the management are presented in note 26. |
PENSIONS |
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| PENSIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PENSIONS |
The pension arrangements for the Group companies are based on local regulations and practices in each country. Amer Sports, Inc. has no employees and therefore had no pension arrangements in place during the periods presented. The Group’s defined benefit pension plans at the end of the reporting period relate to the Group’s operating entities. The Group has defined benefit pension plans in the United States, France, Switzerland, the UK, Germany, Japan, Sweden and Austria. These plans are partially or fully funded. In some countries the funding is carried out through external pension funds whose assets are not included in the Group’s assets. Contributions to the funds are made in accordance with local regulations. In the United States and the UK, the pension plans are closed, and new members are no longer accepted. The Group’s pension arrangements comply with the local rules and practices of the countries where the Group operates. The Group’s pension arrangements are either defined contribution or defined benefit plans. Under defined contribution plans, the Group pays fixed contributions into a separate entity (a fund) and does not have any legal or constructive obligation to pay further contributions. Under defined contribution plans, the Group’s contributions are recorded as an expense in the period to which they relate. Defined benefit plans are post-employment benefit plans other than defined contribution plans. In total, there are 14 post-employment benefit plans qualifying as defined benefit plans. The defined benefit plans in the USA, the UK and Austria represent approximately 84% of the defined benefit obligation and are described in more detail: USA Wilson Retirement Pension Plan (USA Wilson Plan) Wilson Sporting Goods Co. provides to the participants of the USA Wilson Plan benefit as a flat dollar amount for each year of service. The plan was offered to employees who joined the Company before January 1, 2003 (November 22, 2004 for union employees). New employees are offered a defined contribution plan only. For salaried plan participants, the benefit is a final salary pension plan offered to employees who joined the Company before January 1, 1999. New employees (hired after 1998) are offered a defined contribution plan only. The plan operates under trust law and is managed and administered by the Trustee on behalf of the members. The plan’s assets are held by the trust. The former Retirement Income Plan was merged into the USA Wilson Plan in 2022, effective December 31, 2022. USA Post Retirement Life Insurance and Medical Plan According to the Post Retirement Life Insurance and Medical Plan, Wilson Sporting Goods Co. provides life insurance benefits to salaried employees who joined the Company before January 1, 1999 and hourly employees who joined the Company before January 1, 2003 (November 22, 2004 for union employees). The Post Retirement Life Insurance and Medical Plan grants post-employment benefits. USA Post Retirement Disabled Life Insurance and LTD Medical Plan According to the plan, Wilson Sporting Goods Co. provides post retirement life insurance benefits to employees who were disabled prior to 2012 with coverage ending at age 65. The plan grants post-employment benefits. UK Wilson Sporting Goods Company Limited Pension and Life Assurance Plan (UK Wilson Plan): The UK Wilson Plan within Amer Sports UK Limited is an occupational defined benefit pension scheme that is set up under irrevocable Trust. The UK Wilson Plan grants post-employment benefits. Assets are invested in Mobius Life as institutional investment platform and held for the purpose of paying pensions and other benefits in accordance with the Trust Deed & Rules. The plan was closed to new entrants for pension benefits with effect from January 1, 2003 and was closed to future accrual of benefits with effect from January 31, 2008. Austria Severance Payment schemes OLD Amer Sports Austria GmbH, Amer Sports Holding GmbH and Atomic Austria GmbH have to pay a statutory amount, which is based on the employee’s seniority at time of retirement, expressed as a defined number of month’s salary. Payment is due in the event of resignation, such as early termination with entitlement to severance payment (e.g., in the event of termination by the employer or termination by mutual consent), old- age pension (“Alterspension”), disability (“Berufsunfähigkeit”) or death. The unfunded Severance Payment Schemes OLD grants post-employment benefits. The payment scheme was closed by law for new entrants after December 31, 2002. In the USA the former Retirement Income Plan was merged into the Hourly Pension Plan in 2022, renamed the Wilson Retirement Pension Plan, effective December 31, 2022. The merger of the plan is based on the status achieved as at December 31, 2022, and therefore has no accounting and/or presentation implications for the consolidated financial statements. The net liability recognized in the statement of financial position relating to defined benefit pension plans is defined as follows:
The movements in the defined benefit obligation in 2023 were as follows:
The movements in the defined benefit obligation in 2022 were as follows:
The movements in the defined benefit obligation in 2021 were as follows:
Principal actuarial assumptions:
Sensitivity analysis:
The above sensitivity analyses are based on a change in one assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognized in the consolidated statement of financial position. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period. No asset-liability matching is used to determine the investment strategy. Major categories of plan assets:
Equity securities and government bonds have quoted prices in active markets. Through its defined pension plans the Company is exposed to actuarial risks such as investment risk, interest rate risk, inflation risk and mortality risk. The main risk is that additional contributions are required if investment returns are not sufficient to pay for the benefits. The level of equity returns is a key determinant of overall investment return. The investment portfolio is also subject to a range of other risks typical to asset classes held. A decrease in discount rates, a rise in inflation or an increase in life expectancy would result in an increase in plan liabilities. This would detrimentally impact the position in the consolidated statement of financial position and may give rise to increased cost in the consolidated statement of loss. This effect would be partially offset by an increase in the value of the plan’s bond holdings. Additionally, caps on inflationary increases are in place to protect the plan against extreme inflation. The estimated contributions to the pension plans are USD 4.1 million during 2024. The weighted average of the duration of the defined benefit obligations was 10.7 years in 2023, 9.5 years in 2022 and 11.7 years in 2021 (continuing operations). |
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DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES |
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| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES |
Depreciation and amortization by asset type
Impairment losses by asset type
Depreciation, amortization and impairment by function
Impairment losses by asset type In July 2023, the Company made a change in its CGUs to align with the way it now manages its business, and accounted for such change in accordance with IAS 36 Impairment of Assets. The Salomon equipment operations, previously part of the CGU Winter Sports Equipment, were transferred to the CGU Salomon Apparel and Footwear and the CGU was renamed to Salomon in the course of the restructuring. The Group was required, in accordance with IAS 36 Impairment of Assets, to allocate assets and liabilities, including goodwill, between the two CGUs. Goodwill was reallocated based on relative fair value in accordance with IAS 36.87. Goodwill and trademarks transferred from the CGU Winter Sports Equipment to the CGU Salomon amounted to USD 74.2 million and USD 146.3 million as of July 1, 2023, respectively. On another note, the financial forecasts for the CGU Ball & Racquet Sports were extended in 2023 to include forecasts on the CGU’s softgood product portfolio, which were not included in prior periods given its limited significance. In 2023, no impairment losses on goodwill and were recorded. In 2022, impairment on goodwill amounting to USD 179.0 million and on trademarks amounting to USD 19.1 million was recognized for Peak Performance. The recoverable amount for Peak Performance as of December 31, 2022 was USD 197.2 million and was based on value-in-use calculations. In 2021, no impairment losses on goodwill and were recorded in the continuing operations. Impairment tests of goodwill and intangible assets with indefinite useful lives, such as trademarks, are performed when the management has identified indications of impairment or once a year when business plans for the next strategic planning horizon are approved by the management. The Group management uses assumptions in respect of future market and economic conditions, such as economic growth, expected inflation rates, expected market share, revenue and margin developments. Goodwill is monitored by management at Cash Generating Unit (“CGU”) level, the level at which it and other intangible assets with indefinite lives are tested for impairment. The CGUs in the Group for continuing operations are the following: Winter Sports Equipment (previously included Salomon equipment operations in 2021 and 2022), Salomon (previously Salomon Apparel and Footwear in 2021 and 2022), Arc’teryx Apparel and Gear, Ball & Racquet Sports and Peak Performance. Discontinued operations are discussed in note 29. The impairment tests were calculated as of December 31 of 2023, 2022, and 2021 respectively. The recoverable amounts of all CGUs were determined by the higher of fair value less cost of disposal and value in use (“VIU”). VIU has been calculated using the discounted cash flow method for each CGU. The values assigned to the key assumptions represent management’s assessment of future trends in the relevant industries and have been based on historical data from external and internal sources. The key assumptions used in the estimation of the value in use are set out below. The VIU of all CGUs were determined by cash flow projections based on a 10-year financial forecast, of which the first 5-years were prepared by management and approved by the board. To better reflect the medium-term growth expectations for the CGU in growing markets, financial forecast after first 5-year period are extrapolated for a further 5-years using declining growth rates which reduces the year five growth rate down to the long-term growth rate as shown below. The following table shows the revenue growth rates of the 5-year financial forecast prepared by management (average of the first five years) for the respective CGUs:
This following table shows the revenue growth rates of the next 5-year forecast (extrapolated) (average of the second five years) for the respective CGUs:
The terminal value is derived from Gordon Growth model. The perpetuity growth is 2% which is in line with the management’s view on long-term inflation, indicating no growth in real terms. In some cases, when management expects above or below average growth after the estimated period, the terminal growth rate may rise to 3% or drop to 1%. This following table shows the terminal growth rates for the respective CGUs:
Cash flows are discounted back to present value using a risk adjusted discount rate, which is determined to each CGU separately. The following pre-tax discount rates are adopted for the respective CGUs:
The main components of the discount rate were:
Impairment Loss in 2022: Due to the significant rise in the discount rate used in impairment testing and the recent change of strategic plan for the Peak Performance business, an impairment on goodwill of USD 179.0 million and an impairment on trademarks of USD 19.1 million for Peak Performance business was recognized in 2022. Amer Sports brands are well known and established in their respective markets. Products sold under these brands have been available to customers for a long period of time and they have been used by top athletes for decades. Amer Sports focuses on brand awareness and on the quality and performance of the products sold under those brands. The brands will continue to generate positive cash flow, hence they are not subject to amortization. Goodwill and trademarks have been allocated to CGUs as described in the table below.
*Note: In July 2023, the Salomon equipment operations, previously part of the CGU Winter Sports Equipment, were transferred to the CGU Salomon Apparel and Footwear and the CGU was renamed to Salomon in the course of the restructuring. Goodwill and trademarks for CGU Winter Sports Equipment and CGU Salomon as of December 31, 2022 are before the transfer of Salomon equipment operations in July 2023. Sensitivity Analysis: The estimated recoverable amount of Peak Performance exceeded its carrying amount by USD 79.3 million and USD 14.9 million as of December 31, 2023 and 2022, respectively. Also, the estimated recoverable amount of Winter Sports Equipment exceeded its carrying amount by USD 114.6 million and USD 38.9 million as of December 31 2023, and 2022, respectively. The assumptions applied by management for calculating the recoverable amount are sensitive to change and could cause the carrying amount to exceed the recoverable amount. The following table shows the amount by which these two assumptions would need to change individually for the estimated recoverable amount to be equal to the carrying amount.
**Note: For the year ended December 31, 2022, management has performed an annual impairment testing for the CGU of Peak Performance. Within the range of possible estimated recoverable amounts, management has taken a prudent approach and recognized a full goodwill impairment and allocated the remaining impairment amount to trademarks. Based on the valuation of the other CGUs, management is of the view that there are no reasonably possible changes in the key assumptions of other CGUs that would cause the carrying amount to exceed the recoverable amount. |
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SHARE-BASED PAYMENTS |
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| SHARE-BASED PAYMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure Of Share Based Payments |
Employee Stock Ownership Plan 2019 and Employee Stock Ownership Plan 2023 The Board approved the Employee Stock Ownership Plan 2023 (“2023 ESOP”) in January 2023. The objectives of the Employee Stock Ownership Plan 2019 (“2019 ESOP”) and 2023 ESOP are to align the interest of the shareholders and key employees in order to increase the value of the Company in the long-term, and to commit key employees to the Company. The 2019 ESOP and 2023 ESOP provide for awards in the form of stock options to the Group’s key employees, and it is an equity-settled arrangement, except for stock options granted to certain employees which allow them to elect for shares or cash settlement. The maximum number of options under the 2019 ESOP and 2023 ESOP that may be granted is 3% and 1.2% respectively of all of the Company’s issued and outstanding shares. Subject to a participant’s continued employment, options granted under the 2019 ESOP and 2023 ESOP will vest upon satisfaction of vesting conditions set out in an award agreement and an exit event (a public offering of the shares of the Company or a sale of a controlling majority of the shares in the Company or Amer Sports Corporation or any of its holding companies or the sale of the majority of the business assets of the Group) (the “exit event”). In addition to an exit event, 35% of the options granted are time-vested, which vest evenly on an annual basis over a 5-year period and 3-year period for 2019 ESOP and 2023 ESOP respectively, 65% of the options granted are with Group and/or brand performances. The vesting of the options is subject to an exit event, which is a non-market performance condition. Share-based payment expenses for equity-settled awards and cash-settled awards have been recognized for the year ended December 31, 2023, as management deemed the public offering of the shares of the Company probable as of December 28, 2023. The expenses were booked against Other reserves for the equity-settled awards and against Other liabilities for the cash- settled awards, which reflected the vesting through the date the awards became probable of being earned. No share-based payment expenses for equity-settled awards and cash-settled awards have been recognized for the years ended December 31, 2022 and 2021 since the occurrence of an exit event was not yet deemed probable. The number and weighted-average exercise prices of share options under the 2019 ESOP and 2023 ESOP were as follows:
The options outstanding at December 31, 2023 had a weighted average exercise price of EUR 27.92 and a remaining contractual life of 6 years (December 31, 2022: 7 years, December 31, 2021: 8 years). No options were exercised during the reporting periods. Included in the above options are cash-settled awards granted to certain employees. On January 16, 2021, May 20, 2021 and March 30, 2022, the Group granted 345,662, 34,566 and 92,177 options, respectively, to certain employees who can elect shares or cash settlement. The exercise price of these options granted was EUR 23.6. These options expire at November 27, 2029. The payoff of cash settlement, where applicable, is determined based on the share price of the Company at the time of exercise less the exercise price and relevant taxes.
The options outstanding at December 31, 2023 had a weighted average exercise price of EUR 35.79 and a remaining contractual life of 6 years. No options were exercised during the reporting periods. Included in the above options are cash-settled awards granted to certain employees. On April 6, 2023, the Group granted 19,588 options to an employee who can elect shares or cash settlement. The exercise price of these options granted was EUR 32.20. These options expire at December 31, 2029. The payoff of cash settlement, where applicable, is determined based on the share price of the Company at the time of exercise less the exercise price and relevant taxes. At December 28, 2023, the Group increased the exercise prices of certain options granted under 2019 ESOP and 2023 ESOP, with a cash compensation payable upon vesting. The incremental fair value of the modified options at the date of the modification was determined based on a Monte Carlo simulation model. For equity-settled awards, an incremental compensation cost will be recognized as an expense over the remaining vesting period from modification date, in addition to the remaining unamortized expense for the original options. The incremental expenses of the modified options were deemed immaterial. For cash-settled awards, the modified terms have been reflected in the remeasurement of the liability as of December 31, 2023. Fair value of options granted The fair value of the options has been measured using a Monte Carlo simulation model. Service and non-market performance conditions attached to the options were not taken into account in measuring fair value. Market performance condition was taken into account in measuring fair value. Equity-settled awards are measured on the grant date while cash-settled awards are remeasured until settlement. The inputs used in the measurement of the fair values of equity-settled awards as at respective grant dates and the re-measurement of the fair values of cash- settled awards as at period end dates were as follows:
Expected volatility has been based on the historical volatility of the comparable companies’ share price, particularly over the historical period commensurate with the expected life of the options. Expenses recognized from share-based payment transactions were as follows:
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FINANCE INCOME AND COST |
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| FINANCE INCOME AND COST |
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INCOME TAXES |
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| INCOME TAXES | 12.INCOME TAXES
In 2021, current taxes included a one-off impact related to utilization of prior year tax losses which were not recognized as a deferred tax asset in prior years. Reconciliation between income taxes at local tax rates in different countries and the total tax expense in the statement of loss:
The table above shows a reconciliation between tax expense (2023: USD 104.2 million, 2022: USD 48.3 million, 2021: USD 34.7 million) and the product of the loss from continuing operations before income tax expense (2023: USD 104.6 million, 2022: USD 182.6 million, 2021: USD 89.8 million) multiplied by the average tax rate (2023: -100%; 2022: -26%, 2021: -39%). The average tax rate is a quotient from the Group’s loss and tax expense. The negative result was due to negative earnings before taxes, mainly impacted by the non-deductible interest expenses in some jurisdictions, while certain other jurisdictions generated high taxable income. In addition, in 2023 and 2022, there were impairment charges for book purposes for which no deferred taxes could be recorded. The taxes at local rates applicable to earnings in countries concerned (2023: USD 53.0 million, 2022: USD -4.3 million, 2021: USD -9.5 million) include the aggregate of income taxes prepared by using the local statutory rate in each individual jurisdiction. The major reconciling items to total tax include unrecognized deferred tax assets from unused interest expense and tax losses, uncertain tax positions, and tax credits/withholding taxes, which are disclosed in the respective line items. DEFERRED TAX ASSETS AND LIABILITIES
Deferred taxes recognized in the statement of financial position:
Recognized tax losses:
The other temporary differences comprise mostly of non-deductible interest expenses. No deferred tax assets have been recognized for above mentioned unused tax losses and other temporary differences since their utilization in full in the near future is not probable or the losses have been created in countries where the possibilities for their utilization are limited. For the assessment of probability, in addition to past performance and the respective prospects for the foreseeable future, appropriate tax structuring measures are also taken into consideration. The major part of the unrecognized deferred tax assets originated in Finland. Amer Sports does not recognize deferred tax liabilities for unremitted earnings of subsidiaries to the extent that they are expected to be permanently invested in international operations. These earnings, the amount of which cannot be practicably computed, could become subject to additional tax if they were remitted as dividends or if the Company were to sell the shareholdings in the subsidiaries. Pillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which Amer Sports operates. The legislation will be effective for Amer Sports’s financial year beginning January 1, 2024. As a result, Amer Sports falls within the scope of Pillar Two legislation and has conducted an assessment of the potential exposure to Pillar Two income taxes. This assessment is founded upon the most recent country-by-country reporting information and IFRS financial data of the relevant jurisdictions. Following the assessment, it has been determined that almost all of jurisdictions except two sales entity jurisdictions where the Group operates, qualify for the transitional safe harbor. While Amer Sports has implemented a process to evaluate the potential exposure to Pillar Two income taxes, as of the date of this reporting, quantitative information indicating potential exposure in these jurisdictions is not currently known or reasonably estimable. Amer Sports is actively progressing on this assessment and anticipates its completion in the first quarter of the financial year 2024. Furthermore, the Group has availed itself of the temporary exception issued by the IASB in May 2023 from the accounting requirements for deferred taxes in IAS 12. Consequently, Amer Sports neither recognizes nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. Since the Pillar Two legislation was not effective at the reporting date, Amer Sports has no related current tax exposure. |
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INTANGIBLES ASSETS |
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| INTANGIBLES ASSETS |
Other intangibles primarily comprise capitalized software. The Company’s contractual commitments for the acquisition of intangible assets as of December 31, 2023 and December 31, 2022 were USD 0.8 million and USD nil. |
PROPERTY, PLANT AND EQUIPMENT |
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| PROPERTY, PLANT AND EQUIPMENT. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY, PLANT AND EQUIPMENT |
Impairment testing is discussed in the note 9. The Company’s contractual commitments for the acquisition of property, plant and equipment as of December 31, 2023 and December 31, 2022 were USD 22.1 million and USD nil. |
OTHER NON-CURRENT FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI AND CASH AND CASH EQUIVALENTS |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| OTHER NON-CURRENT FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI AND CASH AND CASH EQUIVALENTS | |
| OTHER NON-CURRENT FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI AND CASH AND CASH EQUIVALENTS | 15.OTHER NON-CURRENT FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI AND CASH AND CASH EQUIVALENTS Other non-current financial assets Other non-current financial assets at fair value through OCI consist of shares in unlisted companies and amounted to USD 9.2 million and USD 8.9 million as of December 31, 2023 and December 31, 2022, respectively. On initial recognition, the Group designated the investments in unlisted companies to be measured at FVOCI since they are not held for trading. Liesheng, one of the Group’s financial assets at FVOCI, was impaired in 2022. Shares of Liesheng are not traded in an active market and its fair value is determined using valuation techniques. The fair value of the Group’s investment in Liesheng as of December 31, 2022 was determined to be USD 8.5 million using the market approach. The Group made USD 10.9 million impairment on the investment in Liesheng and the loss was recognized in other comprehensive income and loss. Cash and cash equivalents Cash and cash equivalents comprise cash in hand and at bank amounting to USD 483.4 million and USD 402.0 million as of December 31, 2023 and 2022, respectively. As in previous years, these balances were not subject to any utilization restrictions in 2023. However, the repatriation of funds from Russia is currently only possible to a limited extent. |
VALUATION PROVISIONS OF INVENTORIES |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VALUATION PROVISIONS OF INVENTORIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VALUATION PROVISIONS OF INVENTORIES |
The Group periodically reviews its inventories for excess amounts, obsolescence and declines in market value below cost and records an allowance against the inventory balance for any such declines. These reviews require management to estimate future demand for products. If the future demand for Group’s products was weaker than anticipated or the market conditions deteriorated, the value of inventories would likely have to be written down. Gross and net inventories
During the financial years ended December 31, 2023, December 31, 2022 and December 31, 2021 cost of goods sold of USD 2,092.3 million, USD 1,785.2 million and USD 1,560.9 million, respectively, were recognized in the consolidated statement of loss. No inventories have been pledged as security for a liability. |
PREPAID EXPENSES AND OTHER RECEIVABLES |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PREPAID EXPENSES AND OTHER RECEIVABLES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PREPAID EXPENSES AND OTHER RECEIVABLES |
1 Other receivables include other non interest-yielding assets to related parties. Refer to note 26 for further details. |
SHAREHOLDERS' EQUITY (DEFICIT) |
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||
| SHAREHOLDERS' EQUITY (DEFICIT) | |||||||||||||||||||||||||||||||||||||||||||
| Entire Disclosure of Shareholder's Equity (Deficit) |
The authorized share capital of the Company is EUR 15,500,000 divided into 155,000,000 shares of a nominal or par value of EUR 0.10 each. As of December 31, 2023 and 2022, there were 115,220,745 A shares and 352,193 B shares outstanding, amounting to share capital of USD 642.2 million. For purposes of the Loss per share calculation, the number of shares outstanding reflect a share split that became effective in January 2024, which was applied retrospectively to all periods presented. Refer to note 30 for further details. During the fiscal year 2023, a capital contribution was recognized related to the suspension of interest on related party loans. Refer to note 26 for further details on the temporary suspension of interest. Accumulated deficit and other Accumulated deficit and other as presented on the face of the consolidated statement of financial position and the consolidated statement of changes in shareholders’ equity (deficit) is comprised of the following components:
Translation differences Translation differences comprise the differences arising from the elimination of net investments and translation of equity items accumulated after the acquisition in non-USD entities as well as the currency rate differences due to the different exchange rates on the consolidated statement of loss and other comprehensive income and loss and the consolidated statement of financial position. The translation differences comprise also the translation differences arising from the translation of the net investments in foreign operations and from the intercompany long-term capital loans that are not expected to be repaid. Cash flow hedge reserve Cash flow hedge reserve include changes in the financial assets at fair value through OCI and derivative financial instruments used for hedging interest and foreign currency cash flows. Refer to note 24 for further details on the cash flow hedge reserve. Amount of dividends proposed The Board of Directors proposes that no dividend shall be distributed to shareholders for the financial year 2023. Accumulated deficit Accumulated deficit comprises the Loss for the period as well as preceding periods. |
INTEREST-BEARING LIABILITIES |
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| INTEREST-BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure of interest bearing liabilities | 19.INTEREST-BEARING LIABILITIES
Carrying amounts of loans from financial institutions, loans from related parties, and other interest-bearing liabilities approximate their fair values because the loans are at floating rate. |
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OTHER LIABILITIES |
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| OTHER LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER LIABILITIES |
Current other liabilities
* Amount comprises only the current portion of liabilities for share-based payments. The long-term portion of liabilities for share-based payments amounted to USD 7.4 million and USD nil as of December 31, 2023 and 2022, respectively, recorded under long-term other liabilities. |
PROVISIONS |
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| PROVISIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROVISIONS |
The majority of the provisions resulted from repair or replacement of products during their warranty period. The majority of warranty provisions are realized within one year. On April 15, 2021 Amer Sports published a corporate strategy update, including a program to manage competitive operational cost base, which led to personnel related restructuring costs. USD 4.3 million of this program was unpaid at December 31, 2022. Provisions made during 2022 were mainly related to the suspension of all of the Company’s significant commercial activities in Russia by the end of fiscal year 2022. There have been no changes in circumstances regarding the Group’s activities in Russia during the fiscal year 2023. The Group has long-term environmental provisions in the United States of USD 0.4 million and USD 0.4 million as of December 31, 2023 and 2022, respectively. Other provisions include asset retirement obligations of some leased premises. |
LEASES |
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| LEASES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES |
Carrying amounts of the right-of-use assets and lease liabilities including the movements during the period of January 1 through December 31, 2023:
Carrying amounts of the right-of-use assets and lease liabilities including the movements during the period of January 1, through December 31, 2022:
Leases recognized in the consolidated statements of loss:
The Company’s commitments resulting from leases were as follows:
Lease commitments mainly consist of those lease contracts that are for short-term leased assets and for low-value assets. |
COMMITEMENTS |
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| COMMITMENTS | |||||||||||||||||||||||
| COMMITMENTS |
Minor part of the guarantees relates to the sold Precor business. In accordance with the Share Purchase Agreement, such guarantees are the buyer’s responsibility commencing from the date of purchase and are expected to be released in 2024. Other commitments are primarily due to long-term endorsement contracts with several professional and non-professional leagues, particularly in the United States, and contracts with brand ambassadors. A certain major contract with the NBA covers a period lasting until the end of 2031, while other contracts are more short-term. There are no guarantees or contingencies given for the management of the Group, for the shareholders, or for the associated companies. Ongoing litigations The Group has extensive international operations and is involved in a number of legal proceedings, including product liability suits. These litigations are assessed on an ongoing basis by evaluating the probability of any potential financial impact. During the fiscal year 2023, the Group accounted for USD 3.3 million expenses related to a certain litigation in connection with the divestiture of a business unit. Management does not consider the outcome of any other legal proceedings currently pending as probable and does not expect any materially adverse effect on the consolidated statement of loss and other comprehensive income and loss or consolidated statement of financial position. |
GROUP COMPANIES |
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| GROUP COMPANIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GROUP COMPANIES | 24.GROUP COMPANIES
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CASH FLOW HEDGE RESERVE |
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| CASH FLOW HEDGE RESERVE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CASH FLOW HEDGE RESERVE |
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RELATED PARTY TRANSACTIONS |
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| RELATED PARTY TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS |
Related parties of the Company comprise the following:
The subsidiaries of Amer Sports, Inc. are listed in note 24. ANTA Sports transactions with the Company comprise the following:
Sales to ANTA Sports are based on the same conditions that apply to third parties. Key management includes the Board of Directors of Amer Sports, Inc., the Board of Directors of Amer Sports Holding 3 Oy and the Executive Committee and the Executive Board. Compensation to key management recognized in earnings:
The members of the Executive Board and Executive Committee receive a fixed remuneration and a short-term variable remuneration in the form of an annual bonus based on the Group’s annual financial targets. In addition, they participate in the share-based payment program of Amer Sports. Please refer to note 9 for information on the share-based payment program. No remuneration was paid to the Boards of Directors. Members of the Boards of Directors do not have contractual retirement benefits with the Company and they are not included in Amer Sports’ incentive plans. No loans have been granted to the key management. The Company was granted the following long-term loans from the parent company Amer Sports Holding (Cayman) Limited:
In relation to these long-term loans, the Company made prepayments for interest expenses amounting to USD nil and USD 40.3 million as of December 31, 2023 and 2022, respectively. At the Group level, the loan has been netted by upfront fee related to aforementioned loan.
The Investment Loan is an unsecured loan from Amer Sports Holding (Cayman) Limited. Borrowings thereunder accrue interest at a rate equal to the percentage rate per annum which is the aggregate of the applicable margin of 4.00%, 4.25% or 4.50%, depending on the current leverage ratio, and EURIBOR for any loans in euros and for all other loans, plus 0.25%. The Investment Loan matures on March 26, 2029. The Facility A Loan is an unsecured loan from Amer Sports Holding (Cayman) Limited. Borrowings thereunder accrue interest at a rate equal to the percentage rate per annum which is the aggregate of the applicable margin of 2.00% or 1.75%, depending on the current leverage ratio, and EURIBOR, plus a margin to be determined from time to time. The Facility A Loan matures on March 26, 2029. For the Investment Loan and Facility A Loan, the accrual of interest under both loans has been temporarily suspended subsequent to December 31, 2022 in anticipation of the IPO and the related equitization and repayment of the loans in connection with this event. The temporary suspension of interest is accounted for as a capital contribution. The Capital Loan is an unsecured loan from Amer Sports Holding (Cayman) Limited. Borrowings thereunder accrue interest at a rate equal to the percentage rate per annum which is the aggregate of the applicable margin of 4.00%, 4.25% or 4.50%, depending on the current leverage ratio, and EURIBOR for any loans in euros and LIBOR for all other loans, plus 0.25%. The Capital Loan matures on March 26, 2029. The EUR 1.3 billion external Facility A loan that Amer Sports Holding (Cayman) Limited entered into in 2019 includes two financial covenants. Under a leverage covenant, the total Net Debt to Adjusted EBITDA may not exceed 4.75:1 and under an interest coverage covenant, the ratio of Adjusted EBITDA to Net Finance Charges may not be less than 4.00:1. Both covenants are tested every 30th of June and 31st of December after the utilization date and the calculations are to be performed in accordance with Hong Kong GAAP, together with financial definitions and clauses of the agreement. The following balances are outstanding at the end of the respective reporting periods in relation to transactions with related parties (except for the long-term loan from the parent company mentioned above):
In addition to the USD 11.9 million loan, Amer Sports Management Company (Cayman) Limited also holds 352,193 B shares (USD 1.8 million) of the Company, amounting to 0.3% of the total outstanding shares of the Company. Current payables to and receivables from ANTA Sports have a short-term maturity, are interest free and not secured. For the loans from Amer Sports Management Company (Cayman) Limited taken in 2022, the accrual of interest has been temporarily suspended subsequent to December 31, 2022 in anticipation of the IPO and the related equitization and repayment of the loans in connection with this event. The temporary suspension of interest is accounted for as a capital contribution. |
BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES |
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| BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES |
The following table presents the Group’s financial assets and liabilities that are measured at fair value at December 31, 2023:
The following table presents the Group’s financial assets and liabilities that are measured at fair value at December 31, 2022:
Carrying amounts of current financial instruments carried at amortized cost are reasonable approximation of fair value due to their short-term nature. Carrying amounts of loans from financial institutions, loans from related parties, and other interest-bearing liabilities approximate their fair values because the loans are at floating rate. Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The Group does not have any financial instrument included in level 1. Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over-the-counter derivatives) is determined using valuation techniques that maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities. The Group’s policy is to recognize transfers into and out of fair value hierarchy levels as at the end of the reporting period. There were no transfers between levels 2 and 3 for recurring fair value measurements during the fiscal years. Specific valuation techniques used to value financial instruments include:
●for foreign currency forwards - the present value of future cash flows based on the forward exchange rates at the consolidated statement of financial position, and
All of the resulting fair value estimates are included in level 2, except for unlisted equity securities, promissory notes and available for sale factoring receivables, where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk. In cases where credit risk of counterparty is low and maturity is short-term, the carrying amount of such instrument approximates its fair value. The following table show the valuation technique used in measuring level 3 fair values for financial instruments in the consolidated statement of financial position, as well as the significant unobservable inputs used.
As of each reporting year end, the Group analyses the level 3 fair values and performs an assessment of the movements, if any. The Group may engage external valuation experts to perform valuation on the level 3 fair value if the amount involved is significant or the valuation process requires significant judgement. For example, the Group engaged external valuation experts to perform valuation on its investment in Liesheng in 2022. The following table presents the changes in level 3 items during the years:
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FINANCIAL RISK MANAGEMENT |
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| FINANCIAL RISK MANAGEMENT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL RISK MANAGEMENT | 28.FINANCIAL RISK MANAGEMENT Amer Sports, Inc. is exposed to customary financial risks such as commodity price risks, inflation risks, funding and liquidity risks, foreign exchange and interest rate risks, counterparty and credit risks. COMMODITY PRICE RISK Amer Sports is exposed to commodity and other price risk, including from rubber, nylon, polyester and steel, aluminum and other materials, which we either purchase directly or in a converted form such as fabric, as well as other inputs, including energy, transportation and logistics services. To manage risks of commodity price changes, management negotiates prices in advance when possible. Amer Sports has not historically managed commodity price exposures by using derivative instruments. INFLATION RISK Inflationary pressures have recently increased, and may continue to increase, the costs of labor, raw materials and other inputs for Amer Sports’ products. Amer Sports has experienced, and may continue to experience, higher than expected inflation, including escalating transportation, commodity and other supply chain costs and disruptions. If our costs are subject to significant inflationary pressures, Amer Sports may not be able to offset such higher costs through price increases, which could adversely affect its business, results of operations or financial condition. Funding and liquidity risks, foreign exchange and interest rate risks, counterparty, and credit risks are managed by Amer Sports Treasury, which acts as an in-house bank providing financial services for subsidiaries within the Amer Sports Group. The Treasury related operational risk management is governed by the Group’s Treasury Policy which includes principles and risk limits. Amer Sports Treasury follows and monitors operational risks constantly and does not allow any material deviations from the Treasury Policy. As a consequence of the Group’s ownership change, the Senior Facilities Agreement signed on March 20, 2019, is a cornerstone of Amer Sports’ funding and hence provides both options and limitations to activities that relate to funding and liquidity management. The agreement has been signed by financing banks, Amer Sports Holding 1 Oy (former Mascot Midco 1 Oy) as the parent and Amer Sports Holding Oy (former Mascot Bidco Oy) as the Company. Under the historical ownership structure, the general availability of funding and liquidity including the management of the related risks was arranged in close co-operation with the parent company. FUNDING RISK Funding risk is the risk that Amer Sports, Inc. will encounter difficulty in raising funds to meet commitments associated with existing financial instruments. In 2023, 2022 and 2021 Amer Sports, Inc.’s subsidiaries incurred financial commitments, as described below. In February 2021, Amer Sports European Center AG incurred a USD 35 million short-term loan to finance Amer Sports Group’s payments to certain vendors in Asia. In April 2021, Amer Sports Company and Amer Sports Canada Inc., Arc’teryx division repaid the EUR 100 million term loan raised in 2020 in full prior to maturity. In 2022, no new external financing arrangements were finalized. However, Amer Sports European Center AG’s USD 35 million short-term loan was extended by 12 months. In 2022, minority share investors invested equity and debt through the related party entity Amer Sports Amer Sports Management Company (Cayman) Limited. The invested debt was EUR 10.5 million, pays floating rate interest and matures in 2029. In February 2023, Amer Sports European Center AG’s short-term loan totalling to USD 35 million was extended by 12 months. In February 2023 and in October 2023, Amer Sports European Center AG incurred a USD 15 million and a USD 40 million short-term loan to finance Amer Sports Group’s payments to certain vendors in Asia. LIQUIDITY RISK At an operational level, the Group’s liquidity risks revolve around its cyclical need for working capital and such expenses are a significant factor in shaping its overall liquidity strategy. Typically, the highest level of working capital has been reached in the third quarter, when short-term debt is tied up in inventories and accounts receivable. The term loan B was fully drawn in 2019 and no prepayment was done until end of 2023. A USD 348 million (EUR 315 million) revolving credit facility limit is part of the Senior Facilities Agreement and is intended to assist with Amer Sports’ short-term liquidity needs. Amer Sports Treasury has established several cash pooling structures with the Group’s relationship banks in order to manage the liquidity of the Group. Treasury Policy sets guidelines for the management of liquidity that is outside cash pooling structures. Liquidity in excess of operating needs may be invested inline with the Treasury Policy and the Senior Facilities Agreement. The below table is a breakdown of the Group’s non-derivative financial liabilities and net-settled derivatives in their contractual maturities. MATURITY ANALYSIS FOR FINANCIAL LIABILITIES BASED ON THEIR CONTRACTUAL MATURITY
CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
CURRENCY RISK Transaction risk arises from foreign currency denominated receivables and liabilities, cash flows in foreign currencies and derivatives. Translation risk relates to the foreign currency denominated earnings when they are translated into USD. Amer Sports has operations in most of the major currency areas, and its sales are diversified in multiple currencies. On the business unit level, transaction risk arises when the unit sells in its home currency but the cost base is in foreign currencies or sells or buys goods in foreign currencies. Amer Sports’ risk management is aiming to eliminate material uncertainties relating to foreign exchange rates. At the end of the year, Amer Sports’ currency position consisted of intercompany and external interest-free and interest-bearing foreign currency denominated receivables and liabilities and foreign exchange derivatives. Foreign exchange derivatives include both balance sheet and cash flow hedges. Balance sheet risks have been managed by financing Amer Sports’ subsidiaries in their functional currencies. The risks have been concentrated on the centralized distribution and purchasing units that invoice the subsidiaries in their respective functional currencies. Amer Sports’ risk for the consolidated statement of financial position arises from internal and external liabilities in foreign currencies. The following table sets out the foreign exchange positions in the most significant currencies at the reporting date:
The tables below present the sensitivity of the statement of shareholders’ equity (deficit) and the statement of loss at the reporting date to the strengthening of the euro by 10%, provided other factors remain unchanged. The weakening of the euro by 10% would cause a similar change in the opposite direction:
Earnings sensitivity before taxes is influenced by changes in the fair value of derivative instruments not used in hedge accounting and on-balance hedging derivative instruments as well as changes in the value of on-balance currency-denominated loans and receivables. Shareholders’ equity (deficit) is mainly affected by changes in the fair value of derivative instruments used in hedge accounting recognized under the hedge reserve. The following table sets out Amer Sports’ cash flows pursuant to its hedging policy for the next 24 months as at December 31, 2023 (USD million):
The following table sets out the hedging of Amer Sports’ cash flows as at December 31, 2023 (USD million):
The following table sets out Amer Sports’ cash flows pursuant to its hedging policy for the next 24 months as at December 31, 2022 (USD million):
The following table sets out the hedging of Amer Sports’ cash flows as at December 31, 2022 (USD million):
The following table sets out Amer Sports’ cash flows pursuant to its hedging policy for the next 24 months as at December 31, 2021 (USD million):
The following table sets out the hedging of Amer Sports’ cash flows as at December 31, 2021 (USD million):
According to Amer Sports’ hedging policy, the transaction risk arising from subsidiaries’ business operations is hedged between -24 months. In practice, the hedge ratios are higher for closer months than for later months. The hedge ratio is maintained between 55% and 95% of 24 months cash flow, except in currencies with high interest rate where the hedge horizon is -18 months. Hedge ratios are monitored daily. The hedged cash flow is expected to be realized during the following -24 months. Amer Sports hedges only annual cash flows or other exposures with a value of over EUR 5.0 million. Amer Sports temporarily shortened the hedging horizon to 15 months and in 2023 has managed to reach longer tenors again, but not yet in the extent of the Treasury Policy. Amer Sports applies hedge accounting to the forecasted sales or purchases in foreign currencies related to its operating activities for cash flows with a counter value of over EUR 10 million per currency pair in the entity. The effectiveness is assessed quarterly by analysing the critical terms. The critical terms of the hedging instrument and the forecasted hedged transactions are significantly the same. The forecasted hedged transactions are expected to occur in the same fiscal month as the maturity date of the hedging instrument, and therefore, the hedge is expected to be effective. Subsequent assessments of effectiveness are performed by verifying and documenting whether the critical terms of the hedging instrument and forecasted hedged transactions have changed during the period in review and whether it remains probable. If there are no such changes in critical terms, the Group will continue to conclude that the hedging relationship is effective. Sources of ineffectiveness, including timing differences in the settlement of forecasted hedged transactions and hedging instruments, and changes in credit risk of the hedging instruments, are not considered material. Foreign exchange differences of foreign exchange derivatives are recognized as hedging reserve while interest rate differentials related to the foreign exchange derivatives are recorded through the consolidated statement of loss. According to its Treasury Policy, Amer Sports may hedge 0 to 50% of subsidiaries’ equity. At the end of 2023 and 2022, there were no outstanding equity hedges or net investment hedges. INTEREST RISK The Company is exposed to interest rate risk when it funds its group operations with external debt. The risk arises from the repricing of floating rate debt and with the raising of new floating rate debt. A fixed rate debt is subject to “fair value risk”. The purpose of interest rate risk management is to bring predictability for interest expenses. Amer Sports Treasury may hedge the outstanding or forthcoming interest rate position of Amer Sports Group by using interest rate derivatives defined in the Treasury Policy. The duration of the loans in Amer Sports, Inc. was 1 month in 2023, 1 month in 2022 and 3 months in 2021. 10% of the debt portfolio was at fixed rate as of December 31, 2023, 2% in 2022 and 2% in 2021. Cash and cash equivalents are excluded from the interest rate risk portfolio of the group due to their short-term nature. The sensitivity of the consolidated statement of loss contains changes in interest expenses for the next 12 months due to an increase/decrease of 1% in market interest rates, provided that other factors remain unchanged. The below table illustrates the sensitivity of the consolidated statement of shareholders’ equity and the consolidated statement of loss to an increase of 1% in interest rates, provided that other factors remain unchanged. The sensitivity is calculated to interest-bearing liabilities. Interest rate floors are excluded from the calculations.
The effective interest rate of the debt used for financing was 6.2% in 2023, 4.0% in 2022 and 4.2% in 2021. The effective interest rate is calculated by taking into account interest expenses, financing expenses and derivatives’ expenses. The average interest rate of the Group’s interest-bearing debt was 6.3% in 2023, 4.0% in 2022 and 3.6% in 2021. The Group has outstanding non-hedge accounting related interest rate derivatives. The derivates used to hedge floating rate loans that have been repaid. Although the original loans were repaid, it was decided to maintain these derivatives as a protection against interest rate risks related to the new funding. The expected impact from interest rate benchmark reform concerning IBOR reference rates replacement is considered to be limited for Amer Sports, since the majority of the Group’s external contracts are tied to EURIBOR reference rates. Amer Sports’ IBOR exposure is mainly related to USD LIBOR linked external short term loans and funding that amounted to USD 155 million as of December 31, 2022 and have yet to transition to an alternative benchmark rate. USD LIBOR publication ceased after June 2023. CREDIT RISK Amer Sports, Inc. is exposed to customary credit risk through accounts receivables that are held in the Company’s consolidated statement of financial position. The Company has a global customer base, and there are no significant risk concentrations. The largest single customer accounts for 4% of total accounts receivable and the largest 20 combined total about 32%. At the end of year 2023 the actual payment time for the outstanding sales was 49 days. Amer Sports uses credit insurance in most of the countries in EMEA and Japan to protect against the risk of non-payment and to secure sales up to predefined limits. Excess liquidity can be placed to the market according to the Treasury Policy’s and the Senior Facilities Agreement’s credit criteria and limits. The credit risk arising from Amer Sports’ derivatives is considered low. The risk is minimized by careful selection of counterparties, their limited share of the total portfolio and by monitoring counterparties’ creditworthiness and outstanding liabilities towards Amer Sports. The following table sets out the consolidated statement of financial position values or fair values of financial assets which represent the maximum amount of the credit risk at the reporting dates:
Factoring A subsidiary of the Group entered into a factoring agreement, originally in 2013 and subsequently amended and restated in 2022, with a third-party banking institution (“Factor”), pursuant to which the Group agreed to sell accounts receivable up to a limit of USD 50 million in exchange for advanced funding equal to 100% of the principal value of the invoice on a non-recourse basis. Information on accounts receivable identified for factoring are provided and verified by the Factor prior to being accepted for factoring. The Group is charged a fee of commission of 0.4% on the basis of purchased gross invoice amount, and an adjustment rate of the Daily Simple SOFR plus 1.50% per annum, based on the number of days between the purchase date and the settlement date. The program is in place for certain approved US based obligors. The year-end value of uncollected receivables transferred as part of the factoring program was USD 39.4 million as of December 31, 2023 and USD 34.6 million as of December 31, 2022. As of December 31, 2023 and December 31, 2022, the total accounts receivable balances transferred to the Factor amounted to USD 232.9 million and USD 116.2 million, respectively. The Group entered into a new receivables financing arrangements between two other subsidiaries and with a third-party banking institution (“Factor in EMEA”) on December 15, 2023. The year-end value of uncollected receivables transferred as part of the factoring program was USD 57.9 million as of December 31, 2023. As of December 31, 2023 the total accounts receivable balances transferred to the Factor in EMEA amounted to USD 57.9 million. There is no recourse or other liability included in the program. The financial expenses of the program didn’t produce material impact on the financial result of the Group given the start in late December 2023. The fair value of the continuing involvement in the transferred trade receivables amounted to USD 0.7 million for the US program and USD 0.9 million for the EMEA program as of December 31, 2023, which corresponds to the maximum payment and the undiscounted cash outflows the Group might have to pay in case of late payment. The Group has assessed that significantly all risks and rewards of the transferred accounts receivables have been transferred to the Factors. The Group only retains the risk of late payments of the underlying debtors, which has been considered immaterial for the consolidated financial statements. All of the potential cash outflows have a maturity of less than 12 months. The objective of Amer Sports sale of receivables arrangements is to balance the liquidity swings of the Group. VALUATION PROVISIONS OF ACCOUNTS RECEIVABLE
Aging analysis of external accounts receivable and amounts recognized as accounts receivable reserve*
* Excludes accounts receivable to related parties amounting to USD 18.0 million and USD 16.7 million as of December 31, 2023 and 2022, respectively. More than 120 days overdue accounts receivables are mainly related to the Group’s export business and specific payment plans have been agreed with the related distributors. Bad debt write-offs amounted to USD 3.6 million in 2023, USD 4.2 million in 2022, and USD 4.0 million in 2021. The total impact on the consolidated statement of loss and other comprehensive income and loss from bad debt write-offs and the change in the receivable reserve amounted to USD 2.4 million in 2023, USD 3.6 million in 2022, and USD 0.7 million in 2021. The Group had open receivable balances in Argentina related to a single distributor, which was not able to pay its outstanding invoice amounts due to abroad payment restrictions by the Central Bank of Argentina. Pursuant to an agreement reached, the related trade receivables were converted to a loan with a specific payment plan. DERIVATIVE FINANCIAL INSTRUMENTS
CAPITAL MANAGEMENT Amer Sports, Inc.’s capital management is driven by the strategic targets of the parent company and public ratings. The Senior Facilities Agreement reflected in the statement of financial position of Amer Sports Holding Oy (former Mascot Bidco Oy) includes a Consolidated Senior Secured Net Leverage Ratio covenant which is tested each quarter and which provides that the ratio of Consolidated Senior Secured Net Debt to Consolidated EBITDA must not exceed 8.00:1. The relevant subsidiaries of Amer Sports, Inc. disclose the covenants to the lenders according to the definitions and clauses of the agreements. The Group has been compliant with the covenants during the reporting periods. The Group is not subject to any externally imposed capital requirements. NET DEBT AND SHAREHOLDER’S EQUITY
OFFSETTING FINANCIAL ASSETS AND LIABILITIES Financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as of December 31, 2023:
Financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as at December 31, 2022:
Other financial assets and liabilities than derivative financial assets and liabilities are not subject to material offsetting, enforceable master netting or similar agreements. Financial assets and liabilities that are not set off in the consolidated statement of financial position, but may be set off are under enforceable master netting arrangements (such as International Swaps and Derivatives Association Inc, ISDA, Master Agreement and Schedules governing terms, obligations and other provisions related to trading and settlement of derivative trades) that allow the Group and the counterparty for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis, however, each party to the master netting arrangement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party. |
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| DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE |
During the fiscal year 2023, the Company neither accounted for any discontinued operations nor reported assets or liabilities held-for-sale as of December 31, 2023. For the fiscal years ended December 31, 2022 and 2021, all income and expenses of the divested Suunto and Precor businesses were classified as loss from discontinued operations, net of tax in the consolidated statement of loss and other comprehensive income and loss. 2023: There were no divestments in 2023. 2022: Suunto divestment During June 2021 the Company entered into a term sheet with Dongguan Liesheng Electronic Technology Co. Ltd (“Liesheng”), a leading Chinese technology company focusing on the smart & sport wearables electronics segment, in regards to the disposal of Suunto. The asset and liabilities of the disposal group were classified as held-for-sale and it was concluded that the disposal group qualifies as a discontinued operation. On December 28, 2021, an agreement was reached with Liesheng to acquire the Suunto business subject to the satisfaction of customary closing conditions. The closing of the transaction was completed on May 6, 2022. The consolidated cash and debt-free sales value amounted to USD 18.3 million (net of transaction costs). The loss on disposal upon the sale of the Suunto business amounted to USD 5.5 million and is reported under loss from discontinued operations, net of tax. Upon classifying Suunto as held-for-sale, an impairment loss in the amount of USD 77.5 million was recognized in accordance with IAS 36 Impairment of Assets. 2021: Precor divestment On December 21, 2020, the Company entered into an agreement with Peloton Interactive Inc, a Nasdaq listed, leading interactive fitness platform, for the sale of its Fitness Equipment segment (Precor) including the shares of Precor Inc. as well as all net assets and trademarks in a transaction valued at USD 420 million. The assets and liabilities of the disposal group were classified as held-for-sale and it was concluded that the disposal group qualifies as a discontinued operation. The transaction was closed and the transfer of ownership took place on April 1, 2021. The gain upon disposal, before taxes, upon the sale of the Precor business amounted to USD 116.0 million and is reported under loss from discontinued operations, net of tax. Final adjustment on Precor divestment A final purchase price adjustment on the Precor divestment amounted to USD 4.8 million which was paid during 2022 and was recorded as a gain in the consolidated statement of loss and other comprehensive income and loss. The total profit on the disposal of the Precor divestment after the final purchase price adjustment was USD 120.8 million. The result of the Suunto and Precor businesses is shown as discontinued operations in the consolidated statement of loss and other comprehensive income and loss:
Net cash flows incurred by the Suunto and Precor businesses:
During 2021 USD 4.9 million was recorded as translation differences related to Precor Inc. The translation differences are included in the profit on sale of Precor. Carrying amounts of assets and liabilities, profit (loss) on sale and cash flow of the sold businesses
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LOSS PER SHARE |
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| LOSS PER SHARE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LOSS PER SHARE | 30.LOSS PER SHARE Basic loss per share The calculation of basic loss per share has been based on the following loss attributable to ordinary shareholders and weighted-average number of ordinary shares outstanding. The disclosed loss per share calculations have been adjusted retrospectively to reflect the increase in the number of ordinary shares outstanding resulting from a share split that became effective before the consolidated financial statements were authorized for issue. Loss attributable to ordinary shareholders (basic)
Weighted-average number of ordinary shares (basic)
Diluted loss per share For the periods included in these consolidated financial statements the Group incurred net losses. Therefore, antidilutive stock options are excluded from the diluted loss per share calculation. The following table presents an overview of the calculated basic and diluted loss per share:
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SUBSEQUENT EVENTS |
12 Months Ended |
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Dec. 31, 2023 | |
| SUBSEQUENT EVENTS | |
| SUBSEQUENT EVENTS | 31.SUBSEQUENT EVENTS Management has evaluated events subsequent to December 31, 2023 and through March 18, 2024, the date these consolidated financial statements were authorized for issuance by the Board of Directors. The following events which occurred subsequent to December 31, 2023 merited disclosure in these consolidated financial statements. Management determined that no adjustments were required to the figures presented as a result of these events. IPO and refinancing activities On January 31, 2024, the Company’s initial public offering (including the proceeds from the exercise of the overallotment option described below, together with the use of proceeds therefrom, the “Amer Sports IPO”) priced and its ordinary shares began trading on the New York Stock Exchange under the ticker “AS” on February 1, 2024. The Amer Sports IPO closed on February 5, 2024, raising USD 1.37 billion in gross proceeds, and the underwriters subsequently exercised a portion of their overallotment option to purchase additional shares, raising USD 102.4 million in additional gross proceeds on February 6, 2024. On February 8, 2024, the underwriters exercised the remaining portion of the option to purchase additional shares, raising an additional USD 102.4 million in further additional gross proceeds. Immediately prior to the completion of the Amer Sports IPO, the Company (i) redesignated and reclassified each of the issued and outstanding class A voting shares and each of the issued and outstanding class B non- voting shares into a single class of ordinary shares, each entitled to one vote per share (collectively, the “Reclassification”) and (ii) effected a 3.3269-for-1 share split of its ordinary shares (the “Share Split”). Following the Reclassification and the Share Split, but before giving effect to the Amer Sports IPO, the Company had 384,499,607 ordinary shares issued and . After giving effect to the Amer Sports IPO the Company has 505,249,607 ordinary shares issued and . On February 16, 2024 the Company entered into a new credit agreement, providing for (i) a new 7-year USD 500 million term loan facility, (ii) a new 7-year EUR 700 million term loan facility and (iii) a new USD 710 million 5-year revolving credit facility (together, the “New Senior Secured Credit Facilities”). The Company also issued USD 800 million of 6.750% new senior secured notes on the same day. Immediately prior to the completion of the IPO, a portion in the amount of approximately USD 2.60 billion of Loans from related parties (comprised of the Investment Loan and Facility A loan), with a carrying value of USD 4.08 billion as of December 31, 2023, were equitized (the “Equitization”). The net proceeds of the Amer Sports IPO, together with the net proceeds from the USD 500 million term loan facility, the EUR 700 million term loan facility and the USD 800 million notes issuance and additional cash on hands were used to repay (i) all remaining borrowings under the old term loan facility under the Senior Facilities Agreement with a carrying value of USD 1.86 billion as of December 2023 (recorded within Loans from financial institutions), (ii) the remaining borrowings from Loans from related parties after the Equitization as well as (iii) the remaining borrowings from the bilateral facility with Standard Chartered and the old revolving credit facility under the Senior Facilities Agreement with a carrying value in the amount of USD 90 million and USD 291 million, respectively, as of December 31, 2023 (both recorded within current interest-bearing liabilities). Share-based incentive plans (ESOP) In connection with the Amer Sports IPO and prior to the vesting of the option awards under the 2019 ESOP and 2023 ESOP, the Company made modification of the terms of the awards. On January 4, 2024, the exercise price of all options was converted from euros to U.S. dollars. On January 22, 2024, all cash-settled options were modified and changed to equity-settled options. The Company is currently still assessing the accounting impact of these modifications.
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SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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| SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||||||||||
| Basis of preparation | Basis of preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements are presented in millions of U.S. dollars (USD). The presented figures and percentages are subject to rounding adjustments, which may cause discrepancies between the sum of the individual figures and the presented aggregated column and row totals. The figures have been prepared under the historical cost basis except for the revaluation of financial instruments that are measured at revalued amounts or fair values at the end of each reporting period as well as derivative financial instruments at fair value, as explained in the accounting policies below. The consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of the business. The preparation of consolidated financial statements requires the use of certain accounting estimates. The areas that require a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed below. The consolidated financial statements for the Group have been authorized for issue by the Board of Directors on March 18, 2024. |
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| Principles of consolidation | Principles of consolidation The consolidated financial statements comprise the financial statements of the parent company and include all subsidiaries over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Companies acquired during the financial year have been included in the consolidated financial statements from the date when control was obtained. Similarly, divested subsidiaries are included up to the date when control has been relinquished. The ownership of the subsidiary shares within the Group are eliminated using the acquisition method. The transferred consideration and all the identifiable assets and liabilities of an acquired company are measured at fair values at the date of acquisition. Goodwill is recognized as the amount by which the total transferred consideration exceeds the fair value of the acquired net assets. Intercompany transactions, profit distribution as well as intercompany receivables, liabilities and unrealized gains between Group companies are eliminated in consolidation. Certain amounts have been reclassified from prior years’ financial statements to conform to the current presentation. |
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| Macroeconomic environment | Macroeconomic environment The major events that impacted the business of the Group during the reporting periods were the Russia-Ukraine war, price inflation and increased interest rates. Russia-Ukraine conflict As a result of the conflict between Russia and Ukraine and the sanctions imposed against Russia, the Group put all its shipments to Russia on hold on February 26, 2022 and suspended all significant commercial activities in Russia by the end of fiscal year 2022 indefinitely, including store, e-commerce channels, and shipments to the Company’s wholesale partners. The Group’s sales in Russia were USD 56.0 million in 2021 and decreased to USD 18.7 million in 2022 and USD 6.9 million in 2023. The total assets of our Russian subsidiary ASRUS ZAO Amer Sports amounted to USD 22.4 million as of December 31, 2022 and USD 15.1 million as of December 31, 2023. The Company maintains a leased office space in Russia and a limited number of employees to safeguard the operations of the entity, file statutory financial statements and monitor the local market to secure the Company’s global brand assets. Price inflation and increased interest rates Amer Sports encountered rising costs in energy, logistics, labor, and other aspects of its business model. Furthermore, macro-economic factors such as increasing interest rates may contribute to a potential recession in specific markets. These uncertainties could temporarily impact overall customer demand. Nonetheless, the Company addresses inflation by adjusting customer prices, aligning them with expected increases in recommended retail prices from suppliers when determining its own price adjustments. |
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| Assets held for sale and discontinued operations | Assets held for sale and discontinued operations Assets or a disposal group of assets and liabilities is categorized as held for sale when the economic benefits gained from it will be accrued primarily from its sale rather than from continuous use. Assets or disposal groups held for sale are measured at the lower of carrying amount or fair value less costs to sell and disclosed as a separate line item in the consolidated statement of financial position. These assets are not amortized or depreciated. An impairment loss is recognized for any initial or subsequent write-down of the asset or a disposal group to fair value less costs to sell. A gain is recognized for any subsequent increases in fair value less costs to sell of an asset or a disposal group, but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized by the date of the sale of the non-current asset or a disposal group is recognized at the date of derecognition. A discontinued operation is a component of the Group’s business that has been disposed of or will be disposed of in accordance with a coordinated plan. It represents a separate major line of business or geographical area of operations. Any gain or loss from disposal, together with the profit or loss of a discontinued operation until the date of disposal, is reported separately from income and expenses of the continuing operations in the consolidated statement of loss and other comprehensive income and loss. The prior periods in these statements are presented on a comparative basis. Intercompany income and expenses between continuing and discontinued operations are eliminated. More details on the assets held for sale and discontinued operations are disclosed under note 29. |
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| New and amended standards and interpretations | New and amended standards and interpretations The Group has applied the following new and revised standards, amendments and interpretations that are required to be applied as of January 1, 2023:
New IFRS standards not yet effective The following standards that are issued but not yet effective will be adopted in 2024 or later:
Management has concluded that the adoption of any of the above accounting pronouncements, that were issued but not effective for the period ended December 31, 2023, will not have a material impact on the Group’s consolidated financial statements. |
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| Foreign currency transactions and translation | Foreign currency transactions and translation The Company’s consolidated financial statements are presented in USD. The functional currency of the parent company is EUR, while the functional currency for each subsidiary is its local currency or the currency in which the subsidiary mainly operates. Transactions involving the translation to the respective functional currencies of values denominated in foreign currencies are classified as monetary or non-monetary, thereby defining the measurement and recognition of foreign currency translation gains and losses applicable to a transaction. The Group companies record transactions in foreign currencies at the rate on the transaction date or at an estimated rate sufficiently close to the rate on the transaction date. Assets and liabilities denominated in foreign currencies that are outstanding at the end of the financial year are translated at the closing rate of exchange in effect on the balance sheet date. Foreign exchange gains and losses related to operational transactions are presented within operating expenses above Operating profit. Exchange rate gains and losses on foreign currency-denominated loans and other receivables and liabilities connected with financing transactions are recorded at their net values as finance income and expenses. The consolidated statement of loss and other comprehensive income and loss is translated into U.S. dollars by consolidating each calendar month separately using the actual daily average for the month, whereby the sum of the twelve calendar months represents the whole year. Translation differences arising from the translation of the net investment in non-U.S. operations are booked to translation differences in other comprehensive income. On disposal of a foreign operation, the accumulated amount of translation differences relating to the disposed foreign operation is reclassified to profit or loss. |
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| Financial instruments | Financial instruments A financial instrument is a contract that gives rise to a financial asset of one party and a financial liability or equity instrument of another party. These include both non-derivative financial instruments, such as accounts receivables and payables, and derivative financial instruments, such as foreign exchange contracts. |
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| Financial assets | Financial assets Categorization and measurement In accordance with IFRS 9 Financial Instruments, financial assets are categorized as: I.financial assets at fair value through profit or loss II.financial assets measured at amortized cost III.financial assets at fair value through other comprehensive income and loss (OCI) The classification of financial assets at initial recognition depends on the contractual cash flow characteristics of the financial asset and the Group’s business model for managing them. All purchases or sales of financial assets are recognized on the settlement date. Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Derivatives are classified at fair value through profit and loss unless they are designated as effective hedging instruments. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the consolidated statement of loss and other comprehensive income and loss. Assets in this category are classified as current assets, except for maturities over 12 months after the balance sheet date. The Group measures financial assets at amortized cost if both of the following conditions are met:
Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. Financial assets are included in current assets, except for maturities over 12 months after the balance sheet date. The Group’s financial assets at amortized cost include accounts receivables, other non-current financial assets and other non-interest yielding receivables. The Group measures financial assets at fair value through OCI (FVOCI) if both of the following conditions are met:
For financial assets at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the consolidated statement of loss and other comprehensive income and loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Financial assets at fair value through OCI are measured at their fair value by applying the market prices at the balance sheet date or some other determination of value used by the Company. The change in fair value is presented in fair value and other reserves under shareholders’ equity. Fair value changes are transferred from shareholders’ equity to the consolidated statement of loss when the asset is sold or its value has been impaired such that an impairment loss must be recognized. Financial assets at fair value through OCI whose fair value cannot be determined reliably are measured at cost or a lower value if they are impaired. Financial assets at fair value through OCI are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months after the balance sheet date. Derecognition A financial asset is derecognized when the contractual rights to receive cash flows from the financial assets have expired or have been transferred and the Group substantially transferred all rewards and risks associated with the ownership. In the case of sales of trade receivables, essentially all rewards and risks are transferred to the buyer of the receivables. Impairment Loss allowances are recognized for expected credit losses (ECL) on a financial asset that is measured at amortized cost or at fair value through OCI. For trade receivables, the Group adopts the so-called simplified approach, which does not require the recognition of periodic changes in credit risk, but rather the accounting of an expected credit loss calculated over the entire life of the credit (lifetime ECL) according to the provision matrix approach. ECLs of accounts receivable are measured on a collective basis. The grouping is based on geographical region, customer rating, the type of collateral or whether the receivables are covered by trade credit insurance as well as the type of customer. The ECL model is forward-looking and the expected default rates are based on the realized losses in the past based on the previous three years considering the time value of money, probability-weighted outcome, supportable information available without undue cost or effort about the past events, current conditions and forecasts of future economic conditions. The lifetime ECL allowances are calculated using the gross carrying amounts of the outstanding trade receivables and the expected default rates with probability-weighted outcomes. The historically observed default rates are updated annually. In addition, forward-looking specific provision is prepared in cases where the basic ECL allowance based on the historical loss data does not cover expected losses, which includes the impact of expected changes in the economic, regulatory and technological environment (such as industry outlook, GDP, employment, politics), and external market indicators. The estimates are based on a systematic, on-going review and evaluation performed as part of the credit-risk evaluation process. The specific provision is updated on a quarterly basis. |
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| Financial liabilities | Financial liabilities In accordance with IFRS 9 Financial Instruments, financial liabilities are categorized as:
II.financial liabilities measured at amortized cost Financial liabilities at fair value through profit or loss include derivatives that are classified at fair value through profit and loss unless they are designated as effective hedging instruments. Financial liabilities measured at amortized cost are initially carried at fair value. Transaction costs are included in the original carrying amount of financial liabilities. All financial liabilities are subsequently carried at amortized cost using the effective interest rate method. Financial liabilities are classified as current liabilities, except for maturities over 12 months after the balance sheet date, in which case they are classified as long-term liabilities. Current financial liabilities include current interest-bearing liabilities, accounts payables and other current liabilities. Accounts payables correspond primarily to trade payables. They also include payables that have been transferred to a vendor financing program, as there is no material difference in the nature or terms of the liabilities compared to other trade payables. Long-term financial liabilities include long-term loans from financial institutions, loans from related parties and other liabilities. |
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| Derivatives | Derivatives The Group’s derivative instruments may include foreign exchange forward contracts and options, interest rate swaps, interest rate options and cross-currency swaps. Foreign exchange forward contracts and options are used to hedge against changes in the value of receivables and liabilities denominated in a foreign currency, and interest rate swaps and interest rate options to hedge against interest rate risk. Cross-currency swaps are used to hedge against changes in value of foreign currency denominated receivables and liabilities and against interest rate risk. Foreign exchange forward contracts and options, interest rate swaps and options and cross currency swaps are measured at fair value on the day that the Group becomes a party to the contract. Subsequent measurement is also at fair value. Foreign exchange derivatives are measured at fair value using the closing rates quoted by the European Central Bank on the reporting date together with common pricing models that are used for valuation of foreign exchange forward contracts and options. The fair values of interest rate and cross currency swaps are calculated as the current value of future cash flows. Interest rate options are valued with year-end interest rates together with common option pricing models. Gains and losses from fair value measurement are treated in accordance with the purpose of the derivative financial instrument. For maturities below 12 months after the balance sheet date, the fair value of the derivatives is presented in prepaid expenses and other receivables or other liabilities. For maturities over 12 months, the fair value is presented in other non-current assets or other liabilities. Changes in the value of derivative instruments, which do not qualify for hedge accounting are recorded as finance income and expenses, except for when they are associated with hedging the cash flow from operating activities, in which case they are recorded in other operating income and expenses. |
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| Hedge accounting | Hedge accounting The Group applies cash flow hedge accounting to foreign exchange derivatives that hedge material cash flows from operating activities. The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges, in accordance with IFRS 9 Financial Instruments, is recognized in the fair value and other reserves under shareholders’ equity. Any ineffective component, however, will be immediately recognized in the consolidated statement of loss and other comprehensive income and loss. The cumulative change in gains or losses for the effective hedges is transferred to the income statement for the period when the hedged item is recorded in the consolidated statement of loss and other comprehensive income and loss. When a hedging instrument expires, is sold, or if the hedge does not meet the requirements set for hedge accounting under IFRS 9 Financial Instruments, any cumulative gain or loss recorded in equity remains in equity until the forecasted transaction is recorded in the consolidated statement of loss and other comprehensive income and loss. When the forecasted cash flow is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately recorded in other operating income and expenses in the case of an operating cash flow hedge. When initiating hedge accounting, the Group documents the correlation between the hedged item and the hedging instruments, as well as the Group’s risk management objective and hedge initiation strategy. The Group documents and evaluates the effectiveness of hedges when initiating hedging and on a quarterly basis by examining the degree to which the hedging instrument offsets changes in the fair value and cash flow of the hedged item. The Group does not hedge the net investment in foreign subsidiary operations with derivatives. |
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| Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents comprise cash in hand and deposits held at call with banks. |
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| Revenue recognition | Revenue recognition Revenue comprises sale of products and services, and license fees. Revenue is presented net of value added tax, discounts, incentives, rebates earned by customers, and estimated returns. Management applies the following five step model when determining the timing and amount of revenue recognition:
Revenue is recognized at the point in time when control of the products and services are transferred to the customer in accordance with the terms of delivery at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those products and services in the ordinary course of the Group’s activities. Revenue recognized from services comprises mainly freight services in the Group’s operating segments. The revenue from the freight services is recognized at a point in time upon the delivery of the goods when the control has been transferred to the customer. The Group sells products and services through three channels: wholesale, own retail and ecommerce, with the latter two belonging to direct-to-consumer (DTC). In wholesale, volume rebates, performance bonuses and payment term discounts are offered to certain major customers. The Group typically applies the expected value method to estimate the variable consideration for the expected future rebates and performance bonuses. Certain contracts provide wholesale customers with a right to return goods within a specified period. The Group recognizes a refund liability as a reduction of revenue and a corresponding right of return asset as reduction of cost of goods sold based on the expected future return rates derived from historical data. In own retail and ecommerce, revenue is recognized when control of the products is transferred to the customer, which occurs upon delivery to the customer or point of sale for sales in own retail stores. In ecommerce, the products sold online can be returned within 14-30 days of receipt of the products. For expected returns, the Group recognizes a refund liability as a reduction of revenue and a corresponding right of return asset as reduction of cost of goods sold based on the expected future return rates derived from historical data. A contract liability is recognized from the sale of gift cards in own retail and ecommerce. The Group expects to be entitled to a breakage amount. It recognizes breakage amount as revenue in proportion to the pattern of rights exercised by customers based on historical data. The Group provides warranties that promise the customer that the delivered product is as typically specified in the contract and covers general repairs for defects that existed at the time of sale, as required by law. These assurance-type warranties are accounted for under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Revenue obtained from other companies is booked to license income when such companies manufacture or sell products bearing the Group’s trademarks. License income based on fixed license agreements is recognized evenly throughout the financial year, while license income determined by sales volumes is recognized during the financial year as the licensee generates sales revenue. The non-refundable minimum guarantees related to certain licensing agreements are for functional intellectual properties, while the guarantee revenue is recognized at the point in time the control of the license is transferred to the customer. |
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| Pension plans | Pension plans The Group’s pension arrangements comply with the local rules and practices of the countries where the Group operates. The Group’s pension arrangements are either defined contribution or defined benefit plans. Under defined contribution based plans, the Group pays fixed contributions into a separate entity (a fund) and does not have any legal or constructive obligation to pay further contributions. Under defined contribution plans, the Group’s contributions are recorded as an expense in the period to which they relate. Defined benefit plans are post-employment benefit plans other than defined contribution plans. The defined benefit plans are partially or fully funded through payments to insurance companies or contributions to trustee-administered funds. In defined benefit plans, the pension expenses recognized in the consolidated statement of loss and other comprehensive income and loss are determined using the projected unit credit method, which calculates the present value of the obligation and the related service costs. The pension liability is measured by calculating the present value of future pension obligations, discounted using the market yield on high quality corporate bonds or government bonds in countries where there is no deep market for such bonds. The defined benefit plan asset is measured at fair market value as of the reporting date. The net liability (asset) recognized in the consolidated statement of financial position is the present value of the pension obligation less the fair value of the plan assets. All actuarial gains and losses relating to post-employment benefits are recognized in full in other comprehensive income and loss. For other long-term employee benefits, the Group recognizes actuarial gains and losses immediately in the consolidated statement of loss. All past service costs are recognized immediately in the consolidated statement of loss when the plan amendment, curtailment or settlement occurs. Net interest expense (income) is determined based on the net defined benefit liability (asset) and the discount rate at the beginning of the year. Expenses related to defined benefit post-employment plans are reported as follows:
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| Share-based payments | Share-based payments The Group’s key employees have been granted options under two share-based incentive plans - the Employee Stock Ownership Plan 2019 and Employee and Stock Ownership Plan 2023. Options settled in shares only are measured on the grant date. Options settled in cash or shares at the election of certain employees are remeasured to fair value at the end of each reporting period until settlement. The share-based payments expense is recognized over the requisite service period with the offsetting credit to equity for options that are settled in shares, and with the offsetting credit to liabilities for options that are settled in cash or shares at the election of certain employees, when it is probable that the service vesting condition and non-market performance condition, if applicable, will be met. When the terms or conditions of options granted to employees have been modified, the effect of modifications that increase the total fair value of the share-based payment arrangement or are otherwise beneficial to the employees would be recognized. The incremental fair value granted is the difference between the fair value of the modified options and that of the original options, both estimated as at the date of the modification. When modification occurs during the vesting period, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from the modification date until the date when the modified options vest, in addition to the amount based on the grant date fair value of the original options, which is recognized over the remainder of the original vesting period. When a modification changes the classification of a share-based payment transaction from cash-settled award to equity-settled award, the liability for the cash-settled award is remeasured until the modification date and is reclassified to equity. |
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| Income taxes | Income taxes Current income taxes Current income taxes comprise the taxes for the financial year calculated based on the result for the period and in accordance with the tax legislation of each company’s local domicile as well as assessed or returned taxes for previous financial periods. Deferred taxes Deferred tax assets and liabilities are calculated on all temporary differences between the book and tax base of assets in accordance with the tax rate at the balance sheet date or with the substantially enacted future tax rate. Temporary differences arise from factors such as unused tax losses, depreciation differences, provisions, defined benefit pension plans, the fair valuation of derivative financial instruments, the internal inventory margin as well as measurements to fair value of assets in connection with business acquisitions. Deferred tax liabilities are not recognized for unremitted earnings of subsidiaries to the extent that they are expected to be permanently invested in international operations. These earnings, the amount of which cannot be practicably computed, could become subject to additional tax if they were remitted as dividends or if the Company were to sell the shareholdings in the subsidiaries. A deferred tax asset is recognized as a result of unused tax losses and other temporary differences to the extent that it is probable that these can be utilized in future financial periods. For the assessment of probability, in addition to past performance and the respective prospects for the foreseeable future, appropriate tax structuring measures are also taken into consideration. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the same taxable entity, and are expected to reverse in a period or periods in which the tax loss or credit can be utilized. |
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| Segment information | Segment information The Group’s organizational structure comprises the following reportable segments for financial reporting purposes: Technical Apparel consisting of the brands Arc’teryx and Peak Performance, Outdoor Performance consisting of the brands Salomon, Atomic, Armada and ENVE, and Ball & Racquet Sports consisting of the brands Wilson, Demarini, Louisville Slugger, Evoshield and ATEC. The Group reports revenue for four geographical areas: EMEA, Americas, Greater China and Asia Pacific excluding Greater China. The CEO is the chief operating decision-maker who monitors the operating results of the segments to assess performance and make decisions about resource allocation. |
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| Business combinations | Business combinations Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured as the aggregate of the fair values of the assets transferred, and liabilities incurred towards the former owners of the acquired entity. Acquisition-related costs are recognized as expenses in the consolidated statement of loss and other comprehensive income and loss in the period in which the costs are incurred and the related services are received. |
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| Intangible assets | Intangible assets The Group’s intangible assets and goodwill primarily result from the acquisition of Amer Sports Corporation and its subsidiaries by Amer Sports Holding Oy on April 1, 2019. Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses, if any. The useful life of intangible assets is assessed as either finite or indefinite. Intangible assets with indefinite useful lives Intangible assets with indefinite useful lives comprise brand names and trademarks. As the brand names and trademarks are core to the business and as there is no foreseeable limit to the future cash flows generated by the intangible assets, brand names and trademarks are assessed as indefinitely lived. Brand names and trademarks with indefinite useful lives are not amortized but tested for impairment at least on an annual basis (see impairment of assets below). Impairment testing is performed by comparing the recoverable amount of the asset to its carrying value. Any resulting impairment loss is recorded in the consolidated statement of loss and other comprehensive income and loss. Intangible assets with finite useful lives Intangible assets with a finite useful life consist of patents and software licenses, and are amortized on a straight-line basis over the useful life of 3 to 15 years. Patents and software licenses are reviewed at the end of each reporting period to determine whether there is any indication of impairment and if any impairment indication exists, the asset is then tested for impairment. Development expenses are capitalized when they meet the recognition criteria in IAS 38 Intangible Assets and amortized during their useful lives. The Group capitalizes development costs as intangible assets only when the following criteria are met:
Goodwill Goodwill represents the difference between the cost of the acquisition and the fair value of the net identifiable assets measured at the date of acquisition. Goodwill is stated at historical cost less any accumulated impairment losses and is not amortized. Goodwill has been allocated to the cash-generating units (CGU) and are tested for impairment annually and if there are triggering events by comparing the recoverable amount of a CGU to its carrying value. An impairment loss is recognized in the consolidated statement of loss and other comprehensive income and loss, if the carrying amount of the CGU exceeds its recoverable amount. |
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| Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. Depreciation is calculated on a straight-line basis in order to write down the cost of the assets to their residual values over their expected useful lives, adjusting for any impairment. The depreciation periods are:
Land areas are not depreciated. Property, plant and equipment are reviewed at the end of each reporting period to determine whether there is any indication of impairment. If any such indication exists, the asset is then tested for impairment by comparing its recoverable amount to its carrying value. Impairment losses are recorded in the consolidated statement of loss and other comprehensive income and loss. |
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| Leases | Leases At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. The contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The lease contracts, where the Group acts as a lessee under IFRS 16 Leases consist mainly of real estate (e.g. retail stores, offices, warehouses) and cars. The Group recognizes a right- of-use asset and a lease liability at the lease commencement date. The Group has elected to use the exemptions proposed by the standard on lease contracts for which the lease term is shorter than 12 months and on lease contracts for which the underlying asset is of low-value (e.g. laptops, mobile phones; below USD 5 thousand). The lease expenses for short-term and low-value contracts as well as for lease contracts with variable leases based on net sales of the leased premises are recognized as rent expenses over the lease term in the consolidated statement of loss and other comprehensive income and loss. Lease liabilities The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate. Generally, the incremental borrowing rate is applied. The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and the type of the leased asset. Lease payments included in the measurement of the lease liability comprise the fixed payments (including the in-substance fixed payments), variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early. The Group applies judgment in evaluating whether it is reasonably certain to exercise or not to exercise the option to extend or terminate the lease. It considers all relevant factors that create an economic incentive for it to exercise either the extension or termination. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or a rate, if there is a change in the Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. A corresponding adjustment is done to the carrying amount of the right-of-use asset, or it is recorded in the consolidated statement of loss and other comprehensive income and loss if the carrying amount of the right-of-use asset has been reduced to zero. Right-of-use assets The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying assets or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease or the cost of the right-of-use asset reflects that the Group will exercise a purchase option. In that case, the right-of-use asset is depreciated over the useful life of the underlying asset, which is determined on the same basis as for the property, plant and equipment. In addition, the right-of-use asset is reduced by potential impairment losses, and adjusted for certain remeasurements of the lease liability. In 2022, the Group applied the amendments to IFRS 16 Leases as an optional practical expedient to allow lessees not to account for rent concessions as lease modifications if they are a direct consequence of COVID-19 and meet certain conditions. The practical expedient applies only if the revised consideration is substantially the same or less than the original consideration, the reduction in lease payments relates to payments due on or before June 30, 2022, and no other substantive changes have been made to the terms of the lease. All those rent concessions that met the aforementioned conditions were recognized as variable lease payment reductions in the consolidated statement of loss and other comprehensive income and loss. In 2023 the amendment to IFRS 16 was no longer valid. |
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| Impairment of non-financial assets | Impairment of non-financial assets The Group’s operations have been divided into cash generating units (CGU) representing the Group’s brands and reflecting the lowest level at which goodwill is monitored for internal management purposes. A cash generating unit determined for the impairment testing purposes is the smallest group of assets generating cash inflows largely independent of the cash inflows from other assets or groups of assets. At each reporting date, the Group reviews the carrying amounts of its non-financial assets to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. Goodwill is tested annually for impairment. Impairment testing is performed by comparing the recoverable amount of an asset or CGU to its carrying amount. The recoverable amount of an asset or CGU is the higher of its fair value less costs of disposal and value in use (“VIU”). VIU has been calculated using the discounted cash flow method for each CGU (refer to note 9 for further details). An impairment loss is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognized in the consolidated statement of loss and other comprehensive income and loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. |
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| Inventories | Inventories Inventories are measured at the lower of cost calculated according to the first-in-first-out principle or the net realizable value. For self-manufactured products, the cost includes direct wages and raw material costs as well as a portion of the indirect costs. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. When circumstances that previously caused inventories to be written down below cost no longer exist or when there is clear evidence of an increase in realizable value, the amount of the write-down previously recorded is reversed. |
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| Provisions | Provisions Obligations arising as the consequence of a past event, which are legal or which the Company has an actual obligation to settle and are considered certain or likely to occur, are recognized in the consolidated statement of loss and other comprehensive income and loss. They are presented in the consolidated statement of financial position as provisions when it is probable that the resources will be transferred out of the Group but the precise amount or timing is not known. The most important regular provisions are due to the repair or replacement of products during the warranty period. These provisions are determined on the basis of historical experience. A provision for reorganization is made when the Group has drawn up a detailed reorganization plan and announced the reorganization. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized in the consolidated statement of loss and other comprehensive income and loss. |
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| Significant accounting judgments, estimates, and assumptions | Significant accounting judgments, estimates, and assumptions When preparing the consolidated financial statements, the Group’s management makes judgments and estimates influencing the content of the consolidated financial statements and it must exercise its judgment regarding the application of accounting policies. The judgments and estimates are based on a set of underlying data that may include management’s historical experience, knowledge of current event and conditions, and other factors that are believed to be reasonable under the circumstances. Management continuously evaluates the judgments and estimates it uses. These estimates have been applied in a manner that is consistent with prior periods. There are no known trends, commitments, events or uncertainties that the Group believes will materially affect the methodology or assumptions used in making these judgments and estimates in the consolidated financial statements. The following are the accounting policies subject to judgments and estimates that the Group believes could have the most significant impact on the amounts recognized in the consolidated financial statements. Actual results may differ from these estimates. Any changes in the estimates and assumptions are recognized in the period in which the estimate or assumption is revised. Impairment of non-financial assets The carrying amounts of non-current tangible and intangible assets are assessed by means of impairment tests whenever there is an indication of impairment. Any impairment of goodwill and other intangible assets having an indefinite useful life are nevertheless assessed at least once a year. More details of the impairment are disclosed under note 9. Provisions Provisions are recognized in the consolidated statement of financial position when there is a legal or actual obligation for the Company to settle an obligation arising as the consequence of a past event that is considered certain or likely to occur. The most important regular provisions are due to the repair or replacement of products during the warranty period. These provisions are determined on the basis of historical experience. The provisions recognized represent management’s best estimate of the present value of the future costs assumed to be incurred. The actual costs may differ from the estimated. More details on the provisions are disclosed in note 21. Accounts receivable The Group has a significant number of customers which minimizes the concentration of credit risks. Ongoing estimates are done related to the ability to collect the Group’s accounts receivables and maintain an allowance for estimated credit losses resulting from the ability of the Group’s customers to make the required payments. The historical levels of credit losses are considered to make judgments about the creditworthiness of the customers based on ongoing credit evaluations. More details on the aging and valuation provisions of the accounts receivables are disclosed in note 28. Inventories Inventory is carried at the lower of cost calculated according to the first-in-first-out principle or the net realizable value. The net realizable value requires an estimate of the products’ future selling prices. When assessing the net realizable value of the inventories, the Group considers multiple factors and uses estimates related to fluctuations in inventory levels, aging of inventory, customer behavior and anticipated sales volume, seasonality, expected selling prices and selling costs. More details on the inventory provisions are disclosed in note 16. Income taxes Management judgment is required in determining provisions for income taxes, deferred tax assets and liabilities and the extent to which deferred tax assets can be recognized. The Group is also subject to income taxes in various jurisdictions. Judgment is required in determining the Group’s provision for income taxes. There may be transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group anticipates questions arising in tax audits and recognizes liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. More details on the income taxes are disclosed under note 12. Pension plans The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost (or income) for pensions include the discount rate. Any changes in these assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. Other key assumptions for pension obligations are based in part on current market conditions. More details on the pension plans are disclosed under note 8. Share-based payments Options granted will vest upon satisfaction of service and performance conditions, and an exit event (a public offering of the shares of the Company or a sale of the controlling majority of the shares in the Company or business assets) (the “exit event”), which is a non-market performance condition. For options with service and/or performance conditions, the amount of compensation expense recognized is based on the number of awards expected to vest, reflecting estimated expected forfeitures, and is adjusted to reflect those awards that do ultimately vest. The forfeiture rate is based on management’s best estimate of expected forfeitures, taking into consideration historical trends and expected future behavior. For options with a non-market performance condition (i.e. exit event), the Company recognizes the expense if and when the Company concludes that it is probable that the exit event will be achieved. The Company deemed the exit event probable as of December 28, 2023. The fair values of the options at grant date, at modification date and at the end of the reporting period are estimated using the Monte Carlo simulation model including any market performance conditions and excluding the impact of any service and non-market performance vesting conditions. |
SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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| Schedule of depreciation and amortization by asset type |
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SEGMENT REPORTING (Tables) |
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| Schedule of information on reportable segments | For the fiscal year ended December 31, 2023
For the fiscal year ended December 31, 2022
For the fiscal year ended December 31, 2021
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REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) |
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| Schedule of right of return of assets and refund liabilities |
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SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Tables) |
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OTHER OPERATING INCOME (Tables) |
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EMPLOYEE BENEFITS (Tables) |
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PENSIONS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PENSIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of net liability recognized in the statement of financial position relating to defined benefit pension plans and movements in defined benefit obligation |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of principal actuarial assumptions and sensitivity analysis |
|
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| Schedule of major categories of plan assets |
|
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DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of depreciation and amortization by asset type |
|
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| Schedule of impairment losses by asset type |
|
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| Schedule of depreciation, amortization and impairment by function |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of information related to CGU |
|
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SHARE-BASED PAYMENTS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHARE-BASED PAYMENTS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Number and weighted-average exercise prices of share options |
|
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| Summary of fair value of option granted |
|
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| Summary of Expense recognized from share based payment transactions |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCE INCOME AND COST (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCE INCOME AND COST | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of finance income and cost |
|
INCOME TAXES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of tax |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of temporary of deferred tax assets and deferred tax liabilities |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of deferred tax assets and liabilities |
|
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| Schedule of rollforward of deferred tax assets (liabilities) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INTANGIBLES ASSETS (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTANGIBLES ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of changes in intangible assets and goodwill |
|
PROPERTY, PLANT AND EQUIPMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY, PLANT AND EQUIPMENT. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of detail information about property, plant and equipment |
|
VALUATION PROVISIONS OF INVENTORIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VALUATION PROVISIONS OF INVENTORIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of gross and net inventories |
|
PREPAID EXPENSES AND OTHER RECEIVABLES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PREPAID EXPENSES AND OTHER RECEIVABLES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of prepaid expense and other receivables |
1 Other receivables include other non interest-yielding assets to related parties. Refer to note 26 for further details. |
SHAREHOLDERS' EQUITY (DEFICIT) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| SHAREHOLDERS' EQUITY (DEFICIT) | |||||||||||||||||||||||||||||||||||||||||
| Summery of Accumulated deficit in financial position and Equity |
|
INTEREST-BEARING LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTEREST-BEARING LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Interest bearing liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER LIABILITIES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER LIABILITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of current other liabilities |
* Amount comprises only the current portion of liabilities for share-based payments. The long-term portion of liabilities for share-based payments amounted to USD 7.4 million and USD nil as of December 31, 2023 and 2022, respectively, recorded under long-term other liabilities. |
PROVISIONS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROVISIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of provisions |
|
LEASES (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of right-of-use assets and lease liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Leases recognized in the consolidated statements of loss |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Company's commitments resulting from leases |
|
COMMITMENTS (Tables) |
12 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||
| COMMITMENTS | |||||||||||||||||||||
| Schedule of disclosure of commitment |
|
GROUP COMPANIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| GROUP COMPANIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of information about structured entities |
|
CASH FLOW HEDGE RESERVE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CASH FLOW HEDGE RESERVE | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of cash flow hedge reserve |
|
RELATED PARTY TRANSACTIONS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of related parties and related parties transactions |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of compensation to key management recognized |
|
BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financial assets and liabilities by measurement categories |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of fair value of financial assets and liabilities | The following table presents the Group’s financial assets and liabilities that are measured at fair value at December 31, 2023:
The following table presents the Group’s financial assets and liabilities that are measured at fair value at December 31, 2022:
|
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| Schedule of changes in Level 3 items in financial instruments |
|
FINANCIAL RISK MANAGEMENT (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL RISK MANAGEMENT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of breakdown of the Group's non-derivative financial liabilities and net-settled derivatives in their contractual maturities |
|
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| Schedule of changes in liabilities arising from financing activities |
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| Schedule of foreign exchange positions in the most significant currencies at the reporting date |
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| Schedule of sensitivity of the statement of shareholders' equity (deficit) and the statement of loss at the reporting date to the strengthening / weakening of the euro, provided other factors remain unchanged |
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| Schedule of cash flows pursuant to company's hedging policy for the next 24 months and hedging of company's cash flow | The following table sets out Amer Sports’ cash flows pursuant to its hedging policy for the next 24 months as at December 31, 2023 (USD million):
The following table sets out the hedging of Amer Sports’ cash flows as at December 31, 2023 (USD million):
The following table sets out Amer Sports’ cash flows pursuant to its hedging policy for the next 24 months as at December 31, 2022 (USD million):
The following table sets out the hedging of Amer Sports’ cash flows as at December 31, 2022 (USD million):
The following table sets out Amer Sports’ cash flows pursuant to its hedging policy for the next 24 months as at December 31, 2021 (USD million):
The following table sets out the hedging of Amer Sports’ cash flows as at December 31, 2021 (USD million):
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| Schedule of sensitivity of the consolidated statement of shareholders' equity and the consolidated statement of loss to an increase in interest rates |
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| Schedule of maximum amount of the credit risk at the reporting dates |
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| Schedule of valuation provisions of accounts receivable |
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| Schedule of aging analysis of external accounts receivable and amounts recognized as accounts receivable |
* Excludes accounts receivable to related parties amounting to USD 18.0 million and USD 16.7 million as of December 31, 2023 and 2022, respectively. |
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| Schedule of derivative financial instruments |
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| Schedule of net debt and shareholders' equity |
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| Schedule of financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements | Financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as of December 31, 2023:
Financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements as at December 31, 2022:
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DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of disposal groups classified as held-for-sale which is qualified as discontinued operations |
|
LOSS PER SHARE (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LOSS PER SHARE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of basic and diluted loss per share | Loss attributable to ordinary shareholders (basic)
Weighted-average number of ordinary shares (basic)
The following table presents an overview of the calculated basic and diluted loss per share:
|
THE COMPANY (Details) |
Dec. 31, 2023
country
|
|---|---|
| THE COMPANY | |
| Number of countries having sales network | 34 |
SIGNIFICANT ACCOUNTING POLICIES - Macroeconomic environment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Significant Accounting Policies | |||
| Revenue | $ 4,368.4 | $ 3,548.8 | $ 3,066.5 |
| Total assets | 8,373.8 | 7,895.1 | |
| Russia | |||
| Significant Accounting Policies | |||
| Revenue | 6.9 | 18.7 | $ 56.0 |
| Russia | ASRUS ZAO Amer Sports | |||
| Significant Accounting Policies | |||
| Total assets | $ 15.1 | $ 22.4 | |
SIGNIFICANT ACCOUNTING POLICIES -Share-based payment, Segment information (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
area
plan
| |
| SIGNIFICANT ACCOUNTING POLICIES | |
| Number of share-based incentive plans | plan | 2 |
| Number of geographical areas reporting revenue | area | 4 |
SIGNIFICANT ACCOUNTING POLICIES - Intangible assets (Details) - Patents and software licenses |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Minimum | |
| Significant Accounting Policies | |
| Useful life | 3 years |
| Maximum | |
| Significant Accounting Policies | |
| Useful life | 15 years |
SIGNIFICANT ACCOUNTING POLICIES - Property, plant and equipment (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2023 | |
| Buildings and constructions | Minimum | |
| Significant Accounting Policies | |
| Estimated useful life | 25 years |
| Buildings and constructions | Maximum | |
| Significant Accounting Policies | |
| Estimated useful life | 40 years |
| Machinery and equipment | Minimum | |
| Significant Accounting Policies | |
| Estimated useful life | 3 years |
| Machinery and equipment | Maximum | |
| Significant Accounting Policies | |
| Estimated useful life | 10 years |
SEGMENT REPORTING (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
segment
| |
| SEGMENT REPORTING | |
| Number of reportable segments | 3 |
| Number of operating segments | 4 |
| Number of segments into which operating segments are consolidated | 1 |
SEGMENT REPORTING - Information on reportable segments (Details) - USD ($) $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
Apr. 15, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| SEGMENT REPORTING | ||||
| Revenue | $ 4,368.4 | $ 3,548.8 | $ 3,066.5 | |
| Depreciation and amortization | 220.9 | 194.3 | 195.7 | |
| Adjusted operating profit | 302.5 | 50.6 | 186.9 | |
| Restructuring expenses | $ 4.3 | |||
| Impairment losses on goodwill and intangible assets | 198.1 | |||
| Share-based payments | 46.0 | 0.0 | 0.0 | |
| Finance cost | 413.4 | 236.5 | 279.0 | |
| Finance income | 6.4 | 3.3 | 2.3 | |
| Loss before tax | (104.6) | (182.6) | (89.8) | |
| Operating segment | ||||
| SEGMENT REPORTING | ||||
| Revenue | 1,416.5 | |||
| Depreciation and amortization | 84.4 | |||
| Adjusted operating profit | 117.6 | |||
| Reconciliation | ||||
| SEGMENT REPORTING | ||||
| Depreciation and amortization | 6.4 | 6.8 | 5.8 | |
| Adjusted operating profit | (63.7) | (48.9) | (42.6) | |
| Unallocated | ||||
| SEGMENT REPORTING | ||||
| Revenue | (4,368.4) | 3,548.8 | 3,066.5 | |
| Depreciation and amortization | 220.9 | 194.3 | 195.7 | |
| Adjusted operating profit | 432.7 | 301.0 | 270.6 | |
| PPA | (42.7) | (42.3) | (49.5) | |
| Restructuring expenses | (2.3) | (5.8) | (33.6) | |
| Impairment losses on goodwill and intangible assets | 0.0 | (198.1) | ||
| Expenses related to M&A activities | (33.9) | (0.3) | (0.6) | |
| Expenses related to certain legal proceedings | (3.3) | (3.9) | ||
| Share-based payments | (47.9) | |||
| Finance cost | (413.4) | (236.5) | (279.0) | |
| Finance income | 6.4 | 3.3 | 2.3 | |
| Loss before tax | (104.6) | (182.6) | (89.8) | |
| Technical Apparel | Operating segment | ||||
| SEGMENT REPORTING | ||||
| Revenue | 1,592.8 | 1,095.5 | 950.7 | |
| Depreciation and amortization | 92.1 | 79.7 | 73.6 | |
| Adjusted operating profit | 314.4 | 171.4 | 164.2 | |
| Outdoor Performance | Operating segment | ||||
| SEGMENT REPORTING | ||||
| Revenue | 1,667.8 | 1,235.7 | ||
| Depreciation and amortization | 94.7 | 95.9 | ||
| Adjusted operating profit | 151.3 | 91.7 | ||
| Ball & Racquet Sports | Operating segment | ||||
| SEGMENT REPORTING | ||||
| Revenue | 1,107.8 | 1,036.7 | 880.1 | |
| Depreciation and amortization | 27.7 | 23.4 | 20.4 | |
| Adjusted operating profit | $ 30.6 | $ 60.9 | $ 57.2 | |
SEGMENT REPORTING (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| SEGMENT REPORTING | |||
| Majority percentage of non-current assets | 77.50% | 80.50% | 79.00% |
| Maximum concentration risk percentage of non-current asset in an individual country | 8.00% | ||
REVENUE FROM CONTRACTS WITH CUSTOMERS - Geographic breakdown of revenues (Details) - USD ($) $ in Millions |
12 Months Ended | 36 Months Ended | ||
|---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2023 |
|
| Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
| Revenue | $ 4,368.4 | $ 3,548.8 | $ 3,066.5 | |
| Percentage of revenue | 10.00% | |||
| EMEA | ||||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
| Revenue | $ 1,450.3 | 1,270.7 | 1,225.6 | |
| Percentage of revenue | 6.00% | |||
| America | ||||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
| Revenue | $ 1,726.8 | $ 1,504.4 | $ 1,253.0 | |
| United States | ||||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
| Percentage of revenue | 74.10% | 79.90% | 78.60% | |
| Greater China | ||||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
| Revenue | $ 841.4 | $ 523.8 | $ 372.9 | |
| Asia Pacific | ||||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
| Revenue | $ 350.0 | $ 249.9 | $ 215.0 | |
| Mainland China | ||||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
| Percentage of revenue | 94.70% | 96.50% | 95.90% | |
| Other areas in Americas other than US | ||||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
| Percentage of revenue | 9.00% | |||
| Other Countries Greater China other than Mainland China | ||||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
| Percentage of revenue | 1.00% | |||
REVENUE FROM CONTRACTS WITH CUSTOMERS - Revenues by segments and channels (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
| Revenue | $ 4,368.4 | $ 3,548.8 | $ 3,066.5 |
| Wholesale | |||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
| Revenue | 2,809.6 | 2,502.7 | 2,236.3 |
| Retail | |||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
| Revenue | 840.4 | 532.3 | 425.8 |
| E-commerce | |||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
| Revenue | 718.4 | 513.8 | 404.4 |
| Technical Apparel | |||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
| Revenue | 1,592.8 | 1,095.5 | 950.7 |
| Outdoor Performance | |||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
| Revenue | 1,667.8 | 1,416.5 | 1,235.7 |
| Ball & Racquet Sports | |||
| Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
| Revenue | $ 1,107.8 | $ 1,036.7 | $ 880.1 |
REVENUE FROM CONTRACTS WITH CUSTOMERS - Contract balances (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| REVENUE FROM CONTRACTS WITH CUSTOMERS. | ||
| Contract liabilities amount | $ 25.0 | $ 20.8 |
| Right of return assets | 14.3 | 11.4 |
| Refund liabilities | $ 35.5 | $ 38.2 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | |||
| Selling and marketing expenses | $ 1,381.7 | $ 1,107.6 | $ 962.6 |
| Administrative and other expenses | 600.8 | 415.1 | 364.4 |
| Total | $ 1,982.5 | $ 1,522.7 | $ 1,327.0 |
OTHER OPERATING INCOME (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| OTHER OPERATING INCOME | |||
| Gain on sale of property, plant and equipment | $ 0.5 | $ 0.3 | $ 0.0 |
| Government subsidies | 4.2 | 7.0 | 5.3 |
| Credits for research and competitiveness taxes | 0.5 | 0.6 | 0.4 |
| Insurance compensations | 0.0 | 0.2 | 0.8 |
| Other | 6.1 | 3.3 | 2.5 |
| Total | $ 11.2 | $ 11.4 | $ 9.0 |
EMPLOYEE BENEFITS (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| EMPLOYEE BENEFITS | |||
| Wages and salaries | $ 636.5 | $ 541.3 | $ 514.3 |
| Share-based payments (ESOP) | 46.0 | ||
| Social expenditure | |||
| Pensions - defined contribution plans | 35.4 | 27.2 | 25.9 |
| Pensions - defined benefit plans | 2.7 | 3.1 | 4.7 |
| Social security expenses | 119.7 | 102.4 | 98.8 |
| Total | $ 840.3 | $ 674.0 | $ 643.7 |
PENSIONS - Net liability recognized in the statement of financial position relating to defined benefit pension plans (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| PENSIONS | ||
| Percentage of defined benefit plans in USA, UK and Austria represented of defined benefit obligation | 84.00% | |
| Pension defined benefit plans [member] | ||
| PENSIONS | ||
| Present value of funded obligations | $ 181.2 | $ 168.4 |
| Fair value of plan assets | 157.3 | 136.6 |
| Net liability in the consolidated statement of financial position | $ (23.9) | $ (31.8) |
PENSIONS - Movements in the defined benefit obligation (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Changes in net defined benefit liability (asset) [abstract] | |||
| At beginning | $ 31.8 | $ 51.9 | $ 79.0 |
| Current service cost | 3.0 | 3.1 | 4.6 |
| Past service cost and gains and losses on settlements | (0.2) | (0.4) | (2.5) |
| Administration cost paid from plan assets | 0.0 | 0.0 | 0.0 |
| Interest expense/(income) | 0.9 | 0.4 | 0.9 |
| Cost recognized in the consolidated statement of loss | 3.6 | 3.1 | 3.0 |
| Remeasurements: | |||
| Return on plan assets, excluding amounts included in interest expenses/(income) | (11.3) | 39.9 | (5.9) |
| (Gain)/loss from change in demographic assumptions | (0.2) | 0.0 | 0.5 |
| (Gain)/loss from change in financial assumptions | 5.1 | (49.8) | (7.8) |
| Experience (gains)/losses | 2.8 | (1.3) | (1.8) |
| Remeasurements effects recognized in OCI | (3.6) | (11.1) | (18.0) |
| Contributions: | |||
| Employers | (6.4) | (7.5) | (9.6) |
| Employees | 0.0 | 0.0 | 0.0 |
| Benefits paid from plan assets | (2.5) | (1.4) | (1.1) |
| Other changes | 1.2 | (0.1) | (3.0) |
| Exchange rate differences | (0.2) | (3.2) | (1.4) |
| At ending | 23.9 | 31.8 | 51.9 |
| Present value of defined benefit obligation [member] | |||
| Changes in net defined benefit liability (asset) [abstract] | |||
| At beginning | 168.4 | 231.1 | 251.4 |
| Current service cost | 3.0 | 3.1 | 4.6 |
| Past service cost and gains and losses on settlements | (0.2) | (0.4) | (2.5) |
| Administration cost paid from plan assets | (0.3) | (0.4) | (0.6) |
| Interest expense/(income) | 7.8 | 4.8 | 4.7 |
| Cost recognized in the consolidated statement of loss | 10.3 | 7.0 | 6.3 |
| Remeasurements: | |||
| Return on plan assets, excluding amounts included in interest expenses/(income) | 0.0 | 0.0 | |
| (Gain)/loss from change in demographic assumptions | (0.2) | 0.0 | 0.5 |
| (Gain)/loss from change in financial assumptions | 5.1 | (49.8) | (7.8) |
| Experience (gains)/losses | 3.9 | (1.3) | (1.8) |
| Remeasurements effects recognized in OCI | 8.8 | (51.0) | (12.2) |
| Contributions: | |||
| Employers | (0.3) | 0.1 | (1.9) |
| Employees | 0.4 | 0.3 | 0.4 |
| Benefits paid from plan assets | (10.0) | (10.3) | (10.3) |
| Other changes | 2.0 | (2.2) | (3.0) |
| Exchange rate differences | 1.7 | (6.6) | (2.7) |
| At ending | 181.2 | 168.4 | 231.1 |
| Plan assets | |||
| Changes in net defined benefit liability (asset) [abstract] | |||
| At beginning | (136.6) | (179.1) | (172.4) |
| Current service cost | 0.0 | 0.0 | |
| Past service cost and gains and losses on settlements | 0.0 | 0.0 | |
| Administration cost paid from plan assets | 0.3 | 0.4 | 0.6 |
| Interest expense/(income) | (6.9) | (4.4) | (3.8) |
| Cost recognized in the consolidated statement of loss | (6.6) | (3.9) | (3.3) |
| Remeasurements: | |||
| Return on plan assets, excluding amounts included in interest expenses/(income) | (11.3) | 39.9 | (5.9) |
| (Gain)/loss from change in demographic assumptions | 0.0 | 0.0 | |
| (Gain)/loss from change in financial assumptions | 0.0 | 0.0 | |
| Experience (gains)/losses | (1.1) | 0.0 | 0.0 |
| Remeasurements effects recognized in OCI | (12.4) | 39.9 | (5.9) |
| Contributions: | |||
| Employers | (6.1) | (7.6) | (7.7) |
| Employees | (0.4) | (0.3) | (0.4) |
| Benefits paid from plan assets | 7.5 | 8.9 | 9.2 |
| Other changes | (0.8) | 2.1 | 0.0 |
| Exchange rate differences | (1.9) | 3.4 | 1.3 |
| At ending | $ (157.3) | $ (136.6) | $ (179.1) |
PENSIONS - Principal actuarial assumptions (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| United States | |||
| PENSIONS | |||
| Discount rate | 5.35% | ||
| Inflation | 2.50% | 2.25% | 2.25% |
| Future salary increases | 2.50% | 2.50% | 2.50% |
| Future pension increases | 0.00% | 0.00% | 0.00% |
| UK | |||
| PENSIONS | |||
| Discount rate | 4.40% | 4.80% | 1.80% |
| Inflation | 3.50% | ||
| Future salary increases | 2.60% | 2.30% | 2.80% |
| Future pension increases | 2.20% | 2.00% | 2.30% |
| France | |||
| PENSIONS | |||
| Discount rate | 3.15% | 3.70% | 0.90% |
| Inflation | 3.15% | 3.70% | 1.62% |
| Future salary increases | 3.00% | 3.00% | 2.50% |
| Future pension increases | 2.10% | 2.20% | 1.00% |
| Switzerland | |||
| PENSIONS | |||
| Inflation | 1.00% | 1.00% | |
| Future salary increases | 1.00% | 1.00% | 1.00% |
| Future pension increases | 0.00% | 0.00% | 0.00% |
| Austria | |||
| PENSIONS | |||
| Discount rate | 4.36% | 3.30% | 1.05% |
| Inflation | 4.05% | ||
| Future salary increases | 7.08% | 5.00% | 2.50% |
| Future pension increases | 0.00% | ||
| Japan | |||
| PENSIONS | |||
| Discount rate | 1.30% | 1.30% | 0.40% |
| Inflation | 0.00% | 0.00% | 0.00% |
| Future salary increases | 2.00% | 1.70% | 1.70% |
| Future pension increases | 0.00% | 0.00% | 0.00% |
| Minimum | United States | |||
| PENSIONS | |||
| Discount rate | 2.65% | 2.55% | |
| Minimum | UK | |||
| PENSIONS | |||
| Inflation | 2.60% | 2.30% | |
| Minimum | Switzerland | |||
| PENSIONS | |||
| Discount rate | 1.50% | 2.00% | 0.20% |
| Inflation | 1.00% | ||
| Maximum | United States | |||
| PENSIONS | |||
| Discount rate | 5.35% | 2.85% | |
| Maximum | UK | |||
| PENSIONS | |||
| Inflation | 3.20% | 3.00% | |
| Maximum | Switzerland | |||
| PENSIONS | |||
| Discount rate | 2.00% | 2.10% | 0.30% |
| Inflation | 1.20% |
PENSIONS - Sensitivity analysis (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Sensitivity analysis | |||
| Percentage of decrease in actuarial assumption | 0.25% | ||
| Percentage of increase in actuarial assumption | 0.25% | ||
| Discount rate | |||
| Sensitivity analysis | |||
| Impact on defined obligation due to decrease in actuarial assumption | $ 4.8 | $ 4.5 | $ 7.7 |
| Inflation rate | |||
| Sensitivity analysis | |||
| Impact on defined obligation due to increase in actuarial assumption | $ 1.1 | $ 1.1 | $ 1.6 |
| Mortality rate | |||
| Sensitivity analysis | |||
| Number of years increase in life expectancy | 4 years | 3 years 7 months 6 days | 6 years 3 months 18 days |
PENSIONS - Major categories of plan assets (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Equities | US | ||
| PENSIONS | ||
| Plan assets | $ 26.6 | $ 23.2 |
| Equities | UK | ||
| PENSIONS | ||
| Plan assets | 0.0 | 5.1 |
| Other equities | ||
| PENSIONS | ||
| Plan assets | 22.4 | 22.1 |
| Corporate bonds | ||
| PENSIONS | ||
| Plan assets | 69.7 | 58.6 |
| Government bonds | ||
| PENSIONS | ||
| Plan assets | 30.9 | 21.4 |
| Other including cash | ||
| PENSIONS | ||
| Plan assets | $ 7.7 | $ 6.2 |
PENSIONS - Additional information (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| PENSIONS | |||
| Estimated contribution to the pension plans | $ 4.1 | ||
| Weighted average of the duration | 10 years 8 months 12 days | 9 years 6 months | 11 years 8 months 12 days |
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |||
| Total | $ 220.9 | $ 194.3 | $ 195.7 |
| Buildings and constructions | |||
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |||
| Depreciation | 34.3 | 30.2 | 26.7 |
| Buildings and constructions | Right-of-use | |||
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |||
| Depreciation | 79.0 | 65.4 | 66.4 |
| Machinery and equipment | |||
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |||
| Depreciation | 37.8 | 33.0 | 36.4 |
| Machinery and equipment | Right-of-use | |||
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |||
| Depreciation | 8.4 | 7.9 | 7.7 |
| Customer relationship | |||
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |||
| Amortization | 23.8 | 23.3 | 25.9 |
| Other intangible assets | |||
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |||
| Amortization | $ 37.6 | $ 34.4 | $ 32.6 |
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES - Impairment losses by asset type (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2022
USD ($)
| |
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |
| Goodwill | $ 179.0 |
| Total | 198.1 |
| Trademarks | |
| DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES | |
| Impairment loss | $ 19.1 |
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES - Depreciation, amortization and impairment by function (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Depreciation, amortization and impairment by function | |||
| Depreciation, amortization and impairment | $ 220.9 | $ 392.4 | $ 195.7 |
| Cost of goods sold | |||
| Depreciation, amortization and impairment by function | |||
| Depreciation, amortization and impairment | 38.0 | 34.0 | 36.9 |
| Selling and marketing | |||
| Depreciation, amortization and impairment by function | |||
| Depreciation, amortization and impairment | 140.3 | 112.2 | 113.8 |
| Administrative and other expenses | |||
| Depreciation, amortization and impairment by function | |||
| Depreciation, amortization and impairment | $ 42.6 | 48.2 | $ 45.0 |
| Impairment losses on non-financial assets | |||
| Depreciation, amortization and impairment by function | |||
| Depreciation, amortization and impairment | $ 198.1 | ||
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES - Impairment losses by asset type (Details) $ in Millions |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
|
Jul. 31, 2023
item
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Jul. 01, 2023
USD ($)
|
|
| Cash Generating Units | |||||
| Number of CGU | item | 2 | ||||
| Impairment loss on goodwill | $ 179.0 | ||||
| Trademarks | |||||
| Cash Generating Units | |||||
| Impairment loss | 19.1 | ||||
| Winter Sports Equipment | Trademarks | |||||
| Cash Generating Units | |||||
| Amount of intangible assets transferred | $ 74.2 | ||||
| Salomon (previously Salomon Apparel and Footwear) | Trademarks | |||||
| Cash Generating Units | |||||
| Amount of intangible assets transferred | $ 146.3 | ||||
| Peak Performance | |||||
| Cash Generating Units | |||||
| Impairment loss on goodwill | $ 0.0 | 179.0 | $ 0.0 | ||
| Impairment loss | 19.1 | ||||
| Recoverable amount | 197.2 | ||||
| Peak Performance | Trademarks | |||||
| Cash Generating Units | |||||
| Impairment loss | $ 0.0 | $ 19.1 | $ 0.0 | ||
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES - Revenue growth rates (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Winter Sports Equipment | |||
| Cash Generating Units | |||
| Revenue growth rate | 8.40% | 8.70% | 11.90% |
| Winter Sports Equipment | Forecast | |||
| Cash Generating Units | |||
| Revenue growth rate | 4.20% | 4.80% | 5.30% |
| Salomon (previously Salomon Apparel and Footwear) | |||
| Cash Generating Units | |||
| Revenue growth rate | 19.40% | 18.90% | 19.80% |
| Salomon (previously Salomon Apparel and Footwear) | Forecast | |||
| Cash Generating Units | |||
| Revenue growth rate | 4.80% | 6.90% | 7.90% |
| Arc'teryx Apparel and Gear | |||
| Cash Generating Units | |||
| Revenue growth rate | 21.30% | 27.00% | 24.50% |
| Arc'teryx Apparel and Gear | Forecast | |||
| Cash Generating Units | |||
| Revenue growth rate | 8.80% | 11.20% | 8.10% |
| Peak Performance | |||
| Cash Generating Units | |||
| Revenue growth rate | 13.80% | 12.20% | 14.80% |
| Peak Performance | Forecast | |||
| Cash Generating Units | |||
| Revenue growth rate | 7.20% | 7.20% | 10.10% |
| Ball & Racquet Sports | |||
| Cash Generating Units | |||
| Revenue growth rate | 15.20% | 9.30% | 8.70% |
| Ball & Racquet Sports | Forecast | |||
| Cash Generating Units | |||
| Revenue growth rate | 6.10% | 4.50% | 4.50% |
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES - Terminal growth rates (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Winter Sports Equipment | |||
| Cash Generating Units | |||
| Terminal growth rates | 2.00% | 2.00% | 2.00% |
| Salomon (previously Salomon Apparel and Footwear) | |||
| Cash Generating Units | |||
| Terminal growth rates | 2.00% | 2.00% | 2.00% |
| Arc'teryx Apparel and Gear | |||
| Cash Generating Units | |||
| Terminal growth rates | 3.00% | 3.00% | 3.00% |
| Peak Performance | |||
| Cash Generating Units | |||
| Terminal growth rates | 2.00% | 2.00% | 2.00% |
| Ball & Racquet Sports | |||
| Cash Generating Units | |||
| Terminal growth rates | 2.00% | 2.00% | 2.00% |
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES - Pre-tax discount rates (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Winter Sports Equipment | |||
| Cash Generating Units | |||
| Pre-tax discount rate | 11.90% | 12.80% | 10.30% |
| Salomon (previously Salomon Apparel and Footwear) | |||
| Cash Generating Units | |||
| Pre-tax discount rate | 15.20% | 19.00% | 14.30% |
| Arc'teryx Apparel and Gear | |||
| Cash Generating Units | |||
| Pre-tax discount rate | 14.70% | 15.50% | 13.10% |
| Peak Performance | |||
| Cash Generating Units | |||
| Pre-tax discount rate | 14.70% | 15.50% | 13.10% |
| Ball & Racquet Sports | |||
| Cash Generating Units | |||
| Pre-tax discount rate | 15.80% | 15.10% | 12.20% |
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES - Main components of the discount rate (Details) |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Cash Generating Units | |||
| Tax Rate | 25 | 25 | 25 |
| Minimum | |||
| Cash Generating Units | |||
| Risk Free Interest Rate of Debt | 2.0 | 2.4 | 0.1 |
| Premium | 5.6 | 5.4 | 4.7 |
| Risk Premium | 1.7 | 1.7 | 2.7 |
| Pre-Tax Cost of Debt | 6.2 | 7.1 | 3.7 |
| Maximum | |||
| Cash Generating Units | |||
| Risk Free Interest Rate of Debt | 3.9 | 3.9 | 1.5 |
| Premium | 6.6 | 7.2 | 6.2 |
| Risk Premium | 5.6 | 5.6 | 5.6 |
| Pre-Tax Cost of Debt | 8.1 | 8.2 | 5.4 |
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES - Impairment Loss in 2022 (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Cash Generating Units | |||
| Impairment loss on goodwill | $ 179.0 | ||
| Goodwill | $ 2,270.0 | 2,242.4 | |
| Trademarks | 2,427.0 | 2,394.5 | |
| Trademarks | |||
| Cash Generating Units | |||
| Impairment loss | 19.1 | ||
| Winter Sports Equipment | |||
| Cash Generating Units | |||
| Goodwill | 79.0 | 149.0 | |
| Trademarks | 132.5 | 270.9 | |
| Salomon (previously Salomon Apparel and Footwear) | |||
| Cash Generating Units | |||
| Goodwill | 679.8 | 583.4 | |
| Trademarks | 643.2 | 477.8 | |
| Arc'teryx Apparel and Gear | |||
| Cash Generating Units | |||
| Goodwill | 1,361.7 | 1,361.7 | |
| Trademarks | 943.7 | 943.7 | |
| Peak Performance | |||
| Cash Generating Units | |||
| Impairment loss on goodwill | 0.0 | 179.0 | $ 0.0 |
| Impairment loss | 19.1 | ||
| Trademarks | 157.0 | 151.6 | |
| Peak Performance | Trademarks | |||
| Cash Generating Units | |||
| Impairment loss | 0.0 | 19.1 | $ 0.0 |
| Ball & Racquet Sports | |||
| Cash Generating Units | |||
| Goodwill | 149.6 | 148.3 | |
| Trademarks | $ 550.5 | $ 550.5 | |
DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSSES - Sensitivity Analysis (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Peak Performance | ||
| Cash Generating Units | ||
| Amount by which estimated recoverable amount exceeded carrying amount | $ 79.3 | $ 14.9 |
| Terminal growth rate, Change required for carrying amount to equal recoverable amount | (10.20%) | |
| Discount rate, Change required for carrying amount to equal recoverable amount | 2.90% | |
| Winter Sports Equipment | ||
| Cash Generating Units | ||
| Amount by which estimated recoverable amount exceeded carrying amount | $ 114.6 | $ 38.9 |
| Terminal growth rate, Change required for carrying amount to equal recoverable amount | (4.30%) | (0.80%) |
| Discount rate, Change required for carrying amount to equal recoverable amount | 1.30% | 0.30% |
SHARE-BASED PAYMENTS - Number and Weighted-average exercise prices of share options (Details) |
12 Months Ended | |||
|---|---|---|---|---|
|
Apr. 06, 2023
shares
|
Dec. 31, 2023
shares
€ / shares
|
Dec. 31, 2022
shares
€ / shares
|
Dec. 31, 2021
shares
€ / shares
|
|
| ESOP 2023 | ||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
| Granted (Shares) | 19,588 | 1,036,992 | ||
| Forfeited (Shares) | (11,522) | |||
| Exercised (Shares) | 0 | |||
| Option Outstanding (Shares) | 1,025,470 | |||
| Weighted average exercise price granted (EUR/Share) | € / shares | € 32.20 | |||
| Weighted average exercise price (EUR/Share) | € / shares | € 35.79 | |||
| ESOP 2019 | ||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
| Option Outstanding (Shares) | 2,897,801 | 2,724,970 | 2,143,105 | |
| Granted (Shares) | 558,816 | 201,636 | 1,244,384 | |
| Forfeited (Shares) | (28,805) | (662,519) | ||
| Exercised (Shares) | 0 | |||
| Option Outstanding (Shares) | 3,456,617 | 2,897,801 | 2,724,970 | |
| Weighted average exercise price (EUR/Share) | € / shares | € 23.60 | € 23.60 | € 23.60 | |
| Weighted average exercise price granted (EUR/Share) | € / shares | 23.60 | 23.60 | 23.60 | |
| Weighted average exercise price forfeited (EUR/Share) | € / shares | 32.20 | 23.60 | 23.60 | |
| Weighted average exercise price (EUR/Share) | € / shares | € 27.92 | € 23.60 | € 23.60 | |
SHARE-BASED PAYMENTS - Fair value of options granted (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2023
Y
€ / shares
|
Dec. 31, 2022
Y
€ / shares
|
Dec. 31, 2021
Y
€ / shares
|
|
| Equity Settled | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Expected life | Y | 1.63 | ||
| Equity Settled | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Expected life | Y | 4.00 | ||
| ESOP 2023 | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of underlying share at measurement dates | € 46.63 | ||
| ESOP 2023 | Equity Settled | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Exercise price | € 32.20 | ||
| Expected dividends | 0.00% | ||
| ESOP 2023 | Equity Settled | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of underlying share at measurement dates | € 42.71 | ||
| Expected volatility | 40.30% | ||
| Risk-free interest rate | 2.30% | ||
| ESOP 2023 | Equity Settled | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Expected volatility | 44.00% | ||
| Risk-free interest rate | 3.20% | ||
| ESOP 2023 | Time vested options | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | € 18.29 | ||
| ESOP 2023 | Time vested options | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 21.39 | ||
| ESOP 2023 | Brand performance based options | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 17.08 | ||
| ESOP 2023 | Brand performance based options | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 17.51 | ||
| ESOP 2023 | Group performance based options | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 5.78 | ||
| ESOP 2023 | Group performance based options | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 8.82 | ||
| ESOP 2023 | Cash Settled | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of underlying share at measurement dates | 57.00 | ||
| Exercise price | € 43.00 | ||
| Expected dividends | 0.00% | ||
| ESOP 2023 | Cash Settled | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Expected volatility | 40.00% | ||
| Expected life | Y | 1.25 | ||
| Risk-free interest rate | 2.20% | ||
| ESOP 2023 | Cash Settled | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Expected volatility | 42.70% | ||
| Expected life | Y | 3.27 | ||
| Risk-free interest rate | 2.90% | ||
| ESOP 2023 | Time Vested Cash-settled Options | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | € 21.79 | ||
| ESOP 2023 | Brand Performance Based Cash-settled Options | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 18.68 | ||
| ESOP 2023 | Brand Performance Based Cash-settled Options | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 24.54 | ||
| ESOP 2019 | Equity Settled | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Exercise price | € 23.60 | € 23.60 | € 23.60 |
| Expected dividends | 0.00% | 0.00% | 0.00% |
| Risk-free interest rate | 0.00% | ||
| ESOP 2019 | Equity Settled | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of underlying share at measurement dates | € 41.24 | € 37.63 | € 23.92 |
| Expected volatility | 40.30% | 39.00% | 37.80% |
| Expected life | Y | 1.75 | 3.05 | 4.18 |
| Risk-free interest rate | 2.30% | 0.30% | |
| ESOP 2019 | Equity Settled | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of underlying share at measurement dates | € 46.63 | € 41.24 | € 32.08 |
| Expected volatility | 45.50% | 45.50% | 40.10% |
| Expected life | Y | 6.00 | 6.00 | 6.00 |
| Risk-free interest rate | 3.20% | 2.00% | |
| ESOP 2019 | Time vested options | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | € 23.13 | € 18.88 | € 8.10 |
| ESOP 2019 | Time vested options | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 27.84 | 22.94 | 14.03 |
| ESOP 2019 | Brand performance based options | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 22.08 | 18.32 | 7.94 |
| ESOP 2019 | Brand performance based options | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 22.86 | 22.02 | 13.67 |
| ESOP 2019 | Group performance based options | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 7.74 | 8.72 | 2.82 |
| ESOP 2019 | Group performance based options | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 10.75 | 10.91 | 5.84 |
| ESOP 2019 | Cash Settled | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of underlying share at measurement dates | € 57.00 | 41.24 | 37.63 |
| Exercise price | € 23.60 | € 23.60 | |
| Expected dividends | 0.00% | 0.00% | 0.00% |
| Risk-free interest rate | 2.50% | 0.00% | |
| ESOP 2019 | Cash Settled | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Exercise price | € 23.60 | ||
| Expected volatility | 40.00% | 41.80% | 38.90% |
| Expected life | Y | 1.25 | 3.00 | 4.00 |
| Risk-free interest rate | 2.00% | ||
| ESOP 2019 | Cash Settled | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Exercise price | € 34.40 | ||
| Expected volatility | 44.00% | 45.70% | 41.10% |
| Expected life | Y | 4.25 | 5.25 | 5.39 |
| Risk-free interest rate | 2.90% | ||
| ESOP 2019 | Time Vested Cash-settled Options | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | € 25.41 | € 22.22 | € 18.25 |
| ESOP 2019 | Time Vested Cash-settled Options | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 35.75 | 22.87 | 18.43 |
| ESOP 2019 | Brand Performance Based Cash-settled Options | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 22.22 | 18.25 | |
| ESOP 2019 | Brand Performance Based Cash-settled Options | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 25.03 | ||
| ESOP 2019 | Brand Performance Based Cash-settled Options | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 36.54 | ||
| ESOP 2019 | Group Performance Based Cash-settled Options | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | € 11.01 | € 8.89 | |
| ESOP 2019 | Group Performance Based Cash-settled Options | Minimum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | 24.55 | ||
| ESOP 2019 | Group Performance Based Cash-settled Options | Maximum | |||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
| Fair value of options | € 24.97 | ||
SHARE-BASED PAYMENTS - Expenses recognized from share-based payment transactions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Expenses recognized from share-based payment transactions | |||
| Equity-settled awards | $ 10.7 | ||
| Cash-settled awards | 35.3 | ||
| Total | $ 46.0 | $ 0.0 | $ 0.0 |
SHARE-BASED PAYMENTS - Narratives (Details) $ in Millions |
12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Mar. 30, 2022
shares
|
May 20, 2021
shares
|
Jan. 16, 2021
shares
|
Dec. 31, 2023
USD ($)
shares
|
Dec. 31, 2023
€ / shares
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
€ / shares
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2021
€ / shares
|
Dec. 31, 2020
€ / shares
|
|
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
| Share-based payment expenses for equity-settled awards and cash-settled awards recognized | $ | $ 46.0 | $ 0.0 | $ 0.0 | |||||||
| Time vested options | ||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
| Percentage of option granted | 35 | |||||||||
| Group performance based options | ||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
| Percentage of option granted | 65 | |||||||||
| ESOP 2023 | ||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
| Percentage of option granted | 1.2 | |||||||||
| Vesting term | 3 years | |||||||||
| Weighted average exercise price of outstanding shares | € 35.79 | |||||||||
| Remaining contractual life of outstanding shares | 6 years | |||||||||
| Number of options exercised | shares | 0 | |||||||||
| Weighted average exercise price of share option granted | € 32.20 | |||||||||
| ESOP 2019 | ||||||||||
| Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
| Percentage of option granted | 3 | |||||||||
| Vesting term | 5 years | |||||||||
| Weighted average exercise price of outstanding shares | € 27.92 | € 23.60 | € 23.60 | € 23.60 | ||||||
| Remaining contractual life of outstanding shares | 6 years | 7 years | 8 years | |||||||
| Number of options exercised | shares | 0 | |||||||||
| Number of share option granted | shares | 92,177 | 34,566 | 345,662 | |||||||
| Weighted average exercise price of share option granted | € 23.60 | € 23.60 | € 23.60 | |||||||
FINANCE INCOME AND COST (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Finance income | |||
| Interest income | $ 6.4 | $ 3.1 | $ 1.6 |
| Other finance income | 0.0 | 0.2 | 0.7 |
| Total finance income | 6.4 | 3.3 | 2.3 |
| Interest cost | |||
| Interest cost on interest bearing debt | (158.9) | (90.5) | (98.3) |
| Interest cost related to derivative instruments | (2.2) | (5.8) | (3.6) |
| Interest cost to related parties | (227.5) | (138.5) | (142.6) |
| Interest cost on lease liabilities | (12.2) | (8.5) | (9.1) |
| Interest cost related to pension liabilities | (0.9) | (0.6) | (1.0) |
| Other interest cost | 4.1 | 6.4 | (10.7) |
| Total interest cost | (397.6) | (237.5) | (265.3) |
| Change in fair value of derivative instruments not used in hedge accounting | (2.5) | 7.0 | 1.4 |
| Exchange rate gains or losses | (5.3) | 6.0 | (0.8) |
| Other finance cost | (8.1) | (12.0) | (14.3) |
| Total Finance cost | (413.4) | (236.5) | (279.0) |
| Net finance cost | $ (407.0) | $ (233.2) | $ (276.7) |
INCOME TAXES - Reconciliation of deferred tax assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| INCOME TAXES | |||
| Current taxes | $ 140.8 | $ 65.5 | $ 28.5 |
| Deferred taxes of deferred tax assets | (26.0) | (3.4) | 15.0 |
| Deferred taxes of deferred tax liabilities | (10.6) | (13.8) | (8.8) |
| Charge in consolidated statement of loss | (36.6) | (17.2) | 6.2 |
| Income tax expense | 104.2 | 48.3 | 34.7 |
| Thereof for prior periods' current taxes | $ 0.1 | $ (5.4) | $ (1.4) |
INCOME TAXES - Reconciliation between income taxes at local taxes in different countries and total tax expenses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| INCOME TAXES | |||
| Loss from continuing operations before income tax expense | $ (104.6) | $ (182.6) | $ (89.8) |
| Effective tax rate | (100.00%) | (26.00%) | (39.00%) |
| Taxes at local rates applicable to earnings in countries concerned | $ 53.0 | $ (4.3) | $ (9.5) |
| Permanent differences | 0.4 | 0.0 | 1.1 |
| Deferred taxes on temporary differences which were not recognized | 17.0 | 41.9 | 29.5 |
| Deferred taxes on net operating losses which were not recognized | 17.8 | 5.4 | 1.7 |
| Changes in tax rates | 0.2 | (0.4) | 0.2 |
| Changes in uncertain tax positions | 10.3 | 0.6 | 1.4 |
| Taxes for prior periods | (1.9) | (1.2) | 3.1 |
| Tax credits/withholding tax | 7.3 | 6.1 | 3.9 |
| Other US taxes | 0.1 | 1.7 | 3.6 |
| Other | 0.0 | (1.5) | (0.3) |
| Income tax expense | $ 104.2 | $ 48.3 | $ 34.7 |
INCOME TAXES - Deferred tax assets and liabilities (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax assets | $ 131.6 | $ 100.4 | |
| Deferred tax liabilities | (644.9) | (647.0) | |
| Deferred tax assets | 161.7 | 108.7 | |
| Deferred tax liabilities | 675.0 | 655.3 | |
| Net deferred tax | (513.3) | (546.6) | $ (576.7) |
| Provisions | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax assets | 65.6 | 39.8 | |
| Net deferred tax | 65.6 | 39.8 | 32.7 |
| Carryforward of unused tax losses | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax assets | 21.8 | 19.8 | |
| Net deferred tax | 21.8 | 19.8 | 24.5 |
| Employee benefits | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax assets | 2.0 | 4.2 | |
| Net deferred tax | 2.0 | 4.2 | 8.0 |
| Impairment | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax assets | 3.0 | 3.0 | |
| Net deferred tax | 3.0 | 3.0 | 3.0 |
| Fair value adjustments | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax assets | 7.9 | 5.0 | |
| Net deferred tax | 7.9 | 5.0 | 2.3 |
| Tax credits | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax assets | 0.6 | 2.5 | |
| Net deferred tax | 0.6 | 2.5 | 12.3 |
| Unrecognized profit on internal sales of inventory | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax assets | 14.0 | 11.0 | |
| Net deferred tax | 14.0 | 11.0 | 5.9 |
| Depreciation differences | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax liabilities | (21.1) | (20.9) | |
| Net deferred tax | (21.1) | (20.9) | (19.8) |
| Difference between carrying value and fair value adjustment due to acquisition of Amer Sports Corporation | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax liabilities | (588.8) | (591.9) | |
| Net deferred tax | (588.8) | (591.9) | (616.5) |
| Trademarks | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax liabilities | (511.2) | (505.9) | |
| Other intangible assets | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax liabilities | (60.8) | (68.3) | |
| Property, plant and equipment | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax liabilities | (16.8) | (17.7) | |
| Other temporary differences | |||
| Deferred tax assets and liabilities [abstract] | |||
| Deferred tax assets | 16.7 | 15.1 | |
| Deferred tax liabilities | (35.0) | (34.2) | |
| Net deferred tax | $ (18.3) | $ (19.1) | $ (29.1) |
INCOME TAXES - Rollforward table (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | $ (546.6) | $ (576.7) | |
| Charge in consolidated statement of loss | 36.6 | 17.2 | $ (6.2) |
| Translation differences | (6.0) | 13.3 | |
| Income tax related to OCI | 1.1 | (0.7) | (16.1) |
| Immaterial Difference Income tax related to OCI | 1.1 | (0.4) | |
| Other | 1.6 | ||
| Balance, at end of the year | (513.3) | (546.6) | (576.7) |
| Provisions | |||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | 39.8 | 32.7 | |
| Charge in consolidated statement of loss | 23.6 | 8.5 | |
| Translation differences | 4.9 | (1.4) | |
| Other | (2.7) | ||
| Balance, at end of the year | 65.6 | 39.8 | 32.7 |
| Carryforward of unused tax losses | |||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | 19.8 | 24.5 | |
| Charge in consolidated statement of loss | 0.4 | (3.9) | |
| Translation differences | 1.6 | (0.8) | |
| Balance, at end of the year | 21.8 | 19.8 | 24.5 |
| Employee benefits | |||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | 4.2 | 8.0 | |
| Charge in consolidated statement of loss | (1.4) | (1.2) | |
| Translation differences | 0.0 | 0.1 | |
| Immaterial Difference Income tax related to OCI | (0.8) | (2.7) | |
| Balance, at end of the year | 2.0 | 4.2 | 8.0 |
| Impairment | |||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | 3.0 | 3.0 | |
| Charge in consolidated statement of loss | (0.0) | 0.1 | |
| Translation differences | (0.1) | ||
| Balance, at end of the year | 3.0 | 3.0 | 3.0 |
| Fair value adjustments | |||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | 5.0 | 2.3 | |
| Charge in consolidated statement of loss | (0.0) | (0.0) | |
| Translation differences | 1.0 | 0.4 | |
| Immaterial Difference Income tax related to OCI | 1.9 | 2.3 | |
| Balance, at end of the year | 7.9 | 5.0 | 2.3 |
| Tax credits | |||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | 2.5 | 12.3 | |
| Charge in consolidated statement of loss | (2.0) | (9.4) | |
| Translation differences | 0.1 | (0.4) | |
| Balance, at end of the year | 0.6 | 2.5 | 12.3 |
| Unrecognized profit on internal sales of inventory | |||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | 11.0 | 5.9 | |
| Charge in consolidated statement of loss | 2.5 | 5.4 | |
| Translation differences | 0.5 | (0.3) | |
| Balance, at end of the year | 14.0 | 11.0 | 5.9 |
| Depreciation differences | |||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | (20.9) | (19.8) | |
| Charge in consolidated statement of loss | (0.1) | (1.0) | |
| Translation differences | (0.1) | (0.1) | |
| Balance, at end of the year | (21.1) | (20.9) | (19.8) |
| Difference between carrying value and fair value adjustment due to acquisition of Amer Sports Corporation | |||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | (591.9) | (616.5) | |
| Charge in consolidated statement of loss | 10.6 | 10.6 | |
| Translation differences | (7.5) | 14.0 | |
| Balance, at end of the year | (588.8) | (591.9) | (616.5) |
| Other temporary differences | |||
| Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
| Balance, at beginning of the year | (19.1) | (29.1) | |
| Charge in consolidated statement of loss | 3.0 | 8.1 | |
| Translation differences | (6.5) | 1.9 | |
| Other | 4.3 | ||
| Balance, at end of the year | $ (18.3) | $ (19.1) | $ (29.1) |
INCOME TAXES - Recognized of tax losses (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of geographical areas [line items] | ||
| Amount of losses | $ 148.5 | $ 57.6 |
| Amount of deferred tax assets relating to losses | 21.8 | 20.4 |
| Unused tax losses carried forward, for which no deferred tax assets were recognized | 148.5 | 57.6 |
| Other temporary differences, for which no deferred tax assets were recognized | 767.4 | 668.1 |
| Unrecognized net deferred tax assets | 196.3 | 155.1 |
| Canada | ||
| Disclosure of geographical areas [line items] | ||
| Amount of losses | 40.1 | |
| Amount of deferred tax assets relating to losses | 10.7 | |
| Unused tax losses carried forward, for which no deferred tax assets were recognized | 40.1 | |
| France | ||
| Disclosure of geographical areas [line items] | ||
| Amount of losses | 47.4 | 51.6 |
| Amount of deferred tax assets relating to losses | 11.8 | 12.9 |
| Unused tax losses carried forward, for which no deferred tax assets were recognized | 47.4 | 51.6 |
| United States | ||
| Disclosure of geographical areas [line items] | ||
| Amount of deferred tax assets relating to losses | 1.0 | |
| Sweden | ||
| Disclosure of geographical areas [line items] | ||
| Amount of losses | 22.4 | |
| Amount of deferred tax assets relating to losses | 4.6 | |
| Unused tax losses carried forward, for which no deferred tax assets were recognized | 22.4 | |
| Other | ||
| Disclosure of geographical areas [line items] | ||
| Amount of deferred tax assets relating to losses | $ (1.7) | $ 2.9 |
INTANGIBLES ASSETS (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | $ 4,998.3 | |
| Impairment losses | $ 198.1 | |
| Balance at the end | 5,018.7 | 4,998.3 |
| Contractual commitments for the acquisition of intangible assets | 0.8 | 0.0 |
| Gross carrying amount | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 5,582.7 | 5,693.0 |
| Business combinations | 1.3 | |
| Additions | 12.7 | 32.1 |
| Transfer | (0.8) | 7.7 |
| Translation difference | 87.1 | (150.0) |
| Balance at the end | 5,682.9 | 5,582.7 |
| Accumulated depreciation and impairment losses | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | (584.4) | (342.3) |
| Amortization during the period | 61.4 | 57.7 |
| Impairment losses | 198.1 | |
| Transfer | (1.9) | 1.8 |
| Translation difference | 20.4 | (15.6) |
| Balance at the end | (664.3) | (584.4) |
| Goodwill | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 2,242.4 | |
| Balance at the end | 2,270.0 | 2,242.4 |
| Goodwill | Gross carrying amount | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 2,421.4 | 2,480.3 |
| Business combinations | 1.3 | |
| Translation difference | 35.2 | (58.8) |
| Balance at the end | 2,457.9 | 2,421.4 |
| Goodwill | Accumulated depreciation and impairment losses | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | (179.0) | |
| Impairment losses | 179.0 | |
| Translation difference | 8.8 | |
| Balance at the end | (187.9) | (179.0) |
| Trademarks | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 2,394.5 | |
| Balance at the end | 2,427.0 | 2,394.5 |
| Trademarks | Gross carrying amount | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 2,413.6 | 2,470.5 |
| Translation difference | 33.2 | (56.9) |
| Balance at the end | 2,446.8 | 2,413.6 |
| Trademarks | Accumulated depreciation and impairment losses | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | (19.1) | |
| Impairment losses | 19.1 | |
| Translation difference | 0.7 | |
| Balance at the end | (19.8) | (19.1) |
| Customer relationship | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 190.7 | |
| Balance at the end | 172.3 | 190.7 |
| Customer relationship | Gross carrying amount | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 278.9 | 294.2 |
| Translation difference | 8.9 | (15.4) |
| Balance at the end | 287.8 | 278.9 |
| Customer relationship | Accumulated depreciation and impairment losses | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | (88.2) | (68.5) |
| Amortization during the period | 23.8 | 23.3 |
| Translation difference | 3.5 | (3.6) |
| Balance at the end | (115.5) | (88.2) |
| Other intangible assets | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 167.2 | |
| Balance at the end | 145.3 | 167.2 |
| Other intangible assets | Gross carrying amount | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 465.2 | 412.7 |
| Additions | 7.5 | 10.9 |
| Transfer | 3.7 | 58.1 |
| Translation difference | 9.9 | (16.5) |
| Balance at the end | 486.4 | 465.2 |
| Other intangible assets | Accumulated depreciation and impairment losses | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | (298.0) | (273.7) |
| Amortization during the period | 37.6 | 34.4 |
| Impairment losses | 0.0 | |
| Transfer | (1.9) | 1.8 |
| Translation difference | 7.3 | (12.0) |
| Balance at the end | (341.1) | (298.0) |
| Intangible advances paid and construction in progress | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 3.6 | |
| Balance at the end | 4.1 | 3.6 |
| Intangible advances paid and construction in progress | Gross carrying amount | ||
| Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
| Balance at the beginning | 3.6 | 35.2 |
| Additions | 5.1 | 21.2 |
| Transfer | (4.5) | (50.4) |
| Translation difference | (0.1) | (2.4) |
| Balance at the end | $ 4.1 | $ 3.6 |
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | $ 361.9 | |
| Balance at the end | 441.9 | $ 361.9 |
| Contractual commitments for the acquisition of property, plant and equipment | 22.1 | 0.0 |
| Gross carrying amount | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 815.9 | 821.7 |
| Business combinations | 1.3 | |
| Additions | 145.9 | 76.7 |
| Divestments and disposals | 1.5 | 0.2 |
| Transfers | (36.4) | (43.4) |
| Translation differences | 17.5 | (39.0) |
| Balance at the end | 942.7 | 815.9 |
| Accumulated depreciation and impairment losses | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | (454.0) | (453.0) |
| Depreciation during the period | 72.1 | 63.3 |
| Divestments and disposals | (1.0) | (0.1) |
| Transfers | (32.7) | (38.8) |
| Translation differences | 8.4 | (23.5) |
| Balance at the end | (500.8) | (454.0) |
| Land | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 34.9 | |
| Balance at the end | 35.9 | 34.9 |
| Land | Gross carrying amount | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 34.9 | 35.6 |
| Transfers | 0.9 | |
| Translation differences | 1.0 | (1.6) |
| Balance at the end | 35.9 | 34.9 |
| Land | Accumulated depreciation and impairment losses | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 0.0 | 0.0 |
| Divestments and disposals | 0.0 | |
| Transfers | 0.0 | |
| Balance at the end | 0.0 | 0.0 |
| Buildings and constructions | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 146.2 | |
| Balance at the end | 173.8 | 146.2 |
| Buildings and constructions | Gross carrying amount | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 327.6 | 315.6 |
| Additions | 30.4 | 28.5 |
| Divestments and disposals | 0.0 | 0.0 |
| Transfers | 11.5 | (2.4) |
| Translation differences | 5.4 | (14.0) |
| Balance at the end | 374.9 | 327.6 |
| Buildings and constructions | Accumulated depreciation and impairment losses | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | (181.4) | (167.7) |
| Depreciation during the period | 34.3 | 30.2 |
| Divestments and disposals | 0.0 | 0.0 |
| Transfers | (17.0) | (8.6) |
| Translation differences | 2.4 | (7.9) |
| Balance at the end | (201.1) | (181.4) |
| Machinery and equipment | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 147.1 | |
| Balance at the end | 157.4 | 147.1 |
| Machinery and equipment | Gross carrying amount | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 419.6 | 436.4 |
| Business combinations | 1.3 | |
| Additions | 26.9 | 15.1 |
| Divestments and disposals | 1.5 | 0.1 |
| Transfers | 1.1 | (9.7) |
| Translation differences | 9.6 | (22.0) |
| Balance at the end | 457.0 | 419.6 |
| Machinery and equipment | Accumulated depreciation and impairment losses | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | (272.5) | (285.3) |
| Depreciation during the period | 37.8 | 33.0 |
| Divestments and disposals | (1.0) | (0.1) |
| Transfers | (15.7) | (30.1) |
| Translation differences | 6.0 | (15.6) |
| Balance at the end | (299.6) | (272.5) |
| Advances paid and construction in process | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 33.8 | |
| Balance at the end | 74.9 | 33.8 |
| Advances paid and construction in process | Gross carrying amount | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 33.8 | 34.1 |
| Additions | 88.5 | 33.1 |
| Transfers | (48.9) | (32.2) |
| Translation differences | 1.5 | (1.3) |
| Balance at the end | 74.9 | 33.8 |
| Advances paid and construction in process | Accumulated depreciation and impairment losses | ||
| Disclosure of detailed information about property, plant and equipment [line items] | ||
| Balance at the beginning | 0.0 | 0.0 |
| Divestments and disposals | 0.0 | |
| Transfers | 0.0 | |
| Balance at the end | $ 0.0 | $ 0.0 |
OTHER NON-CURRENT FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI AND CASH AND CASH EQUIVALENTS - Other non-current financial assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2023 |
|
| Other non-current financial assets | ||
| Other non-current financial assets at fair value through OCI | $ 8.9 | $ 9.2 |
| Writedown of other investments through OCI | (10.9) | |
| Investment in Liesheng | ||
| Other non-current financial assets | ||
| Other non-current financial assets at fair value through OCI | 8.5 | |
| Writedown of other investments through OCI | $ 10.9 |
OTHER NON-CURRENT FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI AND CASH AND CASH EQUIVALENTS - Cash and cash equivalents (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| OTHER NON-CURRENT FINANCIAL ASSETS AT FAIR VALUE THROUGH OCI AND CASH AND CASH EQUIVALENTS | ||
| Cash in hand and at bank | $ 483.4 | $ 402.0 |
VALUATION PROVISIONS OF INVENTORIES (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Net Inventories | |||
| Raw materials and consumables | $ 45.0 | $ 46.9 | |
| Work in progress | 48.7 | 36.3 | |
| Finished goods | 1,005.9 | 829.3 | |
| Total | 1,099.6 | 912.5 | |
| Cost of goods sold | 2,092.3 | 1,785.2 | $ 1,560.9 |
| Inventories pledged as security for a liability | 0.0 | ||
| Gross carrying amount | |||
| Net Inventories | |||
| Total | 1,129.0 | 937.2 | |
| Net realizable value valuation provision | |||
| Net Inventories | |||
| Total | $ (29.4) | $ (24.7) | |
PREPAID EXPENSES AND OTHER RECEIVABLES (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Related to financing activities: | ||
| Prepaid interest | $ 17.0 | $ 16.0 |
| Prepaid interest to related parties | 40.3 | |
| Derivative instruments | 12.5 | 23.5 |
| Related to operating and other activities: | ||
| Other tax receivables | 24.3 | 19.9 |
| Prepaid license fees | 8.1 | 11.1 |
| Prepaid advertising and promotion | 7.8 | 6.6 |
| Discounted bills | 6.8 | 5.6 |
| Prepaid insurance | 6.3 | 2.8 |
| Accrued employee benefits | 0.5 | 0.5 |
| Other receivables | 79.1 | 47.0 |
| Prepaid expenses and other receivables | $ 162.3 | $ 173.3 |
SHAREHOLDERS' EQUITY (DEFICIT) (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| SHAREHOLDERS' EQUITY (DEFICIT) | ||
| Translation differences | $ 0.6 | $ 109.8 |
| Remeasurements | 40.6 | 37.0 |
| Other reserves | 224.5 | (10.9) |
| Accumulated deficit | (1,057.5) | (848.9) |
| Accumulated deficit and other | $ (791.8) | $ (713.0) |
SHAREHOLDER'S EQUITY (DEFICIT) (Narrative) (Details) € / shares in Units, $ in Millions |
Feb. 08, 2024
shares
|
Feb. 04, 2024
shares
|
Dec. 31, 2023
USD ($)
shares
|
Dec. 31, 2023
EUR (€)
€ / shares
shares
|
Dec. 31, 2022
USD ($)
shares
|
|---|---|---|---|---|---|
| SHAREHOLDER'S EQUITY (DEFICIT) | |||||
| Authorized share capital | € | € 15,500,000 | ||||
| Number of shares authorized | 155,000,000 | 155,000,000 | |||
| Par Value of share | € / shares | € 0.10 | ||||
| Number of shares outstanding | 505,249,607 | 384,499,607 | |||
| Share capital | $ | $ 642.2 | $ 642.2 | |||
| Class A Share Capital | |||||
| SHAREHOLDER'S EQUITY (DEFICIT) | |||||
| Number of shares outstanding | 115,220,745 | 115,220,745 | |||
| Class B Share Capital | |||||
| SHAREHOLDER'S EQUITY (DEFICIT) | |||||
| Number of shares outstanding | 352,193 |
INTEREST-BEARING LIABILITIES (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| INTEREST-BEARING LIABILITIES | ||
| Consolidated statement of financial position value, liabilities | $ 507.8 | $ 444.3 |
| Liquidity risk | ||
| INTEREST-BEARING LIABILITIES | ||
| Consolidated statement of financial position value, liabilities | 6,661.2 | 6,236.0 |
| Liquidity risk | Loans from financial institutions, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Consolidated statement of financial position value, liabilities | 2,154.4 | 1,965.5 |
| Non-derivative financial liabilities, undiscounted cash flows | $ 2,154.4 | $ 1,965.5 |
| Liquidity risk | Loans from financial institutions, Repayments | Long term | ||
| INTEREST-BEARING LIABILITIES | ||
| Nominal interest rates | 7.65% | 5.13% |
| Liquidity risk | Loans from financial institutions, Repayments | Short term | ||
| INTEREST-BEARING LIABILITIES | ||
| Nominal interest rates | 6.68% | |
| Liquidity risk | Loans from financial institutions, Repayments | Short term | Minimum | ||
| INTEREST-BEARING LIABILITIES | ||
| Nominal interest rates | 4.78% | |
| Liquidity risk | Loans from financial institutions, Repayments | Short term | Maximum | ||
| INTEREST-BEARING LIABILITIES | ||
| Nominal interest rates | 8.10% | 7.78% |
| Liquidity risk | Loans from related parties, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Consolidated statement of financial position value, liabilities | $ 4,077.0 | $ 4,039.0 |
| Non-derivative financial liabilities, undiscounted cash flows | $ 4,077.0 | $ 4,039.0 |
| Liquidity risk | Loans from related parties, Repayments | Long term | ||
| INTEREST-BEARING LIABILITIES | ||
| Nominal interest rates | 5.68% | 5.38% |
| Liquidity risk | Loans from related parties, Repayments | Short term | ||
| INTEREST-BEARING LIABILITIES | ||
| Nominal interest rates | 8.20% | 3.06% |
| Liquidity risk | Lease liabilities, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Consolidated statement of financial position value, liabilities | $ 339.8 | $ 196.5 |
| Nominal interest rates | 5.24% | 4.46% |
| Non-derivative financial liabilities, undiscounted cash flows | $ 339.8 | $ 196.5 |
| Liquidity risk | Other interest-bearing liabilities, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Consolidated statement of financial position value, liabilities | $ 90.0 | $ 35.0 |
| Nominal interest rates | 7.86% | 7.10% |
| Non-derivative financial liabilities, undiscounted cash flows | $ 90.0 | $ 35.0 |
| Liquidity risk | Not later than one year | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 470.4 | 271.8 |
| Liquidity risk | Not later than one year | Loans from financial institutions, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 291.0 | 173.3 |
| Liquidity risk | Not later than one year | Lease liabilities, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 89.4 | 63.5 |
| Liquidity risk | Not later than one year | Other interest-bearing liabilities, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 90.0 | 35.0 |
| Liquidity risk | 1-2 years | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 69.1 | 65.7 |
| Liquidity risk | 1-2 years | Lease liabilities, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 69.1 | 65.7 |
| Liquidity risk | 2-3 years | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 1,909.2 | 24.5 |
| Liquidity risk | 2-3 years | Loans from financial institutions, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 1,863.4 | |
| Liquidity risk | 2-3 years | Lease liabilities, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 45.8 | 24.5 |
| Liquidity risk | 3-4 years | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 36.2 | 1,805.2 |
| Liquidity risk | 3-4 years | Loans from financial institutions, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 1,792.2 | |
| Liquidity risk | 3-4 years | Lease liabilities, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 36.2 | 13.0 |
| Liquidity risk | Later than four years and not later than five years | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 35.5 | 9.5 |
| Liquidity risk | Later than four years and not later than five years | Lease liabilities, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 35.5 | 9.5 |
| Liquidity risk | Later than five years | Loans from related parties, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 4,077.0 | 4,039.0 |
| Liquidity risk | Later than five years | Lease liabilities, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 99.2 | 29.8 |
| Liquidity risk | Later than five years and after [member] | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 4,140.8 | 4,059.3 |
| Liquidity risk | Later than five years and after [member] | Loans from related parties, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | 4,077.0 | 4,039.0 |
| Liquidity risk | Later than five years and after [member] | Lease liabilities, Repayments | ||
| INTEREST-BEARING LIABILITIES | ||
| Non-derivative financial liabilities, undiscounted cash flows | $ 63.8 | $ 20.3 |
OTHER LIABILITIES (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Related to financing activities: | ||
| Accrued interest | $ 33.0 | $ 50.1 |
| Payables related to derivatives | 31.2 | 25.7 |
| Related to operating and other activities: | ||
| Liabilities for share-based payment | 18.5 | |
| Accrued personnel costs | 148.0 | 120.3 |
| Accrued advertising and promotion | 57.3 | 42.4 |
| Refund liabilities | 35.5 | 38.2 |
| Value added tax | 25.7 | 28.8 |
| Goods received not invoiced | 25.7 | 25.1 |
| Contract liabilities | 25.0 | 20.8 |
| Accrued royalties | 8.5 | 13.8 |
| Other accrued liabilities | 159.2 | 133.6 |
| Total | 567.5 | 498.8 |
| Long-term portion of liabilities for share-based payments | $ 7.4 | $ 0.0 |
PROVISIONS (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 15, 2021 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| PROVISIONS | |||
| Balance at beginning | $ 37.8 | $ 50.9 | |
| Translation differences | 1.4 | (1.5) | |
| Provisions made during the year | 6.8 | 15.0 | |
| Provisions used during the year | (8.8) | (26.6) | |
| Provisions reversed during the year | (1.8) | ||
| Balance at ending | 35.4 | 37.8 | |
| Long-term provisions | 5.5 | 5.6 | |
| Current provisions | 29.9 | 32.2 | |
| Total | $ 35.4 | 37.8 | |
| Majority of warranty provisions | 1 year | ||
| Restructuring costs | $ 4.3 | ||
| Product warranty | |||
| PROVISIONS | |||
| Balance at beginning | $ 22.9 | 22.5 | |
| Translation differences | 0.5 | (0.4) | |
| Provisions made during the year | 5.3 | 7.0 | |
| Provisions used during the year | (4.4) | (6.2) | |
| Provisions reversed during the year | (0.1) | ||
| Balance at ending | 24.2 | 22.9 | |
| Restructuring | |||
| PROVISIONS | |||
| Balance at beginning | 6.0 | 20.0 | |
| Translation differences | 0.1 | (1.2) | |
| Provisions made during the year | 0.0 | 4.5 | |
| Provisions used during the year | (2.5) | (17.3) | |
| Provisions reversed during the year | (1.4) | ||
| Balance at ending | 2.2 | 6.0 | |
| Other | |||
| PROVISIONS | |||
| Balance at beginning | 8.9 | 8.4 | |
| Translation differences | 0.8 | 0.1 | |
| Provisions made during the year | 1.5 | 3.5 | |
| Provisions used during the year | (1.9) | (3.1) | |
| Provisions reversed during the year | (0.3) | ||
| Balance at ending | 9.0 | 8.9 | |
| Environmental provisions | |||
| PROVISIONS | |||
| Long-term provisions | $ 0.4 | $ 0.4 | |
LEASES - Carrying amounts of the right-of-use assets and lease liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Right-of-use assets | ||
| Balance at beginning | $ 183.6 | |
| Balance at end | 317.1 | $ 183.6 |
| Lease liabilities | ||
| Balance at end | 339.8 | |
| Land | ||
| Right-of-use assets | ||
| Balance at beginning | 0.2 | |
| Balance at end | 0.2 | 0.2 |
| Buildings | ||
| Right-of-use assets | ||
| Balance at beginning | 168.9 | |
| Balance at end | 302.3 | 168.9 |
| Machinery and equipment | ||
| Right-of-use assets | ||
| Balance at beginning | 14.5 | |
| Balance at end | 14.6 | 14.5 |
| Right-of-use assets | ||
| Right-of-use assets | ||
| Balance at beginning | 183.6 | |
| Balance at end | 317.1 | 183.6 |
| Gross carrying amount | ||
| Lease liabilities | ||
| Balance at beginning | 196.5 | 224.7 |
| Additions, lease liabilities | 218.7 | 45.3 |
| Lease Liability Before Interest And Payments | 415.2 | 270.0 |
| Interest expense | 8.5 | |
| Payments | (82.0) | |
| Balance at end | 196.5 | |
| Gross carrying amount | Land | ||
| Right-of-use assets | ||
| Balance at beginning | 0.2 | 0.2 |
| Balance at end | 0.2 | 0.2 |
| Gross carrying amount | Buildings | ||
| Right-of-use assets | ||
| Balance at beginning | 359.7 | 357.7 |
| Additions | 175.7 | 47.1 |
| Transfers | (0.8) | (26.2) |
| Translation differences | 4.3 | (18.9) |
| Balance at end | 538.9 | 359.7 |
| Gross carrying amount | Machinery and equipment | ||
| Right-of-use assets | ||
| Balance at beginning | 50.7 | 53.5 |
| Additions | 7.4 | 3.5 |
| Transfers | (5.1) | (3.2) |
| Translation differences | 2.0 | (3.1) |
| Balance at end | 55.0 | 50.7 |
| Gross carrying amount | Right-of-use assets | ||
| Right-of-use assets | ||
| Balance at beginning | 410.6 | 411.5 |
| Additions | 183.1 | 50.6 |
| Transfers | (5.9) | (29.4) |
| Translation differences | 6.3 | (22.0) |
| Balance at end | 594.1 | 410.6 |
| Accumulated depreciations | ||
| Lease liabilities | ||
| Interest expense | 12.2 | |
| Payments | (87.5) | |
| Accumulated depreciations | Buildings | ||
| Right-of-use assets | ||
| Balance at beginning | (190.8) | (165.6) |
| Additions | 79.0 | 65.4 |
| Transfers | (35.5) | (31.3) |
| Translation differences | 2.2 | (8.8) |
| Balance at end | (190.8) | |
| Accumulated depreciations | Machinery and equipment | ||
| Right-of-use assets | ||
| Balance at beginning | (36.2) | (34.1) |
| Additions | 8.4 | 7.9 |
| Transfers | (5.6) | (3.9) |
| Translation differences | 1.4 | (2.0) |
| Balance at end | (36.2) | |
| Accumulated depreciations | Right-of-use assets | ||
| Right-of-use assets | ||
| Balance at beginning | (227.0) | (199.7) |
| Additions | 87.4 | 73.3 |
| Transfers | (41.1) | (35.2) |
| Translation differences | $ 3.7 | (10.8) |
| Balance at end | $ (227.0) | |
LEASES - Leases recognized in consolidated statements (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Carrying amounts of the right-of-use assets and lease liabilities | |||
| Right-of-use depreciation expenses included in cost of goods sold | $ 2.1 | $ 1.7 | $ 2.6 |
| Right-of-use depreciation expenses included in operating expenses | 85.3 | 71.5 | 71.4 |
| Rent expenses relating to short-term leases | 7.2 | 4.1 | 3.4 |
| Rent expenses relating to leases of low-value assets, excluding short-term lease of low-value assets | 2.2 | 0.9 | 0.6 |
| Rent expenses for variable leases | 4.5 | 15.7 | 11.7 |
| Covid-19 rent concessions | 0.0 | (0.2) | (1.8) |
| Operating profit | (101.3) | (93.7) | (87.9) |
| Interest cost on lease liabilities | 12.2 | 8.5 | 9.1 |
| Total rent expense of non-cancellable leases recognized in the consolidated statement of loss | $ 18.1 | $ 17.5 | $ 15.7 |
LEASES - Future minimum payment (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Future minimum payments | ||
| Future minimum payments | $ 16.3 | $ 12.8 |
| Not later than one year | ||
| Future minimum payments | ||
| Future minimum payments | 11.0 | 5.1 |
| Later than one year but not later than five years | ||
| Future minimum payments | ||
| Future minimum payments | 4.7 | 6.4 |
| Later than five years | ||
| Future minimum payments | ||
| Future minimum payments | $ 0.6 | $ 1.3 |
COMMITMENTS (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| COMMITMENTS | ||
| Guarantees | $ 15.7 | $ 14.7 |
| Other commitments | $ 210.7 | $ 217.8 |
COMMITMENTS - Ongoing litigations (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2023
USD ($)
| |
| COMMITMENTS | |
| Litigation expense incurred | $ 3.3 |
GROUP COMPANIES (Details) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Amer Sports Holding (HK) Limited, Hong Kong, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Holding 3 Oy, Helsinki, Finland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Holding 2 Oy, Helsinki, Finland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Holding 1 Oy, Helsinki, Finland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Holding Oy, Helsinki, Finland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Corporation, Helsinki, Finland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Industries EEU SRL, Romania | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports (China) Co. Ltd., Shanghai, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Shanghai Commercial Limited, Shanghai, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Digital Services Oy, Helsinki, Finland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Europe GmbH, Garching, Germany | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Czech Republic s.r.o., Praha, Czech | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Deutschland GmbH, Garching, Germany | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Europe Services GmbH, Garching, Germany | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Export GmbH, Garching, Germany | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Spain, S.A., Barcelona, Spain | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports UK Services Limited, Irvine, UK | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports UK Limited, Irvine, UK | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports International Oy, Helsinki, Finland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amernet Holding B.V., Leusden, the Netherlands | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Asia Services Limited, Hong Kong, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports B.V., Leusden, the Netherlands | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Canada Inc., British Columbia, Canada | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports European Center AG, Hagendorn, Switzerland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports HK Limited, Hong Kong, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Macau Sociedade Unipessoal, Macao, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Shanghai Trading Ltd, Shanghai, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Shanghai Amer Sports Operations, Shanghai, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Shanghai JingAn Amer Sports Goods Co., Ltd., Shanghai, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Holding GmbH, Altenmarkt, Austria | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Austria GmbH, Bergheim bei Salzburg, Austria | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Bulgaria EOOD, Chepelare, Bulgaria | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Danmark A.p.S., Kokkedal, Denmark | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Global Business Services Sp. z o.o, Krakow, Poland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Italia S.p.A., Nervesa della Battaglia, Italy | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Luxembourg S.a r.l., Luxemburg | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Norge A/S, Sandvika, Norway | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Poland Sp. z o.o., Krakow, Poland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| AO Amer Sports, Moscow, Russia | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Atomic Austria GmbH, Altenmarkt, Austria | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Netherlands B.V., Leusden, the Netherlands | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Sourcing Ltd, Hong Kong, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Sourcing (Shenzhen) Limited, Shenzhen, China | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Sverige AB, Bors, Sweden | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Vietnam Limited, Ho Chi Minh CIty, Vietnam | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Peak Performance Canada Inc., Quebec, Canada | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| SSO Portugal, Unipessoal LDA, Lisbon, Portugal | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Company, Chicago, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Albany Sports Co., Wilmington, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Portland Design Center, Inc., Portland, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Ski Acquisition Company, Delaware, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports U.S. Financing Llc, Delaware, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Winter & Outdoor Company, Ogden, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| ENVE Composites LLC, Ogden, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Wilson Sporting Goods Co., Chicago, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Australia Pty Ltd, Braeside, Australia | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Brazil LTDA., Sao Paulo, Brazil | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Japan, Inc., Tokyo, Japan | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Korea, Ltd., Seoul, South Korea | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 51.00% | 100.00% |
| Amer Sports Malaysia Sdn Bhd, Kuala Lumpur, Malaysia | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Wilmex Holding Company, Delaware, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Nicaragua Apparel I Co, Delaware, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 0.00% |
| Nicaragua Apparel II Co, Delaware, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 0.00% |
| Nicaragua Apparel III Co, Delaware, USA | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 0.00% |
| Wells Apparel Nicaragua, Sociedad Anonima, Nicaragua | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 0.00% |
| Wilson Sporting Goods Co. de Mexico, S.A. de C.V.,Mexico City, Mexico | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Holding S.A.S., Annecy, France | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports France S.A.S., Villefontaine, France | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Salomon S.A., Annecy, France | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports SA, Hagendorn, Switzerland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports RO s.r.l., Romania | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Suomi Oy, Helsinki, Finland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amerintie 1 Oy, Helsinki, Finland | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amernet Holding Sverige AB, Bors, Sweden | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Peak Performance Production AB, Stockholm, Sweden | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Amer Sports Belgium NV, Wemmel, Belgium | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
| Mascot Bidco Canada Inc., British Columbia, Canada | ||
| Disclosure of subsidiaries [line items] | ||
| Proportion of ownership interests held by structured entities | 100.00% | 100.00% |
CASH FLOW HEDGE RESERVE (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| CASH FLOW HEDGE RESERVE | |||
| Beginning balance | $ (3.1) | $ 6.2 | $ (37.4) |
| Gains and losses deferred to shareholders' equity Hedging of operating cash flows | (9.4) | (11.6) | 54.5 |
| Total of changes during the year | (9.4) | (11.6) | 54.5 |
| Deferred taxes | 1.9 | 2.3 | (10.9) |
| Ending balance | $ (10.6) | $ (3.1) | $ 6.2 |
RELATED PARTY TRANSACTIONS - Anta Sports transactions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disclosure of transactions between related parties [line items] | |||
| Purchases of goods and services from ANTA Sports and subsidiaries | $ 26.7 | $ 8.6 | $ 5.9 |
| Anta Sports and subsidiaries | |||
| Disclosure of transactions between related parties [line items] | |||
| Sales to ANTA Sports and subsidiaries | $ 1.1 | $ 1.9 | $ 4.9 |
RELATED PARTY TRANSACTIONS - Compensation to key management (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| RELATED PARTY TRANSACTIONS | |||
| Salaries and other short-term employee benefit | $ 12.7 | $ 11.0 | $ 11.9 |
| Post-employment benefits | 0.5 | 0.2 | 0.3 |
| Termination benefits | 0.9 | ||
| Share-based payments | 19.5 | ||
| Other long-term benefits | 0.3 | 0.8 | |
| Total | 33.9 | $ 12.0 | $ 12.2 |
| Remuneration paid to the Boards of Directors | 0.0 | ||
| Loans granted to key management | $ 0.0 | ||
RELATED PARTY TRANSACTIONS - Long-term loan from parent company (Details) $ in Millions, € in Billions |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2019
EUR (€)
item
|
|
| Disclosure of transactions between related parties [line items] | ||||
| Amount of long-term loans granted | $ 4,077.0 | $ 4,039.0 | ||
| Interest cost on interest bearing debt | 158.9 | 90.5 | $ 98.3 | |
| Parent company (Amer Sports Holding (Cayman) Limited) | ||||
| Disclosure of transactions between related parties [line items] | ||||
| Amount of long-term loans granted | 4,077.5 | 4,041.1 | ||
| Prepayments of interest expenses | 0.0 | 40.3 | ||
| Interest cost on interest bearing debt | $ 226.4 | 138.5 | 142.9 | |
| Applicable margin aggregated to arrive at the interest rate percentage, one (as a percent) | 4.00% | |||
| Applicable margin aggregated to arrive at the interest rate percentage, two (as a percent) | 4.25% | |||
| Applicable margin aggregated to arrive at the interest rate percentage, three (as a percent) | 4.50% | |||
| Parent company (Amer Sports Holding (Cayman) Limited) | Investment Loan | ||||
| Disclosure of transactions between related parties [line items] | ||||
| Amount of long-term loans granted | $ 2,641.0 | 2,654.5 | ||
| Interest cost on interest bearing debt | $ 205.0 | 124.7 | 128.9 | |
| Parent company (Amer Sports Holding (Cayman) Limited) | Investment Loan | EURIBOR | ||||
| Disclosure of transactions between related parties [line items] | ||||
| Adjustment to interest rate basis (as a percent) | 0.25% | |||
| Parent company (Amer Sports Holding (Cayman) Limited) | Investment Loan | LIBOR | ||||
| Disclosure of transactions between related parties [line items] | ||||
| Adjustment to interest rate basis (as a percent) | 0.25% | |||
| Parent company (Amer Sports Holding (Cayman) Limited) | Facility A Loan | ||||
| Disclosure of transactions between related parties [line items] | ||||
| Amount of long-term loans granted | $ 1,436.5 | 1,386.6 | ||
| Interest cost on interest bearing debt | $ 21.4 | $ 13.8 | 13.8 | |
| Applicable margin aggregated to arrive at the interest rate percentage, one (as a percent) | 2.00% | |||
| Applicable margin aggregated to arrive at the interest rate percentage, two (as a percent) | 1.75% | |||
| Loan amount | € | € 1.3 | |||
| Number of financial covenants | item | 2 | |||
| Leverage covenant, maximum total Net Debt to Adjusted EBITDA ratio | 4.75 | |||
| Interest coverage covenant, minimum Adjusted EBITDA to Net Finance Charges ratio | 4.00 | |||
| Parent company (Amer Sports Holding (Cayman) Limited) | Capital Loan | ||||
| Disclosure of transactions between related parties [line items] | ||||
| Interest cost on interest bearing debt | $ 0.2 | |||
| Applicable margin aggregated to arrive at the interest rate percentage, one (as a percent) | 4.00% | |||
| Applicable margin aggregated to arrive at the interest rate percentage, two (as a percent) | 4.25% | |||
| Applicable margin aggregated to arrive at the interest rate percentage, three (as a percent) | 4.50% | |||
| Parent company (Amer Sports Holding (Cayman) Limited) | Capital Loan | EURIBOR | ||||
| Disclosure of transactions between related parties [line items] | ||||
| Adjustment to interest rate basis (as a percent) | 0.25% | |||
| Parent company (Amer Sports Holding (Cayman) Limited) | Capital Loan | LIBOR | ||||
| Disclosure of transactions between related parties [line items] | ||||
| Adjustment to interest rate basis (as a percent) | 0.25% | |||
RELATED PARTY TRANSACTIONS - Balances outstanding (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Anta Sports and subsidiaries | Current payables (purchases of goods and services) | ||
| Disclosure of transactions between related parties [line items] | ||
| Amount payable to related parties | $ 6.3 | $ 5.3 |
| Anta Sports and subsidiaries | Current receivables (sales of goods) | ||
| Disclosure of transactions between related parties [line items] | ||
| Accounts receivable to related parties | 0.0 | 0.0 |
| Parent company (Amer Sports Holding (Cayman) Limited) | Accounts receivable, net | ||
| Disclosure of transactions between related parties [line items] | ||
| Accounts receivable to related parties | 18.0 | 16.7 |
| Parent company (Amer Sports Holding (Cayman) Limited) | Prepaid interest | ||
| Disclosure of transactions between related parties [line items] | ||
| Accounts receivable to related parties | 40.3 | |
| Parent company (Amer Sports Holding (Cayman) Limited) | Other receivables | ||
| Disclosure of transactions between related parties [line items] | ||
| Accounts receivable to related parties | 13.3 | 11.2 |
| Parent company (Amer Sports Holding (Cayman) Limited) | Loans from related parties taken in 2022 | ||
| Disclosure of transactions between related parties [line items] | ||
| Amount payable to related parties | 11.9 | 11.1 |
| Parent company (Amer Sports Holding (Cayman) Limited) | Interest expenses | ||
| Disclosure of transactions between related parties [line items] | ||
| Amount payable to related parties | 0.8 | 0.4 |
| Key management | Provisions short and long-term incentive | ||
| Disclosure of transactions between related parties [line items] | ||
| Amount payable to related parties | 17.9 | $ 3.7 |
| Low Tide Properties Ltd. | Right-of-use asset / Lease liability | ||
| Disclosure of transactions between related parties [line items] | ||
| Amount payable to related parties | 0.9 | |
| Amer Sports Management Company (Cayman) Limited | ||
| Disclosure of transactions between related parties [line items] | ||
| Amount payable to related parties | $ 11.9 | |
| Amer Sports Management Company (Cayman) Limited | Class B Share Capital | ||
| Disclosure of transactions between related parties [line items] | ||
| Number of shares held by related party | 352,193 | |
| Value of shares held by related party | $ 1.8 | |
| Percentage of Company's total outstanding shares held by the related party (as a percent) | 0.30% |
BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES - Measurement categories (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | $ 118.0 | $ 124.4 |
| Consolidated statement of financial position value, liabilities | 507.8 | 444.3 |
| Non-current derivative financial instruments - Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 3.3 | |
| Current available for sale factoring receivables | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 2.6 | |
| Other current non-interest yielding receivables | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 118.0 | |
| Financial liabilities at fair value through profit or loss | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 9.6 | |
| Financial liabilities at fair value through profit or loss | Current derivative financial instruments - Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 9.6 | |
| Derivative financial instruments used in cash flow hedge accounting | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 23.4 | |
| Derivative financial instruments used in cash flow hedge accounting | Non Current derivative financial instruments - Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 1.8 | |
| Derivative financial instruments used in cash flow hedge accounting | Current derivative financial instruments - Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 0.4 | |
| Derivative financial instruments used in cash flow hedge accounting | Current derivative financial instruments - Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 21.2 | |
| Financial liabilities measured at amortized cost | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 7,623.1 | |
| Financial liabilities measured at amortized cost | Long-term interest-bearing loans | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 5,940.4 | |
| Financial liabilities measured at amortized cost | Long-term obligations under leases | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 250.4 | |
| Financial liabilities measured at amortized cost | Other long-term liabilities | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 27.6 | |
| Financial liabilities measured at amortized cost | Current interest-bearing loans | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 381.0 | |
| Financial liabilities measured at amortized cost | Current obligations under leases | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 89.4 | |
| Financial liabilities measured at amortized cost | Current accounts payable | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 426.5 | |
| Financial liabilities measured at amortized cost | Current accrued liabilities | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 507.8 | |
| Carrying amount [member] | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 7,656.1 | |
| Carrying amount [member] | Long-term interest-bearing loans | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 5,940.4 | |
| Carrying amount [member] | Long-term obligations under leases | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 250.4 | |
| Carrying amount [member] | Other long-term liabilities | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 27.6 | |
| Carrying amount [member] | Non Current derivative financial instruments - Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 1.8 | |
| Carrying amount [member] | Current interest-bearing loans | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 381.0 | |
| Carrying amount [member] | Current obligations under leases | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 89.4 | |
| Carrying amount [member] | Current accounts payable | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 426.5 | |
| Carrying amount [member] | Current accrued liabilities | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 507.8 | |
| Carrying amount [member] | Current derivative financial instruments - Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 0.4 | |
| Carrying amount [member] | Current derivative financial instruments - Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 30.8 | |
| Financial assets at fair value through profit or loss | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 7.2 | 11.5 |
| Financial assets at fair value through profit or loss | Non-current derivative financial instruments - Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 3.3 | 5.7 |
| Financial assets at fair value through profit or loss | Current derivative financial instruments - Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 3.9 | 5.9 |
| Financial assets at fair value through profit or loss | Financial liabilities at fair value through profit or loss | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 3.9 | |
| Financial assets at fair value through profit or loss | Financial liabilities at fair value through profit or loss | Current derivative financial instruments - Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 3.9 | |
| Derivative financial instruments used in cash flow hedge accounting | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 9.3 | 17.6 |
| Derivative financial instruments used in cash flow hedge accounting | Current derivative financial instruments - Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 8.5 | 17.6 |
| Derivative financial instruments used in cash flow hedge accounting | Current derivative financial instruments - Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 0.8 | |
| Derivative financial instruments used in cash flow hedge accounting | Derivative financial instruments used in cash flow hedge accounting | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 21.8 | |
| Derivative financial instruments used in cash flow hedge accounting | Derivative financial instruments used in cash flow hedge accounting | Current derivative financial instruments - Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 19.7 | |
| Derivative financial instruments used in cash flow hedge accounting | Derivative financial instruments used in cash flow hedge accounting | Current derivative financial instruments - Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 2.0 | |
| Financial assets measured at amortized cost | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 1,268.8 | 1,257.1 |
| Financial assets measured at amortized cost | Long-term interest-bearing loans | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 5,831.2 | |
| Financial assets measured at amortized cost | Long-term obligations under leases | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 133.0 | |
| Financial assets measured at amortized cost | Other long-term liabilities | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 32.7 | |
| Financial assets measured at amortized cost | Other non-current financial assets | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 70.2 | 55.3 |
| Financial assets measured at amortized cost | Current hold-to-collect accounts receivables | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 597.2 | 675.4 |
| Financial assets measured at amortized cost | Other current non-interest yielding receivables | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 118.0 | 124.4 |
| Financial assets measured at amortized cost | Cash and cash equivalents | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 483.4 | 402.0 |
| Financial assets measured at amortized cost | Financial liabilities measured at amortized cost | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 7,148.5 | |
| Financial assets measured at amortized cost | Financial liabilities measured at amortized cost | Current interest-bearing loans | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 208.3 | |
| Financial assets measured at amortized cost | Financial liabilities measured at amortized cost | Current obligations under leases | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 63.5 | |
| Financial assets measured at amortized cost | Financial liabilities measured at amortized cost | Current accounts payable | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 435.6 | |
| Financial assets measured at amortized cost | Financial liabilities measured at amortized cost | Current accrued liabilities | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 444.3 | |
| Financial assets at fair value through OCI | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 18.6 | 14.4 |
| Financial assets at fair value through OCI | Other non-current financial assets | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 9.2 | 8.9 |
| Financial assets at fair value through OCI | Current available for sale factoring receivables | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 2.6 | |
| Financial assets at fair value through OCI | Current promissory notes | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 6.8 | 5.5 |
| Carrying amount [member] | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 1,303.9 | 1,300.7 |
| Carrying amount [member] | Other non-current financial assets | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 79.4 | 64.2 |
| Carrying amount [member] | Non-current derivative financial instruments - Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 5.7 | |
| Carrying amount [member] | Current hold-to-collect accounts receivables | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 597.2 | 675.4 |
| Carrying amount [member] | Other current non-interest yielding receivables | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 124.4 | |
| Carrying amount [member] | Current promissory notes | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 6.8 | 5.5 |
| Carrying amount [member] | Current derivative financial instruments - Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 12.5 | 23.5 |
| Carrying amount [member] | Current derivative financial instruments - Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 0.8 | |
| Carrying amount [member] | Cash and cash equivalents | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | $ 483.4 | 402.0 |
| Carrying amount [member] | Carrying amount [member] | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 7,174.2 | |
| Carrying amount [member] | Carrying amount [member] | Long-term interest-bearing loans | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 5,831.2 | |
| Carrying amount [member] | Carrying amount [member] | Long-term obligations under leases | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 133.0 | |
| Carrying amount [member] | Carrying amount [member] | Other long-term liabilities | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 32.7 | |
| Carrying amount [member] | Carrying amount [member] | Current interest-bearing loans | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 208.3 | |
| Carrying amount [member] | Carrying amount [member] | Current obligations under leases | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 63.5 | |
| Carrying amount [member] | Carrying amount [member] | Current accounts payable | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 435.6 | |
| Carrying amount [member] | Carrying amount [member] | Current accrued liabilities | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 444.3 | |
| Carrying amount [member] | Carrying amount [member] | Current derivative financial instruments - Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | 23.7 | |
| Carrying amount [member] | Carrying amount [member] | Current derivative financial instruments - Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Consolidated statement of financial position value, liabilities | $ 2.0 |
BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES - Footnote (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | $ 118.0 | $ 124.4 |
| Financial liabilities | 507.8 | 444.3 |
| Accrued liabilities | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial liabilities | 567.5 | 498.8 |
| Other tax liabilities | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial liabilities | 28.5 | 28.8 |
| Derivative financial instruments | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial liabilities | 31.2 | 25.7 |
| Prepaid expenses and other receivables | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 162.3 | 173.3 |
| Other tax receivables | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 24.3 | 19.9 |
| Derivative financial instruments | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | 13.2 | 23.5 |
| Promissory notes | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial assets | $ 6.8 | $ 5.5 |
BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES - Measured at fair value (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial Assets | $ 35.1 | $ 43.5 |
| Financial Liabilities | 33.0 | 25.7 |
| Level 2 | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial Assets | 16.5 | 29.1 |
| Financial Liabilities | 33.0 | 25.7 |
| Level 3 | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial Assets | 18.6 | 14.4 |
| Financial assets at fair value through profit or loss | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial Assets | 7.2 | 11.5 |
| Financial Liabilities | 9.6 | 3.9 |
| Financial assets at fair value through profit or loss | Level 2 | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial Assets | 7.2 | 11.5 |
| Financial Liabilities | 9.6 | 3.9 |
| Derivative financial instruments used in cash flow hedge accounting | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial Assets | 9.3 | 17.6 |
| Financial Liabilities | 23.4 | 21.8 |
| Derivative financial instruments used in cash flow hedge accounting | Level 2 | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial Assets | 9.3 | 17.6 |
| Financial Liabilities | 23.4 | 21.8 |
| Other non-current financial assets at fair value through OCI | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial Assets | 18.6 | 14.4 |
| Other non-current financial assets at fair value through OCI | Level 3 | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Financial Assets | $ 18.6 | $ 14.4 |
BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES - Changes in level 3 items (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
| Opening balance | $ 7,895.1 | |
| Closing balance | 8,373.8 | $ 7,895.1 |
| Level 3 | ||
| Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
| Opening balance | 14.4 | 35.4 |
| Additions | 9.4 | 25.0 |
| Disposals | (5.5) | (33.7) |
| Losses recognized in OCI | 0.3 | (10.9) |
| Losses recognized in the consolidated statement of loss | 0.0 | (1.4) |
| Closing balance | 18.6 | 14.4 |
| Other equities | Level 3 | ||
| Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
| Opening balance | 8.9 | 0.3 |
| Additions | 19.5 | |
| Disposals | (0.0) | |
| Losses recognized in OCI | 0.3 | (10.9) |
| Closing balance | 9.2 | 8.9 |
| Promissory notes | Level 3 | ||
| Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
| Opening balance | 5.5 | 5.9 |
| Additions | 6.8 | 5.5 |
| Disposals | (5.5) | (5.9) |
| Losses recognized in OCI | 0.0 | |
| Losses recognized in the consolidated statement of loss | 0.0 | |
| Closing balance | 6.8 | 5.5 |
| Available for sale factoring receivable | Level 3 | ||
| Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
| Opening balance | 0.0 | 29.2 |
| Additions | 2.6 | |
| Disposals | (27.8) | |
| Losses recognized in the consolidated statement of loss | (1.4) | |
| Closing balance | $ 2.6 | $ 0.0 |
FINANCIAL RISK MANAGEMENT - FUNDING RISK (Details) € in Millions, $ in Millions |
1 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Feb. 28, 2023
USD ($)
|
Apr. 30, 2021
EUR (€)
|
Feb. 28, 2021
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Oct. 31, 2023
USD ($)
|
Dec. 31, 2022
EUR (€)
|
|
| FINANCIAL RISK MANAGEMENT | ||||||||
| Proceeds from short-term borrowings from financial institutions | $ 310.3 | $ 409.8 | $ 135.0 | |||||
| Repayments of long-term borrowings from financial institutions | $ 120.8 | |||||||
| Amer Sports Management Company (Cayman) Limited | ||||||||
| FINANCIAL RISK MANAGEMENT | ||||||||
| Loans from related parties | $ 11.9 | |||||||
| Funding Risk | Amer Sports Management Company (Cayman) Limited | ||||||||
| FINANCIAL RISK MANAGEMENT | ||||||||
| Loans from related parties | € | € 10.5 | |||||||
| Funding Risk | Amer Sports European Center AG | ||||||||
| FINANCIAL RISK MANAGEMENT | ||||||||
| Proceeds from short-term borrowings from financial institutions | $ 35.0 | |||||||
| Short-term loans | $ 35.0 | $ 35.0 | ||||||
| Short-term loans, extension period | 12 months | 12 months | ||||||
| Funding Risk | Amer Sports European Center AG | Amer Sports Canada Inc., Arc'teryx division | ||||||||
| FINANCIAL RISK MANAGEMENT | ||||||||
| Repayments of long-term borrowings from financial institutions | € | € 100.0 | |||||||
| Funding Risk | Amer Sports European Center AG | Amer Sports Group | ||||||||
| FINANCIAL RISK MANAGEMENT | ||||||||
| Short-term loans | $ 15.0 | $ 40.0 | ||||||
FINANCIAL RISK MANAGEMENT - LIQUIDITY RISK - MATURITY ANALYSIS FOR FINANCIAL LIABILITIES BASED ON THEIR CONTRACTUAL MATURITY (Details) € in Millions, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2022
USD ($)
|
|
| FINANCIAL RISK MANAGEMENT | ||||
| Repayments of long-term borrowings from financial institutions | $ 120.8 | |||
| Consolidated statement of financial position value, liabilities | $ 507.8 | $ 444.3 | ||
| Liquidity risk | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 6,661.2 | 6,236.0 | ||
| Available | 348.0 | € 315 | ||
| Liquidity risk | Foreign exchange derivatives under hedge accounting | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial assets, undiscounted cash flows | 1,372.3 | 1,057.0 | ||
| Liquidity risk | Other foreign exchange derivatives | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial assets, undiscounted cash flows | 1,031.0 | 823.6 | ||
| Liquidity risk | Interest rate derivatives under hedge accounting, fair value | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, Derivative assets | 0.8 | |||
| Derivative financial assets, undiscounted cash flows | 0.8 | |||
| Liquidity risk | Other interest rate derivatives, fair value | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, Derivative assets | 3.3 | 5.7 | ||
| Derivative financial assets, undiscounted cash flows | 3.3 | 5.7 | ||
| Liquidity risk | Total, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 7,087.7 | 6,671.6 | ||
| Non-derivative financial liabilities, undiscounted cash flows | 7,087.7 | |||
| Liquidity risk | Loans from financial institutions, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 2,154.4 | 1,965.5 | ||
| Non-derivative financial liabilities, undiscounted cash flows | 2,154.4 | 1,965.5 | ||
| Liquidity risk | Loans from related parties, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 4,077.0 | 4,039.0 | ||
| Non-derivative financial liabilities, undiscounted cash flows | 4,077.0 | 4,039.0 | ||
| Liquidity risk | Lease liabilities, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 339.8 | 196.5 | ||
| Non-derivative financial liabilities, undiscounted cash flows | 339.8 | 196.5 | ||
| Liquidity risk | Other interest-bearing liabilities, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 90.0 | 35.0 | ||
| Non-derivative financial liabilities, undiscounted cash flows | 90.0 | 35.0 | ||
| Liquidity risk | Total, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 1,556.3 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 1,158.5 | |||
| Liquidity risk | Loans from financial institutions, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 323.6 | 478.3 | ||
| Liquidity risk | Loans from related parties, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 830.7 | 1,065.8 | ||
| Liquidity risk | Lease liabilities Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 11.7 | |||
| Liquidity risk | Other interest-bearing liabilities, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 4.2 | 0.6 | ||
| Liquidity risk | Accounts Payable Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 426.5 | 435.6 | ||
| Non-derivative financial liabilities, undiscounted cash flows | 426.5 | |||
| Liquidity risk | Committed revolving credit facility | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 173.5 | |||
| Available | 348.1 | 336.0 | ||
| Non-derivative financial liabilities, undiscounted cash flows | 291.0 | |||
| Liquidity risk | Foreign exchange derivatives under hedge accounting | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial liabilities, undiscounted cash flows | 1,375.8 | 1,053.5 | ||
| Liquidity risk | Other foreign exchange derivatives | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial liabilities, undiscounted cash flows | 1,038.0 | 822.6 | ||
| Liquidity risk | Not later than one year | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 470.4 | 271.8 | ||
| Liquidity risk | Not later than one year | Foreign exchange derivatives under hedge accounting | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial assets, undiscounted cash flows | 1,327.3 | 1,057.0 | ||
| Liquidity risk | Not later than one year | Other foreign exchange derivatives | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial assets, undiscounted cash flows | 1,031.0 | 823.6 | ||
| Liquidity risk | Not later than one year | Interest rate derivatives under hedge accounting, fair value | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial assets, undiscounted cash flows | 0.8 | |||
| Liquidity risk | Not later than one year | Total, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 707.4 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 896.9 | |||
| Liquidity risk | Not later than one year | Loans from financial institutions, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 291.0 | 173.3 | ||
| Liquidity risk | Not later than one year | Lease liabilities, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 89.4 | 63.5 | ||
| Liquidity risk | Not later than one year | Other interest-bearing liabilities, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 90.0 | 35.0 | ||
| Liquidity risk | Not later than one year | Total, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 216.3 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 176.6 | |||
| Liquidity risk | Not later than one year | Loans from financial institutions, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 151.6 | 151.1 | ||
| Liquidity risk | Not later than one year | Loans from related parties, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 20.8 | 59.9 | ||
| Liquidity risk | Not later than one year | Lease liabilities Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 4.7 | |||
| Liquidity risk | Not later than one year | Other interest-bearing liabilities, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 4.2 | 0.6 | ||
| Liquidity risk | Not later than one year | Accounts Payable Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 435.6 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 426.5 | |||
| Liquidity risk | Not later than one year | Committed revolving credit facility | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 173.3 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 291.0 | |||
| Liquidity risk | Not later than one year | Foreign exchange derivatives under hedge accounting | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial liabilities, undiscounted cash flows | 1,330.0 | 1,053.5 | ||
| Liquidity risk | Not later than one year | Other foreign exchange derivatives | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial liabilities, undiscounted cash flows | 1,038.0 | 822.6 | ||
| Liquidity risk | 1-2 years | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 69.1 | 65.7 | ||
| Liquidity risk | 1-2 years | Foreign exchange derivatives under hedge accounting | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial assets, undiscounted cash flows | 45.0 | |||
| Liquidity risk | 1-2 years | Other interest rate derivatives, fair value | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial assets, undiscounted cash flows | 3.3 | |||
| Liquidity risk | 1-2 years | Total, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 65.7 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 69.1 | |||
| Liquidity risk | 1-2 years | Lease liabilities, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 69.1 | 65.7 | ||
| Liquidity risk | 1-2 years | Total, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 181.4 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 124.5 | |||
| Liquidity risk | 1-2 years | Loans from financial institutions, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 123.6 | 142.1 | ||
| Liquidity risk | 1-2 years | Loans from related parties, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 0.9 | 36.4 | ||
| Liquidity risk | 1-2 years | Lease liabilities Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 2.9 | |||
| Liquidity risk | 1-2 years | Committed revolving credit facility | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 0.2 | |||
| Liquidity risk | 1-2 years | Foreign exchange derivatives under hedge accounting | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial liabilities, undiscounted cash flows | 45.8 | |||
| Liquidity risk | 2-3 years | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 1,909.2 | 24.5 | ||
| Liquidity risk | 2-3 years | Other interest rate derivatives, fair value | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Derivative financial assets, undiscounted cash flows | 5.7 | |||
| Liquidity risk | 2-3 years | Total, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 24.5 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 1,909.2 | |||
| Liquidity risk | 2-3 years | Loans from financial institutions, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 1,863.4 | |||
| Liquidity risk | 2-3 years | Lease liabilities, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 45.8 | 24.5 | ||
| Liquidity risk | 2-3 years | Total, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 131.9 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 49.3 | |||
| Liquidity risk | 2-3 years | Loans from financial institutions, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 48.4 | 130.1 | ||
| Liquidity risk | 2-3 years | Loans from related parties, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 0.9 | |||
| Liquidity risk | 2-3 years | Lease liabilities Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 1.8 | |||
| Liquidity risk | 3-4 years | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 36.2 | 1,805.2 | ||
| Liquidity risk | 3-4 years | Total, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 1,805.2 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 36.2 | |||
| Liquidity risk | 3-4 years | Loans from financial institutions, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 1,792.2 | |||
| Liquidity risk | 3-4 years | Lease liabilities, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 36.2 | 13.0 | ||
| Liquidity risk | 3-4 years | Total, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 56.0 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 0.9 | |||
| Liquidity risk | 3-4 years | Loans from financial institutions, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 54.9 | |||
| Liquidity risk | 3-4 years | Loans from related parties, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 0.9 | |||
| Liquidity risk | 3-4 years | Lease liabilities Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 1.1 | |||
| Liquidity risk | Later than five years | Total, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 4,068.8 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 4,176.2 | |||
| Liquidity risk | Later than five years | Loans from related parties, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 4,077.0 | 4,039.0 | ||
| Liquidity risk | Later than five years | Lease liabilities, Repayments | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 99.2 | 29.8 | ||
| Liquidity risk | Later than five years | Total, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Consolidated statement of financial position value, liabilities | 970.7 | |||
| Non-derivative financial liabilities, undiscounted cash flows | 807.3 | |||
| Liquidity risk | Later than five years | Loans from related parties, Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | 807.3 | 969.5 | ||
| Liquidity risk | Later than five years | Lease liabilities Interest | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Non-derivative financial liabilities, undiscounted cash flows | $ 1.2 | |||
| Liquidity risk | Term Loan B | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Repayments of long-term borrowings from financial institutions | $ 0.0 | |||
FINANCIAL RISK MANAGEMENT - LIQUIDITY RISK - CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES (Details) - Liquidity risk - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES | ||
| Beginning balance | $ 6,261.6 | $ 6,304.0 |
| Cash flows | 82.3 | 102.0 |
| Foreign exchange movement | 214.2 | (353.8) |
| Changes in fair values | 7.3 | 17.2 |
| Transfers from long-term to short-term | 0.0 | 0.0 |
| Changes in leases | 231.0 | 53.8 |
| Capitalization of accrued interest | 0.0 | 126.2 |
| Other | (102.2) | 12.2 |
| Ending balance | 6,694.2 | 6,261.6 |
| Current interest-bearing loans | ||
| CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES | ||
| Beginning balance | 208.3 | 34.8 |
| Cash flows | 170.0 | 172.3 |
| Foreign exchange movement | 2.7 | 1.2 |
| Ending balance | 381.0 | 208.3 |
| Current obligations under leases | ||
| CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES | ||
| Beginning balance | 63.5 | 66.5 |
| Cash flows | (87.7) | (82.0) |
| Transfers from long-term to short-term | 65.7 | 71.1 |
| Changes in leases | 47.9 | 7.9 |
| Ending balance | 89.4 | 63.5 |
| Long-term interest-bearing loans | ||
| CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES | ||
| Beginning balance | 5,831.1 | 6,036.0 |
| Cash flows | 11.7 | |
| Foreign exchange movement | 211.5 | (355.0) |
| Capitalization of accrued interest | 126.2 | |
| Other | (102.2) | 12.2 |
| Ending balance | 5,940.4 | 5,831.1 |
| Long-term obligations under leases | ||
| CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES | ||
| Beginning balance | 133.0 | 158.2 |
| Transfers from long-term to short-term | (65.7) | (71.1) |
| Changes in leases | 183.1 | 45.9 |
| Ending balance | 250.4 | 133.0 |
| Derivative financial instruments | ||
| CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES | ||
| Beginning balance | 25.7 | 8.5 |
| Changes in fair values | 7.3 | 17.2 |
| Ending balance | $ 33.0 | $ 25.7 |
FINANCIAL RISK MANAGEMENT - CURRENCY RISK - Foreign exchange positions in the most significant currencies (Details) - Currency risk - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|
| USD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | $ 304.2 | $ 332.5 | $ 369.3 |
| CAD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (20.7) | (47.9) | |
| HKD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (5.1) | (5.3) | (0.6) |
| GBP | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (111.4) | ||
| CHF | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (80.8) | (56.4) | (48.5) |
| SEK | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (62.1) | (45.9) | (65.6) |
| Interest-bearing intercompany receivables | USD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 36.1 | 172.0 | 146.4 |
| Interest-bearing intercompany receivables | CAD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 109.3 | 32.5 | |
| Interest-bearing intercompany receivables | CHF | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 0.1 | ||
| Interest-bearing intercompany receivables | SEK | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 8.4 | 5.1 | |
| External receivables | USD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 41.5 | 37.0 | 1.9 |
| External receivables | CAD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (21.7) | (10.0) | |
| External receivables | GBP | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 3.1 | ||
| External receivables | CHF | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 1.0 | 1.9 | 0.6 |
| External receivables | SEK | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (1.2) | 0.5 | (0.1) |
| Intercompany receivables | USD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 1.8 | 28.2 | 35.8 |
| Intercompany receivables | CAD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (47.9) | (28.1) | |
| Intercompany receivables | HKD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 0.7 | 0.1 | |
| Intercompany receivables | GBP | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 7.0 | ||
| Intercompany receivables | CHF | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 4.5 | 4.9 | 10.1 |
| Intercompany receivables | SEK | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 7.6 | 7.5 | 10.5 |
| Interest-bearing external liabilities | USD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (160.0) | (155.0) | (35.0) |
| Interest-bearing intercompany liabilities | HKD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (128.9) | (67.3) | (26.4) |
| Interest-bearing intercompany liabilities | GBP | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (29.5) | ||
| Interest-bearing intercompany liabilities | CHF | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (1.4) | (9.1) | |
| Interest-bearing intercompany liabilities | SEK | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (12.9) | ||
| External payables | USD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (118.8) | (157.1) | (49.0) |
| External payables | CAD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 40.9 | 24.4 | |
| External payables | HKD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (0.6) | ||
| External payables | GBP | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (1.3) | ||
| External payables | CHF | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (0.6) | (1.1) | (0.3) |
| External payables | SEK | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 1.0 | 0.2 | |
| Intercompany payables | USD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (59.1) | (45.9) | (20.3) |
| Intercompany payables | CAD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 32.2 | 6.9 | |
| Intercompany payables | HKD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 0.0 | ||
| Intercompany payables | GBP | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (2.3) | ||
| Intercompany payables | CHF | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 0.1 | (1.0) | (6.0) |
| Intercompany payables | SEK | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (1.0) | 0.3 | (1.9) |
| Foreign exchange derivatives | USD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 562.7 | 453.3 | 289.5 |
| Foreign exchange derivatives | CAD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (133.5) | (73.6) | |
| Foreign exchange derivatives | HKD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | 123.7 | 61.9 | 25.8 |
| Foreign exchange derivatives | GBP | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (88.4) | ||
| Foreign exchange derivatives | CHF | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | (85.9) | (59.7) | (43.8) |
| Foreign exchange derivatives | SEK | |||
| FINANCIAL RISK MANAGEMENT | |||
| Foreign exchange positions | $ (76.9) | $ (59.5) | $ (61.2) |
FINANCIAL RISK MANAGEMENT - CURRENCY RISK - Sensitivity of the statement of shareholders' equity (deficit) and the statement of loss at the reporting date to the strengthening / weakening of the euro (Details) - Currency risk - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| FINANCIAL RISK MANAGEMENT | |||
| Percentage of strengthening of the euro (in percent) | 10.00% | ||
| Percentage of weakening of the euro (in percent) | 10.00% | ||
| USD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Increase (decrease) in Statement of shareholders' equity (deficit), due to reasonably possible strengthening / weakening of the euro | $ (72.9) | $ (61.0) | $ (44.6) |
| Increase (decrease) in Statement of loss, due to reasonably possible strengthening / weakening of the euro | 42.5 | 28.4 | 7.7 |
| CAD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Increase (decrease) in Statement of shareholders' equity (deficit), due to reasonably possible strengthening / weakening of the euro | (0.2) | 2.3 | |
| Increase (decrease) in Statement of loss, due to reasonably possible strengthening / weakening of the euro | 2.2 | 2.5 | |
| HKD | |||
| FINANCIAL RISK MANAGEMENT | |||
| Increase (decrease) in Statement of shareholders' equity (deficit), due to reasonably possible strengthening / weakening of the euro | 0.0 | 0.0 | 0.0 |
| Increase (decrease) in Statement of loss, due to reasonably possible strengthening / weakening of the euro | 0.5 | 0.5 | 0.0 |
| GBP | |||
| FINANCIAL RISK MANAGEMENT | |||
| Increase (decrease) in Statement of shareholders' equity (deficit), due to reasonably possible strengthening / weakening of the euro | 10.6 | ||
| Increase (decrease) in Statement of loss, due to reasonably possible strengthening / weakening of the euro | 0.5 | ||
| CHF | |||
| FINANCIAL RISK MANAGEMENT | |||
| Increase (decrease) in Statement of shareholders' equity (deficit), due to reasonably possible strengthening / weakening of the euro | 6.9 | 5.0 | 3.3 |
| Increase (decrease) in Statement of loss, due to reasonably possible strengthening / weakening of the euro | 1.1 | 0.5 | 1.6 |
| SEK | |||
| FINANCIAL RISK MANAGEMENT | |||
| Increase (decrease) in Statement of shareholders' equity (deficit), due to reasonably possible strengthening / weakening of the euro | 5.9 | 4.5 | 5.5 |
| Increase (decrease) in Statement of loss, due to reasonably possible strengthening / weakening of the euro | $ 0.3 | $ 0.1 | $ 1.0 |
FINANCIAL RISK MANAGEMENT - CURRENCY RISK - Cash flows pursuant to hedging policy for the next 24 months and hedging of cash flows (Details) - Currency risk € in Millions, $ in Millions |
12 Months Ended | |||
|---|---|---|---|---|
|
Dec. 31, 2023
EUR (€)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
|
| FINANCIAL RISK MANAGEMENT | ||||
| Threshold minimum value of annual cash flows or other exposures for hedging | € | € 5.0 | |||
| Current hedging horizon | 15 months | |||
| Threshold minimum forecasted sales or purchases in foreign currencies for which hedge accounting is applied | € | € 10.0 | |||
| Net investment hedges | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Outstanding hedges | $ 0.0 | $ 0.0 | ||
| Minimum | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Period for which the transaction risk arising from subsidiaries' business operations is hedged | 12 months | |||
| Hedged ratio for 24 months cash flow (in percent) | 55.00% | |||
| Hedge horizon for currencies with high interest rate | 12 months | |||
| Period during which hedged cash flow is expected to be realized | 12 months | |||
| Percentage of subsidiaries' equity that may be hedged | 0.00% | |||
| Maximum | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Period for which the transaction risk arising from subsidiaries' business operations is hedged | 24 months | |||
| Hedged ratio for 24 months cash flow (in percent) | 95.00% | |||
| Hedge horizon for currencies with high interest rate | 18 months | |||
| Period during which hedged cash flow is expected to be realized | 24 months | |||
| Percentage of subsidiaries' equity that may be hedged | 50.00% | |||
| USD | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | $ (1,578.8) | (1,350.3) | $ (1,322.3) | |
| Cash flows hedged | 676.9 | 544.0 | 386.0 | |
| CNH | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | 408.6 | 233.6 | 93.9 | |
| Cash flows hedged | (148.7) | (83.2) | (50.1) | |
| GBP | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | 259.0 | 147.2 | 157.8 | |
| Cash flows hedged | (106.2) | (53.3) | (43.8) | |
| CAD | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | 147.0 | |||
| Cash flows hedged | (22.8) | |||
| CHF | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | 162.7 | 136.5 | 140.1 | |
| Cash flows hedged | (69.3) | (52.3) | (39.2) | |
| SEK | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | 146.6 | 157.9 | 214.3 | |
| Cash flows hedged | (59.3) | (44.8) | (58.4) | |
| NOK | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | 79.9 | 114.1 | 88.6 | |
| Cash flows hedged | (30.8) | (39.5) | (33.3) | |
| JPY | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | 58.2 | |||
| Cash flows hedged | (16.7) | |||
| PLN | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | 78.5 | 50.1 | ||
| Cash flows hedged | (30.0) | (18.1) | ||
| CZK | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | 54.9 | 54.4 | ||
| Cash flows hedged | (20.8) | (21.3) | ||
| Other | ||||
| FINANCIAL RISK MANAGEMENT | ||||
| Cash flows set forth pursuant to hedging policy for the next 24 months | 97.6 | 123.7 | 172.4 | |
| Cash flows hedged | $ (26.1) | $ (48.0) | $ (64.7) |
FINANCIAL RISK MANAGEMENT - INTEREST RISK (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| FINANCIAL RISK MANAGEMENT | |||
| Amount of funding | $ 6,661.2 | $ 6,236.0 | |
| Interest risk | |||
| FINANCIAL RISK MANAGEMENT | |||
| Duration of the loans | 1 month | 1 month | 3 months |
| Debt portfolio at fixed rate (in percent) | 10.00% | 2.00% | 2.00% |
| Percentage of strengthening of the euro (in percent) | 1.00% | ||
| Percentage of weakening of the euro (in percent) | 1.00% | ||
| Position of Statement of shareholders' equity (deficit) | $ 552.5 | ||
| Increase (decrease) in Statement of shareholders' equity (deficit), due to reasonably possible increase in interest rates | 2.3 | ||
| Position of Statement of loss | 5,795.0 | $ 5,967.1 | $ 6,004.3 |
| Increase (decrease) in Statement of loss, due to reasonably possible increase in interest rates | (51.7) | (52.5) | (48.5) |
| Position of Statement of loss due to ineffective Other interest rate derivatives | 110.5 | 106.7 | 113.3 |
| Increase (decrease) in Statement of loss due to ineffective Other interest rate derivatives, due to reasonably possible increase in interest rates | $ 1.4 | $ 1.9 | $ 3.9 |
| Effective interest rate of debt (in percent) | 6.20% | 4.00% | 4.20% |
| Average interest rate of interest-bearing debt (in percent) | 6.30% | 4.00% | 3.60% |
| Interest risk | USD LIBOR linked external short term loans | |||
| FINANCIAL RISK MANAGEMENT | |||
| Amount of funding | $ 155.0 | ||
FINANCIAL RISK MANAGEMENT - CREDIT RISK (Details) - Credit risk $ in Millions |
12 Months Ended | |
|---|---|---|
|
Dec. 31, 2023
USD ($)
item
|
Dec. 31, 2022
USD ($)
|
|
| CREDIT RISK | ||
| Actual payment time for the outstanding sales | 49 days | |
| Other non-current financial assets | ||
| CREDIT RISK | ||
| Maximum amount of credit risk | $ 79.4 | $ 64.2 |
| Non-current derivative financial instruments - Interest rate derivatives | ||
| CREDIT RISK | ||
| Maximum amount of credit risk | 3.3 | 5.7 |
| Current hold-to-collect accounts receivables | ||
| CREDIT RISK | ||
| Maximum amount of credit risk | 597.2 | 675.4 |
| Current available for sale factoring receivables | ||
| CREDIT RISK | ||
| Maximum amount of credit risk | 2.6 | 0.0 |
| Other current interest-free receivables | ||
| CREDIT RISK | ||
| Maximum amount of credit risk | 118.0 | 124.4 |
| Current promissory notes | ||
| CREDIT RISK | ||
| Maximum amount of credit risk | 6.8 | 5.5 |
| Current derivative financial instruments - Foreign exchange derivatives | ||
| CREDIT RISK | ||
| Maximum amount of credit risk | 12.5 | 23.5 |
| Current derivative financial instruments - Interest rate derivatives | ||
| CREDIT RISK | ||
| Maximum amount of credit risk | 0.8 | |
| Cash and cash equivalents | ||
| CREDIT RISK | ||
| Maximum amount of credit risk | $ 483.4 | $ 402.0 |
| Largest single customer | ||
| CREDIT RISK | ||
| Percentage of entities receivables (in percent) | 4.00% | |
| Largest 20 combined customers | ||
| CREDIT RISK | ||
| Percentage of entities receivables (in percent) | 32.00% | |
| Number of largest customers | item | 20 |
FINANCIAL RISK MANAGEMENT - CREDIT RISK - Factoring (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 15, 2023 |
Dec. 31, 2022 |
|
| Factoring | |||
| Accounts receivable, net | $ 599.8 | $ 675.4 | |
| Credit risk | Factoring | Third-party banking institution ("Factor") | |||
| Factoring | |||
| Maximum amount of accounts receivable agreed to sell | $ 50.0 | ||
| Advance funding as a percentage of principal value of the invoice on a non-recourse basis (in percent) | 100.00% | ||
| Commission fee (in percent) | 0.40% | ||
| Margin on adjustment rate, Daily Simple SOFR (in percent) | 1.50% | ||
| Year-end value of uncollected receivables transferred as part of the factoring program | $ 39.4 | 34.6 | |
| Accounts receivable, net | 232.9 | $ 116.2 | |
| Fair value of the continuing involvement in the transferred trade receivables | 0.7 | ||
| Credit risk | Factoring | Third-party banking institution ("Factor in EMEA") | |||
| Factoring | |||
| Year-end value of uncollected receivables transferred as part of the factoring program | 57.9 | ||
| Accounts receivable, net | 57.9 | ||
| Recourse or other liabilities included | $ 0.0 | ||
| Fair value of the continuing involvement in the transferred trade receivables | $ 0.9 |
FINANCIAL RISK MANAGEMENT - CREDIT RISK - VALUATION PROVISIONS OF ACCOUNTS RECEIVABLE AND AGING ANALYSIS OF ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| CREDIT RISK | |||
| Financial assets | $ 118.0 | $ 124.4 | |
| Credit risk | |||
| CREDIT RISK | |||
| Accounts receivable to related parties | 18.0 | 16.7 | |
| Credit risk | Accounts Receivable | |||
| CREDIT RISK | |||
| Financial assets | 581.8 | 658.7 | |
| Bad debt write-offs | 3.6 | 4.2 | $ 4.0 |
| Total impact on the consolidated statement of loss and other comprehensive income and loss from bad debt write-offs and the change in the receivable reserve | 2.4 | 3.6 | $ 0.7 |
| Credit risk | Accounts Receivable | Not due | |||
| CREDIT RISK | |||
| Financial assets | 485.8 | 585.5 | |
| Credit risk | Accounts Receivable | 1-30 days overdue | |||
| CREDIT RISK | |||
| Financial assets | 55.3 | 39.1 | |
| Credit risk | Accounts Receivable | 31-60 days overdue | |||
| CREDIT RISK | |||
| Financial assets | 18.5 | 16.1 | |
| Credit risk | Accounts Receivable | 61-90 days overdue | |||
| CREDIT RISK | |||
| Financial assets | 9.1 | 4.6 | |
| Credit risk | Accounts Receivable | 91-120 days overdue | |||
| CREDIT RISK | |||
| Financial assets | 3.4 | 1.2 | |
| Credit risk | Accounts Receivable | more than 120 days overdue | |||
| CREDIT RISK | |||
| Financial assets | 9.7 | 12.2 | |
| Credit risk | Accounts Receivable | Gross carrying amount | |||
| CREDIT RISK | |||
| Financial assets | 598.0 | 676.0 | |
| Credit risk | Accounts Receivable | Gross carrying amount | Not due | |||
| CREDIT RISK | |||
| Financial assets | 489.0 | 590.0 | |
| Credit risk | Accounts Receivable | Gross carrying amount | 1-30 days overdue | |||
| CREDIT RISK | |||
| Financial assets | 56.4 | 40.1 | |
| Credit risk | Accounts Receivable | Gross carrying amount | 31-60 days overdue | |||
| CREDIT RISK | |||
| Financial assets | 19.8 | 17.0 | |
| Credit risk | Accounts Receivable | Gross carrying amount | 61-90 days overdue | |||
| CREDIT RISK | |||
| Financial assets | 9.7 | 4.9 | |
| Credit risk | Accounts Receivable | Gross carrying amount | 91-120 days overdue | |||
| CREDIT RISK | |||
| Financial assets | 3.9 | 1.4 | |
| Credit risk | Accounts Receivable | Gross carrying amount | more than 120 days overdue | |||
| CREDIT RISK | |||
| Financial assets | 19.2 | 22.6 | |
| Credit risk | Accounts Receivable | Reserve | |||
| CREDIT RISK | |||
| Financial assets | (16.2) | (17.3) | |
| Credit risk | Accounts Receivable | Reserve | Not due | |||
| CREDIT RISK | |||
| Financial assets | (3.2) | (4.5) | |
| Credit risk | Accounts Receivable | Reserve | 1-30 days overdue | |||
| CREDIT RISK | |||
| Financial assets | (1.1) | (1.0) | |
| Credit risk | Accounts Receivable | Reserve | 31-60 days overdue | |||
| CREDIT RISK | |||
| Financial assets | (1.3) | (0.9) | |
| Credit risk | Accounts Receivable | Reserve | 61-90 days overdue | |||
| CREDIT RISK | |||
| Financial assets | (0.6) | (0.3) | |
| Credit risk | Accounts Receivable | Reserve | 91-120 days overdue | |||
| CREDIT RISK | |||
| Financial assets | (0.5) | (0.2) | |
| Credit risk | Accounts Receivable | Reserve | more than 120 days overdue | |||
| CREDIT RISK | |||
| Financial assets | $ (9.5) | $ (10.4) | |
FINANCIAL RISK MANAGEMENT - DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Foreign exchange derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Notional amount | $ 1,031.1 | $ 823.6 |
| Fair value | (6.2) | 1.4 |
| Foreign exchange derivatives | 2024 | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Notional amount | 823.6 | |
| Fair value | 1,031.1 | |
| cash flows from operations | Hedge | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Notional amount | 1,372.3 | 1,057.0 |
| Fair value | (8.7) | (1.4) |
| cash flows from operations | 2024 | Hedge | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Notional amount | 1,057.0 | |
| Fair value | 1,327.3 | |
| cash flows from operations | 2025 | Hedge | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Fair value | 45.0 | |
| Interest rate derivatives | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Notional amount | 110.5 | 213.3 |
| Fair value | 3.3 | 5.7 |
| Interest rate derivatives | 2025 | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Fair value | $ 110.5 | |
| Interest rate derivatives | 2026 and after | ||
| Disclosure of detailed information about financial instruments [line items] | ||
| Fair value | $ 213.3 |
FINANCIAL RISK MANAGEMENT - CAPITAL MANAGEMENT AND NET DEBT AND SHAREHOLDER'S EQUITY (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|---|---|---|---|---|
| FINANCIAL RISK MANAGEMENT | ||||
| Threshold maximum Consolidated Senior Secured Net Debt to Consolidated EBITDA ratio | 8.00 | |||
| Interest-bearing liabilities | $ 6,661.2 | $ 6,236.0 | ||
| Cash and cash equivalents | 483.4 | 402.0 | $ 566.7 | |
| Net debt | 6,177.8 | 5,834.0 | ||
| Total shareholders' equity | $ (156.8) | $ (73.9) | $ 38.0 | $ (152.9) |
FINANCIAL RISK MANAGEMENT - OFFSETTING FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Millions |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|
| FINANCIAL RISK MANAGEMENT | ||
| Gross amount of derivative financial assets | $ 26.9 | $ 36.7 |
| Related liabilities subject to master netting arrangements of derivative financial assets | (23.6) | (30.3) |
| Cash collateral received | 11.1 | 10.7 |
| Net exposure of derivative financial assets | 14.3 | 17.1 |
| Gross amount of derivative financial liabilities | (37.8) | (30.9) |
| Related assets subject to master netting arrangements of derivative financial liabilities | 23.6 | 30.3 |
| Net exposure of derivative financial liabilities | $ (14.2) | $ (0.6) |
DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE - Narratives (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
May 06, 2022 |
Dec. 21, 2020 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disclosure of analysis of single amount of discontinued operations [line items] | |||||
| (Gains)/losses on sale of discontinued operations | $ (0.7) | $ 116.0 | |||
| Impairment loss upon classifying as held-for-sale | $ 2.4 | 201.7 | $ 0.7 | ||
| Suunto | |||||
| Disclosure of analysis of single amount of discontinued operations [line items] | |||||
| Consolidated cash and debt-free sales value, net of transaction costs | $ 18.3 | ||||
| (Gains)/losses on sale of discontinued operations | (5.5) | ||||
| Impairment loss upon classifying as held-for-sale | $ (77.5) | ||||
| Precor Inc. | |||||
| Disclosure of analysis of single amount of discontinued operations [line items] | |||||
| (Gains)/losses on sale of discontinued operations | $ 116.0 | ||||
| Transaction value of discontinued operations | $ 420.0 | ||||
| Final purchase price adjustment amount | 4.8 | ||||
| Profit on the disposal after final purchase price adjustment | $ 120.8 | ||||
DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE - Consolidated statement of loss (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disclosure of analysis of single amount of discontinued operations [line items] | |||
| Revenue | $ 4,368.4 | $ 3,548.8 | $ 3,066.5 |
| Cost of goods sold | (2,092.3) | (1,785.2) | (1,560.9) |
| Gross profit | 2,276.2 | 1,763.6 | 1,505.6 |
| Selling, general and administrative expenses | (1,381.7) | (1,107.6) | (962.6) |
| Impairment losses on non-financial assets | 2.4 | 201.7 | 0.7 |
| Profit and loss on sale of divested businesses | (0.7) | 116.0 | |
| Other operating income | 11.2 | 11.4 | 9.0 |
| Operating loss | 302.5 | 50.6 | 186.9 |
| Finance income | (6.4) | (3.3) | (2.3) |
| Finance expenses | 413.4 | 236.5 | 279.0 |
| Net finance cost | 407.0 | 233.2 | 276.7 |
| Loss before tax | $ (104.6) | (182.6) | (89.8) |
| Profit (loss) for the period | (21.8) | (1.8) | |
| Suunto and Precor | |||
| Disclosure of analysis of single amount of discontinued operations [line items] | |||
| Revenue | 31.3 | 192.0 | |
| Cost of goods sold | (24.9) | (114.2) | |
| Gross profit | 6.4 | 77.8 | |
| Selling, general and administrative expenses | (24.1) | (123.7) | |
| Impairment losses on non-financial assets | (77.5) | ||
| Profit and loss on sale of divested businesses | (5.5) | 116.0 | |
| Other operating income | 1.1 | 3.1 | |
| Operating loss | (22.1) | (4.3) | |
| Finance income | (0.0) | (0.0) | |
| Finance expenses | (0.5) | 0.3 | |
| Net finance cost | (0.5) | 0.3 | |
| Loss before tax | (21.6) | (4.6) | |
| Income tax expense | (0.2) | 2.8 | |
| Profit (loss) for the period | $ (21.8) | $ (1.8) | |
DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE - Cash flow statement (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Disclosure of analysis of single amount of discontinued operations [line items] | ||
| Translation differences of disposed foreign subsidiary | $ (4.9) | |
| Suunto and Precor | ||
| Disclosure of analysis of single amount of discontinued operations [line items] | ||
| Operating | $ (10.3) | (38.4) |
| Divested Operations | 20.3 | 393.8 |
| Investing | (1.0) | (8.7) |
| Financing | (0.4) | (4.6) |
| Net cash outflow | $ 8.6 | 342.1 |
| Translation differences of disposed foreign subsidiary | $ 4.9 | |
DISCONTINUED OPERATIONS AND ASSETS AND LIABILITIES HELD FOR SALE - Sold businesses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2023 |
|
| NON-CURRENT ASSETS | |||
| Intangible assets | $ 2,755.9 | $ 2,748.7 | |
| Goodwill | 2,242.4 | 2,270.0 | |
| Property, plant and equipment | 361.9 | 441.9 | |
| Right-of-use assets | 183.6 | 317.1 | |
| Deferred tax assets | 108.7 | 161.7 | |
| TOTAL NON-CURRENT ASSETS | 5,722.4 | 6,022.1 | |
| CURRENT ASSETS | |||
| Inventories | 912.5 | 1,099.6 | |
| Accounts receivable, net | 675.4 | 599.8 | |
| Prepaid expenses and other receivables | 173.3 | 162.3 | |
| Current tax assets | 9.5 | 6.6 | |
| Cash and cash equivalents | 402.0 | $ 566.7 | 483.4 |
| TOTAL CURRENT ASSETS | 2,172.7 | 2,351.7 | |
| TOTAL ASSETS | 7,895.1 | 8,373.8 | |
| LONG-TERM LIABILITIES | |||
| Lease liabilities | 133.0 | 250.4 | |
| Provisions | 5.6 | 5.5 | |
| Other liabilities | 11.9 | 29.4 | |
| Deferred tax liabilities | 655.3 | 675.0 | |
| TOTAL LONG-TERM LIABILITIES | 6,689.6 | 6,956.7 | |
| CURRENT LIABILITIES | |||
| Lease liabilities | 63.5 | 89.4 | |
| Other liabilities | 498.8 | 567.5 | |
| Provisions | 32.2 | 29.9 | |
| TOTAL CURRENT LIABILITIES | 1,279.4 | 1,573.9 | |
| TOTAL LIABILITIES | 7,969.0 | $ 8,530.6 | |
| Cumulative translation difference from divested subsidiaries | (4.9) | ||
| Disposal of discontinued operations, net of cash disposed | 20.3 | 393.8 | |
| Suunto and Precor | |||
| NON-CURRENT ASSETS | |||
| Intangible assets | 6.5 | ||
| Goodwill | 0.0 | ||
| Property, plant and equipment | 3.1 | ||
| Right-of-use assets | 4.5 | ||
| Deferred tax assets | 4.2 | ||
| TOTAL NON-CURRENT ASSETS | 18.3 | ||
| CURRENT ASSETS | |||
| Inventories | 20.1 | ||
| Accounts receivable, net | 5.6 | ||
| Prepaid expenses and other receivables | 1.9 | ||
| Cash and cash equivalents | 2.7 | ||
| TOTAL CURRENT ASSETS | 30.3 | ||
| TOTAL ASSETS | 48.6 | ||
| LONG-TERM LIABILITIES | |||
| Lease liabilities | 3.8 | ||
| TOTAL LONG-TERM LIABILITIES | 3.8 | ||
| CURRENT LIABILITIES | |||
| Lease liabilities | 1.1 | ||
| Accounts payable | 6.4 | ||
| Other liabilities | 11.4 | ||
| Provisions | 2.0 | ||
| TOTAL CURRENT LIABILITIES | 20.9 | ||
| TOTAL LIABILITIES | 24.7 | ||
| NET ASSETS SOLD | 23.9 | ||
| Cumulative translation difference from divested subsidiaries | $ 4.9 | ||
| Sale consideration, net of transaction cost | 23.1 | ||
| Profit (loss) on sale | (0.7) | ||
| Consideration received, net of transaction cost | 23.1 | ||
| Cash and cash equivalents of the divested business | (2.8) | ||
| Disposal of discontinued operations, net of cash disposed | $ 20.3 | ||
LOSS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|
| Loss for the year, attributable to the owners of the Company | |||
| Continuing operations, Loss for the year, attributable to the owners of the Company, basic | $ (208.8) | $ (230.9) | $ (124.5) |
| Discontinued operation, Loss for the year, attributable to the owners of the Company, basic | (21.8) | (1.8) | |
| Total, Loss for the year, attributable to the owners of the Company, basic | (208.8) | (252.7) | (126.3) |
| Continuing operations, Loss for the year, attributable to the owners of the Company, diluted | (208.8) | (230.9) | (124.5) |
| Discontinued operation, Loss for the year, attributable to the owners of the Company, diluted | (21.8) | (1.8) | |
| Total, Loss for the year, attributable to the owners of the Company, diluted | $ (208.8) | $ (252.7) | $ (126.3) |
| Weighted-average number of ordinary shares | |||
| Continuing operations, Weighted-average number of ordinary shares, basic | 384,499,607 | 384,304,322 | 383,327,897 |
| Discontinued operation, Weighted-average number of ordinary shares, basic | 384,499,607 | 384,304,322 | 383,327,897 |
| Total, Weighted-average number of ordinary shares, basic | 384,499,607 | 384,304,322 | 383,327,897 |
| Continuing operations, Weighted-average number of ordinary shares, diluted | 384,499,607 | 384,304,322 | 383,327,897 |
| Discontinued operation, Weighted-average number of ordinary shares, diluted | 384,499,607 | 384,304,322 | 383,327,897 |
| Total, Weighted-average number of ordinary shares, diluted | 384,499,607 | 384,304,322 | 383,327,897 |
| Loss per share basic | |||
| Basic loss per share (continuing operations) | $ (0.54) | $ (0.60) | $ (0.32) |
| Basic loss per share (discontinued operations) | 0.00 | (0.06) | 0.00 |
| Total Basic loss per share | (0.54) | (0.66) | (0.33) |
| Loss per share diluted | |||
| Diluted loss per share (continuing operations) | (0.54) | (0.60) | (0.32) |
| Discontinued operation, Loss per share diluted | 0.00 | (0.06) | 0.00 |
| Total, Loss per share diluted | $ (0.54) | $ (0.66) | $ (0.33) |
SUBSEQUENT EVENTS (Details) $ in Millions |
Feb. 08, 2024
USD ($)
shares
|
Feb. 06, 2024
USD ($)
|
Feb. 05, 2024
USD ($)
|
Feb. 04, 2024
item
shares
|
|---|---|---|---|---|
| SUBSEQUENT EVENTS | ||||
| Number of shares outstanding | shares | 505,249,607 | 384,499,607 | ||
| Initial public offering | ||||
| SUBSEQUENT EVENTS | ||||
| Number of votes per common shares | item | 1 | |||
| Share split ratio | 3.3269 | |||
| Ordinary shares issued | shares | 505,249,607 | 384,499,607 | ||
| Initial public offering | IPO | ||||
| SUBSEQUENT EVENTS | ||||
| Gross proceeds from issuing shares | $ | $ 1,370.0 | |||
| Initial public offering | Overallotment option | ||||
| SUBSEQUENT EVENTS | ||||
| Gross proceeds from issuing shares | $ | $ 102.4 | $ 102.4 |
SUBSEQUENT EVENTS - IPO (Details) € in Millions, $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
|
Feb. 16, 2024
USD ($)
|
Feb. 04, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Feb. 16, 2024
EUR (€)
|
Dec. 31, 2022
USD ($)
|
|
| SUBSEQUENT EVENTS | |||||
| Loans from related parties | $ 4,077.0 | $ 4,039.0 | |||
| Parent company (Amer Sports Holding (Cayman) Limited) | |||||
| SUBSEQUENT EVENTS | |||||
| Loans from related parties | 4,077.5 | $ 4,041.1 | |||
| Refinancing activities | Parent company (Amer Sports Holding (Cayman) Limited) | |||||
| SUBSEQUENT EVENTS | |||||
| Amount of loan equitized | $ 2,600.0 | ||||
| Loans from related parties | 4,080.0 | ||||
| Refinancing activities | 7-year USD 500 million term loan facility | |||||
| SUBSEQUENT EVENTS | |||||
| Duration of the loans | 7 years | ||||
| Loan amount | $ 500.0 | ||||
| Refinancing activities | 7-year EUR 700 million term loan facility | |||||
| SUBSEQUENT EVENTS | |||||
| Duration of the loans | 7 years | ||||
| Loan amount | € | € 700 | ||||
| Refinancing activities | USD 710 million 5-year revolving credit facility | |||||
| SUBSEQUENT EVENTS | |||||
| Duration of the loans | 5 years | ||||
| Loan amount | $ 710.0 | ||||
| Refinancing activities | USD 800 million of 6.750% new senior secured notes | |||||
| SUBSEQUENT EVENTS | |||||
| Loan amount | $ 800.0 | ||||
| Interest rate | 6.75% | 6.75% | |||
| Refinancing activities | Old term loan facility | |||||
| SUBSEQUENT EVENTS | |||||
| Carrying amount of loan repaid senior facilities agreement | 1,860.0 | ||||
| Refinancing activities | Bilateral Facility Standard Chartered | |||||
| SUBSEQUENT EVENTS | |||||
| Carrying amount of loan repaid senior facilities agreement | 90.0 | ||||
| Refinancing activities | Old revolving credit facility | |||||
| SUBSEQUENT EVENTS | |||||
| Carrying amount of loan repaid senior facilities agreement | $ 291.0 |