UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of August 2024
 

 
Commission File Number: 001-40795
 
On Holding AG
(Exact name of registrant as specified in its charter)
Förrlibuckstrasse 190
8005 Zurich, Switzerland
Tel:+4144 225 1555
Fax: +4144 225 1556 
(Address of principal executive office)
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
 
Form 20-F
☒ 
 
Form 40-F
 
 
 

 


SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 On Holding AG
    
 By:/s/ Martin Hoffmann
  Name:Martin Hoffmann
  Title:Chief Financial Officer and Co-Chief Executive Officer
   
 
Date: August 13, 2024




INCORPORATION BY REFERENCE
This Report on Form 6-K (other than Exhibit 99.3 hereto) shall be deemed to be incorporated by reference into the registration statements on Form F-3 (Registration No. 333-268852) and Form S-8 (Registration Nos. 333-259533 and 333-268853) of On Holding AG and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.
 

EXHIBIT INDEX
 

  

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Exhibit 99.1

Index to unaudited interim condensed consolidated financial statements

F-1

Unaudited interim condensed consolidated statements of income

Three-month period ended June 30,Six-month period ended June 30,
(CHF in millions)Notes2024202320242023
Net sales2.1567.7 444.3 1,075.9 864.5 
Cost of sales(227.4)(179.8)(432.3)(355.1)
Gross profit340.2 264.5 643.6 509.4 
Selling, general and administrative expenses2.3(292.9)(225.1)(557.7)(427.7)
Operating result47.3 39.4 85.8 81.7 
Financial income4.45.8 4.3 11.2 6.4 
Financial expenses4.4(5.9)(1.9)(10.8)(3.6)
Foreign exchange gain / (loss)4.4(4.5)(48.5)72.3 (39.7)
Income / (loss) before taxes42.7 (6.7)158.5 44.8 
Income tax benefit / (expense)5.2(11.8)10.0 (36.3)2.9 
Net income30.8 3.3 122.2 47.7 
Earnings per share4.6
Basic EPS Class A (CHF)0.10 0.01 0.38 0.15 
Basic EPS Class B (CHF)0.01 0.00 0.04 0.01 
Diluted EPS Class A (CHF)0.09 0.01 0.37 0.15 
Diluted EPS Class B (CHF)0.01 0.00 0.04 0.01 


F-2


Unaudited interim condensed consolidated statements of comprehensive income / (loss)

Three-month period ended June 30,Six-month period ended June 30,
(CHF in millions)2024202320242023
Net income30.8 3.3 122.2 47.7 
Net actuarial result from defined benefit plans1.4 (1.1)1.4 (1.1)
Taxes on net actuarial result from defined benefit plans(0.3)0.2 (0.3)0.2 
Items that will not be reclassified to income statement1.1 (0.9)1.1 (0.9)
Foreign currency translation effect(0.6)(3.2)4.2 (2.8)
Taxes on foreign currency translation effect— — — — 
Items that will be reclassified to income statement when specific conditions are met(0.6)(3.2)4.2 (2.8)
Other comprehensive income / (loss), net of tax0.5 (4.0)5.4 (3.6)
Total comprehensive income / (loss)31.3 (0.7)127.6 44.0 

F-3


Unaudited interim condensed consolidated balance sheets
(CHF in millions)Notes6/30/202412/31/2023
Cash and cash equivalents4.1652.4 494.6 
Trade receivables3.1314.0 204.8 
Inventories3.2401.3 356.5 
Other current financial assets4.238.2 34.2 
Other current operating assets3.695.5 61.2 
Current assets1,501.5 1,151.3 
Property, plant and equipment3.3111.7 93.6 
Right-of-use assets3.4319.1 214.0 
Intangible assets3.561.7 64.6 
Deferred tax assets5.251.7 69.5 
Non-current assets544.3 441.7 
Assets2,045.8 1,593.0 
Trade payables148.2 65.1 
Other current financial liabilities4.376.4 53.4 
Other current operating liabilities3.6249.9 156.4 
Current provisions5.116.8 7.1 
Income tax liabilities5.212.9 23.5 
Current liabilities504.1 305.6 
Employee benefit obligations1.6 2.2 
Non-current provisions5.111.4 10.0 
Other non-current financial liabilities4.3288.1 190.3 
Deferred tax liabilities5.29.7 10.5 
Non-current liabilities310.8 212.9 
Share capital4.533.5 33.5 
Treasury shares4.5(26.7)(26.7)
Capital reserves4.71,169.7 1,140.8 
Other reserves4.7(4.4)(9.8)
Retained earnings / (losses) 58.9 (63.3)
Equity1,231.0 1,074.5 
Equity and liabilities2,045.8 1,593.0 

F-4


Unaudited interim condensed consolidated statements of cash flows
Six-month period ended June 30,
(CHF in millions)Notes20242023
Net income122.2 47.7 
Adjustments for:
Share-based compensation22.9 8.5 
Employee benefit expenses0.9 (1.7)
Depreciation and amortization3.3, 3.4, 3.548.5 28.0 
Loss on disposal of assets— 0.4 
Interest income and expenses(3.6)(3.8)
Net exchange differences(61.3)35.3 
Income taxes5.236.3 (2.9)
Change in working capital(32.2)(164.6)
Trade receivables(98.0)(84.3)
Inventories(16.8)(60.0)
Trade payables82.7 (20.3)
Change in other operating assets / liabilities3.6, 4.2, 4.357.3 57.2 
Change in provisions5.110.5 4.7 
Interest received10.9 6.1 
Income taxes paid(28.9)(11.6)
Cash inflow from operating activities183.5 3.3 
Purchase of tangible assets3.3(23.7)(19.0)
Purchase of intangible assets3.5(2.3)(2.0)
Cash (outflow) from investing activities(26.0)(21.0)
Payments of lease liabilities4.3(23.7)(10.2)
Proceeds on sale of treasury shares related to share-based compensation4.55.2 5.7 
Interest paid4.4(7.3)(2.3)
Cash (outflow) from financing activities(25.8)(6.7)
Change in net cash and cash equivalents4.1131.7 (24.3)
Net cash and cash equivalents at January 1494.6 371.0 
Net impact of foreign exchange rate differences26.2 (9.6)
Net cash and cash equivalents at June 30652.4 337.1 



F-5

Unaudited interim condensed consolidated statements of changes in equity
Three-month period ended June 30, 2024 and 2023
(CHF in millions)Share capitalTreasury sharesCapital reservesOther reservesRetained earnings / (losses)Total equity
Balance at April 1, 202333.5 (26.1)1,109.6 0.4 (98.5)1,018.7 
Net income— — — — 3.3 3.3 
Other comprehensive loss— — — (4.0)— (4.0)
Comprehensive income / (loss)— — — (4.0)3.3 (0.7)
Share-based compensation— — 6.2 — — 6.2 
Sale of treasury shares— 0.1 3.5 — — 3.5 
Tax impact on transactions with treasury shares— — (0.7)— — (0.7)
Purchase of treasury shares— (0.4)— — — (0.4)
Balance at June 30, 2023
33.5 (26.4)1,118.6 (3.7)(95.2)1,026.7 
Balance at April 1, 202433.5 (26.7)1,152.9 (4.9)28.0 1,182.8 
Net income— — — — 30.8 30.8 
Other comprehensive income— — — 0.5 — 0.5 
Comprehensive income— — — 0.5 30.8 31.3 
Share-based compensation— — 13.1 — — 13.1 
Sale of treasury shares— 0.1 3.4 — — 3.5 
Tax impact on transactions with treasury shares— — 0.3 — — 0.3 
Purchase of treasury shares— (0.1)— — — (0.1)
Balance at June 30, 2024
33.5 (26.7)1,169.7 (4.4)58.9 1,231.0 
F-6

Six-month period ended June 30, 2024 and 2023
(CHF in millions)Share capitalTreasury sharesCapital reservesOther reservesRetained earnings / (losses)Total equity
Balance at January 1, 202333.5 (26.1)1,105.1 — (142.9)969.5 
Net income— — — — 47.7 47.7 
Other comprehensive loss— — — (3.6)— (3.6)
Comprehensive income / (loss)— — — (3.6)47.7 44.0 
Share-based compensation— — 8.5 — — 8.5 
Sale of treasury shares— 0.1 6.1 — — 6.3 
Tax impact on transactions with treasury shares— — (1.1)— — (1.1)
Purchase of treasury shares— (0.5)— — — (0.5)
Balance at June 30, 202333.5 (26.4)1,118.6 (3.7)(95.2)1,026.7 
Balance at January 1, 202433.5 (26.7)1,140.8 (9.8)(63.3)1,074.5 
Net income— — — — 122.2 122.2 
Other comprehensive income— — — 5.4 — 5.4 
Comprehensive income— — — 5.4 122.2 127.6 
Share-based compensation— — 22.9 — — 22.9 
Sale of treasury shares— 0.1 6.0 — — 6.2 
Purchase of treasury shares— (0.1)— — — (0.1)
Balance at June 30, 2024
33.5 (26.7)1,169.7 (4.4)58.9 1,231.0 
F-7

Notes to the unaudited interim condensed consolidated financial statements

1 Basis for preparation


1.1 Corporate information

On Holding AG and its consolidated subsidiaries (together "On" or "the Company") is engaged in developing and distributing innovative premium performance sports products, sold worldwide through independent retailers and global distributors, and through the Company's online presence and high-end stores.
On is a publicly traded company on the New York Stock Exchange, trading under the ticker symbol "NYSE: ONON".
These unaudited interim condensed consolidated financial statements (“the financial statements”) present the financial position and the results of operations of On Holding AG, as ultimate parent company, and its consolidated subsidiaries. On Holding AG is a limited company incorporated in accordance with Swiss law and its principal offices are located at Förrlibuckstrasse 190, Zurich, Switzerland.
The financial statements for the period ended June 30, 2024 were authorized for issuance by the board of directors of the Company on August 13, 2024.

1.2 About the financials

The financial statements as of June 30, 2024 and for the three months and six months ended June 30, 2024 have been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” (“IAS 34”) as issued by the International Accounting Standards Board ("IASB").
The financial statements comprise the Company's financial statements as of and during three months and six months ended June 30, 2024 and are presented in Swiss Francs (CHF), the legal currency of Switzerland.
The financial statements are not necessarily indicative of the results for a full year and do not include all the notes typically included in an annual financial report prepared in accordance with International Financial Reporting Standards ("IFRS") and interpretations developed by the IFRS Interpretations Committee ("IFRIC Interpretations"), or its predecessor body, the Standing Interpretations Committee ("SIC Interpretations"), together “IFRS Accounting Standards”, as issued by the International Accounting Standards Board ("IASB"). Accordingly, this report is to be read in conjunction with the Company’s Annual Report on Form 20-F for the year ended December 31, 2023, filed with the SEC on March 12, 2024 (the “Annual Report”), which has been prepared in accordance with IFRS Accounting Standards, as issued by the IASB.
The material accounting policies, methods of computation, and presentation applied in the preparation of the financial statements are consistent with those applied in the Company’s Annual Report for the year ended December 31, 2023 except where specifically described.
Certain amounts included in this document may not add or recalculate due to rounding. With respect to financial information set out in this document, a dash (“—”) signifies that the relevant figure is available but is or has been rounded to zero.


F-8


1.3 Oniverse

Equity interest
EntityJurisdiction of incorporation6/30/202412/31/2023
On Holding AGSwitzerland
On AGSwitzerland100%100%
On Brazil Ltda.Brazil100%100%
On Cloud Service GmbHGermany100%100%
On Clouds GmbHSwitzerland100%100%
On Clouds Inc.Delaware, USA100%100%
On Europe AGSwitzerland100%100%
On Experience 1 LLCDelaware, USA100%100%
On Experience 2 LLCDelaware, USA100%100%
On Experience 3 LLCDelaware, USA100%100%
On Experience 4 LLCDelaware, USA100%100%
On Experience 5 LLCDelaware, USA100%100%
On Experience 6 LLCDelaware, USA100%100%
On Experience 7 LLCDelaware, USA100%100%
On Experience 8 LLCDelaware, USA100%100%
On Experience 9 LLC
Delaware, USA100%—%
On Experience 10 LLC
Delaware, USA100%—%
On Hong Kong LimitedHong Kong, SAR of China100%100%
On Inc.Delaware, USA100%100%
On Italy S.r.l.Italy100%100%
On Japan K.K.Japan100%100%
On Korea Ltd.South Korea100%100%
On Oceania Pty Ltd.Australia100%100%
On Running Canada Inc.Canada100%100%
On Running Sports Products (Shanghai) Company Ltd.China100%100%
On Running UK Ltd.United Kingdom100%100%
On Vietnam Co. Ltd.Vietnam100%100%
Brunner Mettler GmbHSwitzerland100%100%

1.4 New and amended standards and interpretations

A number of amended standards became applicable for the current period, none of which have had a material impact on the financial statements for the three month and six month periods ended June 30, 2024.
On May 2023, the IASB issued amendments to IAS 12 Income taxes, International Tax Reform - Pillar Two Model Rules. The amendments include a temporary and mandatory exception to the requirements to recognize and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. The Company has applied this exception.
Further, at the date of authorization of these financial statements, On has not applied the following new and revised IFRS Standards that have been issued by the IASB but are not yet effective:
F-9

DescriptionStandard ReferenceIASB Effective Date
The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
Amendments to IAS 21
January 1, 2025
Amendments to the Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7
January 1, 2026
Presentation and Disclosure in Financial Statements
IFRS 18
January 1, 2027
Subsidiaries without Public Accountability: Disclosures
IFRS 19
January 1, 2027

On does not expect that the adoption of the standards listed above, excluding IFRS 18, will have a material impact on the financial statement and disclosures of On in the current or future reporting periods.

IFRS 18 – Presentation and Disclosures in Financial Statements that will replace International Accounting Standards ("IAS") 1 – Presentation of Financial Statements from its effective date, was issued on April 9, 2024 by the International Accounting Standards Board ("IASB"). IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes. The accounting standard introduces three new defined categories for income and expenses - operating, investing and financing, and requires all companies to provide certain new defined subtotals. IFRS 18 also requires companies to disclose explanations of company-specific measures that are related to the income statement, referred to as management-defined performance measures. Moreover, the accounting standard sets out enhanced guidance on how to organize information and whether to provide it in the primary financial statements or in the notes and requires companies to provide more transparency about operating expenses. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, but early adoption is permitted. On is evaluating the impact of IFRS 18 on the Company's financial statements and disclosures.

F-10



2 Operational performance

2.1 Net sales
Net sales by sales channels:
Three-month period ended June 30,Six-month period ended June 30,
(CHF in millions)2024202320242023
Wholesale358.2 280.8 675.9 564.0 
Direct-to-Consumer209.4 163.5 399.9 300.5 
Net sales567.7 444.3 1,075.9 864.5 


Net sales by product groups:
Three-month period ended June 30,Six-month period ended June 30,
(CHF in millions)2024202320242023
Shoes542.5 428.2 1,027.1 828.7 
Apparel21.9 13.4 41.6 30.3 
Accessories3.3 2.7 7.1 5.4 
Net sales567.7 444.3 1,075.9 864.5 

On generates net sales primarily from the sale of premium performance shoes, apparel, and accessories. On has two sales channels: Wholesale and Direct-to-Consumer (DTC). The wholesale sales channel involves sales to wholesale customers (e.g., large retailers or retail associations) and international distributors (i.e., in markets where On does not have local sales teams) with the intention of re-selling the goods. The DTC sales channel includes sales to end customers directly through On’s e-commerce platform and retail stores.

Net sales by geographic regions (based on the location of the counterparty):
Three-month period ended June 30,Six-month period ended June 30,
(CHF in millions)2024202320242023
Europe, Middle East and Africa138.4 113.6 264.6 232.2 
Americas370.0 296.6 699.7 566.8 
Asia-Pacific59.2 34.1 111.6 65.5 
Net sales567.7 444.3 1,075.9 864.5 

There is no single customer who accounts for more than 10% of total net sales. For details on assets and liabilities related to contracts with customers refer to 3.1 Trade receivables and 3.6 Other current operating assets and liabilities, respectively. Trade receivables as shown in the unaudited interim condensed consolidated balance sheets relate to the sale of the Company's products.
F-11


2.2 Segment information
Operating segments are defined as components of an entity for which discrete financial information is available and is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in making decisions regarding resource allocation and performance assessment.
On’s CODM is the On Executive Team which consists of the three Co-Founders and the two Co-CEOs. The CODM does not regularly review financial information for any individual component, such as sales channels, geographic regions or product groups that would allow decisions to be made about allocation of resources or performance.
On operates as single-brand consumer products business and therefore has a single reportable segment. This is primarily due to On’s business activities which focus on driving sales growth by increasing overall brand awareness and market share. The key operating expenditures related to cost of sales, distribution, selling, marketing and general and administrative expenses, are either not differentiated across individual components, or are managed to benefit the entire On brand irrespective of the impact on the potential profitability of a particular component.

2.3 Selling, general and administrative expenses

Three-month period ended June 30,Six-month period ended June 30,
(CHF in millions)2024202320242023
Distribution expenses(71.1)(61.5)(142.0)(120.7)
Selling expenses(41.2)(31.8)(75.6)(59.5)
Marketing expenses(70.3)(51.5)(131.8)(96.0)
Share-based compensation(17.1)(9.1)(33.9)(14.0)
General and administrative expenses(93.1)(71.2)(174.4)(137.5)
Selling, general and administrative expenses(292.9)(225.1)(557.7)(427.7)
            
The overall increase in marketing expenses during the three and six-month comparative periods are in line with the higher net sales, with additional increases primarily due to higher marketing spend on upper funnel brand building initiatives and brand partnerships. The overall increase in general and administrative expenses during the three and six-month comparative periods are in line with the higher net sales, with additional increases primarily due to higher expenses for software development projects and higher personnel related expenses. The overall increase in share-based compensation during the three and six-month comparative periods was driven by grants issued during the year ended December 31, 2023, as well as the three and six-month periods ended June 30, 2024, with ongoing vesting periods, as well as increased provisions for equity related social charges.
In the six-month period ended June 30, 2024, selling, general and administrative expenses include depreciation and amortization of non-current assets in the amount of CHF 44.0 million (six-month period ended June 30, 2023: CHF 24.4 million). In addition, depreciation charges for production tools in the amount of CHF 4.4 million (six-month period ended June 30, 2023: CHF 3.5 million) are reported in cost of sales.
Total personnel expenses, excluding any costs related to share-based compensation, amount to CHF 131.4 million in the six-month period ended June 30, 2024 and CHF 100.0 million in the six-month period ended June 30, 2023, respectively.

3 Operating assets and liabilities

3.1 Trade receivables
Trade receivables are generally due within a payment period of between 30 to 90 days. Due to their short-term nature, the carrying amount is considered to be the same as their fair value.

(CHF in millions)6/30/202412/31/2023
Gross carrying amount327.3 218.1 
Expected credit loss(13.4)(13.3)
Trade receivables314.0 204.8 
F-12

3.2 Inventories

(CHF in millions)6/30/202412/31/2023
Shoes370.9 321.4 
Apparel37.7 34.5 
Accessories4.7 8.0 
Allowances(12.0)(7.4)
Inventories(1)
401.3 356.5 
(1) Inventories are comprised of finished goods.




F-13

3.3 Property, plant and equipment

(CHF in millions)Leasehold improvementsTrade tools
Production equipment
Furniture and fixturesOtherTotal
Cost at January 1, 202349.7 10.7 12.9 13.5 11.0 97.8 
Accumulated Depreciation at January 1, 2023(5.0)(5.4)(5.3)(1.4)(3.4)(20.6)
Net book value at January 1, 202344.7 5.3 7.5 12.1 7.6 77.2 
Six month period ended June 30, 2023
Opening net book value44.7 5.3 7.5 12.1 7.6 77.2 
Additions8.4 0.5 4.1 3.7 2.1 19.0 
Disposals(0.2)— — — — (0.3)
Depreciation(3.4)(1.2)(3.2)(0.9)(1.4)(10.1)
Currency Translation(1.0)(0.1)— (0.3)(0.1)(1.5)
Net book value at June 30, 202348.6 4.5 8.5 14.6 8.2 84.3 
Cost at June 30, 202356.6 10.9 17.0 16.9 12.9 114.3 
Accumulated Depreciation at June 30, 2023(8.0)(6.4)(8.5)(2.3)(4.8)(30.0)
Net book value at June 30, 202348.6 4.5 8.5 14.6 8.2 84.3 
Cost at January 1, 202461.2 13.6 21.7 19.9 18.1 134.5 
Accumulated Depreciation at January 1, 2024(11.6)(7.5)(12.3)(3.4)(6.2)(41.0)
Net book value at January 1, 202449.6 6.1 9.4 16.5 11.9 93.6 
Six month period ended June 30, 2024
Opening net book value49.6 6.1 9.4 16.5 11.9 93.6 
Additions17.4 0.4 5.4 3.8 3.5 30.5 
Depreciation(5.7)(1.5)(4.3)(1.4)(1.5)(14.4)
Currency Translation1.3 0.2 — 0.5 0.2 2.1 
Net book value at June 30, 202462.5 5.3 10.6 19.4 14.0 111.7 
Cost at June 30, 202480.1 14.4 27.1 24.3 21.8 167.6 
Accumulated Depreciation at June 30, 2024(17.6)(9.1)(16.5)(4.9)(7.8)(55.9)
Net book value at June 30, 202462.5 5.3 10.6 19.4 14.0 111.7 

The additions of CHF 30.5 million in the six-month period ended June 30, 2024 relate to leasehold improvements for our warehouse in Belgium and Luxembourg and various other additions across retail stores, production equipment, and offices.
During the six-month periods ended June 30, 2024 and June 30, 2023, non-cash additions of property, plant and equipment amounted to CHF 6.8 million and CHF 0.0 million, respectively.
Other comprises of IT equipment and fixed assets that are not yet in use. As of June 30, 2024, fixed assets that are not yet in use amounted to CHF 3.9 million (December 31, 2023: CHF 2.4 million).
F-14



3.4 Right-of-use assets

(CHF in millions)StorageStores & showroomsOfficesCarsTotal
Cost at January 1, 202328.7 45.6 111.0 7.4 192.7 
Accumulated Depreciation at January 1, 2023(11.9)(7.7)(16.8)(4.6)(41.1)
Net book value at January 1, 202316.8 37.9 94.2 2.8 151.6 
Six month period ended June 30, 2023
Opening net book value
16.8 37.9 94.2 2.8 151.6 
Lease modification(4.1)0.1 0.7 — (3.3)
Additions— 12.3 6.6 1.3 20.2 
Disposals(0.1)— — (0.2)(0.2)
Depreciation(2.8)(4.2)(5.0)(1.0)(13.0)
Currency Translation(0.2)(1.5)(0.7)(0.1)(2.5)
Net book value at June 30, 20239.6 44.6 95.8 2.9 152.9 
Cost at June 30, 202323.9 55.9 117.4 7.9 205.0 
Accumulated Depreciation at June 30, 2023(14.3)(11.2)(21.6)(4.9)(52.1)
Net book value at June 30, 20239.6 44.6 95.8 2.9 152.9 
Cost at January 1, 202487.5 70.5 116.9 8.1 283.1 
Accumulated Depreciation at January 1, 2024(22.1)(15.4)(26.1)(5.4)(69.1)
Net book value at January 1, 202465.3 55.1 90.8 2.8 214.0 
Six month period ended June 30, 2024
Opening net book value
65.3 55.1 90.8 2.8 214.0 
Lease modification3.0 — 0.2 — 3.2 
Additions57.4 49.2 13.8 0.5 121.0 
Disposals— (0.1)— — (0.1)
Depreciation(14.2)(8.2)(5.5)(0.9)(28.8)
Currency Translation5.2 3.1 1.5 0.1 9.9 
Net book value at June 30, 2024116.7 99.2 100.7 2.5 319.1 
Cost at June 30, 2024154.4 123.3 132.7 8.8 419.2 
Accumulated Depreciation at June 30, 2024(37.7)(24.1)(31.9)(6.3)(100.1)
Net book value at June 30, 2024116.7 99.2 100.7 2.5 319.1 

The additions of CHF 121.0 million in the six-month period ended June 30, 2024 relate to the highly-automated warehouse in the United States ("Atlanta Warehouse"), which became partially operational during the six-months ended June 30, 2024, and other additional warehouse, retail store, and office leases.
The corresponding lease liabilities are reported in other current financial liabilities and other non-current financial liabilities, respectively. Refer to 4.3 Financial liabilities for additional information.



F-15


3.5 Intangible assets

(CHF in millions)Patents, licenses and other rightsSoftwareGoodwillTotal
Cost at January 1, 202369.2 25.9 1.8 96.9 
Accumulated Depreciation at January 1, 2023(15.0)(11.6)— (26.6)
Net book value at January 1, 202354.2 14.4 1.8 70.3 
Six month period ended June 30, 2023
Opening net book value54.2 14.4 1.8 70.3 
Additions0.1 1.9 — 2.0 
Depreciation(2.2)(2.7)— (4.9)
Net book value at June 30, 202352.1 13.5 1.8 67.4 
Cost at June 30, 202369.3 27.8 1.8 98.9 
Accumulated Depreciation at June 30, 2023(17.2)(14.2)— (31.5)
Net book value at June 30, 202352.1 13.5 1.8 67.4 
Cost at January 1, 202470.4 29.0 1.8 101.2 
Accumulated Depreciation at January 1, 2024(19.6)(17.1)— (36.6)
Net book value at January 1, 202450.9 11.9 1.8 64.6 
Six month period ended June 30, 2024
Opening net book value50.9 11.9 1.8 64.6 
Additions0.5 1.8