Swatch Group: commentary on the first half and prospects for the year 2003 as a whole

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• Despite the strong Swiss franc, the trend in the first quarter of 2003 was positive. Sales in local currencies were +7 %, or –0.7 % in Swiss francs. As at March 31, 2003, the operating result was 6.5% above the figure for the same period last year.

• Second-quarter sales weakened as a result of exceptionally strong negative factors such as SARS, sluggish consumer spending, the continuing strength of the Swiss franc against all relevant currencies with the exception of the euro, and the drop in worldwide tourism of
–8.9 % in local currency terms; the overall result was a decline in first-half sales of
-1.3% compared to the previous year (–6.6 % in Swiss francs). (Negative currency impact in the first half of 2003, CHF 102 million).

• Decline in net income for the Group attributable to sales and currency factors – 9.7 % to CHF 186 million (CHF 206 million prior year).

• Optimistic outlook for the second half of 2003, due to positive developments in July. Recent reports from our own retail stores and other jewelers confirm this positive trend in August, based on increasing visitor numbers and sales.

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Swatch Group: commentary on the first half and prospects for the year 2003 as a whole