Half-Year Report 2022

Swatch Group
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Ad hoc announcement pursuant to Art. 53 of the Listing Rules

  • Net sales of CHF 3 612 million, +7.4% to the previous year at constant exchange rates, or +6.5% at current rates, despite sales losses of approximately CHF 400 million due to closures of warehouses and many retail stores in April and May in China.
  • The phenomenal success of the MoonSwatch for the Swatch brand as well as Omega underscores the strength of the Group’s verticalized production and the strategic importance of a presence in all price segments with strong brands.
  • Operating profit of CHF 503 Mio, +25.1% to the previous year with CHF 402 million. Operating margin of 13.9% (previous year: 11.9%).
  • Net income of CHF 320 million, +18.5% to the previous year with CHF 270 million.
    Net margin of 8.9% (previous year: 8.0%).
  • Operating cash flow of CHF 287 million (previous year: CHF 519 million). 
    Free cash flow1) of CHF 139 million (previous year: CHF 421 million).
  • Net liquidity2) of CHF 2 397 million (previous year: CHF 1 975 million).
  • Equity of CHF 11.7 billion (previous year: CHF 11.2 billion).
    Equity ratio of 85.5% (previous year: 85.2%).
  • Excellent prospects in all segments with anticipated double-digit sales growth in local currencies for the entire year.

Outlook for the second half of 2022

Group Management is convinced that the goal of double-digit sales growth in local currencies for the entire year 2022 defined at the beginning of the year remains realistic. Growth prospects for all price segments, from Swatch to the prestige brands, are extremely positive. Regionally, the strongest growth in the second half of the year 2022 is expected in America, Asia and Mainland China. The production companies, and particularly the Electronic Systems segment will also contribute to the positive development.


1) Cash flow from operating activities minus cash flow from investing activities (without financial assets and securities)
2) Cash and cash equivalents as well as financial assets, securities and derivative financial instruments minus current financial debts and derivative financial liabilities


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