The Swatch Group results – Swatch Group News

In this sector, the drop in demand from the mobile telephone industry was particularly noticeable in the second half of the year. This affected in particular the activities of Micro Crystal, whose turnover fell by approximately -27 %. As a manufacturer of frequency stabilizers for major telecommunications companies, Oscilloquartz saw a decrease in turnover of -16 % and felt the effects of the reduced or delayed investment from partly state-owned companies. On the other hand, a satisfactory rise in turnover was achieved at Lasag with its market-oriented laser systems. The chip manufacturer EM Marin managed to maintain turnover more or less at the previous year's level. At Renata there was a small rise in the volume while turnover fell slightly.
Expected profit for 2001
Although the final results are not yet available and have as yet not been checked and approved by the auditors and the Board of Directors, the following reserved remarks can be made at the present time.
As far as concerns operating profit, 2001 saw a slight drop, well under 10 % in comparison with the record result achieved the previous year. In order to follow developments in stock exchange legislation, the Swatch Group has been making the necessary preparations for some time now to change its accounting system from FER (SWISS GAAP) to IAS norms. This move will make it easier to compare the Group with its competitors in the luxury segment. At the same time it is imperative that the results for 2000 be revised in collaboration with our external auditors. There are no major differences between the restatement of the operating result for 2000 compared with the original published result. The difference here is well under -5 %. With the application of IAS norms, the Group's net income for 2000 is reduced by approximately -15 %, mainly stemming from non-realized gains on securities.
The revised figures for the year 2000 will be published in March before the final figures for 2001 are announced; details and comments will be available in due time.
According to figures obtained so far on a comparable basis, a slight drop in the operating result is to be expected for 2001, which will however be clearly under 10 %. This drop will be very slightly increased to somewhat above -10 % in the netresult for the Group, taking into account the impact of movements in the financial markets. Overall, the final figures for 2001 should be in line with the average market estimates. mehr sehen uhr replica und rolex sky dweller replica