• Net sales of CHF 3 445 million, -14.3% against the previous year at current exchange rates 
  (-10.7% at constant rates). Negative currency impact of CHF -145 million. 
• Operating profit of CHF 204 million (previous year: CHF 686 million). 
  Operating margin of 5.9% (previous year: 17.1%).
• Net income of CHF 147 million (previous year: CHF 498 million). 
  Net margin of 4.3% (previous year: 12.4%).
• Net liquidity¹⁾ of CHF 1 434 million (December 2023: CHF 1 988 million).
• Equity of CHF 12.2 billion (December 2023: CHF 12.3 billion).
  Equity ratio of 85.8% (December 2023: 86.1%).
• Decline in sales triggered by the sharp drop in demand for luxury goods in China (including Hong Kong SAR and Macau SAR). Only the Swatch brand bucked the negative trend and even increased its sales in China by 10%.
• Sales outside of China (including Hong Kong SAR and Macau SAR) in local currencies at the level of the record year 2023. Total sales 5.6% above the first half of 2022, at constant exchange rates.
• Operating margin in the Watches & Jewelry segment (without Production) at 11.0%.
• Strongly negative operating result in the Production segment in the short term due to the deliberate maintaining of all production capacities and renouncing from layoffs.
• In June, the Group’s operating margin already rose again to over 15%, which is a positive sign for the second half of the year 2024.

Outlook for the second half of 2024

The Group expects the Chinese market (including Hong Kong SAR and Macau SAR) to remain challenging for the entire luxury goods industry until the end of the year. However, China's potential remains intact. The current situation presents the Group's brands in the lower price segment with excellent opportunities for further growth and market share gains.

Further strong growth is expected in Japan and the USA in the second half of 2024, accelerated by investments in the Group's own retail network. The prospects in many European countries are promising. The Omega brand will benefit from a global media presence as the official timekeeper of the Olympic Games in Paris.

The cost-cutting program introduced at the start of the year has begun to bear fruits. The full positive impact, particularly on results in the Production segment, will be felt in the second half of the year.

The Group expects the situation to improve strongly in the second half of the year.

^{1)  Cash and cash equivalents as well as financial assets, securities and derivative financial instruments minus current financial debts and derivative financial liabilities}