Group result 2003 of CHF 492 million, thanks to marked improvements in the 2nd half of 2003 – virtually the same as in the previous year.

 Continued strengthening of the Group’s financial basis through a high free cash flow in the year.

 Over 31 % dividend increase.

 Resumption of the share buy-back program.

 2004 confirms the positive trend of the second half of 2003.

Full Report on www.swatchgroup.com

Source : Swatch Group Press Release/March 25, 2004

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