SWATCH GROUP Annual Report 2007

Consolidated financial statements

32. The Swatch Group Companies

Company name, Registered offices Field of Activity

as at 31.12.2007
Capital in millions Swatch Group Shareholdings % Consolidation Segment

Europe

Switzerland The Swatch Group SA, Neuchtel Asulab SA, Marin-Epagnier Atlantic Immobilien AG Bettlach, Bettlach Belenos Clean Power Holding SA, Bienne Blancpain SA, Le Chenit Blancpain Les Boutiques SA, Le Chenit Breguet Les Boutiques SA, LAbbaye Certina SA, Le Locle cK Montres & Bijoux Co. SA, Bienne Cit du Temps SA, Genve Comadur SA, Le Locle Compagnie des Montres Longines, Francillon SA, Saint-Imier Danyack SA, La Chaux-de-Fonds Dernier Batz SA, Neuchtel Diantus Watch SA, Mendrisio Distico SA, Torricella-Taverne Dress your body SA, Bienne Dress Your Body Manufacture Genevoise SA, Plan-les-Ouates EM Microelectronic-Marin SA, Marin-Epagnier Endura SA, Bienne ETA SA Manufacture Horlogre Suisse, Grenchen Franois Golay SA, Le Chenit Frdric Piguet SA, Le Chenit Hamilton International SA, Bienne ICB Ingnieurs Conseils en Brevets SA, Marin-Epagnier Indexor SA, La Chaux-de-Fonds Jaquet Droz Les Boutiques SA, La Chaux-de-Fonds Lasag AG, Thun Le Foyer SA, Saint-Imier Lon Hatot Les Boutiques SA, Auvernier Lon Hatot SA, Auvernier Louis Jeanneret-Wespy SA, La Chaux-de-Fonds Maeder-Leschot SA, Bienne Manufacture Favre et Perret SA, La Chaux-de-Fonds Manufacture Ruedin SA, Bassecourt Meco SA, Grenchen Meseltron, Corcelles-Cormondrche Michel Przisionstechnik AG, Grenchen Microcomponents AG, Grenchen Mido SA, Le Locle MOM le Prlet SA, Les Geneveys-sur-Coffrane Montres Breguet SA, LAbbaye Montres Jaquet Droz SA, La Chaux-de-Fonds Nivarox-FAR SA, Le Locle Omega Electronics SA, Bienne Omega SA, Bienne Oscilloquartz SA, Neuchtel OS Holding SA, Les Geneveys-sur-Coffrane Rado Uhren AG, Lengnau Record Watch Co. SA, Tramelan Renata AG, Itingen Rubattel et Weyermann SA, La Chaux-de-Fonds S.I. Grand-Cernil 2, Les Brenets, SA, Les Brenets S.I. Grand-Cernil 3, Les Brenets, SA, Les Brenets S.I. Les Corbes SA, Savagnier S.I. LEtang SA, Les Brenets, Les Brenets S.I. Rue de la Gare 2, Les Brenets, SA, Les Brenets SSIH Management Services SA, Bienne Swatch SA, Bienne Swatch Retail SA, Bienne Swiss Timing SA, Corgmont Technocorp Holding SA, Le Locle The Swatch Group Assembly SA, Genestrerio The Swatch Group Distribution SA, Bienne The Swatch Group Immeubles SA, Neuchtel The Swatch Group Les Boutiques SA, Lausanne The Swatch Group Management Services SA, Bienne The Swatch Group Recherche et Dveloppement SA, Marin-Epagnier Terbival SA, Courchapoix Time Flagship AG, Zrich Tissot SA, Le Locle Universo SA, La Chaux-de-Fonds Valdar SA, Le Chenit
Germany Altweiler Grundstcks-GmbH, Lrrach Deutsche Zifferblatt Manufaktur GmbH, Pforzheim Glashtter Uhrenbetrieb GmbH, Glashtte Sokymat Automotive GmbH, Reichshof-Wehnrath ST Innovation GmbH, Leipzig ST Sportservice GmbH, Leipzig Swiss Prestige Uhren Handel GmbH, Eschborn The Swatch Group Customer Service (Europe) GmbH, Glashtte The Swatch Group (Deutschland) GmbH, Eschborn

Holding Research and development Real estate Holding Watches Retail Retail Watches Watches Communication Products in hard materials Watches Real estate Real estate Watches, movements Distribution Jewelry Jewelry Microelectronics Watches Watches, movements and components Manufacture of watch wheels Movements Watches Patents Watch dial indexes Retail Lasers for industrial applications Real estate Retail Watches Real estate Real estate Watch cases Watch cases Watch crowns Real estate Watch components Components for the automobile industry Watches Watch dials Watches Watches Watch components and thin wires Inactive Watches High-stability frequency sources Holding Watches Inactive Miniature batteries Watch dials Real estate Real estate Real estate Real estate Real estate Services and licences Watches Retail Sports timing & information display systems Holding Assembly Logistics and distribution Real estate project and property management Retail Services and licences Research and development Watch case polishing Retail Watches Watch hands Watch components Real estate Watch dials Watches Transponders Sports timing technology & equipment Sports timing technology & equipment Inactive Customer service Distribution (Breguet, Blancpain, Omega, Rado, Longines, Tissot, Certina, Mido, Hamilton, Pierre Balmain, cK Watch, Swatch, Flik Flak, Endura, ETA, Lasag, Renata, EM Marin, Micro Crystal)

CHF 128.88 CHF 0.10 CHF 0.70 CHF 21.00 CHF 0.10 CHF 0.10 CHF 0.50 CHF 3.50 CHF 5.00 CHF 0.10 CHF 7.86 CHF 10.00 CHF 0.06 CHF 4.50 CHF 10.00 CHF 3.00 CHF 0.10 CHF 0.60 CHF 25.00 CHF 2.00 CHF 6.20 CHF 0.10 CHF 0.30 CHF 3.00 CHF 0.20 CHF 0.10 CHF 0.10 CHF 1.00 CHF 0.13 CHF 0.10 CHF 0.10 CHF 0.05 CHF 0.70 CHF 0.60 CHF 2.40 CHF 0.48 CHF 2.00 CHF 3.00 CHF 11.00 CHF 1.20 CHF 0.30 CHF 10.00 CHF 12.00 CHF 4.00 CHF 1.50 CHF 50.00 CHF 2.00 CHF 0.10 CHF 2.00 CHF 0.10 CHF 0.50 CHF 0.15 CHF 0.12 CHF 0.12 CHF 0.10 CHF 0.05 CHF 0.24 CHF 0.05 CHF 2.00 CHF 2.00 CHF 2.00 CHF 6.00 CHF 4.00 CHF 1.00 CHF 0.50 CHF 3.00 CHF 0.05 CHF 0.10 CHF 0.10 CHF 6.00 CHF 5.00 CHF 0.67 CHF 0.05 EUR EUR EUR EUR EUR EUR EUR EUR EUR 0.03 0.10 0.51 0.10 0.05 3.47 0.08 0.50 1.28

100 100 64 100 100 100 100 90 100 100 100 29 100 100 100 100 100 100 100 100 35 100 100 100 100 100 100 78 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 34 100 100 100 100 100 100 100 100 100 80 100 100 100 45 100 100 100 100 95 100 100 100 100 100 100 100 100

H H H H M M M M M H G M H H G M G G R M G G G M H G M R H M M H H G G G H R R M G M M G R M R H M H R G H H H H H H M M R H G M H M H H G M M G G H G M R R R M M M

Legend: Fully consolidated

Equity method

M Watches & Jewelry

G Production

R Electronic Systems

H Corporate

194

SWATCH GROUP Annual Report 2007

Consolidated financial statements

32. The Swatch Group Companies

Company name, Registered offices Field of Activity

as at 31.12.2007
Capital in millions Swatch Group Shareholdings %
100 100 100

Consolidation

Segment

The Swatch Group (Deutschland) Les Boutiques GmbH, Eschborn Union Uhrenfabrik GmbH, Glashtte Austria The Swatch Group (Oesterreich) GmbH, Wien Belgium The Swatch Group (Belgium) SA, Anderlecht The Swatch Group Participation SA, Anderlecht Spain The Swatch Group (Espaa) SA, Madrid

Retail Watches Distribution (Breguet, Blancpain, Glashtte, Omega, Rado, Longines, Tissot, Certina, cK Watch, Swatch, Flik Flak, Endura) Distribution (Breguet, Blancpain, Jaquet Droz, Omega, Rado, Longines, Tissot, Certina Hamilton, Pierre Balmain, cK Watch, Swatch, Flik Flak) Holding Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Lon Hatot, Omega, Rado, Longines, Tissot, Certina, Hamilton, Pierre Balmain, cK Watch, Swatch, Flik Flak, Endura) Inactive Watch components and precision parts Watch components In liquidation Watch components and electronic assembly Retail Holding Retail Retail Retail Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Lon Hatot, Omega, Rado, Longines, Tissot, Hamilton, Pierre Balmain, cK Watch, Swatch, Flik Flak, Endura, Renata, EM Marin, Oscilloquartz) Retail Watch hands Distribution (Breguet, Blancpain, Glashtte, Omega, Rado, Longines, Tissot, Hamilton, cK Watch, Swatch, Flik Flak, Endura, Swiss Timing) Retail Distribution (Breguet, Blancpain, Glashtte, Lon Hatot, Omega, Rado, Longines. Tissot, Hamilton, cK Watch, Swatch, Flik Flak) Watch cases and bracelets Administration Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Lon Hatot, Omega, Rado, Longines, Tissot, Hamilton, Pierre Balmain, cK Watch, Swatch, Flik Flak, Renata) Retail Finance company Finance company Reinsurance Holding Distribution (Jaquet Droz, Lon Hatot, Omega, Rado, Longines, Tissot, Certina, Pierre Balmain, cK Watch, Swatch, Flik Flak, Endura) Distribution (Omega, Rado, Longines, Tissot, Certina, cK Watch, Swatch, Flik Flak) Distribution Retail

EUR EUR EUR

0.20 0.05 0.04

M M M

EUR EUR EUR

1.75 2.09 0.45

100 100 100

M H M

France Breguet SAS, Paris Fabrique de Fournitures de Bonntage FFB SAS, Villers-le-Lac Frsard Composants SAS, Charquemont Guebret SA (socit en liquidation), Paris Socit Europenne de Fabrication dEbauches dAnnemasse (SEFEA) SAS, Annemasse Tech Airport Dveloppement SAS, Paris Tech Airport Holding SAS, Paris Tech Airport Nice SAS, Paris Tech Airport Orly SAS, Paris Tech Airport SAS, Paris The Swatch Group (France) SAS, Paris The Swatch Group (France) Les Boutiques SAS, Paris Universo France SARL, Besanon Great Britain The Swatch Group (UK) Ltd, London Greece Alkioni SA, Athens The Swatch Group (Greece) SA, Athens Italy Lascor S.p.A, Sesto Calende The Swatch Group Europe Services S.r.l., Milano The Swatch Group (Italia) S.p.A., Rozzano The Swatch Group (Italia) Les Boutiques S.p.A., Rozzano Luxembourg The Swatch Group Finance (Luxembourg) SA, Alzingen The Swatch Group Financial Services (Luxembourg) SA, Alzingen The Swatch Group Re (Luxembourg) SA, Alzingen Netherlands Breguet Investments BV, Rotterdam The Swatch Group (Netherlands) BV, Maastricht Poland The Swatch Group (Polska) Sp.z o.o, Warszawa Portugal The Swatch Group (Europa) Sociedade Unipessoal SA, Funchal The Swatch Group (Europa II) Retail Sociedade Unipessoal SA, Funchal Russia Swiss Watch Le Prestige OOO Russia, Moscow The Swatch Group (RUS) OOO, Moscow Sweden The Swatch Group (Nordic) AB, Stockholm Czech Republic ASICentrum spol. s.r.o., Praha ST Software s.r.o., Liberec

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR GBP

0.04 0.29 1.80 6.10 0.67 0.30 10.00 5.00 1.00 3.80 15.00 34.93 1.00 2.00

100 100 100 100 100 100 100 100 100 100 100 100 100 100

M G G M G M M M M M M M G M

EUR EUR

0.06 0.06

100 100

M M

EUR EUR EUR EUR

1.00 0.01 23.00 0.12

100 100 100 100 100 100 100 100 100

G M M M H H H H M

CHF 1000.00 EUR 5.00 EUR 1.23 EUR EUR 0.02 0.70

PLN

5.00

100

EUR EUR

24.14 0.10

100 100

M M

Distribution Distribution (Breguet, Jaquet Droz, Omega, Rado, Longines, Tissot, Swatch, Flik Flak) Distribution (Breguet, Omega, Rado, Longines, Tissot, Certina, cK Watch, Swatch, Flik Flak) Microelectronics Sports timing technology & equipment

RUB

0.20

100 100 100

M M M

RUB 137.12 SEK 0.50

CZK CZK

2.01 0.10

51 80

R R

Legend: Fully consolidated

Equity method

M Watches & Jewelry

G Production

R Electronic Systems

H Corporate

195

SWATCH GROUP Annual Report 2007

Consolidated financial statements

32. The Swatch Group Companies

Company name, Registered offices Field of Activity

as at 31.12.2007
Capital in millions Swatch Group Shareholdings %
100 100 100

America

Consolidation

Segment

Brazil The Swatch Group do Amazonas SA, Manaus The Swatch Group do Brasil Ltda, So Paulo
Canada The Swatch Group (Canada) Ltd, Toronto United States EM Microelectronic US Inc., Colorado Springs e-swatch-us Inc., Wilmington, Delaware HiPoint Technology Inc., Colorado Springs The Swatch Group (U.S.) Inc., Wilmington, Delaware

Inactive Customer service Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Omega, Rado, Longines, Tissot, Hamilton, cK Watch, Swatch, Flik Flak)

BRL BRL CAD

4.93 14.05 4.50

M M M

Microelectronics e-Commerce Microelectronics Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Lon Hatot, Omega, Rado, Longines, Tissot, Mido, Hamilton, Pierre Balmain, cK Watch, Swatch, Flik Flak, Endura, Lasag, Micro Crystal, Renata, Oscilloquartz) The Swatch Group Les Boutiques (U.S.) Inc., Wilmington, Delaware Retail Time Sales Inc., Dover, Delaware Retail British Virgin Islands Endura Services (Asia) Inc, British Virgin Islands Mexico Prestadora de Servicios Relojeros SA de CV, Mexico DF The Swatch Group Mexico SA de CV, Mexico DF Panama The Swatch Group Panama SA, Panama City Inactive Watch services Distribution (Breguet, Omega, Rado, Longines, Tissot, Mido, Hamilton, cK Watch, Swatch, Flik Flak, Endura) Commercial services

USD 0.04 USD 0.00 USD 0.17 USD 168.90 USD USD USD MXN MXN 0.00 1.00 0.00 1.50 43.65

100 100 25 100 100 50 100 100 100

R M R M M M M M M

USD

0.01

100

Asia

Greater China Lanco Watches Ltd, Hong Kong O Grupo Swatch (Macau) Limitada, Macau Shanghai Ruihengqi Watch Commerce Co. Ltd., Shanghai Shanghai Rui Jing Retail Co., Ltd., Shanghai Shanghai Rui Wan Retail Co. Ltd., Shanghai Shanghai SMH Watch Service Center Co. Ltd, Shanghai Shanghai Swatch Art Centre Co. Ltd., Shanghai SMH International Trading (Shanghai) Co. Ltd, Shanghai SMH Les Boutiques (Shanghai) Co. Ltd, Shanghai SMH Swiss Watch Trading (Shanghai) Co. Ltd, Shanghai SMH Technical Services (Shenzhen) Co. Ltd., Shenzhen The Swatch Group (Asia) Inc. Ltd, Hong Kong The Swatch Group (Hong Kong) Ltd, Hong Kong The Swatch Group (Taiwan) Ltd, Taipei Zhuhai SMH Watchmaking Co. Ltd, Zhuhai South Korea The Swatch Group (Korea) Ltd, Seoul United Arab Emirates Swatch Group Retail Middle East L.L.C., Dubai India Swatch Group (India) Private Ltd, New Delhi Japan The Swatch Group (Japan) KK, Tokyo Malaysia Micromechanics (M) Sdn Bhd, Ipoh Swiss Luxury Watch & Jewelry Sdn Bhd, Kuala Lumpur The Swatch Group (Malaysia) Sdn Bhd, Kuala Lumpur Singapore The Swatch Group S.E.A. (S) Pte Ltd, Singapore

Inactive Retail Retail Retail Retail Customer service Real estate Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Lon Hatot, Omega, Rado, Longines, Tissot, Certina, Mido, Hamilton, cK Watch, Swatch, Flik Flak, EM Marin) Retail Distribution (Omega, Rado, Longines) Commercial services Commercial services Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Lon Hatot, Omega, Rado, Longines, Tissot, Mido, Hamilton, Pierre Balmain, cK Watch, Swatch, Flik Flak, ETA) Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Lon Hatot, Omega, Rado, Longines, Tissot, Mido, Hamilton, cK Watch, Swatch, Flik Flak) Components Distribution (Breguet, Blancpain, Jaquet Droz, Lon Hatot, Omega, Rado, Longines, Tissot, cK Watch, Swatch, Flik Flak, Sokymat) Retail

USD 0.07 MOP 1.50 CNY 30.00 CNY 20.25 CNY 4.00 CNY 21.06 CNY 148.41 CNY 8.05 CNY CNY CNY HKD HKD TWD CNY 88.80 1.66 10.45 0.00 5.00 28.00 74.57

100 100 50 100 100 100 90 100 100 90 100 100 100 100 100 100

M M M M M M H M M M M M M M G M

KRW 3300.00

AED

0.30

49 100

M M

Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Lon Hatot, Omega, INR 680.00 Rado, Longines, Tissot, Hamilton, Pierre Balmain, Swatch, Flik Flak) Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Lon Hatot, Omega, JPY 3700.00 Rado, Longines, Tissot, Hamilton, cK Watch, Swatch, Flik Flak, Endura) Assembly, watch components Retail Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Omega, Rado, Longines, Tissot, Mido, cK Watch, Swatch, Flik Flak) MYR MYR MYR 35.00 7.00 0.50

100

100 51 95

G M M

Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Omega, Rado, SGD Longines, Tissot, Mido, Hamilton, Pierre Balmain, cK Watch, Swatch, Flik Flak Renata, EM Marin) Movements and components Distribution (Breguet, Blancpain, Glashtte, Jaquet Droz, Omega, Rado, Longines, Tissot, cK Watch, Swatch, Flik Flak) Holding

4.00

95

Thailand ETA (Thailand) Co. Ltd, Samut Prakan The Swatch Group Trading (Thailand) Ltd, Bangkok Wachirapani Co. Ltd, Bangkok

THB 504.50 THB 400.00 THB 3.06

100 99 49

G M H

Oceania

Australia The Swatch Group (Australia) Pty Ltd, Glen Iris

Distribution (Breguet, Omega, Rado, Longines, Tissot, cK Watch, Swatch, Flik Flak, Swiss Timing, Renata)

AUD

0.40

100

Legend: Fully consolidated

Equity method

M Watches & Jewelry

G Production

R Electronic Systems

H Corporate

196