Operating ResultsGross Sales(CHF million / %)

7,143 (2011)

6,440 (2010)

At C

onst

ant R

ates

+21.

7%Curr

ency

Effe

ct

-10.8

%

Tota

l+1

0.9%

Watches & JewelleryGross Sales(CHF million / %)

6,309

(2011) 5,532 (2010)

At Con

stan

t Rat

es+2

6.1%

Curr

ency

Effe

ct

-12.0

%

Tota

l+1

4.1%

Electronic SystemsGross Sales(CHF million / %)

336 (2011)

440

(201

0)At

Con

stan

t Rate

s

-16.3%

Curre

ncy Effect-7.3%

Tota

l-2

3.6%

ProductionGross Sales(CHF million / %)

2,015

(2011)

1520 (2010)

At Constant Rates

+33.0%

Currency Effect-0.4%

Total+32.6%