• Net sales of CHF 7 499 million, +4.6% to the previous year at constant exchange rates, or +2.5% at current rates.
• Sales growth of 25% in local currencies in all regions, with the exception of China, where Covid lockdowns resulted in sales shortfalls of over CHF 700 million.
• The MoonSwatch is a best seller, with over 1 000 000 watches sold. Ongoing high demand, including in January, in the approximately 180 stores which exclusively offer the MoonSwatch.
• Operating profit of CHF 1 158 million (previous year: CHF 1 021 million).
  Operating margin of 15.4% (previous year: 14.0%).
• Net income of CHF 823 million (previous year: CHF 774 million).
  Net margin of 11.0% (previous year: 10.6%).
• Operating cash flow of CHF 724 million (previous year: CHF 1 298 million); lower versus previous year, mainly due to precautionary increase in safety stock.
  Free cash flow1)  of CHF 342 million (previous year: CHF 1 033 million).
• High net liquidity2) of CHF 2 540 million (previous year: CHF 2 558 million).
• At its next meeting, the Board of Directors will decide on the dividend proposal to the Annual General Meeting.
• In view of the strong position of the Group brands in all segments worldwide and the robust numbers in January for Mainland China, the Group aims to achieve a record year in 2023.

OUTLOOK 2023

Group Management anticipates strong sales growth in 2023 in all regions and segments. After the end of Covid measures, consumption quickly recovered, not only in China, but also in the surrounding markets of Hong Kong SAR and Macau. In addition, lifting of travel restrictions in China will revitalize sales in tourist destinations. The sales growth in January in China reinforces the Group’s expectation to aim for a record year in 2023.

1) Cash flow from operating activities minus cash flow from investing activities (without financial assets and securities)
2) Cash and cash equivalents as well as financial assets, securities and derivative financial instruments minus current financial debts and derivative financial liabilities