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Annual Report / 2016 > 163 > Financial Statements
SWATCH GROUP / ANNUAL REPORT / 2016 > 163 > FINANCIAL STATEMENTS NICO (9) FINANCIAL STATEMENTS 2016 CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL STATEMENTS OF THE SWATCH GROUP LTD > 164 SWATCH GROUP / ANNUAL REPORT / 2016 > FINANCIAL STATEMENTS > TABLE OF CONTENTS Consolidated financial statements 164–215 Financial review 165 Consolidated income statement 171 Consolidated balance sheet 172 Consolidated statement of cash flows 174 Consolidated statement of changes in equity 175 Notes to the consolidated financial statements 176–211 1. General information 176 2. Summary of significant accounting policies 176 3. Financial risk management 183 4. Segment information 184 5. Revenues and expenses 187 6. Income taxes 188 7. Earnings per share 190 8. Dividends paid and proposed 190 9. Cash and cash equivalents 191 10. Marketable securities and derivative financial instruments 191 11. Trade receivables 192 12. Other current assets 192 13. Inventories 193 14. Prepayments and accrued income 193 15. Property, plant and equipment 194 16. Intangible assets 195 17. Investments in associates and joint ventures 196 18. Business combinations 196 19. Other non-current assets 198 20. Financial debts and derivative financial instruments 199 21. Other liabilities 199 22. Accrued expenses 200 23. Provisions 200 24. Retirement benefit obligations 201 25. Commitments and contingencies 202 26. Share capital and reserves 203 27. Acquired goodwill 204 28. Details to the consolidated statement of cash flows 205 29. Employee stock option plan 205 30. Related party transactions -
The Mih Watch
1ST PUBLISHED IN REVOLUTION PRESS PTE LTD ALL RIGHTS RESERVED BY REVOLUTION PRESS THE ULTIMATE the STEALTH WATCH MIH WATCH ultimate boys toyz The world’s most affordable annual calendar is designed by Ludwig Oechslin, one of the greatest minds in modern watchmaking. FLOUTING THE RULES THE MIH WATCH THIS ANNUAL CALENDAR WITH MONOPUSHER CHRONOGRAPH FUNCTIONS WAS CREATED BY THREE TRUE MASTERS OF INTRIGUE: LUDWIG OECHSLIN, PAUL GERBER AND CHRISTIAN GAFNER. STRIP AD 1ST PUBLISHED IN REVOLUTION PRESS PTE LTD ALL RIGHTS RESERVED BY REVOLUTION PRESS 165 IS IT AN ACT OF SUBVERSION, a revolutionary statement or just one incredibly cool watch? To some extent the MIH annual calendar chronograph is best described as all three. For starters, the MIH watch is in a 44mm-diameter titanium To keep the dial clean, the monopusher case that exudes a real Bauhaus-inspired design austerity chronograph’s minute counter has been transplanted to the watch back by Paul Gerber. thanks to industrial designer Christian Gafner, who’s also done projects for Swiss Army sunglasses. In terms of complication, the watch is an annual calendar, meaning it will automatically compensate for the alternating 30 and 31 day-cycle of the months. You will only have to change the date once per year at the end of February. Here is where it gets interesting... the calendar mechanism that drives this mighty complication is comprised of only NINE pieces. Moreover, the information for this mechanism has been placed in the public domain — it has not been copyrighted or patented. At a mere five thousand Swiss francs, this watch is also most likely the world’s most affordable annual calendar and is currently sold only in two places: the Embassy (the famous Swiss retailer) and the Musee International d’Horlogerie (MIH). -
Annual Report 2014 2014 Annual Report Annual
www.fhs.ch Annual Report 2014 2014 Annual Report 1 FH Annual Report 2014 2 ISSN 1421-7384 The annual report is also available in French and German in paper or electronic format, upon request. © Fédération de l’industrie horlogère suisse FH, 2015 3 Table of contents The word of the President 4 Highlights of 2014 6 Swiss made - Swissness – Enforcement ordinances take centre stage 8 Revision of the law on cartels – Back to square one! 10 150 years of friendship – Think Time in Tokyo 11 Panorama of the 2014 activities 14 Improvement of framework conditions 16 Information and public relations 19 The fight against counterfeiting 22 Standardisation 28 Legal, economic and commercial services 29 Relations with the authorities and economic circles 30 FH centres abroad 31 The Swiss watch industry in 2014 32 Watch industry statistics 34 Structure of the FH in 2014 38 The FH in 2014 40 The General Meeting 41 The Board 42 The Bureau and Commissions 43 The Departments and the Services 44 The network of partners 45 The word of 5 the President The year 2014 was pos- From a Swiss perspective, the past year was marked by the itive overall for the Swiss refusal of Parliament to revise the law on cartels. The FH lob- watch industry. Exports bied actively on this issue to preserve distribution agreements. totalled 22.2 billion francs, Whereas the project planned initially to show greater regard for an increase of 1.9% com- the economic benefit of vertical agreements, which in particu- pared to 2013. It is pleasing lar help to optimise the distribution chain, the Federal Council to note that volumes, too, suddenly did a U-turn. -
Jerry Says “Eureka!”
APRIL 2016 VOL. 35, NO. 9 Meeting Minutes, March 4, 2016 “Short Model” needs an open face to see This Month JERRY SAYS, the balance inside. GETTING Also there is a German “Long Move- SHELLAC’D AND “EUREKA!” ment”, the Cromwellian, and it was the most expensive case. A good selling SWINGING Our mart started at 7:00 p.m. and our point was it runs for 3 years on 1-1/2 ANSONIA! meeting was called to order by Secre- volts, such as one ‘D’ cell battery, but the Ok... We are not breaking out the booze tary Phyllis Adams. There was a cor- clocks did not keep good time. Some and getting shellacked, but this month, we rection to last month’s minutes: Cora have ball bearings that can be seen do have a real treat. Our “Beginner’s Cor- Lee Linkenhoker brought the refresh- through a glass disk. ments. Health & Welfare: It was re- ner” will be much more than just a Jerry’s third clock was a 1950 “Beginner’s Corner!” Larry Squires will ported that our former member, Leon “Forestville” 110 volt – called a Coufel, is working on clocks in Bishop be giving a short and very informative “tableburner” because of overheating. A presentation on the restoration of an An- and is doing very well there. We wish battery version was created later. At Del him all the best. sonia swinger. In this case, the metal can Mar, he bought a clock in a similar style holding the movement was reproduced Old Business: We have not scheduled to a 400 day. -
Annual Report 2015 2015 Annual Report Annual
www.fhs.ch Annual Report 2015 2015 Annual Report 1 FH Annual Report 2015 2 ISSN 1421-7384 The annual report is also available in French and German in paper or electronic format, upon request. © Fédération de l’industrie horlogère suisse FH, 2016 3 Table of contents The word of the President 4 Highlights of 2015 6 Swissness - Swiss made – Final step before entry into force 8 Hong Kong Watch & Clock Fair – Intensive surveillance 10 Counterfeiting on the Internet – Social networks in force 11 ISO/TC 114 - Watchmaking Conference – In Lucerne in May 12 Panorama of the 2015 activities 14 Improvement of framework conditions 16 Information and public relations 22 The fight against counterfeiting 26 Standardisation 33 Legal, economic and commercial services 34 Relations with the authorities and economic circles 35 FH centres abroad 37 The Swiss watch industry in 2015 38 Watch industry statistics 40 Structure of the FH in 2015 44 The FH in 2015 46 The General Meeting 47 The Board 48 The Bureau and Commissions 49 The Departments and the Services 50 The network of partners 51 The word of 5 the President In 2015 the watch industry Council will take its decision in 2016 according to the results experienced its first nega- of the consultation, the revised OSM is also expected to enter tive year since 2009, with into force in 2017. a fall in exports of 3.3%. This is due to the down- Defending the Swiss made label abroad, the FH took action turn in trade in Hong Kong, against a Chinese participant at the Hong Kong Watch and China and Russia. -
Notes on the Calendar and the Almanac
1914.] Notes on Calendar and Almanac. 11 NOTES ON THE CALENDAR AND THE ALMANAC. BY GEORGE EMERY LITTLEFIELD. In answering the question, why do the officers of pub- he libraries and bibliophiles so highly esteem and strive to make collections of old calendars and almanacs, it may be said that the calendar was coeval with and had a great influence upon civilization. Indeed, the slow but gradual formation of what we know as a calendar is an excellent illustration of the progress of civilization. At first it was a very crude scheme for recording the passing of time, deduced from irregular observations of the rising and setting of a few fixed stars, by a people who had but recently emerged from barbarism. The resultant table was of very little value and required constant revision and correction. It was only by long and patient study and observation, by gaining knowledge from repeated failures, that finally was produced the accurate and scientific register, which today bears the name of calendar. Furthermore, the material and shape of the tablet upon which the calendar was engraved or printed, was a constant .temptation to artists to decorate it with pen- cil or brush, which caused it to become a valuable me- dium for inculcating in the minds of the people, ideas of the sublime and beautiful, and never more so than at the present time. As regards the almanac, it also is of ancient memory, as we have positive evidence of its existence more than twelve hundred years before the Christian era. To its compilation scientists, philosophers, theologians, poets 12 American Antiquarian Sodety. -
Contents Contents 2 4 5 6 Message from Operational Organization Organization & Distribution Organs of the Group the Chairman
contents contents 2 4 5 6 message from operational organization organization & distribution organs of the group the chairman 10 11 47 48 50 development of know-how retailing jewelry production production of watch, the swatch group movements and components 57 63 69 93 94 electronic systems general services swatch group social policy safety and environment international 96 107 108 148 corporate governance financial statements consolidated financial financial statements poster – world leader statements of the holding in watchmaking swatch group annual report 2004 1 message from the chairman message from the chairman Ladies and Gentlemen, Shareholders, Another year has come to an end. 2004 was in fact a very good year for the Swatch Group despite some major obstacles, the first of which was – and I’m sorry to have to mention it yet again – the problem of the Swiss franc, which con- tinues to rise at a staggering rate compared with all other currencies except the euro and the pound sterling. This is causing serious problems for all of Switzer- land apart from some sections of the financial community. Some of the air of stagnation and resignation, which we see in many of our political leaders, is beginning to spread right across the country. The collapse of Swissair-Swiss then Swiss-Lufthansa is one upsetting and depressing example of this. In fact, I am outraged that in Switzerland, the land of some great business founders of the past, we are no longer able to find enough entrepreneurs capable of preserving and developing the heritage that has been handed down to us, and of which we are the guardians. -
Membres Collectifs 2021
L’association des professionnels du monde horloger MEMBRES COLLECTIFS 2021 AdTime SA Bugnion SA AKAtech SA Bulgari Horlogerie SA American Watchmakers Institute Cadfem AG ASRH Carl F. Bucherer Ass. patronale de l’horlogerie et de la microtechnique Carl F. Bucherer Movements Ass. patronale des industries de l’arc-horloger Cendres et Métaux SA Asulab Division Centredoc Atokalpa CFP Biel-Bienne, Lycée Technique Azurea Technologies SA CFPT Centre de Formation Cedoc Ball Watch Company SA Charles-Louis Rochat SA BBZ Ecole d’horlogerie Zeit Zentrum Chaumet Horlogerie SA Bergeon SA Chevillat SA Beyer Chronometrie AG CHH - Microtechnique SA Bibl. Pub. et Universitaire - Neuchâtel Chopard et Cie SA Bibl. d’Art et d’Archéologie - Genève Chronode SA Bijoutil AG Cifom Ecole Technique Blancpain SA Citizen Watch Company Ltd Blösch SA CLA Clinical Labo. Automation SA Boninchi SA Cmt Rickenbach SA Breitling Chronométrie SA Comité Francéclat Breitling SA Complitime SA SSC Jaquet-Droz 1 – CH-2002 Neuchâtel T : 032 720 50 79 – F : 032 720 57 51 E : [email protected] – www.ssc.ch MEMBRES COLLECTIFS Concepto Watch Factory SA EPFL - TTO Convention Patronale de l’Ind. Horl. Suisse ETA SA COSC Eterna Movement SA COSC - Bureau de Bienne Eterna SA CP Automation Exsal SA Crescentia SA Fédération de l’Industrie Horlogère Suisse, FH CristalTech Sàrl Fehr Cie SA CSEM SA Feller Pivotages AG De Bethune SA Fiduciaire Horlogère Suisse SA Del West Europe SA Fondation Qualité Fleurier Deutsche Gesel. für Chronom. Fondation Wostep Dimier Man. de Haute Horlogerie Artisanale Franck -
REPLICA OMEGA SA Development and Evolution
REPLICA OMEGA SA development and evolution Replica Omega SA- Swiss luxury watch manufacturer, headquartered in Biel / Bienna, Switzerland. LeBrant (LeBrant) was founded in La Chaux-de-Fonds in 1847, and was formally established as La General Watch (La General Watch), until 1902 merged with Replica Omega (Omega), and in In 1981 it was renamed the Louis Bronte and Fremiega Society. The company has officially changed its name to Replica Omega SA, a subsidiary of the Swiss Swatch Group. Replica Omega was published in Bir / Bien in January 1983. The Royal Squadron selected the Replica Omega watches as the official timer in 1916, and the US military chose the Replica Omega watches in 1917. James Bond has been in the film since 1994. Buzz Aldrin, George Clooney and John F. Kennedy are one of Replica Omega's other famous costumes in the past and present. These people include Kennedy, Mao Zedong, Elvis and Prince William. 1. Historical evolution Early history Replica Omega pioneers La Generale Watch Co. Founded in 1847 in La C -te-de-Funde, Switzerland by Louis Brandt, it is a collection of tactical pocket clocks that have been opened by a division of local craftsmen. He sold replica watches from Italy to Scandinavia through Great Britain. In 1893, two sons, Louis-Paul and Caesar, developed a revolutionary drink that allowed the replacement of the divider, and the general capacity of the production management. The replica watches, developed with the help of these technologies, are sold under the brand Omega of La Generale Watch Co. In 1903, the success of the Replica Omega brand left La Generale Watch Co.'s Replica Omega brand and became its own company. -
Calendar As a Criterion in the Study of Culture
Article Calendar as a Criterion in the Study of Culture Marija Šegan-Radonji´c 1,‡ and Stevo Šegan 2,‡ 1 Mathematical Institute of the Serbian Academy of Sciences and Arts 2 Department of Mathematics, State University of Novi Pazar Abstract: The paper considers the calendar as a link between the cosmos and mankind, and it introduces it as an instrument in studying culture. It uses the concept of calendars/calendar systems as a criterion for recognition and formation of culture in general. Starting from an assumption that the calendar is a structurally organized system of events or holidays, it analyses the basic units of a calendar: day, month and year, and distinguishes a calendar holiday from a non-calendar holiday. It states that the calendars are a structural list of collective memory within a social group, where this memory is described in cyclical categories – calendar holidays. Furthermore, considering that the initial epoch of year counting may be different in different cultures, it discusses how cultural self-awareness is expressed through the epoch of the calendar era. Finally, it explores how and to what extent the formation, interaction, and reforms of calendars and their systems reflect the change in culture. The paper concludes that calendars and their systems should be used as a criterion in defining culture. Keywords: Calendar; Culture. 1. Introduction Culture, as a notion, can be considered in a narrower and a broader sense1, and some theoreticians have succeeded to identify as many as 164 definitions of this phenomenon [2]. Furthermore, modern science strives to comprehend and describe this phenomenon as generally as possible, and the new complex disciplines, such as the problem of culture typology (criterion) [3], have appeared and been developed. -
Annual Report / 2017 1 Contents
ANNUAL 2017 REPORT THE EARTH, THE SUN, A YEAR The Earth needs about 365.25 days to complete its gravity-assisted elliptical orbit of the sun. Of course, we generally round this number down and take care of that extra quarter day every four years. Typically, a day consists of 24 hours but we often record its two 12-hour halves. The 8760 hours in Swatch Group’s 2017 were significant. This is their story. SWATCH GROUP / ANNUAL REPORT / 2017 1 CONTENTS MESSAGE FROM THE CHAIR 2 OPERATIONAL ORGANIZATION 4 ORGANIZATION AND DISTRIBUTION IN THE WORLD 5 ORGANS OF SWATCH GROUP 6 BOARD OF DIRECTORS 6 EXECUTIVE GROUP MANAGEMENT BOARD 8 EXTENDED GROUP MANAGEMENT BOARD 9 DEVELOPMENT OF SWATCH GROUP 10 ART & PHILANTHROPY 11 BIG BRANDS 19 WATCHES AND JEWELRY 20 – 84 RETAILING AND PRESENCE 85 – 90 PRODUCTION 91 ELECTRONIC SYSTEMS 101 CORPORATE, BELENOS 107 SWATCH GROUP IN THE WORLD 115 GOVERNANCE 141 ENVIRONMENTAL POLICY 142 SOCIAL POLICY 149 CORPORATE GOVERNANCE 152 FINANCIAL STATEMENTS 2017 165 CONSOLIDATED FINANCIAL STATEMENTS 166 FINANCIAL STATEMENTS OF THE SWATCH GROUP LTD 216 COMPENSATION REPORT 2017 231 PLEIADES Swatch Group’s Annual Report and The Pleiades are an open star cluster in the Compensation Report are published in constellation Taurus. They are part of the French, German and English. Milky Way and can be seen from Earth with Pages 1 to 151 are originally published in the naked eye. Its name connects it not only French and pages 152 to 230, as well as the to the nymphs in Greek mythology, but also Compensation Report, in German. -
The QP Bookshelf Part 4: Single Models
The QP Bookshelf Part 4: Single Models QP peruses the shelves for books dedicated to individual watch models Ken Kessler It may shock some of you to hear there are watch books not just about single brands – which we’ll start covering next month – but whole volumes covering single models. Some are obvious candidates, such as the books accompanying watches’ rebirths and anniversaries, or announcing major new timepieces. Others are simply the work of obsessive collectors. And while manufacturer-sanctioned titles may smack of hard-sell, even they transcend ‘catalogue-ness’ by virtue of their depth. In most cases, these stand-alone tomes are justifiable, due to truly ‘classic’ subject matter. However, more telling are the models yet to be so honoured with their own histories: the Breitling Navitimer and Patek Philippe’s Calatrava spring to mind. If this review’s inclusion of not one but two titles devoted to Omega’s Speedmaster Professional strikes you as excessive, please note that we have just learned of two books recently published in Italy, on – surprise, surprise – the Rolex Submariner. © QP Magazine 2007 60 | Literature Literature | 61 Grand Complication The Value Of Time By Manfred Fritz By Antonio Guccione Hardback, 240 pages. Price: ca.m200. Hardback, 110 pages. Published by Edition Stemmle, 1991. ISBN 3-7231-0437-1 Published by Officine Panerai, 1999. One of the first ‘modern’ single-watch histories, this physically stagger- A lesson learned: never judge a book by its cover. I thought I was ing book (it measures 27 x 32 cm and was printed on 200 gsm paper!) buying a book about Panerai.