SUSTAINABILITY REPORT 2024
2024 key figures
53.1%
of electricity from renewable energy sources
81.9%
of electricity from fossil- free energy sources
Swatch Group consolidated key figures
Corporate and governance
Net sales
Salaries (excl. social security contributions) R&D expenses (only direct costs) Investments
Income taxes Net result New patents
Unit
CHF million CHF million CHF million CHF million CHF million CHF million Number
2024
6 735
-1 997
-273
-568
-126
219
196
2023202220212020
7 888 | 7 499 | 7 313 | 5 595 |
-2 043 | -1 888 | -1 802 | -1 807 |
-275 | -246 | -245 | -223 |
-803 | -399 | -303 | -253 |
-262 | -273 | -237 | -89 |
890 | 823 | 774 | -53 |
188 | 209 | 202 | 205 |
12.5%
biogas
-19.5%
heating oil consumption compared with 2023
Environment | |
Electricity consumption | GWh |
Emissions from stationary combustion (primarily gas and heating oil) | t CO2eq |
Direct and indirect emissions (market based, Scope 1 and 2) | t CO2eq |
Water withdrawal | m3 |
Hazardous waste | t |
Non-hazardous waste | t |
Social |
266.4
10 948
43 054
1 770 580
2 165
4 274
294.0 | 281.4 | 257.9 | 239.4 |
11 807 | 12 942 | 14 910 | 15 890 |
51 978 | 52 068 | 55 385 | - |
1 780 075 | 1 627 938 | 1 422 121 | 1 272 479 |
3 421 | 2 881 | 2 431 | 2 751 |
3 910 | 3 634 | 3 015 | 2 599 |
626 | Employees as of Dec 31 | Headcount |
Proportion of women (headcount) | % | |
Proportion of women in management roles | % | |
apprentices as | Apprenticeship diplomas (in Switzerland) | Number |
of 01.08.2024 (start | Sourcing | |
of training year) | ||
134 | Supplier audits | Number |
Suppliers with A or B rating | Number | |
32 477
49
36
136
134
93
33 602 | 32 061 | 31 444 | 32 424 |
49 | 50 | 50 | 50 |
37 | 36 | 37 | - |
140 | 142 | 155 | 139 |
128 | 146 | 76 | 54 |
86 | 87 | 40 | 33 |
Assurance conducted by PwC
Table of contents
SUSTAINABILITY | CORPORATE AND | ENVIRONMENT | SOCIAL | SOURCING | APPENDICES | |||||||||||
AT SWATCH GROUP | GOVERNANCE | |||||||||||||||
Foreword | 3 | Governance, ethics | Introduction | 51 | Employees, diversity and | General raw | About this report | 114 | ||||||||
& compliance | 26 | equal opportunities | 82 | material sourcing | 99 | |||||||||||
Overview of | Energy and emissions | 52 | GRI content index | 118 | ||||||||||||
Swatch Group | 4 | Climate-related | Occupational health | Precious metal | ||||||||||||
risks and opportunities | 38 Product design and the | and safety | 87 | sourcing | 106 | TCFD content index | 125 | |||||||||
Business model | circular economy | 66 | ||||||||||||||
and products | 5 | Economic performance | 44 | Training, education | Diamond and gemstone | Transparency regarding | ||||||||||
Water | 73 | and preservation of | sourcing | 109 | non-financial matters in | |||||||||||
Value chain | 10 | Innovation | 47 | arts and artisanship | 91 | accordance with | ||||||||||
Biodiversity | 77 | Leather and | Art. 964 CO | 126 | ||||||||||||
Sustainability strategy | 12 | wood sourcing | 110 | |||||||||||||
Limited assurance | ||||||||||||||||
Sustainability | report | 127 | ||||||||||||||
track record | 15 | |||||||||||||||
Glossary | 130 | |||||||||||||||
Material sustainability | ||||||||||||||||
topics | 19 | Contacts | 132 | |||||||||||||
Stakeholders | 21 |
This sustainability report has been prepared in accordance with the GRI Universal Standards 2021. We followed all the reporting principles and requirements contained in the GRI 1 Foundation standard to identify content and prepare the report. The name Swatch Group includes the entire scope of Swatch Group entities included in the consolidated financial statements listed in the Annual Report 2024.
Swatch Group Sustainability Report 2024 1
Sustainability at Swatch Group | Corporate and Governance | Environment | Social | Sourcing | Appendices |
SUSTAINABILITY AT SWATCH GROUP
Foreword3
Overview of Swatch Group 4
Business model and products 5
Value chain 10
Sustainability strategy 12
Sustainability track record 15
Material sustainability topics 19
Stakeholders 21
Swatch Group Sustainability Report 2024 2
Sustainability at Swatch Group | Corporate and Governance | Environment | Social | Sourcing | Appendices | Foreword |
Foreword
GRI 2-22
Responsible operations, responsible corporate governance and sustainability are fundamentals for us and have been an integral part of our philosophy and corporate culture for many decades. We remain true to our vision and approach. Social responsibility, ethics and environmental protection have always been deeply anchored in our corporate culture. Swatch Group is committed to reducing energy consumption, minimizing its contribution to global warming, and using sustainable materials. The company enforces a zero-tolerance policy on corruption, modern slavery, and child labor. Swatch Group positions itself as an attractive and responsible employer and as a training company.
Its business model is geared toward sustainable and long-term success.
In 2024, the sustainability committees of our various companies focused on strengthening the integration of sustainability into corporate culture, directly involving key departments in sustainability thinking and actions. In order to engage all employees and raise their awareness, Swatch Group has also brought in an online training course on environmental issues. More than 1000 employees took the training within the first two months of the program starting.
In addition, workshops to define the next steps and goals on the path to sustainability were organized and held. Our Sustainability Report 2024 takes stock of all the measures implemented to date and presents the goals we have set ourselves for the next few years.
For example, we are updating our materiality analysis in accordance with the principle of double materiality. This assessment, which was made under the direction of the Sustainability department with the involvement of people from all the Group's divisions, will enable us to adapt our sustainability strategy and goals in 2025.
We continue to focus on Scope 3 in order to increase the effectiveness of the measures and further reduce these emissions. With the same aim in mind, we are also improving supply chain analysis in order to optimally meet our due diligence and transparency obligations.
We continue to invest in sustainability with passion, commitment and conviction, factoring in the entire life cycle and customer-oriented development of our products and the supply chain in all areas.
Since 2021, Swatch Group has published a sustainability report in line with GRI requirements in order to
make reporting as transparent, comparable and comprehensive as possible. Swatch Group is also guided by the UN's Sustainable Development Goals (SDGs) and, as a responsible company, makes a contribution to achieving these goals.
Marc A. Hayek / Thierry Kenel / Antonio J. Lopez
Sustainability Steering Committee
Swatch Group Sustainability Report 2024 3
Sustainability at Swatch Group | Corporate and Governance | Environment | Social | Sourcing | Appendices | Overview of Swatch Group |
Overview of Swatch Group
GRI 2-1
Swatch Group is an international group with 16 consumer brands working in the manufacture, marketing and sale of finished watches, jewelry, watch movements and components. It manufactures almost all the necessary mechanical and electronic components itself and supplies such parts to third-party manufacturers in Switzerland and around the world.
Global distribution: Swatch Group subsidiaries
Swatch Group locations
Swatch Group headquarters
CHF 6 735 million net sales
32 477 employees
Subsidiaries in >30 countries
Sales in >160 countries
~150 production sites in Switzerland
7 production sites outside of Switzerland 1
1. France, Germany, Italy, Malaysia, Thailand and US. For more information, see page 5.
Swatch Group Sustainability Report 2024 4
Sustainability at Swatch Group | Corporate and Governance | Environment | Social | Sourcing | Appendices | Business model and products |
Business model and products
GRI 2-6
Swatch Group is a fully vertical company with a global | Swatch Group brands and subsidiaries | ||||||||||||
sales network, service centers across the world | Watches and jewelry | Distribution | |||||||||||
and several sites for manufacturing watches, fine | |||||||||||||
jewelry and electronic components. Swatch Group | |||||||||||||
has approximately 150 production sites in Switzerland | |||||||||||||
where it manufactures its own watch movements, cases, | |||||||||||||
crystals, hands and other watch components. This far | |||||||||||||
exceeds the criteria for marketing Swiss Made watches | |||||||||||||
in accordance with applicable legal requirements. |
Swatch Group companies in the electronic systems segment also have their production sites in Switzerland. Only a few production sites are located abroad, namely Glashütte Original's manufactory in Glashütte, Germany, and Harry Winston's fine jewelry manufactory in New York, USA. However, Harry Winston timepieces are produced in accordance with Swissness requirements in the manufactory in Plan-les-Ouates, near Geneva. Three other production facilities in
Italy and France manufacture components for watch bracelets or specific precision parts. Swatch Group operates two production sites in Thailand and Malaysia for the assembly of electronic components and in the field of surface treatment.
Swatch Group Sustainability Report 2024 5
Sustainability at Swatch Group | Corporate and Governance | Environment | Social | Sourcing | Appendices | Business model and products |
Production | Corporate | Electronic Systems | Nicolas G. Hayek | ||||
- | ETA | - The Swatch Group Research | - | EM Microelectronic | Watchmaking Schools | ||
- | Meco | and Development | - | Renata | - | Miami (US) | |
- | CHH Microtechnique | - Asulab | - | Micro Crystal | - | Shanghai (China) | |
- | Nivarox-FAR | - Moebius | - | Swiss Timing | - | Glashütte (Germany) | |
- | Comadur | - CDNP | - | Pforzheim (Germany) | |||
- | Rubattel & Weyermann | - | Belenos Clean Power | - | Grenchen (CH) | ||
- | MOM Le Prélet | - ICB Ingénieurs Conseils en Brevets | |||||
- | Universo | - Swatch Group Quality Management | Training centers | ||||
- | Manufacture Ruedin | - | Swatch Group Services | ||||
- | Lascor | - European Distribution Center | - Grenchen (two training centers, | ||||
- | Novi | - Logistics | mechanics and horology) | ||||
- | Swatch Group | - Information Technologies | - | Boncourt (mechanics) | |||
Assembly | - Corporate Customer Service | - | La Chaux-de-Fonds (mechanics) | ||||
- | Dress Your Body (DYB) | - Swatch Group Gems | - Le Sentier (mechanics and horology) | ||||
- Real Estate Development | - | Sion (mechanics) | |||||
- | Swatch Group Immeubles | - Mendrisio (mechanics and horology) |
Swatch Group Sustainability Report 2024 6
Sustainability at Swatch Group | Corporate and Governance | Environment | Social | Sourcing | Appendices | Business model and products |
EM / Powering electronic devices by ambient energy
EM Microelectronic (EM) designs and manufactures ultra-low power integrated circuits for small mobile devices and IoT applications. EM brings together the talent and resources needed to continue a long Swiss cultural tradition while creating cutting-edge products and ensuring long-term customer loyalty. EM is part of Swatch Group's electronic systems segment. Together with its sister companies Renata and Micro Crystal, EM combines individual skills and group-wide synergies to provide turnkey solutions for a variety of applications.
Aligned with EM's sustainability efforts, EM's product portfolio offers chip solutions for migrating systems that were traditionally powered by replaceable batteries towards sustainable energy sources.
With the unprecedented multiplication of electronic devices, customers and final users in many verticals (IoT, consumer electronics, healthcare, industrial) have become extremely demanding in terms of their extended environmental responsibility, in particular when it comes to the power sources and electronic waste generation.
EM has positioned solar and thermal energy harvesting and power management at the center of its efforts, offering permanent, no-maintenance power supply for numerous devices.
The energy is supplied directly by the environment, removing the need for recharge or battery replacement and recycling, combining convenience and user experience with environmental consciousness.
For example, solar powered smartwatches never require charging or battery change, Bluetooth® headsets can go on for an unlimited period of time and connected thermostats require no maintenance thanks to EM's expertise in ultra- low power IC design and manufacturing.
For solar energy harvesting, EM's special focus is to achieve the best efficiency under low illumination conditions, as this is where most users operate their devices.
These applications of EM products extend the company's sustainability efforts beyond its own operations, allowing its customers and final consumers to transition to more environmentally conscious electronic devices.
Our contribution to the SDGs
Swatch Group Sustainability Report 2024 7
Sustainability at Swatch Group | Corporate and Governance | Environment | Social | Sourcing | Appendices | Business model and products |
MICRO CRYSTAL / Setting the pace and minimizing consumption
Micro Crystal designs ultra-low power components for electronics that support people in their everyday life and connect them to the digital world that they care about.
Micro Crystal began offering timing solutions using quartz crystals for watches over 40 years ago. Today the company is one of the leading suppliers of components for the world's largest manufacturers of consumer goods, automotive electronics, IoT solutions, industrial control systems, wearables, medical devices and implants, and other high-accuracy product applications.
Its portfolio comprises micro quartz crystals, real-time clock (RTC) modules, oscillators and oven-controlled oscillators (OCXO). Based in Grenchen in Switzerland, Micro Crystal is part of Swatch Group's electronic systems segment.
With a range of intelligent and highly efficient RTC modules that combine a 32.768 kHz crystal and an RTC integrated circuit in a miniature, ceramic case, the company offers developers space-saving, energy-saving timekeeping solutions that enable them to run their devices in power-saving mode between tasks. Whether on a single-board computer or an IOT sensor, an onboard RTC module provides precision timekeeping with timer and alarm management even when the device is switched off or in power-saving mode.
Integration of sustainable and safe methods for turning off electronic devices or setting them to standby mode is now more important than ever.
Micro Crystal's products can be used to manufacture a whole range of electronic devices that have a longer battery life with smaller batteries. Smaller products requiring less space on the circuit board make installation easier and create the possibility of smaller, more lightweight standalone devices and wearables.
Due to their long-term reliability and top performance, Micro Crystal's timing devices contribute to the energy transition by equipping battery management systems in electric vehicles. They facilitate the periodic and regular monitoring of the health status and charge level of battery pack cells. They are also helping expand and develop new healthcare and medical products, such as active implantable medical devices (AIMD) and electronic enabled drug delivery devices.
Micro Crystal has expanded its range of implantable- grade frequency and timing solutions with a product that offers unique functionality and power-saving options. Launched in 2022, the RV-5028-C7 Medical real-time clock module is typically used for developing neurostimulators, cardiac monitoring devices, infusion pumps and smart orthopedic implants, which are designed to significantly improve patients' quality of life and life expectancy.
In 2024, Micro Crystal continued to develop and market products that enable lower power consumption and minimal carbon footprint for its customers, including the C8 series of the world's smallest real-time clock modules, thereby reducing the overall environmental impact of its products.
Our contribution to the SDGs
Swatch Group Sustainability Report 2024 8