FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of ~~August~~September 2003

LEICA GEOSYSTEMS FINANCE PLC

Davy Avenue, Knowlhill
Milton Keynes, MK5 8L
England

(Exact name of registrant and address of principal executive offices)

[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.]


Form 20-F X		Form 40-F

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.]


Yes		No. X

[If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):]

Enclosure: ~~First~~Press ~~Quarter~~Release ~~Results and Shareholder News~~ dated September 1, ~~6 August~~ 2003

TABLE OF CONTENTS

SIGNATURES ~~Leica Geosystems reports strong first quarter results First Quarter — Fiscal Year 2004~~

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	LEICA GEOSYSTEMS FINANCE PLC
Date: 7 August 2003	By:	/s/ Christian Leu Name: Christian Leu Title: Chief Financial Officer
Date: 2 September 2003	By:	/s/ Christian Leu Name: Christian Leu Title: Chief Financial Officer

Communication to ~~Media~~Investors ~~Detailed~~and information at www.leica-geosystems.com No 22e 1st Quarter Results FY2003/04 (6 August 2003) Contact Fritz Staudacher, Corporate Communications, Phone +41 (0)79 201 5891 Leica Geosystems AG Heinrich-Wild-Strasse CH-9435 Heerbrugg (Switzerland) www.leica-geosystems.comMedia

No 25 E Tritronics (September 2003) Contact George Aase, Director Investor Relations,Phone +41 (0)71 727 3064 Leica Geosystems ~~reports~~AG ~~strong first~~Heinrich-Wild-Strasse ~~quarter~~CH-9435 ~~results~~ Heerbrugg (Switzerland) www.leica-geosystems.com

oStrengthening ~~Sales~~its ~~from~~portfolio ~~continuing~~with ~~operations~~machine ~~increased~~automation 9and mining solutions Leica Geosystems acquires Australia-based Tritronics Heerbrugg/Brisbane, September 1, 2003 - Leica Geosystems (SWX: LGSN) today announced that it has signed an agreement to acquire Tritronics (Australia) Pty Ltd in an all-cash transaction for AUD 12 million (CHF 10.8m), plus a maximum earn out of an additional AUD 6% million (CHF 5.4m) payable over three years if revenue targets are met. The acquisition will leverage the Company’s current mining-segment product offering and 14strengthen Leica Geosystems’ overall portfolio with complementary solutions for machine automation and site management for mining and construction.5% The acquisition, expected to be immediately accretive to Leica Geosystems’ financial performance, is planned to close on September 30, 2003. Leica Geosystems expects the Tritronics acquisition to extend its current machine automation portfolio for the mining segment and create an opportunity to market its existing mining and surveying products to Tritronics’ extensive network of mining customers. The integrated solutions offered by Tritronics incorporate a ~~currency~~number of automated production technologies including GPS-~~adjusted~~based ~~basis~~navigation, wireless telecommunications infrastructure (Telemetry technologies), and Internet-based remote monitoring and configuration. oThe ~~Operating~~technology ~~costs~~solutions ~~declined~~deployed by ~~over~~Tritronics ~~10%~~provide major efficiency and safety benefits for their mining customers. oThese ~~Significant~~technologies ~~earnings~~are highly attractive for Leica Geosystems’ civil engineering customers as large civil engineering and construction projects become more automated. “Machine automation is an important strategic initiative for Leica Geosystems’ leadership in providing solutions that deliver positioning information and related data into customers information networks,” said Hans Hess, President and CEO of Leica Geosystems. “Tritronics is a world leader in the design, development and installation of mine machine monitoring and information systems. Tritronics has experienced rapid and profitable growth: during the last several years as mines move towards automated mine management systems to improve extraction productivity and safety. The add-on acquisition of Tritronics will strengthen our presence in the rapidly expanding global machine automation solutions business in both the mining and construction markets. The internet and software based solutions offer exciting opportunities for our customers.”

• EBIT increased to CHF 11.1 million from a loss of CHF (3.6) million. • EBITDA grew to CHF 28.1 million (16.9% of sales). • EPS of CHF 0.55 versus loss of CHF (1.51) in previous year. • Cash EPS of CHF 7.48 compared with CHF 6.33.

o Continued positive operating cash flow of CHF 7.1 million versus CHF 2.4 million (continuing operations).

Heerbrugg (Switzerland), 6 August, 2003 - Leica Geosystems (SWX: LGSN) today reported substantial growth in its first quarter sales and earnings. Commenting on the first quarter’s results, Hans Hess, CEO of Leica Geosystems, said: “The Company continued to make good progress in the first quarter with improvements in virtually all key financial metrics. First quarter sales profited from growth in all of our key geographic regions. Furthermore, the benefits of our lower cost base were evident in this quarter’s results, with the Company’s improved operating leverage working heavily in our favor. In terms of our markets, we continue to maintain our strong market position in the face of competition. Our excellent customer relationships, market-leading service and support capabilities, and innovative product portfolio, which will be further strengthened with new product launches later this year, will ensure that Leica Geosystems remains a leading player in all of our markets.”

Sales increase by 9.6%; currency-adjusted sales increase by 14.5%

Leica Geosystems’ sales from continuing operations (i.e., excluding sales of Wiltronic and Vectronix) increased by 9.6% in the first quarter, with revenues rising to CHF 165.9 million compared with CHF 151.3 million in the previous year. Sales growth was largely influenced

by“Tritronics ~~renewed~~and ~~growth~~Leica Geosystems share a common vision for the future of machine automation in the ~~Company~~mining industry,” said Geoff Baldwin, Tritronics owner and Managing Director. “We have been in business for over 27 years and are excited about being part of one of the world’s ~~Surveying~~leaders &in ~~Engineering~~the ~~activities (+~~spatial data management industry.” Financial Implications The Tritronics business, which generated revenues of AUD 6.9%) million in its fiscal year ended June 30, ~~combined~~2002, ~~with~~will ~~continued~~be ~~growth~~fully inconsolidated ~~Consumer~~into ~~Products~~Leica ~~(+27~~Geosystems’ Surveying & Engineering Division.5% Leica Geosystems expects the acquisition to be immediately accretive. About Tritronics (Australia) Pty Ltd. Based in Brisbane, ~~Metrology~~ Tritronics (~~+35~~www.7%tritro.com.au) is a privately owned enterprise founded in March 1975. Tritronics has 25 employees and is a leader in the design, ~~Cyra~~development ~~(+18~~and installation of mine machine monitoring and information systems.~~4%)~~ The Tritronics fully-integrated system combines powerful reporting and ~~Special~~analysis ~~Products~~software ~~(+30~~with reliable radio telemetry and 3-D positioning sensors to deliver accurate monitoring and reporting on draglines, haul trucks, loaders, shovels, dozers and blast hole drills.~~5%)~~ The Tritronics product range monitors surface mining equipment to provide mines with near real time information on equipment location and operating parameters. ~~GIS~~The ~~& Mapping~~business ~~sales~~began ~~declined~~supplying domestic mining companies with mine information solutions in 1978 and released the first version of its current flagship product, the 9000 Series dragline monitoring system, in 1988. Tritronics expanded its product range in 1995 with the release of a fleet monitoring system and has recently developed monitoring systems for electric shovels and drill rigs. Tritronics has equipment installed at 42 mines in 4 countries.3% asAbout Leica Geosystems AG Leica Geosystems is a ~~result~~world leader in positioning, surveying and data capture solutions for GIS and CAD systems with the most comprehensive range of systems and solutions for the ~~strengthening~~acquisition, ~~Swiss~~modeling ~~franc. Regionally~~and visual representation of spatial data using a variety of technologies such as lasers, ~~sales~~GPS inand imaging. Leica Geosystems’ ~~European~~develops, distributes and ~~Asia~~supports ~~markets~~modern ~~continued their~~systems ~~strong~~for ~~performance~~land and cadastral surveying, remote sensing, engineering, mining, building and construction and industrial measurement techniques. The ~~Company~~company ~~also~~operates ~~noted~~six ~~improved~~divisions, ~~performance~~and ~~in its~~has ~~North~~more ~~American~~than ~~markets~~20 sales companies and 200 sales partners worldwide. In 2002, ~~which~~Leica ~~grew~~Geosystems was awarded the Frost and Sullivan Strategic Merger and Acquisition Market Engineering Award. A recent study by 8the Geneva Environmental Institute (SiRi) ranked Leica Geosystems as one of the top ten most environmentally efficient companies on the Swiss Stock Exchange (SWX:LGSN).~~2 percent.~~

~~Operating~~Leica ~~costs~~Geosystems, ~~decline~~September ~~11%~~2003 ~~against~~2 ~~the~~Tritronics ~~previous~~(Australia) ~~year~~ Pty

Leica Geosystems’ operating expenses continue to decline, and in the first quarter were CHF 76.4 million, down 11% from the previous year. Operating expense levels reflect a lower cost base after the completion of “FIT-together”, the Company’s cost reduction program concluded in fiscal year 2003. Operating costs were also favorably impacted by a low USD/CHF exchange rate in the current period.

EBITDA growth of 125%

Fueled by strong top-line growth, stable gross profit margins and lower operating expenses, first quarter earnings improved substantially. EBIT was CHF 11.1 million, or 6.7% of sales, compared with a loss of CHF (3.6) million from continuing operations in the previous year. EBITDA increased by 125% to CHF 28.1 million, or 16.9% of sales, compared with prior year EBITDA from continuing operations of CHF 12.5 million (8.2% of sales). EBITDA margins improved across all divisions. Strong margins were achieved in Surveying & Engineering (20.8%), Consumer Products (17.0%), and Metrology (22.5%). Earnings in GIS & Mapping were markedly higher than the breakeven results in the previous year with a margin of 7.8% for the quarter. Lastly, although the Company’s Cyra business continues to operate at an EBITDA loss, the Division reduced its EBITDA losses by over 50%, in large part due to operating cost reductions made in the previous year.

The Company recorded net income of CHF 1.2 million compared with a prior year net loss of CHF (3.4) million. Earnings per share rose accordingly, to CHF 0.55, compared with a net loss per share of CHF (1.51) in the previous year; cash earnings per share were CHF 7.48, compared with CHF 6.33 in the previous year.

Continued positive operating cash flow

Through strong earnings and relatively lower working capital investments compared with the previous year, the Company generated cash flow from operations of CHF 7.1 million in the first quarter compared with CHF 2.4 million (continuing operations) in the previous year. Leica Geosystems’ net debt increased by approximately CHF 12.5 million, or 8.1% during the quarter. The Company mentioned that its borrowing requirements are typically higher at the beginning of the fiscal year, reflecting seasonally higher receivables and investments in

Leica Geosystems, 6 August 2003 2 1st Quarter Results FY2003/04

inventory prior to the European summer holidays. Working capital in the first quarter also includes a CHF 7.0 million receivable for proceeds outstanding from the January 2003 Vectronix divestment. The Company stated that these funds had now been received and will be included in the second quarter cash flow.

Business Outlook — Second Quarter and Full Year 2004 (barring any unforeseen circumstances)

Given the solid performance in the first quarter, and maintaining its previous expectations for the second half-year, Leica Geosystems stated that it now expects top-line growth for the full year (from continuing operations) to exceed 5%, with growth likely to be in the range of 6% to 7%.

In terms of the second quarter, which has historically been the slowest quarter in its fiscal year, the Company stated that it expects sales from continuing operations to be level with, or slightly below, the prior year.

Leica Geosystems expects earnings to be higher in the second half of the year than the first, due primarily to higher sales and the timing of new product introductions, which are planned mostly for the third and fourth quarters. Leica Geosystems expects EBITDA margins to remain above the previous year and further expects full year net income to be positive, despite a possible net loss in the second quarter.

* * *

Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, we caution investors that all statements other than statements of historical fact included in this document, including without limitation, those regarding our financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to our existing and future products), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we expect to operate in the future. Important factors that could cause our actual results, performance or achievements to differ materially from those in the forward-looking statements include, among other factors: (i) our ability to develop and introduce new products and technologies that gain market acceptance on a timely basis; (ii) our ability to respond to competitive challenges, such as the introduction of innovative products or technologies by our competitors; (iii) our ability to identify and realize growth opportunities; and (iv) overall levels of investment in infrastructure and capital spending in our markets. Additionally, any forward-looking statements speak only as of the date of this document. We expressly disclaim any obligation or undertaking to release publicly any update of or revisions to any forward-looking statement contained herein to reflect any change in our expectations with regard hereto or any change in events, conditions or circumstances on which any such statement is based.

* * *

~~Leica~~Investor ~~Geosystems,~~Relations 6Contact: ~~August~~George ~~2003~~Aase 3Telephone ~~1st~~(direct) ~~Quarter~~+41 ~~Results~~(0) ~~FY2003/04~~71 727 3064 E-Mail George.Aase@leica-geosystems.com

~~Table~~Media ofContact: ~~Contents~~Fritz Staudacher Telephone (direct) +41 (0) 71 727 3043 E-Mail Fritz.Staudacher@leica-geosystems.com

~~1st~~Leica ~~Quarter~~Geosystems, ~~Results~~September ~~FY2003/04~~2003 of3 ~~Leica~~Tritronics ~~Geosystems~~(Australia) ~~at a Glance~~ Pty

	Current			Prior
	Year			Year
	(01.04.03 to			(01.04.02 to			Change
(in million Swiss francs)	27.06.03)			28.06.02)			(%)
ORDER INTAKE — Continuing operations		174.9m			172.4m			1.5	%
SALES — Continuing operations		165.9m			151.3m			9.6	%
Surveying & Engineering		101.4m			94.8m			6.9	%
GIS & Mapping		23.2m			24.2m			-4.3	%
Consumer Products		13.9m			10.9m			27.5	%
Metrology		15.3m			11.3m			35.7	%
New Businesses		3.3m			2.8m			18.4	%
Special Products — Continuing operations		8.9m			6.8m			30.5	%
Central Services		0.0m			0.5m			n.m.
Gross margin — Continuing operations
— in percentage of sales		52.5	%		54.5	%	-2.0pts
EARNINGS
EBITDA — Continuing operations		28.1m			12.5m			125.0	%
— in percentage of sales		16.9	%		8.2	%
EBITA — Continuing operations		23.7m			15.6m			51.9	%
— in percentage of sales		14.3	%		10.3	%
EBIT — Continuing operations		11.1m			-3.6m			n.m.
— in percentage of sales		6.7	%		-2.4	%
Operating profit — Continuing operations		10.8m			-3.6m			n.m.
— in percentage of sales		6.5	%		-2.4	%
Net income		1.2m			-3.4m			n.m.
— in percentage of sales		0.7	%		-1.9	%
Earnings per share (CHF)
— basic		0.55			-1.51			n.m.
— diluted		0.54			-1.51			n.m.
Cash earnings per share (CHF)
— basic		7.48			6.33			18.2	%
— diluted		7.44			6.21			19.8	%
— non-cash adjustments		15.30			17.66			-13.3	%

Leica Geosystems, 6 August 2003 4 1st Quarter Results FY2003/04

1st Quarter FY 2003/04 Divisional Results

	Percentage			Division		Division		Division
	of Total			Sales		EBITDA		EBITDA
Division	Sales %			(CHF)		(CHF)		Margin
Surveying & Engineering		62	%		101.4m		21.1m		20.8	%
GIS & Mapping		14	%		23.2m		1.8m		7.8	%
Consumer Products		8	%		13.9m		2.4m		17.0	%
Metrology		9	%		15.3m		3.4m		22.5	%
New Businesses		2	%		3.3m		-1.5m		-46.0	%
Special Products		5	%		8.9m		2.7m		30.2	%
Central Services		0	%		0.0m		-1.8m
Total 1st Quarter		100	%		165.9m		28.1m		16.9	%

* * *

Balance Sheet Summary*

FY04

FY03

June 27,

March 31,

Dec. 27,

Sep. 27,

June 28,

(In million Swiss Francs)

2003

2002

Total Assets

693.1m

683.1m

749.1m

771.0m

770.0m

Net Debt**

166.5m

154.0m

220.3m

224.8m

247.6m

Total Equity

312.3m

313.6m

305.7m

309.5m

309.1m

Equity/Asset Ratio

45.1

45.9

40.8

40.1

Net Working Capital (NWC)

128.2m

112.1m

143.3m

132.1m

147.9m

NWC/Sales

19.3

16.0

18.2

17.7

20.8

Capital Expenditures on Tangible and Intangible Assets (excl. Goodwill)

11.8m

17.2m

11.7m

18.5m

14.4m

Goodwill

172.5m

177.5m

197.6m

216.4m

220.5m

Cash provided in Operating activities

7.1m

27.4m

16.2m

33.1m

-4.5m

*)		Balance Sheet as of March 31, 2003 reflects the impact of the divestments of Wiltronic AG and Leica Vectronix.
**)		Q1 FY04 amount is shown net of cash of CHF 1.5 million and capitalized debt issue cost/discounts of CHF 3.3 million.

* * *

Shared Related Data

2'207'225 registered shares
—		@ 50 CHF nominal per share: Share capital CHF 110.4m
—		@ 141.5 CHF carrying amount per share: Shareholders’ equity: CH 312.3m
—		@ 102.2 CHF average quarterly share price: Market capitalization (average 1st quarter): CHF 225.6m

* * *

Leica Geosystems, 6 August 2003 5 1st Quarter Results FY2003/04

Comprehensive and detailed information on Leica Geosystems’ first quarter FY 2003/04 results is available on our website www.leica-geosystems.com, Investor Relations, Shareholder News No 12.

* * *

Files can be called up electronically: you can download the text file directly from the Internet with a double-click: www.leica-geosystems.com.

* * *

Contact Person: George Aase, Director Investor Relations, Leica Geosystems AG, Heinrich-Wild-Strasse, CH-9435 Heerbrugg (Switzerland) — Internet: www.leica-geosystems.com
Telephone (direct)	+41 (0)71 727 3064	E-Mail	George.Aase@leica-geosystems.com
Telephone (operator)	+41 (0)71 727 3131	Fax	+41 (0)71 727 4678

Leica Geosystems, 6 August 2003 6 1st Quarter Results FY2003/04

Leica Geosystems, 6 August 2003 7 1st Quarter Results FY2003/04

Leica Geosystems’ Shareholder News

Issue 12 — Heerbrugg (Switzerland), 6 August, 2003

First Quarter — Fiscal Year 2004

Contents

1 Sales, Operating Expenses, Earnings

3 Balance Sheet and Cash Flow

4 Regional Results

5 Divisional Results

7 Other Matters Business Outlook

9 Condensed Financial Statements

14 Notes to the Financial Information

First Quarter Highlights

• Sales from continuing operations increased 9.6% and 14.5% on a currency-adjusted basis. • Operating expenses declined by over 10%. • Significant earnings growth:

• EBIT increased to CHF 11.1 million from a loss of CHF (3.6) million; • EBITDA increased to CHF 28.1 million with a margin of 16.9%; • EPS of CHF 0.55 versus CHF (1.51) in previous year; cash EPS of CHF 7.48 compared with CHF 6.33.

• Operating cash flow of CHF 7.1 million versus CHF 2.4 million (continuing operations) in previous year. • Lower Capital Expenditures (7.1% of sales vs. 9.3%) and improved net working capital ratio to sales at 19.3% versus 20.8% in previous year; free cash flow of CHF (4.8) million versus CHF (11.7) million. • Seasonally higher net debt at CHF 166.5 million (increase of CHF 12.5 million from fourth quarter).

Financial Overview

Continuing Operations

In accordance with IFRS 35, as a result of our divestments of Leica Vectronix AG and Wiltronic AG, our financial statements now segregate results between continuing and discontinued operations; continuing operations are those excluding Leica Vectronix AG and Wiltronic AG. To facilitate comparisons with the past, we have restated the quarterly results of fiscal year 2003 into this new format. Please refer to Footnote 4 in the attached financial statements for further details.

Sales and Order Intake

First quarter sales from continuing operations were CHF 165.9 million compared with CHF 151.3 million in the previous year, an increase of 9.6 percent. Sales grew by 14.5% on a currency-adjusted basis, reflecting the continued impact of the strengthening Swiss Franc on revenues. Sales growth was largely influenced by renewed growth in our Surveying & Engineering activities (+6.9%), combined with continued growth in Consumer Products (+27.5%), Metrology (+35.7%), Cyra (+18.4%) and Special Products (+30.5%); GIS & Mapping revenues declined by 4.3% due to the strengthening Swiss Franc. Order intake for the quarter was CHF 174.9 million, resulting in a book-to-bill ratio of 1.05.

Financial Overview

Gross Margin

With favorable contributions from high-range hardware products and increased software sales, margins remained above 50%. Compared with the first quarter of the previous year, margins were off slightly, primarily due to the relatively strong Swiss franc and increased competitiveness in certain product markets.

Operating Expenses

Operating expenses were CHF 76.4 million in the first quarter, down 11.3% from the previous year. Operating expense levels reflect our lower cost base after the completion of “Fit-together”, and were also favorably impacted by the lower USD/CHF exchange rate in the current period. The largest cost reductions were in General & Administrative expenses, which declined by 16%.

Operating expenses decline by 11.3% against previous year

Cash research and development costs declined by 11% compared with the previous year. However, amortization of previously capitalized costs increased to approximately the same level as new costs capitalized in the first quarter. As a result, net research and development costs increased by 1% over the previous year, and rose to 10% of sales compared with 9.2% in the previous year.

Intangible Assets

Intangible asset amortization includes the amortization of goodwill and capitalized product development costs (under IFRS 38). We amortize goodwill from our acquisitions over a 10-year period, and over 20 years for the goodwill from the 1998 Leica Geosystems Group LBO (55% of total goodwill). Capitalized product development costs are amortized over their useful life, which is, on average, three years. Goodwill amortization charges for the first quarter were CHF 4.0 million and capitalized product development amortization charges were CHF 8.2 million.

Currency Exposure

The Company has a net exposure to foreign currency movements of approximately CHF 119 million, of which approximately 15% is in US Dollars, 49% in Euro, and the balance in other currencies. Our corporate policy is to hedge a minimum of 40% of any net exposure twelve months forward. At the end of the first quarter, we have hedged approximately 61% of this net exposure for the coming twelve months.

Our balance sheet is also exposed to movements in exchange rates. Around 50% of our intangible assets are in US Dollars. We also have material levels of working capital in the United States. Net translation adjustments reduced equity by CHF 2.3 million in the first quarter.

Earnings

With strong sales, healthy gross profit margins and lower operating expenses, earnings improved significantly in the first quarter. EBIT grew to CHF 11.1 million, or 6.7% of sales, compared with a loss of CHF (3.6) million from continuing operations and total EBIT of CHF 4.0 million. Likewise, EBITDA rose materially, with current period EBITDA of CHF 28.1 million, or 16.9% of sales, compared with prior year EBITDA of CHF 12.5 million from continuing operations and total EBITDA of CHF 20.5 million.

Financing charges declined by CHF 3.7 million as a result of decreased interest costs on reduced debt levels and significantly lower translation

Financial Overview

losses on intercompany loans. Tax charges increased to CHF 4.0 million compared with a net benefit of CHF 2.2 million in the previous year. Taxes increased primarily as a result of proportionally higher taxable earnings outside of Switzerland.

Net income for the quarter was CHF 1.2 million compared with a prior year net loss of CHF (3.4) million. Earnings per share rose accordingly, to CHF 0.55, compared to a net loss per share of CHF (1.51) in the previous year.

Cash earnings per share increased by 18.2% to CHF 7.48, compared with CHF 6.33 in the previous year. Cash earnings per share are calculated as net earnings plus depreciation and non-cash amortization charges (i.e. goodwill and development cost amortization), non-cash currency translation losses and non-cash movements in provisions.

Balance Sheet and Cash Flow

Net working capital was 19.3% of sales at the end of the first quarter, reflecting seasonally higher levels of working capital in the first half of the fiscal year. Although higher than the fourth quarter, the net working capital ratio to sales is a marked improvement over the first quarter of the previous year, which was 20.8%. We continue to focus on reducing working capital investments through stringent credit and collection policies, optimization of supply-chain, inventory planning and logistics procedures, and prudent trade payables management.

Net Working Capital and Ratio to Sales

	First Quarter
	Current			Prior
	year			year
	(01.04.03 to			(01.04.02 to			Changes
(In million Swiss Francs)	27.06.03)			28.06.02)			(%)
ORDER INTAKE — Continuing operations		174.9			172.4			1.5	%
SALES — Continuing operations		165.9			151.3			9.6	%
Surveying & Engineering		101.4			94.8			6.9	%
GIS & Mapping		23.2			24.2			-4.3	%
Consumer Products (Disto)		13.9			10.9			27.5	%
Metrology		15.3			11.3			35.7	%
New Businesses		3.3			2.8			18.4	%
Special Products — Continuing operations		8.9			6.8			30.5	%
Central Services		0.0			0.5			n.m.
Gross margin — Continuing operations
— in percentage of sales		52.5	%		54.5	%	-2.0pts.
EARNINGS
EBITDA — Continuing operations		28.1			12.5			125.0	%
— in percentage of sales		16.9	%		8.2	%
EBITA — Continuing operations		23.7			15.6			51.9	%
— in percentage of sales		14.3	%		10.3	%
EBIT — Continuing operations		11.1			(3.6	)		n.m.
— in percentage of sales		6.7	%		-2.4	%
Operating profit / (loss) —
Continuing operations		10.8			(3.6	)		n.m.
— in percentage of sales		6.5	%		-2.4	%
Net income / (loss)		1.2			(3.4	)		n.m.
— in percentage of sales		0.7	%		-1.9	%
Earnings per share (CHF)
— basic		0.55			(1.51	)		n.m.
— diluted		0.54			(1.51	)		n.m.
Cash earnings per share (CHF)
— basic		7.48			6.33			18.2	%
— diluted		7.44			6.21			19.8	%
— non-cash adjustments		15.30			17.66			-13.3	%

Balance Sheet Summary	FY04			FY03			FY03			FY03			FY03
(see note 1)	June 27,			March 31,			Dec. 27,			Sep. 27,			June 28,
(Amounts in million Swiss Francs)	2003			2003			2002			2002			2002
Net Working Capital		128.2			112.1			143.3			132.1			147.9
Net Working Capital % of Sales		19.3	%		16.0	%		18.2	%		17.7	%		20.8	%
Total Assets		693.1			683.1			749.1			771.0			770.0
Net Debt (see note 2)		166.5			154.0			220.3			224.8			247.6
Total Equity		312.3			313.6			305.7			309.5			309.1
Equity / Asset Ratio		45.1	%		45.9	%		40.8	%		40.1	%		40.1	%
Capital Expenditures on Tangible and Intangible Assets		11.8			17.2			11.7			18.5			14.4
Goodwill		172.5			177.5			197.6			216.4			220.5
Cash provided in operating activities		7.1			27.4			16.2			33.1			-4.5

Note 1: Balance Sheet as of 31 March, 2003 reflects the impact of the divestments of Wiltronic AG and Vectronix AG.

Note 2: Q1 FY04 amount is shown net of cash of CHF 1.5 million and capitalized debt issue costs/discounts of CHF 3.3 million.

Financial Overview

Working capital in the first quarter also includes a CHF 7.0 million receivable related to proceeds outstanding from the January 2003 Vectronix divestment. These funds were received in July and will be included in the second quarter cash flow.

Significantly improved cash flow

Through strong earnings and relatively lower working capital investments, operating cash flow was CHF 7.1 million (4.3% of sales) in the first quarter compared with CHF 2.4 million (continuing operations) in the previous year. Capital Expenditures in the first quarter were CHF 11.8 million, split as follows; tangible capital expenditures of CHF 2.6 million, and intangible capital expenditures of CHF 9.2 million. Net of capital investments, we had a cash usage of CHF (4.8) million before proceeds from disposals, a significant improvement over the net usage of CHF (11.7) million in the previous year. Including cash generated from disposal of assets or used for acquisitions, cash flow for the current quarter was CHF (4.8) million, versus CHF (8.3) million in the previous year.

Net Debt & Net Debt to Equity Performance

Seasonally higher net debt in the first quarter

Net debt rose to CHF 166.5 million in the first quarter, an increase of approximately CHF 12.5 million. Borrowing requirements are typically higher in the first half of the fiscal year, reflecting seasonally higher receivables and investments in inventory prior to the European summer holidays. Additionally, the appreciation of the Euro in relation to the Swiss franc resulted in an increase of the recorded value of the high yield bonds by CHF 4.0 million. Net debt is comprised of Euro 65.0 million in long-term, high-yield bonds (equivalent to CHF 100.4 million at quarter end), CHF 64.2 million under the Revolving Credit Facility and CHF 1.9 million in various other borrowings.

Regional Results

Europe remains largest market with 52% of total company sales

The North American markets improved during the quarter despite ambiguous economic conditions, with sales growth of 8.2% over the previous year. The European markets remain a mixed picture, with slower demand in Germany offset by growing demand in Southern and Eastern Europe. Our Asian activities continue to benefit from increased market penetration in Australia and China. Additionally, sales in Asia benefited from improved performance by all divisions in Japan.

Regional Sales Growth

Strong growth in Asia and Europe, with encouraging growth in the Americas

Divisional Performance

Divisional Results

Surveying & Engineering Division

Sales grew by 6.9% in the first quarter, aided by recovery in the North American markets, strong growth in several European markets, and continued solid performance in China and Australia. On a currency-adjusted basis, first quarter sales increased by 10.6%, with 13% growth in local currency in North America. Several new products were launched this quarter, including the Division’s new GS20PDM — a GIS-GPS Professional Data Mapper, and the networked reference station software, Spider v1.0. Both products have been very well received in the market.

GIS & Mapping Division

On a currency-adjusted basis, GIS & Mapping revenues increased by 4.4% in the first quarter. The Division continues to benefit from strong software sales in the US defense sector. The development of the ADS and ALS markets remains positive, with sales of digital products approaching close to 50% of total hardware sales. Although the United States is the Division’s primary market, Asian markets, including Japan, are beginning to gain momentum.

Consumer Products Division

First quarter revenues increased by 27.5% over the previous year, marking the third consecutive quarter of +20% sales growth. Performance continues to be driven by demand for the new DISTOTM 5 products, particularly in Europe and Asia. The Division’s brand-label business remains a tremendous growth opportunity through increased penetration into new market segments.

	First Quarter
Sales and results	Current			Prior			Change
(In million Swiss Francs)	year			year			(mCHF)		(%)
SALES		101.4			94.8			6.6		6.9	%
EBIT		16.6			11.9			4.7		40.0	%
EBITDA		21.1			15.9			5.2		32.9	%
EBITDA Margin		20.8	%		16.7	%		—	4.1 pts

Through a lower cost base post “Fit-together”, the Division’s operating leverage has increased significantly. With higher sales, relatively stable gross margins and lower costs, EBIT increased 40% and EBITDA grew by 33% in the first quarter. The Division recorded an EBITDA margin of 20.8%, up from 16.7% in the previous year.

	First Quarter
Sales and results	Current			Prior			Change
(In million Swiss Francs)	year			year			(mCHF)		(%)
SALES		23.2			24.2			-1.0		-4.3	%
EBIT		-1.8			-3.8			2.0		53.2	%
EBITDA		1.8			0.0			1.8		n.m.
EBITDA Margin		7.8	%		0.1	%		—	7.7 pts

Profitability increased significantly over the previous year, with a CHF 2 million, or 53% improvement in EBIT in the first quarter. EBITDA was CHF 1.8 million, or 7.8% of sales, markedly higher than the break-even result in the previous year. Earnings improvements are largely due to a lower cost base after the completion of the integration and cost reduction efforts in the third quarter of fiscal year 2003.

	First Quarter
Sales and results	Current			Prior			Change
(In million Swiss Francs)	year			year			(mCHF)		(%)
SALES		13.9			10.9			3.0		27.5	%
EBIT		1.0			0.3			0.7		249.7	%
EBITDA		2.4			1.2			1.2		101.1	%
EBITDA Margin		17.0	%		10.8	%		—	6.2 pts

EBITDA margins increased to 17.0% in the first quarter, primarily as a result of positive gross margin development and lower costs.

Divisional Performance

Metrology Division

The Metrology Division performed well in the first quarter despite continued pressure in its end markets. Sales grew by 35.7% over the previous year and by 45.5% on a currency adjusted basis, primarily as a result of the base-effect of an unusually low first quarter in the previous year. Sales also benefited from increased spending on large aerospace projects. Opportunities within the automotive and general industrial sectors remain attractive.

	First Quarter
Sales and results	Current			Prior			Change
(In million Swiss Francs)	year			year			(mCHF)		(%)
SALES		15.3			11.3			4.0		35.7	%
EBIT		1.7			0.1			1.6		n.m.
EBITDA		3.4			1.0			2.5		257.5	%
EBITDA Margin		22.5	%		8.6	%		—	13.9 pts

Profitability remained healthy, with an EBITDA margin of 22.5%. EBIT also increased substantially, largely due to exceptionally low sales in the prior year.

New Businesses (Cyra) Division

Cyra’s revenues increased 18.4% in the first quarter and 24.8% on a currency-adjusted basis. Cyra continues to broaden its presence in non-US markets and has maintained its global market leadership position, despite increased competition. The Division views the expansion of participants as a sign of widening market acceptance of laser scanning technology as a viable and economical solution for complex surveying, facility management and engineering tasks.

	First Quarter
Sales and results	Current			Prior			Change
(In million Swiss Francs)	year			year			(mCHF)		(%)
SALES		3.3			2.8			0.5		18.4	%
EBIT		-3.5			-5.2			1.6		31.8	%
EBITDA		-1.5			-3.0			1.5		50.3	%
EBITDA Margin		-46.0	%		-109.4	%		—	63.4 pts

Although Cyra continues to operate at an EBITDA loss, the Division reduced its EBITDA losses by over 50%, largely due to cost reductions taken in the previous year.

Special Products Division—Continuing operations

The Division’s third-party manufacturing and GPS-Marine businesses continue to perform well, with sales from continuing operations growing by 30.5%. Earnings also remained healthy; EBIT increased 18.0% over the previous year and the Division achieved an EBITDA margin of over 30%.

	First Quarter
Sales and results	Current			Prior			Change
(In million Swiss Francs)	year			year			(mCHF)		(%)
SALES		8.9			6.8			2.1		30.5	%
EBIT		2.0			1.7			0.3		18.0	%
EBITDA		2.7			2.5			0.2		9.3	%
EBITDA Margin		30.2	%		36.0	%		—	-5.8 pts

Other Matters / Outlook

Other Matters

Employees

We had 2,361 employees at the end of June 2003, of which 59% were based in Europe, 25% in the Americas, and 16% in Asia and the rest of the world.

Annual Shareholder’s Meeting

The 2003 Annual General Shareholder’s Meeting will be held on September 3, 2003 at 15:00 CET in the Sporthalle Aegeten in Widnau, Switzerland. Please find attached the formal invitation, along with the agenda, the motions of the Board, and a registration form. All shareholders are cordially invited to participate in this meeting.

Share Performance

2,207,225 registered shares

— @ 50 CHF nominal per share: Share capital CHF 110.4m — @ 141.5 CHF carrying amount per share: Shareholders’ equity CHF 312.3m — @ 102.2 CHF average quarterly share price: Market capitalization (quart. average) CHF 225.6m

Business Outlook — Second Quarter and Full Year 2004 (barring any unforeseen circumstances)

Given the strong performance in the first quarter, and maintaining our previous expectations for the second half-year, we now expect top-line growth for the full year (from continuing operations) to exceed 5%, with growth likely to be in the range of 6% to 7%.

In terms of the second quarter, which has historically been the slowest quarter in our fiscal year, we would expect sales from continuing operations to be level with, or slightly below, the prior year.

Profitability should be higher in the second half of the year than the first, due primarily to higher sales and the timing of new product introductions, which are planned mostly for the third and fourth quarters. We expect EBITDA margins to remain above the previous year and further expect full year net income to be positive, despite a possible net loss in the second quarter.

On behalf of the Board of Directors, the management team and the employees of Leica Geosystems, we would like to thank you for your support and continued investment in Leica Geosystems.

Sincerely,

Mario Fontana Chairman of the Board Leica Geosystems Hans Hess CEO and Member of the Board of Directors Leica Geosystems

Financial Statements

CONDENSED FINANCIAL STATEMENTS

LEICA GEOSYSTEMS HOLDINGS AG

3 Months (1st Quarter) for the periods from April 1, 2002 to June 28, 2002 and April 1, 2003 to June 27, 2003

According to International Financial Reporting Standards (IFRS)

LEICA GEOSYSTEMS HOLDINGS AG

CONSOLIDATED STATEMENTS OF INCOME (in thousand CHF, except share data)

		unaudited
		3 Months (1st Quarter)
		This year		Last year
		For the period		For the period
		April 1, 2003 to		April 1, 2002 to
		June 27, 2003		June 28, 2002
Total Sales			165'928		177'938
Sales from discontinued operations			—		26'592
Sales from continuing operations			165'928		151'346
Cost of sales			-78'768		-68'825
	Gross profit		87'160		82'521
Research and development costs			-16'578		-16'438
Selling and marketing costs			-38'491		-42'068
General and administrative costs			-19'359		-23'144
Other operating income/(expense) net			-1'918		-3'914
Gain/(loss) on disposal of property, plant and equipment net			-5		-544
	Operating result from continuing operations		10'809		-3'587
	Operating result from discontinued operations		—		7'654
	Operating result		10'809		4'067
Income/(loss) from associated companies			317		-39
Finance costs			-5'928		-9'670
	Income/(loss) before tax		5'198		-5'642
Income tax benefit/(expense)			-3'995		2'236
	Net income/(loss)		1'203		-3'406
Weighted average number of ordinary shares in issue			2'207'225		2'251'762
	Basic earnings per share (single CHF)		0.55		-1.51
Adjustments for share options			11'895		43'482
Weighted average number of shares for diluted earnings per share			2'219'120		2'295'244
	Diluted earnings per share (single CHF)		0.54		-1.51

LEICA GEOSYSTEMS HOLDINGS AG

CONSOLIDATED BALANCE SHEETS (in thousand CHF)

		unaudited		audited
		June 27, 2003		March 31, 2003
ASSETS
Current assets
Cash and cash equivalents			1'541		1'701
Trade accounts receivable			147'975		141'624
Inventories			112'062		104'507
Prepayments and accrued income			13'543		12'999
Other current assets			17'979		15'039
	Total current assets		293'100		275'870
Non-current assets
Property, plant and equipment			91'581		93'545
Goodwill			172'471		177'484
Other intangible assets			92'446		92'066
Investments in associates			8'538		8'091
Deferred taxes			33'452		34'202
Other non-current assets			1'548		1'795
	Total non-current assets		400'035		407'183
TOTAL ASSETS			693'135		683'053
	of which discontinued operations		—		—
LIABILITIES AND EQUITY
Current liabilities
Bank overdrafts			140		1'269
Loans and borrowings			5'028		5'829
Trade accounts payable			56'941		57'891
Advance payments			734		502
Accrued compensation			27'798		26'127
Other accrued liabilities			37'560		32'831
Provisions			8'626		10'609
Corporate tax, current			21'030		20'201
Other current liabilities			10'643		13'910
	Total current liabilities		168'501		169'169
	of which discontinued operations		—		—
Non-current liabilities
Loans and borrowings
Revolving Credit Facility			63'034		52'945
	9 7/8% Notes		98'264		93'842
	Other loans & borrowings		1'585		1'959
Pension obligations			12'160		12'959
Deferred taxes			34'159		35'132
Other non-current liabilities			3'167		3'427
	Total non-current liabilities		212'369		200'264
	Total liabilities		380'869		369'433
Shareholders’ Equity
Share capital			110'362		110'478
Share premium			59'807		59'918
Reserves			250'788		250'788
Accumulated deficit			-75'399		-76'602
	Hedging and currency translation adjustment		-33'291		-30'962
	Total shareholders’ equity		312'266		313'620
TOTAL LIABILITIES AND EQUITY			693'135		683'053

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

LEICA GEOSYSTEMS HOLDINGS AG

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (in thousand CHF, except number of shares)

		Number of								Hedging and
		registered				Share		Accumu-		currency
		shares		Share		Premium/		lated		translation
		issued		Capital		Reserves		Deficit		adjustment		TOTAL
Balance at March 31, 2002			2'251'101		112'554		316'178		-98'517		2'060		332'275
	Issuance of common stock		2'704		135		412		—		—		547
	Treasury shares movement		14		1		1		—		—		2
	Net Loss		—		—		—		-3'406		—		-3'406
	Cash flow hedging adjust. (net of tax)		—		—		—		—		1'996		1'996
	Currency translation adjustment		—		—		—		—		-22'330		-22'330
Balance at June 28, 2002			2'253'819		112'690		316'591		-101'923		-18'274		309'084
Balance at March 31, 2003			2'209'554		110'478		310'706		-76'602		-30'962		313'620
	Issuance of common stock		—		—		—		—		—		—
	Treasury shares movement		-2'329		-116		-112		—		—		-228
	Net Income		—		—		—		1'203		—		1'203
	Cash flow hedging adjust. (net of tax)		—		—		—		—		-1'762		-1'762
	Currency translation adjustment		—		—		—		—		-567		-567
Balance at June 27, 2003			2'207'225		110'362		310'595		-75'399		-33'291		312'266

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

LEICA GEOSYSTEMS HOLDINGS AG

CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS (in thousand CHF)

		unaudited
		3 Months (1st Quarter)
		This year		Last year
		For the period		For the period
		April 1, 2003 to		April 1, 2002 to
		June 27, 2003		June 29, 2002
Cash Flows from Operating Activities:
Operating profit			10'809		4'067
	Net interest expense paid		-6'034		-5'958
	Taxes paid		-2'655		-978
	Depreciation and amortization		16'963		16'445
	Other non-cash items		178		544
	Changes in assets and liabilities		-12'198		-18'582
Cash provided by/(used in) operating activities			7'063		-4'462
	of which discontinued operations		—		-6'854
Cash Flows from Investing Activities:
	Purchase of property, plant and equipment		-2'629		-4'355
	Cash expended on intangible assets		-9'212		-10'080
	Sale of assets		—		3'342
Cash provided by/(used in) investing activities			-11'840		-11'093
	of which discontinued operations		—		-359
Cash Flows from Financing Activities:
	Loans and borrowings		5'948		16'333
	Debt issuance costs		-1'015		—
	Proceeds from issue of share capital and own shares		-228		259
Cash provided by/(used in) financing activities			4'704		16'592
	of which discontinued operations		—		8'055
Effect of exchange rate changes on cash and cash equivalents			-88		-246
Net increase/(decrease) in cash and cash equivalents			-160		791
Cash and cash equivalents at beginning of specified period			1'701		2'990
Cash and cash equivalents at end of specified period			1'541		3'781
	of which discontinued operations		—		889

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

LEICA GEOSYSTEMS HOLDINGS AG

CONDENSED CONSOLIDATED SEGMENT INFORMATION (in thousand CHF) BUSINESS SEGMENTS

		unaudited
		3 Months (1st Quarter)
		This year		Last year
		For the period		For the period
		April 1, 2003 to		April 1, 2002 to
		June 27, 2003		June 28, 2002
Sales to external customers:
Surveying & Engineering			101'394		94'844
GIS & Mapping			23'190		24'240
Consumer Products			13'947		10'935
Metrology			15'265		11'251
New Business			3'259		2'753
	Total Segments		157'056		144'023
Special Products — Continuing operations			8'872		6'799
Special Products — Discontinued operations			—		26'592
Central Services			—		524
	Total sales to external customers		165'928		177'938
Results:
Surveying & Engineering			16'626		11'877
GIS & Mapping			-1'710		-3'695
Consumer Products			1'032		295
Metrology			1'680		163
New Business			-3'544		-5'193
	Total Segments		14'083		3'447
Special Products — Continuing operations			1'610		1'550
Special Products — Discontinued operations			—		7'654
Central Services			-4'884		-8'584
	Total operating profit/(loss)		10'809		4'067
Income/(loss) from associated companies:
GIS & Mapping			-62		-88
Metrology			—		-76
	Total Segments		-62		-164
Special Products — Continuing operations			368		125
Central Services			11		—
	Total associates gain/(loss)		317		-39
Depreciation and Amortization:
Surveying & Engineering			-4'455		-3'985
GIS & Mapping			-3'576		-3'797
Consumer Products			-1'341		-885
Metrology			-1'759		-875
New Business			-2'045		-2'180
	Total Segments		-13'176		-11'722
Special Products — Continuing operations			-701		-775
Special Products — Discontinued operations			—		-336
Central Services			-3'085		-3'612
	Total depreciation and amortization		-16'963		-16'445
EBITDA:
Surveying & Engineering			21'081		15'862
GIS & Mapping			1'804		14
Consumer Products			2'372		1'180
Metrology			3'439		962
New Business			-1'498		-3'013
	Total Segments		27'198		15'005
Special Products — Continuing operations			2'678		2'450
Special Products — Discontinued operations			—		7'990
Central Services			-1'787		-4'972
	Total EBITDA		28'089		20'473

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

LEICA GEOSYSTEMS HOLDINGS AG

NOTES TO THE UNAUDITED, CONDENSED AND CONSOLIDATED FINANCIAL INFORMATION (in thousand CHF)

1 Accounting policies

These consolidated interim condensed financial statements are prepared in accordance with IAS34 Interim Financial Reporting. The accounting policies used in the preparation of the interim financial statements are consistent with those used in the annual financial statements for the year ended March 31, 2003.

These condensed and consolidated interim financial statements should be read in conjunction with the annual financial statements for the Fiscal Year ended March 31, 2003.

2 Finance costs

The Finance costs (in thousand CHF) for the comparative periods are itemized below:

	unaudited
	3 Months (1st Quarter)
	This year		Last year
	For the period		For the period
	April 1, 2003 to		April 1, 2002 to
	June 27, 2003		June 28, 2002
Interest income		15		310
Interest expense:
Revolving Credit Facility		-837		-1'634
9 7/8% Notes		-2'605		-2'318
Other		-70		-33
Total interest expense		-3'512		-3'985
Debt acquisition, issuance and share offering costs:
Amort. of debt acquisition cost — Revolving Credit Facility		-551		-572
Amort. of debt acquisition cost — 9 7/8% Notes		-95		-96
Total debt acquisition, issuance and share offering costs		-646		-668
Foreign exchange gains/(losses) on borrowings		-1'785		-5'327
Total finance costs		-5'928		-9'670

3 New Senior Revolving Multi-Currency Credit Facility

On May 23, 2003, the Company signed a new three-year Senior Revolving Multi-Currency Credit Facility (the “Credit Facility”). The new “Credit Facility”, effective mid-June, 2003, is in the amount of CHF 150 million and replaced the initial CHF 240 million Senior Revolving Credit Facility, as well as CHF 30 million in other auxiliary facilities.

The new “Credit Facility” is comprised of seven syndicate banks with UBS AG Zurich acting as Agent. The new “Credit Facility” contains a number of standard restrictions on the ability of the borrowers to grant security, declare dividends, make acquisitions and disposals etc. However, the company has negotiated numerous specific and general exceptions to these covenants, which give flexibility to operate the company’s day-to-day business.

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

LEICA GEOSYSTEMS HOLDINGS AG

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL INFORMATION (in thousand CHF)

4 Continuing and discontinued operations

The Company divested its defense business as well as its electronic parts manufacturing entities of Wiltronic (including its subsidiary in Austria) in Fiscal Year 2003. Both divestments were announced in January 2003. For Wiltronic the Company retains a 25% interest, including a put option (held by Leica) and a call option (held by Escatec). The sale of Wiltronic was effective retroactive to January 1, 2003 and was therefore deconsolidated as of the beginning of quarter four of the Company’s previous Fiscal Year. The Company’s defense business, consisting of Leica Vectronix AG (in Heerbrugg, Switzerland) and Leica Technologies Inc (Delaware, USA), was deconsolidated as of February 1, 2003.

Taking the divestments into account, the Company prepared the following consolidated income statements for the comparative quarterly periods of Fiscal Year 2003 (prior year) of which in particular the cost of sales, the gross profit and the operating expenses reflect continuing operations:

unaudited

audited

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Full FY03

Total Sales

177'938

186'406

196'295

175'174

735'813

Sales from discontinued operations

26'592

30'365

25'026

3'519

85'501

Sales from continuing operations

151'346

156'041

171'269

171'655

650'312

Cost of sales

-68'825

-73'950

-83'423

-87'853

-314'051

Gross profit

82'521

82'091

87'846

83'802

336'261

Research and development costs

-16'438

-13'487

-16'355

-17'206

-63'486

Selling and marketing costs

-42'068

-40'131

-39'728

-40'064

-161'990

General and administrative costs

-23'144

-18'572

-20'565

-15'613

-77'894

Other operating income/(expense) net

-3'914

-9'510

-4'585

-4'013

-22'022

Gain/(loss) on disposal of property, plant and equipment net

-544

-105

-287

-133

-1'069

Operating result from continuing operations

-3'587

287

6'327

6'774

9'801

Operating result from discontinued operations

7'654

7'864

5'985

31'938

53'441

Operating result

4'067

8'151

12'312

38'712

63'242

Income/(loss) from associated companies

-39

-124

183

-2'557

-2'538

Finance costs

-9'670

-357

-3'183

-6'147

-19'357

Income/(loss) before tax

-5'642

7'670

9'312

30'008

41'347

Income tax benefit/(expense)

2'236

-5'406

-1'317

-14'945

-19'432

Net income/(loss)

-3'406

2'264

7'995

15'063

21'915

Weighted average number of ordinary shares in issue

2'251'762

2'250'426

2'237'039

2'209'554

2'237'195

Basic earnings per share (single CHF)

-1.51

1.01

3.57

6.82

9.80

Adjustments for share options

43'482

1'642

—

4'624

Weighted average number of shares for diluted earnings per share

2'295'244

2'252'068

2'237'039

2'209'554

2'241'819

Diluted earnings per share (single CHF)

-1.51

1.01

3.57

6.82

9.78

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

LEICA GEOSYSTEMS HOLDINGS AG

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL INFORMATION (in thousand CHF)

The Company also determined the figures of discontinued operations under certain assumptions for the quarterly comparative periods of Fiscal Year 2003. The financial impact of the divestments is summarized in the following income statements:

unaudited

audited

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Full FY03

Sales from discontinued operations

26'592

30'365

25'026

3'519

85'501

Cost of sales

-14'308

-17'552

-13'944

-2'167

-47'971

Gross profit

12'284

12'813

11'082

1'352

37'530

Research and development costs

-563

-637

-981

-287

-2'468

Selling and marketing costs

-2'994

-2'989

-2'640

-919

-9'543

General and administrative costs

-1'000

-1'030

-1'209

-253

-3'492

Other operating income/(expense) net

-73

-292

-266

-574

Gain on sale of discontinued operations

—

31'989

Operating result from discontinued operations

7'654

7'864

5'985

31'938

53'441

Finance costs

-168

-54

168

-40

Income before tax

7'486

7'810

6'153

31'952

53'401

Income tax benefit/(expense)

-1'810

-2'041

-1'247

-12'665

-17'763

Net income from discontinued operations

5'676

5'769

4'906

19'287

35'638

Balance sheet:		Assets and liabilities as of March 31, 2003 do not include any amounts related to discontinued operations.
Cash flow:		Discontinued operations affected the Company’s cash flow statements in Fiscal Year 2003 as follows:

unaudited

audited

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Full FY03

Cash provided by/(used in) operating activities

-6'854

16'310

4'334

-718

13'072

Cash used in investing activities

-359

-622

-270

-61

-1'312

Cash provided by/(used in) financing activities

8'055

-15'843

-1'877

-295

-9'960

Cash and cash equivalents at end of specified period of discont. operations

889

734

2'921

1'847

5 Post balance sheet events

There are no events to report which could have a significant influence on the financial statements for the period ended June 27, 2003.

For electronic copies of this publication and other company information, please visit our website at: www.leica-geosystems.com/investor/index.htm Company contact information: Investor Relations: George Aase Director Investor Relations Phone +41-71-727-3064 Email: investor@leica-geosystems.com Leica Geosystems CH-9435 Heerbrugg (Switzerland) Phone +41 71 727 31 31 Fax +41 71 727 46 73 www.leica-geosystems.com

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Filing Compare · LEICA GEOSYSTEMS FINANCE PLC