FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

For the month of ~~September~~ November 2003

LEICA GEOSYSTEMS FINANCE PLC

Davy Avenue, Knowlhill Milton Keynes, MK5 8L8LB 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 x Form 40-F o

[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 o No Xx

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

Enclosure: ~~Press~~Second ~~Release~~Quarter ~~dated~~Results ~~September 24,~~of FY 2003/04

TABLE OF CONTENTS

Communication to ~~Media~~Investors and ~~Investors~~Media Second Quarter Fiscal Year 2004 CONDENSED FINANCIAL STATEMENTS NOTES TO THE UNAUDITED, CONDENSED AND CONSOLIDATED FINANCIAL INFORMATION SIGNATURES

Communication to ~~Media~~Investors and ~~Investors~~Media NoMore 29detailed Einformation ~~Laser~~at ~~scanning~~www.leica-geosystems.com 2nd Quarter Results FY 2003/04 (~~September~~November 2003) Contact George Aase, Director Investor Relations, Phone +41 (0)71 727 3064 Fritz Staudacher, Corporate Communications, Phone +41 (0)79 201 5891 Leica Geosystems ~~AGHeinrich~~AG Heinrich-Wild-~~StrasseCH~~Strasse CH-9435 Heerbrugg (Switzerland) www.leica-geosystems.com

~~Further~~Leica ~~strengthening~~Geosystems ~~its~~continues ~~position~~sales inand ~~the~~earnings ~~emerging field of 3D laser scanning~~growth

~~Leica~~• ~~Geosystems~~Sales ~~Announces~~from ~~Next~~continuing ~~Phases~~operations ofincrease 3D5% ~~Laser~~and ~~Scanning~~7% ~~Business~~ on currency-adjusted basis; 1HY sales increase 7.3% and 10.7% on currency-adjusted basis.

~~Heerbrugg,~~• ~~September 24,~~Order ~~2003~~intake ~~– Leica Geosystems (SWX: LGSN) today announced several developments in its emerging 3D laser scanning business (New Business Division). First, Leica Geosystems announced the concept~~ of ~~High-Definition~~CHF ~~Surveying™ (HDS™) as a new standard and refined description of what has often been referred to as “3D laser scanning~~164.” This initiative recognizes both the basic differentiation of laser scanning versus discrete measurement methods and the technology’s maturation for surveyors and measurement professionals. Second, the Company announced its eagerly awaited, next-generation laser scanner, the Leica HDS3000, and software, Cyclone 5.0. ~~These~~million ~~products~~with ~~will make laser scanning (i.e. High~~book-Definition Surveying) more user-friendly and cost-effective for a broader range of as-built, detail and engineering surveys. Finally, acknowledging the complementary value of ultra-high-speed, phase-based laser scanners to ~~Leica Geosystems’ versatile, time~~-~~of-flight~~bill ~~scanners,~~ratio ~~the Company announced an OEM partnership with Zoller+Fröhlich (Wangen, Germany; www.zofre.de). Leica Geosystems will private-label Zoller+Fröhlich (Z&F) laser scanners as part~~ of ~~Leica Geosystems’ new “HDS product family”~~1. ~~Together these activities are expected to reinforce Leica Geosystems’ leadership position in this emerging market~~0.

~~“We~~• ~~have~~Operating ~~chosen~~expenses ~~this new terminology, High-Definition Surveying™, partly in recognition of the increasing significance of this technology to surveying, engineering and other measurement professionals~~5.1% ~~Both~~below ~~TPS (Terrestrial Positioning Systems) and GPS are examples of how a technology solution can fundamentally improve~~ the ~~way~~previous ~~work is done~~year. High-Definition Surveying™ represents yet another major advance for these professionals,” states Erwin Frei, president of Leica Geosystems’ New Business (Cyra) division. “In addition to providing increased productivity for various applications, HDS™ also offers clients significant added value in accuracy, detail and completeness,” adds Frei.

~~Now~~• ~~Three~~Earnings ~~Laser~~rise ~~Scanning~~in ~~Systems Under~~ the ~~Leica~~second Geosystems Name By describing this technology as High-Definition Surveying, Leica Geosystems is stating that its new product generation is fully fit and friendly for surveying and measurement professionals. For example, the new flagship Leica HDS3000 time-of-flight scanner not only has the look and feel of a survey instrument, but it also supports many standard surveying procedures for instrument setup and operation. The Leica HDS3000 also features advanced capabilities that quarter:

•

EBIT of CHF 5.2 million from CHF 0.2 million in the previous year;

•

EBITDA of CHF 22.7 million with margin of 13.8% versus 10.9% in previous year;

•

Cash EPS of CHF 12.72 compared with CHF 6.22.

•

Operating cash flow of CHF 18.0 million.

Heerbrugg (Switzerland), 5 November, 2003 — Leica Geosystems (SWX: LGSN) today reported continued momentum in its business, with sales and earnings growth in the second quarter. The Company stated that demand for its products and solutions was solid in all divisions this quarter, and attributed the 5% growth in revenues to its leading market position in Europe, rapidly growing demand in Asia, and emerging signs of recovery in the US. During the quarter Leica Geosystems announced a series of new products that should position the Company for continued growth. As a result of its lower cost base, the Company extended its trend of earnings growth into the second quarter, with improved EBIT, EBITDA and cash earnings per share.

Sales increase by 5%; currency-adjusted sales increase by 7%
Leica Geosystems’ sales from continuing operations increased by 5.0% in the second quarter, with revenues rising to CHF 163.8 million compared with CHF 156.1 million in the previous year. Sales performance was largely influenced by growth in the Company’s Surveying & Engineering activities (+4.4%), coupled with significant growth in Consumer Products (+41.6%) and stable performance in Metrology (+1.9%), Cyra (+13.1%) and Special Products (+6.2%). GIS & Mapping sales declined 3.3% as a result of the strengthening Swiss franc, but grew 4.4% on a currency-adjusted basis.

~~will~~Operating ~~significantly~~costs ~~reduce~~cut ~~both~~by ~~field~~5.1% ~~and~~against ~~office~~the ~~labor~~previous ~~content~~year Leica ~~for~~Geosystems ~~laser scanning~~has ~~projects~~been able to keep its operating expenses well under control, ~~thus~~with ~~making~~second quarter costs 5.1% below previous year levels. The Company attributed the ~~HDS3000~~lower acosts ~~cost-effective~~to ~~tool~~sustainable productivity ~~for~~improvements afrom previous restructuring initiatives and the ~~broader~~ongoing ~~range~~benefit of asa weak US dollar. For the first half-~~built~~year, ~~detail,~~Leica Geosystems’ ~~and~~operating ~~engineering~~expenses ~~surveys~~were 8.3% below previous year levels.

~~Recognizing~~EBITDA ~~the~~growth ~~importance~~ of ~~emerging~~33.1% Leica ~~phase-based~~Geosystems ~~laser~~reported ~~scanning technology~~increases in its second quarter EBIT, ~~Leica~~EBITDA ~~Geosystems~~and cash ~~also~~earnings ~~announced~~per ~~the~~share. ~~addition~~EBIT offor the ~~Leica~~quarter was CHF 5.2 million compared ~~HDS4500~~with ~~scanner,~~CHF ~~based~~0.2 million onfrom ~~its~~continuing ~~new~~operations ~~OEM~~in ~~partnership~~the ~~with~~previous ~~Zoller+Fröhlich~~year. ~~The~~EBITDA ~~ultra-high-speed~~increased ~~scanning~~by ~~rates~~33.1% ~~(>100~~to CHF 22.7 million,~~000~~ ~~points/sec)~~or 13.8% of sales, compared ~~phase-based~~with ~~ranging~~prior ~~systems~~year ~~have~~EBITDA ~~proven~~from ~~beneficial~~continuing ~~for~~operations ~~quickly~~of CHF 17.0 million ~~capturing~~(10.9% ~~interiors~~of sales). EBITDA margins improved in most of ~~plants,~~the ~~tunnels~~Company’s divisions, ~~and~~with ~~buildings,~~strong ~~when~~margins ~~only~~in ~~very brief~~Surveying ~~time~~& ~~windows~~Engineering ~~may~~(16.8%), beGIS ~~available~~& Mapping ~~for~~(15.5%) ~~collecting~~and ~~field~~Metrology ~~data~~(26.8%). AEBITDA ~~third~~margins in the Consumer ~~HDS™~~Products ~~family~~division ~~member,~~declined ~~Leica~~to ~~HDS2500~~6.4%, isdue ato ~~re-labeled~~an ~~Cyrax®~~unfavorable ~~2500~~sales ~~scanner,~~mix and ~~Leica~~various ~~Geosystems’~~marketing ~~(and~~initiatives in the ~~industry~~quarter. Lastly, although the Company’s) ~~most~~Cyra ~~popular~~business ~~scanner~~continues to ~~date,~~operate at an EBITDA loss, Cyra areduced ~~more~~its ~~affordable~~EBITDA ~~price~~losses again this quarter, in large part due to operating cost reductions made in the previous year.

~~Advances~~The inCompany ~~Leica~~recorded ~~Geosystems’~~second ~~Industry~~quarter ~~Standard~~net ~~Software Leica~~income ~~Geosystems’~~of ~~HDS™~~CHF ~~product~~0.7 million compared ~~family~~with ~~rounds~~CHF ~~out~~2.3 million ~~with~~in the ~~latest versions~~previous ~~of Cyclone™ and CloudWorx™ software~~year. ~~They~~Net ~~provide~~income ~~a full set of surveying and engineering tools~~ for ~~creating Leica-quality~~the ~~deliverables~~first ~~and~~half ~~managing~~year ~~large~~was ~~data~~CHF ~~sets with unparalleled ease and office efficiency~~1.9 million ~~Cyclone~~compared ~~5.0,~~with a ~~major~~loss ~~new release~~ of ~~the~~CHF ~~industry’s~~(1.1) ~~most~~million ~~popular point cloud processing software, enables a ten-fold increase~~ in the ~~size~~previous ofyear. ~~high-definition~~Cash ~~data~~earnings ~~sets~~per ~~that~~share ~~can~~were beCHF ~~easily managed~~12.72 ~~Like~~ in the ~~HDS3000~~second ~~laser scanner~~quarter, ~~Cyclone~~compared ~~5.0~~with ~~also~~CHF ~~offers~~6.22 ~~new features~~in ~~specifically~~the ~~for~~previous ~~surveyors~~year, ~~such as “stationing” coordinates~~ and ~~alignment & offset notations~~CHF 20.20 ~~CloudWorx™~~for ~~offers~~the ~~full~~first ~~CAD integration,~~half ~~making~~year ~~HDS™~~versus ~~data~~CHF ~~sets~~12.55 ~~easily~~in ~~accessible~~the toprevious ~~a wide array of professionals including architects, civil engineers, plant designers, etc~~year.

~~“As~~Continued ~~members~~positive ofoperating acash ~~new family of HDS™ solutions, these new products~~flow ~~clearly~~Through ~~demonstrate~~strong ~~that~~earnings ~~Leica~~and ~~Geosystems~~lower isworking ~~not~~capital ~~only~~investments, the ~~innovation~~Company ~~leader~~generated incash ~~laser~~flow ~~scanning~~from ~~technology,~~operations ~~but~~of ~~that~~CHF it18.0 million isin ~~applying~~the ~~this~~second ~~innovation~~quarter tocompared ~~help~~with ~~increase~~CHF ~~the~~16.8 million ~~value~~(continuing ofoperations) ~~deliverables~~in ~~while~~the ~~simultaneously~~previous ~~reducing the cost of operation,” adds Frei~~year. ~~“With~~Leica ~~a complete~~Geosystems’ ~~family~~net ofdebt ~~HDS™~~fell ~~solutions,~~by aapproximately ~~broader~~CHF ~~array of applications and~~6.9 ~~problems~~million, ~~can~~or ~~be solved~~4.0%, ~~which~~during ~~increases~~ the ~~overall~~quarter, ~~business opportunity~~down ~~for~~to ~~our~~CHF ~~existing and future customers~~159.”6 million.

Business Outlook — Third Quarter and Full Year 2004
(Barring any unforeseen circumstances)
The Company stated that its business outlook for the fiscal year was unchanged. Leica Geosystems continues to expect full year sales growth to be in the range of 6% to 7%. In terms of the remaining two quarters, the Company expects revenues in both quarters to exceed the previous year. Fourth quarter sales should exceed the third, given the usual seasonality of Leica’s business, and the phasing of new product releases over the two quarters. For the balance of the fiscal year Leica Geosystems continues to

expect EBITDA margins to be above the previous year. As previously communicated, the Company expects net income for the remaining two quarters of the year to be positive.

* * *

~~Investor~~Under ~~Relations~~the ~~Contact:~~safe harbor provisions of the U.S. Private Securities Litigation ~~George~~Reform ~~Aase~~Act of 1995, we caution investors that all statements other than ~~Telephone~~statements ~~(direct) +41~~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 (0including development plans and objectives relating to our existing and future products)71, ~~727~~are forward-looking ~~3064~~statements. Such forward-looking statements involve known and Eunknown 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-~~Mail~~looking ~~George~~statements.~~Aase@leica~~ Such forward-~~geosystems~~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.~~com~~ Important factors that could cause our actual results, performance or achievements to differ materially from those in the forward-looking ~~Media~~statements ~~Contact~~include, among other factors: (i) our ability to develop and ~~Fritz~~introduce ~~Staudacher~~new products and technologies that gain market acceptance on a ~~Telephone~~timely basis; (~~direct~~ii) ~~+41~~ our ability to respond to competitive challenges, such as the introduction of innovative products or technologies by our competitors; (0iii)71 our ~~727~~ability ~~3043~~to identify and realize growth Eopportunities; and (iv) overall levels of investment in infrastructure and capital spending in our markets. Additionally, any forward-~~Mail~~looking ~~Fritz~~statements speak only as of the date of this document.~~Staudacher@leica~~ We expressly disclaim any obligation or undertaking to release publicly any update of or revisions to any forward-~~geosystems~~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.~~com~~

2nd Quarter Results FY2003/04 of Leica Geosystems at a Glance


		Current			Prior
		year			year
(in million Swiss Francs)		(28.6.03 to			(29.6.02 to			Changes
		26.09.03)			27.09.02)			(%)

ORDER INTAKE — Continuing operations			164.0m			165.1m			-0.6	%
SALES — Continuing operations			163.8m			156.0m			5.0	%
Surveying & Engineering			101.8m			97.5m			4.4	%
GIS & Mapping			22.7m			23.5m			-3.3	%
Consumer Products			12.5m			8.8m			41.6	%
Metrology			15.8m			15.5m			1.9	%
New Businesses			3.8m			3.4m			13.1	%
Special Products — Continuing operations			7.2m			6.8m			6.2	%
Central Services			0.0m			0.6m			-100.0	%
Gross margin (continuing operations) in percentage of sales			50.3	%		52.6	%	-2.3		pts

EARNINGS
EBITDA — Continuing operations			22.7m			17.0m			33.1	%
— in percentage of sales			13.8	%		10.9	%
EBITA — Continuing operations			18.1m			12.0m			50.9	%
— in percentage of sales			11.1	%		7.7	%
EBIT — Continuing operations			5.2m			0.2m			3108.3	%
— in percentage of sales			3.2	%		0.1	%
Operating profit — Continuing operations			4.7m			0.3m			1542.1	%
— in percentage of sales			2.9	%		0.2	%
Net income			0.7m			2.3m			*-69.4*	%
— in percentage of sales			0.4	%		1.2	%
Earnings per share (CHF)
— basic			0.31			1.01			-68.9	%
— diluted			0.31			1.01			-69.5	%
Cash earnings per share (CHF)
— basic			12.72			6.22			104.5	%
— diluted			12.48			6.21			100.9	%
	non-cash adjustments		27.48			11.73			134.3	%

1st Half Year Results FY2003/04 of Leica Geosystems at a Glance


		Current			Prior
		year			year
(in million Swiss Francs)		(01.04.03 to			(01.04.02 to			Changes
		26.09.03)			27.09.02)			(%)

ORDER INTAKE — Continuing operations			338.9m			337.5m			0.4	%
SALES — Continuing operations			329.8m			307.4m			7.3	%
Surveying & Engineering			203.1m			192.3m			5.6	%
GIS & Mapping			45.9m			47.7m			-3.7	%
Consumer Products			26.4m			19.8m			33.4	%
Metrology			31.1m			26.7m			16.3	%
New Businesses			7.1m			6.2m			14.6	%
Special Products — Continuing operations			16.1m			13.6m			18.3	%
Central Services			0.0m			1.1m			-100.0	%
Gross margin in percentage of sales			51.4	%		53.6	%	-2.2		pts

EARNINGS
EBITDA — Continuing operations			50.8m			29.5m			72.0	%
— in percentage of sales			15.4	%		9.6	%
EBITA — Continuing operations			41.8m			19.9m			109.7	%
— in percentage of sales			12.7	%		6.5	%
EBIT — Continuing operations			16.3m			-3.5m			575.5	%
— in percentage of sales			5.0	%		-1.1	%
Operating profit — Continuing operations			15.5m			-3.3m			568.3	%
— in percentage of sales			4.7	%		-1.1	%
Net income			1.9m			-1.1m			266.0	%
— in percentage of sales			0.6	%		-0.3	%
Earnings per share (CHF)
— basic			0.86			-0.51			269.3	%
— diluted			0.85			-0.51			267.4	%
Cash earnings per share (CHF)
— basic			20.20			12.55			60.9	%
— diluted			19.92			12.54			58.8	%
	non-cash adjustments		42.79			29.39			45.6	%

2nd Quarter FY 2003/04 Divisional Results


	Percentage of			Division		Division		EBITDA-
Division	Total Sales			Sales		EBITDA		Margin % of
	(%)			(CHF)		(CHF)		Sales

Surveying & Engineering		62	%		101.8m		17.1m		16.8	%

GIS & Mapping		14	%		22.7m		3.5m		15.5	%

Consumer Products		8	%		12.5m		0.8m		6.4	%

Metrology		10	%		15.8m		4.2m		26.8	%

New Businesses		2	%		3.8m		-2.0m		-51.9	%

Special Products		4	%		7.2m		2.2m		30.2	%

Central Services		0	%		0.0m		-3.2m		—

Total 2nd Quarter		100	%		163.8m		22.7m		13.8	%

1st Half Year FY 2003/04 Divisional Results


	Percentage of			Division		Division		EBITDA-
Division	Total Sales			Sales		EBITDA		Margin of
	(%)			(CHF)		(CHF)		Sales

Surveying & Engineering		62	%		203.1m		38.2m		18.8	%

GIS & Mapping		14	%		45.9m		5.3m		11.6	%

Consumer Products (Disto)		8	%		26.4m		3.2m		12.0	%

Industrial Measurement		9	%		31.1m		7.7m		24.7	%

New Businesses (Cyra)		2	%		7.1m		-3.5m		-49.2	%

Special Products		5	%		16.1m		4.9m		30.2	%

Central Services		0	%		0.0m		-5.0m		—

Total 1st Half Year		100	%		329.8m		50.8m		15.4	%

Balance Sheet Summary


Balance Sheet Summary
(see note 1 below)		FY04			FY04			FY03			FY03			FY03			FY03
		Sept. 26,			June 27,			March 31,			Dec. 27,			Sep. 27,			June 28,
(Amount in million Swiss Francs)		2003			2003			2003			2002			2002			2002

Net Working Capital			125.6			128.2			112.1			143.3			132.1			147.9

	Net Working Capital % of Sales		19.2	%		19.3	%		16.0	%		18.2	%		17.7	%		20.8	%

Total Assets			688.1			693.1			683.1			749.1			771.0			770.0

Net Dept (see note 2 below)			159.6			166.5			154.0			220.3			224.8			247.6

Total Equity			314.7			312.3			313.6			305.7			309.5			309.1

Equity / Asset Ratio			45.7	%		45.1	%		45.9	%		40.8	%		40.1	%		40.1	%

Capital Expenditures on Tangible and Intagible Assets			15.3			11.8			17.2			11.7			18.5			14.4

Goodwill			168.3			172.5			177.5			197.6			216.4			220.5

Cash provided in operating activities			18.0			7.1			27.4			16.2			33.1			-4.5


Note 1:		Balance Sheet as of March 31, 2003 reflects the impact of the divestments of Wiltronic and Leica Vectronix.
Note 2:		Q2 FY04 amount is shown net of cash of CHF 2.1 million and capitalized debt issue cost/discounts of CHF 3.4 million.

* * *

~~Leica~~Share ~~Geosystems,~~Related ~~September 2003 2 3D laser scanning~~Data

2,221,341 registered shares

•

@ 50 CHF nominal per share: Share capital CHF 110.8m

•

@ 142.1 CHF carrying amount per share: Shareholders’ equity: CHF 314.8m

•

@ 145.3 CHF average quarterly share price
Market capitalization (average 2nd quarter): CHF 321.9m

* * *

Comprehensive and detailed information on Leica Geosystems’ second quarter FY 2003/04 results is available on our website www.leica-geosystems.com, Investor Relations, Shareholder News No 13.

* * *

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) Telephone (operator)		+41 (0)71 727 3064 +41 (0)71 727 3131	E-Mail Fax	George.Aase@leica-geosystems.com +41 (0)71726 5064

Leica Geosystems’ Shareholder News

Issue 13 — Heerbrugg (Switzerland), 5 November, 2003

Second Quarter Fiscal Year 2004

At a Glance

•

Sales from continuing operations increase 5% and 7% on currency-adjusted basis; 1HY sales increase 7.3% and 10.7% on currency-adjusted basis.

•

Order intake of CHF 164.0 million with book-to-bill ratio of 1.0.

•

Operating expenses 5.1% below the previous year.

•

Earnings rise in the second quarter:

•

EBIT of CHF 5.2 million from CHF 0.2 million in the previous year;

•

EBITDA of CHF 22.7 million with margin of 13.8% versus 10.9% in previous year;

•

Cash EPS of CHF 12.72 compared with CHF 6.22.

•

Operating cash flow of CHF 18.0 million.

Contents

1
Sales

2
Operating Expenses Earnings

4
Balance Sheet and Cash Flow

5
Divisional Performance

8
Other Matters Business Outlook

9
Condensed Financial Statements

15
Notes to the Financial Information

Financial Overview

Continued Sales Growth

Second quarter sales from continuing operations increased 5% over the previous year, rising to CHF 163.8 million. Sales grew by 7.0% on a currency-adjusted basis. Growth in our Surveying & Engineering activities set the pace for the quarter, with sales growth of 4.4%. Sales in the Consumer Products division rose 41.6%, marking the fourth consecutive quarter of +20% growth. Revenues in Metrology rose 1.9%, the Cyra business increased sales by 13.1%, and sales in Special Products grew 6.2% compared with the previous year. GIS & Mapping revenues declined (3.3%) due to the continued fall in the US dollar versus the Swiss franc. Order intake for the quarter was CHF164.0 million, resulting in a book-to-bill ratio of 1.0.

(SECOND QUARTER SALES CHART)

Second quarter sales by Division

(LEICA LOGO)

Financial Overview

Second quarter sales by Region

(SECOND QUARTER SALES BY REGION PIE CHART)

Conditions in our North American markets continue to show signs of recovery. Government spending in the defense and homeland security initiatives also resulted in higher demand for our imaging and metrology products. Our European markets continue to be a mixed picture, with economic recovery lagging behind the United States. Demand in the southern and eastern European markets, however, continues to grow. Our Asian activities benefited from our continued market penetration in Australia, China and Japan.

Stable Gross Margin

Margins remained above 50% in the second quarter but were off from previous year levels, primarily due to the sales mix effect in the quarter. Sales in the second quarter included a larger proportion of construction-oriented units, as well as discounted sales of older generation products in the consumer products and Cyra businesses. Margins for the first half-year were 51.4%.

Operating Expenses cut by 5.1%

Operating expenses were CHF 77.6 million in the second quarter, down 5.1% from the previous year. Marketing and Selling costs declined 3.8% in the period, benefiting from productivity improvements.

Quarterly Operating Expenses

(QUARTERLY OPERATING EXPENSES BAR GRAPH)

Net research and development expenses increased by 21% over the previous year, but remained at 10% of total sales. Research and development expenses reflect the Company’s intense innovation phase, as both cash costs and amortization of previously capitalized costs increased this quarter. Amortization charges in the second quarter were CHF 8.5 million, with capitalized costs at CHF 10.8 million. As capitalized costs and amortization expenses approach equilibrium, net costs in future periods will increase.

Other Operating Expenses, which included CHF 3.5 million of restructuring costs in the previous year, declined by 62%. Excluding restructuring costs, Other Operating Expenses declined by CHF 2.4 million, or 39.8%, partially due to lower goodwill amortization charges in the quarter. Goodwill amortization charges for the second quarter were CHF 4.1 million.

Currency Exposure

The Company has a net foreign currency exposure of approximately CHF 130 million, of which 17% (or CHF 22 million) is in US Dollars, 48% in Euro (or CHF 64 million), and the balance in other currencies. At the end of the second quarter, approximately 63% of this net exposure has been hedged forward for the coming twelve months. The balance sheet is also exposed to movements in exchange rates, with approximately 50% of intangible assets and material levels of working capital in US Dollars. Net translation adjustments to equity in the second quarter were a positive CHF 0.7 million.

Continued Earnings Growth

Continued sales growth, stable gross profit margins and lower operating expenses contributed to another quarter of earnings growth. EBIT grew to CHF 5.2 million, or 3.2% of sales, compared with CHF 0.2 million from continuing operations in the previous year. EBITDA also rose materially, with current period EBITDA of CHF 22.7 million, or 13.8% of sales, compared with prior year EBITDA from continuing operations of CHF 17.0 million, or 10.9% of sales. For the first half year, EBIT was 16.3 million, or 5.0% of sales compared with a loss of CHF (3.4) million in the previous year; EBITDA from continuing operations was CHF 50.8 million, or 15.4% of sales, versus CHF 29.5 million, or 9.6% of sales.

Financial Overview

Results at a glance


Second Quarter							Year to date

	Prior year		Current year				Current year			Prior year
Changes	(29.06.02 to		(28.06.03 to				(1.4.03 to			(1.4.02 to			Changes
(%)	27.9.02)		26.09.03)			(In million Swiss Francs)	26.09.03)			27.09.02 )			(%)

-0.6%	165.1			164.0		ORDER INTAKE — Continuing operations		338.9			337.5		0.4%
5.0%	156.0			163.8		SALES — Continuing operations		329.8			307.4		7.3%
4.4%	97.5			101.8		Surveying & Engineering		203.1			192.3		5.6%
-3.3%	23.5			22.7		GIS & Mapping		45.9			47.7		-3.7%
41.6%	8.8			12.5		Consumer Products (Disto)		26.4			19.8		33.4%
1.9%	15.5			15.8		Metrology		31.1			26.7		16.3%
13.1%	3.4			3.8		New Businesses (Cyra)		7.1			6.2		14.6%
6.2%	6.8			7.2		Special Products — Continuing operations		16.1			13.6		18.3%
-100.0%	0.6			0.0		Central Services		0.0			1.1		-100.0%
						Gross margin — Continuing operations
-2.3%	52.6	%		50.3	%	in percentage of sales		51.4	%		53.6	%	-2.2%
						EARNINGS
33.1%	17.0			22.7		EBITDA — Continuing operations		50.8			29.5		72.0%
	10.9	%		13.8	%	— in percentage of sales		15.4	%		9.6	%
50.9%	12.0			18.1		EBITA — Continuing operations		41.8			19.9		109.7%
	7.7	%		11.1	%	— in percentage of sales		12.7	%		6.5	%
3108.3%	0.2			5.2		EBIT — Continuing operations		16.3			(3.5	)	575.5%
	0.1	%		3.2	%	— in percentage of sales		5.0	%		-1.1	%
						Operating profit/(loss)
1542.1%	0.3			4.7		— Continuing operations		15.5			(3.3	)	568.3%
	0.2	%		2.9	%	— in percentage of sales		4.7	%		-1.1	%
-69.4%	2.3			0.7		Net income/(loss)		1.9			(1.1	)	266.0%
	1.2	%		0.4	%	— in percentage of sales		0.6	%		-0.3	%
						Earnings per share (CHF)
-68.9%	1.01			0.31		— basic		0.86			(0.51	)	269.3%
-69.5%	1.01			0.31		— diluted		0.85			(0.51	)	267.4%
						Cash earnings per share (CHF)
104.5%	6.22			12.72		— basic		20.20			12.55		60.9%
100.9%	6.21			12.48		— diluted		19.92			12.54		58.8%
134.3%	11.73			27.48		— non-cash adjustments		42.79			29.39		45.6%

Total finance costs in the second quarter were CHF 1.6 million versus CHF 0.4 million in the previous year, driven by lower foreign exchange gains on inter-company loans. Interest costs declined CHF 1.0 million on lower borrowing levels and lower interest rates. Amortization costs decreased by CHF 0.4 million in the quarter. For the first half-year total finance costs have declined by CHF 2.5 million, or 24 percent. Taxes in the second quarter were CHF 2.9 million compared with CHF 5.4 million in the previous year. For the first half-year, taxes were CHF 6.9 million versus CHF 3.2 million.

Net income for the quarter was CHF 0.7 million, or CHF 0.31 per share, compared with CHF 2.3 million, or CHF 1.01 per share in the previous year. Cash earnings per share for the second quarter were CHF 12.72, compared with CHF 6.22 in the previous year. For the first half-year Net income was CHF 1.9 million, above the prior year loss of CHF (1.1) million, with cash earnings per share of CHF 20.20 versus CHF 12.55 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.

Financial Overview

Balance Sheet Summary*

FY04

FY03

Sep. 26,

June 27,

March 31,

Dec. 27,

Sep. 27,

June 28,

(Amounts in million Swiss Francs)

2003

2002

Net Working Capital (NWC)

125.6m

128.2m

112.1m

143.3m

132.1m

147.9m

NWC/Sales

19.2

19.3

16.0

18.2

17.7

20.8

Total Assets

688.1m

693.1m

683.1m

749.1m

771.0m

770.0m

Net Debt**

159.6m

166.5m

154.0m

220.3m

224.8m

247.6m

Total Equity

314.7m

312.3m

313.6m

305.7m

309.5m

309.1m

Equity/Assets Ratio

45.7

45.1

45.9

40.8

40.1

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

15.3m

11.8m

17.2m

11.7m

18.5m

14.4m

Goodwill

168.3m

172.5m

177.5m

197.6m

216.4m

220.5m

Cash provided in Operating activities

18.0m

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 and Leica Vectronix.

**)		Q2 FY04 amount is shown net of cash of CHF 2.1 million and capitalized debt issue cost/discounts of CHF 3.4 million.

Balance Sheet and Cash Flow

Net Working Capital and Ratio to Sales

(NET WORKING CAPITAL AND RATIO TO SALES BAR GRAPH)

Net Debt/Leverage Ratio

(NET DEBT-LEVERAGE RATIO BAR GRAPH)

Net working capital was 19.2% of sales at the end of the second quarter, reflecting seasonally higher levels of working capital in the first half of the fiscal year. We continue to focus on reducing working capital investments.

Operating cash flow was CHF 18.0 million (11.0% of sales) compared with CHF 16.8 million (continuing operations) in the previous year, aided by improved earnings in the quarter. Capital Expenditures were CHF 15.3 million, with tangible capital expenditures of CHF 4.5 million, and intangible capital expenditures of CHF 10.8 million. Net of capital investments, including cash generated from disposal of assets or used for acquisitions, free cash flow for the current quarter was CHF 5.7 million, versus CHF 8.6 million in the previous year.

Net debt at the end of the second quarter was CHF 159.6 million, a decline of CHF 6.9 million compared with the first quarter. 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 58.9 million under the Revolving Credit Facility and CHF 5.8 million in various other borrowings, less cash of CHF 2.1 million and capitalized debt issue costs of CHF 3.4 million.

Divisional Results

Divisional Performance

Surveying & Engineering Division


Second Quarter										Year to date

Change																Change
			Prior			Current			Sales and results	Current			Prior
(%)	(mCHF)		year			year			(In million Swiss Francs)	year			year			(mCHF)		(%)

4.4%		4.3		97.5			101.8		SALES		203.2			192.3			10.9		5.6	%
12.1%		1.3		10.6			11.9		EBIT		28.5			22.5			6.0		26.8	%
17.7%		2.6		14.6			17.1		EBITDA		38.2			30.4			7.8		25.6	%
1.9 pts		—		14.9	%		16.8	%	EBITDA Margin		18.8	%		15.8	%		—	3.0 pts

Surveying and Engineering revenues increased 4.4% in the second quarter and 5.5% on a currency-adjusted basis. The division benefited from first signs of recovery in the US markets and stable demand in its European markets. Earnings continue to out pace the previous year, driven largely by the division’s strong operating leverage. The division generated EBIT of CHF 11.9 million in the second quarter and EBITDA of CHF 17.1 million, or 16.8% of sales. In other matters, Leica Geosystems acquired Tritronics (Australia) Pty Ltd at the end of September, which will be fully consolidated into the Surveying & Engineering division as of the third quarter. The acquisition will leverage the division’s current mining-segment product offering with complementary solutions for machine automation and site management for mining and construction.

GIS & Mapping Division


Second Quarter										Year to date

Change																Change
			Prior			Current			Sales and results	Current			Prior
(%)	(mCHF)		year			year			(In million Swiss Francs)	year			year			(mCHF)		(%)

-3.3%		-0.8		23.5			22.7		SALES		45.9			47.7			-1.8		-3.7	%
104.6%		4.6		-4.4			0.2		EBIT		-1.6			-8.1			6.6		80.7	%
7708.4%		3.5		0.0			3.5		EBITDA		5.3			0.1			5.3		8912.4	%
15.3 pts		—		0.2	%		15.5	%	EBITDA Margin		11.6	%		0.1	%		—	11.5 pts

The weakening US dollar was responsible for the decline in GIS & Mapping revenues in the second quarter. Adjusted for currency fluctuations, sales increased by 4.0% in the second quarter, fueled by strong demand for the division’s imaging software in the US defense and homeland security sectors. Demand in the ADS and ALS markets remains positive, with sales of digital products approaching close to 50% of total hardware sales. EBITDA increased significantly over the previous year, and was CHF 3.5 million, or 15.5% of sales compared with the breakeven 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.

Divisional Results

Consumer Products Division


Second Quarter										Year to date

Change																Change
			Prior			Current			Sales and results	Current			Prior
(%)	(mCHF)		year			year			(In million Swiss Francs)	year			year			(mCHF)		(%)

41.6%		3.7		8.8			12.5		SALES		26.4			19.8			6.6		33.4	%
-835.9%		-0.5		-0.1			-0.6		EBIT		0.5			0.2			0.2		93.8	%
-2.4%		0.0		0.8			0.8		EBITDA		3.2			2.0			1.2		58.8	%
-2.8 pts		—		9.2	%		6.4	%	EBITDA Margin		12.0	%		10.1	%		—	1.9 pts

Second quarter revenues increased 41.6% over the previous year, or 40.5% on a currency-adjusted basis, marking the fourth consecutive quarter of +20% sales growth. Although sales growth benefitted from the base effect of a low prior year, demand continues to be robust for the division’s DISTO™ 5 products, particularly in Europe and Asia. Increased penetration into new market segments, particularly in the United States and Japan, is also emerging through the division’s brand-label business. EBITDA margins declined to 6.4% in the second quarter, a temporary phenomenon. Margins were lower as the division filled its brand-label channels with low-margin demonstration products, and offered special promotions on older generation product models.

Metrology Division


Second Quarter										Year to date

Change																Change
			Prior			Current			Sales and results	Current			Prior
(%)	(mCHF)		year			year			(In million Swiss Francs)	year			year			(mCHF)		(%)

1.9%		0.3		15.5			15.8		SALES		31.1			26.7			4.4		16.3	%
-5.1%		-0.1		2.9			2.7		EBIT		4.4			3.0			1.4		48.9	%
9.9%		0.4		3.9			4.2		EBITDA		7.7			4.8			2.9		59.3	%
1.9 pts		—		24.9	%		26.8	%	EBITDA Margin		24.7	%		18.0	%		—	6.7 pts

Despite pressure in its end markets, the Metrology division continued to grow its revenues, buoyed by strong demand in the North American markets. Sales grew by 1.9% over the previous year and by 3.5% on a currency-adjusted basis. Sales benefited from increased spending on large aerospace projects, further penetration of the automotive sector, and demand for its new generation of laser trackers. Profitability remained healthy, with an EBITDA margin of 26.8%.

Divisional Results

New Businesses Division


Second Quarter										Year to date

Change																Change
			Prior			Current			Sales and results	Current			Prior
(%)	(mCHF)		year			year			(In million Swiss Francs)	year			year			(mCHF)		(%)

13.1%		0.4		3.4			3.8		SALES		7.1			6.2			0.9		14.6	%
13.1%		0.6		-4.8			-4.2		EBIT		-7.7			-10.0			2.3		22.8	%
22.4%		0.6		-2.6			-2.0		EBITDA		-3.5			-5.6			2.1		37.5	%
23.3 pts		—		-75.2	%		-51.9	%	EBITDA Margin		-49.2	%		-90.5	%		—	41.3 pts

Revenues in the New Businesses (Cyra) division increased 13.1% in the second quarter and 18.1% on a currency-adjusted basis. Additionally, Cyra continued to reduce its EBITDA losses in large part due to operating cost reductions taken in the previous year. Cyra continues to broaden its presence in non-US markets and has maintained its global market leadership position, despite increased competition. This past September Cyra announced its new generation of High Definition Surveying (HDS) products at the Inter-geo exhibition in Hamburg. These new products, which include the Leica HDS3000, and Cyclone 5.0 software, will make laser scanning (i.e. High-Definition Surveying) more user-friendly and cost-effective for a broader range of as-built, detail and engineering surveys.

Special Products Division


Second Quarter										Year to date

Change																Change
			Prior			Current			Sales and results	Current			Prior
(%)	(mCHF)		year			year			(In million Swiss Francs)	year			year			(mCHF)		(%)

6.2%		0.4		6.8			7.2		SALES		16.1			13.6			2.5		18.3	%
-14.0%		-0.2		1.7			1.5		EBIT		3.4			3.4			0.1		1.9	%
-19.1%		-0.5		2.7			2.2		EBITDA		4.9			5.2			-0.3		-5.6	%
-9.5 pts		—		39.7	%		30.2	%	EBITDA Margin		30.2	%		37.9	%		—	-7.7 pts

The Special Products division includes our Polymeca mechanical engineering manufacturing facility, our GPS Marine business, and our 50% participation in Leica Instruments, Singapore. Sales from continuing operations grew by 6.2% in the second quarter. Profit margins decreased slightly compared with the previous year, however EBITDA margins remain over 30 percent.

Other Matters/Outlook

Other Matters

Employees

We had 2,338 employees at the end of September 2003, 23 fewer than at the end of June 2003. The geographical distribution of our workforce at the end of the quarter was as follows: 59% in Europe (including Heerbrugg), 25% in the Americas, and 16% in Asia and the rest of the world.

Acquisition of Tritronics (Australia) Pty Ltd

At the end of September, Leica Geosystems acquired 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 established targets are met. The acquisition will leverage the Company’s current mining-segment product offering and strengthen Leica Geosystems’ overall portfolio with complementary solutions for machine automation and site management for mining and construction. The acquisition closed on October 13, 2003 and is expected to be immediately accretive.

Leica Geosystems receives highest corporate sustainability rating

In September, Leica Geosystems received a corporate sustainability rating of “A” from Centre Info, a member of the SiRi Group (Sustainable Investment Research International Group). With this rating, Leica Geosystems “rates among the most sustainable companies in Switzerland”, and “shows a very satisfying commitment to its various stakeholders...is constantly aware of its customers’ needs...gives great importance to its employees...has improved its corporate governance rating...and cares strongly for the environment.” The rating is an improvement over last year’s rating of “B+”, which at the time placed Leica Geosystems among the top 10 most sustainable companies in Switzerland.

Performance of LGSN share

(PERFORMANCE OF LGSN SHARE LINE GRAPH)

2,215,341 registered shares

–

@ 50 CHF nominal per share: Share capital CHF 110.8m

–

@ 142.1 CHF carrying amount per share: Shareholders’ equity CHF 314.8m

–

@ 145.3 CHF average quarterly share price: Market capitalization (average 2nd quarter) CHF 321.9m

Business Outlook —
Third Quarter and Full Year 2004
(Barring any unforeseen circumstances)

We continue to expect full year sales growth to be in the range of 6% to 7%. In terms of the remaining two quarters, we expect revenues in both quarters to exceed the previous year. Fourth quarter sales should exceed the third, given the usual seasonality of our business, and the phasing of new product releases over the two quarters. For the balance of the fiscal year we continue to expect EBITDA margins to be above the previous year. As previously communicated, we expect net income for the remaining quarters of the year to be positive.

On behalf of the Board of Directors, the management team and the employees of Leica Geosystems, 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

(LEICA LOGO)

CONDENSED FINANCIAL STATEMENTS

LEICA GEOSYSTEMS HOLDINGS AG

3 Months (2nd Quarter)
for the periods from June 29, 2002 to September 27, 2002 and June 28, 2003 to September 26, 2003

6 Months (Year to date)
for the periods from April 1, 2002 to September 27, 2002 and April 1, 2003 to September 26, 2003

According to International Financial Reporting Standards (IFRS)

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 Geosystems, September 2003 3 3D laser scanning~~9

LEICA GEOSYSTEMS HOLDINGS AG

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

unaudited

3 Months (2nd Quarter)

6 Months (Year to date)

This year

Last year

This year

Last year

For the period

June 28, 2003 to

June 29, 2002 to

April 1, 2003 to

April 1, 2002 to

Sep. 26, 2003

Sep. 27, 2002

Sep. 26, 2003

Sep. 27, 2002

CHF

Total Sales

163'830

186'406

329'758

364'344

Sales from discontinued operations

30'365

—

56'957

Sales from continuing operations

163'830

156'041

329'758

307'387

Cost of sales

-81'489

-73'950

-160'257

-142'775

Gross profit

82'341

82'091

169'501

164'612

Research and development costs

-16'394

-13'487

-32'972

-29'925

Selling and marketing costs

-38'596

-40'131

-77'086

-82'199

General and administrative costs

-19'064

-18'572

-38'423

-41'716

Other operating income/(expense) net

-3'613

-9'510

-5'531

-13'424

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

-105

-649

Operating result from continuing operations

4'708

287

15'516

-3'300

Operating result from discontinued operations

7'864

15'518

Operating result

4'708

8'151

15'516

12'218

Income/(loss) from associated companies

512

-124

829

-163

Finance costs

-1'643

-357

-7'571

-10'027

Income/(loss) before tax

3'576

7'670

8'774

2'028

Income tax benefit/(expense)

-2'883

-5'406

-6'878

-3'170

Net income/(loss)

693

2'264

1'896

-1'142

Weighted average number of ordinary shares in issue

2'215'341

2'250'426

2'211'283

2'226'723

Basic earnings per share (single CHF)

0.31

1.01

0.86

-0.51

Adjustments for share options

42'708

1'642

28'859

22'666

Weighted average number of shares for diluted earnings per share

2'258'049

2'252'068

2'240'142

2'249'389

Diluted earnings per share (single CHF)

0.31

1.01

0.85

-0.51

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

LEICA GEOSYSTEMS HOLDINGS AG

CONSOLIDATED BALANCE SHEETS
(in thousand CHF)

unaudited

audited

Sep. 26, 2003

June 27, 2003

March 31, 2003

CHF

ASSETS

Current assets

Cash and cash equivalents

2'113

1'541

1'701

Trade accounts receivable

143'834

147'975

141'624

Inventories

112'894

112'062

104'507

Prepayments and accrued income

10'228

13'543

12'999

Other current assets

19'972

17'979

15'039

Total current assets

289'040

293'100

275'870

Non-current assets

Property, plant and equipment

90'095

91'581

93'545

Goodwill

168'291

172'471

177'484

Other intangible assets

94'435

92'446

92'066

Investments in associates

9'053

8'538

8'091

Deferred taxes

35'258

33'452

34'202

Other non-current assets

1'909

1'548

1'795

Total non-current assets

399'042

400'035

407'183

TOTAL ASSETS

688'082

693'135

683'053

of which discontinued operations

—

LIABILITIES AND EQUITY

Current liabilities

Bank overdrafts

522

140

1'269

Loans and borrowings

3'780

5'028

5'829

Trade accounts payable

54'909

56'941

57'891

Advance payments

700

734

502

Accrued compensation

31'741

27'798

26'127

Other accrued liabilities

34'294

37'560

32'831

Provisions

7'713

8'626

10'609

Corporate tax, current

19'734

21'030

20'201

Other current liabilities

12'249

10'643

13'910

Total current liabilities

165'642

168'501

169'169

of which discontinued operations

—

Non-current liabilities

Loans and borrowings

Revolving Credit Facility

57'532

63'034

52'945

9 7/8% Notes

98'426

98'264

93'842

Other loans & borrowings

1'429

1'585

1'959

Pension obligations

11'834

12'160

12'959

Deferred taxes

35'379

34'159

35'132

Other non-current liabilities

3'112

3'167

3'427

Total non-current liabilities

207'712

212'369

200'264

Total liabilities

373'354

380'869

369'433

SHAREHOLDERS’ EQUITY

Share capital

110'768

110'362

110'478

Share premium

60'432

59'807

59'918

Reserves

250'788

Accumulated deficit

-74'706

-75'399

-76'602

Hedging and currency translation adjustment

-32'553

-33'291

-30'962

Total shareholders’ equity

314'728

312'266

313'620

TOTAL LIABILITIES AND EQUITY

688'082

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

No.

CHF

Balance at March 31, 2002

2'251'101

112'554

316'178

-98'517

2'060

332'275

Issuance of common stock

3'219

161

472

—

633

Treasury shares movement

-3'894

-194

-339

—

-534

Net Income / (Loss)

—

-1'142

—

-1'142

Cash flow hedging adjustment

—

868

Currency translation adjustment

—

-22'639

Balance at September 27, 2002

2'250'426

112'521

316'311

-99'659

-19'711

309'461

Balance at March 31, 2003

2'209'554

110'478

310'706

-76'602

-30'962

313'620

Issuance of common stock

3'037

152

210

—

362

Treasury shares movement

2'750

138

303

—

441

Net Income / (Loss)

—

1'896

—

1'896

Cash flow hedging adjust. (net of tax)

—

-1'351

Currency translation adjustment

—

-240

Balance at September 26, 2003

2'215'341

110'768

311'220

-74'706

-32'553

314'728

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

LEICA GEOSYSTEMS HOLDINGS AG

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousand CHF)

unaudited

3 Months (2nd Quarter)

6 Months (Year to date)

This year

Last year

This year

Last year

For the period

June 28, 2003 to

June 29, 2002 to

April 1, 2003 to

April 1, 2002 to

Sep. 26, 2003

Sep. 27, 2002

Sep. 26, 2003

Sep. 27, 2002

CHF

Cash Flows from Operating Activities:

Operating profit/(loss)

4'707

8'151

15'516

12'218

Net interest expense paid

-1'002

-1'951

-7'036

-7'909

Taxes paid

-4'830

-1'150

-7'485

-2'128

Depreciation and amortization

17'467

17'241

34'430

33'686

Other non-cash items

105

199

649

Changes in net working capital

1'668

10'683

-10'529

-7'899

Cash provided by / (used in) operating activities

18'031

33'079

25'094

28'617

of which discontinued operations

16'310

9'456

Cash Flows from Investing Activities:

Purchase of property, plant and equipment

-4'543

-8'082

-7'172

-12'437

Cash expended on intangible assets

-10'806

-10'409

-20'017

-20'489

Cash expended on acquisition

-5'430

-184

-5'430

-184

Disposal of subsidiary, net of cash

7'000

—

7'000

—

Sale of assets

1'499

9'847

1'500

13'189

Cash provided by / (used in) investing activities

-12'280

-8'828

-24'120

-19'921

of which discontinued operations

-622

-981

Cash Flows from Financing Activities:

Loans and borrowings

-5'851

-27'270

-10'937

Debt issuance costs

-320

—

-1'336

—

Proceeds from issue of share capital and own shares

1'031

-476

803

-217

Cash provided by /( used in) financing activities

-5'140

-27'746

-436

-11'154

of which discontinued operations

-15'843

-7'788

Effect of exchange rate changes on cash and cash equivalents

-39

-49

-127

-295

Net increase/(decrease) in cash and cash equivalents

572

-3'544

412

-2'753

Cash and cash equivalents at beginning of specified period

1'541

3'781

1'701

2'990

Cash and cash equivalents at end of specified period

2'113

237

2'113

237

of which discontinued operations

734

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)

LEICA GEOSYSTEMS HOLDINGS AG

CONDENSED CONSOLIDATED SEGMENT INFORMATION
(in thousand CHF)

unaudited

3 Months (2nd Quarter)

6 Months (Year to date)

This year

Last year

This year

Last year

For the period

June 28, 2003 to

June 29, 2002 to

April 1, 2003 to

April 1, 2002 to

Sep. 26, 2003

Sep. 27, 2002

Sep. 26, 2003

Sep. 27, 2002

CHF

Sales to external customers:

Surveying & Engineering

101'779

97'467

203'173

192'311

GIS & Mapping

22'728

23'476

45'918

47'716

Consumer Products

12'462

8'832

26'409

19'767

Metrology

15'793

15'492

31'058

26'743

New Business

3'844

3'416

7'104

6'169

Total Segments

156'606

148'683

313'663

292'706

Special Products — Continuing operations

7'224

6'758

16'095

13'557

Special Products — Discontinued operations

—

30'365

—

56'957

Central Services

—

600

—

1'124

Total sales to external customers

163'830

186'406

329'758

364'344

Results:

Surveying & Engineering

11'921

10'726

28'547

22'603

GIS & Mapping

289

-4'360

-1'421

-8'055

Consumer Products

-580

-62

451

233

Metrology

2'724

3'002

4'403

3'165

New Business

-4'190

-4'821

-7'734

-10'014

Total Segments

10'163

4'485

24'246

7'932

Special Products — Continuing operations

933

1'640

2'543

3'190

Special Products — Discontinued operations

—

7'864

—

15'518

Gain on sale of discontinued operations

—

Central Services

-6'389

-5'838

-11'272

-14'422

Total operating profit/ (loss)

4'708

8'151

15'516

12'218

Income/(loss) from associated companies:

Surveying & Engineering

—

-93

—

-93

GIS & Mapping

-90

-152

-86

Consumer Products

—

Metrology

—

-131

—

-207

New Business

—

Total Segments

-90

-222

-152

-386

Special Products — Continuing operations

529

897

223

Special Products — Discontinued operations

—

Central Services

—

Total associates gain/(loss)

512

-124

829

-163

Depreciation and Amortization:

Surveying & Engineering

-5'217

-3'930

-9'672

-7'915

GIS & Mapping

-3'315

-4'403

-6'891

-8'200

Consumer Products

-1'375

-877

-2'716

-1'762

Metrology

-1'512

-984

-3'271

-1'859

New Business

-2'197

-2'251

-4'242

-4'431

Total Segments

-13'616

-12'445

-26'792

-24'167

Special Products — Continuing operations

-721

-920

-1'422

-1'695

Special Products — Discontinued operations

—

-359

—

-695

Central Services

-3'132

-3'517

-6'217

-7'129

Total depreciation and amortization

-17'468

-17'241

-34'431

-33'686

EBITDA:

Surveying & Engineering

17'138

14'563

38'219

30'425

GIS & Mapping

3'514

5'317

Consumer Products

795

815

3'168

1'995

Metrology

4'235

3'855

7'674

4'817

New Business

-1'994

-2'570

-3'492

-5'583

Total Segments

23'688

16'708

50'886

31'713

Special Products — Continuing operations

2'183

2'658

4'861

5'108

Special Products — Discontinued operations

—

8'223

—

16'213

Central Services

-3'184

-2'321

-4'971

-7'293

Total EBITDA

22'687

25'268

50'776

45'741

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 IAS 34 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

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

unaudited

3 Months (2nd Quarter)

6 Months (Year to date)

This year

Last year

This year

Last year

For the period

June 28, 2003 to

June 29, 2002 to

April 1, 2003 to

April 1, 2002 to

Sep. 26, 2003

Sep. 27, 2002

Sep. 26, 2003

Sep. 27, 2002

CHF

Interest income

342

Interest expense:

Revolving Credit Facility

-1'068

-1'520

-1'905

-3'154

9 7/8% Notes

-2'391

-2'492

-4'996

-4'810

Other

-15

-420

-85

-453

Total interest expense

-3'474

-4'432

-6'986

-8'417

Debt acquisition, issuance and share offering costs:

Amort. of debt acquisition cost —

Revolving Credit Facility

-171

-571

-722

-1'143

Amort. of debt acquisition cost — 9 7/8% Notes

-96

-99

-191

-195

Total debt acquisition, issuance and share offering costs

-267

-670

-913

-1'338

Foreign exchange gains/(losses) on borrowings

2'088

4'713

303

-614

Total finance costs

-1'643

-357

-7'571

-10'027

3 Acquisition of Tritronics (Australia) Pty Ltd

On September 1, 2003 Leica Geosystems announced that it had signed an agreement to acquire Tritronics (Australia) Pty Ltd in an all-cash transaction for AUD 12 million (CHF 10,8 million), plus a maximum earn out of an additional AUD 6 million (CHF 5,4 million) payable over three years if established targets are met. The acquisition will leverage the Company’s current mining-segment product offering and strengthen Leica Geosystems’ overall portfolio with complementary solutions for machine automation and site management for mining and construction. The acquisition is expected to be immediately accretive to Leica Geosystems’ financial performance and was closed on October 13, 2003.

4 Post balance sheet events

With the exception of the Tritronics closing, there are no events to report which could have a significant influence on the financial statements for the period ended September 26, 2003.

ACCORDING TO INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)


For electronic copies of this publication and other company information, please visit our web-site 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

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: 26 September 2003	By: Name: Title:	/s/ Christian Leu Christian Leu Chief Financial Officer
Date: 7 November 2003	By:	/s/ Christian Leu
	Name: Title:	Christian Leu Chief Financial Officer

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Filing Compare · LEICA GEOSYSTEMS FINANCE PLC