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In the 2013 Annual Report for Swatch Group Dr. Nayla Hayek, Chairman of the Swatch Group board of directors stated, “In 2013, Swatch Group recorded 8.3% growth and achieved gross sales of 8.817 billion Swiss francs, despite the extremely unfavorable exchange rates. In the second half of the year, gross sales were negatively affected by more than 100 million. In 2013, operating profit grew by 17.0% to reach 2.314 billion, corresponding to an operating margin of 27.4% and net income was 1.928 billion, which corresponds to a 22.8% net margin. By the end of December 2013, equity reached a new high of 9.574 billion Swiss francs, which equates to an equity ratio of 82.3%”. Ms. Hayek added “On the strength of the good results achieved in 2013 and the positive outlook for 2014, the Board of Directors of Swatch Group proposes the following dividend for 2013 to the Annual General Meeting on 14 May 2014: CHF 7.50 per bearer share and CHF 1.50 per registered share”.