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After a promising start in 2008 with further strong growth, the year under review turned out to be more challenging. The turmoil and enormous destruction of wealth in the financial markets worldwide infected the economies of many countries, leading to cautious reactions mainly at wholesale level and in some parts of the world to a noticeable drop in watch demand in the last two months of 2008.Despite these difficult and exceptional circumstances, gross sales increased by 4.3% in local currencies to CHF 5 966 million. Foreign currencies were extremely volatile and ultimately had an unfavorable impact on Group sales of CHF 233 million. This reduced the sales growth to 0.4% in Swiss franc terms, which represents another record year in terms of sales.The operating margin decreased only slightly, from 21.9% to 21.2% in 2008, despite an exceptional and substantial marketing investment for the Olympic Games in Beijing, corresponding to an operating profit of CHF 1 202 million. Due to a negative financial result, net income decreased by 17.4% to CHF 838 million.Group equity remains very solid at CHF 5 451 million, which equates to an improved equity ratio of 75.3% as at 31 December 2008 compared to 71.5% in the previous year. The average return on equity was 15.5%.The Board of Directors of the Swatch Group agreed to propose an unchanged dividend for 2008 to the Annual General Meeting on 15 May 2009. This corresponds to CHF 0.85 per registered share and CHF 4.25 per bearer share. The dividend proposal underscores the Board's confidence that market conditions should improve by the end of 2009.In 2008, all price categories of the Watches & Jewelry segment reported higher sales in local currencies than in the very strong year 2007. A noticeable drop in demand in the last months of 2008 mainly at wholesale level reduced the momentum in most brands and markets. Even the luxury brands could not entirely escape this unfavorable trend.Operating profit in this segment saw a decrease to CHF 828 million, which represents an operating margin of 18.2% (compared to 20.6% in 2007). Operating margins remained strong in the first half of the year, but were impacted in the second half of 2008 mainly by additional marketing cost in connection with the Olympic summer games in Beijing with its positive medium and long term impact. However, despite the crisis on the financial markets worldwide and in order to encourage the Group's long-term growth, marketing spend was increased and retail activities were further expanded in strategic key locations.The continuing rise in demand for watch movements and components led to a further sales increase, with the Production segment posting gross sales of CHF 1 810 million in 2008, an increase of 7.7% at constant rates versus the strong previous year. Despite a more challenging environment at the end of 2008, the current order books continue to be on high levels. Virtually no cancellations of orders had to be registered.

A new range of Swatch watches has been announced that embraces the 1980s colours the fashion world loves right now.The Swatch Colour Codes collection will feature designs for both men and women and is ideal for people who want to make a really bold style statement.Firstly, there is the Colour Codes Shiny category, which is the brightest range of the bunch and uses one colour.Toning the boldness down slightly is the Colour Codes Matt selection, which features watches with white dials and a coloured strap.Finally, Swatch has also created the Colour Codes Chrono category for people who want a small splash of brightness with chronograph mechanisms.Anyone who cannot wait for the new collection may be pleased to know that Swatch already makes a whole host of brightly-coloured watches.One ideal choice could be the Ladies Filamento Multicolore Silver Dial Bracelet Watch (YSS 1006), which has a rainbow-bright strap and a classic-looking face.