Looking forward to the next two fiscal years, we do not anticipate any major changes in the overall economic situation, as described at the beginning of this report. This points to a generally robust global economy supported, particularly, by a number of fast-growing regions. We also expect that developments in our core markets will continue along the lines of the previous year (see also chapter "Business Environment".).

Our competitive position is likely to be affected by the value of the U.S. dollar, although we expect to limit the downside to any further exchange rate movements by maintaining our successful natural hedging policy, involving the appropriate selection of suppliers and locations. Notwithstanding these measures, it is possible that a further prolonged decline in the U.S. dollar, with respect to the euro, could lead to greater pressure on net sales and profit than in previous years.