In a still uncertain macroeconomic environment with limited prospects for renewed growth in the Group’s markets of greatest interest, expectations for the current year will depend on trends in demand. The Spring/Summer orders are nearing their conclusion and look like being in line with the previous trend, while the outlook for the next Fall/Winter is better, thanks to forecasts for a modest recovery in consumption. Its decisive action in 2009, combined with the implementation of further cost-reduction plans, means that the Group expects operating profit to be generally stable as a percentage of revenues. Higher interest rates on the new loans will weigh negatively on the second half of the year, while the tax charge will stay at its level in 2009. The net financial position is expected to improve further, despite an increase in investment expenditure.