RUAG will have to deal with unexpected challenges in future as well. The currency situation, the world economy or developments in government spending can be subjected to unanticipated changes of direction time and again. For example, among other things the international security situation has changed radically in the last few months. The conflicts in Yemen and Ukraine have blocked exports to entire market regions for RUAG. On the other hand, the changes may also lead to various states once again beefing up their defence and security budgets, which had been substantially reduced in recent times.
For us, these uncertainties mean that we will need to further diversify our markets in geographical terms. The US market and the Asia-Pacific region, in particular, offer a substantial number of growth opportunities. For exports out of Switzerland, the strong Swiss franc will remain a challenge at least in the medium term. On the one hand that means we will need to invest in further efficiency enhancements at our production sites. On the other, however, we also need to strengthen our global activities so that we can respond as flexibly and effectively as possible to changes. This also includes carefully examining the possibility of targeted acquisitions.