Clearly there are challenges that Reebok will solve but these were not unknown when we made our offer in August and we remain fully confident in the synergies,

We expect further improvements throughout the year, especially in the second half, when initial results of our new strategies will become visible,

With these measures, we will create a structure that is geared to the changed conditions within our business, allowing short reaction timelines and improving overall efficiency,

But I'm not disappointed about the results (in Europe) for the first nine months, and you will see positive revenue growth here in the fourth quarter,

By combining two of the most respected and well-known brands in the worldwide sporting goods industry, the new group will benefit from a more competitive platform.

Asia is the biggest growth market for us, especially China, but also Japan.