The last year was more challenging than we ____ expected it to ____. However, ____ we have had a very successful year.Sales on our high-end road bikes were not ____ high as expected, ____ fact they were less than ____ of what we forecast. This was ____ due to external factors which we hadn’t fully ____, in particular, the economic ____ which dampened consumer spending ____ luxury items in all areas. We also faced more ____ problems in the international supply chain than we had ____ a year earlier. On the other hand, we made a conservative ____ for our newly introduced line of cycling clothing, based on general market trends. In the event, after a slow start and ____ to winning a major contract with a sports chain, we achieved sales nearly double the ____ that had been made.Controlling has been keeping a ____ eye on our target margin of at least 10%. We have ____ efforts to improve costs and competitiveness in order to successfully ____ into future markets. At the same time, we have been working hard to maintain the ____ balance between profitability and efficient use of resources on the one hand and the necessary investments for tomorrow's ____ on the other.

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