This year will be the most difficult year for us. We project a 35% fall in revenues due to postponement of decisions following the deterioration of security in Turkey, our key market. Domestic economy growths in Turkey, Russia and parts of the middle east create a concern. Although Turkey grew 4% in 2015, well ahead of consensus, steep fall in tourism revenues (expected to be around 30%), high cost of Syrian refugees and military conflict in Syria and Iraq will have a negative impact on the overall risk of the country. Similarly, Russian involvement in Syria and low oil prices increase the uncertainty in the region causing many Japanese businesses to re-evaluate their plans.
In all likelihood we will be in need of financing as our partnership a with local audit team yet to produce any revenue. We are confident that with the track record we built over the last three years we can be growing again once the situation regresses back to normal.