Business slowed compared with the first six months of the year due to the following factors: (i) the impact, as expected, of delivery schedules in the submarine high-voltage business, (ii) lower demand from utilities companies, (iii) weak sales of copper wires, and, to a lesser extent, (iv) an unfavorable basis of comparison for the Industry division. South America suffered declining demand in the building and energy distribution sectors, and Australia saw a further erosion of business – notably for Utilities – which weighed on performance in the Asia-Pacific region as a whole after sales had stabilized during the first half of 2014. Overall, sales slowed considerably in July and August, but September saw a return to growth compared with the same month of 2013.
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