[AXA LOGO]
Financial
Protection
PRESS RELEASE
NOVEMBER 10, 2004
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AXA CONSOLIDATED REVENUES WERE EURO 54.4 BILLION FOR THE FIRST
NINE MONTHS OF 2004 (UP 1.1% ON A COMPARABLE BASIS)
GOOD UNDERLYING TRENDS ACROSS ALL BUSINESSES:
- UNIT-LINKED SALES: +11%
- P&C REVENUES: +4.1%
- AXA IM NET INFLOWS: EURO 20 BILLION
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o LIFE & SAVINGS REVENUES OF EURO 34.6 BILLION WERE DOWN 0.5%, AS LAST YEAR
REVENUES BENEFITED FROM NON-RECURRING PREMIUMS IN JAPAN AND BELGIUM, AND
RECORD SALES IN THE US, WHICH OVERSHADOWED A STRONG BUSINESS MIX
IMPROVEMENT IN THE FIRST NINE MONTHS OF 2004. FRANCE REVENUES INCREASED 10%
OWING TO A SURGE IN INDIVIDUAL UNIT-LINKED PREMIUMS DURING THE FIRST NINE
MONTHS OF 2004.
o PROPERTY & CASUALTY REVENUES INCREASED BY 4.1% TO EURO 14.0 BILLION AS THE
FAVORABLE PRICING ENVIRONMENT PERSISTED IN MOST BUSINESS LINES AND THE
GROUP ATTRACTED NEW CLIENTS.
o ASSET MANAGEMENT REVENUES INCREASED BY 15.1% TO EURO 2.3 BILLION,
PRINCIPALLY DUE TO OF HIGHER AVERAGE ASSETS UNDER MANAGEMENT (AUM) (+17%
COMPARED TO THE FIRST NINE MONTHS OF 2003), THE RESULT OF VERY STRONG NET
INFLOWS AT AXA IM (EURO 20 BILLION) AND MARKET APPRECIATION.
o INTERNATIONAL INSURANCE REVENUES DECLINED BY 3.9% TO EURO 2.9 BILLION AS
AXA RE REDUCED ITS REVENUES BY 12%, IN LINE WITH ITS STRATEGIC
REPOSITIONING IMPLEMENTED IN 2002. AXA CORPORATE SOLUTIONS ASSURANCE
REVENUES INCREASED BY 4%.
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Numbers herein have not been audited or adjusted for scope and currency changes.
Growth rates are on a comparable basis and, accordingly, have been adjusted for
changes in scope, accounting methods and currency.
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PARIS--AXA reported today consolidated revenues of Euro 54.4 billion for the
first nine months of 2004. On a comparable basis, revenues grew by 1.1% compared
to the same period last year. On a reported basis, total revenues were down 0.5%
from the first nine months of 2003 (Euro 54.7 billion), mainly impacted by the
strength of the Euro versus other currencies (Euro -1.2 billion impact or
- -2.2%).
"Revenue trends for the first nine months of 2004 demonstrate our continued
focus on profitable growth," said AXA Chief Executive Officer Henri de Castries.
"Our P&C and Asset Management revenues growth are in line with, or above, our
long term targets, and we are particularly pleased with the strong new mandate
wins at AXA Investment Managers.
"Total revenues in our Life and Savings activities were slightly down, as 2003
saw significant non-recurring items in Japan and Belgium and a very strong
performance in the US. However, business mix continues to improve significantly
as reflected by the increased percentage of unit-linked sales in our total
revenues".
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nine months ended Change on a Contribution
(Euro million) September 30, September 30, comparable to Total
2004 2003 Change basis Revenues
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TOTAL 54 400 54 654 -0.5% +1.1% 100%
Life & Savings 34 616 35 241 -1.8% -0.5% 64%
Property & Casualty 13 987 13 285 +5.3% +4.1% 26%
International Insurance 2 938 3 377 -13.0% -3.9% 5%
Asset Management 2 260 2 122 +6.5% +15.1% 4%
Other Financial Services 600 628 -4.5% +3.5% 1%
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LIFE & SAVINGS: 64% OF CONSOLIDATED REVENUES
TOTAL LIFE & SAVINGS REVENUES OF EURO 34,616 MILLION IN THE FIRST NINE MONTHS OF
2004 WERE DOWN 0.5% COMPARED TO A STRONG LEVEL LAST YEAR, WHEN BOTH JAPAN AND
BELGIUM RECORDED SIGNIFICANT NON-RECURRING PREMIUMS AND US VARIABLE ANNUITY
SALES WERE AT A RECORD HIGH.
FRANCE REVENUES IN THE FIRST NINE MONTHS OF 2004 INCREASED 10% OWING TO A SURGE
IN INDIVIDUAL UNIT-LINKED PREMIUMS DURING THE FIRST NINE MONTHS OF 2004 (+70%).
UNIT-LINKED REVENUES INCREASED BY 11% TO REPRESENT 34% OF TOTAL LIFE & SAVINGS
REVENUES, MAINLY DRIVEN BY THE US, THE UK AND FRANCE.
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Nine months ended Change on a
(Euro million) September 30, September 30, comparable
2004 2003 Change Basis
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LIFE & SAVINGS 34 616 35 241 -1.8% -0.5%
.. France 8 815 8 042 +9.6% +9.6%
.. United States (a) 9 502 10 840 -12.3% -7.9%
.. United Kingdom 4 617 4 376 +5.5% +2.9%
.. Japan 4 154 4 544 -8.6% -5.9%
.. Germany 2 500 2 436 +2.6% +2.6%
.. Belgium (b) 1 490 1 543 -3.4% -6.6%
.. Southern Europe 918 719 +27.8% +27.8%
.. Other countries 2 620 2 741 -4.4% -3.9%
Of which Australia/New Zealand 1 162 1 283 -9.5% -13.7%
Of which Hong-Kong 569 588 -3.2% +6.0%
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(a) 3Q04 revenues include Euro 453 million from MONY, which AXA Financial
acquired on July 8, 2004.
(b) Effective January 1, 2004, the minority interests of Assurances La Poste
have been bought out. Belgium 9M03 Life & Savings revenues would have been
Euro 54 million higher if the minority buyout had been effective as of
January 1, 2003.
FRANCE: Revenues were up 10% and APE(1) was up 14% due to double-digit growth of
both Individual and Group Investment & Savings. The individual savings segment
recorded a 70% growth in unit-linked premiums, compared with a 42% increase for
the overall market(2), due to a strong focus on these products in all sales
networks, while general account premiums increased slightly (+2%). Unit-linked
premiums represented 20% of individual savings premiums versus 13% last year.
Sales in the new French retirement PERP product were robust during the third
quarter 2004 with 73,000 accounts opened as of the end of September.
Group retirement premiums increased by 16% due to new business with major
companies, reflecting AXA's favorable competitive market position.
Life and Health premiums grew by 7%, reflecting a 13% growth in Health premiums,
due to an increasing number of contracts in individual Health as well as rate
increases, and a 3% growth in Life premiums.
UNITED STATES: Excluding the contribution of MONY in 3Q04, revenues were
expectedly down 8% as increases in First Year Life premiums (+24%) and
Institutional Separate Account premiums (+109%) were more than offset by a 15%
decrease in Variable Annuity ("VA") premiums from a very high level last year.
Compared to the first nine months of 2002, VA premiums were up 22% on a CAGR(3)
basis. Over that period, AXA-Equitable VA premium
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(1) Annual Premium Equivalent (APE) represents 100% of regular premiums plus 10%
of single premiums.
(2) Source : FFSA.
(3) Compounded Annual Growth Rate.
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evolution outperformed the US VA market(4), up only 8% on a CAGR basis from the
first nine months of 2002. AXA-Equitable ranked #3(4) in 3Q04 in the VA market.
MONY's 3Q04 revenues included 8% from sales of AXA-Equitable products, up from
0% prior to the merger.
UNITED KINGDOM: Total revenues increased by 3%, driven by continued growth in
sales of single premium unit-linked bonds, up 8% from the first nine months of
2003, partly offset by decreased Individual pension business (down 9%)
reflecting the impact of actions taken in 2003 to improve profitability. On
October 7, it was announced that Britannia Building Society had chosen AXA to
provide life, pension, protection and investment products to its 2.2 million
members starting January 2005. AXA UK's new protection offer is scheduled for
launch in 4Q04 and Bankhall and Tenet will be key launch partners.
JAPAN: Revenues decreased by 6%. Excluding the impact of group pension transfers
(Euro 78 million versus Euro 843 million last year) and conversions (Euro 566
million versus Euro 480 million last year), revenues increased 12%, driven by
the 41% growth in Investment & Savings premiums, reflecting strong individual
annuity sales in the bancassurance channel, and by the 19% growth of Health
premiums fuelled by continuing focus of the salesforce on good margin products
such as Medical Whole Life and Medical Riders.
GERMANY: Revenues increased by 3%, driven by unit-linked Investment & Savings
premiums, which doubled compared to last year, fuelled by strong new business
from the "Pensionskasse" (group pension fund product). Health revenues increased
by 15%, due to higher regular premiums following significant new business
inflows in 2003 and legal premium rate adjustments. Life revenues, which
represented half of Germany's revenues, were flat.
BELGIUM: Revenues decreased by 7%. Excluding a non-recurring single premium
contract of Euro 103 million in 1Q03, revenues were flat with Individual
business up 1% offset by Group business down 5% as a result of lower single
premiums.
SOUTHERN EUROPE: Revenues increased by 28% driven by strong Investment & Savings
premium growth, in both unit-linked and non unit-linked contracts. Life premiums
were up 6% benefiting from the growth in the bancassurance channel in Spain.
AUSTRALIA/NEW ZEALAND: Revenues were down 14%, due primarily to product
substitution into mutual funds. There was also a planned reduction in retirement
income business, as tactical price increases were implemented during the second
half of 2003 to maximize profitability. These were partly offset by a 5%
increase in protection products.
Fees, the key growth area for the Australian market, increased 19% as a result
of growth in the ipac advice business and funds under management, reflecting
improved consumer confidence. Net retail mutual fund sales of Euro 632 million
were 35% higher than last year, reflecting AXA's competitive products and
positioning on external dealership listings. AXA Australia recently ranked 2nd
in terms of retail net fund flows(5).
Overall, APE was up 18%, due to a significant shift in business mix towards
mutual funds.
HONG-KONG: Revenues increased 6% and APE was up 12%, driven by higher life
business through brokers and direct network, the success of a non unit-linked
endowment product, and higher renewal contributions as a result of continued
improvement in retention.
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(4) Source: VARDS preliminary data.
(5) Source: ASSIRT.
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PROPERTY & CASUALTY: 26% OF CONSOLIDATED REVENUES
TOTAL PROPERTY & CASUALTY GROSS WRITTEN PREMIUMS INCREASED BY 4.1% IN THE FIRST
NINE MONTHS OF 2004 TO EURO 13,987 MILLION AS THE FAVORABLE PRICING ENVIRONMENT
PERSISTED IN MOST BUSINESS LINES AND AS THE GROUP ATTRACTED NEW CLIENTS.
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Nine months ended Change on a
(Euro million) September 30, September 30, comparable
2004 2003 Change basis
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PROPERTY & CASUALTY 13 987 13 285 +5.3% +4.1%
.. France 3 860 3 625 +6.5% +6.5%
.. Germany 2 346 2 345 +0.1% +0.1%
.. United Kingdom, including Ireland 3 504 3 288 +6.6% +4.2%
.. Belgium 1 108 1 092 +1.5% +1.3%
.. Southern Europe(a) 2 106 1 845 +14.1% +8.3%
.. Other countries 1 063 1 090 -2.5% +0.3%
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(a) In Spain, AXA Seguros purchased in January 2004 BBVA's 50% stake in Direct
Seguros. As a consequence, Direct Seguros is fully consolidated starting
January 2004 (versus equity method accounting in 2003). Spain 9M03 Property
& Casualty revenues would have been Euro 98 million higher if Direct Seguros
had been fully consolidated as of January 1, 2003.
PERSONAL LINES (59% OF THE P&C PREMIUMS) showed overall growth of 4%.
Motor revenues (+3%) improved in most countries, due to moderate tariff
increases and positive net inflows, especially in France (+118,500 policies),
Germany (+137,000 policies) and Southern Europe (+129,000 policies). The motor
revenues for UK + Ireland were down 16%, impacted by AXA's continued
underwriting discipline amidst softening market rates, the planned reduction in
UK Personal Direct prior to its sale to RAC in October 2004 and the decrease in
Ireland average premiums following rate reductions in 2H03 and in 2004, partly
offset by an increase in policies in-force.
Non-motor activities rose 6%, mainly driven by strong growth in the UK (+21%)
led by the increase in new business from Corporate Partners in Personal
Household and Creditor. France grew by 5%, supported by increased average
premiums and positive net inflows in household.
COMMERCIAL LINES (34% OF THE P&C PREMIUMS) recorded growth of 7% due to
continued tariff increases in most business lines and strong new business in
non-motor. Commercial motor revenues increased by 4% driven principally by
Spain's renewal of fleet contracts and by significant rate increases associated
with strict underwriting control in France and Belgium.
Growth in commercial non-motor revenues of 7% was due to successful tariff
increases in most countries, especially in property and liability in France, the
UK and Germany.
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INTERNATIONAL INSURANCE: 5% OF CONSOLIDATED REVENUES
INTERNATIONAL INSURANCE REVENUES DECLINED BY 3.9% TO EURO 2,938 MILLION DUE TO A
12% DECREASE IN REINSURANCE ACTIVITIES IN LINE WITH THE STRATEGIC REPOSITIONING
OF AXA RE IMPLEMENTED IN 2002. AXA CORPORATE SOLUTIONS ASSURANCE REVENUES
INCREASED BY 4%.
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Nine months ended September 30, September 30, Change Change on a
(Euro million) 2004 2003 comparable basis
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INTERNATIONAL INSURANCE 2 938 3 377 -13.0% -3.9%
.. AXA RE(a) 1 087 1 720 -36.8% -11.8%
.. AXA Corporate Solutions Assurance(a) 1 245 1 254 -0.7% +4.5%
.. AXA Cessions 78 88 -11.1% -11.1%
.. AXA Assistance 338 305 +10.9% +11.5%
.. Other transnational activities(a) 190 10 NM -21.8%
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(a) In line with the legal restructuring of AXA RE and AXA Corporate Solutions
Assurance, all businesses related to US entities in run-off, formerly owned
by AXA Re, have been transferred to a new US holding company reported in
"Other transnational activities".
REINSURANCE: Revenues declined by 12% reflecting AXA RE's strategy, implemented
in 2002, aimed at reducing the portfolio risk exposure and exiting non-strategic
business lines. As a result, the decrease in gross written premiums was notably
explained by a sharp drop in Assumed Business, and some re-underwriting of the
Marine account.
INSURANCE: AXA Corporate Solutions Assurance revenues increased by 4%, driven by
an increase in motor (+3%), in construction (+18%) benefiting from the combined
effect of selective rate increases and new business, as well as a 39% increase
in aviation, as 2003 had been affected by SARS and the war in Iraq, partly
offset by an 8% decrease in property line driven by reduced fronting activities.
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ASSET MANAGEMENT: 4% OF CONSOLIDATED REVENUES
ASSET MANAGEMENT REVENUES INCREASED BY 15.1% TO EURO 2,260 MILLION IN THE FIRST
NINE MONTHS OF 2004, PRINCIPALLY DUE TO HIGHER AVERAGE AUM (+17%), THE RESULT OF
VERY STRONG NET INFLOWS AT AXA IM (EURO 20 BILLION) AND MARKET APPRECIATION.
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Nine months ended Change on a
(Euro million) September 30, September 30, comparable
2004 2003 Change basis
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ASSET MANAGEMENT 2 260 2 122 +6.5% +15.1%
.. Alliance Capital 1 699 1 689 +0.6% +11.0%
.. AXA Investment Managers(a) 561 433 +29.5% +31.2%
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(a) Excluding management and front-end fees collected by AXA Investment Managers
on behalf of external distributors, gross revenues increased 21% on a
comparable basis.
ALLIANCE CAPITAL: Revenues(6) were up 11% compared to 2003 driven by higher
average investment advisory fees from higher average AUM (up 17%), partly offset
by lower retail long-term open-end mutual fund fees.
AUM increased by Euro 17 billion from year-end 2003 to Euro 393 billion at the
end of September 2004, driven by positive market impact (Euro 11 billion),
positive exchange rate impact (Euro 7 billion) and positive net long-term
inflows (Euro 1 billion), partly offset by net cash management outflows
(Euro -1 billion).
It was announced on October 28, 2004 that Alliance Capital had entered into an
agreement to sell its cash management business (AUM of Euro 23 billion at
September 30, 2004) to Federated Investors, Inc.
AXA INVESTMENT MANAGERS: Revenues(6) increased by 31%. Gross revenues, excluding
management and front-end fees collected on behalf of external distributors
increased 21%, due to a combination of higher average AUM (+16%) and a favorable
product mix shift.
AUM increased by Euro 37 billion from year-end 2003 to Euro 329 billion at the
end of September 2004 largely driven by Euro 20 billion of net inflows, mainly
from third party Institutional Clients. AUM also benefited from a Euro 13
billion favorable market impact and a Euro 2 billion favorable foreign exchange
rate impact.
* *
*
ABOUT AXA
AXA Group is a worldwide leader in Financial Protection. AXA's operations are
diverse geographically, with major operations in Western Europe, North America
and the Asia/Pacific area. AXA had Euro 827 billion in assets under management
as of June 30, 2004, and reported total revenues of Euro 37 billion and
underlying earnings of Euro 1,436 million for first half 2004. Total revenues
for the first nine months of 2004 were Euro 54 billion. The AXA ordinary share
is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA
American Depositary Share is also listed on the NYSE under the ticker symbol
AXA.
***
*
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(6) Net of inter-company transactions.
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This press release is also available on AXA Group web site: www.axa.com(7)
AXA INVESTOR RELATIONS: AXA MEDIA RELATIONS:
- ---------------------- -------------------
Matthieu Andre : +33.1.40.75.46.85 Christophe Dufraux : +33.1.40.75.46.74
Caroline Portel : +33.1.40.75.49.84 Clara Rodrigo : +33.1.40.75.47.22
Marie-Flore Bachelier : +33.1.40.75.49.45 Rebecca Le Rouzic : +33.1.40.75.97.35
Kevin Molloy : +1.212.314.28.93 Jeff Tolvin : +1.212.314.37.40
IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING
STATEMENTS
Certain statements contained herein are forward-looking statements including,
but not limited to, statements that are predictions of or indicate future
events, trends, plans or objectives. These statements speak only as of the date
of the particular statement. These statements are not historical facts but
instead represent our belief regarding future events many of which are
inherently uncertain and outside of our control. Undue reliance should not be
placed on such statements because, by their nature, they are subject to known
and unknown risks and uncertainties and can be affected by other factors that
could cause actual results and AXA's plans and objectives to differ materially
from those expressed or implied in such forward-looking statements (or from past
results). These risks and uncertainties include, without limitation, risks
related to AXA's business such as the risk of future catastrophic events,
including possible future terrorist related incidents, economic and market
developments, regulatory actions and developments, and litigation and other
legal proceedings. Please refer to AXA's Annual Report on Form 20-F for the year
ended December 31, 2003 and AXA's Document de Reference for the year ended
December 31, 2003, for a description of certain important factors, risks and
uncertainties that could affect AXA's business. AXA does not undertake nor
intends to undertake any obligation to (and expressly disclaims any such
obligation to) publicly update or revise any of these forward-looking
statements, whether to reflect new information, future events or circumstances,
or otherwise.
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(7) Outside of France, the website address is: www.axa.com/default1.asp
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APPENDIX 1
LIFE & SAVINGS - UL, GENERAL ACCOUNT, HEALTH AND OTHER REVENUES - FIRST
NINE MONTHS 2004
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Gross Change on Gross Written Premiums % UL in Gross Revenues
Revenues comparable ---------------------------------------- Other ----------------------
In million euros 9M 2004 basis UL Non-UL Health Revenues* 9M 2004(a) 9M 2003
- --------------------------- ----------------------- ---------------------------------------------------- ----------------------
France 8 815 +9.6% 1 284 6 643 889 15% 11%
United States 9 502 -7.9% 5 943 3 023 103 433 63% 54%
United Kingdom 4 617 +2.9% 3 335 1 282 72% 71%
Japan 4 154 -5.9% 63 3 018 1 073 2% 1%
Germany 2 500 +2.6% 220 1 613 667 9% 7%
Belgium 1 490 -6.6% 128 1 362 9% 9%
Southern Europe 918 +27.8% 198 721 22% 20%
The Netherlands 641 +5.1% 199 204 233 5 31% 31%
Australia/New-Zealand 1 162 -13.7% 381 562 104 114 33% 33%
Hong-Kong 569 +6.0% 112 431 26 1 20% 16%
Others 248 +0.7% 52 183 9 4 21% 16%
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TOTAL 34 616 - 0.5% 11 916 19 040 3 104 557 34% 32%
* Other revenues include all non-insurance business (fees received from
servicing business and fees on the sale of mutual funds).
(a) Using 9M 2003 exchange rates, 9M 2004 unit-linked products would represent
approximately 35% of total gross revenues compared to 32% in the first nine
months 2003.
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APPENDIX 2
LIFE & SAVINGS - SPLIT BY BUSINESS LINES - FIRST NINE MONTHS 2004
---------------------- ---------------------- ---------------------- ---------------------- -----------------------
LIFE & SAVINGS Investment & Savings Life Health Other premiums Other revenues*
in % ---------------------- ---------------------- ---------------------- ---------------------- -----------------------
Contribution Change** Contribution Change** Contribution Change** Contribution Change** Contribution Change**
- --------------- ---------------------- ---------------------- ---------------------- ---------------------- -----------------------
France 67% + 11% 19% + 2% 14% + 13%
United States 74% - 14% 16% - 1% 1% - 5% 6% + 79% 4% + 37%
United Kingdom 87% + 1% 13% + 20%
Japan (a) 32% - 22% 42% - 8% 26% + 32%
Germany 19% + 6% 48% + 1% 27% + 15% 6% - 26%
Belgium (b) 71% - 8% 11% - 3% 18% - 5%
Southern Europe 85% + 33% 15% + 6%
The Netherlands 39% + 19% 24% + 2% 36% -5% 1% + 12%
Australia/New
Zealand 62% - 23% 19% + 5% 9% + 2% 10% + 19%
Hong Kong 26% + 5% 68% + 5% 4% 22% 2% + 8%
Others 35% - 14% 48% + 13% 11% + 8% 5% + 15% 1% + 64%
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TOTAL 63% - 4% 23% + 1% 10% +16% 3% + 23% 1% + 33%
* Other revenues include fees received from servicing and advisory business
and fees on the sales of Mutual Funds (non-insurance business).
** On a comparable basis.
(a) Japan gross revenues include group pension business.
(b) Other premiums for Belgium include Group investment & savings and life
premiums (split unavailable).
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APPENDIX 3
LIFE & SAVINGS - ANNUAL PREMIUM EQUIVALENT - FIRST NINE MONTHS 2004
----------------------------------------------------
in million euros APE APE Change Change on
9M 2004 9M 2003 comparable basis
- -------------------------- ----------------------------------------------------
France 717 628 + 14% + 14%
United States (a) 1 121 1 171 - 4% - 5%
United Kingdom 518 518 - 0% - 3%
Japan 392 361 + 9% + 12%
Germany (incl. Health) 300 385 - 22% - 22%
Belgium (b) 127 119 + 7% + 2%
Southern Europe 82 70 + 17% + 17%
Australia / New Zealand 281 226 + 24% + 18%
Hong Kong 87 86 + 2% + 12%
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TOTAL (11 countries) 3 625 3 563 + 2% + 1%
- -------------------------- ----------------------------------------------------
(a) 3Q04 APE include Euro 110 million from MONY, which AXA Financial acquired on
July 8, 2004.
(b) Effective January 1, 2004, the minority interests of Assurances La Poste
have been bought out. Belgium 9M03 APE would have been Euro 6 million higher
if the minority buyout had been effective as of January 1, 2003.
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APPENDIX 4
PROPERTY & CASUALTY - SPLIT BY BUSINESS LINES - FIRST NINE MONTHS 2004
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Personal Personal Commercial Commercial Other
Motor Non-Motor Motor Non-Motor lines
--------------------------------------------------------------------------------------------------------------
% Gross Change % Gross Change % Gross Change % Gross Change % Gross Change on
Revenues on Revenues on Revenues on Revenues on Revenues comp.
comp. comp. comp. comp. basis
basis basis basis basis
- ------------------- --------------------------------------------------------------------------------------------------------------
France 33% + 5% 28% + 5% 9% + 5% 30% + 10%
Germany 34% + 6% 30% - 3% 3% - 4% 25% + 5% 8% - 17%
Belgium 36% + 3% 26% - 2% 6% + 5% 30% + 0% 1% + 39%
United Kingdom (a) 15% - 16% 22% + 21% 8% - 1% 31% + 8% 25% - 1%
Southern Europe 57% + 5% 19% + 4% 6% + 25% 18% + 19% 1% Ns
Canada 39% - 2% 16% - 11% 9% + 13% 36% + 12%
The Netherlands 16% - 12% 17% - 12% 38% - 11% 31% - 21% - 2% Ns
Others 55% + 30% 26% + 31% 1% Ns 17% - 13% 1% - 20%
- ------------------- --------------------------------------------------------------------------------------------------------------
TOTAL 34% + 3% 25% +6% 7% +4% 27% + 7% 7% - 3%
(a) Including Ireland
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