3 months quarter-to-date 2014 (April-June)
Core revenue grew 0.1%, due to strong price/mix, compensating for the volume decline.
At constant FX, core revenue increased by 3.3%, resulting in 9.4% growth in adjusted operating profit.
Despite improved shipment volume in France, Italy, Spain and Turkey, total and GFB shipment volumes declined 5.8% and 2.8%, respectively, due to industry contraction, primarily in Russia. Fine cut volume grew 15.7%, driven by our GFB growing 43.5%.
Year-on-year market share2increased in the key markets of France, Spain, Turkey and the UK. In Russia, share of value3was stable and GFB share of market continued to increase.