In the first-half of 2015, the small domestic market remained generally buoyant, although contrasted by region and still highly competitive and promotion-driven across all geographies. Currency fluctuations, particularly the strengthening in the dollar and the yuan, improved the price environment over the period, making it possible to raise prices to offset the higher cost of inputs denominated in these two currencies. In this context, revenue of Group Seb ended the first half at 2,113 million euro, a 15.7% increase that included 8.7% organic growth and a 7% lift from the positive currency effect. Business was brisk throughout the period, with a 9.4% increase in the first quarter followed by a 7.9% gain in the second, at constant scope of consolidation and exchange rates. Changes in currency rates added 127 million euro to first-half revenue (versus a 107 million reduction in the prior-year period). First-half organic growth was driven by all of the product categories and geographies. In Western Europe, Groupe SEB saw its growth speed up in the second quarter, to 6%. This solid momentum was fueled by almost every product category (irons, vacuum cleaners, coffeemakers, electrical cooking and food preparation appliances, etc.) and by the large majority of countries. Growth in Central Europe is continuing at a robust pace across almost every market, led by Poland and the Czech Republic. Business was very good in Turkey over the period, with in particular major gains for the Group in irons, vacuum cleaners and personal care products. In the United States, sales rose steadily during the first half, to end the period up 6.3% like-for-like. Business in South America is marked by sharp volatility from one quarter to the next. After a slow start to the year, sales of Group Seb turned firmly upwards in the second quarter, in an environment remaining highly uncertain. As in the first quarter, Asia-Pacific sales in euros saw very robust growth in the first half, reflecting on one hand the solid organic growth delivered by our operations in China, Japan and South Korea and on the other hand the impact of the stronger yuan.
