Its total revenues were €1.2 billion for the first nine months of 2014, down 4.4% due to ‘unfavourable currency movements’.

The company said that in 2014 it will record stable or slightly increased performance at constant scope and exchange rates, and its operating margin will be equivalent to that of 2013.

Regional changes in business included in Asia, China continued to improve, while developed countries in the region such as Japan, South Korea and Australia were less robust.

In Europe, the North – including the UK – held up better than the South; the East declined slightly due to a gloomy economic environment.

In total, 35% of its business was in emerging countries, where its business increased 5.2%, almost exactly offsetting the 2.6% decline in business seen in developed countries at constant scope and exchange rates.