Revenues did rise 8%, but this was driven mostly by acquisitions and favorable foreign currency effects.

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The Munich and Paris-based company attributed the results to its excellent underlying performance and significant positive foreign currency effects.

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The 15% growth excludes the vehicles segment and effects of foreign currency.

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In the first quarter of 2001, HP's revenue was up 7% from the year before, and that's after adjusting for the effects of foreign currency.

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Excluding the impact of strategies to eliminate some businesses as well as the effects from unfavorable foreign currency translation, revenue increased 5 percent.

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