1.   As a result, Ciba and other Swiss exporters receive fewer francs when they bring home earnings denominated in foreign currencies.

2.   As the dollar fell against the franc over the reporting period, Axa received fewer francs per dollar contributed by U.S. businesses.

3.   Axa therefore received fewer francs per dollar contributed by U.S. businesses.

4.   A stronger dollar means the company receives more francs for each dollar billed.

5.   A strong franc means the company receives fewer francs for each unit of foreign currency billed.

6.   A strong franc means the company receives fewer francs for each dollar billed.

7.   Ciba and other Swiss exporters receive fewer francs when they bring home earnings denominated in foreign currencies.

8.   That hurts French exporters, whose revenue suffers because they receive fewer francs for each dollar earned.

9.   When the U.S. and other major currencies are weak, Swiss exporters receive fewer francs for the revenue they have earned abroad.