Abb Ltd (ABB) 2022 Q4 法說會逐字稿

Greetings to you all and nice to connect again as I welcome you to the presentation of our fourth quarter results. I am Ann-Sofie Nordh, Head of Investor Relations here at ABB. And next to me here, I have our CEO, Bjorn Rosengren; and our CFO, Timo Ihamuotila. And as always, they will take you through the presentation before we open up for a Q&A session.

向大家問好，很高興再次與您聯繫，歡迎您參加我們第四季度業績的介紹。我是 Ann-Sofie Nordh，ABB 投資者關係主管。坐在我旁邊的是我們的首席執行官比約恩·羅森格倫 (Bjorn Rosengren)；以及我們的首席財務官 Timo Ihamuotila。和往常一樣，在我們開始問答環節之前，他們會帶您完成演示。

But before we begin, I want to mention the information regarding safe harbor notices and our use of non-GAAP measures on Slide 2 of the presentation. Also, this call will include forward-looking statements, which are based on the company's current expectations and certain assumptions and are therefore subject to risks and uncertainties. But with that said, I will hand over to Bjorn and Timo for their quarterly comments.

但在我們開始之前，我想在演示文稿的幻燈片 2 中提及有關安全港通知和我們使用非 GAAP 措施的信息。此外，本次電話會議將包括前瞻性陳述，這些陳述基於公司當前的預期和某些假設，因此存在風險和不確定性。但話雖如此，我將把他們的季度評論交給 Bjorn 和 Timo。

Thank you, Ann-Sofie, and a warm welcome from me as well. I would like to start with a quick look back at the full year of 2022, and it's safe to say it was another eventful year. We have executed on our business promises despite being challenged by several external factors. And before we move on with the presentation, I want to give a big credit to all the ABB colleagues who pushed through and delivered what I would call a record year for ABB.

謝謝你，Ann-Sofie，也歡迎我的到來。我想首先快速回顧一下 2022 年全年，可以肯定地說，這是又一個多事之年。儘管受到一些外部因素的挑戰，我們仍然履行了我們的商業承諾。在我們繼續介紹之前，我想對所有推動並交付我稱之為 ABB 創紀錄年份的 ABB 同事表示由衷的感謝。

This is a strong achievement considering that they had to manage the implications from the war in Ukraine, energy crisis, lockdown in China and a strained supply chain. And on top of that, we were also hit by a significant negative FX impact. Despite all of this, the team delivered orders, revenues and operational EBITA and margins at the highest level in recent history. We achieved an operational EBITA margin of 15.3%, meaning we delivered on our margin targets 1 year ahead of plan.

考慮到他們必須應對烏克蘭戰爭、能源危機、中國封鎖和緊張的供應鏈帶來的影響，這是一項了不起的成就。最重要的是，我們還受到了重大的負面外匯影響。儘管如此，該團隊交付的訂單、收入、運營 EBITA 和利潤率均達到近期歷史最高水平。我們實現了 15.3% 的運營 EBITA 利潤率，這意味著我們提前 1 年實現了利潤率目標。

Looking beyond the key items impacting comparability, EPS performance was good. And we improved the ROCE to 16.5%, which means we brought it within our target range. Based on the improved performance and in addition to distributing the turbocharging division to shareholders in October, we proposed a steady increase of a dividend to CHF 0.84. We also plan to continue with the share buyback during 2023. I allow myself to include the signing of the power conversion divestment in this 2022 summary. And in doing so, we have delivered on our promises from 2020 to streamline our business portfolio by exiting 3 divisions.

除了影響可比性的關鍵項目外，EPS 表現良好。我們將 ROCE 提高到 16.5%，這意味著我們將其控制在我們的目標範圍內。基於業績的改善，除了在 10 月份向股東分配渦輪增壓部門外，我們還提議將股息穩步增加至 0.84 瑞士法郎。我們還計劃在 2023 年繼續進行股票回購。我允許自己在 2022 年的總結中包括簽署電力轉換撤資。通過這樣做，我們兌現了從 2020 年開始通過退出 3 個部門來精簡業務組合的承諾。

From here on, we will continue to review our businesses on a product group level within our current divisions. One example is the decision to exit the emergency lighting operations within smart buildings in the business area, Electrification. Related to portfolio changes, I also want to mention the private placement funding we finalized just after the end of the year. We have raised about CHF 525 million for approximately 20% ownership in our E-mobility business. These are new investors who share our long-term belief in the growth story of E-mobility. This is good news. But I want to make it clear that we remain committed to our plan to separately list the business when market conditions are constructive.

從現在開始，我們將繼續在現有部門的產品組層面上審查我們的業務。一個例子是決定退出電氣化業務領域智能建築內的應急照明業務。關於投資組合的變化，我還想提一下我們在今年年底剛剛完成的私募融資。我們已經籌集了約 5.25 億瑞士法郎，以獲得我們電動汽車業務約 20% 的所有權。這些新投資者與我們對電動汽車的增長故事有著共同的長期信念。這是個好消息。但我想明確表示，我們仍然致力於在市場條件有利時將業務單獨上市的計劃。

All in all, in my view, our 2022 delivery shows that we have taken a big step in setting a performance culture based on divisional ownership of operations. We are making good progress in making ABB best-in-class company.

總而言之，在我看來，我們 2022 年的交付表明我們在建立基於業務部門所有權的績效文化方面邁出了一大步。我們在使 ABB 成為一流公司方面取得了良好進展。

Now let's look at the Q4 in details. To frame the big picture, one can say that most customer segments were stable or improved slightly. Remember that we are now talking about order improving from an already high level. It was only 2 segments which stood out, and that was weakness in residential building and it mainly impacted the Smart Building division, Electrification. For us, Germany is a key market, which dropped compared to last year. China was also weak as we have mentioned in earlier quarters, but also the U.S. residential building market softened, although it's not such a big driver for us.

現在讓我們詳細看看第四季度。從大局來看，可以說大多數客戶群保持穩定或略有改善。請記住，我們現在談論的是從已經很高的水平上改善秩序。只有 2 個部分脫穎而出，這是住宅建築的弱點，主要影響智能建築部門電氣化。對我們來說，德國是一個關鍵市場，與去年相比有所下降。正如我們在前幾個季度提到的那樣，中國也很疲軟，但美國住宅建築市場也走軟，儘管這對我們來說並不是一個很大的推動力。

The other area I want to mention is machine automation in robotics and discrete automation. While the long-term market outlook remains solid, orders in the fourth quarter were hampered by customers normalizing order pattern after a period of a prebuy. Out of all our businesses, the machine automation business was one of the most impacted by the strained strange supply chain and component shortage. Now the supply chain constraints have eased, delivery lead times are shortening. This means that the customers start to trust our ability to deliver again and therefore, returning to a more normal order pattern.

我想提到的另一個領域是機器人技術和離散自動化中的機器自動化。雖然長期市場前景依然穩固，但第四季度的訂單受到客戶在預購一段時間後正常化訂單模式的阻礙。在我們所有的業務中，機器自動化業務是受奇怪的供應鏈緊張和組件短缺影響最大的業務之一。現在供應鏈的限制已經緩解，交貨時間正在縮短。這意味著客戶開始信任我們再次交付的能力，從而恢復到更正常的訂單模式。

I'm not worried about the long-term market potential. But near-term, this prebuying hangover may weigh on the near-term order growth in machine automation. In total for ABB, comparable order intake was up 2% and remained stable or improved in 3 out of 4 business areas. I mentioned earlier that the supply chain had eased. These supported our comparable revenues growth of [60%] as we could execute our order backlog.

我不擔心長期的市場潛力。但近期，這種預購遺留問題可能會影響機器自動化的近期訂單增長。總體而言，ABB 的可比訂單量增長了 2%，並且在 4 個業務領域中的 3 個領域保持穩定或有所改善。我之前提到供應鏈已經放鬆。這些支持了我們 [60%] 的可比收入增長，因為我們可以執行我們的訂單積壓。

All business areas improved comparable revenues by at least 6% from last year. It was very good to see an improved flow in our customer deliveries. That said, it was yet another quarter with order growth, so our order backlog remains at a very high level of close to $20 billion. This represents an increase of 29% compared with last year, and it will support our revenues in 2023 as we convert the backlog into deliveries.

所有業務領域的可比收入都比去年提高了至少 6%。很高興看到我們的客戶交付流程有所改善。也就是說，這又是一個訂單增長的季度，因此我們的訂單積壓仍處於接近 200 億美元的非常高的水平。這比去年增加了 29%，隨著我們將積壓訂單轉化為交付，這將支持我們 2023 年的收入。

Now let's take a quick look at the different regions. The Americas was the growth engine of the quarter. Comparable order increase by 50% and the important U.S. market was strong, contributing at plus 13%. The positive trend was strong in 3 out of 4 business areas. Both Europe and EMEA declined at a single-digit rate. In Europe, the decline was mainly related to the German market and softening in the residential building. In EMEA, China orders declined in 3 business areas with only motion in positive growth. We saw a decline in the Chinese business activity towards the end of the quarter. This was in tandem with the intensifying COVID situation. Let's see how this develops in the near-term. But of course, this adds some uncertainties.

現在讓我們快速瀏覽一下不同的區域。美洲是本季度的增長引擎。可比訂單增長了 50%，重要的美國市場表現強勁，貢獻了 13%。 4 個業務領域中有 3 個領域的積極趨勢強勁。歐洲和 EMEA 均以個位數的速度下降。在歐洲，下降主要與德國市場和住宅建築疲軟有關。在 EMEA，中國訂單在 3 個業務領域有所下降，只有正增長的趨勢。我們看到中國商業活動在本季度末有所下降。這與不斷加劇的 COVID 形勢同時發生。讓我們看看這在短期內會如何發展。但是，當然，這增加了一些不確定性。

Let's turn to Slide 6. and our earnings outcomes. In the chart, you see the strong improvement in earnings and margins. We improved operational EBITA by 16%. And if we exclude the negative FX, earnings were actually up 28%. The operational EBITA margin was up by 170 basis points to [14.8%]. This improvement from last year includes an adverse margin impact of about 30 basis points from portfolio changes, primarily related to the spin-off of Accelleron.

讓我們轉到幻燈片 6。以及我們的收益結果。在圖表中，您可以看到收益和利潤率的強勁改善。我們將運營 EBITA 提高了 16%。如果我們排除不利的外匯，收益實際上增長了 28%。運營 EBITA 利潤率上升了 170 個基點，達到 [14.8%]。與去年相比的這一改善包括投資組合變化對利潤率產生的約 30 個基點的不利影響，這主要與 Acceleron 的分拆有關。

This was the first quarter when they were not part of the family. It's good to see how the strong revenue growth feeds into the sharp improvement of the gross margin. Higher volumes, improved cost absorption in production and pricing was up about 7%. In total, we improved the gross margin to 34%, up from 31.7% last year. If there is 1 area where I had hoped for a little bit more, it was cash flow.

這是他們不屬於家庭的第一季度。很高興看到強勁的收入增長如何促進毛利率的大幅提高。銷量增加、生產成本吸收得到改善，定價上漲了約 7%。總的來說，我們將毛利率從去年的 31.7% 提高到 34%。如果有 1 個領域我希望多一點，那就是現金流。

The $720 million in cash from operating activities includes about $315 million from Kusile settlement and taking that into account, it's an okay quarter. But still, I would have liked to see us work down the net working capital a little bit faster. We are turning inventories into receivable, so it's a timing question before it becomes cash. With that said, I expect a good cash delivery in the coming quarters.

來自運營活動的 7.2 億美元現金包括來自 Kusile 和解的約 3.15 億美元，考慮到這一點，這是一個不錯的季度。但是，我仍然希望看到我們更快地減少淨營運資金。我們正在將存貨轉為應收賬款，因此在它變成現金之前這是一個時間問題。話雖如此，我預計未來幾個季度會有良好的現金交付。

With that, I hand over to Timo.

有了這個，我交給蒂莫。

Thank you, Bjorn, and greetings to everyone also from my side. Starting with Electrification, which had another quarter with positive order development. Order intake amounted to $3.6 billion on a comparable growth of 6% from last year. Looking at the total picture, demand continued to be overall robust, and particularly so in the Americas, driven by the large U.S. market where comparable orders grew by 25%.

謝謝你，比約恩，我也向大家致以問候。從電氣化開始，它有另一個季度的積極訂單發展。訂單量達到 36 億美元，比去年同期增長 6%。從總體情況來看，需求總體上繼續保持強勁，尤其是在美洲，受美國市場規模的推動，可比訂單增長了 25%。

Some weakness was noted in Europe where Germany, which is an important market for us, continued to see decline in residential buildings, weighing on our Smart Buildings division. In China, orders declined by 6%. Here, we saw somewhat of a slowdown in business activity towards the end of the year linked to the intensifying COVID-related situation. Revenues grew by 16% on a comparable basis. This completes a strong year when comparable revenues have grown at a double-digit rate in each quarter.

歐洲出現了一些疲軟，德國是我們的重要市場，住宅建築數量繼續下降，給我們的智能建築部門帶來了壓力。在中國，訂單下降了 6%。在這裡，我們看到年底的商業活動有所放緩，這與 COVID 相關形勢的加劇有關。在可比基礎上，收入增長了 16%。這是一個強勁的一年，每個季度的可比收入都以兩位數的速度增長。

The order backlog remains at an all-time high level of $6.9 billion and should continue to support revenue generation in '23. Electrification's operational EBITA margin came in at 15.7%, improving by 90 basis points year-on-year on strong volume and price. While this was the highest Q4 margin in recent years, it did come in slightly below our expectations. This is mainly due to some lower volumes in the more asset-intense and high-margin products business, smart buildings on the back of softness in the residential building segment.

訂單積壓保持在 69 億美元的歷史最高水平，應該會繼續支持 23 年的創收。電氣化的運營 EBITA 利潤率為 15.7%，由於銷量和價格強勁，同比提高 90 個基點。雖然這是近年來最高的第四季度利潤率，但確實略低於我們的預期。這主要是由於在住宅建築領域疲軟的背景下，資產密集型和高利潤產品業務、智能建築的銷量有所下降。

Overall, this was again a strong year for the Electrification business area with full year margin of 16.5%. Excluding the E-mobility business, which will be reported as part of Corporate and Other from Q1 '23, the operational EBITA margin for EL would have been approximately 17.2%. I will come back to this in a few minutes.

總體而言，電氣化業務領域今年再次表現強勁，全年利潤率為 16.5%。不包括將從 23 年第一季度起作為企業和其他部分報告的電動汽車業務，EL 的運營 EBITA 利潤率約為 17.2%。我會在幾分鐘後回到這個問題上。

Now looking ahead into the first quarter of 2023, we currently expect a low double-digit growth in comparable revenues and some improvement in operational EBITA margin on a like-for-like basis.

現在展望 2023 年第一季度，我們目前預計可比收入將實現兩位數的低增長，並且運營 EBITA 利潤率將在同比基礎上有所改善。

Let's then move to Slide 8 and the Motion business area, which showed continued strong delivery. After a period of exceptional growth, motions orders came in flat year-on-year on a comparable basis. The overall intake was hampered by fewer project orders and a high comparable, particularly in Europe, where a large traction orders was booked Q4 '21. The underlying base business continued to improve at a mid-single-digit rate with a healthy development in the U.S. drives business and continued growth in China.

然後讓我們轉到幻燈片 8 和 Motion 業務領域，它顯示出持續強勁的交付。經過一段時間的異常增長後，動議訂單在可比基礎上同比持平。總體攝入量受到項目訂單減少和可比性高的阻礙，特別是在歐洲，那裡預訂了 21 年第四季度的大量牽引訂單。基礎業務繼續以中等個位數的速度增長，美國的健康發展推動了中國業務的持續增長。

For the full year of 2022, comparable orders in Motion grew by a very strong 20%. Revenues came in at above [$1.8] billion, making it one of the highest revenue quarters at least since I've been with the company. Comparable revenue growth was strong at 20%, supported by all divisions. Similarly to the third quarter, this was driven more or less 50-50 by volume and price. The strong top line was reflected in Motion's operational EBITA margin of 17.4%, representing a 130 basis point improvement from last year.

2022 年全年，Motion 的可比訂單增長了 20%，非常強勁。收入超過 [18] 億美元，至少是自從我加入公司以來收入最高的季度之一。在所有部門的支持下，可比收入增長強勁，達到 20%。與第三季度類似，這或多或少受到數量和價格推動 50-50 的影響。強勁的收入反映在 Motion 的運營 EBITA 利潤率為 17.4%，比去年提高了 130 個基點。

Higher volumes supported an improved fixed cost absorption and price increases more than offset the adverse impact from higher input costs. This rounds off another strong year for Motion, with operational EBITA margin improved by 20 basis points to 17.3%. This means the team managed to more than offset the approximately 60 basis points dilution from the divested Dodge business, a really very good achievement. Looking ahead into Q1, we anticipate a strong growth in comparable revenues and we expect operational EBITA margin to be similar or slightly higher compared with last year's level depending on the mix during the quarter.

更高的銷量支持固定成本吸收的改善，價格上漲抵消了更高投入成本的不利影響。這為 Motion 又一個強勁的一年畫上了圓滿的句號，運營 EBITA 利潤率提高了 20 個基點，達到 17.3%。這意味著該團隊設法抵消了剝離的道奇業務帶來的大約 60 個基點的稀釋，這是一個非常好的成就。展望第一季度，我們預計可比收入將強勁增長，我們預計運營 EBITA 利潤率將與去年的水平相似或略高，具體取決於本季度的組合。

Then turning to Slide 9 and Process Automation, where customer activity in the more late cyclical end markets continue to be robust. Momentum was particularly strong in marine, ports, refining and renewables. On the other hand, there were some signs of hesitation noted in the metals industry on back of elevated energy prices. Overall, PA's total comparable orders grew by 11% and the book-to-bill ratio was clearly above 1, driven by the Americas and Europe, while orders in EMEA and China, in particular, declined.

然後轉向幻燈片 9 和過程自動化，其中周期性較晚的終端市場中的客戶活動繼續保持強勁。海洋、港口、煉油和可再生能源領域的勢頭尤為強勁。另一方面，在能源價格上漲的背景下，金屬行業出現了一些猶豫的跡象。總體而言，在美洲和歐洲的推動下，PA 的可比訂單總額增長了 11%，訂單出貨比明顯高於 1，而 EMEA 和中國的訂單則有所下降。

Comparable revenues grew by 6% from an already very high level last year with a good flow of customer deliveries in virtually all divisions. With orders still strong, the order backlog increased slightly and stood at $6.2 billion at the end of the year. This should support revenues going forward and is particularly encouraging as the business area has successfully improved the gross margin and quality in new orders taken. As the headline number, the operational EBITA margin declined by 50 basis points. This, however, includes a negative impact of about 160 basis points due to the Accelleron spin-off, which had an above BA average profitability. The underlying improvement in profitability was due to both higher volumes and continued benefits from improved quality in the order book backlog and higher gross margin.

可比收入比去年已經非常高的水平增長了 6%，幾乎所有部門的客戶交付量都很好。由於訂單仍然強勁，訂單積壓略有增加，年底為 62 億美元。這應該會支持未來的收入，並且特別令人鼓舞，因為該業務領域已成功提高新訂單的毛利率和質量。作為標題數字，運營 EBITA 利潤率下降了 50 個基點。然而，這包括由於 Acceleron 分拆而產生的約 160 個基點的負面影響，其盈利能力高於 BA 平均水平。盈利能力的根本改善是由於銷量增加以及訂單積壓質量提高和毛利率提高帶來的持續收益。

Looking at the expectations for the first quarter, we expect single-digit growth in comparable revenues and a sequential decline in operational EBITA margin. The sequential decline is driven by normal seasonal pattern, but also by Marine & Ports division where the missing Russia [Arctic] LNG business will have some dampening impact to margins during 2023.

從對第一季度的預期來看，我們預計可比收入將實現個位數增長，而運營 EBITA 利潤率將連續下降。環比下降是由正常的季節性模式推動的，但也受到海洋和港口部門的推動，該部門缺少俄羅斯 [北極] 液化天然氣業務將在 2023 年對利潤率產生一些抑制影響。

On Slide 10, we turn to Robotics and Discrete Automation. This business area was adversely impacted by customers normalizing order patterns primarily in machine automation, as Bjorn discussed. This follows a period of preordering due to long delivery lead times caused mainly by the shortages in semiconductors. Overall, comparable orders declined by 19%, driven by the Machine Automation division that was up against a very high comparable while robotics saw a stable development.

在幻燈片 10 上，我們轉向機器人技術和離散自動化。正如 Bjorn 所討論的，這一業務領域受到客戶主要在機器自動化中標準化訂單模式的不利影響。這是由於半導體短缺導致交貨時間過長而導致的預購期。總體而言，可比訂單下降了 19%，這是由於機器自動化部門的可比性非常高，而機器人技術則保持穩定發展。

Taking a step back and looking at the order development for the full year, one can see that 2022 was another strong demand year for RA with comparable orders growing 15% on top of the 29% growth in '21. Looking at the chart in the middle, it is very promising to see revenues continuing to rebound as the easing of shortages of electrical components supported execution of volumes from the order backlog.

退一步看看全年的訂單發展，可以看到 2022 年是 RA 的又一個強勁需求年，可比訂單在 21 年增長 29% 的基礎上增長了 15%。看看中間的圖表，隨著電氣元件短缺的緩解支持訂單積壓的執行量，收入繼續反彈是非常有希望的。

Comparable revenues improved by 23% in the quarter with solid contribution from both divisions. This translated into a strong operating leverage doubling the profit to about $125 million. Additionally, the operational EBITA margin was supported by better pricing execution as well as positive divisional mix and improved almost by 6 percentage points to 14%. For the first quarter in '23, we expect even higher comparable revenue growth than in Q4 and the Q1 margin to be around the Q4 level, naturally depending on the COVID situation in China.

本季度可比收入增長了 23%，這兩個部門都做出了可觀的貢獻。這轉化為強大的經營槓桿，使利潤翻了一番，達到約 1.25 億美元。此外，運營 EBITA 利潤率得到更好的定價執行以及積極的部門組合的支持，提高了近 6 個百分點至 14%。對於 23 年第一季度，我們預計可比收入增長比第四季度更高，第一季度利潤率將在第四季度左右，這自然取決於中國的 COVID 情況。

Moving on to Slide 11, showing the group operational EBITA bridge. As you can see, the comparable earnings improvement benefited from our strong price execution and the continued recovery in volumes, which again more than offset the adverse effects from cost inflation. Noncore movements in FX as well as portfolio changes, i.e., mainly the turbocharging spin-off and for the last time, also the impact of the Dodge divestment were slightly diluting on a group level.

轉到幻燈片 11，顯示集團運營 EBITA 橋。正如您所看到的，可比收益的改善得益於我們強勁的價格執行和銷量的持續復甦，這再次抵消了成本通脹的不利影響。外彙的非核心變動以及投資組合的變化，即主要是渦輪增壓分拆和最後一次，道奇撤資的影響在集團層面略有稀釋。

Now let's look at the cash flow on Slide 12, which is 1 area that did not quite meet our expectations. Cash flow from operating activities and continuing operations was $720 million in Q4, approximately $300 million lower year-on-year. While we saw some cash release from inventories during the quarter, the impact from overall net working capital was less compared with last year as trade receivables increased sequentially.

現在讓我們看看幻燈片 12 上的現金流量，這是一個不太符合我們預期的領域。第四季度來自經營活動和持續經營活動的現金流量為 7.2 億美元，同比減少約 3 億美元。雖然我們在本季度看到一些現金從庫存中釋放出來，但由於貿易應收賬款環比增加，整體淨營運資金的影響比去年要小。

As mentioned in October, the settlement for the Kusile project resulted in a cash outflow during the quarter. Timing-wise, it was a bit more front-end loaded than expected and with approximately $315 million impacting Q4. It means that we now have only roughly $10 million impact in coming quarters. On a more positive note, the cash flow statement also reflects a net positive inflow from investing activities of approximately $1.4 billion from the closing of the PG divestment.

如 10 月份所述，Kusile 項目的結算導致該季度出現現金流出。從時間上看，它的前端負載比預期的要多一些，影響第四季度的約為 3.15 億美元。這意味著我們現在對未來幾個季度的影響只有大約 1000 萬美元。從更積極的方面來看，現金流量表還反映了自 PG 撤資結束後投資活動淨流入約 14 億美元。

Looking into 2023, cash generation will be an important focus area for us as we work down net working capital. We should also have less adverse impact from items impacting comparability. So all in all, I expect a good cash generation in '23 already starting in Q1.

展望 2023 年，現金產生將成為我們減少淨營運資本的一個重要重點領域。我們還應該減少影響可比性的項目的不利影響。所以總而言之，我預計 23 年第一季度已經開始產生良好的現金。

Now taking a look at the development of our return on capital employed or ROCE, you can see in the chart that we moved into our 15% to 20% target range for the first time in many years. The strong ROCE improvement to 16.5% is driven by better operational performance. It is also worth highlighting that the capital employed calculation still includes the negative impact from the 19.9% ownership in Hitachi Energy in '22. This impact will reverse from '23 onwards moving us even more comfortably into the target range. And overall, of course, the improved ROCE is a good indicator that we are really improving ABB's long-term performance.

現在看看我們的已動用資本回報率或 ROCE 的發展情況，您可以在圖表中看到我們多年來首次進入 15% 至 20% 的目標範圍。 ROCE 強勁增長至 16.5%，這得益於更好的運營績效。還值得強調的是，已用資本計算仍包括 22 年持有日立能源 19.9% 的負面影響。這種影響將從 23 年開始逆轉，使我們更輕鬆地進入目標範圍。當然，總的來說，改進的 ROCE 是一個很好的指標，表明我們確實在改善 ABB 的長期業績。

Let's finish off by quickly taking a look at yesterday's announcement. ABB E-mobility has signed an agreement to raise an additional CHF 325 million in second and final part of pre-IPO private placement. This comes on top of the CHF 200 million announced in November '22. The E-mobility business will use the proceeds to continue the execution of its growth strategy, comprising both organic and M&A investments in hardware and software. Following the second round, ABB has a shareholding in ABB E-mobility of approximately 80%, and we remain committed to our strategy to separately list the business subject to constructive market conditions.

最後，讓我們快速瀏覽一下昨天的公告。 ABB E-mobility 已簽署協議，在 IPO 前私募的第二部分也是最後一部分中額外籌集 3.25 億瑞士法郎。這是在 2022 年 11 月宣布的 2 億瑞士法郎之上的。電動汽車業務將利用所得款項繼續執行其增長戰略，包括對硬件和軟件的有機投資和併購投資。第二輪之後，ABB 持有 ABB E-mobility 約 80% 的股份，我們仍然致力於我們的戰略，即根據建設性市場條件將業務單獨上市。

To effect the new governance structure and the size of the business, E-mobility has been moved out of the Electrification business area as of beginning of January and will be externally reported as part of corporate and other as from Q1. You can see pro forma figures for EL excluding E-mobility and the new corporate and other on the right side of the slide. We will also publish historical re-reported numbers prior to our Q1 results on the Investor Relations section of our homepage. At the same time, we are happy that the noncore business has become so insignificant that we will no longer report it as a separate line.

為影響新的治理結構和業務規模，自 1 月初起，電動汽車已移出電氣化業務領域，並將從第一季度開始作為公司和其他業務的一部分對外報告。您可以在幻燈片的右側看到 EL 的備考數據，不包括電動汽車和新企業及其他。我們還將在我們主頁的投資者關係部分發布我們第一季度業績之前的歷史重新報告數字。與此同時，我們很高興非核心業務變得如此微不足道，以至於我們不再將其作為一個單獨的項目進行報告。

And with that, I hand it over back to Bjorn to round off this presentation.

然後，我將其交還給 Bjorn 以完成本次演示。

Thank you, Timo. As we sat down to summarize the year, we came to reflect on what an exceptional period we have been through in the past 3 years. First, the COVID slump in 2020 followed by a very strong year in orders despite all the major external events. The tight supply chain has been a trigger. And as I mentioned earlier, we are seeing customers normalizing order pattern as the supply constraints ease.

謝謝你，蒂莫。當我們坐下來總結這一年時，我們開始反思過去 3 年我們經歷了多麼特殊的時期。首先，儘管發生了所有重大外部事件，但 2020 年的 COVID 暴跌隨後是訂單非常強勁的一年。緊張的供應鏈一直是導火索。正如我之前提到的，隨著供應限制的緩解，我們看到客戶正在規範訂單模式。

This may hamper our orders growth in the first half of 2023 as the comparables are very high.

這可能會阻礙我們 2023 年上半年的訂單增長，因為可比產品非常高。

The chart also shows that the revenues has lagged orders. We have an order backlog of $19.9 billion. We plan for about 75% of these to be delivered during 2023, supporting our revenues. And to continue on the topic of what we expect from 2023, let's finish off with Slide 16.

該圖表還顯示收入滯後於訂單。我們有 199 億美元的訂單積壓。我們計劃在 2023 年交付其中約 75%，以支持我們的收入。為了繼續討論我們對 2023 年的期望，讓我們以幻燈片 16 結束。

Looking ahead, nobody really knows what is coming. And we have stopped speculating too much. Instead, we have prepared for different scenarios. And based on what we see now, we do not expect a major setback in the market. Our revenues will be supported by execution of the record high order backlog, and we expect our comparable revenue growth to be above 5%. We are committed to deliver an operational EBITA margin of at least 15%, even if we see a slight softer market.

展望未來，沒有人真正知道會發生什麼。我們已經停止了過多的猜測。相反，我們已經為不同的場景做好了準備。根據我們現在看到的情況，我們預計市場不會出現重大挫折。我們的收入將受到創紀錄的高訂單積壓的支持，我們預計我們的可比收入增長將超過 5%。我們致力於提供至少 15% 的運營 EBITA 利潤率，即使我們看到市場略有疲軟。

Cash flow is in focus. By working down the net working capital in combination with a lower negative one-offs, we expect to see a robust cash flow for the next year. On top of the dividend of CHF 0.84, we are planning to continue with our share buyback program.

現金流是焦點。通過降低淨營運資本並減少負一次性支出，我們預計明年將看到強勁的現金流。除了 0.84 瑞士法郎的股息外，我們還計劃繼續我們的股票回購計劃。

Rounding off with a quick look at the first quarter. We expect a double-digit growth in comparable revenues and some year-over-year improvements in the operational EBITA margin, meaning from the 14.3% we reported last year, including the high-margin business, Accelleron, which we now have exited. It should be a good start to what we expect to be another year of solid performance for ABB.

最後快速瀏覽一下第一季度。我們預計可比收入將實現兩位數增長，運營 EBITA 利潤率將同比有所改善，這意味著我們去年報告的 14.3%，包括我們現在已經退出的高利潤業務 Acceleron。對於我們期望的 ABB 又一年的穩健表現，這應該是一個良好的開端。

That's a good ending to finish off the presentation with Bjorn before we now open up for the Q&A. (Operator Instructions) And with that, we open up for questions. And I think we should start with a question from the conference call. Do we have someone on the line there, please? If not, we'll kick off with a question from the online tool while we're waiting for the telephones to come live. We have a question here from [Kulwinder Raipal], and he wants to know a little bit about the outlook comments.

在我們開始問答環節之前，與 Bjorn 一起結束演示是一個很好的結局。 （操作員說明）有了這個，我們開始提問。我認為我們應該從電話會議中的一個問題開始。請問有人在線嗎？如果沒有，我們將在等待電話上線時通過在線工具提出問題。 [Kulwinder Raipal] 在這裡提出了一個問題，他想了解一些關於前景的評論。

He says for Q1 is the comparable growth more low double digit or somewhere around mid to high teens. We start with that one and he has a follow-up.

他說，第一季度的可比增長是較低的兩位數或大約中高位青少年。我們從那個開始，他有後續行動。

I can take that one. Yes, I don't think we'll go into that. It's going to be high or low. We believe there's going to be double-digit growth. And which is, of course, good supported by the order book, and that is the first quarter. And then you have also seen that we do expect for the full year to be above 5% also when it comes to revenues.

我可以拿那個。是的，我不認為我們會討論那個。它會高或低。我們相信會有兩位數的增長。當然，這是訂單簿的良好支持，那就是第一季度。然後你還看到，我們確實預計全年收入也將超過 5%。

Yes. And now we go to the conference call. I think your line should be open, Lars Brorson from Barclays. Are you there?

是的。現在我們開始電話會議。我認為你的線路應該是開放的，來自巴克萊銀行的 Lars Brorson。你在嗎？

Firstly, briefly, Timo, on Electrification margins. I wonder whether you can give a bit more color on the profit bridge there in Electrification. Thank you for providing some pro forma numbers for E-mobility. I gather in the quarter is about an 80 basis point dilution. Help us a little bit, if you can, with the adverse mix towards more systems and also the impact from underabsorption in the resi business.

首先，簡要介紹一下 Timo，關於電氣化利潤率。我想知道您是否可以在電氣化的利潤橋上多加一點色彩。感謝您為電動汽車提供一些備考數字。我在本季度收集到的信息稀釋了大約 80 個基點。幫助我們一點點，如果可以的話，對更多系統的不利組合以及 resi 業務吸收不足的影響。

And secondly, if I just can briefly on the pricing outlook for 2023, your pricing up 7% at the group level currently higher in motion, I'm assuming around 1%. I wonder Bjorn, when we look at bit [deeper] into 2023, I'm trying to understand the price stickiness there as input costs starts to ease, particularly in Motion, where you have some [Formula E] pricing clauses in large motors. Can you talk a bit about the risk perhaps surprising as we get into the back end of this year, just from a mechanical reset to lower raw mat prices?

其次，如果我能簡要介紹一下 2023 年的定價前景，您的定價在目前較高的集團層面上漲 7%，我假設約為 1%。我想知道 Bjorn，當我們 [更深入地] 研究 2023 年時，我正試圖了解那裡的價格粘性，因為投入成本開始下降，特別是在 Motion 中，大型發動機中有一些 [Formula E] 定價條款。當我們進入今年年底時，您能否談談可能令人驚訝的風險，僅僅是從機械重置到降低原墊價格？

Why don't you take the first one, Timo, and it's Electrification there.

你為什麼不選擇第一個，蒂莫，那裡是電氣化。

Yes. On the EL margin, yes, as we said, we came in slightly lower than we expected. I mean the main drivers there are, as we said, there was a bit less demand on the [resi] construction, and that's a high-margin business in Smart Buildings for us. Then we also had, as is totally normal, more business from Distribution Solutions, which is a lower-margin business than the EL average. And then third, and this was actually almost 40 basis point delta on EL margin coming simply from the fact that E-mobility was bigger Q4 this year than last year. So those are really the main drivers.

是的。在 EL 利潤率上，是的，正如我們所說，我們的收入略低於我們的預期。我的意思是，正如我們所說，主要的驅動因素是對 [resi] 建築的需求有所減少，這對我們來說是智能建築領域的高利潤業務。然後，我們也有更多來自 Distribution Solutions 的業務，這是完全正常的，這是一個比 EL 平均利潤率更低的業務。然後是第三，這實際上是 EL 利潤率的近 40 個基點增量，僅僅是因為今年第四季度電動汽車比去年更大。所以這些才是真正的主要驅動力。

And on pricing, Bjorn, do you want to take that?

關於定價，比約恩，你想接受嗎？

Yes. I mean, yes, 7% is what we report for the quarter. We know the inflation rate during last year, which was quite brutal both when it comes to logistic cost, but also for commodities during the period. Now in line with the interest rate going up and we see more normalized demand, I think we're seeing somewhat less inflation. And I do believe that is also going to reflect our pricing. So we have a pretty good picture of what are the cost increases in our operations, and we will make sure that we compensate that also going forward, but also, of course, getting full value for -- good price for the value that we are delivering to the customers. So we believe that, that will be somewhat lower inflation during next year. Yes.

是的。我的意思是，是的，我們本季度報告的是 7%。我們知道去年的通貨膨脹率，無論是在物流成本方面，還是在這段時期的商品方面，都非常殘酷。現在隨著利率上升，我們看到更多的正常化需求，我認為我們看到的通貨膨脹有所減少。我相信這也將反映我們的定價。因此，我們對運營中的成本增加情況有一個很好的了解，我們將確保我們也會在未來對此進行補償，但當然，也會獲得全部價值 - 物有所值的價格交付給客戶。所以我們相信，明年的通貨膨脹率會有所降低。是的。

Maybe just to chip in, we expect about 2% pricing pre-over from '22 to '23, something like that.

也許只是為了湊錢，我們預計從 22 年到 23 年會有大約 2% 的預定價，類似這樣的事情。

Yes.

是的。

And we take another -- and although that was more than 1 question, I would like to add, we'll take the next question from James Moore, please, at Redburn.

我們再回答一個問題——雖然這不止一個問題，但我想補充一點，我們將接受來自 Redburn 的 James Moore 的下一個問題。

I've got 1 question on your performance management system, if I could, Bjorn. I mean I think about 20 divisions at the moment. Could you say have a mix of what is in a growth mandate versus the profitability mandate changed in terms of the numbers? And could you talk about those divisions still with a profitability mandating, say something about their potential, if possible?

如果可以的話，我有 1 個關於你的績效管理系統的問題，Bjorn。我的意思是我現在考慮 20 個部門。你能說在數字方面改變了增長任務與盈利能力任務的混合嗎？如果可能的話，你能談談那些仍然有盈利要求的部門，談談他們的潛力嗎？

Yes, I think it's a very good question. And this is very close to my heart. It's to implementing this performance culture, which I think ABB really has shown that it have managed during the last 2 years. We've seen an improvement. So it's correct that we're seeing more and more divisions moving into the growth mandate. And I think I'll be mentioning close to 70% which have that mandate today.

是的，我認為這是一個很好的問題。這非常貼近我的心。這是為了實施這種績效文化，我認為 ABB 在過去 2 年中確實證明了它已經做到了這一點。我們看到了進步。因此，我們看到越來越多的部門進入增長任務是正確的。我想我會提到今天有近 70% 的授權。

We still have a number of divisions who have a little bit of a challenging. Some of them are moving in profitability, but we also have 2 divisions actually where it's more on the stabilization phase. And one of them is large motors and generators, where it's been a tough market for them. They are working hard to improve their performance. And the other one is DS. And I think Timo talked little bit about that. We had quite good deliveries, big deliveries on DS, Distribution Solution in Electrification. And as you probably know there, we have now a new division president for that division.

我們仍然有一些部門面臨一些挑戰。其中一些正在盈利，但我們實際上也有 2 個部門處於穩定階段。其中之一是大型電機和發電機，這對他們來說是一個艱難的市場。他們正在努力提高自己的表現。另一個是DS。我認為 Timo 談了一點點。我們有很好的交付，DS 的大交付，電氣化的配電解決方案。正如您在那裡可能知道的那樣，我們現在有一位新的部門總裁負責該部門。

We have also splitted that business and moved some of the low-voltage switch gear into Smart Power and DS will be concentrating more on the medium voltage, where we have a strong position in the market. So I think the right measures are going to be implemented during the year, and we should see a gradual improvement of these 2 businesses.

我們還拆分了該業務，並將一些低壓開關設備轉移到 Smart Power，而 DS 將更多地專注於我們在市場上擁有強大地位的中壓。所以我認為正確的措施將在年內實施，我們應該會看到這兩項業務的逐步改善。

Then of course, in every division, there are a lot of activities for both growing as well as improving profitability and that's part of the performance culture and continuous improvement, which is so important for ABB and also giving us the comfort in saying that we will be delivering over 15% also next year.

然後，當然，在每個部門，都有很多活動既可以增長又可以提高盈利能力，這是績效文化和持續改進的一部分，這對 ABB 來說非常重要，也讓我們欣慰地說我們將明年也將交付超過 15%。

Thanks, James. And I'll continue actually with a sort of related question here from the online tool. It comes from [Joe or John]. And it's reflected to the decision to exit the lighting business in Electrification. What drove this decision? Is it going to be a sale or an organic exit?

謝謝，詹姆斯。實際上，我將在此處繼續使用在線工具提出一些相關問題。它來自[喬或約翰]。這反映在退出電氣化照明業務的決定上。是什麼推動了這個決定？是出售還是自然退出？

Yes, let me take this 1 on here. First, I would like to say now that we are extremely happy that we have now delivered on our promise which we put up 2020 to exit 3 businesses to align our portfolio with our purpose. I think that's good. I think it's very clear today. We don't look upon ABB as a conglomerate anymore. We are a purpose-driven company, so I think that is good. So now we can concentrate on growing. That means acquisitions and organic growth and to make sure to strengthen the group.

是的，讓我把這個 1 放在這裡。首先，我現在想說，我們非常高興我們現在兌現了我們的承諾，我們承諾在 2020 年退出 3 項業務，以使我們的投資組合與我們的目標保持一致。我覺得這樣很好。我認為今天很清楚。我們不再將 ABB 視為一家企業集團。我們是一家以目標為導向的公司，所以我認為這很好。所以現在我們可以專注於成長。這意味著收購和有機增長，並確保加強集團。

On the division level, there is continuous pruning of businesses that mean some business can be fixed -- some can be driven better performance, and you -- with a good transparency also see what you make in the different product lines. In some businesses, they have product lines that maybe don't fit in very well or you could be a small fish in a big pond. And we say that the best way here is to find a home for that where that business can develop better than win in our -- and I think Electrification and the team there have identified this emergency lighting as one of the businesses that we believe that should be exited and find the new home for that. And I think we will start the process now. And we haven't decided yet if it's going to -- where it's going to end up in -- but we will start the process identifying opportunities and look for the best home for that business. And we will continue to challenge all our divisions and their product lines that we have market-leading, fresh, well-performing businesses also within the divisions.

在部門層面，不斷修剪業務，這意味著可以修復一些業務——一些可以推動更好的性能，而你——具有良好的透明度，也可以看到你在不同產品線中所做的事情。在某些企業中，他們的產品線可能不太適合，或者您可能是大池塘里的一條小魚。我們說這裡最好的方法是找到一個家，在那裡該業務可以發展得比在我們的勝利中更好 - 我認為 Electrification 和那裡的團隊已經將這種應急照明確定為我們認為應該的業務之一退出並為此找到新家。我想我們現在就開始這個過程。我們還沒有決定它是否會——它最終會在哪裡——但我們將開始這個過程來識別機會並為該業務尋找最好的家。我們將繼續挑戰我們所有的部門及其產品線，我們在部門內也擁有市場領先的、新鮮的、表現良好的業務。

Very good. And then we'll take the next question from the telephone lines. And Ben Uglow, your line should be open.

非常好。然後我們將從電話線上接聽下一個問題。 Ben Uglow，你的線路應該是開放的。

Everyone. I hope that all well. It's really a question for Timo, around the cash, the underlying cash situation. So I guess if we step back, you had a couple of years, including last year where you have done $3.3 billion of cash from operations I mean 2021, we did 3.3%. And we've done that level in the past. Where we are today is about $1 billion -- $2 billion less at about $1.3 billion. I guess that $2 billion swing is almost exclusively coming from working capital. I guess the question Timo is how long -- 2 questions. One is how quickly can we get that working capital from $2 billion down to a few hundred million, i.e. are we going to see the vast majority of this reverse in 2023?

每個人。我希望一切都好。這對 Timo 來說真的是一個問題，圍繞著現金，潛在的現金狀況。所以我想如果我們退後一步，你有幾年，包括去年你從運營中獲得了 33 億美元的現金，我的意思是到 2021 年，我們做了 3.3%。我們過去已經達到了那個水平。我們今天所處的位置約為 10 億美元——減少 20 億美元，約為 13 億美元。我猜這 20 億美元的波動幾乎完全來自營運資金。我想 Timo 的問題是多長時間 -- 2 個問題。一個是我們能以多快的速度將營運資金從 20 億美元減少到幾億美元，也就是說，我們是否會在 2023 年看到絕大多數這種逆轉？

And then the second sort of related question because it obviously depends on a few other things is how realistic is it to think that we're going to be coming back to $3 billion thereabout sort of cash operations within the foreseeable future. So are we going to get back to the cash levels that we're at in 2018 and in 2021?

然後是第二類相關問題，因為它顯然取決於其他一些事情，即認為我們將在可預見的未來恢復到 30 億美元左右的現金業務有多現實。那麼我們是否會回到 2018 年和 2021 年的現金水平？

Okay. Thanks, Ben, for the question. I was kind of thinking that you might go to that direction. But let's first start with the $2 billion gap, so about $1.4 billion of that is actually coming from trade net working capital. There, I would just say we have good quality inventory. We have good quality receivables. And actually, the inventory now already started to reduce, which is a good sign. So it's moving more to receivables. And then we did not release that much money from payables because the payables are going down as we are sort of seeing this release and business coming from inventory.

好的。謝謝，本，提出這個問題。我有點想你可能會去那個方向。但讓我們首先從 20 億美元的缺口開始，其中約 14 億美元實際上來自貿易淨營運資金。在那裡，我只想說我們有優質的庫存。我們有優質的應收賬款。事實上，現在庫存已經開始減少，這是一個好兆頭。所以它更多地轉向應收賬款。然後我們沒有從應付賬款中釋放那麼多錢，因為應付賬款正在下降，因為我們看到這種釋放和來自庫存的業務。

Then if you look at next year, so I would maybe answer this in a way that if you look at what we have said on our guidance and we can use sort of round numbers here, so say, approximately $30 billion of revenue, and you put into that this 5% growth and then you take 15% margin. So this is just a rough math, and then you move to EBIT. So you take out the cash items, which is about $330 million in our guidance. And then if we would have net working capital efficiency improving, say, by 1 point, so we would come back to about 10% of revenue and you take 25% tax rate and all that, you will actually drop into numbers which would indicate some $3 billion of free cash flow. So that's kind of like you see it from there how we think about it for 2023.

那麼如果你看看明年，那麼我可能會以這樣的方式回答這個問題，如果你看看我們在我們的指南中所說的話，我們可以在這裡使用某種整數，比如說，大約 300 億美元的收入，你投入這 5% 的增長，然後你獲得 15% 的保證金。所以這只是一個粗略的數學，然後你轉向息稅前利潤。所以你拿出現金項目，這在我們的指導中約為 3.3 億美元。然後，如果我們要提高淨營運資本效率，比如說提高 1 個百分點，那麼我們會回到收入的 10% 左右，而你採用 25% 的稅率等等，你實際上會投入一些數字，這將表明一些30 億美元的自由現金流。所以這有點像你從那裡看到的我們對 2023 年的看法。

And we'll take the next question again from the telephone line. Gael?

我們將再次通過電話線回答下一個問題。蓋爾？

Can I ask about the decline in orders in the machine automation division? I mean you mentioned a significant drop there on a year-on-year basis. I guess the book-to-bill is also clearly below 1 now. But I mean, we've just heard about Rockwell Automation, highlighting that both the orders and backlog continued to increase sequentially with continued strong automation demand. So could you perhaps elaborate on your specific market positioning in machine automation. Have you been perhaps too focused on margins, not enough on growth? I mean what's going on there? Because it seems that you're perhaps losing a bit of market share.

請問機器自動化事業部的訂單下降是怎麼回事？我的意思是你提到了同比顯著下降。我猜現在訂單出貨比也明顯低於 1。但我的意思是，我們剛剛聽說了羅克韋爾自動化，強調隨著自動化需求的持續強勁，訂單和積壓訂單都繼續增加。那麼，您能否詳細說明您在機器自動化領域的具體市場定位。您是否過於關注利潤率，而對增長關注不夠？我的意思是那裡發生了什麼？因為看起來您可能正在失去一些市場份額。

Thank you for the question. I'll take that one. First, I would like to say, when you look at robotics and machine automation for the full year, we had a growth of 15% and the year before, 29%. So that gives you a little bit of the growth. If you look at the fourth quarter, and then first, I can say that the comparison with last year, we had 60% growth in Q4 the year before. And that was actually when we start seeing the problems with the semiconductors. So there was a brutal comparison with that part.

感謝你的提問。我會拿那個。首先，我想說，當你看一下全年的機器人技術和機器自動化時，我們增長了 15%，而前一年增長了 29%。所以這給了你一點增長。如果你看一下第四季度，那麼首先，我可以說與去年相比，我們在前一年的第四季度增長了 60%。那實際上是我們開始看到半導體問題的時候。因此，與那部分進行了殘酷的比較。

We look at the end markets. We see a very strong demand pattern. We feel very comfortable with both the machine automation. And you can, of course, see also -- you can see but the growth in revenues and the order book that we have for that business. We have an increase in order book during last year with 49% which is, of course, huge that need to be delivered out. And if you look at our machine automation business, mainly our customers because we have a very strong niche there is on the machine automation. It's OEM customers. And they were quite nervous when we had difficulties with semiconductors because you know that part. So they actually pushed orders earlier.

我們著眼於終端市場。我們看到了非常強勁的需求模式。我們對機器自動化感到非常滿意。當然，你也可以看到——你可以看到收入的增長和我們為該業務獲得的訂單。去年我們的訂單增加了 49%，這當然是巨大的，需要交付。如果你看看我們的機器自動化業務，主要是我們的客戶，因為我們在機器自動化方面擁有非常強大的利基市場。這是OEM客戶。當我們在半導體方面遇到困難時，他們非常緊張，因為你知道那部分。所以他們實際上更早地推了訂單。

And now when we're actually delivering and we don't have any issues on the supply chain with the semiconductors apart. They are feeling much more relieved, and they can go into a normal order pattern. So that is what we are seeing. We are very optimistic about the machine automation market in the coming years from that. Also from the robotics, where you can actually say that we had actually flat orders during the quarter. So we think this is more a mechanical change in then that actually from the demand from the market, and we're sure we can prove that going forward.

現在，當我們實際交付時，我們在供應鏈上沒有任何問題，除了半導體。他們感覺輕鬆多了，可以進入正常的訂單模式。這就是我們所看到的。我們對未來幾年的機器自動化市場非常樂觀。同樣來自機器人技術，您實際上可以說我們在本季度的訂單實際上持平。所以我們認為這更多是一種機械變化，實際上來自市場需求，我們確信我們可以證明這一點。

Just can I just come back to the point you made on order growth in H1 being challenged by high comps, normalization and so on. I mean, I think I get that maybe (inaudible) if you actually anticipate group orders to be up or down sequentially?

我能否回到你在 H1 的訂單增長中提出的觀點，受到高補償、規範化等的挑戰。我的意思是，如果您真的預計團體訂單會按順序上升或下降，我想我可能會（聽不清）？

On the group, we don't -- we haven't guided on the orders on that side. But of course, you know the first quarter during last year was quite dramatic because of the supply chain issues, so it went up very much. So it's a little bit more challenging on that side. So I think from our perspective, we're guiding on the revenue and we say we're going to get a double-digit growth, and we're very comfortable with that. You want to add in something that, Timo?

在小組中，我們沒有——我們沒有指導那方面的命令。但是，當然，你知道去年第一季度由於供應鏈問題而非常引人注目，所以它上漲了很多。所以在這方面更具挑戰性。所以我認為從我們的角度來看，我們正在指導收入，我們說我們將實現兩位數的增長，我們對此感到非常滿意。 Timo，你想添加一些東西嗎？

Yes. Maybe just if you look at the first half, so the comparable order growth from last year is about 24%. So that, of course, very, very high, as Bjorn was saying. But if we look at the full year, we expect actually at the moment when we sit here that the book-to-bill would continue to be above 1. So in that sense, we expect to see healthy market for 2023. We just have a super high comparables on the orders.

是的。也許只看上半年，去年的可比訂單增長約為 24%。所以，當然，正如 Bjorn 所說，非常非常高。但如果我們看一下全年，我們實際上預計在我們坐在這裡的那一刻，訂單出貨比將繼續高於 1。所以從這個意義上說，我們預計 2023 年市場會健康。我們只是有訂單上的超高可比性。

And I'll just connect to the RA question you had earlier. There is a question here from John McClaine who wants to know, have you seen any cancellations of orders in the backlog in robotics as part of the normalizing trend?

我將直接連接到您之前提出的 RA 問題。 John McClaine 在這裡提出一個問題，他想知道，作為正常化趨勢的一部分，您是否看到機器人積壓訂單中的任何訂單取消？

No, it's a very solid order book for robotics and both robotic and discrete automation I'd like to say. So it's a huge order book, and we have to deliver on that during the year, but no cancellations, what we have seen so far.

不，這是一本非常可靠的機器人技術訂單，我想說的是機器人和離散自動化。所以這是一個巨大的訂單簿，我們必須在這一年內交付，但沒有取消，這是我們到目前為止所看到的。

Okay. Then we take the next question from the conference call and Alex from Bank of America Merrill Lynch should be on the line.

好的。然後我們接受電話會議的下一個問題，美國銀行美林的亞歷克斯應該在線。

I wondered if you could dig a little bit into the resi construction comments that you were making there with respect to Germany and China. I guess, China maybe a little bit more obvious, given the broader backdrop in China property. But if you could give us a bit more color around that the overall market across your global resi construction business?

我想知道你是否可以深入了解一下你在那裡發表的關於德國和中國的評論。我想，考慮到中國房地產的大背景，中國可能更明顯一些。但是，如果你能給我們更多關於你的全球 resi 建築業務的整體市場的顏色？

Yes. I can start and then Timo can cover in. I mean, we've been reporting a weaker residential construction industry for a couple of quarters. And I think that actually has remained. We see it in Europe mainly hitting in Germany where we have a really strong position and that is actually reflected in the numbers. But we also see it in U.S. and in China at that stage. So that is actually the segments that we don't see positive at the moment. That is the only one which has been softening off. Would you like to add something?

是的。我可以開始，然後 Timo 可以補上。我的意思是，幾個季度以來，我們一直在報告住宅建築行業疲軟。而且我認為實際上仍然存在。我們在歐洲看到它主要襲擊德國，我們在那裡擁有非常強大的地位，這實際上反映在數字上。但在那個階段，我們在美國和中國也看到了它。所以這實際上是我們目前看不到積極的部分。這是唯一一個一直在軟化的人。你想添加一些東西嗎？

I can just maybe chip in a couple of numbers here. So when we look at residential construction out of the Electrification business, overall, it may be some 15%, but Germany is actually about double that because we have the strong position. As Bjorn said, we have the (inaudible) business, which is very strong. So in that sense, Germany is having a big impact for us. And we all know that the German situation, given the gas prices, which are now luckily coming down -- the market has caused some pullback on demand on the consumer side, which is understandable. So I think this is really the situation. And now let's look at how it moves forward because we are seeing, I think, electric prices have been coming down maybe faster than expected, so what let's see what that does. And then, of course, we could have some pent-up demand in China as well on different parts when we start to come out of COVID. So I think it's very difficult to read at the moment, but maybe I would say it looks maybe slightly more positive than a couple of months back.

我可以在這裡輸入幾個數字。因此，當我們從電氣化業務來看住宅建設時，總體而言，它可能約為 15%，但德國實際上是這個數字的兩倍，因為我們處於強勢地位。正如 Bjorn 所說，我們擁有非常強大的（聽不清）業務。所以從這個意義上說，德國對我們有很大的影響。我們都知道德國的情況，考慮到天然氣價格，幸運的是，現在正在下降——市場已經導致消費者方面的需求出現一些回落，這是可以理解的。所以我認為情況確實如此。現在讓我們看看它是如何向前發展的，因為我們看到，我認為，電價下降的速度可能比預期的要快，所以讓我們看看它的作用。然後，當然，當我們開始擺脫 COVID 時，我們在中國以及不同地區可能會有一些被壓抑的需求。所以我認為目前很難閱讀，但也許我會說它看起來可能比幾個月前更積極一些。

Okay. And you're not really seeing any kind of mitigating factors from energy efficiency arguments or changing equipment for the benefit of energy efficiency?

好的。你真的沒有從能效爭論或為了能效的好處而改變設備中看到任何緩解因素嗎？

No, I can say, I mean, it is, of course, correct. That is the demand globally towards energy efficiency. And we see a lot of the investments that have been driving the demand for us is related to energy efficiency. And we do expect that will continue. I mean the IRA Act in North America is going to be extremely important for us with green investments, which is actually our core in our business. So yes, we expect also Europe to come up with some contractions now in a week from now. So I think that's probably going to help to drive some demand in our core segments. So I think it's looking pretty good.

不，我可以說，我的意思是，這當然是正確的。這就是全球對能源效率的需求。我們看到很多推動我們需求的投資都與能源效率有關。我們確實希望這種情況會繼續下去。我的意思是北美的 IRA 法案對我們的綠色投資非常重要，這實際上是我們業務的核心。所以是的，我們預計歐洲也將在一周後出現一些收縮。所以我認為這可能有助於推動我們核心領域的一些需求。所以我認為它看起來很不錯。

We continue with a question from Andy at JPMorgan.

我們繼續摩根大通的安迪提出的問題。

I just wanted to kind of, I guess, drill down a little bit on China. It's kind of been mentioned a couple of times in terms of some challenges towards the end of the period, which I don't think is a surprise. And I guess some expectation that probably continues in the early Q1. But I noticed as well beyond some of the comments being reported on Bloomberg is sort of an optimistic view on time. So is it as simple as the underlying activity we would expect to improve. But in the very near-term, it's still going to be challenging to either see that in the numbers or delivered in terms of volumes? Or can we be a bit more positive maybe a little bit earlier in the year? Just trying to get a sense of what you're hearing on the ground when you see for the customers?

我想，我只是想深入了解一下中國。就本期末的一些挑戰而言，它被提到過幾次，我認為這不足為奇。我猜有些期望可能會在第一季度初繼續存在。但我注意到，除了彭博社報導的一些評論之外，還有一種對時間的樂觀看法。那麼它是否像我們期望改進的基礎活動一樣簡單。但在短期內，無論是在數量上還是在交付量上，仍然具有挑戰性？或者我們可以在今年早些時候更積極一點嗎？當您為客戶看到時，只是想了解您在實地聽到的聲音嗎？

Yes. And I can give you a little bit more meat on the bone here when it comes to China. It's correct that December was a weak month in China compared to the 2 earlier ones and very much related to COVID. We were running factories at 50% capacity due to people ill being home from COVID. And that was really the situation during the end of December.

是的。當談到中國時，我可以在這裡給你更多的肉。與前兩個月相比，12 月在中國是一個疲軟的月份，這與 COVID 密切相關，這是正確的。由於人們因 COVID 生病在家，我們以 50% 的產能運行工廠。 12 月底的情況確實如此。

Then in January, this has gradually improved and before our employees went on New Year -- for Chinese New Year, we were actually up in 100%, meaning that this illness from COVID had actually gone through very, very fast and people are coming back. So I think it's maybe a little too early to draw too much conclusion for China. Normally, historically, we know that the weeks or the month after Chinese New Year will set the pace for the year. Personally, I think there could be an upside on China because it's been lockdown for now 3 years. People will be spending very little traveling, little consumption at the moment. And I think there is a chance that China will experience some what we've seen in the rest of the world when opening up. But let's wait until end of Q1 to draw any (inaudible) conclusions.

然後在 1 月份，情況逐漸好轉，在我們的員工過年之前——中國春節，我們實際上達到了 100%，這意味著這種 COVID 疾病實際上已經非常非常快地過去了，人們又回來了.所以我認為現在對中國下太多結論可能還為時過早。通常，從歷史上看，我們知道春節後的幾週或一個月將設定一年的節奏。就個人而言，我認為中國可能有上行空間，因為它已經封鎖了 3 年。人們將很少花錢旅行，目前很少消費。我認為中國有可能在開放時經歷一些我們在世界其他地方看到的事情。但讓我們等到第一季度末得出任何（聽不清的）結論。

That's very good. Thanks. And we take the next question from Andre, please, from Credit Suisse.

這是非常好的。謝謝。我們請來自瑞士信貸的安德烈提出下一個問題。

I have a much broader one. I just wanted to ask whether, given the performance of this year, but also looking at the whole kind of revenue growth performance from 2019 onwards and the guidance for '23, given the macro trends and all the push for energy efficiency Electrification whether you are changing your thinking on the 3% to 5% growth, like-for-like growth outlook that you gave just over a year ago, given that it looks like you've printed about 500 (inaudible) going to do another [5 in 2023].

我有一個更廣泛的。我只是想問一下，考慮到今年的表現，以及從 2019 年開始的整體收入增長表現和 23 年的指導，考慮到宏觀趨勢和對能效電氣化的所有推動，你是否改變你對 3% 到 5% 增長的看法，你一年多前給出的類似增長前景，因為看起來你已經印刷了大約 500 個（聽不清）要再做一個 [2023 年 5 個].

Yes. I probably expected that question to come as we are delivering on 1 year early on the performance also on the operational EBITA. I put it this way that, of course, it's been a very unusual time now with COVID and the opening up with COVID, which has put volumes. I think we did overview 1 year ago on the Capital Market Day, as you remember. We actually lifted our guidance -- I mean, organically 3% to 5%, but also including small acquisitions, 4% to 7% there. We think at this stage, it's maybe a little bit premature to do any kind of adjustment in that part. But we're having the Capital Markets Day in November -- end of November this year, and we will definitely review our targets after this year also to say, I mean, we reached the 15%, then we, of course, need to continue. So we will look into that. And that will be reviewed during the second half of this year and some kind of message we should have by the Capital Market Day, I think, but not at this day. We don't speculate too much.

是的。我可能預料到這個問題會出現，因為我們提前 1 年交付了運營 EBITA 的績效。我這樣說，當然，現在對於 COVID 和 COVID 的開放是一個非常不尋常的時期，這已經增加了數量。我想我們在 1 年前的資本市場日做了概述，正如你所記得的那樣。我們實際上提高了我們的指導——我的意思是，有機地提高了 3% 到 5%，但也包括小型收購，在那裡提高了 4% 到 7%。我們認為在現階段，對該部分進行任何類型的調整可能還為時過早。但是我們將在 11 月舉行資本市場日 -- 今年 11 月底，我們肯定會在今年之後審查我們的目標，我的意思是，我們達到了 15%，那麼我們當然需要繼續。因此，我們將對此進行調查。這將在今年下半年進行審查，我認為我們應該在資本市場日之前收到某種信息，但不是在今天。我們不去猜測太多。

May I just follow up on electrification? Specifically, if you could give us some idea how much of the whole portfolio and give us any individual pieces, of course, we welcome very much that is geared towards the push for higher energy efficiency and kind of electrification of buildings and mobility?

我可以跟進電氣化嗎？具體來說，如果你能告訴我們整個投資組合中有多少，並給我們任何單獨的部分，當然，我們非常歡迎那些旨在推動更高能源效率以及建築和移動電氣化的東西？

Yes. It's a question. I don't know if Timo can answer, but let's put it this way that I think the 2 driving forces now in the green transition that is taking place. One is the Electrification, electrifying the world. You have electrifying America, you have electrifying Europe. That is, of course, one of the big driving forces. Then you have also the energy efficiency side. That means that many operations all around the world are investing in more efficiency in the operation. And I think that is both reflecting Electrification, but also Motion. So these 2 divisions are really the big drivers in efficiency movement there. So -- and I don't think I have a number exactly to repeat that. But I would say our portfolio overall is supporting both Electrification and the efficiency movement. You want to add something, Timo?

是的。這是一個問題。我不知道 Timo 是否可以回答，但讓我們這樣說吧，我認為現在正在發生的綠色轉型中有兩個驅動力。一是電氣化，電氣化世界。你讓美國電氣化，你讓歐洲電氣化。當然，這是主要的驅動力之一。然後你還有能源效率方面。這意味著世界各地的許多運營商都在投資以提高運營效率。我認為這既反映了電氣化，也反映了運動。所以這兩個部門確實是那裡效率運動的主要推動力。所以 - 我認為我沒有確切的數字可以重複這一點。但我要說的是，我們的產品組合總體上支持電氣化和效率運動。你想補充點什麼嗎，蒂莫？

Yes. Again, I don't have a number to this exactly, but if you look at the division, so clearly, in Smart Buildings, we have things like sockets and that kind of stuff. So okay, you can then say is that energy efficiency or not or yes. But then when you look at majority of the stuff, even, I would say, in installation products, we also have stuff which goes to medium voltage and is actually in energy efficiency. And then if you look at the DS (inaudible) E-mobility and majority of the service, so I think that's also there. So let's say, over 50%, I would say, clearly.

是的。再一次，我沒有確切的數字，但是如果你看一下這個部門，那麼很明顯，在智能建築中，我們有插座之類的東西。好吧，你可以說是能源效率與否或是。但是當你看大多數東西時，我想說，即使是在安裝產品中，我們也有中壓的東西，實際上是在能源效率方面。然後，如果您查看 DS（聽不清）電動汽車和大部分服務，那麼我認為它也在那裡。所以比方說，超過 50%，我會說得很清楚。

Yes. And if you look at the EV charging, where the millions and millions of stations is being put up there, both for heavy vehicles as well for commercial vehicles or private vehicles. And all of these, of course, need the power supply. So it's driving everything from medium voltage to installation to support these stations all around. So yes, there is a push in this kind of investment, which this industry is driving.

是的。如果你看看電動汽車充電，數以百萬計的充電站正在那裡建立，既適用於重型車輛，也適用於商用車輛或私家車。當然，所有這些都需要電源。因此，它正在推動從中壓到安裝的一切，以支持周圍的這些站點。所以是的，這個行業正在推動這種投資。

Okay. Thank you. And while we're on the topic of Electrification, we have a question here from Niklas Nielsen who wants to know more about the private placements that has been announced.

好的。謝謝。當我們討論電氣化的話題時，尼克拉斯·尼爾森 (Niklas Nielsen) 在這裡提出了一個問題，他想了解更多有關已宣布的私募的信息。

Yes, I think we're very happy to announce that we have a couple more, and we are actually 4 more investors that share our view of the growth opportunities in the mobility side. As you know, we postponed the IPO due to the -- in constructive markets at the moment. At the same time, we think the strategy is correct, which means that we have separated the businesses. And as you can see in our press release, we are now also separated out of Electrification, which will have a positive impact on Electrification, and we'll put it under corporate.

是的，我想我們很高興地宣布我們有更多的投資者，實際上我們還有 4 名投資者分享我們對移動方面增長機會的看法。如您所知，由於目前建設性市場，我們推遲了首次公開募股。同時，我們認為這個策略是正確的，這意味著我們把業務分開了。正如您在我們的新聞稿中看到的那樣，我們現在也從電氣化中分離出來，這將對電氣化產生積極影響，我們將把它放在公司之下。

We will also make it transparent for you to see how this business is developing. We have a new Board, and now we have [CHF 525 million] of fresh cash into that business to support both inorganic as well as organic growth. And it's now, of course, important that this business continues to be a leader in the market when it comes to that part. So we think there are good companies that have come in. And then we say that getting this private placement puts us, of course, a little bit more relaxed when it comes to the IPO. We don't need to make it this year. We will do it when the markets are constructive enough and, but the strategy doesn't change. You want to add something?

我們還將透明化，讓您了解這項業務的發展情況。我們有一個新的董事會，現在我們有 [5.25 億瑞士法郎] 的新現金投入該業務，以支持無機和有機增長。當然，現在重要的是，該業務在這方面繼續保持市場領先地位。所以我們認為已經有優秀的公司進來了。然後我們說，獲得這次私募當然讓我們在 IPO 時更加放鬆。我們今年不需要成功。當市場足夠具有建設性時，我們會這樣做，但戰略不會改變。你想添加一些東西嗎？

I'll just throw in a couple of numbers. So I think this sort of proves our thesis that this is a different kind of business, and that's why it sort of deserves this kind of separate capitalization. And if we look at now, this is like just ballpark, ballpark, 4 to 5 (inaudible) to revenue. If you look at '22 numbers, so it's clearly different numbers than ABB. And that's the whole thing what we are looking at here. So we are looking for fast growth for this business, and also it being able to, as Bjorn said, grow both organically and inorganically, having the means to do so.

我只會輸入幾個數字。所以我認為這證明了我們的論點，即這是一種不同類型的業務，這就是為什麼它值得這種單獨的資本化。如果我們現在看，這就像球場，球場，收入的 4 到 5（聽不清）。如果您查看 22 個數字，那麼它與 ABB 的數字明顯不同。這就是我們在這裡看到的全部內容。因此，我們正在為這項業務尋求快速增長，而且正如 Bjorn 所說，它能夠實現有機和無機增長，並有辦法做到這一點。

I know we're sort of coming up to the hour here, but we'll see if we can squeeze in at least another question from Guillermo on the conference call lines, please.

我知道我們快到時間了，但我們會看看是否可以在電話會議上至少插入 Guillermo 的另一個問題。

Just wanted to ask about pricing, and I guess from what I had understood, obviously, there's a 2% sales that is flowing through into 2023. But I was wondering with demand levels where they are, whether you're seeing or experience in any direction on pricing as we stand? Or is it basically now flat on a sequential basis as you see it? I'm just trying to gauge whether there's any positive pricing in any of the segments is unit divisions or actually any negatives that you may want to highlight I understand.

只是想問問定價，據我所知，很明顯，到 2023 年會有 2% 的銷售額。但我想知道需求水平在哪裡，無論你在任何領域看到或經歷過我們目前的定價方向？還是如您所見，它現在基本上按順序持平？我只是想衡量在任何細分市場中是否有任何積極的定價是單位部門，或者實際上您可能想要強調的任何消極因素我理解。

Let me start here, maybe then Timo can add in a little bit further. First, I think it's very important to know that our viewpoint of pricing is what we work with what we call value-based pricing. And we implemented this already in 2020 long before we saw inflation numbers in commodities or in logistic costs and so on. And the important thing is, of course, to analyze what kind of value are we creating to our customers and that we're getting paid for it. This is our value-based pricing model. And the world started a little bit crazy, as we all know, the years, and we saw commodity prices going up, and we saw the logistics and an inflation society was coming in.

讓我從這裡開始，也許 Timo 可以進一步補充。首先，我認為了解我們的定價觀點是非常重要的，我們使用我們所謂的基於價值的定價。早在我們看到商品或物流成本等方面的通脹數字之前，我們就已經在 2020 年實施了這一舉措。當然，重要的是分析我們為客戶創造了什麼樣的價值，以及我們為此付出了多少。這是我們基於價值的定價模型。眾所周知，多年來，世界開始有點瘋狂，我們看到商品價格上漲，我們看到物流和通貨膨脹社會正在到來。

The good stuff was there that we had our -- in every division and pricing strategy department, which meant that we had good control over the cost in our operations. And our objective became, of course, to offset this cost, which I think they proved to do very well. Now when we see the inflation slowly is going down, and we do expect less of price increases compared to what you saw during last year. But that's, of course, up to these strategic -- pricing strategic to define what we need to do. It is, of course, important to make sure that pricing is an important strategic part of our performance management systems. That is the basis. And we will, of course, make sure that we offset cost increases, but also to get the right price for the value that we can create for our customers. So that's the basis for it.

我們在每個部門和定價策略部門都有好東西，這意味著我們可以很好地控制運營成本。當然，我們的目標變成了抵消這筆費用，我認為事實證明他們做得很好。現在，當我們看到通貨膨脹率正在緩慢下降時，我們確實預計與去年相比價格上漲幅度較小。但這當然取決於這些戰略——定價戰略來定義我們需要做什麼。當然，重要的是要確保定價是我們績效管理系統的重要戰略組成部分。這是基礎。當然，我們將確保我們抵消成本增加，同時也為我們可以為客戶創造的價值獲得合適的價格。這就是它的基礎。

Yes. I am actually not going to chip in any numbers, but I will use this as a bridge to just say that this -- what Bjorn mentioned here on the tools to really understand how we drive value-based pricing is something what we are building with this ABB Way transformation as well, so that we really get cohesive information per customer, per SKU and so forth. I mean we're good at that, but we can be even better. And that is what we are doing when we are wiring the company in line with ABB Way.

是的。實際上我不打算給出任何數字，但我會以此為橋樑來說明這一點——Bjorn 在這裡提到的關於工具的內容，以真正理解我們如何推動基於價值的定價，這是我們正在構建的東西這種 ABB Way 轉型也是如此，這樣我們才能真正獲得每個客戶、每個 SKU 等的連貫信息。我的意思是我們擅長於此，但我們可以做得更好。這就是我們在按照 ABB Way 為公司佈線時所做的事情。

And I just want to say that as this is now high number, about $180 million, as we said, ABB Way transformation. It will start to go down already 2024, and we might have a bit of a tail '25 and then it's done. So you shouldn't look at it like something which is there forever.

我只想說，正如我們所說，ABB Way 轉型，現在這個數字很高，大約 1.8 億美元。它會在 2024 年開始下降，我們可能會在 25 年出現一些尾巴，然後就結束了。所以你不應該把它看作是永遠存在的東西。

And with that, we're up to the hour. I realize we haven't got through the list of callers. Please reach out to us in our Investor Relations, and we'll help you the best we can. And before we finish, I just want to sort of -- a bit of a commercial break here when we have -- I mean, Bjorn mentioned the Capital Markets Day that we're planning for this year, 30th of November. We're going to host it in Italy at one of our Electrification sites, and I hope you will save the date and join us for a day in Italy. And with that, we say thank you for joining us today, and we'll see you in a quarter's time.

有了這個，我們就到了。我知道我們還沒有完成來電者名單。請通過我們的投資者關係與我們聯繫，我們將竭盡所能為您提供幫助。在我們結束之前，我只想有點——當我們有的時候這裡有點商業中斷——我的意思是，Bjorn 提到了我們計劃在今年 11 月 30 日舉行的資本市場日。我們將在意大利的一個電氣化站點舉辦它，我希望您能節省時間並加入我們在意大利的一天。說到這裡，我們要說謝謝你今天加入我們，我們將在一刻鐘後見到你。

Yes. Thank you.

是的。謝謝。

Thank you.

謝謝。