Abb Ltd (ABB) 2023 Q1 法說會逐字稿

Greetings to you all and nice to connect again as I welcome you to the presentation of our first quarter results. I'm Ann-Sofie Nordh, Head of Investor Relations. And next to me here is our CEO, Bjorn Rosengren; and our CFO, Timo Ihamuotila. They will take you through the presentation as per normal before we open up for the Q&A session. But before we begin, I should mention the information regarding safe harbor notices on our use of non-GAAP measures on Slide 2 of the presentation. Also, I should mention that 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.

向大家問好，很高興再次與您聯繫，因為我歡迎您參加我們第一季度業績的介紹。我是投資者關係主管 Ann-Sofie Nordh。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。在我們開始問答環節之前，他們會像往常一樣帶您完成演示。但在我們開始之前，我應該在演示文稿的幻燈片 2 中提及有關我們使用非 GAAP 措施的安全港通知的信息。另外，我要提一下，本次電話會議將包含前瞻性陳述，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。

And with that said, I hand over to you, Bjorn and Timo, for your quarterly comments before we do the Q&A.

話雖如此，比約恩和蒂莫，在我們進行問答環節之前，請聽取你們的季度評論。

Thank you, Ann-Sofie. And a warm welcome from me as well. The first quarter was strong for us. Almost everything went our way, and we improved most of our KPIs. From a demand perspective, it was another good quarter. And despite the very high comparables, we grew comparable order intake by 9%. Orders of $9.5 billion is record high quarterly level for the current setup of ABB.

謝謝你，安蘇菲。以及我的熱烈歡迎。第一季度對我們來說很強勁。幾乎一切都按我們的方式進行，我們改進了大部分 KPI。從需求的角度來看，這又是一個不錯的季度。儘管具有很高的可比性，但我們的可比訂單量增長了 9%。 95 億美元的訂單是 ABB 當前設置的歷史最高季度水平。

Just like in the previous quarter, the supply chain was smooth and we could convert orders backlog into revenues. Despite the strong comparable revenue growth of 22%, we had a book-to-bill of 1.2, meaning we had another quarter building order backlog. It was good to see the teams leveraging the higher revenues into earnings. We achieved an operational EBITA margin of 16.3%, which is the highest ever for the first quarter.

就像上一季度一樣，供應鏈順暢，我們可以將積壓的訂單轉化為收入。儘管可比收入增長強勁，達到 22%，但我們的訂單出貨比為 1.2，這意味著我們還有一個季度的建築訂單積壓。很高興看到團隊將更高的收入轉化為收益。我們實現了 16.3% 的運營 EBITA 利潤率，這是第一季度的最高水平。

I'm also pleased about the pickup in cash flow. Cash from operating activities was $282 million, up by as much as $855 million from last year. This was supported by higher earnings and lower buildup of net working capital. That said, we still have a job to do in bringing down our working capital. The ratio to revenues is too high, and this will continue to be a focus area for us. So with that said, we expect a good cash year. This supports our balance sheet. In early April, we launched a new buyback program of up to $1 billion. Today, we have also announced our plans to delist from the New York Stock Exchange and to deregister with the SEC. There is no change in our commitments to the U.S. market.

我也對現金流的回升感到高興。來自經營活動的現金為 2.82 億美元，比去年增加了 8.55 億美元。這得益於較高的收益和較低的淨營運資本積累。也就是說，我們在降低營運資金方面仍有工作要做。與收入的比率太高，這將繼續是我們關注的領域。因此，話雖如此，我們預計會有一個不錯的現金年。這支持了我們的資產負債表。 4 月初，我們啟動了一項高達 10 億美元的新回購計劃。今天，我們還宣布了從紐約證券交易所退市並在美國證券交易委員會註銷的計劃。我們對美國市場的承諾沒有改變。

But you know that the market access has increased through multiple digital platforms. We simply do not believe it is necessary for us to be listed on as many as 3 different markets. This delisting will be another step towards further simplification and efficiency at ABB. Timo will talk more about that later on.

但您知道，通過多個數字平台，市場准入有所增加。我們根本不認為我們有必要在多達 3 個不同的市場上市。此次退市將是 ABB 朝著進一步簡化和提高效率邁出的又一步。 Timo 稍後會詳細討論這一點。

Now let's turn to Page 4 for some more market comments. To tell a short story, the only segment which declined was residential constructions. However, it remained stable from Q4. This high customer activity resulted in order growth for 3 out of 4 business areas. Momentum was particularly strong in process automation.

現在讓我們翻到第 4 頁，了解更多市場評論。簡而言之，唯一下降的部分是住宅建築。然而，它從第四季度開始保持穩定。這種高客戶活動導致 4 個業務領域中的 3 個的訂單增長。過程自動化的勢頭尤為強勁。

The PA saw broad and strong customer activity across the segments as well as good timing of some project orders. I want to spend some time on robotics and discrete automation, as it was the only business area where orders dropped from last year. The order decline of 20% year-over-year looks bad, but it is worth noticing that RA's orders intake increased sequentially from Q4, and the order level of $1 billion is actually 1 of the highest levels ever for the PA. And the book-to-bill ratio was 1.1.

PA 看到了各個細分市場廣泛而強勁的客戶活動以及一些項目訂單的良好時機。我想花一些時間在機器人技術和離散自動化上，因為這是去年訂單下降的唯一業務領域。同比下降20%的訂單看起來很糟糕，但值得注意的是，RA的訂單量從Q4開始環比增長，10億美元的訂單水平實際上是PA有史以來的最高水平之一。訂單出貨比為 1.1。

Now let's turn to Slide 5 and look at the market pattern from a geographical perspective. Comparable orders increased in all 3 regions. Asia, Middle East and Africa posted the highest growth of 11%. This is strong given that the largest market, China, declined by 3%, which is good given the very high comparable in last year, and pretty much in line with our expectations. But I want to mention a very strong progress in India.

現在讓我們轉到幻燈片5，從地域的角度來看市場格局。所有 3 個地區的可比訂單均有所增加。亞洲、中東和非洲的增長率最高，達 11%。考慮到最大的市場中國下降了 3%，這很好，因為去年的可比性很高，而且幾乎符合我們的預期。但我想提一下印度取得的巨大進步。

In Europe, comparable orders improved by 10%. This, however, included the impact of the order debooking last year. That aside, we saw a mid-single-digit improvement in Europe. Comparable orders in the Americas were up by 5%. This was driven by strong growth in most countries, although U.S., the largest market, dropped by 3% from the last year's very high comparable.

在歐洲，可比訂單增長了 10%。然而，這包括去年訂單減少的影響。除此之外，我們在歐洲看到了中個位數的改善。美洲的可比訂單增長了 5%。這是由大多數國家/地區的強勁增長推動的，儘管最大的市場美國比去年的非常高的可比水平下降了 3%。

Now let's turn to Slide 6 and our earnings outcome. In the chart, you see the strong improvement in both earnings and margins. We improved the operational EBITDA by 28%. And if we exclude the negative FX, the earnings were up by as much as 33%. The operational EBITA margin improved by 200 basis points to 16.3%. This includes a negative margin impact of about 20 basis points from portfolio changes, primarily related to the spin-off of Accelleron. It's good to see how the strong revenue growth feeds into sharp improvements in the gross margin.

現在讓我們轉到幻燈片 6 和我們的收益結果。在圖表中，您可以看到收益和利潤率都有顯著提高。我們將運營 EBITDA 提高了 28%。如果我們排除不利的外匯，收益增長了 33%。運營 EBITA 利潤率提高了 200 個基點，達到 16.3%。這包括投資組合變化對利潤率產生的約 20 個基點的負面影響，主要與 Acceleron 的分拆有關。很高興看到強勁的收入增長如何促進毛利率的大幅提高。

Higher volumes, improved cost absorptions in production and pricing was up about 6%. In total, we improved the gross margin by 190 basis points to 34.6%. In total, this was one of ABB's strongest earnings and margin quarters ever. I would say we are on a good path. With that, I hand over to Timo.

產量增加、生產成本吸收得到改善，價格上漲了約 6%。總的來說，我們將毛利率提高了 190 個基點，達到 34.6%。總的來說，這是 ABB 有史以來最強勁的收益和利潤季度之一。我會說我們走在一條好的道路上。有了這個，我交給蒂莫。

Thank you, Bjorn. And greetings to everyone also from my side. Before we will move to the business areas, I want to remind you all that this was the first quarter when we report the E-mobility business as a subsegment of Corporate and Other and not in business area electrification. As noted on this slide, Corporate and Other amounted to total costs of $111 million, out of which $83 million relates to what I would refer to as real Corporate and Other, $28 million relates to the E-mobility business.

謝謝你，比約恩。我也向大家致以問候。在我們進入業務領域之前，我想提醒大家，這是第一季度，我們將電動汽車業務作為企業和其他業務的一個子部門進行報告，而不是在電氣化業務領域。正如這張幻燈片所指出的，企業和其他總成本為 1.11 億美元，其中 8300 萬美元與我所說的真正的企業和其他相關，2800 萬美元與電動汽車業務相關。

This is somewhat lower than what you have seen recently in this fast-growing business, in which we are now dealing with a bit of a growing pains. We are investing somewhat more to renew our offering in order to capture the full potential of this exciting and fast-growing market. Let's then move to electrification on Slide 7.

這比你最近在這個快速增長的業務中看到的要低一些，我們現在正在處理一些成長的煩惱。我們正在加大投資來更新我們的產品，以充分發揮這個令人興奮且快速增長的市場的潛力。然後讓我們轉到幻燈片 7 上的電氣化。

As just mentioned, this was the first quarter when we report electrification numbers exclusive of E-mobility division. We have restated the charts that you see on this slide accordingly, and data is available on the Investor Relations website. You see in the left-hand chart that despite facing a very high base from the first quarter last year, Electrification managed to grow comparable orders by 5% with total orders reaching $4.1 billion.

正如剛才提到的，這是我們報告不包括電動汽車部門的電氣化數字的第一季度。我們相應地重述了您在這張幻燈片上看到的圖表，數據可在投資者關係網站上獲得。您在左側圖表中看到，儘管去年第一季度的基數很高，但電氣化仍設法將可比訂單增長了 5%，總訂單達到 41 億美元。

Demand improved in most customer segments, except for residential construction, where we saw a decline in all 3 regions, very much a similar pattern to what we saw in the fourth quarter. This impacted primarily smart buildings, and to some extent, also installation products. Otherwise, the overall demand was strong. On the back of some banking turmoil, we have, during the quarter, received quite a few questions on the commercial construction. Let's see what happens going forward. But for what we have seen so far, the demand in this segment has remained solid.

大多數客戶細分市場的需求都有所改善，但住宅建築除外，我們在所有 3 個地區都看到了需求下降，這與我們在第四季度看到的情況非常相似。這主要影響了智能建築，在一定程度上也影響了安裝產品。否則，整體需求強勁。在一些銀行業動蕩的背景下，我們在本季度收到了很多關於商業建設的問題。讓我們看看接下來會發生什麼。但就我們目前所見，該細分市場的需求依然強勁。

Comparable revenues grew strongly by 16% from last year, and the chart in the middle here also shows a nice positive sequential trend in absolute revenues with the quarter coming in at $3.6 billion, the highest level in many years.

可比收入比去年強勁增長了 16%，中間的圖表也顯示了絕對收入的積極連續趨勢，本季度收入為 36 億美元，是多年來的最高水平。

Volume continues to be supported by the solid market demand and order backlog execution, and we had another quarter with strong pricing. You can also see that the book-to-bill ratio was clearly above 1, resulting in another increase in the order backlog, which now sits at $7 billion, and should continue to support revenue generation through 2023.

穩固的市場需求和訂單積壓執行繼續支持銷量，我們又度過了一個定價強勁的季度。您還可以看到，訂單出貨比明顯高於 1，導致訂單積壓再次增加，目前為 70 億美元，應該會繼續支持到 2023 年的創收。

I'm very pleased with Electrification's operational EBITA margin at 19%, up by 310 basis points year-on-year on the back of good operating leverage, lower-than-expected input costs and strong pricing. The margin improvement was driven by all divisions except smart buildings, which was somewhat tampered by adverse mix due to the earlier mentioned weakness in residential construction. Looking ahead into the second quarter, we currently expect a double-digit revenue growth and somewhat improved sequential operational EBITA margin.

由於良好的經營槓桿、低於預期的投入成本和強勁的定價，我對 Electrification 的運營 EBITA 利潤率為 19% 同比增長 310 個基點感到非常滿意。利潤率的提高是由除智能建築外的所有部門推動的，由於前面提到的住宅建設疲軟，智能建築在一定程度上受到不利組合的影響。展望第二季度，我們目前預計收入將實現兩位數增長，並且環比運營 EBITA 利潤率有所改善。

Let's move to Slide 8 and the Motion business area, which again showed a strong delivery. On a comparable order growth of 8%, total orders reached $2.3 billion, which is the highest level in several years. When looking into the details, one can see that there was a positive development in our drives business, the traction systems offering, as well as service, all of which benefit from the global energy efficiency megatrends and for all of which we have a strategic growth mandate.

讓我們轉到 Slide 8 和 Motion 業務領域，它再次表現出強勁的交付能力。以8%的可比訂單增長計算，總訂單達到23億美元，這是幾年來的最高水平。仔細觀察細節，我們可以看到我們的驅動業務、牽引系統產品和服務都取得了積極的發展，所有這些都受益於全球能效大趨勢，並且我們在所有這些方面都有戰略增長授權。

On the other hand, we saw some declines in low voltage motors with weakness in the HVAC segment due to software construction demand. Regionally, orders increased in both AMEA as well as Europe, as decline in their largest markets, China and Germany, were offset by strength in other countries. Americas remained stable versus a tough comparable.

另一方面，由於軟件建設需求，我們看到低壓電機有所下降，暖通空調領域疲軟。從地區來看，AMEA 和歐洲的訂單均有所增加，這是因為它們最大的市場中國和德國的下滑被其他國家/地區的強勁所抵消。美洲相對於艱難的可比市場保持穩定。

Motion increased comparable revenues by as much as 29%. And you can see in the chart in the middle that it is partly driven by an easy comparable from last year when customer deliveries were still impacted by supply chain constraints.

Motion 的可比收入增加了 29%。你可以在中間的圖表中看到，它部分是由去年的一個簡單比較驅動的，當時客戶交付仍然受到供應鏈限制的影響。

Nevertheless, it is good to see that strong order backlog execution and continued support from earlier implemented price increases have resulted in the highest revenue level since the formation of the Motion business area in 2019.

儘管如此，令人高興的是，強勁的訂單積壓執行和早期實施的價格上漲的持續支持導致了自 2019 年 Motion 業務領域成立以來的最高收入水平。

On another positive note, the operational EBITA margin reached so far uncharted territory coming in at 18.9%, which is up by 150 basis points from last year. This was driven by an efficient execution of the higher volumes and strong price execution, which more than offset the negative impacts from higher input costs.

另一個積極的方面是，運營 EBITA 利潤率達到了迄今為止未知的領域，達到 18.9%，比去年上升了 150 個基點。這是由於有效執行更高的數量和強大的價格執行，這大大抵消了更高投入成本的負面影響。

Additionally, the margin was somewhat supported by a positive divisional mix due to the strong growth in the drives business. Looking ahead into the second quarter, we anticipate comparable revenues to grow at somewhat lower pace than what we saw in Q1 and operational EBITA margin at a fairly similar sequential level.

此外，由於驅動業務的強勁增長，積極的部門組合在一定程度上支撐了利潤率。展望第二季度，我們預計可比收入的增長速度將略低於我們在第一季度看到的速度，而運營 EBITA 利潤率將處於相當相似的連續水平。

Then turning to Slide 9 and Process Automation, where we saw very strong customer activity. Orders came in at a very high level of $2.1 billion on a comparable increase of 55%. Customer activity was high across the customer segments and supported a broad-based strength across divisions and regions. There was also a good support from timing of some larger projects and admittedly some support to the growth rate also from the debooking of approximately $190 million last year's comparable period.

然後轉向幻燈片 9 和流程自動化，我們在其中看到了非常強大的客戶活動。訂單額達到 21 億美元的非常高的水平，同比增長 55%。各個客戶群的客戶活動都很高，並支持跨部門和地區的廣泛實力。一些較大項目的時間安排也提供了良好的支持，誠然，去年同期約 1.9 億美元的減記也對增長率提供了一些支持。

Particular strength was noted in the Energy Industries division. This was driven by the oil and gas segment, including LNG. High activity was, however, also noted in new energy sources such as hydrogen. This is coming still from a low base though. I noted, as I went through the numbers, that PA's current order backlog of $6.9 billion is well above PA's total revenues in 2022. Comparable revenues grew by 15%, a bit faster than expected and with a good mix. Looking at profitability, the operational EBITA margin of 14.2% improved by 120 basis points year-on-year. This is particularly impressive as last year's margin included approximately 140 basis points contribution from the high-margin Accelleron business that we spun off in October '22, meaning that the underlying margin improvement was a high 260 basis points, driven by higher volumes, better project execution and continued benefits from improved quality in the order backlog with higher gross margin.

能源工業部門表現尤為突出。這是由包括液化天然氣在內的石油和天然氣部門推動的。然而，在氫等新能源中也注意到了高活性。不過，這仍然來自低基數。我注意到，當我查看這些數字時，PA 當前 69 億美元的積壓訂單遠高於 PA 2022 年的總收入。可比收入增長了 15%，比預期快一點，而且組合很好。從盈利能力來看，運營 EBITA 利潤率為 14.2%，同比提高 120 個基點。這尤其令人印象深刻，因為去年的利潤率包括我們在 2022 年 10 月剝離的高利潤率 Acceleron 業務的大約 140 個基點的貢獻，這意味著基礎利潤率提高了 260 個基點，這是由更高的產量、更好的項目推動的毛利率更高的訂單積壓質量的提高帶來的執行力和持續收益。

Operational EBITA margin increased in all divisions except for a slight decline in Marine and Ports, which was hampered due to the lower share of Arctic marine propulsion business. On the other hand, it is very nice to see stronger-than-expected performance improvement in measurement and analytics. Looking at our expectations for the second quarter, we foresee double-digit comparable revenue growth and a slightly lower sequential operational EBITA margin, depending on the revenue mix.

除海洋和港口業務略有下降外，所有部門的運營 EBITA 利潤率均有所增加，這是由於北極船舶推進業務的份額較低而受到阻礙。另一方面，很高興看到測量和分析方面的性能改進強於預期。看看我們對第二季度的預期，我們預計可比收入將實現兩位數增長，而連續運營 EBITA 利潤率將略有下降，具體取決於收入組合。

On Slide 10, we turn to Robotics and Discrete Automation where comparable orders, as Bjorn discussed, declined 20% year-on-year. As you see in the left side order chart, the highest bar in the middle is the comparable from the last year, which benefited from prebuys in a period of a strange supply chain. So order intake of $1 billion in this quarter is actually a historically good level and even up significantly from Q4.

在幻燈片 10 上，我們轉向機器人和離散自動化，正如 Bjorn 所討論的那樣，可比訂單同比下降 20%。正如您在左側訂單圖表中看到的那樣，中間最高的條形圖與去年相比，去年受益於一段奇怪的供應鏈時期的預購。因此，本季度 10 億美元的訂單量實際上是歷史上最好的水平，甚至比第四季度大幅增加。

Both divisions and all 3 regions declined at a double-digit rate. We continue to build backlog in RA with book-to-bill at 1.1%. From a customer segment perspective, there was a favorable development in the auto segment. This was, however, more than offset by the adverse development elsewhere, including some inventory adjustment noted, particularly in China. With no real supply chain constraints, revenues continued to rebound and increased by 35% on a comparable basis. Both divisions also benefited from the solid pricing actions taken last year.

這兩個部門和所有 3 個地區都以兩位數的速度下降。我們繼續在 RA 中建立積壓訂單，訂單出貨率為 1.1%。從客戶細分來看，汽車細分市場發展良好。然而，這被其他地方的不利發展所抵消，包括一些庫存調整，特別是在中國。由於沒有真正的供應鏈限制，收入繼續反彈並在可比基礎上增長了 35%。這兩個部門還受益於去年採取的穩健定價行動。

Operational EBITA was $140 million, with the margin coming in at 14.9%. This was an improvement of 820 basis points from the low point last year when component shortages prevented deliveries. Main contributors to the margin increase were the strong operating leverage on higher production output as well as better pricing execution. It would have been really nice to hit that 15% mark already this quarter, but we feel confident that the RA team is on a good path to get there in the near future. For the second quarter in 2023, we expect a somewhat sequentially lower growth rate for comparable revenues and the operational EBITA margin to be similar to Q1.

運營 EBITA 為 1.4 億美元，利潤率為 14.9%。這比去年組件短缺阻止交付的低點提高了 820 個基點。利潤率增長的主要原因是更高產量的強大運營槓桿以及更好的定價執行。如果本季度已經達到 15% 大關，那真是太好了，但我們相信 RA 團隊在不久的將來會走上實現這一目標的良好道路。對於 2023 年第二季度，我們預計可比收入的增長率將略有下降，運營 EBITA 利潤率將與第一季度相似。

Moving on to Slide 11, showing the group operational EBITA bridge. The profile is very similar to the last couple of quarters with the earnings improvement driven by strong operational performance. The impacts from our strong price execution and leverage on 22% comparable revenue growth more than offsetting the adverse effects from cost inflation. All in all, a 28% improvement in operational EBITA with 200 basis points increase in margin. Job really well done by the whole ABB team. Now let's move to cash flow on Slide 12, which, as Bjorn mentioned, was strong for the first quarter.

轉到幻燈片 11，顯示集團運營 EBITA 橋。這一情況與過去幾個季度非常相似，強勁的運營業績推動了盈利的改善。我們強有力的價格執行和槓桿對 22% 的可比收入增長的影響超過了成本通脹的不利影響。總而言之，運營 EBITA 提高了 28%，利潤率提高了 200 個基點。整個 ABB 團隊的工作確實做得很好。現在讓我們轉到幻燈片 12 的現金流，正如 Bjorn 提到的那樣，第一季度的現金流很強勁。

Cash flow from operating activities was $282 million, up by $855 million from last year. And it was good to see that all business areas contributed on higher earnings.

經營活動產生的現金流量為 2.82 億美元，比去年增加 8.55 億美元。很高興看到所有業務領域都貢獻了更高的收益。

Net working capital increased sequentially, mainly driven by higher receivables triggered by the strong revenue growth as well as higher inventories on back of continued strong order intake. While the net working capital buildup was lower than last year, we will continue to focus on this area as we want to bring down the ratio to revenues from the current level of 13.9%. Q1 set us off to a good start to what we expect to be a solid cast year, clearly up from 2022. And then on Slide 13, I want to shed some more color on our planned delisting in the U.S., which Bjorn also mentioned earlier.

淨營運資金環比增加，主要是由於收入強勁增長導致應收賬款增加，以及訂單持續強勁導致庫存增加。雖然淨營運資本積累低於去年，但我們將繼續關注這一領域，因為我們希望將佔收入的比率從目前的 13.9% 降低。第一季度讓我們有了一個良好的開端，我們預計這將是一個穩健的鑄造年，明顯高於 2022 年。然後在幻燈片 13 上，我想對我們計劃在美國退市的計劃有更多的色彩，Bjorn 之前也提到過.

You know, we are listed on 3 exchanges and there are several reasons as to why we take this step to reduce the number of listings. First, investors' capital market access has increased through trading on multiple platforms, providing new possibilities to investors. Secondly, the delisting and deregistration in the U.S. will be yet another step towards further simplification and efficiency at ABB.

你知道，我們在 3 個交易所上市，我們採取這一步驟來減少上市數量的原因有很多。一是通過多平台交易，增加了投資者的資本市場准入，為投資者提供了新的可能。其次，在美國的退市和註銷將是 ABB 朝著進一步簡化和提高效率邁出的又一步。

And last but not least, in my view, we have a strong balance sheet and a good capital markets access, which I believe will support our capital allocation priorities going forward. On this basis, it feels excessive to entertain 3 listings. From a time line perspective, we plan to file the required Form 25 with the SEC on or around May 12, 2023. In connection with the delisting, we intend to establish a Level 1 ADR program, which will allow investors to continue to hold and trade ADRs on the U.S. over-the-counter market on ABB shares.

最後但同樣重要的是，在我看來，我們擁有強大的資產負債表和良好的資本市場准入，我相信這將支持我們未來的資本配置優先事項。在此基礎上招待3個房源感覺有些過分了。從時間線的角度來看，我們計劃在 2023 年 5 月 12 日前後向美國證券交易委員會提交所需的表格 25。關於退市，我們打算建立一個 1 級 ADR 計劃，這將允許投資者繼續持有和在美國場外交易市場交易 ABB 股票的 ADR。

Eventually, we intend to apply for deregistration with the SEC and for termination of our equity reporting obligations under the U.S. Securities Exchange Act. But this can only be done once we satisfy the U.S. average traded daily volume condition.

最終，我們打算向美國證券交易委員會申請註銷登記，並終止我們在美國證券交易法下的股權報告義務。但這只有在我們滿足美國平均每日交易量條件後才能完成。

It goes without saying that we will remain committed to an open and frequent dialogue with U.S. investors and maintain the highest standards of corporate governance, including a transparent financial reporting. I also want to highlight that we will remain fully focused on serving our customers in the important U.S. market, ABB's top country by revenues.

不用說，我們將繼續致力於與美國投資者進行公開和頻繁的對話，並保持最高標準的公司治理，包括透明的財務報告。我還想強調，我們將繼續專注於為重要的美國市場的客戶提供服務，美國是 ABB 收入最高的國家。

The United States is critical to our success as a market. As you can see on the right-hand side of this slide, we are currently accelerating our growth strategy in the United States by investing approximately $170 million into our operations to ensure that we support our customers in the best way forward, a more energy-efficient future.

美國對我們作為一個市場的成功至關重要。正如您在這張幻燈片的右側所見，我們目前正在加快我們在美國的增長戰略，向我們的運營投資約 1.7 億美元，以確保我們以最好的方式支持我們的客戶，一個更有活力的-高效的未來。

And with that, let me hand back to Bjorn to finalize the presentation.

然後，讓我交還給 Bjorn 完成演示。

Thank you, Timo. On Slide 14, I want to mention our first integrated report, which we published in February. This includes the 2022 sustainability report, where we show solid progress towards our 2030 sustainability goals. In the interest of time, if it was to mention just a couple of highlights from our first strategic pillar, it would be that we reduced our greenhouse gas emissions by 43%. This means we have reached a total reduction of our Scope 1 and Scope 2 emissions by 65% versus the 2019 baseline.

謝謝你，蒂莫。在幻燈片 14 上，我想提一下我們在 2 月份發布的第一份綜合報告。這包括 2022 年可持續發展報告，我們在其中展示了我們在實現 2030 年可持續發展目標方面取得的穩步進展。為了節省時間，如果僅提及我們第一個戰略支柱的幾個亮點，那就是我們將溫室氣體排放量減少了 43%。這意味著與 2019 年的基準相比，我們的範圍 1 和範圍 2 排放量總計減少了 65%。

We have also defined a new emission reduction target for our supply chain, covering suppliers that accounts for 70% of our procurement spend. The largest positive environmental impact we can make is through providing our customers with resource-efficient products. This is core of our purpose and part of everything we do. Now let's finish off with Slide 15 and some outlook comments. Market activity and our operational performance in the first quarter was so much higher than we initially anticipated. Consequentially, we feel confident enough to raise our guidance for 2023. We now expect our comparable revenue growth to be at least 10%, and we expect to improve our operational EBITA margin year-over-year, meaning up from the 15.3% we reported for 2022.

我們還為我們的供應鏈制定了新的減排目標，涵蓋占我們採購支出 70% 的供應商。我們可以對環境產生最大的積極影響是通過為我們的客戶提供資源節約型產品。這是我們宗旨的核心，也是我們所做一切的一部分。現在讓我們以幻燈片 15 和一些展望評論結束。第一季度的市場活動和我們的經營業績遠高於我們最初的預期。因此，我們有足夠的信心提高我們對 2023 年的指導。我們現在預計我們的可比收入增長至少為 10%，並且我們預計我們的運營 EBITA 利潤率將同比提高，這意味著高於我們報告的 15.3% 2022 年。

Looking at the second quarter, we anticipate double-digit growth in comparable revenues and year-over-year improvement in the operational EBITA margin, up from the 15.5% we reported last year.

展望第二季度，我們預計可比收入實現兩位數增長，運營 EBITA 利潤率同比提高，高於我們去年報告的 15.5%。

And Ann-Sofie, now let's go for the Q&A.

Ann-Sofie，現在讓我們進行問答環節。

Yes. Let's do so. (Operator Instructions) And with that said, I think we should just fire away with the first question, which we will take from the conference call. And I think and hope Sebastian from RBC that your line is open. Can you hear us?

是的。讓我們這樣做吧。 （操作員說明）話雖如此，我認為我們應該直接回答第一個問題，我們將從電話會議中提出這個問題。我認為並希望來自 RBC 的塞巴斯蒂安您的線路是開放的。你可以聽見我們嗎？

Yes, I can hear you. My question is regarding the good progress in the gross margin. And I was wondering to what extent the staff cost or operating cost increases are already included, or to put it in a different way maybe, the price rise that you have for this year planned, are those compensating for the upcoming staff cost increases?

是的，我能聽到你。我的問題是關於毛利率的良好進展。我想知道員工成本或運營成本的增加在多大程度上已經包括在內，或者換句話說，你今年計劃的價格上漲，這些是否補償了即將到來的員工成本增加？

Gross margin question I guess...

我猜毛利率問題...

Thank you, Sebastian. First of all, on gross margin overall, before I go to the components, we are very, very happy with the 34.6% gross margin. I think it's up 190 basis points, and that's one of the focus area for us when we have been driving the quality of revenue at ABB. And important to note that now both in Process Automation and Robotics and Discrete Automation, the backlog gross margin, which we have been talking about, is actually coming through in the revenue gross margin. Gross margin went up in all of our 4 business areas.

謝謝你，塞巴斯蒂安。首先，就整體毛利率而言，在我進入組件之前，我們對 34.6% 的毛利率非常非常滿意。我認為它上升了 190 個基點，這是我們一直在推動 ABB 收入質量的重點領域之一。重要的是要注意，現在在過程自動化、機器人技術和離散自動化中，我們一直在談論的積壓毛利率實際上是通過收入毛利率來實現的。我們所有 4 個業務領域的毛利率均有所上升。

When we then look at pricing, yes, we have a very good coverage by price compared to the cost level. So we had 6% price increase in Q1, probably wouldn't expect that to continue quite on that level. But then when you look at the cost components, if we look at overall cost components in gross margin, if you go back a couple of quarters, we had sort of almost $350 million increase.

然後，當我們查看定價時，是的，與成本水平相比，我們的價格覆蓋範圍非常好。所以我們在第一季度的價格上漲了 6%，可能不會期望這種情況會繼續保持在這個水平上。但是當你看成本構成時，如果我們看一下毛利率的整體成本構成，如果你回顧幾個季度，我們就會增加近 3.5 億美元。

Now we had about $100 million. So it really is growing down and labor and gross margin increase of that was maybe about $40 million. So yes, we would expect to be able to cover that also going forward as we see a situation now.

現在我們有大約 1 億美元。所以它確實在下降，勞動力和毛利率的增長可能約為 4000 萬美元。所以是的，我們希望能夠在我們現在看到的情況下也能涵蓋這一點。

Thank you, Seb. We'll take the next question from the conference call. Alessandro with Octavian. Are you there?

謝謝你，賽博。我們將從電話會議中回答下一個問題。亞歷山德羅與屋大維。你在嗎？

Yes, I'm here. Just a quick one then on the E-mobility business. I think it's included in the corporate, and the order intake was around $190 million. I was wondering if there is anything included from others that is offsetting the number? Or if that number is 100% E-mobility?

對，我在這。然後快速介紹一下電動汽車業務。我認為它包含在公司中，訂單量約為 1.9 億美元。我想知道是否有其他人提供的東西抵消了這個數字？或者如果這個數字是 100% 的電動汽車？

We can say it's for all practical -- there can be $1 million here and there, but yes, it's for all practical purposes for E-mobility.

我們可以說它是為了所有實際目的——這里和那裡可能有 100 萬美元，但是，是的，它是為了電動汽車的所有實際目的。

So as you saw, we had positive book-to-bill and also about 50% revenue growth in that area. But of course, it's sort of a small issue in the ABB overall context.

因此，正如您所見，我們的訂單出貨量為正，該領域的收入也增長了約 50%。但當然，在 ABB 的整體背景下，這只是一個小問題。

Yes. But the fact that it is below last year is no reason for -- any change of view in that segment?

是的。但它低於去年的事實並沒有理由——該細分市場的觀點有任何改變嗎？

No. Last year, we had a very, very large one-off order in E-mobility. I don't remember exactly what it was, but it was like $100 million and we had about $300 million orders. So it's like a very special situation last quarter. So that comparable is not really a comparable one-on-one to what we had now on that about $190 million.

沒有。去年，我們在電動汽車領域接到了一筆非常非常大的一次性訂單。我不記得具體是多少，但大約是 1 億美元，我們有大約 3 億美元的訂單。所以這就像上個季度的一個非常特殊的情況。因此，與我們現在擁有的大約 1.9 億美元相比，這種可比性並不是真正的一對一可比性。

Okay. Thank you. And we will take a question here from the online tool, and we have a question from Gael and he wants to know on the net working capital, actually.

好的。謝謝。我們將從在線工具中提出一個問題，我們有一個來自 Gael 的問題，他實際上想知道淨營運資金。

He says, "There was once again some significant working capital build up this quarter. I wonder if that was in line with your internal expectations?"

他說：“本季度再次出現了一些重要的營運資金積累。我想知道這是否符合您的內部預期？”

Yes. So yes, that I think was very well in line with our internal expectations. It's fair to say that our order growth was actually a bit faster or a bit higher than our expectations when going into the quarter. And if we look at the net working capital dynamics during the quarter, actually, inventory went up less than last year. However, in receivables, we tied a bit more than last year. Payables was also a bit of a positive driver.

是的。所以是的，我認為這非常符合我們的內部期望。可以公平地說，進入本季度時，我們的訂單增長實際上比我們的預期快一點或高一點。如果我們看一下本季度的淨營運資金動態，實際上，庫存的增長低於去年。然而，在應收賬款方面，我們比去年持平了一點。應付賬款也是一個積極的推動因素。

So you can see it's actually, I'll call it, moving closer to cash. And we already saw inventory starting to decline at the latter part of the quarter in March. And also when we look at this inventory to backlog ratio, it actually started to go down. It went to 28% from 30% the previous quarter. So I don't see any issues in the net working capital.

所以你可以看到它實際上，我稱之為，更接近現金。我們已經看到庫存在 3 月份的季度後期開始下降。而且，當我們查看庫存與積壓訂單的比率時，它實際上開始下降。它從上一季度的 30% 上升到 28%。所以我看不到淨營運資金有任何問題。

Okay. And we'll take one more question here from the net. And it's regarding medium voltage. And the question is, "could you elaborate on the performance of the medium voltage segment within electrification? And how do you judge the progress on the turnaround here?"

好的。我們將從網上再回答一個問題。它與中壓有關。問題是，“你能否詳細說明電氣化中壓部分的表現？你如何判斷這裡的轉變進展？”

Yes. Maybe I can talk a little bit about the medium voltage, where we see the medium voltages in the DS, in Distribution Solutions. And as you know, we have made some changes there in the division. We have moved some of that low-voltage switch gear over to smart power, which means that DS now is more focused on the medium voltage. So that is traditionally a very strong part of our portfolio, and I think we are market leaders in the most places.

是的。也許我可以談談中壓，我們在 Distribution Solutions 中看到中壓。如您所知，我們對該部門進行了一些更改。我們已將一些低壓開關設備轉移到智能電源，這意味著 DS 現在更專注於中壓。所以這傳統上是我們產品組合中非常重要的一部分，我認為我們在大多數地方都是市場領導者。

And I think the good development in the medium voltage is related to infrastructure. And there is a lot of electrification infrastructure being built. So it's quite a good momentum there now.

我認為中壓的良好發展與基礎設施有關。並且正在建設大量電氣化基礎設施。所以現在勢頭很好。

Yes. Maybe to throw in a number here. So if you look at our divisions, which are more exposed to medium voltage or the trends which Bjorn was talking about. So ELDS, drive systems, services, in motion, traction. So these all grew last quarter, let's say, average 20% when you take them. So it is really, you could say, quite a strong, at least at the moment, demand we are seeing in this medium voltage type of area.

是的。也許在這裡輸入一個數字。所以如果你看看我們的部門，它們更容易受到中壓或比約恩所說的趨勢的影響。所以 ELDS、驅動系統、服務、運動、牽引。所以這些都在上個季度增長，比方說，平均增長 20%。因此，您可以說，至少在目前，我們在這種中壓類型的地區看到了非常強勁的需求。

Okay. And we'll take the next question from Alex at Bank of America Merrill Lynch.

好的。我們將從美國銀行美林證券的亞歷克斯那裡回答下一個問題。

I wondered if you could just dig a little bit more into the EL trends for us actually. Strong decline described in the U.S., declines in Germany and in China. I just wondered if you could just dig a little bit more into the vertical trends. You've obviously called out resi specifically and the broader implications of that. I just (technical difficulty).

我想知道您是否可以為我們更深入地了解 EL 趨勢。美國描述的強勁下降，德國和中國的下降。我只是想知道您是否可以更深入地了解垂直趨勢。您顯然已經明確指出了 resi 及其更廣泛的含義。我只是（技術難度）。

Alex, You cut out in the middle there. So we didn't really hear the ending of -- can you just repeat, please?

亞歷克斯，你從中間剪掉了。所以我們並沒有真正聽到結尾——請你重複一遍好嗎？

I can. Simply the dynamics in EL. Trying to reconcile calling out the weakness in resi, but you've actually still got some reasonably good order numbers actually. It's not as strong a decline as it looks, if that might be the right way to ask the question.

我可以。只是 EL 中的動態。試圖調和指出 resi 的弱點，但實際上你仍然有一些相當不錯的訂單號。如果這可能是提出問題的正確方式，那麼下降並不像看起來那麼強烈。

Yes, Alex, maybe I'll comment on that a bit. So first of all, when you look at electrification, the whole buildings side of electrification in our case is about, if I remember correctly, some 35%, and resi is maybe 12%, 13%. And resi is actually big for us in Germany, in particular, with Busch-Jaeger, but also with ELIP in the U.S. and also in China. So proportionately, the resi from our mix is coming maybe a bit more through in those markets. And as we discussed earlier, then we have some other areas of the business where we have really quite strong trends as we were discussing on the medium voltage on the energy security, energy transition and so forth.

是的，亞歷克斯，也許我會對此發表一些評論。所以首先，當你看電氣化時，在我們的案例中，整個建築電氣化方面，如果我沒記錯的話，大約是 35%，而 resi 可能是 12%、13%。在德國，resi 實際上對我們來說很重要，尤其是 Busch-Jaeger，還有美國和中國的 ELIP。因此，按比例，我們組合中的 resi 在這些市場中可能會更多一些。正如我們之前討論的那樣，在我們討論中壓能源安全、能源轉型等問題時，我們還有其他一些業務領域，我們有非常強勁的趨勢。

Okay. And we take one question here from the online tool and it's from WhiteOak India, and they would like to know, can you elaborate on detail what is driving order inflow growth in India?

好的。我們在這裡從在線工具中提出一個問題，它來自 WhiteOak India，他們想知道，您能否詳細說明是什麼推動了印度的訂單流入增長？

Well, maybe I can start there. First, I think the dynamic in India has been quite good during the last year. We know now it is the biggest market -- the largest number of inhabitants than any other market in the world, and we've seen a good dynamic in growth in that market. And I think one of the factors is that the internal market is growing, but I think also there is a certain amount of diversification from companies using India also as from supply chain opportunities.

好吧，也許我可以從這裡開始。首先，我認為去年印度的動態非常好。我們現在知道它是最大的市場——居民人數最多，超過世界上任何其他市場，我們已經看到該市場的良好增長勢頭。我認為其中一個因素是內部市場正在增長，但我認為也有一定程度的多元化，來自使用印度的公司以及來自供應鏈的機會。

So you see double there, good internal market, but also start seeing more an expert from that market. And if you look at India for us today, it's actually a growth of 40%. So it's quite impressive at the moment. And we have had this dynamic now for a year almost. Anything you want to add up there...

所以你在那裡看到了雙重，良好的內部市場，但也開始看到更多來自該市場的專家。如果你看看今天的印度，它實際上增長了 40%。因此，目前令人印象深刻。我們已經擁有這種動力將近一年了。任何你想添加的東西...

Just that in all business areas, we're growing.

只是在所有業務領域，我們都在成長。

Yes. It's really good to see that market.

是的。看到那個市場真是太好了。

Okay. Then we take a question from Andy at JPMorgan.

好的。然後我們接受摩根大通的安迪的提問。

I wanted to ask, I guess, it's a broad question really around China. You made some comments in the release around I guess what looked like a very good start to the year, maybe some slowing around China New Year. And obviously appreciating the headline numbers that are impacted by the Q1 comp from last year. So really just trying to get a sense on kind of what you really think you're seeing underlying in terms of China, both in terms of Q1? And then, I guess, any earlier indications in terms of outlook for the year?

我想問，我想，這是一個真正圍繞中國的廣泛問題。你在發佈時發表了一些評論，我猜今年的開局看起來非常好，但在中國新年前後可能會有所放緩。顯然，我們很欣賞受去年 Q1 comp 影響的標題數字。所以真的只是想了解一下你真正認為你在中國方面看到的潛在情況，無論是在第一季度嗎？然後，我想，今年的前景是否有任何早期跡象？

Yes. First, if you look at the comparison numbers, it's like both in U.S., China and Germany, they are negative. So in the first sight when you look at it, that it will be such a weak, but it actually isn't. We have a very, very high comparable in China, both this quarter and also next quarter. So if you look at it from that perspective, I think if you see last year, that ended up quite weak from the COVID situation. And then we saw the market opening up first before the New Year and then after the New Year. And we've seen quite good. We don't see the growth in China that we saw in the Western world after the COVID, maybe wasn't expected. But we are quite optimistic that we should see good growth in China, especially in the second half of the year. Anything you would like to add on there?

是的。首先，如果你看一下比較數字，就像在美國、中國和德國一樣，它們都是負數。所以第一眼看會覺得它很弱，其實不然。我們在中國有非常非常高的可比性，無論是本季度還是下季度。因此，如果您從這個角度來看，我想如果您去年看到，由於 COVID 的情況，結果非常疲軟。然後我們看到市場首先在新年前開放，然後在新年後開放。我們已經看到了相當不錯的。我們沒有看到在 COVID 之後我們在西方世界看到的中國的增長，也許是意料之外的。但我們非常樂觀地認為，我們應該會看到中國的良好增長，尤其是在下半年。你想補充什麼嗎？

No. I think it's good.

不，我認為這很好。

So it, from comparable, maybe not looked super strong, but I think it's quite good numbers in China. I think it's the third strongest quarter, yes.

因此，從可比性來看，它可能看起來不是特別強，但我認為它在中國是相當不錯的數字。我認為這是第三個最強勁的季度，是的。

Yes. Positive book-to-bill we had...

是的。我們有積極的訂單到賬單......

It's also important to say that even though we saw good revenues there, we still have a positive book-to-bill. So building order book in China still. I hope that gave some clarity.

同樣重要的是，儘管我們在那裡看到了不錯的收入，但我們仍然有一個積極的訂單出貨比。因此，中國的建築訂單簿仍在。我希望這能說明一些問題。

It seems like it. He's quiet. So we'll open up the line for Ben at Morgan Stanley. Ben, can you hear us?

好像是這樣。他很安靜。因此，我們將為 Morgan Stanley 的 Ben 開通電話。本，你能聽到我們嗎？

Yes, I can. Just on the margin bridge, Timo, the $703 million price volume boost, if you like, about 9%, can you just tell us and give us some kind of indication on price versus volume? And within that, I guess, a sort of general question for Bjorn, how are pricing conversations with customers? Are customers becoming more reluctant to take on these price increases? How is that going, particularly in electrification, but in general?

我可以。就在保證金橋上，Timo，7.03 億美元的價格量提升，如果你願意的話，大約 9%，你能告訴我們並給我們一些關於價格與數量的指示嗎？我想，在其中，Bjorn 的一個普遍問題是，如何與客戶進行定價對話？客戶是否越來越不願意接受這些價格上漲？總體情況如何，尤其是在電氣化方面？

So why don't you start then Timo?

那你為什麼不先發蒂莫呢？

Yes, sure. So in the bridge, we still have a bit more price than volume. So to you sort of semi-exact numbers, probably about $380 million is price and about $320 million is volume, and then there is a little bit of supply chain savings and that kind of stuff against that $100 million I spoke earlier, which was the cost increase in the call.

是的，當然。所以在橋上，我們的價格仍然比數量多一點。所以對你來說是一個半精確的數字，價格大概是 3.8 億美元，銷量大約是 3.2 億美元，然後有一點供應鏈節省和類似的東西，與我之前所說的 1 億美元相比，這是通話費用增加。

And when you look at the price, we have about 6% price. And out of that, maybe about 5% is carryover, but we still had also a bit positive price actually in Q1. So yes.

當你看價格時，我們有大約 6% 的價格。其中，可能約有 5% 是結轉，但實際上我們在第一季度的價格仍然有點積極。所以是的。

Yes. If we talk a little bit about pricing, as you know, we implemented our pricing strategy departments and divisions before actually we saw the inflation coming. And now we had it in place, so it actually helped us good. But I think the important thing with pricing is what we call value-based pricing. That is actually we deliver good value to our customers that we need to get paid for.

是的。如果我們稍微談談定價，正如你所知，我們在實際看到通貨膨脹到來之前實施了定價戰略部門和部門。現在我們有了它，所以它實際上幫助了我們。但我認為定價的重要之處在於我們所說的基於價值的定價。這實際上是我們為我們需要獲得報酬的客戶提供了良好的價值。

So I think that -- last year, we saw a lot of driven by cost increases, price increases. I think going forward, it will be more looking at where do we deliver the right value and we should get paid for that value. So it will be much more different between different segments and different markets. So when you see the price increases of the 6% in the first quarter, there is, of course, a lot of overflow from last year. So when we look at the cost structure, commodities, logistics and so on, that has, of course, gone down dramatically. So we don't see these cost increases as we did last year. But the important thing is actually the gross margin. And we follow it. The divisions follow it, and I think that's the security for delivering good performance also in the future.

所以我認為——去年，我們看到了很多受成本增加、價格上漲驅動的因素。我認為展望未來，我們將更多地關注我們在何處提供正確的價值，以及我們應該為該價值獲得報酬。因此，不同細分市場和不同市場之間的差異會更大。所以當你看到第一季度 6% 的價格上漲時，當然有很多去年的溢價。因此，當我們查看成本結構、商品、物流等時，當然會大幅下降。因此，我們沒有像去年那樣看到這些成本增加。但重要的其實是毛利率。我們遵循它。部門隨之而來，我認為這也是在未來提供良好業績的保障。

Do you want to add anything?

你想添加什麼嗎？

Well, as you hoped in the gross margins, we had very good gross profit productivity. We have spoken about that measure earlier.

好吧，正如您在毛利率中所希望的那樣，我們的毛利率非常好。我們之前已經談到了這項措施。

So happy that, that also is moving to the right direction. We actually didn't have that much headcount increase and the gross profit has improved significantly.

很高興，那也正朝著正確的方向前進。我們實際上並沒有增加那麼多的員工，毛利也有顯著改善。

Thank you, and we'll open up for another question from the conference call, and we have Daniela on the line, I hope. Daniela are you there?

謝謝，我們將在電話會議中提出另一個問題，我希望丹妮拉在線上。丹妮拉你在嗎？

Actually, I was following up on some of the last comments. But I mean, when we look at sort of like margins at 16% ahead of your medium-term targets, clearly like gross margin in the near term and price cost mix very favorable. You've been clear about that. But can you talk about like is this more you see it sort of at more of a structural level, sort of if price is now 1% on orders, when the price cost normalizes, sort of what can we look up to have compensating for that and allowing to keep this high margin going forward?

實際上，我是在跟進最後的一些評論。但我的意思是，當我們看到比你的中期目標高出 16% 的利潤率時，很明顯短期內的毛利率和價格成本組合非常有利。你已經很清楚了。但是你能不能談談，你是否更多地在結構層面上看到它，如果價格現在是訂單的 1%，當價格成本正常化時，我們可以尋找什麼來補償它並允許保持這種高利潤率？

Do you still have many businesses under percentage of business under margin focus like you used to give that figure. Maybe you can articulate how can we look up to this as more sustainable beyond the pricing.

您是否仍然有許多業務低於您以前給出的數字那樣關注利潤率的業務百分比。也許您可以闡明我們如何才能將其視為在定價之外更具可持續性。

Yes. I mean, when we saw a lot of the divisions delivering good performance. And it's very simple in ABB, you add the divisions together and if the divisions are doing well, we also do good as a group. I think there is, in every division, a lot of work, and you know the stability, profitability growth. Still we have around 30%, maybe a little bit, 30%, 35% of the divisions that have a margin improvement mandate, so driving profitability. And then you have about 70% driving growth.

是的。我的意思是，當我們看到很多部門都表現出色時。這在 ABB 中非常簡單，您將各個部門加在一起，如果這些部門表現良好，我們作為一個整體也會做得很好。我認為每個部門都有很多工作，而且你知道穩定性、盈利能力增長。我們仍然有大約 30%、可能有一點、30%、35% 的部門有提高利潤率的任務，從而提高盈利能力。然後你有大約 70% 的推動增長。

So more and more divisions are moving over to that. But we also saw some of the very high performers who have a growth mandate that also improved their margin. I think it's important. And I think I said this already in 2020, ABB is a company that should be operating above 15%. And I think that is the part.

因此，越來越多的部門正在轉向這一點。但我們也看到一些業績非常出色的公司，他們的增長任務也提高了利潤率。我認為這很重要。我想我已經在 2020 年說過了，ABB 是一家應該在 15% 以上運營的公司。我認為這就是一部分。

And then, of course, we said that 15% is an intermediate target. So we will, of course, continue to drive performance in the different businesses as well as more and more focus on really growth. And then we're talking organic as well as inorganic. So yes, I see there is a good potential in this company to grow. But this, of course, varies also over business cycles. But when we say over 15%, we mean over a business cycle. And I think we are coming up to levels where this company should be. And as you all know, this is very much in line with the best-in-class in the market.

然後，當然，我們說 15% 是一個中間目標。因此，我們當然會繼續推動不同業務的績效，並越來越關注真正的增長。然後我們談論有機和無機。所以是的，我看到這家公司有很大的發展潛力。但這當然也會隨著商業周期而變化。但當我們說超過 15% 時，我們指的是超過一個商業周期。我認為我們正在達到這家公司應該達到的水平。眾所周知，這非常符合市場同類最佳產品。

Okay. And we'll take another question here from the online option. And they are asking to elaborate a bit more on the $170 million-ish investments in the U.S. And if at all, the link to the -- all right. Thank you.

好的。我們將從在線選項中回答另一個問題。他們要求詳細說明在美國的 1.7 億美元投資，如果有的話，與 - 好吧。謝謝。

I think we talked quite a lot about dynamics in growth opportunities in the market. And U.S., as you've seen, has been very strong. And there have been numerous incentive packages that have been electrifying America, the IRA Act, but also on the semiconductor today. So quite big dynamic in that part.

我想我們談了很多關於市場增長機會的動態。正如你所看到的，美國一直非常強大。並且有許多激勵方案已經使美國興奮起來，IRA 法案，以及今天的半導體。那部分的動態非常大。

At the same time, as a group, we have said that we want to be local even if we are a global company, meaning that we want to be more and more self-sufficient in the different areas. China, we are around 95%; in Europe, it's more or less 100%. And in U.S., we were around 80%. So we are building up our production capacities in that market also, but also to be in line with what's requested in the IRA Act.

同時，作為一個集團，我們說過，即使我們是一家全球性公司，我們也希望做到本地化，這意味著我們希望在不同領域越來越自給自足。中國，我們在95%左右；在歐洲，它或多或少是 100%。在美國，我們大約是 80%。因此，我們也在該市場建立我們的生產能力，同時也要符合 IRA 法案的要求。

You need to produce, you need to source it from the local market also to qualify for those subsidies that are being planned. So it's a good market in U.S. and the divisions have felt that they need to strengthen up and that's what's happening and that's why we do the investment there. Anything you'd like to add on that?

你需要生產，你需要從當地市場採購，也有資格獲得計劃中的補貼。所以這是美國的一個很好的市場，這些部門覺得他們需要加強，這就是正在發生的事情，這就是我們在那裡進行投資的原因。你想補充什麼嗎？

Well, maybe just that, of course, these megatrends, what Bjorn was talking about, on energy security and energy transition, and also automation, in a way that people are, as Bjorn was discussing, India, looking to diversify their sort of manufacturing bases. So these are strong trends for us. And in that sense, we upped our revenue for the full year now. And we would still, given these trends and taking everything into account, expect at the moment, we are standing here to have a positive book-to-bill also for the year. So maybe that to add because U.S. is, of course, a big part of that.

好吧，當然，也許只是這些大趨勢，比約恩所說的，關於能源安全和能源轉型，以及自動化，正如比約恩所討論的那樣，印度的人們正在尋求使他們的製造業多樣化基地。所以這些對我們來說是強勁的趨勢。從這個意義上說，我們現在增加了全年的收入。考慮到這些趨勢並考慮到所有因素，我們仍然會期望，目前，我們站在這裡，今年的訂單出貨量也是積極的。所以也許要補充一點，因為美國當然是其中的重要組成部分。

Okay. And we have a follow-up question from Sebastian at RBC. Your line should be open, Sebastian.

好的。我們有來自 RBC 的塞巴斯蒂安的後續問題。你的線路應該是開放的，塞巴斯蒂安。

I have further question on the profitability of robotics. You had these troubles in China in the production last year, and that, of course, helps now in the revenue recognition and operating leverage. But I was wondering if you also produced large amount of components into your own inventory. So you couldn't deliver them, but you had them in your inventory. Which would then potentially lead to better margin when you sell it out, because you don't have certain costs associated with those inventory sell-through. So my question is, is there some inventory destocking effect that would have supported the margin, or is the margin that we see a true margin in Robotics now.

我對機器人技術的盈利能力有進一步的疑問。去年你在中國的生產中遇到了這些麻煩，當然，這有助於現在的收入確認和經營槓桿。但我想知道你們是否也生產了大量的零部件到你們自己的庫存中。所以你無法交付它們，但你的庫存中有它們。當您將其售罄時，這可能會帶來更高的利潤，因為您沒有與這些庫存銷售相關的某些成本。所以我的問題是，是否存在一些可以支持利潤率的庫存去庫存效應，或者我們現在在機器人技術中看到的真正利潤率。

Thank you for the question. This lies very close to my heart, so I think I'll take this question. very clearly here, I mean, we've been saying, when it comes to the robotics, this should be 15% market and grows 10% per year. That's what we think that this business should be. And I think we've done a good job now in working up the margin from, of course, a very difficult last year because of supply chain issues and so on, but I think we are coming up to the levels where we need to go. We also see good demand in the market. I'd like to underline that even if it looks, at the first sight, minus 20%, it's still the second or third best robotic quarter in orders, so $1 billion is a good number.

感謝你的提問。這非常貼近我的心，所以我想我會回答這個問題。在這裡非常清楚，我的意思是，我們一直在說，在機器人技術方面，這應該是 15% 的市場，並且每年增長 10%。這就是我們認為這項業務應該是的。我認為我們現在在提高利潤率方面做得很好，當然，由於供應鏈問題等原因，去年非常困難，但我認為我們正在達到我們需要達到的水平.我們也看到市場需求良好。我想強調的是，即使乍一看它是負 20%，它仍然是訂單中第二或第三好的機器人季度，所以 10 億美元是一個不錯的數字。

When you look at the margin there, one of the things we've been quite transparent with is that the gross margin in the robotics have continuously increased. And we are seeing that gross margin now going through to the EBITDA margin. They have been able to keep that costs under control, and that means that the gross margin will actually come down into that. There is nothing from releasing robotics, but more than you can say, the 35% growth compared to last year, that is a very high number. But that is still book-to-bill ratio, meaning the $1 billion order is actually higher than what we put out in revenues.

當您查看那裡的利潤率時，我們一直非常透明的一件事是機器人技術的毛利率不斷增加。我們看到毛利率現在正在上升到 EBITDA 利潤率。他們已經能夠控製成本，這意味著毛利率實際上會下降。發布機器人技術並沒有什麼，但你可以說，與去年相比增長了 35%，這是一個非常高的數字。但這仍然是訂單出貨比，這意味著 10 億美元的訂單實際上高於我們的收入。

So lastly, we were hampered by not getting out the margin. Now we are getting out the margin from what we are invoicing. And I think the levels we see in invoicing is what we should at least for a couple of quarters also see. So there was no special release. I think this is the level where they are at the moment.

所以最後，我們因沒有擺脫困境而受到阻礙。現在我們要從我們開具的發票中扣除利潤。而且我認為我們在發票中看到的水平是我們至少應該在幾個季度內看到的水平。所以沒有特別發布。我認為這就是他們目前所處的水平。

A little bit on robotic also. I mean when you look at the automotive, you look at general industry, you look at some of the other segments. And you know the strategy which they have been implementing here during the last 2 years is to move away from low-margin automotive industry, especially from the system side, and focus more the general industry side, where you see significantly higher margin.

也有一點關於機器人。我的意思是當你看汽車，你看一般工業，你看其他一些領域。你知道他們在過去兩年裡一直在這裡實施的戰略是擺脫低利潤率的汽車行業，尤其是系統方面，更多地關註一般行業方面，你會看到更高的利潤率。

And I think that is also coming through in the gross margin of the business. So overall, I think the performance is in line with the expectations, but also where they want to come.

我認為這也體現在業務的毛利率上。所以總體來說，我覺得表現是符合預期的，也是他們想來的地方。

And we should have a question from James at Redburn.

我們應該向雷德本的詹姆斯提問。

So I got cut off for a bit. So I hope I'm not covering old ground. But a question on orders, if I could, please. The $9.45 billion is a record quarter if you strip out grid, which I think it's pretty remarkable to be up year-on-year when a year ago was the pre-buy quarter on raw materials or supply chain profits. So I guess now that the supply chain is easing and raw materials are lower, one could argue this is more of a more normal quarter. So I guess just really is this a normalized number because it's 33% above the $7 billion you were doing in the 2 years pre-COVID. And when you look at the kind of tender pipe and the customer conversations at the moment, do you think we can be stable from here or grow from here or further normalize?

所以我被切斷了一點。所以我希望我沒有覆蓋舊地面。如果可以的話，請問關於訂單的問題。如果剔除電網，94.5 億美元是一個創紀錄的季度，我認為當一年前是原材料或供應鏈利潤的預購季度時，同比增長是非常了不起的。所以我想現在供應鏈正在放鬆，原材料價格較低，有人可能會說這是一個更正常的季度。所以我想這真的是一個標準化數字，因為它比你在 COVID 前 2 年所做的 70 億美元高出 33%。當您查看目前的招標管道和客戶對話時，您認為我們可以從這裡穩定還是從這裡發展或進一步正常化？

Thank you for the question. Maybe I can take it. I think, first, I must say that when we went into this quarter, we were a little bit cautious because we really didn't know where the market was going. But we've actually been seeing a strong market actually from January all the way to March. So it's been very consistent strength during this quarter. So even though we're growing 22%, the book-to-bill is 1.2%. So it is a very high one.

感謝你的提問。也許我能接受。我想，首先，我必須說，當我們進入這個季度時，我們有點謹慎，因為我們真的不知道市場會走向何方。但實際上，從 1 月一直到 3 月，我們一直看到一個強勁的市場。因此，本季度的實力一直非常穩定。因此，儘管我們增長了 22%，但訂單出貨比僅為 1.2%。所以這是一個非常高的。

I think it's difficult to say if this is going to hold on in the future. The only thing we can say after 2 weeks, which is a very, very short time in Q2 that the market are still keeping up, but I think it's a little bit too early. But we do expect, even though we see in the full year at least 10% growth, a book-to-bill ratio that is above 1, which gives a certain indication that we do expect markets to be reasonably good also in the coming quarters.

我認為很難說這是否會在未來持續下去。 2 週後我們唯一可以說的是，這是第二季度非常非常短的時間，市場仍在跟上，但我認為現在還為時過早。但我們確實預計，即使我們看到全年至少增長 10%，訂單出貨比仍高於 1，這在一定程度上表明我們確實預計未來幾個季度市場也會相當不錯.

You want to add something?

你想添加一些東西嗎？

Maybe just on Q2 that we, of course, have also a very high comp on Q2. So we had 20% order growth last year. And this quarter, we had also quite a few large orders.

也許就在第二季度，我們當然也對第二季度有很高的評價。所以我們去年的訂單增長了 20%。而這個季度，我們也有不少大訂單。

So of course, the 9% includes quite a bit of large orders. But even if you take those out, the so-called base order growth was 3% in Q1. So let's see where we land up in Q2.

所以當然，這 9% 包括相當多的大訂單。但即使你把這些去掉，第一季度所謂的基本訂單增長也是 3%。那麼讓我們看看我們在第二季度的進展情況。

And we have a question from Lars at Barclays.

我們有一個來自巴克萊銀行的拉爾斯的問題。

I was really just going to follow up, Bjorn, on the commentary around industrial short-cycle trends, particularly in RA. You called out some channel destocking in China, which I gather is primarily in your robotics business. Are we at the end of that? Or do you see more sort of channel reset there? I appreciate your earlier comment around sort of quarter positive commentary in China. But key note to where you see the channel inventories sit at this stage.

Bjorn，我真的只是想跟進有關工業短週期趨勢的評論，特別是在 RA 中。你呼籲在中國進行一些渠道去庫存，我認為這主要是在你的機器人業務中。我們到此為止了嗎？或者你在那裡看到更多類型的頻道重置？感謝您早些時候對中國的季度正面評論發表評論。但關鍵要注意你在這個階段看到渠道庫存的位置。

And also on the automation side, B&R, you're not calling out prebuy, and are we now sort of more normalized? And maybe if I can briefly, just on the North American side, a bit more concern there, I would say, currently around the short-cycle trends. Can you comment a bit about what you see as far as sort of potential inventory destocking and short-cycle trends in the North American market?

在自動化方面，B&R，你沒有呼籲預購，我們現在有點標準化了嗎？也許如果我能簡單地說，就北美方面而言，我會說，目前圍繞短週期趨勢，我會更加關注那裡。您能談談您對北美市場潛在庫存去庫存和短週期趨勢的看法嗎？

Yes. I think we mentioned in the previous quarter that we saw some destocking around some of our customers also in certain markets like China, but also in distributors in the electrification. So yes, I mean if you look at the orders that we have seen in, so we actually see growth in all 3 business areas except from robotics, but that is, of course, exceptional comparables.

是的。我想我們在上一季度提到過，我們看到一些客戶在某些市場（如中國）以及電氣化分銷商中也出現了一些去庫存。所以是的，我的意思是，如果你看看我們看到的訂單，那麼我們實際上看到了除機器人技術以外的所有 3 個業務領域的增長，但這當然是特殊的可比性。

So yes, I think that is probably normalizing somewhat from that. I think from our perspective, we were also a little bit surprised that the market kept up on this high level. When you look at robotics and B&R, yes, I think on the B&R side, we have, of course, a huge order book. So I think they have, compared to any other businesses, the largest order book, and more or less everything that they are going to supply this year is already in the order book. So yes, I think there has been a lot of customers that preordered some of that prebuys.

所以是的，我認為這可能在某種程度上正常化了。我認為從我們的角度來看，我們也對市場保持在如此高的水平感到有些驚訝。當你看機器人和貝加萊時，是的，我認為在貝加萊方面，我們當然有大量訂單。所以我認為，與任何其他企業相比，他們擁有最大的訂單簿，而且他們今年要供應的所有產品或多或少都已經在訂單簿中。所以是的，我認為有很多客戶預購了其中一些預購商品。

Anything you would like to add or anything...

任何你想添加或任何...

Yes. Maybe on the destocking question. So that is naturally happening in the resi construction and that is one of the reasons where we see a little bit of that. It's totally understandable that when the supply chain eases on the shorter cycle business, you see a bit of destocking. But of course, we have taken how we see this into account in what Bjorn said about the full year book-to-bill and all that.

是的。也許是關於去庫存的問題。所以這在 resi 結構中自然會發生，這就是我們看到一點點的原因之一。完全可以理解的是，當供應鏈在較短週期的業務上放寬時，你會看到一些去庫存。但是，當然，在 Bjorn 所說的全年訂單出貨比等方面，我們已經考慮了我們如何看待這一點。

And I think we finish this session up with a follow-up question from Ben at Morgan Stanley.

我想我們以摩根士丹利的 Ben 提出的後續問題結束本次會議。

I really wanted to just go back -- and apologies for being pedantic, but go back on, I think it was Andy's question just about China. I think the point you were making, Bjorn, was that there was a year-over-year comp effect and also that the pickup, the improvement had not been strong post COVID and what we've seen in the West.

我真的很想回去——為我的迂腐而道歉，但回去吧，我認為這是安迪關於中國的問題。比約恩，我認為你要表達的意思是，存在同比補償效應，而且在 COVID 之後以及我們在西方看到的情況下，回升、改善並不強勁。

But when I look at the press release, it does say that customer activity slowed somewhat I believe after the New Year. My question is, are you actually seeing, post New Year, any sort of significant pickup in China. So if we think about sequential demand in electrification and the other businesses between March and April, is it fair for us to assume that China is getting better now?

但是當我查看新聞稿時，它確實說我相信在新年之後客戶活動有所放緩。我的問題是，新年過後，你真的看到中國有任何顯著回升嗎？因此，如果我們考慮 3 月至 4 月電氣化和其他業務的連續需求，我們是否可以假設中國現在正在好轉？

I think it's a good question. I mean when we talked last time, I said that maybe we see an upside in China to get some of that really big increase that we saw in the Western world when COVID was out. We have not seen that big one. On the other hand, if you look at orders in the 3 different months, March was very strong. So it picked up quite good in China there. And talking with our businesses and the general mood, we are quite optimistic about China going forward. But of course, we do not expect to see the same as we saw in U.S. and Europe, which was really a kick back in the market. So it will be probably a good market, but maybe not so dramatic as you saw in the Western world. So something like that.

我認為這是一個很好的問題。我的意思是，當我們上次談話時，我說也許我們在中國看到了上升空間，可以從 COVID 出現時我們在西方世界看到的真正大幅增長中獲得一些。我們還沒有看到那個大的。另一方面，如果您查看 3 個不同月份的訂單，就會發現 3 月份非常強勁。所以它在中國的表現相當不錯。就我們的企業和總體情緒而言，我們對中國的發展非常樂觀。但當然，我們不希望看到與美國和歐洲相同的情況，這確實是市場的反擊。所以這可能是一個很好的市場，但可能不像你在西方世界看到的那樣戲劇化。所以類似的東西。

Thank you. And with that we round up this session, and we'll see you in the summer. Thank you very much for joining us.

謝謝。至此，我們結束了本次會議，我們將在夏天見。非常感謝您加入我們。

Thank you. Bye-bye.

謝謝。再見。

Thanks.

謝謝。