Autoliv Inc (ALV) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Autoliv First Quarter 2024 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Anders Trapp. Please go ahead.

美好的一天，感謝您的支持。歡迎參加奧托立夫 2024 年第一季財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言人安德斯·特拉普 (Anders Trapp)。請繼續。

Thank you, Nadia. Welcome, everyone, to our first quarter 2024 earnings call. On this call, we have our President and Chief Executive Officer, Mikael Bratt; and our Chief Financial Officer, Fredrik Westin; and me, Anders Trapp, Investor Relations.

謝謝你，納迪亞。歡迎大家參加我們的 2024 年第一季財報電話會議。出席本次電話會議的有我們的總裁兼執行長 Mikael Bratt；以及我們的財務長 Fredrik Westin；我是投資者關係部門的安德斯‧特拉普 (Anders Trapp)。

During today's earnings call, Mikael and Fredrik will, among other things, provide an overview of our strong sales, earnings and cash flow development in the quarter, how our strong balance sheet and asset return rates support the continued high level of shareholder returns. They will outline the expected sequential margin improvement in 2024 towards our targets. And we will also, as usual, provide an update on our general business and market conditions.

在今天的財報電話會議上，Mikael 和 Fredrik 將概述我們本季強勁的銷售、獲利和現金流發展，以及我們強勁的資產負債表和資產回報率如何支持持續高水準的股東回報。他們將概述 2024 年預期利潤率連續改善以實現我們的目標。我們還將像往常一樣提供有關我們整體業務和市場狀況的最新資訊。

We will then remain available to respond to your questions. And as usual, the slides are available on autoliv.com.

然後我們將隨時回答您的問題。像往常一樣，這些幻燈片可以在 autoliv.com 上找到。

Turning to the next slide, we have the safe harbor statement, which is an integrated part of this presentation and includes the Q&A that follows. During the presentation, we will reference some non-U.S. GAAP measures. The reconciliations of historical U.S. GAAP to non-U.S. GAAP measures are disclosed in our quarterly earnings release, which is available on Autoliv.com and in the 10-Q that will be filed with the SEC.

轉向下一張投影片，我們有安全港聲明，它是本簡報的組成部分，包括隨後的問答。在演示過程中，我們將參考一些非美國公認會計準則衡量標準。歷史美國 GAAP 與非美國 GAAP 指標的調節在我們的季度收益報告中披露，該報告可在 Autoliv.com 上獲取，並在將向 SEC 提交的 10-Q 報告中披露。

Lastly, I should mention that this call is intended to conclude at 3:00 p.m. Central European time. So please follow a limit of 2 questions per person.

最後，我應該要提到，本次電話會議預計將於下午 3:00 結束。中歐時間。因此，請遵守每人 2 個問題的限制。

I will now hand over to our CEO, Mikael Bratt.

現在我將把工作交給我們的執行長 Mikael Bratt。

Thank you, Anders. Looking on the next slide. I want to express my appreciation to the entire Autoliv team for their unwavering dedication to achieve our goals and for delivering another strong quarter in a challenging environment. In the first quarter, global light vehicle production declined year-over-year by around 1% according to S&P Global. We saw no improvement in call-off volatility compared to fourth quarter 2023.

謝謝你，安德斯。看下一張投影片。我要向整個奧托立夫團隊表示感謝，感謝他們為實現我們的目標而堅定不移的奉獻精神，並在充滿挑戰的環境中再次實現強勁的季度業績。 S&P Global 的數據顯示，第一季全球輕型汽車產量年減約 1%。與 2023 年第四季相比，我們發現取消波動性並沒有改善。

Despite somewhat weaker than expected light vehicle production, we achieved our margin indication for the first quarter, and we are on track towards our full year guidance. In the quarter, organic sales grew by 5%, outperforming light vehicle production significantly, especially in India, South Korea and Japan. The strong growth was mainly a result of product launches last year. We generated a broad-based improvement year-over-year in key areas, including gross margin, operating margin and operating cash flow.

儘管輕型車產量略低於預期，但我們實現了第一季的利潤率指標，並且正在朝著全年指引邁進。本季，有機銷量成長 5%，顯著超過輕型汽車產量，尤其是印度、韓國和日本。強勁的成長主要歸功於去年產品的推出。我們在毛利率、營業利潤率和營業現金流等關鍵領域較去年同期取得了廣泛的改善。

This quarter marks the seventh straight quarter with more than 30% year-over-year increase in adjusted operating profit. The debt leverage was virtually unchanged versus Q4 2023 despite share repurchases of $160 million in the quarter. Under the current stock repurchase program, we have repurchased and canceled 6.5 million shares for close to $630 million. We are making progress towards our previously announced intention of reducing our indirect workforce by up to 2,000 people. We expect savings of around $50 million in 2024 from these initiatives. We are reconfirming the full year 2024 guidance, which sets a strong base towards continued high level of shareholder returns and our adjusted operating margin target of around 12%. However, the heightened seasonality of earnings of prior years is likely to be repeated in 2024.

本季是調整後營業利潤連續第七個季度年增超過 30%。儘管本季回購了 1.6 億美元的股票，但與 2023 年第四季相比，債務槓桿幾乎沒有變化。根據目前的股票回購計劃，我們已回購並註銷了 650 萬股股票，耗資近 6.3 億美元。我們正在朝著先前宣布的減少最多 2,000 名間接員工的計劃取得進展。我們預計這些措施到 2024 年可節省約 5,000 萬美元。我們正在重新確認 2024 年全年指引，該指引為持續高水準的股東回報和我們調整後的 12% 左右的營業利潤率目標奠定了堅實的基礎。然而，前幾年獲利季節性加劇的情況可能會在 2024 年重演。

Now looking at the sustainability highlights on the next slide. Sustainability is a fundamental part of our business strategy. It is an important driver for market differentiation and stakeholder value creation. Guided by our vision of saving more lives, we are driving a number of activities to take significant steps towards our climate commitment. For example, during the first quarter, we successfully issued a second green bond using Autoliv's, sustainability financing framework aligned with the ICMA Green Bond principles. The bond drove significant interest from debt investors, reflecting the strong support for Autoliv's climate and sustainability agenda.

現在來看看下一張投影片上的永續發展亮點。永續發展是我們業務策略的基本組成部分。它是市場差異化和利害關係人價值創造的重要驅動力。在拯救更多生命的願景指引下，我們正在推動一系列活動，以採取重大步驟來實現我們的氣候承諾。例如，在第一季度，我們利用 Autoliv 符合 ICMA 綠色債券原則的永續發展融資框架成功發行了第二隻綠色債券。該債券引起了債務投資者的極大興趣，反映出對奧托立夫氣候和永續發展議程的大力支持。

Following Autoliv's first partnership in 2021 with SSAB, fossil-free steel, we are now introducing 2 additional collaborations for carbon reduced steel with Arvedi and Thyssenkrupp. The aim is to reduce greenhouse gas emissions in our products by utilizing low emission steel and increased use of recycled material.

繼奧托立夫於 2021 年與 SSAB 建立第一個無化石鋼合作夥伴關係之後，我們現在又與阿維迪和蒂森克虜伯在減碳鋼領域開展了兩次合作。目的是透過使用低排放鋼材和增加回收材料的使用來減少我們產品中的溫室氣體排放。

In addition to renewable electricity instruments, many Autoliv sites are increasing the use of on-site solar energy generation capacity. On this slide, you can see one of the new solar parks in Utah, U.S., supporting our operations. We are partnering with BASF to introduce a new type of design for recycling PU foam for steering wheel rims. This new type of phone will enable simplified and scalable recycling.

除了再生電力儀器外，許多奧托立夫工廠還在增加使用現場太陽能發電能力。在這張投影片上，您可以看到美國猶他州的一個新太陽能園區，為我們的營運提供支援。我們與巴斯夫合作推出一種新型設計，用於回收方向盤輪圈的 PU 泡棉。這種新型手機將實現簡化且可擴展的回收。

Looking on our cost improvements on the next slide. We continue to generate broad-based improvements in key areas over the last 12 months. Our direct labor productivity continues to trend up, supported by the implementation of our strategic initiatives, including automization and digitalization. Year-over-year, we have reduced our direct production personnel despite higher volumes. Our gross margin decline from the seasonal strong fourth quarter improved by 170 basis points year-over-year. The improvement was mainly the result of the higher direct labor efficiency and reductions within the indirect workforce.

在下一張投影片上查看我們的成本改進。過去 12 個月，我們繼續在關鍵領域取得廣泛的改善。在自動化和數位化等策略性措施實施的支持下，我們的直接勞動生產力持續上升。儘管產量增加，但與去年同期相比，我們還是減少了直接生產人員。我們的毛利率較季節性強勁的第四季下降，年比改善了 170 個基點。這項改善主要是由於直接勞動效率提高和間接勞動力減少的結果。

Volume growth and customer compensation negotiated last year. As a result of our structural efficiency initiatives, the positive trend for RD&E and SG&A in relation to sales has continued, declining by 60 basis points since Q1 2023. Combined with the gross margin improvement, this led to a substantial improvement in adjusted operating margin versus Q1 2023.

去年協商的銷售成長和客戶補償。由於我們採取了結構效率舉措，與銷售相關的 RD&E 和 SG&A 的積極趨勢得以延續，自 2023 年第一季以來下降了 60 個基點。第一季。

Looking now on financials in more detail on the next slide. Sales in the first quarter increased by 5% year-over-year despite lower light vehicle production, a negative regional light vehicle production mix, and unfavorable currency translation effects. The sales increase and our cost reduction activities led to a substantial improvement in adjusted operating income, increasing by more than 50% to $199 million from $130 million last year. The adjusted operating margin was 7.6% in the quarter, increased by 230 basis points for the same period last year.

現在在下一張投影片中更詳細地了解財務狀況。儘管輕型汽車產量下降、地區輕型汽車生產結構不利以及不利的貨幣換算影響，第一季銷量仍年增 5%。銷售額的成長和成本降低活動導致調整後營業收入大幅改善，從去年的 1.3 億美元增加到 1.99 億美元，增幅超過 50%。本季調整後營業利益率為7.6%，較去年同期成長230個基點。

Operating cash flow was $122 million, which was $168 million higher than in the same period last year as a result of improved working capital effect versus last year.

營運現金流為 1.22 億美元，比去年同期增加 1.68 億美元，這是由於營運資金效應較去年有所改善。

Looking now on the structural cost savings activities on the next slide. To secure our medium and long-term competitiveness and to support our financial targets, we launched a cost reduction initiative in mid-last year with intent of reducing our indirect headcount by up to 2,000. We estimate that the annual cost reduction will amount to around $130 million when fully implemented, with around $50 million already in 2024 and around $100 million expected in 2025. For 2024, we expect to cash out approximately $85 million related to these initiatives.

現在來看看下一張投影片上的結構性成本節約活動。為了確保我們的中長期競爭力並支持我們的財務目標，我們在去年年中啟動了一項成本削減計劃，旨在減少最多 2,000 名間接員工。我們估計，全面實施後，每年的成本削減額將約為1.3 億美元，其中2024 年已削減約5,000 萬美元，預計2025 年將削減約1 億美元。的約8,500 萬美元。

At the end of first quarter, our indirect headcount had declined by around 1,000 or by more than 5% since a year ago with the majority of the decrease within production overhead, especially in best cost countries. We are already seeing a positive impact on direct labor productivity as a result of our initiative to reduce the direct workforce by the equivalent of up to 6,000.

截至第一季末，我們的間接員工人數比一年前減少了約 1,000 人，即減少了 5% 以上，其中大部分減少來自生產費用，尤其是在成本最佳的國家。由於我們減少直接勞動力多達 6,000 人的舉措，我們已經看到了對直接勞動生產力的正面影響。

Looking now on our sales growth in more detail on the next slide. Our consolidated net sales increased by more than $2.6 billion, a new record for the first quarter. This was approximately $120 million higher than a year earlier, driven by price, volume and product mix, partly offset by lower light vehicle production, a negative geographical light vehicle production mix and currencies. Currency translation effects reduced sales by $12 million or by 0.5%.

現在在下一張投影片中更詳細地了解我們的銷售成長。我們的綜合淨銷售額成長超過 26 億美元，創下第一季的新紀錄。由於價格、銷售和產品組合的推動，這一數字比去年同期高出約 1.2 億美元，但部分被輕型汽車產量下降、地域輕型汽車生產結構和貨幣的負面影響所抵消。匯率換算影響導致銷售額減少 1,200 萬美元，即 0.5%。

Looking on the regional sales split. Asia accounted for 37%, Americas for 34%, and Europe for 29%. The lower than usual share of the total sales in Asia was a result of the Lunar New Year and low light vehicle production in Japan due to customers having certification issues with certain vehicle models. We outlined our organic sales growth compared to light vehicle production on the next slide.

看看區域銷售的分佈。亞洲佔37%，美洲佔34%，歐洲佔29%。亞洲總銷售量低於平時的原因是農曆新年和日本輕型車產量較低，原因是客戶對某些車款有認證問題。我們在下一張幻燈片中概述了與輕型汽車產量相比的有機銷售成長。

I am very pleased that our organic sales growth outperformed global light vehicle production significantly, as we continue to execute on our strong order book. According to S&P Global, first quarter light vehicle production decreased by 1% year-over-year. This was more than 1 percentage points lower than expectations at the beginning of the quarter, with most of the lower-than-expected production coming in Japan, and with global OEMs in China. We estimate that geographical light vehicle production mix had 140 basis points negative impact on our outperformance.

我很高興我們的有機銷售成長顯著超過全球輕型汽車產量，因為我們繼續執行我們強勁的訂單。 S&P Global 的數據顯示，第一季輕型汽車產量年減 1%。這比本季初的預期低了 1 個百分點以上，其中大部分低於預期的產量來自日本，而全球原始設備製造商則來自中國。我們估計，輕型汽車生產地理結構對我們的優異表現產生了 140 個基點的負面影響。

In the quarter, we outperformed global light vehicle production by more than 6 percentage points, with strong performance especially in rest of Asia and in Japan. The strong outperformance in rest of Asia was mainly driven by India, where sales outperformed light vehicle production by 20 basis points due to higher installation rates for side airbags.

本季度，我們的輕型汽車產量比全球輕型汽車產量高出 6 個百分點以上，尤其是在亞洲其他地區和日本，表現強勁。亞洲其他地區的強勁表現主要是由印度推動的，由於側面安全氣囊的安裝率較高，印度的銷售量比輕型汽車產量高出 20 個基點。

In comparison, the modest outperformance in China was mainly a result of unfavorable customer mix following strong light vehicle production growth for lower safety content vehicles.

相較之下，中國的表現溫和，主要是由於安全含量較低的輕型汽車產量強勁成長，導致客戶結構不利。

On the next slide, although we see some changes to our customers' plans for model launches, especially for EV models, we expect a record number of product launches for 2024. Despite some changes to model launch plans by some customers, the trend towards electrification continues, although at a somewhat slower pace.

在下一張幻燈片中，儘管我們看到客戶的車型發布計劃（尤其是電動車車型）發生了一些變化，但我們預計2024 年的產品發布數量將創歷史新高。了一些改變，但電動化趨勢仍在繼續，儘管速度稍慢。

On this slide, 7 models are being made available as electrical versions. The models shown here have an Autoliv content per vehicle from around $130 to over $400. In terms of Autoliv sales potential, the BMW 5 Series Touring launch is the most significant, followed by the Subaru Forester. The long-term trend to higher content per vehicle is supported by front center airbags on 3 of these models, more advanced seatbelts and pedestrian protection airbags and hood lifters. Another interesting launch is the Tata Punch EV that illustrates the trend towards more sophisticated safety systems and higher safety content in India.

在此幻燈片中，有 7 種型號提供電動版本。這裡展示的車型每輛車的 Autoliv 含量從大約 130 美元到超過 400 美元不等。就奧托立夫的銷售潛力而言，BMW5系列旅行車的推出最為重要，其次是斯巴魯森林人。其中 3 款車型配備的前排中央安全氣囊、更先進的安全帶、行人保護安全氣囊以及引擎蓋升降器支持了每輛車更高含量的長期趨勢。另一個有趣的發布是塔塔 Punch EV，它體現了印度向更複雜的安全系統和更高的安全內容發展的趨勢。

I will now hand it over to our CFO, Fredrik Westin, who will talk you through the financials on the next slide.

現在我將把它交給我們的財務長 Fredrik Westin，他將在下一張投影片上向您介紹財務狀況。

Thank you, Mikael. This slide highlights our key figures for the first quarter of 2024 compared to the first quarter of 2023.

謝謝你，米凱爾。這張投影片重點介紹了 2024 年第一季與 2023 年第一季相比的關鍵數據。

Our net sales were $2.6 billion. This was a 5% increase. Gross profit increased by $64 million or by 17% to $443 million, while the gross margin increased by 1.7 percentage points to 16.9%. The adjusted operating income increased from $131 million to $199 million, and adjusted operating margin increased by 230 basis points to 7.6%.

我們的淨銷售額為 26 億美元。增幅為 5%。毛利增加 6,400 萬美元，或 17%，達到 4.43 億美元，毛利率增加 1.7 個百分點，達到 16.9%。調整後營業收入從 1.31 億美元增加至 1.99 億美元，調整後營業利潤率增加 230 個基點至 7.6%。

Non-GAAP adjustments amounted to $5 million from capacity alignment and antitrust-related matters. Adjusted earnings per share diluted increased by $0.68, where the main drivers were $0.54 from higher operating income and $0.10 from lower income taxes.

由於產能調整和反壟斷相關事宜，非 GAAP 調整金額為 500 萬美元。調整後稀釋每股收益增加了 0.68 美元，其中主要驅動因素是營業收入增加 0.54 美元，所得稅減少 0.10 美元。

Our adjusted return on capital employed and return on equity increased 20% and 21%, respectively. We paid a dividend of $0.68 per share in the quarter and repurchased and retired 1.4 million shares for around $160 million under our $1.5 billion stock repurchase program.

調整後的已動用資本回報率和股本回報率分別增長了 20% 和 21%。我們在本季支付了每股 0.68 美元的股息，並根據 15 億美元的股票回購計劃，以約 1.6 億美元的價格回購併退役了 140 萬股股票。

Looking now on the adjusted operating income bridge on the next slide. In the first quarter of 2024, our adjusted operating income of $199 million was $68 million higher than the same quarter last year. Our operations were positively impacted by cost saving activities, higher volumes and commercial recoveries, partly offset by headwinds from general cost inflation. The net currency effect was 8 million negative as we continue to see negative effects mainly from the strengthening of the Mexican peso and the weakening of the Japanese yen and Korean won, but partly offset by positive impact from the Turkish lira.

現在來看看下一張投影片上調整後的營業收入橋樑。 2024 年第一季度，我們調整後的營業收入為 1.99 億美元，比去年同期增加 6,800 萬美元。我們的業務受到成本節約活動、銷售增加和商業復甦的正面影響，但部分被整體成本通膨的不利影響所抵消。淨貨幣效應為 800 萬負值，因為我們繼續看到主要來自墨西哥比索走強以及日圓和韓元貶值的負面影響，但部分被土耳其里拉的正面影響所抵消。

The impact from raw materials and out-of-period cost compensation were negligible. Costs for SG&A and RD&E net combined was $4 million lower despite labor cost inflation. In relation to sales, SG&A and RD&E net combined declined by 60 basis points. As a result of our cost saving activities, the leverage, excluding currency effects, on the higher sales was substantially above our normal 20% to 30% range.

原料和期外成本補償的影響可以忽略不計。儘管勞動成本上漲，但 SG&A 和 RD&E 淨成本總計降低了 400 萬美元。就銷售額而言，SG&A 和 RD&E 淨值總計下降了 60 個基點。由於我們採取了成本節約活動，排除貨幣影響，銷售額增加的槓桿率大大高於我們正常的 20% 至 30% 範圍。

Looking now at the cash flow more in detail on the next slide. For the first quarter of 2024, operating cash flow increased by $168 million to $122 million compared to the same period last year, mainly due to improved working capital effects versus last year. Capital expenditures net decreased to $140 million from $143 million last year. In relation to sales, it was 5.4% this year, down from 5.7% last year.

現在在下一張投影片上更詳細地查看現金流量。 2024年第一季，營運現金流較去年同期增加1.68億美元至1.22億美元，主要是由於營運資本效應較去年有所改善。資本支出淨額從去年的 1.43 億美元減少至 1.4 億美元。就銷售額而言，今年為 5.4%，低於去年的 5.7%。

The free cash flow improved by $171 million compared to the same period the prior year, mainly due to the improved operating cash flow. The last 12 months cash conversion, defined as free cash flow in relation to net income, was 108%. Now looking at our trade working capital development on the next slide. During the first quarter, trade working capital increased by $104 million, driven by $123 million lower accounts payables, partly offset by $15 million in lower inventories and by $4 million in lower billables. The lower inventories and receivables were mainly due to lower sales than in the fourth quarter of last year. Compared to the same period last year, trade working capital decreased from 14.1% to 12.8% in relation to sales.

自由現金流較上年同期增加1.71億美元，主要是因為經營現金流改善。過去 12 個月的現金轉換（定義為與淨利潤相關的自由現金流）為 108%。現在來看看下一張投影片中我們的貿易營運資金發展。第一季度，由於應付帳款減少 1.23 億美元，貿易營運資本增加了 1.04 億美元，部分被庫存減少 1,500 萬美元和應付帳款減少 400 萬美元所抵銷。庫存和應收帳款減少主要是因為銷售額低於去年第四季。與去年同期相比，貿易營運資金佔銷售額的比例從 14.1% 下降至 12.8%。

Our capital efficiency program aims to improve working capital by $800 million. And to date, we have achieved around $500 million. Improvements in receivables and especially in inventories are lagging due to the high call-off volatility and hence planning challenges that cause inefficiencies. Over the coming years, we expect the inventories to improve significantly in tandem with reduced call-off volatility.

我們的資本效率計畫旨在將營運資本提高 8 億美元。迄今為止，我們已實現約 5 億美元的收入。由於取消的波動性較高，因此規劃方面的挑戰導致效率低下，應收帳款尤其是庫存的改善滯後。未來幾年，我們預期庫存將顯著改善，同時取消波動性也會降低。

Now looking on our leverage ratio on the next slide. Our continued focus on balance sheet efficiency is supporting our strong performance for cash flow, cash conversion, and return on capital employed. I am particularly pleased with our leverage ratio, which improved compared to a year ago, despite investing in our footprint and returning $700 million to shareholders.

現在看看下一張投影片上的槓桿率。我們對資產負債表效率的持續關注支持了我們在現金流、現金轉換和資本回報率方面的強勁表現。我對我們的槓桿率感到特別滿意，儘管我們投資了我們的足跡並向股東返還了 7 億美元，但與一年前相比，槓桿率有所改善。

The debt leverage ratio at the end of March 2024 was 1.3x, up 0.1x from last quarter. Compared to the fourth quarter 2023, our net debt increased by $184 million, while the 12-month trailing adjusted EBITDA improved by $72 million. We expect that our debt leverage and operating cash flow trend will allow for continued high shareholder returns going forward.

截至2024年3月末，負債槓桿率為1.3倍，較上季上升0.1倍。與 2023 年第四季相比，我們的淨債務增加了 1.84 億美元，而過去 12 個月的調整後 EBITDA 則增加了 7,200 萬美元。我們預計，我們的債務槓桿和經營現金流趨勢將使股東持續獲得高回報。

Now looking at shareholder returns over the past 5 years on the next slide. Over the years, Autoliv has shown its ability to generate solid cash flow in periods with varying market environments. We have used both dividend payments and share repurchases to create shareholder value. Historically, the dividend has usually represented a yield of approximately 2% to 3% in relation to the average share price. During the last 12 months, we have returned around $700 million to shareholders through both dividends and share buybacks, a new record for the company.

現在在下一張投影片上查看過去 5 年的股東回報。多年來，奧托立夫已展現出在不同市場環境時期產生穩定現金流的能力。我們利用股利支付和股票回購來創造股東價值。從歷史上看，股息的收益率通常約為平均股價的 2% 至 3%。在過去 12 個月中，我們透過股利和股票回購向股東返還了約 7 億美元，創下了公司的新紀錄。

Over the last 5 years, we have reduced the net debt significantly, while returning $1.5 billion directly to shareholders. This includes stock repurchases and cancellations of 6.5 million shares for a total of close to $630 million as part of the current stock repurchase program. Since we initiated the current stock repurchase program in 2022, we have reduced the number of outstanding shares by more than 7%.

在過去 5 年裡，我們大幅減少了淨債務，同時直接向股東返還 15 億美元。作為目前股票回購計畫的一部分，這包括股票回購和註銷 650 萬股，總金額接近 6.3 億美元。自 2022 年啟動目前股票回購計畫以來，我們已將流通股數量減少了 7% 以上。

We consider several factors when executing the program such as our balance sheet, the cash flow outlook, our credit rating, and the general business conditions, and not only the debt leverage ratio. We always strive to balance what is best for our shareholders, both short and long term.

在執行計劃時，我們會考慮幾個因素，例如我們的資產負債表、現金流量前景、我們的信用評級和一般業務狀況，而不僅僅是債務槓桿率。我們始終努力平衡短期和長期股東的最佳利益。

Now looking on our efficient balance sheet that supports our shareholder returns on the next slide. A strong balance sheet and good return on capital employed is fundamental for long-term shareholder value creation. Despite an operating margin impacted by the challenging market environment for the past 5 years, our return on capital employed has remained strong, averaging around 17%. Our capital turnover rate, meaning our sales in relation to average capital employed, has improved substantially over the past 3 years and is now significantly above our 5-year average.

現在看看我們有效的資產負債表，它支持下一張投影片上的股東回報。強勁的資產負債表和良好的資本回報率是創造長期股東價值的基礎。儘管過去 5 年營業利潤率受到充滿挑戰的市場環境的影響，但我們的已動用資本回報率仍然強勁，平均約為 17%。我們的資本週轉率（即我們的銷售額與平均所用資本的比率）在過去 3 年中大幅提高，目前明顯高於 5 年平均值。

With that, I hand it back to you, Mikael.

就這樣，我把它交還給你，米凱爾。

Thank you, Fredrik. On to the next slide. Despite still elevated interest rates, the global light vehicle production continues to show relative strength. S&P Global's updated forecast for full year 2024 indicates a modest decline of 0.4% instead of 0.8% three months ago, with additional volume increases primarily in China and North America. Drivetrain mix developments varied by region as certain markets faced somewhat slower EBIT growth rates, while other areas continued to see rather high demand for EVs. S&P Global expects second quarter global light vehicle production to increase by close to 3%, while they see second half of the year declining almost 2% compared to last year.

謝謝你，弗雷德里克。轉到下一張投影片。儘管利率仍然較高，但全球輕型汽車產量仍持續表現出相對強勁的勢頭。標準普爾全球公司 (S&P Global) 對 2024 年全年的最新預測顯示，銷量小幅下降 0.4%，而不是三個月前的 0.8%，銷量增加主要來自中國和北美。動力傳動系統組合的發展因地區而異，因為某些市場的息稅前利潤增長率有所放緩，而其他地區對電動車的需求仍然較高。標準普爾全球預計第二季全球輕型汽車產量將成長近 3%，而下半年與去年相比將下降近 2%。

Light vehicle production in China continues to be supported by strong EV demand and export activity. The outlook for North American light vehicle production for 2024 was revised higher to 14.6 million units on demand resilience, less impact from supply chain issues and increasing inventory levels of new vehicles. The light vehicle production forecast for Europe has increased slightly to minus 2, mainly due to stronger-than-expected actuals in the first quarter. Based on S&P Global's forecast and our own analysis, our 2024 guidance is built on a global light vehicle production decline of around 1% for the full year.

中國的輕型汽車生產繼續受到強勁的電動車需求和出口活動的支持。由於需求彈性、供應鏈問題影響較小以及新車庫存水準增加，2024 年北美輕型汽車產量展望上調至 1,460 萬輛。歐洲輕型汽車產量預測小幅上調至負2，主要是因為第一季實際產量強於預期。根據 S&P Global 的預測和我們自己的分析，我們的 2024 年指引是基於全年全球輕型汽車產量下降約 1% 的基礎上的。

Now looking on the business outlook on the next slide. We continue to see significant improvements in adjusted operating margin in 2024 compared to 2023, supported mainly by organic sales growth, a more stable light vehicle production, structural and strategic initiatives, cost control and customer compensations. We continue to face inflationary pressure, especially labor costs, and we expect compensation for what is in excess of what we can offset through normal productivity measures. The discussions with our customers are progressing according to plan. We anticipate that price adjustments and cost compensations will gradually, throughout the year, offset cost inflation. We expect the pattern to be similar to the quarterly pattern seen in 2022 and 2023.

現在來看看下一張投影片的業務前景。與 2023 年相比，我們持續看到 2024 年調整後營業利潤率顯著改善，這主要得益於有機銷售成長、更穩定的輕型汽車生產、結構和策略舉措、成本控制和客戶補償。我們繼續面臨通膨壓力，特別是勞動成本，我們期望補償超出我們可以透過正常生產力措施抵銷的部分。與客戶的討論正在按計劃進行。我們預計，全年價格調整和成本補償將逐步抵銷成本通膨。我們預計該模式將與 2022 年和 2023 年的季度模式類似。

Looking at our 2024 financial guidance on the next slide. This slide shows our full year 2024 guidance, which excludes effects from capacity alignment, antitrust-related matters, and other discrete items. Our full year guidance is based on a global light vehicle production decline of around 1%. Our organic sales is expected to increase by around 5%. No net currency translation effects are expected on sales. The guidance for adjusted operating margin is around 10.5%. Operating cash flow is expected to be around $1.2 billion. Our positive cash flow trend should allow for continued high shareholder returns. We foresee a tax rate of around 28%, in line with our previous indications of 25% to 30% as the new normal tax rate.

請查看下一張投影片中我們的 2024 年財務指引。這張投影片顯示了我們 2024 年的全年指導，其中不包括產能調整、反壟斷相關事項和其他離散項目的影響。我們的全年指引是基於全球輕型汽車產量下降 1% 左右。我們的有機銷售額預計將成長 5% 左右。預計銷售額不會受到淨貨幣換算影響。調整後營業利益率指引值為 10.5% 左右。營運現金流預計約 12 億美元。我們積極的現金流趨勢應該能夠為股東帶來持續的高回報。我們預計稅率為 28% 左右，與我們先前預測的新常態稅率 25% 至 30% 一致。

Looking on the next slide. This concludes our formal comments for today's earnings call, and we would like to open the line for questions from analysts and investors. I now hand it back to Nadia.

看下一張投影片。我們今天的財報電話會議的正式評論到此結束，我們願意接受分析師和投資者的提問。我現在把它還給娜迪亞。

(Operator Instructions) And now we're going to take the first question, and it comes from the line of Colin Langan from Wells Fargo.

（操作員說明）現在我們要回答第一個問題，它來自富國銀行的 Colin Langan。

It seems like your recovery seems to be trending well in Q1, but there have been some concerning headlines. I think at least one automaker has announced some sort of no more claims policy. Are you finding it harder to get recoveries from automakers? Is there a lot more pushback as we're starting the year?

看起來第一季的復甦趨勢良好，但也出現了一些令人擔憂的頭條新聞。我認為至少有一家汽車製造商已經宣布了某種不再索賠的政策。您是否發現從汽車製造商獲得賠償更困難？新年伊始，是否還會遇到更多阻力？

Thank you for your question there. And I think I've mentioned it many times before here, and that is the fact that, I would say, it has never been easy to negotiate these claims. However, I think that over the last 2 years here, we have found a way of working together with our customers and how to identify a fair compensation here. And we have also mentioned it's a very detailed negotiation because it's a fact-based and evidence-based discussion here. And as we've indicated for you here on the first quarter, we are progressing according to plan. And yes, I think we have good discussions with our customers on the way forward here. But of course, it is tedious work to go through.

謝謝你的提問。我想我之前已經多次提到這一點，事實上，我想說的是，談判這些主張從來都不是一件容易的事。然而，我認為在過去的兩年裡，我們已經找到了一種與客戶合作的方式，以及如何在這裡確定公平的薪酬。我們也提到這是一次非常詳細的談判，因為這是基於事實和證據的討論。正如我們在第一季向您指出的那樣，我們正在按計劃取得進展。是的，我認為我們與客戶就未來的發展方向進行了良好的討論。但當然，這是一項繁瑣的工作。

Got it. I think one of the other factors of getting to the 12% was the lack of call-offs on schedules. I mean, how is that trending? Is that getting closer to back to historical norms? Or is there still room there to improve?

知道了。我認為達到 12% 的其他因素之一是沒有按計劃取消。我的意思是，趨勢如何？這是否越來越接近歷史常態？或者說還有改進的空間嗎？

Compared to 1 year ago, of course, we see improvements, and we saw a gradual improvement during 2023. We ended the year over around 90%-ish accuracy when it comes to the call-offs. And now in Q1, we don't see any sequential improvement. So we are still at around 90% here. However, what we see is, of course, that it's not the same customers that has the same challenge. So it varies a little bit between the customers, but in large it's very much the same as we had in Q4.

當然，與 1 年前相比，我們看到了改進，並且在 2023 年期間我們看到了逐步改進。現在在第一季度，我們沒有看到任何連續的改善。所以我們仍然處於 90% 左右。然而，我們當然看到的是，面臨同樣挑戰的客戶並不相同。因此，客戶之間的情況略有不同，但總的來說與我們在第四季度的情況非常相似。

And the 90% compares to like the 98% historically?

90% 與歷史上的 98% 相比？

Yes. Sorry, I mean before the pandemic and what we etch as normal is more the 98% to 100% accuracy into one.

是的。抱歉，我的意思是在大流行之前，我們正常蝕刻的是 98% 到 100% 的準確率。

And the next question comes from the line of Mattias Holmberg from DNB Markets.

下一個問題來自 DNB Markets 的 Mattias Holmberg。

A bit curious on the margin guidance here. Given that you come in stronger than expected in the first quarter and still leave the full year guidance intact, does that imply that the year will be less back-end loaded? Or is it simply that you don't think that the Q1 beat was material enough to warrant a raised guidance for the full year?

對這裡的保證金指導有點好奇。鑑於第一季的業績強於預期，且全年指引仍保持不變，這是否意味著今年的後端負載將會減少？還是只是因為您認為第一季的業績表現不足以值得上調全年指引？

Yes. Thanks for the question. Yes, we had a bit weaker top line here in the first quarter than expected, but that was offset by the better cost control and also some of the cost reduction activities coming through faster than we had planned. But that does not really change the picture for the full year in terms of how were our expected cost savings. And so for the full year, I think we had a good start of the year, but most of our assumptions here for the full year remain intact, and that's also why we stick to the full year guidance.

是的。謝謝你的提問。是的，我們第一季的營收比預期稍弱，但這被更好的成本控制以及一些比我們計劃更快的成本削減活動所抵消。但這並沒有真正改變我們全年預期的成本節省情況。因此，對於全年而言，我認為我們有一個良好的開端，但我們對全年的大多數假設保持不變，這也是我們堅持全年指導的原因。

Right. I have another question on the phasing of your market outperformance for the year. Given what seems to be some delays you mentioned here, electric vehicles in particular, does that change in any way when you expect to see your outperformance? Or should we assume that the 5% or 6% that your organic growth guidance implies will be quite evenly spread throughout the year?

正確的。我還有一個關於你們今年市場表現優異的階段的問題。考慮到您在這裡提到的一些延遲，特別是電動車，當您期望看到自己的優異表現時，這種情況是否會發生任何變化？或者我們是否應該假設您的有機增長指導所暗示的 5% 或 6% 將在全年中相當均勻地分佈？

We have not indicated really how it plays out here between the different quarters. I think when you see the change in the launch programs here or the movements between the different platforms, I would say due to the very diverse portfolio that we have here and the neutrality when it comes to our products and the driveline connection here, we expect very limited, if any, impact from this. Of course, there is some work needed to be done in to reschedule the plan. But in terms of the overall launch and outperformance, no impact from that or very limited.

我們還沒有真正表明不同季度之間的情況如何。我認為，當您看到這裡的發布計劃的變化或不同平台之間的變動時，我想說，由於我們在這裡擁有非常多樣化的產品組合，並且在我們的產品和傳動系統連接方面保持中立，我們期望此舉的影響（如果有的話）非常有限。當然，重新安排計劃還需要做一些工作。但就整體發布和表現而言，沒有影響或影響非常有限。

A quick final one just on raw materials, a small headwind in the quarter. Do you have any visibility on where that's tracking for the second quarter?

最後一個關於原料的快速最後一個，是本季的一個小阻力。您是否了解第二季的進展？

We don't guide raw materials on a quarterly basis. But I mean, overall, we expect raw materials to have a smaller impact for the full year. We see improvements on steel and nonferrous metals, but that is offset on the textile side mainly. And also, we expect to have increases on electronic components, but more or less a fairly neutral development for the full year.

我們不按季度指導原料。但我的意思是，總體而言，我們預計原材料對全年的影響較小。我們看到鋼鐵和有色金屬方面有所改善，但這主要在紡織方面被抵消。此外，我們預期電子元件的銷售量將會增加，但全年的發展或多或少是相當中性的。

Now we'll take our next question, and it comes from the line of Dan Levy from Barclays.

現在我們將提出下一個問題，它來自巴克萊銀行的 Dan Levy。

Just wanted to get into the pricing cadence for the year. Maybe if you could just comment there. I think the comment you just provided implied that the 1Q margin strength was driven by better cost control. But maybe you could just provide some comments on how the pricing benefits factored into the 1Q strength. Was anything pulled forward? Or was that as planned?

只是想了解今年的定價節奏。也許你可以在那裡發表評論。我認為您剛才提供的評論暗示第一季利潤率的強勁是由更好的成本控制推動的。但也許您可以就定價優勢如何影響第一季的實力提供一些評論。有什麼東西被往前拉了嗎？還是按計劃進行的？

Yes. I mean we had commercial recovery in the first quarter in line with our expectations. And as we have said here that we are expecting a gradual improvement on the compensation for the inflationary headwinds throughout the year. So we do expect higher commercial recoveries in the second quarter sequentially here. But then also we said that we don't expect to have an identical quarterly pattern as we had last year with a step up in every quarter, but that Q2 and Q3, the gap between those 2 quarters could be a bit narrower this year than last year. But that's, I think, as much as we can say of how we expect the cadence of the pricing to come through.

是的。我的意思是，我們第一季的商業復甦符合我們的預期。正如我們在此所說，我們預計全年通膨逆風的補償將逐步改善。因此，我們確實預計第二季的商業復甦將環比上升。但我們也表示，我們預計不會出現與去年相同的季度模式，每個季度都有所進步，但第二季度和第三季度，這兩個季度之間的差距今年可能會比去年縮小一些去年。但我認為，這就是我們對定價節奏的預期。

Great. And then a second question is just on some of the outgrowth dynamics. And maybe just two parts to this. One, maybe you could just provide a comment on the outgrowth in China, which is a contrast versus, I guess, some of your peers. The other one is, I know we don't spend a lot of time on India, but India sales growth at 27%, which I think now would have basically contributed to, even though it's a small base of sales, that's like a whole point of outgrowth for you? So maybe you could just talk about what's going on in India and the sustainability of those results. Is that going to be a meaningful contributor to growth in the future for you?

偉大的。第二個問題是關於一些成長動態。也許這只是兩個部分。第一，也許你可以對中國的成長發表評論，我想這與你的一些同行形成了鮮明對比。另一個是，我知道我們不會在印度花很多時間，但印度的銷售額增長了 27%，我認為現在基本上已經做出了貢獻，儘管銷售基數很小，但這就像一個整體你的成長點是什麼？所以也許你可以談談印度正在發生的事情以及這些結果的可持續性。這會對您未來的成長做出有意義的貢獻嗎？

No, I think what you see here is a reflection of our market position in the different countries. I mean, we have a market-leading position in China, where we're working with a broad-based customer portfolio there. And obviously, we are on the main Chinese OEMs here and have been working with them for a long time. So as they grow, of course, we grow together with them as we move forward here.

不，我認為您在這裡看到的是我們在不同國家的市場地位的反映。我的意思是，我們在中國擁有市場領先地位，我們正在與廣泛的客戶群合作。顯然，我們是這裡主要的中國原始設備製造商，並且已經與他們合作了很長時間。當然，隨著他們的成長，當我們在這裡前進時，我們也會與他們一起成長。

India is a very interesting market for us. Also there we have a local presence. And we have, in the last couple of years, also invested in our footprint there to make sure that we are ready and have the capacity here for what we have been expecting to see, which is then an increased focus on content and safety regulations in China -- sorry, in India, and we see that now is coming through. And in China -- sorry, India, we have a very strong position as well here and a market-leading position. So we look very positively on both these countries. And India, for sure, is taking significant steps to increase the required rules and regulations around the required safety components in their vehicle. And today, India has grown to become around 4% of our global turnover. So quite meaningful market here and we expect that to grow very positively viewing that opportunity.

印度對我們來說是一個非常有趣的市場。我們也在當地設有辦事處。在過去的幾年裡，我們還在那裡投資了我們的足跡，以確保我們準備好並有能力實現我們所期望看到的，然後更加關注內容和安全法規中國——對不起，在印度，我們看到現在正在發生。在中國——對不起，在印度，我們也擁有非常強大的地位和市場領先地位。因此，我們對這兩個國家都抱持著非常積極的態度。當然，印度正在採取重大措施，增加有關車輛所需安全組件的必要規則和法規。如今，印度業務已占我們全球營業額的 4% 左右。這裡的市場非常有意義，我們希望看到這個機會，該市場將會非常積極地成長。

And the next question comes from line of Björn Enarson from Danske Bank.

下一個問題來自丹斯克銀行的 Björn Enarson。

On India, again. I mean you have had higher market shares in your backlog for quite some time. And where are you now in terms of market shares in India? And do you still expect that according to your backlog to continue to grow in the next few years?

再說印度。我的意思是，你們的積壓訂單中已經擁有較高的市場份額已有相當長一段時間了。就印度市場佔有率而言，您現在處於什麼位置？根據您的積壓訂單，您是否仍預計未來幾年會繼續成長？

We are really in a market-leading position there, and we have 60% of the Indian market, and that's, of course, something that we intend to defend and grow. And as I mentioned before here, we have made investments in China in the last couple of years, where we have renewed our footprint, and we have also added capacity and got integrated more into the Indian market. So we have now an inflator plant in India, which we didn't have before, for example, in order to also respond to the increased demands coming in India here. So yes, I feel we are well positioned here to continue to grow with the Indian market.

我們在那裡確實處於市場領先地位，我們擁有印度市場 60% 的份額，當然，這是我們打算捍衛和發展的目標。正如我之前提到的，過去幾年我們在中國進行了投資，我們更新了我們的足跡，我們也增加了產能並更多地融入印度市場。因此，我們現在在印度建立了一個充氣機工廠，這是我們以前沒有的，例如，也是為了滿足印度日益增長的需求。所以，是的，我覺得我們處於有利位置，可以繼續與印度市場一起發展。

Capacities there, clearly. And then second thing on EV. I mean, what's your take on why EV in certain markets is growing less or less popular? I mean, I guess, and you repeat that you are quite agnostic to the driveline, but still, what's your take on that?

那裡的容量，一目了然。然後是電動車的第二件事。我的意思是，您對電動車在某些市場越來越不受歡迎的原因有何看法？我的意思是，我猜，你重複說你對傳動系統相當不可知，但你對此有何看法？

I think it's a huge range of reasons in certain markets. I mean, it's very individual for the market, I should say, rather. I mean, in some markets, there has been incentives which has disappeared. It has also been more costly to invest in an EV than a regular vehicle. And of course, now if the overall economic pressure on household is higher, maybe you are not prepared to make investments, et cetera. And then also, I think there is some challenges in certain markets when it comes to charging capacity and availability, et cetera. So of course, there is a lot of things that influence the respective markets. But I would say that the trend for increasing EVs is here to stay. So it's more, I have got to say, a bump on the road.

我認為在某些市場上有很多原因。我的意思是，我應該說，這對市場來說是非常個人化的。我的意思是，在某些市場，激勵措施已經消失。投資電動車也比投資普通汽車成本更高。當然，現在如果家庭整體經濟壓力比較大，可能你不準備投資等等。此外，我認為某些市場在充電容量和可用性等方面存在一些挑戰。當然，有很多因素會影響各自的市場。但我想說，增加電動車的趨勢將持續下去。所以我不得不說，這更像是道路上的坎坷。

And the next question comes from the line of Michael Jacks from Bank of America.

下一個問題來自美國銀行的麥可傑克斯。

My first question is going back on China. With the exception of Chery, your business there was more influenced by the activities of foreign OEMs in Q1. Could you just remind us where does your exposure to domestic OEMs now stand in China? And how is that expected to evolve going forward based on what you currently see in your order book?

我的第一個問題是回到中國。除奇瑞外，你們的業務在第一季受外國整車廠活動的影響更大。您能否提醒我們，目前您在中國國內 OEM 廠商的業務狀況如何？根據您目前在訂單簿中看到的情況，預計未來會如何發展？

Yes. I think when you look at our presence with the Chinese OEM, I feel very comfortable in the close collaboration we have here and we expect the share of the Chinese OEM to continue to grow of our sales in China. In Q1, we are at 30%, and we expect the full year to increase to 40% pacing. So yes, continued increased sales from Chinese OEM as they continue to take market share and grow as well here. So well-positioned with our customers there.

是的。我認為，當你看到我們與中國原始設備製造商的存在時，我對我們在這裡的密切合作感到非常滿意，並且我們預計中國原始設備製造商的份額將繼續增長我們在中國的銷售額。第一季度，我們的成長率為 30%，預計全年成長將增至 40%。所以，是的，中國原始設備製造商的銷售額持續增加，因為他們繼續佔據市場份額並在此處成長。與我們的客戶處於有利地位。

Yes, that's quite a big step change. And then my last question, just going back to the lack of improvements in call-off accuracy in Q1. Is that being driven now by volatility on EV platforms? Or are there still some other supply chain tensions around which you might be able to elaborate on?

是的，這是一個很大的改變。然後是我的最後一個問題，回到第一季取消準確率缺乏改進的問題。現在這是由電動車平台的波動所驅動的嗎？或者是否還有其他一些供應鏈緊張局勢可供您詳細說明？

No, I think it's very much a mix of supply chain issues mainly. And I think you can find the whole range here from still challenging logistics in the world's logistics flows here and ship accuracy and so on. And in some areas, you have some labor challenge with high turnover and lack of workforce. So it varies broadly between the different customers, I would say, and their respective supply chains.

不，我認為這主要是供應鏈問題的混合。我認為你可以在這裡找到整個範圍，從世界物流中仍然具有挑戰性的物流到運輸準確性等等。在某些地區，您面臨著人員流動率高和勞動力短缺的勞動力挑戰。因此，我想說，不同的客戶及其各自的供應鏈之間存在很大差異。

And the next question comes from the line of Hampus Engellau from Handelsbanken.

下一個問題來自 Handelsbanken 的 Hampus Engellau。

Two questions from me. First question is on the 6 percentage point outgrowth on the Q1 numbers. If you could maybe add some little bit flavor of how much is like market share content growth? And if there's also an element of price there? And second question is on orders. I know what really the orders were. But just to get a sense on your fair share of activity in Q1, even if you don't want to comment on market shares, et cetera.

我有兩個問題。第一個問題是關於第一季數字 6 個百分點的成長。如果您可以添加一些市佔率內容成長多少的味道？如果還有價格因素呢？第二個問題是關於訂單的。我知道真正的命令是什麼。但只是為了了解您在第一季的活動份額，即使您不想評論市場份額等。

No, I think, on the outperformance side, I mean it's, of course, content growth that we have talked about when it comes to content per vehicle here, which is in the range of 1 to 2 percentage points. And then pricing is a part of it, but then, of course, the important contributor here is the market share growth as we launched the new platforms here. So I would say, mainly CPV and market share growth here as we look at the quarter here, but also for the full year. Pricing, as we said, it comes sequentially, contributing throughout the year here, but we also got some in the quarter. But we don't break down the exact details on it, but you have the components there.

不，我認為，在表現方面，我的意思是，當然，我們在這裡談到每輛車的內容時所討論的內容增長，其範圍在 1 到 2 個百分點之間。然後定價是其中的一部分，但是，當然，這裡的重要貢獻者是我們在這裡推出新平台時的市場份額成長。所以我想說，主要是每次觀看費用和市場份額的成長，因為我們看的是這個季度，但也包括全年。正如我們所說，定價是按順序進行的，全年都有貢獻，但我們在本季度也有一些貢獻。但我們不會詳細說明它的具體細節，但你那裡有組件。

When it comes to the new order intake, I would say Q1 has been relatively low quarter in terms of award activities from our customers, and that was also according to plan. So nothing strange there. But I feel that we continue to gain orders to defend the market share that we are in here and supporting our way forward here in a good way. So backfilling the order book in a good way here.

當談到新訂單量時，我想說，就客戶的獎勵活動而言，第一季相對較低，這也是按計劃進行的。所以沒有什麼奇怪的。但我覺得我們繼續獲得訂單來捍衛我們在這裡的市場份額，並以良好的方式支持我們在這裡前進。因此，在這裡以良好的方式回填訂單簿。

And the next question comes from the line of Jairam Nathan from Daiwa Capital Markets America.

下一個問題來自大和資本市場美國公司的 Jairam Nathan。

So I just wanted to kind of dig a little further on the last question. If I look at your EBIT walk, $74 million, and compared to -- it almost seems like the incremental margins is above 50%. Now does that imply that the recoveries was probably a bigger portion, or your cost-saving activities are kind of kicking in? So like how should we think of incremental margins going forward? Yes, and I have one more question.

所以我只是想進一步探討最後一個問題。如果我看一下你們的息稅前利潤，7,400 萬美元，相較之下，增量利潤率幾乎超過了 50%。現在這是否意味著回收可能佔了更大的比例，或者您的成本節約活動正在開始發揮作用？那我們該如何看待未來的增量利潤呢？是的，我還有一個問題。

Yes. No, I think the high operating leverage was a combination of a couple of factors. And of course, the organic growth is one factor, but then it is mainly the contribution here with the cost reductions we've done on both the indirect labor side, but also the very good cost control we saw in the first quarter and also the very good advancement we have on the direct labor productivity. Those are mainly the factors why we get to such a high operational leverage and much less driven by pricing.

是的。不，我認為高營運槓桿是幾個因素的結合。當然，有機成長是一個因素，但主要是我們在間接勞動力方面降低成本的貢獻，還有我們在第一季看到的非常好的成本控制以及我們在直接勞動生產力方面取得了很大進步。這些主要是我們獲得如此高的營運槓桿的因素，而不是受定價驅動的因素。

But then also we had slightly lower premium freight costs in this quarter related to the better call-off stability from our customers when you compare it year-over-year. So it's really the underlying operational performance that is driving the leverage.

但與去年同期相比，本季我們的保費運費也略有下降，這與我們客戶更好的取消訂單穩定性有關。因此，真正推動槓桿率的是潛在的營運績效。

Okay. And when you look at the regions, the regional mix and regional performance, have you considered exports, because you talked about South Korea being strong, and we are seeing a lot of exports out of South Korea, especially into the U.S. I'm guessing those are higher-contented vehicles. So have you done some analysis on how much is exports helping you in terms of content?

好的。當你審視各個地區、地區組合和地區表現時，你是否考慮過出口，因為你談到韓國很強大，我們看到韓國有很多出口，尤其是出口到美國。 。那麼您是否分析過出口在內容上對您有多大幫助？

I mean, we have a structure and, I would say, an approach where we sell to our customers in the regions where we produce. Then, of course, our customers can then return, export their vehicles to different parts of the world. But it doesn't really change our supply chain to our customers here. So we look at where is the vehicle produced, and that's the basis. And I don't see that we are going to change that. I think this regional approach and decentralized operational responsibility is serving us well. And yes, it's something we're going to continue to build on.

我的意思是，我們有一個結構，我想說的是，我們有一種向我們生產地區的客戶銷售產品的方法。然後，當然，我們的客戶可以將他們的車輛返回，並出口到世界不同的地方。但這並沒有真正改變我們提供給客戶的供應鏈。所以我們看看車輛是在哪裡生產的，這就是基礎。我不認為我們會改變這一點。我認為這種區域性方法和分散的營運責任對我們很有幫助。是的，這是我們將繼續發展的東西。

And the next question comes from the line of Agnieszka Vilela from Nordea.

下一個問題來自 Nordea 的 Agnieszka Vilela。

Perfect. I have two questions. So my first question is, again, on the out-of-period compensations. These were quite significant in both Q2 2022 and '23, I think you reached some $30 million each of these quarters.

完美的。我有兩個問題。所以我的第一個問題又是關於期外補償。這些在 2022 年第二季和 23 年第二季都非常重要，我認為每季的收入都達到了約 3,000 萬美元。

So the question really is, will the Q2 this year be as important quarter for you to close negotiations and receiving payments? Also do you hope to recover similar level of compensations?

所以問題實際上是，今年第二季對你們來說是否是完成談判和收到付款的重要季度？您還希望獲得類似水準的賠償嗎？

I mean, typically, when we have these negotiations, our ambition is to get compensation for, say, the full year. So we would expect that there should be some retroactivity back to January 1 with the negotiations we closed here in the second quarter. But how much exactly that will be remains to be seen. Our focus is to get the right height on the compensation, and that is more important to us. So yes, we'll come back here in the second quarter of how much retroactivity in that pricing that we negotiated in the second quarter would then be shown.

我的意思是，通常，當我們進行這些談判時，我們的目標是獲得全年的補償。因此，我們預計第二季結束的談判應該可以追溯到 1 月 1 日。但具體有多少還有待觀察。我們的重點是獲得適當的補償，這對我們來說更重要。所以，是的，我們將在第二季回到這裡，了解我們在第二季協商的定價有多少追溯性。

All right. And just a follow-up on that. Are you already closing the negotiations? Or are they still proceeding into Q2?

好的。這只是後續行動。你們已經結束談判了嗎？或者他們仍在進入第二季度嗎？

I mean, as I already indicated before, we have closed negotiations and part of negotiations already here in the first quarter. But also the majority is still outstanding, and then those are the ones we're targeting here to close in the second and third quarter of the year. But it is an ongoing process and it's not always likely closed all at once. You also can take it in steps and we have already secured some of the pricing effect during the first quarter.

我的意思是，正如我之前已經指出的那樣，我們已經在第一季結束了談判並完成了部分談判。但大多數項目仍然懸而未決，我們的目標是在今年第二季和第三季完成這些項目。但這是一個持續的過程，並不總是可能立即結束。您也可以逐步採取，我們已經在第一季取得了一些定價效應。

Perfect. And then my second question is on the R&D expenses. R&D to sales were at about 4% this quarter. And that's obviously a good improvement from -- if we look at the recent years being it's at 5% to 6%. So could you please remind us what's driving the R&D cost efficiency? And also, I think you're right in the report that specifically in Q1, you had some maybe extra engineering income. So if you could give us a bit more color on that.

完美的。我的第二個問題是關於研發費用。本季研發與銷售比率約為 4%。如果我們看看最近幾年的 5% 到 6%，這顯然是一個很好的進步。那麼您能否提醒我們是什麼推動了研發成本效率？而且，我認為您在報告中是正確的，特別是在第一季度，您可能有一些額外的工程收入。所以您能否給我們更多的資訊。

Yes. I mean, we've already -- I mean, even in the 12% margin target, and then the way to get there back in 2019, we said that we were striving for a better RD&E efficiency. And then that's, I think, what you're seeing coming through here now. In relation also to the 2,000 headcount reduction target on the indirect side, there's also part of that allocated to RD&E and also some of those savings we do see come through already now as well.

是的。我的意思是，我們已經——我的意思是，即使是在 12% 的利潤率目標中，以及在 2019 年實現這一目標的過程中，我們也表示我們正在努力提高研發和設計效率。我想，這就是你現在在這裡看到的情況。就間接削減 2,000 人的目標而言，其中也有一部分分配給了 RD&E，而且我們確實看到其中一些節省現在也已經實現了。

Then the engineering income part, it's always a bit -- it can fall in 1 quarter or the next quarter. So that can all impact a little bit between Q1 and Q3. And then you know that we seasonally have a stronger recovery quarter in the fourth quarter. But I wouldn't say that there was anything special here on the recovery side in the first quarter. It's more again that the cost control and also headcount reductions we see come through also impacting RD&E costs positively.

然後工程收入部分，它總是有點——它可能會在一個季度或下一個季度下降。因此，這都會對第一季和第三季之間產生一些影響。然後你知道我們在第四季度有一個更強勁的季節性復甦。但我不會說第一季的復甦方面有什麼特別的。更重要的是，我們看到的成本控制和人員削減也對研發和設計成本產生了正面影響。

And the next question comes from the line of Ross MacDonald from Morgan Stanley.

下一個問題來自摩根士丹利的羅斯麥克唐納。

Just to come back to India once more and linked to that point around India supporting top line growth. Could you maybe frame how much growth you expect in India from a content per vehicle perspective in dollar terms? You mentioned regulatory improvements, but it would be helpful to understand where we're starting from and how you expect that to progress over the next few years?

只是再次回到印度，並與印度支持營收成長的這一點聯繫起來。您能否從每輛車的內容角度（以美元計算）來描述您對印度的預期成長程度？您提到了監管方面的改進，但了解我們從哪裡開始以及您預計未來幾年將如何進展會很有幫助？

Yes. I mean today, we are around $100 in India. So I mean, they are significantly below, you could say, the mature markets average here. But we expect it to quite rapidly grow to $150 to $170 per vehicle here in the next coming year or so. There's a quite rapid increase here. And as I said, it's driven also very much around the legislations, and you may recall that last year here, there was intention to put in legislations on certain number of airbags in a vehicle, which later was retracted. But I would say, the majority of the OEMs decided still to carry on with that ambition. So if you see this increase coming through, then, of course, that's an important contributor to the $150, $170.

是的。我的意思是，今天我們在印度的股價約為 100 美元。所以我的意思是，它們明顯低於成熟市場的平均值。但我們預計在未來一年左右的時間裡，該價格將迅速增長至每輛車 150 至 170 美元。這裡的成長相當快。正如我所說，它在很大程度上也是圍繞立法推動的，您可能還記得，去年這裡有意對車輛中一定數量的安全氣囊進行立法，但後來被撤回。但我想說，大多數原始設備製造商仍然決定繼續實現這一目標。因此，如果您看到這一增長，那麼，這當然是 150 美元、170 美元的重要貢獻者。

Excellent. Yes. So some of that very strong growth, I guess, we expect it to continue with the market share and the EV expansion? That's great. And second question is on North America and mix trends in North America. There's obviously a big debate around stretched affordability for consumers and whether that will weigh on mix in the future. Just be curious if you're seeing any signs of mix shifting lower in North America in order bank perhaps from large SUVs into smaller SUVs or crossovers, any trends like that?

出色的。是的。因此，我想，我們預計這種非常強勁的成長會隨著市場份額和電動車的擴張而繼續下去？那太棒了。第二個問題是關於北美和北美的混合趨勢。顯然，圍繞著消費者承受能力的擴大以及這是否會影響未來的混合存在著一場大爭論。只是好奇，如果您看到北美訂單庫中的混合轉向下降的跡象（可能從大型 SUV 轉向小型 SUV 或跨界車），有類似的趨勢嗎？

I mean, we see what you're referring to here as well. But in our own numbers and in our dialogues with customers, we don't really see that, and we don't expect that to have any real impact on our sales here also. Once again, the diversity here in terms of our portfolio will support us in any transitions like that. So not really a concern from our side here.

我的意思是，我們也明白你在這裡指的是什麼。但在我們自己的數據以及與客戶的對話中，我們並沒有真正看到這一點，我們也不希望這對我們在這裡的銷售產生任何真正的影響。再一次，我們投資組合的多樣性將在任何類似的轉變中為我們提供支持。所以我們這邊並不是真正關心的問題。

And the next question comes from the line of Jason Getz from Mizuho Securities.

下一個問題來自瑞穗證券的 Jason Getz。

When you look at inflationary pressures for this year, how should we think about that moving through the year? I assume the increases are still rising kind of year-on-year, but wondering more near term, how that's trending? Is that starting to stabilize? Are we still seeing increases on a sequential basis?

當你審視今年的通膨壓力時，我們該如何看待這一年的走勢？我認為年增幅仍在上升，但想知道近期的趨勢如何？情況開始穩定了嗎？我們仍然看到環比增長嗎？

There will be still some sequential increases, and that's mainly on our material costs, some of the components that we purchase, and then mainly on the labor content of those purchase components. On the labor cost side, the vast majority is behind us. I mean, that all happened in the first quarter of the year. There might be a few further labor cost increases that we can expect in higher inflation countries, but that should not have a significant impact. So labor cost, to a large extent, is behind us with what's happened in the first quarter, but we still expect some on purchase material from our suppliers.

仍然會有一些連續的成長，這主要是我們的材料成本，我們購買的一些組件，然後主要是這些購買組件的勞動力含量。在勞動成本方面，絕大多數都落後於我們。我的意思是，這一切都發生在今年第一季。我們可以預期，在通膨較高的國家，勞動成本可能會進一步增加，但這不會產生重大影響。因此，勞動力成本在很大程度上已經落後於第一季的情況，但我們仍然預計從供應商採購材料會增加。

Got you. And then when you look at the broader LVP for the year, how much do you think of that is vehicle inventory build versus true sell-through demand? Do you think we're seeing like kind of a larger inventory build this year than we have in the past few years? How should we think about that moving forward?

明白你了。然後，當您查看今年更廣泛的 LVP 時，您認為車輛庫存增加與真正的銷售需求有多少？您認為我們今年的庫存建設是否比過去幾年更大？我們該如何思考未來的發展？

We don't expect that. I think right now, we are at a point where it's quite calibrated between supply and demand here. I think the restocking, to a large extent, has already happened. I mean, in China, we are at normal levels of inventory, likewise in Europe. In the U.S., we see, with historical measurements, lower level of inventory, but I would say it's in line with what the OEMs have indicated where they would like to be. So no indications or plans on bringing that industry inventory up. So short answer I would say is that no inventory buildup, it's all about the demand from end consumer here.

我們不希望這樣。我認為現在我們正處於供需之間相當平衡的階段。我認為補貨在很大程度上已經發生了。我的意思是，在中國，我們的庫存處於正常水平，在歐洲也是如此。在美國，根據歷史測量結果，我們看到庫存水準較低，但我想說，這與原始設備製造商表示的庫存水準相符。因此沒有跡像或計劃增加該行業的庫存。我想說的簡短答案是，沒有庫存增加，這完全取決於終端消費者的需求。

And the next question comes from the line of Mattias Holmberg from DNB Markets.

下一個問題來自 DNB Markets 的 Mattias Holmberg。

Yes, just if you could, it would be very helpful to share any insights on how much cost savings you managed to realize in the quarter in the context of those $50 million you're targeting for the year?

是的，如果可以的話，分享一下您在本季度在您今年目標 5000 萬美元的背景下成功實現了多少成本節省的見解，將會非常有幫助？

I think we said that we are maybe a bit ahead on the $50 million. We haven't broken it down by quarter. By design, the larger part would actually come in the second half of the year, because so far we've taken out more headcount in the best-cost countries than we have in high-cost countries. So (inaudible) of Germany, for instance, is coming towards the second half of the year and even more so next year. So it's more second half than first half, and we are a little bit ahead of time in the first quarter.

我想我們說過我們在 5000 萬美元方面可能有點領先。我們還沒有按季度細分。按照設計，大部分實際上會在今年下半年進行，因為到目前為止，我們在成本最佳國家/地區的員工人數比在高成本國家/地區的員工人數還要多。例如，德國（聽不清楚）將在今年下半年到來，明年更是如此。所以下半場比上半場要多，而且我們第一季的時間提早了一些。

Dear speakers, there are no further questions. I would now like to hand the conference over to Mikael Bratt for any closing remarks.

尊敬的發言者，沒有其他問題了。現在我想將會議交給米凱爾布拉特 (Mikael Bratt) 發表閉幕詞。

Thank you, Nadia. The world is changing at an accelerating pace, and Autoliv has launched a number of strategic initiatives to meet the needs of our customers, to enhance shareholder value, and deliver safety solutions for society. I am confident that we will deliver a substantial increase in sales, operating cash flow, and adjusted operating income in 2024, supported by footprint optimization, structural cost reductions, cost compensations, and a committed focus on innovation, quality and sustainability, and our most important direct contribution to a sustainable society, saving more lives.

謝謝你，納迪亞。世界正在加速變化，奧托立夫推出了多項策略舉措，以滿足客戶需求、提升股東價值、為社會提供安全解決方案。我相信，在足跡優化、結構成本削減、成本補償以及對創新、品質和永續性的堅定關注以及我們最對永續社會的重要直接貢獻，拯救更多生命。

Our second quarter earnings call is scheduled for Friday, July 19, 2024. Thank you, everyone, for participating in today's call. We sincerely appreciate your continued interest in Autoliv. Until next time, drive safely.

我們的第二季財報電話會議定於 2024 年 7 月 19 日星期五舉行。我們衷心感謝您對奧托立夫的持續關注。直到下次，安全駕駛。

That does conclude our conference for today. Thank you for your participation. You may now all disconnect.

我們今天的會議到此結束。感謝您的參與。你們現在可以斷開連結了。