Autoliv Inc (ALV) 2024 Q3 法說會逐字稿

Welcome everyone to our third 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, myself, VP, Investor Relations.

歡迎大家參加我們的 2024 年第三季財報電話會議。出席本次電話會議的有我們的總裁兼執行長 Mikael Bratt、我們的財務長 Fredrik Westin 和我本人，投資者關係副總裁。

During today's earnings call, we will cover several key topics, including our sales earnings and cash flow development, the high number of new product launches and in that look at the China market and how we succeed with the growth of Chinese car manufacturers, our strong balance sheet and asset return rate support continued high levels of shareholder returns.

在今天的財報電話會議上，我們將討論幾個關鍵話題，包括我們的銷售收入和現金流發展、大量新產品的推出，以及我們如何在中國市場上取得成功以及中國汽車製造商的成長，我們強大的資產負債表和資產回報率支持持續高水準的股東回報。

Following the presentation, we will be available to answer your questions. And as usual, the slides are available at autoliv.com.

演示結束後，我們將回答您的問題。與往常一樣，這些幻燈片可在 autoliv.com 上取得。

Turning to the next slide, we have the Safe Harbor statement which is an integrated part of this presentation and of course includes the Q&A that follows. During the presentation, we will reference some non-use GAAP measures, the reconciliations of historical use GAAP to non-use GAAP measures are disclosed in our quarterly earnings release 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，當然還包括接下來的問答。在演示過程中，我們將參考一些不使用GAAP 衡量標準，歷史使用GAAP 與不使用GAAP 衡量標準的對帳將在我們在autoliv.com 上發布的季度收益報告以及將向公司提交的10-Q 報告中揭露。

Lastly, I should mention that this call is intended to conclude at 3 PM, Central European Time. So please follow a limit of two questions per person.

最後，我要提一下，這次電話會議預計在歐洲中部時間下午 3 點結束。因此，請遵守每人提出兩個問題的限制。

I now hand over to our CEO Mikael Bratt.

我現在將工作交給我們的執行長 Mikael Bratt。

Thank you, Anders. Looking on the next slide. Firstly, I want to express my gratitude to all of our employees for their contributions to our third quarter results and their ongoing efforts to enhance our competitiveness in the near and medium term.

謝謝你，安德斯。看下一張投影片。首先，我要感謝所有員工為我們第三季業績所做的貢獻，以及他們為增強我們中短期競爭力所做的持續努力。

Despite facing significant market headwinds from weak light vehicle production, we maintained solid sales and earnings in the quarter. This is a testament to the company's ability to adapt and thrive, leveraging our diverse product portfolio and strong customer relationships. Autoliv managed to outpace likely key production by 4% [pitch] points.

儘管輕型汽車生產疲軟面臨巨大的市場阻力，但我們在本季保持了穩健的銷售和利潤。這證明了公司利用我們多樣化的產品組合和強大的客戶關係的適應能力和發展能力。奧托立夫成功地將關鍵產量提高了 4% [pitch] 點。

Despite lower sales and relatively significant supplier settlement, the adjusted operating profit was virtually unchanged. This was driven by effective cost reductions and cost compensation. I am also pleased that the inflation compensation negotiations have developed in line with our expectations with only a few negotiations still outstanding.

儘管銷售額下降且供應商結算相對較多，但調整後的營業利潤幾乎沒有變化。這是由有效的成本削減和成本補償所推動的。我還很高興通膨補償談判的進展符合我們的預期，只有少數談判尚未完成。

We are making good progress towards our previously announced intention of reducing our indirect workforce by up to 2000 and related savings of USD50 million in 2024. We also managed to reduce direct headcount by around 6%.

我們在實現先前宣布的計劃方面取得了良好進展，即到 2024 年減少最多 2000 名間接員工，並節省 5000 萬美元的相關費用。

Cash flow continued to be strong, supporting a high level of shareholder return. In the quarter, we repurchased and retired 1.3 million shares for USD130 million. Under the current mandate, we have repurchased over 10% of outstanding shares for USD917 million. Earnings per share improved 11% mainly from the lower number of outstanding shares and a lower tax rate.

現金流持續強勁，支持高水準的股東回報。本季度，我們以 1.3 億美元回購並註銷了 130 萬股股票。根據目前的授權，我們已斥資 9.17 億美元回購了超過 10% 的流通股。每股盈餘提高了 11%，主要是由於流通股數量減少和稅率降低。

We are reiterating the adjusted operating model guidance of around 9.5% to 10%. With only a few months left of the year, we expect to come in at the low end of the around 9.5% to 10%. Our operating cash flow is on track towards the full year guidance of USD1.1 billion. Our balance sheet remains strong which supports our continued commitment to a high level of shareholder returns.

我們重申調整後的營運模式指引為 9.5% 至 10% 左右。今年只剩下幾個月了，我們預計成長率將處於 9.5% 至 10% 左右的低端。我們的經營現金流正朝著 11 億美元的全年指導目標邁進。我們的資產負債表依然強勁，這支持了我們對高水準股東回報的持續承諾。

Looking now on the market development in the third quarter on the next slide. The total global light vehicle production for the third quarter declined by nearly 5% which was almost in line with expectations at the beginning of the quarter according to S&P Global.

現在在下一張投影片上展望第三季的市場發展。標準普爾全球數據顯示，第三季全球輕型車總產量下降近5%，幾乎與季初預期一致。

However, the regional mix differed significantly. We observed further reductions in North America primarily due to slow vehicle sales and inventory adjustments by key OEMs. Similar trends were noted in Europe and Asia excluding China. However, these production cuts were mostly offset by increased output from domestic OEMs in China driven by scrapping incentives and subsidies.

然而，地區結構差異很大。我們觀察到北美的銷售量進一步減少，主要是由於汽車銷售放緩和主要原始設備製造商的庫存調整。歐洲和亞洲（不包括中國）也出現了類似的趨勢。然而，這些減產大部分被中國國內原始設備製造商因取消激勵和補貼而增加的產量所抵消。

This shift resulted in a more unfavored regional light vehicle production mix significantly impacting our top line performance. We did see call of volatility improving slightly from the second quarter which is unchanged year over year. We will talk about the market development more in detail later in the presentation.

這一轉變導致區域輕型汽車生產組合更加不利，嚴重影響了我們的營收績效。我們確實看到波動性較第二季略有改善，與去年同期相比沒有變化。我們將在稍後的演示中更詳細地討論市場發展。

Looking now on our cost improvements on the next slide. We continue to generate broad based improvements in key areas. Our direct labor productivity continues to trend up as we have reduced our direct production personnel by 3,100 year over year. This is supported by the implementation of our strategic initiatives including optimization and digitalization.

現在來看看下一張投影片中我們的成本改進。我們繼續在關鍵領域進行廣泛的改進。直接勞動生產力持續上升，直接生產人員較去年同期減少3,100人。這得歸功於我們實施優化和數位化等策略措施的支持。

Our gross medium improved by 110 basis points from the first quarter and by 10 basis points year over year. The improvement was mainly the result of direct labor efficiency, reduction of the indirect workforce and customer compensation partly offset by lower sales and cost for supplier settlement.

我們的毛利率比第一季提高了 110 個基點，比去年同期提高了 10 個基點。這項改善主要是由於直接勞動力效率、間接勞動力和客戶補償的減少，部分被銷售和供應商結算成本的下降所抵消。

As a result of our structural efficiency initiatives, the positive trend for our DNE and SDNA in relation to sales has continued, declining by more than 130 basis points since Q1 2023. Combined with the gross margin improvement, this led to a substantial improvement in adjusted operating margin versus Q1 2023.

由於我們採取了結構效率舉措，我們的 DNE 和 SDNA 的銷售正向趨勢得以延續，自 2023 年第一季以來下降了 130 個基點以上。與2023 年第一季相比。

Looking now on financials in more detail on the next slide. Sales in the third quarter decreased by 160 basis points year over year or by USD42 million due to unfavorable currency translation effects, lower light vehicle production and a negative regional light vehicle production mix.

現在在下一張投影片中更詳細地了解財務狀況。由於不利的貨幣換算影響、輕型汽車產量下降以及區域輕型汽車生產結構的負面影響，第三季銷售額年減 160 個基點或 4,200 萬美元。

The adjusted operating income for Q3 decreased by 2% to USD237 million from USD243 million last year. The adjusted operating module was virtually unchanged despite lower sales. Operating cash flow was USD177 million which was USD25 million lower compared to third quarter last year.

第三季調整後營業收入從去年的2.43億美元下降2%至2.37億美元。儘管銷售額下降，但調整後的營運模式幾乎沒有變化。營運現金流為 1.77 億美元，比去年第三季減少 2,500 萬美元。

Looking now on our sales growth in more detail on the next slide. Our consolidated net sales was USD2.6 billion. This was USD42 million lower than a year earlier, driven by lower light vehicle production and negative currency translation effect, partly offset by higher out of period cost compensation and by a positive price and product mix.

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為 26 億美元。這比去年同期減少了 4,200 萬美元，原因是輕型汽車產量下降和貨幣換算負面影響，但期外成本補償增加以及積極的價格和產品組合部分抵消了這一影響。

The negative currency translation effect reduced sales by almost 1% in the quarter. Out of period cost compensation contributed with approximately USD8 million in the quarter. It was USD2 million higher than in the same period last year. Out of period compensations are retractive price adjustments and other compensations that mainly relate to the first half year but were negotiated in the third quarter.

貨幣換算的負面影響使該季度的銷售額減少了近 1%。本季期外成本補償貢獻約 800 萬美元。比去年同期增加了200萬美元。期外補償是回縮性價格調整和其他主要與上半年相關但在第三季協商的補償。

Looking on the regional sales, China accounted for over 90%, Asia excluding China accounted for 20%, Americas for 33% and Europe for 27%. We outline our organic sales growth compared to light vehicle production on the next slide.

從地區銷售額來看，中國佔比超過90%，除中國以外的亞洲地區佔20%，美洲佔33%，歐洲佔27%。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。

Our quarterly sales were slightly below our expectations primarily due to more unfavorable regional mix. According to S&P Global, light vehicle production declined by 4.8% year over year in the quarter, which was 70 basis points better than anticipated at the beginning of the quarter. We estimate that the geographical light vehicle production mix had 130 basis points negative impact on our outperformance. Despite this and that some key customers were adjusting inventories, our organic sales growth outperformed global light vehicle production by 4 percentage points.

我們的季度銷售額略低於我們的預期，主要是由於更不利的區域組合。 S&P Global 的數據顯示，本季輕型車產量年減 4.8%，比本季初的預期好 70 個基點。我們估計，輕型汽車生產地理結構對我們的卓越表現產生了 130 個基點的負面影響。儘管這樣，而且一些主要客戶正在調整庫存，但我們的有機銷售成長仍高於全球輕型汽車產量 4 個百分點。

We continued to outperform light vehicle production significantly in Japan, rest of Asia and in Europe, fueled by product launches and pricing. The outperformance in reservation was driven mainly by India. We expect a continued strong outperformance in India from a number of launches in the third quarter.

在產品推出和定價的推動下，我們在日本、亞洲其他地區和歐洲的輕型汽車產量持續大幅領先。預訂量的出色表現主要是由印度推動的。我們預計，第三季推出的多項產品將在印度持續表現強勁。

We outperformed light vehicle production by 1% points in the America despite outperforming light vehicle production by more than 15 percentage points in South America and performing in line with light vehicle production in North America. The underperformance was due to strong light vehicle production growth with low content vehicles in South America and a sharp decline in light vehicle production in the high content market of North America.

儘管我們在南美洲的輕型汽車產量高出 15 個百分點以上，並且與北美的輕型汽車產量持平，但我們在美洲的輕型汽車產量仍高出 1 個百分點。表現不佳的原因是南美洲低含量汽車的輕型汽車產量成長強勁，而北美高含量市場的輕型汽車產量急劇下降。

Our underperformance in China narrowed somewhat from the second quarter despite the stronger than expected performance of vehicles with relatively low safety content in the quarter. Domestic Chinese OEMs accounted for 39% of our China sales in Q3. We grow sales to this group by 18% versus a year ago, more than twice their likely reproduction growth of 8.5%.

儘管本季安全含量相對較低的車輛表現強於預期，但我們在中國的表現較第二季有所收窄。第三季度，中國本土整車廠占我們中國銷售額的 39%。與一年前相比，我們對該群體的銷售額成長了 18%，是其可能再生產成長率 8.5% 的兩倍多。

On the next slide, we have the key model launches in the quarter. We saw a record number of significant launches this quarter. As shown on this slide, four of these models are from Chinese OEMs and two from OEMs in India. This highlights our growing position with Chinese OEMs and our success in capturing growth in the Indian market. The trend towards electrification continues particularly in China but also in Europe.

在下一張投影片中，我們將介紹本季推出的關鍵型號。本季我們看到了創紀錄的重大發布數量。如本投影片所示，其中四款車型來自中國 OEM 廠商，兩款來自印度 OEM 廠商。這凸顯了我們在中國原始設備製造商中日益增長的地位以及我們在印度市場成長方面所取得的成功。電氣化趨勢仍在持續，尤其是在中國，在歐洲也是如此。

As shown on this slide, all but two models are being offered as electric versions. The models shown here have an Autoliv content per vehicle from around USD100 to close to USD400. In terms of Autoliv sales potential, the Nio and the Zeekr launches are the most significant. This is the first time we have two Chinese models having the highest sales potential.

如本幻燈片所示，除兩種型號外，所有型號均提供電動版本。此處顯示的車型每輛車的 Autoliv 含量從約 100 美元到接近 400 美元不等。就 Autoliv 的銷售潛力而言，Nio 和 Zeekr 的推出最為重要。這是我們第一次有兩款中國車型擁有最高的銷售潛力。

The long-term trend to higher CPV is supported by front center airbag on five of these models, more advanced seatbelts than the airbags.

其中五款車型配備了前部中央安全氣囊，比安全氣囊更先進的安全帶支持了較高 CPV 的長期趨勢。

Now looking on the next slide. The importance of the Chinese car market is increasing. Already today, one out of every three cars in the world is produced in China. The rapid growth of Chinese car manufacturers is impressive. Over the past decade, the Chinese manufacturers have transformed from producing low-cost vehicles to becoming global players in automotive, innovation, production and connectivity.

現在看下一張投影片。中國汽車市場的重要性日益增加。如今，全世界每三輛汽車就有一輛是在中國生產的。中國汽車製造商的快速成長令人印象深刻。過去十年，中國製造商已從生產低成本汽車轉變為汽車、創新、生產和互聯領域的全球參與者。

This shift in the China market has created significant interest and we will therefore provide some additional information regarding the China market development.

中國市場的這種轉變引起了人們的極大興趣，因此我們將提供一些有關中國市場發展的額外資訊。

Now, looking at the next slide. Autoliv is the leading automotive safety supplier to both global and domestic OEMs in China. And China contributed 20% to Autoliv's global sales in 2023. Over the past decade, we have made significant investment in China and now operate 15 plants across eight locations.

現在，看下一張投影片。奧托立夫是全球和中國本土整車廠領先的汽車安全供應商。到 2023 年，中國將佔奧托立夫全球銷售額的 20%。

We are at the forefront of innovation, providing comprehensive safety system development to help our customers achieve top results in real life safety as well as for safety assessments done by for instance, China [MCAP and Eu-MCP].

我們處於創新的前沿，提供全面的安全系統開發，幫助我們的客戶在現實生活安全以及中國 [MCAP 和 Eu-MCP] 進行的安全評估中取得最佳成果。

We currently serve 68 customers and collaborate with local universities, research institutes and leading customers to drive enhancement in the automotive safety technology.

目前，我們為68家客戶提供服務，並與當地大學、研究機構和領先客戶合作，推動汽車安全技術的進步。

On the next few slides, I will highlight some of Autoliv's success factors in China. Chinese automakers are rapidly expanding their market shares within China. Sales of new energy vehicles of NEVs have now surpassed those of internal combustion engine vehicles. And China has become the world's largest vehicle exporter.

在接下來的幾張投影片中，我將重點放在奧托立夫在中國的一些成功因素。中國汽車製造商正在迅速擴大在中國的市場份額。目前，新能源汽車的新能源汽車銷售已超過內燃機汽車。而中國已成為全球最大的汽車出口國。

Five years ago, Autoliv made significant investments to break into the NEVs market which has borne fruit with notable market share gains over the past three years. While the performance of some global events have negatively impacted our sales, our performance, we expect to start outperforming in 2025. Based on the latest light vehicle production forecasts from S&P, driven by major new launches in the second half of 2024.

五年前，奧托立夫投入大量資金進軍新能源汽車市場，並在過去三年中取得了顯著的市場份額成長成果。雖然一些全球事件的表現對我們的銷售和業績產生了負面影響，但我們預計將在 2025 年開始表現出色。

Some of our major achievements are: achieved over 50% market share with a broad range of high end and NEVs manufacturers, secured the global first autonomous L4 full passive safety system development and supply contract in July, expanded our components business with BYD with ongoing discussions for closer collaborations, successfully reduced costs and increased margin through modernization, well positioned to be the overseas expansion partner for major Chinese OEMs like Great Wall Motors, Chery, Geely and ChangAn.

我們的主要成就包括：與眾多高端和新能源汽車製造商取得超過50%的市場份額，於7月獲得全球首個自動駕駛L4全被動安全系統開發和供應合同，與比亞迪持續討論擴大我們的零零件業務憑藉著更緊密的合作，透過現代化成功降低成本並提高利潤，成為長城汽車、奇瑞、吉利和長安等中國主要整車廠的海外擴張合作夥伴。

Looking on the next slide. On this slide, you can see some of the recent launches of premium models with full Autoliv passive safety systems, meaning airbags, seat belts and steering wheels that we expect will support our sales growth in 2025. All of these models are NEVs and some of them are expected to be exported as well as sold domestically.

看下一張投影片。在這張投影片上，您可以看到最近推出的一些配備全套Autoliv 被動安全系統的高階車型，這意味著我們預計安全氣囊、安全帶和方向盤將支援我們2025 年的銷售成長。新能源汽車，其中一些車型預計它們將出口並在國內銷售。

Now, looking at how we are expanding our business with the fast-growing domestic OEMs on the next slide. Chinese car manufacturers have become increasingly important contributors to Autolive's sales. Over the past few years, the rapid growth and innovation within the Chinese automotive market have led to a substantial increase in demand for advanced safety solutions.

現在，下一張投影片將介紹我們如何與快速成長的國內 OEM 廠商拓展業務。中國汽車製造商已成為 Autolive 銷售的日益重要的貢獻者。過去幾年，中國汽車市場的快速成長和創新導致對先進安全解決方案的需求大幅增加。

As a result, Autoliv has strengthened its partnership with leading Chinese OEMs such as Geely, Great Wall Motor and Chery. These partnerships have been instrumental in driving our sales growth in China. This has enabled us to capture a growing share with the local OEMs. Today, Chinese OEMs represents around 40% of Autoliv's sales in China. And we expect the positive trend to continue based on the order intake over the past year.

因此，奧托立夫加強了與吉利、長城汽車和奇瑞等中國領先整車廠的合作關係。這些合作關係對於推動我們在中國的銷售成長發揮了重要作用。這使我們能夠在當地原始設備製造商中獲得越來越多的份額。如今，中國整車廠約佔奧托立夫在華銷量的 40%。根據過去一年的訂單量，我們預計積極的趨勢將持續下去。

As you can see on the shore to the right, we are closing the gap between Chinese OEMs shares of light vehicle production and the share of our sales. Our market share with Chinese OEMs is proactive to rise from approximately 20% in 2022 to around 30% in 2024 and 32% by 2025 while our share with global OEMs in China is expected to remain steady at around 42%.

正如您在右岸看到的那樣，我們正在縮小中國原始設備製造商在輕型汽車生產中所佔份額與我們的銷售份額之間的差距。我們與中國整車廠的市佔率積極主動地從2022年的約20%上升至2024年的約30%和2025年的32%，而我們在中國與全球整車廠的市佔率預計將穩定在42%左右。

Looking on the next slide. We have established ourselves as a preferred partner with automotive safety solutions in China. Thanks to our comprehensive approach and strong relationships with major customers. The reasons behind our success are that we have built close partnerships with leading Chinese automakers. Our speed and strong local competences makes us a trusted partner.

看下一張投影片。我們已成為中國汽車安全解決方案的首選合作夥伴。得益於我們全面的方法以及與主要客戶的牢固關係。我們成功的原因在於我們與中國領先的汽車製造商建立了密切的合作關係。我們的速度和強大的本地能力使我們成為值得信賴的合作夥伴。

We actively sell advanced and differentiated solutions supporting our customers in delivering safe and competitive vehicles across the market, all markets. We leverage our global volumes and footprint to optimize our supply base and to support our customers overseas expansion strategies.

我們積極銷售先進和差異化的解決方案，支持我們的客戶在整個市場、所有市場提供安全和有競爭力的車輛。我們利用我們的全球銷售和足跡來優化我們的供應基礎並支持我們的客戶的海外擴張策略。

We drive collaboration to deliver comprehensive system solution. This includes developing zero gravity seat solutions for flexible cabin configurations, working with technology partners to create personalized safety systems. We have been at the forefront of optimization for many years, and we have come a long way also in China.

我們推動協作以提供全面的系統解決方案。這包括開發用於靈活客艙配置的零重力座椅解決方案，與技術合作夥伴合作創建個人化安全系統。多年來，我們一直處於優化的前沿，在中國也取得了長足的進步。

These efforts have led to significant efficiency gains which our customers appreciate for the standardization and quality assurance they bring to automated production. Thanks to increased optimization, we have maintained virtually the same head count while our sales have grown by nearly 50% since 2018.

這些努力帶來了顯著的效率提升，我們的客戶對它們為自動化生產帶來的標準化和品質保證表示讚賞。由於優化力度加大，自 2018 年以來，我們的員工數量幾乎保持不變，而銷售額卻增加了近 50%。

This conclude the China market update. Turning to the next slide.

中國市場更新到此結束。轉到下一張投影片。

I will now hand over to Fredrik.

現在我將把工作交給弗雷德里克。

Thank you, Mikael. And I will now talk about the financials more in detail on the next few slides. So if we turn the slide. This highlights our key figures for the third quarter of 2024 compared to the third quarter of 2023. Our net sales were almost USD2.6 billion. This was close to a 2% decrease. Gross profit was virtually flat at USD459 million while the gross margin increased by 10 basis points to 18.0%.

謝謝你，米凱爾。我現在將在接下來的幾張投影片中更詳細地討論財務狀況。所以如果我們轉動投影片。這突顯了我們 2024 年第三季與 2023 年第三季相比的關鍵數據。下降幅度接近 2%。毛利基本持平，為 4.59 億美元，而毛利率則成長 10 個基點至 18.0%。

The adjusted operating income decreased from USD243 million to USD237 million and the adjusted operating margin decreased by 10 basis points to 9.3%.

調整後營業收入從2.43億美元下降至2.37億美元，調整後營業利益率下降10個基點至9.3%。

Non GAAP adjustments amounted to USD11 million from capacity alignments and anti-trust related matters. Adjusted earnings per share diluted, increased by USD0.18 for the main drivers were USD0.12 from lower number of shares and USD0.10 from lower income taxes partly offset by the lower operating income.

由於產能調整與反壟斷相關事宜，非 GAAP 調整額達 1,100 萬美元。調整後每股攤薄收益增加了 0.18 美元，主要驅動因素是股份數量減少導致 0.12 美元，所得稅減少導致 0.10 美元，部分被營業收入減少所抵消。

Our adjusted return on capital employed was a solid 24%. The adjusted return on equity increased to 25% from 21% driven by share buybacks, impacting total equity. We paid a dividend of USD0.68 per share in the quarter and repurchased and retired 1.33 million shares for around USD130 million.

我們調整後的已動用資本報酬率為 24%。在股票回購的推動下，調整後的股本回報率從 21% 增加到 25%，影響了總股本。本季我們支付了每股 0.68 美元的股息，並以約 1.3 億美元的價格回購和退休了 133 萬股股票。

Looking now on the adjusted operating income bridge on the next slide. In the third quarter of 2024, our adjusted operating income was virtually unchanged despite market headwinds from lower light vehicle production. Operation contributed with USD12 million driven by cost saving activities and commercial recoveries.

現在來看看下一張投影片上調整後的營業收入橋樑。 2024 年第三季度，儘管輕型汽車產量下降帶來市場阻力，但我們調整後的營業收入幾乎沒有變化。在成本節約活動和商業復甦的推動下，營運貢獻了 1,200 萬美元。

The net currency effect was USD4 million negative, driven mainly by the Mexican peso versus Euro and the Japanese Yen versus US dollars partly offset by peso versus US dollar. The impact from raw materials was around USD1 million negative. Out of period cost compensation of USD8 million was USD2 million higher than last year. Costs for SG&A and RD&E net was virtually unchanged. A supplier settlement cost of USD40 million and this cost will gradually decrease over the next few quarters.

淨貨幣效應為負 400 萬美元，主要受到墨西哥比索兌歐元和日圓兌美元匯率的影響，部分被比索兌美元匯率所抵銷。原材料的影響約為 100 萬美元。期外成本補償800萬美元，比去年增加200萬美元。 SG&A 和 RD&E 淨成本幾乎沒有變動。供應商結算成本為 4000 萬美元，該成本將在未來幾季逐漸下降。

Looking now at the cash flow and more detail on the next slide. For the third quarter of 2024, operating cash flow decreased by USD25 million to USD177 million compared to the same period last year, mainly due to an increase in working capital. The capital expenditures net decreased by USD6 million compared to the same period the previous year.

現在看看下一張投影片上的現金流量和更多細節。 2024年第三季度，經營現金流較去年同期減少2,500萬美元至1.77億美元，主要是因為營運資金增加。資本支出較上年同期淨減少600萬美元。

Capital expenditures net in relation to sales was 5.7% versus 5.8% a year earlier. The free cash flow was positive USD32 million compared to positive USD50 million in the same period the prior year. The decrease was due to the lower operating cash flow partly offset by the lower capital expenditures net. The last 12 months cash conversion defined as free cash flow in relation to the net income was around 80%.

與銷售額相關的資本支出淨額為 5.7%，去年同期為 5.8%。自由現金流為正 3,200 萬美元，而去年同期為正 5,000 萬美元。減少的原因是營運現金流量減少被資本支出淨額減少部分抵銷。過去 12 個月的現金轉換（定義為自由現金流與淨利潤之比）約為 80%。

Now looking at our trade working capital development on the next slide. During the third quarter, the trade working capital increased by USD138 million driven by USD102 million in higher receivables and USD61 million higher inventories partly offset by higher accounts payables.

現在來看看下一張投影片中我們的貿易營運資金發展。第三季度，貿易營運資本增加了 1.38 億美元，原因是應收帳款增加 1.02 億美元，庫存增加 6,100 萬美元，但部分被應付帳款增加所抵銷。

The higher inventories and receivables were partly due to higher sales towards the end of the quarter. Compared to the same period last year, trade working capital in relation to sales increased from 12.5% to 12.8%.

庫存和應收帳款增加的部分原因是本季末銷售額增加。與去年同期相比，貿易營運資金佔銷售額的比例從12.5%上升至12.8%。

Our capital efficiency program aims to improve working capital by USD800 million and to date, we have achieved around USD470 million. Improvements in inventories are lagging due to the high customer call of volatility and hence planning challenges that cause inefficiencies. Over the coming years, we expect the inventories to improve significantly in tandem with a reduced call of volatility.

我們的資本效率計畫旨在將營運資本改善 8 億美元，迄今為止，我們已實現約 4.7 億美元。由於客戶對波動性的強烈要求以及導致效率低下的規劃挑戰，庫存的改善滯後。未來幾年，我們預期庫存將顯著改善，同時波動性也會減少。

Now looking at our debt leverage ratio development on the next slide. Autoliv has consistently focused on maintaining a balanced leverage ratio which reflects its prudent financial management and commitment to sustaining a strong balance sheet.

現在來看看下一張投影片上我們的債務槓桿率發展。奧托立夫始終致力於維持平衡的槓桿率，這反映了其審慎的財務管理和維持強勁資產負債表的承諾。

This approach helped the company navigate economic fluctuations, invest in innovation and continue delivering value to its stakeholders. While investing in our footprint and returning over USD820 million to shareholders during the last 12 months, our leverage ratio is virtually unchanged at 1.4x. Compared to the second quarter, our debt leverage ratio increased by 0.2x and our net debt increased by USD214 million while the 12-month trailing adjusted EBITDA decreased by USD4 million. With that, I hand it back to you Mikael.

這種方法幫助公司應對經濟波動、投資創新並繼續為利害關係人創造價值。雖然我們在過去 12 個月內投資了我們的足跡，並向股東回報了超過 8.2 億美元，但我們的槓桿率幾乎保持在 1.4 倍不變。與第二季相比，我們的債務槓桿率增加了 0.2 倍，淨債務增加了 2.14 億美元，而過去 12 個月的調整後 EBITDA 減少了 400 萬美元。說完，我把它還給你，米凱爾。

Thank you, Fredrik. On to the next slide. As we enter the last quarter of 2024, the full year 2024 outlook for the global light vehicle production has been reduced by around 20 basis points since July to minus 2.4% by S&P. The light vehicle production update is factoring in region specific influences particularly recent scrapping incentives and stimulus actions in China. Persistent headwinds in Europe and continued inventory correction in North America.

謝謝你，弗雷德里克。轉到下一張投影片。隨著進入 2024 年最後一個季度，標準普爾將 2024 年全球輕型汽車產量預期自 7 月以來下調了約 20 個基點，至負 2.4%。輕型汽車產量更新考慮了地區特定的影響，特別是中國最近取消激勵措施和刺激措施。歐洲持續面臨阻力，北美庫存持續調整。

The updated forecast indicates a light vehicle production decline of 4% for the fourth quarter. Light vehicle production in China is projected to increase -- decrease, is expected to decrease by 1.6% in the fourth quarter, following a particularly strong performance in the same period last year. The ongoing trend of global OEMs losing market share is expected to persist.

更新後的預測顯示，第四季輕型汽車產量將下降 4%。中國輕型汽車產量預計將增減，繼去年同期表現尤為強勁之後，第四季預計將下降 1.6%。全球原始設備製造商失去市場份額的趨勢預計將持續下去。

The forecast for North America, American fourth quarter light vehicle production has been adjusted down by over 4 percentage points to minus 4.1%. The main reason for the adjustment is continued need for more vehicle inventory corrections.

對北美地區的預測，美國第四季輕型汽車產量下調逾4個百分點至-4.1%。調整的主要原因是繼續需要更多的車輛庫存修正。

The light vehicle production forecast for Europe has reduced to minus 9% for the fourth quarter, mainly due to forthcoming fleet emissions requirements and inventory adjustments. Based on S&P Global's forecast and our own analysis, our 2024 guidance is built on the global light vehicle production decline of around 3% for the full year.

歐洲第四季輕型汽車產量預測已下調至-9%，主要是由於即將出台的車隊排放要求和庫存調整。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 3% 的基礎上的。

Now looking on the business outlook on the next slide. We anticipate a significant increase in profitability in the fourth quarter compared to the first nine months of this year. This improvement is primarily supported by a substantially higher light vehicle production. The normal seasonality from engineering income, structural cost reduction and strategic initiatives, cost customer compensations, favorable currency effects. However, this is expected to be partly offset by supplier cost inflation.

現在來看看下一張投影片的業務前景。我們預計第四季度的獲利能力將較今年前九個月大幅成長。這項改進主要得益於輕型汽車產量的大幅提高。工程收入、結構性成本削減和策略性舉措、成本客戶補償、有利的貨幣效應帶來的正常季節性。然而，預計這將被供應商成本通膨部分抵銷。

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 updated full year guidance is based on a global light vehicle production decline of around 3%.

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，其中排除了產能調整、反壟斷相關事項和其他離散項目的影響。我們更新的全年指引是基於全球輕型汽車產量下降 3% 左右。

Our organic sales is expected to increase by around 1% instead of previously expected around 2% due to the unfavored market mix development. Net currency translation effects are expected to be around 1% on sales.

由於不利的市場組合發展，我們的有機銷售額預計將成長 1% 左右，而不是先前預期的 2% 左右。預計淨貨幣換算對銷售額的影響約為 1%。

The guidance for adjusted operating modem is around 9.5% to 10% with only quarter remaining of the year. We expect to be in the low end of the around 9.5% to 10% range. Operating cash flow is expected to be around USD1.1 billion. Our positive cash flow trend and our strong balance sheet supports our continued commitment to a high level of shareholder returns. We foresee a tax rate of around 28%.

調整後營運調變解調器的指導約為 9.5% 至 10%，今年僅剩四分之一。我們預計該成長率將處於 9.5% 至 10% 左右的低端。營運現金流預計約11億美元。我們積極的現金流趨勢和強勁的資產負債表支持我們繼續致力於高水準的股東回報。我們預計稅率約為 28%。

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.

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。

I now hand it back to Sonia.

我現在把它還給索妮亞。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

[Hampus AnGallo, Handels Liken].

[Hampus AnGallo，Handels Liken]。

Thank you very much. Two questions for me. It was quite a big step up in the cost takeout program. If I compare, I think in second quarter, you had the head count reduction around 1,100 this. On this 8,000 capacity line and program and about 2000 in third quarter. Could you maybe in the ballpark, maybe talk a little bit about what you see for Q4 and previously also indicated that might not be all the 8,000 that will be affected by this capacity line program. And I'll take the -- I'll come back with a second question.

非常感謝。有兩個問題問我。這是成本削減計劃中的一個很大的進步。如果我比較的話，我認為第二季的員工人數減少了約 1,100 人。這條產能線和計畫產能為 8,000 條，第三季產能約為 2,000 條。您能否在大概範圍內，談談您對第四季度的看法，之前還表示，可能不是所有 8,000 人都會受到該產能線計劃的影響。我會帶著第二個問題回來。

Yeah. Okay. No, I mean, you see that we have reduced the indirect head count here up to now a bit more than 1,200. So that an increase here versus the second quarter. And then we have reduced the direct head count by around 6%. So we are not at the 8,000 combined here that you talked about. But we are progressing in line with our expectations. So the savings that we've indicated for this year are coming through as we had expected.

是的。好的。不，我的意思是，你看我們已經減少了這裡的間接員工人數，到目前為止已經減少了 1,200 多人。因此，與第二季度相比有所增加。然後我們將直接員工人數減少了約 6%。所以我們這裡的總人數還沒有達到您所說的 8,000 人。但我們正在按照我們的預期取得進展。因此，我們今年指出的節省金額正如我們預期的那樣實現了。

And then also indicate. But it's not only headcount reductions that are impacting the cost development here. There are many other improvements that are coming through as well.

然後還指出。但影響成本發展的不僅是人員減少。還有許多其他改進正在進行中。

Yeah, fair enough. And I mean, it's quite also a big step up on Chinese domestic OEMs. I mean, how do you see that going forward? What do you think you will be able to get more in balance given the significant pick up in market shares from the domestic OEMs as many of these new battery electric vehicles also have a quite high content, at least, many of them on the bigger players.

是的，很公平。我的意思是，這對中國國內原始設備製造商來說也是一個很大的進步。我的意思是，您如何看待未來的發展？鑑於國內整車廠的市場份額顯著上升，您認為您將能夠獲得更多的平衡，因為許多新的電池電動車也具有相當高的含量，至少其中許多是較大的參與者。

I think we are -- as we have indicated here and so on the slide is also making quite good progress in terms of increasing our share of the Chinese OEMs and we expect this to contribute to our performance in 2025 here. We don't have a indication or guidance per se on market share here. But all in all, we feel comfortable that we are gaining good traction with the Chinese OEMs here as they also grow together with us.

我認為，正如我們在幻燈片中所指出的那樣，在增加我們在中國原始設備製造商中的份額方面也取得了相當好的進展，我們預計這將為我們 2025 年的業績做出貢獻。我們在這裡沒有關於市場份額本身的指示或指導。但總而言之，我們感到很高興，因為我們在這裡獲得了中國原始設備製造商的良好關注，因為他們也與我們一起成長。

All right. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Oh, great. Thanks for taking my questions. Just to start, I mean, you mentioned that you called out the USD14 million of a supplier settlement in the quarter. I thought -- I'm not sure if I misheard that this, I thought you had made a comment that this would gradually decrease. I always kind of think of settlements as being more one time in nature.

哦，太好了。感謝您回答我的問題。首先，我的意思是，您提到您在本季度向供應商支付了 1400 萬美元的和解金。我想——我不確定我是否聽錯了，我以為你說過這會逐漸減少。我一直認為定居點更像是大自然中的一次。

So is this, -- should we think of it one time or is there actually costs that are going to keep trailing? And this is sort of maybe an issue we should be thinking about with maybe the stress and the sub suppliers that you work with.

那麼，我們是否應該考慮一下這個問題，或者實際上是否有成本會繼續落後？這也許是我們應該考慮的問題，也許是與您合作的壓力和次級供應商的問題。

Yeah. So this is the impact from the settlement in the third quarter. That's USD14 million. And we expect this to come down to -- close to zero, I would say around the third quarter next year in a fairly linear manner. So we will also have an impact from this in the fourth quarter and also in the first half of next year.

是的。這是第三季結算的影響。那是1400萬美元。我們預計這一數字將在明年第三季左右以相當線性的方式下降到接近零。因此，我們在第四季和明年上半年也會受到影響。

Is this all related to the same supplier or is this just sort of your expectations given the stress in the supply base?

這是否都與同一個供應商有關，還是考慮到供應基地的壓力，這只是您的期望？

This was related to one supplier, but I cannot go into more details on this particular legal case or legal settlement.

這與一個供應商有關，但我無法詳細介紹此特定法律案件或法律解決方案。

Okay. Got it. And then pretty big step up. I mean, if I look at even at the low end of guidance, you're going from like the [93] and in this quarter to [12.5 to 13.5] in Q4. I appreciate the slide 23. I mean, any framing of the big drivers here. I mean, is it like usually like 200 basis points is sort of the seasonal engineering recovery that helps. And how should we think about the other big puts and takes particularly the headwind that you called out from supplier cost? Is that a material factor we should be thinking of?

好的。知道了。然後是相當大的進步。我的意思是，如果我看看指引的低端，你就會從本季的 [93] 變成第四季的 [12.5 到 13.5]。我很欣賞幻燈片 23。我的意思是，通常 200 個基點是季節性工程復甦有幫助嗎？我們應該如何考慮其他重大看跌期權，特別是您從供應商成本中提出的不利因素？這是我們應該考慮的物質因素嗎？

Yeah, sure. I mean, the two, I would say normal factors are that we continue to expect higher volumes in the fourth quarter than in the third quarter or all other previous quarters here in the year. And then as you said, the normal seasonality of higher engine income. I don't expect that to be the step up in the fourth quarter to be higher than the normal.

是的，當然。我的意思是，我想說的兩個正常因素是，我們繼續預計第四季度的銷售量將高於第三季或今年之前的所有其他季度。然後，正如您所說，引擎收入較高的正常季節性。我預計第四季的增幅不會高於正常水平。

But it is also then that we have the completion of customer compensation negotiations coming through. So that will also add. And then continued savings from the structural cost initiatives and the strategic initiatives.

但也正是在那時，我們完成了客戶賠償談判。所以這也會添加。然後透過結構性成本措施和策略措施持續節省成本。

And we also expect a favorable currency transaction effect in the fourth quarter coming through. And then as I already alluded to, we expect headwinds from the supplier cost settlement and also from supplier cost inflation in general, but to a lower magnitude than we had in the third quarter.

我們也預期第四季將出現有利的貨幣交易效應。正如我已經提到的，我們預期供應商成本結算以及供應商成本通膨將帶來不利影響，但幅度將低於第三季。

Got it. Okay. And so those items are sort of in size order too. The way you mentioned them is that the way to think about it in terms of the impact.

知道了。好的。所以這些物品也是照尺寸順序排列的。你提到它們的方式就是從影響的角度來思考它的方式。

I didn't list to that but. No. I wouldn't say, I would have to think of that list. And again, no, don't take it that way.

我沒有列出來，但是。不，我不會說，我必須考慮那個清單。再說一次，不，不要那樣想。

All right. Thanks for taking my questions.

好的。感謝您回答我的問題。

George Galliers, Goldman Sachs.

喬治‧加利爾斯，高盛。

Yeah, good afternoon. And thank you for taking my questions. The first question I had just relates to slide 4 where you show the customer call off accuracy. I realize that we're tracking substantially below what you classify as normal historically.

是的，下午好。感謝您回答我的問題。我的第一個問題與投影片 4 相關，您在投影片 4 中向客戶展示了取消訂單的準確性。我意識到我們的追蹤數據遠低於您所歸類的歷史正常水平。

But do you think this rate that we've seen through 2023 and 2024 maybe represents the new normal? And if indeed it does, does that create any risk to the potential target for a 12% margin next year or are the factors you can take to kind of mitigate the new normal being lower than what's historically the case?

但您認為我們在 2023 年和 2024 年看到的速度可能代表了新常態嗎？如果確實如此，這是否會為明年 12% 利潤率的潛在目標帶來任何風險，或者您可以採取哪些因素來緩解新常態低於歷史水平的情況？

The second question I had was just again coming back to the Chinese OEMs and thank you for all the detailed presentation there. But obviously, one of the very large Chinese OEMs is a purchaser of components from you but not yet complete systems. Based on your historical relationships with customers who have started off as component buyers, is there a point in time or a catalyst where they tend to switch from just buying components to buying full systems or is there no sort of obvious trend there? Thank you.

我的第二個問題是再次回到中國原始設備製造商，感謝你們所做的所有詳細介紹。但顯然，中國最大的原始設備製造商之一是向您購買組件的買家，但尚未購買完整的系統。根據您與最初作為組件購買者的客戶的歷史關係，是否有一個時間點或催化劑使他們傾向於從只購買組件轉向購買完整的系統，或者是否沒有明顯的趨勢？謝謝。

Thank you. Thank you for your questions. Let's start with the call of accuracy here. If this is the new normal. I don't think it's the new normal and I have alluded to that in the past because there is no reason for anyone to have this kind of volatility either be it the suppliers or OEMs or anyone in the value chain here. You want to have predictability around that you can build your efficiency and have a robust delivery.

謝謝。謝謝您的提問。讓我們從這裡的準確性開始。如果這是新常態的話。我不認為這是新常態，我過去曾提到過這一點，因為任何人都沒有理由出現這種波動，無論是供應商、原始設備製造商還是價值鏈中的任何人。您希望具有可預測性，以便提高效率並實現穩健的交付。

So as you can see from the short also, here it goes a little bit up and down and the first 2 months in the quarter, we saw an improvement and altogether, we have seen an improvement compared to the second quarter even though it's flat versus Q3 last year here.

因此，正如您從短期中看到的那樣，這裡有一點上下波動，在本季度的前2 個月，我們看到了進步，總的來說，與第二季度相比，我們看到了進步，儘管與第二季持平。

But what that is also describing is everybody's ambition here to get back to where it was before. And I think when you dive into the detail, which we of course, want to disclose here. But if we look at the different customers, we have, we have for sure customers that are back to where we were in the past in terms of less volatility or no volatility while others are struggling.

但這也說明了這裡每個人都渴望回到以前的狀態。我認為當你深入研究細節時，我們當然想在這裡披露。但如果我們看看不同的客戶，我們肯定有一些客戶回到了過去的狀態，波動性較小或沒有波動，而其他客戶則在苦苦掙扎。

So, and it also moves a little bit between the man, who's the having the higher than others. So long story short, it's really the current market conditions and challenges you see in the industry that creates the volatility and my expectation is to get back to normal.

所以，男人之間也有一點移動，誰比其他人擁有更高的地位。長話短說，實際上是當前的市場狀況和行業面臨的挑戰造成了波動，我的期望是恢復正常。

And we have also been quite clear here when it comes to our around 12% target here that the normalization of the call off is one of these building blocks. And so our assumption builds on the fact that we should get back to where we have been.

當談到 12% 左右的目標時，我們也非常明確地表示，取消正常化是這些基石之一。因此，我們的假設建立在這樣一個事實之上：我們應該回到原來的狀態。

If we move on to the Chinese OEMs and the components transition into a more of a system supply, I would say yes, that is what we have seen historically, when we have had customers that started out more with their in house supplier set up, buying components. As you, of course move out, especially if you have a globalization of your footprint, that's almost a necessity to transition into a more of a system supply from tier one than doing it all in house for many different reasons.

如果我們轉向中國原始設備製造商，並將組件轉變為更多的系統供應，我會說是的，這就是我們歷史上所看到的，當時我們的客戶更多地開始建立他們的內部供應商，購買組件。當然，當您搬出時，特別是如果您的足跡已全球化，那麼由於許多不同的原因，幾乎有必要從一級過渡到更多的系統供應，而不是全部在內部完成。

So that's the tendency we see. And in the meantime, of course, we have a lot of contributions here from our components sales and especially around inflator's where we are the market leader and have a great, I would say, product development and production of those components and support our customers with. So that's the, I would say, the summary of that.

這就是我們看到的趨勢。當然，與此同時，我們的組件銷售為我們做出了很多貢獻，特別是在充氣機方面，我們是市場領導者，我想說，我們在這些組件的產品開發和生產方面擁有出色的能力，並為我們的客戶提供支援。我想說，這就是總結。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Mattias Holmberg, DNB Markets.

馬蒂亞斯·霍爾姆伯格，DNB 市場。

Thank you. I would be interested to hear if you could elaborate a bit on the margin, looking at sort of the low end of your modeling guidance for this year at 9.5% and how to get to the target of 12%. I would assume the big boxes are sort of volume called off price versus cost and your cost out action. But if you could help to quantify or at least sort of range in order of size or magnitude, what the biggest moving part for to get to that 12% ambition. Thank you.

謝謝。我很想聽聽您是否可以詳細說明一下利潤率，看看今年建模指導的低端 9.5% 以及如何達到 12% 的目標。我認為大盒子是一種體積，稱為價格與成本以及您的成本行動。但如果你能幫助量化或至少按大小或幅度排序範圍，那麼實現 12% 目標的最大推動因素是什麼。謝謝。

Yeah. So I would reference back to what we said with the starting point of around 9% where we ended up last year, where we set up around 1% point, then after closing the GAAP up to the 12% would be from our structure cost initiative. So, meaning that the indirect costs were head count reduction. And then around 1% from a normalization of call offs and direct labor efficiency. And they go to some extent, hand in hand.

是的。因此，我想回顧一下我們所說的，去年我們的起點約為 9%，我們設定了 1% 左右的點，然後在關閉 GAAP 後，我們的結構成本計劃將達到 12%。因此，這意味著間接成本是人員減少。然後，約 1% 的成長來自取消正常化和直接勞動力效率。他們在某種程度上是攜手並進的。

And then the third component from our strategic initiatives, automation digitalization, but also the market growth. And this is where we see that in the third quarter -- sorry, this year, we have had as you know, revised on an organic growth number. So to move that target up a bit then versus where we expect it to come in at the beginning of the year.

我們的策略舉措的第三個組成部分是自動化數位化，也是市場成長。這就是我們在第三季看到的情況——抱歉，今年我們對有機成長數字進行了修訂。因此，與我們年初預期的目標相比，將這一目標稍微提高一點。

But then we have -- we are, as you said, USD50 million, we're expecting to get in terms of savings for the structure cost efficiency. So that narrows that 1 percentage points and then we're also making progress here on the direct labor so that those are the two components that we are that fighting off here in the current year and then the delta then is what will remain to the 12%.

但正如您所說，我們預計將節省 5000 萬美元，以提高結構成本效率。因此，這縮小了 1 個百分點，然後我們在直接勞動力方面也取得了進展，因此這些是我們今年在這裡爭奪的兩個組成部分，然後三角洲將剩下 12 個百分點%。

That's clear. Thank you.

很清楚。謝謝。

Michael Jacks, Bank of America.

麥可傑克斯，美國銀行。

Hi, good afternoon. Thank you for taking my questions. Two. My first one is just on guidance. Compared with the June-July forecast, the latest S&P estimate seems to reflect a larger deterioration in custom and regional mix than the one point reduction that you've made to your organic growth guide. Are there any specific regions or areas where your own call up information is looking a little bit more favorable.

嗨，下午好。感謝您回答我的問題。二。我的第一個只是指導。與 6 月至 7 月的預測相比，最新的標準普爾預測似乎反映了客製化和區域組合的惡化程度，而不是您對有機成長指南的一個百分點的減少。是否有任何特定地區或地區您自己的徵召訊息看起來更有利一些？

I'll stop there and ask my next question after that.

之後我會停下來問下一個問題。

Yeah, I mean, it's -- the NVP is actually up versus -- comparably a little bit, but it's the negative mix that off that. And we will quantify 130 basis points in the quarter that has been fairly consistent throughout the year. And that's also then the reduction in guidance here from 2% to 1% organic growth. But let's say more or less flat [NVP] and then a -- the 1% point is still around 1% point on the negative mix here that we talked about.

是的，我的意思是，NVP 實際上上升了一點，但這是負面的組合。我們將量化本季 130 個基點，這一點全年都相當一致。這也是有機成長從 2% 降至 1% 的指導值。但我們可以說，[NVP] 或多或少持平，然後 - 1% 的點仍然在我們討論的負面組合的 1% 左右。

Okay, understood. And then if I can just ask two very short questions. Firstly, how much of compensation received this year, should we consider as sustainable into 2025? And finally, are you call offs showing any evidence yet of a ramp in [Dev] production in Europe towards the end of Q4 or is that still kind of flat lining?

好的，明白了。然後我可以問兩個非常簡短的問題嗎？首先，今年收到的補償有多少，我們應該認為可持續到2025年？最後，你們的取消是否顯示出任何證據表明歐洲的[Dev]產量在第四季末有所增加，還是仍然持平？

I'm not sure I understood your -- the first part of your question

我不確定我是否理解你的問題的第一部分

In terms of the compensation that you've received this year for inflation, how much of that represents the pricing level adjustment and can be carried over into next year versus one-time payments.

就您今年收到的通貨膨脹補償而言，其中有多少代表了定價水平調整，並且可以結轉到明年而不是一次性付款。

Okay. Well, there are still -- also this year, there will be one time settlements with the customers. That will need to be renegotiated also next year. But it is increased. It will be an increased number of or share of piece price adjustments versus what we had last year. But how that exactly ends up remains to be seen. As we said, we have still a few customers outstanding here for the full year, but there will for sure be a need to also negotiate a lump sum settlements next year.

好的。嗯，還有──今年也是，將與客戶進行一次性結算。明年也需要重新談判。但它增加了。與去年相比，計件價格調整的數量或份額將會增加。但最終結果如何還有待觀察。正如我們所說，我們仍然有一些全年未完成的客戶，但明年肯定還需要談判一次性解決方案。

And then on the outlook here for Europe. Yeah, I would say it is pretty much in line so far with what also the S&P numbers would be indicating that we see a decline here of is around 9% in the fourth quarter in Europe.

然後是歐洲的前景。是的，我想說，到目前為止，這與標準普爾的數據非常一致，顯示我們看到歐洲第四季的下降幅度約為 9%。

Okay. Thank you. And then maybe just on the pricing question just to clarify. So would you say, is it more than 50% that is carried over into next year, or less than that?

好的。謝謝。然後也許只是為了澄清定價問題。那你會說，結轉到明年的比例是超過50%還是更少？

It was around that number. But as I said, we can come back on that year after the full quarter of where we end up for the full year.

大約是這個數字。但正如我所說，我們可以在全年結束的整個季度之後回到那一年。

Okay, thank you very much.

好的，非常感謝。

[Anitksa Vilaila], Nordea.

[Anitksa Vilaila]，北歐聯合銀行。

Perfect. Thank you. I have two questions. Starting with the supplier settlement if we can go back to it again. Can you just clarify and tell us was it related to compensating them for cost inflation in their operations or is it anything else?

完美的。謝謝。我有兩個問題。如果我們可以再回到供應商結算，就從供應商結算開始。您能否澄清一下並告訴我們這是否與補償他們營運中的成本膨脹有關，還是其他原因？

As I said, I cannot comment on that legal case. We cannot say more than what we're saying. It was related to a settlement with the supplier, but the nature of it, I'm not allowed to say more.

正如我所說，我無法對該法律案件發表評論。我們不能說的比我們所說的更多。這與與供應商的和解有關，但其性質，我不便多說。

Okay. Thank you. And then the second question on Europe, I mean, you reached a very solid out performance during the quarter. Can you tell us what was the reason behind it? And also, should we kind of try to extrapolate this out performance into the coming quarters as well.

好的。謝謝。然後是關於歐洲的第二個問題，我的意思是，你們在本季取得了非常穩健的表現。您能告訴我們背後的原因是什麼嗎？而且，我們是否應該嘗試將這一表現推斷到未來幾季。

And then maybe on Europe as well, what are you hearing from your customers right now given quite negative commentary overall with -- from European OEMs.

然後也許在歐洲，您現在從客戶那裡聽到了什麼，因為歐洲原始設備製造商總體上給予了相當負面的評論。

Yeah. So the performance in Europe is -- it's as you would expect two components that we've had indicated also in some of the previous calls, some significant launches that we've had in the prior quarters that are now contributing to the top line. So that's one driver. And then it is also, of course, the post compensations that are coming through that are also driving up the top line.

是的。因此，歐洲的表現是——正如你所期望的那樣，我們在之前的一些電話會議中也指出了兩個組成部分，我們在前幾個季度推出的一些重要產品現在正在為營收做出貢獻。這就是一名司機。當然，隨之而來的職缺薪資也推動了營收的成長。

When it comes to the outlook here and what we hear from the customers, I would say, it's of course a challenging market environment out there right now and we have no indications that it will suddenly turn into to a more stable and positive outlook here. And on the other hand, we don't hear anything that would have a downside risk compared to what we have alluded to here when it comes to the rest of the year here.

當談到這裡的前景以及我們從客戶那裡聽到的消息時，我想說，現在的市場環境當然充滿挑戰，我們沒有跡象表明這裡的前景會突然變得更加穩定和積極。另一方面，與我們在這裡提到的今年剩餘時間相比，我們沒有聽到任何會帶來下行風險的消息。

Perfect. Thank you.

完美的。謝謝。

Thanks.

謝謝。

[Jarin Nathan, Diwa].

[賈林·內森，迪瓦]。

Hi, thanks for taking my question. So just -- it looks like based on the China commentary, there is a path to increasing share and with Chinese local OEMs and reducing that mix impact. The other component seems to be content and of course, that's not under your control. But is there any -- how should we think about content within the local OEMs increasing over time in any historical perspective? And I have just one more question.

您好，感謝您提出我的問題。因此，根據對中國的評論，似乎有一條途徑可以增加中國本土原始設備製造商的份額，並減少這種混合影響。另一個組成部分似乎是內容，當然，這不在你的控制之下。但是，從歷史的角度來看，我們應該如何看待本地原始設備製造商的內容隨著時間的推移而增加？我還有一個問題。

No, I think, I mean the trend is clearly that we see an increase in content in China -- I mean if you compare the Chinese OEMs with the global OEMs, I would say when it comes to the premium level, I mean there is equal in terms of content. The difference really if you look in the Chinese market is that the global OEMs have maybe more a higher average when you look at all the different models they have while the Chinese OEMs have a wider range between the premium and the low end content vehicles if we call it that.

不，我認為，我的意思是趨勢很明顯，我們看到中國的內容有所增加——我的意思是，如果你將中國原始設備製造商與全球原始設備製造商進行比較，我會說，當談到高端水平時，我的意思是有內容上是平等的。如果你看看中國市場，真正的區別在於，當你看看全球原始設備製造商擁有的所有不同車型時，他們的平均水平可能更高，而中國原始設備製造商在高端和低端內容車輛之間的範圍更廣，如果我們就這麼稱呼吧。

And so, but I think, clearly over time here there is growth on all those models as well. So we are looking very positively on China when it comes to safety content going forward.

所以，但我認為，隨著時間的推移，所有這些模型顯然也會有所增長。因此，在未來的安全內容方面，我們對中國抱持著非常正面的態度。

Okay. And just as a follow up, you had talked about a USD6 million higher engineering income in the third quarter. Is that -- should we consider that as like kind of a pull forward from fourth quarter typically? Or is that unrelated to -- like with the fourth quarter still be a 200 basis points benefit?

好的。作為後續，您提到第三季的工程收入增加了 600 萬美元。我們是否應該將其視為通常從第四季開始的一種拉動？或者這與第四季仍有 200 個基點的收益無關？

I think the fourth quarter, we have the seasonality higher and I think you need to focus really what we're saying about the full year guidance here and then, of course, you can make your own calculations on what you mean with between the quarters here. But nothing specifically to report on the engineering income tendency and cyclicalities the same every year

我認為第四季度的季節性更高，我認為你需要真正關注我們在這裡所說的全年指導，然後，當然，你可以自己計算季度之間的含義這裡。但沒有專門報告每年相同的工程收入趨勢和週期性

And it can always fluctuate a bit between the quarters. So nothing extraordinary out of the ordinary in the third quarter that would also have implications for the fourth quarter.

而且季度之間總是會出現一些波動。因此，第三季沒有任何異常情況也會對第四季產生影響。

Got it. Thank you.

知道了。謝謝。

[Eric Goregg, SEB].

[埃里克·戈爾格，SEB]。

Thank you. I have two questions. And thank you for the extra color on China. And the first one on China and sort of looking at vehicles, I mean, such as the Nio over there and some of the others. What's really different? I mean, what changes did you do to get that attraction and orders with these? And what do you think is key to really improve with someone like BYD?

謝謝。我有兩個問題。感謝您為中國增添色彩。第一個是關於中國的，我的意思是，例如那裡的蔚來汽車和其他一些汽車。到底有什麼不同？我的意思是，您做了哪些改變來獲得這些吸引力和訂單？您認為與比亞迪這樣的公司一起真正進步的關鍵是什麼？

And then the second question on CapEx into next year. This year 5.5% of sales. I think you've always said that your normalized level is lower than that. So fair to assume it drops a bit further into next year or just an update on where you are in your investment cycle. Thank you.

然後是關於明年資本支出的第二個問題。今年銷售額的5.5%。我想你總是說你的標準化水準低於這個水準。可以公平地假設它會在明年進一步下降，或者只是更新您在投資週期中的位置。謝謝。

Thank you. Let me start with the China there. I think, I mean, it's no different there compared to anywhere else in the world in terms of what you can offer to gain tractions with the different OEMs. I mean, it's all about our innovation capabilities here to provide the right product to our customer and do that in a robust way with superior quality.

謝謝。讓我從那裡的中國開始。我認為，我的意思是，就您可以提供的服務來獲得不同原始設備製造商的吸引力而言，與世界其他任何地方相比，這裡沒有什麼不同。我的意思是，這一切都與我們的創新能力有關，為我們的客戶提供合適的產品，並以穩健的方式和卓越的品質做到這一點。

And I think with the Chinese OEM, of course, if we back up a few years, the Chinese OEM space was much smaller than it is today. But we were very early on to invest in new OEM racing in China. And of course, we have gradually grown at that has been growing here. But we also at the same time have had new OEMs growing as well.

當然，我認為對於中國 OEM 來說，如果我們倒退幾年，中國 OEM 的空間比現在小得多。但我們很早就在中國投資了新的 OEM 賽車。當然，我們已經在這裡逐漸成長。但同時，新的原始設備製造商也在不斷成長。

As this one to slide, I mean, we're working with 68 or 60 plus, let's say OEMs in China. So there are quite a few and they are -- has over the years also been increasing. So we are establishing a relationship with them in early stage and gradually add on that.

當這個幻燈片出現時，我的意思是，我們正在與 68 或 60 以上合作，比如說中國的 OEM。因此，數量相當多，而且多年來一直在增加。所以我們會在早期與他們建立關係，並逐漸增加這種關係。

So I think we have a very [erstwhile] good team in China, and we are really here making sure that we show our capabilities here in being a close partner with them to develop new models. And so far, we have been successful in that and we put a lot of focus on it going forward as well to add to our portfolio of customers there.

因此，我認為我們在中國擁有一支非常[曾經]優秀的團隊，我們確實在這裡確保我們在這裡展示我們與他們密切合作開發新車型的能力。到目前為止，我們在這方面取得了成功，我們也非常關注未來的發展，並增加我們在那裡的客戶組合。

And then on your topics question. We are in the first nine months here. We have 5.5% which is also what we're guiding for the full year. We have said that we have a plan here to come down to ration more around 5% over time. Next year will still be some above that 5% target number as we still have some significant factories or footprint here that are coming in line with investment also next year. But it should start to trend down from around 5.5% here.

然後就你的主題問題。我們在這裡的前九個月。我們的目標是 5.5%，這也是我們全年的目標。我們說過，我們有一個計劃，隨著時間的推移，配給量將下降到 5% 左右。明年仍將高於 5% 的目標數字，因為我們這裡仍然有一些重要的工廠或足跡，這些工廠或足跡也將與明年的投資保持一致。但它應該會從這裡的 5.5% 左右開始下降。

Thank you.

謝謝。

Elias Cohen, Neuberger Berman.

埃利亞斯·科恩，紐伯格·伯曼。

All right. Thanks so much for taking the question and congrats on the progress you made in your strategic initiatives and the results you are yielding in a tough environment. I have two questions. The first is just any comments around profitability in China would be very helpful to us, investors. I believe margins accretive there, but any comments on the trajectory of margins or maybe the difference between being a supplier of components versus being a supplier of [false] systems. And then I'll go on to the next one. Thanks.

好的。非常感謝您提出這個問題，並對您在策略性舉措中取得的進展以及在艱難的環境中取得的成果表示祝賀。我有兩個問題。首先，任何有關中國獲利能力的評論都會對我們投資者非常有幫助。我相信那裡的利潤會增加，但是對利潤軌蹟的評論或可能是組件供應商與[錯誤]系統供應商之間的區別。然後我將繼續下一篇。謝謝。

Yeah. Hello. Thank you for your questions there. I mean as you know, we don't disclose the profitability in any dimension here. For us, it's really about the portfolio programs that we are working with and of course, you have some that is better and some that is less profitable and what you see here is the average of all our different programs around the world here. So we don't go into any great detail on that, unfortunately.

是的。你好。謝謝您的提問。我的意思是，如您所知，我們不會在這裡披露任何方面的盈利能力。對我們來說，這實際上與我們正在合作的投資組合項目有關，當然，有些更好，還有一些利潤較低，您在這裡看到的是我們在世界各地所有不同項目的平均值。因此，不幸的是，我們沒有詳細討論這一點。

Okay, fine. And then just to sort of related to that, I think it was George from Goldman who asked the question. But you know you made the comment that the market share losses of the Western OEMs will persist. Obviously, there's a structural change happening in the global auto industry. The Chinese OEMs behave differently, they operate differently, they have different priorities.

好吧，好吧。與此相關的是，我認為是高盛的喬治提出了這個問題。但你知道你說過西方原始設備製造商的市佔率損失將持續下去。顯然，全球汽車產業正在發生結構性變化。中國原始設備製造商的行為方式不同，運作方式不同，優先事項也不同。

And I guess it's a little counterintuitive to me that if the industry is structurally changing, why the call of will normalize back to a level where it was before. So I guess maybe a different way of asking it is. how does call off work in China? And is that a dilutive impact? And then secondly, also how do the Chinese OEMs impact your network and capital of the business? Thanks.

我想這對我來說有點違反直覺，如果這個行業正在發生結構性變化，為什麼呼籲會正常化回到之前的水平。所以我想也許是一種不同的提問方式。在中國如何取消工作？這是稀釋影響嗎？其次，中國原始設備製造商如何影響您的業務網絡和資本？謝謝。

When it comes to call off. I mean the call off is very much a sign of disturbances in the value chain, be it going back here, everything from the component shortage to logistical challenges around the world, to a bit cooling off on the EVs and so forth, uncertainty around the dialogue. So -- and some specific customers have their own challenges that they call for, you know, some rapid changes here within the normally frozen period.

到了要取消的時候。我的意思是，取消在很大程度上是價值鏈擾亂的跡象，無論是回到這裡，從零件短缺到世界各地的物流挑戰，再到電動車的降溫等等，周圍的不確定性對話。因此，一些特定的客戶有自己的挑戰，他們要求在通常的凍結期內進行一些快速的變化。

And so I'm convinced that the way back is really to improve the -- for everybody's interest, is to get back to less volatility in this area. And I mean, the China transition, is you could say, the growing number of Chinese OEM is not creating a pool of volatility. If you go to China and look at how they work, I mean their predictability of stability, it's the same as we have seen elsewhere in the world over time.

因此，我相信，回歸之道實際上是為了每個人的利益而改善，即減少該領域的波動性。我的意思是，中國的轉型，你可以說，中國原始設備製造商數量的增加並沒有造成波動。如果你去中國看看他們是如何運作的，我的意思是他們的穩定性的可預測性，這與我們長期以來在世界其他地方看到的一樣。

So there is not, I would say characteristics coming from, say the newer OEMs here that calls for high volatility. So I confirm what I said before.

因此，我想說的是，這裡較新的原始設備製造商不存在要求高波動性的特性。所以我確認了我之前說的話。

And on the working capital because you tend to see much longer account receivables and so forth in China with businesses across different industries.

關於營運資金，因為在中國不同行業的企業中，您往往會看到更長的應收帳款等。

That's correct. I mean, they tend to have longer payment terms than other suppliers. But we've been very clear also with our supply base that to enter into the set up and also participate in this growth that we also need the support from our supply base. So -- and then that's in China, that's a very common way of working. So the net does not necessarily have to be significantly different than the other part of our business.

這是正確的。我的意思是，他們的付款期限往往比其他供應商更長。但我們對我們的供應基地也非常清楚，要進入這個組織並參與這種成長，我們也需要我們供應基地的支持。所以——在中國，這是一種非常常見的工作方式。因此，網路不一定與我們業務的其他部分有很大不同。

Okay, thanks so much.

好的，非常感謝。

Thank you.

謝謝。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Hi, thanks for taking the question. Just starting out here, I appreciate the regional drivers behind the four points of growth of our market. But I was curious if you could help bucket perhaps the drivers between pricing and launches and then customer mix specifically the last piece there was customer mix. We generally expected a drag from that. And I was curious, how you managed to offset that including in the Americas?

您好，感謝您提出問題。剛開始時，我很欣賞我們市場四個成長點背後的區域驅動力。但我很好奇您是否可以幫助解決定價和發布之間的驅動因素，然後是客戶組合，特別是最後一個部分是客戶組合。我們普遍預期這會帶來拖累。我很好奇，你們是如何設法抵消這一影響的，包括在美洲？

Yeah, I mean, so out performance is 4 percentage points and it's not -- we're getting the smaller numbers right overall. So pricing is a component of that. But as also historically here, we will not disclose our pricing ambitions and also not the realization of pricing. But it is of course a larger part of that outgrowth.

是的，我的意思是，所以我們的表現是 4 個百分點，但事實並非如此——我們總體上得到了較小的數字。所以定價是其中的一個組成部分。但正如歷史上一樣，我們不會透露我們的定價目標，也不會透露定價的實現情況。但這當然是這種成長的很大一部分。

Yeah. Well, that makes sense. Thank you. Then just as a follow up, definitely understand the logic as to why you'd be a strong partner for Chinese OEMs seeking to expand internationally. I was just curious if there was any notable distinctions to call out what you see is your opportunity between exports from China and then volumes produced from international facilities of Chinese OEMs if they're starting to open up. Do you see any difference between the two in terms of share, in terms of content?

是的。嗯，這是有道理的。謝謝。然後，作為後續行動，一定要了解為什麼您會成為尋求國際擴張的中國原始設備製造商的強大合作夥伴。我只是很好奇，如果中國原始設備製造商開始開放，其國際工廠的出口量與中國出口量之間是否存在任何顯著區別，可以說明您所看到的機會。您認為兩者在份額和內容方面有什麼區別嗎？

No really. I think it's -- as I said, the premium vehicle is a premium vehicle everywhere and less content is more basic vehicle maybe. And so no. There is no real difference as I said before. I mean, you look at the export that tended to be more premium so far from China [EV], but it depends on where in the world it goes to as well. So there is no general statement on that. I think there's the same ambitions as any other OEM.

真的不。我認為，正如我所說，高級車輛在任何地方都是高級車輛，而內容較少的車輛可能是更基本的車輛。所以不。正如我之前所說，沒有什麼真正的區別。我的意思是，你會看到迄今為止中國[電動車]的出口往往更加溢價，但這也取決於它銷往世界哪個地方。所以對此沒有一般性的聲明。我認為他們與其他 OEM 有著同樣的雄心壯志。

That's helpful. Thank you.

這很有幫助。謝謝。

Thank you. As there are no further questions, I would now like to hand back to Mikael Bratt for any closing remarks.

謝謝。由於沒有其他問題了，我現在想請米凱爾·布拉特發表結束語。

Thank you, Sonia. And before we conclude today's call, I want to emphasize that we remain fully committed to achieving our target of around 12% adjusted operating margin. Our focus continues to be on structural cost reductions, cost compensation, innovation, quality, and sustainability. The possible trends in our cash flow and balance sheet reinforce our dedication to delivering strong shareholder return.

謝謝你，索妮亞。在我們結束今天的電話會議之前，我想強調，我們仍然完全致力於實現調整後營業利潤率約 12% 的目標。我們的重點仍然是結構性成本削減、成本補償、創新、品質和永續性。我們的現金流量和資產負債表可能出現的趨勢強化了我們致力於提供強勁股東回報的決心。

Our fourth quarter and full year earnings call is scheduled for Friday, January 31, 2025. Thank you all for joining today's call. We truly value your continued interest in Autoliv. Until next time, drive safely.

我們的第四季和全年財報電話會議定於 2025 年 1 月 31 日星期五舉行。我們非常重視您對奧托立夫的持續興趣。直到下次，安全駕駛。