Autoliv Inc (ALV) 2021 Q3 法說會逐字稿

Welcome to the Q3 2021 Autoliv, Inc. Earnings Conference Call. (Operator Instructions)

歡迎參加 2021 年第三季度 Autoliv, Inc. 收益電話會議。 （操作員說明）

I will now hand over to Anders Trapp, Vice President, Investor Relations. Please begin your meeting.

我現在將移交給投資者關係副總裁 Anders Trapp。請開始您的會議。

Thank you, Martin.

謝謝你，馬丁。

Welcome, everyone, to our third quarter 2020 financial results earnings presentation. On this call, we have our President and CEO, Mikael Bratt, and our Chief Financial Officer, Fredrik Westin, and I am Anders Trapp, Vice President of Investor Relations.

歡迎大家參加我們的 2020 年第三季度財務業績報告。在這次電話會議上，我們有總裁兼首席執行官 Mikael Bratt 和首席財務官 Fredrik Westin，我是投資者關係副總裁 Anders Trapp。

During today's earnings call, our CEO will provide a brief overview of our third quarter results as well as provide an update on our general business and market conditions. Following Mikael, Fredrik will provide further details and commentary around the financials. We will then remain available to respond to your questions. And as usual, the slides are available on autoliv.com.

在今天的財報電話會議上，我們的首席執行官將簡要概述我們的第三季度業績，並提供我們一般業務和市場狀況的最新信息。繼 Mikael 之後，Fredrik 將提供有關財務狀況的更多詳細信息和評論。然後，我們將繼續回复您的問題。和往常一樣，這些幻燈片可在 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 available in our SEC regulatory filings available on autoliv.com. Lastly, I should mention that this call is intended to conclude at 3:00 pm Central European Time. So please follow a limit of two questions per person. I now hand over to our CEO, Mikael Bratt.

轉到下一張幻燈片。我們有安全港聲明，它是本演示文稿的一個組成部分，包括以下問答。在演示過程中，我們將參考一些非美國公認會計原則的措施。歷史美國 GAAP 與非美國 GAAP 措施的對賬可在 autoliv.com 上我們的 SEC 監管文件中找到。最後，我應該提到，本次電話會議打算在中歐時間下午 3:00 結束。因此，請遵循每人兩個問題的限制。我現在將交給我們的首席執行官 Mikael Bratt。

Thank you, Anders.

謝謝你，安德斯。

Looking on the next slide. First, I'd like to thank our team once again for their unrelenting commitment, particularly in managing the volatility in customer call-offs. Thanks to the team's effort, we were able to supply our customers and achieved solid performance in our plans despite facing a very challenging market. This slide quite well illustrates how dramatic light vehicle production has developed during 2021, especially since July. Supply shortage of semiconductors and other components severely impacted the light vehicle production in the third quarter. It led to a third quarter global LVP decline of 20%, which was 17% lower than what was expected only 3 months ago and 12% below Q2, all according to IHS Markit.

看下一張幻燈片。首先，我要再次感謝我們團隊的不懈承諾，特別是在管理客戶取消的波動性方面。由於團隊的努力，儘管面臨極具挑戰性的市場，我們仍能夠為客戶提供產品並在我們的計劃中取得穩健的表現。這張幻燈片很好地說明了 2021 年，尤其是自 7 月以來，輕型汽車生產的發展情況。半導體等零部件供應短缺嚴重影響第三季度輕型車生產。根據 IHS Markit 的數據，這導致第三季度全球 LVP 下降 20%，比 3 個月前的預期低 17%，比第二季度低 12%。

Markets with high safety content per vehicle were most affected by the dramatic changes. Europe, Americas and Japan, all saw Q3 LVP being 20% to 25% lower than what was expected 3 months ago. The decline in light LVP, unpredictable changes in customer call-offs and high raw material costs resulted in reduced profitability in the quarter despite strict cost control, including a significant headcount reduction.

每輛車的安全含量高的市場受劇烈變化的影響最大。歐洲、美洲和日本的第三季度 LVP 均比 3 個月前的預期低 20% 至 25%。儘管有嚴格的成本控制，包括大幅裁員，但輕型 LVP 的下降、客戶取消的不可預測的變化和高原材料成本導致本季度的盈利能力下降。

Looking on the next slide. Given all that, I'm pleased that we continued to strongly outperform the global LVP in the quarter and with strong order intake for the first 9 months of the year. We continue to execute strict measures to mitigate the current adverse business headwinds, including capacity alignment in Europe and in North America. However, as a result of a significant reduced light vehicle production outlook for the year, we are revising our full year indications for sales, adjusted operating margin and operating cash flow. Despite the challenging environment, our cash flow was solid, and our debt leverage ratio remains well within our target range. We paid a dividend of $0.62 per share in the third quarter. Looking now on the financial overview on the next slide.

看下一張幻燈片。鑑於這一切，我很高興我們在本季度繼續強勁超越全球 LVP，並且在今年前 9 個月的訂單量強勁。我們繼續採取嚴格的措施來緩解當前不利的業務逆風，包括歐洲和北美的產能調整。然而，由於今年輕型汽車產量前景大幅下降，我們正在修改全年銷售指標、調整後的營業利潤率和營業現金流。儘管環境充滿挑戰，但我們的現金流依然穩健，我們的債務槓桿率仍然在我們的目標範圍內。我們在第三季度支付了每股 0.62 美元的股息。現在看下一張幻燈片的財務概覽。

Our consolidated net sales of $1.8 billion was 9% lower than in Q3 2020 due to a 20% decline in LVP. Without our strong sales outperformance, the sales decline would have been almost the double. Adjusted operating income, excluding costs for capacity alignment fell from USD 206 million to USD 103 million. The adjusted operating margin was 5.6%. The lower operating margin was a result of lower sales, higher call of volatility as well as rising costs for raw materials. Operating cash flow was a solid USD 188 million despite the challenging environment.

由於 LVP 下降 20%，我們的合併淨銷售額為 18 億美元，比 2020 年第三季度下降 9%。如果沒有我們強勁的銷售表現，銷售額下降幾乎是兩倍。調整後的營業收入（不包括產能調整成本）從 2.06 億美元降至 1.03 億美元。調整後的營業利潤率為5.6%。營業利潤率下降是由於銷售額下降、波動性上升以及原材料成本上升所致。儘管環境充滿挑戰，但經營現金流仍穩定在 1.88 億美元。

Looking now on sales development on the next slide. I am very pleased that our organic sales growth outperformed the global light vehicle production by almost 8 percentage points. This was achieved as we continued to execute on our strong order book and despite the fact that the largest LVP declines were in high content per vehicle markets. We had a very strong outperformance in all regions. In North America, we outperformed by 7 percentage points and in Europe by 16 percentage points. In China, we outperformed by 6 percentage points in spite of high-end vehicles being more affected by the semiconductor shortage.

現在看下一張幻燈片上的銷售發展。我很高興我們的有機銷售增長比全球輕型汽車產量高出近 8 個百分點。這是因為我們繼續執行我們強勁的訂單，儘管最大的 LVP 下降是在每輛車市場的高含量。我們在所有地區都有非常強勁的表現。在北美，我們高出 7 個百分點，在歐洲高出 16 個百分點。在中國，儘管高端汽車受半導體短缺的影響更大，但我們的表現仍領先 6 個百分點。

Although all regions showed outperformance, only one region, Rest of Asia showed organic sales growth year-over-year. Within this region, sales in India and ASEAN grew strongly with side airbag sales more than doubling compared to last year.

儘管所有地區都表現出色，但只有一個地區，亞洲其他地區的銷售額同比增長。在該地區，印度和東盟的銷量增長強勁，側面安全氣囊銷量比去年翻了一番還多。

Looking on the next slide. In the third quarter, we had the highest number of product launches for a single quarter ever, and we remain on track to launch approximately 750 new products for the full year, also a new record for the company. The models shown on this slide have an Autoliv content per vehicle from approximately USD 160 to almost USD 700. This is one of the highest content we have on any vehicle model. Six of these vehicles are either EVs or plug-in hybrids, further extending our exposure to this growing market. Last year, sales -- these markets accounted for around 10% of our total sales. We expect an almost doubling of sales to this segment in 2021. The long-term trend to higher content per vehicle is supported by the introduction of front center airbags, knee airbags and battery cut-off switches.

看下一張幻燈片。第三季度，我們的產品發布數量創下了單季度的最高紀錄，全年我們將繼續推出約 750 款新產品，這也是公司的新紀錄。這張幻燈片上顯示的車型每輛車的奧托立夫含量從大約 160 美元到近 700 美元不等。這是我們在任何車型上擁有的最高含量之一。其中六輛是電動汽車或插電式混合動力車，進一步擴大了我們在這個不斷增長的市場中的曝光率。去年，銷售額——這些市場占我們總銷售額的 10% 左右。我們預計 2021 年該細分市場的銷售額將幾乎翻一番。前排中央安全氣囊、膝部安全氣囊和電池切斷開關的引入支持了每輛車更高含量的長期趨勢。

I will now hand over to our CFO, Fredrik Westin, who will talk about the financials on the next few slides.

我現在將交給我們的首席財務官 Fredrik Westin，他將在接下來的幾張幻燈片中討論財務狀況。

Thank you, Mikael. This slide highlights our key figures for the third quarter of 2021 compared to 2020. Our net sales were $1.85 billion. This was a 9% decrease compared to the same quarter last year, less than half of the 20% decline seen in the global light vehicle production. Gross profit declined by 25% to $301 million, while the gross margin decreased to 16%. The gross margin decrease was primarily driven by the lower sales and higher raw material costs. In the quarter, capacity alignments had $4 million negative impact on the operating profit. The adjusted operating income decreased to $103 million from $206 million. As a result, the adjusted operating margin declined by 4.5 percentage points to 5.6%. The operating cash flow was $188 million. Earnings per share diluted decreased by $0.44, where the main drivers were $1.17 from lower adjusted operating income partly mitigated by $0.31 from lower costs for capacity alignment and antitrust related matters and $0.26 from lower tax. Our adjusted return on capital employed declined to 11% and the adjusted return on equity to 10%. We declared and paid a quarterly dividend of $0.62 per share in the quarter the same as in the previous quarter, where the dividend was reinstated. Looking now on the adjusted operating margin bridge on the next slide. Our adjusted operating profit of $103 million was 50% lower than the same quarter last year. The impact of raw material price changes was a negative $37 million in the quarter. Foreign exchange impacted the operating profit positively by $4 million, mainly as a result of a weaker U.S. dollar. Support from governments in connection with the pandemic was $10 million in the third quarter last year, while it was not material to our financial results in the third quarter this year. The adjusted operating profit was negatively affected by higher SG&A and RD&E, net of governmental support of $4 million. Lower sales impact from increased call-off volatility and cost inflation, mainly related to logistics and utilities resulted in operational inefficiencies of $56 million in the quarter. Excluding foreign exchange, raw material cost increases and governmental support, the adjusted operating income leverage was approximately 25% on the organic sales decline.

謝謝你，米凱爾。這張幻燈片突出顯示了我們與 2020 年相比 2021 年第三季度的關鍵數據。我們的淨銷售額為 18.5 億美元。與去年同期相比下降了 9%，不到全球輕型汽車產量下降 20% 的一半。毛利潤下降 25% 至 3.01 億美元，而毛利率下降至 16%。毛利率下降主要是由於銷售額下降和原材料成本上升所致。本季度，產能調整對營業利潤產生了 400 萬美元的負面影響。調整後的營業收入從 2.06 億美元降至 1.03 億美元。因此，調整後的營業利潤率下降 4.5 個百分點至 5.6%。經營現金流為1.88億美元。稀釋後的每股收益減少了 0.44 美元，其中主要驅動因素是調整後的營業收入減少了 1.17 美元，部分原因是產能調整和反壟斷相關事務的成本降低了 0.31 美元，稅收減少了 0.26 美元。我們調整後的資本回報率下降至 11%，調整後的股本回報率下降至 10%。我們在本季度宣布並支付了每股 0.62 美元的季度股息，與恢復股息的上一季度相同。現在看下一張幻燈片上調整後的營業利潤率橋。我們調整後的營業利潤為 1.03 億美元，比去年同期低 50%。本季度原材料價格變化的影響為負 3700 萬美元。外匯對營業利潤產生了 400 萬美元的積極影響，主要是由於美元疲軟。去年第三季度，政府提供的與大流行有關的支持為 1000 萬美元，而這對我們今年第三季度的財務業績並不重要。調整後的營業利潤受到更高的 SG&A 和 RD&E 的負面影響，扣除政府 400 萬美元的支持。主要與物流和公用事業相關的取消波動性增加和成本膨脹導致銷售影響降低，導致本季度運營效率低下 5600 萬美元。剔除外匯、原材料成本增加和政府支持，調整後的營業收入槓桿約為 25%，因有機銷售額下降。

Despite unpredictable customer call-offs, the 25% decremental margin is within our communicated normal range. Looking on the next slide. Through a number of actions, we have mitigated some of the negative effects from the lower sales, the increased call-off volatility and the cost inflation. These actions include activities such as adjusting production, shortening work week hours and furloughing personnel. For example, footprint and capacity alignment in Europe as well as moving overhead functions to best cost countries in Americas. We are also evaluating further footprint adjustments. In total, we have reduced headcount by over 4,500 since the end of the first quarter, of which 2,500 in the third quarter.

儘管客戶取消不可預測，但 25% 的遞減保證金在我們傳達的正常範圍內。看下一張幻燈片。通過一系列行動，我們減輕了銷售額下降、取消波動性增加和成本上漲帶來的一些負面影響。這些行動包括調整生產、縮短工作週時間和解僱人員等活動。例如，歐洲的足跡和容量調整以及將間接費用職能轉移到美洲成本最高的國家。我們還在評估進一步的足跡調整。自第一季度末以來，我們總共減少了 4,500 多人，其中第三季度減少了 2,500 人。

However, as you can see on the slide, our strict measures include much more than just headcount and workweek hour reductions. Demand planning and forecasting are key for achieving efficient operations. During the quarter, planning of production has been challenging as many customers have initially placed high orders and then at late stage, substantially reduced them. In Q3, we have frequently seen call-off deviations of around 50% and, in some cases, even higher.

但是，正如您在幻燈片上看到的那樣，我們的嚴格措施不僅僅包括減少員工人數和減少工作週時數。需求計劃和預測是實現高效運營的關鍵。在本季度，生產計劃一直充滿挑戰，因為許多客戶最初下了高額訂單，然後在後期大幅減少了訂單。在第三季度，我們經常看到大約 50% 的回調偏差，在某些情況下甚至更高。

In this environment, we cannot only rely on forecasts from our customers for production planning. This means that we need to do our own assessment on weekly volume demand based on customers' behavior over the past months. We include claims for compensation for lost volumes with short notice in the commercial negotiations with our customers. Our supply chain management teams have been working hard to balance inventories to actual demand. Through negotiations and consolidation of the supply base, we successfully mitigated some of the raw material headwinds in the third quarter. We have also delayed and reduced capital expenditure plans where possible.

在這種環境下，我們不能僅僅依靠客戶的預測來製定生產計劃。這意味著我們需要根據過去幾個月客戶的行為對每週的需求量進行自己的評估。在與客戶的商業談判中，我們會在短時間內通知數量損失索賠。我們的供應鏈管理團隊一直在努力平衡庫存與實際需求。通過談判和鞏固供應基礎，我們在第三季度成功緩解了部分原材料不利因素。我們還盡可能推遲和減少資本支出計劃。

More on the raw material impact on the next slide. Supply and demand imbalances continue to drive prices of raw materials higher. Through successful mitigation actions, the raw material headwinds in the third quarter was slightly lower than expected. However, new headwinds involving, for example, higher magnesium and resin costs mean we still expect a full year operating margin headwind from raw materials of around 130 basis points. Year-to-date, we have limited the impact with close to zero impact in the third -- in the first quarter, around $8 million in the second quarter, followed by around $37 million in the third quarter. We have some limited contractual pass-throughs to customers. Given this exceptional period of high raw material prices, we believe it is necessary to request compensations from our customers and negotiations are ongoing. It will take time to see the results of these efforts, and we do not expect much impact this year. A more significant recovery is expected in 2022.

更多關於原材料的影響在下一張幻燈片上。供需失衡繼續推動原材料價格走高。通過成功的緩解行動，第三季度的原材料逆風略低於預期。然而，新的不利因素包括更高的鎂和樹脂成本，這意味著我們仍預計原材料的全年營業利潤率逆風約為 130 個基點。年初至今，我們將影響限制在第三季度接近於零的影響——第一季度，第二季度約為 800 萬美元，第三季度約為 3700 萬美元。我們有一些有限的合同傳遞給客戶。鑑於這個原材料價格高企的特殊時期，我們認為有必要向我們的客戶要求賠償，談判正在進行中。這些努力的結果需要時間才能看到，我們預計今年不會有太大影響。預計 2022 年將出現更顯著的複蘇。

On to the next slide. For the third quarter of 2021, operating cash flow decreased by $164 million to $188 million compared to the same period last year, mainly due to lower net income and less positive effects from changes in operating working capital. Compared to prior quarter, working capital improved with $35 million, benefiting from a $74 million change in trade working capital. This was mainly a result of a $144 million reduction of receivables, partly offset by $49 million from decreased accounts payables and $21 million from increased inventories.

轉到下一張幻燈片。 2021年第三季度，經營現金流較去年同期減少1.64億美元至1.88億美元，主要是由於淨利潤下降和經營營運資金變化帶來的積極影響較小。與上一季度相比，營運資金增加了 3500 萬美元，這得益於貿易營運資金的 7400 萬美元變化。這主要是由於應收賬款減少了 1.44 億美元，部分被應付賬款減少的 4900 萬美元和庫存增加的 2100 萬美元所抵消。

The increase in inventories was a consequence of the low demand visibility and supply chain challenges. Capital expenditure increased by 46% year-over-year to $112 million. The increase mainly reflects the lower level in the prior year due to the extraordinary measures taken in 2020. Capital expenditure, net in relation to sales was 6.0% versus 3.8%, a year earlier. Free cash flow was $77 million, impacted by lower operating cash flow and the higher capital expenditure. The cash conversion over the last 12 months was 97%.

庫存增加是需求能見度低和供應鏈挑戰的結果。資本支出同比增長 46% 至 1.12 億美元。這一增長主要反映了由於 2020 年採取的非常措施導致上一年的較低水平。資本支出淨額佔銷售額的 6.0%，而去年同期為 3.8%。自由現金流為 7700 萬美元，受運營現金流減少和資本支出增加的影響。過去 12 個月的現金轉換率為 97%。

Now to the next slide. In the past 2 years, we have managed a very difficult market environment with significant declines in vehicle production and low demand visibility as well as severe disruptions of global supply chains. And still, we have reduced our net debt by $600 million since mid-2019 and thereby recovered to a balance sheet position that is in line with our target. The leverage ratio is unchanged compared to last quarter at 1.1x at the end of September 2021. This is a significant improvement compared to 2.4x 1-year ago. In the quarter, our last 12 months EBITDA decreased by $96 million, balanced by the net debt decrease of $42 million.

現在到下一張幻燈片。在過去的 2 年中，我們應對了非常艱難的市場環境，汽車產量大幅下降、需求可見度低以及全球供應鏈嚴重中斷。儘管如此，自 2019 年年中以來，我們已將淨債務減少了 6 億美元，從而恢復到符合我們目標的資產負債表狀況。截至 2021 年 9 月末，槓桿率與上一季度相比沒有變化，為 1.1 倍。與一年前的 2.4 倍相比，這是一個顯著的改善。在本季度，我們過去 12 個月的 EBITDA 減少了 9600 萬美元，淨債務減少了 4200 萬美元。

Now looking at the light vehicle production development on the next slide. In the near term, the light vehicle outlook will mainly be determined by the evolution of the situation around semiconductors. In North America, the industry continues to struggle to meet consumer demand for new vehicles due to the shortage of semiconductors. Inventory of new vehicles in the U.S. ended September below 1 million units, the lowest level seen for at least 35 years. Despite healthy underlying demand trends in Europe, component shortages meant that registrations have not returned to the pre-pandemic level. In China, semiconductor and energy constraints are affecting production, especially for higher-end vehicles. Demand is also being impacted by monetary policy and rising concerns about property prices. As a consequence of the supply chain constraints, production is expected to remain volatile in the fourth quarter. There are some indications of moderate improvement in semiconductor availability in Asia and North America, but the visibility remains poor.

現在看下一張幻燈片上的輕型汽車生產發展。短期內，輕型汽車的前景將主要取決於半導體形勢的演變。在北美，由於半導體短缺，該行業繼續努力滿足消費者對新車的需求。截至 9 月，美國新車庫存低於 100 萬輛，為至少 35 年來的最低水平。儘管歐洲的潛在需求趨勢健康，但零部件短缺意味著註冊量尚未恢復到大流行前的水平。在中國，半導體和能源限制正在影響生產，尤其是高端汽車。需求也受到貨幣政策和對房地產價格日益增長的擔憂的影響。由於供應鏈的限制，預計第四季度的生產將保持波動。有跡象表明亞洲和北美的半導體供應量略有改善，但能見度仍然很差。

For the full year 2021, our assumption is now that global light vehicle production will be flat compared to 2020. Where possible, OEMs will likely continue to prioritize production of vehicles with no or low CO2 levels as well as larger vehicles. For Autoliv, this trend should support further outperformance versus light vehicle production. Assuming that the component availability improves, we expect the good demand and low inventories to support a recovery in LVP in 2022. I now hand it back to Mikael.

對於 2021 年全年，我們現在的假設是，與 2020 年相比，全球輕型汽車產量將持平。在可能的情況下，原始設備製造商可能會繼續優先生產無二氧化碳或低二氧化碳水平的汽車以及大型汽車。對於奧托立夫來說，這一趨勢應該會支持進一步超越輕型汽車生產的表現。假設組件可用性有所改善，我們預計良好的需求和低庫存將支持 2022 年 LVP 的複蘇。我現在將其交還給 Mikael。

Thank you, Fredrik. Turning to the next slide. Our revised full year 2021 indications exclude cost for capacity alignment. Our full year indication is based on a flat global light vehicle production compared to 2020. Our previous indication from July 17, 2021, was based on an assumption of 9% to 11% LVP growth for 2021. We raised our expectations of sales outperformance versus global LVP from around 7% to around 8 percentage points. As a consequence of the lower light vehicle production assumption and higher outperformance, we now expect our organic sales growth to be around 8%, including positive currency translation effects of around 3%. Our net sales increase is expected to be around 11%. We expect an adjusted operating margin of around 8%. Operating cash flow is expected to be around $700 million. Our strategic initiatives are gradually yielding good results, and we are confident of our 2022-2024 targets, based on our internal progress and expected light vehicle market recovery in the next few years.

謝謝你，弗雷德里克。轉到下一張幻燈片。我們修訂後的 2021 年全年指標不包括產能調整成本。我們的全年指標是基於與 2020 年相比持平的全球輕型汽車產量。我們從 2021 年 7 月 17 日開始的指標是基於對 2021 年 LVP 增長 9% 至 11% 的假設。我們提高了對銷售業績的預期全球 LVP 從約 7% 降至約 8 個百分點。由於較低的輕型汽車產量假設和較高的業績表現，我們現在預計我們的有機銷售增長約為 8%，包括約 3% 的積極貨幣換算效應。我們的淨銷售額增長預計在 11% 左右。我們預計調整後的營業利潤率約為 8%。經營現金流預計約為 7 億美元。我們的戰略舉措正在逐步取得良好效果，基於我們的內部進展和未來幾年輕型車市場的複蘇預期，我們對我們的 2022-2024 年目標充滿信心。

Turning the slide. With relentless focus on quality and execution as well as mitigating near-term headwinds, we also continue to drive forward towards our targets. This and more will be explored at our virtual CMD on November 16. The event will be virtually only and live streamed. More details will be made available at the beginning of November. And I will now hand it back to Anders.

轉動幻燈片。憑藉對質量和執行的不懈關注以及緩解近期不利因素，我們還將繼續朝著我們的目標前進。 11 月 16 日，我們將在我們的虛擬 CMD 上探討這一點以及更多內容。該活動將幾乎只有現場直播。更多細節將在 11 月初公佈。我現在將把它交還給安德斯。

Thank you, Mikael. Turning the page. This concludes our formal comments for today's earnings call, and we would like to open the line for questions. I now hand it back to you, Martin.

謝謝你，米凱爾。翻頁。我們對今天的財報電話會議的正式評論到此結束，我們想打開電話提問。我現在把它還給你，馬丁。

(Operator Instructions)

（操作員說明）

We have the first question, it's from Emmanuel Rosner, Deutsche Bank.

我們有第一個問題，來自德意志銀行的 Emmanuel Rosner。

I have 2 lined up questions. The first one is, could you please talk a little bit more about the environment -- the operating environment you're seeing out there, in particular, what you're seeing so far in the fourth quarter, your updated guidance suggests some sequential improvement in earnings. And therefore, just curious how much things have improved so far sequentially? And then as part of this question as well, your light vehicle production outlook slide basically speaks about some improvements seen lately in North America. And I was curious if you could just elaborate a little bit more about what specifically you're seeing?

我有2個排隊的問題。第一個是，您能否多談談環境 - 您所看到的運營環境，特別是您在第四季度到目前為止所看到的情況，您的更新指導表明了一些連續的改進在收益。因此，只是好奇到目前為止，事情有多少改善了？然後作為這個問題的一部分，你的輕型汽車生產前景幻燈片基本上談到了最近在北美看到的一些改進。我很好奇您能否詳細說明您所看到的具體內容？

No, I think -- thank you for the questions. I think, I mean, first of all, we are affected here in the quarter. And I would say we still midst of it around the semiconductor question here. And what we're indicating here is that we see some, I would say, moderate slight improvements mainly in Asia and the U.S., and it's based on, I would say, feedback and dialogues we have with customers and ultimately, the suppliers here as well in the other end here. But I just want to say here that the visibility is still poor around that.

不，我想——謝謝你的提問。我認為，我的意思是，首先，我們在本季度受到了影響。我想說我們仍然圍繞著半導體問題。我們在這裡表明的是，我們看到了一些，我想說，主要在亞洲和美國有適度的輕微改進，我想說，這是基於我們與客戶以及最終這裡的供應商的反饋和對話好在另一端。但我只想在這裡說，周圍的能見度仍然很差。

So for us, it's all about making sure that we continue to focus on our internal activities here to mitigate as much as possible of the current situation, which I think we have done successfully in the quarter here. And as we have pointed out here, we have managed to deliver to our customer and what they've expected, and we have also made the necessary adjustments. And that we will continue to do in the months and quarters to come here, of course. So I think that as far as we can state really about the environment connected to the semiconductors. Then the raw material side, we have seen that increasing throughout the year here, and we gave you the sequential development, how it has impacted us. And here, the supply chain team has done a great job to fend off as much as possible. I think what we have seen in the quarter also is that the energy situation has added to the external headwind. And when we come to magnesium and I was say seeing also here, it's very much connected to the energy challenge as well there. So it's a very volatile environment there, but focus on what we can do for sure. So low visibility, but we are getting used to it, I would say.

所以對我們來說，這一切都是為了確保我們繼續專注於我們的內部活動，以盡可能地緩解當前的情況，我認為我們在本季度已經成功地做到了這一點。正如我們在這裡指出的那樣，我們已經成功地向我們的客戶交付了他們所期望的東西，並且我們還進行了必要的調整。當然，我們將在接下來的幾個月和幾個季度裡繼續這樣做。所以我認為，就我們可以真正說明與半導體相關的環境而言。然後是原材料方面，我們看到這裡全年都在增加，我們給你提供了連續的發展，它對我們的影響。在這裡，供應鏈團隊做得很好，盡可能地抵擋。我認為我們在本季度看到的還有能源形勢增加了外部逆風。當我們談到鎂時，我說這裡也看到了，它也與那裡的能源挑戰息息相關。所以那裡的環境非常不穩定，但要專注於我們肯定能做的事情。如此低的能見度，但我們已經習慣了，我想說。

This is very helpful. And then I was actually going to follow up on the raw materials, if I may. So it's encouraging to see that you're expecting more recoveries in 2022. If we were to exclude the recoveries just for a second and focus on the growth impact, based on what you've seen so far with raw materials, would you expect an incremental headwind in 2022 of a similar magnitude of what you seeing in 2021 or less or more? That's, again, excluding recoveries. And then on the magnesium side, it's obviously an important development. Can you just remind us where your exposure is there?

這很有幫助。如果可以的話，我實際上打算跟進原材料。因此，令人鼓舞的是，您預計 2022 年將出現更多複蘇。如果我們僅暫時排除復甦並專注於增長影響，根據您迄今為止對原材料的了解，您會期望2022 年的增量逆風與您在 2021 年看到的類似幅度或更少或更多？再次，不包括回收率。然後在鎂方面，這顯然是一個重要的發展。你能提醒我們你的曝光在哪裡嗎？

Yes. I think -- I mean, we are not giving any forecast on and details around 2022 here -- today here. I think, first of all, we need to get through Q4 and come to the next earnings call before we start to talk about that. And of course, the current visibility is not helping in that regard either. So we will have to come back on that question later on.

是的。我認為 - 我的意思是，我們不會在這裡給出任何關於 2022 年左右的預測和細節 - 今天在這裡。我認為，首先，我們需要度過第四季度，並在我們開始討論之前進行下一次財報電話會議。當然，目前的知名度在這方面也無濟於事。所以我們稍後將不得不回到這個問題。

But the question on exposure on magnesium, it's predominantly in our steering wheel business.

但是關於鎂暴露的問題，主要是在我們的方向盤業務中。

The next question is by Hampus Engellau, Handelsbanken.

下一個問題是由 Handelsbanken 的 Hampus Engellau 提出的。

Sorry for coming back on magnesium, but would it be possible to maybe add some flavor on risk you see in magnesium shortage given what we're seeing in China? Or is it just that the price situation for you guys? That's my first question. And then second question is related, if you could also maybe discuss on order intake. I know you want to provide maybe market share, but maybe you could indicate on how things are trending on the orders and your long-term target of having a 45% market share in retail sales? Those are my questions.

很抱歉再次使用鎂，但考慮到我們在中國看到的情況，是否有可能增加一些您在鎂短缺中看到的風險？還是只是你們的價格情況？這是我的第一個問題。然後第二個問題是相關的，如果您也可以討論訂單接收問題。我知道您可能想提供市場份額，但也許您可以說明訂單的趨勢以及您在零售銷售中擁有 45% 市場份額的長期目標？這些是我的問題。

Thank you, Hampus. On the magnesium side, I would say, so far for us, it's more a question of price. I think it, of course, depends on how the situation mainly in China then develops. But we all know that the reason why we have price increases in magnesium is that they have reduced production in China as a result of power shortage there in the near term. So I mean this is, of course, a topic that we are following very closely to see what alternatives we have. And I would say that right now, I feel that in terms of availability, we have that under control as it looks right now. but that's something we follow closely. On the order intake side, as we indicated here, we continue to see a strong new order intake, and it adds to our order book and support our expected market shares that we have talked about before, around 45%. So good support for that for the years to come here.

謝謝你，漢普斯。在鎂方面，我想說，到目前為止，對我們來說，更多的是價格問題。我認為這當然取決於主要在中國的情況如何發展。但是大家都知道，我們鎂價之所以漲價，是因為近期中國缺電導致他們減產。所以我的意思是，當然，這是一個我們正在密切關注的主題，以了解我們有哪些替代方案。我會說，現在，我覺得就可用性而言，我們已經控制住了它現在看起來的樣子。但這是我們密切關注的事情。正如我們在此處所指出的，在訂單接收方面，我們繼續看到強勁的新訂單接收，它增加了我們的訂單並支持我們之前談到的預期市場份額，約為 45%。在接下來的幾年裡，它對此提供了很好的支持。

So just one follow-up, maybe you can't answer this, but would just be interesting to know how crucial magnesium is in the steering wheel business? Or is it -- could you change that for another metal in the design of the steering wheel?

所以只是一個後續，也許你不能回答這個問題，但如果你想知道鎂在方向盤業務中的重要性會很有趣嗎？或者是——你能在方向盤設計中用另一種金屬改變它嗎？

It's crucial. Of course, this is a part of the main structure of the steering wheel. There is alternatives, but you don't change alternative materials overnight. There is a lot of requirements to do that together with our customers. So that's not a short-term option really, I mean under current circumstances. But as I said, we are not there and it's not concerned today.

這很關鍵。當然，這是方向盤主體結構的一部分。有替代品，但您不會在一夜之間更換替代材料。與我們的客戶一起做這件事有很多要求。所以這不是一個短期的選擇，我的意思是在目前的情況下。但正如我所說，我們不在那裡，今天也不擔心。

Your next question is by Colin Langan, Wells Fargo.

您的下一個問題是富國銀行的 Colin Langan。

The decremental margins on your guidance cut are sort of in the low 20% range, which is actually significantly better than some other suppliers that have recently cut. They've indicated sort of volatility in schedules have made it tough to flex labor. I mean, is that just not structurally an issue for you? Or are there other cost savings that are offsetting that because it does seem to be a much better performance.

您的指導削減的遞減幅度在 20% 的較低範圍內，這實際上比最近削減的其他一些供應商要好得多。他們表示，日程安排的波動使得靈活勞動力變得困難。我的意思是，這對你來說不是結構上的問題嗎？或者是否有其他成本節省可以抵消這一點，因為它似乎確實有更好的性能。

I think it's an equally large problem for us. If you look at the development here in the second and the third quarter, where we've had the sequential decline in volumes. Also there, if we exclude the raw material cost impact, we had -- we've been here in the mid-20% decremental margin range. And I think that's also what we then see, as you say yourself for the full year with the guidance that we've now updated, if you exclude the raw material cost impact.

我認為這對我們來說是一個同樣大的問題。如果你看一下第二季度和第三季度的發展，我們的銷量連續下降。此外，如果我們排除原材料成本的影響，我們有 - 我們一直處於利潤率下降 20% 的中間範圍內。如果排除原材料成本影響，我認為這也是我們隨後所看到的，正如您自己所說的全年以及我們現在更新的指導。

Okay. Got it. And then there's been some headlines about recalls around airbags. I think -- have you been -- it doesn't look like there's a charge to assume you haven't been directly impacted. And is that impacting the competitive landscape at all? I think in the past, sometimes you've actually had opportunities to sort of help with the recall needs. Is there anything changing there because some of the numbers that are being investigated seem quite large.

好的。知道了。然後有一些關於安全氣囊召回的頭條新聞。我認為 - 你有沒有 - 假設你沒有受到直接影響似乎沒有任何費用。這會影響競爭格局嗎？我認為在過去，有時您實際上有機會在召回需求方面提供幫助。那裡有什麼變化嗎，因為正在調查的一些數字似乎很大。

I think it depends on which recall you referred to. We are connected to one, but we are providing the complete module but we are not providing the inflator. It's an inflator that is sourced from ZF, and this is connected to the Volvo recall. So the net effect of insurance and ZF liabilities here in that recall, we expect no material impact from that. And in the larger scope here of other types of recall with other makes and manufacturers, we don't expect to see any volume impact for us in that end. So as a neutral there.

我認為這取決於您提到的召回。我們連接到一個，但我們提供完整的模塊，但我們不提供充氣機。這是一個來自採埃孚的充氣機，這與沃爾沃召回有關。因此，此次召回中保險和採埃孚負債的淨影響，我們預計不會產生重大影響。在與其他製造商和製造商進行的其他類型召回的更大範圍內，我們預計不會因此看到對我們的任何數量影響。所以作為中立者。

Next question is by (inaudible)

下一個問題是（聽不清）

My first question is about the capacity alignment actions that you have now in the U.S. and Europe. Could you please elaborate what you are doing there? And also, is there any cost or cost savings associated with these actions?

我的第一個問題是關於你們現在在美國和歐洲採取的能力調整行動。你能詳細說明你在那裡做什麼嗎？此外，這些行動是否有任何成本或成本節約？

Yes. So the activity that was recorded in the third quarter, the $4 million net is related to an initiative in the Americas. We're talking about roughly 100 head count that we're adjusting, and that will all come through here in the fourth quarter. And then what we're referring to then in terms of the other ongoing activities is to the continuation or the finalization of the structural efficiency program #2, which is over 90% completed, but there is still a small part left to be concluded in Europe during the fourth quarter. And then also the ongoing footprint activities also in Europe related to Germany and Sweden that we are referring to. But then as we said, we also continue to evaluate further footprint activities and actions, and then we would communicate them as the time would be appropriate.

是的。因此，第三季度記錄的活動，即 400 萬美元的淨額與美洲的一項舉措有關。我們正在談論我們正在調整的大約 100 名員工人數，這一切都將在第四季度完成。然後，就其他正在進行的活動而言，我們指的是結構效率計劃 #2 的繼續或最終確定，該計劃已完成 90% 以上，但仍有一小部分有待完成歐洲在第四季度。然後還有我們所指的與德國和瑞典相關的歐洲正在進行的足跡活動。但正如我們所說，我們還將繼續評估進一步的足跡活動和行動，然後我們將在適當的時候進行溝通。

Perfect. And to that point, aren't you afraid that you might maybe be more -- or it would be more difficult for you to ramp up the production if we see the recovery in the global car production if you're doing these kind of actions?

完美的。到那時，你不害怕你可能會更多 - 或者如果我們看到全球汽車生產的複蘇，如果你正在採取這些行動，你將更難以提高產量?

No. I think, I mean the footprint adjustment that Fredrik refers to is, I would say, a combination of short-term needs, together with the long-term productivity efforts that we are driving. Then on top of that, we are then doing more short-term initiatives resulting in a reduction in headcount and also stoppage days in our plans to offset the, I would say, both the volatility and the lower volumes and that we believe we can quickly ramp up. So we are not taking out any capacity that would limit us from ramping up. So it's more effectively usage there that we are working on. So we don't see that risk.

不。我認為，我的意思是 Fredrik 所指的足跡調整是短期需求與我們正在推動的長期生產力努力的結合。然後最重要的是，我們正在採取更多的短期舉措，從而減少員工人數和計劃中的停工天數，以抵消波動性和交易量減少的影響，我們相信我們可以很快斜坡上升。因此，我們不會採取任何會限制我們加速增長的產能。所以我們正在努力在那裡更有效地使用它。所以我們看不到這種風險。

And my second question is about the discussions that you are having with the OEMs about getting compensated for the canceled volumes. How are these discussions proceeding? Or do you expect any compensation?

我的第二個問題是關於您與原始設備製造商就取消的數量獲得補償的討論。這些討論進展如何？或者你期望得到任何補償？

Yes. I mean it is part of a larger negotiations that are ongoing. And it's, of course, raw material is the main component that we are discussing. But then also due to the past behavior of the OEMs with keeping call-offs at high levels and then at very, very short-term canceling them and reducing them quite substantially. We are now discussing the compensation for that, not only related to the inefficiencies in production but also in terms of inventory carrying costs and so on. And it's -- yes, we have to see how much of that will be successful. It is, as I said, part of larger negotiations that tend to happen towards the end of the year with the customers, but it is definitely something that we will seek compensation for here.

是的。我的意思是，這是正在進行的更大規模談判的一部分。當然，原材料是我們正在討論的主要成分。但也由於原始設備製造商過去的行為，他們將召回率保持在高水平，然後在非常非常短期內取消並大幅減少。我們現在正在討論對此的補償，不僅與生產效率低下有關，還與庫存持有成本等有關。它是 - 是的，我們必須看看其中有多少會成功。正如我所說，這是在年底與客戶進行的更大規模談判的一部分，但我們肯定會在這裡尋求補償。

Your next question is by Erik Golrang, SEB.

您的下一個問題由 SEB 的 Erik Golrang 提出。

Most of my questions have been answered. So I'll ask another one on raw material, perhaps a bit differently on -- in '22, I mean, I appreciate the color you're giving there on expected more compensation. But on a net basis, do you still see a drag from raw materials even with that? Or is it now a positive based on that compensation?

我的大部分問題都已得到解答。所以我會問另一個關於原材料的問題，也許會有點不同——在 22 年，我的意思是，我很欣賞你在那裡給出的預期更多補償的顏色。但在淨基礎上，即使這樣，您是否仍然看到原材料的拖累？還是基於該補償現在是積極的？

I think, first of all, we have to see how it plays out in '22 here. But as Fredrik said here, I mean, there is discussion ongoing for the current situation. Then it depends also on how the raw material or the cost development overall will be in a more, let's say, medium- to long-term development here. And then, of course, that's a different discussion that is needed with the customer if that would be a more long-term scenario with significant higher raw materials. So I think basically, we have to come back to that as we see how the developments -- how it develops here in the next quarters here. But of course, this is...

我認為，首先，我們必須看看它在 22 年的表現如何。但正如 Fredrik 在這裡所說，我的意思是，目前的情況正在討論中。那麼這也取決於原材料或成本的整體發展將如何在一個更多的，比方說，這裡的中長期發展。然後，當然，如果這將是一個更長期的情況，原材料含量更高，則需要與客戶進行不同的討論。所以我認為基本上，我們必須回到這一點，因為我們會看到發展如何——它在接下來的幾個季度是如何發展的。但當然，這是...

A little more specific question. Yes. Okay. One more specific question on magnesium. Maybe I remember this wrong, but there was a similar situation a number of years back. And if I recall correctly, getting compensation from magnesium was actually a bit more straightforward to you because it was very specific in what components it was and how much it was. Is that a fair recollection of history? Or is that just something else?

一個更具體的問題。是的。好的。關於鎂的一個更具體的問題。也許我記錯了，但幾年前也有類似的情況。如果我沒記錯的話，從鎂中獲得補償實際上對你來說更直接一些，因為它非常具體地說明了它是什麼成分以及它是多少。這是對歷史的公正回憶嗎？或者那隻是別的東西？

No, I don't think you can generalize like that on specifically magnesium here. But, of course, what it is about, I would say, is, of course, if it's a structural change to the cost in its nature, meaning that it's more long-term, and it's also more critical component in our products, it has a different magnitude in the dialogue than maybe other raw materials and so on. But it's very difficult to generalize like that. it's case-by-case with customer-by-customer situation.

不，我不認為你可以在這里特別針對鎂進行概括。但是，當然，我想說的是，當然，如果它是對成本性質的結構性改變，這意味著它更長期，而且它也是我們產品中更關鍵的組成部分，它對話中的幅度可能與其他原材料等不同。但是這樣一概而論是非常困難的。這是逐個客戶的情況。

The next question is by Joseph Spak, RBC Capital Markets.

下一個問題由加拿大皇家銀行資本市場的 Joseph Spak 提出。

So the decremental margins quarter-over-quarter were a little bit worse this quarter versus last quarter. I think that probably speaks to some of the volatility we're talking about. But then as we look at what's implied for fourth quarter sequential over third quarter, again, you're pointing to some improvement here. It's like 15%, which I think is below historically what you convert on the upside. So is that sort of the right level we should think about here in the very near term, while a lot of this uncertainty remains in the schedules into -- even into the early part of 2022?

因此，與上一季度相比，本季度環比下降的利潤率要差一些。我認為這可能與我們正在談論的一些波動性有關。但是，當我們查看第四季度連續第三季度所暗示的內容時，您再次指出這裡有一些改進。這就像 15%，我認為這低於歷史上你所轉換的上行空間。那麼，我們應該在短期內考慮這種正確的水平嗎，而很多這種不確定性仍然存在於時間表中——甚至到 2022 年初？

No. I mean the one -- a seasonality factor that we have in the fourth quarter, if you want to look at it sequentially, is that we expect a higher -- we typically have a higher engineering income in the fourth quarter. And that then, of course, impacts that sequential calculation that you just made or referred to. But on the other hand, we -- as we are guiding for, we do expect more significant headwind from raw material price increases in the fourth quarter versus the third quarter. But overall, also a sequential volume improvement or also LVP improvement that should help sequentially. So I think those are the main components that you need to consider.

不。我的意思是一個 - 我們在第四季度擁有的季節性因素，如果你想按順序查看它，我們預計會更高 - 我們通常在第四季度有更高的工程收入。然後，當然，這會影響您剛剛進行或提到的順序計算。但另一方面，正如我們所指導的那樣，我們確實預計第四季度原材料價格上漲將比第三季度帶來更大的阻力。但總體而言，順序音量改進或 LVP 改進也應該有助於順序。所以我認為這些是您需要考慮的主要組成部分。

Okay. I guess what I'm asking is like even if volume is higher, given like there's still a lot of volatility in the schedules, should we expect that you on your conversion on volume would be a little bit below what you sort of aim for over the midterm because of that volatility.

好的。我想我要問的是，即使交易量更高，考慮到日程安排仍然存在很大的波動性，我們是否應該期望您的交易量轉換會比您的目標低一點中期因為這種波動。

No. And we -- as we say, I mean, we expect that the visibility remains low also into the fourth quarter, and that volatility will most likely remain at that similar level. So we don't expect any significant change here.

不。而且我們——正如我們所說，我的意思是，我們預計到第四季度的能見度仍然很低，而且波動性很可能會保持在類似的水平。所以我們預計這裡不會有任何重大變化。

Okay. And then the second question is just on the volume planning based on customer behaviors that you've seen over the past couple of quarters. I think you just sort of alluded -- you just mentioned you're like not adjusting capacity. But -- does that -- would that at all hinder your ability to ramp up faster if your customers decide to do so? Or is there enough flexibility in the planning that you'd be able to accommodate customer requests?

好的。然後第二個問題是基於您在過去幾個季度中看到的客戶行為的數量計劃。我認為您只是暗示了-您剛剛提到您就像不調整容量一樣。但是——如果你的客戶決定這樣做的話——這是否會阻礙你更快提升的能力？或者在計劃中是否有足夠的靈活性來滿足客戶的要求？

No. Of course, I mean, it's a part of the exercise here to make sure that we can flex up when needed. When we talk about here is really about optimizing our own production schedule based on the, let's call it, the net volume over certain time periods here. So we are more effective in that. So we can have some stop dates and so on and run more stable than other days and so on. So it's more to optimize our own production schedule based on the experience that we have here now from the volatile call-off situation here. So we're looking back and base our forward-looking on that.

不。當然，我的意思是，這是練習的一部分，以確保我們可以在需要時靈活調整。當我們在這裡談論時，實際上是關於基於此處特定時間段內的淨產量來優化我們自己的生產計劃。所以我們在這方面更有效。所以我們可以有一些停止日期等等，並且比其他日期運行更穩定等等。因此，更多的是根據我們現在從這裡不穩定的取消情況中獲得的經驗來優化我們自己的生產計劃。因此，我們正在回顧並以此為基礎。

The next question is by Mattias Holmberg, DNB.

下一個問題由 DNB 的 Mattias Holmberg 提出。

One question left for me. And if we take a step back and try to look at the bigger picture, in particular on your medium-term targets. I'm just trying to understand if there's anything in the current situation with the short-term volatility that impacts your trajectory or your ability to reach these targets? I mean, we're 1 year further down the road now and the years of the medium-term are starting to get closer. So I'm just trying to get your thinking on what's needed in order to get to that level.

留給我一個問題。如果我們退後一步，嘗試著眼於更大的圖景，尤其是您的中期目標。我只是想了解目前的情況是否存在短期波動會影響您的軌跡或實現這些目標的能力？我的意思是，我們現在還有 1 年的時間，中期的幾年開始越來越近。所以我只是想讓你思考一下為了達到那個水平需要什麼。

I think the way we see it here is that, I mean, we are holding on to all the improvement initiatives that we have lined up to get towards our target, and that is paying off. We see positive results yielding from those activities. And I would say that goes on. At the same time, we manage this short term. We believe also there that -- and as we have stated here in our report here is that we assume also that the volumes normalize, meaning the LVP volumes normalize in the years to come here. It's true. We are 1 year down the road, but there is still a number of years left within this time horizon where the explanation would be that we have less volatility, and I would say also more normalized level of absolute number of vehicles being produced. And the combination there makes us, I would say, comfortable in stating that we believe in the targets there could be kept. Absolutely.

我認為我們在這裡看到的方式是，我的意思是，我們正在堅持我們為實現目標而製定的所有改進計劃，並且正在取得成效。我們看到這些活動產生了積極成果。我會說這種情況還在繼續。同時，我們管理這個短期。我們也相信——正如我們在報告中所說的那樣，我們還假設交易量正常化，這意味著 LVP 交易量在未來幾年內會正常化。這是真的。我們還有 1 年的時間，但在這個時間範圍內還有幾年的時間可以解釋為我們的波動性較小，而且我想說的是生產車輛的絕對數量也更加標準化。我想說，那裡的組合讓我們很自在地說我們相信可以保持的目標。絕對地。

The next question is by Brian Johnson, Barclays.

下一個問題是巴克萊銀行的 Brian Johnson 提出的。

Yes. A couple of questions. First, I just want to kind of -- as we kind of think through modeling decrementals with the production volatility, can you help us understand where -- which of your product lines in airbags, steering wheels is fungible, and you can kind of keep the factories running smoothly and just send the trucks to different factories and which are really start-stop depending on customer schedules and then how that feeds through to kind of decremental margins?

是的。幾個問題。首先，我只是想 - 當我們通過模擬生產波動的遞減量來思考時，你能幫助我們了解在哪裡 - 你的安全氣囊、方向盤中的哪些產品線是可替代的，你可以保留工廠運行平穩，只是將卡車送到不同的工廠，哪些工廠真正根據客戶的日程安排啟停，然後這又是如何導致利潤率下降的？

I'm not sure I really followed your question there. Are you asking for more flavor on how the different product lines are being impacted by the volatility or?

我不確定我是否真的在那里關注了你的問題。您是想了解更多關於不同產品線如何受到波動影響的信息，還是？

Yes. So how that translates into your overall decrementals?

是的。那麼，這如何轉化為您的整體遞減量？

Yes, I think, I mean, when -- we are not breaking it down by product line, as you know, I wouldn't say that one product line is easier than another or one is worse than the other here. I think it's the same challenges here to manage the volatility in the production. Then, of course, if you go down into certain processes, it may look different here because some is more automized than others where you, of course, in an automized production level can have maybe more inventory and smoothing it out in that way. And I think you can see that also that we have higher inventory as a result of the volatility. But I wouldn't point out a specific product line here that compared to another in this regard.

是的，我認為，我的意思是，當我們沒有按產品線對其進行細分時，如您所知，我不會說一個產品線比另一個產品線更容易，或者一個產品線比另一個產品線更差。我認為管理生產中的波動也是同樣的挑戰。然後，當然，如果您進入某些流程，它可能看起來會有所不同，因為有些流程比其他流程自動化程度更高，當然，在自動化生產水平上，您可能擁有更多庫存並以這種方式進行平滑處理。而且我認為您也可以看到，由於波動性，我們的庫存增加了。但在這方面，我不會在這裡指出與另一個產品線相比的特定產品線。

Okay. And second question kind of is on chips. First, are the chips used in your restrict control systems at all tied up in the whole global chip shortage. And secondly, while I'm talking about chips, would you have any interest in the restraint control electronics business of your former subsidiary?

好的。第二個問題是關於芯片的。首先，您的限制控制系統中使用的芯片是否與整個全球芯片短缺有關。其次，我說的是芯片，你對你以前子公司的約束控制電子業務有興趣嗎？

On your last question, I can answer first and say that, that's nothing we are entertaining. It's not our interest to look at that. I mean we spun it off a number of years ago and we spun it off for a reason, and that is still valid. Then on where we're using our semi -- the semiconductors, it's for, what I would say, most of our product lines here and to various extent. But we are not sourcing semiconductors directly ourselves. It's through various Tier 2 suppliers. But of course, we are working very closely with them to support them in the effort of securing semiconductors, and we also have, of course, direct contact with semiconductor suppliers here in that work.

關於你的最後一個問題，我可以先回答說，這不是我們在娛樂的。我們對此不感興趣。我的意思是我們在幾年前把它分拆出來，我們把它分拆出來是有原因的，這仍然有效。然後是我們在哪裡使用我們的半成品——半導體，我想說的是，我們這裡的大部分產品線以及不同程度的產品線。但我們自己並不直接採購半導體。這是通過各種二級供應商。但是，當然，我們正在與他們密切合作，以支持他們保護半導體的努力，當然，在這項工作中，我們也與半導體供應商直接接觸。

And so far, I think we have worked very well together to secure semiconductors for our own value chain, and we have been able to deliver to our customers what we have committed to deliver to them now. So good job from our supply chain team here.

到目前為止，我認為我們合作得非常好，為我們自己的價值鏈保護半導體，我們已經能夠向我們的客戶提供我們現在承諾提供給他們的東西。我們的供應鏈團隊做得很好。

The next question is by Rod Lache, Wolfe.

下一個問題是由沃爾夫的 Rod Lache 提出的。

I was hoping just to follow up with 2 points of clarification, people have asked about this. But the decremental margins of 25% are quite good, just considering the production volatility. And at some point, that volatility will diminish and you're going to see some increases in production. So would it be reasonable to expect that your incrementals would be better when that happens? Or do you have any estimate of what that volatility is costing you?

我希望只是跟進兩點澄清，人們已經問過這個問題。但僅考慮生產波動性，25% 的遞減利潤率相當不錯。在某個時候，這種波動性會減少，你會看到產量有所增加。那麼，當這種情況發生時，期望你的增量會更好是合理的嗎？或者您對這種波動性給您造成的損失有任何估計嗎？

And then secondly, there is a lot of scrutiny that's being applied to the inflators of your competitors still, including non-Takata inflators. And I think you referenced the Volvo recall where that's actually a ZF inflator. Just how are your customers thinking about this? And why wouldn't Autoliv gains in some way from what's happening around you?

其次，您的競爭對手的充氣機仍然受到大量審查，包括非高田充氣機。而且我認為您參考了沃爾沃召回實際上是採埃孚充氣機的地方。您的客戶對此有何看法？為什麼奧托立夫不會以某種方式從你周圍發生的事情中獲益？

Maybe I can start to answer the second question, and Fredrik take the first there. And I mean, I don't really -- I don't comment our competition situation here. I mean our focus is to always have quality on top of our focus list, so to speak, and we are securing that with our efforts here. And we, of course, work with our customers and support them whenever needed. But with quality, we believe that -- and proven quality to our customers is the best way to look at business opportunities in the future.

也許我可以開始回答第二個問題，Fredrik 回答第一個問題。我的意思是，我真的不——我不在這裡評論我們的競爭情況。我的意思是我們的重點是始終將質量放在我們的重點列表之上，可以這麼說，我們正在通過我們的努力來確保這一點。當然，我們會與客戶合作，並在需要時為他們提供支持。但就質量而言，我們相信——向我們的客戶證明質量是未來尋找商機的最佳方式。

And then on the incremental margin, I mean what we want to highlight is that we have maintained a very strong cost and capital discipline also throughout this year. And as we indicated, if you look at our headcount development, it's down 4,500 since Q1 and then a further reduction by 2,500 also during the third quarter. I think that shows how disciplined we have been or how focused we have been on this. And then you also see the SG&A cost coming down sequentially. And that is also, together with what we're doing on production overhead is also then the effect of the structural efficiency programs that we implemented and that then get the benefit from. So I think those are the main components of the decremental margin so far, again, if you exclude the raw material headwinds.

然後在增量利潤率方面，我的意思是我們要強調的是，我們在今年全年也保持了非常強大的成本和資本紀律。正如我們所指出的，如果你看看我們的員工人數發展情況，自第一季度以來減少了 4,500 人，然後在第三季度進一步減少了 2,500 人。我認為這表明了我們的紀律性或我們對此的專注程度。然後您還會看到 SG&A 成本依次下降。這也是，連同我們在生產開銷上所做的事情，也是我們實施的結構效率計劃的影響，然後從中受益。因此，如果排除原材料不利因素，我認為這些是迄今為止遞減利潤的主要組成部分。

On the incremental side, of course, we want to achieve them as high margin as possible going into the 1 year recovery once that starts to kick in. But how that plays out for the next year, we will have to come back to that when we talk about the '22 guidance. But as we also laid out here that we expect a meaningful progression towards the midterm target, as we should then pull-through on that incremental volume.

當然，在增量方面，一旦開始恢復，我們希望在 1 年的複蘇中實現盡可能高的利潤率。但是明年如何發揮作用，我們將不得不回到那個時候我們談論'22指南。但正如我們在此也闡述的那樣，我們預計中期目標會取得有意義的進展，因為我們應該在這個增量上實現目標。

(Operator Instructions)

（操作員說明）

There are no further questions in line deck.

線路甲板上沒有其他問題。

Thank you, Martin. While we cannot control short-term market headwinds, we focus on what we can control, including keeping each other safe. Our progress makes us confident in our journey towards our targets and our opportunities for shareholder value creation. Our fourth quarter earnings call is scheduled for Friday, January 28, 2022. Thank you, everyone, for participating in today's call. We sincerely appreciate your continued interest in Autoliv. Hope to see you again in November until then, stay safe.

謝謝你，馬丁。雖然我們無法控制短期的市場逆風，但我們專注於我們可以控制的事情，包括確保彼此的安全。我們的進步使我們對實現目標和創造股東價值的機會充滿信心。我們的第四季度財報電話會議定於 2022 年 1 月 28 日星期五舉行。感謝大家參加今天的電話會議。我們衷心感謝您對 Autoliv 的持續關注。希望在 11 月再次見到你，直到那時，保持安全。