Telefonaktiebolaget LM Ericsson (ERIC) 2002 Q1 法說會逐字稿

Ladies and gentlemen, please continue to stand by -- your conference call will begin momentarily.

女士們，先生們，請繼續待命——你們的電話會議馬上就要開始了。

Once again, please continue to stand by and thank you for your patience.

再次請您繼續守候，感謝您的耐心等待。

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to Ericsson's Analysts' and Media conference call for their first quarter report 2002.

歡迎參加愛立信 2002 年第一季度報告的分析師和媒體電話會議。

To view the visual aids for this call, please log on to www.ericsson.com/press or investors.

要查看本次電話會議的視覺輔助工具，請登錄 www.ericsson.com/press 或 investors。

During the presentation all participants will be in a listen-only mode.

在演示過程中，所有參與者都將處於只聽模式。

Afterwards we will conduct a question-and-answer-session.

之後我們將進行問答環節。

At that time if you have a question, please press the one followed by the four on your telephone.

屆時如果您有任何問題，請按您電話上的“一”和“四”。

As a reminder, this conference is being recorded Monday, April 22nd, 2002.

提醒一下，本次會議將於 2002 年 4 月 22 日星期一錄製。

Mr. Gary Pinkham, Vice President Investor Relations will now open the conference.

投資者關係副總裁 Gary Pinkham 先生現在將宣布會議開幕。

Please go ahead, sir.

請繼續，先生。

Hello and welcome to our conference call.

您好，歡迎來到我們的電話會議。

Before we get started I'd like to remind you all that there will be forward-looking statements in the management discussion as well as in the answers to some of our questions.

在我們開始之前，我想提醒大家，在管理層討論以及對我們的一些問題的回答中會有前瞻性陳述。

As you know, the actual results may be materially different so please read the report carefully and especially the Safe Harbor Statement to really appreciate these risks and uncertainties.

如您所知，實際結果可能存在重大差異，因此請仔細閱讀報告，尤其是安全港聲明，以真正理解這些風險和不確定性。

Now I'd like to hand over the call to Kurt Hellstrom, President and CEO of Ericsson.

現在，我想將電話轉交給愛立信總裁兼首席執行官 Kurt Hellstrom。

Thank you, Gary, and good afternoon, ladies and gentlemen.

謝謝你，加里，女士們先生們，下午好。

I will give you a quick summary together with Sten Fornell and then we'll open up for questions.

我將與 Sten Fornell 一起為您做一個簡短的總結，然後我們將開始提問。

As expected this past quarter was very challenging.

正如預期的那樣，上個季度非常具有挑戰性。

Our results were at level that we anticipated three months ago, but the market continues to be uncertain.

我們的業績達到了我們三個月前預期的水平，但市場仍然不確定。

However, we have expanded our positioning of core businesses during this difficult period.

但是，在這個困難時期，我們擴大了核心業務的定位。

Now with our purposed rights offering, we will achieve the financial strength to benefit

現在通過我們有目的的配股，我們將獲得受益的財務實力

our competitive position.

我們的競爭地位。

I'll get back to this in a few minutes.

我會在幾分鐘後回到這個問題上。

Here are the key points from our report.

以下是我們報告中的要點。

We have grown our market share in GSM.

我們擴大了在 GSM 中的市場份額。

Like all suppliers in this industry, we are experiencing a sales decrease, but our sales in GSM, and CDMA declined less than the market.

與該行業的所有供應商一樣，我們正在經歷銷售額下降，但我們在 GSM 和 CDMA 方面的銷售額下降幅度小於市場。

Our order intake in Mobile Systems was up 11 percent from last quarter, and Sony Ericsson has reached break-even.

我們在移動系統的訂單量比上一季度增長了 11%，而索尼愛立信已達到收支平衡。

At the same time our new mobile platforms business is gaining speed.

與此同時，我們新的移動平台業務正在加速發展。

This shows the success of our new hand set strategy.

這表明我們新的手機策略取得了成功。

We are also adjusting our market view.

我們也在調整我們的市場觀點。

We see that many operators have recently lowered their investment plans further.

我們看到許多運營商最近進一步降低了投資計劃。

As our sales will be lower than anticipated, we do not plan to return to profitability until some point in 2003, even with ongoing progressive cost cutting.

由於我們的銷售額將低於預期，因此我們不打算在 2003 年的某個時候恢復盈利，即使持續不斷地削減成本也是如此。

Only three months ago, there was a general anticipation that the systems market would improve during the second half of this year.

就在三個月前，人們普遍預計今年下半年系統市場將會好轉。

However, many operators have recently announced reduced investment plans.

不過，許多運營商最近都宣布了縮減投資的計劃。

We now believe that market conditions will remain weak well into next year.

我們現在認為市場狀況將在明年繼續疲軟。

The mobile systems market is now expected to be down by more than 10 percent this year, compared to our previous estimates of flat to down 10 percent.

與我們之前估計的持平至下降 10% 相比，今年移動系統市場預計將下降 10% 以上。

The wide line systems market is expected to continue to shrink during 2002.

預計 2002 年寬線系統市場將繼續萎縮。

Additional circuit switching is expected to decline by about 40 percent.

額外的電路切換預計將下降約 40%。

Wide line infrastructure demand is expected to be especially weak in Latin American and Western Europe.

拉丁美洲和西歐的寬帶基礎設施需求預計尤其疲軟。

As regards to

至於

growth, we expect between 175 and 215 new subscribers during 2002.

增長，我們預計 2002 年將有 175 到 215 個新訂戶。

This is a growth of 18 to 23 percent, which is close to our previous estimates of 20 to 25 percent.

這是 18% 到 23% 的增長率，接近我們之前估計的 20% 到 25%。

We expect around 400 million phones to be shipped this year.

我們預計今年的手機出貨量約為 4 億部。

The growth drivers will be the

增長動力將是

phones with colored screens and multi-media capabilities.

具有彩色屏幕和多媒體功能的電話。

In our fourth quarter report we stated that sales of our mobile systems were expected to be at least in line with the market development of both plans were down 10 percent during 2002.

在我們的第四季度報告中，我們表示我們的移動系統的銷售額預計至少與市場發展保持一致，這兩個計劃在 2002 年下降了 10%。

We also stated an objective of an operating margin over five percent for the full year even if necessary

我們還設定了全年營業利潤率超過 5% 的目標，即使有必要也是如此

as much as 10 percent compared to 2001.

與 2001 年相比增加了 10%。

With our revised view of the outlook for the markets, we now expect to make a loss this year.

根據我們對市場前景的修正看法，我們現在預計今年會出現虧損。

With ongoing cost cutting we plan to manage the business return to positive income before taxes at some point in 2003.

通過持續削減成本，我們計劃在 2003 年的某個時間點管理業務，使稅前收入恢復為正。

During 2001 we carried out company-wide cost reductions.

2001 年，我們在全公司範圍內進行了成本削減。

There are now yielding 20 billion

現在有200億的收益率

savings on an annual basis.

每年節省。

We continue to realign our operation.

我們繼續調整我們的運營。

We will further reduce our cost base by 10 billion

我們將進一步降低成本基數 100 億

at the end of this year and by an additional

在今年年底和額外的

10 billion next year.

明年100億。

At the end of 2003 out cost base will be 40 billion lower than at the beginning of 2001.

到 2003 年底，成本基數將比 2001 年初減少 400 億美元。

We are also focusing our operations to capture a number of new opportunities in the marketplace.

我們還專注於我們的業務，以抓住市場上的許多新機會。

We see a growing demand for integrated wireless and wire line solutions.

我們看到對集成無線和有線解決方案的需求不斷增長。

Our customers want to achieve common service platforms and transport networks.

我們的客戶希望實現共同的服務平台和傳輸網絡。

This trend is true both for the operators that pursue a combined wire line -- wireless strategy and for the operators that offer pure mobile services.

對於追求有線-無線組合戰略的運營商和提供純移動服務的運營商來說，這種趨勢都是真實的。

To attract these opportunities we are now merging mobile systems with market service networks.

為了吸引這些機會，我們現在正在將移動系統與市場服務網絡相結合。

We also see an increasing demand for our services offering where we support our customers in running their networks and reducing their costs.

我們還看到對我們提供的服務的需求不斷增加，我們支持我們的客戶運行他們的網絡並降低他們的成本。

We are the world's largest service business for operators.

我們是全球最大的運營商服務企業。

Now we are expanding this business to also include the areas

現在我們正在擴大這項業務，將這些領域也包括在內

,

,

and traditional wire line switches.

和傳統的有線線路開關。

This change will enable us to capitalize on our large installed base in these businesses and to reduce our costs.

這一變化將使我們能夠利用我們在這些業務中的龐大安裝基礎並降低我們的成本。

In spite of the current turbulence in our environment, we believe that our competitive position in wireless systems has never been stronger.

儘管當前我們的環境動盪不安，但我們相信我們在無線系統中的競爭地位從未像現在這樣強大。

We have the leading market positions in both 2.0 G, 2.5 G, and 3.0 G mobile systems.

我們在 2.0 G、2.5 G 和 3.0 G 移動系統方面均處於市場領先地位。

With our strong drive for efficiency and the unique market position, we believe that we will emerge from this down turn with an even stronger competitive position.

憑藉我們對效率的強大驅動力和獨特的市場地位，我們相信我們將以更強大的競爭地位擺脫這場低迷。

However, to do this we also need a robust financial position.

然而，要做到這一點，我們還需要穩健的財務狀況。

With the purposed offering , we will raise approximately 30 billion SEK.

通過此次有目的的發行，我們將籌集約 300 億瑞典克朗。

This capital injection will give us the financial strength to fully leverage our strong competitive advantage.

此次注資將為我們提供財務實力，以充分發揮我們強大的競爭優勢。

At the same time, we will also have a robust financial position with increase security if poor market conditions continue or deteriorate further.

同時，如果糟糕的市場狀況持續或進一步惡化，我們也將擁有穩健的財務狀況和更高的安全性。

We will communicate the exact terms of this offering later.

我們稍後會傳達此產品的確切條款。

Now, Sten Fornell, is going to give you more detail on our financials.

現在，Sten Fornell 將為您提供有關我們財務狀況的更多詳細信息。

Thank you.

謝謝。

Thank you, Kurt, and good afternoon everybody.

謝謝你，庫爾特，大家下午好。

I will today, of course, give you some more background for the proposed rights offering.

當然，我今天會為您提供有關擬議供股的更多背景信息。

But first a brief wrap-up of our financial performance in the first quarter.

但首先簡要總結一下我們第一季度的財務業績。

The

這

is keeping up well in relation to competition.

在競爭方面保持良好狀態。

However, the lower volume arrived at the lower end of our guidance.

但是，較低的交易量達到了我們指導的低端。

Our efficiency program, initiated last year, is now successfully concluded.

我們去年啟動的效率計劃現已圓滿結束。

And

和

sense, we will go on and further adapt our cost base faster and more comprehensively.

從某種意義上說，我們將繼續更快、更全面地進一步調整我們的成本基礎。

strong focus on more orders.

強烈關注更多的訂單。

And I will come back to cost measures in a few moments.

稍後我會回到成本措施上。

Our total order intake,

我們的總訂單量，

by 5 percent sequentially and per system it was up 10 percent.

連續增長 5%，每個系統增長 10%。

The increase, however, was below expectations.

然而，增幅低於預期。

The weakness in Latin America and Western Europe continues to impact us negatively.

拉丁美洲和西歐的疲軟繼續對我們產生負面影響。

We had a sharp reduction in sales, compared to the first last year.

與去年第一年相比，我們的銷售額急劇下降。

Cautioned investing

謹慎投資

still prevails.

仍然佔上風。

But the decline in wide line continues to be the steepest.

但寬線的跌幅仍然最大。

And this is reflecting a really weak demand for circuit switching equipment.

這反映出對電路交換設備的需求確實疲軟。

Our services business continues to grow and now represents 24 percent of total sales.

我們的服務業務持續增長，目前佔總銷售額的 24%。

Also in

也在

of emerging markets

新興市場

as well as in central and eastern Europe.

以及中歐和東歐。

Ericsson, our joint venture has achieved a

愛立信，我們的合資企業已經實現了

and this is a big step forwarded compared to the losses in previous periods -- very encouraging.

與前幾個時期的損失相比，這是向前邁出的一大步——非常令人鼓舞。

The recent launches of products and, hence, our business

最近推出的產品以及我們的業務

quickly and effectively begins to establish a strong identity and a strong brand.

快速有效地開始建立強大的身份和強大的品牌。

Now

現在

on the high end and then we gradually increased in volume in other segments.

在高端，然後我們逐漸增加其他細分市場的數量。

We will increase our market share.

我們將增加我們的市場份額。

This operation now has a significant reduced risk exposure -- is much lower capacity calls. and going forward focuses on a sustainable financial development and

該操作現在顯著降低了風險敞口——即低得多的容量調用。未來的重點是可持續的金融發展和

Ericsson is to be profitable for the

愛立信將盈利

year.

年。

Cash flow is

現金流量是

very high up on our list of priorities.

在我們的優先事項列表中非常靠前。

Our cash flow was negative 4.1 in the first quarter.

我們第一季度的現金流為負 4.1。

As you know, levers may fluctuate quarter by quarter and the

如您所知，槓桿可能會逐季波動，而

excess capacity burdens the cash flow.

產能過剩拖累現金流。

And here comes part of the explanation.

這是部分解釋。

Collection of receivables proved to be challenging during the quarter especially in Latin America.

事實證明，本季度應收賬款的收取具有挑戰性，尤其是在拉丁美洲。

DSO -- days sales outstanding -- back below 90 days during the year.

DSO——未完成銷售天數——年內回落到 90 天以下。

Inventory

存貨

in the first quarter were substantially lower than in the fourth quarter and for

一季度明顯低於四季度，

we are now building inventories for invoicing later in the year.

我們現在正在為今年晚些時候開具發票建立庫存。

And then some words about customer financing.

然後是關於客戶融資的一些話。

We are now consolidating all our finance companies as the new Swedish GAAP new accounting rules.

我們現在正在將我們所有的財務公司合併為新的瑞典公認會計原則新會計規則。

This has not effected our risk exposure as we have consistently included the amount guaranteed by us in our exposure.

這並沒有影響我們的風險敞口，因為我們一直將我們保證的金額包括在我們的敞口中。

The full consolidation gives, however, more transparency and our balance sheet has only been modestly inflated.

然而，全面合併提供了更多的透明度，我們的資產負債表只是適度膨脹。

You can further details about this in an appendix on our Web site.

您可以在我們網站的附錄中進一步了解這方面的詳細信息。

Our policy here is unchanged.

我們這裡的政策沒有改變。

We are selective, we are cautious and we maintain our control of the exposure.

我們是有選擇性的，我們是謹慎的，我們保持對風險敞口的控制。

Before we discuss the outlook, I would like to spend a few moments on our environment.

在我們討論前景之前，我想花點時間談談我們的環境。

key for our planning.

我們計劃的關鍵。

No doubt our business belongs to the future.

毫無疑問，我們的事業屬於未來。

However, the picture outside today has been accentuated during the past few weeks mostly when it comes to the sentiment in the financial markets and this is impacting our customers

然而，在過去的幾周里，今天外面的情況更加突出，主要是涉及金融市場的情緒，這正在影響我們的客戶

extent.

程度。

And the financial situation in our industry is pretty complex.

我們行業的財務狀況非常複雜。

During the last four years, the telecom industry has borrowed an astonishing 1.3 trillion US dollars, bonds and bank loans included, and

在過去四年中，電信業借入了驚人的 1.3 萬億美元，包括債券和銀行貸款，以及

operate this.

操作這個。

A comprehensive restructuring and consolidation among the operators is now approaching.

運營商之間的全面重組和整合正在臨近。

Near term applying some restrictions on investments.

近期對投資施加一些限制。

But we believe that our main customers and ourselves, will come out of this restructuring even stronger.

但我們相信，我們的主要客戶和我們自己，將從這次重組中走出來，變得更加強大。

Needless to say, it is extremely difficult to make forecast in this environment.

不用說，在這種環境下進行預測是極其困難的。

We can control our cost and now we are adjusting in line with our new market outlook.

我們可以控製成本，現在我們正在根據新的市場前景進行調整。

This chart here summarizes all cost reduction initiative and the anticipated financial impact.

此處的圖表總結了所有成本削減計劃和預期的財務影響。

The initiative including of the pooling and finance envisions a program all targeting a lower cost base

包括匯集和融資在內的倡議設想了一個旨在降低成本基礎的計劃

annually.

每年。

Meaning that it could lower expenses as well as reduce capacity cost in production and

這意味著它可以降低費用並降低生產和生產能力成本

.

.

The cost associated with these improvements, is from the beginning of this year taken on an ongoing basis.

與這些改進相關的成本從今年年初開始持續計算。

And we have estimated the cost this year to be slightly higher than the corresponding savings.

而且我們估計今年的成本會略高於相應的節省。

That is now would be a big portion

那現在將是很大一部分

has been already covered with you already.

已經被你覆蓋了。

Please also see the appendix describing the method.

另請參閱描述該方法的附錄。

In this challenging planning environment, and due to the proposed rights issue announced today, we are and we need to be very cautious with all our guidance.

在這個充滿挑戰的規劃環境中，由於今天宣布的擬議供股，我們需要對我們的所有指導意見非常謹慎。

And please have that in mind when you read our outlook.

當您閱讀我們的展望時，請記住這一點。

we strongly believe in our industry and that this industry offers outstanding long term growth opportunities.

我們堅信我們的行業，這個行業提供了出色的長期增長機會。

But right now all of us have a tough time.

但現在我們所有人都過得很艱難。

Eventually when the market picks up we want to be in the best

最終當市場回暖時，我們希望成為最好的

operationally and financially in

在運營和財務上

be able to capitalize on our strong market position.

能夠利用我們強大的市場地位。

And in the meantime we want to manage our financial risks prudently in the best interest of our shareholders, customers and employees.

與此同時，我們希望以股東、客戶和員工的最佳利益為出發點，審慎管理我們的財務風險。

And then, finally, some words about how we determined the size of the proposed

然後，最後，關於我們如何確定擬議的規模的一些話

increase.

增加。

are down 40 percent.

下降了 40%。

And at the same time maintain a strong payment

並同時保持強勢支付

.

.

consideration we arrived at 30 billion

考慮到我們達到了 300 億

.

.

And, again, this will enable us to be well prepared to take advantage when the market picks up.

而且，這將使我們能夠做好充分準備，在市場回暖時利用。

And by that, I hand over to

至此，我交給

.

.

Thank you, Sten.

謝謝你，斯登。

And, Operator, we're now ready to take questions.

接線員，我們現在準備好接受提問了。

Thank you.

謝謝。

Ladies and gentlemen, we will now begin the question-and-answer-session.

女士們，先生們，我們現在開始問答環節。

If you have a question and have dialed a North America phone number, you will need to press the one, four on your telephone.

如果您有疑問並撥打了北美電話號碼，您需要按電話上的一、四。

If you have dialed a European phone number, you will need to press the star, one on your telephone.

如果您撥打了歐洲電話號碼，則需要按電話上的星號。

You will hear a three-toned prompt to acknowledge your request.

您將聽到三聲提示音以確認您的請求。

If you are using a speakerphone, please pick up your handset before entering your request.

如果您使用免提電話，請在輸入您的請求之前拿起您的聽筒。

As always, please limit yourself to one question at a time and please keep your questions at a broad level, as we do not have enough time to get into the details.

與往常一樣，請一次只回答一個問題，並請將您的問題保持在一個廣泛的層面上，因為我們沒有足夠的時間來深入探討細節。

Plenty of detailed information is provided in the report.

報告中提供了大量詳細信息。

Ericsson's investor relations and media relations teams will be happy to discuss further details with you after the call.

愛立信的投資者關係和媒體關係團隊將很樂意在通話後與您討論更多細節。

Once again, if you do have a question at this time and have dialed a North American phone number, please press the one, four.

再次重申，如果您此時確實有問題並且撥打了北美電話號碼，請按一、四。

If you have dialed a European phone number, please press the star, one on your telephone.

如果您撥打了歐洲電話號碼，請按電話上的星號。

One moment, please, for the first question.

第一個問題，請稍等。

, Banc of America Securities, please go ahead with your question.

，美銀證券，請繼續提問。

OK -- thanks.

好，謝謝。

Guys, I want to understand a little bit about -- it sounds like visibility is pretty tough out there but do you have a sense for what kind of seasonality we should expect with

伙計們，我想了解一點——聽起來那裡的能見度很低，但你知道我們應該期待什麼樣的季節性嗎？

spending this year?

今年消費？

Hello,

你好，

.

.

I think -- in all honesty I think it's very difficult to talk about the seasonality these days.

我認為 - 老實說，我認為現在很難談論季節性。

I take as an example last year.

我以去年為例。

Normally we got the seasonally with a weight

通常我們得到季節性的重量

filter some what stronger second quarter, again a somewhat weaker third quarter, and then have a real spurt at the end of the year that has been the pattern for many, many years.

篩選出一些強勁的第二季度，再次篩選出略微疲軟的第三季度，然後在年底出現真正的井噴，這是多年來一直存在的模式。

Last year was the first year that

去年是第一年

experience where we had a weaker second half of the year compare to the first half of the year.

與上半年相比，我們下半年的表現較差。

And due to the situation as Kurt has been describing the situation, I would say that there is no such a thing as seasonality or a normality as this point in time.

由於 Kurt 一直在描述這種情況，我想說在這個時間點不存在季節性或常態這樣的事情。

But that is just part of this challenging planning environment that we talk about out there.

但這只是我們所討論的具有挑戰性的規劃環境的一部分。

Got you.

明白了

OK.

好的。

I just want to, I guess the order throughout the 11 percent sequentially for mobile infrastructure was that , does that suggest a return to, you know, an up June, or is there some may a lump associated with that?

我只是想，我猜整個 11% 的順序是移動基礎設施的順序是，這是否表明返回到 6 月，或者是否有一些可能與此相關的腫塊？

OK.

好的。

I think we, I can really give a name.

我想我們，我真的可以給一個名字。

We want give any guidance on that.

我們想就此提供任何指導。

So we take it quarter by quarter.

所以我們一個季度一個季度地進行。

And going to show what happens.

並展示會發生什麼。

OK.

好的。

Thank you.

謝謝。

,

,

.

.

Please go ahead with your question.

請繼續你的問題。

Thanks.

謝謝。

I believe you spoke a bit about 3D revenue being in inventory.

我相信您談到了庫存中的 3D 收入。

Could you give us some kind of indication as what levels of work in progress, or however you are booking it, how that 3G or

您能否給我們一些指示，例如正在進行的工作級別，或者您如何預訂，3G 或

inventory looks on your balance sheet?

資產負債表上的庫存？

Thanks.

謝謝。

.

.

We are basically are recognizing revenue along a prudent principle.

我們基本上是按照審慎的原則確認收入。

We are recognizing the revenue when it is on a completed contract and

我們在完成合同時確認收入，並且

and when it comes to the various

當談到各種

first generation contract, they can be somewhat longer, so there will be some build up of inventory during the year.

第一代合同，它們可能會更長一些，因此年內會有一些庫存增加。

But that doesn't

但事實並非如此

any major impact.

任何重大影響。

We have got a lot of other programs,

我們還有很多其他的節目，

here.

這裡。

And when it comes to the impact of all that

當談到所有這些的影響時

generation for the

一代為

.

.

Let me ask for your understanding.

讓我請求你的理解。

We have said so far, that third generation sales this year will be in the order of 10 percent

到目前為止，我們已經說過，今年第三代的銷量將達到 10% 左右

on system sales.

關於系統銷售。

And going back again to the market picture that could have been describing.

並再次回到可能描述的市場圖景。

They say now it will be a little bit less than that.

他們說現在會比那個少一點。

So even in the reduction in the overall market you're also reducing it as a percentage of sales so there has been a pretty substantial departure in your

因此，即使在整體市場減少的情況下，您也在減少它佔銷售額的百分比，因此您的

expectations?

期望？

That's the consequence -- the consequence of our saying approximately 10 percent. that is the consequence -- you're right.

這就是結果——我們所說的大約 10% 的結果。這就是結果——你是對的。

OK -- thank you.

好的謝謝。

with Bear Stearns, please go ahead with your question.

貝爾斯登，請繼續你的問題。

Thank you -- good morning.

謝謝 - 早上好。

In terms -- in the past you mentioned last quarter that there is growing pricing environment.

就術語而言 - 過去你在上個季度提到定價環境不斷增長。

I was curious going forward -- when you talk about losses for the rest of the year could you give us some sense how much of that is coming from lower revenue expectations versus a change in increases in the pricing environment especially given that we in the last few weeks heard from a number of carriers saying that they've been able to renegotiate some better deals.

我對未來很好奇——當你談論今年剩餘時間的虧損時，你能否告訴我們，其中有多少是來自較低的收入預期，而不是定價環境增加的變化，特別是考慮到我們在過去幾個星期以來，許多運營商表示他們已經能夠重新談判一些更好的交易。

It would help us to model how much you have flexibility improving margins over the next few quarters.

這將幫助我們模擬您在接下來的幾個季度中提高利潤率的靈活性。

Well, basically I think the answer is that they are -- it is volume basically what is talked about here.

好吧，基本上我認為答案是它們是——這裡討論的基本上是數量。

As a big industrial company, of course we are very volume sensitive here.

作為一家大型工業公司，我們當然對數量非常敏感。

And to illustrate that I use the

為了說明我使用

our capacity cost -- our fixed cost in the shorter term.

我們的產能成本——我們在短期內的固定成本。

They are accounting for it being 45 and 50 percent.

他們佔 45% 和 50%。

All our costs -- the consequence then when volumes are dropping we are still keeping the same costs in the short term.

我們所有的成本——當銷量下降時，我們在短期內仍保持相同的成本。

So our income as well as our operating model is, of course, very much hurt by that.

因此，我們的收入和運營模式當然會受到很大影響。

And then, of course, you're right -- going along some lower volumes and a lower market expectation as we still have the same competition in the short term there is a little bit more of

然後，當然，你是對的——由於我們在短期內仍然有相同的競爭，所以隨著銷量和市場預期的降低，市場預期會有所增加。

competition.

競賽。

But overall it is a volume issue because it is about volume.

但總的來說，這是一個數量問題，因為它是關於數量的。

And when volume is dropping it is impossible for us to adjust the call space immediately.

當音量下降時，我們不可能立即調整呼叫空間。

That requires some lead time.

這需要一些準備時間。

So as you start recognizing 3G revenues, will that change at all margins one way or another?

因此，當您開始確認 3G 收入時，這會以某種方式改變所有利潤率嗎？

Well, basically, what we theorize now is more of a gradual introduction of third generations.

好吧，基本上，我們現在的理論更多是逐步引入第三代。

So, then the answer is there will be no major impact.

所以，答案是不會有重大影響。

We are continuously rationalizing and so there will be a smaller impact compared to the situation.

我們正在不斷合理化，因此與情況相比，影響會更小。

But we had to introduce a lot third generation at the same time.

但是我們不得不同時推出很多第三代。

Thank you.

謝謝。

We will now go to the U.K. for questions.

我們現在將去英國提問。

Question made from Mr.

先生提出的問題

with

和

.

.

Go ahead, sir.

來吧，先生。

Thanks very much.

非常感謝。

Kurt and Sten, can you comment on what's going to happen with the range of other operations in the group, defense, cable, micro electronics, optics, et cetera?

Kurt 和 Sten，你能評論一下該集團的其他業務範圍、國防、電纜、微電子、光學等方面會發生什麼嗎？

And whether those have a place in the next 18 months within Ericsson or you regard those as non-core now?

在接下來的 18 個月裡，它們是否會在愛立信內部佔有一席之地，或者您現在將它們視為非核心？

And second, can you comment on whither the services business, which you mention is now 24 percent of sales, and must be mostly selling time and

其次，你能評論一下你提到的服務業務現在佔銷售額的 24%，而且肯定主要是銷售時間和

people, its that a profitable business?

人們，這是一項有利可圖的業務嗎？

And how far away is that, might that be from being profitable if it is not?

如果不是，那離盈利還有多遠？

Thank you.

謝謝。

And first of all, this is Kurt Hellstrom, the

首先，這是 Kurt Hellstrom，

that you mentioned defense, cable, micro electronics, they are not, I mean they are not what we consider to be core businesses in Ericsson.

你提到的國防、電纜、微電子，它們不是，我的意思是它們不是我們認為是愛立信的核心業務。

And we have disclosed earlier, that we are looking for solutions in that respect and like in micro electronics, we are

我們早些時候透露，我們正在尋找這方面的解決方案，就像在微電子領域一樣，我們正在

to find an industrial solution that will guarantee that this is a developing in a healthy way.

找到一種工業解決方案，以保證這是一種健康的發展。

And also that it guaranteed that there is something to rely on when it comes the supply of micro electronics for us and the need within the group.

而且它保證了在為我們提供微電子產品和集團內部需要時有一些東西可以依賴。

And this goes for all these businesses, you mentioned.

這適用於所有這些企業，你提到了。

And then when it comes to the services business, it's a profitable business.

然後說到服務業務，這是一項有利可圖的業務。

It 's a growing business.

這是一項不斷發展的業務。

And we are actually the largest of its services business company in the telecommunication industry today and this is profitable and growing business for us.

我們實際上是當今電信行業最大的服務業務公司，這對我們來說是有利可圖且不斷增長的業務。

And really fitting very well into our core business.

並且非常適合我們的核心業務。

Is this services business some thing you might break out separately for people to see in future reports, in terms of margins, and sales?

這項服務業務是否可以單獨列出，以便人們在未來的報告中看到利潤率和銷售額？

We will always try to be transparent and make life easier for you.

我們將始終努力做到透明，讓您的生活更輕鬆。

There has been an organizational change here today that is reflecting the growing importance of services as well as a combination of wireless and wire line.

今天這裡發生了組織變革，反映了服務以及無線和有線線路組合的重要性日益增加。

So let's say for the time being

所以暫且說

considered to make a change. but I don't exclude that going over it we can consider to make some changes there.

考慮做出改變。但我不排除我們可以考慮在其中進行一些更改。

And at Ericsson there is more and more systems and servcies.

在愛立信，系統和服務越來越多。

Does that answer your question

這是否回答你的問題

?

？

Yes, thank you.

是的，謝謝。

Thank you, sir. and the next question comes from

謝謝你，先生。下一個問題來自

of

的

.

.

Please go ahead, sir.

請繼續，先生。

Yes -- thank you.

是的，謝謝。

Regarding the 30 billion proposed

關於提出的300億

issue here.

問題在這裡。

Could you please be more specific on the use of those receipts?

您能否更具體地說明這些收據的用途？

And, for example, what will you do with them on day one?

並且，例如，第一天您將如何處理它們？

Will you put it on your bank account, so to speak, or will you start immediately repaying expensive debts?

你會把它存入你的銀行賬戶，也就是說，你會立即開始償還昂貴的債務嗎？

And, secondly, return to profitability in '03 -- could you please share with us some of your assumptions there regarding your quarterly sales levels or alternatively what kind of market outlook you have for '03?

其次，在 03 年恢復盈利——能否請您與我們分享您對季度銷售水平的一些假設，或者您對 03 年的市場前景有什麼樣的看法？

Thank you.

謝謝。

We're many questions when it comes to what we'll do with the money.

當涉及到我們將如何使用這筆錢時，我們有很多問題。

I think we have outlined here before that this is not primarily about liquidity in the sense.

我認為我們之前已經在這裡概述過，從某種意義上說，這主要不是關於流動性。

As Kurt has been explaining, this is about our strength and financially and capitalizing on the possibilities to -- of

正如 Kurt 一直在解釋的那樣，這關乎我們的實力以及財務和利用的可能性——

turning up and participate proactively in a restructuring.

出現並積極參與重組。

When it comes to the balance sheet I think we have outlined in some cases here today that when this amount of money -- the 30 billion -- will be in our bank account.

說到資產負債表，我想我們今天在某些情況下已經概述了這筆錢——300 億美元——何時會存入我們的銀行賬戶。

We even have a situation where our

我們甚至有這樣的情況

ratio is going up 31 percent up to 38.

比率上升了 31%，達到 38。

And that is still below my target here -- our target of 40 percent.

這仍然低於我的目標——我們 40% 的目標。

And that is due to the fact that immediately after that we have

那是因為緊接著我們有

money in cash.

現金。

And what we will do immediately is, of course, that we will -- we will repay some debts there and we will then restore

當然，我們將立即做的是——我們將償還那裡的一些債務，然後我們將恢復

at the level of 43 percent.

在 43% 的水平。

And that is exactly the kind of balance sheet that people like to have and to take us through this tough time and be well prepared

這正是人們喜歡擁有的資產負債表，可以幫助我們度過這個艱難時期並做好充分準備

turning up here.

出現在這裡。

So we are definitely in need of this strengthening in order for us to be strong all over here -- as strong as anybody.

所以我們絕對需要這種加強，以便我們在這裡變得強大——和任何人一樣強大。

part of the question was that related to?

問題的一部分與什麼有關？

Next year.

明年。

I just get a feeling of the you are referring to reaching profitability next year sometime could shed some light over the maybe assumptions there, I mean in rough terms, forecasting a significant drop in sales as well, for example?

我只是感覺到你指的是明年某個時候實現盈利可能會闡明那裡的可能假設，我的意思是粗略地說，例如預測銷售額也會大幅下降？

Thank you.

謝謝。

I think overall, if I don't say

我認為總體而言，如果我不說

, what we are saying here is that it is difficult for us to provide forecast and consequently be comfortable with forecast for next year.

，我們在這裡要說的是，我們很難提供預測，因此很難對明年的預測感到滿意。

What we can do is to try to match all the time the top line in our cost

我們能做的就是嘗試始終匹配我們成本的頂線

.

.

And that is basically what we are saying today, that any forecasting, when it comes to top line next year, no.

這基本上就是我們今天所說的，任何預測，當談到明年的收入時，都不會。

We will not go into that.

我們不會討論那個。

OK.

好的。

Thanks.

謝謝。

Our next question comes from Mr.

我們的下一個問題來自先生。

,

,

.

.

Please go ahead, sir.

請繼續，先生。

Hi, could you perhaps tell us whither or not the big American contracts for the

嗨，你能告訴我們美國的大合同在哪裡嗎？

orders yet now?

現在下單了嗎？

And also if you could say something on how much renegotiation cost

還有，如果你能說說重新談判的成本是多少

have effected these quarter's results?

影響了這些季度的結果？

And where you expect that to go, going forward?

你希望它走向何方，向前發展？

Well, when it comes to the US contract, that you referred to as you remember that

好吧，說到美國合同，你記得你提到的那個

was announced they are more

宣布他們更多

nature and then they are on a gradual basis,

自然，然後他們是在一個漸進的基礎上，

orders and are booked on a more current basis.

訂單，並在更新的基礎上進行預訂。

The answer is that they are coming into our orders more on a current basis.

答案是他們在當前的基礎上更多地進入我們的訂單。

And what was the second part of your question?

你問題的第二部分是什麼？

.

.

Re-negotiating capacity with

重新談判容量

and funds and systems?

和資金和系統？

Had a negative impact on your operating performance this quarter and do you anticipate that reducing

本季度對您的經營業績產生了負面影響，您是否預計會減少

going forward?

向前走？

I remember it had an impact last quarter, on funds in particular.

我記得它在上個季度產生了影響，尤其是對基金。

No, I think when it comes to if you are referring to the end of last year in the fourth quarter, we had an agreement with

不，我認為如果你指的是去年第四季度末，我們與

when it comes to the phone business that we took care of some over capacity.

在電話業務方面，我們處理了一些產能過剩的問題。

As for this year, they are completely taken of care of that and so the impact is positive.

至於今年，他們完全解決了這個問題，所以影響是積極的。

Thank you.

謝謝。

Thank you sir, we now return to the Untied States.

謝謝先生，我們現在回到美國。

Thank you.

謝謝。

, Lehman Brothers.

, 雷曼兄弟。

Please go ahead with your question.

請繼續你的問題。

Thank you.

謝謝。

I had a question for Sten and then maybe a question for Kurt.

我有一個問題要問 Sten，然後可能有一個問題要問 Kurt。

Sten, could you just outline how you think your cost -- the second round of cost cutting programs may impact your goals for the total headcount of the organization and how do you see that changing in the next 24 months?

Sten，您能否概述一下您對成本的看法——第二輪成本削減計劃可能會影響您對組織總人數的目標，您如何看待未來 24 個月內的變化？

And for Kurt -- do you see your market share -- how do you see that market share or what's the target for that as you exit the year?

對於庫爾特——你看到你的市場份額了嗎——你如何看待這個市場份額或者你今年結束時的目標是什麼？

And how -- could you talk a little about how operator's plans with respect to 3G may have changed to focus on their

您能否談談運營商關於 3G 的計劃如何改變以專注於他們的業務？

or

或者

application development?

應用開發？

Thank you.

謝謝。

employee

員工

the most important thing for us is to return to profit and bring down cost.

對我們來說最重要的是恢復利潤並降低成本。

And does not tie up ourselves so much when it comes to targeting a specific level of employees.

在針對特定級別的員工時，也不會束縛自己太多。

But basically to simplify we are saying that the different methods that we integrated into our

但基本上為了簡化我們說的是我們整合到我們的

for this year comprised in cost savings of 10 billion.

今年包括 100 億美元的成本節約。

people.

人們。

And now with the new methods that we'll be taking

現在我們將採用新方法

there is a

有一個

to take further measures, again, in the order of

再次採取進一步措施

.

.

And it's about 10,000 people.

大約有 10,000 人。

So basically

所以基本上

we entered into this year with 85,000 employees and at the end of 2003 we are heading toward 65,000.

今年我們擁有 85,000 名員工，到 2003 年底我們將達到 65,000 名。

OK.

好的。

Regarding the market shares I think it was a number of questions in that but we are stating and assuming or at least we know that we are taking gradually market share.

關於市場份額，我認為其中有很多問題，但我們正在陳述和假設，或者至少我們知道我們正在逐步佔據市場份額。

We can see that among other things from

我們可以看到，除其他外

developing compared to competition.

與競爭相比發展。

But we have in the -- in the -- in the

但是我們在 - 在 - 在

piece it's including -- it's small incremental growth we could say in -- because the market is quite locked up with -- between the suppliers today.

它包括——這是我們可以說的小增量增長——因為市場已經完全鎖定了——今天的供應商之間。

When it's -- we know that we have a higher market share when we're talking about the

當它 - 我們知道我們在談論時擁有更高的市場份額

than what we have in

比我們所擁有的

.

.

And when we talked about

當我們談到

, I mean we can't estimate our market share and we estimate it to be pretty high.

，我的意思是我們無法估計我們的市場份額，我們估計它相當高。

At the same time, its, the market is not such that it's really very easy or sometimes not even sensible to try to figure out the market share because the contracts are very different among the suppliers.

與此同時，市場並不是這樣，因為供應商之間的合同非常不同，所以試圖找出市場份額真的很容易，有時甚至不明智。

And I didn't understand the other ...

我不明白另一個...

It seems Kurt, that there is a little change in the focus of the operators to get greater traction amongst the GPRS networks and on the development of MNS over the roll out of broad WCMA network.

似乎 Kurt，運營商的關注點發生了一些變化，以在 GPRS 網絡中獲得更大的牽引力，並在廣泛的 WCMA 網絡推出後開發 MNS。

So I was just wondering if you would comment on that?

所以我只是想知道你是否會對此發表評論？

I can give a few comments on it.

我可以就此發表幾點意見。

I think that the MNS and that have a pretty high focus.

我認為 MNS 和它具有相當高的關注度。

And we are working closely with a number of operators to bring that to the market.

我們正在與許多運營商密切合作，將其推向市場。

That is a lot of things that have to be timed in that respect, but we have the solutions for the networks and there are hand sets available and there are certain applications and it has to fit together and we are not really there yet, but it's a big focus on that among certain operators.

在這方面有很多事情需要定時，但我們有網絡解決方案，有可用的手機，有某些應用程序，它必須組合在一起，我們還沒有真正做到這一點，但它是某些運營商非常關注這一點。

One last thing.

最後一件事。

It looks like you have change in the management of your wireless infrastructure division with the departure of

看起來您的無線基礎設施部門的管理隨著

.

.

Could you just give us some background on that and how you see that going forward?

您能否給我們介紹一下這方面的背景以及您如何看待它的發展？

Thank you.

謝謝。

We have for quite sometime talked about the

我們已經討論了很長一段時間

multi-services network system is really the core network.

多業務網絡系統才是真正的核心網絡。

They provide the engine solutions, but these solutions and the elements of that solution are the same as we are providing for our second and third generation networks in the future.

他們提供引擎解決方案，但這些解決方案和該解決方案的元素與我們在未來為我們的第二代和第三代網絡提供的相同。

So we are a convergence of core networks and we are taking the consequence of that because it is the same customer, many of the same customers, looking for an integrated solution and we put it together.

所以我們是核心網絡的融合，我們正在承擔這個後果，因為它是同一個客戶，許多相同的客戶正在尋找一個集成的解決方案，我們把它放在一起。

And then we have taken off the traditional narrow band switching.

然後我們取消了傳統的窄帶切換。

We have brought with us the PDMA solutions, then we have Japanese ones, the PDC.

我們帶來了 PDMA 解決方案，然後是日本的 PDC。

And what we can say about this ¾ I don't say they are ¾ I would say they are in the more mature phase, in the latter phase of the product cycle and this is more a supporting ¾ less and less new developments in these and its more handling them so to say, in the declining phases of the product life cycle.

關於這個我們可以說的是 ¾ 我不是說他們是 ¾ 我會說他們處於更成熟的階段，在產品週期的後期，這更多是支持 ¾ 在這些和可以說，在產品生命週期的衰退階段，它更多地處理它們。

And that is also very much fits into the services ....

這也非常適合服務....

Thank you.

謝謝。

, Deutsche Bank Securities, please go ahead with your question.

，德意志銀行證券，請繼續提問。

Can you give us a sense of the timing of

你能告訴我們時間安排嗎

deployments in terms of broad based deployments?

廣泛部署方面的部署？

Are you seeing that getting pushed out?

你看到它被推出了嗎？

Is that more of an '04 event now?

那現在更像是'04事件嗎？

And also, secondly, you talked about the consolidation of the carrier space.

其次，您談到了航母空間的整合。

Do you see a need for a consolidation of the equipment vendor space as well and how would you fit into that?

您是否也認為需要整合設備供應商領域，您將如何融入其中？

Thank you.

謝謝。

Well, the timing of -- I feel -- insist that third generation of wideband

好吧，我覺得——堅持第三代寬帶的時機

is happening and we have

正在發生，我們有

systems and services in operation in Japan.

在日本運行的系統和服務。

We have others coming on in Europe this year.

今年我們在歐洲還有其他人參加。

We don't expect it to be perfect from the beginning.

我們不期望它從一開始就是完美的。

It's going to be a struggle to bring this into

將其納入其中將是一場鬥爭

operation.

手術。

But it is happening.

但它正在發生。

And it is happening more or less as we have thought.

正如我們所想的那樣，它或多或少正在發生。

And there are also players in the field that are more interested to see this happening

而該領域也有玩家更有興趣看到這種情況發生

and some others that are pretty strong and operating in many markets.

以及其他一些非常強大並在許多市場開展業務的公司。

And they will certainly push this.

他們肯定會推動這一點。

And then there are others who might be more interested to see it delayed.

然後還有其他人可能更願意看到它延遲。

But as an average of these different pushes it will -- it is moving along and I think it is up to percentages that we have been expecting . . .

但作為這些不同推動力的平均值，它會 - 它正在向前發展，我認為它達到了我們一直期待的百分比。 . .

Restructuring

重組

.

.

And then when we cancel the restructuring of the market obviously we see a correction in the telecommunications market from the last five -- six years of quite unusual growth.

然後當我們取消市場重組時，我們顯然會看到電信市場在過去五年 - 六年非常不尋常的增長中出現調整。

And it's been -- there are many reasons why this is not the normal trend.

而且它已經 - 這不是正常趨勢的原因有很多。

And now we are back towards the growth trends that are more typical of the telecommunications business.

現在我們又回到了電信業務更典型的增長趨勢。

That means also that there have been some excess capacity built up over the years in the business and we are now seeing that this excess capacity is cut away and no doubt there will be some opportunities to restructure this business.

這也意味著多年來該業務已經積累了一些過剩產能，我們現在看到這些過剩產能正在被削減，毫無疑問會有一些機會重組該業務。

That's one of the reasons why we think that the strong financial position of Ericsson is a good prerequisite for being able to participate in the restructuring if something interesting turns up.

這就是為什麼我們認為愛立信強大的財務狀況是能夠參與重組的良好先決條件的原因之一，如果有什麼有趣的事情出現的話。

And among the operators we also believe as we have said for a long time there will be a restructuring and I think the

在運營商中，我們也相信，正如我們長期以來所說的那樣，將會進行重組，我認為

deal is the typical sign that this is going ¾ is happening ¾ this is going to happen for sometime and it's going to spread and involve many more

交易是這種情況正在發生的典型跡象 ¾ 正在發生 ¾ 這將發生一段時間，並且會傳播並涉及更多

in this process.

在這個過程中。

Thank you.

謝謝。

,

,

.

.

Please go ahead with your question.

請繼續你的問題。

As you look out across ¾ you are obviously seeing considerable weakness in Latin America ¾ what other segments of the world that appear to be holding up, what is your view point there, in particular in North America and China for capital spending in infrastructure over the rest of the year?

當你放眼 ¾ 時，你顯然看到拉丁美洲相當疲軟 ¾ 世界上其他哪些地區似乎表現不佳，你對那裡有何看法，特別是北美和中國在基礎設施方面的資本支出今年剩下的時間？

While we know that North America is

雖然我們知道北美是

toward the U.S. is holding up pretty well and that is because we have two or three operators that are investing in coverage and in

對美國的支持非常好，這是因為我們有兩三個運營商正在投資於覆蓋範圍和

.

.

I am talking about Cingular and AT&T Wireless and to some degree Voice Stream.

我說的是 Cingular 和 AT&T Wireless 以及某種程度上的語音流。

We see weaknesses in Latin America.

我們看到了拉丁美洲的弱點。

It's not the same picture all over.

這不是同一張照片。

But it's from Mexico, it's pretty strong still.

但它來自墨西哥，它仍然很強大。

And Brazil, which a big market, it is filled with a lot of problems and questions marks.

而巴西這樣一個大市場，也充滿了很多問題和問號。

And we have south of Latin America, it's , you can imagine yourself.

我們在拉丁美洲南部，它是，你可以想像自己。

In Europe, that's a big issue with the operators there with their inability really to invest because of their debt burdens and I could go back through all the reasons for that concern, but I think you know that.

在歐洲，這對那裡的運營商來說是一個大問題，因為他們的債務負擔使他們無法真正進行投資，我可以回顧所有引起這種擔憂的原因，但我想你知道這一點。

Middle East, Africa, even Eastern Europe, we see a reasonable growth, but it is unfortunately from a small base.

中東、非洲，甚至東歐，我們都看到了合理的增長，但不幸的是，它的基數很小。

And then we have Asia, where we have China still holding very well.

然後是亞洲，中國在亞洲仍然表現出色。

And so far this year, the statistics we have shows that China is moving, steaming along more or less as it did last year.

今年到目前為止，我們的統計數據顯示，中國正在前進，或多或少與去年一樣。

What we may not -- we do not expect this strong growth in China because we expect it stay on a high level.

我們可能不會——我們預計中國不會出現這種強勁增長，因為我們預計它會保持在高水平。

Then we have down turns visible, very visible in Japan.

然後我們有明顯的轉彎，在日本非常明顯。

But we have on the other hand, a new emerging markets and in particular India seems to be coming on pretty well now.

但另一方面，新興市場，尤其是印度，現在似乎進展順利。

That is more or less the picture around the world.

這或多或少是世界各地的情況。

Do you expect a significant change in the next few quarters or more of the same?

您預計在接下來的幾個季度或更長時間內會發生重大變化嗎？

We don't see any -- I expect it to continue more or less this way.

我們沒有看到任何——我希望它或多或少會以這種方式繼續下去。

We don't see any way -- any signs that this is significantly going to improve.

我們看不到任何方式 - 任何跡象表明這將顯著改善。

It's more of the same I would expect.

這更像我所期望的。

Next question, please?

請問下一個問題？

We will now return to the U.K. for questions.

我們現在將返回英國提問。

Thank you.

謝謝。

Our next question comes from

我們的下一個問題來自

with CFSB.

與 CFSB。

Please go ahead, sir.

請繼續，先生。

Hi -- yes.

嗨 - 是的。

Thank you.

謝謝。

How confident are you that the 30 billion rise offering is sufficient I guess especially since you have very low visibility and no profits for 2003?

我猜你對 300 億美元的增資是否足夠有信心，特別是因為你的知名度很低，而且 2003 年沒有利潤？

And then, secondly, what cash flow are you assuming from disposables on net working capital to insure that you won't have to be raising the size of the rise offering?

然後，其次，您假設淨營運資金中可支配資產的現金流量是多少，以確保您不必提高增發產品的規模？

Thanks.

謝謝。

Well, when it comes to the rise offering we are determined to see that this is successfully concluded.

好吧，說到增發，我們堅決要看到這個圓滿結束。

That is the ambition to this issue -- no doubt to that.

這就是解決這個問題的雄心——毫無疑問。

When it comes to the possible diversity of

當談到可能的多樣性時

we have only the comment that in due time we will come back every quarter.

我們只有評論，我們將在適當的時候每季度回來一次。

OK -- just one follow up.

好的——只有一個跟進。

Does your restructuring charge include any write off or accounts receivable or is there a chance of further restructuring charges down the road for either headcount or receivables?

您的重組費用是否包括任何註銷或應收賬款，或者是否有可能在未來對員工人數或應收賬款進行進一步的重組費用？

Basically at the year it is at this point in time it is primarily

基本上是在這一年，在這個時間點，主要是

related.

有關的。

Most of this has gone through so much restructuring we have taken out the

其中大部分經歷瞭如此多的重組，我們已經去掉了

inventories and so on.

庫存等。

Part of what we're doing now is also to review broader portfolios.

我們現在正在做的部分工作也是審查更廣泛的投資組合。

So to some extent that would also be asset related

所以在某種程度上這也與資產相關

restructuring charges in the order of two billion

重組費用約為 20 億

.

.

OK.

好的。

And what percentage of your employee reduction will come from Sweden?

您的員工裁員中有多少來自瑞典？

Well, we are not so specific but we are saying that this is impacting every corner of Ericsson as we talk about continuous improvement.

好吧，我們並沒有那麼具體，但我們說這正在影響愛立信的每個角落，因為我們談論的是持續改進。

So some type of indication you get by taking this a last precaution

因此，通過採取最後的預防措施，您會得到某種類型的指示

.

.

OK -- thank you very much.

好的，非常感謝。

Thank you, sir.

謝謝你，先生。

And the next question comes from

下一個問題來自

with

和

.

.

Yes -- hello.

是的你好。

Thank you very much.

非常感謝。

Could you maybe shed some light on your payment schedules for bonds and bank debt, please?

您能否闡明您的債券和銀行債務的付款時間表？

I haven't got all these details on my head ...

我腦子裡沒有所有這些細節......

I am most interested in the years 2002 and 2003?

我對 2002 年和 2003 年最感興趣？

But you are not interested in ...

但是你對...不感興趣

No, I think it is sufficient if you can talk us through the schedule for 2002 and 2003.

不，我認為只要你能和我們談談 2002 年和 2003 年的時間表就足夠了。

Well, the issue bonds last year, and in the order of 2 billion Euros, so that is there.

好吧，去年發行了大約 20 億歐元的債券，就是這樣。

And as I said before when this issue was brought up, when this

正如我之前所說，當這個問題被提出時，當這個

concluded we use part of it in order to review our different loans that will primarily go into the short term part.

得出結論，我們使用其中的一部分來審查我們將主要用於短期部分的不同貸款。

first repay that.

先還那個。

though review our long-term loans.

儘管審查我們的長期貸款。

There is for example a convertible that we issued a couple of years ago and that is due in , next year.

例如，我們幾年前發行了一款敞篷車，將於明年到期。

But basically without having all these on the top of my head, we have got a pretty good flexibility when it come to structure our balance sheet in such as way so that we get the strong balance sheet.

但基本上沒有所有這些都在我的腦海中，在構建我們的資產負債表時我們有很好的靈活性，以便我們獲得強大的資產負債表。

Meaning that we don't have that much of debt here.

這意味著我們這裡沒有那麼多債務。

We have also for example, we have got pension liabilities that are arranged in a specific way, not just in Sweden.

例如，我們還有以特定方式安排的養老金負債，而不僅僅是在瑞典。

And these have been more costly for different reasons that lately.

最近由於不同的原因，這些成本更高。

They are in the order of some eight billion.

他們大約有八十億。

By doing this now, we also get the possibility to repay these.

通過現在這樣做，我們也有可能償還這些。

So there is pretty much as flexibility here.

所以這裡有幾乎一樣的靈活性。

OK.

好的。

Thank you.

謝謝。

Thank you sir.

謝謝你，先生。

We move now to Miss

我們現在搬到小姐

with Morgan Stanley.

與摩根士丹利。

Yes, thank you.

是的，謝謝。

Couple of questions.

幾個問題。

First on the improvement we saw in your gross margin, which I think you explained to reduce excess capacity.

首先是我們在毛利率方面看到的改善，我認為您解釋說這是為了減少過剩產能。

Could you be a little bit more explicit about that and say if relates to a particular area of operations?

您能否對此更明確一點，並說明是否與特定的運營領域有關？

Because obviously on the whole, you still have excess capacity.

因為顯然整體來說，你的產能還是過剩的。

That's the first one.

這是第一個。

The second one is just to try and get a little bit more information on the restructuring in terms of the job cuts -- whether these are largely going to show up as savings in cost of sales or whether they'll be sales and operating expenses?

第二個只是嘗試獲得更多關於裁員重組的信息——這些信息是否主要表現為銷售成本的節省，或者它們是否會成為銷售和運營費用？

And what you're actually looking for as you try to

以及您在嘗試時實際尋找的東西

work out which people are gong to disappear and what your priorities are?

弄清楚哪些人會消失，你的優先事項是什麼？

specific questions here when it comes to our gross margin.

關於我們的毛利率的具體問題。

To wrap up our gross margin was down in the first quarter quite much compared to the first quarter of last year.

總而言之，與去年第一季度相比，我們第一季度的毛利率下降了很多。

And that was basically due to the excess capacity as the volumes are down that much.

這基本上是由於產能過剩，因為產量下降了那麼多。

And that is at the same time an improvement in the first quarter compared with the last quarter in 2001.

同時，與 2001 年最後一個季度相比，第一季度有所改善。

Then you have to bear in mind that also what to remember when we reported our fourth quarter we referred to a couple specific reasons why we had consistently lower gross margins in the fourth quarter such as, for example, that we had

然後你必須記住，當我們報告第四季度時，我們還提到了我們在第四季度毛利率持續較低的幾個具體原因，例如，我們有

cost for our mobile phones.

我們手機的成本。

Why not having

為什麼沒有

?

？

So it is up

所以它起來了

.

.

And when we resourced with that we have got less of excess capacity.

當我們以此為資源時，我們的過剩產能就會減少。

That is because of a reflection of the measures that we are taking.

這是因為反映了我們正在採取的措施。

So there is a little bit of an improvement.

所以有一點改進。

But it comes to -- let me also say that when it comes to gross margin it's a little bit like cash flow that it can jump up a little bit in such a short period as the quarter

但它 - 讓我也說一下，當談到毛利率時，它有點像現金流量，它可以在如此短的時間內像本季度一樣跳躍一點

.

.

When it comes to your question then exactly where would we see these improvements?

當談到您的問題時，我們究竟會在哪裡看到這些改進？

We'll see them on the cost side or we'll see them on the margin side.

我們會在成本方面看到它們，或者我們會在利潤方面看到它們。

And more broadly, again, as we are finding in this volatile environment with real challenges

更廣泛地說，正如我們在這個充滿真正挑戰的動盪環境中所發現的那樣

you can say if you end up in a situation with lower volume all of your parameters will be hurt.

你可以說，如果你最終處於音量較低的情況下，你的所有參數都會受到影響。

That is what

那是什麼

in our phone business a year ago.

一年前在我們的電話業務中。

So it's your gross margin as well as your

所以這是你的毛利率以及你的

percentage of sales so now less

銷售額的百分比，所以現在更少

are going down.

正在下降。

And

和

historically pick up again it will be the other way around.

歷史上再次回升將是相反的方式。

And if I was to divide exactly where you will

如果我要準確地劃分你想要的地方

, the one or the other, I think that is the major portion of what we are talking about

，一個或另一個，我認為這是我們正在談論的主要部分

we expect down side.

我們預計會有負面影響。

But I prefer to talk about the, our fixed cost in a broad sense.

但我更願意從廣義上談論我們的固定成本。

And I estimate them to in the order of 45 to 50 percent of the total cost base.

我估計它們佔總成本的 45% 到 50%。

You had a third question as well.

你還有第三個問題。

Was that so?

是這樣嗎？

No, I think that was it.

不，我想就是這樣。

But maybe just to that 45 to 50 percent you just talked about, is that, that do you think stay unchanged or do aim to reduce that at all?

但也許只是你剛才談到的那 45% 到 50%，你認為是保持不變還是打算減少它？

all this initiative that they are running the intention is to make us slimmer.

他們開展的所有這些活動的目的是讓我們更苗條。

And I would not exclude what we have been trying to tell you here when it comes to our phone business, is that we have transferred a lot of the fixed cost base over to variable cost.

而且我不會排除我們一直試圖在這裡告訴你的關於我們的電話業務，我們已經將大量固定成本基礎轉移到可變成本。

Right now we have only the joint venture, 4,000 people.

現在我們只有合資企業，4000 人。

And you remember that we had at the peak here, in our own phone business as many as 18,000.

你還記得我們在這裡的高峰期，我們自己的電話業務多達 18,000 部。

And there are, other than myself, that would be some type corresponding development also for the

除了我自己，還有一些類型的相應發展也適用於

business that we will have a somewhat bigger variable cost base and a somewhat smaller fixed cost base, going forward.

未來，我們將擁有更大的可變成本基礎和更小的固定成本基礎。

OK.

好的。

That's very helpful.

這很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

We have a question now from Mr.

我們現在有一個來自先生的問題。

of

的

Salomon Smith Barney.

所羅門美邦。

Please go ahead sir.

先生，請繼續。

Thank you.

謝謝。

Could you say anything on the split between the wireless and the wide line businesses in the first quarter?

您能談談第一季度無線業務和寬線業務之間的分歧嗎？

And in terms of profitability?

在盈利能力方面？

Clearly, the wide line business had a much more dramatic fall in volumes.

顯然，寬線業務的銷量下降幅度更大。

Could you comment on whiter the systems business on its own was in the black in the period?

您能否評論一下在此期間系統業務本身處於虧損狀態？

And a related question, are there any areas within the wide line portfolio that may not be core as you go through the change in structure between those two units?

一個相關的問題是，當你經歷這兩個部門之間的結構變化時，廣泛的產品組合中是否有任何領域可能不是核心的？

The answer to your question is easy to answer because is no.

您的問題的答案很容易回答，因為是否定的。

I mean what

我的意思是

if we have come to the conclusion that it not good to disclose sales and orders when it comes to mobile and fixed and we don't go into profitability.

如果我們得出結論，在移動和固定方面披露銷售和訂單是不好的，我們就不會盈利。

And what was announced today is also good evidence of that because they are more and more into the

今天宣布的內容也很好地證明了這一點，因為他們越來越多地進入

and at the end of the day,

最終，

how you arbitrarily allocate cost and expenses between the two.

您如何在兩者之間任意分配成本和費用。

Of course also along the discussion that we have had, we said here that the circuit switching business is going radically down and consequently to end up in the shorter term with a lot of excess capacity and consequently you end up with troublesome parameters when it comes to profitability gross margin as well as operating margins as the more general comments here.

當然，在我們進行的討論中，我們在這裡說過，電路交換業務正在急劇下降，因此在短期內會出現大量過剩容量，因此當涉及到盈利能力毛利率以及營業利潤率作為此處更一般的評論。

Then you can distinguish here between

然後你可以在這里區分

.

.

We also have got within this business our successful migration business, which is doing well from a market point of view and also from a profit point of view.

我們還在這項業務中獲得了成功的遷移業務，從市場的角度和利潤的角度來看，它都做得很好。

But I've been

但我一直

into breaking this up for you.

為你打破這一切。

OK -- thank you.

好的謝謝。

One last question, Operator.

最後一個問題，運營商。

Our next question comes from

我們的下一個問題來自

from Piper Jaffray.

來自 Piper Jaffray。

Please go ahead.

請繼續。

Hi.

你好。

I won the lottery with the last question.

最後一題我中了彩票。

Two questions.

兩個問題。

First, edge shipments -- could you comment on the current level of edge products shipping and what you expect to happen in the balance of 2002?

首先，邊緣出貨——您能否評論一下當前邊緣產品的出貨水平以及您對 2002 年餘下時間的預期情況？

And then second question -- phones -- you took your guidance down from -- to a range of 400 to 420.

然後是第二個問題——電話——你把你的指導從——降低到 400 到 420 的範圍。

But in your comments just earlier, Kurt, you said 400.

但在你剛才的評論中，庫爾特，你說了 400。

Do you mean by that to emphasize the lower end of that 400 to 420?

您的意思是強調 400 到 420 的下限嗎？

Thank you

謝謝

Well, to start with the second part -- it was exactly what we tend to lean towards the lower end of the range that we have indicated.

那麼，從第二部分開始——這正是我們傾向於傾向於我們所指出的範圍的低端。

And that is based on our feeling about the market at least statistics that we have been able to gather so far.

這是基於我們對市場的感覺，至少是我們迄今為止能夠收集到的統計數據。

replacement if lower than anticipated.

如果低於預期，則更換。

Then when it comes to edge shipment -- in the

那麼當涉及到邊緣裝運時——在

shipments and for instance, North America that is included but we haven't started really any significant shipments or

出貨量，例如包括北美在內，但我們還沒有真正開始任何重要的出貨量或

.

.

Then do you anticipate to begin some meaningful shipments of edge during 2002?

那麼您是否預計在 2002 年開始一些有意義的 edge 出貨量？

It depends on what you mean by meaningful.

這取決於你所說的有意義的意思。

There could be

可能有

that are meaningful but I trust you mean in quantity volume and that, I would say, is not meaningful.

這是有意義的，但我相信你的意思是數量，我會說，這沒有意義。

All right -- thank you.

好吧。謝謝。

OK, Operator -- so that was the last call.

好的，接線員——那是最後一次通話。

All right, sir.

好的，先生。

Doe you have any concluding comments?

你有什麼總結意見嗎？

No.

不。

Thank you very much for coming in today.

非常感謝您今天光臨。

Thank you, ladies and gentlemen, that does conclude the conference for today.

女士們先生們，謝謝你們，今天的會議到此結束。

Again, we thank you for your participation and ask that you please disconnect your line at this time.

再次感謝您的參與，請您在此時斷開您的線路。