The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Sanjay Bhagwani - Citigroup Inc., Research Division - Analyst
: First of all, congratulations for the strong results. And I have 3 questions. My first one is on -- if you look at the FY margin guidance, the full year
guidance, is it fair to say that this is based on quite conservative assumptions? Like if you just look at, for example, the sales in H2 could be better.
Then also, I think you mentioned that R&D overspend could normalize in H2. And then at the same time, synergies could be a bit higher in H2 and
at the same time, the pricing and the cost dynamics could be better. So just trying to get my head around, let's say, what could lead this margin to
the upper end versus midpoint? That is my first question, and then I'll follow up with the next one, if that's okay.
Question: Sanjay Bhagwani - Citigroup Inc., Research Division - Analyst
: Is it fair to say...
Question: Sanjay Bhagwani - Citigroup Inc., Research Division - Analyst
: Yes. That's very helpful. And my second question is on I think you, Bernard, you mentioned that in Lighting, because of the consolidation effect,
we may see somewhere around 1.5% more for Forvia than for HELLA. So my question is, is there some other differences for the other divisions in
Electronics and Life Cycle Solutions same for the consolidation? So I totally get it for Lighting, it's going to be 1.5% higher. So similar, any more
color on Electronics and Life Cycle Solutions?
Ulric Bernard Schaferbarthold - HELLA GmbH & Co. KGaA - MD of Finance & Controlling and Member of Management Board - Hella
GeschSftsfnhrungsgesellschaft mbH
On the other 2 segments, the differences are quite small. There are some, but they are, let's say, very little in comparison to Lighting. This is why I
highlighted mostly Lighting, so the others are more neglectable. So the around 1.5% in Lighting as, let's say, in comparison now to the roughly 7%
overall -- roughly 7% -- close to 7%, which Michel mentioned on overall Forvia. This translated to that. The other 2 are very, very small, as I said.
Question: Sanjay Bhagwani - Citigroup Inc., Research Division - Analyst
: On the synergy.
Question: Akshat Kacker - JPMorgan Chase & Co, Research Division - Analyst
: Just one left for me, please. If you could just comment on your total R&D expenditure and net CapEx numbers for the full year, that would be really
helpful.
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