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: Andrew J. Wilson - JP Morgan Chase & Co, Research Division - Analyst
: It's mainly a quick follow-up actually on the M&A plans I want to talk about. It seems as if the policy has been very much around bolt-ons, and you
mentioned the sort of 5 businesses over the last year. Can you just talk about sort of how you think about potentially larger deals? And should we
just expect, I guess, what's been a relatively steady stream of bolt-ons across obviously the 2 larger businesses?
Question: Andreas Juhani Koski - Nordea Markets, Research Division - Analyst
: Two questions on Sandvik Machining Solutions, please. Firstly, on the demand situation. I understand that it has been more or less in line with the
first quarter and the beginning of the second quarter here. But could you talk about North America specifically? Because I think we have seen
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APRIL 18, 2019 / 10:00AM, SAND.ST - Q1 2019 Sandvik AB Earnings Call
sequential growth both in Q4 and now in Q1 as well. Is that what you are still seeing going into the second quarter? Or is that sequential improvement
fading and it's more flattish also in North America?
Question: Andreas Juhani Koski - Nordea Markets, Research Division - Analyst
: Okay. And the second one is on your inventories in Sandvik Machining Solutions. I'm sorry if I missed it, I came on a bit late. But what did you do
with your inventories in this quarter? And what do you plan to do in the second quarter in Sandvik Machining Solutions?
Question: Andreas Juhani Koski - Nordea Markets, Research Division - Analyst
: I just wanted to understand what kind of impact the inventory or the productivity -- production levels in Sandvik Machining Solutions could have
had on the margin and what we should expect for the second quarter. Because normally, I think you build inventory in the second quarter ahead
of the summer.
Question: Andreas Juhani Koski - Nordea Markets, Research Division - Analyst
: If I have correct numbers, you built inventories of around SEK 300 million in Q2 last year. And is that something you expect to repeat this year? Or
will you try to keep, yes, production in line with demand in the second quarter?
without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its
affiliated companies.
APRIL 18, 2019 / 10:00AM, SAND.ST - Q1 2019 Sandvik AB Earnings Call
Question: Andreas Juhani Koski - Nordea Markets, Research Division - Analyst
: You don't have any business president there. I'm just kidding.
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