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 - JPMorgan Chase & Co, Research Division - Analyst
: If I can start with the first one. You mentioned around the meeting actions in China having in recent weeks and having started in the Q1. What sort
of typical lag do you see in terms of easing actions before we actually see that working (inaudible) improved marketing conditions. Sort -- I think
I've heard previously sort of 6 to 9 months in terms of a thought process, but very interested in terms of, I guess, your experience in terms of when
you would expect to see that come through in the market.
Question: Andrew J. Wilson - JPMorgan Chase & Co, Research Division - Analyst
: And the second question is, I guess it's a bit of a kind of philosophical question in terms of running the business in this period. It seems to me, if I
look at the obviously, the strong market share performance in 2021, the very strong orders you've reported for the Q1. It doesn't seem to me that
the business is losing a great deal in terms of, I guess, that productivity towards growth and that focus on growth.
And I'm just wondering sort of how you're balancing the longer-term prospects, which seem to be going very well versus, obviously, the short-term
challenges and kind of if any of the actions that you're taking at the moment you think are going to be kind of sticky actions, which help over the
longer term?
And I guess linked to that is, do you think you're dealing with this downturn in a different way to some of your competitors? So I appreciate that's
quite a broad question, just interested in terms of how you're thinking about that.
Question: Joel Adam Spungin - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I think I've just got one outstanding, which is maybe Ilkka, if I can just come back to -- I think you made the comment a couple of times about being
-- about the order book rotation in China and being disciplined about credit and getting paid there. Could you maybe just elaborate sort of what
that means practice. Are you actually now insisting that you're paid upfront before you will deliver to customers in China. And I'm just kind of
wondering what the implications are in terms of your sort of your debt outstanding in the Chinese market. And-- is there any risk that orders are
canceled.
Question: Joel Adam Spungin - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: And maybe just a quick follow-up. If we look at the development versus Q4 in China. Have you -- has the credit risk situation where your customers
deteriorated? Or you had to make any adjustments to any outstanding provision anything like that?
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