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: Oscar Val Mas - JPMorgan Chase & Co, Research Division - Analyst
: 3 questions from my side. The first one, just on the outlook for the rest of the year. The full year guidance is unchanged, which implies a slowdown.
Were there any one-offs in Q1 that you want to call out? Or is there anything that worries you for the rest of the year in some of the more cyclical
end markets? That's the first question.
The second one is specifically on the German transmission and distribution phasing. It was, I guess, still weak in Q1. Do you have any visibility when
this will recover, and could you give us a sense of how large these contracts are in terms of when they do ramp up?
And then the third question is around I guess, pricing and cost inflation, you don't have a pricing number, but could you talk about how pricing or
cost inflation has changed since December?
Question: Christophe Chaput - ODDO BHF Corporate & Markets, Research Division - Analyst
: I just would like to come back on the plus 30 bps margin EBITA. You gave the figure of 10 bps regarding the U.K., the positive, here. Are you able
as well to share with us the impact from the Worksphere acquisition, which is supposed to be positive related to the synergy you had extract.
Question: Christophe Chaput - ODDO BHF Corporate & Markets, Research Division - Analyst
: Okay, which means that the level of synergy, let's say, already -- 2Q, let's say, to the average of the group in terms of profitability.
Question: Christophe Chaput - ODDO BHF Corporate & Markets, Research Division - Analyst
: Sorry. Yes, and the last one is probably the M&A. So you say that the pipeline is quite rich in terms of opportunity for the balance of the year. Usually,
you say -- you give some figure about the level of M&A. Is it bolt-on M&A that you consider for the full year, which is EUR 250 million. So basically,
would you say that this level is reachable as far as your backlog, let's say, of opportunity is concerned?
Question: Oscar Val Mas - JPMorgan Chase & Co, Research Division - Analyst
: Sorry, just coming back here on pricing. You've talked about supply chain conditions easing. Can you just remind us from a raw materials point of
view, do you see that potentially being negative to pricing this year? And could you remind us how much exposure you have to raw materials,
copper, some of those products, which might be coming down in price?
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