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: Joel Adam Spungin - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I was wondering if I could ask about the modernization market. Obviously, you said that that had been -- there is a certain degree of caution in that
market. Is that true in China as well? Or is the Chinese modernization market proving to be a little bit more dynamic?
Question: Joel Adam Spungin - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Okay. Okay. And then if you think about some potential sort of stimulus maybe in European markets, do you think that modernization is likely to
be a beneficiary if there is a push to encourage people to improve energy efficiency in buildings and things like that?
Question: Joel Adam Spungin - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Okay. And then maybe just to follow-up on that quickly. I mean do you have a sense very, very broadly about how relevant elevator usage is in
terms of building energy consumption? And to what extent has -- is there energy efficiency benefit for a new elevator versus a 20-year-old unit?
Question: Andrew J. Wilson - JPMorgan Chase & Co, Research Division - Analyst
: I'll be very quick in the interest of time. I just wanted to check a couple of points on the kind of the Q2 bridge, I think, following up on Klas a little
bit. I think with the Q1 results, you gave us some help in terms of what to expect. And I think it was that you'd have more help from the Accelerate
programs and perhaps more help from sort of short-term discretionary savings in the Q2, but then the sort of COVID related costs and sort of loss
of productivity would be higher. I just wanted to check that that's kind of how the quarter played out because I think clearly, you've come in with
a very, very good margin, certainly a lot better than the analysts were expecting. I was just trying to get a bit more detail on sort of the moving
parts within that, and it would be very helpful in terms of the balance of the year as well.
Question: Wasi Rizvi - RBC Capital Markets, Research Division - Analyst
: Just a couple left from me. Firstly, you mentioned that resi has been obviously more resilient at the moment and particularly, on the service side
and offices are more impacted. But thinking about your pipeline and going forward, are you seeing any change in customer and developed
confidence in moving forward by segment. And I'd just be interested to hear what you think is happening already. And I mean, the obvious ones,
I guess, hotels and leisure be equally, whether infrastructure projects, whether you're seeing more or less enthusiasm and same for office? And
then the second question was just to be clear on something that's come up a few times. But do you think in Q3, the pricing will already be negative
Question: Wasi Rizvi - RBC Capital Markets, Research Division - Analyst
: And I just -- and then were there any kind of standout anomalies by region, whereas one region is doing something different to the rest of the
world that you've picked up on?
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