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 Nussey - Peel Hunt LLP, Research Division - Analyst
: A couple of questions, if I may. First of all, noting sort of potential lockdown -- well, the lockdown impacts in U.K. and Belgium, but do we assume
sort of a broad continuation of those Q3 trends through Q4? Can you give us any insight to what that might mean in terms of the cash position
and specifically, the working capital dynamics?
And secondly, allied to that, obviously with the strengthening balance sheet, Duncan, can you just give us a little bit more insight into potential
M&A and relationship expansion? I did notice your reference or note your reference to potentially new OEM relationships.
Question: Georgios Alexandre Bela Pilakoutas - Numis Securities Limited, Research Division - Analyst
: Three from me, if that's okay. The first one, Gijsbert, could you just clarify your comment on Singapore in terms of, let's say, [the mix for] 2020. I
think you might have given that they're kind of down year-on-year and what that means for 2021. Does that mean that we've troughed in 2020
and we'll even catch up in 2021, or kind of if there's a [T3], a gradual buildup?
The second question was relating to -- Duncan, if you could talk a little bit more around some of those tax case studies that you gave in terms of
the technology being rolled out in Australia and now being rolled out to the Americas. If you could just explain a little bit more what's going on
there, how you kind of see the returns dynamic playing out, whether that's driving market share. I guess how you then go to OEMs and say to them,
"Look, this is what we're doing, independent or unable to do this, and therefore you should partner with us."
The third one I forgot, and it will come back to me in a second, if that's all right.
Question: Georgios Alexandre Bela Pilakoutas - Numis Securities Limited, Research Division - Analyst
: No, it's all right. I was -- that was very helpful.
Question: Paul Rossington - HSBC, Research Division - Analyst
: I've got 3 quick questions, please. Firstly, have OEM contributions helped to drive car sales in Q3? So -- in the U.K.? For example, if you go on to any
one of a number of Audi distributors right now, you'll get a contribution from the OEMs to that car sale. Just wondering if that's been a kind of
material driver of better trading in Q3. Secondly, can you comment on the outlook, if you have one, or view on Aussie dollar, Japanese yen?
And then thirdly, with regard to Australia, that -- the margin performance of that business has deteriorated over the last few years primarily driven
by that negative FX. Is there a point at which you decide that actually, Australia doesn't make a good enough return? Or what is the right return
for the Australian market perhaps is a better question?
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NOVEMBER 05, 2020 / 8:00AM, INCH.L - Q3 2020 Inchcape PLC Trading Statement Call
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