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: Katherine Somerville - UBS Investment Bank, Research Division - Analyst
: My first question is on North America. Given that you've delivered a margin above 7% in 2 quarters this year, would you ever revise up your target
for 2022? And then secondly, in terms of your own employee turnover, how has that trended over the course of last year and this year, please?
Question: Andrew Charles Grobler - CrTdit Suisse AG, Research Division - Analyst
: Just 3 for me as well. Firstly, just on the U.S. transformation program as that comes to an end. Can you quantify the benefits you've -- from a margin
or an absolutely corona basis that you have generated from that program. I know there's lots of moving parts within the U.S. It would be good to
know on that score. Secondly, central costs in Q3 were up quite significantly. Could you talk us through why that is? And then lastly, just to go back
to wage growth in North America. And you talked about kind of price and wage being imbalanced. Could you just say what level of wage increase
you are seeing through Q3?
Question: Andrew Charles Grobler - CrTdit Suisse AG, Research Division - Analyst
: It does. Can I just go back to the -- to a very quick one on the nonrecurring item, why was that not split out into items affecting comparability? Can
you quantify how big it was? I know it's a small topic, but it'd be good to know.
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: This is Johan. I was just -- some tidbits on the cash flow. You mentioned here that you have paid roughly SEK 600 million of the relief measures in
North America in the quarter. How much was that in the full year? And then do I understand you correctly that there's nothing more to be paid in
the fourth quarter, but rather sort of at the end of next year instead?
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: Sounds a bit lower than I thought in my numbers at least. But anyhow, how should I think about the fourth quarter cash flow pattern? Is there any
particular seasonality or things that will happen then in the fourth quarter? Obviously, not including this VAT repayment anymore.
Question: Oscar Val Mas - JPMorgan Chase & Co, Research Division - Analyst
: Most of my questions have been asked, but there's 2 follow-ups -- sorry, 2 additional questions. The first one on, just could you comment on your
exposure to fleet or fuel costs? And if that is significant, can you pass that through to customers? And then the second question is on government
grants. So you say you have 800 people in Europe. You had SEK 100 million benefit in Q3. What's your initial thinking of that benefit in Q4? Do you
think that will drop off further?
Question: Oscar Val Mas - JPMorgan Chase & Co, Research Division - Analyst
: And question just on provision releases. So you haven't released any to date. When do you think you will assess the ability to release your provisions?
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