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: Sebastian Kuenne - RBC Capital Markets, Research Division - Analyst
: So first of all, impressive order intake, but I have to ask again on the preorders. If I run the numbers, then you have about CHF 55 million of orders
that you're not going to deliver in the fourth quarter. You also tell us that the outlook for the orders in Q4 look very strong and you guide for CHF
245 million revenues, which then means you may add another CHF 50 million to the order book. To me, that seems like much more than 5% to 7%
of orders being preorders. It looks more like 20%. Can you maybe explain a little bit why you think there's only a small portion of preorders in your
current order book and expected for Q4?
Question: Sebastian Kuenne - RBC Capital Markets, Research Division - Analyst
: Yes. It's additional orders from the small OEMs. The bigger OEMs do not show that behavior of placing orders now for delivery next year. So they
have to -- they still expect you to deliver whatever they order and they expect you to deliver within 4 weeks?
Question: Sebastian Kuenne - RBC Capital Markets, Research Division - Analyst
: That's very understandable. Good. Then I have a question on the outlook, a bit longer term. I mean 2022 is fine. We know what the projects are,
what the investment projects are in semi. So your revenues will be fine. And -- but then for the planning for 2023, i.e., orders late 2022, do you see
an incremental risk from the memory side of the market? Because we now hear more comments on dropping DRAM prices. Now if I recall correctly,
in 2018, that was the main early trigger for the sharp market correction. So do you become a little bit -- do you become incrementally cautious on
the memory side? Or is everything fine as it was 3 months ago?
Question: Sebastian Kuenne - RBC Capital Markets, Research Division - Analyst
: Final question from my side. Again, the 18 spec wins that you had, it's always a bit difficult to -- for us to understand and to put this in context.
Would those 18 spec wins indicate market share gains, stable market share, ongoing trajectory on gain? So how do we read these 18? Is it 18 out
of 22? Is it 18 out of 100 spec tenders -- technology tenders?
Question: Marta Kinga Bruska - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: So I'd like follow up on just the medium-term targets. I also think they're a little bit out of date. So basically, it comes back to our discussion from
January this year. I already kind of thought it's a little bit on the low side of this CHF 1.1 billion in 2025. And I just want to ask you whether you are
still standing by this. And with this year, plus 30% growth. Next year, you said it will be 5% to 7% for the industry, VAT above that. So I was just
wondering, we know that we'll be close to CHF 1.1 billion for the year already.
So -- and then I also kind of struggled to square this with your comments, that I understood you don't expect to see the downturn as far as you can
tell into the future. [Finally, I'm] struggling to square how your guidance [affects] your midterm view. If you can help me on that, please.
Question: Marta Kinga Bruska - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: No, you just actually answered it. That's very helpful. I do have a follow-up. Because the timing, so when you will update the guidance, I believe it
would reflect where you have more visibility or the industry has more visibility, which is enormous interest to asset growth. When do you expect
this -- the visibility or the confidence a little bit to increase? What shall we look out for?
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OCTOBER 15, 2021 / 8:00AM, VACN.S - Q3 2021 VAT Group AG Trading Statement Call
Question: Marta Kinga Bruska - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Basically, you're saying in Q1?
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