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 J. Wilson - JP Morgan Chase & Co, Research Division - Analyst
: I just wanted to go back to the mining margin and thinking about 2019. We've obviously seen very good improvement as you've gone through
2018. And is it kind of Q4 level and think about a 19% or the 20% [XRO], I mean, is there any reason why we shouldn't see that improving? And if
we do have to think about some headwinds, is it things like the mix? Is there anything in terms of investment that we wouldn't be factoring in?
Just trying to get a sense, I guess, of how sustainable that Q4 run rate is and then what upside we have to it.
Question: Andrew J. Wilson - JP Morgan Chase & Co, Research Division - Analyst
: And maybe if I can just follow up in terms of the mining portfolio. I mean, that's clearly the -- I think we've seen the statements around the rail and
the potential process there. But also, if you think about the rest of the portfolio, is that now how you wanted to look going forward? Or do we need
to think about either further divestments or needing to add either capability or capacity in the existing core?
Question: Andreas Juhani Koski - Nordea Markets, Research Division - Analyst
: I would like to ask about the move of powder operations from SMT to Sandvik Machining Solutions. So first, could we read this as preparation for
your decision on what will happen with SMT when they have reached the 10% margin, i.e., that you're preparing for an exit of SMT, if that's what
you would decide?
Question: Andreas Juhani Koski - Nordea Markets, Research Division - Analyst
: And would you like to give us what kind of impact this will have on SMS revenues and EBIT? And also, will this make SMS more volatile when it
comes to organic growth , i.e., is powder's revenues more lumpy than SMS?
Question: Andreas Juhani Koski - Nordea Markets, Research Division - Analyst
: So what kind of impact does it have to SMT's margin?
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