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: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: Just a question on -- you touched on the 12% margin target here. But if I look into the Energy division, which was always told historically was the
more profitable part of the business in the old times when you sort of didn't disclose the profitability between the divisions. And then now, inside
the Energy business, the fastest-growing is the Storage business, which we know is sort of just below breakeven. And hopefully, it will be above
breakeven, but it doesn't sound like it's a great margin story in the whole scheme of it. And on the thermal parts in the Energy, I mean you talk
about the renewables and backup power, et cetera, but that also implies that those engines will be used less and the service opportunity is less.
And then to compensate, you obviously talk about climbing the service ladder and gaining more value from that space.
But in my ears, it sounds like might sort of compensate for the lower overall service opportunity and how on the Energy side. So do you think that
the Energy division can ever sort of get back to historic margins in the midterm?
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: And on the Storage side, do you think you will get close to double-digit margin on that one? Or is it sort of high single digits that is a realistic sort
of expectation?
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: Yes. Coming back a little bit to (technical difficulty)
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: Sorry, yes, it was a loud speaker here. Just rephrasing again. On your margin, you mentioned that the 12% margin is obviously including the Storage
business. Now if you look at the Marine versus the Energy side, is there any of these business you think will be more profitable than the other one
going forward?
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: Okay. It's worth a try.
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: Yes. Maybe, just 1 question when we were sort of on this Voyage Service discussion. Competitors -- are your competitors like (inaudible), where
they sort of plan the route through the weather forecast, et cetera? Or who are your competitors in that space?
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: But if you take this (inaudible) as a competitor for the Voyage service, to my understanding, it's quite profitable. Why isn't your Service -- Voyage
Service business profitable in the same way?
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