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
: Yes. My question would be related to the tax issues you have had. My concern currently is that with the Energy storage business still loss-making,
that you could have a longer period of high tax rates. So maybe you can give us an indication of, again, where these tax losses come from? And
why you can't offset them with profits and what we should expect for this year, next year and the years after on that subject?
Question: Sebastian Kuenne - RBC Capital Markets, Research Division - Analyst
: Voyage, I assume?
Question: Sebastian Kuenne - RBC Capital Markets, Research Division - Analyst
: How confident are you that the energy storage business will not aggravate the same issues? You mentioned earlier that this is in a high earnings
country, mainly North America, but you may also have energy storage businesses in Australia, in other regions where you can't offset the losses
from energy storage with profits from the same region. So how confident are you that the -- once Voyage is normalizing, that your tax rate is
normalizing as well? .
Question: Sebastian Kuenne - RBC Capital Markets, Research Division - Analyst
: Yes. Hi, everyone. Yes, I have a question on your Russia exposure. There were a couple of contracts that you received for Polar LNG vessels in the
past. I was wondering what the time line is for the deliveries and also the servicing of engines and components that relate to Russian owners, just
wondering how big your exposure is there.
Question: Sebastian Kuenne - RBC Capital Markets, Research Division - Analyst
: But you got big orders, right, for polar vessels or medium-sized?
Question: Sebastian Kuenne - RBC Capital Markets, Research Division - Analyst
: Yes, I have 1 more question. In energy storage, I mean, you did mention several times that the business will be loss-making at least on EBIT level
for several years. Do you have a certain budget of how much losses you can absorb in a single year? I mean, how big of an impact do you expect
in the next year? Are we talking EUR 5 million? Are we talking EUR 50 million? Are we talking EUR 200 million of losses that you have in your plans
that you would be willing to absorb?
Question: Sebastian Kuenne - RBC Capital Markets, Research Division - Analyst
: But you signed the budget. I mean, they take very large orders in that business, extremely large orders. You don't see the risk that this could kind
of put pressure on your financials going forward?
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