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
: Yes, sorry. Now, I think you can. So I was wondering about storage. You seem to be very positive on the developments here. And now we also have
Fluence numbers for the second quarter. And it seems like you took back a lot of market share. Do you see this continuing going forward?
And I mean the Fluence is sort of reporting a negative gross margins on the sales they are effectuating, is that the situation for you as well in storage?
I think you have previously talked about gross margins being positive and EBIT being negative, but now with the cost inflation, is this also true for
your revenue recognition in storage?
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: Good. And I know you got this question at the Capital Markets Day, wouldn't it, to some extent, it makes sense for you to monetize the value of
your storage business if you consider that Fluence today alone is a 1/4 of your market cap roughly.
Is the view the same that this will be a core part of your business? And would you say that the Energy business could be as important as a 1/4 of
your business a few years down. I think you've always alluded to that your balancing power is more profitable in the power plants, and that will be
the case in the future as well.
So will the power plant still be the main profit generator would you see in the midterm for you?
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: But as you say, they are complementary, and we see that the storage is growing very rapidly right now, but we don't see a massive recovery of the
order intake for the thermal balancing power, although you mentioned it was 34% of your business. What needs to happen here?
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: Just a follow-up on Daniela's question earlier on your thermal business in emerging markets. You had these big orders from Mexico end of last
year. Are you seeing something of that size in the pipeline today from the emerging markets, I mean, there seems to be a correlation between
currency turmoil and the potential demand in emerging markets, if you look at your ordering historically.
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: But you would say that in general, the pipeline is solid for the emerging markets for your traditional thermal business?
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: I was just taking the opportunity here. I mean if we look at your margin, it used to be pretty solid double digit, and now the pandemic had a big
disruption because it affected the service business to a big extent.
But on the trajectory back to double digit, what needs to happen basically? I think you touched upon it on the Capital Markets Day, but could you
just remind us why aren't we back sort of -- because now services should be sort of running as normal, I guess?
Question: Johan Eliason - Kepler Cheuvreux, Research Division - Analyst
: When do you think your backlog is sort of empty of these low-margin businesses that you haven't been able to get full compensation for the
inflation 12-month times.
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