ABB 有限公司 (ABB) 首席执行官 Peter Voser 在 2019年 第二季度业绩 - 收益电话会议记录

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ABB Ltd (NYSE:ABB) Q2 2019 Results Earnings Conference Call July 25, 2019 8:00 AM ET

ABB有限公司(纽约证券交易所股票代码:[ABB])2019年第二季度业绩收益电话会议2019年7月25日美国东部时间上午8:00

公司参与者

Jessica Mitchell - IR
Peter Voser - CEO
Timo Ihamuotila - CFO

  • 杰西卡米切尔 - IR
  • Peter Voser - 首席执行官
  • Timo Ihamuotila - 首席财务官

电话会议参与者

Ben Uglow - Morgan Stanley
Alexander Virgo - Bank of America Merrill Lynch
Martin Wilkie - Citi Research
James Moore - Redburn
Graham Phillips - Jefferies
Gael de-Bray - Deutsche Bank
Andre Kukhnin - Credit Suisse
Daniela Costa - Goldman Sachs International
Wasi Rizvi - RBC Capital Markets
Guillermo Peigneux - UBS
Andreas Willi - JPMorgan
William Mackie - Kepler Cheuvreux

  • Ben Uglow - 摩根士丹利
  • 亚历山大处女座 - 美国银行美林证券
  • 马丁威尔基 - 花旗研究
  • 詹姆斯摩尔 - 雷德本
  • 格雷厄姆菲利普斯 - 杰弗里斯
  • Gael de-Bray - 德意志银行
  • Andre Kukhnin - 瑞士信贷
  • Daniela Costa - Goldman Sachs International
  • Wasi Rizvi - 加拿大皇家银行资本市场
  • Guillermo Peigneux - 瑞银集团
  • 安德烈亚斯威利 - 摩根大通
  • William Mackie - Kepler Cheuvreux

会议主持员

Please go ahead, madam.

夫人,请继续。

杰西卡米切尔

Thank you, and good afternoon, ladies and gentlemen. Welcome to ABB's Second Quarter Results Conference Call and Webcast. As you will have seen, the press release has published at 7:00 AM on our website. This briefing is being webcast via our IR website as well as being recorded. Following our presentation, we will open the lines for your questions.
With me today is ABB's Chairman and Chief Executive Officer, Peter Voser; and our Chief Financial Officer, Timo Ihamuotila. Before we begin, I would like to draw your attention to important information regarding safe harbor notices and our use of non-GAAP measures on Slide 2 of the ABB presentation.
This conference call will include forward-looking statements. These statements are based on the company's current expectations and certain assumptions and are, therefore, subject to certain risks and uncertainties. With respect to our results, you will remember that orders, revenues and operational M&A results reflect our continuing operations and exclude Power Grids. Results for the 4 businesses reported as continuing operations have been recast back to 2017, in line with the business structure that became effective on 1st of April this year, and this data is also available on our website. With that, let me hand you over to Peter.

谢谢,女士们,先生们,下午好。欢迎参加ABB第二季度业绩电话会议和网络直播。正如您将看到的,新闻稿已于上午7:00在我们的网站上发布。本简报将通过我们的IR网站进行网播,并进行录制。在我们的演示之后,我们将为您提出问题。

今天与我同在的是ABB的董事长兼首席执行官Peter Voser;和我们的首席财务官Timo Ihamuotila。在开始之前,我想提请您注意有关安全港通知的重要信息以及我们在ABB演示文稿幻灯片2中使用的非GAAP措施。

本次电话会议将包括前瞻性陈述。这些陈述基于公司当前的预期和某些假设,因此受到某些风险和不确定性的影响。关于我们的结果,您将记住订单,收入和运营并购结果反映了我们的持续运营并排除了电网。报告为持续经营的4家企业的业绩已经重新回到2017年,与今年4月1日生效的业务结构一致,此数据也可在我们的网站上获得。有了这个,让我把你交给彼得。

Peter Voser

Thank you, Jess, and welcome to all of you. We will start with a review of ABB's results for the quarter. We will then provide an update on the group's progress in its transformation agenda, and finally, we'll outline the group's final, financial expectations for the full year of 2019.
On Slide 3, we summarize the second quarter results. Total orders were $7.4 billion and up 1% year-on-year on a comparable basis. And the revenues of $7.2 billion were up 2%. We continue to deliver some growth, led by solid growth in Electrification and Motion despite stronger headwinds in some of our end markets, particularly Robotics & Discrete Automation. The operational EBITA margin was 11.5%, impacted 90 basis points by stranded costs and a further 60 basis points by dilution resulting from the integration of GEIS.
Our group's operational EPS of $0.34 were 10% lower. The basic EPS results of $0.03 is notably lower year-on-year, driven mainly by the charge of $455 million resulting from our decision to exit the solar inverter business.
Cash flow from operating activities was 0 compared to $1 billion in the second quarter of '18. This primarily reflected the timing of employee incentive payments, which were paid in the second quarter this year, while in 2018, they were paid in the first quarter. It was further affected by less favorable movement in accounts payables compared to the same period last year.
On the next slide, ABB's regional and country order trends for the second quarter. In the Americas, total orders grew 7% in comparable terms. All of our businesses were up, led by strong growth in Industrial Automation, Robotics & Discrete Automation and Electrification. Orders continued to grow in the United States, our largest market, while developing very well in South America.
In Europe, order development was more varied. Total orders were stable despite increases in Electrification, Robotics & Discrete Automation and Motion, mainly due to weaker large orders in Industrial Automation. Strong growth in France, the Netherlands and Spain was more than offset by lower order levels from the UK, Finland, Sweden and Italy. Italy was particularly weak by comparison to a strong base from the previous period.
Lastly, you can see orders in Asia, Middle East and Africa region were 3% lower. Solid growth in Electrification and stable performance for Motion was offset by lower large orders in Industrial Automation and a fall in select end markets for Robotics & Discrete Automation. Lower orders from China and the Middle East outweighed positive developments in South Korea, South Africa, Australia and India.
To give a little bit more color, specifically on China, ABB's total order growth rate, minus 1% year-on-year, was driven mainly by significant lower orders in Robotics & Discrete Automation due to the headwinds in discrete industries. However, we saw excellent growth in Electrification and Industrial Automation. We, therefore, view the outlook as mixed rather than one of broad-based contraction.

谢谢Jess,欢迎大家。我们将首先回顾一下ABB本季度的业绩。然后,我们将提供有关该集团转型议程进展的最新信息,最后,我们将概述该集团2019年全年的最终财务预期。

在幻灯片3中,我们总结了第二季度的结果。总订单为74亿美元,同比增长1%。 72亿美元的收入增长了2%。尽管我们的一些终端市场(尤其是机器人和离散自动化)存在更强的逆风,但我们仍继续实现一些增长,其中包括Electrification and Motion的稳健增长。运营EBITA利润率为11.5%,受搁置成本影响90个基点,并且由于GEIS整合而导致稀释进一步影响60个基点。

我们集团0.34美元的运营每股盈利下降10%。 0.03美元的基本每股收益同比显着下降,主要是由于我们决定退出太阳能逆变器业务而导致的4.55亿美元的收费。

经营活动产生的现金流为0,而18世纪第二季度为10亿美元。这主要反映了员工奖励支付的时间,这是在今年第二季度支付的,而在2018年,它们是在第一季度支付的。与去年同期相比,应付账款的变动进一步受到影响。

在下一张幻灯片中,ABB的第二季度区域和国家订单趋势。在美洲,订单总额同比增长7%。我们所有的业务都在增长,其中包括工业自动化,机器人和离散自动化以及电气化的强劲增长。订单继续在我们最大的市场美国增长,同时在南美洲发展得非常好。

在欧洲,订单开发更加多样化。尽管电气化,机器人和离散自动化和运动增加,总订单仍然稳定,这主要是由于工业自动化的大订单减少。法国,荷兰和西班牙的强劲增长被英国,芬兰,瑞典和意大利的较低订单水平所抵消。与前一时期的强劲基数相比,意大利特别薄弱。

最后,您可以看到亚洲,中东和非洲地区的订单减少了3%。电气化的稳健增长和Motion的稳定性能被工业自动化的大订单减少以及机器人和离散自动化的特定终端市场的下降所抵消。来自中国和中东的订单减少超过了韩国,南非,澳大利亚和印度的积极发展。

为了给中国带来更多的色彩,ABB的总订单增长率(同比减去1%)主要是由于离散行业的逆风导致机器人和离散自动化的订单大幅减少。然而,我们看到电气化和工业自动化的出色增长。因此,我们认为前景是混合的,而不是广泛收缩的前景。

Overall, second quarter order trends show ABB was impacted by slowing in some geographies. However, we are on course to drive long-term growth across our businesses, while continuously improving the way we execute to mitigate lower demand.
I will now hand over you to Timo to provide you with more details.

总体而言,第二季度订单趋势显示ABB受到一些地区放缓的影响。 但是,我们正在努力推动整个业务的长期增长,同时不断改进我们的执行方式以减少需求下降。

我现在将你交给Timo,为你提供更多细节。

Timo Ihamuotila

Thank you, Peter, and welcome to all of you. I will now provide a closer look at the second quarter performance of our businesses, starting with Electrification on Slide 5. Electrification's results show continued top line momentum with total orders increasing 5%. Order growth was broad-based with strong demand for solutions, including excellent growth in key segments like rail, data centers, wind and EV charging.
Orders growth was led by the Americas. Order growth was robust in the United States and strong in China. Revenues were up 4% year-on-year and order backlog ended the quarter up 10% compared to the same period last year. The division's operational EBITA was 250 basis points lower year-on-year. GEIS' impact was approximately 200 basis points in the quarter compared to 270 basis points in the first quarter. Excluding GEIS, margins reflect a shift in Electrification's business mix toward more solutions revenue.
Looking ahead, we expect the business's margin to continue to show the impact of a shift in mix toward solutions. Overall, we expect some sequential improvement in margin. This will include ongoing improvement in GEIS performance, which will no longer be excluded from the comparison base from Q3 onwards.
Next on Slide 6, we have Industrial Automation, where total orders were up 4%, sorry, where total orders were 4% lower. In this business, order development was impacted by lower large orders mainly from Europe and the Middle East against a tough comparison with the prior year period. Process industries, such as pulp and paper and mining as well as oil and gas, showed continued good momentum, while conventional power generation was subdued. Measurement and analytics grew very well in the quarter across end markets.
The business is seeing a stronger pipeline of potential projects, including larger investments. Order awards remain subject to timing uncertainties. However, we do expect order growth to be strong in the third quarter. Year-on-year, Q2 revenues rose 3%, supported by order backlog conversion.
Operating margins were 220 basis points lower relative to Q2 2018, reflecting project mix impacts and higher costs due to under absorption and investment in growth. ABB expects margins in Industrial Automation to improve sequentially in the third quarter. However, we still expect the year-on-year margin to be lower, absent the nonrecurring tailwinds that supported margins in this business last year.
Let's turn to Motion on Slide 7, which delivered solid execution in the quarter against a tough comparison base. Total orders were up 4%, with strength in drives and services and notable benefit from large rail orders. All regions grew. Revenues improved 5%, and so did the order backlog. The operational EBITA margin of 16.7% was up 40 basis points compared to the period year ago, primarily due to favorable volumes and ongoing cost management. Going forward, we anticipate steady execution in Motion business.
On Slide 8, we turn to Robotics & Discrete Automation or RA. As anticipated last quarter, we felt the downturn in the automotive and machine building more, builder market. Accordingly, total orders for Q2 2019 were 9% lower, reflecting both the more challenging market and a tough comparison base. Weakness was most evident in the automotive, machine builder and 3C markets; and on regional bases, in AMEA and, particularly, in China. Demand remained strong for logistics automation, and the business continued to benefit from orders for automotive solutions. The order backlog ended the quarter up 10% year-on-year.

谢谢你,彼得,并欢迎你们所有人。我现在将详细介绍我们业务的第二季度业绩,从Slide 5上的电气化开始。电气化的结果显示持续的顶线动力,总订单增加5%。订单增长基础广泛,对解决方案的需求强劲,包括铁路,数据中心,风能和电动汽车充电等关键领域的出色增长。

订单增长由美洲领导。美国订单增长强劲,中国强劲增长。收入同比增长4%,订单积压与去年同期相比上涨10%。该部门的运营EBITA同比下降250个基点。本季度GEIS的影响力约为200个基点,而第一季度为270个基点。不包括GEIS,利润率反映了电气化业务组合向更多解决方案收入的转变。

展望未来,我们预计业务的利润率将继续显示出混合向解决方案转变的影响。总体而言,我们预计利润率将有所改善。这将包括GEIS绩效的持续改进,从第3季度起不再排除在比较基础之外。

接下来在幻灯片6中,我们有工业自动化,总订单增加了4%,对不起,总订单减少了4%。在这项业务中,订单开发受到主要来自欧洲和中东的较低大订单的影响,与去年同期相比较为严峻。纸浆和造纸,采矿以及石油和天然气等加工业表现出持续的良好势头,而传统发电则受到抑制。本季度终端市场的测量和分析业务增长良好。

该业务正在看到更强大的潜在项目,包括更大的投资。订单奖励仍受时间不确定性的影响。但是,我们确实预计第三季度订单增长强劲。在订单积压转换的支持下,第二季度收入同比增长3%。

与2018年第二季度相比,营业利润率下降220个基点,反映出项目组合的影响以及由于吸收不足和增长投资而导致的成本上升。 ABB预计工业自动化的利润率将在第三季度连续增长。然而,我们仍然预计年度利润率将会下降,而去年支持该业务利润率的非经常性逆风则不会出现这种情况。

让我们转到幻灯片7上的Motion,它在本季度实现了坚实的执行,而不是一个强硬的比较基础。总订单增长4%,驱动器和服务的优势以及大型铁路订单的显着优势。所有地区都在增长收入增长了5%,订单积压也增加了。与去年同期相比,运营EBITA利润率为16.7%,增长了40个基点,主要是由于有利的销量和持续的成本管理。展望未来,我们预计Motion业务将稳步执行。

在幻灯片8中,我们转向机器人和离散自动化或RA。正如上个季度所预期的那样,我们认为汽车和机械制造业的衰退更多,建筑市场。因此,2019年第二季度的总订单减少了9%,反映了更具挑战性的市场和艰难的比较基数。汽车,机器制造商和3C市场的弱点最为明显;在区域基础上,在AMEA,特别是在中国。物流自动化的需求依然强劲,业务继续受益于汽车解决方案的订单。订单积压结束了该季度同比增长10%。

Revenues were 3% lower due to weaker book-and-bill activities, such as spare parts and services. Reflecting lower volumes and adverse mix, the operational EBITA margin of 12.3% was 260 basis points below the prior year level.
RA is strongly positioned in its addressable markets. In robotics, ABB continues to outpace broader market developments. In our machinery and factory automation business, we see significant growth in new design wins, leading to a very strong pipeline. Simultaneously, RA is focusing strongly on continuous improvement to help mitigate the effect of slower demand. We expect end market headwinds to continue, which will continue to impact order, revenue and margin developments for the next quarter compared to the previous year period.
Let's now consider the main drivers of the group margin on a year-on-year basis on Slide 9. Net cost savings amounted to $57 million, supported by our ongoing focus on OpEx and supply chain management plus some early wins from our simplification program. Volumes had a net positive impact, contributing $60 million. Mix, including under-absorption, had a dampening effect of $68 million. Investments in growth, namely sales and R&D, were $30 million higher year-on-year. Acquisitions, which is GEIS, contributed $32 million, and the FX translation headwind was $38 million this quarter.
On Slide 10, we break out the key net income drivers for the quarter. In U.S. dollar terms, restructuring-related costs were $74 million, including $51 million in charges booked to advance our simplification efforts. Power Grids' carve-out costs were $38 million. And ABB recorded a charge of $455 million from the announced sale of its solar inverter business. Looking at discontinued operations where Power Grids' performance reflected $142 million of net income was recorded.
Looking forward on Slide 11, we revisit our financial framework where we set out our proclamations for key items. Today, I will focus my commentary on issues where we have new or revised guidance.
Within nonoperating items, normal restructuring charges are now estimated at approximately $125 million for full year 2019 from $100 million previously. Simplification program charges continue to be estimated at around $500 million in total, but in 2019, we now anticipate approximately $300 million, lower than originally planned for the year as we have benefited more from normal natural accretions in this early phase. Power Grids separation costs are expected to trend higher in the second half as we move beyond the scope and phases into implementation.
For 2019, we now expect more use of transfer service agreements, which should reduce the separation cost estimate to approximately $250 million for the year. Finally, we anticipate solid operating cash flow for the year as a whole, not including cash outflows from the simplification program and carve-out activities as well as the associated cash tax impacts.
And let me now hand the call back to Peter.

由于备件和服务等账簿和账单活动减少,收入下降3%。反映出较低的销量和不利的组合,运营EBITA利润率为12.3%,比去年同期水平低260个基点。

RA在其可寻址市场中占有重要地位。在机器人领域,ABB继续超越更广阔的市场发展。在我们的机械和工厂自动化业务中,我们看到新设计获得了显着增长,从而形成了非常强大的管道。同时,RA正在重点关注持续改进,以帮助缓解需求放缓的影响。我们预计终端市场的逆风将继续,这将继续影响下一季度的订单,收入和利润率发展,与去年同期相比。

现在让我们在Slide 9上逐年考虑集团利润率的主要驱动因素。由于我们持续关注OpEx和供应链管理以及我​​们的简化计划的一些早期成功,我们的净成本节省达到了5700万美元。数量产生了净积极影响,贡献了6,000万美元。混合物,包括吸收不足,具有6800万美元的抑制效果。增长投资,即销售和研发,同比增长3000万美元。收购,即GEIS,贡献了3200万美元,本季度外汇平移逆风为3800万美元。

在幻灯片10中,我们打破了本季度的主要净收入驱动因素。以美元计算,重组相关成本为7400万美元,其中包括为促进我们的简化工作而预留的5100万美元的费用。 Power Grids的拆迁成本为3800万美元。 ABB宣布出售其太阳能逆变器业务,收取4.55亿美元的费用。观察停电运营情况,其中电网的业绩反映了1.42亿美元的净收入。

展望幻灯片11,我们重新审视我们的财务框架,其中我们列出了关键项目的公告。今天,我将把我的评论集中在我们有新的或修订的指导的问题上。

在非经营项目中,目前估计2019年全年的正常重组费用约为1.25亿美元,而之前为1亿美元。简化计划费用总计估计约为5亿美元,但在2019年,我们现在预计约为3亿美元,低于原计划的年度,因为我们在这个早期阶段从正常的自然增长中受益更多。随着我们超越范围和阶段进入实施阶段,电网分离成本预计在下半年趋势更高。

对于2019年,我们现在期望更多地使用转移服务协议,这应该将分离成本估算减少到当年的约2.5亿美元。最后,我们预计本年度整体经营现金流将稳健,不包括简化计划的现金流出和剥离活动以及相关的现金税影响。

现在让我把电话交给彼得。

Peter Voser

Thank you, Timo. I will turn now to Slide 12 where we highlight how we are driving growth across our businesses with just a few examples. This quarter, Electrification introduced the first major innovation in low voltage switch gears since the '80s. NeoGear solves many of the issues encountered with current technologies, namely busbar contact failures and human errors that can result in serious injuries. It allows for up to 25% space savings and can cut energy losses by up to 20%. Also with ABB Ability connectivity, NeoGear enables digital condition monitoring that can reduce operating costs by up to 30%.
Our Industrial Automation business continued to consolidate its leadership position in pulp and paper markets. For example, during this quarter, Industrial Automation won a contract to supply Trident Limited, the world's largest wheat straw paper manufacturer, with a control system to improve quality at their mill in Punjab, India, while minimizing maintenance and reducing life cycle costs.
Motion, in collaboration with Hewlett Packard Enterprise's Aruba, reached an agreement to combine ABB Ability Smart Sensor technology with Aruba's WiFi and Bluetooth-enabled access points, widening the application of its digital powertrain offering. This will all, allow customers with large industrial size to easily monitor the condition and performance of their equipment, reducing downtime by up to 70% and extending asset's life by up to 30%. And in Robotics & Discrete Automation, we announced plans to develop and introduce collaborative robotics solutions to hospitals, including logistics and laboratory automation solutions starting with the new ABB Healthcare Research Center at Texas Medical Center, which opens in October.
Turning to Slide 13. The separation of Power Grids is advancing well and is on track to close in the first half of next year as indicated at the time of the announcement. The de-merger of PG from our Chinese holding company has been approved by authorities, and the de-merger of ABB India is also on track. This is good progress given these are 2 of the more complex country separations. Worldwide, 2/3 of the necessary legal entities have been incorporated.
With regards to the business developments, Power Grids is maintaining a strong focus on customers in a competitive market. We are seeing solid order development this year to date with the business securing several significant HVDC technology orders.
On Slide 14, we provide an update on the integration of GEIS. In the year since the acquisition, we have made good progress. We have fully integrated approximately 80% of GEIS employees. The combined sales force are operating as one to better access opportunities in the North America markets. More than $70 million in orders has been delivered through successful cross-selling to date. We're digitalizing former GEIS service records to now ABB service products to better leverage our installed base.
The team showcased new combined products to customers in the second quarter, and we will take the first products to market in the second half, including, for example, a new generation of automatic transfer switches incorporating ABB technology. We have also upgraded and enhanced the former GEIS e-commerce platform with ABB products.

谢谢蒂莫。我现在转到幻灯片12,我们将通过几个例子强调我们如何通过我们的业务推动增长。本季度,Electrification公司自80年代开始推出低压开关设备的首次重大创新。 NeoGear解决了当前技术遇到的许多问题,即母线接触故障和可能导致严重伤害的人为错误。它可节省高达25%的空间,并可将能耗降低多达20%。此外,通过ABB Ability连接,NeoGear可实现数字状态监控,可将运营成本降低多达30%。

我们的工业自动化业务继续巩固其在纸浆和纸张市场的领导地位。例如,在本季度,工业自动化赢得了一份合同,为世界上最大的小麦秸秆纸制造商Trident Limited提供控制系统,以提高印度旁遮普省工厂的质量,同时最大限度地减少维护并降低生命周期成本。

Motion与Hewlett Packard Enterprise的Aruba合作,达成协议,将ABB Ability Smart Sensor技术与Aruba的WiFi和蓝牙接入点相结合,扩大其数字动力总成产品的应用范围。这一切都将使工业规模较大的客户能够轻松监控设备的状况和性能,将停机时间缩短70%,并将资产寿命延长30%。在机器人和离散自动化领域,我们宣布计划为医院开发和引入协作机器人解决方案,包括物流和实验室自动化解决方案,从10月份开放的德克萨斯医疗中心新的ABB医疗研究中心开始。

转向幻灯片13.电网的分离进展顺利,有望在公告发布时在明年上半年完成。我们中国控股公司的PG合并已获得当局的批准,ABB印度的合并也正在进行中。这是一个很好的进展,因为这是两个更复杂的国家分离。在全球范围内,已有2/3的必要法律实体成立。

在业务发展方面,Power Grids在竞争激烈的市场中始终关注客户。到目前为止,我们看到今年的订单开发稳健,该业务确保了几项重要的HVDC技术订单。

在幻灯片14中,我们提供了有关GEIS集成的最新信息。自收购以来的一年中,我们取得了良好的进展。我们已经完全整合了大约80%的GEIS员工。合并后的销售队伍将在北美市场更好地获取机会。迄今为止,通过成功的交叉销售已经交付了超过7000万美元的订单。我们将以前的GEIS服务记录数字化为ABB服务产品,以更好地利用我们的安装基础。

该团队在第二季度向客户展示了新的组合产品,我们将在下半年将首批产品推向市场,包括采用ABB技术的新一代自动转换开关。我们还使用ABB产品升级和增强了前GEIS电子商务平台。

In addition to expanding market access, we have taken steps to optimize our footprint and supply chain, while investing in factories and upgrading critical equipment to improve delivery and performance. For example, we announced plans to optimize our medium voltage manufacturing assets in the United States, investing approximately $40 million to expand and upgrade our factory in North Carolina by June 2020.
On a stand-alone basis, the business is showing an improving trend in performance and achieved roughly 5% operational EBITA margin in the second quarter. We remain on track to capture the targeted cost synergies from the integration. We continue to expect the integration of the business to be a strong contributor to Electrification's progress towards its 15% to 19% medium-term target margin corridor.
Let's look at our transformation milestones on Slide 15. The reorganization is in full implementation mode. During the quarter, in addition to global sales, we transferred the quality and operations and service functions from the group to the businesses. The transfer of country resources to the businesses has also commenced. And around year-end, our future country model will go into effect. Furthermore, by end of December this year, we expect to have established a stand-alone Power Grids legal structure.
So let me sum up with Slide 16. We continued to grow in the quarter despite market headwinds. We are doing what we said we would do with our transformation and continue to expect $150 million to $200 million in run rate savings from ABB-OS by the end of this year. The carve-out of Power Grids is on track. We have been making good progress on the integration of GEIS, and we are actively managing our portfolio with the announced exit from our solar inverter business.
Looking ahead, we anticipate headwinds in some markets to continue in the short term, particularly for discrete industries. That said, we expect slight growth in comparable revenues for the group for the full year, supported by our order backlog. We are maintaining our strong focus on performance management to continue to improve the underlying businesses. Group operational EBITA margin is expected to improve for the full year, aided by an improved GEIS performance, ongoing stranded cost elimination, noncore improvements and our simplification program. Lastly, we expect cash flow from operating activities to be solid for the year as a whole.
Thank you for your attention. We are now ready to open the line for your questions. And Jess will do that for us.

除了扩大市场准入外,我们还采取措施优化我们的足迹和供应链,同时投资工厂和升级关键设备以改善交付和性能。例如,我们宣布计划在美国优化我们的中压制造资产,到2020年6月投资约4,000万美元扩建和升级我们在北卡罗来纳州的工厂。

在独立的基础上,业务呈现出改善的业绩趋势,并在第二季度实现了约5%的运营EBITA利润率。我们仍然有望从集成中获取目标成本协同效应。我们继续预计,该业务的整合将成为Electrification在其15%至19%中期目标利润率走廊中取得进展的有力贡献者。

让我们看一下Slide 15上的转型里程碑。重组处于完全实施模式。在本季度,除了全球销售外,我们还将质量,运营和服务功能从集团转移到了企业。国家资源向企业的转移也已开始。在年底前,我们未来的国家模式将生效。此外,到今年12月底,我们期望建立一个独立的电网法律结构。

因此,让我总结一下幻灯片16.尽管市场逆风,我们仍然在本季度继续增长。我们正在做我们所说的我们将要进行的转型,并继续预计到今年年底将从ABB-OS节省1.5亿至2亿美元的运行费率。电网的剥离正在进行中。我们在整合GEIS方面取得了良好进展,我们正在积极管理我们的产品组合,宣布退出太阳能逆变器业务。

展望未来,我们预计短期内某些市场的逆风将继续,特别是对于离散行业。也就是说,我们预计全年的可比收入将略有增长,这得益于我们的订单积压。我们将继续专注于绩效管理,以继续改善基础业务。集团的运营EBITA利润率预计将在全年得到改善,这得益于GEIS业绩的改善,持续搁浅的成本消除,非核心改进以及我们的简化计划。最后,我们预计整个年度经营活动的现金流量将保持稳健。

感谢您的关注。我们现在准备为您的问题打开界限。杰斯会为我们这样做。

杰西卡米切尔

Thank you, Peter and Timo. Operator, may we have the first question from the lines, please.

谢谢你,彼得和蒂莫。 接线员,请问我们可以提出第一个问题。

问答环节

[Operator Instructions] The first question comes from Virgo, Alexander from Bank of America Merrill Lynch. We lost connection with the questioner. We'll go ahead with the second question from Ben Uglow with Morgan Stanley.

[操作员说明]第一个问题来自美国银行美林公司的处女座,亚历山大。 我们失去了与提问者的联系。 我们将继续讨论Ben Uglow与摩根士丹利的第二个问题。

Ben Uglow

It was really a little bit more color around China. There was actually some helpful steers in the introduction. But if I look at the order grade, minus 1, Peter or Timo, could you help us quantify a little bit across the 4 businesses how strong relative with Electrification products? How much of a headwind was Robotics? I'm assuming that Robotics must have been really quite difficult given that it was up in North America. So if you can put some sort of bandwidth or some numbers on the different businesses in China, that would be very helpful.
And then the second question is really how should we think about the cadence of growth? So some of your China competitors have talked about things decelerating during the quarter in 2Q. Is that, in China, I'm talking about. Is that something that you saw? And how should we think about the setup in China into the second half? Those are my questions.

中国周围真的有点色彩。 在介绍中实际上有一些有用的阉牛。 但是,如果我看一下订单等级,减去1,彼得或蒂莫,你能否帮助我们量化4家企业中与电气化产品的相关程度如何? 机器人技术有多大的逆风? 我假设机器人技术一定非常困难,因为它在北美上升了。 因此,如果您可以为中国的不同业务提供某种带宽或某些数字,那将非常有帮助。

然后第二个问题是我们应该如何看待增长的节奏? 因此,您的一些中国竞争对手已经谈到了第二季度该季度减速的事情。 是的,在中国,我在谈论。 那是你看到的吗? 我们应该怎样考虑下半年在中国的设置? 这些是我的问题。

Peter Voser

Thanks, Ben. Let's split this one. Timo will give a little bit more color on China, and then I will take you the second one on second quarter and the outlook in more general.

谢谢,本。 让我们分开这个。 蒂莫会给中国带来更多的色彩,然后我会带你第二季的第二个和更普遍的前景。

Timo Ihamuotila

Okay. So thanks, Ben. Yes, in China, the situation is actually fairly varied in a way that we had in Electrification business, and actually also in our Industrial Automation business, double-digit growth, so strong growth. Motion was more sort of in last-year-level type of areas, and then significant double-digit decline in Robotics & Discrete, so that's why we are saying that many markets in China continue to be resilient for us, and this is really quite much happening in one pocket.

好的。 非常感谢,Ben。 是的,在中国,情况实际上与我们在电气化业务方面的情况相当不同,实际上也在我们的工业自动化业务中,两位数的增长,如此强劲的增长。 Motion更像是去年级别的领域,然后是Robotics&Discrete的显着两位数下降,这就是为什么我们说中国的许多市场对我们来说仍然具有弹性,这真的很不错 很多事情发生在一个口袋里。

Peter Voser

If I'll then take that up, Ben. I think for the quarter, which is Q2, I would say that in Robotics & Discrete, we saw it coming actually for quite a few months, and we saw some competitors reporting lower numbers earlier than we have been reporting. So therefore, in June, what really came down, or towards the end of the quarter was our conventional power generation. That's where we saw quite a significant slowdown there.
In terms of looking forward, we think actually that in China, the way Timo just described it, we will still see headwinds obviously on Robotics & Discrete. And we would still be positive, as we said, on the other 2 like Timo described, which is Industrial Automation and Electrification. So I think that's the way we look at China.
We said that the U.S., we have given you all the numbers, we see that as a positive trend going to the second half. So I think Europe is more or less stable in that sense, so I wouldn't, but you have, we'll have some differences between the countries, but let's settle there on stable. And I think China, if it develops the way we are forecasting, then that will be pretty much in line with the way we have given our outlook as well from a kind of total 2019 results point of view.

如果我接下来,Ben。我认为在本季度,也就是Q2,我会说在Robotics&Discrete中,我们看到它实际上已经持续了几个月,我们看到一些竞争对手报告的数字比我们报告的要早。因此,在6月,真正下降的,或者到本季度末,我们的传统发电。那是我们在那里看到相当大的放缓。

在展望未来方面,我们实际上认为,在中国,蒂莫刚刚描述的方式,我们仍然会看到机器人与离散的明显不利因素。正如我们所说的那样,我们仍然会像Timo所描述的那样,即工业自动化和电气化。所以我认为这就是我们看待中国的方式。

我们说美国,我们已经给了你所有数字,我们认为这是下半年的积极趋势。所以我认为欧洲在这个意义上或多或少是稳定的,所以我不会,但是你有,我们会在各国之间产生一些分歧,但让我们稳定下来。而且我认为中国,如果它以我们预测的方式发展,那么这将与我们从2019年的总体结果观点给出我们的前景的方式非常一致。

Ben Uglow

That's very helpful. If I can have one quick follow-up. Just on the China robotics side, I know your business is quite evenly balanced in China between, let's call it, automotive and then general industry. Is it all really coming from the automotive side, the China weakness? Or is it also coming from general industry?

这非常有帮助。 如果我能有一个快速的跟进。 就中国机器人技术方面而言,我知道您的业务在中国之间是平衡的,我们称之为汽车业,然后是一般行业。 这一切真的来自汽车方面,中国的弱点吗? 或者它也来自一般行业?

Peter Voser

Yes. Thanks, Ben. It's clearly the higher one is automotive. But I would also say that we are seeing weakness on the other side as well. So therefore, I think it's, in general, it is a weaker environment clearly driven by automotive. But the OEMs in that sense are also weak.

是。 谢谢,本。 显然,更高的是汽车。 但我也会说我们也看到了另一方面的弱点。 因此,我认为,总的来说,这是一个明显受汽车驱动的弱势环境。 但这种意义上的原始设备制造商也很薄弱。

会议主持员

The next question comes from Virgo, Alexander with Bank of America Merrill Lynch.

接下来的问题来自处女座,亚历山大和美国银行美林。

亚历山大处女座

Apologies for the phone problems just before. I wondered if I could follow-up on the China question. We're just trying to quantify or clarify what below 0 means in terms of discrete, because obviously below 0 is, could encompass quite a lot. So I'm just wondering if you could maybe clarify a little bit around that for us.
And then secondly, maybe one for Timo, could you just talk a little bit about why cash flow was so weak in the quarter? And how we should think about that through the second half?

为之前的电话问题道歉。 我想知道我是否可以就中国问题采取后续行动。 我们只是试图量化或澄清0以下的离散意义,因为显然低于0,可能包含很多。 所以我只是想知道你是否可以为我们澄清一点。

其次,也许是蒂莫的一个,你能谈谈为什么现金流在本季度如此疲软吗? 我们应该如何在下半场思考这个问题?

Peter Voser

Yes. Thanks, Alexander. I think I cannot give much more on your first question because, I mean, I don't have a crystal ball looking forward. So from that point of view, I think we, you have seen us actually reacting already from Q1 to Q2 that we were adjusting. And you saw that in the RA margin from 11.1% to 12.3%. We were adjusting our cost base to the weaker general macro environment, and that's obviously through continuous improvement that's continuing. So we are looking into a second half, which is weaker on that side, but I would just leave it, as I said before. The automotive is the bigger one, the more critical one. But OEMs do also, I think we are looking at a soft second half, but I can't give you much more for the second half. You just have to look at this month-by-month, quarter-by-quarter.
So for the second one, over to you.

是。 谢谢,亚历山大。 我想我不能在你的第一个问题上给予更多,因为,我的意思是,我没有期待的水晶球。 所以从这个角度来看,我认为,我们已经看到我们实际上已经从第一季度到第二季度做出了反应,我们正在调整。 你在RA边缘看到了从11.1%到12.3%。 我们正在调整我们的成本基础以适应较弱的一般宏观环境,而这显然是通过持续改进而持续的。 所以我们正在考虑下半场,这方面较弱,但我会离开它,正如我之前所说的那样。 汽车是更大的,更重要的一个。 但是原始设备制造商也这样做,我认为我们正在考虑下半场的软弱,但我不能在下半场给你更多。 你只需逐个季度地看这个月。

所以对于第二个,对你而言。

Timo Ihamuotila

Okay. Thanks, Alex, for the question. So if you look at the cash flow from operating activities, and here, it is better to compare first half, first half because we had this change in the bonus payment. So first half, first half, which is really comparable, we are down about $750 million. And that comes mainly from 3 components: First one is payables, and I'll come back to that in a minute. Then the second one is cash related to the restructuring and to the Power Grids separation and the simplification program. That's about $130 million more than previous year. And then we have about $260 million from discontinued operations. So these are the main buckets.
And the payables are about $380 million, and the driver there is that we are as a company moving to a systematic global process in our purchase to pay process, and it will have this impact. We expect long-term, i.e., our DPO worsened compared to last year. We expect long-term, this has to give us tools to manage also our DPO even better. And as we said for the year, we expect solid cash delivery when you exclude the items related to Power Grids separation and also to OS implementation and the related tax area.

好的。谢谢Alex,这个问题。因此,如果你看看经营活动的现金流量,在这里,最好比较上半年,上半年,因为我们在奖金支付方面有这种变化。所以上半年,上半年真的可比,我们下跌了大约7.5亿美元。这主要来自3个组成部分:第一个是应付账款,我会在一分钟内回到这一点。然后第二个是与重组以及电网分离和简化程序相关的现金。这比去年增加了约1.3亿美元。然后我们从已停产的业务中获得约2.6亿美元。所以这些是主要的桶。

应付账款约为3.8亿美元,其中的驱动因素是我们作为一家公司在采购到付款流程中采用系统化的全球流程,并且会产生这种影响。我们预计长期,即我们的DPO与去年相比有所恶化。我们期望长期,这必须为我们提供工具来更好地管理我们的DPO。正如我们今年所说的那样,当您排除与电网分离相关的项目以及操作系统实施和相关税区时,我们期望能够实现可靠的现金交付。

会议主持员

The next question comes from Martin Wilkie with Citi Research.

接下来的问题来自花旗研究公司的Martin Wilkie。

马丁威尔基

It's Martin from Citi. So the first question is on Industrial Automation. You have talked about some under absorption, some growth investments. And presumably, if you have maintained a certain cost level for an assumed high level of volume, you are investing for growth. Just looking a bit more color on the group outlook. I think you said you do expect orders to pick up next quarter. But just what's giving you that confidence? Is it final investment decisions in certain markets are picking up? Is it your own investments mean that you're going to start retaking share in certain areas? But just to understand the growth outlook in automation.
The second question I had was on the Electrification business. You have obviously given us the dilution effect from GEIS, but we have seen this systems drag as well. And just want to understand a bit more as to why you're making that move into more systems. We've seen some other companies going the opposite direction. Just a little bit of color around why you are making that push into systems side in Electrification.

这是来自花旗的马丁。所以第一个问题是工业自动化。你已经谈过一些吸收不足,一些增长投资。而且,如果您为假定的高水平量保持了一定的成本水平,那么您就是在为增长而投资。只是在集团展望上看一点颜色。我想你说你确实希望下个季度有订单上涨。但是什么让你有信心呢?某些市场的最终投资决策是否正在回升?您自己的投资是否意味着您将开始在某些领域重新分享?但只是了解自动化的增长前景。

我的第二个问题是电气化业务。您显然已经向我们提供了GEIS的稀释效果,但我们也看到了这种系统的拖累效应。而且只是想了解一下为什么要进入更多系统。我们已经看到其他一些公司走向相反的方向。只需要一点点颜色就可以了解为什么要在电气化方面进入系统方面。

Peter Voser

Okay. Thanks, Martin. Let me try the first one, give Timo a little time to think about the second one. I think we are looking into, well, I say Q3 and specifically on Industrial Automation. We have got quite good visibility on some of the larger projects we have been working on and, therefore, we expect some of that to come through. And hence, our remark on, let's say, the order positive outlook for Q3.
In terms of the longer term, I mean, Peter Terwiesch is working on continuous improvement, spending money for growth, but also taking, at the same time, costs out. It's a very mixed bag in the second quarter, obviously, which, because we have with process industries and also management and analytics are growing very well, both on revenue and on orders. But because of the tough comparable, we had some slowdowns and some project mix also in the quarter and, therefore, is taking some measure on that one.
The backlog overall has obviously increased as we have seen it. That gives also, from a revenue perspective for the longer term, a positive outlook I would just like to say, here, we are talking about long-cycle pieces here, so it will take some time before they actually hit the revenue line. But we are very positive on how this has actually developed over the last 1 or 2 or 3 quarters. But we have got good visibility on the orders side for Q3, and we hope that this will actually come through.
Second one to Timo.

好的。谢谢,马丁。让我试试第一个,给蒂莫一点时间考虑第二个。我想我们正在调查,好吧,我说Q3,特别是工业自动化。我们已经对我们一直在开展的一些大型项目有了很好的了解,因此,我们期望其中的一些项目能够实现。因此,我们对第三季度的积极前景表示评论。

就长期而言,我的意思是,Peter Terwiesch正在致力于持续改进,为增长付出代价,同时还要承担成本。显然,在第二季度,这是一个非常复杂的包,因为我们在流程行业以及管理和分析方面的收入和订单都在增长。但由于具有可比性,我们在本季度也有一些减速和一些项目组合,因此,正在采取一些措施。

正如我们所看到的那样,积压总体上明显增加了。从长远的收入角度来看,这也给出了我想说的积极展望,在这里,我们在谈论这里的长周期作品,所以它们需要一段时间才能真正达到收入线。但我们对于过去1或2或3个季度的实际发展情况非常积极。但是我们在Q3的订单方面有很好的可见性,我们希望这实际上会实现。

第二个给蒂莫。

Timo Ihamuotila

Okay. Thanks, Martin. On Electrification, we have to separate a couple of items here. So first of all, when we look at the dilution from GEIS, it is lowest that it has been, and we are making very good progress on the integration and also improving the results in that area.
Then on the solutions business versus product business. So we have a mix impact where our solutions business now has been growing faster. But we are, of course, also focusing on growing our product business. So this is a mixed impact. It's not like we would have particularly pushed the other one versus the other one. So again, we absolutely want to grow our product business, and we have made good progress there as well when you look at this a little bit longer term. And this has been coming through in the margins. So we had 11.5% of EBITA margin for the quarter. Last year we had 12.6% margin. And when you take GEIS, that has about 60 basis points impact. But we also had higher warranty cost in the solar than last year, which is having an impact. So that's how you come to the comparable, and as we said, we would expect the margin to improve slightly in Electrification going into the third quarter.

好的。谢谢,马丁。关于电气化,我们必须在这里分开几个项目。首先,当我们看到GEIS的稀释时,它已经是最低的,我们在整合方面取得了很好的进展,并且还改善了该领域的结果。

然后是解决方案业务与产品业务。因此,我们的解决方案业务现在的增长速度更快。但我们当然也专注于发展我们的产品业务。所以这是一个复杂的影响。这并不像我们特别推动另一个与另一个相比。所以,我们绝对希望发展我们的产品业务,并且当你长期看这个时,我们也在那里取得了很好的进展。这一点已经在边缘发生了。因此,本季度我们的EBITA利润率为11.5%。去年我们的利润率为12.6%。当你拿走GEIS时,它有大约60个基点的影响。但我们在太阳能方面的保修成本也比去年高,这有影响。这就是你如何达到可比性,正如我们所说,我们预计电气化进入第三季度的利润率会有所改善。

会议主持员

The next question comes from James Moore with Redburn.

接下来的问题来自詹姆斯摩尔和雷伯恩。

詹姆斯摩尔

Peter, Timo, can I ask about Robotics and Electrification, please? On the Robotics margin, the margins stepped down to 11%, 12% in the first half. But given the soft orders that we had, and that may have some worse pricing in it. I don't know. But have we seen the full extent of the Robotics margin reset? Or should we expect a further step down into the second half or even into 2020? And have you stopped the Chinese robotics plant expansion plans to double capacity, which you did in response to KUKA's quadrupling theirs?
On Electrification, some good profit momentum in GEIS, but do you think you can continue that towards, say, high single-digit levels in the second half? And I sense that the Thomas & Betts margin, which is about 13%, I think, when you bought it after you sold some pieces, has come down a bit lately with some tough price versus raw material. But can you talk about where it is today and what a realistic goal is for Thomas & Betts?

彼得,蒂莫,我能问一下机器人和电气化吗? 在机器人利润方面,利润率下降至11%,上半年为12%。 但鉴于我们拥有的软订单,可能会有更糟糕的定价。 我不知道。 但是我们是否看到了机器人边缘重置的全部范围? 或者我们是否应该期待进一步下半年甚至到2020年? 你是否已经停止了中国机器人工厂扩建计划的双倍容量,你是为了应对库卡的四倍而实现的?

关于电气化,GEIS有一些良好的盈利势头,但你认为你可以继续下去,比如下半年的高个位数水平吗? 而且我觉得托马斯和贝茨的利润率,大约13%,我认为,当你在卖掉一些零件后买下它时,最近有一些价格与原材料相比有所下降。 但你能谈谈今天的情况以及Thomas&Betts的现实目标吗?

Peter Voser

Okay. Thanks, James. I start with the Robotics. I start with your second part, which is on the plant. We are still planning to go ahead with the plant. I think we have earlier said that it will be finished or will be constructed by the end of '20. That will be a little bit later. It will slip into '21, but the plan is still to go ahead with it as we see the long-term growth rates for Robotics actually justifying to increase capacity for us.
I will question your remark about that this is a response to KUKA. I think this is a response to our success that we are strong in Robotics rather than as a response to a competitor. So I think that's the first one.
In terms of margins, as I have already said, Sami and his team have taken actions between Q1 and Q2. They take further actions or have taken further actions into Q3 and Q4 in terms of adjusting to, the cost base to the macroeconomic environment. So I think we will see this also coming through to the results. So I think that's as far as I will go in terms of predicting the second half.
And with that, maybe over to Timo on the GEIS and Thomas & Betts.

好的。谢谢,詹姆斯。我从机器人开始。我从你的第二部分开始,这是在工厂。我们仍计划继续该工厂。我想我们早些时候曾说过,它将在20年底完成或将建成。那将是一段时间。它将进入21世纪,但计划仍在继续,因为我们看到机器人技术的长期增长率实际上有理由增加我们的产能。

我将质疑你的评论,这是对库卡的回应。我认为这是对我们成功的回应,我们在机器人技术方面很强,而不是对竞争对手的回应。所以我认为这是第一个。

就利润率而言,正如我已经说过的那样,萨米和他的团队已经在第一季度和第二季度之间采取了行动。他们采取进一步行动或采取进一步行动进入第三季度和第四季度,以适应宏观经济环境的成本基础。所以我认为我们也会看到这一结果。所以我认为就预测下半场而言,这是我的意思。

有了这个,也许可以通过GEIS和Thomas&Betts来到蒂莫。

Timo Ihamuotila

So why don't I go through the math again because I was using the group numbers instead of Electrification numbers in previous, so just that we get that one corrected. So Electrification, as I said, the impact on Electrification actually is 200 basis points, and it's now at its best. And we had 13.5% margin. Last year, it was 16.1%. So it is, again, the same 60 basis point delta, as I discussed. And also relating to that, we had impact from mix, but also from a bit higher warranty on the operational side from the solar business.
On the GEIS, I don't have any further comments. I mean we are making very good progress on the integration and also, we are getting, making good progress on our market share in the North American market, which is the key market for us for that business.
On Thomas & Betts, we are also making good progress. We have new management in place, which is really looking through this whole business and looking at what are the right pieces of the portfolio to drive, but we do not give that margin separately as we don't give those margins externally.

那么为什么我不再通过数学计算,因为我之前使用的是组号而不是电气化数字,所以只是我们纠正了那个。因此,正如我所说,电气化对电气化的影响实际上是200个基点,现在它处于最佳状态。我们有13.5%的保证金。去年,它是16.1%。因此,正如我所讨论的那样,它同样是60个基点三角洲。与此相关的是,我们对混合产生了影响,但也从太阳能业务的运营方面获得了更高的保修。

在GEIS上,我没有任何进一步的评论。我的意思是我们在整合方面取得了很好的进展,并且我们正在获得在北美市场的市场份额取得良好进展,这是我们这个行业的主要市场。

在Thomas&Betts,我们也取得了很好的进展。我们有新的管理层,这是真正关注整个业务并查看正在推动的投资组合的正确部分,但我们不会单独给予该保证金,因为我们不会在外部提供这些保证金。

会议主持员

The next question comes from Graham Phillips with Jefferies.

下一个问题来自格雷厄姆菲利普斯与杰弗里斯。

格雷厄姆·菲利普斯

I have 3 questions, please. First of all, just a little bit more on GEIS. Can you talk about the growth rates of that business on a comparable organic basis? And some perhaps tangible examples of where you have had some success in integrating the business with Electrification. Second question, I will take them in turn, actually.

请问我有3个问题。 首先,关于GEIS的更多内容。 您能谈谈该业务在可比较的有机基础上的增长率吗? 还有一些可能的实例,说明您在将业务与电气化整合方面取得了一些成功。 第二个问题,我实际上会轮流接受它们。

Timo Ihamuotila

Okay, Graham. So why don't I, Timo here. Thanks for the question. So on the GEIS, we have not yet done a full product integration because it does not happen that fast. But what has happened, and that's also visible from our North American customers, like [indiscernible] is that we have a different focus on the business. We are also having a more focused sales effort, and we are continuing to drive this momentum. We have reasonable or good top line development in U.S., in particular, and we are pleased with the development.

好的,格雷厄姆。 那么,为什么我不是,蒂莫在这里。 谢谢你的提问。 因此,在GEIS上,我们尚未完成全面的产品集成,因为它不会那么快。 但是发生了什么,而且我们的北美客户也可以看到,就像[音频不清晰]一样,我们对业务有不同的关注。 我们的销售工作也更加集中,我们将继续推动这一势头。 我们在美国有一个合理或良好的顶线发展,我们对这一发展感到满意。

格雷厄姆·菲利普斯

Okay. I mean, you can't give us an organic growth number in the business.

好的。 我的意思是,你不能在业务中给我们一个有机增长数字。

Peter Voser

No. We will not do this. This is Peter. What I can say that when we look at market data in terms of volume growth and market shares, this looks positive for us on GEIS and in general. So that's, I think, just an additional data point.

不,我们不会这样做。 这是彼得。 我可以说,当我们从数量增长和市场份额的角度来看市场数据时,这对于我们在GEIS和整体而言看起来都是正面的。 我认为,这只是一个额外的数据点。

格雷厄姆·菲利普斯

Okay. Just on B&R inside Robotics & Discrete now, given the move of that business into that division, can you talk a little bit about whether there's some disruptions caused by that? Again, how is that business faring in terms of growth and margins now given the pressure on Discrete that you talk about?

好的。 现在只是在机器人和离散的B&R上,考虑到该业务进入该部门,您能否谈一谈这是否会造成一些中断? 再一次,考虑到你所谈论的离散压力,这个业务在增长和利润率方面的表现如何?

Peter Voser

Yes. I take this one. I think we are happy with the acquisition. I think it has developed very well over, since we have it. I think as part now of the Robotics & Discrete Automation organization from, led by Sami, there is further integration and combined offering now taking place, which gives us another avenue of growth. So the growth expectations have been met. And also, the financial pieces have been met so far.
Yes, there is clearly some headwinds in the market as well, but we are clearly steering the business together with Robotics towards capturing the growth opportunities which are there as we are expanding into new areas, into new countries in the world. And we have also, clearly, you can see this also in the price, et cetera. We have had some wins on the design phase for integrated discrete automation sales or fabrications which we had. So therefore, we are pleased that we are gaining good traction in that business and can weather the macroeconomic storm over time.
And I think it's not the first time that B&R is facing that. Their overall growth rate over the last 10, 15 years actually shows that they can manage that very well. And with the addition of robotics, I think we have a very good terms, value proposition for our customers.

是。我拿这个。我认为我们对此次收购感到满意。我认为它已经发展得非常好,因为我们拥有它。我认为,现在作为机器人和离散自动化组织的一部分,由萨米领导,现在正在进行进一步的整合和组合,这为我们提供了另一条增长途径。因此,增长预期已经实现。此外,到目前为止,财务部门已经实现。

是的,市场上显然存在一些不利因素,但我们显然正在与机器人公司一起引导业务,以抓住我们正在扩展到新领域,进入世界新国家的增长机会。显然,我们也可以在价格中看到这一点,等等。我们在集成离散自动化销售或制造的设计阶段取得了一些成功。因此,我们很高兴我们在该业务中获得良好的吸引力,并且可以随着时间的推移抵御宏观经济风暴。

而且我认为这不是贝加莱第一次面临这种情况。他们在过去10年,15年中的总体增长率实际上表明他们可以很好地管理这一点。随着机器人技术的增加,我认为我们为客户提供了非常好的条款和价值主张。

杰西卡米切尔

Thanks, Graham. I think we'll leave it there, if that's okay, and move on to the next caller. Thank you.

谢谢,格雷厄姆。 我想我们会把它留在那里,如果可以的话,继续前进到下一个来电者。 谢谢。

会议主持员

The next question comes from Gael de-Bray with Deutsche Bank.

接下来的问题来自德意志银行的Gael de-Bray。

Gael de-Bray

The first question is about EP. I understand there are some natural mix effects weighting on the margins. But some of your peers have been able to absorb these negative effects in the quarter with pretty strong pricing actions. So I guess my question is could you talk a bit more about what you are doing on the pricing side in Electrification products? And if there was actually any benefit coming from your pricing actions in the quarter.
The second question is, well, still about EP. Could you maybe tell us what EP growth in the U.S. specifically? And could you perhaps elaborate on how the various end markets are developing: resi versus nonresi, industrial buildings, utilities and so on, and so forth?

第一个问题是EP。 据我所知,边缘有一些自然混合效应加权。 但是,一些同行已经能够通过相当强大的定价行动吸收这一季度的负面影响。 所以我想我的问题是你能谈谈你在电气化产品定价方面做了些什么吗? 如果本季度您的定价行动实际上有任何好处。

第二个问题是,关于EP。 您能否具体告诉我们美国的EP增长情况? 您是否可以详细说明各个终端市场的发展方式:resi与nonresi,工业建筑,公用事业等等等?

Peter Voser

Okay. I give this to Timo.

好的。 我把它交给蒂莫。

Timo Ihamuotila

So first of all, on EL so yes, we have been driving pricing actions in our product business. And it actually is visible in our numbers. As I said earlier in the call, we are driving product business and related pricing. But as the solutions business has been growing faster and there is more solutions business coming from backlog, that's impacting the mix overall in the segment negatively. Actually, what is important to note also that in our solutions business, when we look at that business separately, we are actually improving our margin. So it is really the mix between solutions and products overall, which is impacting the situation.
Then we had growth in Electrification overall in the U.S., which is good to see. And it's driven mainly by, for example, data center and those markets, less so on residential construction, so more industrial and data center than residential.

首先,在EL上,是的,我们一直在推动我们产品业务的定价行为。 它实际上在我们的数字中可见。 正如我在电话会议前面所说,我们正在推动产品业务和相关定价。 但随着解决方案业务的增长速度越来越快,并且有更多的解决方案业务来自积压,这对整个市场的整体组合产生了负面影响。 实际上,还需要注意的是,在我们的解决方案业务中,当我们分别看待该业务时,我们实际上正在提高我们的利润率。 因此,它实际上是整体解决方案和产品之间的混合,这正在影响这种情况。

然后我们在美国的电气化整体增长,这很好看。 它主要受数据中心和那些市场的推动,而住宅建设则较少,因此工业和数据中心比住宅更多。

Gael de-Bray

What kind of growth was it in the U.S.? Was it more like mid-single digit or double digit?

美国有什么样的增长? 它更像是中单位数还是两位数?

Timo Ihamuotila

Well, we had some growth, yes.

嗯,我们有一些增长,是的。

会议主持员

The next question comes from Andre Kukhnin with Credit Suisse.

接下来的问题来自瑞士信贷的Andre Kukhnin。

安德烈库克宁

It's Andre from CS. I wanted to dig a little bit deeper into IA. And could you talk about how you developed relative to markets in Q2 or year-to-date, whether you've gained or lost share? And specifically on pulp and paper, we are seeing signs of, that what has been very good market starting to roll over. So I just wanted to get your view on that and maybe a comment on whether you're seeing any signs of that in your order pipeline.
And then finally on that one, I thought there were some relative one-off effects in the quarter from effects revaluations and maybe others. I wonder if you could quantify those for us, if they are non-repeat.

这是CS的安德烈。 我想深入了解IA。 您是否可以谈谈您在第二季度或年初至今的市场发展情况,无论您是获得还是失去了份额? 特别是在纸浆和纸张方面,我们看到了一个非常好的市场开始滚动的迹象。 所以我只是希望得到你的观点,也许是评论你是否在订单管道中看到任何迹象。

然后最后在那一个,我认为在季度中有一些相对的一次性影响,从效果重估和其他可能。 我想知道你是否可以为我们量化那些,如果它们不重复的话。

Timo Ihamuotila

Okay. Thanks, Andre, for the question. So first of all, when we look at the Industrial Automation business, I don't think you can look at the market share on that market quarter-by-quarter. It's not that kind of base business, because were talking about longer-term project business. We are making good progress in the area. We continue to be number 1 in the DCS by external studies.
Then you asked quite specifically for, about pulp and paper. That actually continued to develop strongly for us in IA, and we also continue to have good pipeline then, there. So when we really look at the quarter impact, we had a fairly significant slowdown at latter part of the quarter on the conventional power generation, which really impacted the business performance during the quarter. We also had then related to this, some under absorption. And we also had impact from, small impact from currency as well late in the quarter, mainly coming from [indiscernible] per Swedish krona. So these all impacted the quarterly margin, which then came out at this 12.1% for the quarter. But you are right, there were some late quarter impact.

好的。谢谢,安德烈,这个问题。首先,当我们看看工业自动化业务时,我认为您不能逐季查看该市场的市场份额。这不是那种基础业务,因为谈论的是长期项目业务。我们在该地区取得了良好进展。我们继续通过外部研究成为DCS的第一名。

然后你非常具体地询问了纸浆和纸张。这实际上继续在IA中为我们发展,我们在那里也继续拥有良好的管道。因此,当我们真正关注季度影响时,我们在本季度后期对传统发电产生了相当大的放缓,这对本季度的业务表现产生了实际影响。我们当时也与此有关,有些是在吸收。此外,我们还受到来自货币的小影响以及本季度末的影响,主要来自瑞典克朗的[音频不清晰]。所以这些都影响了季度利润率,然后在本季度达到了12.1%。但你是对的,有一些后期的影响。

会议主持员

The next question comes from the line of Benjamin Szekeres with Goldman Sachs International.

接下来的问题来自Benjamin Szekeres和Goldman Sachs International的合作。

Daniela Costa

It's actually Daniela here. Two questions. First one, just to go back to the matrix structure on regions that was removed earlier in the year and ask you how the progress on that. I remember you had a few thousands of people that were sort of put in, in the group and sort of were going to be reallocated. Where do we stand? And what's the name of the number of people that haven't yet been reallocated? And whether they could turn into fixed cost savings.
And then a second quick question, just if you could update us a little bit on the CEO process. And whether, given the time that has now gone, shall we assume it's an external candidate? Or there is still some chances of an internal candidate?

这实际上是Daniela。 两个问题。 第一个,只是回到今年早些时候删除的区域的矩阵结构,并问你如何取得进展。 我记得你有成千上万的人投入,在集团中,有些人会被重新分配。 我们站在哪里? 那些尚未重新分配的人数是多少呢? 他们是否可以转为固定成本节省。

然后是第二个快速问题,就好像你可以在CEO流程上稍微更新一下。 而且,鉴于现在已经过去的时间,我们是否应该假设它是外部候选人? 或者还有一些内部候选人的机会?

Peter Voser

Okay. Thanks, Daniela. I will take the CEO progress, and the more qualitative one on the structure, and then Timo can maybe just add to that the cost piece, et cetera, how we are progressing there. So if I start with the CEO one, the process goes well. As I have said previously, we have done first the external candidates in order to have the benchmark for the internals. We are in that benchmarking exercise at the moment, and we are pleased, as a Board, with the progress, with the list of candidates. And it's going actually faster than anticipated, so we are pleased with the progress, and we'll announce whenever we are ready to announce. So that's on that one.
In terms of the transformation, I think we are making very good progress on this one. And as I've said in my speech, we have moved things over in various areas. Also, we have named all the new country heads, who are now double hatting. So they run a business, and there are also country heads, apart from a few very special countries that [indiscernible], the biggest ones like India, China, the U.S., for example. But we are moving very good and very well and very fast. We are naming the leaders for all the jobs within the countries, within the businesses, but also those who have got both hats in the future. So let's say we obviously for fiduciary duties, we need someone on the finance side, who will be the country CFO, and then on the HR.
So that's all being done. We are successfully now what, yes, we are successfully now moving the country structures into the business structures. That's ongoing at a quite high pace. So therefore, we expect really by year-end to have everything in place, including the carve-out in terms of PG from an organizational point of view. So therefore, I think I will call it slightly ahead of the game in the way we're moving. And then from a cost perspective, I'll pass it on to Timo.

好的。谢谢,丹妮拉。我将采取首席执行官的进展,以及结构上更具质量的进展,然后蒂莫可能只是增加成本,等等,我们如何在那里取得进展。因此,如果我从首席执行官开始,这个过程进展顺利。正如我之前所说,我们首先做了外部候选人,以获得内部的基准。我们目前正在进行基准测试,作为理事会,我们很高兴能够取得进展,并获得候选人名单。它实际上比预期更快,所以我们对进展很满意,我们会在我们准备宣布的时候宣布。那是那个。

在转型方面,我认为我们在这方面取得了很大进展。正如我在演讲中所说,我们已经在各个方面进行了改变。此外,我们已经将所有新的国家元首命名为现在的双重帽子。所以他们经营着一家企业,除了少数几个非常特殊的国家(例如印度,中国,美国等最大的国家)之外,还有其他国家的负责人。但我们的行动非常好,而且非常快。我们正在为各国内部,企业内部的所有工作以及未来同时拥有这两种帽子的人们命名领导者。所以,让我们说我们显然是信托义务,我们需要财务方面的人,谁将成为国家首席财务官,然后是人力资源部。

所以这一切都在完成。我们现在成功了,是的,我们现在成功地将国家结构转变为业务结构。这种情况正在以相当快的速度进行。因此,我们期望在年底之前实现一切,包括从组织的角度来看PG的剥离。因此,我认为我会以我们移动的方式稍微提前一点。然后从成本的角度来看,我会把它传递给蒂莫。

Timo Ihamuotila

Yes, thanks. Thanks, Daniela. I don't think I have that much to add to this. But we confirm that we are making good progress on our run rate target saving of $150 million to $200 million. A big part of this is coming from the corporate activities. And if you look at the first half this year compared to first half last year, we were about $70 million lower in the overall corporate cost. This, of course, also includes the stranded cost as well as the noncore impact. But nevertheless, we are seeing some early signs of the project coming through in the numbers, and we also have a target that everybody at ABB will then go to Power Grids or in their new roles under the ABB operating system organization, would know their new roles by end of Q3. That's the target, so I said we're making good progress here.

对了谢谢。 谢谢,丹妮拉。 我认为我没有那么多补充。 但我们确认,我们的运行率目标节省了1.5亿至2亿美元,取得了良好进展。 其中很大一部分来自企业活动。 如果你看看今年上半年与去年上半年相比,我们整体公司成本降低了约7000万美元。 当然,这也包括滞留成本以及非核心影响。 但是,我们看到该项目的一些早期迹象正在通过这些数字,我们还有一个目标,ABB的每个人都将去Power Grid,或者他们在ABB操作系统组织下的新角色,会知道他们的新 第三季度结束时的角色。 这是目标,所以我说我们在这里取得了很好的进展。

会议主持员

Your next question comes from Rizvi Wasi from RBC Capital Markets.

您的下一个问题来自RBC Capital Markets的Rizvi Wasi。

Wasi Rizvi

Yes, it's Wasi here. Just 2 left for me. Firstly, could you help us understand what's going on in North America a bit? We've heard conflicting things from peers and distributors over the last few days. So I'd be interested in hearing how your business is performing across your end markets and divisions.
And then the second question was just on your 2019 framework. So I understand the simplification program costs have certainly moved. But in terms of the transaction and separation costs that are lower and the finances expenses are lower. Are they all cash costs that would be lower so, therefore, it's a positive movement on your cash flow statement for the year?

是的,这是Wasi。 只剩2个给我。 首先,您能帮助我们了解一下北美的情况吗? 在过去的几天里,我们听到了来自同行和经销商的相互矛盾的事情。 因此,我有兴趣了解您的业务在各个终端市场和部门中的表现。

然后第二个问题就在你的2019框架上。 所以我理解简化程序的成本肯定已经发生了变化。 但在交易和分离成本方面较低且财务费用较低。 这些都是现金成本会降低,因此,这是您今年现金流量表的积极变动吗?

Timo Ihamuotila

Yes. Okay. Thanks, Wasi. So first on the North America market. So when we look at the North America situation overall, so as I said, we had growth in the U.S., as we discussed earlier. And as we said, the growth was actually strong in the Electrification area. And then also, we had strong growth actually also in Robotics & Discrete in the U.S. And then on the other areas, it was a bit more subdued. So that's how the U.S. performed for us. And as I said, in the Electrification, for example, data center market is working well for us in the Robotics & Discrete. This was more in logistics, which is an important growth area in general and where U.S. growth came in quite nicely. So as we said broadly, we are doing well in the U.S.
Then on the simplification program and on the cash, so we had couple of movements here, as you described. We said that we expect a bit less cost to go through in the simplification program. So overall, again, we are expecting $500 million. But for this year, we expect $100 million less than earlier. That's mainly coming from the fact that we have been running this ABB first program very recently, and we are seeing more natural attrition, and we have been filling those roles with ABB people. And then also on Power Grids, we are lower than our earlier estimate. And in that area, it is mainly coming from the fact that we expect a bit more Transition Services Agreement, which also pushes the cost slightly forward. So you are right, we expect also then bit less cash impact to come through this year than we would have expected earlier.
And as I said earlier, we had about $130 million cash impact compared to last year during first half. We would, of course, expect that to be higher during second half.

是。好的。谢谢,瓦西。首先是北美市场。因此,当我们整体看待北美局势时,正如我前面所讨论的那样,我们在美国有增长。正如我们所说,电气化领域的增长实际上很强劲。此外,我们在美国的机器人和离散实际上也有强劲的增长,然后在其他领域,它更加柔和。这就是美国为我们表演的方式。正如我所说,在Electrification中,数据中心市场在Robotics&Discrete中运行良好。这在物流方面更为重要,这是一个重要的增长领域,美国的增长非常好。正如我们广泛地说的那样,我们在美国做得很好

然后在简化程序和现金上,所以我们在这里有几个动作,正如你所描述的那样。我们说我们希望在简化程序中花费更少的成本。总的来说,我们再次预计会有5亿美元。但对于今年,我们预计比之前减少1亿美元。这主要是因为我们最近一直在运行ABB首个项目,我们看到更多的自然减员,我们一直在为ABB员工填补这些角色。然后在电网上,我们低于我们之前的估计。在该领域,主要是因为我们期待更多的过渡服务协议,这也推动了成本略微提高。所以你是对的,我们预计今年的现金影响将比我们之前预期的要少。

正如我之前所说,与去年上半年相比,我们的现金影响约为1.3亿美元。当然,我们希望下半年会更高。

会议主持员

The next question comes from Guillermo Peigneux with UBS.

接下来的问题来自Guillermo Peigneux和UBS。

Guillermo Peigneux

I Guillermo Peigneux from UBS. I wanted to ask a little bit about the balance between prices and raw materials. I guess, you have a little bit of help on commodities this quarter. Could you give us some granularity as to how the second half of the year will be on net pricing, especially with the focus on EP and Robotics, if I may?

来自瑞银集团的Guillermo Peigneux。 我想问一下价格和原材料之间的平衡。 我想,你们本季度对商品有一点帮助。 你能否给我们一些关于今年下半年如何对净定价的细化,特别是关注EP和机器人,如果可以的话?

Peter Voser

Yes. It's Peter here, Guillermo. Thanks for the question. Now that's a difficult one to have the outlook for the second half on this one, so I cannot give you any color around that. We are managing this obviously, very diligently, and that so far, in the first 6 months, that has worked well for us. And now for the second half, I think we have the processes, we have the systems, the people in place. We are not going to forecast any commodity swings going forward. That will be just too risky for me at this stage. But we are managing this on an ongoing basis in order to actually offset that as quickly as we can or as best as we can, so that the swings, on the one side, are actually covered on the other side at the same time. So I cannot give you much more on this one. Maybe Timo will, yes.

是。 这是彼得,吉列尔莫。 谢谢你的提问。 现在对于这个问题来说,下半场的前景很难,所以我不能给你任何颜色。 我们正在非常勤奋地管理这个问题,到目前为止,在前6个月里,这对我们来说效果很好。 现在,对于下半年,我认为我们有流程,我们有系统,人员到位。 我们不打算预测任何商品价格波动。 在这个阶段,这对我来说太冒险了。 但我们正在持续管理这个问题,以便尽可能快地或尽可能快地抵消这一点,以便一方面实际上同时覆盖另一方的波动。 所以我不能在这个上给你更多。 也许蒂莫会,是的。

Timo Ihamuotila

Yes. I can comment briefly just on a high level, that when we look at the margin, it really, this is coming from mix and not negative pricing. So when we look at the different categories, the pricing is actually working quite well for us.

是。 我可以简单地评论一下,当我们看到保证金时,实际上,这是来自混合而非负价。 因此,当我们查看不同的类别时,定价实际上对我们来说非常有效。

会议主持员

The next question comes from Andreas Willi with JPMorgan.

接下来的问题来自于摩根大通的Andreas Willi。

Andreas Willi

I just had a follow-up question on IA trends. You talk about the process markets and the power gen. Maybe you could give some comments what you're seeing in marine, which is also an important market for you, both in terms of specialty vessels and obviously the general marine contracting, which has collapsed in the first half of the year. What you are seeing there in terms of trends.
And secondly, on IA, you mentioned the weakness in power generation towards the end of the quarter. Could you elaborate a little bit on that? Given it's a long-cycle market that's been bad for years, what suddenly happened in that business in Q2?

我刚刚就IA趋势提出了一个后续问题。 你谈论过程市场和权力。 也许你可以对你在海洋中看到的东西发表一些评论,对于你来说这也是一个重要的市场,无论是在专业船舶方面,还是在今年上半年已经崩溃的一般海上承包方面。 你在趋势方面看到了什么。

其次,在IA上,你提到了本季度末发电量的疲软。 你能详细说明一下吗? 鉴于这是一个多年来一直不好的长周期市场,第二季度该业务突然发生了什么?

Peter Voser

Okay. Thanks, Andreas. I think on the marine one, and then I'll let Timo think about the second one. I think on the marine one, the visibility, which we have into the second half is actually not as negative as we have experienced it in some areas of the marine business over the last 6 to 12 months. So therefore, I will just call it kind of semi-positive as we are seeing from a project and potential order taking over the next few months. I think there, we can see some, I wouldn't say light at the end of the tunnel, but some positive effects, which could be helpful for us. But clearly it was a tough comparable for us compared to last year.

好的。 谢谢,安德烈亚斯。 我想在海洋上,然后我会让蒂莫想到第二个。 我认为在海洋方面,我们进入下半年的能见度实际上并不像我们在过去6到12个月内在海洋业务的某些领域所经历的那样消极。 因此,正如我们从一个项目和未来几个月的潜在订单中看到的那样,我将其称之为半正面。 我想在那里,我们可以看到一些,我不会在隧道尽头说光,但是一些积极的影响,这可能对我们有所帮助。 但显然,与去年相比,这对我们来说是一次艰难的比赛。

Timo Ihamuotila

Yes. And then on the conventional power gen, so this impacts ABB in 2 ways. So we're exposed to the market in 2 ways: So we are exposed in automation, and that, of course, is a slower cycle. But we are also exposed to the actual engines through the turbo business, which then have some shorter-cycle elements. So both of these are playing a role here, and some of these customers, as you have well seen, have also noted some tougher market conditions.

是。 然后是常规电源,因此这有两个方面影响ABB。 因此,我们以两种方式接触市场:因此我们在自动化中暴露出来,当然,这是一个较慢的周期。 但我们也通过涡轮增压业务接触到实际发动机,然后涡轮增压业务有一些较短周期的元素。 因此,这些都在这里发挥作用,正如你所看到的,其中一些客户也注意到了一些更为严峻的市场条件。

杰西卡米切尔

Okay. Thank you, Andreas. And we are coming to the end of our hour, so we'll take a last question.

好的。 谢谢你,安德烈亚斯。 我们即将结束时间,所以我们将提出最后一个问题。

会议主持员

The last question comes from William Mackie with Kepler Cheuvreux.

最后一个问题来自William Mackie与Kepler Cheuvreux。

William Mackie

A couple of quick ones. Firstly, active portfolio review has always been a part of your business, and we've seen the moves that were made in solar and inverters. I mean, to what extent, given there's some speculation about power conversion, to what extent are there many other businesses within the portfolio that are being reviewed? And with relation to solar inverter, I mean, is portfolio change an important part of you being able to reach your 15% to 19% margin target within EP?
And then a detailed question on cash. I was surprised to see $260 million of cash outflow from discontinued in H1. Can you provide some indication of how the cash development will be for the full year within the former PG business, please?

几个快速的。 首先,积极的投资组合审查一直是您业务的一部分,我们已经看到了太阳能和逆变器的举措。 我的意思是,在多大程度上,鉴于对电力转换的一些猜测,投资组合中的许多其他业务在多大程度上正在被审查? 关于太阳能逆变器,我的意思是,投资组合变化是您能够在EP内达到15%至19%保证金目标的重要部分吗?

然后是关于现金的详细问题。 我很惊讶地看到上半年停止的现金流出2.6亿美元。 您能否提供一些关于前PG业务全年现金发展情况的指示,好吗?

Peter Voser

Yes. Thanks, William. On the portfolio side, as we also say, this has always been active in ABB, and there is no change to that. In February, we flagged that we were reviewing some $3 billion of revenues to see what's, how we are progressing with those businesses. That could be the case that we are fixing them, or we are divesting them or we are joint venturing them, whatever it is. So we are reviewing those. We have made the decision quite clearly on the solar inverter one. We have made the decision.
We already communicated that actually when we bought GEIS that we have got a few areas where we would be proactively looking into potential divestments there, and that has been now the, we have came out in China with the joint ventures, which we there have, which we're negotiating with our joint venture partner to actually give them over to them, so that we don't, because we don't need them. So that will always be part of us, and we will drive this even in a more accelerated way.
On the margin question, we have said it, I think clearly, that the 50 basis points or slightly more than 50 basis points, which we see in the medium term as an uplift because of the solar inverter, which we have sold, now that is, will help us obviously, to get into the 15%, 19% margin kind of band. And if you are selling, like the one in China out of GEIS, obviously, that would also account for that one by, and more ones, which we have already seen now, being also talked in the market, same would apply.

是。谢谢,威廉。在投资组合方面,正如我们所说,这在ABB一直很活跃,而且没有变化。 2月份,我们发现我们正在审核约30亿美元的收入,以了解我们如何与这些业务合作。可能是我们正在修理它们的情况,或者我们正在剥离它们,或者我们正在共同冒险它们,无论它是什么。所以我们正在审查这些。我们已经在太阳能逆变器上做出了相当明确的决定。我们已经做出了决定。

我们已经传达了这一点,实际上当我们购买GEIS时,我们已经有一些领域可以主动调查那里的潜在撤资,而现在已经是,我们已经在中国与合资企业一起出现了,我们在那里,我们正在与我们的合资伙伴谈判实际上将它们交给他们,所以我们不这样做,因为我们不需要它们。所以这将永远是我们的一部分,我们甚至会以更加加速的方式推动这一进程。

在保证金问题上,我们已经清楚地说过,我们已经说过50个基点或略高于50个基点,我们在中期看到这是因为太阳能逆变器,我们已售出,现在是的,显然会帮助我们进入15%,19%的利润率。如果你正在销售,就像GEIS中的那个一样,显然,这也将解释我们现在已经看到过的那个,在市场上也被讨论过的那个,同样适用。

Timo Ihamuotila

Okay. Thanks, William. And then on the discontinued operation, the cash generation. So first of all, when we look at the Power Grids business, we have now gotten some of these large orders that we are expecting, advances from those coming in the second half. If you look at this $260 million dynamics, so we have part of this is coming from lower profitability than last year. But profitability is up from Q1 to Q2, so we are on a good trend here in profitability. And then rest is coming from networking capital. And we expect this networking capital trend to significantly change during the second half, driven by how the backlog comes in and by some of these advances. And overall, we expect better cash in discontinued operations for 2019 than 2018.

好的。 谢谢,威廉。 然后就停止运营,现金产生。 首先,当我们看看电网业务时,我们现在已经获得了一些我们期待的大订单,这些订单来自下半年。 如果你看看这个2.6亿美元的动态,那么我们的部分原因是盈利能力低于去年。 但盈利能力从第一季度到第二季度上升,因此我们在盈利能力方面处于良好趋势。 然后休息来自网络资本。 我们预计这种网络资本趋势将在下半年发生重大变化,这取决于积压工作的进展情况以及部分进展情况。 总体而言,我们预计2019年停产的运营现金将比2018年更好。

杰西卡米切尔

Okay. Thank you, Will. Before we close, I'd just like to remind you about a few of our upcoming events. Our Q3 results will be on Wednesday, the 23rd of October, and that would be hosted by Timo. And then we will be having our Electrification Investor Day and Factory Tour, hosted by the President of our Electrification business, Tarak Mehta and the Electrification team, and that is on the 5th of November. So if anybody has an interest in that event, please let us know in IR. Otherwise, I'll just hand you back to Peter to close the call.

好的。 谢谢,威尔。 在结束之前,我想提醒您一些即将举行的活动。 我们的第三季度结果将于10月23日星期三举行,由Timo主持。 然后我们将举行电气化投资者日和工厂之旅,由我们的电气化业务总裁Tarak Mehta和电气化团队主持,并于11月5日举行。 因此,如果有人对该事件感兴趣,请通过IR告诉我们。 否则,我会把你交回给彼得接听电话。

Peter Voser

Yes. Thank you very much, Jess, and also thanks, Timo. And thanks to all of you for calling in. I think after a few months now in the job, I'm very pleased on how the company is reacting to all the challenges which we have on the table, with the carve-outs, with the new business model, with the transformation and the headwinds in the market. I think we are moving well ahead, fully driven by improving through continuous improvement our results in all the businesses, and response from all the staff internally is very strong.
And that gives us a good outlook for the second half. We will just be continuing our drive, and then Timo will report in Q3 on how we have been managing the third quarter. So thank you very much for that. And to all of you, enjoy your summer, recharge your batteries and then we will all be back in hopefully still not a macro economically too downwards-looking world. So thanks for that, and have a good day.

是。 非常感谢,Jess,还要感谢Timo。 感谢你们所有人的来电。我想在工作几个月之后,我很高兴公司如何应对我们在桌面上所面临的所有挑战,以及开展工作, 新的商业模式,随着市场的转型和逆风。 我认为我们正在向前迈进,完全是通过不断改进我们在所有业务中取得的成果来推动,并且内部所有员工的反应非常强烈。

这给了我们下半场的良好前景。 我们将继续我们的动力,然后Timo将在第三季度报告我们如何管理第三季度。 非常感谢你。 对大家来说,享受你的夏天,重新充电,然后我们都会回来,希望仍然不是一个经济上看起来太宏观的宏观世界。 所以,谢谢你,祝你有个美好的一天。

会议主持员

Ladies and gentlemen, the conference is now over. Thank you for choosing Chorus Call, and thank you for participating in the conference. You may now disconnect your lines. Goodbye.

女士们,先生们,会议结束了。 感谢您选择合唱电话,并感谢您参加会议。 您现在可以断开线路。 再见。

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写在最后

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