If you thought Bellmare gave a poor performance...
Maybe I expect too much but I wasn't impressed with Bellmare's ability to express himself. Of course reading a transcript rather than listening to the call can pick up a lot of redundancies. Maybe it's attributable to nerves. After all the guy is new, but when we hear "I mean..." over and over it really weakens your point. In any event on checking Siemens' recent earnings call transcript for references to Bombardier, I noticed where the CEO was asked about meeting with BBD's chairman. I guess a lot was lost in translation: "Good morning gentlemen, I have only two clarification questions. One is the train business Mr. Kaeser, is it right that five weeks ago, you have talk to your colleagues form Bombardier met with him, in order to talk directly and openly about the potential consolidation pressures on the industry and what you can do together. And what is that comes to mind, do you thinking about the corporation, merger of the two companies and you also talked about antitrust regulations moment to go. Could you briefly sketch your visions for the future that you have. And the second question, I would be optimistic. Thomas, you mentioned the 70 basis points for the effect on your bottom-line, not up means also your industrial profits will not be increasing by 1% as reported, not only 5.3% is that my correct understanding. Ralf Thomas - Chief Financial Office Okay, if I was to answer the question that you put to Mr. Thomas, I would say well, thats a not an invisible abbreviation or truncation of the complex statement. But I dont want to do that, I talk about the train business. The last question, I met was [indiscernible] while its true forfollowing said you regularly meet, when you traveling across Europe, or when you go to China to participate in for conferences. So Im not I dont know whenever when I have met the CEO of Bombardier, I havent met him. And I met Mr. Beaudoin, who is the Chairman of the family that that this was when we talk about all kinds of things. I wouldnt want to disclosed any contents of conversations I had with people, which is more important though is, Siemens is a highly integrated mobility business company. Some opportunity in train business, its mobility business, which includes the strong powerful software component we are a world leader and rail automation, automation technology for road networks. Therefore, I aware of the fact that mobility is a very promising business and then we proves acquisition of inventors has gone really well much better than we have to initiate goal. So we are very happy about this stage of pay, we have the major synergies in automation technology with electric drives, Siemens another words we are highly vertically integrated business with the mobility segment that looks not only at individual trains, but looks networking urban centers. Digitalization software solutions and that is success apart for many other manufacturers in the industry. We believe that in terms of our structure and strategy, were well positioned and also in terms of our revenue strength we can guide more then we also point out that our mobility business, when it comes to the capital efficiency ROCE, the return of capital employed. Its still very lucrative business, but it is also means that we need to work through our project properly, whenever, we acquired them and youve seen that with our business in Russia that we have increasingly now focused on the service business, which is so far has been on the side of the customer. So this is our strategy while were going forward. Digitalization software and then add-on top of that hardware, when its needed than it will on the right track. So I can say that were acquired selfish showed that we are mastering the industry digitalization and this is our we wont that to be understood. And your question on foreign exchange effects, Im gratefully appointing that how to get, because the actual underlying question is not the foreign exchange management, but the economic capability of the company, if you look back to previous year compared to the third quarter of 2014 or previous fiscal year we had a certain dollar to euro exchange rate and I know it was truthful, other important current reason in which we have transactions and the euro to dollar exchange rate was 135 at the time.