UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2012
Commission File Number 001-16429
ABB Ltd
(Translation of registrants name into English)
P.O. Box 1831, Affolternstrasse 44, CH-8050, Zurich, Switzerland
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x |
Form 40-F o |
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indication by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o |
No x |
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-
This Form 6-K consists of the following:
1. Press release issued by ABB Ltd dated October 25, 2012.
The information provided by Item 1 above is deemed filed for all purposes under the Securities Exchange Act of 1934.
Press Release |
|
Solid performance in an uncertain market
· Group operational EBITDA(1)margin stable vs Q2 2012, including Power Products
· Orders and revenues supported by better geographic balance in automation
· Strong divisional cash from operations
· Thomas & Betts contributed approx. $120 million to operational EBITDA
· Outlook: Limited visibility, but cautious optimism in an uncertain environment
Zurich, Switzerland, October 25, 2012 ABB reported steady orders and higher revenues(2) in the third quarter of 2012 despite a challenging macroeconomicenvironment, as the company benefited from its well-balanced market exposure, especially the improved access to the North American automation market gained through recent acquisitions.
Power orders were lower than the year-earlier period, which included a large offshore wind order. Excluding that order, power orders rose 10 percent, driven by utility and industry investments in power transmission. Automation orders were up 13 percent (flat organic), driven by demand for improved industrial productivity, mainly in Europe and North America and in the mining and marine sectors.
The Groups operational EBITDA and operational EBITDA margin were lower than in the strong third quarter of last year, mainly due to the execution of lower-priced power orders from the backlog, but were higher than Q2 2012. The operational EBITDA margin in Power Products was steady compared to the second quarter of 2012. Cost savings for the Group amounted to about $280 million in the quarter. The stronger US dollar continued to negatively impact ABBs reported results.
An increase in divisional cash flows was more than offset by cash outflows from hedging corporate exposures as a result of the stronger US dollar.
Were encouraged that we could grow the business and sustain profitability well within our target corridor despite a challenging macro environment, said Joe Hogan, ABBs CEO. We continued to execute on cost reduction and grow the service business, two of our key strategic initiatives. The geographic rebalancing of our automation business towards North America, for example through the Thomas & Betts acquisition, is also paying off.
That gives us reason for cautious optimism, Hogan said. Short-term market visibility is limited and volatility is high. In this environment, our near-term focus will continue to be on competitive costs and using our strong portfolio and geographic balance to tap profitable growth opportunities.
2012 Q3 key figures
|
|
|
|
|
|
Change |
| ||||
$ millions unless otherwise indicated |
|
Q3 12 |
|
Q3 11 |
|
US$ |
|
Local |
|
Organic(3) |
|
Orders |
|
9295 |
|
9826 |
|
-5 |
% |
0 |
% |
-6 |
% |
Order backlog (end Sept.) |
|
29175 |
|
28492 |
|
2 |
% |
3 |
% |
|
|
Revenues |
|
9745 |
|
9337 |
|
4 |
% |
10 |
% |
4 |
% |
EBIT |
|
1146 |
|
1194 |
|
-4 |
% |
|
|
|
|
as % of revenues |
|
11.8 |
% |
12.8 |
% |
|
|
|
|
|
|
Operational EBITDA |
|
1483 |
|
1580 |
|
-6 |
% |
|
|
|
|
as % of operational revenues |
|
15.3 |
% |
16.7 |
% |
|
|
|
|
|
|
Net income attributable to ABB |
|
759 |
|
790 |
|
-4 |
% |
|
|
|
|
Basic net income per share ($) |
|
0.33 |
|
0.34 |
|
|
|
|
|
|
|
Cash flow from operating activities |
|
768 |
|
811 |
|
-5 |
% |
|
|
|
|
(1) See reconciliation of Operational EBITDA in Note 13 to the Interim Consolidated Financial Information (unaudited)
(2) Management discussion of orders and revenues focuses on local currency changes. U.S. dollar changes are reported in results tables
(3) Organic changes are in local currencies and exclude the acquisition of Thomas & Betts in mid-May 2012
Summary of Q3 2012 results
Orders received and revenues
ABBs diverse geographic and business scope enabled the company to record steady orders received in the quarter, despite a challenging business environment and a 30-percent decline in large orders (above $15 million) compared to last year. The acquisition of US-based low-voltage product manufacturer Thomas & Betts in the second quarter made a significant contribution, especially to growth in base orders (below $15 million) of 8 percent. Excluding Thomas & Betts, total orders declined 6 percent and base orders were flat. Service orders grew faster than total orders and were up 9 percent.
On the power side, utility customers in most regions continued to selectively invest in power transmission projects in line with long-term trends to strengthen grid reliability and increase capacity. Power orders rose more than 20 percent in the US and Brazil in the quarter, and were more than 15 percent higher in China, and more than 50 percent higher in the Middle East and Africa. However, utility demand in the power distribution sector declined, reflecting weaker economic growth, mainly in Europe. Power orders declined in Germany and Italy, and were also lower in India compared to a strong quarter the year before. Increased order selectivity to secure profitability also affected the development of power orders.
Automation order growth was driven primarily by the acquisition of Thomas & Betts, which provided ABB with greater access to the large US industrial automation market and contributed approximately $620 million in orders in the quarter. Orders grew in the mining and marine sectors, and were supported by some large rail and automotive industry orders. Automation orders were higher in most regions, driven mainly by large orders. In the Americas, automation orders grew more than 50 percent (up 7 percent excluding Thomas & Betts). Automation orders were lower in China, flat in Germany, and higher in Italy and Brazil.
The order backlog at the end of September 2012 remained robust at $29 billion, a local-currency increase of 3 percent compared to the year-earlier period and a decrease of 2 percent versus the end of the second quarter of 2012.
Total power revenues increased in the quarter on the execution of the order backlog, mainly in power transmission. Growth in total automation revenues reflects the impact of the Thomas & Betts acquisition and execution of the order backlog, mainly in the marine, oil and gas and discrete automation sectors. Service revenues grew 6 percent in the quarter and comprised 16 percent of total revenues, unchanged versus the same quarter a year earlier. Currency translation effects reduced reported US-dollar revenues by approximately $570 million in the quarter compared to the same quarter in 2011.
Earnings and net income
The decline in operational EBITDA in the third quarter of 2012 mainly reflects lower earnings and margins in the power businesses compared to a strong third quarter in 2011, due primarily to execution of the lower-priced order backlog. Operational EBITDA this quarter also includes a negative foreign exchange translation impact of approximately $100 million. Margin declines in a number of projects in the Power Systems division also weighed on profitability. Margins were lower in the automation divisions on a combination of product mix effects and higher selling and R&D expenses aimed at securing future growth.
Roughly 45 percent of cost savings in the quarter came from global sourcing initiatives, 50 percent from operational excellence projects and about 5 percent from footprint changes. Savings initiatives provided significant support to profitability in the Low Voltage Products division, where the operational EBITDA margin exceeded 19 percent. Costs in the quarter associated with the savings measures amounted to approximately $20 million. For the first nine months of the year, savings reached approximately $820 million on associated costs of approximately $55 million.
Net income for the quarter decreased 4 percent to $759 million and resulted in basic earnings per share (EPS) of $0.33 compared to $0.34 in the year-earlier period.
Balance sheet and cash flow
Net debt at the end of the third quarter was $3.7 billion compared to $4 billion at the end of June 2012. Cash from operations was $768 million in the quarter, a decline of $43 million compared to Q3 last year. Cash generated by the divisions was up $160 million, more than offset by cash outflows on corporate hedges.
Management changes
ABB announced last week that Michel Demaré will step down as the companys Chief Financial Officer and member of the Executive Committee. He has been appointed the new Chairman of the Board of Swiss-based Syngenta, beginning in April 2013. A successor will be announced in due course and a smooth transition is expected.
Outlook
The stability of the third quarter results compared to the second quarter, despite a challenging business environment, again demonstrated the benefits of ABBs diversified portfolio and provides reasons to be cautiously optimistic. Notable positive trends were the strength of the US market, the stability of orders in China and southern Europe, the sustainability of operational EBITDA margins in the Power Products division for the fourth consecutive quarter, and the faster growth of service orders compared to total orders in the quarter.
At the same time, uncertainty around the short-term growth prospects for Europe, the emerging markets and the US has started to affect short-cycle business growth, as reflected in the flat organic base order development in the third quarter. This continues to limit market visibility over the next several months. Developments to watch in coming quarters include the development of GDP and industrial productionspecifically in the key markets of China, the US and western Europeas well as the growth in electricity consumption, which is a key driver of demand for the companys power businesses.
The longer-term outlook in ABBs major end markets remains favorable, driven by megatrends such as the need for greater resource efficiency, increasing urbanization in the emerging markets, and the growing demand for more, and more efficient and reliable, power delivery.
On this basis, management confirms its 2011-2015 targets. The company continues to expect its balanced geographic and portfolio scope to support its profitable growth ambitions. Regardless of macro conditions, management will continue to focus on reducing costs and ensuring that investments in growth are generating returns in line with our longer-term targets.
Divisional performance Q3 2012
Power Products
|
|
|
|
|
|
Change |
| ||
$ millions unless otherwise indicated |
|
Q3 12 |
|
Q3 11 |
|
US$ |
|
Local |
|
Orders |
|
2401 |
|
2660 |
|
-10 |
% |
-6 |
% |
Order backlog (end Sept) |
|
8798 |
|
8431 |
|
4 |
% |
4 |
% |
Revenues |
|
2526 |
|
2676 |
|
-6 |
% |
0 |
% |
EBIT |
|
324 |
|
356 |
|
-9 |
% |
|
|
as % of revenues |
|
12.8 |
% |
13.3 |
% |
|
|
|
|
Operational EBITDA |
|
374 |
|
464 |
|
-19 |
% |
|
|
as % of operational revenues |
|
14.8 |
% |
17.2 |
% |
|
|
|
|
Cash flow from operating activities |
|
258 |
|
229 |
|
13 |
% |
|
|
Orders decreased in the third quarter, mainly the result of timing of some project awards, greater selectivity by ABB on orders, and a lower level of utility activity in power distribution. Industrial demand remained steady in the quarter and the power transmission sector continues to see selective investments by utilities.
Orders were higher in Middle East and Africa but lower in Asia, the Americas and Europe.
Revenues were at the same level as the third quarter last year, mainly reflecting the timing of order execution from the backlog. Service revenues increased in the quarter.
Operational EBITDA and operational EBITDA margin were stable for the fourth consecutive quarter. Both were lower than the same quarter last year, primarily reflecting the execution of a lower margin order backlog resulting from the pricing environment. Cost saving initiatives partially mitigated this impact.
Power Systems
|
|
|
|
|
|
Change |
| ||
$ millions unless otherwise indicated |
|
Q3 12 |
|
Q3 11 |
|
US$ |
|
Local |
|
Orders |
|
1765 |
|
2557 |
|
-31 |
% |
-27 |
% |
Order backlog (end Sept) |
|
11846 |
|
11199 |
|
6 |
% |
6 |
% |
Revenues |
|
1901 |
|
1831 |
|
4 |
% |
11 |
% |
EBIT |
|
72 |
|
104 |
|
-31 |
% |
|
|
as % of revenues |
|
3.8 |
% |
5.7 |
% |
|
|
|
|
Operational EBITDA |
|
109 |
|
184 |
|
-41 |
% |
|
|
as % of operational revenues |
|
5.9 |
% |
9.7 |
% |
|
|
|
|
Cash flow from operating activities |
|
(294 |
) |
(81 |
) |
n.a. |
|
|
|
Orders were lower than the same quarter in 2011, which included a $1-billion offshore wind order in Germany. Excluding this order, quarterly orders increased by approximately 25 percent, including a slight increase in base orders. Utility demand for transmission grid upgrades and expansions remains intact as reflected in a strong tender backlog but timing uncertainty persists due to the overall macroeconomic climate.
Orders increased significantly in North and South America, as well as in the Middle East and Africa, with several large orders won in Saudi Arabia and Iraq. Orders were lower in Europe due to the effect of the large German order last year. A lower level of large orders in India in the quarter could not be fully offset by order growth in China and other Asian countries.
Revenue growth reflects the execution of projects from the order backlog.
Operational EBITDA and operational EBITDA margin declined compared with the same quarter a year earlier, mainly due to the execution of lower margin project orders in the backlog
and project margin declines. The division does not expect to achieve its operational EBITDA margin target corridor of 7-11 percent in 2012.
Discrete Automation and Motion
|
|
|
|
|
|
Change |
| ||
$ millions unless otherwise indicated |
|
Q3 12 |
|
Q3 11 |
|
US$ |
|
Local |
|
Orders |
|
2266 |
|
2377 |
|
-5 |
% |
1 |
% |
Order backlog (end Sept) |
|
4587 |
|
4373 |
|
5 |
% |
6 |
% |
Revenues |
|
2306 |
|
2313 |
|
0 |
% |
5 |
% |
EBIT |
|
362 |
|
382 |
|
-5 |
% |
|
|
as % of revenues |
|
15.7 |
% |
16.5 |
% |
|
|
|
|
Operational EBITDA |
|
437 |
|
456 |
|
-4 |
% |
|
|
as % of operational revenues |
|
18.9 |
% |
19.6 |
% |
|
|
|
|
Cash flow from operating activities |
|
393 |
|
269 |
|
46 |
% |
|
|
Orders were steady compared to the third quarter a year earlier, as slower industrial growth in some markets, along with lower demand from the wind and solar energy sectors, was offset by larger orders received from the utility, traction and automotive sectors. Base orders declined modestly in the quarter, reflecting the lower growth rates in most markets.
Regionally, orders from the Americas and from the Middle East and Africa grew at a double-digit pace. Asia orders declined, mainly reflecting the continued weakness in the renewables-related business compared to the same quarter a year ago. Orders from Europe were down slightly.
Revenues increased on solid execution of the strong order backlog, led by robotics and power electronics and medium-voltage drives.
Operational EBITDA and operational EBITDA margin were lower, mainly the result of product mix effects and higher selling and R&D expenses that support the divisions profitable growth strategy.
Low Voltage Products
|
|
|
|
|
|
Change |
|
|
| ||
$ millions unless otherwise indicated |
|
Q3 12 |
|
Q3 11 |
|
US$ |
|
Local |
|
Organic(1) |
|
Orders |
|
1861 |
|
1334 |
|
40 |
% |
45 |
% |
-1 |
% |
Order backlog (end Sept) |
|
1081 |
|
1048 |
|
3 |
% |
3 |
% |
|
|
Revenues |
|
1880 |
|
1364 |
|
38 |
% |
44 |
% |
-2 |
% |
EBIT |
|
278 |
|
226 |
|
23 |
% |
|
|
|
|
as % of revenues |
|
14.8 |
% |
16.6 |
% |
|
|
|
|
|
|
Operational EBITDA |
|
366 |
|
273 |
|
34 |
% |
|
|
|
|
as % of operational revenues |
|
19.5 |
% |
19.9 |
% |
|
|
|
|
|
|
Cash flow from operating activities |
|
334 |
|
155 |
|
115 |
% |
|
|
|
|
(1) Organic changes are in local currencies and exclude the acquisition of Thomas & Betts in mid-May 2012
Total order growth in the quarter was driven by the contribution from the acquisition of Thomas & Betts. On an organic basis (excluding Thomas & Betts), orders were steadyflat in the Americas, higher in Asia and lower in Europe.
Organic revenues (excluding Thomas & Betts) declined 2 percent in the quarter, reflecting the weaker demand environment in most businesses compared to the year-earlier period. Low-voltage systems revenues continued to grow on execution of the strong order backlog. Thomas & Betts contributed revenues of approximately $620 million.
The increase in operational EBITDA resulted primarily from the contribution of approximately $120 million from Thomas & Betts. Excluding Thomas & Betts, the operational EBITDA margin was steady year-on-year, as successful cost reductions compensated for lower volumes. Compared to the second quarter of 2012, operational EBITDA margin excluding Thomas & Betts improved significantly, primarily the result of successful cost reductions.
Process Automation
|
|
|
|
|
|
Change |
| ||
$ millions unless otherwise indicated |
|
Q3 12 |
|
Q3 11 |
|
US$ |
|
Local |
|
Orders |
|
1706 |
|
1899 |
|
-10 |
% |
-3 |
% |
Order backlog (end Sept) |
|
6316 |
|
6334 |
|
0 |
% |
0 |
% |
Revenues |
|
1904 |
|
1988 |
|
-4 |
% |
3 |
% |
EBIT |
|
224 |
|
246 |
|
-9 |
% |
|
|
as % of revenues |
|
11.8 |
% |
12.4 |
% |
|
|
|
|
Operational EBITDA |
|
233 |
|
261 |
|
-11 |
% |
|
|
as % of operational revenues |
|
12.3 |
% |
13.0 |
% |
|
|
|
|
Cash flow from operating activities |
|
230 |
|
189 |
|
22 |
% |
|
|
Orders were slightly down compared to last year due to lower level of large orders, mainly in the oil and gas sector. Orders grew in the marine and mining sectors. Service orders also increased, while orders for turbochargers weakened in response to lower global shipping activity.
Regionally, orders were higher in the Americas, driven in part by a large marine order in Brazil. Orders were steady in Europe, as order growth in central and eastern Europe compensated for lower orders in western Europe, where some large oil and gas orders were won in the third quarter of 2011. Asian orders declined as a number of large marine orders won in the same period a year ago in South Korea were not repeated. In the Middle East and Africa, orders increased on higher base orders.
The revenue increase reflects execution of the stronger order backlogespecially in the marine, pulp and paper and oil and gas businesses. Service revenues declined modestly, mainly the result of lower demand for turbocharger service as well as ABBs efforts to refocus its full service portfolio.
Operational EBITDA and operational EBITDA margin declined, reflecting the larger share of system sales in total revenues, as well as higher R&D costs to generate future profitable growth.
More information
The 2012 Q3 results press release is available from October 25, 2012, on the ABB News Center at www.abb.com/news and on the Investor Relations homepage at www.abb.com/investorrelations, where a presentation for investors will also be published.
A video from Chief Executive Officer Joe Hogan on ABBs third-quarter 2012 results will be available today at www.youtube.com/abb.
ABB will host a media conference call starting at 10:00 a.m. Central European Time (CET). U.K. callers should dial +44 203 059 58 62. From Sweden, +46 8 5051 00 31, from U.S. (toll-free) +1 866 291 41 66, and from the rest of Europe, +41 91 610 56 00. Lines will be open 15 minutes before the start of the conference. Audio playback of the call will start one hour after the call ends and will be available for 48 hours: Playback numbers: +44 20 7108 6233 (U.K.), +41 91 612 4330 (rest of Europe) or +1 866 416 2558 (U.S./Canada). The code is 13540, followed by the # key. The recorded session will also be available as a podcast one hour after the end of the conference call and can be downloaded from www.abb.com/news.
A conference call for analysts and investors is scheduled to begin today at 1:00 p.m. CET (12:00 p.m. in the UK, 7:00 a.m. EDT). Callers should dial +1 866 291 4166 from the U.S./Canada (toll-free), +44 203 059 5862 from the U.K., +46 85 051 0031 from Sweden, or +41 91 610 56 00 from the rest of the world. Callers are requested to phone in 15 minutes before the start of the call. The recorded session will be available as a podcast one hour after the end of the conferencecall and can be downloaded from our website. You will find the link to access the podcast at www.abb.com.
Investor calendar 2013 |
|
|
Q4 2012 results |
|
February 14, 2013 |
Q1 2013 results |
|
April 24, 2013 |
Annual General Meeting |
|
April 25, 2013 |
Q2 2013 results |
|
July 25, 2013 |
Q3 2013 results |
|
October 24, 2013 |
ABB (www.abb.com) is a leader in power and automation technologies that enable utility and industry customers to improve performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 145,000 people.
Zurich, October 25, 2012
Joe Hogan, CEO
Important notice about forward-looking information
This press release includes forward-looking information and statements as well as other statements concerning the outlook for our business. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, and the economic conditions of the regions and industries that are major markets for ABB Ltd. These expectations, estimates and projections are generally identifiable by statements containing words such as expects, believes, estimates, targets, plans or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release and which could affect our ability to achieve any or all of our stated targets. The important factors that could cause such differences include, among others, business risks associated with the volatile global economic environment and political conditions, costs associated with compliance activities, raw materials availability and prices, market acceptance of new products and services, changes in governmental regulations and currency exchange rates and such other factors as may be discussed from time to time in ABB Ltds filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 20-F. Although ABB Ltd believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.
For more information please contact:
Media Relations: |
Investor Relations: |
ABB Ltd |
Thomas Schmidt, Antonio Ligi |
Switzerland: Tel. +41 43 317 7111 |
Affolternstrasse 44 |
(Zurich, Switzerland) |
USA: Tel. +1 919 807 5758 |
CH-8050 Zurich, Switzerland |
Tel: +41 43 317 6568 |
investor.relations@ch.abb.com |
|
Fax: +41 43 317 7958 |
|
|
media.relations@ch.abb.com |
|
|
ABB Q3 and nine-month 2012 key figures
|
|
|
|
|
|
|
|
Change |
|
|
|
|
|
Change |
| ||||
$ millions unless otherwise indicated |
|
Q3 12 |
|
Q3 11 |
|
US$ |
|
Local |
|
9M 12 |
|
9M 11 |
|
US$ |
|
Local |
| ||
Orders |
|
Group |
|
9,295 |
|
9,826 |
|
-5 |
% |
0 |
% |
29,715 |
|
30,050 |
|
-1 |
% |
3 |
% |
|
|
Power Products |
|
2,401 |
|
2,660 |
|
-10 |
% |
-6 |
% |
8,309 |
|
8,330 |
|
0 |
% |
4 |
% |
|
|
Power Systems |
|
1,765 |
|
2,557 |
|
-31 |
% |
-27 |
% |
5,613 |
|
6,148 |
|
-9 |
% |
-3 |
% |
|
|
Discrete Automation & Motion |
|
2,266 |
|
2,377 |
|
-5 |
% |
1 |
% |
7,372 |
|
7,336 |
|
0 |
% |
5 |
% |
|
|
Low Voltage Products |
|
1,861 |
|
1,334 |
|
40 |
% |
45 |
% |
4,853 |
|
4,160 |
|
17 |
% |
21 |
% |
|
|
Process Automation |
|
1,706 |
|
1,899 |
|
-10 |
% |
-3 |
% |
6,493 |
|
6,845 |
|
-5 |
% |
0 |
% |
|
|
Corporate and other (inter-division eliminations) |
|
(704 |
) |
(1,001 |
) |
|
|
|
|
(2,925 |
) |
(2,769 |
) |
|
|
|
|
Revenues |
|
Group |
|
9,745 |
|
9,337 |
|
4 |
% |
10 |
% |
28,315 |
|
27,419 |
|
3 |
% |
8 |
% |
|
|
Power Products |
|
2,526 |
|
2,676 |
|
-6 |
% |
0 |
% |
7,649 |
|
7,786 |
|
-2 |
% |
3 |
% |
|
|
Power Systems |
|
1,901 |
|
1,831 |
|
4 |
% |
11 |
% |
5,580 |
|
5,689 |
|
-2 |
% |
4 |
% |
|
|
Discrete Automation & Motion |
|
2,306 |
|
2,313 |
|
0 |
% |
5 |
% |
6,916 |
|
6,441 |
|
7 |
% |
12 |
% |
|
|
Low Voltage Products |
|
1,880 |
|
1,364 |
|
38 |
% |
44 |
% |
4,668 |
|
3,956 |
|
18 |
% |
23 |
% |
|
|
Process Automation |
|
1,904 |
|
1,988 |
|
-4 |
% |
3 |
% |
5,926 |
|
5,983 |
|
-1 |
% |
5 |
% |
|
|
Corporate and other (inter-division eliminations) |
|
(772 |
) |
(835 |
) |
|
|
|
|
(2,424 |
) |
(2,436 |
) |
|
|
|
|
EBIT |
|
Group |
|
1,146 |
|
1,194 |
|
-4 |
% |
|
|
3,195 |
|
3,544 |
|
-10 |
% |
|
|
|
|
Power Products |
|
324 |
|
356 |
|
-9 |
% |
|
|
949 |
|
1,123 |
|
-15 |
% |
|
|
|
|
Power Systems |
|
72 |
|
104 |
|
-31 |
% |
|
|
197 |
|
403 |
|
-51 |
% |
|
|
|
|
Discrete Automation & Motion |
|
362 |
|
382 |
|
-5 |
% |
|
|
1,098 |
|
956 |
|
15 |
% |
|
|
|
|
Low Voltage Products |
|
278 |
|
226 |
|
23 |
% |
|
|
597 |
|
695 |
|
-14 |
% |
|
|
|
|
Process Automation |
|
224 |
|
246 |
|
-9 |
% |
|
|
690 |
|
720 |
|
-4 |
% |
|
|
|
|
Corporate and other (inter-division eliminations) |
|
(114 |
) |
(120 |
) |
|
|
|
|
(336 |
) |
(353 |
) |
|
|
|
|
EBIT % |
|
Group |
|
11.8 |
% |
12.8 |
% |
|
|
|
|
11.3 |
% |
12.9 |
% |
|
|
|
|
|
|
Power Products |
|
12.8 |
% |
13.3 |
% |
|
|
|
|
12.4 |
% |
14.4 |
% |
|
|
|
|
|
|
Power Systems |
|
3.8 |
% |
5.7 |
% |
|
|
|
|
3.5 |
% |
7.1 |
% |
|
|
|
|
|
|
Discrete Automation & Motion |
|
15.7 |
% |
16.5 |
% |
|
|
|
|
15.9 |
% |
14.8 |
% |
|
|
|
|
|
|
Low Voltage Products |
|
14.8 |
% |
16.6 |
% |
|
|
|
|
12.8 |
% |
17.6 |
% |
|
|
|
|
|
|
Process Automation |
|
11.8 |
% |
12.4 |
% |
|
|
|
|
11.6 |
% |
12.0 |
% |
|
|
|
|
Operational EBITDA* |
|
Group |
|
1,483 |
|
1,580 |
|
-6 |
% |
|
|
4,182 |
|
4,446 |
|
-6 |
% |
|
|
|
|
Power Products |
|
374 |
|
464 |
|
-19 |
% |
|
|
1,124 |
|
1,322 |
|
-15 |
% |
|
|
|
|
Power Systems |
|
109 |
|
184 |
|
-41 |
% |
|
|
345 |
|
505 |
|
-32 |
% |
|
|
|
|
Discrete Automation & Motion |
|
437 |
|
456 |
|
-4 |
% |
|
|
1,300 |
|
1,253 |
|
4 |
% |
|
|
|
|
Low Voltage Products |
|
366 |
|
273 |
|
34 |
% |
|
|
849 |
|
803 |
|
6 |
% |
|
|
|
|
Process Automation |
|
233 |
|
261 |
|
-11 |
% |
|
|
744 |
|
756 |
|
-2 |
% |
|
|
Operational EBITDA % |
|
Group |
|
15.3 |
% |
16.7 |
% |
|
|
|
|
14.8 |
% |
16.2 |
% |
|
|
|
|
|
|
Power Products |
|
14.8 |
% |
17.2 |
% |
|
|
|
|
14.7 |
% |
17.0 |
% |
|
|
|
|
|
|
Power Systems |
|
5.9 |
% |
9.7 |
% |
|
|
|
|
6.2 |
% |
8.8 |
% |
|
|
|
|
|
|
Discrete Automation & Motion |
|
18.9 |
% |
19.6 |
% |
|
|
|
|
18.8 |
% |
19.4 |
% |
|
|
|
|
|
|
Low Voltage Products |
|
19.5 |
% |
19.9 |
% |
|
|
|
|
18.2 |
% |
20.3 |
% |
|
|
|
|
|
|
Process Automation |
|
12.3 |
% |
13.0 |
% |
|
|
|
|
12.6 |
% |
12.6 |
% |
|
|
|
|
* See reconciliation of Operational EBITDA in Note 13 to the Interim Consolidated Financial Information (unaudited)
ABB Q3 2012 orders received and revenues by region
|
|
Orders received |
|
Change |
|
Revenues |
|
Change |
| ||||||||
$ millions |
|
Q3 12 |
|
Q3 11 |
|
US$ |
|
Local |
|
Q3 12 |
|
Q3 11 |
|
US$ |
|
Local |
|
Europe |
|
2,871 |
|
4,140 |
|
-31 |
% |
-24 |
% |
3,428 |
|
3,602 |
|
-5 |
% |
4 |
% |
Americas |
|
3,072 |
|
2,299 |
|
34 |
% |
38 |
% |
2,749 |
|
2,236 |
|
23 |
% |
26 |
% |
Asia |
|
2,331 |
|
2,777 |
|
-16 |
% |
-13 |
% |
2,712 |
|
2,588 |
|
5 |
% |
8 |
% |
Middle East and Africa |
|
1,021 |
|
610 |
|
67 |
% |
73 |
% |
856 |
|
911 |
|
-6 |
% |
-1 |
% |
Group total |
|
9,295 |
|
9,826 |
|
-5 |
% |
0 |
% |
9,745 |
|
9,337 |
|
4 |
% |
10 |
% |
Nine months 2012 orders received and revenues by region
|
|
Orders received |
|
Change |
|
Revenues |
|
Change |
| ||||||||
$ millions |
|
9M 12 |
|
9M 11 |
|
US$ |
|
Local |
|
9M 12 |
|
9M 11 |
|
US$ |
|
Local |
|
Europe |
|
9,979 |
|
11,720 |
|
-15 |
% |
-8 |
% |
10,255 |
|
10,672 |
|
-4 |
% |
4 |
% |
Americas |
|
8,701 |
|
7,027 |
|
24 |
% |
28 |
% |
7,652 |
|
6,472 |
|
18 |
% |
21 |
% |
Asia |
|
7,856 |
|
8,776 |
|
-10 |
% |
-8 |
% |
7,743 |
|
7,280 |
|
6 |
% |
9 |
% |
Middle East and Africa |
|
3,179 |
|
2,527 |
|
26 |
% |
31 |
% |
2,665 |
|
2,995 |
|
-11 |
% |
-7 |
% |
Group total |
|
29,715 |
|
30,050 |
|
-1 |
% |
3 |
% |
28,315 |
|
27,419 |
|
3 |
% |
8 |
% |
Operational EBITDA by division Q3 2012 vs Q3 2011
Operational EBITDA Q3 2012 vs Q3 2011
|
|
ABB |
|
Power |
|
Power |
|
Discrete Automation |
|
Low Voltage |
|
Process Automation |
| ||||||||||||
|
|
Q3 12 |
|
Q3 11 |
|
Q3 12 |
|
Q3 11 |
|
Q3 12 |
|
Q3 11 |
|
Q3 12 |
|
Q3 11 |
|
Q3 12 |
|
Q3 11 |
|
Q3 12 |
|
Q3 11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational revenues |
|
9,675 |
|
9,489 |
|
2,525 |
|
2,704 |
|
1,847 |
|
1,899 |
|
2,308 |
|
2,330 |
|
1,876 |
|
1,375 |
|
1,889 |
|
2,013 |
|
FX/commodity timing differences on Revenues |
|
70 |
|
(152 |
) |
1 |
|
(28 |
) |
54 |
|
(68 |
) |
(2 |
) |
(17 |
) |
4 |
|
(11 |
) |
15 |
|
(25 |
) |
Revenues (as per Financial Statements) |
|
9,745 |
|
9,337 |
|
2,526 |
|
2,676 |
|
1,901 |
|
1,831 |
|
2,306 |
|
2,313 |
|
1,880 |
|
1,364 |
|
1,904 |
|
1,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational EBITDA |
|
1,483 |
|
1,580 |
|
374 |
|
464 |
|
109 |
|
184 |
|
437 |
|
456 |
|
366 |
|
273 |
|
233 |
|
261 |
|
Depreciation |
|
(183 |
) |
(167 |
) |
(42 |
) |
(43 |
) |
(19 |
) |
(16 |
) |
(35 |
) |
(34 |
) |
(40 |
) |
(26 |
) |
(16 |
) |
(17 |
) |
Amortization |
|
(124 |
) |
(90 |
) |
(9 |
) |
(7 |
) |
(26 |
) |
(26 |
) |
(31 |
) |
(30 |
) |
(38 |
) |
(3 |
) |
(4 |
) |
(5 |
) |
including total acquisition-related amortization of |
|
104 |
|
62 |
|
7 |
|
5 |
|
24 |
|
23 |
|
30 |
|
27 |
|
36 |
|
1 |
|
3 |
|
2 |
|
Acquisition-related expenses and certain non-operational items |
|
(49 |
) |
4 |
|
(1 |
) |
|
|
|
|
|
|
(2 |
) |
4 |
|
(20 |
) |
|
|
(1 |
) |
|
|
FX/commodity timing differences on EBIT |
|
40 |
|
(104 |
) |
10 |
|
(31 |
) |
7 |
|
(32 |
) |
2 |
|
(17 |
) |
15 |
|
(20 |
) |
11 |
|
8 |
|
Restructuring-related costs |
|
(21 |
) |
(29 |
) |
(8 |
) |
(27 |
) |
1 |
|
(6 |
) |
(9 |
) |
3 |
|
(5 |
) |
2 |
|
1 |
|
(1 |
) |
EBIT (as per Financial Statements) |
|
1,146 |
|
1,194 |
|
324 |
|
356 |
|
72 |
|
104 |
|
362 |
|
382 |
|
278 |
|
226 |
|
224 |
|
246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational EBITDA margin (%) |
|
15.3 |
% |
16.7 |
% |
14.8 |
% |
17.2 |
% |
5.9 |
% |
9.7 |
% |
18.9 |
% |
19.6 |
% |
19.5 |
% |
19.9 |
% |
12.3 |
% |
13.0 |
% |
Appendix I
Reconciliation of non-GAAP measures
($ millions)
|
|
Sep. 30, |
|
Dec. 31, |
|
|
|
2012 |
|
2011 |
|
Net cash (Net debt) (= Cash and equivalents plus marketable securities and short-term investments, less total debt) |
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalents |
|
4,683 |
|
4,819 |
|
Marketable securities and short-term investments |
|
742 |
|
948 |
|
Cash and marketable securities |
|
5,425 |
|
5,767 |
|
Short-term debt and current maturities of long-term debt |
|
2,023 |
|
765 |
|
Long-term debt |
|
7,055 |
|
3,231 |
|
Total debt |
|
9,078 |
|
3,996 |
|
Net cash (Net debt) |
|
(3,653 |
) |
1,771 |
|
ABB Ltd Interim Consolidated Income Statements (unaudited)
|
|
Nine months ended |
|
Three months ended |
| ||||
($ in millions, except per share data in $) |
|
Sep. 30, 2012 |
|
Sep. 30, 2011 |
|
Sep. 30, 2012 |
|
Sep. 30, 2011 |
|
|
|
|
|
|
|
|
|
|
|
Sales of products |
|
23,728 |
|
23,027 |
|
8,227 |
|
7,820 |
|
Sales of services |
|
4,587 |
|
4,392 |
|
1,518 |
|
1,517 |
|
Total revenues |
|
28,315 |
|
27,419 |
|
9,745 |
|
9,337 |
|
Cost of products |
|
(16,890 |
) |
(16,208 |
) |
(5,835 |
) |
(5,535 |
) |
Cost of services |
|
(2,970 |
) |
(2,770 |
) |
(987 |
) |
(955 |
) |
Total cost of sales |
|
(19,860 |
) |
(18,978 |
) |
(6,822 |
) |
(6,490 |
) |
Gross profit |
|
8,455 |
|
8,441 |
|
2,923 |
|
2,847 |
|
Selling, general and administrative expenses |
|
(4,180 |
) |
(3,936 |
) |
(1,393 |
) |
(1,317 |
) |
Non-order related research and development expenses |
|
(1,074 |
) |
(972 |
) |
(358 |
) |
(332 |
) |
Other income (expense), net |
|
(6 |
) |
11 |
|
(26 |
) |
(4 |
) |
Earnings before interest and taxes |
|
3,195 |
|
3,544 |
|
1,146 |
|
1,194 |
|
Interest and dividend income |
|
55 |
|
65 |
|
17 |
|
22 |
|
Interest and other finance expense |
|
(238 |
) |
(172 |
) |
(94 |
) |
(80 |
) |
Income from continuing operations before taxes |
|
3,012 |
|
3,437 |
|
1,069 |
|
1,136 |
|
Provision for taxes |
|
(828 |
) |
(997 |
) |
(274 |
) |
(318 |
) |
Income from continuing operations, net of tax |
|
2,184 |
|
2,440 |
|
795 |
|
818 |
|
Income (loss) from discontinued operations, net of tax |
|
4 |
|
1 |
|
(1 |
) |
2 |
|
Net income |
|
2,188 |
|
2,441 |
|
794 |
|
820 |
|
Net income attributable to noncontrolling interests |
|
(88 |
) |
(103 |
) |
(35 |
) |
(30 |
) |
Net income attributable to ABB |
|
2,100 |
|
2,338 |
|
759 |
|
790 |
|
|
|
|
|
|
|
|
|
|
|
Amounts attributable to ABB shareholders: |
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax |
|
2,096 |
|
2,337 |
|
760 |
|
788 |
|
Net income |
|
2,100 |
|
2,338 |
|
759 |
|
790 |
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to ABB shareholders: |
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax |
|
0.91 |
|
1.02 |
|
0.33 |
|
0.34 |
|
Net income |
|
0.92 |
|
1.02 |
|
0.33 |
|
0.34 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share attributable to ABB shareholders: |
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax |
|
0.91 |
|
1.02 |
|
0.33 |
|
0.34 |
|
Net income |
|
0.92 |
|
1.02 |
|
0.33 |
|
0.34 |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares outstanding (in millions) used to compute: |
|
|
|
|
|
|
|
|
|
Basic earnings per share attributable to ABB shareholders |
|
2,293 |
|
2,287 |
|
2,293 |
|
2,290 |
|
Diluted earnings per share attributable to ABB shareholders |
|
2,295 |
|
2,290 |
|
2,295 |
|
2,291 |
|
See Notes to the Interim Consolidated Financial Information
ABB Ltd Interim Condensed Consolidated Statements of Comprehensive Income (unaudited)
|
|
Nine months ended |
|
Three months ended |
| ||||
($ in millions) |
|
Sep. 30, 2012 |
|
Sep. 30, 2011 |
|
Sep. 30, 2012 |
|
Sep. 30, 2011 |
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income, net of tax |
|
2,441 |
|
2,448 |
|
1,209 |
|
(125 |
) |
Total comprehensive income attributable to noncontrolling interests, net of tax |
|
(88 |
) |
(100 |
) |
(45 |
) |
(19 |
) |
Total comprehensive income attributable to ABB shareholders, net of tax |
|
2,353 |
|
2,348 |
|
1,164 |
|
(144 |
) |
See Notes to the Interim Consolidated Financial Information
ABB Ltd Interim Consolidated Balance Sheets (unaudited)
($ in millions, except share data) |
|
Sep. 30, 2012 |
|
Dec. 31, 2011 |
|
|
|
|
|
|
|
Cash and equivalents |
|
4,683 |
|
4,819 |
|
Marketable securities and short-term investments |
|
742 |
|
948 |
|
Receivables, net |
|
11,626 |
|
10,773 |
|
Inventories, net |
|
6,659 |
|
5,737 |
|
Prepaid expenses |
|
322 |
|
227 |
|
Deferred taxes |
|
960 |
|
932 |
|
Other current assets |
|
622 |
|
351 |
|
Total current assets |
|
25,614 |
|
23,787 |
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
5,658 |
|
4,922 |
|
Goodwill |
|
10,600 |
|
7,269 |
|
Other intangible assets, net |
|
3,614 |
|
2,253 |
|
Prepaid pension and other employee benefits |
|
182 |
|
139 |
|
Investments in equity-accounted companies |
|
275 |
|
156 |
|
Deferred taxes |
|
230 |
|
318 |
|
Other non-current assets |
|
770 |
|
804 |
|
Total assets |
|
46,943 |
|
39,648 |
|
|
|
|
|
|
|
Accounts payable, trade |
|
4,697 |
|
4,789 |
|
Billings in excess of sales |
|
1,924 |
|
1,819 |
|
Employee and other payables |
|
1,391 |
|
1,361 |
|
Short-term debt and current maturities of long-term debt |
|
2,023 |
|
765 |
|
Advances from customers |
|
1,795 |
|
1,757 |
|
Deferred taxes |
|
220 |
|
305 |
|
Provisions for warranties |
|
1,262 |
|
1,324 |
|
Provisions and other current liabilities |
|
2,372 |
|
2,619 |
|
Accrued expenses |
|
2,098 |
|
1,822 |
|
Total current liabilities |
|
17,782 |
|
16,561 |
|
|
|
|
|
|
|
Long-term debt |
|
7,055 |
|
3,231 |
|
Pension and other employee benefits |
|
1,632 |
|
1,487 |
|
Deferred taxes |
|
1,842 |
|
537 |
|
Other non-current liabilities |
|
1,497 |
|
1,496 |
|
Total liabilities |
|
29,808 |
|
23,312 |
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders equity: |
|
|
|
|
|
Capital stock and additional paid-in capital (2,314,743,264 issued shares at September 30, 2012, and December 31, 2011) |
|
1,673 |
|
1,621 |
|
Retained earnings |
|
17,462 |
|
16,988 |
|
Accumulated other comprehensive loss |
|
(2,155 |
) |
(2,408 |
) |
Treasury stock, at cost (21,260,194 and 24,332,144 shares at September 30, 2012, and December 31, 2011, respectively) |
|
(370 |
) |
(424 |
) |
Total ABB stockholders equity |
|
16,610 |
|
15,777 |
|
Noncontrolling interests |
|
525 |
|
559 |
|
Total stockholders equity |
|
17,135 |
|
16,336 |
|
Total liabilities and stockholders equity |
|
46,943 |
|
39,648 |
|
See Notes to the Interim Consolidated Financial Information
ABB Ltd Interim Consolidated Statements of Cash Flows (unaudited)
|
|
Nine months ended |
|
Three months ended |
| ||||
($ in millions) |
|
Sep. 30, 2012 |
|
Sep. 30, 2011 |
|
Sep. 30, 2012 |
|
Sep. 30, 2011 |
|
|
|
|
|
|
|
|
|
|
|
Operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
2,188 |
|
2,441 |
|
794 |
|
820 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
841 |
|
730 |
|
307 |
|
257 |
|
Pension and other employee benefits |
|
(56 |
) |
(55 |
) |
(7 |
) |
11 |
|
Deferred taxes |
|
23 |
|
24 |
|
12 |
|
30 |
|
Net gain from sale of property, plant and equipment |
|
(12 |
) |
(23 |
) |
(4 |
) |
(7 |
) |
Loss (income) from equity-accounted companies |
|
1 |
|
(1 |
) |
(4 |
) |
|
|
Other |
|
104 |
|
83 |
|
56 |
|
36 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Trade receivables, net |
|
(388 |
) |
(617 |
) |
(131 |
) |
(357 |
) |
Inventories, net |
|
(466 |
) |
(1,213 |
) |
(90 |
) |
(314 |
) |
Trade payables |
|
(326 |
) |
74 |
|
(163 |
) |
(183 |
) |
Billings in excess of sales |
|
57 |
|
53 |
|
(19 |
) |
65 |
|
Provisions, net |
|
(291 |
) |
(340 |
) |
(36 |
) |
(75 |
) |
Advances from customers |
|
32 |
|
85 |
|
(9 |
) |
4 |
|
Other assets and liabilities, net |
|
(366 |
) |
697 |
|
62 |
|
524 |
|
Net cash provided by operating activities |
|
1,341 |
|
1,938 |
|
768 |
|
811 |
|
|
|
|
|
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
|
|
|
|
Purchases of marketable securities (available-for-sale) |
|
(1,429 |
) |
(899 |
) |
(502 |
) |
(281 |
) |
Purchases of short-term investments |
|
(30 |
) |
(140 |
) |
(3 |
) |
|
|
Purchases of property, plant and equipment and intangible assets |
|
(838 |
) |
(576 |
) |
(302 |
) |
(233 |
) |
Acquisition of businesses (net of cash acquired) and changes in cost and equity investments |
|
(3,686 |
) |
(3,636 |
) |
(70 |
) |
(450 |
) |
Proceeds from sales of marketable securities (available-for-sale) |
|
1,655 |
|
2,416 |
|
159 |
|
17 |
|
Proceeds from maturity of marketable securities (available-for-sale) |
|
|
|
235 |
|
|
|
15 |
|
Proceeds from short-term investments |
|
27 |
|
529 |
|
|
|
4 |
|
Proceeds from sales of property, plant and equipment |
|
21 |
|
23 |
|
8 |
|
8 |
|
Proceeds from sales of businesses and equity-accounted companies (net of cash disposed) |
|
9 |
|
4 |
|
4 |
|
1 |
|
Changes in financing and other non-current receivables, net |
|
4 |
|
(61 |
) |
25 |
|
14 |
|
Net cash used in investing activities |
|
(4,267 |
) |
(2,105 |
) |
(681 |
) |
(905 |
) |
|
|
|
|
|
|
|
|
|
|
Financing activities: |
|
|
|
|
|
|
|
|
|
Net changes in debt with original maturities of 90 days or less |
|
103 |
|
1,124 |
|
(488 |
) |
1,027 |
|
Increase in debt |
|
5,279 |
|
1,468 |
|
429 |
|
151 |
|
Repayment of debt |
|
(903 |
) |
(1,571 |
) |
(176 |
) |
(232 |
) |
Issuance of shares |
|
|
|
105 |
|
|
|
|
|
Transactions in treasury shares |
|
47 |
|
5 |
|
1 |
|
|
|
Dividends paid |
|
(1,626 |
) |
(1,569 |
) |
|
|
|
|
Acquisition of noncontrolling interests |
|
(3 |
) |
(13 |
) |
(3 |
) |
(2 |
) |
Dividends paid to noncontrolling shareholders |
|
(121 |
) |
(156 |
) |
(30 |
) |
(46 |
) |
Other |
|
(16 |
) |
(1 |
) |
2 |
|
(64 |
) |
Net cash provided by (used in) financing activities |
|
2,760 |
|
(608 |
) |
(265 |
) |
834 |
|
|
|
|
|
|
|
|
|
|
|
Effects of exchange rate changes on cash and equivalents |
|
30 |
|
(126 |
) |
88 |
|
(296 |
) |
|
|
|
|
|
|
|
|
|
|
Net change in cash and equivalents - continuing operations |
|
(136 |
) |
(901 |
) |
(90 |
) |
444 |
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalents, beginning of period |
|
4,819 |
|
5,897 |
|
4,773 |
|
4,552 |
|
Cash and equivalents, end of period |
|
4,683 |
|
4,996 |
|
4,683 |
|
4,996 |
|
|
|
|
|
|
|
|
|
|
|
Supplementary disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Interest paid |
|
91 |
|
103 |
|
21 |
|
38 |
|
Taxes paid |
|
915 |
|
952 |
|
216 |
|
225 |
|
See Notes to the Interim Consolidated Financial Information
ABB Ltd Interim Consolidated Statements of Changes in Stockholders Equity (unaudited)
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
|
|
|
|
|
|
|
| ||||||||
($ in millions) |
|
Capital |
|
Retained |
|
Foreign |
|
Unrealized gain (loss) |
|
Pension |
|
Unrealized |
|
Total |
|
Treasury |
|
Total ABB |
|
Noncontrolling |
|
Total |
|
Balance at January 1, 2011 |
|
1,454 |
|
15,389 |
|
(707 |
) |
18 |
|
(920 |
) |
92 |
|
(1,517 |
) |
(441 |
) |
14,885 |
|
573 |
|
15,458 |
|
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
2,338 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,338 |
|
103 |
|
2,441 |
|
Foreign currency translation adjustments |
|
|
|
|
|
91 |
|
|
|
|
|
|
|
91 |
|
|
|
91 |
|
(4 |
) |
87 |
|
Effect of change in fair value of available-for-sale securities, net of tax |
|
|
|
|
|
|
|
(4 |
) |
|
|
|
|
(4 |
) |
|
|
(4 |
) |
|
|
(4 |
) |
Unrecognized income (expense) related to pensions and other postretirement plans, net of tax |
|
|
|
|
|
|
|
|
|
31 |
|
|
|
31 |
|
|
|
31 |
|
1 |
|
32 |
|
Change in derivatives qualifying as cash flow hedges, net of tax |
|
|
|
|
|
|
|
|
|
|
|
(108 |
) |
(108 |
) |
|
|
(108 |
) |
|
|
(108 |
) |
Total comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,348 |
|
100 |
|
2,448 |
|
Changes in noncontrolling interests |
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5 |
) |
2 |
|
(3 |
) |
Dividends paid to noncontrolling shareholders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(156 |
) |
(156 |
) |
Dividends paid |
|
|
|
(1,569 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(1,569 |
) |
|
|
(1,569 |
) |
Treasury stock transactions |
|
(10 |
) |
|