ABB (SWX:ABBN): Solid end to challenging year
FOURTH QUARTER 2020 HIGHLIGHTS
-- Orders $7.0 billion, +2%; comparable -1%1
-- Revenues $7.2 billion, +2%; comparable 0%
-- Income from operations $578 million; margin 8.0%
-- Operational EBITA1 $825 million; margin1 11.5%, including a combined
impact of 80 basis points from the full and final Kusile settlement with
Eskom in South Africa and non-core business charges
-- Basic EPS -$0.04; operational EPS1 $0.26, -6%
-- Cash flow from operating activities $1,182 million; cash flow from
continuing operating activities $1,225 million after negative impacts,
combined, of $200 million for the Kusile settlement and pension plan
transfers
FULL-YEAR 2020 HIGHLIGHTS
-- Orders $26.5 billion, -7%; comparable -6%1
-- Revenues $26.1 billion, -7%; comparable -5%
-- Income from operations $1,593 million; margin 6.1%
-- Operational EBITA1 $2,899 million; margin1 11.1%, including a combined
impact of 90 basis points impact from the full and final Kusile
settlement and non-core business charges, and 15 basis points impact from
stranded costs
-- Basic EPS $2.44, +261%2 including gain from Power Grids sale; operational
EPS1 $0.98, -21%
-- Cash flow from operating activities $1,693 million; cash flow from
continuing operating activities $1,875 million after approximately $1
billion outflows, in total, for pension plan transfers, Power Grids
carve-out and ABB-OS and other restructuring and project related items.
Adjusted to exclude the above outflows, cash flow from continuing
operating activities improved by close to $550 million year-on-year
-- CHF 0.80 dividend per share proposed
KEY FIGURES CHANGE CHANGE
($ millions,
unless
otherwise Q4 Q4 FY FY
indicated) 2020 2019 US$ Comparable 2020 2019 US$ Comparable
Orders 7,003 6,886 +2% -1% 26,512 28,588 -7% -6%
Revenues 7,182 7,068 +2% 0% 26,134 27,978 -7% -5%
Income from
operations 578 648 -11% 1,593 1,938 -18%
Operational
EBITA(1) 825 710 +16% +12%(3) 2,899 3,107 -7% -8%(3)
as % of
operational +1.4
revenues 11.5 10.1 pts 11.1 11.1 0 pts
Net income
(loss)
attributable
to ABB -79 325 n.a. 5,146 1,439 +258%
Basic EPS ($) -0.04 0.15 n.a. 2.44 0.67 +261%(2)
Operational
EPS ($)(1) 0.26 0.27 -6%(2) -10%(2) 0.98 1.24 -21%(2) -22%(2)
Cash flow from
operating
activities(4) 1,182 1,911 -38% 1,693 2,325 -27%
Cash flows
from
operating
activities in
continuing
operations 1,225 1,454 -16% 1,875 1,899 -1%
"In the fourth quarter, market conditions improved compared to
the third quarter. That said, some key end-markets remained
challenging, input costs rose, and uncertainty due to COVID-19
related restrictions increased as the quarter progressed. Orders
were broadly stable year-on-year, supported by large orders
received from Industrial Automation's marine business. Operating
margins benefited from a strong performance by Electrification, as
well as solid delivery from Motion."
"2020 was an extraordinary year with market developments
dominated by the challenges arising from the pandemic. I am
thankful for the speed and dedication with which the ABB team
implemented mitigation actions, always putting the health and
safety of our employees and customers first. We have taken
important steps in 2020 by launching the ABB Way decentralized
operating model, our long-term sustainability strategy and have
started the process to exit three divisions. With our clear
strategy, excellent technology base and stronger financial
position, ABB is well positioned for 2021 and beyond." said Björn
Rosengren, CEO of ABB.
Q4 2020 Group results
Summary
Fourth quarter performance was solid. Order developments in the
fourth quarter were driven by good growth in short-cycle product
areas, led by China. Significant large order(5) wins in Industrial
Automation were a highlight. Subdued services activities tempered
the result. Operating margins in Electrification and Motion
expanded year-on-year, aided by broadly stable volumes and good
cost mitigation, while performance in Industrial Automation and
Robotics & Discrete Automation was held back by negative mix
effects and in Industrial Automation, specific project charges.
Actions taken to improve long-term profitability, strengthen ABB's
financial flexibility and de-risk the balance sheet are also
reflected in this quarters' results.
Orders
Orders were 2 percent higher (1 percent lower comparable) in the
quarter compared to the prior year period. Foreign exchange
translation effects had a net positive impact of 3 percent and
portfolio changes zero impact. The order backlog was $14.3 billion
at the end of the quarter, up 7 percent (5 percent comparable).
Regional overview
-- Orders from Europe were 8 percent lower (12 percent
comparable) with mixed results at the country level. In Germany and
Sweden, on a tough comparison period, orders were lower by 21
percent (26 percent comparable) and 13 percent (21 percent
comparable), respectively. Orders were up in Italy by 22 percent
(16 percent comparable) and Finland by 23 percent (13 percent
comparable).
-- Orders from the Americas were 7 percent lower (6 percent
comparable), with mixed results at the country level. In the USA,
orders declined by 12 percent (12 percent comparable).
-- In Asia, Middle East and Africa (AMEA), orders rose 28
percent (23 percent comparable). Orders were challenged in India,
down by 7 percent (9 percent comparable). These negatives were more
than outweighed by excellent growth in China, up 23 percent (21
percent comparable). Also supportive was growth from South Korea,
boosted by large orders(5) , 357 percent higher (368 percent
comparable), as well as strong demand from Australia and the United
Arab Emirates.
End-market overview
-- In discrete industries, the group benefited from strong
activity in the 3C and machine builders' segments. On a sequential
basis, there were positive signs in automotive for future capital
expenditure and electric vehicle manufacturing spend. End-markets
such as food & beverage continued to expand.
-- Activities in the energy segments remained subdued except
LNG, where ABB benefited from substantial orders for specialty LNG
vessels that are scheduled for construction in later periods.
Elsewhere, customers delayed service spend and invested in
operations only where essential. On a sequential basis, the project
pipeline for energy showed select signs of stabilization. In other
customer segments such as mining, pulp and paper and water and
wastewater, some capital expenditure projects went ahead during the
quarter.
-- In transport and infrastructure, investments in rail and
renewables were healthy. Orders were strong in data centers and
e-mobility. Marine activities were challenged on a day-to-day
basis, particularly in service.
-- Buildings demand improved sequentially; on balance
residential markets outperformed non-residential.
Revenues
Revenues were up 2 percent (flat comparable) year-on-year,
reflecting short-cycle product growth, mitigated by more challenged
services. Foreign exchange translation effects had a net positive
impact of 3 percent and portfolio changes a net negative impact of
1 percent. The book-to-bill ratio for the quarter was 0.98x(1) ,
similar to the prior year period.
Income from operations and operational EBITA
Income from operations was $578 million. The result for the
quarter includes $220 million restructuring and restructuring
related expenses, compared to $99 million in the prior year period.
These expenses were somewhat higher than management's guidance.
Bookings mainly related to the future delivery of ABB-OS savings,
synergies from GEIS' integration, and planned performance
improvements in Industrial Automation.
Operational EBITA(1) was 16 percent higher (12 percent in local
currencies), at $825 million. The operational EBITA margin of 11.5
percent expanded 140 basis points year-on-year. Margins were higher
in Electrification and Motion, while Industrial Automation and
Robotics & Discrete Automation reported lower margins on a
year-on-year basis. Corporate and Other operational EBITA improved
by approximately $110 million.
The operational EBITA margin includes a negative 45 basis points
impact from a final settlement in South Africa with Eskom in
relation to the Kusile project(6) , and, in addition, a negative 35
basis points impact from non-core business activities.
Net income and basic earnings per share
Group net loss attributable to ABB was -$79 million. The group
recorded net financial expenses of about $200 million, of which
$162 million in costs were incurred from the early repayment of
bonds. In addition, non-operational pension costs were
approximately $130 million. Further details on these items follows
below. Income tax expense was $123 million with a 49.2 percent tax
rate. Special items, such as non-operational pension charges and
bond repayment costs had an approximately 21 percent impact on the
tax rate. The loss in discontinued operations of $183 million
primarily reflects ordinary closing balance sheet related
adjustments linked to the book gain from the sale of Power
Grids.
Basic EPS was -$0.04. Operational EPS of $0.26(1) was 6
percent(2) lower year-on-year, mainly because the prior year
included the operational net income from the former Power Grids
business which was sold.
Cash flow from operating activities
Cash flow from operating activities in continuing operations was
$1,225 million, approximately -$230 million lower on a year-on-year
basis. The result reflects several material items, namely about
-$115 million cash outflow to settle with Eskom for the Kusile
project in South Africa, about -$85 million cash outflow to enable
the transfer of certain pension plans, and further outflows for
restructuring under ABB-OS and other restructuring programs.
On a year-on-year basis, cash flow was negatively impacted by
unfavorable timing on tax payments and less favorable net working
capital movements. Trade receivables and trade payables were less
favorable than in the prior year, partly offset by lower inventory
levels which supported cash generation. As a percent of revenues,
net working capital was 10.5 percent at quarter end, compared to
9.5 percent for the same period end last year.
Q4 2020 business area results
All commentary by business area relates to fourth quarter
results. Order and revenue commentary refers to comparable growth
on a year-on-year basis, unless stated otherwise.
Electrification (EL)
KEY FIGURES CHANGE CHANGE
($ millions,
unless
otherwise Q4 Q4 FY FY
indicated) 2020 2019 US$ Comparable 2020 2019 US$ Comparable
Orders 3,074 3,160 -3% -2% 11,884 13,050 -9% -6%
Order backlog 4,358 4,488 -3% -1% 4,358 4,488 -3% -1%
Revenues 3,356 3,238 +4% +5% 11,924 12,728 -6% -3%
Operational
EBITA(1) 522 421 +24% 1,681 1,688 +0%
as % of
operational +2.5 +0.8
revenues 15.6 13.1 pts 14.1 13.3 pts
-- Orders benefited from strong demand in data centers, EV charging and
renewables, as well as healthy activity in sectors such as rail and food
and beverages. Chemicals, oil and gas and other process industries were
challenged. Buildings demand was mixed across geographies with
residential activity outpacing non-residential. On a geographic basis,
China and Germany were notably strong.
-- Strong backlog execution and solid short-cycle business delivered good
growth in fourth quarter revenues.
-- Margin accretion reflects better volumes and supportive pricing. Ongoing
cost savings, for example from lower travel expenses, the exit of the
solar inverters business and improved performance from Installation
Products and GEIS' integration contributed positively.
Industrial Automation (IA)
KEY FIGURES CHANGE CHANGE
($ millions,
unless
otherwise Q4 Q4 FY FY
indicated) 2020 2019 US$ Comparable 2020 2019 US$ Comparable
Orders 1,918 1,706 +12% +9% 6,144 6,432 -4% -4%
Order backlog 5,805 5,077 +14% +9% 5,805 5,077 +14% +9%
Revenues 1,545 1,683 -8% -11% 5,792 6,273 -8% -7%
Operational
EBITA(1) 103 202 -49% 451 732 -38%
as % of
operational -5.3 -3.9
revenues 6.8 12.1 pts 7.8 11.7 pts
-- Strong orders resulted from significant large orders(5) of $645 million,
mainly for specialty LNG vessels. The business saw solid activity in
other industries such as mining, water and wastewater. Oil, chemicals
and conventional power generation remained challenged. Orders were
higher in AMEA and lower in Europe and the Americas.
-- Revenues declined, mainly reflecting subdued levels of book-and-bill
activities; services were materially weaker as many countries entered
wave two of COVID-19 and some customer industries, most notably cruise
operators, were operating significantly below their normal levels.
-- The business was pleased to reach a full and final settlement with Eskom
for the Kusile project in South Africa. Charges for legacy projects in
India were also reflected in the result. Together, these items lowered
operating margins by 270 basis points. Aside from these items, margins
were impacted by lower volumes and unfavorable mix, predominantly
related to lower services activity. In response to ongoing challenges
across its markets, the divisions continue to right-size and restructure
where necessary.
Motion (MO)
KEY FIGURES CHANGE CHANGE
($ millions,
unless
otherwise Q4 Q4 FY FY
indicated) 2020 2019 US$ Comparable 2020 2019 US$ Comparable
Orders 1,552 1,602 -3% -5% 6,574 6,782 -3% -2%
Order backlog 3,320 2,967 +12% +6% 3,320 2,967 +12% +6%
Revenues 1,705 1,657 +3% 0% 6,409 6,533 -2% -2%
Operational
EBITA(1) 285 254 +12% 1,075 1,082 -1%
as % of
operational +1.4 +0.2
revenues 16.8 15.4 pts 16.8 16.6 pts
-- The year-on-year order result reflects a tough large order(5) comparison
and ongoing weakness in select end-markets such as oil and gas. Demand
from rail and water and wastewater segments was strong, while
end-markets including metals, pulp and paper and food and beverage were
healthy. Orders were solid in AMEA, broadly stable in the Americas, and
softer in Europe.
-- Revenue development reflects growth from short-cycle business and strong
execution of the backlog.
-- Operating margins expanded, benefiting from good cost mitigation, stable
volumes and supportive mix, while noting some pressures, for example
rising freight costs.
Robotics & Discrete Automation (RA)
KEY FIGURES CHANGE CHANGE
($ millions,
unless
otherwise Q4 Q4 FY FY
indicated) 2020 2019 US$ Comparable 2020 2019 US$ Comparable
Orders 699 701 +0% -5% 2,868 3,260 -12% -12%
Order backlog 1,403 1,356 +3% -2% 1,403 1,356 +3% -2%
Revenues 801 787 +2% -3% 2,907 3,314 -12% -13%
Operational
EBITA(1) 59 86 -31% 237 393 -40%
as % of
operational -3.7 -3.7
revenues 7.3 11.0 pts 8.2 11.9 pts
-- Orders benefited from select robotics investments in 3C and EV-related
automotive manufacturing, led by China, and good activity in general
industries. Machine builders' activity was strong. The reported order
intake was affected by reversals of about $50 million, primarily in
Machine Automation, adversely affecting comparable growth by about 7
percent.
-- Revenues were supported by positive developments in machine automation
and good backlog execution in 3C and general industry, mitigated by
softer automotive segment activity as the business works to shift its
mix toward higher value-add smart systems and application cells.
-- Operating margins were tempered by unfavorable mix developments
particularly the backlog revenues in robotics' automotive segment during
the quarter, which outpaced continued cost mitigation efforts. Margins
also reflect management's decision to raise research and development
investments in order to drive future market leadership.
-- To improve long-term performance, a change in management in Machine
Automation has been initiated.
Corporate and Other
KEY FIGURES CHANGE CHANGE
($ millions, unless
otherwise indicated) Q4 2020 Q4 2019 US$ FY 2020 FY 2019 US$
Orders (240) (283) +43 (958) (936) (22)
Revenues (225) (297) +72 (898) (870) (28)
Income from operations (175) (331) +156 (912) (1,118) +206
Operational EBITA(1) (144) (253) +109 (545) (788) +243
-- Corporate and Other Operational EBITA
improved to -$144 million. Compared to a
year ago, this reflects lower charges from
non-core business activities, the
elimination of stranded costs related to
Power Grids' sale and lower ongoing
corporate costs.
Corporate and Other orders and revenues primarily represent intersegment
eliminations.
Full-year 2020 Group results
Orders
Orders were 7 percent lower (6 percent comparable) at $26,512
million, with all business areas feeling impacts from COVID-19
related output contraction. In Robotics & Discrete Automation,
COVID-19 disruption came on top of already meaningful headwinds in
discrete markets, and the business areas' orders declined 12
percent (12 percent comparable). Other business areas fared better,
recording low to mid-single digit order declines on a year-on-year
basis. Orders for ABB's digital solutions grew well, with customer
acceptance of remote commissioning and uptake of remote digital
services swiftly accelerated by the pandemic.
Orders were 8 percent lower in Europe (7 percent comparable), 12
percent lower in the Americas (10 percent comparable) and 1 percent
lower in AMEA (up 2 percent comparable), aided by robust
developments in China, with stable orders (up 3 percent
comparable). Service orders, which accounted for 18 percent of
total orders, were 15 percent lower (14 percent comparable).
Revenues
Revenues were 7 percent lower (5 percent lower comparable) at
$26,134 million. Revenues were subdued in all business areas.
Motion's revenues were 2 percent lower (2 percent comparable) and
Electrification's 6 percent lower (3 percent comparable).
Industrial Automation revenues declined 8 percent (7 percent
comparable), while Robotics & Discrete Automation revenues fell
12 percent (13 percent comparable). Revenues declined across all
regions, led by the Americas. Service revenues were 9 percent lower
(9 percent comparable), representing 19 percent of group revenues,
with mobility constraints introduced to contain the advance of
COVID-19 precluding works.
Income from operations and operational EBITA
Income from operations was $1,593 million, declining 18 percent
year-on-year. The result for the year includes restructuring and
restructuring related expenses of $410 million, an approximately
$300 million goodwill impairment, as well as approximately $200
million of charges due to changes in obligations related to
divested businesses.
Operational EBITA(1) of $2,899 million was 7 percent below the
prior year period. The operating margin of 11.1 percent was stable,
supported by execution of efficiency measures, particularly in
Electrification, and cost reductions across all business areas.
Corporate and Other operational EBITA improved by $243 million.
Net income and basic earnings per share
Group net income attributable to ABB was $5,146 million. Net
income benefited from net income from discontinued operations of
$4.9 billion, mainly reflecting the book gain from the sale of
Power Grids.
The group recorded net financial expenses(1) of $351 million, of
which $162 million in costs were incurred from the early repayment
of bonds. In addition, non-operational pension costs were $401
million, driven by various pension plan transfers. Further details
on these items follows below. Income tax expense was $496 million,
equivalent to a 59 percent tax rate. Certain non-deductible pension
costs, bond repayment costs and goodwill impairments increased the
tax rate by 33 percent.
Basic EPS of $2.44 was up 261 percent on a year-on-year basis.
Operational EPS of $0.981 was 21 percent(2) lower compared to the
prior year period.
Cash flow from operating activities
Cash flow from operating activities in continuing operations was
$1,875 million in 2020, compared to $1,899 million in 2019. The
2020 result includes a total of approximately $1 billion outflows
incurred from ABB's transformation efforts, namely the carve-out of
the Power Grids business and the implementation of the ABB-OS
simplification program and other restructuring programs, plus costs
to transfer certain pension plans as well as outflows to settle
with Eskom in South Africa. If these impacts are excluded in both
periods, the year-on-year cash flow development would have been
stronger by close to $550 million. Cash flow developments also
reflect lower business activities over the year, while net working
capital movements developed favorably.
Cash flow from discontinued operations, with the Power Grids
business divested on July 1, 2020, was a negative -$182 million,
compared to an inflow of $426 million in 2019. The group's total
cash flow from operating activities, covering continuing and
discontinued operations, was $1,693 million.
Strategic highlights
Implemented ABB Way
During 2020, management reached key milestones to focus and
simplify ABB that were established in the fourth quarter of 2018.
The Power Grids business was divested, as planned, on July 1, 2020,
crystallizing value for shareholders and strengthening the group's
focus on industrial customers. A decentralized operating model,
with divisions as the highest operating level at ABB, was
introduced at the start of Q3 2020, alongside a robust scorecard
and performance management process. The company's intention to
divest three high quality divisions at full value is progressing
according to plan.
Management was pleased to achieve the group's targeted $500
million net savings per annum through the ABB-OS simplification
program during the fourth quarter of 2020, one-year ahead of
schedule.
Capital structure optimization program largely concluded
ABB has largely concluded its capital structure optimization
program, conducted in order to strengthen ABB's financial
flexibility and support the de-risking of its balance sheet for the
long-term.
The company reduced its gross debt obligations by $2.9 billion
during 2020 through both scheduled and early repayment of bonds and
by reducing outstanding credit facilities. The early repayment of
bonds is reflected in incremental finance expenses of approximately
$160 million in the fourth quarter income statement.
During the second half of 2020, ABB also transferred certain
pension plan obligations to third party insurers, who have assumed
the obligation to pay all pensions and benefits due to those plan
members. In total, these transactions cover an estimated $2.5
billion of pension obligations that were underfunded by an
estimated $770 million. The deals have been enabled by about $360
million of cash contributions, as well as the transfer of
approximately $1.8 billion of existing pension plan assets. As a
consequence, ABB recorded non-operational pension charges of $379
million and $141 million in its income statement in the third and
fourth quarter periods, respectively.
As previously announced, ABB intends to return to shareholders
cash proceeds of $7.6 -- 7.8 billion from the divestment of its
Power Grids business. A buyback program of 10 percent(7) of the
company's share capital commenced July 23, 2020, and will continue
to run until the company's Annual General Meeting (AGM) on March
25, 2021. At the AGM, ABB intends to request shareholder approval
to cancel the shares purchased through this program and to announce
next steps. ABB currently owns 140'953'809 treasury shares
including shares repurchased through the buyback program.
Subsequent to year end, ABB issued a zero percent EUR 800
million bond, with a 9 year duration, for general corporate
purposes.
Dividend
ABB's board has proposed an ordinary dividend of 0.80 Swiss
francs per share for 2020, subject to shareholder approval at the
upcoming AGM. The proposal is in line with ABB's dividend policy to
pay a rising, sustainable dividend per share over time. Further
information will be available on ABB's website.
Short-term outlook
Market uncertainty due to COVID-19 increased through the fourth
quarter. The outlook remains muted for segments such as oil and
gas, conventional power generation and marine, while raw materials
costs are rising. That said, there are signs of positive
development in general industry and machine builders' segments,
while end-markets including buildings, distribution utilities, data
centers, consumer electronics and food and beverage are expected to
grow robustly.
Against this backdrop, and a tough comparison base for the first
quarter of 2021, ABB envisages a return to positive year-on-year
comparable order developments during the second quarter period.
Comparable revenue growth is expected to prove resilient in the
first quarter, supported by backlog conversion, although Industrial
Automation (henceforth, Process Automation) is likely to be more
challenged. The operational EBITA margin for the group is expected
to clearly improve year-on-year, supported by improvements in most
business areas, and to remain largely stable on a sequential
basis.
Management's base case is for a gradual improvement in market
conditions as 2021 progresses. That said, forward visibility
remains limited, particularly regarding the service market recovery
in Process Automation. Given the above, ABB expects comparable
revenue growth to be broadly in line with its long-term target
range and expects clear margin accretion for the full year 2021
compared to full year 2020. ABB also expects strong EPS
accretion(8) and solid cash delivery for the year.
ABB's financial targets, as established at the November 2020
Capital Markets Day, remain unchanged.
More information
The Q4 2020 results press release and presentation slides are
available on the ABB News Center at www.abb.com/news and on the
Investor Relations homepage at www.abb.com/investorrelations. A
conference call and webcast for analysts and investors is scheduled
to begin today at 10:00 a.m. CET (9:00 a.m. GMT). To pre-register
for the conference call or to join the webcast, please refer to the
ABB website: www.abb.com/investorrelations. The recorded session
will be available after the event on ABB's website.
ABB (ABBN: SIX Swiss Ex) is a leading global technology company
that energizes the transformation of society and industry to
achieve a more productive, sustainable future. By connecting
software to its electrification, robotics, automation and motion
portfolio, ABB pushes the boundaries of technology to drive
performance to new levels. With a history of excellence stretching
back more than 130 years, ABB's success is driven by about 105,000
talented employees in over 100 countries.
INVESTOR CALAR
Annual General Meeting (virtual) March 25, 2021
Q1 results April 27, 2021
Q2 results July 22, 2021
Q3 results October 21, 2021
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, including those in the sections of this release
titled "Short-term outlook". These statements are based on current
expectations, estimates and projections about the factors that may
affect our future performance, including global economic
conditions, the economic conditions of the regions and industries
that are major markets for ABB. These expectations, estimates and
projections are generally identifiable by statements containing
words such as "expects," "estimates," "plans", "targets" 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, 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 Ltd's 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.
Zurich, February 4, 2021
Björn Rosengren, CEO
_________________________
(1) For a reconciliation of non-GAAP measures, see "supplemental
reconciliations and definitions" in the attached Q4 2020 Financial
Information.
(2) EPS growth rates are computed using unrounded amounts. Comparable
operational earnings per share is in constant currency (2019 exchange rates
not adjusted for changes in the business portfolio)
(3) Constant currency (not adjusted for portfolio changes).
(4) Amount represents total for both continuing and discontinued operations.
(5) Large orders, defined as orders >$15 million
(6) The settlement does not cover regulatory proceedings outside South Africa,
which are currently not estimable.
(7) Maximum 10 percent of the company's issued share capital, including
treasury shares.
(8) Excluding book gain from the sale of Power Grids.
View source version on businesswire.com:
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CONTACT: ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland
Media Relations
Phone: +41 43 317 71 11
E-mail: media.relations@ch.abb.com
or
Investor Relations
Phone: +41 43 317 71 11
E-mail: investor.relations@ch.abb.com
SOURCE: ABB
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