Parent Companies' Financial Results - ABB AG (Switzerland)

Since the 1996 Annual General Meeting BBC Brown Boveri AG has changed its name to ABB AG. ABB AG's main asset is its 50-percent ownership interest in ABB Asea Brown Boveri Ltd, Zurich, Switzerland (ABB). ABB is reported as an associated company. For a full report

Consolidated earnings and equity

ABB's companies throughout the world report their income and financial position in local currencies which are then translated to US$ to establish the ABB Group's consolidated accounts. In order to compute ABB AG and associated company's earnings and stockholders' equity, ABB AG's 50-percent share of the ABB Group's earnings is translated from US$ to SFr.

ABB AG's share of ABB Group's earnings before taxes and after minority for the first half of 1996 is US$ 464 million (US$ 391 million for the corresponding period 1995). The US dollar has slightly firmed from 1995 to 1996 which affected the results positively when translating them into SFr.. In SFr., ABB AG's share in ABB's earnings increased by 20 percent, from SFr. 469 million to SFr. 561 million.

ABB AG's own contribution before taxes from cash management activities amounted to SFr. 6 million. This is clearly below the SFr. 26 million of the first six months of 1995 which were boosted by very favorable financial markets. Net income increased by 15 percent compared with the same period in 1995.

ABB AG Income Statement (consolidated)

(Swiss francs in millions) 1-6/96 1-6/95 1995
Share in ABB Group earnings
(before taxes and after minority)
561 469 1,208
Administrative costs, ABB AG -5 -3 -6
Interest Income, ABB AG 17 35 67
Interest Expense, ABB AG -6 -6 -11
Income before taxes 567 495 1,258
Taxes paid -135 -111 -265
Deferred taxes -92 -88 -171
Net income 340 296 822

Earnings per ABB AG Share, SFr 37.30 33.60 90.20
Currency rate: 1.00 US$ = SFr 1.21 1.20 1.18


ABB AB Balance Sheet (consolidated)

Assets
(Swiss Francs in millions)
30-06-96 30-06-95 31-12-95
Cash and marketable securities 866 785 876
Other current assets 25 22 24
Shareholding in ABB Asea Brown Boveri Ltd. 3,283 2,294 3,015
Other fixed assets 155 160 159
Total Assets 4,329 3,261 4,074
Liabilities and stockholders' equity
Short-, medium- and long-term loans 448 448 448
Other liabilities 19 16 23
Stockholders' equity 3,862 2,797 3,603
Total liabilities and stockholders' equity 4,329 3,261 4,074
Equity per ABB AG share, Skr 423.70 306.90 395.30
Currency rate: 1.00US$ = SFr 1.25 1.15 1.15

ABB AG, the parent company

Income before taxes amounted to SFr. 264 million (SFr. 209 million in 1995). In addition to ABB AG's own contribution, the figures mainly include the dividend received from ABB Asea Brown Boveri Ltd in 1996.


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    Contact us

    Page information:
    • Mr. John Fox
      ABB Corporate Communications, Zurich
      Tel. +41 1 317 7371
      Fax. +41 1 317 7958
    • Ms. Ann-Sophie Joensson
      ABB Investor Relations, Zurich
      Tel. +41 1 317 7338
      Fax. +41 1 311 9817
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