First Half 1996 Consolidated Income Statement

ABB Asea Brown Boveri Group

Consolidated Income Statement (1)

(US$ in millions)

1-6/96 1-6/95 1995
Revenues 15,993 15,330 33,738
Material expenses -7,348 -6,522 -14,604
Personnel expenses -5,143 -5,048 -10,246
Other expenses -2,567 -2,415 -5,410
Changes in work in progress and finished goods 1,003 528 572
Depreciation of fixed assets -513 -500 -1,021
Unusual items (2) 10 13 246
Operating Earnings after Depreciation 1,435 1,386 3,275

Earnings from equity accounted companies 4 4 12
Dividend income 8 8 14
Interest income 186 271 509
Interest on advances -385 -470 -987
Interest expense -307 -389 -694
Exchange differences -1 -6 -19
Income before Taxes 940 804 2,110

Taxes -378 -337 -749
Net Income before Minority Interest 562 467 1,361

Minority Interest -6 -13 -46
Net Income 556 454 1,315

  1. The ABB Daimler-Benz Transportation Group was formed as of December 31, 1995, and started its operations in 1996. This Group is included on a proportionate basis (50% of each position) in ABB's income statement for 1996.
  2. All items related to:
    • capital gains/losses on sales of participations, land and buildings
    • discontinued operations
    • one-time effects of changes in accounting principles
are recorded under "Unusual items" and included in operating earnings after depreciation.

Note: Exchange rates used in the above income statement are average for the periods shown. The average exchange rates for the Swiss Franc, Swedish Krona and the Deutschmark are stated below:

1-6/96 1-6/95 1995
USD 1.00 = SFr.: 1.21 1.20 1.18
USD 1.00 = SKr.: 6.75 7.36 7.11
USD 1.00 = DM: 1.49 1.44 1.43
USD 1.00 = ECU: 0.80 0.77 0.77

Through the first six months, changes in exchange rates did not have any significant impact on reported results.

ABB Group Revenues per Region *

(US$ in millions) 1-6/96 % of total 1-6/95 % of total
Europe 9,009 56 8,897 58
The Americas 3,003 19 2,859 19
Asia / Australasia / Africa 3,981 25 3,574 23
TOTAL 15,993 100 15,330 100
*) Total third-party revenues in each region, excluding exports, which are accounted for in the revenue figures of the importing region.
Orders Received Revenues
1-6/96 1-6/95 1-6/96 1-6/95
Power Generation 5,175 4,255 4,671 4,337
Power Transmission and Distribution 4,393 4,220 4,169 3,742
Industrial and Building Systems 8,671 8,589 7,444 6,858
Financial Services 223 201 223 202
Various Activities/Corporate 1,746 1,667 1,588 1,505
Adtranz-Transportation / Corporate 1,048 2,072 843 1,441
Group Total 21,256 21,004 18,938 18,085
Intra-Group transactions -3,251 -3,034 -2,945 -2,755
Net Total 18,005 17,970 15,993 15,330


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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, Zürich
      Tel. +41 1 317 7338
      Fax. +41 1 311 9817
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