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 |
- 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.
- 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 |
|