Printer Friendly

ABB REPORT FOR THE FIRST NINE MONTHS OF 1991

 ABB REPORT FOR THE FIRST NINE MONTHS OF 1991
 ZURICH, Switzerland, Nov. 20 /PRNewswire/ -- The ABB Asea Brown


Boveri Group reported today that orders received for the first nine months of 1991 amounted to $20.8 billion, a decrease of 2 percent from last year (nine months 1990: $21.3 billion). The power distribution and transportation business segments reported increases in orders received compared to the corresponding period in the previous year, whereas environmental control showed

a decrease. Order intake for power plants, power transmission, industry and various activities was roughly in line with last year.
 Large orders received in the third quarter included two nuclear reactors in Korea (order value exceeding $200 millon), and two flue gas desulfurization systems in the United States (order value $166 million).
 Revenues for the first nine months of 1991 totaled $20.3 billion or 8 percent above revenues for the same period in 1990 (nine months 1990: $18.8 billion). The order backlog on Sept. 30, 1991, was $25.7 billion.
 ABB Group operating earnings after depreciation for the first nine months 1991 totaled $1.3 billion, an increase of 8 percent over last year (nine months 1990: $1.2 billion). Increases in earnings were reported by the power plants, power transmission and industry business segments. R&D expenditures increased considerably during the first nine months 1991, particularly in power plants and industry. Earnings after financial items amounted to $754 million or 1 percent above last year (nine months 1990: $749 million). Income before taxes amounted to $761 (nine months 1990: $746 million).
 There are no signs that recovery has started in ABB's important home markets. Weak demand in North America and in the United Kingdom is expected to continue well into 1992. In Scandinavia, demand is expected to further deteriorate with no upturn before 1993. The German and some adjacent European markets have shown good growth during the first half of 1991 but are now weakening. Demand in some Asian markets is good. ABB's markets tend to be late in the business cycle and the group is now starting to feel the full impact of declining demand for investment goods and products for the construction industry. Furthermore, in the industrialized world, infrastructure projects, like power plants, tend to be delayed.
 So far improved performance from restructuring in some markets, like North America, has compensated for the reduction of earnings in some recession-struck markets, like Scandinavia. Earnings after financial items for the full year are expected to reach about last year's level.
 In response to the changes within the European Common Market from 1993 and onwards and to the integration of acquired plants in Eastern Europe, major restructuring moves will be made 1992-93. At the same time, ABB will continue to adjust capacity to demand. This will increase the group's competitiveness.
 ABB GROUP
 Consolidated Income Statement
 (US$ in millions)
 Nine Months Nine Months
 1991 1990 1990
 Revenues $20,310 $18,843 $ 26,688
 Material expenses (8,205) (7,700) (10,851)
 Personnel expenses (6,925) (6,383) (8,821)
 Other expenses (3,525) (3,316) (4,613)
 Change in work in progress
 and finished goods 249 330 137
 Depreciation of fixed assets (613) (576) (750)
 Operating earnings after
 depreciation 1,291 1,198 1,790
 Earnings from associated/
 divested companies 10 51 47
 Dividend income 10 12 11
 Interest income 677 681 1,006
 Interest on advances (292) (229) (351)
 Interest expense (957) (971) (1,375)
 Exchange and translation
 differences 15 7 2
 Earnings after financial items 754 749 1,130
 Nonrecurring income and expense 7 (3) (25)
 Income before taxes $ 761 $ 746 $ 1,105
 NOTE: Exchange rates used in the above income statement are the average for the respective period. The average exchange rates for the Swiss Franc and the Swedish Krona are stated below:
 Nine Months Nine Months
 1991 1990 1990
 1.00 US$ equals SFr. 1.42 1.42 1.39
 1.00 US$ equals SKr. 6.05 6.02 5.92
 -0- 11/20/91
 /CONTACT: Karen Armour of ABB, 203-328-2217, or home, 203-655-9461/ CO: ABB Asea Brown Boveri Group ST: Connecticut IN: SU: ERN GK -- NY008 -- 5254 11/20/91 08:53 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 20, 1991
Words:695
Previous Article:BILL TO REIMBURSE DIABETES PATIENT EDUCATION PROPOSED
Next Article:COPY-CARTRIDGE COLLECTION FOR RECYCLING EXPANDED AND MADE PERMANENT BY XEROX


Related Articles
ABB ASEA BROWN BOVERI GROUP REPORTS 1991 RESULTS
ABB'S U.S. RESULTS TURN AROUND IN 1991
ABB GROUP REPORT FOR THE FIRST THREE MONTHS OF 1992
ABB ASEA BROWN BOVERI GROUP REPORTS ORDER INTAKE UP 18 PERCENT -- SUMMARY OF THE SIX-MONTH REPORT 1992
ABB GROUP REPORTS NINE-MONTH RESULTS
ABB GROUP FORMS JOINT VENTURE IN CZECH REPUBLIC
ABB ASEA BROWN BOVERI GROUP REPORTS 1992 RESULTS
UNIQUE MOBILITY ANNOUNCES SECOND QUARTER RESULTS
ALSTOM Announces Orders and Sales for the First Nine Months Ended 31 December 1999.
American Superconductor sale rumor.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters