UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K/A

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of March 2017

 

Commission File Number 001-16429

 

ABB Ltd

(Translation of registrant’s name into English)

 

P.O. Box 1831, Affolternstrasse 44, CH-8050, Zurich, Switzerland

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ 

Form 40-F ⬜ 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ⬜ 

 

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

 

Indication by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ⬜ 

 

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes ⬜ 

No ☒ 

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

 

 

 

 


 

 

The information included in this Form 6-K/A is incorporated by reference into ABB Ltd's registration statement on Form F‑3 (File No. 333‑180922) and registration statements on Form S‑8 (File Nos. 333‑190180, 333‑181583, 333‑179472, 333‑171971 and 333‑129271) each of which was previously filed with the Securities and Exchange Commission.

 

 

EXPLANATORY NOTE

ABB Ltd. (the “Company”) is submitting this amended report on Form 6-K/A (this “Form 6-K/A”) to amend Item 2 of Form 6-K submitted to the Securities and Exchange Commission on February 8, 2017 (the “Form 6-K”), containing its Q4 2016 Financial Information. This information was incorporated by reference into ABB Ltd's registration statement on Form F-3 (File No. 333‑180922) and registration statements on Form S-8 (File Nos. 333-190180, 333‑181583, 333‑179472, 333‑171971 and 333‑129271) each of which was previously filed with the Securities and Exchange Commission.

Subsequent to the filing of the Form 6-K, the Company discovered a scheme to embezzle and misappropriate funds in its subsidiary in South Korea. The Company determined that approximately $75 million in cash previously reported at December 31, 2016, had been misappropriated and in addition there were unrecorded loans of $16 million and unreported factoring of accounts receivable amounting to $12 million. The Company reported this criminal loss to its third-party insurance company and has confirmed it has a relevant and effective insurance with a policy limit of $30 million and this coverage has been accrued.

As a result of the embezzlement, we are restating in this Form 6-K/A our interim consolidated financial information for the year and three months ended December 31, 2016. Note 1 to the interim consolidated financial information included in this Form 6-K/A reflects the changes to our interim consolidated financial information as a result of our restatement and provides additional information about the restatement.

 


 

  

 

1         Q4 2016 Financial Information 


 

 

Financial  Information

 

 

 

 

 

 

 

 

 

3    Key Figures

 

 

8    Interim  Consolidated  Financial  Information  (unaudited)

 

8         Interim  Consolidated  Income  Statements

9         Interim  Condensed  Consolidated  Statements  of Comprehensive  Income 

10       Interim  Consolidated  Balance  Sheets

11       Interim  Consolidated  Statements  of Cash  Flows 

12       Interim  Consolidated  Statements  of Changes  in  Stockholders’  Equity 

13       Notes  to  the  Interim  Consolidated  Financial  Information

 

 

 

34       Supplemental Reconciliations and Definitions

 

 

 

 

  

2         Q4 2016 Financial Information 


 

Financial Information

Key Figures

 

 

 

 

 

CHANGE

 

($ in millions, unless otherwise indicated)

Q4 2016

Q4 2015

US$

Comparable(1)

 

 

 

restated

 

restated

restated

 

Orders

8,277

8,262

0%

3%

 

Order backlog (end December)

22,981

24,121

-5%

-1%

 

Revenues

8,993

9,242

-3%

1%

 

Operational EBITA(1)

1,057

1,101

-4%

-2%(2)

 

 

as % of operational revenues(1)

11.7%

11.9%

-0.2 pts

 

 

Net income

425

204

108%

 

 

Basic earnings per share ($)

0.20

0.09

115%(3)

 

 

Operational earnings per share(1) ($)

0.33

0.35

-5%(3)

-3%(3)

 

Cash flow from operating activities

1,428

1,994

-28%

 



 

 

 

 

 

 

CHANGE

 

($ in millions, unless otherwise indicated)

FY 2016

FY 2015

US$

Comparable(1)

 

 

 

restated

 

restated

restated

 

Orders

33,379

36,429

-8%

-5%

 

Revenues

33,828

35,481

-5%

-1%

 

Operational EBITA(1)

4,191

4,209

0%

2%(2)

 

 

as % of operational revenues(1)

12.4%

11.9%

+0.5 pts

 

 

Net income

1,899

1,933

-2%

 

 

Basic earnings per share ($)

0.88

0.87

2%(3)

 

 

Operational earnings per share(1) ($)

1.29

1.26

3%(3)

4%(3)

 

Cash flow from operating activities

3,843

3,818

1%

 

 

(1)  For a reconciliation of non-GAAP measures see “Supplemental Reconciliations and Definitions” on page 34.

(2)  Constant currency (not adjusted for portfolio changes).

(3) Earnings per share growth rates are computed using unrounded amounts. Comparable Operational earnings per share growth is in constant currency (2014 foreign exchange rates and not adjusted for changes in the business portfolio).

3         Q4 2016 Financial Information 


 

 

 

Q4 2016

 

CHANGE - restated

 

($ in millions, unless otherwise indicated)

restated

Q4 2015

US$

Local

Comparable

 

Orders

ABB Group

8,277

8,262

0%

2%

3%

 

 

Electrification Products

2,157

2,340

-8%

-5%

-5%

 

 

Discrete Automation and Motion

2,013

1,984

1%

4%

4%

 

 

Process Automation

1,520

1,796

-15%

-14%

-14%

 

 

Power Grids

2,879

2,628

10%

12%

15%

 

 

Corporate and Other

 

 

 

 

 

 

(incl. inter-division eliminations)

(292)

(486)

 

Third-party base orders

ABB Group

6,860

7,122

-4%

-1%

-1%

 

 

Electrification Products

2,051

2,158

-5%

-2%

-2%

 

 

Discrete Automation and Motion

1,820

1,779

2%

5%

5%

 

 

Process Automation

1,285

1,309

-2%

0%

0%

 

 

Power Grids

1,692

1,864

-9%

-7%

-7%

 

 

Corporate and Other

12

12

 

 

 

 

Order backlog (end December)

ABB Group

22,981

24,121

-5%

-2%

-1%

 

 

Electrification Products

2,612

2,872

-9%

-5%

-5%

 

 

Discrete Automation and Motion

4,078

4,232

-4%

0%

0%

 

 

Process Automation

5,258

6,036

-13%

-10%

-10%

 

 

Power Grids

12,437

12,502

-1%

3%

4%

 

 

Corporate and Other

 

 

 

 

 

 

(incl. inter-division eliminations)

(1,404)

(1,521)

 

Revenues

ABB Group

8,993

9,242

-3%

0%

1%

 

 

Electrification Products

2,462

2,459

0%

3%

3%

 

 

Discrete Automation and Motion

2,211

2,288

-3%

-1%

-1%

 

 

Process Automation

1,737

1,926

-10%

-8%

-8%

 

 

Power Grids

3,042

3,107

-2%

1%

4%

 

 

Corporate and Other

 

 

 

 

 

 

(incl. inter-division eliminations)

(459)

(538)

 

Operational EBITA

ABB Group

1,057

1,101

-4%

-2%

 

 

 

Electrification Products

382

403

-5%

-4%

 

 

 

Discrete Automation and Motion

260

291

-11%

-8%

 

 

 

Process Automation

231

235

-2%

0%

 

 

 

Power Grids

318

293

9%

12%

 

 

 

Corporate and Other

 

 

 

 

 

 

(incl. inter-division eliminations)

(134)

(121)

 

Operational EBITA %

ABB Group

11.7%

11.9%

 

 

 

 

 

Electrification Products

15.5%

16.4%

 

 

 

 

 

Discrete Automation and Motion

11.7%

12.7%

 

 

 

 

 

Process Automation

13.4%

12.1%

 

 

 

 

 

Power Grids

10.4%

9.5%

 

 

 

 

Income from operations

ABB Group

678

347

 

 

 

 

 

Electrification Products

319

267

 

 

 

 

 

Discrete Automation and Motion

89

134

 

 

 

 

 

Process Automation

244

105

 

 

 

 

 

Power Grids

334

145

 

 

 

 

 

Corporate and Other

 

 

 

 

 

 

(incl. inter-division eliminations)

(308)

(304)

 

Income from operations %

ABB Group

7.5%

3.8%

 

 

 

 

 

Electrification Products

13.0%

10.9%

 

 

 

 

 

Discrete Automation and Motion

4.0%

5.9%

 

 

 

 

 

Process Automation

14.0%

5.5%

 

 

 

 

 

Power Grids

11.0%

4.7%

 

 

 

 

Cash flow from operating activities

ABB Group

1,428

1,994

 

 

 

 

 

Electrification Products

451

590

 

 

 

 

 

Discrete Automation and Motion

308

372

 

 

 

 

 

Process Automation

186

374

 

 

 

 

 

Power Grids

559

835

 

 

 

 

 

Corporate and Other

(76)

(177)

 

 

 

4         Q4 2016 Financial Information 


 

 

 

FY 2016

 

CHANGE - restated

 

($ in millions, unless otherwise indicated)

restated

FY 2015

US$

Local

Comparable

 

Orders

ABB Group

33,379

36,429

-8%

-5%

-5%

 

 

Electrification Products

9,158

9,833

-7%

-4%

-4%

 

 

Discrete Automation and Motion

8,654

9,222

-6%

-4%

-4%

 

 

Process Automation

5,866

7,347

-20%

-18%

-18%

 

 

Power Grids

11,232

12,205

-8%

-5%

-4%

 

 

Corporate and Other

 

 

 

 

 

 

(incl. inter-division eliminations)

(1,531)

(2,178)

 

 

 

 

Third-party base orders

ABB Group

28,887

30,302

-5%

-2%

-2%

 

 

Electrification Products

8,657

9,106

-5%

-2%

-2%

 

 

Discrete Automation and Motion

7,777

8,046

-3%

-1%

-1%

 

 

Process Automation

5,094

5,555

-8%

-6%

-6%

 

 

Power Grids

7,304

7,527

-3%

0%

0%

 

 

Corporate and Other

55

68

 

 

 

 

Order backlog (end December)

ABB Group

22,981

24,121

-5%

-2%

-1%

 

 

Electrification Products

2,612

2,872

-9%

-5%

-5%

 

 

Discrete Automation and Motion

4,078

4,232

-4%

0%

0%

 

 

Process Automation

5,258

6,036

-13%

-10%

-10%

 

 

Power Grids

12,437

12,502

-1%

3%

4%

 

 

Corporate and Other

 

 

 

 

 

 

(incl. inter-division eliminations)

(1,404)

(1,521)

 

Revenues

ABB Group

33,828

35,481

-5%

-2%

-1%

 

 

Electrification Products

9,292

9,547

-3%

1%

1%

 

 

Discrete Automation and Motion

8,714

9,127

-5%

-2%

-2%

 

 

Process Automation

6,598

7,224

-9%

-6%

-6%

 

 

Power Grids

10,975

11,621

-6%

-3%

1%

 

 

Corporate and Other

 

 

 

 

 

 

(incl. inter-division eliminations)

(1,751)

(2,038)

 

Operational EBITA

ABB Group

4,191

4,209

0%

2%

 

 

 

Electrification Products

1,528

1,561

-2%

0%

 

 

 

Discrete Automation and Motion

1,195

1,295

-8%

-6%

 

 

 

Process Automation

824

863

-5%

-2%

 

 

 

Power Grids

1,021

877

16%

19%

 

 

 

Corporate and Other

 

 

 

 

 

 

(incl. inter-division eliminations)

(377)

(387)

 

Operational EBITA %

ABB Group

12.4%

11.9%

 

 

 

 

 

Electrification Products

16.4%

16.4%

 

 

 

 

 

Discrete Automation and Motion

13.7%

14.2%

 

 

 

 

 

Process Automation

12.4%

11.9%

 

 

 

 

 

Power Grids

9.3%

7.6%

 

 

 

 

Income from operations

ABB Group

2,987

3,049

 

 

 

 

 

Electrification Products

1,335

1,356

 

 

 

 

 

Discrete Automation and Motion

831

991

 

 

 

 

 

Process Automation

696

685

 

 

 

 

 

Power Grids

888

613

 

 

 

 

 

Corporate and Other

 

 

 

 

 

 

(incl. inter-division eliminations)

(763)

(596)

 

 

 

 

Income from operations %

ABB Group

8.8%

8.6%

 

 

 

 

 

Electrification Products

14.4%

14.2%

 

 

 

 

 

Discrete Automation and Motion

9.5%

10.9%

 

 

 

 

 

Process Automation

10.5%

9.5%

 

 

 

 

 

Power Grids

8.1%

5.3%

 

 

 

 

Cash flow from operating activities

ABB Group

3,843

3,818

 

 

 

 

 

Electrification Products

1,221

1,364

 

 

 

 

 

Discrete Automation and Motion

1,002

1,206

 

 

 

 

 

Process Automation

728

690

 

 

 

 

 

Power Grids

1,120

970

 

 

 

 

 

Corporate and Other

(228)

(412)

 

 

 

5         Q4 2016 Financial Information 


 

Operational EBITA

 

  

 

 

ABB

Electrification

Discrete Automation

Process

Power

 

($ in millions, unless otherwise indicated)

restated

Products

and Motion

Automation

Grids

 

 

Q4 16

Q4 15

Q4 16

Q4 15

Q4 16

Q4 15

Q4 16

Q4 15

Q4 16

Q4 15

 

Revenues

8,993

9,242

2,462

2,459

2,211

2,288

1,737

1,926

3,042

3,107

 

FX/commodity timing

 

 

 

 

 

 

 

 

 

 

 

differences in total revenues

20

(4)

4

(4)

7

4

(11)

13

21

(16)

 

Operational revenues

9,013

9,238

2,466

2,455

2,218

2,292

1,726

1,939

3,063

3,091

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

678

347

319

267

89

134

244

105

334

145

 

Acquisition-related amortization

67

73

23

24

29

32

2

3

8

10

 

Restructuring and

 

 

 

 

 

 

 

 

 

 

 

restructuring-related expenses(1)

68

531

25

104

31

81

(21)

106

(5)

122

 

Non-operational pension cost

38

8

2

2

2

1

 

Changes in pre-acquisition estimates

92

12

92

12

 

Gains and losses from sale of businesses,

 

 

 

 

 

 

 

 

 

 

 

acquisition-related expenses and certain

 

 

 

 

 

 

 

 

 

 

 

non-operational items

127

76

7

4

14

26

9

(5)

(8)

1

 

FX/commodity timing

 

 

 

 

 

 

 

 

 

 

 

differences in income from operations

(13)

54

8

4

3

6

(5)

24

(12)

15

 

Operational EBITA

1,057

1,101

382

403

260

291

231

235

318

293

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational EBITA margin (%)

11.7%

11.9%

15.5%

16.4%

11.7%

12.7%

13.4%

12.1%

10.4%

9.5%



 

 

 

ABB

Electrification

Discrete Automation

Process

Power

 

($ in millions, unless otherwise indicated)

restated

Products

and Motion

Automation

Grids

 

 

FY 16

FY 15

FY 16

FY 15

FY 16

FY 15

FY 16

FY 15

FY 16

FY 15

 

Revenues

33,828

35,481

9,292

9,547

8,714

9,127

6,598

7,224

10,975

11,621

 

FX/commodity timing

 

 

 

 

 

 

 

 

 

 

 

differences in total revenues

81

(28)

4

(11)

5

4

21

13

51

(33)

 

Operational revenues

33,909

35,453

9,296

9,536

8,719

9,131

6,619

7,237

11,026

11,588

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

2,987

3,049

1,335

1,356

831

991

696

685

888

613

 

Acquisition-related amortization

279

310

95

100

120

128

11

12

35

52

 

Restructuring and

 

 

 

 

 

 

 

 

 

 

 

restructuring-related expenses(1)

543

674

73

124

88

125

79

130

101

160

 

Non-operational pension cost

38

19

3

(3)

2

3

2

6

(2)

3

 

Changes in pre-acquisition estimates

131

21

131

21

 

Gains and losses from sale of businesses,

 

 

 

 

 

 

 

 

 

 

 

acquisition-related expenses and certain

 

 

 

 

 

 

 

 

 

 

 

non-operational items

173

120

8

4

18

26

9

14

(2)

39

 

FX/commodity timing

 

 

 

 

 

 

 

 

 

 

 

differences in income from operations

40

16

14

(20)

5

1

27

16

1

10

 

Operational EBITA

4,191

4,209

1,528

1,561

1,195

1,295

824

863

1,021

877

 

 

 

 

 

 

 

 

 

 

 

 

 

Operational EBITA margin (%)

12.4%

11.9%

16.4%

16.4%

13.7%

14.2%

12.4%

11.9%

9.3%

7.6%

 

(1) Amounts also include the incremental implementation costs in relation to the White Collar Productivity program.



 

Depreciation and Amortization

 

  

 

 

 

Electrification

Discrete Automation

Process

Power

 

($ in millions)

ABB

Products

and Motion

Automation

Grids

 

 

Q4 16

Q4 15

Q4 16

Q4 15

Q4 16

Q4 15

Q4 16

Q4 15

Q4 16

Q4 15

 

Depreciation

191

192

49

51

38

39

13

15

50

51

 

Amortization

91

96

26

27

33

36

4

5

16

17

 

including total acquisition-related amortization of:

67

73

23

24

29

32

2

3

8

10



 

 

 

 

Electrification

Discrete Automation

Process

Power

 

($ in millions)

ABB

Products

and Motion

Automation

Grids

 

 

FY 16

FY 15

FY 16

FY 15

FY 16

FY 15

FY 16

FY 15

FY 16

FY 15

 

Depreciation

767

764

199

206

156

149

57

60

201

204

 

Amortization

368

396

106

110

136

146

17

19

65

76

 

including total acquisition-related amortization of:

279

310

95

100

120

128

11

12

35

52

 

6         Q4 2016 Financial Information 


 

Orders received and revenues by region

 

  

 

($ in millions, unless otherwise indicated)

Orders received

CHANGE

Revenues

CHANGE

 

 

 

 

 

 

Com-

 

 

 

 

Com-

 

Q4 16

Q4 15

US$

Local

parable

Q4 16

Q4 15

US$

Local

parable

 

Europe

2,529

2,888

-12%

-10%

-8%

3,016

3,028

0%

3%

6%

 

The Americas

2,487

2,491

0%

0%

0%

2,469

2,627

-6%

-6%

-6%

 

Asia, Middle East and Africa

3,261

2,883

13%

17%

17%

3,508

3,587

-2%

1%

2%

 

ABB Group

8,277

8,262

0%

2%

3%

8,993

9,242

-3%

0%

1%



 

 

($ in millions, unless otherwise indicated)

Orders received

CHANGE

Revenues

CHANGE

 

 

 

 

 

 

Com-

 

 

 

 

Com-

 

FY 16

FY 15

US$

Local

parable

FY 16

FY 15

US$

Local

parable

 

Europe

11,213

12,568

-11%

-9%

-8%

11,315

11,602

-2%

0%

4%

 

The Americas

9,351

10,505

-11%

-9%

-9%

9,741

10,554

-8%

-5%

-5%

 

Asia, Middle East and Africa

12,815

13,356

-4%

0%

0%

12,772

13,325

-4%

-1%

-1%

 

ABB Group

33,379

36,429

-8%

-5%

-5%

33,828

35,481

-5%

-2%

-1%

7         Q4 2016 Financial Information 


 

 

 

 

Financial Information

Interim Consolidated Financial Information

 

 

  

 

 

ABB Ltd Interim Consolidated Income Statements (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended

Three months ended

 

($ in millions, except per share data in $)

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

 

 

restated

 

restated

 

 

Sales of products

27,816

29,477

7,339

7,599

 

Sales of services and software

6,012

6,004

1,654

1,643

 

Total revenues

33,828

35,481

8,993

9,242

 

Cost of sales of products

(20,431)

(21,694)

(5,451)

(5,820)

 

Cost of services and software

(3,650)

(3,653)

(1,027)

(1,027)

 

Total cost of sales

(24,081)

(25,347)

(6,478)

(6,847)

 

Gross profit

9,747

10,134

2,515

2,395

 

Selling, general and administrative expenses

(5,349)

(5,574)

(1,394)

(1,580)

 

Non-order related research and development expenses

(1,300)

(1,406)

(349)

(408)

 

Other income (expense), net

(111)

(105)

(94)

(60)

 

Income from operations

2,987

3,049

678

347

 

Interest and dividend income

73

77

19

21

 

Interest and other finance expense

(261)

(286)

(31)

(63)

 

Income from continuing operations before taxes

2,799

2,840

666

305

 

Provision for taxes

(781)

(788)

(194)

(66)

 

Income from continuing operations, net of tax

2,018

2,052

472

239

 

Income from discontinued operations, net of tax

16

3

2

1

 

Net income

2,034

2,055

474

240

 

Net income attributable to noncontrolling interests

(135)

(122)

(49)

(36)

 

Net income attributable to ABB

1,899

1,933

425

204

 

 

 

 

 

 

 

Amounts attributable to ABB shareholders:

 

 

 

 

 

Income from continuing operations, net of tax

1,883

1,930

423

203

 

Net income

1,899

1,933

425

204

 

 

 

 

 

 

 

Basic earnings per share attributable to ABB shareholders:

 

 

 

 

 

Income from continuing operations, net of tax

0.88

0.87

0.20

0.09

 

Net income

0.88

0.87

0.20

0.09

 

 

 

 

 

 

 

Diluted earnings per share attributable to ABB shareholders:

 

 

 

 

 

Income from continuing operations, net of tax

0.87

0.87

0.20

0.09

 

Net income

0.88

0.87

0.20

0.09

 

 

 

 

 

 

 

Weighted-average number of shares outstanding (in millions) used to compute:

 

 

 

 

 

Basic earnings per share attributable to ABB shareholders

2,151

2,226

2,137

2,203

 

Diluted earnings per share attributable to ABB shareholders

2,154

2,230

2,141

2,206

 

 

 

 

 

 

 

See Notes to the Interim Consolidated Financial Information

 

 

 

 

8         Q4 2016 Financial Information 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABB Ltd Interim Condensed Consolidated Statements of Comprehensive

 

Income (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended

Three months ended

 

($ in millions)

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

 

 

restated

 

restated

 

 

Total comprehensive income (loss), net of tax

1,688

1,416

(79)

254

 

Total comprehensive income attributable to noncontrolling interests, net of tax

(118)

(100)

(31)

(27)

 

Total comprehensive income (loss) attributable to ABB shareholders, net of tax

1,570

1,316

(110)

227

 

 

 

 

 

 

 

See Notes to the Interim Consolidated Financial Information

 

 

 

 

9         Q4 2016 Financial Information 


 

 

 

 

 

ABB Ltd Interim Consolidated Balance Sheets (unaudited)

 

 

 

 

 

 

 

 

 

 

 

($ in millions, except share data)

Dec. 31, 2016

Dec. 31, 2015

 

 

restated

 

 

Cash and equivalents

3,644

4,565

 

Marketable securities and short-term investments

1,953

1,633

 

Receivables, net

9,696

10,061

 

Inventories, net

4,347

4,757

 

Prepaid expenses

176

225

 

Deferred taxes

888

881

 

Other current assets

688

638

 

Assets held for sale

548

 

Total current assets

21,940

22,760

 

 

 

 

 

Property, plant and equipment, net

4,743

5,276

 

Goodwill

9,501

9,671

 

Other intangible assets, net

1,996

2,337

 

Prepaid pension and other employee benefits

90

68

 

Investments in equity-accounted companies

170

178

 

Deferred taxes

527

423

 

Other non-current assets

532

643

 

Total assets

39,499

41,356

 

 

 

 

 

Accounts payable, trade

4,446

4,342

 

Billings in excess of sales

1,241

1,375

 

Short-term debt and current maturities of long-term debt

1,003

1,454

 

Advances from customers

1,398

1,598

 

Deferred taxes

258

249

 

Provisions for warranties

1,142

1,089

 

Other provisions

1,765

1,920

 

Other current liabilities

3,936

3,817

 

Liabilities held for sale

218

 

Total current liabilities

15,407

15,844

 

 

 

 

 

Long-term debt

5,800

5,985

 

Pension and other employee benefits

1,834

1,924

 

Deferred taxes

957

965

 

Other non-current liabilities

1,604

1,650

 

Total liabilities

25,602

26,368

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

Capital stock and additional paid-in capital

 

 

 

(2,214,743,264 and 2,314,743,264 issued shares at December 31, 2016 and 2015, respectively)

216

1,444

 

Retained earnings

19,925

20,476

 

Accumulated other comprehensive loss

(5,187)

(4,858)

 

Treasury stock, at cost

 

 

 

(76,036,429 and 123,118,123 shares at December 31, 2016 and 2015, respectively)

(1,559)

(2,581)

 

Total ABB stockholders’ equity

13,395

14,481

 

Noncontrolling interests

502

507

 

Total stockholders’ equity

13,897

14,988

 

Total liabilities and stockholders’ equity

39,499

41,356

 

 

 

 

 

See Notes to the Interim Consolidated Financial Information

 

 

10         Q4 2016 Financial Information 


 

 

 

 

 

 

 

ABB Ltd Interim Consolidated Statements of Cash Flows (unaudited)

 

 

 

 

 

 

 

 

Year ended

Three months ended

 

($ in millions)

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

 

 

restated

 

restated

 

 

Operating activities:

 

 

 

 

 

Net income

2,034

2,055

474

240

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

1,135

1,160

282

288

 

Deferred taxes

(147)

(219)

(39)

(193)

 

Net loss (gain) from derivatives and foreign exchange

10

15

(48)

53

 

Net loss (gain) from sale of property, plant and equipment

(38)

(26)

(5)

(5)

 

Net loss (gain) from sale of businesses

10

20

1

 

Share-based payment arrangements

54

61

17

18

 

Other

112

94

49

7

 

Changes in operating assets and liabilities:

 

 

 

 

 

Trade receivables, net

10

162

78

363

 

Inventories, net

115

105

376

509

 

Trade payables

340

(112)

187

16

 

Accrued liabilities

80

(24)

66

(2)

 

Billings in excess of sales

(25)

35

(29)

(55)

 

Provisions, net

14

330

19

487

 

Advances from customers

(163)

106

(143)

112

 

Income taxes payable and receivable

125

(32)

2

41

 

Other assets and liabilities, net

177

88

142

114

 

Net cash provided by operating activities

3,843

3,818

1,428

1,994

 

 

 

 

 

 

 

Investing activities: