| Transition delivers streamlined and strengthened portfolio and operations
ZURICH-Thursday, February 8th 2018 [ AETOS Wire ]
(BUSINESS WIRE) -- ABB (SWX:ABBN):
This press release features multimedia. View the full release here:http://www.businesswire.com/news/home/20180207006428/en/
FULL YEAR 2017 HIGHLIGHTS
Base orders up 5%1, higher in all divisions and regions; total orders steady
Revenues +1%
ABB AbilityTM drives growth across all divisions
Streamlined and strengthened portfolio:
B&R, Keymile acquisitions completed; GE Industrial Solutions acquisition signed
High-voltage cables divested, two joint ventures signed for EPC activities
Business model change in Power Grids, Robotics and Motion and Industrial Automation under way
Operational EBITA margin2 12.1%, impacted 30 bps due to charges related to the EPC businesses
Net income up 17% to $2,213 million
Cash flow from operating activities steady; net working capital as a percentage of revenues reduced to 11.3%
9th consecutive dividend increase to CHF0.78 per share proposed
FOURTH QUARTER HIGHLIGHTS
Base orders up 9%; higher in all divisions and regions; service orders up 7%
Revenues -1%
Operational EBITA margin 10.9% impacted 150 bps due to charges related to the EPC businesses
Power Grids profitability within 2018 target margin corridor ahead of plan, on a pro-forma basis
Cash flow from operating activities up 31 percent
“In the transition year 2017, we shaped a streamlined and strengthened ABB. Now, our digital-first portfolio for customers in utilities, industry and transport and infrastructure is based on two clear value propositions: bringing electricity from any power plant to any plug, and automating industries from natural resources to finished products,” said ABB CEO Ulrich Spiesshofer. “The annual results include the dampening effect of our massive transformation. With our targeted actions to shift our center of gravity, we have improved competitiveness, addressed higher-growth segments and de-risked ABB. We delivered four consecutive quarters of increasing base-order growth. The momentum we have built in 2017 positions us for profitable growth as the global markets are improving. Today’s proposal to increase the dividend for the 9th consecutive year demonstrates our confidence in the future.”
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