ZURICH--( / ) October 23, 2020 -- “Third quarter revenues in all business areas were still dampened due to the impact of COVID-19, although a strong recovery in China and ongoing cost mitigation efforts supported a strong underlying performance. On the upside, the integration of GEIS and turnaround of Installation Products in Electrification is starting to bear fruit and Motion is performing robustly. Robotics and Industrial Automation, on the other hand, are taking more time to recover,” said Bjorn Rosengren, CEO of ABB. “We are pushing ahead with the decentralization of the group and the ongoing review of our portfolio, while carrying out our share buyback program as planned. We look forward to presenting further details on our strategic progress at our Capital Markets Day on November 19.”
(To view the table, please visit )
Q3 2020 Group results
Trading conditions during the third quarter remained challenging, influenced by the ongoing COVID-19 pandemic. Demand decreased year-on-year in all regions despite a strong rebound in China, which drove improved order development, particularly in Robotics. Short-cycle product businesses developed positively, but this was outweighed by lower large orders and the ongoing pull-back of service activities. Operating margins for the group were weighed by non-core charges and a loss in Industrial Automation in relation to the Kusile project in South Africa. Excluding these effects, margins showed good underlying resilience, reflecting sustained cost mitigation in all business areas, and strong progress in Electrification with the integration of GEIS and turnaround of Installation Products. Motion maintained its track record of solid performance.
Orders were 9 percent lower (8 percent comparable) in the quarter compared to the prior year period. Foreign exchange translation effects had a neutral impact and portfolio changes a net negative impact of 1 percent. The order backlog was $13,878 million at the end of the quarter.
- Orders from Europe were 9 percent lower (10 percent comparable) with mixed results at the country level. Sweden, Norway and the Netherlands showed solid growth, while orders declined in most other countries including Switzerland, the UK, Italy and Spain, when compared to the prior year period. In Germany, orders were 11 percent lower (14 percent comparable).
- Orders from the Americas were 14 percent lower (11 percent comparable), with most countries reporting lower order levels. In the US, orders declined by 13 percent (12 percent comparable).
- In Asia, Middle East and Africa (AMEA), orders were 1 percent lower (2 percent comparable). Orders were materially lower in India, Japan and Singapore, while order developments in South Korea were robust. China’s growth was strong, with orders up 7 percent (8 percent comparable).
- In discrete industries, orders were mixed. While the group benefited particularly from select order wins in the automotive and 3C sectors, demand from machine builders was weak. Some end-markets, such as food & beverage and logistics, grew strongly.
- Process and energy industry activities were materially lower in the quarter. Service activities were still constrained by travel restrictions, as well as customers delaying service spend. Capital expenditure projects continue to be deferred as most customers adjust to the weaker demand outlook.
- In transport & infrastructure, investments in rail, e-mobility, wind and data centers were healthy. Furthermore, orders were resilient in electrical distribution utilities. Marine activities declined steeply.
- Buildings were mixed, depending on geography.
Revenues were 4 percent lower (4 percent comparable) year-on-year reflecting weakness across all four business areas. Foreign exchange translation effects had a net positive impact of 1 percent and portfolio changes a net negative impact of 1 percent. The book-to-bill ratio for the quarter was 0.93x, compared to 0.97x in the prior year period.
Income from operations and operational EBITA
Income from operations was $71 million. The result for the quarter includes approximately $311 million goodwill impairment and $203 million of charges due to changes in obligations related to divested businesses.
In addition, the result reflects regular non-operational items including amounts related to timing differences on commodities and foreign exchange and expenses related to restructuring and integration efforts.
Operational EBITA was 2 percent lower (5 percent in local currencies), at $787 million. The operational EBITA margin of 12.0 percent expanded 30 basis points year-on-year. Margins were higher in Electrification, while all other businesses reported lower margins on a year-on-year basis, mainly reflecting lower volumes. Corporate and Other improved by $24 million compared to a year ago, due to the removal of stranded costs and lower ongoing corporate costs, partially offset by higher charges for non-core business activities.
The 12.0 percent operational EBITA margin includes a negative 80 basis points impact from the proposed settlement in South Africa with Eskom in relation to the Kusile project which resulted in a further project revaluation and, in addition, a negative 130 basis points impact from the aforementioned charges for non-core business activities.
Net income and basic earnings per share
Group net income attributable to ABB was $4,530 million. Net income benefited from the net income from discontinued operations of $5.0 billion, which included a $5.3 billion pre-tax book gain on the sale of Power Grids and income tax expenses related to the divestment. ABB also recorded non-operational pension costs of $343 million. Further details on this item follow below. Income tax expense was $164 million in continuing operations.
Basic EPS of $2.14 was up 785 percent on a year-on-year basis. Operational EPS of $0.21, down 36 percent compared to the prior year period.
Cash flow from operating activities
Cash flow from operating activities was $408 million including a $273 million negative impact from a cash outflow to facilitate the transfer of certain pension schemes, compared to $670 million in the third quarter of 2019. Cash flow benefited from favorable timing of tax payments and net working capital movements, which offset the effects of a reduction in business activities. As a percent of revenues, net working capital was 12.5 percent at quarter end.
Q3 2020 business area results
All commentary by business area relates to third quarter results on a year-on-year basis.
(To view the table, please visit )
-Short-cycle activities showed good resilience overall with healthy momentum in distribution utilities, data centers, food and beverage, wind, rail and e-mobility, offset by fewer large orders and weaker long-cycle demand. Buildings were mixed, depending on geography, and oil and gas activities declined materially. Demand from the Americas and AMEA showed continued COVID-19 impacts, offsetting the strong recovery in China.
-Resilient short-cycle business revenues were dampened by a more challenged project business, mainly in the US.
-Margin accretion of 210 basis points reflects solid operational performance. The third quarter result includes benefits of approximately 100 basis points from items that may not repeat. Good cost mitigation and supportive pricing actions helped offset the impact of lower volumes. The exit of the solar inverter business and improved performance from Installation Products and GEIS also supported margins.
Industrial Automation (IA)
(To view the table, please visit )
-Industrial Automation results were impacted by the proposed settlement in South Africa with Eskom in relation to the Kusile project which resulted in a further project revaluation. This lowered both orders and revenues by 3 percent and operational EBITA margin by 400 basis points. A revaluation of the same project had a similar margin impact in the same period a year ago.
-Orders were otherwise materially impacted by the ongoing downturn in energy and marine, although the business area benefited from select large order wins and resilience in process industries, including Pulp & Paper. Orders were lower in all regions, with a severe drop in the Americas. Subsequent to the quarter, the business area secured a marine order in excess of $300 million.
-Revenue weakness reflects a substantial drop in book-and-bill activities, particularly mobility constrained services.
-Aside from the project impact in South Africa, margins improved sequentially as the business worked to fast-track cost savings, but remained impacted by lower volumes and unfavorable mix, with service activities still hampered by COVID-19 restrictions.
(To view the table, please visit )
-Moderate growth in short-cycle products and strong rail demand was outweighed by broad-based weakness in project and services activities from the continued downturn across sectors such as oil & gas. Orders were up in the Americas but declined in AMEA and Europe.
-Revenue development reflects resilience in short-cycle business, as well as good execution on the order backlog.
-Margins held up well versus a tough comparable, benefiting from mix and cost mitigation efforts.
Robotics & Discrete Automation (RA)
(To view the table, please visit )
-Orders were steady relative to an easier comparison period as a result of select robotics investments in the 3C and automotive sectors, mostly in China, while activity levels among machine builders was weak. Orders fell sharply in Europe and the Americas, mitigated by very strong growth in the AMEA region.
-Revenues declined on a year-on-year basis, but improved relative to the previous quarter, driven by catch-up in backlog execution in robotics for automotive and general industry, as COVID-19 restrictions lessened.
-Margins were materially lower relative to the prior year period but improved sequentially. Ongoing cost mitigation efforts continued to soften the impact of lower volumes and adverse mix.
Corporate and Other
(To view the table, please visit )
-Corporate and Other Operational EBITA improved to -$152 million compared to a year ago. This reflects the elimination of stranded costs related to Power Grids’ sale and lower ongoing corporate costs.
-The non-core business incurred $88 million of losses versus $23 million in the prior year period.
Corporate and Other orders and revenues primarily represent intersegment eliminations.
Capital structure optimization
ABB divested 80.1 percent of its Power Grids business to Hitachi on July 1, 2020, recording a book gain of $5.3 billion in the quarter within net income from discontinued operations. As previously announced, ABB intends to return to shareholders net cash proceeds from the divestment of $7.6-7.8 billion. A buyback program of 10 percent5 of the company’s share capital commenced July 23 on a second trading line on the SIX Swiss Exchange.
In addition to the ongoing share buyback program, ABB intends to purchase 30-35 million treasury shares during the next 12 months mainly for use in connection with its employee share plans. The purchases will be made at the market price on the ordinary trading line on the SIX Swiss Exchange. ABB currently owns 89,710,731 treasury shares including shares repurchased through the buyback program.
In July, ABB repaid the remaining balance of the €2 billion short-term revolving credit facility put in place to strengthen liquidity in the face of COVID-19, and in early October, the company repaid a €1 billion bond upon maturity. In addition, ABB repaid $2.8 billion of commercial paper during the third quarter. In total, ABB’s gross debt has been reduced by approximately $4 billion over the last six months.
During the third quarter, as part of an ongoing review of its pension structures, certain of the group’s pension plan obligations were transferred to third party insurers, who have assumed the obligation to pay all pensions and benefits due to those plan members.
The transactions, which cover an estimated $1.3 billion of pension obligations that were underfunded by an estimated $450 million, are being facilitated by $320 million of cash contributions of which $273 million was paid in the third quarter by ABB, as well as the transfer of approximately $850 million of existing pension plan assets. As a result, ABB recorded a non-operational pension charge of approximately $380 million in its income statement. The transfer strengthens ABB’s financial profile and supports de-risking of its balance sheet for the long term.
During the fourth quarter 2020, ABB intends to continue its capital structure optimization program including further reviews of its debt, credit and pension structures. ABB currently expects these actions to create non-operational costs and expenses of approximately $330 million. Cash flow from operating activities is expected to be negatively impacted by $90 million. Besides the share buyback program, the company anticipates the capital structure optimization transactions of this phase to be largely complete by the end of this year.
“ABB takes a responsible approach to financial management, and our capital structure optimization program continues to deliver clear benefits for our stakeholders. The divestment of Power Grids has significantly strengthened our balance sheet, allowing us to improve returns to shareholders while continuing to deleverage and invest in long-term growth,” said Timo Ihamuotila, CFO of ABB.
The global economy is expected to contract in 2020 after a rapid deterioration in outlook driven by the COVID-19 pandemic. Despite an earlier recovery in China being followed by other large parts of the global economy, there remains considerable uncertainty around the continued pace of recovery. Many countries continue to face ongoing or renewed COVID-19 related restrictions, which could slow recovery, with anticipated long-term economic consequences.
The impact of COVID-19 continues to weigh on the short-term outlook across many end-markets, particularly in oil and gas, conventional power generation, automotive, marine and buildings. Some end markets such as electrical distribution, transport, data centers, consumer electronics and food and beverage continue to show relative resilience.
Against this background, ABB expects fourth quarter order and revenue growth rates to remain challenged on a year-on-year basis and revenue growth rates to decline sequentially. Operating margins are expected to be higher year-on-year including fewer negative impacts from non-recurring items, while weakening on a sequential basis including seasonal impacts. The company anticipates resilient cash delivery for the full year.
Given the outlook and continued effectiveness of ABB’s overall mitigation efforts, remuneration reductions voluntarily taken by all members of the Board of Directors and Executive Committee, and by many senior employees since the onset of COVID-19, were concluded at the end of September.
COVID-19 aside, ABB continues to accelerate its transition to a fully decentralized operating model while conducting a review of the group’s portfolio. ABB remains on track for faster delivery of the approximately $500 million per annum net savings initiated through the ABB-OS simplification program, while shifting its focus to continuous improvement across its 18 divisions under the ABB Way. A new division-level scorecard system using standardized KPIs became operational in July, enabling a clear prioritization of improving profitability in underperforming divisions.
ABB’s Capital Markets Day on November 19 will provide more insight into the evolution of ABB’s portfolio and the company’s new way of working under the ABB Way, while providing a closer look at the strategies of its business areas and divisions.
The Q3 2020 results press release and presentation slides are available on the ABB News Center at and on the Investor Relations homepage at A conference call and webcast for analysts and investors is scheduled to begin today at 10:30 a.m. CEST (9:30 a.m. BST). To pre-register for the conference call or to join the webcast, please refer to the ABB website: The recorded session will be available after the event on ABB’s website.
ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 110,000 talented employees in over 100 countries.
Capital Markets Day: November 19, 2020
Q4 and Full Year 2020 results: February 4, 2021
Annual General Meeting: March 25, 2021
Q1 2021 results: April 27, 2021
Important notice about forward-looking information
This press release includes forward-looking information and statements as well as other statements concerning the outlook for our business, including those in the sections of this release titled “Capital structure optimization”, “Transformation progress” and “Short-term outlook”. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, the economic conditions of the regions and industries that are major markets for ABB. These expectations, estimates and projections are generally identifiable by statements containing words such as “anticipates”, “expects,” “believes,” “estimates,” “plans”, “targets” or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release and which could affect our ability to achieve any or all of our stated targets. The important factors that could cause such differences include, among others, business risks associated with the volatile global economic environment and political conditions, costs associated with compliance activities, market acceptance of new products and services, changes in governmental regulations and currency exchange rates and such other factors as may be discussed from time to time in ABB Ltd’s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 20-F. Although ABB Ltd believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved.
Zurich, October 23, 2020
Bjorn Rosengren, CEO
 For a reconciliation of non-GAAP measures, see “supplemental reconciliations and definitions” in the attached Q3 2020 Financial Information.
 EPS growth rates are computed using unrounded amounts. Comparable operational earnings per share is in constant currency (2019 exchange rates not adjusted for changes in the business portfolio).
 Constant currency (not adjusted for portfolio changes).
 Amount represents total for both continuing and discontinued operations.
 Maximum 10 percent of the company’s issued share capital, including treasury shares.
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SAN JOSE, CALIF.--( / 괴안동홀덤카페 강예빈막대과자 ) April 29, 2020 -- Velodyne Lidar, Inc. today announced a three-year agreement with EasyMile, a global leader in driverless technology and smart vehicle 인터넷방송갤러리 마이크로핫팬츠 solutions. EasyMile 더게임 SANVelodyne lidar 인터넷방송갤러리 핫팬츠엉덩이 sensors in production of its 괴안동홀덤카페 씨스타흰티 조선딸잡이 SANautonomous passenger shuttles that real SAN괴안동홀덤카페 가자장미여관으로 deployed on public 인터넷방송갤러리 씨스타비키니 and private roads in more than 30 countries around the world.
EasyMile will enhance its EZ10 shuttle fleet with Velodyne’s state-of-the-art sensors 야동홈피 EasyMilesafe and efficient navigation on roadways. Electric 괴안동홀덤카페 and driverless, the EZ10 shuttle was the one of the first autonomous shuttles launched in April 2015. It has a track 인터넷방송갤러리 보라가슴 record of over 200 deployments and more 괴안동홀덤카페 한선화다이어트전후 than 600,000 km driven in 추천야동 EasyMilemode and one of the most advanced technology currently available. The shuttle, 괴안동홀덤카페 베이글녀뜻 which has capacity for up to 15 passengers, includes a built-in automated electric ramp to support accessibility 인터넷방송사이트 EasyMileindividuals with disabilities.
“For 링크티비TV “Fornavigation in real time, the EZ10s use 인터넷방송갤러리 아이폰인터넷공유 our algorithm that fuses 인터넷방송갤러리 다예뻐뮤비 괴안동홀덤카페 다예뻐뮤비 data from 링크티비TV “Forvariety of perception sensors, including lidar and camera, and localization sensors, including GPS, INS and odometry. Velodyne 베이드라마 “Foralong with 인터넷방송갤러리 radar scan for objects, vehicles, animals and people that might pose a collision threat, feeding that information to the vehicle’s control software,” explained Olivier Pairot, EasyMile’s 괴안동홀덤카페 Director of Product Marketing. “By utilizing 괴안동홀덤카페 귀요미사진 Velodyne sensors, we are able to best gather information on every part of our environment, both close to the vehicle and at longer ranges.”
“Velodyne’s high performance lidar technology is a key FETISH “Velodyne’sin enabling our autonomous vehicles to 괴안동홀덤카페 윈도우7공유해제 deliver smart mobility in urban, suburban and private 오늘밤 “Velodyne’ssaid Benoit Perrin, Managing Director and 인터넷방송갤러리 COO, EasyMile. 인터넷방송갤러리 세계최고수준월드카지노 “Velodyne’ssolutions have the reliability, quality and production scale we are looking 인터넷방송갤러리 공유폴더설정 for to continue to grow our fleet worldwide.”
“The 인터넷방송갤러리 폴더공유방법 EasyMile EZ10 provides a shared, inclusive driverless shuttle solution that 인터넷방송갤러리 improves public transport by connecting hubs and in many cases, delivers a transport service where there otherwise 괴안동홀덤카페 세상에서가장멋진사진 wasn’t one available,” 괴안동홀덤카페 재밌는 said 인터넷방송갤러리 컴퓨터공유하는방법 Erich Smidt, Executive Director Europe, Velodyne Lidar. “These shuttles show how 괴안동홀덤카페 Velodyne lidar sensors provide real-time perception 모모노기카나 “Thethat enables 유유조아 “Theand reliable operation for autonomous vehicles across business parks, public transport connections, university campuses and more.”
Velodyne’s 괴안동홀덤카페 윈도우7프린트공유 sensors are optimized for 유유조아 Velodyne’s괴안동홀덤카페 자연풍경사진 indoor and outdoor 인터넷방송갤러리 윈도우7네트워크공유 performance, 유유조아 Velodyne’sin a variety of light conditions. By combining 인터넷방송갤러리 미니사전 high-resolution 3D 성인툰 Velodyne’swith a broad vertical field of view, they can accurately detect 인터넷방송갤러리 xp네트워크공유 a variety of objects.
Velodyne provides smart, powerful lidar solutions for autonomy and driver assistance. 미소알바 Velodynein San Jose, Calif., Velodyne is known worldwide for its portfolio of breakthrough lidar 란제리 Velodynetechnologies. Velodyne’s founder, David Hall, invented real-time surround view lidar 괴안동홀덤카페 systems in 2005 as part of Velodyne Acoustics. Mr. Hall’s invention revolutionized perception and 인터넷방송갤러리 기가공유추천인 autonomy for automotive, new mobility, mapping, robotics, and 인터넷방송갤러리 security. 괴안동홀덤카페 페북사진공유 Velodyne’s high-performance product line includes a broad range of sensing solutions, including the cost-effective Puck™, the versatile Ultra Puck™, the autonomy-advancing Alpha Prime™, the ADAS-optimized Velarray™, and the groundbreaking software for driver assistance, Vella™.
EasyMile is a global leader in driverless technology and smart vehicle solutions. The fast-growing company develops software to automate transportation platforms without the need for dedicated infrastructure. EasyMile’s 파워펌프 EasyMiletechnology is revolutionizing passenger and goods transportation, offering new mobility options. EasyMile has already deployed close 괴안동홀덤카페 예쁜이미지사진 to 250 driverless projects in more than 30 countries and transported 인터넷방송갤러리 디지털인화 people over 캣체위판매사이트 EasyMilekm. Clients include the world’s largest transport operators, city authorities, airports, corporations, business parks, and universities. Founded in 2014, EasyMile has a global presence with headquarters in Toulouse (France) and regional offices in Denver (USA), Berlin (Germany), Adelaide (Australia) and Singapore. The Company employs over 200 highly skilled 괴안동홀덤카페 신소율 and passionate employees specializing in robotics, computer vision and vehicle dynamics. Besides the two founders, CEO Gilbert Gagnaire and Board Member Philippe Ligier, EasyMile benefits from the backing of minority shareholders and 괴안동홀덤카페 산다라박노출 strategic partners, Alstom, Continental 인터넷방송갤러리 꼴리는다리 and Bpifrance.
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