TIDMANN
RNS Number : 1436W
ABB Ltd
23 July 2009
Revenues stable as markets continue to challenge, cost take-out supports margins
* Revenues of $7.9 billion on continued successful execution of the order backlog
* $1 billion EBIT after ca. $120 million restructuring-related costs - EBIT margin
at 13.2%
* Orders down 27% in local currencies vs record Q2 in 2008 - base orders 25% lower
* Cash from operations above $1 billion, net income at $675 million
Zurich, Switzerland, July 23, 2009 - ABB reported second-quarter revenues of
$7.9 billion - a
2-percent decline in local currencies - and earnings before
interest and taxes (EBIT) of $1 billion, despite higher restructuring-related
costs to adapt to the challenging economic environment.
Orders decreased to $7.3 billion compared to the same record quarter in 2008,
primarily the result of sharply lower demand in industrial markets. The EBIT
margin decreased to 13.2 percent from 16.1 percent a year ago. The decrease was
mainly the result of lower volumes in short-cycle businesses and
restructuring-related costs of approximately $120 million.
Net income amounted to $675 million, mainly reflecting the decrease in EBIT.
Cash from operations reached $1.1 billion, reflecting both the timing of large
project payments and a focus on improving net working capital. Net cash at the
end of June amounted to $5.7 billion, up from $4.8 billion at the end of the
previous quarter.
"Thanks to the timely execution of our solid order backlog, we held revenues in
local currencies close to last year's high levels despite the unprecedented
downturn in the global economy," said Joe Hogan, ABB's Chief Executive
Officer. "We also maintained profitability well within our target range as we
realized benefits of more than $500 million in the first two quarters from our
$2-billion cost take-out program.
"The economic environment remains challenging, although there are growth
opportunities driven by the need for more intelligence and automation in the
power network, and the generation and integration of renewable energies," Hogan
said. "While we'll continue to focus on adjusting costs quickly, we also aim to
take advantage of these opportunities to extend our market leadership."
2009 Q2 key figures
+-------------------------------+----------+----------+----------+----------+
| | Q2 09 | Q2 08 | Change |
+-------------------------------+----------+----------+---------------------+
| $ millions unless otherwise | | | US$ | Local |
| indicated | | | | |
+-------------------------------+----------+----------+----------+----------+
| Orders | 7,309 | 11,271 | -35% | -27% |
+-------------------------------+----------+----------+----------+----------+
| Order backlog (end June) | 25,913 | 29,127 | -11% | -1% |
+-------------------------------+----------+----------+----------+----------+
| Revenues | 7,915 | 9,025 | -12% | -2% |
+-------------------------------+----------+----------+----------+----------+
| EBIT | 1,047 | 1,449 | -28% | |
+-------------------------------+----------+----------+----------+----------+
| as % of revenues | 13.2% | 16.1% | | |
+-------------------------------+----------+----------+----------+----------+
| Net income | 675 | 975 | -31% | |
+-------------------------------+----------+----------+----------+----------+
| Basic net income per share | 0.30 | 0.43 | | |
| ($) | | | | |
+-------------------------------+----------+----------+----------+----------+
| Cash flow from operating | 1,067 | 978 | | |
| activities | | | | |
+-------------------------------+----------+----------+----------+----------+
Summary of Q2 2009 results
Orders received and revenues
Orders decreased across all divisions and regions compared to the high levels in
the second quarter of 2008 on a combination of lower volumes as well as price
decreases resulting from both lower raw material costs and reduced demand. Base
orders (less than $15 million) continued the double-digit decline seen in the
first quarter of 2009, mainly the result of continued weak demand in industrial,
construction-related and automotive markets, and were 33 percent lower (25
percent in local currencies). Large orders (larger than $15 million) decreased
43 percent (35 percent in local currencies).
Regionally, orders were down 20 percent (9 percent in local currencies) in the
Americas where higher utility investments in Brazil and Mexico to upgrade their
power grids were more than offset by reduced customer spending in the U.S.
across all divisions. In Europe, demand was lower in all businesses. Orders from
Asia were down in all divisions in local currencies except Automation Products,
where higher orders in India offset decreases in most other markets. Primarily
the result of a decrease in large project awards compared to the same quarter a
year ago, orders from the Middle East and Africa declined in local currencies in
all divisions except Power Products.
Timely execution of the order backlog supported revenues and largely offset the
impact of significantly weaker demand in the book-to-bill business during the
second quarter. Revenues increased in local currency terms in the divisions with
relatively longer order backlogs - Power Products, Power Systems and Process
Automation. Revenues were down in the shorter-backlog Automation Products and
Robotics divisions. Service revenues were 3 percent higher in local currencies
(down 9 percent in U.S. dollars).
The order backlog at the end of June 2009 amounted to $25.9 billion, $3.2
billion lower (down 11 percent; 1 percent in local currencies) than at the end
of the second quarter of 2008, and approximately $900 million higher than at the
end of the first quarter of 2009 (up 4 percent; 2 percent lower in local
currencies).
Earnings before interest and taxes
EBIT and EBIT margin decreased compared to the same quarter a year earlier on a
combination of lower revenues and capacity utilization in ABB's short-cycle
businesses - mainly in the automation divisions - as well as higher
restructuring-related charges. The decline in EBIT margin was partly offset by
cost savings in sourcing, general and administrative expenses, footprint
adjustments and through operational excellence initiatives. Adjusting EBIT in
the second quarter of both 2008 and 2009 for restructuring-related charges, the
EBIT margin declined by approximately 1.5 percentage points. The mark-to-market
impact from hedging transactions was immaterial in both periods.
Net income
In addition to lower EBIT, net income was adversely affected by a reduction in
the finance net to negative $25 million compared to a positive $41 million in
the same quarter in 2008, primarily reflecting lower market rates on the
company's net cash balance compared to the same quarter a year ago.
Balance sheet and cash flow
Net cash at the end of the second quarter was $5.7 billion compared to $4.8
billion at the end of the previous quarter. Cash flow from operations amounted
to $1.1 billion, slightly higher than the second quarter of 2008.
On May 5, ABB's Annual General Meeting approved the payment of a dividend in the
form of a nominal value reduction of Sfr. 0.48 per share. ABB expects the
nominal value reduction to be registered with the Zurich Commercial Register on
July 24, 2009, in which case shares traded on the SIX Swiss Exchange will begin
trading with a reduced nominal value on July 27, 2009. Thereafter, the company
will effect the dividend payment.
Acquisitions
ABB acquired Comem SpA, an Italy-based manufacturer of transformer components,
with plants and operating units in Italy, Turkey, Brazil and China. The company
employs about 400 people and generated revenues of more than $70 million in
2008. The acquisition is in line with ABB's strategy to compliment organic
growth with 'bolt-on' acquisitions and will expand the company's transformer
components portfolio.
Compliance
As previously announced, ABB has disclosed to the U.S. Department of Justice and
the U.S. Securities and Exchange Commission various suspect payments. In
addition, ABB has continued to cooperate with various anti-trust authorities,
including the European Commission, regarding certain allegedly anti-competitive
practices in the power transformer business. ABB's cables business is also under
investigation for alleged anti-competitive practices. With respect to these
matters, there could be adverse outcomes beyond our provisions.
Cost reductions
ABB continued to execute its previously-announced cost take-out program during
the second quarter. The program aims to sustainably reduce ABB's costs -
comprising both cost of sales as well as general and administrative expenses -
from 2008 levels by a total of $2 billion by the end of 2010. The savings are
focused on acceleration of ongoing initiatives in low-cost sourcing, general and
administrative expenses, internal process improvements and adjustments to ABB's
global manufacturing and engineering footprint and exceeded $500 million in the
first two quarters.
The total cost of the program is expected to approach $1 billion - of which
approximately $100 million was already recorded in 2008. Costs associated with
the program in the second quarter of 2009 amounted to approximately $120
million. Costs in the first quarter of 2009 were not material.
Outlook
Visibility in ABB's markets for the second half of 2009 remains limited.
Significant uncertainty remains surrounding the key demand drivers for the
company's products and systems.
The need for power transmission infrastructure in all regions - both equipment
replacement and new transmission projects - has not changed in recent quarters.
However, uncertainty surrounding economic recovery, the stability of raw
material prices and the availability of project funding continue to influence
the timing of many power investment decisions. ABB is also unable to precisely
forecast when the various government stimulus programs will have an impact or
when the availability of funding will improve.
Demand in ABB's industrial end markets depends to a large extent on GDP growth
and capital spending, together with commodity prices. Customers' need to
steadily improve efficiency and productivity to meet increasing competition also
drives orders, along with demand in construction and in general industry.
Therefore, management's priority for 2009 remains to ensure that the company has
the flexibility to respond quickly to changing market conditions, taking
advantage of its global footprint, strong balance sheet and leading technologies
to improve its cost competitiveness while simultaneously tapping further
opportunities for profitable growth.
ABB also confirms its previously published targets for the period 2007 to 2011,
with the exception of the Robotics division, which is facing an unprecedented
market downturn and requires further restructuring.
Divisional performance Q2 2009
Power Products
+--------------------------------+----------+---------+----------+--------------+
| | Q2 09 | Q2 08 | Change |
+--------------------------------+----------+---------+-------------------------+
| $ millions unless otherwise | | | US$ | Local |
| indicated | | | | |
+--------------------------------+----------+---------+----------+--------------+
| Orders | 2,760 | 3,592 | -23% | -14% |
+--------------------------------+----------+---------+----------+--------------+
| Order backlog (end June) | 8,664 | 8,954 | -3% | 7% |
+--------------------------------+----------+---------+----------+--------------+
| Revenues | 2,839 | 3,026 | -6% | 4% |
+--------------------------------+----------+---------+----------+--------------+
| EBIT | 555 | 586 | -5% | |
+--------------------------------+----------+---------+----------+--------------+
| as % of revenues | 19.5% | 19.4% | | |
+--------------------------------+----------+---------+----------+--------------+
| Cash flow from operating | 534 | 324 | | |
| activities | | | | |
+--------------------------------+----------+---------+----------+--------------+
Orders decreased in the second quarter, mainly the result of lower demand from
industrial and construction-related markets. Utilities continued to invest in
grid improvements but orders did not match the very high levels of a year ago.
The order decline also reflects price reductions from lower raw material costs
versus the same period in 2008. Orders were down in all regions except the
Middle East and Africa, where large projects helped lift orders by almost 50
percent.
Revenues in local currencies grew primarily on execution of the order backlog.
Delays by customers in taking delivery of some products continued to negatively
impact revenues.
EBIT developed in line with revenues while the EBIT margin remained at the same
high level as the year-earlier period, supported by cost adjustments that offset
lower factory loadings in the shorter-cycle product areas, such as distribution
transformers. Restructuring-related costs in the quarter amounted to $30 million
compared to $9 million in the same quarter a year earlier.
Cash from operations benefited from lower net working capital in the quarter as
inventories were reduced and collection of receivables improved.
Power Systems
+--------------------------------+----------+---------+----------+--------------+
| | Q2 09 | Q2 08 | Change |
+--------------------------------+----------+---------+-------------------------+
| $ millions unless otherwise | | | US$ | Local |
| indicated | | | | |
+--------------------------------+----------+---------+----------+--------------+
| Orders | 1,697 | 2,611 | -35% | -25% |
+--------------------------------+----------+---------+----------+--------------+
| Order backlog (end June) | 8,918 | 9,695 | -8% | 4% |
+--------------------------------+----------+---------+----------+--------------+
| Revenues | 1,612 | 1,736 | -7% | 6% |
+--------------------------------+----------+---------+----------+--------------+
| EBIT | 122 | 123 | -1% | |
+--------------------------------+----------+---------+----------+--------------+
| as % of revenues | 7.6% | 7.1% | | |
+--------------------------------+----------+---------+----------+--------------+
| Cash flow from operating | 230 | 141 | | |
| activities | | | | |
+--------------------------------+----------+---------+----------+--------------+
Orders declined in the second quarter, mainly reflecting the timing of large
order awards. Base orders decreased versus the previous year but order levels
have stabilized over the last three quarters. Orders were lower in all regions
except the Americas, where a project to expand and improve the reliability of
the power grid in Mexico contributed to an order increase in the region.
Revenues in local currencies continued to grow on the execution of the order
backlog. EBIT was steady while the EBIT margin improved as cost-reduction
measures helped offset higher selling expenses related to the increased level of
tendering activity. Restructuring-related costs in the quarter were not
material.
Cash from operations improved, reflecting mainly the timing of project payments.
Automation Products
+-----------------------------+----------+------------+----------+--------------+
| | Q2 09 | Q2 08 | Change |
+-----------------------------+----------+------------+-------------------------+
| $ millions unless otherwise | | | US$ | Local |
| indicated | | | | |
+-----------------------------+----------+------------+----------+--------------+
| Orders | 2,146 | 2,967 | -28% | -19% |
+-----------------------------+----------+------------+----------+--------------+
| Order backlog (end June) | 3,969 | 4,602 | -14% | -5% |
+-----------------------------+----------+------------+----------+--------------+
| Revenues | 2,206 | 2,751 | -20% | -10% |
+-----------------------------+----------+------------+----------+--------------+
| EBIT | 329 | 538 | -39% | |
+-----------------------------+----------+------------+----------+--------------+
| as % of revenues | 14.9% | 19.6% | | |
+-----------------------------+----------+------------+----------+--------------+
| Cash flow from operating | 450 | 341 | | |
| activities | | | | |
+-----------------------------+----------+------------+----------+--------------+
Orders decreased compared to the same quarter in 2008 on reduced demand in most
market segments. Industrial and construction-related demand was significantly
weaker as the economic environment remained challenging in most regions, a trend
that could only be partly offset by infrastructure investments in areas such as
wind energy, rail and water. Demand was generally higher in emerging markets
than in mature economies in the quarter.
Revenues were also lower, mainly reflecting reduced sales of short-cycle
products, such as low-voltage equipment. This was partly offset by higher
revenues in longer-backlog businesses, such as power electronics and
high-voltage motors. Service revenues increased in the quarter. EBIT decreased
significantly on both lower revenues and restructuring-related costs of
approximately $50 million aimed mainly at reducing capacity in western Europe.
Cash from operations improved mainly as a result of lower inventories.
Process Automation
+-----------------------------+----------+------------+----------+--------------+
| | Q2 09 | Q2 08 | Change |
+-----------------------------+----------+------------+-------------------------+
| $ millions unless otherwise | | | US$ | Local |
| indicated | | | | |
+-----------------------------+----------+------------+----------+--------------+
| Orders | 1,342 | 2,681 | -50% | -43% |
+-----------------------------+----------+------------+----------+--------------+
| Order backlog (end June) | 6,442 | 7,730 | -17% | -7% |
+-----------------------------+----------+------------+----------+--------------+
| Revenues | 1,865 | 2,058 | -9% | 4% |
+-----------------------------+----------+------------+----------+--------------+
| EBIT | 173 | 243 | -29% | |
+-----------------------------+----------+------------+----------+--------------+
| as % of revenues | 9.3% | 11.8% | | |
+-----------------------------+----------+------------+----------+--------------+
| Cash flow from operating | 59 | 370 | | |
| activities | | | | |
+-----------------------------+----------+------------+----------+--------------+
Orders declined across all regions compared to a strong second quarter last
year. Customers continue to postpone investments due to uncertainties
surrounding future demand and limited access to funding for capital
expenditures. Large orders were significantly lower. Base orders also declined
as customers significantly reduced spending for small- and medium-sized capital
projects in the marine, metals and pulp and paper sectors. Orders for industrial
services remained at the same level as last year. Demand in the oil and gas
sector was stable at high levels as our customers continued to invest in
exploration and development of new energy resources.
Revenues increased in local currencies on the execution of a number of large
projects in the order backlog. Service revenues were stable compared to the same
quarter a year ago. EBIT and EBIT margin decreased on a combination of
restructuring-related costs of $24 million, lower capacity utilization and an
increase in the share of systems revenues, which typically carry a lower margin
than the product and service businesses.
Cash from operations was lower in the quarter, reflecting higher net working
capital related to project execution and lower customer advances resulting from
the decrease in large orders.
Robotics
+--------------------------------+----------+----------+---------+--------------+
| | Q2 09 | Q2 08 | Change |
+--------------------------------+----------+----------+------------------------+
| $ millions unless otherwise | | | US$ | Local |
| indicated | | | | |
+--------------------------------+----------+----------+---------+--------------+
| Orders | 182 | 503 | -64% | -60% |
+--------------------------------+----------+----------+---------+--------------+
| Order backlog (end June) | 397 | 760 | -48% | -44% |
+--------------------------------+----------+----------+---------+--------------+
| Revenues | 234 | 417 | -44% | -37% |
+--------------------------------+----------+----------+---------+--------------+
| EBIT | -51 | 29 | | |
+--------------------------------+----------+----------+---------+--------------+
| as % of revenues | -21.8% | 7.0% | | |
+--------------------------------+----------+----------+---------+--------------+
| Cash flow from operating | -50 | 30 | | |
| activities | | | | |
+--------------------------------+----------+----------+---------+--------------+
Orders declined significantly versus the same quarter a year earlier as a result
of the severe downturn in the global automotive sector and general industry.
Orders sharply decreased in all regions compared to the same quarter in 2008,
primarily Europe and North America.
Revenues were partly supported by the order backlog but decreased in most
business units. The resulting low factory loadings and decline in service
business, combined with restructuring-related costs of approximately $10
million, all contributed to an EBIT loss in the quarter.
Cash flow from operations in the quarter reflects payment conditions in the
automotive sector as well as some project delays.
The full press release, in PDF, also includes appendix 1 and 2 is available
on www.abb.com/investorrelations
More information
The 2009 Q2 results press release and presentation slides are available from
July 23, 2009, on the ABB News Center at www.abb.com/news and on the Investor
Relations homepage at www.abb.com/investorrelations.
ABB will host a media conference call starting at 10:00 a.m. Central European
Time (CET). U.K. callers should dial +44 20 7107 0611. From Sweden, +46 8 5069
2105, and from the rest of Europe, +41 91 610 56 00. Lines will be open 15
minutes before the start of the conference. Audio playback of the call will
start one hour after the call ends and will be available for 72 hours: Playback
numbers: +44 20 7108 6233 (U.K.), +41 91 612 4330 (rest of Europe) or +1 866 416
2558 (U.S./Canada). The code is 19799, followed by the # key.
A conference call for analysts and investors is scheduled to begin today at 3:00
p.m. CET (9:00 a.m. EDT). Callers should dial +1 412 858 4600 (from the
U.S./Canada) or +41 91 610 5600 (Europe and the rest of the world). Callers are
requested to phone in 15 minutes before the start of the call. The audio
playback of the call will start one hour after the end of the call and be
available for two weeks. Playback numbers: +1 866 416 2558 (U.S./Canada) or +41
91 612 4330 (Europe and the rest of the world). The code is 14410, followed by
the # key.
+--------------------------------------------+--------------------------------+
| Investor calendar 2009 | |
+--------------------------------------------+--------------------------------+
| ABB Capital Markets Day, Zurich, | Sept. 11, 2009 |
| Switzerland | |
+--------------------------------------------+--------------------------------+
| Q3 2009 results | Oct. 29, 2009 |
+--------------------------------------------+--------------------------------+
ABB (www.abb.com) is a leader in power and automation technologies that enable
utility and industry customers to improve performance while lowering
environmental impact. The ABB Group of companies operates in around 100
countries and employs about 120,000 people.
Zurich, July 23, 2009
Joe Hogan, CEO
Important notice about forward-looking information
This press release includes forward-looking information and statements including
the sections entitled "Cost reductions," "Outlook, and "Compliance," as well as
other statements concerning the outlook for our business. 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
Ltd. These expectations, estimates and projections are generally identifiable by
statements containing words such as "expects," "believes," "estimates,"
"targets," "plans" 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 related to the financial
crisis and economic slowdown, costs associated with compliance activities, the
amount of revenues we are able to generate from backlog and orders received, raw
materials prices, 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.
+----------------------------+-------------------------------+------------------------+
| | | |
+----------------------------+-------------------------------+------------------------+
| Media Relations: | Investor Relations: | ABB Ltd |
| Thomas Schmidt, | Switzerland: Tel. +41 | Affolternstrasse 44 |
| Wolfram Eberhardt | 43 317 7111 | CH-8050 |
| (Zurich, Switzerland) | Sweden: Tel. +46 21 | Zurich,Switzerland |
| Tel: +41 43 317 6568 | 325 000 | |
| media.relations@ch.abb.com | USA: Tel. +1 203 750 | |
| | 7743 | |
| | investor.relations@ch.abb.com | |
| | | |
+----------------------------+-------------------------------+------------------------+
For more information please use our website www.abb.com
ABB Q2 and first half 2009 key figures
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| $ millions unless | Q2 09 | Q2 08 | Change | H1 09 | H1 | Change |
| otherwise indicated | | | | | 08 | |
+----------------------------+--------+---------+--------------+---------+---------+--------------+
| | | | | US$ | Local | | | US$ | Local |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| Orders | Group | 7,309 | 11,271 | -35% | -27% | 16,459 | 22,214 | -26% | -15% |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Power Products | 2,760 | 3,592 | -23% | -14% | 5,720 | 7,603 | -25% | -14% |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Power Systems | 1,697 | 2,611 | -35% | -25% | 3,976 | 4,659 | -15% | 2% |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Automation | 2,146 | 2,967 | -28% | -19% | 4,359 | 6,037 | -28% | -19% |
| | Products | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Process | 1,342 | 2,681 | -50% | -43% | 3,767 | 5,236 | -28% | -17% |
| | Automation | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Robotics | 182 | 503 | -64% | -60% | 388 | 959 | -60% | -55% |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Corporate | (818) | (1,083) | | | (1,751) | (2,280) | | |
| | (consolidation) | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| Revenues | Group | 7,915 | 9,025 | -12% | -2% | 15,124 | 16,981 | -11% | 1% |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Power Products | 2,839 | 3,026 | -6% | 4% | 5,307 | 5,648 | -6% | 5% |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Power Systems | 1,612 | 1,736 | -7% | 6% | 3,029 | 3,409 | -11% | 3% |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Automation | 2,206 | 2,751 | -20% | -10% | 4,248 | 5,154 | -18% | -7% |
| | Products | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Process | 1,865 | 2,058 | -9% | 4% | 3,630 | 3,807 | -5% | 10% |
| | Automation | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Robotics | 234 | 417 | -44% | -37% | 528 | 804 | -34% | -26% |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Corporate | -841 | -963 | | | (1,618) | (1,841) | | |
| | (consolidation) | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| EBIT | Group | 1,047 | 1,449 | -28% | | 1,909 | 2,802 | -32% | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Power Products | 555 | 586 | -5% | | 997 | 1,120 | -11% | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Power Systems | 122 | 123 | -1% | | 205 | 298 | -31% | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Automation | 329 | 538 | -39% | | 639 | 995 | -36% | |
| | Products | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Process | 173 | 243 | -29% | | 322 | 468 | -31% | |
| | Automation | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Robotics | (51) | 29 | | | (72) | 54 | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Corporate | (81) | (70) | | | (182) | (133) | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| EBIT | Group | 13.2% | 16.1% | | | 12.6% | 16.5% | | |
| margin | | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Power Products | 19.5% | 19.4% | | | 18.8% | 19.8% | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Power Systems | 7.6% | 7.1% | | | 6.8% | 8.7% | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Automation | 14.9% | 19.6% | | | 15.0% | 19.3% | | |
| | Products | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Process | 9.3% | 11.8% | | | 8.9% | 12.3% | | |
| | Automation | | | | | | | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
| | Robotics | -21.8% | 7.0% | | | -13.6% | 6.7% | | |
+----------+-----------------+--------+---------+------+-------+---------+---------+------+-------+
Q2 2009 orders received and revenues by region
+-----------------+--------+--------+-------+-------+--------+-------+-------+-------+
| $ millions |Orders received | Change | Revenues | Change |
+-----------------+-----------------+---------------+----------------+---------------+
| | Q2 09 | Q2 08 | US$ | Local | Q2 09 | Q2 08 | US$ | Local |
+-----------------+--------+--------+-------+-------+--------+-------+-------+-------+
| Europe | 2,825 | 4,792 | -41% | -30% | 3,236 | 4,219 | -23% | -10% |
+-----------------+--------+--------+-------+-------+--------+-------+-------+-------+
| Americas | 1,503 | 1,887 | -20% | -9% | 1,485 | 1,582 | -6% | 2% |
+-----------------+--------+--------+-------+-------+--------+-------+-------+-------+
| Asia | 2,033 | 2,840 | -28% | -24% | 2,231 | 2,331 | -4% | 4% |
+-----------------+--------+--------+-------+-------+--------+-------+-------+-------+
| Middle East and | 948 | 1,752 | -46% | -43% | 963 | 893 | 8% | 17% |
| Africa | | | | | | | | |
+-----------------+--------+--------+-------+-------+--------+-------+-------+-------+
| Group total | 7,309 | 11,271 | -35% | -27% | 7,915 | 9,025 | -12% | -2% |
+-----------------+--------+--------+-------+-------+--------+-------+-------+-------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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