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12 August 2022 The on-line newspaper devoted to the world of transports 08:59 GMT+2

July 21, 2022

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Original news
ABB reports deterioration in financial performance quarterly while the positive trend of orders continues

The Swiss group has announced its exit from the Russian market

In the second quarter of this year, the Swiss group ABB recorded a decline in financial performance in the face of a continuation of the trend of sustained growth in new orders. In the period, revenues amounted to 7.25 billion dollars, with a decrease of -2.7% on the April-June quarter of 2021. Operating profit was $587 million (-46.3%) and net profit at 397 million dollars (-49.2%).

In the second quarter of 2021 the group, which develops systems for electrification, robotics and automation, has acquired new orders worth $8.81 billion, with a growth of +10.2% on the same period last year. At 30 last June the value of the orderbook was equal to 19.48 billion dollars (+26.3%).

With regard only to new orders obtained from the industry Maritime, ABB has announced that this segment has recorded a positive development in the field of cruise and growing is there was generally demand in the maritime-port sector.

In conjunction with the announcement of the results achieved in the second quarter of this year the Swiss group has announced the decision to exit the Russian market due to the ongoing war in Ukraine and the impact of the resulting international sanctions. ABB specified that the financial impact of the geopolitical crisis on the group's second quarter results was -57 millions of dollars. ABB recalled that when it broke out the conflict, the company stopped accepting new orders from the Russia and at the same time has fulfilled a limited number of obligations ongoing contracts with Russian customers, in compliance with sanctions Applicable. In addition, the Swiss group has specified that the majority part of its Russian workforce is on leave from the last March and highlighted that the company, in realigning the their own activities in an orderly way, will do of their own better to support them. ABB employees in Russia are about 750 and the company has two production sites in the Moscow regions and Lipetsk, as well as several service centers. La Russia represented about 1-2% of the group's annual revenues.

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