Balance Sheets

ABB
2009
Rs crores

2010
Rs crores

CURRENT ASSETS

Cash and cash equivalents

mktble securities & s.t. investments
Recievables
Inventories
Prepaid Expences
Deffered Taxes
Other Current Assets
Total current assets

7,119.00
2,433.00
9,451.00
4,550.00
236.00
900.00
540.00

5,897.00
2,713.00
9,970.00
4,878.00
193.00
896.00
801.00

25,229.00 25,348.00

NON-CURRENTASSETS

Property, plant and equipment

Goodwill
Other Intangible assets
Prepaid pension and other employee benefits
Investments - equity-accounted companies
Deferred Tax Asset
Other non-current assets
Total non-current assets
Total assets

4,072.00
3,026.00
443.00
112.00
49.00
1,052.00
645.00

4,356.00
4,085.00
701.00
173.00
19.00
846.00
767.00

9,399.00 10,947.00
34,628.00 36,295.00

CURRENT LIABILITIES

Acc Payable
Bills in Exchange of sales
Emloyee and other payables
Short term debt and current maturities of L.T.Debt
Advances from customers
Deffered taxes
Provisions for warranties
Provisions and other current liabilities
Accrued Expences
Total current liabilities

3,853.00
1,623.00
1,326.00
161.00
1,806.00
327.00
1,280.00
2,603.00
1,600.00

4,555.00
1,730.00
1,526.00
1,043.00
1,764.00
357.00
1,393.00
2,726.00
1,644.00

14,579.00 16,738.00

NON-CURRENT LIABILITIES

long term debt

Pension and other employee benefits
Deferred tax liabilities
other non-current liabilities
Total non-current liabilities
Total liabilities
EQUITY

2,172.00
1,179.00
328.00
1,997.00

1,139.00
831.00
411.00
1,718.00

5,676.00 4,099.00
20,255.00 20,837.00

Share Capital
Reserve and Surplus
Minority interest

13,790.00 14,885.00
683.00

573.00

Total equity

14,473.00 15,458.00

Liability + Equity

34,728.00 36,295.00

BB
2011
Rs crores

4,819.00
948.00
10,773.00
5,737.00
227.00
932.00
351.00
23,787.00

4,922.00
7,269.00
2,253.00
139.00
156.00
318.00
804.00
15,861.00
39,648.00

4,789.00
1,819.00
1,361.00
765.00
1,757.00
305.00 current assets
1,324.00 provisions
2,619.00 total
1,822.00
16,561.00

3,231.00
1,487.00
537.00
1,496.00
6,751.00
23,312.00

10,696.00
3,883.00
14,579.00

12,619.00
4,119.00
16,738.00

12,618.00
3,943.00
16,561.00

15,777.00
559.00
16,336.00
39,648.00

892.00

Income Statements

2009
Rs crores

ABB
2010
Rs crores

SALES AND OTHER INCOME:

Sale of Products
Sale of services
Less (Excise)
Dividend and other income

26,820.00
4,975.00

26,291.00
5,298.00

31,795.00

31,589.00

Total cost of sales

-19,057.00
-3,413.00
-22,470.00

-18,607.00
-3,453.00
-22,060.00

Gross Profit

9,325.00

9,529.00

Sales and other income

EXPENDITURE: (COGS)

Cost of Products
Cost of services

Selling, general and admin Expences

Non-order related reserch n development expences
Other expences/income

-4,491.00

-4,615.00

-1,037.00
329.00

-1,082.00
-14.00

4,126.00

3,818.00

121.00
-127.00
-6.00

95.00
-173.00
-78.00

Profit before exceptional items and tax

4,120.00

3,740.00

Profit before tax (EBT)

4,120.00

3,740.00

-1,001.00

-1,018.00

3,119.00

2,722.00

17.00

10.00

3,136.00

2,732.00

Operating Profit (EBIT)

Finance income (Intrest and dividend income)

Finance costs(Intrest and dividend expences)
Net finance (costs)/income

provision for taxProfit after tax

Income from discontinued operations, net of tax

Profit for the year (Net Income)

ABB
2011
Rs crores

31,875.00
6,115.00

37,990.00

-22,649.00
-3,907.00
-26,556.00
11,434.00
-5,373.00

-1,371.00
-23.00
4,667.00

90.00
-207.00 DIVIDEND INCR BY
-117.00
4,550.00
4,550.00

-1,244.00
3,306.00

9.00
3,315.00

Cash Flow

Cash Flow From Operating Activities

Net income
Adjustments for:
Depreciation and amortisation
pension and oter employee benefits
Deffered taxes
Net gain from sale of property plant and equipment
Loss (income) from equity accounted companies
Other
Changes in operating assets and liabilities:
trade recievables
Inventyories net
Trade payables
Billings in excess of sales
provisions net
Advances from customers
Other assets and liabilities net
Taxes paid
Net Cash From operating Activities (a)

Cash Flow From Investing Activities

Purchase of mktble securities(available for sale)
Purchase of mktble securities(held-to maturity)
Purchase of short term investments
Purchase of property plant and equipment and intangible assets
Acquisition of businesses (net cash aquired) and changes in cost and equity investments
Proceeds from sale of mktble securities(a-f-s)
Proceeds from maturity of mktble securities(a-f-s)
Proceeds from maturity of mktble securities(h-t-m)
proceeds from short term investnments
proceeds from sale of propert plant and equipment
Proceeds from sale of businerss and equity-accounted companies(net of cash disposed)
changes in financing and other non-current recievables net
Net Cash used in Investing Activities (b)

Cash Flow From Financing Activities

Net changes in debt with maturities of 90 days or less
increase in Debt
Repayement of debt
Insurrance of shares
Transactions in treasur shares
Dividends paid

Dividends paid in the form of nominal value reduction

acquisition of non controlling intrests
Dividends paid to non-controlling shareholders
other
Intrest paid
Net Cash/(used in)/ from Financing Activities (c)

Net Increase(Decrease) in Cash & Cash Equivalents (a+b+c)

Cash and Cash Equivalents at March 31 ( Opening Balance)
Add /(Less) : Exchange fluctuation on foreign currency bank balances
Cash and Cash Equivalents at March 31 ( Closing Balance)

2009

ABB
2010

2011

3,136.00

2,732.00

3,315.00

655.00
-28.00
-56.00
-15.00
2.00
-6.00

702.00
-51.00
151.00
-39.00
-3.00
106.00

995.00
-49.00
-34.00
-47.00
-4.00
111.00

256.00
1,130.00
-718.00
295.00
-241.00
-316.00
-67.00
-1,090.00
2,937.00

-407.00
-264.00
678.00
89.00
-69.00
-25.00
597.00
-884.00
3,313.00

-731.00
-600.00
213.00
150.00
-391.00
47.00
637.00
-1,305.00
2,307.00

-243.00
-918.00
-3,824.00
-967.00
-161.00
79.00
855.00
730.00
2,253.00
36.00
16.00
-28.00

-3,391.00
-65.00
-2,165.00
-840.00
-1,313.00
807.00
531.00
290.00
3,276.00
47.00
83.00
-7.00

-2,809.00
0.00
-142.00
-1,021.00
-4,020.00
3,717.00
483.00
0.00
529.00
57.00
8.00
-55.00

-2,172.00

-2,747.00

-3,253.00

-59.00
586.00
-705.00
89.00
0.00
0.00

52.00
277.00
-497.00
16.00
-166.00
0.00

450.00
2,580.00
-2,576.00
105.00
5.00
-1,569.00

-1,027.00
-48.00
-193.00
8.00
-156.00

-1,112.00
-956.00
-193.00
49.00
-94.00

0.00
-13.00
-157.00
-33.00
-165.00

-1,505.00

-2,624.00

-1,373.00

-740.00
6,399.00
214.00
5,873.00

-2,058.00
7,119.00
-142.00
4,919.00

-2,319.00
5,897.00
-229.00
3,349.00

2009

2010

Income Statement
Adjustments:
EBITDA

4,781.00

4,520.00

Add: OLA interest

124.7196133

226.556327

Adjusted EBITDA

4,905.72

4,746.56

127.00

173.00

Add: OLA interest

124.72

226.56

Adjusted interest

251.72

399.56

Total reported debt

2,172.00

1,139.00

Add: Total operating lease adjustments(OLA)

2,133.00

2,203.00

535.50

228.90

Reported interest expense

Add: Capitalized interest

Balance Sheet
Adjustments:

Add: Post Retirement Benefit Obligation (net of tax @ 30%)

Guarantees

4,840.50

3,570.90

Tangible Equity

11,447.00

11,373.00

Adjusted Total Capital

16,287.50

14,943.90

2,937.00

3,313.00

Total Adjusted Debt

Cash flow
Adjustments:
Reported Cash from Operations (CFO)
Less: Capitalized interest
Add: OLA depreciation
Less: Interest Paid (from Financing CF)

Adjusted CFO

Reported capex
Less: Capitalized interest

336.28

235.44

(156.00)

(94.00)

3,117.28

3,454.44

931.00

793.00

Add: OLA capex

336.28

305.44

Adjusted capex

1,267.28

1,098.44

Adjusted Free Cash Flow (FCF)

1,850.00

2,356.00

2011

5,662.00

203.2578947
5,865.26

207.00

203.26

410.26

3,231.00
2,088.00
665.00
-

5,984.00

9,067.00
15,051.00

2,307.00
266.74
(165.00)

2,408.74

964.00
151.74

1,115.74

1,293.00

Retirement benefits

2009

PV of DBO at YE
Fair Value of Plan Assets
Gap
Tax rate
Addition to debt

2010

8914
8149
765
30%
535.5

2011

9337
9010
327
30%
228.9

9817
8867
950
30%
665

(Pg 113 in pdf)

Capitalized Interest

2009

2010

2011

Capitalized Interest

Pg 128 (Pg 141 in pdf)

Guarantees

2009

2010

Guarantees (securitization)
Other guarantees
Total
Adjustment to debt

2011

Pg 124 (137 in pdf)

0
0

Calculation of PV of Operating leases*

2009

2010

2011

========== =========================================== ========== =====================

DISCOUNT RATE ..............

Year 1 Commitment
Year 2 Commitment
Year 3 Commitment
Year 4 Commitment
Year 5 Commitment
THEREAFTER .................
LIFE OF THEREAFTER .........
TOTAL OPERATING LEASES
ADDITION TO INTEREST EXPENSE (OLA interest)
ADDITION TO DEPRECIATION (OLA depreciation)
REDUCTION IN SGA EXPENSE
ADDITION TO CAPEX

5.85%
-

9.47%

463
376
376
286
286
415
1

477
371
371
264
264
340
1

461
359
359
246
246
460
2

10.45%

2133
2203
2088
124.7196 226.5563 203.2579
336.2804 235.4437 266.7421
461
462
470
336.2804 305.4437 151.7421

Revenue
2009
26,820.00
4,975.00
31,795.00

2010
26,291.00
5,298.00
31,589.00

2011
31,875.00
6,115.00
37,990.00

% Products
% services

84.35%
15.65%

83.23%
16.77%

83.90%
16.10%

Cash ratio

66.56%

46.73%

38.19%

products
services
Total Revenue

Profitability
ABB

CROMPTOM

(In mil $)

2009

2010

2011

2011

Revenue

31,795

31,589

37,990

10,119

EBIT

4,126

3,818

4,667

1,264

Net Income

3,136

2,732

3,315

889

EBIT Margin

13.0%

12.1%

12.3%

12.5%

Adjusted EBITDA Margin

15.4%

15.0%

15.4%

14.4%

Return on Total Adjusted Capital

19.3%

18.3%

22.0%

27.0%

ROAE

21.7%

17.7%

20.3%

27.0%

ROAA

9.1%

7.5%

8.4%

12.2%

Cash flows
(In mil $)

2009

2010

3117.280387
1267.280387
1850

3454.443673
1098.443673
2356

2408.742105
1115.742105
1293

527
-626
1153

246.0%

314.5%

215.9%

-84.1%

Adjusted OCF / Adjusted debt

64.4%

87.3%

57.7%

109.7%

Adjusted FCF / Adjusted debt

38.2%

5.2%

3.5%

240.1%

Adjusted OCF
Adjusted Capex
Adjusted FCF
Adjusted OCF / Adjusted Capex

2011

Debt capacity
(In mil $)

2009

2010

2,172.00
4840.5
16287.5

1,139.00
3570.9
14943.9

3,231.00
5984
15051

29.7%

23.9%

39.8%

480.00
3290
14.60%

-14.0%

-15.6%

7.7%

5.5%

EBIT/Adjusted Interest Expense (x)

Adjusted EBITDA/ Adjusted Interest
(x)
Adjusted total debt/ Adjusted
EBITDA

16.4

9.6

11.4

35.1

19.5

11.9

14.3

40.6

1.0

0.8

1.0

0.3

Adjusted net debt/ Adjusted EBITDA

-0.3

-0.4

0.2

0.1

Total Debt
Adjusted Total Debt
Adjusted Total Capital
Adjusted Total Debt/Adjusted Total
Capital
Adjusted Net Debt/Adjusted Total
Capital

2011

Growth Rates
SIEMENS
2011

2010

2011

121,191,806

-0.65%

20.26%

11,982,562

-7.46%

22.24%

8,677,476

-12.88%

21.34%

9.9%
11.2% ebitda +ols int/sales
22.7%
22.7%
8.5%

26285
-3982833
4009118

10.82%

-30.27%

-13.32%

1.57%

27.35%

-45.12%

-47.56%

183.67%

-26.23%

67.58%

-8.25%

0.72%

-70.0%