ABB publishes 2016 annual report

Resource from: ABB Likes:214

Mar 14,2017

ABB Ltd has published its 2016 annual report on its web site and has filed the annual report on Form 20-F with the United States Securities and Exchange Commission. The 2016 annual report is now available electronically at www.abb.com/groupreports. It provides comprehensive information on the company and its strategy, business, governance and financial performance. ABB postponed the publication of its 2016 annual report as a consequence of the significant embezzlement and misappropriation of funds in its South Korean subsidiary and the resulting ongoing investigation. ABB has also published restated interim consolidated financial information for Q4 2016, which is available electronically here. This information has also been filed with the SEC on form 6-K/A. As mentioned previously, ABB has launched a full investigation in South Korea engaging independent forensic and legal specialists and collaborating with law enforcement authorities. Further to the announcement of February 22, ABB’s pre-tax profit impact in 2016 is $73 million – less than the previously estimated $100 million – due to expected insurance recoveries of approximately $30 million. Shareholders may request a printed copy of the annual report via this link. It will be distributed when it becomes available later this month.

(ABB)

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