ABB is progressing discussions with relevant authorities regarding the remaining matters related to the legacy Kusile project in South Africa awarded in 2015. Consequently, ABB will make a non-operational provision of approximately $325 million which will be reflected in Income from operations in the third quarter 2022 results, with a similar cash flow impact expected in subsequent quarters. Based on these discussions, ABB does not believe that it will need to take any material additional provisions relating to these matters. The company continues to cooperate fully with the respective authorities and hopes to reach a final settlement with them in the near term.
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 105,000 talented employees in over 100 countries. www.abb.com
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