The following table sets forth, as of December 31, <strong>2012</strong>, the name, country of incorporation, ownership interest and sharecapital of the significant direct and indirect subsidiaries of <strong>ABB</strong> Ltd, Switzerland:<strong>ABB</strong> Ltd’s significant subsidiariesCompany name/locationCountry<strong>ABB</strong>interest %Share capitalin thousands Currency<strong>ABB</strong> S.A., Buenos Aires Argentina 100.00 56,772 ARS<strong>ABB</strong> Australia Pty Limited, Sydney Australia 100.00 122,436 AUD<strong>ABB</strong> AG, Vienna Austria 100.00 15,000 EUR<strong>ABB</strong> N.V., Zaventem Belgium 100.00 13,290 EUR<strong>ABB</strong> Ltda., Osasco Brazil 100.00 94,396 BRL<strong>ABB</strong> Bulgaria EOOD, Sofia Bulgaria 100.00 3,010 BGN<strong>ABB</strong> Inc., St. Laurent, Quebec Canada 100.00 255,797 CAD<strong>ABB</strong> (China) Ltd., Beijing China 100.00 310,000 USDAsea Brown Boveri Ltda., Bogotá Colombia 100.00 486,440 COP<strong>ABB</strong> Ltd., Zagreb Croatia 100.00 2,730 HRK<strong>ABB</strong> s.r.o., Prague Czech Republic 100.00 400,000 CZK<strong>ABB</strong> A/S, Skovlunde Denmark 100.00 100,000 DKK<strong>ABB</strong> Ecuador S.A., Quito Ecuador 96.87 325 USDAsea Brown Boveri S.A.E., Cairo Egypt 100.00 116,000 USD<strong>ABB</strong> AS, Jüri Estonia 100.00 1,663 EUR<strong>ABB</strong> Oy, Helsinki Finland 100.00 10,003 EUR<strong>ABB</strong> S.A., Les Ulis France 100.00 38,921 EUR<strong>ABB</strong> AG, Mannheim Germany 100.00 167,500 EUR<strong>ABB</strong> Automation GmbH, Mannheim Germany 100.00 15,000 EUR<strong>ABB</strong> Automation Products GmbH, Ladenburg Germany 100.00 10,620 EUR<strong>ABB</strong> Beteiligungs- und Verwaltungsges. mbH, Mannheim Germany 100.00 61,355 EUR<strong>ABB</strong> Stotz-Kontakt GmbH, Heidelberg Germany 100.00 7,500 EURBusch-Jaeger Elektro GmbH, Mannheim/Lüdenscheid Germany 100.00 1,535 EURAsea Brown Boveri S.A., Metamorphossis Attica Greece 100.00 1,721 EUR<strong>ABB</strong> (Hong Kong) Ltd., Hong Kong Hong Kong 100.00 20,000 HKD<strong>ABB</strong> Engineering Trading and Service Ltd., Budapest Hungary 100.00 444,090 HUF<strong>ABB</strong> Limited, Bangalore India 75.00 423,817 INR<strong>ABB</strong> Ltd, Dublin Ireland 100.00 635 EUR<strong>ABB</strong> Technologies Ltd., Tirat Carmel Israel 99.99 420 ILS<strong>ABB</strong> S.p.A., Milan Italy 100.00 107,000 EUR<strong>ABB</strong> K.K., Tokyo Japan 100.00 1,000,000 JPY<strong>ABB</strong> Ltd., Seoul Korea, Republic of 100.00 18,670,000 KRW<strong>ABB</strong> Holdings Sdn. Bhd., Subang Jaya Malaysia 100.00 4,490 MYRAsea Brown Boveri S.A. de C.V., San Luis Potosi S.L.P Mexico 100.00 667,686 MXN<strong>ABB</strong> B.V., Rotterdam Netherlands 100.00 9,200 EUR<strong>ABB</strong> Finance B.V., Amsterdam Netherlands 100.00 20 EUR<strong>ABB</strong> Holdings B.V., Amsterdam Netherlands 100.00 119 EUR<strong>ABB</strong> Investments B.V., Amsterdam Netherlands 100.00 100 EUR<strong>ABB</strong> Limited, Auckland New Zealand 100.00 34,000 NZD<strong>ABB</strong> Holding AS, Billingstad Norway 100.00 240,000 NOK<strong>ABB</strong> S.A., Lima Peru 97.60 29,290 PEN<strong>ABB</strong>, Inc., Paranaque, Metro Manila Philippines 100.00 123,180 PHP<strong>ABB</strong> Sp. zo.o., Warsaw Poland 99.89 260,644 PLN<strong>ABB</strong> (Asea Brown Boveri), S.A., Paco de Arcos Portugal 100.00 4,117 EURAsea Brown Boveri Ltd., Moscow Russian Federation 100.00 941 RUB16 Corporate governance report | <strong>ABB</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong>
<strong>ABB</strong> Ltd’s significant subsidiaries, continuedCompany name/locationCountry<strong>ABB</strong>interest %Share capitalin thousands Currency<strong>ABB</strong> Contracting Company Ltd., Riyadh Saudi Arabia 65.00 40,000 SAR<strong>ABB</strong> Holdings Pte. Ltd., Singapore Singapore 100.00 32,797 SGD<strong>ABB</strong> Holdings (Pty) Ltd., Longmeadow South Africa 80.00 4,050 ZARAsea Brown Boveri S.A., Madrid Spain 100.00 33,318 EUR<strong>ABB</strong> AB, Västerås Sweden 100.00 400,000 SEK<strong>ABB</strong> Norden Holding AB, Västerås Sweden 100.00 2,344,783 SEK<strong>ABB</strong> Asea Brown Boveri Ltd, Zurich Switzerland 100.00 2,768,000 CHF<strong>ABB</strong> Schweiz AG, Baden Switzerland 100.00 55,000 CHF<strong>ABB</strong> Technology Ltd., Zurich Switzerland 100.00 100 CHF<strong>ABB</strong> LIMITED, Bangkok Thailand 100.00 1,034,000 THB<strong>ABB</strong> Elektrik Sanayi A.S., Istanbul Turkey 99.95 13,410 TRY<strong>ABB</strong> Ltd., Kiev Ukraine 100.00 85,400 UAH<strong>ABB</strong> Industries (L.L.C.), Dubai United Arab Emirates 49.00 5,000 AED<strong>ABB</strong> Holdings Limited, Warrington United Kingdom 100.00 203,014 GBP<strong>ABB</strong> Limited, Warrington United Kingdom 100.00 60,000 GBP<strong>ABB</strong> Holdings Inc., Cary, NC United States 100.00 2 USD<strong>ABB</strong> Inc., Cary, NC United States 100.00 1 USDBaldor Electric Company, Fort Smith, AR United States 100.00 0 USDKuhlman Electric Corporation, Crystal Springs, MS United States 100.00 0 USDThomas & Betts Corporation, Knoxville, TN United States 100.00 0 USD<strong>ABB</strong>’s operational group structure is described in the “Financialreview” section of this <strong>Annual</strong> <strong>Report</strong> under “Operatingand financial review and prospects – Organizational structure”.2.2 Significant shareholdersInvestor AB, Sweden, held 182,030,142 <strong>ABB</strong> shares as ofDecember 31, <strong>2012</strong>. This holding represents approximately7.9 percent of <strong>ABB</strong>’s total share capital and voting rightsas registered in the Commercial Register on that date. Thenumber of shares held by Investor AB does not includeshares held by Mr. Jacob Wallenberg, the chairman of InvestorAB, in his individual capacity.BlackRock Inc., New York, U.S., disclosed that as perJuly 25, 2011, it, together with its direct and indirect subsidiaries,held 69,702,100 <strong>ABB</strong> shares corresponding to 3.0 percentof <strong>ABB</strong>’s total share capital and voting rights as registeredin the Commercial Register on December 31, <strong>2012</strong>. Fora full review of the disclosure report pursuant to which Black-Rock reported its <strong>ABB</strong> shareholdings, please refer to thesearch facility of the SIX Swiss Exchange Disclosure Officeat http://www.six-swiss-exchange.com/shares/companies/major_shareholders_en.html?fromDate=19980101&issuer=10881To the best of <strong>ABB</strong>’s knowledge, no other shareholderheld 3 percent or more of <strong>ABB</strong>’s total share capital andvoting rights as registered in the Commercial Register onDecember 31, <strong>2012</strong>.Under <strong>ABB</strong>’s Articles of Incorporation, each registeredshare represents one vote. Significant shareholders do nothave different voting rights.To our knowledge, we are not directly or indirectly ownedor controlled by any government or by any other corporationor person.3. Capital structure3.1 Ordinary share capitalOn December 31, <strong>2012</strong>, <strong>ABB</strong>’s ordinary share capital (includingtreasury shares) as registered with the CommercialRegister amounted to CHF 2,384,185,561.92, divided into2,314,743,264 fully paid registered shares with a par value ofCHF 1.03 per share.<strong>ABB</strong> <strong>Annual</strong> <strong>Report</strong> <strong>2012</strong> | Corporate governance report 17
- Page 1: Building on our technology leadersh
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- Page 6 and 7: Chairman and CEO letterDear shareho
- Page 8 and 9: We will also be looking at ways to
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- Page 16 and 17: 1. Principles1.1 General principles
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- Page 32 and 33: ABB’s success depends on its abil
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OrdersIn 2012, orders were flat due
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In 2011, revenues increased, driven
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Throughout 2012 and 2011, the inves
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Current liabilitiesDecember 31, ($
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Total cash disbursements for the pu
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Consolidated Financial StatementsCo
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Consolidated Balance SheetsDecember
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Consolidated Statements of Changes
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Notes to theConsolidated Financial
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Note 2Significant accounting polici
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Note 2Significant accounting polici
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Note 3Acquisitions and increasesin
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Note 5Financial instrumentsCurrency
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Note 7Receivables, net, continued
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Note 9Other non-current assets“Ot
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Note 11Goodwill and other intangibl
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Note 12Debt, continuedThe 4.625% EU
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Note 14Leases, continuedNote 15Comm
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Note 15Commitments and contingencie
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Note 16Taxes, continuedIn 2012, 201
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Note 16Taxes, continuedAt December
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Note 17Employee benefits, continued
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Note 18Share-based paymentarrangeme
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Note 18Share-based paymentarrangeme
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Note 19Stockholders’ equityAt bot
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Note 21Other comprehensive incomeTh
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Report of the Statutory Auditor on
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Financial Statements of ABB Ltd, Zu
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Note 10Board of Directors compensat
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Note 12Share ownership of ABB byBoa
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Investor informationABB Ltd share p
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Stock exchange listingsABB Ltd is l
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2012 price trend for ABB Ltd shares
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ABB LtdCorporate Communications P.O