The Bosch Group increases its sales by 3.5% this 2023 in full technological acceleration

by time news

2023-05-04 15:27:46

Bosch exceeded its business targets in 2022. Despite being a challenging year, it increased its sales to €88.2 billion, representing growth of 12%, or 9.4% after adjusting for exchange rate effects, compared to 78,700 million euros the previous year. “We were up to the challenges of 2022: both our sales and our margin were higher than expected. Even though the economic and social environment remains demanding, we want to grow faster,” he explained. Stephen HartingChairman of the Board of Management of Bosch.

“In the coming years, under normal inflation rates, our goal is for annual sales to grow by an average of 6 to 8% and for the margin to reach at least 7%. Our goal is to grow in all regions of the world and to be among the top three providers in our relevant markets,” he added.

The fight against climate change is causing great upheaval in business and society, and is also accelerating technological change. This technological transformation is opening growth opportunities that we want to take advantage of, both in our existing business and in areas related to it and in new ones,” Hartung stressed. “In this context, our philosophy ‘Innovation for your life’ is ideal, not only when it comes to the main trends of electrification, automation and digitization, but, more than ever, with respect to software and artificial intelligence”, he pointed out. .

For his part, Markus Forschner, Bosch’s CFO, stated that “despite the difficult environment, we can look back on strong results. At the same time, we have laid the important foundations for Bosch’s success in the markets of tomorrow.” In total, the company invested more than 12,000 million euros last year to ensure its future. Research and development expenses grew to 7.2 billion euros (6.1 billion euros in 2021), 8.2% of sales (7.8% in 2021).

Bosch

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In the first quarter of 2023, the Bosch Group has increased its sales by 3.5%. North America has had a very favorable development, with a growth of 18.1%, like Europe, where the boom has been 7.7%. “The first few months have shown that this exercise will also be challenging,” said the CFO.

In addition, he expects commodity and energy prices, as well as inflation, to remain high. By 2023, Bosch expects global economic output to grow by just 1.7%, and therefore a significant slowdown compared to 2022.

Despite the subdued economic outlook, Bosch is targeting sales growth of 6-9% for this year and an operating EBIT margin target of 5%. “We want to go one step closer to our long-term margin target of at least 7 percent,” Forschner said. “We have set ourselves an ambitious roadmap,” he concluded.

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