May 22, 2022

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Bosch raised its operating profit to 3.2 billion euros in 2021

This content was published on May 04, 2022 – 12:57

Frankfurt (Germany), May 4 (EFE). – The Bosch Technology Group achieved an operating profit of 3,200 million euros in 2021, an increase of 60% over 2020, after significant sales growth despite the challenging environment.

On Wednesday, Bosch reported that revenue increased 10.1% to 78.7 billion euros.

The operating profit margin on sales also improved to 4% compared to 2.8% in the previous year.

“A successful fiscal year 2021 gives us confidence to tackle the challenging year ahead,” Stefan Hartung, Bosch Chairman and CEO, said during the company’s annual figures presentation.

One of the biggest factors of uncertainty is the war in Ukraine and all its repercussions.

Hartung believes that “the current situation highlights the pressure on politicians and society to reduce their dependence on fossil fuels and aggressively pursue the development of new sources of energy.”

Therefore, Bosch will invest in green technologies such as electricity and hydrogen 3,000 million euros in three years.

The volume of orders related to electric mobility, for the first time, exceeded 10,000 million euros.

The chairman added that “electrification is the fastest path to climate neutrality” and believes the war will delay progress in reducing carbon emissions in the short term.

But he added that “in the long term it will accelerate the technological transformation of Europe.”

Hartung stressed that hydrogen is also essential and therefore “industrial policy must focus on making all economic sectors ready for hydrogen”.

He also announced that, over the next three years, the company will invest another 10,000 million euros in the digital transformation of its business.

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Bosch increased its sales by 5.2% during the first quarter of this year.

“We had a strong start to the year. Currently, we expect to exceed the 6% sales growth forecast for our annual report,” said Bosch Chief Financial Officer Markus Forschner.

Although the company will not achieve its target of matching EBIT margin for the prior year due to increased cost in energy, materials and logistics.

In fact, the prices of some raw materials have almost tripled.

“We need to prepare for continued price hikes and highly volatile markets. It is not only the automakers that have to pass on price increases, but also the suppliers,” Forchner said. EFE

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