Bosch, a technology and services provider, exceeded its business targets for the 2022 financial year, despite the challenging economic and social environment.
The company reported total sales of €88.2 billion, an increase of 12% from the previous year. The earnings before interest and taxes (EBIT) from operations rose from €3.2 billion to €3.8 billion, and the EBIT margin from operations increased from 4.0% to 4.3%.
Dr Stefan Hartung, the chairman of the board of management of Robert Bosch GmbH, says, “We rose well to the challenges of 2022 – both our sales and our margin were higher than expected. And even if the economic and social environment remains demanding, we want to grow significantly faster.”
In the years ahead, given normal rates of inflation, the aim is for annual sales to grow by 6 to 8 percent on average, and for margin to reach at least 7 percent. “Our aim is to grow in every region of the world and to be among the leading three suppliers in our relevant markets,” Hartung says.
“In spite of a challenging year, Bosch delivered a healthy growth in the Malaysian market and achieved some key wins thanks to our dedicated associates,” says Klaus Landhaeusser, managing director of Bosch Malaysia.
He says the company employed around 4,200 associates with nearly RM 400 million (86.2 million euros) investments in the country, as of December 31, 2022.
Bosch has invested more than €12 billion to secure its future, with €7.2 billion allocated for research and development, and €4.9 billion for capital expenditure. The company aims to grow in every region of the world and to be among the leading three suppliers in relevant markets.
Bosch is realigning its mobility business, aiming for sales of more than €80 billion by 2029. The company is expanding its portfolio of solutions for electric, automated, and connected mobility, and will focus on strengthening its software and service business.
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Despite the economic uncertainties caused by the Covid-19 pandemic, Bosch expects sales growth of between 6% and 9% in 2023, with an EBIT margin from operations in the region of 5%. However, the company is aware of the cost pressures, inflation, and a cooling economy that may impact its growth targets. Despite this, Bosch is committed to investing in its future and maintaining its sound financial position.
Bosch’s success in the 2022 financial year has provided a solid basis for its future growth, and the company is optimistic about its outlook for 2023, despite the challenges it may face. With its focus on technology, innovation, and sustainability, Bosch aims to accelerate regional and sectoral growth, and to continue to be a leading provider of technology and services in its relevant markets.
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