Strong Bosch Result Highlights COVID Resilience of Electronic Security Business
Dr. Volkmar Denner, Bosch.
In the 2020 business year, the Bosch Group achieved a positive result despite the effects of the coronavirus crisis and the decline in automotive production.
According to Bosch, performance was better than initially expected. According to preliminary figures, earnings before interest and taxes (EBIT) amounted to some 1.9 billion euros. This puts the estimated EBIT margin at around 2.5 per cent. After adjusting for restructuring expenditure, estimated EBIT is approx. 3.3 billion euros – a margin of roughly 4.5 per cent. Total Bosch Group sales amounted to 71.6 billion euros: a year-on-year drop of 4.4 per cent after adjusting for exchange-rate effects.
“Despite the effects of the pandemic, we were able to achieve a very positive result. Above all, we have the extraordinary commitment of our associates to thank for that,” said Dr. Volkmar Denner, chairman of the board of management of Robert Bosch GmbH, at the presentation of the preliminary business figures. The company’s broad diversification and global footprint also proved their worth, he added.
“By investing in areas of future importance, such as sustainable mobility, the internet of things, and artificial intelligence, we are further expanding our innovation leadership.”
Bosch believes that AIoT – the combination of artificial intelligence (AI) and the internet of things (IoT) – will create growth opportunities in markets worth billions.
“We want to become a leading AIoT company,” Denner said. “On the strength of our broad domain knowledge and extensive expertise in electronics and software, we have more at our disposal than most of our competitors.”