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"We
are observing whether demand will return. It was hugely dampened
last year," Chief Executive Stefan Hartung said of the Chinese
market, adding that he expects the European and U.S. economies
to weaken because of rising interest rates.
China accounts for a fifth of the company's revenue.
Bosch reported earnings before interest and tax (EBIT) up 15.6%
at 3.7 billion euros ($4 billion) last year on revenue that rose
10% to 88.4 billion euros after adjustments for exchange-rate
effects
Sales at its Mobility Solution division rose faster than
automotive production, the company said, increasing by 12% to
52.6 billion euros.
Still, its 2022 operating profit margin of 4% remains below the
long-term goal of 7%, which Hartung said he does not expect to
reach before 2024 at the earliest.
Demand in 2022 remained weaker than before the pandemic, but
Bosch sales benefited from strong demand for climate-friendly
technology from carmakers and those seeking alternative fuel
sources to Russian gas, the private company said.
"Despite semiconductor shortages and a weak economy, all
business sectors were able to increase their sales," said
finance chief Markus Forschner.
Pushed by Germany's attempt to wean itself off Russian gas,
demand for energy efficient heat pumps rose last year, with
sales jumping 50%, Bosch said, adding that it will expand its
manufacturing capacity for heat pumps in Europe.
($1 = 0.9152 euros)
(Reporting by Ilona Wissenbach and Riham Alkousaa; Writing by
Victoria Waldersee; Editing by Miranda Murray and David Goodman)
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