Bosch Sales Surpasses 50 Billion Euro in 2011
The preliminary performance data released today by Bosch, the world’s largest auto parts supplier, shows that sales revenue increased by 9% to 51.4 billion euros in 2011. However, pretax profit accounted for only about 5% of sales, which is less than expected. 7% to 8%.
According to the “Financial Times†report, Bosch’s profit margin is mainly due to the special burden of rising raw material prices, prepayment for investment in electric vehicles and renewable energy, and solar asset revaluation. Among them, the writedown of its solar branch accounts for about one half of the one billion euro one-time fee.
As low-cost Chinese competitors and overcapacity squeeze profits, German solar companies are in a difficult position. After last year's installed capacity of solar power reached a record 7500 MW, the German Ministry of Economic Affairs is considering setting the upper limit of solar energy subsidies at 1,000 megawatts per year, an initiative that is expected to push up the price of electricity.
Bosch CEO Franz Fehrenbach stated that setting a subsidy limit will destroy the domestic solar industry. He said to the media yesterday evening: “If you set a subsidy of 1,000 megawatts, it would be a death sentence for the German solar industry. The government must maintain the elasticity restriction policy that was promoted in the summer of 2011.â€
Solar energy is a new business for Bosch. In 2008, the company’s acquisition of solar energy company Ersol for 1.1 billion euros was the largest deal in five years, and it was also the first major acquisition in the solar energy field. Currently, Bosch's solar branch employs more than 2,000 people and mainly produces solar-related components.
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