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In 2012, home appliance manufacturer BSH successfully endured the euro crisis. Significant increase in consolidated net profit


Target revenue of ten billion euros to be reached in 2013.

Munich (bsh) – Despite difficult framework conditions, BSH Bosch und Siemens Hausgeräte GmbH can once again present record-breaking figures for the past financial year. The company’s good performance resulted in a very strong balance sheet total for 2012. The consolidated revenue increased by 1.5 percent to 9.8 billion euros. The consolidated net profit rose by approx. 25 percent to 466 million euros. The EBIT improved by 5.6 percent and reached 683 million euros. The operative cashflow also developed in a very positive manner. Last year, the Group created approx. 700 new jobs worldwide. “As the operational results show, 2012 was a very good year for BSH. We were able to further strengthen our position as a leading force on the market. This shows that by adopting a strategy of concentrating on the growth markets, on innovation and on sustainability, we are on the right path,” said Dr. Kurt-Ludwig Gutberlet, Chairman of the BSH Board of Management, at the annual press conference in Munich. In this context, Gutberlet also announced that Dr. Karsten Ottenberg will already succeed him as Chairman of the BSH Board of Management on 01 July 2013, three months earlier than was originally announced in April.

In 2012, BSH decided to place a clear focus on the company’s growth markets – especially on the Asia-Pacific region. In China, sales increased by six percent to 1.2 billion euros. Business also developed very favorably in the USA (+19.5 percent), Russia (+12.9 percent) and Great Britain (+8.2 percent). In Germany, sales increased by 4.3 percent to 2.2 billion euros in the same time period. In Turkey and in the European countries hit by the economic crisis, however, the Group had to accept losses compared to the year before. Nevertheless, BSH’s overall position is sound: in the past eight years, the Group increased its overall sales by more than one third. The global figures reflect structural changes and considerable regional differences. While for example China (+326 percent), Russia (+156 percent) and Poland (+97 percent) have partly achieved three-digit growth rates since 2005, the markets in Europe and in the USA experienced much more moderate growth in this same time period.

Long-term financing ensured

In the past two financial years, BSH made use of the favorable interest rate to ensure the company’s liquidity over the long term. “We were very successful in implementing this strategy, for example by issuing two bonds in China,” explained Johannes Närger, CFO and Labor Director of BSH. With a cash reserve of 1.4 billion euros (as of 31 December 2012), the Group has built a solid foundation on which to foster the company’s continued growth.

Demographic change poses a challenge

In Germany alone, the average age of BSH employees has risen from 41.2 to 42.3 years over the past five years. This development poses new challenges, for example with regard to health management, ergonomics at the workplace and the intergenerational transfer of knowledge. That is why the Group is significantly expanding its diversity activities and fostering a healthy and competitive working environment. “We practice modern human resource management, and are looking to attract the most suitable employees all over the globe – regardless of age or gender. We do not need a quota,” says Närger.

Key factors for success

Particularly the small home appliances segment, also known as consumer products, made an exceptional contribution to the company’s overall growth by generating six percent more revenue in 2012. The main drivers for growth in this area include the Tassimo hot beverage system, bagless vacuum cleaners, and the food preparation division. In the coming years, BSH will continue to consolidate its position in the consumer products sector on the European market, and is making good headway: in the first half of 2013, this segment has developed very favorably and achieved notable double-digit growth rates. The acquisition of Zelmer S.A., a Polish manufacturer of small home appliances, which was concluded in the spring of 2013, will further bolster this development, especially in Central and Eastern Europe.

BSH is constantly expanding its strong brand and product portfolio, as well as its activities related to resource efficiency. In 2012 in Europe alone, the company sold approx. four million appliances from its Super Efficiency Portfolio – appliances that have received only the highest energy efficiency ratings. Sales have thereby roughly doubled since 2009. “We will spare no effort to make our innovative technology available in more and more home appliances, because it is in this segment that we can make our most substantial contribution to climate protection,” commented Gutberlet. In addition, the Group is also continuing to support the implementation of intelligent incentive schemes designed to make the transition to renewable energies possible.

As a global company, BSH is also seeking to strategically expand in the growth markets. In the spring of 2013, BSH began building a home appliance factory in the Indian city of Chennai. From 2014 onward, approx. 400 new jobs will be created on this site. And also with regard to China, the largest market in Asia, the home appliance manufacturer expects to see a positive market development in the current financial year following the decline in 2012, which was particularly strong during the first half of the year. In China, the company will focus on the dishwasher and built-in appliance divisions in particular.

Cautiously optimistic outlook

The euro crisis and the rise in competitors from Asia and Turkey will continue to shape the market conditions in Europe. Nevertheless, BSH can look back on a successful first and second quarter and aims to reach its target of ten billion euros in revenue by the end of 2013. For the 2013 financial year, the home appliance manufacturer expects to see a slight increase in global revenue growth. Gutberlet announced he was confident that BSH is very well-equipped for this future competition and will be able to reinforce its strong position.

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With sales in 2012 of about 9.8 billion euros and a workforce numbering over 46,000, BSH Bosch und Siemens Hausgeräte GmbH is currently the world’s third largest company in the home appliance sector. BSH manufactures its products in 42 factories, and with over 70 companies, has a presence in 50 countries.

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