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Annual report 2015 Roughly 375,000 associates Around 440 subsidiaries and regional companies in approximately 60 countries 70.6 billion euros sales revenue in 2015 Bosch in figures 4.6 billion euros EBIT in 2015 118 engineering locations worldwide Including sales and service partners, Bosch is represented in roughly 150 countries Animation ANNUAL-REPORT.BOSCH.COM Bosch annual report 2015 Key data FIGURES IN MILLIONS OF EUROS 2015 2014 Sales revenue 70,607 48,951 percentage change from previous year 44.2 6.3 percentage share of sales generated outside Germany 80 78 Research and development cost 1 6,378 4,959 as a percentage of sales revenue 9.0 10.1 Capital expenditure 4,058 2,585 as a percentage of depreciation 146 138 Associates average for the year 368,833 286,084 on December 31, 2015 374,778 290,183 Total assets 77,266 61,924 Equity 34,424 29,541 as a percentage of total assets 45 48 EBIT 4,587 3,030 as a percentage of sales revenue 6.5 6.2 Profit after tax 3,537 2,637 Unappropriated earnings (dividend of Robert Bosch GmbH) 142 102 1 Including development work charged directly to customers THE BOSCH GROUP is a leading global sales network is the foundation for further term and to undertake significant up-front supplier of technology and services. The growth. The Bosch Group’s strategic objec- investments in the safeguarding of its future. company employs roughly 375,000 associ- tive is to deliver innovations for a connected Ninety-two percent of the share capital of ates worldwide (as of December 31, 2015), life. Bosch improves quality of life worldwide Robert Bosch GmbH is held by Robert Bosch and generated sales of 70.6 billion euros with products and services that are innova- Stiftung GmbH, a charitable foundation. The in 2015. Its operations are divided into four tive and spark enthusiasm. In short, Bosch majority of voting rights are held by Robert business sectors: Mobility Solutions, In- creates technology that is “Invented for life.” Bosch Industrietreuhand KG, an industrial dustrial Technology, Consumer Goods, and trust. The entrepreneurial ownership functions Energy and Building Technology. The Bosch The company was set up in Stuttgart in 1886 by are carried out by the trust. The remaining Group comprises Robert Bosch GmbH and Robert Bosch (1861–1942) as “Workshop for shares are held by the Bosch family and by its roughly 440 subsidiaries and regional Precision Mechanics and Electrical Engineer- Robert Bosch GmbH. companies in some 60 countries. Includ- ing.” The special ownership structure of Robert ing its sales and service partners, Bosch is Bosch GmbH guarantees the entrepreneurial represented in roughly 150 countries. This freedom of the Bosch Group, making it pos- worldwide development, manufacturing, and sible for the company to plan over the long Bosch Group business sectors MOBILITY SOLUTIONS Gasoline Systems Diesel Systems Chassis Systems Control Electrical Drives Starter Motors and Generators Car Multimedia Automotive Electronics Automotive Aftermarket Automotive Steering 1 INDUSTRIAL TECHNOLOGY Drive and Control Technology 2 Packaging Technology CONSUMER GOODS Power Tools BSH Hausgeräte GmbH 3 ENERGY AND BUILDING TECHNOLOGY Security Systems Thermotechnology Bosch Global Service Solutions4 1 Formerly ZF Lenksysteme GmbH or Steering Systems division; included in the 2014 financial statements at equity; all shares acquired on January 30, 2015 2 Bosch Rexroth AG (100% Bosch-owned) 3 Formerly BSH Bosch und Siemens Hausgeräte GmbH; included in the 2014 financial statements at equity; all shares acquired on January 5, 2015 4 From January 1, 2016 Auditor’s report 148 List of graphs and tables 150 Foreword Publishing details 2 151 Ten-year summary of the Bosch Board of management Contents Group 4 152 Supervisory board report 8 Highlights of the year Supervisory board, industrial trust, 12 and international advisory committee Robert Bosch Stiftung 10 16 Group management report 18 Consolidated financial statements of the Bosch Group 56 Bosch annual report 2015 Foreword Dear readers, The Bosch Group took a great step forward in 2015. Sales grew 44 percent year on year. The acquisition of all shares in the former fifty-fifty joint ventures for household appliances and steering systems is a considerable boost for our company. Strategically, both areas of activity are an excellent fit for the Bosch Group and our “In- vented for life” ethos. In our business operations as well, we made good progress. Our considerable innovative strength is a key to our success. All in all, therefore, we have a sound base from which to tackle our future tasks. Our business environment is very volatile. More than anything else, we see this as a great opportunity. In this context, our focus is on energy efficiency, automation, electrification, growth in emerging markets, and connec- tivity. We orient our work to these challenges and changes. Especially in light of the only moderate prospects for the global economy, we want to use innovation as a way of creating additional markets in many areas. A further important point is to adapt not only our organization, but also the way we lead and collaborate, in order to improve our flexibility and agility. One subject that concerns all our business sectors is the huge potential of the internet of things. Our ambition is to be one of the world’s leading companies in this area. And we have an excellent basis on which to build: our comprehensive expertise in mobility, industrial technology, consumer goods, and energy and building tech- nology. We are a globally leading manufacturer of MEMS sensors, are systematically expanding our software expertise, and are increasingly moving into services and new business models in areas such as connected vehicles, smart homes, and connected manufacturing. We have also set up the Bosch Global Service Solutions division in order to strengthen our services business. The present annual report shows just how much is hap- pening. We explain our strategy in the management report and provide a wealth of examples in the magazine entitled “Simply.Connected.” All these things are brought even more vividly to life in the online version. 2 Foreword Video “We want to become one of the world’s leading IoT companies.” We make heavy upfront investments in the areas that will determine the company’s future. On electromobility alone, we spend roughly 400 million euros a year. When we bought the U.S. start-up Seeo last year, we secured a battery technology that may prove to be a breakthrough in this field. At the same time, the challenges pre- sented by change mean we have to focus our efforts, and this may result in structural changes. In such cases, our responsibility lies equally with the company as a whole and with the associates affected. We believe it is important to involve the employee representatives in our plans as early as possible, to inform the workforce in detail, and to show them where future prospects lie. In the years ahead, change will demand a lot from us as a company. It is our executives and associates world- wide, with their ideas and in their daily work, who will seize the opportunities presented by change and secure our success. This makes it all the more important to involve them closely, and to offer them interesting tasks and attractive working conditions. We are also relying increasingly on collaboration across departmental and divisional boundaries. On behalf of the board of management, I would like to thank our entire workforce worldwide for their hard work and dedication. Without them, our success in 2015 would not have been possible. Our thanks also go to the employee representatives for their constructive contribution to the company’s development, to the sharehold- ers and the supervisory board for their support, and especially to our business partners. With best regards, Dr. Volkmar Denner, Chairman of the board of management 3 Bosch annual report 2015 1 2 Bosch offers systems for two-wheeler safety, efficiency, and riding enjoyment: exhibition by the new Two-Wheeler and Powersports unit in the foyer at Bosch headquarters. 1 In the future, Bosch’s connectivity control unit will enable motorcyclists to connect their vehicles to external devices such as a smartphone and use an app-controlled immobilizer, for instance. 2 A type of ESP® for two-wheelers, Bosch’s MSC motor- cycle stability control system ensures safe braking and acceleration even when leaning into bends. MSC can miti- gate the severity of two-thirds of the motorcycle accidents caused by rider error while cornering. 3 Compared with the mechanically controlled carburetor, and depending on situation, Bosch’s electronically con- trolled fuel-injection system can reduce fuel consumption by up to 15 percent. This also significantly reduces emis- sions and conserves valuable resources. 4 Board of management Board of management From left: Dr. Markus Heyn Uwe Raschke Dr. Rolf Bulander Dr. Stefan Hartung Dr. Werner Struth Dr. Volkmar Denner Dr. Dirk Hoheisel Peter Tyroller Dr. Stefan Asenkerschbaumer Christoph Kübel 3 5 Bosch annual report 2015 Board of management Dr. Volkmar Denner Dr. Stefan Asenkerschbaumer Christoph Kübel Chairman Deputy chairman Corporate responsibilities Corporate responsibilities Corporate responsibilities • Human resources and social welfare, • Technology coordination • Finance and financial statements including senior executives • Corporate strategy • Controlling, planning, and mergers • External affairs, governmental • Corporate communications and acquisitions and
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