Income statement 
for the period from January 1 to December 31, 2015

 

Figures in millions of euros
Note20152014
Sales revenue1)70,60748,951
Cost of sales–46,675–31,963
Gross profit23,93216,988
Distribution and administrative cost2)–13,787–9,469
Research and development cost3)–6,378 –4,959
Other operating income4)3,9321,126
Other operating expenses5)–3,068–912
Profit from entities consolidated using the equity method–44256
EBIT4,5873,030
Financial income6)2,9872,114
Financial expenses6)–3,085–1,769
Profit before tax4,4893,375
Income taxes7)–952–714
Profit after tax from continuing operations3,5372,661
Profit after tax from discontinued operations–24
Profit after tax3,5372,637
of which attributable to non-controlling interests8)344227
of which attributable to parent company3,1932,410

Statement of comprehensive income
for the period from January 1 to December 31, 2015

 

 

Figures in millions of euros
20152014
Profit after tax3,5372,637
Change from marketable financial instruments
recognized in other comprehensive income
38420
of which attributable to non-controlling interests1411
transferred to profit or loss–149–209
of which attributable to non-controlling interests–2–2
Adjustment item from currency translation of entities outside the euro zone9241,149
of which attributable to non-controlling interests66125
Items that will be reclassified to profit or loss8131,360
of which entities consolidated using the equity method–1110
Remeasurement of pension provisions811–1,837
of which attributable to non-controlling interests–1
Items that will not be reclassified to profit or loss811–1,837
of which entities consolidated using the equity method–178
Other comprehensive income1,624–477
Comprehensive income5,1612,160
of which attributable to non-controlling interests422360
of which attributable to parent company4,7391,800

Statement of financial position
for the year ended December 31, 2015

 

 

Assets
Figures in millions of euros
Note12/31/201512/31/2014
Current assets
Cash and cash equivalents10)3,7075,513
Trade receivables11)13,2408,785
Other financial assets12)1,8332,109
Income tax receivables300469
Other assets13)1,5041,238
Inventories14)9,6517,194
30,23525,308
Non-current assets
Financial assets15)11,53410,468
Income tax receivables81104
Property, plant, and equipment16)18,14213,251
Intangible assets17)12,4907,338
Investments measured at equity1521,666
Other assets16184
Deferred taxes7)4,4713,705
47,03136,616
Total assets77,26661,924
Equity and liabilities
Figures in millions of euros
Note12/31/201512/31/2014
Current liabilities
Trade payables18)6,1843,599
Other financial liabilities19)2,1951,094
Income tax liabilities233254
Other liabilities20)5,4943,706
Income tax provisions109184
Other provisions20)3,6633,239
17,87812,076
Non-current liabilities
Financial liabilities19)5,3435,112
Other liabilities20)24778
Pension provisions21)11,2629,935
Income tax provisions816611
Other provisions20)4,8413,425
Deferred taxes7)2,4551,146
24,96420,307
Equity22)
Issued capital1,2001,200
Capital reserve4,5574,557
Retained earnings26,94822,460
Unappropriated earnings142102
Non-controlling interests1,5771,222
34,42429,541
Total equity and liabilities77,26661,924

Statement of changes in equity

 

 

Figures in millions of euros
Retained earnings
Other comprehensive income
Issued capitalCapital reserveEarned profitTreasury stockCurrency translationSecuritiesOtherTotalUnappropriated earningsEquity parent companyEquity non-controlling interestsGroup equity
1/1/20141,2004,55723,060–62–606527–1,998–2,0778826,76692027,686
Comprehensive income1,024202–1,836–6102,4101,8003602,160
Dividends–88–88–88–176
Transfer to retained earnings2,308–2,308
Other changes–159–159–15930–129
12/31/20141,2004,55725,368–62418729–3,993–2,84610228,3191,22229,541
Comprehensive income858–1238111,5463,1934,7394225,161
Dividends–102–102–291–393
Transfer to retained earnings3,051–3,051
Other changes–109–109–109224115
12/31/20151,2004,55728,419–621,276606–3,291–1,40914232,8471,57734,424

Statement of cash flows

 

 

Figures in millions of euros
Note 2320152014
EBIT¹4,5873,006
Depreciation and amortization²4,3592,341
Increase in pension provisions9524
Increase in non-current provisions79345
Gains on disposal of non-current assets–100–86
Losses on disposal of non-current assets127104
Remeasurement of investments–2,136
Result from investments measured at equity44–256
Financial income, cash effective1,507828
Financial expenses, cash effective–1,630–980
Interest and dividends received475679
Interest paid–242–209
Paid income taxes–1,044–630
Cash flow6,8354,866
Increase in inventories–148–385
Change in receivables and other assets385–474
Decrease in liabilities–489–457
Change in current provisions–624285
Cash flows from operating activities (A)5,9593,835
Acquisition of subsidiaries and other operating units–3,507–27
Disposal of subsidiaries and other operating units19–18
Additions to non-current assets–4,848–3,140
Proceeds from disposal of non-current assets456268
Purchase of securities–9,844–6,516
Disposal of securities10,5206,661
Cash flows from investing activities (B)–7,204–2,772
Borrowing4861,159
Repayment of financial liabilities–748–513
Dividends paid–393–176
Cash flows from financing activities (C)–655470
Change in liquidity (A+B+C)–1,9001,533
Liquidity at the beginning of the period (January 1)5,5133,799
Exchange-rate related increase in liquidity90123
Increase in liquidity due to changes in the consolidated group458
Liquidity at the end of the period (December 31)3,7075,513

Notes to the financial statements

Principles and methods

 

General explanations

 

The consolidated financial statements of the Bosch Group for the year ended December 31, 2015, have been prepared according to the standards issued by the International Accounting Standards Board (IASB), London. The International Financial Reporting Standards (IFRSs) and the Interpretations of the IFRS Interpretations Committee (IFRS IC) applicable in the EU at the end of the reporting period have been applied. The previous-year figures have been determined using the same principles.

 

The consolidated financial statements are in line with the provisions of Sec. 315a HGB [“Handelsgesetzbuch”: German Commercial Code] and Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of July 19, 2002, on the application of international accounting standards.

 

In 2015, the EU endorsed the following amendments to International Financial Reporting Standards:

  

  • November 23, 2015: Amendments to IAS 16 Property, Plant, and Equipment and IAS 41 Agriculture
  • November 24, 2015: Amendments to IFRS 11 Joint Arrangements
  • December 2, 2015: Amendments to IAS 16 Property, Plant, and Equipment and IAS 38 Intangible Assets
  • December 15, 2015: Annual Improvements to IFRS, 2012-2014 Cycle
  • December 18, 2015: Amendments to IAS 1 Presentation of Financial Statements

 

The aforementioned amendments are mandatory for fiscal years beginning on or after January 1, 2016; none will be early-adopted by the Bosch Group. First-time application of the amended standards is not expected to have any material effects on the consolidated financial statements of the Bosch Group. The effects on the Bosch Group of IFRS 9 Financial Instruments and IFRS 15 Revenue Recognition, which are still pending endorsement by the EU, are currently being reviewed.

 

To enhance the clarity and transparency of the consolidated financial statements, individual items of the consolidated income statement and the consolidated statement of financial position have been combined. These items are explained separately in the notes to the consolidated financial statements. The income statement has been prepared using the function of expense method.

 

The group currency is the euro (EUR). Unless otherwise stated, all figures are in millions of euros (EUR million).

 

The consolidated financial statements prepared as of December 31, 2015, were authorized for disclosure by management on March 15, 2016. The consolidated financial statements and group management report will be filed with the Federal Gazette [Bundesanzeiger] and published there.

  

Basis of consolidation

 

Besides Robert Bosch GmbH, the consolidated financial statements include all subsidiaries for which Robert Bosch GmbH fulfills the criteria pursuant to IFRS 10 Consolidated Financial Statements. These entities are included in the consolidated financial statements from the date on which the Bosch Group obtains control. Conversely, subsidiaries are no longer fully consolidated when control of the entity is lost.

 

The capital of the companies consolidated in the fiscal year for the first time is consolidated pursuant to IFRS 3 Business Combinations, using the acquisition method of accounting. At the time of combination, the purchase cost of the shares acquired is offset against pro-rata revalued equity. Assets, liabilities, and contingent liabilities are carried at fair value. Remaining debit differences are accounted for as goodwill. Any credit differences are recognized with effect on income. Any difference resulting from the purchase of additional non-controlling interests is offset against equity.

 

Joint ventures as defined by IFRS 11 Joint Arrangements are accounted for using the equity method.

 

Pursuant to IAS 28 Investments in Associates and Joint Ventures, investments are included in consolidation using the equity method if significant influence can be exercised. At present, no associates have been accounted for using the equity method. For reasons of materiality, investments in associates are valued at amortized cost.

 

Within the consolidated group, intercompany profits and losses, sales, expenses, and other income, as well as all receivables and liabilities or provisions, are eliminated. In the case of consolidation measures with an effect on income, the effects for income tax purposes are considered and deferred taxes recognized.

  

 

Currency translation

 

In the separate financial statements of the group companies, all receivables and liabilities denominated in currencies other than the euro are measured at the closing rate, regardless of whether they are hedged or not. Exchange-rate gains and losses from revaluations are recorded in profit or loss.

 

The financial statements of the consolidated companies outside the euro zone are translated into euros in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates. Assets and liabilities are translated at the closing rate, while equity is translated at historical rates. The line items of the income statement are translated into euros at the annual average exchange rates. Any resulting exchange-rate differences are recorded directly in equity until the disposal of the subsidiaries, and disclosed as a separate line item in equity.

 

For the most important non-euro currencies of the Bosch Group, the following exchange rates apply:

   

Closing rateAverage rate
1 EUR =12/31/1512/31/1420152014
AustraliaAUD1.491.481.481.47
BrazilBRL4.313.223.703.12
ChinaCNY7.107.466.918.17
Czech RepublicCZK27.0327.7327.2827.53
HungaryHUF313.12314.89309.90308.65
IndiaINR72.0276.7271.2081.04
JapanJPY131.07145.23134.31140.31
KoreaKRW1,280.78 1,324.80 1,256.54 1,398.14
PolandPLN4.264.274.184.18
Russian FederationRUB79.7068.3467.8150.82
SwitzerlandCHF1.081.201.071.21
TurkeyTRY3.182.833.032.91
United KingdomGBP0.730.780.730.81
USAUSD1.091.211.111.33

 

Accounting policies

 


Cash and cash equivalents comprise cash, reserve bank deposits, and bank balances with an original maturity of less than 90 days. Measurement is at amortized cost.

 

Trade receivables, income tax receivables, and other assets, as well as other financial assets that are allocated to "Loans and receivables," are measured at amortized cost. All discernible specific risks and general credit risks are accounted for by appropriate valuation allowances. According to internal group guidelines, the carrying amounts of receivables are generally corrected via a valuation allowance account.

 

Inventories include raw materials, consumables, and supplies; work in process, finished goods, and merchandise; and prepayments. Inventories are stated at purchase cost or cost of conversion using the average cost method. In addition to direct cost, cost of conversion includes an allocable portion of necessary materials and production overheads as well as production-related depreciation that can be directly allocated to the production process. Appropriate allowance is made for risks associated with holding and selling inventories due to obsolescence. Inventories are written down further when the net realizable value of the inventories has fallen below cost.

 

Property, plant, and equipment are measured at cost of purchase or production cost less depreciation and, if necessary, impairment losses. Depreciation is charged on a straight-line basis over the economic useful life.

 

Depreciation is based on the following ranges of useful lives:

   

Useful life
Buildings10 – 50 years
Plant and equipment8 – 11 years
Other equipment, fixtures, and furniture3 – 25 years

In accordance with IAS 36 Impairment of Assets, impairment losses are recorded on property, plant, and equipment if the recoverable amount has fallen below the carrying amount. Impairment losses are reversed if the reasons for the impairment loss from previous years no longer apply. Repair costs are recognized in the income statement.

 

In accordance with IAS 17 Leases, leased items of property, plant, and equipment which, from a substance-over-form perspective, are deemed to be purchases of assets with long-term financing (finance leases) are recognized at the time of addition at the lower of the fair value of the leased assets or present value of the minimum lease payments. Depreciation is charged over the economic useful life. If it is uncertain whether title to the leased asset will be transferred, the asset is depreciated over the term of the lease agreement (if shorter than the economic useful life). The finance expense from these leases is disclosed under other financial result.

 

Investment property is measured at depreciated cost in accordance with IAS 40 Investment Property.

 

Government grants are only recognized pursuant to IAS 20 Accounting for Government Grants and Disclosure of Government Assistance if it is sufficiently certain that the assistance will be granted and the conditions attached to the assistance are satisfied. Grants related to assets are deducted in order to calculate the carrying amount of the asset. Grants related to income are presented as part of profit or loss in the period in which the related expenses are incurred.

 

Purchased and internally generated intangible assets are capitalized pursuant to IAS 38 Intangible Assets if a future economic benefit will flow to the entity from the use of the asset and the cost of the asset can be reliably determined. These assets are generally carried at cost and amortized using the straight-line method over their economic useful life. As a rule, the useful life is four years. Intangible assets accounted for in the course of business combinations have a useful life of up to 50 years.

 

As a rule, borrowing costs are not included in the cost of assets. If they are directly attributable to the acquisition, construction, or production of a qualifying asset they are included in the cost of that asset in accordance with IAS 23 Borrowing Costs. Write-downs on capitalized borrowing costs are reported in the cost of sales.

 

Goodwill from business combinations represents the difference between the purchase price on the one hand and the pro-rata fair value of the equity at the time of acquisition on the other. Goodwill is allocated to the cash-generating units and tested annually for impairment. If the recoverable amount of the cash-generating unit does not cover the carrying amount of the net asset, impairment losses are charged in accordance with the requirements of IAS 36. Pursuant to IFRS 1 First-time Adoption of International Financial Reporting Standards, goodwill existing as of January 1, 2004 (date of transition), was transferred at the carrying amount in accordance with the provisions of the German Commercial Code. Goodwill is also tested for impairment pursuant to the provisions of IAS 36.

 

Intangible assets with an indefinite useful life are tested annually for impairment. Intangible assets subject to wear and tear are only tested for impairment if there is any indication that they may be impaired. Impairment losses are recorded in accordance with IAS 36 if the recoverable amount of the asset concerned has fallen below the carrying amount. Impairment losses are reversed if the reasons for the impairment loss from previous years no longer apply.

 

Shares in jointly controlled entities are included in the consolidated financial statements using the equity method. The carrying amount of these shares is subsequently measured in accordance with the change in equity of the jointly controlled entity attributable to the Bosch Group.

 

As a rule, financial instruments are determined as of the settlement date. Financial instruments are accounted for at amortized cost or fair value. In the case of a financial asset or financial liability not accounted for at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability are taken into account.

 

When determining the fair value, the input factors of the measurement methods pursuant to IFRS 13 Fair Value Measurement are categorized as follows:

  • Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the accounting entity can access at the measurement date
  • Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly
  • Level 3: Inputs that are not based on observable market data

 

The fair value of current financial assets and liabilities is assumed to correspond to the carrying amount.

In accordance with IAS 39 Financial Instruments: Recognition and Measurement, the following categories of financial instruments are used in the Bosch Group:

 

  • „ Held-to-maturity investments
  • „ Loans and receivables
  • „ Financial liabilities measured at amortized cost
  • „ Assets and liabilities held for trading
  • „ Available-for-sale financial assets

 

The fair-value option pursuant to IAS 39 is not exercised.

 

Financial investments held to maturity, loans and receivables, and current and non-current financial liabilities are measured at amortized cost using the effective interest method. Impairments of loans and receivables to allow for anticipated credit risks based on past experience are recognized in the form of specific and general doubtful debt allowances. When determining valuation allowances for the general credit risk, financial assets that could potentially be impaired are grouped together by similar credit risk characteristics, collectively tested for impairment, and, if necessary, written down.

 

Financial assets and liabilities held for trading are measured at fair value. Changes in value are recognized in profit or loss. These are derivative financial instruments which are mainly used to limit currency, interest, and commodity risks in accordance with internal risk management. Hedge accounting is not used in the Bosch Group.

 

Available-for-sale financial assets are those non-derivative financial assets that cannot be allocated to any of the three preceding categories. They are carried at fair value. Unrealized gains and losses from changes in market value are disclosed in equity, net of deferred taxes, until they are realized. Interest received is generally recognized through profit or loss using the effective interest method. Dividends are recognized through profit or loss as soon as payment is legally enforceable. If impairment losses are necessary, the accumulated net loss is eliminated from equity and disclosed in profit or loss. If an impairment loss recorded on equity instruments is reversed in accordance with IAS 39, this is offset directly against equity. Reversals of impairment losses on debt instruments may not exceed the amount for which the impairment loss was recorded. The amount of the reversal is recognized in profit or loss.

 

If the fair value of available-for-sale financial assets cannot be reliably determined, they are accounted for at acquisition cost. These are investments for which there is no active market. Necessary impairment losses are recognized in profit or loss and are not reversed.

 

As of every reporting date, the carrying amounts of the financial assets which are not measured at fair value through profit or loss are examined for substantial objective indications that an asset may be impaired. Such indications may, for instance, be serious financial difficulties suffered by the debtor, the high probability that insolvency proceedings will be instituted against the debtor, the loss of an active market for the financial asset, a permanent drop in the fair value of the financial asset below amortized cost, or significant changes in the technological, economic, legal, or market environment of the issuer. A possible impairment loss is given if the fair value of the asset is lower than the carrying amount. The fair value of loans and receivables is the present value of the estimated future cash flows discounted using the original effective interest rate.

 

In accordance with IAS 12 Income Taxesdeferred tax assets and liabilities are recorded for temporary differences between the tax carrying amounts and the carrying amounts in the consolidated statement of financial position unless they arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affect neither the profit before tax nor the taxable income. Deferred tax assets arising from tax losses and tax credits are recognized only where there is assurance beyond any reasonable doubt that they can be used in the future. The deferred tax item equals the estimated tax burden or relief in later periods. The tax rate applicable at the time of realization is taken as a basis. Tax implications from profit distributions are generally not considered until the resolution for the appropriation of profits has been adopted. If it is uncertain whether recognized deferred taxes can be realized, they are adjusted accordingly.

 

Assets and liabilities held for sale are classified as held for sale if most of their carrying amount is redeemed by a sale and the sale is highly likely to be effected. They are valued at the lower of carrying amount or fair value, less selling cost.

 

For finance leases under which the Bosch Group is the lessor, a receivable is recognized at the net investment value and disclosed under financial assets. Liabilities from finance leases are disclosed under financial liabilities, at the present value of the future lease payments. Leases under which substantially all risks and rewards in connection with ownership have been transferred to the lessee are classified as finance leases.

 

Pursuant to IAS 19 Employee Benefitspension provisions are recognized using the projected unit credit method, taking estimated future increases in pensions and salaries into account, among other things.

 

Tax provisions pertain to obligations relating to income tax and other taxes. Deferred taxes are disclosed in separate line items of the statement of financial position.

 

Pursuant to IAS 37 Provisions, Contingent Liabilities, and Contingent Assets, other provisions are recognized if there is a current obligation from a past event which will probably lead to an outflow of resources embodying economic benefits in the future. In addition, it must be possible to reliably estimate the amount of this outflow. Other provisions are measured at full cost. Provisions due in more than one year are stated at their discounted settlement amount. They are discounted at the capital market interest rate for equivalent maturities.

 

Revenue from the supply of products and goods or from the provision of services is recognized when title and risk is transferred to the purchaser, less sales deductions. Interest and lease income is recorded according to the contractual agreement and, where appropriate, accrued pro rata temporis. In the case of finance leases, the payments are divided up using actuarial methods.

 

Cost of sales contains the cost of internally manufactured goods and the cost price of resold merchandise. The production cost of internally manufactured goods contains materials and production cost that can be allocated directly, the allocable parts of indirect overheads, including the depreciation of production equipment and the amortization of other intangible assets, and the devaluation of inventories.

 

Development cost that cannot be recognized is released to profit or loss in the period incurred.

 

Assumptions and estimates

The preparation of consolidated financial statements in accordance with IFRSs requires that assumptions and estimates be made for some line items. These assumptions and estimates have an effect on the amount and disclosure of the assets and liabilities, income and expenses, and contingent liabilities disclosed in the reporting period. Estimates and assumptions concern the following in particular:

 

The determination of valuation allowances on receivables is based on estimates and assumptions with respect to the credit standing of individual customers and sovereign risks. The discounted future cash flows used as a basis for testing goodwill and other intangible assets for impairment are based on estimates. Assumptions are also made in the determination of the discount rates and growth rates used. The recognition of deferred tax assets is premised on their future recoverability being probable. Consequently, assumptions have to be made regarding future taxable income and the expected timing of the reversal of temporary differences. Pension provisions and similar obligations are measured using actuarial methods. This requires various assumptions, including with respect to life expectancy, salary trends, and the pension growth rate. The recognition and measurement of other provisions is based on estimates of the amount and probability of future events. To the extent possible, such estimates are based on past experience, and are regularly reviewed and adjusted as necessary.

 

Changes in presentation of financial and non-financial assets and liabilities in the statement of financial position

In the fiscal year it was decided to change the disclosure of financial and non-financial assets and liabilities in the statement of financial position, and thereby convey more reliable information about these line items of the statement of financial position. On the assets side of the statement of financial position, the reclassifications concern the line items current securities, current other assets, and non-current financial assets; on the equity and liabilities side, they concern the line items current and non-current financial liabilities and other liabilities. Also affected are the corresponding tables in the notes to the financial statements. The previous-year figures were adjusted accordingly. It was decided not to present a statement of financial position as of January 1, 2014, on the grounds of immateriality. The table below presents the effects of the changes in presentation on the previous-year figures in the statement of financial position and the figures as of January 1, 2014:

 

 

Figures in millions of euros
12/31/2014 before reclassification12/31/2014 after reclassification1/1/2014 before reclassification1/1/2014 after reclassification
Assets
Current assets
Securities1,076–1,076593–593
Other assets2,271–1,0331,2381,921–8821,039
Other financial assets2,1092,1091,4751,475
Non-current assets
Financial assets10,552–8410,46810,461–7510,386
Other assets84847575
Equity and liabilities
Current liabilities
Financial liabilities185–185538–538
Other financial liabilities1,0941,0941,4441,444
Other liabilities4,615–9093,7064,305–9063,399
Non-current liabilities
Financial liabilities5,028–5,0284,003–4,003
Financial liabilities5,1125,1124,1234,123
Other liabilities162–8478186–12066

 

Consolidation

 

Consolidated group

 

Robert Bosch GmbH is headquartered in Stuttgart, Germany. The shareholders of Robert Bosch GmbH are Robert Bosch Stiftung GmbH, Stuttgart (92.0 percent of the shares), the Bosch family (7.4 percent of the shares), and Robert Bosch Industrietreuhand KG, Stuttgart, which performs the entrepreneurial ownership functions. Robert Bosch GmbH holds treasury stock equivalent to 0.6 percent of capital.

 

Besides Robert Bosch GmbH, the consolidated group comprises a further 442 (previous year: 340) fully consolidated companies. The group developed as follows:

   

GermanyOutside GermanyTotal
Included in consolidation at January 1, 201463298361
Additions/formations in fiscal year 201471118
Disposals/mergers in fiscal year 201443438
Included in consolidation at December 31, 201466275341
Additions/formations in fiscal year 20152195116
Disposals/mergers in fiscal year 201521214
Included in consolidation at December 31, 201585358443

The consolidated group includes 10 special funds, as well as other investments.


In the fiscal year 2015, the following companies were consolidated for the first time:

 

  • BD Kompressor GmbH, Lollar, Germany
  • BD Kompressor Holding GmbH & Co. KG, Lollar, Germany
  • BeYond GmbH, Hildesheim, Germany
  • Bosch Rexroth Guss GmbH, Lohr am Main, Germany
  • Bosch Rexroth Vermögensverwaltung GmbH, Lohr am Main, Germany
  • BSH Hausgeräte GmbH, Munich, Germany (the subgroup comprises 75 entities)
  • ProSyst Software GmbH, Cologne, Germany
  • Robert Bosch Automotive Steering GmbH, Schwäbisch Gmünd, Germany (the subgroup comprises 17 entities)
  • Robert Bosch Elektronik Thüringen GmbH, Arnstadt, Germany
  • ProSyst Labs EOOD, Sofia, Bulgaria
  • Bosch Automotive Systems (Wuxi) Co., Ltd., Wuxi, China
  • Bosch (Shanghai) Investment Consulting Co., Ltd., Shanghai, China
  • Bosch (Shanghai) Venture Capital Investment Co., Ltd., Shanghai, China
  • Robert Bosch Service Solutions – Costa Rica Sociedad Anónima, Heredia, Costa Rica
  • Robert Bosch Ltda., Bogotá, Colombia
  • Robert Bosch S.A.C., Lima, Peru
  • Robert Bosch Inc., Manila, Philippines
  • Bosch Packaging Technology (Thailand) Co., Ltd., Thailand
  • Climatec LLC, Phoenix, AZ, USA
  • Kliklok Corporation, Decatur, GA, USA
  • Klikwood Corporation, Decatur, GA, USA
  • Osgood Industries Inc., Oldsmar, FL, USA
  • Robert Bosch Asset Management I LLC, Farmington Hills, MI, USA
  • Robert Bosch Asset Management I LP, Farmington Hills, MI, USA
  • Seeo, Inc., Hayward, CA, USA
  • Kliklok International Limited, Bristol, United Kingdom


Due to changes to the consolidated group, sales revenue increased by EUR 16,638 million, while total assets increased by EUR 13,968 million.
  

Condensed financial information on fully consolidated subsidiaries with material non-controlling interests
Figures in millions of euros
Bosch Automotive Diesel Systems Co., Ltd., Wuxi, ChinaUnited Automotive Electronic Systems Co., Ltd., Shanghai, ChinaZF Shanghai Steering Systems Group, Shanghai, ChinaBosch Ltd., Bengaluru, India
2015201420152014201520152014
Current assets6507251,155966441803822
Non-current assets3893311,3851,308358992686
Current liabilities289276962807422411344
Non-current liabilities9215423738
Sales revenue1,3441,2282,3151,6639701,4181,182
Profit after tax32921832022485156144
Comprehensive income32930132037285168271
Cash flows from operating activities48570392251136225148
Cash flows from investing activities–90–48–206–91–86–178–107
Cash flows from financing activities–399–17–230–136–72–45–25
Share of capital attributable to non-controlling interests34.0%34.0%49.0%49.0%49.0%28.8%28.8%
Profit/loss attributable to non-controlling interests11274157110414541
Equity attributable to non-controlling interests255265728549184389325
Dividends paid to non-controlling interests136987335137

The condensed financial information of the respective entities corresponds to the figures before consolidation entries.

 

Joint ventures

 

The following entities are joint ventures and were accounted for using the equity method in accordance with IFRS 11:

 

  • „ Bosch Mahle Turbo Systems GmbH & Co. KG, Stuttgart, Germany (50 percent)
  • „ EM-motive GmbH, Hildesheim, Germany (50 percent)
  • „ KB Wiper Systems Co., Ltd., Daegu, Korea (50 percent)
  • „ Hytec Holdings (Pty.) Ltd., Johannesburg, South Africa (50 percent)
  • „ Associated Fuel Pump Systems Corporation, Anderson, SC, USA (50 percent)

 

The share of capital corresponds to the share of voting rights.

 

The joint venture KB Wiper Systems Co., Ltd., Daegu, Korea, was established in the previous year as a wholly-owned subsidiary of the Bosch Group. During the fiscal year, the share held by the Bosch Group decreased to 50 percent through the contribution of the business operations by the co-venturer.

 

The carrying amount of investments measured using the equity method in the consolidated financial statements of the Bosch Group corresponds to the proportionate share in equity.

 

There were no obligations to joint ventures as of the reporting date (previous year: EUR 1 million).

  

Material joint ventures 

The fifty-fifty joint venture Bosch Mahle Turbo Systems GmbH & Co. KG, Stuttgart, Germany, was established in 2008 by Robert Bosch GmbH and MAHLE GmbH, Stuttgart. The company develops and manufactures exhaust-gas turbo-chargers for gasoline and diesel engines for use in passenger cars and commercial vehicles.

 

The companies BSH Hausgeräte GmbH (formerly BSH Bosch und Siemens Hausgeräte GmbH), Munich, Germany, and Robert Bosch Automotive Steering GmbH (formerly ZF Lenksysteme GmbH), Schwäbisch Gmünd, Germany, which were reported as material joint ventures in the previous year, were fully consolidated for the first time in the fiscal year. The joint venture BSH Bosch and Siemens Hausgeräte GmbH was established in 1967 together with Siemens AG, Munich, Germany. The company is one of the world's leading players in the household-appliances industry. Effective January 5, 2015, the Bosch Group acquired all shares in BSH Bosch und Siemens Hausgeräte GmbH; the company has since been renamed BSH Hausgeräte GmbH and has been included in the consolidated financial statements of the Bosch Group since January 1, 2015. ZF Lenksysteme GmbH, the joint venture with ZF Friedrichshafen AG, Friedrichshafen, Germany, was established in 1999. The company develops, manufactures, and sells steering systems for passenger cars and commercial vehicles worldwide. Effective January 30, 2015, the Bosch Group acquired all shares in ZF Lenksysteme GmbH. The company has since been renamed Robert Bosch Automotive Steering GmbH and has been included in the consolidated financial statements of the Bosch Group since January 31, 2015.

 

The condensed financial information on material joint ventures is presented in the table below. It corresponds to the figures from the IFRS financial statements of the aforementioned joint ventures.

   

Figures in millions of euros
Bosch Mahle Turbo Systems GmbH & Co. KG, StuttgartBSH Bosch und Siemens Hausgeräte GmbH, MunichZF Lenksysteme GmbH, Schwäbisch Gmünd
2015201420142014
Sales revenue26313711,3894,388
Depreciation and amortization–23–18–330–244
EBIT–117–65705249
Interest income00455
Interest expenses–10–129–7
Profit before tax–130–65637248
Income taxes00–190–64
Profit after tax–130–65447184
Other comprehensive income1–2–41–96
Comprehensive income–129–6740688
Current assets138795,4541,474
of which cash and cash equivalents98493265
Non-current assets1601233,6921,519
Current liabilities130553,5911,055
of which financial liabilities19530049
Non-current liabilities10103,1681,072
of which financial liabilities1,151105
Equity1581372,387866
of which attributable to non-controlling interests3172
Pro-rata equity attributable to the group79691,192347
Dividends received250

 

Condensed financial information on individually immaterial joint ventures

  

Figures in millions of euros
20152014
Carrying amount of the investments7357
Group share of profit after tax120
Group share of other comprehensive income of the period0–1
Group share of comprehensive income12–1

 

Business combinations

 

 

Figures in millions of euros
CompanyActivity and absorbing business sectorFirst-time consolidationShare of voting rightsAcquisition costProfit share since first-time consolidation
BSH Hausgeräte Group, Munich, GermanyHousehold appliances BBGJan. 1, 2015100%5,835237
Climatec LLC,
Phoenix, AZ, USA
Energy, building, and security solutions
BBE
Jan. 1, 2015100%184–7
ProSyst Group, Cologne, GermanySoftware Other segmentsJan. 1, 2015100%53–2
Automotive Steering Group, Schwäbisch Gmünd, GermanySteering Systems BBMJan. 31, 2015100%1,759–45
Seeo Inc.,
Hayward, CA, USA
Development of solid-state cells
BBM
Aug. 17, 2015100%85–5
Kliklok Group, Decatur, GA, USAPackaging machinery BBINov. 30, 2015100%55–2

Robert Bosch GmbH already previously held 50 percent of the share capital of BSH Hausgeräte GmbH (formerly BSH Bosch und Siemens Hausgeräte GmbH), Munich, Germany, and Robert Bosch Automotive Steering GmbH (formerly ZF Lenksysteme GmbH), Schwäbisch Gmünd, Germany. On January 5, 2015, Robert Bosch GmbH acquired 50 percent of the shares in BSH Hausgeräte GmbH from Siemens AG, Munich. The complete takeover serves to strengthen Robert Bosch GmbH’s consumer goods business. A further objective is to build up the Bosch Group’s activities in the area of connected buildings and appliances. Effective January 30, 2015, 50 percent of the shares in Robert Bosch Automotive Steering GmbH were acquired from ZF Friedrichshafen AG, Friedrichshafen, Germany. With the acquisition, the Bosch Group is strengthening its position in the field of electric steering, a key technology for automated driving, more efficient vehicles, and electric cars.

 

The acquisition cost presented in the table refers to 100 percent of the shares, and thereby comprises the purchase for 50 percent of the shares in each case together with the equity interest previously held by Robert Bosch GmbH remeasured at fair value as part of an acquisition achieved in stages. The purchase price for the 50 percent equity interest in BSH Hausgeräte GmbH came to EUR 3,014 million; the acquisition-date fair value equity interest already previously held came to EUR 2,821 million. Remeasurement of the equity interest already held resulted in income of EUR 1,627 million. The 50 percent equity interest in Robert Bosch Automotive Steering GmbH was acquired for EUR 882 million; the equity interest already previously held was measured at an acquisition-date fair value of EUR 877 million. Income resulting from the remeasurement of the equity interest came to EUR 494 million. The capitalized goodwill mainly expresses some of the anticipated synergy effects and potential income, and is not deductible for tax purposes.

 

The effects of the acquisitions on the assets and liabilities of the Bosch Group as of the date of first-time consolidation are presented in the table below.

Figures in millions of euros
BSH Hausgeräte GroupAutomotive Steering Group
Fair valuesCarrying amounts acquiredFair valuesCarrying amounts acquired
Current assets5,7195,4361,6971,667
of which cash and cash equivalents493493278278
of which trade receivables2,9542,954883883
Non-current assets8,0693,4843,1001,558
Financial assets1,0631,0633333
Property, plant, and equipment2,3721,8591,4411,182
Intangible assets4,123591,37592
of which goodwill548108
Deferred tax assets511503251251
Current liabilities3,5913,5911,2461,246
Non-current liabilities4,3623,1411,5751,155
Provisions1,9081,908927927
Liabilities including deferred taxes2,4541,233648228
Non-controlling interests217201
Figures in millions of euros
ClimatecProSystSeeoKliklokTotal of fair valuesTotal of carrying amounts acquired
Current assets4344287976
of which cash and cash equivalents2441010
of which trade receivables372064545
Non-current assets17161826037427
Property, plant, and equipment2210148
Intangible assets169617947356
of which goodwill71263916152
Deferred tax assets13419
Current liabilities2921144646
Non-current liabilities11019307
Provisions1344
Liabilities including deferred taxes1016263

In the course of the acquisition transactions, previously unrecognized intangible assets (excluding goodwill) of EUR 98 million were disclosed at Climatec, of EUR 35 million at ProSyst, of EUR 40 million at Seeo, and of EUR 31 million at Kliklok.

 

In addition, Osgood Industries Inc., Oldsmar, FL (USA), was acquired for EUR 15 million in the fiscal year.

The aforementioned business combinations were primarily paid for through the transfer of cash and cash equivalents.

 

Assuming that the aforementioned entities had already been consolidated for the first time as of January 1, 2015, the Bosch Group's total sales revenue would have come to EUR 70,994 million, with profit after tax of EUR 3,541 million. 

 

 

Discontinued operations

 

No decisions were made in the fiscal year concerning the sale of parts of companies or subsidiaries falling within the scope of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations.

 

In the previous year, the production facilities and a large portion of the assets of Bosch Solar Energy AG, the module activities at the Prenzlau (Germany) site of AS Abwicklung und Solar-Service AG i.L. (formerly aleo solar AG i.L.), and the module plant in Vénissieux, France, were sold.

 

The result of discontinued operations in the previous year broke down as follows:

  

Figures in millions of euros
2014
Sales revenue20
Other income
Expenses–44
Result of discontinued operations–24
Income taxes
Profit after tax–24
of which attributable to non-controlling interests
of which attributable to parent company–24

The effects of discontinued operations on the statement of comprehensive income in the previous year are presented below:

Figures in millions of euros
2014
Profit after tax–24
Items that will be reclassified to profit or loss
Items that will not be reclassified to profit or loss
Comprehensive income–24
of which attributable to non-controlling interests
of which attributable to parent company–24

The cash flows of discontinued operations broke down as follows in the previous year:

Figures in millions of euros
2014
Operating activities–16
Investing activities0
Financing activities0

The large gearboxes unit of the Drive and Control Technology division was sold as of November 30, 2015. The transaction led to a loss of EUR 176 million (including the provisions recognized in connection with the sale).

 

Notes to the income statement

 

1 Sales revenue

 

Sales revenue amounted to EUR 70,607 million (previous year: EUR 48,951 million). The Mobility Solutions business sector accounted for EUR 41,657 million (previous year: EUR 33,318 million) of this total, the Industrial Technology business sector for EUR 6,603 million (previous year: EUR 6,709 million), the Consumer Goods business sector for EUR 17,140 million (previous year: EUR 4,179 million), and the Energy and Building Technology business sector for EUR 5,134 million (previous year: EUR 4,627 million). Sales revenue that cannot be allocated to the business sectors came to EUR 73 million (previous year: EUR 118 million). EUR 20 million of the previous year's sales revenue was allocable to discontinued operations, but could not be allocated to any business sector.

   

 

2 Distribution cost and administrative expenses

Figures in millions of euros
20152014
Administrative expenses3,6922,528
Distribution cost10,0956,949
13,7879,477
Discontinued operations–8
13,7879,469

The distribution cost includes personnel and indirect costs, depreciation charged in the distribution function, customer service, logistics, market research, sales promotion, shipping, advertising, and warranty costs.

 

3 Research and development cost

 

Research and development cost contains both research cost and development cost that cannot be capitalized, as well as depreciation on capitalized development cost. In addition, it includes development work charged directly to customers.

  

Figures in millions of euros
20152014
Total research and development cost6,4554,997
Development cost recognized in the reporting period–236–225
Depreciation on recognized development cost159188
6,3784,960
Discontinued operations–1
6,3784,959

 

4 Other operating income

 

 

Figures in millions of euros
20152014
Income from exchange-rate fluctuations1,057520
Income from the disposal of non-current assets9773
Income from rent and leases1310
Income from the reversal of provisions5374
Income from remeasurement of investments2,136
Sundry other operating income576449
3,9321,126

Income from the remeasurement of investments mainly stems from the write-up in connection with first-time full consolidation of the net assets of BSH Hausgeräte GmbH (formerly BSH Bosch und Siemens Hausgeräte GmbH) and of Robert Bosch Automotive Steering GmbH (formerly ZF Lenksysteme GmbH).

 

The income from exchange-rate fluctuations is offset by expenses which are disclosed in other operating expenses. These items contain the effective exchange-rate results and the results from foreign-currency derivatives allocable to the operating business.

 

Leases are accounted for according to the rules pertaining to operating leases, provided that substantially all the risks and rewards incidental to ownership lie with the lessor. The assets concerned are recognized in property, plant, and equipment, and the lease payments received, provided they are not disclosed as sales revenue, are recorded in other operating income.

 

Government grants related to income amounted to EUR 136 million (previous year: EUR 88 million). They are offset against the respective expenses. If there are no such expenses, the grants are disclosed in sundry other operating income.

 

5 Other operating expenses

Figures in millions of euros
20152014
Expenses from exchange-rate fluctuations1,115436
Valuation allowances on receivables and other assets7443
Expenses from the disposal of non-current assets115102
Other taxes6664
Expenses from the recognition of provisions69892
Impairment of goodwill565
Sundry other operating expenses435189
3,068926
Discontinued operations–14
3,068912

The expenses from the recognition of provisions include additions to the provisions for legal risks.

 

6 Financial result

Figures in millions of euros
20152014
Investment income2142
Result from the disposal of investments–1011
Result from investments1153
Interest and similar income421356
Interest and similar expenses–270–178
Interest result151178
Gains on disposal of securities683458
Losses on disposal of securities–201–111
Exchange-rate gains1,058917
Exchange-rate losses–1,290–659
Gains on derivatives771311
Losses on derivatives–896–610
Other income3319
Other expenses–418–211
Other financial result–260114
Financial result, total–98345
of which financial income2,9872,114
of which financial expenses–3,085–1,769

The line items “gains/losses on derivatives” contain transactions to hedge financial assets. The line item “other expenses” contains impairments of securities totaling EUR 283 million (previous year: EUR 100 million).

 

Capitalized borrowing costs of EUR 12 million (previous year: EUR 16 million) were deducted from interest expenses. The underlying borrowing rate is 3.0 percent (previous year: 3.5 percent).

 

Interest income and expenses are attributable to financial instruments not measured at fair value through profit or loss as follows:

Figures in millions of euros
20152014
Interest incomeInterest expensesInterest incomeInterest expenses
Loans and receivables9988
Available-for-sale financial assets 312267
Financial liabilities measured at amortized cost258178
411258355178

 

7 Income taxes

 

Income taxes are classified according to their origin as follows:

 

 

Figures in millions of euros
20152014
Current taxes1,330597
Deferred taxes–378117
952714

Deferred taxes are calculated on the basis of the tax rates that apply or are expected to apply given the current legislation in the individual countries at the expected time of realization. The corporate income tax rate for German companies is 15 percent. Taking into account the solidarity surcharge of 5.5 percent and the trade tax levied on profits recorded in Germany, the total tax rate is 29 percent. The tax rates outside Germany range between 9 percent and 38 percent (previous year: between 9 percent and 38 percent).

 

As of December 31, the deferred tax assets and liabilities presented in the statement of financial position are attributable to the following items:

Figures in millions of euros
20152014
AssetsLiabilitiesAssetsLiabilities
Receivables, other assets, and inventories646206455153
Securities, investments362972362
Property, plant, and equipment132995135437
Intangible assets2221,572175581
Other assets15401141
Liabilities9019165663
Provisions2,578662,46651
Other liabilities11601151
Unused tax losses and tax credits733354
Total5,4033,3874,3581,799
Netting–932–932–653–653
4,4712,4553,7051,146

In the fiscal year, write-downs on deferred tax assets came to EUR 401 million (previous year: EUR 333 million).

 

There are EUR 1,053 million in unused tax losses for which no deferred tax assets have been recognized (previous year: EUR 731 million). Of that amount, EUR 54 million (previous year: EUR 27 million) will be forfeited within the next three years. In addition, deferred tax assets were not recognized on tax credits of EUR 21 million (previous year: EUR 142 million).

 

Consolidation measures give rise to deferred tax assets of EUR 221 million (previous year: EUR 114 million) and deferred tax liabilities of EUR 1 million (previous year: EUR 9 million).

 

In the fiscal year, changed tax rates in the Bosch Group resulted in a deferred tax expense of EUR 19 million (previous year: EUR 38 million).

 

In the reporting period, deferred taxes of EUR 140 million (previous year: EUR 746 million) were recorded directly in equity. Of this total, EUR 96 million increases (previous year: decrease of EUR 55 million) the surplus from securities and EUR 236 million decreases retained earnings due to the change in actuarial parameters in accordance with IAS 19 (previous year: increase of EUR 801 million).

 

The basis for the expected income tax expense is the German tax rate of 29 percent. The difference between expected and disclosed income tax expense is attributable to the following factors:

Figures in millions of euros
20152014
Profit before tax4,4893,375
Expected income tax expense1,302979
Variances due to tax rate–38–20
Non-deductible expenses258101
Zero-rated income–315–360
Remeasurement of investments–619
Other differences36414
Income tax expense disclosed952714
Effective tax rate21%21%

 

8 Non-controlling interests

 

Profits attributable to non-controlling interests amount to EUR 366 million (previous year: EUR 233 million). They are counterbalanced by losses of EUR 22 million (previous year: EUR 6 million).

 

9 Other notes to the income statement

 

In the reporting period, personnel expenses of EUR 20,369 million (previous year: EUR 15,325 million) were incurred.

 

Cost of materials amounted to EUR 32,003 million (previous year: EUR 21,810 million).

 

Information about amortization and depreciation is contained in the notes on non-current assets.

  

 

 

 

Notes to the statement of financial position

 

10 Cash and cash equivalents

  

Figures in millions of euros
20152014
Bank balances (term up to 90 days)3,6945,502
Cash and reserve bank deposits1311
3,7075,513

The bank balances are partly invested as secured deposits in tri-party repo transactions. As of the reporting date, the carrying amount of the secured deposits is EUR 500 million (previous year: EUR 2,490 million). The bank provided collateral of the same amount in the form of securities.

 

11 Trade receivables

 

In the fiscal year, trade receivables came to EUR 13,240 million (previous year: EUR 8,785 million). Of that amount, EUR 7 million (previous year: EUR 9 million) have a term of more than one year.

 

Information about valuation allowances on trade receivables is contained in the credit risk section of note 26 “Capital and risk management”.

   

 

12 Current other financial assets

 

 

Figures in millions of euros
20152014
Securities6081,076
Bank balances (term of more than 90 days)213303
Loan receivables378331
Derivative financial assets14252
Receivables from finance leases3229
Sundry other financial assets460318
1,8332,109

The securities classified as current are listed securities with a residual term of less than one year as well as securities which are intended for sale within a year.

 

Note 27 “Leases” contains additional disclosures on receivables from finance leases.

 

13 Current other assets

Figures in millions of euros
20152014
Prepaid expenses179192
Receivables from tax authorities (without income tax receivables)1,218944
Sundry other assets107102
1,5041,238

 

14 Inventories

  

Figures in millions of euros
20152014
Raw materials, consumables, and supplies2,9462,266
Work in process1,5101,364
Finished goods and merchandise4,9693,330
Prepayments226234
9,6517,194

Of the total amount of inventories, an amount of EUR 485 million (previous year: EUR 234 million) is carried at net realizable value. In the fiscal year, impairment losses of EUR 245 million (previous year: reversals of impairment losses of EUR 31 million) were recognized in profit or loss. No inventories were pledged as collateral.

 

15 Non-current financial assets

Figures in millions of euros
20152014
Securities9,8318,731
Investments1,1581,179
Loan receivables171269
Derivative financial assets8158
Receivables from finance leases152146
Other financial assets14185
11,53410,468

Loan receivables with a residual term of more than five years amount to EUR 60 million (previous year: EUR 1 million). There are no other receivables due in more than five years.

 

Information about valuation allowances on loan receivables and finance lease receivables is contained in the credit risk section of note 26 “Capital and risk management”.

 

Note 27 “Leases” contains further details on receivables from finance leases.

 

Non-current securities and investments

The securities consist of interest-bearing and other securities as well as shares.

 

The pledged securities have a carrying amount of EUR 1,051 million (previous year: EUR 1,075 million). The pledged securities satisfy the legal requirement to secure obligations to employees and bank guarantees. Medium-term interest-bearing securities and units equivalent to at least the value of the claims were pledged.

 

Investments include unlisted investments amounting to EUR 581 million (previous year: EUR 577 million). There is no active market for these investments; they are therefore carried at amortized cost. There were no material divestments of unlisted investments in the reporting period or in the previous year.

 

As of the reporting date, the group plans to sell unlisted investments on a small scale.

  

 

16 Property, plant, and equipment

 

 

Figures in millions of euros
Land, buildings belonging to operating assetsInvestment propertyPlant and equipmentOther equipment, fixtures and furniture, leased assetsPrepayments and assets under constructionTotal
Gross values 1/1/20147,45111317,7846,8351,42333,606
Changes in consolidated group5524–401251
Additions193 7155701,1072,585
Reclassifications250–7640196–1,079
Disposals–334–2–1,263–507–44–2,150
Exchange rate differences173251313545868
Gross values 12/31/20147,78810618,4137,1891,46434,960
Depreciation 1/1/20143,3083612,8605,1342421,362
Changes in consolidated group–7–12–34 –53
Additions19711,0196511,868
Reclassifications–634–21–7
Disposals–281–1–1,149–452–3–1,886
Write-ups–3 –24–1 –28
Exchange rate differences54 303881446
Depreciation 12/31/20143,2623613,0315,3651521,709
Carrying amounts 12/31/20144,526705,3821,8241,44913,251
Gross values 1/1/20157,78810618,4137,1891,46434,960
Changes in consolidated group1,811123,9302,2805648,597
Additions23211,2008261,7994,058
Reclassifications303 1,025403–1,731
Disposals–171–27–1,047–654–60–1,959
Exchange rate differences15811728918438
Gross values 12/31/201510,1219323,69310,1332,05446,094
Depreciation 1/1/20153,2623613,0315,3651521,709
Changes in consolidated group62512,4971,62044,747
Additions27821,54096622,788
Reclassifications1 –2827
Disposals–25–1–937–595–3–1,561
Exchange rate differences69 130691269
Depreciation 12/31/20154,2103816,2337,4521927,952
Carrying amounts 12/31/20155,911557,4602,6812,03518,142

The total depreciation charge for the fiscal year contains the following impairment losses:

 

  • „ Land and buildings: EUR 7 million (previous year: EUR 0 million)
  • „ Plant and equipment: EUR 16 million (previous year: EUR 0 million)
  • „ Other equipment, fixtures, and furniture: EUR 22 million (previous year: EUR 0 million)

 

The carrying amounts contain the following amounts from finance leases under which the Bosch Group is the lessee:

 

  • „ Land and buildings: EUR 14 million (previous year: EUR 7 million)
  • „ Plant and equipment: EUR 2 million (previous year: EUR 1 million)
  • „ Other equipment, fixtures, and furniture: EUR 9 million (previous year: EUR 12 million)

 

The obligations entered into to purchase items of property, plant, and equipment amounted to EUR 630 million (previous year: EUR 499 million); restrictions on title totaled EUR 8 million (previous year: EUR 6 million). Government grants for assets of EUR 13 million (previous year: EUR 19 million) were deducted from the additions in the reporting period.

 

Investment property comprises rented properties which were measured at amortized cost. Measured at fair value, the portfolio comes to EUR 115 million (previous year: EUR 150 million). The fair values were calculated at corporate headquarters. The residential property in Germany and Asia allocated to level 3 of the fair-value hierarchy pursuant to IFRS 13 is measured using the discounted earnings or comparative method, based on the ImmoWertV (Verordnung über die Grundsätze für die Ermittlung der Verkehrswerte von Grundstücken: Ordinance on principles to assess the market value of land) and taking the current fabric and market values of the individual properties into account. Rental income from investment property came to EUR 10 million (previous year: EUR 7 million), maintenance expenses totaled EUR 5 million (previous year: EUR 3 million).

 

A review of the useful lives of property, plant, and equipment revealed that special-purpose machinery is used for a longer period than previously estimated. The useful life on which depreciation is based was therefore extended to eight years. The effect of this change on the depreciation of property, plant, and equipment is presented in the following table:

Figures in millions of euros
2015201620172018–2020
Depreciation of property, plant, and equipment–192243238

 

17 Intangible assets

  

Figures in millions of euros
Acquired intangible assets (without goodwill)Acquired goodwillInternally generated intangible assetsTotal
Gross values 1/1/20143,6285,4411,17110,240
Changes in consolidated group13–29 –16
Additions1854270459
Disposals–96–668–199–963
Exchange rate differences178100278
Gross values 12/31/20143,9084,8481,2429,998
Amortization 1/1/20141,6977905753,062
Changes in consolidated group11
Additions274 227501
Disposals–89–668–199–956
Exchange rate differences46652
Amortization 12/31/20141,9291286032,660
Carrying amounts 12/31/20141,9794,7206397,338
Gross values 1/1/20153,9084,8481,2429,998
Changes in consolidated group4,899827675,793
Additions30310283596
Disposals–179–29–129–337
Exchange rate differences233130 363
Gross values 12/31/20159,1645,7861,46316,413
Amortization 1/1/20151,9291286032,660
Changes in consolidated group–136 49–87
Additions8025652041,571
Disposals–158 –129–287
Exchange rate differences624 66
Amortization 12/31/20152,4996977273,923
Carrying amounts 12/31/20156,6655,08973612,490

The amount of amortization for the fiscal year contains the following impairment losses:

 

  • „ Acquired intangible assets (without goodwill): EUR 7 million (previous year: EUR 0 million)
  • „ Internally generated intangible assets: EUR 16 million (previous year: EUR 64 million)

 

The goodwill of EUR 5,089 million (previous year: EUR 4,720 million) is attributable to the divisions (cash-generating units) as follows:

Figures in millions of euros
20152014
Gasoline Systems356300
Diesel Systems5454
Automotive Aftermarket400351
Automotive Steering108
Drive and Control Technology1,5452,115
Packaging Technology13096
Power Tools383362
BSH Hausgeräte GmbH548
Security Systems449351
Thermotechnology1,012998
Other10493
5,0894,720

Goodwill is subjected to an annual impairment test. An impairment loss is recorded when the recoverable amount is below the carrying amount of the cash-generating unit. The recoverable amount is defined as the value in use that is derived from the future cash flows. The cash flows are determined by reference to business plans with a planning period of five years and based on the medium-term planning approved by management. Planning is based on expectations with respect to future market shares, growth in the respective markets, and the profitability of products and services. Cash flows after the detailed planning period are determined by reference to an expected long-term growth rate.

 

The parameters used in impairment testing are presented in the following table:

Percentage figures
Mobility SolutionsIndustrial TechnologyConsumer GoodsEnergy and Building Technology
20152014201520142015201420152014
Growth rate1.01.01.02.01.02.01.02.0
Pre-tax discount rate11.511.910.711.49.611.29.810.4

A risk-free interest rate of 1.3 percent (previous year: 2.1 percent) and a market risk premium of 6.0 percent (previous year: 6.0 percent) are assumed. The standard tax rate used is 29 percent (previous year: 29 percent).

 

In the fiscal year, the annual impairment test indicated that an impairment loss of EUR 565 million had to be recognized on goodwill. Of that amount, EUR 550 million is allocable to the Drive and Control Technology division (Industrial Technology business sector). The impairment loss was due to persistently weak market conditions, severe price erosion, and more intense competitive pressure on account of excess capacity worldwide. An increase in the discount rate by 0.5 of a percentage point would have led to an additional impairment of EUR 255 million; a decrease in the growth rate used after the detailed planning period by 0.5 of a percentage point would have led to an additional impairment of EUR 197 million.

 

In addition, an impairment loss of EUR 15 million was charged on goodwill in the Energy and Building Solutions unit.

 

For all other goodwill that was not impaired in the fiscal year, neither an increase in the discount rate by 0.5 of a percentage point nor a decrease in the growth rate by 0.5 of a percentage point would have led to an impairment.

 

18 Trade payables

 

 

Figures in millions of euros
20152014
Trade payables6,1113,578
Notes payable7321
6,1843,599

There are no trade payables which are due in more than one year.

 

19 Other current and non-current financial liabilities

 

 

Figures in millions of euros
20152014
up to 1 yearmore than 1 yearup to 1 yearmore than 1 year
Bonds8554,1634,223
Promissory loans219154
Liabilities to banks397838185648
Loans86298310
Derivative financial liabilities154239416
Finance lease obligations323414
Other financial liabilities7004872847
2,1955,3431,0945,112

Financial liabilities amounting to EUR 2,507 million (previous year: EUR 2,576 million) are due in more than five years.

 

Note 27 “Leases” contains additional disclosures on finance lease obligations.

 

20 Other liabilities and provisions

 

Other liabilities

 

 

Figures in millions of euros
20152014
up to 1 yearmore than 1 yearup to 1 yearmore than 1 year
Accruals in the personnel area2,2441,671
Accruals in the sales and marketing area1,231521
Other accruals549368
Tax liabilities (without income tax liabilities)563413
Prepayments received for inventories483484
Deferred income15410142
Deferred income from tooling compensation received151371623
Sundry other liabilities2551009155
5,4942473,70678

EUR 6 million of the sundry other liabilities (previous year: EUR 0 million) are due in more than five years.

 

The accruals in the personnel area mainly relate to vacation and salary entitlements as well as accrued special payments, while those in the sales and marketing area mainly pertain to bonus and commission payments.

 

Provisions (without income tax provisions and pension provisions)

  

Figures in millions of euros
20152014
up to 1 yearmore than 1 yearup to 1 yearmore than 1 year
Tax provisions (without income tax provisions)62892566
Provisions in the personnel area6371,7117091,208
Provisions in the sales and marketing area2,2861,1521,937933
Other provisions6781,8895681,218
3,6634,8413,2393,425

Provisions developed as follows:

Figures in millions of euros
At 1/1/2015Changes in consolidated groupAmounts usedAmounts reversedIncrease incl. increase in discounted amountExchange rate adjustmentsAt 12/31/2015
Tax provisions886169–261–39340–191,076
Provisions in the personnel area1,917135–416–11182032,348
Provisions in the sales and marketing area2,870764–1,424–4801,633753,438
Other provisions1,786258–375–1191,007102,567
7,4591,326–2,476–7493,800699,429

Of the total increase in provisions, an amount of EUR 39 million (previous year: EUR 49 million) relates to increases in the discounted amount.

 

Provisions in the personnel area relate to obligations from personnel adjustment measures, from early phased retirement, and from other special benefits for which the timing or amount cannot yet be precisely determined. Provisions in the sales and marketing area mainly take account of losses from delivery and warranty obligations, including risks from recall, exchange, and product liability cases. Other provisions are recognized, among other things, for risks from purchasing obligations, environmental protection obligations, litigation risks, restructuring, and legal risks.

 

Since 2010, the EU Commission and other antitrust authorities have been investigating a number of automotive suppliers for alleged anticompetitive behavior. The Bosch Group is also affected by these antitrust investigations. The company continues to cooperate fully with the authorities in their investigations into these allegations. In 2015, Bosch reached a settlement with the U.S. antitrust authority, the Department of Justice. Talks with the EU Commission have now reached an advanced stage. Risks for Bosch present themselves in the currently still ongoing official investigations as well as in potential civil-law claims. Since fall 2015, various authorities have raised allegations against Volkswagen with respect to the manipulation of the software contained in engine control units. In this context, civil actions in the U.S. have been grouped together into a class action, which also names Bosch as a defendant. As one of the world’s biggest suppliers of fuel injection technology, Bosch takes these allegations very seriously. Immediately after learning of the allegations, Bosch launched its own internal investigation. As this investigation is still ongoing, there are no final results available yet. There are no indications of criminally relevant action by the management bodies that would require adjustment or restatement of the financial statements of previous years. In connection with the circumstances surrounding the manipulation, the company is in contact with many investigating authorities both in Germany and internationally. Risks for Bosch thus exist in the official investigations still being carried out, above all in the U.S. and Germany, as well as in the form of civil-law proceedings, including class actions in the United States. On the basis of the facts relating to antitrust proceedings and engine control units that were available when the financial statements were prepared, and that the board of management has assessed, the board of management believes that sufficient precautions have been taken in the form of provisions for legal risks. For the various legal risks outlined above, provisions amounting to some 750 million euros have been set up.

 

Contingent liabilities and other financial obligations

No provisions were recognized for the following contingent liabilities, as it is more likely than not that they will not occur:

  

Figures in millions of euros
20152014
Contingent liabilities related to notes issued and transferred16 25
Contingent liabilities from guarantees16 14
Other contingent liabilities11 16
43 55

21 Pension provisions and similar obligations

 

The workforce of the companies included in the consolidated financial statements have certain rights in connection with the company pension scheme, depending on the conditions existing in the various countries. The benefit obligations include both currently claimed benefits and future benefit obligations of active associates or associates that have left the company.

 

The group’s post-employment benefits include both defined contribution plans and defined benefit plans. In the case of defined contribution plans, the company pays voluntary contributions to state or private pension or insurance funds, based on legal or contractual provisions. No further payment obligations arise for the company from the payment of these contributions. The defined benefit plans are funded or unfunded pension systems, or systems financed by insurance premiums.

 

The major pension and post-retirement medical-care plans operated by the Bosch Group are described below. These plans are subject to actuarial risks such as longevity risks, interest fluctuation risks, and capital market risks.

 

Germany

The company pension scheme (Bosch bAV Plan), which was introduced on January 1, 2006, is a contribution-based plan with salary-based contributions. The Bosch bAV Plan is partly funded via external pension funds. The value of the assets of the external pension fund is offset against the pension obligation calculated using the projected unit credit method. In Germany, the external pension funds are Bosch Pensionsfonds AG and Bosch Hilfe e.V.

 

During the vesting period, employer and employee contributions are added to the assets of Bosch Pensionsfonds AG up to the tax-allowed ceiling. Contributions that exceed the tax-allowed ceiling are allocated to the unfunded obligation. The benefit amount rises in line with the performance of Bosch Pensionsfonds. Grandfather provisions were transferred to the Bosch bAV Plan. For a constantly decreasing number of members of the workforce in the vesting period, a transitional arrangement guarantees a fixed rate of return on the defined benefit obligation.

 

At the companies BSH Hausgeräte GmbH and Robert Bosch Automotive Steering GmbH, which were consolidated for the first time in the fiscal year, pension benefits are granted in the form of contribution-based capital components with salary-based contributions or a salary-based pension component.

 

On reaching retirement, or in the event of occupational disability or death, the earned benefits are paid out in the form of a lump-sum payment, pension payments, or a lifelong annuity.

 

Japan

The majority of the pension obligations are corporate pension plans (CPPs), generally in the form of funded career average pension plans. The benefits are based on salary-based contributions that are subject to interest. The rate of return depends on the structure of the plan.

 

There are also obligations from unfunded retirement allowance plans (RAPs), the benefits of which are based on years of service and final salary.

 

All the benefits are paid out in the form of lump-sum payments on termination, death, or reaching retirement age. In some CPPs, annuity payments are possible for members of the workforce after a certain period of service.

 

Switzerland

Bosch has a funded pension plan. The Bosch pension plan is organized as a foundation. All the demographic and financial risks are borne by the foundation and regularly assessed by the foundation’s board of trustees. In the case of a deficit, adjustments can be made such as a change in the pension factors or an increase in future contributions.

 

Pension plans are governed by the BVG (Bundesgesetz über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge: Swiss Pension Fund Law). All benefits are defined by law, and the BVG stipulates the minimum benefits to be paid. The Bosch pension plan meets all legal requirements.

 

Both employer and workforce make contributions to the Bosch pension plan. The benefits are paid out either as a lump sum or a lifelong annuity.

 

United Kingdom

Bosch finances a closed final-salary defined benefit plan. The obligation is funded via a trust association which is legally independent of Bosch, and which is operated in accordance with the law. The trustees are required to comply with the legal requirements. The plan has a deficit that is being closed through a restructuring plan.

 

The benefits earned are paid out on reaching retirement age, or in the event of occupational disability or death.

 

United States

Bosch maintains the Bosch pension plan and eleven additional smaller pension plans, all of which are funded and in line with the ERISA requirements. The legal minimum funding provisions therefore apply to these plans. The Bosch pension plan is a cash balance plan under which the benefits depend on age, years of service, and salary. Benefits are paid out on reaching retirement age or in the event of death. The plan does not accept new members.

 

Two unfunded pension plans are also closed for new members; these provide benefits for certain members of management or for members of the Bosch pension plan whose income lies above the statutory contribution assessment basis. The benefits depend on age, years of service, and salary, and are paid out on reaching retirement age or in the event of death.

 

In addition, Bosch finances 14 unfunded plans for post-employment medical care. Eight plans are already closed. The level of benefits and the contributions for pensioners vary depending on location, age, and years of service. The benefits include healthcare benefits and life assurance contributions for pensioners and their spouses.

 

Actuarial calculations and estimates are made for all defined benefit plans. Besides assumptions about life expectancy, and taking index-linked developments into account, the calculations are based on the following parameters, which vary from one country to another depending on local economic circumstances:

 

 

Percentage figures
GermanyJapanSwitzerlandU.K.USATotal
201520142015201420152014201520142015201420152014
Discount factor2.32.00.60.60.91.43.83.44.34.02.52.3
Projected salaries3.03.02.12.51.52.02.83.83.53.53.03.0
Projected pensions1.81.8n.a.n.a.0.00.12.83.0n.a.n.a.1.61.6

To determine the discount factor in the euro zone, reference was made to bonds rated AA by at least one rating agency as of the reporting date.

 

Projected salaries are future salary increases estimated on the basis of the economic situation and inflation, among other things.

 

The pension plans are measured using the current mortality tables as of December 31 of the fiscal year concerned. As of December 31, 2015, the following mortality tables are used:

GermanyHeubeck 2005G mortality tables
Japan2015 MHLW Standard Table
SwitzerlandBVG 2010 generation tables for pensioners, BVG 2010 P20 for future beneficiaries
U.K.105% for males, 96% for females of S2PXA tables with 2014 CMI projections
USARP2006, projected by MP2015; aggregate for some plans, collar adjustments for others

As of December 31, 2014, the following mortality tables were used in the key countries:

GermanyHeubeck 2005G mortality tables
JapanEPF 2009
SwitzerlandBVG 2010 generation tables for pensioners, BVG 2010 P19 for future beneficiaries
U.K.S1PXA with 2011 CMI projections
USARP2014, projected by MP2014; unadjusted

For the key regions, the present value of the defined benefit obligation can be reconciled to the provision as follows:

 

Figures in millions of euros
Present value of the obligationPlan assetsOther assetsUnrecognized assetProvision
At 12/31/2015
Germany12,919–2,70810,211
Japan235–2322831
Switzerland1,214–1,090124
U.K.354–3121052
USA1,939–1,470469
Other555–1855375
17,216–5,99738511,262
At 12/31/2014
Germany11,409–2,4009,009
Japan217–2031428
Switzerland997–961238
U.K.281–20378
USA1,796–1,320476
Other458–16017306
15,158–5,2471779,935

The development of the net liability of the defined benefit obligation is presented in the following table:

Figures in millions of euros
Present value of the obligationPlan assetsOther assetsUnrecognized assetProvision
At 1/1/201515,158–5,2471779,935
Pension cost charged to profit or loss
Current service cost626626
Past service cost00
Gains from plan settlements not related to past service cost00
Net interest income/expense393–1461248
Other66
1,019–14001880
Remeasurement
Losses on plan assets (excluding amounts included in net interest)7676
Gains arising from changes in demographic assumptions–26–26
Gains arising from changes in financial assumptions–1,103–1,103
Experience losses3232
Other adjustments–2–2
–1,097760–2–1,023
Contributions
Employer–363–363
Beneficiaries19–190
19–38200–363
Benefits paid–666230–436
Special effects (plan settlement)–11110
Transfers12–48
Currency translation351–300–150
Changes in consolidated companies2,431–2412,190
Changes in other assets2121
At 12/31/201517,216–5,99738511,262
Figures in millions of euros
Present value of the obligationPlan assetsOther assetsUnrecognized assetProvision
At 1/1/201412,142–4,55615127,613
Pension cost charged to profit or loss
Current service cost439439
Past service cost–7–7
Gains from plan settlements not related to past service cost–2–2
Net interest income/expense427–1722257
Other66
857–16602693
Remeasurement
Return on plan assets (excluding amounts included in net interest)–196–196
Losses arising from changes in demographic assumptions4646
Losses from changes in financial assumptions2,3562,356
Experience losses6565
Other adjustments–7–7
2,467–1960–72,264
Contributions
Employer–335–335
Beneficiaries16–160
16–3510–335
Benefits paid–536189–347
Special effects (plan settlement)0
Transfers12113
Currency translation251–19259
Changes in consolidated companies–5124–27
Changes in other assets22
At 12/31/201415,158–5,2471779,935

The plan assets comprise the following components:

Percentage figures
GermanyJapanSwitzerlandU.K.USA
2015201420152014201520142015201420152014
Cash and cash equivalents111106013
Equity instruments38383740262537404443
of which Europe5250910545254581414
of which North America23232325323427227372
of which Asia Pacific1718686577151688
of which emerging markets89554456
of which other022000
Debt instruments46485754312353545554
of which government bonds39418585303340283735
of which corporate bonds535055565260726365
of which other debt instruments8910101415
Property9835331
Insurance05544
Other65081352

Quoted prices in an active market are available for the asset class “equity instruments.” For most other classes of assets, there are no quoted prices in an active market.

 

Duration and estimated maturities of the pension obligation

The weighted duration of the pension obligation as of December 31, 2015 is 15.4 years (previous year: 15.5 years).

 

Estimated maturities of the undiscounted estimated pension payments

  

Figures in millions of euros
20152014
Less than one year664565
Between one and two years680550
Between two and three years722580
2,0661,695

The estimated additions to plan assets in the fiscal year 2016 amount to EUR 331 million (previous year: EUR 318 million).

 

The estimated benefits to be paid directly in the fiscal year 2016 amount to EUR 416 million (previous year: EUR 354 million).

 

Sensitivity of the defined benefit obligations in relation to actuarial parameters

  

Percentage figures
GermanyJapanSwitzerlandU.K.USA
2015201420152014201520142015201420152014
Discount rate
Increase of 0.5 percentage points–5.4–6.7–4.5–4.9–5.2–4.9–7.7–9.0–6.4–6.5
Decrease of 0.5 percentage points6.47.44.85.35.95.58.610.27.17.3
Projected salaries
Increase of 0.25 percentage points0.10.10.70.70.30.30.90.90.00.0
Decrease of 0.25 percentage points–0.1–0.1–0.7–0.7–0.3–0.3–0.8–0.80.00.0
Projected pensions
Increase of 0.25 percentage points0.80.7n.a.n.a.2.52.51.51.5n.a.n.a.
Decrease of 0.25 percentage points–0.8–0.6n.a.n.a.–2.4–2.4–1.4–1.4n.a.n.a.
Life expectancy
Increase by one year2.32.1n.a.n.a.3.33.33.84.12.72.7

The sensitivity analyses of the defined benefit obligation for the main actuarial assumptions are based on the same methods as those used for the post-employment benefit obligations presented in the consolidated statement of financial position (projected unit credit method). In each case, one assumption was changed leaving the other assumptions unchanged. This means that possible correlation effects were not considered.

 

Defined contribution plans

Expenses for defined contribution plans amounted to EUR 1,212 million (previous year: EUR 899 million).

  

 

22 Equity

The issued capital of EUR 1,200 million and capital reserve of EUR 4,557 million correspond to the items of the statement of financial position disclosed by Robert Bosch GmbH. The issued capital is divided between the shareholders as follows:

 

Shareholders of Robert Bosch GmbH

  

Percentage figures
ShareholdingVoting rights
Robert Bosch Stiftung GmbH92.0
Robert Bosch Industrietreuhand KG93.2
Bosch family7.46.8
Robert Bosch GmbH (treasury stock)0.6

Retained earnings contain profits that have not been distributed and that were generated in the past by the entities included in the consolidated financial statements, as well as other comprehensive income. The effects of changes in actuarial parameters in the pension provisions are disclosed in the “Other changes” column of other comprehensive income. This position also contains differences between purchase price and purchased pro-rata equity of additional share purchases.

 

Retained earnings also consider treasury stock of EUR 62 million.

 

The unappropriated earnings of the group match those of Robert Bosch GmbH.

 

Non-controlling interests

The shares of non-controlling interests in the equity of the consolidated subsidiaries mainly comprise the non-controlling interests in United Automotive Electronic Systems Co., Ltd., Shanghai, Bosch Automotive Diesel Systems Co., Ltd., Wuxi, ZF Shanghai Steering Systems Group, Shanghai, all China, and Bosch Ltd., Bengaluru, India.

 

Changes primarily stem from the first-time full consolidation of ZF Shanghai Steering Systems Group, Shanghai, China.

   

 

Other notes

 

 

23 Statement of cash flows

 

The statement of cash flows presents cash inflows and outflows from operating activities, investing activities, and financing activities.

 

The cash flow is derived indirectly, starting from EBIT. EBIT is earnings before taxes and before the financial result. Cash inflows from operating activities are adjusted for non-cash expenses and income (mainly depreciation of non-current assets), and take into account cash-effective financial expenses, financial income, and taxes, as well as changes in working capital.

 

The investing activities mainly comprise additions to non-current assets, including leased assets, and the purchase and disposal of subsidiaries and other operating units, as well as of securities.

 

Financing activities combine the inflows and outflows of cash and cash equivalents from borrowing and repayment of financial liabilities, from dividends, and from the acquisition of non-controlling interests.

 

Changes in items of the statement of financial position contained in the statement of cash flows cannot be directly derived from the statement of financial position, as these have been adjusted for exchange-rate effects and changes in the consolidated group. The change in accounting for pensions is adjusted to eliminate actuarial gains and losses.

 

The liquidity contained in the statement of cash flows contains cash of EUR 3,707 million (previous year: EUR 5,513 million). In the reporting period, there was no transfer restriction for cash and cash equivalents.

 

Effects of acquisitions on the cash flow are explained in the “Business combinations” section.

  

 

24 Segment reporting

 

Disclosures on business sectors

   

Sales and result of continuing operations
Figures in millions of euros
Mobility SolutionsIndustrial TechnologyConsumer GoodsEnergy and Building TechnologyAll other segmentsConsolidationGroup
20152014201520142015201420152014201520142015201420152014
External sales41,65733,3186,6036,70917,1404,1795,1344,6277311870,60748,951
EBIT3,2162,402–830672,224549224171–247–1594,5873,030
Disclosures including discontinued operations
Figures in millions of euros
Mobility SolutionsIndustrial TechnologyConsumer GoodsEnergy and Building TechnologyAll other segmentsConsolidationGroup
20152014201520142015201420152014201520142015201420152014
External sales41,65733,3186,6036,70917,1404,1795,1344,6277313870,60748,971
Intersegment sales25525429023777352017–642–543
Total sales41,91233,5726,8936,94617,2174,2145,1544,64473138–642–54370,60748,971
EBIT3,2162,402–830672,224549224171–247–1834,5873,006
of which: profit from entities consolidated using the equity method–463221223–44256
Non-cash expenses
(without depreciation)
2,9422,4255824567282102232441541354,6293,470
Amortization and depreciation2,4271,76925925484812716213530203,7262,305
Impairment losses on intangible assets and property, plant, and equipment246455029151563364
Non-cash income1,0294481211021,76735689534553,019735
Assets13,13710,8812,7322,9016,7861,6641,6921,58624225724,58917,289
Investments measured at equity12344529291,1921521,666

Based on the internal management and reporting structure, the Bosch Group is divided into four business sectors. These are the reportable segments and result from the combination of divisions in accordance with the criteria set forth in IFRS 8 Operating Segments. The operating business within the business sectors is the responsibility of the divisions.

 

The Mobility Solutions business sector mainly consists of the following areas of business: injection technology for internal-combustion engines, alternative powertrain concepts, efficient and connected powertrain peripherals, systems for active and passive driving safety, assistance and convenience functions, technology for user-friendly infotainment as well as vehicle-to-vehicle and vehicle-to-infrastructure communication, concepts, technology, and services for the automotive aftermarket, and steering systems for passenger cars and commercial vehicles.

 

The Industrial Technology business sector combines the following activities:

 

  • „Automation technology (technologies for drives, controls, and motion)
  • „Packaging technology (machinery and packaging lines for the confectionery, foodstuffs, beverage, and tobacco industry, as well as for the pharmaceuticals industry)

 

The operations of the Consumer Goods business sector comprise the production and distribution of

 

  • Power tools (tools for the trade, industry, and DIY, accessories, garden tools, as well as industrial tools and measuring equipment)
  • „Household appliances (appliances for cooking, washing-up, washing, drying, cooling, freezing, floor care, etc.).These business activities were included in the consolidated financial statements as of December 31, 2014, using the equity method; they are fully consolidated from the beginning of the fiscal year.

 

The Energy and Building Technology business sector comprises the following activities:

 

  • „ Heating systems (heating and hot-water boilers including open- and closed-loop control systems)
  • „ Security systems (video surveillance, public address systems, evacuation systems, and access control)
  • „ Services to increase energy-efficiency in non-residential buildings

 

Business segments which are not reportable are combined and presented in the category “All other segments.” This mainly relates to financial, holding, and other service companies as well as the remaining activities in the photovoltaics area.

 

Items attributable to financing activities are not included in segment reporting.

 

Operating value contribution is the main controlling parameter of our value-based management. In addition to this earnings ratio, the internal reporting to management also reports EBIT at segment level.

 

Transfer prices between the business segments are determined at arm’s length.

 

The main items included in non-cash expenses are bad debt allowances, additions to provisions, as well as losses on the disposal of items of property, plant, and equipment and of intangible assets.

 

The main items included in non-cash income are income from the reversal of provisions, gains on the disposal of items of property, plant, and equipment and of intangible assets, as well as income from remeasurement of investments.

 

Segment assets comprise trade receivables as well as inventories, in both cases before valuation allowances.

Reconciliation statements
Figures in millions of euros
20152014
Sales
Sales by reportable segment71,17649,376
Sales of all other segments73138
Consolidation–642–543
70,60748,971
Discontinued operations20
Group sales70,60748,951
Result
EBIT by reportable segment4,8343,189
EBIT of all other segments–247–183
Financial income2,9872,114
Financial expenses–3,085–1,769
4,4893,351
Discontinued operations–24
Profit before tax4,4893,375
Assets
Assets by reportable segment24,34717,032
All other segments242257
Impairment losses on segment assets–1,698–1,310
Other current assets7,3449,329
Non-current assets47,03136,616
Group assets77,26661,924
Disclosures by important country
Figures in millions of euros
Sales by registered office of the customerNon-current assets¹
2015201420152014
Europe37,34626,05719,84913,554
of which Germany14,17910,85812,3478,859
of which France2,9962,211450218
of which the U.K.3,6382,302495263
of which Italy2,2441,799511485
Americas14,0529,9393,7562,340
of which the U.S.11,0187,3523,1951,820
Asia18,22512,3086,9274,646
of which China11,1336,3835,0393,000
of which Japan2,0091,962507468
Other regions98466710049
70,60748,97130,63220,589
Discontinued operations20
Group70,60748,95130,63220,589

The customer structure of the Bosch Group in the reporting period does not reveal any concentration on individual customers.

 

25 Additional notes on financial instruments

 

Net profit/loss by category

The table below presents the net effects of financial instruments recognized in the income statement, classified by the categories defined in IAS 39:

  

Figures in millions of euros
20152014
Loans and receivables111230
Available-for-sale financial assets 663693
Assets and liabilities held for trading–203–285
Financial liabilities measured at amortized
cost
–727–213

The net profit/loss contains the result of the receivables and loan valuation, the result of the reversal of the reserve from securities in equity, exchange-rate gains and losses, interest income and expenses, as well as the result from derivatives.

 

The valuation gains and losses from securities and equity investments are presented in the statement of comprehensive income.

Book values, carrying amounts, and fair values by category
Figures in millions of euros
Category pursuant to IAS 39Carrying amount 2015Carrying amount pursuant to IAS 39Carrying amount pursuant to IAS 17Fair value 2015
(Amortized) costFair value recognized in other comprehensive incomeFair value recognized in profit or loss
Assets
Cash and cash equivalentsLaR3,7073,707
Trade receivablesLaR13,24013,240
Current other financial assets1,833
SecuritiesAfS608608608
Bank balancesLaR213213
Loan receivablesLaR378378
Derivative financial assetsFAHfT142142142
Receivables from finance leasesn.a.3232
Sundry other financial assetsLaR460460
Non-current financial assets11,534
SecuritiesAfS9,8319,8319,831
InvestmentsAfS1,158581577577
Loan receivablesLaR171171187
Derivative financial assetsFAHfT818181
Receivables from finance leasesn.a.152152
Other financial assetsLaR141141141
Equity and liabilities
Trade payablesFLAC6,1846,184
Current other financial liabilities2,195
BondsFLAC855855
Liabilities to banksFLAC397397
LoansFLAC8686
Derivative financial liabilitiesFLHfT154154154
Finance lease obligationsn.a.33
Other financial liabilitiesFLAC700700
Non-current financial liabilities5,343
BondsFLAC4,1634,1634,474
Promissory loansFLAC219219249
Liabilities to banksFLAC838838866
LoansFLAC292929
Derivative financial liabilitiesFLHfT232323
Finance lease obligationsn.a.2323
Other financial liabilitiesFLAC484848
Figures in millions of euros
Category pursuant to IAS 39Carrying amount 2014Carrying amount pursuant to IAS 39Carrying amount pursuant to IAS 17Fair value 2014
(Amortized) costFair value recognized in other comprehensive incomeFair value recognized in profit or loss
Assets
Cash and cash equivalentsLaR5,513 5,513
Trade receivablesLaR8,785 8,785
Current other financial assets2,109
SecuritiesAfS1,076 1,0761,076
Bank balancesLaR 303 303
Loan receivablesLaR 331 331
Derivative financial assetsFAHfT 52 5252
Receivables from finance leasesn.a. 29 29
Sundry other financial assetsLaR 318 318
Non-current financial assets10,468
SecuritiesAfS8,731 8,7318,731
InvestmentsAfS1,179 577602602
Loan receivablesLaR 269 269266
Derivative financial assetsFAHfT 58 5858
Receivables from finance leasesn.a. 146 146
Other financial assetsLaR 85 8585
Equity and liabilities
Trade payablesFLAC3,599 3,599
Current other financial liabilities1,094
Liabilities to banksFLAC185 185
LoansFLAC 83 83
Derivative financial liabilitiesFLHfT 94 9494
Finance lease obligationsn.a. 4 4
Other financial liabilitiesFLAC 728 728
Non-current financial liabilities5,112
BondsFLAC4,223 4,2234,735
Promissory loansFLAC 154 154188
Liabilities to banksFLAC 648 648677
LoansFLAC 10 1011
Derivative financial liabilitiesFLHfT 16 1616
Finance lease obligationsn.a. 14 14
Other financial liabilitiesFLAC 47 4748

The carrying amounts of the financial assets and liabilities, classified by the categories of IAS 39, are as follows:

Figures in millions of euros
20152014
Loans and receivables18,31015,604
Available-for-sale financial assets 11,59710,986
Financial assets held for trading223110
Financial liabilities measured at amortized cost13,5199,677
Financial liabilities held for trading177110
Composition of the derivative financial instruments
Figures in millions of euros
Market valuesNominal values
201520152014201420152014
up to 1 yearmore than 1 yearup to 1 yearmore than 1 year
Derivatives with a positive market value
Interest derivatives201942
of which interest swaps1120
of which other interest derivatives10742
Foreign currency derivatives139204517,1951,568
Other derivatives1617575080
Derivatives with a negative market value
Interest derivatives02113677
of which interest swaps2011011
of which other interest derivatives012666
Foreign currency derivatives4206613,6784,413
Other derivatives112212714546398

The foreign currency derivatives are mainly forward exchange contracts.

 

The fair values of the financial assets and financial liabilities in accordance with IFRS 13 are derived as follows:

Figures in millions of euros
Category pursuant to IAS 39Level 1 ¹Level 2 ²Total
201520142015201420152014
Financial assets
SecuritiesAfS3,4613,8296,9785,97810,4399,807
of which current1545634545136081,076
of which non-current3,3073,2666,5245,4659,8318,731
InvestmentsAfS577602577602
Derivative financial instrumentsFAHfT5223105223110
of which current51424714252
of which non-current81588158
Financial liabilities
Derivative financial instrumentsFLHfT2177108177110
of which current21549215494
of which non-current23162316

At the end of the fiscal year, items are reviewed to determine whether they need to be reclassified between individual levels of the fair-value hierarchy. No items were reclassified in the current fiscal year.

 

26 Capital and risk management

 

Capital management

The main objective of the centralized capital management of the Bosch Group is to maintain the company’s sound financial substance and thus to secure the financial independence and flexibility required for further growth.

 

The operating value contribution is the central controlling variable of our financial management accounting system. It is calculated by deducting the cost of capital from EBIT. Additional adjustments are also made in certain other respects, such as recognition of impairment losses, pension provisions, and provisions for losses arising from delivery commitments. The development of the operating value contribution is the yardstick used to assess performance. It is also used for portfolio management. It is supplemented for capital management purposes by the conventional financial, liquidity, and indebtedness indicators.

 

Hedging policy and financial derivatives

The operative business of the Bosch Group is impacted in particular by fluctuations in exchange and interest rates as well as commodity price risks on the procurement side. Business policy aims to limit these risks by means of hedging. All hedging transactions are managed at corporate level.

 

Internal regulations and guidelines set down a mandatory framework and define the responsibilities related to investment and hedging transactions. According to these regulations, derivatives may only be used in connection with operative business, financial investments, or financing transactions; speculative transactions are not allowed. Trading limits are an important component of the guidelines. Hedges are concluded solely via banks whose creditworthiness is regarded as good. The rating given by leading agencies as well as current developments in the financial markets are taken into account. The creditworthiness of the banking partners of the Bosch Group is closely monitored and the risk mitigated by counterparty limits.

 

To reduce the credit risk of the bank, fixed term deposits are in some cases entered into as secured deposits in tri-party repo transactions. In such cases, the bank provides predefined securities as collateral. The transactions themselves, as well as the management and valuation of the securities, are managed by a clearing center. For details, please refer to note 10 “Cash and cash equivalents”.

 

The decision-making bodies are committees for commodities, foreign currencies, and investments that meet at regular intervals. There is a spatial and functional segregation of trading, settlement, and control functions. Key tasks of the control function include determining risks using the value-at-risk method as well as the basis-point-value method, and ongoing compliance checks with instructions and guidelines.

 

Each month, the risk of financial investments is calculated using the value-at-risk concept for the next month. Prescribed risk limits for the various investment categories limit the potential loss. The forecast quality of the value-at-risk method is tested by means of monthly backtesting. Management is informed monthly about risk analyses and the results of investments and hedges.

 

Currency risk

Currency risks of the operative business are mitigated by the central management of selling and purchasing currencies. The currency risk is determined on the basis of the worldwide consolidated cash flow in the respective currencies. Based on the business plan, estimated inflows and outflows in the various countries for the planning period are aggregated in a foreign exchange balance plan. The resulting net position is used for the central management of currency exposures.

 

The largest net currency position of the planned cash flow is in CNY and USD.

 

Hedging largely takes the form of forward exchange contracts; currency options and currency swaps to secure group financing are used to a lesser extent. These transactions, which are only entered into with banks, are subject to minimum requirements with respect to nature, scope, and complexity.

 

The risk of the entire operative foreign currency position is determined using the value-at-risk concept, supplemented by worst-case analyses. These risk analyses and the hedge result are determined monthly and presented to management.

 

To present the currency risks in accordance with IFRS 7 Financial Instruments: Disclosures for the most important foreign currencies, all monetary assets and monetary liabilities denominated in foreign currency for all consolidated companies were analyzed at the end of the reporting period and sensitivity analyses carried out for the respective currency pairs, in terms of the net risk.

 

A change in the EUR of 10 percent (starting from the closing rate) against the foreign currencies listed in the table would have the following implications for the profit before tax:

  

Figures in millions of euros
10% increase in EUR10% decrease in EUR
2015201420152014
CHF2218–21–17
CNY–34–383137
CZK–34–423746
GBP162–19–2
HUF–16–101912
JPY141–150
PLN–6–565
RUB–22–152114
TRY–51–665168
USD21–41–2541

A change in the USD of 10 percent (starting from the closing rate) against the foreign currencies listed in the table would have the following implications for the profit before tax:

Figures in millions of euros
10% increase in USD10% decrease in USD
2015201420152014
CNY–20–272027

The effects on earnings shown here mainly result from loans within the Bosch Group which, by way of an exception, were granted in a currency other than the local currency of the borrower, e.g. because it can be repaid from expected cash flows in this currency. The currency risk for the statement of financial position does not correspond to the economic risk, which is determined on the basis of forecast cash flows.

 

Interest-rate risks

Risks from anticipated changes in interest rates on investments and borrowings are limited by select use of derivative financial instruments. These are mainly interest swaps and interest futures.

 

An analysis of the interest risk was carried out in accordance with IFRS 7. The sensitivity analysis considered assets and liabilities subject to floating interest rates, fixed-rate securities, and interest derivatives. Mutual funds and money market funds are not considered.

 

A change in the market interest rate by 100 basis points (starting from interest rate on the cut-off date) would have the following effect on the reserve from securities in equity and the profit before tax:

  

Figures in millions of euros
Increase in market interest level by 100 basis pointsDecrease in market interest level by 100 basis points
2015201420152014
Reserve from securities–212–235212235
Profit before tax1725–17–25
Share-price risks

Derivatives are used on a small scale to limit the risks from investments in shares.

 

The analysis of the share-price risk in accordance with IFRS 7 took into account share portfolios, the investments measured at fair value, as well as share derivatives with a total carrying amount of EUR 3,821 million (previous year: EUR 3,493 million).

 

A change in the share price of 10 percent (starting from share price on the cut-off date) would have the following effect on the reserve from securities in equity and the profit before tax:

   

Figures in millions of euros
10% increase in share price10% decrease in share price
2015201420152014
Reserve from securities384350–320–318
Profit before tax12–65–34

 

Other price risks

Derivatives and physical fixed-price contracts are used to limit the risks of fluctuating commodity prices. The analysis of the commodity-price risk in accordance with IFRS 7 took into account commodity derivatives measured as of the reporting date.

 

A change in the forward-rate level of 10 percent (starting from forward rate on the reporting date) would have the following effect on the profit before tax:

  

Figures in millions of euros
10% increase in forward rates10% decrease in forward rates
2015201420152014
Profit before tax4039–40–39

As of the reporting date, the Bosch Group is not aware that it is exposed to any significant other price risks as defined by IFRS 7.

Credit risks

The maximum credit risk for each class of financial instrument is the carrying amount of the financial assets recognized in the statement of financial position.

 

The credit risk from customer receivables is recorded and monitored on an ongoing basis. Responsibilities and duties relating to credit risks are governed by an internal directive. This mainly concerns the stipulation of payment terms, fixing of credit limits, release of deliveries, and receivables monitoring.

 

The credit risk for trade receivables is reduced by processing invoices with the corresponding credit notes in a single work step; the net amount is reported in the statement of financial position. This procedure is only performed if there is a legal right to offset and there is an intention to settle the receivable based on the net amount or to settle the receivable by offsetting against the corresponding liability. Moreover, trade receivables are partly secured by retention of title. For some trade receivables, collateral has been additionally provided in the form of guarantees, property liens, and mortgages.

 

The table below shows the remaining credit risk for trade receivables:

   

Figures in millions of euros
20152014
Trade receivables (gross value)13,9599,173
Offsetting of credit notes–719–388
Trade receivables (carrying amount)13,2408,785
Collateral (received)–1,427–91
Remaining credit risk11,8138,694

The change in valuation allowances for specific risks as well as for the general credit risk is presented in the following table:

Figures in millions of euros
Trade receivablesLoan receivables
At 1/1/20144726
Change in the valuation allowance for specific risks–25–1
Change in the valuation allowance for the general credit risk210
At 12/31/20144685
Change in the valuation allowance for specific risks854
Change in the valuation allowance for the general credit risk59–1
At 12/31/20156128

Apart from this, valuation allowances were recognized on a small scale on receivables from finance leases.

 

At the end of the reporting period, there is no indication of any significant defaults of trade receivables or of other financial assets exposed to credit risks that are neither impaired nor past due.

 

The table below shows a maturity analysis of the unimpaired trade receivables:

Figures in millions of euros
20152014
Trade receivables13,2408,785
of which not impaired and not past due at the end of the reporting period3,7291,056
of which not impaired and past due at the end of the reporting period14199
for less than one month9550
for more than one month, but less than three months2616
for more than three months2033

Of the loans and receivables from finance leases (both current and non-current), an amount of EUR 189 million (previous year: EUR 319 million) is not impaired and not past due. There are no loan receivables and receivables from finance leases (both current and non-current) which are not impaired but past due.

 

Derivative transactions are entered into in accordance with the German master agreement or the ISDA (International Swaps and Derivatives Association). These do not satisfy the set-off criteria of IAS 32 Financial instruments: Presentation, as netting is only enforceable in the case of insolvency.

 

The credit risk for derivatives that do not currently satisfy the set-off criteria of IAS 32 (offsetting only enforceable in the case of insolvency of the contracting party) is presented in the following table:

Figures in millions of euros
20152014
Derivatives with a positive market value (carrying amount)223110
Value of derivatives not netted in the statement of financial position–19–11
Remaining credit risk20499

 

Liquidity risks

The development of financial assets and liabilities is monitored on an ongoing basis. Internal directives regulate the duties and responsibilities of liquidity management and planning. The company has liquidity reserves in the form of highly liquid assets totaling EUR 4,315 million (previous year: EUR 6,589 million). In addition to that, there is a Euro commercial paper program with a volume of EUR 1,000 million and a U.S. commercial paper program with a volume of USD 2,000 million, neither of which had been drawn at the end of the reporting period. There is also a medium-term-note program with a volume of EUR 7,500 million, of which EUR 4,250 million had been drawn.

 

The liquidity risk is reduced by processing invoices for trade payables with the corresponding credit notes received in a single work step. This procedure is only performed if there is a legal right to offset and there is an intention to settle the liability based on the net amount or to settle the liability by offsetting against the corresponding receivable. Moreover, collateral is provided in the form of guarantees.

 

The table below shows the remaining liquidity risk for trade payables:

  

Figures in millions of euros
20152014
Trade payables (gross value)6,9033,987
Offsetting of credit notes–719–388
Trade payables (carrying amount)6,1843,599
Collateral (granted)–6–7
Remaining liquidity risk6,1783,592

The liquidity risk for derivatives that do not currently satisfy the set-off criteria of IAS 32 (offsetting only enforceable in the case of insolvency) is presented in the following table:

Figures in millions of euros
20152014
Derivatives with a negative market value (carrying amount)177110
Value of derivatives not netted in the statement of financial position–19–11
Remaining liquidity risk15899

The undiscounted cash flows of the non-derivative and derivative financial liabilities are presented in the tables below:

Figures in millions of euros
Carrying amountUndiscounted cash flows
2015201620172018201920202021 ff.
Non-derivative financial liabilities
Trade payables6,1846,184
Bonds5,0189879151403755662,949
Promissory loans21910759157
Liabilities to banks1,23542237739587
Finance lease obligations266864312
Loans1158766648
Other financial liabilities748714335227
Derivative financial liabilities
Gross settlement56
Cash outflows3,65418441
Cash inflows3,59616420
Net settlement121
Cash outflows10221
Figures in millions of euros
Carrying amountUndiscounted cash flows
2014201520162017201820192020 ff.
Non-derivative financial liabilities
Trade payables3,5993,599
Bonds4,223136866786713652,980
Promissory loans1549999157
Liabilities to banks83319979287304
Finance lease obligations18665328
Loans93855321
Other financial liabilities775736403411
Derivative financial liabilities
Gross settlement68
Cash outflows2,86689111
Cash inflows2,80087000
Net settlement42
Cash outflows2913

The undiscounted cash flows contain interest and principal payments. All on-call financial liabilities are allocated to the earliest possible period. The variable interest payments were determined using the last interest rate determined before the respective reporting date.

 

27  Leases


The receivables from finance lease agreements mainly stem from products leased by the Security Systems division. As a rule, the agreed term is ten years. The receivables are due as follows:

   

Figures in millions of euros
20152014
Gross investment in finance leases
due not later than one year4239
due later than one year and not later than five years125121
due later than five years5954
226214
Present value of outstanding minimum lease payments
due not later than one year3229
due later than one year and not later than five years10098
due later than five years5248
184175
Unearned finance income4239

There were no unguaranteed residual values.

 

Finance lease obligations primarily stem from vehicle lease agreements with terms of three to six years and the lease on a factory building. The liabilities are due as follows:

Figures in millions of euros
20152014
Future minimum lease payments
due not later than one year56
due later than one year and not later than five years2116
due later than five years128
Interest portion contained in the future minimum lease payments
due not later than one year22
due later than one year and not later than five years86
due later than five years24
Present value of future minimum lease payments
due not later than one year34
due later than one year and not later than five years1310
due later than five years104
2618

The outstanding minimum lease payments from operating lease agreements with entities of the Bosch Group as lessors mainly stem from activities of the Security Systems division, and are due as follows:

Figures in millions of euros
20152014
Due not later than one year4449
Due later than one year and not later than five years125125
Due later than five years4743
216217

Obligations from operating lease agreements with entities of the Bosch Group as lessors mainly pertain to lease agreements for technical equipment, for IT equipment, for vehicles, and for buildings. The minimum amount of the undiscounted future payments from operating leases amounts to EUR 1,392 million (previous year: EUR 670 million).

 

The obligations are due as follows:

Figures in millions of euros
20152014
Due not later than one year427213
Due later than one year and not later than five years738372
Due later than five years22785
1,392670

The payments of the period of EUR 514 million (previous year: EUR 249 million) recognized in profit or loss are contained in the costs of the functional areas (cost of sales, and distribution, administrative, and research and development cost).

 

28 Related parties disclosures

 

As shareholder, Robert Bosch Industrietreuhand KG exercises majority voting rights at Robert Bosch GmbH. In addition, Robert Bosch Industrietreuhand KG is accountable for the internal audit of the Bosch Group. The costs incurred for this of EUR 13 million (previous year: EUR 13 million) were borne by Robert Bosch GmbH.

 

A part of the pension obligations and funds has been outsourced to Bosch Pensionsfonds AG. Robert Bosch GmbH is the sole shareholder of Bosch Pensionsfonds AG. Bosch Hilfe e.V. provides assistance to associates of co-owners in emergencies (emergency assistance). Bosch Hilfe e.V. is co-owned by Robert Bosch GmbH, Stuttgart, Germany, Robert Bosch Car Multimedia Holding GmbH, Hildesheim, Germany, and Robert Bosch Elektronik GmbH, Salzgitter, Germany. A part of the asset portfolio of Bosch Hilfe e.V. consists of its ownership in Robert Bosch Wohnungsgesellschaft mbH, Stuttgart, Germany, which builds and rents property for Bosch associates.

 

Robert Bosch Stiftung GmbH, Stuttgart, is the tenant of several properties belonging to Robert Bosch GmbH, Stuttgart.

  

 

Dealings with related parties

Related parties of the Bosch Group include the joint ventures as well as the entities in which a minority interest is held. Dealings with these entities are presented in the following table:

 

Figures in millions of euros
Goods and services soldGoods and services purchasedReceivablesLiabilities
20152014201520142015201420152014
Joint ventures72171738558932424
Investees57481187019101113

All transactions with related parties were at arm’s length.

 

Total remuneration of management in key positions

The members of management in key positions are the general partners of Robert Bosch Industrietreuhand KG, the members of the supervisory board, and the members of the board of management of Robert Bosch GmbH.

 

The total remuneration of members of management in key positions totals EUR 49 million in fiscal year 2015 (previous year: EUR 27 million) and breaks down as follows:

  

Figures in millions of euros
20152014
Short-term benefits2318
Post-employment benefits156
Other long-term benefits113

Share-based payments are not made.

 

There are no provisions (valuation allowances) for doubtful debts due from key management personnel. Moreover, no expenses were incurred for uncollectible or doubtful receivables.

 

The Bosch Group pays other related parties compensation totaling EUR 0.6 million (previous year: EUR 0.6 million) for various services, mainly consulting activities. At the end of the fiscal year there were neither receivables nor liabilities from such business transactions. Guarantees have neither been given nor received.

 

29 Additional disclosures pursuant to Sec. 315a HGB


Remuneration of members of the board of management and supervisory board

The total remuneration of the members of the board of management (including provisions) comes to EUR 28 million in the fiscal year 2015 (previous year: EUR 16 million), and that of the former members of the board of management and their dependants to EUR 14 million (previous year: EUR 15 million). The remuneration of the members of the supervisory board comes to approximately EUR 2 million. An amount of EUR 176 million (previous year: EUR 169 million) has been accrued at Robert Bosch GmbH for pension obligations to former members of the board of management and their surviving dependants.

  

Headcount
Annual average 2015Annual average 2014
EU countries202,287158,276
Rest of Europe23,57514,630
Americas40,43733,714
Asia, Africa, Australia102,53479,464
368,833286,084

Auditor’s fees

The fees of the group auditor for audit and advisory services in Germany amount to:

Figures in millions of euros
20152014
Fees for
Audit services 5.2 4.1
Audit-related services 0.1 0.1
Tax advisory services 1.2 1.6
Other services 10.9 2.6

List of shareholdings of the Bosch Group as of December 31, 2015

 

 

1 Consolidated group

 

 

 

 

 

 

Name of company

Registered office

Percentage share of capital 

Germany

Robert Bosch GmbH

Stuttgart

 

 

 

AS Abwicklung und Solar-Service AG i.L.

Oldenburg

100.0

 

 

AS Abwicklung und Solar-Service Deutschland GmbH i.L.

Oldenburg

100.0

 

 

AS Abwicklung Dritte Produktion GmbH i.L.

Oldenburg

100.0

 

 

Ampack GmbH

Königsbrunn

100.0

1

 

BD Kompressor Holding GmbH & Co. KG

Lollar

50.0

 

 

BD Kompressor GmbH

Lollar

100.0

 

 

Beissbarth GmbH

Munich

100.0

1,2

 

BeYond GmbH

Hildesheim

100.0

1

 

Bosch Access Systems GmbH

Würselen

100.0

1

 

Bosch Automotive Service Solutions GmbH

Pollenfeld

100.0

1

 

Bosch Communication Center Magdeburg GmbH

Magdeburg

100.0

1

 

Bosch Connected Devices and Solutions GmbH

Reutlingen

100.0

1

 

Bosch Emission Systems GmbH & Co. KG

Stuttgart

100.0

3

 

Bosch Energy and Building Solutions GmbH

Ditzingen

100.0

1

 

Bosch Engineering GmbH

Abstatt

100.0

1

 

Bosch Engineering Holding GmbH

Abstatt

100.0

1,2

 

Bosch Healthcare Solutions GmbH

Waiblingen

100.0

1

 

Bosch Industriekessel GmbH

Gunzenhausen

100.0

1

 

Bosch KWK Systeme GmbH

Lollar

100.0

1

 

Bosch Packaging Systems GmbH

Remshalden

100.0

1

 

Bosch Pensionsgesellschaft mbH

Stuttgart

100.0

1

 

Bosch Power Tec GmbH

Böblingen

100.0

 

 

Bosch Rexroth AG

Stuttgart

100.0

1,2

 

Bosch Rexroth Guss GmbH

Lohr am Main

100.0

1

 

Bosch Rexroth Vermögensverwaltung GmbH

Lohr am Main

100.0

1

 

Bosch Sensortec GmbH

Kusterdingen

100.0

1

 

Bosch Sicherheitssysteme Engineering GmbH

Nuremberg

100.0

1

 

Bosch Sicherheitssysteme GmbH

Stuttgart

100.0

1,2

 

Bosch Sicherheitssysteme Montage und Service GmbH

Weimar

100.0

1

 

Bosch Silicon Trading GmbH

Obernissa

100.0

 

 

Bosch Software Innovations GmbH

Berlin

100.0

1

 

Bosch Solar CISTech GmbH

Brandenburg/Havel

100.0

1

 

Bosch Solar Energy AG

Arnstadt

100.0

1,2

 

Bosch Solar Thin Film GmbH

Arnstadt

100.0

1

 

Bosch Solarthermie GmbH

Wettringen

100.0

1

 

Bosch Technology Licensing Administration GmbH

Gerlingen

100.0

1

 

Bosch Telecom Holding GmbH

Stuttgart

100.0

1,2

 

Bosch Thermotechnik GmbH

Wetzlar

100.0

1,2

 

Bosch Thermotechnik Vermögensverwaltung 1 GmbH

Wetzlar

100.0

1

 

BSH Hausgeräte GmbH

Munich

100.0

1,2

 

BSH Hausgeräte Service GmbH

Munich

100.0

1

 

BSH Hausgeräte Service Nauen GmbH

Nauen

100.0

1

 

BSH Hausgerätewerk Nauen GmbH

Nauen

100.0

1

 

BSH Vermögensverwaltungs-GmbH

Munich

100.0

1

 

BSH Zweite Verwaltungs GmbH

Munich

100.0

1

 

Buderus Guss GmbH

Breidenbach

100.0

1

 

Buderus Immobilien GmbH

Wetzlar

96.0

1

 

CONSTRUCTA Gesellschaft mit beschränkter Haftung

Munich

100.0

 

 

Constructa-Neff Vertriebs-GmbH

Munich

100.0

 

 

Elektra-Versicherungsvermittlungs-GmbH

Frankfurt

100.0

1

 

ETAS GmbH

Stuttgart

100.0

1,2

 

EVI Audio GmbH

Straubing

100.0

1

 

Gaggenau Hausgeräte GmbH

Munich

100.0

1

 

Hawera Probst GmbH

Ravensburg

100.0

1

 

Holger Christiansen Deutschland GmbH

Wilnsdorf

100.0

1

 

Hüttlin GmbH

Schopfheim

100.0

1

 

Landau Electronic GmbH

Mörfelden-Walldorf

100.0

1

 

Matra-Werke GmbH

Hainburg

100.0

1

 

Moehwald GmbH

Homburg/Saar

100.0

1

 

Neff GmbH

Munich

100.0

1

 

Pharmatec GmbH

Dresden

100.0

1

 

Pollux Solar-Service GmbH

Arnstadt

100.0

 

 

ProSyst Software GmbH

Cologne

100.0

 

 

Robert Bosch Automotive Steering GmbH

Schwäbisch Gmünd

100.0

1,2

 

Robert Bosch Automotive Steering Bremen GmbH

Bremen

100.0

1

 

Robert Bosch Battery Systems GmbH

Stuttgart

100.0

1

 

Robert Bosch Car Multimedia GmbH

Hildesheim

100.0

1

 

Robert Bosch Car Multimedia Holding GmbH

Hildesheim

100.0

1,2

 

Robert Bosch Elektronik GmbH

Salzgitter

100.0

1

 

Robert Bosch Elektronik Thüringen GmbH

Arnstadt

100.0

1

 

Robert Bosch Elektrowerkzeuge GmbH

Sebnitz

100.0

1

 

Robert Bosch Fahrzeugelektrik Eisenach GmbH

Eisenach

100.0

1

 

Robert Bosch Fünfte Vermögensverwaltungsgesellschaft mbH

Gerlingen

100.0

1

 

Robert Bosch Hausgeräte GmbH

Munich

100.0

 

 

Robert Bosch Immobilienverwaltungs GmbH & Co. KG

Stuttgart

100.0

 

 

Robert Bosch Lizenzverwaltungsgesellschaft mbH

Holzkirchen

100.0

 

 

Robert Bosch Risk and Insurance Management GmbH

Stuttgart

100.0

1

 

Robert Bosch Venture Capital GmbH

Gerlingen

100.0

1

 

Robert Bosch Vierte Vermögensverwaltungsgesellschaft mbH

Gerlingen

100.0

1

 

Robert Bosch Zweite Vermögensverwaltungsgesellschaft mbH

Stuttgart

100.0

1

 

SEG Hausgeräte GmbH

Munich

100.0

 

 

sia Abrasives Deutschland GmbH

Solingen

100.0

 

 

Sieger Heizsysteme GmbH

Siegen

100.0

1

 

UC Vermögensverwaltung GmbH

Stuttgart

100.0

1

 

 

 

 

 

Company name

Registered office

Percentage share of capital

Europe

 

 

 

Austria

Bosch Industriekessel Austria GmbH

Bischofshofen

100.0

 

Bosch Rexroth GmbH

Pasching

100.0

 

BSH Finance and Holding GmbH

Vienna

100.0

 

BSH Hausgeräte Gesellschaft mbH

Vienna

100.0

 

Robert Bosch AG

Vienna

100.0

 

Robert Bosch Holding Austria GmbH

Vienna

100.0

 

SBM Schoeller-Bleckmann-Medizintechnik GmbH

Ternitz

100.0

 

 

 

 

Belgium

Bosch Rexroth N.V.

Brussels

100.0

 

Bosch Thermotechnology N.V. / S.A.

Leuven-Heverlee

100.0

 

BSH Home Appliances S.A.

Brussels

100.0

 

Robert Bosch Produktie N.V.

Tienen

100.0

 

Robert Bosch S.A.

Anderlecht (Brussels)

100.0

 

sia Abrasives Belgium N.V. / S.A.

Mollem

100.0

 

 

 

 

Bulgaria

BSH Domakinski Uredi Bulgaria EOOD

Sofia

100.0

 

ProSyst Labs EOOD

Sofia

100.0

 

 

 

 

Croatia

BSH kućanski uređaji d.o.o.

Zagreb

100.0

 

 

 

 

Cyprus

SDA SUPPLY Limited i.L.

Larnaca

100.0

 

 

 

 

Czech Republic

Bosch Diesel s.r.o.

Jihlava

100.0

 

Bosch Rexroth spol. s.r.o.

Brno

100.0

 

Bosch Thermotechnika s.r.o.

Krnov

100.0

 

BSH domácí spotřebiče s.r.o.

Prague

100.0

 

Robert Bosch odbytova s.r.o.

Prague

100.0

 

Robert Bosch, spol. s.r.o.

České Budějovice

100.0

 

 

 

 

Denmark

Bosch Rexroth A/S

Hvidovre

100.0

 

BSH Hvidevarer A/S

Ballerup

100.0

 

Holger Christiansen A/S

Esbjerg

100.0

 

Robert Bosch A/S

Ballerup

100.0

 

 

 

 

Finland

Bosch Rexroth Oy

Vantaa

100.0

 

BSH Kodinkoneet Oy

Helsinki

100.0

 

Robert Bosch Oy

Vantaa

100.0

 

 

 

 

France

Bosch Automotive Service Solutions S.a.r.l.

La Ferté-Bernard

100.0

 

Bosch Centre de Service S.A.S.

Freyming-Merlebach

100.0

 

Bosch Rexroth DSI S.A.S.

Vénissieux

100.0

 

Bosch Rexroth S.A.S.

Vénissieux

100.0

 

Bosch Security Systems France S.A.S.

Clamart

100.0

 

Bosch Thermotechnologie S.A.S.

Saint Thégonnec

100.0

 

BSH Electroménager S.A.S.

Saint-Ouen

100.0

 

e.l.m. leblanc S.A.S.

Drancy

100.0

 

Gaggenau Industrie S.A.S.

Lipsheim

100.0

 

Holger Christiansen France S.A.S.

Olivet

100.0

 

Robert Bosch (France) S.A.S.

Saint-Ouen

100.0

 

Robert Bosch Automotive Steering Marignier S.A.S.

Marignier

100.0

 

Robert Bosch Automotive Steering Vendôme S.A.S.

Vendôme

100.0

 

sia Abrasives France S.a.r.l.

Villepinte

100.0

 

 

 

 

Greece

BSH Ikiakes Syskeves A.B.E.

Athens

100.0

 

Robert Bosch S.A.

Koropi (Athens)

100.0

 

 

 

 

Hungary

Bosch Rexroth Kft.

Budapest

100.0

 

BSH Háztartási Készülék Kereskedelmi Kft.

Budapest

100.0

 

Robert Bosch Elektronika Gyártó Kft.

Hatvan

100.0

 

Robert Bosch Energy and Body Systems Kft.

Miskolc

100.0

 

Robert Bosch Kft.

Budapest

100.0

 

Robert Bosch Automotive Steering Kft.

Eger

100.0

 

Robert Bosch Power Tool Elektromos Szerszámgyártó Kft.

Miskolc

100.0

 

Zelmer Magyarország Kereskedelmi Kft.

Budapest

100.0

 

 

 

 

Ireland

Robert Bosch Ireland Ltd.

Dublin

100.0

 

 

 

 

Italy

ARESI S.p.A.

Brembate

100.0

 

AS Solar Service Italia S.r.l. i.l.

Treviso

100.0

 

Bosch Automotive Service Solutions S.r.l.

Parma

100.0

 

Bosch Energy and Building Solutions Italy S.r.l.

Cinisello Balsamo

100.0

 

Bosch Rexroth Oil Control S.p.A.

Milan

100.0

 

Bosch Rexroth S.p.A.

Cernusco

100.0

 

Bosch Security Systems S.p.A.

Milan

100.0

 

BSH Elettrodomestici S.p.A.

Milan

100.0

 

Centro Studi Componenti per Veicoli S.p.A.

Modugno (Bari)

100.0

 

Freud S.p.A.

Brugherio

100.0

 

Holger Christiansen Italia S.r.l.

Bologna

100.0

 

ROBERT BOSCH S.p.A. Società Unipersonale

Milan

100.0

 

SICAM S.r.l.

Correggio

100.0

 

Tecnologie Diesel e Sistemi Frenanti S.p.A.

Modugno (Bari)

100.0

 

VHIT S.p.A.

Offanengo

100.0

 

 

 

 

Kazakhstan

Zelmer Kazakhstan Sp. z o.o.

Almaty

100.0

 

 

 

 

Luxembourg

Ferroknepper Buderus S.A.

Esch-sur-Alzette

100.0

 

BSH électroménagers S.A.

Senningerberg

100.0

 

 

 

 

Malta

Robert Bosch Finance Malta, Ltd.

St. Julians

100.0

 

Robert Bosch Holding Malta, Ltd.

St. Julians

100.0

 

Robert Bosch IC Financing Malta Limited

St. Julians

100.0

 

 

 

 

Netherlands

Bosch Communications Center B.V.

Nijmegen

100.0

 

Bosch Packaging Technology B.V.

Schiedam

100.0

 

Bosch Rexroth B.V.

Boxtel

100.0

 

Bosch Security Systems B.V.

Eindhoven

100.0

 

Bosch Thermotechniek B.V.

Deventer

100.0

 

Bosch Transmission Technology B.V.

Tilburg

100.0

 

BSH Huishoudapparaten B.V.

Amsterdam

100.0

 

Nefit Vastgoed B.V.

Deventer

100.0

 

Robert Bosch B.V.

Boxtel

100.0

 

Robert Bosch Holding Nederland B.V.

Boxtel

100.0

 

Robert Bosch Investment Nederland B.V.

Boxtel

100.0

 

Robert Bosch Licensing Administration C.V.

Boxtel

100.0

 

Robert Bosch Packaging Technology B.V.

Weert

100.0

 

Skil Europe B.V.

Breda

100.0

 

Telex Holding Germany B.V.

Boxtel

100.0

 

Telex Holding Hong Kong B.V.

Boxtel

100.0

 

Telex Holding Singapore B.V.

Boxtel

100.0

 

 

 

 

Norway

Bosch Rexroth A/S

Ski

100.0

 

BSH Husholdningsapparater A/S

Oslo

100.0

 

Robert Bosch A/S

Ski

100.0

 

 

 

 

Poland

Bosch Rexroth Sp. z o.o.

Pruszków

100.0

 

BSH Sprzȩt Gospodarstwa Domowego Sp. z o.o.

Warsaw

100.0

 

ROBERT BOSCH Sp. z o.o.

Warsaw

100.0

 

Zelmer S.A.

Rzeszów

100.0

 

 

 

 

Portugal

Bosch Car Multimedia Portugal, S.A.

Braga

100.0

 

Bosch Security Systems, S.A.

Ovar

100.0

 

Bosch Termotechnologia, S.A.

Aveiro

100.0

 

BSHP Electrodomésticos, S.U., Lda.

Carnaxide

100.0

 

Robert Bosch Portugal, SGPS, S.A.

Lisbon

100.0

 

Robert Bosch, S.A.

Lisbon

100.0

 

 

 

 

Romania

Bosch Service Solutions S.R.L.

Timişoara

100.0

 

Bosch Rexroth S.R.L.

Blaj

100.0

 

BSH Electrocasnice S.R.L.

Bucharest

100.0

 

ROBERT BOSCH S.R.L.

Bucharest

100.0

 

 

 

 

Russian Federation

OOO "Construction & investments"

Khimki

100.0

 

OOO Bosch Power Tools

Engels

100.0

 

OOO Bosch Rexroth

Moscow

100.0

 

OOO Bosch Thermotechnik

Moscow

100.0

 

OOO BSH Bytowaja Technika

Moscow

100.0

 

OOO BSH Bytowije Pribory

St. Petersburg

100.0

 

OOO Robert Bosch

Moscow

100.0

 

OOO Robert Bosch Saratow

Engels

100.0

 

Zelmer Russia O.O.O.

Moscow

100.0

 

 

 

 

Serbia

BSH Kućni Aparati d.o.o. Beograd

Belgrade

100.0

 

Robert Bosch DOO

Belgrade

100.0

 

 

 

 

Slovakia

BSH Drives and Pumps s.r.o.

Michalovce

100.0

 

Holger Christiansen Produktion Slovakia s.r.o.

Bernolákovo

100.0

 

 

 

 

Slovenia

BSH Hišni Aparati d.o.o.

Nazarje

100.0

 

Indramat elektromotorji d.o.o.

Škofja Loka

100.0

 

 

 

 

Spain

Bosch Rexroth, S.L.U.

Madrid

100.0

 

Bosch Security Systems S.A.U.

Madrid

100.0

 

BOSCH SISTEMAS DE FRENADO, S.L.U.

Madrid

100.0

 

BSH Electrodomésticos España, S.A.

Zaragoza

100.0

 

ROBERT BOSCH ESPAÑA FÁBRICA CASTELLET S.A.U.

Castellet

100.0

 

ROBERT BOSCH ESPAÑA FÁBRICA MADRID S.A.U.

Madrid

100.0

 

ROBERT BOSCH ESPAÑA FÁBRICA TRETO S.A.U.

Treto

100.0

 

ROBERT BOSCH ESPAÑA GASOLINE SYSTEMS S.A.U.

Aranjuez

100.0

 

ROBERT BOSCH ESPAÑA, S.L.U.

Madrid

100.0

 

sia Abrasives Espana S.A.U.

Madrid

100.0

 

 

 

 

Sweden

Bosch Rexroth Mellansel AB

Mellansel

100.0

 

Bosch Rexroth Teknik AB

Stockholm

100.0

 

Bosch Thermoteknik AB

Tranås

100.0

 

BSH Home Appliances AB

Stockholm

100.0

 

Robert Bosch AB

Kista

100.0

 

 

 

 

Switzerland

Bosch Packaging Services AG

Beringen

100.0

 

Bosch Packaging Systems AG

Beringen

100.0

 

Bosch Packaging Technology SA

Ecublens

100.0

 

Bosch Pouch Systems AG

Beringen

100.0

 

Bosch Rexroth Schweiz AG

Buttikon

100.0

 

BSH Hausgeräte AG

Geroldswil

100.0

 

Buderus Heiztechnik AG

Pratteln

100.0

 

Robert Bosch AG

Zuchwil

100.0

 

Robert Bosch Internationale Beteiligungen AG

Zuchwil

100.0

 

Sapal S.A.

Ecublens

100.0

 

Scintilla AG

Solothurn

100.0

 

sia Abrasives Industries AG

Frauenfeld

100.0

 

 

 

 

Turkey

Bosch Fren Sistemleri Sanayi ve Ticaret A.S.

Bursa

84.5

 

Bosch Rexroth Otomasyon Sanayi ve Ticaret A.S.

Bursa

100.0

 

Bosch Sanayi ve Ticaret A.S.

Bursa

100.0

 

Bosch Termoteknik Sanayi ve Ticaret A.S.

Manisa

100.0

 

BSH Ev Aletleri Sanayi ve Ticaret A.Ş.

Istanbul

100.0

 

 

 

 

Ukraine

TOV BSH Pobutova Technika

Kiev

100.0

 

Holger Christiansen Production Ukraine

Krakovets

100.0

 

MBT Trade T.B.O.

Kiev

100.0

 

Zelmer Ukraine T.B.O.

Kiev

100.0

 

 

 

 

United Kingdom

Bosch Automotive Service Solutions Ltd.

Brixworth

100.0

 

Bosch Lawn and Garden Ltd.

Stowmarket

100.0

 

Bosch Packaging Technology Limited

Derby

100.0

 

Bosch Rexroth Ltd.

St. Neots

100.0

 

Bosch Security Systems Ltd.

Denham

100.0

 

Bosch Thermotechnology Ltd.

Worcester

100.0

 

BSH Home Appliances Limited

Milton Keynes

100.0

 

Hägglunds Drives Limited

Wakefield

100.0

 

Kliklok International Limited

Bristol

100.0

 

Robert Bosch Investment Ltd.

Worcester

100.0

 

Robert Bosch Ltd.

Denham

100.0

 

Robert Bosch UK Holdings Limited

Denham

100.0

 

sia Abrafoam Ltd.

Alfreton

100.0

 

sia Abrasives (G.B.) Ltd.

Greetland

100.0

 

sia Abrasives Holding Ltd.

Greetland

100.0

 

sia Fibral Ltd.

Greetland

100.0

 

Worcester Group plc

Worcester

100.0

 

 

 

 

Americas

 

 

 

Argentina

Bosch Rexroth S.A.I.C.

Buenos Aires

100.0

 

BSH Electrodomésticos S.A.

Buenos Aires

100.0

 

Robert Bosch Argentina Industrial S.A.

Buenos Aires

100.0

 

 

 

 

Brazil

Bosch Rexroth Ltda.

Atibaia

100.0

 

Bosch Solutions Serviços Automotivos Ltda.

São Paulo

100.0

 

Robert Bosch Ltda.

Campinas

100.0

 

Robert Bosch Centro de Comunicação Limitada

Campinas

100.0

 

Robert Bosch Direçáo Automotiva Ltda.

Sorocaba

100.0

 

Robert Bosch Tecnologia de Embalagem Ltda.

Alphaville

100.0

 

sia Abrasivos Industriais Ltda.

São José dos Pinhais

100.0

 

 

 

 

Canada

Bosch Rexroth Canada Corporation

Welland, ON

100.0

 

BSH Home Appliances Ltd./ Électroménagers BSH Ltée

Mississauga, ON

100.0

 

Extreme CCTV Inc.

Burnaby, BC

100.0

 

Freud Canada Inc.

Mississauga, ON

100.0

 

ROBERT BOSCH INC.

Mississauga, ON

100.0

 

 

 

 

Chile

Robert Bosch S. A.

Santiago de Chile

100.0

 

 

 

 

Colombia

Robert Bosch Ltda.

Bogotá

100.0

 

 

 

 

Costa Rica

Robert Bosch Service Solutions - Costa Rica Sociedad Anonima

Heredia

100.0

 

 

 

 

Mexico

Bosch Rexroth, S.A. de C.V.

Mexico City

100.0

 

Frenados Mexicanos, S.A. de C.V.

Aguascalientes

100.0

 

Robert Bosch Mexico Sistemas de Frenos, S. de R.L. de C.V.

Juárez

100.0

 

Robert Bosch Mexico Holding, S.A. de C.V.

Mexico City

100.0

 

Robert Bosch México S.A. de C.V.

Mexico City

100.0

 

Robert Bosch México Sistemas Automotrices, S.A. de C.V.

San Luis Potosí

100.0

 

Robert Bosch Sistemas Automotrices, S.A. de C.V.

Juárez

100.0

 

Robert Bosch Tool de Mexico, S.A. de C.V.

Mexicali

100.0

 

Robert Bosch, S. de R.L. de C.V.

Toluca

100.0

 

Robert Bosch México Sistemas de Seguridad S.A. de C.V.

Hermosillo

100.0

 

 

 

 

Peru

BSH Electrodomésticos S.A.C.

Callao/Lima

100.0

 

Robert Bosch S.A.C.

Lima

100.0

 

 

 

 

United States

AS Solar Service NA, Inc.

Denver, CO

100.0

 

Bosch Automotive Service Solutions Inc.

Warren, MI

100.0

 

Bosch Brake Components LLC

Broadview, IL

100.0

 

Bosch Packaging Services Inc.

Raleigh, NC

100.0

 

Bosch Packaging Technology, Inc.

New Richmond, WI

100.0

 

Bosch Rexroth Corporation

Lehigh Valley, PA

100.0

 

Bosch Security Systems Inc.

Burnsville, MN

100.0

 

Bosch Thermotechnology Corp.

Londonderry, NH

100.0

 

BSH Home Appliances Corporation

Irvine, CA

100.0

 

Climatec, LLC

Phoenix, AZ

100.0

 

Compu-Spread Corporation

Delano, MN

100.0

 

ETAS Inc.

Ann Arbor, MI

100.0

 

FHP Manufacturing Company

Fort Lauderdale, FL

57.0

 

Freud America Inc.

High Point, NC

100.0

 

Kliklok Corporation

Decatur, GA

100.0

 

Klikwood Corporation

Decatur, GA

100.0

 

Osgood Industries, Inc.

Oldsmar, FL

100.0

 

Ovonic Energy Products, Inc.

Orion, MI

100.0

 

Robert Bosch Asset Management I LLC

Wilmington, DE

100.0

 

Robert Bosch Asset Management I LP

Wilmington, DE

100.0

 

Robert Bosch Automotive Steering LLC

Florence, KY

100.0

 

Robert Bosch Battery Systems LLC

Orion, MI

100.0

 

Robert Bosch Finance LLC

Broadview, IL

100.0

 

ROBERT BOSCH FUEL SYSTEMS LLC

Kentwood, MI

100.0

 

Robert Bosch Healthcare Systems, Inc.

Farmington Hills, MI

100.0

 

Robert Bosch LLC

Broadview, IL

100.0

 

Robert Bosch North America Corporation

Broadview, IL

100.0

 

Robert Bosch Packaging Technology Inc.

Minneapolis, MN

100.0

 

Robert Bosch Tool Corporation

Mt. Prospect, IL

100.0

 

Seeo, Inc.

Hayward, CA

100.0

 

sia Abrasives, Inc. USA

Charlotte, NC

100.0

 

 

 

 

Venezuela

Inversiones 421-10, C.A.

Caracas

100.0

 

Skil Venezolana SRL

Caracas

100.0

 

 

 

 

Asia

 

 

 

China

AUTOBOSS Tech, Inc.

Shenzhen

100.0

 

Bosch (Ningbo) e-scooter Motor Co., Ltd.

Ningbo

60.0

 

Bosch (Shanghai) Investment Consulting Co., Ltd.

Shanghai

100.0

 

Bosch (Shanghai) Security Systems Ltd.

Shanghai

100.0

 

Bosch (Shanghai) Venture Capital Investment Co., Ltd.

Shanghai

100.0

 

Bosch (Zhuhai) Security Systems Co., Ltd.

Zhuhai

100.0

 

Bosch Automotive Aftermarket (China) Co., Ltd.

Nanjing

100.0

 

Bosch Automotive Components (Changchun) Co., Ltd.

Changchun

55.0

 

Bosch Automotive Diagnostics Equipment (Shenzhen) Ltd.

Shenzhen

100.0

 

Bosch Automotive Diesel Systems Co., Ltd.

Wuxi

66.0

 

Bosch Automotive Products (Changsha) Co., Ltd.

Changsha

100.0

 

Bosch Automotive Products (Chengdu) Co., Ltd.

Chengdu

100.0

 

Bosch Automotive Products (Suzhou) Co., Ltd.

Suzhou

100.0

 

Bosch Automotive Service Solutions (Suzhou) Co., Ltd.

Suzhou

100.0

 

Bosch Automotive Steering (Jinan) Co., Ltd.

Jinan

100.0

 

Bosch Automotive Steering (Nanjing) Co., Ltd.

Nanjing

100.0

 

Bosch Automotive Steering Jincheng (Nanjing) Co., Ltd.

Nanjing

70.0

 

Bosch Automotive Steering Management (Shanghai) Co., Ltd.

Shanghai

100.0

 

Bosch Automotive Systems (Wuxi) Co., Ltd.

Wuxi

100.0

 

Bosch Car Multimedia (Wuhu) Co., Ltd.

Wuhu

60.0

 

Bosch (China) Investment Ltd.

Shanghai

100.0

 

Bosch Inspection Technology (Shanghai) Co., Ltd.

Shanghai

100.0

 

Bosch Laser Equipment (Dongguan) Limited

Dongguan

100.0

 

Bosch Packaging Technology (Chengdu) Co., Ltd.

Chengdu

100.0

 

Bosch Packaging Technology (Hangzhou) Co., Ltd.

Hangzhou

100.0

 

Bosch Power Tools (China) Ltd.

Hangzhou

100.0

 

Bosch Rexroth (Beijing) Hydraulic Co., Ltd.

Beijing

100.0

 

Bosch Rexroth (Changzhou) Co., Ltd.

Changzhou

100.0

 

Bosch Rexroth (China) Ltd.

Hong Kong

100.0

 

Bosch Rexroth (Xi'an) Electric Drives and Controls Co., Ltd.

Xi'an

100.0

 

Bosch Security Systems Ltd.

Hong Kong

100.0

 

Bosch Steering Systems (Shanghai) Co., Ltd.

Shanghai

100.0

 

Bosch Thermotechnology (Beijing) Co., Ltd.

Beijing

100.0

 

Bosch Trading (Shanghai) Co., Ltd.

Shanghai

100.0

 

BSH Electrical Appliances (Jiangsu) Co., Ltd.

Nanjing

100.0

 

BSH Home Appliances Co., Ltd.

Chuzhou

100.0

 

BSH Home Appliances Ltd.

Hong Kong

100.0

 

BSH Home Appliances (China) Co., Ltd.

Nanjing

100.0

 

BSH Home Appliances Holding (China) Co., Ltd.

Nanjing

100.0

 

BSH Home Appliances Service Jiangsu Co., Ltd.

Nanjing

100.0

 

BSW Household Appliances Co., Ltd.

Wuxi

100.0

 

ETAS Automotive Technology (Shanghai) Co., Ltd.

Shanghai

100.0

 

Hägglunds Drives Shanghai Ltd.

Shanghai

100.0

 

Robert Bosch Company Ltd.

Hong Kong

100.0

 

Shanghai Bosch Rexroth Hydraulics & Automation Ltd.

Shanghai

100.0

 

Taixiang Vehicle Replace Parts (Shenzhen) Co., Ltd.

Shenzhen

100.0

 

United Automotive Electronic Systems Co., Ltd.

Shanghai

51.0

 

ZF Shanghai Steering Systems Co., Ltd.

Shanghai

51.0

 

ZF Shanghai Steering System (Wuhan) Co., Ltd.

Wuhan

51.0

 

ZF Shanghai Steering System (Yantai) Co., Ltd.

Yantai

51.0

 

 

 

 

India

Bosch Automotive Electronics India Private Ltd.

Bengaluru

100.0

 

Bosch Chassis Systems India Ltd.

Pune

97.9

 

Bosch Electrical Drives India Private Ltd.

Chennai

89.2

 

Bosch Ltd.

Bengaluru

71.2

 

Bosch Rexroth (India) Ltd.

Ahmedabad

97.0

 

BSH Home Appliances Private Limited

Mumbai

100.0

 

BSH Household Appliances Manufacturing Private Limited

Mumbai

100.0

 

Robert Bosch Automotive Steering Private Limited

Pune

74.0

 

Robert Bosch Engineering and Business Solutions Private Ltd.

Bengaluru

100.0

 

 

 

 

Indonesia

PT BSH Home Appliances

Jakarta

100.0

 

P.T. Robert Bosch

Jakarta

100.0

 

 

 

 

Israel

BSH Home Appliances Ltd.

Herzlia

100.0

 

 

 

 

Japan

Bosch Automotive Service Solutions Corporation

Tokyo

100.0

 

Bosch Corporation

Tokyo

100.0

 

Bosch Packaging Technology K.K.

Tokyo

100.0

 

Bosch Rexroth Corporation

Tsuchiura-shi

99.9

 

ETAS K.K.

Yokohama

100.0

 

Bosch Security Systems Inc.

Tokyo

100.0

 

FA Niigata Co., Ltd.

Niigata

100.0

 

Fuji Aitac Co., Ltd.

Gunma

100.0

 

Gunma Seiki Co., Ltd.

Gunma

100.0

 

Nippon Injector Corporation

Odawara

50.0

 

 

 

 

Korea

Bosch Electrical Drives Co., Ltd.

Sejong

100.0

 

Bosch Rexroth Korea Ltd.

Busan

100.0

 

Robert Bosch Korea Limited Company

Daejeon

100.0

 

 

 

 

Malaysia

Bosch Power Tools Engineering Sdn. Bhd.

Penang

100.0

 

Bosch Rexroth Sdn. Bhd.

Shah Alam

100.0

 

Bosch Solar Energy Malaysia Sdn. Bhd.

Penang

100.0

 

BSH Home Appliances Sdn. Bhd.

Kuala Lumpur

100.0

 

ROBERT BOSCH (MALAYSIA) SDN. BHD.

Penang

100.0

 

Robert Bosch Automotive Steering Sdn. Bhd.

Penang

100.0

 

ROBERT BOSCH POWER TOOLS SDN. BHD.

Penang

100.0

 

Robert Bosch Sdn. Bhd.

Kuala Lumpur

100.0

 

 

 

 

Philippines

Bosch Service Solutions, Inc.

Manila

100.0

 

Robert Bosch Inc.

Manila

100.0

 

 

 

 

Saudi Arabia

BSH Home Appliances Saudi Arabia LLC

Dschidda

51.0

 

 

 

 

Singapore

Bosch Packaging Technology (Singapore) Pte. Ltd.

Singapore

100.0

 

Bosch Rexroth Pte. Ltd.

Singapore

100.0

 

BSH Home Appliances Pte. Ltd.

Singapore

100.0

 

Robert Bosch (South East Asia) Pte. Ltd.

Singapore

100.0

 

Robert Bosch Security Solutions Pte.

Singapore

100.0

 

 

 

 

Taiwan

Bosch Rexroth Co. Ltd.

Taipei

100.0

 

BSH Home Appliances Private Limited

Taipei

100.0

 

Robert Bosch Taiwan Co., Ltd.

Taipei

100.0

 

Unipoint Electric MFG Co., Ltd.

Taipei

100.0

 

 

 

 

Thailand

Bosch Automotive Thailand Co. Ltd.

Rayong

87.9

 

Bosch Packaging Technology (Thailand) Co., Ltd.

Chonburi

100.0

 

BSH Home Appliances Ltd.

Bangkok

100.0

 

Robert Bosch Ltd.

Bangkok

100.0

 

Robert Bosch Automotive Technologies (Thailand) Co., Ltd.

Rayong

100.0

 

 

 

 

United Arab Emirates

BSH Home Appliances FZE

Dubai

100.0

 

BSH Home Appliances General Trading LLC

Dubai

100.0

 

Robert Bosch Middle East FZE

Dubai

100.0

 

 

 

 

Vietnam

Bosch Vietnam Co., Ltd.

Dong Nai Province

100.0

 

 

 

 

Rest of world

 

 

 

Australia

Australian Industrial Abrasives Pty. Ltd.

Rowville

100.0

 

Bosch Automotive Service Solutions Pty. Ltd.

Melbourne

100.0

 

Bosch Rexroth Pty. Ltd.

Kings Park

100.0

 

Bosch Security Systems Pty. Ltd.

Sydney

100.0

 

BSH Home Appliances Pty. Ltd.

Heatherton

100.0

 

Robert Bosch (Australia) Pty. Ltd.

Clayton

100.0

 

sia Abrasives Australasia Holding Pty. Ltd.

Rowville

100.0

 

sia Abrasives Australia Pty. Ltd.

Rowville

100.0

 

 

 

 

Morocco

BSH Electroménagers (SA)

Casablanca

100.0

 

 

 

 

New Zealand

Bosch Security Systems Ltd.

Auckland

100.0

 

BSH Home Appliances Ltd.

Auckland

100.0

 

 

 

 

South Africa

BSH Home Appliances (Pty.) Ltd.

Johannesburg

100.0

 

Robert Bosch (Pty.) Ltd.

Brits

100.0

 

2 Investments measured using the equity method

  

 

 

 

 

 

Company name

Registered office

Percentage share of capital

Germany

Bosch Mahle Turbo Systems GmbH & Co. KG

Stuttgart

50.0

 

EM-motive GmbH

Hildesheim

50.0

 

 

 

 

Korea

KB Wiper Systems Co., Ltd.

Daegu

50.0

 

 

 

 

South Africa

Hytec Holdings Pty. Ltd.

Johannesburg

50.0

 

 

 

 

United States

Associated Fuel Pump Systems Corporation

Anderson, SC

50.0

 

3 Investments measured at amortized cost

 

 

 

 

 

Company name

Registered office

Percentage share of capital

Germany

AIG Planungs- und Ingenieurgesellschaft mbH

Stuttgart

100.0

 

Alltrucks GmbH & Co. KG

Munich

33.3

 

Asanetwork GmbH

Willstätt

23.3

 

BD Kompressor Management GmbH

Lollar

100.0

 

Bosch Emission Systems Verwaltungs-GmbH

Stuttgart

100.0

 

Bosch Mahle Turbo Systems Verwaltungs GmbH

Stuttgart

50.0

 

Bosch Management Support GmbH

Leonberg

100.0

 

Bosch Pensionsfonds AG

Stuttgart

100.0

 

Bosch Rexroth Interlit GmbH

Joachimsthal

100.0

 

Bosch Rexroth Monitoring Systems GmbH

Dresden

100.0

 

Bosch SoftTec GmbH

Hildesheim

100.0

 

BS Systems GmbH & Co. KG

Zusmarshausen

50.0

 

BSH Altersfürsorge GmbH

Munich

100.0

 

CDE - Packaging GmbH

Glauburg-Stockheim

49.0

 

ECP Energiecontracting GmbH

Heidelberg

81.0

 

Energiespeicher Nord GmbH & Co. KG

Braderup

45.0

 

Energiespeicher Nord Verwaltungs GmbH

Braderup

45.0

 

escrypt GmbH Embedded Security

Bochum

100.0

 

GFI Gesellschaft für Infrastrukturdienste mbH

Reutlingen

100.0

 

Home Connect GmbH

Munich

100.0

 

Integrated Management Consulting GmbH

Schwäbisch Gmünd

100.0

 

JCB Management GmbH

Hannover

20.0

 

Johnson Controls Autobatterie GmbH & Co. KGaA

Hannover

20.0

 

Knorr-Bremse Systeme für Nutzfahrzeuge GmbH

Munich

20.0

 

Koller + Schwemmer GmbH

Nuremberg

100.0

 

Lithium Energy and Power GmbH & Co. KG

Stuttgart

50.0

 

Makat Candy Technology GmbH

Dierdorf

100.0

 

Mobility Media GmbH

Berlin

100.0

 

mozaiq operations GmbH

Frankfurt/Main

33.3

 

part GmbH

Bad Urach

50.0

 

Profilo Elektrogeräte-Vertriebsgesellschaft mbH

Munich

100.0

 

Prüfzentrum Boxberg GmbH

Boxberg

100.0

 

Robert Bosch Battery Solutions GmbH

Eisenach

100.0

 

Robert Bosch Immobilien GmbH

Stuttgart

100.0

 

Robert Bosch Lollar Guss GmbH

Lollar

100.0

 

Robert Bosch Power Tools GmbH & Co. KG

Leinfelden-Echterdingen

100.0

 

Robert Bosch Smart Home GmbH

Stuttgart

100.0

 

Robert Bosch Start-Up GmbH

Stuttgart

100.0

 

Robert Bosch Starter Motors Generators Holding GmbH

Schwieberdingen

100.0

 

Robert Bosch Technical and Business Solutions GmbH

Stuttgart

100.0

 

Service- und Betriebsgesellschaft Heidehof GmbH

Stuttgart

100.0

 

SupplyOn AG

Hallbergmoos

42.1

 

Valicare GmbH

Frankfurt/Main

100.0

 

 

 

 

Europe

 

 

 

Austria

Bosch General Aviation Technology GmbH

Vienna

100.0

 

RobArt GmbH

Linz

22.0

 

ZENO Track GmbH

Vienna

100.0

 

 

 

 

Belarus

Robert Bosch OOO

Minsk

100.0

 

 

 

 

Belgium

EpiGaN NV

Leuven

22.0

 

 

 

 

Bulgaria

Robert Bosch EOOD

Sofia

100.0

 

 

 

 

Croatia

Robert Bosch d.o.o.

Zagreb

100.0

 

 

 

 

Denmark

Moeller & Devicon A/S

Sandved

100.0

 

 

 

 

Estonia

Robert Bosch OÜ

Tallinn

100.0

 

 

 

 

France

BD Kompressor France S.a.r.l.

Trevoux

100.0

 

Bosch Packaging Technology S.A.S.

Saint-Ouen

100.0

 

ETAS S.A.S.

Saint-Ouen

100.0

 

 

 

 

Georgia

Robert Bosch Ltd.

Tiflis

100.0

 

 

 

 

Greece

Bosch Rexroth S.A.

Athens

100.0

 

 

 

 

Hungary

Bosch Electronic Service Kft.

Kecskemét

100.0

 

Bosch Packaging Systems Kft.

Pécel

100.0

 

 

 

 

Italy

BARI SERVIZI INDUSTRIALI Società consortile a r.l.

Modugno

50.0

 

Dana Rexroth Transmission Systems S.r.l.

Arco

50.0

 

DECA S.r.l.

Lugo

100.0

 

Oleodinamica Gambini S.r.l.

Modena

20.0

 

 

 

 

Kazakhstan

TOO Robert Bosch

Almaty

100.0

 

 

 

 

Latvia

Robert Bosch SIA

Riga

100.0

 

 

 

 

Lithuania

UAB Robert Bosch

Vilnius

100.0

 

 

 

 

Netherlands

Bosch Thermotechnology Netherlands Holding B.V.

Boxtel

100.0

 

Tradeplace B.V.

Amsterdam

20.0

 

 

 

 

Poland

Loos Centrum Sp.z o.o.

Warsaw

26.0

 

 

 

 

Russian Federation

Bosch Heating Systems LLC

Engels

100.0

 

Evroradiators LLC

Engels

100.0

 

Robert Bosch Samara LLC

Chernovskiy

100.0

 

 

 

 

Slovakia

Robert Bosch spol. s.r.o.

Bratislava

100.0

 

Valicare s.r.o.

Trencin

51.1

 

 

 

 

Slovenia

BSH I.D. Invalidska družba d.o.o.

Nazarje

100.0

 

Robert Bosch d.o.o.

Ljubljana

100.0

 

 

 

 

Spain

Bosch Automotive Service Solutions S.A.U.

Madrid

100.0

 

 

 

 

Switzerland

Bosch Automotive Service Solutions AG

Kriens

100.0

 

Rotzinger AG

Kaiseraugst

46.7

 

 

 

 

Ukraine

Robert Bosch Ltd.

Kiev

100.0

 

 

 

 

United Kingdom

ETAS Ltd.

York

100.0

 

LAGTA Group Training Limited

Motherwell

100.0

 

LAGTA Limited

Motherwell

100.0

 

Spore Holdings Ltd.

Daventry

100.0

 

 

 

 

Americas

 

 

 

Brazil

Bosch Soluções Integradas Brasil Ltda.

Campinas

100.0

 

Bosch Management Support Ltda.

Campinas

99.9

 

Bosch Termotecnologia Ltda.

São Paulo

100.0

 

Metapar Usinagem Ltda.

Curitiba-Paraná

100.0

 

 

 

 

Chile

Bosch Rexroth Chile S.p.A.

Santiago de Chile

100.0

 

 

 

 

Ecuador

Robert Bosch Sociedad Anónima - Ecuabosch

Guayaquil

100.0

 

 

 

 

Mexico

Bosch Automotive Service Solutions S.A. de C.V.

Mexico City

100.0

 

Bosch Management Services Mexico, S.C.

Mexico City

100.0

 

 

 

 

Panama

Robert Bosch Panama S.A.

Panama City

100.0

 

Robert Bosch Panama Colon, S.A.

Colon

100.0

 

 

 

 

United States

Akustica Inc.

Pittsburgh, PA

100.0

 

Bosch Energy Storage Solutions LLC

Palo Alto, CA

100.0

 

Bosch Management Services Corporation

Wilmington, DE

100.0

 

Bosch Software Innovations Corp.

Chicago, IL

100.0

 

Bosch Solar Energy Corp.

Detroit, MI

100.0

 

BSE PV LLC

Palo Alto, CA

100.0

 

Escrypt Inc.

Ann Arbor, MI

100.0

 

Industrial Pharmaceutical Resources, Inc.

Bartlett, IL

49.0

 

KX2 Holding Building Technologies Group, LP

Phoenix, AZ

100.0

 

North America Fuel Systems Remanufacturing LLC

Kentwood, MI

50.0

 

PBR International USA Ltd.

Knoxville, TN

100.0

 

Robert Bosch Start-up Platform North America LLC

Wilmington, DE

100.0

 

RoboToolz Inc.

Mountain View, CA

100.0

 

 

 

 

Venezuela

Bosch Rexroth S.A.

Caracas

100.0

 

Robert Bosch S.A.

Caracas

100.0

 

 

 

 

Asia

 

 

 

Bangladesh

Robert Bosch (Bangladesh) Ltd.

Dhaka

100.0

 

 

 

 

Cambodia

Robert Bosch (Cambodia) Co., Ltd.

Phnom Penh

100.0

 

 

 

 

China

Bosch (Donghai) Automotive Test & Technology Center Co., Ltd.

Donghai

100.0

 

Bosch (Hulunbeier) Automotive Test and Technology Centre Co., Ltd.

Yakeshi

100.0

 

Bosch (Shanghai) Smart Life Technology Ltd.

Shanghai

100.0

 

Bosch Automotive (Wuhu) Co., Ltd.

Wuhu

100.0

 

Bosch Automotive Technical Service (Beijing) Co., Ltd.

Beijing

100.0

 

Bosch Electronics Trading (Suzhou) Co., Ltd.

Suzhou

100.0

 

Bosch Thermotechnology (Shandong) Co., Ltd.

Zibo

100.0

 

Bosch Thermotechnology (Shanghai) Co., Ltd.

Shanghai

100.0

 

Bosch Thermotechnology (Wuhan) Co., Ltd.

Wuhan

100.0

 

BSH Home Appliance Trading Co., Ltd.

Shanghai

100.0

 

Freud International Trading (Shanghai) Co., Ltd.

Shanghai

100.0

 

Guangzhou sia Abrasives Company Ltd.

Guangzhou

100.0

 

HEFEI M&B Air Conditioning Equipment Co., Ltd.

Heifei

40.0

 

Loos China Ltd.

Hong Kong

100.0

 

Nanjing Bovon Power Tools Co.

Nanjing

50.0

 

Seeo Battery Systems Co., Ltd.

Shanghai

100.0

 

sia Abrasives Company Ltd.

Hong Kong

100.0

 

 

 

 

India

ETAS Automotive India Private Ltd.

Bengaluru

100.0

 

Klenzaids Contamination Controls Private Limited

Mumbai

49.0

 

Newtech Filter India Private Limited

Bengaluru

100.0

 

MIVIN Engineering Technologies Private Ltd.

Bengaluru

100.0

 

Precision Seals Manufacturing Ltd.

Pune

100.0

 

ZF Steering Gear (India) Ltd.

Pune

26.0

 

 

 

 

Indonesia

P.T. Bosch Rexroth

Jakarta

100.0

 

P.T. Robert Bosch Automotive

Jakarta

100.0

 

 

 

 

Iran

Bosch Tejarat Pars

Tehran

100.0

 

 

 

 

Israel

Utilight Ltd.

Yavne

22.3

 

 

 

 

Japan

Advanced Driver Information Technology Corporation

Kariya-shi

50.0

 

Bosch Engineering K.K.

Tokyo

100.0

 

Daito Hydraulics Co., Ltd.

Nasu-gun

100.0

 

Kanto Seiatsu Kogyo Co., Ltd.

Honjo

94.9

 

Knorr-Bremse Commercial Vehicle Systems Japan, Ltd.

Tokyo

20.0

 

 

 

 

Korea

ETAS Korea Co., Ltd.

Seoul

100.0

 

 

 

 

Malaysia

Pacific BBA (Malaysia) Sdn. Bhd.

Shah Alam

100.0

 

Robert Bosch (Penang) Sdn. Bhd.

Penang

100.0

 

 

 

 

Sri Lanka

Robert Bosch Lanka Pvt. Ltd.

Colombo

100.0

 

 

 

 

Thailand

FMP Distribution Ltd.

Rayong

50.1

 

FMP Group (Thailand) Ltd.

Rayong

50.7

 

Pacific BBA (Thailand) Ltd.

Bangkok

100.0

 

 

 

 

Vietnam

Robert Bosch Engineering and Business Solutions Vietnam Co. Ltd.

Ho Chi Minh City

100.0

 

 

 

 

Rest of world

 

 

 

Australia

FMP Group (Australia) Pty. Ltd.

Ballarat

49.0

 

Pacifica Group Pty. Ltd.

Melbourne

100.0

 

 

 

 

Egypt

Bosch Packaging Technology Ltd.

Cairo

100.0

 

Robert Bosch Ltd.

Cairo

100.0

 

 

 

 

Kenya

Robert Bosch East Africa Ltd.

Nairobi

100.0

 

 

 

 

New Zealand

Bosch Rexroth Ltd.

Auckland

100.0

 

Robert Bosch Ltd.

Auckland

100.0

 

 

 

 

Nigeria

Robert Bosch Limited

Lagos

100.0

 

 

 

 

South Africa

Hägglunds Drives South Africa (Pty.) Ltd.

Fourways

100.0

 

 

 

 

Tunisia

Robert Bosch Tunisie SARL

Tunis

100.0

Stuttgart, March 15, 2016

 

Robert Bosch GmbH
The board of management