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PV division obliterates Bosch Group's 2012 profits

The impact of plunging PV prices throughout 2012 has been graphically illustrated with the release of full-year figures by global technology giant Bosch.

Bosch Group has taken a battering from its solar division.

Bosch

Figures for the German industrial Titan show sales rose across all its divisions by 1.6% in 2012 to total revenues of €52.3 billion (US$69.7bn) but, with the company forced to take an impairment of as much as €1bn from its solar business, earnings before tax and interest are expected to amount to just 2% of that figure, around €104.6m.

In other words, the hit from its PV business could wipe out as much as 90% of the group's 2012 profits.

A Bosch press release announcing the figures stated, "All conceivable solutions are currently being weighed in order to arrive at a reasonable solution" with respect to a strategic realignment of its PV business.

The group created a new, fourth, business division this month – energy and building technology – which will incorporate solar energy along with security systems and thermotechnology.

The press release also indicated that more engineering work would be carried out in China, India and Vietnam in future.