General shots BMW WeltArriving of the journalists

Our long-term decisions laid out in our Strategy Number ONE are paying off. In the period from the end of 2007 to the end of 2014: Our deliveries increased by over 40 percent; Group revenues rose by 44 percent; Our pre-tax profit more than doubled; And BMW common stock performed significantly better than the DAX. This shows: The BMW Group has reached a new level of performance and this underlines our determination to drive innovationThis was the fifth record year in a row for the BMW Group since the global economic crisis.  Group earnings before tax increased significantly by 10.3 percent to 8.7 billion Euros.  The net profit rose by 9.2 percent to over 5.8 billion Euros.  The EBIT margin for the Automotive segment stood at 9.6 percent and thus at the upper end of our target range of 8 to 10 percent. 2014 was the first year we delivered over two million vehicles.What these figures clearly show is that a constructive political framework truly makes a difference in a market. The German car manufactures have delivered their part of the bargain. The ball is now in the court of policy-makers, especially here in Germany. The new Electric Mobility Act is a step in the right direction. But beyond that, we need a serious debate about the right tools to ensure Germany picks up the pace when it comes to electric mobility. Other countries are already way ahead:  In China, the BMW i3 is not subject to the restrictive procedure limiting licence plates in Shanghai – which reduces the cost by over 10,000 euros.  In California, electric cars can use the Carpool Lanes on highways and they also get attractive financial incentives.  Norway has a well-established charging infrastructure. Electric cars charge and park for free. There’s also no VAT or registration tax for such vehicles.The BMW Group strongly supports the building of a charging infrastructure in China, the EU and the U.S. – for private customers as well in the public domain. Once again, we recorded balanced growth in the largest world regions in 2014: Europe accounted for about 43 percent of our sales volume, Asia for 31 percent, and the Americas for close to 23 percent.  Europe is still our most important sales region.  In 2014, China was our largest individual market. However, we have long said that the Chinese market will slow to a more normal pace. Just last week, the Chinese Government also made it clear, this is the new normal. Slower economic growth will also affect the automotive industry. We continue to consider this in our strategic planning.  We also achieved solid growth on the American continent last year. Strategically, the U.S. remains a key market – it is our second home.Our targets for the business year 2015 are as follows:  We aim to achieve solid growth in both sales and earnings before tax on Group level.  We intend to remain the world’s leading premium car company.  And we strive to remain in our target range of 8 to 10 percent for the EBIT margin in the Automotive segment. As always, our forecasts assume the economic conditions worldwide remain stable and won’t deteriorate. However, many uncertainties remain. Important markets like China are losing momentum. The BRIKT markets are developing unevenly. Moreover, there are also political uncertainties and flash points around the world. In simple terms: Volatility is the new constant in today’s business world. Each era must face its own challenges and each era requires its own new and innovative solutions. We have