Helmut Panke Quotations

The adverse external factors -- unfavorable exchange rates, high raw-material prices and intense competition -- which we reported from the very beginning of the year have been largely offset by increased sales volume and internal efficiency improvement measures.

We intend to make 2006 the most successful year in our company's history, both in terms of unit sales and our operating earnings.

We are thus heading for the best year in our corporate history.

We should not try to educate or teach the customer about what he or she wants.

We will continue to press on determinedly along our course of growth and expansion.

We assume that BMW Group will remain on this path of growth in 2006.

We also expect earnings to increase in 2006 at an operating level, excluding the exceptional gain from the exchangeable bond on Rolls Royce shares.

We will proceed under our own power. We are not thinking of link-ups, stakes, takeovers. I can clearly rule out all of these alternatives.

We have a comparable situation as we did have in 2005. The exchange rates are not worse, the raw material prices are not worse, so we basically have the same challenge, but we managed to cope and to compensate (for) most of those challenges in 2005.

We expect the BMW Group to remain on growth course in the financial year 2006. Our aim is to increase sales volume yet again and once again set a new record.

Currency factors, high raw material prices and intense competition are all having an adverse impact.

Prices have gone up in the U.S. but for us at least we have not seen a change in buyer behavior,

Our aim is to increase (car) sales volume yet again and once again set a new record.

Despite the big public debate right now, it will just be a niche technology,

If each of us would have done it on our own we would never have reached the volume needed to make it economical,

The current exchange rate is an improvement, but it's still a challenge for us.