BMW 2005 Annual Report Download - page 151
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4
Ladies and Gentlemen,
The year 2005 was a demanding year for the BMW Group and, at
the same time, one of the most successful in the Company’s history.
Last year, our automobile sales grew by almost ten percent, all three
brands achieved new highs in terms of sales volume. Simultaneously,
we – like the entire automobile industry – were confronted with im-
mense burdens due to changes in economic conditions.The com-
bination of currency impact, above-average raw material prices and
intense competition posed a special challenge for the BMW Group.
We were able to alleviate the greater part of these adverse factors
with ongoing efficiency improvement measures and significant in-
Helmut Panke, Chairman of the Board of Management
Preface