March 12 2004. BMW Group continued to perform well in 2003 and, as forecasted, achieved earnings at the previous year's level. The group profit from ordinary activities, at euro 3,205 million, was only just below the record level of 2002 (-2.8% / 2002: euro 3,297 million). The net profit for 2003 was euro 1,947 million (-3.6% / 2002: euro 2,020 million). Earnings per share were euro 2.89 (2002: euro 3.00) per share of common stock and euro 2.91 (2002: euro 3.02) per share of preferred stock.

The Automobile segment was particularly affected by up-front expenditure for the product and market offensive. The segment profit from ordinary activities was euro 2,761 million and thus 4.2% lower than the previous year's figure (euro 2,883 million).A substantial level of up-front expenditure for new models also affected the reported results of the Motorcycles segment. The profit from ordinary activities fell by 16.7% to euro 50 million (2002: euro 60 million).

The Motorcycles segment achieved sales volume growth for the eleventh time in succession despite difficult market conditions. 92,962 BMW motorcycles were sold during the year, 0.4% more than in the previous year (2002: 92,599 units).

Source: BMW Group