Speech by Professor Dr.-Ing. Joachim Milberg Chairman - BMW Group

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Bayerische
Motoren Werke
Aktiengesellschaft
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BMW AG
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Media Information
19 March 2002
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Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
Stefan Krause new
Member of the Board
responsible for Finances
(as of May 16)
Ladies and Gentlemen,
I, too, am very happy to see you here today at this
year's Annual Accounts Press Conference of the BMW
Group. Let me bid you a cordial welcome.
The Annual Accounts Press Conference is a very
pleasant event for us today, since we are once again
able to report very good figures.
In addition, this is a very special day for me personally,
since this will be my last Annual Accounts Press
Conference in my position as the Chairman of the
Board of Management. As you know, I will be handing
over the Chairmanship on the day of the forthcoming
Annual General Meeting on 16 May to Dr. Helmut
Panke.
Following my statement, Helmut Panke will present the
figures of the 2001 Business Year in detail.
Ladies and Gentlemen,
As we already informed you at the beginning of last
week, the Supervisory Board has appointed Mr Stefan

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
2
Annual Accounts for the
first time according to
IAS
Krause as the successor of Dr Panke as Member of the
Board responsible for Finances. Mr Krause will
commence his function on the Board on May 16th,
2002.
Today I would like to use this opportunity of briefly
presenting Mr Krause to you.
Let me express my congratulations to Mr Krause on his
appointment. Once again we have shown that the
BMW Group is in a position to occupy positions of
decisive importance from its own ranks.
As we already announced a year ago, we have
modified our accounting procedure and are presenting
the 2001 Annual Accounts for the first time according
to the IAS International Accounting Standards.
To provide a better comparison of developments, we
have also compiled the year 2000 Annual Accounts in
IAS figures, and our annual comparisons in per cent
are now also based on the IAS rules of disclosure.
Even though at first sight the figures you see here look
much higher than under the HGB German Commercial
Code, the quality of our core business that stands
behind these figures remains unaffected by this

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
3
2001 most successful
year ever in the history
of the BMW Group
Concentrating on
premium brand strategy
changeover to a new accounting principle.
You might indeed compare this with a thermometer:
Whether you measure the temperature in Celsius or
Fahrenheit, the temperature as such always remains
the same.
We have already described the premium brand
strategy of the BMW Group on various occasions. Now
last year's figures once again prove that we are going
the right way in and through our strategy.
2001 was by far the most successful year of business
ever in the history of the BMW Group in terms of
customer deliveries, sales and profits.
In particular, we have succeeded in once again
considerably improving the quality of our profits - to
euro 3.2 billion before taxes. Under the International
Accounting Standards, this is an improvement by
almost 60 per cent.
What were the reasons for this improvement?
Fiscal 2001 was our first full year without Rover. It was
a year in which we were able to concentrate exclusively
on the inherent strengths of the Company: the
development, production and sale of premium

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
4
Success factor
associates
Consistently continuing
product and market
offensive
products.
The course of business clearly proves that our
premium brand strategy and the product and market
offensive we are pursuing lead to optimum results.
Our outstanding associates form the key to this
strength of the BMW Group. They have established
and secured our very good position in the market. And
being one of the most attractive employers, we
succeed time and again in winning over the most
qualified associates for the Company, building up a
lasting, long-term relationship in the process.
Our products are the visible, the tangible signs of our
strengths. The truly outstanding success of the BMW
X5, for example, has made a significant contribution to
the increase in deliveries and profits. The results
generated by the BMW 3 Series and 5 Series are
likewise very convincing.
Proceeding from our premium brand strategy, we
consistently continued our product and market
offensive in the year 2001. MINI made a successful
start into the market and the new BMW 7 Series is the
benchmark for the future in its class.

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
5
Expansion of market
presence the world over
Reaching strategic
milestones
Successful development
of business in all
segments
Automobiles segment:
around 906,000 BMW
and MINI cars
We also benefited from our strong presence in leading
markets the world over - markets we have continued to
develop in recent years, particularly the USA and in
Asia.
2001 was therefore a crucial year for the BMW Group.
We have reached essential milestones in the strategic
orientation of our Company.
I have already stated, Ladies and Gentlemen, that the
2001 year of business was by far the most successful
year ever in the history of the BMW Group.
Delivering around 906,000 BMW and MINI cars to
customers the world over, we continued to grow
substantially in the year under report despite the
stagnating global market. Indeed, we achieved a
growth rate of more than 10 per cent.
Building more than 946,000 units, we also broke the
previous year's record once again in the production of
cars.
This we achieved through the ongoing increase in

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
6
Motorcycles segment:
95,300 units
BMW Financial Services:
profits up to € 390
million
production efficiency, the target-oriented expansion of
our capacities, and the great commitment of our
associates. This commitment was expressed, for
example, by numerous additional shifts we were able
to agree with the representatives of our workforce.
Delivering more than 95,300 units to customers, our
Motorcycles Segment continued its long path of record
sales in 2001, making this the ninth record year in a
row for BMW motorcycles.
Amounting to more than euro 390 million, profits in our
Financial Services Segment in fiscal 2001 were 11 per
cent above the previous year's figure. In our new
business we were able to almost completely set off the
discontinuation of Rover financing. One in three BMW
brand cars sold is financed by BMW Financial
Services.
New records The successful development of business last year led
to new records.
Sales:
€ 38.5 billion
Sales of the BMW Group in 2001 increased to a new
record of almost euro 38.5 billion. According to IAS
principles, this is an increase by 3.3 per cent over the
previous year.

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
7
Result:
€ 3.2 billion
Capital expenditure:
€ 3.5 billion
Return on sales:
8.4 per cent
Increase in the dividend
proposed
The result of our ordinary business activities reached
the new record of euro 3.2 billion before taxes in the
2001 year of business. We have therefore boosted our
profits
considerably, exceeding the previous year's result by
almost 60 per cent.
This is particularly good news considering the
significant expenditure on our ongoing product and
market offensive. Just consider that our capital
expenditure in 2001 was more than euro 3.5 billion,
that is 26.4 per cent more than in the year 2000.
At 8.4 per cent, our return on sales reached the highest
level we have ever recorded since publishing such data
covering the worldwide Group for the first time in 1989.
At the Annual General Meeting, the Board of
Management and the Supervisory Board will propose
that the unappropriated profit of BMW AG of
euro 350 million be used to pay a dividend of euro 0.52
per share of common stock and euro 0.54 per share of
preferred stock on the share capital of the company
divided into shares with a nominal value of euro 1
each. This represents an increase in the dividend of 13

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
8
Almost 5000 new
associates
BMW stock:
€ 39.55 at year-end
per cent for common stock and 12.5 per cent for
preferred stock.
Reflecting our success in business, we have a growing
need for employees. Accordingly, we hired almost
5,000 new associates in the year 2001, almost 4,000
thereof in our home country, Germany.
Wirtschaftswoche, one of Germany's leading business
magazines, states that we have created more new jobs
in Germany than any other company. In other words:
we are Germany's job machine No 1.
This means that on 31 December 2001 the BMW
Group had a workforce of approximately 97,300
associates worldwide. Taking into consideration the
split from our supplier Powertrain Ltd, Bracknell, and
the sale of British Motor Heritage, this was equivalent
to a figure of approximately 92,000 associates in the
year 2000. Compared with the previous year, therefore,
our workforce grew by 5.7 per cent in the year under
report.
This successful development in 2001 was also
reflected by the price of BMW shares on the stock
market: Compared over the year, BMW stock was one
out of only four stocks listed in the German DAX-30

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
9
Product and market
offensive
BMW brand: more than
880,000 units sold
BMW X5: customer
deliveries more than
doubled
BMW 3 and 5 Series:
continuing high demand
Index showing a higher price at year-end.
Closing at a price of more than euro 39 on 28
December 2001, BMW common stock was 13.8 per
cent above the year-end price 12 months earlier at the
end of the year 2000 - and, accordingly, better than the
CDAX and a lot better than the DAX indices.
The BMW Group is one of the most profitable car
makers in the world. And we are right in the middle of
our largest-ever product and market offensive.
In the course of 2001 we introduced the new BMW 3
Series compact, the M3 convertible, the updated BMW
3 Series, the X5 4.6 iS and, in Europe, the new BMW 7
Series, all of these models making a successful entry
into the market.
In all, we sold more than 880,000 BMW brand cars the
world over - again a new sales record.
The BMW X5 deserves particular mention, with more
than 82,700 deliveries to customers in 2001.
Compared with the previous year, we have more than
doubled sales in the case of this model up by 118 per
cent.
The great, ongoing appeal of the BMW 3 Series was
underlined again last year by growth of 4.5 per cent

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
10
New BMW 7 Series:
successful entry into the
market
MINI successfully
introduced as an
independent brand
with more than 534,000 cars sold.
The BMW 5 Series retained its popularity in its sixth
year of production, with global sales up by 0.7 per cent.
The new BMW 7 Series has made a successful entry
into the market, arousing a significant response from
customers. In November and December 2001 alone,
customer deliveries amounted to almost 3,000 units.
The last model of the former 7 Series came off the
production line in July 2001, with total sales last year of
approximately 29,700 cars.
Demand for BMW's diesel models continued
undaunted in the year under report. While in 1996 the
worldwide share of diesel sales within the BMW brand
was 12 per cent, one out of every four BMWs now has
a diesel engine. And in Europe the diesel share has
grown in the meantime to more than 40 per cent.
This development of sales last year clearly proves that
the BMW brand is stronger than ever before.
Introducing MINI as part of our premium brand
strategy, we also launched a new, absolutely unique
and quite independent brand successfully into the
market in 2001. Sales of the MINI One and MINI

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
11
MINI is establishing its
position as a premium
brand in the small car
segment
Positive development of
BMW Group sales in
Europe
Cooper began in the second half of 2001, initially in
Great Britain in July, then, as of September, in the
other European markets.
In 2001 we delivered almost 25,000 MINIs to
customers, thus meeting our expectations in full.
These sales figures prove that MINI is establishing its
position as a premium brand in the small car segment.
Ladies and Gentlemen,
Numerous regions and markets once again contributed
to the positive development of BMW and MINI car
sales in the year 2001.
BMW Group sales developed positively in nearly all
European markets. Leading the way was Great Britain
with customer deliveries of BMW brand cars up by 17
per cent to 80,200 units. This success was then further
enhanced by more than 10,600 sales of MINI models in
Great Britain within just six months after sales started
in the UK.
Germany remained the BMW Group's largest market in
terms of sales volume, a total of almost 246,000 BMWs
and MINIs sold enabling us to hold our own

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
12
Record sales in the
USA
successfully against the declining overall market.
The USA once again played an outstanding role in the
2001 year of business, where for the first time ever we
sold more than 200,000 cars in one year: With a total
sales figures of more than 213,000 BMW cars, we
achieved a growth rate of 12.5 per cent over the
previous year.
This means that in the last 10 years we have boosted
our sales in the USA almost four-fold, making us No 1
among all German premium manufacturers.
We are also very satisfied with the development of
business in the other American markets: In Canada we
were up by 15 per cent, in Latin America by almost 43
per cent.
Growth region Asia Accounting for 61,000 BMW cars sold and an increase
in relative terms of 5.7 per cent, Asia was a growth
region for the BMW Group in 2001 as well.
Broad international
orientation as a factor
crucial to success
BMW motorcycles
segment in its ninth
record year in a row
This broad international orientation of the Company is
a crucial factor decisive to the success of the BMW
Group in the global market.
Delivering 95,300 motorcycles to customers worldwide,
BMW Motorrad was up by more than 17 per cent in
2001 recording its ninth record year in a row

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
13
BMW C1: reaching
sales target
BMW motorcycles:
increasing world market
share
2001, recording its ninth record year in a row.
In its Annual Report, the BMW Group presents two
product segments: BMW Automobiles and BMW
Motorcycles. Now the C1 introduced in spring 2000 as
an alternative two-wheel means of transport for large
cities and densely populated areas is also included in
the Motorcycles Segment.
This is why the C1 sales figures are included in the
customer deliveries of BMW Motorrad in the year 2001:
With deliveries of this unique means of transport
amounting to 10,600 units in the year under report,
which was the C1's first full year of sale, we reached
our sales target and exceeded the figure in the year
2000, when the C1 was introduced into the market, by
59 per cent.
BMW's new best-selling motorcycle worldwide in 2001
was our single-cylinder F 650 GS accounting for
17,400 units, 3,600 of which were the F 650 GS Dakar
model. No 2 was the best seller in the year 2000, the R
1150 GS, again reaching the previous year's level with
14,500 deliveries to customers.
In 2001 BMW motorcycles achieved a faster growth
rate than the global motorcycle market up by not quite
5 per cent. We were able to increase our market share

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
14
Car market in 2002 with
potential
Recovery of world
economy in the second
half of the year
from 6.1 to 6.6 per cent, thus improving our position as
Europe's leading manufacturer of motorcycles.
So much, Ladies and Gentlemen, on the 2001 year of
business. But what about our expectations for the year
2002?
Given a more moderate development of the global
economy, the year 2002 will presumably be
characterised by two different six-month periods: While
we do not expect any positive economic momentum in
the first half of the year, with only the early indicators
pointing upwards, we expect the economy to recover in
the second half of the year, starting in the USA.
However, it is difficult today to predict the intensity of
this economic recovery.
This economic development will clearly affect the
course of business in the automobile markets, albeit
not directly. The American automobile market, for
example, is showing a much more robust development
than many had assumed at the beginning of the year,
and is therefore not necessarily running parallel to the
overall development of the economy.
In Asia a number of markets will develop dynamically.

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
15
BMW Group has a
positive overall outlook
for 2002
As of February: sales
increase by 17,7 %
A further point is that our industry is still divided into
different markets: The international automotive industry
is characterised more by the performance of individual
manufacturers and less by a general, industry-wide
economy.
Precisely this is why we must distinguish between the
volume and the premium segments. Judging from
today's perspective, we expect the volume segment to
show a more moderate development. The premium
segment, on the other hand, will once again follow
different principles, demand for premium cars
continuing to grow above average.
This gives us a positive outlook for the year 2002 as a
whole.
This is why the BMW Group will maintain its course of
ongoing growth in the year 2002.
This is confirmed by our excellent sales figures for the
first two months of the year: As of February, we
delivered more than 152,000 BMW and MINI brand
cars to customers, an increase over the same period
last year by almost 18 per cent.

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
16
2002 sales target: more
than a million cars
New BMW 7 Series:
being launched in all
international markets
Enlarging the 7 Series
model range
BMW 7 Series
continues success of its
predecessor
Looking at the whole of 2002, this means we have the
opportunity for the first time this year to sell more than
a million cars worldwide.
The BMW Group will continue its product and market
offensive this year according to plan.
The new BMW 7 Series plays an important role in this
context: Following its launch in major European
markets in November 2001, the new 7 Series has
entered further markets since the beginning of the year
such as the USA and Canada, where our new model
has received a very positive welcome. The market
launch in Great Britain is following soon and later on in
the year the new 7 Series will be introduced in Japan
and other overseas markets.
We are continuing to enlarge the 7 Series model range,
for example with a long-wheelbase version and diesel
models. In the Asian markets with the exception of
Japan, we will indeed be selling only the longwheelbase
model.
Initial sales figures in the markets show that the new 7
Series will impressively continue the worldwide
success of its predecessor.

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
17
In all, we have delivered more than 9,000 new BMW 7
Series to customers worldwide since the launch of our
new luxury performance model. This means that so far
we have sold more 7 Series than we did of the former
model in the same introductory period.
This confirms our intention to sell more units of the new
7 Series overall throughout its lifecycle than of its
successful predecessor.
New BMW roadster Apart from further variants of the 7 Series, we will also
be launching a new BMW roadster in autumn, the
successor to the Z3. This car will first make its
appearance in the US market, then arriving in Europe
in spring 2003.
MINI brand: being
launched in all
international markets
Under the motto "MINI goes global" we will be
introducing the MINI brand outside Europe in the
course of 2002. By the end of this year, MINI will be
available in more than 50 countries worldwide, thus
making a significant contribution to the growth of the
BMW Group.
Here again, we are taking an excellent course of
development. In the first two months of this year we

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
18
Expansion of the model
range through the MINI
Cooper S
delivered more than 14,000 MINIs to customers.
The production capacity for MINI already in place
allows for more than 100,000 units this year. And we
are convinced that we will sell this volume.
We are expanding the model range through the
introduction of the MINI Cooper S. Our top MINI has
been in some markets since March and will be coming
to Europe in summer 2002. Featuring the MINI Cooper
S, the MINI family will be complete for the time being.
This will further strengthen the position of MINI in our
premium brand strategy.
Considering the great acceptance of both the product
and the brand from the very beginning, we can
incidentally imagine many additional developments
with MINI in the years to come.
In other words, we are naturally already considering
today what a broader range of MINI models might look
like tomorrow: Apart from the current design, we could
imagine further concepts such as open-air models and
cars offering more space - all of them naturally
following the clear philosophy of MINI all the way.

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
19
Rolls-Royce brand:
preparations for full
brand responsibility
2003
Apart from the important introduction of new BMW and
MINI models, we will be concluding our preparations in
2002 for assuming full responsibility for the Rolls-
Royce brand, then launching the new Rolls-Royce
saloon in the beginning of 2003.
Construction of Rolls-Royce's new Head Office and
Manufacturing Plant in Goodwood, in the south of
England, has been largely completed in the meantime.
And by summer we will have completed the
establishment of Rolls-Royce's own worldwide sales
and distribution network.
Start of pilot production Pilot production will be starting in Goodwood also by
the middle of the year. We have already received our
first orders from customers and we are happy that Tony
Gott is heading the Rolls-Royce Motor Cars Division.
BMW motorcycles: wellprepared
through new
models
The new company will start operations on 1 January
2003, with a workforce of approximately 350
associates.
Like our cars, BMW motorcycles are also entering the
year 2002 well-prepared and full of optimism.
Our new models for the 2002 motorcycle season are
the F 650 CS and the R 1150 GS Adventure.

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
20
Good start into 2002 Delivering 11,100 motorcycles to customers in the first
two months of this year, our Motorcycles Segment has
already made a good start into the year 2002. This
equals 27 per cent growth over the same period last
year.
Success factor premium
brand strategy
We intend to continue our policy of ongoing growth
also with BMW motorcycles. Judging from today's
perspective, we can already expect 2002 to be the
tenth record year in a row.
If this positive development continues in the years to
come, an annual volume of 100,000 BMW motorcycles
sold is no longer out of reach.
Ladies and Gentlemen,
It is our premium brand strategy that substantiates the
current success of the BMW Group and through which
we intend to continue our success in business. This
strategy is characterised by
• concentrating on the premium segments of the
automobile market,
• a demanding product and market offensive in the
premium segments, ensuring that we are

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
21
Premium segments are
growing at aboveaverage
rate
represented in all relevant parts of the market,
• the appropriate expansion of our production and
sales network,
• the agility of the overall company with quick
reactions and innovations,
• cooperation and networks using external resources,
• a style of leadership and guidance oriented to the
associate,
• and, finally, profitable growth, as is confirmed by
the development of our return on sales.
Changes in individual purchasing behaviour clearly
confirm that our premium brand strategy is correct and
appropriate.
Looking at consumer behaviour in all areas and
classes of industry, we see a clear trend towards
individual style and distinction ensured by the products
of powerful brands with a powerful image.
As a result, the premium segments are growing at an
above-average rate, while products in the medium
price and quality range are coming under increasing

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
22
pressure.
This development will also have a growing influence on
the automotive industry, where more and more
customers are not only in a position, but are also willing
to buy premium brands.
External forecasts and our own internal analyses
indicate that in the next 10 years the premium
segments of the automobile market will grow worldwide
by approximately 50 per cent. By contrast, the volume
segments will grow by "only" about 25 per cent in the
same period.
Considering in particular the developments in recent
years, we believe that this forecast is both robust and
reliable.
With this in mind, the BMW Group is pursuing its
premium brand strategy consistently and according to
plan with the BMW, MINI and, as of 2003, Rolls-Royce
brands.
Our brands offer a high level of product substance,
excellent additional benefits and services all around
our products, and an outstanding brand image.

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
23
Product substance
allows to grow profitably
Premium brand
strategy: foundation for
secure and independet
future
Through this package offering particular strength and
performance, we stand out from mass competition and
offer our customers genuine added value. And it is
precisely this value inherent in our product substance
that the customer is happy to honour.
This allows us to grow profitably. And it enables us, as
the next step, to once again invest these profits in our
future range of products and services.
Premium products also prove how a product range full
of substance can generate its own demand. The
driving force is our product substance crucial to an
ongoing process of innovation.
Thanks to their higher margins, premium
manufacturers in particular are in a position to step up
their R&D activities and introduce more innovations in
the process. This explains why in the past technical
trends in the automotive industry have always
emanated from premium cars. And this will also be the
case in future.
Pursuing our premium brand strategy, we have set the
foundation in economic and technical terms for the
secure and independent future of the BMW Group.

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19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
24
The results of our business in the year 2001 under
report here clearly prove once again that our focus on
the premium brand strategy is both viable and
appropriate.
2001 was the best year in the history of our Company.
We have concentrated on our strength, not on size.
And we have maintained a clear focus. This has paid
off. Our customer deliveries, sales and profits have
reached new records.
In conclusion, Ladies and Gentlemen, let me address
you with some personal remarks:
In December of last year we informed the public that
upon the expiry of the BMW Group's Annual General
Meeting on 16 May of this year I will be retiring from
Chairmanship of the Board of Management.
The Supervisory Board has appointed Dr. Helmut
Panke as my successor. Helmut Panke has been a
Member of the Board of Management since 1996.
Throughout this period he has been with us in
mastering many discussions and decisions.
Helmut Panke thus stands for continuity in our

Date
Subject
Page
Media Information
19 March 2002
Speech by
Professor Dr.-Ing. Joachim Milberg
Chairman of the Board of Management of BMW AG,
BMW Group Annual Accounts Press Conference
19 March 2002
25
objectives - he will consistently continue the BMW
Group's policy of success. I am happy to see him as
my successor - as the Chairman of the Board of
Management and as the next speaker.
Thank you very much for your attention.