With almost 1.67 million vehicles sold, the BMW Group continues to be the world's leading premium manufacturer in terms of sales volume. Our three automobile brands, BMW, MINI and Rolls-Royce, also set new individual records. A further 113,000 customers purchased a BMW or Husqvarna motorcycle. Our Financial Services business also contributed to this positive sales development. Revenues of _ 68.8 billion and a profit before tax of more than _ 7.3 billion also represent new highs for the Group. The BMW Group stands on a firm financial footing, maintaining our profitability. This provides us with additional flexibility in an uncertain environment and also gives us the ability to continue making important investments in the future. Our capital expenditure of around _ 3.7 billion in 2011 included investments in new products and the expansion of our international production network. One thing is clear: we will continue to make major investments over the next few years. That is the only way to respond to growing demand for our vehicles and at the same time realise new drive technologies, industrialise electromobility and offer our customers innovative mobility services. Our research and development expenses increased to more than _ 3.3 billion in 2011. This investment was primarily earmarked towards projects to secure our future growth. We continue to strive for a good balance of growth between Europe, the Americas and Asia. We believe this is essential to economic success in a highly volatile environment. The same applies to our highly flexible international production network