Hover, as a result of the lower US dollar exchange rate, revenues fell by 2.1% to €41,525 million (2002: €42,411 million). Excluding the effect of exchange rate changes, revenues grew by more than 4%.
Revenues from cars, at €38,285 million, increased by 0.3% compared to the previous year. For the motorcycles business, revenues fell by 3.8% to €1,087 million. Financial services generated revenues of €7,582 million, 9.1% lower than in 2002. For 2004, BMW expects earnings to match those of 2003 at group level.