At euro 2,239 million, the net profit for the year was at a similar high level to the previous year (2004: euro 2,242 million/- 0.1%). Amongst other items, lower tax rates in some countries outside Germany also contributed to this development. Earnings per share amounted to euro 3.33 (2004: euro 3.33) per share of common stock and euro 3.35 (2004: euro 3.35) per share of preferred stock. Group cash flow increased by 8.0% to euro 5,602 million (2004: euro 5,187 million) and free cash flow from Industrial Operations increased by 82.0% to euro 3,717 million (2004: euro 2,042 million). In order to improve transparency in its financial reporting, the BMW Group elected, in accordance with IAS, to adopt an accounting option relating to the accounting treatment of pension obligations. Pension obligations are now presented in full in the balance sheet. In this context, the comparative figures for the previous year were adjusted accordingly, as a result of which the profit before tax for the financial year 2004 increased by euro 29 million and profit for that year increased by euro 20 million. Capital expenditure in 2005, at euro 3,993 million, again remained at a high level, albeit down by 8.1% (2004: euro 4,347 million). Capitalized development costs recognized as assets in accordance with IAS increased by 24.5% to euro 1,396 million (2004: euro 1,121 million). A total of euro 2,597 million (-19.5/ 2004: euro 3,226 million) was invested in property, plant and equipment and in intangible assets. Sales have grown 450% since 1991. The BMW Group had to contend again with high costs resulting from unfavourable developments on the foreign exchange and commodity markets in 2006. However, thanks to efficiency improvement measures, sales volume growth and an improved model mix, the ...