Good morning, ladies and gentlemen. Welcome to the Telephone Conference of the BMW Group for the Second Quarter. Today, we have here, as always, Oliver Zipse, Chairman of the Board of Management, and our CFO, Walter Mertl. First, Oliver will give you a general business update for the BMW Group. Walter will then take you through our financial results. After a short break, we will then have time for our Q&A sessions. So we can start. Oliver, please go ahead. Good morning, ladies and gentlemen. In the past few days, several automotive manufacturers have released their half-year results. A glance at the numbers shows just how differentiated our industry is. The basic principles are the same for everyone, which reveals even more clearly how different strategic approaches are performing in the current environment. All those who are broadly diversified are reaping the benefits. Our own ambitions are underlined by the first six months. In the face of headwinds, we can capitalize on our competitive strength in the market. In the first half of 2024, BMW Group deliveries were at the same high level as the previous year. Our core BMW brand is growing. In terms of financial performance, we also deliver consistently high profitability. For the past 10 consecutive quarters, our EBIT margin in the automotive segment has been within our strategic target range of 8%-10% or higher. At 10.9%, the group EBT margin once again outperformed our strategic target of 10%. Above all, our all-electric vehicles and models in the higher-priced upper segments of our BMW and BMW M brands remain in very high demand. In our view, e-mobility will continue to be the core drive technology for the future and our primary growth driver. We anticipated this development early, which is why we have one of the most comprehensive and attractive EV portfolios in the marketplace today. We already offer at least one BEV model in nearly every segment that is relevant for us. This wide-ranging offering lays the foundation for our continued dynamic growth in BEVs, even in the current, more challenging market environment. In absolute terms, BMW comes in a strong third in electric vehicle sales among all OEMs worldwide. Our impressive performance in ramping up electromobility becomes even clearer when we look at the rate of growth in the first half of the year. With growth of 34%, the BMW brand is number one worldwide among all relevant major players. Take the example of the BMW X1, a customer favorite, and our luxury sedan, the new BMW 7 Series. In the case of both vehicles, one in five customers is already opting for the all-electric iX1 or i7 variant, and the 7 Series was Platinum Award winner in the recent J.D. Power APEAL Study. In the first half of 2024, our fully electric sport coupe, the BMW i4, remained our lineup's best-selling electric vehicle, once again posting double-digit growth. I've emphasized many times that following the hype without careful consideration is not a strategy. Emotionality and nervousness has never been good counselors. Our strategy is grounded in facts, experience, and a continuous realistic assessment of the current situation. It has proven robust, especially in turbulent times. The approach to drive technology is rooted in this strategy, makes us resilient, and secures our market success. We're a globally aligned, highly flexible production network. We're capable of responding to fluctuations in demand better than others. Supply chain management is increasingly critical to success. We have established processes to identify risks in our supplier network at a very early stage. This enables us to take action and build up stock before a risk becomes an issue. We have not had any major impact recently. This also ensures that we can respond to regional differences in customer preferences as needed, whether for cars with internal combustion engines, plug-in hybrids, or BEVs. As a result, we've consistently outperformed EU CO2 requirements for the past years. One thing is clear: the most impactful contributions to climate protection are those we can make today. In other words, every ton of CO2 we can save today, not sometime in the future, counts. This also entails demanding and promoting the use of low-CO2 fuels, like e-fuels, E25 or HVO100, as quickly and as widely as possible. These fuels could immediately improve the carbon footprint of the existing fleet of more than 250 million vehicles in the European Union. At the moment, however, we see a significant risk of e-fuels being politically instrumentalized in the debate about the ban on combustion engines from 2035. There are currently many indications that the EU Commission is striving for a bogus solution in which the ban on combustion engine is relaxed simply by ostensibly opening up to e-fuels. However, if it then does nothing to accelerate the ramp-up of low CO2 fuels and make their use practicable, this would be a deliberate ban on combustion engines through the back door. We continue to believe that a category ban on combustion technology in 2035 is the wrong approach, and we are also publicly committed to our highly efficient engines and plug-in hybrid technology, such as used in our new BMW X3, and of course, as well as electromobility. As a hybrid version, the high-volume X3 enables locally emission-free premium mobility well beyond city traffic. The new X3 will be released onto the market in the fourth quarter, initially in the United States and Europe. And you all know how popular our X models are. Last year, the current X3 was the best-selling model across our entire BMW product range. When the all-electric Neue Klasse ramps up at our specially built plant in Debrecen in late 2025, it will initially launch with an X model. This will be followed soon afterwards by a sporty sedan from Plant Munich. With the Neue Klasse, our aim is to once again expand our technology leadership. Preparations are in full swing and progressing according to plan, despite the challenging conditions. Our technology classes allow us to quickly deploy the technologies of the Neue Klasse across our entire vehicle portfolio, elevating it to a whole new level, regardless of the drive technology. Mastering this degree of integration and executing it efficiently are highly complex tasks. This is precisely where future competitiveness will be decided in our industry. It is why we continue to focus on optimizing interaction between our technologies, creating a holistic mobility experience for all our customers. Our automated driving functions provide a good example of our technological edge. A few weeks ago, we released a world first onto the market. We're the first automotive manufacturer to offer the combination of a Level 2 and Level 3 driver assistance systems exclusively in Germany in the new 7 Series. We've already obtained Level 2+ approval for numerous models, of BMW in the United States, Canada, and Germany, such as for the 5 Series, the 7 Series, the X5, the X6, the X7, the XM, and the iX, making this another field where our technology clearly sets us apart. We will solidify this leading position with the Neue Klasse. Ladies and gentlemen, the automotive industry is a major driver of the global economy, which increasingly makes it the focus of geopolitical interests. The issues range from growing regulation to protectionist measures in the major economic areas of the United States, China, and the European Union. We are seeing global competition for raw materials and access to strategically critical technologies, such as high-voltage batteries and semiconductors, as well as advancements in AI applications. Each region and individual state is seeking to protect its own economic interests. This also includes localizing the entire automotive value chain, including supply chains. At the global BMW Group, we remain committed to local engagement and to open markets, and opposed to artificial barriers such as punitive tariffs. The introduction of additional import duties, like those recently imposed by the EU, leads us down a dead-end street and will ultimately not make European manufacturers any more competitive. On the contrary, EU tariffs on goods from China instead penalize European manufacturers like the BMW Group, since they also produce vehicles in China for the European market. Additional customs duties also limit the choice of electric cars for European customers and could therefore slow down decarbonization in the transport sector. Measures always lead to countermeasures. Let us not forget that implementation of the Green Deal in Europe also relies heavily on raw materials and technology from China in particular. Ladies and gentlemen, with our long-term yet flexible strategy, we are in the driver's seat. We adapt quickly, swiftly, and effectively as conditions evolve. We see no reason for hasty action or fundamental course adjustments. We will continue on our path in the future. That means sometimes we do things differently, but always out of conviction, not merely on principle. This is what makes BMW strong and successful in the long term. The fact of the matter is, the automotive industry will remain a growth sector in the future, and we intend to make sure the BMW Group, in particular, benefits from it. Thank you. Thank you very much, Oliver, and now over to our CFO, Walter Mertl. Good morning, ladies and gentlemen. The BMW Group remains on track and confirms its targets for 2024, despite the volatile market environment. After a successful start to the year, we again achieved an EBIT margin for the automotive segment within our full-year target range of 8%-10% in the second quarter, thanks to our attractive product portfolio. At the same time, we are continuing to invest in our future model lineup and securing the company's long-term competitiveness. As of June, BMW Group global sales remained on par with last year. The BMW brand grew by 2.3% globally, or 6.2% if we exclude the Chinese market. Global growth drivers are our all-electric vehicles and models from the upper premium segment, both of which saw a double-digit increase. The Group EBIT margin came in at 10.5% for the second quarter and 10.9% for the first half year. The Automotive EBIT margin reached 8.4% in the second quarter and 8.6% for the half year, both within our full year target range of 8%-10%. Excluding the depreciation resulting from the purchase price allocation of BBA, the margins came in at 9.4% for the second quarter and 9.6% through six months. Ladies and gentlemen, the BMW Group is committed to maintaining its strategic focus. We have a clear plan and a long-term strategy that we are implementing systematically. At the same time, we remain highly flexible in our execution and are able to respond swiftly to market developments. This enables our operating business to deliver consistently good results. Let's take a look at the financial figures in the second quarter in more detail, starting with a brief overview of the group. BMW Group revenues were on par with the previous year. Group earnings before tax totaled around EUR 3.9 billion, resulting in a group EBIT margin of 10.5%. On the next slide, you can see how the automotive segment performed across key figures. In the second quarter, the BMW Group delivered approximately 619,000 BMW, MINI, and Rolls-Royce vehicles to customers. The BMW brand reported sales growth of 2.2%. MINI, on the other hand, saw a significant decrease from the previous year due to the planned model changeover across the entire product range. However, in the second half of the year, the brand will benefit from the ramp-up of the new MINI family with the Countryman and Cooper, both available in several drivetrains, as well as the all-electric Aceman. We continue to see sales growth of our all-electric vehicles. The BMW Group delivered about 108,000 BEVs to customers in the second quarter. This represents 17.4% of our total sales. Our electrified vehicles, in other words, BEVs plus plug-in hybrids, accounted for almost 24% of total sales in the second quarter. Segment revenues increased slightly by 1.4%. Adjusted for currency translation effects, revenues saw an increase of 2.1%. The significant growth in all-electric vehicles and models from the upper premium segment contributed to this. The current trend is also expected to have a positive effect on revenues for the remainder of 2024. Revenue per wholesale unit across the entire product portfolio is expected to be in line with last year's level. EBIT for the period from April to June totaled EUR 2.7 billion. The EBIT margin came in at 8.4% for the quarter and 8.6% for the half year. Excluding the depreciation resulting from the purchase price allocation of BBA, the EBIT margin was 9.4% for the second quarter and 9.6% through six months. That brings me to the EBIT bridge, to explain in more detail the changes in the operating results compared to the second quarter of the previous year. The net balance of currency and commodity positions provided a tailwind of EUR 500 million over last year's second quarter. For the full year 2024, we anticipate a positive net balance from currency and commodity positions. This is expected to nearly offset material cost headwinds. However, we see additional requests for supply chain support. The net balance of volume, model mix, and pricing effects in the second quarter was about EUR 300 million lower year-on-year. Volume development and the model mix made a positive contribution to this. The global price environment for new and used cars continued to normalize in the second quarter. The Chinese market, in particular, remains highly competitive. For the full year 2024, we expect the net effect from volumes, model mix, and prices to be neutral over last year. Research and development expenses increased by about EUR 100 million compared to the prior year quarter. The BMW Group's research and development expenditure remained at a high level through the end of June, totaling almost EUR 4.2 billion. The R&D ratio, according to the German Commercial Code, was at 5.7% after the first six months.... The capitalization ratio for development costs, which is relevant for R&D costs according to IFRS, of 34% in the second quarter and 30.8% as of June. Selling and administrative expenses increased by around EUR 100 million compared to the previous year, primarily driven by personnel costs and expenses for IT projects. A headwind of EUR 200 million from other cost changes can mainly be attributed to the manufacturing costs. Here, inflation and material costs continues to have an impact. Free cash flow in the automotive segment totaled EUR 1 billion in the second quarter. The change in working capital amounting to EUR 500 million is largely due to the planned increase in inventory levels. This ensures we can continue to meet global demand for our products in the second half of this year. The net effect from capital expenditure and depreciation reduced free cash flow by EUR 400 million in the second quarter. Total investments for April to June amounted to around EUR 2.6 billion. The CapEx ratio came in at 5.8% for the second quarter and 4.7% for the half year. As in the previous years, the major share of capital expenditure will occur in the second half of the year, and especially in the fourth quarter. We expect a CapEx ratio of more than 6% for the full year. Changes to provisions positively impacted free cash flow in the second quarter by around EUR 100 million. A change in the position other of around EUR 800 million mainly reflects regular tax payments. After the first six months, automotive segment free cash flow had reached just over EUR 2.3 billion. The difference in free cash flow compared to 2023 is due to the CapEx increase of around EUR 1 billion. We expect to see a positive contribution from a reduction in working capital by end of this year. For the full year, we are targeting a free cash flow of over EUR 6 billion. Since 2022, we have made a paradigm shift in our shareholder return strategy by adding a share buyback program that supplements our annual dividend payout. In doing so, we have increased the payout ratio of automotive free cash flow by paying dividends in our target corridor of 30%-40%, as well as using the share buyback program. BMW AG is continuing with the share repurchase program as planned. At the end of June, it had acquired shares equivalent to 5.51% of the existing share capital as of June 30. The second tranche of the second program, totaling EUR 500 million, was completed in June. A third tranche of EUR 500 million, which began in June, will be concluded no later than December 31. By the end of 2024, BMW AG will have repurchased shares valued at EUR 1.5 billion as part of the second program, which amounts to EUR 2 billion in total. Ladies and gentlemen, the BMW Group has a solid and robust balance sheet, confirming the company's considerable financial strength. This is also underscored by our net financial assets in the automotive business, which totaled just over EUR 43 billion. Starting with the half-year report 2024, we are changing the way we report net financial assets in our automotive business. In addition to the automotive segment's NFA that was previously reported, the new figure also includes the NFA of holding companies within the other entities segment, which receive regular distributions from their subsidiaries. I trust that this new comprehensive definition of net financial assets provides you with useful additional information. Let's move on to the financial services segment. Here, the positive trend in new business continues for financing of both new and used vehicles. A total of about 850,000 new leasing and credit financing contracts were concluded in the first half year. This represents a significant increase of 16.5% year-over-year. The volume of new business, encompassing all new credit financing and leasing contracts, climbed 18.2% to around EUR 32 billion. This positive development in new business is also reflected in the portfolio. The total value of all contracts managed surpassed EUR 143 billion for the first time. Segment earnings amounted to just under EUR 1.5 billion. This year-on-year decrease of 13.1% resulted mainly from lower income from the resale of end-of-lease vehicles, which reflects the continued normalization of the used car market. During the reporting period, the credit loss ratio for the entire credit portfolio was 0.25%. In 2023, it was 0.15%. The segment's overall business performance was better than anticipated, and for this reason, we are raising our full year guidance for return on equity from a range between 14% and 17% to a range between 15% and 18%.... In the motorcycle segment, second quarter deliveries increased by 2.6% compared to the previous year's quarter. EBIT in the second quarter totaled EUR 110 million, with an EBIT margin of 11.1%. Ladies and gentlemen, the BMW Group is on course to meet its targets for the year. The market development in China in the first half year has not met our expectations, but we expect that the various measures taken by the government, including the cut in lending rates in July, will lead to a stabilization of the market starting in the third quarter. Our overall business environment will remain challenging throughout the rest of the year. Our guidance assumes that geopolitical and macroeconomic conditions will not deteriorate. Group earnings before tax will decrease slightly. We expect to see a slight increase in demand, with sales in the automotive segment slightly higher than the previous year. The percentage of all-electric vehicles will increase significantly. We are targeting an EBIT margin between 8% and 10% and a return on capital employed between 15% and 20%. Deliveries are projected to increase slightly in the motorcycle segment. The EBIT margin should come in between 8% and 10%, with a return on capital employed between 21% and 26%. In the financial services segment, we are now forecasting a return on equity in the range of 15%-18% for the full year. Ladies and gentlemen, the BMW Group is pursuing a clear strategic approach focused on long-term success. Our company maintains a globally balanced footprint. We are leveraging this balance and the high flexibility of all our systems to mitigate market volatility and consistently provide our customers with the best products to suit their needs. We continue to systematically implement our electrification and digitalization strategy and make targeted investments in our future model lineup. In 2024, we are setting a decisive course for our future. Research and development spending and capital expenditure will therefore respectively peak as planned. We expect our R&D ratio for the full year to exceed 5%, with a CapEx ratio of more than 6%. Despite these high upfront investments, we were still able to deliver a solid financial performance in the second quarter, thanks to our attractive product range. Across global markets, we are carefully steering our performance in line with individual market conditions, and at the same time, we are maintaining a high level of cost discipline. Whether manufacturing costs, fixed costs, or capital expenditure, at the BMW Group, we have always constantly optimized our cost structures and will continue to do so. I am confident that our clear long-term strategy, combined with focused execution in our operational business, will keep us competitive and successful, both now and in the future. Thank you. Thank you very much, Walter. Ladies and gentlemen, we'll now have a short break before we move on to the Q&A session. See you in five minutes. Thank you very much!