2009 was the most difficult fiscal year the Bosch Group has experienced in recent decades. The global economic crisis brought about a dramatic break in Bosch's long upward trend. Sales fell by 15 percent, and the pre-tax result was minus 3 percent of sales. Nonetheless, despite the considerable decline in business, it remained Bosch's priority to secure the company's future and adhere to its long-term strategy, with its special focus on safety, energy efficiency, and resource conservation. In 2009, therefore, the Bosch Group once again invested a considerable amount – some 3.6 billion euros – in research and development, and filed more than 3,800 patents. Some 45 percent of these patents were directed at protecting the environment and conserving resources.

The significant recovery in demand in the Asian emerging markets helped to stabilize Bosch business over the course of 2009. Particularly in China, 2009 was truly a dynamic and exciting year, which could be rarely experienced elsewhere. Thanks to the Chinese government's rapid decision on economic stimulus plan, China achieved a strong 9.1% GDP growth in 2009, which contributed to the recovery of global economy. Our business activities in China benefited considerably from the dynamic economy in the country. 2009 was a milestone year for Bosch in China. As well as celebrating its centennial in the country, Bosch generated a sales revenue of 27.4 billion CNY, a 21 percent increase compared to the previous year, making China the company's third most significant market after Germany and the U.S. The company invested 2.2 billion CNY in China in 2009. Some 21,200 associates worked in 47 legal entities in this country, the largest Bosch workforce outside Germany.

Our 2009 global associate survey showed that over 80 percent of the company's associates in China are "proud to work for Bosch". This strong sign of loyalty is the best reward for our continuous investment in local talent development. Two figures highlight this: in the past year, Bosch associates in China attended 40,000 training days, and more than 4,500 associates trained at the Bosch Training Institute.

In the future, we will stick to our "local for local" strategy. Our localization efforts and the long-term partnerships we have established with our local customers, partners, and suppliers make us confident that our success will continue in the future. At the same time, our innovation competence and its focus on "clean, safe, and economical" can help us meet the significant challenges of the future, reinforce our commitment to "Invented for life" in China, and contribute to a harmonious society and sustainable economic development.