Audi 2007 Annual Report Download - page 138

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Under the influence of a robust global economy, outstanding financial performance by
many companies and huge confidence among market players, the key international stock
markets headed for new record highs in the first half of 2007. This euphoria continued un-
abated until the second half, when growing uncertainty was triggered by the real estate
crisis in the U.S. The German stock market developed on a highly positive note in 2007 as a
whole. In the first half of the year, the German Share Index (DAX) advanced 21.4 percent
before reaching an all-time high of more than 8,100 points in July. In the second half of the
year, further growth on German stock markets was hampered by the real estate crisis in
America and the mood of uncertainty this engendered on stock markets worldwide. The lead
index closed the year at 8,067 points, a year-on-year improvement of 22.3 percent.
The trading price of Audi shares again rose to new record levels in 2007. The shares reached
their all-time high in November, occasionally exceeding the EUR 750 mark. From a trading
price of EUR 540 at the close of the previous year, Audi shares moved across a range of
– 7.6 percent to + 40.3 percent during fiscal 2007. The shares of AUDI AG ended the year at
EUR 625 – a gain of 15.7 percent for the year. Over a five-year period, Audi shares have
gained around 226 percent, outperforming the German Share Index. This impressive appre-
ciation reflects the capital market’s healthy confidence in the Audi Group’s strategy for the
future, and is also an indication of growing interest in the company on the part of market
players.
A control and profit transfer agreement is in force between AUDI AG and Volkswagen AG,
which controls around 99 percent of the share capital of the former. In lieu of a dividend
payment, outside stockholders receive a compensatory payment. The level of this payment
is equivalent to the dividend paid on one Volkswagen AG ordinary share for the same fiscal
year, as determined by the Annual General Meeting on April 24, 2008.
Indexed Audi trading price trend
(ISIN: DE0006757008, WKN: 675700)
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2002 2003 2004 2005 2006 2007
Audi share German Share Index (DAX)
Stock market
developments
Audi Share Performance
A
udi trading price
trend
Profit transfer and
compensatory payment
for stockholders