Audi 2008 Annual Report Download - page 146

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Stock market developments
The dramatic development of the U.S. real estate and financial crisis placed capital markets
under severe pressure in the second half of 2008. Increasing liquidity bottlenecks moreover
prompted the collapse of certain major international banks. State rescue packages and eco-
nomic recovery programs, coupled with quantitative easing policies by major central banks,
did little to halt the plummeting share prices on stock markets worldwide.
After starting the year on 8,046 points, the German Share Index (DAX) for example already
showed a significant retreat to below 6,500 points within the first few weeks of the year. The
lead index subsequently exhibited a weak downward trend until the end of September. Follow-
ing a renewed sharp slump in trading prices at the start of the fourth quarter, the DAX reached
its year-low of 4,127 points in November and closed the year at 4,810 points.
Audi trading price trend
The trading price of Audi shares broadly exhibited a sideways shift in the first half of the year,
before yielding to the general market trend at the start of the third quarter. There then followed
a further period of price movements within a narrow range of EUR 444 to 501. After suffering
rapid, steep losses from the start of November, the trading price regained this level in the re-
maining weeks of the year to close 2008 at EUR 466. Audi shares thus ended the year 26 per-
cent down on the opening price for the year, having performed well compared with the German
Share Index, which lost 39 percent over the same period.
Takeover bid by Porsche Automobil Holding SE, Stuttgart
In connection with the increase in its interest in Volkswagen AG (Wolfsburg) to a total of
35.14 percent of ordinary shares and voting rights in Volkswagen AG, Porsche Automobil
Holding SE (Stuttgart) submitted a mandatory offer to the remaining shareholders of AUDI AG
on September 29, 2008 pursuant to Section 35, Para. 2 of the German Securities and Takeover
Act (WpÜG). The Board of Management and Supervisory Board of AUDI AG submitted a rea-
soned opinion on the mandatory offer on October 16, 2008 pursuant to Section 27 of WpÜG.
By the deadline for acceptance, the offer had been accepted for 0.41 percent of Audi shares.
The shares taken up by Porsche Automobil Holding SE under the mandatory offer were acquired
by Volkswagen AG from Porsche Automobil Holding SE, with the result that Volkswagen AG’s
interest in AUDI AG increased to 99.55 percent.
Profit transfer and compensatory payment to stockholders
A control and profit transfer agreement is in force between AUDI AG and Volkswagen AG, which
controls 99.55 percent of the capital stock of the former. In lieu of a dividend payment, outside
stockholders receive a compensatory payment. The level of this payment is calculated from the
dividend distributed on one Volkswagen AG ordinary share for the same fiscal year, as deter-
mined by the Annual General Meeting on April 23, 2009.
INDEXED AUDI TRADING PRICE TREND
(ISIN: DE0006757008, WKN: 675700)
Audi share
150 %
100 %
50 %
350 %
300 %
250 %
200 %
2008200720062005
German share index (DAX)
2004
Audi share
150 %
100 %
50 %
350 %
300 %
250 %
200 %
2008200720062005
German share index (DAX)
2004
Audi Share Performance