Audi 2009 Annual Report Download - page 141

138
After starting the year at 4,857 points, the German Share Index (DAX) had already retreated
conspicuously to below 3,666 points within the first few weeks of the past fiscal year. A marked
recovery set in over the months that followed, peaking at 6,012 points in December. Germany’s
lead index closed 2009 on 5,957 points, thus showing an improvement of 24 percent over the
end of the previous year.
Audi trading price trend
Audi shares were unable to buck the general downward trend on stock markets worldwide at the
start of the year. The shares of automotive manufacturers moreover came under added pressure
as a result of the dramatic slump in demand in certain international car markets. The Company’s
shares consequently lost considerable ground in the first three months, touching a year-low of
EUR 293 in March 2009. Nevertheless, underpinned by the Audi Group’s outstanding profit
performance in a persistently difficult market environment and initial signs of an improvement
in the situation on the financial markets, the trading price recovered in the second quarter. After
a sideways shift in the third quarter it clearly exceeded the opening price for the year by reaching
EUR 500 towards the end of the fourth quarter. The trading price benefited additionally from
growing signs of an end to the global recession in the second half of the year, coupled with evi-
dence of a tentative recovery in worldwide demand for cars.
Viewed over a five-year period, Audi shares staged an impressive gain in value despite the global
financial and economic crisis. The trading price gained around 228 percent compared to January
2005 and therefore clearly outperformed the German Share Index. This development reflects
the capital market’s deep faith in the Company’s strategy, future fitness and competitiveness
when considered in the context of the major challenges facing the automotive industry.
Profit transfer and compensatory payment to stockholders
A control and profit transfer agreement is in force between AUDI AG and Volkswagen AG
(Wolfsburg), which controls around 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 pay-
ment is calculated from the dividend distributed on one Volkswagen AG ordinary share for the
same fiscal year, as determined by the Annual General Meeting on April 22, 2010.
INDEXED AUDI TRADING PRICE TREND (ISIN: DE0006757008, WKN: 675700)
Audi share
150 %
100 %
50 %
350 %
300 %
250 %
200 %
2009200820072006
German share index (DAX)
2005
Audi share
150 %
100 %
50 %
350 %
300 %
250 %
200 %
2009200820072006
German share index (DAX)
2005