Audi 2010 Annual Report Download - page 140

138
Audi trading price trend
Audi shares bucked the trend at the start of the year. While the shares of most German auto-
motive manufacturers mirrored the downward trend in the DAX lead index and initially suffered
losses of up to 15 percent in the first quarter, Audi shares started 2010 with gains. In the very
first two weeks of trading, its shares were a good 15 percent up on the position at the start of
the year. Between then and May, the trading price moved sideways in a corridor between
EUR 535 and 598.
The shares temporarily came under pressure mid-way through the second quarter. However, the
general uncertainty prompted by the conflicting opinions among experts about the debt crisis
and the regulation of the financial market was only short-lived, with the result that Audi shares
added 30.0 percent to reach EUR 650 by year-end. Audi shares thus substantially outperformed
the DAX, which rose by 15.7 percent over the same period.
Over a five-year horizon, Audi shares have put in an impressive performance notwithstanding the
global financial and economic crisis. The trading price has doubled (+111.0 percent) since January
2006 and thus performed much better than the DAX (+27.8 percent). This development reflects
the capital market’s deep faith in the Company’s strategic direction, future fitness and competi-
tiveness when considered in the context of the forthcoming challenges facing the automotive
industry.
INDEXED AUDI TRADING PRICE TREND (ISIN: DE0006757008, WKN: 675700)
Audi share
100
50
250
200
150
2010200920082007
German share index (DAX)
2006%
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 of AUDI AG 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 of Volkswagen AG on May 3,
2011.
DISCLOSURES REQUIRED UNDER TAKEOVER LAW
The following disclosures under takeover law are made pursuant to Section 289, Para. 4 and
Section 315, Para. 4 of the German Commercial Code (HGB):
Capital structure
On December 31, 2010, the issued stock of AUDI AG remained unchanged at EUR 110,080,000
and comprised 43,000,000 no-par bearer shares. Each share represents a mathematical share of
EUR 2.56 of the issued capital.