Audi 2011 Annual Report Download - page 144

141
Management Report
134 Audi Group
134 Structure
136 Strategy
140 Shares
141 Disclosures required under
takeover law
143 System of remuneration for
the Supervisory Board and
Board of Management
143 Business and underlying
situation
159 Financial performance
indicators
162 Social and ecological aspects
175 Risks, opportunities
and outlook
187 Disclaimer
Audi shares reached an all-year low of EUR 489 on August 9. Fears of a renewed financial crisis –
prompted mainly by unresolved questions surrounding the debt problems in Europe and the
United States – meant the trading price was unable to match the first half-year’s levels and
moved sideways at around EUR 550 from mid-August on. On the last day of trading in 2011,
the shares were quoted at EUR 542.05.
Looking back over a five-year period, the impressive stability of Audi’s business model becomes
apparent. The global financial crisis of 2008/2009 undoubtedly influenced the Audi trading
price trend, even though the Audi Group itself achieved clearly positive results throughout that
difficult period. The general uncertainty caused by the possibility of a protracted recession
proved simply too great. The stock markets only rewarded the Company’s resilience once the
markets’ recovery was reasonably certain. Compared with the DAX, which yielded 11.7 percent
overall over the period in question, Audi shares recovered much more rapidly, returning to pre-
crisis levels by the end of 2011 despite the consequences of the natural disaster in Japan and
continuing global uncertainty.
INDEXED AUDI TRADING PRICE TREND
(ISIN: DE0006757008, WKN: 675700)
Audi share
75
50
150
125
100
2011201020092008
German share index (DAX)
2007in %
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 April 19,
2012.
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, 2011, 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.
Stockholders’ rights and obligations
Stockholders enjoy property and administrative rights.
The property rights include, above all, the right to a share in the profit (Section 58, Para. 4 of
the German Stock Corporation Act [AktG]) and in the proceeds of liquidation (Section 271 of the
German Stock Corporation Act), as well as a subscription right to shares in the event of capital
increases (Section 186 of the German Stock Corporation Act).