Audi 2013 Annual Report Download - page 157

BASIS OF THE AUDI GROUP
SHARES // DISCLOSURES REQUIRED UNDER TAKEOVER LAW
MANAGEMENT REPORT
154
A
SHARES
/ STOCK MARKET DEVELOPMENTS
The past fiscal year saw stock markets worldwide benefit con-
siderably from the policy of low interest rates being pursued by
major central banks such as the U.S. Federal Reserve (Fed) and
the European Central Bank (ECB). In addition, the global finan-
cial and capital markets were lifted by a moderate improvement
in the economic environment in many leading industrial nations,
particularly starting in the second half of the year.
The German stock market initially yielded slightly at the start
of the year. The German Share Index (DAX) reached its low for
the year of 7,460 points in April 2013 – a loss of around four
percent compared with the start of the year. The lead index
subsequently moved sideways up until around May 2013, amid
high volatility. The DAX then increasingly gained momentum in
the second half, to reach an all-time high of 9,589 points on
December 27, 2013.
The DAX closed the year at 9,552 points, 23 percent up on the
position at the start of 2013.
/ AUDI TRADING PRICE TREND
Audi shares started trading at EUR 532 in the past fiscal year.
After reaching the low for the year of EUR 530 on the second
day of trading, the shares demonstrated a steady upward trend
over the remainder of the year. That mood helped the securi-
ties to an annual high of EUR 678 on November 13, 2013.
In the second half of the year in particular, Audi shares benefited
less from the central banks’ low-interest policy than the German
lead index DAX, for instance. The shares closed the last day’s
trading of 2013 at EUR 643 – around 21 percent up on the price
at the start of the year.
Indexed Audi Trading Price Trend
(ISIN: DE0006757008, WKN: 675700)
/
PROFIT TRANSFER AND COMPENSATORY
PAYMENT TO SHAREHOLDERS
Volkswagen AG, Wolfsburg, holds around 99.55 percent of the
share capital of AUDI AG. A control and profit transfer agree-
ment is in effect between the two companies. The outside
shareholders of AUDI AG receive compensatory payment on
their stockholding instead of a dividend. The level of this pay-
ment is based on the dividend paid on one Volkswagen AG
ordinary share. The dividend payment will be resolved by the
Annual General Meeting of Volkswagen AG on May 13, 2014.
DISCLOSURES REQUIRED UNDER
TAKEOVER LAW
The following disclosures under takeover law are made pursu-
ant to Section 289, Para. 4 and Section 315, Para. 4 of the
German Commercial Code (HGB):
/ CAPITAL STRUCTURE
On December 31, 2013, 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 notional share of
EUR 2.56 of the subscribed capital.
/ SHAREHOLDERS’ RIGHTS AND OBLIGATIONS
Shareholders enjoy property and administrative rights. The prop-
erty rights include, above all, the right to a share in the profit
(Section 58, Para. 4 of the German Stock Corporation Act [AktG])
German share index (DAX)
Audi share
200%
175%
150%
125%
100%
75%
50%
25%
2009 2010 2011 2012 2013
012345