Audi 2014 Annual Report Download - page 153

BASIS OF THE AUDI GROUP
SHARES // DISCLOSURES REQUIRED UNDER TAKEOVER LAW
>> 153
economies as well as on geopolitical uncertainty, including the
situation in Ukraine and the Middle East. The DAX correspond-
ingly started the past fiscal year with a sideways shift featur-
ing high volatility. From May 2014, there were modest price
gains, prompting the lead index to close trading above the
record level of 10,000 points on a total of five days in June and
July. In the second half of the year, the DAX initially came
under pressure as a result of general economic uncertainty,
dipping to its year-low of 8,572 points in mid-October. How-
ever, the German lead index gained significantly towards the
end of the year and also profited from the continuing expan-
sionary monetary policy of major central banks such as the
Federal Reserve (FED) and the European Central Bank (ECB).
That mood helped the DAX to an annual high of 10,087 points
on December 4, 2014.
The index closed the year at 9,806 points, 2.2 percent up on
its opening level at the start of trading in 2014.
/ AUDI TRADING PRICE TREND
After the high gains of the previous year, the shares of AUDI AG
overall showed a sideways shift in the 2014 fiscal year, for the
most part tending towards low volatility. Audi shares thus
started the past trading year at EUR 648 and already reached
the year-high of EUR 673 on the fourth day of trading. On the
final trading day of 2014, Audi shares closed at EUR 648, the
same level as 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 5, 2015.
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, 2014, 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
property rights mainly include 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).
German share index (DAX)
Audi share
180%
160%
140%
120%
100%
80%
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