Audi 2015 Annual Report Download - page 142

BASIS OF THE AUDI GROUP
SHARES
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SHARES
/STOCK MARKET DEVELOPMENTS
The 2015 stock market year saw relatively high volatility among
the individual stock markets. For example, at the start of the
year European stock markets benefited from support measures
taken by the European Central Bank (ECB), the low oil price and
the strength of the U.S. dollar. The German share index (DAX)
reached a new all-time high of around 12,375 points at the
start of April. However, the debt crisis in Greece, geopolitical
instability and the slowdown in China’s growth soon came to
preoccupy market players. The DAX also reflected these devel-
opments. In subsequent months, investors were unsettled by
growing global economic uncertainty and intermittent sharply
downward trends in the Chinese stock market. The downward
trend in the DAX continued until the end of September, when it
reached an annual low of around 9,428 points. In addition,
during fall 2015 when public debate concerning the diesel
issue occurred, automobile stocks experienced significant price
declines. In October, the stock markets recovered and the DAX
climbed to around 11,382 points on November 30, 2015. At
the start of December, the monetary policy stance announced by
the ECB failed to live up to investor expectations. However, the
decision of the U.S. Federal Reserve in mid-December to raise the
prime rate was positively received with the result that the DAX
ended the year at 10,743 points on December 30, 2015 –
10.0 percent up on the level at the start of trading in 2015.
/AUDI TRADING PRICE TREND
After the sideways shift of the previous year, the shares of
AUDI AG showed a slight upward trend overall in the 2015
fiscal year, punctuated by intermittent high volatility. Audi
shares thus started the 2015 trading year at EUR 651.10
and reached an annual high of EUR 852.00 in mid-August.
During the time period when public debate concerning the
diesel issue occurred, the Audi trading price fell, for example
to EUR 604.95 on October 5, 2015, but the price regained
some ground throughout the remainder of the year. On the
final trading day of 2015, Audi shares closed at EUR 680.02,
4.4 percent up on the level 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.
Detailed information on Audi shares can be found at
www.audi.com/corporate/en/investor-relations/for-
investors/audi-shares.html.
German share index (DAX)
Audi share
180%
160%
140%
120%
100%
80%
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