Movements in the price of Volkswagen’s shares

On the whole, Volkswagen AG’s ordinary and preferred shares performed very positively in 2013, with the Company’s preferred shares reaching a new high. However, movements in the share price over the year were marked by considerable volatility. In spite of price gains, the ordinary and preferred shares both underperformed the overall market and the automotive sector.

Index based on month-end prices: December 31, 2012 = 100

The year began with a sharp increase in share prices. The announcement that Volkswagen was seeking to enter into a control and profit and loss transfer agreement with MAN SE led prices to drop briefly, however. The securities subsequently moved in parallel to the market before both share classes lost ground once again in March: elements of the outlook for fiscal year 2013 announced when the annual financial statements were published fell short of the high expectations of many market participants.

At the beginning of the second quarter, the prices of Volkswagen AG’s preferred and ordinary shares could not escape the negative sentiment in the equity markets and continued their downward trend. From mid-April, Volkswagen share prices then rose with the market as a whole amid greater volatility. The Company’s reported sales figures, which exceeded market expectations, were one factor that increased demand for the shares. Similar to the reversal of the trend on the DAX, this upward movement came to a halt at the end of May, however. Over the remainder of the year, the prices for both share classes moved in lock-step with the market as a whole.

In the first few weeks of the third quarter, Volkswagen AG’s preferred and ordinary shares initially recorded above-average growth at a faster pace than the fresh upward movement of the equity markets. This increase was also fueled by corporate data for the first six months of 2013, which exceeded expectations. In line with the decline in the equity markets, prices fell substantially at the end of August. Volkswagen share prices were volatile in the remaining weeks of the third quarter.

This trend reversed in an improved trading environment and the preferred and ordinary shares registered considerable price gains as the fourth quarter progressed. Demand for Volkswagen shares was disproportionately high particularly after the publication of the Group’s results for the first three quarters of 2013 at the end of October. The ordinary and preferred shares then followed the overall positive trend of the market as a whole.

Volkswagen AG’s preferred shares reached their highest daily closing price for the year, and an all-time high, of €204.15 on December 30, 2013, the last trading day of the year. This was 18.6% higher than at the end of 2012. They recorded their lowest closing price for the year of €138.50 on April 18, 2013.

Volkswagen’s ordinary shares also reached their highest closing price of €196.90 on December 30, 2013, 21.0% higher than at the end of 2012. The shares also traded at their lowest daily closing price for the year of €132.60 on April 18, 2013.

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