Movements in the price of Volkswagen’s shares
On the whole, Volkswagen AG’s ordinary and preferred shares trended downward in 2014 amid high volatility, underperforming the overall market and the automotive sector.
SHARE PRICE DEVELOPMENT FROM DECEMBER 2013 TO DECEMBER 2014
Index based on month-end prices: December 31, 2013 = 100
After Volkswagen AG’s ordinary shares had closed 2013 hitting their high for the year and the Company’s preferred shares had reached a new all-time high, they started 2014 with a volatile sideways movement before declining in line with the overall market. At the beginning of February, the positive sales figures of individual Group brands led to price rises. However, Volkswagen share prices retreated again until mid-March in a declining market environment. Capital market participants were unsettled by the outlook for fiscal year 2014, which only partly met the high expectations of many investors and was announced when the annual financial statements were published, as well as the announcement of the planned acquisition of all shares of Scania and a possible associated capital increase.
Due in particular to the positive response to the Group’s sales figures for the first quarter of 2014, increases were seen in Volkswagen’s shares at the beginning of April. However, the securities waned again until mid-May and remained below the trend of the market as a whole. Among other reasons, this was due to the completion of the voluntary tender offer for the acquisition of all outstanding Scania shares. As May progressed, Volkswagen’s shares benefited from the upward movement of the DAX, and their price also increased. Volkswagen AG implemented a capital increase at the beginning of June, issuing new preferred shares from authorized capital against cash contributions. Both classes of shares then moved sideways before again declining in lockstep with the market at the middle of the year.
As time progressed, reports of slower economic growth in China and concerns that the economic recovery in Europe was coming to an end unnerved investors in the automotive industry, causing Volkswagen’s share prices to fall. At the end of the third quarter, the two classes of shares were trading weaker than the overall market, which was also declining.
The positive trading environment in mid-October signaled a turnaround, with ordinary and preferred shares recording significant price gains in line with the overall market. The upward trend was boosted by the publication of the positive results for the first three quarters of 2014 at the end of October. The ordinary and preferred shares tracked the overall market over the remainder of the fourth quarter.
Volkswagen AG’s preferred shares reached their highest daily closing price for the year of €203.35 on January 17, 2014. They recorded their lowest closing price for the year of €150.25 on October 15, 2014. The Company’s preferred shares closed the end of 2014 at €184.65, down 9.6% on the prior-year figure.
Volkswagen’s ordinary shares also reached their highest closing price of €197.35 on January 17, 2014. The shares traded at their lowest daily closing price for the year of €150.70 on October 10, 2014. The ordinary shares were trading at €180.10 on the last day of trading in 2014, down 8.5% on the price at the end of 2013.
Additional Volkswagen share data, plus corporate news, reports and presentations can be downloaded from our website at www.volkswagenag.com/ir.
FURTHER INFORMATION ON VOLKSWAGEN SHARES