Movements in the price of Volkswagen’s shares

On the whole, Volkswagen AG’s ordinary and preferred shares declined in 2016 amid considerable volatility, underperforming the overall market but outperforming the automotive sector.

Index based on month-end prices: December 31, 2015 = 100

In the first quarter, both classes of shares lagged the downward market environment in a highly volatile environment. This was due to speculation about the impact of the diesel issue in addition to general economic data. The press release issued at the beginning of February stating that Volkswagen’s operating profit before special items for fiscal year 2015 was on a level with the previous year had a stabilizing effect on share prices. In March, positive sales and business figures released by individual Group brands led the shares to gain ground, some of which was lost again towards the end of the first quarter.

In the period from April to June, Volkswagen’s shares followed the market trend, which saw a decline overall. This was due to speculation about the impact of the diesel issue in addition to general economic data. In April, prices stabilized following the news that an agreement in principle in connection with the diesel issue had been reached in the USA, as well as the publication of the Volkswagen Group’s annual report. In a market environment dominated by uncertainty, prices were shored up in June by the presentation of the new TOGETHER – Strategy 2025 and the announcement that Volkswagen had reached settlement agreements in the USA.

In the third quarter, the prices of Volkswagen shares tracked the market uptrend but continued to trail the market. Speculation about further developments in the negotiations and the preliminary settlement agreements in the USA in connection with the diesel issue as well as uncertainty about additional legal risks impacted on the price performance of Volkswagen’s shares.

In the fourth quarter, both classes of shares largely made up for their losses during the year to date. Strong delivery figures, approval of the settlement agreements reached in the USA, the announcement of the pact for the future and the Volkswagen Passenger Cars brand’s Transform 2025+ strategy as well as expectations that the diesel issue will be clarified in relation to 3.0 l diesel engines had a positive effect on stock prices.

Volkswagen AG’s preferred shares reached their highest daily closing price for the year of €138.80 on December 21, 2016. They recorded their lowest closing price for the reporting period of €94.00 on February 11, 2016. The Company’s preferred shares closed the end of 2016 at €133.35, down 0.3% on the 2015 closing price.

Volkswagen’s ordinary shares reached their highest closing price of €144.20 on December 21, 2016 as well. They also recorded their lowest daily closing price for the year (€108.95) on February 11, 2016. The ordinary shares were trading at €136.75 on the last day of trading in 2016, down 3.9% on the price at the end of 2015.

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