Company value

Corporate value per share

WEB Windenergie AG corporate value calculation: shareholder value on the reporting date

In order to determine the corporate value of the company, BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft was commissioned to independently establish this amount on the reporting date using the discounted cash flow method.

Current WEB Windenergie AG goodwill amounts to EUR 120.3 m (as at 31.12.2010).

BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft established that WEB Windenergie AG goodwill as at December 31, 2010, amounted to EUR 120.3 million. This represented a 5.7 per cent increase as compared to the figure of EUR 113.8 million determined on June 30, 2010. This rise emanated from result development as at December 31, 2010, especially when current W.E.B projects were taken into account.

One major change in the calculation derived from the proposal tabled by the Management and Supervisory Boards at the 12th Annual General Meeting relating to a change in W.E.B dividend strategy. This meant accounting for the fact that from 2012, 30 per cent of the annual net profit of WEB Windenergie AG is to be paid out to stockholders in the form of a dividend and the remaining 70 per cent carried forward for investment in further growth.

This approach creates entirely new perspectives for the stockholders with regard to value and earnings (dividends). WEB Windenergie AG stockholders will thus receive a direct monetary return in addition to the increase in value of their shares.

Additional shares were issued in 2010 as a result of a capital increase. The number of company thus rose from 274,500 to 288,453.

According to the calculation by BDO Austria, the goodwill per share as at December 31, 2010 amounted to EUR 417 and was thus slightly higher, in spite of the taking into account of the dividend strategy and the dilution derived from the capital increase.

According to the financial calendar, the corporate value of WEB Windenergie AG per 31 December 2011 will be published on 28 May 2012.

(As this value does not change very much within one current year, the costs for the evaluation bei BDO Austria amount about more than 10.000 Euro, it was decided, to publish this value only once a year.)