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 135,5 m (as at 31.12.2012).
BDO Austria GmbH Wirtschaftsprüfungs- und Steuerberatungsgesellschaft established that WEB Windenergie AG goodwill as at December 31, 2012, amounted to EUR 135.5 million. This represented a 4.5 per cent increase as compared to the figure of EUR 129.7 million in 31.12.2011. This rise emanated from result development as at December 31, 2010, especially when current W.E.B projects were taken into account.
According to the calculation by BDO Austria, the goodwill per share as at December 31, 2012 rose to EUR 470.
The extensive project portfolio as well as the excellent annual result from 2012 had a positive effect on the value of WEB Windenergie AG.
Due to the strong development of the electricity market, a conservative development of the long term electricity prices up to 65€,- is assumed for the year 2026.
Since 2011 W.E.B has paid their shareholders a dividend. The strategy of paying the shareholders a dividend is considered in the calculation of the financial figures. The dividend of the year 2013 is 12€ per share.
According to the financial calendar, the corporate value of WEB Windenergie AG per 31 December 2012 is already published
(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.)