News Column

Vestas - Interim financial report, first quarter 2014

May 12, 2014



ENP Newswire - 12 May 2014

Release date- 09052014 - Outlook for 2014 maintained.

Revenue, earnings and free cash flow increased compared to the first quarter of 2013. Focus on Profitable Growth for Vestas remains.

In the first quarter of 2014, Vestas generated revenue of EUR 1,283m - an increase of 17 per cent to the year-earlier period. EBIT before special items increased by EUR 148m to EUR 40m due to improved project margins, higher revenue, lower fixed capacity costs and lower depreciation. The EBIT margin before special items was 3.1 per cent and the free cash flow increased by EUR 36m to EUR (24)m compared to the first quarter of 2013. During the last 12 months, Vestas has generated a free cash flow of EUR 1,045m.

The intake of firm and unconditional wind turbine orders was 1,188 MW in the first quarter of 2014. The value of the wind turbine backlog amounted to EUR 6.9bn at 31 March 2014. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of EUR 6.9bn at the end of March 2014. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 13.8bn - an improvement of EUR 1.4bn compared to the year-earlier period.

On 1 April 2014, MHI Vestas Offshore Wind, the joint venture between Vestas and Mitsubishi Heavy Industries Ltd., became operational.

Group President & CEO Anders Runevad said: 'As we expected, first quarter showed improvements in all major areas. This is a result of a lot of hard work from my colleagues and we remain focused on executing on our strategy, Profitable Growth for Vestas.'

Q1 at a glance (against Q1 2013)

84% Vestas had an order intake of 1,188 MW

an increase of 84 per cent

83% Vestas produced and shipped 1,124 MW

an increase of 83 per cent

21% Vestas delivered wind power systems with an aggregate capacity of 988 MW

an increase of 21 per cent

17% Vestas generated revenue of EUR 1,283m

an increase of 17 per cent

4% Service revenue amounted to EUR 225m

an increase of 4 per cent

EUR 148m EBIT before special items amounted to EUR 40m

an increase of EUR 148m

EUR 153m Net profit amounted to EUR 2m

an increase of EUR 153m

EUR 36m Vestas realised a free cash flow of EUR (24)m

an increase of EUR 36m

3% The number of employees at the end of the quarter was 16,610

a decrease of 3 per cent

12% points Renewable energy amounted to 46 per cent of total energy consumption

a decrease of 12 percentage points

11% Incidence of lost time injuries per one million working hours was 2.0

an increase of 11 per cent

Press and analyst information meeting

For analysts, investors and the media, an information meeting will be held today, Friday, 9 May 2014 at 10 a.m. CEST (9 a.m. BST) at Vestas' Headquarters, Hedeager 44, 8200 Aarhus N, Denmark.

The information meeting will be held in English and webcast live via vestas.com/investor.

The meeting may be attended electronically and questions may be asked through a conference call. The telephone numbers for the conference call are:

Europe: +44 208 817 9301

USA: +1 718 354 1226

Denmark: +45 7026 5040

A replay of the information meeting will subsequently be available from vestas.com/investor.

Contact:

Lars Villadsen

Senior Vice President

Investor Relations

Tel: +45 9730 0000


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Source: ENP Newswire


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