In 2011, Vestas recorded revenue of € 5.8 billion and an EBIT margin before special items of (0.7) per cent, slightly below the preliminary financial figures for 2011 announced on 3 January 2012 due to later-than-expected deliveries.
The results and revenue for the year are, however, substantially lower than the original expectations of an EBIT margin of 7 per cent and revenue of € 7 billion, which is disappointing. On the other hand, the intake of firm and unconditional orders of 7,397MW with a value of € 7.3 billion, was in line with expectations. For 2012, Vestas expects to achieve an EBIT margin of between 0-4 per cent and revenue of € 6,500-8,000 million, including service revenue, which is expected to rise to approx € 850 million with an EBIT margin of around 14 per cent. Total warranty and product provisions are expected to account for less than 3 per cent of the expected revenue for the year. Total investments are expected to be € 550 million, of which investments in intangible assets are expected to amount to € 350 million, which among other things, includes higher investments in the development of the V164-7.0 MW offshore turbine. Total research and development expenditure is now expected to amount to € 450 million in 2012. The lower investments in intangible assets and R&D expenditure are caused by a more focused R&D organisation.
The results and revenue for the year are, however, substantially lower than the original expectations of an EBIT margin of 7 per cent and revenue of € 7 billion, which is disappointing. On the other hand, the intake of firm and unconditional orders of 7,397MW with a value of € 7.3 billion, was in line with expectations. For 2012, Vestas expects to achieve an EBIT margin of between 0-4 per cent and revenue of € 6,500-8,000 million, including service revenue, which is expected to rise to approx € 850 million with an EBIT margin of around 14 per cent. Total warranty and product provisions are expected to account for less than 3 per cent of the expected revenue for the year. Total investments are expected to be € 550 million, of which investments in intangible assets are expected to amount to € 350 million, which among other things, includes higher investments in the development of the V164-7.0 MW offshore turbine. Total research and development expenditure is now expected to amount to € 450 million in 2012. The lower investments in intangible assets and R&D expenditure are caused by a more focused R&D organisation.
