Based on the first reported figures concerning Vestas’ level of activity as per 31 December 2011, which have not yet been consolidated and reviewed, the below preliminary financial highlights for the financial year 2011 can be disclosed:
- Order intake for 2011 amounted to 7.4GW at a total value of approx € 7.3 billion. The forecast was 7-8GW.
- Preliminary statements of Vestas’ cash at bank and in hand indicate that Vestas still expects to realise a positive free cash flow in 2011, in spite of the fact that shipments amounted to 5.1GW compared to previous expectations of 5.5GW. Together with order intake, shipments are the most important factors for cash flow generation.
- Revenue of approx € 400 million with an EBIT of approximately € 130 million is expected to be deferred from 2011 to the first quarter of 2012 due to delays in transfer of risk from Vestas to the customers.
- Costs are expected to be approx € 125 million higher than expected, of which € 100 million is predominantly related to the development costs for industrialisation of the V112-3.0MW turbine, the GridStreamer technology for the 2MW platform and the higher-than-expected product costs.
- As a consequence of the deferred revenue and earnings as well as the higher-than-expected costs, revenue for 2011 is now expected to amount to approx € 6 billion and the EBIT margin to approx 0 per cent.
- During the fourth quarter of 2011, Vestas expects to generate revenue of approximately € 2.2 billion and an EBIT of approx € 85 million.
- The earlier mentioned commissioning problems at the generator factory in Travemünde, Germany, have been brought under control and are being solved. They are not expected to have a negative effect on operations in 2012.
- The preparation of the implementation of the new organisation is progressing faster than originally expected. Accordingly, the significant change of the whole organisation will now be presented on Thursday, 12 January 2012.
The figures mentioned in this company announcement, will be finally confirmed in connection with the disclosure of the annual report for 2011 on 8 February 2012.
