Vestas generated first-quarter revenue of € 755 million, a drop of 32 per cent, achieving an EBIT of € (96) million, against € 76 million in the first quarter of 2009.
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The EBIT margin thus declined from 6.9 per cent to (12.7) per cent due to the expected very low capacity utilisation. Net working capital stood at 21 per cent of expected annual revenue, against 8 per cent the year before. The first-quarter order intake was 1,258MW, and the value of the backlog of firm and unconditional orders amounted to € 2.9 billion at 31 March 2010. From 31 March to 27 April 2010, Vestas' announced order intake amounted to 2,014MW inclusive of the firm and unconditional order of 1,500MW from EDP Renováveis. The forecast for 2010 is retained; an intake of firm and unconditional orders for 8,000-9,000MW, an EBIT margin of 10-11 per cent, a net working capital of 15 per cent and revenue of € 7 billion.
