In the first quarter of 2016, Vestas generated revenue of € 1,464 million, a decrease of 4 per cent compared to the year-earlier period. EBIT before special items increased by € 6 million to € 85 million.
The EBIT margin before special items was 5.8 per cent compared to 5.2 per cent in the first quarter of 2015 and the free cash flow amounted to € (296) million compared to € 146 million in the first quarter of 2015. The intake of firm and unconditional wind turbine orders amounted to 2,403MW in the first quarter of 2016. The value of the wind turbine order backlog amounted to € 8.6 billion at 31 March 2016. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of € 9.4 billion at the end of March 2016. The value of the combined backlog of wind turbine orders and service agreements stood at € 18.0 billion, an increase of € 3.0 billion compared to the year-earlier period. Vestas maintains its 2016 guidance on revenue of minimum € 9 billion, EBIT margin before special items of minimum 11 per cent, total investments of approximately € 500 million, and free cash flow of minimum € 600 million (including the acquisition of Availon Holding GmbH).
