For full year 2019, Vestas' revenue amounted to € 12.1 billion, the EBIT margin before special items was 8.3 percent, and total investments were € 729 million. The investments are excluding the acquisition of SoWiTec Group, any investments in marketable securities, and short-term financial investments. Compared to 2018, revenue and earnings increased while free cash flow decreased.
Order intake increased in 2019 compared to 2018, and the value of the combined order backlog increased to € 34 billion. The wind turbine order intake increased year-on-year by 3,663 MW to 17,877 MW in 2019 and the value of the service order backlog increased by € 3.5 billion to € 17.8 billion.
For 2020, Vestas expects revenue to range between € 14 billion and 15 billion, including service revenue, which is expected to grow by approximately 7 percent. Vestas expects to achieve an EBIT margin before special items of 7-9 percent, with a service EBIT margin of approx. 25 percent. Total investments are expected to amount to approx. € 700 million in 2020.
