In the second quarter of 2017, Vestas generated revenue of € 2,206 million – a decrease of 14 per cent compared to the year-earlier period. EBIT decreased by € 120 million to € 279 million. The EBIT margin was 12.6 per cent compared to 15.6 per cent in the second quarter of 2016 and free cash flow amounted to € (158) million compared to € 330 million in the second quarter of 2016.
The intake of firm and unconditional wind turbine orders amounted to 2,667MW in the second quarter of 2017. The value of the wind turbine order backlog amounted to € 9.1 billion at 30 June 2017. In addition to the wind turbine order backlog, Vestas had service agreements with an expected contractual future revenue of € 11.1 billion at the end of June 2017. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at € 20.2 billion – an increase of € 2.1 billion compared to the year-earlier period. Vestas maintains its 2017 guidance on revenue of € 9.25 billion-10.25 billion, EBIT margin before special items of 12-14 per cent, total investments of approximately € 350 million, and free cash flow of minimum € 700 million.
