In the first quarter of 2017, Vestas generated revenue of € 1,885 million — an increase of 29 per cent compared to the year-earlier period. EBIT increased by € 126 million to € 211 million.
The EBIT margin was 11.2 per cent compared to 5.8 per cent in the first quarter of 2016 and free cash flow amounted to € 8 million compared to € (296) million in the first quarter of 2016. The intake of firm and unconditional wind turbine orders amounted to 2,049MW in the first quarter of 2017. The value of the wind turbine order backlog amounted to € 9.0 billion at 31 March 2017. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of € 11.0 billion at the end of March 2017. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at € 20.0 billion — an increase of € 2.0 billion compared to the year-earlier period.
