In the third quarter of 2015, Vestas generated revenue of € 2,120 million, an increase of 17 per cent compared to the year-earlier period. EBIT before special items increased by € 69 million to € 232 million. The EBIT margin before special items was 10.9 per cent and the free cash flow increased by € 53 million to € 158 million compared to the third quarter of 2014.
The intake of firm and unconditional wind turbine orders amounted to 1,508MW in the third quarter of 2015. The value of the wind turbine order backlog amounted to € 8.2 billion at 30 September 2015. In addition to the wind turbine order backlog, Vestas had service agreements with contractual future revenue of € 8.2 billion at the end of September 2015. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at € 16.4 billion – an increase of € 3.0 billion compared to the year-earlier period. Vestas upgrades the 2015 guidance of revenue from minimum € 7.5 billion to € 8.0 billion-8.5 billion, EBIT margin before special items from minimum 8.5 per cent to 9-10 per cent, and free cash flow from minimum € 600 million to € 800 million-1,000 million. The upgrades are based mainly on improved delivery visibility for the remainder of the year.
