Key financial figures for 2012
- Revenue: mEUR 7,216
- EBIT: mEUR 4 before special items
- EBIT margin: 0.1 per cent of revenue before special items
- Profit after tax: mEUR (963)
- Net working capital: mEUR 233
Outlook for 2013
Vestas maintains its full-year guidance of an EBIT margin before special items of at least 1 per cent and revenue of at least EUR 5.5bn, including service revenue, which is expected to amount to approx EUR 1bn. Service EBIT margin before allocation of Group costs is still expected to be approx 17 per cent. Shipments are expected to be 4-5 GW.
The free cash flow is still expected to be positive in 2013.
It should be emphasised that Vestas’ accounting policies only allow the recognition of supply-only and supply-and-installation projects as income when the risk has finally passed to the customer, irrespective of whether Vestas has already produced, shipped and installed the turbines. Disruptions in production and challenges in relation to wind turbine installation, for example bad weather, lack of grid connections and similar matters may thus cause delays that could affect Vestas’ financial results for 2013. As usual, Vestas expects to see significant fluctuations in the activity level between the quarters.
The development of the V164-8.0 MW turbine continues according to Vestas’ plans, with installation of the first prototype now expected to take place in the first quarter of 2014 – a quarter earlier than previously expected. As previously announced, Vestas has received inquiries from potential partners on the V164-8.0 MW turbine.
There are no plans to invest in new production facilities, and thus investments in property, plant and equipment are expected to be around EUR 150m.
Vestas expects to further reduce the number of employees during 2013 and the year-end number of employees is expected to be no more than 16,000.