Vestas'strategy is called No. 1 in Modern Energy. To Vestas,being No. 1 means being the best, and being the best means maintaining world class safety standards at all Vestas'sites, having the most satisfied customers, the best performing wind power plants and the greenest production. Being the market-leader in wind power, Vestas aims to create the world's strongest energy brand.
Wind power is modern energy because it is financially competitive, predictable, independent, fast and clean.
Vestas aims to provide its customers with the lowest cost per MWh produced, “Cost of Energy”, and optimum security for the capital invested in a wind power plant, “Business Case Certainty” – Vestas delivers as promised. Under the “Easy to work with” principle, Vestas also endeavours to become a more flexible and knowledgeable business partner because significantly improved customer loyalty is a prerequisite for Vestas to retain its marketleading position.
A large number of initiatives aimed at optimising internal processes and sharply enhanced focus on collaboration with customers and suppliers, will support the above-mentioned improvements, and combined with new products this will help build the foundation for strong growth in revenue and profitability in the years ahead. Thus Vestas must achieve an EBIT margin of 15 per cent and revenue of EUR 15bn no later than 2015 – Triple15.
Being the industry's leading player and a pure-play spokesperson, Vestas aims to ensure that wind power remains at the top of the political agenda. This is achieved through dialogue with politicians, public servants, interest groups and NGOs the world over and through advice and information to the public about the potential of wind power, both in individual markets and worldwide.
Vestas' financial priorities reflect its constant focus on profitability.
- EBIT margin
- Net working capital
- Revenue
In spite of the financial crisis, Vestas improved its EBIT margin in 2009, continuing the streak that began in 2005. The Group reported an operating profit, EBIT, of EUR 856m in 2009, equivalent to an EBIT margin of 12.9 per cent, against 11.1 per cent in 2008.
At the end of 2009, the Group's net working capital amounted to EUR 1,235m, which corresponds to 19 per cent of revenue. At the end of 2008, net working capital amounted to EUR 299m, or 5 per cent of revenue.
Revenue in 2009 amounted to EUR 6,636m, an increase of EUR 601m, or 10 per cent relative to 2008.
