Europe and Africa accounted for 45 per cent of revenue in the second quarter of 2011. The Americas and Asia Pacific accounted for 46 per cent and 9 per cent of revenue, respectively. Second-quarter revenue amounted to 20 per cent of the expected full-year revenue, against 15 per cent of actual revenue in 2010. Service revenue amounted to EUR 169m, an increase of 6 per cent on the second quarter of 2010. Service revenue for the first half-year amounted to EUR 342m. The service business comprises among other things the sale of spare parts and repair, guaranteed uptime for a fixed fee and general service and maintenance work on an hourly basis.
Vestas recorded a gross profit of EUR 248m in the second quarter of 2011, against EUR 12m the year before. The gross margin thus rose to 17.7 per cent from 1.2 per cent, reflecting the projects handed over and the improved capacity utilisation. Revenue and earnings may show major quarter-on-quarter fluctuations depending on the type of projects handed over and therefore recognised as income. EBITDA was EUR 150m and EBIT amounted to EUR 77m, equal to an EBITDA margin of 10.7 per cent and an EBIT margin of 5.5 per cent.
Positively affected by exchange rate adjustments, but adversely impacted by a higher net interest-bearing debt, financial items amounted to a net expense of EUR 1m, against an expense of EUR 17m in the second quarter of 2010. Vestas’ average interest-bearing net position in the second quarter of 2011 amounted to EUR (1,075)m, against EUR (637)m in the year-earlier period.
The net profit has increased to EUR 55m, against a loss of EUR 143m in the second quarter of 2010.
