Vestas’ net working capital at 30 June 2011 amounted to EUR 872m, against EUR 655m at the end of June 2010. Prepayments, which include payments on account for turbine projects that have not yet been recognised and prepayments on orders, declined in step with the inventories as a number of projects were handed over. Trade payables and trade receivables rose relative to 30 June 2010. During the second quarter, net working capital fell by EUR 38m, driven primarily by an increase in trade payables, whilst the decline in prepayments is offset by a corresponding drop in inventories. Vestas is working structurally to further reduce its inventories.
