Summary: Vestas generated first-quarter revenue of EUR 755m, a drop of 32 per cent, achieving an EBIT of EUR (96)m, against EUR 76m in the first quarter of 2009. The EBIT margin thus declined from 6.9 per cent to (12.7) per cent due to the expected very low capacity utilisation. Net working capital stood at 21 per cent of expected annual revenue, against 8 per cent the year before. The first-quarter order intake was 1,258 MW, and the value of the backlog of firm and unconditional orders amounted to EUR 2.9bn at 31 March 2010. From 31 March to 27 April 2010, Vestas’ announced order intake amounted to 2,014 MW inclusive of the firm and unconditional order of 1,500 MW from EDP Renováveis. Safety at Vestas’ work places improved further, and renewable energy accounted for 43 per cent of Vestas’ total energy consumption in the quarter. The forecast for 2010 is retained; an intake of firm and unconditional orders for 8,000-9,000 MW, an EBIT margin of 10-11 per cent, a net working capital of 15 per cent and revenue of EUR 7bn. Based on the order intake and market momentum, Vestas will now be launching full staffing in the USA, which contributes to Vestas expecting to employ a total of 3,400 employees in 2010. Furthermore, Vestas will also invest funds in a service and maintenance centre in Colorado, USA, and combined with the sales release of the V112-3.0 MW turbine for both onshore and offshore at the end of August, this represents a EUR 400m increase for the 2010 investment programme to EUR 1.0bn.

Interim financial report, first quarter 2010