Cash flow and investments
As a result of the slowing order intake from the autumn of 2008 to the end of 2009 and the timing profile of the orders received, Vestas draws on its credit facilities. Longer term, Vestas will be able to finance its organic growth through operations.
Cash flows from operating activities before changes in working capital rose to EUR (29)m in the first quarter of 2011 from EUR (122)m in the first quarter of 2010. Cash flows from operating activities including costs for warranty commitments amounted to EUR (267)m, against EUR (398)m in the first quarter of 2010. Cash flows from investing activities amounted to EUR (164)m. The investments were made primarily in buildings, plants and development projects.
