Income statement
Europe and Africa accounted for 62 per cent of revenue in the first quarter of 2011. The Americas and Asia Pacific accounted for 18 per cent and 20 per cent of revenue, respectively. First-quarter revenue amounted to 15 per cent of the expected full-year revenue, against 12 per cent of actual revenue in 2010. Service revenue amounted to EUR 173m. The service business comprises among others things the sale of spare parts and repair, guaranteed uptime for a fixed fee and general service and maintenance work on an hourly basis. By comparison, total service revenue amounted to EUR 214m for all 2006.
Vestas recorded a gross profit of EUR 100m in the first quarter of 2011, against EUR 101m the year before. The gross margin thus fell from 11.9 per cent to 9.4 per cent, reflecting the unutilised capacity, depreciations of this as well as the composition of the projects handed over. Revenue and earnings may show major quarter-on-quarter fluctuations depending on the type of projects handed over. EBITDA was EUR 0m and EBIT amounted to EUR (69)m, equal to an EBITDA margin of 0 per cent and an EBIT margin of (6.5) per cent.
Driven especially by exchange rate adjustments and a higher net interest-bearing debt, financial items amounted to a net expense of EUR 49m, against an expense of EUR 18m in the first quarter of 2010. Vestas’ average interest-bearing net position in the first quarter of 2011 amounted to EUR (866)m, against EUR (228)m in the year-earlier period. '
The net loss was EUR (85)m, against EUR (39)m in the first quarter of 2010.
