In the first nine months of 2011, revenue amounted to EUR 3,798m, which was in line with the year-earlier period. The EBIT margin fell to (2.2) per cent from 1.4 per cent in the first nine months of 2010. Higher depreciation and amortisation totalling EUR 33m relative to the first nine months of 2010 were a contributing factor to the EBIT margin decline. The free cash flow improved significantly to EUR (218)m from EUR (878)m in the first nine months of 2010. Quarter-on-quarter developments show a substantial fluctuation in earnings due to volume and composition with respect to countries, project complexity, order and turbine types and customer demands for delivery flexibility. A wind power plant is by no means an off-the-shelf product. In addition to the above-mentioned differences, quarterly results for individual periods will reflect the final number of orders handed over, which may deviate significantly from the scheduled.
Third-quarter revenue amounted to EUR 1,337m, while EBIT stood at EUR (92)m, which translates into an EBIT margin of (6.9) per cent. Americas accounted for 46 per cent of third-quarter revenue whereas Europe and Africa and Asia Pacific accounted for 37 and 17 per cent, respectively. Service revenue amounted to EUR 160m in the third quarter of 2011.
