At the end of September 2011, Vestas’ net working capital amounted to EUR 400m, or 6 per cent of the expected full-year revenue. At the end of September 2010, the net working capital stood at EUR 696m. During the quarter, net working capital fell by EUR 472m, primarily due to an increase in prepayments, which also comprise payments on account for turbine projects which have not yet been recognised. The ”Make to order” implementation and the initiatives to reduce inventories are still progressing with inventories remaining stable in the third quarter in spite of the fact that Vestas is the middle of executing a very busy fourth quarter. Vestas is working structurally to further reduce its inventories.
